Document:

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                                                                     Exhibit 4.1

                  SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

                            DATED AS OF JUNE 29, 2006

                                      AMONG

                   DEVELOPERS DIVERSIFIED REALTY CORPORATION,

                                       AND

                            DDR PR VENTURES LLC, S.E.

                                  AS BORROWERS

                            JPMORGAN SECURITIES, INC.

                                       AND

                         BANC OF AMERICA SECURITIES LLC
                   AS JOINT LEAD ARRANGERS/JOINT BOOK RUNNERS

                                       AND

               JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT

                                       AND

                   BANK OF AMERICA, N.A., AS SYNDICATION AGENT

                                       AND

  EUROHYPO AG, NEW YORK BRANCH, WACHOVIA BANK, N.A. AND WELLS FARGO BANK, N.A.,
                             AS DOCUMENTATION AGENTS

                                       AND

      LASALLE BANK NATIONAL ASSOCIATION AND U.S. BANK NATIONAL ASSOCIATION,
                            AS SENIOR MANAGING AGENTS

      DEUTSCHE BANK AG, NEW YORK BRANCH, ING REAL ESTATE FINANCE (USA) LLC,
   MIZUHO CORPORATE BANK, LTD., MORGAN STANLEY BANK, THE BANK OF NEW YORK, THE
                  BANK OF NOVA SCOTIA AND UBS LOAN FINANCE LLC
                               AS MANAGING AGENTS

                                       AND

   AMSOUTH BANK, KEYBANK NATIONAL ASSOCIATION, PNC BANK, NATIONAL ASSOCIATION,
         SOVEREIGN BANK, SUNTRUST BANKS, INC. AND CHARTER ONE BANK, N.A.
                                  AS CO-AGENTS

                                       AND

                               THE SEVERAL LENDERS
                                      FROM
                          TIME TO TIME PARTIES HERETO,
                                   AS LENDERS

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                                TABLE OF CONTENTS

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ARTICLE I DEFINITIONS....................................................     1
   1.1     DEFINED TERMS.................................................     1
   1.2     CLASSIFICATION OF LOANS AND BORROWINGS........................    27
   1.3     TERMS GENERALLY...............................................    27
   1.4     EXCHANGE RATES................................................    28
   1.5     CURRENCY CONVERSION...........................................    28

ARTICLE II THE CREDIT....................................................    29
   2.1     COMMITMENTS; REDUCTION OR INCREASE IN AGGREGATE COMMITMENT....    29
   2.2     LOANS AND BORROWINGS. (A).....................................    31
   2.3     REQUESTS FOR BORROWINGS.......................................    31
   2.4     APPLICABLE MARGINS............................................    32
   2.5     FINAL PRINCIPAL PAYMENT AND EXTENSION OF FACILITY TERMINATION
           DATE..........................................................    33
   2.6     FACILITY FEE..................................................    34
   2.7     OTHER FEES....................................................    34
   2.8     PRINCIPAL PAYMENTS............................................    34
   2.9     FUNDING OF BORROWINGS.........................................    34
   2.10    INTEREST ELECTIONS............................................    35
   2.11    CHANGES IN INTEREST RATE, ETC.................................    36
   2.12    RATES APPLICABLE AFTER DEFAULT................................    36
   2.13    METHOD OF PAYMENT.............................................    37
   2.14    NOTES; TELEPHONIC NOTICES.....................................    37
   2.15    INTEREST PAYMENT DATES; INTEREST AND FEE BASIS................    38
   2.16    NOTIFICATION OF BORROWINGS, INTEREST RATES AND PREPAYMENTS....    38
   2.17    LENDING INSTALLATIONS.........................................    38
   2.18    NON-RECEIPT OF FUNDS BY THE ADMINISTRATIVE AGENT..............    38
   2.19    REPLACEMENT OF LENDERS UNDER CERTAIN CIRCUMSTANCES............    39
   2.20    SWINGLINE LOANS...............................................    39
   2.21    COMPETITIVE BID LOANS.........................................    40
   2.22    AGENT ADMINISTERED COMPETITIVE BID LOANS......................    41
   2.23    BID LOANS ADMINISTERED BY BORROWER............................    45
   2.24    APPLICATION OF MONEYS RECEIVED................................    48
   2.25    USURY.........................................................    49
   2.26    SPECIAL PROVISIONS REGARDING FOREIGN CURRENCY LOANS...........    49

ARTICLE IIA THE LETTER OF CREDIT SUBFACILITY.............................    51
   2A.1    OBLIGATION TO ISSUE...........................................    51
   2A.2    TYPES AND AMOUNTS.............................................    52
   2A.3    CONDITIONS....................................................    52
   2A.4    PROCEDURE FOR ISSUANCE OF FACILITY LETTERS OF CREDIT..........    53
   2A.5    REIMBURSEMENT OBLIGATIONS; DUTIES OF ISSUING LENDER...........    54
   2A.6    PARTICIPATION.................................................    56
   2A.7    PAYMENT OF REIMBURSEMENT OBLIGATIONS..........................    58
   2A.8    COMPENSATION FOR FACILITY LETTERS OF CREDIT...................    59
   2A.9    LETTER OF CREDIT COLLATERAL ACCOUNT...........................    59
   2A.10   CONVERSION....................................................    60

ARTICLE III CHANGE IN CIRCUMSTANCES......................................    60
   3.1     YIELD PROTECTION..............................................    60
   3.2     CHANGES IN CAPITAL ADEQUACY REGULATIONS.......................    61
   3.3     AVAILABILITY OF TYPES OF BORROWINGS...........................    62
   3.4     FUNDING INDEMNIFICATION.......................................    62
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   3.5     TAXES.........................................................    63
   3.6     LENDER STATEMENTS; SURVIVAL OF INDEMNITY......................    65
   3.7     CHANGE IN LAW.................................................    65

ARTICLE IV CONDITIONS PRECEDENT..........................................    66
   4.1     INITIAL BORROWING.............................................    66
   4.2     EACH BORROWING................................................    67

ARTICLE V REPRESENTATIONS AND WARRANTIES.................................    68
   5.1     EXISTENCE.....................................................    68
   5.2     AUTHORIZATION AND VALIDITY....................................    68
   5.3     NO CONFLICT; GOVERNMENT CONSENT...............................    68
   5.4     FINANCIAL STATEMENTS; MATERIAL ADVERSE CHANGE.................    69
   5.5     TAXES.........................................................    69
   5.6     LITIGATION AND GUARANTEE OBLIGATIONS..........................    69
   5.7     ERISA.........................................................    69
   5.8     ACCURACY OF INFORMATION.......................................    70
   5.9     REGULATION U..................................................    70
   5.10    MATERIAL AGREEMENTS...........................................    70
   5.11    COMPLIANCE WITH LAWS..........................................    70
   5.12    OWNERSHIP OF PROPERTIES.......................................    70
   5.13    INVESTMENT COMPANY ACT........................................    70
   5.14    RESERVED......................................................    70
   5.15    SOLVENCY......................................................    71
   5.16    INSURANCE.....................................................    71
   5.17    REIT STATUS...................................................    71
   5.18    ENVIRONMENTAL MATTERS.........................................    72
   5.19    UNENCUMBERED ASSETS...........................................    73

ARTICLE VI COVENANTS.....................................................    73
   6.1     FINANCIAL REPORTING...........................................    73
   6.2     USE OF PROCEEDS...............................................    74
   6.3     NOTICE OF DEFAULT.............................................    75
   6.4     CONDUCT OF BUSINESS...........................................    75
   6.5     TAXES.........................................................    75
   6.6     INSURANCE.....................................................    75
   6.7     COMPLIANCE WITH LAWS..........................................    75
   6.8     MAINTENANCE OF PROPERTIES.....................................    75
   6.9     INSPECTION....................................................    75
   6.10    MAINTENANCE OF STATUS.........................................    76
   6.11    RESTRICTED PAYMENTS...........................................    76
   6.12    MERGER; SALE OF ASSETS........................................    76
   6.13    SALE AND LEASEBACK............................................    76
   6.14    ACQUISITIONS AND INVESTMENTS..................................    76
   6.15    LIENS.........................................................    77
   6.16    AFFILIATES....................................................    77
   6.17    FINANCIAL UNDERTAKINGS........................................    78
   6.18    INDEBTEDNESS AND CASH FLOW COVENANTS..........................    78
   6.19    ENVIRONMENTAL MATTERS.........................................    78

ARTICLE VII DEFAULTS.....................................................    79

ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES..............    81
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   8.1     ACCELERATION..................................................    81
   8.2     AMENDMENTS....................................................    83
   8.3     PRESERVATION OF RIGHTS........................................    84

ARTICLE IX GENERAL PROVISIONS............................................    84
   9.1     SURVIVAL OF REPRESENTATIONS...................................    84
   9.2     GOVERNMENTAL REGULATION.......................................    84
   9.3     TAXES.........................................................    84
   9.4     HEADINGS......................................................    84
   9.5     ENTIRE AGREEMENT..............................................    84
   9.6     SEVERAL OBLIGATIONS; BENEFITS OF THIS AGREEMENT...............    85
   9.7     EXPENSES; INDEMNIFICATION.....................................    85
   9.8     NUMBERS OF DOCUMENTS..........................................    85
   9.9     ACCOUNTING....................................................    85
   9.10    SEVERABILITY OF PROVISIONS....................................    85
   9.11    NONLIABILITY OF LENDERS.......................................    86
   9.12    CHOICE OF LAW.................................................    86
   9.13    CONSENT TO JURISDICTION.......................................    86
   9.14    WAIVER OF JURY TRIAL..........................................    86
   9.15    NO BANKRUPTCY PROCEEDINGS.....................................    86
   9.16    JUDGMENT CURRENCY.............................................    86
   9.17    RELEASE OF SUBSIDIARY GUARANTIES..............................    87

ARTICLE X THE ADMINISTRATIVE AGENT.......................................    87
   10.1    APPOINTMENT...................................................    87
   10.2    POWERS........................................................    88
   10.3    GENERAL IMMUNITY..............................................    88
   10.4    NO RESPONSIBILITY FOR LOANS, RECITALS, ETC....................    88
   10.5    ACTION ON INSTRUCTIONS OF LENDERS.............................    89
   10.6    EMPLOYMENT OF AGENTS AND COUNSEL..............................    89
   10.7    RELIANCE ON DOCUMENTS; COUNSEL................................    89
   10.8    ADMINISTRATIVE AGENT'S REIMBURSEMENT AND INDEMNIFICATION......    89
   10.9    RIGHTS AS A LENDER............................................    90
   10.10   LENDER CREDIT DECISION........................................    90
   10.11   SUCCESSOR ADMINISTRATIVE AGENT................................    90

ARTICLE XI SETOFF; RATABLE PAYMENTS......................................    91
   11.1    SETOFF........................................................    91
   11.2    RATABLE PAYMENTS..............................................    91

ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS............    92
   12.1    SUCCESSORS AND ASSIGNS........................................    92
   12.2    PARTICIPATIONS................................................    92
   12.3    ASSIGNMENTS...................................................    93
   12.4    DISSEMINATION OF INFORMATION..................................    94
   12.5    TAX TREATMENT.................................................    94
   12.6    CONFIDENTIALITY...............................................    94
   12.7    USA PATRIOT ACT...............................................    95
   12.8    CO-AGENTS: LEAD MANAGERS; NO FIDUCIARY RELATIONSHIP...........    95

ARTICLE XIII NOTICES.....................................................    96
   13.1    GIVING NOTICE.................................................    96
   13.2    CHANGE OF ADDRESS.............................................    96
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ARTICLE XIV COUNTERPARTS.................................................    96
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                  SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

     This Seventh Amended and Restated Credit Agreement, dated as of June 29,
2006, is among Developers Diversified Realty Corporation, a corporation
organized under the laws of the State of Ohio ("DDR" or "Parent Borrower"), DDR
PR Ventures LLC, S.E. ("DDRPR") (DDR, DDRPR, and any additional Qualified
Borrower that issues a Qualified Borrower Note in accordance with the terms
hereof are collectively referred to as the "Borrower"), JPMorgan Chase Bank,
N.A., a national banking association, and the several banks, financial
institutions and other entities from time to time parties to this Agreement
(collectively, the "Lenders"), JPMorgan Chase Bank, N.A., not individually, but
as "Administrative Agent", and Bank of America, N.A., not individually, but as
"Syndication Agent", Eurohypo AG, New York Branch, Wachovia Bank, N.A. and Wells
Fargo Bank, N.A., not individually, but as "Documentation Agents", LaSalle Bank
National Association and U.S. Bank National Association, not individually, but
as "Senior Managing Agents", Deutsche Bank AG, New York Branch, ING Real Estate
Finance (USA) LLC, Mizuho Corporate Bank, Ltd., Morgan Stanley Bank, The Bank
New York, The Bank of Nova Scotia and UBS Loan Finance LLC, not individually,
but as "Managing Agents", and AmSouth Bank, KeyBank National Association, PNC
Bank, National Association, Sovereign Bank, SunTrust Banks, Inc. and Charter One
Bank, N.A., not individually but as "Co-Agents."

                                    RECITALS

     A. The Borrower is primarily engaged in the business of purchasing,
developing, owning, operating, leasing and managing retail, office and
industrial properties.

     B. DDR is listed on the New York Stock Exchange and is qualified as a real
estate investment trust under Section 856 of the Code.

     C. The Borrower, the Administrative Agent, and certain of the Lenders
entered into a Sixth Amended and Restated Credit Agreement dated as of March 30,
2005, as amended (the "Prior Agreement"), pursuant to which the Lenders that are
parties thereto agreed to make loans to the Borrower in the aggregate amount of
up to $1,200,000,000. The Borrower has requested that the Lenders and the
Administrative Agent make certain changes to the Prior Agreement, including but
not limited to allowing for the Facility to be increased in the future to an
amount not to exceed $1,400,000,000. The Administrative Agent and the Lenders
have agreed to do so.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein contained, the parties hereto agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

     1.1  Defined Terms

                                       -1-

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     As used in this Agreement:

     "ABR Applicable Margin" means, as of any date, the Applicable Margin in
effect on such date with respect to Floating Rate Borrowings and Floating Rate
Loans.

     "Absolute Interest Period" means, with respect to a Competitive Bid Loan
made at an Absolute Rate, a period of up to 180 days as requested by Borrower
and confirmed by a Lender but in no event extending beyond the Facility
Termination Date. If an Absolute Interest Period would end on a day which is not
a Business Day, such Absolute Interest Period shall end on the next succeeding
Business Day.

     "Absolute Rate" means a fixed rate of interest (rounded to the nearest
1/100 of 1%) for an Absolute Interest Period with respect to a Competitive Bid
Loan offered by a Lender and accepted by the Borrower at such rate.

     "Acceptable Jurisdiction" means a place (in addition to the United States
and Puerto Rico) where Unencumbered Assets can be located, which shall be
subject to the approval of the Administrative Agent, based on satisfactory
advice received by it from local counsel in such jurisdiction with respect to
the procedure for enforcement of a U.S. judgment in such jurisdiction, and the
collection of such judgment from assets located there.

     "Acquisition" means any transaction, or any series of related transactions,
consummated on or after the date of this Agreement, by which the Borrower or any
of its Subsidiaries (i) acquires any going business or all or substantially all
of the assets of any firm, corporation or division thereof, whether through
purchase of assets, merger or otherwise or (ii) directly or indirectly acquires
(in one transaction or as the most recent transaction in a series of
transactions) at least a majority (in number of votes) of the securities of a
corporation which have ordinary voting power for the election of directors
(other than securities having such power only by reason of the happening of a
contingency) or a majority (by percentage or voting power) of the outstanding
partnership interests of a partnership.

     "Acquisition Asset" means an asset which has not been owned for at least a
period of eighteen months.

     "Administrative Agent" or "Agent" means JPMorgan Chase Bank, N.A. in its
capacity as agent for the Lenders pursuant to Article X, and not in its
individual capacity as a Lender, and any successor Administrative Agent
appointed pursuant to Article X, it being understood that matters concerning
Qualified Foreign Global Currency Loans will be administered by J.P. Morgan
Europe Limited.

     "Administrative Office" means the New York Administrative Office or the
London Administrative Office, as applicable.

     "Affiliate" of any Person means any other Person directly or indirectly
controlling, controlled by or under common control with such Person. A Person
shall be deemed to control another Person if the controlling Person owns 10% or
more of any class of voting securities (or other ownership interests) of the
controlled Person or possesses, directly or indirectly, the power

                                       -2-

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to direct or cause the direction of the management or policies of the controlled
Person, whether through ownership of stock, by contract or otherwise.

     "Affiliated Qualified Institution" means one or more banks, finance
companies, insurance or other financial institutions which is an Affiliate of a
Lender and which (A) has (or, in the case of a bank or other financial
institution which is a subsidiary, such bank's or financial institution's parent
has) a rating of its senior unsecured debt obligations of not less than Baa-1 by
Moody's or a comparable rating by a rating agency acceptable to Administrative
Agent and (B) has total assets in excess of Five Hundred Million Dollars
($500,000,000).

     "Aggregate Commitment" means, as of any date, the total of all Domestic
Revolving Commitments and Global Revolving Commitments, which as of the
Agreement Execution Date is $1,200,000,000.

     "Agreement" means this Seventh Amended and Restated Credit Agreement, as it
may be amended or modified and in effect from time to time.

     "Agreement Execution Date" means the date this Agreement has been fully
executed and delivered by all parties hereto.

     "Alternate Base Rate" means, for any day, a rate of interest per annum
equal to the higher of (i) the Prime Rate for such day and (ii) the sum of
Federal Funds Effective Rate for such day plus 1/2% per annum.

     "Alternative Currency" means any currency that is freely available, freely
transferable and freely convertible into Dollars and in which dealings in
deposits are carried on in the London interbank market, provided that such
currency is reasonably acceptable to the Administrative Agent and the applicable
Issuing Lender.

     "Alternative Currency LC Exposure" means at any time, the sum of (a) the
Dollar Equivalent of the aggregate undrawn and unexpired amount of all
outstanding Alternative Currency Letters of Credit at such time plus (b) the
Dollar Equivalent of the aggregate principal amount of all LC Disbursements in
respect of Alternative Currency Letters of Credit that have not yet been
reimbursed at such time.

     "Alternative Currency Letter of Credit" means a Facility Letter of Credit
denominated in an Alternative Currency.

     "Applicable Margin" means the applicable margin set forth in the table in
Section 2.4 used in calculating the interest rate applicable to the various
Types of Borrowings, which shall vary from time to time in accordance with
Borrower's long term unsecured debt ratings.

     "Article" means an article of this Agreement unless another document is
specifically referenced.

     "Assets Under Development" means, as of any date of determination, all
Projects, expansion areas of existing Projects and redevelopments owned by the
Consolidated Group and the Investment Affiliates which are then treated as
assets under development under GAAP, plus,

                                       -3-

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at Borrower's option, assets that (A) previously had been Assets Under
Development and (B) have been placed in service for less than six months, to be
valued for purposes of this Agreement, for each Asset Under Development as
determined individually, at either (i) 100% of then-current book value, as
determined in accordance with GAAP, (a) for each Asset Under Development owned
by members of the Consolidated Group and (b) multiplied by the applicable
Consolidated Group Pro Rata Share for an Asset Under Development owned by an
Investment Affiliate; or (ii) 100% of the value of such Asset Under Development
determined by dividing (x) six months of income from signed leases, multiplied
by two, by (y) .0775 (I) for each Asset Under Development owned by members of
the Consolidated Group and (II) multiplied by the applicable Consolidated Group
Pro Rata Share for an Asset Under Development owned by an Investment Affiliate.
For purposes of the foregoing, income from signed leases shall be equal to 90%
of the revenues payable by the tenant. Once an election of (ii) above is chosen,
the asset will continue to be valued under that method until the asset is no
longer an Asset Under Development.

     "Authorized Officer" means any of the Chief Executive Officer, President
and Chief Operating Officer, Executive Vice President, Senior Vice President,
Chief Financial Officer or Vice President and General Counsel of the Borrower,
or any other officer designated in writing by one of the foregoing, acting
singly.

     "Borrower" has the meaning set forth in the preamble paragraph of this
Agreement.

     "Borrowing" means (a) Loans of the same Class and Type, made, converted or
continued on the same date and, in the case of Eurocurrency Loans, as to which a
single Interest Period is in effect, (b) a Swingline Loan, or (c) a Competitive
Bid Loan.

     "Borrowing Date" means a date on which a Borrowing is made hereunder.

     "Borrowing Request" is a request by the relevant Borrower for a Borrowing
in accordance with Section 2.3.

     "Business Day" means any day that is not a Saturday, Sunday or other day on
which commercial banks in New York City (with respect to Loans denominated in
Dollars) or London (with respect to Loans denominated in a Qualified Foreign
Global Currency and with respect to all LIBOR Rate elections) are authorized or
required by law to remain closed; provided that (a) with respect to any
borrowings, disbursements and payments in respect of and calculations, interest
rates and Interest Periods pertaining to Eurocurrency Loans, such day is also a
day on which banks are open for general business in the principal financial
center of the country of the relevant currency and (b) with respect to notices
and determinations in connection with, and payments of principal and interest
on, Loans denominated in Euros, such day is also a day on which the
Trans-European Automated Real-Time Gross Settlement Express Transfer System
(TARGET) (or, if such clearing system ceases to be operative, such other
clearing system (if any) determined by the Administrative Agent to be a suitable
replacement) is open for settlement of payment in Euros.

     "Capital Stock" means any and all shares, interests, participations or
other equivalents (however designated) of capital stock of a corporation, any
and all equivalent ownership interests

                                       -4-

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in a Person which is not a corporation and any and all warrants or options to
purchase any of the foregoing.

     "Capitalized Lease" of a Person means any lease of Property imposing
obligations on such Person, as lessee thereunder, which are required in
accordance with GAAP to be capitalized on a balance sheet of such Person.

     "Capitalized Lease Obligations" of a Person means the amount of the
obligations of such Person under Capitalized Leases which would be shown as a
liability on a balance sheet of such Person prepared in accordance with GAAP.

     "Cash Equivalents" means, as of any date:

          (i)  securities issued or directly and fully guaranteed or insured by
               the United States Government or any agency or instrumentality
               thereof having maturities of not more than one year from such
               date;

          (ii) mutual funds organized under the United States Investment Company
               Act rated AAm or AAm-G by S&P, P-1 by Moody's and A by Fitch;

          (iii) certificates of deposit or other interest-bearing obligations of
               a bank or trust company which is a member in good standing of the
               Federal Reserve System having a short term unsecured debt rating
               of not less than A-1 by S&P, not less than P-1 by Moody's and F-1
               by Fitch (or in each case, if no bank or trust company is so
               rated, the highest comparable rating then given to any bank or
               trust company, but in such case only for funds invested overnight
               or over a weekend) provided that such investments shall mature or
               be redeemable upon the option of the holders thereof on or prior
               to a date one month from the date of their purchase;

          (iv) certificates of deposit or other interest-bearing obligations of
               a bank or trust company which is a member in good standing of the
               Federal Reserve System having a short term unsecured debt rating
               of not less than A-1+ by S&P, and not less than P-1 by Moody's
               and which has a long term unsecured debt rating of not less than
               A1 by Moody's (or in each case, if no bank or trust company is so
               rated, the highest comparable rating then given to any bank or
               trust company, but in such case only for funds invested overnight
               or over a weekend) provided that such investments shall mature or
               be redeemable upon the option of the holders thereof on or prior
               to a date three months from the date of their purchase;

          (v)  bonds or other obligations having a short term unsecured debt
               rating of not less than A-1+ by S&P and P-1+ by Moody's and
               having a long term debt rating of not less than A1 by Moody's
               issued by or by authority of any state of the United States, any
               territory or possession of the United States, including the
               Commonwealth of Puerto Rico and agencies thereof, or any
               political subdivision of any of the foregoing;

                                       -5-

<PAGE>

          (vi) repurchase agreements issued by an entity rated not less than
               A-1+ by S&P, and not less than P-1 by Moody's which are secured
               by U.S. Government securities of the type described in clause (i)
               of this definition maturing on or prior to a date one month from
               the date the repurchase agreement is entered into;

          (vii) short term promissory notes rated not less than A-1+ by S&P, and
               not less than P-1 by Moody's maturing or to be redeemable upon
               the option of the holders thereof on or prior to a date one month
               from the date of their purchase; and

          (viii) commercial paper (having original maturities of not more than
               365 days) rated at least A-1+ by S&P and P-1 by Moody's and
               issued by a foreign or domestic issuer who, at the time of the
               investment, has outstanding long-term unsecured debt obligations
               rated at least A1 by Moody's.

     "Change in Law" has the meaning set forth in Section 3.1.

     "Class" means when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans comprising such Borrowing, are Domestic
Revolving Loans, Global Revolving Loans, Swingline Loans or Competitive Bid
Loans, and, when used in reference to any Commitment, refers to whether such
Commitment is a Domestic Revolving Commitment or Global Revolving Commitment.

     "Code" means the Internal Revenue Code of 1986, as amended, reformed or
otherwise modified from time to time.

     "Commitment" means, for each Lender, a Domestic Revolving Commitment, a
Global Revolving Commitment, or any combination thereof.

     "Competitive Bid Borrowing Request" is defined in Section 2.22(e).

     "Competitive Bid Lender" means a Lender which has a Competitive Bid Loan
outstanding.

     "Competitive Bid Loan" is a Loan made pursuant to Section 2.21 hereof.

     "Competitive Bid Note" means the new or amended and restated promissory
note payable to the order of each Lender in the form attached hereto as Exhibit
A-2 to be used to evidence any Competitive Bid Loans which such Lender elects to
make (collectively, the "Competitive Bid Notes").

     "Competitive Bid Quote" means a response submitted by a Lender to the
Administrative Agent or the Borrower, as the case may be with respect to an
Invitation for Competitive Bid Quotes in the form attached as Exhibit I-3 or
J-2.

                                       -6-

<PAGE>

     "Competitive Bid Quote Request" means a written request from Borrower to
Administrative Agent in the form attached as Exhibit I-1.

     "Competitive LIBOR Margin" means, with respect to any Competitive Bid Loan
for a LIBOR Interest Period, the percentage established in the applicable
Competitive Bid Quote which is to be used to determine the interest rate
applicable to such Competitive Bid Loan.

     "Consolidated Capitalization Value" means, as of any date, an amount equal
to the sum of (i) Consolidated Cash Flow for the most recent period of two
consecutive fiscal quarters for which the Borrower has reported results
(excluding any portion of Consolidated Cash Flow attributable to: (A) Assets
Under Development, (B) Projects owned by Investment Affiliates which are
encumbered by First Mortgage Receivables, and (C) Acquisition Assets) multiplied
by two, and divided by 0.0775, plus (ii) Acquisition Assets valued at the higher
of their acquisition cost or capitalization value, such value to be calculated
by dividing (x) the Net Operating Income for such Acquisition Assets for the
most recent period of two consecutive fiscal quarters for which the Borrower has
reported results multiplied by two, by (y) .0775, provided that once an
Acquisition Asset is valued by capitalizing Net Operating Income, that
Acquisition Asset can no longer be valued using its acquisition cost.

     "Consolidated Cash Flow" means, for any period, an amount equal to (a)
Funds From Operations for such period plus (b) Consolidated Interest Expense for
such period.

     "Consolidated Group" means the Borrower and all Subsidiaries which are
consolidated with it for financial reporting purposes under GAAP.

     "Consolidated Group Pro Rata Share" means, with respect to any Investment
Affiliate, the percentage of the total equity ownership interests held by the
Consolidated Group in the aggregate, in such Investment Affiliate determined by
calculating the greater of (i) the percentage of the issued and outstanding
stock, partnership interests or membership interests in such Investment
Affiliate held by the Consolidated Group in the aggregate and (ii) the
percentage of the total book value of such Investment Affiliate that would be
received by the Consolidated Group in the aggregate, upon liquidation of such
Investment Affiliate, after repayment in full of all Indebtedness of such
Investment Affiliate.

     "Consolidated Interest Expense" means, for any period without duplication,
the sum of (a) the amount of interest expense, determined in accordance with
GAAP, of the Consolidated Group for such period attributable to Consolidated
Outstanding Indebtedness during such period plus (b) the Consolidated Group Pro
Rata Share of any interest expense, determined in accordance with GAAP, of any
Investment Affiliate, for such period, whether recourse or non-recourse less (c)
with respect to each consolidated Subsidiary of the Borrower in which the
Borrower does not directly or indirectly hold a 100% ownership interest, a
percentage of the interest expense attributable to such consolidated Subsidiary
which is included under clause (a) of this definition and which is not related
to Indebtedness which is a Guarantee Obligation of the Borrower equal to the
percentage ownership in such consolidated Subsidiary which is not held either
(i) directly or indirectly by the Borrower, or (ii) by holders of operating
partnership units in such consolidated Subsidiary which are convertible into
stock of the Borrower.

                                       -7-

<PAGE>

     "Consolidated Market Value" means, as of any date, an amount equal to the
sum of (a) the Consolidated Capitalization Value as of such date, plus (b) the
value of Unrestricted Cash and Cash Equivalents, plus (c) the lesser of (i) the
value of Assets Under Development, or (ii) ten percent (10%) of the Consolidated
Capitalization Value plus (d) the lesser of (i) 100% of the then-current value
under GAAP of all First Mortgage Receivables or (ii) five percent (5%) of the
Consolidated Capitalization Value, plus (e) the lesser of (i) 100% of the
then-current book value, as determined in accordance with GAAP, of Developable
Land, or (ii) 5% of total Consolidated Capitalization Value plus (f) cash from
like-kind exchanges on deposit with a qualified intermediary (provided that the
amount included in Consolidated Market Value pursuant to this clause (f) shall
not exceed 10% of the Consolidated Capitalization Value).

     "Consolidated Net Income" means, for any period, consolidated net income
(or loss) of the Consolidated Group for such period determined on a consolidated
basis in accordance with GAAP; plus that portion of any amount deducted as
minority equity interest in calculating such consolidated net income which is
attributable to minority interest holders holding operating partnership units in
a member of the Consolidated Group which are convertible into stock in the
Borrower, but provided that there shall be excluded the income (or deficit) of
any other Person accrued prior to the date it becomes a Subsidiary of the
Borrower or is merged into or consolidated with the Borrower or any of its
Subsidiaries.

     "Consolidated Outstanding Indebtedness" means, as of any date of
determination, without duplication, the sum of (a) all Indebtedness of the
Consolidated Group outstanding at such date, determined on a consolidated basis
in accordance with GAAP, plus (b) the applicable Consolidated Group Pro Rata
Share of any Indebtedness of each Investment Affiliate other than Indebtedness
of such Investment Affiliate to a member of the Consolidated Group, less (c)
with respect to each consolidated Subsidiary of the Borrower in which the
Borrower does not directly or indirectly hold a 100% ownership interest, a
percentage of any Indebtedness of such consolidated Subsidiary which is not a
Guarantee Obligation of the Borrower equal to the percentage ownership interest
in such consolidated Subsidiary which is not held directly or indirectly by the
Borrower.

     "Consolidated Secured Indebtedness" means, as of any date of determination,
without duplication, the sum of (a) the aggregate principal amount of that
portion of the Consolidated Outstanding Indebtedness which is secured by any
Lien on the Property of Borrower or its Subsidiaries, without regard to
recourse, plus (b) the excess, if any, over $25,000,000, of the sum of (x) the
aggregate principal amount of all Unsecured Indebtedness for borrowed money
(including Guarantee Obligations for borrowed money) of the Subsidiaries of the
Borrower, determined on a consolidated basis in accordance with GAAP, excluding
(I) the Indebtedness identified on Schedule 4 and (II) any Indebtedness of a
Subsidiary that is a Qualified Borrower or a Subsidiary Guarantor and (y) a
percentage of the aggregate principal amount of all Indebtedness of each
Investment Affiliate that is secured by any Lien on the Property of that
Investment Affiliate equal to the greater of (i) the percentage of such
Indebtedness for which any member of the Consolidated Group is liable and (ii)
the Consolidated Group Pro Rata Share of such Investment Affiliate.

     "Consolidated Unsecured Indebtedness" means, as of any date of
determination, the aggregate principal amount of all Unsecured Indebtedness of
the Consolidated Group

                                       -8-

<PAGE>

outstanding at such date, including without limitation all the outstanding
Indebtedness under this Agreement as of such date, determined on a consolidated
basis in accordance with GAAP.

     "Controlled Group" means all members of a controlled group of corporations
and all trades or businesses (whether or not incorporated) under common control
which, together with the Borrower or any of its Subsidiaries, are treated as a
single employer under Section 414 of the Code.

     "Conversion/Continuation Notice" is defined in Section 2.10.

     "Currencies"; means the then lawful currency of a particular nation at such
time whether or not the name of such currency is the same as it was on the date
of this Agreement.

     "Default" means an event described in Article VII.

     "Defaulting Lender" means any Lender which fails or refuses to perform its
obligations under this Agreement within the time period specified for
performance of such obligation, or, if no time frame is specified, if such
failure or refusal continues for a period of five Business Days after written
notice from the Administrative Agent; provided that if such Lender cures such
failure or refusal, such Lender shall cease to be a Defaulting Lender.

     "Default Rate" means the interest rate which may apply during the
continuance of a Default pursuant to Section 2.12.

     "Designated Lender" means any Person who has been designated by a Lender to
fund Competitive Bid Loans pursuant to a Designation Agreement in the form
attached hereto as Exhibit L.

     "Developable Land" means land which is appropriately zoned, has access to
all necessary utilities and has access to publicly dedicated streets.

     "Dollar Equivalent" means, on any date of determination, (a) for the
purposes of determining compliance with Article VI or the existence of a Default
under Article VII (other than as set forth in clause (b) below) with respect to
any amount denominated in a currency other than Dollars, the equivalent in
Dollars of such amount, determined in good faith by the Parent Borrower in a
manner consistent with the way such amount is or would be reflected on the
Parent Borrower's audited consolidated financial statements for the fiscal year
in which such determination is made and (b) solely with respect to determining
the outstanding amount hereunder denominated in an Alternative Currency or a
Qualified Foreign Global Currency, the amount of Dollars that may be purchased
with such amount of such currency at the Exchange Rate (determined as of the
most recent Exchange Rate Date) with respect to such currency on such date.

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

     "Domestic Revolving Commitment" means with respect to each Lender, the
commitment, if any, of such Lender to make Domestic Revolving Loans and to
acquire participations in Facility Letters of Credit and Swingline Loans
hereunder, as such commitment

                                       -9-

<PAGE>

may be changed from time to time pursuant to this Agreement. The amount of each
Lender's Domestic Revolving Commitment as of the date hereof is set forth on
Schedule 1 or in the Assignment and Acceptance pursuant to which such Lender
shall have assumed its Domestic Revolving Commitment, as applicable. The
aggregate amount of the Domestic Revolving Commitments is $1,000,000,000 as of
the Agreement Execution Date.

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

     "Domestic Revolving Facility" is defined in the definition of Facility.

     "Domestic Revolving Lender" means a Lender with a Domestic Revolving
Commitment or with Domestic Revolving Exposure.

     "Domestic Revolving Loan" means a Loan made pursuant to Section 2.1(i).

     "Domestic Subsidiary" means any Subsidiary other than a Foreign Subsidiary.

     "EMU" means Economic and Monetary Union as contemplated in the Treaty.

     "Environmental Laws" means any and all foreign, Federal, state, local or
municipal laws, rules, orders, regulations, statutes, ordinances, codes,
decrees, requirements of any Governmental Authority or other Requirements of Law
(including common law) regulating, relating to or imposing liability or
standards of conduct concerning protection of human health or the environment,
as now or may at any time hereafter be in effect, in each case to the extent the
foregoing are applicable to the Borrower or any Subsidiary or any of their
respective assets or Projects.

     "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time, and any rule or regulation issued thereunder.

     "Equity Value" means, with respect to a Subsidiary owned and in operation
for a period of two or more consecutive full fiscal quarters after the Agreement
Execution Date, by the Borrower or one of its other Subsidiaries, an amount
equal to (A) the product of (i) the sum of net income (or loss) for the most
recent two consecutive fiscal quarters without giving effect to depreciation and
amortization, gains or losses from extraordinary items, gains or losses on sales
of real estate, and gains or losses on investments in marketable securities for
such period, plus the amount of interest expense for such period on the
aggregate principal amount of the Indebtedness of such Subsidiary, multiplied by
(ii) two, divided by (B) 0.0775, and then minus (C) Indebtedness of the
Subsidiary as of the date of determination. For any Subsidiary not owned and in
operation for two fiscal quarters, until it or its Properties have been owned
and operated by the Borrower or one of its other Subsidiaries for two or more
consecutive full fiscal quarters, "Equity Value" shall mean the Borrower's
estimated annual Net Operating Income for the Projects owned by such Subsidiary
based on leases in existence at the date such Subsidiary is formed or purchased
divided by 0.0775, and then minus the Indebtedness of such Subsidiary as of the
date of determination.

                                      -10-

<PAGE>

     "Euro" means the single currency of participating member states introduced
in accordance with the provisions of Article 109(1)4 of the Treaty and, in
respect of all payments to be made under this Agreement in Euros, means
immediately available, freely transferable funds.

     "Eurocurrency" means when used in reference to any Loan or Borrowing,
refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the LIBOR Rate.

     "Exchange Rate" means, on any day, for purposes of determining the Dollar
Equivalent of any other currency, the rate at which such other currency may be
exchanged into Dollars at the time of determination on such day on the Reuters
WRLD Page for such currency. In the event that such rate does not appear on any
Reuters WRLD Page, the Exchange Rate shall be determined by reference to such
other publicly available service for displaying exchange rates as may be agreed
upon by the Administrative Agent and the Borrower, or, in the absence of such an
agreement, such Exchange Rate shall instead be the arithmetic average of the
spot rates of exchange of the Administrative Agent in the market where its
foreign currency exchange operations in respect of such currency are then being
conducted, at or about such time as the Administrative Agent shall elect after
determining that such rates shall be the basis for determining the Exchange
Rate, on such date for the purchase of Dollars for delivery two Business Days
later; provided that if at the time of any such determination, for any reason,
no such spot rate is being quoted, the Administrative Agent may use any
reasonable method it deems appropriate to determine such rate, and such
determination shall be conclusive absent manifest error.

     "Exchange Rate Date" means, if on such date any outstanding Revolving
Exposure is (or any Revolving Exposure that has been requested at such time
would be) denominated in a currency other than Dollars, each of:

          (a) the last Business Day of each calendar month,

          (b) if a Default has occurred and is continuing, the date a Sharing
     Event occurs and any other Business Day designated as an Exchange Rate Date
     by the Administrative Agent in its sole discretion, and

          (c) each date (with such date to be reasonably determined by the
     Administrative Agent) that is on or about the effective date of (i) a
     Borrowing Request or a Conversion/Continuation Notice with respect to any
     Borrowing or (ii) each request for the issuance, amendment, renewal or
     extension of any Facility Letter of Credit denominated in a currency other
     than Dollars.

     "Excluded Taxes" means, in the case of each Lender or applicable Lending
Installation and the Administrative Agent, taxes imposed on its overall net
income, and franchise taxes imposed on it, by any jurisdiction with taxing
authority over the Lender.

     "Extension Request" is defined in Section 2.5.

     "Facility" means each of (a) the Domestic Revolving Commitments and the
extensions of credit made thereunder (the "Domestic Revolving Facility") and (b)
the Global Revolving

                                      -11-

<PAGE>

Commitments and the Global Revolving Loans made hereunder (the "Global Revolving
Facility" and, together with the Domestic Revolving Facility, the "Revolving
Facility" or "Facility").

     "Facility Fee" is defined in Section 2.6.

     "Facility Fee Rate" is, as of any date, the percentage established in
accordance with the terms of Section 2.4.

     "Facility Letter of Credit" means a Letter of Credit issued under the
Domestic Revolving Facility.

     "Facility Letter of Credit Fee" is defined in Section 2A.8.

     "Facility Termination Date" means June 29, 2010, subject to Borrower's
right to extend for a one (1) year period, as described in Section 2.5.

     "Federal Funds Effective Rate" means, for any day, an interest rate per
annum 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 for such day (or, if such day is not a
Business Day, for the immediately preceding Business Day) by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day which is a
Business Day, the average of the quotations at approximately 11 a.m. (New York
time) on such day on such transactions received by the Administrative Agent from
three Federal funds brokers of recognized standing selected by the
Administrative Agent in its sole discretion.

     "Financeable Ground Lease" means, a ground lease satisfactory to the
Required Lenders and the Administrative Agent's counsel in their reasonable
discretion, which must provide protections for a potential leasehold mortgagee
("Mortgagee") which include, among other things (i) a remaining term, including
any optional extension terms exercisable unilaterally by the tenant, of no less
than 25 years from the Agreement Execution Date, (ii) that the ground lease will
not be terminated until the Mortgagee has received notice of a default, has had
a reasonable opportunity to cure or complete foreclosure, and has failed to do
so, (iii) provision for a new lease on the same terms to the Mortgagee as tenant
if the ground lease is terminated for any reason, (iv) non-merger of the fee and
leasehold estates, (v) transferability of the tenant's interest under the ground
lease without any requirement for consent of the ground lessor unless based on
reasonable objective criteria as to the creditworthiness or line of business of
the transferee or delivery of customary assignment and assumption agreements
from the transferor and transferee, and (vi) that insurance proceeds and
condemnation awards (from the fee interest as well as the leasehold interest)
will be applied pursuant to the terms of the applicable leasehold mortgage.

     "Financial Contract" of a Person means (i) any exchange - traded or
over-the-counter futures, forward, swap or option contract or other financial
instrument with similar characteristics, or (ii) any Rate Management
Transaction.

     "Financial Undertaking" of a Person means (i) any transaction which is the
functional equivalent of or takes the place of borrowing but which does not
constitute a liability on the consolidated balance sheet of such Person, or (ii)
any agreements, devices or arrangements designed to protect at least one of the
parties thereto from the fluctuations of interest rates,

                                      -12-

<PAGE>

exchange rates or forward rates applicable to such party's assets, liabilities
or exchange transactions, including, but not limited to, interest rate exchange
agreements, forward currency exchange agreements, interest rate cap or collar
protection agreements, forward rate currency or interest rate options.

     "First Mortgage Receivable" means any Indebtedness owing to a member of the
Consolidated Group which is secured by a first-priority mortgage or deed of
trust on commercial real estate having a value in excess of the amount of such
Indebtedness and which has been designated by the Borrower as a "First Mortgage
Receivable" in its most recent compliance certificate.

     "Fitch" means Fitch Investor Services, Inc. and its successors.

     "Fixed Charges" shall mean, for any period, the sum of (i) Consolidated
Interest Expense, (ii) all scheduled principal payments due on account of
Consolidated Outstanding Indebtedness (excluding balloon payments), (iii) all
dividends payable on account of preferred stock or preferred operating
partnership units of the Borrower or any other Person in the Consolidated Group
and (iv) all ground lease payments to the extent not deducted as an expense in
calculating Consolidated Cash Flow.

     "Fixed Rate" means the Absolute Rate or the LIBOR Rate.

     "Fixed Rate Borrowing" means a Borrowing which bears interest at a Fixed
Rate.

     "Fixed Rate Loan" means a Loan which bears interest at a Fixed Rate.

     "Floating Rate" means, for any day, a rate per annum equal to (i) the
Alternate Base Rate for such day plus (ii) ABR Applicable Margin for such day,
in each case changing when and as the Alternate Base Rate changes.

     "Floating Rate Borrowing" means a Borrowing which bears interest at the
Floating Rate.

     "Floating Rate Loan" means a Loan which bears interest at the Floating
Rate.

     "Foreign Subsidiary" means any Subsidiary (a) that is organized under the
laws of a jurisdiction other than the United States of America or any State
thereof or the District of Columbia or (b) that is a Foreign Subsidiary Holdco.

     "Foreign Subsidiary Holdco" means any Domestic Subsidiary that has no
material assets other than the Capital Stock of one or more Foreign
Subsidiaries, and other assets relating to an ownership interest in any such
Capital Stock.

     "Funded Percentage" means, with respect to any Lender at any time, a
percentage equal to a fraction the numerator of which is the amount actually
disbursed and outstanding to Borrower by such Lender at such time (including
Swingline Loans and Competitive Bid Loans), and the denominator of which is the
total amount disbursed and outstanding to Borrower by all of the Lenders at such
time (including Swingline Loans and Competitive Bid Loans).

                                      -13-

<PAGE>

     "Funds From Operations" means, for any period, the sum of (i) Consolidated
Net Income for such period, excluding (A) gains (losses) on sales of property,
(B) non-recurring charges and extraordinary items, and (C) non-cash charges
(including, without limitation, depreciation and amortization, and equity gains
(losses) from each Investment Affiliate included therein, but excluding any
amortization of deferred finance costs), plus (ii) the applicable Consolidated
Group Pro Rata Share of funds from operations of each Investment Affiliate that
is due to the Consolidated Group for such period, all determined on a consistent
basis. With regard to the foregoing sentence, for each consolidated Subsidiary
of the Borrower in which the Borrower does not directly or indirectly hold a
100% ownership interest, each of clauses (A), (B) and (C) shall exclude the
prorata share of such item attributable to minority interest holders which do
not hold operating partnership units convertible to stock in the Borrower.

     "GAAP" means generally accepted accounting principles in the United States
of America as in effect from time to time, applied in a manner consistent with
that used in preparing the financial statements referred to in Section 6.1.

     "Global Revolving Facility" is defined in the definition of Facility.

     "Global Revolving Commitment" means with respect to each Lender, the
commitment, if any, of such Lender to make Global Revolving Loans hereunder,
expressed as an amount representing the maximum aggregate amount of such
Lender's Global Revolving Exposure hereunder, as such commitment may be changed
from time to time pursuant to this Agreement. The amount of each Lender's Global
Revolving Commitment as of the date hereof is set forth on Schedule 1, or in the
Assignment and Acceptance pursuant to which such Lender shall have assumed its
Global Revolving Commitment, as applicable. The aggregate amount of the Global
Revolving Commitments is $200,000,000 as of the date hereof.

     "Global Revolving Exposure" means with respect to any Lender at any time,
the sum of (a) the aggregate outstanding principal amount of such Lender's
Global Revolving Loans at such time that are denominated in Dollars plus (b) the
Dollar Equivalent of the aggregate outstanding principal amount of such Lender's
Global Revolving Loans at such time that are denominated in Qualified Foreign
Global Currencies.

     "Global Revolving Lender" means a Lender with a Global Revolving Commitment
or with Global Revolving Exposure.

     "Global Revolving Loan" means a Loan made pursuant to Section 2.1(ii).

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

     "Guarantee Obligation" means, as to any Person (the "guaranteeing person"),
any obligation (determined without duplication) of (a) the guaranteeing person
or (b) another Person (including, without limitation, any bank under any Letter
of Credit) to induce the creation of which the guaranteeing person has issued a
reimbursement, counter-indemnity or similar obligation, in either case
guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or
other obligations (the "primary obligations") of any other third Person (the
"primary

                                      -14-

<PAGE>

obligor") in any manner, whether directly or indirectly, including, without
limitation, any obligation of the guaranteeing person, whether or not
contingent, (i) to purchase any such primary obligation or any property
constituting direct or indirect security therefor, (ii) to advance or supply
funds (1) for the purchase or payment of any such primary obligation or (2) to
maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make
payment of such primary obligation or (iv) otherwise to assure or hold harmless
the owner of any such primary obligation against loss in respect thereof;
provided, however, that the term Guarantee Obligation shall not include
endorsements of instruments for deposit or collection in the ordinary course of
business. The amount of any Guarantee Obligation of any guaranteeing person
shall be deemed to be the maximum stated amount of the primary obligation
relating to such Guarantee Obligation (or, if less, the maximum stated liability
set forth in the instrument embodying such Guarantee Obligation), provided, that
in the absence of any such stated amount or stated liability, the amount of such
Guarantee Obligation shall be such guaranteeing person's maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good
faith.

     "Indebtedness" of any Person at any date means without duplication, (a) all
indebtedness of such Person for borrowed money including without limitation any
repurchase obligation or liability of such Person with respect to securities,
accounts or notes receivable sold by such Person, (b) all obligations of such
Person for the deferred purchase price of property or services (other than
current trade liabilities incurred in the ordinary course of business and
payable in accordance with customary practices), to the extent such obligations
constitute indebtedness for the purposes of GAAP, (c) any other indebtedness of
such Person which is evidenced by a note, bond, debenture or similar instrument,
(d) all Capitalized Lease Obligations, (e) all obligations of such Person in
respect of acceptances issued or created for the account of such Person, (f) all
Guarantee Obligations of such Person (excluding in any calculation of
consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of
one member of the Consolidated Group in respect of primary obligations of any
other member of the Consolidated Group), (g) all reimbursement obligations of
such Person for letters of credit and other contingent liabilities, (h) any Net
Mark-to-Market Exposure and (i) all liabilities secured by any lien (other than
liens for taxes not yet due and payable) on any property owned by such Person
even though such Person has not assumed or otherwise become liable for the
payment thereof.

     "Interest Period" means an Absolute Interest Period or a LIBOR Interest
Period.

     "Investment" of a Person means any loan, advance (other than commission,
travel and similar advances to officers and employees made in the ordinary
course of business), extension of credit (other than accounts receivable arising
in the ordinary course of business on terms customary in the trade), deposit
account or contribution of capital by such Person to any other Person or any
investment in, or purchase or other acquisition of, the stock, partnership
interests, notes, debentures or other securities of any other Person made by
such Person.

     "Investment Affiliate" means any Person in which the Consolidated Group,
directly or indirectly, has an ownership interest, whose financial results are
not consolidated under GAAP with the financial results of the Consolidated
Group.

                                      -15-

<PAGE>

     "Invitation for Competitive Bid Quotes" means a written notice to the
Lenders from the Administrative Agent in the form attached as Exhibit I-2 for
Competitive Bid Loans made pursuant to Section 2.22, and a written notice to the
Lenders from the Borrower in the form of Exhibit J-1 for Competitive Bid Loans
made pursuant to Section 2.23.

     "Issuance Date" is defined in Section 2A.4.

     "Issuance Notice" is defined in Section 2A.4.

     "Issuing Lender" means, with respect to each Facility Letter of Credit, the
Lender which issues such Facility Letter of Credit.

     "Joint Lead Arranger" means JPMorgan Securities, Inc. and Banc of America
Securities LLC.

     "JPMorgan Chase Bank" means JPMorgan Chase Bank, N.A., in its individual
capacity and its successors.

     "Judgment Currency" is defined in Section 9.16(a).

     "Judgment Currency Conversion Date" is defined in Section 9.16(a).

     "LC Disbursement" means a payment made by the applicable Issuing Lender
pursuant to a Facility Letter of Credit.

     "LC Exposure" means at any time, the Dollar Equivalent of the sum of (a)
the aggregate undrawn amount of all outstanding Facility Letters of Credit, plus
(b) the aggregate amount of all LC Disbursements that have not yet been
reimbursed by or on behalf of the relevant Borrower at such time. The LC
Exposure of any Domestic Revolving Lender at any time shall be its Percentage of
the total LC Exposure at such time.

     "Lenders" means the lending institutions listed on the signature pages of
this Agreement, their respective successors and assigns, any other lending
institutions that subsequently become parties to this Agreement and the
Designated Lenders, if any, provided that the term "Lender" shall exclude each
such Designated Lender when used in the reference to the Commitments or terms
relating to the Commitments.

     "Lending Installation" means, with respect to a Lender, any office, branch,
subsidiary or affiliate of such Lender.

     "Letter of Credit" of a Person means a letter of credit or similar
instrument which is issued upon the application of such Person or upon which
such Person is an account party or for which such Person is in any way liable.

     "Letter of Credit Collateral Account" is defined in Section 2A.9.

     "Letter of Credit Request" is defined in Section 2A.4.

                                      -16-

<PAGE>

     "LIBOR Applicable Margin" means, as of any date with respect to any LIBOR
Interest Period, the Applicable Margin in effect for such LIBOR Interest Period
as determined in accordance with Section 2.4 hereof.

     "LIBOR Base Rate" means, with respect to any Eurocurrency Borrowing, for
any Interest Period, the rate appearing on the relevant page of the Telerate
screen (or any successor to or substitute for such screen, providing rate
quotations comparable to those currently provided on such page of such screen,
as determined by the Administrative Agent from time to time for purposes of
providing quotations of interest rates applicable to deposits in Dollars or the
relevant Qualified Global Currency, as the case may be, in the relevant
interbank market) at approximately 11:00 a.m., London time, two Business Days
prior to the commencement of such Interest Period, as the rate for deposits in
such currency with a maturity comparable to such Interest Period. If such rate
is not available at such time for any reason, and in all cases with regard to
sterling-denominated Loans, the "LIBOR Base Rate" with respect to such
Eurocurrency Borrowing for such Interest Period shall be the rate at which
deposits in the lowest multiple of 1,000,000 units of the relevant currency, the
Dollar Equivalent of which is at least $5,000,000 and for a maturity comparable
to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank
market at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period.

     "LIBOR Interest Period" means a period of one, two, three or six months (or
such shorter period as may be approved by the Lenders) commencing on a Business
Day selected by the Borrower pursuant to this Agreement. Such LIBOR Interest
Period shall end on (but exclude) the day which corresponds numerically to such
date one, two, three or six months thereafter (or such shorter period as may be
approved by the Lenders), provided, however, that if there is no such
numerically corresponding day in such next, second, third or sixth succeeding
month, such LIBOR Interest Period shall end on the last Business Day of such
next, second, third or sixth succeeding month. If a LIBOR Interest Period would
otherwise end on a day which is not a Business Day, such LIBOR Interest Period
shall end on the next succeeding Business Day, provided, however, that if said
next succeeding Business Day falls in a new calendar month, such LIBOR Interest
Period shall end on the immediately preceding Business Day.

     "LIBOR Rate" means, with respect to a Eurocurrency Borrowing for the
relevant LIBOR Interest Period, the sum of (i) the quotient of (a) the LIBOR
Base Rate applicable to such LIBOR Interest Period, divided by (b) one minus the
Reserve Requirement (expressed as a decimal) applicable to such LIBOR Interest
Period, plus (ii) in the case of ratable Eurocurrency Borrowings, the LIBOR
Applicable Margin in effect from time to time during such LIBOR Interest Period,
or in the case of Eurocurrency Borrowings made as Competitive Bid Loans, the
Competitive LIBOR Margin established in the Competitive Bid Quote applicable to
such Competitive Bid Loan. The LIBOR Rate shall be rounded to the next higher
1/100 of 1% if the rate is not a multiple of 1/100 of 1%.

     "Lien" means any lien (statutory or other), mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance or preference,
priority or other security agreement or preferential arrangement of any kind or
nature whatsoever (including, without limitation, the

                                      -17-

<PAGE>

interest of a vendor or lessor under any conditional sale, Capitalized Lease or
other title retention agreement).

     "Loan" means, with respect to a Lender, such Lender's portion of any
Borrowing.

     "Loan Documents" means this Agreement, the Notes (including the Qualified
Borrower Notes), the Qualified Borrower Guaranty and any other document from
time to time evidencing or securing indebtedness incurred by the Borrower under
this Agreement, as any of the foregoing may be amended or modified from time to
time.

     "Loan Party" means Parent Borrower, any Qualified Borrower, or any
Subsidiary providing a guaranty of the Obligations.

     "London Administrative Office" means the Administrative Agent's office
located at 125 London Wall, London EC2Y 5AJ, Attention of Agency Department, or
such other office in London as may be designated by the Administrative Agent by
written notice to the Borrower and the Lenders.

     "Management Fees" means, collectively, all fees and income earned by the
Borrower and any of its Wholly-Owned Subsidiaries for the applicable period in
connection with the management, development, and operations of a Property
including, without limitation, all property management fees, asset management
fees, leasing and sales commissions, development fees, construction management
fees, tenant coordination fees, legal fees, accounting fees, tax preparation
fees, consulting fees, and financing or debt placement fees.

     "Material Adverse Effect" means a material adverse effect on (i) the
business, Property or condition (financial or otherwise) of the Borrower and its
Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its
obligations under the Loan Documents, or (iii) the validity or enforceability of
any of the Loan Documents.

     "Materials of Environmental Concern" means any gasoline or petroleum
(including crude oil or any fraction thereof) or petroleum products or any
hazardous or toxic substances, materials or wastes, defined or regulated as such
in or under any Environmental Law, including, without limitation, asbestos,
polychlorinated biphenyls and urea-formaldehyde insulation.

     "Maximum Legal Rate" means the maximum nonusurious interest rate, if any,
that at any time or from time to time may be contracted for, taken, reserved,
charged or received on the indebtedness evidenced by the Note and as provided
for herein or in the Note or other Loan Documents, under the laws of such state
or states whose laws are held by any court of competent jurisdiction to govern
the interest rate provisions of the Loan.

     "Moody's" means Moody's Investors Service, Inc. and its successors.

     "Multiemployer Plan" means a Plan maintained pursuant to a collective
bargaining agreement or any other arrangement to which the Borrower or any
member of the Controlled Group is a party to which more than one employer is
obligated to make contributions.

                                      -18-

<PAGE>

     "Multi-Property Entity" is a Subsidiary that owns more than one Project,
either directly or indirectly through the ownership of Capital Stock in another
Subsidiary of Borrower, and owns an interest in any Capital Stock in a
Subsidiary of Borrower that owns fee simple title in, or ground leases an asset
that is not an Unencumbered Asset.

     "Net Mark-to-Market Exposure" of a Person means, as of any date of
determination, the excess (if any) of all unrealized losses over all unrealized
profits of such Person arising from Rate Management Transactions or any other
Financial Contract. "Unrealized losses" means the fair market value of the cost
to such Person of replacing such Rate Management Transaction or other Financial
Contract as of the date of determination (assuming the Rate Management
Transaction or other Financial Contract were to be terminated as of that date),
and "unrealized profits" means the fair market value of the gain to such Person
of replacing such Rate Management Transaction or other Financial Contract as of
the date of determination (assuming such Rate Management Transaction or other
Financial Contract were to be terminated as of that date).

     "Net Operating Income" means, with respect to any Project for any period,
"property rental and other income" (as determined by GAAP) attributable to such
Project accruing for such period minus the amount of all expenses (as determined
in accordance with GAAP) incurred in connection with and directly attributable
to the ownership and operation of such Project for such period, including,
without limitation, Property Management Fees and amounts accrued for the payment
of real estate taxes and insurance premiums, but excluding interest expense or
other debt service charges and any non-cash charges such as depreciation or
amortization of financing costs. As used herein "Property Management Fees",
means, with respect to each Project for any period, an amount equal to three
percent (3%) of the aggregate base rent and percentage rent due and payable
under leases with tenants at such Project.

     "New York Administrative Office" means the Administrative Agent's office
designated on its signature page to this Agreement or such other office in New
York City as may be designated by the Administrative Agent by written notice to
the Borrower and the Lenders.

     "Non-U.S. Lender" is defined in Section 3.5(iv).

     "Note" means a new (in the case of Lenders not parties to the Prior
Agreement) or an amended and restated (in the case of Lenders parties to the
Prior Agreement) promissory note, in substantially the form of Exhibit A-1
hereto, duly executed by the Borrower and payable to the order of a Lender and
in the case of a Qualified Borrower, a Qualified Borrower Note, including in
each case any amendment, modification, renewal or replacement of such promissory
note.

     "Notice of Assignment" is defined in Section 12.3.2.

     "Obligation Currency" is defined in Section 9.16(a).

     "Obligations" means the Borrowings, the LC Exposures and all accrued and
unpaid fees and all other obligations of Borrower to the Administrative Agent or
the Lenders, or any of them, arising under this Agreement or any of the other
Loan Documents.

     "Other Taxes" is defined in Section 3.5(ii).

                                      -19-

<PAGE>

     "Participants" is defined in Section 12.2.1.

     "Passive Non-Real Estate Investments" means stock or other equity interests
in or debt of entities not primarily involved in commercial real estate
development or ownership.

     "Payment Date" means, with respect to the payment of interest accrued on
any Borrowing, the first day of each calendar month.

     "PBGC" means the Pension Benefit Guaranty Corporation, or any successor
thereto.

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

     "Permitted Acquisitions" are defined in Section 6.14.

     "Permitted Liens" are defined in Section 6.15.

     "Person" means any natural person, corporation, firm, joint venture,
partnership, association, enterprise, trust or other entity or organization, or
any government or political subdivision or any agency, department or
instrumentality thereof.

     "Plan" means an employee pension benefit plan which is covered by Title IV
of ERISA or subject to the minimum funding standards under Section 412 of the
Code as to which the Borrower or any member of the Controlled Group may have any
liability.

     "Portfolio Acquisition" means an acquisition by Borrower and/or a
Subsidiary of Projects with an aggregate purchase price in excess of
$250,000,000 in a single transaction or series of related transactions.

     "Prime Rate" means a rate per annum equal to the prime rate of interest
publicly announced from time to time by JPMorgan Chase Bank or its parent as its
prime rate (which is not necessarily the lowest rate charged to any customer),
changing when and as said prime rate changes. In the event that there is a
successor to the Administrative Agent by merger, or the Administrative Agent
assigns its duties and obligations to an Affiliate, then the term "Prime Rate"
as used in this Agreement shall mean the prime rate, base rate or other
analogous rate of the new Administrative Agent.

     "Prior Agreement" is defined in Recital C.

     "Project" means any real estate asset owned by Borrower or any of its
Subsidiaries or any Investment Affiliate, and operated or intended to be
operated as a retail, office or industrial property.

     "Property" of a Person means any and all property, whether real, personal,
tangible, intangible, or mixed, of such Person, or other assets owned, leased or
operated by such Person.

                                      -20-
<PAGE>

     "Purchasers" is defined in Section 12.3.1.

     "Qualified Borrower" means DDR PR Ventures LLC, S.E. and any other
Wholly-Owned Subsidiary of Borrower which has complied with the requirements set
forth in Section 2.1 for being a Borrower hereunder, the Indebtedness of which,
in all cases, shall be guaranteed by DDR.

     "Qualified Borrower Competitive Bid Note" means a promissory note, in
substantially the same form of Exhibit O hereto, duly executed by the Qualified
Borrower and payable to the order of the Administrative Agent on behalf of the
Lenders to be used to evidence any Competitive Bid Loans which a Lender elects
to make to a Qualified Borrower, including any amendment, modification renewal
or replacement of such promissory note.

     "Qualified Borrower Guaranty" means a full and unconditional guaranty of
payment in the form of Exhibit M attached hereto, enforceable against DDR for
the payment of a Qualified Borrower's debt or obligation to the Lenders pursuant
to this Agreement.

     "Qualified Borrower Note" means a promissory note, in substantially the
same form of Exhibit N hereto, duly executed by the Qualified Borrower and
payable to the order of the Administrative Agent on behalf of a Lender,
including any amendment, modification renewal or replacement of such promissory
note.

     "Qualified Foreign Global Currency" means any Qualified Global Currency
other than Dollars.

     "Qualified Global Currency" means (a) Dollars (borrowed in New York City),
and Sterling, Euros and Yen (borrowed in London), and (b) any other eurocurrency
designated by the Borrower with the consent of the Administrative Agent and each
Global Revolving Lender.

     "Qualified Global Currency Borrowing" means any Borrowing comprised of
Qualified Global Currency Loans.

     "Qualified Global Currency Loan" means any Loan denominated in a Qualified
Global Currency.

     "Qualified Jointly-Owned Subsidiary" means a Subsidiary which (i) is not a
Wholly-Owned Subsidiary, and (ii) is governed by organizational documents which
expressly authorize the Borrower or the Wholly-Owned Subsidiary which is its
general partner or managing member to cause such Subsidiary to guaranty, or
pledge such Subsidiary's assets to secure, indebtedness of the Borrower.

     "Rate Management Transaction" means any transaction (including an agreement
with respect thereto) now existing or hereafter entered into by the Borrower
which is a rate swap, basis swap, forward rate transaction, commodity swap,
commodity option, equity or equity index swap, equity or equity index option,
bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, forward transaction,
currency swap transaction, cross-currency rate swap transaction, currency option
or any other similar transaction (including any option with respect to any of
these transactions) or any combination

                                      -21-

<PAGE>

thereof, whether linked to one or more interest rates, foreign currencies,
commodity prices, equity prices or other financial measures.

     "Recourse Indebtedness" means any Indebtedness of Borrower or any of its
Subsidiaries with respect to which the liability of the obligor is not limited
to the obligor's interest in specified assets securing such Indebtedness,
subject to customary limited exceptions for certain acts or types of liability.

     "Regulation D" means Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor thereto or other
regulation or official interpretation of said Board of Governors relating to
reserve requirements applicable to member banks of the Federal Reserve System.

     "Regulation U" means Regulation U of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor or other
regulation or official interpretation of said Board of Governors relating to the
extension of credit by banks for the purpose of purchasing or carrying margin
stocks applicable to member banks of the Federal Reserve System.

     "Reimbursement Obligations" means at any time, the aggregate of the
Obligations of the Borrower to the Lenders, the Issuing Lender and the
Administrative Agent in respect of all unreimbursed payments or disbursements
made by the Lenders, the Issuing Lender and the Administrative Agent under or in
respect of the Facility Letters of Credit.

     "Reportable Event" means a reportable event as defined in Section 4043 of
ERISA and the regulations issued under such section, with respect to a Plan,
excluding, however, such events as to which the PBGC by regulation waived the
requirement of Section 4043(a) of ERISA that it be notified within 30 days of
the occurrence of such event, provided, however, that a failure to meet the
minimum funding standard of Section 412 of the Code and of Section 302 of ERISA
shall be a Reportable Event regardless of the issuance of any such waiver of the
notice requirement in accordance with either Section 4043(a) of ERISA or Section
412(d) of the Code.

     "Required Facility Lenders" means with respect to any Facility, the holders
of more than 66 2/3% of the Revolving Commitments for the applicable Facility
(or, in the case of the termination of the Revolving Commitments, the holders of
more than 66 2/3% of the aggregate unpaid principal amount of Revolving Exposure
outstanding under such Facility, except that for purposes of determining
Required Facility Lenders for the Domestic Revolving Facility after the
termination of the Commitments, the outstanding Competitive Bid Loans of the
Lenders shall be included in their Revolving Exposures.

     "Required Lenders" means at any time, Lenders having Revolving Exposures,
and unused Commitments representing at least 66-2/3% of the sum of the total
Revolving Exposures, and unused Commitments at such time, provided that, for
purposes of declaring the Loans to be due and payable pursuant to Article VIII,
and for all purposes after the Loans become due and payable pursuant to Article
VIII or the Commitments expire or terminate, the outstanding Competitive Bid
Loans of the Lenders shall be included in their respective Revolving Exposures
in determining the Required Lenders.

                                      -22-

<PAGE>

     "Reserve Requirement" means, with respect to a Eurocurrency Loan and LIBOR
Interest Period, that percentage (expressed as a decimal) which is in effect on
such day, as prescribed by the Federal Reserve Board or other governmental
authority or agency having jurisdiction with respect thereto for determining the
maximum reserves (including, without limitation, basic, supplemental, marginal
and emergency reserves) for eurocurrency funding (currently referred to as
"Eurocurrency Liabilities" in Regulation D) maintained by a member bank of the
Federal Reserve System.

     "Restricted Payment" means any dividend or other distribution (whether in
cash, securities or other property) with respect to any Capital Stock in the
Borrower or any Subsidiary, or any payment (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of
any such Capital Stock in the Borrower or any option, warrant or other right to
acquire any such Capital Stock in the Borrower, or any transaction that has a
substantially similar effect.

     "Revolving Commitments" means the aggregate of the Domestic Revolving
Commitments and the Global Revolving Commitments.

     "Revolving Exposure" means with respect to any Lender at any time, the sum
of such Lender's Domestic Revolving Exposure and Global Revolving Exposure.

     "Revolving Facility" is defined in the definition of Facility.

     "Revolving Lenders" means Domestic Revolving Lenders and Global Revolving
Lenders.

     "Revolving Loans" means Domestic Revolving Loans and Global Revolving
Loans.

     "Section" means a numbered section of this Agreement, unless another
document is specifically referenced.

     "Sharing Event" means (i) the occurrence of a Default under Section 7.7 or
7.8, (ii) the termination of the Commitments pursuant to Section 8.1, or (iii)
the acceleration of the maturity date of the Loans by the Administrative Agent
upon the occurrence of a Default.

     "Single Employer Plan" means a Plan maintained by the Borrower or any
member of the Controlled Group for employees of the Borrower or any member of
the Controlled Group.

     "S&P" means Standard & Poor's Ratings Group and its successors.

     "Subsidiary" of a Person means (i) any corporation more than 50% of the
outstanding securities having ordinary voting power of which shall at the time
be owned or controlled, directly or indirectly, by such Person or by one or more
of its Subsidiaries or by such Person and one or more of its Subsidiaries, or
(ii) any partnership, association, joint venture or similar business
organization more than 50% of the ownership interests having ordinary voting
power of which shall at the time be so owned or controlled. Unless otherwise
expressly provided, all references herein to a "Subsidiary" shall mean a
Subsidiary of the Borrower.

                                      -23-

<PAGE>

     "Subsidiary Guarantor" means a Subsidiary which has delivered a Subsidiary
Guaranty.

     "Subsidiary Guaranty" means a guarantee of all obligations delivered by a
Subsidiary if necessary pursuant to the definition of Unencumbered Assets or
Consolidated Secured Indebtedness.

     "Substantial Portion" means, with respect to the Property of the Borrower
and its Subsidiaries, Property which (i) represents more than 10% of the assets
of the Consolidated Group as would be shown in the consolidated financial
statements of the Consolidated Group as at the beginning of the twelve-month
period ending with the month immediately preceding the month in which such
determination is made, or (ii) is responsible for more than 10% of the
consolidated net sales or of the consolidated net income of the Consolidated
Group as reflected in the financial statements referred to in clause (i) above.

     "Swingline Borrowings" means, as of any date, collectively, all Swingline
Loans then outstanding under this Facility.

     "Swingline Exposure" means the outstanding principal balance of all
Swingline Borrowings.

     "Swingline Lender" shall mean Administrative Agent, in its capacity as a
Lender.

     "Swingline Loans" means loans of up to $50,000,000 made by the Swingline
Lender in accordance with Section 2.20 hereof.

     "Taxes" means any and all present or future taxes, duties, levies, imposts,
deductions, charges or withholdings, and any and all liabilities with respect to
the foregoing, but excluding Excluded Taxes and Other Taxes.

     "Total Domestic Exposure" means at any time, the sum of the aggregate
Domestic Revolving Exposures for each of the Domestic Revolving Lenders.

     "Total Global Exposure" means at any time, the sum of the aggregate Global
Revolving Exposures for each of the Global Revolving Lenders.

     "Transferee" is defined in Section 12.4.

     "Treaty" means the Treaty establishing the European Economic Community,
being the Treaty of Rome of March 25, 1957 as amended by the Single European Act
1986 and the Maastricht Treaty (which was signed on February 7, 1992 and came
into force on November 1, 1993) and as may from time to time be further amended,
supplemented or otherwise modified.

     "Type" when used in reference to any Loan or Borrowing, refers to the rate
by reference to which interest on such Loan, or on the Loans comprising such
Borrowing, is determined and the currency in which such Loan, or the Loans
comprising such Borrowing, are denominated. For purposes hereof, "rate" shall
include the LIBOR Rate and the Alternate Base Rate, and "currency" shall include
Dollars and any Qualified Global Currency permitted hereunder.

                                      -24-

<PAGE>

     "Unencumbered Asset" means, subject to clauses (a), (b) and (c) below, any
Project and any Asset Under Development located in the United States, Puerto
Rico or an Acceptable Jurisdiction 100% of which is owned in fee simple or
ground leased by the Borrower, a Wholly-Owned Subsidiary, or a Qualified
Jointly-Owned Subsidiary (provided that a Project which is ground leased shall
be included as an Unencumbered Asset only if such ground lease is a Financeable
Ground Lease) which, as of any date of determination, is not subject to any
Liens, claims, or restrictions on transferability or assignability of any kind
(including any such Lien, claim or restriction imposed by the organizational
documents of any Subsidiary) other than (i) Permitted Liens set forth in
Sections 6.15(i) through 6.15(iv)) and (ii) restrictions on transferability in
the case of a Qualified Jointly Owned Subsidiary.

          (a) No Project or Asset Under Development will be an Unencumbered
     Asset if Borrower, the owner of such Project or Asset Under Development (an
     "Unencumbered Asset Ownership Entity") or any Subsidiary that is in the
     direct chain of ownership between any Borrower and the Unencumbered Asset
     Ownership Entity (a "Relevant Subsidiary") is subject to any agreement
     (including (i) any agreement governing Indebtedness and (ii) if applicable,
     the organizational documents of Borrower, any Relevant Subsidiary or
     Unencumbered Asset Ownership Entity) that prohibits or limits the ability
     of the Borrower, the Unencumbered Asset Ownership Entity or any Relevant
     Subsidiary to create, incur, assume or suffer to exist any Lien upon that
     Project or Asset Under Development or upon the Capital Stock of the
     Unencumbered Asset Ownership Entity, or any Relevant Subsidiary, including,
     without limitation, any negative pledge or similar covenant or restriction.

          (b) No Project or Asset Under Development will be an Unencumbered
     Asset if the Unencumbered Asset Ownership Entity or any Relevant Subsidiary
     is subject to any agreement (including any agreement governing Indebtedness
     incurred in order to finance or refinance the acquisition of such asset)
     that entitles any Person to the benefit of any Lien (other than Permitted
     Liens set forth in Sections 6.15(i) through 6.15(iv)) on any assets or
     Capital Stock of the Unencumbered Asset Ownership Entity or any Relevant
     Subsidiary or would entitle any Person to the benefit of any Lien (other
     than Permitted Liens set forth in Sections 6.15(i) through 6.15(iv)) on
     such assets or Capital Stock upon the occurrence of any contingency
     (including, without limitation, pursuant to an "equal and ratable" clause),
     except, in each case, for (x) Liens upon the assets of a Multi-Property
     Entity, provided such assets are not Unencumbered Assets, and (y) Liens on
     the Capital Stock of Subsidiaries of a Multi-Property Entity that do not
     directly or indirectly own Unencumbered Assets.

          (c) No Project or Asset Under Development will be an Unencumbered
     Asset unless the Unencumbered Asset Ownership Entity and each Relevant
     Subsidiary (to the extent such entity is not a Subsidiary Guarantor) does
     not have any Indebtedness for borrowed money or any Guarantee Obligations,
     other than (A) Guarantee Obligations or Indebtedness for which recovery is
     limited to a Project or Asset Under Development that is not an Unencumbered
     Asset or the Capital Stock of an entity that owns a Project or Asset Under
     Development that is not an Unencumbered Asset, or (B) Guarantee Obligations
     for nonrecourse carveouts, completion guarantees or environmental
     guarantees provided that the obligations described in this clause (B) shall
     be permitted

                                      -25-

<PAGE>

     only if the Unencumbered Asset Ownership Entity or the Relevant Subsidiary
     that has the Guarantee Obligation is a Qualified Borrower or has executed a
     Subsidiary Guaranty. Notwithstanding the foregoing, during the first sixty
     (60) days following the Agreement Execution Date only, a Multi-Property
     Entity may have Indebtedness for borrowed money or Guarantee Obligations
     without disqualifying a Project or Asset Under Development owned, directly
     or indirectly, by such Multi-Property Entity from being an Unencumbered
     Asset.

     "Unfunded Liabilities" means the amount (if any) by which the present value
of all vested nonforfeitable benefits under all Single Employer Plans exceeds
the fair market value of all such Plan assets allocable to such benefits, all
determined as of the then most recent valuation date for such Plans.

     "Unmatured Default" means an event which but for the lapse of time or the
giving of notice, or both, would constitute a Default.

     "Unrestricted Cash and Cash Equivalents" means, in the aggregate, all cash
and Cash Equivalents which are not pledged or otherwise restricted for the
benefit of any creditor and which are owned by members of the Consolidated Group
or Investment Affiliates, to be valued for purposes of this Agreement at (i)
100% of its then-current book value, as determined under GAAP, for any such
items owned by a member of the Consolidated Group or (ii) the applicable
Consolidated Group Pro Rata Share of its then-current book value, as determined
under GAAP, for any such items owned by an Investment Affiliate.

     "Unsecured Indebtedness" means all Indebtedness of any person that is not
secured by a Lien on any asset of such Person.

     "Value of Unencumbered Assets" means, as of any date, the sum of (A) the
amount determined by dividing the Net Operating Income for each Project which is
an Unencumbered Asset (excluding the Net Operating Income for any Acquisition
Asset which is an Unencumbered Asset) as of such date for a calculation period
which shall be either the immediately preceding two (2) full fiscal quarters or,
if so requested by Borrower or the Administrative Agent, the one (1) immediately
preceding full fiscal quarter and the then current partial quarter (in all cases
as annualized) by 0.0775 (provided that not more than fifteen percent (15%) of
the Value of Unencumbered Assets with respect to Projects shall be attributable
to Unencumbered Assets which are ground leased and not more than fifteen percent
(15%) of the Value of Unencumbered Assets shall be attributable to Unencumbered
Assets not located in the United States or Puerto Rico) plus (B) cash from
like-kind exchanges on deposit with a qualified intermediary, provided that the
aggregate amount added to the Value of Unencumbered Assets under this clause (B)
shall not exceed ten percent (10%) of the total Value of Unencumbered Assets
plus (C) the amount by which the value of Unrestricted Cash and Cash Equivalents
exceeds $10,000,000, plus (D) the value of Assets Under Development which are
Unencumbered Assets, provided that the aggregate amount added to Value of
Unencumbered Assets under this clause (D) shall not exceed ten percent (10%) of
the total Value of Unencumbered Assets for each development project that is an
Unencumbered Asset, plus (E) the then-current value under GAAP of all First
Mortgage Receivables (excluding the portion of any First Mortgage Receivables
for which the ratio of the principal balance of the loan to the value of the
Project securing repayment of such First Mortgage Receivable exceeds eighty-five
percent (85%);

                                      -26-

<PAGE>

provided, however, that such ratio shall be determined (i) by Borrower in good
faith and (ii) at the time the First Mortgage Receivable is created) provided
that the aggregate amount added to Value of Unencumbered Assets under this
clause (E) shall not exceed ten percent (10%) of the total Value of Unencumbered
Assets plus (F) the then-current book value, as determined in accordance with
GAAP, of Developable Land which is an Unencumbered Asset, provided that the
aggregate amount added to the Value of Unencumbered Assets under this clause (F)
shall not exceed five percent (5%) of the total Value of Unencumbered Assets,
plus (G) the amount determined by taking seventy five percent (75%) of the
amount of Management Fees received by the Borrower or a Wholly-Owned Subsidiary
for a calculation period which shall be either the immediately preceding two (2)
full fiscal quarters or, if so requested by Borrower or the Administrative
Agent, the one (1) immediately preceding full fiscal quarter and the then
current partial quarter (in all cases as annualized) and dividing such amount by
0.20, plus (H) the value of each Acquisition Asset that is an Unencumbered Asset
determined in the same manner as is set forth in the definition of Consolidated
Capitalization Value. At no time shall the aggregate amount added to Value of
Unencumbered Assets under clauses (B), (D), (E), (F), and (G) exceed fifteen
percent (15%) of the total Value of Unencumbered Assets, provided that such
percentage may be up to twenty percent (20%) for up to two quarters during the
term of the Facility. If a Project is no longer owned as of the date of
determination, then no value shall be included from such Project.

     "Wholly-Owned Subsidiary" of a Person means (i) any Subsidiary all of the
outstanding voting securities of which shall at the time be owned or controlled,
directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries
of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of
such Person, or (ii) any partnership, association, joint venture or similar
business organization 100% of the ownership interests having ordinary voting
power of which shall at the time be so owned or controlled.

     The foregoing definitions shall be equally applicable to both the singular
and plural forms of the defined terms.

     1.2 Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Class (e.g., a "Revolving Loan") or
by Type (e.g., a "Eurocurrency Loan") or by Class and Type (e.g., a
"Eurocurrency Revolving Loan"). Borrowings also may be classified and referred
to by Class (e.g., a "Revolving Borrowing") or by Type (e.g., a "Eurocurrency
Borrowing") or by Class and Type (e.g., a "Eurocurrency Revolving Borrowing").

     1.3 Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words "include", "includes" and "including" shall be deemed to
be followed by the phrase "without limitation". The word "will" shall be
construed to have the same meaning and effect as the word "shall". Unless the
context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person's

                                      -27-

<PAGE>

successors and assigns, (c) the words "herein", "hereof" and "hereunder", and
words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (d) all references herein
to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e)
where applicable, any amount (including, without limitation, minimum borrowing,
prepayment or repayment amounts) expressed in Dollars shall, when referring to
any currency other than Dollars, be deemed to mean an amount of such currency
having a Dollar Equivalent approximately equal to such amount.

     1.4 Exchange Rates. (a) Not later than 1:00 p.m., New York City time, on
each Exchange Rate Date on which there are any Loans denominated in a Qualified
Foreign Global Currency or as Alternative Currency Letters of Credit, the
Administrative Agent shall (i) determine the Exchange Rate as of such Exchange
Rate Date to be used for calculating the Dollar Equivalent amounts of each
currency in which a Global Revolving Loan, Alternative Currency Letter of Credit
or unreimbursed LC Disbursement is denominated and (ii) give notice thereof to
the Borrower and the Lenders. The Exchange Rates so determined shall remain
effective until the next succeeding Exchange Rate Date and shall (other than for
the purpose of converting into Dollars, under Sections 2A.5, 2A.6, 2A.8, 2A.9
and the obligations of the Borrowers and the Domestic Revolving Lenders in
respect of LC Disbursements that have not been reimbursed when due) be the
Exchange Rates employed in converting any amounts between the applicable
currencies pursuant to this Agreement.

     (b) Not later than 5:00 p.m., New York City time, on each Exchange Rate
Date, the Administrative Agent shall (i) determine the Global Revolving Exposure
or the Alternative Currency LC Exposure, as the case may be, on such date (after
giving effect to any Global Revolving Loans to be made or any Alternative
Currency Letters of Credit to be issued, renewed, extended or terminated in
connection with such determination) and (ii) notify the Borrower and, if
applicable, each Issuing Lender of the results of such determination.

     1.5 Currency Conversion. (a) If more than one currency or currency unit are
at the same time recognized by the central bank of any country as the lawful
currency of that country, then (i) any reference in the Loan Documents to, and
any obligations arising under the Loan Documents in, the currency of that
country shall be translated into or paid in the currency or currency unit of
that country designated by the Administrative Agent in consultation with
Borrower and (ii) any translation from one currency or currency unit to another
shall be at the official rate of exchange recognized by the central bank for
conversion of that currency or currency unit into the other, rounded up or down
by the Administrative Agent as it deems appropriate.

     (b) If a change in any currency of a country occurs, this Agreement shall
be amended (and each party hereto agrees to enter into any supplemental
agreement necessary to effect any such amendment) to the extent that the
Administrative Agent specifies to be necessary to reflect the change in currency
and to put the Lenders in the same position, so far as possible, that they would
have been in if no change in currency had occurred.

                                      -28-

<PAGE>

                                   ARTICLE II

                                   THE CREDIT

     2.1 Commitments; Reduction or Increase in Aggregate Commitment. Subject to
the terms and conditions of this Agreement, each Lender in the applicable
Facility severally and not jointly agrees (i) to make Domestic Revolving Loans
in Dollars to the Parent Borrower or any Qualified Borrower from time to time
prior to the Facility Termination Date in an aggregate principal amount that
will not result in such Lender's Domestic Revolving Exposure exceeding such
Lender's Domestic Revolving Commitment, or the Total Domestic Exposure plus the
amount of all outstanding Competitive Bid Loans to exceed the aggregate amount
of the Domestic Revolving Commitment, and (ii) to make Global Revolving Loans in
Dollars to Parent Borrower or any Qualified Borrower or in one or more Qualified
Global Currencies (as specified in the Borrowing Requests with respect thereto)
to any Foreign Subsidiary that is a Qualified Borrower from time to time prior
to the Facility Termination Date in an aggregate principal amount that will not
result in such Lender's Global Revolving Exposure exceeding such Lender's Global
Revolving Commitment. Notwithstanding the foregoing, in no event shall Lenders
be obligated to make a Swingline Loan or Competitive Bid Loan to a Foreign
Subsidiary or a Loan in any currency other than Dollars to Parent Borrower or
any Domestic Subsidiary. The Borrowings may be ratable Floating Rate Borrowings
(but only Loans in Dollars can be Floating Rate Borrowings), ratable
Eurocurrency Borrowings, non-pro rata Swingline Loans or non-pro rata
Competitive Bid Loans. This Facility is a revolving credit facility and, subject
to the provisions of this Agreement, Borrower may request Borrowings hereunder,
repay such Borrowings and reborrow Borrowings at any time prior to the Facility
Termination Date.

     Subject to limitations set forth above with respect to which Borrowers can
request certain types of Loans, a Qualified Borrower shall have the right to
request Borrowings, subject to all of the same terms and conditions as are
applicable to the Parent Borrower provided that DDR gives Administrative Agent
thirty (30) days prior notice of its intention to have a Qualified Borrower,
other than DDR PR Ventures LLC, S.E. Following receipt of such a notice,
Administrative Agent agrees to promptly notify the Lenders of Borrower's
intention to have an additional Qualified Borrower. As a condition to any
initial Borrowing to a Qualified Borrower (including DDR PR Ventures LLC, S.E.)
such Qualified Borrower shall have executed and delivered a Qualified Borrower
Note to Administrative Agent for the benefit of each of the Lenders, and Parent
Borrower shall have executed and delivered a Qualified Borrower Guaranty
relating to amounts to be borrowed by such Qualified Borrower, and
Administrative Agent shall have received the items specified in Schedule 5
attached hereto with respect to such Qualified Borrower. If an initial Borrowing
is requested by a Qualified Borrower, the Credit Agreement shall be deemed
modified such that at any place where the term "Borrower" currently appears,
such provision shall be modified to also include and apply to any such Qualified
Borrower, as the context may require, and any reference to a "Note" shall
include and apply to any Qualified Borrower Note, as the context may require.

     Following the giving of any notice designating a Qualified Borrower, if
such designation obligates the Administrative Agent or any Lender to comply with
"know your customer" or similar identification procedures in circumstances where
the necessary information is not already

                                      -29-

<PAGE>

available to it, the Borrower shall, promptly upon the request of the
Administrative Agent or any Lender, supply such documentation and other evidence
as is reasonably requested by the Administrative Agent or any Lender in order
for the Administrative Agent or such Lender to carry out and be satisfied it has
complied with the results of all necessary "know your customer" or other similar
checks under all applicable laws and regulations.

     If DDR shall designate as a Qualified Borrower hereunder any Subsidiary not
organized under the laws of the United States or any State thereof or Puerto
Rico, any Lender may, with notice to the Administrative Agent and DDR, fulfill
its Commitment by causing an Affiliate of such Lender to act as the Lender in
respect of such Qualified Borrower (and such Lender shall, to the extent of
Borrowings made to and participations in Facility Letters of Credit issued for
the account of such Qualified Borrower, be deemed for all purposes hereof to
have pro tanto assigned such Borrowings and participations to such Affiliate)
provided that either such Affiliate is a permitted assignee pursuant to Section
12.3 or such Lender is not released from its funding obligations if such
Affiliate fails to fund.

     The Borrower shall have the right, upon not less than five (5) Business
Days' irrevocable notice to the Administrative Agent, to terminate the
Commitments of any Class in their entirety or, from time to time, to reduce the
amount of the Commitments of any Class provided that no such termination or
reduction shall be permitted if, after giving effect thereto and to any payments
of Borrowings made on the effective date thereof, the Total Domestic Exposure
plus Competitive Bid Loans then outstanding would exceed the remaining aggregate
Domestic Revolving Commitments or the Total Global Exposure to exceed the
remaining aggregate Global Revolving Commitments, subject to the provisions of
the following grammatical paragraph. Any such reduction shall be in an amount
equal to $5,000,000 or a whole multiple thereof and shall reduce permanently the
Domestic Revolving Commitments or Global Revolving Commitments. Any such
reduction shall reduce the Commitments of all of the Lenders ratably in
proportion to their respective Commitments for that Class. Unless otherwise
agreed by the Swingline Lender, any reduction in the Domestic Revolving
Commitments shall reduce the maximum amount of Swingline Borrowings permitted
hereunder by the same proportion. The Administrative Agent shall promptly
forward to the Lenders any notice of termination or reduction of the Commitments
for any Class.

     The Domestic Revolving Commitments may be increased from time to time by
the addition of a new Lender or the increase of the Commitment of an existing
Lender with the consent of only the Borrower, the Administrative Agent, and the
new or existing Lender providing such additional Commitment so long as the
Aggregate Commitment does not exceed $1,400,000,000 less any voluntary
reductions pursuant to this Section 2.1. Such increases shall be evidenced by
the execution and delivery of an Amendment Regarding Increase in the form of
Exhibit K attached hereto by the Borrower, the Administrative Agent and the new
Lender or existing Lender providing such additional Commitment, a copy of which
shall be forwarded to each Lender by the Administrative Agent promptly after
execution thereof. On the effective date of each such increase in the Domestic
Revolving Commitments, the Borrower and the Administrative Agent shall cause the
new or existing Lenders providing such increase to hold its or their Percentage
of all ratable Borrowings outstanding at the close of business on such day for
such Class, by either funding more than its or their Percentage of new ratable
Borrowings made on such date or purchasing shares of outstanding ratable
Domestic Revolving Loans held by the

                                      -30-

<PAGE>

other Lenders or a combination thereof. The Lenders agree to cooperate in any
required sale and purchase of outstanding ratable Borrowings to achieve such
result. Borrower agrees to pay all fees associated with the increase in the
Aggregate Commitment including any amounts due under Section 3.4 in connection
with any reallocation of Eurocurrency Borrowings. In no event will such new or
existing Lenders providing the increase be required to fund or purchase a
portion of any Competitive Bid Loan or Swingline Loan to comply with this
Section on such date.

     2.2 Loans and Borrowings. (a) Each Loan (other than a Swingline Loan or
Competitive Bid Loan) shall be made as part of a Borrowing consisting of Loans
of the same Class and Type made by the Lenders ratably in accordance with their
respective Commitments of the applicable Class. The failure of any Lender to
make any Loan required to be made by it shall not relieve any other Lender of
its obligations hereunder.

               (b) Subject to Section 3.3, (i) each Borrowing denominated in
          Dollars shall be comprised entirely of Floating Rate Loans or
          Eurocurrency Loans as the relevant Borrower may request in accordance
          herewith and (ii) each Borrowing denominated in a Qualified Foreign
          Global Currency shall be comprised entirely of Eurocurrency Loans.
          Each Swingline Loan shall be a Floating Rate Loan under the Domestic
          Revolving Facility. Each Competitive Bid Loan shall be deemed
          outstanding under the Domestic Revolving Facility. Each Lender at its
          option may make any Eurocurrency Loan by causing any domestic or
          foreign branch or Affiliate of such Lender to make such Loan; provided
          that any exercise of such option shall not affect the obligation of
          the relevant Borrower to repay such Loan in accordance with the terms
          of this Agreement.

               (c) At the commencement of each Interest Period for any
          Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount
          that is not less than $1,000,000. At the time that each Floating Rate
          Borrowing is made, such Borrowing shall be in an aggregate amount that
          is not less than $1,000,000; provided that (i) a Floating Rate
          Borrowing under the Domestic Revolving Facility may be in an aggregate
          amount that is equal to the entire unused balance of the aggregate
          Domestic Revolving Commitments or that is required to finance the
          reimbursement of an LC Disbursement as contemplated by Section 2A.5
          and (ii) a Floating Rate Borrowing in Dollars under the Global
          Revolving Facility may be in an aggregate amount that is equal to the
          unused balance of the aggregate Global Revolving Commitments. No more
          than 20 Eurocurrency Borrowings may be outstanding at any one time
          under the Facilities.

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

     2.3 Requests for Borrowings. To request a Revolving Borrowing, the relevant
Borrower shall notify the Administrative Agent of such request by telephone (a)
in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., New York
City time (or if the request is

                                      -31-

<PAGE>

delivered in London, 11:00 a.m., London time), three Business Days before the
date of the proposed Borrowing or (b) in the case of a Floating Rate Borrowing,
not later than 9:00 a.m., New York City time, on the date of the proposed
Borrowing; provided that any such notice of a Floating Rate Borrowing to finance
the reimbursement of an LC Disbursement as contemplated by Section 2A.5 may be
given not later than 10:00 a.m., New York City time, on the date of the proposed
Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall
be confirmed promptly by delivery to the Administrative Agent of a written
Borrowing Request in a form approved by the Administrative Agent. Each such
telephonic and written Borrowing Request shall specify the following information
in compliance with Section 2.2: (i) the Borrower requesting such Borrowing; (ii)
the Class and Type of the requested Borrowing; (iii) the aggregate amount of
such Borrowing; (iv) the date of such Borrowing, which shall be a Business Day;
(v) in the case of a Eurocurrency Borrowing, the initial Interest Period to be
applicable thereto; (vi) the location and number of the relevant Borrower's
account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.10; and (vii) the currency of such Borrowing (which
shall be in Dollars in the case of Domestic Revolving Loans and Swingline Loans,
and Competitive Bid Loans, and otherwise shall be in a Qualified Global
Currency). If no election as to the currency of a Global Revolving Borrowing is
specified in any such notice, then the requested Borrowing shall be denominated
in Dollars. If no election as to the Type of Borrowing is specified, then the
requested Borrowing shall be a Floating Rate Borrowing if denominated in Dollars
or a Eurocurrency Borrowing if denominated in a Qualified Foreign Global
Currency. If no Interest Period is specified with respect to any requested
Eurocurrency Borrowing, then the relevant Borrower shall be deemed to have
selected an Interest Period of one month's duration. Promptly following receipt
of a Borrowing Request in accordance with this Section, the Administrative Agent
shall advise each relevant Lender of the details thereof and of the amount of
such Lender's Loan to be made as part of the requested Borrowing.

     2.4 Applicable Margins. Each of the ABR Applicable Margin and the LIBOR
Applicable Margin to be used in calculating the interest rate applicable to
different Types of Borrowings and the Facility Fee Rate to be used in
calculating the Facility Fee shall vary from time to time in accordance with the
higher of Borrower's then applicable Moody's debt rating and S&P's debt rating
unless one of such two ratings is more than one rating category lower than the
other, in which case the Applicable Margins and the Facility Fee Rate shall be
based on the rating category which is in between such two ratings (or if there
is more than one rating category in between the two ratings, the higher rating
category in between the two ratings shall apply). The Applicable Margins shall
be adjusted effective on the next Business Day following any change in
Borrower's Moody's debt rating and/or S&P's debt rating, as the case may be. The
applicable debt ratings, the Applicable Margins and Facility Fee Rate are set
forth in the following table:

<TABLE>
<CAPTION>
                                     LIBOR         ABR
                                  APPLICABLE   APPLICABLE   FACILITY
  S&P RATING     MOODY'S RATING     MARGIN       MARGIN     FEE RATE
--------------   --------------   ----------   ----------   --------
<S>              <C>              <C>          <C>          <C>
 A- or higher     A3 or higher      0.375%       -0.125%     0.125%
     BBB+             Baa1          0.425%       -0.125%      0.15%
</TABLE>

                                      -32-

<PAGE>

<TABLE>
<CAPTION>
                                     LIBOR         ABR
                                  APPLICABLE   APPLICABLE   FACILITY
  S&P RATING     MOODY'S RATING     MARGIN       MARGIN     FEE RATE
--------------   --------------   ----------   ----------   --------
<S>              <C>              <C>          <C>          <C>
     BBB              Baa2           0.60%       -0.125%      0.15%
     BBB-             Baa3           0.75%       -0.125%     0.175%
Less than BBB-   Less than Baa3      1.00%        0.125%      0.25%
</TABLE>

In the event that either S&P or Moody's shall discontinue their ratings of the
REIT industry or the Borrower, the Borrower may seek a debt rating from another
substitute rating agency reasonably satisfactory to the Administrative Agent and
the Borrower. For the period from the date of such discontinuance until the
first to occur of (i) the date the Borrower receives a debt rating from such new
rating agency or (ii) a date 180 days after such discontinuance, the single
rating from S&P or Moody's, as the case may be, shall be used to determine the
Applicable Margin and the Facility Fee Rate. If the debt rating of the Borrower
from such new rating agency is not received within such 180 day period, or if
both S&P and Moody's shall discontinue their ratings of the REIT industry or the
Borrower, the Applicable Margin to be used for the calculation of interest on
Borrowings hereunder shall be the highest Applicable Margin for each Type and
the Facility Fee to be used for the calculation of the Facility Fee shall be the
highest rate shown above.

     If a rating agency downgrade or discontinuance results in an increase in
the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee
Rate and if such increase is reversed and the affected Applicable Margin or
Facility Fee Rate is restored within ninety (90) days thereafter, at Borrower's
request, Borrower shall receive a credit against interest next due the Lenders
equal to (i) interest accrued at the differential between such Applicable
Margins plus (ii) the differential in the Facility Fees accruing from time to
time during such period of downgrade or discontinuance.

     If a rating agency upgrade results in decrease in the ABR Applicable Margin
or the LIBOR Applicable Margin or in the Facility Fee Rate and if such upgrade
is reversed and the affected Applicable Margin or Facility Fee Rate is restored
within ninety (90) days thereafter, Borrower shall be required to pay an amount
to the Lenders equal to the interest differential on the Borrowings and the
differential on the Facility Fees during such period of upgrade.

     2.5 Final Principal Payment and Extension of Facility Termination Date. Any
outstanding Borrowings and all other unpaid Obligations shall be paid in full by
the Borrower on the Facility Termination Date. At Borrower's option, provided no
Default or Unmatured Default has occurred and is continuing, the Borrower may
request a one-year extension of the Facility Termination Date by submitting a
request for an extension to the Administrative Agent (an "Extension Request") no
more than 90 and no fewer than 30 days prior to the Facility Termination Date.
Promptly upon receipt of an Extension Request, the Administrative Agent shall
notify each Lender of the Extension Request. It shall be an additional condition
precedent to any extension of the Facility Termination Date pursuant hereto that
the Borrower shall have paid to the Administrative Agent for the ratable benefit
of the Lenders, on or before the original

                                      -33-

<PAGE>

Facility Termination Date a fee equal to 0.15% of the aggregate amount of the
Domestic Revolving Commitments and the Global Revolving Commitments.

     2.6 Facility Fee. The Borrower agrees to pay to the Administrative Agent
for the account of each Lender a facility fee (the "Facility Fee") calculated
for each day after the Agreement Execution Date through the Facility Termination
Date at a per annum rate equal to the Facility Fee Rate in effect for such day
(converted to a per diem rate) times the Aggregate Commitment as of such day.
The Facility Fee shall be payable quarterly in arrears on the last day of each
calendar quarter hereafter beginning September 30, 2006 (for the period from the
Agreement Execution Date through September 30, 2006) and continuing on the last
day of each calendar quarter thereafter, with any accrued and unpaid Facility
Fee due and payable on the Facility Termination Date. Notwithstanding the
foregoing, all accrued Facility Fees shall be payable on the effective date of
any reduction in the Aggregate Commitment or any termination of the obligations
of the Lenders to make Loans hereunder.

     2.7 Other Fees. The Borrower agrees to pay all fees payable to the
Administrative Agent and the Arranger pursuant to the Borrower's letter
agreement with the Administrative Agent and the Arranger dated June 27, 2006.
The Borrower shall also pay the fee due to the Administrative Agent in
connection with certain Competitive Bid Loans as provided in Section 2.22
hereof.

     2.8 Principal Payments. (a) The Borrower may from time to time pay, without
penalty or premium, all or any part of outstanding Floating Rate Borrowings
without prior notice to the Administrative Agent. A Fixed Rate Borrowing may be
paid on the last day of the applicable Interest Period or, if and only if the
Borrower pays any amounts due to the Lenders under Sections 3.4 and 3.5 as a
result of such prepayment, on a day prior to such last day. Notwithstanding the
foregoing, in no event shall Borrower have the right to prepay a Competitive Bid
Loan without the consent of the applicable Competitive Bid Lender.

     (b) If on any Exchange Rate Date relating to the Global Revolving Facility,
the Total Global Exposure exceeds 105% of the total Global Revolving
Commitments, the Parent Borrower shall, without notice or demand, within three
Business Days after such Exchange Rate Date, prepay (or cause the relevant
Qualified Borrower to prepay) Global Revolving Loans in an aggregate amount such
that, after giving effect thereto, the Total Global Exposure does not exceed the
total Global Revolving Commitments. If on any Exchange Rate Date relating to the
Domestic Revolving Facility, the Total Domestic Exposure plus the amount of all
outstanding Competitive Bid Loans exceeds 105% of the aggregate Domestic
Revolving Commitments, the Parent Borrower shall, without notice or demand,
within three Business Days after such Exchange Rate Date, prepay Borrowings or,
if no such Borrowings are outstanding, deposit cash collateral in an account
with the Administrative Agent pursuant to Section 2A.9 in an aggregate amount
such that, after giving effect thereto, the Total Domestic Exposure plus the
amount of all outstanding Competitive Bid Loans does not exceed the aggregate
Domestic Revolving Commitments.

     2.9 Funding of Borrowings. Each Lender shall make each Loan to be made by
it hereunder on the proposed date thereof by wire transfer to the account of the
Administrative Agent most recently designated by it for such purpose by notice
to the Lenders, in immediately available funds, not later than 12:00 noon, New
York City time, in the case of fundings to an

                                      -34-

<PAGE>

account in New York City, or 12:00 noon, local time, in the case of fundings to
an account in another jurisdiction; provided that Swingline Loans shall be made
as provided in Section 2.20. The Administrative Agent will make such Loans
available to the relevant Borrower by promptly crediting the amounts so
received, in like funds, to an account designated by such Borrower in the
applicable Borrowing Request, which account must be in the name of such Borrower
provided that Floating Rate Loans made to finance the reimbursement of an LC
Disbursement as provided in Section 2A.5 shall be remitted by the Administrative
Agent to the applicable Issuing Lender.

     2.10 Interest Elections.

               (a) Each Borrowing initially shall be of the Type specified in
          the applicable Borrowing Request and, in the case of a Eurocurrency
          Borrowing, shall have an initial Interest Period as specified in such
          Borrowing Request. Thereafter, a Borrower may elect to convert such
          Borrowing to a different Type or to continue such Borrowing and, in
          the case of a Eurocurrency Borrowing, may elect Interest Periods
          therefor, all as provided in this Section. A Borrower may elect
          different options with respect to different portions of the affected
          Borrowing, in which case each such portion shall be allocated ratably
          among the Lenders holding the Loans comprising such Borrowing, and the
          Loans comprising each such portion shall be considered a separate
          Borrowing. Notwithstanding the foregoing, a Borrower may not (i) elect
          to convert the currency in which any Loans are denominated, (ii) elect
          to convert Qualified Foreign Global Currency Loans from Eurocurrency
          Loans to Floating Rate Loans, (iii) elect an Interest Period for
          Eurocurrency Loans that does not comply with Section 2.2(d), (iv)
          elect to convert any Floating Rate Loans to Eurocurrency Loans that
          would result in the number of Eurocurrency Borrowings exceeding the
          maximum number of Eurocurrency Borrowings permitted under Section
          2.2(c), (v) elect an Interest Period for Eurocurrency Loans unless the
          aggregate outstanding principal amount of Eurocurrency Loans
          (including any Eurocurrency Loans made to such Borrower in the same
          currency on the date that such Interest Period is to begin) to which
          such Interest Period will apply complies with the requirements as to
          minimum principal amount set forth in Section 2.2(c) or (vi) elect to
          convert or continue any Swingline Loans.

               (b) To make an election pursuant to this Section (an "Interest
          Election Request"), a Borrower shall notify the Administrative Agent
          of such election by telephone by the time that a Borrowing Request
          would be required under Section 2.3 if such Borrower were requesting a
          Revolving Borrowing of the Type resulting from such election to be
          made on the effective date of such election. Each such telephonic
          Interest Election Request shall be irrevocable and shall be confirmed
          promptly by delivery to the Administrative Agent of a written Interest
          Election Request in a form approved by the Administrative Agent
          (hereinafter referred to as a "Conversion/Continuation Notice").

               (c) Each telephonic and written Conversion/Continuation Notice
          shall specify the following information in compliance with Section 2.2
          and paragraph

                                      -35-

<PAGE>

          (a) of this Section: (i) the Borrowing to which such
          Conversion/Continuation Notice applies; (ii) the effective date of the
          election made pursuant to such Conversion/Continuation Notice, which
          shall be a Business Day; (iii) whether the resulting Borrowing is to
          be a Floating Rate Borrowing or a Eurocurrency Borrowing; and (iv) if
          the resulting Borrowing is a Eurocurrency Borrowing, the Interest
          Period to be applicable thereto after giving effect to such election.
          If any such Conversion/Continuation Notice requests a Eurocurrency
          Borrowing but does not specify an Interest Period, then the relevant
          Borrower shall be deemed to have selected an Interest Period of one
          month's duration.

               (d) Promptly following receipt of a Conversion/Continuation
          Notice, the Administrative Agent shall advise each relevant Lender of
          the details thereof and of such Lender's portion of each resulting
          Borrowing.

               (e) If the relevant Borrower fails to deliver a timely
          Conversion/Continuation Notice with respect to a Eurocurrency
          Borrowing denominated in Dollars prior to the end of the Interest
          Period applicable thereto, then, unless such Borrowing is repaid as
          provided herein, at the end of such Interest Period such Borrowing
          shall be converted to a Floating Rate Borrowing. If the relevant
          Borrower fails to deliver a timely Conversion/Continuation Notice with
          respect to a Eurocurrency Borrowing denominated in a Qualified Foreign
          Global Currency prior to the end of the Interest Period applicable
          thereto, then, unless such Borrowing is repaid as provided herein, at
          the end of such Interest Period such Borrowing shall automatically
          continue as a Eurocurrency Loan having an Interest Period of one
          month.

     2.11 Changes in Interest Rate, Etc. Each Floating Rate Borrowing shall bear
interest on the outstanding principal amount thereof, for each day from and
including the date such Borrowing is made or is converted from a Fixed Rate
Borrowing into a Floating Rate Borrowing pursuant to Section 2.10 to but
excluding the date it becomes due or is converted into a Fixed Rate Borrowing
pursuant to Section 2.10 hereof, at a rate per annum equal to the Floating Rate
for such day. Changes in the rate of interest on that portion of any Borrowing
maintained as a Floating Rate Borrowing will take effect simultaneously with
each change in the Alternate Base Rate. Each Fixed Rate Borrowing shall bear
interest from and including the first day of the Interest Period applicable
thereto to (but not including) the last day of such Interest Period at the
interest rate determined as applicable to such Fixed Rate Borrowing.

     2.12 Rates Applicable After Default. Notwithstanding anything to the
contrary contained in Section 2.9 or 2.10, during the continuance of a Default
or Unmatured Default the Required Lenders may, at their option, by notice to the
Borrower (which notice may be revoked at the option of the Required Lenders
notwithstanding any provision of Section 8.2 requiring unanimous consent of the
Lenders to changes in interest rates), declare that (i) no Borrowing denominated
in Dollars may be made as, converted into or continued as a Fixed Rate
Borrowing, (ii) unless repaid, each Eurocurrency Borrowing denominated in
Dollars shall be converted to a Floating Rate Borrowing at the end of the
Interest Period applicable thereto and (iii) no Borrowing denominated in a
Qualified Foreign Global Currency having an Interest Period in excess of one
month may be made or continued. During the continuance of a Default the

                                      -36-

<PAGE>

Required Lenders may, at their option, by notice to the Borrower (which notice
may be revoked at the option of the Required Lenders notwithstanding any
provision of Section 8.2 requiring unanimous consent of the Lenders to changes
in interest rates), declare that (i) each Fixed Rate Borrowing shall bear
interest for the remainder of the applicable Interest Period at the rate
otherwise applicable to such Interest Period plus 2% per annum and (ii) each
Floating Rate Borrowing shall bear interest at a rate per annum equal to the
Floating Rate otherwise applicable to the Floating Rate Borrowing plus 2% per
annum.

     2.13 Method of Payment.

          (i) All payments of the Obligations hereunder shall be made, without
     setoff, deduction, or counterclaim, in immediately available funds to the
     Administrative Agent at the New York Administrative office for payments in
     Dollars, and at the London Administrative Office for payments in currencies
     other than Dollars, or at any other Lending Installation of the
     Administrative Agent specified in writing by the Administrative Agent to
     the Borrower, by 1:00 p.m. New York time (or if the payment is made to the
     London Administrative Office, 3:00 p.m. London time) on the date when due
     and shall be applied ratably by the Administrative Agent among the Lenders
     in the Domestic Revolving Facility or Global Revolving Facility, as the
     case may be. Except as otherwise specified in this Agreement, each such
     payment (other than principal of and interest on Qualified Global Currency
     Loans and LC Disbursements denominated in an Alternative Currency, which
     shall be made in the applicable Qualified Global Currency or, except as
     otherwise specified in Section 2A.5, Alternative Currency, as the case may
     be) shall be made in Dollars.

          (ii) As provided elsewhere herein, all Lenders' interests in the
     Borrowings and the Loan Documents shall be ratable undivided interests and
     none of such Lenders' interests shall have priority over the others. Each
     payment delivered to the Administrative Agent for the account of any Lender
     or amount to be applied or paid by the Administrative Agent to any Lender
     shall be paid promptly (on the same day as received by the Administrative
     Agent if received prior to 1:00 p.m. New York time or 1:00 p.m. London
     time, as applicable, and otherwise on the next Business Day) by the
     Administrative Agent to such Lender in the same type of funds that the
     Administrative Agent received at its address specified pursuant to Article
     XIII or at any Lending Installation specified in a notice received by the
     Administrative Agent from such Lender. Payments received by the
     Administrative Agent but not timely funded to the Lenders shall bear
     interest payable by the Administrative Agent at the Federal Funds Effective
     Rate from the date due until the date paid. The Administrative Agent is
     hereby authorized to charge the account of the Borrower maintained with
     JPMorgan Chase Bank for each payment of principal, interest and fees as it
     becomes due hereunder.

     2.14 Notes; Telephonic Notices. Each Lender is hereby authorized to record
the principal amount of each of its Loans and each repayment on the schedule
attached to its Note, provided, however, that the failure to so record shall not
affect the Borrower's obligations under such Note. The Borrower hereby
authorizes the Lenders and the Administrative Agent to extend, convert or
continue Borrowings, effect selections of Types of Borrowings and to transfer
funds based on telephonic notices made by any Authorized Officer. The Borrower
agrees to deliver

                                      -37-

<PAGE>

promptly to the Administrative Agent a written confirmation, if such
confirmation is requested by the Administrative Agent or any Lender, of each
telephonic notice. If the written confirmation differs in any material respect
from the action taken by the Administrative Agent and the Lenders, the records
of the Administrative Agent and the Lenders shall govern absent manifest error.

     2.15 Interest Payment Dates; Interest and Fee Basis. Interest accrued on
each Borrowing (other than Competitive Bid Loans) shall be payable on each
Payment Date, commencing with the first such date to occur after the date
hereof, at maturity, whether by acceleration or otherwise, and upon any
termination of the Aggregate Commitment in its entirety under Section 2.1
hereof. Interest accrued on each Competitive Bid Loan shall be payable on the
last day of the Interest Period applicable to such Competitive Bid Loan (or, if
such Interest Period is in excess of three months, on the 90th day of such
Interest Period) or any earlier date on which such Competitive Bid Loan is
repaid, at maturity, whether by acceleration or otherwise, and upon any
termination of the Aggregate Commitment in its entirety under Section 2.1
hereof. Interest and Facility Fees shall be calculated for actual days elapsed
on the basis of a 360-day year, except interest on loans made in Sterling shall
be computed on the basis of a 365 day year. Interest shall be payable for the
day a Borrowing is made but not for the day of any payment on the amount paid if
payment is received prior to noon (local time) at the place of payment. If any
payment of principal of or interest on a Borrowing shall become due on a day
which is not a Business Day, such payment shall be made on the next succeeding
Business Day and, in the case of a principal payment, such extension of time
shall be included in computing interest in connection with such payment.

     2.16 Notification of Borrowings, Interest Rates and Prepayments. The
Administrative Agent will notify each Lender of the contents of each Borrowing
Request, Conversion/Continuation Notice, and repayment notice received by it
hereunder not later than the close of business on the Business Day such notice
is received by the Administrative Agent (or such earlier time as is required by
Section 2.3). The Administrative Agent will notify each Lender of the interest
rate applicable to each Fixed Rate Borrowing promptly upon determination of such
interest rate and will give each Lender prompt notice of each change in the
Alternate Base Rate.

     2.17 Lending Installations. Subject to Section 3.6, each Lender may book
its Loans at any Lending Installation selected by such Lender and may change its
Lending Installation from time to time. All terms of this Agreement shall apply
to any such Lending Installation and the Notes shall be deemed held by each
Lender for the benefit of such Lending Installation. Each Lender may, by written
or telex notice to the Administrative Agent and the Borrower, designate a
Lending Installation through which Loans will be made by it and for whose
account Loan payments are to be made.

     2.18 Non-Receipt of Funds by the Administrative Agent. Unless the Borrower
or a Lender, as the case may be, notifies the Administrative Agent prior to the
time at which it is scheduled to make payment to the Administrative Agent of (i)
in the case of a Lender, the proceeds of a Loan or (ii) in the case of the
Borrower, a payment of principal, interest or fees to the Administrative Agent
for the account of the Lenders, that it does not intend to make such payment,
the Administrative Agent may assume that such payment has been made. The

                                      -38-
<PAGE>

Administrative Agent may, but shall not be obligated to, make the amount of such
payment available to the intended recipient in the applicable currency in
reliance upon such assumption. If such Lender or the Borrower, as the case may
be, has not in fact made such payment to the Administrative Agent, the recipient
of such payment shall, on demand by the Administrative Agent, repay to the
Administrative Agent the amount so made available together with interest thereon
in respect of each day during the period commencing on the date such amount was
so made available by the Administrative Agent until the date the Administrative
Agent recovers such amount at a rate per annum equal to (i) in the case of
payment by a Lender, the Federal Funds Effective Rate for such day or (ii) in
the case of payment by the Borrower, the interest rate applicable to the
relevant Loan. If such Lender so repays such amount and interest thereon to the
Administrative Agent within one Business Day after such demand, all interest
accruing on the Loan not funded by such Lender during such period shall be
payable to such Lender when received from the Borrower.

     2.19 Replacement of Lenders under Certain Circumstances. The Borrower shall
be permitted to replace any Lender which (a) is not capable of receiving
payments without any deduction or withholding of United States federal income
tax pursuant to Section 3.5, or (b) cannot maintain its Fixed Rate Loans at a
suitable Lending Installation pursuant to Section 3.3, with a replacement bank
or other financial institution; provided that (i) such replacement does not
conflict with any applicable legal or regulatory requirements affecting the
Lenders, (ii) no Default or (after notice thereof to Borrower) no Unmatured
Default shall have occurred and be continuing at the time of such replacement,
(iii) the Borrower shall repay (or the replacement bank or institution shall
purchase, at par) all Loans and other amounts owing to such replaced Lender
prior to the date of replacement, (iv) the Borrower shall be liable to such
replaced Lender under Sections 3.4 and 3.6 if any Fixed Rate Loan owing to such
replaced Lender shall be prepaid (or purchased) other than on the last day of
the Interest Period relating thereto, (v) the replacement bank or institution,
if not already a Lender, and the terms and conditions of such replacement, shall
be reasonably satisfactory to the Administrative Agent, (vi) the replaced Lender
shall be obligated to make such replacement in accordance with the provisions of
Section 12.3 (provided that the Borrower shall be obligated to pay the
processing fee referred to therein), (vii) until such time as such replacement
shall be consummated, the Borrower shall pay all additional amounts (if any)
required pursuant to Section 3.5 and (viii) any such replacement shall not be
deemed to be a waiver of any rights which the Borrower, the Administrative Agent
or any other Lender shall have against the replaced Lender.

     2.20 Swingline Loans. In addition to the other options available to
Borrower hereunder, up to $50,000,000 of the Swingline Lender's Domestic
Revolving Commitment, shall be available for Swingline Loans subject to the
following terms and conditions. Swingline Loans shall be made available for same
day borrowings provided that notice is given in accordance with Section 2.9
hereof. Unless otherwise approved in writing by the Required Lenders, no
Swingline Loan may be made by the Swingline Lender if the Swingline Lender has
either given or received written notice that a Default has occurred prior to
making such Swingline Loan unless such Default has theretofore been cured or
waived in accordance with the terms hereof. All Swingline Loans shall bear
interest at the Floating Rate and shall be deemed to be Floating Rate
Borrowings. In no event shall the Swingline Lender be required to fund a
Swingline Loan if it would increase the Total Domestic Exposure to an amount in
excess of the aggregate Domestic Revolving Commitments. Upon request of the
Swingline Lender made to

                                      -39-

<PAGE>

all the Domestic Revolving Lenders, each Domestic Revolving Lender irrevocably
agrees to purchase its Percentage of any Swingline Loan made by the Swingline
Lender regardless of whether the conditions for disbursement are satisfied at
the time of such purchase, including the existence of a Default hereunder
provided no Lender shall be required to have total outstanding Domestic
Revolving Loans (other than Competitive Bid Loans) in an amount greater than its
Domestic Revolving Commitment. Such purchase shall take place on the date of the
request by Swingline Lender so long as such request is made by 1:00 p.m. (New
York time), otherwise on the Business Day following such request. All requests
for purchase shall be in writing. From and after the date it is so purchased,
each such Swingline Loan shall, to the extent purchased, (i) be treated as a
Loan made by the purchasing Lenders and not by the selling Lender for all
purposes under this Agreement and the payment of the purchase price by a Lender
shall be deemed to be the making of a Loan by such Lender and shall constitute
outstanding principal under such Lender's Note, and (ii) shall no longer be
considered a Swingline Loan except that all interest accruing on or attributable
to such Swingline Loan for the period prior to the date of such purchase shall
be paid when due by the Borrower to the Administrative Agent for the benefit of
the Swingline Lender and all such amounts accruing on or attributable to such
Loans for the period from and after the date of such purchase shall be paid when
due by the Borrower to the Administrative Agent for the benefit of the
purchasing Lenders. If prior to purchasing its Percentage of a Swingline Loan
one of the events described in Section 7.7 or 7.8 shall have occurred and such
event prevents the consummation of the purchase contemplated by preceding
provisions, each Domestic Revolving Lender will purchase an undivided
participating interest in the outstanding Swingline Loan in an amount equal to
its Domestic Revolving Percentage of such Swingline Loan. From and after the
date of each Lender's purchase of its participating interest in a Swingline
Loan, if the Swingline Lender receives any payment on account thereof, the
Swingline Lender will distribute to such Lender its participating interest in
such amount (appropriately adjusted, in the case of interest payments, to
reflect the period of time during which such Lender's participating interest was
outstanding and funded); provided, however, that in the event that such payment
was received by the Swingline Lender and is required to be returned to the
Borrower, each Lender will return to the Swingline Lender any portion thereof
previously distributed by the Swingline Lender to it. If any Domestic Revolving
Lender fails to so purchase its Percentage of any Swingline Loan, such Lender
shall be deemed to be a Defaulting Lender hereunder. No Swingline Loan shall be
outstanding for more than five (5) days at a time and Swingline Loans shall not
be outstanding for more than a total of ten (10) days during any month.

     2.21 Competitive Bid Loans.

               (a) Competitive Bid Option. In addition to ratable Borrowings
          pursuant to Section 2.3, but subject to the terms and conditions of
          this Agreement (including, without limitation the limitation set forth
          in Section 2.1 as to the maximum amount of all outstanding Borrowings,
          including Swingline Loans and Competitive Bid Loans), the Borrower
          may, as set forth in Sections 2.22 or 2.23, request the Lenders, prior
          to the Facility Termination Date, to make offers to make Competitive
          Bid Loans to the Borrower. Each Lender may, but shall have no
          obligation to, make such offers and the Borrower may, but shall have
          no obligation to, accept any such offers in the manner set forth in
          Section 2.22 or Section 2.23, as the case may be. Competitive Bid
          Loans shall be evidenced by

                                      -40-

<PAGE>

          the Competitive Bid Notes. Borrower shall not have the right to
          request a Competitive Bid Loan at any time that a Default exists. If
          Borrower elects to have Administrative Agent administer the
          Competitive Bid Loan process, the procedures set forth in Section 2.22
          shall apply. If Borrower elects to administer the Competitive Bid Loan
          process itself, the procedures set forth in Section 2.23 shall apply.

               (b) General Terms. Any Competitive Bid Loan shall not reduce the
          Commitment of the Lender making such Competitive Bid Loan, and each
          such Lender shall continue to be obligated to fund its full share of
          all pro rata Borrowings under the Domestic Revolving Facility or
          Global Revolving Facility as the case may be. In no event can the
          aggregate amount of all Competitive Bid Loans at any time exceed fifty
          percent (50%) of the then Aggregate Commitment. Notwithstanding
          anything to the contrary in Section 2.10, Competitive Bid Loans may
          not be continued or converted and, if not repaid at the end of the
          Interest Period applicable thereto, shall (subject to the conditions
          set forth in this Agreement) be replaced by new Competitive Bid Loans
          made in accordance with Section 2.22 or Section 2.23 or by ratable
          Borrowings in accordance with Section 2.3.

               (c) Funding of Competitive Bid Loans. Each Lender that is to make
          a Competitive Bid Loan shall, before 3:00 p.m. (New York time) on the
          date of such Competitive Bid Loan specified in the notice received
          from the Borrower make available the amount of such Competitive Bid
          Loan to the Administrative Agent. If such Lender also has an
          outstanding Competitive Bid Loan that is payable on such date, the
          Borrower agrees that such Lender may fund only the net increase, if
          any, in such new Competitive Bid Loan over the principal balance of
          such outstanding Competitive Bid Loan and such outstanding Competitive
          Bid Loan shall be deemed advanced by the Lender to the Borrower on the
          terms of the new Competitive Bid Loan. Upon fulfillment of the
          applicable conditions to disbursement and after receipt of such funds,
          the Administrative Agent will make such funds available to the
          Borrower at the Administrative Agent's aforesaid address.

     2.22 Agent Administered Competitive Bid Loans.

               (a) Competitive Bid Quote Request. When the Borrower wishes to
          request offers to make Competitive Bid Loans under this Section 2.22,
          it shall transmit to the Administrative Agent by telecopy a
          Competitive Bid Quote Request substantially in the form of Exhibit I-1
          hereto so as to be received no later than (i) 11:00 a.m. (New York
          time) at least five Business Days prior to the Borrowing Date proposed
          therein, in the case of a request for a Competitive LIBOR Margin or
          (ii) 10:00 a.m. (New York time) at least one Business Day prior to the
          Borrowing Date proposed therein, in the case of a request for an
          Absolute Rate specifying:

                    (i) the proposed Borrowing Date for the proposed Competitive
               Bid Loan,

                                      -41-

<PAGE>

                    (ii) the requested aggregate principal amount of such
               Competitive Bid Loan which shall be at least $5,000,000 and in an
               integral multiple of $1,000,000,

                    (iii) whether the Competitive Bid Quotes requested are to
               set forth a Competitive LIBOR Margin or an Absolute Rate, or
               both, and

                    (iv) the LIBOR Interest Period, if a Competitive LIBOR
               Margin is requested, or the Absolute Interest Period, if an
               Absolute Rate is requested.

     The Borrower may request offers to make Competitive Bid Loans for more than
     one (but not more than five) Interest Periods in a single Competitive Bid
     Quote Request. A Competitive Bid Quote Request that does not conform
     substantially to the form of Exhibit I-1 hereto shall be rejected, and the
     Administrative Agent shall promptly notify the Borrower of such rejection
     by telecopy.

               (b) Invitation for Competitive Bid Quotes. Promptly and in any
          event before the close of business on the same Business Day of receipt
          of a Competitive Bid Quote Request that is not rejected pursuant to
          Section 2.22(a), the Administrative Agent shall send to each of the
          Lenders by telecopy an Invitation for Competitive Bid Quotes
          substantially in the form of Exhibit I-2 hereto, which shall
          constitute an invitation by the Borrower to each Lender to submit
          Competitive Bid Quotes offering to make the Competitive Bid Loans to
          which such Competitive Bid Quote Request relates in accordance with
          this Section 2.22.

               (c) Submission and Contents of Competitive Bid Quotes.

                    (i) Each Lender may, in its sole discretion, submit a
               Competitive Bid Quote containing an offer or offers to make
               Competitive Bid Loans in response to any Invitation for
               Competitive Bid Quotes. Each Competitive Bid Quote must comply
               with the requirements of this Section 2.22(c) and must be
               submitted to the Administrative Agent by telex or telecopy at its
               offices not later than (a) 3:00 p.m. (New York time) at least
               four Business Days prior to the proposed Borrowing Date, in the
               case of a request for a Competitive LIBOR Margin or (b) 10:00
               a.m. (New York time) on the proposed Borrowing Date, in the case
               of a request for an Absolute Rate (or, in either case upon
               reasonable prior notice to the Lenders, such other time and date
               as the Borrower and the Administrative Agent may agree); provided
               that Competitive Bid Quotes submitted by JPMorgan Chase Bank may
               only be submitted if the Administrative Agent or JPMorgan Chase
               Bank notifies the Borrower of the terms of the offer or offers
               contained therein no later than 30 minutes prior to the latest
               time at which the relevant Competitive Bid Quotes must be
               submitted by the other Lenders. Subject to the Borrower's
               compliance with all other conditions to disbursement herein, any
               Competitive Bid Quote so made shall be irrevocable except with
               the written consent of the Administrative Agent given on the
               instructions of the Borrower.

                                      -42-

<PAGE>

                    (ii) Each Competitive Bid Quote shall be in substantially
               the form of Exhibit I-3 hereto and shall in any case specify:

                         (a) the proposed Borrowing Date, which shall be the
                    same as that set forth in the applicable Invitation for
                    Competitive Bid Quotes,

                         (b) the principal amount of the Competitive Bid Loan
                    for which each such offer is being made, which principal
                    amount (1) may be greater than, less than or equal to the
                    Commitment of the quoting Lender, (2) must be at least
                    $5,000,000 and an integral multiple of $1,000,000, and (3)
                    may not exceed the principal amount of Competitive Bid Loans
                    for which offers are requested,

                         (c) as applicable, the Competitive LIBOR Margin and
                    Absolute Rate offered for each such Competitive Bid Loan,

                         (d) the minimum amount, if any, of the Competitive Bid
                    Loan which may be accepted by the Borrower, and

                         (e) the identity of the quoting Lender, provided that
                    such Competitive Bid Loan may be funded by such Lender's
                    Designated Lender as provided in Section 2.22(h), regardless
                    of whether that is specified in the Competitive Bid Quote.

                    (iii) The Administrative Agent shall reject any Competitive
               Bid Quote that:

                         (a) is not substantially in the form of Exhibit I-3
                    hereto or does not specify all of the information required
                    by Section 2.22(c)(ii),

                         (b) contains qualifying, conditional or similar
                    language, other than any such language contained in Exhibit
                    I-3 hereto,

                         (c) proposes terms other than or in addition to those
                    set forth in the applicable Invitation for Competitive Bid
                    Quotes, or

                         (d) arrives after the time set forth in Section
                    2.22(c)(i).

     If any Competitive Bid Quote shall be rejected pursuant to this Section
     2.22(c)(iii), then the Administrative Agent shall notify the relevant
     Lender of such rejection as soon as practical.

               (d) Notice to Borrower. The Administrative Agent shall promptly
          notify the Borrower of the terms (i) of any Competitive Bid Quote
          submitted by a Lender that is in accordance with Section 2.22(c) and
          (ii) of any Competitive Bid Quote that amends, modifies or is
          otherwise inconsistent with a previous

                                      -43-

<PAGE>

          Competitive Bid Quote submitted by such Lender with respect to the
          same Competitive Bid Quote Request. Any such subsequent Competitive
          Bid Quote shall be disregarded by the Administrative Agent unless such
          subsequent Competitive Bid Quote specifically states that it is
          submitted solely to correct a manifest error in such former
          Competitive Bid Quote. The Administrative Agent's notice to the
          Borrower shall specify the aggregate principal amount of Competitive
          Bid Loans for which offers have been received for each Interest Period
          specified in the related Competitive Bid Quote Request and the
          respective principal amounts and Competitive LIBOR Margins or Absolute
          Rate, as the case may be, so offered.

               (e) Acceptance and Notice by Borrower. Not later than (i) 7:00
          p.m. (New York time) at least four Business Days prior to the proposed
          Borrowing Date in the case of a request for a Competitive LIBOR Margin
          or (ii) 11:00 a.m. (New York time) on the proposed Borrowing Date, in
          the case of a request for an Absolute Rate (or, in either case upon
          reasonable prior notice to the Lenders, such other time and date as
          the Borrower and the Administrative Agent may agree), the Borrower
          shall notify the Administrative Agent of its acceptance or rejection
          of the offers so submitted to it pursuant to Section 2.22(d);
          provided, however, that the failure by the Borrower to give such
          notice to the Administrative Agent shall be deemed to be a rejection
          of all such offers. In the case of acceptance, such notice (a
          "Competitive Bid Borrowing Request") shall specify the aggregate
          principal amount of offers for each Interest Period that are accepted
          and the applicable interest rate. The Administrative Agent shall
          immediately advise the Lenders making the accepted offers of the
          contents of the Competitive Bid Borrowing Request. The Borrower may
          accept any Competitive Bid Quote in whole or in part (subject to the
          terms of Section 2.22(c)(iii)); provided that:

                    (i) the aggregate principal amount of all Competitive Bid
               Loans to be disbursed on a given Borrowing Date may not exceed
               the applicable amount set forth in the related Competitive Bid
               Quote Request,

                    (ii) acceptance of offers may only be made on the basis of
               ascending Competitive LIBOR Margins or Absolute Rates, as the
               case may be, and

                    (iii) the Borrower may not accept any offer that is
               described in Section 2.22(c)(iii) or that otherwise fails to
               comply with the requirements of this Agreement.

               (f) Allocation by Administrative Agent. If offers are made by two
          or more Lenders with the same Competitive LIBOR Margins or Absolute
          Rates, as the case may be, for a greater aggregate principal amount
          than the amount in respect of which offers are accepted for the
          related Interest Period, the principal amount of Competitive Bid Loans
          in respect of which such offers are accepted shall be allocated by the
          Administrative Agent among such Lenders as nearly as possible (in such
          multiples, not greater than $1,000,000, as the Administrative Agent
          may deem appropriate) in proportion to the aggregate principal amount
          of

                                      -44-

<PAGE>

          such offers provided, however, that no Lender shall be allocated any
          Competitive Bid Loan which is less than the minimum amount which such
          Lender has indicated that it is willing to accept. Allocations by the
          Administrative Agent of the amounts of Competitive Bid Loans shall be
          conclusive in the absence of manifest error. The Administrative Agent
          shall promptly, but in any event on the same Business Day, notify each
          Lender of its receipt of a Competitive Bid Borrowing Request and the
          principal amounts of the Competitive Bid Loans allocated to each
          participating Lender.

               (g) Administrative Fee. The Borrower hereby agrees to pay to the
          Administrative Agent an administration fee of $2,500 for each
          Competitive Bid Quote Request regardless of whether or not Borrower
          borrows such Competitive Bid Loan. Such administration fees, if not
          paid at the time of the applicable Competitive Bid Quote Request shall
          be payable monthly in arrears on the first Business Day of each month
          and on the Facility Termination Date (or such earlier date on which
          the Aggregate Commitment shall terminate or be cancelled).

               (h) Designated Lenders. A Lender may designate its Designated
          Lender to fund a Competitive Bid Loan on its behalf as described in
          Section 2.22(c)(ii)(e). Any Designated Lender which funds a
          Competitive Bid Loan shall on and after the time of such funding
          become the obligee under such Competitive Bid Loan and be entitled to
          receive payments thereof when due. No Lender shall be relieved of its
          obligation to fund a Competitive Bid Loan, and no Designated Lender
          shall assume such obligation, prior to the time such Competitive Bid
          Loan is funded.

     2.23 Bid Loans Administered by Borrower.

               (a) Competitive Bid Quote Request. When the Borrower wishes to
          request offers to make Competitive Bid Loans under this Section 2.23,
          it shall transmit to the Lenders and Administrative Agent by telecopy
          an Invitation for Competitive Bid Quote substantially in the form of
          Exhibit J-1 hereto so as to be received no later than (i) 11:00 a.m.
          (New York time) at least four Business Days prior to the Borrowing
          Date proposed therein, in the case of a request for a Competitive
          LIBOR Margin or (ii) 10:00 a.m. (New York time) at least one Business
          Day prior to the Borrowing Date proposed therein, in the case of a
          request for an Absolute Rate specifying:

                    (i) the proposed Borrowing Date for the proposed Competitive
               Bid Loan,

                    (ii) the requested aggregate principal amount of such
               Competitive Bid Loan which shall be at least $5,000,000 and in an
               integral multiple of $1,000,000,

                    (iii) whether the Competitive Bid Quotes requested are to
               set forth a Competitive LIBOR Margin or an Absolute Rate, or
               both, and

                                      -45-

<PAGE>

                    (iv) the LIBOR Interest Period, if a Competitive LIBOR
               Margin is requested, or the Absolute Interest Period, if an
               Absolute Rate is requested.

     The Borrower may request offers to make Competitive Bid Loans for more than
     one (but not more than five) Interest Periods in a single Competitive Bid
     Quote.

               (b) Submission and Contents of Competitive Bid Quotes.

                    (i) Each Lender may, in its sole discretion, submit a
               Competitive Bid Quote containing an offer or offers to make
               Competitive Bid Loans in response to any Invitation for
               Competitive Bid Quotes. Each Competitive Bid Quote must comply
               with the requirements of this Section 2.23(b) and must be
               submitted to the Borrower by telex or telecopy at its offices not
               later than (a) 10:00 a.m. (New York time) at least three Business
               Days prior to the proposed Borrowing Date, in the case of a
               request for a Competitive LIBOR Margin or (b) 10:00 a.m. (New
               York time) on the proposed Borrowing Date, in the case of a
               request for an Absolute Rate (or, in either case upon reasonable
               prior notice to the Lenders, such other time and date as the
               Borrower and the Administrative Agent may agree). Subject to the
               Borrower's compliance with all other conditions to disbursement
               herein, any Competitive Bid Quote so made shall be irrevocable
               except with the written consent of the Administrative Agent given
               on the instructions of the Borrower.

                    (ii) Each Competitive Bid Quote shall be in substantially
               the form of Exhibit J-2 hereto and shall in any case specify:

                         (a) the proposed Borrowing Date, which shall be the
                    same as that set forth in the applicable Invitation for
                    Competitive Bid Quotes,

                         (b) the principal amount of the Competitive Bid Loan
                    for which each such offer is being made, which principal
                    amount (1) may be greater than, less than or equal to the
                    Commitment of the quoting Lender, (2) must be at least
                    $5,000,000 and an integral multiple of $1,000,000, and (3)
                    may not exceed the principal amount of Competitive Bid Loans
                    for which offers are requested,

                         (c) as applicable, the Competitive LIBOR Margin and
                    Absolute Rate offered for each such Competitive Bid Loan,

                         (d) the minimum amount, if any, of the Competitive Bid
                    Loan which may be accepted by the Borrower, and

                         (e) the identity of the quoting Lender, provided that
                    such Competitive Bid Loan may be funded by such Lender's

                                      -46-

<PAGE>

                    Designated Lender as provided in Section 2.23(e), regardless
                    of whether that is specified in the Competitive Bid Quote.

                    (iii) The Borrower shall reject any Competitive Bid Quote
               that:

                         (a) is not substantially in the form of Exhibit J-2
                    hereto or does not specify all of the information required
                    by Section 2.23(b)(ii),

                         (b) contains qualifying, conditional or similar
                    language, other than any such language contained in Exhibit
                    J-2 hereto,

                         (c) proposes terms other than or in addition to those
                    set forth in the applicable Invitation for Competitive Bid
                    Quotes, or

                         (d) arrives after the time set forth in Section
                    2.23(b)(i).

     If any Competitive Bid Quote shall be rejected pursuant to this Section
     2.23(b)(iii), then the Borrower shall notify the relevant Lender of such
     rejection as soon as practical.

               (c) Acceptance and Notice by Borrower. Not later than (i) 3:00
          p.m. (New York time) at least three Business Days prior to the
          proposed Borrowing Date in the case of a request for a Competitive
          LIBOR Margin or (ii) 11:00 a.m. (New York time) on the proposed
          Borrowing Date, in the case of a request for an Absolute Rate (or, in
          either case upon reasonable prior notice to the Lenders, such other
          time and date as the Borrower and the Administrative Agent may agree),
          the Borrower shall notify the Lenders and Administrative Agent of its
          acceptance or rejection of the offers submitted to it pursuant to
          Section 2.23(b); provided, however, that the failure by the Borrower
          to give such notice to the Lenders and Administrative Agent shall be
          deemed to be a rejection of all such offers. In the case of
          acceptance, such notice to each Lender and the Administrative Agent
          shall specify the aggregate principal amount of offers for each
          Interest Period that are accepted and the applicable interest rate.
          The Borrower may accept any Competitive Bid Quote in whole or in part
          (subject to the terms of Section 2.23(b)(iii)); provided that:

                    (i) the aggregate principal amount of all Competitive Bid
               Loans to be disbursed on a given Borrowing Date may not exceed
               the applicable amount set forth in the related Invitation for
               Competitive Bid Quote,

                    (ii) acceptance of offers may only be made on the basis of
               ascending Competitive LIBOR Margins or Absolute Rates, as the
               case may be, and

                    (iii) the Borrower may not accept any offer that is
               described in Section 2.23(b)(iii) or that otherwise fails to
               comply with the requirements of this Agreement.

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<PAGE>

               (d) Allocation by Borrower. If offers are made by two or more
          Lenders with the same Competitive LIBOR Margins or Absolute Rates, as
          the case may be, for a greater aggregate principal amount than the
          amount in respect of which offers are accepted for the related
          Interest Period, the principal amount of Competitive Bid Loans in
          respect of which such offers are accepted shall be allocated by the
          Borrower among such Lenders as nearly as possible (in such multiples,
          not greater than $1,000,000, as the Administrative Agent may deem
          appropriate) in proportion to the aggregate principal amount of such
          offers provided, however, that no Lender shall be allocated any
          Competitive Bid Loan which is less than the minimum amount which such
          Lender has indicated that it is willing to accept. Allocations by the
          Borrower of the amounts of Competitive Bid Loans shall be conclusive
          in the absence of manifest error.

               (e) Designated Lenders. A Lender may designate its Designated
          Lender to fund a Competitive Bid Loan on its behalf as described in
          Section 2.23(b)(ii)(e). Any Designated Lender which funds a
          Competitive Bid Loan shall on and after the time of such funding
          become the obligee under such Competitive Bid Loan and be entitled to
          receive payments thereof when due. No Lender shall be relieved of its
          obligation to fund a Competitive Bid Loan, and no Designated Lender
          shall assume such obligation, prior to the time such Competitive Bid
          Loan is funded.

     2.24 Application of Moneys Received. All moneys collected or received by
the Administrative Agent on account of the Facility directly or indirectly,
shall be applied in the following order of priority:

          (i) to the payment of all reasonable costs incurred in the collection
     of such moneys of which the Administrative Agent shall have given notice to
     the Borrower;

          (ii) to the reimbursement of any yield protection due to any of the
     Lenders in accordance with Section 3.1;

          (iii) to the payment of any fee due pursuant to Section 2A.8(b) in
     connection with the issuance of a Facility Letter of Credit to the Issuing
     Lender, to the payment of the Facility Fee to the Lenders, if then due, and
     to the payment of all fees to the Administrative Agent;

          (iv) to payment of the full amount of interest and principal on the
     Swingline Loans;

          (v) first to interest and the Facility Letter of Credit Fee then due
     to the Lenders until paid in full and then to principal for all Lenders
     (other than Defaulting Lenders) (i) as allocated by the Borrower (unless a
     Default exists) among the Facilities and between Competitive Bid Loans and
     ratable Borrowings (the amount allocated to ratable Borrowings under either
     of the Facilities to be distributed in accordance with the applicable pro
     rata shares of the outstanding amounts of the Lenders for the applicable
     Facility) or (ii) if a Default exists, in accordance with the respective
     Funded Percentages of the Lenders until principal is paid in full, each
     Lender's share of such payment to be

                                      -48-

<PAGE>

     allocated pro rata among the outstanding Classes and Types of Loans owed to
     such Lender and then to the Letter of Credit Collateral Account until the
     full amount of LC Exposures is on deposit therein;

          (vi) any other sums due to the Administrative Agent or any Lender
     under any of the Loan Documents; and

          (vii) to the payment of any sums due to each Defaulting Lender as
     their respective Percentages appear (provided that Administrative Agent
     shall have the right to set-off against such sums any amounts due from such
     Defaulting Lender).

     2.25 Usury. This Agreement and each Note and Competitive Bid Note are
subject to the express condition that at no time shall Borrower be obligated or
required to pay interest on the principal balance of the Loan at a rate which
could subject any Lender (including the Swingline Lender) to either civil or
criminal liability as a result of being in excess of the Maximum Legal Rate. If
by the terms of this Agreement or the Loan Documents, Borrower is at any time
required or obligated to pay interest on the principal balance due hereunder at
a rate in excess of the Maximum Legal Rate, the interest rate or the Default
Rate, as the case may be, shall be deemed to be immediately reduced to the
Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate
shall be deemed to have been payments in reduction of principal and not on
account of the interest due hereunder. All sums paid or agreed to be paid to
Lender for the use, forbearance, or detention of the sums due under the Loan,
shall, to the extent permitted by applicable law, be amortized, prorated,
allocated, and spread throughout the full stated term of the Loan until payment
in full so that the rate or amount of interest on account of the Loan does not
exceed the Maximum Legal Rate of interest from time to time in effect and
applicable to the Loan for so long as the Loan is outstanding.

     2.26 Special Provisions Regarding Foreign Currency Loans.

               (a) Upon the occurrence of a Sharing Event, automatically (and
          without the taking of any action) (i) all then outstanding
          Eurocurrency Borrowings denominated in a currency other than Dollars
          shall be automatically converted into Floating Rate Borrowings
          denominated in Dollars (in an amount equal to the Dollar Equivalent of
          the aggregate principal amount of the applicable Eurocurrency
          Borrowings on the date such Sharing Event first occurred, which Loans
          denominated in Dollars (1) shall thereafter continue to be deemed to
          be Floating Rate Borrowings and (2) unless the Sharing Event resulted
          solely from a termination of the Commitments, shall be immediately due
          and payable on the date such Sharing Event has occurred) and (ii)
          unless the Sharing Event resulted solely from a termination of the
          Commitments, all accrued and unpaid interest and other amounts owing
          with respect to such Loans shall be immediately due and payable in
          Dollars, using the Dollar Equivalent of such accrued and unpaid
          interest and other amounts.

               (b) Upon the occurrence of a Sharing Event, and after giving
          effect to any automatic conversion pursuant to Section 2.26(a), each
          Lender shall (and hereby unconditionally and irrevocably agrees to)
          purchase and sell (in each case in Dollars) undivided participating
          interests in all such Loans outstanding so that

                                      -49-

<PAGE>

          each Lender shall have a share of such outstanding Loans equal to its
          pro rata share of the aggregate Domestic Revolving Commitments, and
          aggregate Global Revolving Commitments (provided that if such purchase
          of a participating interest would increase the Lender's Revolving
          Exposure to an amount greater than its Revolving Commitment then the
          amount of the participation it would be required to purchase would be
          reduced by such excess amount). Upon any such occurrence, the
          Administrative Agent shall notify each Lender and shall specify the
          amount of Dollars required from such Lender in order to effect the
          purchases and sales by the various Lenders of participating interests
          in the amounts required above (together with accrued interest with
          respect to the period for the last interest payment date through the
          date of the Sharing Event plus any additional amounts payable by the
          Borrower pursuant to this Section in respect of such accrued but
          unpaid interest); provided, in the event that a Sharing Event shall
          have occurred, each Lender shall be deemed to have purchased,
          automatically and without request, such participating interests.
          Promptly upon receipt of such request, each Lender shall deliver to
          the Administrative Agent (in immediately available funds in Dollars)
          the net amounts as specified by the Administrative Agent. The
          Administrative Agent shall promptly deliver the amounts so received to
          the various Lenders in such amounts as are needed to effect the
          purchases and sales of participations as provided above. Promptly
          following receipt thereof, each Lender which has sold participations
          in any of its Loans (through the Administrative Agent) will deliver to
          each Lender (through the Administrative Agent) which has so purchased
          a participating interest a participation certificate dated the date of
          receipt of such funds and in such amount. It is understood that the
          amount of funds delivered by each Lender shall be calculated on a net
          basis, giving effect to both the sales and purchases of participations
          by the various Lenders as required above.

               (c) Upon the occurrence of a Sharing Event all amounts from time
          to time accruing with respect to, and all amounts from time to time
          payable on account of, any outstanding Eurocurrency Borrowings
          initially denominated in a Qualified Foreign Global Currency
          (including, without limitation, any interest and other amounts which
          were accrued but unpaid on the date of such purchase) shall be payable
          in Dollars as if such Eurocurrency Borrowing had originally been made
          in Dollars.

               (d) If any amount required to be paid by any Lender pursuant to
          Section 2.26(b) is not paid to the Administrative Agent within one (1)
          Business Day following the date upon which such Lender receives notice
          from the Administrative Agent of the amount of its participations
          required to be purchased pursuant to Section 2.26(b), such Lender
          shall also pay to the Administrative Agent on demand an amount equal
          to the product of (i) the amount so required to be paid by such Lender
          for the purchase of its participations multiplied by (ii) the daily
          average Federal Funds Effective Rate during the period from and
          including the date of request for payment to the date on which such
          payment is immediately available to the Administrative Agent
          multiplied by (iii) a fraction the numerator of which is the number of
          days that elapsed during such period and the

                                      -50-

<PAGE>

          denominator of which is 360. If any such amount required to be paid by
          any Lender pursuant to Section 2.26(b) is not in fact made available
          to the Administrative Agent within three (3) Business Days following
          the date upon which such Lender receives notice from the
          Administrative Agent as to the amount of participations required to be
          purchased by it, the Administrative Agent shall be entitled to recover
          from such Lender on demand, such amount with interest thereon
          calculated from such request date at the rate per annum applicable to
          Floating Rate Borrowings. A certificate of the Administrative Agent
          submitted to any Lender with respect to any amounts payable by any
          Lender pursuant to this Section shall be conclusive and binding.

               (e) Each Lender's obligation to purchase participating interests
          pursuant to this Section shall be absolute and unconditional and shall
          not be affected by any circumstance including, without limitation, (i)
          any setoff, counterclaim, recoupment, defense or other right which
          such Lender may have against any other Lender, the Borrower or any
          other Person for any reason whatsoever, (ii) the occurrence or
          continuance of a Default, (iii) any adverse change in the condition
          (financial or otherwise) of any Party or any other Person, (iv) any
          breach of this Agreement by any Party, any Lender or any other Person,
          or (v) any other circumstance, happening or event whatsoever, whether
          or not similar to any of the foregoing.

               (f) Notwithstanding anything to the contrary contained elsewhere
          in this Agreement, upon any purchase of participations as required
          above, each Lender which has purchased such participations shall be
          entitled to receive from the Borrower any increased costs and
          indemnities directly from the Borrower to the same extent as if it
          were the direct Lender as opposed to a participant therein. The
          Borrower acknowledges and agrees that, upon the occurrence of a
          Sharing Event and after giving effect to the requirements of this
          Section, increased Taxes may be owing by the Borrower pursuant to
          Section 3.5, which Taxes shall be paid (to the extent provided in
          Section 3.5 by the Borrower, without any claim that the increased
          Taxes are not payable because same resulted from the participations
          effected as otherwise required by this Section.

                                   ARTICLE IIA

                        THE LETTER OF CREDIT SUBFACILITY

     2A.1 Obligation to Issue. Subject to the terms and conditions of this
Agreement and in reliance upon the representations and warranties of the
Borrower herein set forth, the Issuing Lender hereby agrees to issue for the
account of the Borrower, one or more Facility Letters of Credit in accordance
with this Article 2A, from time to time during the period commencing on the date
hereof and ending on the fifth Business Day prior to the Facility Termination
Date. Any

                                      -51-

<PAGE>

Lender shall have the right to decline to be the Issuing Lender for a Facility
Letter of Credit provided that if no other Lender agrees to be the Issuing
Lender then the Administrative Agent shall agree to do so.

     2A.2 Types and Amounts. The Issuing Lender shall not:

          (i) issue any Facility Letter of Credit if the aggregate maximum
     amount then available for drawing under Letters of Credit issued by such
     Issuing Lender, after giving effect to the Facility Letter of Credit
     requested hereunder, shall exceed any limit imposed by law or regulation
     upon such Issuing Lender;

          (ii) issue any Facility Letter of Credit if, after giving effect
     thereto, the LC Exposure would exceed $50,000,000 or the Total Domestic
     Exposure plus the amount of all outstanding Competitive Bid Loans would
     exceed the aggregate Domestic Revolving Commitments;

          (iii) issue any Alternative Currency Letter of Credit if it has
     determined that it is unlawful to fund obligations in the Alternative
     Currency in which it is denominated, or

          (iv) issue any Facility Letter of Credit having an expiration date, or
     containing automatic extension provisions to extend such date, to a date
     which is later than five (5) Business Days prior to the Facility
     Termination Date (subject to the provisions set forth below).

     Notwithstanding the foregoing conditions contained in 2.A. 2 (iv) above, a
Facility Letter of Credit may have an expiration date that is up to two (2)
years after the maturity of the Facility provided that not later than ninety
(90) days prior to such maturity, Borrower provides cash or other collateral
acceptable to all Lenders in the full amount available to be drawn (using the
Dollar Equivalent thereof in the case of any Alternative Currency Letters of
Credit) under all Facility Letters of Credit with expiration dates after the
maturity date of the Facility. Any such collateral shall be held in the Letter
of Credit Collateral Account.

     2A.3 Conditions. In addition to being subject to the satisfaction of the
conditions contained in Section 4.2 hereof, the obligation of the Issuing Lender
to issue any Facility Letter of Credit is subject to the satisfaction in full of
the following conditions:

          (i) the Borrower shall have delivered to the Issuing Lender at such
     times and in such manner as the Issuing Lender may reasonably prescribe
     such documents and materials as may be reasonably required pursuant to the
     terms of the proposed Facility Letter of Credit (it being understood that
     if any inconsistency exists between such documents and the Loan Documents,
     the terms of the Loan Documents shall control) and the proposed Facility
     Letter of Credit shall be reasonably satisfactory to the Issuing Lender as
     to form and content; and

          (ii) as of the date of issuance, no order, judgment or decree of any
     court, arbitrator or governmental authority shall purport by its terms to
     enjoin or restrain the Issuing Lender from issuing the requested Facility
     Letter of Credit and no law, rule or regulation applicable to the Issuing
     Lender and no request or derivative (whether or not

                                      -52-

<PAGE>

     having the force of law) from any governmental authority with jurisdiction
     over the Issuing Lender shall prohibit or request that the Issuing Lender
     refrain from the issuance of Letters of Credit generally or the issuance of
     the requested Facility Letter of Credit in particular.

     2A.4 Procedure for Issuance of Facility Letters of Credit.

               (a) Borrower shall give the Issuing Lender and the Administrative
          Agent at least five (5) Business Days' prior written notice of any
          requested issuance of a Facility Letter of Credit under this Agreement
          (a "Letter of Credit Request") (except that, in lieu of such written
          notice, the Borrower may give the Issuing Lender and the
          Administrative Agent telephonic notice of such request if confirmed in
          writing by delivery to the Issuing Lender and the Administrative Agent
          immediately (A) of a telecopy of the written notice required
          hereunder, or (B) of a telex containing all information required to be
          contained in such written notice; such notice shall be irrevocable and
          shall specify:

                    (i) the stated amount of the Facility Letter of Credit
               requested (which stated amount shall not be less than $50,000);
               and

                    (ii) the effective date (which day shall be a Business Day)
               of issuance of such requested Facility Letter of Credit (the
               "Issuance Date"); and

                    (iii) the date on which such requested Facility Letter of
               Credit is to expire (which date shall be a Business Day and shall
               in no event be later than the latest permissible date pursuant to
               Section 2A.2; and

                    (iv) the purpose for which such Facility Letter of Credit is
               to be issued; and

                    (v) the full name and the address of the Person for whose
               benefit the requested Facility Letter of Credit is to be issued;
               and

                    (vi) whether an Alternative Currency Letter of Credit is
               being requested and, if so, in which Alternative Currency,
               provided that if no Alternative Currency is requested, the
               Facility Letter of Credit shall be issued in Dollars.

          At the time such request is made, the Borrower shall also provide the
          Administrative Agent and the Issuing Lender with a copy of the form of
          the Facility Letter of Credit that the Borrower is requesting be
          issued, which shall be subject to the approval of the Issuing Lender
          and Administrative Agent. Such notice, to be effective, must be
          received by such Issuing Lender and the Administrative Agent not later
          than 3:00 p.m. (New York time) on the last Business Day on which
          notice can be given under this Section 2A.4(a). Following receipt of
          such notice and prior to the issuance of the requested Facility Letter
          of Credit, the Administrative Agent shall calculate the Dollar
          Equivalent of

                                      -53-

<PAGE>

          such Facility Letter of Credit and shall notify the Parent Borrower,
          the relevant Borrower and the applicable Issuing Lender of the amount
          of the Total Domestic Exposure after giving effect to (i) the issuance
          of such Facility Letter of Credit, (ii) the issuance or expiration of
          any other Facility Letter of Credit that is to be issued or will
          expire prior to the requested date of issuance of such Facility Letter
          of Credit and (iii) the borrowing or repayment of any Domestic
          Revolving Loans or Swingline Loans that (based upon notices delivered
          to the Administrative Agent by the Parent Borrower) are to be borrowed
          or repaid prior to the requested date of issuance of such Facility
          Letter of Credit. A Facility Letter of Credit shall be issued,
          amended, renewed or extended only if (and upon issuance, amendment,
          renewal or extension of each Facility Letter of Credit the Parent
          Borrower and the relevant Borrower shall be deemed to represent and
          warrant that), after giving effect to such issuance, amendment,
          renewal or extension (i) the LC Exposure shall not exceed $50,000,000,
          and (ii) the Total Domestic Exposure plus the amount of all
          outstanding Competitive Bid Loans shall not exceed the aggregate
          Domestic Revolving Commitments. A Facility Letter of Credit shall not
          be issued, extended or renewed if the Issuing Lender has received
          written notice from the Administrative Agent at least one (1) Business
          Day prior to the date of such requested issuance, extension or
          renewal, that one or more applicable conditions contained in Section
          4.2 shall not be satisfied. Administrative Agent shall promptly give a
          copy of the Letter of Credit Request to the other Lenders.

               (b) Subject to the terms and conditions of this Article IIA and
          provided that the applicable conditions set forth in Section 4.2
          hereof have been satisfied, such Issuing Lender shall, on the Issuance
          Date, issue a Facility Letter of Credit on behalf of the Borrower in
          accordance with the Letter of Credit Request and the Issuing Lender's
          usual and customary business practices unless the Issuing Lender has
          actually received (i) written notice from the Borrower specifically
          revoking the Letter of Credit Request with respect to such Facility
          Letter of Credit, (ii) written notice from a Lender, which complies
          with the provisions of Section 2A.6(a), or (iii) written or telephonic
          notice from the Administrative Agent stating that the issuance of such
          Facility Letter of Credit would violate Section 2A.2.

               (c) The Issuing Lender shall give the Administrative Agent and
          the Borrower written or telex notice, or telephonic notice confirmed
          promptly thereafter in writing, of the issuance of a Facility Letter
          of Credit (the "Issuance Notice") and the Administrative Agent shall
          promptly give a copy of the Issuance Notice to the other Lenders.

               (d) The Issuing Lender shall not extend or amend any Facility
          Letter of Credit unless the requirements of this Section 2A.4 are met
          as though a new Facility Letter of Credit was being requested and
          issued.

     2A.5 Reimbursement Obligations; Duties of Issuing Lender.

               (a) If the applicable Issuing Lender shall make any LC
          Disbursement in respect of a Facility Letter of Credit, the relevant
          Borrower shall reimburse

                                      -54-

<PAGE>

          such LC Disbursement by paying to the Administrative Agent an amount
          equal to such LC Disbursement in Dollars, or (subject to the two
          immediately succeeding sentences) the applicable Alternative Currency,
          not later than 12:00 noon, New York City time, as applicable, on the
          date that such LC Disbursement is made, if such Borrower shall have
          received notice of such LC Disbursement prior to 10:00 a.m., New York
          City time, as applicable, on such date, or, if such notice has not
          been received by such Borrower prior to such time on such date, then
          not later than 12:00 noon, New York City time, as applicable, on the
          Business Day immediately following the day that such Borrower receives
          such notice; provided that, in the case of any LC Disbursement made in
          Dollars, the relevant Borrower may, subject to the conditions to
          borrowing set forth herein, request in accordance with Section 2.3 or
          2.4 that such payment be financed in Dollars with a Floating Rate
          Borrowing under the Domestic Revolving Facility or Swingline Loan in
          an equivalent amount and, to the extent so financed, such Borrower's
          obligation to make such payment shall be discharged and replaced by
          the resulting Floating Rate Borrowing or Swingline Loan. If the
          relevant Borrower's reimbursement of, or obligation to reimburse, any
          amounts in any Alternative Currency would subject the Administrative
          Agent, the applicable Issuing Lender or any Lender to any stamp duty,
          ad valorem charge or similar tax that would not be payable if such
          reimbursement were made or required to be made in Dollars, such
          Borrower shall, at its option, either (x) pay the amount of any such
          tax requested by the Administrative Agent, the relevant Issuing Lender
          or Lender or (y) reimburse each LC Disbursement made in such
          Alternative Currency in Dollars, in an amount equal to the Dollar
          Equivalent, calculated using the applicable Exchange Rate on the date
          such LC Disbursement is made, of such LC Disbursement. If the relevant
          Borrower fails to make such payment when due, then (i) if such payment
          relates to an Alternative Currency Letter of Credit, automatically and
          with no further action required, such Borrower's obligation to
          reimburse the applicable LC Disbursement shall be permanently
          converted into an obligation to reimburse the Dollar Equivalent,
          calculated using the Exchange Rates on the date when such payment was
          due, of such LC Disbursement and (ii) the Administrative Agent shall
          promptly notify the applicable Issuing Lender and each other Domestic
          Revolving Lender of the applicable LC Disbursement, the Dollar
          Equivalent thereof (if such LC Disbursement relates to an Alternative
          Currency Letter of Credit), the payment then due from such Borrower in
          respect thereof and such Lender's Percentage thereof. Promptly
          following receipt of such notice, each Domestic Revolving Lender shall
          pay to the Administrative Agent in Dollars its Percentage of the
          payment then due from the relevant Borrower (determined as provided in
          clause (i) above, if such payment relates to an Alternative Currency
          Letter of Credit), in the same manner as provided in Section 2.6 with
          respect to Loans made by such Lender (and Section 2.10 shall apply,
          mutatis mutandis, to the payment obligations of the Domestic Revolving
          Lenders), and the Administrative Agent shall promptly pay to the
          applicable Issuing Lender in Dollars the amounts so received by it
          from the Domestic Revolving Lenders. Promptly following receipt by the
          Administrative Agent of any payment from any Borrower pursuant to this
          paragraph, the Administrative Agent shall distribute such payment to
          the applicable Issuing Lender or, to the extent that Domestic

                                      -55-

<PAGE>

          Revolving Lenders have made payments pursuant to this paragraph to
          reimburse such Issuing Lender, then to such Lenders and such Issuing
          Lender as their interests may appear. Any payment made by a Domestic
          Revolving Lender pursuant to this paragraph to reimburse any Issuing
          Lender for any LC Disbursement (other than the funding of Floating
          Rate Domestic Revolving Loans or a Swingline Loan as contemplated
          above) shall not constitute a Loan and shall not relieve any Borrower
          of its obligation to reimburse such LC Disbursement.

               (b) If an Issuing Lender shall make any LC Disbursement, then,
          unless the relevant Borrower shall reimburse such LC Disbursement in
          full on the date such LC Disbursement is made (in the local time where
          the LC Disbursement is made regardless of when such reimbursement is
          due under Section 2A.5(a)), the unpaid amount thereof shall bear
          interest, for each day from and including the date such LC
          Disbursement is made to but excluding the date that such Borrower
          reimburses such LC Disbursement, at the rate per annum then applicable
          to Floating Rate Borrowings; provided that, if such Borrower fails to
          reimburse such LC Disbursement when due pursuant to paragraph (a) of
          this Section, then Section 2.12 shall apply; provided further that, in
          the case of an LC Disbursement made under an Alternative Currency
          Letter of Credit, the amount of interest due with respect thereto
          shall (i) in the case of any LC Disbursement that is reimbursed on or
          before the Business Day immediately succeeding such LC Disbursement,
          (A) be payable in the applicable Alternative Currency and (B) if not
          reimbursed on the date of such LC Disbursement, bear interest at a
          rate equal to the rate reasonably determined by the applicable Issuing
          Lender to be the cost to such Issuing Lender of funding such LC
          Disbursement plus the Applicable Margin applicable to Eurocurrency
          Revolving Loans at such time and (ii) in the case of any LC
          Disbursement that is reimbursed after the Business Day immediately
          succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue
          on the Dollar Equivalent, calculated using the Exchange Rates on the
          date such LC Disbursement was made, of such LC Disbursement and (C)
          bear interest at the rate per annum then applicable to Floating Rate
          Revolving Loans, subject to Section 2.12. Interest accrued pursuant to
          this paragraph shall be for the account of the applicable Issuing
          Lender, except that interest accrued on and after the date of payment
          by any Domestic Revolving Lender pursuant to Section 2A.5 to reimburse
          such Issuing Lender shall be for the account of such Lender to the
          extent of such payment.

     2A.6 Participation.

               (a) Immediately upon issuance by the Issuing Lender of any
          Facility Letter of Credit in accordance with the procedures set forth
          in Section 2A.4, each Domestic Revolving Lender shall be deemed to
          have irrevocably and unconditionally purchased and received from the
          Issuing Lender, without recourse, representation or warranty, an
          undivided interest and participation equal to such Lender's Percentage
          in such Facility Letter of Credit (including, without limitation, all
          obligations of the Borrower with respect thereto) and any security
          therefor or guaranty pertaining thereto (using the Dollar Equivalent
          thereof in the

                                      -56-

<PAGE>

          case of any Alternative Currency Letters of Credit); provided that a
          Facility Letter of Credit issued by the Issuing Lender shall not be
          deemed to be a Facility Letter of Credit for purposes of this Section
          2A.6 if the Issuing Lender shall have received written notice from any
          Lender on or before the Business Day prior to the date of its issuance
          of such Facility Letter of Credit that one or more of the conditions
          contained in Section 2A.2 is not then satisfied, and in the event the
          Issuing Lender receives such a notice it shall have no further
          obligation to issue any Facility Letter of Credit until such notice is
          withdrawn by that Lender or the Issuing Lender receives a notice from
          the Administrative Agent that such condition has been effectively
          waived in accordance with the provisions of this Agreement. Each
          Domestic Revolving Lender's obligation to make further Domestic
          Revolving Loans to the Borrower (other than any payments such Lender
          is required to make under subparagraph (b) below) or issue any letters
          of credit on behalf of Borrower shall be reduced by such Lender's
          Percentage of each Facility Letter of Credit outstanding.

               (b) In the event that the Issuing Lender makes any payment under
          any Facility Letter of Credit and the Borrower shall not have repaid
          such amount to the Issuing Lender pursuant to Section 2A.7 hereof, the
          Issuing Lender shall promptly notify the Administrative Agent, which
          shall promptly notify each Domestic Revolving Lender of such failure,
          and each Domestic Revolving Lender shall promptly and unconditionally
          pay to the Administrative Agent for the account of the Issuing Lender
          the amount of such Lender's Percentage of (i) each LC Disbursement
          made by such Issuing Lender in Dollars and (ii) the Dollar Equivalent,
          using the Exchange Rates on the date such payment is required, of each
          LC Disbursement made by such Issuing Lender in an Alternative Currency
          and, in each case, not reimbursed by the relevant Borrower on the date
          due as provided in paragraph (e) of this Section, or of any
          reimbursement payment required to be refunded to such Borrower for any
          reason (or, if such reimbursement payment was refunded in an
          Alternative Currency, the Dollar Equivalent thereof using the Exchange
          Rates on the date of such refund). The failure of any Domestic
          Revolving Lender to make available to the Administrative Agent for the
          account of any Issuing Lender its Percentage of the unreimbursed
          amount of any such payment shall not relieve any other Lender of its
          obligation hereunder to make available to the Administrative Agent for
          the account of such Issuing Lender its Percentage of the unreimbursed
          amount of any payment on the date such payment is to be made, but no
          Lender shall be responsible for the failure of any other Lender to
          make available to the Administrative Agent its Percentage of the
          unreimbursed amount of any payment on the date such payment is to be
          made. Any Lender which fails to make any payment required pursuant to
          this Section 2A.6(b) shall be deemed to be a Defaulting Lender
          hereunder.

               (c) Whenever the Issuing Lender receives a payment on account of
          a Reimbursement Obligation, including any interest thereon, the
          Issuing Lender shall promptly pay to the Administrative Agent and the
          Administrative Agent shall promptly pay to each Lender which has
          funded its participating interest

                                      -57-

<PAGE>

          therein, in immediately available funds, an amount equal to such
          Lender's Percentage thereof.

               (d) Upon the request of the Administrative Agent or any Lender,
          an Issuing Lender shall furnish to the Administrative Agent or such
          Lender copies of any Facility Letter of Credit to which that Issuing
          Lender is party and such other documentation as may reasonably be
          requested by the Administrative Agent or such Lender.

               (e) The obligations of a Lender to make payments to the
          Administrative Agent for the account of each Issuing Lender with
          respect to a Facility Letter of Credit shall be absolute,
          unconditional and irrevocable, not subject to any counterclaim,
          set-off, qualification or exception whatsoever other than a failure of
          any such Issuing Lender to comply with the terms of this Agreement
          relating to the issuance of such Facility Letter of Credit and shall
          be made in accordance with the terms and conditions of this Agreement
          under all circumstances.

     2A.7 Payment of Reimbursement Obligations.

               (a) The Borrower agrees to pay to each Issuing Lender the amount
          of all Reimbursement Obligations, interest and other amounts payable
          to such Issuing Lender under or in connection with any Facility Letter
          of Credit when due in accordance with Section 2A.5(a) above,
          irrespective of any claim, set-off, defense or other right which the
          Borrower may have at any time against any Issuing Lender or any other
          Person, under all circumstances, including without limitation any of
          the following circumstances:

                    (i) any lack of validity or enforceability of this Agreement
               or any of the other Loan Documents;

                    (ii) the existence of any claim, setoff, defense or other
               right which the Borrower may have at any time against a
               beneficiary named in a Facility Letter of Credit or any
               transferee of any Facility Letter of Credit (or any Person for
               whom any such transferee may be acting), the Administrative
               Agent, the Issuing Lender, any Lender, or any other Person,
               whether in connection with this Agreement, any Facility Letter of
               Credit, the transactions contemplated herein or any unrelated
               transactions (including any underlying transactions between the
               Borrower and the beneficiary named in any Facility Letter of
               Credit);

                    (iii) any draft, certificate or any other document presented
               under the Facility Letter of Credit proving to be forged,
               fraudulent, invalid or insufficient in any respect of any
               statement therein being untrue or inaccurate in any respect;

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<PAGE>

                    (iv) the surrender or impairment of any security for the
               performance or observance of any of the terms of any of the Loan
               Documents; or

                    (v) the occurrence of any Default or Unmatured Default.

               (b) In the event any payment by the Borrower received by the
          Issuing Lender with respect to a Facility Letter of Credit and
          distributed by the Administrative Agent to the Lenders on account of
          their participations is thereafter set aside, avoided or recovered
          from the Issuing Lender in connection with any receivership,
          liquidation, reorganization or bankruptcy proceeding, each Lender
          which received such distribution shall, upon demand by the Issuing
          Lender, contribute such Lender's Percentage of the amount set aside,
          avoided or recovered together with interest at the rate required to be
          paid by the Issuing Lender upon the amount required to be repaid by
          the Issuing Lender.

     2A.8 Compensation for Facility Letters of Credit.

               (a) The Borrower shall pay to the Administrative Agent, for the
          ratable account of the Domestic Revolving Lenders, based upon such
          Lenders' respective Percentages, a per annum fee (the "Facility Letter
          of Credit Fee") with respect to the face amount of each Facility
          Letter of Credit (taking into account any reductions from time to
          time) that is equal to the LIBOR Applicable Margin. The Facility
          Letter of Credit Fee relating to any Facility Letter of Credit shall
          be due and payable in arrears in equal installments on each Payment
          Date and, to the extent any such fees are then due and unpaid, on the
          Facility Termination Date. The Administrative Agent shall promptly
          remit such Facility Letter of Credit Fees, when paid, to the other
          Domestic Revolving Lenders in accordance with their Percentages
          thereof. The fee due in connection with a Facility Letter of Credit
          issued in an Alternative Currency shall be calculated by multiplying
          (x) the average daily balance of each Alternative Currency Letter of
          Credit (expressed in the currency in which such Alternative Currency
          Letter of Credit is denominated) by (y) the Exchange Rate for each
          such Alternative Currency in effect on the last Business Day of such
          period or by such other reasonable method that the Administrative
          Agent deems appropriate.

               (b) The Issuing Lender also shall have the right to receive
          solely for its own account an issuance fee of 0.10% of the face amount
          of each Facility Letter of Credit, payable by the Borrower on the
          Issuance Date for each such Facility Letter of Credit. The Issuing
          Lender shall also be entitled to receive its reasonable out-of-pocket
          costs and the Issuing Lender's standard charges of issuing, amending
          and servicing Facility Letters of Credit and processing draws
          thereunder. The Borrower shall pay such issuance fee and other amounts
          when due to the Issuing Lender.

     2A.9 Letter of Credit Collateral Account. The Borrower hereby agrees that
it will, from the time a deposit is required pursuant to Section 8.1, Section
2A.2, or Section 2.8(b) until Obligations are satisfied and all Facility Letters
of Credit have expired or been terminated,

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<PAGE>

maintain a special collateral account (the "Letter of Credit Collateral
Account") at the Administrative Agent's office at the address specified pursuant
to Article XIII, in the name of the Borrower but under the sole dominion and
control of the Administrative Agent, for the benefit of the Domestic Revolving
Lenders, and in which the Borrower shall have no interest other than as set
forth in Section 8.1. Such Letter of Credit Collateral Account shall be funded
to the extent required by Section 8.1, Section 2A.2, or Section 2.8(b). In
addition to the foregoing, the Borrower hereby grants to the Administrative
Agent, for the benefit of the Lenders, a properly perfected security interest in
and to the Letter of Credit Collateral Account, any funds that may hereafter be
on deposit in such account and the proceeds thereof.

     2A.10 Conversion. In the event that the Loans become immediately due and
payable on any date pursuant to Article VIII, all amounts (i) that a Borrower is
at the time or thereafter becomes required to reimburse or otherwise pay to the
Administrative Agent in respect of LC Disbursements made under any Alternative
Currency Letter of Credit (other than amounts in respect of which such Borrower
has deposited cash collateral pursuant to this Agreement, if such cash
collateral was deposited in the applicable Alternative Currency to the extent so
deposited or applied), (ii) that the Domestic Revolving Lenders are at the time
or thereafter become required to pay to the Administrative Agent and the
Administrative Agent is at the time or thereafter becomes required to distribute
to the applicable Issuing Lender pursuant to 2A.5 in respect of unreimbursed LC
Disbursements made under any Alternative Currency Letter of Credit and (iii) of
each Domestic Revolving Lender's participation in any Alternative Currency
Letter of Credit under which an LC Disbursement has been made shall,
automatically and with no further action required, be converted into the Dollar
Equivalent, calculated using the Exchange Rates on such date (or in the case of
any LC Disbursement made after such date, on the date such LC Disbursement is
made), of such amounts. On and after such conversion, all amounts accruing and
owed to the Administrative Agent, the applicable Issuing Lender or any Lender in
respect of the Obligations described in this paragraph shall accrue and be
payable in Dollars at the rates otherwise applicable hereunder.

                                   ARTICLE III

                             CHANGE IN CIRCUMSTANCES

     3.1 Yield Protection. If, on or after the date of this Agreement, the
adoption of any law or any governmental or quasi-governmental rule, regulation,
policy, guideline or directive (whether or not having the force of law), or any
change in the interpretation or administration thereof by any governmental or
quasi-governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender or
applicable Lending Installation or the Issuing Lender with any request or
directive (whether or not having the force of law) of any such authority,
central bank or comparable agency (collectively, "Change in Law"):

          (i) subjects any Lender or any applicable Lending Installation or the
     Issuing Lender to any Taxes, or changes the basis of taxation of payments
     (other than with respect to Excluded Taxes) to any Lender or the Issuing
     Lender in respect of its Eurocurrency Loans, Facility Letters of Credit or
     participations therein, or

                                      -60-

<PAGE>

          (ii) imposes or increases or deems applicable any reserve, assessment,
     insurance charge, special deposit or similar requirement against assets of,
     deposits with or for the account of, or credit extended by, any Lender or
     any applicable Lending Installation or the Issuing Lender (other than
     reserves and assessments taken into account in determining the interest
     rate applicable to Fixed Rate Borrowings), or

          (iii) imposes any other condition the result of which is to increase
     the cost to any Lender or any applicable Lending Installation or the
     Issuing Lender of making, funding or maintaining its Fixed Rate Loans, or
     of issuing or participating in Facility Letters of Credit, or reduces any
     amount receivable by any Lender or any applicable Lending Installation or
     the Issuing Lender in connection with its Fixed Rate Loans, Facility
     Letters of Credit or participations therein, or requires any Lender or any
     applicable Lending Installation or the Issuing Lender to make any payment
     calculated by reference to the amount of Fixed Rate Loans, Facility Letters
     of Credit or participations therein held or interest or Facility Letter of
     Credit Fees received by it, by an amount deemed material by such Lender or
     the Issuing Lender as the case may be,

and the result of any of the foregoing is to increase the cost to such Lender or
applicable Lending Installation or the Issuing Lender, as the case may be, of
making or maintaining its Fixed Rate Loans or Commitment or of issuing or
participating in Facility Letters of Credit or to reduce the return receivable
by such Lender or applicable Lending Installation or the Issuing Lender, as the
case may be, in connection with such Fixed Rate Loans, Commitment, Facility
Letters of Credit or participations therein, then, within 30 days of demand by
such Lender or the Issuing Lender, as the case may be, the Borrower shall pay
such Lender or the Issuing Lender, as the case may be, such additional amount or
amounts as will compensate such Lender or the Issuing Lender, as the case may
be, for such increased cost or reduction in amount receivable.

     3.2 Changes in Capital Adequacy Regulations. If a Lender or the Issuing
Lender in good faith determines the amount of capital required or expected to be
maintained by such Lender or the Issuing Lender, any Lending Installation of
such Lender or the Issuing Lender or any corporation controlling such Lender or
the Issuing Lender is increased as a result of a Change (as hereinafter
defined), then, within 30 days of demand by such Lender or the Issuing Lender,
the Borrower shall pay such Lender or the Issuing Lender the amount necessary to
compensate for any shortfall in the rate of return on the portion of such
increased capital which such Lender or the Issuing Lender in good faith
determines is attributable to this Agreement, its Outstanding Credit Exposure or
its obligation to make Loans and issue or participate in Facility Letters of
Credit, as the case may be, hereunder (after taking into account such Lender's
or the Issuing Lender's policies as to capital adequacy). "Change" means (i) any
change after the date of this Agreement in the Risk-Based Capital Guidelines (as
hereinafter defined) or (ii) any adoption of or change in any other law,
governmental or quasi-governmental rule, regulation, policy, guideline,
interpretation, or directive (whether or not having the force of law) after the
date of this Agreement which affects the amount of capital required or expected
to be maintained by any Lender or the Issuing Lender or any Lending Installation
or any corporation controlling any Lender or the Issuing Lender. "Risk-Based
Capital Guidelines" means (i) the risk-based capital guidelines in effect in the
United States on the date of this Agreement, including transition rules, and
(ii) the corresponding capital regulations promulgated by regulatory authorities
outside the United States implementing the July 1988 report of the Basle
Committee

                                      -61-

<PAGE>

on Banking Regulation and Supervisory Practices Entitled "International
Convergence of Capital Measurements and Capital Standards," including transition
rules, and any amendments to such regulations adopted prior to the date of this
Agreement.

     3.3 Availability of Types of Borrowings. If any Lender in good faith
determines that maintenance of any of its Fixed Rate Loans at a suitable Lending
Installation would violate any applicable law, rule, regulation or directive,
whether or not having the force of law, the Administrative Agent shall suspend
the availability of the affected Type of Borrowing and require any Fixed Rate
Borrowings of the affected Type to be repaid; or if the Required Lenders in good
faith determine that (i) deposits of a type or maturity appropriate to match
fund Fixed Rate Borrowings are not available, the Administrative Agent shall
suspend the availability of the affected Type of Borrowing with respect to any
Fixed Rate Borrowings made after the date of any such determination, or (ii) an
interest rate applicable to a Type of Borrowing does not accurately reflect the
cost of making a Fixed Rate Borrowing of such Type, then, if for any reason
whatsoever the provisions of Section 3.1 are inapplicable, the Administrative
Agent shall suspend the availability of the affected Type of Borrowing with
respect to any Fixed Rate Borrowings made after the date of any such
determination. If the Borrower is required to so repay a Fixed Rate Borrowing,
the Borrower may concurrently with such repayment borrow from the Lenders, in
the amount of such repayment, a Loan bearing interest at the Alternate Base
Rate.

     3.4 Funding Indemnification. If any payment of a ratable Fixed Rate
Borrowing or a Competitive Bid Loan occurs on a date which is not the last day
of the applicable Interest Period, whether because of acceleration, prepayment
or otherwise, or a ratable Fixed Rate Borrowing or a Competitive Bid Loan is not
made on the date specified by the Borrower for any reason other than default by
the Lenders or as a result of unavailability pursuant to Section 3.3, the
Borrower will indemnify each Lender for any loss or cost (only if and to the
extent that a Lender requests such indemnification from the Borrower) incurred
by it resulting therefrom, including, without limitation, any loss or cost in
liquidating or employing deposits acquired to fund or maintain the ratable Fixed
Rate Borrowing or Competitive Bid Loan, as the case may be, and shall pay all
such losses or costs within fifteen (15) days after written demand therefor.
Without limitation of any losses arising from changes in the Fixed Rate adverse
to the Lenders, in no event will the administrative fee payable by the Borrower
as a result of such early payment or failure to make an advance exceed $250 per
contract occurrence per Lender (such amount shall be payable only if and to the
extent that a Lender requests such an administrative fee from the Borrower) to
be billed by the Administrative Agent ten (10) Business Days following
quarter-end along with breakage costs. Only if and to the extent that a Lender
requests breakage costs from the Borrower, breakage costs for the Eurocurrency
Borrowings shall be determined by the Administrative Agent on behalf of that
Lender by multiplying the amount prepaid by the amount, if any, by which (x) a
LIBOR-based rate for a term quoted on page 3750 of the Dow Jones Market Service
telerate screen and closest to (but at least as long as) the remaining duration
of the Interest Period as the case may be for the principal sum being prepaid,
and for an amount comparable to such principal sum, is less than (y) the LIBOR
Base Rate in effect for the principal sum being so prepaid, immediately prior to
the prepayment of such sum, all as determined as of the date of the occurrence
of the event giving rise to the LIBOR Rate break funding. Nothing in this
Section 3.4 shall authorize the prepayment of a Competitive Bid Loan prior to
the end of the applicable Interest Period.

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<PAGE>

     3.5 Taxes.

          (i) All payments by the Borrower to or for the account of any Lender
     or the Administrative Agent hereunder or under any Note shall be made free
     and clear of and without deduction for any and all Taxes. If the Borrower
     shall be required by law to deduct any Taxes from or in respect of any sum
     payable hereunder to any Lender or the Administrative Agent, (a) the sum
     payable shall be increased as necessary so that after making all required
     deductions (including deductions applicable to additional sums payable
     under this Section 3.5) such Lender or the Administrative Agent (as the
     case may be) receives an amount equal to the sum it would have received had
     no such deductions been made, (b) the Borrower shall make such deductions,
     (c) the Borrower shall pay the full amount deducted to the relevant
     authority in accordance with applicable law and (d) the Borrower shall
     furnish to the Administrative Agent the original copy of a receipt
     evidencing payment thereof within 30 days after such payment is made.

          (ii) In addition, the Borrower hereby agrees to pay any present or
     future stamp or documentary taxes and any other excise or property taxes,
     charges or similar levies which arise from any payment made hereunder or
     under any Note or from the execution or delivery of, or otherwise with
     respect to, this Agreement or any Note ("Other Taxes").

          (iii) The Borrower hereby agrees to indemnify the Administrative Agent
     and each Lender for the full amount of Taxes or Other Taxes (including,
     without limitation, any Taxes or Other Taxes imposed on amounts payable
     under this Section 3.5) paid by the Administrative Agent or such Lender and
     any liability (including penalties, interest and expenses) arising
     therefrom or with respect thereto. Payments due under this indemnification
     shall be made within 30 days of the date the Administrative Agent or such
     Lender makes demand therefor pursuant to Section 3.6.

          (iv) Each Lender that is not incorporated under the laws of the United
     States of America or a state thereof (each a "Non-U.S. Lender") agrees that
     it will, not more than ten Business Days after the date of this Agreement,
     (i) deliver to each of the Borrower and the Administrative Agent two duly
     completed copies of United States Internal Revenue Service Form W-8BEN or
     W-8ECI (or any successor or other applicable form prescribed by the IRS),
     certifying in either case that such Lender is entitled to receive payments
     under this Agreement without deduction or withholding of any United States
     federal income taxes, and (ii) deliver to each of the Borrower and the
     Administrative Agent a United States Internal Revenue Form W-8 or W-9, as
     the case may be, and certify that it is entitled to an exemption from
     United States backup withholding tax. Each Non-U.S. Lender further
     undertakes to deliver to each of the Borrower and the Administrative Agent
     (x) renewals or additional copies of such form (or any successor form) on
     or before the date that such form expires or becomes obsolete, and (y)
     after the occurrence of any event requiring a change in the most recent
     forms so delivered by it, such additional forms or amendments thereto as
     may be reasonably requested by the Borrower or the Administrative Agent.
     All forms or amendments described in the preceding sentence shall certify
     that such Lender is entitled to receive payments under this Agreement
     without deduction or withholding of any United States federal income taxes,
     unless an event (including without limitation any change in treaty, law or

                                      -63-

<PAGE>
     regulation) has occurred prior to the date on which any such delivery would
     otherwise be required which renders all such forms inapplicable or which
     would prevent such Lender from duly completing and delivering any such form
     or amendment with respect to it and such Lender advises the Borrower and
     the Administrative Agent that it is not capable of receiving payments
     without any deduction or withholding of United States federal income tax.

          (v) For any period during which a Non-U.S. Lender has failed to
     provide the Borrower with an appropriate form pursuant to clause (iv),
     above (unless such failure is due to a change in treaty, law or regulation,
     or any change in the interpretation or administration thereof by any
     governmental authority, occurring subsequent to the date on which a form
     originally was required to be provided), such Non-U.S. Lender shall not be
     entitled to indemnification under this Section 3.5 with respect to Taxes
     imposed by the United States.

          (vi) Each Non-U.S. Lender shall promptly notify the Borrower of any
     event of which it has knowledge that will result in, and will use
     reasonable commercial efforts available to it to mitigate or avoid, any
     obligation by the Borrower to pay any amount pursuant to Section 3.5.
     Without limiting the foregoing, each Non-U.S. Lender will designate a
     different funding office if such designation will avoid (or reduce the cost
     to the Borrower of) any event described above.

          (vii) If any Lender or the Administrative Agent receives a refund or
     credit in respect of any Taxes as to which it has been indemnified by the
     Borrower or with respect to which the Borrower has paid additional amounts
     pursuant to this Section 3.5, such Lender or Administrative Agent shall
     within 30 days from the date of such receipt pay over the amount of such
     refund or credit to the Borrower, net of all reasonable out-of-pocket
     expenses of such Lender or Administrative Agent and without interest (other
     than interest paid by the relevant Governmental Authority with respect to
     such refund or credit); provided, that the Borrower, upon request of such
     Lender or Administrative Agent, agrees to repay the amount paid over to the
     Borrower (plus penalties, interest or other reasonable charges) to such
     Lender or Administrative Agent in the event such Lender or Administrative
     Agent is required to repay such refund or credit to such Governmental
     Authority. This paragraph shall not be construed to require the
     Administrative Agent or Lender to make available its tax returns (or any
     other information relating to its taxes that it deems confidential) to the
     Borrower or any other Person.

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

          (ix) If the U.S. Internal Revenue Service or any other governmental
     authority of the United States or any other country or any political
     subdivision thereof asserts a

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<PAGE>

     claim that the Administrative Agent did not properly withhold tax from
     amounts paid to or for the account of any Lender (because the appropriate
     form was not delivered or properly completed, because such Lender failed to
     notify the Administrative Agent of a change in circumstances which rendered
     its exemption from withholding ineffective, or for any other reason), such
     Lender shall indemnify the Administrative Agent fully for all amounts paid,
     directly or indirectly, by the Administrative Agent as tax, withholding
     therefor, or otherwise, including penalties and interest, and including
     taxes imposed by any jurisdiction on amounts payable to the Administrative
     Agent under this subsection, together with all costs and expenses related
     thereto (including attorneys fees and time charges of attorneys for the
     Administrative Agent, which attorneys may be employees of the
     Administrative Agent). The obligations of the Lenders under this Section
     3.5(vii) shall survive the payment of the Obligations and termination of
     this Agreement and any such Lender obligated to indemnify the
     Administrative Agent shall not be entitled to indemnification from the
     Borrower with respect to such amounts, whether pursuant to this Article or
     otherwise, except to the extent the Borrower participated in the actions
     giving rise to such liability.

     3.6 Lender Statements; Survival of Indemnity. To the extent reasonably
possible, each Lender shall designate an alternate Lending Installation with
respect to its Fixed Rate Loans to reduce any liability of the Borrower to such
Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Fixed
Rate Borrowings under Section 3.3, so long as such designation is not, in the
reasonable judgment of such Lender, disadvantageous to such Lender. Each Lender
shall deliver a written statement of such Lender to the Borrower (with a copy to
the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2,
3.4 or 3.5. Such written statement shall set forth in reasonable detail the
calculations upon which such Lender determined such amount and shall be final,
conclusive and binding on the Borrower in the absence of manifest error.
Determination of amounts payable under such Sections in connection with a Fixed
Rate Loan shall be calculated as though each Lender funded its Fixed Rate Loan
through the purchase of a deposit of the type and maturity corresponding to the
deposit used as a reference in determining the Fixed Rate applicable to such
Loan, whether in fact that is the case or not. Unless otherwise provided herein,
the amount specified in the written statement of any Lender shall be payable on
demand after receipt by the Borrower of such written statement. The obligations
of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of
the Obligations and termination of this Agreement.

     3.7 Change in Law. Notwithstanding any other provision of this Agreement,
if, after the date hereof, (a) any Change in Law shall make it unlawful for any
Issuing Lender to issue Facility Letters of Credit denominated in an Alternative
Currency, or any Global Revolving Lender to make Global Revolving Loans
denominated in a Qualified Foreign Global Currency, or (b) there shall have
occurred any change in national or international financial, political or
economic conditions (including the imposition of or any change in exchange
controls) or currency exchange rates that would make it impracticable for any
Issuing Lender to issue Facility Letters of Credit denominated in such
Alternative Currency for the account of a Borrower, or any Global Revolving
Lender to make Global Revolving Loans denominated in a Qualified Foreign Global
Currency, then by prompt written notice thereof to the Parent Borrower and to
the Administrative Agent (which notice shall be withdrawn whenever such
circumstances no longer exist), (i) such Issuing Lender may declare that
Facility Letters of Credit will not thereafter be

                                      -65-
<PAGE>

issued by it in the affected Alternative Currency or Alternative Currencies,
whereupon the affected Alternative Currency or Alternative Currencies shall be
deemed (for the duration of such declaration) not to constitute an Alternative
Currency for purposes of the issuance of Facility Letters of Credit by such
Issuing Lender, (ii) such Global Revolving Lender may declare that Global
Revolving Loans will not thereafter be made by it in the affected Qualified
Foreign Global Currency or Qualified Foreign Global Currencies, whereupon the
affected Qualified Global Currency or Qualified Foreign Global Currencies shall
be deemed (for the duration of such declaration) not to constitute a Qualified
Foreign Global Currency for purposes of the making of Global Revolving Loans by
such Global Revolving Lender.

                                   ARTICLE IV

                              CONDITIONS PRECEDENT

     4.1 Initial Borrowing. The Lenders shall not be required to make the
initial Borrowing hereunder unless (a) the Borrower shall, prior to or
concurrently with such initial Borrowing, have paid all fees due and payable to
the Lenders and the Administrative Agent hereunder, and (b) the Borrower shall
have furnished to the Administrative Agent, with sufficient copies for the
Lenders, the following (the term "Borrower" being deemed to include any
Qualified Borrower as of the Agreement Execution Date):

          (i) The duly executed originals of the Loan Documents, including the
     Notes, payable to the order of each of the Lenders (including the Qualified
     Borrower Note and Qualified Borrower Competitive Note from each Qualified
     Borrower), this Agreement, and the Qualified Borrower Guaranty;

          (ii) (A) Certificates of good standing for each Borrower from the
     states of organization of each Borrower, certified by the appropriate
     governmental officer and dated not more than thirty (30) days prior to the
     Agreement Execution Date, and (B) current foreign qualification
     certificates for the Borrower, certified by the appropriate governmental
     officer, for each other jurisdiction where the failure of the Borrower to
     so qualify or be licensed (if required) would have a Material Adverse
     Effect;

          (iii) Copies of the formation documents (including code of
     regulations, if appropriate) of the Borrower certified by an officer of the
     Borrower, together with all amendments thereto;

          (iv) Incumbency certificates, executed by officers of the Borrower,
     which shall identify by name and title and bear the signature of the
     Persons authorized to sign the Loan Documents and to make borrowings
     hereunder on behalf of the Borrower, upon which certificate the
     Administrative Agent and the Lenders shall be entitled to rely until
     informed of any change in writing by the Borrower;

          (v) Copies, certified by a Secretary or an Assistant Secretary of the
     Borrower of the Board of Directors' resolutions (and resolutions of other
     bodies, if any are reasonably deemed necessary by counsel for any Lender)
     authorizing the Borrowings

                                      -66-

<PAGE>

     provided for herein, with respect to the Borrower, and the execution,
     delivery and performance of the Loan Documents to be executed and delivered
     by the Borrower;

          (vi) A written opinion of the Borrower's counsel, addressed to the
     Lenders in substantially the form of Exhibit B hereto or such other form as
     the Administrative Agent may reasonably approve;

          (vii) A certificate, signed by an officer of the Borrower, stating
     that on the initial Borrowing Date no Default or Unmatured Default has
     occurred and is continuing and that all representations and warranties of
     the Borrower are true and correct as of the initial Borrowing Date provided
     that such certificate is in fact true and correct;

          (viii) The most recent financial statements of the Borrower;

          (ix) UCC financing statement, judgment, and tax lien searches with
     respect to each Borrower from its State of organization;

          (x) Written money transfer instructions, in substantially the form of
     Exhibit E hereto, addressed to the Administrative Agent and signed by an
     Authorized Officer, together with such other related money transfer
     authorizations as the Administrative Agent may have reasonably requested;

          (xi) A compliance certificate in the form of Exhibit C as of the most
     recent date available, executed by the Borrower's chief financial officer
     or chief accounting officer prepared on the assumption that the other
     Indebtedness of Borrower being repaid by the initial Borrowing hereunder
     was replaced by Borrowings hereunder for the period covered by such
     certificate;

          (xii) Evidence that the Commitments of any lenders under the Prior
     Agreement which are not Lenders under this Agreement (the "Exiting
     Lenders") have been properly terminated and all amounts due to the Exiting
     Lenders have been paid, or will be paid out of the proceeds of the initial
     Borrowing hereunder;

          (xiii) Evidence that all upfront fees due to each of the Lenders under
     the terms of their respective commitment letters have been paid, or will be
     paid out of the proceeds of the initial Borrowing hereunder; and

          (xiv) Such other documents as any Lender or its counsel may have
     reasonably requested, the form and substance of which documents shall be
     reasonably acceptable to the parties and their respective counsel.

     4.2 Each Borrowing. The Lenders shall not be required to make any Borrowing
and the Issuing Lender shall not be required to issue any Facility Letters of
Credit, unless on the applicable Borrowing Date or Issuance Date:

          (i) There exists no Default or Unmatured Default; and

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<PAGE>

          (ii) The representations and warranties contained in Article V are
     true and correct as of such Borrowing Date with respect to Borrower and to
     any Subsidiary in existence on such Borrowing Date, except to the extent
     any such representation or warranty is stated to relate solely to an
     earlier date, in which case such representation or warranty shall be true
     and correct on and as of such earlier date.

     Each Borrowing Request with respect to each such Borrowing shall constitute
a representation and warranty by the Borrower that the conditions contained in
Sections 4.2(i) and (ii) have been satisfied.

                                   ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Lenders that:

     5.1 Existence. DDR is a corporation duly organized and validly existing
under the laws of the State of Ohio, with its principal place of business in
Beachwood, Ohio and is duly qualified as a foreign corporation, properly
licensed (if required), in good standing and has all requisite authority to
conduct its business in each jurisdiction in which its business is conducted,
except where the failure to be so qualified, licensed and in good standing and
to have the requisite authority would not have a Material Adverse Effect. Each
Qualified Borrower is duly organized and validly existing under the laws of its
state of organization, properly licensed (if required) in good standing, and has
requisite authority to conduct its businesses in each jurisdiction in which its
business is conducted except where the failure to be qualified, licensed and in
good standing and to have the requisite authority would not have a Material
Adverse Effect. Each of Borrower's Subsidiaries is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization
and has all requisite authority to conduct its business in each jurisdiction in
which its business is conducted.

     5.2 Authorization and Validity. The Borrower has the corporate power and
authority and legal right to execute and deliver the Loan Documents and to
perform its obligations thereunder. The execution and delivery by the Borrower
of the Loan Documents and the performance of its obligations thereunder have
been duly authorized by proper corporate proceedings, and the Loan Documents
constitute legal, valid and binding obligations of the Borrower enforceable
against the Borrower in accordance with their terms, except as enforceability
may be limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors' rights generally.

     5.3 No Conflict; Government Consent. Neither the execution and delivery by
the Borrower of the Loan Documents, nor the consummation of the transactions
therein contemplated, nor compliance with the provisions thereof will violate
any law, rule, regulation, order, writ, judgment, injunction, decree or award
binding on the Borrower or any of its Subsidiaries or the Borrower's or any
Subsidiary's articles of incorporation or by-laws, or the provisions of any
indenture, instrument or agreement to which the Borrower or any of its
Subsidiaries is a party or is subject, or by which it, or its Property, is
bound, or conflict with or

                                      -68-

<PAGE>

constitute a default thereunder, except where such violation, conflict or
default would not have a Material Adverse Effect, or result in the creation or
imposition of any Lien in, of or on the Property of the Borrower or a Subsidiary
pursuant to the terms of any such indenture, instrument or agreement. No order,
consent, approval, license, authorization, or validation of, or filing,
recording or registration with, or exemption by, any governmental or public body
or authority, or any subdivision thereof, is required to authorize, or is
required in connection with the execution, delivery and performance of, or the
legality, validity, binding effect or enforceability of, any of the Loan
Documents other than the filing of a copy of this Agreement, or the filing of
information concerning this Agreement, with the Securities and Exchange
Commission.

     5.4 Financial Statements; Material Adverse Change. All consolidated
financial statements of the Borrower and its Subsidiaries heretofore or
hereafter delivered to the Lenders were prepared in accordance with GAAP in
effect on the preparation date of such statements and fairly present in all
material respects the consolidated financial condition and operations of the
Borrower and its Subsidiaries at such date and the consolidated results of their
operations for the period then ended, subject, in the case of interim financial
statements, to normal and customary year-end adjustments. From the preparation
date of the most recent audited financial statements delivered to the Lenders
through the Agreement Execution Date, there was no change in the business,
properties, or condition (financial or otherwise) of the Borrower and its
Subsidiaries which could reasonably be expected to have a Material Adverse
Effect.

     5.5 Taxes. The Borrower and its Subsidiaries have filed all United States
federal tax returns and all other tax returns which are required to be filed and
have paid all taxes due pursuant to said returns or pursuant to any assessment
received by the Borrower or any of its Subsidiaries except such taxes, if any,
as are being contested in good faith and as to which adequate reserves have been
provided. No tax liens have been filed and remain outstanding for amounts in
excess of $250,000. The charges, accruals and reserves on the books of the
Borrower and its Subsidiaries in respect of any taxes or other governmental
charges are adequate.

     5.6 Litigation and Guarantee Obligations. Except as set forth on Schedule 3
hereto or as set forth in written notice to the Administrative Agent from time
to time, there is no litigation, arbitration, governmental investigation,
proceeding or inquiry pending or, to the knowledge of any of their officers,
threatened against or affecting the Borrower or any of its Subsidiaries which
could reasonably be expected to have a Material Adverse Effect. Notwithstanding
the disclosure of the litigation identified on Schedule 3 or in a notice to
Administrative Agent, unless such disclosure has been approved by the Required
Lenders, the Borrower, based on consultation with its counsel, represents that
the Borrower is unlikely to suffer any material adverse result in such
litigation. The Borrower has no material contingent obligations not provided for
or disclosed in the financial statements referred to in Section 6.1 or as set
forth in written notices to the Administrative Agent given from time to time
after the Agreement Execution Date on or about the date such material contingent
obligations are incurred.

     5.7 ERISA. The Unfunded Liabilities of all Single Employer Plans do not in
the aggregate exceed $1,000,000. Neither the Borrower nor any other member of
the Controlled Group has incurred, or is reasonably expected to incur, any
withdrawal liability to Multiemployer Plans in excess of $250,000 in the
aggregate. Each Plan complies in all material respects with all applicable
requirements of law and regulations, no Reportable Event has

                                      -69-

<PAGE>

occurred with respect to any Plan, neither the Borrower nor any other members of
the Controlled Group has withdrawn from any Plan or initiated steps to do so,
and no steps have been taken to reorganize or terminate any Plan.

     5.8 Accuracy of Information. All factual information heretofore or
contemporaneously furnished by or on behalf of the Borrower or any of its
Subsidiaries to the Administrative Agent or any Lender for purposes of or in
connection with this Agreement or any transaction contemplated hereby is, and
all other such factual information hereafter furnished by or on behalf of the
Borrower or any of its Subsidiaries to the Administrative Agent or any Lender
will be, to the knowledge of Borrower, true and accurate (taken as a whole) on
the date as of which such information is dated or certified and not incomplete
by omitting to state any material fact necessary to make such information (taken
as a whole) not misleading in light of the circumstances and purposes for which
such information was provided at such time.

     5.9 Regulation U. The Borrower has not used the proceeds of any Borrowing
to buy or carry any margin stock (as defined in Regulation U) in violation of
the terms of this Agreement.

     5.10 Material Agreements. Neither the Borrower nor any Subsidiary is a
party to any agreement or instrument or subject to any charter or other
corporate restriction which could reasonably be expected to have a Material
Adverse Effect. Neither the Borrower nor any Subsidiary is in default in the
performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in (i) any agreement to which it is a party, which default
could have a Material Adverse Effect, or (ii) any agreement or instrument
evidencing or governing Indebtedness, which default would constitute a Default
hereunder.

     5.11 Compliance With Laws. The Borrower and its Subsidiaries have complied
with all applicable statutes, rules, regulations, orders and restrictions of any
domestic or foreign government or any instrumentality or agency thereof, having
jurisdiction over the conduct of their respective businesses or the ownership of
their respective Property, except for any non-compliance which would not have a
Material Adverse Effect. Neither the Borrower nor any Subsidiary has received
any notice to the effect that its operations are not in material compliance with
any of the requirements of applicable federal, state and local environmental,
health and safety statutes and regulations or the subject of any federal or
state investigation evaluating whether any remedial action is needed to respond
to a release of any toxic or hazardous waste or substance into the environment,
which non-compliance or remedial action could have a Material Adverse Effect.

     5.12 Ownership of Properties. Except as set forth on Schedule 2 hereto, on
the date of this Agreement, the Borrower and its Subsidiaries will have good and
marketable title, free of all Liens other than those permitted by Section 6.15,
to all of the Property and assets reflected in the financial statements as owned
by it.

     5.13 Investment Company Act. Neither the Borrower nor any Subsidiary is an
"investment company" or a company "controlled" by an "investment company",
within the meaning of the Investment Company Act of 1940, as amended.

     5.14 Reserved.

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<PAGE>

     5.15 Solvency.

          (i) Immediately after the Agreement Execution Date and immediately
     following the making of each Loan and after giving effect to the
     application of the proceeds of such Loans, (a) the fair value of the assets
     of the Borrower and its Subsidiaries on a consolidated basis, at a fair
     valuation, will exceed the debts and liabilities, subordinated, contingent
     or otherwise, of the Borrower and its Subsidiaries on a consolidated basis;
     (b) the present fair saleable value of the Property of the Borrower and its
     Subsidiaries on a consolidated basis will be greater than the amount that
     will be required to pay the probable liability of the Borrower and its
     Subsidiaries on a consolidated basis on their debts and other liabilities,
     subordinated, contingent or otherwise, as such debts and other liabilities
     become absolute and matured; (c) the Borrower and its Subsidiaries on a
     consolidated basis will be able to pay their debts and liabilities,
     subordinated, contingent or otherwise, as such debts and liabilities become
     absolute and matured; and (d) the Borrower and its Subsidiaries on a
     consolidated basis will not have unreasonably small capital with which to
     conduct the businesses in which they are engaged as such businesses are now
     conducted and are proposed to be conducted after the date hereof.

          (ii) The Borrower does not intend to, or to permit any of its
     Subsidiaries to, and does not believe that it or any of its Subsidiaries
     will, incur debts beyond its ability to pay such debts as they mature,
     taking into account the timing of and amounts of cash to be received by it
     or any such Subsidiary and the timing of the amounts of cash to be payable
     on or in respect of its Indebtedness or the Indebtedness of any such
     Subsidiary.

     5.16 Insurance. The Borrower and its Subsidiaries carry insurance on their
Projects with financially sound and reputable insurance companies, in such
amounts, with such deductibles and covering such risks as are customarily
carried by companies engaged in similar businesses and owning similar Projects
in localities where the Borrower and its Subsidiaries operate, including,
without limitation:

          (i) Property and casualty insurance (including coverage for flood and
     other water damage for any Project located within a 100-year flood plain)
     in the amount of the replacement cost of the improvements at the Project
     (to the extent replacement cost insurance is maintained by companies
     engaged in similar business and owning similar properties);

          (ii) Builder's risk insurance for any Project under construction in
     the amount of the construction cost of such Project;

          (iii) Loss of rental income insurance in the amount not less than one
     year's gross revenues from the Projects; and

          (iv) Comprehensive general liability insurance in the amount of
     $20,000,000 per occurrence.

     5.17 REIT Status. The Borrower is in good standing on the New York Stock
Exchange, is qualified as a real estate investment trust under Section 856 of
the Code and

                                      -71-

<PAGE>

currently is in compliance in all material respects with all provisions of the
Code applicable to the qualification of the Borrower as a real estate investment
trust.

     5.18 Environmental Matters. Each of the following representations and
warranties is true and correct on and as of the Agreement Execution Date except
to the extent that the facts and circumstances giving rise to any such failure
to be so true and correct, in the aggregate, could not reasonably be expected to
have a Material Adverse Effect:

               (a) To the best knowledge of the Borrower, the Projects of the
          Borrower and its Subsidiaries do not contain any Materials of
          Environmental Concern in amounts or concentrations which constitute a
          violation of, or could reasonably give rise to liability of the
          Borrower or any Subsidiary under, Environmental Laws.

               (b) To the best knowledge of the Borrower, (i) the Projects of
          the Borrower and its Subsidiaries and all operations at the Projects
          are in compliance with all applicable Environmental Laws, and (ii)
          with respect to all Projects owned by the Borrower and/or its
          Subsidiaries (x) for at least two (2) years, have in the last two
          years, or (y) for less than two (2) years, have for such period of
          ownership, been in compliance in all material respects with all
          applicable Environmental Laws.

               (c) Neither the Borrower nor any of its Subsidiaries has received
          any notice of violation, alleged violation, non-compliance, liability
          or potential liability regarding environmental matters or compliance
          with Environmental Laws with regard to any of the Projects, nor does
          the Borrower have knowledge or reason to believe that any such notice
          will be received or is being threatened.

               (d) To the best knowledge of the Borrower, Materials of
          Environmental Concern have not been transported or disposed of from
          the Projects of the Borrower and its Subsidiaries in violation of, or
          in a manner or to a location which could reasonably give rise to
          liability of the Borrower or any Subsidiary under, Environmental Laws,
          nor have any Materials of Environmental Concern been generated,
          treated, stored or disposed of at, on or under any of the Projects of
          the Borrower and its Subsidiaries in violation of, or in a manner that
          could give rise to liability of the Borrower or any Subsidiary under,
          any applicable Environmental Laws.

               (e) No judicial proceedings or governmental or administrative
          action is pending, or, to the knowledge of the Borrower, threatened,
          under any Environmental Law to which the Borrower or any of its
          Subsidiaries is or, to the Borrower's knowledge, will be named as a
          party with respect to the Projects of the Borrower and its
          Subsidiaries, nor are there any consent decrees or other decrees,
          consent orders, administrative order or other orders, or other
          administrative of judicial requirements outstanding under any
          Environmental Law with respect to the Projects of the Borrower and its
          Subsidiaries.

                                      -72-

<PAGE>

               (f) To the best knowledge of the Borrower, there has been no
          release or threat of release of Materials of Environmental Concern at
          or from the Projects of the Borrower and its Subsidiaries, or arising
          from or related to the operations of the Borrower and its Subsidiaries
          in connection with the Projects in violation of or in amounts or in a
          manner that could give rise to liability under Environmental Laws.

     5.19 Unencumbered Assets. Each of the assets included as an Unencumbered
Asset for purposes of the covenants contained herein, satisfies each of the
requirements for an Unencumbered Asset set forth in the definition thereof.

                                   ARTICLE VI

                                    COVENANTS

     During the term of this Agreement, unless the Required Lenders shall
otherwise consent in writing:

     6.1 Financial Reporting. The Borrower will maintain, for itself and each
Subsidiary, a system of accounting established and administered in accordance
with GAAP, and furnish to the Lenders:

          (i) As soon as available, but in any event not later than 45 days
     after the close of the first three fiscal quarters of each fiscal year,
     commencing with the fiscal quarter ended June 30, 2006, for the Borrower
     and its Subsidiaries, a copy of Borrower's Financial Statements in the form
     filed under 10-Q which shall include an unaudited consolidated balance
     sheet as of the close of each such period and the related unaudited
     consolidated statements of income and retained earnings and of cash flows
     of the Borrower and its Subsidiaries for such period and the portion of the
     fiscal year through the end of such period, setting forth in each case in
     comparative form the figures for the previous year, all certified by the
     Borrower's chief financial officer or chief accounting officer;

          (ii) As soon as available, but in any event not later than 45 days
     after the close of the first three fiscal quarters, for the Borrower and
     its Subsidiaries, a copy of the Borrower's Quarterly Financial Supplement
     and other schedules as may be required containing the following reports in
     form and substance reasonably satisfactory to the Lenders, which may be in
     the form filed as its 10-Q, all certified by the entity's chief financial
     officer or chief accounting officer: a statement of Funds From Operations,
     a statement detailing Consolidated Outstanding Indebtedness, Consolidated
     Secured Indebtedness, Consolidated Unsecured Indebtedness, Consolidated
     Cash Flow and an Asset Schedule listing all assets and their net operating
     income with a breakdown between Unencumbered Assets and other assets, and
     newly acquired Projects, Borrower will provide such other information as
     may be reasonably requested;

          (iii) As soon as available, but in any event not later than 90 days
     after the close of each fiscal year, for the Borrower and its Subsidiaries,
     audited annual financial

                                      -73-

<PAGE>

     statements in the form filed as 10-K, including a consolidated balance
     sheet as at the end of such year and the related consolidated statements of
     income and retained earnings and of cash flows for such year, setting forth
     in each case in comparative form the figures for the previous year, without
     a "going concern" or like qualification or exception, or qualification
     arising out of the scope of the audit, prepared by PricewaterhouseCoopers
     (or other independent certified public accountants of nationally recognized
     standing reasonably acceptable to Administrative Agent);

          (iv) Together with the quarterly and annual financial statements
     required hereunder, a compliance certificate in substantially the form of
     Exhibit C hereto signed by the Borrower's chief financial officer or chief
     accounting officer showing the calculations and computations necessary to
     determine compliance with this Agreement and stating that, to such
     officer's knowledge, no Default or Unmatured Default exists, or if, to such
     officer's knowledge, any Default or Unmatured Default exists, stating the
     nature and status thereof;

          (v) As soon as possible and in any event within 10 days after a
     responsible officer of the Borrower knows that any Reportable Event has
     occurred with respect to any Plan, a statement, signed by the chief
     financial officer of the Borrower, describing said Reportable Event and the
     action which the Borrower proposes to take with respect thereto;

          (vi) As soon as possible and in any event within 10 days after receipt
     by a responsible officer of the Borrower, a copy of (a) any notice or claim
     to the effect that the Borrower or any of its Subsidiaries is or may be
     liable to any Person as a result of the release by the Borrower, any of its
     Subsidiaries, or any other Person of any toxic or hazardous waste or
     substance into the environment, and (b) any notice alleging any violation
     of any federal, state or local environmental, health or safety law or
     regulation by the Borrower or any of its Subsidiaries, which, in either
     case, could have a Material Adverse Effect;

          (vii) Promptly upon the furnishing thereof to the shareholders of the
     Borrower, copies of all financial statements, reports and proxy statements
     so furnished;

          (viii) Promptly upon the filing thereof, copies of all registration
     statements and annual, quarterly, monthly or other reports and any other
     public information which the Borrower or any of its Subsidiaries files with
     the Securities Exchange Commission; and

          (ix) Such other information (including, without limitation, financial
     statements for the Borrower and non-financial information) as the
     Administrative Agent or any Lender may from time to time reasonably
     request.

     6.2 Use of Proceeds. The Borrower will, and will cause each of its
Subsidiaries to, use the proceeds of the Borrowings for the general corporate
purposes of the Borrower, including working capital needs, the repayment of
Indebtedness, financing for property acquisitions of new Projects, construction
of new improvements or expansions of existing improvements on Projects, and to
repay outstanding Borrowings. The Borrower will not, nor will it permit any
Subsidiary to, use any of the proceeds of the Borrowings and Facility Letters of
Credit (i) to purchase or

                                      -74-

<PAGE>

carry any "margin stock" (as defined in Regulation U) if such usage could
constitute a violation of Regulation U by any Lender, (ii) to fund any purchase
of, or offer for, any Capital Stock of any Person, unless such Person has
consented to such offer prior to any public announcements relating thereto, or
(iii) to make any Acquisition other than a Permitted Acquisition.

     6.3 Notice of Default. The Borrower will give, and will cause each of its
Subsidiaries to give, prompt notice in writing to the Administrative Agent and
the Lenders of the occurrence of any Default or Unmatured Default and of any
other development, financial or otherwise, which could reasonably be expected to
have a Material Adverse Effect.

     6.4 Conduct of Business. The Borrower will do, and will cause each of its
Subsidiaries to do, all things necessary to remain duly incorporated or duly
qualified, validly existing and in good standing as a real estate investment
trust, corporation, general partnership, limited partnership, or limited
liability company, as the case may be, in its jurisdiction of
incorporation/formation (except with respect to mergers permitted pursuant to
Section 6.12 and Permitted Acquisitions) and maintain all requisite authority to
conduct its business in each jurisdiction in which its business is conducted and
to carry on and conduct their businesses in substantially the same manner as
they are presently conducted where the failure to do so could reasonably be
expected to have a Material Adverse Effect and, specifically, neither the
Borrower nor its Subsidiaries may undertake any business other than the
acquisition, development, ownership, management, operation and leasing of
retail, office or industrial properties, and ancillary businesses specifically
related to such types of properties.

     6.5 Taxes. The Borrower will pay, and will cause each of its Subsidiaries
to pay, when due all taxes, assessments and governmental charges and levies upon
them of their income, profits or Projects, except those which are being
contested in good faith by appropriate proceedings and with respect to which
adequate reserves have been set aside.

     6.6 Insurance. The Borrower will, and will cause each of its Subsidiaries
to, maintain insurance which is consistent with the representation contained in
Section 5.16 on all their Property and the Borrower will furnish to any Lender
upon reasonable request full information as to the insurance carried.

     6.7 Compliance with Laws. The Borrower will, and will cause each of its
Subsidiaries to, comply with all laws, rules, regulations, orders, writs,
judgments, injunctions, decrees or awards to which they may be subject, the
violation of which could reasonably be expected to have a Material Adverse
Effect.

     6.8 Maintenance of Properties. The Borrower will, and will cause each of
its Subsidiaries to, do all things necessary to maintain, preserve, protect and
keep their respective Projects and Properties, reasonably necessary for the
continuous operation of the Projects, in good repair, working order and
condition, ordinary wear and tear excepted.

     6.9 Inspection. The Borrower will, and will cause each of its Subsidiaries
to, permit the Lenders upon reasonable notice, by their respective
representatives and agents, to inspect any of the Projects, corporate books and
financial records of the Borrower and each of its Subsidiaries, to examine and
make copies of the books of accounts and other financial records of the Borrower
and each of its Subsidiaries, and to discuss the affairs, finances and accounts
of the

                                      -75-

<PAGE>

Borrower and each of its Subsidiaries with officers thereof, and to be advised
as to the same by, their respective officers at such reasonable times and
intervals as the Lenders may designate.

     6.10 Maintenance of Status. The Borrower shall at all times (i) remain a
corporation listed and in good standing on the New York Stock Exchange, and (ii)
maintain its status as a real estate investment trust in compliance with all
applicable provisions of the Code relating to such status.

     6.11 Restricted Payments. Except as otherwise set forth in this Agreement,
the Borrower will not, and will not permit any of its Subsidiaries to, declare
or make, or agree to pay or make, directly or indirectly, any Restricted
Payment, except (a) the Borrower may declare and pay dividends with respect to
its Capital Stock payable solely in additional shares of its common stock, (b)
Subsidiaries may declare and pay dividends ratably with respect to their Capital
Stock, (c) the Borrower may make Restricted Payments pursuant to and in
accordance with stock option plans or other benefit plans for management or
employees of the Borrower and its Subsidiaries, and (d) the Borrower may make
Restricted Payments if there is no then existing Default or Unmatured Default
hereunder (after notice thereof to Borrower) and either (i) Restricted Payments
paid on account of any fiscal quarter, in the aggregate, would not exceed 95% of
Funds From Operations for such fiscal quarter, or (ii) Restricted Payments paid
on account of any fiscal year, in the aggregate, would not exceed 90% of Funds
From Operations for such fiscal year. Notwithstanding the foregoing, the
Borrower shall be permitted at all times to distribute whatever amount of
dividends is necessary to maintain its tax status as a real estate investment
trust.

     6.12 Merger; Sale of Assets. The Borrower will not, nor will it permit any
of its Subsidiaries to, enter into any merger (other than mergers in which such
entity is the survivor and mergers of Subsidiaries (but not the Borrower) as
part of transactions that are Permitted Acquisitions provided that following
such merger the target entity becomes a Wholly-Owned Subsidiary of Borrower),
consolidation, reorganization or liquidation or transfer or otherwise dispose of
all or a Substantial Portion of their Properties, except for (a) such
transactions that occur between Wholly-Owned Subsidiaries or between Borrower
and a Wholly-Owned Subsidiary, (b) mergers solely to change the jurisdiction of
organization of a Subsidiary, and (c) as otherwise approved in advance by the
Required Lenders.

     6.13 Sale and Leaseback. The Borrower will not, nor will it permit any of
its Subsidiaries to, sell or transfer a Substantial Portion of its Property in
order to concurrently or subsequently lease such Property as lessee.

     6.14 Acquisitions and Investments. The Borrower will not, nor will it
permit any Subsidiary to, make or suffer to exist any Investments (including
without limitation, loans and advances to, and other Investments in,
Subsidiaries), or commitments therefor, or become or remain a partner in any
partnership or joint venture, or to make any Acquisition of any Person, except:

          (i) Cash Equivalents;

          (ii) Investments in existing Subsidiaries, Investments in Subsidiaries
     formed for the purpose of developing or acquiring Properties, Investments
     in joint ventures and

                                      -76-

<PAGE>

     partnerships engaged solely in the business of purchasing, developing,
     owning, operating, leasing and managing retail properties and office and
     industrial properties;

          (iii) transactions permitted pursuant to Section 6.12; and

          (iv) Acquisitions of Persons whose primary operations consist of the
     ownership, development, operation and management of retail, office or
     industrial properties;

provided that, after giving effect to such Acquisitions and Investments,
Borrower continues to comply with all its covenants herein. Acquisitions
permitted pursuant to this Section 6.14 shall be deemed to be "Permitted
Acquisitions".

     6.15 Liens. The Borrower will not, nor will it permit any of its
Subsidiaries to, create, incur, or suffer to exist any Lien in, of or on the
Property of the Borrower or any of its Subsidiaries, except:

          (i) Liens for taxes, assessments or governmental charges or levies on
     its Property if the same shall not at the time be delinquent or thereafter
     can be paid without penalty, or are being contested in good faith and by
     appropriate proceedings and for which adequate reserves shall have been set
     aside on its books;

          (ii) Liens imposed by law, such as carriers', warehousemen's and
     mechanics' liens and other similar liens arising in the ordinary course of
     business which secure payment of obligations not more than 60 days past due
     or which are being contested in good faith by appropriate proceedings and
     for which adequate reserves shall have been set aside on its books;

          (iii) Liens arising out of pledges or deposits under workers'
     compensation laws, unemployment insurance, old age pensions, or other
     social security or retirement benefits, or similar legislation;

          (iv) Easements, restrictions and such other encumbrances or charges
     against real property as are of a nature generally existing with respect to
     properties of a similar character and which do not in any material way
     affect the marketability of the same or interfere with the use thereof in
     the business of the Borrower or its Subsidiaries; and

          (v) Liens other than Liens described in subsections (i) through (iv)
     above arising in connection with any Indebtedness permitted hereunder to
     the extent such Liens will not result in a Default in any of Borrower's
     covenants herein.

Liens permitted pursuant to this Section 6.15 shall be deemed to be "Permitted
Liens".

     6.16 Affiliates. The Borrower will not, nor will it permit any of its
Subsidiaries to, enter into any transaction (including, without limitation, the
purchase or sale of any Property or service) with, or make any payment or
transfer to, any Affiliate except in the ordinary course of business and
pursuant to the reasonable requirements of the Borrower's or such Subsidiary's

                                      -77-

<PAGE>

business and upon fair and reasonable terms no less favorable to the Borrower or
such Subsidiary than the Borrower or such Subsidiary would obtain in a
comparable arms-length transaction.

     6.17 Financial Undertakings. The Borrower will not enter into or remain
liable upon, nor will it permit any Subsidiary to enter into or remain liable
upon, any Financial Undertaking, except to the extent required to protect the
Borrower and its Subsidiaries against increases in interest payable by them
under variable interest Indebtedness.

     6.18 Indebtedness and Cash Flow Covenants. The Borrower on a consolidated
basis with its Subsidiaries shall not permit, as of the last day of any fiscal
quarter:

          (i) Consolidated Outstanding Indebtedness to exceed sixty percent
     (60%) of Consolidated Market Value, provided that such percentage may be up
     to sixty-five percent (65%) for up to two quarters during the term of the
     Facility;

          (ii) Consolidated Secured Indebtedness to exceed thirty-five percent
     (35%) of Consolidated Market Value;

          (iii) the Value of Unencumbered Assets to be less than 1.60 times the
     Consolidated Unsecured Indebtedness;

          (iv) Consolidated Cash Flow to be less than 1.5 times Fixed Charges,
     based on the most recent two (2) fiscal quarters;

          (v) Investments in Investment Affiliates (valued on a GAAP basis) to
     exceed thirty percent (30%) of Consolidated Market Value; or

          (vi) the Consolidated Group's aggregate Investment in Developable
     Land, Passive Non-Real Estate Investments, First Mortgage Receivables,
     Assets Under Development, and Properties not located in the United States
     or Puerto Rico to exceed thirty percent (30%) of Consolidated
     Capitalization Value. Developable Land, Passive Non-Real Estate Investments
     and First Mortgage Receivables will be valued at the lower of acquisition
     cost or market value.

     6.19 Environmental Matters. Borrower and its Subsidiaries shall:

               (a) Comply with, and use all reasonable efforts to ensure
          compliance by all tenants and subtenants, if any, with, all applicable
          Environmental Laws and obtain and comply with and maintain, and use
          all reasonable efforts to ensure that all tenants and subtenants
          obtain and comply with and maintain, any and all licenses, approvals,
          notifications, registrations or permits required by applicable
          Environmental Laws, except to the extent that failure to do so could
          not be reasonably expected to have a Material Adverse Effect; provided
          that in no event shall the Borrower or its Subsidiaries be required to
          modify the terms of leases, or renewals thereof, with existing tenants
          (i) at Projects owned by the Borrower or its Subsidiaries as of the
          date hereof, or (ii) at Projects hereafter acquired by the Borrower or
          its Subsidiaries as of the date of such acquisition, to add provisions
          to such effect.

                                      -78-
<PAGE>

               (b) Conduct and complete all investigations, studies, sampling
          and testing, and all remedial, removal and other actions required
          under Environmental Laws and promptly comply in all material respects
          with all lawful orders and directives of all Governmental Authorities
          regarding Environmental Laws, except to the extent that (i) the same
          are being contested in good faith by appropriate proceedings and the
          pendency of such proceedings could not be reasonably expected to have
          a Material Adverse Effect, or (ii) the Borrower has determined in good
          faith that contesting the same is not in the best interests of the
          Borrower and its Subsidiaries and the failure to contest the same
          could not be reasonably expected to have a Material Adverse Effect.

               (c) Defend, indemnify and hold harmless Administrative Agent and
          each Lender, and their respective officers and directors, from and
          against any claims, demands, penalties, fines, liabilities,
          settlements, damages, costs and expenses of whatever kind or nature
          known or unknown, contingent or otherwise, arising out of, or in any
          way relating to the violation of, noncompliance with or liability
          under any Environmental Laws applicable to the operations of the
          Borrower, its Subsidiaries or the Projects, or any orders,
          requirements or demands of Governmental Authorities related thereto,
          including, without limitation, attorney's and consultant's fees,
          investigation and laboratory fees, response costs, court costs and
          litigation expenses, except to the extent that any of the foregoing
          arise out of the gross negligence or willful misconduct of the party
          seeking indemnification therefor. This indemnity shall continue in
          full force and effect regardless of the termination of this Agreement.

               (d) Prior to the acquisition of a new Project after the Agreement
          Execution Date, perform or cause to be performed an environmental
          investigation consistent with standards used by institutional
          purchasers of similar properties. In connection with any such
          investigation, Borrower shall cause to be prepared a report of such
          investigation, to be made available to any Lenders upon reasonable
          request, for informational purposes.

                                   ARTICLE VII

                                    DEFAULTS

     The occurrence of any one or more of the following events shall constitute
a Default:

     7.1 Nonpayment of any principal payment on any Note when due.

     7.2 Nonpayment of interest upon any Note or of any Facility Fee or other
payment Obligations under any of the Loan Documents within five (5) Business
Days after the same becomes due.

     7.3 The breach of any of the terms or provisions of Sections 6.2 through
6.18.

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<PAGE>

     7.4 Any representation or warranty made or deemed made by or on behalf of
the Borrower or any of its Subsidiaries to the Lenders or the Administrative
Agent under or in connection with this Agreement, any Loan, or any material
certificate or information delivered in connection with this Agreement or any
other Loan Document shall be materially false on the date as of which made.

     7.5 The breach by the Borrower (other than a breach which constitutes a
Default under Sections 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions
of this Agreement which is not remedied within fifteen (15) days after written
notice from the Administrative Agent or any Lender.

     7.6 Failure of the Borrower or any of its Subsidiaries to pay when due any
Indebtedness, whether or not Recourse Indebtedness, in excess of $50,000,000 in
the aggregate; or the default by the Borrower or any of its Subsidiaries in the
performance of any term, provision or condition contained in any agreement, or
any other event shall occur or condition exist, which causes or permits
Indebtedness, whether or not Recourse Indebtedness, in excess of $50,000,000 in
the aggregate to be due and payable or required to be prepaid (other than by a
regularly scheduled payment) prior to the stated maturity thereof (provided that
the failure to pay any such Indebtedness shall not constitute a Default so long
as the Borrower or its Subsidiaries is diligently contesting the payment of the
same by appropriate legal proceedings and the Borrower or its Subsidiaries have
set aside, in a manner reasonably satisfactory to Administrative Agent, a
sufficient reserve to repay such Indebtedness plus all accrued interest thereon
calculated at the default rate thereunder and costs of enforcement in the event
of an adverse outcome).

     7.7 The Borrower, or any Subsidiary having more than $20,000,000 of Equity
Value, shall (i) have an order for relief entered with respect to it under the
Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment
for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce
in, the appointment of a receiver, custodian, trustee, examiner, liquidator or
similar official for it or any Substantial Portion of its Property, (iv)
institute any proceeding seeking an order for relief under the Federal
bankruptcy laws as now or hereafter in effect or seeking to adjudicate it as a
bankrupt or insolvent, or seeking dissolution, winding up, liquidation,
reorganization, arrangement, adjustment or composition of it or its debts under
any law relating to bankruptcy, insolvency or reorganization or relief of
debtors or fail to file an answer or other pleading denying the material
allegations of any such proceeding filed against it, (v) take any corporate
action to authorize or effect any of the foregoing actions set forth in this
Section 7.7, (vi) fail to contest in good faith any appointment or proceeding
described in Section 7.8 or (vii) admit in writing its inability to pay its
debts generally as they become due.

     7.8 A receiver, trustee, examiner, liquidator or similar official shall be
appointed for the Borrower or any Subsidiary having more than $20,000,000 of
Equity Value, or for any Substantial Portion of the Property of the Borrower or
such Subsidiary, or a proceeding described in Section 7.7(iv) shall be
instituted against the Borrower or any such Subsidiary and such appointment
continues undischarged or such proceeding continues undismissed or unstayed for
a period of ninety (90) consecutive days.

     7.9 The Borrower or any of its Subsidiaries shall fail within sixty (60)
days to pay, bond or otherwise discharge any judgments or orders for the payment
of money in an amount which, when added to all other judgments or orders
outstanding against Borrower or any

                                      -80-

<PAGE>

Subsidiary would exceed $20,000,000 in the aggregate, which have not been stayed
on appeal or otherwise appropriately contested in good faith.

     7.10 The Borrower or any other member of the Controlled Group shall have
been notified by the sponsor of a Multiemployer Plan that it has incurred
withdrawal liability to such Multiemployer Plan in an amount which, when
aggregated with all other amounts required to be paid to Multiemployer Plans by
the Borrower or any other member of the Controlled Group as withdrawal liability
(determined as of the date of such notification), exceeds $1,000,000 or requires
payments exceeding $500,000 per annum.

     7.11 The Borrower or any other member of the Controlled Group shall have
been notified by the sponsor of a Multiemployer Plan that such Multiemployer
Plan is in reorganization or is being terminated, within the meaning of Title IV
of ERISA, if as a result of such reorganization or termination the aggregate
annual contributions of the Borrower and the other members of the Controlled
Group (taken as a whole) to all Multiemployer Plans which are then in
reorganization or being terminated have been or will be increased over the
amounts contributed to such Multiemployer Plans for the respective plan years of
each such Multiemployer Plan immediately preceding the plan year in which the
reorganization or termination occurs by an amount exceeding $500,000.

     7.12 Failure to remediate within the time period permitted by law or
governmental order, after all administrative hearings and appeals have been
concluded (or within a reasonable time in light of the nature of the problem if
no specific time period is so established), environmental problems at Properties
owned by the Borrower or any of its Subsidiaries or Investment Affiliates if the
estimated costs of remediation at all such Properties in the aggregate exceed
$20,000,000.

     7.13 The occurrence of any "Default" as defined in any Loan Document or the
breach of any of the terms or provisions of any Loan Document, which default or
breach continues beyond any period of grace therein provided.

     7.14 The occurrence of any Material Adverse Effect.

                                  ARTICLE VIII

                 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

     8.1 Acceleration. If any Default described in Section 7.7 or 7.8 occurs
with respect to the Borrower, the obligations of the Lenders to make Loans and
of the Issuing Lender to issue Facility Letters of Credit hereunder shall
automatically terminate and the Obligations shall immediately become due and
payable without any election or action on the part of the Administrative Agent
or any Lender. If any other Default occurs, the Required Lenders, at any time
prior to the date that such Default has been fully cured, may terminate or
suspend the obligations of the Lenders to make Loans hereunder and to issue
Facility Letters of Credit, or declare the Obligations to be due and payable, or
both, whereupon if the Required Lenders elected to accelerate (i) the
Obligations shall become immediately due and payable, without

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<PAGE>

presentment, demand, protest or notice of any kind, all of which the Borrower
hereby expressly waives and (ii) if any automatic or optional acceleration has
occurred, the Administrative Agent, as directed by the Required Lenders (or if
no such direction is given within 30 days after a request for direction, as the
Administrative Agent deems in the best interests of the Lenders, in its sole
discretion), shall use its good faith efforts to collect, including without
limitation, by filing and diligently pursuing judicial action, all amounts owed
by the Borrower under the Loan Documents.

     In addition to the foregoing, following the occurrence of a Default and so
long as any Facility Letter of Credit has not been fully drawn and has not been
cancelled or expired by its terms, upon demand by the Administrative Agent, the
Borrower shall deposit in the Letter of Credit Collateral Account cash in an
amount equal to the LC Exposure as of such date plus any accrued and unpaid
interest thereon provided that (i) the portions of such amount attributable to
undrawn Alternative Currency Letters of Credit or LC Disbursements in an
Alternative Currency that the Borrowers are not late in reimbursing shall be
deposited in the applicable Alternative Currencies in the actual amounts of such
undrawn Letters of Credit and LC Disbursements and (ii) the obligation to
deposit such cash collateral shall become effective immediately, and such
deposit shall become immediately due and payable, without demand or other notice
of any kind, upon the occurrence of any Default with respect to any Borrower
described in Section 7.7 or 7.8. For the purposes of this paragraph, the
Alternative Currency LC Exposure shall be calculated using the Exchange Rates on
the date notice demanding cash collateralization is delivered to a Borrower.
Each Borrower also shall deposit cash collateral pursuant to this paragraph as
and to the extent required by Section 2.8(b). Each such deposit pursuant to this
paragraph or pursuant to Section 2.8(b) shall be held by the Administrative
Agent as collateral for the payment and performance of the obligations of each
Borrower under this Agreement. The Administrative Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such
account. Other than any interest earned on the investment of such deposits,
which investments shall be made at the option and sole discretion of the
Administrative Agent and at the relevant Borrower's risk and expense, such
deposits shall not bear interest. Interest or profits, if any, on such
investments shall accumulate in such account. Moneys in such account shall be
applied by the Administrative Agent to reimburse the applicable Issuing Lender
for LC Disbursements for which it has not been reimbursed and, to the extent not
so applied, shall be held for the satisfaction of the Reimbursement Obligations
of the relevant Borrower for the LC Exposure at such time or, if the maturity of
the Loans has been accelerated (but subject to the consent of Domestic Revolving
Lenders with LC Exposure representing at least 51% of the total LC Exposure), be
applied to satisfy other obligations of such Borrower under this Agreement. If a
Borrower is required to provide an amount of cash collateral hereunder as a
result of the occurrence of a Default, such amount (to the extent not applied as
aforesaid) shall be returned to such Borrower within three Business Days after
all Defaults have been cured or waived. If a Borrower is required to provide an
amount of cash collateral hereunder pursuant to Section 2.8(b), such amount (to
the extent not applied as aforesaid) shall be returned to such Borrower as and
to the extent that, after giving effect to such return, such Borrower would
remain in compliance with Section 2.8(b), and no Default shall have occurred and
be continuing. The Borrower shall have no control over funds in the Letter of
Credit Collateral Account, which funds will be invested by the Administrative
Agent from time to time under the Facility Letters of Credit. Such funds, if
any, remaining in the Letter of Credit Collateral Account following the

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<PAGE>

payment of all Obligations in full shall, unless the Administrative Agent is
otherwise directed by a court of competent jurisdiction, be promptly paid over
to the Borrower.

     If, after acceleration of the maturity of the Obligations or termination of
the obligations of the Lenders to make Loans hereunder or to issue Facility
Letters of Credit as a result of any Default (other than any Default as
described in Section 7.7 or 7.8 with respect to the Borrower) and before any
judgment or decree for the payment of the Obligations due shall have been
obtained or entered, all of the Lenders (in their sole discretion) shall so
direct, the Administrative Agent shall, by notice to the Borrower, rescind and
annul such acceleration and/or termination.

     8.2 Amendments. Subject to the provisions of this Article VIII and the
right of the Borrower, solely with the agreement of the Administrative Agent and
such new banks or existing Lenders as may provide new or increased Commitments,
to increase the Aggregate Commitment as described in Section 2.1 above, the
Required Lenders (or the Administrative Agent with the consent in writing of the
Required Lenders) and the Borrower may enter into agreements supplemental hereto
for the purpose of adding or modifying any provisions to the Loan Documents or
changing in any manner the rights of the Lenders or the Borrower hereunder or
waiving any Default hereunder; provided however, that no such supplemental
agreement or waiver shall, without the consent in writing of all Lenders
affected thereby:

          (i) Extend the Facility Termination Date or forgive all or any portion
     of the principal amount of any Loan or accrued interest thereon or the
     Facility Fee, reduce the Applicable Margins or any accepted Absolute Rate
     (or modify any definition herein which would have the effect of reducing
     the Applicable Margins or any accepted Absolute Rate) or the underlying
     interest rate options or extend the time of payment of any such principal,
     interest or Facility Fees.

          (ii) Subject to releases given in accordance with Section 9.17,
     release DDR from its guarantee of the obligations of Qualified Borrowers or
     release any Subsidiary Guarantor (other than a Subsidiary Guarantor that
     has liquidated all of its assets and applied all of the proceeds of such
     liquidation in accordance with its organizational documents) from the
     Subsidiary Guaranty or any other future guarantor (other than a Subsidiary
     Guarantor that has liquidated all of its assets and applied all of the
     proceeds of such liquidation in accordance with its organizational
     documents) from any liability it may undertake with respect to the
     Obligations.

          (iii) Reduce the percentage specified in the definition of Required
     Lenders.

          (iv) Increase the Aggregate Commitment beyond $1,400,000,000 or
     increase the Commitment of any Lender.

          (v) Permit the Borrower to assign its rights or obligations under this
     Agreement.

          (vi) Amend Sections 2.3, 2.13(ii), 2.24, 8.1, 8.2, 11.1, 11.2 or the
     definition of Required Lenders.

                                      -83-

<PAGE>

No amendment of any provision of this Agreement relating to the Administrative
Agent, the Issuing Lender or the Swingline Lender shall be effective without the
written consent of the Administrative Agent, the Issuing Lender or the Swingline
Lenders as the case may be. No amendment affecting the application of payments
among the Facilities shall be effective without the consent of the Required
Facility Lenders in respect of each of the Facilities adversely affected
thereby. Each Lender which has been designated a Designated Lender may act on
behalf of such Designated Lender with respect to any rights of such Designated
Lender to grant or withhold any consent hereunder to the fullest extent it has
been so delegated to act by such Designated Lender pursuant to its Designation
Agreement.

     8.3 Preservation of Rights. No delay or omission of the Lenders or the
Administrative Agent to exercise any right under the Loan Documents shall impair
such right or be construed to be a waiver of any Default or an acquiescence
therein, and the making of a Loan notwithstanding the existence of a Default or
the inability of the Borrower to satisfy the conditions precedent to such Loan
shall not constitute any waiver or acquiescence. Any single or partial exercise
of any such right shall not preclude other or further exercise thereof or the
exercise of any other right, and no waiver, amendment or other variation of the
terms, conditions or provisions of the Loan Documents whatsoever shall be valid
unless in writing signed by the Lenders required pursuant to Section 8.2, and
then only to the extent in such writing specifically set forth. All remedies
contained in the Loan Documents or by law afforded shall be cumulative and all
shall be available to the Administrative Agent and the Lenders until the
Obligations have been paid in full.

                                   ARTICLE IX

                               GENERAL PROVISIONS

     9.1 Survival of Representations. All representations and warranties of the
Borrower contained in this Agreement shall survive delivery of the Notes and the
making of the Loans herein contemplated.

     9.2 Governmental Regulation. Anything contained in this Agreement to the
contrary notwithstanding, no Lender shall be obligated to extend credit to the
Borrower in violation of any limitation or prohibition provided by any
applicable statute or regulation.

     9.3 Taxes. Any taxes (excluding taxes on the overall net income of any
Lender) or other similar assessments or charges made by any governmental or
revenue authority in respect of the Loan Documents shall be paid by the
Borrower, together with interest and penalties, if any.

     9.4 Headings. Section headings in the Loan Documents are for convenience of
reference only, and shall not govern the interpretation of any of the provisions
of the Loan Documents.

     9.5 Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent and the Lenders and
supersede all

                                      -84-

<PAGE>

prior commitments, agreements and understandings among the Borrower, the
Administrative Agent and the Lenders relating to the subject matter thereof.

     9.6 Several Obligations; Benefits of this Agreement. The respective
obligations of the Lenders hereunder are several and not joint and no Lender
shall be the partner or agent of any other (except to the extent to which the
Administrative Agent is authorized to act as such). The failure of any Lender to
perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. This Agreement shall not be construed so as to
confer any right or benefit upon any Person other than the parties to this
Agreement and their respective successors and assigns.

     9.7 Expenses; Indemnification. The Borrower shall reimburse the
Administrative Agent for any costs, internal charges and out-of-pocket expenses
(including, without limitation, all reasonable fees for consultants and fees and
reasonable expenses for attorneys for the Administrative Agent, which attorneys
may be employees of the Administrative Agent) paid or incurred by the
Administrative Agent in connection with the amendment, modification, and
enforcement of the Loan Documents. The Borrower also agrees to reimburse the
Administrative Agent and the Lenders for any reasonable costs, internal charges
and out-of-pocket expenses (including, without limitation, all fees and
reasonable expenses for attorneys for the Administrative Agent and the Lenders,
which attorneys may be employees of the Administrative Agent or the Lenders)
paid or incurred by the Administrative Agent or any Lender in connection with
the collection and enforcement of the Loan Documents (including, without
limitation, any workout). The Borrower further agrees to indemnify the
Administrative Agent, the Syndication Agent, the Documentation Agent, each
Lender and their Affiliates, and their directors, officers, and employees
against all losses, claims, damages, penalties, judgments, liabilities and
expenses (including, without limitation, all fees and reasonable expenses for
attorneys of the indemnified parties, all expenses of litigation or preparation
therefor whether or not the Administrative Agent, the Syndication Agent, the
Documentation Agent or any Lender is a party thereto) which any of them may pay
or incur arising out of or relating to this Agreement, the other Loan Documents,
the Projects, the transactions contemplated hereby or the direct or indirect
application or proposed application of the proceeds of any Loan hereunder,
except to the extent that any of the foregoing arise out of the gross negligence
or willful misconduct of the party seeking indemnification therefor. The
obligations of the Borrower under this Section shall survive the termination of
this Agreement.

     9.8 Numbers of Documents. All statements, notices, closing documents, and
requests hereunder shall be furnished to the Administrative Agent with
sufficient counterparts so that the Administrative Agent may furnish one to each
of the Lenders.

     9.9 Accounting. Except as provided to the contrary herein, all accounting
terms used herein shall be interpreted and all accounting determinations
hereunder shall be made in accordance with GAAP.

     9.10 Severability of Provisions. Any provision in any Loan Document that is
held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as
to that jurisdiction, be inoperative, unenforceable, or invalid without
affecting the remaining provisions in that jurisdiction or the operation,
enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of all Loan Documents are declared to be severable.

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     9.11 Nonliability of Lenders. The relationship between the Borrower, on the
one hand, and the Lenders and the Administrative Agent, on the other, shall be
solely that of borrower and lender. Neither the Administrative Agent nor any
Lender shall have any fiduciary responsibilities to the Borrower. Neither the
Administrative Agent nor any Lender undertakes any responsibility to the
Borrower to review or inform the Borrower of any matter in connection with any
phase of the Borrower's business or operations.

     9.12 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A
CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

     9.13 CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO
THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE
COURT SITTING IN NEW YORK COUNTY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT
ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER
HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A
COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT
THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST
THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY
THE BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF
THE ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN
DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

     9.14 WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH
LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN
ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE
RELATIONSHIP ESTABLISHED THEREUNDER.

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

     9.16 Judgment Currency. (a) The Borrowers' obligations hereunder and under
the other Loan Documents to make payments in a specified currency (the
"Obligation Currency") shall not be discharged or satisfied by any tender or
recovery pursuant to any judgment

                                      -86-

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expressed in or converted into any currency other than the Obligation Currency,
except to the extent that such tender or recovery results in the effective
receipt by the Administrative Agent or a Lender of the full amount of the
Obligation Currency expressed to be payable to the Administrative Agent or such
Lender under this Agreement or the other Loan Documents. If, for the purpose of
obtaining or enforcing judgment against any Loan Party in any court or in any
jurisdiction, it becomes necessary to convert into or from any currency other
than the Obligation Currency (such other currency being hereinafter referred to
as the "Judgment Currency") an amount due in the Obligation Currency, the
conversion shall be made, at the rate of exchange (as quoted by the
Administrative Agent or if the Administrative Agent does not quote a rate of
exchange on such currency, by a known dealer in such currency designated by the
Administrative Agent) determined, in each case, as of the Business Day
immediately preceding the date on which the judgment is given (such Business Day
being hereinafter referred to as the "Judgment Currency Conversion Date").

     (b) If there is a change in the rate of exchange prevailing between the
Judgment Currency Conversion Date and the date of actual payment of the amount
due, the Borrowers covenant and agree to pay, or cause to be paid, such
additional amounts, if any (but in any event not a lesser amount), as may be
necessary to ensure that the amount paid in the Judgment Currency, when
converted at the rate of exchange prevailing on the date of payment, will
produce the amount of the Obligation Currency which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial
award at the rate of exchange prevailing on the Judgment Currency Conversion
Date.

     (c) For purposes of determining any rate of exchange or currency equivalent
for this Section, such amounts shall include any premium and costs payable in
connection with the purchase of the Obligation Currency.

     9.17 Release of Subsidiary Guaranties. If a Subsidiary has delivered a
Subsidiary Guaranty, Borrower may at any time request a release of such
Subsidiary Guaranty. If there is no Default or Unmatured Default, and Borrower
would still be in compliance with all covenants if such Subsidiary were not a
Subsidiary Guarantor, then Administrative Agent shall deliver within ten (10)
Business Days a release of such Subsidiary Guarantor without the consent of any
Lender.

                                    ARTICLE X

                            THE ADMINISTRATIVE AGENT

     10.1 Appointment. JPMorgan Chase Bank, N.A. is hereby appointed
Administrative Agent hereunder and under each other Loan Document, and each of
the Lenders irrevocably authorizes the Administrative Agent to act as the agent
of such Lender. The Administrative Agent agrees to act as such upon the express
conditions contained in this Article X. The Administrative Agent shall not have
a fiduciary relationship in respect of the Borrower or any Lender by reason of
this Agreement and except as expressly set forth herein for information provided
to Administrative Agent in accordance with the requirements of this Agreement,
the Administrative Agent shall not have any duty to disclose, and shall not be
liable for the failure to

                                      -87-

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disclose, any information relating to the Borrower or any of its Subsidiaries
that is communicated to or obtained by the bank serving as Administrative Agent
or any of its Affiliates in any capacity.

     10.2 Powers. The Administrative Agent shall have and may exercise such
powers under the Loan Documents as are specifically delegated to the
Administrative Agent by the terms of each thereof, together with such powers as
are reasonably incidental thereto. The Administrative Agent shall have no
implied duties to the Lenders, or any obligation to the Lenders to take any
action thereunder except any action specifically provided by the Loan Documents
to be taken by the Administrative Agent. The Administrative Agent shall
administer this Agreement in the same manner and with the same standard of care
as it administers similar agreements for its own account.

     10.3 General Immunity. Neither the Administrative Agent nor any of its
directors, officers, agents or employees shall be liable to the Borrower, the
Lenders or any Lender for (i) any action taken or omitted to be taken by it or
them hereunder or under any other Loan Document or in connection herewith or
therewith except for its or their own gross negligence or willful misconduct; or
(ii) any determination by the Administrative Agent that compliance with any law
or any governmental or quasi-governmental rule, regulation, order, policy,
guideline or directive (whether or not having the force of law) requires the
Borrowings and Commitments hereunder to be classified as being part of a "highly
leveraged transaction". The foregoing shall not limit the liability of the
Administrative Agent for a breach of its express obligations and undertakings to
the Lenders hereunder which continues after written notice to the Administrative
Agent of such breach and its failure to cure such breach within a reasonable
time after such notice.

     10.4 No Responsibility for Loans, Recitals, etc. Neither the Administrative
Agent nor any of its directors, officers, agents or employees shall be
responsible for or have any duty to ascertain, inquire into, or verify (i) any
statement, warranty or representation made in connection with any Loan Document
or any borrowing hereunder; (ii) the performance or observance of any of the
covenants or agreements of any obligor under any Loan Document, including,
without limitation, any agreement by an obligor to furnish information directly
to each Lender; (iii) the satisfaction of any condition specified in Article IV,
except receipt of items required to be delivered to the Administrative Agent; or
(iv) the validity, effectiveness or genuineness of any Loan Document or any
other instrument or writing furnished in connection therewith. Except as
otherwise specifically provided herein, the Administrative Agent shall have no
duty to disclose to the Lenders information that is not required to be furnished
by the Borrower to the Administrative Agent at such time, but is voluntarily
furnished by the Borrower to the Administrative Agent (either in its capacity as
Administrative Agent or in its individual capacity). Notwithstanding anything to
the contrary herein, Administrative Agent shall make available promptly after
the Agreement Execution Date to any Lender copies of all Loan Documents in its
possession which are requested by any such Lender. Administrative Agent shall
also furnish to all Lenders promptly after such items are available in final
form copies of Default notices issued to the Borrower, amendments to any Loan
Documents being proposed by the Administrative Agent or the Borrower, financial
statements of the Borrower required hereunder, compliance certificates from the
Borrower required by this Agreement or any other notice or communication from
the Borrower specifically relating to this Agreement which is

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actually received by the Administrative Agent. Promptly after the Administrative
Agent has actual knowledge of the occurrence of a Default hereunder, the
Administrative Agent shall so notify the Lenders.

     10.5 Action on Instructions of Lenders. Notwithstanding anything herein to
the contrary, the Administrative Agent shall in all cases be fully protected in
so acting, or refraining from acting, hereunder and under any other Loan
Document in accordance with written instructions signed by the Required Lenders
or all of the Lenders, as the case may be, and such instructions and any action
taken or failure to act pursuant to such written instructions shall be binding
on all of the Lenders and on all holders of Notes and on the Administrative
Agent.

     10.6 Employment of Agents and Counsel. The Administrative Agent may execute
any of its duties as Administrative Agent hereunder and under any other Loan
Document by or through employees, agents, and attorneys-in-fact and shall not be
answerable to the Lenders, except as to money or securities received by it or
its authorized agents, for the default or misconduct of any such agents or
attorneys-in-fact selected by it with reasonable care. The Administrative Agent
shall be entitled to advice of counsel concerning all matters pertaining to the
agency hereby created and its duties hereunder and under any other Loan
Document.

     10.7 Reliance on Documents; Counsel. The Administrative Agent shall be
entitled to rely upon any Note, notice, consent, certificate, affidavit, letter,
telegram, statement, paper or document believed by it to be genuine and correct
and to have been signed or sent by the proper person or persons, and, in respect
to legal matters, upon the opinion of counsel selected by the Administrative
Agent, which counsel may be employees of the Administrative Agent.

     10.8 Administrative Agent's Reimbursement and Indemnification. The Lenders
agree to reimburse and indemnify the Administrative Agent ratably in proportion
to their respective Commitments (i) for any amounts not reimbursed by the
Borrower for which the Administrative Agent is entitled to reimbursement by the
Borrower under the Loan Documents (and without limiting the obligation of the
Borrower to so reimburse), (ii) for any other expenses incurred by the
Administrative Agent on behalf of the Lenders, in connection with the
preparation, execution, delivery, administration and enforcement of the Loan
Documents, if not paid by Borrower and (iii) for any liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind and nature whatsoever which may be imposed on,
incurred by or asserted against the Administrative Agent in any way relating to
or arising out of the Loan Documents or any other document delivered in
connection therewith or the transactions contemplated thereby, or the
enforcement of any of the terms thereof or of any such other documents, provided
that no Lender shall be liable for any of the foregoing to the extent they arise
from the gross negligence or willful misconduct or a breach of the
Administrative Agent's express obligations and undertakings to the Lenders which
is not cured after written notice and within the period described in Section
10.3, and provided further that no Designated Lender shall be liable for any
payment under this Section 10.8 so long as, and to the extent that, the Lender
designating such Designated Lender makes such payment. To the extent any amounts
so paid by Lenders are thereafter recovered by the Administrative Agent from the
Borrower or otherwise, such recovered amount shall be remitted to the Lenders
making such payment on a pro rata basis in accordance with their respective
portions of such payment. The

                                      -89-

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obligations of the Lenders and the Administrative Agent under this Section 10.8
shall survive payment of the Obligations and termination of this Agreement.

     10.9 Rights as a Lender. In the event the Administrative Agent is a Lender,
the Administrative Agent shall have the same rights and powers hereunder and
under any other Loan Document as any Lender and may exercise the same as though
it were not the Administrative Agent, and the term "Lender" or "Lenders" shall,
at any time when the Administrative Agent is a Lender, unless the context
otherwise indicates, include the Administrative Agent in its individual
capacity. The Administrative Agent may accept deposits from, lend money to, and
generally engage in any kind of trust, debt, equity or other transaction, in
addition to those contemplated by this Agreement or any other Loan Document,
with the Borrower or any of its Subsidiaries in which the Borrower or such
Subsidiary is not restricted hereby from engaging with any other Person. The
Administrative Agent, in its individual capacity, is not obligated to remain a
Lender but if the Administrative Agent is no longer a Lender, the Administrative
Agent shall resign and a successor shall be appointed as described in Section
10.11. The rights and duties of the Administrative Agent are separate from its
rights and duties as a Lender and no transfer of all or any part of the
Administrative Agent's Commitment or its interest as a Lender in the Loans
hereunder shall be deemed to transfer any of its rights and duties as
Administrative Agent to its successor or successors as a Lender.

     10.10 Lender Credit Decision. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other
Lender and based on the financial statements prepared by the Borrower and such
other documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement and the other Loan
Documents. Each Lender also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under this
Agreement and the other Loan Documents.

     10.11 Successor Administrative Agent. Except as otherwise provided below,
JPMorgan Chase Bank shall serve as Administrative Agent at all times during the
term of this Facility. JPMorgan Chase Bank may resign as Administrative Agent in
the event (x) JPMorgan Chase Bank and Borrower shall mutually agree in writing
or (y) a Default shall occur and be continuing under the Loan Documents, or (z)
JPMorgan Chase Bank shall determine, in its sole reasonable discretion, that
because of its other banking relationships with Borrower and/or Borrower's
Affiliates at the time of such decision JPMorgan Chase Bank's resignation as
Administrative Agent would be necessary in order to avoid creating an appearance
of impropriety on the part of JPMorgan Chase Bank. JPMorgan Chase Bank (or any
successor Administrative Agent) may be removed as Administrative Agent by
written notice received by Administrative Agent from the Required Lenders at any
time with cause (i.e., a breach by JPMorgan Chase Bank (or any successor
Administrative Agent) of its duties as Administrative Agent hereunder) or for
gross negligence or willful misconduct. Upon any such resignation or removal,
the Required Lenders shall have the right to appoint, on behalf of the Borrower
and the Lenders, a successor Administrative Agent. If no successor
Administrative Agent shall have been so appointed by the Required Lenders within
thirty days after the resigning or removed Administrative Agent's giving notice
of its intention to resign or its receipt of notice of removal, then the
resigning or

                                      -90-

<PAGE>

removed Administrative Agent shall, prior to the effective date of its
resignation, appoint, on behalf of the Borrower and the Lenders, a successor
Administrative Agent. No successor Administrative Agent shall be deemed to be
appointed hereunder until such successor Administrative Agent has accepted the
appointment. Any such successor Administrative Agent shall be a commercial bank
having capital and retained earnings of at least $500,000,000. Upon the
acceptance of any appointment as Administrative Agent hereunder by a successor
Administrative Agent, such successor Administrative Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties
of the resigning Administrative Agent. Upon the effectiveness of the resignation
or removal of the Administrative Agent, the resigning or removed Administrative
Agent shall be discharged from its duties and obligations hereunder and under
the Loan Documents. After the effectiveness of the resignation or removal of an
Administrative Agent, the provisions of this Article XI shall continue in effect
for the benefit of such Administrative Agent in respect of any actions taken or
omitted to be taken by it while it was acting as the Administrative Agent
hereunder and under the other Loan Documents, subject to the limitations
contained in such Article XI.

                                   ARTICLE XI

                            SETOFF; RATABLE PAYMENTS

     11.1 Setoff. In addition to, and without limitation of, any rights of the
Lenders under applicable law, if the Borrower becomes insolvent, however
evidenced, or any Default occurs, any and all deposits (including all account
balances, whether provisional or final and whether or not collected or
available) and any other Indebtedness at any time held or owing by any Lender or
any of its Affiliates to or for the credit or account of the Borrower may be
offset and applied toward the payment of the Obligations owing to such Lender at
any time prior to the date that such Default has been fully cured, whether or
not the Obligations, or any part hereof, shall then be due.

     11.2 Ratable Payments. If any Lender, whether by setoff or otherwise, has
payment made to it upon its Loans (other than payments received pursuant to
Sections 3.1, 3.2 or 3.4) in a greater proportion than that received by any
other Lender, such Lender agrees, promptly upon demand, to purchase a portion of
the Loans held by the other Lenders so that after such purchase each Lender will
hold its ratable proportion of Loans. If any Lender, whether in connection with
setoff or amounts which might be subject to setoff or otherwise, receives
collateral or other protection for its Obligations or such amounts which may be
subject to setoff, such Lender agrees, promptly upon demand, to take such action
necessary such that all Lenders share in the benefits of such collateral ratably
in proportion to their Loans. In case any such payment is disturbed by legal
process, or otherwise, appropriate further adjustments shall be made.

                                      -91-
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                                   ARTICLE XII

                BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     12.1 Successors and Assigns. The terms and provisions of the Loan Documents
shall be binding upon and inure to the benefit of the Borrower and the Lenders
and their respective successors and assigns, except that (i) the Borrower shall
not have the right to assign its rights or obligations under the Loan Documents
and (ii) any assignment by any Lender must be made in compliance with Section
12.3. Notwithstanding clause (ii) of this Section, any Lender may at any time,
without the consent of the Borrower or the Administrative Agent, assign all or
any portion of its rights under this Agreement and its Notes to a Federal
Reserve Bank; provided, however, that no such assignment shall release the
transferor Lender from its obligations hereunder. The Administrative Agent may
treat the payee of any Note as the owner thereof for all purposes hereof unless
and until such payee complies with Section 12.3 in the case of an assignment
thereof or, in the case of any other transfer, a written notice of the transfer
is filed with the Administrative Agent. Any assignee or transferee of a Note
agrees by acceptance thereof to be bound by all the terms and provisions of the
Loan Documents. Any request, authority or consent of any Person, who at the time
of making such request or giving such authority or consent is the holder of any
Note, shall be conclusive and binding on any subsequent holder, transferee or
assignee of such Note or of any Note or Notes issued in exchange therefor.

     12.2 Participations.

          12.2.1 Permitted Participants; Effect. Any Lender may, in the ordinary
     course of its business and in accordance with applicable law, at any time
     sell to one or more banks, financial institutions, pension funds, or any
     other funds or entities ("Participants") participating interests in any
     Loan owing to such Lender, any Note held by such Lender, any Commitment of
     such Lender or any other interest of such Lender under the Loan Documents.
     In the event of any such sale by a Lender of participating interests to a
     Participant, such Lender's obligations under the Loan Documents shall
     remain unchanged, such Lender shall remain solely responsible to the other
     parties hereto for the performance of such obligations, such Lender shall
     remain the holder of any such Note for all purposes under the Loan
     Documents, all amounts payable by the Borrower under this Agreement shall
     be determined as if such Lender had not sold such participating interests,
     and the Borrower and the Administrative Agent shall continue to deal solely
     and directly with such Lender in connection with such Lender's rights and
     obligations under the Loan Documents.

          12.2.2 Voting Rights. Each Lender shall retain the sole right to
     approve, without the consent of any Participant, any amendment,
     modification or waiver of any provision of the Loan Documents other than
     any amendment, modification or waiver with respect to any Loan or
     Commitment in which such Participant has an interest which forgives
     principal, interest or fees or reduces the interest rate or fees payable
     with respect to any such Loan or Commitment or postpones any date fixed for
     any regularly-scheduled payment of principal of, or interest or fees on,
     any such Loan or Commitment or releases any Subsidiary from the Subsidiary
     Guaranty.

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          12.2.3 Benefit of Setoff. The Borrower agrees that each Participant
     which has previously advised the Borrower in writing of its purchase of a
     participation in a Lender's interest in its Loans shall be deemed to have
     the right of setoff provided in Section 11.1 in respect of its
     participating interest in amounts owing under the Loan Documents to the
     same extent as if the amount of its participating interest were owing
     directly to it as a Lender under the Loan Documents. Each Lender shall
     retain the right of setoff provided in Section 11.1 with respect to the
     amount of participating interests sold to each Participant, provided that
     such Lender and Participant may not each setoff amounts against the same
     portion of the Obligations, so as to collect the same amount from the
     Borrower twice. The Lenders agree to share with each Participant, and each
     Participant, by exercising the right of setoff provided in Section 11.1,
     agrees to share with each Lender, any amount received pursuant to the
     exercise of its right of setoff, such amounts to be shared in accordance
     with Section 11.2 as if each Participant were a Lender.

     12.3 Assignments.

          12.3.1 Permitted Assignments. Any Lender may, in the ordinary course
     of its business and in accordance with applicable law, at any time assign
     to any of such Lender's affiliates or to one or more banks, financial
     institutions or pension funds, or with the prior approval of the Borrower,
     which shall not be unreasonably withheld or delayed, any other entity
     ("Purchasers") all or any portion of its rights and obligations under the
     Loan Documents provided that no assignee shall be entitled to receive any
     greater amount pursuant to Section 3.5 arising from events prior to the
     date of the assignment than the amount to which such assignor would have
     been entitled to receive had no assignment occurred, and such assignee is
     able to deliver the Form W-8BEN or W-8ECI referenced in Section 3.5(iv)
     hereof. Notwithstanding the foregoing, no approval of the Borrower shall be
     required for any such assignment if a Default has occurred and is then
     continuing. Such assignment shall be substantially in the form of Exhibit D
     hereto or in such other form as may be agreed to by the parties thereto.
     The consent of the Administrative Agent shall be required prior to an
     assignment becoming effective except in the case of an assignment to an
     Affiliated Qualified Institution. Such consent shall not be unreasonably
     withheld. Any Lender may at any time pledge or assign a security interest
     in all or any portion of its rights under this Agreement to secure
     obligations of such Lender, including without limitation any pledge or
     assignment to secure obligations to a Federal Reserve Bank, and this
     Section shall not apply to any such pledge or assignment of a security
     interest; provided that any foreclosure or similar action by such pledgee
     or assignee shall be subject to the provisions of this Section 12.3.1
     concerning assignments; and provided, further that no such pledge or
     assignment of a security interest shall release a Lender from any of its
     obligations hereunder or substitute any such pledgee or assignee for such
     Lender as a party hereto.

          12.3.2 Effect; Effective Date. Upon (i) delivery to the Administrative
     Agent of a notice of assignment, substantially in the form attached as
     Exhibit "I" to Exhibit D hereto (a "Notice of Assignment"), together with
     any consents required by Section 12.3.1, and (ii) payment of a $3,500 fee
     by the assignor or assignee to the Administrative Agent for processing such
     assignment, such assignment shall become effective on the effective date
     specified in such Notice of Assignment. The Notice of Assignment shall
     contain a

                                      -93-

<PAGE>

     representation by the Purchaser to the effect that none of the
     consideration used to make the purchase of the Commitment and Loans under
     the applicable assignment agreement are "plan assets" as defined under
     ERISA and that the rights and interests of the Purchaser in and under the
     Loan Documents will not be "plan assets" under ERISA. On and after the
     effective date of such assignment, such Purchaser shall for all purposes be
     a Lender party to this Agreement and any other Loan Document executed by
     the Lenders and shall have all the rights and obligations of a Lender under
     the Loan Documents, to the same extent as if it were an original party
     hereto, and no further consent or action by the Borrower, the Lenders or
     the Administrative Agent shall be required to release the transferor
     Lender, and the transferor Lender shall automatically be released on the
     effective date of such assignment, with respect to the percentage of the
     Aggregate Commitment and Loans assigned to such Purchaser. Upon the
     consummation of any assignment to a Purchaser pursuant to this Section
     12.3.2, the transferor Lender, the Administrative Agent and the Borrower
     shall make appropriate arrangements so that replacement Notes are issued to
     such transferor Lender and new Notes or, as appropriate, replacement Notes,
     are issued to such Purchaser, in each case in principal amounts reflecting
     their Commitment, as adjusted pursuant to such assignment.

     12.4 Dissemination of Information. The Borrower authorizes each Lender to
disclose to any Participant or Purchaser or any other Person acquiring an
interest in the Loan Documents by operation of law (each a "Transferee") and any
prospective Transferee any and all information in such Lender's possession
concerning the creditworthiness of the Borrower and its Subsidiaries, subject to
Section 12.6.

     12.5 Tax Treatment. If any interest in any Loan Document is transferred to
any Transferee which is organized under the laws of any jurisdiction other than
the United States or any State thereof, the transferor Lender shall cause such
Transferee, concurrently with the effectiveness of such transfer, to comply with
the provisions of Section 3.5.

     12.6 Confidentiality. The Administrative Agent and Lenders agree to take
normal and reasonable precautions and exercise due care to maintain the
confidentiality of all non-public information provided to them by the Borrower
or by any other Person on the Borrower's behalf in connection with the Loan
Documents and agree and undertake that neither they nor any of their Affiliates
shall disclose any such information for any purpose or in any manner other than
pursuant to the terms contemplated by the Loan Documents. The Administrative
Agent and each Lender may disclose such information (1) at the request of (A)
any regulatory authority with jurisdiction over the Administrative Agent and/or
the Lenders or in connection with an examination of such Person by any such
authority, or (B) any self-regulated body (2) pursuant to subpoena or other
process of a court having jurisdiction over the Administrative Agent and/or the
Lenders, (3) when required to do so in accordance with the provisions of any
applicable law, (4) at the express direction of any other governmental
authority, with jurisdiction over the Administrative Agent and/or the Lenders,
of any State of the United States of America or of any other jurisdiction in
which such Person conducts its business, (5) to such Person's independent
auditors, attorneys and other professional advisors, (6) if such information has
become public other than through disclosure by such Person or any Lender, (7) in
connection with any litigation involving such Person, and (8) to any Affiliate
of such Person which agrees to be bound by this Section 12.6. Notwithstanding
the foregoing, the Borrower authorizes each of the

                                      -94-

<PAGE>

Administrative Agent and each Lender to disclose to any prospective or actual
Transferee such financial and other information in its possession (i) which has
been delivered to such Person pursuant to the Loan Documents or which has been
delivered to such Person by the Borrower prior to entering into the Loan
Documents, or (ii) which is reasonably necessary to effectuate the purposes of
this Agreement and the Loan Documents; provided that, unless otherwise agreed by
the Borrower, such Transferee shall agree to keep such information confidential
to the same extent required to the Administrative Agent or any Lender, as
applicable, hereunder. The Borrower hereby consents to the disclosure of any
non-public information with respect to it which is related to this transaction
by any Designated Lender to any rating agency, commercial paper dealer, or
provider of a surety, guaranty or credit or liquidity enhancement to such
Designated Lender.

     12.7 USA Patriot Act. Each Lender hereby notifies the Borrower that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L 107-56
(signed into law October 26, 2001)) (the "Act"), it is required to obtain,
verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will
allow such Lender to identify the Borrower in accordance with the Act. Any
Lender may request additional information with respect to any Qualified Borrower
in connection with such Lender's "Know your customer" procedures.

     12.8 Co-Agents: Lead Managers; No Fiduciary Relationship. None of the
Lenders identified on the facing page or signature pages of this Agreement as a
"documentation agent," "syndication agent," "managing agent", "co-agent" or
"joint arranger/joint book manager" shall have the right, power, obligation,
liability, responsibility or duty under this Agreement other than those
applicable to all Lenders as such. Without limiting the foregoing, none of the
Lenders so identified as a "documentation agent," "syndication agent," "managing
agent," "co-agent' or "joint arranger/joint book manager" shall have or be
deemed to have any fiduciary relationship with any Lenders. Each Lender
acknowledges that it has not relied, and will not rely, on any of Lenders so
identified in deciding to enter into this Agreement or in taking or not taking
action hereunder. In addition to the foregoing, the Borrower agrees that in
connection with all aspects of the transactions contemplated hereby and any
communications in connection therewith, the Borrower and its Affiliates, on the
one hand, and the Administrative Agent, the Lenders, and each of the Lenders
identified on the facing page or the signature page hereof as a "documentation
agent," "syndication agent," "managing agent, "co-agent" or "joint
arranger/joint book manager" and their Affiliates, on the other hand, will have
a business relationship that does not create, by implication or otherwise, any
fiduciary duty on the part of the Administrative Agent, the Lenders, or any
Lenders so identified as a "documentation agent," "syndication agent," "managing
agent," "co-agent" or "joint arranger/joint book manager" or their Affiliates,
and no such duty will be deemed to have arisen in connection with any such
transactions or communications.

                                      -95-

<PAGE>

                                  ARTICLE XIII

                                     NOTICES

     13.1 Giving Notice. Except as otherwise permitted by Section 2.14 with
respect to Borrowing Requests, all notices and other communications provided to
any party hereto under this Agreement or any other Loan Document shall be in
writing or by telex or by facsimile and addressed or delivered to such party at
its address set forth below its signature hereto or at such other address (or to
counsel for such party) as may be designated by such party in a notice to the
other parties (or in the case of Administrative Agent, all notices concerning
Loans in currencies other than Dollars shall be sent to the London
Administrative Office, with a copy to the New York Administrative Office). For
purposes of any notices required to be given to Borrower, such notices may be
given only to DDR. Any notice, if mailed and properly addressed with postage
prepaid, shall be deemed given when received; any notice, if transmitted by
telex or facsimile, shall be deemed given when transmitted (answerback confirmed
in the case of telexes).

     13.2 Change of Address. The Borrower, the Administrative Agent and any
Lender may each change the address for service of notice upon it by a notice in
writing to the other parties hereto.

                                   ARTICLE XIV

                                  COUNTERPARTS

     This Agreement may be executed in any number of counterparts, all of which
taken together shall constitute one agreement, and any of the parties hereto may
execute this Agreement by signing any such counterpart. This Agreement shall be
effective when it has been executed by the Borrower, the Administrative Agent
and the Lenders and each party has notified the Administrative Agent by telex or
telephone, that it has taken such action.

                  (Remainder of page intentionally left blank.)

                                      -96-

<PAGE>

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent
have executed this Agreement as of the date first above written.

                                        DEVELOPERS DIVERSIFIED REALTY
                                        CORPORATION

                                        By: /s/ William H. Schafer
                                            ------------------------------------
                                        Print Name: William H. Schafer
                                                    ----------------------------
                                        Title: Executive Vice President & CFO
                                               ---------------------------------

                                        DDR PR VENTURES LLC, S.E.

                                        By: /s/ William H. Schafer
                                            ------------------------------------
                                        Print Name: William H. Schafer
                                                    ----------------------------
                                        Title: Executive Vice President & CFO
                                               ---------------------------------

                                        3300 Enterprise Parkway
                                        Beachwood, Ohio 44122
                                        Phone: 216/755-5775
                                        Facsimile: 216/755-1775
                                        Attention: Chief Financial Officer

                                        with a copy to:
                                        3300 Enterprise Parkway
                                        Beachwood, Ohio 44122
                                        Phone: 216/755-5650
                                        Facsimile: 216/755-1560
                                        Attention: General Counsel

                                       S-1

<PAGE>

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

                                        By: /s/ Kimberly L. Turner
                                            ------------------------------------
                                        Print Name: Kimberly L. Turner
                                                    ----------------------------
                                        Title: Vice President
                                               ---------------------------------

                                        New York Administrative Office:

                                        277 Park Avenue
                                        Third Floor
                                        New York, New York 10172
                                        Phone: 212/622-8177
                                        Facsimile: 646/534-0574
                                        Attention: Kimberly Turner,
                                                   Vice President

                                        London Administrative Office:

                                        125 London Wall
                                        London EC2Y 5AJ
                                        Attention of Agency Department

                                       S-2

<PAGE>

                                        BANK OF AMERICA, N.A.,
                                        Individually and as Syndication Agent

                                        By: /s/ Michael W. Edwards
                                            ------------------------------------
                                        Print Name: Michael W. Edwards
                                                    ----------------------------
                                        Title: Senior Vice President
                                               ---------------------------------

                                        231 South LaSalle Street
                                        Chicago, IL 60604
                                        Phone: 312/828-5215
                                        Facsimile: 312/974-4970
                                        Attention: Ms. Cheryl Sneor

                                      S-3

<PAGE>

                                        EUROHYPO AG, NEW YORK BRANCH
                                        Individually and as Documentation Agent

                                        By: /s/ David Sarner
                                            ------------------------------------
                                        Print Name: David Sarner
                                                    ----------------------------
                                        Title: Director
                                               ---------------------------------

                                        and by:

                                        By: /s/ Stephen Cox
                                            ------------------------------------
                                        Print Name: Stephen Cox
                                                    ----------------------------
                                        Title: Director
                                               ---------------------------------

                                        Head of Portfolio Operations
                                        Eurohypo AG, New York Branch
                                        1114 Avenue of the Americas
                                        29th Floor
                                        New York, NY 10021
                                        Phone:(212) 479-5700
                                        Fax: (866) 267-7680

                                        With a copy to:

                                        Head of Legal Department
                                        Eurohypo AG, New York Branch
                                        1114 Avenue of the Americas
                                        29th Floor
                                        New York, NY 10021
                                        Phone: (212) 479-5700
                                        Fax: (866) 267-7680

                                       S-4
<PAGE>

                                        WACHOVIA BANK, National Association,
                                        Individually and as Documentation Agent

                                        By: /s/ Cathy A. Casey
                                            ------------------------------------
                                        Print Name: Cathy A. Casey
                                        Title: Managing Director

                                        Mail Code NC-0172, 16th Floor
                                        301 S. College Street
                                        Charlotte, NC 28288
                                        Phone: 704/383-6506
                                        Facsimile: 704/383-6205
                                        Attention: Mr. Rex E. Rudy

                                      S-5

<PAGE>

                                        WELLS FARGO BANK, N.A.,
                                        Real Estate Finance Group,
                                        Individually and as Documentation Agent

                                        By: /s/ Scott Solis
                                            ------------------------------------
                                        Print Name: Scott Solis
                                        Title: Vice President

                                        123 North Wacker Drive
                                        Suite 1900
                                        Chicago, IL 60606
                                        Phone: 312-269-4818
                                        Facsimile: 312-782-0969
                                        Attention: Mr. Scott Solis

                                      S-6

<PAGE>

                                        LASALLE BANK NATIONAL ASSOCIATION
                                        Individually and as Senior Managing
                                        Agent

                                        By: /s/ Robert E. Goeckel
                                            ------------------------------------
                                        Print Name: Robert E. Goeckel
                                        Title: Vice President

                                        135 South LaSalle Street
                                        Suite 1225
                                        Chicago, IL 60603
                                        Phone: 312-904-4705
                                        Facsimile: 312-904-6691
                                        Attention: Mr. Robert Goeckel

                                      S-7

<PAGE>

                                        US BANK N.A.,
                                        Individually and as Senior Managing
                                        Agent

                                        By: /s/ Anthony J. Yannucci
                                            ------------------------------------
                                        Print Name: Anthony J. Yannucci
                                        Title: Vice President

                                        1350 Euclid Avenue
                                        Cleveland, OH 44115
                                        Phone: 216-623-9210
                                        Facsimile: 216-241-0164
                                        Attention: Mr. Anthony J. Yannucci

                                      S-8

<PAGE>

                                        DEUTSCHE BANK AG, NEW YORK BRANCH
                                        Individually and as Managing Agent

                                        By: /s/ Brenda Casey
                                            ------------------------------------
                                        Print Name: Brenda Casey
                                                    ----------------------------
                                        Title: Director
                                               ---------------------------------

                                        By: /s/ Joanna Soliman
                                            ------------------------------------
                                        Print Name: Joanna Soliman
                                                    ----------------------------
                                        Title: Assistant Vice President
                                               ---------------------------------

                                        200 Crescent Court
                                        Suite 550
                                        Dallas, Texas 75201
                                        Phone: 214-740-7913
                                        Facsimile: 214-740-7910
                                        Attention: Mr. Gerry Dupont

    [Signature Page to DDR Amended and Restated Credit Agreement dated as of
                                 June 30, 2006]

                                      S-9

<PAGE>

                                        ING REAL ESTATE FINANCE (USA) LLC
                                        Individually and as Managing Agent

                                        By: /s/ Christopher Godlewski
                                            ------------------------------------
                                        Print Name: Christopher Godlewski
                                        Title: Vice President

                                        350 South Grand Avenue, 25th Floor
                                        Los Angeles, CA 90071
                                        Phone: 213-621-3940
                                        Facsimile: 212-883-2734
                                        Attention: Mr. Christopher Godlewski

                                      S-10

<PAGE>

                                        MIZUHO CORPORATE BANK, LTD.
                                        Individually and as Managing Agent

                                        By: /s/ Yasuo Imaizumi
                                            ------------------------------------
                                        Print Name: Yasuo Imaizumi
                                                    ----------------------------
                                        Title: Senior Vice President
                                               ---------------------------------

                                        1251 Avenue of the Americas
                                        New York, NY 10020
                                        Telephone: 212-282-3175
                                        Facsimile: 212-282-4488/4489
                                        Attention: Mr. Randy Fleisher

                                      S-11

<PAGE>

                                        MORGAN STANLEY BANK
                                        Individually and as Managing Agent

                                        By: /s/ Daniel Twenge
                                            ------------------------------------
                                        Print Name: Daniel Twenge
                                        Title: Vice President

                                        1633 Broadway
                                        25th Floor
                                        New York, NY 10019
                                        Phone: 212-537-1532 / 2484
                                        Facsimile: 212-537-1867 / 1866
                                        Attention: Erna Dell'aquila / Edward
                                                   Henley

                                      S-12

<PAGE>

                                        THE BANK NEW YORK
                                        Individually and as Managing Agent

                                        By: /s/ Rick Loudisi
                                            ------------------------------------
                                        Print Name: Rick Loudisi
                                                    ----------------------------
                                        Title: Managing Director
                                               ---------------------------------

                                        One Wall Street
                                        21st Floor
                                        New York, NY 10286
                                        Phone: 212-635-7621
                                        Facsimile: 212-809-7526
                                        Attention: Rick Loudisi

                                      S-13

<PAGE>

                                        THE BANK OF NOVA SCOTIA
                                        Individually and as Managing Agent

                                        By: /s/ Robert Boese
                                            ------------------------------------
                                        Print Name: Robert Boese
                                        Title: Managing Director

                                        One Liberty Plaza, 25th Floor
                                        New York, NY 10006
                                        Phone: 212-225-5167
                                        Facsimile: 212-225-5166
                                        Attention: Mr. Robert Boese

                                      S-14

<PAGE>

                                        UBS LOAN FINANCE LLC
                                        Individually and as Managing Agent

                                        By: /s/ Richard L. Tavrow
                                            ------------------------------------
                                        Print Name: Richard L. Tavrow
                                                    ----------------------------
                                        Title: Director
                                               ---------------------------------

                                        and by:

                                        By: /s/ Irja R. Otsa
                                            ------------------------------------
                                        Print Name: Irja R. Otsa
                                                    ----------------------------
                                        Title: Associate Director
                                               ---------------------------------

                                        299 Park Avenue
                                        New York, NY 10171
                                        Phone: 212-821-6490
                                        Facsimile: 212-821-3900
                                        Attention: Mr. Jeffrey Wald

                                      S-15

<PAGE>

                                        AMSOUTH BANK
                                        Individually and as Co-Agent

                                        By: /s/ Lori A. Hatcher
                                            ------------------------------------
                                        Print Name: Lori A. Hatcher
                                        Title: Assistant Vice President

                                        1900 Fifth Avenue North
                                        BAC15
                                        Birmingham, AL 35203
                                        Phone: 205-326-5465
                                        Facsimile: 205-326-4075
                                        Attention: Ms. Lori A. Hatcher

                                      S-16

<PAGE>

                                        KEYBANK NATIONAL ASSOCIATION
                                        Individually and as Co-Agent

                                        By: /s/ Kevin P. Murray
                                            ------------------------------------
                                        Print Name: Kevin P. Murray
                                        Title: Assistant Vice President

                                        127 Public Square
                                        8th Floor
                                        Cleveland, OH 44114
                                        Phone: 216-689-7547
                                        Facsimile: 216-689-4997
                                        Attention: Kevin Murray

                                      S-17

<PAGE>

                                        PNC BANK, N.A.
                                        Individually and as Co-Agent

                                        By: /s/ Dennis Owen Gallagher
                                            ------------------------------------
                                        Print Name: Dennis Owen Gallagher
                                        Title: Senior Vice President

                                        1 South Wacker Drive, Suite 2980
                                        Chicago, Illinois 60606
                                        Phone: 312-338-5600
                                        Facsimile: 312-338-5671
                                        Attention: Mr. Dennis Owen Gallagher

                                      S-18

<PAGE>

                                        SOVEREIGN BANK
                                        Individually and as Co-Agent

                                        By: /s/ T. Gregory Donohue
                                            ------------------------------------
                                        Print Name: T. Gregory Donohue
                                        Title: Senior Vice President

                                        75 State Street
                                        Boston, MA 02109
                                        Telephone: 617-757-5578
                                        Facsimile: 617-757-5652
                                        Attention: T. Gregory Donohue

                                      S-19
<PAGE>

                                        SUNTRUST BANK
                                        Individually and as Co-Agent

                                        By: /s/ Gregory T. Horstman
                                            ------------------------------------
                                        Print Name: Gregory T. Horstman
                                        Title: Senior Vice President

                                        8330 Boone Boulevard
                                        8th Floor
                                        Vienna, VA 22182
                                        Phone: 703-442-1557
                                        Facsimile: 703-442-1570
                                        Attention: Mr. Gregory T. Horstman

                                      S-20

<PAGE>

                                        CHARTER ONE BANK, N.A.
                                        Individually and as Co-Agent

                                        By: /s/ Michael Kauffman
                                            ------------------------------------
                                        Print Name: Michael Kauffman
                                        Title: Vice President

                                        1215 Superior Ave - OHS 675
                                        Cleveland, OH 44114
                                        Phone: 216-277-0388
                                        Facsimile: 216-277-4607

                                      S-21

<PAGE>

                                        THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

                                        By: /s/ James T. Taylor
                                            ------------------------------------
                                        Print Name: James T. Taylor
                                        Title: Vice President

                                        1251 Avenue of the Americas
                                        New York, NY 10020
                                        Telephone: 212-782-4116
                                        Facsimile: 212-782-6442
                                        Attention Mr. James T. Taylor

                                      S-22

<PAGE>

                                        MANUFACTURERS AND TRADERS TRUST COMPANY

                                        By: /s/ Brian D. Beitz
                                            ------------------------------------
                                        Print Name: Brian D. Beitz
                                                    ----------------------------
                                        Title: Vice President
                                               ---------------------------------

                                        One Fountain Plaza
                                        12th Floor
                                        Buffalo, NY 14203-1495
                                        Telephone: 716-848-7337
                                        Facsimile: 716-848-7318
                                        Attention  Mr. Brian D. Beitz

                                      S-23

<PAGE>

                                        NOMURA FUNDING FACILITY CORPORATION LTD.

                                        By: /s/ Mark Brown
                                            ------------------------------------
                                        Print Name: Mark Brown
                                        Title: Authorized Agent

                                        International House
                                        3 Harbourmaster Place 1FSC
                                        Dublin 1, Ireland
                                        Telephone: 3531 6360050
                                        Facsimile: 3531 6700860
                                        Attention: Michael Delaney

                                      S-24

<PAGE>

                                        THE HUNTINGTON NATIONAL BANK

                                        By: /s/ Jennifer R. Hearns
                                            ------------------------------------
                                        Print Name: Jennifer R. Hearns
                                                    ----------------------------
                                        Title: Vice President
                                               ---------------------------------

                                        917 Euclid Avenue, CM17
                                        Cleveland, OH 44115
                                        Phone: 216-515-0683
                                        Facsimile: 216-515-6369
                                        Attention: Ryan J. Terrano

                                      S-25

<PAGE>

                                        BANCO POPULAR DE PUERTO RICO,
                                        NEW YORK BRANCH

                                        By: /s/ Hector J. Gonzalez
                                            ------------------------------------
                                        Print Name: Hector J. Gonzalez
                                                    ----------------------------
                                        Title: Vice President
                                               ---------------------------------

                                        7 West 51st Street
                                        New York, NY 10019
                                        Telephone: 212-445-1988
                                        Facsimile: 212-245-4677
                                        Attention: Mr. Hector J. Gonzalez

                                      S-26

<PAGE>

                                        CITICORP NORTH AMERICA, INC.

                                        By: /s/ Malav Kakad
                                            ------------------------------------
                                        Print Name: Malav Kakad

                                        Title: Vice President
                                               ---------------------------------

                                        390 Greenwich Street, Floor 1
                                        New York, NY 10013
                                        Phone: 212-723-4693
                                        Facsimile: 646-291-3638
                                        Attention: Mr. Malav Kakad

                                      S-27

<PAGE>

                                        COMERICA BANK

                                        By: /s/ James Graycheck
                                            ------------------------------------
                                        Print Name: James Graycheck
                                        Title: VP

                                        500 Woodward Avenue
                                        MC 3256
                                        Detroit, MI 48226
                                        Telephone: 313-222-1276
                                        Facsimile: 313-222-9295
                                        Attention: Mr. James Graycheck

                                      S-28

<PAGE>

                                        LEHMAN COMMERCIAL PAPER INC.

                                        By: /s/ Janine M. Shugan
                                            ------------------------------------
                                        Print Name: Janine M. Shugan
                                                    ----------------------------
                                        Title: Authorized Signatory
                                               ---------------------------------

                                        745 Seventh Avenue
                                        5th Floor
                                        New York, NY 10019
                                        Telephone: (212) 526-8625
                                        Facsimile: (917) 552-0139
                                        Attention: Theresa Siu

                                      S-29

<PAGE>

                                        SUMITOMO MITSUI BANKING CORPORATION

                                        By: /s/ David A. Buck
                                            ------------------------------------
                                        Print Name: David A. Buck
                                        Title: Senior Vice President

                                        277 Park Avenue
                                        New York, NY 10172
                                        Phone: 212-224-4178
                                        Facsimile: 212-224-4887
                                        Attention: Mr. Charles J. Sullivan

                                      S-30

<PAGE>

                                        THE NORTHERN TRUST COMPANY

                                        By: /s/ Robert Wiarda
                                            ------------------------------------
                                        Print Name: Robert Wiarda
                                        Title: Vice President

                                        50 South LaSalle Street, 2nd Floor
                                        Chicago, IL 60675
                                        Phone: 312-444-3380
                                        Facsimile: 312-444-7028
                                        Attention: Mr. Robert Wiarda

                                      S-31

<PAGE>

                                        COMPASS BANK

                                        By: /s/ Robert H. Shore
                                            ------------------------------------
                                        Print Name: Robert H. Shore
                                        Title: Senior Vice President

                                        8080 N. Central Expressway
                                        Suite 370
                                        Dallas, TX 75206
                                        Phone: 214-706-8088
                                        Facsimile: 214-890-8668
                                        Attention: Commercial Real Estate

                                      S-32

<PAGE>

                                        FIRST TENNESSEE BANK NATIONAL
                                        ASSOCIATION

                                        By: /s/ Greg Cullum
                                            ------------------------------------
                                        Print Name: Greg Cullum
                                        Title: Senior Vice President

                                        701 Market Street
                                        Chattanooga, TN 37402
                                        Phone: 423-757-4272
                                        Facsimile: 423-757-4040
                                        Attention: Greg Cullum

                                      S-33EX-4.2

 

Exhibit 4.2

FIRST AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT

DATED AS OF JUNE 29, 2006

AMONG

DEVELOPERS DIVERSIFIED REALTY CORPORATION,

AND DDR PR VENTURES LLC, S.E.

AS BORROWERS

AND

KEYBANC CAPITAL MARKETS AND

BANC OF AMERICA SECURITIES LLC,

AS JOINT LEAD ARRANGERS

AND

KEYBANK NATIONAL ASSOCIATION,

AS BOOK MANAGER

AND

KEYBANK NATIONAL ASSOCIATION,

AS ADMINISTRATIVE AGENT

AND

BANK OF AMERICA, N.A.,

AS SYNDICATION AGENT

AND

EUROHYPO AG, NEW YORK BRANCH,

ING REAL ESTATE FINANCE (USA) LLC

AND PNC BANK, NATIONAL ASSOCIATION,

AS DOCUMENTATION AGENTS

AND

THE SEVERAL LENDERS

FROM

TIME TO TIME PARTIES HERETO,

AS LENDERS

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE I DEFINITIONS	 	 	1	 
	ARTICLE II THE CREDIT	 	 	27	 
	 
	 	2.1	 	Commitments; Increase in Aggregate Commitment	 	 	27	 
	 
	 	2.2	 	Final Principal Payment and Extension of Maturity Date	 	 	29	 
	 
	 	2.3	 	Ratable and Nonratable Loans	 	 	30	 
	 
	 	2.4	 	Applicable Margins	 	 	30	 
	 
	 	2.5	 	Administrative Agent’s Fee	 	 	31	 
	 
	 	2.6	 	Other Fees	 	 	31	 
	 
	 	2.7	 	[Intentionally Omitted.]	 	 	31	 
	 
	 	2.8	 	Optional Principal Payments	 	 	31	 
	 
	 	2.9	 	Method of Selecting Types and Interest Periods for New Borrowings	 	 	31	 
	 
	 	2.10	 	Conversion and Continuation of Outstanding Borrowings	 	 	32	 
	 
	 	2.11	 	Changes in Interest Rate, Etc	 	 	33	 
	 
	 	2.12	 	Rates Applicable After Default	 	 	33	 
	 
	 	2.13	 	Method of Payment	 	 	33	 
	 
	 	2.14	 	Notes; Telephonic Notices	 	 	34	 
	 
	 	2.15	 	Interest Payment Dates; Interest and Fee Basis	 	 	34	 
	 
	 	2.16	 	Notification of Borrowings, Interest Rates and Prepayments	 	 	34	 
	 
	 	2.17	 	Lending Installations	 	 	34	 
	 
	 	2.18	 	Non-Receipt of Funds by the Administrative Agent	 	 	34	 
	 
	 	2.19	 	Replacement of Lenders under Certain Circumstances	 	 	35	 
	 
	 	2.20	 	[Intentionally Omitted.]	 	 	35	 
	 
	 	2.21	 	[Intentionally Omitted.]	 	 	35	 
	 
	 	2.22	 	[Intentionally Omitted.]	 	 	35	 
	 
	 	2.23	 	[Intentionally Omitted.]	 	 	35	 
	 
	 	2.24	 	Application of Moneys Received	 	 	35	 
	 
	 	2.25	 	Usury	 	 	36	 
	ARTICLE III CHANGE IN CIRCUMSTANCES	 	 	42	 
	 
	 	3.1	 	Yield Protection	 	 	42	 
	 
	 	3.2	 	Changes in Capital Adequacy Regulations	 	 	42	 
	 
	 	3.3	 	Availability of Types of Borrowings	 	 	43	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	3.4	 	Funding Indemnification	 	 	43	 
	 
	 	3.5	 	Taxes	 	 	44	 
	 
	 	3.6	 	Lender Statements; Survival of Indemnity	 	 	46	 
	ARTICLE IV CONDITIONS PRECEDENT	 	 	47	 
	 
	 	4.1	 	Initial Borrowing	 	 	47	 
	 
	 	4.2	 	Each Borrowing	 	 	49	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES	 	 	49	 
	 
	 	5.1	 	Existence	 	 	49	 
	 
	 	5.2	 	Authorization and Validity	 	 	50	 
	 
	 	5.3	 	No Conflict; Government Consent	 	 	50	 
	 
	 	5.4	 	Financial Statements; Material Adverse Change	 	 	50	 
	 
	 	5.5	 	Taxes	 	 	50	 
	 
	 	5.6	 	Litigation and Guarantee Obligations	 	 	51	 
	 
	 	5.7	 	Subsidiaries	 	 	51	 
	 
	 	5.8	 	ERISA	 	 	51	 
	 
	 	5.9	 	Accuracy of Information	 	 	51	 
	 
	 	5.10	 	Regulation U	 	 	51	 
	 
	 	5.11	 	Material Agreements	 	 	52	 
	 
	 	5.12	 	Compliance With Laws	 	 	52	 
	 
	 	5.13	 	Ownership of Properties	 	 	52	 
	 
	 	5.14	 	Investment Company Act	 	 	52	 
	 
	 	5.15	 	Intentionally Omitted	 	 	52	 
	 
	 	5.16	 	Solvency	 	 	52	 
	 
	 	5.17	 	Insurance	 	 	53	 
	 
	 	5.18	 	REIT Status	 	 	53	 
	 
	 	5.19	 	Environmental Matters	 	 	53	 
	 
	 	5.20	 	Setoff	 	 	54	 
	 
	 	5.21	 	Subject Properties	 	 	54	 
	 
	 	5.22	 	OFAC	 	 	55	 
	 
	 	5.23	 	Unencumbered Assets	 	 	55	 
	ARTICLE VI COVENANTS	 	 	55	 
	 
	 	6.1	 	Financial Reporting	 	 	55	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	6.2	 	Use of Proceeds	 	 	57	 
	 
	 	6.3	 	Notice of Default	 	 	57	 
	 
	 	6.4	 	Conduct of Business	 	 	57	 
	 
	 	6.5	 	Taxes	 	 	58	 
	 
	 	6.6	 	Insurance	 	 	58	 
	 
	 	6.7	 	Compliance with Laws	 	 	58	 
	 
	 	6.8	 	Maintenance of Properties	 	 	58	 
	 
	 	6.9	 	Inspection	 	 	58	 
	 
	 	6.10	 	Maintenance of Status	 	 	58	 
	 
	 	6.11	 	Restricted Payments	 	 	58	 
	 
	 	6.12	 	Merger; Sale of Assets	 	 	59	 
	 
	 	6.13	 	Sale and Leaseback	 	 	59	 
	 
	 	6.14	 	Acquisitions and Investments	 	 	59	 
	 
	 	6.15	 	Liens	 	 	60	 
	 
	 	6.16	 	Affiliates	 	 	61	 
	 
	 	6.17	 	Financial Undertakings	 	 	62	 
	 
	 	6.18	 	Indebtedness, Cash Flow and Collateral Covenants	 	 	62	 
	 
	 	6.19	 	Environmental Matters	 	 	63	 
	ARTICLE VII DEFAULTS	 	 	64	 
	ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	 	 	67	 
	 
	 	8.1	 	Acceleration	 	 	67	 
	 
	 	8.2	 	Amendments	 	 	67	 
	 
	 	8.3	 	Preservation of Rights	 	 	68	 
	ARTICLE IX GENERAL PROVISIONS	 	 	69	 
	 
	 	9.1	 	Survival of Representations	 	 	69	 
	 
	 	9.2	 	Governmental Regulation	 	 	69	 
	 
	 	9.3	 	Taxes	 	 	69	 
	 
	 	9.4	 	Headings	 	 	69	 
	 
	 	9.5	 	Entire Agreement	 	 	69	 
	 
	 	9.6	 	Several Obligations; Benefits of this Agreement	 	 	69	 
	 
	 	9.7	 	Expenses; Indemnification	 	 	69	 
	 
	 	9.8	 	Numbers of Documents	 	 	70	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	9.9	 	Accounting	 	 	70	 
	 
	 	9.10	 	Severability of Provisions	 	 	70	 
	 
	 	9.11	 	Nonliability of Lenders	 	 	70	 
	 
	 	9.12	 	CHOICE OF LAW	 	 	70	 
	 
	 	9.13	 	CONSENT TO JURISDICTION	 	 	70	 
	 
	 	9.14	 	WAIVER OF JURY TRIAL	 	 	71	 
	 
	 	9.15	 	Release of Subsidiary Guaranties	 	 	71	 
	ARTICLE X THE ADMINISTRATIVE AGENT	 	 	71	 
	 
	 	10.1	 	Appointment	 	 	71	 
	 
	 	10.2	 	Powers	 	 	71	 
	 
	 	10.3	 	General Immunity	 	 	72	 
	 
	 	10.4	 	No Responsibility for Loans, Recitals, etc	 	 	72	 
	 
	 	10.5	 	Action on Instructions of Lenders	 	 	72	 
	 
	 	10.6	 	Employment of Agents and Counsel	 	 	72	 
	 
	 	10.7	 	Reliance on Documents; Counsel	 	 	73	 
	 
	 	10.8	 	Administrative Agent’s Reimbursement and Indemnification	 	 	73	 
	 
	 	10.9	 	Rights as a Lender	 	 	73	 
	 
	 	10.10	 	Lender Credit Decision	 	 	74	 
	 
	 	10.11	 	Successor Administrative Agent	 	 	74	 
	 
	 	10.12	 	Collateral Matters	 	 	75	 
	ARTICLE XI SETOFF; RATABLE PAYMENTS	 	 	75	 
	 
	 	11.1	 	Setoff	 	 	75	 
	 
	 	11.2	 	Ratable Payments	 	 	75	 
	ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	 	 	75	 
	 
	 	12.1	 	Successors and Assigns	 	 	75	 
	 
	 	12.2	 	Participations	 	 	76	 
	 
	 	12.3	 	Assignments	 	 	77	 
	 
	 	12.4	 	Dissemination of Information	 	 	78	 
	 
	 	12.5	 	Tax Treatment	 	 	78	 
	 
	 	12.6	 	Confidentiality	 	 	78	 
	 
	 	12.7	 	USA Patriot Act	 	 	79	 
	 
	 	12.8	 	Co-Agents:  Lead Managers	 	 	79	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	ARTICLE XIII NOTICES	 	 	79	 
	 
	 	13.1	 	Giving Notice	 	 	79	 
	 
	 	13.2	 	Change of Address	 	 	79	 
	ARTICLE XIV COUNTERPARTS	 	 	80	 

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EXHIBITS/SCHEDULES

	 	 	 
	Exhibit A-1

	 	Note
	Exhibit B

	 	Form of Opinion
	Exhibit C

	 	Compliance Certificate
	Exhibit D

	 	Assignment Agreement
	Exhibit E

	 	Loan/Credit Related Money Transfer Instruction
	Exhibit F

	 	Qualified Borrower of Guaranty
	Exhibit G

	 	Form of Instruction Letter
	Exhibit H

	 	Form of Springing Instruction Letter
	Exhibit I

	 	Qualified Borrower Note
	Exhibit K

	 	Amendment Regarding Increase Amendment to Secured Term Loan
Agreement
	Exhibit L

	 	Intentionally Omitted.
	Schedule 1.1

	 	Negative Pledge Interests
	Schedule 1.2

	 	Pledged Distribution Interests
	Schedule 1.3

	 	Pledged Equity Interests
	Schedule 2

	 	Indebtedness and Liens
	Schedule 3

	 	Litigation
	Schedule 4

	 	Assignors
	Schedule 5

	 	Qualified Borrower Requirements
	Schedule 5.21

	 	Transfer Restrictions
	Schedule 6

	 	Qualified Borrower Maximum Borrowings
	Schedule 6.16

	 	Additional Liens

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FIRST AMENDED AND RESTATED SECURED TERM LOAN AGREEMENT

     This First Amended and Restated Secured Term Loan Agreement, dated as of June 29, 2006, is
among Developers Diversified Realty Corporation, a corporation organized under the laws of the
State of Ohio (“DDR”), DDR PR Ventures LLC, S.E., a Delaware limited liability company (“DDR PR”;
together with any Qualified Borrower that issues a Qualified Borrower Note in accordance with the
terms hereof, collectively, the “Borrower”), KeyBank National Association, a national
banking association, and the several banks, financial institutions and other entities from time to
time parties to this Agreement (collectively, the “Lenders”), KeyBank National Association,
not individually, but as “Administrative Agent”, Bank of America, N.A., not individually, but as
“Syndication Agent”, and Eurohypo AG, New York Branch, ING Real Estate Finance (USA) LLC and PNC
Bank, National Association, not individually but as “Documentation Agents”.

RECITALS

     A. The Borrower is primarily engaged in the business of purchasing, developing, owning,
operating, leasing and managing retail, office and industrial properties.

     B. DDR is listed on the New York Stock Exchange and is qualified as a real estate investment
trust under Section 856 of the Code.

     C. Borrower, Administrative Agent and certain of the Lenders entered into that certain Secured
Term Loan Agreement dated as of June 29, 2005, as amended by that certain First Amendment to
Secured Term Loan Agreement dated as of March 16, 2006 (as amended, the “Original Loan Agreement”).

     D. The Borrower, the Lenders and the Administrative Agent desire to increase the aggregate
commitment under the Original Loan Agreement, release the guarantors thereunder and modify certain
other provisions of the Original Loan Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
parties hereto agree to amend and restate the Original Loan Agreement as follows:

ARTICLE I

DEFINITIONS

     As used in this Agreement:

     “ABR Applicable Margin” means, as of any date, the Applicable Margin in effect on such date
with respect to Floating Rate Borrowings and Floating Rate Loans.

     “Acceptable Jurisdiction” means a place (in addition to the United States and Puerto Rico)
where Unencumbered Assets can be located, which shall be subject to the approval of the
Administrative Agent, based on satisfactory advice received by it from local counsel in such
jurisdiction with respect to the procedure for enforcement of a U.S. judgment in such jurisdiction,
and the collection of such judgment from assets located there.

 

 

     “Account” means an account maintained by an Account Bank in accordance with a Cash Management
Agreement, and any replacement account hereafter established in accordance with such Cash
Management Agreement.

     “Account Bank” means the depository of an Account pursuant to a Cash Management Agreement and
any subsequent or replacement holder thereof.

     “Account Agreement” means, collectively, (i) the Account Security, Pledge, Assignment and
Control Agreement dated of even date herewith among Borrower, the Administrative Agent, for the
benefit of the Lenders, and KeyBank, as depository bank with respect to the payment of Excess Funds
and Pledged Equity Funds to the Deposit Accounts, as the same may be modified, amended or restated
from time to time and (ii) each additional Account Security, Pledge, Assignment and Control
Agreement in favor of Administrative Agent, for the benefit of Lenders, delivered after the date
hereof pursuant to the terms of this Agreement or the other Loan Documents with respect to the
payment of Excess Funds and/or Pledged Equity Funds to the Deposit Accounts, as the same may be
modified, amended or restated from time to time.

     “Acknowledgments” means collectively, the Acknowledgments executed by the Companies,
Partnerships and Corporations in favor of the Administrative Agent, for the benefit of Lenders, as
the same may be modified, amended or restated from time to time.

     “Acquisition” means any transaction, or any series of related transactions, consummated on or
after the date of this Agreement, by which the Borrower or any of its Subsidiaries (i) acquires any
going business or all or substantially all of the assets of any firm, corporation or division
thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly
acquires (in one transaction or as the most recent transaction in a series of transactions) at
least a majority (in number of votes) of the securities of a corporation which have ordinary voting
power for the election of directors (other than securities having such power only by reason of the
happening of a contingency) or a majority (by percentage or voting power) of the outstanding (a)
partnership interests of a partnership or (b) membership interests of a limited liability company.

     “Acquisition Asset” means an asset which has not been owned for at least a period of eighteen
months.

     “Administrative Agent” means KeyBank National Association, in its capacity as agent for the
Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any
successor Administrative Agent appointed pursuant to Article X.

     “Affiliate” of any Person means any other Person directly or indirectly controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another Person if the controlling Person owns 10% or more of any class of voting securities (or
other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock, by contract or otherwise.

     “Affiliated Qualified Institution” means one or more banks, finance companies, insurance or
other financial institutions which is an Affiliate of a Lender and which (A) has (or, in the case

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of a bank or other financial institution which is a subsidiary, such bank’s or financial
institution’s parent has) a rating of its senior unsecured debt obligations of not less than Baa-1
by Moody’s or a comparable rating by a rating agency acceptable to Administrative Agent and (B) has
total assets in excess of Five Hundred Million Dollars ($500,000,000).

     “Aggregate Commitment” means, as of any date, the aggregate of the then-current Commitments of
all the Lenders, which is, as of the Agreement Execution Date, $400,000,000.

     “Agreement” means this First Amended and Restated Secured Term Loan Agreement, as it may be
amended or modified and in effect from time to time.

     “Agreement Execution Date” means the date this Agreement has been fully executed and delivered
by all parties hereto.

     “Agreement Regarding Fees” means that certain letter agreement regarding the payment of
certain fees to KeyBank dated as of March 9, 2005 between KeyBank and the Borrower.

     “Alternate Base Rate” means, for any day, a rate of interest per annum equal to the higher of
(i) the Prime Rate for such day and (ii) the sum of Federal Funds Effective Rate for such day plus
1/2% per annum.

     “Applicable Margin” means the applicable margin set forth in the table in Section 2.4
used in calculating the interest rate applicable to the various Types of Borrowings, which shall
vary from time to time in accordance with Borrower’s long term unsecured debt ratings.

     “Article” means an article of this Agreement unless another document is specifically
referenced.

     “Assets Under Development” means, as of any date of determination, all Projects, expansion
areas of existing Projects and redevelopments owned by the Consolidated Group and the Investment
Affiliates which are then treated as assets under development under GAAP, plus, at Borrower’s
option, assets that (A) previously had been Assets Under Development and (B) have been placed in
service for less than six months, to be valued for purposes of this Agreement, for each Asset Under
Development as determined individually, at either (i) 100% of then-current book value, as
determined in accordance with GAAP, (a) for each Asset Under Development owned by members of the
Consolidated Group and (b) multiplied by the applicable Consolidated Group Pro Rata Share for an
Asset Under Development owned by an Investment Affiliate; or (ii) 100% of the value of such Asset
Under Development determined by dividing (x) six months of income from signed leases, multiplied by
two, by (y) .0775 (I) for each Asset Under Development owned by members of the Consolidated Group
and (II) multiplied by the applicable Consolidated Group Pro Rata Share for an Asset Under
Development owned by an Investment Affiliate. For purposes of the foregoing, income from signed
leases shall be equal to 90% of the revenues payable by the tenant. Once an election of (ii) above
is chosen, the asset will continue to be valued under that method until the asset is no longer an
Asset Under Development.

     “Assignment of Interests” means, collectively, (i) the Collateral Assignment of Interests
dated of even date herewith from each of the Assignors to the Administrative Agent, for the

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benefit of the Lenders, as the same may be modified, amended or restated, pursuant to which
there shall be granted to the Administrative Agent a first priority lien and security interest in
the applicable Pledged Equity Interests and the other interests of such Assignors in the Collateral
described therein, and (ii) each additional Assignment of Interests in favor of Administrative
Agent, for the benefit of the Lenders, delivered after the date hereof pursuant to the terms of
this Agreement or the other Loan Documents with respect to the pledge of Pledged Distributions
Interests or Pledged Equity Interests to the Administrative Agent for the benefit of the Lenders,
as the same may be modified, amended or restated, and any further assignments, certificates,
powers, consents, acknowledgments, estoppels or UCC-1 financing statements that may be delivered in
connection therewith.

     “Assignors” means, collectively, Borrower and the entities identified on Schedule 1.2
and Schedule 1.3 as “assignors”, and each Person executing an Assignment of Interests as an
assignor after the date hereof.

     “Authorized Officer” means any of the Chief Executive Officer, President and Chief Operating
Officer, Executive Vice President, Senior Vice President, Chief Financial Officer, Treasurer, or
Vice President and General Counsel of the Borrower, or any other officer designated in writing by
one of the foregoing, acting singly.

     “Borrower” has the meaning set forth in the preamble paragraph of this Agreement.

     “Borrowing” means a borrowing hereunder consisting of the aggregate amount of the several
Loans made by one or more of the Lenders to the Borrower of the same Type and, in the case of Fixed
Rate Borrowings, for the same Interest Period.

     “Borrowing Date” means a date on which a Borrowing is made hereunder.

     “Borrowing Notice” is defined in Section 2.9.

     “Business Day” means (i) with respect to any borrowing, payment or rate selection of LIBOR
Borrowings, a day (other than a Saturday or Sunday) on which banks generally are open in Cleveland,
Ohio for the conduct of substantially all of their commercial lending activities and on which
dealings in United States dollars are carried on in the London interbank market and (ii) for all
other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in
Cleveland, Ohio for the conduct of substantially all of their commercial lending activities.

     “Capital Stock” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests
in a Person which is not a corporation and any and all warrants or options to purchase any of the
foregoing.

     “Capitalized Lease” of a Person means any lease of Property imposing obligations on such
Person, as lessee thereunder, which are required in accordance with GAAP to be capitalized on a
balance sheet of such Person.

-4-

 

     “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person
under Capitalized Leases which would be shown as a liability on a balance sheet of such Person
prepared in accordance with GAAP.

     “Cash Collateral Account” is defined in Section 2A.3.

     “Cash Equivalents” means, as of any date:

          (i) securities issued or directly and fully guaranteed or insured by the United States
Government or any agency or instrumentality thereof having maturities of not more than one
year from such date;

          (ii) mutual funds organized under the United States Investment Company Act rated AAm or
AAm-G by S&P, P-1 by Moody’s and A by Fitch;

          (iii) certificates of deposit or other interest-bearing obligations of a bank or trust
company which is a member in good standing of the Federal Reserve System having a short term
unsecured debt rating of not less than A-1 by S&P, not less than P-1 by Moody’s and F-1 by
Fitch (or in each case, if no bank or trust company is so rated, the highest comparable
rating then given to any bank or trust company, but in such case only for funds invested
overnight or over a weekend) provided that such investments shall mature or be redeemable
upon the option of the holders thereof on or prior to a date one month from the date of
their purchase;

          (iv) certificates of deposit or other interest-bearing obligations of a bank or trust
company which is a member in good standing of the Federal Reserve System having a short term
unsecured debt rating of not less than A-1+ by S&P, and not less than P-1 by Moody’s and
which has a long term unsecured debt rating of not less than A1 by Moody’s (or in each case,
if no bank or trust company is so rated, the highest comparable rating then given to any
bank or trust company, but in such case only for funds invested overnight or over a weekend)
provided that such investments shall mature or be redeemable upon the option of the holders
thereof on or prior to a date three months from the date of their purchase;

          (v) bonds or other obligations having a short term unsecured debt rating of not less
than A-1+ by S&P and P-1+ by Moody’s and having a long term debt rating of not less than A1
by Moody’s issued by or by authority of any state of the United States, any territory or
possession of the United States, including the Commonwealth of Puerto Rico and agencies
thereof, or any political subdivision of any of the foregoing;

          (vi) repurchase agreements issued by an entity rated not less than A-1+ by S&P, and not
less than P-1 by Moody’s which are secured by U.S. Government securities of the type
described in clause (i) of this definition maturing on or prior to a date one month from the
date the repurchase agreement is entered into;

          (vii) short term promissory notes rated not less than A-1+ by S&P, and not less than
P-1 by Moody’s maturing or to be redeemable upon the option of the holders thereof on or
prior to a date one month from the date of their purchase; and

-5-

 

          (viii) commercial paper (having original maturities of not more than 365 days) rated at
least A-1+ by S&P and P-1 by Moody’s and issued by a foreign or domestic issuer who, at the
time of the investment, has outstanding long-term unsecured debt obligations rated at least
A1 by Moody’s.

     “Cash Management Agreement” means a cash management or similar type agreement pursuant to
which operating income attributable to a Pledged Distributions Property is deposited with a
depository institution as additional security for a loan to the owner of such Pledged Distributions
Property.

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

     “Collateral” means all of the property, rights and interests of the Borrower and its
Subsidiaries which are subject to the security interests and liens created by the Security
Documents.

     “Collaterally Assigned Intercompany Liens” is defined in Section 6.18(xiii).

     “Commitment” means, for each Lender, the several obligation of such Lender to make Loans not
exceeding the amount set forth opposite its signature below or as set forth in any Notice of
Assignment relating to any assignment that has become effective pursuant to Section 12.3.2,
as such amount may be modified from time to time pursuant to the terms hereof.

     “Company” shall have the meaning ascribed to such term in the Assignment of Interests.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit “C”.

     “Consolidated Capitalization Value” means, as of any date, an amount equal to the sum of (i)
Consolidated Cash Flow for the most recent period of two consecutive fiscal quarters for which the
Borrower has reported results (excluding any portion of Consolidated Cash Flow attributable to: (A)
Assets Under Development, (B) Projects owned by Investment Affiliates which are encumbered by First
Mortgage Receivables, and (C) Acquisition Assets) multiplied by two, and divided by
0.0775, plus (ii) Acquisition Assets valued at the higher of their acquisition cost or
capitalization value, such value to be calculated by dividing (x) the Net Operating Income for such
Acquisition Assets for the most recent period of two consecutive fiscal quarters for which the
Borrower has reported results multiplied by two, by (y) 0.0775, provided that once an Acquisition
Asset is valued by capitalizing Net Operating Income, such Acquisition Asset can no longer be
valued using its acquisition cost.

     “Consolidated Cash Flow” means, for any period, an amount equal to (a) Funds From Operations
for such period plus (b) Consolidated Interest Expense for such period.

     “Consolidated Group” means the Borrower and all Subsidiaries which are consolidated with it
for financial reporting purposes under GAAP.

     “Consolidated Group Pro Rata Share” means, with respect to any Investment Affiliate, the
percentage of the total equity ownership interests held by the Consolidated Group in the

-6-

 

aggregate, in such Investment Affiliate determined by calculating the greater of (i) the
percentage of the issued and outstanding stock, partnership interests or membership interests in
such Investment Affiliate held by the Consolidated Group in the aggregate and (ii) the percentage
of the total book value of such Investment Affiliate that would be received by the Consolidated
Group in the aggregate, upon liquidation of such Investment Affiliate, after repayment in full of
all Indebtedness of such Investment Affiliate.

     “Consolidated Interest Expense” means, for any period without duplication, the sum of (a) the
amount of interest expense, determined in accordance with GAAP, of the Consolidated Group for such
period attributable to Consolidated Outstanding Indebtedness during such period plus (b) the
Consolidated Group Pro Rata Share of any interest expense, determined in accordance with GAAP, of
any Investment Affiliate, for such period, whether recourse or non-recourse less (c) with respect
to each consolidated Subsidiary of the Borrower in which the Borrower does not directly or
indirectly hold a 100% ownership interest, a percentage of the interest expense attributable to
such consolidated Subsidiary which is included under clause (a) of this definition and which is not
related to Indebtedness which is a Guarantee Obligation of the Borrower equal to the percentage
ownership in such consolidated Subsidiary which is not held either (i) directly or indirectly by
the Borrower, or (ii) by holders of operating partnership units in such consolidated Subsidiary
which are convertible into stock of the Borrower.

     “Consolidated Market Value” means, as of any date, an amount equal to the sum of (a) the
Consolidated Capitalization Value as of such date, plus (b) the value of Unrestricted Cash
and Cash Equivalents, plus (c) the lesser of (i) the value of Assets Under Development, or
(ii) ten percent (10%) of the Consolidated Capitalization Value plus (d) the lesser of (i)
100% of the then-current value under GAAP of all First Mortgage Receivables or (ii) five percent
(5%) of the Consolidated Capitalization Value, plus (e) the lesser of (i) 100% of the
then-current book value, as determined in accordance with GAAP, of Developable Land, or (ii) 5% of
total Consolidated Capitalization Value plus (f) cash from like-kind exchanges on deposit
with a qualified intermediary (provided that the amount included in Consolidated Market Value
pursuant to this clause (f) shall not exceed 10% of the Consolidated Capitalization Value).

     “Consolidated Net Income” means, for any period, consolidated net income (or loss) of the
Consolidated Group for such period determined on a consolidated basis in accordance with GAAP;
plus that portion of any amount deducted as minority equity interest in calculating such
consolidated net income which is attributable to minority interest holders holding operating
partnership units in a member of the Consolidated Group which are convertible into stock in the
Borrower, but provided that there shall be excluded the income (or deficit) of any other
Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or
consolidated with the Borrower or any of its Subsidiaries.

     “Consolidated Outstanding Indebtedness” means, as of any date of determination, without
duplication, the sum of (a) all Indebtedness of the Consolidated Group outstanding at such date,
determined on a consolidated basis in accordance with GAAP, plus (b) the applicable Consolidated
Group Pro Rata Share of any Indebtedness of each Investment Affiliate other than Indebtedness of
such Investment Affiliate to a member of the Consolidated Group, less (c) with respect to each
consolidated Subsidiary of the Borrower in which the Borrower does not directly or indirectly hold
a 100% ownership interest, a percentage of any Indebtedness of such

-7-

 

consolidated Subsidiary which is not a Guarantee Obligation of the Borrower equal to the
percentage ownership interest in such consolidated Subsidiary which is not held directly or
indirectly by the Borrower.

     “Consolidated Secured Indebtedness” means, as of any date of determination, without
duplication, the sum of (a) the aggregate principal amount of that portion of the Consolidated
Outstanding Indebtedness which is secured by any Lien on the Property of Borrower or its
Subsidiaries, without regard to recourse, plus (b) the excess, if any, over $25,000,000, of the sum
of (x) the aggregate principal amount of all Unsecured Indebtedness for borrowed money (including
Guarantee Obligations for borrowed money) of the Subsidiaries of the Borrower, determined on a
consolidated basis in accordance with GAAP, excluding (I) the Indebtedness identified on Schedule 4
and (II) any Indebtedness of a Subsidiary that is a Qualified Borrower or a Subsidiary Guarantor
and (y) a percentage of the aggregate principal amount of all Indebtedness of each Investment
Affiliate that is secured by any Lien on the Property of that Investment Affiliate equal to the
greater of (i) the percentage of such Indebtedness for which any member of the Consolidated Group
is liable and (ii) the Consolidated Group Pro Rata Share of such Investment Affiliate.

     “Consolidated Unsecured Indebtedness” means, as of any date of determination, the aggregate
principal amount of all Unsecured Indebtedness of the Consolidated Group outstanding at such date,
including without limitation all the outstanding Indebtedness under the Unsecured Credit Agreement
as of such date, determined on a consolidated basis in accordance with GAAP.

     “Controlled Group” means all members of a controlled group of corporations and all trades or
businesses (whether or not incorporated) under common control which, together with the Borrower or
any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.

     “Conversion/Continuation Notice” is defined in Section 2.10.

     “Corporation” shall have the meaning ascribed to such term in the Assignment of Interests.

     “DDR Accounts” means the accounts maintained by the Depository Banks for the benefit of DDR
with respect to all rental and other income distributed to DDR which is attributable to (i) the
Pledged Equity Properties owned directly or indirectly by Assignors which have pledged less than
one hundred percent (100%) of their respective Capital Stock and (ii) the Negative Pledge
Properties (to the extent not prohibited by the applicable Subject Property Loan Documents)
(collectively, the “Pledged Equity Funds”).

     “Debt Service” means, for any period, the sum of all interest (as defined by GAAP) and
scheduled principal payments due and payable during such period (including any payments due under
any Capitalized Lease) excluding any balloon payments due upon maturity of any Indebtedness.

     “Default” means an event described in Article VII.

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     “Defaulting Lender” means any Lender which fails or refuses to perform its obligations under
this Agreement within the time period specified for performance of such obligation, or, if no time
frame is specified, if such failure or refusal continues for a period of five Business Days after
written notice from the Administrative Agent; provided that if such Lender cures such failure or
refusal, such Lender shall cease to be a Defaulting Lender.

     “Default Rate” means the interest rate which may apply during the continuance of a Default
pursuant to Section 2.12.

     “Deposit Accounts” means the collateral accounts to be maintained by KeyBank pursuant to the
Account Agreements, and any replacement or substitution accounts thereafter established with the
prior written consent of Administrative Agent.

     “Depository Banks” means National City Bank and JP Morgan Chase Bank, N.A., as depositories
and holders of the DDR Accounts, and any subsequent or replacement holders thereof.

     “Developable Land” means land which is appropriately zoned, has access to all necessary
utilities and has access to publicly dedicated streets.

     “Distribution” means with respect to any Person, the declaration or payment of any cash
dividend or distribution on or in respect of any shares of any class of capital stock or other
beneficial interest of such Person; the purchase, redemption, exchange or other retirement by such
Person of any shares of any class of capital stock or other beneficial interest of such Person,
directly or indirectly through a Subsidiary of such Person or otherwise; the return of capital by
such Person to its shareholders, members or partners as such; or any other distribution on or in
respect of any shares of any class of capital stock or other beneficial interest of such Person.

     “Environmental Laws” means any and all foreign, Federal, state, local or municipal laws,
rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental
Authority or other Requirements of Law (including common law) regulating, relating to or imposing
liability or standards of conduct concerning protection of human health or the environment, as now
or may at any time hereafter be in effect, in each case to the extent the foregoing are applicable
to the Borrower or any Subsidiary or any of their respective assets or Projects.

     “Environmental Risk Property” means a Project which individually would not satisfy the
representations and warranties set forth in Section 5.19.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any rule or regulation issued thereunder.

     “Equity Value” means, with respect to a Subsidiary owned and in operation for a period of two
or more consecutive full fiscal quarters after the Agreement Execution Date, by the Borrower or one
of its other Subsidiaries, an amount equal to (A) the product of (i) the sum of net income (or
loss) for the most recent two consecutive fiscal quarters without giving effect to depreciation and
amortization, gains or losses from extraordinary items, gains or losses on sales of real estate,
and gains or losses on investments in marketable securities for such period, plus

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the amount of interest expense for such period on the aggregate principal amount of the
Indebtedness of such Subsidiary, multiplied by (ii) two, divided by (B) 0.0775, and
then minus (C) Indebtedness of the Subsidiary as of the date of determination. For any
Subsidiary not owned and in operation for two fiscal quarters, until it or its Properties have been
owned and operated by the Borrower or one of its other Subsidiaries for two or more consecutive
full fiscal quarters, “Equity Value” shall mean the Borrower’s estimated annual Net Operating
Income for the Projects owned by such Subsidiary based on leases in existence at the date such
Subsidiary is formed or purchased divided by 0.0775, and then minus the
Indebtedness of such Subsidiary as of the date of determination.

     “Excess Funds” means any and all funds that are released, distributed or otherwise paid from
an Account or under a Cash Management Agreement to, or for the benefit of, Borrower or any
Subsidiary of Borrower which are attributable to Pledged Distributions Properties.

     “Excluded Subject Property” is defined within the definition of Secured Facility Net Operating
Income.

     “Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the
Administrative Agent, taxes imposed on its overall net income, and franchise taxes imposed on it,
by any jurisdiction with taxing authority over the Lender.

     “Extension Request” is defined in Section 2.2.

     “Federal Funds Effective Rate” means, for any day, an interest rate per annum 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 for such day (or, if
such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day which is a Business Day, the
average of the quotations at approximately 10 a.m. (Cleveland time) on such day on such
transactions received by the Administrative Agent from three Federal funds brokers of recognized
standing selected by the Administrative Agent in its sole discretion.

     “Financeable Ground Lease” means, a ground lease satisfactory to the Required Lenders and the
Administrative Agent’s counsel in their reasonable discretion, which must provide protections for a
potential leasehold mortgagee (“Mortgagee”) which include, among other things (i) a
remaining term, including any optional extension terms exercisable unilaterally by the tenant, of
no less than 25 years from the Agreement Execution Date, (ii) that the ground lease will not be
terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity
to cure or complete foreclosure, and has failed to do so, (iii) provision for a new lease on the
same terms to the Mortgagee as tenant if the ground lease is terminated for any reason, (iv)
non-merger of the fee and leasehold estates, (v) transferability of the tenant’s interest under the
ground lease without any requirement for consent of the ground lessor unless based on reasonable
objective criteria as to the creditworthiness or line of business of the transferee or delivery of
customary assignment and assumption agreements from the transferor and transferee, and (vi) that
insurance proceeds and condemnation awards (from the fee interest as well as the leasehold
interest) will be applied pursuant to the terms of the applicable leasehold mortgage.

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     “Financial Contract” of a Person means (i) any exchange — traded or over-the-counter futures,
forward, swap or option contract or other financial instrument with similar characteristics, or
(ii) any Rate Management Transaction.

     “Financial Undertaking” of a Person means (i) any transaction which is the functional
equivalent of or takes the place of borrowing but which does not constitute a liability on the
consolidated balance sheet of such Person, or (ii) any agreements, devices or arrangements designed
to protect at least one of the parties thereto from the fluctuations of interest rates, exchange
rates or forward rates applicable to such party’s assets, liabilities or exchange transactions,
including, but not limited to, interest rate exchange agreements, forward currency exchange
agreements, interest rate cap or collar protection agreements, forward rate currency or interest
rate options.

     “First Mortgage Receivable” means any Indebtedness owing to a member of the Consolidated Group
which is secured by a first-priority mortgage or deed of trust on commercial real estate having a
value in excess of the amount of such Indebtedness and which has been designated by the Borrower as
a “First Mortgage Receivable” in its most recent compliance certificate.

     “Fitch” means Fitch Investor Services, Inc. and its successors.

     “Fixed Charges” shall mean, for any period, the sum of (i) Consolidated Interest Expense, (ii)
all scheduled principal payments due on account of Consolidated Outstanding Indebtedness (excluding
balloon payments), (iii) all dividends payable on account of preferred stock or preferred operating
partnership units of the Borrower or any other Person in the Consolidated Group and (iv) all ground
lease payments to the extent not deducted as an expense in calculating Consolidated Cash Flow.

     “Fixed Rate” means the LIBOR Rate.

     “Fixed Rate Borrowing” means a Borrowing which bears interest at a Fixed Rate.

     “Fixed Rate Loan” means a Loan which bears interest at a Fixed Rate.

     “Floating Rate” means, for any day, a rate per annum equal to the sum of (i) the Alternate
Base Rate for such day and (ii) ABR Applicable Margin for such day, in each case changing when and
as the Alternate Base Rate changes.

     “Floating Rate Borrowing” means a Borrowing which bears interest at the Floating Rate.

     “Floating Rate Loan” means a Loan which bears interest at the Floating Rate.

     “Funded Percentage” means, with respect to any Lender at any time, a percentage equal to a
fraction the numerator of which is the amount actually disbursed and outstanding to Borrower by
such Lender at such time, and the denominator of which is the total amount disbursed and
outstanding to Borrower by all of the Lenders at such time.

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     “Funds From Operations” means, for any period, the sum of (i) Consolidated Net Income for such
period, excluding (A) gains (losses) on sales of property, (B) non-recurring charges and
extraordinary items, and (C) non-cash charges (including, without limitation, depreciation and
amortization, and equity gains (losses) from each Investment Affiliate included therein, but
excluding any amortization of deferred finance costs), plus (ii) the applicable Consolidated Group
Pro Rata Share of funds from operations of each Investment Affiliate that is due to the
Consolidated Group for such period, all determined on a consistent basis. With regard to the
foregoing sentence, for each consolidated Subsidiary of the Borrower in which the Borrower does not
directly or indirectly hold a 100% ownership interest, each of clauses (A), (B) and (C) shall
exclude the prorata share of such item attributable to minority interest holders which do not hold
operating partnership units convertible to stock in the Borrower.

     “GAAP” means generally accepted accounting principles in the United States of America as in
effect from time to time, applied in a manner consistent with that used in preparing the financial
statements referred to in Section 6.1.

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

     “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any
obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person
(including, without limitation, any bank under any Letter of Credit) to induce the creation of
which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation,
in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other
obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any
obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary
obligation or any property constituting direct or indirect security therefor, (ii) to advance or
supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (iii) to purchase property, securities or services primarily for
the purpose of assuring the owner of any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided,
however, that the term Guarantee Obligation shall not include endorsements of instruments
for deposit or collection in the ordinary course of business. The amount of any Guarantee
Obligation of any guaranteeing person shall be deemed to be the maximum stated amount of the
primary obligation relating to such Guarantee Obligation (or, if less, the maximum stated liability
set forth in the instrument embodying such Guarantee Obligation), provided, that in the
absence of any such stated amount or stated liability, the amount of such Guarantee Obligation
shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as
determined by the Borrower in good faith.

     “Implied Debt Service” means, as of any date of determination, the annual Debt Service of the
Borrower and the Subject Property Owners that would be payable on a loan having an outstanding
principal balance equal to the sum of (a) the Loans (less the amount of cash on

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deposit in the Cash Collateral Account, if any), and (b) the Subject Property Indebtedness
(excluding any Subject Property Indebtedness for any Excluded Subject Property), payable on a
thirty (30) year mortgage style amortization schedule and assuming an interest rate equal to the
greater of (i) the then current yield on ten (10) year obligations issued by the United States
Treasury most recently prior to the date of determination plus two percent (2.00%), and (ii) seven
percent (7.00%). The Implied Debt Service shall be determined by Administrative Agent and any such
determination, so long as the same shall be made by Administrative Agent in the exercise of its
good faith business judgment, shall be conclusive and binding absent manifest error.

     “Indebtedness” of any Person at any date means without duplication, (a) all indebtedness of
such Person for borrowed money including without limitation any repurchase obligation or liability
of such Person with respect to securities, accounts or notes receivable sold by such Person, (b)
all obligations of such Person for the deferred purchase price of property or services (other than
current trade liabilities incurred in the ordinary course of business and payable in accordance
with customary practices), to the extent such obligations constitute indebtedness for the purposes
of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or
similar instrument, (d) all Capitalized Lease Obligations, (e) all obligations of such Person in
respect of acceptances issued or created for the account of such Person, (f) all Guarantee
Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the
Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of
primary obligations of any other member of the Consolidated Group), (g) all reimbursement
obligations of such Person for letters of credit and other contingent liabilities, (h) any Net
Mark-to-Market Exposure and (i) all liabilities secured by any lien (other than liens for taxes not
yet due and payable) on any property owned by such Person even though such Person has not assumed
or otherwise become liable for the payment thereof.

     “Instruction Letter” means a letter agreement in the form attached hereto as Exhibit “G”
executed by the applicable Subject Property Owner and sent to the applicable Servicer pursuant
to which such Subject Property Owner has instructed and directs such Servicer to disburse the
Excess Funds to the applicable Deposit Accounts.

     “Interest Period” means a LIBOR Interest Period.

     “Investment” of a Person means any loan, advance (other than commission, travel and similar
advances to officers and employees made in the ordinary course of business), extension of credit
(other than accounts receivable arising in the ordinary course of business on terms customary in
the trade), deposit account or contribution of capital by such Person to any other Person or any
investment in, or purchase or other acquisition of, the stock, partnership interests, notes,
debentures or other securities of any other Person made by such Person.

     “Investment Affiliate” means any Person in which the Consolidated Group, directly or
indirectly, has an ownership interest, whose financial results are not consolidated under GAAP with
the financial results of the Consolidated Group.

     “JDN” means JDN Realty Corporation, a Maryland corporation.

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     “Joint Lead Arrangers” means KeyBanc Capital Markets and Banc of America Securities LLC.

     “Joint Venture” means an Investment by Borrower or any of its Subsidiaries with third persons
in joint ventures, general partnerships, limited partnerships, limited liability companies or any
other business association.

     “KeyBank” means KeyBank National Association, in its individual capacity and its successors.

     “Lenders” means the lending institutions listed on the signature pages of this Agreement,
their respective successors and assigns, any other lending institutions that subsequently become
parties to this Agreement.

     “Lending Installation” means, with respect to a Lender, any office, branch, subsidiary or
affiliate of such Lender.

     “Letter of Credit” of a Person means a letter of credit or similar instrument which is issued
upon the application of such Person or upon which such Person is an account party or for which such
Person is in any way liable.

     “LIBOR Borrowing” means a Borrowing that bears interest at the LIBOR Rate.

     “LIBOR Applicable Margin” means, as of any date with respect to any LIBOR Interest Period, the
Applicable Margin in effect for such LIBOR Interest Period as determined in accordance with
Section 2.4 hereof.

     “LIBOR Base Rate” means, with respect to a LIBOR Borrowing for the relevant LIBOR Interest
Period, the applicable British Bankers’ Association LIBOR rate for deposits in U.S. dollars as
reported by any generally recognized financial information service as of 11:00 a.m. (London time)
two Business Days prior to the first day of such LIBOR Interest Period, and having a maturity equal
to such LIBOR Interest Period, provided that, if no such British Bankers’ Association LIBOR rate is
available to the Administrative Agent, the applicable LIBOR Base Rate for the relevant LIBOR
Interest Period shall instead be the rate determined by the Administrative Agent to be the rate at
which Administrative Agent or one of its Affiliate banks offers to place deposits in U.S. dollars
with first class banks in the London interbank market at approximately 11:00 a.m. (London time) two
Business Days prior to the first day of such LIBOR Interest Period, in the approximate amount of
Administrative Agent’s relevant LIBOR Loan and having a maturity equal to such LIBOR Interest
Period.

     “LIBOR Interest Period” means a period of one, two, three or six months (or such shorter
period as may be approved by the Lenders) commencing on a Business Day selected by the Borrower
pursuant to this Agreement. Such LIBOR Interest Period shall end on (but exclude) the day which
corresponds numerically to such date one, two, three or six months thereafter (or such shorter
period as may be approved by the Lenders), provided, however, that if there is no such numerically
corresponding day in such next, second, third or sixth succeeding month, such LIBOR Interest Period
shall end on the last Business Day of such next, second, third or sixth succeeding month. If a
LIBOR Interest Period would otherwise end on a day which is not a

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Business Day, such LIBOR Interest Period shall end on the next succeeding Business Day,
provided, however, that if said next succeeding Business Day falls in a new calendar month, such
LIBOR Interest Period shall end on the immediately preceding Business Day.

     “LIBOR Loan” means a Loan which bears interest at a LIBOR Rate.

     “LIBOR Rate” means, with respect to a LIBOR Borrowing for the relevant LIBOR Interest Period,
the sum of (i) the quotient of (a) the LIBOR Base Rate applicable to such LIBOR Interest Period,
divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such LIBOR
Interest Period, plus (ii) the LIBOR Applicable Margin in effect from time to time during such
LIBOR Interest Period. The LIBOR Rate shall be rounded to the next higher 1/100 of 1% if the rate
is not a multiple of 1/100 of 1%.

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including, without limitation, the
interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title
retention agreement).

     “Loan” means, with respect to a Lender, such Lender’s portion of any Borrowing.

     “Loan Documents” means this Agreement, the Notes (including the Qualified Borrower Notes), the
Qualified Borrower Guaranty, the Security Documents, the Acknowledgments and any other document
from time to time evidencing or securing indebtedness incurred by the Borrower under this
Agreement, as any of the foregoing may be amended or modified from time to time.

     “Management Fees” means, collectively, all fees and income earned by the Borrower and any of
its Wholly-Owned Subsidiaries for the applicable period in connection with the management,
development, and operation of a Property including, without limitation, all property management
fees, asset management fees, leasing and sales commissions, development fees, construction
management fees, tenant coordination fees, legal fees, accounting fees, tax preparation fees,
consulting fees, and financing or debt placement fees.

     “Material Adverse Effect” means a material adverse effect on (i) the business, Property or
condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, (ii) the
ability of the Borrower or the Assignors to perform their respective obligations under the Loan
Documents, (iii) the validity or enforceability of any of the Loan Documents, (iv) any of the
Collateral, or (v) any of the Subject Properties.

     “Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or
any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or
wastes, defined or regulated as such in or under any Environmental Law, including, without
limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

     “Maturity Date” means June 28, 2008, or if the Maturity Date has been extended pursuant to
Section 2.2, such extended Maturity Date, or such earlier date on which the Loans shall
become due and payable pursuant to the terms hereof.

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     “Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or
from time to time may be contracted for, taken, reserved, charged or received on the indebtedness
evidenced by the Note and as provided for herein or in the Note or other Loan Documents, under the
laws of such state or states whose laws are held by any court of competent jurisdiction to govern
the interest rate provisions of the Loan.

     “Moody’s” means Moody’s Investors Service, Inc. and its successors.

     “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or
any other arrangement to which the Borrower or any member of the Controlled Group is a party to
which more than one employer is obligated to make contributions.

     “Multi Property Entity” is a Subsidiary that owns more than one Project, either directly or
indirectly through the ownership of Capital Stock in another Subsidiary of Borrower, and owns an
interest in any Capital Stock in a Subsidiary of Borrower that owns fee simple title in, or ground
leases an asset that is not an Unencumbered Asset.

     “Negative Pledge Interests” means, collectively, one hundred percent (100%) of the Borrower’s
direct or indirect ownership interests in a Subject Property, other than interests constituting
Pledged Interests.

     “Negative Pledge Entities” means, collectively, the Subsidiaries of Borrower set forth on
Schedule 1.1 and any other Subsidiary of Borrower that becomes a Negative Pledge Entity
after the date hereof pursuant to Section 2A.2 hereof.

     “Negative Pledge Properties” means, collectively, the Subject Properties owned by the Negative
Pledge Entities more particularly described on Schedule 1.1 and any other Subject Property
owned by a Negative Pledge Entity which becomes a Negative Pledge Property after the date hereof
pursuant to Section 2A.2.

     “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess
(if any) of all unrealized losses over all unrealized profits of such Person arising from Rate
Management Transactions or any other Financial Contract. “Unrealized losses” means the fair market
value of the cost to such Person of replacing such Rate Management Transaction or other Financial
Contract as of the date of determination (assuming the Rate Management Transaction or other
Financial Contract were to be terminated as of that date), and “unrealized profits” means the fair
market value of the gain to such Person of replacing such Rate Management Transaction or other
Financial Contract as of the date of determination (assuming such Rate Management Transaction or
other Financial Contract were to be terminated as of that date).

     “Net Operating Income” means, with respect to any Project for any period, “property rental and
other income” (as determined by GAAP) attributable to such Project accruing for such period
minus the amount of all expenses (as determined in accordance with GAAP) incurred in
connection with and directly attributable to the ownership and operation of such Project for such
period, including, without limitation, Property Management Fees and amounts accrued for the payment
of real estate taxes and insurance premiums, but excluding interest expense or other debt service
charges and any non-cash charges such as depreciation or amortization of financing

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costs. As used herein “Property Management Fees”, means, with respect to each Project
for any period, an amount equal to three percent (3%) of the aggregate base rent and percentage
rent due and payable under leases with tenants at such Project.

     “Net Rentable Area” means with respect to any Project, the floor area of any buildings,
structures or improvements thereof (expressed in square feet) available for leasing to tenants, as
determined in accordance with the leases or site plans or leasing plans for such Project, or if
such leases or site plans or leasing plans do not set forth the floor area demised thereunder (or
if such Project is not subject to a lease), then as determined by the Borrower in accordance with
an industry-accepted protocol approved by the Administrative Agent.

     “Non-U.S. Lender” is defined in Section 3.5(iv).

     “Note” means a “Note” as defined in and issued pursuant to the Original Loan Agreement and a
promissory note, in substantially the form of Exhibit A-1 hereto, duly executed by the
Borrower and payable to the order of a Lender, and in the case of a Qualified Borrower, a Qualified
Borrower Note, including in each case any amendment, modification, renewal or replacement of such
promissory note.

     “Notice of Assignment” is defined in Section 12.3.2.

     “Obligations” means the Borrowings and all accrued and unpaid fees and all other obligations
of Borrower and the Assignors to the Administrative Agent or the Lenders, or any of them, arising
under this Agreement or any of the other Loan Documents.

     “OFAC” means Office of Foreign Asset Control of the Department of the Treasury of the United
States of America.

     “Operating Project” means any Project which at any time (i) is an income-producing property in
operating condition and in respect of which no material part thereof has been (a) damaged by fire
or other casualty (unless such damage has been repaired) or (b) condemned (unless such condemnation
has been restored), (ii) is a retail, office or industrial property, and (iii) for which a
certificate of occupancy, whether temporary or permanent, or the functional equivalent thereof, has
been issued for the operating portions of the improvements comprising the same (if required by law
to occupy the same) and are in full force and effect, and “Operating Properties” means all
such Operating Properties, collectively. An Operating Property shall not include any Assets under
Development.

     “Other Taxes” is defined in Section 3.5(ii).

     “Participants” is defined in Section 12.2.1.

     “Partnership” shall have the meaning ascribed to such term in the Assignment of Interests.

     “Passive Non-Real Estate Investments” means stock or other equity interests in or debt of
entities not primarily involved in commercial real estate development or ownership.

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     “Payment Date” means, with respect to the payment of interest accrued on any Borrowing, the
first day of each calendar month.

     “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

     “Percentage” means for each Lender the ratio that such Lender’s Commitment bears to the
Aggregate Commitment, expressed as a percentage.

     “Permitted Acquisitions” are defined in Section 6.14.

     “Permitted Liens” are defined in Section 6.15.

     “Person” means any natural person, corporation, firm, joint venture, partnership, association,
enterprise, trust or other entity or organization, or any government or political subdivision or
any agency, department or instrumentality thereof.

     “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Code as to which the Borrower or any
member of the Controlled Group may have any liability.

     “Pledged Distributions Entities” means, collectively, the Subsidiaries of the Borrower set
forth on Schedule 1.2 and any other Subsidiary of Borrower whose Distributions to Borrower
or a Subsidiary of Borrower become Pledged Distributions Interests after the date hereof pursuant
to Section 2A.2.

     “Pledged Distributions Interests” means, collectively, one hundred percent (100%) of the
Borrower’s or its Subsidiaries’ right, title and interest in and to Distributions received from any
Pledged Distributions Entity and, to the extent not prohibited by the applicable Subject Property
Loan Documents, one hundred percent (100%) of the Borrower’s or its Subsidiaries’ legal, equitable
and beneficial right, title and interest in and to Distributions from any Pledged Distributions
Entity.

     “Pledged Distributions Properties” means, collectively, the Subject Properties directly or
indirectly owned by the Pledged Distributions Entities more particularly described on Schedule
1.2 and any other Subject Property directly or indirectly owned by a Pledged Distributions
Entity which becomes a Pledged Distributions Property after the date hereof pursuant to Section
2A.2.

     “Pledged Entities” means collectively, the Pledged Distributions Entities and the Pledged
Equity Entities.

     “Pledged Equity Entities” means, collectively, the Subsidiaries of Borrower set forth on
Schedule 1.3 and any other Subsidiary of Borrower all or a portion of whose ownership
interests become Pledged Equity Interests after the date hereof pursuant to Section 2A.2.

     “Pledged Equity Funds” is defined within the definition of DDR Accounts.

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     “Pledged Equity Interests” means, collectively, the percentage of the legal, equitable and
beneficial ownership interests in any Subsidiary of Borrower that is a direct or indirect owner of
a Pledged Equity Property that are not subject to any agreement, document or instrument which
prohibits the pledge, assignment and/or transfer of such interests.

     “Pledged Equity Properties” means, collectively, the Subject Properties directly or indirectly
owned by the Pledged Equity Entities more particularly described on Schedule 1.3 and any
other Subject Property directly or indirectly owned by a Pledged Equity Entity which becomes a
Pledged Equity Property after the date hereof pursuant to Section 2A.2.

     “Pledged Interests” means collectively, the Pledged Distributions Interests and the Pledged
Equity Interests, but excluding Negative Pledge Interests.

     “Pledged Properties” means collectively, the Pledged Distributions Properties and the Pledged
Equity Properties.

     “Portfolio Acquisition” means an acquisition by Borrower and/or a Subsidiary of Projects with
an aggregate purchase price in excess of $250,000,000 in a single transaction or series of related
transactions.

     “Potential Properties” means any Projects owned by Borrower or any Subsidiary of Borrower
which are not at the time included as Subject Properties and which consist of Projects which are
capable of becoming Subject Properties upon satisfaction of the conditions set forth in Section
2A.2.

     “Prime Rate” means a rate per annum equal to the prime rate of interest publicly announced
from time to time by Administrative Agent or its parent as its “prime rate”. The Prime Rate is a
reference rate and does not necessarily represent the lowest or best rate being charged to any
customer. Any change in the rate of interest payable hereunder resulting from a change in the
Prime Rate shall become effective as of the opening of business on the day on which such change in
the Prime Rate becomes effective, without notice or demand of any kind. In the event that there is
a successor to the Administrative Agent by merger, or the Administrative Agent assigns its duties
and obligations to an Affiliate, then the term “Prime Rate” as used in this Agreement shall mean
the prime rate, base rate or other analogous rate of the new Administrative Agent.

     “Project” means any real estate asset owned by Borrower or any of its Subsidiaries or any
Investment Affiliate, and operated or intended to be operated as a retail, office or industrial
property.

     “Property” of a Person means any and all property, whether real, personal, tangible,
intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.

     “Puerto Rico Properties” means the Projects known as Rexville Plaza located in Pajaros Ward,
Bayamon, Puerto Rico; El Senorial Shopping Mall located in Monacillos Ward of Rio Piedras, San
Juan, Puerto Rico; Plaza del Atlantico located in Hato Abajo Ward, Arecibo, Puerto Rico; and Plaza
Rio Hondo located in Hato Tejas Ward, Bayamon, Puerto Rico.

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     “Purchasers” is defined in Section 12.3.1.

     “Qualified Borrower” means DDR PR Ventures LLC, S.E. and any other Wholly-Owned Subsidiary of
DDR which has complied with the requirements set forth in Section 2.1 for being a Borrower
hereunder, the Indebtedness of which, in all cases, shall be guaranteed by DDR.

     “Qualified Borrower Guaranty” means a full and unconditional guaranty of payment in the form
of Exhibit “F” attached hereto, enforceable against DDR for the payment of a Qualified
Borrower’s debt or obligation to the Lenders pursuant to this Agreement.

     “Qualified Borrower Note” means a “Qualified Borrower Note” as defined in and issued pursuant
to the Original Loan Agreement and a promissory note, in substantially the same form of Exhibit
“I” hereto, duly executed by the Qualified Borrower and payable to the order of the
Administrative Agent on behalf of a Lender, including any amendment, modification renewal or
replacement of such promissory note.

     “Qualified Jointly-Owned Subsidiary” means a Subsidiary which (i) is not a Wholly-Owned
Subsidiary, and (ii) is governed by organizational documents which expressly authorize the Borrower
or the Wholly-Owned Subsidiary which is its general partner or managing member to cause such
Subsidiary to guaranty, or pledge such Subsidiary’s assets to secure, indebtedness of the Borrower.

     “Rate Management Transaction” means any transaction (including an agreement with respect
thereto) now existing or hereafter entered into by the Borrower which is a rate swap, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, forward transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions) or any combination thereof, whether linked to
one or more interest rates, foreign currencies, commodity prices, equity prices or other financial
measures.

     “Recourse Indebtedness” means any Indebtedness of Borrower or any of its Subsidiaries with
respect to which the liability of the obligor is not limited to the obligor’s interest in specified
assets securing such Indebtedness, subject to customary limited exceptions for certain acts or
types of liability.

     “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor thereto or other regulation or official
interpretation of said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System.

     “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor or other regulation or official interpretation of
said Board of Governors relating to the extension of credit by banks for the purpose of purchasing
or carrying margin stocks applicable to member banks of the Federal Reserve System.

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     “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the
regulations issued under such section, with respect to a Plan, excluding, however, such events as
to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be
notified within 30 days of the occurrence of such event, provided, however, that a failure to meet
the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a
Reportable Event regardless of the issuance of any such waiver of the notice requirement in
accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code.

     “Required Lenders” means Lenders in the aggregate having at least 66 2/3% of the Aggregate
Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding at
least 66 2/3% of the aggregate unpaid principal amount of the outstanding Borrowings.

     “Reserve Requirement” means, with respect to a LIBOR Loan and LIBOR Interest Period, that
percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Federal
Reserve Board or other governmental authority or agency having jurisdiction with respect thereto
for determining the maximum reserves (including, without limitation, basic, supplemental, marginal
and emergency reserves) for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D) maintained by a member bank of the Federal Reserve System.

     “Restricted Interests” means, collectively, the Negative Pledge Interests, the Pledged
Distributions Interests and the Pledged Equity Interests.

     “Restricted Payment” means any dividend or other distribution (whether in cash, securities or
other property) with respect to any Capital Stock in the Borrower or any Subsidiary, or any payment
(whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any
such Capital Stock in the Borrower or any option, warrant or other right to acquire any such
Capital Stock in the Borrower, or any transaction that has a substantially similar effect.

     “Restricted Subsidiaries” means, collectively, the Subsidiaries of Borrower that are direct or
indirect owners of the Subject Properties.

     “Section” means a numbered section of this Agreement, unless another document is specifically
referenced.

     “Secured Facility Net Operating Income” means Net Operating Income attributable to a Subject
Property; provided, that no Subject Property shall be utilized in the calculation of Secured
Facility Net Operating Income (a) if there shall have occurred and be continuing (i) a failure to
pay when due (including any applicable period of grace) any obligation of any borrower or guarantor
to any lender, agent or servicer under any Subject Property Indebtedness with respect to such
Subject Property, or (ii) a failure to observe or perform any term, covenant or agreement under any
of the loan documents evidencing such Subject Property Indebtedness for such period of time as
would permit (assuming the giving of appropriate notice if required) the holder or holders thereof
or of any obligations issued thereunder to accelerate the maturity

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thereof (including, without limitation, the acceleration of any bonds relating to any Subject
Property or demand for payment or reimbursement by any “credit enhancer” or bond issuer) or (b)
upon the occurrence of any of the events described in Sections 7.7 or 7.8 with
respect to Borrower or any Restricted Subsidiary that is the direct or indirect owner of such
Subject Property (such Subject Property being considered an “Excluded Subject Property”).

     “Security Documents” means the Assignments of Interests (and each Assignment of Interests
subsequently delivered pursuant to this Agreement), the Account Agreement and any further
collateral assignments to the Administrative Agent for the benefit of the Lenders, including,
without limitation, any collateral assignments delivered to the Administrative Agent pursuant to
Section 2A.3 and any UCC-1 financing statements delivered or authorized to be filed by the
Administrative Agent in connection with any of the foregoing.

     “Servicer” means any servicer or depository of an Account pursuant to a Cash Management
Agreement.

     “Single Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled
Group for employees of the Borrower or any member of the Controlled Group.

     “S&P” means Standard & Poor’s Ratings Group and its successors.

     “Springing Instruction Letter” means a letter agreement in the form attached hereto as
Exhibit “H” executed by DDR and sent to a Depository Bank, pursuant to which DDR has
instructed and directed such Depository Bank to disburse all funds from time to time in the DDR
Accounts to the applicable Deposit Accounts upon written notice from Administrative Agent of a
Default.

     “Subject Properties” means, collectively, (a) those certain Operating Projects which Borrower
desires to have treated as Subject Properties which (i) are wholly owned in fee simple by the
Borrower or JDN or a direct or indirect wholly owned Subsidiary of the Borrower or JDN (or is the
subject of a Financeable Ground Lease), (ii) are free and clear of all Liens, including any Liens
or on any direct or indirect interest of Borrower or any Subsidiary therein (other than Permitted
Liens), (iii) if owned by any such Subsidiary, the Capital Stock of such Subsidiary that is owned
by the Borrower, any Subsidiary or JDN are not subject to any pledge, negative pledge or security
interest in favor of any Person other than the Administrative Agent, (iv) are not Environmental
Risk Properties, (v) do not have, any title, survey, or other defect thereof which could have a
Material Adverse Effect, (vi) are located within the United States or Puerto Rico, (vii) are not
subject to any Subject Property Loan Documents or Financeable Ground Leases pursuant to which there
has occurred and is continuing a default or event of default, and (viii) have on an aggregate basis
an occupancy level of tenants in possession and operating and which are paying base, minimum or
similar regularly scheduled fixed payments of rent (but not pass-throughs of common area
maintenance charges, operating expenses, taxes, insurance and similar charges) in accordance with
the terms of their leases of at least seventy-five percent (75%) of the Net Rentable Area within
such Subject Properties based on bona fide arms-length tenant leases requiring current rental
payments, (b) any other Operating Project which becomes a Subject Property after the date hereof
pursuant to Section 2A.2 and (c) any other Operating Property which is approved by the
Required Lenders in writing for inclusion as a Subject

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Property in their sole and absolute discretion. On the Agreement Execution Date, the Subject
Properties shall consist of the Operating Projects identified on Schedule 1.1, Schedule
1.2 and Schedule 1.3. Notwithstanding the foregoing, Projects owned directly or
indirectly by JDN shall only be included as Subject Properties to the extent that (i) the Borrower
or a Wholly Owned Subsidiary of the Borrower shall be entitled to receive at least 98.5% of the net
income and gains from the applicable Subject Property and (ii) the Borrower or a Wholly Owned
Subsidiary of the Borrower controls, manages and conducts the business of JDN and owns at least
98.5% of the outstanding stock of JDN.

     “Subject Property Indebtedness” means any Indebtedness secured by a Lien encumbering a Subject
Property which is permitted pursuant to Section 6.15(vi), provided, however, in no event shall
Subject Property Indebtedness include any Indebtedness under the Unsecured Facility.

     “Subject Property Loan Documents” means the agreements, documents and instruments evidencing,
securing or otherwise relating to the Subject Property Indebtedness to which the holder of such
Subject Property Indebtedness is a party or intended beneficiary.

     “Subject Property Owners” means, as of the Agreement Execution Date, the Borrower and the
Wholly Owned Subsidiaries of Borrower and JDN indicated on Schedule 1.1, Schedule
1.2 and Schedule 1.3, as the owners (or ground lessees) of the Subject Properties, and
any other Wholly Owned Subsidiary of the Borrower or JDN that owns fee title to any Project (or the
leasehold interest with respect to any Project that is the subject of a Financeable Ground Lease)
which becomes a Subject Property after the date hereof pursuant to Section 2A.2.

     “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities
having ordinary voting power of which shall at the time be owned or controlled, directly or
indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more
of its Subsidiaries, or (ii) any partnership, association, joint venture or similar business
organization more than 50% of the ownership interests having ordinary voting power of which shall
at the time be so owned or controlled. Unless otherwise expressly provided, all references herein
to a “Subsidiary” shall mean a Subsidiary of the Borrower.

     “Subsidiary Guarantor” means JDN and any other Subsidiary which has delivered a Subsidiary
Guaranty.

     “Subsidiary Guaranty” means a guarantee of all obligations delivered by a Subsidiary if
necessary pursuant to the definition of Unencumbered Assets or Consolidated Secured Indebtedness.

     “Substantial Portion” means, with respect to the Property of the Borrower and its
Subsidiaries, Property which (i) represents more than 10% of the assets of the Consolidated Group
as would be shown in the consolidated financial statements of the Consolidated Group as at the
beginning of the twelve-month period ending with the month immediately preceding the month in which
such determination is made, or (ii) is responsible for more than 10% of the consolidated net sales
or of the consolidated net income of the Consolidated Group as reflected in the financial
statements referred to in clause (i) above.

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     “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings, and any and all liabilities with respect to the foregoing, but excluding
Excluded Taxes and Other Taxes.

     “Transferee” is defined in Section 12.4.

     “Type” means, with respect to any Borrowing, its nature as a Floating Rate Borrowing or LIBOR
Borrowing.

     “Unencumbered Asset” means, subject to clauses (a), (b) and (c) below, any Project and any
Asset Under Development located in the United States, Puerto Rico or an Acceptable Jurisdiction
100% of which is owned in fee simple or ground leased by the Borrower, a Wholly-Owned Subsidiary or
a Qualified Jointly-Owned Subsidiary (provided that a Project which is ground leased shall be
included as an Unencumbered Asset only if such ground lease is a Financeable Ground Lease) which,
as of any date of determination, is not subject to any Liens, claims or restrictions on
transferability or assignability of any kind (including any such Lien, claim or restriction imposed
by the organizational documents of any Subsidiary) other than (i) Permitted Liens set forth in
Sections 6.15(i) through 6.15(iv)), and (ii) restrictions on transferability in the case of
a Qualified Jointly-Owned Subsidiary.

     (a) No Project or Asset Under Development will be an Unencumbered Asset if Borrower, the owner
of such Project or Asset Under Development (an “Unencumbered Asset Ownership Entity”) or any
Subsidiary that is in the direct chain of ownership between any Borrower and the Unencumbered Asset
Ownership Entity (a “Relevant Subsidiary”) is subject to any agreement (including (i) any agreement
governing Indebtedness and (ii) if applicable, the organizational documents of Borrower, any
Relevant Subsidiary or Unencumbered Asset Ownership Entity) that prohibits or limits the ability of
the Borrower, the Unencumbered Asset Ownership Entity or any Relevant Subsidiary to create, incur,
assume or suffer to exist any Lien upon that Project or Asset Under Development or upon the Capital
Stock of the Unencumbered Asset Ownership Entity, or any Relevant Subsidiary, including, without
limitation, any negative pledge or similar covenant or restriction.

     (b) No Project or Asset Under Development will be an Unencumbered Asset if the Unencumbered
Asset Ownership Entity or any Relevant Subsidiary is subject to any agreement (including any
agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such
asset) that entitles any Person to the benefit of any Lien (other than Permitted Liens set forth in
Sections 6.15(i) through 6.15(iv)) on any assets or Capital Stock of the Unencumbered Asset
Ownership Entity or any Relevant Subsidiary or would entitle any Person to the benefit of any Lien
(other than Permitted Liens set forth in Sections 6.15(i) through 6.15(iv)) on such assets or
Capital Stock upon the occurrence of any contingency (including, without limitation, pursuant to an
“equal and ratable” clause), except, in each case, for (x) Liens upon the assets of a
Multi-Property Entity, provided such assets are not Unencumbered Assets, and (y) Liens on the
Capital Stock of Subsidiaries of a Multi-Property Entity that do not directly or indirectly own
Unencumbered Assets.

     (c) No Project or Asset Under Development will be an Unencumbered Asset unless the
Unencumbered Asset Ownership Entity and each Relevant Subsidiary (to the extent such

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entity is not a Subsidiary Guarantor) does not have any Indebtedness for borrowed money or any
Guarantee Obligations, other than (A) Guarantee Obligations or Indebtedness for which recovery is
limited to a Project or Asset Under Development that is not an Unencumbered Asset or the Capital
Stock of an entity that owns a Project or Asset Under Development that is not an Unencumbered
Asset, or (B) Guarantee Obligations for nonrecourse carveouts, completion guarantees or
environmental guarantees provided that the obligations described in this clause (B) shall be
permitted only if the Unencumbered Asset Ownership Entity or the Relevant Subsidiary that has the
Guarantee Obligation is a Qualified Borrower or has executed a Subsidiary Guaranty.
Notwithstanding the foregoing, during the first sixty (60) days following the Agreement Execution
Date only, a Multi-Property Entity may have Indebtedness for borrowed money or Guarantee
Obligations without disqualifying a Project or Asset Under Development owned, directly or
indirectly, by such Multi-Property Entity from being an Unencumbered Asset.

     “Unfunded Liabilities” means the amount (if any) by which the present value of all vested
nonforfeitable benefits under all Single Employer Plans exceeds the fair market value of all such
Plan assets allocable to such benefits, all determined as of the then most recent valuation date
for such Plans.

     “Unmatured Default” means an event which but for the lapse of time or the giving of notice, or
both, would constitute a Default.

     “Unrestricted Cash and Cash Equivalents” means, in the aggregate, all cash and Cash
Equivalents which are not pledged or otherwise restricted for the benefit of any creditor and which
are owned by members of the Consolidated Group or Investment Affiliates, to be valued for purposes
of this Agreement at (i) 100% of its then-current book value, as determined under GAAP, for any
such items owned by a member of the Consolidated Group or (ii) the applicable Consolidated Group
Pro Rata Share of its then-current book value, as determined under GAAP, for any such items owned
by an Investment Affiliate.

     “Unsecured Credit Agreement” means that certain Seventh Amended and Restated Credit Agreement
dated as of June ___, 2006, between JPMorgan Chase Bank, N.A., individually and as administrative
agent, the other lenders from time to time parties thereto and Borrower, as the same may be
modified, increased, amended or restated from time to time.

     “Unsecured Facility” means that certain $1,200,000,000 revolving credit facility pursuant to
the Unsecured Credit Agreement, as the same may be modified, increased, amended or restated from
time to time.

     “Unsecured Indebtedness” means all Indebtedness of any person that is not secured by a Lien on
any asset of such Person.

     “Value of Subject Properties” means, as of any date, the sum of the amount determined by
dividing the Secured Facility Net Operating Income for each Project which is a Subject Property
(excluding the Secured Facility Net Operating Income for any Acquisition Asset which is a Subject
Property) as of such date for a calculation period which shall be either the immediately preceding
two (2) full fiscal quarters or, if so requested by Borrower or the Administrative Agent, the one
(1) immediately preceding full fiscal quarter and the then current

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partial quarter (in all cases as annualized) by 0.075. If a Project is no longer owned as of
the date of determination, then no value shall be included from such Project. In the event that
(a) the Borrower or a Subsidiary of the Borrower shall not have owned a Subject Property for the
entire previous two (2) fiscal quarters or (b) a Subject Property consists of an Asset Under
Development that became an Operating Property during the previous two (2) fiscal quarters, then for
the purposes of determining the Value of Subject Properties with respect to such Subject Property,
the Secured Facility Net Operating Income for such Subject Property for the period that Borrower or
such Subsidiary of Borrower has owned such Subject Property with respect to (a) above, or the
period during which such Subject Property consisted of an Operating Property with respect to (b)
above, shall be annualized in a manner reasonably satisfactory to the Administrative Agent.
Notwithstanding the foregoing and with respect to any Acquisition Asset which is a Subject
Property, each such Acquisition Asset shall be valued at the lower of its acquisition cost or
market value, as determined in accordance with GAAP.

     “Value of Unencumbered Assets” means, as of any date, the sum of (A) the amount determined by
dividing the Net Operating Income for each Project which is an Unencumbered Asset (excluding the
Net Operating Income for any Acquisition Asset which is an Unencumbered Asset) as of such date for
a calculation period which shall be either the immediately preceding two (2) full fiscal quarters
or, if so requested by Borrower or the Administrative Agent, the one (1) immediately preceding full
fiscal quarter and the then current partial quarter (in all cases as annualized) by 0.0775
(provided that not more than fifteen percent (15%) of the Value of Unencumbered Assets with respect
to Projects shall be attributable to Unencumbered Assets which are ground leased and not more than
fifteen percent (15%) of the Value of Unencumbered Assets shall be attributable to Unencumbered
Assets not located in the United States or Puerto Rico), plus (B) cash from like-kind exchanges on
deposit with a qualified intermediary, provided that the aggregate amount added to the Value of
Unencumbered Assets under this clause (B) shall not exceed ten percent (10%) of the total Value of
Unencumbered Assets, plus (C) the amount by which the value of Unrestricted Cash and Cash
Equivalents exceeds $10,000,000, plus (D) the value of Assets Under Development which are
Unencumbered Assets, provided that the aggregate amount added to Value of Unencumbered Assets under
this clause (D) shall not exceed ten percent (10%) of the total Value of Unencumbered Assets, plus
(E) the then-current value under GAAP of all First Mortgage Receivables (excluding the portion of
any First Mortgage Receivables for which the ratio of the principal balance of the loan to the
value of the Project securing repayment of such First Mortgage Receivable exceeds eighty-five
percent (85%); provided, however, that such ratio shall be determined (i) by Borrower in good faith
and (ii) at the time the First Mortgage Receivable is created) provided that the aggregate amount
added to Value of Unencumbered Assets under this clause (E) shall not exceed ten percent (10%) of
the total Value of Unencumbered Assets plus (F) the then-current book value, as determined in
accordance with GAAP, of Developable Land which is an Unencumbered Asset, provided that the
aggregate amount added to Value of Unencumbered Assets under this clause (F) shall not exceed five
percent (5%) of the total Value of Unencumbered Assets, plus (G) the amount determined by taking
seventy-five percent (75%) of the amount of Management Fees received by the Borrower or a
Wholly-Owned Subsidiary for a calculation period which shall be either the immediately preceding
two (2) full fiscal quarters or, if so requested by Borrower or the Administrative Agent, the one
(1) immediately preceding full fiscal quarter and the then current partial quarter (in all cases as
annualized) and dividing such amount by 0.20, plus (H) the value of each Acquisition Asset that is
an Unencumbered Asset determined in the

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same manner as is set forth in the definition of Consolidated Capitalization Value. At no
time shall the aggregate amount added to Value of Unencumbered Assets under clauses (B), (D), (E),
(F), and (G) exceed fifteen percent (15%) of the total Value of Unencumbered Assets, provided that
such percentage may be up to twenty percent (20%) for up to two quarters during the term of the
Loan. If a Project is no longer owned as of the date of determination, then no value shall be
included from such Project.

     “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding voting
securities of which shall at the time be owned or controlled, directly or indirectly, by such
Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more
Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, association, joint venture or
similar business organization 100% of the ownership interests having ordinary voting power of which
shall at the time be so owned or controlled.

     The foregoing definitions shall be equally applicable to both the singular and plural forms of
the defined terms.

ARTICLE II

THE CREDIT

     2.1 Commitments; Increase in Aggregate Commitment. Subject to the terms and
conditions of this Agreement, Lenders severally and not jointly agree to make a Borrowing through
the Administrative Agent to Borrower on the Agreement Execution Date in an aggregate principal
amount equal to such Lender’s Percentage of the Aggregate Commitment. The Borrowing may be a
ratable Floating Rate Borrowing or ratable Fixed Rate Borrowings. Each Lender shall fund its
Percentage of such Borrowing and no Lender will be required to fund any amounts in excess of such
Lender’s then-current Commitment.

     DDR shall give Administrative Agent thirty (30) days prior notice of its intention to have a
Wholly-Owned Subsidiary of DDR designated as a Qualified Borrower (other than DDR PR Ventures LLC,
S.E.). Following receipt of such a notice, Administrative Agent agrees to promptly notify the
Lenders of Borrower’s intention to have such Wholly-Owned Subsidiary of DDR designated as an
additional Qualified Borrower. As a condition to such Wholly-Owned Subsidiary of DDR (other than
DDR PR Ventures LLC, S.E.) becoming a Qualified Borrower, DDR shall have obtained Administrative
Agent’s prior written consent, which consent may be withheld by Administrative Agent in its sole
and absolute discretion. As a condition to any Borrowing to a Qualified Borrower (including DDR PR
Ventures LLC, S.E.), (a) such Qualified Borrower shall have executed and delivered a Qualified
Borrower Note to Administrative Agent for the benefit of each of the Lenders, (b) DDR shall have
executed and delivered a Qualified Borrower Guaranty relating to amounts to be borrowed by such
Qualified Borrower, and (c) Administrative Agent shall have received the items specified in
Schedule 5 attached hereto with respect to such Qualified Borrower. If a Wholly-Owned
Subsidiary of DDR is approved by Administrative Agent as a Qualified Borrower and such Subsidiary
satisfies the foregoing conditions, this Agreement shall be deemed modified such that at any place
where the term “Borrower” currently appears, such provision shall be modified to also include and
apply to any

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such Qualified Borrower, as the context may require, and any reference to a “Note” shall
include and apply to any Qualified Borrower Note, as the context may require.

     A Qualified Borrower shall have the right to request Borrowings, subject to all of the same
terms and conditions as are applicable to the Borrower, provided, however, that Administrative
Agent shall determine, in its sole and absolute discretion, the maximum amount of Borrowings that
each such Qualified Borrower may request, such maximum amount to be reflected on Schedule 6
to this Agreement.

     Following the giving of any notice designating a Qualified Borrower, if such designation
obligates the Administrative Agent or any Lender to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is not already available
to it, the Borrower shall, promptly upon the request of the Administrative Agent or any Lender,
supply such documentation and other evidence as is reasonably requested by the Administrative Agent
or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it
has complied with the results of all necessary “know your customer” or other similar checks under
all applicable laws and regulations.

     If DDR shall designate as a Qualified Borrower hereunder any Subsidiary not organized under
the laws of the United States or any State thereof or Puerto Rico, any Lender may, with notice to
the Administrative Agent and DDR, fulfill its Commitment by causing an Affiliate of such Lender to
act as the Lender in respect of such Qualified Borrower (and such Lender shall, to the extent of
Borrowings made to such Qualified Borrower, be deemed for all purposes hereof to have pro tanto
assigned such Borrowings and participations to such Affiliate) provided that either such Affiliate
is a permitted assignee pursuant to Section 12.3 or such Lender is not released from its
funding obligations if such Affiliate fails to fund.

     The Aggregate Commitment may be increased from time to time by the addition of a new Lender or
the increase of the Commitment of an existing Lender with the consent of only the Borrower, the
Administrative Agent, and the new or existing Lender providing such additional Commitment so long
as the Aggregate Commitment does not exceed $500,000,000. Any such increase in the Aggregate
Commitment shall be conditioned upon the contemporaneous addition of Potential Properties as
Subject Properties in accordance with Section 2A.2 and upon satisfaction of the
requirements for additional Borrowings pursuant to Section 2.9 and 4.2. Such increases
shall be evidenced by the execution and delivery of an Amendment Regarding Increase in the form of
Exhibit K attached hereto by the Borrower, the Administrative Agent and the new Lender or
existing Lender providing such additional Commitment (the “Increase Notice”), a copy of which shall
be forwarded to each Lender by the Administrative Agent promptly after execution thereof. The
amount of the requested increase shall be set forth in the Increase Notice. Notwithstanding the
foregoing, (i) no increase in the Aggregate Commitment may occur after the date which is thirty-six
(36) months following the Agreement Execution Date, and (ii) each such increase shall not be less
than $25,000,000. On the effective date of each such increase in the Aggregate Commitment, the
Borrower and the Administrative Agent shall cause the new or existing Lenders providing such
increase to hold its or their Percentage of all ratable Borrowings outstanding at the close of
business on such day, by either funding more than its or their Percentage of new ratable Borrowings
made on such date or purchasing shares of outstanding ratable Loans held by the other Lenders or a
combination thereof. The Lenders agree to

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cooperate in any required sale and purchase of outstanding ratable Borrowings to achieve such
result. Borrower agrees to pay all fees associated with the increase in the Aggregate Commitment
including any amounts due under Section 3.4 in connection with any reallocation of LIBOR
Borrowings.

Additionally, each such Commitment increase shall be further conditioned upon satisfaction of the
following:

     (a) On the date such Increase Notice is given and on the date such increase becomes
effective, both immediately before and after the Aggregate Commitment is increased, there
shall exist no Default or Unmatured Default; and

     (b) The representations and warranties made by the Borrower in the Loan Documents or
otherwise made by or on behalf of the Borrower in connection therewith or after the date
thereof shall have been true and correct in all material respects when made and shall also
be true and correct in all material respects on the date of such Increase Notice and on the
date the Aggregate Commitment is increased, both immediately before and after the Aggregate
Commitment is increased; and

     (c) The Borrower shall also execute and deliver to Administrative Agent and the Lenders
such additional documents, instruments, certifications and opinions as the Administrative
Agent may require in its reasonable discretion, including, without limitation, replacement
Notes, any amendments to the Loan Documents as Administrative Agent may reasonably deem
necessary or appropriate, and a Compliance Certificate demonstrating compliance with the
covenants set forth in Section 6.18(ix), (x) and (xi) and
representations and warranties set forth in the Loan Documents after giving effect to the
increase, and the Borrower shall upon demand pay the cost of any updated UCC searches, all
recording costs and fees, and any and all intangible taxes or other documentary or transfer
taxes, assessments or charges or any similar fees, taxes or expenses which are demanded in
connection with such increase.

      2.2 Final Principal Payment and Extension of Maturity Date. Any outstanding
Borrowings and all other unpaid Obligations shall be paid in full by the Borrower on the Maturity
Date. Provided no Default or Unmatured Default has occurred and is continuing, Borrower shall have
the option to extend the term of the Loan beyond the initial Maturity Date for two (2) successive
terms (each, an “Extension Option”) of one (1) year each to (x) the Payment Date occurring in June
28, 2009, and (y) the Payment Date occurring in June 28, 2010, respectively, by submitting a
request for an extension to the Administrative Agent (an “Extension Request”) no more than 90 and
no fewer than 30 days prior to the then applicable Maturity Date and, as to each Extension Option,
upon payment to Lender of all reasonable costs incurred by Lender in connection with such
extension, whether the extension actually occurs or not. Promptly upon receipt of an Extension
Request, the Administrative Agent shall notify each Lender of the Extension Request. It shall be
an additional condition precedent to each extension of the Maturity Date pursuant hereto that (a)
the Borrower shall have paid to the Administrative Agent for the ratable benefit of the Lenders, on
or before the then applicable Maturity Date a fee equal to 0.15% of the Aggregate Commitment and
(b) the Borrower shall have executed and delivered to Administrative Agent a Compliance Certificate
demonstrating compliance with all

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covenants set forth in Section 6.18(ix), (x) and (xi) and
representations and warranties set forth in the Loan Documents after giving effect to such
extension.

     2.3 Ratable and Nonratable Loans. Each Borrowing hereunder shall consist of Loans
made from the several Lenders ratably in proportion to their respective Percentages except as
otherwise provided in Section 2.1 with respect to an increase in the Aggregate Commitment.

     2.4 Applicable Margins. Each of the ABR Applicable Margin and the LIBOR Applicable
Margin to be used in calculating the interest rate applicable to different Types of Borrowings
shall vary from time to time in accordance with the higher of Borrower’s then applicable Moody’s
debt rating and S&P’s debt rating unless one of such two ratings is more than one rating category
lower than the other, in which case the Applicable Margins shall be based on the rating category
which is between such two ratings (or if there is more than one rating category in between the two
ratings, the higher of such categories shall apply). The Applicable Margins shall be adjusted
effective on the next Business Day following any change in Borrower’s Moody’s debt rating and/or
S&P’s debt rating, as the case may be. The applicable debt ratings and the Applicable Margins are
set forth in the following table:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	LIBOR	 	ABR
	 	 	 	 	 	 	 	 	Applicable	 	Applicable
	S&P Rating	 	Moody’s Rating	 	Margin	 	Margin
	A- or higher	 	A3 or higher	 	 	0.60	%	 	 	0.15	%
	BBB+	 	Baa1	 	 	0.75	%	 	 	0.15	%
	BBB	 	Baa2	 	 	0.85	%	 	 	0.175	%
	BBB-	 	Baa3	 	 	1.00	%	 	 	0.20	%
	Less than BBB-	 	Less than Baa3	 	 	1.40	%	 	 	0.50	%

In the event that either S&P or Moody’s shall discontinue their ratings of the REIT industry or the
Borrower, the Borrower may seek a debt rating from another substitute rating agency reasonably
satisfactory to the Administrative Agent and the Borrower. For the period from the date of such
discontinuance until the first to occur of (i) the date the Borrower receives a debt rating from
such new rating agency or (ii) a date 180 days after such discontinuance, the single rating from
S&P or Moody’s, as the case may be, shall be used to determine the Applicable Margin. If the debt
rating of the Borrower from such new rating agency is not received within such 180 day period, or
if both S&P and Moody’s shall discontinue their ratings of the REIT industry or the Borrower, the
Applicable Margin to be used for the calculation of interest on Borrowings hereunder shall be the
highest Applicable Margin for each Type.

     If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable
Margin or the LIBOR Applicable Margin and if such increase is reversed and the affected Applicable
Margin is restored within ninety (90) days thereafter, at Borrower’s request, Borrower shall
receive a credit against interest next due the Lenders equal to interest accrued at

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the differential between such Applicable Margins accruing from time to time during such period
of downgrade or discontinuance.

     If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR
Applicable Margin and if such upgrade is reversed and the affected Applicable Margin is restored
within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders
equal to the interest differential on the Borrowings during such period of upgrade.

     2.5 Administrative Agent’s Fee. The Borrower shall pay to the Administrative Agent,
for the Administrative Agent’s own account, an Administrative Agent’s fee as set forth in the
Agreement Regarding Fees. The Administrative Agent’s fee shall be payable quarterly in arrears on
the first day of each calendar quarter for the immediately preceding calendar quarter or portion
thereof. The Administrative Agent’s fee shall also be paid upon the Maturity Date. The
Administrative Agent’s fee for any partial calendar quarter shall be prorated.

     2.6 Other Fees. The Borrower agrees to pay all fees payable to the Administrative
Agent and the Arranger pursuant to the Agreement Regarding Fees.

     2.7 [Intentionally Omitted.]

     2.8 Optional Principal Payments. The Borrower may from time to time pay, without
penalty or premium, all or any part of outstanding Floating Rate Borrowings without prior notice to
the Administrative Agent. A Fixed Rate Borrowing may be paid on the last day of the applicable
Interest Period or, if and only if the Borrower pays any amounts due to the Lenders under
Sections 3.4 and 3.5 as a result of such prepayment, on a day prior to such last
day. Any Borrowings prepaid may not be reborrowed.

     2.9 Method of Selecting Types and Interest Periods for New Borrowings. The Borrower
shall select the Type of Borrowing and, in the case of each Fixed Rate Borrowing, the Interest
Period applicable to each Borrowing from time to time. The Borrower shall give the Administrative
Agent irrevocable notice (a “Borrowing Notice”) (i) not later than 8:00 a.m. Cleveland time on the
Borrowing Date of each Floating Rate Borrowing, and (ii) not later than 10:00 a.m. Cleveland time,
at least three (3) Business Days before the Borrowing Date for each LIBOR Borrowing, specifying:

          (i) the Borrowing Date, which shall be a Business Day, of such Borrowing,

          (ii) the aggregate amount of such Borrowing,

          (iii) the Type of Borrowing selected, and

          (iv) in the case of each Fixed Rate Borrowing, the Interest Period applicable thereto.

     The Administrative Agent shall provide a copy to the Lenders by facsimile of each Borrowing
Notice and each Conversion/Continuation Notice not later than the close of business on the Business
Day it is received (except for a Borrowing Notice for a Floating Rate Borrowing

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on the same day, Administrative Agent shall provide the notice to the other Lenders by 9:00
a.m. (Cleveland time) on such day.) Each Lender shall make available its Loan or Loans, in funds
immediately available in Cleveland to the Administrative Agent at its address specified pursuant to
Article XIII on each Borrowing Date not later than (i) 10:00 a.m. (Cleveland time), in the case of
Floating Rate Borrowings which have been requested by a Borrowing Notice given to the
Administrative Agent not later than 3:00 p.m. (Cleveland time) on the Business Day immediately
preceding such Borrowing Date, or (ii) noon (Cleveland time) in the case of all other Borrowings.
The Administrative Agent will make the funds so received from the Lenders available to the Borrower
at the Administrative Agent’s aforesaid address.

     No Interest Period may end after the Maturity Date and, unless the Lenders otherwise agree in
writing, in no event may there be more than ten (10) different Interest Periods for LIBOR
Borrowings outstanding at any one time.

     2.10 Conversion and Continuation of Outstanding Borrowings. Floating Rate Borrowings
shall continue as Floating Rate Borrowings unless and until such Floating Rate Borrowings are
converted into Fixed Rate Borrowings. Each Fixed Rate Borrowing of any Type shall continue as a
Fixed Rate Borrowing of such Type until the end of the then applicable Interest Period therefor, at
which time such Fixed Rate Borrowing shall automatically convert into a Fixed Rate Borrowing with a
LIBOR Interest Period of one month, until the Borrower provides the Administrative Agent with a
Conversion/Continuation Notice requesting that, at the end of such Interest Period, such
Fixed Rate Borrowing either continue as a Fixed Rate Borrowing of such Type for the same or another
Interest Period or be converted to a Borrowing of another Type. The Borrower may elect from time
to time to convert all or any part of a Borrowing of any Type into any other Type or Types of
Borrowings; provided that any conversion of any Fixed Rate Borrowing shall be made on, and only on,
the last day of the Interest Period applicable thereto and any conversion of a Borrowing shall be
in the minimum amount of $1,000,000 (and in multiples of $100,000 if in excess thereof). The
Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/Continuation
Notice”) of each conversion of a Borrowing to a Fixed Rate Borrowing or continuation of a Fixed
Rate Borrowing (other than with respect to an automatic conversion as set forth above) not later
than 10:00 a.m. (Cleveland time) at least one Business Day, or three Business Days, in the case of
a conversion into a LIBOR Borrowing or continuation of a LIBOR Borrowing having an Interest Period
of other than one month, prior to the date of the requested conversion or continuation, specifying:

          (i) the requested date which shall be a Business Day, of such conversion or
continuation;

          (ii) the aggregate amount and Type of the Borrowing which is to be converted or
continued; and

          (iii) the amount and Type(s) of Borrowing(s) into which such Borrowing is to be
converted or continued and, in the case of a conversion into or continuation of a Fixed Rate
Borrowing having a LIBOR Interest Period other than one month, the duration of the Interest
Period applicable thereto.

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     2.11 Changes in Interest Rate, Etc. Each Floating Rate Borrowing shall bear interest
on the outstanding principal amount thereof, for each day from and including the date such
Borrowing is made or is converted from a Fixed Rate Borrowing into a Floating Rate Borrowing
pursuant to Section 2.10 to but excluding the date it becomes due or is converted into a
Fixed Rate Borrowing pursuant to Section 2.10 hereof, at a rate per annum equal to the
Floating Rate for such day. Changes in the rate of interest on that portion of any Borrowing
maintained as a Floating Rate Borrowing will take effect simultaneously with each change in the
Alternate Base Rate. Each Fixed Rate Borrowing shall bear interest from and including the first
day of the Interest Period applicable thereto to (but not including) the last day of such Interest
Period at the interest rate determined as applicable to such Fixed Rate Borrowing.

     2.12 Rates Applicable After Default. Notwithstanding anything to the contrary
contained in Section 2.9 or 2.10, during the continuance of a Default or Unmatured
Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be
revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2
requiring unanimous consent of the Lenders to changes in interest rates), declare that no Borrowing
may be made as, converted into or continued as a Fixed Rate Borrowing. During the continuance of a
Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be
revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2
requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each
Fixed Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the
rate otherwise applicable to such Interest Period plus 2% per annum and (ii) each Floating Rate
Borrowing shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable
to the Floating Rate Borrowing plus 2% per annum.

     2.13 Method of Payment.

          (i) All payments of the Obligations hereunder shall be made, without setoff, deduction,
or counterclaim, in immediately available funds to the Administrative Agent at the
Administrative Agent’s address specified pursuant to Article XIII, or at any other
Lending Installation of the Administrative Agent specified in writing by the Administrative
Agent to the Borrower, by noon (Cleveland time) on the date when due and shall be applied
ratably by the Administrative Agent among the Lenders.

          (ii) As provided elsewhere herein, all Lenders’ interests in the Borrowings and the
Loan Documents shall be ratable undivided interests and none of such Lenders’ interests
shall have priority over the others. Each payment delivered to the Administrative Agent for
the account of any Lender or amount to be applied or paid by the Administrative Agent to any
Lender shall be paid promptly (on the same day as received by the Administrative Agent if
received prior to noon (Cleveland time) on such day and otherwise on the next Business Day)
by the Administrative Agent to such Lender in the same type of funds that the Administrative
Agent received at its address specified pursuant to Article XIII or at any Lending
Installation specified in a notice received by the Administrative Agent from such Lender.
Payments received by the Administrative Agent but not timely funded to the Lenders shall
bear interest payable by the Administrative Agent at the Federal Funds Effective Rate from
the date due until the date paid. The Administrative Agent is hereby authorized to charge
the account of the

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Borrower maintained with KeyBank for each payment of principal, interest and fees as it
becomes due hereunder.

     2.14 Notes; Telephonic Notices. Each Lender is hereby authorized to record the
principal amount of each of its Loans and each repayment on the schedule attached to its Note,
provided, however, that the failure to so record shall not affect the Borrower’s obligations under
such Note. The Borrower hereby authorizes the Lenders and the Administrative Agent to extend,
convert or continue Borrowings, effect selections of Types of Borrowings and to transfer funds
based on telephonic notices made by any Authorized Officer. The Borrower agrees to deliver
promptly to the Administrative Agent a written confirmation, if such confirmation is requested by
the Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer.
If the written confirmation differs in any material respect from the action taken by the
Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall
govern absent manifest error.

     2.15 Interest Payment Dates; Interest and Fee Basis. Interest accrued on each
Borrowing shall be payable on each Payment Date, commencing with the first such date to occur after
the date hereof, and at maturity, whether by acceleration or otherwise. Interest shall be
calculated for actual days elapsed on the basis of a 360-day year. Interest shall be payable for
the day a Borrowing is made but not for the day of any payment on the amount paid if payment is
received prior to noon (local time) at the place of payment. If any payment of principal of or
interest on a Borrowing shall become due on a day which is not a Business Day, such payment shall
be made on the next succeeding Business Day and, in the case of a principal payment, such extension
of time shall be included in computing interest in connection with such payment.

     2.16 Notification of Borrowings, Interest Rates and Prepayments. The Administrative
Agent will notify each Lender of the contents of each Borrowing Notice, Conversion/Continuation
Notice, and repayment notice received by it hereunder not later than the close of business on the
Business Day such notice is received by the Administrative Agent (or such earlier time as is
required by Section 2.9). The Administrative Agent will notify each Lender of the interest
rate applicable to each Fixed Rate Borrowing promptly upon determination of such interest rate and
will give each Lender prompt notice of each change in the Alternate Base Rate.

     2.17 Lending Installations. Subject to Section 3.6, each Lender may book its
Loans at any Lending Installation selected by such Lender and may change its Lending Installation
from time to time. All terms of this Agreement shall apply to any such Lending Installation and
the Notes shall be deemed held by each Lender for the benefit of such Lending Installation. Each
Lender may, by written or telex notice to the Administrative Agent and the Borrower, designate a
Lending Installation through which Loans will be made by it and for whose account Loan payments are
to be made.

     2.18 Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a
Lender, as the case may be, notifies the Administrative Agent prior to the time at which it is
scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds
of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the
Administrative Agent for the account of the Lenders, that it does not intend to make such

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payment, the Administrative Agent may assume that such payment has been made. The
Administrative Agent may, but shall not be obligated to, make the amount of such payment available
to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the
case may be, has not in fact made such payment to the Administrative Agent, the recipient of such
payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount
so made available together with interest thereon in respect of each day during the period
commencing on the date such amount was so made available by the Administrative Agent until the date
the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of
payment by a Lender, the Federal Funds Effective Rate for such day or (ii) in the case of payment
by the Borrower, the interest rate applicable to the relevant Loan. If such Lender so repays such
amount and interest thereon to the Administrative Agent within one Business Day after such demand,
all interest accruing on the Loan not funded by such Lender during such period shall be payable to
such Lender when received from the Borrower.

     2.19 Replacement of Lenders under Certain Circumstances. The Borrower shall be
permitted to replace any Lender which (a) is not capable of receiving payments without any
deduction or withholding of United States federal income tax pursuant to Section 3.5, or
(b) cannot maintain its Fixed Rate Loans at a suitable Lending Installation pursuant to Section
3.3, with a replacement bank or other financial institution; provided that (i) such
replacement does not conflict with any applicable legal or regulatory requirements affecting the
Lenders, (ii) no Default or (after notice thereof to Borrower) no Unmatured Default shall have
occurred and be continuing at the time of such replacement, (iii) the Borrower shall repay (or the
replacement bank or institution shall purchase, at par) all Loans and other amounts owing to such
replaced Lender prior to the date of replacement, (iv) the Borrower shall be liable to such
replaced Lender under Sections 3.4 and 3.6 if any Fixed Rate Loan owing to such
replaced Lender shall be prepaid (or purchased) other than on the last day of the Interest Period
relating thereto, (v) the replacement bank or institution, if not already a Lender, and the terms
and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent,
(vi) the replaced Lender shall be obligated to make such replacement in accordance with the
provisions of Section 12.3 (provided that the Borrower shall be obligated to pay the
processing fee referred to therein), (vii) until such time as such replacement shall be
consummated, the Borrower shall pay all additional amounts (if any) required pursuant to
Section 3.5 and (viii) any such replacement shall not be deemed to be a waiver of any
rights which the Borrower, the Administrative Agent or any other Lender shall have against the
replaced Lender.

     2.20 [Intentionally Omitted.]

     2.21 [Intentionally Omitted.]

     2.22 [Intentionally Omitted.]

     2.23 [Intentionally Omitted.]

     2.24 Application of Moneys Received. All moneys collected or received by the
Administrative Agent on account of the facility directly or indirectly, shall be applied in the
following order of priority:

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          (i) to the payment of all reasonable costs incurred in the collection of such moneys of
which the Administrative Agent shall have given notice to the Borrower;

          (ii) to the reimbursement of any yield protection due to any of the Lenders in
accordance with Section 3.1;

          (iii) to the payment of all fees to the Administrative Agent;

          (iv) first to interest then due to the Lenders until paid in full and then to principal
for all Lenders (other than Defaulting Lenders) in accordance with the Percentages of the
Lenders until principal is paid in full;

          (v) any other sums due to the Administrative Agent or any Lender under any of the Loan
Documents; and

          (vi) to the payment of any sums due to each Defaulting Lender as their respective
Percentages appear (provided that Administrative Agent shall have the right to set-off
against such sums any amounts due from such Defaulting Lender).

       2.25 Usury. This Agreement and each Note are subject to the express condition that at
no time shall Borrower be obligated or required to pay interest on the principal balance of the
Loan at a rate which could subject any Lender to either civil or criminal liability as a result of
being in excess of the Maximum Legal Rate. If by the terms of this Agreement or the Loan
Documents, Borrower is at any time required or obligated to pay interest on the principal balance
due hereunder at a rate in excess of the Maximum Legal Rate, the interest rate or the Default Rate,
as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all
previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in
reduction of principal and not on account of the interest due hereunder. All sums paid or agreed
to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall,
to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout
the full stated term of the Loan until payment in full so that the rate or amount of interest on
account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect
and applicable to the Loan for so long as the Loan is outstanding.

ARTICLE IIA

COLLATERAL SECURITY; RESTRICTED INTERESTS.

       2A.1 Collateral. The obligations of the Borrower under the Loan Documents shall be
secured by (i) a perfected first priority lien or security title and security interest to be held
by the Administrative Agent for the benefit of the Lenders in the Collateral, and (ii) such
additional collateral, if any, as the Administrative Agent for the benefit of the Lenders from time
to time may accept as security for the obligations of the Borrower under the Loan Documents (a)
with the consent of the Required Lenders, which consent may be given or withheld in the sole
discretion of the Required Lenders, or (b) which is added pursuant to Section 2A.2 or
Section 2A.3.

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       2A.2 Substitution or Addition of Restricted Interests. Provided no Default or
Unmatured Default (other than a Default under Section 6.18(ix), (x) and
(xi) which is being cured as a result of the transactions contemplated by this Section
2A.2 and/or Section 2A.3) shall have occurred hereunder or under the other Loan
Documents and be continuing (or would exist immediately after giving effect to the transactions
contemplated by this Section 2A.2 and/or Section 2A.3), the Borrower from time to
time may include certain Potential Properties owned by Borrower or Wholly Owned Subsidiaries of
Borrower or JDN as additional Subject Properties for the purpose of replacing existing Subject
Properties or providing additional Subject Properties. Notwithstanding the foregoing, no Potential
Properties shall be included as additional Subject Properties unless and until the following
conditions precedent shall have been satisfied:

     (a) Borrower shall have indicated to Administrative Agent in writing whether such
proposed Potential Properties are intended to be Pledged Equity Properties, Pledged
Distribution Properties or Negative Pledge Properties, provided, however, that such
Potential Property shall only be included as a Negative Pledge Property to the extent that
the applicable Subject Property Loan Documents prohibit such Potential Property from
becoming a Pledged Equity Property or a Pledged Distributions Property, and further
provided, that such Potential Property shall only be included as a Pledged Distributions
Property to the extent that the applicable Subject Property Loan Documents prohibit such
Potential Property from becoming a Pledged Equity Property;

     (b) such Potential Properties shall qualify as Subject Properties;

     (c) the Potential Property shall be owned, directly or indirectly, one hundred percent
(100%) by Borrower or a direct or indirect wholly owned Subsidiary of Borrower or JDN and
Borrower or a wholly owned Subsidiary of Borrower shall have (i) total control over all
decisions regarding the Potential Property (other than with respect to a Potential Property
owned by JDN) (including the operation, financing and disposition thereof) or (ii) the
possession, directly or indirectly, of the power to direct or cause the direction of
management and policies of the entities to which such Potential Property relates, whether
through the ownership of voting securities, ownership interests, by contract or otherwise,
with respect to Potential Property owned directly or indirectly by JDN;

     (d) Administrative Agent shall have received and approved (i) the organizational
structure and organizational documents for the direct and indirect owners of such Potential
Property and (ii) the operating statements with respect to such Potential Property;

     (e) there shall be no security interests in, liens on, or other encumbrances affecting
such Potential Property or the Borrower’s and its Subsidiaries’ direct and indirect
interests therein except security interests, liens and encumbrances expressly permitted
under Section 6.15, and there shall be no restriction or prohibition on the pledge,
assignment and/or transfer of the applicable Pledged Interests, including, without
limitation, under the applicable Subject Property Loan Documents;

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     (f) solely with respect to Potential Properties intended to constitute Pledged
Interests Properties, each of the representations set forth in the Assignment of Interests
to be executed pursuant to (g) below and in Section 5.21 of this Agreement shall be
true and correct;

     (g) solely with respect to Potential Properties intended to constitute Pledged
Properties, Borrower and any applicable Subsidiary of Borrower shall have executed and
delivered to the Administrative Agent all instruments, documents, or agreements, including
an Assignment of Interests in substantially the same form as the Assignment of Interests
delivered to Administrative Agent on the date hereof (with such changes as Administrative
Agent may reasonably deem necessary or advisable with respect to Potential Properties
constituting Distributions Interests Properties), Acknowledgments in substantially the same
form as the Acknowledgments delivered to Administrative Agent on the date hereof and Uniform
Commercial Code financing statements and membership, partnership and stock certificates and
blank transfer powers, as the Administrative Agent shall deem reasonably necessary or
desirable to obtain and perfect a first priority security interest in, or lien on, the
interests related to such Potential Property which are intended to constitute Pledged
Interests;

     (h) with respect to Potential Properties intended to constitute (i) Pledged Equity
Properties pursuant to which the Pledged Equity Interests being pledged consist of less than
one hundred percent (100%) of the Capital Stock of such Assignor and (ii) Negative Pledge
Properties (to the extent not prohibited by the applicable Subject Property loan Documents),
DDR shall have delivered to Administrative Agent an Account Agreement and a Springing
Instruction Letter in form and substance satisfactory to Administrative Agent and Uniform
Commercial Code financing statements and other documents, as the Administrative Agent shall
deem reasonably necessary or desirable to obtain and perfect a first priority security
interest in, or lien on, the Pledged Equity Funds related to such Potential Property;

     (i) with respect to Potential Properties intended to constitute Pledged Distributions
Properties, the applicable Subject Property Owner shall have executed and delivered to the
Administrative Agent an Account Agreement and an Instruction Letter in form and substance
satisfactory to Administrative Agent and Uniform Commercial Code financing statements and
other documents, as the Administrative Agent shall deem reasonably necessary or desirable to
obtain and perfect a first priority security interest in, or lien on, the Excess Funds
related to such Potential Property, provided, however, that notwithstanding anything
contained herein to the contrary, Administrative Agent may agree to accept, in its sole and
absolute discretion, a lien on Borrower’s interests in certain accounts maintained by
depository institutions for the benefit of DDR with respect to rental and other income
distributed to DDR which is attributable to such Potential Property and a Springing
Instruction Letter related thereto in lieu of a lien on Excess Funds and an Instruction
Letter related thereto with respect to any such Potential Property which is intended to
constitute a Pledged Distributions Property;

     (j) prior to or contemporaneously with such addition or substitution, the Borrower
shall submit to Administrative Agent a Compliance Certificate demonstrating

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that after giving effect to such addition or substitution, no Default or Unmatured
Default shall exist with respect to Section 6.18(ix), (x) and (xi)
(and Administrative Agent shall promptly forward a copy of such Compliance Certificate to
the Lenders);

     (k) the Administrative Agent, on behalf of the Lenders, shall have received any
certificates, opinions or other information or documentation with respect to the applicable
Potential Property and related proposed Pledged Interest(s) (if any) as the Administrative
Agent, shall deem reasonably necessary or desirable; and

     (l) after giving effect to the inclusion of such Potential Properties as Subject
Properties, the Borrower shall be in compliance with all covenants contained herein and in
the other Loan Documents.

       If all of the foregoing conditions precedent shall have been satisfied, each such Potential
Property shall be deemed a Subject Property and a Pledged Equity Property, Pledged Distributions
Property or Negative Pledge Property (consistent with Borrower’s designation pursuant to clause (a)
above), and Administrative Agent may unilaterally amend Schedule 1.1, Schedule 1.2
and Schedule 1.3, as applicable, to give effect to such addition and/or substitution and
the Lenders shall be deemed, without taking any action, to have waived any violation of the
covenants set forth in Section 6.18(ix), (x) and (xi) that Borrower cures
by means of the inclusion of such Potential Properties as Subject Properties.

       2A.3 Cash Collateral Account. In the event that (a) the Borrower desires to sell or
refinance a Subject Property and such sale or refinance would result in a Default or Unmatured
Default under Section 6.18(ix), (x) or (xi) hereunder immediately after giving effect to such sale
or refinance, (b) Borrower desires to cure a Default or Unmatured Default under Section 6.18(ix),
(x) or (xi) hereunder, or (c) Borrower desires to replace a Subject Property with cash collateral,
Borrower may establish with the Administrative Agent for the benefit of the Lenders a “cash
collateral” account of the Borrower (“Cash Collateral Account”) into which Borrower may elect to
deposit cash to be included in the calculation of Borrower’s compliance with Sections 6.18(ix),
(x) and (xi) hereof. The Borrower hereby grants a security interest in the Cash Collateral
Account and all amounts held therein from time to time (the “Cash Collateral”) to the
Administrative Agent for the benefit of the Lenders to secure the Obligations. The Borrower shall
execute and deliver to Administrative Agent for the account of the Lenders, such further documents
and instruments as Administrative Agent may request to evidence the creation and perfection of such
security interest in the Cash Collateral Account and the Cash Collateral (including, without
limitation, a Cash Collateral Account Agreement in form and substance reasonably satisfactory to
Administrative Agent). Only the Administrative Agent shall have access to the Cash Collateral
Account and the Cash Collateral. If all of the foregoing conditions have been satisfied, the Cash
Collateral shall be included as Collateral hereunder and the Lenders shall be deemed to have waived
any violation of the covenants set forth in Sections 6.18(ix), (x) or (xi) that Borrower
cures by means of the inclusion of such Cash Collateral as Collateral hereunder. So long as there
does not exist a continuing Default, to the extent that all or a portion of the Cash Collateral
deposited in the Cash Collateral Account is not needed to maintain the Borrower’s compliance with
Sections 6.18(ix), (x) and (xi) hereof, the Borrower may request in writing that
Administrative Agent return the portion of such Cash Collateral not required to maintain such
compliance with Sections 6.18(ix), (x) and (xi) (the “Excess Cash Collateral”).

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Administrative Agent shall promptly return the Excess Cash Collateral to Borrower upon
Administrative Agent’s receipt of such request and Administrative Agent’s agreement with the
calculations set forth therein. Upon the occurrence of a Default (and during the continuance
thereof), at the direction of the Required Lenders, the Administrative Agent may declare a portion
of the principal balance of the Loans equal to any amounts then on deposit in the Cash Collateral
Account to be due and payable without demand. Such amounts shall be withdrawn from the Cash
Collateral Account by the Administrative Agent and shall be applied to the Obligations.
Additionally, in the event that Borrower has not replaced any such Cash Collateral deposited in the
Cash Collateral Account by adding Potential Properties as additional Subject Properties in
accordance with Section 2A.2 within ninety (90) days after the deposit of such Cash
Collateral in the Cash Collateral Account, Administrative Agent may withdraw such Cash Collateral
from the Cash Collateral Account and apply such funds to the Obligations.

       2A.4 Sale of a Subject Property. Provided no Default or Unmatured Default shall have
occurred hereunder or under the other Loan Documents and be continuing (or would exist immediately
after giving effect to the transactions contemplated by this Section 2A.4 and transactions
simultaneously occurring under Section 2A.2 and/or 2A.3, if any), a Subject
Property Owner may from time to time sell, transfer or otherwise convey a Subject Property (or the
Borrower or a Subsidiary may sell, transfer or convey the direct or indirect interests in such
Subject Property Owner) or enter into a Joint Venture pursuant to which Borrower no longer owns
directly or indirectly 100% of the interests in a Subject Property Owner (or at least 98.5% with
respect to a Subject Property Owner directly or indirectly owned by JDN), provided that such sale,
transfer, conveyance or consummation of such a Joint Venture shall be upon the following terms and
conditions:

     (a) The Borrower shall deliver to the Administrative Agent written notice of the desire
to consummate each such sale, transfer, conveyance or Joint Venture on or before the date
that is five (5) Business Days prior to the date on which each such sale, transfer,
conveyance or Joint Venture is to be effected;

     (b) On or before the date that is five (5) Business Days prior to the date of such
sale, transfer or conveyance or the consummation of such Joint Venture, the Borrower shall
submit to Administrative Agent a Compliance Certificate demonstrating that after giving
effect to (i) such sale, transfer or conveyance or Joint Venture and (ii) the prepayment
described in (c) below or the deposit of the cash collateral with Administrative Agent
described in (c) below, if any, no Default or Unmatured Default shall exist with respect to
Section 6.18(ix), (x) or (xi); and

     (c) To the extent required to remain in compliance with Borrower’s covenant set forth
in Section 6.18(ix), (x) or (xi) the Borrower shall, on or before such sale,
transfer or conveyance or the consummation of such Joint Venture, either (a) provide
additional Subject Properties pursuant to and in accordance with Section 2A.2
necessary to remain in compliance with Borrower’s covenant set forth in Section
6.18(ix), (x) or (xi), (b) pay to the Administrative Agent for the account of the
Lenders, which payment shall be applied to reduce the outstanding principal balance of the
Loans, a release price for such Property in an amount necessary to remain in compliance with
Borrower’s covenant set forth in Section 6.18(ix), (x) or (xi) or (c) deposit with
Administrative Agent cash

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collateral in accordance with Section 2A.3 in an amount necessary to remain in
compliance with Borrower’s covenants set forth in Section 6.18(ix), (x) and (xi).
Such payments shall be applied to reduce the outstanding principal balance of the Loans;
provided, that the Borrower shall not be required to make a payment which would reduce the
principal balance below zero.

       After giving effect to such sale, transfer or conveyance or Joint Venture, the underlying
Project that was the subject of such sale, transfer or conveyance or Joint Venture shall no longer
be a Subject Property, and Administrative Agent may unilaterally amend Schedule 1.1,
Schedule 1.2 and Schedule 1.3, as applicable to give effect to such sale, transfer,
conveyance or Joint Venture.

       2A5. Release of Pledged Interest. Provided no Default or Unmatured Default shall have
occurred hereunder or under the other Loan Documents and be continuing (or would exist immediately
after giving effect to the transactions contemplated by this Section 2A.5), the
Administrative Agent shall release a Pledged Interest from the lien or security title of the
Security Documents encumbering the same, subject to and upon the following terms and conditions:

     (a) The Borrower shall deliver to the Administrative Agent written notice of the desire
to obtain such release on or before the date which is five (5) Business Days prior to the
date on which each such release is to be effected;

     (b) On or before the date which is five (5) Business Days prior to the date of such
release, the Borrower shall submit to Administrative Agent a Compliance Certificate
demonstrating that after giving effect to (i) such release and (ii) the prepayment described
in (c) below or the deposit of the cash collateral with Administrative Agent described in
(c) below, if any, no Default or Unmatured Default shall exist with respect to Section
6.18(ix), (x) or (xi); and

     (c) To the extent required to remain in compliance with Borrower’s covenants set forth
in Section 6.18(ix), (x) or (xi) the Borrower shall, simultaneously with or prior to
such release, either (a) provide additional Subject Properties pursuant to and in accordance
with Section 2A.2 necessary to remain in compliance with Borrower’s covenants set
forth in Section 6.18(ix), (x) or (xi), (b) pay to the Administrative Agent for the
account of the Lenders, which payment shall be applied to reduce the outstanding principal
balance of the Loans, a release price for such Property in an amount necessary to remain in
compliance with Borrower’s covenants set forth in Section 6.18(ix), (x) or (xi) or
(c) deposit with Administrative Agent cash collateral in accordance with Section
2A.3 in an amount necessary to remain in compliance with Borrower’s covenants set forth
in Section 6.18(ix), (x) and (xi). Such payments shall be applied to reduce the
outstanding principal balance of the Loans; provided, that the Borrower shall not be
required to make a payment which would reduce the principal balance below zero.

       After giving effect to such release, the underlying Project that was the subject of such
release shall no longer be a Subject Property, and Administrative Agent may unilaterally amend
Schedule 1.1, Schedule 1.2 and Schedule 1.3, as applicable to give effect
to such release.

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ARTICLE III

CHANGE IN CIRCUMSTANCES

       3.1 Yield Protection. If, on or after the date of this Agreement, the adoption of any
law or any governmental or quasi-governmental rule, regulation, policy, guideline or directive
(whether or not having the force of law), or any change in the interpretation or administration
thereof by any governmental or quasi-governmental authority, central bank or comparable agency
charged with the interpretation or administration thereof, or compliance by any Lender or
applicable Lending Installation with any request or directive (whether or not having the force of
law) of any such authority, central bank or comparable agency:

          (i) subjects any Lender or any applicable Lending Installation to any Taxes, or changes
the basis of taxation of payments (other than with respect to Excluded Taxes) to any Lender
in respect of its LIBOR Loans, or

          (ii) imposes or increases or deems applicable any reserve, assessment, insurance
charge, special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by, any Lender or any applicable Lending Installation (other
than reserves and assessments taken into account in determining the interest rate applicable
to Fixed Rate Borrowings), or

          (iii) imposes any other condition the result of which is to increase the cost to any
Lender or any applicable Lending Installation of making, funding or maintaining its Fixed
Rate Loans, or reduces any amount receivable by any Lender or any applicable Lending
Installation in connection with its Fixed Rate Loans, or requires any Lender or any
applicable Lending Installation to make any payment calculated by reference to the amount of
Fixed Rate Loans held or interest received by it, by an amount deemed material by such
Lender as the case may be,

and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending
Installation, as the case may be, of making or maintaining its Fixed Rate Loans or Commitment or to
reduce the return receivable by such Lender or applicable Lending Installation, as the case may be,
in connection with such Fixed Rate Loans, Commitment or participations therein, then, within 30
days of demand by such Lender, the Borrower shall pay such Lender, such additional amount or
amounts as will compensate such Lender for such increased cost or reduction in amount receivable.

     3.2 Changes in Capital Adequacy Regulations. If a Lender in good faith determines the
amount of capital required or expected to be maintained by such Lender, any Lending Installation of
such Lender or any corporation controlling such Lender is increased as a result of a Change (as
hereinafter defined), then, within 30 days of demand by such Lender, the Borrower shall pay such
Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of
such increased capital which such Lender in good faith determines is attributable to this
Agreement, the Loans or its obligation to make Loans, as the case may be, hereunder (after taking
into account such Lender’s policies as to capital adequacy). “Change” means (i) any change
after the date of this Agreement in the Risk-Based Capital Guidelines (as

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hereinafter defined) or (ii) any adoption of or change in any other law, governmental or
quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or
not having the force of law) after the date of this Agreement which affects the amount of capital
required or expected to be maintained by any Lender or any Lending Installation or any corporation
controlling any Lender. “Risk-Based Capital Guidelines” means (i) the risk-based capital
guidelines in effect in the United States on the date of this Agreement, including transition
rules, and (ii) the corresponding capital regulations promulgated by regulatory authorities outside
the United States implementing the July 1988 report of the Basle Committee on Banking Regulation
and Supervisory Practices Entitled “International Convergence of Capital Measurements and Capital
Standards,” including transition rules, and any amendments to such regulations adopted prior to the
date of this Agreement.

     3.3 Availability of Types of Borrowings. If any Lender in good faith determines that
maintenance of any of its Fixed Rate Loans at a suitable Lending Installation would violate any
applicable law, rule, regulation or directive, whether or not having the force of law, the
Administrative Agent shall suspend the availability of the affected Type of Borrowing and require
any Fixed Rate Borrowings of the affected Type to be repaid; or if the Required Lenders in good
faith determine that (i) deposits of a type or maturity appropriate to match fund Fixed Rate
Borrowings are not available, the Administrative Agent shall suspend the availability of the
affected Type of Borrowing with respect to any Fixed Rate Borrowings made after the date of any
such determination, or (ii) an interest rate applicable to a Type of Borrowing does not accurately
reflect the cost of making a Fixed Rate Borrowing of such Type, then, if for any reason whatsoever
the provisions of Section 3.1 are inapplicable, the Administrative Agent shall suspend the
availability of the affected Type of Borrowing with respect to any Fixed Rate Borrowings made after
the date of any such determination. If the Borrower is required to so repay a Fixed Rate
Borrowing, the Borrower may concurrently with such repayment borrow from the Lenders, in the amount
of such repayment, a Loan bearing interest at the Alternate Base Rate.

     3.4 Funding Indemnification. If any payment of a ratable Fixed Rate Borrowing occurs
on a date which is not the last day of the applicable Interest Period, whether because of
acceleration, prepayment or otherwise, or a ratable Fixed Rate Borrowing is not made on the date
specified by the Borrower for any reason other than default by the Lenders or as a result of
unavailability pursuant to Section 3.3, the Borrower will indemnify each Lender for any loss or
cost only if and to the extent that a Lender requests such indemnification from the Borrower
incurred by it resulting therefrom (determined by the Agent at a Lender’s request as set forth
below for Fixed Rate Borrowings) (“Breakage Costs”), including, without limitation, any loss or
cost in liquidating or employing deposits acquired to fund or maintain the ratable Fixed Rate
Borrowing, and shall pay all such losses or costs within fifteen (15) days after written demand
therefor. Without limitation of any losses arising from changes in the Fixed Rate adverse to the
Lenders, in no event will the administrative fee payable by the Borrower as a result of such early
payment or failure to make an advance exceed $250 per contract occurrence per Lender (such amount
shall be payable only if and to the extent that a Lender requests such administrative fees from
Borrower) to be billed by the Administrative Agent within ten (10) Business Days following the
applicable quarter end along with Breakage Costs. Breakage Costs for a Fixed Rate Borrowing shall
be determined by the Administrative Agent on behalf of that Lender by multiplying the amount
prepaid by the amount, if any, by which (x) a Fixed Rate for a term

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quoted on page 3750 of the Dow Jones Market Service telerate screen and closest to (but at
least as long as) the remaining duration of the Interest Period as the case may be for the
principal sum being prepaid, and for an amount comparable to such principal sum, is less than (y)
the Fixed Rate in effect for the principal sum being so prepaid, immediately prior to the
prepayment of such sum, all as determined as of the date of the occurrence of the event giving rise
to the Breakage Costs.

       3.5 Taxes.

          (i) All payments by the Borrower to or for the account of any Lender or the
Administrative Agent hereunder or under any Note shall be made free and clear of and without
deduction for any and all Taxes. If the Borrower shall be required by law to deduct any
Taxes from or in respect of any sum payable hereunder to any Lender or the Administrative
Agent, (a) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this
Section 3.5) such Lender or the Administrative Agent (as the case may be) receives
an amount equal to the sum it would have received had no such deductions been made, (b) the
Borrower shall make such deductions, (c) the Borrower shall pay the full amount deducted to
the relevant authority in accordance with applicable law and (d) the Borrower shall furnish
to the Administrative Agent the original copy of a receipt evidencing payment thereof within
30 days after such payment is made.

          (ii) In addition, the Borrower hereby agrees to pay any present or future stamp or
documentary taxes and any other excise or property taxes, charges or similar levies which
arise from any payment made hereunder or under any Note or from the execution or delivery
of, or otherwise with respect to, this Agreement or any Note (“Other Taxes”).

          (iii) The Borrower hereby agrees to indemnify the Administrative Agent and each Lender
for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or
Other Taxes imposed on amounts payable under this Section 3.5) paid by the
Administrative Agent or such Lender and any liability (including penalties, interest and
expenses) arising therefrom or with respect thereto. Payments due under this
indemnification shall be made within 30 days of the date the Administrative Agent or such
Lender makes demand therefor pursuant to Section 3.6.

          (iv) Each Lender that is not incorporated under the laws of the United States of
America or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not more than ten
Business Days after the date of this Agreement, (i) deliver to each of the Borrower and the
Administrative Agent two duly completed copies of United States Internal Revenue Service
Form W-8BEN or W-8ECI (or any successor or other applicable form prescribed by the IRS),
certifying in either case that such Lender is entitled to receive payments under this
Agreement without deduction or withholding of any United States federal income taxes, and
(ii) deliver to each of the Borrower and the Administrative Agent a United States Internal
Revenue Form W-8 or W-9, as the case may be, and certify that it is entitled to an exemption
from United States backup withholding tax. Each Non-U.S. Lender further undertakes to
deliver to each of the

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Borrower and the Administrative Agent (x) renewals or additional copies of such form
(or any successor form) on or before the date that such form expires or becomes obsolete,
and (y) after the occurrence of any event requiring a change in the most recent forms so
delivered by it, such additional forms or amendments thereto as may be reasonably requested
by the Borrower or the Administrative Agent. All forms or amendments described in the
preceding sentence shall certify that such Lender is entitled to receive payments under this
Agreement without deduction or withholding of any United States federal income taxes, unless
an event (including without limitation any change in treaty, law or regulation) has occurred
prior to the date on which any such delivery would otherwise be required which renders all
such forms inapplicable or which would prevent such Lender from duly completing and
delivering any such form or amendment with respect to it and such Lender advises the
Borrower and the Administrative Agent that it is not capable of receiving payments without
any deduction or withholding of United States federal income tax.

          (v) For any period during which a Non-U.S. Lender has failed to provide the Borrower
with an appropriate form pursuant to clause (iv), above (unless such failure is due to a
change in treaty, law or regulation, or any change in the interpretation or administration
thereof by any governmental authority, occurring subsequent to the date on which a form
originally was required to be provided), such Non-U.S. Lender shall not be entitled to
indemnification under this Section 3.5 with respect to Taxes imposed by the United
States.

          (vi) Each Non-U.S. Lender shall promptly notify the Borrower of any event of which it
has knowledge that will result in, and will use reasonable commercial efforts available to
it to mitigate or avoid, any obligation by the Borrower to pay any amount pursuant to
Section 3.5. Without limiting the foregoing, each Non-U.S. Lender will designate a
different funding office if such designation will avoid (or reduce the cost to the Borrower
of) any event described above.

          (vii) If any Lender or the Administrative Agent receives a refund or credit in respect
of any Taxes as to which it has been indemnified by the Borrower or with respect to which
the Borrower has paid additional amounts pursuant to this Section 3.5, such Lender or
Administrative Agent shall within 30 days from the date of such receipt pay over the amount
of such refund or credit to the Borrower, net of all reasonable out-of-pocket expenses of
such Lender or Administrative Agent and without interest (other than interest paid by the
relevant Governmental Authority with respect to such refund or credit); provided, that the
Borrower, upon request of such Lender or Administrative Agent, agrees to repay the amount
paid over to the Borrower (plus penalties, interest or other reasonable charges) to such
Lender or Administrative Agent in the event such Lender or Administrative Agent is required
to repay such refund or credit to such Governmental Authority. This paragraph shall not be
construed to require the Administrative Agent or Lender to make available its tax returns
(or any other information relating to its taxes that it deems confidential) to the Borrower
or any other Person.

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

          (ix) If the U.S. Internal Revenue Service or any other governmental authority of the
United States or any other country or any political subdivision thereof asserts a claim that
the Administrative Agent did not properly withhold tax from amounts paid to or for the
account of any Lender (because the appropriate form was not delivered or properly completed,
because such Lender failed to notify the Administrative Agent of a change in circumstances
which rendered its exemption from withholding ineffective, or for any other reason), such
Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or
indirectly, by the Administrative Agent as tax, withholding therefor, or otherwise,
including penalties and interest, and including taxes imposed by any jurisdiction on amounts
payable to the Administrative Agent under this subsection, together with all costs and
expenses related thereto (including attorneys fees and time charges of attorneys for the
Administrative Agent, which attorneys may be employees of the Administrative Agent). The
obligations of the Lenders under this Section 3.5(vii) shall survive the payment of
the Obligations and termination of this Agreement and any such Lender obligated to indemnify
the Administrative Agent shall not be entitled to indemnification from the Borrower with
respect to such amounts, whether pursuant to this Article or otherwise, except to
the extent the Borrower participated in the actions giving rise to such liability.

       3.6 Lender Statements; Survival of Indemnity. To the extent reasonably possible, each
Lender shall designate an alternate Lending Installation with respect to its Fixed Rate Loans to
reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to
avoid the unavailability of Fixed Rate Borrowings under Section 3.3, so long as such
designation is not, in the reasonable judgment of such Lender, disadvantageous to such Lender.
Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the
Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5.
Such written statement shall set forth in reasonable detail the calculations upon which such Lender
determined such amount and shall be final, conclusive and binding on the Borrower in the absence of
manifest error. Determination of amounts payable under such Sections in connection with a Fixed
Rate Loan shall be calculated as though each Lender funded its Fixed Rate Loan through the purchase
of a deposit of the type and maturity corresponding to the deposit used as a reference in
determining the Fixed Rate applicable to such Loan, whether in fact that is the case or not.
Unless otherwise provided herein, the amount specified in the written statement of any Lender shall
be payable on demand after receipt by the Borrower of such written statement. The obligations of
the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the
Obligations and termination of this Agreement.

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ARTICLE IV

CONDITIONS PRECEDENT

       4.1 Initial Borrowing. The Lenders shall not be required to make the Borrowing on the
Agreement Execution Date hereunder unless (a) the Borrower shall, prior to or concurrently with
such Borrowing, have paid all fees due and payable to the Lenders and the Administrative Agent
hereunder, and (b) the Borrower shall have furnished to the Administrative Agent, with sufficient
copies for the Lenders, the following (the term “Borrower” being deemed to include any Qualified
Borrower as of the Agreement Execution Date):

          (i) The duly executed originals of the Loan Documents, including the Notes, payable to
the order of each of the Lenders (including the Qualified Borrower Note), this Agreement and
the Qualified Borrower Guaranty;

          (ii) (A) Certificates of good standing for each Borrower and each Assignor from the
states of organization of each Borrower and each Assignor, certified by the appropriate
governmental officer and dated not more than thirty (30) days prior to the Agreement
Execution Date, and (B) current foreign qualification certificates for the Borrower and each
Assignor, certified by the appropriate governmental officer, for each jurisdiction in which
the Subject Properties in which it owns an interest are located and in each other
jurisdiction where the failure of the Borrower or any Assignor to so qualify or be licensed
(if required) would have a Material Adverse Effect;

          (iii) Copies of the formation documents (including code of regulations, if appropriate)
of the Borrower, each of the Assignors (and such Assignor’s managing partner, general
partner or managing member) and each Subsidiary of the Assignors that is a direct or
indirect owner of the Subject Properties certified by an officer of the Borrower, such
Assignor and such other owners (or such Assignor’s and such other owner’s managing partner,
general partner or managing member), respectively, together with all amendments thereto;

          (iv) Incumbency certificates, executed by officers of the Borrower and each of the
Assignors (or such Assignor’s managing partner, general partner or managing member), which
shall identify by name and title and bear the signature of the Persons authorized to sign
the Loan Documents on behalf of the Borrower and such Assignor and to make borrowings
hereunder on behalf of the Borrower, upon which certificate the Administrative Agent and the
Lenders shall be entitled to rely until informed of any change in writing by the Borrower;

          (v) Copies, certified by a Secretary or an Assistant Secretary of the Borrower and each
of the Assignors (or such Assignor’s managing partner, general partner or managing member)
of the Board of Directors’ resolutions (and resolutions of other bodies, if any are
reasonably deemed necessary by counsel for any Lender) authorizing the Borrowings provided
for herein, with respect to the Borrower, and the execution, delivery and performance of the
Loan Documents to be executed and delivered by the Borrower and each Assignor hereunder;

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          (vi) A written opinion of the Borrower’s and Assignors’ counsel, addressed to the
Lenders in substantially the form of Exhibit B hereto or such other form as the
Administrative Agent may reasonably approve;

          (vii) A certificate, signed by an officer of the Borrower, stating that on the
Agreement Execution Date no Default or Unmatured Default has occurred and is continuing and
that all representations and warranties of the Borrower are true and correct as of the
Agreement Execution Date provided that such certificate is in fact true and correct;

          (viii) The most recent financial statements of the Borrower and the most recent
operating statements with respect to each Subject Property;

          (ix) UCC financing statement, judgment, and tax lien searches with respect to Borrower,
each Assignor and each other direct and indirect owner of the Subject Properties from their
respective States of organization;

          (x) Written money transfer instructions, in substantially the form of Exhibit E
hereto, addressed to the Administrative Agent and signed by an Authorized Officer, together
with such other related money transfer authorizations as the Administrative Agent may have
reasonably requested;

          (xi) [Intentionally Omitted.]

          (xii) Evidence that all upfront fees due to each of the Lenders under the terms of
their respective commitment letters have been paid, or will be paid out of the proceeds of
the Borrowing made on the Agreement Execution Date;

          (xiii) The duly executed originals of the Security Documents signed by each of the
parties thereto (or receipt by the Administrative Agent from a party thereto of a facsimile
signature page signed by such party which shall have agreed to promptly provide the
Administrative Agent with the originally executed counterparts thereof). Additionally, the
Administrative Agent shall have received, at the Borrower’s expense, evidence in form and
substance satisfactory to the Administrative Agent that the Security Documents are effective
to create in favor of the Administrative Agent, for the benefit of the Lenders, a legal,
valid and enforceable first priority security interest in the Collateral described in the
Security Documents and that all filings, recordings, deliveries of instruments and other
actions necessary or desirable to protect and preserve such security interests have been
duly effected and that any and all consents necessary or desirable with respect to such
security interest, have been received and remain in full force and effect as of the
Agreement Execution Date;

          (xiv) Evidence in form and substance satisfactory to the Administrative Agent, that the
sum of (a) outstanding principal balance of the Loans (less the amount of cash on deposit in
the Cash Collateral Account, if any) on the Agreement Execution Date plus (b) the sum of the
Subject Property Indebtedness as of the Agreement Execution Date, is not greater than
seventy percent (70%) of the then Value of Subject Properties;

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          (xv) A copy of a Springing Instruction Letter duly executed by an authorized officer of
each of the Depository Banks and the Borrower, provided, however, that solely with respect
to the Subject Properties known as Bandera Pointe and University Hills Shopping Center, in
lieu of executing a Springing Instruction Letter, Borrower shall execute an agreement which
provides that upon the occurrence and during the continuation of a Default, Borrower shall
cause all Pledged Equity Funds with respect to such Subject Properties to be deposited
directly into the Deposit Accounts; and

          (xvi) Such other documents as any Lender or its counsel may have reasonably requested,
the form and substance of which documents shall be reasonably acceptable to the parties and
their respective counsel.

       4.2 Each Borrowing. The Lenders shall not be required to make any Borrowing unless on
the applicable Borrowing Date:

          (i) There exists no Default or Unmatured Default; and

          (ii) The representations and warranties contained in Article V are true and
correct as of such Borrowing Date with respect to Borrower and to any Subsidiary in
existence on such Borrowing Date, except to the extent any such representation or warranty
is stated to relate solely to an earlier date, in which case such representation or warranty
shall be true and correct on and as of such earlier date.

       Each Borrowing Notice with respect to each such Borrowing shall constitute a representation
and warranty by the Borrower that the conditions contained in Sections 4.2(i) and
(ii) have been satisfied.

ARTICLE V

REPRESENTATIONS AND WARRANTIES

       The Borrower represents and warrants to the Lenders that:

       5.1 Existence. DDR is a corporation duly organized and validly existing under the
laws of the State of Ohio, with its principal place of business in Beachwood, Ohio and is duly
qualified as a foreign corporation, properly licensed (if required), in good standing and has all
requisite authority to conduct its business in each jurisdiction in which its business is
conducted, except where the failure to be so qualified, licensed and in good standing and to have
the requisite authority would not have a Material Adverse Effect. Each Qualified Borrower is duly
organized and validly existing under the laws of its state of organization, properly licensed (if
required) in good standing, and has requisite authority to conduct its businesses in each
jurisdiction in which its business is conducted except where the failure to be qualified, licensed
and in good standing and to have the requisite authority would not have a Material Adverse Effect.
Each of Borrower’s Subsidiaries is duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization and has all requisite authority to conduct its business in
each jurisdiction in which its business is conducted.

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     5.2 Authorization and Validity. The Borrower and the Assignors have the corporate
power and authority and legal right to execute and deliver the Loan Documents and to perform their
respective obligations thereunder. The execution and delivery by the Borrower and the Assignors of
the Loan Documents and the performance of their respective obligations thereunder have been duly
authorized by proper corporate proceedings, and the Loan Documents constitute legal, valid and
binding obligations of the Borrower and the Assignors enforceable against the Borrower and the
Assignors, respectively, in accordance with their terms, except as enforceability may be limited by
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.

     5.3 No Conflict; Government Consent. Neither the execution and delivery by the
Borrower or the Assignors of the Loan Documents, nor the consummation of the transactions therein
contemplated, nor compliance with the provisions thereof will violate any law, rule, regulation,
order, writ, judgment, injunction, decree or award binding on the Borrower or any of its
Subsidiaries or the Borrower’s or any Subsidiary’s articles of incorporation, by-laws, partnership
agreement, operating agreement or other organizational documents, or the provisions of any
indenture, instrument or agreement to which the Borrower or any of its Subsidiaries is a party or
is subject, or by which it, or its Property, is bound, or conflict with or constitute a default
thereunder, except where such violation, conflict or default would not have a Material Adverse
Effect, or result in the creation or imposition of any Lien in, of or on the Property of the
Borrower or a Subsidiary pursuant to the terms of any such indenture, instrument or agreement
except those in favor of the Administrative Agent under the Security Documents. No order, consent,
approval, license, authorization, or validation of, or filing, recording or registration with, or
exemption by, any governmental or public body or authority, or any subdivision thereof, is required
to authorize, or is required in connection with the execution, delivery and performance of, or the
legality, validity, binding effect or enforceability of, any of the Loan Documents other than the
filing of a copy of this Agreement, or the filing of information concerning this Agreement, with
the Securities and Exchange Commission.

     5.4 Financial Statements; Material Adverse Change. All consolidated financial
statements of the Borrower and its Subsidiaries heretofore or hereafter delivered to the Lenders
were prepared in accordance with GAAP in effect on the preparation date of such statements and
fairly present in all material respects the consolidated financial condition and operations of the
Borrower and its Subsidiaries at such date and the consolidated results of their operations for the
period then ended, subject, in the case of interim financial statements, to normal and customary
year-end adjustments. From the preparation date of the most recent audited financial statements
delivered to the Lenders through the Agreement Execution Date, there was no change in the business,
properties, or condition (financial or otherwise) of the Borrower, its Subsidiaries, the Collateral
and the Subject Properties which could reasonably be expected to have a Material Adverse Effect.

     5.5 Taxes. The Borrower and its Subsidiaries have filed all United States federal tax
returns and all other tax returns which are required to be filed and have paid all taxes due
pursuant to said returns or pursuant to any assessment received by the Borrower or any of its
Subsidiaries except such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided. No tax liens have been filed and remain outstanding (i) with
respect to any of the Collateral Properties or (ii) for amounts in excess of $250,000 with

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respect to Projects other than the Collateral Properties. The charges, accruals and reserves
on the books of the Borrower and its Subsidiaries in respect of any taxes or other governmental
charges are adequate.

     5.6 Litigation and Guarantee Obligations. Except as set forth on Schedule 3
hereto or as set forth in written notice to the Administrative Agent from time to time, there is no
litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the
knowledge of any of their officers, threatened against or affecting the Borrower, any of its
Subsidiaries, the Collateral or the Subject Properties which could reasonably be expected to have a
Material Adverse Effect. Notwithstanding the disclosure of the litigation identified on
Schedule 3 or in a notice to Administrative Agent, unless such disclosure has been approved
by the Required Lenders, the Borrower, based on consultation with its counsel, represents that the
Borrower is unlikely to suffer any material adverse result in such litigation. The Borrower has no
material contingent obligations not provided for or disclosed in the financial statements referred
to in Section 6.1 or as set forth in written notices to the Administrative Agent given from
time to time after the Agreement Execution Date on or about the date such material contingent
obligations are incurred.

     5.7 Subsidiaries. Schedule 4 sets forth the name of, and the ownership
interest of the Borrower and its Subsidiaries in each Assignor and each Subsidiary of such
Assignors, in each case as of the Agreement Execution Date. The shares of each corporate Pledged
Entity held by an Assignor are duly authorized, validly issued, fully paid and nonassessable and
are owned free and clear of any Liens. The interest of each Assignor in each non-corporate Pledged
Entity is owned free and clear of any Liens.

     5.8 ERISA. The Unfunded Liabilities of all Single Employer Plans do not in the
aggregate exceed $1,000,000. Neither the Borrower nor any other member of the Controlled Group has
incurred, or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans in
excess of $250,000 in the aggregate. Each Plan complies in all material respects with all
applicable requirements of law and regulations, no Reportable Event has occurred with respect to
any Plan, neither the Borrower nor any other members of the Controlled Group has withdrawn from any
Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan.

     5.9 Accuracy of Information. All factual information heretofore or contemporaneously
furnished by or on behalf of the Borrower or any of its Subsidiaries to the Administrative Agent or
any Lender for purposes of or in connection with this Agreement or any transaction contemplated
hereby is, and all other such factual information hereafter furnished by or on behalf of the
Borrower or any of its Subsidiaries to the Administrative Agent or any Lender will be, to the
knowledge of Borrower, true and accurate (taken as a whole) on the date as of which such
information is dated or certified and not incomplete by omitting to state any material fact
necessary to make such information (taken as a whole) not misleading in light of the circumstances
and purposes for which such information was provided at such time.

     5.10 Regulation U. The Borrower has not used the proceeds of any Borrowing to buy or
carry any margin stock (as defined in Regulation U) in violation of the terms of this Agreement.

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     5.11 Material Agreements. Neither the Borrower nor any Subsidiary is a party to any
agreement or instrument or subject to any charter or other corporate restriction which could
reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary
is in default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in (i) any agreement to which it is a party, which default could have a
Material Adverse Effect, or (ii) any agreement or instrument evidencing or governing Indebtedness,
which default would constitute a Default hereunder.

     5.12 Compliance With Laws. The Borrower and its Subsidiaries have complied with all
applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign
government or any instrumentality or agency thereof, having jurisdiction over the conduct of their
respective businesses or the ownership of their respective Property, except for any non-compliance
which would not have a Material Adverse Effect. Neither the Borrower nor any Subsidiary has
received any notice to the effect that its operations are not in material compliance with any of
the requirements of applicable federal, state and local environmental, health and safety statutes
and regulations or the subject of any federal or state investigation evaluating whether any
remedial action is needed to respond to a release of any toxic or hazardous waste or substance into
the environment, which non-compliance or remedial action could have a Material Adverse Effect.

     5.13 Ownership of Properties. Except as set forth on Schedule 2 hereto, on
the date of this Agreement, the Borrower and its Subsidiaries have good and marketable title, free
of all Liens other than those permitted by Section 6.15, to all of the Property and assets
reflected in the financial statements as owned by it.

     5.14 Investment Company Act. Neither the Borrower nor any Subsidiary is an
“investment company” or a company “controlled” by an “investment company”, within the meaning of
the Investment Company Act of 1940, as amended.

     5.15 Intentionally Omitted.

     5.16 Solvency. (i) Immediately after the Agreement Execution Date and immediately
following the making of each Loan and after giving effect to the application of the proceeds of
such Loans, (a) the fair value of the assets of the Borrower and its Subsidiaries on a consolidated
basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or
otherwise, of the Borrower and its Subsidiaries on a consolidated basis; (b) the present fair
saleable value of the Property of the Borrower and its Subsidiaries on a consolidated basis will be
greater than the amount that will be required to pay the probable liability of the Borrower and its
Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated, contingent
or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower and
its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (d) the Borrower and its Subsidiaries on a consolidated basis will not have unreasonably small
capital with which to conduct the businesses in which they are engaged as such businesses are now
conducted and are proposed to be conducted after the date hereof.

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          (i) The Borrower does not intend to, or to permit any of its Subsidiaries to, and does
not believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay
such debts as they mature, taking into account the timing of and amounts of cash to be
received by it or any such Subsidiary and the timing of the amounts of cash to be payable on
or in respect of its Indebtedness or the Indebtedness of any such Subsidiary.

       5.17 Insurance. The Borrower and its Subsidiaries carry insurance on their Projects
with financially sound and reputable insurance companies, in such amounts, with such deductibles
and covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar Projects in localities where the Borrower and its Subsidiaries operate, including,
without limitation:

          (i) Property and casualty insurance (including coverage for flood and other water
damage for any Project located within a 100-year flood plain) in the amount of the
replacement cost of the improvements at the Project (to the extent replacement cost
insurance is maintained by companies engaged in similar business and owning similar
properties);

          (ii) Builder’s risk insurance for any Project under construction in the amount of the
construction cost of such Project;

          (iii) Loss of rental income insurance in the amount not less than one year’s gross
revenues from the Projects; and

          (iv) Comprehensive general liability insurance in the amount of $20,000,000 per
occurrence.

       5.18 REIT Status. The Borrower is in good standing on the New York Stock Exchange, is
qualified as a real estate investment trust under Section 856 of the Code and currently is in
compliance in all material respects with all provisions of the Code applicable to the qualification
of the Borrower as a real estate investment trust.

       5.19 Environmental Matters. Each of the following representations and warranties is
true and correct on and as of the Agreement Execution Date except to the extent that the facts and
circumstances giving rise to any such failure to be so true and correct, in the aggregate, could
not reasonably be expected to have a Material Adverse Effect:

     (a) To the best knowledge of the Borrower, the Projects of the Borrower and its
Subsidiaries do not contain any Materials of Environmental Concern in amounts or
concentrations which constitute a violation of, or could reasonably give rise to liability
of the Borrower or any Subsidiary under, Environmental Laws.

     (b) To the best knowledge of the Borrower, (i) the Projects of the Borrower and its
Subsidiaries and all operations at the Projects are in compliance with all applicable
Environmental Laws, and (ii) with respect to all Projects owned by the Borrower and/or its
Subsidiaries (x) for at least two (2) years, have in the last two years,

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or (y) for less than two (2) years, have for such period of ownership, been in
compliance in all material respects with all applicable Environmental Laws.

     (c) Neither the Borrower nor any of its Subsidiaries has received any notice of
violation, alleged violation, non-compliance, liability or potential liability regarding
environmental matters or compliance with Environmental Laws with regard to any of the
Projects, nor does the Borrower have knowledge or reason to believe that any such notice
will be received or is being threatened.

     (d) To the best knowledge of the Borrower, Materials of Environmental Concern have not
been transported or disposed of from the Projects of the Borrower and its Subsidiaries in
violation of, or in a manner or to a location which could reasonably give rise to liability
of the Borrower or any Subsidiary under, Environmental Laws, nor have any Materials of
Environmental Concern been generated, treated, stored or disposed of at, on or under any of
the Projects of the Borrower and its Subsidiaries in violation of, or in a manner that could
give rise to liability of the Borrower or any Subsidiary under, any applicable Environmental
Laws.

     (e) No judicial proceedings or governmental or administrative action is pending, or, to
the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower
or any of its Subsidiaries is or, to the Borrower’s knowledge, will be named as a party with
respect to the Projects of the Borrower and its Subsidiaries, nor are there any consent
decrees or other decrees, consent orders, administrative order or other orders, or other
administrative of judicial requirements outstanding under any Environmental Law with respect
to the Projects of the Borrower and its Subsidiaries.

     (f) To the best knowledge of the Borrower, there has been no release or threat of
release of Materials of Environmental Concern at or from the Projects of the Borrower and
its Subsidiaries, or arising from or related to the operations of the Borrower and its
Subsidiaries in connection with the Projects in violation of or in amounts or in a manner
that could give rise to liability under Environmental Laws.

        5.20 Setoff. The rights of the Administrative Agent and the Lenders with respect to
the Collateral are not subject to any setoff, withholdings or other defenses. The Borrower and the
Assignors are the owners of the Collateral free from any lien, security interest, encumbrance,
setoff or other claim or demand other than Liens expressly permitted pursuant to Section
6.15.

        5.21 Subject Properties. The Projects identified on Schedule 1.1,
Schedule 1.2 and Schedule 1.3 each satisfy the requirements for Subject Properties
set forth in the definition of “Subject Properties”. The Subject Property Loan Documents prohibit
(a) the Negative Pledge Properties from being included as Pledged Equity Properties and Pledged
Distributions Properties, and (b) the Pledged Distributions Properties from being included as
Pledged Equity Properties, and the applicable Assignor has pledged to Administrative Agent as
Collateral all of the right, title and interest of such Assignor in and to the Capital Stock and
Distributions that such Assignor is permitted to pledge under such Subject Property Loan Documents.
The Subject Property Loan Documents and the organizational documents of the direct and indirect
owners of the Subject Properties do not prohibit, restrict or limit the pledge of the Collateral to

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Administrative Agent or the subsequent transfer or assignment of the Collateral, other than,
solely with respect to the Puerto Rico Properties, the requirement to deliver notice of any such
subsequent transfer or assignment and a non-consolidation opinion to the lender under the Subject
Property Loan Documents which encumber such Puerto Rico Properties in connection with any transfer
or assignment (but not pledge) of the Collateral related to such Puerto Rico Properties and other
than those conditions to the subsequent transfer of the Pledged Equity Interests that are
identified in Schedule 5.21 attached hereto and made a part hereof.

     5.22 OFAC. The Borrower and its Subsidiaries are not (and will not be) a person with
whom any Lender is restricted from doing business under OFAC (including, those Persons named on
OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order
(including the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action
and are not and shall not engage in any dealings or transactions or otherwise be associated with
such persons. In addition, each of Borrower and its Subsidiaries hereby agrees to provide to the
Lenders any additional information that a Lender deems necessary from time to time in order to
ensure compliance with all applicable laws concerning money laundering and similar activities.

     5.23 Unencumbered Assets. Each of the assets included as an Unencumbered Asset for
purposes of the covenants contained herein, satisfies each of the requirements for an Unencumbered
Asset set forth in the definition thereof.

ARTICLE VI

COVENANTS

     During the term of this Agreement, unless the Required Lenders shall otherwise consent in
writing:

     6.1 Financial Reporting. The Borrower will maintain, for itself and each Subsidiary,
a system of accounting established and administered in accordance with GAAP, and furnish to the
Lenders:

          (i) As soon as available, but in any event not later than 45 days after the close of
the first three fiscal quarters of each fiscal year, commencing with the fiscal quarter
ended June 30, 2006, for the Borrower and its Subsidiaries, a copy of Borrower’s Financial
Statements in the form filed under 10-Q which shall include an unaudited consolidated
balance sheet as of the close of each such period, which may be in the form filed as its
10-Q, and the related unaudited consolidated statements of income and retained earnings and
of cash flows of the Borrower and its Subsidiaries for such period and the portion of the
fiscal year through the end of such period, setting forth in each case in comparative form
the figures for the previous year, all certified by the Borrower’s chief financial officer
or chief accounting officer;

          (ii) As soon as available, but in any event not later than 45 days after the close of
the first three fiscal quarters, for the Borrower and its Subsidiaries, a copy of

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the Borrower’s Quarterly Financial Supplement and other schedules as may be required
containing the following reports in form and substance reasonably satisfactory to the
Lenders, which may be in the form filed as its 10-Q, all certified by the entity’s chief
financial officer or chief accounting officer: a statement of Funds From Operations, a
statement detailing Consolidated Outstanding Indebtedness, Consolidated Secured
Indebtedness, Consolidated Unsecured Indebtedness, Consolidated Cash Flow and an Asset
Schedule listing all assets and their net operating income with a breakdown between
Unencumbered Assets and other assets, and newly acquired Projects, and Borrower will provide
such other information on all Projects as may be reasonably requested;

          (iii) As soon as available, but in any event not later than 90 days after the close of
each fiscal year, for the Borrower and its Subsidiaries, audited financial statements in the
form filed as 10-K, including a consolidated balance sheet as at the end of such year and
the related consolidated statements of income and retained earnings and of cash flows for
such year, setting forth in each case in comparative form the figures for the previous year,
without a “going concern” or like qualification or exception, or qualification arising out
of the scope of the audit, prepared by PricewaterhouseCoopers (or other independent
certified public accountants of nationally recognized standing reasonably acceptable to
Administrative Agent);

          (iv) Together with the quarterly and annual financial statements required hereunder, a
Compliance Certificate signed by the Borrower’s chief financial officer or chief accounting
officer showing the calculations and computations necessary to determine compliance with
this Agreement and stating that, to such officer’s knowledge, no Default or Unmatured
Default exists, or if, to such officer’s knowledge, any Default or Unmatured Default exists,
stating the nature and status thereof;

          (v) As soon as possible and in any event within 10 days after a responsible officer of
the Borrower knows that any Reportable Event has occurred with respect to any Plan, a
statement, signed by the chief financial officer of the Borrower, describing said Reportable
Event and the action which the Borrower proposes to take with respect thereto;

          (vi) As soon as possible and in any event within 10 days after receipt by a responsible
officer of the Borrower, a copy of (a) any notice or claim to the effect that the Borrower
or any of its Subsidiaries is or may be liable to any Person as a result of the release by
the Borrower, any of its Subsidiaries, or any other Person of any toxic or hazardous waste
or substance into the environment, and (b) any notice alleging any violation of any federal,
state or local environmental, health or safety law or regulation by the Borrower or any of
its Subsidiaries, which, in either case, could have a Material Adverse Effect;

          (vii) Promptly upon the furnishing thereof to the shareholders of the Borrower, copies
of all financial statements, reports and proxy statements so furnished;

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          (viii) Promptly upon the filing thereof, copies of all registration statements and
annual, quarterly, monthly or other reports and any other public information which the
Borrower or any of its Subsidiaries files with the Securities Exchange Commission;

          (ix) Prompt written notice of any default or event of default under any of the Subject
Property Loan Documents together with copies of any such notices of default or event of
default;

          (x) If required by Administrative Agent, concurrently with the delivery of the
financial statements referred to in Sections 6.1(i) and 6.1(iii), a list of all the
Subject Properties owned by any Subsidiary of the Borrower as of the last day of such fiscal
quarter setting forth the following information with respect to each such Subject Property
as of such date: (i) location; (ii) the Net Operating Income for such Subject Property
during such fiscal quarter, and (iii) a list of the Subject Property Indebtedness for such
Subject Property in the form of Schedule 2; and

          (xi) Such other information (including, without limitation, financial statements for
the Borrower and non-financial information) as the Administrative Agent or any Lender may
from time to time reasonably request.

        6.2 Use of Proceeds. The Borrower will, and will cause each of its Subsidiaries to,
use the proceeds of the Borrowings for the general corporate purposes of the Borrower, including
working capital needs, the repayment of Indebtedness, financing for property acquisitions of new
Projects and construction of new improvements or expansions of existing improvements on Projects.
The Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of the
Borrowings (i) to purchase or carry any “margin stock” (as defined in Regulation U) if such usage
could constitute a violation of Regulation U by any Lender, (ii) to fund any purchase of, or offer
for, any Capital Stock of any Person, unless such Person has consented to such offer prior to any
public announcements relating thereto, or (iii) to make any Acquisition other than a Permitted
Acquisition.

        6.3 Notice of Default. The Borrower will give, and will cause each of its
Subsidiaries to give, prompt notice in writing to the Administrative Agent and the Lenders of the
occurrence of any Default or Unmatured Default and of any other development, financial or
otherwise, which could reasonably be expected to have a Material Adverse Effect.

        6.4 Conduct of Business. The Borrower will do, and will cause each of its
Subsidiaries to do, all things necessary to remain duly incorporated or duly qualified, validly
existing and in good standing as a real estate investment trust, corporation, general partnership,
limited partnership or limited liability company, as the case may be, in its jurisdiction of
incorporation/formation (except with respect to mergers permitted pursuant to Section 6.12
and Permitted Acquisitions) and maintain all requisite authority to conduct its business in each
jurisdiction in which its business is conducted and to carry on and conduct their businesses in
substantially the same manner as they are presently conducted where the failure to do so could
reasonably be expected to have a Material Adverse Effect and, specifically, neither the Borrower
nor its Subsidiaries may undertake any business other than the acquisition, development,

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ownership, management, operation and leasing of retail, office or industrial properties, and
ancillary businesses specifically related to such types of properties.

     6.5 Taxes. The Borrower will pay, and will cause each of its Subsidiaries to pay,
when due all taxes, assessments and governmental charges and levies upon them of their income,
profits or Projects, except those which are being contested in good faith by appropriate
proceedings and with respect to which adequate reserves have been set aside, provided, that with
respect to the Collateral, the Subject Properties and the Borrower’s direct and indirect interests
in the Subject Properties, forthwith upon the commencement of proceedings to foreclose any lien
that may have attached as security therefor, the Borrower or the applicable Subsidiary of the
Borrower either (i) will provide a bond issued by a surety reasonably acceptable to the
Administrative Agent and sufficient to stay all such proceedings or (ii) if no such bond is
provided, will pay each such tax, assessment, charge, levy or claim.

     6.6 Insurance. The Borrower will, and will cause each of its Subsidiaries to,
maintain insurance which is consistent with the representation contained in Section 5.17 on
all their Property and the Borrower will furnish to any Lender upon reasonable request full
information as to the insurance carried.

     6.7 Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries
to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or
awards to which they may be subject, the violation of which could reasonably be expected to have a
Material Adverse Effect.

     6.8 Maintenance of Properties. The Borrower will, and will cause each of its
Subsidiaries to, do all things necessary to maintain, preserve, protect and keep their respective
Projects and Properties, reasonably necessary for the continuous operation of the Projects, in good
repair, working order and condition, ordinary wear and tear excepted.

     6.9 Inspection. The Borrower will, and will cause each of its Subsidiaries to, permit
the Lenders upon reasonable notice, by their respective representatives and agents, to inspect any
of the Projects, corporate books and financial records of the Borrower and each of its
Subsidiaries, to examine and make copies of the books of accounts and other financial records of
the Borrower and each of its Subsidiaries, and to discuss the affairs, finances and accounts of the
Borrower and each of its Subsidiaries with officers thereof, and to be advised as to the same by,
their respective officers at such reasonable times and intervals as the Lenders may designate.

     6.10 Maintenance of Status. The Borrower shall at all times (i) remain a corporation
listed and in good standing on the New York Stock Exchange, and (ii) maintain its status as a real
estate investment trust in compliance with all applicable provisions of the Code relating to such
status.

     6.11 Restricted Payments. Except as otherwise set forth in this Agreement, the
Borrower will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay
or make, directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and
pay dividends with respect to its Capital Stock payable solely in additional shares of its common
stock, (b) Subsidiaries may declare and pay dividends ratably with respect to their Capital Stock,

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(c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option
plans or other benefit plans for management or employees of the Borrower and its Subsidiaries, and
(d) the Borrower may make Restricted Payments if there is no then existing Default or Unmatured
Default hereunder (after notice thereof to Borrower) and either (i) Restricted Payments paid on
account of any fiscal quarter, in the aggregate, would not exceed 95% of Funds From Operations for
such fiscal quarter, or (ii) Restricted Payments paid on account of any fiscal year, in the
aggregate, would not exceed 90% of Funds From Operations for such fiscal year. Notwithstanding the
foregoing, the Borrower shall be permitted at all times to distribute whatever amount of dividends
is necessary to maintain its tax status as a real estate investment trust.

     6.12 Merger; Sale of Assets. The Borrower will not, nor will it permit any of its
Subsidiaries to, enter into any merger (other than mergers in which such entity is the survivor and
mergers of Subsidiaries (but not the Borrower) as part of transactions that are Permitted
Acquisitions provided that following such merger the target entity becomes a Wholly-Owned
Subsidiary of Borrower), consolidation, reorganization or liquidation or transfer or otherwise
dispose of all or a Substantial Portion of their Properties, except for (a) such transactions that
occur between Wholly-Owned Subsidiaries or between Borrower and a Wholly-Owned Subsidiary, (b)
mergers solely to change the jurisdiction of organization of a Subsidiary, and (c) as otherwise
approved in advance by the Required Lenders. Notwithstanding the foregoing, the Borrower shall
not, directly or indirectly, permit any merger or consolidation of any direct or indirect owner of
any Subject Property or any transfer of a Subject Property unless (i) such transaction satisfies
the requirements of Section 2A.3, and (ii) if in connection with such transaction
additional Collateral is proposed to be pledged to Administrative Agent or if Administrative Agent
deems it reasonably necessary or desirable in order to maintain, obtain and/or perfect a first
priority security interest in, or lien on, the Collateral affected by such transaction which is
intended to remain Collateral following such transaction, Borrower and any applicable Subsidiary of
Borrower shall have executed and delivered to the Administrative Agent all instruments, documents,
or agreements as Administrative Agent shall deem reasonably necessary, including an Assignment of
Interests, an Account Agreement, Instruction Letter, Acknowledgments and Uniform Commercial Code
financing statements and membership, partnership and stock certificates and blank transfer powers,
as the Administrative Agent shall deem reasonably necessary or desirable to continue and/or obtain
and perfect a first priority security interest in, or lien on, such Collateral.

     6.13 Sale and Leaseback. The Borrower will not, nor will it permit any of its
Subsidiaries to, (i) sell or transfer a Substantial Portion of its Property with respect to any
Property other than any Subject Property or any Restricted Interests or (ii) sell or transfer any
portion of any Subject Property or any Restricted Interests except as expressly permitted in
Section 2A.3, in order to concurrently or subsequently lease such Property as lessee.

     6.14 Acquisitions and Investments. The Borrower will not, nor will it permit any
Subsidiary to, make or suffer to exist any Investments (including without limitation, loans and
advances to, and other Investments in, Subsidiaries), or commitments therefor, or become or remain
a partner in any partnership or joint venture, or to make any Acquisition of any Person, except:

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          (i) Cash Equivalents;

          (ii) Investments in existing Subsidiaries, Investments in Subsidiaries formed for the
purpose of developing or acquiring Properties, Investments in joint ventures and
partnerships engaged solely in the business of purchasing, developing, owning, operating,
leasing and managing retail properties and office and industrial properties;

          (iii) transactions permitted pursuant to Section 6.12; and

          (iv) Acquisitions of Persons whose primary operations consist of the ownership,
development, operation and management of retail, office or industrial properties;

provided that, after giving effect to such Acquisitions and Investments, Borrower continues to
comply with all its covenants herein. Acquisitions permitted pursuant to this Section 6.14
shall be deemed to be “Permitted Acquisitions”.

        6.15 Liens. The Borrower will not, nor will it permit any of its Subsidiaries to,
create, incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any of its
Subsidiaries, except:

          (i) Liens for taxes, assessments or governmental charges or levies on its Property if
the same shall not at the time be delinquent or thereafter can be paid without penalty, or
are being contested in good faith and by appropriate proceedings and for which adequate
reserves shall have been set aside on its books or the existence of which do not otherwise
violate Section 6.5;

          (ii) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and
other similar liens arising in the ordinary course of business upon Property other than the
Collateral which secure payment of obligations not more than 60 days past due or which are
being contested in good faith by appropriate proceedings and for which adequate reserves
shall have been set aside on its books;

          (iii) Liens arising out of pledges or deposits under workers’ compensation laws,
unemployment insurance, old age pensions, or other social security or retirement benefits,
or similar legislation;

          (iv) Easements, restrictions and such other non-monetary encumbrances or charges
against real property as are of a nature generally existing with respect to properties of a
similar character and which do not in any material way affect the marketability of the same
or interfere with the use thereof in the business of the Borrower or its Subsidiaries;

          (v) Liens upon Property other than the Collateral, the Subject Properties and
Borrower’s direct and indirect interests therein, other than Liens described in subsections
(i) through (iv) above arising in connection with any Indebtedness

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permitted hereunder to the extent such Liens will not result in a Default in any of
Borrower’s covenants herein;

          (vi) Liens arising pursuant to or in connection with the agreements listed on
Schedule 6.16 attached hereto and made a part hereof and first priority mortgages
and related financing statements and first priority security agreements on the Subject
Properties in existence on the date hereof or encumbering a Project on or after the date
hereof which becomes a Subject Property after the date hereof pursuant to Section
2A.2 and any first priority mortgages and related financing statements and first
priority security agreements in connection with a refinancing of any such Subject Property
Indebtedness, provided that the existence of such mortgages and the Indebtedness secured
thereby does not cause the Borrower to be in violation of Sections 6.18(ix), (x) and
(xi), and further provided, however, that prior to Borrower or any of its Subsidiaries
obtaining any such refinancing of any Pledged Property, Borrower shall provide to
Administrative Agent contemporaneously with or prior to such refinance (a) a Compliance
Certificate demonstrating that after giving effect to such refinance, no Default shall exist
with respect to the covenants set forth in Sections 6.18(ix), (x) and (xi), (b)
evidence satisfactory to Administrative Agent that the loan documents evidencing such new
indebtedness do not restrict or prohibit the pledge, assignment and/or transfer of the
applicable Pledged Interests and (c) such replacements or amendments to the applicable
Account Agreement and Instruction Letter as Administrative Agent may reasonably deem
necessary or advisable;

          (vii) Liens in favor of the Administrative Agent and the Lenders under the Loan
Documents;

          (viii) Collaterally Assigned Intercompany Liens; and

          (ix) (a) disputed mechanic’s liens in existence on the date hereof encumbering the
Subject Property known as Mooresville Consumer Square, provided, however, that the
applicable Subject Property Owner maintains title insurance from a national title insurance
company in an amount in excess of such liens which insures over such liens and otherwise
reasonably satisfactory to Administrative Agent, and upon the commencement of any
proceedings to foreclose any such lien, the Borrower or the applicable Subsidiary Property
Owner either (i) will take such actions as may be reasonably necessary to stay all such
proceedings or (ii) will promptly pay such charge or claim, and (b) similar disputed
mechanic’s liens on other Subject Properties provided, however, Borrower has obtained
Agent’s prior written consent to such liens.

Liens permitted pursuant to this Section 6.15 shall be deemed to be “Permitted
Liens”.

        6.16 Affiliates. The Borrower will not, nor will it permit any of its Subsidiaries
to, enter into any transaction (including, without limitation, the purchase or sale of any Property
or service) with, or make any payment or transfer to, any Affiliate except in the ordinary course
of business and pursuant to the reasonable requirements of the Borrower’s or such Subsidiary’s
business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary
than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction.

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     6.17 Financial Undertakings. The Borrower will not enter into or remain liable upon,
nor will it permit any Subsidiary to enter into or remain liable upon, any Financial Undertaking,
except to the extent required to protect the Borrower and its Subsidiaries against increases in
interest payable by them under variable interest Indebtedness.

     6.18 Indebtedness, Cash Flow and Collateral Covenants. The Borrower on a consolidated
basis with its Subsidiaries shall not permit, as of the last day of any fiscal quarter:

          (i) Consolidated Outstanding Indebtedness to exceed sixty percent (60%) of Consolidated
Market Value, provided that such percentage may be up to sixty-five percent (65%) for up to
two quarters during the term of the Loan;

          (ii) Consolidated Secured Indebtedness to exceed thirty-five percent (35%) of
Consolidated Market Value;

          (iii) the Value of Unencumbered Assets to be less than 1.60 times the Consolidated
Unsecured Indebtedness;

          (iv) [Intentionally Omitted];

          (v) [Intentionally Omitted];

          (vi) Consolidated Cash Flow to be less than 1.5 times Fixed Charges, based on the most
recent two (2) fiscal quarters;

          (vii) Investments in Investment Affiliates, as determined in accordance with GAAP, to
exceed thirty percent (30%) of Consolidated Market Value;

          (viii) The Consolidated Group’s aggregate Investment in Developable Land, Passive
Non-Real Estate Investments, First Mortgage Receivables, Assets Under Development, and
Properties not located in the United States or Puerto Rico to exceed thirty percent (30%) of
Consolidated Capitalization Value. Developable Land, Passive Non-Real Estate Investments
and First Mortgage Receivables will be valued at the lower of acquisition cost or market
value;

          (ix) the aggregate Secured Facility Net Operating Income of the Subject Properties for
the prior twelve (12) months to be less than 1.35 times the Implied Debt Service of the
Borrower and the Subject Property Owners for such period;

          (x) the Value of Subject Properties consisting of Pledged Distribution Properties and
Pledged Equity Properties to be less than seventy percent (70%) of the aggregate Value of
Subject Properties for all Subject Properties;

          (xi) the sum of (a) outstanding principal balance of the Loans (less the amount of cash
on deposit in the Cash Collateral Account, if any) plus (b) the sum of the Subject Property
Indebtedness, to be more than seventy percent (70%) of the then Value of Subject Properties;

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          (xii) [Intentionally Omitted];

          (xiii) the Subject Property Owners to incur any Indebtedness other than (x) secured
Indebtedness of the Subject Property Owners in favor of Borrower provided, however, that as
a condition to entering into such secured Indebtedness, Borrower shall have delivered to
Administrative Agent (a) an allonge to the notes evidencing any such secured Indebtedness,
in form and substance reasonably satisfactory to Administrative Agent, and (b) an assignment
of mortgage and loan documents in form and substance reasonably satisfactory to
Administrative Agent, assigning all of the Borrower’s right, title and interest in and to
any documents evidencing or securing such secured Indebtedness (the “Collaterally Assigned
Intercompany Liens”), and (y) the Subject Property Indebtedness, the foregoing, being
subject however, to the covenants and restrictions set forth in Sections 6.18 (ix),
(x) and (xi).

        6.19 Environmental Matters. Borrower and its Subsidiaries shall:

     (a) Comply with, and use all reasonable efforts to ensure compliance by all tenants and
subtenants, if any, with, all applicable Environmental Laws and obtain and comply with and
maintain, and use all reasonable efforts to ensure that all tenants and subtenants obtain
and comply with and maintain, any and all licenses, approvals, notifications, registrations
or permits required by applicable Environmental Laws, except to the extent that failure to
do so could not be reasonably expected to have a Material Adverse Effect; provided that in
no event shall the Borrower or its Subsidiaries be required to modify the terms of leases,
or renewals thereof, with existing tenants (i) at Projects owned by the Borrower or its
Subsidiaries as of the date hereof, or (ii) at Projects hereafter acquired by the Borrower
or its Subsidiaries as of the date of such acquisition, to add provisions to such effect.

     (b) Conduct and complete all investigations, studies, sampling and testing, and all
remedial, removal and other actions required under Environmental Laws and promptly comply in
all material respects with all lawful orders and directives of all Governmental Authorities
regarding Environmental Laws, except to the extent that (i) the same are being contested in
good faith by appropriate proceedings and the pendency of such proceedings could not be
reasonably expected to have a Material Adverse Effect, or (ii) the Borrower has determined
in good faith that contesting the same is not in the best interests of the Borrower and its
Subsidiaries and the failure to contest the same could not be reasonably expected to have a
Material Adverse Effect.

     (c) Defend, indemnify and hold harmless Administrative Agent and each Lender, and their
respective officers and directors, from and against any claims, demands, penalties, fines,
liabilities, settlements, damages, costs and expenses of whatever kind or nature known or
unknown, contingent or otherwise, arising out of, or in any way relating to the violation
of, noncompliance with or liability under any Environmental Laws applicable to the
operations of the Borrower, its Subsidiaries or the Projects, or any orders, requirements or
demands of Governmental Authorities related thereto, including, without limitation,
attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court
costs and litigation expenses, except to the extent that any of the

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foregoing arise out of the gross negligence or willful misconduct of the party seeking
indemnification therefor. This indemnity shall continue in full force and effect regardless
of the termination of this Agreement.

     (d) Prior to the acquisition of a new Project after the Agreement Execution Date,
perform or cause to be performed an environmental investigation consistent with standards
used by institutional purchasers of similar properties. In connection with any such
investigation, Borrower shall cause to be prepared a report of such investigation, to be
made available to any Lenders upon reasonable request, for informational purposes.

ARTICLE VII

DEFAULTS

     The occurrence of any one or more of the following events shall constitute a Default:

     7.1 Nonpayment of any principal payment on any Note when due.

     7.2 Nonpayment of interest upon any Note or other payment Obligations under any of the Loan
Documents within five (5) Business Days after the same becomes due.

     7.3 The breach of any of the terms or provisions of Sections 6.2 through 6.21
and 6.23.

     7.4 Any representation or warranty made or deemed made by or on behalf of the Borrower or any
of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this
Agreement, any Loan, or any material certificate or information delivered in connection with this
Agreement or any other Loan Document shall be materially false on the date as of which made.

     7.5 The breach by the Borrower (other than a breach which constitutes a Default under
Section 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of this Agreement which is
not remedied within fifteen (15) days after written notice from the Administrative Agent or any
Lender.

     7.6 Failure of the Borrower or any of its Subsidiaries to pay when due any Indebtedness, in
excess of $50,000,000 in the aggregate; or the default by the Borrower or any of its Subsidiaries
in the performance of any term, provision or condition contained in any agreement, or any other
event shall occur or condition exist, which causes or permits any Indebtedness, in excess of
$50,000,000 in the aggregate to be due and payable or required to be prepaid (other than by a
regularly scheduled payment) prior to the stated maturity thereof (provided that the failure to pay
any such Indebtedness shall not constitute a Default so long as the Borrower or its Subsidiaries is
diligently contesting the payment of the same by appropriate legal proceedings and the Borrower or
its Subsidiaries have set aside, in a manner reasonably satisfactory to Administrative Agent, a
sufficient reserve to repay such Indebtedness plus all accrued interest thereon calculated at the
default rate thereunder and costs of enforcement in the event of an adverse outcome).

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     7.7 The Borrower, any Assignor, any other direct or indirect owner of a Subject Property, or
any Subject Property Owner, or any other Subsidiary having more than $20,000,000 of Equity Value,
shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as
now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for,
seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner,
liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute
any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in
effect or seeking to adjudicate it as a bankrupt or insolvent, or seeking dissolution, winding up,
liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any
law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an
answer or other pleading denying the material allegations of any such proceeding filed against it,
(v) take any corporate action to authorize or effect any of the foregoing actions set forth in this
Section 7.7, (vi) fail to contest in good faith any appointment or proceeding described in
Section 7.8 or (vii) admit in writing its inability to pay its debts generally as they
become due.

     7.8 A receiver, trustee, examiner, liquidator or similar official shall be appointed for the
Borrower, any Assignor, any other direct or indirect owner of a Subject Property, or any Subject
Property Owner, or any Subsidiary having more than $20,000,000 of Equity Value, or for any
Substantial Portion of the Property of the Borrower or such Subsidiary, or for any of the
Collateral, the Subject Properties or Borrower’s direct or indirect interests therein, or a
proceeding described in Section 7.7(iv) shall be instituted against the Borrower or any
such Subsidiary and such appointment continues undischarged or such proceeding continues
undismissed or unstayed for a period of ninety (90) consecutive days.

     7.9 The Borrower or any of its Subsidiaries shall fail within sixty (60) days to pay, bond or
otherwise discharge any judgments or orders for the payment of money in an amount which, when added
to all other judgments or orders outstanding against Borrower, any Subsidiary, the Collateral or
any of the Subject Properties would exceed $20,000,000 in the aggregate, which have not been stayed
on appeal or otherwise appropriately contested in good faith.

     7.10 The Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that it has incurred withdrawal liability to such Multiemployer
Plan in an amount which, when aggregated with all other amounts required to be paid to
Multiemployer Plans by the Borrower or any other member of the Controlled Group as withdrawal
liability (determined as of the date of such notification), exceeds $1,000,000 or requires payments
exceeding $500,000 per annum.

     7.11 The Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being
terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or
termination the aggregate annual contributions of the Borrower and the other members of the
Controlled Group (taken as a whole) to all Multiemployer Plans which are then in reorganization or
being terminated have been or will be increased over the amounts contributed to such Multiemployer
Plans for the respective plan years of each such

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Multiemployer Plan immediately preceding the plan year in which the reorganization or
termination occurs by an amount exceeding $500,000.

     7.12 Failure to remediate within the time period permitted by law or governmental order, after
all administrative hearings and appeals have been concluded (or within a reasonable time in light
of the nature of the problem if no specific time period is so established), environmental problems
at Properties owned by the Borrower or any of its Subsidiaries or Investment Affiliates if the
estimated costs of remediation at all such Properties in the aggregate exceed $20,000,000.

     7.13 The occurrence of any “Default” as defined in any Loan Document or the breach of any of
the terms or provisions of any Loan Document, which default or breach continues beyond any period
of grace therein provided.

     7.14 The occurrence of any Material Adverse Effect.

     7.15 There shall occur a “Default” under and as defined in the Unsecured Credit Agreement.

     7.16 Default under Subject Property Loan Documents. The Borrower hereby expressly
agrees that upon the occurrence and during the continuation of a Default, the Administrative Agent
shall have the right, but not the obligation, to pay any sums or to take any action, to the extent
that the applicable Subject Property Owner is permitted to take such action under the terms of the
Subject Property Loan Documents, which the Administrative Agent deems necessary or advisable to
cure any “Default” (as defined in the applicable Subject Property Loan Documents, or if not defined
therein, the word or phrase used therein having similar meaning) or alleged “Default” under the
Subject Property Loan Documents (whether or not the Subject Property Owners are undertaking efforts
to cure such “Default” or the same is an “Event of Default” (as defined in the applicable Subject
Property Loan Documents, or if not defined therein, the word or phrase used therein having similar
meaning) under the Subject Property Loan Documents or a Default hereunder), and such payment or
such action is hereby authorized by the Borrower, and any sum so paid and any expense incurred by
the Administrative Agent in taking any such action shall be evidenced by this Agreement and secured
by the Security Documents and shall be immediately due and payable by Borrower to the
Administrative Agent with interest at the rate for overdue amounts set forth in Section
2.12 until paid. The Administrative Agent shall be authorized to take such actions upon the
written assertion by any holder of any of the Subject Property Loan Documents of the existence of
such “Default” or “Event of Default” without any duty to inquire or determine whether such
“Default” or “Event of Default” exists. The Borrower shall cause the Subject Property Owners to
permit the Administrative Agent to enter upon the Subject Properties for the purpose of curing any
“Default” or alleged “Default” under the Subject Property Loan Documents or hereunder. The
Borrower hereby transfers and assigns to the Administrative Agent any excess proceeds arising from
any foreclosure or sale under power pursuant to the Subject Property Loan Documents, and the
Borrower hereby authorizes and directs the holder or holders of the Subject Property Loan Documents
to pay such excess proceeds directly to the Administrative Agent up to the amount of the
obligations owed to the Administrative Agent and the Lenders under the Loan Documents.
Notwithstanding the foregoing, if such “default” under the applicable Subject Property Loan

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Documents consists of a non-monetary default, subject to the last sentence of this paragraph,
Administrative Agent shall not commence any actions to cure such “Default” in the event that the
Borrower provides to Administrative Agent within five (5) Business Days following the occurrence of
a Default hereunder, a reasonably detailed written notice describing Borrower’s proposed cure of
the default under the applicable Subject Property Loan Documents, including the time periods
pursuant to which such cure or other actions are anticipated, and any background materials or other
information reasonably necessary for an understanding of the nature and timing of the proposed cure
or other actions (the “Action Plan”). Borrower shall provide regular written reports to the
Administrative Agent describing its progress in achieving the cure or such other actions in
accordance with the Action Plan. Notwithstanding the foregoing, in no event shall the foregoing be
deemed or construed to limit, preclude or impair the rights of Administrative Agent to make
payments, give notice and undertake such actions as it may deem necessary or appropriate in its
discretion to preserve, protect and enforce its rights and remedies with respect to the Collateral
and/or such Subject Property.

ARTICLE VIII

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

     8.1 Acceleration. If any Default described in Section 7.7 or 7.8
occurs with respect to the Borrower, the obligations of the Lenders to make the Loans shall
automatically terminate and the Obligations shall immediately become due and payable without any
election or action on the part of the Administrative Agent or any Lender. If any other Default
occurs, the Required Lenders, at any time prior to the date that such Default has been fully cured,
may terminate or suspend the obligations of the Lenders to make the Loan hereunder, or declare the
Obligations to be due and payable, or both, whereupon if the Required Lenders elected to accelerate
(i) the Obligations shall become immediately due and payable, without presentment, demand, protest
or notice of any kind, all of which the Borrower hereby expressly waives and (ii) if any automatic
or optional acceleration has occurred, the Administrative Agent, as directed by the Required
Lenders shall use its good faith efforts to collect, including without limitation, by filing and
diligently pursuing judicial action, all amounts owed by the Borrower under the Loan Documents (or
if no such direction is given within 30 days after a request for direction, the Administrative
Agent may proceed to exercise such rights and remedies as the Administrative Agent may deem in the
best interests of the Lenders, in its sole discretion, to collect such amounts).

     If, after acceleration of the maturity of the Obligations or termination of the obligations of
the Lenders to make Loans hereunder as a result of any Default (other than any Default as described
in Section 7.7 or 7.8 with respect to the Borrower) and before any judgment or
decree for the payment of the Obligations due shall have been obtained or entered, all of the
Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to
the Borrower, rescind and annul such acceleration and/or termination.

     8.2 Amendments. Subject to the provisions of this Article VIII and the right
of the Borrower, solely with the agreement of the Administrative Agent and such new banks or
existing Lenders as may provide new or increased Commitments, to increase the Aggregate Commitment
as described in Section 2.1 above, the Required Lenders (or the Administrative Agent with
the consent in writing of the Required Lenders) and the Borrower may enter into agreements

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supplemental hereto for the purpose of adding or modifying any provisions to the Loan
Documents or changing in any manner the rights of the Lenders or the Borrower hereunder or waiving
any Default hereunder; provided however, that no such supplemental agreement or waiver shall,
without the consent in writing of all Lenders affected thereby:

          (i) Extend the Maturity Date (other than in accordance with Section 2.2) or
forgive all or any portion of the principal amount of any Loan or accrued interest thereon,
reduce the Applicable Margins (or modify any definition herein which would have the effect
of reducing the Applicable Margins) or the underlying interest rate options or extend the
time of payment of any such principal or interest.

          (ii) Subject to releases given in accordance with Section 9.15, release DDR from its
guarantee of the obligations of Qualified Borrowers or release any Subsidiary Guarantor
(other than a Subsidiary Guarantor that has liquidated all of its assets and applied all of
the proceeds of such liquidation in accordance with its organizational documents) from the
Subsidiary Guaranty or any other future guarantor (other than a Subsidiary Guarantor that
has liquidated all of its assets and applied all of the proceeds of such liquidation in
accordance with its organizational documents) from any liability it may undertake with
respect to the Obligations.

          (iii) Reduce the percentage specified in the definition of Required Lenders.

          (iv) Increase the Aggregate Commitment beyond $500,000,000 or increase the Commitment
of any Lender.

          (v) Permit the Borrower to assign its rights or obligations under this Agreement.

          (vi) Amend Sections 2.3, 2.13(ii), 2.24, 8.1,
8.2, 11.1, 11.2 or the definition of Required Lenders.

          (vii) Release any of the Collateral except in accordance with Sections 2A.2, 2A.3
and 2A.4.

No amendment of any provision of this Agreement relating to the Administrative Agent shall be
effective without the written consent of the Administrative Agent.

     8.3 Preservation of Rights. No delay or omission of the Lenders or the Administrative
Agent to exercise any right under the Loan Documents shall impair such right or be construed to be
a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the
existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such
Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such
right shall not preclude other or further exercise thereof or the exercise of any other right, and
no waiver, amendment or other variation of the terms, conditions or provisions of the Loan
Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to
Section 8.2, and then only to the extent in such writing specifically set forth. All
remedies contained in the Loan Documents or by law afforded shall be cumulative

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and all shall be available to the Administrative Agent and the Lenders until the Obligations
have been paid in full.

ARTICLE IX

GENERAL PROVISIONS

     9.1 Survival of Representations. All representations and warranties of the Borrower
contained in this Agreement shall survive delivery of the Notes and the making of the Loans herein
contemplated.

     9.2 Governmental Regulation. Anything contained in this Agreement to the contrary
notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any
limitation or prohibition provided by any applicable statute or regulation.

     9.3 Taxes. Any taxes (excluding taxes on the overall net income of any Lender) or
other similar assessments or charges made by any governmental or revenue authority in respect of
the Loan Documents shall be paid by the Borrower, together with interest and penalties, if any.

     9.4 Headings. Section headings in the Loan Documents are for convenience of reference
only, and shall not govern the interpretation of any of the provisions of the Loan Documents.

     9.5 Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent and the Lenders and supersede all prior
commitments, agreements and understandings among the Borrower, the Administrative Agent and the
Lenders relating to the subject matter thereof.

     9.6 Several Obligations; Benefits of this Agreement. The respective obligations of
the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any
other (except to the extent to which the Administrative Agent is authorized to act as such). The
failure of any Lender to perform any of its obligations hereunder shall not relieve any other
Lender from any of its obligations hereunder. This Agreement shall not be construed so as to
confer any right or benefit upon any Person other than the parties to this Agreement and their
respective successors and assigns.

     9.7 Expenses; Indemnification. The Borrower shall reimburse the Administrative Agent
for any costs, internal charges and out-of-pocket expenses (including, without limitation, all
reasonable fees for consultants and fees and reasonable expenses for attorneys for the
Administrative Agent, which attorneys may be employees of the Administrative Agent) paid or
incurred by the Administrative Agent in connection with the amendment, modification, and
enforcement of the Loan Documents. The Borrower also agrees to reimburse the Administrative Agent
and the Lenders for any reasonable costs, internal charges and out-of-pocket expenses (including,
without limitation, all fees and reasonable expenses for attorneys for the Administrative Agent and
the Lenders, which attorneys may be employees of the Administrative Agent or the Lenders) paid or
incurred by the Administrative Agent or any Lender in connection with the collection and
enforcement of the Loan Documents (including, without limitation, any

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workout). The Borrower further agrees to indemnify the Administrative Agent, the Syndication
Agent, the Documentation Agent, each Lender and their Affiliates, and their directors, officers and
employees against all losses, claims, damages, penalties, judgments, liabilities and expenses
(including, without limitation, all fees and reasonable expenses for attorneys of the indemnified
parties, all expenses of litigation or preparation therefor whether or not the Administrative
Agent, the Syndication Agent, the Documentation Agent or any Lender is a party thereto) which any
of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents,
the Projects, the Collateral, the transactions contemplated hereby or the direct or indirect
application or proposed application of the proceeds of any Loan hereunder, except to the extent
that any of the foregoing arise out of the gross negligence or willful misconduct of the party
seeking indemnification therefor. The obligations of the Borrower under this Section shall survive
the termination of this Agreement.

     9.8 Numbers of Documents. All statements, notices, closing documents, and requests
hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the
Administrative Agent may furnish one to each of the Lenders.

     9.9 Accounting. Except as provided to the contrary herein, all accounting terms used
herein shall be interpreted and all accounting determinations hereunder shall be made in accordance
with GAAP.

     9.10 Severability of Provisions. Any provision in any Loan Document that is held to
be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable, or invalid without affecting the remaining provisions in that
jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

     9.11 Nonliability of Lenders. The relationship between the Borrower, on the one hand,
and the Lenders and the Administrative Agent, on the other, shall be solely that of borrower and
lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities
to the Borrower. Neither the Administrative Agent nor any Lender undertakes any responsibility to
the Borrower to review or inform the Borrower of any matter in connection with any phase of the
Borrower’s business or operations.

     9.12 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY
EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT
THE LAW OF CONFLICTS) OF THE STATE OF OHIO, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO
NATIONAL BANKS.

     9.13 CONSENT TO JURISDICTION. THE BORROWER AND THE LENDERS HEREBY IRREVOCABLY SUBMIT
TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR OHIO STATE COURT SITTING IN
CLEVELAND IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE
BORROWER AND THE LENDERS HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVE

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ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.

     9.14 WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER
HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
(WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR
CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

     9.15 Release of Subsidiary Guaranties. If a Subsidiary has delivered a Subsidiary
Guaranty, Borrower may at any time request a release of such Subsidiary Guaranty. If there is no
Default or Unmatured Default, and Borrower would still be in compliance with all covenants if such
Subsidiary were not a Subsidiary Guarantor, then Administrative Agent shall deliver within ten (10)
Business Days a release of such Subsidiary Guarantor without the consent of any Lender.

ARTICLE X

THE ADMINISTRATIVE AGENT

     10.1 Appointment. KeyBank is hereby appointed Administrative Agent hereunder and
under each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative
Agent to act as the agent of such Lender. The Administrative Agent agrees to act as such upon the
express conditions contained in this Article X. The Administrative Agent shall act as the
contractual representative of the Lenders hereunder, and notwithstanding the use of the term
“Agent” it is understood and agreed that Administrative Agent shall not have any fiduciary duties
or fiduciary responsibilities to any Lender or by reason of this Agreement or any of the other Loan
Documents and is acting as an independent contractor, the duties of which are limited to those
expressly set forth in this Agreement and the other Loan Documents. The Administrative Agent shall
not have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank
serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent
shall administer this Agreement in the same manner and with the same standard of care as it
administers similar agreements for its own account.

     10.2 Powers. The Administrative Agent shall have and may exercise such powers under
the Loan Documents as are specifically delegated to the Administrative Agent by the terms of each
thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent
shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action
thereunder except any action specifically provided by the Loan Documents to be taken by the
Administrative Agent.

     10.3 General Immunity. Neither the Administrative Agent nor any of its directors,
officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender for (i)
any action taken or omitted to be taken by it or them hereunder or under any other Loan

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Document or in connection herewith or therewith or in connection with the Collateral except
for its or their own gross negligence or willful misconduct; or (ii) any determination by the
Administrative Agent that compliance with any law or any governmental or quasi-governmental rule,
regulation, order, policy, guideline or directive (whether or not having the force of law) requires
the Borrowings and Commitments hereunder to be classified as being part of a “highly leveraged
transaction”. The foregoing shall not limit the liability of the Administrative Agent for a breach
of its express obligations and undertakings to the Lenders hereunder which continues after written
notice to the Administrative Agent of such breach and its failure to cure such breach within a
reasonable time after such notice.

     10.4 No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor
any of its directors, officers, agents or employees shall be responsible for or have any duty to
ascertain, inquire into, or verify (i) any statement, warranty or representation made in connection
with any Loan Document or any borrowing hereunder; (ii) the performance or observance of any of the
covenants or agreements of any obligor under any Loan Document, including, without limitation, any
agreement by an obligor to furnish information directly to each Lender; (iii) the satisfaction of
any condition specified in Article IV, except receipt of items required to be delivered to
the Administrative Agent; or (iv) the validity, effectiveness or genuineness of any Loan Document
or any other instrument or writing furnished in connection therewith. Except as otherwise
specifically provided herein, the Administrative Agent shall have no duty to disclose to the
Lenders information that is not required to be furnished by the Borrower to the Administrative
Agent at such time, but is voluntarily furnished by the Borrower to the Administrative Agent
(either in its capacity as Administrative Agent or in its individual capacity). Notwithstanding
anything to the contrary herein, Administrative Agent shall make available promptly after the
Agreement Execution Date to any Lender copies of all Loan Documents in its possession which are
requested by any such Lender. Administrative Agent shall also furnish to all Lenders promptly
after such items are available in final form copies of Default notices issued to the Borrower,
amendments to any Loan Documents being proposed by the Administrative Agent or the Borrower,
financial statements of the Borrower required hereunder, compliance certificates from the Borrower
required by this Agreement or any other notice or communication from the Borrower specifically
relating to this Agreement which is actually received by the Administrative Agent. Promptly after
the Administrative Agent has actual knowledge of the occurrence of a Default hereunder, the
Administrative Agent shall so notify the Lenders.

     10.5 Action on Instructions of Lenders. Notwithstanding anything herein to the
contrary, the Administrative Agent shall in all cases be fully protected in so acting, or
refraining from acting, hereunder and under any other Loan Document in accordance with written
instructions signed by the Required Lenders or all of the Lenders, as the case may be, and such
instructions and any action taken or failure to act pursuant to such written instructions shall be
binding on all of the Lenders and on all holders of Notes and on the Administrative Agent.

     10.6 Employment of Agents and Counsel. The Administrative Agent may execute any of
its duties as Administrative Agent hereunder and under any other Loan Document by or through
employees, agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to
money or securities received by it or its authorized agents, for the default or misconduct of any
such agents or attorneys-in-fact selected by it with reasonable care. The

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Administrative Agent shall be entitled to advice of counsel concerning all matters pertaining
to the agency hereby created and its duties hereunder and under any other Loan Document.

     10.7 Reliance on Documents; Counsel. The Administrative Agent shall be entitled to
rely upon any Note, notice, consent, certificate, affidavit, letter, telegram, statement, paper or
document believed by it to be genuine and correct and to have been signed or sent by the proper
person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the
Administrative Agent, which counsel may be employees of the Administrative Agent.

     10.8 Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to
reimburse and indemnify the Administrative Agent ratably in proportion to their respective
Commitments (i) for any amounts not reimbursed by the Borrower for which the Administrative Agent
is entitled to reimbursement by the Borrower under the Loan Documents (and without limiting the
obligation of the Borrower to so reimburse), (ii) for any other expenses incurred by the
Administrative Agent on behalf of the Lenders, in connection with the preparation, execution,
delivery, administration and enforcement of the Loan Documents, if not paid by Borrower and (iii)
for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or
asserted against the Administrative Agent in any way relating to or arising out of the Loan
Documents or any other document delivered in connection therewith or the transactions contemplated
thereby, or the enforcement of any of the terms thereof or of any such other documents, provided
that no Lender shall be liable for any of the foregoing to the extent they arise from the gross
negligence or willful misconduct or a breach of the Administrative Agent’s express obligations and
undertakings to the Lenders which is not cured after written notice and within the period described
in Section 10.3. To the extent any amounts so paid by Lenders are thereafter recovered by
the Administrative Agent from the Borrower or otherwise, such recovered amount shall be remitted to
the Lenders making such payment on a pro rata basis in accordance with their respective portions of
such payment. The obligations of the Lenders and the Administrative Agent under this Section
10.8 shall survive payment of the Obligations and termination of this Agreement.

     10.9 Rights as a Lender. In the event the Administrative Agent is a Lender, the
Administrative Agent shall have the same rights and powers hereunder and under any other Loan
Document as any Lender and may exercise the same as though it were not the Administrative Agent,
and the term “Lender” or “Lenders” shall, at any time when the Administrative Agent is a Lender,
unless the context otherwise indicates, include the Administrative Agent in its individual
capacity. The Administrative Agent may accept deposits from, lend money to, and generally engage
in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this
Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the
Borrower or such Subsidiary is not restricted hereby from engaging with any other Person. The
Administrative Agent, in its individual capacity, is not obligated to remain a Lender but if the
Administrative Agent is no longer a Lender, the Administrative Agent shall resign and a successor
shall be appointed as described in Section 10.11. The rights and duties of the
Administrative Agent are separate from its rights and duties as a Lender and no transfer of all or
any part of the Administrative Agent’s Commitment or its interest as a Lender in the Loans
hereunder shall be deemed to transfer any of its rights and duties as Administrative Agent to its
successor or successors as a Lender.

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     10.10 Lender Credit Decision. Each Lender acknowledges that it has, independently and
without reliance upon the Administrative Agent or any other Lender and based on the financial
statements prepared by the Borrower and such other documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement and the other
Loan Documents. Each Lender also acknowledges that it will, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under this Agreement and the other Loan Documents.

     10.11 Successor Administrative Agent. Except as otherwise provided below, KeyBank
shall serve as Administrative Agent at all times during the term of the Loans. KeyBank may resign
as Administrative Agent in the event (x) KeyBank and Borrower shall mutually agree in writing or
(y) a Default shall occur and be continuing under the Loan Documents, or (z) KeyBank shall
determine, in its sole reasonable discretion, that because of its other banking relationships with
Borrower and/or Borrower’s Affiliates at the time of such decision KeyBank’s resignation as
Administrative Agent would be necessary in order to avoid creating an appearance of impropriety on
the part of KeyBank. KeyBank (or any successor Administrative Agent) may be removed as
Administrative Agent by written notice received by Administrative Agent from the Required Lenders
at any time with cause (i.e., a breach by KeyBank (or any successor Administrative Agent) of its
duties as Administrative Agent hereunder) or for gross negligence or willful misconduct. Upon any
such resignation or removal, the Required Lenders shall have the right to appoint, on behalf of the
Borrower and the Lenders, a successor Administrative Agent. If no successor Administrative Agent
shall have been so appointed by the Required Lenders within thirty days after the resigning or
removed Administrative Agent’s giving notice of its intention to resign or its receipt of notice of
removal, then the resigning or removed Administrative Agent shall, prior to the effective date of
its resignation, appoint, on behalf of the Borrower and the Lenders, a successor Administrative
Agent. No successor Administrative Agent shall be deemed to be appointed hereunder until such
successor Administrative Agent has accepted the appointment. Any such successor Administrative
Agent shall be a commercial bank having capital and retained earnings of at least $500,000,000.
Upon the acceptance of any appointment as Administrative Agent hereunder by a successor
Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the resigning Administrative Agent.
Upon the effectiveness of the resignation or removal of the Administrative Agent, the resigning or
removed Administrative Agent shall be discharged from its duties and obligations hereunder and
under the Loan Documents. After the effectiveness of the resignation or removal of an
Administrative Agent, the provisions of this Article X shall continue in effect for the benefit of
such Administrative Agent in respect of any actions taken or omitted to be taken by it while it was
acting as the Administrative Agent hereunder and under the other Loan Documents, subject to the
limitations contained in such Article X.

     10.12 Collateral Matters. The Lenders irrevocably authorize the Administrative Agent,
at its option and in its discretion, to release any Lien on any Collateral granted to or held by
the Administrative Agent under any Loan Document (i) upon payment in full of all obligations of the
Borrower under the Loan Documents (other than contingent indemnification obligations),

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(ii) that is sold or to be sold as part of or in connection with any sale permitted hereunder
or under any other Loan Document, and (iii) if the Loan Documents otherwise permit such release.

     Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release its interest in particular types or items
of Collateral.

ARTICLE XI

SETOFF; RATABLE PAYMENTS

     11.1 Setoff. In addition to, and without limitation of, any rights of the Lenders
under applicable law, if the Borrower becomes insolvent, however evidenced, or any Default occurs,
any and all deposits (including all account balances, whether provisional or final and whether or
not collected or available) and any other Indebtedness at any time held or owing by any Lender or
any of its Affiliates to or for the credit or account of the Borrower may be offset and applied
toward the payment of the Obligations owing to such Lender at any time prior to the date that such
Default has been fully cured, whether or not the Obligations, or any part hereof, shall then be
due.

     11.2 Ratable Payments. If any Lender, whether by setoff or otherwise, has payment
made to it upon its Loans (other than payments received pursuant to Sections 3.1,
3.2 or 3.4) in a greater proportion than that received by any other Lender, such
Lender agrees, promptly upon demand, to purchase a portion of the Loans held by the other Lenders
so that after such purchase each Lender will hold its ratable proportion of Loans. If any Lender,
whether in connection with setoff or amounts which might be subject to setoff or otherwise,
receives collateral or other protection for its Obligations or such amounts which may be subject to
setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all
Lenders share in the benefits of such collateral ratably in proportion to their Loans. In case any
such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be
made.

ARTICLE XII

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     12.1 Successors and Assigns. The terms and provisions of the Loan Documents shall be
binding upon and inure to the benefit of the Borrower and the Lenders and their respective
successors and assigns, except that (i) the Borrower shall not have the right to assign its rights
or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in
compliance with Section 12.3. Notwithstanding clause (ii) of this Section, any Lender may
at any time, without the consent of the Borrower or the Administrative Agent, assign all or any
portion of its rights under this Agreement and its Notes to a Federal Reserve Bank; provided,
however, that no such assignment shall release the transferor Lender from its obligations
hereunder. The Administrative Agent may treat the payee of any Note as the owner thereof for all
purposes hereof unless and until such payee complies with Section 12.3 in the case of an
assignment thereof or, in the case of any other transfer, a written notice of the transfer is filed
with the Administrative Agent. Any assignee or transferee of a Note agrees by acceptance

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thereof to be bound by all the terms and provisions of the Loan Documents. Any request,
authority or consent of any Person, who at the time of making such request or giving such authority
or consent is the holder of any Note, shall be conclusive and binding on any subsequent holder,
transferee or assignee of such Note or of any Note or Notes issued in exchange therefor.

        12.2 Participations.

     12.2.1 Permitted Participants; Effect. Any Lender may, in the ordinary course
of its business and in accordance with applicable law, at any time sell to one or more
banks, financial institutions, pension funds, or any other funds or entities
(“Participants”) participating interests in any Loan owing to such Lender, any Note
held by such Lender, any Commitment of such Lender or any other interest of such Lender
under the Loan Documents. In the event of any such sale by a Lender of participating
interests to a Participant, such Lender’s obligations under the Loan Documents shall remain
unchanged, such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, such Lender shall remain the holder of any such Note for
all purposes under the Loan Documents, all amounts payable by the Borrower under this
Agreement shall be determined as if such Lender had not sold such participating interests,
and the Borrower and the Administrative Agent shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under the Loan
Documents.

     12.2.2 Voting Rights. Each Lender shall retain the sole right to approve,
without the consent of any Participant, any amendment, modification or waiver of any
provision of the Loan Documents other than any amendment, modification or waiver with
respect to any Loan or Commitment in which such Participant has an interest which forgives
principal, interest or fees or reduces the interest rate or fees payable with respect to any
such Loan or Commitment or postpones any date fixed for any regularly-scheduled payment of
principal of, or interest or fees on, any such Loan or Commitment or releases any Subsidiary
from a Subsidiary Guaranty.

     12.2.3 Benefit of Setoff. The Borrower agrees that each Participant which has
previously advised the Borrower in writing of its purchase of a participation in a Lender’s
interest in its Loans shall be deemed to have the right of setoff provided in Section
11.1 in respect of its participating interest in amounts owing under the Loan Documents
to the same extent as if the amount of its participating interest were owing directly to it
as a Lender under the Loan Documents. Each Lender shall retain the right of setoff provided
in Section 11.1 with respect to the amount of participating interests sold to each
Participant, provided that such Lender and Participant may not each setoff amounts against
the same portion of the Obligations, so as to collect the same amount from the Borrower
twice. The Lenders agree to share with each Participant, and each Participant, by
exercising the right of setoff provided in Section 11.1, agrees to share with each
Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to
be shared in accordance with Section 11.2 as if each Participant were a Lender.

        12.3 Assignments.

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     12.3.1 Permitted Assignments. Any Lender may, in the ordinary course of its
business and in accordance with applicable law, at any time assign to any of such Lender’s
affiliates or to one or more banks, financial institutions or pension funds, or with the
prior approval of the Borrower, which shall not be unreasonably withheld or delayed, any
other entity (“Purchasers”) all or any portion of its rights and obligations under
the Loan Documents provided that no assignee shall be entitled to receive any greater amount
pursuant to Section 3.5 arising from events prior to the date of the assignment than the
amount to which such assignor would have been entitled to receive had no assignment
occurred, and such assignee is able to deliver the Form W-8BEN or W-8ECI referenced in
Section 3.5(iv) hereof. Notwithstanding the foregoing, no approval of the Borrower shall be
required for any such assignment if a Default has occurred and is then continuing. Such
assignment shall be substantially in the form of Exhibit D hereto or in such other
form as may be agreed to by the parties thereto. The consent of the Administrative Agent
shall be required prior to an assignment becoming effective except in the case of an
assignment to an Affiliated Qualified Institution or a Lender. Such consent shall not be
unreasonably withheld. Unless otherwise approved by the Administrative Agent, such assignee
shall acquire an interest in the Loans of not less than $5,000,000, unless such assignee is
acquiring all of the assigning Lender’s Commitment. Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to
secure obligations of such Lender, including without limitation any pledge or assignment to
secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such
pledge or assignment of a security interest; provided that any foreclosure or similar action
by such pledgee or assignee shall be subject to the provisions of this Section 12.3.1
concerning assignments; and provided, further that no such pledge or assignment of a
security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or assignee for such Lender as a party hereto.

     12.3.2 Effect; Effective Date. Upon (i) delivery to the Administrative Agent
of a notice of assignment, substantially in the form attached as Exhibit “I” to Exhibit
D hereto (a “Notice of Assignment”), together with any consents required by
Section 12.3.1, and (ii) payment of a $3,500 fee by the assignor or assignee to the
Administrative Agent for processing such assignment, such assignment shall become effective
on the effective date specified in such Notice of Assignment. The Notice of Assignment
shall contain a representation by the Purchaser to the effect that none of the consideration
used to make the purchase of the Commitment and Loans under the applicable assignment
agreement are “plan assets” as defined under ERISA and that the rights and interests of the
Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and
after the effective date of such assignment, such Purchaser shall for all purposes be a
Lender party to this Agreement and any other Loan Document executed by the Lenders and shall
have all the rights and obligations of a Lender under the Loan Documents, to the same extent
as if it were an original party hereto, and no further consent or action by the Borrower,
the Lenders or the Administrative Agent shall be required to release the transferor Lender,
and the transferor Lender shall automatically be released on the effective date of such
assignment, with respect to the percentage of the Aggregate Commitment and Loans assigned to
such Purchaser. Upon the consummation of any assignment to a Purchaser pursuant to this
Section 12.3.2, the transferor Lender, the

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Administrative Agent and the Borrower shall make appropriate arrangements so that
replacement Notes are issued to such transferor Lender and new Notes or, as appropriate,
replacement Notes, are issued to such Purchaser, in each case in principal amounts
reflecting their Commitment, as adjusted pursuant to such assignment.

     12.3.3 Resignation by Administrative Agent. In the event that any Lender
acting as Administrative Agent or any successor Lender acting as Administrative Agent shall
at any time hold a Commitment of less than ten percent (10%) of the Aggregate Commitment,
then such Administrative Agent shall promptly provide written notice thereof to the Lenders
and the Required Lenders shall have the right, to be exercised within fifteen (15) days of
delivery of such notice by such Administrative Agent, to elect to remove such Administrative
Agent as Administrative Agent and replace such Administrative Agent under the Loan
Documents, subject to the terms of Section 10.11 of this Agreement.

        12.4 Dissemination of Information. The Borrower authorizes each Lender to disclose to
any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by
operation of law (each a “Transferee”) and any prospective Transferee any and all
information in such Lender’s possession concerning the creditworthiness of the Borrower and its
Subsidiaries, subject to Section 12.6.

        12.5 Tax Treatment. If any interest in any Loan Document is transferred to any
Transferee which is organized under the laws of any jurisdiction other than the United States or
any State thereof, the transferor Lender shall cause such Transferee, concurrently with the
effectiveness of such transfer, to comply with the provisions of Section 3.5.

        12.6 Confidentiality. The Administrative Agent and Lenders agree to take normal and
reasonable precautions and exercise due care to maintain the confidentiality of all non-public
information provided to them by the Borrower or by any other Person on the Borrower’s behalf in
connection with the Loan Documents and agree and undertake that neither they nor any of their
Affiliates shall disclose any such information for any purpose or in any manner other than pursuant
to the terms contemplated by the Loan Documents. The Administrative Agent and each Lender may
disclose such information (1) at the request of (A) any regulatory authority with jurisdiction over
the Administrative Agent and/or the Lenders or in connection with an examination of such Person by
any such authority, or (B) any self-regulated body, (2) pursuant to subpoena or other process of a
court having jurisdiction over the Administrative Agent and/or the Lenders, (3) when required to do
so in accordance with the provisions of any applicable law, (4) at the express direction of any
other governmental authority, with jurisdiction over the Administrative Agent and/or the Lenders,
of any State of the United States of America or of any other jurisdiction in which such Person
conducts its business, (5) to such Person’s independent auditors, attorneys and other professional
advisors, (6) if such information has become public other than through disclosure by such Person or
any Lender, (7) in connection with any litigation involving such Person, and (8) to any Affiliate
of such Person which agrees to be bound by this Section 12.6. Notwithstanding the
foregoing, the Borrower authorizes each of the Administrative Agent and each Lender to disclose to
any prospective or actual Transferee such financial and other information in its possession (i)
which has been delivered to such Person pursuant to the Loan Documents or which has been delivered
to such Person by the Borrower

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prior to entering into the Loan Documents, or (ii) which is reasonably necessary to effectuate
the purposes of this Agreement and the Loan Documents; provided that, unless otherwise agreed by
the Borrower, such Transferee shall agree to keep such information confidential to the same extent
required to the Administrative Agent or any Lender, as applicable, hereunder.

     12.7 USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L 107-56 (signed into law October 26, 2001))
(the “Act”), it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other information that will
allow such Lender to identify the Borrower in accordance with the Act. Any Lender may request
additional information with respect to any Qualified Borrower in connection with such Lender’s
“Know your customer” procedures.

     12.8 Co-Agents: Lead Managers; No Fiduciary Relationship. None of the Lenders
identified on the facing page or signature pages of this Agreement as a “documentation agent,”
“syndication agent,” “managing agent”, “co-agent” or “joint arranger/joint book manager” shall have
the right, power, obligation, liability, responsibility or duty under this Agreement other than
those applicable to all Lenders as such. Without limiting the foregoing, none of Lenders so
identified as a “documentation agent,” “syndication agent, “managing agent”, “co-agent” or “joint
arranger/joint book manager” shall have or be deemed to have any fiduciary relationship with any
Lenders. Each Lender acknowledges that it has not relied, and will not rely, on any of Lenders so
identified in deciding to enter into this Agreement or in taking or not taking action hereunder.
In addition to the foregoing, the Borrower agrees that in connection with all aspects of the
transactions contemplated hereby and any communications in connection therewith, the Borrower and
its Affiliates, on the one hand, and the Administrative Agent, the Lenders, and each of the Lenders
identified on the facing page or the signature page hereof as a “documentation agent,” “syndication
agent,” “managing agent, “co-agent” or “joint arranger/joint book manager” and their Affiliates, on
the other hand, will have a business relationship that does not create, by implication or
otherwise, any fiduciary duty on the part of the Administrative Agent, the Lenders, or any Lenders
so identified as a “documentation agent,” “syndication agent,” “managing agent,” “co-agent” or
“joint arranger/joint book manager” or their Affiliates, and no such duty will be deemed to have
arisen in connection with any such transactions or communications.

ARTICLE XIII

NOTICES

     13.1 Giving Notice. Except as otherwise permitted by Section 2.14 with
respect to Borrowing Notices, all notices and other communications provided to any party hereto
under this Agreement or any other Loan Document shall be in writing or by telex or by facsimile and
addressed or delivered to such party at its address set forth below its signature hereto or at such
other address (or to counsel for such party) as may be designated by such party in a notice to the
other parties. For purposes of any notices required to be given to Borrower, such notices may be
given only to DDR. Any notice, if mailed and properly addressed with postage prepaid, shall be
deemed given when received; any notice, if transmitted by telex or facsimile, shall be deemed given
when transmitted (answerback confirmed in the case of telexes).

-79-

 

     13.2 Change of Address. The Borrower, the Administrative Agent and any Lender may
each change the address for service of notice upon it by a notice in writing to the other parties
hereto.

ARTICLE XIV

COUNTERPARTS

     This Agreement may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing
any such counterpart. This Agreement shall be effective when it has been executed by the Borrower,
the Administrative Agent and the Lenders and each party has notified the Administrative Agent by
telex or telephone, that it has taken such action.

(Remainder of page intentionally left blank.)

-80-

 

     IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed this
Agreement as of the date first above written.

	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William H. Schafer	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: WILLIAM H. SCHAFER	 	 
	 	 	Title: Executive Vice President & CFO	 	 

 

 

	 	 	 	 	 	 	 
	 	 	DDR PR VENTURES LLC, S.E.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William H. Schafer	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: William H. Schafer	 	 
	 	 	Title: Executive Vice President & CFO	 	 
	 
	 	 	 	 	 	 
	 	 	3300 Enterprise Parkway	 	 
	 	 	Beachwood, Ohio 44122	 	 
	 	 	Phone: 216/755-5775	 	 
	 	 	Facsimile: 216/755-1775	 	 
	 	 	Attention: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	with a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	3300 Enterprise Parkway	 	 
	 	 	Beachwood, Ohio 44122	 	 
	 	 	Phone: 216/755-5650	 	 
	 	 	Facsimile: 216/755-1560	 	 
	 	 	Attention: General Counsel	 	 

 

 

	 	 	 	 	 	 	 
	$20,000,000.00	 	EUROHYPO AG, NEW YORK BRANCH,	 	 
	 	 	Individually and as Documentation Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Sarner	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: David Sarner	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	and by:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen Cox	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Stephen Cox	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	Head of Portfolio Operations	 	 
	 	 	Eurohypo AG, New York Branch	 	 
	 	 	1114 Avenue of the Americas	 	 
	 	 	29th Floor	 	 
	 	 	New York, NY 10036	 	 
	 	 	Phone: (212) 479-5700	 	 
	 	 	Fax: (866) 267-7680	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	Head of Legal Department	 	 
	 	 	Eurohypo AG, New York Branch	 	 
	 	 	1114 Avenue of the Americas	 	 
	 	 	29th Floor	 	 
	 	 	New York, NY 10036	 	 
	 	 	Phone: (212) 479-5700	 	 
	 	 	Fax: (866) 267-7680	 	 

 

 

	 	 	 	 	 	 	 
	$30,500,000.00	 	COMMERZBANK AG	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Terrence P. Sweeney	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Terrence P. Sweeney	 	 
	 	 	Title: SVP	 	 
	 
	 	 	 	 	 	 
	 	 	and by:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mary Harold	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Mary Harold	 	 
	 	 	Title: SVP	 	 
	 
	 	 	 	 	 	 
	 	 	2 World Financial Center	 	 
	 	 	New York, NY 10281-1050	 	 
	 	 	Phone: 212-266-7569	 	 
	 	 	Facsimile: 212-266-7565	 	 
	 	 	Attention: Mr. Juergen Baysen	 	 

 

 

	 	 	 	 	 	 	 
	$32,000,000.00	 	KEYBANK NATIONAL ASSOCIATION,	 	 
	 	 	Individually and as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kevin Murray	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Kevin Murray	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	127 Public Square	 	 
	 	 	8th Floor	 	 
	 	 	Cleveland, OH 44114	 	 
	 	 	Phone: 216-689-7547	 	 
	 	 	Facsimile: 216-689-4997	 	 
	 	 	Attention: Kevin Murray	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	127 Public Square	 	 
	 	 	8th Floor	 	 
	 	 	Cleveland, OH 44114	 	 
	 	 	Phone: 216-689-4545	 	 
	 	 	Facsimile: 216-689-4997	 	 
	 	 	Attention: Dan Heberle	 	 

 

 

	 	 	 	 	 	 	 
	$32,000,000.00	 	BANK OF AMERICA, N.A.,	 	 
	 	 	Individually and as Syndication Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael W. Edwards	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Michael W. Edwards	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	231 South LaSalle Street	 	 
	 	 	Chicago, IL 60604	 	 
	 	 	Phone: 312/828-5215	 	 
	 	 	Facsimile: 312/974-4970	 	 
	 	 	Attention: Ms. Cheryl Sneor	 	 

 

 

	 	 	 	 	 	 	 
	$30,500,000.00	 	ING REAL ESTATE FINANCE (USA) LLC,	 	 
	 	 	Individually and as Documentation Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Christopher Godlewski	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Christopher Godlewski	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	c/o Mayer Brown Rowe and Maw	 	 
	 	 	350 South Grand Avenue, 25th Floor	 	 
	 	 	Los Angeles, CA 90071	 	 
	 	 	Phone: 213-621-3940	 	 
	 	 	Facsimile: 212-883-2734	 	 
	 	 	Attention: Mr. Christopher Godlewski	 	 

 

 

	 	 	 	 	 	 	 
	$27,000,000.00	 	SCOTIABANC INC.,	 	 
	 	 	Individually and as Documentation Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ M.D. Smith	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: M.D. Smith	 	 
	 	 	Title: Treasurer & Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Scotiabanc Inc.	 	 
	 	 	600 Peachtree Street, Suite 2700	 	 
	 	 	Atlanta, GA 30308	 	 
	 	 	Phone: 404-877-1504	 	 
	 	 	Facsimile: 404-888-8998	 	 
	 	 	Attention: William Zarrett, Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	With a copy to:	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of Nova Scotia	 	 
	 	 	One Liberty Plaza, 25th Floor	 	 
	 	 	New York, NY 10006	 	 
	 	 	Phone: 212-225-5167	 	 
	 	 	Facsimile: 212-225-5166	 	 
	 	 	Attention: Mr. Robert Boese	 	 

 

 

	 	 	 	 	 	 	 
	$25,000,000.00	 	PNC BANK, NATIONAL ASSOCIATION,	 	 
	 	 	Individually and as Documentation Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael E. Smith	 	 
	 

	 	 	 	 	 	 
	 	 	Print Name: Michael E. Smith	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	249 Fifth Avenue	 	 
	 	 	19th Floor, P1-POPP-19-1	 	 
	 	 	Pittsburgh, PA 15222	 	 
	 	 	Phone: 412-768-9135	 	 
	 	 	Facsimile: 412-762-6500	 	 
	 	 	Attention: Mr. Michael E. Smith	 	 

 

 

	 	 	 	 	 	 	 	 	 
	$20,000,000.00	 	AIB DEBT MANAGEMENT LIMITED	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Anthony O’Reilly	 	 
	 	 	 	 	 	 	 
	 	 	Print Name:	 	Anthony O’Reilly	 	 
	 	 	Title:	 	Senior Vice President	 	 
	 

	 	 	 	 	 	Investment Advisor to	 	 
	 

	 	 	 	 	 	AIB Debt Management, Limited	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Denise Magyer	 	 
	 	 	 	 	 	 	 
	 	 	Print Name:	 	Denise Magyer	 	 
	 	 	Title:	 	Vice President	 	 
	 

	 	 	 	 	 	Investment Advisor to	 	 
	 

	 	 	 	 	 	AIB Debt Management, Limited	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Telephone:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Facsimile:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	Attention:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 
	$18,000,000.00	 	CHARTER ONE BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mike Kauffman	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Mike Kauffman	 	 
	 	 	Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	1215 Superior Avenue	 	 
	 	 	Cleveland, Ohio 44114	 	 
	 	 	Telephone: 216-277-0388	 	 
	 	 	Facsimile: 216-277-4607	 	 
	 	 	Attention: Mike Kauffman	 	 

 

 

	 	 	 	 	 	 	 
	$18,000,000.00	 	HUNTINGTON NATIONAL BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ryan J. Terrano	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Ryan J. Terrano	 	 
	 	 	Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	917 Euclid Avenue CM17	 	 
	 	 	Cleveland, Ohio 44115	 	 
	 	 	Telephone: 216-515-0683	 	 
	 	 	Facsimile: 216-515-6821	 	 
	 	 	Attention: Ryan J. Terrano	 	 

 

 

	 	 	 	 	 	 	 
	$18,000,000.00	 	BANCO POPULAR DE PUERTO RICO, NEW YORK BRANCH	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Hector J. Gonzalez	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Hector J. Gonzalez	 	 
	 	 	Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	7 West 51st Street	 	 
	 	 	New York, New York 10019	 	 
	 	 	Telephone: 212-445-1988	 	 
	 	 	Facsimile: 212-245-4677	 	 
	 	 	Attention: Hector J. Gonzalez	 	 

 

 

	 	 	 	 	 	 	 
	$18,000,000.00	 	WELLS FARGO BANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott S. Solis
 

	 	 
	 	 	Name: Scott S. Solis	 	 
	 	 	Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	123 North Wacker Drive, Suite 1900

Chicago, Illinois 60606	 	 
	 	 	Telephone: 312-269-4818	 	 
	 	 	Facsimile: 312-782-0969	 	 
	 	 	Attention: Scott S. Solis	 	 

 

 

	 	 	 	 	 	 	 
	$18,000,000.00	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Anthony Yannucci
 

	 	 
	 	 	Name: Anthony Yannucci	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	1350 Euclid Avenue, Suite 1100

Cleveland, Ohio 44115	 	 
	 	 	Telephone: 216-623-5982	 	 
	 	 	Facsimile: 216-241-0164	 	 
	 	 	Attention: Anthony Yannucci	 	 

 

 

	 	 	 	 	 	 	 
	$18,000,000.00	 	UBS LOAN FINANCE LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard L. Tavrow
 

	 	 
	 	 	Print Name: Richard L. Tavrow	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Iria R. Otsa
 

	 	 
	 	 	Print Name: Iria R. Otsa	 	 
	 	 	Title: Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	677 Washington Blvd.

Stamford, Connecticut 06901	 	 
	 	 	Telephone: 203-719-0678	 	 
	 	 	Facsimile: 203-719-3888	 	 
	 	 	Attention: Iris Choi	 	 

 

 

	 	 	 	 	 	 	 
	$15,000,000.00	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James Graycheck
 

	 	 
	 	 	Print Name: James Graycheck	 	 
	 	 	Title: VP	 	 
	 
	 	 	 	 	 	 
	 	 	500 Woodward Avenue	 	 
	 	 	MC 3256	 	 
	 	 	Detroit, MI 48226	 	 
	 	 	Telephone: 313-222-1276	 	 
	 	 	Facsimile: 313-222-9295	 	 
	 	 	Attention: Mr. James Graycheck	 	 

 

 

	 	 	 	 	 	 	 
	$15,000,000.00	 	LASALLE BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert Goeckel
 

	 	 
	 	 	Name: Robert Goeckel	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	135 South LaSalle Street	 	 
	 	 	Suite 1225	 	 
	 	 	Chicago, Illinois 60603	 	 
	 	 	Telephone: 312-904-4705	 	 
	 	 	Facsimile: 312-904-6691	 	 
	 	 	Attention: Robert Goeckel	 	 

 

 

	 	 	 	 	 	 	 
	$15,000,000.00	 	SUMITOMO MITSUI BANKING CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David A. Buck
 

	 	 
	 	 	Print Name: David A. Buck	 	 
	 	 	Title: Senior Vice
President	 	 
	 
	 	 	 	 	 	 
	 	 	277 Park Avenue	 	 
	 	 	New York, NY 10172	 	 
	 	 	Phone: 212-224-4178	 	 
	 	 	Facsimile: 212-224-4887	 	 
	 	 	Attention: Mr. Charles J. Sullivan	 	 

 

 

	 	 	 	 	 	 	 
	$11,000,000.00	 	SUNTRUST BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gregory T. Horstman
 

	 	 
	 	 	Name: Gregory T. Horstman	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	8330 Boone Blvd., 8th Floor	 	 
	 	 	Vienna, Virginia 22182	 	 
	 	 	Telephone: 703-442-1549	 	 
	 	 	Facsimile: 703-442-1570	 	 
	 	 	Attention: Gregory T. Horstman	 	 

 

 

	 	 	 	 	 	 	 
	$7,000,000.00	 	THE NORTHERN TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert Wiarda
 

	 	 
	 	 	Name: Robert Wiarda	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	50 S. LaSalle	 	 
	 	 	Chicago, Illinois 60675	 	 
	 	 	Telephone: 312-444-3380	 	 
	 	 	Facsimile: 312-444-7028	 	 
	 	 	Attention: Robert Wiarda	 	 

 

 

	 	 	 	 	 	 	 
	$7,000,000.00	 	MANUFACTURERS AND TRADERS TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brian D. Beitz
 

	 	 
	 	 	Name: Brian D. Beitz	 	 
	 	 	Title: Vice-President	 	 
	 
	 	 	 	 	 	 
	 	 	One Fountain Plaza, 12th Floor	 	 
	 	 	Buffalo, New York 14203	 	 
	 	 	Telephone: 716-848-7337	 	 
	 	 	Facsimile: 716-848-7318	 	 
	 	 	Attention: Brian D. Beitz	 	 

 

 

	 	 	 	 	 	 	 
	$5,000,000.00	 	FIRST TENNESSEE BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Greg Cullum
 

	 	 
	 	 	Name: Greg Cullum	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	701 Market Street	 	 
	 	 	Chattanooga, Tennessee 37402	 	 
	 	 	Telephone: 423-757-4272	 	 
	 	 	Facsimile: 423-757-4040	 	 
	 	 	Attention: Greg Cullum

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