Document:

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                                                                   Exhibit 10.10

                            2002 STOCK BONUS PLAN OF

                                  NANOGEN, INC.

                       (ADOPTED EFFECTIVE JUNE 14, 2002 )

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                                TABLE OF CONTENTS

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ARTICLE 1.  INTRODUCTION..................................................................................1

ARTICLE 2.  DEFINITIONS...................................................................................1
     2.1    "Board".......................................................................................1
     2.2    "Change in Control"...........................................................................1
     2.3    "Code"........................................................................................2
     2.4    "Committee"...................................................................................2
     2.5    "Common Share"................................................................................2
     2.6    "Company".....................................................................................2
     2.7    "Exchange Act"................................................................................2
     2.8    "Fair Market Value"...........................................................................2
     2.9    "Key Employee"................................................................................3
     2.10   "Outside Director"............................................................................3
     2.11   "Parent"......................................................................................3
     2.12   "Participant".................................................................................3
     2.13   "Plan"........................................................................................3
     2.14   "Restricted Share"............................................................................3
     2.15   "Restricted Share Agreement"..................................................................3
     2.16   "Subsidiary"..................................................................................3

ARTICLE 3.  ADMINISTRATION................................................................................3
     3.1    Committee Composition.........................................................................3
     3.2    Committee Responsibilities....................................................................4

ARTICLE 4.  SHARES AVAILABLE FOR GRANTS...................................................................4
     4.1    Basic Limitation..............................................................................4
     4.2    Additional Shares.............................................................................4
     4.3    Dividend Equivalents..........................................................................4

ARTICLE 5.  ELIGIBILITY...................................................................................4
     5.1    General Rules.................................................................................4

ARTICLE 6.  RESTRICTED SHARE AWARDS.......................................................................4
     6.1    Time, Amount and Form of Awarded Restricted Shares............................................4
     6.2    Minimum Payment for Restricted Shares.........................................................4
     6.3    Vesting Conditions............................................................................5

ARTICLE 7.  VOTING AND DIVIDEND RIGHTS....................................................................5

ARTICLE 8.  PROTECTION AGAINST DILUTION...................................................................5
     8.1    Adjustments...................................................................................5
     8.2    Reorganizations...............................................................................5

ARTICLE 9.  RESTRICTED SHARES UNDER OTHER PLANS...........................................................5

ARTICLE 10. LIMITATION ON RIGHTS..........................................................................5
     10.1   Retention Rights..............................................................................5
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     10.2   Stockholders' Rights..........................................................................6
     10.3   Regulatory Requirements.......................................................................6

ARTICLE 11. ADDITIONAL PAYMENTS...........................................................................6
     11.1   Gross-Up Payment..............................................................................6
     11.2   Determination by Accountant...................................................................6
     11.3   Underpayments and Overpayments................................................................7
     11.4   Related Corporations..........................................................................7

ARTICLE 12. WITHHOLDING TAXES.............................................................................7
     12.1   General.......................................................................................7
     12.2   Share Withholding.............................................................................7

ARTICLE 13. ASSIGNMENT OR TRANSFER OF RESTRICTED SHARES...................................................7
     13.1   General.......................................................................................7
     13.2   Trusts........................................................................................8

ARTICLE 14. FUTURE OF THE PLAN............................................................................8
     14.1   Term of the Plan..............................................................................8
     14.2   Amendment or Termination......................................................................8

ARTICLE 15. EXECUTION.....................................................................................8
</Table>

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                            2002 STOCK BONUS PLAN OF

                                  NANOGEN, INC.

     ARTICLE 1.  INTRODUCTION.

     The Plan was adopted by the Board effective as of April 16, 2002 and was
approved by the Company's stockholders as of June 14, 2002. The Plan is
effective as of June 14, 2002.

     The purpose of the Plan is to promote the long-term success of the Company
and the creation of stockholder value by (a) encouraging Key Employees to focus
on critical long-range objectives, (b) encouraging the attraction and retention
of Key Employees with exceptional qualifications and (c) linking Key Employees
directly to stockholder interests through increased stock ownership. The Plan
seeks to achieve this purpose by providing for payment of some or a portion of
annual bonuses in the form of Restricted Shares.

     The Plan shall be governed by, and construed in accordance with, the laws
of the State of California.

     ARTICLE 2.  DEFINITIONS.

     2.1    "BOARD" means the Company's Board of Directors, as constituted from
time to time.

     2.2    "CHANGE IN CONTROL" shall mean the occurrence of any of the
following events:

            (a)  The consummation of a merger or consolidation of the Company
     with or into another entity or any other corporate reorganization, if more
     than 50% of the combined voting power of the continuing or surviving
     entity's securities outstanding immediately after such merger,
     consolidation or other reorganization is owned by persons who were not
     stockholders of the Company immediately prior to such merger, consolidation
     or other reorganization;

            (b)  A change in the composition of the Board, as a result of which
     fewer than one-half of the incumbent directors are directors who either:

                 (A) Had been directors of the Company 24 months prior to such
            change; or

                 (B) Were elected, or nominated for election, to the Board with
            the affirmative votes of at least a majority of the directors who
            had been directors of the Company 24 months prior to such change and
            who were still in office at the time of the election or nomination;
            or

            (c)  Any "person" (as such term is used in sections 13(d) and
     14(d) of the Exchange Act) by the acquisition or aggregation of securities
     is or becomes the beneficial owner, directly or indirectly, of securities
     of the Company representing

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     50% or more of the combined voting power of the Company's then outstanding
     securities ordinarily (and apart from rights accruing under special
     circumstances) having the right to vote at elections of directors (the
     "Base Capital Stock"); except that any change in the relative beneficial
     ownership of the Company's securities by any person resulting solely from a
     reduction in the aggregate number of outstanding shares of Base Capital
     Stock, and any decrease thereafter in such person's ownership of
     securities, shall be disregarded until such person increases in any manner,
     directly or indirectly, such person's beneficial ownership of any
     securities of the Company. Thus, for example, any person who owns less than
     50% of the Company's outstanding shares, shall cause a Change in Control to
     occur as of any subsequent date if such person then acquires an additional
     interest in the Company which, when added to the person's previous
     holdings, causes the person to hold more than 50% of the Company's
     outstanding shares.

The term "Change in Control" shall not include a transaction, the sole purpose
of which is to change the state of the Company's incorporation.

     2.3    "CODE" means the Internal Revenue Code of 1986, as amended.

     2.4    "COMMITTEE" means a committee of the Board, as described in
Article 2.

     2.5    "COMMON SHARE" means one share of the common stock of the Company.

     2.6    "COMPANY" means Nanogen, Inc., a Delaware corporation.

     2.7    "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

     2.8    "FAIR MARKET VALUE" means the market price of Common Shares,
determined by the Committee as follows:

            (a)  If the Common Shares were traded over-the-counter on the date
     in question but was not traded on the Nasdaq Stock Market or the Nasdaq
     National Market, then the Fair Market Value shall be equal to the mean
     between the last reported representative bid and asked prices quoted for
     such date by the principal automated inter-dealer quotation system on which
     the Common Shares are quoted or, if the Common Shares are not quoted on any
     such system, by the "Pink Sheets" published by the National Quotation
     Bureau, Inc.;

            (b)  If the Common Shares were traded over-the-counter on the date
     in question and were traded on the Nasdaq Stock Market or the Nasdaq
     National Market, then the Fair Market Value shall be equal to the
     last-transaction price quoted for such date by the Nasdaq Stock Market or
     the Nasdaq National Market;

            (c)  If the Common Shares were traded on a stock exchange on the
     date in question, then the Fair Market Value shall be equal to the closing
     price reported by the applicable composite transactions report for such
     date; and

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            (d)  If none of the foregoing provisions is applicable, then the
     Fair Market Value shall be determined by the Committee in good faith on
     such basis as it deems appropriate.

Whenever possible, the determination of Fair Market Value by the Committee shall
be based on the prices reported in the Western Edition of THE WALL STREET
JOURNAL. Such determination shall be conclusive and binding on all persons.

     2.9    "KEY EMPLOYEE" means a common-law employee of the Company, a Parent
or a Subsidiary.

     2.10   "OUTSIDE DIRECTOR" shall mean a member of the Board who is not a
common-law employee of the Company, a Parent or a Subsidiary.

     2.11   "PARENT" means any corporation (other than the Company) in an
unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain. A corporation that attains the status of a Parent on
a date after the adoption of the Plan shall be considered a Parent commencing as
of such date.

     2.12   "PARTICIPANT" means an individual or estate who holds Restricted
Shares issued under the Plan.

     2.13   "PLAN" means this 2002 Stock Bonus Plan of Nanogen, Inc., as amended
from time to time.

     2.14   "RESTRICTED SHARE" means a Common Share awarded under the Plan.

     2.15   "RESTRICTED SHARE AGREEMENT" means the agreement between the Company
and the recipient of Restricted Shares which contains the terms, conditions and
restrictions pertaining to such Restricted Shares.

     2.16   "SUBSIDIARY" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock
possessing 50% or more of the total combined voting power of all classes of
stock in one of the other corporations in such chain. A corporation that attains
the status of a Subsidiary on a date after the adoption of the Plan shall be
considered a Subsidiary commencing as of such date.

     ARTICLE 3.  ADMINISTRATION.

     3.1    COMMITTEE COMPOSITION. The Plan shall be administered by the
Committee. Except as provided below, the Committee shall consist exclusively of
directors of the Company, who shall be appointed by the Board. In addition, the
composition of the Committee shall satisfy:

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            (a)  Such requirements, if any, as the Securities and Exchange
     Commission may establish for administrators acting under plans intended to
     qualify for exemption under Rule 16b-3 (or its successor) under the
     Exchange Act; and

            (b)  Such requirements as the Internal Revenue Service may establish
     for outside directors acting under plans intended to qualify for exemption
     under section 162(m)(4)(C) of the Code.

The Board may appoint one or more separate committees composed of one or more
officers of the Company who need not be directors of the Company and who need
not satisfy the foregoing requirements, who may administer the Plan with respect
to Key Employees who are not "covered employees" under section 162(m)(3) of the
Code and who are not required to report pursuant to ss. 16(a) of the Exchange
Act.

     3.2    COMMITTEE RESPONSIBILITIES. The Committee shall (a) select the Key
Employees who are to receive Restricted Shares under the Plan, (b) determine the
number of shares, vesting requirements and other features and conditions of such
Restricted Shares, (c) interpret the Plan and (d) make all other decisions
relating to the operation of the Plan. The Committee may adopt such rules or
guidelines as it deems appropriate to implement the Plan. The Committee's
determinations under the Plan shall be final and binding on all persons.

     ARTICLE 4.  SHARES AVAILABLE FOR GRANTS.

     4.1    BASIC LIMITATION. Common Shares issued pursuant to the Plan may be
authorized but unissued shares or treasury shares. The aggregate number of
Common Shares available for issuance awarded under the Plan shall not exceed
250,000. The limitation of this Section 4.1 shall be subject to adjustment
pursuant to Article 11.

     4.2    ADDITIONAL SHARES. If Restricted Shares are forfeited before any
dividends have been paid with respect to such Shares, then such Shares shall
again become available for grants under the under the Plan.

     4.3    DIVIDEND EQUIVALENTS. Any dividend equivalents distributed under the
Plan shall not be applied against the number of Restricted Shares available
under the Plan.

     ARTICLE 5.  ELIGIBILITY.

     5.1    GENERAL RULES. Only Key Employees are eligible to be selected as
Participants in the Plan.

     ARTICLE 6.  RESTRICTED SHARE AWARDS.

     6.1    TIME, AMOUNT AND FORM OF AWARDED RESTRICTED SHARES. Restricted
Shares under the Plan may be awarded in such amounts, at such times, and subject
to such vesting or other restrictions as the Committee may determine.

     6.2    MINIMUM PAYMENT FOR RESTRICTED SHARES. The Committee may determine
the price, if any, of Restricted Shares awarded under the Plan, provided,
however, that, to the

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extent that Restricted Shares are newly issued Common Shares, the Participant,
as a condition to the grant of such Shares, shall be required to pay the Company
in cash an amount at least equal to the par value of such Common Shares. To the
extent that Restricted Shares are Common Shares from the Company's treasury, no
cash consideration need be required of the Award recipients.

     6.3    VESTING CONDITIONS. Each Award of Restricted Shares shall become
vested, in full or in installments, upon satisfaction of the conditions
specified in the Restricted Shares Agreement. A Restricted Shares Agreement may
provide for accelerated vesting in the event of the Participant's death,
disability or retirement or other events. The Committee may determine, at the
time of making a Restricted Share award or thereafter, that such Shares shall
become fully vested in the event that a Change in Control occurs with respect to
the Company.

     ARTICLE 7.  VOTING AND DIVIDEND RIGHTS.

     The holders of Restricted Shares awarded under the Plan shall have the same
voting, dividend and other rights as the Company's other stockholders. A
Restricted Shares Agreement, however, may require that the holders of Restricted
Shares invest any cash dividends received in additional Restricted Shares. Such
additional Restricted Shares shall be subject to the same conditions and
restrictions as the Restricted Shares with respect to which the dividends were
paid. Such additional Restricted Shares shall not reduce the number of Common
Shares available under Article 4.

     ARTICLE 8.  PROTECTION AGAINST DILUTION.

     8.1    ADJUSTMENTS. In the event of a subdivision of the outstanding Common
Shares, a declaration of a dividend payable in Common Shares, a declaration of a
dividend payable in a form other than Common Shares in an amount that has a
material effect on the price of Common Shares, a combination or consolidation of
the outstanding Common Shares (by reclassification or otherwise) into a lesser
number of Common Shares, a recapitalization, a spinoff or a similar occurrence,
the Committee shall make such adjustments as it, in its sole discretion, deems
appropriate in the number of Restricted Shares available for future awards under
Article 3. Except as provided in this Article 8, a Participant shall have no
rights by reason of any issue by the Company of stock of any class or securities
convertible into stock of any class, any subdivision or consolidation of shares
of stock of any class, the payment of any stock dividend or any other increase
or decrease in the number of shares of stock of any class.

     8.2    REORGANIZATIONS. In the event that the Company is a party to a
merger or other reorganization, outstanding Restricted Shares shall be subject
to the agreement of merger or reorganization. Such agreement may provide,
without limitation, for the exchange of outstanding Restricted Shares into
similar shares of the surviving corporation or its parent, for their
continuation by the Company (if the Company is a surviving corporation), for
accelerated vesting, or for settlement in cash.

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     ARTICLE 9.  RESTRICTED SHARES UNDER OTHER PLANS.

     The Company may grant Restricted Shares under other plans or programs. Such
Restricted Shares may be settled in the form of Common Shares issued under this
Plan. Such Common Shares, when issued, reduce the number of Common Shares
available under Article 4.

     ARTICLE 10. LIMITATION ON RIGHTS.

     10.1   RETENTION RIGHTS. Neither the Plan nor any Restricted Shares granted
under the Plan shall be deemed to give any individual a right to remain an
employee, consultant or director of the Company, a Parent or a Subsidiary. The
Company and its Parents and Subsidiaries reserve the right to terminate the
service of any employee, consultant or director at any time, with or without
cause, subject to applicable laws, the Company's certificate of incorporation
and by-laws and a written employment agreement (if any).

     10.2   STOCKHOLDERS' RIGHTS. A Participant shall have no dividend rights,
voting rights or other rights as a stockholder with respect to any Common Shares
covered by his or her Restricted Share award prior to the issuance of a stock
certificate for such Common Shares. No adjustment shall be made for cash
dividends or other rights for which the record date is prior to the date when
such certificate is issued, except as expressly provided in Article 9.

     10.3   REGULATORY REQUIREMENTS. Any other provision of the Plan
notwithstanding, the obligation of the Company to issue Common Shares under the
Plan shall be subject to all applicable laws, rules and regulations and such
approval by any regulatory body as may be required. The Company reserves the
right to restrict, in whole or in part, the delivery of Common Shares pursuant
to any award prior to the satisfaction of all legal requirements relating to the
issuance of such Common Shares, to their registration, qualification or listing
or to an exemption from registration, qualification or listing.

     ARTICLE 11. ADDITIONAL PAYMENTS.

     11.1   GROSS-UP PAYMENT. In the event that it is determined that any
payment or transfer by the Company under the Plan to or for the benefit of (the
"Payment") would be subject to the excise tax imposed by section 4999 of the
Code or any interest or penalties with respect to such excise tax (such excise
tax, together with any such interest or penalties, are collectively referred to
as the "Excise Tax"), then the Participant shall be entitled to receive an
additional payment (a "Gross-Up Payment") in an amount that shall fund the
payment by the Participant of any Excise Tax on the Payment as well as all
income taxes imposed on the Gross-Up Payment, any Excise Tax imposed on the
Gross-Up Payment and any interest or penalties imposed with respect to taxes on
the Gross-Up Payment or any Excise Tax.

     11.2   DETERMINATION BY ACCOUNTANT. All mathematical determinations and all
determinations of whether any of the Payments are "parachute payments" (within
the meaning of section 280G of the Code) including all determinations of whether
a Gross-Up Payment is required, of the amount of such Gross-Up Payment and of
amounts determined under ss. 14.3 shall be made by the independent auditors most
recently selected by the Board (the "Auditors"), which shall provide its
determination (the "Determination"), together with detailed

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supporting calculations regarding the amount of any Gross-Up Payment and any
other relevant matters, both to the Company and to the Participant within seven
business days of the Participant's termination date, if applicable, or such
earlier time as is requested by the Company or by the Participant (if the
Participant reasonably believes that any of the Total Payments may be subject to
the Excise Tax). If the Accounting Firm determines that no Excise Tax is payable
by the Participant, it shall furnish the Participant with a written statement
that the Auditors have concluded that no Excise Tax is payable (including the
reasons therefor) and that the Participant has substantial authority not to
report any Excise Tax on the Participant's federal income tax return. If a
Gross-Up Payment is determined to be payable, it shall be paid to the
Participant within five business days after the Determination is delivered to
the Company or the Participant. Any determination by the Auditors shall be
binding upon the Company and the Participant, absent manifest error.

     11.3   UNDERPAYMENTS AND OVERPAYMENTS. As a result of uncertainty in the
application of section 4999 of the Code at the time of the initial determination
by the Auditors hereunder, it is possible that Gross-Up Payments not made by the
Company should have been made ("Underpayments") or that Gross-Up Payments will
have been made by the Company which should not have been made ("Overpayments").
In either event, the Auditors shall determine the amount of the Underpayment or
Overpayment that has occurred. In the case of an Underpayment, the amount of
such Underpayment shall promptly be paid by the Company to or for the benefit of
the Employee. In the case of an Overpayment, the Employee shall, at the
direction and expense of the Company, take such steps as are reasonably
necessary (including the filing of returns and claims for refund), follow
reasonable instructions from, and procedures established by, the Company and
otherwise reasonably cooperate with the Company to correct such Overpayment;
provided, however, that (i) the Employee shall in no event be obligated to
return to the Company an amount greater than the net after-tax portion of the
Overpayment that the Employee has retained or has recovered as a refund from the
applicable taxing authorities and (ii) this provision shall be interpreted in a
manner consistent with the intent of this Article 11, which is to make the
Employee whole, on an after-tax basis, for the application of the Excise Tax, it
being understood that the correction of an Overpayment may result in the
Employee's repaying to the Company an amount which is less than the Overpayment.

     11.4   RELATED CORPORATIONS. For purposes of this Article 11, the term
"Company" shall include affiliated corporations to the extent determined by the
Auditors in accordance with section 280G(d)(5) of the Code.

     ARTICLE 12. WITHHOLDING TAXES.

     12.1   GENERAL. To the extent required by applicable federal, state, local
or foreign law, a Participant or his or her successor shall make arrangements
satisfactory to the Company for the satisfaction of any withholding tax
obligations that arise in connection with the Plan. The Company shall not be
required to issue any Common Shares or make any cash payment under the Plan
until such obligations are satisfied.

     12.2   SHARE WITHHOLDING. The Committee may permit a Participant to satisfy
all or part of his or her withholding or income tax obligations by having the
Company withhold all or a portion of any Common Shares that otherwise would be
issued to him or her or by

                                       -7-
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surrendering all or a portion of any Common Shares that he or she previously
acquired. Such Common Shares shall be valued at their Fair Market Value on the
date when taxes otherwise would be withheld in cash. Any payment of taxes by
assigning Common Shares to the Company may be subject to restrictions, including
any restrictions required by rules of the Securities and Exchange Commission.

     ARTICLE 13. ASSIGNMENT OR TRANSFER OF RESTRICTED SHARES.

     13.1   GENERAL. Restricted Shares awarded under the Plan shall not be
anticipated, assigned, attached, garnished, optioned, transferred or made
subject to any creditor's process, whether voluntarily, involuntarily or by
operation of law prior to full vesting, except as approved by the Committee.
However, this Article 13 shall not preclude a Participant from designating a
beneficiary who will receive any outstanding Restricted Shares in the event of
the Participant's death, nor shall it preclude a transfer of Restricted Shares
by will or by the laws of descent and distribution.

     13.2   TRUSTS. Neither this Article 13 nor any other provision of the Plan
shall preclude a Participant from transferring or assigning Restricted Shares to
(a) the trustee of a trust that is revocable by such Participant alone, both at
the time of the transfer or assignment and at all times thereafter prior to such
Participant's death, or (b) a family member or the trustee of any other trust
for the benefit of a family member to the extent approved in advance by the
Committee in writing. A transfer or assignment of Restricted Shares from such
trustee or family member to any person other than such Participant shall be
permitted only to the extent approved in advance by the Committee in writing,
and Restricted Shares held by such trustee shall be subject to all of the
conditions and restrictions set forth in the Plan and in the applicable Stock
Award Agreement, as if such trustee were a party to such Agreement.

     ARTICLE 14. FUTURE OF THE PLAN.

     14.1   TERM OF THE PLAN. The Plan, as set forth herein, shall remain in
effect until it is terminated under Section 14.2.

     14.2   AMENDMENT OR TERMINATION. The Board may, at any time and for any
reason, amend or terminate the Plan. An amendment of the Plan shall be subject
to the approval of the Company's stockholders only to the extent required by
applicable laws, regulations or rules. No Restricted Shares shall be awarded
under the Plan after the termination thereof. The termination of the Plan, or
any amendment thereof, shall not affect any Restricted Shares previously awarded
under the Plan.

     ARTICLE 15. EXECUTION.

     To record the adoption of the Plan by the Board, the Company has caused its
duly authorized officer to affix the corporate name and seal hereto.

                                  NANOGEN, INC.

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                                            By /S/ RANDY BERHOLTZ
                                               ---------------------------------

                                            Senior Corporate Counsel

                                            Date: June 14, 2002

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Exhibit 10.1    
  

$250,000,000 TERM LOAN FACILITY  

 CREDIT AGREEMENT  

 by and among  

 THE MACERICH PARTNERSHIP, L.P.,

MACERICH GALAHAD GP CORP.,

MACERICH GALAHAD LP,

MACERICH WRLP CORP.,

MACERICH WRLP LLC,

MACERICH TWC II CORP.,

and

MACERICH TWC II LLC,

as the Borrowers  

 THE MACERICH COMPANY

and

THE ENTITIES FROM TIME TO TIME PARTY HERETO

as Guarantors  

 DEUTSCHE BANK TRUST COMPANY AMERICAS,

JPMORGAN CHASE BANK,

and

THE INSTITUTIONS FROM TIME TO TIME PARTY HERETO

as Lenders  

 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as the Administrative Agent and the Collateral Agent for the Lenders  

 DEUTSCHE BANK SECURITIES INC.

and

J.P. MORGAN SECURITIES INC.,

as the Co-Lead Arrangers  

 JPMORGAN CHASE BANK

and

DRESDNER BANK AG, NEW YORK and GRAND CAYMAN BRANCHES,

as the Co-Syndication Agents  

 ING CAPITAL LLC

and

FLEET NATIONAL BANK,

as the Co-Documentation Agents  

 Dated as of July 26, 2002  

 
  
 

    TABLE OF CONTENTS    
  

	 
	 
	 
	Page

	RECITALS	1
	AGREEMENT	1
	1.	Credit Facility	1
	 	1.1	Term Loan Amount	1
	 	1.2	Funding of Term Loan	1
	 	1.3	Repayment of Principal	1
	 	1.4	Term Loan Extension	2
	 	1.5	Interest	3
	 	1.6	Joint Borrower Provisions	3
	2.	Interest Rate and Yield-Related Provisions	4
	 	2.1	Applicable Interest Rate	4
	 	2.2	Payment of Interest	5
	 	2.3	Procedures for Interest Rate Election	5
	 	2.4	Inability to Determine Rate	6
	 	2.5	Illegality	6
	 	2.6	Funding	6
	 	2.7	Requirements of Law; Increased Costs	7
	 	2.8	Obligation of Lenders to Mitigate; Replacement of Lenders	7
	 	2.9	Funding Indemnification	8
	 	2.10	Taxes	8
	 	2.11	[RESERVED]	10
	 	2.12	Post-Default Interest	10
	 	2.13	Computations	10
	3.	Payments	10
	 	3.1	Evidence of Indebtedness	10
	 	3.2	Nature and Place of Payments	10
	 	3.3	Prepayments	10
	 	3.4	Amortization	14
	 	3.5	Allocation of Payments Received	14
	4.	Credit Support	15
	 	4.1	Guaranties	15
	 	4.2	Pledge Agreements	15
	5.	Conditions Precedent	15
	 	5.1	Conditions to Funding of Term Loan	15
	 	5.2	Outside Closing Date	17
	6.	Representations and Warranties	17
	 	6.1	Financial Condition	17
	 	6.2	No Material Adverse Effect	18
	 	6.3	Compliance with Laws and Agreements	18
	 	6.4	Organization, Powers; Authorization; Enforceability	18
	 	6.5	No Conflict	19
	 	6.6	No Material Litigation	19
	 	6.7	Taxes	19
	 	6.8	Investment Company Act	20
	 	6.9	Subsidiary Entities	20
	 	6.10	Federal Reserve Board Regulations	20
	 	6.11	ERISA Compliance	20

ii

 

	 	6.12	Assets and Liens	21
	 	6.13	Securities Acts	21
	 	6.14	Consents, Etc.	21
	 	6.15	Hazardous Materials	21
	 	6.16	Regulated Entities	22
	 	6.17	Copyrights, Patents, Trademarks and Licenses, etc.	22
	 	6.18	REIT Status	22
	 	6.19	Insurance	22
	 	6.20	Full Disclosure	22
	 	6.21	Indebtedness	23
	 	6.22	Real Property	23
	 	6.23	Brokers	23
	 	6.24	No Default	23
	 	6.25	Solvency	23
	7.	Affirmative Covenants	23
	 	7.1	Financial Statements	23
	 	7.2	Certificates; Reports; Other Information	25
	 	7.3	Maintenance of Existence and Properties	25
	 	7.4	Inspection of Property; Books and Records; Discussions	25
	 	7.5	Notices	26
	 	7.6	Expenses	26
	 	7.7	Payment of Indemnified Taxes and Other Taxes and Charges	26
	 	7.8	Insurance	27
	 	7.9	Hazardous Materials	27
	 	7.10	Compliance with Laws and Contractual Obligations; Payment of The Taxes	27
	 	7.11	Further Assurances	28
	 	7.12	Single Purpose Entities	28
	 	7.13	REIT Status	28
	 	7.14	Use of Proceeds	28
	 	7.15	Subordination	28
	 	7.16	Mandatory Prepayments under Interim Facility	30
	 	7.17	Management of Projects	30
	8.	Negative Covenants	30
	 	8.1	Liens	30
	 	8.2	Indebtedness	30
	 	8.3	Fundamental Change	30
	 	8.4	Dispositions	30
	 	8.5	Investments	31
	 	8.6	Transactions with Partners and Affiliates	32
	 	8.7	Margin Regulations; Securities Laws	32
	 	8.8	Organizational Documents	32
	 	8.9	Fiscal Year	33
	 	8.10	Senior Management	33
	 	8.11	Distributions	33
	 	8.12	Financial Covenants of Borrower Parties	33
	 	8.13	Financial Covenants of Westcor Borrowers	34
	9.	Events of Default	35
	10	The Agents	37
	 	10.1	Appointment	37

iii

 

	 	10.2	Delegation of Duties	37
	 	10.3	Exculpatory Provisions	37
	 	10.4	Reliance by the Agents	37
	 	10.5	Notice of Default	38
	 	10.6	Non-Reliance on Agents and Other Lenders	38
	 	10.7	Indemnification	39
	 	10.8	Agents in Their Individual Capacity	39
	 	10.9	Successor Administrative Agent	39
	 	10.10	Successor Collateral Agent	40
	 	10.11	Limitations on Agents Liability	40
	11.	Miscellaneous Provisions	40
	 	11.1	No Assignment by Borrowers	40
	 	11.2	Modification	40
	 	11.3	Cumulative Rights; No Waiver	41
	 	11.4	Entire Agreement	41
	 	11.5	Survival	41
	 	11.6	Notices	41
	 	11.7	Governing Law	41
	 	11.8	Assignments, Participations, Etc.	41
	 	11.9	Counterparts	43
	 	11.10	Sharing of Payments	43
	 	11.11	Confidentiality	43
	 	11.12	Consent to Jurisdiction	43
	 	11.13	Waiver of Jury Trial	44
	 	11.14	Indemnity	44
	 	11.15	Telephonic Instruction	45
	 	11.16	Marshalling; Payments Set Aside	45
	 	11.17	Set-off	45
	 	11.18	Severability	45
	 	11.19	No Third Parties Benefited	45

iv

 
SCHEDULE OF ANNEXES, SCHEDULES AND EXHIBITS  

	ANNEXES:	 	 
	Annex 1	 	Glossary
	
SCHEDULES:	
 	

 
	Schedule 5.1(1)(J)	 	Organizational Documents of Additional Persons
	Schedule 5.1(2)	 	Additional Conditions Precedent for Funding of Term Loan
	Schedule 6.6	 	Material Litigation
	Schedule 6.9	 	Subsidiary Entities
	Schedule 6.11	 	ERISA
	Schedule 6.14	 	Consents
	Schedule 6.15	 	Hazardous Materials
	Schedule 6.19	 	Insurance
	Schedule 6.21	 	Indebtedness
	Schedule 6.22	 	Real Property
	Schedule 8.1	 	Additional Permitted Liens
	Schedule 8.6	 	Transactions with Affiliates
	Schedule 11.6	 	Addresses for Notices, Etc.
	Schedule G-1	 	Designated Assets
	Schedule G-2	 	Percentage Share
	Schedule G-3	 	Description of Guaranties
	
EXHIBITS:	
 	

 
	Exhibit A	 	Form of Supplemental Guaranty
	Exhibit B	 	Form of Assignment and Acceptance Agreement
	Exhibit C	 	Form of Closing Certificate
	Exhibit D	 	Form of Compliance Certificate
	Exhibit E	 	Form of Management Agreement
	Exhibit F	 	Form of Note
	Exhibit G	 	Form of Pledge Agreement
	Exhibit H	 	Form of Rate Request

v

  

 
 

CREDIT AGREEMENT    
  

        THIS CREDIT AGREEMENT (the "Agreement") is made and dated as of the 26th day of July, 2002, by and among THE
MACERICH PARTNERSHIP, L.P., a limited partnership organized under the laws of the state of Delaware ("Macerich Partnership"); MACERICH GALAHAD GP CORP.,
a Delaware corporation ("Galahad GP"); MACERICH GALAHAD LP, a Delaware limited partnership ("Galahad
LP"); MACERICH WRLP CORP., a Delaware corporation ("Macerich WRLP Corp."); MACERICH WRLP LLC, a Delaware limited liability
company ("Macerich WRLP LLC"); MACERICH TWC II CORP., a Delaware corporation ("Macerich TWC Corp.");
MACERICH TWC II LLC, a Delaware limited liability company ("Macerich TWC LLC") (Galahad GP, Galahad LP, Macerich WRLP Corp., Macerich WRLP LLC, Macerich
TWC Corp. and Macerich TWC LLC being referred to herein, jointly and severally, as "Westcor Borrowers") (Macerich Partnership and Westcor Borrowers
being referred to herein, jointly and severally, as the "Borrowers"); THE MACERICH COMPANY, a Maryland corporation
("MAC"); THE ENTITIES FROM TIME TO TIME PARTY HERETO AS AFFILIATE GUARANTORS; THE LENDERS FROM TIME TO TIME PARTY HERETO (collectively and severally,
the "Lenders"); and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as administrative agent for the Lenders (in such capacity, the
"Administrative Agent") and as Collateral Agent for the Benefited Creditors. 

 
 

RECITALS    
  

        A.    The
Borrowers have requested the Lenders to extend credit to the Borrowers in the form of a single disbursement term loan and that DBTCA agree to act as administrative
agent for the benefit of the Lenders with respect to such credit extension. 

        B.    The
Lenders party hereto have agreed to extend such credit facility and DBTCA has agreed to act as administrative agent on behalf of the Lenders on the terms and subject
to the conditions set forth herein and in the other Loan Documents (as that term and capitalized terms are defined in, or the location of the definitions thereof referenced in, the Glossary attached
hereto as Annex I and by this reference incorporated herein). 

        NOW,
THEREFORE, in consideration of the above Recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby
agree as follows: 

 
 

AGREEMENT    
  

        ARTICLE
1.    Credit Facility.    

        1.1    Term Loan Amount.    On the terms and subject to the conditions set forth herein, the Lenders severally agree
that they shall fund their respective Percentage Shares of a term loan (the "Term Loan"), in the amount of $250,000,000. Principal amounts on the Term
Loan that are repaid or prepaid by Borrowers may not be reborrowed. 

        1.2    Funding of Term Loan.    Each Lender shall make its Percentage Share of the Term Loan available to the
Administrative Agent, in same-day funds, on the Closing Date at the Contact Office, ABA 021-001-033 for the Administrative Agent's Account
No. 99-401-268, Ref: Macerich Partnership, no later than 11:00 a.m. (New York time) on the Closing Date. The failure of any Lender to advance its Percentage Share
of the Term Loan shall not relieve any other Lender of its obligation hereunder to advance its Percentage Share thereof, but no Lender shall be responsible for the failure of any other Lender to make
its required advance. 

        1.3    Repayment of Principal.    Subject to (i) the mandatory prepayment provisions of  Section 3.3(2), (ii) the
amortization payment provisions of Section 3.4 below,
(iii) the Term Loan extension provisions of Section 1.4 below, and (iv) any earlier acceleration of the Term Loan 

1

 

following an Event of Default, the principal balance of the Term Loan shall be payable in full on July 26, 2005 (the "Original Maturity Date"). 

        1.4    Term Loan Extension.    

        (1)  Provided
that no Potential Default or Event of Default shall have occurred and be continuing, the Borrowers shall have the option, to be exercised by giving written
notice to the Administrative Agent at least thirty (30) days prior to the Original Maturity Date, subject to the terms and conditions set forth in this Agreement, to extend the Original
Maturity Date by twelve (12) months to July 26, 2006 (the "First Extended Maturity Date"). The request by the Borrowers for the extension
of the Original
Maturity Date shall constitute a representation and warranty by the Borrower Parties that no Potential Default or Event of Default then exists and that all of the conditions set forth in  Section 1.4(2) below shall have been satisfied on the Original Maturity Date. 

        (2)  The
obligations of the Administrative Agent and the Lenders to extend the Original Maturity Date as provided in  Section 1.4(1) shall be subject to the prior satisfaction of each of the following
conditions precedent as determined by the Administrative Agent
in its good faith judgment: (A) on the Original Maturity Date there shall exist no Potential Default or Event of Default; (B) the Borrowers shall have paid to the Administrative Agent
for the ratable benefit of the Lenders an extension fee (the "First Extension Fee") equal to one-quarter of one percent (0.25%) of the then
outstanding principal balance of the Term Loan (which fee Borrowers hereby agree shall be fully earned and nonrefundable under any circumstances when paid); (C) the representations and
warranties made by the Borrower Parties in the Loan Documents shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the
Original Maturity Date (provided, however, that any factual matters disclosed in the Schedules referenced in Article 6 shall be subject to update in accordance with clause (D) below);
(D) the Borrower Parties shall have delivered updates to the Administrative Agent of all the Schedules set forth in Article 6 hereof and
such updated Schedules shall be acceptable to Administrative Agent in its reasonable judgment; (E) the Borrowers shall have delivered to the Administrative Agent a Compliance Certificate
demonstrating that MAC and Borrowers are in compliance with the covenants set forth in Article 8; (F) Borrowers shall have paid all
reasonable out-of-pocket costs and expenses incurred by the Administrative Agent and all reasonable fees and expenses paid to third party consultants (including reasonable
attorneys' fees and expenses) by Administrative Agent in connection with such extension; and (G) the Guarantors shall have acknowledged and ratified that their obligations under the Guaranties
remain in full force and effect, and continue to guaranty the Obligations under the Loan Documents, as extended. 

        (3)  In
the event that the Original Maturity Date has been extended as provided in Sections 1.4(1) and (2), then provided that
no Potential Default or Event of Default shall have occurred and be continuing, the Borrowers shall have the option, to be exercised by giving written notice to the Agent hereto at least thirty
(30) days prior to the First Extended Maturity Date, subject to the terms and conditions set forth in this Agreement, to extend the First Extended Maturity Date by an additional twelve
(12) months to July 26, 2007 (the "Second Extended Maturity Date"). The request by the Borrowers for the further extension of the First
Extended Maturity Date shall constitute a representation and warranty by the Borrower Parties that no Potential Default or Event of Default then exists and that all of the conditions set forth in  Section 1.4(4)
 below shall have been satisfied on the First Extended Maturity Date. 

        (4)  The
obligations of the Administrative Agent and the Lenders to extend the First Extended Maturity Date as provided in  Section 1.4(3) shall be subject to the satisfaction of 

2

 

each of the following conditions precedent as determined by the Administrative Agent in its good faith judgment: (A) on the First Extended Maturity Date there shall exist no Potential Default
or Event of Default; (B) the Borrowers shall have paid to the Administrative Agent for the ratable benefit of the Lenders an extension fee (the "Second Extension
Fee") equal to one-quarter of one percent (0.25%) of the then outstanding principal balance of the Term Loan (which fee Borrowers hereby agree shall be fully earned
and nonrefundable under any circumstances when paid); (C) the representations and
warranties made by the Borrower Parties in the Loan Documents shall have been true and correct in all material respects when made and shall also be true and correct in all material respects on the
First Extended Maturity Date (provided, however, that any factual matters disclosed in the Schedules referenced in Article 6 shall be subject to update in accordance with clause (D)
below); (D) the Borrower Parties shall have delivered updates to the Administrative Agent of all the Schedules set forth in Article 6
hereof and such updated Schedules shall be acceptable to the Administrative Agent in its reasonable judgment; (E) the Borrowers shall have delivered to the Administrative Agent a Compliance
Certificate demonstrating that MAC and Borrowers are in compliance with the covenants set forth in Article 8; (F) Borrowers shall have
paid all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent and all reasonable fees and expenses paid to third party consultants (including
reasonable attorneys' fees and expenses) by Administrative Agent in connection with such extension; and (G) the Guarantors shall have acknowledged and ratified that their obligations under the
Guaranties remain in full force and effect, and continue to guaranty the Obligations under the Loan Documents, as extended. 

        (5)  The
Administrative Agent shall notify each of the Lenders in the event that the Original Maturity Date and the First Extended Maturity Date are extended as provided in
this Section 1.4. 

        1.5    Interest.    Interest shall be payable on the outstanding principal balance of the Term Loan at the rates and
on the dates set forth in Sections 2.1 and 2.2 below. 

        1.6    Joint Borrower Provisions.    

        (1)  Each
Borrower hereby irrevocably designates, appoints and authorizes the other Borrowers as its agent and attorney-in-fact to take actions under
this Agreement and any other Loan Document, together with such powers as are reasonably incidental thereto. The Administrative Agent and the Lenders shall be entitled to rely, and shall be fully
protected in relying, upon any communication from or to any of the Borrowers (including, without limitation, any notice, consent or other instructions from any of the Borrowers) without any confirming
communication from or to the other Borrowers; provided, however, that upon notice to any Borrower (which notice shall be given at the sole and absolute discretion of the Administrative Agent), the
Administrative Agent shall be entitled to fail or refuse to take any action under this Agreement or any other Loan Document (to the extent such action requires communication, including, without
limitation, any notice, consent or other instructions, from any of the Borrowers), unless the Administrative Agent has received confirming communications from all Borrowers. Any action taken by one
Borrower under this Agreement and any other Loan Document shall be conclusively binding upon the other Borrowers. 

        (2)  Each
Borrower agrees that it is jointly and severally liable to the Administrative Agent and the Lenders for the payment of all Obligations and that such liability is
independent of the liability and obligation of the other Borrowers with respect thereto, whether such Obligations are due or not due, absolute or contingent, liquidated or unliquidated or whether such
Obligations otherwise become unenforceable against the other Borrowers. Any payment by a Borrower of an Obligation shall not reduce its liability and 

3

 

obligation with respect to all other Obligations hereunder. A separate action or actions may be brought and prosecuted against one of the Borrowers whether action is brought against the other
Borrowers or whether the other Borrowers are joined in such action or actions. Each Borrower authorizes the Administrative Agent, on behalf of the Lenders, without notice or demand and without
affecting its liability and obligations hereunder, from time to time, to (i) receive and hold security for the payment of the Obligations and exchange, enforce, waive, release, fail to perfect,
sell or otherwise dispose of any such security, (ii) apply such security and direct the order or manner of sale thereof as the Administrative Agent in its discretion may determine, and
(iii) release or substitute any one or more of endorser, guarantor or co-obligors of the Obligations. 

        (3)  Each
Borrower waives any right to require the Administrative Agent or the Lenders to (i) proceed against the other Borrowers, (ii) proceed against or
exhaust any security, or (iii) pursue any other remedy in the Administrative Agent's or the Lenders' power whatsoever. Each Borrower waives any defense arising by reason of any disability or
other defense of the other Borrowers, or the cessation from any cause whatsoever of the liability of the other Borrowers, or any claim that such Borrower's Obligations exceed or are more burdensome
than those of the other Borrowers. Until the Obligations shall have been finally, irrevocably, indefeasibly paid in full, each Borrower waives any right of subrogation, reimbursement, indemnification
or contribution (contractual, statutory, or otherwise) including, without limitation, any claim or right of subrogation under the Bankruptcy Code (Title 11, United States Code) or any successor
statute, arising from the existence or performance of this Agreement, and each Borrower waives any right to enforce any remedy which the Administrative Agent and/or the Lenders now have or may
hereafter have against the other Borrowers and waives any benefit of, and any right to participate in, any security hereafter held by the Administrative Agent, on behalf of the Lenders for the
Obligations. Each Borrower waives all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, and notices of acceptance of this Agreement
and of the existence, creation or incurring of new or additional Obligations by the other Borrowers. 

        (4)  Each
Borrower acknowledges and agrees that it will have the sole responsibility for obtaining from the other Borrowers such information concerning the other Borrowers'
financial conditions or business operations as such Borrower may require, and that the Administrative Agent and the Lenders have no duty at any time to disclose to any Borrower any information
relating to the other Borrowers, including, without limitation, information regarding its business, operations or financial condition. 

        (5)  Notwithstanding
anything to the contrary contained in this Agreement or in any other Loan Document, if any amount paid on account of the Obligations is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid by any Lender or the Administrative Agent or paid over to a trustee, receiver or any other entity, whether
under any bankruptcy act or otherwise (such payment, a "Preferential Payment"), then, to the extent of such Preferential Payment, the Obligations or
part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made. 

        ARTICLE
2.    Interest Rate and Yield-Related Provisions.    

        2.1    Applicable Interest Rate.    The outstanding principal balance of the Term Loan and portions thereof shall bear
interest from the date disbursed to but not including the date of payment calculated at a per annum rate equal to, at the option of and as selected by the Borrowers from time to time (subject to the
provisions of Sections 2.3, 2.4, 2.5 and 2.12 below): 

4

 

(i) the Applicable LIBO Rate for the selected Interest Period, or (ii) the Applicable Base Rate during the applicable interest calculation period. Portions of the Term Loan bearing
interest at the Applicable LIBO Rate shall be referred to herein sometimes as "LIBO Rate Loans" and portions of the Term Loan bearing interest at the
Applicable Base Rate shall be referred to herein as "Base Rate Loans". 

        2.2    Payment of Interest.    

        (1)  The
Borrowers shall pay interest on Base Rate Loans monthly, in arrears, on the last Business Day of each calendar month, as set forth on an interest billing delivered
by the Administrative Agent to the Borrowers (which delivery may be by facsimile transmission) no later than 1:00 p.m. (New York time) on such date. 

        (2)  The
Borrowers shall pay interest on LIBO Rate Loans on the last day of the applicable Interest Period or, in the case of LIBO Rate Loans with an Interest Period ending
later than three months after the date funded, converted or continued, at the end of each three month period from the date funded, converted or continued and on the last day of the applicable Interest
Period, as set forth on an interest billing delivered by the Administrative Agent to the Borrowers (which delivery may be by facsimile transmission) no later than 1:00 p.m. (New York time) on
such date. 

        2.3    Procedures for Interest Rate Election.    

        (1)  The
Borrowers may elect to have the Term Loan or portions thereof funded on the Closing Date as LIBO Rate Loans and may from time to time thereafter elect to convert
portions of the Term Loan outstanding as Base Rate Loans to LIBO Rate Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 1:00 p.m. (New York time)
on the third Eurodollar Business Day preceding the proposed funding or conversion date. 

        (2)  The
Borrowers may elect to have the Term Loan or portions thereof funded on the Closing Date as Base Rate Loans and may from time to time thereafter elect to convert
portions of the Term Loan outstanding as LIBO Rate Loans to Base Rate Loans by giving the Administrative Agent irrevocable
notice of such election no later than 1:00 p.m. (New York time) on the third Eurodollar Business Day preceding the proposed funding or conversion date. 

        (3)  Subject
to subsection (4) below, any LIBO Rate Loan may be continued as such upon the expiration of the Interest Period with respect thereto by the Borrowers
giving the Administrative Agent prior irrevocable notice of such election on the third Eurodollar Business Day preceding the proposed continuation date. If the Borrowers shall fail to give notice of
such continuation election, the Borrowers shall be deemed to have elected to convert any affected LIBO Rate Loan to a Base Rate Loan on the last day of the applicable Interest Period. 

        (4)  No
portion of the Term Loan shall be funded or continued as a LIBO Rate Loan and no portion of the Term Loan shall be converted into a LIBO Rate Loan if an Event of
Default or Potential Default has occurred and is continuing on the day occurring three Eurodollar Business Days prior to the date of, or on the date of, the requested funding, continuation or
conversion. 

        (5)  Each
Base Rate Loan shall be in a minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof and each LIBO Rate Loan shall be in a
minimum principal amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof; provided, that any Base Rate Loan or LIBO Rate Loan may be in such other amount (i) as 

5

 

may result from a partial prepayment thereof pursuant to Section 3.3 or (ii) as may equal all of the then remaining outstanding balance
of the Term Loan. 

        (6)  Each
request for the conversion or continuation of a Base Rate Loan into a LIBO Rate Loan or of a LIBO Rate Loan into a Base Rate Loan shall be evidenced by the timely
delivery by the Borrowers to the Administrative Agent of a duly executed Rate Request (which delivery may be by facsimile transmission). 

        (7)  In
no event shall there at any time be LIBO Rate Loans outstanding having more than six (6) different Interest Periods. 

        (8)  The
Borrowers shall only request Interest Periods of one, two, three or six months. 

        2.4    Inability to Determine Rate.    In the event that the Administrative Agent shall have reasonably determined
(which determination shall be conclusive and binding upon the Borrowers) that by reason of circumstances affecting the interbank market adequate and reasonable means do not exist for ascertaining the
LIBO Rate for any Interest Period, the Administrative Agent shall forthwith give telephonic notice of such determination to each Lender and to the Borrowers. If such notice is given:
(1) no portion of the Term Loan may be funded as a LIBO Rate Loan, (2) any Base Rate Loan that was to have been converted to a LIBO Rate Loan shall, subject to the provisions hereof, be
continued as a Base Rate Loan, and (3) any outstanding LIBO Rate Loan shall be converted, on the last day of the Interest Period applicable thereto, to a Base Rate Loan. Until such notice has
been withdrawn by the Administrative Agent, the Borrowers shall not have the right to convert any Base Rate Loan to a LIBO Rate Loan or to continue a LIBO Rate Loan as such. The Administrative Agent
shall withdraw such notice in the event that the circumstances giving rise thereto no longer pertain and that adequate and reasonable means exist for ascertaining the LIBO Rate for the Interest Period
requested by the Borrowers, and, following withdrawal of such notice by the Administrative Agent, the Borrowers shall have the right to convert any Base Rate Loan to a LIBO Rate Loan and to continue
any LIBO Rate Loan as such in accordance with the terms and conditions of this Agreement. 

        2.5    Illegality.    Notwithstanding any other provisions herein, if any law, regulation, treaty or directive issued
by any Governmental Authority or any change therein or in the interpretation or application thereof, shall make it unlawful for any Lender to maintain LIBO Rate Loans as contemplated by this
Agreement: (1) the commitment of such Lender hereunder to continue LIBO Rate Loans or to convert Base Rate Loans to LIBO Rate Loans shall forthwith be cancelled, and (2) LIBO Rate Loans
held by such Lender then outstanding, if any, shall be converted automatically to Base Rate Loans at the end of their respective Interest Periods or within such earlier period as may be required by
law. In the event of a conversion of any LIBO Rate Loan prior to the end of its applicable Interest Period, the Borrowers hereby agree promptly to pay any Lender affected thereby, upon demand, the
amounts required pursuant to Section 2.9 below, it being agreed and understood that such conversion shall constitute a prepayment for all
purposes hereof. The provisions hereof shall survive the termination of this Agreement and payment of all other Obligations. 

        2.6    Funding.    Each Lender shall be entitled to fund all or any portion of its Percentage Share of the Term Loan
in any manner it may determine in its sole discretion, including, without limitation, in the Grand Cayman inter-bank market, the London inter-bank market and within the United
States, but all calculations and transactions hereunder shall be conducted as though all Lenders actually fund all LIBO Rate Loans through the purchase of offshore dollar deposits in the amount of
such Lender's Percentage Share of the relevant LIBO Rate Loan with a maturity corresponding to the applicable Interest Period. 

6

 

        2.7    Requirements of Law; Increased Costs.    

        (1)  In
the event that any applicable law, order, regulation, treaty or directive issued by any central bank or other governmental authority, agency or instrumentality or in
the governmental or judicial interpretation or application thereof, or compliance by any Lender with any request or directive (whether or not having the force of law) issued by any central bank or
other governmental authority, agency or instrumentality: 

        (A)  Does
or shall subject any Lender to any Taxes of any kind whatsoever with respect to this Agreement or the Term Loan, or change the basis of determining the Taxes
imposed on payments to such Lender of principal, fee, interest or any other amount payable hereunder (except for change in the rate of tax on the overall net income of such Lender); 

        (B)  Does
or shall impose, modify or hold applicable any reserve, capital requirement, special deposit, compulsory loan or similar requirements against assets held by, or
deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender which are not otherwise
included in the determination of interest payable on the Obligations; or 

        (C)  Does
or shall impose on such Lender any other condition; 

and
the result of any of the foregoing is to increase the cost to such Lender of making, renewing or maintaining its Percentage Share of the Term Loan or to reduce any amount receivable in respect
thereof or the rate of return on the capital of such Lender or any corporation controlling such Lender, then, in any such case, the Borrowers shall, without duplication of amounts payable pursuant to  Section 2.10, promptly pay to such Lender, upon its written demand made through the Administrative Agent, any additional amounts necessary to
compensate such Lender for such additional cost or reduced amounts receivable or rate of return as determined by such Lender with respect to this Agreement or such Lender's Percentage Share of the
Term Loan, so long as such Lender requires substantially all obligors under other commitments of this type made available by such Lender to similarly so compensate such Lender. 

        (2)  If
a Lender becomes entitled to claim any additional amounts pursuant to this Section 2.7, it shall promptly
notify the Borrowers of the event by reason of which it has become so entitled. A certificate as to any additional amounts so claimed payable containing the calculation thereof in reasonable detail
submitted by a Lender to the Borrowers, accompanied by a certification that such Lender has required substantially all obligors under other commitments of this type made available by such Lender to
similarly so compensate such Lender, shall constitute prima facie evidence thereof. 

        (3)  Failure
or delay on the part of any Lender to demand compensation pursuant to this Section 2.7 shall not
constitute a waiver of such Lender's right to demand such compensation. The provisions of this Section 2.7 shall survive the termination of this
Agreement and payment of the Term Loan and all other Obligations. 

        2.8    Obligation of Lenders to Mitigate; Replacement of Lenders.    Each Lender agrees that: 

        (1)  As
promptly as reasonably practicable after the officer of such Lender responsible for administering such Lender's Percentage Share of the Term Loan becomes aware of any
event or condition that would entitle such Lender to receive payments under Section 2.7 above or  Section 2.10 below or to cease maintaining LIBO
Rate Loans under Section 2.5 above, such
Lender will use reasonable efforts: (i) to maintain its Percentage Share of the Term Loan through another lending office of such Lender or (ii) take such other measures as such Lender
may deem reasonable, if as a result thereof the additional amounts which would 

7

 

otherwise be required to be paid to such Lender pursuant to Section 2.7 above or pursuant to  Section 2.10 below would be materially reduced or
eliminated or the conditions rendering such Lender incapable of maintaining LIBO Rate Loans
under Section 2.5 above no longer would be applicable, and if, as determined by such Lender in its sole discretion, the maintaining of such LIBO
Rate Loans through such other lending office or in accordance with such other measures, as the case may be, would not otherwise materially adversely affect such LIBO Rate Loans or the interests of
such Lender. 

        (2)  If
the Borrowers receive a notice pursuant to Section 2.7 above or pursuant to  Section 2.10 below or a notice pursuant to Section 2.5 above stating that a Lender is
unable to maintain LIBO Rate Loans (for reasons not generally applicable to the Required Lenders), so long as (i) no Potential Default or Event of Default shall have occurred and be continuing,
(ii) the Borrowers have obtained a commitment from another Lender or an Eligible Assignee to purchase at par such Lender's Percentage Share of the Term Loan and accrued interest and fees and to
assume all obligations of the Lender to be replaced under the Loan Documents and (iii) such Lender to be replaced is unwilling to withdraw the notice delivered to the Borrowers, upon thirty
(30) days' prior written notice to such Lender and the Administrative Agent, the Borrowers may require, at the Borrowers' expense, the Lender giving such notice to assign, without recourse, all
of its Percentage Share of the Term Loan and accrued interest and fees to such other Lender or Eligible Assignee pursuant to the provisions of  Section 11.8 below. 

        2.9    Funding Indemnification.    In addition to all other payment obligations hereunder, in the event:
(1) any LIBO Rate Loan is prepaid prior to the last day of the applicable Interest Period, whether following a voluntary prepayment, a mandatory prepayment or otherwise, or (2) the
Borrowers shall fail to borrow the Term Loan on the Closing Date (to the extent the Borrowers have requested that the Term Loan or portions thereof be initially funded as a LIBO Rate Loan), or to
continue or to make a conversion to a LIBO Rate Loan after the Borrowers have given notice thereof as required hereunder, then the Borrowers shall immediately pay to each Lender which would have
funded the requested LIBO Rate Loan or holding the LIBO Rate Loans prepaid or not continued or converted, through the Administrative Agent, an additional premium sum compensating such Lender for
losses, costs and expenses incurred by such Lender in connection with such prepayment or such failure to borrow, continue or convert. Without limiting the foregoing, such compensation shall include an
amount equal to the present value (using as the discount rate an interest rate equal to the rate determined under (2) below) of the excess, if any, of (1) the amount of interest which
otherwise would have accrued on the principal amount so paid, prepaid, converted or continued (or not converted, continued or borrowed) (the "Incremental
Payment") for the period from the date of such payment, prepayment, conversion or continuation (or failure to convert, continue or borrow) to the last day of the then current
applicable Interest Period (or, in the case of a failure to convert, continue or borrow, to the last day of the applicable Interest Period which would have commenced on the date specified therefor in
the relevant notice) at the applicable LIBO Rate provided for herein with respect to such Incremental Payment, over (2) the amount of interest that would have accrued (as reasonably determined
by such Lender), based upon the interest rate which such Lender would have bid in the London interbank market for
Dollar deposits, on amounts comparable to the Incremental Payment and maturities comparable to such period. A determination of any Lender as to the amounts payable pursuant to this  Section 2.9
shall be conclusive absent manifest error. 

        2.10    Taxes.    

        (1)  Any
and all payments by or on account of any obligation of the Borrowers hereunder or under any other Loan Document shall be made free and clear of and without deduction
for any Indemnified Taxes or Other Taxes; provided that if the Borrowers shall be required to 

8

 

deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 2.10) the Administrative Agent or Lender (as the case may be) receives an amount equal
to the sum it would have received had no such deductions been made, (ii) the Borrowers shall make such deductions and (iii) the Borrowers shall pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law. 

        (2)  In
addition, the Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

        (3)  The
Borrowers shall indemnify the Administrative Agent and each Lender, within ten (10) Business Days after written demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this  Section 2.10) paid by the Administrative Agent or
such Lender, as the case may be, and any penalties, interest (except to the extent such
penalties and/or interest arise as a result of a Lender's delay in dealing with any such Indemnified Tax) and reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the
Borrowers by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

        (4)  As
soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrowers to a Governmental Authority, the Borrowers shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such
payment reasonably satisfactory to the Administrative Agent. 

        (5)  Each
Foreign Lender shall deliver to the Borrowers (with copies to the Administrative Agent) on or before the date hereof (or in the case of a Foreign Lender who became
a Lender by way of an assignment, on or before the date of the assignment) or at least five (5) Business Days prior to the first
date for any payment herewith to such Lender, and from time to time as required for renewal under applicable law, such certificates, documents or other evidence, as required by the Code or Treasury
Regulations issued pursuant thereto, including, without limitation, Internal Revenue Service Form W-8BEN or W-ECI, as appropriate, and any other certificate or statement
of exemption required by Section 871(h) or Section 881(c) of the Code or any subsequent version thereof, properly completed and duly executed by such Lender establishing that payments to
such Lender hereunder are not subject to withholding under the Code ("Evidence of No Withholding"). Each Foreign Lender shall promptly notify the
Borrowers and the Administrative Agent of any change in its applicable lending office and upon written request of the Borrowers or the Administrative Agent shall, prior to the immediately following
due date of any payment by the Borrowers hereunder or under any other Loan Document, deliver Evidence of No Withholding to the Borrowers and the Administrative Agent. The Borrowers shall be entitled
to rely on such forms in their possession until receipt of any revised or successor form pursuant to this Section 2.10(5). If a Lender fails to
provide Evidence of No Withholding as required pursuant to this Section 2.10(5), then (i) the Borrowers (or the Administrative Agent)
shall be entitled to deduct or withhold from payments to Administrative Agent or such Lender as a result of such failure, as required by law, and (ii) the Borrowers shall not be required to
make payments of additional amounts with respect to such withheld Taxes pursuant to Section 2.10(1) to the extent such withholding is required
solely by reason of the failure of such Lender to provide the necessary Evidence of No Withholding. 

9

 

        2.11    [RESERVED]    

        2.12    Post-Default Interest.    During such time as there shall have occurred and be continuing an Event
of Default, all Obligations outstanding shall, at the election of the Administrative Agent, bear interest at a per annum rate equal to one and one-half percent (1.5%) above the Applicable
Base Rate in effect during the applicable calculation period (whether or not such Applicable Base Rate shall otherwise have been elected by Borrowers in accordance with this Agreement). 

        2.13    Computations.    All computations of interest and fees payable hereunder shall be based upon a year of
360 days for the actual number of days elapsed (which results in more interest being paid than if computed on the basis of a 365-day year). 

        ARTICLE
3.    Payments.    

        3.1    Evidence of Indebtedness.    The obligation of the Borrowers to repay the Term Loan shall be evidenced by
notations on the books and records of the Lenders. Such books and records shall constitute prima facie evidence thereof. Any failure to record the interest rate applicable thereto or any other
information regarding the Obligations, or any error in doing so, shall not limit or otherwise affect the obligation of the Borrowers with respect to any of the Obligations. Upon the request of a
Lender, the
Borrowers shall promptly execute and deliver to such Lender a Note evidencing such Lender's Percentage Share of the Term Loan. 

        3.2    Nature and Place of Payments.    All payments made on account of the Obligations shall be made by the
Borrowers, without setoff or counterclaim, in lawful money of the United States of America in immediately available same day funds, free and clear of and without deduction for any Indemnified Taxes or
Other Taxes, fees or other charges of any nature whatsoever imposed by any taxing authority and must be received by the Administrative Agent by 1:00 p.m. (New York time) on the day of payment,
it being expressly agreed and understood that if a payment is received after 1:00 p.m. (New York time) by the Administrative Agent, such payment will be considered to have been made by the
Borrowers on the next succeeding Business Day and interest thereon shall be payable by the Borrowers at the rate otherwise applicable thereto during such extension. All payments on account of the
Obligations shall be made to the Administrative Agent through the Contact Office. If any payment required to be made by the Borrowers hereunder becomes due and payable on a day other than a Business
Day, the due date thereof shall be extended to the next succeeding Business Day and interest thereon shall be payable at the then applicable rate during such extension. 

        3.3    Prepayments.    

        (1)  Upon
not less than one (1) Business Day's prior written notice (in the case of Base Rate Loans or LIBO Rate Loans with Interest Periods expiring on the date of
payment) or three (3) Eurodollar Business Days' prior written notice (in the case of LIBO Rate Loans with an Interest Period not expiring on the date of payment) to the Administrative Agent
(which shall promptly provide telephonic notice of the receipt thereof to each of the Lenders), the Borrowers may voluntarily prepay principal amounts outstanding under the Term Loan in whole or in
part; provided, however, that voluntary prepayments shall be in the minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof. Voluntary prepayments of principal pursuant to
this Section 3.3(1), shall be credited against the principal amortization payments next due as required under  Section 3.4, but shall not relieve
Borrowers from the obligation to make prepayments pursuant to  Section 3.3(2). 

        (2)  Prior
to the payment in full of all amounts outstanding under the Interim Facility pursuant to the terms of the Interim Facility Credit Agreement, the Borrowers shall
comply with the obligations set forth in Section 7.16 hereof. Upon payment in full of all amounts outstanding under the Interim Facility pursuant
to the terms of the Interim Facility Credit 

10

 

Agreement and Section 7.16 below, subject to Section 3.3(3),  Section 3.3(4) and Section 3.3(5), to the extent any Net Cash Proceeds remain that were
not applied to repay the Interim Facility in accordance with the Interim Facility Credit Agreement and Section 7.16 below, and thereafter to the
extent that the Borrowers or their Affiliates from time to time consummate any transactions of the types described below, the Borrowers shall remit to the Administrative Agent as a mandatory
prepayment for application against the outstanding principal balance of the Term Loan: 

        (A)  Concurrently
with the consummation of any such Disposition or Financing, that dollar amount equal to fifty percent (50%) of Net Cash Proceeds in respect of any
Disposition or Financing of any Westcor Assets; provided that with respect to a Disposition, no such prepayment shall be required if and to the extent that each of the following conditions is
satisfied: (i) such Disposition occurs as part of a Like-Kind Exchange (or is a Disposition of the Properties described in  Section 3.3(2)(C)(ii) or (iii) of the Interim Facility
Credit Agreement); (ii) the Exchange Property (or Property acquired
as described in Section 3.3(2)(C)(ii) or (iii) of the Interim Facility Credit Agreement) is acquired by the Macerich Entity engaged
in such Disposition, a Wholly-Owned Subsidiary of such Macerich Entity, a Westcor Principal Entity, or a Wholly-Owned Subsidiary of a Westcor Principal Entity substantially concurrently with such
Disposition, or, if not substantially concurrently, then in accordance with all deferred Like Kind Exchange requirements under the Code (but if the Property is acquired as described in and in
accordance with Section 3.3(2)(C)(iii) of the Interim Facility Credit Agreement, such Like Kind Exchange requirements shall not apply),
including: (A) deposit of the Net Cash Proceeds in a qualifying escrow account; (B) identifying the Exchange Property within the qualifying period provided under the Code; and
(C) consummating the Like Kind Exchange within six months after the subject Disposition; (iii) the Exchange Property is treated as a Westcor Asset for purposes of this  Section 3.3 such
that any subsequent Disposition of such Exchange Property shall be subject to the mandatory prepayment provisions otherwise
specified herein; and (iv) to the extent there are any Net Cash Proceeds in excess of the purchase price for the Exchange Property, fifty percent (50%) of such sums are remitted to the
Administrative Agent as a mandatory prepayment pursuant to this Section 3.3(2). 

        (B)  Concurrently
with the consummation of any such transaction, that dollar amount equal to fifty percent (50%) of Net Cash Proceeds in respect of the issuance of debt or
equity Securities by any of the Westcor Borrowers, the Westcor Principal Entities, or their Subsidiary Entities (but in all events any such debt or equity issuance shall otherwise comply with the
terms of this Agreement). 

        (C)  Concurrently
with the consummation of any such Disposition or Financing, that dollar amount equal to one hundred percent (100%) of Net Cash Proceeds in respect of any
Disposition or Financing of the Designated Assets; provided, however, that no prepayment shall be required under this Section 3.3(2)(C) for the
Disposition of the Bristol Shopping Center Asset in connection with a Like-Kind Exchange, provided that (i) the asset so exchanged for the Bristol Shopping Center Asset shall
thereafter constitute a Designated Asset for purposes of this Section 3.3 and shall be subject to the mandatory payment provisions otherwise
specified herein; (ii) the Exchange Property is acquired by the Macerich Entity engaged in such Disposition, a Wholly-Owned Subsidiary of such Macerich Entity, the Macerich Partnership, or a
Wholly-Owned Subsidiary of Macerich Partnership substantially concurrently with such Disposition, or, if not substantially concurrently, then in accordance with all deferred Like Kind Exchange
requirements under the Code, including: (A) deposit of the Net Cash Proceeds in a 

11

 

qualifying escrow account; (B) identifying the Exchange Property within the qualifying period provided under the Code; and (C) consummating the Like Kind Exchange within six months
after the subject Disposition; and (iii) to the extent there are any Net Cash Proceeds in excess of the purchase price for the Exchange Property, such sums are remitted to the Administrative
Agent as a mandatory prepayment pursuant to this Section 3.3(2). 

        (D)  With
respect to any principal payments received by any Macerich Entity in respect of any Disposition Promissory Note, (i) promptly, but in no event more than
three (3) Business Days after the
subject payment, one hundred percent (100%) of any such principal payments (or if such Disposition Promissory Note was delivered in connection with the Disposition of a Westcor Asset, fifty percent
(50%) of such principal payments); provided, however, that no such payment need be made to Administrative Agent pursuant to this clause (i) until the aggregate of all principal sums then paid
in respect of such Disposition Promissory Notes, and not previously paid to Administrative Agent pursuant to clause (ii) below, exceed $1,000,000; and (ii) on the first day of each
January, April, July, and October, that dollar amount equal to one hundred percent (100%) of any principal payments (or if such Disposition Promissory Note was delivered in connection with the
Disposition of a Westcor Asset, fifty percent (50%) of such principal payments) made with respect to any Disposition Promissory Note during the immediately preceding fiscal quarter, less any sums paid
to the Administrative Agent during such preceding fiscal quarter pursuant to clause (i) above. 

        (3)  Notwithstanding
Section 3.3(2) above, no such prepayment shall be required if and to the extent that:
(i) concurrently with the consummation of the subject Disposition or Financing, the Borrowers shall provide an Officer's Certificate to the Administrative Agent certifying that such Net Cash
Proceeds will be utilized to either (x) purchase designated Unaffiliated Partner Interests, or (y) make designated capital improvements to one or more specified Designated Assets or
Westcor Assets, each within one hundred and eighty (180) days (or such longer period of time as the Administrative Agent may approve in its reasonable judgment) of the consummation of such
Disposition or Financing (the "Proceeds Expenditure Date"); (ii) concurrently with the consummation of the subject Disposition or Financing, such
Net Cash Proceeds shall be deposited in an account (the "Proceeds Expenditure Account") pursuant to an account agreement in form and substance
reasonably acceptable to the Administrative Agent, provided, that (w) the Proceeds Expenditure Account shall be interest bearing and all interest earned on Net Cash Proceeds deposited into the
Proceeds Expenditure Account shall be for the account of the Borrowers and, so long as no Potential Default or Event of Default has occurred and is continuing, the Borrowers shall be permitted to
withdraw such interest, without further approval from the Administrative Agent, (x) so long as no Potential Default or Event of Default has occurred and is continuing, the Borrowers shall be
permitted to withdraw such deposited sums, without further approval of Administrative Agent, solely for the purposes set forth in clause (i) above, (y) the Borrowers shall certify in a
Compliance Certificate delivered at the end of each fiscal quarter that the proceeds (other than interest accrued on deposited sums) withdrawn from the Proceeds Expenditure Account were used for the
purposes set forth in clause (i) above (and such sums may be withdrawn in respect of designated improvement expenses or acquisition costs for designated Unaffiliated Partner Interests incurred
prior to the subject Disposition or Financing if such sums were incurred not more than 180 calendar days prior to such Disposition or Financing and Borrowers have provided written notice to
Administrative Agent of such anticipated use of Net Sales Proceeds within 90 days after such expenses are incurred) and (z) the Administrative Agent shall have, on behalf of itself and
the Lenders (and Borrowers hereby grant Administrative Agent), a perfected security interest in the Proceeds Expenditure 

12

 

Account and all funds deposited therein; and (iii) on or prior to the Proceeds Expenditure Date, all sums deposited in the Proceeds Expenditure Account shall be expended in accordance with the
terms of this Section 3.3(3), and if not so expended shall promptly be delivered to the Administrative Agent for application to the principal
amount of the Term Loan. In the event, on the Proceeds Expenditure Date, Borrowers have incurred specific liabilities with respect to designated capital improvements or acquisition costs for
designated Unaffiliated Partner Interests and Administrative Agent has determined in its reasonable judgment that such improvements or Unaffiliated Partner Interests acquisition will be completed in a
timely manner, Borrowers may withdraw funds from the Proceeds Expenditure Account to pay for such incurred liabilities even if Borrowers have not then paid for such liability expenses and the
improvements or Unaffiliated Partner Interests acquisition are not then completed. If an Event of
Default occurs at any time, all sums deposited in the Proceeds Expenditure Account shall be disbursed to Administrative Agent and applied in accordance with  Section 3.5. 

        (4)  So
long as no Event of Default has occurred, the amount of all prepayments made pursuant to this Section 3.3 shall
be applied toward the satisfaction of the amortization requirement set forth in Section 3.4 below. Once the Pre-Extension
Amortization Payments are paid in full, the Borrowers shall not be required to make any mandatory prepayments under this Section 3.3; provided,
however, if the Borrowers extend the Original Maturity Date pursuant to Section 1.4, then, at the time of such extension, the requirements of
this Section 3.3 with respect to mandatory prepayments shall again be effective and shall remain effective until such time as the
Post-Extension Amortization Payments are paid in full by the Borrowers. 

        (5)  In
the event (i) no Potential Default or Event of Default exists and is continuing and (ii) the amount of prepayment required to be made pursuant to this  Section 3.3 shall exceed the
aggregate principal amount of the applicable outstanding Base Rate Loans (the amount of any such excess being called
the "Excess Amount"), the Borrowers shall have the right, in lieu of making such prepayment in full at such time, to prepay all the outstanding Base
Rate Loans and to deposit an amount equal to the Excess Amount with the Administrative Agent in a cash collateral account maintained by and in the sole dominion and control of the Administrative Agent
and otherwise subject to an account agreement in form and substance reasonably satisfactory to the Administrative Agent. Any amounts so deposited shall be held by the Administrative Agent as
collateral for the Obligations and applied to the prepayment of the applicable LIBO Rate Loans, in the order instructed by any Borrower or if no instructions are timely provided as directed, as
determined by the Administrative Agent, at the end of the current Interest Periods applicable thereto. On any Business Day on which (x) collected amounts remain on deposit in or to the credit
of such cash collateral account after giving effect to the payments made on such day pursuant to Section 3.3 and (y) the Borrowers shall
have delivered to the Administrative Agent a written request or a telephonic request (which shall be promptly confirmed in writing) that such remaining collected amounts be invested in Cash
Equivalents specified in such request, the Administrative Agent shall use its reasonable efforts to invest such remaining collected amounts in such Cash Equivalents; provided,
however, that (A) the Administrative Agent shall have continuous dominion and full control over any such investments (and over any interest and proceeds that accrue
thereon), (B) the Administrative Agent shall have otherwise determined in good faith that a perfected security interest shall be maintained in respect of all funds (including interest on and
proceeds of the Cash Equivalents) deposited in such cash collateral account, and (C) no Cash Equivalents shall mature after the end of the Interest Period in respect of which it is to be
applied. Under no circumstance shall the Borrowers have any right to withdraw any amount from such cash collateral account or cause the Administrative Agent to apply such sums for 

13

 

any purpose other than the application of such funds to repay the applicable LIBO Rate Loans and accrued interest thereon. Upon the occurrence of an Event of Default, all sums deposited with the
Administrative Agent may be applied to the Obligations in accordance with this Agreement. 

        (6)  The
Borrowers shall pay in connection with any prepayment hereunder, whether voluntary or mandatory, all interest accrued but unpaid on that portion of the Term Loan to
which such prepayment is applied, and in the case of prepayment of any portion of the Term Loan constituting LIBO Rate
Loans, all amounts payable pursuant to Section 2.9 above, concurrently with payment of any principal amounts. 

        (7)  Prior
to the occurrence of an Event of Default and acceleration of the Obligations, prepayments shall be applied first to Base Rate Loans to the extent possible and then
to LIBO Rate Loans. 

        3.4    Amortization.    The Borrowers shall make quarterly principal amortization payments to Administrative Agent,
for the benefit of the Lenders, in the amount of $15,000,000, beginning on February 15, 2004 and continuing thereafter on the fifteenth day of each May, August, November and February until the
Maturity Date. Such mandatory amortization payments shall be reduced (in the order then due) by any voluntary payments made by the Borrowers pursuant to  Section 3.3(1) and any mandatory prepayment
made under Section 3.3(2) and (3). To the
extent not previously paid in full, the remaining balance of the Term Loan shall be due and payable on the Maturity Date. 

        3.5    Allocation of Payments Received.    

        (1)  Prior
to the occurrence of an Event of Default and acceleration of the Obligations, and unless otherwise expressly provided herein, all amounts received by the
Administrative Agent on account of the Obligations shall be disbursed by the Administrative Agent to the Lenders pro rata in accordance with their respective Percentage Shares, by wire transfer of
like funds received on the date of receipt if received by the Administrative Agent before 1:00 p.m. (New York time) or if received later, by 1:00 p.m. (New York time) on the next
succeeding Business Day, without further interest payable by the Administrative Agent. 

        (2)  Following
the occurrence of an Event of Default and acceleration of the Obligations, all amounts received by the Administrative Agent on account of the Obligations,
shall be promptly disbursed by the Administrative Agent as follows: 

        (A)  First,
to the payment of expenses incurred by the Administrative Agent in the performance of its duties and the enforcement of the rights of the Lenders under the Loan
Documents, including, without limitation, all costs and expenses of collection, reasonable attorneys' fees (including all allocated costs of internal counsel), court costs and other amounts payable as
provided in Section 7.6 below; 

        (B)  Then,
to the Lenders, pro rata in accordance with their respective Percentage Shares, until interest accrued on the Term Loan has been paid in full; 

        (C)  Then,
to the Lenders, pro rata in accordance with their respective Percentage Shares, until principal under the Term Loan has been paid in full; 

        (D)  Then,
to the Lenders, pro rata in accordance with the amount, expressed as a percentage, which the amount of remaining Obligations owed to such Lenders bears to all
other Obligations held by all Lenders, until all other Obligations have been paid in full. 

        (3)  The
order of priority set forth in Section 3.5(2) and the related provisions of this Agreement are set forth
solely to determine the rights and priorities of the Administrative 

14

 

Agent and the other Lenders as among themselves. The order of priority set forth in clauses (B) through (D) of Section 3.5(2) may
at any time and from time to time be changed by the Required Lenders without necessity of notice to or consent of or approval by the Borrowers or any other Person. The order of priority set forth in
clause (A) of Section 3.5(2) may be changed only with the prior written consent of the Administrative Agent. 

        ARTICLE
4.    Credit Support.    

        4.1    Guaranties.    As credit support for the Aggregate Obligations, on or before the Closing Date (1) MAC
shall execute and deliver to the Collateral Agent, for the benefit of the Benefited Creditors, the REIT Guaranty, and (2) the Affiliate Guarantors shall each execute and deliver to the
Collateral Agent, for the benefit of the Benefited Creditors, an Affiliate Guaranty. Upon the acquisition of any Project after the Closing Date by any Borrower Party or Wholly-Owned Subsidiary
thereof, in the event at the time of acquisition the principal Property comprising such Project is unencumbered by any Lien in respect of borrowed indebtedness (an
"Unencumbered Property"), and there is no Financing with respect to such Unencumbered Property within sixty (60) days of its acquisition, if the
Interim Facility has not been paid in full, or within ninety (90) days of its acquisition, if the Interim Facility has been repaid in full, such Person (each a
"Supplemental Guarantor") shall: (a) execute and deliver to the Collateral Agent, for the benefit of the Benefited Creditors, a Guaranty in the
form of Exhibit A hereto pursuant to which such Supplemental Guarantor will unconditionally guarantee the Aggregate Obligations from time to time
owing to the Benefited Creditors, (b) execute and deliver, or cause to be executed and delivered, to the Collateral Agent such other documents or legal opinions required by the Collateral Agent
confirming the authorization, execution and delivery and enforceability (subject to customary exceptions) of the Guaranty by such Supplemental Guarantor, and (c) deliver copies of its
Organizational Documents, certified by the Secretary or an Assistant Secretary of such Supplemental Guarantor (or if such Person is a limited partnership or limited liability company, an authorized
representative of its general partner or manager) as of the date delivered as being accurate and complete. Upon the Disposition or Financing of any Unencumbered Property by any Affiliate Guarantor or
Supplemental Guarantor and the corresponding payment of all sums due pursuant to Section 3.3 hereof and  Section 3.3 of the Interim Facility
Credit Agreement in connection with such Disposition, the Collateral Agent shall release the guaranty
executed by such Person pursuant to this Section 4.1. 

        4.2    Pledge Agreements.    As credit support for the Aggregate Obligations, on or before the Closing Date, Macerich
Partnership, MAC, and the Westcor Borrowers (other than Macerich TWC Corp. and Macerich TWC LLC) shall each execute and deliver to the Collateral Agent, a Pledge Agreement,
pursuant to which each of them shall pledge to the Collateral Agent, for the ratable benefit of the Benefited Creditors, all of its direct and indirect ownership interest in the Westcor Borrowers and
Westcor Realty Limited Partnership. 

        ARTICLE
5.    Conditions Precedent.    

        5.1    Conditions to Funding of Term Loan.    As conditions precedent to the agreement of the Lenders to fund their
respective Percentage Shares of the Term Loan: 

        (1)  The
Borrowers and MAC shall have delivered or shall have caused to be delivered to the Administrative Agent, in form and substance satisfactory to the Lenders and their
counsel and duly executed by the appropriate Persons (with sufficient copies for each of the Lenders), each of the following: 

        (A)  This
Agreement; 

        (B)  To
the extent requested by any Lender pursuant to Section 3.1 above, a Note payable to such Lender; 

15

 

        (C)  The
REIT Guaranty and the Affiliate Guaranties; 

        (D)  The
Pledge Agreements; 

        (E)  [RESERVED]; 

        (F)  A
certificate of the Secretary or Assistant Secretary of the general partner or managing member of those Borrower Parties which are partnerships or limited liability
companies attaching copies of resolutions duly adopted by the Board of Directors of such general partner or managing member approving the execution, delivery and performance of the Loan Documents on
behalf of such Borrower Parties and certifying the names and true signatures of the officers of such general partner or managing member authorized to sign the Loan Documents to which such Borrower
Parties are party; 

        (G)  A
certificate or certificates of the Secretary or an Assistant Secretary of those Borrower Parties which are corporations attaching copies of resolutions duly adopted by
the Board of Directors of such Borrower Parties approving the execution, delivery and performance of the Loan Documents to which such Borrower Parties are party and certifying the names and true
signatures of the officers of each of such Borrower Parties authorized to sign the Loan Documents on behalf of such Borrower Parties; 

        (H)  An
opinion of counsel for the Borrowers, MAC and the other Persons who will be Guarantors as of the Closing Date, in form and substance reasonably acceptable to the
Administrative Agent and the Lenders; 

        (I)  Copies
of the Certificate of Incorporation, Certificate of Formation, or Certificate of Limited Partnership of each of the Borrower Parties, certified by the Secretary
of State of the state of formation of such Person as of a recent date; 

        (J)  Copies
of the Organizational Documents of each of the Borrower Parties (unless delivered pursuant to clause (I) above), the Westcor Principal Entities, and the
Persons identified in Schedule 5.1(1)(J) attached hereto, certified by the Secretary or an Assistant Secretary of such Person (or if such Person
is a limited partnership or limited liability company, an authorized representative of its general partner or manager) as of the date of this Agreement as being accurate and complete; 

        (K)  A
certificate of authority and good standing or analogous documentation as of a recent date for each of the Borrower Parties for the State of California and each state
in which such Person is organized, formed or incorporated, as applicable; 

        (L)  From
a Responsible Officer of each of the Borrowers and MAC, a Closing Certificate dated as of the Closing Date; 

        (M) Confirmation
from the Administrative Agent and the other Agents (which may be oral) that all fees required to be paid by the Borrowers on or before the Closing Date have
been, or will upon the funding of the Term Loan be, paid in full; 

        (N)  Evidence
satisfactory to the Administrative Agent that all reasonable costs and expenses of the Administrative Agent and the other Agents, including, without limitation,
fees of outside counsel and fees of third party consultants and appraisers, required to be paid by the Borrowers on or prior to the Closing Date have been, or will upon the funding of the Term Loan
be, paid in full; 

        (O)  From
a Responsible Financial Officer of MAC, a Compliance Certificate in form and substance satisfactory to the Administrative Agent and the Lenders, evidencing, as
applicable, MAC's compliance with the financial covenants set forth under Section 8.12

16

 

below at and as of March 31, 2002 and the Westcor Borrowers' compliance with the financial covenants set forth under Section 8.13 below
at and as of March 31, 2002. 

        (2)  Each
of the requirements set forth on Schedule 5.1(2) attached hereto shall have been met to the satisfaction of
the Administrative Agent and the Lenders. 

        (3)  All
representations and warranties of the Borrower Parties set forth herein and in the other Loan Documents shall be accurate and complete in all material respects as if
made on and as of the Closing Date (unless any such representation and warranty speaks as of a particular date, in which case it shall be accurate and complete in all material respects as of such
date). 

        (4)  There
shall not have occurred and be continuing as of the Closing Date any Event of Default or Potential Default. 

        (5)  All
acts and conditions (including, without limitation, the obtaining of any third party consents and necessary regulatory approvals and the making of any required
filings, recordings or registrations) required to be done and performed and to have happened precedent to the execution, delivery and performance of the Loan Documents by each of the Borrower Parties,
the consummation of the Westcor Acquisition, and the closing of the Interim Facility and the Revolving Credit Facility, shall have been done and performed. 

        (6)  There
shall not have occurred any change, occurrence or development that could, in the good faith opinion of the Lenders, have a Material Adverse Effect. 

        (7)  All
documentation, including, without limitation, documentation for corporate and legal proceedings in connection with the transactions contemplated by the Loan
Documents shall be satisfactory in form and substance to the Administrative Agent, the Lenders and their counsel. 

        5.2    Outside Closing Date.    If all conditions precedent set forth in  Section 5.1 above shall not have been met to the
satisfaction of the Administrative Agent and the Lenders on or before August 15, 2002,
then the agreement of the Lenders to fund their respective Percentage Shares of the Term Loan shall terminate and this Agreement shall automatically be deemed of no further force or effect (except to
the extent terms and provisions of this Agreement specifically provide that they shall survive termination hereof). 

        ARTICLE
6.    Representations and Warranties.    As an inducement to the Administrative Agent and each Lender to enter
into this Agreement and for the Lenders to advance their respective Percentage Shares of the Term Loan, each of the Borrower Parties, collectively and severally, represent and warrant, as of the
Closing Date (or such later date as otherwise expressly provided in this Agreement) to the Administrative Agent and each Lender that (provided that any representations as of the Closing Date as to
Westcor or the Westcor Assets are to the Borrower Parties' best knowledge): 

        6.1    Financial Condition.    Complete and accurate copies of the following financial statements and materials have
been delivered to the Administrative Agent: (i) audited financial statements of MAC for 2000 and 2001; (ii) unaudited financial statements of MAC for the calendar quarter ending
March 31, 2002 (the materials described in clauses (i) and (ii) are referred to as the "Initial Financial Statements"); and
(iii) a pro forma balance sheet and income statement ("Pro Forma Statement") dated March 31, 2002 reflecting the pro forma combined
performance of the Consolidated Entities and Westcor. 

All
financial statements included in the Initial Financial Statements were prepared in all material respects in conformity with GAAP, except as otherwise noted therein, and fairly present in all
material respects the respective consolidated financial positions, and the consolidated results of operations and cash flows for each of the periods covered thereby of MAC and its consolidated
Subsidiaries as at the 

17

 

respective dates thereof. None of the Borrower Parties or any of their Subsidiaries has any Contingent Obligation, contingent liability or liability for any taxes, long-term leases or
commitments, not reflected in its audited financial statements delivered to the Administrative Agent on or prior to the Closing Date or otherwise disclosed to the Administrative Agent and the Lenders
in writing, which will have or is reasonably likely to have a Material Adverse Effect. The Pro Forma Statement has been prepared in good faith based upon reasonable assumptions. 

        6.2    No Material Adverse Effect.    Since the Statement Date no event has occurred which has resulted in, or is
reasonably likely to have, a Material Adverse Effect. 

        6.3    Compliance with Laws and Agreements.    Each of the Borrower Parties and the Macerich Core Entities is in
compliance with all Requirements of Law and Contractual Obligations, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect. 

        6.4    Organization, Powers; Authorization; Enforceability.    

        (1)  Macerich
Partnership (A) is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware, (B) is
duly qualified to do business and is in good
standing under the laws of each jurisdiction in which failure to be so qualified and in good standing will have or is reasonably likely to have a Material Adverse Effect, (C) has all requisite
power and authority to own, operate and encumber its Property and to conduct its business as presently conducted and as proposed to be conducted in connection with and following the consummation of
the transactions contemplated by this Agreement and (D) is a partnership for purposes of federal income taxation and for purposes of the tax laws of any state or locality in which Macerich
Partnership is subject to taxation based on its income. 

        (2)  MAC
(A) is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland, (B) is duly authorized and
qualified to do business and is in good standing under the laws of each jurisdiction in which failure to be so qualified and in good standing will have or is reasonably likely to have a Material
Adverse Effect, and (C) has all requisite corporate power and authority to own, operate and encumber its Property and to conduct its business as presently conducted. 

        (3)  Each
Westcor Borrower and each Affiliate Guarantor (A) is either a corporation, a limited partnership or a limited liability company duly incorporated, formed or
organized, validly existing, and in good standing under the laws of the State of its incorporation, organization and/or formation, (B) is duly qualified to do business and is in good standing
under the laws of each jurisdiction in which failure to be so qualified and in good standing will have or is reasonably expected to have a Material Adverse Effect, and (C) has all requisite
corporate, partnership or limited liability company power and authority to own, operate and encumber its Property and to conduct its business as presently conducted and as proposed to be conducted in
connection with and following the consummation of the transactions contemplated by this Agreement. 

        (4)  True,
correct and complete copies of the Organizational Documents described in Section 5.1(1)(J) have been
delivered to the Administrative Agent, each of which is in full force and effect, has not been Modified except to the extent indicated therein and, to the best of each of the Borrower Parties'
knowledge, there are no defaults under such Organizational Documents and no events which, with the passage of time or giving of notice or both, would constitute a default under such Organizational
Documents. 

        (5)  The
Borrower Parties have the requisite power and authority to execute, deliver and perform this Agreement and each of the other Loan Documents which are required to be 

18

 

executed on their behalf. The execution, delivery and performance of each of the Loan Documents which must be executed in connection with this Agreement by the Borrower Parties and to which the
Borrower Parties are a party and the consummation of the transactions contemplated thereby are within their partnership, company, or corporate powers, have been duly authorized by all necessary
partnership, company, or corporate action and such authorization has not been rescinded. No other partnership, company, or corporate action or proceedings on the part of the Borrower Parties is
necessary to consummate such transactions. 

        (6)  Each
of the Loan Documents to which each Borrower Party is a party has been duly executed and delivered on behalf of such Borrower Party and constitutes its legal, valid
and binding obligation, enforceable against it in accordance with its terms (subject to bankruptcy, insolvency, reorganization, or other laws affecting creditors' rights generally and to principles of
equity, regardless of whether considered in a proceeding in equity or at law), is in full force and effect and all the terms, provisions, agreements and conditions set forth therein and required to be
performed or complied with by such Borrower Party on or before the Closing Date have been performed or complied with, and no Potential Default or Event of Default exists thereunder. 

        6.5    No Conflict.    The execution, delivery and performance of the Loan Documents, the borrowing hereunder and the
use of the proceeds thereof, will not violate any material Requirement of Law or any Organizational Document or any material Contractual Obligation of any of the Borrower Parties or the Macerich Core
Entities; or create or result in the creation of any Lien on any material assets of any of the Borrower Parties. 

        6.6    No Material Litigation.    Except as disclosed on  Schedule 6.6 hereto, no litigation, investigation or proceeding of or
before any arbitrator or Governmental Authority is pending or, to the
knowledge of the Borrower Parties, threatened by or against the Borrower Parties or the Macerich Core Entities or against any of such Persons' Properties or revenues which is likely to be adversely
determined and which, if adversely determined, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

        6.7    Taxes.    All tax returns, reports and similar statements or filings of the Borrower Parties and the Macerich
Core Entities have been timely filed. Except for Permitted Encumbrances, all taxes, assessments, fees and other charges of Governmental Authorities upon such Persons and upon or relating to their
respective Properties, assets, receipts, sales, use, payroll, employment, income, licenses and franchises which are shown in such returns or reports to be due and payable have been paid, except to the
extent (i) such taxes, assessments, fees and other charges of Governmental Authorities are subject to a Good Faith Contest; or (ii) the non-payment of such taxes,
assessments, fees and other charges of Governmental Authorities would not, individually or in the aggregate, result in a Material Adverse Effect. The Borrower Parties have no knowledge of any proposed
tax assessment against the Borrower Parties or the Macerich Core Entities that will have or is reasonably likely to have a Material Adverse Effect. 

19

  

        6.8    Investment Company Act.    None of the Borrowers nor MAC, nor any Person controlling such entities is an
"investment company" or a company "controlled" by an "investment company" within the meaning of the Investment Company Act of 1940 (as amended from time to time). 

        6.9    Subsidiary Entities.    Schedule 6.9 (A) contains
charts and diagrams reflecting the corporate structure of the Borrower Parties and their respective Subsidiary Entities indicating the nature of the corporate, partnership, limited liability company
or other equity interest in each Person included in such chart or diagram; and (B) accurately sets forth (1) the correct legal name of such Person, the type of organization, and the
jurisdiction of its incorporation or organization, and (2) the class of outstanding Capital Stock of such Persons along with the percentage thereof owned by the Borrower Parties and their
Subsidiaries. None of such issued and outstanding Capital Stock or Securities is subject to any vesting, redemption, or repurchase agreement, and there are no warrants or options outstanding with
respect to such Securities, except as noted on Schedule 6.9. The outstanding Capital Stock of each Subsidiary Entity shown on  Schedule 6.9 as
being owned by a Borrower Party or its Subsidiary is duly authorized, validly issued, fully paid and nonassessable. Except where
failure may not have a Material Adverse Effect, each Subsidiary Entity of Borrower Parties: (A) is a corporation, limited liability company, or partnership, as indicated on  Schedule 6.9, duly
organized, validly existing and, if applicable, in good standing under the laws of the jurisdiction of its organization,
(B) is duly qualified to do business and, if applicable, is in good standing under the laws of each jurisdiction in which failure to be so qualified and in good standing would limit its ability
to use the courts of such jurisdiction to enforce Contractual Obligations to which it is a party, and (C) has all requisite power and authority to own, operate and encumber its Property and to
conduct its business as presently conducted and as proposed to be conducted hereafter. 

        6.10    Federal Reserve Board Regulations.    None of the Borrowers nor MAC is engaged or will engage, principally or
as one of its important activities, in the business of extending credit for the purpose of "purchasing" or "carrying" any "Margin Stock" within the respective meanings of such terms under Regulations
U, T and X. No part of the proceeds of the Term Loan will be used for "purchasing" or "carrying" "Margin Stock" as so defined or for any purpose which violates, or which would be inconsistent with,
the provisions of, the Regulations of the Board of Governors of the Federal Reserve System. 

        6.11    ERISA Compliance.    Except as disclosed on  Schedule 6.11: 

        (1)  Each
Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state law failure to comply with which would reasonably be likely to
result in a Material Adverse Effect.
Each Plan which is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the IRS and to the best knowledge of the Borrower Parties, nothing has
occurred which would cause the loss of such qualification. 

        (2)  There
are no pending or, to the best knowledge of Borrower Parties, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any
Plan which has resulted or could reasonably be expected to result in a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect
to any Plan which has resulted or could reasonably be expected to result in a Material Adverse Effect. 

        (3)  No
ERISA Event has occurred or is reasonably expected to occur with respect to any Pension Plan or, to the best knowledge of the Borrower Parties, Multiemployer Plan
which has resulted or could reasonably be expected to result in a Material Adverse Effect. 

        (4)  No
Pension Plan has any Unfunded Pension Liability which has resulted or could reasonably be expected to result in a Material Adverse Effect. 

20

 

        (5)  None
of the Borrower Parties or their respective Subsidiaries, nor any ERISA Affiliate has incurred, nor reasonably expects to incur, any liability under Title IV of
ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA) which has resulted or could reasonably be expected to result in a Material
Adverse Effect. 

        (6)  None
of the Borrower Parties or their respective Subsidiaries, nor any ERISA Affiliate has incurred nor reasonably expects to incur any liability (and no event has
occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan which has
resulted or could reasonably be expected to result in a Material Adverse Effect. 

        (7)  None
of the Borrower Parties or their respective Subsidiaries, nor any ERISA Affiliate has transferred any Unfunded Pension Liability to any person or otherwise engaged
in a transaction that is subject to Section 4069 or 4212(c) of ERISA which has resulted or could reasonably be expected to result in a Material Adverse Effect. 

        6.12    Assets and Liens.    Each of the Borrower Parties and their respective Subsidiary Entities has good and
marketable title to all Property and assets reflected in the financial statements referred to in Section 6.1 above, except Property and assets
sold or otherwise disposed of in the ordinary course of business
subsequent to the respective dates thereof. None of the Borrower Parties, nor their respective Subsidiary Entities, has outstanding Liens on any of its Properties or assets nor are there any security
agreements to which it is a party, except for Liens permitted in accordance with Section 8.1. 

        6.13    Securities Acts.    None of the Borrower Parties or their respective Subsidiary Entities have issued any
unregistered securities in violation of the registration requirements of Section 5 of the Securities Act of 1933 (as amended from time to time, the
"Act") or any other law, nor are they in violation of any rule, regulation or requirement under the Act or the Securities Exchange Act of 1934 (as
amended from time to time) other than violations which could not reasonably be expected to have a Material Adverse Effect. None of the Borrower Parties or the Macerich Core Entities is required to
qualify an indenture under the Trust Indenture Act of 1939 (as amended from time to time) in connection with its execution and delivery of this Agreement or the incurrence of Indebtedness hereunder. 

        6.14    Consents, Etc.    Except as disclosed in Schedule 6.14,
no consent, approval or authorization of, or registration, declaration or filing with any Governmental Authority or any other Person is required on the part of the Borrower Parties or the Macerich
Core Entities in connection with the Westcor Acquisition, the execution and delivery of the Loan Documents by the Borrower Parties, or the performance of or compliance with the terms, provisions and
conditions thereof by such Persons, other than those that have been obtained or will be obtained by the legally required time. 

        6.15    Hazardous Materials.    The Borrower Parties and the Macerich Core Entities have caused Phase I and the other
environmental assessments as set forth in Schedule 6.15 to be conducted or have taken other steps to investigate the past and present
environmental condition and use of their Properties (as used in this Section 6.15 and  Section 7.9, the "Environmental
Properties"). Based on such investigation, except as otherwise
disclosed on Schedule 6.15, to the best knowledge of the Borrower Parties: (1) no Hazardous Materials have been discharged, disposed of,
or otherwise released on, under, or from the Environmental Properties so as to be reasonably expected to result in a violation of Hazardous Materials Laws and a material adverse effect to such
Environmental Property or the owner thereof; (2) the owners of the Environmental Properties have obtained all material environmental, health and safety permits and licenses necessary for their
respective operations, and all such permits are in good standing and the holder 

21

 

of each such permit is currently in compliance with all terms and conditions of such permits, except to the extent the failure to obtain such permits or comply therewith is not reasonably expected to
result in a Material Adverse Effect or any material violation of Hazardous Materials Laws or in a material adverse effect to such Environmental Property or the owner thereof; (3) none of the
Environmental Properties is listed or proposed for listing on the National Priorities List ("NPL") pursuant to CERCLA or on the Comprehensive
Environmental Response Compensation Liability Information System List ("CERCLIS") or any similar applicable state list of sites requiring remedial
action under any Hazardous Materials Laws; (4) none of the owners of the Environmental Properties has sent or directly arranged for the transport of any hazardous waste to any site listed or
proposed for listing on the NPL, CERCLIS or any similar state list; (5) there is not now on or in any Environmental Property: (a) any landfill or surface impoundment; (b) any
underground storage tanks; (c) any asbestos-containing material; or (d) any polychlorinated biphenyls (PCB), which in the case of any of clauses (a) through (d) could
reasonably result in a violation of any Hazardous Materials Laws and a material adverse effect to such Environmental Property or the owner thereof; (6) no environmental Lien has attached to any
Environmental Properties; and (7) no other event has occurred with respect to the presence of Hazardous Materials on or under the Environmental Properties, which would reasonably be expected to
result in a Material Adverse Effect. 

        6.16    Regulated Entities.    None of the Borrower Parties or the Macerich Core Entities: (1) is subject to
regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act, the Interstate Commerce Act, any state public utilities code, or any other Federal or state statute or
regulation limiting its ability to incur Indebtedness, or (2) is a "foreign person" within the meaning of Section 1445 of the Code. 

        6.17    Copyrights, Patents, Trademarks and Licenses, etc.    To the best knowledge of the Borrower Parties, the
Borrower Parties and the Macerich Core Entities own or are licensed or otherwise have the right to use all of the patents, trademarks, service marks, trade names, copyrights, contractual franchises,
authorizations and other rights that are necessary for the operation of their respective businesses, without conflict with the rights of any other Person. To the best knowledge of the Borrower
Parties, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by the Borrower Parties or the Macerich
Core Entities infringes upon any rights held by any other Person, except for any infringements, individually or in the aggregate, which would not result, or be expected to result, in a Material
Adverse Effect. 

        6.18    REIT Status.    MAC: (1) is a REIT, (2) has not revoked its election to be a REIT,
(3) has not engaged in any "prohibited transactions" as defined in Section 856(b)(6)(iii) of the Code (or any successor provision thereto), and (4) for its current "tax
year" as defined in the Code is and for all prior tax years subsequent to its election to be a REIT has been entitled to a dividends paid deduction which meets the requirements of Section 857
of the Code. 

        6.19    Insurance.    Schedule 6.19 accurately sets forth as of
the Closing Date all insurance policies currently in effect with respect to the respective Property and assets and business of the Borrower Parties and the Macerich Core Entities, specifying for each
such policy, (i) the amount thereof, (ii) the general risks insured against thereby, (iii) the name of the insurer and each insured party thereunder, (iv) the policy or
other identification number thereof, and (v) the expiration date thereof. Such insurance policies are currently in full force and effect, in compliance with the requirements of  Section 7.8
hereof. 

        6.20    Full Disclosure.    None of the representations or warranties made by the Borrower Parties in the Loan
Documents as of the date such representations and warranties are made or deemed made contains any untrue statement of a material fact or omits to state a material fact 

22

 

necessary to make the statements made therein, in light of the circumstances under which they are made, not misleading. 

        6.21    Indebtedness.    Schedule 6.21 sets forth, as of
June 30, 2002, all Indebtedness for borrowed money of each of the Borrower Parties and the Macerich Core Entities, and, except as set forth on such  Schedule 6.21, there are no defaults in the
payment of principal or interest on any such Indebtedness, and no payments thereunder have been
deferred or extended beyond their stated maturity, and there has been no material change in the type or amount of such Indebtedness since June 30, 2002. 

        6.22    Real Property.    Set forth on Schedule 6.22 is a list,
as of the date of this Agreement, of all of the Projects of the Borrower Parties and the Macerich Entities, indicating in each case whether the respective property is owned or ground leased by such
Persons, the identity of the owner or lessee and the location of the respective property. 

        6.23    Brokers.    The Borrowers and MAC have not dealt with any broker or finder with respect to the transactions
embodied in this Agreement and the other Loan Documents. 

        6.24    No Default.    No Default or Potential Default has occurred and is continuing. 

        6.25    Solvency.    After giving effect to the Term Loan, and the disbursement of the proceeds thereof pursuant to
the Borrowers' instructions, the Borrower Parties are each Solvent. 

        ARTICLE
7.    Affirmative Covenants.    As an inducement to the Administrative Agent and each Lender to enter into
this Agreement and for the Lenders to advance their respective Percentage Shares of the Term Loan, each of the Borrower Parties, collectively and severally, hereby covenants and agrees with the
Administrative Agent and each Lender that, as long as any Obligations remain unpaid: 

        7.1    Financial Statements.    The Borrower Parties shall maintain, for themselves, and shall cause each of the
Macerich Core Entities to maintain a system of accounting established and administered in accordance with sound business practices to permit preparation of consolidated financial statements in
conformity with GAAP. Each of the financial statements and reports described below shall be prepared from such system and records and in form reasonably satisfactory to the Administrative Agent, and
shall be provided to Administrative Agent: 

        (1)  As
soon as practicable, and in any event within ninety (90) days after the close of each fiscal year of MAC, the consolidated balance sheet of MAC and its
Subsidiaries as of the end of such fiscal year and the related consolidated statements of income, stockholders' equity and cash flow of MAC and its Subsidiaries for such fiscal year, setting forth in
each case in comparative form the consolidated or combined figures, as the case may be, for the previous fiscal year, all in reasonable detail and accompanied by a report thereon of
PricewaterhouseCoopers or other independent certified public accountants of recognized national standing selected by the Borrowers and reasonably satisfactory to the Administrative Agent, which report
shall be unqualified (except for qualifications that the Required Lenders do not, in their discretion, consider material) and shall state that such consolidated financial
statements fairly present the financial position of MAC and its Subsidiaries as at the date indicated and the results of their operations and cash flow for the periods indicated in conformity with
GAAP (except as otherwise stated therein) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted
auditing standards; 

        (2)  As
soon as practicable, and in any event within fifty (50) days after the close of each of the first three fiscal quarters of each fiscal year of MAC, for MAC and
its Subsidiaries, unaudited balance sheets as at the close of each such period and the related combined statements of income and cash flow of MAC and its Subsidiaries for such quarter and the 

23

 

portion of the fiscal year ended at the end of such quarter, setting forth in each case in comparative form the consolidated or combined figures, as the case may be, for the corresponding periods of
the prior fiscal year, all in reasonable detail and in conformity with GAAP (except as otherwise stated therein), together with a representation by a Responsible Financial Officer, as of the date of
such financial statements, that such financial statements have been prepared in accordance with GAAP (provided, however, that such financial statements may not include all of the information and
footnotes required by GAAP for complete financial information) and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial information
contained therein; 

        (3)  Together
with each delivery of any quarterly or annual report pursuant to paragraphs (1) through (2) of this  Section 7.1, MAC shall deliver a Compliance Certificate signed by MAC's Responsible
Financial Officer representing and certifying (1) that
the Responsible Financial Officer signatory thereto has reviewed the terms of the Loan Documents, and has made, or caused to be made under his/her supervision, a review in reasonable detail of the
transactions and consolidated financial condition of MAC and its Subsidiaries, during the fiscal quarter covered by such reports, that such review has not disclosed the existence during or at the end
of such fiscal quarter, and that such officer does not have knowledge of the existence as at the date of such Compliance Certificate, of any condition or event which constitutes an Event of Default or
Potential Default or mandatory prepayment event, or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action the Borrowers, MAC or their
Subsidiaries has taken, is taking and proposes to take with respect thereto, (2) the calculations (with such specificity as the Administrative Agent may reasonably request) for the period then
ended which demonstrate compliance with the covenants and financial ratios set forth in Article 8, (3) a schedule of Total Liabilities in
respect of borrowed money in the level of detail disclosed in MAC's Form 10-Q filings with the Securities and Exchange Commission, as well as such other information regarding such
Indebtedness as may be reasonably requested by the Administrative Agent, (4) that any proceeds withdrawn from the Proceeds Expenditure Account during the prior quarter were withdrawn in
compliance with Section 3.3(3) and shall specify the use of such proceeds, and (5) a schedule of EBITDA. 

        (4)  To
the extent not otherwise delivered pursuant to this Section 7.1, copies of all financial statements and
financial information delivered by the Borrowers, MAC and the Westcor Principal Entities (or, upon Administrative Agent's request, any Subsidiaries of such Persons) from time to time to the holders of
any Indebtedness for borrowed money of such Persons; and 

        (5)  Copies
of all proxy statements, financial statements, and reports which the Borrowers or MAC send to their respective stockholders or limited partners, and copies of all
regular, periodic and special reports, and all registration statements under the Act which the Borrowers or MAC file with the Securities and Exchange Commission or any Governmental Authority which may
be substituted therefor, or with any national securities exchange; provided, however, that there shall not be required to be delivered hereunder such copies for any Lender of prospectuses relating to
future series of offerings under registration statements filed under Rule 415 under the Act or other items which such Lender has indicated in writing to the Borrowers or MAC from time to time
need not be delivered to such Lender. 

        (6)  Notwithstanding
the foregoing, it is understood and agreed that to the extent MAC files documents with the Securities and Exchange Commission and such documents contain
the same information as required by subsections (1), (2), (3) (only with respect to subclause (3)), (4) and (5) above, MAC may deliver copies, which copies may be delivered
electronically, 

24

 

of such forms with respect to the relevant time periods in lieu of the deliveries specified in such clauses. 

        7.2    Certificates; Reports; Other Information.    The Borrower Parties shall furnish or cause to be furnished to the
Administrative Agent and each of the Lenders directly: 

        (1)  From
time to time upon reasonable request by the Administrative Agent, a rent roll, tenant sales report and income statement with respect to any Project; 

        (2)  As
soon as practicable and in any event by January 1st of each calendar year, the Borrower Parties shall deliver to the Administrative Agent (i) a report
in form and substance reasonably satisfactory to the Administrative Agent outlining all insurance coverage maintained as of the date of such report by the Borrower Parties and the Macerich Core
Entities and the duration of such coverage and (ii) evidence that all premiums with respect to such coverage have been paid when due. 

        (3)  Promptly,
such additional financial and other information, including, without limitation, information regarding the Borrower Parties, the Macerich Core Entities, any of
such entities' assets and Properties and the Westcor Acquisition as Administrative Agent or any Lender may from time to time reasonably request, including, without limitation, such information as is
necessary for any Lender to participate out any of its interests in the Obligations. 

        7.3    Maintenance of Existence and Properties.    The Borrower Parties shall, and shall cause each of the Macerich
Core Entities to, at all times: (1) maintain its corporate existence or existence as a limited
partnership or limited liability company, as applicable; provided that a Macerich Core Entity (other than the Borrowers, MAC, or the Westcor Principal Entities) (A) may change its form of
organization from one type of legal entity to another to the extent otherwise permitted in this Agreement; (B) may effect a dissolution if such actions are taken subsequent to a Disposition of
substantially all of its assets as otherwise permitted under this Agreement (including Section 8.4); and (C) may merge or consolidate with
any Person as otherwise not prohibited by this Agreement (including Section 8.3); (2) maintain in full force and effect all rights,
privileges, licenses, approvals, franchises, Properties and assets material to the conduct of its business; (3) remain qualified to do business and maintain its good standing in each
jurisdiction in which failure to be so qualified and in good standing will have a Material Adverse Effect; and (4) not permit, commit or suffer any waste or abandonment of any Project that will
have a Material Adverse Effect. 

        7.4    Inspection of Property; Books and Records; Discussions.    The Borrower Parties shall, and shall cause each of
the Macerich Core Entities, to keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all material Requirements of Law shall be made of all
dealings and transactions in relation to its business and activities, and shall permit representatives of the Administrative Agent or any Lender to visit and inspect any of its properties and examine
and make copies or abstracts from any of its books and records at any reasonable time during normal business hours and as often as may reasonably be desired by the Administrative Agent or any Lender,
and to discuss the business, operations, properties and financial and other condition of Borrower Parties and the Macerich Core Entities with officers and employees of such Persons, and with their
independent certified public accountants (provided that representatives of such Persons may be present at and participate in any such discussion). 

25

 

        7.5    Notices.    The Borrowers shall promptly, but in any event within five Business Days after obtaining knowledge
thereof, give written notice to the Administrative Agent and each Lender directly of: 

        (1)  The
occurrence of any Potential Default or Event of Default and what action the Borrowers have taken, are taking, or are proposing to take in response thereto; 

        (2)  The
institution of, or written threat of, any action, suit, proceeding, governmental investigation or arbitration against or affecting the Borrower Parties or the
Macerich Core Entities and not previously disclosed, which action, suit, proceeding, governmental investigation or arbitration (i) exposes, or in the case of multiple actions, suits,
proceedings, governmental investigations or arbitrations arising out of the same general allegations or circumstances expose, such Persons, in the Borrowers' reasonable judgment, to liability in an
amount aggregating $10,000,000 or more and is or are not covered by insurance, or (ii) seeks injunctive or other relief which, if obtained, may have a Material Adverse Effect providing such
other information as may be reasonably available to enable Administrative Agent and its counsel to evaluate such matters. The Borrowers, upon request of the Administrative Agent, shall promptly give
written notice of the status of any action, suit, proceeding, governmental investigation or arbitration. 

        (3)  Any
labor dispute to which the Borrower Parties or any of the Macerich Core Entities may become a party (including, without limitation, any strikes, lockouts or other
disputes relating to any Property of such Persons' and other facilities) which could result in a Material Adverse Effect. 

        (4)  The
bankruptcy or cessation of operations of any tenant to which greater than 5% of either the Macerich Partnership's or MAC's share of consolidated minimum rent is
attributable. 

        (5)  Any
event not disclosed pursuant to paragraphs (1) through  (4) above which could reasonably be expected to result in a Material Adverse Effect.

        7.6    Expenses.    The Borrowers shall pay all reasonable out-of-pocket expenses (including
reasonable fees and disbursements of outside counsel): (1) of the Administrative Agent and JPMorgan Chase Bank incident to the preparation, negotiation and administration of the Loan Documents,
including any proposed Modifications or waivers with respect thereto, the syndication of the Term Loan (but such expenses shall not include any fees paid to the syndicate members), and the
preservation and protection of the rights of the Lenders and the Administrative Agent under the Loan Documents, and (2) of the Administrative Agent and each of the Lenders incident to the
enforcement of payment of the Obligations, whether by judicial proceedings or otherwise, including, without limitation, in connection with bankruptcy, insolvency, liquidation, reorganization,
moratorium or other similar proceedings involving any Borrower Party or a "workout" of the Obligations; provided that only one property inspection or site visit performed pursuant to  Section 7.4
shall be paid for by the Borrowers each year, unless a Potential Default or Event of Default has occurred and is continuing, in which
case there shall be no limit to property inspections or site visits performed pursuant to Section 7.4, and the Borrowers shall pay the costs
associated with each such inspection and visit performed during such periods. The obligations of the Borrowers under this Section 7.6 shall
survive payment of all other Obligations. 

        7.7    Payment of Indemnified Taxes and Other Taxes and Charges.    The Borrower Parties shall, and shall cause each
of the Macerich Core Entities to, file all tax returns required to be filed in any jurisdiction and, if applicable, and except with respect to taxes subject to any Good Faith Contest, pay and
discharge all Indemnified Taxes and Other Taxes imposed upon it or any of its 

26

 

Properties or in respect of any of its franchises, business, income or property before any material penalty shall be incurred with respect to such Indemnified Taxes and Other Taxes. 

        7.8    Insurance.    The Borrower Parties shall, and shall cause each of the Macerich Core Entities, to maintain, to
the extent commercially available, insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks (including, without limitation, fire, extended
coverage, vandalism, malicious mischief, flood, earthquake, public liability, product liability, business interruption and terrorism) as is usually carried by companies engaged in similar businesses
and owning similar properties in the same general areas in which the Borrower Parties or the Macerich Core Entities engage in business or own properties. 

        7.9    Hazardous Materials.    The Borrower Parties shall, and shall cause each of the Macerich Core Entities to, do
the following: 

        (1)  Keep
and maintain all regional Retail Properties ("Designated Environmental Properties") in material compliance with any
Hazardous Materials Laws unless the failure to so comply would not be reasonably expected to result in a material adverse effect to such Designated Environmental Property or the owner thereof. 

        (2)  Promptly
cause the removal of any Hazardous Materials discharged, disposed of, or otherwise released in, on or under any Designated Environmental Properties that are in
violation of any Hazardous Materials Laws and which would be reasonably expected to result in a material adverse effect to such Designated Environmental Property or the owner thereof, and cause any
remediation required by any Hazardous Material Laws or Governmental Authority to be performed, though no such action shall be required if any action is subject to a good faith contest. In the course
of carrying out such actions, the Borrowers shall provide the Administrative Agent with such periodic information and notices regarding the status of investigation, removal, and remediation, as the
Administrative Agent may reasonably require. 

        (3)  Promptly
advise the Administrative Agent and each Lender in writing of any of the following: (i) any Hazardous Material Claims known to Borrowers which would be
reasonably expected to result in a material adverse effect to an Environmental Property or the owner thereof; (ii) the receipt of any notice of any alleged violation of Hazardous Materials Laws
with respect to an Environmental Property (and the Borrowers shall promptly provide the Administrative Agent and Lenders with a copy of such notice of violation), provided that such alleged violation,
if true (and if any release of the Hazardous Materials alleged therein were not promptly remediated), would result in a breach of subsections (1) or (2) above; and (iii) the
discovery of any occurrence or condition on any Designated Environmental Properties that could cause such Designated Environmental Properties or any part thereof to be in violation of clauses
(1) or, if not promptly remediated, (2) above. If the Administrative Agent and/or any Lender shall be joined in any legal proceedings or actions initiated in connection with any
Hazardous Materials Claims, each Borrower Party shall indemnify, defend, and hold harmless such Person with respect to any liabilities and out-of-pocket expenses arising with
respect thereto, including reasonable attorneys' fees and disbursements. 

        (4)  Comply
with each of the covenants set forth in subsections (1), (2) and (3) of this Section 7.9 with
respect to all other Properties of the Borrowers and Macerich Core Entities unless the failure to so comply would not reasonably be expected to result in a Material Adverse Effect. 

        7.10    Compliance with Laws and Contractual Obligations; Payment of Taxes.    The Borrower Parties shall, and shall
cause each of the Macerich Core Entities to: (1) comply, in all material respects, with all material Requirements of Law of any Governmental Authority having jurisdiction 

27

 

over it or its business, and (2) comply, in all material respects, with all material Contractual Obligations. 

        7.11    Further Assurances.    The Borrower Parties shall, and shall cause each of their respective Subsidiaries to,
promptly upon request by the Administrative Agent or any Lender, do any acts or, execute, acknowledge, deliver, record, re-record, file, re-file, register and
re-register, any and all such further deeds, conveyances, security agreements, mortgages, assignments, estoppel certificates, financing statements and continuations thereof, termination
statements, notices of assignment, transfers, certificates, assurances and other instruments the Administrative Agent or such Lender, as the case may be, may reasonably require from time to time in
order (i) to carry out more effectively the purposes of this Agreement or any other Loan Document, and (ii) to assure, convey, grant, assign, transfer, preserve, protect and confirm to
the Administrative Agent and Lenders the rights granted or now or hereafter intended to be granted to the Lenders under any Loan Document or under any other document executed in connection therewith. 

        7.12    Single Purpose Entities.    The Westcor Borrowers shall maintain themselves as Single Purpose Entities. 

        7.13    REIT Status.    MAC shall maintain its status as a REIT and (i) all of the representations and
warranties set forth in clauses (1), (2) and (4) of Section 6.18 shall remain true and correct at all times and (ii) all of
the representations and warranties set forth in clause (3) of Section 6.18 shall remain true and correct in all material respects. MAC
will do or cause to be done all things necessary to maintain the listing of its Capital Stock on the New York Stock Exchange, the American Stock Exchange or the Nasdaq National Market System (or any
successor thereof), and the Macerich Partnership will do or cause to be done all things necessary to cause it to be treated as a partnership for purposes of federal income taxation and the tax laws of
any state or locality in which the Macerich Partnership is subject to taxation based on its income. 

        7.14    Use of Proceeds.    The proceeds of the Term Loan shall be used to finance the Westcor Acquisition. 

        7.15    Subordination.    

        (1)  MAC,
the Borrowers, and each Guarantor (each a "Subordinated Creditor") hereby absolutely and irrevocably subordinates,
both in right of payment and in time of payment, (a) in the case of MAC, any and all present or future obligations and liabilities of the Borrowers or any Affiliate Guarantor to MAC,
(b) in the case of any Affiliate Guarantor, any and all present or future obligations and liabilities of the Borrowers or any other Affiliate Guarantor to such Affiliate Guarantor and
(c) in the case of the Borrowers, any and all present and future obligations and liabilities of MAC or any Affiliate Guarantor
to the Borrowers (such obligations and liabilities referred to in clauses (a), (b) or (c) being "Subordinated Debt"), to the prior payment
in full in cash of the Obligations or the obligations of such Person under the Guaranties, as applicable. Each Subordinated Creditor agrees to make no claim for, or receive payment with respect to,
such Subordinated Debt until all Obligations and such obligations have been fully discharged in cash. Notwithstanding the foregoing, the Borrowers shall be entitled to declare and pay dividends or
make distributions to equity holders with respect to their Capital Stock, as long as no Event of Default then exists, but subject to  Section 8.11. 

        (2)  All
amounts and other assets that may from time to time be paid or distributed to or otherwise received by any Subordinated Creditor in respect of Subordinated Debt in
violation of this Section 7.15 shall be segregated and held in trust by the Subordinated Creditor for the benefit of the Lenders and promptly
paid over to the Administrative Agent. 

28

 

        (3)  Each
Subordinated Creditor further agrees not to assign all or any part of the Subordinated Debt unless the Administrative Agent is given prior notice and such
assignment is expressly made subject to the terms of this Agreement. If the Administrative Agent so requests, (a) all instruments evidencing the Subordinated Debt shall be duly endorsed and
delivered to the Administrative Agent, (b) all security for the Subordinated Debt shall be duly assigned and delivered to Administrative Agent for the benefit of the Lenders, (c) the
Subordinated Debt shall be enforced, collected and held by the relevant Subordinated Creditor as trustee for the Lenders and shall be paid over to the Administrative Agent for the benefit of the
Lenders on account of the Obligations, and (d) the Subordinated Creditors shall execute, file and record such documents and instruments and take such other action as the Administrative Agent
deems necessary or appropriate to perfect, preserve and enforce the Lenders' rights in and to the Subordinated Debt and any security therefor. If any Subordinated Creditor fails to take any such
action, the Administrative Agent, as attorney-in-fact for such Subordinated Creditor, is hereby authorized to do so in the name of the Subordinated Creditor. The foregoing
power of attorney is coupled with an interest and cannot be revoked. 

        (4)  In
any bankruptcy or other proceeding in which the filing of claims is required by Requirements of Law, each Subordinated Creditor shall file all claims relating to the
Subordinated Debt that the Subordinated Creditor may have against the obligor thereunder and shall assign to the Administrative Agent, for the benefit of the Lenders, all rights relating to the
Subordinated Debt thereunder. If any Subordinated Creditor does not file any such claim, the Administrative Agent, as attorney-in-fact for the Subordinated Creditor, is hereby
authorized to do so in the name of the Subordinated Creditor or, in the Administrative Agent's discretion, to assign the claim to a nominee and to cause proof of claim to be filed in the name of the
Administrative Agent or the Administrative Agent's nominee. The foregoing power of attorney is coupled with an interest and cannot be revoked. The Administrative Agent or its nominee shall have the
right, in its reasonable discretion, to accept or reject any plan proposed in such proceeding and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in
administration, bankruptcy or otherwise, the Person or Persons authorized to pay such claim shall pay to the Administrative Agent for the benefit of the Lenders the amount payable on such claim and,
to the full extent necessary for that purpose, each Subordinated Creditor hereby assigns to the Administrative Agent for the benefit of the Lenders all of the Subordinated Creditor's rights to any
such payments or distributions; provided, however, the Subordinated Creditor's
obligations hereunder shall not be satisfied except to the extent that the Administrative Agent receives cash by reason of any such payment or distribution. 

        (5)  Each
of the Subordinated Creditors hereby agrees that the Administrative Agent and the Lenders may at any time in their discretion renew or extend the time of payment of
the Obligations or exercise, fail to exercise, waive or amend any other of their rights under this Agreement, any Loan Document or any instrument evidencing or securing or delivered in connection
therewith, and in reference thereto may make and enter into such agreements as to them may seem proper or desirable, all without notice to or further assent from the Subordinated Creditors (except as
otherwise expressly required pursuant to this Agreement), and any such action shall not in any manner impair or affect the subordination set forth in this  Section 7.15 or any of the Administrative
Agent's or Lenders' rights hereunder. The Subordinated Creditors each hereby waive and agree not to
assert against the Administrative Agent or the Lenders any rights which a guarantor or surety could exercise with respect to any indebtedness of the Borrowers, MAC or an Affiliate Guarantor, but
nothing in this Section 7.15 shall constitute the Subordinated Creditors a guarantor or surety. 

29

 

        7.16    Mandatory Prepayments under Interim Facility.    The Borrowers shall comply in all respects with the mandatory
principal prepayment provisions under the Interim Facility as required pursuant to Section 3.3 of the Interim Facility Credit Agreement
(including any corresponding defined terms used therein), as such provisions and defined terms exist as of the Closing Date. 

        7.17    Management of Projects.    All Wholly-Owned Projects shall be managed by Subsidiaries of MAC pursuant to
Master Management Agreements or, with respect to Wholly-Owned Projects of Westcor, pursuant to agreements in place on the date hereof. 

        ARTICLE
8.    Negative Covenants.    As an inducement to the Administrative Agent and each Lender to enter into this
Agreement and for the Lenders to advance their respective Percentage Shares of the Term Loan, each of the Borrower Parties, jointly and severally, hereby covenants and agrees with the Administrative
Agent and each Lender that, as long as any Obligations remain unpaid: 

        8.1    Liens.    The Borrower Parties shall not, and shall not permit any of the Macerich Core Entities to, create,
incur, assume or suffer to exist, any Lien upon any of its Property except: 

        (1)  Liens
that secure Secured Indebtedness otherwise permitted under this Agreement; 

        (2)  Permitted
Encumbrances; 

        (3)  Other
Liens which are the subject of a Good Faith Contest; and 

        (4)  Liens
listed on Schedule 8.1. 

        Notwithstanding
the foregoing, no Liens shall be permitted on the Capital Stock of any Borrower Party or Westcor Principal Entity, except Liens in favor of the Administrative Agent for
the benefit of the Lenders as contemplated hereunder and under the Interim Facility Credit Agreement and the Revolving Credit Agreement. 

        8.2    Indebtedness.    The Westcor Borrowers shall not incur any Indebtedness other than the Obligations and the
Indebtedness under the Interim Facility Credit Agreement and the Revolving Credit Agreement. The other Borrower Parties may only incur, and permit the Macerich Core Entities to incur,
(i) Indebtedness to the extent such Borrower Parties maintain compliance with the financial covenants set forth in Sections 8.12 and  8.13 below; and
(ii) Indebtedness under the Interim Facility Credit Agreement and the Revolving Credit Agreement.
 

        8.3    Fundamental Change.    

        (1)  None
of MAC, the Borrowers, or the Westcor Principal Entities shall do any or all of the following: merge or consolidate with any Person, or sell, assign, lease or
otherwise effect a Disposition, whether in one transaction or in a series of transactions, of all or substantially all of its Properties and assets, whether now owned or hereafter acquired, or enter
into any agreement to do any of the foregoing. 

        (2)  None
of the Borrower Parties shall, nor shall they permit any Macerich Core Entities to, engage to any material extent in any business other than such Person's business
as conducted on the date hereof and businesses which are substantially similar, related or incidental thereto or other additional businesses that would not have a Material Adverse Effect. 

        8.4    Dispositions.    The Borrower Parties shall not permit any of the following to occur: 

        (1)  Any
Disposition by MAC of any of the Capital Stock of Macerich Partnership or any of the Westcor Borrowers; provided that the forgoing shall not prohibit Macerich
Partnership from issuing partnership units as consideration for the acquisition of a Project otherwise permitted under this Agreement; 

30

 

        (2)  Any
Disposition by Macerich Partnership of any of the Capital Stock of any Westcor Borrower or Affiliate Guarantor; provided that a Disposition of an Affiliate Guarantor
is permitted so long as the required prepayments are made pursuant to Section 3.3 of the Interim Facility Credit Agreement and  Section 3.3 and
Section 7.16 of this Agreement; 

        (3)  Any
Disposition by any Westcor Borrower of any of the Capital Stock of any Westcor Principal Entity; or 

        (4)  Any
Disposition by any Borrower Party or its Subsidiary Entities of any of its respective Properties if such Disposition would cause the Borrower Parties to be in
violation of any of (a) the covenants set forth in Section 8.12 or 8.13; (b) the
mandatory prepayment requirements set forth in Sections 3.3 or 7.16; or (c) the limitations on
Investments set forth in Section 8.5. 

        8.5    Investments.    The Borrower Parties shall not, and shall not permit any of the Macerich Core Entities to,
directly or indirectly make any Investment, except that such Persons may make an Investment in the following, subject to the limitations set forth below: 

	Permitted Investment
 
	 	Limitations

	Wholly-Owned Raw Land	 	No Wholly-Owned Raw Land shall be acquired if the Aggregate Investment Value of such Wholly-Owned Raw Land, together will all Wholly-Owned Raw Land then owned by the Borrower Parties and their Subsidiary Entities, exceeds
5% of the Gross Asset Value
	Individual Projects	 	No individual Project or Capital Stock in a Person owning an Individual Project shall be acquired without the consent of the Administrative Agent and the Required Lenders if the Aggregate Investment Value of such Project
exceeds 10% of the Gross Asset Value
	Portfolio of Projects	 	Multiple Projects or Capital Stock in Persons owning multiple Projects shall not be acquired in a single transaction or series of related transactions without the consent of the Administrative Agent and the Required
Lenders if the Aggregate Investment Value of such Projects exceeds 25% of the Gross Asset Value
	Capital Stock of Joint Ventures in which the Macerich Partnership, MAC or any Wholly-Owned Subsidiary is not a general partner or a managing member	 	No such Capital Stock shall be acquired without the consent of the Administrative Agent and the Required Lenders if the Aggregate Investment Value of such Capital Stock and all other such Capital Stock then owned by the
Borrower Parties and their Subsidiary Entities exceeds 5% of the Gross Asset Value

31

 

	Capital Stock of Joint Ventures in which the Macerich Partnership, MAC or any Wholly-Owned Subsidiary is a general partner or a managing member	 	No such Capital Stock shall be acquired without the consent of the Administrative Agent and the Required Lenders if the Aggregate Investment Value of such Capital Stock and all other such Capital Stock then owned by the
Borrower Parties and their Subsidiary Entities exceeds 50% of Gross Asset Value
	Real Property Under Construction	 	The Aggregate Investment Value of all Real Property Under Construction shall not exceed 15% of the Gross Asset Value
	MAC's redemption of partnership units in Macerich Partnership in accordance with its Organizational Documents	 	Unlimited
	First lien priority Mortgage Loans acquired by Macerich Partnership, MAC or any Wholly-Owned Subsidiary	 	The Aggregate Investment Value of all such Mortgage Loans shall not exceed 10% of the Gross Asset Value
	Capital Stock of Management Companies	 	The Aggregate Investment Value of such Capital Stock shall not exceed 5% of Gross Asset Value
	Cash and Cash Equivalents	 	Unlimited
	Other Investments (exclusive of the other Permitted Investment categories set forth in this Section 8.5)	 	The Aggregate Investment Value of such other Investments shall not exceed 1% of Gross Asset Value

        8.6    Transactions with Partners and Affiliates.    The Borrower Parties shall not, and shall not permit any of the
Macerich Core Entities to directly or indirectly enter into or permit to exist any transaction (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of
any service) with a holder or holders of more than five percent (5%) of any class of equity Securities of MAC, or with any Affiliate of MAC which is not its Subsidiary (a
"Transactional Affiliate"), except as set forth on Schedule 8.6 and except upon fair and
reasonable terms no less favorable to the Borrower Parties than would be obtained in a comparable arm's-length transaction with a Person not a Transactional Affiliate; provided that any management
agreement substantially in the form of the Master Management Agreements shall be deemed to satisfy the criteria set forth in this Section 8.6. 

        8.7    Margin Regulations; Securities Laws.    Neither the Borrowers nor any Macerich Core Entities shall use all or
any portion of the proceeds of any credit extended under this Agreement to purchase or carry Margin Stock. 

        8.8    Organizational Documents.    

        (1)  Without
the prior written consent of Administrative Agent and the Required Lenders, the Borrower Parties shall not, and shall not permit the Westcor Principal Entities
to, Modify any of the terms or provisions in the Organizational Documents delivered in connection with Section 5.1(1)(J), except: (a) any
Modifications necessary for Macerich Partnership or MAC to issue more Capital Stock (provided such issuance does not otherwise violate the terms of this Agreement); or (b) Modifications
necessary to clarify existing provisions of such Organizational Documents; or (c) Modifications which would have no 

32

 

adverse, substantive effect on the rights or interests of the Lenders in conjunction with the Term Loan or under the Loan Documents. 

        (2)  Without
the prior written consent of Administrative Agent, which shall not be unreasonably withheld, MAC and the Borrowers shall not, and shall not permit the Westcor
Principal Entities to, Modify any of the terms or provisions in any of their respective Organizational Documents as in effect as of the Closing Date which would change in any material manner the
rights and obligations of the parties to such Organizational Documents, except (a) any Modifications necessary for Macerich Partnership or MAC to issue more Capital Stock (provided such
issuance does not otherwise violate the terms of this Agreement); or (b) any Modifications which would not have an adverse effect on the Borrower Parties or their Subsidiaries. 

        8.9    Fiscal Year.    None of the Borrower Parties shall change its Fiscal Year for accounting or tax purposes from a
period consisting of the 12-month period ending on December 31 of each calendar year. 

        8.10    Senior Management.    The Macerich Partnership and MAC shall cause Art Coppola and either Ed Coppola or Thomas
E. O'Hern to remain part of their senior management until the indefeasible payment in full of the Obligations. In the event of death, incapacitation, retirement, or dismissal of any of these
individuals, Macerich Partnership and MAC shall have 180 calendar days thereafter in which to retain a senior management replacement reasonably acceptable to the Required Lenders. 

        8.11    Distributions.    MAC and Macerich Partnership shall not make (i) Distributions in any fiscal year in
excess of the sum of (x) 95% of FFO plus (y) any realized gain resulting from Dispositions in such fiscal year; provided, however, that in no event shall such realized gain exceed
$50 million during the first eighteen (18) Loan Months; (ii) Distributions to acquire the Capital Stock of MAC to the extent such Distributions, individually or in the aggregate,
exceed $75,000,000; (iii) Distributions during any period while an Event of Default under Section 9.1 has occurred and is continuing as a
result of Borrowers' failure to pay any principal or interest due under this Agreement; or (iv) Distributions during any period that any other material non-monetary Event of Default
has occurred and is continuing, unless after taking into account all available funds of MAC from all other sources, such Distributions are required in order to enable MAC to continue to qualify as a
REIT. 

        8.12    Financial Covenants of Borrower Parties.    

        (1)  Minimum Tangible Net Worth. As of the last day of any Fiscal Quarter, Tangible Net Worth shall not be less than the sum
of (a) $575,000,000, minus (b) 100% of the cumulative Depreciation and Amortization Expense deducted in determining Net Income for all
fiscal quarters ending after March 31, 2002, plus (c) 90% of the cumulative net cash proceeds received from and the value of assets
acquired (net of Indebtedness incurred or assumed in connection therewith) through the issuance of Capital Stock of MAC after March 31, 2002. For purposes of clause (c), "net" means net
of underwriters' discounts, commissions and other reasonable out-of-pocket expenses of issuance actually paid to any Person (other than a Borrower Party or any Affiliate of a
Borrower Party). 

33

 

        (2)  Maximum Total Liabilities to Gross Asset Value. The ratio of Total Liabilities to Gross Asset Value (expressed as a
percentage) shall not be more than: 

	At any time during the first six Loan Months (the "Six Month Period")	 	70.0%
	At any time after the Six Month Period	 	65.0%

Notwithstanding the foregoing, if, at the end of the Six Month Period, the Borrowers have delivered evidence reasonably satisfactory to the Administrative Agent demonstrating
that the Borrower Parties or their Subsidiary Entities have entered into binding contracts which provide for the Disposition of Projects within three (3) months after the Six Month Period, and
the consummation of such Dispositions would result in a 65% (or less) ratio of Total Liabilities to Gross Asset Value (expressed as a percentage), the Borrowers shall have until the end of such
additional three month period to satisfy such 65% ratio. 

        (3)  Minimum Interest Coverage Ratio. As of the last day of any Fiscal Quarter, the Interest Coverage Ratio shall not be less
than 1.80. 

        (4)  Minimum Fixed Charge Coverage Ratio. As of the last day of any Fiscal Quarter, the Fixed Charge Coverage Ratio shall not
be less than 1.50. 

        (5)  Secured Debt to Gross Asset Value. At any date, the Secured Indebtedness Ratio shall not exceed 55%;  provided, however, if, at any date, the ratio of Total Liabilities to Gross Asset Value is less than
60%, then the Secured Indebtedness Ratio shall not exceed 60%. 

        (6)  Minimum Debt Yield. The ratio of EBITDA (notwithstanding the definition of such term, with
respect to any Westcor entity that has not achieved Stabilization, EBITDA for such entity shall be calculated for the most recent fiscal quarter and annualized) to Total Liabilities shall not be less
than the ratios (expressed as a percentage) set forth below for the periods indicated below: 

	Period
 
	 	Ratio
	 
	From the Closing Date through the end of the sixth (6th) Loan Month	 	11.0	%
	

From the first day of the seventh (7th) Loan Month to the last day of the twelfth (12th) Loan Month	
 	

11.5	
%
	

From the first day of the thirteenth (13th) Loan Month to the last day of the eighteenth (18th) Loan Month	
 	

12.0	
%
	

From the first day of the nineteenth (19th) Loan Month and thereafter	
 	

12.5	
%

        (7)  Maximum Floating Rate Debt. The Borrower Parties shall maintain Hedging Obligations on a notional amount of Total
Liabilities in respect of borrowed Indebtedness so that such notional amount, when added to the aggregate principal amount of such Total Liabilities which bears interest at a fixed rate, equals or
exceeds 75% of the aggregate principal amount of all such Total Liabilities. 

        8.13    Financial Covenants of Westcor Borrowers.    

        (1)  Westcor Maximum Total Liabilities to Gross Asset Value. The ratio of Westcor Total Liabilities to Westcor Gross Asset
Value (expressed as a percentage) shall not at any time be more than 65%. 

        (2)  Westcor Interest Coverage Ratio. As of the end of any Fiscal Quarter, the Westcor Interest
Coverage Ratio shall not be less than 1.80. 

34

 

        (3)  Minimum Net Asset Value. The Westcor Net Asset Value shall not at any time be less than the sum
of (a) $600,000,000, less (b) 100% of the cumulative mandatory repayments made under the Interim Facility (pursuant to Section 7.16
hereof and Section 3.3 of the Interim Facility) and this Agreement (pursuant to  Section 3.3) in connection with a Financing or Disposition of a
Westcor Asset. 

        ARTICLE
9.    Events of Default.    Upon the occurrence of any of the following events (an
"Event of Default"): 

        9.1  The
Borrowers shall fail to make any payment of principal or interest on the Term Loan on the date when due or shall fail to pay any other Obligation within three days
of the date when due; or 

        9.2  Any
representation or warranty made by the Borrower Parties in any Loan Document or in connection with any Loan Document shall be inaccurate or incomplete in any
material respect on or as of the date made or deemed made; or 

        9.3  Any
of the Borrower Parties shall default in the observance or performance of any covenant or agreement contained in  Article 8 above or Sections 7.3(1),
7.5(1),  7.12, 7.13, 7.14, and  7.15; or 

        9.4  Any
of the Borrower Parties shall fail to observe or perform any other term or provision contained in the Loan Documents and such failure shall continue for thirty
(30) days following the date a Responsible Officer of such Borrower Party knew of such failure or Borrower Party received notice thereof from Administrative Agent; or 

        9.5  Any
of the Borrower Parties, or any Macerich Core Entities, shall default in any payment of principal of or interest on any recourse Indebtedness (other than, in the
case of the Borrowers, the Obligations) in an aggregate unpaid amount for all such Persons in excess of $15,000,000, and, prior to the election of the Lenders to accelerate the Obligations hereunder,
such recourse Indebtedness is not paid or the payment thereof waived or cured in accordance with the terms of the documents, instruments and agreements evidencing the same; or 

        9.6  Any
of the Borrower Parties, or any of the Macerich Core Entities, shall default in any payment of principal of or interest on any non-recourse Indebtedness
in an aggregate amount for all such Persons in excess of $75,000,000, and, prior to the election of the Lenders to accelerate the Obligations hereunder, such non-recourse Indebtedness is
not paid or the payment thereof waived or cured in accordance with the terms of the documents, instruments and agreements evidencing the same; or 

        9.7  (1)
Any of the Borrower Parties, or any of the Macerich Core Entities, shall commence any case, proceeding or other action (i) under any existing or future law of
any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate
it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or
(ii) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or making a general assignment for the benefit of
its creditors; or (2) there shall be commenced against any of the Borrower Parties or any of the Macerich Core Entities any case, proceeding or other action of a nature referred to in
clause (1)
above which (i) results in the entry of an order for relief or any such adjudication or appointment, or (ii) remains undismissed, undischarged or unbonded for a period of sixty
(60) days; or (3) there shall be commenced against any of the Borrower Parties or any of the Macerich Core Entities any case, proceeding or other action seeking issuance of a warrant of
attachment, execution, distraint or similar process against all or substantially all of its assets which results in the entry of an order for any such relief which shall 

35

 

not have been vacated, discharged, stayed, satisfied or bonded pending appeal within sixty (60) days from the entry thereof; or (4) any of the Borrower Parties or any of the Macerich
Core Entities shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in (other than in connection with a final settlement), any of the acts set forth in
clause (1), (2) or (3) above; or (5) any of the Borrower Parties or any of the Macerich Core Entities shall generally not, or shall be unable to, or shall admit in writing
its inability to pay its debts as they become due; or 

        9.8  An
ERISA Event shall occur with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably expected to result in liability of any of the
Borrower Parties under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $20,000,000, (2) the commencement or increase of contributions
to, or the adoption of or the amendment of a Pension Plan by any of the Borrower Parties or an ERISA Affiliate which has result or could reasonably be expected to result in an increase in Unfunded
Pension Liability among all Pension Plans in an aggregate amount in excess of $50,000,000 or (3) any of the Borrower Parties or an ERISA Affiliate shall fail to pay when due, after the
expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan, which has resulted or could
reasonably be expected to result in a Material Adverse Effect; or 

        9.9  One
or more judgments or decrees in an aggregate amount in excess of $10,000,000 (excluding judgments and decrees covered by insurance, without giving effect to
self-insurance or deductibles) shall be entered and be outstanding at any date against any of the Borrower Parties or the Macerich Core Entities and all such judgments or decrees shall not
have been vacated, discharged, stayed, satisfied or bonded pending appeal (or otherwise secured in a manner satisfactory to Administrative Agent in its reasonable judgment) within sixty
(60) days from the entry thereof or in any event later than five days prior to the date of any proposed sale thereunder; or 

        9.10 Any
Guarantor shall attempt to rescind or revoke its Guaranty, with respect to future transactions or otherwise, or shall fail to observe or perform any term or
provision of the Guaranties; or 

        9.11 MAC
shall fail to maintain its status as a REIT; or 

        9.12 There
shall occur an Event of Default under either the Interim Facility or the Revolving Credit Facility; or 

        9.13 Any
Event of Default shall occur under any of the other Loan Documents; or 

        9.14 There
shall occur a Change in Control; 

THEN,

automatically
upon the occurrence of an Event of Default under Section 9.7 above, and in all other cases, at the request or with the consent of
the Majority Benefited Creditors: (i) the Collateral Agent may (or at the direction of the Majority Benefited Creditors shall) exercise, on behalf of the Benefited Creditors, all rights and
remedies under the Guaranties, the Pledge Agreements, and any other collateral documents entered into with respect to the Term Loan; (ii) the outstanding principal balance of the Term Loan and
interest accrued but unpaid thereon and all other Obligations shall become immediately due and payable, without demand upon or presentment to any of the Borrower Parties, which are expressly waived by
the Borrower Parties; and (iii) the Collateral Agent may (or at the direction of the Majority Benefited Creditors, shall), and, to the extent applicable, the Administrative Agent and the
Lenders may, immediately exercise all rights, powers and remedies available to them at law, in equity or otherwise, including, without limitation, under the other Loan Documents, all of which rights,
powers and remedies are cumulative and not exclusive. 

36

   
        ARTICLE 10.    The Agents.    

        10.1    Appointment.    Each Lender hereby irrevocably designates and appoints the Administrative Agent and the
Collateral Agent as the agents of such Lender under the Loan Documents and each such Lender hereby irrevocably authorizes the Administrative Agent and the Collateral Agent, as the agents for such
Lender, to take such action on its behalf under the provisions of the Loan Documents and to exercise such powers and perform such duties as are expressly delegated to each such Agent by the terms of
the Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in the Loan Documents, neither the Administrative
Agent nor the Collateral Agent shall have any duties or responsibilities, except those expressly set forth herein or therein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into the Loan Documents or otherwise exist against any of the Agents. The Administrative Agent and each Lender acknowledge
and agree that they shall be bound by all terms and conditions of the Pledge Agreements and the Guaranties. 

        10.2    Delegation of Duties.    The Administrative Agent and the Collateral Agent may execute any of their respective
duties under the Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither
the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

        10.3    Exculpatory Provisions.    None of the Administrative Agent, the other Agents, nor any of their respective
officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (1) liable for any action lawfully taken or omitted to be taken by it or such Person
under or in connection with the Loan Documents (except for its or such Person's own gross negligence or willful misconduct), or (2) responsible in any manner to any of the Lenders for any
recitals, statements, representations or warranties made by the Borrower Parties or any officer thereof contained in the Loan Documents or in any certificate, report, statement or other document
referred to or provided for in, or received by the Administrative Agent or the Collateral Agent under or in connection with the Loan Documents or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of the Loan Documents or for any failure of the Borrower Parties to perform their obligations hereunder. The Administrative Agent and all other Agents shall not be under
any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, the Loan Documents or to inspect the properties,
books or records of the Borrower Parties. 

        10.4    Reliance by the Agents.    Each of the Agents shall be entitled to rely, and shall be fully protected in
relying, upon any note, writing, resolution, notice, consent, certification, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or
conversation reasonably believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including,
without limitation, counsel to the Borrowers), independent accountants and other experts selected by such Agent. As to the Lenders: (1) the Administrative Agent shall be fully justified in
failing or refusing to take any action under the Loan Documents unless it shall first receive such advice or concurrence of one hundred percent (100%) of the Lenders (or, if a provision of this
Agreement expressly provides that a lesser number of the Lenders may direct the action of the Administrative Agent, such lesser number of Lenders) or it shall first be indemnified to its satisfaction
by the Lenders ratably in accordance with their respective Percentage Shares against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any action
(except for liabilities and expenses resulting from the Administrative Agent's gross negligence or willful misconduct), (2) the Administrative Agent shall in all cases be fully protected in
acting, or in refraining from acting, under the Loan Documents in accordance 

37

 

with a request of one hundred percent (100%) of the Lenders (or, if a provision of this Agreement expressly provides that the Administrative Agent shall be required to act or refrain from acting at
the request of a lesser number of the Lenders, such lesser number of Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders,
(3) the Collateral Agent shall be fully justified in failing or refusing to take any action under the Loan Documents unless it shall first receive such advice or concurrence of the Required
Benefited Creditors (or, if a provision of this Agreement or the Loan Documents expressly provides that the Collateral Agent shall be required to act or refrain from acting at the request of the
Majority Benefited Creditors or a lesser number of the Benefited Creditors, such Majority Benefited Creditors or lesser number of Benefited Creditors) or it shall first be indemnified to its
satisfaction by the Benefited Creditors against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any action (except for liabilities and expenses
resulting from the Collateral Agent's gross negligence or willful misconduct), and (4) the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under
the Loan Documents in accordance with a request of the Required Benefited Creditors (or, if a provision of this Agreement or the Loan Documents expressly provides that the Collateral Agent shall be
required to act or refrain from acting at the request of the Majority Benefited Creditors or a lesser number of the Benefited Creditors, such Majority Benefited Creditors or lesser number of Benefited
Creditors), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders. 

        10.5    Notice of Default.    The Administrative Agent shall not be deemed to have knowledge or notice of the
occurrence of any Potential Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender or the Borrowers referring to the Loan Documents, describing such
Potential Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice and a Potential Default has occurred, the
Administrative Agent shall promptly give notice thereof to the Collateral Agent and the Lenders. The Collateral Agent shall take such action with respect to such Potential Default or Event of Default
as shall be reasonably directed by the Majority Benefited Creditors; provided that, unless and until the Collateral Agent shall have received such directions, the Collateral Agent may (but shall not
be obligated to) take such action, or refrain from taking such action, with respect to such Potential Default or Event of Default as it shall deem advisable in the best interest of the Benefited
Creditors (except to the extent that this Agreement, the Pledge Agreements or the Guaranties expressly require that such action be taken or not taken by the Collateral Agent with the consent or upon
the authorization of the
Required Benefited Creditors or such other group of Lenders or Benefited Creditors, in which case such action will be taken or not taken as directed by the Required Benefited Creditors or such other
group of Lenders or Benefited Creditors). 

        10.6    Non-Reliance on Agents and Other Lenders.    Each Lender expressly acknowledges that none of the
Administrative Agent, the other Agents nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or
warranties to it and that no act by the Administrative Agent or the other Agents hereinafter taken, including any review of the affairs of the Borrowers, shall be deemed to constitute any
representation or warranty by the Administrative Agent or the other Agents to any Lender. Each Lender represents to the Administrative Agent and the other Agents that it has, independently and without
reliance upon the Administrative Agent, the other Agents or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into
the business, operations, property, financial and other condition and creditworthiness of the Borrower Parties and made its own decision to make its loans hereunder and enter into this Agreement. Each
Lender also represents that it will, independently and without reliance upon the Administrative Agent, the other Agents or any other Lender, and based on such 

38

 

documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement, and to make
such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Borrowers. Except for notices, reports and
other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent and the other Agents shall not have any duty or responsibility to
provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of the Borrowers or other Borrower Parties
which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 

        10.7    Indemnification.    The Lenders agree to indemnify the Administrative Agent and the other Agents in their
respective capacity as such (to the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to the respective amounts of their
Percentage Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at
any time (including without limitation at any time following the payment of the Obligations) be imposed on, incurred by or asserted against the Administrative Agent or the other Agents in any way
relating to or arising out of the Loan Documents or any documents contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Administrative
Agent or the other Agents under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent's or any other Agent's gross negligence or willful misconduct, respectively. The
provisions of this Section 10.7 shall survive the payment of the Obligations and the termination of this Agreement. 

        10.8    Agents in Their Individual Capacity.    The Administrative Agent, the other Agents and their affiliates may
make loans to, accept deposits from and generally engage in any kind of business with any of the
Borrower Parties or any of their respective Subsidiaries Entities and Affiliates as though the Administrative Agent and the other Agents were not, respectively, the Administrative Agent, a
Co-Syndication Agent, a Collateral Agent or an Agent hereunder. With respect to such loans made or renewed by them and any Note issued to them, the Administrative Agent and the other
Agents shall have the same rights and powers under the Loan Documents as any Lender and may exercise the same as though it were not the Administrative Agent, a Co-Syndication Agent or an
Agent, respectively, and the terms "Lender" and "Lenders" shall include the Administrative Agent, each Co-Syndication Agent and each other Agent in its individual capacity. 

        10.9    Successor Administrative Agent.    The Administrative Agent may resign as Administrative Agent under the Loan
Documents upon thirty (30) days' notice to the Lenders. If the Administrative Agent shall resign, then the Lenders (other than the Lender resigning as Administrative Agent) shall (with, so long
as there shall not exist and be continuing an Event of Default, the consent of the Borrowers, such consent not to be unreasonably withheld or delayed) appoint a successor agent or, if the Lenders are
unable to agree on the appointment of a successor agent, the Administrative Agent shall appoint a successor agent for the Lenders whereupon such successor agent shall succeed to the rights, powers and
duties of the Administrative Agent, and the term "Administrative Agent" shall mean such successor agent effective upon its appointment, and the former Administrative Agent's rights, powers and duties
as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any of the Loan
Documents or successors thereto. After any retiring Administrative Agent's resignation hereunder as Administrative Agent, 

39

 

the provisions of the Loan Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. 

        10.10    Successor Collateral Agent.    The Collateral Agent may resign as Collateral Agent under the Loan Documents
upon thirty (30) days' notice to the Lenders. If the Collateral Agent shall resign, then the Required Benefited Creditors (as determined by excluding the Benefited Creditor resigning as
Collateral Agent) shall (with, so long as there shall not exist and be continuing an Event of Default, the consent of the Borrowers, such consent not to be unreasonably withheld or delayed) appoint a
successor agent or, if such Required Benefited Creditors are unable to agree on the appointment of a successor agent, the Collateral Agent shall appoint a successor agent for the Lenders and the other
Benefited Creditors whereupon such successor agent shall succeed to the rights, powers and duties of the Collateral Agent, and the term "Collateral Agent" shall mean such successor agent effective
upon its appointment, and the former Collateral Agent's rights, powers and duties as Collateral Agent shall be terminated, without any other or further act or deed on the part of such former
Collateral Agent or any of the parties to this Agreement or any of the Loan Documents or successors thereto. After any retiring Collateral Agent's resignation hereunder as Collateral Agent, the
provisions of the Loan Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent under the Loan Documents. 

        10.11    Limitations on Agents Liability.    None of the Co-Syndication Agents, the
Co-Documentation Agent or the Co-Lead Arrangers, in such capacities, shall have any right, power, obligation, liability, responsibility or duty under this Agreement. 

        ARTICLE
11.    Miscellaneous Provisions.    

        11.1    No Assignment by Borrowers.    None of the Borrower Parties may assign its rights or obligations under this
Agreement or the other Loan Documents without the prior written consent of the Administrative Agent and one hundred percent (100%) of the Lenders. Subject to the foregoing, all provisions contained in
this Agreement and the other Loan Documents and in any document or agreement referred to herein or therein or relating hereto or thereto shall inure to the benefit of the Administrative Agent and each
Lender, their respective successors and assigns, and shall be binding upon each of the Borrower Parties and such Person's successors and assigns. 

        11.2    Modification.    Neither this Agreement nor any other Loan Document may be Modified or waived unless such
Modification or waiver is in writing and signed by the Administrative Agent, the Guarantors, the Borrowers and, except for the Modifications and waivers referred to in clauses (i) and
(ii) below, the Required Lenders. Notwithstanding the foregoing, no such Modification or waiver shall: (i) without the prior written consent of the Required Benefited Creditors:
(1) Modify or waive: any mandatory payment requirement of Section 3.3; Section 3.4; Section 7.16; any covenant in  Article 8; or
the last paragraph of Article 9; (2) increase the applicable rate of
interest payable hereunder, (3) Modify the definition of "Required Benefited Creditors", "Majority Benefited Creditors" or "Benefited Creditors", or (4) Modify this clause (i) of
this Section 11.2 or Section 7 of the Pledge Agreements (and any definitions therein
related solely to the application of such Section); and (ii) without the prior written consent of one hundred percent (100%) of the Lenders: (1) reduce the principal of, or rate of
interest on, the Term Loan or fees payable hereunder, (2) except as expressly contemplated by Section 11.8 below, modify the Percentage
Share of any Lender, (3) Modify the definition of "Required Lenders", (4) extend or waive any scheduled payment date for any principal, interest or fees, (5) release MAC from its
obligations under the REIT Guaranty, release the Macerich Partnership from its obligation to repay the Term Loan, release any of the pledgors under the Pledge Agreements or release any portion of the
collateral pledged under the Pledge Agreements (except for such releases as may be specifically authorized by or otherwise approved in accordance with this Credit Agreement), (6) Modify this 

40

 

 Section 11.2 (except that clause (i) above shall govern Modifications to such clause (i) of this  Section 11.2), or (7) Modify any
provision of the Loan Documents which by its terms requires the consent or approval of one hundred
percent (100%) of the Lenders. It is expressly agreed and understood that the failure by the Majority Benefited Creditors or the Required Lenders, as applicable, to elect to accelerate amounts
outstanding hereunder and/or to terminate the obligation of the Lenders to make Loans hereunder shall not constitute a Modification or waiver of any term or provision of this Agreement. No
Modification of any provision of the Loan Documents relating to the Administrative Agent or the Collateral Agent shall be effective without the written consent, as applicable, of the Administrative
Agent or the Collateral Agent. 

        11.3    Cumulative Rights; No Waiver.    The rights, powers and remedies of the Administrative Agent and the Lenders
hereunder and under the other Loan Documents are cumulative and in addition to all rights, power and remedies provided under any and all agreements among the Borrower Parties, the Administrative Agent
and the Lenders relating hereto, at law, in equity or otherwise. Any delay or failure by Administrative Agent and the Lenders to exercise any right, power or remedy shall not
constitute a waiver thereof by the Administrative Agent or the Lenders, and no single or partial exercise by the Administrative Agent or the Lenders of any right, power or remedy shall preclude other
or further exercise thereof or any exercise of any other rights, powers or remedies. 

        11.4    Entire Agreement.    This Agreement, the other Loan Documents and the schedules, appendices, documents and
agreements referred to herein and therein embody the entire agreement and understanding between the parties hereto and supersede all prior agreements and understandings relating to the subject matter
hereof and thereof. 

        11.5    Survival.    All representations, warranties, covenants and agreements contained in this Agreement and the
other Loan Documents on the part of the Borrower Parties shall survive the termination of this Agreement and shall be effective until the Obligations are paid and performed in full or longer as
expressly provided herein. 

        11.6    Notices.    All notices given by any party to the others under this Agreement and the other Loan Documents
shall be in writing unless otherwise provided for herein, and any such notice shall become effective (i) upon personal delivery thereof, including, but not limited to, delivery by overnight
mail and courier service, (ii) four (4) days after it shall have been mailed by United States mail, first class, certified or registered, with postage prepaid, or (iii) in the
case of notice by a telecommunications device, when properly transmitted, in each case addressed to the party at the address set forth on  Schedule 11.6 attached hereto. Any party may change the
address to which notices are to be sent by notice of such change to each other party
given as provided herein. Such notices shall be effective on the date received or, if mailed, on the third Business Day following the date mailed. 

        11.7    Governing Law.    This Agreement and the other Loan Documents shall be governed by and construed in accordance
with the laws of the State of New York without giving effect to its choice of law rules. 

        11.8    Assignments, Participations, Etc.    

        (1)  With
the prior written consent of the Administrative Agent and, but only if there has not occurred and is continuing an Event of Default or Potential Default, MAC, such
consents not to be unreasonably withheld or delayed, any Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of MAC or the Administrative
Agent shall be required in connection with any assignment and delegation by a Lender to an Affiliate of such Lender or to another Lender or its Affiliate) (each an
"Assignee") all or any part of such Lender's Percentage Share of the Term Loan and the other 

41

 

Obligations held by such Lender hereunder, in a minimum amount of $1,000,000, which minimum amount may be an aggregated amount in the event of simultaneous assignments to or by two or more funds
under common management (or if such Lender's Percentage Share of the Term Loan is less than
$1,000,000, one hundred percent (100%) thereof); provided, however, that MAC, the Borrowers and the Administrative Agent may continue to deal solely and directly with such Lender in connection with
the interest so assigned to an Assignee until (i) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall
have been given to the Borrowers and the Administrative Agent by such Lender and the Assignee; (ii) such Lender and its Assignee shall have delivered to the Borrowers and the Administrative
Agent an Assignment and Acceptance Agreement and (iii) the Assignee has paid to the Administrative Agent a processing fee in the amount of $3500. 

        (A)  From
and after the date that the Administrative Agent notifies the assignor Lender and the Borrowers that it has received an executed Assignment and Acceptance Agreement
and payment of the above-referenced processing fee: (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder and under the other Loan
Documents have been assigned to it pursuant to such Assignment and Acceptance Agreement, shall have the rights and obligations of a Lender under the Loan Documents, (ii) the assignor Lender
shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance Agreement, relinquish its rights and
be released from its obligations under the Loan Documents (but shall be entitled to indemnification as otherwise provided in this Agreement with respect to any events occurring prior to the
assignment) and (iii) this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the
Percentage Shares resulting therefrom. 

        (2)  Within
five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance Agreement and payment of the
processing fee (which notice shall also be sent by the Administrative Agent to each Lender), the Borrowers shall, if requested by the Assignee, execute and deliver to the Administrative Agent, a new
Note evidencing such Assignee's Percentage Share of the Term Loan. 

        (3)  Any
Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Borrowers (a
"Participant") participating interests in the Term Loan and the other interests of that Lender (the "originating
Lender") hereunder and under the other Loan Documents; provided, however, that (i) the originating Lender's obligations under this Agreement shall remain unchanged,
(ii) the originating Lender shall remain solely responsible for the performance of such obligations, and (iii) the Borrowers and the Administrative Agent shall continue to deal solely
and directly with the originating Lender in connection with the originating Lender's rights and obligations under this Agreement and the other Loan Documents. In the case of any such participation,
the Participant shall be entitled to the benefit of Sections 2.5, 2.6 and 2.7 (and subject to the
burdens of Sections 2.8 and 11.8 above) as though it were also a Lender thereunder, and if amounts
outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to
have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing
directly to it as a Lender under this Agreement, and Section 11.10 of this Agreement shall apply to such Participant as if it were a Lender party
hereto. 

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        (4)  Notwithstanding
any other provision contained in this Agreement or any other Loan Document to the contrary, any Lender may assign all or any portion of its Percentage
Share of the Term Loan held by it to any Federal Reserve Lender or the United States Treasury as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve
System and any Operating Circular issued by such Federal Reserve Lender, provided that any payment in respect of such assigned Percentage Share of the Term Loan made by the Borrowers to or for the
account of the assigning and/or pledging Lender in accordance with the terms of this Agreement shall satisfy the Borrowers' obligations hereunder in respect to such assigned Percentage Share of the
Term Loan to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder. 

        11.9    Counterparts.    This Agreement and the other Loan Documents may be executed in any number of counterparts,
all of which together shall constitute one agreement. 

        11.10    Sharing of Payments.    If any Lender shall receive and retain any payment, whether by setoff, application of
deposit balance or security, or otherwise, in respect of the Obligations in excess of such Lender's Percentage Share thereof, then such Lender shall purchase from the other Lenders for cash and at
face value and without recourse, such participation in the Obligations held by them as shall be necessary to cause such excess payment to be shared ratably as aforesaid with each of them; provided,
that if such excess payment or part thereof is thereafter recovered from such purchasing Lender, the related purchases from the other Lenders shall be rescinded ratably and the purchase price restored
as to the portion of such excess payment so recovered, but without interest. Each Lender is hereby authorized by the Borrower Parties to exercise any and all rights of setoff, counterclaim or bankers'
lien against the full amount of the Obligations, whether or not held by such Lender. Each Lender hereby agrees to exercise any such rights first against the Obligations and only then to any other
Indebtedness of the Borrowers to such Lender. 

        11.11    Confidentiality.    Each Lender agrees to take normal and reasonable precautions and exercise due care to
maintain the confidentiality of all information provided to it by any of the Borrower Parties or by the Administrative Agent on the Borrower Parties' behalf, in connection with this Agreement or any
other Loan Document, and neither it nor any of its Affiliates shall use any such information for any purpose or in any manner other than pursuant to the terms contemplated by this Agreement, except to
the extent such information: (1) was or becomes generally available to the public other than as a result of a disclosure by any Lender or any prospective Lender, or (2) was or becomes
available from a source other than the Borrower Parties not known to the Lenders to be in breach of an obligation of confidentiality to the Borrower Parties in the disclosure of such information.
Nothing contained herein shall restrict any Lender from disclosing such information (i) at the request or pursuant to any requirement of any Governmental Authority; (ii) pursuant to
subpoena or other court process; (iii) when required to do so in accordance with the provisions of any applicable Requirement of Law; (iv) to the extent reasonably required in connection
with any litigation or proceeding to which the Administrative Agent, any Lender or their respective Affiliates may be party; (v) to the extent reasonably required in connection with the
exercise of any remedy hereunder or under any other Loan Document; (vi) to such Lender's independent auditors and other professional advisors; and (vii) to any Participant or Assignee
and to any prospective Participant or Assignee, provided that each Participant and Assignee or prospective Participant or Assignee first agrees to be bound by the provisions of this  Section 11.11.

        11.12    Consent to Jurisdiction.    ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS CREDIT
AGREEMENT, EACH 

43

 

OF THE BORROWER PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE
BORROWER PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO.
EACH OF THE BORROWER PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS EACH WAIVE PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY NEW
YORK LAW. 

        11.13    Waiver of Jury Trial.    EACH OF THE BORROWER PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS EACH WAIVE
THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS,
TORT CLAIMS, OR OTHERWISE. EACH OF THE BORROWER PARTIES, THE ADMINISTRATIVE AGENT AND THE LENDERS EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.
WITHOUT LIMITING THE FOREGOING, EACH OF SUCH PARTIES FURTHER AGREES THAT ITS RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER
PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS. 

        11.14    Indemnity.    Whether or not the transactions contemplated hereby are consummated, each of the Borrower
Parties shall indemnify and hold the Administrative Agent, the other Agents and each Lender and each of their respective officers, directors, employees, counsel, agents and
attorneys-in-fact (each, an "Indemnified Person") harmless from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, charges, expenses and disbursements (including reasonable attorney's fees and expenses) of any kind or nature whatsoever which may at any time
(including at any time following repayment of the Term Loan and the termination, resignation or replacement of the Administrative Agent or replacement of any Lender) be imposed on, incurred by or
asserted against any such Person in any way relating to or arising out of this Agreement or any document contemplated by or referred to herein, or the transactions contemplated hereby, or any
action taken or omitted by any such Person under or in connection with any of the foregoing, including with respect to any investigation, litigation or proceeding (including any insolvency proceeding
or appellate proceeding) related to or arising out of this Agreement or the Term Loan or the use of the proceeds thereof, whether or not any Indemnified Person is a party thereto (all the foregoing,
collectively, the "Indemnified Liabilities"); provided, however, that the Borrower Parties shall have no obligation hereunder to any Indemnified Person
with respect to Indemnified Liabilities resulting solely from the gross negligence or willful misconduct of such Indemnified Person. The agreements in this  Section 11.14 shall survive payment of
all other Obligations. 

44

 

        11.15    Telephonic Instruction.    Any agreement of the Administrative  Agent and the Lenders herein to receive certain notices by
telephone is solely for the convenience and at the request of the Borrowers. The
Administrative Agent and the Lenders shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Borrowers to give such notice and the Administrative Agent and
the Lenders shall not have any liability to the Borrowers or other Person on account of any action taken or not taken by the Administrative Agent or the Lenders in reliance upon such telephonic
notice. The obligation of the Borrowers to repay the Loans shall not be affected in any way or to any extent by any failure by the Administrative Agent and the Lenders to receive written confirmation
of any telephonic notice or the receipt by the Administrative Agent and the Lenders of a confirmation which is at variance with the terms understood by the Administrative Agent and the Lenders to be
contained in the telephonic notice. 

        11.16    Marshalling; Payments Set Aside.    Neither the Administrative Agent nor the Lenders shall be under any
obligation to marshal any assets in favor of any of the Borrower Parties or any other Person or against or in payment of any or all of the Obligations. To the extent that any of the Borrower Parties
makes a payment or payments to the Administrative Agent or the Lenders, or the Administrative Agent or the Lenders enforce their Liens or exercise their rights of set-off, and such payment
or payments or the proceeds of such enforcement or set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including
pursuant to any settlement entered into by the Administrative Agent in its discretion) to be repaid to a trustee, receiver or any other party in connection with any insolvency proceeding, or
otherwise, then (1) to the extent of such recovery the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment
had not been made or such enforcement or set-off had not occurred, and (2) each Lender severally agrees to pay to the Administrative Agent upon demand its ratable share of the total
amount so recovered from or repaid by the Administrative Agent. 

        11.17    Set-off.    In addition to any rights and remedies of the Lenders provided by law, if an Event of
Default exists, each Lender is authorized at any time and from time to time, without prior notice to the Borrower Parties, any such notice being waived by the Borrower Parties to the fullest extent
permitted by law, to set off and apply in favor of the Benefited Creditors any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other indebtedness
at any time owing to, such Lender to or for the credit or the account of the Borrower Parties against any and all Aggregate Obligations owing to the Benefited Creditors, now or hereafter existing,
irrespective of whether or not the Administrative Agent, the Collateral Agent or such Lender shall have made demand under this Agreement or any Loan Document and although such Aggregate Obligations
may be contingent or
unmatured. Each Lender agrees promptly to (i) notify the Borrower Parties, the Administrative Agent and the Collateral Agent after any such set-off and application made by such
Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application and (ii) pay such amounts that are set-off
to the Collateral Agent for the ratable benefit of the Benefited Creditors. 

        11.18    Severability.    The illegality or unenforceability of any provision of this Agreement or any other Loan
Document or any instrument or agreement required hereunder or thereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions hereof or thereof. 

        11.19    No Third Parties Benefited.    This Agreement and the other Loan Documents are made and entered into for the
sole protection and legal benefit of the Borrower Parties, the Lenders and the Administrative Agent, and their permitted successors and assigns, and no other Person shall be a direct or indirect legal
beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. 

        11.20    Time.    Time is of the essence as to each term or provision of this Agreement and each of the other Loan
Documents. 

[Signature
Pages Following] 

45

   
        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. 

	BORROWERS:	 	 	 	 	 
	

 	

THE MACERICH PARTNERSHIP, L.P.,

a Delaware limited partnership
	

 	

By:	

The Macerich Company,

a Maryland corporation,

Its general partner
	 	 	By:	    

	 	 	 	Name:	Richard A. Bayer
	 	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH GALAHAD GP CORP.,

a Delaware corporation
	

 	

By:	

    

	 	 	Name:	Richard A. Bayer
	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH GALAHAD LP,

a Delaware limited partnership
	

 	

 	

By:	

Macerich Galahad GP Corp.,

a Delaware corporation,

Its general partner
	

 	

 	

 	

By:	

    

	 	 	 	 	Name:	Richard A. Bayer
	 	 	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH WRLP CORP.,

a Delaware corporation
	

 	

By:	

    

	 	 	Name:	Richard A. Bayer
	 	 	Title:	Executive Vice President, Secretary and General Counsel

S-1

 

	

 	

MACERICH WRLP LLC,

a Delaware limited liability company
	

 	

By:	

The Macerich Partnership, L.P.,

a Delaware limited partnership,

Its sole member
	

 	

 	

By:	

The Macerich Company,

a Maryland corporation,

Its general partner
	

 	

 	

 	

By:	

    

	 	 	 	 	Name:	Richard A. Bayer
	 	 	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH TWC II CORP.,

a Delaware corporation
	

 	

By:	

    

	 	 	Name:	Richard A. Bayer
	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH TWC II LLC,

a Delaware limited liability company
	

 	

By:	

The Macerich Partnership, L.P.,

a Delaware limited partnership,

Its sole member
	

 	

 	

By:	

The Macerich Company,

a Maryland corporation,

Its general partner
	

 	

 	

 	

By:	

    

	 	 	 	 	Name:	Richard A. Bayer
	 	 	 	 	Title:	Executive Vice President, Secretary and General Counsel

S-2

 

	

GUARANTORS:	

 	

 	

 	

 	

 
	

 	

THE MACERICH COMPANY,

a Maryland corporation
	

 	

By:	

    

	 	 	Name:	Richard A. Bayer
	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH BRISTOL ASSOCIATES,

a California general partnership
	

 	

By:	

The Macerich Company,

a Maryland corporation,

Its general partner
	

 	

 	

By:	

    

	 	 	 	Name:	Richard A. Bayer
	 	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH GREAT FALLS LIMITED PARTNERSHIP,

a California limited partnership
	

 	

By:	

Macerich Great Falls GP Corp.,

a Delaware corporation,

Its general partner
	

 	

By:	

    

	 	 	Name:	Richard A. Bayer	 
	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH OKLAHOMA LIMITED PARTNERSHIP,

a California limited partnership
	

 	

By:	

Macerich Oklahoma GP Corp.,

a Delaware corporation,

Its general partner
	

 	

By:	

 	

	 	 	 	Name:	Richard A. Bayer
	 	 	 	Title:	Executive Vice President, Secretary and General Counsel

S-3

 

	

 	

MACERICH WESTSIDE ADJACENT LIMITED

PARTNERSHIP, a California limited partnership
	

 	

By:	

Macerich Westside Adjacent GP Corp.,

a Delaware corporation,

Its general partner
	

 	

By:	

 	

    

	 	 	 	Name:	Richard A. Bayer
	 	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

MACERICH SASSAFRAS LIMITED PARTNERSHIP,

a California limited partnership
	

 	

By:	

Macerich Sassafras GP Corp.,

a Delaware corporation,

Its general partner
	

 	

By:	

 	

    

	 	 	 	Name:	Richard A. Bayer
	 	 	 	Title:	Executive Vice President, Secretary and General Counsel
	

 	

NORTHGATE MALL ASSOCIATES,

a California general partnership
	

 	

By:	

The Macerich Company,

a Maryland corporation,

Its general partner
	

 	

 	

By:	

    

	 	 	 	Name:	Richard A. Bayer
	 	 	 	Title:	Executive Vice President, Secretary and General Counsel

S-4

 

	

LENDERS AND AGENTS:	

 	

 
	

 	

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Administrative Agent, Collateral Agent and a Lender
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-5

 

	

 	

JP MORGAN CHASE BANK
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-6

 

	

 	

DRESDNER BANK AG, NEW YORK and

GRAND CAYMAN BRANCHES
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-7

 

	

 	

ING CAPITAL LLC,

a Delaware limited liability company
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-8

 

	

 	

FLEET NATIONAL BANK,

a national banking association
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-9

 

	

 	

COMMERZBANK AG, NEW YORK and

GRAND CAYMAN BRANCHES
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-10

 

	

 	

KZH STERLING LLC
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-11

 

	

 	

KZH ING-2 LLC
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-12

 

	

 	

KZH CYPRESS TREE-1 LLC
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-13

 

	

 	

KZH CNC LLC
	

 	

By:	

    

	 	Name:	    

	 	Title:	    

S-14

  

 
 

ANNEX I: GLOSSARY    
  

        THIS
GLOSSARY is attached to and made a part of that certain Credit Agreement (the "Credit Agreement") dated as of July 26, 2002 by
and among THE MACERICH PARTNERSHIP, L.P., a limited partnership organized under the laws of the state of Delaware ("Macerich Partnership"); MACERICH
GALAHAD GP CORP., a Delaware corporation ("Galahad GP"); MACERICH GALAHAD LP, a Delaware limited partnership ("Galahad
LP"); MACERICH WRLP CORP., a Delaware corporation ("Macerich WRLP Corp."); MACERICH WRLP LLC, a Delaware limited liability
company ("Macerich WRLP LLC"); MACERICH TWC II CORP., a Delaware corporation ("Macerich TWC Corp.");
MACERICH TWC II LLC, a Delaware limited liability company ("Macerich TWC LLC") (Galahad GP, Galahad LP, Macerich WRLP Corp., Macerich WRLP LLC, Macerich
TWC Corp. and Macerich TWC LLC being referred to herein, jointly and severally, as "Westcor Borrowers") (Macerich Partnership and Westcor Borrowers
being referred to herein, jointly and severally, as the "Borrowers"); THE MACERICH COMPANY, a Maryland corporation
("MAC"); THE ENTITIES FROM TIME TO TIME PARTY HERETO AS GUARANTORS; THE LENDERS FROM TIME TO TIME PARTY HERETO (collectively and severally, the
"Lenders"); and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as administrative agent for the Lenders (in such capacity, the
"Administrative Agent") and as Collateral Agent for the Benefited Creditors. For purposes of the Credit Agreement and the other Loan Documents, the
terms set forth below shall have the following meanings: 

        "Act" shall have the meaning given such term in Section 6.13 of the Credit
Agreement. 

        "Administrative Agent" shall have the meaning given such term in the introductory paragraph of the Credit Agreement and shall include any
successor to DBTCA as the initial "Administrative Agent" thereunder. 

        "Affiliate" shall mean, as to any Person, any other Person directly or indirectly controlling, controlled by or under direct or indirect
common control with, such Person. "Control" as used herein means the power to direct the management and policies of such Person. In the case of a Lender which is a fund that invests in loans, any
other fund that invests in loans which is managed by the same investment
advisor as such Lender, or by another Affiliate of such Lender or such investment advisor, shall be deemed an Affiliate of such Lender. 

        "Affiliate Guaranties" shall mean each of the credit guaranties executed by each of the Affiliate Guarantors in favor of DBTCA (or a
successor Collateral Agent), in its capacity as Collateral Agent for the benefit of the Benefited Creditors, as the same may be Modified from time to time. 

        "Affiliate Guarantors" shall mean, jointly and severally, MACERICH BRISTOL ASSOCIATES, a California general partnership, and its
successors, MACERICH GREAT FALLS LIMITED PARTNERSHIP, a California limited partnership, and its successors, MACERICH OKLAHOMA LIMITED PARTNERSHIP, a California limited partnership, and its successors,
MACERICH WESTSIDE ADJACENT LIMITED PARTNERSHIP, a California limited partnership, and its successors, MACERICH SASSAFRAS LIMITED PARTNERSHIP, a California limited partnership, and its successors,
NORTHGATE MALL ASSOCIATES, a California general partnership, and its successors, and any other guarantors executing Supplemental Guaranties in accordance with  Section 4.1 of the Credit Agreement.

        "Agents" shall mean the Administrative Agent, the Co-Syndication Agents, the Co-Lead Arrangers, the
Co-Documentation Agents, the Collateral Agent and any other Persons acting in the capacity of an agent for the Lenders under the Credit Agreement, together with their permitted successors
and assigns. 

1

 

        "Aggregate Investment Value" shall mean for each permitted Investment identified in Section 8.5  of the Credit Agreement (and any related Property referred to in
such Section), the greater of (i) the purchase price of such Investment (and related Property); or
(ii) that portion of the Gross Asset Value represented by the relevant Investment (and related Property) as calculated in the most recent Measuring Period; provided, however, that all Real
Property Under Construction shall be valued at the out-of-pocket costs incurred by the applicable Borrower Parties or their Subsidiary Entities in respect of such Real Property
Under Construction. 

        "Aggregate Obligations" shall mean, collectively, the "Obligations" under, and as such term is defined in, each of the Interim Facility
Credit Agreement, the Revolving Credit Agreement and the Credit Agreement. 

        "Applicable Base Rate" shall mean the floating rate per annum equal to the daily average Base Rate in effect during the applicable
calculation period plus one percent (1.00%). 

        "Applicable LIBO Rate" shall mean, with respect to any LIBO Rate Loan for the Interest Period applicable to such LIBO Rate Loan, the per
annum rate equal to the Reserve Adjusted LIBO Rate plus the percentage (per annum) set forth below which corresponds to the applicable ratio of Total
Liabilities to Gross Asset Value (expressed as a percentage) as measured at the end of each Fiscal Quarter: 

	Ratio of Total Liabilities

to Gross Asset Value
 
	 	LIBO Spread
	 
	Less than 60%	 	2.75	%
	

Greater than or equal to 60%	
 	

3.00	
%

Notwithstanding
the foregoing, if the Compliance Certificate is not delivered pursuant to the Credit Agreement for purposes of calculating the ratio of Total Liabilities to Gross Asset Value (or if
such calculation cannot be made for any other reason), then the "LIBO Spread" above shall be 3.00%. Any change in the Applicable LIBO Rate resulting from a change in the ratio of Total Liabilities to
Gross Asset Value shall not take effect until the fifth Business Day after the Compliance Certificate with respect to a Fiscal Quarter is (or is required to be) delivered. 

        "Assignee" shall have the meaning given such term in Section 11.8 of the Credit
Agreement. 

        "Assignment and Acceptance Agreement" shall mean an agreement in the form of that attached to the Credit Agreement as  Exhibit B.

        "Base Rate" shall mean on any day the higher of: (a) the Prime Rate in effect on such day, and (b) the sum of the Federal
Funds Rate in effect on such day plus one half of one percent (0.50%). 

        "Base Rate Loan" shall have the meaning given such term in Section 2.1 of the
Credit Agreement. 

        "Benefited Creditors" shall mean, collectively, each of the "Lenders" from time to time under, and as such term is defined in each of, the
Revolving Credit Agreement, the Interim Facility Credit Agreement and the Credit Agreement, and the "Issuing Lender" (as such term is defined in the Revolving Credit Agreement). 

        "Book Value" shall mean the book value of such asset or property, including related Indebtedness. 

        "Borrower Parties" shall mean, jointly and severally, each of the Borrowers and the Guarantors. 

        "Borrowers" shall mean, jointly and severally, the Macerich Partnership and the Westcor Borrowers. 

        "Bristol Shopping Center Asset" shall mean Real Property and improvements located at 3601-3925 Bristol Street, Santa Ana, CA
92704 and 1200 MacArthur Blvd., Santa Ana, CA 92704, commonly 

2

 

referred to as "Bristol Shopping Center" and owned by Macerich Bristol Associates, a California general partnership. 

        "Broadway Plaza Property" shall mean Real Property and improvements located at 1275 Broadway Plaza, Walnut Creek, CA 94596, commonly
referred to as "Broadway Plaza" and owned by Macerich Northwestern Associates, a California general partnership. 

        "Bullet Payment" shall mean any payment of the entire unpaid balance of any Indebtedness at its final maturity other than the final
payment with respect to a loan that is fully amortized over its term. 

        "Business Day" shall mean any day other than a Saturday, a Sunday or a day on which banks in Los Angeles, California or New York, New York
are authorized or obligated to close their regular banking business. 

        "Capitalized Lease" of a Person means any lease of property by such Person as lessee which would be capitalized on a balance sheet of such
Person prepared in accordance with GAAP. 

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

        "Capitalized Loan Fees" shall mean, with respect to the Macerich Entities, and with respect to any period, any upfront, closing or similar
fees paid by such Person in connection with the incurrence or refinancing of Indebtedness during such period that are capitalized on the balance sheet of such Person. 

        "Capital Stock" means (i) with respect to any Person that is a corporation, any and all shares, interests, participations or other
equivalents (however designated and whether or not voting) of corporate stock, including, without limitation, each class or series of common stock and preferred stock of such Person and
(ii) with respect to any Person that is not a corporation, any and all investment units, partnership, membership or other equity interests of such Person. 

        "Cash Equivalents" shall mean, with respect to any Person: (a) securities issued, guaranteed or insured by the United States of
America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired by
a United States federal or state chartered commercial bank of recognized standing, which has capital and unimpaired surplus in excess of $500,000,000 and which bank or its holding company has a
short-term commercial paper rating of at least A-2 or the equivalent by S&P or at least P-2 or equivalent by Moody's; (c) reverse repurchase agreements with
terms of not more than seven days from the date acquired, for securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications
described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the United States of America or any State thereof and rated at least
A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof of Moody's, in each case with maturities of not more than one year from the date acquired; and
(e) investments in money market funds registered under the Investment Company Act of 1940, which have net assets of at least $500,000,000 and at least 85% of whose assets consist of securities
and other obligations of the type described in clauses (a) through (d) above. 

        "Change in Law" shall mean (a) the adoption of any law, rule or regulation after the date of the Credit Agreement, (b) any
change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of the Credit Agreement or (c) compliance by any Lender (or by
any lending office of such Lender or by such Lender's holding company, if any) with any guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued
after the date of the Credit Agreement. 

3

 

        "Change in Control" shall mean, with respect to MAC, the occurrence of either of the following: (i) a change in the beneficial
ownership within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934 of more than twenty-five percent (25%) of
the Capital Stock of MAC having general voting rights so that such Capital Stock is held by a Person, or two (2) or more Persons acting in concert, unless the Administrative Agent and the
Required Lenders have approved in advance in writing the identity of such Person or Persons or (ii) the resignation or
removal from the Board of Directors of fifty percent (50%) or more of the members of MAC's Board of Directors during any twelve (12) month period for any reason other than death, disability or
voluntary retirement or personal reasons, unless otherwise approved in advance in writing by the Required Lenders. 

        "Closing Certificate" shall mean a certificate in the form of that attached to the Credit Agreement as  Exhibit C.

        "Closing Date" shall mean the date as of which all conditions set forth in Section 5.1  of the Credit Agreement shall have been satisfied or waived and the Term Loan
shall have been funded. 

        "Code" shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder, as from time to
time in effect. 

        "Co-Documentation Agents" shall mean ING Capital LLC and Fleet National Bank, in their respective capacities as
co-documentation agents for the credit facility evidenced by the Credit Agreement, together with their permitted successors and assigns. 

        "Co-Lead Arrangers" shall mean Deutsche Bank Securities, Inc. and J.P. Morgan Securities Inc., in their
respective capacities as co-lead arrangers and joint book runners for the credit facility evidenced by the Credit Agreement, together with their permitted successors and assigns. 

        "Collateral Agent" shall mean DBTCA in its capacity as collateral agent for the benefit of the Benefited Creditors, together with its
permitted successors and assigns. 

        "Commencement of Construction" shall mean with respect to any Real Property or Westcor Real Property, the commencement of material
on-site work (including grading) or the commencement of a work of improvement of such property. 

        "Compliance Certificate" shall mean a certificate in the form of that attached to the Credit Agreement as  Exhibit D.

        "Construction in Process" means, with respect to any Real Property Under Construction or Westcor Real Property Under Construction, the
aggregate amount of expenditures classified as "construction-in-process" on the balance sheet of the Consolidated Entities or Westcor, respectively, with respect thereto. 

        "Consolidated Entities" means, collectively, (i) the Borrower Parties, (ii) MAC's Subsidiaries; and (iii) any other
Person the accounts of which are consolidated with those of MAC in the consolidated financial statements of MAC in accordance with GAAP. 

        "Contact Office" shall mean the office of DBTCA located at Deutsche Bank Trust Company Americas, 90 Hudson Street Mail Stop:
JCY05-0511 Jersey City, NJ 07302 Attn: Joseph Adamo, or such other offices in New York, New York as the Administrative Agent may notify the Borrowers and the Lenders from time to time in
writing. 

        "Contingent Obligation" as to any Person shall mean, 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 in accordance with GAAP,
guaranteeing partially or in whole any non-recourse Indebtedness, lease, dividend or other obligation, exclusive of contractual indemnities (including, 

4

 

without limitation, any indemnity or price-adjustment provision relating to the purchase or sale of securities or other assets), 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 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 interest rate
applicable to such Indebtedness, through (1) 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 (2) 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 the applicable Person required to be delivered pursuant hereto. Notwithstanding anything contained herein to the contrary, guarantees of completion and
non-recourse carve outs in secured loans shall not be deemed to be Contingent Obligations unless and until a claim for payment 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 the applicable Borrower Party or their respective Subsidiaries), the amount of the guaranty shall
be deemed to be 100% thereof unless and only to the extent that (X) such other Person has delivered cash or Cash Equivalents to secure all or any part of such Person's guaranteed obligations or
(Y) such other Person holds an Investment Grade Credit Rating from either Moody's or S&P, 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 not be deemed to include guarantees of loan commitments or of construction loans to the extent the same have
not been drawn. 

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

        "Credit Agreement" shall mean the Credit Agreement defined in the introductory paragraph of this Glossary, as the same may be Modified,
extended or replaced from time to time. 

        "DBTCA" shall mean Deutsche Bank Trust Company Americas. 

        "Depreciation and Amortization Expense" shall mean (without duplication), for any period, the sum for such period of (i) total
depreciation and amortization expense, whether paid or accrued, of the Consolidated Entities, plus (ii) any Consolidated Entity's  pro rata share of
depreciation and amortization expenses of Joint Ventures. For purposes of this definition, MAC's pro
rata share of depreciation and amortization expense of any Joint Venture shall be deemed equal to the product of (i) the depreciation and amortization expense of such
Joint Venture, multiplied by (ii) the percentage of the total outstanding Capital Stock of such Person held by any Consolidated Entity, expressed
as a decimal. 

        "Designated Assets" shall mean those certain unencumbered assets set forth on Schedule G-1  to the Credit Agreement together with any Unencumbered Property
subsequently acquired by the Borrower Parties or any Macerich Core Entities. 

        "Designated Environmental Properties" shall have the meaning given such term in Section 7.9  of the Credit Agreement. 

5

 

        "Disposition" shall mean the sale, conveyance, pledge, hypothecation, ground lease, encumbrance, creation of a security interest with
respect to, or other transfer, whether voluntary or involuntary, direct or indirect, of any legal or beneficial interest in a Property, including any sale, conveyance, pledge, hypothecation, ground
lease, encumbrance, creation of a security interest with respect to, or other transfer, at any tier, of any ownership interest in any Macerich Entity; provided, however, that Disposition shall not
include any Permitted Encumbrances; provided further that such exclusion of Permitted Encumbrances shall not apply to the Dispositions described in Sections 8.4(1), 8.4(2),  and 8.4(3). "Disposition" shall not include the sale or ground lease of any ancillary building pad site within a Project
provided that the consideration received for such transaction does not exceed $250,000 for any Project and $3,000,000 in the aggregate for all Projects. 

        "Disposition Promissory Note" shall mean any promissory note received as consideration for the Disposition of a Property subject to  Section 3.3 of the Credit
Agreement. 

        "Disqualified Capital Stock" shall mean with respect to any Person any Capital Stock of such Person (other than preferred stock of MAC
issued and outstanding on the Closing Date) that by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or otherwise (including upon the
occurrence of any event), is required to be redeemed or is redeemable for cash at the option of the holder thereof, in whole or in part (including by operation of a sinking fund), or is exchangeable
for Indebtedness (other than at the option of such Person), in whole or in part, at any time. 

        "Distribution" shall mean with respect to MAC and Macerich Partnership: (i) any distribution of cash or Cash Equivalent, directly
or indirectly, to the partners or holders of Capital Stock of such Persons, or any other distribution on or in respect of any partnership, company or equity interests of such Persons; and
(ii) the declaration or payment of any dividend on or in respect of any shares of any class of Capital Stock of such Persons, other than: (1) dividends payable solely in shares of common
stock by MAC; or (2) the purchase, redemption, or other retirement of any shares of any class of Capital Stock of such Persons, directly or indirectly through a Subsidiary of MAC or otherwise,
to the extent such purchase, redemption, or other retirement occurs in exchange for the issuance of Capital Stock of MAC or Macerich Partnership. 

        "EBITDA" shall mean, for the twelve months then most recently ended, solely with respect to the Consolidated Entities, (i) Net
Income, plus (without duplication) (A) Interest Expense, (B) Tax Expense, and (C) Depreciation and Amortization Expense, in each
case for such period. 

        "Eligible Assignee" shall mean any of the following: 

        (a)  A
commercial bank organized under the laws of the United States, or any state thereof, and having a combined capital and surplus of at least $100,000,000; 

        (b)  A
commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development (the "OECD"), or a
political subdivision of any such country, and having a combined capital and surplus of at least $100,000,000 (provided that such bank is acting through a branch or agency located in the country in
which it is organized or another country which is also a member of the OECD); 

        (c)  A
Person that is engaged in the business of commercial banking and that is: (1) an Affiliate of a Lender, (2) an Affiliate of a Person of which a Lender is
an Affiliate, or (3) a Person of which a Lender is an Affiliate; 

        (d)  An
insurance company, mutual fund or other financial institution organized under the laws of the United States, any state thereof, any other country which is a member of
the OECD or a political subdivision of any such country which in vests in bank loans and has a net worth of $500,000,000; and 

6

 

        (e)  Any
fund (other than a mutual fund) which invests in bank loans and whose assets exceed $100,000,000; 

provided,
however, that no Person shall be an "Eligible Assignee" unless at the time of the proposed assignment to such Person: (i) such Person is able to make its portion of the Term Loan in
U.S. dollars, and (ii) such Person is exempt from withholding of tax on interest and is able to deliver the documents related thereto pursuant to Section 2.10(5)  of the Credit Agreement.

        "Environmental Properties" shall have the meaning given such term in Section 6.15  of the Credit Agreement. 

        "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as Modified, and the rules and regulations promulgated thereunder
as from time to time in effect. 

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

        "ERISA Event" shall mean (a) a Reportable Event with respect to a Pension Plan or a Multiemployer Plan; (b) a withdrawal by
any Consolidated Entity or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in
Section 4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any
Consolidated Entity or any ERISA Affiliate from a Multiemployer Plan or notification that a multiemployer is in reorganization; (d) the filing of a notice of intent to terminate, the treatment
of a plan amendment as a termination under Section 4041 or 4041A of ERISA or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) a failure
by any Consolidated Entity to make required contributions to a Pension Plan, Multiemployer Plan or other Plan subject to Section 412 of the Code; (f) an event or condition which might
reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan;
(g) the imposition of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Consolidated
Entity or any ERISA Affiliate; or (h) an application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code with respect to any Plan. 

        "Eurodollar Business Day" shall mean a Business Day on which commercial banks in London, England and Frankfurt, Germany are open for
domestic and international business. 

        "Event of Default" shall have the meaning given such term in Section 9 of the Credit Agreement. 

        "Evidence of No Withholding" shall have the meaning given such term in Section 2.10 of the Credit Agreement. 

        "Exchange Property" shall mean real property acquired in connection with a Like Kind Exchange by a Macerich Entity as consideration, in
whole or in part, for the sale of Real Property owned by such Macerich Entity. 

        "Excluded Taxes" shall mean, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or
on account of any obligation of the Borrowers hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by any state, locality or
foreign jurisdiction under the laws of which such recipient is organized or in which it maintains an office or permanent establishment, (b) any branch profits taxes imposed by the United States
of America or any similar tax imposed by any other jurisdiction in which the Borrowers are located and (c) in the case of a Foreign Lender, any withholding tax that is imposed on amounts
payable to such Foreign Lender at the time such Foreign Lender becomes a party to the Credit Agreement or is attributable to such Foreign Lender's failure to comply with  Section 2.10(5) of

7

 

the Credit Agreement; provided, however, Excluded Taxes shall not include any withholding tax resulting from any inability to comply with Section 2.10(5)  of the Credit Agreement solely by reason of
there having occurred a Change in Law. 

        "Existing Revolving Credit Facility" shall mean that certain Third Amended and Restated Credit and Guaranty Agreement dated as of
July 30, 2001 (as amended and modified from time to time) by and among the Macerich Partnership, MAC, the entities from to time party thereto as guarantors, the banks and other financial
institutions party thereto and Wells Fargo Bank, National Association, as the agent. 

        "Federal Funds Rate" shall mean for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately
preceding Business Day) by the Federal Reserve Bank of New York,
or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 1:00 p.m. (New York time) on such day on such transactions received by
the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion. 

        "FFO" shall mean net income (loss) (computed in accordance with GAAP) excluding gains (or losses) from debt restructurings and sales of
property, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures, as set forth in more detail under the definitions and
interpretations thereof promulgated by the National Association of Real Estate Investment Trusts or its successor as of the Closing Date. 

        "Financing" shall mean any transaction pursuant to which new Indebtedness is incurred and secured by a Property subject to the mandatory
payment provisions of Section 3.3 of the Credit Agreement. 

        "First Extended Maturity Date" shall have the meaning given such term in Section 1.4(1)  of the Credit Agreement. 

        "First Extension Fee" shall have the meaning given such term in Section 1.4(2) of
the Credit Agreement. 

        "Fiscal Quarter" or "fiscal quarter" means any three-month period ending on
March 31, June 30, September 30 or December 31 of any Fiscal Year. 

        "Fiscal Year" or "fiscal year" shall mean the 12-month period ending on December 31 in each year or such other period
as MAC may designate and the Administrative Agent may approve in writing. 

        "Fixed Charge Coverage Ratio" shall mean, at any time, the ratio of (i) EBITDA for the twelve months then most recently ended
(except that, with respect to any Westcor entity that has not achieved Stabilization, EBITDA for such entity shall be calculated for the most recent fiscal quarter and annualized), to
(ii) Fixed Charges for such period (except that, with respect to any Westcor entity that has not achieved Stabilization, Fixed Charges for such entity shall be calculated for the most recent
fiscal quarter and annualized). 

        "Fixed Charges" shall mean, for any period, solely with respect to the Consolidated Entities, the sum of the amounts for such period of
(i) scheduled payments of principal of Indebtedness of the Consolidated Entities (other than any Bullet Payment, including any Bullet Payment under the Interim Facility, and any scheduled
amortization payments under the Interim Facility), (ii) the Consolidated Entities' pro rata share of scheduled payments of principal of
Indebtedness of Joint Ventures (other than any Bullet Payment) that does not otherwise constitute Indebtedness of and is not otherwise recourse to the
Consolidated Entities or their assets, (iii) Interest Expense, (iv) payments of dividends in respect of Disqualified Capital Stock; and (v) to the extent not otherwise included in
Interest Expense, dividends and other distributions paid during such period by the Borrowers or MAC with 

8

 

respect to preferred stock or preferred operating units. For purposes of clauses (ii) and (v), the Consolidated Entities' pro rata share of
payments by any Joint Venture shall be deemed equal to the product of (a) the payments made by such Joint Venture, multiplied by (b) the
percentage of the total outstanding Capital Stock of such Person held by any Consolidated Entity, expressed as a decimal. 

        "Foreign Lender" shall mean any Lender that is organized under the laws of a jurisdiction other than that in which the Borrowers are
located. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

        "GAAP" shall mean generally accepted accounting principles in the United States of America in effect from time to time; provided that for
purposes of calculating the covenants set forth in Section 8.12 and Section 8.13 of the
Credit Agreement, GAAP shall mean generally accepted accounting principles in the United States of America in effect as of the Closing Date. 

        "Good Faith Contest" means the contest of an item if (1) the item is diligently contested in good faith, and, if appropriate, by
proceedings timely instituted, (2) adequate reserves are established if required by, and in accordance with, GAAP with respect to the contested item, (3) during the period of such
contest, the enforcement of any contested item is effectively stayed and (4) the failure to pay or comply with the contested item during the period of the contest is not likely to result in a
Material Adverse Effect. 

        "Governmental Authority" shall mean any nation or government, any state or other political subdivision thereof, any central bank (or
similar monetary or regulatory authority) thereof, any court or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

        "Gross Asset Value" shall mean, at any time, solely with respect to the Consolidated Entities, the sum of (without duplication): 

        (i)    for
Retail Properties that are Wholly-Owned the sum of, for each such property, (a) such property's Property NOI for the Measuring Period,  divided by (b) (1) 8.25% (expressed as a decimal), in the
case of regional Retail Properties or (2) 9.50% (expressed as a decimal) in the
case of Retail Properties that are not regional Retail Properties; provided, however that for purposes of calculating Gross Asset Value for the Westcor Assets, for the first 12 Loan Months, the Gross
Asset Value under this subsection (i) shall equal the Consolidated Entities' allocated acquisition costs with respect to such Westcor Assets;  plus

        (ii)  for
Retail Properties that are not Wholly-Owned, the sum of, for each such property, (a) the Gross Asset Value of each such Retail Property at such time, as
calculated pursuant to the foregoing clause (i), multiplied by (b) the percentage of the total outstanding Capital Stock held by
Consolidated Entities in the owner of the subject Retail Property, expressed as a decimal; provided, however that for purposes of calculating Gross Asset Value for the Westcor Assets, for the first 12
Loan Months, the Gross Asset Value under this subsection (ii) shall equal the Consolidated Entities' allocated acquisition costs with respect to such Westcor Assets; provided, further,
notwithstanding anything to the contrary in this definition, so long as 100% of the Indebtedness and other liabilities of the owner of the Broadway Plaza Property reflected in the financial statements
of such owner or disclosed in the notes thereto (to the extent the same would constitute a Contingent Obligation) is counted in the calculation of Total Liabilities pursuant to subsection
(ii) of the definition of "Total Liabilities", the Broadway Plaza Property, and the cash and Cash Equivalents and "Other GAV Assets" (as defined below) with respect thereto, shall be deemed to
be Wholly-Owned and the Gross Asset Value with respect to the Broadway Plaza Property shall be calculated in accordance with clause (i) of this definition;  plus

9

 

        (iii)  all
cash and Cash Equivalents (other than, in either case, Restricted Cash) held by the Consolidated Entity at such time, and, in the case of cash and Cash Equivalents
not Wholly-Owned, multiplied by a percentage (expressed as a decimal) equal to the percentage of the total outstanding Capital Stock held by the
Consolidated Entity holding title to such cash and Cash Equivalents; plus

        (iv)  all
Mortgage Loans acquired for the purpose of acquiring the underlying real property, valued by the book value of each such Mortgage Loan when measured;  plus

        (v)(a)100%
of the Book Value of Construction-in-Process with respect to Retail Properties that are Wholly-Owned and (b) the product of
(1) 100% of the Book Value of Construction-in-Process with respect to Retail Properties Under Construction that are not Wholly-Owned multiplied
by (2) a percentage (expressed as a decimal) equal to the percentage of the total outstanding Capital Stock held by the Consolidated Entity holding title to such Retail
Properties Under Construction; plus

        (vi)  to
the extent not otherwise included in the foregoing clauses, (a) the book value of tenant receivables, deferred charges and other assets with respect to Real
Properties that are Wholly-Owned and (b) the product of (1) the book value of tenant receivables, deferred charges and other assets with respect to Real Properties that are not
Wholly-Owned multiplied by (2) a percentage (expressed as a decimal) equal to the percentage of the total outstanding Capital Stock held by a
Consolidated Entity holding title to such Retail Property (collectively, "Other GAV Assets"), provided
that the aggregate value of Other GAV Assets shall not exceed five percent (5%) of the aggregate Gross Asset Value of all the assets of the Consolidated Entities;  plus

        (vii) the
Book Value of land and other Properties not constituting Retail Properties; 

provided, however, that the determination of Gross Asset Value for any period shall not include any Retail Property (or any Property NOI relating to any
Retail Property) that has been sold or otherwise disposed of at any time prior to or during such period. 

        "Gross Leasable Area" shall mean the total leasable square footage of buildings situated on Real Properties, excluding the square footage
of any department stores. 

        "Guarantors" shall mean, jointly and severally (i) any Initial Guarantor and (ii) any Supplemental Guarantor. 

        "Guaranty" shall mean any unconditional guaranty executed by any Person in favor of DBTCA (or a successor) in its capacity as Collateral
Agent for the Benefited Creditors pursuant to the terms of the Credit Agreement, in a form approved by the Administrative Agent and the Collateral Agent. "Guaranty" shall include all Affiliate
Guaranties and the REIT Guaranty. 

        "Hazardous Materials" shall mean any flammable materials, explosives, radioactive materials, hazardous wastes, toxic substances or related
materials, including, without limitation, any substances defined as or included in the definitions of "hazardous substances," "hazardous wastes," "hazardous materials," or "toxic substances" under any
applicable federal, state, or local laws or regulations. 

        "Hazardous Materials Claims" shall mean any enforcement, cleanup, removal or other governmental or regulatory action or order with respect
to the Property, pursuant to any Hazardous Materials Laws, and/or any claim asserted in writing by any third party relating to damage, contribution, cost recovery compensation, loss or injury
resulting from any Hazardous Materials. 

        "Hazardous Materials Laws" shall mean any applicable federal, state or local laws, ordinances or regulations relating to Hazardous
Materials. 

        "Hedging Obligations" of a Person means any and all obligations of such Person or any of its Subsidiaries, whether absolute or contingent
and howsoever and whenever created, arising, evidenced 

10

 

or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all agreements, devices or arrangements designed to protect at least
one of the parties thereto from the fluctuations of interest rates, commodity prices, exchange rates or forward
rates applicable to such party's assets, liabilities or exchange transactions, including, but not limited to, dollar-denominated or cross-currency interest rate exchange agreements, forward currency
exchange agreements, interest rate cap or collar protection agreements, forward rate currency or interest rate options, puts and warrants, and (b) any and all cancellations, buy backs,
reversals, terminations or assignments of any of the foregoing. 

        "Incremental Payment" shall have the meaning given such term in Section 2.9 of the
Credit Agreement. 

        "Indebtedness" of any Person shall mean without duplication, (a) all liabilities and obligations of such Person, whether
consolidated or representing the proportionate interest in any other Person, (i) in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of such
Person or only to a portion thereof, and including construction loans), (ii) evidenced by bonds, notes, debentures or similar instruments, (iii) representing the balance deferred and
unpaid of the purchase price of any property or services, except those incurred in the ordinary course of its business that would constitute a trade payable to trade creditors (but specifically
excluding from such exception the deferred purchase price of real property), (iv) evidenced by bankers' acceptances, (v) consisting of obligations, whether or not assumed, secured by
Liens or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person (in an amount equal to the lesser of
the obligation so secured and the fair market value of such property), (vi) consisting of Capitalized Lease Obligations (including any Capitalized Leases entered into as a part of a
sale/leaseback transaction), (vii) consisting of liabilities and obligations under any receivable sales transactions, (viii) consisting of a letter of credit or a reimbursement
obligation of such Person with respect to any letter of credit, or (ix) consisting of Net Hedging Obligations; or (b) all Contingent Obligations and liabilities and obligations of others
of the kind described in the preceding clause (a) that such Person has guaranteed or that is otherwise its legal liability and all obligations to purchase, redeem or acquire for cash or
non-cash consideration any Capital Stock or other equity interests and (c) obligations of such Person to purchase for cash or non-cash consideration Securities or other
property arising out of or in connection with the sale of the same or substantially similar securities or property. For the avoidance of doubt, Indebtedness of any water, sewer, or other improvement
district that is payable from assessments or taxes on property located within such district shall not be deemed to be Indebtedness of any Person owning property located within such district; provided
that such Person has not otherwise obligated itself in respect of the repayment of such Indebtedness. 

        "Indemnified Liabilities" shall have the meaning given such term in Section 11.14 of the Credit Agreement. 

        "Indemnified Person" shall have the meaning given such term in Section 11.14 of the Credit Agreement. 

        "Indemnified Taxes" means Taxes other than Excluded Taxes. 

        "Initial Guarantors" shall mean, jointly and severally, MAC and the Affiliate Guarantors who enter into Guaranties on or as of the Closing
Date. 

        "Initial Financial Statements" shall have the meaning given such term in Section 6.1 of the Credit Agreement. 

        "Intangible Assets" shall mean (i) all unamortized debt discount and expense, unamortized deferred charges, goodwill and other
intangible assets and (ii) all write-ups (other than write-ups resulting from foreign currency translations and write-ups of assets of a going concern
business made within twelve 

11

 

months after the acquisition of such business) subsequent to December 31, 1994, in the book value of any asset owned by the Consolidated Entities. 

        "Interest Coverage Ratio" shall mean, at any time, the ratio of (i) EBITDA for the twelve months then most recently ended (except
that, with respect to any Westcor entity that has not achieved Stabilization, EBITDA for such entity shall be calculated for the most recent fiscal quarter and annualized), to (ii) Interest
Expense for such period (except that with respect to Interest Expense of any Westcor entity that has not achieved Stabilization, Westcor Interest Expense for such entity shall be calculated for the
most recent fiscal quarter and annualized). 

        "Interest Expense" shall mean, for any period, solely with respect to the Consolidated Entities, the sum (without duplication) for such
period of: (i) total interest expense, whether paid or accrued, of the Consolidated Entities, including fees payable in connection with the Credit Agreement, charges in respect of letters of
credit and the portion of any Capitalized Lease Obligations allocable to interest expense, including the Consolidated Entities' share of interest expenses in Joint Ventures but excluding amortization
or write-off of debt discount and expense (except as provided in clause (ii) below), (ii) amortization of costs related to interest rate protection contracts and rate
buydowns (other than the costs associated with the interest rate buydowns completed in connection with the initial public offering of MAC), (iii) capitalized interest,  provided that capitalized
interest may be excluded from this clause (iii) to the extent (A) such interest is paid or reserved out of any
interest reserve established under a loan facility; or (B) consists of interest imputed under GAAP in respect of ongoing construction activities, but only to the extent such interest has not
actually been paid, and the amount thereof does not exceed $10,000,000, (iv) for purposes of determining Interest Expense as used in the Fixed Charge Coverage Ratio (both numerator and
denominator) only, amortization of Capitalized Loan Fees, (v) to the extent not included in clauses (i), (ii), (iii) and (iv), any Consolidated Entities' pro
rata share of interest expense and other amounts of the type referred to in such clauses of the Joint Ventures, and (vi) interest incurred on any liability or obligation
that constitutes a Contingent Obligation of any Consolidated Entity. For purposes of clause (v), any Consolidated Entities' pro rata share of
interest expense or other amount of any Joint Venture shall be deemed equal to the product of (a) the interest expense or other relevant amount of such Joint Venture,  multiplied by (b) the
percentage of the total outstanding Capital Stock of such Person held by any Consolidated Entity, expressed as a decimal. 

        "Interest Period" shall mean, with respect to a LIBO Rate Loan, a period of one, two, three or six months commencing on a Eurodollar
Business Day selected by the Borrowers pursuant to the Credit Agreement. Such Interest Period shall end on (but exclude) the day which corresponds numerically to
such date one, two, three or six months thereafter, provided, however, that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Interest
Period shall end on the last day of such next, second, third or sixth succeeding month. If an Interest Period would otherwise end on a day which is not a Eurodollar Business Day, such Interest Period
shall end on the next succeeding Eurodollar Business Day, provided, however, that if said next succeeding Eurodollar Business Day falls in a new calendar month, such Interest Period shall end on the
immediately preceding Eurodollar Business Day. 

        "Interim Facility Credit Agreement" shall mean that certain Credit Agreement evidencing the Interim Facility dated as of the date of the
Credit Agreement, by and among the Borrowers, as borrowers, MAC and the other guarantors signatory thereto, the lenders signatory thereto and DBTCA, as administrative agent. 

        "Interim Facility" shall mean that certain credit facility embodied in the Interim Facility Credit Agreement, which provides for the
funding of a term loan to Macerich Partnership in the amount of $380,000,000. 

12

 

        "Investment" shall mean, with respect to any Person, (i) any purchase or other acquisition by that Person of Securities, or of a
beneficial interest in Securities, issued by any other Person, (ii) any purchase by that Person of a Property or the assets of a business conducted by another Person, and (iii) any loan
(other than loans to employees), advance (other than deposits with financial institutions available for withdrawal on demand, prepaid expenses, accounts receivable, advances to employees and similar
items made or incurred in the ordinary course of business) or capital contribution by that Person to any other Person, including, without limitation, all Indebtedness to such Person arising from a
sale of property by such Person other than in the ordinary course of its business. "Investment" shall not include any promissory notes or other consideration paid to it or by a tenant in connection
with Project leasing activities. The amount of any Investment shall be the original cost of such Investment, plus the cost of all additions thereto less the amount of any return of capital or
principal to the extent such return is in cash with respect to such Investment without any adjustments for increases or decreases in value or write-ups, write-downs or
write-offs with respect to such Investment. Notwithstanding the foregoing, Investments shall not include any Disposition Promissory Notes. 

        "IRS" shall mean the Internal Revenue Service or any entity succeeding to any of its principal functions under the Code. 

        "Joint Venture" shall mean, as to any Person: (i) any corporation fifty percent (50%) or less of the outstanding securities having
ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its
Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization fifty percent (50%) or less of the ownership interests having
ordinary
voting power of which shall at the time be so owned or controlled. Notwithstanding the foregoing, a Joint Venture of MAC shall include each Person, other than a Subsidiary, in which MAC owns a direct
or indirect equity interest. Unless otherwise expressly provided, all references in the Loan Documents to a "Joint Venture" shall mean a Joint Venture of MAC. 

        "Lenders" shall mean each of the lenders from time to time party to the Credit Agreement, including any Assignee permitted pursuant to  Section 11.8 of the Credit
Agreement. 

        "LIBO Rate" shall mean, with respect to any LIBO Rate Loan for the Interest Period applicable to such LIBO Rate Loan, the per annum rate
for such Interest Period and for an amount equal to the amount of such LIBO Rate Loan shown on Dow Jones Telerate Page 3750 (or any equivalent successor page) at approximately 11:00 (London time) two
Eurodollar Business Days prior to the first day of such Interest Period or if such rate is not quoted, the arithmetic average as determined by the Administrative Agent of the rates at which deposits
in immediately available U.S. dollars in an amount equal to the amount of such LIBO Rate Loan having a maturity approximately equal to such Interest Period are offered to four (4) reference
banks to be selected by the Administrative Agent in the London interbank market, at approximately 11:00 a.m. (London time) two Eurodollar Business Days prior to the first day of such Interest
Period. 

        "LIBO Rate Loan" shall have the meaning given such term in Section 2.1 of the
Credit Agreement. 

        "LIBO Reserve Percentage" shall mean with respect to an Interest Period for a LIBO Rate Loan, the maximum aggregate reserve requirement
(including all basic, supplemental, marginal and other reserves and taking into account any transitional adjustments) which is imposed under Regulation D on eurocurrency liabilities. 

        "Lien" shall mean any security interest, mortgage, pledge, lien, claim on property, charge or encumbrance (including any conditional sale
or other title retention agreement), any lease in the nature thereof, and any agreement to give any security interest. 

        "Like-Kind Exchange" shall mean an exchange of real property qualifying for non-recognition of gain pursuant to
Section 1031 of the Code. 

13

 

        "Loan Documents" shall mean the Credit Agreement and the Notes and each of the following (but only to the extent evidencing, guaranteeing,
supporting or securing the obligations under the foregoing instruments and agreements): the REIT Guaranty, each of the Affiliate Guaranties, any Guaranty
executed by any other Guarantor, the Pledge Agreements, and each other instrument, certificate or agreement executed by the Borrowers, MAC or the other Borrower Parties in connection herewith, as any
of the same may be Modified from time to time. 

        "Loan Month" shall mean any full calendar month during the term of the Term Loan, with the first Loan Month being August, 2002, which
first Loan Month shall be deemed to include the partial month commencing on the Closing Date of the Loan. 

        "MAC" shall have the meaning given such term in the preamble to the Credit Agreement. 

        "Macerich Core Entities" shall mean collectively, (i) the Consolidated Entities, and (ii) any Joint Venture in which any
Consolidated Entity is a general partner or in which any Consolidated Entity owns more than 50% of the Capital Stock. 

        "Macerich Entities" shall mean the Borrower Parties, and all Subsidiary Entities of the Borrower Parties. 

        "Macerich Partnership", "Macerich Galahad GP", "Macerich Galahad
LP", "Macerich WRLP Corp.", "Macerich WRLP LLC",
"Macerich TWC Corp.", and "Macerich TWC LLC" shall each have the meanings given such terms in the
preamble to the Credit Agreement. 

        "Majority Benefited Creditors" shall mean, at any date, Benefited Creditors the sum of whose (i) aggregate outstanding portion of
the principal amount of the Term Loan, (ii) aggregate outstanding portion of the principal amount of the "Interim Loan" (as such term is defined in the Interim Facility Credit Agreement) and
(iii) aggregate "Commitments" (as such term is defined in the Revolving Credit Agreement), represents an amount greater than 50% of the sum of the outstanding principal amount of the Term Loan,
principal amount of the Interim Loan, and total Commitments. 

        "Management Companies" shall mean Macerich Property Management Company, a Delaware limited liability company, Macerich Management Company,
a California corporation, Westcor Partners LLC, an Arizona limited liability company, and Westcor Partners of Colorado LLC, a Colorado limited liability company, and includes their respective
successors. 

        "Management Contracts" shall mean any contract between any Management Company, on the one hand, and any other Macerich Entity, on the
other hand, relating to the management of any Macerich Entity or any Joint Venture or any of the properties of such Person, as the same may be amended from time to time. 

        "Margin Stock" shall mean "margin stock" as defined in Regulation U. 

        "Master Management Agreements" shall mean Management Contracts between a Macerich Entity, as owner of a Project, and a Wholly Owned
Subsidiary in the form of Exhibit E attached hereto (or with respect to Westcor Subsidiaries, in the form that exists as of the Closing Date) with such Modifications to such form as may be made
by the Macerich Entities in their reasonable judgment so long as such Modifications are fair, reasonable, and no less favorable to the owner than would be obtained in a comparable arm's-length
transaction with a Person not a Transactional Affiliate. 

        "Material Adverse Effect" shall mean with respect to (a) MAC and its Subsidiaries on a consolidated basis taken as a whole,
(b) Macerich Partnership and its Subsidiaries on a consolidated basis taken as a whole or (c) the Westcor Borrowers, the Westcor Principal Entities and their respective Subsidiaries
taken as a whole, any of the following (1) a material adverse change in, or a material adverse effect upon, the operations, business, properties, condition (financial or otherwise) or prospects
of any of such Persons from and after the Statement Date, (2) a material impairment of the ability of 

14

 

any of such Persons to otherwise perform under any Loan Document; or (3) a material adverse effect upon the legality, validity, binding effect or enforceability against any of such Persons of
any Loan Document. 

        "Maturity Date" shall initially mean the Original Maturity Date; provided that the "Maturity Date" shall mean (i) the First
Extended Maturity Date if the Borrowers extend the Original Maturity Date in accordance with the terms and conditions of Section 1.4, or
(ii) the Second Extended Maturity Date if the Borrowers extend the First Extended Maturity Date in accordance with the terms and conditions of  Section 1.4. The Maturity Date shall be subject
to acceleration upon an Event of Default as otherwise provided in the Credit Agreement. 

        "Measuring Period" shall mean the period of four consecutive fiscal quarters ended on the last day of the Fiscal Quarter most recently
ended as to which operating statements with respect to a Real Property have been delivered to the Lenders. 

        "Minority Interest" shall mean all of the partnership units (as defined under the Macerich Partnership's partnership agreement) of the
Macerich Partnership held by any Person other than MAC. 

        "Modifications" shall mean any amendments, supplements, modifications, renewals, replacements, consolidations, severances, substitutions
and extensions of any document or instrument from time to time; "Modify", "Modified," or related words shall have meanings correlative thereto. 

        "Moody's" shall mean Moody's Investors Service, Inc., or any successor thereto. 

        "Mortgage Loans" shall mean all loans owned or held by any of the Macerich Entities secured by mortgages or deeds of trust on Retail
Properties. 

        "Multiemployer Plan" shall mean a "multiemployer plan" (within the meaning of Section 4001(a)(3) of ERISA) and to which any
Consolidated Entity or any ERISA Affiliate makes, is making, or is obligated to make contributions or, during the preceding three calendar years, has made, or been obligated to make, contributions. 

        "Net Cash Proceeds" shall mean with respect to any Disposition of any Property, any Financing with respect to any Property, or the
issuance of any debt or equity Securities: (a) all cash consideration, as well as the value of all non-cash consideration (other than Disposition Promissory Notes, which shall be
subject to the mandatory prepayment provisions set forth in Section 3.3(2)(D) of the Credit Agreement);  less, but without duplication,
(b) any repayment of Secured Indebtedness incurred with respect to the Property subject to a Disposition or
Financing, to the extent required or permitted under the terms of the loan documents governing the Secured Indebtedness, and any net payments made to a counterparty under Hedging Obligations incurred
with respect to such Secured Indebtedness in connection with the termination of such Hedging Obligations as a result of a subject Disposition, less
(c) transfer taxes, customary brokerage costs, reasonable legal fees and other customary and reasonable out of pocket costs actually paid to unaffiliated third parties in connection with such
Disposition, Financing, or issuance. Notwithstanding the foregoing: (1) to the extent the Property subject to the Disposition or Financing is not Wholly-Owned, Net Cash Proceeds shall equal the
sum of (a), (b), and (c) as the same is payable or allocable to the Borrowers, MAC, or their Wholly Owned Subsidiaries, and any sums not so allocable (i.e. portions of the net proceeds
allocable to Unaffiliated Partners) shall not be included in Net Cash Proceeds; (2) Net Cash Proceeds shall not include (i) any portion of a construction loan advanced for purposes of
improving the subject Real Property, (ii) any taxable gain from a Disposition to the extent that: (A) MAC would be subject to paying corporate tax on such gain as a result of the
obligation to make a mandatory repayment to the Lenders pursuant to the Credit Agreement (and the resulting failure to distribute such sums to its shareholders); and (B) the amount of such gain
does not, when added to any taxable gain from other Dispositions subject to this clause (2)(ii) made on or prior to the date of such Disposition, exceed $50,000,000 in the aggregate
(provided that such $50,000,000 limitation shall only apply during the first 18 Loan Months); 

15

 

and (3) Net Cash Proceeds shall not include any proceeds resulting from a Financing of an Unencumbered Property to the extent each of following conditions has been satisfied as determined by
Administrative Agent in its good faith judgment: (i) such proceeds are used repay advances made under the Revolving Credit Facility used to purchase the subject Unencumbered Property;
(ii) in the event the Interim Facility has not been repaid in full, such Financing occurs within sixty (60) days after the subject Unencumbered Property is acquired; and (iii) in
the event the Term Loan has not been repaid in full, such Financing occurs within ninety (90) days after the subject Unencumbered Property is acquired. 

        "Net Hedging Obligations" shall mean, as of any date of determination, the excess (if any) of all "unrealized losses" over all "unrealized
profits" of such Person arising from Hedging Obligations as substantiated in writing by the Borrowers and approved by the Administrative Agent. "Unrealized losses" means the fair market value of the
cost to such Person of replacing such Hedging Obligation as of the date of determination (assuming the Hedging Obligation were to be terminated as of that date), and "unrealized profits" means the
fair market value of the gain to such Person of replacing such Hedging Obligation as of the date of determination (assuming such Hedging Obligation were to be terminated as of that date). 

        "Net Income" shall mean, for any period, the net income (or loss), after provision for taxes, of the Consolidated Entities determined on a
consolidated basis for such period taken as a single accounting period as determined in accordance with GAAP, and including the Consolidated Entities' pro rata share of the net income (or loss) of any
Joint Venture for such period, but excluding (i) any recorded losses and gains and other extraordinary items for such period; (ii) other non-cash charges and expenses
(including non-cash charges resulting from accounting changes), (iii) any gains or losses arising outside of the ordinary course of business, and (iv) any charges for
minority interests in the Macerich Partnership held by Unaffiliated Partners. For purposes hereof the Consolidated Entities' pro rata share of the net income (or loss) of any Joint Venture shall be
deemed equal to the product of (i) the income (or loss) of such Joint Venture, multiplied by (ii) the percentage of the total outstanding
Capital Stock of such Person held by any Consolidated Entity, expressed as a decimal. 

        "Net Worth" means, at any date, the consolidated stockholders' equity of the Consolidated Entities, excluding any amounts attributable to
Disqualified Capital Stock. 

        "Note" shall mean a promissory note in the form of that attached to the Credit Agreement as Exhibit F  issued by the Borrowers at the request of a Lender pursuant to
Section 3.1 of the Credit Agreement. 

        "Obligations" shall mean any and all debts, obligations and liabilities of the Borrowers or the other Borrower Parties to the
Administrative Agent, the other Agents and the Lenders (whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owed with others, direct or indirect, absolute or
contingent, liquidated or unliquidated, and whether or not from time to time decreased or extinguished and later increased, created or incurred), arising out of or related to the Loan Documents. 

        "Officer's Certificate" shall mean as to any entity, a certificate executed on behalf of such entity by a Responsible Officer. 

        "Organizational Documents" shall mean: (a) for any corporation, the certificate or articles of incorporation, the bylaws, any
certificate of determination or instrument relating to the rights of preferred shareholders of such corporation, and all applicable resolutions of the board of directors (or any committee thereof) of
such corporation, (b) for any partnership, the partnership agreement, any certificate of formation, and any other instrument or agreement relating to the rights between the
partners or pursuant to which such partnership is formed, (c) for any limited liability company, the operating agreement, any articles of organization or formation, and any other instrument or
agreement 

16

 

relating to the rights between the members, pertaining to the manager, or pursuant to which such limited liability company is formed, and (d) for any trust, the trust agreement and any other
instrument or agreement relating to the rights between the trustors, trustees and beneficiaries, or pursuant to which such trust is formed. 

        "Original Maturity Date" shall have the meaning given such term in Section 1.3 of
the Credit Agreement. 

        "Other Taxes" means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies of a Governmental Authority with respect to any payment made under any Loan Document or from the execution, delivery or enforcement of any Loan Document. 

        "Participant" shall have the meaning given such term in Section 11.8 of the Credit
Agreement. 

        "PBGC" shall mean the Pension Benefit Guaranty Corporation or any entity succeeding to any of its principal functions under ERISA. 

        "Pension Plan" shall mean a pension plan (as defined in Section 3(2) of ERISA) subject to Title IV of ERISA which the Consolidated
Entities or any ERISA Affiliate sponsors, maintains, or to which it makes, is making, or is obligated to make contributions, or in the case of a multiple employer plan (as described in
Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding five (5) plan years, but excluding any Multiemployer Plan. 

        "Percentage Share" shall mean for any Lender at any date the percentage set forth next to such Lender's name on  Schedule G-2 to the Credit Agreement, as the same
may be Modified from time to time, including, without limitation, to reflect the
addition or withdrawal of a Lender or the assignment of all or a portion of an existing Lender's Percentage Share as permitted pursuant to Section 11.8  of the Credit Agreement. 

        "Permitted Encumbrances" shall mean any Liens with respect to the assets of the Borrowers consisting of the following: 

        (a)  Liens
(other than environmental Liens and Liens in favor of the PBGC) with respect to the payment of taxes, assessments or governmental charges in all cases which are
not yet due or which are being contested in good faith and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; 

        (b)  Statutory
liens of carriers, warehousemen, mechanics, materialmen, landlords, repairmen or other like Liens arising by operation of law in the ordinary course of
business for amounts which, if not resolved in favor of the Borrower Parties, could not result in a Material Adverse Effect; 

17

  

        (c)  Liens
securing the performance of bids, trade contracts (other than borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business; 

        (d)  Other
Liens, incidental to the conduct of the business of the Borrower Parties, including Liens arising with respect to zoning restrictions, easements, licenses,
reservations, covenants, rights-of-way, easements, encroachments, building restrictions, minor defects, irregularities in title and other similar charges or encumbrances on the
use of the assets of the Borrower Parties which do not interfere with the ordinary conduct of the business of the Borrower Parties and that are not incurred (i) in violation of any terms and
conditions of the Credit Agreement; (ii) in connection with the borrowing of money or the obtaining of advances or credit, or (iii) in a manner which could result in a Material Adverse
Effect; 

        (e)  Liens
incurred or deposits made in the ordinary course of business in connection with worker's compensation, unemployment insurance and other types of social security; 

        (f)    Any
attachment or judgment Lien not constituting an Event of Default; 

        (g)  Licenses
(with respect to intellectual property and other property), leases or subleases granted to third parties; 

        (h)  any
(i) interest or title of a lessor or sublessor under any lease not prohibited by the Credit Agreement, (ii) Lien or restriction that the interest or
title of such lessor or sublessor may be subject to, or (iii) subordination of the interest of the lessee or sublessee under such lease to any Lien or restriction referred to in the preceding
clause (ii), so long as the holder of such Lien or restriction agrees to recognize the rights of such lessee or sublessee under such lease; 

        (i)    Liens
arising from filing UCC financing statements relating solely to leases not prohibited by the Credit Agreement; 

        (j)    Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; and 

        (k)  Liens
on personal property. 

        "Person" shall mean any corporation, natural person, firm, joint venture, partnership, trust, unincorporated organization, government or
any department or agency of any government. 

        "Plan" shall mean an employee benefit plan (as defined in Section 3(3) of ERISA) which the Consolidated Entities or any ERISA
Affiliate sponsors or maintains or to which the Consolidated Entities or any ERISA Affiliate makes, is making, or is obligated to make contributions and includes any Pension Plan, other than a
Multiemployer Plan. 

        "Pledge Agreements" shall mean, individually or collectively, each of the Pledge Agreements dated as of even date herewith from the
Macerich Partnership, MAC and the Westcor Borrowers (other than Macerich TWC Corp. and Macerich TWC LLC), each in substantially the form attached to the Credit Agreement as  Exhibit G, pursuant to
which each of the Macerich Partnership, MAC and the Westcor Borrowers (other than Macerich TWC Corp. and Macerich TWC LLC)
shall pledge to the Collateral Agent, for the ratable benefit of the Benefited Creditors, all of its direct and indirect ownership interest in the Westcor Borrowers and Westcor Realty Limited
Partnership, as applicable. 

        "Post-Extension Amortization Payments" shall mean, collectively, all of those amortization payments required to be paid by the
Borrowers after the Original Maturity Date (in such case where there is any extension of the Original Maturity Date pursuant to Section 1.4 of
the Credit Agreement) pursuant to Section 3.4 of the Credit Agreement. 

18

 

        "Potential Default" shall mean an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of
Default. 

        "Pre-Extension Amortization Payments" shall mean, collectively, all of those amortization payments required to be paid by the
Borrowers on or before the Original Maturity Date pursuant to Section 3.4 of the Credit Agreement. 

        "Prime Rate" shall mean the fluctuating per annum rate announced from time to time by DBTCA or any successor Administrative Agent at its
principal office in New York, New York as its "prime rate". The Prime Rate is a rate set by DBTCA as one of its base rates and serves as the basis upon which effective rates of interest are calculated
for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as DBTCA may designate. The Prime Rate is not
tied to any external index and does not necessarily represent the lowest or best rate of interest actually charged to any class or category of customers. Each change in the Prime Rate will be
effective on the day the change is announced within DBTCA. 

        "Proceeds Expenditure Account" shall have the meaning given such term in  Section 3.3(3). 

        "Proceeds Expenditure Date" shall have the meaning given such term in  Section 3.3(3). 

        "Pro Forma Statements" shall have the meaning given such term in Section 6.1 of the
Credit Agreement. 

        "Project" shall mean any shopping center, retail property, office building, mixed use property or other income producing project owned or
controlled, directly or indirectly by a Macerich Entity. "Project" shall include the redevelopment, or reconstruction of any existing Project. 

        "Property" shall mean, collectively and severally, any and all Real Property and all personal property owned or occupied by the subject
Person. "Property" shall include all Capital Stock owned by the subject Person in a Subsidiary Entity. 

        "Property Expense" shall mean, for any Retail Property, all operating expenses relating to such Retail Property, including the following
items (provided, however, that Property Expenses shall not include debt service, tenant improvement
costs, leasing commissions, capital improvements, Depreciation and Amortization Expenses and any extraordinary items not considered operating expenses under GAAP): (i) all expenses for the
operation of such Retail Property, including any management fees payable under the Management Contracts and all insurance expenses, but not including any expenses incurred in connection with a sale or
other capital or interim capital transaction; (ii) water charges, property taxes, sewer rents and other impositions, other than fines, penalties, interest or such impositions (or portions
thereof) that are payable by reason of the failure to pay an imposition timely; and (iii) the cost of routine maintenance, repairs and minor alterations, to the extent they can be expensed
under GAAP. 

        "Property Income" shall mean, for any Retail Property, all gross revenue from the ownership and/or operation of such Retail Property (but
excluding income from a sale or other capital item transaction), service fees and charges and all tenant expense reimbursement income payable with respect to such Retail Property. 

        "Property NOI" shall mean, for any Retail Property for any period, (i) all Property Income for such period,  minus (ii) all Property Expenses for such period.

        "Rate Request" shall mean a request for the conversion or continuation of a Base Rate Loan or LIBO Rate Loan in the form of that attached
to the Credit Agreement as Exhibit H. 

        "Real Property" means each of those parcels (or portions thereof) of real property, improvements and fixtures thereon and appurtenances
thereto now or hereafter owned or leased by the Macerich Entities. 

19

 

        "Real Property Under Construction" shall mean Real Property for which Commencement of Construction has occurred but either:
(i) construction of such Real Property is not substantially complete; or (ii) less than 80% of the Gross Leaseable Area of such Real Property is subject to binding leases. 

        "Regulation D" shall mean Regulation D of the Board of Governors of the Federal Reserve System from time to time in effect and
shall include any successor or other regulation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

        "Regulation U" shall mean Regulation U of the Board of Governors of the Federal Reserve System (12 C.F.R. § 221), as
the same may from time to time be amended, supplemented or superseded. 

        "REIT" shall mean a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of Sections 856,
et seq. of the Code. 

        "REIT Guaranty" shall mean the credit guaranty executed by MAC in favor of DBTCA (or a successor Collateral Agent), in its capacity as
Collateral Agent for the benefit of the Benefited Creditors, as the same may be Modified from time to time. 

        "Reportable Event" shall mean any of the events set forth in Section 4043(b) of ERISA or the regulations thereunder, other than any
such event for which the thirty (30)-day notice requirement under ERISA has been waived in regulations issued by the PBGC. 

        "Required Benefited Creditors" shall mean, at any date, Benefited Creditors the sum of whose (i) aggregate outstanding portion of
the principal amount of the Term Loan, (ii) aggregate outstanding portion of the principal amount of the "Interim Loan" (as such term is defined in the Interim Facility Credit Agreement) and
(iii) aggregate "Commitments" (as such term is defined in the Revolving Credit Agreement), represents an amount not less than 662/3% of the sum of the outstanding principal
amount of the Term Loan, principal amount of the Interim Loan, and total Commitments. 

        "Required Lenders" shall mean at any date, those Lenders holding not less than 662/3% of the outstanding principal portion
of the Term Loan. 

        "Requirements of Law" shall mean, as to any Person, the Organizational Documents of such Person, and any law, treaty, rule or regulation,
or a final and binding determination of an arbitrator or a determination of a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject. 

        "Reserve Adjusted LIBO Rate" shall mean, with respect to any LIBO Rate Loan, the rate per annum (rounded upward, if necessary, to the next
higher 1/16 of one percent) calculated as of the first day of such Interest Period in accordance with the following formula: 

	 	 	Reserve Adjusted LIBO Rate =	LR
 1-LRP

	 	 

where

LR = LIBO Rate

LRP = LIBO Reserve Percentage 

        "Responsible Financial Officer" shall mean, with respect to any Person, the chief financial officer or treasurer of such Person or any
other officer, partner or member having substantially the same authority and responsibility. 

        "Responsible Officer" shall mean, with respect to any Person, the president, chief executive officer, vice president, Responsible
Financial Officer, general partner, or managing member of such Person or any other officer, partner or member having substantially the same authority and responsibility. 

20

 

        "Restricted Cash" shall mean any cash or cash equivalents held by any Person with respect to which such Person does not have unrestricted
access and unrestricted right to expend such cash or expend or liquidate such permitted Investments. 

        "Retail Property" means any Real Property that is a neighborhood, community or regional shopping center or mall. 

        "Revolving Credit Agreement" shall mean that certain Credit Agreement evidencing the Revolving Credit Facility dated as of the date of the
Credit Agreement, by and among the Borrowers, as borrowers, MAC and the other guarantors signatory thereto, the lenders signatory thereto and DBTCA, as administrative agent. 

        "Revolving Credit Facility" shall mean that certain credit facility evidenced by the Revolving Credit Agreement, which provides for the
funding of certain revolving loans and the issuance of letters of credit to, and on behalf of, Macerich Partnership in the aggregate commitment amount of $425 million. 

        "S&P" shall mean Standard & Poor's Rating Services, a division of the McGraw-Hill Companies, Inc., or any
successor thereto. 

        "Second Extended Maturity Date" shall have the meaning given such term in Section 1.4(3)  of the Credit Agreement. 

        "Second Extension Fee" shall have the meaning given such term in Section 1.4(4) of
the Credit Agreement. 

        "Secured Indebtedness" shall mean that portion of the Total Liabilities that is, without duplication: (i) secured by a Lien
(excluding, however, the Indebtedness under the Credit Agreement, the Interim Facility and the Revolving Credit Facility); or (ii) any unsecured Indebtedness of any Subsidiary of a Borrower
Party if such Subsidiary is not a Guarantor. 

        "Secured Indebtedness Ratio" shall mean, at any time, the ratio of (i) Secured Indebtedness, to (ii) Gross Asset Value for
such period. 

        "Securities" means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any
profit sharing agreement or arrangement, bonds, debentures, options, warrants, 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. 

        "Single Purpose Entity" shall mean shall mean a Person, other than an individual, which (A) is formed or organized solely for the
purpose of holding, directly or indirectly, an ownership interest in the Westcor Principal Entities, (B) does not engage in any business unrelated to clause (A) above, (C) has not
and will not have any assets other than those related to its activities in accordance with clauses (A) and (B) above, (D) maintains its own separate books and records and its own
accounts, in each case which are separate and apart from the books and records and accounts of any other Person, (E) holds itself out as being a Person, separate and apart from any other
Person, (F) does not and will not commingle its funds or assets with those of any other Person, (G) conducts its own business in its own name, (H) maintains separate financial
statements and files its own tax returns (or if its tax returns are consolidated with those of MAC, such returns shall clearly identify such Person as a separate legal entity), (I) pays its own
debts and liabilities when they become due out of its own funds, (J) observes all partnership, corporate, limited liability company or trust formalities, as applicable, and does all things
necessary to preserve its existence, (K) except as expressly permitted by the Loan Documents, maintains an arm's-length relationship with its Transactional Affiliates and shall not enter into
any Contractual Obligations with any Affiliates except as permitted under the Credit Agreement, (L) pays the salaries of its own employees, if any, and maintains a sufficient number of
employees in light of its 

21

 

contemplated business operations, (M) does not guarantee or otherwise obligate itself with respect to the debts of any other Person, or hold out its credit as being available to satisfy the
obligations of any other Person, except with respect to the Term Loan (and the co-Borrower provisions set forth in the Credit Agreement) and as otherwise permitted under the Loan
Documents, (N) does not acquire obligations of or securities issued by its partners, members or shareholders, (O) allocates fairly and reasonably shared expenses, including any overhead
for shared office space, (P) uses separate stationery, invoices, and checks, (Q) does not and will not pledge its assets for the benefit of any other Person (except as permitted under
the Loan Documents) or make any loans or advances to any other Person (except with respect to the Term Loan, the Revolving Credit Facility and the Interim Facility and the joint-Borrower provisions
set forth in the Credit Agreement), (R) does and will correct any known misunderstanding regarding its separate identity, (S) maintains adequate capital in light of its contemplated
business operations, and (T) has and will have a partnership or operating agreement, certificate of incorporation or other organizational document which complies with the requirements set forth
in this definition. 

        "Solvent" shall mean, when used with respect to any Person, that at the time of determination: (i) the fair saleable value of its
assets is in excess of the total amount of its liabilities (including, without
limitation, contingent liabilities); (ii) the present fair saleable value of its assets is greater than its probable liability on its existing debts as such debts become absolute and matured;
(iii) it is then able and expects to be able to pay its debts (including, without limitation, contingent debts and other commitments) as they mature; and (iv) it has capital sufficient
to carry on its business as conducted and as proposed to be conducted. 

        "Stabilization" shall mean, with respect to any Real Property, the date on which eighty-five percent (85%) or more of the
Gross Leasable Area of such Real Property has been subject to binding leases for a period of one (1) year or longer. 

        "Statement Date" shall mean December 31, 2001. 

        "Subordinated Creditor" shall have the meaning given such term in Section 7.15(1). 

        "Subordinated Debt" shall have the meaning given such term in Section 7.15(1). 

        "Subsidiary" shall mean, with respect to any Person: (a) any corporation more than fifty percent (50%) of the outstanding
securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or
more of its Subsidiaries, (b) any partnership, limited liability company, association, joint venture or similar business organization more than fifty percent (50%) of the ownership interests
having ordinary voting power of which shall at the time be so owned or controlled, (c) with respect to MAC, any other Person in which MAC owns, directly or indirectly, any Capital Stock and
which would be combined with MAC in the consolidated financial statements of MAC in accordance with GAAP; or (d) with respect to the Westcor Borrowers and the Westcor Principal Entities, any
other Person in which they own, directly or indirectly, any Capital Stock and which would be combined with them in consolidated financial statements in accordance with GAAP. 

        "Subsidiary Entities" shall mean a Subsidiary or Joint Venture of a Person. Unless otherwise expressly provided, all references in the
Loan Documents to a "Subsidiary Entity" shall mean a Subsidiary Entity of MAC. 

        "Supplemental Guarantor" shall have the meaning set forth in Section 4.1 of the
Credit Agreement. 

        "Supplemental Guaranties" shall mean a Guaranty executed by a Supplemental Guarantor pursuant to  Section 4.1 of the Credit Agreement. 

22

 

        "Co-Syndication Agents" shall mean JPMorgan Chase Bank and Dresdner Bank AG, New York and Grand Cayman Branches, as the
co-syndication agents for the credit facility evidenced by the Credit Agreement, together with its permitted successors and assigns. 

        "Tangible Net Worth" shall mean, at any time, (i) Net Worth minus
(ii) Intangible Assets, plus (iii) solely for purposes of Section 8.12(1) of the
Credit Agreement, any minority interest reflected in the balance sheet of MAC, but only to the extent attributable to Minority Interests, in each case at such time. 

        "Taxes" shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any
Governmental Authority. 

        "Tax Expense" shall mean (without duplication), for any period, total tax expense (if any) attributable to income and franchise taxes
based on or measured by income, whether paid or accrued, of the Consolidated Entities, including the Consolidated Entity's pro rata share of tax
expenses in any Joint Venture. For purposes of this definition, the Consolidated Entities' pro rata share of any such tax expense of any Joint Venture
shall be deemed equal to the product of (i) such tax expense of such Joint Venture, multiplied by (ii) the percentage of the total
outstanding Capital Stock of such Person held by the Consolidated Entity, expressed as a decimal. 

        "Term Loan" shall have the meaning given such term in Section 1.1 of the Credit
Agreement. 

        "Total Liabilities" shall mean, at any time, without duplication, the aggregate amount of (i) all Indebtedness and other
liabilities of the Consolidated Entities reflected in the financial statements of MAC or disclosed in the notes thereto (to the extent the same would constitute a Contingent Obligation),  plus
(ii) all Indebtedness and other liabilities of all Joint Ventures reflected in the financial statements of such Joint Ventures or disclosed
in the notes thereto (to the extent the same would constitute a Contingent Obligation) which are otherwise recourse to any Consolidated Entity or any of its assets or that otherwise constitutes
Indebtedness of any Consolidated Entity (including any recourse obligations arising as a result of a Consolidated Entity serving as a general partner, directly or indirectly, in such Joint Ventures,
unless such general partner is a corporation whose sole asset is its general partnership interest and who otherwise meets the criteria set forth in clauses (D) through (T) in the
definition of Single Purpose Entity); provided that, notwithstanding this clause (ii), those certain guarantees described on  Schedule G-3 to the
Credit Agreement, which liabilities thereunder are recourse, directly or indirectly, to any of the Westcor
Principal Entities or their Subsidiaries, shall be considered an obligation governed by clause (iii) below, plus (iii) the Consolidated
Entities' pro rata share of all Indebtedness and other liabilities reflected in the financial statements of any Joint Venture or disclosed in the notes
thereto (to the extent the same would constitute a Contingent Obligation) not otherwise
constituting Indebtedness of or recourse to any Consolidated Entity or any of its assets, plus (iv) all liabilities of the Consolidated Entities
with respect to purchase and repurchase obligations, provided that any obligations to acquire fully-constructed Real Property shall not be included in Total Liabilities prior to the transfer of title
of such Real Property. With respect to any Real Property Under Construction as to which any Consolidated Entity has provided an outstanding and undrawn letter of credit relating to the performance
and/or completion of construction at such property, the amount of Indebtedness evidenced by such letter of credit shall be included in Total Liabilities if: (a) such Indebtedness does not
duplicate Indebtedness incurred in respect of such Real Property Under Construction (including any off-site improvements associated therewith); (b) such Indebtedness is required by
GAAP to be reflected on the liability side of any Consolidated Entities' balance sheet; and (c) to the extent such Indebtedness is not required by GAAP to be reflected on the liability side of
any Consolidated Entities' balance sheet, then such Indebtedness shall only be included to the extent the amount of such Indebtedness exceeds $40,000,000. For purposes of clause (iii), the
Consolidated Entities' pro rata share of all Indebtedness and other liabilities of any Joint Venture shall be deemed equal to the product of
(a) such Indebtedness or other liabilities, multiplied by (b) the percentage of 

23

 

the total outstanding Capital Stock of such Person held by any Consolidated Entity, expressed as a decimal. 

        "Transactional Affiliates" shall have the meaning given such term in Section 8.6 of
the Credit Agreement. 

        "UCC" shall mean the Uniform Commercial Code. 

        "Unaffiliated Partner Interests" shall mean the Capital Stock of Unaffiliated Partners in a Subsidiary Entity of the Borrower Parties. 

        "Unaffiliated Partners" shall mean Persons who own, directly or indirectly at any tier, a beneficial interest in the Capital Stock of a
Subsidiary Entity, but such Persons shall exclude: (i) the Macerich Entities; (ii) Affiliates of Macerich Entities; (iii) Persons whose Capital Stock or beneficial interest
therein is owned, directly or indirectly at any tier, by the Macerich Entities or their Affiliates. 

        "Unencumbered Property" shall have the meaning set forth in Section 4.1 of the
Credit Agreement. 

        "Unfunded Pension Liability" shall mean the excess of a Pension Plan's benefit liabilities under Section 4001(a)(16) of ERISA, over
the current value of that Plan's assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year. 

        "Westcor" shall mean (i) the Westcor Principal Entities, (ii) the Westcor Borrowers, (iii) the Subsidiaries of the
Westcor Borrowers; and (iv) any other Person the accounts of which would be consolidated with those of the Westcor Borrowers in consolidated financial statements in accordance with GAAP. When
the context so requires, "Westcor" shall mean any of the Persons described above. 

        "Westcor Acquisition" shall mean that certain acquisition by MAC and the Borrowers of the Westcor Principal Entities, to be consummated as
of the Closing Date. 

        "Westcor Assets" shall mean all Projects and related Property, directly or indirectly, in whole or in any part, owned or leased by
Westcor. 

        "Westcor Borrowers" shall have the meaning given such term in the preamble to the Credit Agreement. 

        "Westcor Depreciation and Amortization Expense" shall mean (without duplication), for any period, the sum for such period of
(i) total depreciation and amortization expense, whether paid or accrued, of Westcor, plus (ii) Westcor's pro
rata share of depreciation and amortization expenses of any Westcor Joint Ventures. For purposes of this definition, Westcor's pro
rata share of depreciation and amortization expense of any Westcor Joint Venture shall be deemed equal to the product of (i) the depreciation and amortization expense of
such Westcor Joint Venture, multiplied by (ii) the percentage of the total outstanding Capital Stock of such Person held by Westcor, expressed as
a decimal. 

        "Westcor EBITDA" shall mean, for the twelve months then most recently ended, solely with respect to Westcor and the Westcor Assets,
Westcor Net Income, plus (without duplication) (A) Westcor Interest Expense, (B) Westcor Tax Expense, and (C) Westcor Depreciation
and Amortization Expense, in each case for such period. 

        "Westcor Gross Asset Value" shall mean, at any time, solely with respect to Westcor and the Westcor Assets, the sum of (without
duplication): 

        (i)    for
Westcor Retail Properties that are Wholly-Owned the sum of, for each such property, (a) such property's Westcor Property NOI for the Measuring Period,  divided by (b) (1) 8.25% (expressed as a
decimal), in the case of regional Westcor Retail Properties or (2) 9.50% (expressed as a decimal)
in the case of Westcor Retail Properties that are not regional; provided, however that for purposes of calculating Westcor Gross Asset Value for the 

24

 

Westcor Assets, for the first 12 Loan Months, the Westcor Gross Asset Value under this subsection (i) shall equal Westcor's allocated acquisition costs with respect to such Westcor Assets,  plus

        (ii)  for
Westcor Retail Properties that are not Wholly-Owned, the sum of, for each such property, (a) the Westcor Gross Asset Value of each such Westcor Retail
Property at such time, as calculated pursuant to the foregoing clause (i), multiplied by (b) the percentage of the total outstanding
Capital Stock held by Westcor in the owner of the subject Retail Property, expressed as a decimal; provided, however that for purposes of calculating Westcor Gross Asset Value for the Westcor Assets,
for the first 12 Loan Months, the Westcor Gross Asset Value under this subsection (ii) shall equal Westcor's allocated acquisition costs with respect to such Westcor Assets,  plus

        (iii)  all
cash and Cash Equivalents (other than, in either case, Restricted Cash) held by Westcor at such time, and, in the case of cash and Cash Equivalents not
Wholly-Owned, multiplied by a percentage (expressed as a decimal) equal to the percentage of the total outstanding Capital Stock held by Westcor in the
Person holding title to such cash and Cash Equivalents, plus

        (iv)  all
Mortgage Loans acquired for the purpose of acquiring the underlying real property, valued by the book value of each such Mortgage Loan at the time it is initially
acquired; plus

        (v)(a)100%
of the Book Value of Construction-in-Process with respect to Westcor Real Properties Under Construction that are Wholly-Owned and
(b) the product of (1) 100% of the Book Value of Construction-in-Process with respect to Westcor Real Properties Under Construction that are not Wholly-Owned  multiplied by (2) a
percentage (expressed as a decimal) equal to the percentage of the total outstanding Capital Stock held by Westcor in the
Person holding title to such Real Properties Under Construction; plus

        (vi)  to
the extent not otherwise included in the foregoing clauses, (a) the book value of tenant receivables, deferred charges and other assets with respect to
Westcor Real Properties that are Wholly-Owned and (b) the product of (1) the book value of tenant receivables, deferred charges and other assets with respect to Westcor Real Properties
that are not Wholly-Owned multiplied by (2) a percentage (expressed as a decimal) equal to the percentage of the total outstanding Capital Stock
held by Westcor in the Person holding title to such Westcor Real Property (collectively, "Westcor Other GAV Assets"),  provided that the aggregate value of
Westcor Other GAV Assets shall not exceed five percent (5%) of the aggregate Westcor Gross Asset Value of all the
assets of Westcor; plus

        (vii) the
Book Value of land and other Properties not constituting Westcor Real Properties; 

provided, however, that the determination of Westcor Gross Asset Value for any period shall not include any Westcor Real Property (or any Westcor
Property NOI relating to any Westcor Real Property) that has been sold or otherwise disposed of at any time prior to or during such period. 

        "Westcor Interest Coverage Ratio" shall mean, at any time, the ratio of (i) Westcor EBITDA for the twelve months then most recently
ended (except that with respect to any Westcor entity that has not achieved Stabilization, Westcor EBITDA for such entity shall be calculated for the most recent fiscal quarter and annualized), to
(ii) Westcor Interest Expense for such period (except that with respect to Interest Expense of any Westcor entity that has not achieved Stabilization, Westcor Interest Expense for such entity
shall be calculated for the most recent fiscal quarter and annualized). 

25

 

        "Westcor Interest Expense" shall mean, for any period, solely with respect to Westcor and the Westcor Assets, the sum (without
duplication) for such period of: (i) total interest expense (excluding interest expense incurred under the Credit Agreement, the Interim Facility and the Revolving Credit Facility), whether
paid or accrued, of Westcor, including fees payable in connection with the Credit Agreement, charges in respect of letters of credit and the portion of any Capitalized Lease Obligations allocable to
interest expense, including Westcor's share of interest expenses in Westcor Joint Ventures but excluding amortization or write-off of debt discount and expense (except as provided in
clause (ii) below), (ii) amortization of costs related to interest rate protection contracts and rate buydowns, (iii) capitalized interest,  provided that capitalized interest may be
excluded from this clause (iii) to the extent (A) such interest is paid or reserved out of any
interest reserve established under a loan facility or (B) consists of interest imputed under GAAP in respect of ongoing construction activities, but only to the extent such interest has not
actually been paid, and the amount thereof, when taken together with such like amounts attributable to the Consolidated Entities, does not in the aggregate exceed $10,000,000, (iv) to the
extent not included in clauses (i), (ii) and (iii), Westcor's pro rata share of interest expense and other amounts of the type referred to in
such clauses of the Westcor Joint Ventures, and (v) interest incurred on any liability or obligation that constitutes a Contingent Obligation of Westcor. For purposes of clause (iv),
Westcor's pro rata share of interest expense or other amount of any Westcor Joint Venture shall be deemed equal to the product of (a) the
interest expense or other relevant amount of such Joint Venture, multiplied by (b) the percentage of the total outstanding Capital Stock held by
Westcor in such Person, expressed as a decimal. 

        "Westcor Net Asset Value" shall mean: (i) Westcor Gross Asset Value; less (ii) Westcor Total Liabilities. 

        "Westcor Net Income" shall mean, for any period, the net income (or loss), after provision for taxes, of Westcor determined on a
consolidated basis for such period taken as a single accounting period as determined in accordance with GAAP, and including Westcor's pro rata share of the net income (or loss) of any Westcor Joint
Venture for such period, but excluding (i) any unrealized losses and gains for such period; (ii) other non-cash charges and expenses (including non-cash charges
resulting from accounting changes); (iii) any gains or losses arising outside of the ordinary course of business; and (iv) any charges for minority interests in Westcor held by
Unaffiliated Partners. For purposes hereof Westcor's pro rata share of the net income (or loss) of any Westcor Joint Venture shall be deemed equal to the product of (i) the income (or loss) of
such Westcor Joint Venture, multiplied by (ii) the percentage of the total outstanding Capital Stock of such Person held by Westcor in such
Person, expressed as a decimal. 

        "Westcor Principal Entities" shall mean, jointly and severally, Westcor Realty Limited Partnership and The Westcor Company II Limited
Partnership. 

        "Westcor Property Income" shall mean, for any Westcor Real Property, all gross revenue from the ownership and/or operation of such Westcor
Real Property (but excluding income from a sale or other capital item transaction), service fees and charges and all tenant expense reimbursement income payable with respect to such Westcor Real
Property. 

        "Westcor Property Expense" shall mean, for any Westcor Real Property, all operating expenses relating to such Westcor Real Property,
including the following items (provided, however, that Westcor Property Expenses shall not include debt
service, tenant improvement costs, leasing commissions, capital improvements, Westcor Depreciation and Amortization Expenses and any extraordinary items not considered operating expenses under GAAP):
(i) all expenses for the operation of such Westcor Real Property, including any management fees payable under the Management Contracts and all insurance expenses, but not including any expenses
incurred in connection with a sale or other capital or interim capital transaction; (ii) water charges, property taxes, sewer rents and other impositions, other than fines, penalties, interest
or such impositions (or portions thereof) that are payable by reason 

26

 

of the failure to pay an imposition timely; and (iii) the cost of routine maintenance, repairs and minor alterations, to the extent they can be expensed under GAAP. 

        "Westcor Property NOI" shall mean, for any Westcor Real Property for any period, (i) all Westcor Property Income for such period,  minus (ii) all Westcor
Property Expenses for such period. 

        "Westcor Real Property Under Construction" shall mean Westcor Real Property for which Commencement of Construction has occurred but
either: (i) construction of such Westcor Real Property is not substantially complete; or (ii) less than 80% of the Gross Leaseable Area of such Westcor Real Property is subject to
binding leases containing then applicable market terms. 

        "Westcor Tax Expense" shall mean (without duplication), for any period, total tax expense (if any) attributable to income and franchise
taxes based on or measured by income, whether paid or accrued, of Westcor, including Westcor's pro rata share of tax expenses in any Joint Venture. For
purposes of this definition, Westcor's pro rata share of any such tax expense of any Westcor Joint Venture shall be deemed equal to the product of
(i) such tax expense of such Westcor Joint Venture, multiplied by (ii) the percentage of the total outstanding Capital Stock of such
Person held by Westcor, expressed as a decimal. 

        "Westcor Total Liabilities" shall mean, at any time, without duplication, the aggregate amount of (i) all Indebtedness and other
liabilities of Westcor (excluding the Indebtedness and liabilities incurred under the Credit Agreement and the other Loan Documents, the Interim Facility and the Revolving Credit
Facility) reflected in their respective financial statements or disclosed in the notes thereto (to the extent the same would constitute a Contingent Obligation), plus  (ii) all Indebtedness and
other liabilities of all Joint Ventures reflected in the financial statements of such Joint Ventures or disclosed in the notes thereto (to the
extent the same would constitute a Contingent Obligation) which are otherwise recourse to Westcor or any of its assets or that otherwise constitutes Indebtedness of Westcor (including any recourse
obligations arising as a result of a Westcor serving as a general partner, directly or indirectly, in such Joint Ventures, unless such general partner is a corporation whose sole asset is its general
partnership interest and who otherwise meets the criteria set forth in clauses (D) through (T) in the definition of Single Purpose Entity); provided
that, notwithstanding this clause (ii), those certain guarantees described on Schedule G-3 to the
Credit Agreement, which liabilities thereunder are recourse, directly or indirectly, to any of the Westcor Principal Entities or their Subsidiaries, shall be considered an obligation governed by
clause (iii) below, plus (iii) Westcor's pro rata share of all Indebtedness and other
liabilities reflected in the financial statements of any Joint Venture or disclosed in the notes thereto (to the extent the same would constitute a Contingent Obligation) not otherwise constituting
Indebtedness of or recourse to Westcor or any of its assets, plus (iv) all liabilities of Westcor with respect to purchase and repurchase
obligations, provided that any obligations to acquire fully-constructed Real Property shall not be included in Total Liabilities prior to the transfer of title of such Real Property. With respect to
any Westcor Real Property Under Construction as to which Westcor has provided an outstanding and undrawn letter of credit relating to the performance and/or completion of construction at such
property, the amount of Indebtedness evidenced by such letter of credit shall only be included in Westcor Total Liabilities if: (a) such Indebtedness does not duplicate Indebtedness incurred in
respect of such Westcor Real Property Under Construction (including any off-site improvements associated therewith); (b) such Indebtedness is required by GAAP to be reflected on the
liability side of any Westcor Principal Entities' balance sheet; and (c) to the extent such Indebtedness is not required by GAAP to be reflected on the liability side of any Westcor Principal
Entities' balance sheet, then such Indebtedness shall only be included to the extent the amount of such Indebtedness exceeds $40,000,000. For purposes of clause (iii), Westcor's  pro rata share of
all Indebtedness and other liabilities of any Joint Venture shall be deemed equal to the product of (a) such Indebtedness or
other liabilities, multiplied by (b) the percentage of the total outstanding Capital Stock of such Person held by Westcor, expressed as a
decimal. 

27

 

        "Wholly-Owned" shall mean, with respect to any Real Property, Capital Stock, or other Property owned or leased, that (i) title to
such Property is held directly by, or such Property is leased by, the Macerich Partnership, or (ii) in the case of Real Property or Capital Stock, title to such property is held by, or (in the
case of Real Property) such Property is leased by, a Consolidated Entity at least 99% of the Capital Stock of which is held of record and beneficially by the Macerich Partnership (or a Person whose
Capital Stock is owned 100% by Macerich Partnership) and the balance of the Capital Stock of which (if any) is held of record and beneficially by MAC (or a Person whose Capital Stock is owned 100% by
MAC). References to Property Wholly-Owned by Westcor or a Macerich Entity shall mean property 100% owned by such Person. 

        "Wholly-Owned Raw Land" shall mean Wholly-Owned land that is not under development and for which no development is planned to commence
within twelve (12) months after the date on which it was acquired. 

 Other Interpretive Provisions.  

        (1)  The
meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. Terms (including uncapitalized terms) not otherwise defined
herein and that are defined in the UCC shall have the meanings therein described. 

        (2)  The
words "hereof", "herein", "hereunder" and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and Section,
subsection, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

        (3)      (i)
The term "documents" includes any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced; 

        (ii)  The
term "including" is not limiting and means "including without limitation;" 

        (iii)  In
the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including," the words "to" and "until" each mean
"to but excluding," and the word "through" means "to and including;" 

        (iv)  The
term "property" includes any kind of property or asset, real, personal or mixed, tangible or intangible; and 

        (v)  The
verb "exists" and its correlative noun forms, with reference to a Potential Default or an Event of Default, means that such Potential Default or Event of Default has
occurred and continues uncured and unwaived. 

        (4)  Unless
otherwise expressly provided herein, (i) references to agreements (including this Agreement) and other contractual instruments shall be deemed to include
all subsequent Modifications thereto, but only to the extent such Modifications are not prohibited by the terms of any Loan Document, (ii) references to any statute or regulation are to be
construed as including all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the statute or regulation, and (iii) references to any Person
include its permitted successors and assigns. 

        (5)  This
Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters. All such limitations,
tests and measurements are cumulative and shall each be performed in accordance with their terms. 

28

QuickLinks

Exhibit 10.1

TABLE OF CONTENTS

CREDIT AGREEMENT

RECITALS

AGREEMENT

ANNEX I: GLOSSARY

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