Document:

EXHIBIT 10.AAc

--------------------------------------------------------------------------------

                  AMENDED AND RESTATED PARTICIPATION AGREEMENT

                             Dated as of May 8, 2000
                                      among

                             TECH DATA CORPORATION,
                             as Construction Agent,

                             TECH DATA CORPORATION,
                                   as Lessee,

                   FIRST SECURITY BANK, NATIONAL ASSOCIATION,
               formerly known as First Security Bank of Utah, N.A.
                      not individually, except as expressly
                   stated herein, but solely as Owner Trustee
                      under the TD 1996 Real Estate Trust,

                           THE VARIOUS BANKS AND OTHER
                     LENDING INSTITUTIONS WHICH ARE PARTIES
                            HERETO FROM TIME TO TIME,
                                 as the Holders,

                           THE VARIOUS BANKS AND OTHER
                           LENDING INSTITUTIONS WHICH
                      ARE PARTIES HERETO FROM TIME TO TIME,
                                 as the Lenders,

                                       and

                             BANK OF AMERICA, N.A.,
               successor in interest to NationsBank, N.A. (South),
                    as Administrative Agent for the Lenders,

                                       and

                                 BANK ONE, N.A.,
                              as Syndication Agent,

                                SCOTIABANC, INC.,
                             as Documentation Agent,

                                       and

                           FIRST UNION NATIONAL BANK,
                                as Managing Agent

--------------------------------------------------------------------------------

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                PAGE
                                                                                                                ----
<S>                 <C>                                                                                         <C>

SECTION 1.          THE LOANS.....................................................................................1

SECTION 2.          HOLDER FUNDINGS...............................................................................2

SECTION 3.          SUMMARY OF TRANSACTIONS.......................................................................2
         3.1.       Operative Agreements..........................................................................2
         3.2.       Property Purchase.............................................................................2
         3.3.       Construction of Improvements; Lease or Disposition of Properties..............................2
         3.4.       Repayment of Existing Loans and Existing Holder Fundings......................................2
         3.5.       Increase in Commitments and Holder Commitments................................................3

SECTION 4.          THE CLOSINGS..................................................................................3
         4.1.       Initial Closing Date..........................................................................3
         4.2.       Initial Closing Date; Property Closing Dates; Construction Fundings...........................3

SECTION 5.          FUNDINGS; REPORTING REQUIREMENTS ON COMPLETION DATE; CONSTRUCTION AGENT DELIVERY OF NOTICES;
                    INCREASE IN COMMITMENTS AND HOLDER COMMITMENTS;  IMPROVEMENTS ON COMPLETED PROPERTY;
                    INTERCREDITOR AGREEMENT...................................................................... 3
         5.1.       General.......................................................................................3
         5.2.       Procedures for Funding........................................................................4
         5.3.       Conditions to the Holders' and the Lenders' Obligations to advance
                    funds on the Initial Closing Date or funds for the Acquisition of
                    Property......................................................................................6
         5.4.       Conditions to the Holders' and the Lenders' Obligations to Make
                    Construction Fundings for the Commencement of Construction of any
                    Improvements.................................................................................11
         5.5.       Conditions to the Holders' and the Lenders' Obligations to Make
                    Construction Fundings for the Ongoing Construction on any Property
                    Prior to the Construction Period Termination Date............................................13
         5.6.       Reporting and Delivery Requirements on Completion Date.......................................14
         5.7.       Construction Agent Delivery of Allocation Notice and Construction
                    Budget Modifications.........................................................................14
         5.8.       Inspection of Documents; Hold Harmless; Removal of Properties................................15
         5.9.       Unilateral Right to Increase the Commitments and the Holder
                    Commitments..................................................................................15
         5.10.      Expansion of Improvements for a Completed Property...........................................15
         5.11.      Intercreditor Agreement......................................................................16
</TABLE>

                                       i
<PAGE>
<TABLE>
<CAPTION>

<S>                 <C>                                                                                          <C>
 SECTION 6.         CONDITIONS OF THE INITIAL CLOSING............................................................17
         6.1.       Conditions to the Lessor's and the Holders' Obligations......................................17
         6.2.       Conditions to the Lessee's Obligations.......................................................18
         6.3.       Conditions to the Agent's Obligations........................................................20

SECTION 7.          REPRESENTATIONS AND WARRANTIES ON THE INITIAL CLOSING DATE...................................20
         7.1.       Representations and Warranties of the Construction Agent and the Lessee......................20

SECTION 8.          REPRESENTATIONS AND WARRANTIES ON FUNDING DATES..............................................28
         8.1.       Representations and Warranties on Property Closing Dates.....................................28
         8.2.       Representations and Warranties Upon Initial Construction Fundings............................30
         8.3.       Representations and Warranties Upon the Date of Each Construction
                    Funding that is not an Initial Construction Funding..........................................32

SECTION 9.          PAYMENT OF CERTAIN EXPENSES..................................................................32
         9.1.       Transaction Expenses.........................................................................32
         9.2.       Certain Fees and Expenses....................................................................33
         9.3.       Commitment Fee and Holder Commitment Fee.....................................................34

SECTION 10.         OTHER COVENANTS AND AGREEMENTS...............................................................34
         10.1.      Cooperation with the Construction Agent or the Lessee........................................34
         10.2.      Covenants of the Owner Trustee and the Holders...............................................35
         10.3.      Lessee Covenants, Consent and Acknowledgment; Construction Agent
                    Covenants....................................................................................37
         10.4.      Sharing of Certain Payments..................................................................39
         10.5.      Grant of Easements, Voting at Meetings, etc..................................................39
         10.6.      Release of Liens on Certain Equipment........................................................39

SECTION 11.         CREDIT AGREEMENT AND TRUST AGREEMENT.........................................................40
         11.1.      Construction Agent's and Lessee's Credit Agreement Rights....................................40
         11.2.      Construction Agent's and Lessee's Trust Agreement Rights.....................................41

SECTION 12.         TRANSFER OF INTEREST.........................................................................42
         12.1.      Restrictions on Transfer.....................................................................42
         12.2.      Effect of Transfer...........................................................................42

SECTION 13.         INDEMNIFICATION..............................................................................42
         13.1.      General Indemnity............................................................................42
         13.2.      General Tax Indemnity........................................................................45
         13.3.      Environmental Indemnity; Funding/Contribution Indemnity......................................49
         13.4.      Additional Provisions Regarding Indemnification During Construction
                    Period of a Property.........................................................................50
         13.5.      Indemnification provided by the Owner Trustee in Favor of the Other
                    Indemnified Persons..........................................................................50
</TABLE>

                                       ii

<PAGE>
<TABLE>
<CAPTION>
<S>                 <C>                                                                                          <C>
SECTION 14.         MISCELLANEOUS................................................................................51
         14.1.      Survival of Agreements.......................................................................51
         14.2.      No Broker, etc...............................................................................52
         14.3.      Transmission and Effectiveness of Communications and Signatures..............................52
         14.4.      Counterparts.................................................................................53
         14.5.      Terminations, Amendments, Waiver, Etc.; Unanimous Vote Matters...............................53
         14.6.      Headings, etc................................................................................55
         14.7.      Parties in Interest..........................................................................55
         14.8.      GOVERNING LAW; WAIVERS OF JURY TRIAL.........................................................55
         14.9.      Submission to Jurisdiction; Waivers..........................................................55
         14.10.     Severability.................................................................................56
         14.11.     Liability Limited............................................................................56
         14.12.     Rights of Lessee.............................................................................57
         14.13.     Further Assurances...........................................................................57
         14.14.     Calculations under Operative Agreements......................................................58
         14.15.     Confidentiality..............................................................................58
         14.16.     Calculation of Rent, Interest, Holder Yield and Fees.........................................59

Schedule 1        Initial Holders SCH-1

Schedule 7.1(t)     Environmental Conditions..............................................................SCH-7.1.1

Schedule 14.3       FUNDING OFFICES, ADDRESSES FOR NOTICES...............................................SCH-14.3.1

EXHIBIT A REQUISITION FORM......................................................................................A-1

         Schedule 1  Legal Description of Land..................................................................A-4

         Schedule 2  Description of Improvements................................................................A-5

         Schedule 3  Description of Equipment...................................................................A-6

         Schedule 4  Work.......................................................................................A-7

EXHIBIT B    TECH DATA CORPORATION OFFICER'S CERTIFICATE........................................................B-1

         Schedule 1  [itemized expenditures]....................................................................B-3

EXHIBIT C    FORM OF OPINION OF COUNSEL TO LESSEE, CONSTRUCTION AGENT AND GUARANTORS............................C-1

EXHIBIT D    TECH DATA CORPORATION OFFICER'S CERTIFICATE........................................................D-1

EXHIBIT E    TECH DATA CORPORATION SECRETARY'S CERTIFICATE......................................................E-1

EXHIBIT F    FIRST SECURITY BANK, NATIONAL ASSOCIATION OFFICER'S CERTIFICATE....................................F-1
</TABLE>

                                      iii

<PAGE>
<TABLE>
<CAPTION>
<S>          <C>                                                                                                <C>
EXHIBIT G    FIRST SECURITY BANK, NATIONAL ASSOCIATION CERTIFICATE OF ASSISTANT SECRETARY.......................G-1

EXHIBIT H    FORM OF OPINION OF COUNSEL TO FIRST SECURITY BANK, NATIONAL ASSOCIATION............................H-1

EXHIBIT I    EXISTING PROPERTIES LEGAL DESCRIPTIONS.............................................................I-1

Appendix A   Rules of Usage and Definitions............................................................Appendix A-1
</TABLE>

                                       iv
<PAGE>

                AMENDED AND RESTATED PARTICIPATION AGREEMENT

         THIS AMENDED AND RESTATED PARTICIPATION AGREEMENT, dated as of May 8,
2000 (as amended, modified, restated or supplemented from time to time, this
"Agreement"), is by and among TECH DATA CORPORATION, a Florida corporation (the
"Construction Agent"); TECH DATA CORPORATION, as Lessee (the "Lessee ); FIRST
SECURITY BANK, NATIONAL ASSOCIATION, a national banking association formerly
known as First Security Bank of Utah, N.A., not individually (in its individual
capacity, the "Trust Company"), except as expressly stated herein, but solely as
Owner Trustee under the TD 1996 Real Estate Trust (the "Owner Trustee" or the
"Lessor"); BANK OF AMERICA, N.A., a national banking association, successor in
interest to NationsBank, N.A. (South), as Administrative Agent (in such
capacity, the "Agent") for the Lenders; BANK OF AMERICA, N.A. and the various
other banks and lending institutions which are parties hereto from time to time
as Holders; BANK OF AMERICA, N.A. and the various other banks and lending
institutions which are parties hereto from time to time as Lenders. Capitalized
terms used but not otherwise defined in this Agreement shall have the meanings
set forth in Appendix A hereto.

         WHEREAS, the Construction Agent, the Lessee, the Owner Trustee, the
Agent, and the Holder party thereto have entered in to that certain
Participation Agreement dated as of April 26, 1996 (as amended, the "Existing
Participation Agreement"); and

         WHEREAS, the parties hereto wish to amend and restate the Existing
Participation Agreement upon the terms and conditions set forth herein;

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained and other good and valuable consideration, receipt of which is hereby
acknowledged, the Existing Participation Agreement is hereby amended and
restated in its entirety as follows, and the parties hereby agree as follows:

         SECTION 1.  THE LOANS.

         The Lenders have agreed to make Loans to the Lessor from time to time
in an aggregate principal amount of up to the aggregate amount of the
Commitments of the Lenders in order for the Lessor to acquire the Properties,
Equipment and certain Improvements and to develop and construct certain
Improvements and install certain Equipment in accordance with the Agency
Agreement and the terms and provisions hereof, and in consideration of the
receipt of the proceeds of such Loans, the Lessor will issue the Notes (together
with any note or notes issued in exchange or substitution therefor in accordance
with the Credit Agreement, the "Notes"). The Loans shall be made and the Notes
shall be issued pursuant to the Credit Agreement. Pursuant to SECTION 5 of this
Agreement and SECTION 2 of the Credit Agreement, the Loans will be made to the
Lessor from time to time upon the appropriate submission by the Construction
Agent of a Requisition therefor, in accordance with this Agreement and the other
Operative Agreements. The Loans and the obligations of the Lessor under the
Credit Agreement shall be secured by the Collateral. The Lessee and the
Construction Agent agree that each Property shall be improved for business
purposes and shall not merely be held as unimproved Land for speculative
purposes.

<PAGE>

         SECTION 2.  HOLDER FUNDINGS.

         Subject to the terms and conditions of this Agreement and the Trust
Agreement and in reliance on the representations and warranties of each of the
parties hereto contained herein or made pursuant hereto on each date Fundings
are made in accordance with SECTION 5 hereof, each Holder shall make a Holder
Funding on a pro rata basis to the Owner Trustee with respect to the TD 1996
Real Estate Trust based on its Holder Commitment in an amount in immediately
available funds such that the aggregate of all Holder Fundings shall be three
percent (3%) of the amount of the Funding being funded on such date; provided,
no Holder shall be obligated for any Holder Funding in excess of its pro rata
share of the Available Holder Commitment. The aggregate amount of Holder
Fundings shall be up to the aggregate amount of the Holder Commitments. No
prepayment or any other payment with respect to any Funding shall be permitted
such that the Holder Funding with respect to such Funding is less than 3% of the
outstanding amount of such Funding, except in connection with termination or
expiration of the Term or in connection with the exercise of remedies relating
to the occurrence of a Lease Event of Default. The representations, warranties,
covenants and agreements of the Holders herein and in the other Operative
Agreements are several, not joint, and not joint and several.

         SECTION 3.  SUMMARY OF TRANSACTIONS.

         3.1. OPERATIVE AGREEMENTS. As of the date hereof (the "Initial Closing
Date"), each of the respective parties hereto and thereto shall execute and
deliver this Agreement, the Lease, the Agency Agreement, the Credit Agreement,
the Notes, the Certificates, the Trust Agreement, the Security Agreement and
such other documents, instruments, certificates and opinions of counsel as
agreed to by the parties hereto.

         3.2. PROPERTY PURCHASE. On each Property Closing Date and subject to
the terms and conditions of this Agreement (a) the Holders will each make a
Holder Funding in accordance with SECTIONS 2 AND 5 of this Agreement and the
terms and provisions of the Trust Agreement, (b) the Lenders will make Loans in
accordance with SECTIONS 1 AND 5 of this Agreement and the terms and provisions
of the Credit Agreement, and (c) the Lessor will purchase, or lease pursuant to
a Ground Lease, the applicable Property identified by the Construction Agent,
and grant the Agent a Lien on such Property by execution of the required
Security Documents.

         3.3. CONSTRUCTION OF IMPROVEMENTS; LEASE OR DISPOSITION OF PROPERTIES.
Construction Fundings will be made with respect to particular Improvements to be
constructed and with respect to ongoing Work regarding the Equipment and ongoing
construction of particular Improvements, in each case, pursuant to the terms and
conditions of this Agreement and the Agency Agreement. The Construction Agent
will act as a construction agent on behalf of the Lessor respecting such Work
and the construction of such Improvements and the expenditures of the
Construction Fundings related thereto. The Construction Agent shall promptly
notify the Lessor upon Completion of the Improvements with respect to each
Property.

         3.4 REPAYMENT OF EXISTING LOANS AND EXISTING HOLDER FUNDINGS. (In order
to re-align outstanding Loans and Holder Fundings with the Commitments and
Holder Commitments, as amended and restated by this Agreement and the other
Operative Agreements) on the Initial

                                       2
<PAGE>

Closing Date, the Lenders and Holders shall make Fundings to the Borrower, the
proceeds of which Fundings will be used immediately to (a) repay to the
respective Existing Lenders the outstanding principal amount of Existing Loans
and (b) repay to the respective Existing Holders the outstanding principal
amount of Existing Holder Fundings.

         3.5. INCREASE IN COMMITMENTS AND HOLDER COMMITMENTS. On any date prior
to the Maturity Date, the Construction Agent may elect to increase the Total
Commitments and Total Holder Commitment by giving written notice of such
increase to the Agent, PROVIDED that (a) such increase shall be apportioned as
follows: 87% to the Total Commitment for Series A Loans, 10% to the Total
Commitment for Series B Loans, and 3% to the Total Holder Commitment; (b) the
sum of (i) the Total Commitments with respect to Series A Loans and Series B
Loan and (ii) the Total Holder Commitment shall not exceed $175,000,000; and (c)
in no event shall any Commitment of any Lender, Holder or other Person be
increased without the prior written consent of such Lender, Holder or other
Person.

         SECTION 4.  THE CLOSINGS.

         4.1. INITIAL CLOSING DATE. All documents and instruments required to be
delivered on the Initial Closing Date shall be delivered at the offices of Smith
Helms Mulliss & Moore, L.L.P., Charlotte, North Carolina, or at such other
location as may be determined by the Lessor, the Agent and the Lessee.

         4.2. INITIAL CLOSING DATE; PROPERTY CLOSING DATES; CONSTRUCTION
FUNDINGS. The Construction Agent shall deliver to the Lessor and the Agent a
requisition (a "Requisition"), in the form attached hereto as EXHIBIT A or in
such other form as is reasonably satisfactory to the Lessor, the Construction
Agent and the Agent (together with such additional schedules, affidavits,
releases, waivers, statements, invoices, bills, and other documents,
certificates and information required by the Agent), in connection with (a) the
Initial Closing Date relating to the repayment of outstanding Existing Loans and
Existing Holder Fundings on such date, and relating to the Transaction Expenses
and other fees, expenses and disbursements payable by the Lessor pursuant to
SECTION 9.1(A) with invoices (in form and substance reasonably acceptable to the
Agent and the Lessor) for such Transaction Expenses and other fees, expenses and
disbursements attached to such Requisition, (b) each Property Closing Date
relating to each Acquisition Funding pursuant to SECTION 5.3 and (c) each date
of a Construction Funding pursuant to SECTIONS 5.4 OR 5.5.

         SECTION 5. FUNDINGS; REPORTING REQUIREMENTS ON COMPLETION DATE;
CONSTRUCTION AGENT DELIVERY OF NOTICES; INCREASE IN COMMITMENTS AND HOLDER
COMMITMENTS; IMPROVEMENTS ON COMPLETED PROPERTY; INTERCREDITOR AGREEMENT.

         5.1. GENERAL. To the extent funds have been made available to the
Lessor as Loans by the Lenders and Holder Fundings by the Holders, the Lessor
will use such funds from time to time in accordance with the terms and
conditions of this Agreement and the other Operative Agreements (i) to pay
interest regarding the Loans relating to a Property and to pay the Holder Yield
regarding the Holder Fundings relating to a Property, in each case to the extent
accrued

                                       3
<PAGE>

under the Credit Agreement or Trust Agreement (as the case may be) during the
period prior to the Basic Rent Commencement Date with respect to such Property,
(ii) at the direction of the Construction Agent to acquire Properties (including
Equipment) in accordance with the terms of this Agreement, the Agency Agreement,
the Lease and the other Operative Agreements, (iii) to make advances to the
Construction Agent to permit the testing, engineering, installation,
development, construction, modification, design and renovation, as applicable,
of Improvements and Equipment in accordance with the terms of the Agency
Agreement, the Lease and the other Operative Agreements, (iv) to pay Transaction
Expenses, fees, expenses and other disbursements payable by the Lessor under
SECTIONS 9.1(A) AND (B), and (v) to repay the outstanding principal amount of
Existing Loans and Existing Holder Fundings.

         5.2.     PROCEDURES FOR FUNDING.

                  (a) The Construction Agent shall designate the date for
         Fundings hereunder in accordance with the terms and provisions hereof;
         provided, however, it is understood and agreed that no more than one
         (1) Funding may be requested during any calendar month other than
         Acquisition Fundings for New Properties. Not less than (i) one (1)
         Business Day prior to the date of any requested Base Rate Funding or
         (ii) three (3) Business Days prior to the date of any requested
         Eurodollar Funding, the Construction Agent shall deliver to the Lessor
         and the Agent, (A) with respect to the Initial Closing Date and each
         Property Closing Date, a Requisition as described in SECTION 4.2 hereof
         (including without limitation a legal description of the Land, a
         schedule of the Improvements, if any, and a schedule of the Equipment,
         if any, to be acquired on such date, and a schedule of the Work, if
         any, to be performed, each of the foregoing in a form reasonably
         acceptable to the Lessor and the Agent) and (B) with respect to each
         Construction Funding, a Requisition identifying (among other things)
         the Property to which such Work relates. Each such Requisition (other
         than a Requisition for an Acquisition Funding) shall be delivered to
         the Lessor and the Agent on a date between (and including) the first
         (1st) and the fifteenth (15th) day of a calendar month.

                  (b) Each Requisition shall: (i) be irrevocable, (ii) request
         funds in an amount that is not in excess of the total aggregate of the
         Available Commitments plus the Available Holder Commitments at such
         time, and (iii) request that the Holders make Holder Fundings and that
         the Lenders make Loans to the Lessor for repayment of Existing Loans
         and Existing Holder Fundings or the payment of the Property Acquisition
         Costs (in the case of an Acquisition Funding) or other Property Costs,
         including the cost of Improvements (in the case of a Construction
         Funding) that have previously been incurred and were not subject to a
         prior Requisition, in each case as specified in the Requisition.

                  (c) Subject to the terms and conditions of the Credit
         Agreement and the Trust Agreement and subject to the satisfaction of
         the conditions precedent set forth in SECTIONS 5.3, 5.4 or 5.5, as
         applicable, on each Property Closing Date or the date on which the
         Construction Funding is to be made, as applicable,

                                       4
<PAGE>

                           (i) the Lenders shall make Loans to the Lessor in an
                  aggregate amount equal to 97% of the sum of (A) the Requested
                  Funds specified in any Requisition, (B) any additional amount
                  of Transaction Expenses and other fees, taxes, expenses and
                  disbursements (as described in SECTION 9.1(A) AND 9.1(B))
                  (unless such funding of fees, taxes, expenses, disbursements
                  or Transaction Expenses is declined in writing by each Lender
                  and each Holder, such decision to be in the sole discretion of
                  each Lender and each Holder), and (C) any additional amount
                  respecting any indemnity payment (as described in SECTION
                  13.5) (unless such indemnity payment is declined in writing by
                  each Lender and each Holder, in the sole discretion of each
                  Lender and each Holder) -- up to an aggregate principal amount
                  equal to the Available Commitments (such Loans to be
                  apportioned 87% to Series A Loans and 10% to Series B Loans);

                           (ii) each Holder shall make a pro rata Holder Funding
                  based on its Holder Commitment in an amount such that the
                  aggregate of all Holder Fundings at such time shall be 3% of
                  the sum of (A) the Requested Funds specified in any
                  Requisition, (B) any additional amount of Transaction Expenses
                  and other fees, taxes, expenses and disbursements (as
                  described in SECTION 9.1(A) AND 9.1(B)) (unless such funding
                  of fees, taxes, expenses, disbursements or Transaction
                  Expenses is declined in writing by each Lender and each
                  Holder, such decision to be in the sole discretion of each
                  Lender and each Holder), and (C) any additional amount
                  respecting any indemnity payment (as described in SECTION
                  13.5) (unless such indemnity payment is declined in writing by
                  each Lender and each Holder, in the sole discretion of each
                  Lender and each Holder) -- provided no such Holder Funding
                  shall exceed such Holder's pro rata share of the Available
                  Holder Commitments; and

                           (iii) the total amount of such Loans and Holder
                  Fundings made on such date shall (w) be used by the Lessor to
                  pay the Property Acquisition Costs within three (3) Business
                  Days of the receipt by the Lessor of such Funding (in the case
                  of a Property Closing Date), (x) be used by the Lessor on the
                  date of such Funding to pay interest regarding the Loans
                  relating to a Property and to pay the Holder Yield regarding
                  the Holder Fundings relating to a Property, in each case to
                  the extent accrued under the Credit Agreement or Trust
                  Agreement (as the case may be) during the period prior to the
                  Completion Date with respect to such Property, (y) be used by
                  the Lessor to pay Transaction Expenses, fees, taxes, expenses,
                  other disbursements and indemnities to the extent permitted
                  under SECTIONS 5.3, 5.4, 5.5, 9.1(A), 9.1(B) OR 13.5 (as
                  applicable), or (z) be disbursed by the Lessor, on the date of
                  such Funding, to the Construction Agent or the Lessee to pay
                  Property Costs, as applicable. Any such amounts held by the
                  Lessor (or the Agent on behalf of the Lessor) shall be subject
                  to the lien of the Security Agreement.

                                       5
<PAGE>

         5.3. CONDITIONS TO THE HOLDERS' AND THE LENDERS' OBLIGATIONS TO ADVANCE
FUNDS ON THE INITIAL CLOSING DATE OR FUNDS FOR THE ACQUISITION OF PROPERTY.

                  (a) The obligations of each Holder to make Holder Fundings,
         and of each Lender to make Loans, to the Lessor on the Initial Closing
         Date for the purpose of (1) providing funds to the Lessor necessary to
         pay Transaction Expenses, fees, expenses and other disbursements
         payable by the Lessor under SECTION 9.1 of this Agreement and (2)
         repaying to the respective Existing Lender or Existing Holder, the
         entire outstanding principal amount of each Existing Loan and each
         Existing Holder Funding, are subject to the prior or contemporaneous
         satisfaction or waiver of the following conditions precedent:

                               (i) the correctness in all material respects on
                      such date of the representations and warranties of the
                      Owner Trustee, the Construction Agent, the Lessee and the
                      Holders (other than such Holder) contained herein and in
                      each of the other Operative Agreements;

                               (ii) the performance in all material respects by
                      the Construction Agent and the Lessee of their respective
                      agreements contained herein and in the other Operative
                      Agreements which covenants are to be performed by them on
                      or prior to such date;

                               (iii) the satisfaction of all conditions to any
                      such Holder Funding or Loan set forth in any Operative
                      Agreement;

                               (iv) the Agent and the Owner Trustee shall have
                      received a fully executed copy of a counterpart of the
                      respective Requisition, appropriately completed;

                               (v) the Agent shall have received (in form and
                      substance satisfactory to the Agent and the Majority
                      Financing Parties) fully executed originals of Operative
                      Agreements and the Intercreditor Agreement;

                               (vi) the Agent shall have received (in form and
                      substance satisfactory to the Agent) fully-executed
                      originals of all documents (including without limitation
                      modifications of existing mortgages, deeds of trust,
                      financing statements, lease supplements, and memoranda of
                      leases) deemed necessary by the Agent to continue the
                      perfection and priority of any liens on any Existing
                      Properties or any other collateral securing any
                      obligations under any Operative Agreement, PROVIDED THAT
                      (in the case of memoranda of leases for any Property
                      located in Florida) the Agent may require fully-executed
                      originals of a memorandum of lease without explicit
                      mortgage-granting provisions (the "SHORTER MEMORANDUM") as
                      well as a memorandum of lease with explicit
                      mortgage-granting provisions (the "LONGER MEMORANDUM"),
                      and so long as Tech Data continues to receive an
                      Investment Grade Rating from either Moody's or S&P, the
                      Agent may record the Shorter Memorandum but

                                       6
<PAGE>

                      PROVIDED FURTHER THAT if at any time Tech Data does not
                      maintain an Investment Grade Rating from at least one of
                      Moody's or S&P, then the Agent may record the Longer
                      Memorandum with respect to such Property, and Lessee
                      shall, immediately upon demand therefor, pay (or reimburse
                      the Agent for) all costs (including without limitation any
                      documentary stamp taxes, intangibles taxes, filing fees or
                      other amounts) that may be required in connection
                      therewith;

                               (vii) the repayment to the respective Existing
                      Lender or Existing Holder all accrued and unpaid interest
                      on any Existing Loan and all accrued and unpaid Holder
                      Yield on any Existing Funding (together with any
                      applicable compensation for break funding costs); and

                               (viii) no Lease Default or Lease Event of Default
                      under any of the Operative Agreements shall have occurred
                      after giving effect to the Funding requested by such
                      Requisition.

                  (b) The obligations of each Holder to make Holder Fundings,
         and of each Lender to make Loans, to the Lessor on a Property Closing
         Date for the purpose of providing funds to the Lessor necessary to pay
         the Transaction Expenses, fees, expenses and other disbursements
         payable by Lessor under SECTION 9.1 (B) of this Agreement and to
         acquire a New Property, are subject to the prior or contemporaneous
         satisfaction or waiver of the following conditions precedent:

                             (i) the correctness in all material respects on
                  such Property Closing Date of the representations and
                  warranties of the Owner Trustee, the Construction Agent, the
                  Lessee and the Holders (other than such Holder) contained
                  herein and in each of the other Operative Agreements;

                            (ii) the performance in all material respects by the
                  Construction Agent and the Lessee of their respective
                  agreements contained herein and in the other Operative
                  Agreements which covenants are to be performed by them on or
                  prior to each such Property Closing Date;

                            (iii) the satisfaction of all conditions to any such
                  Holder Funding or Loan set forth in any Operative Agreement;

                            (iv) the Agent and the Owner Trustee shall have
                  received a fully executed copy of a counterpart of the
                  respective Requisition, appropriately completed;

                            (v) title to each Property being acquired on such
                  Property Closing Date shall conform to the representations and
                  warranties set forth in SECTION 8.1(C) hereof;

                            (vi) the Construction Agent shall have delivered to
                  the Lessor a copy of the Deed with respect to the Land and
                  existing Improvements (if any), a copy of

                                       7
<PAGE>

                  the Ground Lease (if any) with respect to the Land, and a copy
                  of the Bill of Sale with respect to the Equipment, in each
                  case for such of the foregoing as are being acquired on such
                  Property Closing Date; and such Land and existing Improvements
                  shall be located in an Approved Country;

                            (vii) there shall not have occurred and be
                  continuing any Default or Event of Default under any of the
                  Operative Agreements and no Default or Event of Default under
                  any of the Operative Agreements shall have occurred after
                  giving effect to the Funding requested by such Requisition;

                            (viii) the Construction Agent shall have delivered
                  to the Agent and the Owner Trustee, title insurance
                  commitments to issue policies in favor of the Owner Trustee
                  and the Agent with respect to each Property being acquired on
                  such Property Closing Date, such policies being in form and
                  substance reasonably acceptable to the Owner Trustee, the
                  Agent and the Majority Financing Parties with such title
                  exceptions thereto as are reasonably acceptable to the Owner
                  Trustee and the Agent; and the Construction Agent shall
                  deliver to the Owner Trustee and the Agent, as soon as
                  possible after such Property Closing Date, the final title
                  insurance policies for each such Property, taking no specific
                  exception for any Lien filed on account of materials furnished
                  or labor performed in connection with the Property, and
                  otherwise showing no additional exceptions to coverage;

                            (ix) the Construction Agent shall have delivered to
                  the Agent and the Owner Trustee a "Phase I" environmental site
                  assessment with respect to each such Property, prepared by an
                  independent recognized professional reasonably acceptable to
                  the Agent, the Owner Trustee and the Majority Financing
                  Parties and in a form and substance that is reasonably
                  acceptable to the Agent, the Owner Trustee and the Majority
                  Financing Parties;

                             (x) the Construction Agent shall have delivered to
                  the Agent and the Owner Trustee a survey of each such
                  Property, prepared by an independent recognized professional
                  meeting the then current minimum standard detail requirements
                  for American Land Title Association/American Congress of
                  Surveying and Mapping (ALTA/ACSM) Land Title Surveys certified
                  to the Agent and otherwise reasonably acceptable to the Agent;

                            (xi) the Construction Agent shall have caused to be
                  delivered to the Agent and the Owner Trustee a legal opinion
                  (in form and substance reasonably satisfactory to the Agent,
                  the Owner Trustee and the Majority Financing Parties) from
                  counsel located in the state where each such Property is
                  located or, if the Agent and the Owner Trustee have previously
                  received an opinion from counsel in such state, the Agent and
                  the Owner Trustee (in their discretion) may accept an update
                  or a reaffirmation of the previous opinion, in each case
                  addressed to each Lender;

                                       8
<PAGE>

                           (xii) the Owner Trustee, the Agent and the Majority
                  Financing Parties shall be satisfied, in their sole
                  discretion, that the acquisition or ground leasing of each
                  such Property and the execution of the Mortgage Instrument and
                  the other Security Documents will not adversely affect in any
                  material respect the rights of the Owner Trustee, the Holders,
                  the Agent or the Lenders under or with respect to the
                  Operative Agreements in effect as of such Property Closing
                  Date (it being understood and acknowledged that the Agent and
                  the Owner Trustee may require that the Construction Agent
                  deliver an acceptable legal opinion in connection with this
                  condition);

                           (xiii) the Construction Agent shall have determined
                  (as set forth in the related Requisition) that such Property
                  is appropriate for its business operations; and the Agent and
                  the Majority Financing Parties shall have consented to the
                  Lessor's acquisition of such Property, which consent (subject
                  to clause (xii) above) shall not be unreasonably withheld or
                  delayed;

                           (xiv) the Construction Agent shall have delivered to
                  the Agent and the Owner Trustee, respecting each such
                  Property, invoices for the various Transaction Expenses and
                  other fees, expenses and disbursements referenced in SECTION
                  9.1 (A) OR (B) of this Agreement;

                            (xv) the Lessor shall have delivered to the Agent a
                  Mortgage Instrument and Lender Financing Statements (or, in
                  the case of any Existing Property, modifications of existing
                  mortgage instruments, deeds of trust or financing statements)
                  with respect to each such Property in a form reasonably
                  acceptable to the Agent and Lessee;

                           (xvi) in the case of each Property located in the
                  United States, the Construction Agent shall have delivered to
                  the Lessor with respect to each such Property, a Lease
                  Supplement and a memorandum (or, in the case of any Existing
                  Property, modifications of any existing lease supplement or
                  memorandum of lease) regarding the Lease and such Lease
                  Supplement (such memorandum with respect to New Properties to
                  be substantially in the form attached to the Lease as Exhibit
                  B and in each case in form suitable for recording), PROVIDED
                  THAT (in the case of memoranda of leases for any Property
                  located in Florida) the Agent may require fully-executed
                  originals of a memorandum of lease without explicit
                  mortgage-granting provisions (the "SHORTER MEMORANDUM") as
                  well as a memorandum of lease with explicit mortgage-granting
                  provisions (the "LONGER MEMORANDUM"), and so long as Tech Data
                  continues to receive an Investment Grade Rating from either
                  Moody's or S&P, the Agent may record the Shorter Memorandum;
                  but PROVIDED FURTHER THAT if at any time Tech Data does not
                  maintain an Investment Grade Rating from at least one of
                  Moody's or S&P, then the Agent may record the Longer
                  Memorandum with respect to such Property, and Lessee shall,
                  immediately upon demand therefor, pay (or reimburse the Agent
                  for) all costs (including without limitation any documentary
                  stamp taxes,

                                       9
<PAGE>

                  intangibles taxes, filing fees or other amounts) that may be
                  required in connection therewith;

                           (xvii) in the case of each Property located outside
                  the United States, the Construction Agent shall have delivered
                  to the Lessor such other documents as may be necessary or
                  appropriate to perfect and secure the priority of the Liens of
                  the Lessor and the Agent on such Property (such documents to
                  be in form and substance satisfactory to the Agent and the
                  Lessor);

                           (xviii) the Construction Agent shall have delivered
                  to the Lessor with respect to each such Property Lessor
                  Financing Statements (or, in the case of any Existing
                  Property, modifications of existing financing statements)
                  executed by the Lessee and the Lessor;

                           (xix)if any such Property is subject to a Ground
                  Lease, the Construction Agent shall have caused a lease
                  memorandum (or modification of existing lease memorandum), or
                  in the case of Property located outside the United States,
                  such other documents as the Agent may require, (in each case,
                  in form and substance satisfactory to the Agent) to be
                  delivered to the Agent for such Ground Lease;

                            (xx) counsel for the ground lessor of each such
                  Property subject to a Ground Lease shall have issued to the
                  Lessor, the Agent and the Holders, an opinion satisfactory to
                  the Agent and the Majority Financing Parties;

                           (xxi) all necessary (or in the reasonable opinion of
                  the Owner Trustee, the Agent, or their respective counsel,
                  advisable) Governmental Actions, in each case required by any
                  law or regulation enacted, imposed or adopted on or prior to
                  each such date or by any change in facts or circumstances on
                  or prior to each such date, shall have been obtained or made
                  and be in full force and effect;

                           (xxii) the Construction Agent shall cause (i) Uniform
                  Commercial Code lien searches, tax lien searches and judgment
                  lien searches regarding each of the Lessee and the Lessor to
                  be conducted (and copies thereof to be delivered to the Agent
                  and the Owner Trustee) in the state and county (or other
                  jurisdiction) in which such Property is located (or any other
                  jurisdiction reasonably requested by the Agent), by a
                  nationally recognized search company acceptable to the Owner
                  Trustee and the Agent and (ii) the liens referenced in such
                  lien searches which are objectionable to the Owner Trustee or
                  the Agent to be either removed or otherwise handled in a
                  manner reasonably satisfactory to the Owner Trustee and the
                  Agent;

                           (xxiii) the Agent shall have received an Appraisal
                  for such Property (which Appraisal is in form and substance
                  satisfactory to the Agent and the Majority Financing Parties)
                  showing that such Property has a value at least equal to
                  ninety percent (90%) of the expected total Property Cost of
                  such Property and

                                       10
<PAGE>

                  all Improvements constructed or expected to be constructed
                  thereon (based on a Construction Budget satisfying the
                  requirements of Section 5.4(e)); and

                           (xxiv) in the case of any Property located in a
                  country other than the United States (a "Foreign Country"),
                  the Owner Trustee, the Agent and the Majority Financing
                  Parties shall be satisfied, in their sole discretion, after
                  such review and analysis of any applicable Laws (including
                  without limitation any applicable Laws of such Foreign Country
                  relating to creditors' rights and remedies, lending, leasing,
                  bankruptcy, insolvency, real property, personal property,
                  creation and priority of Liens, and liability and
                  Environmental Laws) as they may deem appropriate, that the
                  rights, Liens and remedies of the Owner Trustee, any Financing
                  Parties or the Agent under the Operative Agreements or
                  otherwise shall not be adversely affected (and the obligations
                  and potential or actual liabilities of the Owner Trustee, any
                  Financing Parties or the Agent shall not be increased) by the
                  fact that such Property is located in such Foreign Country (it
                  being understood and acknowledged that the Agent and the Owner
                  Trustee may require the Construction Agent to deliver legal
                  opinions acceptable to the Owner Trustee, the Agent and the
                  Majority Financing Parties in connection with this condition).

For purposes of determining compliance with the conditions specified in
SUBSECTIONS 5.3(A) AND 5.3(B), each Lender and Holder that has executed this
Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter either sent by Agent to such
Lender or Holder, respectively, for consent, approval, acceptance or
satisfaction, or required thereunder to be consented to or approved by or
acceptable or satisfactory to such Lender or Holder.

         5.4. CONDITIONS TO THE HOLDERS' AND THE LENDERS' OBLIGATIONS TO MAKE
CONSTRUCTION FUNDINGS FOR THE COMMENCEMENT OF CONSTRUCTION OF ANY IMPROVEMENTS.
The obligations of each Holder to make Holder Fundings, and of each Lender to
make Loans, to the Lessor for the purpose of providing funds to the Lessor
necessary to pay the Transaction Expenses, fees, expenses and other
disbursements payable by Lessor under SECTION 9.1(B) of this Agreement, to make
an advance for the commencement of construction of any Improvements or the
acquisition or installation of Equipment with respect to an Incomplete Existing
Property or a New Property, or to pay interest regarding the Loans relating to
an Incomplete Existing Property or a New Property and to pay the Holder Yield
regarding the Holder Fundings relating to an Incomplete Existing Property or a
New Property, in each case regarding such interest and Holder Yield to the
extent accrued and payable under the Credit Agreement or Trust Agreement (as the
case may be), in each case during the period prior the Completion Date for such
Property, are subject to the satisfaction or waiver of the following conditions
precedent:

                  (a) the correctness in all material respects on the date of
         such Holder Fundings and Loans of the representations and warranties of
         the Owner Trustee, the Construction Agent, the Lessee and the Holders
         (other than such Holder) contained herein and in each of the other
         Operative Agreements;

                                       11
<PAGE>

                  (b) the performance in all material respects by the
         Construction Agent and the Lessee of their respective agreements
         contained herein and in the other Operative Agreements and to be
         performed by them on or prior to each such date;

                  (c) the satisfaction of all conditions to any such Holder
         Funding or Loan set forth in any Operative Agreement;

                  (d) the Agent and the Owner Trustee shall have received a copy
         of a fully executed counterpart of the respective Requisition
         appropriately completed, together with copies of all Bills of Sale with
         respect to any Equipment acquired as a part of any Improvements;

                  (e) with respect to each Initial Construction Funding, the
         Agent and the Owner Trustee shall have received a copy of the
         Construction Budget for the completion of the Improvements to which
         such Funding relates, which Construction Budget shall indicate a total
         Property Cost for such Property (including, without limitation, the
         Improvements, the Land on which such Improvements are to be constructed
         and any Equipment located at such Property) of not more than
         $50,000,000 and not less than $2,500,000;

                  (f) with respect to each Initial Construction Funding, (i) the
         title insurance commitments to issue policies (and any policies)
         delivered in connection with the requirements of SECTION 5.3(B)(VIII)
         shall provide (or shall be endorsed and down-dated, in a manner
         satisfactory to the Agent, to provide) insurance in an amount at least
         equal to the maximum total Property Cost indicated by the Construction
         Budget referred to in subparagraph (e) above (and in any event no less
         than the total actual Property Cost after giving effect to such
         Funding), taking no specific exception for any Lien filed on account of
         materials furnished or labor performed in connection with the Property,
         and otherwise showing no title change or any additional exceptions to
         coverage not approved by the Agent; and (ii) all necessary recording
         fees, documentary stamp taxes or similar amounts will be paid in
         connection with the related Mortgage Instrument in an amount sufficient
         to cover such maximum total Property Cost;

                  (g) there shall not have occurred and be continuing any Lease
         Default or Lease Event of Default, and no Lease Default or Lease Event
         of Default will have occurred after giving effect to the Funding
         requested by such Requisition;

                  (h) with respect to each Initial Construction Funding, based
         upon Construction Budgets which satisfy the requirements of
         subparagraph (e) above, the Available Commitment and the Available
         Holder Commitment (after deducting the Unfunded Amount) will be
         sufficient to complete the Improvements; and

                  (i) the Construction Agent shall have determined (as set forth
         in the related Requisition) that such Improvements are appropriate to
         its business; and the Agent shall have consented to such Improvements,
         which consent shall not be unreasonably withheld or delayed.

                                       12
<PAGE>

         5.5. CONDITIONS TO THE HOLDERS' AND THE LENDERS' OBLIGATIONS TO MAKE
CONSTRUCTION FUNDINGS FOR THE ONGOING CONSTRUCTION ON ANY PROPERTY PRIOR TO THE
CONSTRUCTION PERIOD TERMINATION DATE. The obligations of each Holder to make
Holder Fundings, and of each Lender to make Loans, to the Lessor (i) in
connection with all subsequent requests for Fundings to pay the Transaction
Expenses, fees, expense and other disbursements payable by Lessor under SECTION
9.1(B) of this Agreement, (ii) to pay interest regarding the Loans relating to
an Incomplete Existing Property or a New Property and to pay the Holder Yield
regarding the Holder Fundings relating to an Incomplete Existing Property or a
New Property, in each case regarding such interest and Holder Yield to the
extent accrued and payable under the Credit Agreement or Trust Agreement (as the
case may be), during the period prior to the Completion Date for such Property,
and (iii) to pay for the construction of Improvements or the acquisition or
installation of Equipment with respect to an Incomplete Existing Property or a
New Property, in each case prior to the Completion Date for such Property, are
subject to the satisfaction or waiver of the following conditions precedent:

                  (a) the correctness in all material respects on the date of
         such Holder Fundings and Loans of the representations and warranties of
         the Owner Trustee, the Construction Agent, the Lessee and the Holders
         (other than such Holder) contained herein and in each of the other
         Operative Agreements;

                  (b) the performance in all material respects by the
         Construction Agent and the Lessee hereto of their respective agreements
         contained herein and in the other Operative Agreements and to be
         performed by them on or prior to each such date;

                  (c) the satisfaction of all conditions to any such Holder
         Funding or Loan set forth in any Operative Agreements;

                  (d) the Agent and the Owner Trustee shall have received a copy
         of a fully executed counterpart of the respective Requisition,
         appropriately completed;

                  (e) there shall not have occurred and be continuing any Lease
         Default or Lease Event of Default under any of the Operative
         Agreements, and no Lease Default or Lease Event of Default will have
         occurred after giving effect to the Construction Funding requested by
         such Requisition;

                  (f) (with respect to each Construction Funding) based upon
         Construction Budgets which satisfy the requirements of SECTION 5.4(E)
         of this Agreement, the Available Commitments and the Available Holder
         Commitment (after deducting the Unfunded Amount) will be sufficient to
         complete the Improvements; and

                  (g) with respect to each Construction Funding, the title
         insurance commitments to issue policies (or any policies) delivered in
         connection with the requirements of SECTION 5.3(B)(III)) shall provide
         (or shall be endorsed and down-dated, in a manner satisfactory to the
         Agent, to provide) insurance in an amount at least equal to the maximum
         total Property Cost indicated by the Construction Budget referred to in

                                       13
<PAGE>

         SECTION 5.4(E) (and in any event no less than the total actual Property
         Cost after giving effect to such Funding), taking no specific exception
         for any Lien filed on account of materials furnished or labor performed
         in connection with the Property, and otherwise showing no title change
         or any additional exceptions to coverage not approved by the Agent.

         5.6. REPORTING AND DELIVERY REQUIREMENTS ON COMPLETION DATE. On the
Completion Date for any Incomplete Existing Property or any New Property, the
Construction Agent shall deliver to the Agent, and the Owner Trustee an
Officer's Certificate in the form attached hereto as EXHIBIT B specifying (a)
the Completion Date for the construction of Improvements at the Property, (b)
the aggregate Property Cost for the Property and (c) if any of the Property
consists of Tangible Personal Property, a separate statement of the Property
Cost attributable to such Tangible Personal Property. Such Officer's Certificate
shall also include, in form and in detail reasonably acceptable to the Agent and
the Holders, a summary of the Property Cost figures and a certification to the
effect that all Improvements have been made in accordance with all applicable
material Legal Requirements, in a good and workmanlike manner and otherwise in
substantial compliance with the standards and practices of the Construction
Agent with respect to similar properties and improvements owned by the
Construction Agent, and that no consent or approval of any Person is required
for such Improvements except for consents and approvals which have already been
obtained. Furthermore, (i) on the Completion Date for each Property, the
Construction Agent shall deliver or cause to be delivered originals of the
following to the Agent (and copies thereof to the Owner Trustee) each of which
shall be in a form reasonably acceptable to the Agent: (1) insurance
certificates with respect to the Property as required under the Lease Agreement,
and (2) if requested by the Agent or the Owner Trustee, amendments or
modifications to the Lender Financing Statements or the Lessor Financing
Statements executed by the Lessee and the Lessor; and (ii) within ninety (90)
days after the Completion Date for each such Property, the Construction Agent
shall deliver or cause to be delivered originals of the following to the Agent
(and copies thereof to the Owner Trustee) each of which shall be in a form
reasonably acceptable to the Agent (and, in the case of the endorsement of title
insurance policy, the Majority Financing Parties): (1) a final as-built survey
for the applicable Property, (2) an endorsement of the title insurance policy
regarding such Property, amending the effective date of such policy to the date
of such endorsement and taking no exception for any Lien on account of materials
furnished or labor performed in connection with the Property, and otherwise
showing no title changes or any additional exceptions to coverage that have not
been approved by the Agent, and (3) the final Plans and Specifications for such
Property, PROVIDED THAT the Agent (in its sole discretion) may extend such
ninety-day period for up to an additional sixty (60) days. In addition, on the
Completion Date for such Property the Construction Agent covenants and agrees
that the recording fees, documentary stamp taxes or similar amounts paid or
required to be paid in connection with the related Mortgage Instrument shall be
in an amount required by applicable law.

         5.7. CONSTRUCTION AGENT DELIVERY OF ALLOCATION NOTICE AND CONSTRUCTION
BUDGET MODIFICATIONS. The Construction Agent covenants and agrees to deliver (i)
to the Agent at least five (5) Business Days before any Scheduled Interest
Payment Date during the Commitment Period the Allocation Notice referred to in
the first sentence of SECTION 2.3(B) of the Credit Agreement, and (ii) to the
Agent and the Owner Trustee each month any modification to any

                                       14
<PAGE>

Construction Budget regarding any Property; provided, no Construction Budget may
be amended unless (a) the title insurance policies referenced in SECTION
5.3(B)(VIII) are also modified or endorsed, if necessary, to provide for
insurance in an amount that satisfies the requirements of SECTION 5.4(F)(I) of
this Agreement and, if necessary, any additional recording fees, documentary
stamp taxes or similar amounts paid in connection with the related Mortgage
Instrument in an amount sufficient to comply with the requirements of SECTION
5.4(F)(II), and (b) after giving effect to any such amendment the Construction
Budget remains in compliance with the requirements of SECTION 5.4(E) of this
Agreement. Any amendment to the Construction Budget is also subject to the
requirements of the Agency Agreement.

         5.8. INSPECTION OF DOCUMENTS; HOLD HARMLESS; REMOVAL OF PROPERTIES. Any
document or item (including without limitation any environmental report)
delivered to the Agent shall be available for inspection at any time during
ordinary business hours upon reasonable notice by any Lender or Holder. Without
limiting the generality of SECTION 7 of the Credit Agreement, the Agent shall
not incur any liability to any Lender, any Holder, the Owner Trustee or any
other Person (and each Lender, each Holder, the Owner Trustee, the Lessee and
the Construction Agent hereby holds the Agent harmless from any such liability)
as a result of any such document or item, any information contained therein, the
failure to receive any such document, or the Agent's approval of any Property.
In the event the Majority Financing Parties determine that any environmental
site assessment reveals an Environmental Violation and they or the Agent so
notify the Lessee, then the Lessee shall remedy or purchase such Property in
accordance with SECTIONS 15.2, 16.1 AND 16.2 of the Lease, provided that if the
Property is a Construction Period Property, the Construction Agent shall be
responsible for such remedy or purchase.

         5.9. UNILATERAL RIGHT TO INCREASE THE COMMITMENTS AND THE HOLDER
COMMITMENTS. Notwithstanding any other provisions of any Operative Agreement or
any objection by any Person including without limitation any objection by the
Lessee, the Construction Agent or any Guarantor, (a) each Holder, in its sole
discretion, may unilaterally elect to increase its Holder Commitment in order to
fund amounts due and owing pursuant to SECTIONS 9.1(A), 9.1(B), 9.3 or 13.5
hereof or SECTION 2.1(C), 2.1(F), 2.1(G) or 2.3 of the Agency Agreement and (b)
each Lender, in its sole discretion, may unilaterally elect to increase its
Commitments in order to fund amounts due and owing pursuant to SECTIONS 9.1(A),
9.1(B), 9.3 or 13.5 or SECTION 2.1(C), 2.1(F), 2.1(G) or 2.3 of the Agency
Agreement; PROVIDED, HOWEVER, that Lessee shall pay (or shall cause the Lessor
to pay) upon demand of all costs and other amounts arising under SECTION 13.3(B)
hereof as a result of the increase of any Commitment or Holder Commitment of any
Lender or Holder on a date other than the last day of the applicable Interest
Period with respect to any then-outstanding Eurodollar Loan or Eurodollar Holder
Funding.

         5.10. FUNDING OF ADDITIONAL IMPROVEMENTS FOR A COMPLETED PROPERTY. If
Completion has occurred for a Property (the "ORIGINAL PROPERTY"), the Owner
Trustee (or the Construction Agent on its behalf) may request, and (subject to
satisfaction of the conditions for Fundings as set forth in the Operative
Agreements) the Lender and Holders shall make, additional Fundings to construct
additional Improvements (the "ADDITIONAL IMPROVEMENTS") (including without
limitation an expansion adjacent to the original Improvements) on any remaining
undeveloped Land in such Property; PROVIDED THAT

                                       15
<PAGE>

                  (a) during the Construction Period for such Additional
         Improvements, except as set forth in clause (c) below, the Additional
         Improvements shall be deemed (for the purposes of the Operative
         Documents) to be a distinct Property separate from the Original
         Property, and all Land and Equipment included in the Original Property
         (including any Land underlying any Additional Improvements) shall be
         deemed to be part of the Original Property;

                  (b) commencing on the Completion Date for the Additional
         Improvements, the Original Property and the Additional Improvements
         shall together be deemed to be one Property (the "Final Property") for
         all purposes of the Operating Agreements;

                  (c) notwithstanding clause (a) above, for the purposes of any
         rights or obligations of the Lessee, any Alternative Lessee, the
         Construction Agent or any other Person to purchase or to cause the sale
         or purchase of any Property pursuant to any Operative Agreement, the
         Original Property and the Additional Improvements shall together be
         considered one Property, and neither the Lessee nor any Alternative
         Lessee or the Construction Agent may exercise any right or option to
         purchase the Original Property separate from the Additional
         Improvements, or to purchase the Additional Improvements separate from
         the Original Property; and

                  (d) without limiting the generality of the foregoing, during
         the Construction Period for the Additional Improvements, the
         Improvements in the Original Property shall continue to be usable (and
         shall be occupied and used by the Lessee) for its ordinary business
         purposes in accordance with all Legal Requirements, and (without
         limiting any other obligation of the Lessee), the Lessee shall continue
         to pay Basic Rent with respect to the Original Property in accordance
         with the terms of the Lease.

         5.11. INTERCREDITOR AGREEMENT. Notwithstanding anything to the contrary
herein or in the Operative Agreements, in the event that Lessee or any
Subsidiary shall issue any Senior Parity Debt or enter into the Amended Tech
Data Credit Agreement, Administrative Agent is authorized, without the consent
of the Lenders, to enter into one or more intercreditor agreements or other
similar arrangements with the Senior Parity Debt Holders and the lenders party
to the Amended Tech Data Credit Agreement (or the agents on behalf of such
lenders or Senior Parity Debt Holders) in order to effectuate pari passu status
between the obligations of the Lessee and Construction Agent under the Operative
Agreements, such Senior Parity Debt, and the obligations under the Amended Tech
Data Credit Agreement. At the election of the Lessee, Senior Parity Debt and the
Amended Tech Data Credit Agreement may either (i) benefit from a guaranty of
payment by Domestic Subsidiaries, or (ii) have the benefit of a pledge of 65% of
the voting securities or other interests having ordinary voting power and 100%
of the other securities of or other ownership interests in each Direct Foreign
Subsidiary that is a Significant Subsidiary, or (iii) both of the foregoing.
Administrative Agent and Collateral Agent shall take all such further actions as
are necessary to effectuate the transactions contemplated by this SECTION 5.11,
all at the sole expense of Lessee.

                                       16
<PAGE>

         SECTION 6.  CONDITIONS OF THE INITIAL CLOSING.

         6.1. CONDITIONS TO THE LESSOR'S AND THE HOLDERS' OBLIGATIONS. The
obligations of the Lessor and the Holders to consummate the transactions
contemplated by this Agreement, including the obligation to execute and deliver
the applicable Operative Agreements to which each is a party on the Initial
Closing Date, are subject to (i) the accuracy and correctness on the Initial
Closing Date of the representations and warranties of the other parties hereto
contained herein, (ii) the accuracy and correctness on the Initial Closing Date
of the representations and warranties of the other parties hereto contained in
any other Operative Agreement or certificate delivered pursuant hereto or
thereto, (iii) the performance by the other parties hereto of their respective
agreements contained herein and in the other Operative Agreements and to be
performed by them on or prior to the Initial Closing Date and (iv) the
satisfaction, or waiver by the Lessor and the Holders, of all of the following
conditions on or prior to the Initial Closing Date:

                  (a) Each of the Operative Agreements to be entered into as of
         the Initial Closing Date shall have been duly authorized, executed and
         delivered by the parties thereto, other than the Lessor or such Holder,
         and shall be in full force and effect, and no Default or Event of
         Default shall exist thereunder (both before and after giving effect to
         the transactions contemplated by the Operative Agreements), and the
         Lessor shall have received a fully executed copy of each of the
         Operative Agreements (other than the Notes of which it shall have
         received specimens). The Operative Agreements (or memoranda thereof),
         any supplements thereto and any financing statements and fixture
         filings in connection therewith required under the Uniform Commercial
         Code shall have been filed or shall be promptly filed, if necessary, in
         such manner as to enable the Lessee's counsel to render its opinion
         referred to in SECTION 6.1(G) hereof;

                  (b) All taxes, fees and other charges in connection with the
         execution, delivery, recording, filing and registration of the
         Operative Agreements shall have been paid or provision for such payment
         shall have been made to the reasonable satisfaction of the Lessor and
         the Agent;

                  (c) No action or proceeding shall have been instituted, nor
         shall any action or proceeding be threatened, before any Governmental
         Authority, nor shall any order, judgment or decree have been issued or
         proposed to be issued by any Governmental Authority (i) to set aside,
         restrain, enjoin or prevent the full performance of this Agreement, any
         other Operative Agreement or any transaction contemplated hereby or
         thereby or (ii) which is reasonably likely to have a Material Adverse
         Effect;

                  (d) In the reasonable opinion of the Lessor and the Holders
         and their counsel, the transactions contemplated by the Operative
         Agreements do not and will not violate any Legal Requirements and do
         not and will not subject the Lessor or the Holders to any materially
         adverse regulatory prohibitions or constraints;

                  (e) The Lessor and the Agent shall each have received (with a
         copy to each of the Financing Parties) an Officer's Certificate of the
         Lessee, dated as of the Initial

                                       17
<PAGE>

         Closing Date, in the form attached hereto as EXHIBIT D or in such other
         form as is reasonably acceptable to such parties stating that (i) each
         and every representation and warranty of the Lessee contained in the
         Operative Agreements to which it is a party is true and correct in all
         material respects on and as of the Initial Closing Date; (ii) no Lease
         Default or Lease Event of Default has occurred and is continuing under
         any Operative Agreement; (iii) each Operative Agreement to which Lessee
         is a party is in full force and effect with respect to it; and (iv) the
         Lessee has performed and complied with all covenants, agreements and
         conditions contained herein or in any Operative Agreement required to
         be performed or complied with by it on or prior to the Initial Closing
         Date;

                  (f) The Lessor and the Agent shall each have received (with a
         copy to each of the Financing Parties) (i) a certificate of the
         Secretary or an Assistant Secretary of each of the Lessee and each
         Guarantor and each other Credit Party in the form attached hereto as
         EXHIBIT E or in such other form as is reasonably acceptable to such
         parties attaching and certifying as to (A) the resolutions of the Board
         of Directors of Lessee or such Guarantor (as the case may be) duly
         authorizing the execution, delivery and performance by Lessee or such
         Guarantor (as the case may be) of each of the Operative Agreements to
         which it is or will be a party, (B) its certificate of incorporation
         and by-laws, in each case certified as of a recent date by the
         Secretary of State of the State of its incorporation, and (C) the
         incumbency and signature of persons authorized to execute and deliver
         on its behalf the Operative Agreements to which it is a party and (ii)
         a good standing certificate from the appropriate officer of each state
         in which it is required to be qualified to do business as to its good
         standing in such state;

                  (g) Counsel for the Lessee and the Guarantors reasonably
         acceptable to the other parties hereto shall have issued to the Lessor,
         the Agent, the Lenders and the Holders an opinion in the form attached
         hereto as EXHIBIT C or in such other form as is reasonably acceptable
         to such parties; and

                  (h) As of the Initial Closing Date, there shall not have
         occurred any material adverse change in the consolidated assets,
         liabilities, operations, business or financial condition of the Lessee
         from that set forth in the audited financial statements of the Lessee
         dated January 31, 2000.

         6.2. CONDITIONS TO THE LESSEE'S OBLIGATIONS. The obligation of the
Lessee to execute and deliver the Operative Agreements to which it is a party as
of the Initial Closing Date, is subject to (i) the accuracy and correctness on
the Initial Closing Date of the representations and warranties of the other
parties hereto contained herein, (ii) the accuracy and correctness on the
Initial Closing Date of the representations and warranties of the other parties
hereto contained in any other Operative Agreement or certificate delivered
pursuant hereto or thereto, (iii) the performance by the other parties hereto of
their respective agreements contained herein and in the other Operative
Agreements, in each case to be performed by them on or prior to the Initial
Closing Date, and (iv) the satisfaction or waiver by the Lessee of all of the
following conditions on or prior to the Initial Closing Date:

                                       18
<PAGE>

                  (a) Each of the Operative Agreements to be entered into as of
         the Initial Closing Date shall have been duly authorized, executed and
         delivered by the parties thereto, other than the Lessee, and shall be
         in full force and effect, and no Default, other than Defaults of the
         Lessee, shall exist thereunder, and the Lessee shall have received a
         fully executed copy of each of the Operative Agreements (other than
         Notes of which it shall have received a specimen);

                  (b) In the reasonable opinion of the Lessee and its counsel,
         the transactions contemplated by the Operative Agreements do not
         violate any material Legal Requirements and will not subject Lessee to
         any materially adverse regulatory prohibitions or constraints;

                  (c) No action or proceeding shall have been instituted nor
         shall any action or proceeding be threatened, before any Governmental
         Authority, nor shall any order, judgment or decree have been issued or
         proposed to be issued by any Governmental Authority (i) to set aside,
         restrain, enjoin or prevent the full performance of this Agreement, any
         other Operative Agreement or any transaction contemplated hereby or
         thereby or (ii) which is reasonably likely to have a Material Adverse
         Effect;

                  (d) The Lessee and the Agent shall each have received (with a
         copy to each of the Financing Parties) an Officer's Certificate of the
         Lessor dated as of such Closing Date in the form attached hereto as
         EXHIBIT F or in such other form as is reasonably acceptable to Lessee
         and the Agent, stating that (i) each and every representation and
         warranty of the Lessor contained in the Operative Agreements to which
         it is a party is true and correct on and as of the Initial Closing
         Date; (ii) each Operative Agreement to which the Lessor is a party is
         in full force and effect with respect to it, and (iii) the Lessor has
         duly performed and complied with all covenants, agreements and
         conditions contained herein or in any Operative Agreement required to
         be performed or complied with by it on or prior to the Initial Closing
         Date;

                  (e) The Lessee and the Agent shall each have received (with a
         copy to each of the Financing Parties) (i) a certificate of the
         Secretary, an Assistant Secretary, Trust Officer or Vice President of
         the Trust Company in the form attached hereto as EXHIBIT G or in such
         other form as is reasonably acceptable to Lessee and the Agent,
         attaching and certifying as to (A) the signing resolutions, (B) its
         articles of incorporation or other equivalent charter documents, as the
         case may be, certified as of a recent date by an appropriate officer of
         the Trust Company, (C) its by-laws and (D) the incumbency and signature
         of persons authorized to execute and deliver on its behalf the
         Operative Agreements to which it is a party and (ii) a good standing
         certificate from the state of incorporation of the Trust Company; and

                  (f) Counsel for the Lessor acceptable to the other parties
         hereto shall have issued to the Holders, the Lenders and the Agent an
         opinion in the form attached hereto as EXHIBIT H or in such other form
         as is reasonably acceptable to such parties.

                                       19
<PAGE>

         6.3. CONDITIONS TO THE AGENT'S OBLIGATIONS. The obligation of the Agent
to consummate the transactions contemplated by this Agreement, including the
obligation to execute and deliver each of the Operative Agreements to which it
is a party as of the Initial Closing Date, is subject to (i) the accuracy and
correctness on the Initial Closing Date of the representations and warranties of
the other parties hereto contained herein, (ii) the accuracy and correctness on
the Initial Closing Date of the representations and warranties of the other
parties hereto contained in any other Operative Agreement or certificate
delivered pursuant hereto or thereto, (iii) the performance by the other parties
hereto of their respective agreements contained herein and in the other
Operative Agreements, in each case to be performed by them on or prior to the
Initial Closing Date, and (iv) the satisfaction, or waiver by the Agent, of all
of the following conditions on or prior to the Initial Closing Date:

                  (a) Each of the Operative Agreements to be entered into as of
         the Initial Closing Date shall have been duly authorized, executed and
         delivered by the parties thereto, other than the Agent, and shall be in
         full force and effect, and no Default or Event of Default shall exist
         thereunder (both before and after giving effect to the transactions
         contemplated by the Operative Agreements), and the Agent shall have
         received a fully executed copy of each of the Operative Agreements
         (including the Notes). The Operative Agreements (or memoranda thereof),
         any supplements thereto and any financing statements and fixture
         filings in connection therewith required under the Uniform Commercial
         Code shall have been filed or shall be promptly filed, if necessary, in
         such manner as to enable the Lessor's counsel to render its opinion
         referred to in SECTION 6.2(F) hereof;

                  (b) The satisfaction of each of the conditions set forth in
         SECTIONS 6.1(B), (C), (E), (F) AND (H) and SECTIONS 6.2(D), (E) AND (F)
         hereof; and

                  (c) In the reasonable opinion of the Agent, the Majority
         Financing Parties and their respective counsel, the transactions
         contemplated by the Operative Agreements do not and will not violate
         any Legal Requirements and do not and will not subject the Agent or any
         Financing Party to any adverse regulatory prohibitions or constraints.

         SECTION 7.  REPRESENTATIONS AND WARRANTIES ON THE INITIAL CLOSING DATE.

         7.1. REPRESENTATIONS AND WARRANTIES OF THE CONSTRUCTION AGENT AND THE
LESSEE. Effective as of the Initial Closing Date, Construction Agent and the
Lessee represent and warrant to each of the other parties hereto that:

                  (a) Each of the Construction Agent and the Lessee is a
         corporation duly organized, validly existing and in good standing under
         the laws of the State of Florida; each of their Subsidiaries (except
         for any Person that became a Subsidiary since the delivery of the most
         recent Compliance Certificate (defined below)) is listed on Schedule 5
         hereto or in the most recent financial covenant compliance certificate
         (each, a "COMPLIANCE CERTIFICATE") that has been delivered to the
         Agent, the Lender and the Holders pursuant to SECTION 28.2 of the
         Lease; each Subsidiary of the Lessee or the

                                       20
<PAGE>

         Counteraction Agent is duly organized and validly existing under the
         laws of the jurisdiction of its organization; and each of the
         Construction Agent and the Lessee and each of their Subsidiaries is
         duly qualified to do business in each other jurisdiction where the
         nature of its business makes such qualification necessary, except where
         such failure to so qualify would not have a Material Adverse Effect.
         Each of the Construction Agent, the Lessee and each of their
         Subsidiaries has the power and authority to carry on its business as
         now conducted and to enter into and perform its obligations under each
         Operative Agreement to which it is or will be a party and each other
         agreement, instrument and document to be executed and delivered by it
         on or before each Closing Date in connection with or as contemplated by
         each such Operative Agreement to which it is or will be a party;

                  (b) The execution, delivery and performance by each of the
         Construction Agent, the Lessee and any of their Subsidiaries of this
         Agreement and the other Operative Agreements to which each is or will
         be a party have been duly authorized by all necessary corporate action
         on the part of each of the Construction Agent, the Lessee and each such
         Subsidiary (including any necessary shareholder action), have received
         all necessary governmental approval, and do not and will not (i)
         violate any Legal Requirement, decree, judgment or award which is
         applicable to or binding on the Construction Agent or the Lessee or any
         of their Subsidiaries, (ii) violate or conflict with, or result in a
         breach of, any provision of the Certificate of Incorporation, By-Laws
         or other organizational documents of either the Construction Agent or
         the Lessee or any of their Subsidiaries, or any indenture, mortgage,
         chattel mortgage, deed of trust, conditional sales contract, bank loan,
         credit agreement or other agreement, instrument or document to which
         either the Construction Agent or the Lessee or any of their
         Subsidiaries is a party or which is binding on either the Construction
         Agent or the Lessee or any of their Subsidiaries or any of their
         respective properties, or (iii) result in, or require, the creation or
         imposition of any Lien (other than pursuant to the terms of the
         Operative Agreements) on any asset of either of the Construction Agent
         or the Lessee or any of their Subsidiaries;

                  (c) Each of this Agreement and each other Operative Agreement
         to which the Construction Agent, the Lessee or any of their
         Subsidiaries is or will be a party has been, or will be, duly executed
         and delivered by it and constitutes, or upon execution and delivery
         will constitute, the legal, valid or binding obligation of the
         Construction Agent, the Lessee or such Subsidiary, as the case may be,
         enforceable against it in accordance with the terms thereof, subject to
         the effect of any applicable bankruptcy, moratorium, insolvency,
         reorganization or other similar laws affecting the enforceability of
         creditors' rights generally and to the effect of general principles of
         equity (whether considered in a proceeding at law or in equity). The
         Construction Agent, the Lessee and each of their Subsidiaries have each
         executed the various Operative Agreements required to be executed as of
         the Initial Closing Date;

                  (d) There are no actions, suits or proceedings (including,
         without limitation, any derivative action) pending or, to the knowledge
         of either the Construction Agent or the Lessee, threatened with respect
         to the Construction Agent or Lessee or any of their

                                       21
<PAGE>

         Subsidiaries which, if adversely decided, are reasonably likely to
         result, either individually or collectively, in a Material Adverse
         Effect. None of the Construction Agent, the Lessee nor any of their
         Subsidiaries has any material contingent liabilities not provided for
         or disclosed in the financial statements referred to in SECTION 7.3(F),
         which are required in accordance with GAAP to be reported in such
         financial statements;

                  (e) No Governmental Action by any Governmental Authority or
         authorization, registration, consent, approval, waiver, notice or other
         action by, to or of any other Person is required to authorize or is
         required in connection with (i) the execution, delivery or performance
         of any Operative Agreement or (ii) the legality, validity, binding
         effect or enforceability of any Operative Agreement, in each case,
         except those which have been obtained and are in full force and effect;

                  (f) The audited consolidated financial statements of each of
         the Construction Agent and the Lessee as at January 31, 2000, copies of
         which have been furnished to the Agent and the Owner Trustee, were
         prepared in accordance with GAAP and fairly present the financial
         condition of each of the Construction Agent and the Lessee and their
         Subsidiaries on a consolidated basis as of such date and their
         consolidated results of operations for the fiscal year then ended;

                  (g) Since the date of the audited financial statements
         described in SECTION 7.1(F)(I), there has been no event or occurrence
         which has had or is reasonably likely to have a Material Adverse
         Effect;

                  (h) Neither the Construction Agent nor the Lessee knows of any
         material proposed tax assessments against it or any of its
         Subsidiaries. No extension of time for assessment or payment of any
         federal, state or local tax by either the Construction Agent or the
         Lessee or any of their Subsidiaries is in effect;

                  (i)      ERISA.

                           (A) None of the employee benefit plans maintained at
                  any time by the Construction Agent or the Lessee or any ERISA
                  Affiliate or the trusts created thereunder has engaged in a
                  prohibited transaction which could subject any such employee
                  benefit plan or trust to a material tax or penalty on
                  prohibited transactions imposed under Code Section 4975 or
                  ERISA;

                           (B) None of the employee benefit plans maintained at
                  any time by the Construction Agent or the Lessee or any ERISA
                  Affiliate which are employee pension benefit plans and which
                  are subject to Title IV of ERISA or the trusts created
                  thereunder has been terminated nor has any such employee
                  benefit plan of the Construction Agent or Lessee or any ERISA
                  Affiliate incurred any liability to the PBGC, other than for
                  required insurance premiums which have been paid; neither the
                  Construction Agent nor the Lessee or any ERISA Affiliate has
                  withdrawn from or caused a partial withdrawal to occur with
                  respect to any Multi-employer Plan; the Construction Agent,
                  the Lessee and the ERISA

                                       22
<PAGE>

                  Affiliates have made or provided for all contributions to all
                  such employee pension benefit plans which they maintain and
                  which are required as of the end of the most recent fiscal
                  year under each such plan; neither the Construction Agent nor
                  the Lessee or any ERISA Affiliate has incurred any accumulated
                  funding deficiency with respect to any such plan, whether or
                  not waived; nor has there been any reportable event, or other
                  event or condition, which presents a material risk of
                  termination of any such employee benefit plan by the PBGC;

                           (C) The present value of all vested accrued benefits
                  under the employee pension benefit plans which are subject to
                  Title IV of ERISA, maintained by the Construction Agent, the
                  Lessee or any ERISA Affiliate, did not, as of the most recent
                  valuation date for each such plan, exceed the then current
                  value of the assets of such employee benefit plans allocable
                  to such benefits;

                           (D) The consummation of the transactions contemplated
                  by the Operative Agreements will not involve any prohibited
                  transaction under ERISA;

                           (E) To the best of the Construction Agent's and the
                  Lessee's knowledge, each employee pension benefit plan subject
                  to Title IV of ERISA, maintained by the Construction Agent,
                  the Lessee, or any ERISA Affiliate, has been administered in
                  accordance with its terms and is in compliance in all material
                  respects with all applicable requirements of ERISA and other
                  applicable laws, regulations and rules;

                           (F) There has been no withdrawal liability incurred
                  with respect to any Multi-employer Plan to which the
                  Construction Agent, the Lessee or any ERISA Affiliate is or
                  was a contributor;

                           (G) As used in this Agreement, the terms "employee
                  benefit plan," "employee pension benefit plan," "accumulated
                  funding deficiency," "reportable event," and "accrued
                  benefits" shall have the respective meanings assigned to them
                  in ERISA, and the term "prohibited transaction" shall have the
                  meaning assigned to it in Code Section 4975 and ERISA;

                           (H) Neither the Construction Agent nor the Lessee or
                  any ERISA Affiliate has any liability, contingent or
                  otherwise, under any plan or program or the equivalent for
                  unfunded post-retirement benefits, including pension, medical
                  and death benefits, which liability would have a Material
                  Adverse Effect;

                  (j) Upon the execution and delivery of each Lease Supplement
         to the Lease, (i) the Lessee will have unconditionally accepted the
         Property subject to the Lease Supplement and will have a valid and
         subsisting leasehold interest in the Property, subject only to the
         Permitted Exceptions, and (ii) no offset will exist with respect to any
         Rent or other sums payable under the Lease;

                                       23
<PAGE>

                  (k) Neither the Construction Agent nor the Lessee or any of
         their Subsidiaries has filed a voluntary petition in bankruptcy or been
         adjudicated bankrupt or insolvent, or filed any petition or answer
         seeking any reorganization, liquidation, receivership, dissolution or
         similar relief under any bankruptcy, receivership, insolvency, or other
         law relating to relief for debtors, or sought or consented to or
         acquiesced in the appointment of any trustee, receiver, conservator or
         liquidator of all or any part of its properties or its interest in any
         Property. No court of competent jurisdiction has entered an order,
         judgment, or decree approving a petition filed against the Construction
         Agent, the Lessee or any of their Subsidiaries seeking any
         reorganization, arrangement, composition, readjustment, liquidation,
         dissolution or similar relief under any federal or state bankruptcy,
         receivership, insolvency or other law relating to relief for debtors,
         and no other liquidator has been appointed for the Construction Agent,
         the Lessee or any of their Subsidiaries or all or any part of its
         properties or its interest in any Property, and no such action is
         pending. Neither the Construction Agent nor the Lessee or any of their
         Subsidiaries has given notice to any Governmental Authority or any
         Person of insolvency or pending insolvency, or suspension or pending
         suspension of operations;

                  (l) Each of the Construction Agent, the Lessee and their
         Subsidiaries owns marketable title to, or a subsisting leasehold
         interest in, all of its Properties free and clear of all Liens, except
         Permitted Liens;

                  (m) Neither the Construction Agent, the Lessee nor any of
         their Subsidiaries is (a) an "investment company" or a company
         "controlled" by an "investment company", within the meaning of the
         Investment Company Act or an "investment adviser" within the meaning of
         the Investment Advisers Act of 1940, as amended, or (b) a "holding
         company", or a "subsidiary company" of a "holding company", or an
         "affiliate" of a "holding company" or of a "subsidiary company" of a
         "holding company", or a "public utility", within the meaning of the
         Public Utility Holding Company Act of 1935, as amended, or a "public
         utility" within the meaning of the Federal Power Act, as amended;

                  (n) Neither the Construction Agent, the Lessee nor any of
         their Subsidiaries is engaged principally in, or has as one of its
         important activities, the business of extending credit for the purpose
         of purchasing or carrying any margin stock (within the meaning of
         Regulation U of the Federal Reserve Board), and no part of the proceeds
         of the Loans or the Holder Fundings will be used for the purpose,
         whether immediate, incidental or ultimate, of purchasing or carrying
         any margin stock or maintaining or extending credit to others for such
         purpose, or for any purpose that violates, or is inconsistent with
         Regulations T, U, or X of the Federal Reserve Board;

                  (o) Each of the Construction Agent, the Lessee and their
         Subsidiaries has filed all tax returns and reports required by Law to
         have been filed by it and has paid all Taxes and governmental charges
         thereby shown to be owing, except any such Taxes or charges which are
         being diligently contested in good faith by appropriate proceedings and
         for which adequate reserves shall in accordance with GAAP have been set
         aside on its books;

                                       24
<PAGE>

                  (p) To the best of the knowledge of each of the Construction
         Agent and the Lessee, after inquiry it has deemed appropriate, each of
         the Construction Agent, the Lessee and their Subsidiaries is in
         material compliance with all Environmental Laws and Occupational Safety
         and Health Laws where failure to comply could have a Material Adverse
         Effect. None of the Construction Agent, the Lessee nor any of their
         Subsidiaries has received notice of any claims that any of them is not
         in compliance in all material respects with any Environmental Law where
         failure to comply could have a Material Adverse Effect;

                  (q) Each of the Construction Agent, the Lessee and their
         Subsidiaries is in compliance with all statutes, judicial and
         administrative orders, permits and governmental rules and regulations
         which are material to its business or the non-compliance with which
         could have a Material Adverse Effect;

                  (r) All information heretofore or contemporaneously herewith
         furnished by either the Construction Agent or the Lessee or any of
         their Subsidiaries to the Agent, the Owner Trustee, any Lender or any
         Holder for purposes of or in connection with this Agreement and the
         transactions contemplated hereby is, and all information hereafter
         prepared and furnished by the Construction Agent, the Lessee or any of
         their Subsidiaries to the Agent, the Owner Trustee, any Lender or any
         Holder pursuant hereto or in connection herewith will be, true and
         accurate in every material respect on the date as of which such
         information is dated or certified, and such information, taken as a
         whole, does not and will not omit to state any material fact necessary
         to make such information, taken as a whole, not misleading;

                  (s) There are no wetlands, tidelands or swamp or overflow
         lands on any Property that interfere with the intended or expected
         current or future use of such Property, or that interfere with the
         value of any such Property; and each of the Construction Agent, the
         Lessee and each of their Subsidiaries is in compliance with all
         Environmental Laws relating to any such wetland, tideland or swamp or
         overflow land on any Property;

                  (t) Except as listed on SCHEDULE 7.1(T), there is no condition
         arising from or affecting any Property or arising from or affecting any
         lands nearby or adjacent to any Property that is having or is
         reasonably likely to have a significant adverse effect upon human
         health or the environment at such Property or upon the use or value of
         such Property; and

                  (u) The Lessee and the Construction Agent have done the proper
         due diligence to determine, and have determined, that there is no
         reasonable likelihood that any Property will be condemned, taken by
         eminent domain or otherwise taken by any Governmental Authority.

                  (v) Upon filing of each of the UCC Financing Statements (with
         respect to each Existing Property) in the filing offices designated by
         the Construction Agent or the Lessee, such UCC Financing Statements
         will have been filed with the appropriate

                                       25
<PAGE>

         Governmental Authorities in order to perfect a security interest in
         each Existing Property (to the extent perfection can be obtained by
         filing under the UCC);

                  (w) Upon filing in the filing offices designated by the
         Construction Agent or the Lessee, the Lender Financing Statements,
         together with an assignment to the Agent of the filed Lessor Financing
         Statements, will perfect a valid first priority security interest in
         all Equipment included in any Existing Property and all other
         collateral described therein in which a security interest or mortgage
         can be perfected by filing under the UCC, subject only to Permitted
         Exceptions, and upon filing, the Lessor Financing Statements will
         protect Lessor's interest under the Lease to the extent the Lease is a
         security agreement and mortgage;

                  (x) No portion of any Existing Property is located in an area
         identified as a special flood hazard area by the Federal Emergency
         Management Agency or other applicable agency, or if any such Property
         is located in an area identified as a special flood hazard area by any
         such agency, then flood insurance has been obtained for such Property
         in accordance with SECTION 14.2(B) of the Lease and in accordance with
         the National Flood Insurance Act of 1968, as amended;

                  (y) The Construction Agent has obtained insurance coverage for
         each Existing Property which meets the requirements of ARTICLE XIV of
         the Lease and all of such coverage is in full force and effect;

                  (z) Each Existing Property complies with all Legal
         Requirements (including, without limitation, all zoning and land use
         laws and Environmental Laws); and

                  (aa) All utility services and facilities necessary for the
         construction of the Improvements existing on, or to be constructed
         after, the Initial Closing Date (including, without limitation, gas,
         electrical, water and sewage services and facilities) are available at
         the boundaries of the real property upon which such Improvements exist
         or will be constructed on each Existing Property prior to the
         Completion Date for such Property.

                  (bb) All consents, licenses, permits, authorizations,
         assignments and building permits required as of the Initial Closing
         Date by all Legal Requirements or pursuant to the terms of any
         contract, indenture, instrument or agreement for construction,
         completion, occupancy, operation, leasing or subleasing of each
         Existing Property have been obtained and are in full force and effect,
         except to the extent that the failure to so obtain would not,
         individually or in the aggregate, have a Material Adverse Effect;

                  (cc) The Construction Agent has obtained insurance coverage
         covering each Incomplete Existing Property which coverage meets the
         requirements of SECTION 2.6 of the Agency Agreement before commencing
         construction, repairs or modifications, as the case may be, and such
         coverage is in full force and effect;

                  (dd) The Improvements located or to be located on any Existing
         Property will comply (or, in the case of any Incomplete Existing
         Property, will comply as of the

                                       26
<PAGE>

         Completion Date therefor) with all applicable Legal Requirements and
         Insurance Requirements (including, without limitation, all zoning and
         land use laws and Environmental Laws). The Plans and Specifications for
         each Existing Property have been (or, in the case of any Incomplete
         Existing Property, will be) prepared in accordance with all applicable
         Legal Requirements (including, without limitation, all applicable
         Environmental Laws and building, planning, zoning and fire codes), and
         such Improvements do not and, in the case of any Incomplete Existing
         Property, upon completion of such Improvements in accordance with the
         Plans and Specifications, such Improvements will not) encroach in any
         manner onto any adjoining land (except as permitted by express written
         easements) and such Improvements and the use thereof by the Lessee and
         its agents, assignees, employees, invitees, lessees, licensees and
         tenants comply (and, in the case of each Incomplete Existing Property,
         such Improvement will comply as of the applicable Completion Date) in
         all respects with all applicable Legal Requirements (including, without
         limitation, all applicable Environmental Laws and building, planning,
         zoning and fire codes). There are (and, in the case of any Incomplete
         Existing Property, upon completion of such Improvements in accordance
         with the Plans and Specifications, there will be) no material defects
         to such Improvements including, without limitation, the plumbing,
         heating, air conditioning and electrical systems thereof. All water,
         sewer, electric, gas, telephone and drainage facilities and all other
         utilities required to adequately service such Improvements for their
         intended use are (and, in the case of any Incomplete Existing Property,
         upon completion of such Improvements in accordance with the Plans and
         Specifications will be) available pursuant to adequate permits at any
         Existing Property (including any that may be required under applicable
         Environmental Laws). There is no action, suit or proceeding (including
         any proceeding in condemnation or eminent domain or under any
         Environmental Law) pending or, to the best knowledge of the Lessee or
         the Construction Agent, threatened which adversely affects the title
         to, or the use, operation or value of, any of the Existing Properties.
         No fire or other casualty with respect to any of the Existing
         Properties has occurred which (1) has had a Material Adverse Effect or
         (2) is not fully covered by insurance. All utilities serving the
         related Existing Properties, or proposed to serve any Incomplete
         Existing Property in accordance with the Plans and Specifications
         therefor, are located in (or will be located in) and vehicular access
         to such Improvements is provided by (or will be provided by), either
         public rights-of-way abutting the related Property or Appurtenant
         Rights. All licenses, approvals, authorizations, consents, permits
         (including, without limitation, building, demolition and environmental
         permits, licenses, approvals, authorizations and consents), easements
         and rights-of-way, including proof of dedication, required for (i) the
         use, treatment, storage, transport, disposal or disposition of any
         Hazardous Substance on, at, under or from the real property underlying
         any Improvements at any Existing Property during the construction of
         such Improvements and the use and operation of such Improvements
         following such construction, (ii) the construction of such Improvements
         in accordance with the Plans and Specifications and the Agency
         Agreement and (iii) the use and operation of such Improvements
         following such construction with the applicable Equipment which such
         Improvements support for the purposes for which they were intended have
         been obtained from the appropriate Governmental Authorities or from
         private parties, as the case may be, or (in the case of any Incomplete
         Existing Property) will be obtained from the appropriate Governmental

                                       27
<PAGE>

         Authorities or from private parties, as the case may be, prior to
         commencing any such construction or use and operation, as applicable;
         and

                  (ee) The Improvements on each Existing Property are (and, in
         the case of each Incomplete Existing Property, when completed, the
         Improvements will be) wholly within any building restriction lines
         (unless consented to by applicable Government Authorities), however
         established; and

                  (ff) All Fundings are secured by the Lien of the Security
         Agreement and the Mortgage Instruments with respect to the Existing
         Properties, and there have been no Liens against the Improvements on
         any Existing Property other than Permitted Liens.

         SECTION 8.  REPRESENTATIONS AND WARRANTIES ON FUNDING DATES.

         8.1. REPRESENTATIONS AND WARRANTIES ON PROPERTY CLOSING DATES. The
Construction Agent and the Lessee hereby represent and warrant as of each
Property Closing Date as follows:

                  (a) The representations and warranties of the Construction
         Agent and the Lessee set forth in the Operative Agreements (including
         without limitation the representations and warranty set forth in
         SECTION 7 of this Agreement) are true and correct in all material
         respects on and as of such Property Closing Date as if made on and as
         of such date. The Construction Agent, the Lessee and their Subsidiaries
         are in all material respects in compliance with their respective
         obligations under the Operative Agreements and there exists no Default
         or Event of Default under any of the Operative Agreements. No Default
         or Event of Default will occur under any of the Operative Agreements as
         a result of, or after giving effect to, the Funding requested by the
         Requisition on such Property Closing Date;

                  (b) The Properties to be acquired are being acquired at a
         price that is not in excess of fair market value and such Properties
         consist of (i) unimproved Land, or (ii) Land and existing Improvements
         thereon which Improvements are either suitable for occupancy at the
         time of acquisition or will be renovated or modified in accordance with
         the terms of this Agreement, or (iii) Equipment. Each of the Properties
         is located at the site set forth on the applicable Requisition, which
         is in one of the Approved Countries;

                  (c) Upon the acquisition of each Property on such Property
         Closing Date, and at all times thereafter, the Lessor will have
         marketable title to such Property, subject only to Permitted
         Exceptions;

                  (d) The execution and delivery of each Operative Agreement
         delivered by the Construction Agent, the Lessee or any of their
         Subsidiaries on such Property Closing Date and the performance of the
         obligations of the Construction Agent, the Lessee and each of their
         Subsidiaries under each Operative Agreement have been duly authorized
         by all requisite corporate action of the Construction Agent or the
         Lessee, as applicable;

                                       28
<PAGE>

                  (e) Each Operative Agreement delivered on such Property
         Closing Date by the Construction Agent, the Lessee or any of their
         Subsidiaries has been duly executed and delivered by the Construction
         Agent, the Lessee or such Subsidiary;

                  (f) Each Operative Agreement delivered by the Construction
         Agent, the Lessee or any of their Subsidiaries on such Property Closing
         Date is a legal, valid and binding obligation of the Construction
         Agent, the Lessee or such Subsidiary, as applicable, enforceable
         against the Construction Agent, the Lessee or such Subsidiary, as
         applicable, in accordance with its respective terms, subject to the
         effect of any applicable bankruptcy, moratorium, insolvency,
         reorganization or other similar laws affecting the enforceability of
         creditors' rights generally and to the effect of general principles of
         equity (whether considered in a proceeding at law or in equity);

                  (g) Upon filing of each of the UCC Financing Statements (with
         respect to the Property being acquired) in the filing offices
         designated by the Construction Agent or the Lessee, such UCC Financing
         Statements will have been filed with the appropriate Governmental
         Authorities in order to perfect a security interest in the Property
         described therein (to the extent perfection can be obtained by filing
         under the UCC);

                  (h) Upon filing in the filing offices designated by the
         Construction Agent or the Lessee, the Lender Financing Statements,
         together with an assignment to the Agent of the filed Lessor Financing
         Statements, will perfect a valid first priority security interest in
         all Equipment and other collateral described therein in which a
         security interest or mortgage can be perfected by filing under the UCC,
         subject only to Permitted Exceptions, and upon filing, the Lessor
         Financing Statements will protect Lessor's interest under the Lease to
         the extent the Lease is a security agreement and mortgage;

                  (i) No portion of any Property being acquired by the Lessor on
         such Property Closing Date is located in an area identified as a
         special flood hazard area by the Federal Emergency Management Agency or
         other applicable agency, or if any such Property is located in an area
         identified as a special flood hazard area by any such agency, then
         flood insurance has been obtained for such Property in accordance with
         SECTION 14.2(B) of the Lease and in accordance with the National Flood
         Insurance Act of 1968, as amended;

                  (j) The Construction Agent has obtained insurance coverage for
         each Property being acquired by the Lessor on such Property Closing
         Date which meets the requirements of ARTICLE XIV of the Lease and all
         of such coverage is in full force and effect;

                  (k) Each Property being acquired by the Lessor on such
         Property Closing Date complies with all Legal Requirements (including,
         without limitation, all zoning and land use laws and Environmental
         Laws); and

                  (l) All utility services and facilities necessary for the
         construction of the Improvements existing on, or to be constructed
         after, such Property Closing Date (including, without limitation, gas,
         electrical, water and sewage services and facilities)

                                       29
<PAGE>

         are available at the boundaries of the real property upon which such
         Improvements exist or will be constructed on each such Property prior
         to the Completion Date for such Property.

         8.2. REPRESENTATIONS AND WARRANTIES UPON INITIAL CONSTRUCTION FUNDINGS.
The Construction Agent and the Lessee hereby represent and warrant as of each
date on which an Initial Construction Funding is made as follows:

                  (a) The representations and warranties of the Construction
         Agent and the Lessee set forth in the Operative Agreements (including
         without limitation the representations and warranties set forth in
         SECTIONS 7 AND 8.1) are true and correct in all material respects on
         and as of the date of such Initial Construction Funding as if made on
         and as of such date. The Construction Agent and the Lessee are in all
         material respects in compliance with their respective obligations under
         the Operative Agreements and there does not exist any Default or Event
         of Default under any of the Operative Agreements. No Default or Event
         of Default will occur under any of the Operative Agreements as a result
         of, or after giving effect to, the Funding requested by the Requisition
         on such date;

                  (b) The Lessor has marketable title to each Property, subject
         only to Permitted Exceptions;

                  (c) Upon filing in the filing offices designated by the
         Construction Agent or the Lessee, the Lender Financing Statements,
         together with an assignment of the filed Lessor Financing Statements,
         will perfect a valid first priority security interest in all the
         Properties and other collateral described therein in which a security
         interest can be perfected by filing under the UCC, subject only to
         Permitted Liens;

                  (d) All consents, licenses, permits, authorizations,
         assignments and building permits required as of the date on which such
         Funding is made by all Legal Requirements or pursuant to the terms of
         any contract, indenture, instrument or agreement for construction,
         completion, occupancy, operation, leasing or subleasing of each
         Property with respect to which a Funding is being made have been
         obtained and are in full force and effect, except to the extent that
         the failure to so obtain would not, individually or in the aggregate,
         have a Material Adverse Effect;

                  (e) The Construction Agent has obtained insurance coverage
         covering the Property which is the subject of such Funding which
         coverage meets the requirements of SECTION 2.6 of the Agency Agreement
         before commencing construction, repairs or modifications, as the case
         may be, and such coverage is in full force and effect;

                  (f) The Improvements which are the subject of the Funding, as
         improved in accordance with the Plans and Specifications, will comply
         as of the applicable Completion Date with all applicable Legal
         Requirements and Insurance Requirements (including, without limitation,
         all zoning and land use laws and Environmental Laws). The Plans and
         Specifications have been or will be prepared in accordance with all
         applicable Legal Requirements (including, without limitation, all
         applicable

                                       30
<PAGE>

         Environmental Laws and building, planning, zoning and fire codes), and
         upon completion of such Improvements in accordance with the Plans and
         Specifications, such Improvements will not encroach in any manner onto
         any adjoining land (except as permitted by express written easements)
         and such Improvements and the use thereof by the Lessee and its agents,
         assignees, employees, invitees, lessees, licensees and tenants will
         comply as of the applicable Completion Date in all respects with all
         applicable Legal Requirements (including, without limitation, all
         applicable Environmental Laws and building, planning, zoning and fire
         codes). Upon completion of such Improvements in accordance with the
         Plans and Specifications, (i) there will be no material defects to such
         Improvements including, without limitation, the plumbing, heating, air
         conditioning and electrical systems thereof and (ii) all water, sewer,
         electric, gas, telephone and drainage facilities and all other
         utilities required to adequately service such Improvements for their
         intended use will be available pursuant to adequate permits (including
         any that may be required under applicable Environmental Laws). There is
         no action, suit or proceeding (including any proceeding in condemnation
         or eminent domain or under any Environmental Law) pending or, to the
         best knowledge of the Lessee or the Construction Agent, threatened
         which adversely affects the title to, or the use, operation or value
         of, such Properties. No fire or other casualty with respect to such
         Properties has occurred which (1) has had a Material Adverse Effect or
         (2) is not fully covered by insurance. All utilities serving the
         related Properties, or proposed to serve the related Properties in
         accordance with the Plans and Specifications, are located in (or will
         be located in) and vehicular access to such Improvements is provided by
         (or will be provided by), either public rights-of-way abutting the
         related Property or Appurtenant Rights. All licenses, approvals,
         authorizations, consents, permits (including, without limitation,
         building, demolition and environmental permits, licenses, approvals,
         authorizations and consents), easements and rights-of-way, including
         proof of dedication, required for (i) the use, treatment, storage,
         transport, disposal or disposition of any Hazardous Substance on, at,
         under or from the real property underlying such Improvements during the
         construction of such Improvements and the use and operation of such
         Improvements following such construction, (ii) the construction of such
         Improvements in accordance with the Plans and Specifications and the
         Agency Agreement and (iii) the use and operation of such Improvements
         following such construction with the applicable Equipment which such
         Improvements support for the purposes for which they were intended have
         either been obtained from the appropriate Governmental Authorities or
         from private parties, as the case may be, or will be obtained from the
         appropriate Governmental Authorities or from private parties, as the
         case may be, prior to commencing any such construction or use and
         operation, as applicable;

                  (g) When completed, the Improvements shall be wholly within
         any building restriction lines (unless consented to by applicable
         Government Authorities), however established;

                  (h) The Funding is secured by the Lien of the Security
         Agreement and the respective Mortgage Instruments, and there have been
         no Liens against the applicable Improvements other than Permitted
         Liens; and

                                       31
<PAGE>

                  (i) All conditions precedent contained in this Agreement and
         in the other Operative Agreements relating to the Initial Construction
         Funding have been substantially satisfied.

         8.3. REPRESENTATIONS AND WARRANTIES UPON THE DATE OF EACH CONSTRUCTION
FUNDING THAT IS NOT AN INITIAL CONSTRUCTION Funding. The Construction Agent and
the Lessee hereby represent and warrant as of each date on which a Construction
Funding is made, when such advance is not an Initial Construction Funding, as
follows:

                  (a) The representations and warranties of the Construction
         Agent and the Lessee set forth in the Operative Agreements (including
         the representations and warranties set forth in SECTIONS 7, 8.1 AND
         8.2) are true and correct in all material respects on and as of the
         date of such Construction Funding as if made on and as of such date.
         The Construction Agent and the Lessee are in all material respects in
         compliance with their respective obligations under the Operative
         Agreements and there does not exist any Default or Event of Default
         under any of the Operative Agreements. No Default or Event of Default
         will occur under any of the Operative Agreements as a result of, or
         after giving effect to, the Funding requested by the Requisition on
         such date;

                  (b) Construction of the Improvements to date has been
         performed in a good and workmanlike manner, substantially in accordance
         with the Plans and Specifications and in compliance with all Insurance
         Requirements and Legal Requirements, except to the extent noncompliance
         with any Legal Requirements would not, individually or in the
         aggregate, have a Material Adverse Effect;

                  (c) All consents, licenses, permits, authorizations,
         assignments and building permits required as of the date on which such
         Funding is made by all Legal Requirements or pursuant to the terms of
         any contract, indenture, instrument or agreement for construction,
         completion, occupancy, operation, leasing or subleasing of each
         Property have been obtained and are in full force and effect;

                  (d) When completed, the Improvements shall be wholly within
         any building restriction lines (unless consented to by applicable
         Government Authorities), however established; and

                  (e) The Funding is secured by the Lien of the Security
         Agreement and the respective Mortgage Instruments, and there have been
         no Liens against the applicable Improvements other than Permitted
         Liens.

         SECTION 9.  PAYMENT OF CERTAIN EXPENSES.

         9.1.     TRANSACTION EXPENSES.

                  (a) Lessor agrees on the Initial Closing Date, to pay, or
         cause to be paid, all reasonable fees, expenses and disbursements of
         the various outside legal counsels for the Lessor and the Agent in
         connection with the transactions contemplated by the Operative

                                       32
<PAGE>

         Agreements and incurred in connection with the Initial Closing Date,
         including all Transaction Expenses (arising in connection with the
         Initial Closing Date), and all other reasonable fees, expenses and
         disbursements in connection with the Initial Closing Date, including,
         without limitation, all fees, taxes and expenses for the recording,
         registration and filing of documents and (to the extent not paid by
         Lessee) the cost of all insurance required by the Operative Agreements;
         PROVIDED, HOWEVER, that the Lessor shall pay such amounts described in
         this SECTION 9.1(A) only if (i) such amounts are reasonably described
         in a Requisition delivered on or before such date (or, in the absence
         of such a Requisition, if requested by the Agent, subject to SECTION
         5.2(C)), and (ii) funds are made available by the Lenders and the
         Holders in connection with such Requisition in an amount sufficient to
         allow such payment. On the Initial Closing Date, after delivery and
         receipt of the Requisition referenced in SECTION 4.2(A) hereof and
         satisfaction of the other conditions precedent for such date, the
         Holders shall make Holder Fundings and the Lenders shall make Loans to
         the Lessor to pay for the Transaction Expenses, fees, expenses and
         other disbursements referenced in this SECTION 9.1(A).

                  (b) Lessor agrees on each Property Closing Date, on the date
         of any Construction Funding and on the Completion Date to pay, or cause
         to be paid, all reasonable fees, expenses and disbursements of the
         various legal counsels for the Lessor and the Agent in connection with
         the transactions contemplated by the Operative Agreements and billed in
         connection with such Property Closing Date, the date of such Funding,
         or such Completion Date, including all Transaction Expenses (arising
         with respect to the Initial Closing Date, such Property Closing Date,
         the date of such Funding or such Completion Date), all fees, expenses
         and disbursements incurred with respect to the various items referenced
         in SECTIONS 5.3, 5.4, 5.5 OR 5.6 (including without limitation the cost
         of any Appraisals or environmental site assessments, any developer's
         fees, any premiums for title insurance and charges for any updates to
         such policies) and all other reasonable fees, expenses and
         disbursements in connection with such Property Closing Date, the date
         of such Funding or such Completion Date including, without limitation,
         all expenses relating to and all fees (including brokers' fees), taxes
         (including any and all stamp, transfer or similar taxes) and expenses
         for the recording, registration and filing of documents, and all
         expenses relating to insurance on any Property; PROVIDED, HOWEVER, the
         Lessor shall pay such amounts described in this SECTION 9.1(B) only if
         (i) such amounts are properly described in a Requisition delivered on
         the applicable date (or, in the absence of such a Requisition, if
         requested by the Agent, subject to SECTION 5.2(C)), and (ii) funds are
         made available by the Lenders and the Holders in connection with such
         Requisition in an amount sufficient to allow such payment. On each
         Property Closing Date, on the date of any Construction Funding or any
         Completion Date, after delivery of the applicable Requisition and
         satisfaction of the other conditions precedent for such date, the
         Holders shall make a Holder Funding and the Lenders shall make Loans to
         the Lessor to pay for the Transaction Expenses, fees, expenses and
         other disbursements referenced in this SECTION 9.1(B).

         9.2. CERTAIN FEES AND EXPENSES. Lessee agrees to pay or cause to be
paid (i) the initial and annual Owner Trustee's fee and all reasonable expenses
of the Owner Trustee and any necessary co-trustees (including reasonable outside
counsel fees and expenses) or any successor

                                       33
<PAGE>

owner trustee, for acting as owner trustee under the Trust Agreement, (ii) all
reasonable costs and expenses (including reasonable counsel fees and expenses)
incurred by the Construction Agent, the Lessee, the Agent, or the Lessor in
entering into any future amendments or supplements requested by the Lessee with
respect to any of the Operative Agreements, whether or not such amendments or
supplements are ultimately entered into, or giving or withholding of waivers of
consents hereto or thereto which have been requested by the Lessee, or any
purchase of any Property by the Lessee pursuant to ARTICLE XX of the Lease, and
(iii) all costs and expenses (including reasonable counsel fees and expenses)
incurred by the Lessor, the Construction Agent, the Lessee, the Holders, the
Lenders or the Agent in connection with the enforcement of any Operative
Agreement or any exercise of remedies under any Operative Agreement.

         9.3. COMMITMENT FEE AND HOLDER COMMITMENT FEE. From the date hereof
through the Construction Period Termination Date, the Lessee, at its option,
either (x) shall cause the Lessor to pay (in which case Lessor shall so pay,
provided funds are available by the Lenders and Holders through Fundings) as a
Transaction Expense, or (y) to the extent such amounts are not otherwise paid by
the Lessor, shall timely pay, in either case (a) to the Agent for the pro rata
benefit of the Lenders of each Category of Loans based on the Commitment
Percentage of each such Lender during the period for which payment is made, the
Commitment Fee; and (b) to the Lessor, for the pro rata benefit of the Holders
based on the Holder Commitment of each such Holder during the period for which
payment is made, the Holder Commitment Fee; PROVIDED that such amounts under
clauses (a) and (b) shall be paid by the Owner Trustee (i) to the extent, but
only to the extent, amounts are available therefor under the Available
Commitments and Available Holder Commitments and (ii) unless each Lender and
each Holder has declined in writing to fund such amount. Notwithstanding any
other provision in any other Operative Agreement to the contrary, all amounts so
advanced shall be deemed added to the Property Cost of all the Properties
(ratably with respect to each Property, based on the ratio of the Property Cost
for such Property individually to the aggregate Property Cost of all Properties
at such time). Such payments of fees provided for in this SECTION 9.3 shall be
due in arrears on each Commitment Fee Payment Date. Notwithstanding the
foregoing, so long as any Lender or Holder fails (in violation of the Operative
Agreements) to make available any portion of its Commitment or Holder Commitment
when requested, such Person shall not be entitled to receive payment of its pro
rata share of its Commitment Fee or Holder Commitment Fee (as the case may be)
until such Person shall make available such portion. Each such fee shall be
calculated on the basis of a year of 360 days for the actual number of days
elapsed. If all or a portion of any Commitment Fee or Holder Commitment Fee
shall not be paid when due, such overdue amount shall bear interest, payable by
the Lessee on demand, at a rate per annum equal to the Base Rate plus 2%, from
the date of such non-payment until such amount is paid in full (as well after as
before judgment).

         SECTION 10.  OTHER COVENANTS AND AGREEMENTS.

         10.1. COOPERATION WITH THE CONSTRUCTION AGENT OR THE LESSEE. The
Holders, the Owner Trustee (at the direction of the Holders) and the Agent
shall, to the extent reasonably requested by the Construction Agent or Lessee
(but without assuming additional liabilities on account thereof), at the
Construction Agent's or the Lessee's expense, cooperate with the Construction

                                       34
<PAGE>

Agent or the Lessee in connection with its covenants contained herein including,
without limitation, at any time and from time to time, upon the request of the
Construction Agent or the Lessee, promptly and duly executing and delivering any
and all such further instruments, documents and financing statements (and
continuation statements related thereto) as the Construction Agent or the Lessee
may reasonably request in order to perform such covenants.

         10.2. COVENANTS OF THE OWNER TRUSTEE AND THE HOLDERS. Each of the Owner
Trustee and the Holders hereby agree that so long as this Agreement is in
effect:

                  (a) None of the Holders and the Owner Trustee (both in its
         trust capacity and in its individual capacity) will create or permit to
         exist at any time, and each of the Holders and the Owner Trustee will,
         at its own cost and expense, promptly take such action (and notify
         Lessee of such action) as may be necessary duly to discharge, or to
         cause to be discharged, all Lessor Liens attributable to it on the
         Properties; PROVIDED, HOWEVER, that the Holders and the Owner Trustee
         shall not be required to discharge any such Lessor Lien while the same
         is being contested in good faith by appropriate proceedings diligently
         prosecuted so long as (a) such proceedings shall not involve any danger
         of impairment of the Liens of the Security Documents or of the sale,
         forfeiture or loss of, any Property or title thereto or any interest
         therein or the payment of Rent, and (b) such proceedings shall not
         interfere with the disposition of any Property or title thereto or
         interest therein or the payment of Rent;

                  (b) Without prejudice to any right of the Owner Trustee under
         the Trust Agreement to resign (subject to requirement set forth in the
         Trust Agreement that such resignation shall not be effective until a
         successor shall have agreed to accept such appointment), or the
         Holders' rights under the Trust Agreement to remove the institution
         acting as Owner Trustee (after consent to such removal by the Agent as
         provided in the Trust Agreement), each of the Holders and the Owner
         Trustee hereby agrees with the Lessee and the Agent (i) not to
         terminate or revoke the trust created by the Trust Agreement except as
         permitted by ARTICLE VIII of the Trust Agreement, (ii) not to amend,
         supplement, terminate or revoke or otherwise modify any provision of
         the Trust Agreement in such a manner as to adversely affect the rights
         of the Lessee or the Agent without the prior written consent of such
         party and (iii) to comply with all of the terms of the Trust Agreement,
         the nonperformance of which would adversely affect any such party;

                  (c) The Owner Trustee or any successor may resign or be
         removed by the Holders as Owner Trustee, a successor Owner Trustee may
         be appointed and a corporation may become the Owner Trustee under the
         Trust Agreement, only in accordance with the provisions of ARTICLE IX
         of the Trust Agreement and, with respect to such appointment, with the
         consent of the Lessee, which consent shall not be unreasonably
         withheld, conditioned or delayed;

                  (d) The Owner Trustee, in its capacity as Owner Trustee under
         the Trust Agreement, and not in its individual capacity, shall not
         contract for, create, incur or

                                       35
<PAGE>

         assume any indebtedness, or enter into any business or other activity,
         other than pursuant to or under the Operative Agreements;

                  (e) The Holders will not instruct the Owner Trustee to take
         any action in violation of the terms of any Operative Agreement;

                  (f) Neither any Holder nor the Owner Trustee shall (i)
         commence any case, proceeding or other action with respect to the Owner
         Trustee under any existing or future law of any jurisdiction, domestic
         or foreign, relating to bankruptcy, insolvency, reorganization,
         arrangement, winding-up, liquidation, dissolution, composition or other
         relief with respect to it or its debts, or (ii) seek appointment of a
         receiver, trustee, custodian or other similar official with respect to
         the Owner Trustee or for all or any substantial benefit of the
         creditors of the Owner Trustee; and neither any Holder nor the Owner
         Trustee shall take any action in furtherance of, or indicating its
         consent to, approval of, or acquiescence in, any of the acts set forth
         in this paragraph;

                  (g) The Owner Trustee shall give prompt notice to the Lessee
         and the Agent if the Owner Trustee's chief place of business or chief
         executive office, or the office where the records concerning the
         accounts or contract rights relating to a Property are kept, shall
         cease to be located at 79 South Main Street, Salt Lake City, Utah
         84111, or if it shall change its name;

                  (h) Provided that no Lease Event of Default has occurred and
         is continuing, neither the Owner Trustee nor any Holder shall, without
         the prior written consent of the Lessee, consent to or permit any
         amendment, supplement or other modification of the terms and provisions
         of the Credit Agreement or the Notes or (to the extent such amendment,
         supplement or modification would have an adverse effect on the rights
         or obligations of the Lessee under the Lease) any other Operative
         Agreement;

                  (i) Neither the Owner Trustee nor any Holder shall consent to
         or permit any amendment, supplement or other modification of the terms
         and provisions of any Operative Agreement, in each case without the
         prior written consent of the Agent except as described in SECTION 10.5
         of this Agreement;

                  (j) The Owner Trustee (i) shall take such actions and shall
         refrain from taking such actions with respect to the Operative
         Agreements or the Properties and shall grant such approvals and
         otherwise act or refrain from acting with respect to the Operative
         Agreements or the Properties in each case as directed in writing by the
         Agent or, to the extent required by SECTION 10.5 hereof, the Lessee,
         notwithstanding any contrary instruction or absence of instruction by
         any Holder or Holders; and (ii) shall not take any action, grant any
         approvals or otherwise act under or with respect to the Operative
         Agreements or any matters relating to the Properties without first
         obtaining the prior written consent of the Agent (and without regard to
         any contrary instruction or absence of instruction by any Holder);
         PROVIDED, HOWEVER, that notwithstanding the foregoing provisions of
         this subparagraph (j) the Owner Trustee, the Agent and the Holders each
         acknowledge, covenant and agree that, with respect to all matters under
         the Operative

                                       36
<PAGE>

         Agreements that require the consent or concurrence of all of the
         Lenders pursuant to the terms of SECTION 9.1 of the Credit Agreement
         (the "Unanimous Vote Matters"), neither the Owner Trustee nor the Agent
         shall act or refrain from acting with respect to any Unanimous Vote
         Matter until such party has received the approval of each Lender and
         each Holder with respect thereto;

                  (k) Except as otherwise contemplated by the Operative
         Agreements, neither the Owner Trustee nor any Holder shall use the
         proceeds of any Loan or Holder Funding for any purpose other than the
         payment of Transaction Expenses and the fees, expenses and other
         disbursements referenced in SECTIONS 9.1(A) and (B) of this Agreement,
         the repayment of Existing Loans and Existing Holder Fundings, the
         purchase or lease of Properties, the acquisition of Equipment, the
         construction of Improvements and the payment of interest regarding the
         Loans and the payment of the Holder Yield regarding the Holder
         Fundings, in each case accrued under the Credit Agreement or Trust
         Agreement, as the case may be, during the period prior to the
         Completion Date with respect to a particular Property; and

                  (l) during the period prior to the earlier of (i) the
         Completion Date for the first Incomplete Existing Property to achieve
         Completion or (ii) the Completion Date for the first New Property to
         achieve Completion, the Lessee shall cause the Lessor to pay (when and
         as due) any fees pursuant to the Fee Letter (A) to the extent, but only
         to the extent, amounts are available therefor under the Available
         Commitments and Available Holder Commitments and (B) unless each Lender
         and each Holder has declined in writing to fund such amount; and

                  (m) following the earlier of (i) the Completion Date for the
         first Incomplete Existing Property to achieve Completion, or (ii) the
         Completion Date for the first New Property to achieve Completion, the
         Lessee shall pay (when and as due) any fees pursuant to the Fee Letter.

         10.3. LESSEE COVENANTS, CONSENT AND ACKNOWLEDGMENT; CONSTRUCTION AGENT
COVENANTS.

                  (a) Lessee acknowledges and agrees that the Owner Trustee,
         pursuant to the terms and conditions of the Security Agreement and the
         Mortgage Instruments, shall create Liens respecting the various
         personal property, fixtures and real property described therein in
         favor of the Agent. Lessee hereby irrevocably consents to the creation,
         perfection and maintenance of such Liens.

                  (b) Lessor hereby instructs Lessee, and Lessee hereby
         acknowledges and agrees, that until such time as the Loans are paid in
         full and the Liens evidenced by the Security Agreement and the Mortgage
         Instruments have been released, (i) any and all Rent and any and all
         other amounts of any kind or type under any of the Operative Agreements
         due and owing or payable to the Lessor or the Owner Trustee shall
         instead be paid directly to the Agent or as the Agent may direct from
         time to time and (ii) Lessee shall cause all notices, certificates,
         financial statements, communications and other

                                       37
<PAGE>

         information which is delivered, or is required to be delivered, to the
         Lessor, the Owner Trustee or any Holder also to be delivered at the
         same time to the Agent.

                  (c) Lessee shall not consent to or permit any amendment,
         supplement or other modification of the terms or provisions of any
         Operative Agreement without, in each case, obtaining the prior written
         consent of the Agent and, to the extent required by the proviso at the
         end of SECTION 10.2(J) hereof, each of the Holders.

                  (d) Except as otherwise contemplated by the Operative
         Agreements, the Construction Agent shall not use the proceeds of any
         Holder Funding or Loan for any purpose other than the payment of
         Transaction Expenses and the fees, expenses and other disbursements
         referenced in Section 9.1(A) and (B) of this Agreement, the purchase or
         lease of Properties, the acquisition of Equipment, the construction of
         Improvements, the payment of interest regarding the Loans and the
         payment of the Holder Yield regarding the Holder Fundings, in each case
         accrued under the Credit Agreement or Trust Agreement, as the case may
         be, during the period prior to the Basic Rent Commencement Date with
         respect to a particular Property.

                  (e) The Construction Agent and the Lessee shall restrict the
         amount of Equipment (including without limitation racking and
         conveyors) located in or on (or included in the Property Cost of) each
         Property, so that at all times the Property Cost of the Equipment
         located in or on (or included in the Property Cost of) each Property
         shall be less than or equal to 35% of the total Property costs of such
         Property, provided however that this percentage limitation shall not
         apply to any Equipment consisting of Fixtures or other goods
         incorporated into a Property that are customarily considered to be part
         of a building or structure erected on real property (such as heating,
         ventilating, air-conditioning, electrical and mechanical equipment or
         systems, escalators, elevators, wall and floor coverings, plumbing,
         pumps, tanks, conduits, wiring, lighting, security systems, sprinklers
         and other fire prevention and extinguishing apparatus).

                  (f) Neither the Lessee nor the Construction Agent shall create
         or permit to exist at any time (and each of the Lessee and the
         Construction Agent shall, at its own expense, take such action as may
         be necessary to duly discharge, or cause to be discharged) any Lien
         against any Property other than Permitted Liens.

                  (g) The Lessee shall pay (or cause to be paid) to the Agent
         the Administrative Fee (described in the Fee Letter) when and as due
         from time to time, and shall pay to the respective Persons entitled
         thereto all other fees required by the Fee Letter when and as due from
         time to time.

                  (h) The Lessee agrees to perform each of the Incorporated
         Covenants and any other covenants set forth in (or incorporated by
         reference into) Article XXVIII of the Lease, in accordance with their
         respective terms.

                  (i) The Lessee and the Construction Agent shall take all
         reasonable and necessary steps to identify any wetlands, tidelands or
         swamp and overflow lands on any

                                       38
<PAGE>

         Property prior to development of, or construction of any Improvements
         on, such Property, and each Property will be developed in a manner
         consistent with all applicable wetlands regulations.

                  (j) The Lessee and the Construction Agent shall give immediate
         notice to the Agent and the Owner Trustee in the event that any
         condition arising from or affecting any Property or arising from or
         affecting any lands nearby or adjacent to any Property has or threatens
         to have a significant adverse effect upon human health or the
         environment at such Property or upon the use or value of such Property.

         10.4. SHARING OF CERTAIN PAYMENTS. The parties hereto acknowledge and
agree that all payments due and owing by the Lessee to the Lessor under the
Lease or any of the other Operative Agreements shall be made by the Lessee
directly to the Agent as more particularly provided in SECTION 10.3 hereof. The
Holders and the Agent, on behalf of the Lenders, acknowledge the terms of
SECTION 8 of the Credit Agreement regarding the allocation of payments and other
amounts made or received from time to time under the Operative Agreements and
agree all such payments and amounts are to be allocated as provided in SECTION 8
of the Credit Agreement. In connection therewith the Holders hereby (a) appoint
the Agent to act as collateral agent for the Holders in connection with the Lien
granted by the Mortgage Instruments to secure the Holder Amount and (b)
acknowledge and agree and direct that the rights and remedies of the
beneficiaries of the Lien of the Mortgage Instruments shall be exercised by the
Agent on behalf of the Lenders and the Holders as directed from time to time by
the Lenders without notice to or consent from the Holders.

         10.5. GRANT OF EASEMENTS, VOTING AT MEETINGS, ETC. The Agent and the
Holders hereby agree that, so long as no Event of Default shall have occurred
and be continuing, and until such time as the Agent gives instructions to the
contrary to the Owner Trustee, the Owner Trustee shall, from time to time at the
request of the Lessee, in connection with the transactions contemplated by the
Agency Agreement, the Lease or the other Operative Agreements, (i) grant
easements and other rights in the nature of easements with respect to any
Property, (ii) release existing easements or other rights in the nature of
easements which are for the benefit of any Property, (iii) execute and deliver
to any Person any instrument appropriate to confirm or effect such grants or
releases, and (iv) execute and deliver to any Person such other documents or
materials in connection with the acquisition, development or operation of any
Property, including, without limitation, reciprocal easement agreements,
operating agreements, development agreements, plats, replats or subdivision
documents; provided, that each of the agreements and documents referred to in
this SECTION 10.5 shall be of the type normally executed by the Lessee in the
ordinary course of the Lessee's business and shall be on commercially reasonable
terms so as not to diminish the value of any Property in any material respect.

         10.6. RELEASE OF LIENS ON CERTAIN EQUIPMENT. So long as no Default or
Event of Default has occurred and is continuing, the Agent and the Owner Trustee
agree, upon the request of the Lessee, to release the Liens under the Operating
Agreements with respect to specified equipment acquired after the Initial
Closing Date by the Lessee but only if (a) a third-party financier will finance
the Lessee's acquisition of such equipment, (b) such equipment has not been
financed or acquired (in whole or in part) with any proceeds of any Loan or
Holder

                                       39
<PAGE>

Funding, (c) such equipment may be readily removed from the Property without any
damage to such equipment or any Property, (d) the third-party financier has no
Lien on any portion of any Property other than such equipment, and (e) such
equipment does not consist of a Fixture or other goods incorporated into a
Property that is customarily considered to be part of a building or structure
erected on real property (such as heating, ventilating, air-conditioning,
electrical and mechanical equipment or systems, escalators, elevators, wall and
floor coverings, plumbing, pumps, tanks, conduits, wiring, lighting, security
systems, sprinklers and other fire prevention and extinguishing apparatus).

         10.7. OBLIGATIONS TO COLLATERAL AGENT. Each of the Lessee and the
Construction Agent hereby agrees vis-a-vis the Collateral Agent that it shall
pay to the Collateral Agent all amounts which the Lessee or the Construction
Agent is now or may at any time and from time to time hereafter be obligated to
pay in respect of any of its obligations under the Operative Agreements,
including without limitation amounts payable to the Owner Trustee, each Lender,
each Holder and the Administrative Agent under this Agreement, the Lease, the
Agency Agreement and Guaranty (the "Covenant to Pay Obligations"), if and when
such amounts become due and payable in accordance with the terms of this
Agreement or such other document.

         The Lessee, the Construction Agent and the Collateral Agent agree and
acknowledge that the Covenant to Pay Obligations consist of obligations and
liabilities of the Lessee and the Construction Agent to the Collateral Agent
separate and independent from and without prejudice to the liabilities and
obligations which the Lessee or the Construction Agent has or may have at any
time to the Owner Trustee, any Lender, any Holder, the Administrative Agent or
other Person under this Agreement or other Operative Agreements, provided that
the total liability of the Lessee and the Construction Agent under the Covenant
to Pay Obligations shall be decreased from time to time to the extent that the
Lessee or the Construction Agent shall have paid to the Owner Trustee, any
Lender, any Holder, or the Administrative Agent or other appropriate payee any
amount due under this Agreement or other applicable Operative Agreement, and the
total liability of the Lessee and the Construction Agent vis-a-vis the Owner
Trustee, any Lender, any Holder, the Administrative Agent under this Agreement
or other applicable Operative Agreement, shall be decreased to the extent that
the Lessee or the Construction Agent shall have paid to the Collateral Agent
such amount due pursuant to the Covenant to Pay Obligations.

         SECTION 11.  CREDIT AGREEMENT AND TRUST AGREEMENT.

         11.1. Construction Agent's and Lessee's Credit Agreement Rights.
Notwithstanding anything to the contrary contained in the Credit Agreement, the
Agent, the Construction Agent, the Lessee and the Owner Trustee hereby agree
that, prior to the occurrence and continuation of any Lease Default or Lease
Event of Default, the Construction Agent and the Lessee (as designated below)
shall have the following rights:

         (a) the Construction Agent shall have the right and obligation (as more
specifically provided in Section 5.7 hereof) to designate the portion of the
Loans on which interest is due and payable for purposes of the definition of
"Allocated Interest";

                                       40
<PAGE>

         (b) the Construction Agent shall have the right to give the notice
referred to in Section 2.3 of the Credit Agreement, to designate the account to
which a borrowing under the Credit Agreement is to be credited pursuant to
Section 2.3 of the Credit Agreement and to provide the Allocation Notice;

                  (c) the Lessee shall have the right to terminate or reduce the
         Commitments pursuant to SECTION 2.5(A) of the Credit Agreement;

                  (d) the Lessee shall have the right to exercise the conversion
         and continuation options pursuant to SECTION 2.7 of the Credit
         Agreement;

                  (e) the Lessee shall have the right to approve any successor
         agent pursuant to SECTION 7.9 of the Credit Agreement;

                  (f) the Lessee shall have the right to consent to any
         assignment by a Lender to which the Lessor has the right to consent
         pursuant to SECTION 9.8 of the Credit Agreement; and

                  (g) without limiting the foregoing clauses (a) through (f),
         and in addition thereto, the Lessee shall have the right to exercise
         any other right of the Owner Trustee under the Credit Agreement upon
         not less than five (5) Business Days' prior written notice from the
         Lessee to the Owner Trustee and the Agent.

         11.2. CONSTRUCTION AGENT'S AND LESSEE'S TRUST AGREEMENT RIGHTS.
Notwithstanding anything to the contrary contained in the Trust Agreement, the
Construction Agent, the Lessee, the Owner Trustee and the Holders hereby agree
that, prior to the occurrence and continuation of any Lease Default or Lease
Event of Default, the Construction Agent and the Lessee (as designated below)
shall have the following rights:

                  (a) the Construction Agent shall have the right and the
         obligation (as more specifically provided in SECTION 5.7 hereof) to
         designate the portion of the Holder Fundings on which Holder Yield is
         due and payable for purposes of the definition of Allocated Return in
         this Agreement;

                  (b) the Lessee shall have the right to exercise the conversion
         and continuation options pursuant to SECTION 3.8 of the Trust
         Agreement;

                  (c) no removal of the Owner Trustee or appointment of a
         successor Owner Trustee pursuant to SECTION 9.1 of the Trust Agreement
         shall be made without the prior written consent (not to be unreasonably
         withheld or delayed) of the Lessee; and

                  (d) the Holders and the Owner Trustee shall not amend,
         supplement or otherwise modify any provision of the Trust Agreement in
         such a manner as to adversely affect the rights of the Lessee without
         the prior written consent (not to be unreasonably withheld or delayed)
         of the Lessee.

                                       41
<PAGE>

         SECTION 12.  TRANSFER OF INTEREST.

         12.1. RESTRICTIONS ON TRANSFER. The Holders may, directly or
indirectly, assign, convey or otherwise transfer any of their right, title or
interest in or to the Trust Estate or the Trust Agreement with the prior written
consent of the Agent, and (provided no Default or Event of Default has occurred
and is continuing) the Lessee, and (only if such proposed assignee is not a
Lender) the Majority Financing Parties (which consent in each case shall not be
unreasonably withheld or delayed), PROVIDED that such consents shall not be
required for an assignment to a Lender or an Affiliate of a Lender. The Owner
Trustee may, subject to the Lien of the applicable Security Documents, but only
with the prior written consent of the Agent, the Holders (which consent may be
withheld by the Agent or the Holders in their sole discretion) and (provided no
Default or Event of Default has occurred and is continuing) the Lessee, directly
or indirectly, assign, convey, appoint an agent with respect to enforcement of,
or otherwise transfer any of the Owner Trustee's right, title or interest in or
to any Property, the Lease, the Trust Agreement, this Agreement (including,
without limitation, any right to indemnification thereunder), or any other
document relating to a Property or any interest in a Property as provided in the
Trust Agreement and the Lease. The provisions of the immediately preceding
sentence shall not apply to the obligations of the Owner Trustee to transfer
Property to the Lessee or a third party purchaser pursuant to ARTICLE XXII of
the Lease upon payment for such Property in accordance with each of the terms
and conditions of the Lease.

         12.2. EFFECT OF TRANSFER. From and after any transfer effected in
accordance with this SECTION 12, the transferor shall be released, to the extent
of such transfer, from its liability hereunder and under the other documents to
which it is a party in respect of obligations to be performed on or after the
date of such transfer; provided, however, that any transferor Holder shall
remain liable under ARTICLE XI of the Trust Agreement to the extent that the
transferee Holder shall not have assumed the obligations of the transferor
Holder thereunder. Upon any transfer by the Owner Trustee or a Holder as above
provided, any such transferee shall assume the obligations of the Owner Trustee
and Lessor or the obligations of a Holder, as the case may be, and shall be
deemed an "Owner Trustee", "Lessor" or "Holder", as the case may be, for all
purposes of such documents and each reference herein to the transferor shall
thereafter be deemed a reference to such transferee for all purposes, except as
provided in the preceding sentence. Notwithstanding any transfer of all or a
portion of the transferor's interest as provided in this SECTION 12, the
transferor shall be entitled to all benefits accrued and all rights vested prior
to such transfer including, without limitation, rights to indemnification under
any such document.

         SECTION 13.  INDEMNIFICATION.

         13.1. GENERAL INDEMNITY. Subject to the provisions of SECTIONS 13.4 AND
13.5, and whether or not any of the transactions contemplated hereby shall be
consummated, the Indemnity Provider hereby assumes liability for and agrees to
defend, indemnify and hold harmless each Indemnified Person on an After Tax
Basis from and against any Claims which may be imposed on, incurred by or
asserted against an Indemnified Person by any other Person (but not to the
extent such Claims arise from the gross negligence or willful misconduct of such
Indemnified Person) in any way relating to or arising, or alleged (by any Person
asserting such a Claim

                                       42
<PAGE>

against an Indemnified Person) to arise, out of the execution, delivery,
performance or enforcement of this Agreement, the Lease, any other Operative
Agreement or on or with respect to any Property or any part thereof, including,
without limitation, Claims in any way relating to or arising or alleged to arise
out of (a) the financing, refinancing, purchase, acceptance, rejection,
ownership, design, construction, refurbishment, development, delivery,
acceptance, nondelivery, leasing, subleasing, possession, use, operation,
maintenance, repair, modification, transportation, condition, sale, return,
repossession (whether by summary proceedings or otherwise), or any other
disposition of a Property, or any part thereof, including the acquisition,
holding or disposition of any interest in any Property, lease or agreement
comprising a portion of any thereof; (b) any latent or other defect in any
property whether or not discoverable by an Indemnified Person or the Indemnity
Provider; (c) any Environmental Claim, any violation of Environmental Laws, or
any other loss of or damage to any property or the environment relating to any
Property, the Lease, the Agency Agreement or the Indemnity Provider; (d) the
Operative Agreements, or any transaction contemplated thereby; (e) any breach by
the Construction Agent or the Lessee of any of its representations or warranties
under the Operative Agreements to which it is a party or failure by the
Construction Agent or the Lessee to perform or observe any covenant or agreement
to be performed by it under any of the Operative Agreements; (f) the
transactions contemplated hereby or by any other Operative Agreement, in respect
of the application of Parts 4 and 5 of Subtitle B of Title I of ERISA; (g) any
personal injury, death or property damage, including without limitation Claims
based on strict or absolute liability in tort; (h) any easement, right,
agreement or document referred to in SECTION 10.5 of this Agreement; or (i) any
Lien on any Property (other than Liens created by the Operative Agreements).

         If a written Claim is made against any Indemnified Person or if any
proceeding shall be commenced against such Indemnified Person (including a
written notice of such proceeding) for any Claim, such Indemnified Person shall
promptly notify the Indemnity Provider in writing and shall not take action with
respect to such Claim without the consent of the Indemnity Provider for thirty
(30) days after the receipt of such notice by the Indemnity Provider; PROVIDED,
HOWEVER, that, in the case of any such Claim, if action shall be required by law
or regulation to be taken prior to the end of such 30-day period, such
Indemnified Person shall endeavor, in such notice to the Indemnity Provider, to
inform the Indemnity Provider of such shorter period, and no action shall be
taken with respect to such Claim without the consent of the Indemnity Provider
before seven (7) days before the end of such shorter period; PROVIDED, FURTHER,
that the failure of such Indemnified Person to give the notices referred to in
this sentence shall not diminish the Indemnity Provider's obligation hereunder
except to the extent such failure materially precludes the Indemnity Provider
from contesting such Claim.

         If, within thirty (30) days of receipt of such notice from the
Indemnified Person (or such shorter period as the Indemnified Person has
notified the Indemnity Provider is required by law or regulation for the
Indemnified Person to respond to such Claim), the Indemnity Provider shall
request in writing that such Indemnified Person respond to such Claim, the
Indemnified Person shall, at the expense of the Indemnity Provider, in good
faith conduct and control such action (including, without limitation by pursuit
of appeals) (provided, however, that (A) if such Claim can be pursued by the
Indemnity Provider on behalf of or in the name of such Indemnified Person, the
Indemnified Person, at the Indemnity Provider's request, shall allow the
Indemnity Provider to conduct and control the response to such Claim and (B) in
the case of any Claim, the

                                       43
<PAGE>

Indemnified Person may request the Indemnity Provider to conduct and control the
response to such Claim (with counsel to be selected by the Indemnity Provider
and consented to by such Indemnified Person, such consent not to be unreasonably
withheld, conditioned or delayed; provided, however, that any Indemnified Person
may retain separate counsel at the expense of the Indemnity Provider in the
event of a conflict)) by, in the sole discretion of the Person conducting and
controlling the response to such Claim, (1) resisting payment thereof, (2) not
paying the same except under protest, if protest is necessary and proper, (3) if
the payment be made, using reasonable efforts to obtain a refund thereof in
appropriate administrative and judicial proceedings, or (4) taking such other
action as is reasonably requested by the Indemnity Provider from time to time.

         The party controlling the response to any Claim shall consult in good
faith with the non-controlling party and shall keep the non-controlling party
reasonably informed as to the conduct of the response to such Claim; PROVIDED,
that all decisions ultimately shall be made in the discretion of the controlling
party, except that the Indemnity Provider may not agree to any dismissal or
settlement of, or other agreement in connection with, any claim without the
prior written consent of such Indemnified Person, if such dismissal, settlement
or agreement would require any admission or acknowledgment of any culpability or
wrongdoing by such Indemnified Person or provide for any nonmonetary relief to
be performed by such Indemnified Person. The parties agree that an Indemnified
Person may at any time decline to take further action with respect to the
response to such Claim and may settle such Claim if such Indemnified Person
shall waive its rights to any indemnity from the Indemnity Provider that
otherwise would be payable in respect of such Claim (and any future Claim, the
pursuit of which is precluded by reason of such resolution of such Claim) and
shall pay to the Indemnity Provider any amount previously paid or advanced by
the Indemnity Provider pursuant to this SECTION 13.1 by way of indemnification
or advance for the payment of any amount regarding such Claim other than
expenses of the action relating to such Claim.

         Notwithstanding the foregoing provisions of this SECTION 13.1, an
Indemnified Person shall not be required to take any action and no Indemnity
Provider shall be permitted to respond to any Claim in its own name or that of
the Indemnified Person unless (A) the Indemnity Provider shall have agreed to
pay and shall pay to such Indemnified Person on demand and on an After Tax Basis
all reasonable costs, losses and expenses that such Indemnified Person actually
incurs in connection with such Claim, including, without limitation, all
reasonable legal, accounting and investigatory fees and disbursements, (B) the
Indemnified Person shall have reasonably determined that the action to be taken
will not result in any material danger of sale, forfeiture or loss of any
Property, or any part thereof or interest therein, will not interfere with the
payment of Rent, and will not result in risk of criminal liability, (C) if such
Claim shall involve the payment of any amount prior to the resolution of such
Claim, the Indemnity Provider shall provide to the Indemnified Person an
interest-free advance in an amount equal to the amount that the Indemnified
Person is required to pay (with no additional net after-tax cost to such
Indemnified Person), (D) in the case of a Claim that must be pursued in the name
of an Indemnified Person (or an Affiliate thereof), the Indemnity Provider shall
have provided to such Indemnified Person an opinion of independent counsel
selected by the Indemnified Person and reasonably satisfactory to the Indemnity
Provider stating that a reasonable basis exists to contest such Claim, (E) such
claim is covered by insurance and (F) no Event of Default shall have

                                       44
<PAGE>

occurred and be continuing. In addition, an Indemnified Person shall not be
required to contest any Claim in its name (or that of an Affiliate) if the
subject matter thereof shall be of a continuing nature and shall have previously
been decided adversely by a court of competent jurisdiction pursuant to the
contest provisions of this SECTION 13.1, unless there shall have been a change
in law (or interpretation thereof) and the Indemnified Person shall have
received, at the Indemnity Provider's expense, an opinion of independent counsel
selected by the Indemnified Person and reasonably acceptable to the Indemnity
Provider stating that as a result of such change in law (or interpretation
thereof), it is more likely than not that the Indemnified Person will prevail in
such contest.

         13.2.    GENERAL TAX INDEMNITY.

                  (a) Subject to the provisions of SECTIONS 13.4 AND 13.5, and
         the Indemnity Provider shall pay and assume liability for, and does
         hereby agree to indemnify, protect and defend each Property and all
         Indemnified Persons, and hold them harmless against, all Impositions on
         an After Tax Basis.

                  (b) (i) Subject to the terms of SECTION 13.2(F), the Indemnity
                  Provider shall pay or cause to be paid all Impositions
                  directly to the taxing authorities where feasible and
                  otherwise to the Indemnified Person, as appropriate, and the
                  Indemnity Provider shall at its own expense, upon such
                  Indemnified Person's reasonable request, furnish to such
                  Indemnified Person copies of official receipts or other
                  satisfactory proof evidencing such payment.

                           (ii) In the case of Impositions for which no contest
                  is conducted pursuant to SECTION 13.2(F) and which the
                  Indemnity Provider pays directly to the taxing authorities,
                  the Indemnity Provider shall pay such Impositions prior to the
                  latest time permitted by the relevant taxing authority for
                  timely payment. In the case of Impositions for which the
                  Indemnity Provider reimburses an Indemnified Person, the
                  Indemnity Provider shall do so within thirty (30) days after
                  receipt by the Indemnity Provider of demand by such
                  Indemnified Person describing in reasonable detail the nature
                  of the Imposition and the basis for the demand (including the
                  computation of the amount payable). In the case of Impositions
                  for which a contest is conducted pursuant to SECTION 13.2(F),
                  the Indemnity Provider shall pay such Impositions or reimburse
                  such Indemnified Person for such Impositions, to the extent
                  not previously paid or reimbursed pursuant to subsection (a),
                  prior to the latest time permitted by the relevant taxing
                  authority for timely payment after conclusion of all contests
                  under SECTION 13.2(F).

                           (iii) Impositions imposed with respect to a Property
                  for a billing period during which the Lease expires or
                  terminates with respect to such Property (unless the Lessee
                  has exercised the Purchase Option with respect to such
                  Property or the Lessee has otherwise purchased such Property)
                  shall be adjusted and prorated on a daily basis between the
                  Indemnity Provider and the Lessor, whether or not such
                  Imposition is imposed before or after such expiration or
                  termination and each party shall pay its pro rata share
                  thereof.

                                       45
<PAGE>

                           (iv) At the Indemnity Provider's request, the amount
                  of any indemnification payment by the Indemnity Provider
                  pursuant to subsection (a) shall be verified and certified by
                  an independent public accounting firm mutually acceptable to
                  the Indemnity Provider and the Indemnified Person. The fees
                  and expenses of such independent public accounting firm shall
                  be paid by the Indemnity Provider unless such verification
                  shall result in an adjustment in the Indemnity Provider's
                  favor of 15% or more of the payment as computed by the
                  Indemnified Person, in which case such fee shall be paid by
                  the Indemnified Person.

                           (v) The Indemnified Persons shall use good faith
                  efforts to take lawful deductions in their respective tax
                  returns so as to reduce the Impositions required to be
                  reimbursed by the Indemnity Provider hereunder; PROVIDED,
                  HOWEVER, that the failure of any Indemnified Person to take
                  any deduction shall not impair in any way such Person's right
                  to indemnification from the Indemnity Provider for any
                  Impositions.

                  (c) The Indemnity Provider shall be responsible for preparing
         and filing any real and personal property or ad valorem tax returns
         with respect to each Property. In case any other report or tax return
         shall be required to be made with respect to any obligations of the
         Indemnity Provider under or arising out of subsection (a) and of which
         the Indemnity Provider has knowledge or should have knowledge, the
         Indemnity Provider, at its sole cost and expense, shall notify the
         relevant Indemnified Person of such requirement and (except if such
         Indemnified Person notifies the Indemnity Provider that such
         Indemnified Person intends to file such report or return) (A) to the
         extent required or permitted by and consistent with Legal Requirements,
         make and file in Indemnity Provider's name such return, statement or
         report; and (B) in the case of any other such return, statement or
         report required to be made in the name of such Indemnified Person,
         advise such Indemnified Person of such fact and prepare such return,
         statement or report for filing by such Indemnified Person or, where
         such return, statement or report shall be required to reflect items in
         addition to any obligations of the Indemnity Provider under or arising
         out of subsection (a), provide such Indemnified Person at the Indemnity
         Provider's expense with information sufficient to permit such return,
         statement or report to be properly made with respect to any obligations
         of the Indemnity Provider under or arising out of subsection (a). Such
         Indemnified Person shall, upon the Indemnity Provider's request and at
         the Indemnity Provider's expense, provide any data maintained by such
         Indemnified Person (and not otherwise available to or within the
         control of the Indemnity Provider) with respect to any Property which
         the Indemnity Provider may reasonably require to prepare any required
         tax returns or reports.

                  (d) If as a result of the payment or reimbursement by the
         Indemnity Provider of any Imposition or other reasonable expenses of
         the Lessor or the payment of any Transaction Expenses incurred in
         connection with the transactions contemplated by the Operative
         Agreements, the Lessor, the Holders or partners of any Holder shall
         suffer a net increase in any federal, state or local income tax
         liability, the Indemnity Provider

                                       46
<PAGE>

shall indemnify such Persons (without duplication of any indemnification
required by subsection (a)) on an After Tax Basis for the amount of such
increase. The calculation of any such net increase shall take into account any
current or future tax savings (including tax deductions, net operating loss
carry-forward or tax credits) realized or reasonably expected to be realized by
such Person in respect thereof, as well as any interest, penalties and additions
to tax payable by such Lessor, or such Holder, or such Affiliate, in respect
thereof.

                  (e) As between the Indemnity Provider on one hand, and the
         Lessor or the Agent, any Lender or any Holder on the other hand, the
         Indemnity Provider shall be responsible for, and the Indemnity Provider
         shall indemnify and hold harmless the Lessor, the Agent, the Lenders
         and each Holder (without duplication of any indemnification required by
         subsection (a)) on an After Tax Basis against, any obligation for
         United States or foreign withholding taxes imposed in respect of
         payments on the Notes or Certificates or with respect to Rent payments
         under the Lease (and, if the Lessor, the Agent, any Lender or any
         Holder receives a demand for such payment from any taxing authority,
         the Indemnity Provider shall discharge such demand on behalf of the
         Lessor, the Agent, such Lender or such Holder); provided, however, that
         the right of any Lender to make a claim for indemnification under this
         SECTION 13.2(E) is subject to the compliance by such Lender with the
         requirements of SECTION 2.13 of the Credit Agreement.

                  (f) (i) If a written Claim is made against any Indemnified
                  Person, or if any proceeding shall be commenced against such
                  Indemnified Person (including a written notice of such
                  proceeding), for any Impositions, such Indemnified Person
                  shall promptly notify the Indemnity Provider in writing and
                  shall not take action with respect to such Claim or proceeding
                  without the consent of the Indemnity Provider for thirty (30)
                  days after the receipt of such notice by the Indemnity
                  Provider; PROVIDED, HOWEVER, that, in the case of any such
                  Claim or proceeding, if action shall be required by law or
                  regulation to be taken prior to the end of such 30-day period,
                  such Indemnified Person shall, in such notice to the Indemnity
                  Provider, inform the Indemnity Provider of such shorter
                  period, and no action shall be taken with respect to such
                  Claim or proceeding without the consent of the Indemnity
                  Provider before seven (7) days before the end of such shorter
                  period; PROVIDED, FURTHER, that the failure of such
                  Indemnified Person to give the notices referred to this
                  sentence shall not diminish the Indemnity Provider's
                  obligation hereunder except to the extent such failure
                  precludes the Indemnity Provider from contesting such Claim.

                           (ii) If, within thirty (30) days of receipt of such
                  notice from the Indemnified Person (or such shorter period as
                  the Indemnified Person has notified the Indemnity Provider is
                  required by law or regulation for the Indemnified Person to
                  commence such contest), the Indemnity Provider shall request
                  in writing that such Indemnified Person contest such
                  Imposition, the Indemnified Person shall, at the expense of
                  the Indemnity Provider, in good faith conduct and control such
                  contest (including, without limitation, by pursuit of appeals)
                  relating

                                       47
<PAGE>

                  to the validity, applicability or amount of such Imposition
                  (provided, however, that (A) if such contest can be pursued
                  independently from any other proceeding involving a tax
                  liability of such Indemnified Person, the Indemnified Person,
                  at the Indemnity Provider's request, shall allow the Indemnity
                  Provider to conduct and control such contest and (B) in the
                  case of any contest, the Indemnified Person may request the
                  Indemnity Provider to conduct and control such contest (with
                  counsel to be selected by the Indemnity Provider and consented
                  to by such Indemnified Person, such consent not to be
                  unreasonably withheld, conditioned or delayed; provided,
                  however, that any Indemnified Person may retain separate
                  counsel at the expense of the Indemnity Provider in the event
                  of a conflict)) by, in the sole discretion of the Person
                  conducting and controlling such contest, (1) resisting payment
                  thereof, (2) not paying the same except under protest, if
                  protest is necessary and proper, (3) if the payment be made,
                  using reasonable efforts to obtain a refund thereof in
                  appropriate administrative and judicial proceedings, or (4)
                  taking such other action as is reasonably requested by the
                  Indemnity Provider from time to time.

                           (iii) The party controlling any contest shall consult
                  in good faith with the non-controlling party and shall keep
                  the non-controlling party reasonably informed as to the
                  conduct of such contest; PROVIDED, that all decisions
                  ultimately shall be made in the sole discretion of the
                  controlling party, except that the Indemnity Provider may not
                  agree to any dismissal or settlement of, or other agreement in
                  connection with, any claim without the prior written consent
                  of such Indemnified Person, if such dismissal, settlement or
                  agreement would require any admission or acknowledgment of any
                  culpability or wrongdoing by such Indemnified Person or
                  provide for any nonmonetary relief to be performed by such
                  Indemnified Person. The parties agree that an Indemnified
                  Person may at any time decline to take further action with
                  respect to the contest of any Imposition and may settle such
                  contest if such Indemnified Person shall waive its rights to
                  any indemnity from the Indemnity Provider that otherwise would
                  be payable in respect of such Imposition (and any future Claim
                  by any taxing authority, the contest of which is precluded by
                  reason of such resolution of such contest) and shall pay to
                  the Indemnity Provider any amount previously paid or advanced
                  by the Indemnity Provider pursuant to this SECTION 13.2 by way
                  of indemnification or advance for the payment of any amount
                  regarding such Imposition other than expenses of such contest.

                           (iv) Notwithstanding the foregoing provisions of this
                  SECTION 13.2, an Indemnified Person shall not be required to
                  take any action and no Indemnity Provider shall be permitted
                  to contest any Imposition in its own name or that of the
                  Indemnified Person unless (A) the Indemnity Provider shall
                  have agreed to pay and shall pay to such Indemnified Person on
                  demand and on an After Tax Basis all reasonable costs, losses
                  and expenses that such Indemnified Person actually incurs in
                  connection with contesting such Imposition, including, without
                  limitation, all reasonable legal, accounting and investigatory
                  fees and disbursements, (B) the Indemnified Person shall have
                  reasonably determined that

                                       48
<PAGE>

                  the action to be taken will not result in any material danger
                  of sale, forfeiture or loss of any Property, or any part
                  thereof or interest therein, will not interfere with the
                  payment of Rent, and will not result in risk of criminal
                  liability, (C) if such contest shall involve the payment of
                  the Imposition prior to or during the contest, the Indemnity
                  Provider shall provide to the Indemnified Person an
                  interest-free advance in an amount equal to the Imposition
                  that the Indemnified Person is required to pay (with no
                  additional net after-tax cost to such Indemnified Person), (D)
                  in the case of a Claim that must be pursued in the name of an
                  Indemnified Person (or an Affiliate thereof), the Indemnity
                  Provider shall have provided to such Indemnified Person an
                  opinion of independent tax counsel selected by the Indemnified
                  Person and reasonably satisfactory to the Indemnity Provider
                  stating that a reasonable basis exists to contest such Claim,
                  and (E) no Event of Default shall have occurred and be
                  continuing. In addition, an Indemnified Person shall not be
                  required to contest any claim in its name (or that of an
                  Affiliate) if the subject matter thereof shall be of a
                  continuing nature and shall have previously been decided
                  adversely by a court of competent jurisdiction pursuant to the
                  contest provisions of this SECTION 13.2, unless there shall
                  have been a change in law (or interpretation thereof) and the
                  Indemnified Person shall have received, at the Indemnity
                  Provider's expense, an opinion of independent tax counsel
                  selected by the Indemnified Person and reasonably acceptable
                  to the Indemnity Provider stating that as a result of such
                  change in law (or interpretation thereof), it is more likely
                  than not that the Indemnified Person will prevail in such
                  contest.

         13.3.    ENVIRONMENTAL INDEMNITY; FUNDING/CONTRIBUTION INDEMNITY.

                  (a) ENVIRONMENTAL INDEMNITY. Without limiting the generality
         of the foregoing, whether or not the transactions contemplated hereby
         shall be consummated, the Indemnity Provider hereby assumes liability
         for and agrees to defend, indemnify and hold harmless each Indemnified
         Person on an After Tax Basis from and against any Claims which may be
         imposed on, incurred by or asserted against an Indemnified Person by
         any other Person (but not to the extent such Claims arise from the
         gross negligence or willful misconduct of such Indemnified Person) in
         any way relating to or arising, or alleged (by any Person asserting
         such a Claim against an Indemnified Person) to arise, out of any
         Environmental Claim, any violation of Environmental Laws, or any other
         loss of or damage to any Property or the environment (including without
         limitation the presence on any Property of wetlands, tidelands or swamp
         or overflow lands, or any condition arising from or affecting any
         Property or arising from or affecting any lands nearby or adjacent to
         any Property that has or threatens to have any adverse effect upon
         human health or the environment at such Property or upon the use or
         value of such Property), in each case relating to any Property, the
         Lease, the Agency Agreement or the Indemnity Provider.

                  (b) CONTRIBUTION INDEMNITY. Without limiting the generality of
         the provisions of SECTION 2.12 of the Credit Agreement or SECTION 3.10
         of the Trust Agreement, as the case may be, the Lessee agrees to
         indemnify each Lender and each Holder and to hold each Lender and each
         Holder harmless from any loss or expense which such Lessor or

                                       49
<PAGE>

         Holder may sustain or incur as a consequence of (a) default by the
         Lessee or the Construction Agent in payment when due of a principal
         amount or interest on any Eurodollar Loan or Eurodollar Holder Funding,
         (b) default by the Lessee or the Construction Agent in making a
         borrowing of, conversion into or continuation of Eurodollar Loans or
         Eurodollar Holder Fundings, (c) default by the Lessee or the
         Construction Agent in making any prepayment after the Lessee has given
         a notice thereof in accordance with the provisions of the Operative
         Agreements or (d) the making by the Lessee or the Construction Agent of
         a prepayment of Eurodollar Loans or Eurodollar Holder Fundings on a day
         which is not the last day of an Interest Period with respect thereto
         for any reason whatsoever, including, without limitation, in each case,
         any such loss or expense arising from the reemployment of funds
         obtained by it or from fees payable to terminate the deposits from
         which such funds were obtained. The covenant shall survive the
         termination of the Operative Agreements and the payment of the Notes,
         the Holder Certificates and all other amounts payable hereunder or
         under any other Operative Agreement.

         13.4. ADDITIONAL PROVISIONS REGARDING INDEMNIFICATION DURING
CONSTRUCTION PERIOD OF A PROPERTY. Notwithstanding the provisions of SECTIONS
13.1, 13.2 AND 13.3,

                  (a) the Owner Trustee shall be the only beneficiary of the
         provisions set forth in SECTIONS 13.1, 13.2 AND 13.3, with respect to
         any Property during the Construction Period for such Property (except
         that other Indemnified Persons may benefit from the Environmental
         Indemnities to the extent set forth in clause (c) below);

                  (b) in the case of third-party Claims with respect to a
         Property during the Construction Period for such Property, the
         indemnity benefiting the Owner Trustee referred to in clause (a) above
         shall be limited to (i) Claims caused by or resulting from the acts or
         omissions of the Indemnity Provider, any contractor or subcontractor of
         the Indemnity Provider, or any other Person acting by, through or under
         the Indemnity Provider or any such contractor or subcontractor, (ii)
         Environmental Indemnities, or (iii) Claims for personal injury or
         death, property damage, loss or theft, strict liability, workmen's
         compensation, and other similar insurable liabilities; and

                  (c) during the Construction Period of a Property, the
         indemnity provided with respect to such Property to Indemnified Persons
         other than the Owner Trustee shall be limited to Environmental
         Indemnities for environmental risks or conditions that exist on the
         Property Closing Date for such Property. After the Construction Period
         for a Property, each Indemnified Person shall be a beneficiary of the
         provisions of SECTIONS 13.1, 13.2 AND 13.3 to the fullest extent of
         such provisions.

         13.5. INDEMNIFICATION PROVIDED BY THE OWNER TRUSTEE IN FAVOR OF THE
OTHER INDEMNIFIED PERSONS. To the extent the Indemnity Provider is not obligated
to indemnify any Indemnified Person with respect to the various matters
described in this SECTION 13.5, the Owner Trustee shall, and does hereby,
provide such indemnities in favor of each Indemnified Person (subject to clauses
(a) and (b) below) and shall pay all such amounts owed pursuant to this SECTION
13.5 with amounts advanced by the Lenders and the Holders (a) to the extent, but
only to the extent,

                                       50
<PAGE>

amounts are available therefor under the Available Commitments and Available
Holder Commitments and (b) unless each Lender and each Holder has declined in
writing to fund such amount. Notwithstanding any other provision in any other
Operative Agreement to the contrary, all amounts so advanced shall be deemed
added to the Property Cost of all the Properties (ratably with respect to each
Property, based on the ratio of the Property Cost for such Property individually
to the aggregate Property Cost of all Properties at such time).

         Whether or not any of the transactions contemplated hereby shall be
consummated, the Owner Trustee hereby assumes liability for and agrees to
defend, indemnify and hold harmless each Indemnified Person on an After Tax
Basis from and against any Claims which may be imposed on, incurred by or
asserted against an Indemnified Person by any other Person (but not to the
extent such Claims arise from the gross negligence or willful misconduct of such
Indemnified Person) in any way relating to or arising, or alleged (by any Person
asserting such a Claim against an Indemnified Person) to arise, out of the
execution, delivery, performance or enforcement of this Agreement, the Lease,
any other Operative Agreement or on or with respect to any Property or any part
thereof, including, without limitation, Claims in any way relating to or arising
or alleged to arise out of any of the matters set forth in SECTION 13.1
(including any Claims that would be indemnified by the Indemnity Provider
pursuant to SECTION 13.1 but for the effect of SECTION 13.4).

         The Owner Trustee shall pay and assume liability for, and does hereby
agree to indemnify, protect and defend each Property and all Indemnified
Persons, and hold them harmless against, all Impositions on an After Tax Basis
(including any Impositions that would be paid, assumed or indemnified by the
Indemnity Provider pursuant to SECTION 13.2 but for the effect of SECTION 13.4).

         THE INDEMNITY OBLIGATIONS UNDERTAKEN BY THE OWNER TRUSTEE PURSUANT TO
THIS SECTION 13.5 ARE IN ALL RESPECTS SUBJECT TO THE LIMITATIONS ON LIABILITY
DESCRIBED IN SECTION 14.11.

         SECTION 14.  MISCELLANEOUS.

         14.1. SURVIVAL OF AGREEMENTS. The representations, warranties,
covenants, indemnities and agreements of the parties provided for in the
Operative Agreements, and the parties' obligations under any and all thereof,
shall survive the execution and delivery of this Agreement, the transfer of any
Property to the Owner Trustee, the acquisition of any Equipment, the
construction of any Improvements, any disposition of any interest of the Owner
Trustee in any Property or any interest of the Holders in the Owner Trust, the
payment of the Notes and any disposition thereof, and shall be and continue in
effect notwithstanding any investigation made by any party and the fact that any
party may waive compliance with any of the other terms, provisions or conditions
of any of the Operative Agreements. Except as otherwise expressly set forth
herein or in other Operative Agreements, the indemnities of the parties provided
for in the Operative Agreements shall survive the expiration or termination of
any thereof. In furtherance and not in limitation of the foregoing and
notwithstanding the occurrence of any Closing Date or the completion of any
Funding under this Agreement pursuant to SECTION 5.3 OR 5.5, each condition
precedent in connection with any such Closing Date or Funding which is not fully

                                       51
<PAGE>

satisfied may be subsequently required by the Agent to be satisfied (unless such
has been expressly waived in writing by the Agent).

         14.2. NO BROKER, ETC. Each of the parties hereto represents to the
others that it has not retained or employed any broker, finder or financial
adviser to act on its behalf in connection with this Agreement, nor has it
authorized any broker, finder or financial adviser retained or employed by any
other Person so to act. Any party who is in breach of this representation shall
indemnify and hold the other parties harmless from and against any liability
arising out of such breach of this representation.

         14.3. TRANSMISSION AND EFFECTIVENESS OF COMMUNICATIONS AND SIGNATURES.

                  (a) MODES OF DELIVERY. Except as otherwise provided in any
         Operative Agreement, notices, requests, demands, directions, agreements
         and documents delivered in connection with the Operative Agreements
         (collectively, "COMMUNICATIONS") shall be transmitted by Requisite
         Notice to the number and address set forth on SCHEDULE 14.3 may be
         delivered by the following modes of delivery, and shall be effective as
         follows:

                 Mode of Delivery    Effective on earlier of actual receipt and:
                 --------------------------------------------------------------

                 Courier             Scheduled delivery date

                 Facsimile           When transmission in legible form complete

                 Mail                Fourth Business Day after deposit in U.S.
                                     mail first class postage pre-paid

                 Personal delivery   When received

                 Telephone           When conversation completed

                 Electronic Mail     When received

         PROVIDED, HOWEVER, that communications delivered to Administrative
         Agent pursuant to SECTIONS 1, 2 OR 5 of this Agreement, SECTIONS 2.1,
         2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.8, 2.9 OR 2.10 of the Credit Agreement,
         or SECTIONS 3.1, 3.2, 3.3, 3.4, 3.6, 3.7 OR 3.8 of the Trust Agreement
         must be in writing and shall not be effective until actually received
         by Administrative Agent.

                  (b) RELIANCE BY ADMINISTRATIVE AGENT, LENDERS AND HOLDERS.
         Administrative Agent, Lessor, Lenders and Holders shall be entitled to
         rely and act on any communications purportedly given by or on behalf of
         any Lessee/Borrower Party even if (i) such communications (A) were not
         made in a manner specified herein, (B) were incomplete or (C) were not
         preceded or followed by any other notice specified herein, or (ii) the
         terms thereof, as understood by the recipient, varied from any
         subsequent related communications provided for herein. Lessee shall
         indemnify Administrative Agent, the Lessor, the Lenders and the Holders
         from any loss, cost, expense or liability as a result of relying on any
         communications permitted herein so long as such Administrative Agent,
         Lessor, Lenders and Holders have acted in good faith.

                                       52
<PAGE>

                  (c) EFFECTIVENESS OF FACSIMILE DOCUMENTS AND SIGNATURES.
         Operative Agreements may be transmitted and/or signed by facsimile. The
         effectiveness of any such documents and signatures shall, subject to
         applicable Law, have the same force and effect as hardcopies with
         manual signatures and shall be binding on all Lessee/Borrower Parties
         and Administrative Agent, Lenders and the Holders. Administrative Agent
         may also require that any such documents and signatures be confirmed by
         a manually-signed hardcopy thereof; PROVIDED, HOWEVER, that the failure
         to request or deliver any such manually-signed hardcopy shall not
         affect the effectiveness of any facsimile document or signature.

                  (d) EFFECTIVENESS OF ELECTRONIC MAIL. Electronic mail and
         internet and intranet websites may be used to distribute routine
         communications, such as financial statements and other information and
         to distribute agreements and other documents to be signed by Lenders or
         Holders; PROVIDED, HOWEVER, that no Requisition or executed or
         legally-binding notice, agreement, waiver, amendment or other
         communication may be sent by electronic mail.

                  (e) NEW ADDRESSES. From time to time any party may designate a
         new address, attention party, telephone number, telefacsimile number or
         e-mail address for purposes of notice hereunder by notice to the Agent,
         with copies to each of the other parties hereto.

         14.4. COUNTERPARTS. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all such counterparts shall together constitute but
one and the same instrument.

         14.5. TERMINATIONS, AMENDMENTS, WAIVER, ETC.; UNANIMOUS VOTE MATTERS.
Each Basic Document may be terminated, amended, supplemented, waived or modified
only by an instrument in writing signed by, subject to ARTICLE X of the Trust
Agreement regarding termination of the Trust Agreement, the Majority Financing
Parties and each Credit Party (to the extent such Credit Party is a party to
such Basic Document); PROVIDED, to the extent no Lease Default or Lease Event of
Default shall have occurred and be continuing, the Majority Financing Parties
shall not amend, supplement, waive or modify any provision of any Basic Document
in such a manner as to adversely affect the rights of the Lessee without the
prior written consent (not to be unreasonably withheld or delayed) of the
Lessee. Each Operative Agreement which is not a Basic Document may be
terminated, amended, supplemented, waived or modified only by an instrument in
writing signed by the parties thereto and (without the consent of any other
Financing Party) the Agent. In addition, the Unanimous Vote Matters shall
require the consent of each Lender and each Holder affected by such matter.

         Notwithstanding the foregoing, no such termination, amendment,
supplement, waiver or modification shall, without the consent of the Agent and,
to the extent affected thereby, each Lender and each Holder (collectively, the
"UNANIMOUS VOTE MATTERS") (i) reduce the amount of any Note or Certificate,
extend the scheduled date of maturity of any Note, extend the scheduled
Expiration Date, extend any payment date of any Note or Certificate, reduce the
stated rate of

                                       53
<PAGE>

interest payable on any Note or reduce the stated Holder Yield payable on any
Certificate (other than as a result of waiving the applicability of any
post-default increase in interest rates or Holder Yields), reduce the stated
rate of any Commitment Fees or Holder Commitment Fees, extend the scheduled date
of payment of any Commitment Fees or Holder Commitment Fees, increase the amount
of any Person's Commitment or Holder Commitment, modify the priority of any Lien
in favor of the Agent under any Security Document, subordinate any obligation
owed to such Lender or Holder, or (ii) terminate, amend, supplement, waive or
modify any provision of this SECTION 14.5 or reduce the percentage specified in
the definition of Majority Financing Parties, or consent to the assignment or
transfer by the Owner Trustee of any of its rights and obligations under any
Basic Document or release a material portion of the Collateral (except in
accordance with SECTION 8.3 of the Credit Agreement) or release the Lessor, the
Lessee, the Construction Agent or any Alternative Lessee from its obligations
under any Operative Agreement or otherwise alter any payment obligations of the
Lessor, the Lessee, the Construction Agent or any Alternative Lessee to the
Lessor or any Financing Party under the Operative Agreements, or (iii)
terminate, amend, supplement, waive or modify any provision of SECTION 7 of the
Credit Agreement. Any such termination, amendment, supplement, waiver or
modification shall apply equally to each of the Lenders and the Holders and
shall be binding upon all the parties to this Agreement. In the case of any
waiver, each party to this Agreement shall be restored to its former position
and rights under the Operative Agreements, and any Default or Event of Default
waived shall be deemed to be cured and not continuing; but no such waiver shall
extend to any subsequent or other Default or Event of Default, or impair any
right consequent thereon.

         If at a time when the conditions precedent set forth in the Operative
Agreements to any Loan are, in the opinion of the Majority Financing Parties,
satisfied, and Lender shall fail to fulfill its obligations to make such Loan
(any such Lender, a "DEFAULTING LENDER") then, for so long as such failure shall
continue, the Defaulting Lender shall (unless the Lessee and the Majority
Financing Parties, determined as if the Defaulting Lender were not a "Lender",
shall otherwise consent in writing) be deemed for all purposes relating to
terminations, amendments, supplements, waivers or modifications under the
Operative Agreements to have no Loans, shall not be treated as a "Lender" when
performing the computation of Majority Financing Parties, and shall have no
rights under SECTION 14.5, PROVIDED that any action taken pursuant to the second
paragraph of this SECTION 14.5 shall not be effective against any Defaulting
Lender unless such Defaulting Lender has consented thereto.

         If at a time when the conditions precedent set forth in the Operative
Agreements to any Holder Advance are, in the opinion of the Majority Financing
Parties, satisfied, any Holder shall fail to fulfill its obligations to make
such Holder Advance (any such Holder, a "DEFAULTING HOLDER") then, for so long
as such failure shall continue, the Defaulting Holder shall (unless the Lessee
and the Majority Financing Parties, determined as if the Defaulting Holder were
not a "Holder", shall otherwise consent in writing) be deemed for all purposes
relating to terminations, amendments, supplements, waivers or modifications
under the Operative Agreements to have no Holder Advances, shall not be treated
as a "Holder" when performing the computation of Majority Financing Parties, and
shall have no rights under this SECTION 14.5, PROVIDED that any action taken
pursuant to the second paragraph of this SECTION 14.5 shall not be effective as
against the Defaulting Holder unless such Defaulting Holder has consented
thereto.

                                       54
<PAGE>

         14.6. HEADINGS, ETC. The Table of Contents and headings of the various
Articles and Sections of this Agreement are for convenience of reference only
and shall not modify, define, expand or limit any of the terms or provisions
hereof.

         14.7. PARTIES IN INTEREST. Except as expressly provided herein, none of
the provisions of this Agreement are intended for the benefit of any Person
except the parties hereto; provided, that the Lenders are intended to be
third-party beneficiaries of this Agreement.

         14.8.    GOVERNING LAW; WAIVERS OF JURY TRIAL.

                  (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
         INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF FLORIDA,
         WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF
         LAWS.

                  (b) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF
         THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY
         IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY
         OTHER OPERATIVE AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

         14.9. SUBMISSION TO JURISDICTION; WAIVERS. Each of the parties hereto
irrevocably and unconditionally:

                  (a) submits for itself and its property in any legal action or
         proceeding relating to this Agreement and the other Operative
         Agreements to which it is a party, or for recognition and enforcement
         of any judgment in respect thereof, to the non-exclusive general
         jurisdiction of the Courts of the State of Florida and the courts of
         the United States of America, for the Middle District of Florida, Tampa
         Division, and appellate courts from any thereof;

                  (b) consents that any such action or proceeding may be brought
         in such courts and waives any objection that it may now or hereafter
         have to the venue of any such action or proceeding in any such court or
         that such action or proceeding was brought in an inconvenient court and
         agrees not to plead or claim the same,

                  (c) agrees that service of process in any such action or
         proceeding may be effected by mailing a copy thereof by registered or
         certified mail (or any substantially similar form of mail) postage
         prepaid, to the respective party at its address set forth in Section
         14.3 hereof or at such other address of which the Administrative Agent
         shall have been notified pursuant thereto;

                  (d) agrees that nothing herein shall affect the right to
         effect service of process in any other manner permitted by law or shall
         limit the right to sue in any other jurisdiction; and

                                       55
<PAGE>

                  (e) waives, to the maximum extent not prohibited by law, any
         right it may have to claim or recover in any legal action or proceeding
         referred to in this Section 14.9 any special, exemplary, punitive or
         consequential damages.

         14.10. SEVERABILITY. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render such
provision unenforceable in any other jurisdiction.

         14.11.   LIABILITY LIMITED.

                  (a) The Agent, the Lessee and the Holders each acknowledge and
         agree that the Owner Trustee is (except as otherwise expressly provided
         herein or therein) entering into this Agreement and the other Operative
         Agreements to which it is a party (other than the Trust Agreement and
         other than as set forth in SECTION 7.2 of this Agreement), solely in
         its capacity as trustee under the Trust Agreement and not in its
         individual capacity and that Trust Company shall not be liable or
         accountable under any circumstances whatsoever in its individual
         capacity for or on account of any statements, representations,
         warranties, covenants or obligations stated to be those of the Owner
         Trustee, except for its own gross negligence or willful misconduct and
         except as otherwise expressly provided herein or in the other Operative
         Agreements.

                  (b) Anything to the contrary contained in this Agreement, the
         Credit Agreement, the Notes or in any other Operative Agreement
         notwithstanding, neither the Lessor nor any Holder (in its capacity as
         a Holder) nor any officer, director, shareholder, or partner thereof,
         nor any of the successors or assigns of the foregoing (all such Persons
         being hereinafter referred to collectively as the "Exculpated
         Persons"), shall be personally liable in any respect for any liability
         or obligation hereunder or under any other Operative Agreement
         including the payment of the principal of, or interest on, the Notes,
         or for monetary damages for the breach of performance of any of the
         covenants contained in the Credit Agreement, the Notes, this Agreement,
         the Security Agreement or any of the other Operative Agreements. The
         Agent (for itself and on behalf of the Lenders) agrees that, in the
         event the Agent or any Lender pursues any remedies available to them
         under the Credit Agreement, the Notes, this Agreement, the Security
         Agreement, the Mortgage Instruments or under any other Operative
         Agreement, neither the Lenders nor the Agent shall have any recourse
         against any Exculpated Person, for any deficiency, loss or Claim for
         monetary damages or otherwise resulting therefrom, and recourse shall
         be had solely and exclusively against the Trust Estate and the Lessee
         (with respect to the Lessee's obligations under the Lease, the
         Participation Agreement and the Agency Agreement); but nothing
         contained herein shall be taken to prevent recourse against or the
         enforcement of remedies against the Trust Estate in respect of any and
         all liabilities, obligations and undertakings contained herein, in the
         Credit Agreement, in the Notes, in the Security Agreement, the Mortgage
         Instruments or in any other Operative Agreement. Notwithstanding the
         provisions of this Section, nothing in this Agreement, the Credit

                                       56
<PAGE>

         Agreement, the Notes, the Security Agreement, the Mortgage Instruments
         or any other Operative Agreement shall: (i) constitute a waiver,
         release or discharge of any indebtedness or obligation evidenced by the
         Notes or arising under this Agreement, the Security Agreement, the
         Mortgage Instruments or the Credit Agreement or secured by the Security
         Agreement, the Mortgage Instruments or any other Operative Agreement,
         but the same shall continue until paid or discharged; (ii) relieve the
         Lessor or any Exculpated Person from liability and responsibility for
         (but only to the extent of the damages arising by reason of): (a)
         active waste knowingly committed by such Lessor or such Exculpated
         Person with respect to the Properties or (b) any fraud, gross
         negligence, willful misconduct or willful breach on the part of such
         Lessor or such Exculpated Person; (iii) relieve such Lessor or such
         Exculpated Person from liability and responsibility for (but only to
         the extent of the moneys misappropriated, misapplied or not turned
         over) (a) misappropriation or misapplication by such Lessor (I.E.,
         application in a manner contrary to any Operative Agreement) of any
         insurance proceeds or condemnation award paid or delivered to such
         Lessor by any Person other than the Agent, (b) any deposits or any
         escrows or amounts owed by the Lessee under the Agency Agreement held
         by such Lessor or (c) any rents or other income received by such Lessor
         from the Lessee that are not turned over to the Agent; or (iv) affect
         or in any way limit the Agent's rights and remedies under any Operative
         Agreement with respect to the Rents and its rights thereunder or its
         right to obtain a judgment against the Lessor's interest in the
         Properties.

         14.12. RIGHTS OF LESSEE. Notwithstanding any provision of the Operative
Agreements, if at any time all obligations (i) of the Owner Trustee under the
Credit Agreement, the Security Documents, the Trust Agreement and the other
Operative Agreements and (ii) of the Lessee under the Operative Agreements have
in each case been satisfied or discharged in full, then the Lessee shall be
entitled to (a) terminate the Lease and (b) receive all amounts then held under
the Operative Agreements and all proceeds with respect to any of the Properties.
Upon the termination of the Lease pursuant to the foregoing clause (a), the
Lessor shall transfer to the Lessee all of its right, title and interest free
and clear of the Lien of the Lease and all Lessor Liens in and to any Properties
then subject to the Lease and any amounts or proceeds referred to in the
foregoing clause (b) shall be paid over to the Lessee.

         14.13. FURTHER ASSURANCES. The parties hereto shall promptly cause to
be taken, executed, acknowledged or delivered, at the sole expense of the
Lessee, all such further acts, conveyances, documents and assurances as the
other parties may from time to time reasonably request in order to carry out and
effectuate the intent and purposes of this Participation Agreement, the other
Operative Agreements and the transactions contemplated hereby and thereby
(including, without limitation, the preparation, execution and filing of any and
all Uniform Commercial Code financing statements and other filings or
registrations which the parties hereto may from time to time request to be filed
or effected). The Lessee, at its own expense and without need of any prior
request from any other party, shall take such action as may be necessary
(including any action specified in the preceding sentence), or (if Owner Trustee
shall so request) as so requested, in order to maintain and protect all security
interests provided for hereunder or under any other Operative Agreement. The
Owner Trustee, the Construction Agent and the Lessee each agrees to deliver to
the Agent (at the Lessee's expense), promptly upon the request of the Agent, the
Owner Trustee or the Majority Financing Parties,

                                       57
<PAGE>

any document that was required to be delivered with respect to any Existing
Property pursuant to the terms of the Existing Participation Agreement or any
other "Operative Agreement" (as defined in the Existing Participation
Agreement), including without limitation any document required by SECTION 5.6 of
the Existing Participation Agreement.

         14.14. CALCULATIONS UNDER OPERATIVE AGREEMENTS. The parties hereto
agree that all calculations and numerical determinations to be made under the
Operative Agreements by the Owner Trustee shall be made by the Agent and that
such calculations and determinations shall be conclusive and binding on the
parties hereto in the absence of manifest error.

         14.15. CONFIDENTIALITY. Each of the Owner Trustee, the Holders, the
Agent and the Lenders severally agrees to use reasonable efforts to keep
confidential all non-public information pertaining to the Lessee or its
Subsidiaries which is provided to it by the Lessee or its Subsidiaries, and
shall not intentionally disclose such information to any Person except:

                  (a) to the extent such information is public when received by
         such Person or becomes public thereafter due to the act or omission of
         any party other than such Person;

                  (b) to the extent such information is independently obtained
         from a source other than the Lessee or any of its Subsidiaries and such
         information from such source is not, to such Person's knowledge,
         subject to an obligation of confidentiality or, if such information is
         subject to an obligation of confidentiality, that disclosure of such
         information is permitted;

                  (c) to any Affiliate of any such Person or to counsel,
         auditors or accountants retained by any such Person or any such
         Affiliate, provided they agree to keep such information confidential as
         if such Person or Affiliate were party to this Agreement and to
         financial institution regulators, including examiners of any Lender,
         the Agent or the Owner Trustee, any Holder or any Affiliate in the
         course of examinations of such Persons;

                  (d) in connection with any litigation or the enforcement or
         preservation of the rights of the Agent, the Owner Trustee, the Lessor,
         any Lender or any Holder under the Operative Agreements;

                  (e) to the extent required by any applicable statute, rule or
         regulation or court order (including, without limitation, by way of
         subpoena) or pursuant to the request of any regulatory or Governmental
         Authority having jurisdiction over any such Person; PROVIDED, HOWEVER,
         that such Person shall endeavor (if not otherwise prohibited by Law) to
         notify the Lessee prior to any disclosure made pursuant to this clause
         (e), except that no such Person shall be subject to any liability
         whatsoever for any failure to so notify the Lessee;

                  (f) to the Agent, any Lender or any Holder; or

                                       58
<PAGE>

                  (g) to the extent disclosure to any other financial
         institution or other Person is appropriate in connection with any
         proposed or actual (i) assignment or grant of a participation by any of
         the Lenders of interests in the Credit Agreement or any Note to such
         other financial institution or (ii) assignment by any Holder of
         interests in the Trust Agreement to another Person.

         14.16. CALCULATION OF RENT, INTEREST, HOLDER YIELD AND FEES. Except as
otherwise expressly set forth in the Operative Agreements, all calculation of
Rent, interest, Holder Yield, Overdue Rate, Holder Overdue Rate, Commitment
Fees, or Holder Commitment Fees payable hereunder shall be computed based on the
actual number of days elapsed over a year of 360 days.

         14.17. SYNDICATION AGENT, DOCUMENTATION AGENT AND MANAGING AGENT. None
of the Lenders or Holders identified on the facing page or any other page of
this Agreement or any other Operative Agreement as a "syndication agent",
"documentation agent" or "managing agent" shall have any right, power,
obligation, liability, responsibility or duty under this Agreement or any other
Operative Document other than those applicable to all Lenders as such, or all
Holders as such, as the case may be. Without limiting the foregoing, none of the
Lenders or Holders so identified as "syndication agent", "documentation agent"
or "managing agent" shall have or be deemed to have any fiduciary relationship
with any Lender, Holder or Owner Trustee. Each Lender, each Holder and the Owner
Trustee acknowledges that it has not relied, and will not rely, on any of the
Lenders or Holders so identified in deciding to enter into this Agreement or any
other Operative Agreement or in taking or not taking action hereunder or
thereunder.65

                        [Signatures on following pages.]

                                       59
<PAGE>

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

                               TECH DATA CORPORATION,
                               as Construction Agent

                               By: /s/
                                  ---------------------------
                               Name: Jeffery P. Howells
                               Title: Executive Vice President of Finance and
                                      Chief Financial Officer

                               TECH DATA CORPORATION,
                               as Lessee

                               By: /s/
                                  ---------------------------
                               Name: Jeffery P. Howells
                               Title: Executive Vice President of Finance and
                                      Chief Financial Officer

                               FIRST SECURITY BANK, NATIONAL
                               ASSOCIATION, not individually, except as
                               expressly stated herein, but solely as Owner
                               Trustee under the TD 1996 Real Estate Trust

                               By:  /s/
                                  ---------------------------
                               Name: C. Scott Nielsen
                               Title: Vice President

                                SIGNATURE PAGE 1

<PAGE>

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

                                By: /s/
                                   ---------------------------
                                Name: Douglas Meckelnburg
                                Title: Vice President

                                BANK OF AMERICA, N.A.,
                                as a Lender and as a Holder

                                By: /s/
                                   ---------------------------
                                Name: Douglas Meckelnburg
                                Title: Vice President

                                BANK ONE, N.A.,
                                as a Lender and as a Holder

                                By: /s/
                                   ---------------------------
                                Name: DIANA MCCARTHY
                                Title: VICE PRESIDENT

                                SCOTIABANC, INC.,
                                as a Lender and as a Holder

                                By: /s/
                                   ---------------------------
                                Name: FRANK F. SANDLER
                                Title: RELATIONSHIP MANAGER

                                FIRST UNION NATIONAL BANK,
                                as a Lender and as a Holder

                                By: /s/
                                   ---------------------------
                                Name: RUSSELL J. LYONS
                                Title: ASSISTANT VICE PRESIDENT

                                SIGNATURE PAGE 2
<PAGE>

                                DG BANK DEUTSCHE
                                GENOSSENSCHAFTSBANK AG, CAYMAN
                                ISLANDS BRANCH,
                                as a Lender and as a Holder

                                By: /s/
                                   ---------------------------
                                Name: J.W. SOMERS
                                Title: SENIOR VICE PRESIDENT

                                By: /s/
                                   ---------------------------
                                Name: KURT A. MORRIS
                                Title: VICE PRESIDENT

                                REPUBLIC BANK,
                                as a Lender and as a Holder

                                By: /s/
                                   ---------------------------
                                Name: BRIGITTA A. LAWTON
                                Title:SENIOR VICE PRESIDENT

                                SUNTRUST BANK,
                                as a Lender and as a Holder

                                By: /s/
                                   ---------------------------
                                Name: FRANK A. COE
                                Title: VICE PRESIDENT

                                SIGNATURE PAGE 3

<PAGE>

                                BAYERISCHE HYPO-UND VEREINSBANK
                                AG, NEW YORK BRANCH,
                                as a Lender and as a Holder

                                By: /s/
                                   -----------------------
                                Name: MARIANNE WEINZINGER
                                Title: DIRECTOR

                                By: /s/
                                   -----------------------
                                Name: FELICIA PIERSON
                                Title: ASSOCIATE DIRECTOR

                                DRESDNER BANK AG, NEW YORK AND
                                GRAND CAYMAN BRANCHES,
                                as a Lender and as a Holder

                                By: /s/
                                   -----------------------
                                Name: XINYUE JASMINE GEFFNER
                                Title:ASSISTANT VICE PRESIDENT

                                By: /s/
                                   -----------------------
                                Name: B. CRAIG ERICKSON
                                Title: VICE PRESIDENT

                                RAYMOND JAMES BANK, FSB,
                                as a Lender and as a Holder

                                By: /s/
                                   ------------------------
                                Name: JOHN D. HALLSTROM
                                Title: VICE PRESIDENT

                                SIGNATURE PAGE 4
<PAGE>

                                ACKNOWLEDGED AND AGREED TO:

                                TECH DATA PRODUCT MANAGEMENT, INC.,
                                as Alternative Lessee

                                By: /s/
                                   -----------------------
                                Name:  Jeffery P. Howells
                                Title: Executive Vice President of Finance and
                                       Chief Financial Officer

                                TD FACILITIES, LTD.,
                                as Alternative Lessee

                                By: /s/
                                   -----------------------
                                Name:  Jeffery P. Howells
                                Title: Executive Vice President of Finance and
                                       Chief Financial Officer

                                SIGNATURE PAGE 5

<PAGE>
                                   Appendix A
                         Rules of Usage and Definitions

--------------------------------------------------------------------------------

                                I. Rules of Usage

         The following rules of usage shall apply to this Participation
Agreement and the Operative Agreements (and each appendix, schedule, exhibit and
annex to the foregoing) unless otherwise required by the context or unless
otherwise defined therein:

                  (a) Except as otherwise expressly provided, any definitions
         set forth herein or in any other document shall be equally applicable
         to the singular and plural forms of the terms defined.

                  (b) Except as otherwise expressly provided, references in any
         document to articles, sections, paragraphs, clauses, annexes,
         appendices, schedules or exhibits are references to articles, sections,
         paragraphs, clauses, annexes, appendices, schedules or exhibits in or
         to such document.

                  (c) The headings, subheadings and table of contents used in
         any document are solely for convenience of reference and shall not
         constitute a part of any such document nor shall they affect the
         meaning, construction or effect of any provision thereof.

                   (d) References to any Person shall include such Person, its
         successors and permitted assigns and transferees.

                  (e) Except as otherwise expressly provided, reference to any
         agreement means such agreement as amended, modified, extended,
         supplemented, restated or replaced from time to time in accordance with
         the applicable provisions thereof.

                  (f) Except as otherwise expressly provided, references to any
         law includes any amendment or modification to such law and any rules or
         regulations issued thereunder or any law enacted in substitution or
         replacement therefor.

                  (g) When used in any document, words such as "hereunder",
         "hereto", "hereof" and "herein" and other words of like import shall,
         unless the context clearly indicates to the contrary, refer to the
         whole of the applicable document and not to any particular article,
         section, subsection, paragraph or clause thereof.

                  (h) References to "including" means including without limiting
         the generality of any description preceding such term and for purposes
         hereof the rule of ejusdem generis shall not be applicable to limit a
         general statement, followed by or referable to an enumeration of
         specific matters, to matters similar to those specifically mentioned.

                                  Appendix A-1
<PAGE>

                   (i) Unless the context indicates otherwise, the disjunctive
         "or" shall include the conjunctive "and."

                   (j) Each of the parties to the Operative Agreements and their
         counsel have reviewed and revised, or requested revisions to, the
         Operative Agreements, and the usual rule of construction that any
         ambiguities are to be resolved against the drafting party shall be
         inapplicable in the construing and interpretation of the Operative
         Agreements and any amendments or exhibits thereto.

                                 II. Definitions

         "Abandonment" shall mean, with respect to any Construction Period
Property, the cessation of construction and development of such Property for a
period of thirty (30) days or more for reasons other than a Force Majeure Event.

         "Acceleration" shall have the meaning given to such term in SECTION 6
of the Credit Agreement.

         "acquire" or "purchase" shall mean, with respect to any Property,
unless the context indicates otherwise, the acquisition or purchase of such
Property by the Owner Trustee from any Person.

         "Acquisition Funding" shall mean an advance of funds (consisting of
Loans by the Lenders and Holder Fundings by the Holders) to the Lessor on a
specified date to pay Property Acquisition Costs and other expenses pursuant to
SECTION 5.3(B) of the Participation Agreement.

         "Acquisition Loan" shall mean any Loan made in connection with and as
part of an Acquisition Funding.

         "Additional Improvements" shall have the meaning assigned thereto in
SECTION 5.10 of the Participation Agreement.

         "Administrative Agent" or "Agent" shall mean, collectively, (a) Bank of
America, together with its Affiliates, as the administrative agent for the
Lenders under this Agreement and the other Operative Agreements and any
successor Administrative Agent who may be appointed pursuant to SECTION 7.9 of
the Credit Agreement, (b) Bank of America, together with its affiliates, as
agent and Collateral Agent for itself, the Lenders and the Holders under the
Security Documents (other than the Pledge Agreement), and (c) Bank of America in
its capacity as Collateral Agent under the Pledge Agreement.

         "Administrative Agent-Related Persons" shall mean Administrative Agent
(including any successor agent), together with its Affiliates and the Collateral
Agent, and the officers, directors, employees, agents and attorneys-in-fact of
such Persons and Affiliates and Collateral Agent.

         "Affiliate" shall mean any Person directly or indirectly controlling,
controlled by, or under direct or indirect common control with, another Person.
A Person shall be deemed to be

                                  Appendix A-2
<PAGE>

"controlled by" any other Person if such other Person possesses, directly or
indirectly, power (a) to vote 10% or more of the securities (on a fully diluted
basis) having ordinary voting power for the election of directors or managing
general partners; or (b) to direct or cause the direction of the management and
policies of such Person whether by contract or otherwise.

         "After Tax Basis" shall mean, with respect to any payment to be
received, the amount of such payment increased so that, after deduction of the
amount of all taxes required to be paid by the recipient calculated at the rate
believed by such recipient to be the highest marginal rate then applicable to
the recipient (less any tax savings realized as a result of the payment of the
indemnified amount) with respect to the receipt by the recipient of such
amounts, such increased payment (as so reduced) is equal to the payment
otherwise required to be made.

         "Agency Agreement" shall mean the Amended and Restated Agency
Agreement, dated as of the Initial Closing Date, between the Construction Agent
and the Lessor, as such agreement may be amended, modified, restated or
supplemented from time to time in accordance with the terms thereof.

         "Agency Agreement Event of Default" shall mean an "Event of Default" as
defined in SECTION 5.1 of the Agency Agreement.

         "Allocated Interest" with respect to any Construction Period Property
shall mean as of any Scheduled Interest Payment Date, the amount of interest due
and payable on such date with respect to a portion of the Loans (which portion
shall be designated by the Borrower by written notice (an "ALLOCATION NOTICE")
to the Administrative Agent) having an aggregate principal amount equal to the
Loan Property Cost of such Property as of such date.

         "Allocated Return" with respect to any Construction Period Property
shall mean, as of any Scheduled Interest Payment Date, the amount of Holder
Yield due and payable on such date with respect to a portion of the Holder
Fundings (which portion shall be designated by the Owner Trustee by written
notice to the Holders) having an aggregate stated amount equal to the Holder
Property Cost of such Property as of such date.

         "Allocation Notice" shall have the meaning given to such term in the
definition of "Allocated Interest."

         "Alternative Lessee" shall mean any Subsidiary of Tech Data that is an
alternative Lessee of any Property pursuant to SECTION 2.5 of the Lease.

         "Amended Tech Data Credit Agreement" shall mean the Credit Agreement
dated as May 8, 2000, among Tech Data, Bank of America, as administrative agent,
swing line and letter of credit issuing lender, and the lender parties thereto,
as such agreement may be amended, modified or restated from time to time.

                                  Appendix A-3
<PAGE>

         "Applicable Commitment Fee Rate" shall mean the following rates per
annum, based upon the Debt Rating:

                         Applicable Commitment Fee Rate
                           (in basis points per annum)

      PRICING               DEBT RATINGS             APPLICABLE COMMITMENT
       LEVEL                 S&P/MOODY'S                   FEE RATE
      -------               ------------             ---------------------

         1                   =>BBB+/Baa1                     15.0
         2                    BBB/Baa2                       17.5
         3                    BBB-/Baa3                      20.0
         4                     BB+/Ba1                       25.0
         5                     BB/Ba2                        37.5
         6                     BB-/Ba3                       50.0

From the Initial Closing Date until the date of any change in the Debt Rating,
the Applicable Commitment Fee Rate shall be Pricing Level 3 (based on the
certificate delivered to Bank of America pursuant to Section 5.01(a)(viii) of
the Amended Tech Data Credit Agreement).

         "Applicable Expiration Date" shall have the meaning assigned thereto in
SECTION 20.1(B) of the Lease.

         "Applicable Funding Office" means for each Lender or Holder and for
each Type of Loan or Holder Funding, the "Funding Office" of such Lender or
Holder (or of an affiliate of such Lender or Holder) designated for such Type of
Loan or Holder Funding on the signature pages of the Participation Agreement or
the respective Assignment and Acceptance, or such other office of such Lender or
Holder (or an affiliate of such Lender or Holder) as such Lender or Holder may
from time to time specify to the Agent and the Borrower by written notice in
accordance with the terms of the Operative Agreements as the office by which its
Loans or Holder Fundings of such Type are to be made and maintained.

         "Applicable Margin" shall mean the following rates per annum, based
upon the Debt Rating:

                                Applicable Margin
                           (in basis points per annum)

    PRICING           DEBT RATINGS           EURODOLLAR           BASE
     LEVEL             S&P/MOODY'S              RATE              RATE
    -------           ------------           ----------           ----

       1               =>BBB+/Baa1              50.0                0
       2                BBB/Baa2                75.0                0
       3                BBB-/Baa3               100.0               0
       4                 BB+/Ba1                125.0             50.0
       5                 BB/Ba2                 175.0             75.0
       6                 BB-/Ba3                225.0             100.0

                                  Appendix A-4
<PAGE>

From the Initial Closing Date until the date of any change in the Debt Rating,
the Applicable Margin for Base Rate and Eurodollar Rate shall be Pricing Level 3
(based on the certificate delivered to Bank of America pursuant to Section
5.01(a)(viii) of the Amended Tech Data Credit Agreement).

         "Appraisal" shall mean, with respect to any Property an appraisal to be
delivered in connection with SECTION 5.3 of the Participation Agreement, SECTION
3.2 of the Agency Agreement, SECTION 10.1(e) of the Lease, or any other
provision of the Operative Agreements, in each case prepared by a reputable
appraiser reasonably acceptable to the Agent, which complies with all of the
provisions of the Financial Institutions Reform, Recovery and Enforcement Act of
1989, as amended, the rules and regulations adopted pursuant thereto, and all
other applicable Legal Requirements.

         "Appraisal Procedure" shall have the meaning given such term in SECTION
22.4 of the Lease.

         "Approved Country" shall mean any of the United States, Germany,
France, Sweden, Switzerland, Belgium, the Netherlands, Luxembourg or the United
Kingdom.

         "Appurtenant Rights" shall mean (i) all agreements, easements, rights
of way or use, rights of ingress or egress, privileges, appurtenances,
tenements, hereditaments and other rights and benefits at any time belonging or
pertaining to the Land underlying any Improvements, or the Improvements,
including, without limitation, the use of any streets, ways, alleys, vaults or
strips of land adjoining, abutting, adjacent or contiguous to the Land and (ii)
all permits, licenses and rights, whether or not of record, appurtenant to such
Land.

         "Assignment and Acceptance" shall mean the Assignment and Acceptance in
the form attached as EXHIBIT C to the Credit Agreement.

         "Assignment of Project Rights" shall mean the Assignment of Project
Rights and Contract Documents dated as of the Initial Closing Date, between the
Owner Trustee and the Agent, as such agreement may be amended, modified,
restated or supplemented from time to time in accordance with the terms thereof.

         "Attorney Costs" shall mean and include all fees and disbursements of
any law firm or other external counsel and the allocated cost of internal legal
services and all disbursements of internal counsel.

         "Available Commitment" shall mean, as to any Lender at any time, an
amount equal to the excess, if any, of (a) the amount of such Lender's
Commitment over (b) the aggregate principal amount of all Loans made by such
Lender.

         "Available Holder Commitments" shall mean an amount equal to the
excess, if any, of (i) the amount of the Holder Commitments over (ii) the
aggregate amount of the Holder Fundings made since the Initial Closing Date.

                                  Appendix A-5
<PAGE>

         "Bank of America" shall mean Bank of America, N.A., a national banking
association.

         "Bankruptcy Code" shall mean Title 11 of the U.S. Code entitled
"Bankruptcy" as now or hereafter in effect, or any successor thereto;

         "BAS" shall mean Bank of America Securities LLC, a Delaware limited
liability company.

         "Base Rate" shall mean a fluctuating rate per annum equal to the sum of
(i) the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of
interest in effect for such day as publicly announced from time to time by Bank
of America as its "prime rate" plus (ii) the Applicable Margin. The "prime rate"
is a rate set by Bank of America based upon various factors including Bank of
America's costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in the "prime rate"
announced by Bank of America shall take effect at the opening of business on the
day specified in the public announcement of such change.

         "Base Rate Funding" shall mean a Funding that bears interest (with
respect to the Loans included therein) and Holder Yield (with respect to the
Holder Fundings included therein) based on the Base Rate.

         "Base Rate Holder Funding" shall mean a Holder Funding bearing a Holder
Yield based on the Base Rate.

         "Base Rate Loans" shall mean Loans the rate of interest applicable to
which is based upon the Base Rate.

         "Basic Documents" shall mean, collectively, the Participation
Agreement, the Agency Agreement, the Lease, the Credit Agreement, the Trust
Agreement, the Guaranty Agreement, the Notes and the Certificates.

         "Basic Rent" shall mean, the sum of (i) the Loan Basic Rent and (ii)
the Lessor Basic Rent, calculated as of the applicable date on which Basic Rent
is due.

         "Basic Rent Commencement Date" shall have the meaning set forth in
Section 3.1(a)(ii) of the Lease.

         "Basic Term" shall have the meaning specified in Section 2.2 of the
Lease.

         "Basic Term Commencement Date" or "Term Commencement Date" shall have
the meaning specified in SECTION 2.2 of the Lease.

         "Basic Term Expiration Date" shall have the meaning specified in
SECTION 2.2 of the Lease.

                                  Appendix A-6
<PAGE>

         "Bill of Sale" shall mean a Bill of Sale regarding Equipment in form
and substance satisfactory to the Owner Trustee, the Holders and the Agent.

         "Board" shall mean the Board of Governors of the Federal Reserve System
of the United States (or any successor).

         "Borrowing Date" shall mean any Business Day specified in a notice
delivered pursuant to SECTION 2.3 of the Credit Agreement as a date on which the
Borrower requests the Lenders to make Loans hereunder.

         "Budgeted Total Loan Property Cost" shall mean, at any date of
determination, with respect to any Construction Period Property, an amount equal
to the aggregate amount which the Construction Agent in good faith expects to be
expended in order to achieve Completion with respect to such Property (including
amounts expected to be expended to pay Allocated Interest and Allocated Return
with respect to such Property).

         "Business Day" shall mean a day other than a Saturday, Sunday or other
day on which commercial banks in Florida or California are authorized or
required by law to close; PROVIDED, HOWEVER, that when used in connection with a
Eurodollar Loan, the term "Business Day" shall also exclude any day on which
banks are not open for dealings in dollar deposits in the London interbank
market.

         "Casualty" shall mean any damage or destruction of all or any portion
of a Property as a result of a fire or other casualty.

         "Category" with respect to any Commitment or Loan shall mean a
Commitment or Loan with respect to Series A Loans or Series B Loans, as the case
may be.

         "CERCLA" shall mean the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, 42 U.S.C.ss.ss. 9601 et seq., as
amended by the Superfund Amendments and Reauthorization Act of 1986.

         "Certificate" shall mean a Certificate in favor of each Holder
evidencing the Holder Fundings made by such Holder and issued pursuant to the
Trust Agreement.

         "Claims" shall mean any and all obligations, liabilities, losses,
actions, suits, penalties, claims, demands, costs and expenses (including,
without limitation, reasonable attorney's fees and expenses) of any nature
whatsoever (including without limitation claims brought against the Owner
Trustee by an Indemnified Person pursuant to SECTION 13.5).

         "Closing Date" shall mean the Initial Closing Date and each Property
Closing Date.

         "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time, or any successor statute thereto.

                                  Appendix A-7
<PAGE>

         "Collateral" shall mean all assets of the Lessor or the Lessee, now
owned or hereafter acquired, upon which a lien is purported to be created by the
Security Documents.

         "Collateral Agent" shall mean Bank of America, in its capacity as
collateral agent under any of the Operative Agreements, or any successor
collateral agent.

         "Commitment" shall mean, as to any Lender, the obligation of such
Lender to make Series A Loans or Series B Loans, as the case may be, to the
Borrower hereunder in an aggregate principal amount at any one time outstanding
not to exceed the respective amounts for such Category set forth opposite such
Lender's name on SCHEDULE 1.2 of the Credit Agreement, as such amounts may be
reduced or increased from time to time in accordance with the provisions of this
Agreement, the Credit Agreement or the Lease.

         "Commitment Fee" shall mean, at any time, the product of (a) the
Applicable Commitment Fee Rate, MULTIPLIED BY (b) the actual daily amount by
which (i) the aggregate Commitments of the Lenders for all Categories of Loans
(under the Operative Agreements) exceeds (ii) the outstanding principal amount
of all Categories of Loans.

         "Commitment Fee Payment Date" shall mean (a) the first Business Day
following the last day of each fiscal quarter of Tech Data, and (b) the last day
of the Commitment Period, or such earlier date as the Commitments shall
terminate as provided in the Credit Agreement.

         "Commitment Percentage" shall mean, as to any Lender at any time, the
percentage which such Lender's Commitment with respect to a Category of Loans
then constitutes of the aggregate Commitments of all Lenders with respect to the
same Category (or, at any time after the Commitments of any such Category shall
have expired or terminated, the percentage which the aggregate principal amount
of such Lender's Loans of such Category then outstanding constitutes of the
aggregate principal amount of all of the Loans of such Category then
outstanding).

         "Commitment Period" shall mean the period from the Initial Closing Date
to and including the Construction Period Termination Date, or such earlier date
as the Commitments shall terminate as provided in the Credit Agreement.

         "Completed Property" shall mean a Property for which Completion has
occurred or will occur on the date of determination or on the respective
Property Closing Date.

         "Completion" shall mean, with respect to a Property, such time as final
completion of the Improvements on such Property has been achieved in accordance
with the Plans and Specifications (excluding punch list items), the Agency
Agreement and the Lease, and in compliance in all material respects with all
Legal Requirements and Insurance Requirements, a certificate of occupancy has
been issued with respect to such Property by the appropriate Governmental
Authority, and no additional Fundings are needed for such Property (other than
Fundings for Additional Improvements pursuant to SECTION 5.10 of the
Participation Agreement). If the Lessor purchases a Property that includes
existing Improvements that are to be immediately occupied by the Lessee, the
date of Completion for such Property shall be the

                                  Appendix A-8
<PAGE>

Property Closing Date. The Lessee and the Construction acknowledges, represents
and warrants that Completion has occurred for all Existing Properties (except
the Incomplete Existing Properties) prior to the Initial Closing Date.

         "Completion Date" shall mean, with respect to a Property, the earlier
of (i) the date on which Completion for such Property has occurred, and (ii) the
Construction Period Termination Date. The foregoing notwithstanding, for the
purposes of Section 2.1, 2.6(b), 3.2(a)(x) or 3.3 of the Agency Agreement,
"Completion Date" shall mean, with respect to a Property, the date on which
Completion for such Property has occurred.

         "Condemnation" shall mean any taking or sale of the use, access,
occupancy, easement rights or title to any Property or any part thereof, wholly
or partially (temporarily or permanently), by or on account of: (a) any actual
or threatened eminent domain proceeding or other taking of action by any Person
having the power of eminent domain, including any action by a Governmental
Authority to change the grade of, or widen the streets adjacent to, any Property
or alter the pedestrian or vehicular traffic flow to any Property so as to
result in a change in access to such Property, or (b) an eviction by paramount
title or any transfer made in lieu of any such proceeding or action.

         "Construction Agent" shall mean Tech Data, as construction agent under
the Agency Agreement.

         "Construction Agent Options" shall have the meaning given to such term
in SECTION 2.1 of the Agency Agreement.

         "Construction Budget" shall mean, with respect to any Property, the
cost of constructing and developing any Improvements on such Property as
determined by the Construction Agent in its reasonable, good faith judgment.

         "Construction Commencement Date" shall mean, with respect to
Improvements, the date on which construction of such Improvements commences
pursuant to the Agency Agreement.

         "Construction Funding" shall mean an advance of funds (consisting of
Loans by the Lenders and Holder Fundings by the Holders) on a specified date to
pay Property Costs pursuant to SECTION 5.4 OR 5.5 of the Participation
Agreement.

         "Construction Loan" shall mean any Loan made in connection with and as
part of a Construction Funding .

         "Construction Loan Property Cost" shall mean, with respect to each
Construction Period Property at any date of determination, an amount equal to
(a) the aggregate principal amount of Construction Loans and Interest Payment
Loans made on or prior to such date with respect to such Property minus (b) the
aggregate principal amount of prepayments or repayments, as the case may be, of
the Loans allocated to reduce the Construction Loan Property Cost of such
Property pursuant to SECTION 2.6(c) of the Credit Agreement.

                                  Appendix A-9
<PAGE>

         "Construction Period" shall mean, with respect to a Property, the
period commencing on the Construction Commencement Date for such Property and
ending on the Completion Date for such Property.

         "Construction Period Property" shall mean, at any date of
determination, any Property as to which the Basic Rent Commencement Date has not
occurred on or prior to such date.

         "Construction Period Termination Date" shall mean the earlier of (i)
the date that the Commitments have been terminated in their entirety in
accordance with the terms of Section 2.5(a) of the Credit Agreement, or (ii) May
8, 2003.

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

         "Control" (including the correlative meanings of the terms "controlled
by" and "under common control with"), as used with respect to any Person, shall
mean the possession directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities or by contract or otherwise.

         "Co-Owner Trustee" shall have the meaning specified in SECTION 9.2 of
the Trust Agreement.

         "Credit Agreement" shall mean the Amended and Restated Credit
Agreement, dated as of the Initial Closing Date, among the Lessor, the Agent,
and the Lenders, as specified therein, as such agreement may be amended,
modified, restated or supplemented from time to time in accordance with the
terms thereof.

         "Credit Agreement Default" shall mean any event or condition which,
with the lapse of time or the giving of notice, or both, would constitute a
Credit Agreement Event of Default.

         "Credit Agreement Event of Default" shall mean any event or condition
defined as an "Event of Default" in Section 6 of the Credit Agreement.

         "Credit Documents" shall mean the Credit Agreement, the Notes, and the
Security Documents.

         "Credit Parties" shall mean, collectively, the Lessee, the Construction
Agent, the Guarantors, and all Subsidiaries parties to the Pledge Agreement.

         "Debt Rating" shall mean, as of any date of determination, the rating
as determined by S&P and Moody's (collectively, the "Debt Ratings") of

                  (a)      Tech Data's senior unsecured long-term debt;

                                 Appendix A-10
<PAGE>

                  (b) if the foregoing debt is not outstanding, then the rating
         of the credit facility represented by the Amended Tech Data Credit
         Agreement or the implied rating of Tech Data's senior unsecured debt
         securities, PROVIDED THAT if both ratings in this clause (b) are
         available, then both shall apply; or

                  (c) if neither (a) nor (b) applies, then the rating of
         long-term debt issued by an equipment trust guaranteed by Tech Data;

PROVIDED THAT if a Debt Rating is issued by each of the foregoing rating
agencies, then the higher of such Debt Ratings shall apply (with Pricing Level 1
being the highest and Pricing Level 6 being the lowest), unless there is a split
in Debt Ratings of more than one level, in which case the average of the two
Debt Ratings (or the higher of any two intermediate Debt Ratings) shall apply.

Initially, the Debt Ratings shall be determined from the certificate delivered
to Bank of America pursuant to SECTION 5.01(A)(VIII) OF THE AMENDED TECH DATA
CREDIT AGREEMENT. Thereafter, the Debt Ratings shall be determined from the most
recent public announcement of any changes in the Debt Ratings. Any change in the
Applicable Margin or Applicable Commitment Fee Rate shall become effective on
and as of the date of any public announcement by a rating agency of any Debt
Rating that indicates a different Applicable Margin or Applicable Commitment Fee
Rate in accordance with this definition and the above chart set forth in the
definition of "Applicable Margin" or "Applicable Commitment Fee Rate" (as the
case may be).

         "Deed" shall mean a warranty deed regarding Land or Improvements in
form and substance satisfactory to the Owner Trustee, the Holders and the Agent.

         "Default" shall mean any event, act or condition which with notice or
lapse of time, or both, would constitute an Event of Default.

         "Direct Foreign Subsidiary" means a Subsidiary other than a Domestic
Subsidiary a majority of the shares of securities or other interests having
ordinary voting power for the election of directors or other governing body
(other than securities or interest having such power only by reason of the
happening of a contingency) are at the time beneficially owned, or the
management of which is otherwise controlled, directly by Tech Data or a Domestic
Subsidiary.

         "Dollars" and "$" shall mean dollars in lawful currency of the United
States of America.

         "Domestic Subsidiary" shall mean any Subsidiary of Tech Data organized
under the laws of the United States, any state or territory thereof or the
District of Columbia.

         "Election Notice" shall have the meaning given to such term in SECTION
20.1 of the Lease.

         "Environmental Claim" shall mean any investigation, notice, violation,
demand, allegation, action, suit, injunction, judgment, order, consent decree,
penalty, fine, lien, proceeding, or claim (whether administrative, judicial, or
private in nature) arising (a) pursuant to, or in connection with, any actual or
alleged violation of, any Environmental Law, (b) in

                                 Appendix A-11
<PAGE>

connection with any Hazardous Substance, (c) from or with respect to any
abatement, removal, remedial, corrective, or other response action in connection
with a Hazardous Material, Environmental Law, or other similar order of a
Governmental Authority or (d) from or with respect to any actual or alleged
damage, injury, threat, or harm to health, safety, natural resources, or the
environment.

         "Environmental Indemnity" means any indemnity pursuant to SECTION 13.3,
or any indemnity with respect to an Environmental Claim.

         "Environmental Law" shall mean any Law, permit, consent, approval,
license, award, or other authorization or requirement of any Governmental
Authority relating to emissions, discharges, releases, threatened releases of
any Hazardous Substance into ambient air, surface water, ground water, publicly
owned treatment works, septic system, or land, or otherwise relating to the
handling, storage, treatment, generation, use, emission or disposal of any
Hazardous Substance or pollution or to the protection of health or the
environment, including without limitation CERCLA, the Resource Conservation and
Recovery Act, 42 U.S.C. ss. 6901, et seq., and state or local statutes analogous
thereto.

         "Environmental Violation" shall mean any activity, occurrence or
condition that violates or threatens to violate (if the threat requires
correction or remediation under any Environmental Law and is not corrected or
remediated during any grace period allowed under such Environmental Law) or
results in or threatens (if the threat requires correction or remediation under
any Environmental Law and is not corrected or remediated during any grace period
allowed under such Environmental Law) to result in noncompliance with any
Environmental Law.

         "Equipment" shall mean equipment, apparatus, furnishings, fittings and
personal property of every kind and nature whatsoever purchased, leased or
otherwise acquired using the proceeds of the Loans or the Holder Fundings by the
Construction Agent, the Lessee or the Lessor as specified or described in either
a Requisition or a Lease Supplement, whether or not now or subsequently attached
to, contained in or used or usable in any way in connection with any operation
of any Improvements or other improvements to real property, including without
limitation, all equipment described in the Appraisal, all heating, electrical,
and mechanical equipment, lighting, switchboards, plumbing, ventilation, air
conditioning and air-cooling apparatus, refrigerating, and incinerating
equipment, escalators, elevators, loading and unloading equipment and systems,
sprinkler systems and other fire prevention and extinguishing apparatus and
materials, security systems, motors, engines, machinery, pipes, pumps, tanks,
conduits, fittings and fixtures of every kind and description.

         "Equipment Schedule" shall mean (a) each Equipment Schedule attached to
the applicable Requisition and (b) each Equipment Schedule attached to the
applicable Lease Supplement as Schedule I-A.

         "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended.

                                 Appendix A-12
<PAGE>

         "ERISA Affiliate" means any trade or business (whether or not
incorporated) under common control with Tech Data within the meaning of Sections
414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes
of provisions relating to Section 412 of the Code).

         "Eurodollar Funding" shall mean a Funding that bears interest (with
respect to the Loans included therein) and Holder Yield (with respect to the
Holder Fundings included therein) based on the Eurodollar Rate.

         "Eurodollar Holder Funding" shall mean a Holder Funding bearing a
Holder Yield based on the Eurodollar Rate.

         "Eurodollar Loans" shall mean Loans the rate of interest applicable to
which is based upon the Eurodollar Reserve Rate.

         "Eurodollar Rate" or "Eurodollar Reserve Rate" shall mean for any
Interest Period with respect to any Eurodollar Loan or Eurodollar Funding, a
rate per annum determined by the Administrative Agent according to the following
formula:

          Eurodollar      =       INTERBANK OFFERED RATE     +      Applicable
          Rate                    ----------------------            Margin
                                  1 - Reserve Requirement

         "Event of Default" shall mean a Lease Event of Default, a Guaranty
Event of Default, an Agency Agreement Event of Default or a Credit Agreement
Event of Default.

         "Excepted Payments" shall mean:

         (a) all indemnity payments (including indemnity payments made pursuant
to SECTION 13 of the Participation Agreement), whether made by adjustment to
Basic Rent or otherwise, to which the Owner Trustee, any Holder or any of their
respective Affiliates, agents, officers, directors or employees is entitled;

         (b) any amounts (other than Basic Rent, Termination Value, or Purchase
Option Price) payable under any Operative Agreement to reimburse the Owner
Trustee, any Holder or any of their respective Affiliates for performing or
complying with any of the obligations of the Lessee under and as permitted by
any Operative Agreement (including without limitation any reimbursement of the
reasonable expenses of the Owner Trustee, the Trust Company and the Holders
incurred in connection with any such payment);

         (c) any amount payable to a Holder by any transferee of such interest
of a Holder as the purchase price of such Holder's interest in the Trust Estate
(or portion thereof);

         (d) any insurance proceeds (or payments with respect to risks
self-insured or policy deductibles) under liability policies other than such
proceeds or payments payable to the Agent or any Lender;

                                 Appendix A-13
<PAGE>

         (e) any insurance proceeds under policies maintained by the Owner
Trustee or any Holder other than such proceeds payable to the Agent or any
Lender;

         (f) Transaction Expenses or other amounts or expenses paid or payable
to or for the benefit of the Owner Trustee or any Holder;

         (g) all right, title and interest of any Holder or the Owner Trustee to
any Property or any portion thereof or any other property to the extent any of
the foregoing has been released from the Liens of the Security Documents and the
Lease pursuant to the terms thereof;

         (h) upon termination of the Credit Agreement pursuant to the terms
thereof, all remaining property covered by the Lease or Security Documents;

         (i) all payments in respect of the Holder Yield;

         (j) any payments in respect of interest to the extent attributable to
payments referred to in clauses (a) through (i) above; and

         (k) any rights of either the Owner Trustee or Trust Company to demand,
collect, sue for or otherwise receive and enforce payment of any of the
foregoing amounts, provided that such rights shall not include the right to
terminate the Lease.

         "Excepted Rights" shall mean the rights retained by the Owner Trustee
pursuant to SECTION 8.2(A) of the Credit Agreement.

         "Excess Proceeds" shall mean the excess, if any, of the aggregate of
all awards, compensation or insurance proceeds payable in connection with a
Casualty or Condemnation over the Termination Value paid by the Lessee pursuant
to the Lease with respect to such Casualty or Condemnation.

         "Existing Additional Improvements" shall mean the Additional
Improvements to the Existing Property located in Fort Worth, Texas, which
Additional Improvements are or were constructed after November 18, 1996 (the
Completion Date for the original Improvements to such Property).

         "Existing Credit Agent" shall mean the "Agent" as defined in the
Existing Tech Data Credit Agreement.

         "Existing Credit Agreement" shall have the meaning assigned thereto in
the Credit Agreement.

         "Existing Holder" shall mean any "Holder" as defined in the Existing
Participation Agreement.

                                 Appendix A-14
<PAGE>

         "Existing Holder Funding" shall mean any "Holder Funding" as defined in
the Existing Participation Agreement, which holder funding was advanced prior to
the Initial Closing Date hereunder.

         "Existing Lender" shall mean any "Lender" as defined in the Existing
Participation Agreement.

         "Existing Loan" shall mean any "Loan" as defined in the Existing
Participation Agreement, which Loan was advanced prior to the Initial Closing
Date hereunder.

         "Existing Participation Agreement" shall have the meaning assigned
thereto in the recitals to the Participation Agreement.

         "Existing Property" shall mean any "Property" as defined in the
Existing Participation Agreement, which property was subject to the Existing
Participation Agreement prior to the Initial Closing Date hereunder. The
Existing Properties include, without limitation, each of the parcels of Land
identified on EXHIBIT I to the Participation Agreement, all Improvements on any
such Land, and all Equipment in or on any such Land or Improvements.

         "Existing Series A Loan" shall mean any "Series A Loan" as defined in
the Existing Credit Agreement, which loan was advanced prior to the Initial
Closing Date hereunder.

         "Existing Series B Loan" shall mean any "Series B Loan" as defined in
the Existing Credit Agreement, which loan was advanced prior to the Initial
Closing Date hereunder.

         "Existing Tech Data Credit Agreement" shall have the meaning assigned
thereto in SECTION 28.1 of the Lease.

         "Existing Trust Agreement" shall have the meaning assigned thereto in
the Trust Agreement.

         "Expected Maximum Property Cost" at any time shall mean the sum of (a)
the then outstanding aggregate Property Cost of all Properties (whether or not
subject to the Lease), plus (b) the maximum total additional Property Cost
expected to be advanced or incurred, on such date or at any time thereafter,
with respect to any Properties (including without limitation any expected
Acquisition Funding, Contribution Funding or other expected Property Costs, and
including without limitation any expected Property Cost referred to in a
Construction Budget).

         "Expiration Date" shall mean the Basic Term Expiration Date.

         "Expiration Date Purchase Option" shall mean the Lessee's option to
purchase all (but not less than all) of the Properties on the Applicable
Expiration Date.

         "Fair Market Sales Value" shall mean, with respect to any Property, the
amount, which in any event, shall not be less than zero, that would be paid in
cash in an arms-length transaction between an informed and willing purchaser and
an informed and willing seller, neither of whom

                                 Appendix A-15
<PAGE>

is under any compulsion to purchase or sell, respectively, such Property. Fair
Market Sales Value of any Property shall be determined based on the assumption
that, except for purposes of SECTION 17 of the Lease, such Property is in the
condition and state of repair required under SECTION 10.1 of the Lease and the
Lessee is in compliance with the other requirements of the Operative Agreements.

         "Federal Funds Rate" shall mean, for any day, the rate per annum
(rounded upwards, if necessary, to the nearest 1/100 of 1%) equal to the
weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank on the Business Day next
succeeding such day; provided that (a) if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the
next preceding Business Day as so published on the next succeeding Business Day,
and (b) if no such rate is so published on such next succeeding Business Day,
the Federal Funds Rate for such day shall be the average rate charged to Bank of
America on such day on such transactions as determined by the Agent.

         "Federal Reserve Board" shall mean the Board of Governors of the
Federal Reserve System or any successor thereto.

         "Fee Letter" shall mean that certain letter agreement dated March 20,
2000, between Tech Data, Bank of America and BAS.

         "Financing Parties" shall mean, collectively, the Lenders and the
Holders.

         "Fiscal Quarter" shall mean any quarter of a Fiscal Year.

         "Fiscal Year" shall mean any period of twelve consecutive calendar
months ending on January 31; references to a Fiscal Year with a number
corresponding to any calendar year (E.G., the "1996 Fiscal Year") refer to the
Fiscal Year ending on January 31 of such calendar year.

         "Fixtures" shall mean all fixtures relating to the Improvements,
including all components thereof, located in or on the Improvements, together
with all replacements, modifications, alterations and additions thereto.

         "Force Majeure Event" shall mean any event beyond the control of the
Construction Agent, other than a Casualty or Condemnation, including, but not
limited to, strikes or lockouts (but only when the Construction Agent is legally
prevented from securing replacement labor or materials as a result thereof),
adverse soil conditions, acts of God, adverse weather conditions, inability to
obtain labor or materials after all possible efforts have been expended by the
Construction Agent, governmental activities, civil commotion and enemy action;
but excluding any event, cause or condition that results from the Construction
Agent's financial condition.

         "Funding" shall mean a Construction Funding, an Acquisition Funding, or
any other advance of funds (consisting of Loans by the Lenders and Holder
Fundings by the Holders).

                                 Appendix A-16
<PAGE>

         "GAAP" shall have the meaning assigned thereto in the Existing Tech
Data Credit Agreement.

         "Governmental Action" shall mean all permits, authorizations,
registrations, consents, approvals, waivers, exceptions, variances, orders,
judgments, written interpretations, decrees, licenses, exemptions, publications,
filings, notices to and declarations of or with, or required by, any
Governmental Authority, or required by any Legal Requirement, and shall include,
without limitation, all environmental and operating permits and licenses that
are required for the full use, occupancy, zoning and operation of any Property.

         "Governmental Authority" shall mean 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, including without limitation any court or governmental body,
agency, department, commission, board, bureau or instrumentality of a
governmental body.

         "Ground Lease" shall mean (a) a ground lease (in form and substance
satisfactory to the Agent and the Lessor) with respect to any Property owned by
the Lessee and leased to the Lessor where such lease has a term of ninety years
or more and payments set at $1.00 or less per year, or (b) a ground lease or
ground sub-lease of any Property by any Person to the Lessor, where such lease
or sub-lease (as well as any other lease or sub-lease with respect to such
Property) is in form and substance, and contains such terms and conditions, as
are satisfactory in all respects to the Agent and the Lessor.

         "Guarantors" shall mean, collectively, Tech Data, (b) each of the
Domestic Subsidiaries of Tech Data that is a Significant Subsidiary, and (c) any
other Domestic Subsidiary that has executed (or is required by SECTION 28.6 of
the Lease to execute) a Guaranty Agreement.

         "Guaranty Agreement" or "Guaranty" shall mean, collectively, (a) the
Guaranty Agreement (Lessee and Construction Agent Obligations) dated as of the
Initial Closing Date by each Guarantor to the Lessor and the Agent, (for the
benefit of itself, the Lessor, the Lenders and the Holders), and (b) any other
Guaranty Agreement by any Guarantor in favor of the Lessor, the Agent, the
Lenders or the Holders, as each such agreement may be amended, supplemented,
restated or modified from time to time in accordance with the terms thereof.

         "Guaranty Event of Default" shall mean any an "Event of Default" as
defined in the Guaranty Agreement.

         "Hazardous Substance" shall mean any of the following: (i) any
petroleum or petroleum product, explosives, radioactive material, asbestos,
formaldehyde, polychlorinated biphenyls, lead and radon gas; (ii) any substance,
material, product, derivative, compound or mixture, mineral, chemical, waste,
gas, medical waste, or pollutant, in each case whether naturally occurring,
man-made or the by-product of any process, that is toxic, harmful or hazardous
to the environment or human health or safety as determined in accordance with
any Environmental Law; or (iii) any substance, material, product, derivative,
compound or mixture, mineral, chemical, waste, gas, medical waste or pollutant
that would support the assertion of any claim

                                 Appendix A-17
<PAGE>

under any Environmental Law, whether or not defined as hazardous as such under
any Environmental Law.

         "Hedging Obligations" shall mean, with respect to any Person, all
liabilities of such Person under interest rate swap agreements, interest rate
cap agreements and interest rate collar agreements, and all other agreements or
arrangements designed to protect such Person against fluctuations in interest
rates or currency exchange rates.

         "Holder Amount" shall mean as of any date, the aggregate amount of
Holder Fundings made by each Holder to the Trust Estate pursuant to SECTION 2 of
the Participation Agreement or SECTION 3.1 of the Trust Agreement less any
payments of any Holder Fundings received by the Holders pursuant to SECTION 3.4
of the Trust Agreement.

         "Holder Applicable Margin" shall mean a rate per annum equal to
three-fourths of one percent (.75%).

         "Holder Commitment" shall mean, as to any Holder, the obligation of
such Holder to make Holder Fundings to the Lessor in an aggregate principal
amount at any time outstanding not to exceed the respective amount set forth
opposite such Holder's name on Schedule 1, as such amounts may be increased or
reduced from time to time in accordance with the provisions of this Agreement,
the Trust Agreement or the Lease.

         "Holder Commitment Fee" shall mean, at any time, the product of (a) the
Applicable Commitment Fee Rate, MULTIPLIED BY (b) the actual daily amount by
which (i) the aggregate Holder Commitments of the Holders (under the Operative
Agreements) exceeds (ii) the aggregate outstanding principal amount of Holder
Fundings.

         "Holder Commitments" shall mean the aggregate of all Holder
Commitments.

         "Holder Construction Property Cost" shall mean, with respect to any
Construction Period Property at any date of determination, an amount equal to
(a) the outstanding Holder Fundings made on or prior to such date in connection
with and as part of any Construction Funding for such Property, PLUS (b) the
outstanding Holder Fundings made on or prior to such date to fund the payment of
Allocated Holder Return with respect to such Property, MINUS (c) the aggregate
principal amount of prepayments or repayments, as the case may be, of Holder
Fundings described in clause (a) or clause (b).

         "Holder Funding" shall mean any Funding made by any Holder to the Owner
Trustee pursuant to the terms of the Trust Agreement or the Participation
Agreement.

         "Holder Overdue Rate" shall mean the rate specified in SECTION 3.13 of
the Trust Agreement.

         "Holder Property Cost" shall mean with respect to a Property an amount
equal to the outstanding Holder Fundings with respect thereto (including Holder
Fundings with respect to

                                 Appendix A-18
<PAGE>

Allocated Return allocated to such Property, and Holder Fundings made on the
Initial Closing Date to repay Existing Holder Fundings with respect to such
Property).

         "Holder Yield" shall mean with respect to Holder Fundings from time to
time either the Eurodollar Rate (including the Applicable Margin) plus the
Holder Applicable Margin, or the Base Rate plus the Holder Applicable Margin, as
elected by the Owner Trustee from time to time with respect to such Holder
Fundings in accordance with the terms of the Trust Agreement; PROVIDED, however,
that (i) upon delivery of the notice described in SECTION 3.7(C) of the Trust
Agreement, the outstanding Holder Fundings of each Holder shall bear a yield at
the Base Rate plus the Holder Applicable Margin from time to time from and after
the dates and during the periods specified in SECTION 3.7(C) of the Trust
Agreement, and (ii) upon the delivery by a Holder of the notice described in
SECTION 3.9(E) of the Trust Agreement or as otherwise set forth in SECTION 3.8
of the Trust Agreement, the Holder Fundings of such Holder shall bear a yield at
the Base Rate plus the Holder Applicable Margin applicable from time to time
after the dates and during the periods specified in SECTION 3.9(E) or 3.8 (as
the case may be) of the Trust Agreement.

         "Holders" shall mean the several banks and other financial institutions
which are from time to time holders of Certificates in connection with the TD
1996 Real Estate Trust.

         "Impositions" shall mean, except to the extent described in the
following sentence, any and all liabilities, losses, expenses, costs, charges
and Liens of any kind whatsoever for fees, taxes, levies, imposts, duties,
charges, assessments or withholdings ("Taxes") including without limitation (i)
any real and personal property taxes, including personal property taxes on any
property covered by the Lease that is classified by Governmental Authorities as
personal property, frontage taxes and real estate or ad valorem taxes in the
nature of property taxes; (ii) any sales taxes, use taxes and other similar
taxes (including rent taxes and intangibles taxes); (iii) any excise taxes; (iv)
any real estate transfer taxes, conveyance taxes, mortgage taxes, stamp taxes
and documentary recording taxes and fees; (v) any taxes that are or are in the
nature of franchise, income, value added, privilege and doing business taxes,
license and registration fees; (vi) any assessments on any Property, including
all assessments for public Improvements or benefits, whether or not such
improvements are commenced or completed within the Term; and (vii) any tax,
Lien, assessment or charge asserted, imposed or assessed by the PBGC or any
governmental authority succeeding to or performing functions similar to, the
PBGC; and in each case all interest, additions to tax and penalties thereon,
which at any time prior to, during or with respect to the Term or in respect of
any period for which the Lessee shall be obligated to pay Supplemental Rent, may
be levied, assessed or imposed by any Governmental Authority upon or with
respect to (a) any Property or any part thereof or interest therein; (b) the
leasing, financing, refinancing, demolition, construction, substitution,
subleasing, assignment, control, condition, occupancy, servicing, maintenance,
repair, ownership, possession, activity conducted on, delivery, insuring, use,
operation, improvement, transfer of title, return or other disposition of any
Property or any part thereof or interest therein; (c) the Certificates or the
Notes or other indebtedness with respect to any Property or any part thereof or
interest therein; (d) the rentals, receipts or earnings arising from any
Property or any part thereof or interest therein; (e) the Operative Agreements,
the performance thereof, or any payment made or accrued pursuant thereto; (f)
the income or other proceeds received with respect to any Property or any part
thereof or interest therein upon the sale or disposition thereof; (g) any
contract (including the Agency

                                 Appendix A-19
<PAGE>

Agreement) relating to the construction, acquisition or delivery of the
Improvements or any part thereof or interest therein; (h) the issuance of the
Certificates or the Notes; or (i) otherwise in connection with the transactions
contemplated by the Operative Agreements.

         The term "Imposition" shall not mean or include:

                  (i) Taxes and impositions (other than Taxes that are, or are
         in the nature of, withholding, sales, use, rental, value added,
         transfer or property taxes) that are imposed on an Indemnified Person
         (other than Lessor) by the United States federal government or (in the
         case of a Person organized under the laws of a foreign country) by a
         Governmental Authority of such country, and that are in each case based
         on or measured by the net income (including taxes based on capital
         gains and minimum taxes or franchise taxes) of such Person; PROVIDED
         that this clause (i) shall not apply to (and shall not exclude) any Tax
         or imposition imposed with respect to a payment (including any Rent
         payment) except for (A) the portion of such payment constituting
         interest on a Loan or Holder Yield or (B) any such Tax or imposition to
         the extent it arises because an Indemnified Person has previously
         written off as uncollectable (and reduced the tax basis for) an
         Obligation which it has subsequently collected, and PROVIDED, FURTHER
         that this clause (i) shall not be interpreted to prevent a payment from
         being made on an After Tax Basis if such payment is otherwise required
         to be so made;

                  (ii) Taxes and impositions (other than Taxes that are, or are
         in the nature of, sales, use, rental, value added, transfer or property
         taxes) that are imposed on any Indemnified Person (other than Lessor)
         by any state or local jurisdiction or taxing authority within any state
         or local jurisdiction and that are based upon or measured by the net
         income or net receipts; PROVIDED that this clause (ii) shall not apply
         to (and shall not exclude) (A) any Tax or imposition imposed with
         respect to a payment (including any Rent payment) except for (I) the
         portion of such payment constituting interest on a Loan or Holder Yield
         or (II) any such Tax or imposition to the extent it arises because an
         Indemnified Person has previously written off (and reduced the tax
         basis for) an Obligation which it has subsequently collected, or (B)
         any Tax or imposition imposed on an Indemnified Person by any state or
         local jurisdiction if such Tax or imposition would not arise as to such
         Person but for the location, possession or use of any Property in such
         jurisdiction; and PROVIDED, FURTHER, that this clause (ii) shall not be
         interpreted to prevent a payment from being made on an After Tax Basis
         if such payment is otherwise required to be so made;

                  (iii) any Tax or imposition to the extent, but only to such
         extent, it relates to any act, event or omission that occurs after the
         termination of the Lease and redelivery or sale of the property in
         accordance with the terms of the Lease (but not any Tax or imposition
         that relates to such termination, redelivery or sale or to any period
         prior to such termination, redelivery or sale); or

                  (iv) any Taxes which are imposed on an Indemnified Person as a
         result of the gross negligence or willful misconduct of such
         Indemnified Person itself (as opposed to

                                 Appendix A-20
<PAGE>

         any gross negligence or willful misconduct imputed to such Indemnified
         Person), but not Taxes imposed as a result of the ordinary negligence
         of such Person.

Any Tax or imposition excluded from the defined term "Imposition" by any one of
the foregoing clauses (i) through (iv) shall not be construed as constituting an
Imposition by any provision of any other of the aforementioned clauses.

         "Improvements" shall mean, with respect to the construction, renovation
or Modification of a Property, all buildings, structures, Fixtures, and other
improvements of every kind existing at any time and from time to time on or
under the Land purchased, leased or otherwise acquired using the proceeds of the
Loans or the Holder Fundings, together with any and all appurtenances to such
buildings, structures or improvements, including sidewalks, utility pipes,
conduits and lines, parking areas and roadways, and including all Modifications
and other additions to or changes in the Improvements at any time, including
without limitation (a) any Improvements existing as of the Property Closing Date
as such Improvements may be referenced on the applicable Requisition and (b) any
Improvements made subsequent to such Property Closing Date.

         "Incomplete Existing Properties" shall mean collectively, the Miami
Property and the Existing Additional Improvements.

         "Incorporated Covenants" shall have the meaning assigned thereto in
SECTION 28.1 of the Lease.

         "Indebtedness" shall have the meaning assigned thereto in the Existing
Tech Data Credit Agreement.

         "Indemnified Claims" shall mean, collectively, any and all Claims for
which the Indemnity Provider is required to (or would, but for the effect of
SECTION 13.3 of the Participation Agreement, be required to) indemnify any
Person pursuant to SECTION 13.1, 13.2 OR 13.3 of the Participation Agreement.

         "Indemnified Person" shall mean each of the Lessor, the Owner Trustee,
the Trust Company, the Agent, BAS, the Holders, the Lenders and their respective
successors, assigns, directors, shareholders, partners, officers, employees,
agents and Affiliates.

         "Indemnity Provider" shall mean, collectively, the Construction Agent,
the Lessee and each Alternative Lessee, whose obligations as Indemnity Provider
under the Operative Agreements shall be joint and several.

         "Initial Closing Date" shall mean the date of the Participation
Agreement.

         "Initial Construction Funding" shall mean any initial Funding to pay
for: (i) Property Costs for construction of any Improvements; and (ii) the
Property Costs of restoring or repairing any Property which is required to be
restored or repaired in accordance with SECTION 15.1(e) of the Lease.

                                 Appendix A-21
<PAGE>

         "Insurance Requirements" shall mean (a) all terms and conditions of any
insurance policy either required by the Lease to be maintained by the Lessee or
required by the Agency Agreement to be maintained by the Construction Agent, and
(b) all requirements of the issuer of any such policy.

         "Interbank Offered Rate" shall mean, for any Interest Period with
respect to any Eurodollar Loan or Eurodollar Funding:

         (a) the rate per annum equal to the rate determined by Administrative
Agent to be the offered rate that appears on the page of the Telerate screen (as
provided by Bridge Information Systems, Inc.) that displays an average British
Bankers Association Interest Settlement Rate for deposits in Dollars (for
delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period, determined as of approximately 11:00 a.m. (London time)
two Business Days prior to the first day of such Interest Period, or

         (b) in the event the rate referenced in the preceding subsection (a)
does not appear on such page or service or such page or service shall cease to
be available, the rate per annum equal to the rate determined by Administrative
Agent to be the offered rate on such other page or other service that displays
an average British Bankers Association Interest Settlement Rate for deposits in
Dollars (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period, determined as of approximately 11:00 a.m.
(London time) two Business Days prior to the first day of such Interest Period,
or

         (c) in the event the rates referenced in the preceding subsections (a)
and (b) are not available, the rate per annum determined by Administrative Agent
as the rate of interest (rounded upward to the next 1/100th of 1%) at which
deposits in the applicable currency for delivery on the first day of such
Interest Period in same day funds in the approximate amount of the Eurodollar
Loan or Eurodollar Funding being made, continued or converted by Administrative
Agent (or its Affiliate) in its capacity as a Lender or Holder (as applicable)
and with a term equivalent to such Interest Period would be offered by Bank of
America's London Branch to major banks in the offshore Dollar market at their
request at approximately 11:00 a.m. (London time) two Business Days prior to the
first day of such Interest Period.

         "Intercreditor Agreement" means one or more Intercreditor Agreements
substantially in the form of EXHIBIT J attached hereto among the Lessee, the
Administrative Agent, the agent for the lenders under the Amended Tech Data
Credit Agreement, agents for Senior Parity Debt Holders, or Senior Parity Debt
Holders, all as provided for in SECTION 5.11 of the Participation Agreement.

         "Interest Payment Loan" shall mean any Loan made to fund the payment of
Allocated Interest with respect to a Construction Period Property.

         "Interest Period" shall mean, for each Eurodollar Loan and Eurodollar
Holder Fundings for a specified Property (a) prior to the Completion Date for
such Property, the period beginning on the date the first Eurodollar Loan (and
related Eurodollar Holder Funding) are extended,

                                 Appendix A-22
<PAGE>

continued or converted pursuant to the terms of the Operative Agreements and
ending one month later, and thereafter, the period commencing on the last day of
the preceding Interest Period and ending one month later, and (b) during the
period from and after the Completion Date for such Property, (i) initially, the
period commencing on the conversion or continuation date, as the case may be,
with respect to such Eurodollar Loan or Eurodollar Holder Funding and ending, in
the case of any Eurodollar Loan or Eurodollar Holder Funding, one, two, three,
four or six months thereafter, as selected by the Borrower (in the case of a
Eurodollar Loan) or the Owner Trustee (in the case of a Eurodollar Holder
Funding) in its notice of borrowing, Funding, continuation or conversion, as the
case may be, given with respect thereto; and (ii) thereafter, each period
commencing on the last day of the next preceding Interest Period applicable to
such Eurodollar Loan or Eurodollar Holder Funding and ending one, two, three,
four or six months thereafter, as selected by the Borrower by irrevocable notice
to Administrative Agent (in the case of a Eurodollar Loan) or by the Owner
Trustee by irrevocable notice to the Holders (in the case of a Eurodollar Holder
Funding) in each case not less than three Business Days prior to the last day of
the then current Interest Period with respect thereto; PROVIDED, HOWEVER, that
all of the foregoing provisions relating to Interest Periods are subject to the
following: (A) if any Interest Period would end on a day which is not a Business
Day, such Interest Period shall be extended to the next succeeding Business Day
(except that where the next succeeding Business Day falls in the next succeeding
calendar month, then on the next preceding Business Day), (B) no Interest Period
shall extend beyond the Maturity Date, (C) where an Interest Period begins on a
day for which there is no numerically corresponding day in the calendar month in
which the Interest Period is to end, such Interest Period shall end on the last
Business Day of such calendar month, and (D) on any day the sum of the Interest
Periods in effect under the Operative Agreements for all Eurodollar Loans and
Eurodollar Holder Fundings shall not exceed six (6) in the aggregate.

         "Investment Company Act" shall mean the Investment Company Act of 1940,
as amended, together with the rules and regulations promulgated thereunder.

         "Investment Grade Rating" shall mean (a) a Debt Rating of Baa3 or
higher by Moody's, or (b) a Debt Rating of BBB- or higher by S&P.

         "IRS" shall mean the United States Internal Revenue Service, or any
successor or analogous organization.

         "Land" shall mean (a) a parcel or parcels of real property that (i) is
described on the Requisition issued by the Construction Agent on the Property
Closing Date relating to such parcel, or (ii) is described on Schedule I-C to
each applicable Lease Supplement executed and delivered in accordance with the
requirements of SECTION 2.4 of the Lease and, to the extent set forth in any
such Requisition or Schedule, may include without limitation a leasehold
interest (pursuant to a Ground Lease) in such Land, or (iii) is the land
included in any Existing Property (including without limitation each parcel of
Land identified in EXHIBIT I to the Participation Agreement), and (b) all
Appurtenant Rights with respect to any such Land.

         "Law" shall mean any statute, law, ordinance, code, regulation, rule,
directive, order, writ, injunction or decree of any Governmental Authority.

                                 Appendix A-23
<PAGE>

         "Lease" or "Lease Agreement" shall mean the Amended and Restated Lease
Agreement dated as of the Initial Closing Date, between the Lessor and the
Lessee, together with any Lease Supplements thereto, as such Lease Agreement may
from time to time be supplemented, amended, restated or modified in accordance
with the terms thereof.

         "Lease Default" shall mean any event or condition which, with the lapse
of time or the giving of notice, or both, would constitute a Lease Event of
Default.

         "Lease Event of Default" shall have the meaning specified in SECTION
17.1 of the Lease.

         "Lease Supplement" shall mean each Lease Supplement or Amended and
Restated Lease Supplement substantially in the form of Exhibit A to the Lease,
together with all attachments and schedules thereto, as such Lease Supplement or
Amended and Restated Lease Supplement may be supplemented, amended, restated or
modified from time to time.

         "Legal Requirements" shall mean all foreign, Federal, state, county,
municipal and other governmental statutes, laws, rules, orders, regulations,
ordinances, judgments, decrees and injunctions affecting the Owner Trustee, the
Holders, the Agent, any Lender or any Improvements or the taxation, demolition,
construction, use or alteration of such Improvements, whether now or hereafter
enacted and in force, including without limitation any that require appraisals,
repairs, modifications or alterations in or to any Property or in any way limit
the use and enjoyment thereof (including all building, zoning and fire codes and
the Americans with Disabilities Act of 1990, 42 U.S.C. ss. 12101 et seq., and
any other similar Federal, state or local laws or ordinances and the regulations
promulgated thereunder) and any that may relate to environmental requirements
(including all Environmental Laws), and all permits, certificates of occupancy,
licenses, authorizations and regulations relating thereto, and all covenants,
agreements, restrictions and encumbrances contained in any instruments which are
either of record or known to the Lessee affecting any Property or the
Appurtenant Rights.

         "Lender Financing Statements" shall mean UCC financing statements and
fixture filings appropriately completed and executed for filing in the
applicable jurisdiction in order to evidence or perfect the Agent's security
interest (for itself and on behalf of the Lenders) in any Equipment or in any
Improvements.

         "Lenders" shall mean the several banks and other financial institutions
from time to time party to the Credit Agreement.

         "Lessee" shall have the meaning set forth in the Lease.

         "Lessee/Borrower Party" shall mean the Lessee, the Owner Trustee, the
Trust Company, any Guarantor or any Person (except the Lenders, the Holders, the
Administrative Agent or any of their respective Affiliates, other than the Owner
Trustee or the Trust Company) from time to time party to any Operative
Agreement.

         "Lessor" shall mean the Owner Trustee, not in its individual capacity,
but as Lessor under the Lease.

                                 Appendix A-24
<PAGE>

         "Lessor Basic Rent" shall mean the scheduled Holder Yield due on the
Holder Fundings on any Scheduled Interest Payment Date pursuant to the Trust
Agreement (but not including interest on (i) any such scheduled Holder Yield due
on the Holder Fundings prior to the Basic Rent Commencement Date with respect to
the Property to which such Holder Fundings relate or (ii) overdue amounts under
the Trust Agreement or otherwise).

         "Lessor Financing Statements" shall mean UCC financing statements and
fixture filings appropriately completed and executed for filing in the
applicable jurisdictions in order to evidence or perfect the Lessor's interest
under the Lease to the extent the Lease is a security agreement or a mortgage.

         "Lessor Lien" shall mean any Lien, true lease or sublease or
disposition of title arising as a result of (a) any claim against the Lessor or
Trust Company, in its individual capacity, not resulting from the transactions
contemplated by the Operative Agreements, (b) any act or omission of the Lessor
or Trust Company, in its individual capacity, which is not required by the
Operative Agreements or is in violation of any of the terms of the Operative
Agreements, (c) any claim against the Lessor or Trust Company, in its individual
capacity, with respect to Taxes or Transaction Expenses against which the Lessee
is not required to indemnify Lessor or Trust Company, in its individual
capacity, pursuant to SECTION 13 of the Participation Agreement or (d) any claim
against the Lessor or Trust Company, in its individual capacity, arising out of
any transfer by the Lessor of all or any portion of the interest of the Lessor
in the Properties, the Trust Estate or the Operative Agreements other than the
transfer of title to or possession of any Properties by the Lessor pursuant to
and in accordance with the Lease, the Credit Agreement, the Security Agreement
or the Participation Agreement or pursuant to the exercise of the remedies set
forth in ARTICLE XVII of the Lease.

         "Lien" shall mean any mortgage, pledge, security interest, encumbrance,
lien, option or charge of any kind.

         "Limited Recourse Amount" shall mean, with respect to any Properties on
an aggregate basis as of a specified date, an amount equal to the sum of the
Termination Values with respect to such Properties on such date, less the
Maximum Residual Guarantee Amount as of such date with respect to the
Properties.

         "Loan Basic Rent" shall mean the interest due on the Loans on any
Scheduled Interest Payment Date pursuant to the Credit Agreement (but not
including interest on (i) any such Loan prior to the Basic Rent Commencement
Date with respect to the Property to which such Loan relates or (ii) any overdue
amounts under SECTION 2.8(c) of the Credit Agreement or otherwise).

         "Loan Property Cost" shall mean, with respect to each Property at any
date of determination, an amount equal to (a) the aggregate principal amount of
Acquisition Loans, Construction Loans, Interest Payment Loans and any other
Loans (including without limitation Loans made on the Initial Closing Date to
repay Existing Loans with respect to such Property) made on or prior to such
date with respect to such Property minus (b) the aggregate amount of

                                 Appendix A-25
<PAGE>

prepayments or repayments as the case may be of the Loans allocated to reduce
the Loan Property Cost of such Property pursuant to SECTION 2.6(C) of the Credit
Agreement.

         "Loans" shall mean, collectively, the Series A Loans and the Series B
Loans.

         "Majority Financing Parties" shall mean, at any time, Lenders and
Holders the sum of whose Commitments and Holder Commitments represent at least
51% of the sum of the aggregate Commitments and Holders Commitments, PROVIDED
THAT upon and during the continuance of an Event of Default, "Majority Financing
Parties" shall mean Lenders and Holders who have Loans and Holder Fundings with
an aggregate outstanding principal amount representing at least 51% of the
aggregate outstanding principal amount of all Loans and Holder Fundings.

         "Marketing Period" shall mean, if the Lessee has given an Election
Notice in accordance with SECTION 20.1 of the Lease, the period commencing on
the date such Sale Notice is given and ending on the Applicable Expiration Date.

         "Material Adverse Effect" shall mean a material adverse effect on (a)
the business, condition (financial or otherwise), assets, liabilities or
operations of Tech Data or any of its Subsidiaries, (b) the ability of the
Lessee, the Construction Agent or any of their Subsidiaries to perform its
respective obligations under any Operative Agreement to which it is a party, (c)
the validity or enforceability of any Operative Agreement or the rights and
remedies of the Agent, the Lenders, the Holders, or the Lessor thereunder, (d)
the validity, priority or enforceability of any Lien on any Property created by
any of the Operative Agreements, or (e) the value, utility or useful life of any
Property or the use, or ability of the applicable Lessee to use, any Property
for the purpose for which it was intended.

         "Maturity Date" shall mean the earliest to occur of (a) May 6, 2005, or
(b) (if the Lessee delivers a timely Election Notice with respect to the
Preliminary Expiration Date pursuant to SECTION 20.1 of the Lease) the
Preliminary Expiration Date, or (c) in either case, such earlier date as the
Lease may terminate.

         "Maximum Amount" shall mean:

                  (a) one hundred percent (100%) of the cost of the Land or the
         Ground Lease (as the case may be) for all, but not less than all, of
         the Properties (collectively, the "Land Cost"), PLUS

                  (b) the product of eighty-nine and nine-tenths percent (89.9%)
         multiplied by the following: (i) the aggregate Property Cost of all,
         but not less than all, of the Properties, minus (ii) the Land Cost,
         minus (iii) accrued, unpaid Holder Yield respecting any and all
         Construction Period Properties, MINUS

                  (c) the accreted value (calculated at a rate of seven and
         14/100 percent (7.14%) per annum) of any payments previously made by
         the Construction Agent or the Lessee regarding any and all Construction
         Period Properties and not reimbursed; PLUS

                                 Appendix A-26
<PAGE>

                  (d) one hundred percent (100%) of all Rent and other amounts
         then due and owing by the Lessee or the Construction Agent pursuant to
         the Operative Agreements.

         "Maximum Property Cost" shall mean the aggregate amount of the Property
Costs for all Properties subject to the Lease as of the applicable determination
date.

         "Maximum Residual Guarantee Amount", with respect to any Properties,
shall mean an amount equal to the sum of (a) eighty-seven percent (87%) of the
aggregate Property Cost for all of such Properties plus (b) one hundred percent
(100%) of all Rent and other amounts then due and owing by the Lessee or the
Construction Agent under the Lease and the other Operative Agreements.

         "Miami Property" shall mean the Existing Property located in Dade
County, Florida.

         "Modifications" shall have the meaning specified in SECTION 11.1(A) of
the Lease.

         "Moody's" shall mean Moody's Investors Service, Inc.

         "Mortgage Instrument" shall mean any mortgage, deed of trust or any
other instrument executed by the Owner Trustee in favor of the Agent and
evidencing a Lien on a Property, in form and substance reasonably acceptable to
the Agent.

         "Multiemployer Plan" shall mean any plan described in Section
4001(a)(3) of ERISA to which contributions are or have been made or are required
to be made by Tech Data or any of its ERISA Affiliates.

         "Net Proceeds" shall mean all amounts paid in connection with any
Casualty or Condemnation, and all interest earned thereon, less the expense of
claiming and collecting such amounts, including all costs and expenses in
connection therewith for which the Agent or Lessor is entitled to be reimbursed
pursuant to the Lease.

         "Net Sale Proceeds Shortfall" shall mean the amount by which the
proceeds of a sale described in SECTION 22.1 of the Lease (net of all expenses
of sale) are less than the Limited Recourse Amount with respect to the
Properties if it has been determined that the Fair Market Sales Value of the
Properties at the expiration of the term of the Lease has been impaired by
greater than expected wear and tear during the Term of the Lease.

         "New Facility" shall have the meaning assigned thereto in SECTION 28.1
of the Lease.

         "New Property" shall mean (a) any Property other than an Existing
Property, or (b) any Additional Improvements (other than Existing Additional
Improvements) that are treated as a distinct Property pursuant to SECTION 5.10
of the Participation Agreement.

         "Non-Excluded Taxes" shall have the meaning given to such term in
SECTION 2.13 of the Credit Agreement.

                                 Appendix A-27
<PAGE>

         "Notes" shall mean, collectively, the Series A Notes and the Series B
Notes.

         "Occupational Safety and Health Law" shall mean the Occupational Safety
and Health Act of 1970 and any other federal, state or local statute, law,
ordinance, code, rule, regulation, order or decree regulating or relating to, or
imposing liability or standards of conduct concerning, employee health or
safety, as now or at any time hereafter in effect.

         "Officer's Certificate" shall mean a certificate signed by any
individual holding the office of vice president or higher, which certificate
shall certify as true and correct the subject matter being certified to in such
certificate.

         "Operative Agreements" shall mean, collectively, the Participation
Agreement, the Agency Agreement, the Trust Agreement, the Certificates, the
Credit Agreement, the Notes, the Lease (and a memorandum thereof in a form
reasonably acceptable to the Agent), each Lease Supplement (and a memorandum
thereof in a form reasonably acceptable to the Agent), the Guaranty Agreement,
the Pledge Agreement, the Security Agreement, the Assignment of Project Rights,
each Ground Lease and each Mortgage Instrument.

         "Organization Documents" means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws; (b) with respect to
any limited liability company, the articles of formation and operating
agreement; and (c) with respect to any partnership, joint venture, trust or
other form of business entity, the partnership or joint venture agreement and
any agreement, instrument, filing or notice with respect thereto filed in
connection with its formation with the secretary of state or other department in
the state of its formation, in each case as amended from time to time.

         "Overdue Interest" shall mean any interest payable pursuant to SECTION
2.8(C) of the Credit Agreement.

         "Overdue Rate" shall mean (i) with respect to Loan Basic Rent, and any
other amount owed under or with respect to the Credit Agreement or the Security
Documents, the rate specified in SECTION 2.8(C) of the Credit Agreement, (ii)
with respect to Lessor Basic Rent, the Holder Yield and any other amount owed
under or with respect to the Trust Agreement, the Holder Overdue Rate and (iii)
with respect to any other amount, the Base Rate plus 2%.

         "Owner Trustee" shall mean First Security Bank, National Association,
not individually, except as expressly stated in the various Operative
Agreements, but solely as Owner Trustee under the TD 1996 Real Estate Trust, and
any successor or replacement Owner Trustee expressly permitted under the
Operative Agreements.

         "Participant" shall have the meaning given to such term in SECTION 9.7
of the Credit Agreement.

         "Participation Agreement" shall mean the Participation Agreement dated
as of the date hereof among the Construction Agent, the Lessee, the Owner
Trustee, the Holders party thereto,

                                 Appendix A-28
<PAGE>

the Lenders party thereto, and the Administrative Agent, as amended,
supplemented, restated or otherwise modified from time to time in accordance
with the terms thereof.

         "Payment Date" shall mean any Scheduled Interest Payment Date and any
date on which interest or Holder Yield in connection with a prepayment of
principal on the Loans or of the Holder Fundings is due under the Credit
Agreement or the Trust Agreement.

         "PBGC" shall mean the Pension Benefit Guaranty Corporation created by
Section 4002(a) of ERISA or any successor thereto.

         "Permitted Exceptions" shall mean:

                  (i) Liens of the types described in clauses (i), (ii) and (v)
         of the definition of Permitted Liens;

                  (ii) Liens for Taxes not yet due; and

                  (iii) all encumbrances, exceptions, restrictions, easements,
         rights of way, servitudes, encroachments and irregularities in title,
         other than Liens which, in the reasonable assessment of the Agent,
         materially impair the use of any Property for its intended purpose.

         "Permitted Liens" shall mean:

                  (i) the respective rights and interests of the parties to the
         Operative Agreements as provided in the Operative Agreements;

                  (ii) the rights of any sublessee or assignee under a sublease
         or an assignment expressly permitted by the terms of the Lease;

                  (iii) Liens for Taxes that either are not yet due or are being
         contested in accordance with the provisions of SECTION 13.1 of the
         Lease;

                  (iv) Liens arising by operation of law, materialmen's,
         mechanics', workmen's, repairmen's, employees', carriers',
         warehousemen's and other like Liens relating to the construction of the
         Improvements or in connection with any Modifications or arising in the
         ordinary course of business, which Liens have been bonded for not less
         than the full amount in dispute (or as to which other security
         arrangements satisfactory to the Lessor and the Agent have been made),
         which bonding (or arrangements) shall comply with applicable Legal
         Requirements, and shall have effectively stayed any execution or
         enforcement of such Liens;

                  (v) Liens arising out of judgments or awards with respect to
         which appeals or other proceedings for review are being prosecuted in
         good faith and for the payment of which adequate reserves have been
         provided as required by GAAP or other appropriate provisions have been
         made, so long as such proceedings have the effect of staying the

                                 Appendix A-29
<PAGE>

         execution of such judgments or awards and satisfy the conditions for
         the continuation of proceedings to contest Taxes set forth in SECTION
         13.1 of the Lease;

                  (vi) Liens in favor of municipalities to the extent agreed to
         by the Lessor and the Agent; and

                  (vii)    Permitted Exceptions.

         "Person" shall mean any individual, corporation, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization,
limited liability company, limited liability partnership, governmental authority
or any other entity.

         "Plans and Specifications" shall mean, with respect to Improvements,
the plans and specifications for such Improvements to be constructed or already
existing, as such Plans and Specifications may be amended, modified or
supplemented from time to time in accordance with the terms of the Participation
Agreement and the Agency Agreement.

         "Pledge Agreement" shall mean, collectively or individually as the
context may indicate, any pledge agreement, charge, agreement, document,
instrument or conveyance, in form and substance acceptable to Administrative
Agent, conferring under applicable foreign law upon Administrative Agent, for
the benefit of Administrative Agent, the Owner Trustee, the Lenders and the
Holders, a Lien upon 65% of the voting securities or other interests having
ordinary voting power and 100% of the other securities or other ownership
interests of a Direct Foreign Subsidiary that is a Significant Subsidiary, as
are owned by Tech Data or any Domestic Subsidiary, in each case as hereafter
amended, modified, supplemented or amended and restated from time to time.

         "Preliminary Expiration Date" shall mean May 8, 2003.

         "Prime Rate" shall mean the per annum rate of interest established from
time to time by Bank of America as its prime rate, which rate may not be the
lowest rate of interest charged by Bank of America to its customers.

         "Property" shall mean, with respect to each real property site that is
acquired, constructed or renovated pursuant to the terms of the Operative
Agreements (or that is an Existing Property), the Land and each item of
Equipment and the various Improvements, in each case located on such Land. Each
Property shall be suitable for, and used by Lessee (or a permitted sublessee)
only for, Tech Data's and its Subsidiaries' corporate office space or
distribution facilities, with ancillary space used for other business purposes
of Tech Data and such Subsidiaries.

         "Property Acquisition Cost" shall mean the cost to Lessor to purchase a
Property on a Property Closing Date.

         "Property Closing Date" shall mean each date on which the Lessor
purchases a Property, or leases the Land included in a Property pursuant to a
Ground Lease.

                                 Appendix A-30
<PAGE>

         "Property Cost" shall mean with respect to a Property the aggregate
amount of the Loan Property Cost plus the Holder Property Cost for such Property
(as such amounts shall be increased equally among all Properties respecting the
Holder Fundings and the Loans extended from time to time to pay for the
Transaction Expenses, fees, taxes, expenses and other disbursements referenced
in SECTIONS 9.1(A) AND (B) of the Participation Agreement and indemnity payments
referenced in SECTION 13.5 of the Participation Agreement).

         "Purchase Option" shall have the meaning given to such term in SECTION
20.1 of the Lease.

         "Purchase Option Price" shall have the meaning specified in SECTION
20.1 of the Lease.

         "Purchasing Lender" shall have the meaning given to such term in
SECTION 9.8(A) of the Credit Agreement.

         "Register" shall have the meaning given to such term in SECTION 9.9(A)
of the Credit Agreement.

         "Release" shall mean any release, pumping, pouring, emptying,
injecting, escaping, leaching, dumping, seepage, spill, leek, flow, discharge,
disposal or emission of a Hazardous Substance.

         "Rent" shall mean, collectively, the Basic Rent and the Supplemental
Rent, in each case payable under the Lease.

         "Reportable Event" shall have the meaning specified in ERISA.

         "Requested Funds" shall mean any funds requested by the Lessee or the
Construction Agent, as applicable, in accordance with SECTION 5 of the
Participation Agreement.

         "Requirement of Law" shall mean, as to any Person, the Certificate of
Incorporation and By-laws or other organizational or governing documents of such
Person, and any law, treaty, rule or regulation or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or
any of its property is subject.

         "Requisite Notice" shall mean, unless otherwise provided herein, (a)
irrevocable written notice to the intended recipient or (b) irrevocable
telephonic notice to the intended recipient, promptly followed by a written
notice to such recipient. Such notices shall be (i) delivered to such recipient
at the address or telephone number specified on SCHEDULE 14.3 or as otherwise
designated by such recipient by written notice in accordance with SECTION
14.3(E), and (ii) if made by any Lessee/Borrower Party, given or made by a
Responsible Officer of such Lessee/Borrower Party. Any written notice delivered
in connection with any Operative Agreement shall be in the form, if any,
prescribed herein or therein. Any notice sent by other than hardcopy shall be
promptly confirmed by a telephone call to the recipient and, if requested by
Administrative Agent, by a manually-signed hardcopy thereof.

                                 Appendix A-31
<PAGE>

         "Requisition" shall have the meaning specified in SECTION 4.2 of the
Participation Agreement.

         "Reserve Requirement" means, for any day during any Interest Period,
the reserve percentage (expressed as a decimal, rounded upward to the next
1/100th of 1%) in effect on such day, whether or not applicable to any Lender,
under regulations issued from time to time by the Board of Governors of the
Federal Reserve System for determining the maximum reserve requirement
(including any emergency, supplemental or other marginal reserve requirement)
with respect to Eurocurrency funding (currently referred to as "Eurocurrency
liabilities"). The Eurodollar Rate for each outstanding Eurodollar Loan or
Eurodollar Funding shall be adjusted automatically as of the effective date of
any change in the Reserve Requirement.

         The determination of the Reserve Requirement by Administrative Agent
shall be conclusive in the absence of manifest error.

         "Responsible Officer" shall mean the President or Executive Vice
President and Chief Financial Officer of Tech Data or with respect to financial
matters, the Chief Financial Officer or Senior Vice President and Worldwide
Controller, Corporate Vice President and Treasurer of Tech Data, except that
when used with respect to the Trust Company or the Owner Trustee, "Responsible
Officer" shall also include the Cashier, any Assistant Cashier, any Trust
Officer or Assistant Trust Officer, the Controller and any Assistant Controller
or any other officer of the Trust Company or the Owner Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his or her
knowledge of and familiarity with the particular subject.

         "Sale Date" shall have the meaning given to such term in SECTION
22.1(A) of the Lease.

         "Sale Notice" shall mean a notice given to Lessor in connection with
the election by Lessee of its Sale Option.

         "S&P" shall mean Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc.

         "Sale Option" shall have the meaning given to such term in SECTION 20.1
of the Lease.

         "Scheduled Interest Payment Date" shall mean (a) as to any Eurodollar
Loan (or Eurodollar Holder Funding), the last day of the Interest Period
applicable to such Eurodollar Loan (or Holder Funding), and if such Interest
Period is for more than three months, at intervals of three months after the
first day of such Interest Period, (b) as to any Base Rate Loan (or Base Rate
Holder Funding), the first Business Day following the last day of each fiscal
quarter of Tech Data, and the date of conversion of such Loan to a Eurodollar
Loan (or conversion of such Holder Funding to a Eurodollar Holder Funding), and
(c) as to any Loan (or Holder Funding), the Maturity Date.

                                 Appendix A-32
<PAGE>

         "Securities Act" shall mean the Securities Act of 1933, as amended,
together with the rules and regulations promulgated thereunder.

         "Security Agreement" shall mean the Amended and Restated Security
Agreement dated as of the Initial Closing Date between the Owner Trustee and
Bank of America, N.A., as agent, as such agreement may be amended, supplemented,
restated or otherwise modified from time to time in accordance with the terms
thereof.

         "Security Documents" shall mean the collective reference to the Lease,
the Lease Supplements, the Security Agreement, the Pledge Agreement, the
Mortgage Instruments, and all other security documents hereafter delivered to
the Administrative Agent granting a lien on any asset or assets of any Person to
secure the obligations and liabilities of the Lessee or the Borrower hereunder
or under any of the other Operative Agreements or to secure any guarantee of any
such obligations and liabilities.

         "Senior Parity Debt" shall have the meaning set forth in the Existing
Tech Data Credit Agreement.

         "Senior Parity Debt Holders" shall have the meaning set forth in the
Existing Tech Data Credit Agreement.

         "Series A Loans" shall mean the loans described as such in SECTION 2.1
of the Credit Agreement.

         "Series A Notes" shall mean the promissory notes issued to the Lenders
pursuant to SECTION 2.2 of the Credit Agreement evidencing the Series A Loans.

         "Series B Loans" shall mean the loans described as such in SECTION 2.1
of the Credit Agreement.

         "Series B Notes" shall mean the promissory notes issued to the Lenders
pursuant to SECTION 2.2 of the Credit Agreement evidencing the Series B Loans.

         "Significant Subsidiary" means any Subsidiary which has either (a)
total assets of more than $25,000,000 or (b) total revenues of more than
$25,000,000 during any four fiscal quarter period; provided, however,
Significant Subsidiary shall not include (w) any Subsidiary which is a
partnership whose sole purpose is holding a single real estate asset, (x) a
Subsidiary established to act as a foreign sales corporation under the Code, and
(y) Tech Data Finance SPV, Inc.

         "Subsidiary" shall mean, as to any Person, any corporation or other
entity in which more than 50% of its outstanding voting stock or more than 50%
of all equity interests is owned directly or indirectly by such Person and/or by
one or more of such Persons' Subsidiaries.

         "Supplemental Rent" shall mean all amounts, liabilities and obligations
(other than Basic Rent) which the Lessee assumes or agrees to pay to Lessor, the
Holders, the Agent, the Lenders or any other Person under the Lease or under any
of the other Operative Agreements including,

                                 Appendix A-33
<PAGE>

without limitation, payments of the Purchase Option Price, the Termination
Value, the Deficiency Balance and the Maximum Residual Guarantee Amount and all
indemnification amounts, liabilities and obligations.

         "TD 1996 Real Estate Trust" shall mean the grantor trust created
pursuant to the terms and conditions of the Trust Agreement.

         "Tangible Personal Property" shall mean that portion of the Equipment
which is subject to the 35% limitation referred to in SECTION 10.3(E) of the
Participation Agreement.

         "Taxes" shall have the meaning specified in the definition of
Impositions.

         "Tech Data" shall mean Tech Date Corporation, a Florida corporation.

         "Tech Data Credit Agreement Event of Default" shall mean an "Event of
Default" as defined in the Amended Tech Data Credit Agreement or any New
Facility.

         "Term" shall mean the Basic Term.

         "Termination Date" shall have the meaning specified in SECTION 16.2(A)
of the Lease.

         "Termination Notice" shall have the meaning specified in SECTION 16.1
of the Lease.

         "Termination Value" shall mean, as of any date of determination, the
sum of (a) either (i) with respect to all Properties, an amount equal to the
aggregate outstanding Property Cost for all the Properties, or (ii) with respect
to a particular Property, an amount equal to the outstanding Property Cost
allocable to the particular Property in question, plus (b) respecting the
amounts described in each of the foregoing subclause (i) or (ii), as applicable,
any and all accrued interest on the Loans and any and all Holder Yield on the
Holder Advances related to the applicable Property Cost, plus (c) to the extent
not otherwise paid on such date of determination, all other Rent and other
amounts then due and payable for all Properties under the Agency Agreement, the
Lease or any other Operative Agreement (including without limitation all amounts
due and payable under SECTIONS 13.1 or 13.2 of the Participation Agreement and
all costs and expenses referred to in clause FIRST of SECTION 22.2 of the
Lease).

         "Total Commitment" shall mean (a) with respect to the Series A Loans,
$117,450,000, and (b) with respect to the Series B Loans, $13,500,000, in each
case as such amount may be increased pursuant to SECTION 3.4 of the
Participation Agreement.

         "Total Condemnation" shall mean a Condemnation that involves a taking
of Lessor's entire title to a Property.

         "Total Holder Commitment" shall mean $4,050,000, as such amount may be
increased pursuant to SECTION 3.4 of the Participation Agreement.

                                 Appendix A-34
<PAGE>

         "Transaction Expenses" shall mean all costs and expenses incurred in
connection with the preparation, execution and delivery of the Operative
Agreements and the transactions contemplated by the Operative Agreements
including without limitation:

                  (a) the reasonable fees, out-of-pocket expenses and
         disbursements of counsel in negotiating the terms of the Operative
         Agreements and the other transaction documents, preparing for the
         closings under, and rendering opinions in connection with, such
         transactions and in rendering other services customary for counsel
         representing parties to transactions of the types involved in the
         transactions contemplated by the Operative Agreements;

                  (b) any and all reasonable fees, charges or other amounts
         payable to the Lenders, Agent, the Holders, the Owner Trustee or any
         broker which arise under any of the Operative Agreements;

                  (c) any other reasonable fee, out-of-pocket expenses,
         disbursement or cost of any party to the Operative Agreements or any of
         the other transaction documents;

                  (d) any and all Taxes and fees incurred in recording or filing
         any Operative Agreement or any other transaction document, any deed,
         declaration, mortgage, security agreement, notice or financing
         statement with any public office, registry or governmental agency in
         connection with the transactions contemplated by the Operative
         Agreement; and

                  (e) real estate taxes on a Property paid during the
         Construction Period.

         "Trust Agreement" shall mean the Second Amended and Restated Trust
Agreement dated as of the Initial Closing Date between the Holders and the Owner
Trustee, as such agreement may be amended, modified, restated or supplemented
from time to time in accordance with the terms thereof.

         "Trust Company" shall mean First Security Bank, National Association in
its individual capacity, and any successor owner trustee under the Trust
Agreement, in each case in its individual capacity.

         "Trust Estate" shall have the meaning specified in SECTION 2.2 of the
Trust Agreement.

         "Type" shall mean, (a) as to any Loan, whether it is a Base Rate Loan
or a Eurodollar Loan, and (b) as to any Holder Funding, whether it is a Base
Rate Holder Funding or Eurodollar Holder Funding.

         "UCC Financing Statements" shall mean collectively the Lender Financing
Statements and the Lessor Financing Statements.

         "Unfunded Amount" shall have the meaning specified in SECTION 3.2 of
the Agency Agreement.

                                 Appendix A-35
<PAGE>

         "Uniform Commercial Code" and "UCC" shall mean the Uniform Commercial
Code as in effect in any applicable jurisdiction.

         "United States Bankruptcy Code" shall mean Title 11 of the United
States Code.

         "U.S." shall mean the United States of America, its territories, its
possessions and all other areas subject to its jurisdiction.

         "Voting Stock" shall mean, with respect to any Person, capital stock
issued by a corporation or equivalent interests in any other Person, the holders
of which are ordinarily, in the absence of contingencies, entitled to vote for
the election of directors (or persons performing similar functions) of such
Person, even though the right to vote may have been suspended by the happening
of such a contingency.

         "Work" shall mean the furnishing of labor, materials, components,
furniture, furnishings, fixtures, appliances, machinery, equipment, tools,
power, water, fuel, lubricants, supplies, goods or services with respect to any
Property.

                                 Appendix A-36EXHIBIT 10.AAd
                      AMENDED AND RESTATED LEASE AGREEMENT

                             Dated as of May 8, 2000

                                     between

                   FIRST SECURITY BANK, NATIONAL ASSOCIATION,
                                not individually,
                           but solely as Owner Trustee
                      under the TD 1996 Real Estate Trust,

                                    as Lessor

                                       and

                        TECH DATA CORPORATION, as Lessee

--------------------------------------------------------------------------------
         This Amended and Restated Lease Agreement is subject to a security
         interest in favor of Bank of America, N.A., successor in interest to
         NationsBank, N.A. (South), as Administrative Agent (the "Agent") under
         an Amended and Restated Security Agreement dated as of May 8, 2000,
         among First Security Bank, National Association, formerly known as
         First Security Bank of Utah, N.A., not individually except as expressly
         stated therein, but solely as Owner Trustee under the TD 1996 Real
         Estate Trust, the Lenders and the Agent, as amended, modified,
         supplemented, restated or replaced from time to time. This Amended and
         Restated Lease Agreement has been executed in several counterparts. To
         the extent, if any, that this Amended and Restated Lease Agreement
         constitutes chattel paper (as such term is defined in the Uniform
         Commercial Code as in effect in any applicable jurisdiction), no
         security interest in this Amended and Restated Lease Agreement may be
         created through the transfer or possession of any counterpart other
         than the original counterpart containing the receipt therefor executed
         by the Agent on the signature page hereof.

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                         PAGE
                                                                                                         ----

<S>                                                                                                      <C>
ARTICLE I.................................................................................................1
         1.1        Definitions...........................................................................1

ARTICLE II................................................................................................1
         2.1        Property..............................................................................1
         2.2        Lease Term............................................................................2
         2.3        Title.................................................................................2
         2.4        Lease Supplements.....................................................................2
         2.5        Subsidiaries as Lessee................................................................2

ARTICLE III...............................................................................................3
         3.1        Rent..................................................................................3
         3.2        Payment of Basic Rent.................................................................3
         3.3        Supplemental Rent.....................................................................3
         3.4        Performance on a Non-Business Day.....................................................4
         3.5        Rent Payment Provisions...............................................................4

ARTICLE IV................................................................................................4
         4.1        Utility Charges; Taxes................................................................4

ARTICLE V.................................................................................................5
         5.1        Quiet Enjoyment.......................................................................5

ARTICLE VI................................................................................................5
         6.1        Net Lease.............................................................................5
         6.2        No Termination or Abatement...........................................................6

ARTICLE VII...............................................................................................6
         7.1        Ownership of the Properties...........................................................6

ARTICLE VIII..............................................................................................7
         8.1        Condition of the Properties...........................................................7
         8.2        Possession and Use of the Properties..................................................7

ARTICLE IX................................................................................................8
         9.1        Compliance with Legal Requirements and Insurance Requirements.........................8

ARTICLE X.................................................................................................9
         10.1       Maintenance and Repair; Return........................................................9
         10.2       Environmental Inspection.............................................................10

ARTICLE XI...............................................................................................11
         11.1       Modifications........................................................................11
</TABLE>

                                       i

<PAGE>
<TABLE>
<CAPTION>

<S>                                                                                                     <C>
ARTICLE XII..............................................................................................12
         12.1       Warranty of Title....................................................................12

ARTICLE XIII.............................................................................................12
         13.1       Permitted Contests Other Than in Respect of Indemnities..............................12

ARTICLE XIV..............................................................................................13
         14.1       Public Liability and Workers' Compensation Insurance.................................13
         14.2       Hazard and Other Insurance...........................................................13
         14.3       Coverage.............................................................................14
         14.4       Additional Insurance Requirements....................................................14

ARTICLE XV...............................................................................................15
         15.1       Casualty and Condemnation............................................................15
         15.2       Environmental Matters................................................................16
         15.3       Notice of Environmental Matters......................................................17

ARTICLE XVI..............................................................................................17
         16.1       Termination Upon Certain Events......................................................17
         16.2       Procedures...........................................................................17

ARTICLE XVII.............................................................................................18
         17.1       Lease Events of Default..............................................................18
         17.2       Surrender of Possession..............................................................20
         17.3       Reletting............................................................................20
         17.4       Damages..............................................................................21
         17.5       Final Liquidated Damages.............................................................21
         17.6       Waiver of Certain Rights.............................................................22
         17.7       Assignment of Rights Under Contracts.................................................22
         17.8       Environmental Costs..................................................................22
         17.9       Remedies Cumulative..................................................................23
         17.10      Notice of Default or Event of Default................................................23
         17.11      Lessee's Option to Cure by Purchase of All Properties................................23

ARTICLE XVIII............................................................................................23
         18.1       Lessor's Right to Cure Lessee's Lease Defaults.......................................23

ARTICLE XIX..............................................................................................23
         19.1       Provisions Relating to Lessee's Exercise of its Purchase Option......................23
         19.2       No Termination With Respect to Less than All of a Property...........................24

ARTICLE XX...............................................................................................24
         20.1       Purchase Prior to End of Term; Purchase or Sale Option at End of Term
                    or on Preliminary Expiration Date....................................................24

ARTICLE XXI..............................................................................................25
         [INTENTIONALLY LEFT BLANK.].....................................................................25
</TABLE>

                                       ii

<PAGE>
<TABLE>
<CAPTION>

<S>                                                                                                     <C>
ARTICLE XXII.............................................................................................25
         22.1       Sale Procedure.......................................................................25
         22.2       Application of Proceeds of Sale......................................................27
         22.3       Indemnity for Excessive Wear.........................................................27
         22.4       Appraisal Procedure..................................................................27
         22.5       Certain Obligations Continue.........................................................28

ARTICLE XXIII............................................................................................28
         23.1       Holding Over.........................................................................28

ARTICLE XXIV.............................................................................................29
         24.1       Risk of Loss.........................................................................29

ARTICLE XXV..............................................................................................29
         25.1       Assignment...........................................................................29
         25.2       Subleases............................................................................29

ARTICLE XXVI.............................................................................................30
         26.1       No Waiver............................................................................30

ARTICLE XXVII............................................................................................30
         27.1       Acceptance of Surrender..............................................................30
         27.2       No Merger of Title...................................................................30

ARTICLE XXVIII...........................................................................................31
         28.1       Incorporation of Covenants...........................................................31
         28.2       Financial Information, Reports, Notices, Etc.........................................31
         28.3       Other Information....................................................................32
         28.4       Right of Inspection..................................................................32
         28.5       Officer's Knowledge of Default.......................................................32
         28.6       New Subsidiaries.....................................................................32

ARTICLE XXIX.............................................................................................33
         29.1       Notices..............................................................................33

ARTICLE XXX..............................................................................................34
         30.1       Miscellaneous........................................................................34
         30.2       Amendments and Modifications.........................................................34
         30.3       Successors and Assigns...............................................................34
         30.4       Headings and Table of Contents.......................................................34
         30.5       Counterparts.........................................................................34
         30.6       GOVERNING LAW........................................................................34
         30.7       Calculation of Rent..................................................................34
         30.8       Memoranda of Lease and Lease Supplements.............................................34
         30.9       Allocations between the Lenders and the Holders......................................34
         30.10      Limitations on Recourse..............................................................35
         30.11      WAIVERS OF JURY TRIAL................................................................35
         30.12      Original Leases......................................................................35
         30.13      Mortgage Grant and Remedies..........................................................35
</TABLE>

                                      iii

<PAGE>
<TABLE>
<CAPTION>

<S>                                                                                                      <C>
       30.14      Exercise of Lessor Rights..............................................................35

EXHIBITS..................................................................................................1
         EXHIBIT A  [AMENDED AND RESTATED] LEASE SUPPLEMENT NO. __........................................1
         EXHIBIT B  FORM OF MEMORANDUM OF LEASE AND LEASE SUPPLEMENT......................................1
         EXHIBIT C  Form of Guaranty Agreement (Lessee and Construction Agent Obligations)................1
</TABLE>

                                       iv
<PAGE>

                      AMENDED AND RESTATED LEASE AGREEMENT

         THIS AMENDED AND RESTATED LEASE AGREEMENT (as amended, supplemented or
modified from time to time, this "Lease"), dated as of May 8, 2000, is between
FIRST SECURITY BANK, NATIONAL ASSOCIATION, a national banking association,
formerly known as First Security Bank of Utah, N.A., having its principal office
at 79 South Main Street, Salt Lake City, Utah 84111, not individually, but
solely as Owner Trustee under the TD 1996 Real Estate Trust, as lessor (the
"Lessor"), and TECH DATA CORPORATION, a Florida corporation, having its
principal place of business at 5350 Tech Data Drive, Clearwater, Florida, as
lessee (the "Lessee").

                              W I T N E S S E T H:

         A. WHEREAS, the Lessor and Lessee entered into a Lease Agreement dated
as of April 26, 1996 (as amended, the "Existing Lease"), pursuant to which
Lessor agreed to lease certain Properties to Lessee (or to certain Subsidiaries
acting as alternative lessees); and

         B. WHEREAS, the Lessor desires to amend and restate the Existing Lease
on the terms and conditions set forth herein; and

         C. WHEREAS, Lessor desires to lease to Lessee (or to certain
alternative Lessees permitted by SECTION 2.5), and Lessee desires to lease (or
cause such alternative Lessees to lease) from Lessor, each Property;

         NOW, THEREFORE, in consideration of the foregoing, and of other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Existing Lease Agreement is hereby amended and restated in its
entirety, and the parties hereto agree as follows:

                                    ARTICLE I

         1.1 DEFINITIONS. Capitalized terms used but not otherwise defined in
this Lease have the respective meanings specified in APPENDIX A to the Amended
and Restated Participation Agreement of even date herewith (as such may be
amended, modified, supplemented, restated and/or replaced from time to time, the
"Participation Agreement") among Tech Data Corporation, as Construction Agent,
the Lessee, First Security Bank, National Association, formerly known as First
Security Bank of Utah, N.A., not individually, except as expressly stated
therein, as Owner Trustee under the TD 1996 Real Estate Trust, the Holders party
thereto, the Lenders party thereto, and the Agent.

                                   ARTICLE II

         2.1 PROPERTY. Subject to the terms and conditions hereinafter set forth
and contained in the respective Lease Supplement relating to each Property,
Lessor hereby leases to Lessee and Lessee hereby leases from Lessor, each
Property.

<PAGE>

         2.2 LEASE TERM. The term of this Lease with respect to each New
Property (the "Basic Term" or "Term") shall begin upon the earlier to occur of
(a) the Property Closing Date for such Property or (b) the date the Lessor takes
title to such Property (such earlier date being referred to as the "Basic Term
Commencement Date" or the "Term Commencement Date" for such Property) and shall
end on May 6, 2005 (the "Basic Term Expiration Date"), unless the Term is
earlier terminated in accordance with the provisions of this Lease. The Lessor
and the Lessee acknowledge and agree that since the respective Property Closing
Date (or date of Lessor taking title) for each Existing Property has occurred
prior to the Initial Closing Date, the Term has already commenced (and is deemed
to be in effect) with respect to the Existing Properties in accordance with the
first sentence of this SECTION 2.2.

         2.3 TITLE. Each Property is leased to Lessee without any representation
or warranty, express or implied, by Lessor and subject to the rights of parties
in possession (if any), the existing state of title (including, without
limitation, the Permitted Exceptions) and all applicable Legal Requirements.
Lessee shall in no event have any recourse against Lessor for any defect in
Lessor's title to any Property other than for Lessor Liens.

         2.4 LEASE SUPPLEMENTS. On or prior to each Basic Term Commencement
Date, Lessee and Lessor shall each execute and deliver a Lease Supplement for
the Property to be leased effective as of such Basic Term Commencement Date in
substantially the form of EXHIBIT A hereto. Lessee hereby irrevocably appoints
Lessor as Lessee's attorney-in-fact, with power of substitution, in the name of
Lessor or the name of Lessee or otherwise, to execute any Lease Supplement which
Lessee fails or refuses to sign in accordance with the terms of this SECTION
2.4.

         2.5 SUBSIDIARIES AS LESSEE. Subject to the consent of the
Administrative Agent and the delivery of such agreements and documents as the
Administrative Agent may require (including without limitation the Guaranty of
Tech Data), documents perfecting the liens of the Owner Trustee, Agent, Lenders
and Holders under the Operative Agreements and written opinions of counsel for
the Lessee and any applicable Subsidiary, a Subsidiary of Tech Data may become
party to this Lease as a Lessee (each, an "alternative Lessee") of a Property,
and shall be liable (jointly and severally with Tech Data) for all obligations
as Lessee. Without limiting the generality of the foregoing, (a) Tech Data shall
remain fully liable for all obligations as Lessee and Construction Agent with
respect to each Property, and (b) Tech Data, as and on behalf of the Lessee with
respect to each Property, shall have the right to give any notice, consent or
waiver, to exercise any option permitted under any Operative Agreement, and to
agree to any amendment or modification with respect to any Operative Agreement
or any Property (and each alternative Lessee hereby grants to Tech Data an
irrevocable power-of-attorney to take any such actions) without the necessity of
obtaining any consent of any alternative Lessee, and any other party to the
Operative Agreements shall be fully protected in relying on any such actions
taken by Tech Data or (with respect to the applicable Property) by an
alternative Lessee. Without limiting the generality of the foregoing, any
Operative Agreement may be amended or modified without obtaining the consent of
any alternative Lessee.

                                       2
<PAGE>

                                   ARTICLE III

         3.1      RENT.

                  (a) Lessee shall pay Basic Rent on each Payment Date, and on
         any date on which this Lease shall terminate with respect to any or all
         Properties during the Term; provided, however, with respect to each
         individual Property Lessee shall have no obligation to pay Basic Rent
         with respect to such Property until the earlier of (i) the Completion
         Date for such Property or (ii) if such Property is a Construction
         Period Property as of the date of any Agency Agreement Event of
         Default, the date of such Agency Agreement Event of Default (in each
         case, such earlier date being referred to as the "Basic Rent
         Commencement Date"). The Lessor and the Lessee acknowledge and agree
         that since the respective Closing Date for each Existing Property
         (other than any Incomplete Existing Property) has occurred prior to the
         Initial Closing Date, the Basic Rent Commencement Date has already
         occurred for each such Property, and the Lessee must pay Basic Rent
         from and after the date hereof for each such Property.

                  (b) Basic Rent shall be due and payable in lawful money of the
         United States and shall be paid in immediately available funds on the
         due date therefor (or within the applicable grace period) to such
         account or accounts as Lessor shall from time to time direct.

                  (c) Lessee's inability or failure to take possession of all or
         any portion of any Property when delivered by Lessor, whether or not
         attributable to any act or omission of the Lessor, the Construction
         Agent, Lessee, or any other Person, or for any other reason whatsoever,
         shall not delay or otherwise affect Lessee's obligation to pay Rent for
         such Property in accordance with the terms of this Lease.

         3.2 PAYMENT OF BASIC RENT. Basic Rent shall be paid absolutely net to
Lessor or its designee, so that this Lease shall yield to Lessor the full amount
of Basic Rent, without setoff, deduction or reduction.

         3.3 SUPPLEMENTAL RENT. Lessee shall pay to Lessor or its designee or to
the Person entitled thereto any and all Supplemental Rent promptly as the same
shall become due and payable, and if Lessee fails to pay any Supplemental Rent,
Lessor shall have all rights, powers and remedies provided for herein or by law
or equity or otherwise in the case of nonpayment of Basic Rent. Without limiting
the generality of the definition of "Supplemental Rent," Lessee shall pay to
Lessor as Supplemental Rent, among other things, on demand, to the extent
permitted by applicable Legal Requirements, (a) any and all unpaid Commitment
Fees, Holder Commitment Fees, Owner Trustee fees, other fees, charges,
prepayment penalties, Taxes, insurance costs, indemnities, expenses, payments
and other obligations (except the obligations of Lessor to pay the principal
amount of the Loans and the Holder Amount) due and owing by Lessor under the
Credit Agreement, the Trust Agreement or any other Operative Agreement
(including specifically without limitation any amounts owing to the Lenders
under SECTION 2.11 or SECTION 2.12 of the Credit Agreement and any amounts owing
to the Holders under SECTION 3.9 or SECTION 3.10 of the Trust Agreement) and (b)
interest at the applicable Overdue Rate on

                                       3
<PAGE>

any installment of Basic Rent not paid when due (subject to the applicable grace
period) for the period for which the same shall be overdue and on any payment of
Supplemental Rent not paid when due or demanded by the appropriate Person for
the period from the due date or the date of any such demand, as the case may be,
until the same shall be paid. The expiration or other termination of Lessee's
obligations to pay Basic Rent hereunder shall not limit or modify the
obligations of Lessee with respect to Supplemental Rent. Unless expressly
provided otherwise in this Lease, in the event of any failure on the part of
Lessee to pay and discharge any Supplemental Rent as and when due, Lessee shall
also promptly pay and discharge any fine, penalty, interest or cost which may be
assessed or added, pursuant to any Operative Agreement or otherwise, in each
case for nonpayment or late payment of such Supplemental Rent, all of which
shall also constitute Supplemental Rent.

         3.4 PERFORMANCE ON A NON-BUSINESS DAY. If any Basic Rent is required
hereunder on a day that is not a Business Day, then such Basic Rent shall be due
on the corresponding Scheduled Interest Payment Date. If any Supplemental Rent
is required hereunder on a day that is not a Business Day, then such
Supplemental Rent shall be due on the next succeeding Business Day.

         3.5 RENT PAYMENT PROVISIONS. Lessee shall make payment of all Basic
Rent and Supplemental Rent when due regardless of whether any of the Operative
Agreements pursuant to which same is calculated and is owing shall have been
rejected, avoided or disavowed in any bankruptcy or insolvency proceeding
involving any of the parties to any of the Operative Agreements. Such provisions
of such Operative Agreements and their related definitions are incorporated
herein by reference and shall survive any termination, amendment or rejection of
any such Operative Agreements.

                                   ARTICLE IV

         4.1 UTILITY CHARGES; TAXES. Lessee shall pay or cause to be paid all
charges for electricity, power, gas, oil, water, telephone, sanitary sewer
service and all other rents and utilities used in or on a Property and related
real property during the Term. Lessee shall be entitled to receive any credit or
refund with respect to any utility charge paid by Lessee, PROVIDED THAT Lessee
must collect any such credit or refund from Lessor or the respective utility
company (as the case may be) and shall not be entitled to offset any such amount
owed to Lessee against Rent payable by the Lessee hereunder. Unless a Lease
Default or Lease Event of Default shall have occurred and be continuing, the
amount of any credit or refund received by Lessor on account of any utility
charges paid by Lessee, net of the costs and expenses incurred by Lessor in
obtaining such credit or refund, shall be promptly paid over to Lessee. In
addition, Lessee shall pay or cause to be paid all taxes or tax assessments
against a Property. All charges for utilities and all taxes or tax assessments
imposed with respect to a Property for a billing period (or in the cases of tax
assessments, a tax period) during which this Lease expires or terminates shall
be adjusted and prorated on a daily basis between Lessor and Lessee, and each
party shall pay or reimburse the other for such party's pro rata share thereof.

                                       4
<PAGE>

                                    ARTICLE V

         5.1 QUIET ENJOYMENT. Subject to the rights of Lessor contained in
SECTIONS 17.2 AND 17.3 and the other terms of this Lease and the other Operative
Agreements and so long as no Lease Event of Default shall have occurred and be
continuing, Lessee shall peaceably and quietly have, hold and enjoy each
Property for the applicable Term, free of any claim or other action by Lessor or
anyone rightfully claiming by, through or under Lessor (other than Lessee) with
respect to any matters arising from and after the applicable Basic Term
Commencement Date.

                                   ARTICLE VI

         6.1 NET LEASE. This Lease shall constitute a net lease. Without
limiting the Construction Agent's rights to request Fundings with respect to
each Construction Period Property in accordance with the provisions of the
Participation Agreement prior to the respective Basic Rent Commencement Date,
Lessee shall pay all operating expenses arising out of the use, operation or
occupancy of each Property. Any present or future law to the contrary
notwithstanding, this Lease shall not terminate, nor shall Lessee be entitled to
any abatement, suspension, deferment, reduction, setoff, counterclaim, or
defense with respect to the Rent, nor shall the obligations of Lessee hereunder
be affected (except as expressly herein permitted and by performance of the
obligations in connection therewith) by reason of: (a) any damage to or
destruction of any Property or any part thereof; (b) any taking of any Property
or any part thereof or interest therein by Condemnation or otherwise; (c) any
prohibition, limitation, restriction or prevention of Lessee's use, occupancy or
enjoyment of any Property or any part thereof, or any interference with such
use, occupancy or enjoyment by any Person or for any other reason; (d) any title
defect, Lien or any matter affecting title to any Property; (e) any eviction by
paramount title or otherwise; (f) any default by Lessor hereunder; (g) any
action for bankruptcy, insolvency, reorganization, liquidation, dissolution or
other proceeding relating to or affecting the Agent, any Lender, Lessor, Lessee,
any Holder or any Governmental Authority; (h) the impossibility or illegality of
performance by Lessor, Lessee or both; (i) any action of any Governmental
Authority or any other Person; (j) Lessee's acquisition of ownership of all or
part of any Property; (k) breach of any warranty or representation with respect
to any Property or any Operative Agreement; (l) any defect in the condition,
quality or fitness for use of any Property or any part thereof; or (m) any other
cause or circumstance whether similar or dissimilar to the foregoing and whether
or not Lessee shall have notice or knowledge of any of the foregoing. The
foregoing clause (j) shall not prevent the termination of the Lease in
accordance with the terms hereof if the Lessee purchases all of the Properties
pursuant to SECTION 20.1, or the termination of the Lease with respect to an
individual Property if the Lessee purchases such Property pursuant to SECTION
20.1. The parties intend that the obligations of Lessee hereunder shall be
covenants, agreements and obligations that are separate and independent from any
obligations of Lessor hereunder and shall continue unaffected unless such
covenants, agreements and obligations shall have been modified or terminated in
accordance with an express provision of this Lease. Lessor and Lessee
acknowledge and agree that the provisions of this SECTION 6.1 have been
specifically reviewed and subject to negotiation.

                                       5
<PAGE>

         6.2 NO TERMINATION OR ABATEMENT. Lessee shall remain obligated under
this Lease in accordance with its terms and shall not take any action to
terminate, rescind or avoid this Lease, notwithstanding any action for
bankruptcy, insolvency, reorganization, liquidation, dissolution, or other
proceeding affecting Lessor, any other Person or any Governmental Authority, or
any action with respect to this Lease or any Operative Agreement which may be
taken by any trustee, receiver or liquidator of Lessor, any other Person or any
Governmental Authority or by any court with respect to Lessor, any other Person
or any Governmental Authority. Lessee hereby waives all right (a) to terminate
or surrender this Lease (except as permitted under the terms of the Operative
Agreements) or (b) to avail itself of any abatement, suspension, deferment,
reduction, setoff, counterclaim or defense with respect to any Rent. Lessee
shall remain obligated under this Lease in accordance with its terms and Lessee
hereby waives any and all rights now or hereafter conferred by statute or
otherwise to modify or to avoid strict compliance with its obligations under
this Lease. Notwithstanding any such statute or otherwise, Lessee shall be bound
by all of the terms and conditions contained in this Lease.

                                   ARTICLE VII

         7.1      OWNERSHIP OF THE PROPERTIES.

                  (a) Lessor and Lessee intend that for federal and all state
         and local income tax purposes and other tax purposes, for bankruptcy
         purposes, creditor's rights purposes, environmental law purposes, for
         purposes of exercising remedies against the Lessee, the Construction
         Agent or the Properties, and for all other legal purposes (A) this
         Lease will be treated as a loan and financing arrangement and not a
         true lease, (B) Lessee will be treated as the owner of the Properties
         and will be entitled to all tax benefits ordinarily available to owners
         of property similar to the Properties for such tax purposes, and (C)
         all payments of Basic Rent shall be deemed to be interest payments.
         Consistent with the foregoing, Lessee intends to claim depreciation and
         cost recovery deductions associated with the Property, and Lessor
         agrees not to take any inconsistent position on its income tax returns.
         Neither Lessor, the Agent, any Lender, any Holder nor BAS makes any
         representation or warranty with respect to the foregoing matters
         described in this SECTION 7.1 and will assume no liability for the
         Lessee's accounting or tax treatment of this transaction.

                  (b) Lessor and Lessee further intend and agree that, for the
         purpose of securing Lessee's obligations hereunder, (i) this Lease
         shall be deemed to be a security agreement and financing statement
         within the meaning of Article 9 of the Uniform Commercial Code
         respecting each of the Properties to the extent such is personal
         property and an irrevocable grant and conveyance of a lien and mortgage
         on each of the Properties to the extent such is real property; (ii) the
         acquisition of title (or to the extent applicable, a leasehold
         interest) in each Property referenced in ARTICLE II shall be deemed to
         be (A) a grant by Lessee to Lessor of a lien on and security interest
         in all of Lessee's right, title and interest in and to each Property
         and all proceeds (including without limitation insurance proceeds) of
         any of the Property, whether in the form of cash, investments,
         securities or other property, and (B) an assignment by Lessee to Lessor
         of all rents, profits and income produced by any of the Property; and
         (iii) notifications to

                                       6
<PAGE>

         Persons holding such property, and acknowledgments, receipts or
         confirmations from financial intermediaries, bankers or agents (as
         applicable) of Lessee shall be deemed to have been given for the
         purpose of perfecting such security interest under applicable law.
         Lessor and Lessee shall promptly take such actions as may be necessary
         or advisable in either party's opinion (including without limitation
         the filing of Uniform Commercial Code Financing Statements or Uniform
         Commercial Code Fixture Filings) to ensure that the lien and security
         interest in each Property will be deemed to be a perfected lien and
         security interest of first priority under applicable law and will be
         maintained as such throughout the Term.

                                  ARTICLE VIII

         8.1 CONDITION OF THE PROPERTIES. LESSEE ACKNOWLEDGES AND AGREES THAT IT
IS LEASING EACH PROPERTY "AS IS" WITHOUT REPRESENTATION, WARRANTY OR COVENANT
(EXPRESS OR IMPLIED) BY LESSOR AND IN EACH CASE SUBJECT TO (A) THE EXISTING
STATE OF TITLE, (B) THE RIGHTS OF ANY PARTIES IN POSSESSION THEREOF (IF ANY),
(C) ANY STATE OF FACTS WHICH AN ACCURATE SURVEY OR PHYSICAL INSPECTION MIGHT
SHOW, (D) ALL APPLICABLE LEGAL REQUIREMENTS AND (E) VIOLATIONS OF LEGAL
REQUIREMENTS WHICH MAY EXIST ON THE DATE OF THE APPLICABLE LEASE SUPPLEMENT.
NEITHER LESSOR NOR THE AGENT NOR ANY LENDER NOR ANY HOLDER HAS MADE OR SHALL BE
DEEMED TO HAVE MADE ANY REPRESENTATION, WARRANTY OR COVENANT (EXPRESS OR
IMPLIED) OR SHALL BE DEEMED TO HAVE ANY LIABILITY WHATSOEVER AS TO THE TITLE,
VALUE, HABITABILITY, USE, CONDITION, DESIGN, OPERATION, MERCHANTABILITY OR
FITNESS FOR USE OF ANY PROPERTY (OR ANY PART THEREOF), OR ANY OTHER
REPRESENTATION, WARRANTY OR COVENANT WHATSOEVER, EXPRESS OR IMPLIED, WITH
RESPECT TO ANY PROPERTY (OR ANY PART THEREOF), AND NEITHER LESSOR NOR THE AGENT
NOR ANY LENDER NOR ANY HOLDER SHALL BE LIABLE FOR ANY LATENT, HIDDEN, OR PATENT
DEFECT THEREON OR THE FAILURE OF ANY PROPERTY, OR ANY PART THEREOF, TO COMPLY
WITH ANY LEGAL REQUIREMENT. THE LESSEE HAS OR WILL HAVE BEEN AFFORDED FULL
OPPORTUNITY TO INSPECT EACH PROPERTY AND THE IMPROVEMENTS THEREON (IF ANY), IS
OR WILL BE (INSOFAR AS THE LESSOR, THE AGENT, EACH LENDER AND EACH HOLDER ARE
CONCERNED) SATISFIED WITH THE RESULTS OF ITS INSPECTIONS AND IS ENTERING INTO
THIS LEASE SOLELY ON THE BASIS OF THE RESULTS OF ITS OWN INSPECTIONS, AND ALL
RISKS INCIDENT TO THE MATTERS DESCRIBED IN THE PRECEDING SENTENCE, AS BETWEEN
THE LESSOR, THE AGENT, THE LENDERS AND THE HOLDERS, ON THE ONE HAND, AND THE
LESSEE, ON THE OTHER HAND, ARE TO BE BORNE BY LESSEE.

         8.2      POSSESSION AND USE OF THE PROPERTIES.

                  (a) At all times during the Term with respect to each
         Property, such Property shall be used by Lessee in the ordinary course
         of its business. Lessee shall pay, or cause to be paid, all charges and
         costs required in connection with the use of the Properties as

                                       7
<PAGE>

         contemplated by this Lease. Lessee shall not commit or permit any waste
         of the Properties or any part thereof.

                  (b) Lessee represents and warrants that the address stated in
         SECTION 29.1 of this Lease is the chief place of business and chief
         executive office of Lessee (as such terms are used in Section 9-103 of
         the Uniform Commercial Code of any applicable jurisdiction), and Lessee
         will provide Lessor with prior written notice of any change of location
         of its chief place of business or chief executive office. Regarding
         each Property, Lessee represents and warrants that each Lease
         Supplement correctly identifies the initial location of the related
         Equipment and Improvements and contains an accurate legal description
         for the related parcel of Land. Lessee has no other places of business
         where the Equipment or Improvements will be located other than those
         identified on the applicable Lease Supplement.

                  (c) Lessee will not attach or incorporate any item of
         Equipment to or in any other item of equipment or personal property or
         to or in any real property (except the Land identified in the Lease
         Supplement in which such Equipment is also described) in a manner that
         could give rise to the assertion of any Lien (other than a Permitted
         Lien) on such item of Equipment by reason of such attachment or the
         assertion of a claim that such item of Equipment has become a fixture
         and is subject to a Lien in favor of a third party that is prior to the
         Liens thereon created by the Operative Agreements.

                  (d) Each Lease Supplement delivered under the terms of this
         Lease shall contain, in regard to the relevant Property, an Equipment
         Schedule that has a complete description of each item of Equipment, an
         Improvement Schedule that has a complete description of each
         Improvement and a legal description of the Land, to be leased hereunder
         as of such date. Simultaneously with the execution and delivery of each
         Lease Supplement, such Equipment, Improvements and Land shall be deemed
         to have been accepted by Lessee for all purposes of this Lease and to
         be subject to this Lease.

                  (e) At all times during the Term with respect to each
         Property, Lessee will comply with all obligations under, and (to the
         extent no Event of Default has occurred and is continuing and provided
         that such exercise will not impair the value of such Property) shall be
         permitted to exercise all rights and remedies under, all operation and
         easement agreements and related or similar agreements applicable to
         such Property.

                                   ARTICLE IX

         9.1 COMPLIANCE WITH LEGAL REQUIREMENTS AND INSURANCE REQUIREMENTS.
Subject to the terms of ARTICLE XIII relating to permitted contests, Lessee, at
its sole cost and expense (without limiting the Construction Agent's rights to
request Fundings with respect to each Construction Period Property in accordance
with the provisions of the Participation Agreement prior to the respective Basic
Rent Commencement Date), shall (i) comply with all Legal Requirements (including
without limitation all Environmental Laws), and all Insurance Requirements
relating to the Properties, including the use, development, construction,
operation, maintenance, repair, refurbishment and restoration thereof, whether
or not compliance therewith

                                       8
<PAGE>

shall require structural or extraordinary changes in the Improvements or
interfere with the use and enjoyment of the Properties, and (ii) procure,
maintain and comply with all licenses, permits, orders, approvals, consents and
other authorizations required for the construction, use, maintenance and
operation of the Properties and for the use, development, construction,
operation, maintenance, repair and restoration of the Improvements.

                                    ARTICLE X

         10.1     MAINTENANCE AND REPAIR; RETURN.

                  (a) Lessee, at its sole cost and expense (without limiting the
         Construction Agent's rights to request Fundings with respect to each
         Construction Period Property in accordance with the provisions of the
         Participation Agreement prior to the respective Basic Rent Commencement
         Date), shall maintain each Property in good condition, repair and
         working order (ordinary wear and tear excepted) and make all necessary
         repairs thereto, of every kind and nature whatsoever, whether interior
         or exterior, ordinary or extraordinary, structural or nonstructural, or
         foreseen or unforeseen, in each case as required by all Legal
         Requirements, Insurance Requirements, and manufacturer's specifications
         and standards and on a basis consistent with the operation and
         maintenance of properties or equipment comparable in type and function
         to the applicable Property and in compliance with standard industry
         practice, subject, however, to the provisions of ARTICLE XV with
         respect to Condemnation and Casualty.

                  (b) Lessee shall not use or locate any component of any
         Property outside of any Approved Country. Lessee shall not move or
         relocate any component of any Property beyond the boundaries of the
         Land described in the applicable Lease Supplement without Lessor's
         prior written consent, which consent shall not be unreasonably withheld
         or delayed.

                  (c) If any material component of any Property becomes worn
         out, lost, destroyed, damaged beyond repair or otherwise permanently
         rendered unfit for use, Lessee, at its own expense (without limiting
         the Construction Agent's rights to request Fundings with respect to
         each Construction Period Property in accordance with the provisions of
         the Participation Agreement prior to the respective Basic Rent
         Commencement Date), will within a reasonable time replace such
         component with a replacement component which is free and clear of all
         Liens (other than Permitted Liens) and has a value, utility and useful
         life at least equal to the component replaced. All components which are
         added to any Property shall immediately become the property of, and
         title thereto shall vest in, Lessor, and shall be deemed incorporated
         in such Property and subject to the terms of this Lease as if
         originally leased hereunder.

                  (d) Upon reasonable advance notice, Lessor and its agents
         shall have the right to inspect each Property and all maintenance
         records with respect thereto at any reasonable time during normal
         business hours but shall not materially disrupt the business of Lessee.

                                       9
<PAGE>

                  (e) Lessor or the Agent (at Lessee's sole expense) may cause
         to be prepared (at Lessee's sole expense) any additional Appraisals (or
         reappraisals) as Lessor or the Agent may deem appropriate (i) if an
         Event of Default has occurred and is continuing, or (ii) if any one of
         Lessor, the Agent, any Lender or any Holder is required pursuant to any
         applicable Legal Requirement to obtain such an Appraisal (or
         reappraisal).

                  (f) Lessor shall under no circumstances be required to build
         any improvements on any Property, make any repairs, replacements,
         alterations or renewals of any nature or description to any Property,
         make any expenditure whatsoever in connection with this Lease or
         maintain any Property in any way. Lessor shall not be required to
         maintain, repair or rebuild all or any part of any Property, and Lessee
         waives the right to (i) require Lessor to maintain, repair, or rebuild
         all or any part of any Property (unless such repairs are needed to cure
         damage to a Property caused by the gross negligence or willful
         misconduct of the Lessor), or (ii) make repairs at the expense of
         Lessor pursuant to any Legal Requirement, Insurance Requirement,
         contract, agreement, covenants, condition or restriction at any time in
         effect.

                  (g) Lessee shall, upon the expiration of the Term or earlier
         termination of this Lease with respect to a Property, if Lessee shall
         not have exercised its Purchase Option with respect to such Property,
         surrender such Property to Lessor, or the third party purchaser, as the
         case may be, subject to Lessee's obligations under this Lease
         (including without limitation SECTIONS 9.1, 10.1(A)-(F), 10.2, 11.1,
         12.1, 22.1 AND 23.1).

         10.2 ENVIRONMENTAL INSPECTION. If (a) Lessee has not given notice of
the exercise of its Purchase Option on the Expiration Date or the Preliminary
Expiration Date pursuant to SECTION 20.1(B), or (b) Lessee has given notice,
pursuant to SECTION 20.1(B) of its election to remarket the Properties on the
Expiration Date or the Preliminary Expiration Date pursuant to SECTION 22.1
then, in either case, not more than one hundred twenty (120) days nor less than
sixty (60) days prior to such Applicable Expiration Date, Lessee shall, at its
sole cost and expense, provide to Lessor and the Agent a report by a reputable
environmental consultant selected by Lessee, which report shall be in form and
substance reasonably satisfactory to Lessor and the Agent and shall include
without limitation a "Phase I" environmental report (or update of a prior "Phase
I" report that was previously delivered to the Lessor and the Agent) on each of
the Properties. If the report delivered pursuant to the preceding sentence
recommends that a "Phase II" report or other supplemental report be obtained,
the Lessee shall, at its own cost and expense, not less than thirty (30) days
prior to such Applicable Expiration Date, provide to Lessor and the Agent such
"Phase II" or other report, in form and substance reasonably satisfactory to
Lessor and the Agent. If Lessee fails to provide such Phase I, Phase II or other
supplemental reports with respect to any Property within the time periods
required by this SECTION 10.2, or if such report or reports are not satisfactory
in scope or content to the Agent or the Lessor (in their sole discretion), then
notwithstanding any other provision of this Lease, Lessor may require Lessee to
purchase all of the Properties on such Applicable Expiration Date for the
Termination Value thereof, plus all Rent due and payable, and all other amounts
due and owing under any Operative Agreement.

                                       10
<PAGE>

                                   ARTICLE XI

         11.1     MODIFICATIONS.

                  (a) Lessee at its sole cost and expense (without limiting the
         Construction Agent's rights to request Fundings with respect to each
         Construction Period Property in accordance with the provisions of the
         Participation Agreement prior to the respective Basic Rent Commencement
         Date), at any time and from time to time without the consent of Lessor
         may make alterations, renovations, improvements and additions to any
         Property or any part thereof and substitutions and replacements
         therefor (collectively, "Modifications") (and shall make any
         Modification required by applicable Legal Requirements or by any
         Governmental Authority); PROVIDED, that: (i) except for any
         Modification required to be made pursuant to a Legal Requirement, no
         Modification shall materially impair the value, utility or useful life
         of any Property from that which existed immediately prior to such
         Modification; (ii) the Modification shall be done expeditiously and in
         a good and workmanlike manner; (iii) Lessee shall comply with all Legal
         Requirements (including all Environmental Laws) and Insurance
         Requirements applicable to the Modification, including without
         limitation the obtaining of all permits and certificates of occupancy,
         and the structural integrity of any Property shall not be adversely
         affected; (iv) to the extent required by SECTION 14.2(A), Lessee shall
         (without limiting the Construction Agent's rights to request Fundings
         with respect to each Construction Period Property in accordance with
         the provisions of the Participation Agreement prior to the respective
         Basic Rent Commencement Date) maintain builders' risk insurance at all
         times when a Modification is in progress; (v) subject to the terms of
         ARTICLE XIII relating to permitted contests, Lessee shall (without
         limiting the Construction Agent's rights to request Fundings with
         respect to each Construction Period Property in accordance with the
         provisions of the Participation Agreement prior to the respective Basic
         Rent Commencement Date) pay all costs and expenses and discharge any
         Liens (other than Permitted Liens) arising with respect to the
         Modification; (vi) such Modification shall comply with the requirements
         of this Lease (including without limitation SECTIONS 8.2 AND 10.1); and
         (vii) no Improvements shall be demolished unless Lessee shall finance
         the proposed Modification outside of this lease facility. Modifications
         that (y) are not required for any Property or any part thereof pursuant
         to any Legal Requirement or otherwise and (z) are severable from the
         applicable Property without damage or other loss of value to such
         Property shall become property of the Lessee, and title to such
         Modifications shall rest with the Lessee. Except as set forth in the
         immediately preceding sentence, title to each Modification shall
         immediately vest in Lessor, and each such Modification shall be subject
         to this Lease.

                  (b) The construction process provided for in the Agency
         Agreement is acknowledged by Lessor and the Agent to be consistent with
         and in compliance with the terms and provisions of this ARTICLE XI.

                                       11
<PAGE>

                                   ARTICLE XII

         12.1     WARRANTY OF TITLE.

                  (a) Lessee agrees that, except as otherwise provided herein
         and subject to the terms of ARTICLE XIII relating to permitted
         contests, Lessee shall not directly or indirectly create or allow to
         remain, and shall promptly discharge at its sole cost and expense, (i)
         any Lien, defect, attachment, levy, title retention agreement or claim
         upon any Property or any Modifications or (ii) any Lien, attachment,
         levy or claim with respect to the Rent or with respect to any amounts
         held by the Agent pursuant to the Credit Agreement, in each case other
         than Permitted Liens and Lessor Liens. Lessee shall promptly notify
         Lessor in the event it receives actual knowledge that a Lien other than
         a Permitted Lien or Lessor Lien has occurred with respect to a
         Property, and Lessee represents and warrants to, and covenants with,
         Lessor that the Liens in favor of the Lessor created by the Operative
         Agreements are first priority perfected Liens subject only to Permitted
         Liens.

                  (b) Nothing contained in this Lease shall be construed as
         constituting the consent or request of Lessor, expressed or implied, to
         or for the performance by any contractor, mechanic, laborer,
         materialman, supplier or vendor of any labor or services or for the
         furnishing of any materials for any construction, alteration, addition,
         repair or demolition of or to any Property or any part thereof. NOTICE
         IS HEREBY GIVEN THAT LESSOR IS NOT AND SHALL NOT BE LIABLE FOR ANY
         LABOR, SERVICES OR MATERIALS FURNISHED OR TO BE FURNISHED TO LESSEE, OR
         TO ANYONE HOLDING A PROPERTY OR ANY PART THEREOF THROUGH OR UNDER
         LESSEE, AND THAT NO MECHANIC'S OR OTHER LIENS FOR ANY SUCH LABOR,
         SERVICES OR MATERIALS SHALL ATTACH TO OR AFFECT THE INTEREST OF LESSOR
         IN AND TO ANY PROPERTY.

                                  ARTICLE XIII

         13.1 PERMITTED CONTESTS OTHER THAN IN RESPECT OF INDEMNITIES. Except to
the extent otherwise provided for in SECTION 13 of the Participation Agreement,
Lessee, on its own or on Lessor's behalf but at Lessee's sole cost and expense,
may contest, by appropriate administrative or judicial proceedings conducted in
good faith and with due diligence, the amount, validity or application, in whole
or in part, of any Legal Requirement, or utility charges payable pursuant to
SECTION 4.1 or any Lien, attachment, levy, encumbrance or encroachment, and
Lessor agrees not to pay, settle or otherwise compromise any such item, provided
that (a) the commencement and continuation of such proceedings shall suspend the
collection of any such contested amount from, and suspend the enforcement
thereof against, the applicable Properties, Lessor, each Holder, the Agent and
each Lender; (b) there shall not be imposed a Lien (other than Permitted Liens)
on any Property and no part of any Property nor any Rent shall be in any danger
of being sold, forfeited, lost or deferred; (c) at no time during the permitted
contest shall there be a risk of the imposition of criminal liability or
material civil liability on Lessor, any Holder, the Agent or any Lender for
failure to comply therewith; and (d) in the event that, at any time, there shall
be a material risk of extending the application of such item beyond the end of
the Term, then Lessee shall deliver to Lessor an Officer's Certificate
certifying as to the matters set forth in clauses (a),

                                       12
<PAGE>

(b) and (c) of this SECTION 13.1. Lessor, at Lessee's sole cost and expense,
shall execute and deliver to Lessee such authorizations and other documents as
may reasonably be required in connection with any such contest and, if
reasonably requested by Lessee, shall join as a party therein at Lessee's sole
cost and expense.

                                   ARTICLE XIV

         14.1 PUBLIC LIABILITY AND WORKERS' COMPENSATION INSURANCE. During the
Term of each Property, Lessee shall procure and carry, at Lessee's sole cost and
expense, commercial general liability insurance for claims for injuries or death
sustained by persons or damage to property while on the Properties or the
premises where the Equipment is located and such other public liability
coverages as are then customarily carried by similarly situated companies
conducting business similar to that conducted by Lessee. Such insurance shall be
on terms and in amounts (and with deductibles and limitations on coverage) that
are (a) reasonably satisfactory to Lessor, the Agent and (b) no less favorable
than insurance maintained by Lessee with respect to similar properties and
equipment that it owns and are then carried by similarly situated companies
conducting business similar to that conducted by Lessee. The policies shall be
endorsed to name Lessor, the Agent, the Lenders and the Holders as additional
insureds. The policies shall also specifically provide that such policies shall
be considered primary insurance which shall apply to any loss or claim before
any contribution by any insurance which Lessor, any Holder, the Agent or any
Lender may have in force. Lessee shall, in the operation of the Properties,
comply with the applicable workers' compensation laws and protect Lessor, each
Holder, the Agent and each Lender against any liability under such laws.

         14.2     HAZARD AND OTHER INSURANCE.

                  (a) During the Term for each Property, Lessee shall keep, or
         cause to be kept, such Property insured against loss or damage by fire
         and all other risks, and shall maintain builders' risk insurance during
         construction of any Improvements or Modifications, in each case in
         amounts not less than the replacement value from time to time of such
         Property and on terms that (i) are no less favorable than insurance
         covering other similar properties owned by Lessee and (ii) are then
         carried by similarly situated companies conducting business similar to
         that conducted by Lessee. The policies shall be endorsed to name Lessor
         and the Agent (for itself and on behalf of the Lenders and the
         Holders), to the extent of their respective interests, as additional
         insureds and loss payees; PROVIDED, that so long as no Lease Event of
         Default has occurred and is continuing, any loss payable under the
         insurance policies required by this Section will be paid to Lessee.

                  (b) If, during the Term with respect to a Property the area in
         which such Property is located is designated a "flood-prone" area
         pursuant to the Flood Disaster Protection Act of 1973, or any
         amendments or supplements thereto, then Lessee shall comply with the
         National Flood Insurance Program as set forth in the Flood Disaster
         Protection Act of 1973. In addition, Lessee will fully comply with the
         requirements of the National Flood Insurance Act of 1968 and the Flood
         Disaster Protection Act of 1973, as each may be amended from time to
         time, and with any other Legal Requirement concerning flood insurance
         to the extent that it may apply to any such Property.

                                       13
<PAGE>

         14.3     COVERAGE.

                  (a) As of the date of this Lease and annually thereafter,
         Lessee shall furnish Lessor and the Agent with certificates prepared by
         the insurers or insurance broker of Lessee showing the insurance
         required under SECTIONS 14.1 AND 14.2 to be in effect, naming (except
         with respect to workers' compensation insurance) Lessor, the Agent,
         each Lender and each Holder as an additional insured on all insurance
         described in SECTION 14.1, and the Agent (for itself and on behalf of
         the Lenders and the Holders) as additional insured and loss payee on
         all insurance described in SECTION 14.2, and in each case evidencing
         the other requirements of this ARTICLE XIV. All such insurance shall be
         at the cost and expense of Lessee and provided by nationally
         recognized, financially sound insurance companies with an A.M. Best
         rating of not less than A- (A minus). Such certificates shall include a
         provision for thirty (30) days' advance written notice by the insurer
         to Lessor and the Agent in the event of cancellation or material
         alteration of such insurance. If a Lease Event of Default has occurred
         and is continuing and Lessor so requests, Lessee shall deliver to
         Lessor copies of all insurance policies required by SECTIONS 14.1 AND
         14.2.

                  (b) Lessee agrees that any insurance policy required by
         SECTIONS 14.1, 14.2(A) AND 14.2(B) shall include an appropriate
         provision that such policy will not be invalidated should Lessee waive,
         at any time, any or all rights of recovery against any party for losses
         covered by such policy or due to any breach of warranty, fraud, action,
         inaction or misrepresentation by Lessee or any Person acting on behalf
         of Lessee. Lessee hereby waives any and all such rights against the
         Lessor, the Holders, the Agent and the Lenders to the extent of
         payments made to any such Person under any such policy.

                  (c) Neither Lessor nor Lessee shall carry separate insurance
         concurrent in kind or form or contributing in the event of loss with
         any insurance required under this ARTICLE XIV, except that Lessor may
         carry separate liability insurance at Lessor's sole cost so long as (i)
         Lessee's insurance is designated as primary and in no event excess or
         contributory to any insurance Lessor may have in force which would
         apply to a loss covered under Lessee's policy and (ii) each such
         insurance policy will not cause Lessee's insurance required under this
         ARTICLE XIV to be subject to a coinsurance exception of any kind.

                  (d) Lessee shall pay as they become due all premiums for the
         insurance required by SECTION 14.1 AND SECTION 14.2, shall renew or
         replace each policy prior to the expiration date thereof, and shall
         otherwise maintain the coverage required by such Sections without any
         lapse in coverage.

         14.4 ADDITIONAL INSURANCE REQUIREMENTS. Without limiting the generality
of SECTIONS 14.1 through 14.3 above or any other provision of any Operative
Agreement, Lessee shall obtain any and all additional insurance policies with
regard to the Properties or otherwise with respect to the transactions
contemplated by the Operative Agreements, as requested from time to time by
Lessor.

                                       14
<PAGE>

                                   ARTICLE XV

         15.1     CASUALTY AND CONDEMNATION.

                  (a) Subject to the provisions of this ARTICLE XV and ARTICLE
         XVI (in the event Lessee delivers, or is obligated to deliver, a
         Termination Notice), and prior to the occurrence and continuation of a
         Lease Default or Lease Event of Default, Lessee shall be entitled to
         receive (and Lessor hereby irrevocably assigns to Lessee all of
         Lessor's right, title and interest in) any award, compensation or
         insurance proceeds under SECTIONS 14.2(A) OR (B) hereof to which Lessee
         or Lessor may become entitled by reason of their respective interests
         in a Property (i) if all or a portion of such Property is damaged or
         destroyed in whole or in part by a Casualty or (ii) if the use, access,
         occupancy, easement rights or title to such Property or any part
         thereof is the subject of a Condemnation; PROVIDED, HOWEVER, if a Lease
         Default or Lease Event of Default shall have occurred and be continuing
         such award, compensation or insurance proceeds shall be paid directly
         to Lessor or, if received by Lessee, shall be held in trust for Lessor,
         and shall be paid over by Lessee to Lessor and held in accordance with
         the terms of this paragraph (a). All amounts held by Lessor hereunder
         on account of any award, compensation or insurance proceeds either paid
         directly to Lessor or turned over to Lessor shall be held as security
         for the performance of Lessee's obligations hereunder.

                  (b) Lessee may appear in any proceeding or action to
         negotiate, prosecute, adjust or appeal any claim for any award,
         compensation or insurance payment on account of any such Casualty or
         Condemnation and shall pay all expenses thereof. At Lessee's reasonable
         request, and at Lessee's sole cost and expense, Lessor and the Agent
         shall participate in any such proceeding, action, negotiation,
         prosecution or adjustment. Lessor and Lessee agree that this Lease
         shall control the rights of Lessor and Lessee in and to any such award,
         compensation or insurance payment.

                  (c) If Lessee shall receive notice of a Casualty or a possible
         Condemnation of a Property or any interest therein where damage to the
         affected Property is estimated to equal or exceed ten percent (10%) of
         the Property Cost of such Property, Lessee shall give notice thereof to
         the Lessor and to the Agent promptly after the receipt of such notice.

                  (d) In the event of a Casualty or a Condemnation (regardless
         of whether notice thereof must be given pursuant to paragraph (c)),
         this Lease shall terminate with respect to the applicable Property in
         accordance with SECTION 16.1 if Lessee, within thirty (30) days after
         such occurrence, delivers to Lessor and the Agent a Termination Notice
         to such effect.

                  (e) If, pursuant to this SECTION 15.1, this Lease shall
         continue in full force and effect following a Casualty or Condemnation
         with respect to the affected Property, Lessee shall, at its sole cost
         and expense and using, if available, the proceeds of any award,
         compensation or insurance with respect to such Casualty or Condemnation

                                       15
<PAGE>

         (including, without limitation, any such award, compensation or
         insurance which has been received by the Agent and which should be
         turned over to Lessee pursuant to the terms of the Operative
         Agreements, and if not available or sufficient, using its own funds),
         promptly and diligently repair any damage to the applicable Property
         caused by such Casualty or Condemnation in conformity with the
         requirements of SECTIONS 10.1 AND 11.1, using the as-built plans and
         specifications or manufacturer's specifications for the applicable
         Improvements or Equipment (as modified to give effect to any subsequent
         Modifications, any Condemnation affecting the Property and all
         applicable Legal Requirements), so as to restore the applicable
         Property to substantially the same condition, operation, function and
         value as existed immediately prior to such Casualty or Condemnation. In
         such event, title to the applicable Property shall remain with Lessor.

                  (f) In no event shall a Casualty or Condemnation with respect
         to which this Lease remains in full force and effect under this SECTION
         15.1 affect Lessee's obligations to pay Rent pursuant to SECTION 3.1.

                  (g) Notwithstanding anything to the contrary set forth in
         SECTION 15.1(A) OR SECTION 15.1(E), if during the Term with respect to
         a Property a Casualty occurs with respect to such Property or Lessee
         receives notice of a Condemnation with respect to such Property, and
         following such Casualty or Condemnation, (i) the applicable Property
         cannot reasonably be restored, repaired or replaced on or before the
         180th day prior to the Expiration Date (if such Casualty or
         Condemnation occurs during the Term) to substantially the same
         condition as existed immediately prior to such Casualty or
         Condemnation, or (ii) on or before such day such Property is not in
         fact so restored, repaired or replaced, then Lessee shall be required
         to purchase such Property on the next Payment Date and pay Lessor the
         Termination Value for such Property, plus any and all Rent then due and
         owing, plus all other amounts then due and owing (including without
         limitation amounts described in clause FIRST of SECTION 22.2).

         15.2 ENVIRONMENTAL MATTERS. Promptly upon Lessee's actual knowledge of
the presence of Hazardous Substances in any portion of any Property (or in any
other property that is not subject to this Lease if Lessee has reason to believe
that such Hazardous Substances may be caused by an emission from or on, or a
condition on, any Property) in concentrations and conditions that constitute an
Environmental Violation and as to which, in the reasonable opinion of Lessee,
the cost to undertake any legally required response, clean up, remedial or other
action might result in a cost to Lessee or loss in the value of such Property of
more than $100,000, Lessee shall notify Lessor in writing of such condition. In
the event of any Environmental Violation (regardless of whether notice thereof
must be given to Lessor pursuant to the preceding sentence), Lessee shall, not
later than sixty (60) days after Lessee has actual knowledge of such
Environmental Violation, either deliver to Lessor a Termination Notice with
respect to the applicable Property or Properties pursuant to SECTION 16.1, if
applicable, or, at Lessee's sole cost and expense, promptly and diligently
undertake and complete any response, clean up, remedial or other action
necessary to remove, cleanup or remediate the Environmental Violation in
accordance with all Environmental Laws. If Lessee does not deliver a Termination
Notice with respect to such Property pursuant to SECTION 16.1, Lessee shall,
upon completion of remedial action by Lessee, cause to be prepared by a
reputable environmental consultant acceptable to

                                       16
<PAGE>

Lessor a report describing the Environmental Violation and the actions taken by
Lessee (or its agents) in response to such Environmental Violation, and a
statement by the consultant that the Environmental Violation has been remedied
in full compliance with applicable Environmental Law.

         15.3 NOTICE OF ENVIRONMENTAL MATTERS. Promptly, but in any event within
thirty (30) days from the date Lessee has actual knowledge thereof, Lessee shall
provide to Lessor written notice of any pending or threatened Environmental
Claim involving any Environmental Law or any Release on or in connection with
any Property. All such notices shall describe in reasonable detail the nature of
the claim, action or proceeding and Lessee's proposed response thereto. In
addition, Lessee shall provide to Lessor, within five (5) Business Days of
receipt, copies of all material written communications with any Governmental
Authority relating to any Environmental Law in connection with any Property.
Lessee shall also promptly provide such detailed reports of any such material
Environmental Claims as may reasonably be requested by Lessor.

                                   ARTICLE XVI

         16.1 TERMINATION UPON CERTAIN EVENTS. If any of the following occur:
(i) if the requirements of SECTION 15.1(C) are satisfied, or (ii) if the
requirements of SECTION 15.1(D) are satisfied and Lessee has determined pursuant
to such section that following the applicable Casualty or Condemnation this
Lease shall terminate with respect to the affected Property, or (iii) Lessee has
determined pursuant to the second sentence of SECTION 15.2 that, due to the
occurrence of an Environmental Violation, this Lease shall terminate with
respect to the affected Property, then Lessee shall be obligated to deliver,
within sixty (60) days of its receipt of notice of the applicable Condemnation
or the occurrence of the applicable Casualty or Environmental Violation, a
written notice to the Lessor in the form described in SECTION 16.2(A) (a
"Termination Notice") of the termination of this Lease with respect to the
applicable Property.

         16.2     PROCEDURES.

                  (a) A Termination Notice shall contain: (i) notice of
         termination of this Lease with respect to the affected Property on a
         Payment Date not more than sixty (60) days after Lessor's receipt of
         such Termination Notice (the "Termination Date"); and (ii) a binding
         and irrevocable agreement of Lessee to pay the Termination Value for
         the applicable Property, any and all Rent then due and owing and all
         other amounts then due and owing from Lessee under any of the Operative
         Agreements (including without limitation amounts described in clause
         FIRST of SECTION 22.2) and purchase such Property on such Termination
         Date.

                  (b) On each Termination Date, Lessee shall pay to Lessor the
         Termination Value for the applicable Property, any and all Rent then
         due and owing and all other amounts then due and owing from Lessee
         under any of the Operative Agreements (including without limitation
         amounts described in clause FIRST of SECTION 22.2), and Lessor shall
         convey such Property, or the remaining portion thereof, if any, to
         Lessee (or Lessee's designee), all in accordance with SECTION 19.1.

                                       17
<PAGE>

                                  ARTICLE XVII

         17.1 LEASE EVENTS OF DEFAULT. If any one or more of the following
events (each a "Lease Event of Default") shall occur:

                  (a) Lessee or the Construction Agent shall fail to make
         payment of (i) any Basic Rent on the date the same is due or (ii) any
         Termination Value, Maximum Residual Guaranty Amount or Maximum Amount,
         on the date any such payment is due, or any payment of Basic Rent or
         Supplemental Rent due on the due date of any such payment of
         Termination Value, Maximum Residual Guaranty Amount or Maximum Amount,
         or any amount due on the Expiration Date or the Preliminary Expiration
         Date;

                  (b) Lessee shall fail to make payment of any Supplemental Rent
         (other than Supplemental Rent referred to in SECTION 17(A)(II)) due and
         payable within three (3) days after receipt of notice that such payment
         is due;

                  (c) Lessee shall fail to maintain insurance of the types, in
         the respective amounts and coverages, with the respective loss payees,
         additional insureds and insurors required by ARTICLE XIV of this Lease;

                  (d) Lessee, the Construction Agent or any Guarantor shall fail
         to observe or perform any term, covenant or provision (including
         without limitation the Incorporated Covenants) under this Lease or any
         other Operative Agreement to which Lessee, the Construction Agent or
         such Guarantor is a party other than those set forth in SECTIONS
         17.1(A), (B) (C) OR (G) hereof, and such failure shall remain uncured
         for a period of thirty (30) days after the earlier of receipt of
         written notice from Lessor thereof or a Responsible Officer of Lessee
         becomes aware of such failure;

                  (e) An Agency Agreement Event of Default shall have occurred
         and be continuing;

                  (f) (i) Any default, which is not waived, in the payment of
         any principal, interest, premium or other amount with respect to any
         Indebtedness (other than obligations under the Operative Agreements) of
         Tech Data or any Guarantor in an amount not less than $10,000,000 in
         the aggregate outstanding, or (ii) any default, which is not waived, in
         the performance, observance or fulfillment of any term or covenant
         contained in any agreement or instrument under or pursuant to which any
         such Indebtedness referred to in clause (i) may have been issued,
         created, assumed, guaranteed or secured by Tech Data, or (iii) any
         other event of default as specified in any agreement or instrument
         under or pursuant to which any such Indebtedness may have been issued,
         created, assumed, guaranteed or secured by Tech Data, and any such
         default or event of default specified in clauses (i), (ii) or (iii)
         shall continue for more than the period of grace, if any, therein
         specified, or such default or event of default shall permit the holder
         of any such Indebtedness (or any agent or trustee acting on behalf of
         one or more holders) to accelerate the maturity thereof;

                                       18
<PAGE>

                  (g) The breach of any financial covenant or negative covenant
         set forth or incorporated by reference in ARTICLE XXVIII hereof
         (including without limitation any covenant set forth in SECTION 7 or
         SECTION 8 of the Existing Tech Data Credit Agreement, to the extent
         incorporated by reference in ARTICLE XXVIII hereof);

                  (h) Tech Data or any Guarantor shall be unable to pay its
         debts generally as they become due; file a petition to take advantage
         of any insolvency statute; make an assignment for the benefit of its
         creditors; commence a proceeding for the appointment of a receiver,
         trustee, liquidator or conservator of itself or of the whole or any
         substantial part of its property; file a petition or answer seeking
         liquidation, reorganization or arrangement or similar relief under the
         federal bankruptcy laws or any other applicable law or statute;

                  (i) A court of competent jurisdiction shall enter an order,
         judgment or decree appointing a custodian, receiver, trustee,
         liquidator or conservator of Tech Data or any Guarantor or of the whole
         or any substantial part of the properties of Tech Data or any
         Guarantor, and such order, judgment or decree continues unstayed and in
         effect for a period of sixty (60) days, or approve a petition filed
         against Tech Data or any Guarantor seeking liquidation, reorganization
         or arrangement or similar relief under the federal bankruptcy laws or
         any other applicable law or statute of the United States of America or
         any state, which petition is not dismissed within sixty (60) days; or
         if, under the provisions of any other law for the relief or aid of
         debtors, a court of competent jurisdiction shall assume custody or
         control of Tech Data or of the whole or any substantial part of its
         properties, which control is not relinquished within sixty (60) days;
         or if there is commenced against Tech Data or any Guarantor any
         proceeding or petition seeking liquidation, reorganization, arrangement
         or similar relief under the federal bankruptcy laws or any other
         applicable law or statute of the United States of America or any state
         which proceeding or petition remains undismissed for a period of sixty
         (60) days; or if Tech Data or any Guarantor takes any action to
         indicate its consent to or approval of any such proceeding or petition;

                  (j) The entering of any order in any proceedings against Tech
         Data or any Guarantor decreeing the dissolution, divestiture or
         split-up of Tech Data or any Guarantor, and such order remains in
         effect for more than sixty (60) days;

                  (k) Any representation, warranty or statement of fact
         contained in any Operative Agreement or in any writing, report,
         certificate, or statement at any time furnished to Lessor, the Agent,
         any Holder or any Lender, by or on behalf of Lessee, the Construction
         Agent or any Guarantor pursuant to or in connection with this Lease or
         any other Operative Agreement or otherwise, shall be false or
         misleading in any material respect when made;

                  (l) One or more judgments or orders where the amount not
         covered by insurance (or the amount as to which the insurer is found
         not to be liable for) is in excess of $10,000,000 is rendered against
         Tech Data or any Guarantor, or (ii) there is any

                                       19
<PAGE>

         attachment, injunction or execution against any of Tech Data's or any
         Guarantor's properties for any amount in excess of $10,000,000 in the
         aggregate; and such judgment, attachment, injunction or execution
         remains unpaid, unstayed, undischarged, unbonded or undismissed for a
         period of thirty (30) days; or

                  (m) Any material Environmental Violation shall have occurred
         and be continuing;

                  (n) Any Tech Data Credit Agreement Event of Default shall have
         occurred and be continuing;

                  (o) Any Operative Agreement shall cease to be in full force
         and effect; or

                  (p) Any material adverse change in (i) the business, condition
         (financial or otherwise) assets, liabilities or operations of Tech Data
         or any of its Subsidiaries, (ii) the ability of the Lessee, the
         Construction Agent or any of their Subsidiaries to perform its
         respective obligations under any Operative Agreement to which it is a
         party, (iii) the validity or enforceability of any Operative Agreement
         or the rights and remedies of the Agent, the Lenders, the Holders, or
         the Lessor thereunder, or (iv) the validity, priority or enforceability
         of any Lien on any Property created by any of the Operative Agreements,

         then, in any such event, Lessor may, in addition to the other rights
         and remedies provided for in this ARTICLE XVII and in SECTION 18.1,
         terminate this Lease by giving Lessee fifteen (15) days notice of such
         termination, and this Lease shall terminate, and all rights of Lessee
         under this Lease shall cease. Lessee shall, to the fullest extent
         permitted by law, pay as Supplemental Rent all costs and expenses
         incurred by or on behalf of Lessor, including without limitation
         reasonable fees and expenses of counsel, as a result of any Lease Event
         of Default hereunder.

         17.2 SURRENDER OF POSSESSION. If a Lease Event of Default shall have
occurred and be continuing, and whether or not this Lease shall have been
terminated pursuant to SECTION 17.1, Lessee shall, upon thirty (30) days written
notice, surrender to Lessor possession of the Properties. Lessor may enter upon
and repossess the Properties by such means as are available at law or in equity,
and may remove Lessee and all other Persons and any and all personal property
and Lessee's equipment and personalty and severable Modifications from the
Properties. Lessor shall have no liability by reason of any such entry,
repossession or removal performed in accordance with applicable law. Upon the
written demand of Lessor, Lessee shall return the Properties promptly to Lessor,
in the manner and condition required by, and otherwise in accordance with the
provisions of, SECTION 22.1(C) hereof.

         17.3 RELETTING. If a Lease Event of Default shall have occurred and be
continuing, and whether or not this Lease shall have been terminated pursuant to
SECTION 17.1, Lessor may, but shall be under no obligation to, relet any or all
of the Properties, for the account of Lessee or otherwise, for such term or
terms (which may be greater or less than the period which would otherwise have
constituted the balance of the Term) and on such conditions (which may include
concessions or free rent) and for such purposes as Lessor may determine, and
Lessor may

                                       20
<PAGE>

collect, receive and retain the rents resulting from such reletting. Lessor
shall not be liable to Lessee for any failure to relet any Property or for any
failure to collect any rent due upon such reletting.

         17.4 DAMAGES. Neither (a) the termination of this Lease as to all or
any of the Properties pursuant to SECTION 17.1; (b) the repossession of all or
any of the Properties; nor (c) the failure of Lessor to relet all or any of the
Properties, the reletting of all or any portion thereof, nor the failure of
Lessor to collect or receive any rentals due upon any such reletting, shall
relieve Lessee of its liabilities and obligations hereunder, all of which shall
survive any such termination, repossession or reletting. If any Lease Event of
Default shall have occurred and be continuing and notwithstanding any
termination of this Lease pursuant to SECTION 17.1, Lessee shall forthwith pay
to Lessor all Rent and other sums due and payable hereunder to and including the
date of such termination. Thereafter, on the days on which the Basic Rent or
Supplemental Rent, as applicable, are payable under this Lease or would have
been payable under this Lease if the same had not been terminated pursuant to
SECTION 17.1 and until the end of the Term hereof or what would have been the
Term in the absence of such termination, Lessee shall pay Lessor, as current
liquidated damages (it being agreed that it would be impossible accurately to
determine actual damages) an amount equal to the Basic Rent and Supplemental
Rent that are payable under this Lease or would have been payable by Lessee
hereunder if this Lease had not been terminated pursuant to SECTION 17.1,
provided that Lessee's obligation to make payments of Basic Rent and
Supplemental Rent under this SECTION 17.4 shall continue only so long as Lessor
shall not have received the amounts specified in SECTION 17.5. The amount of
Lessee's liabilities and obligations under this Lease shall not be reduced or
offset by any proceeds Lessor may receive from any reletting of any Property,
EXCEPT THAT the net proceeds, if any, which are actually received by Lessor from
reletting of any Property shall be offset against the final liquidated damages
amount specified in SECTION 17.5. In calculating the amount of such net proceeds
from reletting, there shall be deducted all of Lessor's, any Holder's, the
Agent's and any Lender's reasonable expenses in connection therewith, including
repossession costs, brokerage or sales commissions, fees and expenses of counsel
and any necessary repair or alteration costs and expenses incurred in
preparation for such reletting. To the extent Lessor receives any damages
pursuant to this SECTION 17.4, such amounts shall be regarded as amounts paid on
account of Rent. Lessee specifically acknowledges and agrees that its
obligations under this SECTION 17.4 shall be absolute and unconditional under
any and all circumstances and shall be paid or performed, as the case may be,
without notice or demand and without any abatement, reduction, diminution,
setoff, defense, counterclaim or recoupment whatsoever.

         17.5 FINAL LIQUIDATED DAMAGES. If a Lease Event of Default shall have
occurred and be continuing, whether or not this Lease shall have been terminated
pursuant to SECTION 17.1 and whether or not Lessor shall have collected any
current liquidated damages pursuant to SECTION 17.4, Lessor shall have the right
to recover, by demand to Lessee and at Lessor's election, and Lessee shall pay
to Lessor, as and for final liquidated damages, but exclusive of the indemnities
payable under SECTION 13 of the Participation Agreement, and in lieu of all
current liquidated damages beyond the date of such demand (it being agreed that
it would be impossible accurately to determine actual damages) the sum of (a)
the Termination Value for all Properties remaining under this Lease, PLUS (b)
all other amounts owing in respect of Rent, Supplemental Rent and other amounts
then due and payable by Lessee or the Construction Agent under this Lease or any

                                       21
<PAGE>

other Operative Agreement. It is intended and agreed that the foregoing amount
is and will be liquidated damages and not a penalty. Upon payment of the amount
specified pursuant to the first sentence of this SECTION 17.5, Lessee shall be
entitled to receive from Lessor, either at Lessee's request or upon Lessor's
election, in either case at Lessee's cost, an assignment of Lessor's entire
right, title and interest in and to the Properties, the Improvements, Fixtures,
Modifications and Equipment, in each case in recordable form and otherwise in
conformity with local custom and free and clear of the Lien of this Lease
(including the release of any memoranda of Lease or the Lease Supplement
recorded in connection therewith) and any Lessor Liens. The Properties shall be
conveyed to Lessee "AS IS" "WHERE IS" and in their then present physical
condition. If any statute or rule of law shall limit the amount of such final
liquidated damages to less than the amount agreed upon, Lessor shall be entitled
to the maximum amount allowable under such statute or rule of law; PROVIDED,
HOWEVER, Lessee shall not be entitled to receive an assignment of Lessor's
interest in the Properties, the Improvements, Fixtures, Modifications or
Equipment or documents unless Lessee shall have paid in full the Termination
Value and all other amounts due and owing by Lessee or the Construction Agent
hereunder and under the other Operative Agreements. Lessee specifically
acknowledges and agrees that its obligations under this SECTION 17.5 shall be
absolute and unconditional under any and all circumstances and shall be paid or
performed, as the case may be, without notice or demand (except as otherwise
specifically provided herein) and without any abatement, reduction, diminution,
setoff, defense, counterclaim or recoupment whatsoever.

         17.6 WAIVER OF CERTAIN RIGHTS. If this Lease shall be terminated
pursuant to SECTION 17.1, Lessee waives, to the fullest extent permitted by law,
(a) any notice of re-entry or the institution of legal proceedings to obtain
re-entry or possession; (b) any right of redemption, re-entry or possession; (c)
the benefit of any laws now or hereafter in force exempting property from
liability for rent or for debt; and (d) any other rights which might otherwise
limit or modify any of Lessor's rights or remedies under this ARTICLE XVII.

         17.7 ASSIGNMENT OF RIGHTS UNDER CONTRACTS. If a Lease Event of Default
shall have occurred and be continuing, and whether or not this Lease shall have
been terminated pursuant to SECTION 17.1, Lessee shall upon Lessor's demand
immediately assign, transfer and set over to Lessor all of Lessee's right, title
and interest in and to each agreement executed by Lessee in connection with the
purchase, construction, development, use or operation of the Properties
(including, without limitation, all right, title and interest of Lessee with
respect to all warranty, performance, service and indemnity provisions), as and
to the extent that the same relate to the purchase, construction, use and
operation of the Properties.

         17.8 ENVIRONMENTAL COSTS. If a Lease Event of Default shall have
occurred and be continuing, and whether or not this Lease shall have been
terminated pursuant to SECTION 17.1, Lessee shall pay directly to any third
party (or at Lessor's election, reimburse Lessor) for the cost of any
environmental testing or remediation work undertaken respecting any Property as
such testing or work is deemed appropriate in the reasonable judgment of Lessor.
Lessee shall pay all amounts referenced in the immediately preceding sentence
immediately upon the request by Lessor for such payment.

                                       22
<PAGE>

         17.9 REMEDIES CUMULATIVE. The remedies herein provided shall be
cumulative and in addition to (and not in limitation of) any other remedies
available at law, equity or otherwise, including, without limitation, any
mortgage foreclosure remedies.

         17.10 NOTICE OF DEFAULT OR EVENT OF DEFAULT. Lessee shall promptly
notify the Lessor and the Agent if any Responsible Officer of Lessee has
received notice, or has actual knowledge, of any Default or Event of Default.

         17.11 LESSEE'S OPTION TO CURE BY PURCHASE OF ALL PROPERTIES.
Notwithstanding anything in this Lease or in any of the other Operative
Agreements to the contrary, the Lessee may cure a Lease Event of Default by
purchasing all (but not less than all) of the Properties, such purchase to be
consummated in accordance with SECTIONS 19.1 and 20.1, except that such purchase
must be consummated not more than 10 days after Lessee gives notice to the Agent
and the Lessor of Lessee's option to purchase the Properties The purchase price
for the Properties shall be as set forth in SECTION 20.1, and shall include
without limitation the Termination Value for all of the Properties and all Rent
then due and owing and all other amounts then due and owing by the Lessee or the
Construction Agent under this Lease or under any other Operative Agreement
(including without limitation (a) any compensation that may be required pursuant
to SECTION 13.3(B) of Participation Agreement, SECTION 3.10 of the Trust
Agreement, or SECTION 2.12 of the Credit Agreement, and (b) amounts, if any,
described in clause FIRST of SECTION 22.2).

                                  ARTICLE XVIII

         18.1 LESSOR'S RIGHT TO CURE LESSEE'S LEASE DEFAULTS. Lessor, without
waiving or releasing any obligation or Lease Event of Default, may (but shall be
under no obligation to) remedy any Lease Event of Default for the account and at
the sole cost and expense of Lessee, including the failure by Lessee to maintain
the insurance required by ARTICLE XIV, and may, to the fullest extent permitted
by law, and notwithstanding any right of quiet enjoyment in favor of Lessee,
enter upon any Property, or real property owned or leased by Lessee, take all
such action thereon as may be necessary or appropriate therefor, and inspect or
copy any records relating to any Property or the transactions contemplated
hereby (and Lessee shall make available to Lessor, for inspection thereof, any
such records). No such entry shall be deemed an eviction of any lessee. All
reasonable out-of-pocket costs and expenses so incurred (including without
limitation reasonable fees and expenses of counsel), together with interest
thereon at the Overdue Rate from the date on which such sums or expenses are
paid by Lessor, shall be paid by Lessee to Lessor on demand.

                                   ARTICLE XIX

         19.1 PROVISIONS RELATING TO LESSEE'S EXERCISE OF ITS PURCHASE OPTION.
Subject to SECTION 19.2, in connection with any termination of this Lease with
respect to any Property pursuant to the terms of SECTION 16.2, or in connection
with Lessee's exercise of its Purchase Option or its option to purchase any
Property pursuant to SECTION 20.1, upon the date on which this Lease is to
terminate with respect to a Property or all of the Properties, and upon tender
by Lessee of the amounts set forth in SECTIONS 16.2(B) OR 20.1, as applicable,
Lessor shall execute and deliver to Lessee (or to Lessee's designee) at Lessee's
cost and expense an assignment of

                                       23
<PAGE>

Lessor's entire interest in the applicable Property, in each case in recordable
form and otherwise in conformity with local custom and free and clear of the
Lien of this Lease and any Lessor Liens attributable to Lessor but without any
other warranties (of title or otherwise) from the Lessor. The Lessor's interest
in the applicable Property shall be conveyed to Lessee "AS IS" "WHERE IS" and in
then present physical condition. In addition, Lessor shall, upon Lessee's
request and at Lessee's expense, execute and deliver any documents (including
any appropriate releases of or amendments to financing statements or recorded
memoranda of this Lease) necessary to release the Lien of this Lease on the
applicable Property.

         19.2 NO TERMINATION WITH RESPECT TO LESS THAN ALL OF A PROPERTY. Lessee
shall not be entitled to exercise its Purchase Option separately with respect to
Property consisting of Land, Equipment and Improvements but shall be required to
exercise its Purchase Option with respect to an entire Property.

                                   ARTICLE XX

         20.1 PURCHASE PRIOR TO END OF TERM; PURCHASE OR SALE OPTION AT END OF
TERM OR ON PRELIMINARY EXPIRATION DATE.

                  (a) PURCHASE OPTION PRIOR TO END OF TERM. Provided that
         (subject to SECTION 17.11) no Default or Event of Default shall have
         occurred and be continuing and provided that the Election Notice
         referred to in SECTION 20.1(B) has not been delivered, Lessee shall
         have the option, exercisable by giving the Agent and Lessor no more
         than one hundred twenty (120) days and no less than thirty (30) days
         written notice of Lessee's election to exercise such option, to
         purchase any Property, on a Scheduled Interest Payment Date as
         identified in such written notice, at a price equal to the Termination
         Value for such Property and all Rent then due and owing and all other
         amounts then due and owing (by the Lessee or the Construction Agent)
         under this Lease or under any other Operative Agreement (including
         without limitation amounts, if any, described in clause FIRST of
         SECTION 22.2) (which the parties do not intend to be a "bargain"
         purchase price); and, upon receipt of such amount, Lessor shall
         transfer to Lessee all Lessor's right, title and interest in and to
         such Property in accordance with SECTION 19.1 as of the Business Day on
         which such purchase occurs.

                  (b) PURCHASE OR SALE OPTION AT END OF TERM OR ON PRELIMINARY
         EXPIRATION DATE. Not less than 120 days and no more than 180 days prior
         to the Expiration Date or the Preliminary Expiration Date, Lessee may
         give Lessor and Agent irrevocable written notice (the "Election
         Notice") that Lessee is electing to exercise either (a) the option to
         purchase all, but not less than all, of the Properties on such
         Expiration Date or such Preliminary Expiration Date (the "Purchase
         Option") or (b) the option to remarket all of the Properties and cause
         a sale of all of the Properties pursuant to the terms of SECTION 22.1
         (the "Sale Option"), such sale to occur on such Expiration Date or such
         Preliminary Expiration Date. (The Expiration Date or Preliminary
         Expiration Date referred to in such Election Notice is hereinafter
         referred to as the "Applicable Expiration Date.") If Lessee does not
         give an Election Notice indicating the Sale Option at least 120 days
         and not more than 180 days prior to the Expiration Date, then Lessee
         shall be deemed to have

                                       24
<PAGE>

         elected the Purchase Option for the Expiration Date. If Lessee does not
         give an Election Notice indicating either the Purchase Option or the
         Sale Option at least 120 days and not more than 180 days prior to the
         Preliminary Termination Date, then Lessee shall be deemed not to have
         exercised either option for the Preliminary Termination Date. Lessor
         shall have no obligation to sell any Property unless all of the
         Properties are sold on the Applicable Expiration Date. If Lessee shall
         (i) elect (or be deemed to elect) to exercise the Purchase Option, or
         (ii) elect to remarket all of the Properties pursuant to SECTION 22.1
         and fail to deliver the environmental report required by SECTION 10.2
         at the time specified in such Section, or (iii) elect to remarket all
         of the Properties pursuant to SECTION 22.1 and fail to cause all of the
         Properties to be sold in accordance with the terms of SECTION 22.1 on
         the Applicable Expiration Date on which such a sale of all of the
         Properties is required in connection with such election, then in each
         case, Lessee shall pay to Lessor on the Applicable Expiration Date an
         amount (the "Purchase Option Price") equal to the Termination Value for
         all the Properties (which the parties do not intend to be a "bargain"
         purchase) plus all Rent and other amounts then due and payable (by
         Lessee or the Construction Agent) under this Lease or under any other
         Operative Agreement (including without limitation the amounts described
         in clause FIRST of SECTION 22.2), and, upon receipt of such amount,
         Lessor shall transfer to Lessee all of Lessor's right, title and
         interest in and to the Properties in accordance with SECTION 19.1 and
         the Term of this Lease shall terminate. Lessee may not elect the Sale
         Option, and Lessor shall have no obligation to sell any Property
         pursuant to SECTION 22.1, if a Lease Event of Default has occurred and
         is continuing on the date of the Election Notice or the Sale Date.

                                   ARTICLE XXI

                           [INTENTIONALLY LEFT BLANK.]

                                  ARTICLE XXII

         22.1     SALE PROCEDURE.

                  (a) During the Marketing Period, Lessee, on behalf of the
         Lessor, shall obtain bids for the cash purchase of all of the
         Properties in connection with a sale to one or more purchasers (other
         than Lessee or any Subsidiary or Affiliate of Lessee) to be consummated
         on the Applicable Expiration Date for the highest price available,
         shall notify Lessor promptly of the name and address of each
         prospective purchaser and the cash price which each prospective
         purchaser shall have offered to pay for any Property and shall provide
         Lessor with such additional information about the bids and the bid
         solicitation procedure as Lessor may reasonably request from time to
         time. Lessor may reject any and all bids and may assume sole
         responsibility for obtaining bids by giving Lessee written notice to
         that effect; PROVIDED, HOWEVER, that notwithstanding the foregoing,
         Lessor may not reject the highest bids for the Properties submitted by
         the Lessee if (i) such bids, in the aggregate, are greater than or
         equal to the sum of the Limited Recourse Amount for all of the
         Properties, plus all reasonable costs and expenses referred to in
         clause FIRST of SECTION 22.2, and represent bona fide offers from one
         or more third party purchasers, and (ii) prior to Lessor's acceptance
         of any such bid, Lessee

                                       25
<PAGE>

         has delivered to the Agent cash collateral in an amount not less than
         the anticipated Deficiency Balance (as defined in SECTION 22.1(B)
         below) as determined by the Agent. If the price which a prospective
         purchaser or purchasers shall have offered to pay for the Properties is
         less than the sum of the Limited Recourse Amount plus all reasonable
         costs and expenses referred to in clause FIRST of SECTION 22.2, Lessor
         may elect to retain the Properties by giving Lessee prior written
         notice of Lessor's election to retain the Properties, and upon receipt
         of such notice, Lessee shall surrender the Properties to Lessor
         pursuant to SECTION 10.1. Unless Lessor shall have elected to retain
         the Properties pursuant to the preceding sentence, Lessee shall arrange
         for Lessor to sell the Properties free and clear of the Lien of this
         Lease and any Lessor Liens attributable to it, without recourse or
         warranty (of title or otherwise), for cash on the last day of the
         Marketing Period (such date being hereafter referred to as the "Sale
         Date") to the purchaser or purchasers identified by Lessee or Lessor,
         as the case may be; PROVIDED, HOWEVER, solely as to Lessor or the Trust
         Company, in its individual capacity, any Lessor Lien shall not
         constitute a Lessor Lien so long as Lessor or the Trust Company, in its
         individual capacity, is diligently contesting such Lessor Lien by
         appropriate proceedings in good faith; and PROVIDED FURTHER that Lessor
         shall have no obligation to sell any Property if a Lease Event of
         Default has occurred and is continuing on the Date of the Election
         Notice or the Sale Date. Lessee shall surrender the Property so sold or
         subject to such documents to each purchaser in the condition specified
         in SECTION 10.1. Lessee shall not take or fail to take any action which
         would have the effect of unreasonably discouraging bona fide third
         party bids for any Property. Lessor shall have no obligation to sell
         any Property on the Sale Date unless all of the Properties are sold
         (and Lessor has received full payment therefor in cash in the amount
         required pursuant to this SECTION 22.1) on the Sale Date. If all of the
         Properties are not either (i) sold on the Sale Date in accordance with
         the terms of this SECTION 22.1, or (ii) retained by the Lessor pursuant
         to an affirmative election made by the Lessor pursuant to the third
         sentence of this SECTION 22.1(A), then the Lessee shall be obligated to
         pay the Lessor on the Sale Date an amount equal to the Termination
         Value for all of the Properties (plus all Rent and other amounts then
         due and payable (by the Lessee or the Construction Agent) under this
         Lease and any other Operative Agreements) in accordance with the terms
         of SECTION 20.1(B).

                  (b) If the Properties are sold on the Sale Date to one or more
         third party purchasers in accordance with the terms of SECTION 22.1(A)
         and the aggregate purchase price paid for the Properties minus the sum
         of all costs and expenses referred to in clause FIRST of SECTION 22.2
         is less than the sum of the aggregate Termination Values for all of the
         Properties plus all Rent and other amounts then due and payable (by the
         Lessee or the Construction Agent) under this Lease and under any other
         Operative Agreements (hereinafter such difference shall be referred to
         as the "Deficiency Balance"), then the Lessee hereby unconditionally
         promises to pay to the Lessor on the Sale Date the lesser of (i) the
         Deficiency Balance, or (ii) the Maximum Residual Guarantee Amount for
         all of the Properties. If the Properties are retained by the Lessor
         pursuant to an affirmative election made by the Lessor pursuant to the
         third sentence of SECTION 22.1(A), then the Lessee hereby
         unconditionally promises to pay to the Lessor on the Sale Date an
         amount equal to the Maximum Residual Guarantee Amount for all of the
         Properties.

                                       26
<PAGE>

                  (c) In the event that the Properties are either sold to one or
         more third party purchasers on the Sale Date or retained by the Lessor
         in connection with an affirmative election made by the Lessor pursuant
         to the third sentence of SECTION 22.1(A), then in either case on the
         Sale Date (i) the Lessee shall provide Lessor or such third party
         purchasers with (A) all permits, certificates of occupancy,
         governmental licenses and authorizations necessary to use and operate
         such Property for its intended purposes, (B) such easements, licenses,
         rights-of-way and other rights and privileges in the nature of an
         easement as are reasonably necessary or desirable in connection with
         the use, repair, access to or maintenance of such Property for its
         intended purpose or otherwise as the Lessor shall reasonably request,
         and (C) a services agreement covering such services as Lessor or such
         third party purchaser may request in order to use and operate a
         Property for its intended purposes at such rates (not in excess of
         arm's-length fair market rates) as shall be acceptable to Lessee and
         Lessor or such third party purchaser, and (ii) the Term of this Lease
         shall terminate. All assignments, licenses, easements, agreements and
         other deliveries required by clauses (i)(A) and (B) of this paragraph
         (c) shall be in form reasonably satisfactory to the Lessor or such
         third party purchaser, as applicable, and shall be fully assignable
         (including both primary assignments and assignments given in the nature
         of security) without payment of any fee, cost or other charge.

         22.2 APPLICATION OF PROCEEDS OF SALE. The Lessor shall apply the
proceeds of sale of any Property n the following order of priority:

                  (a) FIRST, to pay or to reimburse Lessor for the payment of
         all reasonable costs and expenses incurred by Lessor in connection with
         the sale;

                  (b) SECOND, so long as the Participation Agreement, the Credit
         Agreement or the Trust Agreement is in effect and any Loan, Holder
         Advance or any other amount is owing to the Lenders, the Holders or any
         other Person under any Operative Agreement, to the Agent to be applied
         in accordance with the terms (including the inter-creditor provisions
         among the Lenders and the Holders) contained in the Operative
         Agreements; and

                  (c)      THIRD, to the Lessee.

         22.3 INDEMNITY FOR EXCESSIVE WEAR. If the proceeds of the sale
described in SECTION 22.1 with respect to the Properties, less all expenses
incurred by Lessor in connection with such sale, shall be less than the Limited
Recourse Amount with respect to the Properties, and at the time of such sale it
shall have been reasonably determined (pursuant to the Appraisal Procedure) that
the Fair Market Sales Value of the Properties, shall have been impaired by
greater than expected wear and tear during the term of the Lease, Lessee shall
pay to Lessor within ten (10) days after receipt of Lessor's written statement
(i) the amount of such excess wear and tear determined by the Appraisal
Procedure or (ii) the amount of the Net Sale Proceeds Shortfall, whichever
amount is less.

         22.4 APPRAISAL PROCEDURE. For determining the Fair Market Sales Value
of any Property or any other amount which may, pursuant to any provision of any
Operative

                                       27
<PAGE>

Agreement, be determined by an appraisal procedure, Lessor and Lessee shall use
the following procedure (the "Appraisal Procedure"). Lessor and Lessee shall
endeavor to reach a mutual agreement as to such amount for a period of ten (10)
days from commencement of the Appraisal Procedure under the applicable section
of the Lease, and if they cannot agree within ten (10) days, then two qualified
appraisers, one chosen by Lessee and one chosen by Lessor, shall mutually agree
thereupon, but if either party shall fail to choose an appraiser within twenty
(20) days after notice from the other party of the selection of its appraiser,
then the appraisal by such appointed appraiser shall be binding on Lessee and
Lessor. If the two appraisers cannot agree within twenty (20) days after both
shall have been appointed, then a third appraiser shall be selected by the two
appraisers or, failing agreement as to such third appraiser within (30) days
after both shall have been appointed, by the American Arbitration Association.
The decisions of the three appraisers shall be given within twenty (20) days of
the appointment of the third appraiser and the decision of the appraiser most
different from the average of the other two shall be discarded and such average
shall be binding on Lessor and Lessee; PROVIDED that if the highest appraisal
and the lowest appraisal are equidistant from the third appraisal, the third
appraisal shall be binding on Lessor and Lessee. The fees and expenses of the
appraiser appointed by Lessee shall be paid by Lessee; the fees and expenses of
the appraiser appointed by Lessor shall be paid by Lessor (such fees and
expenses not being indemnified pursuant to SECTION 13 of the Participation
Agreement); and the fees and expenses of the third appraiser shall be divided
equally between Lessee and Lessor.

         22.5 CERTAIN OBLIGATIONS CONTINUE. During the Marketing Period, the
obligation of Lessee to pay Rent with respect to the Properties (including the
installment of Basic Rent due on the Applicable Expiration Date) shall continue
undiminished until payment in full to Lessor of the sale proceeds, if any, the
Maximum Residual Guarantee Amount, the amount due under SECTION 22.3, if any,
and all other amounts due to Lessor with respect to all Properties. Lessor shall
have the right, but shall be under no duty, to solicit bids, to inquire into the
efforts of Lessee to obtain bids or otherwise to take action in connection with
any such sale, other than as expressly provided in this ARTICLE XXII.

                                  ARTICLE XXIII

         23.1 HOLDING OVER. If Lessee shall for any reason remain in possession
of a Property after the expiration or earlier termination of this Lease as to
such Property (unless such Property is conveyed to Lessee), such possession
shall be as a tenancy at sufferance during which time Lessee shall continue to
pay Supplemental Rent that would be payable by Lessee hereunder were the Lease
then in full force and effect with respect to the Property and Lessee shall
continue to pay Basic Rent at 110% of the Basic Rent that would otherwise be due
and payable at such time. Such Basic Rent shall be payable from time to time
upon demand by Lessor and such additional 10% amount shall be applied by the
Lessor to the payment of the Loans pursuant to the Credit Agreement and the
Holder Advances pursuant to the Trust Agreement pro rata between the Loans and
the Holder Advances. During any period of tenancy at sufferance, Lessee shall,
subject to the first sentence of this paragraph, be obligated to perform and
observe all of the terms, covenants and conditions of this Lease, but shall have
no rights hereunder other than the right, to the extent given by law to tenants
at sufferance, to continue their occupancy and use of such Property. Nothing
contained in this ARTICLE XXIII shall constitute the consent, express or

                                       28
<PAGE>

implied, of Lessor to the holding over of Lessee after the expiration or earlier
termination of this Lease as to any Property (unless such Property is conveyed
to Lessee) and nothing contained herein shall be read or construed as preventing
Lessor from maintaining a suit for possession of such Property or exercising any
other remedy available to Lessor at law or in equity.

                                  ARTICLE XXIV

         24.1 RISK OF LOSS. During the Term, unless Lessee shall not be in
actual possession of the Property in question solely by reason of Lessor's
exercise of its remedies of dispossession under ARTICLE XVII, the risk of loss
or decrease in the enjoyment and beneficial use of such Property as a result of
the damage or destruction thereof by fire, the elements, casualties, thefts,
riots, wars or otherwise is assumed by Lessee, and Lessor shall in no event be
answerable or accountable therefor.

                                   ARTICLE XXV

         25.1     ASSIGNMENT.

                  (a) (Other than permitting a Subsidiary of Lessee to be an
         alternative Lessee pursuant to SECTION 2.5) Lessee may not assign,
         mortgage, pledge or encumber this Lease or any of its rights or
         obligations hereunder in whole or in part to any Person without the
         prior written consent of the Agent, the Lessor, and the Majority
         Financing Parties, with such consent to be given or withheld in the
         sole discretion of each such party.

                  (b) No such assignment or other relinquishment of possession
         to any Property shall in any way discharge or diminish any of the
         obligations of Lessee to Lessor hereunder and Lessee shall remain
         directly and primarily liable under this Lease.

         25.2     SUBLEASES.

                  (a) Except as set forth in this Section 25.2(a), Lessee may
         not sublet any Property or portion thereof without first obtaining the
         prior written consent of the Lessor and the Agent, which consent may be
         given or withheld in the sole discretion of each such party.

                  (b) Lessee may, without the consent of Lessor or the Agent,
         sublet a Property only if:

                           (i) Lessee remains fully liable for all obligations
                  (including without limitation all Rent and other obligations
                  with respect to such subleased Properties and any other
                  Properties) under this Lease, each Lease Supplement and the
                  other Operative Agreements;

                           (ii) Such sublease is in writing and is expressly
                  subject and subordinate to the rights of the Lessor, the
                  Agent, the Lenders and the

                                       29
<PAGE>

                  Holders under this Lease, the Security Agreement, each
                  Mortgage Instrument and all other Operative Agreements; and

                           (iii) Such sublease is on commercially reasonable
                  terms and at market rates, and has a term that does not extend
                  past the Expiration Date, and such Property is at all times
                  used for the purposes set forth in this paragraph and in the
                  definition of "Property."

                  (c) No sublease or other relinquishment of possession to any
         Property shall in any way discharge or diminish any of Lessee's
         obligations to Lessor hereunder and Lessee shall remain directly and
         primarily liable under this Lease as to the Property so sublet.

                  (d) Each insurance policy carried by Lessee pursuant to
         ARTICLE XIV hereof shall be endorsed to name each sublessee under any
         such sublease as an additional insured. Prior to the effectiveness of
         any such sublease, Lessee shall deliver a copy thereof to the Lessor
         and the Agent.

                  (e) Promptly but in any event within five (5) days following
         the execution and delivery of any sublease permitted by this ARTICLE
         XXV, Lessee shall notify Lessor and the Agent of the execution of such
         sublease. As of the date of each Lease Supplement, Lessee shall lease
         the respective Properties described in such Lease Supplement from
         Lessor, and (without limiting the generality of SECTIONS 25.2(A) - (D))
         any existing tenant respecting such Property shall automatically be
         deemed to be a subtenant of Lessee and not a tenant of Lessor.

                                  ARTICLE XXVI

         26.1 NO WAIVER. No failure by Lessor or Lessee to insist upon the
strict performance of any term hereof or to exercise any right, power or remedy
upon a default hereunder, and no acceptance of full or partial payment of Rent
during the continuance of any such default, shall constitute a waiver of any
such default or of any such term. To the fullest extent permitted by law, no
waiver of any default shall affect or alter this Lease, and this Lease shall
continue in full force and effect with respect to any other then existing or
subsequent default.

                                  ARTICLE XXVII

         27.1 ACCEPTANCE OF SURRENDER. No surrender to Lessor of this Lease or
of all or any portion of any Property or of any part of any thereof or of any
interest therein shall be valid or effective unless agreed to and accepted in
writing by Lessor and the Agent, and no act by Lessor or the Agent or any
representative or agent of Lessor or the Agent, other than a written acceptance,
shall constitute an acceptance of any such surrender.

         27.2 NO MERGER OF TITLE. There shall be no merger of this Lease or of
the leasehold estate created hereby by reason of the fact that the same Person
may acquire, own or hold, directly or indirectly, in whole or in part, (a) this
Lease or the leasehold estate created hereby or

                                       30
<PAGE>

any interest in this Lease or such leasehold estate, (b) any right, title or
interest in any Property, (c) any Notes, or (d) a beneficial interest in Lessor.

                                 ARTICLE XXVIII

         28.1 INCORPORATION OF COVENANTS. Reference is made to that certain
Credit Agreement dated as of May 8, 2000 (the "Existing Tech Data Credit
Agreement") among Tech Data, Bank of America as agent, swing line lender and
issuing lender, and the other lenders party thereto. Further reference is made
to the covenants contained in SECTION 7 and SECTION 8 of the Existing Tech Data
Credit Agreement (hereinafter referred to as the "Incorporated Covenants"). The
Lessee agrees with the Lessor that, effective as of the date hereof (whether or
not the Basic Term has commenced with respect to any Property), the Incorporated
Covenants (and all other relevant provisions of the Existing Tech Data Credit
Agreement related thereto) are hereby incorporated by reference into this Lease
and into the Guaranty Agreement to the same extent and with the same effect as
if set forth fully herein and therein and shall inure to the benefit of the
Lessor, without giving effect to any waiver, amendment, modification or
replacement of the Existing Tech Data Credit Agreement or any term or provision
of the Incorporated Covenants occurring subsequent to the date of this Lease,
except to the extent otherwise specifically provided in the following provisions
of this paragraph. In the event a waiver is granted under the Existing Tech Data
Credit Agreement or an amendment or modification is executed with respect to the
Existing Tech Data Credit Agreement, and such waiver, amendment or modification
affects the Incorporated Covenants, then such waiver, amendment or modification
shall be effective with respect to the Incorporated Covenants as incorporated by
reference into this Lease only if consented to in writing by the Majority
Financing Parties and the Agent. In the event of any replacement of the Existing
Tech Data Credit Agreement with a similar credit facility (the "New Facility"),
the covenants contained in the New Facility which correspond to the covenants
contained in SECTIONS 7 and 8 of the Existing Tech Data Credit Agreement shall
become the Incorporated Covenants hereunder only if consented to in writing by
the Majority Financing Parties and the Agent, and, if such consent is not
granted, then the covenants contained in SECTIONS 7 and 8 of the Existing Tech
Data Credit Agreement (together with any modifications or amendments approved in
accordance with this paragraph) shall continue to be the Incorporated Covenants
hereunder. If the Existing Tech Data Credit Agreement (or any such New Facility,
as the case may be) is terminated and not replaced, then, notwithstanding such
termination, the covenants contained in SECTIONS 7 and 8 of the Existing Tech
Data Credit Agreement (together with any modifications or amendments thereto, or
covenants of the New Facility, in each case approved in accordance with this
paragraph) shall continue to be the Incorporated Covenants hereunder.

         28.2 FINANCIAL INFORMATION, REPORTS, NOTICES, ETC. Without limiting the
generality of the foregoing, from and after the date hereof (whether or not the
Basic Term has commenced with respect to any Property), to the extent that the
Incorporated Covenants require Tech Data or any of its Subsidiaries to deliver
any financial statement, certificate, notice, report, or other document or
information to the Existing Credit Agent (or any other agent or any lender under
the applicable credit facility), Tech Data shall, and shall cause any such
subsidiary to, simultaneously deliver a copy of such financial statement,
certificate, notice, report, document or information to the Agent, each Lender,
each Holder and (upon Lessor's request) the Lessor. The

                                       31
<PAGE>

foregoing notwithstanding, if the Agent, any Lender or any Holder (each, a
"Recipient") has received a copy of any document from Tech Data or a Subsidiary
because such Recipient is an agent or lender under the Amended Tech Data Credit
Agreement or any New Facility, then nothing contained in this SECTION 28.2 shall
require Tech Data or such Subsidiary to deliver a second copy of such document
to such Recipient solely because the Recipient is also the Agent or a Lender or
Holder under the Participation Agreement.

         28.3 OTHER INFORMATION. The Lessee shall, and shall cause the
Construction Agent and each Subsidiary to, promptly deliver or cause to be
delivered to the Agent, each Lender, each Holder and the Lessor, such other
information regarding any Property or the Lessee's, the Construction Agent's or
any Subsidiary's operations, business affairs or financial condition as the
Agent, such Lender, such Holder or the Lessor may reasonable request.

         28.4 RIGHT OF INSPECTION. The Lessee shall, and shall cause the
Construction Agent and each Subsidiary to, permit any Person designated by the
Agent, the Lessor, any Lender or any Holder to visit and inspect any of the
properties (including any Property), corporate books and financial reports of
the Lessee, the Construction Agent or any Subsidiary and to discuss its affairs,
finances and accounts with its principal officers and independent certified
public accountants, all (unless an Event of Default has occurred and is
continuing) at reasonable intervals and with reasonable notice.

         28.5 OFFICER'S KNOWLEDGE OF DEFAULT. Upon any officer of the Lessee
obtaining knowledge of any Default or Event of Default hereunder, under the
Participation Agreement or under any other obligation of the Lessee, the
Construction Agent or any Subsidiary to the Lessor, the Agent, any Lender or any
Holder, the Lessee shall cause such officer to notify the Agent and the Lessor
promptly of the nature thereof, the period of existence thereof, and what action
the Lessee, the Construction Agent or such Subsidiary proposes to take with
respect thereto.

         28.6     NEW SUBSIDIARIES.

                  (a) Within 30 days of the formation or Acquisition of any
         Significant Subsidiary or at any time a Subsidiary becomes a
         Significant Subsidiary, Tech Data shall cause to be delivered to
         Administrative Agent for the benefit of the Lessor, Administrative
         Agent, Lenders and Holders, as applicable:

                           (i) In the case of a Significant Subsidiary that is a
                  Domestic Subsidiary, (A) a Guaranty Agreement (Lessee and
                  Construction Agent Obligations) substantially in the form of
                  EXHIBIT C executed by such Significant Subsidiary, (B) an
                  opinion of counsel to the Significant Subsidiary dated as of
                  the date of delivery of the Guaranties provided for in this
                  SECTION 28.6 and addressed to Administrative Agent, the
                  Lessor, the Lenders and Holders, in form and substance
                  reasonably acceptable to Administrative Agent, and (C) the
                  Organization Documents of such Significant Subsidiary;

                                       32
<PAGE>

                           (ii) In the case of a Significant Subsidiary that is
                  a Direct Foreign Subsidiary, (A) a Pledge Agreement executed
                  by Tech Data or any Domestic Subsidiary (each, a "PLEDGOR")
                  directly owning the stock of such Significant Subsidiary which
                  shall pledge to Administrative Agent for the benefit of
                  Administrative Agent, the Lessor, the Lenders and the Holders,
                  65% of the voting securities or other interests having
                  ordinary voting power and 100% of the other securities of or
                  ownership interests in such Significant Subsidiary, (B)
                  opinions of counsel to each Pledgor and to the Significant
                  Subsidiary that under the laws of the applicable foreign
                  jurisdiction, all agreements, notices and other documents
                  required to be executed, delivered, filed or recorded and all
                  other action required to be taken, within or pursuant to the
                  laws of such jurisdiction to perfect the Lien conferred in
                  favor of Administrative Agent has been duly executed,
                  delivered, filed, recorded or taken, as the case may be, and
                  (C) take such further action and deliver or cause to be
                  delivered such further documents as reasonably requested by
                  Administrative Agent to effect the transactions contemplated
                  herein;

                  (b) If at any time the sum of the total assets or total annual
         revenues of Domestic Subsidiaries that have not executed and delivered
         to Administrative Agent a Guaranty Agreement (Lessee and Construction
         Agent Obligations) in substantially the form of EXHIBIT C exceeds in
         the aggregate $150,000,000, Tech Data shall promptly cause there to be
         delivered to Administrative Agent one or more additional Guaranties of
         Domestic Subsidiaries that do not constitute Significant Subsidiaries
         in order that after giving effect to such additional Guaranties, the
         sum of the total assets or total revenues, in either or both cases, of
         Domestic Subsidiaries that have not delivered a Guaranty Agreement
         (Lessee and Construction Agent Obligations) does not exceed in the
         aggregate $150,000,000.

                  (c) The parties acknowledge and agree that so long as SECTION
         7.13(B) of the Amended Tech Data Credit Agreement requires the pledge
         of 65% of the Voting Securities of any Person, the actual Voting
         Securities of such Person pledged to the Administrative Agent pursuant
         to this SECTION 28.6 shall be the same as those pledged pursuant to
         SECTION 7.13(B) of the Amended Tech Data Credit Agreement, so that
         compliance with such agreement and this Lease does not result in the
         pledge of more than 65% of the Voting Securities (plus 100% of the
         other securities of or interests in) such Person.

                                  ARTICLE XXIX

         29.1 NOTICES. Unless otherwise expressly specified or permitted by the
terms hereof, all notices, requests, demands, directions, agreements and
documents delivered in connection with this Agreement shall be delivered as
provided in SECTION 14.3 of the Participation Agreement.

                                       33
<PAGE>

                                   ARTICLE XXX

         30.1 MISCELLANEOUS. Anything contained in this Lease to the contrary
notwithstanding, all claims against and liabilities of Lessee or Lessor arising
from events commencing prior to the expiration or earlier termination of this
Lease shall survive such expiration or earlier termination. If any provision of
this Lease shall be held to be unenforceable in any jurisdiction, such
unenforceability shall not affect the enforceability of any other provision of
this Lease and such jurisdiction or of such provision or of any other provision
hereof in any other jurisdiction.

         30.2 AMENDMENTS AND MODIFICATIONS. None of the terms or provisions of
this Agreement may be terminated, amended, supplemented, waived or modified
except in accordance with the terms of SECTION 14.5 of the Participation
Agreement.

         30.3 SUCCESSORS AND ASSIGNS. All the terms and provisions of this Lease
shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns.

         30.4 HEADINGS AND TABLE OF CONTENTS. The headings and table of contents
in this Lease are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof.

         30.5 COUNTERPARTS. This Lease may be executed in any number of
counterparts, each of which shall be an original, but all of which shall
together constitute one and the same instrument.

         30.6 GOVERNING LAW. THIS LEASE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE PRINCIPLES OF CONFLICT OF LAWS, EXCEPT TO THE EXTENT THE LAWS OF THE
STATE IN WHICH A PROPERTY IS LOCATED MAY GOVERN MATTERS RELATING TO THE
PERFECTION, FORECLOSURE AND ENFORCEMENT OF LIENS ON SUCH PROPERTY.

         30.7 CALCULATION OF RENT. All calculation of Rent payable hereunder
shall be computed based on the actual number of days elapsed over a year of 360
days.

         30.8 MEMORANDA OF LEASE AND LEASE SUPPLEMENTS. This Lease shall not be
recorded; provided Lessor and Lessee shall promptly record a Memorandum of this
Lease and of the applicable Lease Supplement (in substantially the form of
EXHIBIT B attached hereto) regarding each Property promptly after the
acquisition thereof in the local filing office with respect thereto in all cases
at Lessee's cost and expense, and as required under applicable law to
sufficiently evidence this Lease or any such Lease Supplement in the applicable
real estate filing records.

         30.9 ALLOCATIONS BETWEEN THE LENDERS AND THE HOLDERS. Notwithstanding
any other term or provision of this Lease to the contrary, the allocations of
the proceeds of the Properties and any and all other Rent and other amounts
received hereunder shall be subject to the inter-creditor provisions between the
Lenders and the Holders contained in the Operative Agreements (or as otherwise
agreed among the Lenders and the Holders from time to time).

                                       34
<PAGE>

         30.10 LIMITATIONS ON RECOURSE. Notwithstanding anything contained in
this Lease to the contrary, Lessee agrees to look solely to Lessor's estate and
interest in the Properties for the collection of any judgment requiring the
payment of money by Lessor in the event of liability by Lessor, and no other
property or assets of Lessor or any shareholder, owner or partner (direct or
indirect) in or of Lessor, or any director, officer, employee, beneficiary,
Affiliate of any of the foregoing shall be subject to levy, execution or other
enforcement procedure for the satisfaction of the remedies of Lessee under or
with respect to this Lease, the relationship of Lessor and Lessee hereunder or
Lessee's use of the Properties or any other liability of Lessor to Lessee,
EXCEPT to the extent expressly provided in SECTION 10.2(A) or 14.11(B) of the
Participation Agreement. Nothing in this Section shall be interpreted so as to
limit the terms of SECTIONS 6.1 OR 6.2.

         30.11 WAIVERS OF JURY TRIAL. THE LESSOR AND THE LESSEE IRREVOCABLY AND
UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING
TO THIS LEASE OR ANY COUNTERCLAIM THEREIN.

         30.12 ORIGINAL LEASES. The single executed original of this Lease
marked "THIS COUNTERPART IS THE ORIGINAL EXECUTED COUNTERPART" on the signature
page thereof and containing the receipt of the Agent therefor on or following
the signature page thereof shall be the original executed counterpart of this
Lease (the "Original Executed Counterpart"). To the extent that this Lease
constitutes chattel paper, as such term is defined in the Uniform Commercial
Code as in effect in any applicable jurisdiction, no security interest in this
Lease may be created through the transfer or possession of any counterpart other
than the Original Executed Counterpart.

         30.13 MORTGAGE GRANT AND REMEDIES. Without limiting any other remedies
set forth in this Lease, in the event that a court of competent jurisdiction
rules that this Lease constitutes a mortgage, deed of trust, security deed or
other secured financing, as is the intent of the parties, then the Lessor and
the Lessee agree that the Lessee hereby grants, bargains, sells, conveys,
mortgages, and grants a security interest in each Property to Lessor WITH POWER
OF SALE to secure the payment of all sums due and owing by Lessee or the
Construction Agent hereunder or under any other Operative Agreement, and that,
upon the occurrence of any Event of Default, the Lessor shall have the power and
authority, to the extent provided by law or the Operative Agreements, after
prior notice and lapse of such time as may be required by law, to foreclose its
interest (or cause such interest to be foreclosed) in all or any part of any
Property, to appoint or obtain the appointment of a receiver for all or any part
of the Property, and to exercise any other right or remedy that may be available
under applicable law to the holder of a mortgage, deed of trust, security deed
or other secured financing.

         30.14 EXERCISE OF LESSOR RIGHTS. The Lessee hereby acknowledges and
agrees that the rights and powers of the Lessor under this Lease have been
collaterally assigned to the Agent pursuant to the terms of the Security
Agreement and the other Operative Agreements, and that the Lessor has encumbered
the Properties by various Mortgage Instruments made by the Lessor in favor of
the Agent, all as security for certain indebtedness and obligations described
therein of the Lessor to the Agent, the Lenders and the Holders under the
Operative Agreements. Lessee

                                       35
<PAGE>

hereby consents to said assignment and said Mortgage Instruments in favor of the
Agent and further acknowledges and agrees as follows:

                  (a) In the event that a court of competent jurisdiction rules
         that this Lease constitutes a mortgage, deed of trust, security deed or
         other secured financing as is the intent of the parties, then the
         Lessor and the Lessee agree that the Lessor's collateral assignment of
         this Lease to the Agent shall be deemed to be a collateral assignment
         of such mortgage, deed of trust, security deed or other secured
         financing, and the Agent as such collateral assignee shall be entitled
         to exercise any and all rights and remedies of the Lessor set forth
         herein during the existence of any Event of Default, including without
         limitation the Lessor's rights to obtain a receiver, to obtain
         possession of the Properties and the rents and revenues thereof, to
         foreclose this Lease, to sell the Lessee's interest in the Properties,
         and to exercise any other rights or remedies that may then be available
         to the Lessor under applicable law on account of such Event of Default.

                  (b) Lessee's interest in the Properties is junior and
         subordinate to the lien of any Mortgage Instruments made by the Lessor
         in favor of the Agent against the respective Properties from time to
         time in connection with the Operative Agreements; provided, however,
         that for so long as no Event of Default shall have occurred and be
         continuing, (i) the Agent shall not disturb Lessee's possession of the
         Properties through any foreclosure or other remedial action against the
         Properties under any Mortgage Instrument, and (ii) if Lessor's interest
         in any Property shall be transferred to any Person other than the
         Lessee as the result of the Agent's foreclosure or other remedial
         action under any Mortgage Instrument, the Lessee shall (upon request of
         the Agent) attorn to such transferee and recognize the transferee as
         the Lessee's landlord under this Lease.

                  (c) During the existence of an Event of Default, the Agent as
         holder of the Mortgage Instruments and as collateral assignee of this
         Lease may exercise any and all rights and remedies that may then be
         available under applicable law to the Agent in either or both
         capacities, whether exercised singly, successively or concurrently.
         Without limiting the generality of the foregoing, the Agent as
         collateral assignee may enforce the Lessee's payment obligations under
         this Lease (regardless of whether this Lease shall be deemed a
         mortgage, deed of trust, security deed or other secured financing) even
         if Lessee's interest and estate in any Property under this Lease shall
         have been extinguished or forfeited under applicable law through the
         foreclosure or other enforcement of any Mortgage Instrument.

                         [Signatures on following page.]

                                       36
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Lease to be duly
executed and delivered as of the date first above written.

WITNESSES:                            TECH DATA CORPORATION, as Lessee

By: /s/
   --------------------------
Name:  JOHN R. NICHOLSON, JR.         Name:  Jeffery P. Howells
     ------------------------         Title: Executive Vice President of
                                             Finance and Chief Financial
                                             Officer

By: /s/
   --------------------------
Name:  EMILY A. SAMPLE
       ----------------------

WITNESSES:                            FIRST SECURITY BANK, NATIONAL
                                      ASSOCIATION, not individually,  but
                                      solely as Owner Trustee underthe TD 1996
                                      Real Estate Trust, as Lessor

By: /s/                               By:  /s/
   --------------------------           --------------------------
Name: JOHN R. NICHOLSON, JR.          Name:  C. Scott Nielsen
     ------------------------         Title: Vice President

By: /s/
   -------------------------
Name:  EMILY A. SAMPLE

Receipt of this original
counterpart of the foregoing
Lease is hereby acknowledged
as of the date hereof

BANK OF AMERICA, N.A., as Agent

By: /s/
   ---------------------------
Name:  Douglas Meckelnburg
Title: Vice President

                                SIGNATURE PAGE 1

<PAGE>

                                         ACKNOWLEDGED AND AGREED TO:

WITNESSES:                               TECH DATA PRODUCT MANAGEMENT, INC.,
                                         as an Alternative Lessee

By: /s/                                  By: /s/
   --------------------------              -------------------------
Name:  JOHN R. NICHOLSON, JR.            Name:  Jeffery P. Howells
      ----------------------             Title:  Executive Vice President of
                                                 Finance and Chief Financial
                                                 Officer

By:  /s/
   ------------------------
Name:  EMILY A. SAMPLE

WITNESSES:                               TD FACILITIES, LTD., as an alternative
                                         Lessee

By: /s/                                  By:  /s/
   -------------------------                  --------------------------
Name:  JOHN R. NICHOLSON, JR.            Name: Jeffery P. Howells
     ------------------------
                                         Title: Executive Vice President of
                                                Finance and Chief Financial
                                                Officer

By: /s/
   -------------------------
Name:  EMILY A. SAMPLE

                                SIGNATURE PAGE 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00015-of-00352.parquet"}]]