Document:

exv10w1

 

Exhibit 10.1

 

SECOND AMENDED AND RESTATED

REVOLVING CREDIT AGREEMENT

among

BRANDYWINE REALTY TRUST

and

BRANDYWINE OPERATING PARTNERSHIP, L.P.,

as Borrowers

and

THE LENDERS IDENTIFIED HEREIN

and

JPMORGAN CHASE BANK, N.A.

as Administrative Agent, Swing Lender and Issuing Lender

and

BANK OF AMERICA, N.A.

as Syndication Agent and Issuing Lender

and

CITIZENS BANK OF PENNSYLVANIA,

WACHOVIA BANK, NATIONAL ASSOCIATION,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Co-Documentation Agents

DATED AS OF JUNE 29, 2007

J.P. MORGAN SECURITIES INC.

and

BANC OF AMERICA SECURITIES LLC

as Joint Lead Arrangers and Joint Bookrunners

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	SECTION 1. DEFINITIONS AND ACCOUNTING TERMS
	 	 	1	 
	 
	 	 	 	 
	1.1 Definitions
	 	 	1	 
	1.2 Computation of Time Periods and Other Definition Provisions
	 	 	27	 
	1.3 Accounting Terms
	 	 	28	 
	1.4 Joint Venture Investments
	 	 	28	 
	 
	 	 	 	 
	SECTION 2. CREDIT FACILITY
	 	 	29	 
	 
	 	 	 	 
	2.1 Revolving Loans
	 	 	29	 
	2.2 Competitive Bid Option
	 	 	34	 
	2.3 Letter of Credit Subfacility
	 	 	39	 
	2.4 Joint and Several Liability of the Borrowers
	 	 	46	 
	2.5 Appointment of BOP
	 	 	48	 
	2.6 Non-Recourse
	 	 	49	 
	2.7 Increase of Revolving Committed Amount
	 	 	49	 
	 
	 	 	 	 
	SECTION 3. GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT
	 	 	50	 
	 
	 	 	 	 
	3.1 Interest
	 	 	50	 
	3.2 Place and Manner of Payments
	 	 	50	 
	3.3 Prepayments
	 	 	51	 
	3.4 Fees
	 	 	52	 
	3.5 Payment in full at Maturity; Extension of Maturity
	 	 	53	 
	3.6 Computations of Interest and Fees
	 	 	54	 
	3.7 Pro Rata Treatment
	 	 	55	 
	3.8 Sharing of Payments
	 	 	56	 
	3.9 Capital Adequacy
	 	 	57	 
	3.10 Inability To Determine Interest Rate
	 	 	57	 
	3.11 Illegality
	 	 	58	 
	3.12 Requirements of Law
	 	 	58	 
	3.13 Taxes
	 	 	60	 
	3.14 Compensation
	 	 	62	 
	3.15 Mitigation; Mandatory Assignment
	 	 	63	 
	 
	 	 	 	 
	SECTION 4. [RESERVED]
	 	 	63	 
	 
	 	 	 	 
	SECTION 5. CONDITIONS PRECEDENT
	 	 	64	 
	 
	 	 	 	 
	5.1 Closing Conditions
	 	 	64	 
	 
	 	 	 	 
	i

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	5.2 Conditions to All Extensions of Credit
	 	 	67	 
	 
	 	 	 	 
	SECTION 6. REPRESENTATIONS AND WARRANTIES
	 	 	68	 
	 
	 	 	 	 
	6.1 Financial Condition
	 	 	68	 
	6.2 No Material Change
	 	 	69	 
	6.3 Organization and Good Standing
	 	 	69	 
	6.4 Due Authorization
	 	 	69	 
	6.5 No Conflicts
	 	 	69	 
	6.6 Consents
	 	 	70	 
	6.7 Enforceable Obligations
	 	 	70	 
	6.8 No Default
	 	 	70	 
	6.9 Ownership
	 	 	70	 
	6.10 Indebtedness
	 	 	71	 
	6.11 Litigation
	 	 	71	 
	6.12 Taxes
	 	 	71	 
	6.13 Compliance with Law
	 	 	71	 
	6.14 Compliance with ERISA
	 	 	71	 
	6.15 Organization Structure/Subsidiaries
	 	 	73	 
	6.16 Use of Proceeds; Margin Stock
	 	 	73	 
	6.17 Government Regulation
	 	 	73	 
	6.18 Environmental Matters
	 	 	73	 
	6.19 Solvency
	 	 	75	 
	6.20 Investments
	 	 	75	 
	6.21 Location of Properties
	 	 	75	 
	6.22 Disclosure
	 	 	75	 
	6.23 Licenses, etc
	 	 	75	 
	6.24 No Burdensome Restrictions
	 	 	76	 
	6.25 Eligible Subsidiaries
	 	 	76	 
	6.26 Foreign Assets Control Regulations, Etc
	 	 	76	 
	 
	 	 	 	 
	SECTION 7. AFFIRMATIVE COVENANTS
	 	 	76	 
	 
	 	 	 	 
	7.1 Information Covenants
	 	 	76	 
	7.2 Financial Covenants
	 	 	81	 
	7.3 Preservation of Existence
	 	 	81	 
	7.4 Books and Records
	 	 	82	 
	7.5 Compliance with Law
	 	 	82	 
	7.6 Payment of Taxes and Other Indebtedness
	 	 	82	 
	7.7 Insurance
	 	 	82	 
	 
	 	 	 	 
	ii

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	7.8 Maintenance of Assets
	 	 	83	 
	7.9 Performance of Obligations
	 	 	83	 
	7.10 Use of Proceeds
	 	 	83	 
	7.11 Audits/Inspections
	 	 	83	 
	7.12 Additional Credit Parties
	 	 	83	 
	7.13 Interest Rate Protection Agreements
	 	 	84	 
	7.14 Construction
	 	 	84	 
	7.15 Sales
	 	 	84	 
	 
	 	 	 	 
	SECTION 8. NEGATIVE COVENANTS
	 	 	85	 
	 
	 	 	 	 
	8.1 Indebtedness
	 	 	85	 
	8.2 Liens
	 	 	85	 
	8.3 Nature of Business
	 	 	85	 
	8.4 Consolidation and Merger
	 	 	85	 
	8.5 Sale or Lease of Assets
	 	 	86	 
	8.6 [Intentionally Omitted.]
	 	 	86	 
	8.7 Restricted Payments
	 	 	86	 
	8.8 Transactions with Affiliates
	 	 	87	 
	8.9 Fiscal Year; Organizational Documents
	 	 	87	 
	8.10 Limitations
	 	 	87	 
	8.11 Other Negative Pledges
	 	 	87	 
	 
	 	 	 	 
	SECTION 9. EVENTS OF DEFAULT
	 	 	88	 
	 
	 	 	 	 
	9.1 Events of Default
	 	 	88	 
	9.2 Acceleration; Remedies
	 	 	91	 
	9.3 Allocation of Payments After Event of Default
	 	 	92	 
	 
	 	 	 	 
	SECTION 10. AGENCY PROVISIONS
	 	 	93	 
	 
	 	 	 	 
	10.1 Appointment
	 	 	93	 
	10.2 Delegation of Duties
	 	 	93	 
	10.3 Exculpatory Provisions
	 	 	93	 
	10.4 Reliance on Communications
	 	 	94	 
	10.5 Notice of Default
	 	 	95	 
	10.6 Non-Reliance on Administrative Agent and Other Lenders
	 	 	95	 
	10.7 Indemnification
	 	 	96	 
	10.8 Administrative Agent in Its Individual Capacity
	 	 	96	 
	10.9 Successor Agent
	 	 	96	 
	 
	 	 	 	 
	iii

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	SECTION 11. MISCELLANEOUS
	 	 	97	 
	 
	 	 	 	 
	11.1 Notices
	 	 	97	 
	11.2 Right of Set-Off
	 	 	97	 
	11.3 Benefit of Agreement
	 	 	98	 
	11.4 No Waiver; Remedies Cumulative
	 	 	102	 
	11.5 Payment of Expenses; Indemnification
	 	 	102	 
	11.6 Amendments, Waivers and Consents
	 	 	103	 
	11.7 Counterparts/Telecopy
	 	 	104	 
	11.8 Headings
	 	 	104	 
	11.9 Defaulting Lender
	 	 	105	 
	11.10 Survival of Indemnification and Representations and Warranties
	 	 	105	 
	11.11 Governing Law; Jurisdiction
	 	 	105	 
	11.12 Waiver of Jury Trial
	 	 	106	 
	11.13 Time
	 	 	106	 
	11.14 Severability
	 	 	106	 
	11.15 Entirety
	 	 	106	 
	11.16 Binding Effect
	 	 	106	 
	11.17 Confidentiality
	 	 	107	 
	11.18 Further Assurances
	 	 	107	 
	11.19 Release of Guarantors
	 	 	108	 
	11.20 USA PATRIOT Act
	 	 	108	 
	11.21 Limitation on Liability
	 	 	108	 
	11.22 Transitional Arrangements
	 	 	108	 
	 
	 	 	 	 
	iv

 

 

SCHEDULES

	 	 	 
	Schedule EG

	 	Eligible Ground Leases
	Schedule 2.2

	 	Existing Competitive Bid Loans
	Schedule 2.3(c)

	 	Existing Letters of Credit
	Schedule 6.15

	 	Organization Structure/Subsidiaries
	Schedule 6.21

	 	Properties
	Schedule 6.25

	 	Eligible Unencumbered Property Subsidiaries
	Schedule 8.2

	 	Existing Liens
	Schedule 11.1

	 	Notices

EXHIBITS

	 	 	 
	Exhibit 1.1(a)

	 	Revolving Loan Commitment Percentages
	Exhibit 2.1(c)

	 	Form of Notice of Borrowing
	Exhibit 2.1(f)

	 	Form of Notice of Continuation/Conversion
	Exhibit 2.1(h)

	 	Form of Revolving Note
	Exhibit 2.2(b)

	 	Form of Competitive Bid Quote Request
	Exhibit 2.2(c)

	 	Form of Invitation for Competitive Bid Quotes
	Exhibit 2.2(d)(ii)

	 	Form of Competitive Bid Quote
	Exhibit 7.1(c)

	 	Form of Officer’s Certificate
	Exhibit 7.12

	 	Form of Guaranty
	Exhibit 11.3(b)

	 	Form of Assignment Agreement
	Exhibit 11.3(e)-1

	 	Form of Designation Agreement
	Exhibit 11.3(e)-2

	 	Form of Designated Bank Note

 

 

SECOND AMENDED AND RESTATED

REVOLVING CREDIT AGREEMENT

     THIS SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (as amended, supplemented or
otherwise modified from time to time, this “Credit Agreement”) is entered into as of June 29, 2007
among BRANDYWINE REALTY TRUST (“BRT”), a Maryland real estate investment trust, BRANDYWINE
OPERATING PARTNERSHIP, L.P. (“BOP”), a Delaware limited partnership (collectively, the
“Borrowers”), the Lenders (as defined herein), and JPMORGAN CHASE BANK, N.A., as Administrative
Agent for the Lenders, Swing Lender and Issuing Lender.

RECITALS

     WHEREAS, the Borrowers, JPMorgan Chase Bank, N.A., as administrative agent, issuing lender and
swing lender, and certain of the lenders are party to an Amended and Restated Credit Agreement
dated as of December 22, 2005 (the “Existing Credit Agreement”), and the parties desire to amend
and restate such Existing Credit Agreement in its entirety as set forth herein;

     WHEREAS, the Borrowers desire that the Lenders provide (i) an amended and restated revolving
credit facility in an initial aggregate amount of up to $600 million with the option to increase
the aggregate amount to $800 million, (ii) swing loans and (iii) competitive bid borrowings;

     WHEREAS, the Lenders party hereto have agreed to make the requested revolving credit facility
available to the Borrowers on the terms and conditions hereinafter set forth;

     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend and
restate the Existing Credit Agreement in its entirety as follows:

SECTION 1.

DEFINITIONS AND ACCOUNTING TERMS

     1.1 Definitions.

     As used herein, the following terms shall have the meanings herein specified unless the
context otherwise requires. Defined terms herein shall include in the singular number the plural
and in the plural the singular:

     “Acquisition” means the acquisition by merger by BRT of Prentiss that closed on January 5,
2006 in accordance with the terms of the Acquisition Purchase Agreement.

 

 

     “Acquisition Properties” means the properties of Prentiss and its Subsidiaries acquired
indirectly by the Borrowers in connection with the Acquisition which have not been sold since
January 5, 2006.

     “Acquisition Purchase Agreement” means that certain Agreement and Plan of Merger, dated as of
October 3, 2005, among the Borrowers, Prentiss and certain other parties.

     “Adjusted Eurodollar Rate” means the Eurodollar Rate plus the Applicable Percentage.

     “Adjusted NOI” means NOI less (a) an annual sum of $0.25 per square foot for all Properties
and (b) all interest income of the Combined Parties for the applicable period.

     “Administrative Agent” means JPMorgan Chase Bank, N.A. or any successor administrative agent
appointed pursuant to Section 10.9.

     “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling (including but not limited to all directors and officers of such Person), controlled by
or under direct or indirect common control with such Person. A Person shall be deemed to control a
corporation, partnership, limited liability company or real estate investment trust if such Person
possesses, directly or indirectly, the power (i) to vote 10% or more of the securities having
ordinary voting power for the election of directors of such corporation or real estate investment
trust or to vote 10% or more of the partnership or membership interests of such partnership or
limited liability company or (ii) to direct or cause direction of the management and policies of
such corporation, trust, limited liability company or partnership, whether through the ownership of
voting securities, as managing member or general partner, by contract or otherwise.

     “Agency Services Address” means 1111 Fannin, 10th Floor, Houston, TX 77002 Attn:
Loan and Agency, or such other address as may be identified by written notice from the
Administrative Agent to the Borrowers.

     “Agent-Related Persons” means the Administrative Agent (including any successor administrative
agent), together with its Affiliates (including, in the case of JPMorgan Chase Bank, N.A. in its
capacity as Administrative Agent, J.P. Morgan Securities Inc.), and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and Affiliates.

     “Annualized Modified Adjusted NOI” means an amount equal to (a) Adjusted NOI for the prior
fiscal quarter for all Properties owned during such entire fiscal quarter multiplied times four
plus (b) Adjusted NOI for the number of days owned for all Properties acquired during such fiscal
quarter multiplied by a fraction equal to 365 divided by the number of days such Property was owned
by a Combined Party.

-2-

 

     “Applicable Percentage” means if either (i) BRT has at least two Unsecured Senior Debt Ratings
in effect or (ii) BOP has at least two Unsecured Senior Debt Ratings in effect, the appropriate
applicable percentages corresponding to the Pricing Level in the table below based upon the lowest
Unsecured Senior Debt Ratings of (A) BRT, if BRT has at least two Unsecured Senior Debt Ratings in
effect and BOP does not, (B) BOP, if BOP has at least two Unsecured Senior Debt Ratings in effect
and BRT does not or (C) if both BRT and BOP have at least two Unsecured Senior Debt Ratings in
effect, the Borrower with the lowest Unsecured Senior Debt Rating, in each case as of the most
recent Calculation Date; provided that (x) if either or both of BOP or BRT has three Unsecured
Senior Debt Ratings in effect, the appropriate applicable percentages shall correspond to the
Pricing Level based on the lower Unsecured Senior Debt Rating of the two highest Unsecured Senior
Debt Ratings of the applicable Borrower under clauses (A), (B) and (C) above and (y) if neither BOP
nor BRT has at least two Unsecured Senior Debt Ratings in effect, the Applicable Percentage shall
be based on Pricing Level IV below:

	 	 	 	 	 	 	 
	 	 	 	 	Applicable Percentage
	Pricing Level	 	Unsecured Senior Debt Rating	 	for Eurodollar Loans
	I
	 	BBB+ or better from S&P,

Baa1 or better from Moody’s, or

BBB+ or better from Fitch

	 	 	0.425	%
	II
	 	BBB from S&P,

Baa2 from Moody’s or

BBB from Fitch

	 	 	0.55	%
	III
	 	BBB- from S&P,

Baa3 from Moody’s or

BBB- from Fitch

	 	 	0.725	%
	IV
	 	<BBB- from S&P,

<Baa3 from Moody’s or

<BBB- from Fitch

	 	 	0.95	%

     The Applicable Percentage for Revolving Loans shall be determined and adjusted on the date
(each a “Calculation Date”) on which BRT or BOP obtains an Unsecured Senior Debt Rating from at
least two of S&P, Moody’s or Fitch or the date on which there is a change in any Unsecured Senior
Debt Rating of BRT or BOP that would cause a change in the Applicable Percentage, in each case
promptly after the Administrative Agent receives notice regarding such Unsecured Senior Debt
Rating. Each Applicable Percentage shall be effective from one Calculation Date until the next
Calculation Date. Any adjustment in the Applicable Percentage shall be applicable both to new
Revolving Loans made and to all existing Revolving Loans.

     The Borrowers shall promptly deliver to the Administrative Agent, at the address set forth on
Schedule 11.1 and at the Agency Services Address, information regarding

-3-

 

any change in the Unsecured Senior Debt Rating that would change the existing Pricing Level
for the Applicable Percentage as set forth above.

     “Arrangers” means J.P. Morgan Securities Inc. and Banc of America Securities LLC,
collectively, in their capacity as joint lead arrangers and joint bookrunners.

     “Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United States Code, as amended,
modified, succeeded or replaced from time to time.

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

     “Base Rate Loan” means a Loan bearing interest based on a rate determined by reference to the
Base Rate.

     “BOP” means Brandywine Operating Partnership, L.P., a Delaware limited partnership, together
with any successors and permitted assigns.

     “Borrowers” means BRT and BOP and “Borrower” means either one of them.

     “BRT” means Brandywine Realty Trust, a Maryland real estate investment trust, together with
any successors and permitted assigns.

     “Business Day” means any day other than a Saturday, a Sunday, a legal holiday or a day on
which banking institutions are authorized or required by law or other governmental action to close
in New York, New York; provided that in the case of Eurodollar Loans, such day is also a day on
which dealings between banks are carried on in Dollar deposits in the London interbank market.

     “Calculation Date” has the meaning set forth in the definition of Applicable Percentage in
this Section 1.1.

     “Capital Expenditures” means all expenditures of the Borrowers and their Subsidiaries which,
in accordance with GAAP, would be classified as capital expenditures, including, without
limitation, Capital Leases.

     “Capital Lease” means, as applied to any Person, any lease of any property (whether real,
personal or mixed) by that Person as lessee which, in accordance with GAAP, is or should be
accounted for as a capital lease on a balance sheet of that Person.

     “Capital Percentage” means, with respect to the interest of a Borrower or one of its
Subsidiaries in another Person, the percentage interest of such Person based on the

-4-

 

aggregate amount of net capital contributed by such Borrower or such Subsidiary in such Person
at the time of determination relative to all capital contributions made in such Person at such time
of determination.

     “Capitalization Rate” means 7.50%.

     “Cash Equivalents” means (a) securities issued or directly and fully guaranteed or insured by
the United States of America or any agency or instrumentality thereof (provided that the full faith
and credit of the United States of America is pledged in support thereof) having maturities of not
more than twelve months from the date of acquisition, (b) Dollar denominated time and demand
deposits and certificates of deposit of (i) any Lender or any of its Affiliates, (ii) any domestic
commercial bank having capital and surplus in excess of $500,000,000 or (iii) any bank whose
short-term commercial paper rating from S&P is at least A-1 or the equivalent thereof or from
Moody’s is at least P-1 or the equivalent thereof (any such bank being an “Approved Bank”), in each
case with maturities of not more than 270 days from the date of acquisition, (c) commercial paper
and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or
any variable rate notes issued by, or guaranteed by, any domestic corporation rated A-1 (or the
equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody’s and
maturing within six months of the date of acquisition, (d) repurchase agreements with a bank or
trust company (including any of the Lenders) or securities dealer having capital and surplus in
excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States of
America in which a Borrower or one of its Subsidiaries shall have a perfected first priority
security interest (subject to no other Liens) and having, on the date of purchase thereof, a fair
market value of at least 100% of the amount of the repurchase obligations and (e) Investments,
classified in accordance with GAAP as current assets, in money market investment programs
registered under the Investment Company Act of 1940, as amended, which are administered by
financial institutions having capital of at least $500,000,000 and the portfolios of which are
limited to investments of the character described in the foregoing subdivisions (a) through (d).

     “Change of Control” means any of the following events:

     (a) any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the
Exchange Act) has become, directly or indirectly, the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person shall be deemed to have
“beneficial ownership” of all shares that any such Person has the right to acquire, whether
such right is exercisable immediately or only after the passage of time or the occurrence
of any contingency), by way of merger, consolidation or otherwise, of 20% or more of the
voting power of BRT on a fully-diluted basis, after giving effect to the conversion and
exercise of all outstanding warrants, options and other securities

-5-

 

of BRT convertible into or exercisable for voting power of BRT (whether or not such
securities are then currently convertible or exercisable); or

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

     (c) BRT fails to directly own at least 75% of the aggregate ownership interests in BOP
(giving effect to any convertible interests with respect thereto).

     “Closing Date” means the date hereof.

     “Code” means the Internal Revenue Code of 1986, as amended, and any successor statute thereto,
as interpreted by the rules and regulations issued thereunder, in each case as in effect from time
to time. References to sections of the Code shall be construed also to refer to any successor
sections.

     “Combined Parties” means the Borrowers and their Subsidiaries and all joint ventures or
partnerships to which a Borrower or one of its Subsidiaries is a party.

     “Commitment” or “Commitments” means (a) with respect to each Lender, the Revolving Loan
Commitment Percentage of such Lender multiplied by the Revolving Committed Amount and (b) with
respect to the Issuing Lenders, the LOC Commitment, individually or collectively, as applicable.

     “Committed Loans” means Revolving Loans and Swing Loans.

     “Competitive Bid Lender” means, as to each Competitive Bid Loan, the Lender funding such
Competitive Bid Loan.

     “Competitive Bid Loan” means a loan made or to be made by a Lender pursuant to a LIBOR Auction
(including such a loan bearing interest at the Base Rate pursuant to Section 3.10).

     “Competitive Bid Margin” has the meaning set forth in Section 2.2(d)(i)(C).

     “Competitive Bid Quote” means an offer by a Lender to make a Competitive Bid Loan in
accordance with Section 2.2(d).

     “Competitive Bid Quote Request” has the meaning set forth in Section 2.2(a).

-6-

 

     “Construction-in-Process” means a Property or portion thereof on which construction of
improvements (excluding tenant improvements) has commenced and is proceeding to completion in the
ordinary course but has not yet been completed (as such completion shall be evidenced by a
temporary or permanent certificate of occupancy permitting use of such Property or portion thereof
by the general public). Any such Property or portion thereof shall be treated as
Construction-in-Process until the earlier of (i) the date that is 12 months from the date of
completion (as evidenced by a certificate of occupancy permitting use of such Property or portion
thereof by the general public) or (ii) the date after completion on which the Borrowers make a
one-time election (by written notice to the Administrative Agent in the certificate delivered
pursuant to Section 7.1(c)) to no longer treat such Property or portion thereof as
Construction-in-Process.

     “Continuing Trustees” has the meaning set forth in the definition of Change of Control.

     “Credit Documents” means this Credit Agreement, the Notes, each Guaranty (if any), any Notice
of Borrowing, any Competitive Bid Quote Request, any Notice of Continuation/Conversion and all
other related agreements and documents issued or delivered hereunder or thereunder or pursuant
hereto or thereto.

     “Credit Exposure” has the meaning set forth in the definition of Required Lenders in this
Section 1.1.

     “Credit Parties” means the Borrowers and any Guarantors and “Credit Party” means any one of
them.

     “Debt Payments” means, for any period, for the Combined Parties, the sum of (a) Interest
Expense for such period plus (b) all payments of principal and any required prepayments on Funded
Debt of the Combined Parties (other than balloon payments) for such period, ending on the date of
determination (including the principal component of payments due on Capital Leases during the
applicable period ending on the date of determination).

     “Default” means any event, act or condition which with notice or lapse of time, or both, would
constitute an Event of Default.

     “Defaulting Lender” means, at any time, any Lender that (a) has failed to make a Loan or
purchase a Participation Interest required pursuant to the terms of this Credit Agreement (but only
for so long as such Loan is not made or such Participation Interest is not purchased), (b) has
failed to pay to the Administrative Agent or any Lender an amount owed by such Lender pursuant to
the terms of this Credit Agreement (but only for so long as such amount has not been repaid) or (c)
has been deemed insolvent or has become subject to a bankruptcy or insolvency proceeding or to a
receiver, trustee or similar official.

-7-

 

     “Designated Bank” means a special purpose corporation that (i) shall have become a party to
this Credit Agreement pursuant to Section 11.3(e) and (ii) is not otherwise a Lender.

     “Designated Bank Notes” means promissory notes of the Borrowers, substantially in the form of
Exhibit 11.3(e)-2 hereto, evidencing the obligation of the Borrowers to repay Competitive Bid Loans
made by Designated Banks, as the same may be amended, supplemented, modified or restated from time
to time, and “Designated Bank Note” means any one of such promissory notes issued under Section
11.3(e) hereof.

     “Designating Lender” shall have the meaning set forth in Section 11.3(e) hereof.

     “Designation Agreement” means a designation agreement in substantially the form of Exhibit
11.3(e)-1 attached hereto, entered into by a Lender and a Designated Bank and accepted by the
Administrative Agent.

     “Dollars” and “$” each means the lawful currency of the United States of America.

     “Effective Date” means the date, as specified by the Administrative Agent, on which the
conditions set forth in Section 5.1 shall have been fulfilled (or waived in the sole discretion of
the Lenders) and on which the initial Loans shall have been made and/or the initial Letters of
Credit shall have been issued.

     “Eligible Assignee” means (a) any Lender or any Affiliate of a Lender; (b) a commercial bank
having total assets in excess of $5,000,000,000; (c) the central bank of any country which is a
member of the Organization for Economic Cooperation and Development; or (d) a finance company or
other financial institution reasonably acceptable to the Administrative Agent, which is regularly
engaged in making, purchasing or investing in loans and having total assets in excess of
$500,000,000 or is otherwise acceptable to the Administrative Agent. Neither a Borrower nor any
Affiliate of the Borrowers shall qualify as an Eligible Assignee.

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

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under the Regulations for like-kind exchange treatment, such proceeds shall cease being
Eligible Cash 1031 Proceeds.

     “Eligible Ground Lease” means a ground lease that (a) has a minimum remaining term of
twenty-five (25) years, including tenant controlled options, as of any date of determination, (b)
has customary notice rights, default cure rights, bankruptcy new lease rights and other customary
provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold
permanent mortgagee by a subordination to such leasehold permanent mortgagee of the landlord’s fee
interest, and (c) is otherwise acceptable for non-recourse leasehold mortgage financing under
customary prudent lending requirements. The Eligible Ground Leases as of the date of this Credit
Agreement are listed on Schedule EG.

     “Eligible Land” means undeveloped land which is zoned for commercial use and which is not
subject to a building moratorium or other restriction on construction.

     “Eligible Subsidiary” means any Subsidiary of the Borrowers which has no Recourse Indebtedness
and has not provided a guaranty of any other Funded Debt of the Borrowers.

     “Eligible Unencumbered Property Subsidiary” means an Eligible Subsidiary that owns or
ground-leases any Property that is treated as Unencumbered Property, Unencumbered
Construction-in-Process or Unencumbered Eligible Land under this Agreement.

     “Environmental Claim” means any investigation, written notice, violation, written demand,
written allegation, action, suit, injunction, judgment, order, consent decree, penalty, fine, lien,
proceeding, or written claim whether administrative, judicial or private in nature arising (a)
pursuant to, or in connection with, an actual or alleged violation of any Environmental Law, (b) in
connection with any Hazardous Material, (c) from any assessment, abatement, removal, remedial,
corrective, or other response action in connection with an Environmental Law or other order of a
Governmental Authority or (d) from any actual or alleged damage, injury, threat, or harm to health,
safety, natural resources, or the environment.

     “Environmental Laws” means any current or future legal requirement of any Governmental
Authority pertaining to (a) the protection of health, safety, and the indoor or outdoor
environment, (b) the conservation, management, or use of natural resources and wildlife, (c) the
protection or use of surface water and groundwater or (d) the management, manufacture, possession,
presence, use, generation, transportation, treatment, storage, disposal, release, threatened
release, abatement, removal, remediation or handling of, or exposure to, any hazardous or toxic
substance or material or (e) pollution (including any release to land surface water and
groundwater) and includes, without limitation, the Comprehensive Environmental Response,
Compensation, and

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Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986,
42 U.S.C. 9601 et seq., Solid Waste Disposal Act, as amended by the Resource Conservation and
Recovery Act of 1976 and Hazardous and Solid Waste Amendment of 1984, 42 U.S.C. 6901 et seq.,
Federal Water Pollution Control Act, as amended by the Clean Water Act of 1977, 33 U.S.C. 1251 et
seq., Clean Air Act of 1966, as amended, 42 U.S.C. 7401 et seq., Toxic Substances Control Act of
1976, 15 U.S.C. 2601 et seq., Hazardous Materials Transportation Act, 49 U.S.C. App. 1801 et seq.,
Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. 651 et seq., Oil Pollution Act of
1990, 33 U.S.C. 2701 et seq., Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C.
11001 et seq., National Environmental Policy Act of 1969, 42 U.S.C. 4321 et seq., Safe Drinking
Water Act of 1974, as amended, 42 U.S.C. 300(f) et seq., any analogous implementing or successor
law, and any amendment, rule, regulation, order, or directive issued thereunder.

     “Equity Issuance” means any issuance by a Borrower or one of its Subsidiaries to any Person
(other than another Borrower or Subsidiary) of shares of its capital stock, preferred stock, common
or preferred shares of beneficial interest, partnership or membership interests or other equity
interests, including pursuant to the exercise of options or warrants or pursuant to the conversion
of any debt securities to equity; provided that the definition of Equity Issuance as used herein
shall not include (a) issuances of equity to employees or trustees of a Borrower or one of its
Subsidiaries to the extent such issuances either (i) arise from the Borrowers’ Employee Stock
Purchase Plan or Long-Term Incentive Plan approved by BRT’s shareholders or (ii) do not exceed
$2,000,000 in any one instance or $10,000,000, in the aggregate from and after the date hereof,
during the term of this Credit Agreement, or (b) issuances of common stock or common or preferred
shares of beneficial interests the proceeds of which are used for the sole purpose of conversion or
redemption of convertible preferred stock or perpetual preferred stock or preferred shares of
beneficial interests.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any
successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same
may be in effect from time to time. References to sections of ERISA shall be construed also to
refer to any successor sections.

     “ERISA Affiliate” means an entity, whether or not incorporated, which is under common control
with a Borrower or any of its Subsidiaries within the meaning of Section 4001(a)(14) of ERISA, or
is a member of a group which includes a Borrower or any Subsidiary of a Borrower and which is
treated as a single employer under subsections (b) or (c) of Section 414 of the Code.

     “ERISA Event” means (i) with respect to any Plan, the occurrence of a Reportable Event or the
substantial cessation of operations (within the meaning of Section 4062(e) of ERISA); (ii) the
withdrawal of a Borrower, any Subsidiary of a Borrower or any ERISA Affiliate from a Multiple
Employer Plan during a plan year in

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which it was a substantial employer (as such term is defined in Section 4001(a)(2) of ERISA),
or the termination of a Multiple Employer Plan; (iii) the distribution of a notice of intent to
terminate or the actual termination of a Plan pursuant to Section 4041(a)(2) or 4041A of ERISA;
(iv) the institution of proceedings to terminate or the actual termination of a Plan by the PBGC
under Section 4042 of ERISA; (v) any event or condition which might constitute grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Plan; (vi) the complete or partial withdrawal of a Borrower, any Subsidiary of a Borrower or any
ERISA Affiliate from a Multiemployer Plan; (vii) the conditions for imposition of a lien under
Section 302(f) of ERISA exist with respect to any Plan; or (viii) the adoption of an amendment to
any Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA.

     “Eurodollar Loan” means a Revolving Loan bearing interest based on a rate determined by
reference to the Adjusted Eurodollar Rate.

     “Eurodollar Rate” means, for the Interest Period for each Eurodollar Loan or Competitive Bid
Loan comprising part of the same borrowing (including conversions, extensions and renewals), a per
annum interest rate as determined on the basis of the offered rates for deposits in Dollars, for
the period of time comparable to such Interest Period that appears on Reuters Screen LIBOR01 Page
as of 11:00 a.m. London time on the day that is two (2) Business Days preceding the first day of
such Interest Period; provided, however, if the rate described above does not
appear on Reuters Screen LIBOR01 Page on any applicable interest determination date or the Reuters
service is unavailable, the Eurodollar Rate for that date will be determined on the basis of the
offered rates for deposits in Dollars in an amount comparable to the principal amount of such Loan
and for a period of time comparable to such Interest Period which are offered by four major banks
in the London interbank market at approximately 11:00 a.m. London time, on the day that is two (2)
Business Days preceding the first day of such Interest Period as selected by Administrative Agent.
The principal London office of each of the four major London banks will be requested to provide a
quotation of its Dollar deposit offered rate. If at least two such quotations are provided, the
rate for that date will be the arithmetic mean of the quotations. If fewer than two quotations are
provided, the rate for that date will be determined on the basis of the rates quoted for loans in
Dollars to leading European banks in an amount comparable to the principal amount of such Loan and
for a period of time comparable to such Interest Period offered by major banks in New York City at
approximately 11:00 a.m. (New York City time), on the day that is two (2) Business Days preceding
the first day of such Interest Period. In the event that Administrative Agent is unable to obtain
any such quotation as provided above, it will be deemed that the Eurodollar Rate for a Eurodollar
Loan or a Competitive Bid Loan cannot be determined and the provisions of Section 3.10 shall apply.
In the event that the Board of Governors of the Federal Reserve System shall impose a Eurodollar
Reserve Percentage with respect to Eurodollar deposits of the Person serving as the Administrative
Agent, then for any period during which such Eurodollar Reserve

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Percentage shall apply, the Eurodollar Rate shall be equal to the amount determined above
divided by an amount equal to 1 minus the Eurodollar Reserve Percentage.

     “Eurodollar Reserve Percentage” means, for any day, that percentage (expressed as a decimal)
which is in effect from time to time under Regulation D as the maximum reserve requirement
(including, without limitation, any basic, supplemental, emergency, special, or marginal reserves)
applicable with respect to Eurodollar liabilities as that term is defined in Regulation D (or
against any other category of liabilities that includes deposits by reference to which the interest
rate on Eurodollar Loans is determined) with respect to member banks of the Federal Reserve System,
whether or not any Lender has any Eurodollar liabilities subject to such reserve requirement at
that time. Eurodollar Loans shall be deemed to constitute Eurodollar liabilities and as such shall
be deemed subject to reserve requirements without benefits of credits for proration, exceptions or
offsets that may be available from time to time to a Lender. The Adjusted Eurodollar Rate shall be
adjusted automatically on and as of the effective date of any change in the Eurodollar Reserve
Percentage.

     “Event of Default” means any of the events or circumstances described in Section 9.1.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, modified, succeeded or
replaced from time to time, and the rules and regulations promulgated thereunder.

     “Existing Credit Agreement” has the meaning set forth in the recitals.

     “Existing Letters of Credit” means the letters of credit described on Schedule 2.3(c).

     “Extension of Credit” means, as to any Lender, the making of a Loan by such Lender (or a
participation therein by a Lender) or the issuance of, or participation in, a Letter of Credit by
such Lender.

     “Facility Fees” means the fees payable to the Lenders pursuant to Section 3.4(a).

     “Federal Funds Rate” means, for any day, the rate per annum (rounded upward, at the discretion
of the Administrative Agent, to the nearest 1/100th of 1%) equal to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the
Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the next preceding
Business Day and (b) if no such rate is so published on such next preceding Business Day, the
Federal Funds Rate for such day shall be the average rate quoted to the Administrative Agent on
such day on such transactions as determined by the Administrative Agent.

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     “Fee Letter” means that certain letter agreement, dated as of June 26, 2007 between the
Administrative Agent and BRT, as amended, modified, supplemented or replaced from time to time.

     “Fitch” means Fitch Inc. or any successor or assignee of the business of such company in the
business of rating securities.

     “Fixed Charge Coverage Ratio” means, for any period, the ratio of (a) Adjusted NOI for such
period to (b) the sum of Debt Payments for such period plus all dividends on preferred shares of
beneficial interest of BRT or preferred operating partnership units of BOP (not owned by BRT) for
such period plus any letter of credit fees for such period.

     “Funded Debt” means, without duplication, the sum of (a) all Indebtedness of the Combined
Parties for borrowed money, (b) all purchase money Indebtedness of the Combined Parties, (c) the
principal portion of all obligations of the Combined Parties under Capital Leases, (d) all
obligations, contingent or otherwise, relative to the face amount of all letters of credit (other
than letters of credit supporting trade payables in the ordinary course of business), whether or
not drawn, and banker’s acceptances issued for the account or upon the application of a Combined
Party (it being understood that, to the extent an undrawn letter of credit supports another
obligation constituting Indebtedness, in calculating aggregated Funded Debt only such other
obligation shall be included), (e) all Guaranty Obligations of the Combined Parties with respect to
the indebtedness of another Person of the types described in this definition, (f) all indebtedness
of another Person of the types described in this definition that is secured by a Lien on any
property of the Combined Parties whether or not such indebtedness has been assumed by a Combined
Party, (g) the principal balance outstanding under any synthetic lease, tax retention operating
lease, off-balance sheet loan or similar off-balance sheet financing product of a Combined Party
where such transaction is considered borrowed money indebtedness for tax purposes but is classified
as an operating lease in accordance with GAAP, (h) all obligations of the Combined Parties in
respect of interest rate protection agreements, foreign currency exchange agreements or other
interest or exchange rate or commodity price hedging agreements and (i) all take out loan
commitments to the extent such take out commitment is not supported by a financial commitment from
a third party containing standard terms and conditions; provided that Funded Debt shall not include
intercompany items or trade payables incurred in the ordinary course of business; and provided
further that, for purposes of calculating the Leverage Ratio, the Secured Debt Ratio, the Unsecured
Debt limitation and the Unencumbered Cash Flow Ratio, to the extent Funded Debt includes
Indebtedness in respect of Construction-in-Process, the amount of such Funded Debt shall be deemed
to be the total construction costs incurred for the Construction-in-Process as of such date. The
calculation of Funded Debt of the Combined Parties shall be subject to Section 1.4.

     “Funds From Operations”, when used with respect to any Person, shall have the meaning given to
such term in, and shall be calculated in accordance with, standards

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promulgated by the National Association of Real Estate Investment Trusts in effect from time
to time.

     “GAAP” means generally accepted accounting principles in the United States applied on a
consistent basis and subject to Section 1.3.

     “Governmental Authority” means any Federal, state, local or provincial court or governmental
agency, authority, instrumentality or regulatory body.

     “Guarantors” means any Persons who may from time to time execute a Guaranty, as required by
Section 7.12 or otherwise, together with their successors and assigns; in each case unless released
as a Guarantor pursuant to Section 8.5(b) or Section 11.19.

     “Guaranty” means the guaranty of payment provided by a Subsidiary of a Borrower in favor of
the Administrative Agent and the Lenders in the form of Exhibit 7.12.

     “Guaranty Obligations” means, with respect to any Person, without duplication, any obligations
(other than endorsements in the ordinary course of business of negotiable instruments for deposit
or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any
manner, whether direct or indirect, and including without limitation any obligation, whether or not
contingent, (a) to purchase any such Indebtedness or other obligation or any property constituting
security therefor, (b) to advance or provide funds or other support for the payment or purchase of
such Indebtedness or obligation or to maintain working capital, solvency or other balance sheet
condition of such other Person (including, without limitation, maintenance agreements, comfort
letters, take or pay arrangements, put agreements or similar agreements or arrangements) for the
benefit of the holder of Indebtedness of such other Person, (c) to lease or purchase property,
securities or services primarily for the purpose of assuring the owner of such Indebtedness or (d)
to otherwise assure or hold harmless the owner of such Indebtedness or obligation against loss in
respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any limitations
set forth therein) be deemed to be an amount equal to the outstanding principal amount (or maximum
principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is
made. It is understood and agreed that for purposes of any “completion guaranty” provided by a
Borrower or one of its Subsidiaries, the amount of Indebtedness associated with such completion
guaranty shall be none unless such completion guaranty is enforced (or written notice of the intent
to enforce such completion guaranty has been received) at which time the Indebtedness associated
with such completion guaranty shall equal the remaining cost to complete the project plus ten
percent until such time as a certificate of occupancy is issued.

     “Hazardous Materials” means any substance, material or waste defined or regulated in or under
any Environmental Laws.

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     “Incentive Stock Plan” means the BRT Amended and Restated 1997 Long-Term Incentive Plan, as
amended from time to time, and any other equity incentive plan hereafter established by BRT or one
of its Subsidiaries pursuant to which awards of equity interests in BRT or such Subsidiary may be
made to employees of BRT or one of its Subsidiaries.

     “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person
for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or
similar instruments, or upon which interest payments are customarily made, (c) all obligations of
such Person under conditional sale or other title retention agreements relating to property
purchased by such Person to the extent of the value of such property (other than customary
reservations or retentions of title under agreements with suppliers entered into in the ordinary
course of business), (d) all obligations of such Person issued or assumed as the deferred purchase
price of property or services purchased by such Person which would appear as liabilities on a
balance sheet of such Person, (e) all Indebtedness of others secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or
payable out of the proceeds of production from, property owned or acquired by such Person, whether
or not the obligations secured thereby have been assumed, (f) all Guaranty Obligations of such
Person, (g) the principal portion of all obligations of such Person under (i) Capital Leases and
(ii) any synthetic lease, tax retention operating lease, off-balance sheet loan or similar
off-balance sheet financing product of such Person where such transaction is considered borrowed
money indebtedness for tax purposes but is classified as an operating lease in accordance with
GAAP, (h) all obligations of such Person in respect of interest rate protection agreements, foreign
currency exchange agreements, or other interest or exchange rate or commodity price hedging
agreements, (i) the maximum amount of all performance and standby letters of credit issued or
bankers’ acceptances facilities created for the account or upon the application of such Person and,
without duplication, all drafts drawn thereunder (to the extent unreimbursed), (j) all preferred
stock issued by such Person and required by the terms thereof to be redeemed, or for which
mandatory sinking fund payments are due, by a fixed date; provided that Indebtedness shall not
include preferred stock which carries a defined term if its conversion or redemption occurs solely
through the issuance of additional equity or from the proceeds of an equity offering, (k) all
obligations evidenced by take out commitments, (l) the aggregate amount of uncollected accounts
receivables of such Person subject at such time to a sale of receivables (or similar transaction)
regardless of whether such transaction is effected without recourse to such Person or in a manner
that would not be reflected on the balance sheet of such Person in accordance with GAAP and (m) all
obligations of such Person to repurchase any securities which repurchase obligation is related to
the issuance thereof, including, without limitation, obligations commonly known as residual equity
appreciation potential shares or forward equity purchase contracts; provided, however, that
Indebtedness shall not include intercompany items or trade payables incurred in the ordinary course
of business. Subject to Section 1.4, the Indebtedness of any Person shall include the Indebtedness
of any partnership or

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unincorporated joint venture in which such Person is legally obligated or has a reasonable
expectation of being liable with respect thereto.

     “Indenture” means the Indenture, First Supplemental Indenture and Second Supplemental
Indenture dated as of October 22, 2004, May 25, 2005 and October 4, 2006, respectively, among BOP,
as Issuer, BRT, as Parent Guarantor, and The Bank of New York, as Trustee.

     “Initial Revolving Loan Maturity Date” means June 29, 2011.

     “Interest Expense” means, for any period, with respect to the Combined Parties, all net
interest expense, whether paid or accrued (including that portion applicable to Capital Leases in
accordance with GAAP) plus capitalized interest.

     “Interest Payment Date” means (a) as to Base Rate Loans, the last Business Day of each month
and the Revolving Loan Maturity Date, (b) as to any Eurodollar Loan having an Interest Period of
three months or less or as to any Competitive Bid Loan, the last day of such Interest Period and
the Revolving Loan Maturity Date, and (c) as to any Eurodollar Loan having an Interest Period
longer than three months, the day which is three months after the first day of such Interest
Period, the last day of such Interest Period, and the Revolving Loan Maturity Date.

     “Interest Period” means, (i) as to Eurodollar Loans, a period of one, two, three or six
months’ duration as the Borrowers may elect or (ii) as to Competitive Bid Loans, a period of one,
two or three months’ duration as the Borrowers may elect, commencing, in each case, on the date of
the borrowing (including, as applicable, continuations thereof and conversions thereto); provided,
however, (a) if any Interest Period would end on a day which is not a Business Day, such Interest
Period shall be extended to the next succeeding Business Day (except that where the next succeeding
Business Day falls in the next succeeding calendar month, then on the next preceding Business Day),
(b) no Interest Period shall extend beyond the Revolving Loan Maturity Date, (c) where an Interest
Period begins on a day for which there is no numerically corresponding day in the calendar month in
which the Interest Period is to end, such Interest Period shall end on the last Business Day of
such calendar month, and (d) no Interest Period shall extend beyond the Initial Revolving Loan
Maturity Date unless the Revolving Loan Maturity Date has been extended pursuant to Section 3.5(b).

     “Interest Rate Hedges” has the meaning set forth in Section 7.13.

     “Investment” in any Person means (a) the acquisition (whether for cash, property, services,
assumption of Indebtedness, securities or otherwise) of assets, shares of capital stock, bonds,
notes, debentures, partnership interests, membership interests, joint ventures or other ownership
interests or other securities of such other Person or (b) any deposit with, or advance, loan or
other extension of credit to, such Person (other than

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deposits made in connection with the purchase of equipment or other assets in the ordinary
course of business) or (c) any other capital contribution to or investment in such Person,
including, without limitation, any Guaranty Obligation (including any support for a letter of
credit issued on behalf of such Person) incurred for the benefit of such Person.

     “Investment Grade Rating” means an Unsecured Senior Debt Rating of (a) BBB- or better from
S&P, (b) Baa3 or better from Moody’s or (c) BBB- or better from Fitch, as applicable.

     “Invitation for Competitive Bid Quotes” means an Invitation for Competitive Bid Quotes
substantially in the form of Exhibit 2.2(c).

     “Issuing Lender” means JPMorgan Chase Bank, N.A., Bank of America, N.A., any successor Person
serving as Administrative Agent and/or any other Lender designated by the Administrative Agent.
Any reference in this Credit Agreement to the Issuing Lender shall be deemed to be a reference to
the applicable Issuing Lender that has issued or is issuing the Letter of Credit in question.

     “Issuing Lender Fees” has the meaning set forth in Section 3.4(b)(ii).

     “Lender” means (a) the Person serving as the Administrative Agent, any of the other financial
institutions party to this Credit Agreement, or any other Person which may provide an additional
Commitment and become a party to this Credit Agreement or becomes an assignee of any rights to a
Lender pursuant to Section 11.3, together with their successors and permitted assigns and (b) each
Designated Bank; provided, however, that the term “Lender” shall exclude each Designated Bank when
used in reference to a Committed Loan, the Commitments or terms relating to the Committed Loans and
the Commitments and shall further exclude each Designated Bank for all other purposes hereunder
except that any Designated Bank which funds a Competitive Bid Loan shall, subject to Section
11.3(e)), have the rights (including the rights given to a Lender contained in Section 11.5 and
otherwise in Section 11) and obligations of a Lender associated with holding such Competitive Bid
Loan.

     “Letter of Credit” means a letter of credit issued for the account of a Credit Party by an
Issuing Lender pursuant to Section 2.3 or any Existing Letter of Credit, as such letter of credit
may be amended, modified, extended, renewed or replaced.

     “Letter of Credit Fees” has the meaning set forth in Section 3.4(b)(i).

     “Leverage Ratio” means the ratio of (a) Funded Debt to (b) Total Asset Value.

     “LIBOR Auction” means a solicitation of Competitive Bid Quotes setting forth Competitive Bid
Margins based on the Eurodollar Rate pursuant to Section 2.2.

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     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, security
interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of any kind,
including, without limitation, any agreement to give any of the foregoing, any conditional sale or
other title retention agreement, and any lease in the nature thereof.

     “Loan” or “Loans” means the Revolving Loans (or a portion of any Revolving Loan), the Swing
Loans, and the Competitive Bid Loans, individually or collectively, as applicable.

     “LOC Commitment” means the commitment of the Issuing Lenders to issue Letters of Credit for
the account of any Credit Party or any of its Subsidiaries in an aggregate face amount any time
outstanding (together with the amounts of any unreimbursed drawings thereon) of up to the LOC
Committed Amount.

     “LOC Committed Amount” means $65,000,000.

     “LOC Documents” means, with respect to any Letter of Credit, such Letter of Credit, any
amendments thereto, any documents delivered in connection therewith, any application therefor, and
any agreements, instruments, guarantees or other documents (whether general in application or
applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations
of the parties concerned or at risk or (b) any collateral security for such obligations.

     “LOC Obligations” means, at any time, the sum, without duplication, of (a) the maximum amount
which is, or at any time thereafter may become, available to be drawn under Letters of Credit then
outstanding, assuming compliance with all requirements for drawings referred to in such Letters of
Credit plus (b) the aggregate amount of all drawings under Letters of Credit honored by an Issuing
Lender but not theretofore reimbursed.

     “LOC Participants” means the Lenders.

     “Mandatory Borrowing” has the meaning set forth in Section 2.3(e).

     “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations, condition (financial or otherwise) or prospects of BRT, BOP or the Borrowers and their
Subsidiaries taken as a whole, (b) the ability of a Borrower to perform its respective obligations
under this Credit Agreement or any of the other Credit Documents, (c) the ability of a Guarantor to
perform its respective obligations under any of the other Credit Documents, unless the Guarantor
subject to such material adverse effect could be immediately released as a Guarantor in compliance
with Section 8.5(b), or (d) the validity or enforceability of this Credit Agreement, any of the
other Credit Documents, or the rights and remedies of the Lenders hereunder or thereunder taken as
a whole.

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     “Material Subsidiary” means any Eligible Unencumbered Property Subsidiary and any Subsidiary
of a Borrower which is a Guarantor.

     “Moody’s” means Moody’s Investors Service, Inc., or any successor or assignee of the business
of such company in the business of rating securities.

     “Multiemployer Plan” means a Plan which is a multiemployer plan as defined in Section 3(37) or
Section 4001(a)(3) of ERISA.

     “Multiple Employer Plan” means a Plan (other than a Multiemployer Plan) in which a Borrower, a
Subsidiary of a Borrower or any ERISA Affiliate and at least one employer other than a Borrower, a
Subsidiary of a Borrower or any ERISA Affiliate are contributing sponsors.

     “Net Cash Proceeds” means, with respect to an Equity Issuance, the gross cash proceeds
received from such Equity Issuance minus actual transaction costs and discounts of issuance payable
to third parties in connection therewith.

     “Net Income” means, for any period, the net income for such period of the Combined Parties, as
determined in accordance with GAAP.

     “Net Worth” means, as of any date, the net worth of the Borrowers and their Subsidiaries on a
consolidated basis, as determined in accordance with GAAP.

     “NOI” means, for any period, an amount equal to (a) Net Income for such period (excluding the
effect of any extraordinary or other non-recurring gains or losses or other non-cash losses outside
the ordinary course of business) plus (b) an amount which in the determination of Net Income for
such period has been deducted for (i) proceeds to minority interests, (ii) income taxes, (iii)
depreciation and amortization, (iv) Interest Expense and (v) actual property management expense,
less (c) 3% of the total real estate revenue of the Combined Parties as an assumed property
management expense.

     “Non-Excluded Taxes” has the meaning set forth in Section 3.13.

     “Non-Recourse Indebtedness” means any Indebtedness: (a) under the terms of which the payee’s
remedies upon the occurrence of an event of default are limited to specific, identified assets of
the payor which secure such Indebtedness and (b) for the repayment of which neither a Borrower nor
any Subsidiary of a Borrower (other than a special purpose Subsidiary of a Borrower which owns such
assets) has any personal liability beyond the loss of such specified assets, except for liability
for fraud, material misrepresentation or misuse or misapplication of insurance proceeds,
condemnation awards, existence of hazardous wastes or other customary exceptions to non-recourse
provisions.

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     “Note” or “Notes” means the Revolving Notes, any promissory notes issued to the Lenders to
evidence Competitive Bid Loans made by Lenders, the Designated Bank Notes, and any promissory notes
issued to the Swing Lender, individually or collectively, as appropriate.

     “Notice of Borrowing” means a request by the Borrowers for a Committed Loan, in the form of
Exhibit 2.1(c).

     “Notice of Competitive Bid Borrowing” has the meaning set forth in Section 2.2(f).

     “Notice of Continuation/Conversion” means a request by the Borrowers to continue an existing
Eurodollar Loan to a new Interest Period or to convert a Eurodollar Loan to a Base Rate Loan or to
convert a Base Rate Loan to a Eurodollar Loan, in the form of Exhibit 2.1(f).

     “Obligations” means, without duplication, all of the obligations, liabilities and indebtedness
of the Credit Parties to the Lenders and the Administrative Agent, whenever arising, under this
Credit Agreement, the Notes or any of the other Credit Documents to which a Credit Party is a
party, including without limitation the outstanding principal amount of the Loans.

     “Participation Interest” means the Extension of Credit by a Lender by way of a purchase of a
participation in any Loans as provided in Sections 2.1(b) or 3.8, or in any Letters of Credit or
LOC Obligations as provided in Section 2.3.

     “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of
Title IV of ERISA and any successor thereto.

     “Permitted Liens” means (a) Liens securing Obligations, (b) Liens for taxes not yet due or
Liens for taxes being contested in good faith by appropriate proceedings for which adequate
reserves determined in accordance with GAAP have been established (and as to which the property
subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof), (c)
Liens in respect of property imposed by law arising in the ordinary course of business such as
materialmens’, mechanics’, warehousemens’, carriers’, landlords’ and other nonconsensual statutory
Liens which are not yet due and payable or which are being contested in good faith by appropriate
proceedings for which adequate reserves determined in accordance with GAAP have been established
(and as to which the property subject to any such Lien is not yet subject to foreclosure, sale or
loss on account thereof); (d) Liens arising from good faith deposits in connection with or to
secure performance of tenders, bids, leases, government contracts, performance and return-of-money
bonds and other similar obligations incurred in the ordinary course of business (other than
obligations in respect of the payment of borrowed money), (e) Liens arising from good faith
deposits in connection with or to secure performance of statutory

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obligations and surety and appeal bonds, (f) easements, rights-of-way, restrictions (including
zoning restrictions), matters of plat, minor defects or irregularities in title and other similar
charges or encumbrances not, in any material respect, impairing the use of the encumbered property
for its intended purposes, (g) judgment Liens that would not constitute an Event of Default, (h)
Liens arising by virtue of any statutory or common law provision relating to bankers’ liens, rights
of setoff or similar rights as to deposit accounts or other funds maintained with a creditor
depository institution, (i) Liens in connection with Indebtedness permitted by Section 8.1(c);
provided that if such Lien is created with respect to an Unencumbered Property, the Borrowers shall
give the Administrative Agent written notice of the creation of such Lien in accordance with
Section 7.15(b) (if applicable), and (j) Liens existing on the date hereof and identified on
Schedule 8.2; provided that no such Lien shall extend to any property other than the
property subject thereto on the Closing Date.

     “Person” means any individual, partnership, joint venture, firm, corporation, limited
liability company, association, trust or other enterprise (whether or not incorporated), or any
Governmental Authority.

     “Plan” means any employee benefit plan (as defined in Section 3(3) of ERISA) which is covered
by ERISA and with respect to which a Borrower, any Subsidiary of a Borrower or any ERISA Affiliate
is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to
be) an “employer” within the meaning of Section 3(5) of ERISA.

     “Prentiss” means Prentiss Properties Trust, a Maryland real estate investment trust.

     “Pricing Level” means, based upon the Unsecured Senior Debt Rating of the Borrowers, the
corresponding category (I, II, III, or IV) within the Applicable Percentage table.

     “Prime Rate” means the per annum rate of interest announced publicly from time to time by the
Person that is the Administrative Agent at its principal offices (or such other principal office of
such Person as communicated in writing to the Borrowers and the Lenders) as its Prime Rate. Any
change in the interest rate resulting from a change in the Prime Rate shall become effective at the
opening of business on the day specified in the public announcement of such change. The Prime Rate
is a rate set by the Person that is the Administrative Agent based upon various factors including
such Person’s costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above or below such announced
rate.

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     “Private Placement Notes” means the $113,000,000 4.34% Notes issued pursuant to that certain
Note Purchase Agreement dated as of November 14, 2004, as may be amended, restated or otherwise
modified from time to time.

     “Pro Forma Basis” means with respect to (a) the sale of a Property or the sale of an equity
interest in a Credit Party or Eligible Unencumbered Property Subsidiary, (b) the creation of a Lien
on a Property or (c) the acquisition of or Investment in a Property or other asset that is subject
to Section 7.15, that such sale, creation of Lien, acquisition or Investment shall be deemed to
have occurred as of the first day of the four fiscal quarter period ending as of the last day of
the most recent fiscal quarter for which the Lenders have received the financial information
required by Section 7.1(b).

     “Properties” means all real properties owned or ground-leased by the Borrowers and their
Subsidiaries whether directly or through a joint venture investment.

     “Property Value” means Annualized Modified Adjusted NOI divided by the Capitalization Rate;
provided that (a) for any Property owned by a Borrower or a Subsidiary of a Borrower for fewer than
twelve (12) months (other than the Acquisition Properties), the Property Value of such Property
shall instead be its value at cost in accordance with GAAP and (b) from the Closing Date through
June 30, 2008, each of the Acquisition Properties shall be valued at its cost to such Borrower or
Subsidiary in accordance with GAAP.

     “Recourse Indebtedness” means any Indebtedness other than Non-Recourse Indebtedness.

     “Refunded Swing Loans” has the meaning in Section 2.1(b)(iii).

     “Refunding Date” has the meaning in Section 2.1(b)(iv).

     “Regulation D, O, T, U, or X” means Regulation D, O, T, U or X, respectively, of the Board of
Governors of the Federal Reserve System (or any successor body) as from time to time in effect and
any successor to all or a portion thereof.

     “REIT” means a real estate investment trust as defined in Sections 856-860 of the Code.

     “REIT Subsidiary” means a Subsidiary of the Borrowers that is a REIT.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than
those events as to which the notice requirement has been waived by regulation.

     “Required Lenders” means, at any time, the Lenders whose aggregate Credit Exposure (as
hereinafter defined) constitutes at least 51% of the Credit Exposure of all

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Lenders at such time; provided, however, that if any Lender shall be a Defaulting Lender at
such time then there shall be excluded from the determination of Required Lenders the aggregate
principal amount of Credit Exposure of such Lender at such time. For purposes of the preceding
sentence, the term “Credit Exposure” as applied to each Lender shall mean (a) at any time prior to
the termination of the Commitments, the Commitment of such Lender and (b) at any time after the
termination of the Commitments, the sum of (i) the principal balance of the outstanding Loans of
such Lender plus (ii) such Lender’s Participation Interests in the face amount of the outstanding
Letters of Credit and the outstanding principal amount of Swing Loans.

     “Requirement of Law” means, as to any Person, the articles or certificate of incorporation and
by-laws or other organizational or governing documents of such Person, and any law, treaty, rule or
regulation or final, non-appealable determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or to which any of its material
property is subject.

     “Revolving Committed Amount” means $600,000,000, as the same may be permanently reduced in
accordance with Section 2.1(e) or increased from time to time pursuant to Section 2.7.

     “Revolving Credit Availability” means sum of the Revolving Committed Amount less the Revolving
Credit Obligations.

     “Revolving Credit Obligations” means, at any particular time, the sum of (i) the outstanding
principal amount of the Committed Loans at such time, plus (ii) the LOC Obligations at such time,
plus (iii) the outstanding principal amount of the Competitive Bid Loans at such time.

     “Revolving Loan Commitment Percentage” means, for each Lender, the percentage identified as
its Revolving Loan Commitment Percentage on Exhibit 1.1(a), as such percentage may be modified in
connection with any assignment made in accordance with the provisions of Section 11.3.

     “Revolving Loan Maturity Date” means the earlier of (a) the Initial Revolving Loan Maturity
Date or, if extended by the Borrowers pursuant to Section 3.5(b), June 29, 2012 and (b) the date of
termination of the Commitments pursuant to the terms of this Credit Agreement.

     “Revolving Loans” has the meaning set forth in Section 2.1(a).

     “Revolving Note” or “Revolving Notes” means the promissory notes of the Borrowers in favor of
each of the Lenders evidencing the Revolving Loans provided pursuant to Section 2.1, individually
or collectively, as appropriate, as such promissory notes may be amended, modified, supplemented,
extended, renewed or replaced from time to time and in the form of Exhibit 2.1(h).

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     “S&P” means Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc., or any successor
or assignee of the business of such division in the business of rating securities.

     “Secured Debt” means all Funded Debt of the Combined Parties that is subject to a Lien in
favor of the creditor holding such Funded Debt; provided that any Funded Debt owed to the Lenders
hereunder shall be considered to be Unsecured Debt even if a Lien has been granted in favor of the
Lenders.

     “Secured Debt Ratio” means the ratio of (a) Secured Debt to (b) Property Value plus, to the
extent Secured Debt includes Funded Debt on Construction-in-Process, total construction costs
incurred as of such date with respect to such Construction-in-Process.

     “Significant Subsidiary” means any Eligible Unencumbered Property Subsidiary, any Subsidiary
of the Borrowers which is a Guarantor, and any other Subsidiary of the Borrowers which contributes
at least $25,000,000 to Total Asset Value.

     “Single Employer Plan” means any Plan which is covered by Title IV of ERISA, but which is not
a Multiemployer Plan or a Multiple Employer Plan.

     “Solvent” means, with respect to any Person as of a particular date, that on such date (a)
such Person is able to pay its debts and other liabilities, contingent obligations and other
commitments as they mature in the normal course of business, (b) such Person does not intend to,
and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay
as such debts and liabilities mature in their ordinary course, (c) such Person is not engaged in a
business or a transaction, and is not about to engage in a business or a transaction, for which
such Person’s assets would constitute unreasonably small capital after giving due consideration to
the prevailing practice in the industry in which such Person is engaged or is to engage, (d) the
fair value of the assets of such Person is greater than the total amount of liabilities, including,
without limitation, contingent liabilities, of such Person and (e) the present fair saleable value
of the assets of such Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured. In computing the amount
of contingent liabilities at any time, it is intended that such liabilities will be computed at the
amount which, in light of all the facts and circumstances existing at such time, represents the
amount that can reasonably be expected to become an actual or matured liability.

     “Subsidiary” means, as to any Person, (a) any corporation more than 50% of whose stock of any
class or classes having by the terms thereof ordinary voting power to elect a majority of the
directors of such corporation (irrespective of whether or not at the time, any class or classes of
stock of such corporation shall have or might have voting power by reason of the lapse of time or
the happening of any contingency) is at the time owned by such Person directly or indirectly
through Subsidiaries, and (b) any partnership,

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association, joint venture, limited liability company, trust or other entity in which such
Person directly or indirectly through Subsidiaries has more than a 50% equity interest or 50%
Capital Percentage at any time.

     “Swing Lender” means JPMorgan Chase Bank, N.A. or any successor Swing Lender or any other
Lender designated by the Administrative Agent.

     “Swing Loan” means a Loan made by the Swing Lender pursuant to Section 2.1(b).

     “Swing Loan Commitment” means the lesser of (a) $60,000,000 or (b) the Revolving Credit
Availability, without giving effect to outstanding Swing Loans.

     “Swing Loan Rate” means, with respect to any Swing Loan, the Base Rate or such other rate per
annum as may be determined by agreement between the Borrowers and the Swing Lender.

     “Swing Loan Refund Amount” means has the meaning set forth in Section 2.1(b)(iii).

     “Termination Event” means (a) with respect to any Single Employer Plan, the occurrence of a
Reportable Event or the substantial cessation of operations (within the meaning of Section 4062(e)
of ERISA); (b) the withdrawal of any Borrower or any of its Subsidiaries or any ERISA Affiliate
from a Multiple Employer Plan during a plan year in which it was a substantial employer (as such
term is defined in Section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan;
(c) the distribution of a notice of intent to terminate or the actual termination of a Plan
pursuant to Section 4041(a)(2) or 4041A of ERISA; (d) the institution of proceedings to terminate
or the actual termination of a Plan by the PBGC under Section 4042 of ERISA; (e) any event or
condition which might reasonably constitute grounds under Section 4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Plan; or (f) the complete or partial
withdrawal of any Borrower or any of its Subsidiaries or any ERISA Affiliate from a Multiemployer
Plan.

     “Total Asset Value” means the sum, without duplication, of (i) Property Value plus (ii) all
unrestricted cash of the Combined Parties plus (iii) all Cash Equivalents of the Combined Parties
plus (iv) all unrestricted tenant security deposits held by the Combined Parties plus (v) the
aggregate of all amounts of the Combined Parties incurred and paid with respect to
Construction-in-Process and Eligible Land, which credit will be limited to 20% of Total Asset Value
in the aggregate and 15% of Total Asset Value for any single project or parcel, plus (vi) all notes
receivable of the Combined Parties valued at the lower of cost or market in accordance with GAAP
and which are not more than 30 days past due or otherwise in default, which credit will be limited
to 5% of Total Asset Value, plus (vii) all investments in (based on the actual cash investment in),
directly or

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indirectly, unconsolidated entities and joint ventures holding real estate assets, which
credit will be limited to 5.0% of Total Asset Value, plus (viii) Eligible Cash 1031 Proceeds, plus
(ix) the product of 5 multiplied by Net Income attributable to third-party property management
agreements for the most recent period of four (4) consecutive fiscal quarters, to the extent that
payments thereunder are not more than 30 days past due or otherwise in default, which credit will
be limited to 5% of Total Asset Value; provided that the value (determined as set forth above) of
all of investments in joint ventures (whether or not Subsidiaries) will be limited to 15% of Total
Asset Value in the aggregate.

     “Unencumbered Cash Flow Ratio” means the ratio of (a) Annualized Modified Adjusted NOI with
respect to Unencumbered Properties to (b) Interest Expense on Unsecured Debt for the twelve (12)
month period ending on the date of determination.

     “Unencumbered Construction-in-Process” means all Construction-in-Process that is (i)
wholly-owned by a Credit Party or an Eligible Subsidiary that is a Wholly-Owned Subsidiary of the
Borrowers, (ii) not subject to a Lien or negative pledge other than (a) nonconsensual Permitted
Liens and (b) Liens in favor of the Lenders to secure the Obligations, and (iii) not subject to a
significant environmental release, Environmental Claim or other violation of Environmental Laws.

     “Unencumbered Construction-in-Process and Eligible Land Value” means the sum of Unencumbered
Construction-in-Process and Unencumbered Eligible Land, in each case valued at the lower of cost or
market.

     “Unencumbered Eligible Land” means all Eligible Land that is (i) wholly-owned or leased under
an Eligible Ground Lease by a Credit Party or an Eligible Subsidiary that is a Wholly-Owned
Subsidiary of the Borrowers, (ii) not subject to a Lien or negative pledge other than (a)
nonconsensual Permitted Liens and the terms of any applicable Eligible Ground Lease and (b) Liens
in favor of the Lenders to secure the Obligations, and (iii) not subject to a significant
environmental release, Environmental Claim or other violation of Environmental Laws.

     “Unencumbered Properties” means all Properties that are (i) wholly-owned or leased under an
Eligible Ground Lease by a Credit Party or an Eligible Subsidiary that is a Wholly-Owned Subsidiary
of the Borrowers, (ii) not subject to a Lien or negative pledge other than (a) nonconsensual
Permitted Liens and (b) Liens in favor of the Lenders to secure the Obligations, (iii) improved
with a building that has received a certificate of occupancy, and (iv) not subject to a significant
environmental release, Environmental Claim or other violation of Environmental Laws.

     “Unencumbered Property Value” means the sum of aggregate Property Value with respect to all
Unencumbered Properties.

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     “Unencumbered Value” means the sum, without duplication, of (i) Unencumbered Property Value,
plus (ii) Unencumbered Construction-in-Process and Eligible Land Value, plus (iii) the aggregate
amount of unrestricted cash or Cash Equivalents of the Combined Parties, plus (iv) Eligible Cash
1031 Proceeds, to the extent not subject to a Lien, plus (v) all notes receivable of the Combined
Parties valued at the lower of cost or market in accordance with GAAP and which are not more than
30 days past due or otherwise in default, to the extent not subject to a Lien, which credit will be
limited to 5% of Unencumbered Value; provided that (x) no Property shall account for more than 15%
of Unencumbered Value and (y) Unencumbered Construction-in-Process and Eligible Land Value shall
not account for more than 15% of Unencumbered Value.

     “Unsecured Debt” means the sum of all Funded Debt of the Combined Parties that was incurred,
and continues to be outstanding, without granting a Lien to the creditor holding such Funded Debt;
provided that all Funded Debt of the Combined Parties owing to the Lenders under this Credit
Agreement shall be considered to be Unsecured Debt even if a Lien has been granted in favor of the
Lenders.

     “Unsecured Senior Debt Rating” means either (a) if BRT or BOP has issued unsecured, senior,
long term, non-credit enhanced debt, the debt rating provided by S&P, Moody’s or Fitch with respect
to such unsecured, senior, long term, non-credit enhanced debt, or (b) if BRT or BOP has not issued
unsecured, senior, long term, non-credit enhanced debt, the issuer rating for BRT or BOP provided
by Moody’s or Fitch or the corporate credit rating for BRT or BOP provided by S&P.

     “Wholly-Owned Subsidiary of the Borrowers” means a Subsidiary of a Borrower in which the
Borrowers directly or indirectly own 100% of the equity interests (excluding those equity interests
that are owned by other Persons in order to permit such Subsidiary to qualify as a REIT, so long as
the Borrowers directly or indirectly own at least 99% of the equity interests in such Subsidiary
and control decisions regarding the sale and financing of all Properties owned by such Subsidiary).

     1.2 Computation of Time Periods and Other Definition Provisions.

     For purposes of computation of periods of time hereunder, the word “from” means “from and
including” and the words “to” and “until” each mean “to but excluding.” References in this Credit
Agreement to “Articles”, “Sections”, “Schedules” or “Exhibits” shall be to Articles, Sections,
Schedules or Exhibits of or to this Credit Agreement unless otherwise specifically provided.
References in this Credit Agreement to “during the term of this Credit Agreement” shall mean the
period from the Effective Date to the earlier of the Revolving Loan Maturity Date or the
acceleration of the Loans pursuant to Section 9.2.

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     1.3 Accounting Terms.

     Except as otherwise expressly provided herein, all accounting terms used herein shall be
interpreted, and all financial statements and certificates and reports as to financial matters
required to be delivered to the Lenders hereunder shall be prepared, in accordance with GAAP
applied on a consistent basis, and excluding the effects of consolidation of investments in
non-wholly owned subsidiaries under Interpretation No. 46 of the Financial Accounting Standards
Board. All financial statements delivered to the Lenders hereunder shall be accompanied by a
statement from the Borrowers that GAAP has not changed since the most recent financial statements
delivered by the Borrowers to the Lenders or, if GAAP has changed, describing such changes in
detail and explaining how such changes affect the financial statements. All calculations made for
the purposes of determining compliance with this Credit Agreement shall (except as otherwise
expressly provided herein) be made by application of GAAP applied on a basis consistent with the
most recent annual or quarterly financial statements delivered pursuant to Section 7.1 (or, prior
to the delivery of the first financial statements pursuant to Section 7.1, consistent with the
financial statements described in Section 5.1(k)); provided, however, if (a) the Borrowers shall
object to determining such compliance on such basis at the time of delivery of such financial
statements due to any change in GAAP or the rules promulgated with respect thereto or (b) the
Administrative Agent or the Required Lenders shall so object in writing within 60 days after
delivery of such financial statements (or after the Lenders have been informed of the change in
GAAP affecting such financial statements, if later), then such calculations shall be made on a
basis consistent with the most recent financial statements delivered by the Borrowers to the
Lenders as to which no such objection shall have been made.

     1.4 Joint Venture Investments.

     For purposes of calculating the financial covenants in Section 7.2 (including the definitions
used therein), (a) NOI, Adjusted NOI, Annualized Modified Adjusted NOI, Property Value and Interest
Expense shall be calculated, to the extent applicable, to include the pro-rata share (as determined
by their respective percentage interests in the profits and losses of such joint venture) of
results attributable to the Borrowers and their Subsidiaries from joint ventures and (b)
Indebtedness and Funded Debt shall be calculated as follows: (i) if the Indebtedness of a joint
venture is recourse to such Borrower (or Subsidiary), then the amount of such Indebtedness or
Funded Debt that is recourse to such Borrower (or Subsidiary), without duplication, and (ii) if the
Indebtedness of such joint venture is not recourse to such Borrower (or Subsidiary), then such
Borrower’s (or Subsidiary’s) pro-rata share of such Indebtedness or Funded Debt as determined by
its percentage interest in the profits and losses of such joint venture. For purposes of this
Section 1.4, Indebtedness of a joint venture that is recourse to a Borrower or one of its
Subsidiaries solely as a result of such Borrower (or Subsidiary) being a partner or member in such
joint venture shall be treated as not recourse to such Borrower (or Subsidiary) as long as the only
assets owned by such Borrower (or Subsidiary) are its equity interest in such joint venture and any
contributed capital held to fund such equity interest.

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SECTION 2.

CREDIT FACILITY

     2.1 Revolving Loans.

     (a) Revolving Loan Commitment. Subject to the terms and conditions set forth
herein and pursuant to this Section 2.1, each Lender severally agrees to make revolving
loans (each a “Revolving Loan” and collectively the “Revolving Loans”) to the Borrowers, in
Dollars, at any time and from time to time, during the period from and including the
Effective Date to but not including the Revolving Loan Maturity Date or such earlier date
as the Revolving Committed Amount has been terminated as provided herein; provided,
however, that (i) the sum of the aggregate principal amount of Loans outstanding plus the
aggregate amount of LOC Obligations outstanding shall not exceed the Revolving Committed
Amount, (ii) with respect to each individual Lender, such Lender’s pro rata share of
outstanding Committed Loans plus such Lender’s pro rata share of outstanding LOC
Obligations shall not exceed such Lender’s Commitment and (iii) the aggregate principal
amount of such Revolving Loan shall not exceed the Revolving Credit Availability at such
time. Subject to the terms of this Credit Agreement (including Section 3.3), the Borrowers
may borrow, repay and reborrow Revolving Loans. The Administrative Agent shall keep a
record of the purpose for which each of the Loans was advanced (and of repayments applied
thereto), which record shall be conclusive absent prima facie error.

     (b) Swing Loans.

     (i) Basic Terms. During the term of this Credit Agreement, the Swing Lender
agrees, on the terms and conditions set forth in this Credit Agreement, to make
loans to the Borrowers in Dollars pursuant to this Section 2.1(b)(i) from time to
time in amounts such that after giving effect to each such loan (A) the aggregate
principal amount of Swing Loans does not at any time exceed the Swing Loan
Commitment and (B) the sum of the aggregate principal amount of Loans outstanding
plus the aggregate amount of LOC Obligations outstanding does not exceed the
Revolving Committed Amount. Each borrowing under this Section 2.1(b)(i) shall be
in an aggregate principal amount of at least $1,000,000 and in integral multiples
of $500,000 in excess of such amount. Within the foregoing limits, the Borrowers
may borrow under this Section 2.1(b)(i), repay or, to the extent permitted by
Section 3.3, prepay Swing Loans and reborrow at any time during the term of this
Credit Agreement under this Section 2.1(b)(i). Notwithstanding anything to the
contrary contained herein, the Swing Lender shall not make a Swing Loan without the
consent of the Required Lenders after the occurrence and during the

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continuance of a Default or without the consent of all of the Lenders after
the occurrence and during the continuance of an Event of Default.

     (ii) Repayment and Interest. Each Swing Loan is due and payable on the
earliest to occur of (A) seven (7) Business Days after the date of the making of
such Swing Loan, (B) the date of the next borrowing under the Commitments that is
not a Swing Loan, and (C) the Revolving Loan Maturity Date. Except as otherwise
provided in Section 3.1(b), Swing Loans shall bear interest at the Swing Loan Rate.

     (iii) Conversion of Swing Loans. The Swing Lender (A) may, at any time in its
sole discretion with respect to any outstanding Swing Loans and (B) shall, on any
of the dates set forth in clauses (A) — (C) of Section 2.1(b)(ii), on behalf of the
Borrowers (which hereby irrevocably direct the Swing Lender to act on their
behalf), request each Lender to make, and each Lender hereby agrees to make, a
Revolving Loan that is a Base Rate Loan in an amount (with respect to each Lender,
its “Swing Loan Refund Amount”) equal to such Lender’s Revolving Loan Commitment
Percentage of the aggregate principal amount of the Swing Loans (the “Refunded
Swing Loans”) outstanding on the date of such notice, to repay the Swing Lender.
Unless any of the events described in Section 9.1(e) with respect to either
Borrower shall have occurred and be continuing or Revolving Loans cannot otherwise
be made on such date (in which case the terms of Section 2.1(b)(iv) shall govern),
each Lender shall make such Base Rate Loan available to the Administrative Agent at
its principal office in New York City, New York, or such other address as the
Administrative Agent may designate in writing, in immediately available funds, not
later than 12:00 noon (New York time), on the Business Day immediately following
the date of such request. The Administrative Agent shall pay the proceeds of such
Base Rate Loans to the Swing Lender, which shall immediately apply such proceeds to
repay Refunded Swing Loans. Effective on the day such Base Rate Loans are made,
the portion of the Swing Loans so paid shall no longer be outstanding as Swing
Loans, shall no longer be due as Swing Loans under the Note held by the Swing
Lender, and shall be due as Base Rate Loans under the respective Notes issued to
the Lenders (including the Swing Lender) in accordance with their respective
Revolving Loan Commitment Percentages. The Borrowers authorize the Swing Lender to
charge the Borrowers’ accounts with the Administrative Agent (up to the amount
available in each such account) in order to immediately pay the amount of such
Refunded Swing Loans to the extent amounts received from the Lenders are not
sufficient to repay in full such Refunded Swing Loans.

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     (iv) Purchase of Participations in Swing Loans. If, prior to the time
Revolving Loans would have otherwise been made pursuant to Section 2.1(b)(iii), any
of the events described in Section 9.1(e) with respect to either Borrower shall
have occurred and be continuing or Revolving Loans cannot otherwise be made on such
date, each Lender shall, on the date any such Revolving Loans were to be made
pursuant to the request referred to in Section 2.1(b)(iii) (the “Refunding Date”),
purchase an undivided Participation Interest in the Swing Loans in an amount equal
to such Lender’s Swing Loan Refund Amount. On the Refunding Date, each Lender
shall transfer to the Swing Lender, in immediately available funds, such Lender’s
Swing Loan Refund Amount, and upon receipt thereof the Swing Lender shall deliver
to such Lender a Swing Loan participation certificate dated the date of the Swing
Lender’s receipt of such funds and in the Swing Loan Refund Amount of such Lender.

     (v) Payments on Participated Swing Loans. Whenever, at any time after the
Swing Lender has received from any Lender such Lender’s Swing Loan Refund Amount
pursuant to Section 2.1(b)(iv), the Swing Lender receives any payment on account of
the Swing Loans in which the Lenders have purchased Participation Interests
pursuant to Section 2.1(b)(iv), the Swing Lender will promptly distribute to each
such Lender its ratable share (determined on the basis of the Swing Loan Refund
Amounts of all of the Lenders) of such payment (appropriately adjusted, in the case
of interest payments, to reflect the period of time during which such Lender’s
Participation Interest was outstanding and funded); provided, however, that in the
event that such payment received by the Swing Lender is required to be returned,
such Lender will return to the Swing Lender any portion thereof previously
distributed to it by the Swing Lender.

     (vi) Obligations to Refund or Purchase Participations in Swing Loans Absolute.
Each Lender’s obligation to transfer the amount of a Revolving Loan to the Swing
Lender as provided in Section 2.1(b)(iii) or to purchase a Participation Interest
pursuant to Section 2.1(b)(iv) shall be absolute and unconditional and shall not be
affected by any circumstance, including, without limitation, (A) any setoff,
counterclaim, recoupment, defense or other right which such Lender, the Borrowers
or any other Person may have against the Swing Lender or any other Person, other
than the Swing Lender’s gross negligence or willful misconduct in connection with
making any such Swing Loan, (B) the occurrence or continuance of a Default or an
Event of Default or the termination or reduction of the Revolving Committed Amount,
subject to the consent requirements of Section 2.1(b)(i), (C) any adverse change in
the condition (financial or

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otherwise) of either of the Borrowers or any other Person, (D) any breach of
this Credit Agreement by either of the Borrowers, any other Lender or any other
Person, or (E) any other circumstance, happening or event whatsoever, whether or
not similar to any of the foregoing.

     (c) Method of Borrowing for Committed Loans. By no later than 11:00 a.m.
(10:00 a.m. for Swing Loans) (i) one Business Day prior to the date of the requested
borrowing of Revolving Loans that will be Base Rate Loans, (ii) three Business Days prior
to the date of the requested borrowing of Revolving Loans that will be Eurodollar Loans or
(iii) on the day of the requested borrowing of any Swing Loans, the Borrowers shall submit
an irrevocable written Notice of Borrowing in the form of Exhibit 2.1(c) to the
Administrative Agent setting forth (A) the amount requested, (B) whether such Committed
Loans shall be Swing Loans, Revolving Loans that will be Base Rate Loans or Revolving Loans
that will be Eurodollar Loans, (C) with respect to Revolving Loans that will be Eurodollar
Loans, the Interest Period applicable thereto, (D) the purpose of the proceeds of the
requested Committed Loans, (E) a certification that the Borrowers have complied in all
respects with Section 5.2 and (F) the date of borrowing.

     (d) Funding of Committed Loans. Upon receipt of a Notice of Borrowing, the
Administrative Agent shall promptly inform the Lenders (or in the case of a request for a
Swing Loan, the Swing Lender) as to the terms thereof. Each Lender shall make its Revolving
Loan Commitment Percentage of the requested Committed Loans (or in the case of a Swing
Lender, the full amount of Swing Loan) available to the Administrative Agent by 1:00 p.m.
on the date specified in the Notice of Borrowing by deposit, in Dollars, of immediately
available funds to the Administrative Agent at its principal office in New York City, New
York or at such other address as the Administrative Agent may designate in writing. The
amount of the requested Committed Loans will then be made available to the Borrowers by the
Administrative Agent by crediting the account of the Borrowers on the books of such office
of the Administrative Agent, to the extent the amount of such Committed Loans are made
available to the Administrative Agent.

     No Lender shall be responsible for the failure or delay by any other Lender in its
obligation to make Committed Loans hereunder; provided, however, that the failure of any
Lender to fulfill its obligations hereunder shall not relieve any other Lender of its
obligations hereunder. Unless the Administrative Agent shall have been notified by any
Lender prior to the date of any Committed Loan that such Lender does not intend to make
available to the Administrative Agent its portion of the Committed Loans to be made on such
date, the Administrative Agent may assume that such Lender has made such amount available
to the Administrative Agent on the date of such Committed Loans, and the Administrative
Agent in reliance upon such assumption, may (in its sole

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discretion but without any obligation to do so) make available to the Borrowers a
corresponding amount. If such corresponding amount is not in fact made available to the
Administrative Agent, the Administrative Agent shall be able to recover such corresponding
amount from such Lender. If such Lender does not pay such corresponding amount forthwith
upon the Administrative Agent’s demand therefor, the Administrative Agent will promptly
notify the Borrowers, and the Borrowers shall immediately pay such corresponding amount to
the Administrative Agent. The Administrative Agent shall also be entitled to recover from
such Lender or the Borrowers, as the case may be, interest on such corresponding amount in
respect of each day from the date such corresponding amount was made available by the
Administrative Agent to the Borrowers to the date such corresponding amount is recovered by
the Administrative Agent at a per annum rate equal to (i) from the Borrowers at the
applicable rate for such Committed Loan pursuant to the Notice of Borrowing and (ii) from
such Lender at the Federal Funds Rate.

     (e) Reduction or Termination of Revolving Committed Amount. Upon at least
three Business Days’ notice to the Administrative Agent, the Borrowers shall have the right
to permanently terminate or reduce the aggregate unused amount of the Revolving Committed
Amount or the Swing Loan Commitment at any time or from time to time; provided that (i)
each partial reduction shall be in an aggregate amount at least equal to $5,000,000 and in
integral multiples of $1,000,000 above such amount and (ii) no reduction shall be made
which would reduce the Revolving Committed Amount to an amount less than the lesser of (A)
the aggregate amount of outstanding Loans plus the aggregate amount of outstanding LOC
Obligations or (B) $200,000,000. Any reduction in (or termination of) the Revolving
Committed Amount shall be permanent and may not be reinstated. The Administrative Agent
shall immediately notify the Lenders of any reduction in the Revolving Committed Amount and
each Lender’s Commitment shall be reduced pro rata in accordance with each Lender’s
Revolving Loan Commitment Percentage.

     (f) Continuations and Conversions. The Borrowers shall have the option with
respect to any Revolving Loan, on any Business Day, to continue existing Eurodollar Loans
for a subsequent Interest Period, to convert Base Rate Loans into Eurodollar Loans, or to
convert Eurodollar Loans into Base Rate Loans; provided, however, that (i) each such
continuation or conversion must be requested by the Borrowers pursuant to a written Notice
of Continuation/Conversion, in the form of Exhibit 2.1(f), in compliance with the terms set
forth below, (ii) except as provided in Section 3.11, Eurodollar Loans may only be
continued or converted on the last day of the Interest Period applicable thereto, (iii)
Eurodollar Loans may not be continued nor may Base Rate Loans be converted into Eurodollar
Loans during the existence and continuation of a Default or Event of Default and (iv) any
request to continue a

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Eurodollar Loan that fails to comply with the terms hereof or any failure to request a
continuation of a Eurodollar Loan at the end of an Interest Period shall result in a
conversion of such Eurodollar Loan to a Base Rate Loan on the last day of the applicable
Interest Period. Each continuation or conversion must be requested by the Borrowers no
later than 11:00 a.m. (A) one Business Day prior to the date for a requested conversion of
a Eurodollar Loan to a Base Rate Loan or (B) three Business Days prior to the date for a
requested continuation of a Eurodollar Loan or conversion of a Base Rate Loan to a
Eurodollar Loan, in each case pursuant to a written Notice of Continuation/Conversion
submitted to the Administrative Agent (which shall promptly notify each of the Lenders)
which shall set forth (x) whether the Borrowers wish to continue or convert such Loans and
(y) if the request is to continue a Eurodollar Loan or convert a Loan to a Eurodollar Loan,
the Interest Period applicable thereto.

     (g) Minimum Amounts/Restrictions on Loans. Each request for a borrowing,
conversion or continuation of a Revolving Loan shall be subject to the requirements that
(i) each Eurodollar Loan shall be in a minimum amount of $1,000,000 and in integral
multiples of $100,000 in excess thereof, (ii) each Base Rate Loan shall be in a minimum
amount of $500,000 or the remaining amount available under the Revolving Committed Amount
and (iii) no more than eight Eurodollar Loans shall be outstanding at any one time. For
the purposes of this Section 2.1(g), all Eurodollar Loans with the same Interest Periods
beginning on the same date shall be considered as one Eurodollar Loan, but Eurodollar Loans
with different Interest Periods, even if they begin or end on the same date, shall be
considered as separate Eurodollar Loans.

     (h) Notes. The Revolving Loans made by each Lender shall be evidenced by a
duly executed promissory note of the Borrowers to each Lender in substantially the form of
Exhibit 2.1(h). Each Lender may, by notice to the Borrowers and the Administrative Agent,
request that its Competitive Bid Loans and Swing Loans be evidenced by a separate Note in
an amount equal to the aggregate unpaid principal amount of such Loans. Each such Note
shall be in substantially the form of Exhibit 2.1(h) with appropriate modifications.

     2.2 Competitive Bid Option.

     (a) The Competitive Bid Option. For so long as either of the Borrowers shall
maintain at least two (2) Investment Grade Ratings, the Borrowers may, as set forth in this
Section 2.2, request that the Administrative Agent solicit the Lenders to make offers to
make Competitive Bid Loans to the Borrowers (a “Competitive Bid Quote Request”), such
Competitive Bid Loan not to exceed, at such time (i) together with all Competitive Bid
Loans then outstanding, fifty percent (50%) of the Revolving Committed Amount, or (ii) the
then Revolving Credit Availability. Subject to the provisions of this Credit

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Agreement, the Borrowers may repay any outstanding Competitive Bid Loan on any day
which is a Business Day and any amounts so repaid may be reborrowed, up to the amount
available under this Section 2.2(a) at the time of such borrowing, until the Business Day
next preceding the Revolving Loan Maturity Date. The Lenders may, but shall have no
obligation to, make such offers and the Borrowers may, but shall have no obligation to,
accept any such offers in the manner set forth in this Section 2.2. The Competitive Bid
Loans outstanding under the Existing Credit Agreement on the date hereof and listed on
Schedule 2.2 shall become and be deemed to be Competitive Bid Loans outstanding under this
Credit Agreement.

     (b) Competitive Bid Quote Request. When the Borrowers wish to request offers
to make Competitive Bid Loans under this Section 2.2, the Borrowers shall transmit to the
Administrative Agent by telex or facsimile transmission a Competitive Bid Quote Request
substantially in the form of Exhibit 2.2(b) hereto so as to be received not later than
10:30 A.M. (New York City time) on the fourth (4th) Business Day prior to the date of
borrowing proposed therein (or such other time or date as the Borrowers and the
Administrative Agent shall have mutually agreed and shall have notified to the Lenders not
later than the date of the Competitive Bid Quote Request for the first LIBOR Auction for
which such change is to be effective) specifying:

     (i) the proposed date of the Loan, which shall be a Business Day;

     (ii) the aggregate amount of such Loan, which shall be $5,000,000 or a larger
multiple of $1,000,000 (which shall not exceed the Revolving Credit Availability);

     (iii) the duration of the Interest Period applicable thereto; and

     (iv) the amount of all Competitive Bid Loans then outstanding (which, together
with the requested Competitive Bid Loans shall not exceed, in the aggregate, fifty
percent (50%) of the Revolving Committed Amount).

The Borrowers may request offers to make Competitive Bid Loans for one, two or three
Interest Periods in a single Competitive Bid Quote Request. Borrowers may not make more
than four (4) Competitive Bid Quote Requests in any thirty (30) day period.

     (c) Invitation for Competitive Bid Quotes. Promptly upon receipt of a
Competitive Bid Quote Request, the Administrative Agent shall send to the Lenders by telex
or facsimile transmission an Invitation for Competitive Bid

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Quotes substantially in the form of Exhibit 2.2(c) hereto, which shall constitute an
invitation by the Borrowers 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.

     (d) Submission and Contents of Competitive Bid Quotes. (i) Each Lender may
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 subsection (d) and must be submitted to the
Administrative Agent by telex or facsimile transmission not later than 10:00 A.M. (New York
City time) on the third (3rd) Business Day prior to the proposed date of borrowing (or such
other time or date as the Borrowers and the Administrative Agent shall have mutually agreed
and shall have notified the Lenders not later than the date of the Competitive Bid Quote
Request for the first LIBOR Auction for which such change is to be effective); provided
that Competitive Bid Quotes submitted by the Person serving as the Administrative Agent (or
any affiliate of the Person serving as the Administrative Agent) in the capacity of a
Lender may be submitted, and may only be submitted, if the Person serving as the
Administrative Agent or such affiliate notifies the Borrowers of the terms of the offer or
offers contained therein not later than one-quarter (1/4) hour prior to the deadline for
the other Lenders. Any Competitive Bid Quote so made shall be irrevocable, except with the
written consent of the Administrative Agent given on the instruction of the Borrowers.
Competitive Bid Loans to be funded pursuant to a Competitive Bid Quote may, as provided in
Section 11.3(e), be funded by a Lender’s Designated Bank. A Lender making a Competitive
Bid Quote may, but shall not be required to, specify in its Competitive Bid Quote whether
the related Competitive Bid Loans are intended to be funded by such Lender’s Designated
Bank, as provided in Section 11.3(e).

     (i) Each Competitive Bid Quote shall be in substantially the form of Exhibit
2.2(d)(ii) hereto and shall in any case specify:

     (A) the proposed date of borrowing;

     (B) the principal amount of the Competitive Bid Loan for which each
such offer is being made, which principal amount (w) may be greater than
or less than the Commitment of the quoting Lender, (x) must be $5,000,000
or a larger multiple of $1,000,000 (or, if the Revolving Credit
Availability then is less than $5,000,000, such lesser amount), (y) may
not exceed the principal amount of Competitive Bid Loans for which offers
were requested and (z) may be subject to an aggregate limitation as to the
principal amount of Competitive Bid Loans for which offers being made by
such quoting Lender may be accepted;

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     (C) the margin above or below the applicable Eurodollar Rate (the
“Competitive Bid Margin”) offered for each such Competitive Bid Loan,
expressed as a percentage (specified to the nearest 1/10,000th of 1%) to
be added to or subtracted from such base rate offered for each Competitive
Bid Loan; and

     (D) the identity of the quoting Lender.

     (ii) Any Competitive Bid Quote shall be disregarded if it:

     (A) is not substantially in conformity with Exhibit 2.2(d)(ii) hereto
or does not specify all of the information required by subsection (d)(ii)
above;

     (B) except as provided in subsection (d)(ii)(B)(z) above, proposes
terms other than or in addition to those set forth in the applicable
Invitation for Competitive Bid Quotes; or

     (C) arrives after the time set forth in subsection (d)(i) above.

     (e) Notice to Borrowers. The Administrative Agent shall promptly notify the
Borrowers of the terms (x) of any Competitive Bid Quote submitted by a Lender that is in
accordance with subsection (d) of this Section and (y) of any Competitive Bid Quote that
amends, modifies or is otherwise inconsistent with a previous 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 is submitted solely to correct a manifest error in
such former Competitive Bid Quote. The Administrative Agent’s notice to the Borrowers
shall specify (A) 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, (B) the principal amounts and Competitive Bid Margins so offered and (C) if
applicable, limitations on the aggregate principal amount of Competitive Bid Loans for
which offers in any single Competitive Bid Quote may be accepted.

     (f) Acceptance and Notice by Borrowers. Not later than 11:00 A.M. (New York
City time) on the third (3rd) Business Day prior to the proposed date of borrowing (or such
other time or date as the Borrowers and the Administrative Agent shall have mutually agreed
and shall have notified the Lenders not later than the date of the Competitive Bid Quote
Request for the first LIBOR Auction for which such change is to be effective), the
Borrowers shall telephonically notify the Administrative Agent of their acceptance or
non-acceptance of the

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offers so notified to them pursuant to subsection (e) of this Section 2.2, and the
Borrowers shall confirm such telephonic notification in writing not later than the third
(3rd) Business Day prior to the proposed date of borrowing. In the case of
acceptance, such notice (a “Notice of Competitive Bid Borrowing”), whether telephonic or in
writing, shall specify the aggregate principal amount of offers for each Interest Period
that are accepted and shall be accompanied by an officer’s certificate of the Borrowers
with respect to compliance with (including calculation of) Section 7.2. Any Competitive
Bid Loan accepted by the Borrowers and made by the Lenders shall utilize the Revolving
Committed Amount (but not the Commitments of the Lenders making such Competitive Bid Loan),
and the Revolving Credit Availability shall be reduced by the amount of any Competitive Bid
Loans. The Borrowers may accept any Competitive Bid Quote in whole or in part; provided
that:

     (i) the aggregate principal amount of each Competitive Bid Loan borrowing may
not exceed the applicable amount set forth in the related Competitive Bid Quote
Request;

     (ii) the principal amount of each Competitive Bid Loan borrowing must be
$5,000,000 or a larger multiple of $1,000,000 (or, if the Revolving Credit
Availability then is less than $5,000,000, such lesser amount);

     (iii) acceptance of offers may only be made on the basis of ascending
Competitive Bid Margins; and

     (iv) the Borrowers may not accept any offer that is described in subsection
(d)(iii) of this Section or that otherwise fails to comply with the requirements of
this Credit Agreement.

     (g) Allocation by Administrative Agent. If offers are made by two or more
Lenders with the same Competitive Bid Margins for a greater aggregate principal amount than
the amount in respect of which such offers are permitted to be 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 multiples of $1,000,000, as the Administrative Agent may deem
appropriate) in proportion to the aggregate principal amounts of such offers; provided,
that the principal amount of such Competitive Bid Loans shall be allocated among such
Lenders, in ascending order from those subject to the lowest Competitive Bid Margin to
those subject to the highest Competitive Bid Margin, as applicable to provide to the
Borrowers the lowest effective cost based on offers accepted. Determinations by the
Administrative Agent of the amounts of Competitive Bid Loans shall be

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conclusive in the absence of manifest error. The Administrative Agent shall notify
the Borrowers of all offers.

     (h) Notification by Administrative Agent. Upon receipt of the Borrowers’
Notice of Competitive Bid Borrowing in accordance with Section 2.2(f) hereof, the
Administrative Agent shall, on the date such Notice of Competitive Bid Borrowing is
received by the Administrative Agent, notify each Lender of the principal amount of the
Competitive Bid Loan borrowing accepted by the Borrowers and of such Lender’s share (if
any) of such Competitive Bid Loan borrowing and such Notice of Competitive Bid Borrowing
shall not thereafter be revocable by the Borrowers. A Lender who is notified that it has
been selected to make a Competitive Bid Loan may designate its Designated Bank (if any) to
fund such Competitive Bid Loan on its behalf, as described in Section 11.3(e). Any
Designated Bank 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
payment thereof when due. No Lender shall be relieved of its obligation to fund a
Competitive Bid Loan, and no Designated Bank shall assume such obligation, prior to the
time the applicable Competitive Bid Loan is funded.

     (i) Each Competitive Bid Loan shall mature, and the principal amount thereof shall be
due and payable, together with the accrued interest thereon, on the last day of the
Interest Period applicable to such borrowing.

     2.3 Letter of Credit Subfacility.

     (a) Issuance. Subject to the terms and conditions hereof and of the LOC
Documents, if any, and any other terms and conditions which the Issuing Lender may
reasonably require (so long as such terms and conditions do not impose any financial
obligation on or require any Lien (not otherwise contemplated by this Credit Agreement) to
be given by any Credit Party or conflict with any obligation of, or detract from any action
which may be taken by, any Borrower or its Subsidiaries under this Credit Agreement), the
Issuing Lender agrees, in reliance upon the agreements of the other Lenders set forth in
this Section 2.3, from time to time upon request to issue (from the Effective Date to the
Revolving Loan Maturity Date and in a form reasonably acceptable to the Issuing Lender), in
Dollars, and the LOC Participants shall participate in, Letters of Credit for the account
of the Borrowers or any of their Subsidiaries; provided, however, that (i) the aggregate
amount of LOC Obligations shall not at any time exceed the LOC Committed Amount, (ii) the
sum of the aggregate amount of LOC Obligations outstanding plus Loans outstanding shall not
exceed the Revolving Committed Amount and (iii) with respect to each individual LOC
Participant, such LOC Participant’s pro rata share of outstanding Committed Loans plus its
pro rata share of outstanding LOC Obligations shall not exceed

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such LOC Participant’s Commitment. The Issuing Lender may require the issuance and
expiry date of each Letter of Credit to be a Business Day. Each Letter of Credit shall be
either (x) a standby letter of credit issued to support the obligations (including pension
or insurance obligations), contingent or otherwise, of a Borrower or any of its
Subsidiaries, or (y) a commercial letter of credit in respect of the purchase of goods or
services by a Borrower or any of its Subsidiaries in the ordinary course of business.
Except as otherwise expressly agreed upon by all the LOC Participants, no Letter of Credit
shall have an original expiry date more than one year from the date of issuance or shall
have an expiry date that is less than 30 days prior to the Revolving Loan Maturity Date.
Each Letter of Credit shall comply with the related LOC Documents. Each Letter of Credit
shall be deemed to remain outstanding until it has expired or the original documents
evidencing such Letter of Credit have been returned to the Issuing Lender. The Existing
Letters of Credit shall be deemed to be Letters of Credit issued under this Credit
Agreement.

     (b) Notice and Reports. The request for the issuance of a Letter of Credit
shall be submitted to the Issuing Lender at least three Business Days prior to the
requested date of issuance. The Issuing Lender will, at least quarterly and more frequently
upon request, provide to the Administrative Agent for dissemination to the Lenders a
detailed report specifying the Letters of Credit which are then issued and outstanding and
any activity with respect thereto which may have occurred since the date of the prior
report, and including therein, among other things, the account party, the beneficiary, the
face amount, and the expiry date as well as any payments or expirations which may have
occurred. The Issuing Lender will further provide to the Administrative Agent, promptly
upon request, copies of the Letters of Credit and the other LOC Documents.

     (c) Participations.

     (i) Each LOC Participant acknowledges and confirms that it has a Participation
Interest in the liability of the Issuing Lender under each Existing Letter of
Credit in an amount equal to its Revolving Loan Commitment Percentage of such
Existing Letters of Credit. The Borrowers’ reimbursement obligations in respect of
each Existing Letter of Credit, and each LOC Participant’s obligations in
connection therewith, shall be governed by the terms of this Credit Agreement.

     (ii) Each LOC Participant, upon issuance of a Letter of Credit, shall be
deemed to have purchased without recourse a risk participation from the Issuing
Lender in such Letter of Credit and each LOC Document related thereto and the
rights and obligations arising thereunder and any collateral relating thereto, in
each case in an amount equal to its Revolving Loan Commitment Percentage of the
obligations under such Letter of

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Credit, and shall absolutely, unconditionally and irrevocably assume, as
primary obligor and not as surety, and be obligated to pay to the Issuing Lender
therefor and discharge when due, its Revolving Loan Commitment Percentage of the
obligations arising under such Letter of Credit. Without limiting the scope and
nature of each LOC Participant’s participation in any Letter of Credit, to the
extent that the Issuing Lender has not been reimbursed as required hereunder or
with respect to any such Letter of Credit, each such LOC Participant shall pay to
the Issuing Lender (without duplication of its obligations under Sections 2.3(d)
and 2.3(e) to make a Revolving Loan to the Borrowers) its Revolving Loan Commitment
Percentage of such unreimbursed drawing in same day funds on the day of
notification by the Issuing Lender of an unreimbursed drawing pursuant to the
provisions of subsection (d) or (e) of this Section 2.3. The obligation of each LOC
Participant to so reimburse the Issuing Lender shall be absolute and unconditional
and shall not be affected by the occurrence of a Default, an Event of Default or
any other occurrence or event. Any such reimbursement shall not relieve or
otherwise impair the obligation of the Borrowers to reimburse the Issuing Lender in
respect of any Letter of Credit, together with interest as hereinafter provided.

     (d) Reimbursement. In the event of any drawing under any Letter of Credit,
the Issuing Lender will promptly notify the Borrowers. Unless the Borrowers shall promptly
notify the Issuing Lender of their intent to otherwise reimburse the Issuing Lender, the
Borrowers shall be deemed to have requested a Revolving Loan at a per annum rate equal to
the Base Rate in the amount of such drawing, the proceeds of which will be used to satisfy
the reimbursement obligations. The Borrowers shall reimburse the Issuing Lender on the day
of drawing under any Letter of Credit either with the proceeds of such Revolving Loan
obtained hereunder or otherwise in same day funds as provided herein or in the LOC
Documents. If the Borrowers shall fail to reimburse the Issuing Lender as provided
hereinabove, the unreimbursed amount of such drawing shall bear interest at a per annum
rate equal to the Base Rate plus two percent (2%). The Borrowers’ reimbursement obligations
hereunder shall be absolute and unconditional under all circumstances irrespective of (but
without waiver of) any rights of set-off, counterclaim or defense to payment the applicable
account party or the Borrowers may claim or have against an Issuing Lender, the
Administrative Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or
any other Person, including without limitation, any defense based on any failure of the
applicable account party or the Borrowers to receive consideration or the legality,
validity, regularity or unenforceability of such Letter of Credit. The Issuing Lender will
promptly notify the LOC Participants of the amount of any unreimbursed drawing and each LOC
Participant shall promptly pay to the Issuing Lender, in Dollars and in immediately
available funds, the amount (without duplication of its obligations under Sections 2.3(d)
and 2.3(e) to make a

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Revolving Loan to the Borrowers) of such LOC Participant’s Revolving Loan Commitment
Percentage of such unreimbursed drawing. Such payment shall be made on the day such notice
is received by such Lender from the Issuing Lender if such notice is received at or before
2:00 p.m., otherwise such payment shall be made at or before 12:00 Noon on the Business Day
next succeeding the day such notice is received. If such LOC Participant does not pay such
amount to the Issuing Lender in full upon such request, such LOC Participant shall, on
demand, pay to the Issuing Lender interest on the unpaid amount during the period from the
date such LOC Participant received the notice regarding the unreimbursed drawing until such
LOC Participant pays such amount to the Issuing Lender in full at a rate per annum equal
to, if paid within two Business Days of the date of drawing, the Federal Funds Rate and
thereafter at a rate per annum equal to the Base Rate. Each LOC Participant’s obligation to
make such payment to the Issuing Lender, and the right of the Issuing Lender to receive the
same, shall be absolute and unconditional, shall not be affected by any circumstance
whatsoever and without regard to the termination of this Credit Agreement or the
Commitments hereunder, the existence of a Default or Event of Default or the acceleration
of the obligations hereunder and shall be made without any offset, abatement, withholding
or reduction whatsoever. Simultaneously with the making of each such payment by a LOC
Participant to the Issuing Lender, such LOC Participant shall, automatically and without
any further action on the part of the Issuing Lender or such LOC Participant, acquire a
participation in an amount equal to such payment (excluding the portion of such payment
constituting interest owing to the Issuing Lender) in the related unreimbursed drawing
portion of such LOC Obligation and in the interest thereon and in the related LOC
Documents, and shall have a ratable interest in the Issuing Lender’s claim against the
Borrowers with respect thereto.

     (e) Repayment with Revolving Loans. On any day on which the Borrowers shall
have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a
drawing under a Letter of Credit (as set forth in clause (d) above), the Administrative
Agent shall give notice to the applicable Lenders that a Revolving Loan has been requested
or deemed requested in connection with a drawing under a Letter of Credit, in which case a
Revolving Loan comprised solely of Base Rate Loans (each such borrowing, a “Mandatory
Borrowing”) shall be immediately made from all applicable Lenders (without giving effect to
any termination of the Commitments pursuant to Section 9.2) pro rata based on each Lender’s
respective Revolving Loan Commitment Percentage and the proceeds thereof shall be paid
directly to the Issuing Lender for application to the respective LOC Obligations. Each such
Lender hereby irrevocably agrees to make such Revolving Loans immediately upon any such
request or deemed request on account of each such Mandatory Borrowing in the amount and in
the manner specified in the preceding sentence and on the same such date notwithstanding
(i) the amount of such Mandatory Borrowing may not

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comply with the minimum amount for borrowings of Revolving Loans otherwise required
hereunder, (ii) whether any conditions specified in Section 5.2 are then satisfied, (iii)
whether a Default or Event of Default then exists, (iv) failure of any such request or
deemed request for Revolving Loans to be made by the time otherwise required hereunder, (v)
the date of such Mandatory Borrowing, or (vi) any reduction in the Revolving Committed
Amount or any termination of the Commitments. In the event that any Mandatory Borrowing
cannot for any reason be made on the date otherwise required above (including, without
limitation, as a result of the commencement of a proceeding under the Bankruptcy Code with
respect to a Borrower), then each Lender hereby agrees that it shall forthwith fund (as of
the date such Mandatory Borrowing would otherwise have occurred, but adjusted for any
payments received from the Borrowers on or after such date and prior to such purchase) its
Participation Interest in the outstanding LOC Obligations; provided, further, that in the
event any Lender shall fail to fund its Participation Interest on the day such Mandatory
Borrowing would otherwise have occurred, then the amount of such Lender’s unfunded
Participation Interest therein shall bear interest payable to the Issuing Lender upon
demand, at a rate per annum equal to, if paid within two Business Days of such date, the
Federal Funds Rate, and thereafter at a rate per annum equal to the Base Rate.

     (f) Modification and Extension. The issuance of any supplement, modification,
amendment, renewal, or extensions to any Letter of Credit shall, for purposes hereof, be
treated in all respects the same as the issuance of a new Letter of Credit hereunder;
provided that the fees to be paid pursuant to Section 3.4(b)(i) shall only be due if the
expiration date of such Letter of Credit is extended.

     (g) Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the
Issuing Lender and the Borrowers when a Letter of Credit is issued (including any such
agreement applicable to an Existing Letter of Credit), (i) the rules of the “International
Standby Practices 1998” published by the Institute of International Banking Law & Practice
(or such later version thereof as may be in effect at the time of issuance) (the “ISP98”)
shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and
Practice for Documentary Credits, as most recently published by the International Chamber
of Commerce (the “ICC”) at the time of issuance (including the ICC decision published by
the Commission on Banking Technique and Practice on April 6, 1998 regarding the European
single currency (euro)) (the “UCP”) shall apply to each commercial Letter of Credit.

     (h) Responsibility of Issuing Lender. It is expressly understood and agreed as
between the Lenders that the obligations of an Issuing Lender hereunder to the LOC
Participants are only those expressly set forth in this Credit Agreement and that an
Issuing Lender shall be entitled to assume that the conditions precedent set forth in
Section 5.2 have been satisfied unless it shall

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have acquired actual knowledge that any such condition precedent has not been
satisfied; provided, however, that nothing set forth in this Section 2.3 shall be deemed to
prejudice the right of any LOC Participant to recover from an Issuing Lender any amounts
made available by such LOC Participant to such Issuing Lender pursuant to this Section 2.3
in the event that it is determined by a court of competent jurisdiction that the payment
with respect to a Letter of Credit constituted gross negligence or willful misconduct on
the part of such Issuing Lender.

     (i) Conflict with LOC Documents. In the event of any conflict between this
Credit Agreement and any LOC Document, this Credit Agreement shall govern.

     (j) Indemnification of Issuing Lenders and LOC Participants.

     (i) In addition to its other obligations under this Credit Agreement, the
Borrowers hereby jointly and severally agree to protect, indemnify, pay and save
harmless each Issuing Lender and each LOC Participant from and against any and all
claims, demands, liabilities, damages, losses, costs, charges and expenses
(including reasonable attorneys’ fees) that such Issuing Lender or such LOC
Participant may incur or be subject to as a consequence, direct or indirect, of (A)
the issuance of any Letter of Credit or (B) the failure of the Issuing Lender to
honor a drawing under a Letter of Credit as a result of any act or omission,
whether rightful or wrongful, of any present or future de jure or de facto
Governmental Authority (all such acts or omissions, herein called “Government
Acts”).

     (ii) As between the Borrowers and each Issuing Lender and the LOC
Participants, the Borrowers shall assume all risks of the acts, omissions or misuse
of any Letter of Credit by the beneficiary thereof. The Issuing Lenders and the LOC
Participants shall not be responsible for: (A) the form, validity, sufficiency,
accuracy, genuineness or legal effect of any document submitted by a Borrower or
any of its Subsidiaries in connection with the application for and issuance of any
Letter of Credit, even if it should in fact prove to be in any or all respects
invalid, insufficient, inaccurate, fraudulent or forged; (B) the validity or
sufficiency of any instrument transferring or assigning or purporting to transfer
or assign any Letter of Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part, that may prove to be invalid or ineffective for any
reason; (C) failure of the beneficiary of a Letter of Credit to comply fully with
conditions required in order to draw upon a Letter of Credit; (D) errors,
omissions, interruptions or delays in transmission or delivery of any messages, by
mail, cable, telegraph, telex

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or otherwise, whether or not they be in cipher; (E) errors in interpretation
of technical terms; (F) any loss or delay in the transmission or otherwise of any
document required to be delivered to the Issuing Lender in order to make a drawing
under a Letter of Credit or of the proceeds thereof; and (G) any consequences
arising from causes beyond the control of the Issuing Lender or any LOC
Participant, including, without limitation, any Government Acts. None of the above
shall affect, impair, or prevent the vesting of the Issuing Lender’s or any LOC
Participant’s rights or powers hereunder.

     (iii) In furtherance and extension and not in limitation of the specific
provisions hereinabove set forth, any action taken or omitted by any Agent-Related
Person, the Issuing Lender, any LOC Participant or any of the correspondents,
participants or assignees of the Issuing Lender under or in connection with any
Letter of Credit or the related certificates, if taken or omitted in good faith,
shall not put the Issuing Lender or any LOC Participant under any resulting
liability to the Borrowers or their Subsidiaries. It is the intention of the
parties that this Credit Agreement shall be construed and applied to protect and
indemnify the Issuing Lender and each LOC Participant against any and all risks
involved in the issuance of the Letters of Credit, all of which risks are hereby
assumed by the Borrowers, including, without limitation, whether rightful or
wrongful, any present or future Government Acts. The Issuing Lender and the LOC
Participants shall not, in any way, be liable for any failure by the Issuing Lender
or anyone else to pay any drawing under any Letter of Credit as a result of any
Government Acts or any other cause beyond the control of the Issuing Lender or any
LOC Participant.

     (iv) Nothing in this subsection (j) is intended to limit the reimbursement
obligation of the Borrowers contained in this Section 2.3. The obligations of the
Borrowers under this subsection (j) shall survive the termination of this Credit
Agreement. No act or omission of any current or prior beneficiary of a Letter of
Credit shall in any way affect or impair the rights of the Issuing Lender to
enforce any right, power or benefit under this Credit Agreement.

     (v) Notwithstanding anything to the contrary contained in this subsection (j),
the Borrowers shall have no obligation to indemnify the Issuing Lender in respect
of any liability incurred by the Issuing Lender arising solely out of the gross
negligence or willful misconduct of the Issuing Lender. Nothing in this Credit
Agreement shall relieve the Issuing Lender of any liability to the Borrowers in
respect of any action taken by the Issuing Lender which action constitutes gross
negligence or willful

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misconduct of the Issuing Lender or a violation of the ISP98, the UCP or
Uniform Commercial Code (as applicable).

     (k) No Obligation to Issue. The Issuing Lender shall be under no obligation
to issue any Letter of Credit if:

     (i) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the Issuing Lender from issuing
such Letter of Credit, or any Requirement of Law applicable to the Issuing Lender
or any request or directive (whether or not 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 such Letter of Credit in particular or shall impose upon the Issuing
Lender with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which the Issuing Lender is not otherwise compensated hereunder)
not in effect on the Closing Date, or shall impose upon the Issuing Lender any
unreimbursable loss, cost or expense which was not applicable on the Closing Date
and which the Issuing Lender in good faith deems material to it; or

     (ii) the issuance of such Letter of Credit would violate one or more policies
of the Issuing Lender.

     2.4 Joint and Several Liability of the Borrowers.

     (a) Each of the Borrowers is accepting joint and several liability hereunder in
consideration of the financial accommodation to be provided by the Lenders under this
Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers
and in consideration of the undertakings of each of the Borrowers to accept joint and
several liability for the obligations of each of them.

     (b) Each of the Borrowers jointly and severally hereby irrevocably and unconditionally
accepts, not merely as a surety but also as a co-debtor, joint and several liability with
the other Borrower with respect to the payment and performance of all of the Obligations
arising under this Credit Agreement and the other Credit Documents, it being the intention
of the parties hereto that all the Obligations shall be the joint and several obligations
of each of the Borrowers without preferences or distinction among them.

     (c) If and to the extent that either of the Borrowers shall fail to make any payment
with respect to any of the Obligations as and when due or to perform any of the Obligations
in accordance with the terms thereof, then in each such

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event, the other Borrower will make such payment with respect to, or perform, such
Obligation. Each Borrower further agrees that it shall have no right of subrogation,
indemnity, reimbursement or contribution against the other Borrower for amounts so paid
under this Credit Agreement until such time as the Lenders have been paid in full and all
Commitments under this Credit Agreement have been terminated.

     (d) The obligations of each Borrower under the provisions of this Section 2.4
constitute full recourse obligations of such Borrower, enforceable against it to the full
extent of its properties and assets.

     (e) Except as otherwise expressly provided herein, to the extent permitted by law,
each Borrower hereby waives notice of acceptance of its joint and several liability and of
all extensions of credit to the Borrowers by the Lenders, notice of occurrence of any
Default or Event of Default (except to the extent notice is expressly required to be given
pursuant to the terms of this Credit Agreement), or of any presentment or demand for any
payment under this Credit Agreement, notice of any action at any time taken or omitted by
the Administrative Agent or the Lenders under or in respect of any of the obligations
hereunder, any requirement of diligence and, generally, all demands, notices and other
formalities of every kind in connection with this Credit Agreement and the benefit of any
laws that exonerate or limit the liability of co-borrowers or sureties and any defenses
provided by those laws. Each Borrower hereby assents to, and waives notice of, any
extension or postponement of the time for the payment of any of the Obligations, the
acceptance of any partial payment thereon, any waiver, consent or other action or
acquiescence by the Administrative Agent or the Lenders at any time or times in respect of
any default by either Borrower in the performance or satisfaction of any term, covenant,
condition or provision of this Credit Agreement, any and all other indulgences whatsoever
by the Administrative Agent or the Lenders in respect of any of the obligations hereunder,
and the taking, addition, substitution or release, in whole or in part, at any time or
times, of any security for any of such obligations or the addition, substitution or
release, in whole or in part, of either Borrower. Without limiting the generality of the
foregoing, each Borrower assents to any other action or delay in acting or any failure to
act on the part of the Administrative Agent or the Lenders, including, without limitation,
any failure strictly or diligently to assert any right or to pursue any remedy or to comply
fully with applicable laws or regulations thereunder which might, but for the provisions of
this Section 2.4, afford grounds for terminating, discharging or relieving such Borrower,
in whole or in part, from any of its obligations under this Section 2.4, it being the
intention of each Borrower that, so long as any of the Obligations hereunder remain
unsatisfied, the obligations of such Borrower under this Section 2.4 shall not be
discharged except by performance and then only to the extent of such performance. The
obligations of each Borrower under this Section 2.4 shall not be

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diminished or rendered unenforceable by any winding up, reorganization, arrangement,
liquidation, reconstruction or similar proceeding with respect to either Borrower or a
Lender. The joint and several liability of the Borrowers hereunder shall continue in full
force and effect notwithstanding any absorption, merger, amalgamation or any other change
whatsoever in the name, membership, constitution or place of formation of either Borrower
or any of the Lenders.

     (f) The provisions of this Section 2.4 are made for the benefit of the Lenders and
their successors and assigns, and may be enforced by them from time to time against either
of the Borrowers as often as occasion therefor may arise and without requirement on the
part of the Lenders first to marshal any of its claims or to exercise any of its rights
against the other Borrower or to exhaust any remedies available to it against the other
Borrower or to resort to any other source or means of obtaining payment of any of the
Obligations hereunder or to elect any other remedy. The provisions of this Section 2.4
shall remain in effect until all the Obligations shall have been paid in full or otherwise
fully satisfied. If at any time, any payment, or any part thereof, made in respect of any
of the Obligations is rescinded or must otherwise be restored or returned by the Lenders
upon the insolvency, bankruptcy or reorganization of either of the Borrowers, or otherwise,
the provisions of this Section 2.4 will forthwith be reinstated and in effect as though
such payment had not been made.

     (g) Notwithstanding any provision to the contrary contained herein or in any of the
other Credit Documents, to the extent the obligations of either Borrower shall be
adjudicated to be invalid or unenforceable for any reason (including, without limitation,
because of any applicable state or federal law relating to fraudulent conveyances or
transfers) then the obligations of such Borrower hereunder shall be limited to the maximum
amount that is permissible under applicable law (whether federal or state and including,
without limitation, the Bankruptcy Code).

     2.5 Appointment of BOP.

     BRT hereby appoints BOP to act as its agent for all purposes under this Credit Agreement
(including, without limitation, with respect to all matters related to the borrowing and repayment
of Loans) and agrees that (i) BOP may execute such documents on behalf of BRT as BOP deems
appropriate in its sole discretion and BRT shall be obligated by all of the terms of any such
document executed on its behalf, (ii) any notice or communication delivered by the Administrative
Agent or the Lender to BOP shall be deemed delivered to BRT and (iii) the Administrative Agent or
the Lenders may accept, and be permitted to rely on, any document, instrument or agreement executed
by BOP on behalf of BRT.

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     2.6 Non-Recourse.

     Notwithstanding anything herein to the contrary, no recourse shall be had against any past,
present or future shareholder, officer, director or trustee of BRT for any obligation of the Credit
Parties under the Credit Documents, or for any claim based thereon or otherwise in respect thereof;
provided, however, that this Section 2.6 shall not restrict or limit any claim against any such
Person arising out of or occurring with respect to fraud or any intentional misrepresentation or
any act or omission that is willful or wanton or constitutes gross negligence or willful
misconduct.

     2.7 Increase of Revolving Committed Amount.

     Unless a Default or an Event of Default has occurred and is continuing, the Borrowers, by
written notice to the Administrative Agent, may request on up to four (4) occasions during the term
of this Agreement that the Revolving Committed Amount be increased by an amount not less than
$25,000,000 per request and not more than $200,000,000 in the aggregate (such that the Revolving
Committed Amount after such increase shall never exceed $800,000,000); provided that for any such
request (a) the Borrowers shall not have requested the extension of the Revolving Loan Maturity
Date pursuant to Section 3.5(b), (b) any Lender which is a party to this Credit Agreement prior to
such request for increase, at its sole discretion, may elect to increase its Commitment, but shall
not have any obligation to so increase its Commitment, and (c) in the event that a Lender does not
elect to increase its Commitment, the Arrangers shall use commercially reasonable efforts to locate
additional lenders (which qualify as Eligible Assignees) reasonably acceptable to the
Administrative Agent willing to hold commitments for the requested increase. In the event that
Lenders commit to any such increase, (i) the Commitments of the committed Lenders and the Revolving
Committed Amount shall be increased, (ii) the Revolving Loan Commitment Percentage of each of the
Lenders shall be adjusted according to the reallocated Revolving Loan Commitment Percentages (or,
in the case of a new lender not previously party hereto, added to Exhibit 1.1(a)) and the
Borrowers shall make such borrowings and repayments as shall be necessary to effect a reallocation
of the Revolving Loans, (iii) if requested by any Lender making an additional or new commitment,
new or replacement Notes shall be issued, and (iv) other changes shall be made by way of
supplement, amendment or restatement of any Credit Document as may be necessary or desirable to
reflect the aggregate amount, if any, by which Lenders have agreed to increase their respective
Commitments or any other lenders (which qualify as Eligible Assignees) have agreed to make new
commitments pursuant to this Section 2.7, in each case notwithstanding anything in Section 11.6 to
the contrary, without the consent of any Lender other than those Lenders increasing their
Commitments. The fees payable by the Borrowers upon any such increase in the Revolving Committed
Amount shall be agreed upon by the Arrangers and the Borrowers at the time of such increase.

     Notwithstanding the foregoing, nothing in this Section 2.7 shall constitute or be deemed to
constitute an agreement by any Lender to increase its Commitment hereunder.

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SECTION 3.

GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT

     3.1 Interest.

     (a) Interest Rate. All Base Rate Loans (excluding Swing Loans) shall accrue
interest at the Base Rate. All Swing Loans shall accrue interest at the Swing Loan Rate.
All Eurodollar Loans shall accrue interest at the Adjusted Eurodollar Rate. All
Competitive Bid Loans shall bear interest at a rate per annum equal to the sum of (i) the
Eurodollar Rate determined for the Interest Period (determined as if the related
Competitive Bid Loan were a Revolving Loan which is a Eurodollar Loan) plus (ii) the
Competitive Bid Margin quoted by the Lender making such Competitive Bid Loan in accordance
with Section 2.2.

     (b) Default Rate of Interest. Upon the occurrence, and during the continuance,
of an Event of Default, the principal of and, to the extent permitted by law, interest on
the Loans and any other amounts owing hereunder or under the other Credit Documents
(including without limitation fees and expenses) shall bear interest, payable on demand, at
a per annum rate equal to four percent (4%) plus the rate which would otherwise be
applicable (or if no rate is applicable, then the rate for Base Rate Loans plus four
percent (4%) per annum); provided that unless the Loans have been accelerated, interest,
including the default rate of interest, shall only be due and payable on the Interest
Payment Dates.

     (c) Interest Payments. Interest on Loans shall be due and payable in arrears
on each Interest Payment Date. If an Interest Payment Date falls on a date which is not a
Business Day, such Interest Payment Date shall be deemed to be the succeeding Business Day,
except that in the case of Eurodollar Loans and Competitive Bid Loans where the succeeding
Business Day falls in the succeeding calendar month, such Interest Payment Date shall be
the preceding Business Day.

     3.2 Place and Manner of Payments.

     All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower
under this Credit Agreement shall be made by such Borrower unconditionally and without deduction
for any counterclaim, defense, recoupment or setoff and received not later than 2:00 p.m. on the
date when due, in Dollars and in immediately available funds, to the Administrative Agent at its
offices in New York City, New York or to the Swing Lender at its applicable address or Issuing
Lender at its applicable address. Payments received after such time shall be deemed to have been
received on the next Business Day. The Borrowers shall, at the time they make any

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payment under this Credit Agreement, specify to the Administrative Agent, Swing Lender or
Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the
Borrowers hereunder to which such payment is to be applied (and in the event that they fail to
specify, or if such application would be inconsistent with the terms hereof, the Administrative
Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the
Administrative Agent may deem appropriate). The Administrative Agent will distribute any such
payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.;
otherwise the Administrative Agent will distribute such payment to the Lenders on the next
succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which
is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day
(subject to accrual of interest and fees for the period of such extension), except that in the case
of Eurodollar Loans, if the extension would cause the payment to be made in the next following
calendar month, then such payment shall instead be made on the next preceding Business Day.

     3.3 Prepayments.

     (a) Voluntary Prepayments. The Borrowers shall have the right to prepay
Committed Loans, in whole or in part from time to time without premium or penalty;
provided, however, that (i) Eurodollar Loans may only be prepaid on three Business Days’
prior written notice to the Administrative Agent and any prepayment of Eurodollar Loans
will be subject to Section 3.14, (ii) (x) in the case of Eurodollar Loans, each such
partial prepayment shall be in the minimum principal amount of $1,000,000 and integral
multiples of $100,000 in excess thereof, or (y) in the case of Base Rate Loans, each such
partial prepayment shall be in the minimum principal amount of $500,000 and integral
multiples of $100,000 in excess thereof. Notwithstanding anything contained in this Credit
Agreement to the contrary, Competitive Bid Loans may not be voluntarily prepaid without the
consent of the Lender(s) making such Competitive Bid Loans.

     (b) Mandatory Prepayments.

     (i) If at any time (other than if consented to in writing by the Lenders) the
aggregate amount of Loans outstanding plus LOC Obligations outstanding exceeds the
Revolving Committed Amount, the Borrowers shall immediately prepay the Loans in the
amount of such excess in accordance with Section 3.3(c); and

     (ii) If at any time after the Closing Date a Change of Control shall occur
(the date on which such Change of Control occurs being the “Prepayment Date”), the
Commitments shall terminate and reduce to zero and the Borrowers shall immediately
prepay the Loans and cause the return of any outstanding Letters of Credit on the
Prepayment Date as if

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the Prepayment Date were the Revolving Loan Maturity Date. The Borrowers
shall make such prepayment on the Prepayment Date together with all accrued
interest on the amount prepaid and any unpaid fees and expenses that are due and
owing. Amounts prepaid pursuant to this Section 3.3(b)(ii) may not be reborrowed.

     (c) Application of Prepayments. All amounts paid pursuant to Section 3.3(a)
shall be applied as directed by the Borrowers. All amounts paid pursuant to Section 3.3(a)
the application of which has not been directed by the Borrowers and all amounts required to
be paid pursuant to Section 3.3(b)(i) shall be applied first to Base Rate Loans, then to
Eurodollar Loans in direct order of Interest Period maturities, and then to Competitive Bid
Loans (subject to the last sentence of Section 3.3(a)). All prepayments hereunder shall be
subject to Section 3.14; provided that prepayments required to be made pursuant to Section
3.3(b) that repay a Eurodollar Loan within 30 days of the last day of its Interest Period
shall not be subject to Section 3.14.

     3.4 Fees.

     (a) Facility Fees. In consideration of the Revolving Committed Amount being
made available by the Lenders hereunder, the Borrowers agree to pay to the Administrative
Agent, for the pro rata benefit of each Lender (based on each Lender’s Commitment and the
number of days that such Lender was a Lender during the prior fiscal quarter), a fee
(collectively, the “Facility Fees”) equal to:

     (i) for each day that BRT or BOP has at least two Unsecured Senior Debt
Ratings in effect, (A) if the current Applicable Percentage for the Borrowers
corresponds to Pricing Level I or II, 0.15% per annum on the entire Revolving
Committed Amount, (B) if the current Applicable Percentage for the Borrowers
corresponds to Pricing Level III, 0.175% per annum on the entire Revolving
Committed Amount, or (C) if the current Applicable Percentage for the Borrowers
corresponds to Pricing Level IV, 0.25% per annum on the entire Revolving Committed
Amount; and

     (ii) for each day that BRT or BOP does not have at least two Unsecured Senior
Debt Ratings in effect, 0.25% per annum on the entire Revolving Committed Amount.

The Facility Fees shall commence to accrue on the Effective Date and shall be due and
payable in arrears on the first day of each fiscal quarter of the Borrowers (as well as on
the Revolving Loan Maturity Date and on any date that the Revolving Committed Amount is
reduced) for the immediately preceding fiscal quarter (or portion thereof), beginning with
the first of such dates to occur after

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the Effective Date.

     (b) Letter of Credit Fees.

     (i) Letter of Credit Fees. In consideration of the issuance of Letters
of Credit hereunder, the Borrowers agree to pay to the Administrative Agent, for
the pro rata benefit of the applicable Lenders (based on each Lender’s Commitment),
a per annum fee (the “Letter of Credit Fees”) equal to a rate per annum equal to
the Applicable Percentage on the average daily maximum amount available to be drawn
under each such Letter of Credit from the date of issuance to the date of
expiration. The Letter of Credit Fees will be payable quarterly in arrears on the
first day of each fiscal quarter of the Borrowers after the issuance of such Letter
of Credit (as well as on the Revolving Loan Maturity Date).

     (ii) Issuing Lender Fees. In addition to the Letter of Credit Fees
payable pursuant to subsection (i) above, the Borrowers shall pay to the Issuing
Lender for its own account, without sharing by the other Lenders, (A) a fee equal
to 0.10% per annum on the average daily maximum amount available to be drawn under
each such Letter of Credit issued by the Issuing Lender from the date of issuance
to the date of expiration, such fee to be paid quarterly in arrears or the first
day of each fiscal quarter of the Borrowers after the issuance of such Letter of
Credit (as well as the Revolving Loan Maturity Date), and (B) the customary charges
from time to time of the Issuing Lender for its services in connection with the
issuance, amendment, payment, transfer, administration, cancellation and conversion
of, and drawings under, Letters of Credit (collectively, the “Issuing Lender
Fees”).

     (c) Administrative Fees. The Borrowers agree to pay to the Administrative
Agent, for its own account, an annual fee as agreed to between the Borrowers and the
Administrative Agent in the Fee Letter.

     (d) Competitive Bid Fee. Simultaneously with the delivery of each Notice of
Competitive Bid Borrowing, the Borrowers shall pay to the Administrative Agent for its own
account, a fee equal to $2,500.

     3.5 Payment in full at Maturity; Extension of Maturity.

     (a) On the Revolving Loan Maturity Date, the Commitments and the Swing Loan Commitment
shall terminate and the entire outstanding principal balance of all Loans and all LOC
Obligations, together with accrued but unpaid interest and all other sums owing with
respect thereto, shall be due and payable in

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full, unless accelerated sooner pursuant to Section 9.2; provided that Competitive Bid
Loans shall also be due and payable in full as provided in Section 2.2(i).

     (b) So long as no Default or Event of Default has occurred and is continuing, the
Borrowers may elect at least 30 days but no more than 90 days prior to the Initial
Revolving Loan Maturity Date, to extend the Revolving Loan Maturity Date for one (1) year
by providing written notice of such election to the Administrative Agent (which shall
promptly notify each of the Lenders). If on the Initial Revolving Loan Maturity Date (i)
no Default or Event of Default exists and is continuing, (ii) the Borrowers pay to the
Administrative Agent, for the pro rata benefit of the Lenders, an extension fee equal to
0.15% of the then Revolving Committed Amount, and (iii) the Borrowers have given written
notice to the Administrative Agent of such election to extend the Revolving Loan Maturity
Date within the time frame set forth in this Section 3.5(b), the Revolving Loan Maturity
Date shall be extended to June 29, 2012.

     3.6 Computations of Interest and Fees.

     (a) Except for Base Rate Loans bearing interest based on the Prime Rate, which shall
be calculated on the basis of a 365 or 366 day year as the case may be, all computations of
interest and fees hereunder shall be made on the basis of the actual number of days elapsed
over a year of 360 days. Interest shall accrue from and include the date of borrowing (or
continuation or conversion) but exclude the date of payment.

     (b) It is the intent of the Lenders and the Borrowers to conform to and contract in
strict compliance with applicable usury law from time to time in effect. All agreements
between the Lenders and the Credit Parties are hereby limited by the provisions of this
paragraph which shall override and control all such agreements, whether now existing or
hereafter arising and whether written or oral. In no way, nor in any event or contingency
(including but not limited to prepayment or acceleration of the maturity of any
obligation), shall the interest taken, reserved, contracted for, charged, or received under
this Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount
permissible under applicable law. If, from any possible construction of any of the Credit
Documents or any other document, interest would otherwise be payable in excess of the
maximum nonusurious amount, any such construction shall be subject to the provisions of
this paragraph and such interest shall be automatically reduced to the maximum nonusurious
amount permitted under applicable law, without the necessity of execution of any amendment
or new document. If any Lender shall ever receive anything of value which is characterized
as interest on the Loans under applicable law and which would, apart from this provision,
be in excess of the maximum lawful amount, an amount equal to the amount which would have
been excessive interest shall, without penalty, be applied to the

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reduction of the principal amount owing on the Loans and not to the payment of
interest, or refunded to the Borrowers or the other payor thereof if and to the extent such
amount which would have been excessive exceeds such unpaid principal amount of the Loans.
The right to demand payment of the Loans or any other indebtedness evidenced by any of the
Credit Documents does not include the right to receive any interest which has not otherwise
accrued on the date of such demand, and the Lenders do not intend to charge or receive any
unearned interest in the event of such demand. All interest paid or agreed to be paid to
the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term (including any
renewal or extension) of the Loans so that the amount of interest on account of such
indebtedness does not exceed the maximum nonusurious amount permitted by applicable law.

     3.7 Pro Rata Treatment.

     Except to the extent otherwise provided herein:

     (a) Loans. Each Revolving Loan borrowing, each payment or prepayment of
principal of any Revolving Loan, each payment of fees (other than administrative fees
payable pursuant to Section 3.4(c) and Section 3.4(d), the Issuing Lender Fees and, as set
forth in Section 3.4(a), the Facility Fees), each reduction of the Revolving Committed
Amount, and each conversion or continuation of any Revolving Loan, shall (except as
otherwise provided in Section 3.11) be allocated pro rata among the Lenders in accordance
with the respective Revolving Loan Commitment Percentages of the Lenders (or, if the
Commitments of the Lenders have expired or been terminated, in accordance with the
respective principal amounts of the outstanding Loans and Participation Interests of the
Lenders); provided that, if any Lender shall have failed to pay its applicable pro rata
share of any Revolving Loan, then any amount to which such Lender would otherwise be
entitled pursuant to this Section 3.7 shall instead be payable to the Administrative Agent
until the share of such Loan not funded by such Lender has been repaid; provided further,
that in the event any amount paid to any Lender pursuant to this Section 3.7 is rescinded
or must otherwise be returned by the Administrative Agent, each Lender shall, upon the
request of the Administrative Agent, repay to the Administrative Agent the amount so paid
to such Lender, with interest for the period commencing on the date such payment is
returned by the Administrative Agent until the date the Administrative Agent receives such
repayment at a rate per annum equal to, during the period to but excluding the date two
Business Days after such request, the Federal Funds Rate, and thereafter, at the Base Rate
plus two percent (2%) per annum.

     (b) Letters of Credit. Each payment of unreimbursed drawings in respect of LOC
Obligations shall be allocated to each LOC Participant pro rata in

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accordance with its Revolving Loan Commitment Percentage; provided that, if any LOC
Participant shall have failed to pay its applicable pro rata share of any drawing under any
Letter of Credit, then any amount to which such LOC Participant would otherwise be entitled
pursuant to this subsection (b) shall instead be payable to the Issuing Lender until the
share of such unreimbursed drawing not funded by such Lender has been repaid; provided
further, that in the event any amount paid to any LOC Participant pursuant to this
subsection (b) is rescinded or must otherwise be returned by the Issuing Lender, each LOC
Participant shall, upon the request of the Issuing Lender, repay to the Administrative
Agent for the account of the Issuing Lender the amount so paid to such LOC Participant,
with interest for the period commencing on the date such payment is returned by the Issuing
Lender until the date the Issuing Lender receives such repayment at a rate per annum equal
to, during the period to but excluding the date two Business Days after such request, the
Federal Funds Rate, and thereafter, the Base Rate plus two percent (2%) per annum.

     3.8 Sharing of Payments.

     The Lenders agree among themselves that, except to the extent otherwise provided herein, in
the event that any Lender shall obtain payment in respect of any Loan or any other obligation owing
to such Lender under this Credit Agreement through the exercise of a right of setoff, banker’s lien
or counterclaim, or pursuant to a secured claim under Section 506 of the Bankruptcy Code or other
security or interest arising from, or in lieu of, such secured claim, received by such Lender under
any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means
(other than in connection with an assignment pursuant to Section 3.15 or Section 11.3 or the
repayment of a Swing Loan to the Swing Lender or the repayment of a Competitive Bid Loan to a
particular Competitive Bid Lender), in excess of its pro rata share of such payment as provided for
in this Credit Agreement, such Lender shall promptly pay in cash or purchase from the other Lenders
a participation in such Loans and other obligations in such amounts, and make such other
adjustments from time to time, as shall be equitable to the end that all Lenders share such payment
in accordance with their respective ratable shares as provided for in this Credit Agreement. The
Lenders further agree among themselves that if payment to a Lender obtained by such Lender through
the exercise of a right of setoff, banker’s lien, counterclaim or other event as aforesaid shall be
rescinded or must otherwise be restored, each Lender which shall have shared the benefit of such
payment shall, by payment in cash or a repurchase of a participation theretofore sold, return its
share of that benefit (together with its share of any accrued interest payable with respect
thereto) to each Lender whose payment shall have been rescinded or otherwise restored. The
Borrowers agree that any Lender so purchasing such a participation may, to the fullest extent
permitted by law, exercise all rights of payment, including setoff, banker’s lien or counterclaim,
with respect to such participation as fully as if such Lender were a holder of such Loan or other
obligation in the amount of such participation. Except as otherwise expressly provided in this
Credit Agreement, if any Lender shall fail

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to remit to the Administrative Agent or any other Lender an amount payable by such Lender to
the Administrative Agent or such other Lender pursuant to this Credit Agreement on the date when
such amount is due, such payments shall be made together with interest thereon for each date from
the date such amount is due until the date such amount is paid to the Administrative Agent or such
other Lender at a rate per annum equal to the Federal Funds Rate. If under any applicable
bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a
setoff to which this Section 3.8 applies, such Lender shall, to the extent practicable, exercise
its rights in respect of such secured claim in a manner consistent with the rights of the Lenders
under this Section 3.8 to share in the benefits of any recovery on such secured claim.

     3.9 Capital Adequacy.

     If, after the date hereof, any Lender has determined that the adoption or the becoming
effective of, or any change in, or any change by any Governmental Authority, central bank or
comparable agency charged with the interpretation or administration thereof in the interpretation
or administration of, any applicable law, rule or regulation regarding capital adequacy, or
compliance by such Lender, or its parent corporation, with any request or directive regarding
capital adequacy (whether or not having the force of law) of any such authority, central bank or
comparable agency, has or would have the effect of reducing the rate of return on such Lender’s (or
parent corporation’s) capital or assets as a consequence of its commitments or obligations
hereunder to a level below that which such Lender, or its parent corporation, could have achieved
but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s
(or parent corporation’s) policies with respect to capital adequacy), then, upon notice from such
Lender to the Borrowers and the Administrative Agent, the Borrowers shall be obligated to pay to
such Lender such additional amount or amounts as will compensate such Lender (or parent
corporation) on an after-tax basis (after taking into account applicable deductions and credits in
respect of the amount indemnified) for such reduction. Each determination by any such Lender of
amounts owing under this Section shall, absent manifest error, be conclusive and binding on the
parties hereto. This covenant shall survive the termination of this Credit Agreement and the
payment of the Loans and all other amounts payable hereunder.

     3.10 Inability To Determine Interest Rate.

     If prior to the first day of any Interest Period, the Administrative Agent shall have
determined in good faith (which determination shall be conclusive and binding upon the Borrowers)
that, by reason of circumstances affecting the relevant market, adequate and reasonable means do
not exist for ascertaining the Adjusted Eurodollar Rate or the Eurodollar Rate for such Interest
Period, the Administrative Agent shall give telecopy or telephonic notice thereof to the Borrowers
and the Lenders as soon as practicable thereafter, and will also give prompt written notice to the
Borrowers and the Lenders when such conditions no longer exist. If such notice is given (a) any
Eurodollar Loans or

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Competitive Bid Loans requested to be made on the first day of such Interest Period shall be
made as Base Rate Loans and (b) any Revolving Loans that were to have been converted on the first
day of such Interest Period to or continued as Eurodollar Loans shall be converted to or continued
as Base Rate Loans. Until such notice has been withdrawn by the Administrative Agent, no further
Eurodollar Loans or Competitive Bid Loans shall be made or continued as such, nor shall the
Borrowers have the right to convert Base Rate Loans to Eurodollar Loans.

     3.11 Illegality.

     Notwithstanding any other provision herein, if the adoption of or any change in any
Requirement of Law or in the interpretation or application thereof occurring after the Closing Date
shall make it unlawful for any Lender to make or maintain Eurodollar Loans or Competitive Bid Loans
as contemplated by this Credit Agreement, (a) such Lender shall promptly give written notice of
such circumstances to the Borrowers and the Administrative Agent (which notice shall be promptly
withdrawn whenever such circumstances no longer exist), (b) the commitment of such Lender hereunder
to make Eurodollar Loans or Competitive Bid Loans, continue Eurodollar Loans as such and convert a
Base Rate Loan to Eurodollar Loans shall forthwith be cancelled and, until such time as it shall no
longer be unlawful for such Lender to make or maintain Eurodollar Loans, such Lender shall then
have a commitment only to make a Base Rate Loan when a Eurodollar Loan is requested and (c) such
Lender’s Loans then outstanding as Eurodollar Loans or Competitive Bid Loans, if any, shall be
converted automatically to Base Rate Loans on the respective last days of the then current Interest
Periods with respect to such Loans or within such earlier period as required by law. If any such
conversion of a Eurodollar Loan or a Competitive Bid Loan occurs on a day which is not the last day
of the then current Interest Period with respect thereto, the Borrowers shall pay to such Lender
such amounts, if any, as may be required pursuant to Section 3.14; provided that no such payments
shall be required if the conversion of a Eurodollar Loan occurs within 30 days of the last day of
the Interest Period of such Eurodollar Loan.

     3.12 Requirements of Law.

     If the adoption of or any change in any Requirement of Law or in the interpretation or
application thereof applicable to any Lender, or compliance by any Lender with any request or
directive (whether or not having the force of law) from any central bank or other Governmental
Authority, in each case made subsequent to the Closing Date (or, if later, the date on which such
Lender becomes a Lender):

     (a) shall subject such Lender to any tax of any kind whatsoever with respect to any
Letter of Credit, any Eurodollar Loans made by it, any Competitive Bid Loans made by it,
its obligation to make Eurodollar Loans or any obligation to make Competitive Bid Loans, or
change the basis of taxation of payments to such Lender in respect thereof (except for
Non-Excluded Taxes covered by

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Section 3.13 (including Non-Excluded Taxes imposed solely by reason of any failure of
such Lender to comply with its obligations (if any) under Section 3.13(b)) and changes in
taxes measured by or imposed upon the overall net income, or franchise tax (imposed in lieu
of such net income tax), of such Lender or its applicable lending office, branch, or any
Affiliate thereof);

     (b) shall impose, modify or hold applicable any reserve, special deposit, compulsory
loan or similar requirement against assets held by, deposits or other liabilities in or for
the account of, advances, loans or other extensions of credit by, or any other acquisition
of funds by, any office of such Lender which is not otherwise included in the determination
of the Adjusted Eurodollar Rate hereunder; or

     (c) shall impose on such Lender any other condition (excluding any tax of any kind
whatsoever);

and the result of any of the foregoing is to increase the cost to such Lender, by an amount which
such Lender deems to be material, of making, converting into, continuing or maintaining Loans or
issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in
respect thereof, then, in any such case, upon notice to the Borrowers from such Lender, through the
Administrative Agent, in accordance herewith, the Borrowers shall be obligated to promptly pay such
Lender, upon its demand, any additional amounts necessary to compensate such Lender on an after-tax
basis (after taking into account applicable deductions and credits in respect of the amount
indemnified) for such increased cost or reduced amount receivable, provided that, in any such case,
the Borrowers may elect to convert the Eurodollar Loans made by such Lender hereunder to Base Rate
Loans by giving the Administrative Agent at least one Business Day’s notice of such election, in
which case the Borrowers shall promptly pay to such Lender, upon demand, without duplication, such
amounts, if any, as may be required pursuant to Section 3.14. If any Lender becomes entitled to
claim any additional amounts pursuant to this Section 3.12, it shall provide prompt notice thereof
to the Borrowers, through the Administrative Agent, certifying (x) that one of the events described
in this Section 3.12 has occurred and describing in reasonable detail the nature of such event, (y)
as to the increased cost or reduced amount resulting from such event and (z) as to the additional
amount demanded by such Lender and a reasonably detailed explanation of the calculation thereof.
Such a certificate as to any additional amounts payable pursuant to this Section 3.12 submitted by
such Lender, through the Administrative Agent, to the Borrowers shall be conclusive and binding on
the parties hereto in the absence of manifest error. This covenant shall survive the termination of
this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.

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     3.13 Taxes.

     (a) Except as provided below in this Section 3.13, all payments made by the Borrowers
under this Credit Agreement and any Notes shall be made free and clear of, and without
deduction or withholding for or on account of, any present or future income, stamp or other
taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter
imposed, levied, collected, withheld or assessed by any court, or governmental body, agency
or other official, excluding taxes measured by or imposed upon the overall net income of
any Lender or its applicable lending office, or any branch or Affiliate thereof, and all
franchise taxes, branch taxes, taxes on doing business or taxes on the overall capital or
net worth of any Lender or its applicable lending office, or any branch or Affiliate
thereof, in each case imposed in lieu of net income taxes: (i) by the jurisdiction under
the laws of which such Lender, applicable lending office, branch or Affiliate is organized
or is located, or in which its principal executive office is located, or any nation within
which such jurisdiction is located or any political subdivision thereof; or (ii) by reason
of any connection between the jurisdiction imposing such tax and such Lender, applicable
lending office, branch or Affiliate other than a connection arising solely from such Lender
having executed, delivered or performed its obligations, or received payment under or
enforced, this Credit Agreement or any Notes. If any such non-excluded taxes, levies,
imposts, duties, charges, fees, deductions or withholdings (“Non-Excluded Taxes”) are
required to be withheld from any amounts payable to the Administrative Agent or any Lender
hereunder or under any Notes, (A) the amounts so payable to the Administrative Agent or
such Lender shall be increased to the extent necessary to yield to the Administrative Agent
or such Lender (after payment of all Non-Excluded Taxes) interest on any such other amounts
payable hereunder at the rates or in the amounts specified in this Credit Agreement and any
Notes, provided, however, that the Borrowers shall be entitled to deduct and withhold any
Non-Excluded Taxes and shall not be required to increase any such amounts payable to any
Lender that is not organized under the laws of the United States of America or a state
thereof if such Lender fails to comply with the requirements of paragraph (b) of this
Section 3.13 whenever any Non-Excluded Taxes are payable by the Borrowers, and (B) as
promptly as possible after request therefor the Borrowers shall send to the Administrative
Agent for its own account or for the account of such Lender, as the case may be, a
certified copy of an original official receipt received by the Borrowers showing payment
thereof. If the Borrowers fail to pay any Non-Excluded Taxes when due to the appropriate
taxing authority or fail to remit to the Administrative Agent the required receipts or
other required documentary evidence, the Borrowers shall indemnify the Administrative Agent
and any Lender for any incremental taxes, interest or penalties that may become payable by
the Administrative Agent or any Lender as a result of any such failure. The agreements in
this subsection shall survive the termination of this Credit Agreement and the payment of
the Loans and all other amounts payable hereunder.

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     (b) Each Lender that is not incorporated under the laws of the United States of
America or a state thereof shall:

     (i) (A) on or before the date of any payment by the Borrowers under this
Credit Agreement or Notes to such Lender, deliver to the Borrowers and the
Administrative Agent (x) two duly completed copies of United States Internal
Revenue Service Form W8-BEN or W8-ECI, or successor applicable form, as the case
may be, certifying that it is entitled to receive payments under this Credit
Agreement and any Notes without deduction or withholding of any United States
federal income taxes and (y) an Internal Revenue Service Form W-8 or W-9, or
successor applicable form, as the case may be, certifying that it is entitled to an
exemption from United States backup withholding tax;

     (B) deliver to the Borrowers and the Administrative Agent two further
copies of any such form or certification on or before the date that any
such form or certification expires or becomes obsolete and after the
occurrence of any event requiring a change in the most recent form
previously delivered by it to the Borrowers; and

     (C) obtain such extensions of time for filing and complete such forms
or certifications as may reasonably be requested by the Borrowers or the
Administrative Agent; or

     (ii) in the case of any such Lender that is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, such Lender shall (A) represent
to the Borrowers (for the benefit of the Borrowers and the Administrative Agent)
that it is not a bank within the meaning of Section 881(c)(3)(A) of the Internal
Revenue Code, (B) furnish to the Borrowers, on or before the date of any payment by
the Borrowers, with a copy to the Administrative Agent, two accurate and complete
original signed copies of Internal Revenue Service Form W-8, or successor
applicable form certifying to such Lender’s legal entitlement at the date of such
certificate to an exemption from U.S. withholding tax under the provisions of
Section 881(c) of the Internal Revenue Code with respect to payments to be made
under this Credit Agreement and any Notes (and to deliver to the Borrowers and the
Administrative Agent two further copies of such form on or before the date it
expires or becomes obsolete and after the occurrence of any event requiring a
change in the most recently provided form and, if necessary, obtain any extensions
of time reasonably requested by the Borrowers or the Administrative Agent for
filing and completing such forms), and (C) agree, to the extent legally entitled to
do so, upon reasonable request by the Borrowers, to provide to

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the Borrowers (for the benefit of the Borrowers and the Administrative Agent)
such other forms as may be reasonably required in order to establish the legal
entitlement of such Lender to an exemption from withholding with respect to
payments under this Credit Agreement and any Notes.

Notwithstanding the above, if any change in treaty, law or regulation has occurred after
the date such Person becomes a Lender hereunder which renders all such forms inapplicable
or which would prevent such Lender from duly completing and delivering any such form with
respect to it and such Lender so advises the Borrowers and the Administrative Agent then
such Lender shall be exempt from such requirements. Each Person that shall become a Lender
or a participant of a Lender pursuant to Section 11.3 shall, upon the effectiveness of the
related transfer, and if applicable, be required to provide all of the forms,
certifications and statements required pursuant to this subsection (b); provided that in
the case of a participant of a Lender, the obligations of such participant of a Lender
pursuant to this subsection (b) shall be determined as if such participant of a Lender were
a Lender except that such participant of a Lender shall furnish all such required forms,
certifications and statements to the Lender from which the related participation shall have
been purchased.

     3.14 Compensation.

     Except as expressly set forth in Section 3.3(c), the Borrowers promise to indemnify each
Lender and to hold each Lender harmless from any loss or expense which such Lender may sustain or
incur as a consequence of (a) default by the Borrowers in making a borrowing of, conversion into or
continuation of Eurodollar Loans, or a borrowing of Competitive Bid Loans, after the Borrowers have
given a notice requesting the same in accordance with the provisions of this Credit Agreement, (b)
default by the Borrowers in making any prepayment of a Eurodollar Loan or Competitive Bid Loan
after the Borrowers have given a notice thereof in accordance with the provisions of this Credit
Agreement and (c) any continuation, conversion, payment or prepayment of Eurodollar Loans or
Competitive Bid Loans on a day which is not the last day of an Interest Period with respect
thereto. Such indemnification shall be calculated by the Administrative Agent and shall include,
without limitation, an amount equal to (i) the amount of interest which would have accrued on the
amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such
prepayment or of such failure to borrow, convert or continue to the last day of the applicable
Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period
that would have commenced on the date of such failure) in each case at the applicable rate of
interest for such Eurodollar Loans or Competitive Bid Loans provided for herein minus (ii) the
amount of interest which would have accrued to such Lender on such amount by placing such amount on
deposit for a comparable period with leading banks in the interbank Eurodollar market. The
agreements in this Section 3.14 shall survive the termination of

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this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.
Notwithstanding the foregoing, any prepayment of a Eurodollar Loan made hereunder (as a result of a
mandatory requirement of this Credit Agreement) within thirty (30) days of the end of the Interest
Period with respect to such Eurodollar Loan, shall not be subject to this Section 3.14.

     3.15 Mitigation; Mandatory Assignment.

     Each Lender shall use reasonable efforts to avoid or mitigate any increased cost or suspension
of the availability of an interest rate under Sections 3.9 through 3.14 inclusive to the greatest
extent practicable (including transferring the Loans to another lending office or one of its
Affiliates) unless, in the opinion of such Lender, such efforts would be likely to have an adverse
effect upon it. In the event a Lender makes a request to the Borrowers for additional payments in
accordance with Sections 3.9, 3.10, 3.11, 3.12, 3.13 or 3.14 or a Lender becomes a Defaulting
Lender, then, provided that no Default or Event of Default has occurred and is continuing at such
time, the Borrowers may, at their own expense (such expense to include any transfer fee payable to
the Administrative Agent under Section 11.3(b) and any expense pursuant to Section 3.14), and in
their sole discretion, require such Lender to transfer and assign in whole (but not in part),
without recourse (in accordance with and subject to the terms and conditions of Section 11.3(b)),
all of its interests, rights and obligations under this Credit Agreement to an Eligible Assignee
which shall assume such assigned obligations (which Eligible Assignee may be another Lender, if a
Lender accepts such assignment); provided that (a) such assignment shall not conflict with any law,
rule or regulation or order of any court or other governmental authority and (b) the Borrowers or
such assignee shall have paid to the assigning Lender in immediately available funds the principal
of and interest accrued to the date of such payment on the portion of the Loans hereunder held by
such assigning Lender and all other amounts owed to such assigning Lender hereunder, including
amounts owed pursuant to Sections 3.9 through 3.14. Notwithstanding such assignment, and without
limiting any other provision of this Credit Agreement, such assigning Lender shall continue to
benefit from the provisions of Sections 3.9, 3.12, 3.13 and 11.5 with respect to the period before
the effectiveness of such assignment.

SECTION 4.

[RESERVED]

w
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SECTION 5.

CONDITIONS PRECEDENT

     5.1 Closing Conditions.

     The obligation of the Lenders to enter into this Credit Agreement and make the initial
Extensions of Credit is subject to satisfaction of the following conditions:

     (a) Executed Credit Documents. Receipt by the Administrative Agent of duly
executed copies of: (i) this Credit Agreement; (ii) the Notes; and (iii) all other Credit
Documents required to be delivered on or before the Effective Date, each in form and
substance reasonably acceptable to the Administrative Agent in its sole discretion.

     (b) Partnership Documents. With respect to each Credit Party that is a
partnership, receipt by the Administrative Agent of the following:

     (i) Partnership Agreements. Certified copies of the partnership
agreement of such Credit Party, together with all amendments thereto.

     (ii) Certificates of Good Standing or Existence. A certificate of good
standing or existence for such Credit Party issued as of a recent date by its state
of organization and each other state where the failure to qualify or be in good
standing could have a Material Adverse Effect.

     (c) Corporate Documents. With respect to each Credit Party that is a
corporation, if applicable, receipt by the Administrative Agent of the following:

     (i) Charter Documents. Copies of the articles or certificates of
incorporation or other charter documents of such Credit Party certified to be true
and complete as of a recent date by the appropriate Governmental Authority of the
state or other jurisdiction of its incorporation and certified by a secretary or
assistant secretary of such Credit Party to be true and correct as of the Closing
Date.

     (ii) Bylaws. A copy of the bylaws of such Credit Party certified by a
secretary or assistant secretary of such Credit Party to be true and correct as of
the Closing Date.

     (iii) Good Standing. Copies of certificates of good standing,
existence or their equivalent with respect to such Credit Party certified as of a
recent date by the appropriate Governmental Authority of the state or other
jurisdiction of incorporation and each other jurisdiction in which the failure to
so qualify and be in good standing could have a Material Adverse Effect.

     (d) Limited Liability Company Documents. With respect to each Credit Party
that is a limited liability company, if applicable, receipt by the Administrative Agent of
the following:

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     (i) Certificate of Formation. A copy of the certificate of formation
of such Credit Party certified to be true and complete by the appropriate
Governmental Authority of the state or jurisdiction of its formation and certified
by the sole or managing member of such Credit Party to be true and correct as of
the Closing Date.

     (ii) Operating Agreement. A copy of the Operating Agreement of such
Credit Party certified by the sole or managing member of such Credit Party to be
true and correct as of the Closing Date.

     (iii) Good Standing. Copies of certificates of good standing,
existence or their equivalent with respect to such Credit Party certified as of a
recent date by the appropriate Governmental Authority of the state or other
jurisdiction of formation and each other jurisdiction in which the failure to so
qualify and be in good standing could have a Material Adverse Effect.

     (e) Trust Documents. With respect to BRT, receipt by the Administrative Agent
of the following:

     (i) Declaration of Trust. A copy of the Declaration of Trust of BRT
certified to be true and complete by the appropriate Governmental Authority of the
state or jurisdiction of its formation and certified by the secretary of BRT to be
true and correct as of the Closing Date.

     (ii) Bylaws. A copy of the Bylaws of BRT certified by the trustee of
BRT to be true and complete as of the Closing Date.

     (iii) Resolutions. Copies of the resolutions of the Board of Trustees
of BRT approving and adopting the Credit Documents to which it and each Credit
Party is a party, the transactions contemplated therein and authorizing execution
and delivery thereof by and on behalf of itself and each Credit Party.

     (iv) Good Standing. Copies of certificates of good standing, existence
or their equivalent with respect to BRT certified as of a recent date by the
appropriate Governmental Authorities of the state or other jurisdiction of
formation and each other jurisdiction in which the failure to so qualify and be in
good standing could have a Material Adverse Effect.

     (v) Incumbency. An incumbency certificate with respect to each of the
Credit Parties, certified by a secretary or assistant secretary of BRT to be true
and correct as of the Closing Date.

     (f) [Reserved]

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     (g) [Reserved]

     (h) Opinion of Counsel. Receipt by the Administrative Agent of opinions (which
shall cover, among other things, authority, legality, validity, binding effect and
enforceability), satisfactory to the Administrative Agent, addressed to the Administrative
Agent and the Lenders and dated as of the Effective Date, from legal counsel to the Credit
Parties.

     (i) Material Adverse Effect. There shall not have occurred a change since
March 31, 2007 that has had or could reasonably be expected to have a Material Adverse
Effect.

     (j) Litigation. There shall not exist any pending or threatened action, suit,
investigation or proceeding in any court or before any arbitrator or Governmental Authority
against a Credit Party or any of its Subsidiaries that would have or would reasonably be
expected to have a Material Adverse Effect.

     (k) Officer’s Certificate. The Administrative Agent shall have received a
certificate of the Borrowers on behalf of the Credit Parties as of the Closing Date stating
that (i) the Credit Parties and each of their Subsidiaries are in compliance with all
existing material financial obligations, (ii) no action, suit, investigation or proceeding
is pending or threatened in any court or before any arbitrator or Governmental Authority
that purports to affect a Credit Party or any transaction contemplated by the Credit
Documents, if such action, suit, investigation or proceeding could have or could be
reasonably expected to have a Material Adverse Effect, (iii) the financial statements and
information included in the Borrowers’ Form 10-K report for the year ended December 31,
2006 and the Form 10-Q Report for the quarter ended March 31, 2007 were prepared in good
faith and using reasonable assumptions and (iv) immediately after giving effect to this
Credit Agreement, the other Credit Documents and all the transactions contemplated herein
and therein to occur on such date, (A) each of the Credit Parties is Solvent, (B) no
Default or Event of Default exists, (C) all representations and warranties contained herein
and in the other Credit Documents are true and correct in all material respects, and (D)
the Credit Parties and their Subsidiaries are in compliance as of March 31, 2007, and will
be in compliance on a pro-forma basis as of the Effective Date and as of the date of the
consummation of the Acquisition, with each of the financial covenants set forth in Section
7.2.

     (l) Fees and Expenses. Payment by the Borrowers of all fees and expenses owed
by them to the Lenders and the Administrative Agent, including, without limitation, payment
to the Administrative Agent of the fees set forth herein and in the Fee Letter.

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     (m) Consents and Approvals. All governmental, shareholder, partner, member and
third-party consents and approvals necessary or, in the opinion of the Administrative
Agent, desirable in connection with the Extensions of Credit and the transactions
contemplated under the Credit Documents shall have been duly obtained and shall be in full
force and effect, and a copy of each such consent or approval shall have been delivered to
the Administrative Agent.

     (n) Absence of Guarantors for Other Debt. Receipt by the Administrative Agent
of officer’s certificates confirming the absence of guaranties provided by the Subsidiaries
of the Borrowers pursuant to the Indenture.

     (o) Other. Receipt by the Lenders of such other documents, instruments,
agreements or information as reasonably and timely requested by any Lender, including, but
not limited to, information regarding litigation, tax, accounting, labor, insurance,
pension liabilities (actual or contingent), real estate leases, material contracts, debt
agreements, property ownership and contingent liabilities of the Credit Parties and their
Subsidiaries.

     5.2 Conditions to All Extensions of Credit.

     In addition to the conditions precedent stated elsewhere herein, the Lenders shall not be
obligated to make Loans (other than a Refunded Swing Loan, except as provided in Section
2.1(b)(iv)) nor shall an Issuing Lender be required to issue or extend a Letter of Credit unless:

     (a) Delivery of Notice. The Borrowers shall have delivered (i) in the case of
a Committed Loan, a Notice of Borrowing, duly executed and completed, by the time specified
in Section 2.1, (ii) in the case of a Competitive Bid Loan, a Competitive Bid Quote Request
and a Notice of Competitive Bid Borrowing, in each case duly executed and completed, in
accordance with Section 2.2(b) and (iii) in the case of any Letter of Credit, to the
Issuing Lender, an appropriate request for issuance in accordance with the provisions of
Section 2.3.

     (b) Representations and Warranties. The representations and warranties made by
the Credit Parties in any Credit Document shall be true and correct in all material
respects at and as if made as of such date except to the extent they expressly and
exclusively relate to an earlier date.

     (c) No Default. No Default or Event of Default shall exist or be continuing
either prior to or after giving effect thereto.

     (d) Availability. Immediately after giving effect to the making of the
requested Loan (and the application of the proceeds thereof), or the issuance of a

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Letter of Credit, as the case may be, the Revolving Credit Obligations shall not
exceed the Revolving Committed Amount.

     (e) Restrictions on Loans. After giving effect to the making of the requested
Revolving Loan, the Borrowers shall be in compliance with the terms of Section 2.1(g).

     (f) No Legal Impediments. No law, regulation, order, judgment or decree of
any Governmental Authority shall, and the Administrative Agent shall not have received any
notice that litigation is pending or threatened which is likely to, (i) enjoin, prohibit or
restrain such Extension of Credit or (ii) impose or result in the imposition of a Material
Adverse Effect.

     The delivery of each Notice of Borrowing, each Competitive Bid Quote Request, each
Notice of Competitive Bid Borrowing, and each request for issuance of a Letter of Credit
shall constitute a representation and warranty by the Borrowers of the correctness of the
matters specified in subsections (b), (c), (d) and, if applicable, (e) above.

SECTION 6.

REPRESENTATIONS AND WARRANTIES

     Each of the Borrowers hereby represents to the Administrative Agent and each Lender that:

     6.1 Financial Condition.

     The financial statements described in Section 5.1(k) and those delivered to the Lenders
pursuant to Section 7.1(a) and (b): (a) have been prepared in accordance with GAAP (subject, in the
case of quarterly financial statements, to changes resulting from audit and normal year-end audit
adjustments) and (b) present fairly the consolidated financial condition, results of operations and
cash flows of the Borrowers and their Subsidiaries as of such date and for such periods. Since
March 31, 2007, there has been no sale, transfer or other disposition by any Borrower or any of its
Subsidiaries of any material part of the business or property of the Borrowers and their
Subsidiaries, taken as a whole, and no purchase or other acquisition by any of them of any business
or property (including any capital stock or other equity interests of any other Person) material in
relation to the consolidated financial condition of the Borrowers and their Subsidiaries, taken as
a whole, in each case, which, is not (i) reflected in the most recent financial statements
described in Section 5.1(k) or delivered to the Lenders pursuant to Section 7.1 or in the notes
thereto or (ii) otherwise permitted by the terms of this Credit Agreement.

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     6.2 No Material Change.

     Since the later of March 31, 2007 or the date of the last Loan made under this Credit
Agreement, there has been no development or event relating to or affecting a Combined Party which
has had or would be reasonably expected to have a Material Adverse Effect.

     6.3 Organization and Good Standing.

     Each Borrower and each Material Subsidiary (a) is either a partnership, a corporation, a
limited liability company or a REIT duly organized or formed, validly existing and in good standing
under the laws of the state (or other jurisdiction) of its organization or formation, (b) is duly
qualified and in good standing as a foreign partnership, a foreign corporation, a foreign limited
liability company or a foreign REIT and authorized to do business in every other jurisdiction where
the failure to be so qualified, in good standing or authorized would have or would reasonably be
expected to have a Material Adverse Effect and (c) has the power and authority to own its
properties and to carry on its business as now conducted and as proposed to be conducted.

     6.4 Due Authorization.

     Each Credit Party (a) has the power and authority to execute, deliver and perform this Credit
Agreement and the other Credit Documents to which it is a party and to incur the obligations herein
and therein provided for and to consummate the transactions contemplated herein and therein and (b)
is duly authorized, and has been authorized by all necessary action, to execute, deliver and
perform this Credit Agreement and the other Credit Documents to which it is a party and to
consummate the transactions contemplated herein and therein.

     6.5 No Conflicts.

     Neither the execution and delivery of the Credit Documents, nor the consummation of the
transactions contemplated herein and therein, nor the performance of or compliance with the terms
and provisions hereof and thereof by a Credit Party will (a) violate or conflict with any provision
of its or its Material Subsidiaries’ organizational or governing documents, (b) violate, contravene
or materially conflict with any Requirement of Law or any other law, regulation (including, without
limitation, Regulation U or Regulation X), order, writ, judgment, injunction, decree or permit
applicable to it or its Material Subsidiaries, (c) violate, contravene or conflict with contractual
provisions of, or cause an event of default under, any indenture, loan agreement, mortgage, deed of
trust, contract or other agreement or instrument to which it or any of its Material Subsidiaries is
a party or by which it or its Material Subsidiaries may be bound, the violation of which would have
or would be reasonably expected to have a Material Adverse Effect, or (d) result in or require the
creation of any Lien upon or with respect to its or its Material Subsidiaries’ properties.

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     6.6 Consents.

     Except for consents, approvals, authorizations and orders that have been obtained, and
filings, registrations and qualifications that have been made, no consent, approval, authorization
or order of, or filing, registration or qualification with, any court or Governmental Authority or
third party in respect of any Credit Party is required in connection with the execution, delivery
or performance of this Credit Agreement or any of the other Credit Documents by such Credit Party
or the consummation of the transactions contemplated herein and therein.

     6.7 Enforceable Obligations.

     This Credit Agreement and the other Credit Documents to which it is a party have been duly
executed and delivered and constitute legal, valid and binding obligations of each Credit Party
enforceable against such Credit Party in accordance with their respective terms, except as may be
limited by bankruptcy or insolvency laws or similar laws affecting creditors’ rights generally or
by general equitable principles.

     6.8 No Default.

     No Combined Party is in default in any respect under any contract, lease, loan agreement,
indenture, mortgage, security agreement or other agreement or obligation to which it is a party or
by which any of its properties is bound which default would have or would be reasonably expected to
have a Material Adverse Effect. No Default or Event of Default has occurred or exists except as
previously disclosed in writing to the Lenders.

     6.9 Ownership.

     Each Borrower and each of its Subsidiaries is the owner or ground-lessee of, and has good and
marketable fee or leasehold title to, all of its respective assets and none of such assets is
subject to any Lien other than Permitted Liens.

     6.10 Indebtedness.

     The Borrowers and their Subsidiaries have no Indebtedness except as otherwise permitted by
this Credit Agreement.

     6.11 Litigation.

     There are no actions, suits or legal, equitable, arbitration or administrative proceedings or
investigations, pending or, to the knowledge of any Borrower, threatened, against a Combined Party
which would have or would be reasonably expected to have a Material Adverse Effect.

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     6.12 Taxes.

     Each Borrower, and each of its Subsidiaries, has filed, or caused to be filed, all tax returns
(federal, state, local and foreign) required to be filed and has paid (a) all amounts of taxes
shown thereon to be due (including interest and penalties) and (b) all other taxes, fees,
assessments and other governmental charges (including mortgage recording taxes, documentary stamp
taxes and intangibles taxes) owing by it, except for such taxes (i) which are not yet delinquent or
(ii) that are being contested in good faith and by proper proceedings, and against which adequate
reserves are being maintained in accordance with GAAP. No Borrower is aware of any material
proposed tax assessments against it or any of its Subsidiaries.

     6.13 Compliance with Law.

     Each Combined Party is in compliance with all Requirements of Law and all other laws, rules,
regulations, orders and decrees (including without limitation Environmental Laws) applicable to it,
or to its properties, unless such failure to comply would not have or would not be reasonably
expected to have a Material Adverse Effect. No Requirement of Law would be reasonably expected to
cause a Material Adverse Effect.

     6.14 Compliance with ERISA.

     Except as would not result in or be reasonably expected to result in a Material Adverse
Effect:

     (a) During the five-year period prior to the date on which this representation is made
or deemed made: (i) no ERISA Event has occurred, and, to the best of each Borrower’s, each
Subsidiary of a Borrower’s and each ERISA Affiliate’s knowledge, no event or condition has
occurred or exists as a result of which any ERISA Event could reasonably be expected to
occur, with respect to any Plan; (ii) no “accumulated funding deficiency,” as such term is
defined in Section 302 of ERISA and Section 412 of the Code, whether or not waived, has
occurred with respect to any Plan; (iii) each Plan has been maintained, operated, and
funded in compliance with its own terms and in material compliance with the provisions of
ERISA, the Code, and any other applicable federal or state laws; and (iv) no Lien in favor
or the PBGC or a Plan has arisen or is reasonably likely to arise on account of any Plan.

     (b) The actuarial present value of all “benefit liabilities” (as defined in Section
4001(a)(16) of ERISA), whether or not vested, under each Single Employer Plan, as of the
last annual valuation date prior to the date on which this representation is made or deemed
made (determined, in each case, in accordance with Financial Accounting Standards Board
Statement 87, utilizing the actuarial assumptions used in such Plan’s most recent actuarial
valuation report), did not exceed as of such valuation date the fair market value of the
assets of such Plan.

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     (c) No Borrower, Subsidiary of a Borrower or ERISA Affiliate has incurred, or, to the
best of each such party’s knowledge, is reasonably expected to incur, any withdrawal
liability under ERISA to any Multiemployer Plan or Multiple Employer Plan. No Borrower,
Subsidiary of a Borrower or ERISA Affiliate would become subject to any withdrawal
liability under ERISA if any such party were to withdraw completely from all Multiemployer
Plans and Multiple Employer Plans as of the valuation date most closely preceding the date
on which this representation is made or deemed made. No Borrower, Subsidiary of a Borrower
or ERISA Affiliate has received any notification that any Multiemployer Plan is in
reorganization (within the meaning of Section 4241 of ERISA), is insolvent (within the
meaning of Section 4245 of ERISA), or has been terminated (within the meaning of Title IV
of ERISA), and no Multiemployer Plan is, to the best of each such party’s knowledge,
reasonably expected to be in reorganization, insolvent, or terminated.

     (d) No prohibited transaction (within the meaning of Section 406 of ERISA or Section
4975 of the Code) or breach of fiduciary responsibility has occurred with respect to a Plan
which has subjected or may subject any Borrower, any Subsidiary of a Borrower or any ERISA
Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section
4975 of the Code, or under any agreement or other instrument pursuant to which any
Borrower, any Subsidiary of a Borrower or any ERISA Affiliate has agreed or is required to
indemnify any person against any such liability.

     (e) No Borrower, Subsidiary of a Borrower or ERISA Affiliate has material liability
with respect to “expected post-retirement benefit obligations” within the meaning of the
Financial Accounting Standards Board Statement 106. Each Plan which is a welfare plan (as
defined in Section 3(1) of ERISA) to which Sections 601-609 of ERISA and Section 4980B of
the Code apply has been administered in compliance in all material respects with such
sections.

     6.15 Organization Structure/Subsidiaries.

     As of the Closing Date (after giving pro-forma effect to the Acquisition), (a) Schedule
6.15 is a complete and accurate organization chart of the Combined Parties, and (b) no Borrower
has any Subsidiaries or owns an interest, directly or indirectly, in any joint venture, except as
set forth on Schedule 6.15. The outstanding equity interest of all Subsidiaries of the
Borrowers are validly issued, fully paid and non-assessable and are owned by the Borrowers free and
clear of all Liens. Schedule 6.15 shall be updated as of the end of each fiscal quarter as
set forth in Section 7.1(c). Each owner of an Unencumbered Property, Unencumbered
Construction-in-Process or Unencumbered Eligible Land is a Credit Party or an Eligible Subsidiary.

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     6.16 Use of Proceeds; Margin Stock.

     The proceeds of the Loans, and the Letters of Credit, will be used solely for the purposes
specified in Section 7.10. None of the proceeds of the Loans, and none of the Letters of Credit,
will be used in a manner that would violate Regulation U, Regulation X, or Regulation T. No
proceeds of the Loans, and no Letter of Credit, will be used for the acquisition of another Person
unless the board of directors (or other comparable governing body) or stockholders (or other equity
owners), as appropriate, of such Person has approved such acquisition.

     6.17 Government Regulation.

     No Borrower, nor any of its Subsidiaries, is subject to regulation under the Public Utility
Holding Company Act of 1935, the Federal Power Act, the Investment Company Act of 1940 or the
Interstate Commerce Act, each as amended. No director, executive officer or principal shareholder
of a Borrower or any of its Subsidiaries is a director, executive officer or principal shareholder
of any Lender. For the purposes hereof the terms “director,” “executive officer” and “principal
shareholder” (when used with reference to any Lender) have the respective meanings assigned thereto
in Regulation O.

     6.18 Environmental Matters.

     (a) Except as would not have or be reasonably expected to have a Material Adverse
Effect:

     (i) Each of the Properties and all operations at the Properties are in
material compliance with all applicable Environmental Laws, and there is no
violation of any Environmental Law with respect to the Properties or the businesses
operated by a Credit Party or any of its Subsidiaries (the “Businesses”), and there
are no conditions relating to the Businesses or Properties that would be reasonably
expected to give rise to liability under any applicable Environmental Laws.

     (ii) No Borrower, nor any of its Subsidiaries, has received any written notice
of, or inquiry from any Governmental Authority regarding, any violation, alleged
violation, non-compliance, liability or potential liability regarding Hazardous
Materials or compliance with Environmental Laws with regard to any of the
Properties or the Businesses, nor does any Borrower or any of its Subsidiaries have
knowledge that any such notice is being threatened.

     (iii) Hazardous Materials have not been transported or disposed of from the
Properties, or generated, treated, stored or disposed of at, on or under any of the
Properties or any other location, in each case by, or on behalf or with the
permission of, any Borrower or any of its Subsidiaries

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in a manner that would reasonably be expected to give rise to liability under
any applicable Environmental Law.

     (iv) No judicial proceeding or governmental or administrative action is
pending or, to the knowledge of any Borrower or any of its Subsidiaries,
threatened, under any Environmental Law to which any Borrower or any of its
Subsidiaries is or will be named as a party, nor are there any consent decrees or
other decrees, consent orders, administrative orders or other orders, or other
administrative or judicial requirements outstanding under any Environmental Law
with respect to any Borrower or any of its Subsidiaries, the Properties or the
Businesses, in any amount reportable under the federal Comprehensive Environmental
Response, Compensation and Liability Act or any analogous state law, except
releases in compliance with all Environmental Laws.

     (v) There has been no release or threat of release of Hazardous Materials at
or from the Properties, or arising from or related to the operations (including,
without limitation, disposal) of a Borrower or any of its Subsidiaries in
connection with the Properties or otherwise in connection with the Businesses
except in compliance with Environmental Laws.

     (vi) None of the Properties contains, or to the best knowledge of the
Borrowers and their Subsidiaries has previously contained, any Hazardous Materials
at, on or under the Properties in amounts or concentrations that, if released,
constitute or constituted a violation of, or could give rise to liability under,
Environmental Laws.

     (vii) No Borrower, nor any of its Subsidiaries, has assumed any liability of
any Person (other than a Borrower) under any Environmental Law.

     (b) Each Borrower, and each of its Subsidiaries, has adopted procedures that are
designed to (i) ensure that each such party, any of its operations and each of the
properties owned or leased by such party remains in compliance with applicable
Environmental Laws and (ii) minimize any liabilities or potential liabilities that each
such party, any of its operations and each of the properties owned or leased by each such
party may have under applicable Environmental Laws.

     6.19 Solvency.

     Each Credit Party, is and, after consummation of the transactions contemplated by this Credit
Agreement, will be Solvent.

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     6.20 Investments.

     All Investments of the Borrowers and their Subsidiaries are Permitted Investments.

     6.21 Location of Properties.

     As of the Closing Date, set forth on Schedule 6.21 is (a) a list of all Properties
(with street address, county and state where located) and the owner of such Property and (b) a list
of all Unencumbered Properties. Schedule 6.21 shall be updated as of the end of each fiscal
quarter as set forth in Section 7.1(c).

     6.22 Disclosure.

     Neither this Credit Agreement nor any financial statements delivered to the Lenders nor any
other document, certificate or statement furnished to the Lenders by or on behalf of any Borrower
or its Subsidiaries in connection with the transactions contemplated hereby contains any untrue
statement of a material fact or omits to state a material fact necessary in order to make the
statements contained therein or herein not misleading in light of the circumstances in which made;
provided, however, that the Borrowers make no representation or warranty regarding the information
delivered pursuant to Section 7.1(i).

     6.23 Licenses, etc.

     The Combined Parties have obtained, and hold in full force and effect, all franchises,
licenses, permits, certificates, authorizations, qualifications, accreditations, easements, rights
of way and other rights, consents and approvals which are necessary for the operation of their
respective businesses as presently conducted, except where the failure to obtain the same would not
have or would not reasonably be expected to have a Material Adverse Effect.

     6.24 No Burdensome Restrictions.

     No Combined Party is a party to any agreement or instrument or subject to any other obligation
or any charter or corporate restriction or any provision of any applicable law, rule or regulation
which, individually or in the aggregate, would have or would be reasonably expected to have a
Material Adverse Effect.

     6.25 Eligible Subsidiaries.

     Each Subsidiary of the Borrowers which owns or ground-leases any Property that is treated as
Unencumbered Property, Unencumbered Construction-in-Process or Unencumbered Eligible Land under
this Agreement is either an Eligible Subsidiary or a Guarantor. Schedule 6.25 sets forth a list of
all Eligible Subsidiaries which own or

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ground-lease any Property that is treated as Unencumbered Property, Unencumbered
Construction-in-Process or Unencumbered Eligible Land under this Agreement as of the Closing Date
(after giving pro-forma effect to the Acquisition). Schedule 6.25 shall be updated as of the end
of each fiscal quarter as set forth in Section 7.1(c).

     6.26 Foreign Assets Control Regulations, Etc.

     None of the requesting or borrowing of the Loans, the requesting or issuance, extension or
renewal of any Letters of Credit or the use of the proceeds of any thereof will violate the Trading
With the Enemy Act (50 U.S.C. § 1 et seq., as amended) (the “Trading With the Enemy Act”) or any of
the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended) (the “Foreign Assets Control Regulations”) or any enabling legislation or
executive order relating thereto (which for the avoidance of doubt shall include, but shall not be
limited to Executive Order 13224 of September 21, 2001 Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079
(2001)) (the “Executive Order”). Furthermore, neither a Borrower nor any of its Subsidiaries or
other Affiliates (a) is or will become a “blocked person” as described in the Executive Order, the
Trading With the Enemy Act or the Foreign Assets Control Regulations or (b) engages or will engage
in any dealings or transactions, or be otherwise associated, with any such “blocked person”.

SECTION 7.

AFFIRMATIVE COVENANTS

     Each Borrower hereby covenants and agrees that so long as this Credit Agreement is in effect
and until the Obligations have been paid in full and the Commitments and Letters of Credit
hereunder shall have terminated:

     7.1 Information Covenants.

     The Borrowers will furnish, or cause to be furnished, to the Administrative Agent and, except
as otherwise set forth in this Section, each of the Lenders:

     (a) Annual Financial Statements. As soon as available, and in any event within
90 days after the close of each fiscal year of the Borrowers, a consolidated balance sheet
and income statement of the Borrowers and their Subsidiaries as of the end of such fiscal
year, together with related consolidated statements of operations and retained earnings and
of cash flows for such fiscal year, setting forth in comparative form consolidated figures
as of the end of and for the preceding fiscal year, all such financial information
described above to be in reasonable form and detail and audited by independent certified
public accountants of recognized national standing reasonably acceptable to the

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Administrative Agent and whose opinion shall be to the effect that such financial
statements have been prepared in accordance with GAAP (except for changes with which such
accountants concur) and shall not be limited as to the scope of the audit or qualified in
any manner. Delivery by the Borrowers to the Administrative Agent of BRT’s annual report
to the Securities and Exchange Commission on Form 10-K with respect to any fiscal year
shall be deemed to be compliance by the Borrowers with this Section 7.1(a) (it being agreed
that such annual report shall be deemed delivered on the date that (i) such report on Form
10-K is posted on the website of the Securities and Exchange Commission at www.sec.gov or
on the website of the Borrowers at www.brandywinerealty.com and (ii) the Borrowers have
provided the Administrative Agent and the Lenders with written notice of such posting).

     (b) Quarterly Financial Statements. As soon as available, and in any event
within 45 days after the close of each fiscal quarter of the Borrowers (other than the
fourth fiscal quarter), a consolidated balance sheet and income statement of the Borrowers
and their Subsidiaries, as of the end of such fiscal quarter, together with related
consolidated statements of operations and retained earnings and of cash flows for such
fiscal quarter in each case setting forth in comparative form consolidated figures for (A)
the corresponding quarter end and quarterly period of the preceding fiscal year and (B)
management’s proposed budget for such period, all such financial information described
above to be in reasonable form and detail and reasonably acceptable to the Administrative
Agent, and accompanied by a certificate of the chief financial officer of BRT to the effect
that such quarterly financial statements fairly present in all material respects the
financial condition and results of operations of the Borrowers and their Subsidiaries and
have been prepared in accordance with GAAP, subject to changes resulting from audit and
normal year-end audit adjustments. The information required pursuant to this subsection (b)
shall be delivered in both electronic and printed form. Delivery by the Borrowers to the
Administrative Agent of BRT’s quarterly report to the Securities and Exchange Commission on
Form 10-Q with respect to any fiscal quarter shall be deemed to be compliance by the
Borrowers with this Section 7.1(b) (it being agreed that such quarterly report shall be
deemed delivered on the date that (i) such report on Form 10-Q is posted on the website of
the Securities and Exchange Commission at www.sec.gov or on the website of the Borrowers at
www.brandywinerealty.com and (ii) the Borrowers have provided the Administrative Agent and
the Lenders with written notice of such posting).

     (c) Officer’s Certificate. At the time of delivery of the financial statements
provided for in Sections 7.1(a) and 7.1(b), a certificate of the chief financial officer or
chief executive officer of BRT, substantially in the form of Exhibit 7.1(c), (i)
demonstrating compliance with the financial covenants contained in Section 7.2 by
calculation thereof as of the end of each such fiscal

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period, including such detail and supporting documentation as reasonably requested by
the Administrative Agent (and in the case of Section 7.2(d) and Section 7.2(e), indicating
the number of fiscal quarters for which such ratio has exceeded 0.60 to 1.0), (ii) stating
that no Default or Event of Default exists, or if any Default or Event of Default does
exist, specifying the nature and extent thereof and what action the Borrowers propose to
take with respect thereto, (iii) providing information regarding dividends and redemption
of shares in a manner to demonstrate compliance with Section 8.7 and (iv) updating
Schedule 6.15, Schedule 6.21 and Schedule 6.25, as appropriate.
Such certificate shall be delivered in both electronic and printed form.

     (d) Accountant’s Certificate. Within the period for delivery of the annual
financial statements provided in Section 7.1(a), a certificate of the accountants
conducting the annual audit stating that they have reviewed this Credit Agreement and
stating further whether, in the course of their audit, they have become aware of any
Default or Event of Default under Section 7.2 and, if any such Default or Event of Default
exists, specifying the nature and extent thereof.

     (e) Annual Information and Projections. Within 30 days after the end of each
fiscal year of the Borrowers, all such financial information regarding the Borrowers and
their Subsidiaries and specifically regarding the Properties, as the Administrative Agent
shall reasonably request, including, but not limited to, partnership, limited liability
company and joint venture agreements, property cash flow projections, property budgets,
actual and budgeted capital expenditures, operating statements (current year and
immediately preceding year, if the Property existed as a Property in the immediately
preceding year), mortgage information, rent rolls, lease expiration reports, leasing status
reports, notes payable summary, bullet notes summary, equity funding requirements,
contingent liability summary, lines of credit summary, lines of credit collateral summary,
wrap notes and notes receivable summary, schedule of outstanding letters of credit, summary
of cash and Cash Equivalents, projection of management and leasing fees and overhead
budgets.

     (f) Auditor’s Reports. Promptly upon receipt thereof, a copy of any
“management letter” submitted by independent accountants to any Borrower or any of its
Subsidiaries in connection with any annual, interim or special audit of the books of such
Borrower or any of its Subsidiaries.

     (g) Reports. Promptly, (i) and in any case within five (5) days of receipt or
transmission thereof, copies of any filings and registrations with, and reports to or from,
the Securities and Exchange Commission, or any successor agency, and copies of all
financial statements, proxy statements, notices and reports as any Borrower or any of its
Subsidiaries shall send to its shareholders,

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members or partners generally, (ii) and in any case within ten (10) days of filing
thereof, copies of all income tax returns filed by a Borrower and (iii) upon the written
request of the Administrative Agent, all reports and written information to and from the
United States Environmental Protection Agency, or any state or local agency responsible for
environmental matters, the United States Occupational Health and Safety Administration, or
any state or local agency responsible for health and safety matters, or any successor
agencies or authorities concerning environmental, health or safety matters; provided,
however, that if any such transmissions are done electronically, the Borrowers shall
instead promptly notify the Administrative Agent of same and provide information on how to
retrieve such information.

     (h) Notices. Upon a Borrower obtaining knowledge thereof, such Borrower will
give written notice to the Administrative Agent (which shall promptly forward such notice
to the Lenders) immediately of (i) the occurrence of an event or condition consisting of a
Default or Event of Default, specifying the nature and existence thereof and what action
the Borrowers propose to take with respect thereto, (ii) the occurrence of any of the
following with respect to any Credit Party or any of its Subsidiaries: (A) the pendency or
commencement of any litigation or arbitral or governmental proceeding against any Borrower
or any of its Subsidiaries which if adversely determined would have or would be reasonably
expected to have a Material Adverse Effect, or (B) the institution of any proceedings
against any Borrower or any of its Subsidiaries with respect to, or the receipt of notice
by such Person of potential liability or responsibility for, violation, or alleged
violation, of any federal, state or local law, rule or regulation, including, but not
limited to, Environmental Laws, the violation of which would have or would be reasonably
expected to have a Material Adverse Effect, and (iii) the occurrence of any enforcement or
notice to enforce a completion guaranty and within five Business Days thereafter provide
evidence that the remaining costs to complete the applicable project are covered by a
construction loan and/or surety bond.

     (i) ERISA. Upon a Borrower or any ERISA Affiliate obtaining knowledge thereof,
the Borrowers will give written notice to the Administrative Agent promptly (and in any
event within five Business Days) of: (i) any event or condition, including, but not limited
to, any Reportable Event, that constitutes, or might reasonably lead to, an ERISA Event;
(ii) with respect to any Multiemployer Plan, the receipt of notice as prescribed in ERISA
or otherwise of any withdrawal liability assessed against a Borrower, any Subsidiary of a
Borrower or any ERISA Affiliate, or of a determination that any Multiemployer Plan is in
reorganization or insolvent (both within the meaning of Title IV of ERISA); (iii) the
failure to make full payment on or before the due date (including extensions) thereof of
all amounts which a Borrower, any Subsidiary of a Borrower or any ERISA Affiliate is
required to contribute to each Plan pursuant to its terms as required to meet the

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minimum funding standard set forth in ERISA and the Code with respect thereto; or (iv)
any change in the funding status of any Plan that could have a Material Adverse Effect; in
each case together, with a description of any such event or condition or a copy of any such
notice and a statement by the chief financial officer of the Borrowers briefly setting
forth the details regarding such event, condition, or notice, and the action, if any, which
has been or is being taken or is proposed to be taken by such Borrower, Subsidiary or ERISA
Affiliate with respect thereto. Promptly upon request, the Borrowers shall furnish the
Administrative Agent and the Lenders with such additional information concerning any Plan
as may be reasonably requested, including, but not limited to, copies of each annual
report/return (Form 5500 series), as well as all schedules and attachments thereto required
to filed with the Department of Labor and/or the Internal Revenue Service pursuant to ERISA
and the Code, respectively, for each “plan year” (within the meaning of Section 3(39) of
ERISA).

     (j) Environmental.

     (i) Subsequent to a notice from any Governmental Authority that would
reasonably cause concern or during the existence of an Event of Default, and upon
the written request of the Administrative Agent, the Borrowers will furnish or
cause to be furnished to the Administrative Agent, at the Borrowers’ expense, an
updated report of an environmental assessment of reasonable scope, form and depth,
including, where appropriate, invasive soil or groundwater sampling, by a
consultant reasonably acceptable to the Administrative Agent as to the nature and
extent of the presence of any Hazardous Materials on any Property and as to the
compliance by the Borrowers with Environmental Laws. If the Borrowers fail to
deliver such an environmental report within seventy-five (75) days after receipt of
such written request then the Administrative Agent may arrange for same, and the
Borrowers hereby grant to the Administrative Agent and its representatives access
to the Properties and a license of a scope reasonably necessary to undertake such
an assessment (including, where appropriate, invasive soil or groundwater
sampling). The reasonable cost of any assessment arranged for by the Administrative
Agent pursuant to this provision will be payable by the Borrowers on demand and
added to the Obligations.

     (ii) Each of the Borrowers and their Subsidiaries will conduct and complete
all investigations, studies, sampling, and testing and all remedial, removal, and
other actions necessary to address all Hazardous Materials on, from, or affecting
any Property to the extent necessary to be in compliance with all Environmental
Laws and all other applicable federal, state, and local laws, regulations, rules
and policies and with the orders and directives of all Governmental Authorities
exercising

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jurisdiction over such Property to the extent any failure would have or would
be reasonably expected to have a Material Adverse Effect.

     (k) Other Information. With reasonable promptness upon any such request, such
other information regarding the Properties or regarding the business, assets or financial
condition of the Credit Parties and their Subsidiaries as the Administrative Agent or any
Lender may reasonably request.

     7.2 Financial Covenants.

     (a) [Intentionally Omitted.]

     (b) Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio, as of the
end of each fiscal quarter of the Combined Parties for the twelve month period ending on
such date, shall be greater than or equal to 1.5 to 1.0.

     (c) Net Worth. At the end of each fiscal quarter of the Combined Parties, Net
Worth shall be greater than or equal to the sum of (i) $1,290,702,000 plus (ii) 75% of the
Net Cash Proceeds from all Equity Issuances after the Closing Date.

     (d) Leverage Ratio. The Leverage Ratio, as of the end of each fiscal quarter
of the Combined Parties, shall be less than or equal to .60 to 1.0; provided that such
ratio may exceed 0.60 to 1.0 as of the end of up to four (4) fiscal quarters of the
Combined Parties during the term of this Agreement (whether or not consecutive) so long as
such ratio does not exceed 0.65 to 1.0.

     (e) Unsecured Debt Limitation. At the end of each fiscal quarter of the
Combined Parties, the ratio of Unsecured Debt to Unencumbered Value shall be less than or
equal to 0.60 to 1.0; provided that such ratio may exceed 0.60 to 1.0 as of the end of up
to four (4) fiscal quarters of the Combined Parties during the term of this Agreement
(whether or not consecutive) so long as such ratio does not exceed 0.65 to 1.0.

     (f) Secured Debt Ratio. The Secured Debt Ratio, as of the end of each fiscal
quarter of the Combined Parties, shall be less than or equal to 0.40 to 1.0.

     (g) Unencumbered Cash Flow Ratio. The Unencumbered Cash Flow Ratio, as of the
end of each fiscal quarter of the Combined Parties, shall be greater than or equal to 2.0
to 1.0.

     7.3 Preservation of Existence.

     Each of the Borrowers will do all things necessary to preserve and keep in full force and
effect its existence, rights, franchises and authority and the existence, rights,

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franchises and authority of the Material Subsidiaries, except as permitted by Section 8.4.
Without limiting the generality of the foregoing, BRT will do all things necessary to maintain its
status as a REIT.

     7.4 Books and Records.

     Each of the Borrowers will, and will cause its Subsidiaries to, keep complete and accurate
books and records of its transactions in accordance with good accounting practices on the basis of
GAAP (including the establishment and maintenance of appropriate reserves).

     7.5 Compliance with Law.

     Each of the Borrowers will, and will cause its Subsidiaries to, comply in all material
respects with all material laws, rules, regulations and orders, and all applicable material
restrictions imposed by all Governmental Authorities, applicable to it and its property (including,
without limitation, Environmental Laws and ERISA).

     7.6 Payment of Taxes and Other Indebtedness.

     Each of the Borrowers will, and will cause its Subsidiaries to, pay, settle or discharge (a)
all taxes, assessments and governmental charges or levies imposed upon it, or upon its income or
profits, or upon any of its properties, before they shall become delinquent, (b) all lawful claims
(including claims for labor, materials and supplies) which, if unpaid, might give rise to a Lien
upon any of its properties, and (c) except as prohibited hereunder, all of its other Indebtedness
as it shall become due; provided, however, that a Borrower or any of its Subsidiaries shall not be
required to pay any such tax, assessment, charge, levy, claim or Indebtedness which is being
contested in good faith by appropriate proceedings and as to which adequate reserves therefor have
been established in accordance with GAAP, unless the failure to make any such payment (i) would
give rise to an immediate right to foreclose on a Lien on an Unencumbered Property securing such
amounts (unless no Default or Event of Default would exist after giving effect to the disposition
of such Unencumbered Property) or (ii) would have a Material Adverse Effect.

     7.7 Insurance.

     Each of the Borrowers will, and will cause its Subsidiaries to, at all times maintain in full
force and effect insurance (including worker’s compensation insurance, liability insurance,
casualty insurance and business interruption insurance) in such amounts, covering such risks and
liabilities and with such deductibles or self-insurance retentions as are in accordance with normal
industry practice.

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     7.8 Maintenance of Assets.

     Each of the Borrowers will, and will cause its Subsidiaries to, maintain and preserve its
Properties and all other assets in good repair, working order and condition, normal wear and tear
excepted, and will make, or cause to be made, in the Properties and other assets, from time to
time, all repairs, renewals, replacements, extensions, additions, betterments and improvements
thereto as may be needed or proper, to the extent and in the manner customary for companies in
similar businesses.

     7.9 Performance of Obligations.

     Each of the Borrowers will, and will cause its Subsidiaries to, perform in all material
respects all of its obligations under the terms of all material agreements, indentures, mortgages,
security agreements or other debt instruments to which it is a party or by which it is bound.

     7.10 Use of Proceeds.

     The Borrowers will use the proceeds of the Loans solely for general working capital purposes
(including Letters of Credit) and other general corporate purposes, including the funding of
acquisitions and the repayment of other Indebtedness. The Credit Parties will use the Letters of
Credit solely for the purposes set forth in Section 2.3(a).

     7.11 Audits/Inspections.

     Upon reasonable notice and during normal business hours, each Borrower will, and will cause
its Subsidiaries to, permit representatives appointed by the Administrative Agent, including,
without limitation, independent accountants, agents, attorneys and appraisers to visit and inspect
such Borrower’s or other Combined Party’s property, including, without limitation, the Properties,
its books and records, its accounts receivable and inventory, its facilities and its other business
assets, and to make photocopies or photographs thereof and to write down and record any information
such representative obtains and shall permit the Administrative Agent or its representatives to
investigate and verify the accuracy of information provided to the Lenders, and to discuss all such
matters with the officers, employees and representatives of the Borrowers, their Subsidiaries and
any other Combined Party.

     7.12 Additional Credit Parties.

     At any time a Subsidiary of the Borrowers that (1) is not a Credit Party becomes the owner (or
ground lessee under an Eligible Ground Lease) of Property that the Borrowers determine to treat as
an Unencumbered Property, Unencumbered Eligible Land or Unencumbered Construction-in-Process and
(2) is not an Eligible Subsidiary, the Borrowers shall notify the Administrative Agent and promptly
thereafter (but in any event within 30 days after such event) such Subsidiary shall: (a) execute a
Guaranty in substantially the form of Exhibit 7.12 and (b) deliver such other documentation as the

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Administrative Agent may reasonably request in connection with the foregoing, including,
without limitation, information regarding the real property owned by such Person, certified
resolutions and other organizational and authorizing documents of such Person and favorable
opinions of counsel to such Person (which shall cover, among other things, the legality, validity,
binding effect and enforceability of the documentation referred to above), all in form, content and
scope reasonably satisfactory to the Administrative Agent. It is understood and agreed that in the
event any Subsidiary provides a Guaranty hereunder, it may also guaranty Indebtedness under the
Private Placement Notes and the Indenture.

     7.13 Interest Rate Protection Agreements.

     The Borrowers shall maintain Interest Rate Hedges on a notional amount of the Funded Debt
which, when added to the aggregate principal amount of the Funded Debt which bears interest at a
fixed rate, equals or exceeds 60%, of the aggregate principal amount of all Funded Debt. “Interest
Rate Hedges” shall mean interest rate exchange, collar, cap, swap, adjustable strike cap,
adjustable strike corridor or similar agreements having terms, conditions and tenors that are
reasonably customary for borrowers such as the Borrowers entered into by the Borrowers and their
Subsidiaries in order to provide protection to, or minimize the impact upon, the Borrowers and
their Subsidiaries of increasing floating rates of interest applicable to the Funded Debt.

     7.14 Construction.

     With respect to any construction and development engaged in by the Combined Parties, the
Borrowers shall or shall cause another Person to: (a) comply with all applicable regulations and
codes and (b) complete all such construction and development in accordance with approved plans and
specifications.

     7.15 Sales.

     If a Borrower or one of its Subsidiaries anticipates the sale, lease, transfer, encumbrance or
disposition of an Unencumbered Property (or equity interest therein) for consideration in excess of
$75,000,000, then five (5) Business Days prior to such Borrower (or Subsidiary) taking such action,
the Borrowers shall provide the Administrative Agent written notice of such action, together with a
certification as to compliance with the terms of this Credit Agreement, including, without
limitation, Section 7.2 (on a Pro Forma Basis), after giving effect to such action prepared and
executed by the chief financial officer or chief executive officer of BRT.

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SECTION 8.

NEGATIVE COVENANTS

     Each Borrower hereby covenants and agrees that so long as this Credit Agreement is in effect
and until the Obligations have been paid in full and the Commitments and Letters of Credit
hereunder shall have terminated:

     8.1 Indebtedness.

     No Borrower will, nor will it permit any of its Subsidiaries to, contract, create, incur,
assume or permit to exist any Indebtedness, except:

     (a) Indebtedness arising under this Credit Agreement and the other Credit Documents;

     (b) Indebtedness in respect of current accounts payable and accrued expenses incurred
in the ordinary course of business; and

     (c) Other Indebtedness as long as, prior to and after giving effect thereto, the
Borrowers are otherwise in compliance with the terms of this Credit Agreement.

     provided that the Borrowers shall not permit any Subsidiary of a Borrower that is the
owner (or ground-lessee) of a Property that is treated as an Unencumbered Property, an Unencumbered
Construction-in-Process or Unencumbered Eligible Land under this Agreement to contract, create,
incur, assume or permit to exist any Recourse Indebtedness unless such Subsidiary becomes a
Guarantor as required pursuant to Section 7.12.

     8.2 Liens.

     No Borrower will, nor will it permit any of its Material Subsidiaries to, contract, create,
incur, assume or permit to exist any Lien with respect to any of its Properties or any other assets
of any kind (whether real or personal, tangible or intangible), whether now owned or after
acquired, except for Permitted Liens.

     8.3 Nature of Business.

     No Borrower will, nor will it permit any of its Subsidiaries to, alter the character of its
business from that conducted as of the Closing Date or engage in any business other than the
business conducted as of the Closing Date.

     8.4 Consolidation and Merger.

     No Borrower will, nor will it permit any of its Material Subsidiaries to, enter into any
transaction of merger or consolidation or liquidate, wind up or dissolve itself (or suffer any
liquidation or dissolution); provided that notwithstanding the foregoing provisions of this Section
8.4, (a) (i) any Person may merge into a Borrower in a

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transaction in which such Borrower is the surviving Person; (ii) any Person may merge into any
Material Subsidiary in a transaction in which the surviving entity is a Material Subsidiary; and
(iii) any Material Subsidiary may sell, transfer, lease or otherwise dispose of its assets to a
Borrower or to another Material Subsidiary; provided that in each case the Borrowers execute and
deliver such documents, instruments and certificates as the Administrative Agent may reasonably
request and after giving effect thereto no Default or Event of Default exists; (b) upon prior
written notification to the Administrative Agent, any Material Subsidiary of a Borrower may be
dissolved or liquidated so long as (1) after giving effect thereto no Default or Event of Default
exists, (2) any transfer of assets in connection therewith to a Person that is not a Material
Subsidiary shall be subject to Section 7.15, if applicable, and (3) the Borrowers shall execute and
deliver such documents, instruments and certificates as the Administrative Agent may reasonably
request; (c) upon prior written notification to the Administrative Agent, as long as no Default or
Event of Default exists, a Material Subsidiary of a Borrower that has no assets and no revenues may
be dissolved or liquidated and (d) the Acquisition shall be permitted.

     8.5 Sale or Lease of Assets.

     (a) No Property may be conveyed, sold, leased, transferred or otherwise disposed of
unless the Borrowers comply with Section 7.15 (if applicable) and after giving effect
thereto no Default or Event of Default exists.

     (b) No equity interest in any Guarantor or Eligible Unencumbered Property Subsidiary
may be conveyed, sold, transferred or otherwise disposed of unless the Borrowers comply
with Section 7.15 (if applicable) and after giving effect thereto no Default or Event of
Default exists. Upon the disposition of an equity interest in a Guarantor in conformance
with the terms hereof, if after the disposition of such equity interest such Guarantor no
longer qualifies as the owner of any Unencumbered Properties the Lenders agree to release
such Guarantor from its obligations hereunder, and the Lenders hereby consent to the
Administrative Agent executing and delivering such releases as necessary to give effect to
such agreement.

     8.6 [Intentionally Omitted.]

     8.7 Restricted Payments.

     BOP will not, directly or indirectly, declare or pay any dividends or make any other
distribution upon any of its shares of beneficial interests or any shares of its capital stock of
any class or with respect to any of its membership or partnership interests; provided that BOP may
pay dividends or make distributions in any period of four (4) consecutive fiscal quarters in an
amount not to exceed, in the aggregate, the greater of (i) 95% of Funds From Operations for such
period or (ii) the minimum amount necessary for

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BRT to maintain its status as a REIT. Neither the Borrower nor their Subsidiaries will
repurchase any capital stock or shares of beneficial interest (including the repurchase of stock or
shares of beneficial interest that is retired, cancelled or terminated) or other ownership
interests (including options, warrants and stock appreciation rights) if a Default or Event of
Default exists or would occur after giving effect thereto.

     8.8 Transactions with Affiliates.

     No Borrower will, nor will it permit any of its Subsidiaries to, enter into any transaction or
series of transactions, whether or not in the ordinary course of business, with any officer,
director, trustee, shareholder, Subsidiary or Affiliate other than on terms and conditions
substantially as favorable as would be obtainable in a comparable arm’s-length transaction with a
Person other than an officer, director, trustee, shareholder, Subsidiary or Affiliate.

     8.9 Fiscal Year; Organizational Documents.

     No Borrower will, nor will it permit any of its Subsidiaries to, (a) change its fiscal year or
(b) change its articles or certificate of incorporation, its bylaws, its declaration of trust, its
limited liability company agreement, its articles or certificate of partnership or partnership
agreement or any other organization or formation documents in any manner that would have an adverse
effect of the rights of the Lenders under the Credit Documents; provided that (i) BRT may take such
action, with prior written notice to the Administrative Agent, as is necessary to maintain its
status as a REIT and (ii) the Borrowers will provide prompt written notice to the Administrative
Agent of any change to be made in compliance with the terms of this Section 8.9.

     8.10 Limitations.

     No Borrower will, nor will it permit any of its Subsidiaries to, directly or indirectly,
create or otherwise cause, incur, assume, suffer or permit to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of any such Person to pay any
Indebtedness owed to the Borrowers; provided that a Subsidiary of a Borrower (which is not itself a
Credit Party) that obtains financing may agree with the provider of such financing to restrict
repayments of Indebtedness owing to the Borrowers.

     8.11 Other Negative Pledges.

     The Borrowers will not, and will not permit any of their Material Subsidiaries to, enter into,
assume or become subject to any agreement prohibiting or otherwise restricting the creation or
assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired, or
requiring the grant of any security for such obligation if security is given for some other
obligation, other than (i) as provided under the Loan Documents, (ii) restrictions on Secured
Indebtedness and Unsecured

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Indebtedness set forth in the Indenture and the Private Placement Notes, (iii) an agreement by
a Borrower or one of its Subsidiaries with a joint venture partner not to pledge its equity
interest in such joint venture and (iv) an agreement by a Borrower or one of its Subsidiaries in a
mortgage or joint venture agreement to restrict Liens on a particular property which is not an
Unencumbered Property or on the equity interests in any particular entity which is not a Borrower
or a Material Subsidiary.

SECTION 9.

EVENTS OF DEFAULT

     9.1 Events of Default.

     An Event of Default shall exist upon the occurrence of any of the following specified events
(each an “Event of Default”):

     (a) Payment. The Borrowers shall default in the payment (i) when due of any
principal amount of any Loans or any reimbursement obligation arising from drawings under
Letters of Credit or (ii) within three days of when due of any interest on the Loans or any
fees or other amounts owing hereunder, under any of the other Credit Documents or in
connection herewith.

     (b) Representations. Any representation, warranty or statement made or deemed
to be made by any Borrower or any of its Subsidiaries herein, in any of the other Credit
Documents, or in any statement or certificate delivered or required to be delivered
pursuant hereto or thereto shall prove untrue in any material respect on the date as of
which it was made or deemed to have been made or delivered.

     (c) Covenants. Any Borrower or any of its Subsidiaries shall:

     (i) default in the due performance or observance of any term, covenant or
agreement contained in Sections 7.2, 7.3, 7.10, 7.11, 7.12, 7.14 or 8.1 through
8.11 inclusive; or

     (ii) default in the due performance or observance by it of any term, covenant
or agreement contained in Section 7.1 and such default shall continue unremedied
for a period of five Business Days after the earlier of a Borrower becoming aware
of such default or notice thereof given by the Administrative Agent; or

     (iii) default in the due performance or observance by it of any term, covenant
or agreement (other than those referred to in subsections (a), (b) or (c)(i) or
(ii) of this Section 9.1) contained in this Credit Agreement and such default shall
continue unremedied for a period of at

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least 30 days after the earlier of a Borrower becoming aware of such default
or notice thereof given by the Administrative Agent.

     (d) Other Credit Documents. (i) Any Credit Party shall default in the due
performance or observance of any term, covenant or agreement in any of the other Credit
Documents and such default shall continue unremedied for a period of at least 30 days after
the earlier of a Borrower becoming aware of such default or notice thereof given by the
Administrative Agent or (ii) any Credit Document (or any provision of any Credit Document)
shall fail to be in full force and effect or any Borrower or any of its Subsidiaries shall
so assert or any Credit Document shall fail to give the Administrative Agent and/or the
Lenders the security interests, liens, rights, powers and privileges purported to be
created thereby.

     (e) Bankruptcy, etc. The occurrence of any of the following with respect to
any Borrower or any of its Significant Subsidiaries: (i) a court or Governmental Authority
having jurisdiction in the premises shall enter a decree or order for relief in respect of
any Borrower or any of its Significant Subsidiaries in an involuntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or
appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of any Borrower or any of its Significant Subsidiaries or for any substantial part
of its property or ordering the winding up or liquidation of its affairs; or (ii) an
involuntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect is commenced against any Borrower or any of its Significant
Subsidiaries and such petition remains unstayed and in effect for a period of 60
consecutive days; or (iii) any Borrower or any of its Significant Subsidiaries shall
commence a voluntary case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or consent to the entry of an order for relief in an
involuntary case under any such law, or consent to the appointment or taking possession by
a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of
such Person or any substantial part of its property or make any general assignment for the
benefit of creditors; or (iv) any Borrower or any of its Significant Subsidiaries shall be
generally unable or shall admit in writing its inability to pay its debts generally as they
become due or any action shall be taken by such Person in furtherance of any of the
aforesaid purposes.

     (f) Defaults under Other Agreements. With respect to any Recourse Indebtedness
(other than Indebtedness outstanding under this Credit Agreement) of any Borrower or any of
its Subsidiaries in an aggregate principal amount equal to or in excess of $50,000,000, (i)
a Borrower or one of its Subsidiaries shall (A) default in any payment (beyond the
applicable grace period with respect thereto, if any) with respect to any such Recourse
Indebtedness, or (B) default (after giving effect to any applicable grace period) in the
observance or performance of any term, covenant or agreement relating to such Recourse
Indebtedness or

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contained in any instrument or agreement evidencing, securing or relating thereto, or
any other event or condition shall occur or condition exist, the effect of which default or
other event or condition is to cause, or permit, the holder or holders of such Recourse
Indebtedness (or a trustee or agent on behalf of such holders) to cause (determined without
regard to whether any notice or lapse of time is required) any such Recourse Indebtedness
to become due prior to its stated maturity; or (ii) any such Recourse Indebtedness shall be
declared due and payable, or required to be prepaid other than by a regularly scheduled
required prepayment prior to the stated maturity thereof; or (iii) any such Indebtedness
shall mature and remain unpaid.

     (g) Judgments. One or more judgments, orders, or decrees shall be entered
against any one or more of any Borrower or any of its Subsidiaries involving a liability of
$25,000,000 or more, in the aggregate (to the extent not paid or covered by insurance
provided by a carrier who has acknowledged coverage), and such judgments, orders or decrees
(i) are the subject of any enforcement proceeding commenced by any creditor or (ii) shall
continue unsatisfied, undischarged and unstayed for a period ending on the first to occur
of (A) the last day on which such judgment, order or decree becomes final and unappealable
or (B) 20 days.

     (h) ERISA Events. The occurrence of any of the following events or conditions,
unless such event or occurrence would not have or be reasonably expected to have a Material
Adverse Effect: (1) any “accumulated funding deficiency,” as such term is defined in
Section 302 of ERISA and Section 412 of the Code, whether or not waived, shall exist with
respect to any Plan, or any lien shall arise on the assets of a Borrower, any Subsidiary of
a Borrower or any ERISA Affiliate in favor of the PBGC or a Plan; (2) an ERISA Event shall
occur with respect to a Single Employer Plan, which is, in the reasonable opinion of the
Administrative Agent, likely to result in the termination of such Plan for purposes of
Title IV of ERISA; (3) an ERISA Event shall occur with respect to a Multiemployer Plan or
Multiple Employer Plan, which is, in the reasonable opinion of the Administrative Agent,
likely to result in (i) the termination of such Plan for purposes of Title IV of ERISA, or
(ii) a Borrower, any Subsidiary of a Borrower or any ERISA Affiliate incurring any
liability in connection with a withdrawal from, reorganization of (within the meaning of
Section 4241 of ERISA), or insolvency (within the meaning of Section 4245 of ERISA) of such
Plan; or (4) any prohibited transaction (within the meaning of Section 406 of ERISA or
Section 4975 of the Code) or breach of fiduciary responsibility shall occur which may
subject a Borrower, any Subsidiary of a Borrower or any ERISA Affiliate to any liability
under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under
any agreement or other instrument pursuant to which a Borrower, any Subsidiary of a
Borrower or any ERISA Affiliate has agreed or is required to indemnify any person against
any such liability.

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     (i) REIT Status. BRT does not maintain its REIT status or is no longer deemed
to be a REIT.

     9.2 Acceleration; Remedies.

     Upon the occurrence of an Event of Default, and at any time thereafter unless and until such
Event of Default has been waived in writing by the Required Lenders (or the Lenders as may be
required hereunder), the Administrative Agent shall, upon the request and direction of the Required
Lenders, by written notice to the Borrowers, take any of the following actions without prejudice to
the rights of the Administrative Agent or any Lender to enforce its claims against the Borrowers,
except as otherwise specifically provided for herein:

     (a) Termination of Commitments. Declare the Commitments terminated whereupon
the Commitments shall be immediately terminated.

     (b) Acceleration of Loans. Declare the unpaid principal of and any accrued
interest in respect of all Loans, any reimbursement obligations arising from drawings under
Letters of Credit and any and all other indebtedness or obligations of any and every kind
owing by a Borrower to any of the Lenders hereunder to be due whereupon the same shall be
immediately due and payable without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by the Borrowers.

     (c) Cash Collateral. Direct the Borrowers to pay (and the Borrowers agree that
upon receipt of such notice, or automatically upon the occurrence of an Event of Default
under Section 9.1(e), they will immediately pay) to the Administrative Agent additional
cash, to be held by the Administrative Agent, for the benefit of the Lenders, in a cash
collateral account as additional security for the LOC Obligations in respect of subsequent
drawings under all then outstanding Letters of Credit in an amount equal to the maximum
aggregate amount which may be drawn under all Letters of Credits then outstanding.

     (d) Enforcement of Rights. Enforce any and all rights and interests created
and existing under the Credit Documents, including, without limitation, all rights and
remedies against a Guarantor and all rights of set-off.

Notwithstanding the foregoing, if an Event of Default specified in Section 9.1(e) shall occur, then
the Commitments shall automatically terminate and all Loans, all accrued interest in respect
thereof, all accrued and unpaid fees, all reimbursement obligations under Letters of Credit and all
other indebtedness or obligations owing to the Lenders hereunder shall automatically and
immediately become due and payable without the giving of any notice or other action by the
Administrative Agent or the Lenders, which notice or other action is expressly waived by the
Borrowers.

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Notwithstanding the fact that enforcement powers reside primarily with the Administrative Agent,
each Lender has, to the extent permitted by law, a separate right of payment and shall be
considered a separate “creditor” holding a separate “claim” within the meaning of Section 101(5) of
the Bankruptcy Code or any other insolvency statute.

     9.3 Allocation of Payments After Event of Default.

     Notwithstanding any other provisions of this Credit Agreement, after the occurrence and during
the continuance of an Event of Default, all amounts collected or received by the Administrative
Agent or any Lender on account of amounts outstanding under any of the Credit Documents shall be
paid over or delivered as follows:

     FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including
without limitation reasonable attorneys’ fees) of the Administrative Agent in connection
with enforcing the rights of the Lenders under the Credit Documents;

     SECOND, to payment of any fees owed to the Administrative Agent;

     THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including,
without limitation, reasonable attorneys’ fees) of each of the Lenders in connection with
enforcing its rights under the Credit Documents;

     FOURTH, to the payment of all accrued fees and interest payable to the Lenders
hereunder;

     FIFTH, to the payment of the outstanding principal amount of the Loans, and, with
respect to unreimbursed drawings under Letters of Credit, to the payment or cash
collateralization of the outstanding LOC Obligations pro rata, as set forth below;

     SIXTH, to all other Obligations which shall have become due and payable under the
Credit Documents and not repaid pursuant to clauses “FIRST” through “FIFTH” above; and

     SEVENTH, to the payment of the surplus, if any, to whoever may be lawfully entitled to
receive such surplus.

In carrying out the foregoing, (a) amounts received shall be applied in the numerical order
provided until exhausted prior to application to the next succeeding category; (b) each of the
Lenders shall receive an amount equal to its pro rata share (based on the proportion that the then
outstanding Loans and LOC Obligations held by such Lender bears to the aggregate then outstanding
Loans and LOC Obligations) of amounts available to be applied pursuant to clauses “THIRD”,
“FOURTH,” “FIFTH,” and “SIXTH” above and (c) to the extent that any amounts available for
distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of
outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash
collateral account and applied (x) first, to reimburse the Issuing Lender from time

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to time for any drawings under such Letters of Credit and (y) then, following the expiration of all
Letters of Credit, to all other Obligations of the types described in clauses “FIFTH” and “SIXTH”
above in the manner provided in this Section 9.3.

SECTION 10.

AGENCY PROVISIONS

     10.1 Appointment.

     Each Lender hereby designates and appoints JPMorgan Chase Bank, N.A. as Administrative Agent
of such Lender to act as specified herein and in the other Credit Documents, and each Lender hereby
authorizes the Administrative Agent, as the agent for such Lender, to take such action on its
behalf under the provisions of this Credit Agreement and the other Credit Documents and to exercise
such powers and perform such duties as are expressly delegated by the terms hereof and of the other
Credit Documents, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary elsewhere herein and in the other Credit Documents,
the Administrative Agent shall not have any duties or responsibilities, except those expressly set
forth herein and therein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Credit
Agreement or any of the other Credit Documents, or shall otherwise exist against the Administrative
Agent. The provisions of this Section are solely for the benefit of the Administrative Agent and
the Lenders and none of the Borrowers or their Subsidiaries shall have any rights as a third party
beneficiary of the provisions hereof. In performing its functions and duties under this Credit
Agreement and the other Credit Documents, the Administrative Agent shall act solely as an agent of
the Lenders and does not assume and shall not be deemed to have assumed any obligation or
relationship of agency or trust with or for any Borrowers or their Subsidiaries.

     10.2 Delegation of Duties.

     The Administrative Agent may execute any of its duties hereunder or under the other Credit
Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible
for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable
care.

     10.3 Exculpatory Provisions.

     No Agent-Related Person shall be (a) liable for any action lawfully taken or omitted to be
taken by it under or in connection herewith or in connection with any of the other Credit Documents
(except for such Person’s own gross negligence or willful misconduct) or (b) responsible in any
manner to any of the Lenders for any recitals,

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statements, representations or warranties made by any of the Borrowers or their Subsidiaries
contained herein or in any of the other Credit Documents or in any certificate, report, document,
financial statement or other written or oral statement referred to or provided for in, or received
by an Agent-Related Person under or in connection herewith or in connection with the other Credit
Documents, or the enforceability or sufficiency of this Credit Agreement or any of the other Credit
Documents, or for any failure of the Borrowers or their Subsidiaries to perform their obligations
hereunder or thereunder. No Agent-Related Person shall be responsible to any Lender for the
effectiveness, genuineness, validity, enforceability, collectibility or sufficiency of this Credit
Agreement, or any of the other Credit Documents or for any representations, warranties, recitals or
statements made herein or therein or made by the Borrowers or their Subsidiaries in any written or
oral statement or in any financial or other statements, instruments, reports, certificates or any
other documents in connection herewith or therewith furnished or made by an Agent-Related Person to
the Lenders or by or on behalf of the Borrowers or their Subsidiaries to an Agent-Related Person or
any Lender or be required to ascertain or inquire as to the performance or observance of any of the
terms, conditions, provisions, covenants or agreements contained herein or therein or as to the use
of the proceeds of the Loans or the use of the Letters of Credit or of the existence or possible
existence of any Default or Event of Default or to inspect the properties, books or records of the
Borrowers or their Subsidiaries. No Agent-Related Person is a trustee for the Lenders or owes any
fiduciary duty to the Lenders.

     10.4 Reliance on Communications.

     The Administrative Agent shall be entitled to rely, and shall be fully protected in relying,
upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram,
telegram, telecopy, telex or teletype message, statement, order or other document or conversation
believed by it to be genuine and correct and to have been signed, sent or made by the proper Person
or Persons and upon advice and statements of legal counsel (including, without limitation, counsel
to any of the Borrowers or their Subsidiaries, independent accountants and other experts selected
by the Administrative Agent with reasonable care). The Administrative Agent may deem and treat each
Lender as the owner of its interests hereunder for all purposes unless a written notice of
assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent in
accordance with Section 11.3(b). The Administrative Agent shall be fully justified in failing or
refusing to take any action under this Credit Agreement or under any of the other Credit Documents
unless it shall first receive such advice or concurrence of the Required Lenders (or, to the extent
provided in Section 11.6, all of the Lenders) as it deems appropriate or it shall first be
indemnified to its satisfaction by the Lenders against any and all liability and expense (other
than any liability or expense resulting from the gross negligence or willful misconduct of the
Administrative Agent) which may be incurred by it by reason of taking or continuing to take any
such action. The Agent-Related Persons shall in all cases be fully protected in acting, or in
refraining from acting, hereunder or under any of the other Credit Documents in accordance with a
request of the

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Required Lenders (or to the extent specifically provided in Section 11.6, all the Lenders) and
such request and any action taken or failure to act pursuant thereto shall be binding upon all the
Lenders (including their successors and assigns).

     10.5 Notice of Default.

     The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default hereunder unless the Administrative Agent has received notice from
a Lender or a Borrower referring to the applicable Credit Document, describing such Default or
Event of Default and stating that such notice is a “notice of default.” In the event that the
Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice
thereof to the Lenders. The Administrative Agent shall take such action with respect to such
Default or Event of Default as shall be reasonably directed by the Required Lenders (or, to the
extent provided in Section 11.6, all of the Lenders).

     10.6 Non-Reliance on Administrative Agent and Other Lenders.

     Each Lender expressly acknowledges that no Agent-Related Person has made any representations
or warranties to it and that no act by any Agent-Related Person hereafter taken, including any
review of the affairs of any Borrower or its Subsidiaries, shall be deemed to constitute any
representation or warranty by any Agent-Related Person or any other Lender. Each Lender represents
to the Administrative Agent and the Arranger that it has, independently and without reliance upon
any Agent-Related Person or any other Lender, and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the business, assets,
operations, property, financial and other conditions, prospects and creditworthiness of the
Borrowers and their Subsidiaries and made its own decision to make its Loans hereunder and enter
into this Credit Agreement. Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person 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 analysis,
appraisals and decisions in taking or not taking action under this Credit Agreement, and to make
such investigation as it deems necessary to inform itself as to the business, assets, operations,
property, financial and other conditions, prospects and creditworthiness of the Borrowers and their
Subsidiaries. Except for notices, reports and other documents expressly required to be furnished to
the Lenders by the Administrative Agent hereunder, no Agent-Related Person shall have any duty or
responsibility to provide any Lender with any credit or other information concerning the business,
operations, assets, property, financial or other conditions, prospects or creditworthiness of the
Borrowers and their Subsidiaries which may come into the possession of any Agent-Related Person.

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     10.7 Indemnification.

     The Lenders agree to indemnify each Agent-Related Person (to the extent not reimbursed by the
Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to
their respective Commitments (or if the Commitments have expired or been terminated, in accordance
with the respective principal amounts of outstanding Loans and Participation Interests of the
Lenders), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any
time (including without limitation at any time following payment in full of the Obligations) be
imposed on, incurred by or asserted against such Agent-Related Person in any way relating to or
arising out of this Credit Agreement or the other Credit Documents or any documents contemplated by
or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent-Related Person under or in connection with any of the foregoing;
provided that no Lender shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting from the gross negligence or willful misconduct of such Agent-Related
Person. If any indemnity furnished to the Administrative Agent for any purpose shall, in the
opinion of the Administrative Agent, be insufficient or become impaired, the Administrative Agent
may call for additional indemnity and cease, or not commence, to do the acts indemnified against
until such additional indemnity (except against its gross negligence or willful misconduct) is
furnished. The agreements in this Section 10.7 shall survive the payment of the Obligations and all
other amounts payable hereunder and under the other Credit Documents.

     10.8 Administrative Agent in Its Individual Capacity.

     The Person serving as the Administrative Agent and its Affiliates may make loans to, accept
deposits from and generally engage in any kind of business with the Borrowers and their
Subsidiaries as though the Person serving as the Administrative Agent were not the Administrative
Agent hereunder. With respect to the Loans made and Letters of Credit issued and all obligations
owing to it, the Person serving as the Administrative Agent shall have the same rights and powers
under this Credit Agreement as any Lender and may exercise the same as though it were not the
Administrative Agent, and the terms “Lender” and “Lenders” shall include the Person serving as the
Administrative Agent in its individual capacity.

     10.9 Successor Agent.

     The Administrative Agent (a) may, at any time, resign upon 20 days written notice to the
Lenders or (b) may be removed for willful misconduct or gross negligence by written notice from the
Required Lenders; provided that no consent of the Borrowers shall be required during the existence
and continuation of an Event of Default. Upon any such resignation or removal, the Required Lenders
shall have the right to appoint a successor Administrative Agent. In the case of the Administrative
Agent’s resignation or

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removal, if no successor Administrative Agent shall have been so appointed by the Required
Lenders, and shall have accepted such appointment, within 45 days after the notice of resignation
or removal, then the retiring Administrative Agent shall select a successor Administrative Agent
provided such successor is a Lender hereunder or an Eligible Assignee. If no such successor shall
have been appointed by the Administrative Agent, and shall have accepted such appointment, within
45 days after such notice of resignation, such notice shall nevertheless become effective and the
Lenders shall perform all of the duties of the Administrative Agent hereunder until such time, if
any, as the Required Lenders appoint a successor as provided above. Upon the acceptance of any
appointment as the Administrative Agent hereunder by a successor, if any, such successor
Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring or removed Administrative Agent, and the retiring or removed
Administrative Agent shall be discharged from its duties and obligations as the Administrative
Agent, as appropriate, under this Credit Agreement and the other Credit Documents and the
provisions of this Section 10.9 shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was the Administrative Agent under this Credit Agreement.

     Any syndication agent or documentation agent hereunder may resign at any time without any
requirement that a successor syndication agent or documentation agent, respectively, be appointed
in its stead.

SECTION 11.

MISCELLANEOUS

     11.1 Notices.

     Except as otherwise expressly provided herein, all notices and other communications shall have
been duly given and shall be effective (a) when delivered, (b) when transmitted via telecopy (or
other facsimile device), (c) the Business Day following the day on which the same has been
delivered prepaid or on an invoice arrangement to a reputable national overnight air courier
service, or (d) the third Business Day following the day on which the same is sent by certified or
registered mail, postage prepaid, in each case to the respective parties at the address or telecopy
numbers set forth on Schedule 11.1, or at such other address or numbers as such party may
specify by written notice to the other parties hereto.

     11.2 Right of Set-Off.

     In addition to any rights now or hereafter granted under applicable law or otherwise, and not
by way of limitation of any such rights, upon the occurrence of an Event of Default and the
commencement of remedies described in Section 9.2, each Lender is authorized at any time and from
time to time, without presentment, demand,

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protest or other notice of any kind (all of which rights being hereby expressly waived), to
set off and to appropriate and apply any and all deposits (general or special) and any other
indebtedness at any time held or owing by such Lender (including, without limitation, branches,
agencies or Affiliates of such Lender wherever located) to or for the credit or the account of any
Borrower or its Subsidiaries against obligations and liabilities of such Borrower to the Lenders
hereunder, under the Notes, the other Credit Documents or otherwise, irrespective of whether the
Administrative Agent or the Lenders shall have made any demand hereunder and although such
obligations, liabilities or claims, or any of them, may be contingent or unmatured, and any such
set-off shall be deemed to have been made immediately upon the occurrence of an Event of Default
even though such charge is made or entered on the books of such Lender subsequent thereto. The
Borrowers hereby agree that any Person purchasing a participation in the Loans and Commitments
hereunder pursuant to Section 11.3(c) or 3.8 may exercise all rights of set-off with respect to its
participation interest as fully as if such Person were a Lender hereunder.

     11.3 Benefit of Agreement.

     (a) Generally. This Credit Agreement shall be binding upon and inure to the
benefit of and be enforceable by the respective successors and assigns of the parties
hereto; provided that none of the Borrowers may assign and transfer any of its interests,
rights or obligations under any Credit Document (except as permitted by Sections 8.4 or
8.5) without the prior written consent of all of the Lenders (and any attempt at such
assignment or transfer without such consent shall be null and void); and provided further
that the rights of each Lender to transfer, assign or grant participations in its rights
and/or obligations hereunder shall be limited as set forth in subsections (b) and (c) of
this Section 11.3. Notwithstanding the above (including anything set forth in subsections
(b) and (c) of this Section 11.3), nothing herein shall restrict, prevent or prohibit any
Lender from (A) pledging or assigning a security interest in its rights hereunder or under
its Notes, if any, to secure obligations of such Lender, including any pledge or assignment
to a Federal Reserve Bank in support of borrowings made by such Lender from such Federal
Reserve Bank; provided that no such pledge or assignment shall release a Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such Lender as a
party hereto, or (B) granting assignments or participations in such Lender’s Loans and/or
Commitments hereunder to its parent company and/or to any Affiliate of such Lender or to
any existing Lender or Affiliate thereof.

     (b) Assignments. In addition to the assignments permitted by Section 11.3(a),
each Lender may, with the prior written consent of the Borrowers, the Issuing Lender and
the Administrative Agent (provided that no consent of the Borrowers shall be required
during the existence and continuation of an Event of Default), which consent shall not be
unreasonably withheld or delayed, assign all

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or a portion of its rights and obligations hereunder pursuant to an assignment
agreement substantially in the form of Exhibit 11.3 to one or more Eligible Assignees;
provided that (i) any such assignment shall be in a minimum aggregate amount of $5,000,000
of the Commitments and in integral multiples of $1,000,000 above such amount (or the
remaining amount of Commitments held by such Lender) and (ii) each such assignment shall be
of a constant, not varying, percentage of all of the assigning Lender’s rights and
obligations under the Commitment being assigned. Any assignment hereunder shall be
effective upon satisfaction of the conditions set forth above and delivery to the
Administrative Agent of a duly executed assignment agreement together with a transfer fee
of $3,500 payable to the Administrative Agent for its own account. Upon the effectiveness
of any such assignment, the assignee shall become a “Lender” for all purposes of this
Credit Agreement and the other Credit Documents and, to the extent of such assignment, the
assigning Lender shall be relieved of its obligations hereunder to the extent of the Loans
and Commitment components being assigned. The Borrowers agree that upon notice of any
assignment to an assignee that was not theretofore a Lender, they will promptly provide to
such assignee a new Note. Each Lender agrees that, in the event it assigns all of its
Commitment hereunder, it shall promptly return the Note or Note(s) executed by the
Borrowers in its favor.

     By executing and delivering an assignment agreement in accordance with this Section
11.3(b), the assigning Lender thereunder and the assignee thereunder shall be deemed to
confirm to and agree with each other and the other parties hereto as follows: (i) such
assigning Lender warrants that it is the legal and beneficial owner of the interest being
assigned thereby free and clear of any adverse claim and the assignee warrants that it is
an Eligible Assignee; (ii) except as set forth in clause (i) above, such assigning Lender
makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this Credit
Agreement, any of the other Credit Documents or any other instrument or document furnished
pursuant hereto or thereto, or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Credit Agreement, any of the other Credit
Documents or any other instrument or document furnished pursuant hereto or thereto or the
financial condition of any Borrower or its Subsidiaries or the performance or observance by
any Credit Party of any of its obligations under this Credit Agreement, any of the other
Credit Documents or any other instrument or document furnished pursuant hereto or thereto;
(iii) such assigning Lender and such assignee each represents and warrants that it is
legally authorized to enter into such assignment agreement; (iv) such assignee confirms
that it has received a copy of this Credit Agreement, the other Credit Documents and such
other documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into such assignment agreement; (v) such assignee will
independently and without reliance upon the Administrative Agent, such

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assigning Lender 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 Credit Agreement and the other Credit Documents; (vi) such
assignee appoints and authorizes the Administrative Agent to take such action on its behalf
and to exercise such powers under this Credit Agreement or any other Credit Document as are
delegated to the Administrative Agent by the terms hereof or thereof, together with such
powers as are reasonably incidental thereto; and (vii) such assignee agrees that it will
perform in accordance with their terms all the obligations which by the terms of this
Credit Agreement and the other Credit Documents are required to be performed by it as a
Lender.

     (c) Participations. Each Lender may, without the consent of, or notice to, the
Borrowers or the Administrative Agent, sell, transfer or grant participations in all or any
part of such Lender’s interests and obligations hereunder; provided that (i) such selling
Lender shall remain a “Lender” for all purposes under this Credit Agreement (such selling
Lender’s obligations under the Credit Documents remaining unchanged) and the participant
shall not constitute a Lender hereunder, and the Borrowers, the Administrative Agent and
the other Lenders shall continue to deal exclusively with such selling Lender, and (ii) no
such participant shall have, or be granted, rights to approve any amendment or waiver
relating to this Credit Agreement or the other Credit Documents except to the extent any
such amendment or waiver would (A) reduce the principal of or rate of interest on or fees
in respect of any Loans in which the participant is participating or increase any
Commitments with respect thereto, or (B) postpone the date fixed for any payment of
principal (including the extension of the final maturity of any Loan or the date of any
mandatory prepayment, other than pursuant to Section 3.5), interest or fees in which the
participant is participating. In the case of any such participation, the participant shall
not have any rights under this Credit Agreement or the other Credit Documents (the
participant’s rights against the selling Lender in respect of such participation to be
those set forth in the participation agreement with such Lender creating such
participation) and all amounts payable by the Borrowers hereunder shall be determined as if
such Lender had not sold such participation; provided, however, that such participant shall
be entitled to receive additional amounts under Sections 3.9, 3.12, 3.13 and 3.14 to the
same extent that the Lender from which such participant acquired its participation would be
entitled to the benefit of such cost protection provisions. Participations by a Person in
a Competitive Bid Loan of any Lender shall not be deemed “participations” for purposes of
this Section 11.3(c) and shall not be subject to the restrictions on “participations”
contained herein.

     (d) The Administrative Agent shall maintain at the Administrative Agent’s office at
the Agency Services Address a copy of each assignment agreement delivered to it and a
register for the recordation of the names and

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addresses of the Lenders, and the Commitments of, and principal amount of the Loans
and LOC Obligations owing to, each Lender pursuant to the terms hereof from time to time
(the “Register”). The entries in the Register shall be conclusive absent manifest error,
and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Credit Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by the Borrowers and any Lender, at any reasonable time
and from time to time upon reasonable prior notice.

     (e) Any Lender (each, a “Designating Lender”) may at any time designate one Designated
Bank, which shall be an Affiliate of such Designating Lender, to fund Competitive Bid Loans
on behalf of such Designating Lender subject to the terms of this Section 11.3(e) and the
provisions in Section 11.3(b) and (c) shall not apply to such designation. No Lender may
designate more than one (1) Designated Bank. The parties to each such designation shall
execute and deliver to the Administrative Agent for its acceptance a Designation Agreement.
Upon such receipt of an appropriately completed Designation Agreement executed by a
Designating Lender and a designee representing that it is a Designated Bank, the
Administrative Agent will accept such Designation Agreement and will give prompt notice
thereof to the Borrowers, whereupon, (i) the Borrowers shall execute and deliver to the
Designating Bank a Designated Bank Note payable to the order of the Designated Bank, (ii)
from and after the effective date specified in the Designation Agreement, the Designated
Bank shall become a party to this Agreement with a right to make Competitive Bid Loans on
behalf of its Designating Lender pursuant to Section 2.2 after the Borrowers have accepted
a Competitive Bid Loan (or portion thereof) of the Designating Lender, and (iii) the
Designated Bank shall not be required to make payments with respect to any obligations in
this Credit Agreement except to the extent of excess cash flow of such Designated Bank
which is not otherwise required to repay obligations of such Designated Bank which are then
due and payable; provided, however, that regardless of such designation and assumption by
the Designated Bank, the Designating Lender shall be and remain obligated to the Borrowers,
the Administrative Agent, and the other Lenders for each and every of the obligations of
the Designating Lender and its related Designated Bank with respect to this Credit
Agreement, including, without limitation, any indemnification obligations under Section
10.7 hereof and any sums otherwise payable to the Borrowers by the Designated Bank. Each
Designating Lender shall serve as the administrative agent of the Designated Bank and shall
on behalf of, and to the exclusion of, the Designated Bank: (i) receive any and all
payments made for the benefit of the Designated Bank and (ii) give and receive all
communications and notices and take all actions hereunder, including, without limitation,
votes, approvals, waivers, consents and amendments under or relating to this Credit
Agreement and the other Credit Documents. Any such notice, communication, vote, approval,

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waiver, consent or amendment shall be signed by the Designating Lender as
administrative agent for the Designated Bank and shall not be signed by the Designated Bank
on its own behalf but shall be binding on the Designated Bank to the same extent as if
actually signed by the Designated Bank. The Borrowers, the Administrative Agent, and
Lenders may rely thereon without any requirement that the Designated Bank sign or
acknowledge the same. No Designated Bank may assign or transfer all or any portion of its
interest hereunder or under any other Credit Document, other than assignments to the
Designating Lender which originally designated such Designated Bank.

     11.4 No Waiver; Remedies Cumulative.

     No failure or delay on the part of the Administrative Agent or any Lender in exercising any
right, power or privilege hereunder or under any other Credit Document and no course of dealing
between the Borrowers and the Administrative Agent or any Lender shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, power or privilege hereunder or under any
other Credit Document preclude any other or further exercise thereof or the exercise of any other
right, power or privilege hereunder or thereunder. The rights and remedies provided herein are
cumulative and not exclusive of any rights or remedies which the Administrative Agent or any Lender
would otherwise have. No notice to or demand on any Credit Party in any case shall entitle any
Credit Party to any other or further notice or demand in similar or other circumstances or
constitute a waiver of the rights of the Administrative Agent or the Lenders to any other or
further action in any circumstances without notice or demand.

     11.5 Payment of Expenses; Indemnification.

     The Borrowers jointly and severally agree to: (a) pay all reasonable out-of-pocket costs and
expenses of (i) each Agent-Related Person in connection with (A) the negotiation, preparation,
execution and delivery, syndication and administration of this Credit Agreement and the other
Credit Documents and the documents and instruments referred to therein (including, without
limitation, the reasonable fees and expenses of counsel to the Administrative Agent) and (B) any
amendment, waiver or consent relating hereto and thereto including, but not limited to, any such
amendments, waivers or consents resulting from or related to any work-out, renegotiation or
restructure relating to the performance by the Borrowers under this Credit Agreement, and (ii) the
Agent-Related Persons and the Lenders in connection with (A) enforcement of the Credit Documents
and the documents and instruments referred to herein and therein, including, without limitation, in
connection with any such enforcement, the reasonable fees and disbursements of counsel for the
Agent-Related Persons and each of the Lenders, and (B) any bankruptcy or insolvency proceeding of a
Borrower or any of its Subsidiaries, and (b) indemnify the Agent-Related Persons, each Lender and
its officers, directors, employees, representatives, Affiliates and agents from and hold each of
them harmless against any and all losses, liabilities, claims, damages or expenses incurred by any
of them as a result

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of, or arising out of, or in any way related to, or by reason of, any investigation,
litigation or other proceeding (whether or not any Agent-Related Person or any Lender is a party
thereto) related to (i) the entering into and/or performance of any Credit Document or the use of
proceeds of any Extensions of Credit or the consummation of any other transactions contemplated in
any Credit Document, including, without limitation, the reasonable fees and disbursements of
counsel incurred in connection with any such investigation, litigation or other proceeding (but
excluding any such losses, liabilities, claims, damages or expenses to the extent incurred by
reason of the gross negligence or willful misconduct on the part of the Person to be indemnified),
(ii) any Environmental Claim and (iii) any claims for Non-Excluded Taxes.

     11.6 Amendments, Waivers and Consents.

     Neither this Credit Agreement nor any other Credit Document nor any of the terms hereof or
thereof may be amended, changed, waived, discharged or terminated unless such amendment, change,
waiver, discharge or termination is in writing and signed by the Required Lenders and the
Borrowers; provided that no such amendment, change, waiver, discharge or termination shall without
the written consent of each Lender affected thereby:

     (a) extend the final maturity of any Loan or any portion thereof or postpone any other
date fixed for any payment of principal (other than in accordance with Section 3.5(b)) or
permit the expiration date of any Letter of Credit to be after the Revolving Loan Maturity
Date;

     (b) reduce the rate or extend the time of payment of interest (other than as a result
of waiving the applicability of any post-default increase in interest rates) thereon or
fees hereunder;

     (c) reduce or waive the principal amount of any Loan;

     (d) change the Commitment of a Lender from the amount thereof in effect, other than
pursuant to an assignment permitted under Sections 3.5 or 11.3(b) or any reduction of the
Commitments by the Borrowers pursuant to Section 2.1(e) (it being further understood and
agreed that a waiver of any Default or Event of Default or a waiver of any mandatory
reduction in the Commitments shall not constitute a change in the terms of any Commitment
of any Lender);

     (e) release either Borrower from its obligations, or release all or substantially all
of the Guarantors from their obligations, under the Credit Documents; provided that the
Administrative Agent may release a Guarantor in accordance with Section 8.5 or in
accordance with Section 11.19;

     (f) amend, modify or waive any provision of this Section 11.6 or Section 3.7, 3.8, or
9.1(a), or any provision of any Credit Document which, by its

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express terms, requires the consent, approval, agreement or satisfaction of all of the
Lenders;

     (g) reduce any percentage specified in, or otherwise modify, the definition of
Required Lenders; or

     (h) consent to the assignment or transfer by any Credit Party of any of its rights and
obligations under (or in respect of) the Credit Documents other than any assignment or
transfer by a Guarantor permitted under this Credit Agreement.

If any amendment, waiver or consent with respect to the Credit Documents has been delivered in
writing to a Lender by the Administrative Agent, and such amendment, waiver or consent requires
only the approval of the Required Lenders to become effective, then such Lender shall have ten
Business Days from the date of receipt of such amendment, waiver or consent to respond thereto.
Failure of a Lender to timely respond to such amendment, waiver or consent shall be deemed an
approval by such Lender of such amendment, waiver or consent.

No provision of Sections 2.2 or 2.3 may be amended or modified without the consent of the Swing
Lender or Issuing Lender, as applicable. No provision of Section 10 may be amended or modified
without the consent of the Administrative Agent.

Any increase in the Revolving Committed Amount pursuant to Section 2.7 hereof, shall be effective
only after obtaining the consent of each of the Lenders electing to increase its respective
Commitment and no other consent by any Lender not electing to increase its Commitment shall be
required for any such increase in the Revolving Committed Amount.

Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances
as set forth above, (x) each Lender is entitled to vote as such Lender sees fit on any
reorganization plan that affects the Loans or the Letters of Credit, and each Lender acknowledges
that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent
provisions set forth herein and (y) the Required Lenders may consent to allow a Credit Party to use
cash collateral in the context of a bankruptcy or insolvency proceeding.

If, in connection with any proposed amendment, change, waiver, discharge or termination of this
Credit Agreement as contemplated by this Section 11.6, the consent of the Required Lenders is
obtained but the consent of one or more of such other Lenders whose consent is required is not
obtained, then the Borrowers shall have the right to replace all, but not less than all, of such
non-consenting Lender or Lenders (so long as all non-consenting Lenders are so replaced) with one
or more Eligible Assignees identified by the Borrowers pursuant to Section 3.15 (as if each such
non-consenting Lender had made a request referred to in Section 3.15) and Section 11.3 so long as
at the time of such

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replacement each such new Lender consents to the proposed amendment, change, waiver, discharge or
termination.

     11.7 Counterparts/Telecopy.

     This Credit Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all of which shall constitute one and the same
instrument. Delivery of executed counterparts by telecopy shall be as effective as an original and
shall constitute a representation that an original will be delivered.

     11.8 Headings.

     The headings of the sections and subsections hereof are provided for convenience only and
shall not in any way affect the meaning or construction of any provision of this Credit Agreement.

     11.9 Defaulting Lender.

     Each Lender understands and agrees that if such Lender is a Defaulting Lender then
notwithstanding the provisions of Section 11.6 it shall not be entitled to vote on any matter
requiring the consent of the Required Lenders or to object to any matter requiring the consent of
all the Lenders; provided, however, that all other benefits and obligations under the Credit
Documents shall apply to such Defaulting Lender.

     11.10 Survival of Indemnification and Representations and Warranties.

     All indemnities set forth herein and all representations and warranties made herein shall
survive the execution and delivery of this Credit Agreement, the making of the Loans, the issuance
of the Letters of Credit and the repayment of the Loans and other Obligations and the termination
of the Commitments hereunder.

     11.11 Governing Law; Jurisdiction.

     (a) THIS CREDIT AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Any legal action or
proceeding with respect to this Credit Agreement or any other Credit Document may be
brought in the courts of the State of New York in New York County, or of the United States
for the Southern District of New York and, by execution and delivery of this Credit
Agreement, each Borrower hereby irrevocably accepts for itself and in respect of its
property, generally and unconditionally, the jurisdiction of such courts. Each Borrower
further irrevocably consents to the service of process out of any of the

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aforementioned courts in any such action or proceeding by the mailing of copies
thereof by registered or certified mail, postage prepaid, to it at the address for notices
pursuant to Section 11.1, such service to become effective 15 days after such mailing.
Nothing herein shall affect the right of a Lender to serve process in any other manner
permitted by law or to commence legal proceedings or to otherwise proceed against a
Borrower in any other jurisdiction. Each Borrower agrees that a final judgment in any
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law; provided that nothing in this
Section 11.11(a) is intended to impair a Borrower’s right under applicable law to appeal or
seek a stay of any judgment.

     (b) Each Borrower hereby irrevocably waives any objection which it may now or
hereafter have to the laying of venue of any of the aforesaid actions or proceedings
arising out of or in connection with this Credit Agreement or any other Credit Document in
the courts referred to in subsection (a) hereof and hereby further irrevocably waives and
agrees not to plead or claim in any such court that any such action or proceeding brought
in any such court has been brought in an inconvenient forum.

     11.12 Waiver of Jury Trial.

     EACH OF THE PARTIES TO THIS CREDIT AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS CREDIT AGREEMENT,
ANY OF THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

     11.13 Time.

     All references to time herein shall be references to Eastern Standard Time or Eastern Daylight
Time, as the case may be, unless specified otherwise.

     11.14 Severability.

     If any provision of any of the Credit Documents is determined to be illegal, invalid or
unenforceable, such provision shall be fully severable and the remaining provisions shall remain in
full force and effect and shall be construed without giving effect to the illegal, invalid or
unenforceable provisions.

     11.15 Entirety.

     This Credit Agreement together with the other Credit Documents represent the entire agreement
of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or
written, if any, including any commitment letters or

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correspondence relating to the Credit Documents or the transactions contemplated herein and
therein.

     11.16 Binding Effect.

     (a) This Credit Agreement shall become effective at such time as all of the conditions
set forth in Section 5.1 have been satisfied or waived by the Lenders and it shall have
been executed by the Borrowers and the Administrative Agent, and the Administrative Agent
shall have received copies hereof (telefaxed or otherwise) which, when taken together, bear
the signatures of each Lender, and thereafter this Credit Agreement shall be binding upon
and inure to the benefit of the Borrowers, the Administrative Agent and each Lender and
their respective successors and assigns.

     (b) This Credit Agreement shall be a continuing agreement and shall remain in full
force and effect until all Loans, LOC Obligations, interest, fees and other Obligations
have been paid in full and all Commitments and Letters of Credit have been terminated. Upon
termination, the Borrowers shall have no further obligations (other than the
indemnification provisions that survive) under the Credit Documents; provided that should
any payment, in whole or in part, of the Obligations be rescinded or otherwise required to
be restored or returned by the Administrative Agent or any Lender, whether as a result of
any proceedings in bankruptcy or reorganization or otherwise, then the Credit Documents
shall automatically be reinstated and all amounts required to be restored or returned and
all costs and expenses incurred by the Administrative Agent or any Lender in connection
therewith shall be deemed included as part of the Obligations.

     11.17 Confidentiality.

     Each Lender agrees that it will use its reasonable best efforts to keep confidential and to
cause any representative designated under Section 7.11 to keep confidential any non-public
information from time to time supplied to it under any Credit Document; provided, however, that
nothing herein shall prevent the disclosure of any such information to (a) the extent a Lender in
good faith believes such disclosure is required by Requirement of Law, (b) counsel for a Lender or
to its accountants and other advisors, (c) bank examiners, auditors or comparable Persons or any
regulatory body having jurisdiction over a Lender, (d) any Affiliate of a Lender, (e) any other
Lender, or any assignee, transferee or participant, or, subject to an agreement containing
provisions substantially the same as those of this Section, (i) any potential assignee, transferee
or participant, of all or any portion of any Lender’s rights under this Credit Agreement who is
notified of the confidential nature of the information or (ii) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers and
their obligations, (f) any other Person in connection with any litigation to which any one or more
of the Lenders is a party or (g) any other Person to whom

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disclosure of such information a Lender believes is necessary or appropriate in its reasonable
judgment in connection with the exercise of remedies or enforcement of rights hereunder; and
provided further that no Lender shall have any obligation under this Section 11.17 to the extent
any such information becomes available on a non-confidential basis from a source other than a
Borrower or its Subsidiaries or that any information becomes publicly available other than by a
breach of this Section 11.17.

     11.18 Further Assurances.

     The Borrowers agree, upon the request of the Administrative Agent, to promptly take such
actions as are necessary to carry out the intent of this Credit Agreement and the other Credit
Documents.

     11.19 Release of Guarantors.

     If a Guarantor no longer qualifies as the owner of Unencumbered Properties or becomes an
Eligible Subsidiary, then, as long as no Default or Event of Default exists after giving effect to
such event, the Lenders agree to release such Guarantor from its obligations hereunder.

     11.20 USA PATRIOT Act.

     Each Lender hereby notifies the Borrowers 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 Borrowers, which information includes the
name and address of the Borrowers and other information that will allow such Lender to identify the
Borrowers in accordance with the Act.

     11.21 Limitation on Liability.

     Each Borrower waives any right to assert or make any claim against any Lender, the Swing
Lender, any Issuing Lender or the Administrative Agent for (or to sue any Lender, the Swing Lender,
any Issuing Lender or the Administrative Agent upon any claim for) any special, indirect,
incidental, punitive or consequential damages in respect of any breach or wrongful conduct (whether
the claim is based on contract, tort or duty imposed by law) in connection with, arising out of or
in any way related to this Agreement, any other Credit Document or the transactions contemplated
hereby or thereby, or any act, omission or event in connection therewith.

     11.22 Transitional Arrangements.

     (a) Existing Credit Agreement Superseded. This Agreement shall supersede the
Existing Credit Agreement in its entirety, except as provided in this Section 11.22. On
the Closing Date, the rights and obligations of the parties

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under each of the Existing Credit Agreement and the “Notes” defined therein shall be
subsumed within and be governed by this Agreement and the Notes issued hereunder; provided
however, that any of the “Obligations” (as defined in the Existing Credit Agreement)
outstanding under the Existing Credit Agreement shall, for purposes of this Agreement, be
Obligations hereunder. The Lenders’ interests in such Obligations shall be reallocated on
the Closing Date in accordance with each Lender’s applicable Revolving Loan Commitment
Percentage.

     (b) Return and Cancellation of Notes. Upon its receipt of the Notes to be
delivered hereunder on the Closing Date, each Lender will promptly return to the Borrowers,
marked “Cancelled” or “Replaced”, the notes of the Borrowers held by such Lender pursuant
to the Existing Credit Agreement (other than any promissory notes issued to the Lenders to
evidence Competitive Bid Loans made by Lenders which shall remain outstanding pursuant to
Section 2.2(a)).

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

     (d) Termination of Guaranties. On the Closing Date, all Guaranties (as
defined in the Existing Credit Agreement) provided by the Guarantors (as defined in the
Existing Credit Agreement) under the Existing Credit Agreement shall be terminated and
released.

{REMAINDER OF PAGE INTENTIONALLY LEFT BLANK}

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     Each of the parties hereto has caused a counterpart of this Second Amended and Restated
Revolving Credit Agreement to be duly executed and delivered as of the date first above written.

	 	 	 	 	 
	BORROWERS:        	BRANDYWINE REALTY TRUST,

a Maryland real estate investment trust

 	 
	 	By:  	/s/ Gerard H. Sweeney
 	 
	 	 	Name:  	Gerard H. Sweeney 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	BRANDYWINE OPERATING PARTNERSHIP, L.P., 

a Delaware limited partnership

 	 

	 	 	 	 	 
	 	By:  	
 	 
	 	 	Brandywine Realty Trust, a Maryland real estate 	 
	 	 	investment trust, its general partner 	 

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Gerard H. Sweeney
 	 
	 	 	Name:  	Gerard H. Sweeney 	 
	 	 	Title:  	President and Chief
Executive Officer 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	LENDERS: 	

JPMORGAN CHASE BANK, N.A., as Administrative Agent, Issuing Lender, and Swing Lender and individually as a Lender

 	 
	 	By:  	/s/ Marc E. Costantino
 	 
	 	 	Name:  	Marc E. Costantino 	 
	 	 	Title:  	Executive Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Syndication Agent and 
Issuing
Lender and individually as Lender

 	 
	 	By:  	/s/ Eyal Namordi
 	 
	 	 	Name:  	Eyal Namordi 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	CITIZENS BANK OF PENNSYLVANIA,

as Co-Documentation Agent and individually as Lender

 	 
	 	By:  	/s/ Kellie Anderson
 	 
	 	 	Name:  	Kellie Anderson 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION, 
as Co-Documentation
Agent and individually as Lender

 	 
	 	By:  	/s/ Matthew Ricketts
 	 
	 	 	Name:  	Matthew Ricketts 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Documentation
Agent and individually as Lender

 	 
	 	By:  	/s/ William Hutchinson
 	 
	 	 	Name:  	William Hutchinson 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	REGIONS BANK

 	 
	 	By:  	/s/ Lori A. Chambers
 	 
	 	 	Name:  	Lori A. Chambers 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC.

 	 
	 	By:  	/s/ Ricardo James
 	 
	 	 	Name:  	Ricardo James 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	EUROHYPO AG, NEW YORK BRANCH

 	 
	 	By:  	/s/ John Lippmann
 	 
	 	 	Name:  	John Lippmann 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                           /s/ John Hayes
 	 
	 	 	Name:  	John Hayes 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ David C. Lydon
 	 
	 	 	Name:  	David C. Lydon 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	SUNTRUST BANK

 	 
	 	By:  	/s/ Gregory T. Harstman
 	 
	 	 	Name:  	Gregory T. Harstman 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Robert J. Walter
 	 
	 	 	Name:  	Robert J. Walter 	 
	 	 	Title:  	Senior Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK

 	 
	 	By:  	/s/ David Applebaum
 	 
	 	 	Name:  	David Applebaum 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	COMERICA BANK

 	 
	 	By:  	/s/ James Graycheck
 	 
	 	 	Name:  	James Graycheck 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	SOVEREIGN BANK

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

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	BEAR STEARNS CORPORATE LENDING INC.

 	 
	 	By:  	/s/ Victor F. Bulzacchelli
 	 
	 	 	Name:  	Victor F. Bulzacchelli 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	NATIONAL CITY BANK

 	 
	 	By:  	/s/ Joel Dalson
 	 
	 	 	Name:  	Joel Dalson 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	FIRST HORIZON BANK, a division of

First Tennessee Bank N.A.

 	 
	 	By:  	/s/ Kenneth W. Rub
 	 
	 	 	Name:  	Kenneth W. Rub 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Second Amended and Restated

Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	FIRSTRUST BANK

 	 
	 	By:  	/s/ William J. Lloyd, Jr.
 	 
	 	 	Name:  	William J. Lloyd, Jr. 	 
	 	 	Title:  	Senior Vice Presidentconfidentagmnt.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.19

Madrid, June 15th, 2007

Acciona, S.A. 

Av. de Burgos, 18

28108 Alcobendas (Madrid)

Attn.:  Mr. Valentín Montoya Moya 

          Chief Financial Officer

Dear Sirs,

     Acciona, S.A. (Acciona) and Enel Energy Europe S.r.L a wholly owned subsidiary of Enel SpA (Enel) (collectively, the “Offerors”) have launched a joint take-over bid (the “Offer”) over 100% of the shares of Endesa, S.A. (Endesa). Following the launching of the Offer, Acciona has requested to review certain information of Endesa in order to facilitate the Offer’s proceedings and, generally, to perform other actions needed in connection with the process of the Offer.

     As you are already aware, for Endesa it is essential, and a prerequisite for the furnishing of any information to you, that Acciona assumes the obligations of secrecy and confidentiality with regard to the Confidential Information (defined below) to which Acciona shall have access under the terms provided herein as well as those arising from the requirements of contractual good faith. Similarly, we acknowledge that it is essential for Acciona, and a prerequisite for the furnishing of any information to Endesa, that Endesa assumes the obligations of secrecy and confidentiality with regard to the Confidential Information to which it shall have access under the terms provided herein as well as those arising from the requirements of contractual good faith.

     Unless the context otherwise requires, the terms “Acciona” and “Endesa”, as used herein, shall be deemed to include any company, subsidiary or other entity controlled by, or under common control with, Acciona or Endesa.

     In connection with the Offer, Endesa or its Representatives (as hereinafter defined) may furnish to Acciona and its Representatives, written, visual or oral information, material and documents regarding Endesa and its business. In that process, Acciona or its Representatives may furnish to Endesa and its Representatives, written, visual or oral information, material and documents regarding Acciona and its business, or the intended structure of the Offer or other transactions, or any other aspects that may be related thereto. Such information, material and documents, furnished by Endesa or its Representatives, or by Acciona or its Representatives (such furnishing party, the “Supplier”) to the other party (the “Recipient”) and irrespective of the form of communication, and all notes, analyses, compilations, forecasts, data, translations, studies, memoranda or other documents prepared by the Recipient or its Representatives, that contain or otherwise reflect such information, material or documents, are herein called the “Confidential Information.” The term “Confidential Information” does not include information that (i) is or becomes generally available to the public, other than as a result of a disclosure by the Recipient or its Representatives in violation of this letter agreement, (ii) the Recipient can demonstrate was within the possession of the Recipient prior to its disclosure by the Supplier or

(iii) the Recipient can demonstrate was or became available to the Recipient from a source other than the Supplier. The foregoing notwithstanding, the term “Confidential Information” does include the existence and contents of this letter agreement and the fact that conversations are being held regarding the Transaction,

     Since Acciona is interested in studying and analyzing the Confidential Information only and exclusively for the purposes described in the first paragraph of this letter, and Endesa and Acciona are interested in the confidentiality being maintained, as a condition to the furnishing of Confidential Information by the Supplier to the Recipient, the parties agree as follows:

     1. All Confidential Information furnished by the Supplier to the Recipient shall be deemed confidential and shall be kept and maintained by the Recipient under appropriate safeguards for a period of two (2) years from the date hereof and shall be used by the Recipient solely for the purposes provided herein and not for any other purpose, save to the extent required by a court or governmental agency or authority as set forth in section 2 below. In particular:

     (i) Each party shall disclose each piece of the Confidential Information only to those of its Representatives whose access to the same is indispensable for the purpose provided herein.

     (ii) Each of the Representatives of the Recipient shall be informed by the Recipient of the confidential nature of the Confidential Information and shall be directed to treat it confidentially and not to use it other than for the purposes described above. Each party shall keep records with the names of each of its Representatives having access to the Confidential Information.

Each party shall be responsible at all times for any failure by any of its Representatives to comply with the requirements set out in this letter agreement and agrees to indemnify the other party for any damages and/or other loss of any kind that it may suffer as a result of any such non-compliance by any Representative.

     The parties shall be subject to the conduct rules established by the Spanish Law 24/1988, on the Stock Markets.

     For purposes of this letter agreement, the term “Representatives’ of a party to this letter agreement shall mean the directors, officers, employees, agents and advisors of that party or of any company, subsidiary or other entity controlled by or under common control with said party (including without limitation that party’s independent attorneys, accountants, consultants and financial advisors).

     2. If either the Recipient or any of its Representatives are requested or required by any court or governmental agency or authority to disclose any of the Confidential Information, the entity or person receiving such request or demand will use all reasonable efforts to provide the Supplier with prompt notice of such request or demand so that the Supplier shall have an opportunity to seek an appropriate protective order. Moreover, the Recipient agrees to take all reasonable steps necessary to prevent inappropriate disclosure of the Confidential Information, or, if the information is required to be disclosed, the disclosure of a minimum amount of information. For the foregoing purposes, the Recipient will to the extent possible consult with 

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the Supplier both on the requirement to disclose the Confidential Information and on the form, content and timing of any disclosure.

3. All Confidential Information shall be and remain the property of the Supplier. 

Within thirty (30) days after either party notifies the other in writing each Recipient shall, and shall cause its Representatives to, redeliver to the corresponding Supplier all written Confidential Information that such
recipient and its Representatives have received from such Supplier or its Representatives, including without limitation all copies, and such Recipient will, and shall cause its Representatives to, destroy all Confidential Information prepared by
them based upon the Confidential Information supplied by such Supplier. The foregoing delivery or destruction shall be confirmed by each Recipient in writing.

     4. Each Recipient understands and acknowledges that any and all information contained in the Confidential Information, and any other information furnished by the Supplier or its Representatives, is
being or will be provided without any representation or warranty, express or implied, as to the accuracy or completeness of the Confidential Information so provided. Neither the Supplier nor any of its Representatives shall have any liability to the
Recipient or its Representatives relating to or arising from the use of or reliance upon any Confidential Information or any errors or omissions therein.

     5. The parties acknowledge the importance to each other that the review of the Confidential Information and any conversation on the Offer be conducted in the most strict confidentiality, with only a
limited number of individual Representatives of Acciona and Endesa. In particular, without the prior consent of Endesa, Acciona will not, and will cause its Representatives not to, contact with respect to the Confidential Information or the Offer
any Representative of Endesa other than those individuals communicated to it by Endesa from time to time. Without the prior consent of Acciona, Endesa will not, and will cause its Representatives not to, contact with respect to the Confidential
Information or the Offer any Representative of Acciona other than those individuals communicated to it by Acciona from time to time.

     6. Each party reserves the right, in its sole and absolute discretion, to decline to furnish further information, to deny access to information at any time, without advance notice, without any
requirement to state any reasons therefore and without any obligation to compensate or pay damages. The exercise by a party of these rights shall not affect the enforceability of any other provision of this letter agreement.

     7. Each Recipient acknowledges that money damages may not be a sufficient remedy for any breach of this letter agreement by such Recipient or its Representatives and that without prejudice to any
rights or remedies at law or in equity otherwise available to the Supplier, the Supplier shall, if the Recipient breaches any provision of this letter agreement, be entitled to injunctive relief, specific performance or other appropriate equitable
remedies for any such breach.

     8. The provisions of this letter agreement shall be severable if any of the provisions hereof are held by a court of competent jurisdiction to be invalid, void or otherwise 

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unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.

     9. This letter agreement shall be construed (both as to validity and performance) and enforced in accordance with, and governed by, the laws of the Kingdom of Spain. Any judicial proceeding brought against either of the parties hereto with respect to this letter agreement may be brought in the courts of the city of Madrid irrespective of where such party may be located at the time of such proceeding, and by execution of this letter agreement, each of the parties hereto hereby consents to the non-exclusive jurisdiction of such courts and waives any defense or opposition to such jurisdiction.

     Please indicate your agreement with the foregoing by signing a copy of this letter agreement and returning it to us.

	  	  	  	  	Very truly yours, 
	  	  	  	  	
Endesa, S.A. 

 

	  	  	  	  	/s/ Carlos Torre Vila 
					

	  	  	  	  	Name: 	  	Carlos Torre Vila 
	  	  	  	  	Title: 	  	Corporate Director of Strategy 
	Confirmed and agreed to: 	  	  	  	  
	Acciona, S.A. 	  	  	  	  
	  
	/s/ Valentín Montoya Moya 	  	  	  	  
	

				
	Name: 	  	Valentín Montoya Moya 	  	  	  	  
	Title: 	  	Chief Financial Officer 	  	  	  	  

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