Document:

exv10w11

 

Exhibit 10.11

CREDIT AGREEMENT

for $500,000,000 Credit Facility

dated as of February 28, 2006

among

EOP OPERATING LIMITED PARTNERSHIP,

THE BANKS LISTED HEREIN,

MERRILL LYNCH BANK USA,

as Administrative Agent,

and

MERRILL, LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

as Sole Lead Arranger and Sole Bookrunner

 

 

TABLE OF CONTENTS

ARTICLE
I

 DEFINITIONS

	 	 	 	 	 
	SECTION 1.1. Definitions

	 	 	1	 
	SECTION 1.2. Accounting Terms and Determinations

	 	 	25	 
	SECTION 1.3. Types of Borrowings

	 	 	26	 
	 
	 	 	 	 
	ARTICLE II 

THE CREDITS

	 
	 	 	 	 
	SECTION 2.1. Commitments to Lend

	 	 	26	 
	SECTION 2.2. Notice of Borrowing

	 	 	26	 
	SECTION 2.3. Intentionally Omitted

	 	 	27	 
	SECTION 2.4. Intentionally Omitted

	 	 	27	 
	SECTION 2.5. Notice to Banks; Funding of Loans

	 	 	27	 
	SECTION 2.6. Notes

	 	 	28	 
	SECTION 2.7. Method of Electing Interest Rates

	 	 	29	 
	SECTION 2.8. Interest Rates

	 	 	30	 
	SECTION 2.9. Intentionally Omitted

	 	 	31	 
	SECTION 2.10. Maturity Date

	 	 	31	 
	SECTION 2.11. Optional Prepayments

	 	 	31	 
	SECTION 2.12. General Provisions as to Payments

	 	 	32	 
	SECTION 2.13. Funding Losses

	 	 	32	 
	SECTION 2.14. Computation of Interest

	 	 	33	 
	SECTION 2.15. Use of Proceeds

	 	 	33	 
	 
	 	 	 	 
	ARTICLE III 

CONDITIONS

	 
	 	 	 	 
	SECTION 3.1. Closing

	 	 	33	 
	SECTION 3.2. Borrowing

	 	 	35	 
	 
	 	 	 	 
	ARTICLE IV 

REPRESENTATIONS AND WARRANTIES

	 
	 	 	 	 
	SECTION 4.1. Existence and Power

	 	 	36	 
	SECTION 4.2. Power and Authority

	 	 	36	 
	SECTION 4.3. No Violation

	 	 	37	 
	SECTION 4.4. Financial Information

	 	 	37	 
	SECTION 4.5. Litigation

	 	 	38	 
	SECTION 4.6. Compliance with ERISA

	 	 	38	 
	SECTION 4.7. Environmental

	 	 	38	 
	SECTION 4.8. Taxes

	 	 	39	 
	SECTION 4.9. Full Disclosure

	 	 	39	 
	SECTION 4.10. Solvency

	 	 	39	 
	 
	 	 	 	 
	i

 

 

	 	 	 	 	 
	SECTION 4.11. Use of Proceeds

	 	 	39	 
	SECTION 4.12. Governmental Approvals

	 	 	39	 
	SECTION 4.13. Investment Company Act; Public Utility Holding Company Act

	 	 	40	 
	SECTION 4.14. Principal Offices

	 	 	40	 
	SECTION 4.15. REIT Status

	 	 	40	 
	SECTION 4.16. Patents, Trademarks, etc.

	 	 	40	 
	SECTION 4.17. Judgments

	 	 	40	 
	SECTION 4.18. No Default

	 	 	40	 
	SECTION 4.19. Licenses, etc.

	 	 	40	 
	SECTION 4.20. Compliance With Law

	 	 	40	 
	SECTION 4.21. No Burdensome Restrictions

	 	 	41	 
	SECTION 4.22. Brokers’ Fees

	 	 	41	 
	SECTION 4.23. Intentionally Omitted

	 	 	41	 
	SECTION 4.24. Intentionally Omitted

	 	 	41	 
	SECTION 4.25. Organizational Documents

	 	 	41	 
	SECTION 4.26. Qualifying Unencumbered Properties

	 	 	41	 
	 
	 	 	 	 
	ARTICLE V 

AFFIRMATIVE AND NEGATIVE COVENANTS

	 
	 	 	 	 
	SECTION 5.1. Information

	 	 	42	 
	SECTION 5.2. Payment of Obligations

	 	 	45	 
	SECTION 5.3. Maintenance of Property; Insurance; Leases

	 	 	45	 
	SECTION 5.4. Maintenance of Existence

	 	 	45	 
	SECTION 5.5. Compliance with Laws

	 	 	45	 
	SECTION 5.6. Inspection of Property, Books and Records

	 	 	46	 
	SECTION 5.7. Existence

	 	 	46	 
	SECTION 5.8. Financial Covenants

	 	 	46	 
	SECTION 5.9. Restriction on Fundamental Changes

	 	 	47	 
	SECTION 5.10. Changes in Business

	 	 	48	 
	SECTION 5.11. EOPT Status

	 	 	48	 
	SECTION 5.12. Other Indebtedness

	 	 	49	 
	SECTION 5.13. Forward Equity Contracts

	 	 	50	 
	 
	 	 	 	 
	ARTICLE VI 

DEFAULTS

	 
	 	 	 	 
	SECTION 6.1. Events of Default

	 	 	50	 
	SECTION 6.2. Rights and Remedies

	 	 	53	 
	SECTION 6.3. Notice of Default

	 	 	53	 
	SECTION 6.4. Distribution of Proceeds after Default

	 	 	54	 
	 
	 	 	 	 
	ARTICLE VII 

THE AGENTS

	 
	 	 	 	 
	SECTION 7.1. Appointment and Authorization

	 	 	54	 
	SECTION 7.2. Agency and Affiliates

	 	 	54	 
	 
	 	 	 	 
	ii

 

 

	 	 	 	 	 
	SECTION 7.3. Action by Administrative Agent

	 	 	54	 
	SECTION 7.4. Consultation with Experts

	 	 	55	 
	SECTION 7.5. Liability of Administrative Agent

	 	 	55	 
	SECTION 7.6. Indemnification

	 	 	55	 
	SECTION 7.7. Credit Decision

	 	 	55	 
	SECTION 7.8. Successor Administrative Agent

	 	 	56	 
	SECTION 7.9. Consents and Approvals

	 	 	56	 
	 
	 	 	 	 
	ARTICLE VIII 

CHANGE IN CIRCUMSTANCES

	 
	 	 	 	 
	SECTION 8.1. Basis for Determining Interest Rate Inadequate or Unfair

	 	 	57	 
	SECTION 8.2. Illegality

	 	 	57	 
	SECTION 8.3. Increased Cost and Reduced Return

	 	 	58	 
	SECTION 8.4. Taxes

	 	 	60	 
	SECTION 8.5. Base Rate Loans Substituted for Affected Euro-Dollar Loans

	 	 	62	 
	 
	 	 	 	 
	ARTICLE IX 

MISCELLANEOUS

	 
	 	 	 	 
	SECTION 9.1. Notices

	 	 	63	 
	SECTION 9.2. No Waivers

	 	 	63	 
	SECTION 9.3. Expenses; Indemnification

	 	 	63	 
	SECTION 9.4. Sharing of Set-Offs

	 	 	65	 
	SECTION 9.5. Amendments and Waivers

	 	 	65	 
	SECTION 9.6. Successors and Assigns

	 	 	66	 
	SECTION 9.7. Collateral

	 	 	68	 
	SECTION 9.8. Governing Law; Submission to Jurisdiction

	 	 	68	 
	SECTION 9.9. Counterparts; Integration;. Effectiveness

	 	 	68	 
	SECTION 9.10. WAIVER OF JURY TRIAL

	 	 	69	 
	SECTION 9.11. Survival

	 	 	69	 
	SECTION 9.12. Domicile of Loans

	 	 	69	 
	SECTION 9.13. Limitation of Liability

	 	 	69	 
	SECTION 9.14. Recourse Obligation

	 	 	69	 
	SECTION 9.15. Confidentiality

	 	 	69	 
	SECTION 9.16. Bank’s Failure to Fund

	 	 	70	 
	SECTION 9.17. Banks’ ERISA Covenant

	 	 	75	 
	SECTION 9.18. Administrative Agent May File Proofs of Claim

	 	 	75	 
	SECTION 9.19. USA Patriot Act

	 	 	76	 
	SECTION 9.20. Public/Private Information

	 	 	76	 
	 
	 	 	 	 
	iii

 

 

	 	 	 	 	 
	SCHEDULE 1.1
	 	 	 	 
	SCHEDULE 4.4 (b)
	 	 	 	 
	SCHEDULE 5.11(c)(1)
	 	 	 	 
	SCHEDULE 5.11(c)(2)
	 	 	 	 
	SCHEDULE 5.11(c)(3)
	 	 	 	 
	 
	 	 	 	 
	EXHIBIT A - Form of Note
	 	 	 	 
	EXHIBIT B - Transfer Supplement
	 	 	 	 
	EXHIBIT C - Notice Addresses
	 	 	 	 
	 
	 	 	 	 
	iv

 

CREDIT AGREEMENT

     THIS CREDIT AGREEMENT (this “Agreement”), dated as of February 28, 2006, among EOP
OPERATING LIMITED PARTNERSHIP (the “Borrower”), the BANKS listed on the signature pages
hereof, MERRILL LYNCH BANK USA, as Administrative Agent, and MERRILL, LYNCH, PIERCE, FENNER & SMITH
INCORPORATED, as Sole Lead Arranger and Sole Bookrunner.

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

ARTICLE I

DEFINITIONS

          SECTION 1.1. Definitions. The following terms, as used herein, have the following
meanings:

          “Administrative Agent” shall mean Merrill Lynch Bank USA, in its capacity as Administrative
Agent hereunder, and its permitted successors in such capacity in accordance with the terms of this
Agreement.

          “Administrative Questionnaire” means with respect to each Bank, an administrative
questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative
Agent (with a copy to the Borrower) duly completed by such Bank.

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

          “Agent-Related Persons” means the Administrative Agent, together with its affiliates, and the
officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.

          “Agents” shall mean the Administrative Agent and the Lead Arranger, collectively.

          “Agreement” shall mean this Credit Agreement as the same may from time to time hereafter be
modified, supplemented or amended.

 

 

          “Applicable Interest Rate” means (i) with respect to any Fixed Rate Indebtedness, the fixed
interest rate applicable to such Fixed Rate Indebtedness at the time in question, and (ii) with
respect to any Floating Rate Indebtedness, either (x) the rate at which the interest rate
applicable to such Floating Rate Indebtedness is actually capped (or fixed pursuant to an interest
rate hedging device), at the time of calculation, if Borrower has entered into an interest rate cap
agreement or other interest rate hedging device with respect thereto or (y) if Borrower has not
entered into an interest rate cap agreement or other interest rate hedging device with respect to
such Floating Rate Indebtedness, the greater of (A) the rate at which the interest rate applicable
to such Floating Rate Indebtedness could be fixed for the remaining term of such Floating Rate
Indebtedness, at the time of calculation, by Borrower’s entering into any unsecured interest rate
hedging device either not requiring an upfront payment or if requiring an upfront payment, such
upfront payment shall be amortized over the term of such device and included in the calculation of
the interest rate (or, if such rate is incapable of being fixed by entering into an unsecured
interest rate hedging device at the time of calculation, a fixed rate equivalent reasonably
determined by Administrative Agent) or (B) the floating rate applicable to such Floating Rate
Indebtedness at the time in question.

          “Applicable Lending Office” means with respect to any Bank, (i) in the case of its Base Rate
Loans, its Domestic Lending Office, and (ii) in the case of its Euro-Dollar Loans, its Euro-Dollar
Lending Office.

          “Applicable Margin” means with respect to each Loan, the respective percentages per annum
determined, at any time, based on the range into which Borrower’s Credit Rating then falls, in
accordance with the table set forth below. Any change in Borrower’s Credit Rating causing it to
move to a different range on the table shall effect an immediate change in the Applicable Margin.
In the event that Borrower receives only two (2) Credit Ratings, and such Credit Ratings are not
equivalent, the Applicable Margin shall be determined by the lower of such two (2) Credit Ratings.
In the event that Borrower receives more than two (2) Credit Ratings, and such Credit Ratings are
not all equivalent, the Applicable Margin shall be determined by the higher of the ratings from S&P
and Moody’s; provided that the rating from one of the other Rating Agencies shall be at least
equivalent to such higher rating; provided, further, that if the rating from one of
the other Rating Agencies is not at least equivalent to the higher of the ratings from S&P and
Moody’s, then the Applicable Margin shall be determined by the second (2nd) highest Credit Rating.
In the event that only one of the Rating Agencies shall have set Borrower’s Credit Rating, then the
Applicable Margin shall be based on such rating only.

2

 

	 	 	 	 	 	 	 	 	 
	Range of	 	Applicable	 	 
	Borrower’s	 	Margin for	 	Applicable
	Credit Rating	 	Base Rate	 	Margin for Euro
	(S&P/Moody’s	 	Loans Dollar 	 	Loans
	Ratings)	 	(% per annum)	 	(%
per annum)
	Non-Investment Grade
	 	 	0.0	 	 	 	1.10	 
	BBB-/Baa3
	 	 	0.0	 	 	 	0.75	 
	BBB/Baa2
	 	 	0.0	 	 	 	0.55	 
	BBB+/Baa1
	 	 	0.0	 	 	 	0.45	 
	A-/A3 or better
	 	 	0.0	 	 	 	0.40	 

          “Assignee” has the meaning set forth in Section 9.6(c).

          “Authorized Officer” means any of Maureen Fear, Sarah Byrnes, Sheri Zinkovich, Erin Shumacher,
Patty Noftz, or any other officer of Borrower who Borrower shall notify the Administrative Agent is
an Authorized Officer.

          “Balance Sheet Indebtedness” means with respect to any Person and assuming such Person is
required to prepare financial statements in accordance with GAAP, without duplication, the
Indebtedness of such Person which would be required to be included on the liabilities side of the
balance sheet of such Person in accordance with GAAP. Notwithstanding the foregoing, Balance Sheet
Indebtedness shall include current liabilities and all guarantees of Indebtedness of any Person,
but shall exclude all accounts payable, accrued interest and expenses, prepaid rents, security
deposits, and other miscellaneous liabilities included under “other liabilities” as shown on
Borrower’s consolidated balance sheet, and dividend and distributions declared but not yet paid.

          “Balloon Payments” shall mean with respect to any loan constituting Balance Sheet
Indebtedness, any required principal payment of such loan which is either (i) payable at the
maturity of such Indebtedness or (ii) in an amount which exceeds fifteen percent (15%) of the
original principal amount of such loan; provided, however, that the final payment
of a fully amortizing loan shall not constitute a Balloon Payment.

          “Bank” means each entity (other than Borrower) listed on the signature pages hereof, each
Assignee which becomes a Bank pursuant to Section 9.6(c), and their respective successors.

3

 

          “Bankruptcy Code” shall mean Title 11 of the United States Code, entitled “Bankruptcy”, as
amended from time to time, and any successor statute or statutes.

          “Base Rate” means, for any day, a fluctuating rate per annum equal to the higher of (a) the
Federal Funds Rate plus 1⁄2 of 1% and (b) the rate of interest in effect for such day as published
from time to time by The Wall Street Journal as the “Prime Rate”.

          “Base Rate Loan” means a Loan to be made by a Bank as a Base Rate Loan in accordance with the
provisions of this Agreement.

          “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section
3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise
contributed to by any member of the ERISA Group.

          “Borrower” means EOP Operating Limited Partnership, a Delaware limited partnership.

          “Borrower’s Share” means Borrower’s and EOPT’s share of the liabilities or assets, as the case
may be, of an Investment Affiliate as reasonably determined by Borrower based upon Borrower’s or
EOPT’s economic interest in such Investment Affiliate, as of the date of such determination.

          “Borrowing” has the meaning set forth in Section 1.3.

          “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
are authorized by law to close (i) in New York City, and (ii) in the case of Euro-Dollar Loans, in
London, England and/or New York City.

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

          “Cash or Cash Equivalents” shall mean: (a) cash; (b) marketable direct obligations
issued or unconditionally guaranteed by the United States Government or issued by an agency thereof
and backed by the full faith and credit of the United States, in each case maturing within one (1)
year after the date of acquisition thereof; (c) marketable direct obligations issued by any state
of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within ninety (90) days after the date of acquisition thereof and,
at the time of acquisition, having one of the two highest ratings obtainable from any two of S&P,
Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then
from such other nationally recognized rating services acceptable to Administrative Agent ); (d)
domestic corporate bonds, other than domestic corporate bonds issued by Borrower or any of its
Affiliates, maturing no more than two (2) years after the date of acquisition thereof and, at the
time of acquisition, having a rating of at least A or the equivalent from any two (2) of S&P,

4

 

Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations,
then from such other nationally recognized rating services acceptable to Administrative Agent); (e)
variable-rate domestic corporate notes or medium term corporate notes, other than notes issued by
Borrower or any of its Affiliates, maturing or resetting no more than one (1) year after the date
of acquisition thereof and having a rating of at least AA or the equivalent from two of S&P,
Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then
from such other nationally recognized rating services acceptable to Administrative Agent); (f)
commercial paper (foreign and domestic) or master notes, other than commercial paper or master
notes issued by Borrower or any of its affiliates, and, at the time of acquisition, having a
long-term rating of at least A or the equivalent from S&P, Moody’s or Fitch and having a short-term
rating of at least A-1 and P-1 from S&P and Moody’s, respectively (or, if at any time neither S&P
nor Moody’s shall be rating such obligations, then the highest rating from such other nationally
recognized rating services acceptable to Administrative Agent); (g) domestic and foreign
certificates of deposit or domestic time deposits or foreign deposits or bankers’ acceptances
(foreign or domestic) in Dollars, Hong Kong Dollars, Singapore Dollars, British Pounds Sterling,
Euros, Japanese Yen or Australian Dollars that are issued by a bank (I) which has, at the time of
acquisition, a long-term rating of at least A or the equivalent from S&P, Moody’s or Fitch and (II)
if a domestic bank, which is a member of the Federal Deposit Insurance Corporation; and (h)
overnight securities repurchase agreements, or reverse repurchase agreements secured by any of the
foregoing types of securities or debt instruments, provided that the collateral supporting such
repurchase agreements shall have a value not less than 101% of the principal amount of the
repurchase agreement plus accrued interest; and money market funds invested in investments
substantially all of which consist of the items described in the foregoing clauses (a) through (h).

          “Cash Flow” means, for any period, EBITDA for such period, as adjusted for a normalized
recurring level of capital expenditures by Borrower for such period, which adjustment shall be at
the rate of Twenty cents ($0.20) per square foot per annum of office space occupied as of the
applicable date of determination for (i) all Office Properties of Borrower and Consolidated
Subsidiaries, and (ii) Borrower’s Share of each Office Property of an Investment Affiliate
(provided that, as to any Office Property acquired during such period such $0.20 per square foot
adjustment shall be pro-rated for the period of ownership).

          “CBD Properties” means real properties located in a “Central Business District”, as disclosed
in Borrower’s most recent supplemental securities disclosures.

          “Closing Date” means the date on which the conditions set forth in Section 3.1 shall have been
satisfied to the satisfaction of the Administrative Agent.

          “Code” shall mean the Internal Revenue Code of 1986, as amended, and as it may be further
amended from time to time, any successor statutes thereto, and applicable U.S. Department of
Treasury regulations issued pursuant thereto in temporary or final form.

          “Commitment” means with respect to each Bank, the amount set forth under the name of
such Bank on the signature pages hereof (and, for each Bank which is an Assignee, the

5

 

amount set forth in the Transfer Supplement entered into pursuant to Section 9.6(c) as the
Assignee’s Commitment), as such amount may be reduced from time to time pursuant to Section 2.11(c)
or in connection with an assignment to an Assignee.

          “Consolidated Subsidiary” means at any date any Subsidiary or other entity which is
consolidated with Borrower or EOPT in accordance with GAAP.

          “Contingent Obligation” as to any Person means, without duplication, (i) any contingent
obligation of such Person required to be shown on such Person’s balance sheet in accordance with
GAAP, and (ii) any obligation required to be disclosed in the footnotes to such Person’s financial
statements, guaranteeing partially or in whole any Non-Recourse Indebtedness, lease, dividend or
other obligation, exclusive of contractual indemnities (including, without limitation, any
indemnity or price-adjustment provision relating to the purchase or sale of securities or other
assets) and guarantees of non-monetary obligations (other than guarantees of completion) which have
not yet been called on or quantified, of such Person or of any other Person. The amount of any
Contingent Obligation described in clause (ii) shall be deemed to be (a) with respect to a guaranty
of interest or interest and principal, or operating income guaranty, the Net Present Value of the
sum of all payments required to be made thereunder (which in the case of an operating income
guaranty shall be deemed to be equal to the debt service for the note secured thereby), calculated
at the Applicable Interest Rate, through (i) in the case of an interest or interest and principal
guaranty, the stated date of maturity of the obligation (and commencing on the date interest could
first be payable thereunder), or (ii) in the case of an operating income guaranty, the date through
which such guaranty will remain in effect, and (b) with respect to all guarantees not covered by
the preceding clause (a), an amount equal to the stated or determinable amount of the primary
obligation in respect of which such guaranty is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof (assuming such Person is required to perform
thereunder) as recorded on the balance sheet and on the footnotes to the most recent financial
statements of Borrower required to be delivered pursuant to Section 5.1 hereof. Notwithstanding
anything contained herein to the contrary, guarantees of completion shall not be deemed to be
Contingent Obligations unless and until a claim for payment or performance has been made
thereunder, at which time any such guaranty of completion shall be deemed to be a Contingent
Obligation in an amount equal to any such claim. Subject to the preceding sentence, (i) in the
case of a joint and several guaranty given by such Person and another Person (but only to the
extent such guaranty is recourse, directly or indirectly to Borrower), the amount of the guaranty
shall be deemed to be 100% thereof unless and only to the extent that such other Person has
delivered Cash or Cash Equivalents to secure all or any part of such Person’s guaranteed
obligations and (ii) in the case of a guaranty (whether or not joint and several) of an obligation
otherwise constituting Indebtedness of such Person, the amount of such guaranty shall be deemed to
be only that amount in excess of the amount of the obligation constituting Indebtedness of such
Person. Notwithstanding anything contained herein to the contrary, “Contingent Obligations” shall
be deemed not to include guarantees of Unused Commitments or of construction loans to the extent
the same have not been drawn. All matters constituting “Contingent Obligations” shall be
calculated without duplication.

6

 

          “Convertible Securities” means evidences of shares of stock, limited or general partnership
interests or other ownership interests, warrants, options, or other rights or securities which are
convertible into or exchangeable for, with or without payment of additional consideration, common
shares of beneficial interest of EOPT or partnership interests of Borrower, as the case may be,
either immediately or upon the arrival of a specified date or the happening of a specified event.

          “Credit Rating” means the rating assigned by the Rating Agencies to Borrower’s senior
unsecured long term indebtedness.

          “Debt Restructuring” means a restatement of, or material change in, the amortization or other
financial terms of any Indebtedness of EOPT, the Borrower or any Subsidiary or Investment
Affiliate.

          “Debt Service” means, for any period and without duplication, Interest Expense for such period
plus scheduled principal amortization (excluding Balloon Payments) for such period on all Balance
Sheet Indebtedness of Borrower on a consolidated basis, plus Borrower’s Share of scheduled
principal amortization (excluding Balloon Payments) for such period on all Balance Sheet
Indebtedness of Investment Affiliates.

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

          “Default Rate” has the meaning set forth in Section 2.8(d).

          “Development Activity” means (a) the development and construction of office buildings
and parking facilities by the Borrower or any of its Financing Partnerships or Joint Venture
Subsidiaries excluding Unimproved Assets, (b) the financing by the Borrower or any of its Financing
Partnerships or Joint Venture Subsidiaries of any such development or construction and (c) the
incurrence by the Borrower or any of its Financing Partnerships or Joint Venture Subsidiaries of
any Contingent Obligations in connection with such development or construction (other than purchase
contracts for Real Property Assets which are not payable until after completion of development or
construction). For purposes of Section 5.8(j) hereof, the “value” of Development Activity shall
mean (i) in the case of the development and construction by the Borrower or any of its Financing
Partnerships described in clause (a) of this definition, the full cost budget to complete such
development and construction, (ii) in the case of the development and construction by a Joint
Venture Subsidiary of the Borrower described in clause (a) of this definition, an amount equal to
the product of (AA) the full cost budget to complete such development and construction, multiplied
by (BB) Borrower’s Share of such Joint Venture Subsidiary, (iii) in the case of the financing of
any development and construction by the Borrower or any of its Financing Partnerships described in
clause (b) of this definition, the amount the Borrower or any Financing Partnership has committed
to fund to pay the cost to complete such development and construction, (iv) in the case of the
financing of any development and construction by a Joint Venture Subsidiary of the Borrower
described in clause (b) of

7

 

this definition, an amount equal to the product of (AA) the amount such Joint Venture Subsidiary
has committed to fund to pay the cost to complete such development and construction, multiplied by
(B) Borrower’s Share of such Joint Venture Subsidiary, (v) in the case of the incurrence of any
Contingent Obligations in connection with any development and construction by the Borrower or any
of its Financing Partnerships described in clause (c) of this definition, the amount of such
Contingent Obligation of the Borrower or such Financing Partnership, (vi) in the case of the
incurrence of any Contingent Obligations in connection with any development and construction by a
Joint Venture Subsidiary of the Borrower described in clause (c) of this definition, an amount
equal to the product of (AA) the amount of such Contingent Obligation of such Joint Venture
Subsidiary, multiplied by (BB) Borrower’s Share of such Joint Venture Subsidiary.

          “Development Property(ies)” means any Real Property Asset (or, in the case of any Real
Property Asset being developed or redeveloped in phases, any phase thereof) under construction or
redevelopment (which shall be deemed to include the property commonly known as the Verizon Building
in New York City), until the earlier to occur of (a) the first day of the Fiscal Quarter
immediately succeeding the Fiscal Quarter in which the twelve (12) month anniversary of substantial
completion (which shall be deemed to be the date of the issuance of a certificate of occupancy for
the applicable Property) occurs, and (b) the first day of the Fiscal Quarter immediately succeeding
the Fiscal Quarter in which the applicable Property achieves an occupancy rate of not less than
93%.

          “Development Property Value” means an amount equal to the greater of (x) the aggregate amount
of the most recent quarter’s EBITDA with respect to such Development Property (or Borrower’s Share
thereof with respect to any Development Property owned by an Investment Affiliate) multiplied by
four, less $0.20 (or, in the case of Development Properties owned by an Investment Affiliate,
Borrower’s Share of $0.20) per square foot for occupied space for replacement reserves, divided by
a 7.50% capitalization rate for CBD Properties and an 8.75% capitalization rate for non-CBD
Properties, and (y) the undepreciated book value, determined in accordance with GAAP of such
Development Property (or Borrower’s Share thereof with respect to any Development Property owned by
an Investment Affiliate).

          “Dollars” and “$” means the lawful money of the United States.

          “Domestic Lending Office” means, as to each Bank, its office located at its address in the
United States set forth in its Administrative Questionnaire (or identified in its Administrative
Questionnaire as its Domestic Lending Office) or such other office as such Bank may hereafter
designate as its Domestic Lending Office by notice to the Borrower and the Administrative Agent.

          “EBITDA” means, for any period (i) Net Income for such period, plus (ii) depreciation
and amortization expense and other non-cash items deducted in the calculation of Net Income for
such period, plus (iii) Interest Expense deducted in the calculation of Net Income for such period,
plus (iv) Taxes (net of any Taxes actually paid to, or withheld by, any foreign
jurisdiction with respect to any Real Property Asset located outside of the United States)

8

 

deducted in the calculation of Net Income for such period, plus (v) Borrower’s Share of the
Investment Affiliate EBITDA for each Investment Affiliate, minus (vi) the gains (and plus the
losses) from extraordinary items or asset sales or write-ups or forgiveness of indebtedness
included (or deducted) in the calculation of Net Income for such period, all of the foregoing
without duplication.

          “Environmental Affiliate” means any partnership, joint venture, trust or corporation in which
an equity interest is owned directly or indirectly by the Borrower and, as a result of the
ownership of such equity interest, Borrower may have recourse liability for Environmental Claims
against such partnership, joint venture, trust or corporation (or the property thereof).

          “Environmental Claim” means, with respect to any Person, any notice, claim, demand or similar
communication (written or oral) by any other Person alleging potential liability of such Person for
investigatory costs, cleanup costs, governmental response costs, natural resources damage, property
damages, personal injuries, fines or penalties arising out of, based on or resulting from (i) the
presence, or release into the environment, of any Materials of Environmental Concern at any
location, whether or not owned by such Person or (ii) circumstances forming the basis of any
violation, or alleged violation, of any Environmental Law, in each case (with respect to both (i)
and (ii) above) as to which there is a reasonable possibility of an adverse determination with
respect thereto and which, if adversely determined, would have a Material Adverse Effect.

          “Environmental Laws” means any and all federal, state, and local statutes, laws, judicial
decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits,
concessions, grants, licenses, agreements and other governmental restrictions relating to the
environment, the effect of the environment on human health or to emissions, discharges or releases
of Materials of Environmental Concern into the environment including, without limitation, ambient
air, surface water, ground water, or land, or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Materials of
Environmental Concern or the clean up or other remediation thereof.

          “EOPT” means Equity Office Properties Trust, a Maryland real estate investment trust, the sole
managing general partner of the Borrower.

          “EOPT Guaranty” means the Guaranty of Payment, dated as of even date herewith, executed by and
between EOPT and Administrative Agent for the benefit of the Banks.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute.

          “ERISA Group” means the Borrower, any Subsidiary, EOPT and all members of a controlled
group of corporations and all trades or businesses (whether or not incorporated) under common
control and all members of an “affiliated service group” which, together with the

9

 

Borrower, any Subsidiary or EOPT, are treated as a single employer under Section 414 of the
Code or Section 4001(b)(1) of ERISA.

          “Euro-Dollar Borrowing” has the meaning set forth in Section 1.3.

          “Euro-Dollar Lending Office” means, as to each Bank, its office, branch or affiliate located
at its address set forth in its Administrative Questionnaire (or identified in its Administrative
Questionnaire as its Euro-Dollar Lending Office) or such other office, branch or affiliate of such
Bank as it may hereafter designate as its Euro-Dollar Lending Office by notice to the Borrower and
the Administrative Agent.

          “Euro-Dollar Loan” means a Loan to be made by a Bank as a Euro-Dollar Loan in accordance with
the applicable Notice of Borrowing.

          “Euro-Dollar Rate” means for any Interest Period with respect to any Euro-Dollar Loan, a rate
per annum determined by Administrative Agent pursuant to the following formula:

	 	 	 	 	 
	 

	 	 	 	          Euro-Dollar Base Rate
	 

	 	Euro-Dollar Rate =
	 	1.00 — Euro-Dollar Reserve Percentage

          Where,

          “Euro-Dollar Base Rate” means, for such Interest Period:

          (a) the rate per annum equal to the rate determined by the Administrative Agent to be the
offered rate that appears on the page of the Telerate screen (or any successor thereto) that
displays an average British Bankers Association Interest Settlement Rate for deposits in dollars
(for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the
first day of such Interest Period, or

          (b) if the rate referenced in the preceding clause (a) does not appear on such page or
service or such page or service shall not be available, the rate per annum equal to the rate that
appears on Reuters Screen LIBO Page as the London interbank offered rate for deposits in dollars
(for delivery on the first day of such Interest Period) with a term equivalent to such Interest
Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the
first day of such Interest Period; provided, however, if more than one rate is specified on Reuters
Screen LIBO page, the applicable rate shall be the arithmetic mean of all such rates, or

          (c) If the rates referenced in the preceding clauses (a) and (b) are not available, the rate
per annum published by The Wall Street Journal as the rate of interest at which deposits in dollars
for delivery on the first day of such Interest Period in same day funds in the approximate amount
of the Euro-Dollar Loan being made, continued or converted by the Banks, and with a
term equivalent to such Interest Period in the London interbank eurodollar market two (2)
Business Days prior to the first day of such Interest Period.

10

 

          “Euro-Dollar Reserve Percentage” means, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such
day, whether or not applicable to any Lender, under regulations issued from time to time by the
Federal Reserve Board for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently
referred to as “Eurocurrency liabilities”). The Euro-Dollar Rate for each outstanding Euro-Dollar
Loan shall be adjusted automatically as of the effective date of any change in the Euro-Dollar
Reserve Percentage.

          “Event of Default” has the meaning set forth in Section 6.1.

          “Existing Revolving Credit Facility” shall mean the revolving credit facility evidenced by
that certain Revolving Credit Agreement, dated as of August 4, 2005 (the “Existing Credit
Agreement”), among Borrower, the Banks listed therein, Banc of America Securities LLC and J.P.
Morgan Securities Inc., as Joint Lead Arrangers and Joint Bookrunners, Bank of America, N.A., as
Administrative Agent, JPMorgan Chase Bank, as Syndication Agent, The Bank of Nova Scotia, US Bank
National Association and Wachovia Bank National Association, as Documentation Agents and others
with respect to Borrower’s existing $1,250,000,000 revolving credit facility, as the same may be
amended, modified, supplemented or replaced from time to time.

          “Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, 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 (i) if such day is not a Business Day, the Federal Funds Rate for such day shall
be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (ii) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate quoted to the Administrative
Agent on such day on such transactions as determined by the Administrative Agent.

          “Federal Reserve Board” means the Board of Governors of the Federal Reserve System as
constituted from time to time.

          “Financing Partnerships” means any Subsidiary which is wholly-owned, directly or indirectly,
by Borrower or by Borrower and EOPT.

          “Fiscal Quarter” means a fiscal quarter of a Fiscal Year.

          “Fiscal Year” means the fiscal year of Borrower and EOPT.

          “Fitch” means Fitch, Inc., or any successor thereto.

11

 

          “Fixed Charges” for any Fiscal Quarter period means the sum of (i) Debt Service for
such period, (ii) dividends on preferred units payable by Borrower for such period, and (iii)
distributions made by Borrower in such period to EOPT for the purpose of paying dividends on
preferred shares in EOPT.

          “Fixed Rate Borrowing” has the meaning set forth in Section 1.3.

          “Fixed Rate Indebtedness” means all Indebtedness which accrues interest at a fixed rate.

          “Floating Rate Indebtedness” means all Indebtedness which is not Fixed Rate Indebtedness and
which is not a Contingent Obligation or an Unused Commitment.

          “GAAP” means generally accepted accounting principles recognized as such in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of Certified Public
Accountants and the Financial Accounting Standards Board or in such other statements by such other
entity as may be approved by a significant segment of the accounting profession, which are
applicable to the circumstances as of the date of determination.

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

          “Group of Loans” means, at any time, a group of Loans consisting of (i) all Loans which are
Base Rate Loans at such time, or (ii) all Euro-Dollar Loans having the same Interest Period at such
time; provided that, if a Loan of any particular Bank is converted to or made as a Base Rate Loan
pursuant to Section 8.2 or 8.5, such Loan shall be included in the same Group or Groups of Loans
from time to time as it would have been in if it had not been so converted or made.

          “Indebtedness” as applied to any Person (and without duplication), means (a) all
indebtedness, obligations or other liabilities of such Person for borrowed money, (b) all
indebtedness, obligations or other liabilities of such Person evidenced by Securities or other
similar instruments, (c) all Contingent Obligations of such Person, (d) all reimbursement
obligations and other liabilities of such Person with respect to letters of credit or banker’s
acceptances issued for such Person’s account or other similar instruments for which a contingent
liability exists, (e) all obligations of such Person to pay the deferred purchase price of Property
or services, (f) all obligations in respect of Capital Leases (including, without limitation,
ground leases to the extent such ground leases constitute Capital Leases) of such Person, (g) all
indebtedness obligations or other liabilities of such Person or others secured by a Lien on any
asset of such Person, whether or not such indebtedness, obligations or liabilities are assumed by,
or are a personal liability of such Person, (h) all indebtedness, obligations or other liabilities
(other than interest expense
liability) in respect of Interest Rate Contracts and foreign currency exchange agreements
(other than Interest Rate Contracts purchased to hedge Indebtedness), to the extent such
liabilities are

12

 

material and are reported or are required under GAAP to be reported by such Person
in its financial statements, (i) ERISA obligations currently due and payable and (j) all other
items which, in accordance with GAAP, would be included as liabilities on the liability side of the
balance sheet of such Person; exclusive, however, of all dividends and distributions declared but
not yet paid.

          “Indemnitee” has the meaning set forth in Section 9.3(b).

          “Initial Funding Date” means the date initial Loans are made in accordance with the provisions
of Section 3.1 hereof.

          “Interest Expense” means, for any period and without duplication, total interest expense,
whether paid, accrued or capitalized of Borrower, on a consolidated basis determined in accordance
with GAAP, plus Borrower’s Share of accrued, paid or capitalized interest with respect to any
Balance Sheet Indebtedness of Investment Affiliates (in each case, including, without limitation,
the interest component of Capital Leases but excluding interest expense covered by an interest
reserve established under a loan facility such as capitalized construction interest provided for in
a construction loan).

          “Interest Period” means: with respect to each Euro-Dollar Borrowing, the period commencing
on the date of such Borrowing specified in the Notice of Borrowing or on the date specified in the
applicable Notice of Interest Rate Election and ending 30, 60, 90, or 180 days thereafter (or any
other period less than 180 days with the reasonable approval of the Administrative Agent, unless
any Bank has previously advised Administrative Agent and Borrower that it is unable to enter into
Euro-Dollar Rate contracts for an Interest Period of the same duration), as the Borrower may elect
in the applicable Notice of Borrowing or Notice of Interest Rate Election; provided that:

     (a) any Interest Period which would otherwise end on a day which is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

     (b) any Interest Period which begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the
end of such Interest Period) shall end on the last Business Day of a calendar month; and

     (c) no Interest Period may end later than the Maturity Date.

          “Interest Rate Contracts” means, collectively, interest rate swap, collar, cap or similar
agreements providing interest rate protection.

13

 

          “Intracompany Indebtedness” means Indebtedness whose obligor and obligee are each the
Borrower, EOPT or a Consolidated Subsidiary.

          “Investment Affiliate” means any Person in whom EOPT or Borrower holds an equity interest,
directly or indirectly, whose financial results are not consolidated under GAAP with the financial
results of EOPT or Borrower on the consolidated financial statements of EOPT and Borrower.

          “Investment Affiliate EBITDA” means, for any period (i) the net earnings (or loss) of an
Investment Affiliate for such period calculated in conformity with GAAP, plus (ii) depreciation and
amortization expense and other non-cash items of such Investment Affiliate deducted in the
calculation of such net earnings (or loss) for such period, plus (iii) total interest expense,
whether paid, accrued or capitalized, of such Investment Affiliate deducted in the calculation of
such net earnings (or loss) for such period, plus (iv) Taxes of such Investment Affiliate deducted
in the calculation of such net earnings (or loss) for such period, minus (v) the gains (and plus
the losses) from extraordinary items or asset sales or write-ups or forgiveness of indebtedness
included (or deducted) in the calculation of Investment Affiliate Net Income for such period, all
of the foregoing without duplication.

          “Investment Grade Rating” means a rating for a Person’s senior long-term unsecured debt of
BBB- or better from S&P or a rating of Baa3 or better from Moody’s. In the event that Borrower
receives Credit Ratings only from S&P and Moody’s, and such Credit Ratings are not equivalent, the
lower of such two (2) Credit Ratings shall be used to determine whether an Investment Grade Rating
was achieved. In the event that Borrower receives more than two (2) Credit Ratings, and such
Credit Ratings are not all equivalent, the higher of the ratings from S&P and Moody’s shall be used
to determine whether an Investment Grade Rating was achieved, provided that the rating from one of
the other Rating Agencies shall be at least equivalent to such higher rating; provided,
further, that if the rating from one of the other Rating Agencies is not at least
equivalent to the higher of the ratings from S&P and Moody’s, then the second (2nd) highest Credit
Rating shall be used to determine whether an Investment Grade Rating was achieved.

          “Investment Mortgages” means mortgages securing indebtedness with respect to Office Properties
and Parking Properties directly or indirectly owed to Borrower or any of its Subsidiaries,
including, without limitation, certificates of interest in real estate mortgage investment
conduits.

          “Joint Venture Interests” means partnership, joint venture interests, membership or other
equity issued by any Person which is an Investment Affiliate that is not a Subsidiary.

          “Joint Venture Parent” means Borrower or one or more Financing Partnerships of Borrower which
directly owns any interest in a Joint Venture Subsidiary.

14

 

          “Joint Venture Subsidiary” means any entity (other than a Financing Partnership) in which (i)
a Joint Venture Parent owns at least 20% of the economic interests and (ii) the sale or financing
of any Property owned by such Joint Venture Subsidiary is substantially controlled by a Joint
Venture Parent, subject to customary provisions set forth in the organizational documents of such
Joint Venture Subsidiary with respect to refinancings or rights of first refusal granted to other
members of such Joint Venture Subsidiary. For purposes of the preceding sentence, the sale or
financing of a Property owned by a Joint Venture Subsidiary shall be deemed to be substantially
controlled by a Joint Venture Parent if such Joint Venture Parent has the ability to exercise a
buy-sell right in the event of a disagreement regarding the sale or financing of such Property. In
addition, the relationship of a Joint Venture Parent as a tenant in common in any asset with other
tenants in common in the same asset shall be treated as if such relationship were a general
partnership for purposes of this definition. In addition, for purposes of the definitions of
“Unencumbered Asset Value”, a Joint Venture Subsidiary shall be deemed to include any entity (other
than a Financing Partnership) in which a Qualified Joint Venture Partner owns the balance of the
interests.

          “Lead Arranger” means Merrill, Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as
sole lead arranger and sole bookrunners hereunder.

          “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind, or any other type of preferential arrangement, in each case that has
the effect of creating a security interest, in respect of such asset. For the purposes of this
Agreement, the Borrower or any Consolidated Subsidiary shall be deemed to own subject to a Lien any
asset which it has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, capital lease or other title retention agreement relating to such
asset.

          “Loan” means a loan made by a Bank pursuant to Section 2.1; provided that, if any such loan or
loans (or portions thereof) are combined or subdivided pursuant to a Notice of Interest Rate
Election, the term “Loan” shall refer to the combined principal amount resulting from such
combination or to each of the separate principal amounts resulting from such subdivision, as the
case may be; a Loan may be a Base Rate Loan or a Euro-Dollar Loan and Loans may be Base Rate Loans
or Euro-Dollar Loans or any combination of the foregoing.

          “Loan Documents” means this Agreement, the Notes and the EOPT Guaranty

          “Majority Banks” means at any time Banks having at least 51% of the aggregate amount of the
Commitments, or if the Commitments shall have been terminated, holding Notes evidencing at least
51% of the aggregate unpaid principal amount of the Loans.

          “Management/Development Fee Value” means an amount equal to the quotient of all third party
management and development fees for any period, divided by a 20% capitalization rate.

15

 

          “Material Adverse Effect” means an effect resulting from any circumstance or event or series
of circumstances or events, of whatever nature (but excluding general economic conditions), which
does or could reasonably be expected to, materially and adversely (i) impair the ability of EOPT,
the Borrower and their Consolidated Subsidiaries, taken as a whole, to perform their respective
obligations under the Loan Documents, or (ii) the ability of Administrative Agent or the Banks to
enforce the Loan Documents.

          “Material Plan” means at any time a Plan or Plans having aggregate unfunded liabilities in
excess of $5,000,000.

          “Materials of Environmental Concern” means all substances defined as Hazardous
Substances, Oils, Pollutants or Contaminants in the National Oil and Hazardous Substances Pollution
Contingency Plan, 40 C.F.R. § 300.5, toxic mold, or defined as such by, or regulated as such
under, any Environmental Law.

          “Maturity Date” shall mean February 27, 2007.

          “Moody’s” means Moody’s Investors Services, Inc. or any successor thereto.

          “Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of
Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an
obligation to make contributions or has at any time after September 25, 1980 made contributions or
has been required to make contributions (for these purposes any Person which ceased to be a member
of the ERISA Group after September 25, 1980 will be treated as a member of the ERISA Group).

          “Negative Pledge” means, with respect to any Property, any covenant, condition, or other
restriction entered into by the owner of such Property or directly binding on such Property which
prohibits or limits the creation or assumption of any Lien upon such Property to secure any or all
of the Obligations; provided, however, that such term shall not include (a) any covenant, condition
or restriction contained in any ground lease from a Governmental Authority, (b) any financial
covenant (such as a limitation on secured indebtedness) given for the benefit of any Person that
may be violated by the granting of any Lien on any Property to secure any or all of the
Obligations, or (c) any covenant under the Existing Revolving Credit Agreement.

          “Net Income” means, for any period, the net earnings (or loss) after Taxes of any Person, on a
consolidated basis, before the deduction of minority interests and before the deduction of payment
of any preferred dividends, for such period calculated in conformity with GAAP.

          “Net Price” means, with respect to the purchase of any Property, without duplication,
(i) the aggregate purchase price paid as cash consideration for such purchase (without adjustment
for prorations), including, without limitation, the principal amount of any note

16

 

received or other deferred payment to be made in connection with such purchase (except as
described in clause (ii) below) and the value of any non-cash consideration delivered in connection
with such purchase (including, without limitation, shares or preferred shares of beneficial
interest in EOPT and OP Units or Preferred OP Units (as defined in Borrower’s partnership
agreement)) and any amount properly capitalized under GAAP, plus (ii) reasonable costs of purchase
and non-recurring taxes paid or payable in connection with such purchase, plus (iii) tenant
improvement expenses for new leases, leasing commissions to third party brokers, and other cash
expenditures for capital improvements paid or payable in connection with such Property.

          “Net Present Value” shall mean, as to a specified or ascertainable dollar amount, the present
value, as of the date of calculation of any such amount using a discount rate equal to the Base
Rate in effect as of the date of such calculation.

          “Non-Recourse Indebtedness” means Indebtedness with respect to which recourse for payment is
limited to (i) specific assets related to a particular Property or group of Properties encumbered
by a Lien securing such Indebtedness or (ii) any Subsidiary or Investment Affiliate (provided that
if a Subsidiary is a partnership, there is no recourse to Borrower or EOPT as a general partner of
such partnership); provided, however, that personal recourse of Borrower or EOPT for any such
Indebtedness for fraud, misrepresentation, misapplication of cash, waste, environmental claims and
liabilities and other circumstances customarily excluded by institutional lenders from exculpation
provisions and/or included in separate indemnification agreements in non-recourse financing of real
estate shall not, by itself, prevent such Indebtedness from being characterized as Non-Recourse
Indebtedness.

          “Notes” means the promissory notes of the Borrower, substantially in the form of Exhibit A
hereto, evidencing the obligation of the Borrower to repay the Loans, and “Note” means any one of
such promissory notes issued hereunder.

          “Notice of Borrowing” means a notice from Borrower, signed by an Authorized Officer in
accordance with Section 2.2.

          “Notice of Interest Rate Election” has the meaning set forth in Section 2.7.

          “Obligations” means all obligations, liabilities, indemnity obligations and Indebtedness of
every nature of the Borrower, from time to time owing to Administrative Agent or any Bank under or
in connection with this Agreement or any other Loan Document.

          “Office Property” means any Property which constitutes primarily commercial office space other
than a Parking Property.

          “Parking Property” means any Property which is primarily used for parking.

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

17

 

          “Participant” has the meaning set forth in Section 9.6(b).

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

          “Permitted Holdings” means Unimproved Assets, Development Activity, Joint Venture Interests,
Investment Mortgages, Securities and Properties which constitute primarily warehouse distribution
facilities, but only to the extent permitted in Section 5.8.

          “Permitted Liens” means:

     a. Liens for Taxes, assessments or other governmental charges not yet due and payable
or which are being contested in good faith by appropriate proceedings promptly instituted
and diligently conducted in accordance with the terms hereof;

     b. statutory liens of carriers, warehousemen, mechanics, materialmen and other similar
liens imposed by law, which are incurred in the ordinary course of business for sums not
more than sixty (60) days delinquent or which are being contested in good faith in
accordance with the terms hereof;

     c. deposits made in the ordinary course of business in connection with worker’s
compensation, unemployment insurance and other social security legislation or to secure
liabilities to insurance carriers;

     d. utility deposits and other deposits to secure the performance of bids, trade
contracts (other than for borrowed money), leases, purchase contracts, construction
contracts, governmental contracts, statutory obligations, surety bonds, performance bonds
and other obligations of a like nature incurred in the ordinary course of business;

     e. Liens for purchase money obligations for equipment (or Liens to secure Indebtedness
incurred within 90 days after the purchase of any equipment to pay all or a portion of the
purchase price thereof or to secure Indebtedness incurred solely for the purpose of
financing the acquisition of any such equipment, or extensions, renewals, or replacements of
any of the foregoing for the same or lesser amount); provided that (i) the Indebtedness
secured by any such Lien does not exceed the purchase price of such equipment, (ii) any such
Lien encumbers only the asset so purchased and the proceeds upon sale, disposition, loss or
destruction thereof, and (iii) such Lien, after giving effect to the Indebtedness secured
thereby, does not give rise to an Event of Default;

     f. easements, rights-of-way, zoning restrictions, other similar charges or
encumbrances and all other items listed on Schedule B to Borrower’s owner’s title insurance
policies, except in connection with any Indebtedness, for any of Borrower’s Real Property
Assets, so long as the foregoing do not interfere in any material respect

18

 

with the use or
ordinary conduct of the business of Borrower and do not diminish in any material respect the
value of the Property to which it is attached or for which it is listed;

     g. Liens and judgments (i) which have been or will be bonded (and the Lien on any cash
or securities serving as security for such bond) or released of record within thirty (30)
days after the date such Lien or judgment is entered or filed against EOPT, Borrower, or any
Subsidiary, or (ii) which are being contested in good faith by appropriate proceedings for
review and in which respect of which there shall have been secured a subsisting stay of
execution pending such appeal or proceedings and with respect to which reasonable reserves
have been established by EOPT, Borrower or such Subsidiary, as the case may be;

     h. Liens on Property of the Borrower or its Subsidiaries (other than Qualifying
Unencumbered Property) securing Indebtedness which may be incurred or remain outstanding
without resulting in an Event of Default hereunder; and

     i. Liens in favor of Borrower against any asset of any Financing Partnership or Joint
Venture Subsidiaries.

          “Person” means an individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity or organization, including, without limitation, a
government or political subdivision or an agency or instrumentality thereof.

          “Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan)
which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412
of the Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for
employees of any member of the ERISA Group or (ii) has at any time within the preceding five years
been maintained, or contributed to, by any Person which was at such time a member of the ERISA
Group for employees of any Person which was at such time a member of the ERISA Group.

          “Prime Rate” means the rate of interest in effect for such day as published from time to time
by The Wall Street Journal as the “Prime Rate”.

          “Pro Rata Share” means, with respect to any Bank, a fraction (expressed as a percentage), the
numerator of which shall be the amount of such Bank’s Commitment and the denominator of which shall
be the aggregate amount of all of the Banks’ Commitments, as adjusted from time to time in
accordance with the provisions of this Agreement.

          “Property” means, with respect to any Person, any real or personal property, building,
facility, structure, equipment or unit, or other asset owned by such Person.

          “Qualified Institution” means a Bank, or one or more banks, finance companies, insurance or
other financial institutions which (A) has (or, in the case of a bank or other financial

19

 

institution which is a subsidiary, such bank’s or financial institution’s parent has) a rating of
its senior unsecured debt obligations of not less than Baa-1 by Moody’s or a comparable rating by a
rating agency acceptable to Administrative Agent and (B) has total assets in excess of Ten Billion
Dollars ($10,000,000,000).

          “Qualified Joint Venture Partner” means (a) pension funds, insurance companies, banks,
investment banks or similar institutional entities, each with significant experience in making
investments in commercial real estate, and (b) commercial real estate companies of similar quality
and experience.

          “Qualifying Unencumbered Property” means any Property (excluding Unimproved Assets) from time
to time which (i) is an operating Office Property or Parking Property or constitutes primarily a
warehouse distribution facility wholly-owned (directly or beneficially) by Borrower, a Financing
Partnership or a Joint Venture Subsidiary, (ii) is not subject (nor are any equity interests in
such Property that are owned directly or indirectly by Borrower, EOPT or any Joint Venture Parent
subject) to a Lien which secures Indebtedness of any Person other than Permitted Liens, and (iii)
is not subject (nor are any equity interests in such Property that are owned directly or indirectly
by Borrower, EOPT or any Joint Venture Parent subject) to any Negative Pledge. In addition, in the
case of any Property that is owned by a Subsidiary of Borrower and/or EOPT, no such Property shall
constitute Qualifying Unencumbered Property during any period of time that such Subsidiary is in
default beyond the expiration of any applicable grace or cure period in the payment of any
Indebtedness of such Subsidiary for borrowed money (other than Indebtedness with respect to which
recourse for payment is limited to (i) specific assets related to a particular Property or group of
Properties encumbered by a Lien securing such Indebtedness, which Properties, in any event, do not
constitute Qualifying Unencumbered Properties, or (ii) any subsidiary of such Subsidiary (provided
that if such subsidiary of such Subsidiary is a partnership, there is no recourse to such
Subsidiary as a general partner of such partnership); provided, however, that
personal recourse of such Subsidiary for any such Indebtedness for fraud, misrepresentation,
misapplication of cash, waste, environmental claims and liabilities and other circumstances
customarily excluded by institutional lenders from exculpation provisions and/or included in
separate indemnification agreements in non-recourse financing of real estate (each, a “Recourse
Carveout Event”) shall not, by itself, cause such Indebtedness to be characterized as
Indebtedness with respect to which recourse for payment is not limited as described in clauses (i)
or (ii) above; unless, as a result of the occurrence of a Recourse Carveout Event, such
Indebtedness becomes a recourse obligation of such Subsidiary).

          “Rating Agencies” means, collectively, S&P, Moody’s and Fitch.

          “Real Property Assets” means as to any Person as of any time, the real property assets
(including, without limitation, interests in participating mortgages in which such Person’s
interest therein is characterized as equity according to GAAP) owned directly or indirectly by such
Person at such time.

          “Recourse Debt” shall mean Indebtedness that is not Non-Recourse Indebtedness.

20

 

          “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve
System, as in effect from time to time.

          “REIT” means a real estate investment trust, as defined under Section 856 of the Code.

          “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
or any successor thereto.

          “Secured Debt” means Indebtedness (but excluding Intracompany Indebtedness), the payment of
which is secured by a Lien (other than a Permitted Lien, except for those Permitted Liens described
in clauses (d) and (g) of the definition thereof) on any Property owned or leased by EOPT,
Borrower, or any Consolidated Subsidiary plus Borrower’s Share of Indebtedness (but excluding
Intracompany Indebtedness), the payment of which is secured by a Lien (other than a Permitted Lien,
except for those Permitted Liens described in clauses (d) and (g) of the definition thereof) on any
Property owned or leased by any Investment Affiliate.

          “Securities” means any stock, partnership interests, shares, shares of beneficial interest,
voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or
unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as
“securities,” or any certificates of interest, shares, or participations in temporary or interim
certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire
any of the foregoing, but shall not include Joint Venture Interests, Investment Mortgages, any
interest in any Subsidiary of EOPT or Borrower, any interest in a Taxable REIT Subsidiary, any
Indebtedness which would not be required to be included on the liabilities side of the balance
sheet of EOPT or Borrower in accordance with GAAP, any Cash or Cash Equivalents or any evidence of
the Obligations.

          “Solvent” means, with respect to any Person, that the fair saleable value of such Person’s
assets exceeds the Indebtedness of such Person.

          “Subsidiary” means any corporation or other entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions are at the time directly or indirectly owned by the Borrower
or EOPT.

          “Taxes” means all federal, state, local and foreign income and gross receipts taxes.

          “Term” has the meaning set forth in Section 2.10(a).

          “Termination Event” shall mean (i) a “reportable event”, as such term is described in
Section 4043 of ERISA (other than a “reportable event” not subject to the provision for 30-day
notice to the PBGC), or an event described in Section 4062(e) of ERISA, (ii) the withdrawal by any
member of the ERISA Group from a Multiemployer Plan during a plan year in which it is a

21

 

“substantial employer” (as defined in Section 4001(a)(2) of ERISA), or the incurrence of liability
by any member of the ERISA Group under Section 4064 of ERISA upon the termination of a

Multiemployer Plan, (iii) the filing of a notice of intent to terminate any Plan under Section
4041 of ERISA, other than in a standard termination within the meaning of Section 4041 of ERISA, or
the treatment of a Plan amendment as a distress termination under Section 4041 of ERISA, (iv) the
institution by the PBGC of proceedings to terminate, impose liability (other than for premiums
under Section 4007 of ERISA) in respect of, or cause a trustee to be appointed to administer, any
Plan or (v) any other event or condition that might reasonably constitute grounds for the
termination of, or the appointment of a trustee to administer, any Plan or the imposition of any
liability or encumbrance or Lien on the Real Property Assets or any member of the ERISA Group under
ERISA or the Code.

          “Total Asset Value“means, with respect to Borrower and without duplication, (i) for any
Properties (other than Unimproved Assets and Development Properties) owned by Borrower, any
Consolidated Subsidiary or Investment Affiliate which was neither acquired nor disposed of by
Borrower, a Consolidated Subsidiary or an Investment Affiliate in the Fiscal Quarter most recently
ended, exclusive of Properties, if any, that shall have produced a negative EBITDA for the
applicable period, the quotient obtained by dividing (a) (x) EBITDA attributable to such Properties
for the Fiscal Quarter most recently ended multiplied by four (4) less (y) $0.20 (or, in the case
of Office Properties owned by an Investment Affiliate, Borrower’s Share of $0.20) per square foot
of occupied office space within such Properties which are Office Properties, by (b) 0.0750 for CBD
Properties, or 0.0875 for non-CBD Properties, plus (ii) for any Property which was acquired by
Borrower or a Consolidated Subsidiary in the Fiscal Quarter most recently ended, the Net Price of
the Property paid by Borrower or the Consolidated Subsidiary for such Property, plus (iii) for any
Property which was acquired by an Investment Affiliate in the Fiscal Quarter most recently ended,
Borrower’s Share of the Net Price of the Property paid by such Investment Affiliate for such
Property, plus (iv) the value of any Cash or Cash Equivalent owned by Borrower (including Cash or
Cash equivalents in restricted Code Section 1031 accounts under the control of Borrower or any
Consolidated Subsidiary and Borrower’s Share of any Cash or Cash equivalents in restricted Code
Section 1031 accounts under the control of any Investment Affiliate), plus (v) the value of any
Unimproved Assets and any other tangible assets of Borrower or its Consolidated Subsidiaries
(including foreign currency exchange agreements, to the extent such agreements are material and are
reported or are required under GAAP to be reported by the Borrower or its Consolidated Subsidiaries
in their financial statements), as measured on a GAAP basis, plus (vi) Borrower’s Share of the
value of any Unimproved Assets and any other tangible assets of any Investment Affiliate as
measured on a GAAP basis, plus (vii) the Development Property Value of Development Properties of
Borrower or its Consolidated Subsidiaries, plus (viii) the Borrower’s Share of the Development
Property Value of Development Properties of any Investment Affiliate. Anything in the foregoing to
the contrary notwithstanding, in the event that Borrower, a Consolidated Subsidiary or an
Investment Affiliate disposes (for purposes of this definition of “Total Asset Value”, each, a
“Disposition”) of (x) an interest in any Property (which was not acquired during the Fiscal Quarter
most recently ended), (y) a direct or indirect interest in the owner of any such Property or (z)
any such Property in such a manner that results in Borrower, a Consolidated Subsidiary or an
Investment Affiliate holding

22

 

an interest in such Property or the owner of such Property, then, for
purposes of the foregoing calculation of Total Asset Value, such Property shall be treated as
follows:

          (A) if, following a Disposition, the Property or an undivided interest in the Property
is owned by Borrower or a Consolidated Subsidiary, then such Property or undivided interest
shall be treated as if Borrower or such Consolidated Subsidiary had owned such Property or
such undivided interest in the Property for the entire Fiscal Quarter most recently ended;

          (B) if, following a Disposition, the Property or an undivided interest in the Property
is owned by an Investment Affiliate, then such Property or undivided interest shall be
treated as if such Investment Affiliate had owned such Property or undivided interest for
the entire Fiscal Quarter most recently ended; and

          (C) and no such Property or undivided interest therein will be treated as having been
disposed of or acquired in such Fiscal Quarter.

          “Total Liabilities” means, as of the date of determination and without duplication, all
Balance Sheet Indebtedness of Borrower, on a consolidated basis, plus Borrower’s Share of all
Balance Sheet Indebtedness of Investment Affiliates.

          “Unencumbered Asset Value” means the sum of (i) all Cash and Cash Equivalents of the
Borrower, all Financing Partnerships and Joint Venture Subsidiaries which are not subject to any
pledge, negative pledge, encumbrance, hypothecation or other restriction (provided that in the case
of Cash and Cash Equivalents of any Joint Venture Subsidiary which is not a Consolidated
Subsidiary, the amount of Cash and Cash Equivalents attributable to such Joint Venture Subsidiary
shall be reduced to a percentage equal to the Borrower’s percentage ownership interest (whether
direct or indirect) in such Joint Venture Subsidiary)(including Cash or Cash Equivalents in
restricted Code Section 1031 accounts under the control of Borrower or any Consolidated Subsidiary
and Borrower’s Share of any Cash or Cash equivalents in restricted Code Section 1031 accounts under
the control of any Investment Affiliate, plus (ii) for any Qualifying Unencumbered Properties which
were neither acquired or disposed of by Borrower, a Financing Partnership or a Joint Venture
Subsidiary in the Fiscal Quarter most recently ended exclusive of Qualifying Unencumbered
Properties, if any, that shall have produced a negative EBITDA for the applicable period, the
quotient of (a) (x) the aggregate EBITDA for such Fiscal Quarter attributable to such Qualifying
Unencumbered Properties for the Fiscal Quarter most recently ended multiplied by four (4) less (y)
$0.20 (or, in the case of Qualifying Unencumbered Properties owned by an Investment Affiliate,
Borrower’s Share of $0.20) per square foot of occupied office space within such Qualifying
Unencumbered Properties which are Office Properties, and less (z) in the case of any Qualifying
Unencumbered Property located outside of the United States, an amount equal to the applicable
withholding taxes imposed by any foreign jurisdiction applicable to the EBITDA attributable to any
such Qualifying Unencumbered Property for the applicable period, divided by (b) .0750 for CBD
Properties, or 0.0875 for non-CBD Properties, plus (iii) for all Qualifying Unencumbered Properties
owned (directly or beneficially) by Borrower, any

23

 

Financing Partnership or any Joint Venture
Subsidiary which were acquired (directly or indirectly) by the Borrower, any Financing Partnership
or any Joint Venture Subsidiary during the Fiscal Quarter most recently ended, the aggregate Net
Price of such Qualifying Unencumbered Properties paid by Borrower or its
Affiliates for such Qualifying Unencumbered Properties, plus (iv) the book value, determined
in accordance with GAAP, of Unimproved Assets, readily marketable securities and mortgage
receivables, plus the Development Property Value of any Qualifying Unencumbered Properties which
are Development Properties, plus the Management/Development Fee Value of any third party management
and development fees; provided, however, that, unless otherwise approved by the
Majority Banks, (aa) in the event any such Qualifying Unencumbered Property is owned by a Joint
Venture Subsidiary which is not a Consolidated Subsidiary, the amount of the EBITDA attributable to
such Qualifying Unencumbered Property for purposes of clause (i) above and the Net Price of such
Qualifying Unencumbered Property for the purposes of clause (iii) above shall be reduced to a
percentage equal to the Borrower’s percentage ownership interest (whether direct or indirect) in
such Joint Venture Subsidiary, (bb) the portion of the aggregate amount of the Unencumbered Asset
Value attributable to Qualifying Unencumbered Properties that are Qualifying Unencumbered
Properties owned by Joint Venture Subsidiaries (after first taking into account the adjustment
provided in clause (aa) of this proviso) which would cause such aggregate amount to exceed
thirty-five percent (35%) of the total Unencumbered Asset Value at such time (after making all
adjustments required by this proviso) will be disregarded in determining Unencumbered Asset Value,
(cc) the portion of the amount of the Unencumbered Asset Value attributable to all Qualifying
Unencumbered Property located outside of the United States (after first taking into account the
adjustment provided in clause (aa) of this proviso) which would cause such amount to exceed ten
percent (10%) of the total Unencumbered Asset Value at such time (after making all adjustments
required by this proviso) will be disregarded in determining Unencumbered Asset Value, (dd) the
portion of the amount of the Unencumbered Asset Value attributable to Unimproved Assets, readily
marketable securities and mortgage receivables, the Development Property Value of any Qualifying
Unencumbered Properties which are Development Properties, plus the Management/Development Fee Value
of any third party management and development fees which would cause such amount to exceed thirty
percent (30%) of the total Unencumbered Asset Value at such time (after making all adjustments
required by this proviso) will be disregarded in determining Unencumbered Asset Value, and (ee) the
portion of the amount of the Unencumbered Asset Value attributable to the Management/Development
Fee Value of any third party management and development fees which would cause such amount to
exceed five percent (5%) of the total Unencumbered Asset Value at such time (after making all
adjustments required by this proviso) will be disregarded in determining Unencumbered Asset Value.
Anything in the foregoing to the contrary notwithstanding, in the event that Borrower, a Financing
Partnership or a Joint Venture Subsidiary disposes (for purposes of this definition of
“Unencumbered Asset Value”, each, a “Disposition”) of (x) an interest in any Qualified Unencumbered
Property (which was not acquired during the Fiscal Quarter most recently ended), (y) a direct or
indirect interest in the owner of any such Property or (z) any such Property in such a manner that
results in Borrower holding a direct or indirect interest in such Property or the owner of such
Property, then, for purposes of the foregoing calculation of Unencumbered Asset Value, such
Property shall be treated as follows:

24

 

          (A) if, following a Disposition, an undivided interest in the Property is owned
by Borrower or a Financing Partnership, then such undivided interest shall be treated as if
Borrower or such Financing Partnership had owned such undivided interest in the Property for
the entire Fiscal Quarter most recently ended;

          (B) if, following a Disposition, the Property or an undivided interest in the Property
is owned by a Joint Venture Subsidiary, then such Property or undivided interest shall be
treated as if such Joint Venture Subsidiary had owned such Property for the entire Fiscal
Quarter most recently ended; and

          (C) and no such Property or undivided interest therein will be treated as having been
disposed of or acquired in such Fiscal Quarter.

          “Unimproved Assets” means Real Property Assets (or, in the case of any Real Property Assets to
be developed in phases, any phase thereof) containing no material improvements other than
infrastructure improvements such as roads, utility feeder lines and the like.

          “United States” means the United States of America, including the fifty states and the
District of Columbia.

          “Unsecured Debt” means the amount of Indebtedness (excluding Intracompany Indebtedness) for
borrowed money of EOPT Borrower and any Financing Partnership which is not Secured Debt, including,
without limitation, the amount of all then outstanding Loans, plus, for the purpose of calculating
the ratio of outstanding Unsecured Debt to Unencumbered Asset Value, an amount equal to the
Borrower’s percentage ownership interest (whether direct or indirect) in each Joint Venture
Subsidiary which is not a Consolidated Subsidiary times any Indebtedness (excluding Intracompany
Indebtedness) for borrowed money of such Joint Venture Subsidiary which is not Secured Debt.

          “Unused Commitments” shall mean an amount equal to all unadvanced funds (other than unadvanced
funds in connection with any construction loan) which any third party is obligated to advance to
Borrower or another Person or otherwise pursuant to any loan document, written instrument or
otherwise.

          SECTION 1.2. Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be
interpreted, all accounting determinations hereunder shall be made, and all financial statements
required to be delivered hereunder shall be prepared in accordance with GAAP applied on a basis
consistent (except for changes concurred in by the Borrower’s independent public accountants) with
the most recent audited consolidated financial statements of the Borrower and its Consolidated
Subsidiaries delivered to the Administrative Agent; provided that for purposes of references to the
financial results and information of “EOPT, on a consolidated basis,” EOPT shall be deemed to own
one hundred percent (100%) of the partnership interests in Borrower; and provided further that, if
the Borrower notifies the Administrative Agent that the Borrower wishes to amend any covenant in

25

 

Article V to eliminate the effect of any change in GAAP on the operation of such covenant (or if
the Administrative Agent notifies the Borrower that the Majority Banks wish to amend Article V for
such purpose), then the Borrower’s compliance with such covenant shall be determined on the basis
of GAAP in effect immediately before the relevant change in GAAP became effective, until either
such notice is withdrawn or such covenant is amended in a manner reasonably satisfactory to the
Borrower and the Majority Banks.

          SECTION 1.3. Types of Borrowings. The term
“Borrowing” denotes the aggregation of Loans of one or more Banks to be made to the Borrower
pursuant to Article 2 on the same date, all of which Loans are of the same type (subject to Article
8) and, except in the case of Base Rate Loans, have the same initial Interest Period. Borrowings
are classified for purposes of this Agreement either by reference to the pricing of Loans
comprising such Borrowing (e.g., a “Fixed Rate Borrowing” is a Euro-Dollar Borrowing, and a
“Euro-Dollar Borrowing” is a Borrowing comprised of Euro-Dollar Loans) or by reference to the
provisions of Article 2 under which participation therein is determined (i.e., a
“Borrowing” is a Borrowing under Section 2.1 in which all Banks participate in proportion to their
Commitments.

ARTICLE II

THE CREDITS

          SECTION 2.1. Commitments to Lend. Each Bank
severally agrees, on the terms and conditions set forth in this Agreement, to make Loans to the
Borrower pursuant to this Article in amounts such that the aggregate principal amount of Loans by
such Bank at any one time outstanding shall not exceed the amount of its Commitment. Any amounts
repaid may not be reborrowed.

          SECTION 2.2. Notice of Borrowing. With respect to
the initial Borrowing (which shall be the only Borrowing), the Borrower shall give Administrative
Agent notice not later than 12:00 noon (New York City time) (x) one Business Day before a Base Rate
Borrowing, or (y) three Business Days before a Euro-Dollar Borrowing, specifying:

     (i) the date of such Borrowing, which shall be a Business Day in the case of a Base
Rate Borrowing or a Business Day in the case of a Euro-Dollar Borrowing,

     (ii) the aggregate amount of such Borrowing which, together with any other Borrowings
made simultaneously therewith, shall equal the aggregate amount of the Commitments,

     (iii) whether the Loans comprising such Borrowing are to be Base Rate Loans or
Euro-Dollar Loans, and

26

 

     (iv) in the case of a Euro-Dollar Borrowing, the duration of the Interest Period
applicable thereto, subject to the provisions of the definition of Interest Period.

          SECTION 2.3. Intentionally Omitted.

          SECTION 2.4. Intentionally Omitted.

          SECTION 2.5. Notice to Banks; Funding of Loans.

          (a) Upon receipt of the Notice of Borrowing from Borrower in accordance with Section 2.2
hereof, the Administrative Agent shall, on the date such Notice of Borrowing is received by the
Administrative Agent, notify each Bank of the contents thereof and of such Bank’s share of such
Borrowing, of the interest rate determined pursuant thereto and the Interest Period(s) (if
different from those requested by the Borrower) and such Notice of Borrowing shall not thereafter
be revocable by the Borrower, unless Borrower shall pay any applicable expenses pursuant to Section
2.13.

          (b) Not later than 1:00 p.m. (New York City time) on the date of each Borrowing as indicated in
the Notice of Borrowing, each Bank shall (except as provided in subsection (d) of this Section)
make available its share of such Borrowing in Federal funds immediately available in New York City,
to the Administrative Agent at its address referred to in Section 9.1.

          (c) Intentionally Omitted.

          (d) Unless the Administrative Agent shall have received notice from a Bank prior to the
time of any Borrowing that such Bank will not make available to the Administrative Agent such
Bank’s share of such Borrowing, the Administrative Agent may assume that such Bank has made such
share available to the Administrative Agent on the date of such Borrowing in accordance with of
this Section 2.5 and the Administrative Agent may, in reliance upon such assumption, but shall not
be obligated to, make available to the Borrower on such date a corresponding amount on behalf of
such Bank. If and to the extent that such Bank shall not have so made such share available to the
Administrative Agent, such Bank agrees to repay to the Administrative Agent forthwith on demand
such corresponding amount together with interest thereon, for each day from the date such amount is
made available to the Borrower until the date such amount is repaid to the Administrative Agent, at
the rate of interest applicable to such Borrowing hereunder. If such Bank shall repay to the
Administrative Agent such corresponding amount, such amount so repaid shall constitute such Bank’s
Loan included in such Borrowing for purposes of this Agreement. If such Bank shall not pay to
Administrative Agent such corresponding amount after reasonable attempts are made by Administrative
Agent to collect such amounts from such Bank, Borrower agrees to repay to Administrative Agent
forthwith on demand such corresponding amounts together with interest thereto, for each day from
the date such amount is made available to Borrower until the date such amount is repaid to
Administrative Agent, at the interest rate applicable thereto one (1) Business Day after demand.
Nothing

27

 

contained in this Section 2.5(d) shall be deemed to reduce the Commitment of any Bank or in
any way affect the rights of Borrower with respect to any defaulting Bank or Administrative
Agent. The failure of any Bank to make available to the Administrative Agent such Bank’s share of
any Borrowing in accordance with Section 2.5(b) hereof shall not relieve any other Bank of its
obligations to fund its Commitment, in accordance with the provisions hereof.

          (e) Subject to the provisions hereof, the Administrative Agent shall make available the
Borrowing to Borrower in Federal funds immediately available in accordance with, and on the date
set forth in, the Notice of Borrowing.

          SECTION 2.6. Notes.

          (a) The Loans of each Bank shall be evidenced by a single Note payable to the order of such
Bank for the account of its Applicable Lending Office.

          (b) Each Bank may, by notice to the Borrower and the Administrative Agent, request that its
Loans of a particular type be evidenced by a separate Note in an amount equal to the aggregate
unpaid principal amount of such Loans. Any additional costs incurred by the Administrative Agent,
the Borrower or the Banks in connection with preparing such a Note shall be at the sole cost and
expense of the Bank requesting such Note. In the event any Loans evidenced by such a Note are paid
in full prior to the Maturity Date, any such Bank shall return such Note to Borrower. Each such
Note shall be in substantially the form of Exhibit A hereto with appropriate modifications to
reflect the fact that it evidences solely Loans of the relevant type. Upon the execution and
delivery of any such Note, any existing Note payable to such Bank shall be replaced or modified
accordingly. Each reference in this Agreement to the “Note” of such Bank shall be deemed to refer
to and include any or all of such Notes, as the context may require.

          (c) Upon receipt of each Bank’s Note pursuant to Section 3.1(a), the Administrative Agent shall
forward such Note to such Bank. Each Bank shall record the date, amount, type and maturity of each
Loan made by it and the date and amount of each payment of principal made by the Borrower with
respect thereto, and may, if such Bank so elects in connection with any transfer or enforcement of
its Note, endorse on the appropriate schedule appropriate notations to evidence the foregoing
information with respect to each such Loan then outstanding; provided that the failure of any Bank
to make any such recordation or endorsement shall not affect the obligations of the Borrower
hereunder or under the Notes. Each Bank is hereby irrevocably authorized by the Borrower so to
endorse its Note and to attach to and make a part of its Note a continuation of any such schedule
as and when required.

          (d) The Loans shall mature, and the principal amount thereof shall be due and payable, on the
Maturity Date.

          (e) There shall be no more than five (5) Euro-Dollar Groups of Loans outstanding at any one
time.

28

 

          SECTION 2.7. Method of Electing Interest Rates.

          (a) The Loans included in the Borrowing shall bear interest initially at the type of rate
specified by the Borrower in the Notice of Borrowing. Thereafter, the Borrower may from time to
time elect to change or continue the type of interest rate borne by each Group of Loans (subject in
each case to the provisions of Article VIII), as follows:

               (i) if such Loans are Base Rate Loans, the Borrower may elect to convert all or any portion of
such Loans to Euro-Dollar Loans as of any Business Day;

               (ii) if such Loans are Euro-Dollar Loans, the Borrower may elect to convert all or any portion
of such Loans to Base Rate Loans and/or elect to continue all or any portion of such Loans as
Euro-Dollar Loans for an additional Interest Period or additional Interest Periods, in each case
effective on the last day of the then current Interest Period applicable to such Loans, or on such
other date designated by Borrower in the Notice of Interest Rate Election provided Borrower shall
pay any losses pursuant to Section 2.13.

Each such election shall be made by delivering a notice (a “Notice of Interest Rate
Election”), signed by an Authorized Officer, to the Administrative Agent at least three (3)
Business Days before the conversion or continuation selected in such notice is to be effective. A
Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate
principal amount of the relevant Group of Loans; provided that (i) such portion is allocated
ratably among the Loans comprising such Group, (ii) the portion to which such Notice applies, and
the remaining portion to which it does not apply, are each $500,000 or any larger multiple of
$100,000, (iii) there shall be no more than five (5) Euro-Dollar Groups of Loans outstanding at any
time, (iv) no Loan may be continued as, or converted into, a Euro-Dollar Loan when any Event of
Default has occurred and is continuing, and (v) no Interest Period shall extend beyond the Maturity
Date.

          (b) Each Notice of Interest Rate Election shall specify:

               (i) the Group of Loans (or portion thereof) to which such notice applies;

               (ii) the date on which the conversion or continuation selected in such notice is to be
effective, which shall comply with the applicable clause of subsection (a) above;

               (iii) if the Loans comprising such Group are to be converted, the new type of Loans and, if
such new Loans are Euro-Dollar Loans, the duration of the initial Interest Period applicable
thereto; and

               (iv) if such Loans are to be continued as Euro-Dollar Loans for an additional Interest Period,
the duration of such additional Interest Period.

29

 

Each Interest Period specified in a Notice of Interest Rate Election shall comply with the
provisions of the definition of Interest Period.

          (c) Upon receipt of a Notice of Interest Rate Election from the Borrower pursuant to subsection
(a) above, the Administrative Agent shall notify each Bank the same day as it receives such Notice
of Interest Rate Election of the contents thereof, the interest rates determined pursuant thereto
and the Interest Periods (if different from those requested by the Borrower) and such notice shall
not thereafter be revocable by the Borrower. If the Borrower fails to deliver a timely Notice of
Interest Rate Election to the Administrative Agent for any Group of Euro-Dollar Loans, such Loans
shall be converted into Base Rate Loans on the last day of the then current Interest Period
applicable thereto.

          SECTION 2.8. Interest Rates.

          (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for
each day from the date such Loan is made until the date it is repaid or converted into a
Euro-Dollar Loan pursuant to Section 2.7, at a rate per annum equal to the Base Rate plus the
Applicable Margin for Base Rate Loans for such day.

          (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for
each day during the Interest Period applicable thereto, at a rate per annum equal to the sum of the
Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Rate applicable to such
Interest Period.

          (c) Intentionally Omitted.

          (d) In the event that, and for so long as, any Event of Default shall have occurred and be
continuing, the outstanding principal amount of the Loans, and, to the extent permitted by
applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate
equal to the sum of the Base Rate and four percent (4%) (the “Default Rate”).

          (e) The Administrative Agent shall determine each interest rate applicable to the Loans
hereunder. The Administrative Agent shall give prompt notice to the Borrower and the Banks of each
rate of interest so determined, and its determination thereof shall be conclusive in the absence of
demonstrable error.

          (f) Intentionally Omitted.

          (g) Interest on all Loans (other than Base Rate Loans) shall be payable on the last
Business Day of each applicable Interest Period (provided that in the event any Interest Period
ends on the date which is 60, 90 or 180 days after the date on which any Interest Period commences,
interest on all Loans (other than Base Rate Loans) shall be payable on the first Business Day of
each calendar month during such Interest Period and on the last day of such

30

 

 Interest Period) and
interest on Base Rate Loans shall be payable on the first Business Day of each calendar month.

          SECTION 2.9. Intentionally Omitted.

          SECTION 2.10. Maturity Date.

          (a) The term (the “Term”) of the Commitments (and each Bank’s obligations to make Loans
hereunder) shall terminate and expire on the Maturity Date.

          (b) Upon the date of the termination of the Term, any Loans then outstanding (together with
accrued interest thereon and all other Obligations) shall be due and payable on such date.

          SECTION 2.11. Optional Prepayments.

          (a) The Borrower may, upon at least one (1) Business Day’s notice to the Administrative Agent,
prepay any Group of Base Rate Loans, in whole at any time, or from time to time in part in amounts
aggregating One Million Dollars ($1,000,000) or any larger multiple of One Hundred Thousand Dollars
($100,000), by paying the principal amount to be prepaid together with accrued interest thereon to
the date of prepayment. Each such optional prepayment shall be applied to prepay ratably the Loans
of the several Banks included in such Group or Borrowing.

          (b) The Borrower may, upon at least one (1) Business Days’ notice to the Administrative Agent,
prepay all or any portion of any Euro-Dollar Loan as of the last day of the Interest Period
applicable thereto. Except as provided in Article 8 and except with respect to any Euro-Dollar
Loan which has been converted to a Base Rate Loan pursuant to Section 8.2, 8.3 or 8.4 hereof, the
Borrower may not prepay all or any portion of the principal amount of any Euro-Dollar Loan prior to
the end of the Interest Period applicable thereto unless the Borrower shall also pay any applicable
expenses pursuant to Section 2.13. Any such prepayment shall be upon at least three (3) Business
Days notice to the Administrative Agent. Each such optional prepayment shall be in the amounts set
forth in Section 2.11(a) above and shall be applied to prepay ratably the Loans of the Banks
included in any Group of Euro-Dollar Loans, except that any Euro-Dollar Loan which has been
converted to a Base Rate Loan pursuant to Section 8.2, 8.3 or 8.4 hereof may be prepaid without
ratable payment of the other Loans in such Group of Loans which have not been so converted.

          (c) Any amounts so prepaid pursuant to Section 2.11(a) or (b) may not be reborrowed.

          SECTION 2.12. General Provisions as to Payments.

31

 

          (a) The Borrower shall make each payment of principal of and interest on the Loans hereunder,
not later than 11:00 a.m. (New York City time) on the date when due, in
Federal or other funds immediately available in New York City, to the Administrative Agent at
its address referred to in Section 9.1. The Administrative Agent will promptly (and in any event
within one (1) Business Day after receipt thereof) distribute to each Bank its ratable share of
each such payment received by the Administrative Agent for the account of the Banks. If and to the
extent that the Administrative Agent shall receive any such payment for the account of the Banks on
or before 12:00 Noon (New York City time) on any Business Day, and Administrative Agent shall not
have distributed to any Bank its applicable share of such payment on such Business Day,
Administrative Agent shall distribute such amount to such Bank together with interest thereon, for
each day from the date such amount should have been distributed to such Bank until the date
Administrative Agent distributes such amount to such Bank, at the Federal Funds Rate. Whenever any
payment of principal of, or interest on the Base Rate Loans shall be due on a day which is not a
Business Day, the date for payment thereof shall be extended to the next succeeding Business Day.
Whenever any payment of principal of, or interest on, the Euro-Dollar Loans shall be due on a day
which is not a Business Day, the date for payment thereof shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case the date for
payment thereof shall be the next preceding Business Day.

          (b) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Banks hereunder that the Borrower will not make such
payment in full, the Administrative Agent may assume that the Borrower has made such payment in
full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon
such assumption, cause to be distributed to each Bank on such due date an amount equal to the
amount then due such Bank. If and to the extent that the Borrower shall not have so made such
payment, each Bank shall repay to the Administrative Agent forthwith on demand such amount
distributed to such Bank together with interest thereon, for each day from the date such amount is
distributed to such Bank until the date such Bank repays such amount to the Administrative Agent,
at the Federal Funds Rate.

          SECTION 2.13. Funding Losses. If the Borrower
makes any payment of principal with respect to any Euro-Dollar Loan (pursuant to Article II, VI or
VIII or otherwise) on any day other than the last day of the Interest Period applicable thereto, or
if the Borrower fails to borrow any Euro-Dollar Loans after notice has been given to any Bank in
accordance with Section 2.5(a) or 2.4(f), as applicable, or if Borrower shall deliver a Notice of
Interest Rate Election specifying that a Euro-Dollar Loan shall be converted on a date other than
the first (1st) day of the then current Interest Period applicable thereto, the Borrower shall
reimburse each Bank within 15 days after certification of such Bank of such loss or expense (which
shall be delivered by each such Bank to Administrative Agent for delivery to Borrower) for any
resulting loss or expense incurred by it (or by an existing Participant in the related Loan),
including, without limitation, any loss incurred in obtaining, liquidating or employing deposits
from third parties, but excluding loss of margin for the period after any such payment or failure
to borrow, provided that such Bank shall have delivered to Administrative Agent and Administrative
Agent shall have delivered to the Borrower a certification as to the amount of such loss or
expense,

32

 

which certification shall set forth in
reasonable detail the basis for and calculation of such loss or expense and shall be
conclusive in the absence of demonstrable error.

          SECTION 2.14. Computation of Interest. All
interest based on the Euro-Dollar Rate shall be computed on the basis of a year of 360 days and
paid for the actual number of days elapsed (including the first day but excluding the last day).
All interest based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366
days in a leap year) and paid for the actual number of days elapsed (including the first day but
excluding the last day).

          SECTION 2.15. Use of Proceeds. The Borrower shall
use the proceeds of the Loans for general corporate purposes, including, without limitation, the
repayment of Indebtedness, the acquisition of real property to be used in the Borrower’s existing
business and for general working capital needs of the Borrower.

ARTICLE III

CONDITIONS

          SECTION 3.1. Closing. The closing hereunder shall occur on
the date when each of the following conditions is satisfied (or waived in writing by the
Administrative Agent and the Banks), each document to be dated the Closing Date unless otherwise
indicated:

          (a) the Borrower shall have executed and delivered to the Administrative Agent a Note for the
account of each Bank dated on or before the Closing Date complying with the provisions of Section
2.6;

          (b) the Borrower, EOPT and the Administrative Agent and each of the Banks shall have executed
and delivered to the Borrower, EOPT and the Administrative Agent a duly executed original of this
Agreement;

          (c) EOPT shall have executed and delivered to the Administrative Agent a duly executed original
of the EOPT Guaranty;

          (d) the Administrative Agent shall have received an opinion of DLA Piper Rudnick Gray Cary US
LLP, counsel for the Borrower and EOPT, acceptable to the Administrative Agent, the Banks and their
counsel;

          (e) the Administrative Agent shall have received all documents the Administrative Agent
may reasonably request relating to the existence of the Borrower and EOPT, the authority for and
the validity of this Agreement and the other Loan Documents, the incumbency of officers executing
this Agreement and the other Loan Documents and any other matters relevant hereto, all in form and
substance satisfactory to the Administrative Agent. Such
documentation shall include, without limitation, the agreement of limited partnership of the
Borrower, as well as the certificate of limited partnership of the Borrower, both as amended,

33

 

modified or supplemented to the Closing Date, certified to be true, correct and complete by a
senior officer of the Borrower as of a date not more than ten (10) days prior to the Closing Date,
together with a certificate of existence as to the Borrower from the Secretary of State (or the
equivalent thereof) of Delaware, to be dated not more than thirty (30) days prior to the Closing
Date, as well as the declaration of trust of EOPT, as amended, modified or supplemented to the
Closing Date, certified to be true, correct and complete by a senior officer of EOPT as of a date
not more than ten (10) days prior to the Closing Date, together with a good standing certificate as
to EOPT from the Secretary of State (or the equivalent thereof) of Maryland, to be dated not more
than thirty (30) days prior to the Closing Date;

          (f) the Borrower and EOPT each shall have executed a solvency certificate acceptable to the
Administrative Agent;

          (g) the Administrative Agent shall have received all certificates, agreements and other
documents and papers referred to in this Section 3.1 and the Notice of Borrowing referred to in
Section 3.2, if applicable, unless otherwise specified, in sufficient counterparts, satisfactory in
form and substance to the Administrative Agent in its sole discretion;

          (h) the Borrower shall have taken all actions required to authorize the execution and delivery
of this Agreement and the other Loan Documents and the performance thereof by the Borrower, and
EOPT shall have taken all actions required to authorize the execution and delivery of the EOPT
Guaranty and the other Loan Documents and the performance thereof by EOPT;

          (i) the Banks shall be satisfied that neither the Borrower, EOPT nor any Consolidated
Subsidiary is subject to any present or contingent environmental liability which could have a
Material Adverse Effect and the Borrower shall have delivered a certificate so stating;

          (j) the reasonable fees and expenses accrued through the Closing Date of Skadden, Arps, Slate,
Meagher & Flom LLP, if required by such firm and if such firm has delivered an invoice in
reasonable detail of such fees and expenses in sufficient time for Borrower to approve and process
the same, shall have been paid directly to Skadden, Arps, Slate, Meagher & Flom LLP;

          (k) the Borrower shall have delivered copies of all consents, licenses and approvals, if any,
required in connection with the execution, delivery and performance by the Borrower and EOPT, and
the validity and enforceability, of the Loan Documents, or in connection with any of the
transactions contemplated thereby, and such consents, licenses and approvals shall be in full force
and effect;

          (l) no Default or Event of Default shall have occurred;

34

 

          (m) the Borrower shall have delivered a certificate in form acceptable to Administrative Agent
showing compliance with the requirements of Section 5.8 as of the Closing Date; and

          (n) Borrower shall have satisfied all of the conditions to the obligation of a Bank to make a
Loan set forth in Section 3.2 hereof.

          SECTION 3.2. Borrowing. The obligation of any Bank to
make a Loan is subject to the satisfaction of the following conditions:

          (a) receipt by the Administrative Agent of the Notice of Borrowing as required by Section 2.2
or Section 2.3(b)(i);

          (b) immediately after the Borrowing, the aggregate outstanding principal amount of the Loans
will not exceed the aggregate amount of the Commitments;

          (c) immediately before and after the Borrowing, no Default or Event of Default shall have
occurred and be continuing both before and after giving effect to the making of such Loans;

          (d) the representations and warranties of the Borrower contained in this Agreement (other than
representations and warranties which expressly speak as of a different date) shall be true and
correct in all material respects on and as of the date of such Borrowing both before and after
giving effect to the making of such Loans;

          (e) no law or regulation shall have been adopted, no order, judgment or decree of any
Governmental Authority shall have been issued, and no litigation shall be pending, which does or
seeks to enjoin, prohibit or restrain, the making or repayment of the Loans or the consummation of
the transactions contemplated by this Agreement; and

          (f) no event, act or condition shall have occurred after the date of the most recent financial
statements of Borrower which has had or is likely to have a Material Adverse Effect.

The Borrowing hereunder shall be deemed to be a representation and warranty by the Borrower on the
date of such Borrowing as to the facts specified in clauses (b), (c), (d), (e) and (f) (to the
extent that Borrower is or should have been aware of any Material Adverse Effect) of this Section,
except as otherwise disclosed in writing by Borrower to the Banks. Notwithstanding anything to the
contrary, no Borrowing shall be permitted if such Borrowing would cause Borrower to fail to be in
compliance with any of the covenants contained in this Agreement or in any of the other Loan
Documents.

ARTICLE IV

35

 

REPRESENTATIONS AND WARRANTIES

          In order to induce the Administrative Agent and each of the other Banks which is or may become
a party to this Agreement to make the Loans, the Borrower makes the following representations and
warranties as of the Closing Date. Such representations and warranties shall survive the
effectiveness of this Agreement, the execution and delivery of the other Loan Documents and the
making of the Loans.

          SECTION 4.1. Existence and Power. The Borrower is
a limited partnership, duly formed and validly existing as a limited partnership under the laws of
the State of Delaware and has all powers and all material governmental licenses, authorizations,
consents and approvals required to own its property and assets and carry on its business as now
conducted or as it presently proposes to conduct and has been duly qualified and is in good
standing in every jurisdiction in which the failure to be so qualified and/or in good standing is
likely to have a Material Adverse Effect. EOPT is a real estate investment trust, duly formed,
validly existing and in good standing as a real estate investment trust under the laws of the State
of Maryland and has all powers and all material governmental licenses, authorizations, consents and
approvals required to own its property and assets and carry on its business as now conducted or as
it presently proposes to conduct and has been duly qualified and is in good standing in every
jurisdiction in which the failure to be so qualified and/or in good standing is likely to have a
Material Adverse Effect.

          SECTION 4.2. Power and Authority. The Borrower
has the partnership power and authority to execute, deliver and carry out the terms and provisions
of each of the Loan Documents to which it is a party and has taken all necessary partnership
action, if any, to authorize the execution and delivery on behalf of the Borrower and the
performance by the Borrower of such Loan Documents. The Borrower and EOPT each have duly executed
and delivered each Loan Document to which it is a party in accordance with the terms of this
Agreement, and each such Loan Document constitutes the legal, valid and binding obligation of the
Borrower and EOPT, enforceable in accordance with its terms, except as enforceability may be
limited by applicable insolvency, bankruptcy or other laws affecting creditors rights generally, or
general principles of equity, whether such enforceability is considered in a proceeding in equity
or at law. EOPT has the power and authority to execute, deliver and carry out the terms and
provisions of each of the Loan Documents to which it is a party and has taken all necessary action
to authorize the execution, delivery and performance of such Loan Documents. EOPT has the power
and authority to execute, deliver and carry out the terms and provisions of each of the Loan
Documents on behalf of the Borrower to which the Borrower is a party and has taken all necessary
action to authorize the execution and delivery on behalf of the Borrower and the performance by the
Borrower of such Loan Documents.

          SECTION 4.3. No Violation.

36

 

          (a) Neither the execution, delivery or performance by or on behalf of the Borrower of the Loan
Documents to which it is a party, nor compliance by the Borrower with the terms and provisions
thereof nor the consummation of the transactions contemplated by the Loan Documents, (i) will
materially contravene any applicable provision of any law, statute, rule, regulation, order, writ,
injunction or decree of any court or governmental instrumentality, (ii) will materially conflict
with or result in any breach of, any of the terms, covenants, conditions or provisions of, or
constitute a default under, or result in the creation or imposition of (or the obligation to create
or impose) any Lien upon any of the property or assets of the Borrower or any of its Consolidated
Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, or other agreement or
other instrument to which the Borrower (or of any partnership of which the Borrower is a partner)
or any of its Consolidated Subsidiaries is a party or by which it or any of its property or assets
is bound or to which it is subject (except for such breaches and defaults under loan agreements
which the lenders thereunder have agreed to forbear pursuant to valid forbearance agreements), or
(iii) will cause a material default by the Borrower under any organizational document of any Person
in which the Borrower has an interest, or cause a material default under the Borrower’s agreement
or certificate of limited partnership, the consequences of which conflict, breach or default would
have a Material Adverse Effect, or result in or require the creation or imposition of any Lien
whatsoever upon any Property (except as contemplated herein).

          (b) Neither the execution, delivery or performance by EOPT of the Loan Documents to which it
is a party, nor compliance by EOPT with the terms and provisions thereof nor the consummation of
the transactions contemplated by the Loan Documents, (i) will materially contravene any applicable
provision of any law, statute, rule, regulation, order, writ, injunction or decree of any court or
governmental instrumentality, (ii) will materially conflict with or result in any breach of, any of
the terms, covenants, conditions or provisions of, or constitute a default under, or result in the
creation or imposition of (or the obligation to create or impose) any Lien upon any of the property
or assets of EOPT or any of its Consolidated Subsidiaries pursuant to the terms of any indenture,
mortgage, deed of trust, or other agreement or other instrument to which EOPT (or of any
partnership of which EOPT is a partner) or any of its Consolidated Subsidiaries is a party or by
which it or any of its property or assets is bound or to which it is subject (except for such
breaches and defaults under loan agreements which the lenders thereunder have agreed to forbear
pursuant to valid forbearance agreements), or (iii) will cause a material default by EOPT under any
organizational document of any Person in which EOPT has an interest, the consequences of which
conflict, breach or default would have a Material Adverse Effect, or result in or require the
creation or imposition of any Lien whatsoever upon any Property (except as contemplated herein).

          SECTION 4.4. Financial Information.

          (a) The consolidated balance sheets of EOPT and the Borrower as of December 31, 2004,
and the related statements of operations and cash flows of EOPT and the Borrower for the fiscal
year then ended, reported on by Ernst & Young LLP, fairly present, in conformity with GAAP, the
consolidated financial position of EOPT and the Borrower, as the

37

 

case may be, as of such date and the consolidated results of operations and cash flows for
such fiscal year.

          (b) Since September 30, 2005, (i) except as may have been disclosed in writing to the Banks,
nothing has occurred prior to the Closing Date having a Material Adverse Effect, and (ii) except as
set forth on Schedule 4.4(b), neither the Borrower nor EOPT has incurred any material indebtedness
or guaranty on or before the Closing Date.

          SECTION 4.5. Litigation. Except as previously disclosed by
the Borrower in writing to the Banks, there is no action, suit, proceeding or investigation pending
against, or to the knowledge of the Borrower threatened against or affecting, (i) the Borrower,
EOPT or any of their Consolidated Subsidiaries, (ii) the Loan Documents or any of the transactions
contemplated by the Loan Documents or (iii) any of their assets, before any court or arbitrator or
any governmental body, agency or official in which there is a reasonable possibility of an adverse
decision which could, individually, or in the aggregate have a Material Adverse Effect or which in
any manner draws into question the validity of this Agreement or the other Loan Documents. As of
the Closing Date, no such action, suit or proceeding exists.

          SECTION 4.6. Compliance with ERISA. Except for
a “prohibited transaction” arising solely because of a Bank’s breach of the covenant set forth in
Section 9.17 hereof, the transactions contemplated by the Loan Documents will not constitute a
nonexempt prohibited transaction (as such term is defined in Section 4975 of the Code or Section
406 of ERISA) that could subject the Administrative Agent or any of the Banks to any tax or penalty
on prohibited transactions imposed under Section 4975 of the Code or Section 502(i) of ERISA and
such transactions will not otherwise result in the Administrative Agent or any of the Banks being
deemed in violation of Sections 404 or 406 of ERISA or Section 4975 of the Code or in the
Administrative Agent or any of the Banks being a fiduciary or party in interest under ERISA or a
“disqualified person” as defined in Section 4975(e)(2) of the Code with respect to an “employee
benefit plan” within the meaning of Section 3(3) of ERISA or a “plan” within the meaning of Section
4975(e)(1) of the Code. No assets of Borrower constitute “assets” (within the meaning of ERISA or
Section 4975 of the Code, including, but not limited to, 29 C.F.R. § 2510.3-101 or any successor
regulation thereto) of an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a
“plan” within the meaning of Section 4975(e)(1) of the Code. In addition to the prohibitions set
forth in this Agreement and the other Loan Documents, and not in limitation thereof, Borrower
covenants and agrees that Borrower shall not use any “assets” (within the meaning of ERISA or
Section 4975 of the Code, including but not limited to 29 C.F.R. § 2510.3-101) of an “employee
benefit plan” within the meaning of Section 3(3) of ERISA or a “plan” within the meaning of Section
4975(e)(1) of the Code to repay or secure the Note, the Loan, or the Obligations.

          SECTION 4.7. Environmental. The Borrower
conducts reviews of the effect of Environmental Laws on the business, operations and properties of
the Borrower and its Consolidated Subsidiaries when necessary in the course of which it identifies
and evaluates associated liabilities and costs (including, without limitation,
any capital or operating expenditures required

38

 

for clean-up or closure of properties presently
owned, any capital or operating expenditures required to achieve or maintain compliance with
environmental protection standards imposed by law or as a condition of any license, permit or
contract, any related constraints on operating activities, and any actual or potential liabilities
to third parties, including, without limitation, employees, and any related costs and expenses).
On the basis of this review, the Borrower has reasonably concluded that such associated liabilities
and costs, including, without limitation, the costs of compliance with Environmental Laws, are
unlikely to have a Material Adverse Effect.

          SECTION 4.8. Taxes. The Borrower, EOPT and their Consolidated
Subsidiaries have filed all United States Federal income tax returns and all other material tax
returns which are required to be filed by them and have paid all taxes due pursuant to such returns
or pursuant to any assessment received by the Borrower, EOPT or any Consolidated Subsidiary, except
such taxes, if any, as are reserved against in accordance with GAAP, such taxes as are being
contested in good faith by appropriate proceedings or such taxes, the failure to make payment of
which when due and payable will not have, in the aggregate, a Material Adverse Effect. The charges,
accruals and reserves on the books of the Borrower, EOPT and their Consolidated Subsidiaries in
respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate.

          SECTION 4.9. Full Disclosure. All information
heretofore furnished by the Borrower to the Administrative Agent or any Bank for purposes of or in
connection with this Agreement or any transaction contemplated hereby or thereby is true and
accurate in all material respects on the date as of which such information is stated or certified.
The Borrower has disclosed to the Administrative Agent, in writing any and all facts which have or
may have (to the extent the Borrower can now reasonably foresee) a Material Adverse Effect.

          SECTION 4.10. Solvency. On the Closing Date and after
giving effect to the transactions contemplated by the Loan Documents occurring on the Closing Date,
the Borrower and EOPT will be Solvent.

          SECTION 4.11. Use of Proceeds. All proceeds of the
Loans will be used by the Borrower only in accordance with the provisions hereof. Neither the
making of any Loan nor the use of the proceeds thereof will violate or be inconsistent with the
provisions of regulations T, U, or X of the Federal Reserve Board.

          SECTION 4.12. Governmental Approvals. No
order, consent, approval, license, authorization, or validation of, or filing, recording or
registration with, or exemption by, any Governmental Authority, or any subdivision thereof, is
required to authorize, or is required in connection with the execution, delivery and performance of
any Loan Document or the consummation of any of the transactions contemplated thereby other than
those that have already been duly made or obtained and remain in full force and effect or those
which, if not made or obtained, would not have a Material Adverse Effect;

          SECTION 4.13. Investment Company Act; Public Utility Holding Company Act. Neither the Borrower, EOPT nor any
Consolidated Subsidiary is (x) an “investment company” or a company “controlled” by an “investment
company”, within the meaning of the Investment

39

 

Company Act of 1940, as amended, (y) a “holding
company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding
company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of
1935, as amended, or (z) subject to any other federal or state law or regulation which purports to
restrict or regulate its ability to borrow money.

          SECTION 4.14. Principal Offices. As of the Closing
Date, the principal office, chief executive office and principal place of business of the Borrower
is Two North Riverside Plaza, Chicago, Illinois 60606.

          SECTION 4.15. REIT Status. EOPT is qualified and EOPT
intends to continue to qualify as a real estate investment trust under the Code.

          SECTION 4.16. Patents, Trademarks, etc. The
Borrower has obtained and holds in full force and effect all patents, trademarks, servicemarks,
trade names, copyrights and other such rights, free from burdensome restrictions, which are
necessary for the operation of its business as presently conducted, the impairment of which is
likely to have a Material Adverse Effect.

          SECTION 4.17. Judgments. There are no final,
non-appealable judgments or decrees in an aggregate amount of Five Million Dollars ($5,000,000) or
more entered by a court or courts of competent jurisdiction against EOPT or the Borrower or, to the
extent such judgment would be recourse to EOPT or Borrower, any of its Consolidated Subsidiaries
(other than judgments as to which, and only to the extent, a reputable insurance company has
acknowledged coverage of such claim in writing or which have been paid or stayed).

          SECTION 4.18. No Default. No Event of Default or, to the
best of the Borrower’s knowledge, Default exists under or with respect to any Loan Document and
neither the Borrower nor EOPT is in default in any material respect beyond any applicable grace
period under or with respect to any other material agreement, instrument or undertaking to which it
is a party or by which it or any of its property is bound in any respect, the existence of which
default is likely to result in a Material Adverse Effect.

          SECTION 4.19. Licenses, etc. The Borrower has obtained
and does hold in full force and effect, all franchises, licenses, permits, certificates,
authorizations, qualifications, accreditation, easements, rights of way and other consents and
approvals which are necessary for the operation of its businesses as presently conducted, the
absence of which is likely to have a Material Adverse Effect.

          SECTION 4.20. Compliance With Law. To the
Borrower’s knowledge, the Borrower and each of its Real Property Assets are in compliance with all
laws, rules, regulations, orders, judgments, writs and decrees, including, without limitation, all
building and zoning ordinances and codes, the failure to comply with which is likely to have a
Material Adverse Effect.

40

 

          SECTION 4.21. No Burdensome Restrictions.
Except as may have been disclosed by the Borrower in writing to the Banks, Borrower is not a party
to any agreement or instrument or subject to any other obligation or any charter or corporate or
partnership restriction, as the case may be, which, individually or in the aggregate, is likely to
have a Material Adverse Effect.

          SECTION 4.22. Brokers’ Fees. The Borrower has not
dealt with any broker or finder with respect to the transactions contemplated by this Agreement or
otherwise in connection with this Agreement, and the Borrower has not done any act, had any
negotiations or conversation, or made any agreements or promises which will in any way create or
give rise to any obligation or liability for the payment by the Borrower of any brokerage fee,
charge, commission or other compensation to any party with respect to the transactions contemplated
by the Loan Documents.

          SECTION 4.23. Intentionally Omitted.

          SECTION 4.24. Intentionally Omitted.

          SECTION 4.25. Organizational Documents. The
documents delivered pursuant to Section 3.1(e) constitute, as of the Closing Date, all of the
organizational documents (together with all amendments and modifications thereof) of the Borrower
and EOPT. The Borrower represents that it has delivered to the Administrative Agent true, correct
and complete copies, as of the Closing Date, of each such documents, except for exhibits to
Borrower’s partnership agreement identifying the current list of partners which, with the
permission of the Banks, has been omitted therefrom. EOPT holds (directly or indirectly) an 89.06%
ownership interest in the Borrower as of the date hereof.

          SECTION 4.26. Qualifying Unencumbered Properties. As of September 30, 2005, each Property listed on Schedule 1.1 as a Qualifying
Unencumbered Property (i) is an operating Office Building or Parking Property wholly-owned or
ground leased (directly or beneficially) by Borrower, a Financing Partnership or a Joint Venture
Subsidiary, (ii) is not subject (nor are any equity interests in such Property that are owned
directly or indirectly by Borrower, EOPT or any Joint Venture Parent subject) to a Lien which
secures Indebtedness of any Person, other than Permitted Liens, and (iii) is not subject (nor are
any equity interests in such Property that are owned directly or indirectly by Borrower, EOPT or
Joint Venture Parent subject) to any
Negative Pledge. All of the information set forth on Schedule 1.1 is true and correct in all
material respects.

ARTICLE V

AFFIRMATIVE AND NEGATIVE COVENANTS

41

 

          The Borrower covenants and agrees that, so long as any Bank has any Commitment hereunder or
any Obligations remain unpaid:

          SECTION 5.1. Information. The Borrower will deliver to the
Administrative Agent (who will promptly deliver copies of the same to each of the Banks):

          (a) as soon as available and in any event within five (5) Business Days after the same is
filed with the Securities and Exchange Commission (but in no event later than 125 days after the
end of each Fiscal Year of the Borrower) a consolidated balance sheet of the Borrower, EOPT and
their Consolidated Subsidiaries as of the end of such Fiscal Year and the related consolidated
statements of Borrower’s and EOPT’s operations and consolidated statements of Borrower’s and EOPT’s
cash flow for such Fiscal Year, setting forth in each case in comparative form the figures for the
previous Fiscal Year (if available), all reported in a manner acceptable to the Securities and
Exchange Commission on Borrower’s and EOPT’s Form 10K and reported on by Ernst & Young LLP or other
independent public accountants of nationally recognized standing;

          (b) as soon as available and in any event within five (5) Business Days after the same is
filed with the Securities and Exchange Commission (but in no event later than 80 days after the end
of each of the first three quarters of each Fiscal Year of the Borrower and EOPT), (i) a
consolidated balance sheet of the Borrower, EOPT and their Consolidated Subsidiaries as of the end
of such quarter and the related consolidated statements of Borrower’s and EOPT’s operations and
consolidated statements of Borrower’s and EOPT’s cash flow for such quarter and for the portion of
the Borrower’s or EOPT’s Fiscal Year ended at the end of such quarter, all reported in the form
provided to the Securities and Exchange Commission on Borrower’s and EOPT’s Form 10Q, and (ii) and
such other information reasonably requested by the Administrative Agent or any Bank;

          (c) simultaneously with the delivery of each set of financial statements referred to in
clauses (a) and (b) above, a certificate of the chief financial officer of the Borrower (i) setting
forth in reasonable detail the calculations required to establish whether the Borrower was in
compliance with the requirements of Section 5.8 on the date of such financial statements; (ii)
certifying (x) that such financial statements fairly present in all material respects the financial
condition and the results of operations of the Borrower on the dates and for the periods indicated,
on the basis of GAAP, with respect to the Borrower subject, in the case of interim financial
statements, to normally recurring year-end adjustments, and (y) that such officer has reviewed the
terms of the Loan Documents and has made, or caused to be made under his or her supervision, a
review in reasonable detail of the business and condition of the Borrower during the period
beginning on the date through which the last such review was made pursuant to this Section 5.1(c)
(or, in the case of the first certification pursuant to this Section 5.1(c), the Closing Date) and
ending on a date not more than ten (10) Business Days prior to the date of such delivery and that
(1) on the basis of such financial statements and such review of the Loan Documents, no Event of
Default existed under Section 6.1(b) with respect to Sections 5.8 and 5.9 at or as of the

42

 

date of
said financial statements, and (2) on the basis of such review of the Loan Documents and the
business and condition of the Borrower, to the best knowledge of such officer, as of the last day
of the period covered by such certificate no Default or Event of Default under any other provision
of Section 6.1 occurred and is continuing or, if any such Default or Event of Default has occurred
and is continuing, specifying the nature and extent thereof and, the action the Borrower proposes
to take in respect thereof. Such certificate shall set forth the calculations required to
establish the matters described in clauses (1) and (2) above;

          (d) (i) within five (5) Business Days after any officer of the Borrower obtains knowledge of
any Default, if such Default is then continuing, a certificate of the chief financial officer, or
other executive officer of the Borrower setting forth the details thereof and the action which the
Borrower is taking or proposes to take with respect thereto; and (ii) promptly and in any event
within five (5) Business Days after the Borrower obtains knowledge thereof, notice of (x) any
litigation or governmental proceeding pending or threatened against the Borrower or its directly or
indirectly Real Property Assets as to which there is a reasonable possibility of an adverse
determination and which, if adversely determined, is likely to individually or in the aggregate,
result in a Material Adverse Effect, and (y) any other event, act or condition which is likely to
result in a Material Adverse Effect;

          (e) promptly upon the mailing thereof to the shareholders of EOPT generally, copies of all
financial statements, reports and proxy statements so mailed;

          (f) promptly upon the filing thereof and to the extent the same are not publicly available
(provided that in all events, Borrower shall provide notice to the Administrative Agent of any such
filing), copies of all registration statements (other than the exhibits thereto and any
registration statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or
their equivalents) (other than the exhibits thereto, which exhibits will be provided upon request
therefor by any Bank) which EOPT shall have filed with the Securities and Exchange Commission;

          (g) promptly and in any event within thirty (30) days, if and when any member of the
ERISA Group: (i) gives or is required to give notice to the PBGC of any “reportable event” (as
defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a
termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan
has given or is required to give notice of any such reportable event, a copy of the notice of such
reportable event given or required to be given to the PBGC;
(ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or
notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a
copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to
terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or
appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the
minimum funding standard under Section 412 of the Code, a copy of such application; (v) gives
notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and
other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to

43

 

Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or
contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes
any amendment to any Plan or Benefit Arrangement which has resulted or could result in the
imposition of a Lien or the posting of a bond or other security, and in the case of clauses (i)
through (vii) above, which event could result in a Material Adverse Effect, a certificate of the
chief financial officer or the chief accounting officer of the Borrower setting forth details as to
such occurrence and action, if any, which the Borrower or applicable member of the ERISA Group is
required or proposes to take;

          (h) promptly and in any event within ten (10) days after the Borrower obtains actual knowledge
of any of the following events, a certificate of the Borrower, executed by an officer of the
Borrower, specifying the nature of such condition, and the Borrower’s or, if the Borrower has
actual knowledge thereof, the Environmental Affiliate’s proposed initial response thereto: (i) the
receipt by the Borrower, or any of the Environmental Affiliates of any communication (written or
oral), whether from a Governmental Authority, citizens group, employee or otherwise, that alleges
that the Borrower, or any of the Environmental Affiliates, is not in compliance with applicable
Environmental Laws, and such noncompliance is likely to have a Material Adverse Effect; (ii) the
existence of any Environmental Claim pending against the Borrower or any Environmental Affiliate
and such Environmental Claim is likely to have a Material Adverse Effect; or (iii) any release,
emission, discharge or disposal of any Material of Environmental Concern that is likely to form the
basis of any Environmental Claim against the Borrower or any Environmental Affiliate which in any
such event is likely to have a Material Adverse Effect;

          (i) promptly and in any event within five (5) Business Days after receipt of any notices or
correspondence from any company or agent for any company providing insurance coverage to the
Borrower relating to any loss which is likely to result in a Material Adverse Effect, copies of
such notices and correspondence;

          (j) promptly after Borrower has notified the Administrative Agent of any intention by Borrower
to treat the Loans as being a “reportable transaction” (within the meaning of Treasury Regulation
Section 1.6011-4), a duly completed copy of IRS Form 8886 or any successor form; and

          (k) from time to time such additional information regarding the financial position or business
of the Borrower, EOPT and their Subsidiaries as the Administrative Agent, at the request of any
Bank, may reasonably request in writing, so long as disclosure of such information could not result
in a violation of, or expose the Borrower, EOPT or their Subsidiaries to any material liability
under, any applicable law, ordinance or regulation or any agreements with unaffiliated third
parties that are binding on the Borrower, EOPT or any of their Subsidiaries or on any Property of
any of them.

          SECTION 5.2. Payment of Obligations. The Borrower, EOPT and their
Consolidated Subsidiaries will pay and discharge, at or before maturity, all their respective
material obligations and liabilities including, without limitation, any obligation pursuant to any

44

 

agreement by which it or any of its properties is bound, in each case where the failure to so pay
or discharge such obligations or liabilities is likely to result in a Material Adverse Effect, and
will maintain in accordance with GAAP, appropriate reserves for the accrual of any of the same.

          SECTION 5.3. Maintenance of Property; Insurance; Leases.

          (a) The Borrower will keep, and will cause each Consolidated Subsidiary to keep, all property
useful and necessary in its business, including without limitation its Real Property Assets (for so
long as it constitutes Real Property Assets), in good repair, working order and condition, ordinary
wear and tear excepted, in each case where the failure to so maintain and repair will have a
Material Adverse Effect.

          (b) The Borrower shall maintain, or cause to be maintained, insurance at 100% replacement cost
insurance coverage (subject to customary deductibles) in respect of each of its Real Property
Assets, as well as commercial general liability insurance (including, without limitation,
“builders’ risk” where applicable) against claims for personal, and bodily injury and/or death, to
one or more persons, or property damage, as well as workers’ compensation insurance, in each case
with respect to liability and casualty insurance with insurers having an A.M. Best policyholders’
rating of not less than A-VII in amounts that prudent owners of assets such as Borrower’s directly
or indirectly owned Real Property Assets would maintain; provided, however, that such coverages and
amounts are available to Borrower at commercially reasonable rates. The Borrower will deliver to
the Administrative Agent upon the reasonable request of the Administrative Agent from time to time
(i) full information as to the insurance carried, (ii) within five (5) days of receipt of notice
from any insurer a copy of any notice of cancellation or material change in coverage from that
existing on the date of this Agreement and (iii) forthwith, notice of any cancellation or
nonrenewal (without replacement) of coverage by the Borrower.

          SECTION 5.4. Maintenance of Existence. The Borrower and EOPT each will preserve,
renew and keep in full force and effect, its partnership and trust existence and its respective
rights, privileges and franchises necessary for the normal conduct of business unless the failure
to maintain such rights and franchises does not have a Material Adverse Effect.

          SECTION 5.5. Compliance with Laws. The Borrower and EOPT will, and will cause their
Subsidiaries to, comply in all material respects with all applicable laws, ordinances, rules,
regulations, and requirements of governmental authorities (including, without limitation,
Environmental Laws, and all zoning and building codes with respect to its Real Property Assets and
ERISA and the rules and regulations thereunder and all federal securities laws) except where the
necessity of compliance therewith is contested in good faith by appropriate proceedings or where
the failure to do so will not have a Material Adverse Effect or expose Administrative Agent or
Banks to any material liability therefor.

          SECTION
5.6. Inspection of Property, Books and Records. The Borrower will
keep proper books of record and account in which full, true and correct entries shall be made of
all dealings and transactions in relation to its business and activities in conformity with GAAP,

45

 

modified as required by this Agreement and applicable law; and will permit representatives of any
Bank at such Bank’s
expense to visit and inspect any of its properties, including without limitation its Real
Property Assets, and so long as disclosure of such information could not result in a violation of,
or expose the Borrower, EOPT or their Subsidiaries to any material liability under, any applicable
law, ordinance or regulation or any agreements with unaffiliated third parties that are binding on
the Borrower, EOPT or any of their Subsidiaries or on any Property of any of them, to examine and
make abstracts from any of its books and records and to discuss its affairs, finances and accounts
with its officers and independent public accountants, all at such reasonable times during normal
business hours, upon reasonable prior notice and as often as may reasonably be desired.
Administrative Agent shall coordinate any such visit or inspection to arrange for review by any
Bank requesting any such visit or inspection.

          SECTION 5.7. Existence. The Borrower shall do or cause to be done, all things
necessary to preserve and keep in full force and effect its, EOPT’s and their Consolidated
Subsidiaries’ existence and its patents, trademarks, servicemarks, tradenames, copyrights,
franchises, licenses, permits, certificates, authorizations, qualifications, accreditation,
easements, rights of way and other rights, consents and approvals the nonexistence of which is
likely to have a Material Adverse Effect.

          SECTION 5.8. Financial Covenants.

          (a) Total Debt to Total Asset Value. The Borrower shall not permit the ratio of Total
Debt to Total Asset Value of Borrower to exceed 0.60:1 at any time; provided, however, that with
respect to any Fiscal Quarter in which Borrower acquired any Real Property Assets, the ratio of
Total Debt to Total Asset Value of Borrower for such Fiscal Quarter and for the next succeeding
Fiscal Quarter may exceed 0.60:1, provided that such ratio in no event shall exceed 0.65:1, and
provided, further, that thereafter such ratio shall not exceed 0.60:1.

          (b) Cash Flow to Fixed Charges Ratio. Borrower shall not permit the ratio of Cash
Flow for the then most recently completed Fiscal Quarter to Fixed Charges for the then most
recently completed Fiscal Quarter to be less than 1.5:1.

          (c) Secured Debt to Total Asset Value. Borrower shall not permit the ratio of Secured
Debt to Total Asset Value of Borrower to exceed 0.40:1 at any time.

          (d) Unencumbered Pool. Borrower shall not permit the ratio of the outstanding
Unsecured Debt to Unencumbered Asset Value to exceed 0.60:1 at any time; provided, however, that
with respect to any Fiscal Quarter in which Borrower acquired any Real Property Assets, the ratio
of Unsecured Debt to Unencumbered Asset Value of Borrower for such Fiscal Quarter and for the next
succeeding Fiscal Quarter may exceed 0.60:1, provided that such ratio in no event shall exceed
0.65:1, and provided, further, that thereafter such ratio shall not exceed 0.60:1.

46

 

          (e) Permitted Holdings. Borrower’s primary business will be the ownership, operation
and development of Office Properties and Parking Properties and any other business activities of
Borrower and its Subsidiaries will remain incidental thereto. Notwithstanding the foregoing,
Borrower
and its Subsidiaries may acquire or maintain Permitted Holdings if and so long as the
aggregate value of Permitted Holdings, whether held directly or indirectly by Borrower does not
exceed, at any time, thirty percent (30%) of Total Asset Value of Borrower unless a greater
percentage is approved by the Majority Banks (which approval shall not be unreasonably withheld,
conditioned or delayed).

          (f) No Liens. Borrower and EOPT shall not, and shall not allow any of their
Subsidiaries, Financing Partnerships or Joint Venture Subsidiaries to, allow any Qualifying
Unencumbered Property (or any equity interests in such Property that are owned directly or
indirectly by Borrower, EOPT or any Joint Venture Parent), that is necessary to comply with the
provisions of Section 5.8(d) hereof, to become subject to a Lien that secures the Indebtedness of
any Person, other than Permitted Liens or Liens securing obligations under the Existing Revolving
Credit Agreement.

          (g) Calculation. Calculations of ratios and financial requirements shall be made as of
the last day of each Fiscal Quarter.

          SECTION 5.9. Restriction on Fundamental Changes.

          (a) Neither the Borrower nor EOPT shall enter into any merger or consolidation without
obtaining the prior written consent thereto in writing of the Majority Banks, which consent shall
not be unreasonably withheld, conditioned or delayed, unless (i) the Borrower or EOPT is the
surviving entity, (ii) the entity which is merged into Borrower or EOPT is predominantly in the
commercial real estate business, (iii) the creditworthiness of the surviving entity’s long term
unsecured debt or implied senior debt, as applicable, is not lower than Borrower’s or EOPT’s
creditworthiness two months immediately preceding such merger, and (iv) the then fair market value
of the assets of the entity which is merged into the Borrower or EOPT is less than twenty-five
percent (25%) of the Borrower’s or EOPT’s then Total Asset Value following such merger. Neither
the Borrower nor EOPT shall liquidate, wind-up or dissolve (or suffer any liquidation or
dissolution), discontinue its business or convey, lease, sell, transfer or otherwise dispose of, in
one transaction or series of transactions, all or substantially all of its business or property,
whether now or hereafter acquired. Nothing in this Section shall be deemed to prohibit the sale or
leasing of portions of the Real Property Assets in the ordinary course of business.

          (b) The Borrower shall not amend its agreement of limited partnership or other
organizational documents in any manner that would have a Material Adverse Effect without the
Majority Banks’ consent, which shall not be unreasonably withheld, conditioned or delayed. Without
limitation of the foregoing, no Person shall be admitted as a general partner of the Borrower other
than EOPT. EOPT shall not amend its declaration of trust, by-laws, or other organizational
documents in any manner that would have a Material Adverse Effect without the Majority Banks’
consent, which shall not be unreasonably withheld, conditioned or delayed. The

47

 

Borrower shall not
make any “in-kind” transfer of any of its property or assets to any of its constituent partners if
such transfer would result in an Event of Default under Section 6.1(b) by reason of a breach of the
provisions of Section 5.8.

          (c) Subject to the provisions of clause (b) above, the Borrower shall deliver to
Administrative Agent copies of all amendments to its agreement of limited partnership or to EOPT’s
declaration of trust, by-laws, or other organizational documents no less than ten (10) days after
the effective date of any such amendment.

          SECTION 5.10. Changes in Business.

          (a) Except for Permitted Holdings, neither the Borrower nor EOPT shall enter into any business
which is substantially different from that conducted by the Borrower or EOPT on the Closing Date
after giving effect to the transactions contemplated by the Loan Documents. The Borrower shall
carry on its business operations through the Borrower, its Consolidated Subsidiaries and its
Investment Affiliates.

          (b) Except for Permitted Holdings, Borrower shall not engage in any line of business other
than ownership, operation and development of Office Properties and Parking Properties and the
provision of services incidental thereto, whether directly or through its Consolidated Subsidiaries
and Investment Affiliates.

          SECTION 5.11. EOPT Status.

          (a) Status. EOPT shall at all times (i) remain a publicly traded company listed for
trading on the New York Stock Exchange, and (ii) maintain its status as a self-directed and
self-administered real estate investment trust under the Code.

          (b) Indebtedness. EOPT shall not, directly or indirectly, create, incur, assume or
otherwise become or remain directly or indirectly liable with respect to, any Indebtedness, except:

          (1) the Obligations; and

          (2) Indebtedness of Borrower for which there is recourse to EOPT which, after giving
effect thereto, may be incurred or may remain outstanding without giving rise to an Event of
Default or Default under any provision of this Article V.

          (c) Restriction on Fundamental Changes.

          (1) EOPT shall not have an investment in any Person other than (i) Borrower or
indirectly through Borrower, (ii) directly or indirectly in Financing Partnerships, and
(iii) the interests identified on Schedule 5.11(c)(1) as being owned by EOPT.

48

 

          (2) EOPT shall not acquire an interest in any Property other than (i) securities issued
by Borrower, Financing Partnerships and Persons formed solely for the
purpose of holding EOPT’s indirect investments in Financing Partnerships, and (ii) the
interests identified on Schedule 5.11(c)(2) attached hereto.

          (3) EOP-QRS Business Trust shall not have any investments or own any assets other than
(i) the interests in the Financing Partnerships identified on Schedule 5.11(c)(3) as being
owned by EOP-QRS Business Trust.

          (d) Environmental Liabilities. Neither EOPT nor any of its Subsidiaries shall become
subject to any Environmental Claim which has a Material Adverse Effect, including, without
limitation, any arising out of or related to (i) the release or threatened release of any Material
of Environmental Concern into the environment, or any remedial action in response thereto, or (ii)
any violation of any Environmental Laws. Notwithstanding the foregoing provision, EOPT shall have
the right to contest in good faith any claim of violation of an Environmental Law by appropriate
legal proceedings and shall be entitled to postpone compliance with the obligation being contested
as long as (i) no Event of Default shall have occurred and be continuing, (ii) EOPT shall have
given Administrative Agent prior written notice of the commencement of such contest, (iii)
noncompliance with such Environmental Law shall not subject EOPT or such Subsidiary to any criminal
penalty or subject Administrative Agent or any Bank to pay any civil penalty or to prosecution for
a crime, and (iv) no portion of any Property material to Borrower or its condition or prospects
shall be in substantial danger of being sold, forfeited or lost, by reason of such contest or the
continued existence of the matter being contested.

          (e) Disposal of Partnership Interests. EOPT will not directly or indirectly convey,
sell, transfer, assign, pledge or otherwise encumber or dispose of any of its partnership interests
in Borrower or any of its equity interest in any of the partners of the Borrower as of the date
hereof (except in connection with the dissolution or liquidation of such partners of the Borrower),
except for the reduction of EOPT’s interest in the Borrower arising from Borrower’s issuance of
partnership interests in the Borrower or the retirement of preference units by Borrower. EOPT will
continue to be the sole general partner of Borrower.

          SECTION 5.12. Other Indebtedness. Borrower and EOPT shall not allow any of
their Subsidiaries, Financing Partnerships or Joint Venture Subsidiaries that own, directly or
indirectly, any Qualifying Unencumbered Property to directly or indirectly create, incur, assume or
otherwise become or remain liable with respect to any Indebtedness other than trade debt incurred
in the ordinary course of business, Indebtedness owing to Borrower and obligations under the
Existing Revolving Credit Facility, if the resulting failure of such Property to qualify as a
Qualifying Unencumbered Property would result in an Event of Default under Section 5.8.

          SECTION 5.13. Forward Equity Contracts. If Borrower shall enter into any forward
equity contracts, Borrower may only settle the same by delivery of stock, it being agreed

49

 

that if
Borrower shall settle the same with cash, the same shall constitute an Event of Default hereunder.

ARTICLE VI

DEFAULTS

          SECTION 6.1. Events of Default. An “Event of Default” shall have occurred if one or
more of the following events shall have occurred and be continuing:

          (a) the Borrower shall fail to pay when due any principal of any Loan, or the Borrower shall
fail to pay when due interest on any Loan or any other amount payable to Administrative Agent, Lead
Arranger or the Banks hereunder and the same shall continue for a period of five (5) days after the
same becomes due;

          (b) the Borrower (or in the case of Section 5.11, EOPT) shall fail to observe or perform any
covenant contained in Section 5.8, Section 5.9(a) or (b), Section 5.10, Section 5.11(a), (b), (c)
or (e), Section 5.12 or Section 5.13;

          (c) the Borrower shall fail to observe or perform any covenant or agreement contained in this
Agreement (other than those covered by clause (a), (b), (d), (e), (f), (g), (h), (j), (n) or (o) of
this Section 6.1) for 30 days after written notice thereof has been given to the Borrower by the
Administrative Agent, or if such default is of such a nature that it cannot with reasonable effort
be completely remedied within said period of thirty (30) days such additional period of time as may
be reasonably necessary to cure same, provided Borrower commences such cure within said thirty (30)
day period and diligently prosecutes same, until completion, but in no event shall such extended
period exceed ninety (90) days;

          (d) any representation, warranty, certification or statement made by the Borrower in this
Agreement or EOPT on the EOPT Guaranty or in any certificate, financial statement or other document
delivered pursuant to this Agreement shall prove to have been incorrect in any material respect
when made (or deemed made) and, with respect to such representations, warranties, certifications or
statements not known by the Borrower or EOPT, as applicable, at the time made or deemed made to be
incorrect, the defect causing such representation or warranty to be incorrect when made (or deemed
made) is not removed within thirty (30) days after written notice thereof from Administrative Agent
to Borrower or EOPT, as applicable;

          (e) the Borrower, EOPT, any Subsidiary or any Investment Affiliate shall default in the
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand or
otherwise) of any amount owing in respect of any Recourse Debt (other than the Obligations) for
which the aggregate outstanding principal amount exceeds $50,000,000 and such default shall
continue beyond the giving of any required notice and the expiration of any applicable grace period
and such default has not been waived, in writing, by the holder of any

50

 

such Debt; or the Borrower,
EOPT, any Subsidiary or any Investment Affiliate shall default in the performance or observance of
any obligation or
condition with respect to any such Recourse Debt or any other event shall occur or condition
exist beyond the giving of any required notice and the expiration of any applicable grace period,
if the effect of such default, event or condition is to accelerate the maturity of any such
indebtedness or to permit (without any further requirement of notice or lapse of time) the holder
or holders thereof, or any trustee or agent for such holders, to accelerate the maturity of any
such indebtedness;

          (f) the Borrower or EOPT shall commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidate, custodian or other similar official of it or any substantial
part of its property, or shall consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding commenced against it, or
shall make a general assignment for the benefit of creditors, or shall fail generally to pay its
debts as they become due, or shall take any action to authorize any of the foregoing;

          (g) an involuntary case or other proceeding shall be commenced against the Borrower or EOPT
seeking liquidation, reorganization or other relief with respect to it or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial
part of its property, and such involuntary case or other proceeding shall remain undismissed and
unstayed for a period of 90 days; or an order for relief shall be entered against the Borrower or
EOPT under the federal bankruptcy laws as now or hereafter in effect;

          (h) one or more final, non-appealable judgments or decrees in an aggregate amount of Fifty
Million Dollars ($50,000,000) or more shall be entered by a court or courts of competent
jurisdiction against EOPT, the Borrower or, to the extent of any recourse to EOPT or the Borrower,
any of its Consolidated Subsidiaries (other than any judgment as to which, and only to the extent,
a reputable insurance company has acknowledged coverage of such claim in writing) and (i) any such
judgments or decrees shall not be stayed, discharged, paid, bonded or vacated within thirty (30)
days or (ii) enforcement proceedings shall be commenced by any creditor on any such judgments or
decrees;

          (i) the Board of Trustees of the EOPT shall cease to consist of a majority of
Continuing EOPT Trustees. “Continuing EOPT Trustees” shall mean the trustees of EOPT on
the Effective Date and each other trustee of EOPT if such trustee’s nomination for election to the
Board of Trustees of EOPT is recommended by a majority of the then Continuing EOPT Trustees or by a
majority of any nominating committee appointed by the then Continuing EOPT Trustees for the purpose
of nominating directors for election to the Board of Trustees of EOPT, unless such recommendation
is in connection with, or as a result of, the acquisition of a controlling interest in EOPT by a
third Person;

51

 

          (j) any Person (including affiliates of such Person) or “group” (as such term is defined in
applicable federal securities laws and regulations) shall acquire more than thirty percent (30%) of
the common shares of EOPT;

          (k) EOPT shall cease at any time to qualify as a real estate investment trust under the Code;

          (l) if any Termination Event with respect to a Plan, Multiemployer Plan or Benefit Arrangement
shall occur as a result of which Termination Event or Events any member of the ERISA Group has
incurred or may incur any liability to the PBGC or any other Person and the sum (determined as of
the date of occurrence of such Termination Event) of the insufficiency of such Plan, Multiemployer
Plan or Benefit Arrangement and the insufficiency of any and all other Plans, Multiemployer Plans
and Benefit Arrangements with respect to which such a Termination Event shall occur and be
continuing (or, in the case of a Multiple Employer Plan with respect to which a Termination Event
described in clause (ii) of the definition of Termination Event shall occur and be continuing and
in the case of a liability with respect to a Termination Event which is or could be a liability of
the Borrower or EOPT rather than a liability of the Plan, the liability of the Borrower or EOPT) is
equal to or greater than $20,000,000 and which the Administrative Agent reasonably determines will
have a Material Adverse Effect;

          (m) if, any member of the ERISA Group shall commit a failure described in Section 302(f)(1) of
ERISA or Section 412(n)(1) of the Code and the amount of the lien determined under Section
302(f)(3) of ERISA or Section 412(n)(3) of the Code that could reasonably be expected to be imposed
on any member of the ERISA Group or their assets in respect of such failure shall be equal to or
greater than $20,000,000 and which the Administrative Agent reasonably determines will have a
Material Adverse Effect;

          (n) at any time, for any reason the Borrower seeks to repudiate its obligations under any Loan
Document or EOPT seeks to repudiate its obligations under the EOPT Guaranty;

          (o) a default beyond any applicable notice or grace period under any of the other Loan
Documents;

          (p) any assets of Borrower shall constitute “assets” (within the meaning of ERISA or Section
4975 of the Code, including but not limited to 29 C.F.R. § 2510.3-101 or any successor regulation
thereto) of an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a “plan”
within the meaning of Section 4975(e)(1) of the Code; or

          (q) the Note, the Loan, the Obligations, the EOPT Guaranty or any of the Loan Documents
or the exercise of any of the Administrative Agent’s or any of the Bank’s rights in connection
therewith shall constitute a prohibited transaction under ERISA and/or the Code.

          SECTION 6.2. Rights and Remedies.

52

 

          (a) Upon the occurrence of any Event of Default described in Sections 6.1(f), (g), (p) or (q),
the Commitments shall immediately terminate and the unpaid principal amount of, and any
and all accrued interest on, the Loans and any and all other Obligations hereunder shall
automatically become immediately due and payable, with all additional interest from time to time
accrued thereon and without presentation, demand, or protest or other requirements of any kind
(including, without limitation, valuation and appraisement, diligence, presentment, notice of
intent to demand or accelerate and notice of acceleration), all of which are hereby expressly
waived by the Borrower; and upon the occurrence and during the continuance of any other Event of
Default, the Administrative Agent may (and upon the demand of the Majority Banks shall), by written
notice to the Borrower, in addition to the exercise of all of the rights and remedies permitted the
Administrative Agent and the Banks at law or equity or under any of the other Loan Documents,
declare that the Commitments are terminated and declare the unpaid principal amount of and any and
all accrued and unpaid interest on the Loans and any and all other Obligations hereunder to be, and
the same shall thereupon be, immediately due and payable with all additional interest from time to
time accrued thereon and (except as otherwise provided in the Loan Documents) without presentation,
demand, or protest or other requirements of any kind (including, without limitation, valuation and
appraisement, diligence, presentment, notice of intent to demand or accelerate and notice of
acceleration), all of which are hereby expressly waived by the Borrower.

          (b) Notwithstanding anything to the contrary contained in this Agreement or in any other Loan
Document, the Administrative Agent, and the Banks each agree that any exercise or enforcement of
the rights and remedies granted to the Administrative Agent or the Banks under this Agreement or at
law or in equity with respect to this Agreement or any other Loan Documents shall be commenced and
maintained by the Administrative Agent on behalf of the Administrative Agent and/or the Banks. The
Administrative Agent shall act at the direction of the Majority Banks in connection with the
exercise of any and all remedies at law, in equity or under any of the Loan Documents or, if the
Majority Banks are unable to reach agreement, then, from and after an Event of Default, the
Administrative Agent may pursue such rights and remedies as it may determine.

          SECTION 6.3. Notice of Default. The Administrative Agent shall give notice
to the Borrower under Section 6.1(c) and 6.1(d) promptly upon being requested to do so by the
Majority Banks and shall thereupon notify all the Banks thereof. The Administrative Agent shall
not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
(other than nonpayment of principal of or interest on the Loans) unless Administrative Agent has
received notice in writing from a Bank or Borrower referring to this Agreement or the other Loan
Documents, describing such event or condition. Should Administrative Agent receive notice of the
occurrence of an Default or Event of Default expressly stating that such notice is a notice of an
Default or Event of Default, or should Administrative Agent send Borrower a notice of Default or
Event of Default, Administrative Agent shall promptly give notice thereof to each Bank.

53

 

          SECTION 6.4. Distribution of Proceeds after Default. Notwithstanding anything
contained herein to the contrary but subject to the provisions of Section 9.16 hereof, from and
after an Event of Default, to the extent proceeds are received by Administrative Agent, such
proceeds will be distributed to the Banks pro rata in accordance with the unpaid principal amount
of the Loans (giving effect to any participations granted therein pursuant to Section 2.3 and
Section 9.4).

ARTICLE VII

THE AGENTS

          SECTION 7.1. Appointment and Authorization. Each Bank irrevocably appoints and
authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such
powers under this Agreement and the other Loan Documents as are delegated to the Administrative
Agent by the terms hereof or thereof, together with all such powers as are reasonably incidental
thereto. Except as set forth in Sections 7.8 and 7.9 hereof, the provisions of this Article VII are
solely for the benefit of Administrative Agent and the Banks, and Borrower shall not have any
rights to rely on or enforce any of the provisions hereof. In performing its functions and duties
under this Agreement, Administrative Agent shall each act solely as an agent of the Banks and do
not assume and shall not be deemed to have assumed any obligation toward or relationship of agency
or trust with or for the Borrower.

          SECTION 7.2. Agency and Affiliates. Merrill Lynch Bank USA shall have the same
rights and powers under this Agreement as any other Bank and may exercise or refrain from
exercising the same as though it were not the Administrative Agent, and Merrill Lynch Bank USA and
its affiliates may accept deposits from, lend money to, and generally engage in any kind of
business with the Borrower, EOPT or any Subsidiary or affiliate of the Borrower as if it were not
the Administrative Agent hereunder, and the term “Bank” and “Banks” shall include Merrill Lynch
Bank USA in its individual capacity.

          SECTION 7.3. Action by Administrative Agent. The obligations of the Administrative
Agent hereunder are only those expressly set forth herein. Without limiting the generality of the
foregoing, the Administrative Agent shall not be required to take any action with respect to any
Default or Event of Default, except as expressly provided in Article VI. The duties of
Administrative Agent shall be administrative in nature. Subject to the provisions of Sections 7.1,
7.5 and 7.6, Administrative Agent shall use the same care in the administration of the Loans in
the same manner as Administrative Agent uses in the administration of its own loans.

          SECTION 7.4. Consultation with Experts. As between Administrative Agent on
the one hand and the Banks on the other hand, the Administrative Agent may consult with legal
counsel (who may be counsel for the Borrower), independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be taken by it in good
faith in accordance with the advice of such counsel, accountants or experts.

54

 

          SECTION 7.5. Liability of Administrative Agent. As between Administrative Agent on
the one hand and the Banks on the other hand, none of the Administrative Agent nor any of its
affiliates nor any Agent-Related Person, shall be liable for any action taken or not taken by it in
connection herewith (i) with the consent or at the request of the Majority Banks or (ii) in the
absence of
its own gross negligence or willful misconduct. As between Administrative Agent on the one
hand and the Banks on the other hand, none of the Administrative Agent nor any Agent-Related
Person, shall be responsible for or have any duty to ascertain, inquire into or verify: (i) any
statement, warranty or representation made in connection with this Agreement or any borrowing
hereunder; (ii) the performance or observance of any of the covenants or agreements of the
Borrower; (iii) the satisfaction of any condition specified in Article III, except receipt of items
required to be delivered to the Administrative Agent; or (iv) the validity, effectiveness or
genuineness of this Agreement, the other Loan Documents or any other instrument or writing
furnished in connection herewith. As between Administrative Agent and the Agent-Related Persons on
the one hand and the Banks on the other hand, neither the Administrative Agent nor the
Agent-Related Persons shall incur any liability by acting in reliance upon any notice, consent,
certificate, statement, or other writing (which may be a bank wire, telex or similar writing)
believed by it to be genuine or to be signed by the proper party or parties.

          SECTION 7.6. Indemnification. Each Bank shall, ratably in accordance with its
Commitment, indemnify the Administrative Agent and each Agent-Related Person and their affiliates
and its directors, officers, agents and employees (to the extent not reimbursed by the Borrower)
against any cost, expense (including, without limitation, counsel fees and disbursements), claim,
demand, action, loss or liability (except such as result from such indemnitee’s gross negligence or
willful misconduct) that such indemnitee may suffer or incur in connection with its duties as
Administrative Agent under this Agreement, the other Loan Documents or any action taken or omitted
by such indemnitee hereunder. In the event that the Administrative Agent or any Agent-Related
Person shall, subsequent to its receipt of indemnification payment(s) from Banks in accordance with
this section, recoup any amount from the Borrower, or any other party liable therefor in connection
with such indemnification, the Administrative Agent or such Agent-Related Person shall reimburse
the Banks which previously made the payment(s) pro rata, based upon the actual amounts which were
theretofore paid by each Bank. The Administrative Agent or such Agent-Related Person shall
reimburse such Banks so entitled to reimbursement within two (2) Business Days of its receipt of
such funds from the Borrower or such other party liable therefor.

          SECTION 7.7. Credit Decision. Each Bank acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Bank or Agent-Related
Person, and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it
will, independently and without reliance upon the Administrative Agent or any other Bank or
Agent-Related Person, 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 any action under this
Agreement.

55

 

          SECTION 7.8. Successor Administrative Agent. The Administrative Agent may resign
at any time by giving notice thereof to the Banks, the Borrower and each other. In addition, the
Administrative Agent shall resign in the event its Commitment (without participations) is reduced
to less than Thirty Million Dollars ($30,000,000), unless as a result of a cancellation or
reduction in the aggregate Commitments. Upon any such resignation, the Majority Banks shall have
the right to appoint
a successor Administrative Agent, which successor Administrative Agent shall, provided no
Event of Default has occurred and is then continuing, be subject to Borrower’s approval, which
approval shall not be unreasonably withheld, conditioned or delayed. If no successor
Administrative Agent shall have been so appointed by the Majority Banks and approved by the
Borrower, and shall have accepted such appointment, within 30 days after the retiring
Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on
behalf of the Banks, appoint a successor Administrative Agent, which shall be the Administrative
Agent who shall act until the Majority Banks shall appoint an Administrative Agent. Any
appointment of a successor Administrative Agent by Majority Banks or the retiring Administrative
Agent, pursuant to the preceding sentence shall, provided no Event of Default has occurred and is
then continuing, be subject to the Borrower’s approval, which approval shall not be unreasonably
withheld, conditioned or delayed. Upon the acceptance of its appointment as the Administrative
Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall
thereupon succeed to and become vested with all the rights and duties of the retiring
Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder. After any retiring Administrative Agent’s resignation hereunder, the
provisions of this Article shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was the Administrative Agent. For gross negligence or willful misconduct, as
determined by all the Banks (excluding for such determination Administrative Agent in its capacity
as a Bank, as applicable), Administrative Agent may be removed at any time by giving at least
thirty (30) Business Days prior written notice to Administrative Agent and Borrower. Such
resignation or removal shall take effect upon the acceptance of appointment by a successor
Administrative, in accordance with the provisions of this Section 7.8.

          SECTION 7.9. Consents and Approvals. All communications from Administrative
Agent to the Banks requesting the Banks’ determination, consent, approval or disapproval (i) shall
be given in the form of a written notice to each Bank, (ii) shall be accompanied by a description
of the matter or item as to which such determination, approval, consent or disapproval is
requested, or shall advise each Bank where such matter or item may be inspected, or shall otherwise
describe the matter or issue to be resolved, (iii) shall include, if reasonably requested by a Bank
and to the extent not previously provided to such Bank, written materials and a summary of all oral
information provided to Administrative Agent by Borrower in respect of the matter or issue to be
resolved, and (iv) shall include Administrative Agent’s recommended course of action or
determination in respect thereof. Each Bank shall reply promptly, but in any event within ten (10)
Business Days after receipt of the request therefor from Administrative Agent (the “Bank Reply
Period”). Unless a Bank shall give written notice to Administrative Agent that it objects to
the recommendation or determination of Administrative Agent (together

56

 

with a written explanation of
the reasons behind such objection) within the Bank Reply Period, such Bank shall be deemed to have
approved of or consented to such recommendation or determination. With respect to decisions
requiring the approval of the Majority Banks or all the Banks, Administrative Agent shall submit
its recommendation or determination for approval of or consent to such recommendation or
determination to all Banks and upon receiving the required approval or consent shall follow the
course of action or determination of the Majority Banks or all the Banks (and
each non-responding Bank shall be deemed to have concurred with such recommended course of
action), as the case may be.

ARTICLE VIII

CHANGE IN CIRCUMSTANCES

          SECTION 8.1. Basis for Determining Interest Rate Inadequate or Unfair. If on or
prior to the first day of any Interest Period for any Euro-Dollar Borrowing the Administrative
Agent determines in good faith that deposits in dollars (in the applicable amounts) are not being
offered in the relevant market for such Interest Period, the Administrative Agent shall forthwith
give notice thereof to the Borrower and the Banks, whereupon until the Administrative Agent
notifies the Borrower that the circumstances giving rise to such suspension no longer exist, the
obligations of the Banks to make Euro-Dollar Loans shall be suspended. Unless the Borrower
notifies the Administrative Agent at least two Business Days before the date of any Euro-Dollar
Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on
such date, such Borrowing shall instead be made as a Base Rate Borrowing.

          SECTION 8.2. Illegality. If, on or after the date of this Agreement, the
adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or
regulation, or any change in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Bank (or its Euro-Dollar Lending Office) with any request or
directive (whether or not having the force of law) made after the Closing Date of any such
authority, central bank or comparable agency shall make it unlawful for any Bank (or its
Euro-Dollar Lending Office) to make, maintain or fund its Euro-Dollar Loans, the Administrative
Agent shall forthwith give notice thereof to the other Banks and the Borrower, whereupon until such
Bank notifies the Borrower and the Administrative Agent that the circumstances giving rise to such
suspension no longer exist, the obligation of such Bank in case of the event described above to
make Euro-Dollar Loans, shall be suspended. With respect to Euro-Dollar Loans, before giving any
notice to the Administrative Agent pursuant to this Section, such Bank shall designate a different
Euro-Dollar Lending Office if such designation will avoid the need for giving such notice and will
not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. If such Bank shall
determine that it may not lawfully continue to maintain and fund any of its outstanding Euro-Dollar
Loans to maturity and shall so specify in such notice, the Borrower shall be deemed to have
delivered a Notice of Interest Rate Election and such Euro-Dollar Loan shall be converted as of
such date to a Base Rate Loan (without payment of any amounts that

57

 

Borrower would otherwise be
obligated to pay pursuant to Section 2.13 hereof with respect to Loans converted pursuant to this
Section 8.2) in an equal principal amount from such Bank (on which interest and principal shall be
payable contemporaneously with the related Euro-Dollar Loans of the other Banks), and such Bank
shall make such a Base Rate Loan.

          If at any time, it shall be unlawful for any Bank to make, maintain or fund its Euro-Dollar
Loans, the Borrower shall have the right, upon five (5) Business Day’s notice to the Administrative
Agent, to either (x) cause a bank, reasonably acceptable to the Administrative Agent, to offer to
purchase the Commitments of such Bank for an amount equal to such Bank’s outstanding Loans, and to
become a Bank hereunder, or obtain the agreement of one or more existing Banks to offer to purchase
the Commitments of such Bank for such amount, which offer such Bank is hereby required to accept,
or (y) to repay in full all Loans then outstanding of such Bank, together with interest and all
other amounts due thereon, upon which event, such Bank’s Commitments shall be deemed to be canceled
pursuant to Section 2.11(e).

          SECTION 8.3. Increased Cost and Reduced Return.

          (a) If, on or after the date hereof in the case of Loans made pursuant to Section 2.1,
the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule
or regulation, or any change in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Bank (or its Applicable Lending Office) with any request or directive
(whether or not having the force of law) made at the Closing Date of any such authority, central
bank or comparable agency shall impose, modify or deem applicable any reserve (including, without
limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System),
special deposit, insurance assessment or similar requirement against assets of, deposits with or
for the account of, or credit extended by, any Bank (or its Applicable Lending Office) or shall
impose on any Bank (or its Applicable Lending Office) or on the interbank market any other
condition materially more burdensome in nature, extent or consequence than those in existence as of
the date hereof affecting such Bank’s Euro-Dollar Loans, its Note, or its obligation to make
Euro-Dollar Loans, and the result of any of the foregoing is to increase the cost to such Bank (or
its Applicable Lending Office) of making or maintaining any Euro-Dollar Loan, or to reduce the
amount of any sum received or receivable by such Bank (or its Applicable Lending Office) under this
Agreement or under its Note with respect to such Euro-Dollar Loans, by an amount deemed by such
Bank to be material, then, within 15 days after demand by such Bank (with a copy to the
Administrative Agent), the Borrower shall pay to such Bank such additional amount or amounts (based
upon a reasonable allocation thereof by such Bank to the Euro-Dollar Loans made by such Bank
hereunder) as will compensate such Bank for such increased cost or reduction to the extent such
Bank generally imposes such additional amounts on other borrowers of such Bank in similar
circumstances.

          (b) If any Bank shall have reasonably determined that, after the date hereof, the adoption of
any applicable law, rule or regulation regarding capital adequacy, or any change in any such law,
rule or regulation, or any change in the interpretation or administration thereof

58

 

by any
Governmental Authority, central bank or comparable agency charged with the interpretation or
administration thereof, or any request or directive regarding capital adequacy (whether or not
having the force of law) made after the Closing Date of any such authority, central bank or
comparable agency, has or would have the effect of reducing the rate of return on capital of such
Bank (or its Parent) as a consequence of such
Bank’s obligations hereunder to a level below that which such Bank (or its Parent) could have
achieved but for such adoption, change, request or directive (taking into consideration its
policies with respect to capital adequacy) by an amount reasonably deemed by such Bank to be
material, then from time to time, within 15 days after demand by such Bank (with a copy to the
Administrative Agent), the Borrower shall pay to such Bank such additional amount or amounts as
will compensate such Bank (or its Parent) for such reduction to the extent such Bank generally
imposes such additional amounts on other borrowers of such Bank in similar circumstances.

          (c) Each Bank will promptly notify the Borrower and the Administrative Agent of any event of
which it has knowledge, occurring after the date hereof, which will entitle such Bank to
compensation pursuant to this Section and will designate a different Applicable Lending Office if
such designation will avoid the need for, or reduce the amount of, such compensation and will not,
in the reasonable judgment of such Bank, be otherwise disadvantageous to such Bank. If such Bank
shall fail to notify Borrower of any such event within 90 days following the end of the month
during which such event occurred, then Borrower’s liability for any amounts described in this
Section incurred by such Bank as a result of such event shall be limited to those attributable to
the period occurring subsequent to the ninetieth (90th) day prior to the date upon which such Bank
actually notified Borrower of the occurrence of such event. A certificate of any Bank claiming
compensation under this Section and setting forth a reasonably detailed calculation of the
additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of
demonstrable error. In determining such amount, such Bank may use any reasonable averaging and
attribution methods.

          (d) If at any time, any Bank shall be owed amounts pursuant to this Section 8.3, the Borrower
shall have the right, upon five (5) Business Day’s notice to the Administrative Agent to either (x)
cause a bank, reasonably acceptable to the Administrative Agent, to offer to purchase the
Commitments of such Bank for an amount equal to such Bank’s outstanding Loans, and to become a Bank
hereunder, or to obtain the agreement of one or more existing Banks to offer to purchase the
Commitments of such Bank for such amount, which offer such Bank is hereby required to accept, or
(y) to repay in full all Loans then outstanding of such Bank, together with interest and all other
amounts due thereon, upon which event, such Bank’s Commitment shall be deemed to be canceled
pursuant to Section 2.11(e).

          SECTION 8.4. Taxes.

          (a) Any and all payments by the Borrower to or for the account of any Bank or the
Administrative Agent hereunder or under any other Loan Document shall be made free and clear of and
without deduction for any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings, and all liabilities with respect thereto, excluding, in the case

59

 

of each
Bank and the Administrative Agent, taxes imposed on its income, and franchise taxes imposed on it,
by the jurisdiction under the laws of which such Bank or the Administrative Agent (as the case may
be) is organized or any political subdivision thereof and, in the case of each Bank, taxes imposed
on its income, and franchise or similar taxes imposed on it, by the jurisdiction of such Bank’s
Applicable Lending Office or any political
subdivision thereof or by any other jurisdiction (or any political subdivision thereof) as a
result of a present or former connection between such Bank or Administrative Agent and such other
jurisdiction or by the United States (all such non-excluded taxes, duties, levies, imposts,
deductions, charges, withholdings and liabilities being hereinafter referred to as
“Non-Excluded Taxes”). If the Borrower shall be required by law to deduct any Non-Excluded
Taxes from or in respect of any sum payable hereunder or under any Note, (i) the sum payable shall
be increased as necessary so that after making all required deductions (including, without
limitation, deductions applicable to additional sums payable under this Section 8.4) such Bank or
the Administrative Agent (as the case may be) receives an amount equal to the sum it would have
received had no such deductions been made, (ii) the Borrower shall make such deductions, (iii) the
Borrower shall pay the full amount deducted to the relevant taxation authority or other authority
in accordance with applicable law and (iv) the Borrower shall furnish to the Administrative Agent,
at its address referred to in Section 9.1, the original or a certified copy of a receipt evidencing
payment thereof.

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

          (c) In the event that Non-Excluded Taxes not imposed on the Closing Date are imposed, or
Non-Excluded Taxes imposed on the Closing Date increase, the applicable Bank shall notify the
Administrative Agent and the Borrower of such event in writing within a reasonable period following
receipt of knowledge thereof. If such Bank shall fail to notify Borrower of any such event within
ninety (90) days following the end of the month during which such event occurred, then Borrower’s
liability for such additional Non-Excluded Taxes incurred by such Bank as a result of such event
(including payment of a make-whole amount under Section 8.4(a)(i)) shall be limited to those
attributable to the period occurring subsequent to the ninetieth (90th) day prior to, but
excluding, the date upon which such Bank actually notified Borrower of the occurrence of such
event.

          (d) The Borrower agrees to indemnify each Bank and the Administrative Agent for the
full amount of Non-Excluded Taxes or Other Taxes (including, without limitation, any Non-Excluded
Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section
8.4) paid by such Bank or the Administrative Agent (as the case may be) and, so long as such Bank
or Administrative Agent has promptly paid any such Non-Excluded Taxes or Other Taxes, any liability
for penalties and interest arising therefrom or with respect thereto. This indemnification shall
be made within 15 days from the date such Bank or the Administrative Agent (as the case may be)
makes demand therefor.

60

 

          (e) Each Bank organized under the laws of a jurisdiction outside the United States, on or
prior to the date of its execution and delivery of this Agreement in the case of each Bank listed
on the signature pages hereof and on or prior to the date on which it becomes a Bank in the case of
each other Bank, shall provide the Borrower with (A) two duly completed copies of Internal Revenue
Service form 1001, or any successor form prescribed by the Internal Revenue Service, and (B)
an Internal Revenue Service Form W-8BEN or W-8ECI, as appropriate, or any successor form prescribed
by the Internal Revenue Service, and shall provide Borrower with 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 Borrower, certifying (i) in the case of a Form 1001, that such Bank
is entitled to benefits under an income tax treaty to which the United States is a party which
reduces the rate of withholding tax on payments of interest or certifying that the income
receivable pursuant to this Agreement is effectively connected with the conduct of a trade or
business in the United States, and (ii) in the case of being under Sections 1442(c)(1) and 1442(a)
of the Internal Revenue Code, that it is entitled to an exemption from United States backup
withholding tax. If the form provided by a Bank at the time such Bank first becomes a party to
this Agreement indicates a United States interest withholding tax rate in excess of zero,
withholding tax at such rate shall be considered excluded from “Non-Excluded Taxes” as defined in
Section 8.4(a).

          (f) For any period with respect to which a Bank has failed to provide the Borrower with the
appropriate form pursuant to Section 8.4(d) (unless such failure is due to a change in treaty, law
or regulation occurring subsequent to the date on which a form originally was required to be
provided), such Bank shall not be entitled to indemnification under Section 8.4(c) with respect to
Non-Excluded Taxes imposed by the United States; provided, however, that should a
Bank, which is otherwise exempt from or subject to a reduced rate of withholding tax, become
subject to Non-Excluded Taxes because of its failure to deliver a form required hereunder, the
Borrower shall take such steps as such Bank shall reasonably request to assist such Bank to recover
such Taxes so long as Borrower shall incur no cost or liability as a result thereof.

          (g) Upon reasonable demand by Borrower to the Administrative Agent or any Bank, the
Administrative Agent or Bank, as the case may be, shall deliver to the Borrower, or to such
government or taxing authority as the Borrower may reasonably direct, any form or document that may
be required or reasonably requested in writing in order to allow the Borrower to make a payment to
or for the account of such Bank or the Administrative Agent hereunder or under any other Loan
Document without any deduction or withholding for or on account of any Non-Excluded Taxes or with
such deduction or withholding at a reduced rate (so long as the completion, execution or submission
of such form or document would not materially prejudice the legal or commercial position of the
party in receipt of such demand), with any such form or document to be accurate and completed in a
manner reasonably satisfactory to the Borrower making such demand and to be executed and to be
delivered with any reasonably required certification.

61

 

          (h) If the Borrower is required to pay additional amounts to or for the account of any Bank
pursuant to this Section 8.4, then such Bank will change the jurisdiction of its Applicable Lending
Office so as to eliminate or reduce any such additional payment which may thereafter accrue if such
change, in the judgment of such Bank, is not otherwise disadvantageous to such Bank.

          (i) If at any time, any Bank shall be owed amounts pursuant to this Section 8.4, the Borrower
shall have the right, upon five (5) Business Day’s notice to the Administrative Agent to either (x)
cause a bank, reasonably acceptable to the Administrative Agent, to offer to purchase the
Commitments of such Bank for an amount equal to such Bank’s outstanding Loans, and to become a Bank
hereunder, or to obtain the agreement of one or more existing Banks to offer to purchase the
Commitments of such Bank for such amount, which offer such Bank is hereby required to accept, or
(y) to repay in full all Loans then outstanding of such Bank, together with interest and all other
amounts due thereon, upon which event, such Bank’s Commitment shall be deemed to be canceled
pursuant to Section 2.11(c).

          SECTION 8.5. Base Rate Loans Substituted for Affected Euro-Dollar Loans. If (i)
the obligation of any Bank to make Euro-Dollar Loans has been suspended pursuant to Section 8.2 or
(ii) any Bank has demanded compensation under Section 8.3 or 8.4 with respect to its Euro-Dollar
Loans and the Borrower shall, by at least five Business Days’ prior notice to such Bank through the
Administrative Agent, have elected that the provisions of this Section shall apply to such Bank,
then, unless and until such Bank notifies the Borrower that the circumstances giving rise to such
suspension or demand for compensation no longer exist:

          (a) Borrower shall be deemed to have delivered a Notice of Interest Rate Election with respect
to such affected Euro-Dollar Loans and thereafter all Loans which would otherwise be made by such
Bank as Euro-Dollar Loans shall be made instead as Base Rate Loans (on which interest and principal
shall be payable contemporaneously with the related Euro-Dollar Loans of the other Banks), and

          (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would
otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans
instead, and

          (c) Borrower will not be required to make any payment which would otherwise be required by
Section 2.13 with respect to such Euro-Dollar Loans converted to Base Rate Loans pursuant to clause
(a) above.

ARTICLE IX

MISCELLANEOUS

62

 

          SECTION 9.1. Notices. All notices, requests and other communications to any party
hereunder shall be in writing (including bank wire, telex, facsimile transmission followed by
telephonic confirmation or similar writing) and shall be given to such party: (x) in the case of
the Borrower or the Administrative Agent, at its address, telex number or facsimile number set
forth on Exhibit C attached
hereto with a duplicate copy thereof, in the case of the Borrower, to the Borrower, at Equity
Office Properties Trust, Two North Riverside Plaza, Suite 2100, Chicago, Illinois 60606, Attn:
Chief Legal Counsel, and to DLA Piper Rudnick Gray Cary US LLP, 203 North LaSalle Street, Suite
1900, Chicago, Illinois 60601, Attn: James M. Phipps, Esq., (y) in the case of any Bank, at its
address, telex number or facsimile number set forth in its Administrative Questionnaire or (z) in
the case of any party, such other address, telex number or facsimile number as such party may
hereafter specify for the purpose by notice to the Administrative Agent and the Borrower. Each
such notice, request or other communication shall be effective (i) if given by telex or facsimile
transmission, when such telex or facsimile is transmitted to the telex number or facsimile number
specified in this Section and the appropriate answerback or facsimile confirmation is received,
(ii) if given by certified registered mail, return receipt requested, with first class postage
prepaid, addressed as aforesaid, upon receipt or refusal to accept delivery, (iii) if given by a
nationally recognized overnight carrier, 24 hours after such communication is deposited with such
carrier with postage prepaid for next day delivery, or (iv) if given by any other means, when
delivered at the address specified in this Section; provided that notices to the Administrative
Agent under Article II or Article VIII shall not be effective until received.

          SECTION 9.2. No Waivers. No failure or delay by the Administrative Agent or any
Bank in exercising any right, power or privilege hereunder or under any Note shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

          SECTION 9.3. Expenses; Indemnification.

          (a) The Borrower shall pay within thirty (30) days after written notice from the
Administrative Agent, (i) all reasonable out-of-pocket costs and expenses of the Administrative
Agent (including, without limitation, reasonable fees and disbursements of special counsel Skadden,
Arps, Slate, Meagher & Flom LLP), in connection with the preparation of this Agreement, the Loan
Documents and the documents and instruments referred to therein, and any waiver or consent
hereunder or any amendment hereof or any Default or alleged Default hereunder, (ii) all reasonable
fees and disbursements of special counsel in connection with the syndication of the Loans, and
(iii) if an Event of Default occurs, all reasonable out-of-pocket expenses incurred by the
Administrative Agent and each Bank, including, without limitation, fees and disbursements of
counsel for the Administrative Agent and each of the Banks, in connection with the enforcement of
the Loan Documents and the instruments referred to therein and such Event of Default and
collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom;
provided, however, that the attorneys’ fees and disbursements for which Borrower is
obligated under this subsection (a)(iii) shall be limited to the reasonable non-

63

 

duplicative fees
and disbursements of (A) counsel for Administrative Agent, and (B) counsel for all of the Banks as
a group; and provided, further, that all other costs and expenses for which Borrower is obligated
under this subsection (a)(iii) shall be limited to the reasonable non-duplicative costs and
expenses of Administrative Agent. For purposes of this Section 9.3(a)(iii), (1) counsel for
Administrative Agent shall mean a single outside law firm representing Administrative Agent,
and (2) counsel for all of the Banks as a group shall mean a single outside law firm
representing such Banks as a group (which law firm may or may not be the same law firm representing
Administrative Agent).

          (b) The Borrower agrees to indemnify the Administrative Agent and each Bank, their
respective affiliates and the respective directors, officers, agents and employees of the foregoing
(each an “Indemnitee”) and hold each Indemnitee harmless from and against any and all
liabilities, losses, damages, costs and expenses of any kind, including, without limitation, the
reasonable fees and disbursements of counsel, which may be incurred by such Indemnitee in
connection with any investigative, administrative or judicial proceeding that may at any time
(including, without limitation, at any time following the payment of the Obligations) be asserted
against any Indemnitee, as a result of, or arising out of, or in any way related to or by reason
of, (i) any of the transactions contemplated by the Loan Documents or the execution, delivery or
performance of any Loan Document, (ii) any violation by the Borrower or the Environmental
Affiliates of any applicable Environmental Law, (iii) any Environmental Claim arising out of the
management, use, control, ownership or operation of property or assets by the Borrower or any of
the Environmental Affiliates, including, without limitation, all on-site and off-site activities of
Borrower or any Environmental Affiliate involving Materials of Environmental Concern, (iv) the
breach of any environmental representation or warranty set forth herein, but excluding those
liabilities, losses, damages, costs and expenses (a) for which such Indemnitee has been compensated
pursuant to the terms of this Agreement, (b) incurred solely by reason of the gross negligence,
willful misconduct bad faith or fraud of any Indemnitee as finally determined by a court of
competent jurisdiction, (c) arising from violations of Environmental Laws relating to a Property
which are caused by the act or omission of such Indemnitee after such Indemnitee takes possession
of such Property or (d) owing by such Indemnitee to any third party based upon contractual
obligations of such Indemnitee owing to such third party which are not expressly set forth in the
Loan Documents. In addition, the indemnification set forth in this Section 9.3(b) in favor of any
director, officer, agent or employee of Administrative Agent or any Bank shall be solely in their
respective capacities as such director, officer, agent or employee. The Borrower’s obligations
under this Section shall survive the termination of this Agreement and the payment of the
Obligations. Without limitation of the other provisions of this Section 9.3, Borrower shall
indemnify and hold each of the Administrative Agent and the Banks free and harmless from and
against all loss, costs (including reasonable attorneys’ fees and expenses), expenses, taxes, and
damages (including consequential damages) that the Administrative Agent and the Banks may suffer or
incur by reason of the investigation, defense and settlement of claims and in obtaining any
prohibited transaction exemption under ERISA or the Code necessary in the Administrative Agent’s
reasonable judgment by reason of the inaccuracy of the representations and warranties, or a breach
of the provisions, set forth in Section 4.6(b).

64

 

          SECTION 9.4. Sharing of Set-Offs. 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 and during the continuance of any Event of Default, each Bank is hereby authorized
at any time or from time to time, without presentment, demand, protest or other notice of any kind
to the Borrower or to any other Person, any such notice being hereby expressly waived, but subject
to the
prior consent of the Administrative Agent to set off and to appropriate and apply any and all
deposits (general or special, time or demand, provisional or final) and any other indebtedness at
any time held or owing by such Bank (including, without limitation, by branches and agencies of
such Bank wherever located) to or for the credit or the account of the Borrower against and on
account of the Obligations of the Borrower then due and payable to such Bank under this Agreement
or under any of the other Loan Documents, including, without limitation, all interests in
Obligations purchased by such Bank. Each Bank agrees that if it shall by exercising any right of
set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate amount of
principal and interest due with respect to any Note held by it, which is greater than the
proportion received by any other Bank, the Bank receiving such proportionately greater payment
shall purchase such participations in the Notes held by the other Banks, and such other adjustments
shall be made, as may be required so that all such payments of principal and interest with respect
to the Notes held by the Banks shall be shared by the Banks pro rata; provided that nothing in this
Section shall impair the right of any Bank to exercise any right of set-off or counterclaim it may
have to any deposits not received in connection with the Loans and to apply the amount subject to
such exercise to the payment of indebtedness of the Borrower other than its indebtedness under the
Notes. The Borrower agrees, to the fullest extent it may effectively do so under applicable law,
that any holder of a participation in a Note, whether or not acquired pursuant to the foregoing
arrangements, may exercise rights of set-off or counterclaim and other rights with respect to such
participation as fully as if such holder of a participation were a direct creditor of the Borrower
in the amount of such participation. Notwithstanding anything to the contrary contained herein, any
Bank may, by separate agreement with the Borrower, waive its right to set off contained herein or
granted by law and any such written waiver shall be effective against such Bank under this Section
9.4.

          SECTION 9.5. Amendments and Waivers. Any provision of this Agreement or the
Notes or other Loan Documents may be amended or waived if, but only if, such amendment or waiver is
in writing and is signed by the Borrower and the Majority Banks (and, if the rights or duties of
the Administrative Agent in its capacity as Administrative Agent are affected thereby, by the
Administrative Agent); provided that (A) no amendment or waiver of the provisions of Article V
(including, without limitation, any of the definitions of the defined terms used in Section 5.8
hereof) shall be effective unless signed by the Borrower and the Majority Banks and (B) no such
amendment or waiver with respect to this Agreement, the Notes or any other Loan Documents shall,
unless signed by all the Banks, (i) increase or decrease the Commitment of any Bank (except for a
ratable decrease in the Commitments of all Banks) or subject any Bank to any additional obligation,
(ii) reduce the principal of or rate of interest on any Loan hereunder, (iii) postpone the date
fixed for any payment of principal of or interest on any Loan hereunder or for any reduction or
termination of any Commitment, (iv) change the percentage of the Commitments or of the aggregate
unpaid principal amount of the Notes, or the number of Banks,

65

 

which shall be required for the Banks
or any of them to take any action under this Section or any other provision of this Agreement, (v)
release the EOPT Guaranty or (vi) modify the provisions of this Section 9.5.

          SECTION 9.6. Successors and Assigns.

          (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, except that the Borrower may not assign
or otherwise transfer any of its rights under this Agreement or the other Loan Documents without
the prior written consent of all Banks and the Administrative Agent and a Bank may not assign or
otherwise transfer any of its interest under this Agreement except as permitted in subsections (b),
(c) and (e) of this Section 9.6.

          (b) Prior to the occurrence of an Event of Default, any Bank may at any time, with (and
subject to) the consent of Borrower (which consent shall not be unreasonably withheld, conditioned
or delayed), grant to an existing Bank, one or more banks, finance companies, insurance companies
or other financial institutions (a “Participant”) in minimum amounts of not less than
$5,000,000 (or any lesser amount in the case of participations to an existing Bank) participating
interests in its Commitment or any or all of its Loans. After the occurrence and during the
continuance of an Event of Default, any Bank may at any time grant to any Person in any amount
(also a “Participant”), participating interests in its Commitment or any or all of its
Loans. Any participation made during the continuation of an Event of Default shall not be
affected by the subsequent cure of such Event of Default. In the event of any such grant by a Bank
of a participating interest to a Participant, whether or not upon notice to the Borrower and the
Administrative Agent, such Bank shall remain responsible for the performance of its obligations
hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly
with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any
agreement pursuant to which any Bank may grant such a participating interest shall provide that
such Bank shall retain the sole right and responsibility to enforce the obligations of the Borrower
hereunder including, without limitation, the right to approve any amendment, modification or waiver
of any provision of this Agreement; provided that such participation agreement may provide that
such Bank will not agree to any modification, amendment or waiver of this Agreement described in
clause (i), (ii), (iii), (iv) or (v) of Section 9.5 without the consent of the Participant. The
Borrower agrees that each Participant shall, to the extent provided in its participation agreement,
be entitled to the benefits of Article VIII with respect to its participating interest.

          (c) Any Bank may at any time assign to a Qualified Institution (in each case, an
“Assignee”) (i) prior to the occurrence of an Event of Default, in minimum amounts of not
less than Five Million Dollars ($5,000,000) and integral multiple of One Million Dollars
($1,000,000) thereafter (or any lesser amount in the case of assignments to an existing Bank) and
(ii) after the occurrence and during the continuance of an Event of Default, in any amount, all or
a proportionate part of all, of its rights and obligations under this Agreement, the Notes and the
other Loan Documents, and, in either case, such Assignee shall assume such rights and obliga-

66

 

tions,
pursuant to a Transfer Supplement in substantially the form of Exhibit B hereto executed by such
Assignee and such transferor Bank; provided, that if no Event of Default shall have occurred and be
continuing, such assignment shall be subject to the Administrative Agent’s and the Borrower’s
consent, which consent shall not be unreasonably withheld, conditioned or delayed; and provided
further that if an Assignee is an affiliate of such transferor Bank and is an Affiliate Qualified
Institution, or was a Bank immediately prior to such assignment, no such consent shall be required.
Upon execution and delivery of such instrument and
payment by such Assignee to such transferor Bank of an amount equal to the purchase price
agreed between such transferor Bank and such Assignee, such Assignee shall be a Bank party to this
Agreement and shall have all the rights and obligations of a Bank with a Commitment as set forth in
such instrument of assumption, and no further consent or action by any party shall be required and
the transferor Bank shall be released from its obligations hereunder to a corresponding extent.
Upon the consummation of any assignment pursuant to this subsection (c), the transferor Bank, the
Administrative Agent and the Borrower shall make appropriate arrangements so that, if required, a
new Note is issued to the Assignee. In connection with any such assignment, the transferor Bank
shall pay to the Administrative Agent an administrative fee for processing such assignment in the
amount of $2,500. If the Assignee is not incorporated under the laws of the United States of
America or a state thereof, it shall deliver to the Borrower and the Administrative Agent
certification as to exemption from deduction or withholding of any United States federal income
taxes in accordance with Section 8.4. Any assignment made during the continuation of an Event of
Default shall not be affected by any subsequent cure of such Event of Default.

          (d) Intentionally Omitted.

          (e) Any Bank may at any time assign all or any portion of its rights under this Agreement and
its Note to a Federal Reserve Bank. No such assignment shall release the transferor Bank from its
obligations hereunder.

          (f) No Assignee, Participant or other transferee of any Bank’s rights shall be entitled to
receive any greater payment under Section 8.3 or 8.4 than such Bank would have been entitled to
receive with respect to the rights transferred, unless such transfer is made with the Borrower’s
prior written consent or by reason of the provisions of Section 8.2, 8.3 or 8.4 requiring such Bank
to designate a different Applicable Lending Office under certain circumstances or at a time when
the circumstances giving rise to such greater payment did not exist.

          (g) No Assignee of any rights and obligations under this Agreement shall be permitted to
further assign less than all of such rights and obligations. No participant in any rights and
obligations under this Agreement shall be permitted to sell subparticipations of such rights and
obligations.

          (h) Anything in this Agreement to the contrary notwithstanding, so long as no Event of
Default shall have occurred and be continuing, no Bank shall be permitted to enter into an
assignment of, or sell a participation interest in, its rights and obligations hereunder which
would result in such Bank holding a Commitment without participants of less than Five Million

67

 

Dollars ($5,000,000) (or in the case of the Administrative Agent, Thirty Million Dollars
($30,000,000)) unless as a result of a cancellation or reduction of the aggregate Commitments;
provided, however, that no Bank shall be prohibited from assigning its entire
Commitment so long as such assignment is otherwise permitted under this Section 9.6.

          SECTION 9.7. Collateral. Each of the Banks represents to the Administrative Agent
and each of the other Banks that it in good faith is not relying upon any “margin stock” (as
defined in Regulation U) as collateral in the extension or maintenance of the credit provided for
in this Agreement.

          SECTION 9.8. Governing Law; Submission to Jurisdiction.

          (a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW
OTHER THAN SECTION 1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

          (b) Any legal action or proceeding with respect to this Agreement or any other Loan Document
and any action for enforcement of any judgment in respect thereof may be brought in the courts of
the State of New York or of the United States of America for the Southern District of New York,
and, by execution and delivery of this Agreement, the Borrower hereby accepts for itself and in
respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the
aforesaid courts and appellate courts from any thereof. The Borrower irrevocably consents to the
service of process out of any of the aforementioned courts in any such action or proceeding by the
hand delivery, or mailing of copies thereof by registered or certified mail, postage prepaid, to
the Borrower at its address set forth below. The 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 Agreement or any other Loan Document brought
in the courts referred to above 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. Nothing herein shall affect the right of the Administrative
Agent to serve process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against the Borrower in any other jurisdiction.

          SECTION 9.9. Counterparts; Integration;. Effectiveness. This Agreement may
be signed in any number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. This Agreement constitutes
the entire agreement and understanding among the parties hereto and supersedes any and all prior
agreements and understandings, oral or written, relating to the subject matter hereof. This
Agreement shall become effective upon receipt by the Administrative Agent and the Borrower of
counterparts hereof signed by each of the parties hereto (or, in the case of any party as to
which

68

 

an executed counterpart shall not have been received, receipt by the Administrative Agent in form
satisfactory to it of telegraphic, telex or other written confirmation from such party of execution
of a counterpart hereof by such party).

     SECTION 9.10. WAIVER OF JURY TRIAL. EACH OF THE BORROWER, THE ADMINISTRATIVE AGENT
AND THE BANKS HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     SECTION 9.11. Survival. All indemnities set forth herein shall survive the
execution and delivery of this Agreement and the other Loan Documents and the making and repayment
of the Loans hereunder.

     SECTION 9.12. Domicile of Loans. Each Bank may transfer and carry its Loans at, to
or for the account of any domestic or foreign branch office, subsidiary or affiliate of such Bank.

     SECTION 9.13. Limitation of Liability. No claim may be made by the Borrower or any
other Person acting by or through Borrower against the Administrative Agent or any Bank or the
affiliates, directors, officers, employees, attorneys or agent of any of them for any punitive
damages in respect of any claim for breach of contract or any other theory of liability arising out
of or related to the transactions contemplated by this Agreement or by the other Loan Documents, or
any act, omission or event occurring in connection therewith; and the Borrower hereby waives,
releases and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or
suspected to exist in its favor.

     SECTION 9.14. Recourse Obligation. This Agreement and the Obligations hereunder are
fully recourse to the Borrower. Notwithstanding the foregoing, no recourse under or upon any
obligation, covenant, or agreement contained in this Agreement shall be had against (i) any
officer, director, shareholder or employee of the Borrower or EOPT, or (ii) any general partner of
Borrower other than EOPT, in each case except in the event of fraud or misappropriation of funds on
the part of such officer, director, shareholder or employee or such general partner.

     SECTION 9.15. Confidentiality. The Administrative Agent and each Bank shall
use reasonable efforts to assure that information about Borrower, EOPT and its Subsidiaries and
Investment Affiliates, and the Properties thereof and their operations, affairs and financial
condition, not generally disclosed to the public, which is furnished to Administrative Agent or any
Bank pursuant to the provisions hereof or any other Loan Document is used only for the purposes of
this Agreement and shall not be divulged to any Person other than the Administrative Agent, the
Banks, and their affiliates and respective officers, directors, employees and agents who are
actively and directly participating in the evaluation, administration or enforcement of the Loan
and other transactions between such Bank and the Borrower, except: (a) to their attorneys

69

 

and accountants, (b) in connection with the enforcement of the rights and exercise of any remedies of
the Administrative Agent and the Banks hereunder and under the other Loan Documents, (c) in
connection with assignments and participations and the solicitation of prospective assignees and
participants referred to in Section 9.6 hereof, who have agreed in writing to be bound by a
confidentiality agreement substantially equivalent to the terms of this Section 9.15, and (d) as
may otherwise be required or requested by any regulatory authority having jurisdiction over the
Administrative Agent or any Bank or by any applicable law, rule, regulation or judicial process.
Notwithstanding anything herein to the contrary, “information” shall not include, and the
Administrative Agent and each Bank may disclose without limitation of any kind, any information
with respect to the “tax treatment” and “tax structure” (in each case within the meaning of
Treasury Regulation Section 1.6011-4) of the transactions contemplated hereby and all materials of
any kind (including opinions and tax analyses) that are provided to the Administrative Agent or
such Bank relating to such tax treatment and tax structure; provided that with respect to any
document or similar item that in either case contains information concerning the tax treatment or
tax structure of the transaction as well as other information, this sentence shall only apply to
such portion of the documents or similar item that relate to the tax treatment or tax structure of
the Loans and transactions contemplated hereby. The Administrative Agent and/or the Bank making any
such disclosure shall endeavor to notify Borrower prior to making any such disclosure of the fact
that such disclosure is being made and the nature of the disclosure. In addition, the
Administrative Agent and/or such Bank shall provide Borrower with a copy of the disclosure promptly
after the same is made.

     SECTION 9.16. Bank’s Failure to Fund.

     (a) If a Bank does not advance to Administrative Agent such Bank’s Pro Rata Share of a Loan in
accordance herewith, then neither Administrative Agent nor the other Banks shall be required or
obligated to fund such Bank’s Pro Rata Share of such Loan.

     (b) As used herein, the following terms shall have the meanings set forth below:

          (i) “Defaulting Bank” shall mean any Bank which (x) does not advance to the
Administrative Agent such Bank’s Pro Rata Share of a Loan in accordance herewith for a period of
five (5) Business Days after notice of such failure from Administrative Agent, (y) shall otherwise
fail to perform such Bank’s obligations under the Loan Documents (including, without limitation,
the obligation to purchase participations pursuant to Section 2.3) for a period of five (5)
Business Days after notice of such failure from Administrative Agent, or (z) shall fail to pay the
Administrative Agent or any other Bank, as the case may be, upon demand, such Bank’s Pro Rata Share
of any costs, expenses or disbursements incurred or made by the Administrative Agent pursuant to
the terms of the Loan Documents for a period of five (5) Business Days after notice of such failure
from Administrative Agent, and in all cases, such failure is not as a result of a good faith
dispute as to whether such advance is properly required to be made pursuant to the provisions of
this Agreement, or as to whether such other performance or payment is properly required pursuant to
the provisions of this Agreement.

70

 

          (ii) “Junior Creditor” means any Defaulting Bank which has not (x) fully cured each and every
monetary default on its part under the Loan Documents and (y) unconditionally tendered to the
Administrative Agent such Defaulting Bank’s Pro Rata Share of all costs, expenses and disbursements
required to be paid or reimbursed pursuant to the terms of the Loan Documents.

          (iii) “Payment in Full” means, as of any date, the receipt by the Banks who are not Junior
Creditors of an amount of cash, in lawful currency of the United States, sufficient to indefeasibly
pay in full all Senior Debt.

          (iv) “Senior Debt” means (x) collectively, any and all indebtedness, obligations and
liabilities of the Borrower to the Banks who are not Junior Creditors from time to time, whether
fixed or contingent, direct or indirect, joint or several, due or not due, liquidated or
unliquidated, determined or undetermined, arising by contract, operation of law or otherwise,
whether on open account or evidenced by one or more instruments, and whether for principal,
premium, interest (including, without limitation, interest accruing after the filing of a petition
initiating any proceeding referred to in Section 6.1(f) or (g)), reimbursement for fees,
indemnities, costs, expenses or otherwise, which arise under, in connection with or in respect of
the Loans or the Loan Documents, and (y) any and all deferrals, renewals, extensions and refundings of, or amendments, restatements, rearrangements, modifications or supplements to, any such
indebtedness, obligation or liability.

          (v) “Subordinated Debt” means (x) any and all indebtedness, obligations and liabilities of
Borrower to one or more Junior Creditors from time to time, whether fixed or contingent, direct or
indirect, joint or several, due or not due, liquidated or unliquidated, determined or undetermined,
arising by contract, operation of law or otherwise, whether on open account or evidenced by one or
more instruments, and whether for principal, premium, interest (including, without limitation,
interest accruing after the filing of a petition initiating any proceeding referred to in Section
6.1(f) or (g)), reimbursement for fees, indemnities, costs, expenses or otherwise, which arise
under, in connection with or in respect of the Loans or the Loan Documents, and (y) any and all
deferrals, renewals, extensions and refundings of, or amendments, restatements, rearrangements,
modifications or supplements to, any such indebtedness, obligation or liability.

     (c) Immediately upon a Bank’s becoming a Junior Creditor and until such time as such Bank
shall have cured all applicable defaults, no Junior Creditor shall, prior to Payment in Full of all
Senior Debt:

          (i) accelerate, demand payment of, sue upon, collect, or receive any payment upon, in
any manner, or satisfy or otherwise discharge, any Subordinated Debt, whether for principal,
interest and otherwise;

71

 

          (ii) take or enforce any Liens to secure Subordinated Debt or attach or levy upon any assets
of Borrower, to enforce any Subordinated Debt;

          (iii) enforce or apply any security for any Subordinated Debt; or

          (iv) incur any debt or liability, or the like, to, or receive any loan, return of capital,
advance, gift or any other property, from, the Borrower.

     (d) In the event of:

          (i) any insolvency, bankruptcy, receivership, liquidation, dissolution, reorganization,
readjustment, composition or other similar proceeding relating to Borrower;

          (ii) any liquidation, dissolution or other winding-up of the Borrower, voluntary or
involuntary, whether or not involving insolvency, reorganization or bankruptcy proceedings;

          (iii) any assignment by the Borrower for the benefit of creditors;

          (iv) any sale or other transfer of all or substantially all assets of the Borrower; or

          (v) any other marshaling of the assets of the Borrower;

each of the Banks shall first have received Payment in Full of all Senior Debt before any payment
or distribution, whether in cash, securities or other property, shall be made in respect of or upon
any Subordinated Debt. Any payment or distribution, whether in cash, securities or other property
that would otherwise be payable or deliverable in respect of Subordinated Debt to any Junior
Creditor but for this Agreement shall be paid or delivered directly to the Administrative Agent for
distribution to the Banks in accordance with this Agreement until Payment in Full of all Senior
Debt. If any Junior Creditor receives any such payment or distribution, it shall promptly pay over
or deliver the same to the Administrative Agent for application in accordance with the preceding
sentence.

     (e) Each Junior Creditor shall file in any bankruptcy or other proceeding of Borrower
in which the filing of claims is required by law, all claims relating to Subordinated Debt that
such Junior Creditor may have against Borrower and assign to the Banks who are not Junior Creditors
all rights of such Junior Creditor thereunder. If such Junior Creditor does not file any such
claim prior to forty-five (45) days before the expiration of the time to file such claim,
Administrative Agent, as attorney-in-fact for such Junior Creditor, is hereby irrevocably
authorized to do so in the name of such Junior Creditor or, in Administrative Agent’s sole
discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the name of
such nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked.
The Administrative Agent shall, to the exclusion of each Junior Creditor, have the sole

72

 

right, subject to Section 9.5 hereof, to accept or reject any plan proposed in any such proceeding and to
take any other action that a party filing a claim is entitled to take. In all such cases, whether
in administration, bankruptcy or otherwise, the Person or Persons authorized to pay such claim
shall pay to Administrative Agent the amount payable on such claim and, to the full extent
necessary for that purpose, each Junior Creditor hereby transfers and assigns to the Administrative
Agent all of the Junior Creditor’s rights to any such payments or distributions to which Junior
Creditor would otherwise be entitled.

     (f) (i) If any payment or distribution of any character or any security, whether in cash,
securities or other property, shall be received by any Junior Creditor in contravention of any of
the terms hereof, such payment or distribution or security shall be received in trust for the
benefit of, and shall promptly be paid over or delivered and transferred to, Administrative Agent
for application to the payment of all Senior Debt, to the extent necessary to achieve Payment in
Full. In the event of the failure of any Junior Creditor to endorse or assign any such payment,
distribution or security, Administrative Agent is hereby irrevocably authorized to endorse or
assign the same as attorney-in-fact for such Junior Creditor.

          (ii) Each Junior Creditor shall take such action (including, without limitation, the execution
and filing of a financing statement with respect to this Agreement and the execution, verification,
delivery and filing of proofs of claim, consents, assignments or other instructions that
Administrative Agent may require from time to time in order to prove or realize upon any rights or claims pertaining to Subordinated Debt or to effectuate the full benefit of
the subordination contained herein) as may, in Administrative Agent’s sole and absolute discretion,
be necessary or desirable to assure the effectiveness of the subordination effected by this
Agreement.

     (g) (i) Each Bank that becomes a Junior Creditor understands and acknowledges by its execution
hereof that each other Bank is entering into this Agreement and the Loan Documents in reliance upon
the absolute subordination in right of payment and in time of payment of Subordinated Debt to
Senior Debt as set forth herein.

          (ii) Only upon the Payment in Full of all Senior Debt shall any Junior Creditor be subrogated
to any remaining rights of the Banks which are not Defaulting Banks to receive payments or
distributions of assets of the Borrower made on or applicable to any Senior Debt.

          (iii) Each Junior Creditor agrees that it will deliver all instruments or other writings
evidencing any Subordinated Debt held by it to Administrative Agent, promptly after request
therefor by the Administrative Agent.

          (iv) No Junior Creditor may at any time sell, assign or otherwise transfer any
Subordinated Debt, or any portion thereof, including, without limitation, the granting of any Lien
thereon, unless and until satisfaction of the requirements of Section 9.6 above and the

73

 

proposed transferee shall have assumed in writing the obligation of the Junior Creditor to the Banks under
this Agreement, in a form acceptable to the Administrative Agent.

          (v) If any of the Senior Debt, should be invalidated, avoided or set aside, the subordination
provided for herein nevertheless shall continue in full force and effect and, as between the Banks
which are not Defaulting Banks and all Junior Creditors, shall be and be deemed to remain in full
force and effect.

          (vi) Each Junior Creditor hereby irrevocably waives, in respect of Subordinated Debt, all
rights (x) under Sections 361 through 365, 502(e) and 509 of the Bankruptcy Code (or any similar
sections hereafter in effect under any other Federal or state laws or legal or equitable principles
relating to bankruptcy, insolvency, reorganizations, liquidations or otherwise for the relief of
debtors or protection of creditors), and (y) to seek or obtain conversion to a different type of
proceeding or to seek or obtain dismissal of a proceeding, in each case in relation to a
bankruptcy, reorganization, insolvency or other proceeding under similar laws with respect to the
Borrower. Without limiting the generality of the foregoing, each Junior Creditor hereby
specifically waives (A) the right to seek to give credit (secured or otherwise) to the Borrower in
any way under Section 364 of the Bankruptcy Code unless the same is subordinated in all respects to
Senior Debt in a manner acceptable to Administrative Agent in its sole and absolute discretion and
(B) the right to receive any collateral security (including, without limitation, any “super
priority” or equal or “priming” or replacement Lien) for any Subordinated Debt unless the Banks
which are not Defaulting Banks have received a senior position acceptable to the Banks in their sole and absolute discretion to secure all Senior Debt (in the same
collateral to the extent collateral is involved).

     (h) (i) In addition to and not in limitation of the subordination effected by this Section
9.16, the Administrative Agent and each of the Banks which are not Defaulting Banks may in their
respective sole and absolute discretion, also exercise any and all other rights and remedies
available at law or in equity in respect of a Defaulting Bank; and

          (ii) The Administrative Agent shall give each of the Banks notice of the occurrence of a
default under this Section 9.16 by a Defaulting Bank and if the Administrative Agent and/or one or
more of the other Banks shall, at their option, fund any amounts required to be paid or advanced by
a Defaulting Bank, the other Banks who have elected not to fund any portion of such amounts shall
not be liable for any reimbursements to the Administrative Agent and/or to such other funding
Banks.

     (i) Notwithstanding anything to the contrary contained or implied herein, a Defaulting
Bank shall not be entitled to vote on any matter as to which a vote by the Banks is required
hereunder, including, without limitation, any actions or consents on the part of the Administrative
Agent as to which the approval or consent of all the Banks or the Majority Banks is required under
Article VIII, Section 9.5 or elsewhere, so long as such Bank is a Defaulting Bank;
provided, however, that in the case of any vote requiring the unanimous consent of
the

74

 

Banks, if all the Banks other than the Defaulting Bank shall have voted in accordance with each
other, then the Defaulting Bank shall be deemed to have voted in accordance with such Banks.

          (j) Each of the Administrative Agent and any one or more of the Banks which are not Defaulting
Banks may, at their respective option, (i) advance to the Borrower such Bank’s Pro Rata Share of
the Loans not advanced by a Defaulting Bank in accordance with the Loan Documents, or (ii) pay to
the Administrative Agent such Bank’s Pro Rata Share of any costs, expenses or disbursements
incurred or made by the Administrative Agent pursuant to the terms of this Agreement not
theretofore paid by a Defaulting Bank. Immediately upon the making of any such advance by the
Administrative Agent or any one of the Banks, such Bank’s Pro Rata Share and the Pro Rata Share of
the Defaulting Bank shall be recalculated to reflect such advance. All payments, repayments and
other disbursements of funds by the Administrative Agent to Banks shall thereupon and, at all times
thereafter be made in accordance with such Bank’s recalculated Pro Rata Share unless and until a
Defaulting Bank shall fully cure all defaults on the part of such Defaulting Bank under the Loan
Documents or otherwise existing in respect of the Loans or this Agreement, at which time the Pro
Rata Share of the Bank(s) which advanced sums on behalf of the Defaulting Bank and of the
Defaulting Bank shall be restored to their original percentages.

          SECTION 9.17. Banks’ ERISA Covenant. Each Bank, by its signature hereto or on the
applicable Transfer Supplement, hereby agrees (a) that on the date any Loan is disbursed hereunder
no portion of such Bank’s Pro Rata Share of such Loan will constitute “assets” within the meaning
of 29 C.F.R. § 2510.3-101 of an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a “plan” within the
meaning of Section 4975(e)(1) of the Code, and (b) that following such date such Bank shall not
allocate such Bank’s Pro Rata Share of any Loan to an account of such Bank if such allocation (i)
by itself would cause such Pro Rata Share of such Loan to then constitute “assets” (within the
meaning of 29 C.F.R. § 2510.3-101) of an “employee benefit plan” within the meaning of Section 3(3)
of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Code and (ii) by itself would
cause such Loan to constitute a prohibited transaction under ERISA or the Code (which is not exempt
from the restrictions of Section 406 of ERISA and Section 4975 of the Code and the taxes and
penalties imposed by Section 4975 of the Code and Section 502(i) of ERISA) or any Agent or Bank
being deemed in violation of Section 404 of ERISA.

          SECTION 9.18. Administrative Agent May File Proofs of Claim. In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to Borrower or any party to the EOPT
Guaranty, the Administrative Agent (irrespective of whether the principal of any Loan shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the
Administrative Agent shall have made any demand on Borrower) shall be entitled and empowered, by
intervention in such proceeding or otherwise:

(a) to file and prove a claim for the whole amount of the principal and interest
owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid

75

 

and to file such other documents as may be necessary or advisable in order to have the
claims of the Banks and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Banks and the Administrative Agent
and their respective agents and counsel and other amounts due the Banks and the
Administrative Agent hereunder allowed in such judicial proceeding); and

(b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Bank to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Banks, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel and other amounts due the Administrative Agent hereunder.
Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Bank any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Bank or to authorize the
Administrative Agent to vote in respect of the claim of any Bank in any such proceeding.

          SECTION 9.19. USA Patriot Act. Each Bank hereby notifies the Borrower that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is
required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Bank to
identify the Borrower in accordance with the Act.

          SECTION 9.20. Public/Private Information. The Borrower hereby acknowledges
that (a) the Administrative Agent will make available to the Banks materials and/or information
provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting
the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (b)
certain of the Banks may be “public-side” lenders (i.e., Banks that do not wish to receive material
non-public information with respect to the Borrower or its securities) (each, a “Public Lender”).
The Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public
Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the
word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials
“PUBLIC”, the Borrower shall be deemed to have authorized the Administrative Agent and the Banks to
treat such Borrower Materials as not containing any material non-public information with respect to
the Borrower or its securities for purposes of United States Federal and state securities laws
(provided, however, that to the extent such Borrower Materials constitute Information, they shall
be treated as set forth in Section 9.15); (y) all Borrower Materials marked “PUBLIC” are permitted
to be made available through a portion of the Platform marked “PUBLIC” or through a portion of the
Platform designated “Public Investor;” and (z) the Administrative Agent shall be entitled to treat
any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion
of the

76

 

Platform not designated “Public Investor.”

[SIGNATURE PAGE FOLLOWS]

77

 

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

	 	 	 	 	 
	 	 	EOP OPERATING LIMITED PARTNERSHIP,
	 	 	a Delaware limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	Equity Office Properties Trust, a Maryland real
	 

	 	 	 	estate investment trust, its general partner

	 	 	 	 	 	 	 
	 

	 	 
	 	By:
	 	/s/ Maureen Fear
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Maureen Fear
	 

	 	 	 	Title:
	 	Senior Vice President, Treasurer

	 	 	 	 	 
	 	 	Facsimile number: (312) 559-5009
	 

	 	Address:
	 	Two North Riverside Plaza
	 

	 	 	 	Suite 2100
	 

	 	 	 	Chicago, Illinois 60606
	 

	 	 	 	Attn: Chief Financial Officer

FOR PURPOSES OF AGREEING TO BE

BOUND BY THE PROVISIONS OF

SECTION 5.11 HEREOF ONLY:

EQUITY OFFICE PROPERTIES TRUST, a Maryland

real estate investment trust

	 	 	 	 	 
	By:

	 	/s/ Maureen Fear
	 	 
	 	 	 	 	 
	 

	 	Name: Maureen Fear	 	 
	 

	 	Title: Senior Vice President, Treasurer	 	 

TOTAL COMMITMENTS:           $500,000,000

S-1

 

	 	 	 	 	 
	 	 	MERRILL LYNCH BANK USA, as Administrative Agent and as a Bank
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Frank Stepan
	 

	 	 	 	 
	 

	 	Name:
	 	Frank Stepan
	 

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	Commitment: $500,000,000

S-2

 

Schedule 1.1

Qualifying Unencumbered Property

	 	 	 	 	 	 	 	 	 	 	 	 	 
	JDE #	 	Property Name	 	Bldg Count	 	Sq Ft
	 	10020	 	 	60 Spear Street

	 	 	1	 	 	 	133,782	 
	 	10060	 	 	Intercontinental Center

	 	 	1	 	 	 	194,801	 
	 	10080	 	 	Four Forest

	 	 	1	 	 	 	394,324	 
	 	10100	 	 	Northborough Tower

	 	 	1	 	 	 	207,908	 
	 	10150	 	 	Community Corporate Center

	 	 	1	 	 	 	250,169	 
	 	10170	 	 	Denver Corporate Center II

	 	 	2	 	 	 	375,139	 
	 	10200	 	 	San Jacinto Center

	 	 	1	 	 	 	403,329	 
	 	10210	 	 	1111 19th Street

	 	 	1	 	 	 	252,014	 
	 	10220	 	 	Shelton Pointe

	 	 	1	 	 	 	159,853	 
	 	10240	 	 	North Central Plaza Three

	 	 	1	 	 	 	346,575	 
	 	10250	 	 	The Quadrant

	 	 	1	 	 	 	317,218	 
	 	10260	 	 	Canterbury Green

	 	 	1	 	 	 	226,197	 
	 	10270	 	 	Three Stamford Plaza

	 	 	1	 	 	 	242,732	 
	 	10280	 	 	Union Square

	 	 	1	 	 	 	194,398	 
	 	10290	 	 	One North Franklin

	 	 	1	 	 	 	617,592	 
	 	10300	 	 	1620 L Street

	 	 	1	 	 	 	156,272	 
	 	10310	 	 	One Stamford Plaza

	 	 	1	 	 	 	214,136	 
	 	10320	 	 	Two Stamford Plaza

	 	 	1	 	 	 	251,510	 
	 	10330	 	 	300 Atlantic

	 	 	1	 	 	 	270,497	 
	 	10350	 	 	1700 Higgins

	 	 	1	 	 	 	134,283	 
	 	10360	 	 	Northwest Center

	 	 	1	 	 	 	241,248	 
	 	10370	 	 	One Congress

	 	 	1	 	 	 	517,849	 
	 	10380	 	 	One Crosswoods

	 	 	1	 	 	 	129,583	 
	 	10410	 	 	One Lakeway Center

	 	 	1	 	 	 	289,112	 
	 	10420	 	 	Two Lakeway Center

	 	 	1	 	 	 	440,826	 
	 	10430	 	 	Three Lakeway Center

	 	 	1	 	 	 	462,890	 
	 	10450	 	 	28 State

	 	 	1	 	 	 	570,040	 
	 	10480	 	 	9400 NCX Building

	 	 	1	 	 	 	379,556	 
	 	10500	 	 	Four Stamford Plaza

	 	 	1	 	 	 	261,195	 
	 	10510	 	 	1920 Main Plaza

	 	 	1	 	 	 	305,662	 
	 	10520	 	 	Paces West

	 	 	2	 	 	 	646,471	 
	 	10540	 	 	2010 Main Plaza

	 	 	1	 	 	 	280,882	 
	 	10550	 	 	1100 Executive Tower

	 	 	1	 	 	 	366,747	 
	 	10580	 	 	161 N. Clark

	 	 	1	 	 	 	1,010,520	 
	 	10610	 	 	One American Center

	 	 	1	 	 	 	505,770	 
	 	10640	 	 	1601 Market Street

	 	 	1	 	 	 	681,289	 
	 	10660	 	 	Two California Plaza

	 	 	1	 	 	 	1,329,810	 
	 	10670	 	 	One Phoenix Plaza

	 	 	1	 	 	 	586,403	 
	 	10680	 	 	Colonnade

	 	 	1	 	 	 	168,637	 
	 	10690	 	 	49 East Thomas

	 	 	1	 	 	 	18,892	 
	 	10730	 	 	177 Broad Street

	 	 	1	 	 	 	188,029	 
	 	10750	 	 	Oakbrook Terrace Tower

	 	 	1	 	 	 	772,928	 
	 	10760	 	 	Maritime Plaza

	 	 	1	 	 	 	534,874	 
	 	10770	 	 	Smith Barney Building

	 	 	1	 	 	 	187,999	 
	 	10780	 	 	201 Mission

	 	 	1	 	 	 	483,289	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	JDE #	 	Property Name	 	Bldg Count	 	Sq Ft
	 	10790	 	 	30 N. Lasalle

	 	 	1	 	 	 	909,245	 
	 	10800	 	 	Four Falls

	 	 	1	 	 	 	254,355	 
	 	10810	 	 	Oak Hill Plaza

	 	 	1	 	 	 	164,360	 
	 	10820	 	 	Two Valley Square

	 	 	1	 	 	 	70,622	 
	 	10830	 	 	Four/Five Valley Square

	 	 	2	 	 	 	68,321	 
	 	10840	 	 	One Devon Square

	 	 	1	 	 	 	73,267	 
	 	10850	 	 	Two Devon Square

	 	 	1	 	 	 	63,226	 
	 	10860	 	 	Three Devon Square

	 	 	1	 	 	 	6,000	 
	 	10880	 	 	One Valley Square

	 	 	1	 	 	 	70,290	 
	 	10890	 	 	Three Valley Square

	 	 	1	 	 	 	84,605	 
	 	10920	 	 	1111 West 22nd Street

	 	 	1	 	 	 	224,847	 
	 	10930	 	 	Presidents Plaza

	 	 	4	 	 	 	818,712	 
	 	10940	 	 	Civic Opera House

	 	 	1	 	 	 	841,778	 
	 	10950	 	 	Tri State International

	 	 	5	 	 	 	546,263	 
	 	10970	 	 	200 W. Adams

	 	 	1	 	 	 	677,222	 
	 	10980	 	 	10960 Wilshire

	 	 	1	 	 	 	576,018	 
	 	10990	 	 	10880 Wilshire

	 	 	1	 	 	 	534,047	 
	 	11000	 	 	Lake Marriott Business Park

	 	 	7	 	 	 	401,402	 
	 	11010	 	 	Shoreline Technology Park

	 	 	12	 	 	 	726,508	 
	 	11020	 	 	Sunnyvale Business Center

	 	 	4	 	 	 	175,000	 
	 	11030	 	 	225 Franklin Street

	 	 	1	 	 	 	916,722	 
	 	11040	 	 	150 Federal Street

	 	 	1	 	 	 	529,730	 
	 	11050	 	 	175 Federal Street

	 	 	1	 	 	 	207,366	 
	 	11070	 	 	Russia Wharf

	 	 	1	 	 	 	313,333	 
	 	11080	 	 	Center Plaza

	 	 	1	 	 	 	650,406	 
	 	11090	 	 	2 Oliver/147 Milk

	 	 	1	 	 	 	270,302	 
	 	11100	 	 	South Station

	 	 	1	 	 	 	184,183	 
	 	11120	 	 	Wellesley Office Park

	 	 	4	 	 	 	216,420	 
	 	11130	 	 	175 Wyman Street

	 	 	3	 	 	 	335,208	 
	 	11140	 	 	New England Executive Park

	 	 	8	 	 	 	756,228	 
	 	11160	 	 	Ten Canal Park

	 	 	1	 	 	 	110,843	 
	 	11170	 	 	Crosby Corporate Center

	 	 	6	 	 	 	336,601	 
	 	11190	 	 	One Canal Park

	 	 	1	 	 	 	98,607	 
	 	11200	 	 	Riverview

	 	 	1	 	 	 	148,552	 
	 	11220	 	 	1616 North Fort Myer

	 	 	1	 	 	 	292,826	 
	 	11230	 	 	1300 N. 17th Street

	 	 	1	 	 	 	380,199	 
	 	11270	 	 	Centerpointe

	 	 	2	 	 	 	407,186	 
	 	11280	 	 	1333 H Street

	 	 	1	 	 	 	244,585	 
	 	11290	 	 	Lakeside Office Atlanta

	 	 	5	 	 	 	390,721	 
	 	11340	 	 	101 N. Wacker

	 	 	1	 	 	 	575,294	 
	 	11350	 	 	Riverside

	 	 	1	 	 	 	494,710	 
	 	11370	 	 	150 California

	 	 	1	 	 	 	201,787	 
	 	11390	 	 	Crosby Corporate Center II

	 	 	3	 	 	 	257,528	 
	 	11400	 	 	John Marshall III

	 	 	1	 	 	 	180,000	 
	 	11410	 	 	E.J. Randolph II

	 	 	1	 	 	 	125,646	 
	 	11420	 	 	Wellesley Office Park 5-7

	 	 	3	 	 	 	362,421	 
	 	11430	 	 	Wellesley Office Park 8

	 	 	1	 	 	 	62,952	 
	 	11440	 	 	New England Executive Park 17

	 	 	1	 	 	 	56,890	 
	 	11490	 	 	Lakeside Square

	 	 	1	 	 	 	397,328	 
	 	11510	 	 	Fair Oaks Plaza

	 	 	1	 	 	 	177,559	 
	 	11520	 	 	8080 N. Central Expressway

	 	 	1	 	 	 	283,707	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	JDE #	 	Property Name	 	Bldg Count	 	Sq Ft
	 	11530	 	 	2500 City West

	 	 	1	 	 	 	574,216	 
	 	11540	 	 	1700 Market Street

	 	 	1	 	 	 	841,172	 
	 	11550	 	 	Brookhollow Central

	 	 	3	 	 	 	797,971	 
	 	11560	 	 	Nordstrom Medical Tower

	 	 	1	 	 	 	98,382	 
	 	11580	 	 	Wells Fargo Center-Seattle

	 	 	1	 	 	 	944,574	 
	 	11590	 	 	Second & Seneca

	 	 	2	 	 	 	480,272	 
	 	11600	 	 	1111 Third Avenue

	 	 	1	 	 	 	558,822	 
	 	11610	 	 	Rainier Plaza

	 	 	1	 	 	 	410,855	 
	 	11620	 	 	One Bellevue Center

	 	 	1	 	 	 	360,729	 
	 	11630	 	 	Congress Center

	 	 	1	 	 	 	369,120	 
	 	11640	 	 	550 S. Hope

	 	 	1	 	 	 	566,434	 
	 	11660	 	 	One Lafayette

	 	 	1	 	 	 	314,634	 
	 	11670	 	 	LaSalle Plaza

	 	 	1	 	 	 	588,908	 
	 	11690	 	 	100 Summer Street

	 	 	1	 	 	 	1,034,605	 
	 	11700	 	 	The Tower at NEEP

	 	 	1	 	 	 	199,860	 
	 	11710	 	 	Denver Post Tower

	 	 	1	 	 	 	579,999	 
	 	11730	 	 	301 Howard Building

	 	 	1	 	 	 	307,396	 
	 	11750	 	 	410 Building

	 	 	1	 	 	 	396,047	 
	 	11760	 	 	Trinity Place

	 	 	1	 	 	 	189,163	 
	 	11770	 	 	Tabor Building

	 	 	2	 	 	 	692,387	 
	 	11790	 	 	4949 S. Syracuse

	 	 	1	 	 	 	62,633	 
	 	11800	 	 	Metropoint I

	 	 	1	 	 	 	263,716	 
	 	11820	 	 	The Solarium

	 	 	1	 	 	 	162,817	 
	 	11830	 	 	Terrace Building

	 	 	1	 	 	 	115,408	 
	 	11850	 	 	Dominion Plaza

	 	 	1	 	 	 	571,468	 
	 	11860	 	 	Millennium Building

	 	 	1	 	 	 	330,033	 
	 	11890	 	 	Polk & Taylor Buildings

	 	 	2	 	 	 	902,322	 
	 	11910	 	 	Northland Plaza

	 	 	1	 	 	 	296,967	 
	 	11940	 	 	Second & Spring

	 	 	1	 	 	 	130,421	 
	 	11960	 	 	Colonnade Office A&B Dallas

	 	 	2	 	 	 	606,615	 
	 	11970	 	 	Colonnade Office C Dallas

	 	 	1	 	 	 	377,639	 
	 	11990	 	 	Prominence at Buckhead

	 	 	1	 	 	 	424,309	 
	 	12000	 	 	World Trade Center

	 	 	1	 	 	 	186,912	 
	 	12080	 	 	City Center Bellevue

	 	 	1	 	 	 	472,585	 
	 	12110	 	 	Computer Associates Tower

	 	 	1	 	 	 	360,815	 
	 	12120	 	 	Texas Commerce Tower

	 	 	1	 	 	 	369,134	 
	 	12200	 	 	Palo Alto-BS

	 	 	6	 	 	 	322,228	 
	 	12430	 	 	Wells Fargo CenterSacramento

	 	 	1	 	 	 	502,365	 
	 	12470	 	 	Exposition Centre

	 	 	1	 	 	 	72,985	 
	 	12500	 	 	Norris Tech

	 	 	3	 	 	 	260,825	 
	 	12510	 	 	One & Two ADP Plaza

	 	 	2	 	 	 	300,249	 
	 	12520	 	 	Corporate Centre

	 	 	2	 	 	 	328,810	 
	 	12540	 	 	PeopleSoft Plaza

	 	 	1	 	 	 	277,562	 
	 	12550	 	 	Pruneyard Office Towers

	 	 	3	 	 	 	354,772	 
	 	12560	 	 	Pruneyard Inn
	 	 	 	 	 	 	 	 
	 	12570	 	 	Pruneyard Shopping Center

	 	 	2	 	 	 	252,210	 
	 	12580	 	 	Seaport Centre

	 	 	13	 	 	 	465,955	 
	 	12590	 	 	Ten Almaden

	 	 	1	 	 	 	299,685	 
	 	12600	 	 	18301 Von Karman

	 	 	1	 	 	 	219,537	 
	 	12610	 	 	2677 North Main

	 	 	1	 	 	 	215,003	 
	 	12630	 	 	429 Santa Monica Boulevard

	 	 	1	 	 	 	84,798	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	JDE #	 	Property Name	 	Bldg Count	 	Sq Ft
	 	12700	 	 	Searise Office Tower

	 	 	1	 	 	 	124,116	 
	 	12760	 	 	200 Galleria

	 	 	1	 	 	 	438,273	 
	 	12780	 	 	527 Madison Avenue

	 	 	1	 	 	 	215,332	 
	 	12820	 	 	One Lincoln Centre

	 	 	1	 	 	 	294,972	 
	 	12880	 	 	Bay Park Plaza I & II

	 	 	2	 	 	 	257,058	 
	 	12900	 	 	One Bay Plaza

	 	 	1	 	 	 	176,533	 
	 	12950	 	 	120 Montgomery

	 	 	1	 	 	 	420,310	 
	 	12960	 	 	Market Square

	 	 	2	 	 	 	681,051	 
	 	12970	 	 	191 Peachtree Tower

	 	 	1	 	 	 	1,215,288	 
	 	12980	 	 	222 Berkley

	 	 	1	 	 	 	519,608	 
	 	12990	 	 	500 Boyleston

	 	 	1	 	 	 	706,864	 
	 	13010	 	 	Parkside Tower

	 	 	2	 	 	 	398,460	 
	 	13020	 	 	Seaport Plaza

	 	 	2	 	 	 	159,350	 
	 	13250	 	 	Three Lafayette

	 	 	1	 	 	 	259,441	 
	 	13260	 	 	Metropoint II REIT

	 	 	1	 	 	 	150,673	 
	 	13300	 	 	2 Lafayette

	 	 	1	 	 	 	130,704	 
	 	13310	 	 	Sunset North REIT

	 	 	3	 	 	 	465,013	 
	 	13370	 	 	500 Orange Tower

	 	 	1	 	 	 	290,765	 
	 	13400	 	 	Santa Clara Office Center I

	 	 	1	 	 	 	54,701	 
	 	13410	 	 	Stender Way II

	 	 	1	 	 	 	61,825	 
	 	13420	 	 	Santa Clara Office Center

	 	 	2	 	 	 	75,197	 
	 	13430	 	 	Gateway Office-Phase I

	 	 	2	 	 	 	152,326	 
	 	13440	 	 	Scott Boulevard

	 	 	1	 	 	 	48,000	 
	 	13450	 	 	Santa Clara Office Center III

	 	 	1	 	 	 	47,621	 
	 	13460	 	 	Bakersfield Warehouse

	 	 	1	 	 	 	130,600	 
	 	13470	 	 	Gateway Office-Phase II

	 	 	2	 	 	 	313,972	 
	 	13490	 	 	3045 Stender Way

	 	 	1	 	 	 	27,000	 
	 	13500	 	 	2727 Augustine

	 	 	1	 	 	 	84,000	 
	 	13520	 	 	The Alameda

	 	 	1	 	 	 	44,287	 
	 	13530	 	 	Creekside

	 	 	4	 	 	 	241,019	 
	 	13540	 	 	North First Office Center

	 	 	2	 	 	 	147,016	 
	 	13550	 	 	Cupertino Business Center

	 	 	2	 	 	 	64,680	 
	 	13560	 	 	455 University Avenue

	 	 	1	 	 	 	30,985	 
	 	13570	 	 	1710 Little Orchard

	 	 	1	 	 	 	212,840	 
	 	13580	 	 	8880 Cal Center Drive

	 	 	1	 	 	 	118,172	 
	 	13590	 	 	740 University Avenue

	 	 	1	 	 	 	14,108	 
	 	13600	 	 	Applied Materials

	 	 	2	 	 	 	181,850	 
	 	13610	 	 	Santa Clara Office Ctr IV

	 	 	1	 	 	 	5,290	 
	 	13620	 	 	Aspect Telecommunications

	 	 	1	 	 	 	76,806	 
	 	13630	 	 	Gateway Oaks II

	 	 	1	 	 	 	66,232	 
	 	13640	 	 	Gateway Oaks I

	 	 	1	 	 	 	122,641	 
	 	13650	 	 	Cadillac Court

	 	 	1	 	 	 	44,517	 
	 	13660	 	 	701 University

	 	 	1	 	 	 	47,907	 
	 	13680	 	 	Christie/Shellmound Industrial

	 	 	2	 	 	 	56,898	 
	 	13690	 	 	The Orchard

	 	 	1	 	 	 	65,392	 
	 	13700	 	 	555 University Avenue

	 	 	1	 	 	 	59,645	 
	 	13710	 	 	575 + 601 University Ave

	 	 	2	 	 	 	78,103	 
	 	13740	 	 	655 University Avenue

	 	 	1	 	 	 	43,750	 
	 	13760	 	 	Patrick Henry Drive

	 	 	1	 	 	 	68,987	 
	 	13770	 	 	COG Warehouse

	 	 	1	 	 	 	120,600	 
	 	13780	 	 	Okidata Distribution Center

	 	 	1	 	 	 	100,224	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	JDE #	 	Property Name	 	Bldg Count	 	Sq Ft
	 	13790	 	 	SMBP 2951 28th Street

	 	 	1	 	 	 	85,000	 
	 	13810	 	 	Independent Road Warehouse

	 	 	1	 	 	 	132,000	 
	 	13830	 	 	BayCenter Business Park Ph II

	 	 	4	 	 	 	128,700	 
	 	13840	 	 	Keebler Warehouse

	 	 	1	 	 	 	67,563	 
	 	13850	 	 	Fremont Commerce Ctr Ph III

	 	 	1	 	 	 	64,000	 
	 	13860	 	 	Lockheed Building

	 	 	1	 	 	 	42,899	 
	 	13870	 	 	Xerox Campus

	 	 	5	 	 	 	205,593	 
	 	13880	 	 	Foothill Research

	 	 	4	 	 	 	192,120	 
	 	13890	 	 	Montague Industrial Center

	 	 	6	 	 	 	315,600	 
	 	13910	 	 	Cabot Boulevard Warehouse

	 	 	1	 	 	 	248,860	 
	 	13940	 	 	Eden Landing Business Ctr

	 	 	1	 	 	 	82,796	 
	 	13950	 	 	The Good Guys Distrib Ctr

	 	 	1	 	 	 	459,833	 
	 	13980	 	 	2180 Sand Hill Road

	 	 	1	 	 	 	40,216	 
	 	13990	 	 	Point West III-River Park Dr

	 	 	1	 	 	 	72,088	 
	 	14000	 	 	Point West I-Response Road

	 	 	1	 	 	 	46,885	 
	 	14010	 	 	1900 McCarthy

	 	 	1	 	 	 	80,709	 
	 	14020	 	 	Redwood Shores

	 	 	1	 	 	 	78,022	 
	 	14030	 	 	BayCenter Business Park Ph I

	 	 	5	 	 	 	148,665	 
	 	14040	 	 	Point West Commercentre

	 	 	1	 	 	 	119,063	 
	 	14050	 	 	2905-2909 Stender Way

	 	 	1	 	 	 	51,150	 
	 	14060	 	 	Meier Central South

	 	 	6	 	 	 	149,003	 
	 	14070	 	 	Meier Mountain View

	 	 	8	 	 	 	270,448	 
	 	14080	 	 	Meier North Santa Clara

	 	 	5	 	 	 	113,328	 
	 	14090	 	 	Meier Sunnyvale-Bldg 18

	 	 	1	 	 	 	22,400	 
	 	14120	 	 	Walsh at LaFayette

	 	 	4	 	 	 	320,505	 
	 	14130	 	 	Ridder Park

	 	 	1	 	 	 	83,841	 
	 	14140	 	 	Gateway Oaks III

	 	 	1	 	 	 	46,227	 
	 	14160	 	 	Cadillac Court II

	 	 	1	 	 	 	36,120	 
	 	14170	 	 	4900 + 5000 Meadows-Cons

	 	 	2	 	 	 	144,275	 
	 	14180	 	 	Doolittle Business Center

	 	 	4	 	 	 	113,196	 
	 	14230	 	 	One Pacific Heights

	 	 	1	 	 	 	120,473	 
	 	14260	 	 	Bayside Corporate Center

	 	 	2	 	 	 	84,925	 
	 	14290	 	 	American River Drive

	 	 	3	 	 	 	121,583	 
	 	14300	 	 	Inwood Park

	 	 	1	 	 	 	157,480	 
	 	14310	 	 	Benicia Ind II

	 	 	3	 	 	 	484,720	 
	 	14390	 	 	2290 North First Street

	 	 	1	 	 	 	75,381	 
	 	14400	 	 	Port of Oakland

	 	 	3	 	 	 	199,733	 
	 	14410	 	 	Dove Street

	 	 	1	 	 	 	78,340	 
	 	14450	 	 	Fairchild Corporate Center

	 	 	1	 	 	 	105,005	 
	 	14460	 	 	Charcot Business Center

	 	 	4	 	 	 	163,932	 
	 	14480	 	 	Dixon Landing

	 	 	4	 	 	 	202,885	 
	 	14490	 	 	Kifer Road Industrial Park

	 	 	4	 	 	 	287,300	 
	 	14510	 	 	BayCenter Business Pk Ph III

	 	 	2	 	 	 	116,941	 
	 	14520	 	 	Fidelity Plaza

	 	 	2	 	 	 	76,628	 
	 	14530	 	 	Central Park Plaza

	 	 	6	 	 	 	304,241	 
	 	14550	 	 	Wood Island Office Complex

	 	 	2	 	 	 	76,609	 
	 	14580	 	 	Ravendale at Central

	 	 	2	 	 	 	80,450	 
	 	14620	 	 	The City

	 	 	3	 	 	 	458,949	 
	 	14670	 	 	Emeryville Tower

	 	 	6	 	 	 	1,251,178	 
	 	14680	 	 	Brea Park Centre

	 	 	3	 	 	 	168,072	 
	 	14690	 	 	Bridge Pointe Corp

	 	 	2	 	 	 	372,653	 

 

 

	 	 	 	 	 	 	 	 	 	 
	JDE #	 	Property Name	 	Bldg Count	 	 	Sq Ft
	14700

	 	The City-3800 Chapman
	 	 	1	 	 	 	157,231
	14710

	 	555 Twin Dolphin Plaza
	 	 	1	 	 	 	198,494
	14720

	 	Metro Plaza
	 	 	2	 	 	 	416,006
	14740

	 	Fountaingrove Center
	 	 	3	 	 	 	161,055
	14750

	 	Sierra Point
	 	 	1	 	 	 	99,150
	14760

	 	Pasadena Financial
	 	 	1	 	 	 	148,201
	14770

	 	Century Square
	 	 	1	 	 	 	205,653
	14780

	 	Brea Corporate Plaza
	 	 	1	 	 	 	117,195
	14790

	 	Point West Corporate Center
	 	 	2	 	 	 	144,890
	14800

	 	3280 E. Foothill Blvd.
	 	 	1	 	 	 	150,951
	14810

	 	Gateway Office-Phase III
	 	 	1	 	 	 	123,250
	14820

	 	Arboretum Courtyard
	 	 	1	 	 	 	139,103
	14830

	 	Lafayette Terrace
	 	 	1	 	 	 	47,392
	14840

	 	Brea Financial Commons
	 	 	3	 	 	 	164,489
	14850

	 	Sepulveda Center
	 	 	1	 	 	 	171,365
	14860

	 	Brea Corporate Place
	 	 	2	 	 	 	328,305
	14890

	 	Huntwood Business Center
	 	 	3	 	 	 	176,056
	14900

	 	Fremont Commerce Center
	 	 	3	 	 	 	269,983
	14910

	 	790 Colorado
	 	 	1	 	 	 	130,811
	14920

	 	Tower Seventeen
	 	 	1	 	 	 	230,755
	14930

	 	Gateway Oaks IV
	 	 	1	 	 	 	81,876
	14940

	 	Nobel Corporate Plaza
	 	 	1	 	 	 	102,686
	14950

	 	Pacific Ridge Corporate Ctr
	 	 	1	 	 	 	120,980
	14960

	 	San Mateo BayCenter I
	 	 	1	 	 	 	121,224
	14970

	 	Treat Towers
	 	 	1	 	 	 	367,313
	14980

	 	Johnson Ranch Corporate Ctr
	 	 	5	 	 	 	179,990
	15000

	 	Oak Creek
	 	 	2	 	 	 	70,943
	15010

	 	Milmont R+D
	 	 	1	 	 	 	64,000
	15020

	 	Kato R+D
	 	 	1	 	 	 	74,000
	15030

	 	California Circle II
	 	 	3	 	 	 	95,774
	15040

	 	East Hills Office Park
	 	 	1	 	 	 	57,245
	15050

	 	Stadium Towers Plaza
	 	 	2	 	 	 	262,065
	15080

	 	Westridge I
	 	 	1	 	 	 	53,326
	15090

	 	Centerpoint Irvine
	 	 	3	 	 	 	67,557
	15110

	 	Borregas Avenue
	 	 	1	 	 	 	39,897
	15130

	 	Roseville Corporate Ctr Land
	 	 	1	 	 	 	111,411
	15150

	 	Park Plaza
	 	 	1	 	 	 	66,761
	15160

	 	LaJolla Centre I
	 	 	2	 	 	 	314,034
	15200

	 	Douglas Corporate Center
	 	 	2	 	 	 	102,847
	15260

	 	Concourse
	 	 	7	 	 	 	897,658
	15270

	 	City Tower
	 	 	1	 	 	 	409,412
	15280

	 	City Plaza
	 	 	1	 	 	 	324,234
	15300

	 	Marina Business Center
	 	 	4	 	 	 	261,512
	15310

	 	Cerritos Towne Center
	 	 	5	 	 	 	461,794
	15320

	 	2600 Michelson
	 	 	1	 	 	 	307,662
	15330

	 	18581 Teller
	 	 	1	 	 	 	86,087
	15370

	 	Hayward Business Park
	 	 	8	 	 	 	630,944
	15380

	 	Skyport Plaza
	 	 	1	 	 	 	48,000
	15390

	 	Metro Center Tower
	 	 	4	 	 	 	712,982
	15480

	 	Parkshore Plaza-Phase I
	 	 	2	 	 	 	114,356
	15490

	 	San Mateo BayCenter III
	 	 	1	 	 	 	62,029

 

 

	 	 	 	 	 	 	 	 	 	 
	JDE #	 	Property Name	 	Bldg Count	 	 	Sq Ft
	15500

	 	Skyway Landing
	 	 	2	 	 	 	241,694	 
	15520

	 	Parkshore Plaza-Phase II
	 	 	2	 	 	 	155,497	 
	15540

	 	Oakbrook Plaza
	 	 	1	 	 	 	118,843	 
	15560

	 	Towers @ Shores
	 	 	2	 	 	 	335,960	 
	15600

	 	Larkspur Landing Office Park
	 	 	3	 	 	 	189,289	 
	15610

	 	Drake’s Landing
	 	 	3	 	 	 	121,379	 
	15620

	 	The Tower in Westwood
	 	 	1	 	 	 	205,347	 
	15650

	 	Lincoln Exec Ctr II + III Cons
	 	 	3	 	 	 	171,941	 
	15710

	 	Bellevue Gateway I
	 	 	1	 	 	 	111,257	 
	15720

	 	Bellevue Gateway II
	 	 	1	 	 	 	67,047	 
	15730

	 	Main Street Building
	 	 	1	 	 	 	38,729	 
	15790

	 	10700 Building
	 	 	1	 	 	 	60,218	 
	15850

	 	Southgate Office Plaza
	 	 	2	 	 	 	269,175	 
	15860

	 	Plaza Center
	 	 	2	 	 	 	457,591	 
	15870

	 	Gateway 405 Building
	 	 	1	 	 	 	34,505	 
	15880

	 	Eastgate Office Park
	 	 	1	 	 	 	261,059	 
	15890

	 	Lincoln Executive Center
	 	 	2	 	 	 	106,597	 
	15900

	 	Plaza East
	 	 	1	 	 	 	145,339	 
	15910

	 	I-90 Bellevue
	 	 	2	 	 	 	134,235	 
	16000

	 	5550 Macadam Building
	 	 	1	 	 	 	41,360	 
	16020

	 	River Forum I+II
	 	 	1	 	 	 	192,363	 
	16030

	 	4000 Kruse Way Place
	 	 	1	 	 	 	141,448	 
	16040

	 	4004 Kruse Way Place
	 	 	1	 	 	 	58,108	 
	16080

	 	4949 Meadows
	 	 	1	 	 	 	124,737	 
	16100

	 	RiverSide Centre
	 	 	1	 	 	 	100,938	 
	16120

	 	Nimbus Corporate Center
	 	 	16	 	 	 	689,797	 
	16150

	 	One Pacific Square
	 	 	1	 	 	 	228,247	 
	16170

	 	Kruse Way Plaza
	 	 	2	 	 	 	101,366	 
	16180

	 	Kruse Woods
	 	 	4	 	 	 	417,652	 
	16190

	 	4800 Meadows
	 	 	1	 	 	 	74,352	 
	16200

	 	Kruse Oaks
	 	 	1	 	 	 	91,690	 
	16210

	 	Benjamin Franklin Plaza
	 	 	1	 	 	 	271,573	 
	16230

	 	Lincoln Center
	 	 	7	 	 	 	735,429	 
	16240

	 	Bellefield Office Park
	 	 	15	 	 	 	454,443	 
	16320

	 	Skyport Plaza East
	 	 	3	 	 	 	608,663	 

									
	16450

	 	Waters Edge/Playa Vista JV EQ -Dev — 2
	 	 	 	 	243,433	 
	 

	 	Placed in	 	 	 	 	 	 
	 

	 	SVC 3Q	 	 	 	 	 	 

											
	16470

	 	Griffin Towers I (REIT)
	 	 	1	 	 	 	543,416	 
	16490

	 	Army and Navy Club Building
	 	 	1	 	 	 	102,822	 
	16500

	 	Liberty Place
	 	 	1	 	 	 	157,550	 
	16520

	 	San Rafael I
	 	 	2	 	 	 	155,318	 
	16540

	 	Ferry Bldg (FBA)
	 	 	1	 	 	 	243,812	 
	15170_BU

	 	Vintage Park-Cons (BU)
	 	 	1	 	 	 	38,839	 
	15255_BU

	 	VP-323 Vintage Park Drive
	 	 	1	 	 	 	25,503	 
	15256_BU

	 	VP-353 Vintage Park Drive
	 	 	1	 	 	 	28,511	 
	15257_BU

	 	VP-363 VIntage Park Drive
	 	 	1	 	 	 	25,064	 
	15258_BU

	 	VP-373 Vintage Park Drive
	 	 	1	 	 	 	24,814	 
	15259_BU

	 	VP-383 Vintage Park Drive
	 	 	1	 	 	 	19,363	 
	16560

	 	Foundry 2 (3721)
	 	 	1	 	 	 	505,480	 
	16590

	 	US Bank Tower
	 	 	1	 	 	 	485,902	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	JDE #	 	Property Name	 	Bldg Count	 	 	Sq Ft
	16620

	 	3 Bellevue
	 	1	 	 	 	472,929	 

	 	 	 	 	 	 	 	 	 	 	 
	Unconsolidated Joint Ventures	 	 	 	 	 	 	 	 
	44030

	 	OPOS Equity Method
	 	 	1	 	 	 	382,648	 
	44040

	 	Rowes Wharf Equity Method
	 	 	3	 	 	 	151,644	 
	44140

	 	10+30 S. Wacker-Equity
	 	 	2	 	 	 	1,502,466	 
	44180

	 	Preston Commons-Equity
	 	 	3	 	 	 	209,302	 
	44190

	 	Sterling Plaza-Equity
	 	 	1	 	 	 	151,374	 
	44240

	 	800-900 Concar-Equity
	 	 	2	 	 	 	175,367	 

 

 

SCHEDULE 4.4 (b)

Disclosure of

Additional Material Indebtedness

	1.	 	Drawings under this Agreement.
	 
	2.	 	Drawings under the Existing Revolving Credit Agreement

 

 

SCHEDULE 5.11(c)(1)

EOPT Investments

EOP-QRS Trust

BeaMetFed, Inc. (80.6% voting shares or .8102% of the overall

ownership)

EOP-Worldwide Plaza, Inc.

EOP-NYCCA, Inc.

 

 

SCHEDULE 5.11(c)(2)

EOPT Investments

EOP-QRS Trust

BeaMetFed, Inc. (80.6% voting shares or .8102% of the overall

ownership)

EOP-Worldwide Plaza, Inc.

EOP-NYCCA, Inc.

 

 

SCHEDULE 5.11(c)(3)

FINANCING PARTNERSHIPS OWNED BY EOP-QRS TRUST

Properties in which EOP-QRS Trust is a 1% Limited Partner:

	 
	PA-1601 Market Street Limited Partnership, a Delaware limited partnership

	(1601 Market Street, Philadelphia, Pennsylvania)

	 
	Properties in which EOP-QRS Trust is a 0.1% General Partner or Managing Member:

	 
	DC-1627 Eye Street Limited Partnership, a Delaware limited partnership

	(Army/Navy Building, Washington, D.C.)

	OR-5550 Macadam Building Limited Partnership, a Delaware limited partnership

	(5550 Macadam Building, Portland, Oregon)

	OR-BF Plaza Limited Partnership, a Delaware limited partnership

	(Benjamin Franklin Plaza, Portland, Oregon)

	OH-Community Corporate Center Limited Partnership, a Delaware limited partnership

	(Community Corporate Center, Columbus, Ohio)

	OH-One Crosswoods Limited Partnership, a Delaware limited partnership

	(One Crosswoods Center, Columbus, Ohio)

	DC-One Lafayette Limited Partnership, a Delaware limited partnership

	(One Lafayette, Washington, D.C.)

	DC-Two Lafayette Limited Partnership, a Delaware limited partnership

	(Two Lafayette, Washington, D.C.)

	DC-Three Lafayette Limited Partnership, a Delaware limited partnership

	(Three Lafayette, Washington, D.C.)

	OR-River Forum Limited Partnership, a Delaware limited partnership

	(River Forum I & II, Portland, Oregon)

	OR-Riverside Portland Limited Partnership

	(Riverside Centre, Portland, Oregon)

	OR-One Pacific Square Limited Partnership

	(Pacific Square, Portland, Oregon)

	LA-Lakeway I, L.L.C., a Delaware limited liability company

	(Lakeway Center I, Metairie, Louisiana)

	LA-Lakeway II, L.L.C., a Delaware limited liability company

	(Lakeway Center II, Metairie, Louisiana)

	LA-Lakeway III, L.L.C., a Delaware limited liability company

	(Lakeway Center III, Metairie, Louisiana)

 

 

EXHIBIT A

NOTE

			
	$
	 	Chicago, Illinois
	 	 	 
	 
	 	, 2006

          For value received, EOP OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership (the
“Borrower”), promises to pay to the order of (the
“Bank”) the unpaid principal amount of each Loan made by the Bank to the Borrower pursuant
to the Credit Agreement referred to below on the maturity date provided for in the Credit
Agreement). The Borrower further promises to pay interest on the unpaid principal amount of each
such Loan from the date advanced until such principal amount is paid in full on the dates and at
the rate or rates provided for in the Credit Agreement. All such payments of principal and
interest shall be made in lawful money of the United States in Federal or other immediately
available funds to Merrill Lynch Bank USA, for the account of the Bank, pursuant to the following
wire transfer instructions:

	 	 	 
	 

	 	Merrill Lynch Bank USA
	 

	 	15 W. South Temple, Suite 300
	 

	 	Salt Lake City UT 84101
	 

	 	ABA# 124-084-669
	 

	 	Account Ref. # 62030
	 

	 	Reference for Beneficiary: CPR#22698
	 

	 	Originator to Beneficiary (OBI): Acct# 0200001128

          All Loans made by the Bank, the respective types and maturities thereof and all repayments of
the principal thereof shall be recorded by the Bank and, if the Bank so elects in connection with
any transfer or enforcement hereof, appropriate notations to evidence the foregoing information
with respect to each such Loan then outstanding may be endorsed by the Bank on the schedule
attached hereto, or on a continuation of such schedule attached to and made a part hereof;
provided that the failure of the Bank to make any such recordation or endorsement shall not
affect the obligations of the Borrower hereunder or under the Credit Agreement.

          This note is one of the Notes referred to in, and is executed and delivered pursuant to
and subject to all of the terms of, the Credit Agreement, dated as of February 28, 2006, among the
Borrower, the banks listed on the signature pages thereof, Merrill Lynch Bank USA, as
Administrative Agent, and Merrill, Lynch, Pierce, Fenner & Smith Incorporated, as Sole Lead
Arranger and Sole Bookrunner (as the same may be amended from time to time, the “Credit
Agreement”). Capitalized terms used herein but not otherwise defined shall have the meanings
ascribed to them in the Credit Agreement. The terms and conditions of the Credit Agreement are
hereby incorporated in their entirety by reference as though fully set forth herein. Upon the

 

 

occurrence of certain Events of Default as more particularly described in the Credit
Agreement, the unpaid principal amount evidenced by this Note shall become, and upon the occurrence
and during the continuance of certain other Events of Default, such unpaid principal amount may be
declared to be, due and payable in the manner, upon the conditions and with the effect provided in
the Credit Agreement.

          Demand, presentment, diligence, protest and notice of nonpayment are hereby waived by the
Borrower.

          THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

[SIGNATURE PAGE FOLLOWS]

 

 

	 	 	 	 	 	 	 
	 	 	EOP OPERATING LIMITED PARTNERSHIP,
	 	 	             a Delaware limited partnership
	 
	 	 	 	 	 	 
	 	 	By:	 	Equity Office Properties Trust, a Maryland real
	 	 	 	 	estate investment trust, its general partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

 

 

Note (cont’d)

LOANS AND PAYMENTS OF PRINCIPAL

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Amount of	 	 	 	 
	 

	 	Amount of
	 	Type of
	 	Principal
	 	Maturity
	 	Notation
	Date

	 	Loan
	 	Loan
	 	Repaid
	 	Date
	 	Made By

 

 

EXHIBIT B

TRANSFER SUPPLEMENT

          TRANSFER SUPPLEMENT (this “Transfer Supplement”) dated as of                                         , 200_, between
                                         (the “Assignor”) and                                          having an address at
                                         (the “Purchasing Bank”).

W I T N E S S E T H:

          WHEREAS, the Assignor has made loans to EOP Operating Limited Partnership, a Delaware limited
partnership (the “Borrower”), pursuant to the Credit Agreement, dated as of February 28,
2006, among the Borrower, the banks listed on the signature pages thereof, Merrill Lynch Bank USA,
as Administrative Agent, and Merrill, Lynch, Pierce, Fenner & Smith Incorporated, as Sole Lead
Arranger and Sole Bookrunner (as the same may be amended from time to time, the “Credit
Agreement”). All capitalized terms used and not otherwise defined herein shall have the
respective meanings set forth in the Credit Agreement;

          WHEREAS, the Purchasing Bank desires to purchase and assume from the Assignor, and the
Assignor desires to sell and assign to the Purchasing Bank, certain rights, title, interest and
obligations under the Credit Agreement;

          NOW, THEREFORE, IT IS AGREED:

          1. In consideration of the amount set forth in the receipt (the “Receipt”) given by
Assignor to Purchasing Bank of even date herewith, and transferred by wire to Assignor, the
Assignor hereby assigns and sells, without recourse, representation or warranty except as
specifically set forth herein, to the Purchasing Bank, and the Purchasing Bank hereby purchases and
assumes from the Assignor, a ___% interest (the “Purchased Interest”) of the Loans
constituting a portion of the Assignor’s rights and obligations under the Credit Agreement as of
the Effective Date (as defined below) including, without limitation, such percentage interest of
the Assignor in any Loans owing to the Assignor, any Note held by the Assignor, any Loan Commitment
of the Assignor and any other interest of the Assignor under any of the Loan Documents.

          2. The Assignor: (i) represents and warrants that as of the date hereof the aggregate
outstanding principal amount of its share of the Loans owing to it (without giving effect to
assignments thereof which have not yet become effective) is $___; (ii) represents and warrants
that it is the legal and beneficial owner of the interests being assigned by it hereunder and that
such interests are free and clear of any adverse claim; (iii) represents and warrants that it has
not received any notice of Default or Event of Default from the Borrower; (iv) represents and
warrants that is has full power and authority to execute and deliver, and perform under, this
Transfer Supplement, and all necessary corporate and/or partnership action has been taken to
authorize, and all approvals and consents have been obtained for, the execu-

 

 

tion, delivery and performance thereof; (v) represents and warrants that this Transfer Supplement constitutes its
legal, valid and binding obligation enforceable in accordance with its terms; (vi) makes no
representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations (or the truthfulness or accuracy thereof) made in or in connection with the
Credit Agreement, or the other Loan Documents or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Credit Agreement, or the other Loan Documents or any other
instrument or document furnished pursuant thereto; and (vii) makes no representation or warranty
and assumes no responsibility with respect to the financial condition of the Borrower or the
performance or observance by the Borrower of any of its obligations under the Credit Agreement or
the other Loan Documents or any other instrument or document furnished pursuant thereto. Except as
specifically set forth in this Paragraph 2, this assignment shall be without recourse to Assignor.

          3. The Purchasing Bank: (i) confirms that it has received a copy of the Credit Agreement, and
the other Loan Documents, together with such financial statements and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Transfer Supplement and to become a party to the Credit Agreement, and has not relied on any
statements made by Assignor; (ii) agrees that it will, independently and without reliance upon any
of the Administrative Agent, the Assignor or any other Bank and based on such documents and
information as it shall deem appropriate at the time, continue to make its own appraisal of and
investigation into the business, operations, property, prospects, financial and other conditions
and creditworthiness of the Borrower and will make its own credit analysis, appraisals and
decisions in taking or not taking action under the Credit Agreement, and the other Loan Documents;
(iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under the Credit Agreement, and the other Loan Documents as are
delegated to such agents by the terms thereof, together with such powers as are incidental thereto;
(iv) agrees that it will be bound by and perform in accordance with their terms all of the
obligations which by the terms of the Credit Agreement are required to be performed by it as a
Bank; (v) specifies as its addresses for notices, its Domestic Lending Office and its Eurodollar
Lending office, the addresses and offices set forth beneath its name on the signature page hereof;
(vi) represents and warrants that it has full power and authority to execute and deliver, and
perform under, this Transfer Supplement, and all necessary corporate and/or partnership action has
been taken to authorize, and all approvals and consents have been obtained for, the execution,
delivery and performance thereof; (vii) represents and warrants that this Transfer Supplement
constitutes its legal, valid and binding obligation enforceable in accordance with its terms; and
(viii) represents and warrants that the interest being assigned hereunder is being acquired by it
for its own account, for investment purposes only and not with a view to the public distribution
thereof and without any present intention of its resale in either case that would be in violation
of applicable securities laws.

          4. This Transfer Supplement shall be effective on the date (the “Effective
Date”) on which all of the following have occurred: (i) it shall have been executed and
delivered by the parties hereto; (ii) copies hereof shall have been delivered to the Administrative
Agent and the Borrower; (iii) the Purchasing Bank shall have received an original Note; and (iv)
the

 

 

Purchasing Bank shall have paid to the Assignor the agreed purchase price as set forth in the
Receipt.

          5. On and after the Effective Date, (i) the Purchasing Bank shall be a party to the Credit
Agreement and, to the extent provided in this Transfer Supplement, have the rights and obligations
of a Bank thereunder and be entitled to the benefits and rights of the Banks thereunder and (ii)
the Assignor shall, to the extent provided in this Transfer Supplement as to the Purchased
Interest, relinquish its rights and be released from its obligations under the Credit Agreement.

          6. From and after the Effective Date, the Assignor shall cause the Administrative Agent to
make all payments under the Credit Agreement, and the Notes in respect of the Purchased Interest
assigned hereby (including, without limitation, all payments of principal, fees and interest with
respect thereto and any amounts accrued but not paid prior to such date) to the Purchasing Bank.

          7. This Transfer Supplement may be executed in any number of counterparts which, when taken
together, shall be deemed to constitute one and the same instrument.

          8. Assignor hereby represents and warrants to Purchasing Bank that it has made all payments
demanded to date by Wachovia Bank, National Association, as Administrative Agent in connection with
the Assignor’s Pro Rata Share of the obligation to reimburse the Agent for its expenses and made
all Loans required. In the event Wachovia Bank, National Association, as Administrative Agent,
shall demand reimbursement for fees and expenses from Purchasing Bank for any period prior to the
Effective Date, Assignor hereby agrees to promptly pay Wachovia Bank, National Association, as
Administrative Agent, such sums directly, subject, however, to Paragraph 12 hereof.

          9. Assignor will, at the cost of Assignor, and without expense to Purchasing Bank, do,
execute, acknowledge and deliver all and every such further acts, deeds, conveyances, assignments,
notices of assignments, transfers and assurances as Purchasing Bank shall, from time to time,
reasonably require, for the better assuring, conveying, assigning, transferring and confirming unto
Purchasing Bank the property and rights hereby given, granted, bargained, sold, aliened, enfeoffed,
conveyed, confirmed, assigned and/or intended now or hereafter so to be, on which Assignor may be
or may hereafter become bound to convey or assign to Purchasing Bank, or for carrying out the
intention or facilitating the performance of the terms of this Agreement or for filing, registering
or recording this Agreement.

          10. The parties agree that no broker or finder was instrumental in bringing about this
transaction. Each party shall indemnify, defend the other and hold the other free and harmless
from and against any damages, costs or expenses (including, but not limited to, reasonable
attorneys’ fees and disbursements) suffered by such party arising from claims by any broker or
finder that such broker or finder has dealt with said party in connection with this transaction.

 

 

          11. Subject to the provisions of Paragraph 12 hereof, if, with respect to the Purchased
Interest only, Assignor shall on or after the Effective Date receive (a) any cash, note,
securities, property, obligations or other consideration in respect of or relating to the Loan or
the Loan Documents or issued in substitution or replacement of the Loan or the Loan Documents, (b)
any cash or non-cash consideration in any form whatsoever distributed, paid or issued in any
bankruptcy proceeding in connection with the Loan or the Loan Documents or (c) any other
distribution (whether by means of repayment, redemption, realization of security or otherwise),
Assignor shall accept the same as Purchasing Bank’s agent and hold the same in trust on behalf of
and for the benefit of Purchasing Bank, and shall deliver the same forthwith to Purchasing Bank in
the same form received, with the endorsement (without recourse) of Assignor when necessary or
appropriate. If the Assignor shall fail to deliver any funds received by it within the same
Business Day of receipt, unless such funds are received by Assignor after 4:00 p.m., Eastern
Standard Time, then the following Business Day after receipt, said funds shall accrue interest at
the Federal Funds Rate and in addition to promptly remitting said amount, Assignor shall remit such
interest from the date received to the date such amount is remitted to the Purchasing Bank.

          12. Assignor and Purchasing Bank each hereby agree to indemnify and hold harmless the other,
each of its directors and each of its officers in connection with any claim or cause of action
based on any matter or claim based on the acts of either while acting as a Bank under the Credit
Agreement. Promptly after receipt by the indemnified party under this Section of notice of the
commencement of any action, such indemnified party shall notify the indemnifying party in writing
of the commencement thereof. If any such action is brought against any indemnified party and that
party notifies the indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein, and to the extent that it may elect by written notice delivered to
the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to
assume the defense thereof, with counsel satisfactory to such indemnified party, and after receipt
of notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified party under this
Section for any legal or other expenses subsequently incurred by such indemnified party in
connection with the defense thereof. In no event shall the indemnified party settle or consent to
a settlement of such cause of action or claim without the consent of the indemnifying party.

          13. THIS TRANSFER SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

          14. On or promptly after the Effective Date, Borrower, Administrative Agent, Assignor and
Purchasing Bank shall make appropriate arrangements so that a Note executed by Borrower, dated the
Effective Date is issued to Purchasing Bank.

          [15. On or before the Effective Date, Purchasing Bank shall comply with the provisions of
Section 8.4(d) of the Credit Agreement.] [Include only if Purchasing Bank is a foreign
institution.]

 

 

	 	 	 	 	 
	 	 	[Purchasing Bank]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	Notice Address:
	 	 	Domestic Lending Office:
	 	 	Eurodollar Lending Office:
	 
	 	 	 	 
	 	 	[Assignor]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

Receipt Acknowledged this

___ day of                    , 200___:

	 	 	 	 	 
	MERRILL LYNCH BANK USA, as Administrative Agent
	 
	 	 	 	 
	By:
	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

[TO THE EXTENT APPLICABLE]

Approved this

___ day of                     , 200___:

	 	 	 
	EOP OPERATING LIMITED PARTNERSHIP,
	a Delaware limited partnership
	 
	 	 
	By:

	 	Equity Office Properties Trust, a Maryland real estate investment trust, its general partner
	 
	 	 
	By:
	 	 
	 

	 	Name:
	 

	 	Title:

 

 

EXHIBIT C

NOTICE ADDRESSES

	 	 	 	 	 
	Borrower:	 	Administrative Agent:	 	 
	Two North Riverside Plaza

	 	Merrill Lynch Bank USA	 	 
	Suite 2100

	 	15 W. South Temple, Suite 300	 	 
	Chicago, Illinois 60606

	 	Salt Lake City, UT 84101	 	 
	Attn: Chief Financial Officer

	 	Attn: Mark Cannon	 	 
	Facsimile: (312) 559-5008

	 	Facsimile: (801) 359 4667	 	 

 

 

GUARANTY OF PAYMENT

          GUARANTY OF PAYMENT, made as of February 28, 2006 (this “Guaranty”), between EQUITY
OFFICE PROPERTIES TRUST, a Maryland real estate investment trust, having an address at Two North
Riverside Plaza, Suite 2100, Chicago, Illinois 60606 (“Guarantor”), and MERRILL LYNCH BANK
USA, as administrative agent (the “Administrative Agent”) for the banks (the
“Banks”) listed on the signature pages of the Credit Agreement, dated as of February 28,
2006, among EOP Operating Limited Partnership (“Borrower”), the banks listed on the
signature pages thereof, Merrill Lynch Bank USA, as Administrative Agent, and Merrill, Lynch,
Pierce, Fenner & Smith Incorporated , as Sole Lead Arranger and Sole Bookrunner (as the same may be
amended from time to time, the “Credit Agreement”).

W I T N E S S E T H:

          WHEREAS, the Banks have agreed to make loans to Borrower in the aggregate principal amount not
to exceed Five Hundred Million Dollars ($500,000,000) (hereinafter collectively referred to as the
“Loans”);

          WHEREAS, the Loans are evidenced by certain promissory notes (the “Notes”) of Borrower
made to each of the Banks in accordance with the terms of the Credit Agreement;

          WHEREAS, the Credit Agreement and the Notes and any other documents executed in connection
therewith are hereinafter collectively referred to as the “Loan Documents”;

          WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings
ascribed thereto in the Credit Agreement;

          WHEREAS, Guarantor is the sole general partner of Borrower; and

          WHEREAS, as a condition to the execution and delivery of the Loan Documents, the Banks have
required that Guarantor execute and deliver this Guaranty; and

          NOW THEREFORE, in consideration of the premises and the benefits to be derived from the making
of the Loans by the Banks to Borrower, and in order to induce the Administrative Agent, and the
Banks to enter into the Credit Agreement and the other Loan Documents, the Guarantor hereby agrees
as follows:

          1. Guarantor, on behalf of itself and its successors and assigns, hereby irrevocably,
absolutely and unconditionally guarantees the full and punctual payment when due, whether at stated
maturity or otherwise, of all Obligations of Borrower now or hereafter existing under the Notes and
the Credit Agreement, for principal and/or interest as well as any and all other amounts due
thereunder, including, without limitation, all indemnity obligations of

 

 

Borrower thereunder, and
any and all reasonable costs and expenses (including, without limitation, reasonable attorneys’
fees and disbursements) incurred by the Administrative Agent or the Banks in enforcing their rights
under this Guaranty (all of the foregoing obligations being the “Guaranteed Obligations”).

          2. It is agreed that the Guaranteed Obligations of Guarantor hereunder are primary and this
Guaranty shall be enforceable against Guarantor and its successors and assigns without the
necessity for any suit or proceeding of any kind or nature whatsoever brought by the Administrative
Agent or any of the Banks against Borrower or its respective successors or assigns or any other
party or against any security for the payment and performance of the Guaranteed Obligations and
without the necessity of any notice of non-payment or non-observance or of any notice of acceptance
of this Guaranty or of any notice or demand to which Guarantor might otherwise be entitled
(including, without limitation, diligence, presentment, notice of maturity, extension of time,
change in nature or form of the Guaranteed Obligations, acceptance of further security, release of
further security, imposition or agreement arrived at as to the amount of or the terms of the
Guaranteed Obligations, notice of adverse change in Borrower’s financial condition and any other
fact which might materially increase the risk to Guarantor), all of which Guarantor hereby
expressly waives; and Guarantor hereby expressly agrees that the validity of this Guaranty and the
obligations of Guarantor hereunder shall in no way be terminated, affected, diminished, modified or
impaired by reason of the assertion of or the failure to assert by the Administrative Agent or any
of the Banks against Borrower or its respective successors or assigns, any of the rights or
remedies reserved to the Administrative Agent or any of the Banks pursuant to the provisions of the
Loan Documents. Guarantor agrees that any notice or directive given at any time to the
Administrative Agent or any of the Banks which is inconsistent with the waiver in the immediately
preceding sentence shall be void and may be ignored by the Administrative Agent and the Banks, and,
in addition, may not be pleaded or introduced as evidence in any litigation relating to this
Guaranty for the reason that such pleading or introduction would be at variance with the written
terms of this
Guaranty, unless the Administrative Agent has specifically agreed otherwise in a writing,
signed by a duly authorized officer. Guarantor specifically acknowledges and agrees that the
foregoing waivers are of the essence of this transaction and that, but for this Guaranty and such
waivers, the Administrative Agent and the Banks would have declined to execute and deliver the
Loan Documents.

          3. Guarantor waives, and covenants and agrees that it will not at any time insist upon,
plead or in any manner whatsoever claim or take the benefit or advantage of, any and all appraisal,
valuation, stay, extension, marshalling-of-assets or redemption laws, or right of homestead or
exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise
affect the performance by Guarantor of its obligations under, or the enforcement by the
Administrative Agent or any of the Banks of, this Guaranty. Guarantor further covenants and agrees
not to set up or claim any defense, counterclaim, offset, setoff or other objection of any kind to
any action, suit or proceeding in law, equity or otherwise, or to any demand or claim that may be
instituted or made by the Administrative Agent or any of the Banks other than the defense of the
actual timely payment and performance by Borrower of the

2

 

Guaranteed Obligations hereunder;
provided, however, that the foregoing shall not be deemed a waiver of Guarantor’s right to assert
any compulsory counterclaim, if such counterclaim is compelled under local law or rule of
procedure, nor shall the foregoing be deemed a waiver of Guarantor’s right to assert any claim
which would constitute a defense, setoff, counterclaim or crossclaim of any nature whatsoever
against Administrative Agent or any Bank in any separate action or proceeding. Guarantor
represents, warrants and agrees that, as of the date hereof, its obligations under this Guaranty
are not subject to any counterclaims, offsets or defenses against the Administrative Agent or any
Bank of any kind.

          4. The provisions of this Guaranty are for the benefit of the Administrative Agent and the
Banks and their successors and permitted assigns, and nothing herein contained shall impair as
between Borrower and the Administrative Agent and the Banks the obligations of Borrower under the
Loan Documents.

          5. This Guaranty shall be a continuing, unconditional and absolute guaranty and the liability
of Guarantor hereunder shall in no way be terminated, affected, modified, impaired or diminished by
reason of the happening, from time to time, of any of the following, although without notice or the
further consent of Guarantor:

          (a) any assignment, amendment, modification or waiver of or change in any of the terms,
covenants, conditions or provisions of any of the Guaranteed Obligations or the Loan
Documents or the invalidity or unenforceability of any of the foregoing; or

          (b) any extension of time that may be granted by the Administrative Agent to Borrower,
any guarantor, or their respective successors or assigns, heirs, executors, administrators
or personal representatives; or

          (c) any action which the Administrative and/or the Banks may take or fail to
take under or in respect of any of the Loan Documents or by reason of any waiver of, or
failure to enforce any of the rights, remedies, powers or privileges available to the
Administrative Agent under this Guaranty or available to the Administrative Agent and/or the
Banks at law, equity or otherwise, or any action on the part of the Administrative Agent
and/or the Banks granting indulgence or extension in any form whatsoever; or

          (d) any sale, exchange, release, or other disposition of any property pledged,
mortgaged or conveyed, or any property in which the Administrative Agent and/or the Banks
have been granted a lien or security interest to secure any indebtedness of Borrower to the
Administrative Agent and/or the Banks; or

          (e) any release of any person or entity who may be liable in any manner for the payment
and collection of any amounts owed by Borrower to the Administrative Agent and/or the Banks;
or

          (f) the application of any sums by whomsoever paid or however realized to

3

 

any amounts
owing by Borrower to the Administrative Agent and/or the Banks under the Loan Documents in
such manner as the Administrative Agent shall determine in its sole discretion; or

          (g) Borrower’s or any guarantor’s voluntary or involuntary liquidation, dissolution,
sale of all or substantially all of their respective assets and liabilities, appointment of
a trustee, receiver, liquidator, sequestrator or conservator for all or any part of
Borrower’s or Guarantor’s assets, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment, or the commencement of
other similar proceedings affecting Borrower or any guarantor or any of the assets of any of
them, including, without limitation, (i) the release or discharge of Borrower or any
guarantor from the payment and performance of their respective obligations under any of the
Loan Documents by operation of law, or (ii) the impairment, limitation or modification of
the liability of Borrower or any guarantor in bankruptcy, or of any remedy for the
enforcement of the Guaranteed Obligations under any of the Loan Documents, or Guarantor’s
liability under this Guaranty, resulting from the operation of any present or future
provisions of the Bankruptcy Code or other present or future federal, state or applicable
statute or law or from the decision in any court; or

          (h) any improper disposition by Borrower of the proceeds of the Loans, it being
acknowledged by Guarantor that the Administrative Agent or any Bank shall be entitled to
honor any request made by Borrower for a disbursement of such proceeds and that neither the
Administrative Agent nor any Bank shall have any obligation to see the proper disposition by
Borrower of such proceeds.

          6. Guarantor agrees that if at any time all or any part of any payment at any time received by
the Administrative Agent from Borrower or Guarantor under or with respect to this Guaranty is or
must be rescinded or returned by the Administrative Agent or any Bank for
any reason whatsoever (including, without limitation, the insolvency, bankruptcy or
reorganization of Borrower or Guarantor), then Guarantor’s obligations hereunder shall, to the
extent of the payment rescinded or returned, be deemed to have continued in existence
notwithstanding such previous receipt by such party, and Guarantor’s obligations hereunder shall
continue to be effective or reinstated, as the case may be, as to such payment, as though such
previous payment had never been made.

          7. Until this Guaranty is terminated pursuant to the terms hereof, Guarantor (i) shall
have no right of subrogation against Borrower or any entity comprising same by reason of any
payments or acts of performance by Guarantor in compliance with the obligations of Guarantor
hereunder, (ii) waives any right to enforce any remedy which Guarantor now or hereafter shall have
against Borrower or any entity comprising same by reason of any one or more payment or acts of
performance in compliance with the obligations of Guarantor hereunder and (iii) from and after an
Event of Default (as defined in the Credit Agreement), subordinates any liability or indebtedness
of Borrower or any entity comprising same now or hereafter held by Guarantor or any affiliate of
Guarantor to the obligations of Borrower under the Loan

4

 

Documents. The foregoing, however, shall
not be deemed in any way to limit any rights that Guarantor may have pursuant to the Agreement of
Limited Partnership of Borrower or which it may have at law or in equity with respect to any other
partners of Borrower.

          8. Guarantor represents and warrants to the Administrative Agent and the Banks with the
knowledge that the Administrative Agent and the Banks are relying upon the same, as follows:

          (a) as of the date hereof, Guarantor is the sole general partner of Borrower;

          (b) based upon such relationships, Guarantor has determined that it is in its best
interests to enter into this Guaranty;

          (c) this Guaranty is necessary and convenient to the conduct, promotion and attainment
of Guarantor’s business, and is in furtherance of Guarantor’s business purposes;

          (d) the benefits to be derived by Guarantor from Borrower’s access to funds made
possible by the Loan Documents are at least equal to the obligations undertaken pursuant to
this Guaranty;

          (e) Guarantor is solvent and has full power and legal right to enter into this Guaranty
and to perform its obligations under the term hereof and (i) Guarantor is organized and
validly existing under the laws of the State of Maryland, (ii) Guarantor has complied with
all provisions of applicable law in connection with all aspects of this Guaranty, and (iii)
the person executing this Guaranty has all the requisite power and authority to execute and
deliver this Guaranty;

          (f) to the best of Guarantor’s knowledge, there is no action, suit, proceeding, or
investigation pending or threatened against or affecting Guarantor at law, in equity, in
admiralty or before any arbitrator or any governmental department, commission, board,
bureau, agency or instrumentality (domestic or foreign) which is likely to materially and
adversely impair the ability of Guarantor to perform its obligations under this Guaranty;

          (g) the execution and delivery of and the performance by Guarantor of its
obligations under this Guaranty have been duly authorized by all necessary action on the
part of Guarantor and do not (i) violate any provision of any law, rule, regulation
(including, without limitation, Regulation U or X of the Board of Governors of the Federal
Reserve System of the United States), order, writ, judgment, decree, determination or award
presently in effect having applicability to Guarantor or the organizational documents of
Guarantor the consequences of which violation is likely to materially and adversely impair
the ability of Guarantor to perform its obligations under this Guaranty or (ii) violate or
conflict with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any indenture, agreement or other

5

 

instrument to which Guarantor is a
party, or by which Guarantor or any of its property is bound, the consequences of which
violation, conflict, breach or default is likely to materially and adversely impair the
ability of Guarantor to perform its obligations under this Guaranty;

          (h) this Guaranty has been duly executed by Guarantor and constitutes the legal, valid
and binding obligation of Guarantor, enforceable against it in accordance with its terms
except as enforceability may be limited by applicable insolvency, bankruptcy or other laws
affecting creditors’ rights generally or general principles of equity, whether such
enforceability is considered in a proceeding in equity or at law;

          (i) no authorization, consent, approval, license or formal exemption from, nor any
filing, declaration or registration with, any Federal, state, local or foreign court,
governmental agency or regulatory authority is required in connection with the making and
performance by Guarantor of this Guaranty, except those which have already been obtained;
and

          (j) Guarantor is not an “investment company” as that term is defined in, nor is it
otherwise subject to regulation under, the Investment Company Act of 1940, as amended.

          9. Guarantor and Administrative Agent each acknowledge and agree that this Guaranty is a
guarantee of payment and performance and not of collection and enforcement in respect of any
obligations which may accrue to the Administrative Agent and/or the Banks from Borrower under the
provisions of any Loan Document.

          10. Subject to the terms and conditions of the Credit Agreement, and in conjunction therewith,
the Administrative Agent or any Bank may assign any or all of its rights
under this Guaranty. In the event of any such assignment, the Administrative Agent shall give
Guarantor prompt notice of same. If the Administrative Agent or any Bank elects to sell all the
Loans or participations in the Loans and the Loan Documents, including this Guaranty, the
Administrative Agent or any Bank may forward to each purchaser and prospective purchaser all
documents and information relating to this Guaranty or to Guarantor, whether furnished by Borrower
or Guarantor or otherwise, subject to the terms and conditions of the Credit Agreement.

          11. Guarantor agrees, upon the written request of the Administrative Agent, to execute
and deliver to the Administrative Agent, from time to time, any modification or amendment hereto or
any additional instruments or documents reasonably considered necessary by the Administrative Agent
or its counsel to cause this Guaranty to be, become or remain valid and effective in accordance
with its terms, provided, that, any such modification, amendment, additional instrument or document
shall not increase Guarantor’s obligations or diminish its rights hereunder and shall be reasonably
satisfactory as to form to Guarantor and to Guarantor’s counsel.

6

 

          12. The representations and warranties of Guarantor set forth in this Guaranty shall survive
until this Guaranty shall terminate in accordance with the terms hereof.

          13. This Guaranty contains the entire agreement among the parties with respect to the subject
matter hereof and supersede all prior agreements relating to such subject matter and may not be
modified, amended, supplemented or discharged except by a written agreement signed by Guarantor and
the Administrative Agent.

          14. If all or any portion of any provision contained in this Guaranty shall be determined to
be invalid, illegal or unenforceable in any respect for any reason, such provision or portion
thereof shall be deemed stricken and severed from this Guaranty and the remaining provisions and
portions thereof shall continue in full force and effect.

          15. This Guaranty may be executed in counterparts which together shall constitute the same
instrument.

          16. All notices, requests and other communications to any party hereunder shall be in writing
(including bank wire, telex, facsimile transmission followed by telephonic confirmation or similar
writing) and shall be addressed to such party at the address set forth below or to such other
address as may be identified by any party in a written notice to the others:

	 	 	 
	If to Guarantor

	 	Equity Office Properties Trust
	 

	 	Two North Riverside Plaza
	 

	 	Suite 2100
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: Chief Financial Officer
	 

	 	Facsimile: (312) 930-0601
	With Copies of
	 	 
	Notices to Guarantor to:

	 	Equity Office Properties Trust
	 

	 	Two North Riverside Plaza
	 

	 	Suite 2100
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: Chief Legal Counsel
	 

	 	Facsimile: (312) 559-5021
	 

	 	          and
	 

	 	DLA Piper Rudnick Gray Cary US LLP
	 

	 	203 North LaSalle Street
	 

	 	Suite 1900
	 

	 	Chicago, Illinois 60601
	 

	 	Attn: James M. Phipps, Esq.
	 

	 	Facsimile: (312) 251-5735
	If to the
	 	 
	Administrative Agent:

	 	Merrill Lynch Bank USA
	 

	 	15 W. South Temple,
Suite 300

Salt Lake City, UT 84101

Attn: Darryl Johnson

Facsimile: 801-531-7470

7

 

          Each such notice, request or other communication shall be effective (i) if given by telex or
facsimile transmission, when such telex or facsimile is transmitted to the telex number or
facsimile number specified in this Section and the appropriate answerback or facsimile confirmation
is received, (ii) if given by certified registered mail, return receipt requested, with first
class postage prepaid, addressed as aforesaid, upon receipt or refusal to accept delivery, (iii)
if given by a nationally recognized overnight carrier, 24 hours after such communication is
deposited with such carrier with postage prepaid for next day delivery, or (iv) if given by any
other means, when delivered at the address specified in this Section.

          17. Any acknowledgment or new promise, whether by payment of principal or interest or
otherwise by Borrower or Guarantor, with respect to the Guaranteed Obligations shall, if the
statute of limitations in favor of Guarantor against the Administrative Agent shall have commenced
to run, toll the running of such statute of limitations, and if the period of such statute of
limitations shall have expired, prevent the operation of such statute of limitations.

          18. This Guaranty shall be binding upon Guarantor and its successors and assigns and shall
inure to the benefit of the Administrative Agent and the Banks and their successors and permitted
assigns.

          19. The failure of the Administrative Agent to enforce any right or remedy hereunder, or
promptly to enforce any such right or remedy, shall not constitute a waiver thereof, nor give rise
to any estoppel against the Administrative Agent, nor excuse Guarantor from its obligations
hereunder. Any waiver of any such right or remedy to be enforceable against the Administrative
Agent must be expressly set forth in a writing signed by the Administrative Agent.

          20. (a) THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

               (b) Any legal action or proceeding with respect to this Guaranty and any action for
enforcement of any judgment in respect thereof may be brought in the courts of the State of New
York or of the United States of America for the Southern District of New York, and, by execution
and delivery of this Guaranty, the Guarantor hereby accepts for itself and in respect of its
property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts and
appellate courts from any thereof. The Guarantor irrevocably consents to the service of process
out of any of the aforementioned courts in any such action or proceeding by the mailing of copies
thereof by registered or certified mail, postage prepaid, to the Guarantor at its address for
notices set forth herein. The Guarantor 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 Guaranty brought in the courts referred to

8

 

above 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. Nothing herein shall affect the right of the Administrative Agent to serve process in any
other manner permitted by law or to commence legal proceedings or otherwise proceed against the
Guarantor in any other jurisdiction.

               (c) GUARANTOR HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY AND ALL CLAIMS OR CAUSES OF
ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY. IT IS HEREBY ACKNOWLEDGED BY GUARANTOR THAT THE
WAIVER OF A JURY TRIAL IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT TO ACCEPT THIS
GUARANTY AND THAT THE LOANS MADE BY THE BANKS ARE MADE IN RELIANCE UPON SUCH WAIVER. GUARANTOR
FURTHER WARRANTS AND REPRESENTS THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE, FOLLOWING
CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY BE FILED BY THE
ADMINISTRATIVE AGENT IN COURT AS A WRITTEN CONSENT TO A NON-JURY TRIAL.

               (d) Guarantor does hereby further covenant and agree to and with the Administrative Agent that
Guarantor may be joined in any action against Borrower in connection with the Loan Documents and
that recovery may be had against Guarantor in such action or in any independent action against
Guarantor (with respect to the Guaranteed Obligations), without the Administrative Agent first
pursuing or exhausting any remedy or claim against Borrower or its successors or assigns.
Guarantor also agrees that, in an action brought with respect to the Guaranteed Obligations in any
jurisdiction, it shall be conclusively bound by the judgment in any such action by the
Administrative Agent (wherever brought) against Borrower or its successors or assigns, as if
Guarantor were a party to such action, even though Guarantor was not joined as a party in such
action.

               (e) Guarantor agrees to pay all reasonable expenses (including, without limitation, attorneys’
fees and disbursements) which may be incurred by the Administrative Agent or the Banks in
connection with the enforcement of their rights under this Guaranty, whether or not suit is
initiated.

          21. Notwithstanding anything to the contrary contained herein, this Guaranty shall
terminate and be of no further force or effect upon the full performance and payment of the
Guaranteed Obligations hereunder and the termination of the Commitments under the Credit Agreement.
Upon termination of this Guaranty in accordance with the terms of this Guaranty, the
Administrative Agent promptly shall deliver to Guarantor such documents as Guarantor or Guarantor’s
counsel reasonably may request in order to evidence such termination.

          22. All of the Administrative Agent’s rights and remedies under each of the Loan Documents or
under this Guaranty are intended to be distinct, separate and cumulative and no such right or
remedy therein or herein mentioned is intended to be in exclusion of or a waiver of any other right
or remedy available to the Administrative Agent.

9

 

          23. The Guarantor shall not use any assets of an “employee benefit plan” within the meaning of
Section 3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Internal Revenue
Code (the “Code”) to repay or secure the Loan, the Note, the Obligations or this Guaranty.
The Guarantor shall not assign, sell, pledge, encumber, transfer, hypothecate or otherwise dispose
of any of its rights or interests (direct or indirect) in Borrower, or attempt to do any of the
foregoing or suffer any of the foregoing, or permit any party with a direct or indirect interest or
right in Borrower to do any of the foregoing, if such action would cause the Note, the Loan, the
Obligations, this Guaranty, or any of the Loan Documents or the exercise of any of the
Administrative Agent’s or Bank’s rights in connection therewith, to constitute a prohibited
transaction under ERISA or the Code (unless the Guarantor furnishes to the Administrative Agent a
legal opinion satisfactory to the Administrative Agent that the transaction is exempt from the
prohibited transaction provisions of ERISA and the Code (and for this purpose, the Administrative
Agent and the Banks, by accepting the benefits of this Guaranty, hereby agree to supply Guarantor
all relevant non-confidential, factual information reasonably necessary to such legal opinion and
reasonably requested by Guarantor) or would otherwise result in the Administrative Agent or any of
the Arrangers or Banks being deemed in violation of Sections 404 or 406 of ERISA or Section 4975 of
the Code or would otherwise result in the Administrative Agent or the Banks being a fiduciary or
party in interest under ERISA or a “disqualified person” as defined in Section 4975(e)(2) of the
Code with respect to an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a
“plan” within the meaning of Section 4975(e)(1) of the Code. The Guarantor shall indemnify and
hold each of the Administrative Agent and the Banks free and harmless from and against all loss,
costs (including attorneys’ fees and expenses), expenses, taxes and damages (including
consequential damages) that each of the Administrative Agent and the Banks may suffer by reason of
the investigation, defense and settlement of claims and in obtaining any prohibited transaction
exemption under ERISA necessary in Administrative Agent’s reasonable judgment as a result of
Guarantor’s action or inaction or by reason of a breach of the foregoing provisions by Guarantor.

          24. This Guaranty shall become effective simultaneously with the making of the initial Loans
under the Credit Agreement.

[SIGNATURE PAGE FOLLOWS]

10

 

          IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guaranty as of the
date and year first above written.

	 	 	 	 	 	 	 
	 	 	GUARANTOR:

EQUITY OFFICE PROPERTIES TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Maureen Fear	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Maureen Fear	 	 
	 

	 	 	 	Title: Senior Vice President and	 	 
	 

	 	 	 	Treasurer	 	 

	 	 	 	 	 
	ACCEPTED:	 	 
	 
	 	 	 	 
	MERRILL LYNCH BANK USA,

as Administrative Agent	 	 
	 
	 	 	 	 
	By:  
	/s/ Frank Stepan	 	 
	 

	 	 	 
	 

	Name: 	Frank Stepan	 	 
	 

	Title: Vice President	 	 

11

 

ACKNOWLEDGMENT FOR GUARANTOR

STATE OF ILLINOIS)

                                    )
SS.

COUNTY OF COOK)

          On February ___, 2006, before me personally came Maureen Fear, to me known to be the person
who executed the foregoing instrument, and who, being duly sworn by me, did depose and say that she
is Senior Vice President and Treasurer of Equity Office Properties Trust, and that she executed the
foregoing instrument in the organization’s name, and that she had authority to sign the same, and
she acknowledged to me that she executed the same as the act and deed of said organization for the
uses and purposes therein mentioned.

[Seal]

	 	 	 	 	 
	 

	 	/s/ Amber Miller
	 	 
	 

	 	 	 	 
	 

	 	Notary Public
	 	 

                      OFFICIAL
SEAL 

                   
  AMBER MILLER

NOTARY PUBLIC - STATE OF ILLINOIS

MY COMMISSION EXPIRES 12-06-06

12exv10w37

 

Exhibit 10.37

EQUITY OFFICE PROPERTIES TRUST

NON-QUALIFIED SHARE OPTION AGREEMENT

FOR EMPLOYEES

     This NON-QUALIFIED SHARE OPTION AGREEMENT (this “Agreement”) is made as of _________
(the “Grant Date”) between Equity Office Properties Trust, a Maryland real estate investment trust
(the “Company”), and
_________ (the “Optionee”).

W I T N E S S E T H:

     WHEREAS, the Company desires, by affording the Optionee an opportunity to purchase authorized
common shares of beneficial interest of the Company, $.01 par value per share (the “Shares”), as
hereinafter provided, to carry out the purposes of the Equity Office Properties Trust 2003 Share
Option and Share Incentive Plan, as amended (the “Plan”);

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
hereinafter contained, the parties hereto mutually covenant and agree as follows:

     1.       Grant of Share Option. The Company hereby grants to the Optionee a non-qualified
share option (the “Share Option”) to purchase all or any
part of an aggregate _________ Shares,
such number being subject to adjustment as provided in Paragraph 5 hereof, on the terms and
conditions hereinafter set forth.

     2.       Term of Share Option. The term of the Share Option shall be for a period of ten
(10) years, beginning on the Grant Date and ending on
_________ (the “Expiration Date”),
except as follows:

	 	(a)	 	Notwithstanding any other provision to the contrary, the Share Option shall
expire immediately and become null and void if (i) the Optionee violates any agreement
covering non-competition with the Company or any Subsidiary (as defined in the Plan),
(ii) the Optionee’s Service (as defined below) terminates for cause (as defined
below), or (iii) the Chief Legal Counsel determines that the Optionee committed acts
or omissions that would have been the basis for a termination of the Optionee’s
Service for cause had such acts or omissions been discovered prior to termination.

	 	(A)	 	an Optionee’s “Service” shall continue until he or she is no
longer an employee, officer, trustee, director of the Company or an entity
that, at the time such Service terminates, is a Subsidiary (as such term is
defined under the Plan); and
	 
	 	(B)	 	“cause” shall consist of:

	 	(i)	 	violations of the Company’s drug and alcohol
policy;
	 
	 	(ii)	 	illegal, dishonest or unethical conduct;
	 
	 	(iii)	 	violations of the Company’s anti-harassment
policy;
	 
	 	(iv)	 	threatening to commit or committing injury or
damage to customers, fellow employees, guests or company property; or

 

 

	 	(v)	 	any other instance where the Compensation
Committee of the Board of Trustees (the “Committee”) deems there is
sufficient cause.

	 	(b)	 	Subject to paragraph 2 (a) hereof, if the Optionee’s Service is terminated
other than: (i) for cause; (ii) because of the Optionee’s death, Disability (as defined
under the Plan) or retirement at or after his or her attainment of age 62; or (iii) as
a result of a Change in Control of the Company (as more particularly and specifically
defined in the Plan), the Share Option shall be exercisable only with respect to the
number of Shares that are vested and exercisable (as determined under Paragraph 4
hereof) on the date such Service terminates and shall expire three (3) months from the
date of the termination of the Optionee’s Service. From and after the effective date
of the termination of such Service, the Optionee shall be allowed to exercise the Share
Option with respect to the Shares that are vested and exercisable as of the effective
date of the termination, but only if the Optionee has satisfied any outstanding debts
or liabilities to the Company and has returned all Company property in his or her
possession. For purposes of this Agreement and the Plan, a “Change in Control” (as
more particularly and specifically defined in the Plan) shall be deemed to occur upon:

	 	(A)	 	the acquisition by any entity, person or group of more than
thirty percent (30%) of the combined voting power of the outstanding voting
securities of Equity Office;
	 
	 	(B)	 	approval by shareholders of Equity Office of a merger,
consolidation or reorganization of Equity Office with one (1) or more other
entities, as a result of which the holders of all outstanding voting securities
of Equity Office immediately prior to such transaction hold less than seventy
percent (70%) of the combined voting power of the outstanding voting securities
of the surviving or resulting corporation in substantially the same relative
proportion as their ownership of the outstanding voting securities of Equity
Office immediately before the transaction and the incumbent members of the
Board of Trustees of Equity Office immediately before the transaction do not
constitute at least a majority of the members of the board of the resulting
corporation; or
	 
	 	(C)	 	approval by shareholders of Equity Office of a complete
liquidation or dissolution of Equity Office; or
	 
	 	(D)	 	the rejection by the voting beneficial owners of the
outstanding Shares of the entire slate of trustees proposed by the Board at a
single election of trustees; or
	 
	 	(E)	 	the rejection by the voting beneficial owners of the
outstanding Shares of one-half or more of the trustees proposed by the Board
over any two or more consecutive elections of trustees; or
	 
	 	(F)	 	approval by shareholders of Equity Office of an agreement for
the sale of substantially all of the assets of Equity Office other than to an entity of
which Equity Office directly or indirectly owns at least seventy percent
(70%) of the voting share.

- 2 -

 

	 	(c)	 	If the Optionee’s Service terminates as the result of his or her death, the
Share Option shall become fully vested and will expire twelve (12) months following the
date of the Optionee’s death, but no later than the Expiration Date. The vested Share
Option shall be exercisable by the Optionee’s heirs, legatees or estate that receive
the Share Option, as determined by the Committee in accordance with the Plan and
Paragraph 6 hereof.
	 
	 	(d)	 	If the Optionee’s Service is terminated because of his Disability or retirement
at or after age 62 or as a result of a Change in Control of the Company, the Share
Option shall be immediately exercisable in full and shall expire on the Expiration
Date.

     3.       Purchase Price . The per share purchase price of the
Shares shall be $_________, subject to adjustment as provided below in Paragraph 5.

     4.       Exercise of Share Option. This Paragraph 4 describes the time and manner in which
the Share Option may be exercised.

	 	(a)	 	The Share Option shall be exercisable in accordance with a vesting schedule under which
_________ (_/_) of the Share Options will vest on each of _________. Notwithstanding
the foregoing, the Share Option shall become fully vested and immediately exercisable with
respect to all of the Shares if the Optionee’s Service is terminated as a result of his or her
death, Disability or retirement at or after his or her attainment of age 62 or as a result of
a Change in Control.
	 
	 	(b)	 	Once the Share Option becomes exercisable, the Optionee or such other persons
as are entitled to exercise the Share Option (as described in Paragraphs 2(c) and 6
hereof) may exercise the Share Option by providing written notice to exercise prior to
the Expiration Date to the attention of Fidelity Investments, or such other broker as
the Company shall identify in a written notice to Optionee as the Company’s designated
broker for the Plan (the “Designated Broker”). Such written notice to exercise or
electronic transmission of notice to exercise shall be in a form acceptable to the
Designated Broker and may state that the Share Option is being exercised thereby and
the number of Shares in respect of which it is being exercised. Such written notice
shall be signed by the person or persons so exercising the Share Option and shall be
accompanied by payment in full of the purchase price for such Shares, together with any
required state, federal and payroll withholding taxes. Payments under this Paragraph 4
may be made (i) in cash, (ii) in Shares to be valued at the Fair Market Value thereof
(as defined under the Plan) on the date of such exercise, (iii) with other
consideration deemed to be acceptable by the Committee, or (iv) with a combination of
any of the foregoing means. If the Share Option shall be exercised by any person or
entity other than the Optionee, such written notice and payment must also be
accompanied by appropriate proof of the right of such person or entity to exercise the
Share Option. As soon as practicable following its receipt of sufficient written
notice, payment and any other required documentation, the Designated Broker shall
register, in the name of the person or entity exercising the Share Option, the
Shares purchased under the Share Option.

- 3 -

 

	 	(c)	 	Notwithstanding any provision of this Agreement or the Plan to the contrary,
the Optionee or such other persons as are entitled to exercise the Share Option (as
described in Paragraphs 2(c) and 6 hereof) will be prohibited from exercising the Share
Option to the extent that the Chief Legal Counsel of the Company has determined that
purchases and sales of Company securities should be restricted because of the existence
or potential existence of material nonpublic information concerning the Company,
whether or not such determination has been communicated to the Optionee or such other
persons. If the Chief Legal Counsel of the Company has made such a determination and
the Optionee or such other persons give notice of an intent to exercise the Share
Option (and satisfy all other conditions to the exercise of the Share Option), the
Chief Legal Counsel shall advise the Optionee or such other persons concerning such
restrictions, and unless such notice is withdrawn, the effective time of the Optionee’s
exercise shall be postponed to the earlier of the date that the Chief Legal Counsel
determines that such restriction is no longer necessary with respect to exercises of
the Share Option or the day before the date that the Share Option expires.

     5.       Adjustment of Shares Subject to the Share Option. In the event of any change in
the number of outstanding Shares by reason of any Share dividend, split, recapitalization, merger,
consolidation, combination, exchange of Shares or other similar corporate change, the aggregate
number and kind of Shares subject to the Share Option shall be proportionately adjusted by the
Committee so that the aggregate value of such Shares shall remain unchanged, and the terms of this
Agreement may be adjusted by the Committee in such manner as it deems equitable. If the foregoing
adjustment results in a fractional number of Shares being subject to the Share Option, the
fractional Share will be eliminated by rounding down to the nearest whole Share. All adjustments
under this Paragraph 5 shall be made in the sole discretion of the Committee as it deems necessary
and appropriate and shall be effective as of the day such action necessitating such adjustment
becomes effective. Notwithstanding the foregoing, in no event shall the price per Share provided
under this Agreement be adjusted below the par value of any such Share.

     6.       Transferability. The Share Option shall not be transferable other than:

	 	(a)	 	by will or the laws of descent and distribution;
	 
	 	(b)	 	pursuant to a “domestic relations order” (as such term is defined under the
Internal Revenue Code (the “Code”)), to the extent not inconsistent with the applicable
provisions of the Code; or
	 
	 	(c)	 	pursuant to a transfer made by the Optionee during his or her lifetime to his
or her spouse, child or children, grandchild or grandchildren, or other family member
or to a trust for the benefit of one (1) or more of such family members, provided that:
(i) the transferee thereof shall hold such Share Option subject to all of the conditions and restrictions
contained herein and in the Plan; and (ii) as a condition of such transfer, the
Company may require the transferee to agree in writing (in a form acceptable to the
Committee) that the grant is subject to such conditions and restrictions.

- 4 -

 

     The Share Option may not be assigned, transferred, pledged or hypothecated in any way, shall
not be assignable by operation of law, nor subject to execution, attachment or similar process,
except as provided in this Paragraph 6. Any attempted assignment, transfer, pledge, hypothecation
or other disposition of the Share Option contrary to the provisions of this Paragraph 6 and of the
Plan, and the levy of any execution, attachment or similar process upon the Share Option, shall be
null and void and without effect.

     7.       Withholding Taxes. If at any time the Company is required to withhold taxes on
ordinary income recognized by the Optionee or other person or entity with respect to Shares
received under the Share Option, the Company shall have the right to withhold from amounts payable
to such person an amount necessary to satisfy all federal, state and local payroll tax withholding
requirements.

     Without limiting the generality of the foregoing:

	 	(a)	 	the person or entity exercising the Share Option may elect to satisfy all or
part of the foregoing tax withholding requirements by delivery of unrestricted Shares
having a Fair Market Value (as defined under the Plan) equal to the amount of taxes to
be so withheld; and
	 
	 	(b)	 	the Committee may permit any such delivery of Shares to be made by withholding
Shares otherwise issuable pursuant to the Share Option (in which event the date of
delivery shall be deemed to be the date the Share Option is exercised) having a Fair
Market Value (as defined in the Plan) equal to the amount of taxes to be withheld.

     8.       Service Rights of Optionee. This Agreement shall not constitute a contract of
continued Service, and the Optionee’s receipt of the Share Option does not give him or her the
right to be retained in the Service of the Company or any Subsidiary.

     9.       Shareholder Rights. The Optionee or other person or entity exercising the Share
Option shall have no rights as a shareholder with respect to Shares to be acquired by the exercise
of the Share Option until the earlier of the date of issuance of such Shares or the date the
Optionee becomes entitled to such Shares. Except as otherwise expressly provided in the Plan, no
adjustment shall be made for dividends or other rights for which the record date is prior to the
earlier of the date such Shares are issued and the date the Optionee becomes entitled to such
Shares. All Shares purchased upon the exercise of the Share Option as provided herein shall be
fully paid and non-assessable.

     10.       Availability of Shares. The Company shall at all times during the term of the
Share Option reserve and keep available such number of Shares as will be sufficient to satisfy the
requirements of this Agreement, pay all original issue taxes, if any, with respect to the issuance
of Shares pursuant hereto and all other fees and expenses necessarily incurred by the Company in
connection therewith, and, from time to time, use its best efforts to comply with all laws and
regulations which, in the opinion of counsel for the Company, shall be applicable thereto.

- 5 -

 

     11.       Notices. Each notice relating to this Agreement shall be given in writing and
shall be sufficiently given if sent by registered or certified mail, or by nationally recognized
overnight delivery service, postage or charges prepaid, to the address as hereinafter provided. Any
such written notice or communication given by mail shall be deemed to have been given two (2)
business days after the date so mailed, and such written notice or communication given by overnight
delivery service shall be deemed to have been given one (1) business day after the date so sent.
Each written notice to the Company shall be addressed to it at its offices at Two North Riverside
Plaza, Suite 2100, Chicago, Illinois 60606, Attention: Chief Legal Counsel (or, in the case of
notices pursuant to Paragraph 4(b) hereof, Attention: Fidelity Investments, P.O. Box 770001,
Cincinnati, Ohio 45277-0003) or such other address identified in a written notice from the Company
to the Optionee delivered in the manner prescribed in this Paragraph 11. Each written notice to
the Optionee or other person or entity then entitled to exercise the Share Option shall be
addressed to the Optionee or such other person or entity at the Optionee’s last known address on
the records of the Company.

     12.       Incorporation of the Plan. Notwithstanding the terms and conditions contained
herein, this Agreement shall be subject to and governed by all of the terms and conditions of the
Plan (including amendments to the Plan) that are hereby incorporated by reference. In the event of
any discrepancy or inconsistency between the terms and conditions of this Agreement and those of
the Plan, the terms and conditions of the Plan shall control.

     13.       Interpretation. The interpretation and construction by the Committee of any terms
or conditions of the Plan, this Agreement or other matters related to the Plan shall be final and
conclusive.

     14.       Enforceability. This Agreement shall be binding upon the Optionee and his or her
estate, assignee, transferee, personal representative and beneficiaries. 

	 	 	 	 	 
	 	EQUITY OFFICE PROPERTIES TRUST

 	 
	 	By:  	Richard Kincaid
 	 
	 	 	President and Chief Executive Officer 	 
	 	 	 	 
	 
	 	GRANTEE 	 
	 	 	 
	 	<<FIRSTNAME>> <<LASTNAME>> 	 

- 6 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]