Document:

Exhibit
10.42

    

    EDUCATION
REALTY TRUST, INC.

    RESTRICTED
STOCK UNIT AWARD AGREEMENT

    (2010
LTIP — Performance Vesting)

    

    THIS RESTRICTED STOCK UNIT AWARD
AGREEMENT (this “Agreement”)
is made and entered into as of the ____ day of March, 2010 (the “Grant
Date”), between Education Realty Trust,
Inc., a Maryland corporation (together with its subsidiaries, the “Company”),
and ________________________________ (the “Grantee”).  Capitalized
terms not otherwise defined herein shall have the meaning ascribed to such terms
in the Education Realty Trust, Inc. 2010 Long Term Incentive Plan (the “LTIP”).

    

    WHEREAS, awards under the LTIP
are made pursuant to the Company’s 2004 Incentive Plan, as amended from time to
time (the “2004
Incentive Plan”);
and

    

    WHEREAS, pursuant to the LTIP,
the Committee has granted performance vested restricted stock units to the
Grantee as provided herein.

    

    NOW THEREFORE, in
consideration of the mutual covenants hereinafter set forth and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:

    

    1.           Grant of Restricted Stock
Units; Eligible Shares.

    

    (a)          The
Company hereby grants to the Grantee an award (the “Award”) of
[AMT SPECIFIED IN LTIP FOR MAX
PERFORMANCE]
Restricted Stock Units (the “RSUs”) on
the terms and conditions set forth in this Agreement and as otherwise provided
in the LTIP.

    

    (b)          The
Grantee’s rights with respect to the Award shall remain forfeitable at all times
prior to the dates on which the restrictions shall lapse in accordance with
Section 2
hereof.

     

    (c)          Prior
to the Determination Date (as defined below), no dividend equivalents shall be
paid or payable with respect to the RSUs covered by this Award and the Grantee
shall not be entitled to voting rights with respect to the RSUs covered by this
Award.

     

    (d)          Upon
the completion of the Performance Period set forth in the LTIP and the
Committee’s determination of the achievement of the performance targets set
forth on Schedule
A of the LTIP (the “Determination
Date”), the number of RSUs granted hereby shall be immediately reduced to
equal the number of Eligible Shares determined in accordance with the
LTIP.  Grantee shall have no further rights with respect to any RSUs
in excess of the Eligible Shares and such excess number shall be deemed
cancelled for purposes of the 2004 Incentive Plan.

     

    (e)          Each
Eligible Share equals one share of the Company’s common stock, $.01 par value
per share (“Common
Shares”) and shall be entitled to voting and dividend rights from the
date of issuance after the Determination Date.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    2.           Terms; Restricted
Period.

     

    (a)          Except
as provided herein and subject to such other exceptions as may be determined by
the Committee in its discretion, the “Restricted Period” for the RSUs granted
herein shall expire on the Determination Date with respect to RSUs that become
Eligible Shares, as determined by the Committee on such Determination Date.
After the Determination Date, any RSUs that are not Eligible Shares will be
forfeited.  None of the RSUs may be sold, assigned, transferred,
pledged, hypothecated or otherwise encumbered or disposed of during the
Restricted Period for the RSUs.

     

    (b)          Except
as set forth below or as the Committee may otherwise determine in its sole and
absolute discretion, termination of a Grantee’s employment prior to the end of
the Performance Period will result in the forfeiture of all RSUs granted
hereunder by the Grantee, and no payments shall be made with respect
thereto.  Notwithstanding the foregoing, if Grantee’s employment is
terminated prior to the end of the Performance Period as a result of Grantee’s
death or “Disability” (as such term is defined in Section 10 of the
LTIP), the Committee shall determine the number of RSUs that will convert to
Eligible Shares by (i) applying the performance criteria set forth in the LTIP
using the effective date of the Disability (to be determined by the Committee)
or the date of death, as applicable, and (ii) multiplying the number of Eligible
Shares so determined by .3333 if the death or Disability occurs in 2010, .6667
if the if the death or Disability occurs in 2011, and 1 if the if the death or
Disability occurs in 2012 (rounding the resulting number of Eligible Shares to
the nearest whole number) and the Restricted Period for such Eligible Shares
will terminate.

     

    (c)          If
a Change of Control (as such term is defined in Section 10 of the
LTIP) occurs prior to the end of the Performance Period, the Committee shall
determine the number of RSUs that will convert to Eligible Shares by (i)
applying the performance criteria set forth in the LTIP using the effective date
of the Change of Control as the end of the Performance Period, and by
appropriately and proportionately adjusting the performance criteria for such
shortened Performance Period, and (ii) multiplying the number of Eligible Shares
so determined by .3333 if the Change of Control occurs in 2010, .6667 if the
Change of Control occurs in 2011, and 1 if the Change of Control occurs in 2012
(rounding the resulting number of Eligible Shares to the nearest whole
number).

    

    3.           Settlement.  Settlement
of an Eligible Share shall be made within 30 days (with the date of payment
selected by the Company in its sole discretion) of the expiration of the
Restricted Period.  Settlement of Eligible Shares pursuant to this
Award shall be made through the issuance to the Grantee (or to the executors or
administrators of Grantee’s estate, after the Company’s receipt of notification
of Grantee’s death, as the case may be) of a stock certificate for a number of
Common Shares equal to the number of Eligible Shares to be
settled.  Following receipt of such Common Shares, the Grantee may
receive, hold, sell or otherwise dispose of such Common Shares free and clear of
the restrictions imposed under the LTIP and this Agreement.

    

    4.           No Right to Continued
Employment.  This Agreement shall not be construed as giving
Grantee the right to be retained in the employ of the Company, and the Company
may at any time dismiss Grantee from employment, free from any liability or any
claim under the LTIP but subject to the terms of the Grantee’s Employment
Agreement, if any.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    5.           Adjustments.  The
Committee may make adjustments in the terms and conditions of, and the criteria
included in, this Award in recognition of unusual or nonrecurring events
(including, without limitation, the events described in Section 7 of the
LTIP) affecting the Company, or the financial statements of the Company, or of
changes in applicable laws, regulations, or accounting principles, whenever the
Committee determines that such adjustments are appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under the LTIP.

    

    6.           Amendment to
Award.  Subject to the restrictions contained in the 2004
Incentive Plan and the LTIP, the Committee may waive any conditions or rights
under, amend any terms of, or alter, suspend, discontinue, cancel or terminate
the Award, prospectively or retroactively; provided that any such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination
that would adversely affect the rights of the Grantee or any holder or
beneficiary of the Award shall not to that extent be effective without the
consent of the Grantee, holder or beneficiary affected.

    

    7.           Withholding of
Taxes.  Upon the lapse of the Restricted Period and the
issuance of Common Shares with respect to any portion of this Award, the Company
shall satisfy any applicable withholding obligations or withholding taxes
(“Withholding
Taxes”) as set forth by Internal Revenue Service guidelines for the
employer’s minimum statutory withholding with respect to Grantee and issue
Common Shares to the Grantee without restriction.  As a condition to
receiving settlement of the RSUs hereunder, the Company may require Grantee to
pay to the Company, and the Company shall have the right and is hereby
authorized to withhold from any payments hereunder or from any compensation or
other amount owing to Grantee, an amount of cash necessary for the Company to
satisfy any Withholding Taxes in respect of this Award.  In its sole
and absolute discretion, the Company may satisfy the required Withholding Taxes
by withholding from the Common Shares otherwise issuable pursuant to settlement
of the Award that number of whole shares necessary to satisfy Withholding Taxes
with respect to such shares based on the Fair Market Value (as defined in Section 2.13 of the
2004 Incentive Plan) of the Common Shares as of the date the Restricted Period
ends.

    

    8.           LTIP
Governs.  The Grantee hereby acknowledges receipt of a copy of
the LTIP and agrees to be bound by all the terms and provisions
thereof.  The terms of this Agreement are governed by the terms of the
LTIP.

    

    9.           Severability.  If
any provision of this Agreement is, or becomes, or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any person or the Award,
or would disqualify the Award under any laws deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to the applicable
laws, or if it cannot be construed or deemed amended without, in the
determination of the Committee, materially altering the intent of the LTIP or
the Award, such provision shall be stricken as to such jurisdiction, person or
Award, and the remainder of the LTIP and Award shall remain in full force and
effect.

    

    10.         Notices.  All
notices required to be given under this Agreement shall be deemed to be received
if delivered or mailed as provided for herein, to the parties at the following
addresses, or to such other address as either party may provide in writing from
time to time.

     

    
      
        	
                To
      the Company:

              	
                To
      the Grantee:

              	 
      
	 
      	 
      	 
      
	
                Education
      Realty Trust, Inc.

                530
      Oak Court Drive, Suite 300

                Memphis,
      TN 38117-3725

                Attn:  Corporate
      Secretary

              	
                The
      address then maintained with respect to the Grantee in the Company’s
      records.

                 

              	 
      

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    11.         Governing
Law.  The validity, construction and effect of this Agreement
shall be determined in accordance with the laws of the State of Maryland without
giving effect to conflicts of laws principles.

    

    12.         Successors in
Interest.  This Agreement shall inure to the benefit of and be
binding upon any successor to the Company.  This Agreement shall inure
to the benefit of the Grantee’s legal representatives.  All
obligations imposed upon the Grantee and all rights granted to the Company under
this Agreement shall be binding upon the Grantee’s heirs, executors,
administrators and successors.

    

    13.         Resolution of
Disputes.  Any dispute or disagreement which may arise under,
or as a result of, or in any way related to, the interpretation, construction or
application of this Agreement shall be determined by the
Committee.  Any determination made hereunder shall be final, binding
and conclusive on the Grantee and the Company for all purposes.

    

    Signature
Page Follows

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the
parties have caused this Restricted Stock Unit Award Agreement to be duly
executed effective as of the day and year first above written.

    

    
      
        	
                EDUCATION
      REALTY TRUST, INC.

              
	 
      
	
                By:

              	
                   

              
	
                Name:

              
	
                Title:

              
	 
      
	
                GRANTEE:

              
	 
      
	
                  

              
	
                Name:Unassociated Document

     

    Exhibit
10.45

    

    AMENDMENT
NO. 1

    TO

    AMENDED
AND RESTATED MASTER CREDIT FACILITY AGREEMENT

    

    This
Amendment No. 1 to Amended and Restated Master Credit Facility Agreement (this
“Amendment”), dated as
of February 25, 2010, is entered into by and among (i) the Persons identified on
Annex 1 attached hereto (individually and collectively, and together with their
respective successors and assigns, the “Borrower”), (ii) EDUCATION REALTY TRUST, INC.,
a Maryland corporation, and EDUCATION REALTY OPERATING
PARTNERSHIP, LP, a Delaware limited partnership (together, the “Guarantor”), (iii) RED MORTGAGE CAPITAL, INC., an
Ohio corporation (the “Lender”), and (iv) FANNIE MAE, the body corporate
duly organized under the Federal National Mortgage Association Charter Act, as
amended, 12 U.S.C. §1716 et seq. and duly
organized and existing under the laws of the United States, and its successors
and assigns (“Fannie
Mae”), and amends that certain Amended and Restated Master Credit
Facility Agreement, dated as of December 2, 2009, by and among Borrower,
Guarantor, Lender and  Fannie Mae (the “Master
Agreement”).

    

    Background
Statement:

    

    A.           Borrower,
Guarantor, Lender and Fannie Mae executed and delivered the Master
Agreement.

     

    B.           Borrower
has asked Fannie Mae and Lender to consent to certain changes to the Master
Agreement to reflect changes to senior management of REIT
Guarantor.

     

    C.           Borrower,
Guarantor, Lender and Fannie Mae desire to amend the Master
Agreement.

     

    D.           Borrower,
Guarantor, Lender and Fannie Mae intend these Recitals to be a material part of
this Amendment.

     

    NOW,
THEREFORE, for and in consideration of Ten Dollars ($10.00) in hand paid, the
mutual covenants and agreements set forth herein, and other good and valuable
consideration, all of which each party agrees constitutes sufficient
consideration received at and before the execution hereof, the parties agree as
follows:

     

    1.           Definitions.  Capitalized
terms used in this Amendment and not otherwise defined shall have the meanings
given to those terms the Master Agreement.

     

    2.           Amendment.

     

    A.           Section
8.07(h) is hereby deleted in its entirety and replaced as follows:

     

    (h)           Change
in Senior Management.  Any change in the identity of Senior
Management (the notice required under this Section 8.07 must be given promptly
but in no event later than ten (10) days of such change).

     

    B.           The
definition of “Change
of Control” is hereby deleted in its entirety and replaced as
follows:

     

    
      
        Amendment
No. 1 to Amended and Restated

        Master
Credit Facility Agreement

        EDR
Credit Facility

         

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Exhibit
10.45

     

    “Change
of Control” means the earliest to occur of: (a) the date on which an
Acquiring Person becomes (by acquisition, consolidation, merger or otherwise),
directly or indirectly, the beneficial owner of more than twenty five percent
(25%) of the total ownership interest of Borrower or Guarantor then outstanding,
or (b) the replacement (other than solely by reason of retirement at age
sixty-five or older, death or disability) of more than fifty percent (50%) (or
such lesser percentage as is required for decision-making by the board of
directors or an equivalent governing body) of the members of the board of
directors (or an equivalent governing body) of Borrower or Guarantor over a
one-year period from the directors who constituted such board of directors at
the beginning of such period and such replacement shall not have been approved
by a vote of at least a majority of the board of directors of Borrower or
Guarantor then still in office who either were members of such board of
directors at the beginning of such one-year period or whose election as members
of the board of directors was previously so approved (it being understood and
agreed that in the case of any entity governed by a trustee, board of managers,
or other similar governing body, the foregoing clause (b) shall apply thereto by
substituting such governing body and the members thereof for the board of
directors and members thereof, respectively).

     

    C.           The
definition of “Senior
Management” is hereby deleted in its entirety and replaced as
follows:

     

    “Senior
Management” means the Chief Financial Officer or the Chief Executive
Officer of REIT Guarantor.

     

    3.           Full
Force and Effect.  Except as expressly modified hereby, the
Master Agreement and all of the terms, conditions, covenants, agreements and
provisions thereof remain in full force and effect and are hereby ratified and
affirmed.

     

    4.           Multiple
Counterparts.  This Amendment may be executed in multiple
counterparts, each of which shall constitute an original, but which together
shall constitute this Amendment.

     

    5.           Borrower
and Guarantor represent and warrant to Fannie Mae and Lender as
follows:

     

    (a)           All
representations and warranties set forth in the Master Certificate of Borrower
Parties are true and correct in all material respects as of February 25,
2010.

     

    (b)           There
exists no Event of Default or Potential Event of Default as of February 25,
2010.

     

    6.           Governing
Law.  The provisions of Section 15.06 of the Master Agreement
(entitled “Section 15.06. Choice of Law; Consent to Jurisdiction; Waiver of Jury
Trial”) are hereby incorporated into this Amendment by this reference to the
fullest extent as if the text of such section were set forth in its entirety
herein.

     

    [Signatures
follow.]

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    Exhibit 10.45

     

    
      
        
          	
                  BORROWER:

                
	 
      
	
                  EDR TAMPA LIMITED
      PARTNERSHIP, a Delaware limited partnership

                
	 
      	 
      	 
      
	
                  By:

                	
                  EDR
      Tampa, LLC, a Delaware limited liability company, its general
      partner

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  EDR
      Tampa, Inc., a Delaware corporation, its manager

                
	 
      	 
      	 
      
	 
      	 
      	
                  By: /s/ Olan Brevard

                
	 
      	 
      	
                  Name: Olan Brevard

                
	 
      	 
      	
                  Title: Vice President

                
	 
      	 
      	 
      
	
                  EDR STILLWATER LIMITED
      PARTNERSHIP, a Delaware limited partnership

                
	 
      	 
      	 
      
	
                  By:

                	
                  EDR
      Stillwater, LLC, a Delaware limited liability company, its general
      partner

                
	 
      	 
      	 
      
	 
      	
                  By:

                	
                  EDR
      Stillwater, Inc., a Delaware corporation, its manager

                
	 
      	 
      	 
      
	 
      	 
      	
                  By: /s/ Olan Brevard

                
	 
      	 
      	
                  Name: Olan Brevard

                
	 
      	 
      	
                  Title: Vice
  President

                

        

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

     

    
      
         

      

      
        S-1

        
          

        

      

      
         

      

    

     

    
      Exhibit 10.45

       

    

    
      
        	
                EDR WESTERN MICHIGAN LIMITED
      PARTNERSHIP, a Delaware limited partnership

              
	 
      	 
      	 
      
	
                By:

              	
                EDR
      Western Michigan, LLC, a Delaware limited liability company, its general
      partner

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                EDR
      Western Michigan, Inc., 

                a
      Delaware corporation, its manager

              
	 
      	 
      	 
      
	 
      	 
      	
                By: /s/ Olan Brevard

              
	 
      	 
      	
                Name: Olan Brevard

              
	 
      	 
      	
                Title: Vice President

              
	 
      	 
      	 
      
	
                EDR WABASH LIMITED
      PARTNERSHIP, a Delaware limited partnership

              
	 
      	 
      	 
      
	
                By:

              	
                EDR
      Wabash, LLC, a Delaware limited liability company, its general
      partner

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                EDR
      Wabash, Inc., 

                a
      Delaware corporation, its manager

              
	 
      	 
      	 
      
	 
      	 
      	
                By: /s/ Olan Brevard

              
	 
      	 
      	
                Name: Olan Brevard

              
	 
      	 
      	
                Title: Vice President

              
	 
      	 
      	 
      
	
                EDR COLUMBUS LIMITED
      PARTNERSHIP, a Delaware limited partnership

              
	 
      	 
      	 
      
	
                By:

              	
                EDR
      Columbus, LLC, a Delaware limited liability company, its general
      partner

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                EDR
      Columbus, Inc., 

                a
      Delaware corporation, its manager

              
	 
      	 
      	 
      
	 
      	 
      	
                By: /s/ Olan Brevard

              
	 
      	 
      	
                Name: Olan Brevard

              
	 
      	 
      	
                Title: Vice
  President

              

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-2

        
          

        

      

      
         

      

    

     

    
      Exhibit 10.45

       

    

    
      
        	
                EDR STATE COLLEGE LIMITED
      PARTNERSHIP, a Delaware limited partnership

              
	 
      
	
                By:

              	
                EDR
      State College, LLC, a Delaware limited liability company, its general
      partner

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                EDR
      State College, Inc., 

                a
      Delaware corporation, its manager

              
	 
      	 
      	 
      
	 
      	 
      	
                By: /s/ Olan Brevard

              
	 
      	 
      	
                Name: Olan Brevard

              
	 
      	 
      	
                Title: Vice President

              
	 
      	 
      	 
      
	
                EDR COLUMBIA LIMITED
      PARTNERSHIP, a Delaware limited partnership

              
	 
      	 
      	 
      
	
                By:

              	
                EDR
      Columbia, LLC, a Delaware limited liability company, its general
      partner

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                EDR
      Columbia, Inc., 

                a
      Delaware corporation, its manager

              
	 
      	 
      	 
      
	 
      	 
      	
                By: /s/ Olan Brevard

              
	 
      	 
      	
                Name: Olan Brevard

              
	 
      	 
      	
                Title: Vice President

              
	 
      	 
      	 
      
	
                EDR KNOXVILLE LIMITED
      PARTNERSHIP, a Delaware limited partnership

              
	 
      	 
      	 
      
	
                By:

              	
                EDR
      Knoxville, LLC, a Delaware limited liability company, its general
      partner

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                EDR
      Knoxville, Inc., 

                a
      Delaware corporation, its manager

              
	 
      	 
      	 
      
	 
      	 
      	
                By: /s/ Olan Brevard

              
	 
      	 
      	
                Name: Olan Brevard

              
	 
      	 
      	
                Title: Vice
  President

              

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-3

        
          

        

      

      
         

      

    

     

    
      Exhibit 10.45

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	
                                            EDR LUBBOCK LIMITED
      PARTNERSHIP, a Delaware limited partnership

                                          
	 
      
	
                                            By:

                                          	
                                            EDR
      Lubbock, LLC, a Delaware limited liability company, its general
      partner

                                          
	 
      	 
      	 	 
      
	 
      	
                                            By:

                                          	
                                            EDR
      Lubbock, Inc., 

                                            a
      Delaware corporation, its manager

                                          
	 
      	 
      	 	 
      
	 
      	 
      	By: /s/ Olan Brevard
	 
      	 
      	Name: Olan Brevard
	 
      	 
      	Title: Vice President
	 
      	 
      	 	 
      
	
                                            EDR TUCSON PHASE II LIMITED
      PARTNERSHIP, a Delaware limited partnership

                                          
	 
      
	
                                            By:

                                          	
                                            EDR
      Tucson, LLC, a Delaware limited liability company, its general
      partner

                                          
	 
      	 
      	 	 
      
	 
      	
                                            By:

                                          	
                                            EDR
      Tucson, Inc., 

                                            a
      Delaware corporation, its manager

                                          
	 
      	 
      	 	 
      
	 
      	 
      	By: /s/ Olan Brevard
	 
      	 
      	Name: Olan Brevard
	 
      	 
      	Title: Vice President
	 
      	 
      	 	 
      
	
                                            EDR MURFREESBORO, LLC, a
      Delaware limited liability company

                                          
	 
      
	
                                            By:

                                          	
                                            EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                                          
	 
      	 
      	 	 
      
	 
      	
                                          	
                                            By:

                                          	
                                            Education
      Realty Operating Partnership, LP, a Delaware limited partnership, its
      Manager

                                          
	 
      	 
      	 	 
      
	 
      	
                                          	
                                            By:

                                          	
                                            Education
      Realty OP GP, Inc., a Delaware corporation, its General
      Partner

                                          
	 
      	 
      	 	 
      
	 
      	 
      	By: /s/ Olan Brevard
	 
      	 
      	Name: Olan Brevard
	 
      	 
      	Title: Vice
President

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-4

        
          

        

      

      
         

      

    

     

    
      Exhibit 10.45

       

    

    
      
        
          
            
              	
                      EDR AUBURN, LLC, a
      Delaware limited liability company

                    
	 
      
	
                      By:

                    	
                      EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                    
	 
      	 
      	 
      
	 
      	
                      By:

                    	
                      Education
      Realty Operating Partnership, LP, a Delaware  limited
      partnership, its Manager

                    
	 
      	 
      	 
      
	 
      	
                      By:

                    	
                      Education
      Realty OP GP, Inc., a Delaware corporation, its General
      Partner

                    
	 
      	 
      	 
      
	 
      	
                      By: /s/ Olan Brevard

                    
	 
      	
                      Name: Olan Brevard

                    
	 
      	
                      Title: Vice President

                    
	 
      	 
      	 
      
	
                      EDR STATESBORO, LLC, a
      Delaware limited liability company

                    
	 
      
	
                      By:

                    	
                      EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                    
	 
      	 
      	 
      
	 
      	
                      By:

                    	
                      Education
      Realty Operating Partnership, LP, a Delaware limited partnership, its
      Manager

                    
	 
      	
                       
      

                    	 
      
	 
      	
                      By:

                    	
                      Education
      Realty OP GP, Inc., a Delaware corporation, its General
      Partner

                    
	 
      	 
      	 
      
	 
      	
                      By: /s/ Olan Brevard

                    
	 
      	
                      Name: Olan Brevard

                    
	 
      	
                      Title: Vice
  President

                    

            

          

        

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-5

        
          

        

      

      
         

      

    

     

    Exhibit 10.45

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        	
                                                                MURRAY PLACE (DE), LLC,
      a Delaware limited liability company

                                                              
	 
      
	
                                                                By:

                                                              	
                                                                EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                                                              
	 
      	 
      	 	 
      
	 
      	
                                                                By:

                                                              	
                                                                Education
      Realty Operating Partnership, LP, 

                                                                a
      Delaware limited partnership, its Manager

                                                              
	 
      	 
      	 	 
      
	 
      	
                                                              	By:	
                                                                Education
      Realty OP GP, Inc., 

                                                                a
      Delaware corporation, its General Partner

                                                              
	 
      	 
      	 	 
      
	 
      	By: /s/ Olan Brevard
	 
      	Name: Olan Brevard
	 
      	Title: Vice President
	 
      	 
      	 	 
      
	
                                                                RIVER PLACE (DE), LLC, a
      Delaware limited liability company

                                                              
	 
      
	
                                                                By:

                                                              	
                                                                EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                                                              
	 
      	 
      
	 
      	
                                                                By:

                                                              	
                                                                Education
      Realty Operating Partnership, LP, 

                                                                a
      Delaware limited partnership, its Manager

                                                              
	 
      	 
      	 	 
      
	 
      	
                                                              	By:	
                                                                Education
      Realty OP GP, Inc., 

                                                                a
      Delaware corporation, its General Partner

                                                              
	 
      	 
      	 	 
      
	 
      	By: /s/ Olan Brevard
	 
      	Name: Olan Brevard
	 
      	Title: Vice
President

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-6

        
          

        

      

      
         

      

    

    
      Exhibit 10.45

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          TROY PLACE (DE), LLC, a
      Delaware limited liability company

                                                        
	 
      
	
                                                          By:

                                                        	
                                                          EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                                                        
	 
      	 
      	 	 
      
	 
      	
                                                          By:

                                                        	
                                                          Education
      Realty Operating Partnership, LP, 

                                                          a
      Delaware limited partnership, its Manager

                                                        
	 
      	 
      	 	 
      
	 
      	
                                                        	By:	
                                                          Education
      Realty OP GP, Inc., 

                                                          a
      Delaware corporation, its General Partner

                                                        
	 
      	 
      	 	 
      
	 
      	By: /s/ Olan Brevard
	 
      	Name: Olan Brevard
	 
      	Title: Vice President
	 
      	 
      	 	 
      
	
                                                          WESTERN PLACE, LLC, a
      Georgia limited liability company

                                                        
	 
      
	
                                                          By:

                                                        	
                                                          EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                                                        
	 
      	 
      	 	 
      
	 
      	
                                                          By:

                                                        	
                                                          Education
      Realty Operating Partnership, LP, 

                                                          a
      Delaware limited partnership, its Manager

                                                        
	 
      	 
      	 	 
      
	 
      	
                                                        	By:	
                                                          Education
      Realty OP GP, Inc., 

                                                          a
      Delaware corporation, its General Partner

                                                        
	 
      	 
      	 	 
      
	 
      	By: /s/ Olan Brevard
	 
      	Name: Olan Brevard
	 
      	Title: Vice
President

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-7

        
          

        

      

      
         

      

    

     

    
      Exhibit 10.45

       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  	
                                                          CAPE PLACE (DE), LLC, a
      Delaware limited liability company

                                                        
	 
      
	
                                                          By:

                                                        	
                                                          EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                                                        
	 
      	 
      	 	 
      
	 
      	
                                                          By:

                                                        	
                                                          Education
      Realty Operating Partnership, LP, 

                                                          a
      Delaware limited partnership, its Manager

                                                        
	 
      	 
      	 	 
      
	 
      	
                                                           

                                                        	By:	
                                                          Education
      Realty OP GP, Inc., 

                                                          a
      Delaware corporation, its General Partner

                                                        
	 
      	 
      	 	 
      
	 
      	By: /s/ Olan Brevard
	 
      	Name: Olan Brevard
	 
      	Title: Vice President
	 
      	 
      	 	 
      
	
                                                          CARROLLTON PLACE, LLC, a
      Georgia limited liability company

                                                        
	 
      
	
                                                          By:

                                                        	
                                                          EDR
      Manager, LLC, a Delaware limited liability company, its
      Manager

                                                        
	 
      	 
      	 	 
      
	 
      	
                                                          By:

                                                        	
                                                          Education
      Realty Operating Partnership, LP, 

                                                          a
      Delaware limited partnership, its Manager

                                                        
	 
      	 
      	 	 
      
	 
      	
                                                        	By:	
                                                          Education
      Realty OP GP, Inc., 

                                                          a
      Delaware corporation, its General Partner

                                                        
	 
      	 
      	 	 
      
	 
      	By: /s/ Olan Brevard
	 
      	Name: Olan Brevard
	 
      	Title: Vice
President

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-8

        
          

        

      

      
         

      

    

     

    
      Exhibit 10.45

       

    

    
      
        	
                EDR CLEMSON PLACE LIMITED
      PARTNERSHIP, a Delaware limited partnership

              
	 
      
	
                By:

              	
                EDR
      Clemson Place GP, LLC,

              
	 
      	
                a
      Delaware limited liability company, its General Partner

              
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                Education
      Realty Operating Partnership, LP,

              
	 
      	 
      	
                a
      Delaware limited partnership, its Manager

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                Education
      Realty OP GP, Inc.,

              
	 
      	 
      	 
      	
                a
      Delaware corporation, its General Partner

              
	 
      	 
      	 
      	 
      
	 
      	
                By: /s/ Olan Brevard

              
	 
      	
                Name: Olan Brevard

              
	 
      	
                Title: Vice President

              
	 
      	 
      	 
      	 
      
	
                EDR BERKELEY PLACE LIMITED
      PARTNERSHIP,

              
	
                a
      Delaware limited partnership

              
	 
      	 
      	 
      	 
      
	
                By:

              	
                EDR
      Berkeley Place GP, LLC,

              
	 
      	
                a
      Delaware limited liability company, its General Partner

              
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                Education
      Realty Operating Partnership, LP,

              
	 
      	 
      	
                a
      Delaware limited partnership, its Manager

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	
                Education
      Realty OP GP, Inc.,

              
	 
      	 
      	 
      	
                a
      Delaware corporation, its General Partner

              
	 
      	 
      	 
      	 
      
	 
      	
                 By: /s/ Olan Brevard

              
	 
      	
                Name: Olan Brevard

              
	 
      	
                Title: Vice
  President

              

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-9

        
          

        

      

      
         

      

    

     

    
      Exhibit 10.45

       

    

    
      
        	
                GUARANTOR:

              
	 
      
	
                EDUCATION REALTY OPERATING
      PARTNERSHIP, LP, a Delaware limited partnership

              
	
                By:

              	
                Education
      Realty OP GP, Inc.

              
	 
      	
                a
      Delaware corporation, its general partner

              
	 
      
	
                By: /s/ Olan Brevard

              
	
                Name: Olan Brevard

              
	
                Title: Vice President

              
	 
      
	
                EDUCATION REALTY TRUST,
      INC., a Maryland corporation

              
	
                By: /s/ Olan Brevard

              
	
                Name: Olan Brevard

              
	
                Title: Vice
  President

              

      

    

    

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-10

        
          

        

      

      
         

      

    

     

    Exhibit 10.45

     

    
      
        
          	
                  LENDER

                
	 
      
	
                  RED MORTGAGE CAPITAL,
      INC., an

                
	
                  Ohio
      corporation

                
	 
      	 
      
	
                  By:

                	
                  /s/ R. Barth Kallmerten

                
	
                  Name:

                	
                  R. Barth Kallmerten

                
	
                  Title:

                	
                  Senior Managing
  Director

                

        

      

    

     

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-11

        
          

        

      

      
         

      

    

    
      Exhibit 10.45

       

    

    
      
        
          	
                  FANNIE
      MAE

                
	 
      	 
      
	
                  By:

                	
                  /s/ Susanne C. Hiegel

                
	
                  Name:

                	
                  Susanne C. Hiegel

                
	
                  Title:

                	
                  Vice
President

                

        

      

       

      
        Amendment
No. 1 to Amended and Restated

        Master
Credit Facility Agreement

        EDR
Credit Facility

         

        
          
            
               

            

            
              S-12

              
                

              

            

            
               

            

          

        

         

        Exhibit 10.45

         

        ANNEX
1

      

    

    

    List
of Borrowers

    

    EDR
Wabash Limited Partnership

    EDR
Stillwater Limited Partnership

    EDR
Lubbock Limited Partnership

    EDR
Columbus Limited Partnership

    EDR
Columbia Limited Partnership

    EDR
Western Michigan Limited Partnership

    EDR
Knoxville Limited Partnership

    EDR
Murfreesboro, LLC

    EDR State
College Limited Partnership

    EDR Tampa
Limited Partnership

    EDR
Tucson Phase II Limited Partnership

    EDR
Auburn, LLC

    EDR
Statesboro, LLC

    Western
Place, LLC

    Murray
Place (DE), LLC

    Carrollton
Place, LLC

    River
Place (DE), LLC

    Cape
Place (DE), LLC

    EDR
Berkeley Place Limited Partnership

    EDR
Clemson Place Limited Partnership

    Troy
Place (DE), LLC

    

    
      Amendment
No. 1 to Amended and Restated

      Master
Credit Facility Agreement

      EDR
Credit Facility

    

    
      
         

      

      
        S-13

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