Document:

Exhibit
10.1

Execution Version

 

SECOND
AMENDED AND RESTATED

REVOLVING LOAN AGREEMENT

dated as of November 14, 2006

among

AVALONBAY COMMUNITIES, INC.,

as Borrower,

JPMORGAN CHASE BANK, N.A. and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Bank and Syndication Agent,

BANK OF AMERICA, N.A.,

as a Bank, Swing
Lender and Issuing Bank

MORGAN STANLEY BANK,

WELLS FARGO BANK, NATIONAL ASSOCIATION and

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as a Bank and Documentation Agent,

THE OTHER BANKS SIGNATORY HERETO,

each as a Bank,

J.P. MORGAN SECURITIES INC.,

as Sole Bookrunner and Lead Arranger,

and

BANK OF AMERICA, N.A.,

as Administrative Agent

 

 
  

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I   DEFINITIONS;
  ETC

  	
   

  	
  1

  
	
  Section 1.01

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.02

  	
   

  	
  Accounting Terms

  	
   

  	
  18

  
	
  Section 1.03

  	
   

  	
  Computation of Time
  Periods

  	
   

  	
  18

  
	
  Section 1.04

  	
   

  	
  Rules of
  Construction

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II   THE
  LOANS

  	
   

  	
  18

  
	
  Section 2.01

  	
   

  	
  Ratable Loans; Bid
  Rate Loans; Purpose

  	
   

  	
  18

  
	
  Section 2.02

  	
   

  	
  Bid Rate Loans

  	
   

  	
  19

  
	
  Section 2.03

  	
   

  	
  Advances, Generally

  	
   

  	
  23

  
	
  Section 2.04

  	
   

  	
  Procedures for
  Advances

  	
   

  	
  23

  
	
  Section 2.05

  	
   

  	
  Interest Periods;
  Renewals

  	
   

  	
  24

  
	
  Section 2.06

  	
   

  	
  Interest

  	
   

  	
  24

  
	
  Section 2.07

  	
   

  	
  Fees

  	
   

  	
  24

  
	
  Section 2.08

  	
   

  	
  Notes

  	
   

  	
  25

  
	
  Section 2.09

  	
   

  	
  Prepayments

  	
   

  	
  26

  
	
  Section 2.10

  	
   

  	
  Cancellation of
  Commitments

  	
   

  	
  26

  
	
  Section 2.11

  	
   

  	
  Method of Payment

  	
   

  	
  26

  
	
  Section 2.12

  	
   

  	
  Elections,
  Conversions or Continuation of Loans

  	
   

  	
  27

  
	
  Section 2.13

  	
   

  	
  Minimum Amounts

  	
   

  	
  27

  
	
  Section 2.14

  	
   

  	
  Certain Notices
  Regarding Elections, Conversions and Continuations of Loans

  	
   

  	
  27

  
	
  Section 2.15

  	
   

  	
  Late Payment
  Premium

  	
   

  	
  28

  
	
  Section 2.16

  	
   

  	
  Letters of Credit

  	
   

  	
  28

  
	
  Section 2.17

  	
   

  	
  Swing Loans

  	
   

  	
  30

  
	
  Section 2.18

  	
   

  	
  Extension Of
  Maturity

  	
   

  	
  32

  
	
  Section 2.19

  	
   

  	
  Additional Loan
  Commitments

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III   YIELD
  PROTECTION; ILLEGALITY, ETC

  	
   

  	
  34

  
	
  Section 3.01

  	
   

  	
  Additional Costs

  	
   

  	
  34

  
	
  Section 3.02

  	
   

  	
  Limitation on Types
  of Loans

  	
   

  	
  35

  
	
  Section 3.03

  	
   

  	
  Illegality

  	
   

  	
  35

  

 

 i
 

 
  

 

	
  Section 3.04

  	
   

  	
  Treatment of
  Affected Loans

  	
   

  	
  36

  
	
  Section 3.05

  	
   

  	
  Certain Compensation

  	
   

  	
  36

  
	
  Section 3.06

  	
   

  	
  Capital Adequacy

  	
   

  	
  37

  
	
  Section 3.07

  	
   

  	
  Substitution of
  Banks

  	
   

  	
  37

  
	
  Section 3.08

  	
   

  	
  Applicability

  	
   

  	
  38

  
	
  Section 3.09

  	
   

  	
  Time for Notices

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV   CONDITIONS
  PRECEDENT

  	
   

  	
  39

  
	
  Section 4.01

  	
   

  	
  Conditions
  Precedent to the Initial Advance

  	
   

  	
  39

  
	
  Section 4.02

  	
   

  	
  Conditions
  Precedent to Each Advance

  	
   

  	
  40

  
	
  Section 4.03

  	
   

  	
  Deemed
  Representations

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V   REPRESENTATIONS
  AND WARRANTIES

  	
   

  	
  41

  
	
  Section 5.01

  	
   

  	
  Due Organization

  	
   

  	
  41

  
	
  Section 5.02

  	
   

  	
  Power and
  Authority; No Conflicts; Compliance With Laws

  	
   

  	
  41

  
	
  Section 5.03

  	
   

  	
  Legally Enforceable
  Agreements

  	
   

  	
  41

  
	
  Section 5.04

  	
   

  	
  Litigation

  	
   

  	
  42

  
	
  Section 5.05

  	
   

  	
  Good Title to
  Properties

  	
   

  	
  42

  
	
  Section 5.06

  	
   

  	
  Taxes

  	
   

  	
  42

  
	
  Section 5.07

  	
   

  	
  ERISA

  	
   

  	
  42

  
	
  Section 5.08

  	
   

  	
  No Default on
  Outstanding Judgments or Orders, Etc

  	
   

  	
  42

  
	
  Section 5.09

  	
   

  	
  No Defaults on
  Other Agreements

  	
   

  	
  43

  
	
  Section 5.10

  	
   

  	
  Government
  Regulation

  	
   

  	
  43

  
	
  Section 5.11

  	
   

  	
  Environmental
  Protection

  	
   

  	
  43

  
	
  Section 5.12

  	
   

  	
  Solvency

  	
   

  	
  43

  
	
  Section 5.13

  	
   

  	
  Financial
  Statements

  	
   

  	
  43

  
	
  Section 5.14

  	
   

  	
  Valid Existence of
  Affiliates

  	
   

  	
  43

  
	
  Section 5.15

  	
   

  	
  Insurance

  	
   

  	
  44

  
	
  Section 5.16

  	
   

  	
  Accuracy of
  Information; Full Disclosure

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI   AFFIRMATIVE
  COVENANTS

  	
   

  	
  44

  
	
  Section 6.01

  	
   

  	
  Maintenance of
  Existence

  	
   

  	
  44

  
	
  Section 6.02

  	
   

  	
  Maintenance of
  Records

  	
   

  	
  44

  

 

 ii
 

 
  

 

	
  Section 6.03

  	
   

  	
  Maintenance of
  Insurance

  	
   

  	
  44

  
	
  Section 6.04

  	
   

  	
  Compliance with
  Laws; Payment of Taxes

  	
   

  	
  45

  
	
  Section 6.05

  	
   

  	
  Right of Inspection

  	
   

  	
  45

  
	
  Section 6.06

  	
   

  	
  Compliance With
  Environmental Laws

  	
   

  	
  45

  
	
  Section 6.07

  	
   

  	
  Maintenance of
  Properties

  	
   

  	
  45

  
	
  Section 6.08

  	
   

  	
  Payment of Costs

  	
   

  	
  45

  
	
  Section 6.09

  	
   

  	
  Reporting and
  Miscellaneous Document Requirements

  	
   

  	
  45

  
	
  Section 6.10

  	
   

  	
  Principal
  Prepayments as a Result of Reduction in Total Loan Commitment

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII   NEGATIVE
  COVENANTS

  	
   

  	
  48

  
	
  Section 7.01

  	
   

  	
  Mergers Etc

  	
   

  	
  48

  
	
  Section 7.02

  	
   

  	
  Investments

  	
   

  	
  48

  
	
  Section 7.03

  	
   

  	
  Sale of Assets

  	
   

  	
  48

  
	
  Section 7.04

  	
   

  	
  Distributions

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII   FINANCIAL
  COVENANTS

  	
   

  	
  49

  
	
  Section 8.01

  	
   

  	
  Relationship of
  Total Outstanding Indebtedness to Capitalization Value

  	
   

  	
  49

  
	
  Section 8.02

  	
   

  	
  Relationship of
  Combined EBITDA to Combined Debt Service

  	
   

  	
  49

  
	
  Section 8.03

  	
   

  	
  Ratio of Unsecured
  Indebtedness to Unencumbered Asset Value

  	
   

  	
  49

  
	
  Section 8.04

  	
   

  	
  Relationship of
  Secured Indebtedness to Capitalization Value

  	
   

  	
  49

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX   EVENTS
  OF DEFAULT

  	
   

  	
  49

  
	
  Section 9.01

  	
   

  	
  Events of Default

  	
   

  	
  49

  
	
  Section 9.02

  	
   

  	
  Remedies

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X   ADMINISTRATIVE
  AGENT; RELATIONS AMONG BANKS

  	
   

  	
  52

  
	
  Section 10.01

  	
   

  	
  Appointment, Powers
  and Immunities of Administrative Agent

  	
   

  	
  52

  
	
  Section 10.02

  	
   

  	
  Reliance by
  Administrative Agent

  	
   

  	
  53

  
	
  Section 10.03

  	
   

  	
  Defaults

  	
   

  	
  53

  
	
  Section 10.04

  	
   

  	
  Rights of
  Administrative Agent as a Bank

  	
   

  	
  54

  

 

 iii
 

 
  

 

	
  Section 10.05

  	
   

  	
  Indemnification of
  Administrative Agent

  	
   

  	
  54

  
	
  Section 10.06

  	
   

  	
  Non-Reliance on
  Administrative Agent and Other Banks

  	
   

  	
  54

  
	
  Section 10.07

  	
   

  	
  Failure of
  Administrative Agent to Act

  	
   

  	
  55

  
	
  Section 10.08

  	
   

  	
  Resignation or
  Removal of Administrative Agent

  	
   

  	
  55

  
	
  Section 10.09

  	
   

  	
  Amendments
  Concerning Agency Function

  	
   

  	
  56

  
	
  Section 10.10

  	
   

  	
  Liability of
  Administrative Agent

  	
   

  	
  56

  
	
  Section 10.11

  	
   

  	
  Transfer of Agency
  Function

  	
   

  	
  56

  
	
  Section 10.12

  	
   

  	
  Non-Receipt of
  Funds by Administrative Agent

  	
   

  	
  56

  
	
  Section 10.13

  	
   

  	
  Withholding Taxes

  	
   

  	
  57

  
	
  Section 10.14

  	
   

  	
  [Reserved]

  	
   

  	
  57

  
	
  Section 10.15

  	
   

  	
  Pro Rata Treatment

  	
   

  	
  57

  
	
  Section 10.16

  	
   

  	
  Sharing of Payments
  Among Banks

  	
   

  	
  57

  
	
  Section 10.17

  	
   

  	
  Possession of
  Documents

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI   NATURE
  OF OBLIGATIONS

  	
   

  	
  58

  
	
  Section 11.01

  	
   

  	
  Absolute and
  Unconditional Obligations

  	
   

  	
  58

  
	
  Section 11.02

  	
   

  	
  Non-Recourse to
  Borrower’s Principals

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII   MISCELLANEOUS

  	
   

  	
  59

  
	
  Section 12.01

  	
   

  	
  Binding Effect of
  Request for Advance

  	
   

  	
  59

  
	
  Section 12.02

  	
   

  	
  Amendments and
  Waivers

  	
   

  	
  59

  
	
  Section 12.03

  	
   

  	
  Usury

  	
   

  	
  60

  
	
  Section 12.04

  	
   

  	
  Expenses;
  Indemnification

  	
   

  	
  60

  
	
  Section 12.05

  	
   

  	
  Assignment;
  Participation

  	
   

  	
  61

  
	
  Section 12.06

  	
   

  	
  Documentation
  Satisfactory

  	
   

  	
  63

  
	
  Section 12.07

  	
   

  	
  Notices

  	
   

  	
  63

  
	
  Section 12.08

  	
   

  	
  Setoff

  	
   

  	
  65

  
	
  Section 12.09

  	
   

  	
  Table of Contents;
  Headings

  	
   

  	
  65

  
	
  Section 12.10

  	
   

  	
  Severability

  	
   

  	
  65

  
	
  Section 12.11

  	
   

  	
  Counterparts

  	
   

  	
  65

  
	
  Section 12.12

  	
   

  	
  Integration

  	
   

  	
  65

  
	
  Section 12.13

  	
   

  	
  Governing Law

  	
   

  	
  65

  
	
  Section 12.14

  	
   

  	
  Waivers

  	
   

  	
  65

  
	
  Section 12.15

  	
   

  	
  Jurisdiction;
  Immunities

  	
   

  	
  66

  
	
  Section 12.16

  	
   

  	
  Designated Lender

  	
   

  	
  67

  
	
  Section 12.17

  	
   

  	
  No Bankruptcy
  Proceedings

  	
   

  	
  67

  
	
  Section 12.18

  	
   

  	
  USA Patriot Act

  	
   

  	
  67

  
	
  Section 12.19

  	
   

  	
  Transitional Arrangements

  	
   

  	
  68

  

 

 iv

 

EXHIBITS

	
  EXHIBIT A

  	
   

  	
  —

  	
   

  	
  Authorization
  Letter

  
	
  EXHIBIT B

  	
   

  	
  —

  	
   

  	
  Ratable Loan
  Note

  
	
  EXHIBIT B-1

  	
   

  	
  —

  	
   

  	
  Bid Rate Loan
  Note

  
	
  EXHIBIT B-2

  	
   

  	
  —

  	
   

  	
  Swing Loan Note

  
	
  EXHIBIT C

  	
   

  	
  —

  	
   

  	
  Information
  Regarding Material Affiliates

  
	
  EXHIBIT D

  	
   

  	
  —

  	
   

  	
  Solvency
  Certificate

  
	
  EXHIBIT E

  	
   

  	
  —

  	
   

  	
  Assignment and
  Acceptance

  
	
  EXHIBIT F

  	
   

  	
  —

  	
   

  	
  Designation
  Agreement

  
	
  EXHIBIT G-1

  	
   

  	
  —

  	
   

  	
  Bid Rate Quote
  Request

  
	
  EXHIBIT G-2

  	
   

  	
  —

  	
   

  	
  Invitation for
  Bid Rate Quotes

  
	
  EXHIBIT G-3

  	
   

  	
  —

  	
   

  	
  Bid Rate Quote

  
	
  EXHIBIT G-4

  	
   

  	
  —

  	
   

  	
  Borrower’s Acceptance
  of Bid Rate Quote

  
	
  EXHIBIT H

  	
   

  	
  —

  	
   

  	
  Acceptance
  Letter

  
	
  EXHIBIT I

  	
   

  	
  —

  	
   

  	
  Form of Guaranty

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE 1

  	
   

  	
  —

  	
   

  	
  Loan Commitments

  
	
  SCHEDULE 2.16

  	
   

  	
   

  	
   

  	
  Existing Letters
  of Credit

  

 

SECOND AMENDED AND RESTATED REVOLVING LOAN AGREEMENT dated as of
November 14, 2006 (this “Agreement”)
among AVALONBAY COMMUNITIES, INC., a corporation organized and existing under
the laws of the State of Maryland (“Borrower”); JPMORGAN CHASE BANK, N.A. (“JPMC”), BANK OF
AMERICA, N.A. or any successor thereto (in its individual capacity and not as
Administrative Agent, “Bank
of America”) and the other lenders signatory hereto, as Banks;
and BANK OF AMERICA, N.A., as administrative agent for the Banks (in such
capacity, together with its successors in such capacity, “Administrative Agent”;
JPMC, Bank of America, the other lenders signatory hereto, such other lenders
who from time to time become Banks pursuant to Section 2.19, 3.07 or 12.05 and,
if applicable, any of the foregoing lenders’ Designated Lender, each a “Bank” and
collectively, the “Banks”).

Borrower, JPMC,
Fleet National Bank (as predecessor to Bank of America), certain of the Banks
and the Administrative Agent entered into that certain Amended and Restated
Revolving Loan Agreement, dated as of May 24, 2004 (the “2004 Credit Agreement”)
and now desire to amend and restate the 2004 Credit Agreement in its entirety
in accordance with the terms and provisions contained herein.  Accordingly, in consideration of the premises and the mutual
agreements, covenants and conditions hereinafter set forth, Borrower,
Administrative Agent and each of the Banks agree as follows:

ARTICLE I

DEFINITIONS; ETC.

Section 1.01         Definitions. 
As used in this Agreement the following terms have the following
meanings:

“Absolute Bid Rate”
has the meaning specified in Section 2.02(c)(2).

“Absolute Bid Rate Loan”
means a Bid Rate Loan bearing interest at the Absolute Bid Rate.

“Absolute Rate Auction”
means a solicitation of Bid Rate Quotes setting forth Absolute Bid Rates
pursuant to Section 2.02.

“Acceptance Letter” has the meaning specified in Section 2.19.

“Accordion Amount”
means, at any time, $350,000,000.

“Acquisition” means
the acquisition by Borrower, directly or indirectly, of an interest in
multi-family real estate.

“Acquisition Asset”
means any improved real property asset that has been owned by the Borrower, its
Consolidated Businesses or any UJV for fewer than twelve (12) months, unless
the Borrower has made a one-time election (by written notice to the
Administrative Agent) to no longer treat such asset as an Acquisition Asset for
purposes of this Agreement.

“Additional Costs” has
the meaning specified in Section 3.01.

“Administrative Agent”
has the meaning specified in the preamble.

“Administrative Agent’s
Office”
means Administrative Agent’s address located at 777 Main Street, Hartford,
Connecticut 06115, or such other address in the United States as Administrative
Agent may designate by written notice to Borrower and the Banks.

“Affiliate” means,
with respect to any Person (the “first Person”), any other Person (1) which
directly or indirectly controls, or is controlled by, or is under common
control with the first Person; or (2) 10% or more of the beneficial interest in
which is directly or indirectly owned or held by the first Person.  The term “control” means the possession,
directly or indirectly, of the power, alone, to direct or cause the direction
of the management and policies of a Person, whether through the ownership of
voting securities, by contract, or otherwise.

“Agreement” has the
meaning specified in the preamble.

“Applicable Lending Office”
means, for each Bank and for its LIBOR Loan, Bid Rate Loan(s) or Base Rate
Loan, as applicable, the lending office of such Bank (or of an Affiliate of
such Bank) designated as such on its signature page hereof or in the applicable
Assignment and Acceptance, or such other office of such Bank (or of an
Affiliate of such Bank) as such Bank may from time to time specify to
Administrative Agent and Borrower as the office by which its LIBOR Loan, Bid
Rate Loan(s) or Base Rate Loan (and, in the case of the Swing Lender, its Swing
Loan), as applicable, is to be made and maintained.

“Applicable Margin”
means, with respect to Base Rate Loans and LIBOR Loans (and for purposes of
determining the Banks’ L/C Fee Rate under Section 2.16(f)), the respective
rates per annum determined at any time, based on the range into which Borrower’s
Credit Rating then falls, in accordance with the following table (any change in
Borrower’s Credit Rating causing it to move to a different range on the table
shall effect an immediate change in the Applicable Margin):

 

	
  Range of Borrower’s Credit Rating

  (S&P/Moody’s or other agency equivalent)

  	
   

  	
  Applicable Margin for

  Base Rate Loans

  (% per annum)

  	
   

  	
  Applicable Margin for

  LIBOR Loans

  (% per annum)

  
	
  Below BBB- or unrated/

  Below Baa3 or unrated

  	
   

  	
  0.25

  	
   

  	
  1.00

  
	
  BBB-/Baa3

  	
   

  	
  0.00

  	
   

  	
  0.675

  
	
  BBB/Baa2

  	
   

  	
  0.00

  	
   

  	
  0.50

  
	
  BBB+/Baa1

  	
   

  	
  0.00

  	
   

  	
  0.40

  
	
  A-/A3

  	
   

  	
  0.00

  	
   

  	
  0.35

  
	
  A or higher/A2 or higher

  	
   

  	
  0.00

  	
   

  	
  0.325

  

 

“Assignee” has the
meaning specified in Section 12.05.

“Assignment and Acceptance”
means an Assignment and Acceptance, substantially in the form of EXHIBIT E, pursuant to which a Bank assigns
and an Assignee assumes rights and obligations in accordance with Section
12.05.

 2
 

“Authorization Letter”
means a letter agreement executed by Borrower in the form of EXHIBIT A.

“Available Total Loan Commitment”
has the meaning specified in Section 2.01(b).

“Bank” and “Banks” have the
respective meanings specified in the preamble; provided, however, that the term
“Bank” shall exclude each Designated Lender when used in reference to a Ratable
Loan, the Loan Commitments or terms relating to the Ratable Loans and the Loan
Commitments.

“Bank of America” has
the meaning specified in the preamble.

“Bank Parties” means
Administrative Agent, Issuing Bank, Swing Lender and the Banks.

“Banking Day” means
(1) any day on which commercial banks are not authorized or required to close
in New York City and (2) whenever such day relates to a LIBOR Loan, a LIBOR Bid
Rate Loan, an Interest Period with respect to a LIBOR Loan or a LIBOR Bid Rate
Loan, or notice with respect to a LIBOR Loan or a LIBOR Bid Rate Loan or a
LIBOR Auction, a day on which dealings in Dollar deposits are also carried out
in the London interbank market and banks are open for business in London.

“Base Rate” means, for
any day, the higher of (1) the Federal Funds Rate for such day plus .50%, or
(2) the Prime Rate for such day.

“Base Rate Loan” means
all or any portion (as the context requires) of a Bank’s Ratable Loan which
shall accrue interest at a rate determined in relation to the Base Rate.

“Bid Borrowing Limit”
means sixty-five percent (65%) of the Total Loan Commitment.

“Bid Rate Loan” has
the meaning specified in Section 2.01(c).

“Bid Rate Loan Note”
has the meaning specified in Section 2.08.

“Bid Rate Quote” means
an offer by a Bank to make a Bid Rate Loan in accordance with Section 2.02.

“Bid Rate Quote Request”
has the meaning specified in Section 2.02(a).

“Borrower” has the
meaning specified in the preamble.

“Borrower’s Accountants”
means Ernst & Young, or such other accounting firm(s) of
nationally-recognized standing selected by Borrower and reasonably acceptable
to the Administrative Agent.

“Borrower’s Credit Rating”
means the rating assigned from time to time to Borrower’s unsecured and
unsubordinated long-term indebtedness by, respectively, S&P, Moody’s and/or
one or more other nationally-recognized rating agencies reasonably approved by
Administrative Agent.  If such a rating
is assigned by only one (1) such rating agency, it must be either S&P or
Moody’s.  If such a rating is assigned by
two (2) such rating agencies, at least one (1) must be S&P or Moody’s, and “Borrower’s
Credit Rating” shall be the higher of said ratings, except if the aforesaid
ratings are 

 3
 

greater than one
(1) rating level apart, in which case “Borrower’s Credit Rating” shall be the
average of said ratings.  If such a
rating is obtained from more than two (2) such rating agencies, “Borrower’s
Credit Rating” shall be the higher of the lowest two (2) ratings, if at least
one (1) of such two (2) is either S&P or Moody’s; if neither of the two (2)
lowest ratings is from S&P or Moody’s, then “Borrower’s Credit Rating”
shall be the lower of the ratings from S&P and Moody’s.  Unless such indebtedness of Borrower is rated
by either S&P or Moody’s, “Borrower’s Credit Rating” shall be considered
unrated for purposes of this Agreement.

“Borrower’s Principals”
means the officers and directors of Borrower at any applicable time.

“Borrower’s Share of UJV Combined
Outstanding Indebtedness” means the sum of the indebtedness of
each of the UJVs contributing to UJV Combined Outstanding Indebtedness
multiplied by Borrower’s respective beneficial fractional interests in each
such UJV.

“Capitalization Value”
means, as of the end of any calendar quarter, the sum, without double-counting,
of (1) Combined EBITDA attributable to Wholly-Owned Assets (other than Acquisition
Assets and Construction-in-Process) (less all leasing commissions and
management and development fees, net of any expenses applicable thereto,
contributing to such Combined EBITDA) for such quarter annualized (i.e.,
multiplied by four (4)), capitalized at a rate of 6.75% per annum (i.e.,
divided by 6.75%), (2) Combined EBITDA attributable to Borrower’s beneficial
interest in the UJV’s (other than with respect to Acquisition Assets or
Construction-in-Process) (less all leasing commissions and management and
development fees, net of any expenses applicable thereto, contributing to such
Combined EBITDA) for such quarter annualized (i.e., multiplied by four (4)),
capitalized at a rate of 6.75% per annum (i.e., divided by 6.75%), (3) such
leasing commissions and management and development fees for such quarter as
were subtracted from Combined EBITDA pursuant to clauses (1) and (2) above,
annualized, (i.e., multiplied by four (4)), capitalized at a rate of 20% per
annum (i.e., divided by 20%), (4) Cash and Cash Equivalents of Borrower and its
Consolidated Businesses, as of the end of such quarter, as reflected in
Borrower’s Consolidated Financial Statements, (5) the aggregate book value (on
a cost basis) of land held for future development and Construction-in-Process
of Borrower and its Consolidated Businesses plus Borrower’s beneficial interest
in the book value (on a cost basis) of land held for future development and
Construction-in-Process of the UJVs, (6) the aggregate book value (on a cost
basis) of Acquisition Assets of Borrower and its Consolidated Businesses plus
Borrower’s beneficial interest in the book value (on a cost basis) of
Acquisition Assets of the UJVs, (7) the value (at the lower of cost or market
in accordance with GAAP) of Performing Notes held by Borrower and its
Consolidated Businesses, and (8) Eligible Cash 1031 Proceeds;

provided that the sum of items (2), (5) and (7) above shall not exceed 30%
of Capitalization Value.

“Capital Lease” means
any lease which has been or should be capitalized on the books of the lessee in
accordance with GAAP.

“Cash and Cash Equivalents”
means (1) cash, (2) direct obligations of the United States Government,
including, without limitation, treasury bills, notes and bonds, (3)
interest-bearing or discounted obligations of federal agencies and
government-sponsored entities or pools of such instruments offered by Approved
Banks and dealers, including, without limitation, Federal Home Loan  Mortgage Corporation participation sale
certificates, Government National Mortgage 

 4
 

Association
modified pass through certificates, Federal National Mortgage Association bonds
and notes, and Federal Farm Credit System securities, (4) time deposits,
domestic and eurodollar certificates of deposit, bankers’ acceptances,
commercial paper rated at least A-1 by S&P and P-1 by Moody’s and/or
guaranteed by an Aa rating by Moody’s, an AA rating by S&P or better rated
credit, floating rate notes, other money market instruments and letters of
credit each issued by Approved Banks, (5) obligations of domestic corporations,
including, without limitation, commercial paper, bonds, debentures and loan
participations, each of which is rated at least AA by S&P and/or Aa2 by
Moody’s and/or guaranteed by an Aa rating by Moody’s, an AA rating by S&P or
better rated credit, (6) obligations issued by states and local governments or
their agencies, rated at least MIG-1 by Moody’s and /or SP-1 by S&P and /or
guaranteed by an irrevocable letter of credit of an Approved Bank, (7)
repurchase agreements with major banks and primary government security dealers
fully secured by the United States Government or agency collateral equal to or
exceeding the principal amount on a daily basis and held in safekeeping and (8)
real estate loan pool participations, guaranteed by an AA rating given by
S&P or an Aa2 rating given by Moody’s or better rated credit. For purposes
of this definition, “Approved Bank” means a financial institution which has (x)
(A) a minimum net worth of $500,000,000 and/or (B) total assets of at least
$10,000,000,000 and (y) a minimum long-term debt rating of A+ by S&P or A1
by Moody’s.

“Closing Date” means
the date this Agreement has been executed by all parties.

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

“Combined Debt Service”
means, for any period of time, (1) Borrower’s share of total debt service
(including principal) paid or payable by Borrower and its Consolidated
Businesses during such period (other than debt service on construction loans
until completion of the relevant construction and other capitalized interest)
plus a deemed annual capital expense charge of $150 per apartment unit owned by
Borrower or its Consolidated Businesses plus (2) Borrower’s beneficial interest
in the sum of (a) total debt service (including principal) paid or payable by
the UJVs during such period (other than debt service on construction loans
until completion of the relevant construction and other capitalized interest)
plus (b) a deemed annual capital expense charge of $150 per apartment unit
owned by the UJVs plus (3) preferred dividends and distributions paid or
payable by Borrower and its Consolidated Businesses during such period.

“Combined EBITDA”
means, for any period of time, the sum, without duplication, of (1) Borrower’s
share of revenues less operating expenses, general and administrative expenses
and property taxes before Interest Expense, income taxes, gains or losses on
the sale of real estate and/or marketable securities, depreciation and amortization
and extraordinary items for Borrower and its Consolidated Businesses, and
adjusted, if material, for non-cash revenue attributable to straight lining of
rents and (2) Borrower’s beneficial interest in revenues less operating
expenses, general and administrative expenses and property taxes before
Interest Expense, income taxes, gains or losses on the sale of real estate
and/or marketable securities, depreciation and amortization and extraordinary
items (after eliminating appropriate intercompany amounts) applicable to each
of the UJVs, and adjusted, if material, for non-cash revenue attributable to
straight lining of rents, in all cases as reflected in Borrower’s Consolidated
Financial Statements.

 5
 

“Consolidated Business”
means, individually, each Affiliate of Borrower who is or should be included in
Borrower’s Consolidated Financial Statements in accordance with GAAP.

“Consolidated Financial Statements”
means, with respect to any Person, the consolidated balance sheet and related
consolidated statement of operations, accumulated deficiency in assets and cash
flows, and footnotes thereto, of such Person, prepared in accordance with GAAP.

“Consolidated Outstanding
Indebtedness” means, as of any time, Borrower’s share of all
indebtedness and liability for borrowed money, secured or unsecured, of
Borrower and its Consolidated Businesses, including mortgage and other notes
payable but excluding any indebtedness which is margin indebtedness on cash and
cash equivalent securities, all as reflected in Borrower’s Consolidated
Financial Statements.

“Consolidated Tangible Net Worth”
means, at any date, Borrower’s share of the consolidated stockholders’ equity
of Borrower and its Consolidated Businesses less their consolidated Intangible
Assets, all determined as of such date. 
For purposes of this definition, “Intangible Assets” means with respect to any
such intangible assets, the amount (to the extent reflected in determining such
consolidated stockholders’ equity) of (1) all write-ups (other than write-ups resulting
from foreign currency translations and write-ups of assets of a going concern
business made within twelve (12) months after the acquisition of such business)
subsequent to September 30, 1994 in the book value of any asset (other than
real property assets) owned by Borrower or a Consolidated Business and (2) all
debt discount and expense, deferred charges, goodwill, patents, trademarks,
service marks, trade names, anticipated future benefit of tax loss
carry-forwards, copyrights, organization or developmental expenses and other
intangible assets (in each case, not adjusted for depreciation).

“Construction-in-Process”
means a property on which construction of improvements (excluding non-revenue
generating capital expenditures and excluding costs incurred prior to
construction, all as set forth in related quarterly financial statements or
supplemental financial information attached thereto) has commenced and is
proceeding to completion in the ordinary course but has not yet been completed
(as such completion shall be evidenced by a temporary or permanent certificate
of occupancy permitting use of such property by the general public).  Any such property shall be treated as
Construction-in-Process until 12 months from the date of completion (as
evidenced by a certificate of occupancy or its equivalent permitting use of
such property by the general public), unless the Borrower has made a one-time
election (by written notice to the Administrative Agent) to no longer treat
such property as Construction-in-Process for purposes of this Agreement.

“Contingent Obligations”
means, without duplication, Borrower’s share of (1) any contingent obligations
of Borrower or its Consolidated Businesses required to be shown on the balance
sheet of Borrower and its Consolidated Businesses in accordance with GAAP and
(2) any obligation required to be disclosed in the footnotes to Borrower’s
Consolidated Financial Statements, guaranteeing partially or in whole any
non-Recourse Debt, lease, dividend or other obligation, exclusive of
contractual indemnities (including, without limitation, any indemnity or
price-adjustment provision relating to the purchase or sale of securities or
other assets) and guarantees of non-monetary obligations (other than guarantees
of completion) which have not yet been called on or quantified, of Borrower or
any of its Consolidated Businesses or of any other Person.  The amount of any Contingent Obligation
described in clause (2) shall be deemed to be (a) with respect to a guaranty of
interest or interest and principal, or operating income guaranty, the net
present 

 6
 

value (using the
Base Rate as a discount rate) of the sum of all payments required to be made
thereunder (which in the case of an operating income guaranty shall be deemed
to be equal to the debt service for the note secured thereby), through (i) in
the case of an interest or interest and principal guaranty, the stated date of
maturity of the obligation (and commencing on the date interest could first be
payable thereunder) or (ii) in the case of an operating income guaranty, the
date through which such guaranty will remain in effect and (b) with respect to
all guarantees not covered by the preceding clause (a), an amount equal to the
stated or determinable amount of the primary obligation in respect of which
such guaranty is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming Borrower and/or one or more
of its Consolidated Businesses is required to perform thereunder) as recorded
on the balance sheet and on the footnotes to the most recent Borrower’s
Consolidated Financial Statements required to be delivered pursuant to this
Agreement.  Notwithstanding anything
contained herein to the contrary, guarantees of completion, of environmental
indemnities and of fraud, misappropriation and other “bad act” indemnities
shall not be deemed to be Contingent Obligations unless and until a claim for
payment or performance has been made thereunder, at which time any such
guaranty shall be deemed to be a Contingent Obligation in an amount equal to
any such claim.  Subject to the preceding
sentence, (1) in the case of a joint and several guaranty given by Borrower or
one of its Consolidated Businesses and another Person (but only to the extent
such guaranty is recourse, directly or indirectly to Borrower), the amount of
the guaranty shall be deemed to be 100% thereof unless and only to the extent
that such other Person has delivered Cash and Cash Equivalents to secure all or
any part of such Person’s guaranteed obligations and (2) in the case of joint
and several guarantees given by a Person in which Borrower owns an interest
(which guarantees are non-recourse to Borrower), to the extent the guarantees,
in the aggregate, exceed 10% of Capitalization Value, the amount in excess of
10% shall be deemed to be a Contingent Obligation of Borrower.  Notwithstanding anything contained herein to
the contrary, “Contingent
Obligations” shall be deemed not to include guarantees of
unadvanced funds under any indebtedness of Borrower or its Consolidated
Businesses or of construction loans to the extent the same have not been
drawn.  All matters constituting “Contingent
Obligations” shall be calculated without duplication.

“Continue”, “Continuation” and “Continued” refer to
the continuation pursuant to Section 2.12 of a LIBOR Loan as a LIBOR Loan from
one Interest Period to the next Interest Period.

“Convert”, “Conversion” and “Converted” refer to a
conversion pursuant to Section 2.12 of a Base Rate Loan into a LIBOR Loan or a
LIBOR Loan into a Base Rate Loan, each of which may be accompanied by the
transfer by a Bank (at its sole discretion) of all or a portion of its Ratable
Loan from one Applicable Lending Office to another.

“Debt” means (1)
indebtedness or liability for borrowed money, or for the deferred purchase
price of property or services (including trade obligations); (2) obligations as
lessee under Capital Leases; (3) current liabilities in respect of unfunded
vested benefits under any Plan; (4) obligations in respect of letters of credit
issued for the account of any Person; (5) all obligations arising under bankers’
or trade acceptance facilities; (6) all guarantees, endorsements (other than
for collection or deposit in the ordinary course of business), and other
contingent obligations to purchase any of the items included in this
definition, to provide funds for payment, to supply funds to invest in any
Person, or otherwise to assure a creditor against loss; (7) all obligations
secured by any Lien on property owned by the Person whose Debt is being
measured, whether or not the obligations have 

 7
 

been assumed; and
(8) all obligations under any agreement providing for contingent participation
or other hedging mechanisms with respect to interest payable on any of the
items described above in this definition.

“Default” means any
event which with the giving of notice or lapse of time, or both, would become
an Event of Default.

“Default Rate” means a
rate per annum equal to: (1) with respect to Base Rate Loans and Swing Loans, a
variable rate 2% above the rate of interest then in effect thereon; and (2)
with respect to LIBOR Loans and Bid Rate Loans, a fixed rate 2% above the
rate(s) of interest in effect thereon (including the Applicable Margin or the
LIBOR Bid Margin, as the case may be) at the time of Default until the end of
the then current Interest Period therefor and, thereafter, a variable rate 2%
above the rate of interest for a Base Rate Loan.

“Designated Lender”
means a special purpose corporation that (i) shall have become a party to this
Agreement pursuant to Section 12.16 and (ii) is not otherwise a Bank.

“Designating Lender”
has the meaning specified in Section 12.16.

“Designation Agreement”
means an agreement in substantially the form of EXHIBIT F, entered into by a Bank and a Designated Lender and
accepted by Administrative Agent.

“Disposition” means a
sale (whether by assignment, transfer or Capital Lease) of an asset.

“Documentation Agent”
means, individually and collectively, Morgan Stanley Bank, Wells Fargo Bank,
National Association and Deutsche Bank Trust Company Americas.

“Dollars” and the sign
“$” mean lawful money of the United States of America.

“Elect” and “Election” refer to
election, if any, by Borrower pursuant to Section 2.12 to have all or a portion
of an advance of the Ratable Loans be outstanding as LIBOR Loans.

“Eligible Cash 1031 Proceeds”
means the cash proceeds held by a “qualified intermediary” from the sale
of real property of Borrower and its Consolidated Businesses, which proceeds
are intended to be used by such qualified intermediary to acquire one or more “replacement
properties” that are of “like-kind” to such real property in an exchange that
qualifies as a tax-free exchange under Section 1031 of the Code, and no
portion of which proceeds Borrower or any Affiliate has the right to receive,
pledge, borrow or otherwise obtain the benefits of until such time as provided
under the applicable “exchange agreement” (as such terms in quotations are
defined in Treasury Regulations Section 1.1031(k)-1(g)(4) (the “Regulations”)) or
until such exchange is terminated.  Upon
the cash proceeds no longer being held by such qualified intermediary pursuant
to the Regulations or otherwise no longer qualifying under the Regulations for
like-kind exchange treatment, such proceeds shall cease being Eligible Cash
1031 Proceeds.

“Environmental Discharge”
means any discharge or release of any Hazardous Materials in violation of any
applicable Environmental Law.

 8
 

“Environmental Law”
means any applicable Law relating to pollution or the environment, including
Laws relating to noise or to emissions, discharges, releases or threatened
releases of Hazardous Materials into the work place, the community or the
environment, or otherwise relating to the generation, manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of
Hazardous Materials.

“Environmental Notice”
means any written complaint, order, citation or notice from any Person (1)
affecting or relating to Borrower’s compliance with any Environmental Law in
connection with any activity or operations at any time conducted by Borrower,
(2) relating to (a) the existence of any Hazardous Materials contamination or
Environmental Discharges or threatened Hazardous Materials contamination or
Environmental Discharges at any of Borrower’s
locations or facilities or (b) remediation of any Environmental Discharge or
Hazardous Materials at any such location or facility or any part thereof; or
(3) relating to any violation or alleged violation by Borrower of any relevant
Environmental Law.

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

“ERISA Affiliate”
means any corporation which is a member of the same controlled group of
corporations (within the meaning of Section 414(b) of the Code) as Borrower, or
any trade or business which is under common control (within the meaning of
Section 414(c) of the Code) with Borrower, or any organization which is
required to be treated as a single employer with Borrower under Section 414(m)
or 414(o) of the Code.

“Event of Default” has
the meaning specified in Section 9.01.

“Extension Option” and
“Notice to Extend”
have the respective meanings specified in Section 2.18.

“Facility Fee Rate”
means the rate per annum determined, at any time, based on Borrower’s Credit
Rating in accordance with the following table. 
Any change in Borrower’s Credit Rating which causes it to move into a
different range on the table shall effect an immediate change in the Facility
Fee Rate.

	
  Borrower’s Credit Rating
  (S&P/Moody’s)

  	
   

  	
  Facility Fee Rate

  (% per annum)

  
	
  Below BBB- or unrated/Below Baa3 or unrated

  	
   

  	
  0.25

  
	
  BBB-/Baa3

  	
   

  	
  0.20

  
	
  BBB/Baa2

  	
   

  	
  0.15

  
	
  BBB+/Baa1

  	
   

  	
  0.125

  
	
  A-/A3

  	
   

  	
  0.10

  
	
  A or higher/A2 or higher

  	
   

  	
  0.10

  

 

“Federal Funds Rate”
means, for any day, the rate per annum (expressed on a 360-day basis of
calculation) equal to the weighted average of the rates on overnight federal
funds transactions as published by the Federal Reserve Bank of New York for
such day provided that (1) if such day is not a Banking Day, the Federal Funds
Rate for such day shall be such rate on such transactions on 

 9
 

the immediately
preceding Banking Day as so published on the next succeeding Banking Day; and (2)
if no such rate is so published on such next succeeding Banking Day, the
Federal Funds Rate for such day shall be the average of the rates quoted by
three (3) Federal Funds brokers to Administrative Agent on such day on such
transactions.

“Fee Letter” means the
letter agreement, dated as of October 20, 2006, between Borrower and JPMC.

“Fiscal Year” means
each period from January 1 to December 31.

“GAAP” means generally
accepted accounting principles in the United States of America as in effect
from time to time, applied on a basis consistent with those used in the
preparation of the financial statements referred to in Section 5.13 (except for
changes concurred in by Borrower’s Accountants).

“Good Faith Contest”
means the contest of an item if: (1) the item is diligently contested in good
faith, and, if appropriate, by proceedings timely instituted; (2) reserves that
are adequate based on reasonably foreseeable likely outcomes are established
with respect to the contested item; (3) during the period of such contest, the
enforcement of any contested item is effectively stayed, delayed or postponed;
and (4) the failure to pay or comply with the contested item during the period
of the contest is not likely to result in a Material Adverse Change.

“Governmental Approvals”
means any authorization, consent, approval, license, permit, certification, or
exemption of, registration or filing with or report or notice to, any
Governmental Authority.

“Governmental Authority”
means any nation or government, any state or other political subdivision
thereof, and any entity exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government.

“Hazardous Materials”
means any pollutant, effluents, emissions, contaminants, toxic or hazardous
wastes or substances, as any of those terms are defined from time to time in or
for the purposes of any relevant Environmental Law, including asbestos fibers
and friable asbestos, polychlorinated biphenyls, and any petroleum or
hydrocarbon-based products or derivatives.

“Initial Advance”
means the first advance of proceeds of the Loans.

“Interest Expense”
means, for any period of time, Borrower’s share of the consolidated interest
expense (without deduction of consolidated interest income, and excluding (x)
interest expense on construction loans and (y) other capitalized interest
expense in respect of either construction activity or construction loans, in
any such case under clauses (x) or (y), only until completion of the relevant
construction) of Borrower and its Consolidated Businesses, including, without
limitation or duplication (or, to the extent not so included, with the addition
of), (1) the portion of any rental obligation in respect of any Capital Lease
obligation allocable to interest expense in accordance with GAAP; (2) the
amortization of Debt discounts; (3) any expense, payments or fees (other than
up-front fees) with respect to interest rate swap or similar agreements; and
(4) the interest expense and items listed in clauses (1) through (3) above
applicable to each of the UJVs multiplied by 

 10
 

Borrower’s
respective beneficial interests in the UJVs, in all cases as reflected in
Borrower’s Consolidated Financial Statements.

“Interest Period”
means, (1) with respect to any LIBOR Loan, the period commencing on the date
the same is advanced, Converted from a Base Rate Loan or Continued, as the case
may be, and ending, as Borrower may select pursuant to Section 2.05, on the
numerically corresponding day in the first, second or third calendar month
thereafter, or, with the consent of all Banks, 7 days, 14 days or 6 months
thereafter, provided that each such Interest Period which commences on the last
Banking Day of a calendar month (or on any day for which there is no
numerically corresponding day in the appropriate subsequent calendar month)
shall end on the last Banking Day of the appropriate calendar month; (2) with
respect to any LIBOR Bid Rate Loan, the period commencing on the date the same
is advanced and ending, as Borrower may select pursuant to Section 2.02, on the
numerically corresponding day in the first, second or third calendar month
thereafter, provided that each such Interest Period which commences on the last
Banking Day of a calendar month (or on any day for which there is no numerically
corresponding day in the appropriate subsequent calendar month) shall end on
the last Banking Day of the appropriate calendar month; and (3) with respect to
any Absolute Bid Rate Loan, the period commencing on the date the same is
advanced and ending, as Borrower may select pursuant to Section 2.02, provided,
however, that each such period shall not be less than fourteen (14) days nor
more than ninety (90) days.

“Invitation for Bid Rate Quotes”
has the meaning specified in Section 2.02 (b).

“Issuing Bank” means
Bank of America in its capacity as issuing bank of the Letters of Credit under
the Letter of Credit facility described in Section 2.16, and its successors in
such capacity.

“JPMC” has the meaning
specified in the preamble.

“Law” means any federal,
state or local statute, law, rule, regulation, ordinance, order, code, or rule
of common law, now or hereafter in effect, and in each case as amended, and any
judicial or administrative order, consent decree or judgment.

“Letter of Credit” has
the meaning specified in Section 2.16(a).

“LIBOR Auction” means
a solicitation of Bid Rate Quotes setting forth LIBOR Bid Margins pursuant to
Section 2.02.

“LIBOR Base Rate”
means, with respect to any Interest Period therefor, the rate per annum
(rounded up, if necessary, to the nearest 1/100 of 1%) that appears on Dow
Jones Page 3750 at approximately 11:00 a.m. (London time) on the date (the “LIBOR Determination Date”)
two (2) Banking Days prior to the first day of the applicable Interest Period,
for the same period of time as the Interest Period; or, if such rate does not
appear on Dow Jones Page 3750 as of approximately 11:00 a.m. (London time) on
the LIBOR Determination Date, the rate (rounded up, if necessary, to the
nearest 1/100 of 1%) for deposits in Dollars for a period comparable to the
applicable Interest Period that appears on the Reuters Screen LIBOR Page as of
approximately 11:00 a.m. (London time) on the LIBOR Determination Date.  If such rate does not appear on either Dow
Jones Page 3750 or on the Reuters Screen LIBOR Page as of approximately 11:00
a.m. (London time) on the LIBOR Determination Date, the LIBOR Base Rate for the
Interest Period will be determined on the basis of the offered rates for
deposits in Dollars for the same period of time as such Interest Period 

 11
 

that are offered
by four (4) major banks in the London interbank market at approximately 11:00
a.m. (London time) on the LIBOR Determination Date.  Administrative Agent will request that the
principal London office of each of the four (4) major banks provide a quotation
of its Dollar deposit offered rate.  If
at least two (2) such quotations are provided, the LIBOR Base Rate will be the
arithmetic mean of the quotations.  If
fewer than two (2) quotations are provided as requested, the LIBOR Base Rate
will be determined on the basis of the rates quoted for loans in Dollars to
leading European banks for amounts comparable to such amount requested by
Borrower for the same period of time as such Interest Period offered by major
banks in New York City at approximately 11:00 a.m. (New York time) on the LIBOR
Determination Date.  In the event that
Administrative Agent is unable to obtain any such quotation as provided above,
it will be deemed that the LIBOR Base Rate cannot be determined.  For purposes of the foregoing definition, “Dow
Jones Page 3750” means the display designated as “Page 3750” on the Dow Jones
Markets Service (or such other page as may replace Page 3750 on that service or
such other service as may be nominated by the British Bankers’ Association as
the information vendor for the purpose of displaying British Bankers’
Association Interest Settlement Rates for Dollar deposits); and “Reuters Screen
LIBOR Page” means the display designated as page “LIBO” on the Reuters Monitor
Money Rates Service (or such other page as may replace the LIBO page on that
service for the purpose of displaying interbank rates from London in Dollars).

“LIBOR Bid Margin” has
the meaning specified in Section 2.02(c)(2).

“LIBOR Bid Rate” means
the rate per annum equal to the sum of (1) the LIBOR Interest Rate for the
LIBOR Bid Rate Loan and Interest Period in question and (2) the LIBOR Bid
Margin.

“LIBOR Bid Rate Loan”
means a Bid Rate Loan bearing interest at the LIBOR Bid Rate.

“LIBOR Interest Rate”
means, for any LIBOR Loan or LIBOR Bid Rate Loan, a rate per annum (rounded
upwards, if necessary, to the nearest 1/100 of 1%) determined by Administrative
Agent to be equal to the quotient of (1) the LIBOR Base Rate for such LIBOR
Loan or LIBOR Bid Rate Loan, as the case may be, for the Interest Period
therefor divided by (2) one minus the LIBOR Reserve Requirement for such LIBOR
Loan or LIBOR Bid Rate Loan, as the case may be, for such Interest Period.

“LIBOR Loan” means all
or any portion (as the context requires) of any Bank’s Ratable Loan which shall
accrue interest at rate(s) determined in relation to LIBOR Interest Rate(s).

“LIBOR Reserve Requirement”
means, for any LIBOR Loan or LIBOR Bid Rate Loan, the average maximum rate at
which reserves (including any marginal, supplemental or emergency reserves) are
required to be maintained during the Interest Period for such LIBOR Loan or
LIBOR Bid Rate Loan under Regulation D by member banks of the Federal Reserve
System in New York City with deposits exceeding $1,000,000,000 against “Eurocurrency
liabilities” (as such term is used in Regulation D).  Without limiting the effect of the foregoing,
the LIBOR Reserve Requirement shall also reflect any other reserves required to
be maintained by such member banks by reason of any Regulatory Change against
(1) any category of liabilities which includes deposits by reference to which
the LIBOR Base Rate is to be determined as provided in the definition of “LIBOR
Base Rate” in this Section 1.01 or (2) any category of extensions of credit or
other assets 

 12
 

which include
loans the interest rate on which is determined on the basis of rates referred
to in said definition of “LIBOR Base Rate”.

“Lien” means any
mortgage, deed of trust, pledge, negative pledge, security interest, hypothecation,
assignment for collateral purposes, deposit arrangement, lien (statutory or
other), or other security agreement or charge of any kind or nature whatsoever
of any third party (excluding any right of setoff but including, without
limitation, any conditional sale or other title retention agreement, any
financing lease having substantially the same economic effect as any of the
foregoing, and the filing of any financing statement under the Uniform
Commercial Code or comparable Law of any jurisdiction to evidence any of the
foregoing and carriers, warehousemen, mechanics and other similar inchoate
liens that have not been insured against in a manner reasonably satisfactory to
Administrative Agent).

“Loan” means, with
respect to each Bank, collectively, its Ratable Loan and Bid Rate Loan(s), and,
in the case of the Swing Lender, its Swing Loan(s).

“Loan Commitment”
means, with respect to each Bank, the obligation to make a Ratable Loan in the
principal amount set forth in Schedule 1 (subject to change in accordance with
the terms of this Agreement).

“Loan Documents” means
this Agreement, the Notes, the Authorization Letter, the Solvency Certificate
and any guaranty executed and delivered pursuant to clause (v) of the
definition of “Unencumbered Assets” in Section 1.01.

“Material Adverse Change”
means an effect resulting from any circumstance or event or series of
circumstances or events, of whatever nature, which does or could reasonably be
expected to, on more than an interim basis, either (1) materially and adversely
impair the ability of Borrower and its Consolidated Businesses, taken as a
whole, to fulfill its material obligations or (2) cause a Default or an Event
of Default.

“Material Affiliates”
means the Affiliates of Borrower described on EXHIBIT
C, together with (or excluding) any Affiliates of Borrower which are
hereafter from time to time reasonably determined by Administrative Agent to be
material (or no longer material), upon written notice to Borrower, based on the
most recent Borrower’s Consolidated Financial Statements.

“Maturity Date” means
November 14, 2010, subject to extension in accordance with Section 2.18.

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

“Multiemployer Plan”
means a Plan defined as such in Section 3(37) of ERISA to which contributions
have been made by Borrower or any ERISA Affiliate and which is covered by Title
IV of ERISA.

“New Bank” and “New Note” have the
respective meanings specified in Section 2.19.

“Note” and “Notes” have the
respective meanings specified in Section 2.08.

 13

“Obligations” means
each and every obligation, covenant and agreement of Borrower, now or hereafter
existing, contained in this Agreement, and any of the other Loan Documents,
whether for principal, reimbursement obligations, interest, fees, expenses,
indemnities or otherwise, and any amendments or supplements thereto, extensions
or renewals thereof or replacements therefor, including but not limited to all
indebtedness, obligations and liabilities of Borrower to Administrative Agent
and any Bank now existing or hereafter incurred under or arising out of or in
connection with the Notes, this Agreement, the other Loan Documents, and any
documents or instruments executed in connection therewith; in each case whether
direct or indirect, joint or several, absolute or contingent, liquidated or
unliquidated, now or hereafter existing, renewed or restructured, whether or
not from time to time decreased or extinguished and later increased, created or
incurred, and including all indebtedness of Borrower, under any instrument now
or hereafter evidencing or securing any of the foregoing.

“Parent” means, with
respect to any Bank, any Person controlling such Bank.

“Participant” and “Participation” have
the respective meanings specified in Section 12.05.

“PBGC” means the Pension
Benefit Guaranty Corporation and any entity succeeding to any or all of its
functions under ERISA.

“Performing Notes”
means mortgage notes and notes receivable which are not more than 30 days past
due or otherwise in default; provided, that, in the case of mortgage notes and
notes receivable that generate cash and non-cash payments, such mortgage notes
and notes receivable shall be treated as Performing Notes whose value is
determined solely by reference to the cash payments and references to the income
generated by the Performing Notes shall include only the cash payments which
have current payments payable in cash.

“Person” means an
individual, partnership, corporation, limited liability company, business
trust, joint stock company, trust, unincorporated association, joint venture,
Governmental Authority or other entity of whatever nature.

“Plan” means any
employee benefit or other plan established or maintained, or to which
contributions have been made, by Borrower or any ERISA Affiliate and which is
covered by Title IV of ERISA or to which Section 412 of the Code applies.

“presence”, when used
in connection with any Environmental Discharge or Hazardous Materials, means
and includes presence, generation, manufacture, installation, treatment, use,
storage, handling, repair, encapsulation, disposal, transportation, spill,
discharge and release.

“Prime Rate” means the
variable per annum rate of interest designated from time to time by
Administrative Agent at its principal office as its “prime rate” (it being
understood that the “prime rate” is a reference rate and does not necessarily
represent the lowest or best rate being charged to any customer).

“Pro Rata Share”
means, for purposes of this Agreement and with respect to each Bank, a
fraction, the numerator of which is the amount of such Bank’s Loan Commitment
and the denominator of which is the Total Loan Commitment.

 14
 

“Prohibited Transaction”
means any transaction proscribed by Section 406 of ERISA or Section 4975 of the
Code and to which no statutory or administrative exemption applies.

“Ratable Loan” has the
meaning specified in Section 2.01(b).

“Ratable Loan Note”
has the meaning specified in Section 2.08.

“Recourse Debt” means
Debt, recourse for the satisfaction of which is not limited to specified collateral.

“Refunded Swing Loans” and “Refunding Date” have
the respective meanings specified in Section 2.17.

“Regulation D” means
Regulation D of the Board of Governors of the Federal Reserve System.

“Regulation U” means
Regulation U of the Board of Governors of the Federal Reserve System.

“Regulatory Change”
means, with respect to any Bank, any change after the date of this Agreement in
United States federal, state, municipal or foreign laws or regulations
(including Regulation D) or the adoption or making after such date of any
interpretations, directives or requests applying to a class of banks including
such Bank of or under any United States, federal, state, municipal or foreign
laws or regulations (whether or not having the force of law) by any court or
governmental or monetary authority charged with the interpretation or
administration thereof.

“Reportable Event”
means any of the events set forth in Section 4043(c) of ERISA, other than those
events as to which the thirty (30) day notice period is waived under
subsections .13, .14, .16, .18, .19 or .20 of PBGC Reg. §2615.

“Required Banks” means
at any time the Banks having Pro Rata Shares aggregating at least 51%;
provided, however, if the Loan Commitments have been terminated, the “Required Banks” shall
be the Banks holding at least 51% of the then aggregate unpaid principal amount
of the Loans.  For purposes of this
definition, a Bank’s Loan shall be deemed to include its participating interest
in Swing Loans pursuant to Section 2.17(c) and the Swing Lender’s Loans shall
be deemed to exclude such participating interests of other Banks.

“Requested Increase”
has the meaning specified in Section 2.19.

“Secured Indebtedness”
means that portion of Total Outstanding Indebtedness that is secured by a Lien.

“Solvency Certificate”
means a certificate in the form of EXHIBIT D,
to be delivered by Borrower pursuant to the terms of this Agreement.

“Solvent” means, when
used with respect to any Person, that the fair value of the property of such
Person, on a going concern basis, is greater than the total amount of
liabilities (including, without limitation, contingent liabilities) of such
Person.

“S&P” means
Standard and Poor’s Ratings Services, a division of McGraw-Hill Companies.

 15
 

“Supplemental Fee Letter”
means the letter agreement, dated as of November 14, 2006, between Borrower and
Bank of America.

“Supplemental Note”
has the meaning specified in Section 2.19.

“Swing Lender” means
Bank of America in its capacity as the lender under the Swing Loan facility
described in Section 2.17, and its successors in such capacity.

“Swing Loan” means a
loan made by the Swing Lender pursuant to Section 2.17.

“Swing Loan Commitment”
means ten percent (10%) of the Total Loan Commitment.

“Swing Loan Note” has
the meaning specified in Section 2.08.

“Swing Loan Refund Amount”
has the meaning specified in Section 2.17.

“Syndication Agent”
means JPMorgan Chase Bank, N.A..

“Syndication Expiration Date”
has the meaning specified in Section 2.19.

“Total Loan Commitment”
means an amount equal to the aggregate amount of all Loan Commitments (i.e.,
initially, $650,000,000), as the same may increase pursuant to Section 2.19 or
decrease pursuant to Section 2.10.

“Total Outstanding Indebtedness”
means, at any time, the sum, without duplication, of (1) Consolidated
Outstanding Indebtedness; (2) Borrower’s Share of UJV Combined Outstanding
Indebtedness; and (3) Contingent Obligations.

“UJV Combined Outstanding
Indebtedness” means, as of any time, all indebtedness and
liability for borrowed money, secured or unsecured, of the UJV’s, on a combined
basis, including mortgage and other notes payable but excluding any
indebtedness which is margin indebtedness on cash and cash equivalent
securities, all as reflected in the balance sheets of each of the UJVs, prepared
in accordance with GAAP.

“UJVs” means the
unconsolidated joint ventures (including general and limited partnerships) in
which Borrower owns a beneficial interest and which are accounted for under the
equity method in Borrower’s Consolidated Financial Statements.

“Unencumbered” means,
with respect to any asset, that such asset is not, and the direct or indirect
interests of Borrower therein are not, subject to any Lien to secure all or any
portion of Secured Indebtedness.

“Unencumbered Asset Value”
means, as of the end of any calendar quarter, without duplication, (1)
Unencumbered Wholly-Owned Combined EBITDA for such quarter, annualized (i.e.,
multiplied by four (4)), capitalized at a rate of 6.75% per annum (i.e.,
divided by 6.75%), plus (2) Unencumbered Non-Wholly-Owned Combined EBITDA for
such quarter, annualized (i.e., multiplied by four (4)), capitalized at a rate
of 6.75% per annum (i.e., divided by 6.75%), plus (3) the aggregate book value
(on a cost basis) of Unencumbered Land and Construction-in-Process, 

 16
 

plus (4) the
aggregate book value (on a cost basis) of Unencumbered Assets of Borrower and
its Consolidated Business which are Acquisition Assets plus Borrower’s
beneficial interest in the book value (on a cost basis) of Unencumbered Assets
of the UJVs that are Acquisition Assets (and for which Borrower substantially
controls the financing and sale), plus (5) unrestricted Cash and Cash
Equivalents of Borrower and its Consolidated Businesses, as of the end of such
quarter, as reflected in Borrower’s Consolidated Financial Statements, to the
extent the same are Unencumbered, plus (6) the value of all Eligible Cash 1031
Proceeds resulting from the sale of Unencumbered Assets, to the extent the same
are Unencumbered, plus (7) the value (at the lower of cost or market in
accordance with GAAP) of Performing Notes held by Borrower and its Consolidated
Businesses, to the extent the same are Unencumbered;

provided that the sum of clauses (2), (3) and (7) above shall not exceed
30% of Unencumbered Asset Value.

“Unencumbered Assets”
are income-producing assets, reflected on Borrower’s Consolidated Financing
Statements, owned (in whole or in part), directly or indirectly by Borrower
which (1) are Unencumbered and (2) have been improved by buildings or other
improvements that have been issued a certificate of occupancy (or its
equivalent) and are fully operational. 
Notwithstanding the foregoing, if an asset that would otherwise qualify
as an Unencumbered Asset is owned by a Consolidated Business that has any
Recourse Debt, such asset shall not constitute, and may not be treated as, an
Unencumbered Asset unless and until the earlier to occur of (x) such Recourse
Debt has been repaid in full in cash and all loan documents evidencing such
Recourse Debt have been terminated and (y) such Consolidated Business executes
and delivers to the Administrative Agent, for the benefit of the Administrative
Agent and the Banks, a guaranty of the Obligations in substantially the form of
Exhibit I attached hereto.

“Unencumbered Land and
Construction-in-Process” means all land held for future
development and Construction-in-Process reflected on Borrower’s Consolidated
Financial Statements, which are wholly-owned, directly or indirectly, by Borrower and are Unencumbered.

“Unencumbered Non-Wholly-Owned
Combined EBITDA” means that portion of Combined EBITDA
attributable to Unencumbered Assets that are not Unencumbered Wholly-Owned
Assets but for which the Borrower substantially controls the sale or financing
of such Unencumbered Asset (assuming general and administrative expense is
allocated proportionately to Unencumbered Assets).

“Unencumbered Wholly-Owned Assets”
means Unencumbered Assets which are Wholly-Owned Assets.

“Unencumbered Wholly-Owned Combined
EBITDA” means that portion of Combined EBITDA attributable to
Unencumbered Wholly-Owned Assets (assuming general and administrative expense
is allocated proportionately to Unencumbered Wholly-Owned Assets).

“Unsecured Indebtedness”
means that portion of Total Outstanding Indebtedness that is not secured by a
Lien.

“Unsecured Interest Expense”
means that portion of Interest Expense relating to Unsecured Indebtedness.

 17
 

“Wholly-Owned Assets”
means income-producing assets, which are reflected on Borrower’s Consolidated
Financial Statements, and are wholly-owned, directly or indirectly, by
Borrower.

Section 1.02         Accounting Terms. 
All accounting terms not specifically defined herein shall be construed
in accordance with GAAP, and all financial data required to be delivered
hereunder shall be prepared in accordance with GAAP.

Section 1.03         Computation of
Time Periods.  Except as otherwise provided herein, in this
Agreement, in the computation of periods of time from a specified date to a
later specified date, the word “from” means “from and including” and words “to”
and “until” each means “to but excluding”.

Section 1.04         Rules of
Construction.  Except as provided otherwise, when used in
this Agreement (1) “or” is not exclusive; (2) a reference to a Law includes any
amendment, modification or supplement to, or replacement of, such Law; (3) a
reference to a Person includes its permitted successors and permitted assigns;
(4) all terms used in the singular shall have a correlative meaning when used
in the plural and vice versa; (5) a reference to an agreement, instrument or
document shall include such agreement, instrument or document as the same may
be amended, modified or supplemented from time to time in accordance with its
terms and as permitted by the Loan Documents; (6) all references to Articles,
Sections or Exhibits shall be to Articles, Sections and Exhibits of this
Agreement unless otherwise indicated; (7) “hereunder”, “herein”, “hereof” and
the like refer to this Agreement as a whole; and (8) all Exhibits to this
Agreement shall be incorporated into this Agreement.

ARTICLE II

THE LOANS

Section 2.01         Ratable Loans; Bid
Rate Loans; Purpose.

(a)           Subject
to the terms and conditions of this Agreement, the Banks agree to make loans to
Borrower as provided in this Article II.

(b)           Each
of the Banks severally agrees to make loans to Borrower (each such loan by a
Bank, a “Ratable Loan”)
in an amount up to its Loan Commitment, pursuant to which the Bank shall from
time to time advance and re-advance to Borrower an amount equal to its Pro Rata
Share of the excess (the “Available
Total Loan Commitment”) of the Total Loan Commitment over the
sum of (1) all previous advances (including Bid Rate Loans and Swing Loans)
made by the Banks which remain unpaid and (2) the outstanding amount of all
Letters of Credit and unreimbursed drawings on all Letters of Credit.  Within the limits set forth herein, Borrower
may borrow from time to time under this paragraph (b) and prepay from time to
time pursuant to Section 2.09 (subject, however, to the restrictions on prepayment
set forth in said Section), and thereafter re-borrow pursuant to this paragraph
(b).  The Ratable Loans may be
outstanding as (1) Base Rate Loans; (2) LIBOR Loans; or (3) a combination of
the foregoing, as Borrower shall elect and notify Administrative Agent in
accordance with Section 2.14.  The LIBOR
Loan, Bid Rate Loan and Base Rate Loan of each Bank shall be maintained at such
Bank’s Applicable Lending Office.

 18
 

(c)           In
addition to Ratable Loans pursuant to paragraph (b) above, so long as Borrower’s
Credit Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s or an
equivalent rating by another nationally-recognized rating agency, as reasonably
approved by Administrative Agent, one or more Banks may, at Borrower’s request
and in their sole discretion, make non-ratable loans which shall bear interest
at the LIBOR Bid Rate or the Absolute Bid Rate in accordance with Section 2.02
(such loans being referred to in this Agreement as “Bid Rate Loans”).  Borrower may borrow Bid Rate Loans from time
to time pursuant to this paragraph (c) in an amount up to the Available Total
Loan Commitment at the time of the borrowing (taking into account any
repayments of the Loans made simultaneously therewith) and shall repay such Bid
Rate Loans as required by Section 2.08, and it may thereafter re-borrow
pursuant to this paragraph (c); provided, however, that the aggregate
outstanding principal amount of Bid Rate Loans at any particular time shall not
exceed the Bid Borrowing Limit.

(d)           The
obligations of the Banks under this Agreement are several, and no Bank shall be
responsible for the failure of any other Bank to make any advance of a Loan to
be made by such other Bank.  However, the
failure of any Bank to make any advance of the Loan to be made by it hereunder
on the date specified therefor shall not relieve any other Bank of its
obligation to make any advance of its Loan specified hereby to be made on such
date.

(e)           Borrower
shall use the proceeds of the Loans for general capital and working capital
requirements of Borrower and its Consolidated Businesses and UJVs (which shall
include, but not be limited to, Acquisitions and/or costs incurred in
connection with the development, construction or reconstruction of multi-family
real estate properties).  In no event shall
proceeds of the Loans be used in a manner that would violate Regulation U or in
connection with a hostile acquisition.

Section 2.02         Bid Rate Loans.

(a)           When
Borrower wishes to request offers from the Banks to make Bid Rate Loans, it
shall transmit to Administrative Agent by facsimile a request (a “Bid Rate Quote Request”)
substantially in the form of EXHIBIT G-1
so as to be received not later than 12:00 noon (New York time) on (x) the fifth
Banking Day prior to the date for funding of the LIBOR Bid Rate Loan(s)
proposed therein in the case of a LIBOR Auction or (y) the second Banking Day
prior to the date for funding of the Absolute Bid Rate Loan(s) proposed therein
in the case of an Absolute Rate Auction, specifying:

(1)           the
proposed date of funding of the Bid Rate Loan(s), which shall be a Banking Day;

(2)           the
aggregate amount of the Bid Rate Loans requested, which shall be $5,000,000 or
a larger integral multiple of  $500,000;

(3)           the
duration of the Interest Period(s) applicable thereto, subject to the
provisions of the definition of “Interest Period” in Section 1.01 and the
provisions of Section 2.05; and

 19
 

(4)           whether
the Bid Rate Quotes requested are to set forth a LIBOR Bid Margin (to be used
to compute the LIBOR Bid Rate) or an Absolute Bid Rate.

Borrower may
request offers to make Bid Rate Loans for more than one (1) Interest Period in
a single Bid Rate Quote Request.  No more
than two (2) Bid Rate Quote Requests may be submitted by Borrower during any
calendar month and no more than twenty-four (24) Bid Rate Quote Requests per
year may be submitted by Borrower.

(b)           Promptly
(the same day, if possible) upon receipt of a Bid Rate Quote Request,
Administrative Agent shall send to the Banks by facsimile an invitation (an “Invitation for Bid Rate Quotes”)
substantially in the form of EXHIBIT G-2,
which shall constitute an invitation by Borrower to the Banks to submit Bid
Rate Quotes offering to make Bid Rate Loans to which such Bid Rate Quote
Request relates in accordance with this Section.

(c)           (1)           Each Bank may submit a Bid Rate Quote
containing an offer or offers to make Bid Rate Loans in response to any
Invitation for Bid Rate Quotes.  Each Bid
Rate Quote must comply with the requirements of this paragraph (c) and must be
submitted to Administrative Agent by facsimile not later than (x) 2:00 p.m.
(New York time) on the fourth Banking Day prior to the proposed date of the
LIBOR Bid Rate Loan(s) in the case of a LIBOR Auction or (y) 9:30 a.m. (New
York time) on the Banking Day immediately preceding the proposed date of the
Absolute Bid Rate Loan(s) in the case of an Absolute Rate Auction; provided
that Bid Rate Quotes submitted by Administrative Agent (or any Affiliate of
Administrative Agent) in its capacity as a Bank may be submitted, and may only
be submitted, if Administrative Agent or such Affiliate notifies Borrower of
the terms of the offer or offers contained therein not later than thirty (30)
minutes prior to the deadline for the other Banks.  Any Bid Rate Quote so made shall (subject to
Borrower’s satisfaction of the conditions precedent set forth in this Agreement
to its entitlement to an advance) be irrevocable except with the written
consent of Administrative Agent given on the instructions of Borrower.  Bid Rate Loans to be funded pursuant to a Bid
Rate Quote may, as provided in Section 12.16, be funded by a Bank’s Designated
Lender.  A Bank making a Bid Rate Quote
shall, if then known, specify in its Bid Rate Quote whether the related Bid
Rate Loans are intended to be funded by such Bank’s Designated Lender, as
provided in Section 12.16, provided, however, that whether or not the same is
specified in a Bank’s Bid Rate Quote, such Bank’s Bid Rate Loan(s) may be
funded by its Designated Lender at the time of funding thereof.

(2)           Each
Bid Rate Quote shall be in substantially the form of EXHIBIT G-3 and shall in any case specify:

(i)            the
proposed date of funding of the Bid Rate Loan(s);

(ii)           the
principal amount of the Bid Rate Loan(s) for which each such offer is being
made, which principal amount (w) may be greater than or less than the Loan
Commitment of the quoting Bank, (x) must be in the aggregate $5,000,000 or a
larger integral multiple of $500,000, (y) may not exceed the principal amount
of Bid Rate Loans for which offers were requested and (z) may be subject to an
aggregate limitation as to the principal amount of Bid Rate Loans for which
offers being made by such quoting Bank may be accepted;

 20
 

(iii)          in
the case of a LIBOR Auction, the margin above or below the applicable LIBOR
Interest Rate (the “LIBOR
Bid Margin”) offered for each such LIBOR Bid Rate Loan,
expressed as a percentage per annum (specified to the nearest 1/1,000th of 1%)
to be added to (or subtracted from) the applicable LIBOR Interest Rate;

(iv)          in
the case of an Absolute Rate Auction, the rate of interest, expressed as a
percentage per annum (specified to the nearest 1/1,000th of 1%) (the “Absolute Bid Rate”),
offered for each such Absolute Bid Rate Loan;

(v)           the
applicable Interest Period; and

(vi)          the
identity of the quoting Bank.

A Bid Rate Quote may set forth up to three (3) separate offers by
the quoting Bank with respect to each Interest Period specified in the related
Invitation for Bid Rate Quotes.

(3)           Any
Bid Rate Quote shall be disregarded if it:

(i)            is
not substantially in conformity with EXHIBIT
G-3 or does not specify all of the information required by
sub-paragraph (c)(2) above;

(ii)           contains
qualifying, conditional or similar language (except for an aggregate limitation
as provided in sub-paragraph  (c)(2)(ii)
above);

(iii)          proposes
terms other than or in addition to those set forth in the applicable Invitation
for Bid Rate Quotes; or

(iv)          arrives
after the time set forth in sub-paragraph (c)(1) above.

(d)           Administrative
Agent shall (x) not later than 3:00 p.m. (New York time) on the fourth Banking
Day prior to the proposed date of funding of the LIBOR Bid Rate Loan(s) in the
case of a LIBOR Auction or (y) not later than 10:30 a.m. (New York time) on the
Banking Day immediately preceding the proposed date of funding of the Absolute
Bid Rate Loan(s) in the case of an Absolute Rate Auction, notify Borrower in
writing of the terms of any Bid Rate Quote submitted by a Bank that is in
accordance with paragraph (c).  In
addition, Administrative Agent shall, on the Banking Day of its receipt
thereof, notify Borrower in writing of any Bid Rate Quote that amends, modifies
or is otherwise inconsistent with a previous Bid Rate Quote submitted by such
Bank with respect to the same Bid Rate Quote Request.  Any such subsequent Bid Rate Quote shall be
disregarded by Administrative Agent unless such subsequent Bid Rate Quote is
submitted solely to correct a manifest error in such former Bid Rate Quote.
Administrative Agent’s notice to Borrower shall specify (A) the aggregate
principal amount of Bid Rate Loans for which offers have been received for each
Interest Period specified in the related Bid Rate Quote Request, (B) the
respective principal amounts, LIBOR Bid Margins and Absolute Bid Rates so
offered and (C) if applicable, limitations on the aggregate principal amount of
Bid Rate Loans for which offers in any single Bid Rate Quote may be accepted.

 21
 

(e)           Not
later than (x) 9:30 a.m. (New York time) on the third Banking Day prior to the
proposed date of funding of the LIBOR Bid Rate Loan in the case of a LIBOR
Auction or (y) 1:00 p.m. (New York time) on the Banking Day immediately
preceding the proposed date of funding of the Absolute Bid Rate Loan in the
case of an Absolute Rate Auction, Borrower shall notify Administrative Agent of
its acceptance or non-acceptance of the offers so notified to it pursuant to
paragraph (d).  If Borrower fails to
notify Administrative Agent of its acceptance of such offers, it shall be
deemed to have rejected such offers.  A
notice of acceptance shall be substantially in the form of EXHIBIT G-4 and shall specify the aggregate
principal amount of offers for each Interest Period that are accepted.  Borrower may accept any Bid Rate Quote in
whole or in part; provided that:

(i)            the
principal amount of each Bid Rate Loan may not exceed the applicable amount set
forth in the related Bid Rate Quote Request or be less than $500,000 per Bank
and shall be an integral multiple of $100,000;

(ii)           acceptance
of offers with respect to a particular Interest Period may only be made on the
basis of ascending LIBOR Bid Margins or Absolute Bid Rates, as the case may be,
offered for such Interest Period from the lowest effective cost; and

(iii)          Borrower
may not accept any offer that is described in sub-paragraph (c)(3) or that otherwise
fails to comply with the requirements of this Agreement.

(f)            If
offers are made by two (2) or more Banks with the same LIBOR Bid Margins or
Absolute Bid Rates, as the case may be, for a greater aggregate principal
amount than the amount in respect of which such offers are accepted for the
related Interest Period, the principal amount of Bid Rate Loans in respect of
which such offers are accepted shall be allocated by Administrative Agent among
such Banks as nearly as possible (in multiples of $100,000, as Administrative
Agent may deem appropriate) in proportion to the aggregate principal amounts of
such offers. Administrative Agent shall promptly (and in any event within one
(1) Banking Day after such offers are accepted) notify Borrower and each such
Bank in writing of any such allocation of Bid Rate Loans.  Determinations by Administrative Agent of the
allocation of Bid Rate Loans shall be conclusive in the absence of manifest
error.

(g)           In
the event that Borrower accepts the offer(s) contained in one (1) or more Bid
Rate Quotes in accordance with paragraph (e), the Bank(s) making such offer(s)
shall make a Bid Rate Loan in the accepted amount (as allocated, if necessary,
pursuant to paragraph (f)) on the date specified therefor, in accordance with the
procedures specified in Section 2.04, and such Bid Rate Loan shall bear
interest at the accepted LIBOR Bid Rate or Absolute Bid Rate, as the case may
be, for the applicable Interest Period.

 22
 

(h)           Notwithstanding
anything to the contrary contained herein, each Bank shall be required to fund
its Pro Rata Share of the Available Total Loan Commitment in accordance with
Section 2.01(b) despite the fact that any Bank’s Loan Commitment may have been
or may be exceeded as a result of such Bank’s making Bid Rate Loans.

(i)            A
Bank who is notified that it has been selected to make a Bid Rate Loan as
provided above may designate its Designated Lender (if any) to fund such Bid
Rate Loan on its behalf, as described in Section 12.16.  Any Designated Lender which funds a Bid Rate
Loan shall on and after the time of such funding become the obligee under such
Bid Rate Loan and be entitled to receive payment thereof when due.  No Bank shall be relieved of its obligation
to fund a Bid Rate Loan, and no Designated Lender shall assume such obligation,
prior to the time the applicable Bid Rate Loan is funded.

(j)            Administrative
Agent shall promptly notify each Bank which submitted a Bid Rate Quote of
Borrower’s acceptance or non-acceptance thereof.  At the request of any Bank which submitted a
Bid Rate Quote, Administrative Agent will promptly notify all Banks which
submitted Bid Rate Quotes of (a) the aggregate principal amount of, and (b) the
range of Absolute Bid Rates or LIBOR Bid Margins of, the accepted Bid Rate
Loans for each requested Interest Period.

Section 2.03         Advances,
Generally.  The Initial Advance shall be in the minimum
amount of $500,000 and in integral multiples of $100,000 above such amount and
shall be made upon satisfaction of the conditions set forth in Section
4.01.  Subsequent advances shall be made
no more frequently than twice weekly thereafter, upon satisfaction of the
conditions set forth in Section 4.02. 
The amount of each advance subsequent to the Initial Advance shall be in
the minimum amount of $500,000 (unless less than $500,000 is available for
disbursement pursuant to the terms hereof at the time of any subsequent
advance, in which case the amount of such subsequent advance shall be equal to
such remaining availability) and in integral multiples of $100,000 above such
amount.  Additional restrictions on the
amounts and timing of, and conditions to the making of, advances of Bid Rate
Loans are set forth in Section 2.02.

Section 2.04         Procedures for
Advances.  In the case of advances of Ratable Loans hereunder,
Borrower shall submit to Administrative Agent a request for each advance,
stating the amount requested and certifying the purpose, in general terms, for
which such advance is to be used, no later than 11:00 a.m. (New York time) on
the date, in the case of advances of Base Rate Loans, which is one (1) Banking
Day, and, in the case of advances of LIBOR Loans, which is three (3) Banking
Days, prior to the date the advance is to be made.  In the case of advances of Swing Loans
hereunder, Borrower shall submit to Administrative Agent a request for such
advance, stating the amount requested and certifying the purpose, in general
terms, for which such advance is to be used, no later than 11:00 a.m. (New York
time) on the date which is one (1) Banking Day prior to the date the advance is
to be made.  In the case of advances of
Bid Rate Loans hereunder, Borrower shall submit a Bid Rate Quote Request at the
time specified in Section 2.02, accompanied by a certification of the purpose,
in general terms, for which the advance is to be used.  Administrative Agent, on the Banking Day of
its receipt and approval of the request for advance, will so notify the Banks
(or, in the case of Swing Loans, the Swing Lender) either by telephone or by
facsimile.  Not later than 11:00 a.m.
(New York time) on the date of each advance, each Bank (in the case of Ratable
Loans) or the applicable Bank(s) (in the case of Bid Rate Loans) 

 23
 

or the Swing
Lender (in the case of Swing Loans) shall, through its Applicable Lending
Office and subject to the conditions of this Agreement, make the amount to be
advanced by it on such day available to Administrative Agent, at Administrative
Agent’s Office and in immediately available funds for the account of
Borrower.  The amount so received by Administrative
Agent shall, subject to the conditions of this Agreement, be made available to
Borrower, in immediately available funds, by Administrative Agent’s crediting
an account of Borrower designated by Borrower and maintained with
Administrative Agent at Administrative Agent’s Office.

Section 2.05         Interest Periods;
Renewals.  In the case of the LIBOR Loans and Bid Rate
Loans, Borrower shall select an Interest Period of any duration in accordance
with the definition of Interest Period in Section 1.01, subject to the
following limitations: (1) no Interest Period may extend beyond the Maturity
Date; and (2) if an Interest Period would end on a day which is not a Banking
Day, such Interest Period shall be extended to the next Banking Day, unless
such Banking Day would fall in the next calendar month, in which event such
Interest Period shall end on the immediately preceding Banking Day.  Only fifteen (15) discrete segments of a Bank’s
Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated Interest
Period, pursuant to a particular Election, Conversion or Continuation, may be
outstanding at any one time (each such segment of each Bank’s Ratable Loan
corresponding to a proportionate segment of each of the other Banks’ Ratable
Loans).  Upon notice to Administrative
Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the
last day of the Interest Period of the same or different duration in accordance
with the limitations provided above.  If
Borrower shall fail to give notice to Administrative Agent of such a
Continuation, such LIBOR Loan shall automatically become a LIBOR Loan with an
Interest Period of one (1) month on the last day of the current Interest
Period.  Administrative Agent shall
notify each of the Banks, either by telephone or by facsimile, at least two (2)
Banking Days prior to the termination of the Interest Period in question in the
event of such failure by Borrower to give such notice of Continuation.

Section 2.06         Interest. 
Borrower shall pay interest to Administrative Agent for the account of
the applicable Bank on the outstanding and unpaid principal amount of the
Loans, at a rate per annum as follows: (1) for Base Rate Loans at a rate equal
to the Base Rate plus the Applicable Margin; (2) for LIBOR Loans at a rate
equal to the applicable LIBOR Interest Rate plus the Applicable Margin; (3) for
LIBOR Bid Rate Loans at a rate equal to the applicable LIBOR Bid Rate; (4) for
Absolute Bid Rate Loans at a rate equal to the applicable Absolute Bid Rate;
and (5) for Swing Loans at a daily LIBOR rate for a period not to exceed three
(3) days, as determined by the Swing Lender. 
Any principal amount not paid when due (when scheduled, at acceleration
or otherwise) shall bear interest thereafter, payable on demand, at the Default
Rate.

The interest rate on Base Rate Loans shall change when the Base
Rate changes.  Interest on Base Rate
Loans, LIBOR Loans, Bid Rate Loans and Swing Loans shall not exceed the maximum
amount permitted under applicable Law. 
Interest shall be calculated for the actual number of days elapsed on
the basis of, in the case of Base Rate Loans, LIBOR Loans, Bid Rate Loans and
Swing Loans, three hundred sixty (360) days.

Accrued interest shall be due and payable in arrears upon and with
respect to any payment or prepayment of principal and, (x) in the case of Base
Rate Loans, LIBOR Loans and Swing Loans, on the first Banking Day of each
calendar month and (y) in the case of Bid Rate Loans, at the expiration of the
Interest Period applicable thereto; provided, however, that interest accruing
at the Default Rate shall be due and payable on demand.

 24
 

Section 2.07         Fees.

(a)           Borrower
agrees to pay to and for the accounts of the parties specified therein, the
fees provided for in the Fee Letter and the Supplemental Fee Letter.

(b)           Borrower
shall pay to Administrative Agent for the account of each Bank a facility fee
computed on the daily Loan Commitment of such Bank (irrespective of usage) at a
rate per annum equal to the daily Facility Fee Rate, calculated on the basis of
a year of three hundred sixty (360) days for the actual number of days
elapsed.  The facility fee shall accrue
for each calendar quarter (or portion thereof) and shall be due and payable
quarterly in arrears on the tenth (10th) day of 
October, January, April and July of each year, commencing on the first
such date after the Closing Date, and upon the Maturity Date (as stated or by
acceleration or otherwise) or earlier termination of the Loan Commitments.

Section 2.08         Notes. 
The Ratable Loan made by each Bank under this Agreement shall be
evidenced by, and repaid with interest in accordance with, a single promissory
note of Borrower in the form of EXHIBIT B
duly completed and executed by Borrower, in the principal amount equal to such
Bank’s Loan Commitment, payable to such Bank for the account of its Applicable
Lending Office (each such note, as the same may hereafter be amended, modified,
extended, severed, assigned, renewed or restated from time to time, including
any new or substitute notes pursuant to Section 2.19, 3.07 or 12.05, a “Ratable Loan Note”).
The Bid Rate Loans of the Banks shall be evidenced by a single global
promissory note of Borrower, in the form of EXHIBIT
B-1, duly completed and executed by Borrower, in the principal
amount of the Bid Borrowing Limit, payable to Administrative Agent for the
account of the respective Banks making Bid Rate Loans (such note, as the same
may hereafter be amended, modified, extended, severed, assigned, substituted,
renewed or restated from time to time, the “Bid Rate Loan Note”).  The Swing Loan of the Swing Lender shall be
evidenced by, and repaid with interest in accordance with, a promissory note of
Borrower, in the form of EXHIBIT B-2,
duly completed and executed by Borrower, payable to the Swing Lender (such
note, as the same may hereafter be amended, modified extended, severed,
assigned, substituted, renewed or restated from time to time, the “Swing Loan Note”).  A particular Bank’s Ratable Loan Note,
together with its interest, if any, in the Bid Rate Loan Note, and, in the case
of the Swing Lender, the Swing Loan Note, are referred to collectively in this
Agreement as such Bank’s “Note”;
all such Ratable Loan Notes, the Bid Rate Loan Note and the Swing Loan Note are
referred to collectively in this Agreement as the “Notes”.  The Ratable Loan Notes shall mature, and all
outstanding principal and accrued interest and other sums thereunder shall be
paid in full, on the Maturity Date, as the same may be accelerated.  The outstanding principal amount of each Bid
Rate Loan evidenced by the Bid Rate Loan Note, and all accrued interest and
other sums with respect thereto, shall become due and payable to the Bank
making such Bid Rate Loan at the earlier of the expiration of the Interest
Period applicable thereto or the Maturity Date, as the same may be
accelerated.  Principal amounts evidenced
by the Swing Loan Notes shall become due and payable at the earlier of three
(3) Banking Days after said amounts are advanced or the Maturity Date.

 25
 

Each Bank is hereby authorized by Borrower to endorse on the
schedule attached to the Ratable Loan Note held by it, the amount of each
advance and each payment of principal received by such Bank for the account of
its Applicable Lending Office(s) on account of its Ratable Loan, which
endorsement shall, in the absence of manifest error, be conclusive as to the
outstanding balance of the Ratable Loan made by such Bank.  The Swing Lender is hereby authorized by
Borrower to endorse on the schedule attached to the Swing Loan Note held by it,
the amount of each advance and each payment of principal received by the Swing
Lender for the account of its Applicable Lending Office(s) on account of its
Swing Loan, which endorsement shall, in the absence of manifest error, be
conclusive as to the outstanding balance of the Swing Loan made by the Swing
Lender.  Administrative Agent is hereby
authorized by Borrower to endorse on the schedule attached to the Bid Rate Loan
Note the amount of each LIBOR Bid Rate Loan and/or Absolute Bid Rate Loan, the
name of the Bank making the same, the date of the advance thereof, the interest
rate applicable thereto and the expiration of the Interest Period applicable
thereto (i.e., the maturity date thereof). 
The failure by Administrative Agent or any Bank to make such notations
with respect to the Loans or each advance or payment shall not limit or
otherwise affect the obligations of Borrower under this Agreement or the
Notes.  In case of any loss, theft,
destruction or mutilation of any Bank’s Note, Borrower shall, upon its receipt
of an affidavit of an officer of such Bank as to such loss, theft, destruction
or mutilation and an appropriate indemnification, execute and deliver a
replacement Note to such Bank in the same principal amount and otherwise of like
tenor as the lost, stolen, destroyed or mutilated Note.

Section 2.09         Prepayments. 
Without prepayment premium or penalty but subject to Section 3.05,
Borrower may, upon at least one (1) Banking Day’s notice to Administrative
Agent in the case of the Base Rate Loans and Swing Loans, and at least three
(3) Banking Days’ notice to Administrative Agent (who shall provide such
notice, promptly upon receipt, to each of the Banks) in the case of LIBOR
Loans, prepay the Ratable Loans, provided that (1) any partial prepayment under
this Section shall be in integral multiples of $500,000; (2) a LIBOR Loan or
Swing Loan may be prepaid at any time, subject, however, to the provisions of
Section 3.05; and (3) each prepayment under this Section shall include all interest
accrued on the amount of principal prepaid through the date of prepayment.  Prepayment of Bid Rate Loans shall not be
permitted.

Section 2.10         Cancellation of
Commitments.

(a)           At
any time, Borrower shall have the right, without premium or penalty, to terminate
any unused Loan Commitments (i.e., to terminate Loan Commitments to the extent
of the Available Total Loan Commitment) or unused commitment of the Swing
Lender to make Swing Loans, in whole or in part, from time to time, provided
that: (1) Borrower shall give notice of each such termination to Administrative
Agent (who shall provide such notice, promptly upon receipt, to each of the
Banks) and the Swing Lender, if applicable, no later then 10:00 a.m. (New York
time) on the date which is fifteen (15) Banking Days prior to the effectiveness
of such termination; (2) the Loan Commitments of each of the Banks, or Swing
Lender, as applicable, must be terminated ratably and simultaneously with those
of the other Banks, or Swing Lender, as applicable; (3) each partial
termination of the Loan Commitments, or commitments to make Swing Loans, as a
whole (and corresponding reduction of the Total Loan Commitment) shall be in an
integral multiple of $1,000,000 and (4) no partial cancellation of the Loan
Commitments shall reduce the Total Loan Commitment to an amount below
$200,000,000.

(b)           The
Loan Commitments, to the extent terminated, may not be reinstated.

 26

Section 2.11         Method of Payment. 
Borrower shall make each payment under this Agreement and under the
Notes not later than 11:00 a.m. (New York time) on the date when due in Dollars
to Administrative Agent at Administrative Agent’s Office in immediately available
funds.  Administrative Agent will
thereafter, on the day of its receipt of each such payment, cause to be
distributed to each Bank (1) such Bank’s appropriate share determined pursuant
to Section 10.15 of the payments of principal and interest in like funds for
the account of such Bank’s Applicable Lending Office; and (2) fees payable to
such Bank in accordance with the terms of this Agreement.  In the event Administrative Agent fails to
pay funds received from Borrower to the Banks on the date on which Borrower is
credited with payment, Administrative Agent shall pay interest on such amounts
at the Federal Funds Rate until such payment to the Banks is made.  Borrower hereby authorizes Administrative
Agent and the Banks, if and to the extent payment by Borrower is not made when
due under this Agreement or under the Notes, to charge from time to time
against any account Borrower maintains with Administrative Agent or any Bank
any amount so due to Administrative Agent and/or the Banks.  Except to the extent provided in this
Agreement, whenever any payment to be made under this Agreement or under the
Notes is due on any day other than a Banking Day, such payment shall be made on
the next succeeding Banking Day, and such extension of time shall in such case
be included in the computation of the payment of interest and other fees, as
the case may be.

Section 2.12         Elections,
Conversions or Continuation of Loans.  Subject to the provisions
of Article III and Sections 2.05 and 2.13, Borrower shall have the right to
Elect to have all or a portion of any advance of the Ratable Loans be LIBOR
Loans, to Convert Base Rate Loans into LIBOR Loans, to Convert LIBOR Loans into
Base Rate Loans, or to Continue LIBOR Loans as LIBOR Loans, at any time or from
time to time, provided that (1) Borrower shall give Administrative Agent notice
of each such Election, Conversion or Continuation as provided in Section 2.14;
and (2) a LIBOR Loan may be Converted or Continued only on the last day of the
applicable Interest Period for such LIBOR Loan. 
Except as otherwise provided in this Agreement, each Election,
Continuation and Conversion shall be applicable to each Bank’s Ratable Loan in
accordance with its Pro Rata Share.

Section 2.13         Minimum Amounts. 
With respect to the Ratable Loans as a whole, each Election and each
Conversion shall be in an amount at least equal to $1,000,000 and in integral
multiples of $500,000.

Section 2.14         Certain Notices
Regarding Elections, Conversions and Continuations of Loans. 
Notices by Borrower to Administrative Agent of Elections, Conversions
and Continuations of LIBOR Loans shall be irrevocable and shall be effective
only if received by Administrative Agent not later than 10:30 a.m. (New York
time) on the number of Banking Days prior to the date of the relevant Election,
Conversion or Continuation specified below:

	
  

  	
   

  	
  Number of Banking Days

  Prior Notice

  
	
   

  	
   

  	
   

  
	
  Conversions into
  Base Rate Loans

  	
   

  	
  two (2)

  
	
   

  	
   

  	
   

  
	
  Elections of,
  Conversions into or Continuations as, LIBOR Loans

  	
   

  	
  three (3)

  

 

 27
 

 

Promptly following
its receipt of any such notice, and no later than the close of business on the
Banking Day of such receipt, Administrative Agent shall so advise the Banks
either by telephone or by facsimile. 
Each such notice of Election shall specify the portion of the amount of
the advance that is to be LIBOR Loans (subject to Section 2.13) and the
duration of the  Interest Period
applicable thereto (subject to Section 2.05); each such notice of Conversion shall
specify the LIBOR Loans or Base Rate Loans to be Converted; and each such
notice of Conversion or Continuation shall specify the date of Conversion or
Continuation (which shall be a Banking Day), the amount thereof (subject to
Section 2.13) and the duration of the Interest Period applicable thereto
(subject to Section 2.05).  In the event
that Borrower fails to Elect to have any portion of an advance of the Ratable
Loans be LIBOR Loans, the entire amount of such advance shall constitute Base
Rate Loans.  In the event that Borrower
fails to Continue LIBOR Loans within the time period and as otherwise provided
in this Section, such LIBOR Loans will automatically become LIBOR Loans with an
Interest Period of one (1) month on the last day of the then current applicable
Interest Period for such LIBOR Loans. 
Administrative Agent shall notify each of the Banks, either by telephone
or by facsimile, at least two (2) Banking Days prior to the termination of the
Interest Period in question in the event of such failure by Borrower.

Section 2.15         Late Payment
Premium.  Borrower shall, at Administrative Agent’s
option and upon notice to Borrower, pay to Administrative Agent for the account
of the Banks a late payment premium in the amount of 4% of any payments of
interest under the Loans made more than ten (10) days after the due date
thereof, which shall be due with any such late payment.

Section 2.16         Letters of Credit.

(a)           Borrower,
by notice to Administrative Agent and the Issuing Bank, may request, in lieu of
advances of proceeds of the Ratable Loans, that the Issuing Bank issue
unconditional, irrevocable standby letters of credit or direct-pay letters of
credit (each, a “Letter
of Credit”) for the account of Borrower or its Consolidated
Businesses, payable by sight drafts, for such beneficiaries and with such other
terms as Borrower shall specify. 
Promptly upon receipt of notice from the Issuing Bank of the issuance,
amendment or extension of a Letter of Credit, Administrative Agent shall notify
each of the Banks.  The letters of credit
listed on Schedule 2.16 attached hereto
(the “Existing Letters
of Credit”) shall be deemed to be Letters of Credit issued under
this Agreement for all purposes, and each of the Borrower and the Banks
confirms and agrees that its respective obligations with respect to the Existing
Letters of Credit shall be governed by this Agreement.

(b)           The
amount of any Letter of Credit shall be limited to the lesser of (x)
$100,000,000 less the aggregate amount of all Letters of Credit theretofore
issued and outstanding or (y) the Available Total Loan Commitment, it being
understood that the amount of each Letter of Credit issued and outstanding
shall effect a reduction, by an equal amount, of the Available Total Loan
Commitment (such reduction to be allocated to each Bank’s Loan Commitment
ratably in accordance with the Banks’ respective Pro Rata Shares).

 28
 

(c)           The
amount of each Letter of Credit shall be further subject to the limitations
applicable to amounts of advances set forth in Section 2.03 (unless the Issuing
Bank agrees to issue Letters of Credit in smaller denominations) and the
procedures for the issuance of each Letter of Credit shall be the same as the
procedures applicable to the making of advances as set forth in the first
sentence of Section 2.04.  The Issuing
Bank’s issuance of each Letter of Credit shall be subject to notice from the
Administrative Agent that it has determined that Borrower has satisfied all
conditions precedent to its entitlement to an advance of proceeds of the Loans.

(d)           Each
Letter of Credit shall expire no later than fifteen (15) days prior to the
Maturity Date, but may have a so-called “evergreen” clause allowing for the
extension of the expiration date thereof upon the extension of the Maturity
Date pursuant to Section 2.18.

(e)           In
connection with, and as a further condition to the issuance of, each Letter of
Credit, Borrower shall execute and deliver to Administrative Agent and the
Issuing Bank an application for the Letter of Credit on the Issuing Bank’s
standard form therefor, together with such other documents, opinions and
assurances as Administrative Agent and the Issuing Bank shall reasonably
require.

(f)            In
connection with each Letter of Credit, Borrower hereby covenants to pay to
Administrative Agent the following fees: 
(1) a fee, payable quarterly in arrears (on the first Banking Day of
each calendar quarter following the issuance of the Letter of Credit), for the
account of the Banks, computed daily on the amount of the Letter of Credit
issued and outstanding at a rate per annum equal to the “Banks’ L/C Fee Rate”
(as hereinafter defined) and (2) a fronting fee, payable quarterly in arrears
(on the first Banking Day of each calendar quarter following the issuance of
the Letter of Credit), for the Issuing Bank’s account, computed daily on the
amount of the Letter of Credit issued and outstanding, at a rate per annum
equal to 0.10%.  In addition to the fees
described in the preceding sentence, the Borrower shall pay to the Issuing Bank
such other customary letter of credit charges when incurred.  For purposes of this Agreement, the “Banks’
L/C Fee Rate” shall mean, at any time, a rate per annum equal to the Applicable
Margin for LIBOR Loans less 0.10% per annum. 
It is understood and agreed that the last installment of the fees
provided for in this paragraph (f) with respect to any particular Letter of
Credit shall be due and payable on the first day of the calendar quarter
following the return, undrawn, or cancellation of such Letter of Credit to the
Issuing Bank, who shall promptly provide notice to Administrative Agent of such
return or cancellation, and Borrower’s receipt of notice from Administrative
Agent.

(g)           Upon
any drawing under a Letter of Credit, the Issuing Bank shall immediately
provide notice to the Borrower and Administrative Agent of such drawing.  The Borrower shall reimburse the Issuing Bank
on the date of any drawing under a Letter of Credit.  Such reimbursement shall be made with the
proceeds of an advance of Loans as set forth below unless such advance cannot
for any reason be made.  The parties
hereto acknowledge and agree that, immediately upon notice from Administrative
Agent of any drawing under a Letter of Credit, each Bank shall, notwithstanding
the existence of a Default or Event of Default or the non-satisfaction of any
conditions precedent to the making of an advance of the Loans, advance proceeds
of its Ratable Loan, in an amount equal to its Pro Rata Share of such drawing,
which advance shall be made to Administrative Agent for the account of the
Issuing Bank to reimburse the Issuing Bank for such drawing.  

 29
 

Each of the Banks further acknowledges that its obligation to fund
its Pro Rata Share of drawings under Letters of Credit as aforesaid shall
survive the Banks’ termination of this Agreement or enforcement of remedies hereunder
or under the other Loan Documents.  In
the event that any Ratable Loan cannot for any reason be made on the date
otherwise required above (including, without limitation, as a result of the
commencement of a proceeding under any applicable bankruptcy or insolvency Law
with respect to Borrower), then each Bank shall purchase (on or as of the date
such Ratable Loan would otherwise have been made) from the Issuing Bank a
participation interest in any unreimbursed drawing in an amount equal to its Pro
Rata Share of such unreimbursed drawing.

(h)           Borrower
agrees, upon the occurrence of an Event of Default and at the written request
of Administrative Agent, (1) to deposit with Administrative Agent for the
benefit of the Issuing Bank and the Banks cash collateral in the amount of all
the outstanding Letters of Credit, which cash collateral shall be held by
Administrative Agent for the benefit of the Issuing Bank and the Banks as
security for Borrower’s obligations in connection with the Letters of Credit and
(2) to execute and deliver to Administrative Agent and the Issuing Bank such
documents as Administrative Agent or the Issuing Bank reasonably requests to
confirm and perfect the assignment of such cash collateral to Administrative
Agent for the benefit of the Issuing Bank and the Banks.

Section 2.17         Swing Loans.

(a)           During
the term of this Agreement, the Swing Lender agrees, on the terms and
conditions set forth in this Agreement, to make advances to Borrower pursuant
to this Section from time to time in amounts such that (i) the aggregate of
such advance and amount of Swing Loans theretofore advanced and still
outstanding does not at any time exceed the Swing Loan Commitment and (ii) the
amount of such advance does not exceed the Available Total Loan Commitment.  Each advance under this Section shall be in
an aggregate principal amount of $1,000,000 or a larger multiple of $100,000
(except that any such advance may be in the aggregate available amount of Swing
Loans determined in accordance with the immediately preceding sentence).  With the foregoing limits, Borrower may
borrow under this Section, repay or, to the extent permitted by Section 2.09,
prepay Swing Loans and reborrow under this Section at any time during the term
of this Agreement.

(b)           The
Swing Lender shall, on behalf of Borrower (which hereby irrevocably directs the
Swing Lender to act on its behalf), on notice given by the Swing Lender no
later than 1:00 p.m. (New York time) on the Banking Day immediately following
the funding of any Swing Loan, request each Bank to make, and each Bank hereby
agrees to make, an advance of its Ratable Loan, in an amount (with respect to
each Bank, its “Swing
Loan Refund Amount”) equal to such Bank’s Pro Rata Share of the
aggregate principal amount of the Swing Loans (the “Refunded Swing Loans”)
outstanding on the date of such notice, to repay the Swing Lender.  Unless any of the events described in
paragraph (5) of Section 9.01 with respect to Borrower shall have occurred and
be continuing (in which case the procedures of paragraph (c) of this Section
shall apply), each Bank shall make such advance of its Ratable Loan available
to Administrative Agent at Administrative Agent’s Office in immediately
available funds, not later than 1:00 p.m. (New York time), on the third 

 30
 

Banking Day immediately following the date of such notice.  Administrative Agent shall pay the proceeds
of such advance of Ratable Loans to the Swing Lender, which shall immediately
apply such proceeds to repay Refunded Swing Loans.  Effective on the day such advances of Ratable
Loans are made, the portion of the Swing Loans so paid shall no longer be
outstanding as Swing Loans, shall no longer be due as Swing Loans under the
Swing Loan Note held by the Swing Lender, and shall be due as Ratable Loans
under the respective Ratable Loan Notes issued to the Banks (including the
Swing Lender).  Borrower authorizes the
Swing Lender to charge Borrower’s accounts with Administrative Agent (up to the
amount available in each such accounts) in order to immediately pay the amount
of such Refunded Swing Loans to the extent amounts received from the Banks are
not sufficient to repay in full such Refunded Swing Loans.

(c)           If,
prior to the time advances of Ratable Loans would have otherwise been made
pursuant to paragraph (b) of this Section, one of the events described in
paragraph (5) of Section 9.01 with respect to the Borrower shall have occurred
and be continuing, each Bank shall, on the date such advances were to have been
made pursuant to the notice referred to in paragraph (b) of this Section (the “Refunding Date”),
purchase an undivided participating interest in the Swing Loans in an amount
equal to such Bank’s Swing Loan Refund Amount. 
On the Refunding Date, each Bank shall transfer to the Swing Lender, in
immediately available funds, such Bank’s Swing Loan Refund Amount, and upon
receipt thereof, the Swing Lender shall deliver to such Bank a Swing Loan
participation certificate dated the date of the Swing Lender’s receipt of such
funds and in the Swing Loan Refund Amount of such Bank.

(d)           Whenever,
at any time after the Swing Lender has received from any Bank such Bank’s Swing
Loan Refund Amount pursuant to paragraph (c) of this Section, the Swing Lender
receives any payment on account of the Swing Loans in which the Banks have
purchased Participations pursuant to said paragraph (c), the Swing Lender will
promptly distribute to each such Bank its ratable share (determined on the
basis of the Swing Loan Refund Amounts of all of the Banks) of such payment (appropriately
adjusted, in the case of interest payments, to reflect the period of time
during which such Bank’s participating interest was outstanding and funded);
provided, however, that in the event that such payment received by the Swing
Lender is required to be returned, such Bank will return to the Swing Lender
any portion thereof previously distributed to it by the Swing Lender.

(e)           Each
Bank’s obligation to make an advance of its Ratable Loan as provided in
paragraph (b) of this Section or to purchase a participating interest pursuant
to paragraph (c) of this Section shall be absolute and unconditional and shall
not be affected by any circumstance, including, without limitation, (i) any
set-off, counterclaim, recoupment, defense or other right which such Bank,
Borrower or any other Person may have against the Swing Lender or any other
Person, (ii) the occurrence or continuance of a Default or an Event of Default,
the termination or reduction of the Loan Commitments or the non-satisfaction of
any condition precedent to the making of any advance of the Loans, (iii) any
adverse change in the condition (financial or otherwise) of Borrower or any
other Person, (iv) any breach of this Agreement by Borrower, any other Bank or
any other Person or (v) any other circumstance, happening or event whatsoever,
whether or not similar to any of the foregoing.

 31
 

(f)            Notwithstanding
anything above in this Section or elsewhere in this Agreement to the contrary,
in the event that the Swing Lender funds a Swing Loan hereunder when it has
actual knowledge that a monetary Default, or material Event of Default (which,
for the avoidance of doubt shall include any violation of any provision of
Article VII or Article VIII) has occurred and is continuing, the Banks shall
have the option, but not the obligation, to make Ratable Loans to fund their
ratable shares of such Swing Loan as contemplated in paragraph (b) of this
Section or to purchase participations as contemplated in paragraph (c) of this
Section.

(g)           For
purposes of Article III, Swing Loans shall be deemed to be LIBOR Loans.

Section 2.18         Extension Of
Maturity.  Borrower shall have the option (the “Extension Option”) to
extend the original Maturity Date for a period of one (1) year.  Subject to the conditions set forth below, Borrower
may exercise the Extension Option by delivering a written notice to
Administrative Agent (who shall provide such notice, promptly upon receipt, to
each of the Banks) not more than ninety (90) days and not less than thirty (30)
days prior to the original Maturity Date (a “Notice to Extend”), stating that
Borrower has elected to extend the original Maturity Date for one (1)
year.  Borrower’s delivery of the Notice
to Extend shall be irrevocable and Borrower’s right to exercise the Extension
Option shall be subject to the following terms and conditions:  (i) there shall exist no Event of Default on
both the date Borrower delivers the Notice to Extend to Administrative Agent
and on the original Maturity Date, (ii) Borrower shall have paid to
Administrative Agent for the account of each Bank an extension fee equal to
0.10% of such Bank’s Loan Commitment simultaneously with delivery of the Notice
to Extend and (iii) Borrower shall be in compliance with the covenants
contained in Articles VII and VIII, as evidenced by a certificate from Borrower
of the sort required by paragraph (3) of Section 6.09 (based on financial
results for the most recent calendar quarter for which Borrower is required to
report financial results).

Section 2.19         Additional Loan
Commitments.

(a)           Borrower
may, from time to time, up to a maximum of three (3) requests, request the
Banks to increase their Loan Commitments, so as to increase the Total Loan
Commitment to an amount no greater than the sum of (1) the Accordion Amount
plus (2) $650,000,000 less (3) the amount of any reduction of the Total Loan
Commitment pursuant to Section 2.10.  The
increase in the Total Loan Commitment pursuant to any such particular request
shall be at least an amount (the “Minimum Request”) equal to the lesser of (x)
$50,000,000 or (y) the Accordion Amount less all previous increases in the
Total Loan Commitment pursuant to this Section. 
Borrower shall make each such request by giving notice to Syndication
Agent no later than forty-five (45) days prior to the date (the “Syndication Expiration Date”)
that is thirty-nine (39) months after the Closing Date, which notice shall set
forth the amount (which shall be no less than the Minimum Request) of the
requested increase in the Total Loan Commitment (the “Requested Increase”)
and such other details with respect to such increase as Syndication Agent shall
reasonably 

 32
 

request.  Upon receipt of
such notice, Syndication Agent shall promptly send a copy of such notice to
each Bank.  Syndication Agent and/or its
Affiliates will use commercially reasonable efforts, with the assistance of
Borrower, to arrange a syndicate of Banks with Loan Commitments (including the
then-existing Loan Commitments) aggregating the then existing Total Loan
Commitment plus the Requested Increase.  Any
Bank that is a party to this Agreement prior to such Requested Increase, at its
sole discretion, may elect to increase its Loan Commitment but shall not have
any obligation to so increase its Loan Commitment.  In the event that each Bank does not elect to
increase its Loan Commitment, Syndication Agent and/or its Affiliates shall use
commercially reasonable efforts to locate additional lenders willing to hold
commitments for the Requested Increase, subject to the approval of any such
proposed lender by the Borrower, and the Borrower may also identify additional
lenders willing to hold commitments for the Requested Increase, provided that the Administrative Agent
shall have the right to approve any such additional lender, which approval will
not be unreasonably withheld or delayed. 
From and after
the Syndication Expiration Date, Syndication Agent and its Affiliates shall
have no further obligation to syndicate the Facility or to obtain or accept any
additional Loan Commitments.

(b)           In
connection with increases to the Loan Commitments of some or all of the Banks
as provided in paragraph (a) above, Borrower shall execute supplemental Ratable
Loan Notes (the “Supplemental
Notes”) evidencing such increases, as well as such other
confirmatory modifications to this Agreement as Syndication Agent shall
reasonably request.  In connection with
the addition of lenders as a result of solicitations by Syndication Agent
pursuant to paragraph (a) above (“New Banks”), Borrower, Administrative Agent
and each New Bank shall execute an Acceptance Letter in the form of EXHIBIT H, Borrower shall execute a Ratable
Loan Note to each New Bank in the amount of the New Bank’s Loan Commitment (a “New Note”) and
Borrower and Administrative Agent (with the consent of only the New Banks and
those Banks increasing their Loan Commitments) shall execute such confirmatory
modifications to this Agreement as Administrative Agent shall reasonably
request, whereupon the New Bank shall become, and have the rights and
obligations of, a “Bank”, with a Loan Commitment in the amount set forth in
such Acceptance Letter.  The Banks shall
have no right of approval with respect to a New Bank’s becoming a Bank or the
amount of its Loan Commitment, provided, however, that Syndication Agent shall
have such right of approval, not to be unreasonably withheld.  Each Supplemental Note and New Note shall
constitute “Ratable Loan Notes” for all purposes of this Agreement.

(c)           If
at the time a New Bank becomes a Bank (or a Bank increases its Loan Commitment)
pursuant to this Section there is any principal outstanding under the Ratable
Loan Notes of the previously admitted Banks (the “Existing Banks”), such New Bank (or Bank
increasing its Loan Commitment) shall remit to Administrative Agent an amount
equal to the Outstanding Percentage (as defined below) multiplied by the Loan
Commitment of the New Bank (or the amount of the increase in the Loan
Commitment of a Bank increasing its Loan Commitment), which amount shall be
deemed advanced under the Ratable Loan of the New Bank (or the Bank increasing
its Loan Commitment).  Administrative
Agent shall pay such amount to the Existing Banks in accordance with the
Existing Banks’ respective Pro Rata Shares (as calculated immediately prior to
the admission of the New Bank (or the increase in a Bank’s Loan Commitment)),
and such 

 33
 

payment shall effect an automatic reduction of the outstanding
principal balance under the respective Ratable Loan Notes of the Existing
Banks.  For purposes of this Section, the
term “Outstanding Percentage” means the ratio of (i) the aggregate outstanding
principal amount under the Ratable Notes of the Existing Banks, immediately
prior to the admission of the New Bank (or the increase in the Loan Commitment
of a Bank), to (ii) the aggregate of the Loan Commitments of the Existing Banks
(as increased pursuant to this Section, if applicable) and the New Bank.

(d)           The
fees payable by the Borrower upon any increase of the Loan Commitments shall be
agreed upon by the Borrower, the Syndication Agent, the New Banks and those
Banks increasing their Loan Commitments. Nothing in this Section 2.19 shall
constitute or be deemed to constitute an agreement or commitment by any Bank to
increase its Loan Commitment hereunder.

ARTICLE III

YIELD PROTECTION; ILLEGALITY, ETC.

Section 3.01         Additional Costs. 
Borrower shall pay directly to each Bank from time to time on demand
such amounts as such Bank may determine to be necessary to compensate it for
any increased costs which such Bank determines are attributable to its making
or maintaining a LIBOR Loan or a LIBOR Bid Rate Loan, or its obligation to make
or maintain a LIBOR Loan or a LIBOR Bid Rate Loan, or its obligation to Convert
a Base Rate Loan to a LIBOR Loan hereunder, or any reduction in any amount
receivable by such Bank hereunder in respect of its LIBOR Loan or LIBOR Bid
Rate Loan(s) or such obligations (such increases in costs and reductions in
amounts receivable being herein called “Additional Costs”), in each case resulting
from any Regulatory Change which:

(1)           changes
the basis of taxation of any amounts payable to such Bank under this Agreement
or the Notes in respect of any  such
LIBOR Loan or LIBOR Bid Rate Loan (other than changes in the rate of general
corporate, franchise, branch profit, net income or other income tax imposed on
such Bank or its Applicable Lending Office by the jurisdiction in which such
Bank has its principal office or such Applicable Lending Office); or

(2)           (other
than to the extent the LIBOR Reserve Requirement is taken into account in
determining the LIBOR Rate at the commencement of the applicable Interest
Period) imposes or modifies any reserve, special deposit, deposit insurance or
assessment, minimum capital, capital ratio or similar requirements relating to
any extensions of credit or other assets of, or any deposits with or other
liabilities of, such Bank (including any LIBOR Loan or LIBOR Bid Rate Loan or
any deposits referred to in the definition of “LIBOR Interest Rate” in Section
1.01), or any commitment of such Bank (including such Bank’s Loan Commitment
hereunder); or

(3)           imposes
any other condition affecting this Agreement or the Notes (or any of such
extensions of credit or liabilities).

 34
 

Without limiting the effect of the provisions of the first
paragraph of this Section, in the event that, by reason of any Regulatory
Change, any Bank either (1) incurs Additional Costs based on or measured by the
excess above a specified level of the amount of a category of deposits of other
liabilities of such Bank which includes deposits by reference to which the
LIBOR Interest Rate is determined as provided in this Agreement or a category
of extensions of credit or other assets of such Bank which includes loans based
on the LIBOR Interest Rate or (2) becomes subject to restrictions on the amount
of such a category of liabilities or assets which it may hold, then, if such
Bank so elects by notice to Borrower (with a copy to Administrative Agent), the
obligation of such Bank to permit Elections of, to Continue, or to Convert Base
Rate Loans into, LIBOR Loans shall be suspended (in which case the provisions
of Section 3.04 shall be applicable) until such Regulatory Change ceases to be
in effect.

Determinations and allocations by a Bank for purposes of this
Section of the effect of any Regulatory Change pursuant to the first or second
paragraph of this Section, on its costs or rate of return of making or
maintaining its Loan or portions thereof or on amounts receivable by it in
respect of its Loan or portions thereof, and the amounts required to compensate
such Bank under this Section, shall be included in a calculation of such
amounts given to Borrower and shall be conclusive absent manifest error.

Section 3.02         Limitation on
Types of Loans.  Anything herein to the contrary
notwithstanding, if, on or prior to the determination of the LIBOR Interest
Rate for any Interest Period:

(1)           Administrative
Agent reasonably determines (which determination shall be conclusive), and
provides Borrower, in writing, with reasonable detail supporting such determination,
that quotations of interest rates for the relevant deposits referred to in the
definition of “LIBOR Interest Rate” in Section 1.01 are not being provided in
the relevant amounts or for the relevant maturities for purposes of determining
rates of interest for the LIBOR Loans or LIBOR Bid Rate Loans as provided in
this Agreement; or

(2)           a
Bank reasonably determines (which determination shall be conclusive), and
provides Borrower, in writing, with reasonable detail supporting such
determination, and promptly notifies Administrative Agent that the relevant
rates of interest referred to in the definition of “LIBOR Interest Rate” in
Section 1.01 upon the basis of which the rate of interest for LIBOR Loans or
LIBOR Bid Rate Loans for such Interest Period is to be determined do not
adequately cover the cost to such Bank of making or maintaining such LIBOR Loan
or LIBOR Bid Rate Loan for such Interest Period;

then
Administrative Agent shall give Borrower prompt notice thereof, and so long as
such condition remains in effect, the Banks (or, in the case of the
circumstances described in clause (2) above, the affected Bank) shall be under
no obligation to permit Elections of LIBOR Loans, to Convert Base Rate Loans
into LIBOR Loans or to Continue LIBOR Loans and Borrower shall, on the last
day(s) of the then current Interest Period(s) for the affected outstanding
LIBOR Loans or LIBOR Bid Rate Loans, either (x) prepay the affected LIBOR Loans
or LIBOR Bid Rate Loans or (y) Convert the affected LIBOR Loans into Base Rate
Loans in accordance with Section 2.12 or convert the rate of interest under the
affected LIBOR Bid Rate Loans to the rate applicable to Base Rate Loans by
following the same procedures as are applicable for Conversions into Base Rate
Loans set forth in Section 2.12.

 35
 

Section 3.03         Illegality. 
Notwithstanding any other provision of this Agreement, in the event that
it becomes unlawful for any Bank or its Applicable Lending Office to honor its
obligation to make or maintain a LIBOR Loan or LIBOR Bid Rate Loan hereunder,
to allow Elections or Continuations of a LIBOR Loan or to Convert a Base Rate
Loan into a LIBOR Loan, then such Bank shall promptly notify Administrative
Agent and Borrower thereof and such Bank’s obligation to make or maintain a
LIBOR Loan or LIBOR Bid Rate Loan, or to permit Elections of, to Continue, or
to Convert its Base Rate Loan into, a LIBOR Loan shall be suspended (in which
case the provisions of Section 3.04 shall be applicable) until such time as
such Bank may again make and maintain a LIBOR Loan or a LIBOR Bid Rate Loan.

Section 3.04         Treatment of
Affected Loans.  If the obligations of any Bank to make or
maintain a LIBOR Loan or a LIBOR Bid Rate Loan, or to permit an Election of a
LIBOR Loan, to Continue its LIBOR Loan, or to Convert its Base Rate Loan into a
LIBOR Loan, are suspended pursuant to Sections 3.01 or 3.03 (each LIBOR Loan or
LIBOR Bid Rate Loan so affected being herein called an “Affected Loan”), such
Bank’s Affected Loan shall be automatically Converted into a Base Rate Loan
(or, in the case of an Affected Loan that is a LIBOR Bid Rate Loan, the
interest rate thereon shall be converted to the rate applicable to Base Rate
Loans) on the last day of the then current Interest Period for the Affected
Loan (or, in the case of a Conversion (or conversion) required by Sections 3.01
or 3.03, on such earlier date as such Bank may specify to Borrower).

To the extent that such Bank’s Affected Loan has been so Converted
(or the interest rate thereon so converted), all payments and prepayments of
principal which would otherwise be applied to such Bank’s Affected Loan shall
be applied instead to its Base Rate Loan (or to its LIBOR Bid Rate Loan bearing
interest at the converted rate) and such Bank shall have no obligation to
Convert its Base Rate Loan into a LIBOR Loan.

Section 3.05         Certain
Compensation.  Other than in connection with a Conversion of
an Affected Loan, Borrower shall pay to Administrative Agent for the account of
the applicable Bank, upon the request of such Bank through Administrative Agent
which request includes a calculation of the amount(s) due, such amount or
amounts as shall be sufficient (in the reasonable opinion of such Bank) to
compensate it for any non-administrative, actual loss, cost or expense which
such Bank reasonably determines is attributable to:

(1)           any
payment or prepayment of a LIBOR Loan or Bid Rate Loan made by such Bank, or
any Conversion or Continuation of a LIBOR Loan (or conversion of the rate of
interest on a LIBOR Bid Rate Loan) made by such Bank, in any such case on a
date other than the last day of an applicable Interest Period, whether by
reason of acceleration or otherwise; or

(2)           any
failure by Borrower for any reason to Convert a Base Rate Loan or a LIBOR Loan
or Continue a LIBOR Loan to be Converted or Continued by such Bank on the date
specified therefor in the relevant notice 
under Section 2.14; or

 36
 

(3)           any
failure by Borrower to borrow (or to qualify for a borrowing of) a LIBOR Loan
or Bid Rate Loan which would otherwise be made hereunder on the date specified
in the relevant Election notice under Section 2.14 or Bid Rate Quote acceptance
under Section 2.02(e) given or submitted by Borrower.

Without limiting the foregoing, such compensation shall include
any loss incurred in obtaining, liquidating or employing deposits from third
parties, but excluding loss of margin for the period after the date of such
payment, prepayment, Conversion or Continuation (or failure to Convert,
Continue or borrow).  A determination of
any Bank as to the amounts payable pursuant to this Section shall be conclusive
absent manifest error.  No Bank shall
make any request pursuant to this Section 3.05 unless such amounts due to, and
costs incurred by, such Bank are equal to or greater than $100.

Section 3.06         Capital Adequacy. 
If any Bank shall have determined that, after the date hereof, the
adoption of any applicable law, rule or regulation regarding capital adequacy,
or any change therein, or any change in the interpretation or administration
thereof by any Governmental Authority, central bank or comparable agency
charged with the interpretation or administration thereof, or any request or
directive regarding capital adequacy (whether or not having the force of law)
of any such Governmental Authority, central bank or comparable agency, has or
would have the effect of reducing the rate of return on capital of such Bank
(or its Parent) as a consequence of such Bank’s obligations hereunder to a
level below that which such Bank (or its Parent) could have achieved but for
such adoption, change, request or directive (taking into consideration its
policies with respect to capital adequacy) by an amount deemed by such Bank to
be material, then from time to time, within fifteen (15) days after demand by
such Bank (with a copy to Administrative Agent), Borrower shall pay to such
Bank such additional amount or amounts as will compensate such Bank (or its
Parent) for such reduction.  A
certificate of any Bank claiming compensation under this Section, setting forth
in reasonable detail the basis therefor, shall be conclusive absent manifest
error.

Section 3.07         Substitution of
Banks.  If any Bank (an “Affected Bank”) (1)
makes demand upon Borrower for (or if Borrower is otherwise required to pay)
Additional Costs pursuant to Section 3.01 or (2) is unable to make or maintain
a LIBOR Loan or LIBOR Bid Rate Loan as a result of a condition described in
Section 3.03 or clause (2) of Section 3.02, Borrower may, within ninety (90)
days of receipt of such demand or notice (or the occurrence of such other event
causing Borrower to be required to pay Additional Costs or causing said Section
3.03 or clause (2) of Section 3.02 to be applicable), as the case may be, give
written notice (a “Replacement
Notice”) to Administrative Agent and to each Bank of Borrower’s
intention either (x) to prepay in full the Affected Bank’s Note and to
terminate the Affected Bank’s entire Loan Commitment or (y) to replace the
Affected Bank with another financial institution (the “Replacement Bank”)
designated in such Replacement Notice. 
In the event Borrower opts to give the notice provided for in clause (x)
above, and if the Affected Bank shall not agree within thirty (30) days of its
receipt thereof to waive the payment of the Additional Costs in question or the
effect of the circumstances described in Section 3.03 or clause (2) of Section
3.02, then, so long as no Default or Event of Default shall exist, Borrower may
(notwithstanding the provisions of clause (2) of Section 2.10(a)) terminate the
Affected Bank’s entire Loan Commitment, provided that in connection therewith
it pays to the Affected Bank all outstanding principal and accrued and unpaid
interest under the Affected Bank’s Note, together with all other amounts, if
any, due from Borrower to the Affected Bank, including all amounts properly
demanded and unreimbursed under Sections 3.01 and 3.05.

 37
 

In the event Borrower opts to give the notice provided for in
clause (y) above, and if (i) Administrative Agent shall, within thirty (30)
days of its receipt of the Replacement Notice, notify Borrower and each Bank in
writing that the Replacement Bank is reasonably satisfactory to Administrative
Agent and (ii) the Affected Bank shall not, prior to the end of such thirty
(30)-day period, agree to waive the payment of the Additional Costs in question
or the effect of the circumstances described in Section 3.03 or clause (2) of
Section 3.02, then the Affected Bank shall, so long as no Default or Event of
Default shall exist, assign its Note and all of its rights and obligations
under this Agreement to the Replacement Bank, and the Replacement Bank shall
assume all of the Affected Bank’s rights and obligations, pursuant to an
agreement, substantially in the form of an Assignment and Acceptance, executed
by the Affected Bank and the Replacement Bank. 
In connection with such assignment and assumption, the Replacement Bank
shall pay to the Affected Bank an amount equal to the outstanding principal
amount under the Affected Bank’s Note plus all interest accrued thereon, plus
all other amounts, if any (other than the Additional Costs in question), then
due and payable to the Affected Bank; provided, however, that prior to or
simultaneously with any such assignment and assumption, Borrower shall have
paid to such Affected Bank all amounts properly demanded and unreimbursed under
Sections 3.01 and 3.05.  Upon the
effective date of such assignment and assumption, the Replacement Bank shall
become a Bank party to this Agreement and shall have all the rights and
obligations of a Bank as set forth in such Assignment and Acceptance, and the
Affected Bank shall be released from its obligations hereunder, and no further
consent or action by any party shall be required.  Upon the consummation of any assignment
pursuant to this Section, a substitute Ratable Loan Note (and, if applicable,
Swing Loan Note) shall be issued to the Replacement Bank by Borrower, in
exchange for the return of the Affected Bank’s Ratable Loan Note (and, if
applicable, Swing Loan Note).  The
obligations evidenced by such substitute note shall constitute “Obligations”
for all purposes of this Agreement and the other Loan Documents.  In connection with Borrower’s execution of
substitute notes as aforesaid, Borrower shall deliver to Administrative Agent
evidence, satisfactory to Administrative Agent, of all requisite corporate
action to authorize Borrower’s execution and delivery of the substitute notes
and any related documents.  If the
Replacement Bank is not incorporated under the Laws of the United States of
America or a state thereof, it shall, prior to the first date on which interest
or fees are payable hereunder for its account, deliver to Borrower and
Administrative Agent certification as to exemption from deduction or
withholding of any United States federal income taxes in accordance with
Section 10.13.  Each Replacement Bank
shall be deemed to have made the representations contained in, and shall be
bound by the provisions of, Section 10.13.

Borrower, Administrative Agent and the Banks shall execute such
modifications to the Loan Documents as shall be reasonably required in
connection with and to effectuate the foregoing.

Section 3.08         Applicability. 
The provisions of this Article III shall be applied to Borrower so as
not to discriminate against Borrower vis-a-vis similarly situated customers of
the Banks.

 38
 

Section 3.09         Time for Notices. 
No Bank shall be entitled to compensation under Section 3.01 or Section
3.06 for any costs incurred or reduction suffered with respect to any date
unless such Bank shall have notified the Borrower that it will demand
compensation for such costs or reduction (such notice to provide a computation
of such costs or reductions) not more than one hundred and twenty (120) days
after such Bank has obtained actual knowledge of an event entitling it to such
compensation, except that if such event giving rise to compensation is
retroactive, then the 120-day period referred to above shall be extended to
include the period of retroactive effect.

ARTICLE IV

CONDITIONS PRECEDENT

Section 4.01         Conditions
Precedent to the Initial Advance.  The obligations of the
Banks hereunder and the obligation of each Bank to make the Initial Advance are
subject to the condition precedent that Administrative Agent shall have
received and approved on or before the Closing Date (other than with respect to
paragraph (10) below which shall be required prior to the Initial Advance) each
of the following documents, and each of the following requirements shall have
been fulfilled:

(1)           Fees
and Expenses.  The payment of (a) all
fees and expenses incurred by Syndication Agent and Administrative Agent
(including, without limitation, the reasonable fees and expenses of legal
counsel) and (b) those fees specified in the Fee Letter and the Supplemental
Fee Letter to be paid by Borrower on or before the Closing Date;

(2)           Loan
Agreement and Notes.  This Agreement,
the Ratable Loan Notes for each of the Banks signatory hereto, the Bid Rate
Loan Note for Administrative Agent, and the Swing Note for the Swing Lender,
each duly executed by Borrower;

(3)           Financial
Statements.  (a) Audited Borrower’s
Consolidated Financial Statements as of and for the year ended December 31,
2005 and (b) unaudited Borrower’s Consolidated Financial Statements, certified
by the chief financial officer thereof, as of and for the quarter ended June
30, 2006;

(4)           Evidence
of Formation of Borrower.  Certified
(as of the Closing Date) copies of Borrower’s certificate of incorporation and
by-laws, with all amendments thereto, and a certificate of the Secretary of
State of the jurisdiction of formation as to its good standing therein;

(5)           Evidence
of All Corporate Action.  Certified
(as of the Closing Date) copies of all documents evidencing the corporate
action taken by Borrower authorizing the execution, delivery and performance of
the Loan Documents and each other document to be delivered by or on behalf of
Borrower pursuant to this Agreement;

(6)           Incumbency
and Signature Certificate of Borrower. 
A certificate (dated as of the Closing Date) of the secretary of
Borrower certifying the names and true signatures of each person authorized to
sign on behalf of Borrower;

 39

(7)           Solvency
Certificate.  A duly executed
Solvency Certificate;

(8)           Opinion
of Counsel for Borrower.  A favorable
opinion, dated the Closing Date, of Goodwin Procter LLP, counsel for Borrower,
as to such matters as Administrative Agent may reasonably request;

(9)           Authorization
Letter.  The Authorization Letter,
duly executed by Borrower;

(10)         Request
for Advance.  A request for an
advance in accordance with Section 2.04;

(11)         Certificate.  The following statements shall be true and
Administrative Agent shall have received a certificate dated the Closing Date
signed by a duly authorized signatory of Borrower stating, to the best of the
certifying party’s knowledge, the following:

(a)           All
representations and warranties contained in this Agreement and in each of the
other Loan Documents are true and correct on and as of the Closing Date as
though made on and as of such date, and

(b)           No
Default or Event of Default has occurred and is continuing, or could result
from the transactions contemplated by this Agreement and the other Loan
Documents; and

(c)           No
Material Adverse Change exists on and as of the Closing Date;

(12)         Fee Letters.  The Fee Letter and Supplemental Fee Letter,
duly executed by Borrower;

(13)         Covenant
Compliance.  A covenant compliance
certificate of the sort required by paragraph (3) of Section 6.09 for the most
recent calendar quarter for which Borrower is required to report financial
results; and

(14)         Additional
Materials.  Such other approvals,
documents, instruments or opinions as Administrative Agent may reasonably
request.

Section 4.02         Conditions
Precedent to Each Advance.  The obligation of each
Bank to make each advance of the Loans, and the obligation of the Issuing Bank
to issue any Letter of Credit, shall be subject to satisfaction of the
following conditions precedent:

(1)           All
conditions of Section 4.01 shall have been and remain satisfied as of the date
of such advance or issuance;

(2)           No
Default or Event of Default shall have occurred and be continuing as of the
date of the advance or issuance or would result from the making of such advance
or issuance;

 40
 

(3)           Each
of the representations and warranties contained in this Agreement and in each
of the other Loan Documents shall be true and correct in all material respects
as of the date of the advance or issuance; and

(4)           Administrative
Agent shall have received a request for an advance in accordance with Section
2.04 or Administrative Agent and the Issuing Bank shall have received a request
for such Letter of Credit in accordance with Section 2.16.

Section 4.03         Deemed
Representations.  Each request by Borrower for, and acceptance
by Borrower of, an advance of proceeds of the Loans, and each request by
Borrower for, and each issuance by the Issuing Bank of, a Letter of Credit,
shall constitute a representation and warranty by Borrower that, as of both the
date of such request and the date of such advance or issuance (1) no Default or
Event of Default has occurred and is continuing or would result from the making
of such advance or issuance and (2) each representation or warranty contained
in this Agreement or the other Loan Documents is true and correct in all
material respects.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

Borrower represents and warrants to Administrative Agent and each
Bank as follows:

Section 5.01         Due Organization. 
Borrower is duly organized, validly existing and in good standing under
the Laws of the jurisdiction of its organization, has the power and authority
to own its assets and to transact the business in which it is now engaged, and,
if applicable, is duly qualified for the conduct of business and in good
standing under the Laws of each other jurisdiction in which such qualification
is required and where the failure to be so qualified would cause a Material
Adverse Change.

Section 5.02         Power and
Authority; No Conflicts; Compliance With Laws. 
The execution, delivery and performance of the obligations required to
be performed by Borrower of the Loan Documents are within the Borrower’s
corporate powers, have been authorized by all necessary corporate action, and
do not and will not (a) require the consent or approval of its shareholders or
such consent or approval has been obtained, (b) contravene either its
certificate of incorporation or by-laws, (c) to the best of Borrower’s
knowledge, violate any provision of, or require any filing, registration,
consent or approval under, any Law (including, without limitation, Regulation
U), order, writ, judgment, injunction, decree, determination or award presently
in effect having applicability to it, (d) result in a breach of or constitute a
default under or require any consent under any indenture or loan or credit
agreement or any other agreement, lease or instrument to which it may be a
party or by which it or its properties may be bound or affected except for
consents which have been obtained, (e) result in, or require, the creation or
imposition of any Lien, upon or with respect to any of its properties now owned
or hereafter acquired or (f) to the best of Borrower’s knowledge, cause it to
be in default under any such Law, order, writ, judgment, injunction, decree,
determination or award or any such indenture, agreement, lease or instrument;
to the best of its knowledge, Borrower is in material compliance with all Laws
applicable to it and its properties.

 41
 

Section 5.03         Legally
Enforceable Agreements.  Each Loan Document has been duly executed and
delivered by the Borrower and is a legal, valid and binding obligation of
Borrower, enforceable against Borrower in accordance with its terms, except to
the extent that such enforcement may be limited by applicable bankruptcy,
insolvency and other similar Laws affecting creditors’ rights generally.

Section 5.04         Litigation. 
There are no actions, suits or proceedings pending or, to its knowledge,
threatened against Borrower or any of its Affiliates before any court or
arbitrator or any Governmental Authority which are reasonably likely to result
in a Material Adverse Change or challenge the validity or enforceability of any
of the Loan Documents.

Section 5.05         Good Title to
Properties.  Borrower and each of its Material Affiliates
have good, marketable and legal title to all of the properties and assets each
of them purports to own (including, without limitation, those reflected in the
Consolidated Financial Statements referred to in Section 5.13), only with
exceptions which do not materially detract from the value of such property or
assets or the use thereof in Borrower’s and such Material Affiliate’s business,
and except to the extent that any such properties and assets have been
encumbered or disposed of since the date of such financial statements without
violating any of the covenants contained in Article VII or elsewhere in this
Agreement.  Borrower and its Material
Affiliates enjoy peaceful and undisturbed possession of all leased property
necessary in any material respect in the conduct of their respective
businesses.  All such leases are valid
and subsisting and are in full force and effect.

Section 5.06         Taxes. 
Borrower has filed all tax returns (federal, state and local) required
to be filed and has paid all taxes, assessments and governmental charges and
levies due and payable without the imposition of a penalty, including interest
and penalties, except to the extent they are the subject of a Good Faith
Contest. Borrower qualifies as a real estate investment trust under the Code.

Section 5.07         ERISA. 
Borrower is in compliance in all material respects with all applicable
provisions of ERISA.  Neither a
Reportable Event nor a Prohibited Transaction has occurred with respect to any
Plan which could result in liability of Borrower; no notice of intent to
terminate a Plan has been filed nor has any Plan been terminated within the
past five (5) years; no circumstance exists which constitutes grounds under
Section 4042 of ERISA entitling the PBGC to institute proceedings to terminate,
or appoint a trustee to administer, a Plan, nor has the PBGC instituted any
such proceedings; Borrower and the ERISA Affiliates have not completely or
partially withdrawn under Sections 4201 or 4204 of ERISA from a Multiemployer
Plan; Borrower and the ERISA Affiliates have met the minimum funding
requirements of Section 412 of the Code and Section 302 of ERISA of each with
respect to the Plans of each and there is no material “Unfunded Current
Liability” (as such quoted term is defined in ERISA) with respect to any Plan
established or maintained by each; and Borrower and the ERISA Affiliates have
not incurred any liability to the PBGC under ERISA (other than for the payment
of premiums under Section 4007 of ERISA). 
No part of the funds to be used by Borrower in satisfaction of its
obligations under this Agreement constitute “plan assets” of any “employee
benefit plan” within the meaning of ERISA or of any “plan” within the meaning
of Section 4975(e)(1) of the Code, as interpreted by the Internal Revenue
Service and the U.S. Department of Labor in rules, regulations, releases,
bulletins or as interpreted under applicable case law.

 42
 

Section 5.08         No Default on
Outstanding Judgments or Orders, Etc.  Borrower and each of its
Material Affiliates have satisfied all judgments which are not being appealed
or which are not fully covered by insurance, and are not in default with
respect to any judgment, order, writ, injunction, decree, rule or regulation of
any court, arbitrator or federal, state, municipal or other Governmental
Authority, commission, board, bureau, agency or instrumentality, domestic or
foreign.

Section 5.09         No Defaults on
Other Agreements.  Except as disclosed to Administrative Agent
in writing (who shall provide such information, promptly upon receipt, to each
of the Banks), Borrower is not a party to any indenture, loan or credit
agreement or any lease or other agreement or instrument or subject to any
partnership, trust or other restriction which is likely to result in a Material
Adverse Change.  Borrower is not in
default in any respect in the performance, observance or fulfillment of any of
the obligations, covenants or conditions contained in any agreement or instrument
which is likely to result in a Material Adverse Change. Borrower and each of
its Material Affiliates are in compliance in all material respects with all
Laws applicable to it, except where no Material Adverse Change could reasonably
be expected to occur as a result of such non-compliance.

Section 5.10         Government
Regulation.  Borrower is not subject to regulation under
the Investment Company Act of 1940 or any statute or regulation limiting its
ability to incur indebtedness for money borrowed as contemplated hereby.

Section 5.11         Environmental
Protection.  To the best of Borrower’s knowledge, none of
Borrower’s or its Material Affiliates’ properties contains any Hazardous
Materials that, under any Environmental Law currently in effect, (1) would
impose liability on Borrower that is likely to result in a Material Adverse
Change or (2) is likely to result in the imposition of a Lien on any assets of
Borrower or its Material Affiliates, in each case if not properly handled in
accordance with applicable Law or not covered by insurance or a bond, in either
case reasonably satisfactory to Administrative Agent.  To the best of Borrower’s knowledge, neither
it nor any of its Material Affiliates is in material violation of, or subject
to any existing, pending or threatened material investigation or proceeding by
any Governmental Authority under any Environmental Law.

Section 5.12         Solvency. 
Borrower is, and upon consummation of the transactions contemplated by
this Agreement, the other Loan Documents and any other documents, instruments
or agreements relating thereto, will be, Solvent.

Section 5.13         Financial
Statements.  The Borrower’s Consolidated Financial
Statements most recently delivered to the Banks pursuant to the terms of this
Agreement are in all material respects complete and correct and fairly present
the financial condition of the subject thereof as of the dates of and for the
periods covered by such statements, all in accordance with GAAP.  There has been no Material Adverse Change
since the date of such most recently delivered Borrower’s Consolidated
Financial Statements.

 43
 

Section 5.14         Valid Existence of
Affiliates.  At the Closing Date, the only Material
Affiliates of Borrower are listed on EXHIBIT
C.  Each Material Affiliate is
a corporation, partnership or limited liability company duly organized and
existing in good standing under the Laws of the jurisdiction of its
formation.  As to each Material
Affiliate, its correct name, the jurisdiction of its formation, Borrower’s
percentage of beneficial interest therein, and the type of business in which it
is primarily engaged, are set forth on said EXHIBIT
C.  Borrower and each of its
Material Affiliates have the power to own their respective properties and to
carry on their respective businesses now being conducted.  Each Material Affiliate is duly qualified as
a foreign corporation to do business and is in good standing in every
jurisdiction in which the nature of the respective businesses conducted by it
or its respective properties, owned or held under lease, make such
qualification necessary and where the failure to be so qualified would cause a
Material Adverse Change.

Section 5.15         Insurance. 
Borrower and each of its Material Affiliates have in force paid
insurance with financially sound and reputable insurance companies or
associations in such amounts and covering such risks as are usually carried by
companies engaged in the same type of business and similarly situated.

Section 5.16         Accuracy of
Information; Full Disclosure.  Neither this Agreement
nor any documents, financial statements, reports, notices, schedules,
certificates, statements or other writings furnished by or on behalf of
Borrower to Administrative Agent or any Bank in connection with the negotiation
of this Agreement or the consummation of the transactions contemplated hereby,
or required herein to be furnished by or on behalf of Borrower (other than
projections which are made by Borrower in good faith), contains any untrue or
misleading statement of a material fact or omits a material fact necessary to
make the statements herein or therein not misleading.  To the best of Borrower’s knowledge, there is
no fact which Borrower has not disclosed to Administrative Agent and the Banks
in writing which materially affects adversely nor, so far as Borrower can now
foresee, will materially affect adversely the business affairs or financial
condition of Borrower or the ability of Borrower to perform this Agreement and
the other Loan Documents.

Section 5.17         OFAC. 
None of the Borrower, any of its Consolidated Businesses, or any
Affiliate of the Borrower : (i) is a person named on the list of Specially
Designated Nationals or Blocked Persons maintained by the U.S. Department of
the Treasury’s Office of Foreign Assets Control available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html,
or as otherwise published from time to time; (ii) is (A) an agency of the
government of a country, (B) an organization controlled by a country, or (C) a
person resident in a country that is subject to a sanctions program identified
on the list maintained by OFAC and available at 
http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as
otherwise published from time to time, as such program may be applicable to
such agency, organization or person; or (iii) derives more than 15% of its
assets or operating income from investments in or transactions with any such
country, agency, organization or person. 
None of the proceeds from the Loans will be used to finance any operations,
investments or activities in, or make any payments to, any such country,
agency, organization, or person.

ARTICLE VI

AFFIRMATIVE COVENANTS

So long as any of
the Notes shall remain unpaid or the Loan Commitments remain in effect, or any
other amount is owing by Borrower to any Bank Party hereunder or under any
other Loan Document, Borrower shall, and, in the case of Sections 6.01 through
6.07, inclusive, shall cause each of its Material Affiliates to:

 44
 

Section 6.01         Maintenance of
Existence.  Preserve and maintain its legal existence and
good standing in the jurisdiction of its organization, and qualify and remain
qualified as a foreign entity in each other jurisdiction in which such
qualification is required except to the extent that failure to be so qualified
in such other jurisdictions is not likely to result in a Material Adverse
Change.

Section 6.02         Maintenance of
Records.  Keep adequate records and books of account,
in which complete entries will be made reflecting all of its financial
transactions, in accordance with GAAP.

Section 6.03         Maintenance of
Insurance.  At all times, maintain and keep in force
insurance with financially sound and reputable insurance companies or
associations in such amounts and covering such risks as are usually carried by
companies engaged in the same type of business and similarly situated, which
insurance shall be acceptable to Administrative Agent and may provide for
reasonable deductibility from coverage thereof. 
In connection with the foregoing, it is understood that Borrower’s
earthquake insurance coverage in place as of the Closing Date is acceptable to
Administrative Agent.

Section 6.04         Compliance with
Laws; Payment of Taxes.  Comply in all material respects with all Laws
applicable to it or to any of its properties or any part thereof, such
compliance to include, without limitation, paying before the same become
delinquent all taxes, assessments and governmental charges imposed upon it or
upon its property, except to the extent they are the subject of a Good Faith
Contest.

Section 6.05         Right of Inspection. 
At any reasonable time and from time to time upon reasonable notice,
permit Administrative Agent or any Bank or any agent or representative thereof
to examine and make copies and abstracts from its records and books of account
and visit its properties and to discuss its affairs, finances and accounts with
the independent accountants of Borrower.

Section 6.06         Compliance With
Environmental Laws.  Comply in all material respects with all
applicable Environmental Laws and timely pay or cause to be paid all costs and
expenses incurred in connection with such compliance, except to the extent
there is a Good Faith Contest.

Section 6.07         Maintenance of
Properties.  Do all things reasonably necessary to
maintain, preserve, protect and keep its properties in good repair, working
order and condition except where the cost thereof is not in Borrower’s best
interests and the failure to do so would not result in a Material Adverse
Change.

Section 6.08         Payment of Costs. 
Pay all costs and expenses required for the satisfaction of the
conditions of this Agreement.

Section 6.09         Reporting and
Miscellaneous Document Requirements.  Furnish directly to
Administrative Agent (who shall provide, promptly upon receipt, to each of the
Banks):

 45
 

(1)           Annual
Financial Statements.  As soon as
available and in any event within ninety (90) days after the end of each Fiscal
Year, Borrower’s Consolidated Financial Statements as of the end of and for
such Fiscal Year, in reasonable detail and stating in comparative form the
respective figures for the corresponding date and period in the prior Fiscal
Year and audited by Borrower’s Accountants (without a “going concern” or other
extraordinary qualification or exception);

(2)           Quarterly
Financial Statements.  As soon as
available and in any event within forty-five (45) days after the end of each
calendar quarter (other than the last quarter of the Fiscal Year), the
unaudited Borrower’s Consolidated Financial Statements as of the end of and for
such calendar quarter, in reasonable detail and stating in comparative form the
respective figures for the corresponding date and period in the prior Fiscal
Year;

(3)           Certificate
of No Default and Financial Compliance. 
Within ninety (90) days after the end of each Fiscal Year and within
forty-five (45) days after the end of each calendar quarter, a certificate of
Borrower’s chief financial officer or treasurer (a) stating that, to the best
of his or her knowledge, no Default or Event of Default has occurred and is
continuing, or if a Default or Event of Default has occurred and is continuing,
specifying the nature thereof and the action which is proposed to be taken with
respect thereto; (b) stating that the covenants contained in Sections 7.02,
7.03 and 7.04 and in Article VIII have been complied with (or specifying those
that have not been complied with) and including computations demonstrating such
compliance (or non-compliance); and (c) setting forth the details of all items
comprising Capitalization Value, Unencumbered Asset Value, Total Outstanding
Indebtedness, Secured Indebtedness, Interest Expense and Unsecured Indebtedness
(including amount, maturity, interest rate and amortization requirements with
respect to all Indebtedness);

(4)           Certificate
of Borrower’s Accountants. 
Simultaneously with the delivery of the annual financial statements
required by paragraph (1) of this Section, (a) a statement of Borrower’s
Accountants who audited such financial statements comparing the computations
set forth in the financial compliance certificate required by paragraph (3) of
this Section to the audited financial statements required by paragraph (1) of
this Section and (b) when the audited financial statements required by
paragraph (1) of this Section have a qualified auditor’s opinion, a statement
of Borrower’s Accountants who audited such financial statements of whether any
Default or Event of Default has occurred and is continuing;

(5)           Notice
of Litigation.  Promptly after the
commencement and knowledge thereof, notice of all actions, suits, and
proceedings before any court or arbitrator, affecting Borrower which, if
determined adversely to Borrower is likely to result in a Material Adverse
Change;

(6)           Notices
of Defaults and Events of Default. 
As soon as possible and in any event within ten (10) days after Borrower
becomes aware of the occurrence of a material Default or any Event of Default,
a written notice (which notice shall state that it is a “Notice of Default”)
setting forth the details of such Default or Event of Default and the action
which is proposed to be taken with respect thereto;

 46
 

(7)           Material
Adverse Change.  As soon as is
practicable and in any event within five (5) days after knowledge of the
occurrence of any event or circumstance which is likely to result in or has
resulted in a Material Adverse Change, written notice thereof;

(8)           Offices.  Thirty (30) days’ prior written notice of any
change in the chief executive office or principal place of business of
Borrower;

(9)           Environmental
and Other Notices.  As soon as
possible and in any event within ten (10) days after receipt, copies of all
Environmental Notices received by Borrower which are not received in the
ordinary course of business and which relate to a situation which is likely to
result in a Material Adverse Change;

(10)         Insurance
Coverage.  Promptly, such information
concerning Borrower’s insurance
coverage as Administrative Agent may reasonably request;

(11)         Proxy
Statements, Etc..  Promptly after the
sending or filing thereof, copies of all proxy statements, financial statements
and reports which Borrower or its Material Affiliates sends to its
shareholders, and copies of all regular, periodic and special reports, and all
registration statements which Borrower or its Material Affiliates files with
the Securities and Exchange Commission or any Governmental Authority which may
be substituted therefor, or with any national securities exchange;

(12)         Operating
Statements.  As soon as available and
in any event within forty-five (45) days after the end of each calendar
quarter, an operating statement for each property directly or indirectly owned
in whole or in part by Borrower; and

(13)         General
Information.  Promptly, such other
information respecting the condition or operations, financial or otherwise, of
Borrower or any properties of Borrower as Administrative Agent may from time to
time reasonably request.

Documents required
to be delivered pursuant to Sections 6.09(1), (2) or (11) (to the extent any
such documents are included in materials otherwise filed with the SEC) may be
delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower posts such documents, or
provides a link thereto on the Borrower’s website on the Internet at the
website address listed in Section 12.07; or (ii) on which such documents are
posted on the Borrower’s behalf on an Internet or intranet website, if any, to
which each Bank and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided
that: (i) the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Bank that requests the Borrower to deliver such
paper copies until a written request to cease delivering paper copies is given
by the Administrative Agent or such Bank and (ii) the Borrower shall notify the
Administrative Agent and each Bank (by telecopier or electronic mail) of the
posting of any such documents and provide to the Administrative Agent by
electronic mail electronic versions (i.e., soft copies) of such
documents.  The Administrative Agent
shall have no obligation to request the delivery or to maintain copies of the
documents referred to above, and in any event shall have no responsibility to
monitor compliance by the Borrower with any such request for delivery, and each
Bank shall be solely responsible for requesting delivery to it or maintaining
its copies of such documents.

 47
 

The Borrower hereby
acknowledges that (a) the Administrative Agent and/or the Syndication Agent
will make available to the Banks materials and/or information provided by or on
behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b)
certain of the Banks may be “public-side” Banks (i.e., Banks that do not wish
to receive material non-public information with respect to the Borrower or its
securities) (each, a “Public
Lender”).  The Borrower
hereby agrees that (w) all Borrower Materials that are to be made available to
Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a
minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower
shall be deemed to have authorized the Administrative Agent, the Syndication
Agent, and the Banks to treat such Borrower Materials as not containing any
material non-public information with respect to the Borrower or its securities
for purposes of United States Federal and state securities laws or any
confidentiality agreement entered into by any Bank; (y) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the
Platform designated “Public Investor;” and (z) the Administrative Agent and the
Syndication Agent shall be entitled to treat any Borrower Materials that are
not marked “PUBLIC” as being suitable only for posting on a portion of the
Platform not designated “Public Investor.”

Section 6.10         Principal
Prepayments as a Result of Reduction in Total Loan Commitment. 
If the outstanding principal amount under the Notes at any time exceeds
the Total Loan Commitment, Borrower shall, within ten (10) days of
Administrative Agent’s written demand, make a payment in the amount of such
excess in reduction of such outstanding principal balance.

ARTICLE VII

NEGATIVE COVENANTS

So long as any of the Notes shall remain unpaid, or the Loan
Commitments remain in effect, or any other amount is owing by Borrower to any
Bank Party hereunder or under any other Loan Document, Borrower shall not do
any or all of the following:

Section 7.01         Mergers Etc. 
Merge or consolidate with (except where Borrower is the surviving
entity), or sell, assign, lease or otherwise dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether
now owned or hereafter acquired).

Section 7.02         Investments. 
Directly or indirectly, make any loan or advance to any Person or
purchase or otherwise acquire any capital stock, assets, obligations or other
securities of, make any capital contribution to, or otherwise invest in, or
acquire any interest in, any Person (any such transaction, an “Investment”) if such
Investment constitutes the acquisition of a minority interest in a Person (a “Minority Interest”)
and the amount of such Investment, together with the 

 48
 

value of all other
Minority Interests, would exceed 20% of Capitalization Value, determined as of
the end of the most recent calendar quarter for which Borrower is required to
have reported financial results pursuant to Section 6.09.  A 50% beneficial interest in a Person, in
connection with which the holder thereof exercises joint control over such
Person with the holder(s) of the other 50% beneficial interest, shall not
constitute a “Minority Interest” for purposes of this Section.

Section 7.03         Sale of Assets. 
Effect (i) a Disposition of any of its now owned or hereafter acquired
assets (including equity interests therein), including assets in which Borrower
owns a beneficial interest through its ownership of interests in joint
ventures, (a) in one or more transactions after the Closing Date aggregating
more than 25% of Capitalization Value or (b) if after giving effect to such
Disposition, a Default or Event of Default would exist, or (ii) the granting of
a Lien on any Unencumbered Wholly-Owned Assets or Unencumbered Land and
Construction-In-Process, if after granting such Lien, a Default or Event of
Default would exist.

Section 7.04         Distributions. 
During the existence of any Event of Default, make, declare or pay,
directly or indirectly, any dividend or distribution to any of its equity
holders in an amount greater than the minimum dividend or distribution required
under the Code to maintain the real estate investment trust status of Borrower
under the Code, as evidenced by a detailed certificate of Borrower’s chief
financial officer or treasurer reasonably satisfactory in form and substance to
Administrative Agent; provided, however, that following acceleration of the
maturity of the Notes, Borrower shall not, directly or indirectly, make,
declare or pay any dividend or distribution to any of its equity holders.

ARTICLE VIII

FINANCIAL COVENANTS

So long as any of
the Notes shall remain unpaid, or the Loan Commitments remain in effect, or any
other amount is owing by Borrower to any Bank Party under this Agreement or
under any other Loan Document, Borrower shall not permit or suffer any or all
of the following:

Section 8.01         Relationship of
Total Outstanding Indebtedness to Capitalization Value. 
At any time, the ratio of Total Outstanding Indebtedness to
Capitalization Value to exceed 60%; provided that such ratio may exceed 60%
from time to time following an acquisition by Borrower and its Affiliates of real
property assets so long as (a) such ratio does not exceed 65%, (b) such ratio
ceases to exceed 60% within 180 days after each date such ratio first exceeded
60%, and (c) the Borrower provides a certificate of its chief financial officer
or treasurer to the Administrative Agent when such ratio first exceeds 60% and
when such ratio ceases to exceed 60%.

Section 8.02         Relationship of
Combined EBITDA to Combined Debt Service.  For any calendar quarter,
the ratio of (1) Combined EBITDA to (2) Combined Debt Service (each for the
twelve (12)-month period ending with such quarter), to be less than 1.50 to
1.00.

Section 8.03         Ratio of Unsecured
Indebtedness to Unencumbered Asset Value.  At any time, the ratio of
(1) Unsecured Indebtedness to (2) Unencumbered Asset Value to exceed 65%.

Section 8.04         Relationship of
Secured Indebtedness to Capitalization Value. 
At any time, Secured Indebtedness to exceed 40% of Capitalization Value.

 49

ARTICLE IX

EVENTS OF DEFAULT

Section 9.01         Events of Default. 
Any of the following events shall be an “Event of Default”:

(1)           If
Borrower shall fail to pay the principal of any Notes as and when due, and such
failure to pay shall continue unremedied for five (5) days after the due date
of such amount; or fail to pay interest accruing on any Notes as and when due,
and such failure to pay shall continue unremedied for five (5) days after
written notice by Administrative Agent of such failure to pay; or fail to make
any payment required under Section 6.10 as and when due; or fail to pay any fee
or any other amount due under this Agreement, any other Loan Document or the
Fee Letter or the Supplemental Fee Letter as and when due and such failure to
pay shall continue unremedied for two (2) Banking Days after written notice by
Administrative Agent of such failure to pay; or

(2)           If
any representation or warranty made by Borrower in this Agreement or in any
other Loan Document or which is contained in any certificate, document,
opinion, financial or other statement furnished at any time under or in
connection with a Loan Document shall prove to have been incorrect in any
material respect on or as of the date made; or

(3)           If
Borrower shall fail (a) to perform or observe any term, covenant or agreement
contained in Article VII or Article VIII; or (b) to perform or observe any
term, covenant or agreement contained in this Agreement (other than obligations
specifically referred to elsewhere in this Section 9.01) or any Loan Document,
or any other document executed by Borrower and delivered to Administrative
Agent or the Banks in connection with the transactions contemplated hereby and
such failure under this clause (b) shall remain unremedied for thirty (30)
consecutive calendar days after notice thereof (or such shorter cure period as
may be expressly prescribed in the applicable document); provided, however,
that if any such default under clause (b) above cannot by its nature be cured
within such thirty (30) day, or shorter, as the case may be, grace period and
so long as Borrower shall have commenced cure within such thirty (30) day, or
shorter, as the case may be, grace period and shall, at all times thereafter,
diligently prosecute the same to completion, Borrower shall have an additional
period, not to exceed sixty (60) days, 
to cure such default; in no event, however, is the foregoing intended to
effect an extension of the Maturity Date; or

(4)           If
Borrower or any Consolidated Business shall fail (a) to pay any Recourse Debt
of the Borrower or such Consolidated Business (other than the payment
obligations described in paragraph (1) of this Section) in an amount equal to
or greater than $50,000,000 when due (whether by scheduled maturity, required
prepayment, acceleration, demand, or otherwise) after the expiration of any
applicable grace period, or (b) to perform or observe any material term,
covenant, or 

 50
 

condition under any agreement or instrument relating to any such
Debt, when required to be performed or observed, if the effect of such failure
to perform or observe is to accelerate, or to permit the acceleration of, after
the giving of notice or the lapse of time, or both (other than in cases where,
in the judgment of the Required Banks, meaningful discussions likely to result
in (i) a waiver or cure of the failure to perform or observe, or (ii) otherwise
averting such acceleration are in progress between Borrower and the obligee of
such Debt), the maturity of such Debt, or any such Debt shall be declared to be
due and payable, or required to be prepaid (other than by a regularly scheduled
or otherwise required prepayment), prior to the stated maturity thereof; or

(5)           If
Borrower, or any Affiliate of Borrower to which $50,000,000 or more of
Capitalization Value is attributable, shall (a) generally not, or be unable to,
or shall admit in writing its inability to, pay its debts as such debts become
due; or (b) make an assignment for the benefit of creditors, petition or apply
to any tribunal for the appointment of a custodian, receiver or trustee for it
or a substantial part of its assets; or (c) commence any proceeding under any
bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or
liquidation Law of any jurisdiction, whether now or hereafter in effect; or (d)
have had any such petition or application filed or any such proceeding shall
have been commenced, against it, in which an adjudication or appointment is
made or order for relief is entered, or which petition, application or
proceeding remains undismissed or unstayed for a period of sixty (60) days or
more; or (e) be the subject of any proceeding under which all or a substantial
part of its assets may be subject to seizure, forfeiture or divestiture; or (f)
by any act or omission indicate its consent to, approval of or acquiescence in
any such petition, application or proceeding or order for relief or the
appointment of a custodian, receiver or trustee for all or any substantial part
of its property; or (g) suffer any such custodianship, receivership or
trusteeship for all or any substantial part of its property, to continue
undischarged for a period of sixty (60) days or more; or

(6)           If
one or more judgments, decrees or orders for the payment of money in an amount
in excess of 5% of Consolidated Tangible Net Worth (excluding any such
judgments, decrees or orders which are fully covered by insurance) in the
aggregate shall be rendered against Borrower or any of its Material Affiliates,
and any such judgments, decrees or orders shall continue unsatisfied and in
effect for a period of thirty (30) consecutive days without being vacated,
discharged, satisfied or stayed or bonded pending appeal; or

(7)           If
any of the following events shall occur or exist with respect to Borrower or
any ERISA Affiliate: (a) any Prohibited Transaction involving any Plan; (b) any
Reportable Event with respect to any Plan; (c) the filing under Section 4041 of
ERISA of a notice of intent to terminate any Plan or the termination of any
Plan; (d) any event or circumstance which would constitute grounds for the
termination of, or for the appointment of a trustee to administer, any Plan
under Section 4042 of ERISA, or the institution by the PBGC of proceedings for
any such termination or appointment under Section 4042 of ERISA; or (e)
complete or partial 

 51
 

withdrawal under Section 4201 or 4204 of ERISA from a
Multiemployer Plan or the reorganization, insolvency, or termination of any
Multiemployer Plan; and in each case above, if such event or conditions, if
any, could in the reasonable opinion of any Bank subject Borrower to any tax,
penalty, or other liability to a Plan, Multiemployer Plan, the PBGC or
otherwise (or any combination thereof) which in the aggregate exceeds or is
likely to exceed $50,000; or

(8)           If
at any time Borrower is not a qualified real estate investment trust under
Sections 856 through 860 of the Code or is not a publicly traded company listed
on the New York Stock Exchange; or

(9)           If
at any time any portion of Borrower’s assets constitute plan assets for ERISA purposes
(within the meaning of C.F.R. §2510.3-101); or

(10)         If,
in the reasonable judgment of all of the Banks (and the basis for such
determination is provided to Borrower in writing in reasonable detail), there
shall occur a Material Adverse Change; or

(11)         If,
during any period of up to twelve (12) consecutive months commencing on or
after the Closing Date, individuals who were directors of Borrower at the
beginning of such period (the “Continuing Directors”), plus any new directors whose
election or appointment was approved by a majority of the Continuing Directors
then in office, shall cease for any reason to constitute a majority of the
Board of Directors of Borrower; or

(12)         If,
through any transaction or series of related transactions, any Person (including
Affiliates of such Person) shall acquire beneficial ownership, directly or
indirectly, of securities of Borrower (or of securities convertible into
securities of Borrower) representing 25% or more of the combined voting power
of all securities of Borrower entitled to vote in the election of directors.

Section 9.02         Remedies. 
If an Event of Default has occurred and is continuing (other than
an Event of Default with respect to the Borrower described in Section 9.01(5)),
the Administrative Agent, at the request of the Required Banks, shall by notice
to the Borrower take any or all of the following actions, at the same or
different times:  (i) terminate the Loan Commitments, and
thereupon the Loan 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 remedies provided in any
of the Loan Documents or by law; and in case of any Event of Default with
respect to the Borrower described in Section 9.01(5), the Loan 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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Notwithstanding
the foregoing, if an Event of Default under Section 9.01(10) shall occur and be
continuing, Administrative Agent shall not be entitled to exercise the
foregoing remedies until (1) it has received a written notice from all of the
Banks (the “Unanimous
Bank Notices”) (i) requesting Administrative Agent exercise such
remedies and (ii) indicating each Bank’s conclusion in its reasonable judgment
that  a Material Adverse Change has
occurred and (2) Administrative Agent has provided notice to Borrower, together
with copies of all of the Unanimous Bank Notices.

ARTICLE X

ADMINISTRATIVE AGENT; RELATIONS AMONG BANKS

Section 10.01       Appointment,
Powers and Immunities of Administrative Agent. 
Each Bank hereby irrevocably appoints and authorizes Administrative
Agent to act as its agent hereunder and under any other Loan Document with such
powers as are specifically delegated to Administrative Agent by the terms of
this Agreement and any other Loan Document, together with such other powers as
are reasonably incidental thereto. 
Administrative Agent shall have no duties or responsibilities except
those expressly set forth in this Agreement and any other Loan Document or
required by Law, and shall not by reason of this Agreement be a fiduciary or
trustee for any Bank except to the extent that Administrative Agent acts as an
agent with respect to the receipt or payment of funds (nor shall Administrative
Agent have any fiduciary duty to Borrower nor shall any Bank have any fiduciary
duty to Borrower or to any other Bank). 
No implied covenants, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or otherwise exist against
Administrative Agent.  Neither
Administrative Agent nor any of its directors, officers, employees,
attorneys-in-fact or affiliates shall be responsible to the Banks for any
recitals, statements, representations or warranties made by Borrower or any
officer, partner or official of Borrower or any other Person contained in this
Agreement or any other Loan Document, or in any certificate or other document
or instrument referred to or provided for in, or received by any of them under,
this Agreement or any other Loan Document, or for the value, legality,
validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document or any other document or instrument
referred to or provided for herein or therein, for the perfection or priority
of any Lien securing the Obligations or for any failure by Borrower to perform
any of its obligations hereunder or thereunder. 
Administrative Agent may employ agents and attorneys-in-fact and shall
not be responsible, except as to money or securities received by it or its
authorized agents, for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it with reasonable care.  Neither Administrative Agent nor any of its
directors, officers, employees, attorneys-in-fact, agents or affiliates shall
be liable or responsible for any action taken or omitted to be taken by it or
them hereunder or under any other Loan Document or in connection herewith or
therewith, except for its or their own gross negligence or willful
misconduct.  Borrower shall pay any fee
agreed to by Borrower and Administrative Agent with respect to Administrative
Agent’s services hereunder.

Section 10.02       Reliance by
Administrative Agent.  Administrative Agent shall be entitled to
rely upon any certification, notice or other communication (including any
thereof by telephone, telex, telegram or cable) believed by it to be genuine
and correct and to have been signed or sent by or on behalf of the proper
Person or Persons, and upon advice and statements of legal counsel, independent
accountants and other experts selected by Administrative Agent.  Administrative Agent may deem and treat each
Bank as the holder of the Loan made by it for all purposes hereof 

 53
 

and shall not be
required to deal with any Person who has acquired a Participation in any Loan
or Participation from a Bank.  As to any
matters not expressly provided for by this Agreement or any other Loan
Document, Administrative Agent shall in all cases be fully protected in acting,
or in refraining from acting, hereunder in accordance with instructions signed by
the Required Banks or all Banks, as required by this Agreement, and such
instructions of the Required Banks or all Banks, as the case may be, and any
action taken or failure to act pursuant thereto, shall be binding on all of the
Banks and any other holder of all or any portion of any Loan or Participation.

Section 10.03       Defaults. 
Administrative Agent shall not be deemed to have knowledge of the
occurrence of a Default or Event of Default unless Administrative Agent has
received notice from a Bank or Borrower specifying such Default or Event of
Default and stating that such notice is a “Notice of Default.”  In the event that Administrative Agent
receives such a notice of the occurrence of a Default or Event of Default,
Administrative Agent shall give prompt notice thereof to the Banks.  Administrative Agent, following consultation
with the Banks, shall (subject to Section 10.07 and Section 12.02) take such
action with respect to such Default or Event of Default which is continuing as
shall be directed by the Required Banks; provided that, unless and until
Administrative Agent shall have received such directions, Administrative Agent
may take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interest of
the Banks; and provided further that Administrative Agent shall not send a
notice of default or acceleration to Borrower without the approval of the
Required Banks.  In no event shall
Administrative Agent be required to take any such action which it determines to
be contrary to Law or to the Loan Documents. 
Each of the Banks acknowledges and agrees that no individual Bank may
separately enforce or exercise any of the provisions of any of the Loan
Documents, including, without limitation, the Notes, other than through
Administrative Agent.

Section 10.04       Rights of
Administrative Agent as a Bank.  With respect to its Loan
Commitment and the Loan provided by it, Administrative Agent in its capacity as
a Bank hereunder shall have the same rights and powers hereunder as any other
Bank and may exercise the same as though it were not acting as Administrative
Agent, and the term “Bank” or “Banks” shall, unless the context otherwise
indicates, include Administrative Agent in its capacity as a Bank.  Administrative Agent and its Affiliates may
(without having to account therefor to any Bank) accept deposits from, lend
money to (on a secured or unsecured basis), and generally engage in any kind of
banking, trust or other business with Borrower (and any Affiliates of Borrower)
as if it were not acting as Administrative Agent.

Section 10.05       Indemnification of
Administrative Agent.  Each Bank agrees to indemnify Administrative
Agent (to the extent not reimbursed under Section 12.04 or under the applicable
provisions of any other Loan Document, but without limiting the obligations of
Borrower under Section 12.04 or such provisions), for its Pro Rata Share of any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind and nature
whatsoever which may be imposed on, incurred by or asserted against
Administrative Agent in any way relating to or arising out of this Agreement,
any other Loan Document or any other documents contemplated by or referred to
herein or the transactions contemplated hereby or thereby (including, without
limitation, the costs and expenses which Borrower is obligated to pay under
Section 12.04) or under the applicable provisions of any other Loan Document or
the enforcement of any of the terms hereof or thereof or of any such other
documents or instruments; 

 54
 

provided that no
Bank shall be liable for (1) any of the foregoing to the extent they arise from
the gross negligence or willful misconduct of the party to be indemnified, (2)
any loss of principal or interest with respect to Administrative Agent’s Loan
or (3) any loss suffered by Administrative Agent in connection with a swap or
other interest rate hedging arrangement entered into with Borrower.

Section 10.06       Non-Reliance on
Administrative Agent and Other Banks.  Each Bank agrees that it
has, independently and without reliance on Administrative Agent or any other
Bank, and based on such documents and information as it has deemed appropriate,
made its own credit analysis of Borrower and the decision to enter into this
Agreement and that it will, independently and without reliance upon
Administrative Agent or any other Bank, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
analysis and decisions in taking or not taking action under this Agreement or
any other Loan Document.  Administrative
Agent shall not be required to keep itself informed as to the performance or
observance by Borrower of this Agreement or any other Loan Document or any
other document referred to or provided for herein or therein or to inspect the
properties or books of Borrower.  Except
for notices, reports and other documents and information expressly required to
be furnished to the Banks by Administrative Agent hereunder, Administrative
Agent shall not have any duty or responsibility to provide any Bank with any
credit or other information concerning the affairs, financial condition or
business of Borrower (or any Affiliate of Borrower) which may come into the
possession of Administrative Agent or any of its Affiliates.  Administrative Agent shall not be required to
file this Agreement, any other Loan Document or any document or instrument
referred to herein or therein, for record or give notice of this Agreement, any
other Loan Document or any document or instrument referred to herein or
therein, to anyone.

Section 10.07       Failure of
Administrative Agent to Act.  Except for action
expressly required of Administrative Agent hereunder, Administrative Agent
shall in all cases be fully justified in failing or refusing to act hereunder
unless it shall have received further assurances (which may include cash
collateral) of the indemnification obligations of the Banks under Section 10.05
in respect of any and all liability and expense which may be incurred by it by
reason of taking or continuing to take any such action.  If any indemnity furnished by the Banks to
Administrative Agent for any purpose shall, in the reasonable opinion of
Administrative Agent, be insufficient or become impaired, Administrative Agent
may call for additional indemnity and cease, or not commence, to do the action
indemnified against until such additional indemnity is furnished.

Section 10.08       Resignation or Removal
of Administrative Agent.  Administrative Agent
hereby agrees not to unilaterally resign except in the event it becomes an
Affected Bank and is removed or replaced as a Bank pursuant to Section 3.07, in
which event it shall have the right to resign.  Bank of America agrees that it may be replaced
as Administrative Agent by the Required Banks if its Loan Commitment is reduced
to $25,000,000 or less through assignments to Assignees.  In addition, Administrative Agent may be
removed at any time with cause by the Required Banks.  In the case of any removal of Administrative
Agent, Borrower and the Banks shall be promptly notified thereof.  Upon any such resignation or removal of Administrative
Agent, the Required Banks shall have the right to appoint a successor
Administrative Agent, which successor Administrative Agent, so long as it is
reasonably acceptable to the Required Banks, shall be that Bank then having the
greatest Loan Commitment; if two (2) or more Banks have an equal greatest 

 55
 

Loan Commitment,
the Required Banks shall select between or among them.  If no successor Administrative Agent shall
have been so appointed by the Required Banks and shall have accepted such
appointment within thirty (30) days after the Required Banks’ removal of the
retiring Administrative Agent, then the retiring Administrative Agent may, on
behalf of the Banks, appoint a successor Administrative Agent, which shall be
one of the Banks.  The Required Banks or
the retiring Administrative Agent, as the case may be, shall upon the
appointment of a successor Administrative Agent promptly so notify Borrower and
the other Banks.  Upon the acceptance of
any appointment as Administrative Agent hereunder by a successor Administrative
Agent, such successor Administrative Agent shall thereupon succeed to and
become vested with all the rights, powers, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder.  After any retiring Administrative Agent’s
removal hereunder as Administrative Agent, the provisions of this Article X
shall continue in effect for its benefit in respect of any actions taken or
omitted to be taken by it while it was acting as Administrative Agent.

Section 10.09       Amendments
Concerning Agency Function.  Notwithstanding anything
to the contrary contained herein, Administrative Agent shall not be bound by
any waiver, amendment, supplement or modification hereof or of any other Loan
Document which affects its duties, rights, and/or function hereunder or
thereunder unless it shall have given its prior written consent thereto.

Section 10.10       Liability of
Administrative Agent.  Administrative Agent shall not have any
liabilities or responsibilities to Borrower on account of the failure of any
Bank to perform its obligations hereunder or to any Bank on account of the
failure of Borrower to perform its obligations hereunder or under any other
Loan Document.

Section 10.11       Transfer of Agency
Function.  Without the consent of Borrower or any Bank,
Administrative Agent may at any time or from time to time transfer its
functions as Administrative Agent hereunder to any of its offices wherever
located in the United States, provided that Administrative Agent shall promptly
notify Borrower and the Banks thereof.

Section 10.12       Non-Receipt of
Funds by Administrative Agent.  (a) Unless Administrative
Agent shall have received notice from a Bank or Borrower (either one as
appropriate being the “Payor”) prior to the date on which such Bank is to make
payment hereunder to Administrative Agent of the proceeds of a Loan or Borrower
is to make payment to Administrative Agent, as the case may be (either such
payment being a “Required
Payment”), which notice shall be effective upon receipt, that
the Payor will not make the Required Payment in full to Administrative Agent,
Administrative Agent may assume that the Required Payment has been made in full
to Administrative Agent on such date, and Administrative Agent in its sole
discretion may, but shall not be obligated to, in reliance upon such
assumption, make the amount thereof available to the intended recipient on such
date.  If and to the extent the Payor
shall not have in fact so made the Required Payment in full to Administrative
Agent, the recipient of such payment shall repay to Administrative Agent
forthwith on demand such amount made available to it together with interest
thereon, for each day from the date such amount was so made available by
Administrative Agent until the date Administrative Agent recovers such amount,
at the customary rate set by Administrative Agent for the correction of errors
among Banks for three (3) Banking Days and thereafter at the Base Rate.

 56
 

(b)           If, after
Administrative Agent has paid each Bank’s share of any payment received or
applied by Administrative Agent in respect of the Loan, that payment is
rescinded or must otherwise be returned or paid over by Administrative Agent,
whether pursuant to any bankruptcy or insolvency Law, sharing of payments
clause of any loan agreement or otherwise, such Bank shall, at Administrative
Agent’s request, promptly return its share of such payment or application to
Administrative Agent, together with such Bank’s proportionate share of any
interest or other amount required to be paid by Administrative Agent with
respect to such payment or application. 
In addition, if a court of competent jurisdiction shall adjudge that any
amount received and distributed by Administrative Agent is to be repaid, each
Person to whom any such distribution shall have been made shall either repay to
Administrative Agent its share of the amount so adjudged to be repaid or shall
pay over to the same in such manner and to such Persons as shall be determined
by such court.

Section 10.13       Withholding Taxes. 
Each Bank represents that it is entitled to receive any payments to be
made to it hereunder without the withholding of any tax and will furnish to
Administrative Agent such forms, certifications, statements and other documents
as Administrative Agent may request from time to time to evidence such Bank’s
exemption from the withholding of any tax imposed by any jurisdiction or to
enable Administrative Agent or Borrower to comply with any applicable Laws or
regulations relating thereto.  Without
limiting the effect of the foregoing, if any Bank is not created or organized
under the Laws of the United States of America or any state thereof, such Bank
will furnish to Administrative Agent a United States Internal Revenue Service
Form W-8ECI in respect of all payments to be made to such Bank by Borrower or
Administrative Agent under this Agreement or any other Loan Document or a
United States Internal Revenue Service Form W-8BEN establishing such Bank’s
complete exemption from United States withholding tax in respect of payments to
be made to such Bank by Borrower or Administrative Agent under this Agreement
or any other Loan Document, or such other forms, certifications, statements or
documents, duly executed and completed by such Bank as evidence of such Bank’s
exemption from the withholding of U.S. tax with respect thereto.  Administrative Agent shall not be obligated
to make any payments hereunder to such Bank in respect of any Loan or
Participation or such Bank’s Loan Commitment or obligation to purchase
Participations until such Bank shall have furnished to Administrative Agent the
requested form, certification, statement or document.

Section 10.14       [Reserved].

Section 10.15       Pro Rata Treatment. 
Except to the extent otherwise provided, (1) each advance of proceeds of
the Ratable Loans shall be made by the Banks; (2) each reduction of the amount
of the Total Loan Commitment under Section 2.10 shall be applied to the Loan
Commitments of the Banks; and (3) each payment of the fee accruing under
paragraph (b) of Section 2.07 and clause (1) of Section 2.16(f) shall be made
for the account of the Banks, ratably according to the amounts of their
respective Loan Commitments.  Except as
otherwise expressly provided in this Agreement, each payment in respect of
principal or interest under the Loans shall be applied to such obligations
owing to the Banks pro rata according to the respective amounts then due and
owing to the Banks.

 57
 

Section 10.16       Sharing of
Payments Among Banks.  If a Bank shall obtain payment of any
principal of or interest on any Loan made by it through the exercise of any
right of setoff, banker’s lien, counterclaim, or by any other means (including
direct payment), and such payment results in such Bank receiving a greater
payment than it would have been entitled to had such payment been paid directly
to Administrative Agent for disbursement to the Banks, then such Bank shall
promptly purchase for cash from the other Banks Participations in the Loans
made by the other Banks in such amounts, and make such other adjustments from
time to time as shall be equitable to the end that all the Banks shall share
ratably the benefit of such payment.  To
such end the Banks shall make appropriate adjustments among themselves (by the
resale of Participations sold or otherwise) if such payment is rescinded or
must otherwise be restored.  Borrower
agrees that any Bank so purchasing a Participation in the Loans made by other
Banks may exercise all rights of setoff, banker’s lien, counterclaim or similar
rights with respect to such Participation. 
Nothing contained herein shall require any Bank to exercise any such
right or shall affect the right of any Bank to exercise, and retain the
benefits of exercising, any such right with respect to any other indebtedness
of Borrower.

Section 10.17       Possession of
Documents.  Each Bank shall keep possession of its own
Ratable Loan Note and the Swing Lender shall keep possession of its Swing Loan
Note.  Administrative Agent shall hold
all the other Loan Documents and related documents in its possession and
maintain separate records and accounts with respect thereto, and shall permit
the Banks and their representatives access at all reasonable times to inspect
such Loan Documents, related documents, records and accounts.

ARTICLE XI

NATURE OF OBLIGATIONS

Section 11.01       Absolute and
Unconditional Obligations.  Borrower acknowledges and
agrees that its obligations and liabilities under this Agreement and under the
other Loan Documents shall be absolute and unconditional irrespective of (1)
any lack of validity or enforceability of any of the Obligations, any Loan
Documents, or any agreement or instrument relating thereto; (2) any change in
the time, manner or place of payment of, or in any other term in respect of,
all or any of the Obligations, or any other amendment or waiver of or consent
to any departure from any Loan Documents or any other documents or instruments
executed in connection with or related to the Obligations; (3) any exchange or
release of any collateral, if any, or of any other Person from all or any of
the Obligations; or (4) any other circumstances which might otherwise
constitute a defense available to, or a discharge of, Borrower or any other
Person in respect of the Obligations.

The obligations and liabilities of Borrower under this Agreement
and other Loan Documents shall not be conditioned or contingent upon the
pursuit by any Bank or any other Person at any time of any right or remedy
against Borrower or any other Person which may be or become liable in respect
of all or any part of the Obligations or against any collateral or security or
guarantee therefor or right of setoff with respect thereto.

 58
 

Section 11.02       Non-Recourse to
Borrower’s Principals.  Notwithstanding anything to the contrary
contained herein, in any of the other Loan Documents, or in any other
instruments, certificates, documents or agreements executed in connection with
the Loans (all of the foregoing, for purposes of this Section, hereinafter
referred to, individually and collectively, as the “Relevant Documents”),
no recourse under or upon any Obligation, representation, warranty, promise or
other matter whatsoever shall be had against any of Borrower’s Principals and
each Bank expressly waives and releases, on behalf of itself and its successors
and assigns, all right to assert any liability whatsoever under or with respect
to the Relevant Documents against, or to satisfy any claim or obligation
arising thereunder against, any of Borrower’s Principals or out of any assets
of Borrower’s Principals, provided, however, that nothing in this Section shall
be deemed to (1) release Borrower from any personal liability pursuant to, or
from any of its respective obligations under, the Relevant Documents, or from
personal liability for its fraudulent actions or fraudulent omissions; (2)
release any of Borrower’s Principals from personal liability for its or his own
fraudulent actions or fraudulent omissions; (3) constitute a waiver of any
obligation evidenced or secured by, or contained in, the Relevant Documents or
affect in any way the validity or enforceability of the Relevant Documents; or
(4) limit the right of Administrative Agent and/or the Banks to proceed against
or realize upon any collateral hereafter given for the Loans or any and all of
the assets of Borrower (notwithstanding the fact that any or all of Borrower’s
Principals have an ownership interest in Borrower and, thereby, an interest in
the assets of Borrower) or to name Borrower (or, to the extent that the same
are required by applicable Law or are determined by a court to be necessary
parties in connection with an action or suit against Borrower or any collateral
hereafter given for the Loans, any of Borrower’s Principals) as a party
defendant in, and to enforce against any collateral hereafter given for the
Loans and/or assets of Borrower any judgment obtained by Administrative Agent
and/or the Banks with respect to, any action or suit under the Relevant
Documents so long as no judgment shall be taken (except to the extent taking a
judgment is required by applicable Law or determined by a court to be necessary
to preserve Administrative Agent’s and/or Banks’ rights against any collateral
hereafter given for the Loans or Borrower, but not otherwise) or shall be
enforced against Borrower’s Principals or their assets.

ARTICLE XII

MISCELLANEOUS

Section 12.01       Binding Effect of
Request for Advance.  Borrower agrees that, by its acceptance of
any advance of proceeds of the Loans under this Agreement, it shall be bound in
all respects by the request for advance submitted on its behalf in connection
therewith with the same force and effect as if Borrower had itself executed and
submitted the request for advance and whether or not the request for advance is
executed and/or submitted by an authorized person.

Section 12.02       Amendments and
Waivers.  No amendment or waiver of any provision of
this Agreement or any other Loan Document nor consent to any departure by
Borrower (or, in the case of any guaranty executed and delivered pursuant to
clause (v) of the definition of “Unencumbered Assets” in Section 1.01, the
Subsidiary Guarantor referred to therein) therefrom, shall in any event be
effective unless the same shall be in writing and signed by the Required Banks
and, solely for purposes of its acknowledgment thereof, Administrative Agent,
and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given; provided,
however, that no amendment, waiver or consent shall (1) increase the Loan
Commitment of any Bank without the written consent of such Bank; (2)  reduce the principal of, or interest on, the
Notes or any fees due hereunder or any other amount due hereunder or under any
Loan Document, without the written consent of each Bank affected thereby; (3)
except as provided 

 59
 

in Section 2.18,
postpone any date fixed for any payment of principal of, or interest on, the
Notes or any fees due hereunder or under any Loan Document without the written
consent of each Bank affected thereby; (4) change the definition of “Required
Banks”; (5) amend Section 10.15, this Section or any other provision requiring
the consent of all the Banks, without the written consent of each Bank; (6)
waive any default under paragraph (5) of Section 9.01 or (7) release all or
substantially all of the guaranties executed and delivered pursuant to clause
(v) of the definition of “Unencumbered Assets” in Section 1.01; 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 Swing Lender hereunder without the prior written
consent of the Administrative Agent, the Issuing Bank or the Swing Lender, as
the case may be.  Any advance of proceeds
of the Loans made, or any Letter of Credit issued, prior to or without the
fulfillment by Borrower of all of the conditions precedent thereto, whether or
not known to Administrative Agent and the Banks, shall not constitute a waiver
of any Default or Event of Default or a waiver of the requirement that all
conditions, including the non-performed conditions, shall be required with
respect to all future advances and issuances of Letters of Credit.  Neither any failure or delay on the part of
Administrative Agent or any Bank to exercise any right hereunder nor any single
or partial exercise of any right or power hereunder or any abandonment or
discontinuance of steps to enforce such right or power shall operate as a
waiver thereof or preclude any other or further exercise thereof or the
exercise of any other right.  The
remedies herein provided are cumulative and not exclusive of any remedies
provided by law.  All communications from
Administrative Agent to the Banks requesting the Banks’ determination, consent,
approval or disapproval (i) shall be given in the form of a written notice to
each Bank, (ii) shall be accompanied by a description of the matter or thing as
to which such determination, approval, consent or disapproval is requested and
(iii) shall include Administrative Agent’s recommended course of action or
determination in respect thereof.  Each
Bank shall reply promptly, but in any event within ten (10) Banking Days (or
five (5) Banking Days with respect to any decision to accelerate or stop
acceleration of the Loan) after receipt of the request therefor by
Administrative Agent (the “Bank
Reply Period”).  Unless a
Bank shall give written notice to Administrative Agent that it objects to the
recommendation or determination of Administrative Agent (together with a
written explanation of the reasons behind such objection) within the Bank Reply
Period, such Bank shall be deemed to have approved or consented to such
recommendation or determination.

Section 12.03       Usury. 
Anything herein to the contrary notwithstanding, the obligations of
Borrower under this Agreement and the Notes shall be subject to the limitation
that payments of interest shall not be required to the extent that receipt
thereof would be contrary to provisions of Law applicable to a Bank limiting
rates of interest which may be charged or collected by such Bank.

Section 12.04       Expenses;
Indemnification.  Borrower agrees (i) to reimburse
Administrative Agent and Syndication Agent on demand for all costs, expenses,
and charges (including, without limitation, all reasonable fees and charges of
engineers, appraisers and legal counsel) incurred by it in connection with the
Loans and the preparation, execution, delivery and administration of the Loan
Documents and any amendment or waiver with respect thereto, and (ii) to
reimburse each of the Banks for reasonable legal costs, expenses and charges
incurred by each of the Banks in connection with the performance or enforcement
of this Agreement, the Notes, or any other Loan Documents; provided, however,
that Borrower is not responsible for costs, expenses and charges incurred by
the Bank Parties in connection with the administration or syndication of 

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the Loans (other
than the fees required by the Fee Letter and the Supplemental Fee Letter).  Borrower agrees to indemnify Administrative
Agent and each Bank and their respective directors, officers, employees and
agents (each such Person, an “Indemnitee”) from, and hold each of them harmless
against, any and all losses, liabilities, claims, damages or expenses incurred
by any of them arising out of or by reason of (x) any claims by brokers due to
acts or omissions by Borrower, (y) this Agreement or the transactions
contemplated hereby or (z) any investigation or litigation or other proceedings
(including any threatened investigation or litigation or other proceedings)
relating to any actual or proposed use by Borrower of the proceeds of the
Loans, including without limitation, the reasonable fees and disbursements of
counsel incurred in connection with any such investigation or litigation or
other proceedings (but excluding any such losses, liabilities, claims, damages
or expenses incurred by reason of the gross negligence or willful misconduct of
such Indemnitee).  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 transaction, agreement or instrument contemplated hereby, any Loan or
Letter of Credit or the use of the proceeds thereof.

The obligations of Borrower under this Section and under Article
III shall survive the repayment of all amounts due under or in connection with
any of the Loan Documents and the termination of the Loans, provided, however,
that in the case of Article III, such obligations shall survive only for a
period of ninety (90) days after such repayment and termination.

Section 12.05       Assignment;
Participation.  This Agreement shall be binding upon, and
shall inure to the benefit of, Borrower, Administrative Agent, the Banks and
their respective successors and permitted assigns.  Borrower may not assign or transfer its
rights or obligations hereunder without the prior written consent of each Bank
(and any attempted assignment or transfer without such consent shall be null
and void).

Any Bank may, without the consent of, or notice to, the Borrower,
the Administrative Agent or the Issuing Bank, at any time grant to one or more
banks or other institutions (each a “Participant”) participating interests in its
Loan (each a “Participation”).  In the event of any such grant by a Bank of a
Participation to a Participant, whether or not Borrower or Administrative Agent
was given notice, such Bank shall remain responsible for the performance of its
obligations hereunder, and Borrower and Administrative Agent shall continue to
deal solely and directly with such Bank in connection with such Bank’s rights
and obligations hereunder.  Any agreement
pursuant to which any Bank may grant such a participating interest shall
provide that such Bank shall retain the sole right and responsibility to
enforce the obligations of Borrower hereunder and under any other Loan Document
including, without limitation, the right to approve any amendment, modification
or waiver of any provision of this Agreement or any other Loan Document;
provided that such participation agreement may provide that such Bank will not
agree to any modification, amendment or waiver of this Agreement described in
the first proviso to Section 12.02 without the consent of the Participant.  Any Participant hereunder shall have the same
benefits as any Bank with respect to the yield protection and increased cost
provisions of Article III, but a Participant shall not be entitled to receive
any greater payment than the Lender granting such Participation would have been
entitled to receive.

 61

Subject to the conditions
set forth below, any Bank 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 Loan Commitment and the Loans at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld) of:

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

(ii)           the Administrative Agent, provided
that no consent of the Administrative Agent shall be required for an assignment
of any Loan Commitment to an assignee that is a Bank with a Loan Commitment
immediately prior to giving effect to such assignment; and

(iii)          the Issuing Bank, provided that
no consent of the Issuing Bank shall be required for an assignment of any Loan
Commitment to an assignee that is a Bank with a Loan Commitment immediately
prior to giving effect to such assignment.

Such assignments shall be
subject to the following additional conditions:

(1)           except in the case of an assignment
to a Bank or an Affiliate of a Bank or an assignment of the entire remaining
amount of the assigning Bank’s Loan Commitment or Loans, the amount of the Loan
Commitment or Loans of the assigning Bank subject to each such assignment
(determined as of the date the Assignment and Acceptance 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;

(2)           each partial assignment shall be made
as an assignment of a proportionate part of all the assigning Bank’s rights and
obligations under this Agreement;

(3)           the parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Acceptance,
together with a processing and recordation fee of $3,500; and

(4)           the assignee, if it shall not be a
Bank, shall deliver to the Administrative Agent an Administrative Questionnaire
in which the assignee designates one or more contacts to whom all
syndicate-level information (which may contain material non-public information
about the Borrower and its related parties or its securities) will be made
available and who may receive such information in accordance with the assignee’s
compliance procedures and applicable laws, including Federal and state
securities laws.

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For the purposes of this
Section 12.05, the term “Approved Fund” has the following meaning:

“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 Bank, (b) an Affiliate of a Bank or (c) an entity or an Affiliate of an
entity that administers or manages a Bank.

Upon (i) execution and delivery of such Assignment and Acceptance,
(ii) payment by such Assignee to the Bank of an amount equal to the purchase
price agreed between the Bank and such Assignee and (iii) payment of the fee
described in paragraph (3) above, such Assignee shall be a Bank Party to this
Agreement and shall have all the rights and obligations of a Bank as set forth
in such Assignment and Acceptance, and the assigning Bank shall be released
from its obligations hereunder to a corresponding extent, and no further consent
or action by any party shall be required. 
Upon the consummation of any assignment pursuant to this paragraph,
substitute Ratable Loan Notes (and, if applicable, Swing Loan Note) shall be
issued to the assigning Bank and Assignee by Borrower, in exchange for the
return of the original Ratable Loan Note (and, if applicable, Swing Loan
Note).  The obligations evidenced by such
substitute notes shall constitute “Obligations” for all purposes of this
Agreement and the other Loan Documents. In connection with Borrower’s execution
of substitute notes as aforesaid, Borrower shall deliver to Administrative
Agent evidence, satisfactory to Administrative Agent, of all requisite
corporate action to authorize Borrower’s execution and delivery of the
substitute notes and any related documents. 
If the Assignee is not incorporated under the Laws of the United States
of America or a state thereof, it shall, prior to the first date on which
interest or fees are payable hereunder for its account, deliver to Borrower and
Administrative Agent certification as to exemption from deduction or
withholding of any United States federal income taxes in accordance with
Section 10.13.  Each Assignee shall be
deemed to have made the representations contained in, and shall be bound by the
provisions of, Section 10.13.

Notwithstanding the foregoing, any Designated Lender may assign at
any time to its Designating Lender, without the consents required by or other
limitations set forth in the first sentence of this paragraph, any or all of
the Loans it may have funded hereunder and pursuant to its Designation
Agreement.

Any Bank may at any time
pledge or assign or grant a security interest in all or any portion of its
rights under this Agreement to secure obligations of such Bank, including
without limitation any pledge or assignment or grant to secure obligations to a
Federal Reserve Bank, and this Section 12.05 shall not apply to any such pledge
or assignment or grant of a security interest; provided that no such
pledge or assignment or grant of a security interest shall release a Bank from
any of its obligations hereunder or substitute any such pledgee or assignee or
grantee for such Bank as a party hereto.

Borrower recognizes that in connection with a Bank’s selling of
Participations or making of assignments, any or all documentation, financial
statements, appraisals and other data, or copies thereof, relevant to Borrower
or the Loans may be exhibited to and retained by any such Participant or
assignee or prospective Participant or assignee.  In connection with a Bank’s delivery of any 

 63
 

financial
statements and appraisals to any such Participant or assignee or prospective
Participant or assignee, such Bank shall also indicate that the same are
delivered on a confidential basis. 
Borrower agrees to provide all assistance reasonably requested by a Bank
to enable such Bank to sell Participations or make assignments of its Loan as
permitted by this Section.  Each Bank
agrees to provide Borrower with notice of all Participations sold by such Bank
to other than its Affiliates.  Any Bank
or Participant may pledge its Loans or Participations as collateral in
accordance with applicable law.

Section 12.06       Documentation
Satisfactory.  All documentation required from or to be
submitted on behalf of Borrower in connection with this Agreement and the
documents relating hereto shall be subject to the prior approval of, and be
satisfactory in form and substance to, Administrative Agent, its counsel and,
where specifically provided herein, the Banks. 
In addition, the persons or parties responsible for the execution and
delivery of, and signatories to, all of such documentation, shall be acceptable
to, and subject to the approval of, Administrative Agent and its counsel and
the Banks.

Section 12.07       Notices.

(a)           Unless
the party to be notified otherwise notifies the other party in writing as
provided in this Section, and except as otherwise provided in this Agreement,
notices shall be given to Administrative Agent by telephone, confirmed by
writing, and to the Banks and to Borrower by ordinary mail or overnight
courier, receipt confirmed, addressed to such party at its address on the
signature page of this Agreement. 
Notices shall be effective  (1) if
by telephone, at the time of such telephone conversation, (2) if given by mail,
three (3) days after mailing; and (3) if given by overnight courier, upon
receipt.  Notices delivered
through electronic communications to the extent provided in subsection (b)
below, shall be effective as provided in such subsection (b).

(b)           Electronic Communications.  Notices and other communications to the Banks
hereunder may be delivered or furnished by electronic communication (including
e-mail and internet or intranet websites) pursuant to procedures approved by
the Administrative Agent, provided that the foregoing shall not apply to
notices to any Bank pursuant to Section 2 if such Bank, has notified the
Administrative Agent that it is incapable of receiving notices under such
section by electronic communication.  The
Administrative Agent or the Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such
procedures may be limited to particular notices or communications.

Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be
deemed received upon the sender’s receipt of an acknowledgement from the
intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement), provided
that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed
to have been sent at the opening of business on the next business day for the
recipient, and (ii) notices or communications posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing
clause (i) of notification that such notice or communication is available
and identifying the website address therefor.

 64
 

(c)           The
Platform.  THE PLATFORM (AS DEFINED
IN SECTION 6.09) IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT
WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS (AS DEFINED IN
SECTION 6.09) OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER
CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER
MATERIALS OR THE PLATFORM.  In no event
shall the Administrative Agent, the Syndication Agent or any of its Related
Parties (collectively, the “Agent Parties”) have any liability to Borrower, any
Bank or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of Borrower’s
or the Administrative Agent’s or the Syndication Agent’s transmission of
Borrower Materials through the internet, except to the extent that such losses,
claims, damages, liabilities or expenses are determined by a court of competent
jurisdiction by a final and non-appealable judgment to have resulted from the
gross negligence or willful misconduct of such Agent Party; provided, however,
that in no event shall any Agent Party have any liability to Borrower, any Bank
or any other Person for indirect, special, incidental, consequential or
punitive damages (as opposed to direct or actual damages).

Section 12.08       Setoff. 
Borrower agrees that, in addition to (and without limitation of) any
right of setoff, bankers’ lien or counterclaim a Bank may otherwise have, each
Bank shall be entitled, at its option, to offset balances (general or special,
time or demand, provisional or final) held by it for the account of Borrower at
any of such Bank’s offices, in Dollars or in any other currency, against any
amount payable by Borrower to such Bank under this Agreement or such Bank’s
Note, or any other Loan Document which is not paid when due (regardless of
whether such balances are then due to Borrower), in which case it shall
promptly notify Borrower and Administrative Agent thereof; provided that such
Bank’s failure to give such notice shall not affect the validity thereof.

Payments by Borrower hereunder or under the other Loan Documents
shall be made without setoff or counterclaim.

Section 12.09       Table of Contents;
Headings.  Any table of contents and the headings and
captions hereunder are for convenience only and shall not affect the interpretation
or construction of this Agreement.

Section 12.10       Severability. 
The provisions of this Agreement are intended to be severable.  If for any reason any provision of this
Agreement shall be held invalid or unenforceable in whole or in part in any
jurisdiction, such provision shall, as to such jurisdiction, be ineffective to
the extent of such invalidity or unenforceability without in any manner
affecting the validity or enforceability thereof in any other jurisdiction or
the remaining provisions hereof in any jurisdiction.

 65
 

Section 12.11       Counterparts. 
This Agreement may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument, and any
party hereto may execute this Agreement by signing any such counterpart.  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 12.12       Integration. 
The Loan Documents, the Fee Letter and Supplemental Fee Letter set forth
the entire agreement among the parties hereto relating to the transactions
contemplated thereby and supersede any prior oral or written statements or
agreements with respect to such transactions.

Section 12.13       Governing Law. 
This Agreement shall be governed by, and construed and enforced in
accordance with, the Laws of the State of New York (without giving effect to
New York’s principles of conflicts of Laws).

Section 12.14       Waivers. 
In connection with the obligations and liabilities as aforesaid,
Borrower hereby waives  (1) promptness
and diligence; (2) notice of any actions taken by any Bank Party under this
Agreement, any other Loan Document or any other agreement or instrument
relating thereto except to the extent otherwise provided herein; (3) all other
notices, demands and protests, and all other formalities of every kind in
connection with the enforcement of the Obligations, the omission of or delay in
which, but for the provisions of this Section, might constitute grounds for
relieving Borrower of its obligations hereunder; (4) any requirement that any
Bank Party protect, secure, perfect or insure any Lien on any collateral or
exhaust any right or take any action against Borrower or any other Person or
any collateral; (5) any right or claim of right to cause a marshalling of the
assets of Borrower; and (6) all rights of subrogation or contribution, whether
arising by contract or operation of law (including, without limitation, any
such right arising under the Federal Bankruptcy Code) or otherwise by reason of
payment by Borrower, either jointly or severally, pursuant to this Agreement or
other Loan Documents.

Section 12.15       Jurisdiction;
Immunities.  Borrower, Administrative Agent and each Bank
hereby irrevocably submit to the jurisdiction of any New York State or United
States Federal court sitting in New York City over any action or proceeding
arising out of or relating to this Agreement, the Notes or any other Loan
Document.  Borrower, Administrative
Agent, and each Bank irrevocably agree that all claims in respect of such
action or proceeding may be heard and determined in such New York State or
United States Federal court.  Borrower,
Administrative Agent, and each Bank irrevocably consent to the service of any
and all process in any such action or proceeding by the mailing of copies of
such process to Borrower, Administrative Agent or each Bank, as the case may
be, at the addresses specified herein. 
Borrower, Administrative Agent and each Bank agree 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.  Borrower, Administrative Agent and
each Bank further waive any objection to venue in the State of New York and any
objection to an action or proceeding in the State of New York on the basis of
forum non conveniens.  Borrower,
Administrative Agent and each Bank agree that any action or proceeding brought
against Borrower, Administrative Agent or any Bank, as the case may be, shall
be brought only in a New York State court sitting in New York City or a United
States Federal court sitting in New York City, to the extent permitted or not
expressly prohibited by applicable Law.

 66
 

Nothing in this Section shall affect the right of Borrower,
Administrative Agent or any Bank to serve legal process in any other manner
permitted by Law.

To the extent that Borrower, Administrative Agent or any Bank have
or hereafter may acquire any immunity from jurisdiction of any court or from
any legal process (whether from service or notice, attachment prior to
judgment, attachment in aid of execution, execution or otherwise) with respect
to itself or its property, Borrower, Administrative Agent and each Bank hereby
irrevocably waive such immunity in respect of its obligations under this
Agreement, the Notes and any other Loan Document.

BORROWER, ADMINISTRATIVE AGENT AND EACH BANK WAIVE ANY RIGHT EACH
SUCH PARTY MAY HAVE TO JURY TRIAL IN CONNECTION WITH ANY SUIT, ACTION OR
PROCEEDING BROUGHT WITH RESPECT TO THIS AGREEMENT, THE NOTES OR THE LOANS.  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 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 12.16       Designated Lender. 
Any Bank (other than a Bank who is such solely because it is a
Designated Lender) (each, a “Designating Lender”) may at any time designate one (1)
Designated Lender to fund Bid Rate Loans on behalf of such Designating Lender
subject to the terms of this Section and the provisions in Section 12.05 shall
not apply to such designation.  No Bank
may designate more than one (1) Designated Lender.  The parties to each such designation shall
execute and deliver to Administrative Agent for its acceptance a Designation
Agreement.  Upon such receipt of an
appropriately completed Designation Agreement executed by a Designating Lender
and a designee representing that it is a Designated Lender, Administrative
Agent will accept such Designation Agreement and give prompt notice thereto to
Borrower, whereupon, (i) from and after the “Effective Date” specified in the
Designation Agreement, the Designated Lender shall become a party to this
Agreement with a right to make Bid Rate Loans on behalf of its Designating
Lender pursuant to Section 2.02 after Borrower has accepted the Bid Rate Quote
of the Designating Lender and (ii) the Designated Lender shall not be required
to make payments with respect to any obligations in this Agreement except to
the extent of excess cash flow of such Designated Lender which is not otherwise
required to repay obligations of such Designated Lender which are then due and
payable; provided, however, that regardless of such designation and assumption
by the Designated Lender, the Designating Lender shall be and remain obligated
to Borrower, Administrative Agent and the Banks for each and every of the
obligations of the Designating Lender and its related Designated Lender with
respect to this Agreement, including, without limitation, any indemnification
obligations under Section 10.05.  Each
Designating Lender shall serve as the administrative agent of its Designated
Lender and shall on behalf of, and to the exclusion of, the Designated Lender:  (i) receive any and all payments made for the
benefit of the 

 67
 

Designated Lender
and (ii) give and receive all communications and notices and take all actions
hereunder, including, without limitation, votes, approvals, waivers and
consents under or relating to this Agreement and the other Loan Documents.  Any such notice, communication, vote,
approval, waiver or consent shall be signed by the Designating Lender as
administrative agent for the Designated Lender and shall not be signed by the
Designated Lender on its own behalf, but shall be binding on the Designated
Lender to the same extent as if actually signed by the Designated Lender.  Borrower, Administrative Agent and the Banks
may rely thereon without any requirement that the Designated Lender sign or
acknowledge the same.  No Designated
Lender may assign or transfer all or any portion of its interest hereunder or
under any other Loan Document, other than assignments to the Designating Lender
which originally designated such Designated Lender.

Section 12.17       No Bankruptcy
Proceedings.  Each of Borrower, the Banks and
Administrative Agent hereby agrees that it will not institute against any
Designated Lender or join any other Person in instituting against any
Designated Lender any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding under any federal or state bankruptcy or similar Law,
for one (1) year and one (1) day after the payment in full of the latest
maturing commercial paper note issued by such Designated Lender.

Section 12.18       USA Patriot Act. 
Each Bank hereby notifies Borrower that pursuant to the requirements of
the USA Patriot Act (Title III of Pub.L.107-56 (signed into law October 26,
2001)) (the “Act”),
it is required to obtain, verify and record information that identifies
Borrower, which information includes the name and address of Borrower and other
information that will allow such Bank to identify Borrower in accordance with
the Act.

Section 12.19       Transitional Arrangements.

(a)           2004 Credit Agreement Superseded.  This Agreement shall supersede the 2004
Credit Agreement in its entirety, except as provided in this
Section 12.19.  On the Closing Date,
the rights and obligations of the parties under the 2004 Credit Agreement and
the “Notes” defined therein shall be subsumed within and be governed by this
Agreement and the Notes; provided however,
that any of the “Obligations” (as defined in the 2004 Credit Agreement)
outstanding under the 2004 Credit Agreement shall, for purposes of this
Agreement, be Obligations hereunder.  The
Banks’ interests in such Obligations, and participations in Existing Letters of
Credit shall be reallocated on the Closing Date in accordance with each Bank’s
applicable Pro Rata Share.

(b)           Return and Cancellation of Notes.  Upon its receipt of the Notes to be delivered
hereunder on the Closing Date, each Bank will promptly return to Borrower,
marked “Cancelled” or “Replaced”, the notes of Borrower held by such Bank
pursuant to the 2004 Credit Agreement.

(c)           Interest and Fees Under 2004
Credit Agreement.  All interest and
all commitment, facility and other fees and expenses owing or accruing under or
in respect of the 2004 Credit Agreement shall be calculated as of the Closing
Date (prorated in the case of any fractional periods), and shall be paid on the
Closing Date in accordance with the method specified in the 2004 Credit
Agreement as if such agreement were still in effect.

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

	
  

  	
   

  	
  AVALONBAY
  COMMUNITIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Joanne M.
  Lockridge

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Joanne M.
  Lockridge

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  100 Bridgeport
  Ave., Suite 258

  
	
   

  	
   

  	
  Shelton, CT
  06484

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (203) 926-2326

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (203) 926-2304

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address of
  principal place of business, if different than above:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Taxpayer
  Identification Number:

  
							

 

[Signature page to Second
Amended and Restated Revolving Loan Agreement]

 

	
  

  	
   

  	
  BANK OF AMERICA,
  N.A.

  
	
   

  	
   

  	
  (as Bank and
  Administrative Agent)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Lisa Sanders

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Lisa
  Sanders

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Bank of America,
  N.A.

  
	
   

  	
   

  	
  One Landmark
  Square

  
	
   

  	
   

  	
  Stamford, CT
  06904

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: Lisa
  Sanders

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (203) 973-1984

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (203) 964-9038

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  JPMORGAN CHASE
  BANK, N.A.

  
	
   

  	
   

  	
  (as Bank and
  Syndication Agent)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Marc E.
  Costantino

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Marc E.
  Costantino

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JPMorgan Chase
  Bank, N.A.

  
	
   

  	
   

  	
  277 Park Avenue,
  3rd Floor

  
	
   

  	
   

  	
  New York, NY
  10072

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: Marc
  E. Costantino

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (212) 622-8167

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (646) 534-0574

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  WACHOVIA BANK,
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
  (as Bank and
  Syndication Agent)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Amit Khimji

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Amit
  Khimji

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Wachovia Bank,
  National Association

  
	
   

  	
   

  	
  171 17th 
  Street NW, 100 Building

  
	
   

  	
   

  	
  GA4506

  
	
   

  	
   

  	
  Atlanta, GA
  30363

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: Cathy
  A. Casey

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (404) 214-6335

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (404) 214-5493

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  DEUTSCHE BANK
  TRUST COMPANY AMERICAS

  
	
   

  	
   

  	
  (as Bank and
  Documentation Agent)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Brenda Casey

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Brenda
  Casey

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Joanna
  Soliman

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Joanna
  Soliman

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Assistant
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Deutsche Bank
  Trust Company Americas

  
	
   

  	
   

  	
  90 Hudson Street

  
	
   

  	
   

  	
  Jersey City, NJ
  07302

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Juliet Cadiz

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (201) 593-2164

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (201) 593-2308

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  MORGAN STANLEY
  BANK

  
	
   

  	
   

  	
  (as Bank and
  Documentation Agent)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Daniel
  Twenge

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Daniel
  Twenge

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Authorized
  Signatory

            Morgan Stanley
  Bank

  

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  WELLS FARGO
  BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
  (as Bank and
  Documentation Agent)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Stephen F.
  Gray

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Stephen F.
  Gray

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Wells Fargo Bank

  
	
   

  	
   

  	
  733 Marquette
  Avenue

  
	
   

  	
   

  	
  Minneapolis, MN
  55402

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Tiffany Moore-Welch

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (612) 667-6333

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (612) 595-7868

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Wells Fargo
  Bank, National Association

  
	
   

  	
   

  	
  1750 H Street,
  N.W., Suite 400

  
	
   

  	
   

  	
  Washington, DC
  20006

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Stephen Gray

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (202) 303-3010

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (202) 429-2984

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  SUNTRUST BANK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Ashish
  Tandon

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Ashish
  Tandon

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Assistant
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Suntrust Bank

  
	
   

  	
   

  	
  8330 Boone
  Blvd., 8th  Floor

  
	
   

  	
   

  	
  Vienna, VA 22182

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Ashish Tandon

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (703) 442-1557

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (703) 442-1570

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  UBS LOAN FINANCE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Richard L.
  Tavrow

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Richard L.
  Tavrow

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Irja R. Otsa

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Irja R.
  Otsa

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Associate
  Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  UBS Loan Finance
  LLC

  
	
   

  	
   

  	
  677 Washington
  Boulevard

  
	
   

  	
   

  	
  Stamford, CT
  06901

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Robert Arscott

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (203) 719-8269

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (203) 719-3888

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  AMSOUTH BANK

  
	
  AMSOUTH BANK

  	
   

  	
   

  	
   

  	
   

  
	
  is now

  	
   

  	
   

  	
   

  	
   

  
	
  REGIONS BANK

  	
   

  	
  By:

  	
   

  	
  /s/ Alan Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Alan Brown

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AmSouth Bank

  
	
   

  	
   

  	
  1900 5th Avenue N., BAC-15

  
	
   

  	
   

  	
  Birmingham, AL
  35203

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: Alan
  Brown

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (205) 581-7267

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (205) 326-4075

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  BANK OF CHINA,
  NEW YORK BRANCH

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Li Xiao Jing

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Li Xiao
  Jing

  
	
   

  	
   

  	
   

  	
   

  	
  Title: General
  Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Bank of China,
  New York Branch

  
	
   

  	
   

  	
  410 Madison
  Avenue

  
	
   

  	
   

  	
  New York, NY
  10017

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  George Moy

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (212) 935-3101
  ext. 408

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (212) 308-4993

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  THE BANK OF NEW
  YORK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ David
  Applebaum

  
	
   

  	
   

  	
   

  	
   

  	
  Name: David
  Applebaum

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and 

  Applicable Lending Office: 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Bank of New
  York

  
	
   

  	
   

  	
  One Wall Street

  
	
   

  	
   

  	
  New York, NY
  10286

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: David
  Applebaum

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (212) 635-7320

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (212) 809-9526

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  PNC BANK,
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ William R.
  Lynch, III

  
	
   

  	
   

  	
   

  	
   

  	
  Name: William R.
  Lynch, III

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PNC Bank,
  National Association

  
	
   

  	
   

  	
  500 First Avenue

  
	
   

  	
   

  	
  Mail Stop:
  P7-PFFC-04-Z

  
	
   

  	
   

  	
  Pittsburgh, PA
  15219

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: Real
  Estate Banking

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (412) 768-7647

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (412) 768-4586

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  with a copy to:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  808 17th Street,
  NW

  
	
   

  	
   

  	
  Mail Stop:
  C1-C808-02-1

  
	
   

  	
   

  	
  Washington, DC
  20006

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  William Lynch

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (202) 835-4513

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (202) 835-5982

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  SCOTIABANK INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Christopher
  J. Allen

  
	
   

  	
   

  	
   

  	
   

  	
  Name:
  Christopher J. Allen

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Manager
  Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Scotiabank Inc.

  
	
   

  	
   

  	
  600 Peachtree
  St., NE, Suite 2700

  
	
   

  	
   

  	
  Atlanta, GA
  30308

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: Jay
  Willson

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (404) 877-1515

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (404) 888-8995

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  CHANG HWA
  COMMERCIAL BANK, LTD.,

  
	
   

  	
   

  	
  NEW YORK BRANCH

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Jim C.Y.
  Chen

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Jim C.Y.
  Chen

  
	
   

  	
   

  	
   

  	
   

  	
  Title: VP &
  General Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Chang Hwa
  Commercial Bank, Ltd., New York Branch

  
	
   

  	
   

  	
  685 Third
  Avenue, 29th Floor

  
	
   

  	
   

  	
  New York, NY
  10017

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Danielle Tsai

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (212) 651-9770
  ext. 29

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (212) 651-9785

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  COMERICA BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Casey L.
  Stevenson

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Casey L.
  Stevenson

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Overnight Mail:

  
	
   

  	
   

  	
  Comerica Bank

  
	
   

  	
   

  	
  500 Woodward
  Ave., 7th Floor

  
	
   

  	
   

  	
  Detroit, MI
  48226-3256

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. Mail:

  
	
   

  	
   

  	
  Comerica Bank

  
	
   

  	
   

  	
  P.O. Box 75000

  
	
   

  	
   

  	
  Detroit, MI
  48275-3256

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: Casey
  L. Stevenson

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (313) 222-5286

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (313) 222-9295 

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  FIRST HORIZON
  BANK, 

  
	
   

  	
   

  	
  a divison of
  First Tennessee Bank N.A.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Kenneth W.
  Rub

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Kenneth W.
  Rub

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  First Horizon
  Bank,

  
	
   

  	
   

  	
  a division of
  First Tennessee Bank N.A.

  
	
   

  	
   

  	
  1650 Tysons
  Boulevard, Suite 1150

  
	
   

  	
   

  	
  McLean, VA 22102

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Kenneth W. Rub

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (703) 394-2520

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (703) 734-1834

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  E.SUN COMMERCIAL
  BANK, LTD.,

  
	
   

  	
   

  	
  LOS ANGELES
  BRANCH

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Benjamin Lin

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Benjamin
  Lin

  
	
   

  	
   

  	
   

  	
   

  	
  Title: EVP &
  General Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  E.Sun Commercial
  Bank, Ltd.,

  
	
   

  	
   

  	
  Los Angeles
  Branch

  
	
   

  	
   

  	
  17700 Castleton
  Street, Suite 500

  
	
   

  	
   

  	
  City of
  Industry, CA 91748

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: Homer
  Hou

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (626) 810-2400
  ext. 225

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (626) 839-5531

  
							

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  THE GOVERNOR AND
  COMPANY OF

  
	
   

  	
   

  	
  THE BANK OF
  IRELAND

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Daniel
  McAneney

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Daniel
  McAneney

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Authorised
  Signatory

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Gwen Evans

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Gwen Evans

  
	
   

  	
   

  	
   

  	
   

  	
  Title:
  Authorised Signatory

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Bank of Ireland
  Corporate

  
	
   

  	
   

  	
  B2, Head Office

  
	
   

  	
   

  	
  Lower Baggot
  street

  
	
   

  	
   

  	
  Dublin 2,
  Ireland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: 

  	
   

  	
  Noelle McGrath/

  
	
   

  	
   

  	
   

  	
   

  	
  Ciaran Doyle

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  353 1 604
  4709/4707

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  353 1 604 4798

  
							

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  BANK OF
  TOKYO-MITSUBISHI UFJ, LTD.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ James Taylor

  
	
   

  	
   

  	
   

  	
   

  	
  Name: James
  Taylor

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Bank of
  Tokyo-Mitsubishi UFJ, Ltd.

  
	
   

  	
   

  	
  1251 Avenue of
  the Americas

  
	
   

  	
   

  	
  New York, NY
  10020

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: James
  T. Taylor

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (212) 782-4116

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (212) 782-6442

  
							

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  BANK OF HAPOALIM
  B.M.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ James P.
  Surless

  
	
   

  	
   

  	
   

  	
   

  	
  Name: James P.
  Surless

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Charles
  McLaughlin

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Charles
  McLaughlin

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Bank Hapoalim,
  B.M.

  
	
   

  	
   

  	
  1177 Avenue of
  the Americas

  
	
   

  	
   

  	
  New York, NY
  10036

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention: James
  P. Surless

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (212) 728-2178

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (212) 782-2382

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

 

 

	
  

  	
   

  	
  PEOPLE’S BANK

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Maurice Fry

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Maurice
  Fry

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for
  Notices and

  Applicable Lending Office:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  People’s Bank

  
	
   

  	
   

  	
  850 Main Street

  
	
   

  	
   

  	
  Bridgeport, CT
  06604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:
  Maurice Fry

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
   

  	
  (203) 338-7375

  
	
   

  	
   

  	
  Telecopy:

  	
   

  	
  (203) 338-7800

  
							

 

Signature page to Second
Amended and Restated Revolving Loan Agreement

EXHIBIT
A

AUTHORIZATION LETTER

November     , 2006

Bank of America, N.A.

777 Main Street

Hartford, CT  06115

Attention:                               

Re:                               Second Amended and Restated
Revolving Loan Agreement dated as of November 14, 2006 (the “Loan Agreement”;
capitalized terms not otherwise defined herein shall have the meanings ascribed
to such terms in the Loan Agreement) among us, as Borrower, the Banks named
therein, and you, as Administrative Agent for said Banks

Ladies/Gentlemen:

In connection with the captioned Loan Agreement, we hereby
designate any of the following persons to give to you instructions, including
notices required pursuant to the Loan Agreement, orally, by telephone or
teleprocess, or in writing:

[NAMES]

Instructions may be honored on the oral, telephonic, teleprocess
or written instructions of anyone purporting to be any one of the above
designated persons even if the instructions are for the benefit of the person
delivering them.  We will furnish you
with written confirmation of each such instruction signed by any person
designated above (including any telecopy which appears to bear the signature of
any person designated above) on the same day that the instruction is provided
to you, but your responsibility with respect to any instruction shall not be
affected by your failure to receive such confirmation or by its contents.

Without limiting the foregoing, we hereby unconditionally
authorize any one of the above-designated persons to execute and submit
requests for advances of proceeds of the Loans (including the Initial Advance)
and notices of Elections, Conversions and Continuations to you under the Loan
Agreement with the identical force and effect in all respects as if executed
and submitted by us.

You and the Banks shall be fully protected in, and shall incur no
liability to us for, acting upon any instructions which you in good faith
believe to have been given by any person designated above, and in no event
shall you or the Banks be liable for special, consequential or punitive damages.  In addition, we agree to hold you and the
Banks and your and their respective agents harmless from any and all liability,
loss and expense arising directly or indirectly out of instructions that we
provide to you in connection with the Loan Agreement except for liability, loss
or expense occasioned by your gross negligence or willful misconduct.

 

Upon notice to us, you may, at your option, refuse to execute any
instruction, or part thereof, without incurring any responsibility for any
loss, liability or expense arising out of such refusal if you in good faith
believe that the person delivering the instruction is not one of the persons
designated above or if the instruction is not accompanied by an authentication
method that we have agreed to in writing.

We will promptly notify you in writing of any change in the
persons designated above and, until you have actually received such written
notice and have had a reasonable opportunity to act upon it, you are authorized
to act upon instructions, even though the person delivering them may no longer
be authorized.

	
  

  	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AVALONBAY
  COMMUNITIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 A-2

 

 

EXHIBIT
B

RATABLE LOAN NOTE

	
  $                         

  	
   

  	
  New York, New
  York

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  November 14,
  2006

  

 

For value received, AvalonBay Communities, Inc., a Maryland
corporation (“Borrower”),
hereby promises to pay to the order of                      
or its successors or assigns (collectively, the “Bank”), at the principal office of Bank
of America, N.A. (“Administrative
Agent”) located at 777 Main Street, Hartford, CT  06115 for the account of the Applicable
Lending Office of the Bank, the principal sum of               
Dollars ($                    ),
or if less, the amount loaned by the Bank under its Ratable Loan to Borrower
pursuant to the Loan Agreement (as defined below) and actually outstanding, in
lawful money of the United States and in immediately available funds, in
accordance with the terms set forth in the Loan Agreement.  Borrower also promises to pay interest on the
unpaid principal balance hereof, for the period such balance is outstanding, in
like money, at said office for the account of said Applicable Lending Office,
at the time and at a rate per annum as provided in the Loan Agreement.  Any amount of principal hereof which is not
paid when due, whether at stated maturity, by acceleration, or otherwise, shall
bear interest from the date when due until said principal amount is paid in
full, payable on demand, at the rate set forth in the Loan Agreement.

The date and amount of each advance of the Ratable Loan made by
the Bank to Borrower under the Loan Agreement referred to below, and each
payment of said Ratable Loan, shall be recorded by the Bank on its books and,
prior to any transfer of this Note (or, at the discretion of the Bank, at any
other time), may be endorsed by the Bank on the schedule attached hereto and any
continuation thereof.

This Note is one of the Ratable Loan Notes referred to in the
Second Amended and Restated Revolving Loan Agreement dated as of November 14,
2006 (as the same may be amended from time to time, the “Loan Agreement”)
among Borrower, the Banks named therein (including the Bank) and Administrative
Agent, as administrative agent for the Banks. 
All of the terms, conditions and provisions of the Loan Agreement are
hereby incorporated by reference.  All
capitalized terms used herein and not defined herein shall have the meanings
given to them in the Loan Agreement.

The Loan Agreement contains, among other things, provisions for
the prepayment of and acceleration of this Note upon the happening of certain
stated events.

No recourse shall be had under this Note against Borrower’s
Principals except as and to the extent set forth in Section 11.02 of the Loan
Agreement.

All parties to this Note, whether principal, surety, guarantor or
endorser, hereby waive presentment for payment, demand, protest, notice of
protest and notice of dishonor.  This
Note shall be governed by, and construed and enforced in accordance with, the
Laws of the State of

 B-1
 

 

New York, provided that, as to the maximum lawful rate of interest
which may be charged or collected, if the Laws applicable to the Bank permit it
to charge or collect a higher rate than the Laws of the State of New York, then
such Law applicable to the Bank shall apply to the Bank under this Note.

	
  

  	
   

  	
  AVALONBAY
  COMMUNITIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 B-2
 

 

 

	
  Date

  	
   

  	
  Amount

  of Loan

  	
   

  	
  Amount of

  Principal Paid

  or Prepaid

  	
   

  	
  Balance of

  Principal Unpaid

  	
   

  	
  Notation

  Made By:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 B-3

 

EXHIBIT
B-1

BID RATE LOAN NOTE

	
  $422,500,000

  	
   

  	
  New York, New
  York

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  November 14,
  2006

  

 

For value received, AvalonBay Communities, Inc., a Maryland
corporation (“Borrower”),
hereby promises to pay to the order of Bank of America, N.A. (“Administrative Agent”)
or its successors or assigns for the account of the respective Banks making Bid
Rate Loans or their respective successors or assigns (for the further account
of their respective Applicable Lending Offices), at the principal office of
Administrative Agent located at 777 Main Street, Hartford, CT  06115, the principal sum of Four Hundred
Twenty-Two Million Five Hundred Thousand Dollars ($422,500,000.00), or if less,
the amount loaned by one or more of said Banks under their respective Bid Rate
Loans to Borrower pursuant to the Loan Agreement (as defined below) and
actually outstanding, in lawful money of the United States and in immediately
available funds, in accordance with the terms set forth in the Loan Agreement.  Borrower also promises to pay interest on the
unpaid principal balance hereof, for the period such balance is outstanding, in
like money, at said office for the account of said Banks for the further
account of their respective Applicable Lending Offices, at the times and at the
rates per annum as provided in the Loan Agreement.  Any amount of principal hereof which is not
paid when due, whether at stated maturity, by acceleration, or otherwise, shall
bear interest from the date when due until said principal amount is paid in
full, payable on demand, at the rate set forth in the Loan Agreement.

The date and amount of each Bid Rate Loan to Borrower under the
Loan Agreement referred to below, the name of the Bank making the same, the
interest rate applicable thereto and the maturity date thereof (i.e., the end
of the Interest Period Applicable thereto) shall be recorded by Administrative
Agent on its records and may be endorsed by Administrative Agent on the
schedule attached hereto and any continuation thereof.

This Note is the Bid Rate Loan Note referred to in the Second
Amended and Restated Revolving Loan Agreement dated as of November 14, 2006 (as
the same may be amended from time to time, the “Loan Agreement”) among Borrower, the
Banks named therein and Administrative Agent, as administrative agent for the
Banks.  All of the terms, conditions and
provisions of the Loan Agreement are hereby incorporated by reference.  All capitalized terms used herein and not
defined herein shall have the meanings given to them in the Loan Agreement.

The Loan Agreement contains, among other things, provisions for
the prepayment of and acceleration of this Note upon the happening of certain
stated events.

No recourse shall be had under this Note against the Borrower’s
Principals except as and to the extent set forth in Section 11.02 of the Loan
Agreement.

All parties to this Note, whether principal, surety, guarantor or
endorser, hereby waive presentment for payment, demand, protest, notice of
protest and notice of dishonor.

 B-1-1
 

 

This Note shall be governed by, and construed and enforced in
accordance with, the Laws of the State of New York, provided that, as to the
maximum lawful rate of interest which may be charged or collected, if the Laws
applicable to a particular Bank permit it to charge or collect a higher rate
than the Laws of the State of New York, then such Law applicable to such Bank
shall apply to such Bank under this Note.

	
  

  	
   

  	
  AVALONBAY
  COMMUNITIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 B-1-2
 

 

 

	
  Bid Rate

  Loan Number

  	
   

  	
  Date

  	
   

  	
  Amount of

  Bid Rate Loan

  	
   

  	
  Interest

  Rate

  	
   

  	
  Expiration of 

  Interest Period

  	
   

  	
  Notation

  Made By:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 B-1-3

 

EXHIBIT
B-2

SWING LOAN NOTE

New York, New York

November 14, 2006

For value received, AvalonBay Communities, Inc., a Maryland
corporation (“Borrower”),
hereby promises to pay to the order of                        
or its successors or assigns (collectively, the “Bank”), at the principal office of Bank
of America, N.A. (“Administrative
Agent”) located at 777 Main Street, Hartford, CT  06115 for the account of the Applicable
Lending Office of the Bank, the principal sum equal to the amount loaned by the
Bank under its Swing Loan to Borrower pursuant to the Loan Agreement (as
defined below) and actually outstanding, in lawful money of the United States
and in immediately available funds, in accordance with the terms set forth in
the Loan Agreement.  Borrower also
promises to pay interest on the unpaid principal balance hereof, for the period
such balance is outstanding, in like money, at said office for the account of
said Applicable Lending Office, at the time and at a rate per annum as provided
in the Loan Agreement.  Any amount of
principal hereof which is not paid when due, whether at stated maturity, by
acceleration, or otherwise, shall bear interest from the date when due until
said principal amount is paid in full, payable on demand, at the rate set forth
in the Loan Agreement.

The date and amount of each advance of the Swing Loan made by the
Bank to Borrower under the Loan Agreement referred to below, and each payment
of said Swing Loan, shall be recorded by the Bank on its books and, prior to
any transfer of this Note (or, at the discretion of the Bank, at any other
time), may be endorsed by the Bank on the schedule attached hereto and any
continuation thereof.

This Note is one of the Swing Loan Notes referred to in the Second
Amended and Restated Revolving Loan Agreement dated as of November 14, 2006 (as
the same may be amended from time to time, the “Loan Agreement”) among Borrower, the
Banks named therein (including the Bank) and Administrative Agent, as
administrative agent for the Banks.  All
of the terms, conditions and provisions of the Loan Agreement are hereby
incorporated by reference.  All
capitalized terms used herein and not defined herein shall have the meanings
given to them in the Loan Agreement.

The Loan Agreement contains, among other things, provisions for
the prepayment of and acceleration of this Note upon the happening of certain
stated events.

No recourse shall be had under this Note against Borrower’s
Principals except as and to the extent set forth in Section 11.02 of the Loan
Agreement.

All parties to this Note, whether principal, surety, guarantor or
endorser, hereby waive presentment for payment, demand, protest, notice of
protest and notice of dishonor.

 B-2-1
 

 

This Note shall be governed by, and construed and enforced in
accordance with, the Laws of the State of New York, provided that, as to the
maximum lawful rate of interest which may be charged or collected, if the Laws
applicable to the Bank permit it to charge or collect a higher rate than the
Laws of the State of New York, then such Law applicable to the Bank shall apply
to the Bank under this Note.

	
  

  	
   

  	
   

  	
   

  	
  AVALONBAY
  COMMUNITIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 B-2-2
 

 

 

	
  Date

  	
   

  	
  Amount

  of Loan

  	
   

  	
  Amount of

  Principal Paid

  or Prepaid

  	
   

  	
  Balance of

  Principal Unpaid

  	
   

  	
  Notation

  Made By:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 B-2-3

 

EXHIBIT D

SOLVENCY
CERTIFICATE

The person executing this
certificate is the                                         
of AvalonBay Communities, Inc., a Maryland corporation (“Borrower”), and is
familiar with its properties, assets and businesses, and is duly authorized to
execute this certificate on behalf of Borrower pursuant to Section 4.01(7) of
the Second Amended and Restated Revolving Loan Agreement dated the date hereof
(the “Loan Agreement”)
among Borrower, the banks party thereto (each a “Bank” and collectively, the “Banks”) and Bank of
America, N.A., as administrative agent for the Banks (in such capacity,
together with its successors in such capacity, “Administrative Agent”).  In executing this Certificate, such person is
acting solely in his or her capacity as the                      
of Borrower, and not in his or her individual capacity.  Unless otherwise defined herein, terms
defined in the Loan Agreement are used herein as therein defined.

The undersigned further
certifies that he or she has carefully reviewed the Loan Agreement and the
other Loan Documents and the contents of this Certificate and, in connection
herewith, has made such investigation and inquiries as he or she deems
reasonably necessary and prudent therefor. 
The undersigned further certifies that the financial information and
assumptions which underlie and form the basis for the representations made in
this Certificate were reasonable when made and were made in good faith and
continue to be reasonable as of the date hereof.

The undersigned
understands that Administrative Agent and the Banks are relying on the truth
and accuracy of this Certificate in connection with the transactions
contemplated by the Loan Agreement.

The undersigned certifies
that Borrower is Solvent.

IN WITNESS WHEREOF, the
undersigned has executed this Certificate on November 14, 2006.

	
  

  	
   

  	
   

  
	
  

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 D-1

 

EXHIBIT
E

ASSIGNMENT AND ACCEPTANCE

This Assignment and
Acceptance (the “Assignment
and Acceptance”) is dated as of the Effective Date set forth
below and is entered into by and between                                          
(the “Assignor”)
and                                    
(the “Assignee”).  Capitalized terms used but not defined herein
shall have the meanings given to them in the Loan Agreement identified below
(as amended, the “Loan
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
Acceptance 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 Loan Agreement, as of the Effective Date inserted by the Administrative
Agent as contemplated below, (a) all of the Assignor’s rights and obligations
in its capacity as a Bank under the Loan 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 without limitation any letters of credit, guarantees, and swingline
loans included in such facilities) and (b) 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 Bank) against any Person,
whether known or unknown, arising under or in connection with the Loan
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, but not limited to, 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 (a)
above (the rights and obligations sold and assigned pursuant to clauses (a) and
(b) 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
Acceptance, without representation or warranty by the Assignor.

	
  1.

  	
   

  	
  Assignor:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Assignee:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  [and is an Affiliate of                            (1)]

  
	
  3.

  	
   

  	
  Borrower:

  	
   

  	
  AvalonBay Communities, Inc.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Administrative Agent:

  	
   

  	
  Bank of America, N.A.,

  
	
   

  	
   

  	
   

  	
   

  	
  as the Administrative Agent under the Loan Agreement

  

(1)             Select
Bank as applicable.

 

 E-1
 

 

 

	
  5.

  	
   

  	
  Loan Agreement:

  	
   

  	
  The Second Amended and Restated Revolving Loan
  Agreement dated as of November 14, 2006 among AvalonBay Communities, Inc., as
  borrower, the Banks parties thereto, and Bank of America N.A. or any
  successor thereto, individually and as Administrative Agent, Swing Lender and
  Issuing Bank.

  
	
  6.

  	
   

  	
  Assigned Interest:

  	
   

  	
   

  

 

	
  Facility
  Assigned

  	
   

  	
  Aggregate Amount of Loan

  Commitment/Loans

  for all Lenders*

  	
   

  	
  Amount of Loan

  Commitment/Loans

  Assigned*

  	
   

  	
  Percentage Assigned

  of Loan

  Commitment/Loans(2)

  
	
  Loan Commitment

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
  %

  
	
  Ratable Loans

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
  %

  
	
  Bid Rate Loans

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
  %

  
	
  Participations in Letters of Credit

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
  %

  
	
  [Swing Loans]

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
  %

  

 

	
  [7

  	
   

  	
  Trade Date:

  	
   

  	
                                    ](3)

  

 

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

[Remainder of Page Intentionally
Left Blank]

 

*                   Amount to be adjusted by the
counterparties to take into account any payments or prepayments made between
the Trade Date and the Effective Date.

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

(3)             To
be completed if the Assignor and the Assignee intend that the minimum
assignment amount is to be determined as of the Trade Date.

 E-2
 

 

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

	
  

  	
   

  	
  ASSIGNOR

  
	
   

  	
   

  	
  [NAME OF ASSIGNOR]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ASSIGNEE

  
	
   

  	
   

  	
  [NAME OF ASSIGNEE]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

[Consented
to and](4) Accepted:

BANK OF AMERICA, N.A.,

acting in its capacity as Administrative

Agent and as Issuing Bank

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

[Consented
to:

AVALONBAY
COMMUNITIES, Inc.,

a Maryland corporation

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:](5)

  	
   

  	
   

  

 

(4)             Administrative
Agent/Issuing Bank consent is not required for assignments to another
Bank.  See
Section 12.05 of Loan Agreement.

(5)             Borrower
consent is required unless (a) assignment is to a Bank, or Affiliate of a Bank
or an Approved Fund, or (b) an Event of Default has occurred and is
continuing.  See Section 12.05 of the Loan Agreement.

 E-3
 

 

ANNEX 1

Re:  The Second
Amended and Restated Revolving Loan Agreement dated as of November 14, 2006,
among AvalonBay Communities, Inc., as borrower, the Banks parties thereto, Bank
of America, N.A. and any successors thereto, individually and as Administrative
Agent, Swing Lender and Issuing Bank (the “Loan Agreement”).  Capitalized terms used but not defined herein
shall have the meanings given to them in the Assignment and Acceptance to which
this annex is attached and if not defined therein, shall have the meanings
given to them in the Loan Agreement.

STANDARD TERMS AND
CONDITIONS FOR

ASSIGNMENT AND ACCEPTANCE

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 Acceptance 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 Loan 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 Acceptance and to consummate the
transactions contemplated hereby and to become a Bank under the Loan Agreement,
(ii) it meets all requirements of an Assignee under the Loan Agreement (subject
to receipt of such consents as may be required under the Loan Agreement), (iii)
from and after the Effective Date, it shall be bound by the provisions of the
Loan Agreement as a Bank thereunder and, to the extent of the Assigned
Interest, shall have the obligations of a Bank thereunder, and (iv) it has
received a copy of the Loan Agreement, together with copies of the most recent
financial statements delivered pursuant to §4.01(3) and §6.09 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 Acceptance 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 Bank, and (v) if it is a non-U.S.
Bank, attached to the Assignment and Acceptance is any documentation required
to be delivered by it pursuant to the terms of the Loan Agreement, duly
completed and executed by the Assignee; and (b) agrees that (i) it will,
independently and without reliance on the Administrative

 E-4
 

 

Agent, the Assignor or any other Bank, 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 Bank.

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 Assignee whether such amounts have accrued prior
to, on or after the Effective Date.  The
Assignor and the Assignee shall make all appropriate adjustments in payments by
the Administrative Agent for periods prior to the Effective Date or with
respect to the making of this assignment directly between themselves.

3.     General
Provisions.  This Assignment and Acceptance shall be binding
upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns.  This Assignment
and Acceptance 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 Acceptance by telecopy shall be effective as delivery of a
manually executed counterpart of this Assignment and Acceptance.  This Assignment and Acceptance shall be
governed by, and construed in accordance with, the laws of the State of New
York.

 E-5

 

EXHIBIT F

DESIGNATION
AGREEMENT

Reference is made to that
certain Second Amended and Restated Revolving Loan Agreement dated as of
November 14, 2006 (as amended, supplemented or otherwise modified from time to
time, the “Loan
Agreement”) among AvalonBay Communities, Inc., a Maryland
corporation, the banks parties thereto, and Bank of America, N.A., as
administrative agent for said banks. 
Terms defined in the Loan Agreement not otherwise defined herein are
used herein with the same meaning.

[BANK]
(“Designor”)
and                              ,
a                                                                
(“Designee”)
agree as follows:

1.             Designor hereby designates
Designee, and Designee hereby accepts such designation, to have a right to make
Bid Rate Loans pursuant to Section 2.02 of the Loan Agreement.  Any assignment by Designor to Designee of its
rights to make a Bid Rate Loan pursuant to such Section shall be effective at
the time of the funding of such Bid Rate Loan and not before such time.

2.             Except as set forth in Section 6
below, Designor makes no representation or warranty and assumes no
responsibility pursuant to this Designation Agreement with respect to (a) any
statements, warranties or representations made in or in connection with any Loan
Document or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of any Loan Document or any other instrument and document
furnished pursuant thereto and (b) the financial condition of Borrower or the
performance or observance by Borrower of any of its obligations under any Loan
Document or any other instrument or document furnished pursuant thereto.

3.             Designee (a) confirms that it has
received a copy of each Loan Document, together with copies of such financial
statements and other documents and information as it has deemed appropriate to
make its own credit analysis and decision to enter into this Designation
Agreement; (b) agrees that it will independently and without reliance upon
Administrative Agent, Designor or any other Bank, 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 any Loan Document;
(c) represents that it is a Designated Lender; (d) appoints and authorizes
Administrative Agent to take such action as agent on its behalf and to exercise
such powers and discretion under any Loan Document as are delegated to
Administrative Agent by the terms thereof, together with such powers and
discretion as are reasonably incidental thereto; and (e) agrees that it will
perform in accordance with their terms all of the obligations which by the
terms of any Loan Document are required to be performed by it as a Bank.

4.             Designee hereby appoints Designor
as Designee’s agent and attorney-in-fact, and grants to Designor an irrevocable
power of attorney, to receive payments made for the benefit of Designee under
the Loan Agreement, to deliver and receive all communications and notices under
the Loan Agreement and other Loan Documents and to exercise on Designee’s
behalf all rights to vote and to grant and make approvals, waivers, consents or
amendments to or under the

 F-1
 

 

Loan Agreement or other
Loan Documents.  Any document executed by
Designor on Designee’s behalf in connection with the Loan Agreement or other
Loan Documents shall be binding on Designee. 
Borrower, Administrative Agent and each of the Banks may rely on and are
beneficiaries of this Designation Agreement.

5.             Following the execution of this
Designation Agreement by Designor and Designee, it will be delivered to
Administrative Agent for acceptance by Administrative Agent.  The effective date for this Designation
Agreement (the “Effective
Date”) shall be the date of acceptance hereof by Administrative
Agent.

6.             Designor unconditionally agrees to
pay or reimburse Designee and save Designee harmless against all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed
or asserted by any of the parties to the Loan Documents against Designee, in
its capacity as such, in any way relating to or arising out of this Agreement
or any other Loan Documents or any action taken or omitted by the Designee
hereunder or thereunder, provided that Designor shall not be liable for
any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements if the same results
from Designee’s gross negligence or willful misconduct.

7.             As of the Effective Date, Designee
shall be a party to the Loan Agreement with a right to make Bid Rate Loans as a
Bank pursuant to Section 2.02 of the Loan Agreement and the rights and
obligations of a Bank related thereto; provided, however, that
Designee shall not be required to make payments with respect to such
obligations except to the extent of excess cash flow of such Designee which is
not otherwise required to repay obligations of Designee which are then due and
payable.  Notwithstanding the foregoing,
Designor, as administrative agent for Designee, shall be and remain obligated
to Borrower, Administrative Agent and the Banks for each and every of the
obligations of Designee and its Designor with respect to the Loan Agreement,
including, without limitation, any indemnification obligations under Section
10.05 of the Loan Agreement.

8.             This Designation Agreement shall be
governed by, and construed in accordance with, the laws of the State of New
York.

9.             This Designation Agreement may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 F-2
 

 

IN WITNESS WHEREOF,
Designor and Designee have executed and delivered this Designation Agreement as
of the date first set forth above.

	
  

  	
   

  	
  [DESIGNOR]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [DESIGNEE]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Applicable Lending Office and Address for Notices:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:                     

  
	
   

  	
   

  	
  Telephone: (    )                

  
	
   

  	
   

  	
  Telecopy: (       )               

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ACCEPTED AS OF THE      
  DAY OF                           ,200   .

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANK OF AMERICA, N.A.,
  as Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 F-3

 

EXHIBIT G-1

BID RATE
QUOTE REQUEST

[Date]

To:          Bank
of America, N.A., as Administrative Agent (the “Administrative Agent”)

From:      AvalonBay Communities, Inc.

Re:                               Second
Amended and Restated Revolving Loan Agreement (the “Loan Agreement”)
dated as of November 14, 2006 among AvalonBay Communities, Inc., the Banks
parties thereto and the Administrative Agent

We hereby give notice
pursuant to Section 2.02 of the Loan Agreement that we request Bid Rate Quotes
for the following proposed Bid Rate Loans:

	
  Date
  of Borrowing:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Principal Amount*

  	
   

  	
   

  	
   

  	
  Interest Period**

  	
   

  

 

$

Such Bid Rate Quotes
should offer a(n) [LIBOR Bid Margin] [Absolute Bid Rate].

Terms used herein have
the meanings assigned to them in the Loan Agreement.

	
  

  	
   

  	
  AVALONBAY COMMUNITIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:(6)

  

 

*                    Subject
to the minimum amount and other requirements set forth in Section 2.02(a) of
the Loan Agreement.

**             Subject
to the provisions regarding “Interest Period” in the Loan Agreement.

 G-1-1

 

EXHIBIT G-2 

INVITATION FOR BID RATE QUOTES

To:          [Bank]

Re:          Invitation for Bid Rate Quotes to
AvalonBay Communities, Inc. (“Borrower”)

Pursuant to Section 2.02
of the Second Amended and Restated Revolving Loan Agreement dated as of
November 14, 2006 among Borrower, the Banks parties thereto and the
undersigned, as Administrative Agent, we are pleased on behalf of Borrower to
invite you to submit Bid Rate Quotes to Borrower for the following proposed Bid
Rate Loans:

	
  Date of Borrowing:

  	
   

  	
   

  	
   

  	
   

  
	
  Principal Amount

  	
   

  	
   

  	
   

  	
  Interest Period

  
	
  $

  	
   

  	
   

  	
   

  	
   

  

 

Such Bid Rate Quotes
should offer a(n) [LIBOR Bid Margin] [Absolute Bid Rate].

Please respond to this
invitation by no later than [2:00 P.M.][9:30 A.M.]  (New York time) on [date].(7)

Terms used herein have
the meanings assigned to them in the Loan Agreement.

	
  

  	
   

  	
  BANK OF AMERICA, N.A., as Administrative Agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

(7)             2:00
P.M. on the fourth Banking Day prior to proposed funding date in the case of a
LIBOR Auction; 9:30 A.M. on the Banking Day immediately preceding the proposed
funding date for Absolute Rate Auction.

 G-2-1

 

EXHIBIT G-3

BID RATE
QUOTE

To:          Bank
of America, N.A., as Administrative Agent

Re:                               Bid
Rate Quote to AvalonBay Communities, Inc. (“Borrower”) pursuant to the Second
Amended and Restated Revolving Loan Agreement dated November 14, 2006 among
Borrower, the Banks party thereto and you, as Administrative Agent (the “Loan Agreement”)

In response to your
invitation on behalf of Borrower dated                        
200    , we hereby make the following Bid Rate Quote on the
following terms:

	
  1.

  	
   

  	
  Quoting Bank:

  
	
  2.

  	
   

  	
  Person to contact at
  quoting Bank:

  	
   

  	
   

  
	
  3.

  	
   

  	
  Date of borrowing:

  	
   

  	
   

  	
  *

  
	
  4.

  	
   

  	
  We hereby offer to make Bid Rate Loan(s) in the
  following principal amounts, for the following Interest Periods and at the
  following rates:

  
								

 

	
  Principal Amount**

  	
   

  	
  Interest Period***

  	
   

  	
  LIBOR Bid Margin****

  	
   

  	
  Absolute Bid Rate

  
	
  $

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  $

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

[Provided, that the
aggregate principal amount of Bid Rate Loans for which the above offers may be
accepted shall not exceed $               .]

	
  5.

  	
   

  	
  LIBOR Reserve
  Requirement, if any:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Terms used herein have
  the meanings assigned to them in the Loan Agreement.

  

 

*                                         As specified
in the related Invitation for Bid Rate Quotes.

**                                  Principal amount bid
for each Interest Period may not exceed principal amount requested.  Specify aggregate limitation if the sum of
the individual offers exceeds the amount the Bank is willing to lend.  Amounts of bids are subject to the requirements
of Section 2.02(c) of the Loan Agreement.

***                           No more than three (3) bids
are permitted for each Interest Period.

****                    Margin over or under the LIBOR
Interest Rate determined for the applicable Interest Period.  Specify percentage (to the nearest
1/1,000 of 1%) and specify whether “PLUS” or “MINUS”.

 

 G-3-1
 

 

We
understand and agree that the offer(s) set forth above, subject to the
satisfaction of the applicable conditions set forth in the Loan Agreement,
irrevocably obligates us to make the Bid Rate Loan(s) for which any offer(s)
are accepted, in whole or in part.

	
  

  	
   

  	
  Very truly yours, [NAME
  OF BANK]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Officer

  
								

 

 

 G-3-2

 

EXHIBIT G-4

ACCEPTANCE
OF BID RATE QUOTE

To:          Bank
of America, N.A., as Administrative Agent (the “Administrative Agent”)

From:      AvalonBay Communities, Inc.

Re:                               Second
Amended and Restated Revolving Loan Agreement (the “Loan Agreement”)
dated as of November 14, 2006 among AvalonBay Communities, Inc., the Banks
parties thereto and Administrative Agent

We hereby accept the
offers to make Bid Rate Loan(s) set forth in the Bid Rate Quote(s) identified
below:

	
  Bank

  	
   

  	
  Date of Bid

  Rate Quote

  	
   

  	
  Principal

  Amount

  	
   

  	
  Interest

  Period

  	
   

  	
  LIBOR Bid

  Margin

  	
   

  	
  Absolute

  Bid Rate

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Terms used herein have
the meanings assigned to them in the Loan Agreement.

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AVALONBAY COMMUNITIES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 G-4-1

 

EXHIBIT
H

ACCEPTANCE
LETTER

Bank of America, N.A.,

as Administrative Agent

                                                 

                                                 

AvalonBay Communities,
Inc.

                                                 

                                                 

Gentlemen:

We refer to the Second
Amended and Restated Revolving Loan Agreement, dated as of November 14, 2006,
among AvalonBay Communities, Inc., as Borrower; Bank of America, N.A. and the
other lenders who have become a party to said Second Amended and Restated
Revolving Loan Agreement as original signatories thereto or through the
execution of Acceptance Letters or Assignment and Assumption Agreements prior
to the date hereof, as Banks; and Bank of America, N.A., as Administrative
Agent.  Said Second Amended and Restated
Revolving Loan Agreement, as amended from time to time, is hereinafter referred
to as the “Loan
Agreement”.  Capitalized
terms not otherwise defined herein shall have the respective definitions given
them in the Loan Agreement.

You and we hereby
acknowledge and agree that, pursuant to Section 2.19 of the Loan Agreement, we
are hereby made a party to the Loan Agreement, and for all purposes of the Loan
Agreement shall be, and shall have all the rights and obligations of, a Bank,
with a Loan Commitment in the amount of $                     .
We hereby acknowledge receipt of a Ratable Loan Note from Borrower in said
principal amount.  Each of you
acknowledges your consent to our becoming a Bank and to the amount of our Loan
Commitment.

Immediately following the
execution hereof by all parties, we shall, pursuant to paragraph (c) of Section
2.19 of the Loan Agreement, remit to Administrative Agent the sum of $                   ,
which shall be deemed the first advance under our Ratable Loan.  Attached hereto as Schedule A is an updated
list setting forth the Total Loan Commitment, each Bank’s Loan Commitment and
the principal balance that will be outstanding under each Bank’s Ratable Loan
Note following our disbursement of funds as aforesaid and the application
thereof as provided in said paragraph (c) of Section 2.19.

Set forth beneath our
signature are the location of our Applicable Lending Office(s) and our address
for notices under the Loan Agreement.

 H-1
 

 

Kindly indicate your
agreement with the foregoing by your execution below.

	
  

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [NEW BANK]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Applicable Lending Office:

  

 

Agreement acknowledged this day of
                  ,
200   .

AVALONBAY COMMUNITIES, INC.

	
  By

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

Agreement acknowledged this day of
                     ,
200   .

BANK OF AMERICA, N.A.,

as Administrative Agent

	
  By

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 H-2

 

EXHIBIT
I

FORM OF
SUBSIDIARY GUARANTY

Subsidiary Guaranty,
dated as of                    ,
200      by and among the undersigned (the “Subsidiary Guarantor”),
in favor of each of the Banks (as defined herein) and Bank of America, N.A., as
administrative agent (in such capacity, the “Administrative Agent”) for itself and
for the other financial institutions (collectively, the “Banks”) which are or
may become parties to the Second Amended and Restated Revolving Loan Agreement
dated as of November 14, 2006 among AvalonBay Communities, Inc. (the “Borrower”), the
Administrative Agent, and the Banks (as amended, supplemented or otherwise
modified from time to time, the “Loan Agreement”).  Capitalized terms used herein without
definition shall have the meanings ascribed to them in the Loan Agreement.

WHEREAS, the Borrower, the Administrative Agent,
the Banks and the other parties thereto have entered into the Loan Agreement;

WHEREAS, the Borrower and the Subsidiary
Guarantor are members of a group of related entities, the success of each of
which is dependent in part on the success of the other members of such group;

WHEREAS, the Subsidiary Guarantor expects to
receive substantial direct and indirect benefits from the Loans and other
extensions of credit made by each Bank to the Borrower pursuant to the Loan
Agreement (which benefits are hereby acknowledged);

WHEREAS, the Borrower has covenanted and agreed
with the Banks, that pursuant to the definition of Unencumbered Assets set
forth in Section 1.01 of the Loan Agreement, the undersigned Subsidiary
Guarantor shall execute and deliver this Subsidiary Guaranty; and

WHEREAS, the Subsidiary Guarantor wishes to
guaranty the Borrower’s obligations to the Banks and the Administrative Agent
under and in respect of the Loan Agreement as herein provided;

NOW, THEREFORE, in consideration of the foregoing, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:

1.             Guaranty of Payment and Performance
of Obligations.  In consideration of
the Banks’ extending credit, or otherwise, in their discretion, giving time,
financial or banking facilities or accommodations to the Borrower, the
Subsidiary Guarantor hereby absolutely, irrevocably and unconditionally
guarantees to the Administrative Agent and each Bank that the Borrower will
duly and punctually pay or perform, at the place specified therefor, or if no
place is specified, at the Administrative Agent’s head office, (i) all
indebtedness, obligations and liabilities of the Borrower to any of the Banks
and the Administrative Agent, individually or collectively, under the Loan

 I-1
 

 

Agreement
or any of the other Loan Documents or in respect of any of the Loans or the
Letters of Credit, or the Notes or other instruments at any time evidencing any
obligations thereunder, whether existing on the date of the Loan Agreement or
arising or incurred thereafter, direct or indirect, secured or unsecured, joint
or several, absolute or contingent, matured or unmatured, liquidated or
unliquidated, arising by contract, operation of law or otherwise, including all
such which would become due but for the operation of the automatic stay
pursuant to §362(a) of the Federal Bankruptcy Code and the operation of
§§502(b) and 506(b) of the Federal Bankruptcy Code; and (ii) without limitation
of the foregoing, all reasonable fees, costs and expenses incurred by the
Administrative Agent or the Banks in attempting to collect or enforce any of
the foregoing, accrued in each case to the date of payment thereof
(collectively the “Obligations”
and individually an “Obligation”).  This Subsidiary Guaranty is an absolute,
unconditional, irrevocable and continuing guaranty of the full and punctual
payment and performance by the Borrower of the Obligations and not of their
collectibility only and is in no way conditioned upon any requirement that any
Bank or the Administrative Agent first attempt to collect any of the
Obligations from the Borrower or resort to any security or other means of obtaining
payment of any of the Obligations which any Bank or the Administrative Agent
now has or may acquire after the date hereof or upon any other contingency
whatsoever.  Upon any Event of Default
which is continuing by the Borrower in the full and punctual payment and
performance of the Obligations, the liabilities and obligations of the
Subsidiary Guarantor hereunder shall, at the option of the Administrative
Agent, become forthwith due and payable to the Administrative Agent and to the
Bank or Banks owed the same without demand or notice of any nature, all of
which are expressly waived by the Subsidiary Guarantor, except for notices
required to be given to the Borrower under the Loan Documents.  Payments by the Subsidiary Guarantor
hereunder may be required by any Bank or the Administrative Agent on any number
of occasions.

2.             Subsidiary Guarantor’s Further
Agreements to Pay.  The Subsidiary
Guarantor further agrees, as the principal obligor and not as a guarantor only,
to pay to each Bank and the Administrative Agent forthwith upon demand, in
funds immediately available to such Bank or the Administrative Agent, all costs
and expenses (including court costs and legal fees and expenses) incurred or
expended by the Administrative Agent or such Bank in connection with this
Subsidiary Guaranty and the enforcement hereof, together with interest on
amounts recoverable under this Subsidiary Guaranty from the time after such
amounts become due at the default rate of interest set forth in the Loan
Agreement; provided that if such
interest exceeds the maximum amount permitted to be paid under applicable law,
then such interest shall be reduced to such maximum permitted amount.

3.             Payments.  The Subsidiary Guarantor covenants and agrees
that the Obligations will be paid strictly in accordance with their respective
terms regardless of any law, regulation or order now or hereafter in effect in
any jurisdiction affecting any of such terms or the rights of the
Administrative Agent or any Bank with respect thereto.  Without limiting the generality of the
foregoing, the Subsidiary Guarantor’s obligations hereunder with respect to any
Obligation shall not be discharged by a payment in a currency other than the
currency in which such Obligation is denominated (the “Obligation Currency”)
or at a place other than the place specified for the payment of such
Obligation, whether pursuant to a judgment or otherwise, to the extent that the
amount so paid on conversion to the Obligation Currency and transferred to New
York, New York, U.S.A., under normal banking procedures does not yield the
amount of Obligation Currency due thereunder.

 I-2
 

 

4.             Taxes.  All payments hereunder shall be made without
any counterclaim or set-off, free and clear of, and without reduction for any
Indemnified Taxes or Other Taxes, which are now or may hereafter be imposed,
levied or assessed by any Governmental Authority on payments hereunder, all of
which will be for the account of and paid by the Subsidiary Guarantor.  If for any reason, any such reduction is made
or any Taxes are paid by the Administrative Agent or any Bank (except for taxes
on income or profits of the Administrative Agent or such Bank), the Subsidiary
Guarantor agrees to pay to the Administrative Agent or such Bank such
additional amounts as may be necessary to ensure that the Administrative Agent
or such Bank receives the same net amount which it would have received had no
such reduction been made or Taxes paid.

5.             Consent to Jurisdiction.  The Subsidiary Guarantor agrees that any suit
for the enforcement of this Subsidiary Guaranty or any of the other Loan
Documents may be brought in the courts of the State of New York sitting in New
York, New York or any federal court sitting in New York, New York and consents
to the non-exclusive jurisdiction of such courts and the service of process in
any such suit being made upon the Subsidiary Guarantor by mail at the address
specified herein.  Except to the extent
such waiver is expressly prohibited by law, the Subsidiary Guarantor hereby
waives any objection that it may now or hereafter have to the venue of any such
suit or any such court or that such suit is brought in an inconvenient court.

6.             Liability of the Subsidiary
Guarantor.  The Administrative Agent
and the Bank have and shall have the absolute right to enforce the liability of
the Subsidiary Guarantor hereunder without resort to any other right or remedy
including any right or remedy under any other guaranty or against any other
guarantor of any of the Obligations, and the release or discharge of any other
guarantor of any Obligations shall not affect the continuing liability of the
Subsidiary Guarantor hereunder that has not been released or discharged.

7.             Representations and Warranties;
Covenants.  (a) The Subsidiary
Guarantor hereby makes and confirms the representations and warranties made on
its behalf by the Borrower pursuant to Article V of the Loan Agreement, as if
such representations and warranties were set forth herein.  The Subsidiary Guarantor hereby agrees to
perform the covenants set forth in Articles VI and VII of the Loan Agreement
(to the extent such covenants expressly apply to the Subsidiary Guarantor) as
if such covenants were set forth herein. 
The Subsidiary Guarantor acknowledges that it is, on a collective basis
with the Borrower and all other Subsidiary Guarantors, bound by the financial
covenants and other covenants set forth in Article VIII of the Loan
Agreement.  The Subsidiary Guarantor
hereby confirms that it shall be bound by all acts or omissions of the Borrower
pursuant to the Loan Agreement.

(b)           The Subsidiary Guarantor represents
and warrants that it is a limited liability company, limited partnership,
corporation, or other legal entity, as applicable, duly formed or organized,
validly existing and in good standing under the laws of the state of its
formation or organization; the Subsidiary Guarantor has all requisite limited
liability company, limited partnership, corporate or other legal entity power,
as applicable, to own its respective properties and conduct its respective
business as now conducted and as presently contemplated; and the Subsidiary
Guarantor is in good standing as a foreign entity and is duly authorized to do
business in the jurisdictions where the properties and Unencumbered Assets
owned by it are located and in each other jurisdiction where such qualification
is necessary except where a failure to be so qualified in such other
jurisdiction would not cause a Material Adverse Change.  The execution,

 I-3
 

 

delivery and performance
of this Subsidiary Guaranty and the transactions contemplated hereby (i) are
within the authority of the Subsidiary Guarantor, (ii) have been duly
authorized by all necessary proceedings on the part of the Subsidiary Guarantor
and any member, manager, or other controlling Person thereof, (iii) do not
conflict with or result in any breach or contravention of any provision of law,
statute, rule or regulation to which the Subsidiary Guarantor is subject or any
judgment, order, writ, injunction, license or permit applicable to the Subsidiary
Guarantor, (iv) do not conflict with any provision of the Certificate of
Organization or Formation, the limited liability company agreement, articles of
incorporation, bylaws, or other authority documents of the Subsidiary Guarantor
or the authority documents of any controlling Person thereof, and (v) do not
contravene any provisions of, or constitute a Default or Event of Default or a
default under or a failure to comply with any term, condition or provision of,
any other agreement, instrument, judgment, order, decree, permit, license or
undertaking binding upon or applicable to the Subsidiary Guarantor or any of
the Subsidiary Guarantor’s properties (except for any such failure to comply
under any such other agreement, instrument, judgment, order, decree, permit,
license, or undertaking as would not cause a Material Adverse Change) or result
in the creation of any mortgage, pledge, security interest, lien, encumbrance
or charge upon any of the properties or assets of the Subsidiary Guarantor.

(c)           This Subsidiary Guaranty has been
duly executed and delivered by and constitutes the legal, valid and binding and
enforceable obligations of the Subsidiary Guarantor, subject only to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
other laws relating to or affecting generally the enforcement of creditors’
rights and to the fact that the availability of the remedy of specific
performance or injunctive relief is subject to the discretion of the court
before which any proceeding therefor may be brought.

(d)           The execution, delivery and
performance by the Subsidiary Guarantor of this Subsidiary Guaranty and the
transactions contemplated hereby do not require (i) the approval or consent of
any governmental agency or authority other than those already obtained, or (ii)
filing with any governmental agency or authority, other than filings which will
be made with the SEC when and as required by law.

8.             Effectiveness.  The obligations of the Subsidiary Guarantor
under this Subsidiary Guaranty shall continue in full force and effect and
shall remain in operation until all of the Obligations shall have been
indefeasibly paid in full or otherwise fully satisfied, and shall continue to
be effective or be reinstated, as the case may be, if at any time payment or
other satisfaction of any of the Obligations is rescinded or must otherwise be
restored or returned upon the bankruptcy, insolvency, or reorganization of the
Borrower, or otherwise, as though such payment had not been made or other satisfaction
occurred.  No invalidity, irregularity or
unenforceability of the Obligations by reason of applicable bankruptcy laws or
any other similar law, or by reason of any law or order of any government or
agency thereof purporting to reduce, amend or otherwise affect the Obligations,
shall impair, affect, be a defense to or claim against the obligations of the
Subsidiary Guarantor under this Subsidiary Guaranty.

9.             Freedom of Bank to Deal with
Borrower and Other Parties.  The
Administrative Agent and each Bank shall be at liberty, without giving notice
to or obtaining the assent of the Subsidiary Guarantor and without relieving
the Subsidiary Guarantor of any liability hereunder, to

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deal
with the Borrower and with each other party who now is or after the date hereof
becomes liable in any manner for any of the Obligations, in such manner as the
Administrative Agent or such Bank in its sole discretion deems fit, and to this
end the Subsidiary Guarantor gives to the Administrative Agent and each Bank full
authority in its sole discretion to do any or all of the following things: (a)
extend credit, make loans and afford other financial accommodations to the
Borrower at such times, in such amounts and on such terms as the Administrative
Agent or such Bank may approve, (b) vary the terms and grant extensions of any
of the Obligations, any of the Loan Documents or any other present or future
indebtedness or obligation of the Borrower or of any other party to the
Administrative Agent or such Bank, (c) grant time, waivers and other
indulgences in respect thereof, (d) vary, exchange, release or discharge,
wholly or partially, or delay in or abstain from perfecting and enforcing, or
impair, any security or guaranty or other means of obtaining payment of any of
the Obligations which the Administrative Agent or any Bank now has or may
acquire after the date hereof, (e) accept partial payments from the Borrower or
any such other party, (f) release or discharge, wholly or partially, any
endorser or guarantor, and (g) compromise or make any settlement or other
arrangement with the Borrower or any such other party.

10.           Unenforceability of Obligations
Against Borrower; Invalidity of Security or Other Guaranties.  If for any reason the Borrower has no legal
existence or is under no legal obligation to discharge any of the Obligations
undertaken or purported to be undertaken by it or on its behalf, or if any of
the moneys included in the Obligations have become irrecoverable from the
Borrower by operation of law or for any other reason, this Subsidiary Guaranty
shall nevertheless be binding on the Subsidiary Guarantor to the same extent as
if the Subsidiary Guarantor at all times had been the principal debtor on all
such Obligations.  This Subsidiary
Guaranty shall be in addition to any other guaranty or other security for the
Obligations, and it shall not be prejudiced or rendered unenforceable by the
invalidity of any such other guaranty or security.

11.           Waivers by Subsidiary Guarantor.  The Subsidiary Guarantor waives notice of
acceptance hereof, notice of any action taken or omitted by the Administrative
Agent or any Bank in reliance hereon, and any requirement that the
Administrative Agent or any Bank be diligent or prompt in making demands
hereunder, giving notice of any default by the Borrower or asserting any other
rights of the Administrative Agent or any Bank hereunder.  The Subsidiary Guarantor also irrevocably
waives, to the fullest extent permitted by law, all defenses in the nature of
suretyship that at any time may be available in respect of the Subsidiary
Guarantor’s obligations hereunder by virtue of any statute of limitations,
valuation, stay, moratorium law or other similar law now or hereafter in
effect.

12.           Restriction on Subrogation and
Contribution Rights.  Notwithstanding
any other provision to the contrary contained herein or provided by applicable
law, unless and until all of the Obligations have been indefeasibly paid in
full in cash and satisfied in full, the Subsidiary Guarantor hereby irrevocably
defers and agrees not to enforce any and all rights it may have at any time
(whether arising directly or indirectly, by operation of law or by contract) to
assert any claim against the Borrower on account of payments made under this
Subsidiary Guaranty, including, without limitation, any and all rights of or
claim for subrogation, contribution, reimbursement, exoneration and indemnity,
and further waives any benefit of and any right to participate in any
collateral which may be held by the Administrative Agent or any Bank or any
affiliate of the Administrative Agent or any Bank.  In addition, the Subsidiary Guarantor will
not claim any set-off

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or
counterclaim against the Borrower in respect of any liability it may have to
the Borrower unless and until all of the Obligations have been indefeasibly
paid in full in cash and satisfied in full.

Subject to the foregoing
and the indefeasible performance and payment in full of the Obligations, the
Subsidiary Guarantor acknowledges that all other guarantors of any of the Obligations
shall have contribution rights against the Subsidiary Guarantor in accordance
with applicable law and in accordance with each such Person’s benefits received
under the Loan Agreement and in respect of the Loans and the Letters of Credit.

13.           Demands.  Any demand on or notice made or required to
be given pursuant to this Subsidiary Guaranty shall be in writing and shall be
delivered in hand, mailed by United States registered or certified first class
mail, postage prepaid, return receipt requested, sent by overnight courier, or
sent by telegraph, telecopy, telefax or telex and confirmed by delivery via
courier or postal service, addressed as follows:

(a)           if to the Subsidiary Guarantor, at

AvalonBay
Communities, Inc.

100 Bridgeport Avenue, Suite 258

Shelton, CT 06484

or at such other address
for notice as the Subsidiary Guarantor shall last have furnished in writing to
the Administrative Agent;

(b)           if to the Administrative Agent, at

Bank
of America, N.A.

777 Main Street

Hartford, CT  06115

Attn:                                     

or
at such other address for notice as the Administrative Agent shall last have
furnished in writing to the Subsidiary Guarantor; and

(c)           if to any Bank, at such Bank’s
address as set forth in its Administrative Questionnaire.

Any such notice or
demand shall be deemed to have been duly given or made and to have become
effective (i) if delivered by hand, overnight courier or facsimile to the party
to which it is directed, at the time of the receipt thereof by such party or
the confirmed transmission of such facsimile or (ii) if sent by registered or
certified first-class mail, postage prepaid, return receipt requested, on the
fifth Business Day following the mailing thereof.

14.           Amendments, Waivers, Etc.  No provision of this Subsidiary Guaranty can
be changed, waived, discharged or terminated except by an instrument in writing
signed by the Administrative Agent (acting with the requisite consent of the
Banks as provided in the Loan Agreement) and the Subsidiary Guarantor expressly
referring to the provision of this Subsidiary

 I-6
 

 

Guaranty
to which such instrument relates; and no such waiver shall extend to, affect or
impair any right with respect to any Obligation which is not expressly dealt
with therein.  No course of dealing or delay
or omission on the part of the Administrative Agent or the Banks or any of them
in exercising any right shall operate as a waiver thereof or otherwise be
prejudicial thereto.

15.           Further Assurances.  The Subsidiary Guarantor at its sole cost and
expense agrees to do all such things and execute, acknowledge and deliver all
such documents and instruments as the Administrative Agent from time to time
may reasonably request in order to give full effect to this Subsidiary Guaranty
and to perfect and preserve the rights and powers of the Administrative Agent
and the Banks hereunder.

16.           Miscellaneous Provisions.  This Subsidiary Guaranty shall be governed by
and construed in accordance with the laws of the State of New York and shall
inure to the benefit of the Administrative Agent, each Bank and their
respective successors in title and assigns permitted under the Loan Agreement,
and shall be binding on the Subsidiary Guarantor and the Subsidiary Guarantor’s
successors in title, assigns and legal representatives, provided that the
Subsidiary Guarantor may not assign, transfer or delegate any of its rights or
obligations hereunder without the prior written consent of the Administrative
Agent and all of the Banks (and any attempted such assignment without such consent
shall be null and void).  The rights and
remedies herein provided are cumulative and not exclusive of any remedies
provided by law or any other agreement. 
The invalidity or unenforceability of any one or more sections of this
Subsidiary Guaranty shall not affect the validity or enforceability of its
remaining provisions.  Captions are for
ease of reference only and shall not affect the meaning of the relevant
provisions.  The meanings of all defined
terms used in this Subsidiary Guaranty shall be equally applicable to the
singular and plural forms of the terms defined.

17.           WAIVER OF JURY TRIAL.  EXCEPT TO THE EXTENT SUCH WAIVER IS EXPRESSLY
PROHIBITED BY LAW, THE SUBSIDIARY GUARANTOR HEREBY IRREVOCABLY WAIVES TRIAL BY
JURY IN ANY JURISDICTION AND IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH,
OR ARISING OUT OF THIS SUBSIDIARY GUARANTY, THE OBLIGATIONS, OR ANY INSTRUMENT
OR DOCUMENT DELIVERED PURSUANT HERETO OR THERETO OR ANY OTHER CLAIM OR DISPUTE
HOWSOEVER ARISING, AMONG THE SUBSIDIARY GUARANTOR, THE BORROWER, THE
ADMINISTRATIVE AGENT AND/OR THE BANKS. 
THIS WAIVER OF JURY TRIAL SHALL BE EFFECTIVE FOR EACH AND EVERY DOCUMENT
EXECUTED BY THE SUBSIDIARY GUARANTOR, THE ADMINISTRATIVE AGENT OR THE BANKS AND
DELIVERED TO THE ADMINISTRATIVE AGENT OR THE BANKS, AS THE CASE MAY BE, WHETHER
OR NOT SUCH DOCUMENTS SHALL CONTAIN SUCH A WAIVER OF JURY TRIAL.  THE SUBSIDIARY GUARANTOR CONFIRMS THAT THE
FOREGOING WAIVERS ARE INFORMED AND FREELY MADE.

[Remainder of Page Intentionally Left Blank]

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

	
  

  	
   

  	
  [SUBSIDIARY GUARANTOR]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 I-8EXHIBIT 10.1

TRANSITION AND RETIREMENT AGREEMENT

This Transition and Retirement Agreement (“Agreement”)
is entered into by James C. O’Shea on behalf of himself and his agents, heirs,
executors, assigns (“Executive”), Bioject Inc. (“Bioject”) and Bioject Medical
Technologies Inc. (“BMT”), and their successors and assigns, and the present
and former owners, directors, officers, employees, and agents of any of them
(collectively, the “Company”).  For
purposes of this Agreement, Executive and the Company are collectively referred
to as “the Parties.”

RECITALS

A.            Executive’s
employment with Bioject will terminate on December 31, 2006.

B.            Executive
and Bioject wish to enter into this Agreement pertaining to Executive’s
separation from Bioject in order to have a favorable transition and resolve any
and all outstanding matters between Executive and Bioject.

AGREEMENT

1.                                      SEPARATION
DATE; PAY AND BENEFITS; CONSULTING RESPONSIBILITIES.

1.1          SEPARATION DATE.  Executive’s date of separation of employment
with the Company will be December 31, 2006 (the “Separation Date”).  Prior to the Separation Date, Executive will fully
cooperate in diligently transitioning his duties.

1.2          PAY
AND BENEFITS.  Through the Separation
Date, Executive will (a) remain on the Bioject payroll and continue to receive
prorated bi-weekly payments of Executive’s annual base salary of $371,258.00
(the “Base Salary”), which will be paid on Bioject’s regular paydays in
accordance with its normal practices; (b) continue to accrue vacation, sick
leave, and remain eligible to participate in health benefits under the
then-current Company benefit programs; and (c) continue to be eligible to be
reimbursed for any reasonable pre-approved business expenses incurred by
Executive, subject to Bioject’s normal practices regarding reimbursement of
business expenses.

1.3          FINAL WAGES AND ACCRUED VACATION.  On the Separation Date, Bioject will pay
Executive for all final wages and any accrued but unused vacation time.

1.4          CONSULTING OBLIGATIONS.  From
January 1, 2007 through December 1, 2007, Executive agrees that he will be
available to respond to reasonable requests by the officers or directors of the
Company to consult regarding the affairs of the Company.  Executive agrees to use his reasonable best
efforts to perform his consulting responsibilities under this Agreement.

1.5          LITIGATION SUPPORT. 
Executive agrees to cooperate for a period through December 31, 2007 in defense or prosecution of ongoing
or future litigation or claims involving the Company about which Executive has
knowledge.

2.             SEVERANCE BENEFITS.  Subject to Executive’s compliance with the
requirements of this Agreement, including without limitation, the provisions of
Section 4, Bioject will pay Executive the following separation benefits
pursuant to the terms of this Agreement:

2.1          SEPARATION
PAY.  Separation pay of
$371,258.00, less applicable taxes and withholdings (the “Separation Pay”) will
be paid to Executive in equal bi-weekly installments, on dates generally
coinciding with regular Bioject paydays, commencing on the first Bioject payday
occurring after the Separation Date (the “Payment Period”) and ending on or
about December 31, 2007 (or the closest payday to that date.  Except as may be otherwise expressly provided
herein, during the Payment Period and thereafter, Executive will not be
entitled to participate in or accrue any employee benefits, including without
limitation, vacation or bonuses.

 1
 

 

2.2          BENEFITS. 
Executive acknowledges that Executive’s coverage under Bioject’s group
health plan will terminate on December 31, 2006.  Executive may immediately thereafter exercise
whatever rights Executive may have under COBRA to continue medical benefits
under Bioject’s group health plan.  
Should Executive exercise Executive’s right of continued coverage under
COBRA, Bioject will pay the cost of Executive’s premium under COBRA (including
medical, dental and vision, but excluding medical flexible spending account)
for a period of twelve (12) months, commencing on January 1, 2007.

2.3          STOCK OPTIONS.  All stock options which have
previously been awarded to Executive under any BMT stock incentive plan,
including any amended plan, and the BMT incentive stock option and restricted
stock unit award agreements (hereinafter referred to collectively as the “BMT
Stock Awards”), but are not yet vested, will be 100% vested on the Effective
Date; provided, however, that those restricted stock unit awards that vest
based on performance shall continue to vest based on performance through the
end of 2006, with any units that do not vest at the end of such performance
period then ending to be forfeited.  A
list of all such BMT Stock Awards is attached hereto as Appendix A.  Executive acknowledges that the list is
complete and accurate.  Pursuant to the
terms of the BMT Stock Awards, Executive may exercise the stock options under
the incentive stock option agreements (“ISO”) in whole or in part at any time
prior to two (2) years from the Effective Date of this Agreement.  Executive acknowledges that as a result of
the extension of the exercise period to a time beyond three (3) months after
termination of employment, the ISOs may become nonqualified stock options and
cease to receive their favorable tax treatment. 
Except as expressly set forth in this Section 2.3, all the other conditions
and restrictions in the Incentive Stock Option Agreement(s), the Restricted
Stock Unit Grant Agreement, and the Plan, shall remain in effect.

2.4          RESIGNATION
OF OFFICER POSITION.  On the
Separation Date, Executive agrees to resign his position as an officer of
Bioject or BMT or any other entity in which Executive holds a position at the
request of Bioject or BMT.

2.5          EFFECT
OF DEATH.   In the event that Executive dies after having
executed the release, but prior to receiving all separation pay due under
Section 2.1, Company will provide all remaining payments, as scheduled, to
Executive’s surviving spouse, if any, or to his estate if there is no surviving
spouse.

3.             TAXES. 
All payments made and other benefits offered by the Company under this
Agreement, including those benefits relating to BMT Stock Awards as described
in Section 2.3, will be subject to applicable tax withholding, employer taxes
and/or other federal, state, social security, local taxes, or any other taxes
or deductions required by law.  All
payments will be paid in United States currency.

4.             WAIVER AND RELEASE.

4.1          Executive completely releases and forever
discharges Bioject, BMT, all predecessors and successors for such entities, and
all officers, directors, employees, agents, shareholders, representatives and
insurers of the aforementioned (hereinafter, the “Released Parties”) from any
and all liability, damages or causes of action, claims, reimbursements, charges,
judgments, or obligations of whatever kind or character Executive has or may
have against the Released Parties, including, without limitation, any claims under
any federal, state or local laws or regulations, including, but not limited to,
under Title VII of the Civil Rights Act of 1964, as amended; Title VII of the
Civil Rights Act of 1964; claims under the Civil Rights Action of 1991; claims
under the Age Discrimination in Employment Act of 1967, as amended; claims
under 42 USC § 1981, 1981a, 1983, 1985, or 1988; claims under the Family and
Medical Leave Act of 1993; claims under the Americans with Disabilities Act of
1990, as amended; claims under the Fair Labor Standards Act of 1938 as amended;
claims under the Employee Retirement Income Security Act of 1974, as amended;
the Worker Adjustment and Retraining Notification Act; the Equal Pay Act of
1963; the Consolidated Omnibus Budget Reconciliation Act of 1985; and all
amendments to each such Act as well as the regulations issued; or any other
federal, state, or local laws, rules or regulations, including any insurance, human
rights, civil rights, wage-hour, pension, or labor laws, rules or regulations;
public policy, contract or tort laws, or any claim of retaliation under any law.  Executive’s release of all claims against the
Released Parties also including, without limitation, any claim arising under
common law, including, but not limited to, causes of action for wrongful
termination; discrimination on the basis of age, sex, race, or national origin
or any other basis; intentional or negligent infliction of emotional distress;
intentional or negligent misrepresentation; fraud; conspiracy 

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to commit any act
mentioned herein; breach of the employment offer letter or of any other
contract (whether express or implied, oral or written); breach of the implied
covenant of good faith and fair dealing; interference with business advantage;
interference with prospective economic advantage; interference with contractual
relationship; defamation; failure to pay compensation of any kind, or to pay
equal compensation for equal work; or any other action whether cognizable in
law or in equity, based upon any conduct up to and including the date of the
Effective Date of this Agreement.  This
release also includes, without limitation, all claims under Executive’s
Employment Agreement.  Executive further covenants
that he will not initiate any claim against the Released Parties arising out of
or relating to his employment or the termination of his employment, or his
Employment Agreement.

4.2          Executive represents and warrants that he has
not assigned or subrogated any claim that he it has or may have against the
Released Parties, or authorized any other person or entity to assert such a
claim or claims on Executive’s behalf.

4.3          Executive agrees that as a material term of
this Agreement and as a condition precedent for any payment of severance
compensation, he shall sign and enter into the Supplemental Release that is
attached as Appendix B on or immediately after December 31, 2006.  Executive understands that the Supplemental
Release will release all claims against the Released Parties for all acts or
omissions through the Separation Date.

5.             ADEA WAIVER. 
Executive knowingly and voluntarily agrees to waive any rights or claims
arising out of or relating to the federal Age Discrimination in Employment Act
(29 USC) Section 621 et seq.) (“ADEA”) and Executive represents and
acknowledges that he has been informed of the following:  (a) Executive is waiving any and all rights
or claims that Executive may have arising under the ADEA; (b) Executive knows
and understands that in exchange for the waiver of Executive’s rights under
this Agreement, Executive is receiving consideration in addition to any
consideration to which Executive is already entitled; (c) Executive has had
ample time to review and analyze this entire Agreement, and understands its
final and binding effect; (d) Executive was given at least twenty-one (21) days
to consider this Agreement before signing it; (e) Executive has seven (7) days
to revoke this Agreement after signing and submitting it by notifying in
writing of such revocation; (f) Executive acknowledges that he has been, and
hereby is, advised that he may wish to have this Agreement reviewed by an
attorney of his choice.

6.             REVOCATION PERIOD AND EFFECTIVE DATE.  This Agreement may be accepted by Executive
by delivering the Agreement signed by or on behalf of Executive to Bioject by
no later than twenty-one (21) days following the receipt by Executive of this
Agreement.  The signed agreement must be
delivered to the following address: 
20245 S.W. 95th Avenue Tualatin, Oregon 97062, Attn:  C. Farrell. 
This Agreement shall become effective on the eighth (8th) day after the day that Executive executes
and delivers the Agreement, provided that the Agreement has not been rescinded
or revoked (“Effective Date”).  In the event of any such revocation of this
Agreement, the obligations contained herein and in the Agreement shall be null
and void and of no further force and effect, and there shall be no obligation
by Bioject to pay the sums, or provide the benefits, otherwise provided for in
this Agreement.

7.             COMPANY PROPERTY.  Executive represents and warrants that as of
the Separation Date Executive has turned over to Bioject all files, memoranda,
keys, credit cards, manuals, equipment (with the exception of Executive’s
personal computer), data, records and other documents, including electronically
recorded documents and data, and physical property that Executive received from
Bioject or its or their employees or that Executive generated in the course of
employment with Bioject , including all confidential and/or proprietary
information.

8.             CONFIDENTIALITY.  In the course of Executive’s employment with Bioject,
Executive acquired information the Company considers to be confidential (“Confidential
Information”).  For purposes of this
Agreement, “Confidential Information” means trade secrets, and all other
information about the Company or relating to the business of the Company that
is not generally available to the public and is deemed proprietary or
confidential by the Company, whether recorded or merely remembered.  Confidential Information includes, but is not
limited to, programs, compensation information, identity of or confidential
information about customers, clients or patients, sources of finance or
suppliers, market surveys, business or marketing plans, prospective business
interests, contract terms, licenses, strategic information, procedures,
financial information, and personnel information. Executive understands and
agrees that such Confidential Information was disclosed to Executive in 

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confidence
and for the benefit and use of only the Company.  Executive acknowledges that he has no
ownership right or interest in any Confidential Information used or developed
during the course of Executive’s employment. 
Executive understands and agrees that (a)  Executive will keep such Confidential
Information confidential at all times after termination of Executive’s
employment with the Company and (b) Executive will not make use of Confidential
Information on Executive’s behalf or on behalf of any third party.  Executive represents and warrants that
Executive has not disclosed or revealed, either directly or indirectly, or used
in any way Confidential Information, except as authorized by Bioject.  Executive agrees to keep the terms of this
Agreement confidential, and will not disclose any information concerning this
Agreement or its terms to anyone other than Executive’s immediate family, legal
counsel, and financial advisors, who will also be bound by this confidentiality
clause.  The obligations of
confidentiality under this provision are in addition to any obligations imposed
under federal or state laws.  Nothing in this
provision prohibits disclosures required by law or the legal process.

9.             BINDING
EFFECT.  This Agreement is and shall
be binding upon and inure to the benefit of the Parties hereto and their
respective heirs, affiliates, predecessors, successors and assigns.

10.          AMENDMENT/SEVERABILITY.  This Agreement may be modified only in a writing
signed by Executive and an officer of Bioject. 
The provisions of this Agreement are severable, and if any provision of
it is found to be unlawful or unenforceable, it shall be deemed narrowed to the
extent required to make it lawful and enforceable.  If such modification is not possible, such
provision shall be severed from the Agreement and the remaining provisions
shall remain fully valid and enforceable to the maximum extent consistent with
applicable law.

11.          LITIGATION.  In any dispute arising from this Agreement
the prevailing Party shall be entitled to costs and attorneys fees.  This Agreement shall be governed by and
interpreted under the laws of the State of Oregon, without reference to its
choice of law provisions.   Any action to
enforce this Agreement shall be filed exclusively in the State of Oregon in
State or U.S. District Court.

12.          OTHER. 
In executing this Agreement, Executive did not rely upon any
representation or statement by any representative of Bioject concerning the
subject matter of this Agreement, except as expressly stated in the
Agreement.  Executive represents and
warrants that Executive is the sole owner of all claims, demands and causes of
action referred to in this Agreement, and has not assigned, transferred, or
otherwise disposed of his right or interest in those matters.  Except as may be otherwise provided in this
Agreement, this Agreement,  supersedes
all agreements and understandings between Executive and Bioject pertaining to
Executive’s separation from employment; provided, however, that Executive’s
obligations under Section 6 of the Executive Employment Agreement, dated
October 3, 1995, between Executive and the Company, as amended August 31, 2004,
shall remain in full force and effect.

 

	
  

  	
  Bioject Inc.

  
	
   

  	
   

  
	
  

  	
   

  	
   

  
	
   /s/ JAMES C.
  O’SHEA

  	
   

  	
  By:

  	
  /s/ JERALD S. COBBS

  	
   

  
	
  (Executive’s Signature) 

  	
   

  
	
   

  	
  Its:

  	
  Director

  	
   

  
	
  James C. O’Shea

  	
   

  	
   

  
	
  (Print name) 

  	
  Date:

  	
  November 14, 2006

  	
   

  
	
   

  	
   

  
	
  November 13,
  2006

  	
   

  	
  Bioject Medical Technologies Inc.

  
	
   

  	
   

  
	
  (Date) 

  	
  By:

  	
  /s/ JERALD S. COBBS

  	
   

  
	
   

  	
   

  
	
  (Executive’s
  Address) 

  	
  Its:

  	
  Director

  	
   

  
	
   

  	
   

  
	
  20245 SW 95th Avenue 

  	
  Date:

  	
  November 14, 2006

  	
   

  
	
  Tualatin, Oregon
  97062

  	
   

  
														

 

 4
 

 

APPENDIX
A

INCENTIVE STOCK
OPTIONS

·      52,679
OPTIONS PER 12/02/99 AGREEMENT AT A PRICE OF $3.188 PER SHARE

·                  30,000 OPTIONS
PER 03/20/00 AGREEMENT AT A PRICE OF $12.875 PER SHARE

·                  70,000 OPTIONS
PER 03/08/01 AGREEMENT AT A PRICE OF $10.063 PER SHARE

·                  100,000 OPTIONS
PER 10/15/01 AGREEMENT AT A PRICE OF $11.05 PER SHARE

·                  100,000 OPTIONS
PER 03/07/02 AGREEMENT AT A PRICE OF $4.60 PER SHARE

·                  51,000 OPTIONS
PER 12/20/02 AGREEMENT AT A PRICE OF $2.08 PER SHARE

·                  65,000
OPTIONS PER 06/23/03 AGREEMENT AT A PRICE OF $3.90 PER SHARE

RESTRICTED STOCK AWARDS

·                  36,667 SHARES PER 3/11/05
AGREEMENT

·                  45,000 SHARES PER 12/08/05
AGREEMENT

·                  30,000 SHARES PER 01/19/06
AGREEMENT

·                  30,000 SHARES PER 01/19/06
CONDITIONAL 2006 PERFORMANCE SHARES

·                  50,000 SHARES PER 01/19/06
CONDITIONAL LONG-TERM PERFORMANCE SHARES

·                  250,000 SHARES PER 06/1/06
CONDITIONAL 2006 PERFORMANCE SHARES

 5
 

 

APPENDIX
B

SUPPLEMENTAL
RELEASE

Executive
hereby fully and finally releases and discharges the Released Parties (as
defined in Section 4.1 of the attached Agreement), from any and all claims
arising out of or related to Executive’s employment at Bioject or BMT, and any
actions or omissions by the Released Parties or any of them up to and including
December 31, 2006.  This Supplemental
Release includes, without limitation, all claims under any statutes, and causes
of action or theories referenced in Section 4.1 of the accompanying Agreement.

I have read the foregoing Supplemental Release and
understand that by signing below I am voluntarily releasing and discharging all
claims I may have relating to my employment as described above.

NOT TO BE SIGNED UNTIL ON OR AFTER DECEMBER 31,
2006.

 

	
  

  	
   

  	
   

  
	
   

  	
  James C. O’Shea

  

 

 6

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