Document:

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                                                                    Exhibit 10.6

                               Dated 5 April 2007

                                CREDIT AGREEMENT

                                     between

                               HLWG TWO (GER) LLC
                                   as Borrower

                           CAPMARK BANK EUROPE P.L.C.
                                   as Arranger

                                       and

                 THE FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1
                               as Original Lenders

                                       and

                           CAPMARK BANK EUROPE P.L.C.
                                    as Agent

                                       and

                           CAPMARK BANK EUROPE P.L.C.
                               as Security Trustee

                                   ----------

                             (WHITE & CASE LLP LOGO)

                               5 Old Broad Street
                                 London EC2N 1DW

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
1.  DEFINITIONS AND INTERPRETATION.......................................      3
2.  THE FACILITY.........................................................     28
3.  PURPOSE..............................................................     28
4.  CONDITIONS OF UTILISATION............................................     29
5.  UTILISATION..........................................................     30
6.  REPAYMENT............................................................     30
7.  PREPAYMENT AND CANCELLATION..........................................     31
8.  INTEREST.............................................................     35
9.  INTEREST PERIODS.....................................................     36
10. FEES.................................................................     36
11. BANK ACCOUNTS........................................................     37
12. TAX GROSS UP AND INDEMNITIES.........................................     46
13. INCREASED COSTS......................................................     50
14. OTHER INDEMNITIES....................................................     52
15. MITIGATION BY THE LENDERS............................................     55
16. COSTS AND EXPENSES...................................................     58
17. REPRESENTATIONS......................................................     58
18. INFORMATION UNDERTAKINGS.............................................     66
19. FINANCIAL COVENANTS..................................................     70
20. GENERAL UNDERTAKINGS.................................................     71
21. PROPERTY UNDERTAKINGS................................................     80
22. EVENTS OF DEFAULT....................................................     87
23. CHANGES TO THE LENDERS...............................................     92
24. CHANGES TO THE OBLIGORS..............................................     97
25. ROLE OF THE AGENT AND THE ARRANGER...................................     97
26. CONDUCT OF BUSINESS BY THE FINANCE PARTIES...........................    103
27. SHARING AMONG THE FINANCE PARTIES....................................    103
28. PAYMENT MECHANICS....................................................    105
29. SET-OFF..............................................................    107
30. NOTICES..............................................................    108
31. CALCULATIONS AND CERTIFICATES........................................    109
32. PARTIAL INVALIDITY...................................................    110
33. REMEDIES AND WAIVERS.................................................    110
34. AMENDMENTS AND WAIVERS...............................................    110
35. COUNTERPARTS.........................................................    111
36. GOVERNING LAW........................................................    111
37. ENFORCEMENT..........................................................    111
38. LOAN TRANCHES........................................................    112
</TABLE>

                                       (i)

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<TABLE>
<S>                                                                         <C>
39. FURTHER ASSURANCE....................................................    112
SCHEDULE 1 LENDERS AND THEIR COMMITMENTS.................................    113
SCHEDULE 2 CONDITIONS PRECEDENT..........................................    114
SCHEDULE 3 UTILISATION REQUEST...........................................    120
SCHEDULE 4 MANDATORY COST FORMULA........................................    122
SCHEDULE 5 FORM OF TRANSFER CERTIFICATE..................................    125
SCHEDULE 6 FORM OF COMPLIANCE CERTIFICATE................................    127
SCHEDULE 7 FORM OF CONFIRMATION LETTER/BESCHEINIGUNG.....................    128
SCHEDULE 8 PROPERTIES....................................................    131
SCHEDULE 9 REPAYMENT SCHEDULE............................................    133
</TABLE>

                                       (ii)

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THIS AGREEMENT is made on the 5th day of April 2007.

BETWEEN:

(1)  HLWG TWO (GER) LLC a company incorporated in Delaware with limited
     liability and registration number 4290997 (the "BORROWER");

(2)  CAPMARK BANK EUROPE P.L.C. (the "ARRANGER");

(3)  THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the "ORIGINAL
     LENDERS");

(4)  CAPMARK BANK EUROPE P.L.C. as agent of the other Finance Parties (the
     "AGENT"); and

(5)  CAPMARK BANK EUROPE P.L.C. as security trustee for the Finance Parties (the
     "SECURITY TRUSTEE").

IT IS AGREED as follows:

1.             DEFINITIONS AND INTERPRETATION

1.1            DEFINITIONS

               In this Agreement:

               "ACCOUNTS" means:

               (a)  each General Account;

               (b)  each Rent Account;

               (c)  each Sales Proceeds Account;

               (d)  the PropCo Expansion and Remediation Account;

               (e)  the PropCo Rent Reserve Account;

               (f)  the Holdbacks Account; and

               (g)  Rectification Account,

               each as defined within Clause 11 (Bank Accounts) or (in the case
               of the Rectification Account, in Clause 19.3 (Cure Payments), or
               with the Agent's prior written consent any replacement account
               thereof and "ACCOUNT" means any one of them as the context may
               require.

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               "ACCOUNT BANK" means Bank of America N.A., An der Welle 5,
               D-60322 Frankfurt am Main, Germany, Sort Code: 6019 or any other
               bank or financial institution appointed as account bank in
               accordance with Clause 11 (Bank Accounts).

               "ACCOUNT BANK MINIMUM RATING REQUIREMENTS" means the minimum
               rating requirements set out in Clause 11.14.2.

               "ACCOUNT PLEDGE AGREEMENT" means the PropCo Account Pledge
               Agreement, Borrower Account Pledge Agreement and Seller 2 Account
               Pledge Agreement.

               "ACQUISITION COSTS" means all reasonable and proper fees, costs
               and expenses owing by or on behalf of the Borrower to any
               independent third party and incurred solely in connection with
               the acquisition of PropCo being of the type customarily incurred
               in acquisitions of this nature. For the purposes of this
               definition, an independent third party excludes any Affiliate of
               or Shareholders in the Borrower save with the prior consent of
               the Agent.

               "ADDITIONAL CHARGE" means a Land Charge in respect of an
               Additional Property granted or to be granted by an Obligor or
               PropCo in favour of the Security Trustee in the agreed form.

               "ADDITIONAL COST RATE" has the meaning given to it in Schedule 4
               (Mandatory Cost Formula).

               "ADDITIONAL PROPERTY" means either:

               (a)  any property or properties which the Lenders may accept as
                    alternative security pursuant to Clauses 7.6 to 7.8;

               (b)  a property acquired pursuant to any Expansion made in
                    accordance with Clause 20.26 (Expansion); or

               (c)  any property acquired in accordance with Clause 20.27
                    (Additional Property)

               as the context so admits.

               "ADDITIONAL VALUATION" shall have the meaning given to that term
               in Clause 7.8.

               "AFFILIATE" means, in relation to any person, a Subsidiary of
               that person or a Holding Company of that person or any other
               Subsidiary of that Holding Company.

               "AGREEMENT FOR LEASE" means an agreement to grant an Occupational
               Lease.

               "ALLOCATED LOAN AMOUNT" means in relation to a Property the
               amount set opposite that Property in Schedule 8 (Properties).

               "ARRANGEMENT FEE" means the arrangement fee detailed in the Fee
               Letter;

                                       4

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               "AUTHORISATION" means an authorisation, consent, approval,
               resolution, licence, exemption, filing, clearance, notarisation
               or registration.

               "AVAILABILITY PERIOD" means the period from and including the
               date of this Agreement to and including the close of business in
               London on the date thirty (30) days after the date of this
               Agreement.

               "BANK GUARANTEE" means a bank guarantee in a sum equivalent to
               the Rent Reserve Amount issued by a bank with a rating equivalent
               to the Account Bank Minimum Rating Requirements in favour of the
               Security Trustee in form and substance satisfactory to the
               Security Trustee.

               "BORROWER GENERAL ACCOUNT" means the account designated as such
               under the terms of this Agreement.

               "BORROWER ACCOUNT PLEDGE AGREEMENT" means an account pledge
               agreement granted by the Borrower in relation to each of the
               Accounts held by it in favour of the Security Trustee.

               "BORROWER PARTNERSHIP INTEREST PLEDGE AGREEMENT" means a first
               ranking partnership interest pledge agreement dated prior to the
               Utilisation Date over the partnership interests held by the
               Borrower of 19.9 per cent. in PropCo and 94.9 per cent. held in
               Seller 1 and made between (1) the Borrower and (2) the Security
               Trustee.

               "BORROWER RENT ACCOUNT" means the account designated as such
               under the terms of this Agreement.

               "BORROWER SALES PROCEEDS ACCOUNT" means the account designated as
               such under the terms of this Agreement.

               "BORROWER SHARE PLEDGE AGREEMENT" means a share pledge agreement
               granted by the Borrower and Seller 2 in relation to the shares
               held by each of them in GP PropCo granted in favour of the
               Security Trustee;

               "BUSINESS DAY" means a day (other than a Saturday or Sunday) on
               which commercial banks and foreign exchange markets settle
               payments and are open for general business (including dealing in
               foreign exchange and foreign currency deposits) in London and
               Frankfurt.

               "CALL OPTION I" means "Call I" as defined in the Put and Call
               Agreement set forth in Annex B recorded in the notarial deed of
               the officiating notary public dated 27 and 28 February 2007 (Roll
               of Deeds No's. MW-41, 42, 43, 45 and 46/2007), as amended from
               time to time with the prior written approval of the Agent.

               "CALL OPTION II" means "Call II" as defined in the Put and Call
               Agreement set forth in Annex B recorded in the notarial deed of
               the officiating notary public dated 27 and 28 February 2007 (Roll
               of Deeds No's. MW-41, 42, 43, 45 and 46/2007), as amended from
               time to time with the prior written approval of the Agent.

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               "CALL OPTION I EXERCISE PERIOD" means the period from and
               including 1 January 2010 up to and including 31 December 2010;

               "CALL OPTION II EXERCISE PERIOD" means the period no earlier than
               five years and 15 days after the date of this Agreement and no
               later than five years and 180 days after the date of this
               Agreement;

               "CALL OPTION" means either Call Option I or Call Option II as the
               context may require.

               "CENTRE OF MAIN INTERESTS" means, in relation to any Obligor or
               Shareholders, its "centre of main interests" for the purposes of
               Council Regulation (EC) No 1346/2000 of 29 May, 2000.

               "CHANGE OF CONTROL" means a change of control whereby:

               (a)  the Shareholders cease to control directly the Borrower,
                    other than pursuant to a Permitted Change of Control; or

               (b)  any person or group of persons acting in concert gains
                    control directly of the Borrower, other than pursuant to a
                    Permitted Change of Control.

               (c)  The Borrower ceases to control directly Seller 1;

               (d)  The Borrower ceases to control directly GP Seller 1;

               (e)  GP Seller 1 ceases to the be the general partner of Seller
                    1;

               (f)  Seller 2 ceases to own at least 75 per cent. of the limited
                    partnership interests in PropCo other than as a result of
                    the exercise of the Put or Call Option;

               (g)  GP PropCo ceases to be the general partner of PropCo;

               (h)  Seller 2 ceases to control directly or indirectly OpCo other
                    than pursuant to a Hellweg Change of Control;

               (i)  Borrower ceases to own at least 24.7399 per cent. of the
                    limited partnership interests in PropCo,

                    For the purposes of this definition:

                    a "CHANGE OF CONTROL" occurs if any person or group of
                    persons acting in concert gains control of the relevant
                    entity or ceases to control the relevant entity (acting
                    directly or indirectly through wholly owned Subsidiaries);

                    "CONTROL" means the power to direct the management and
                    policies of an entity, whether through the ownership of
                    voting capital, by contract or otherwise; and

                                       6

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                    "ACTING IN CONCERT" means acting together pursuant to an
                    agreement or understanding (whether formal or informal).

               "CHARGED ASSETS" means the assets from time to time subject, or
               expressed to be subject, to any Security created by or pursuant
               to any Security Document or any part of those assets.

               "COMMITMENT" means:

               (a)  in relation to the Original Lender, the amount set opposite
                    its name under the heading "Commitment" in Schedule 1
                    (Lenders and their Commitments); and

               (b)  in relation to any other Lender, the amount of any
                    Commitment transferred to it under this Agreement;

                    in each case, to the extent not cancelled, reduced or
                    transferred by it under this Agreement.

               "COMPLIANCE CERTIFICATE" means a certificate substantially in the
               form set out in Schedule 6 (Form of Compliance Certificate).

               "DEFAULT" means an Event of Default or any event or circumstance
               specified in Clause 22 (Events of Default) which would (with the
               expiry of a grace period, the giving of notice, the making of any
               determination under the Finance Documents or any combination of
               any of the foregoing) be an Event of Default.

               "DISPOSAL" means any sale, lease, transfer or other disposal of
               all or any part of a Property.

               "DISPOSAL COSTS" means, in relation to a Disposal:

               (a)  all costs and expenses properly incurred by the relevant
                    Obligor, PropCo or Specht in relation to a Disposal; and

               (b)  a provision (reasonably made by the relevant Obligor acting
                    in good faith) for any tax payable by the relevant Obligor,
                    PropCo or Specht as a result of a Disposal.

               "DISPOSAL PROCEEDS" means all sums paid or payable or any other
               consideration given or to be given in money or money's worth for
               a disposal of the relevant Obligor's, PropCo's or Specht's
               interest in all or part of any Property including (without
               limitation):

               (a)  all such sums and other consideration of a capital nature;

               (b)  all compensation and damages received for any use or
                    disturbance, blight or compulsory purchase; and

                                       7

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               (c)  the cash value of any apportionment of any Rental Income or
                    other sum given or made by any purchaser or other person
                    upon such disposal.

               "DISTRIBUTION" means any payment (whether outright or by way of
               loan), repayment, redemption, discharge by way of set-off,
               counterclaim or otherwise or other distribution of any sort,
               whether in cash or in kind, made by or on behalf of any Obligor
               or PropCo, but only in respect of:

               (a)  dividends or return of capital or any other payment received
                    by a person in respect of its holding of any share capital
                    of any nature; or

               (b)  principal, interest or any other payment received by a
                    person (not being a Finance Party) in respect of any
                    Financial Indebtedness.

               "EMBARGOED PERSON" means any person, entity or government subject
               to trade restrictions under U.S. law, including but not limited
               to, the International Emergency Economic Powers Act, 50 U.S.C.
               1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et
               seq., and any Executive Orders (as defined therein) or
               regulations promulgated thereunder.

               "ENVIRONMENT" means living organisms including the ecological
               systems of which they form part and the following media:

               (a)  air (including air within natural or man-made structures,
                    whether above or below ground);

               (b)  water (including territorial, coastal and inland waters,
                    water under or within land and water in drains and sewers);
                    and

               (c)  land (including land under water).

               "ENVIRONMENTAL LAW" means all statutes, instruments, regulations,
               orders, administrative acts and ordinances (including but not
               limited to European Union legislation, regulations, directives,
               decisions and judgments applicable in the Federal Republic of
               Germany) being in force from time to time and directly
               enforceable in the Federal Republic of Germany applicable to the
               Property relating to pollution, prevention thereof or protection
               of human health or the conditions of the Environment or the use,
               disposal, generation, storage, transportation, treatment,
               dumping, release, deposit, burial or emission of any Hazardous
               Substances.

               "ENVIRONMENTAL LICENCE" means any Authorisation required at any
               time under Environmental Law.

               "ENVIRONMENTAL & STRUCTURAL REPORTS" means the reports prepared
               by ERM GmbH and delivered as a condition precedent to Utilisation
               pursuant to paragraph 5(d) of Schedule 2.

               "EURO", "EURO" or "E" means the single currency of the
               Participating Member States.

                                       8

<PAGE>

               "EVENT OF DEFAULT" means any event or circumstance specified as
               such in Clause 22 (Events of Default).

               "EXPANSION" means any expansion or extension of a Property funded
               by PropCo pursuant to the terms of the Principal Occupational
               Lease carried out in accordance with Clause 20.26 (Expansion).

               "EXPANSION AMOUNT" means the sum of E18,500,000.

               "FACILITY" means the term loan facility made available under this
               Agreement as described in Clause 2 (The Facility).

               "FACILITY AMOUNT" means an amount equal to 24.7399% of the lesser
               of:

               (a)  E283,635,000;

               (b)  78.1% of the Market Value of the Properties determined in
                    accordance with the Initial Valuation; and

               (c)  such amount as will result in Interest Cover of at least
                    145% as at the Utilisation Date.

               "FACILITY OFFICE" means the office or offices notified by a
               Lender to the Agent in writing on or before the date it becomes a
               Lender (or, following that date, by not less than five Business
               Days' written notice) as the office or offices through which it
               will perform its obligations under this Agreement.

               "FEE LETTER" means any letter or letters entered into or to be
               entered into between the Arranger, the Agent and the Borrower
               setting out any fees referred to in Clause 10 (Fees).

               "FINANCE DOCUMENT" means:

               (a)  this Agreement;

               (b)  any Fee Letter;

               (c)  any Security Document;

               (d)  any Duty of Care Agreement;

               (e)  any Utilisation Request;

               (f)  any Transfer Certificate;

               (g)  any WPC Lender Finance Document; and

               any other document designated as such by the Agent and the
               Borrower in writing.

               "FINANCE PARTY" means the Agent, the Arranger, the Security
               Trustee or a Lender.

                                       9

<PAGE>

               "FINANCIAL INDEBTEDNESS" means (without double counting) any
               indebtedness for or in respect of:

               (a)  moneys borrowed;

               (b)  any amount raised by acceptance under any acceptance credit
                    facility;

               (c)  any amount raised pursuant to any note purchase facility or
                    the issue of bonds, notes, debentures, loan stock or any
                    similar instrument;

               (d)  the amount of any liability in respect of any lease or hire
                    purchase contract which would, in accordance with GAAP, be
                    treated as a finance or capital lease;

               (e)  receivables sold or discounted (other than any receivables
                    to the extent they are sold on a non-recourse basis);

               (f)  any amount raised under any other transaction (including any
                    forward sale or purchase agreement) having the commercial
                    effect of a borrowing;

               (g)  any derivative transaction (including, for the avoidance of
                    doubt, any cap) entered into in connection with protection
                    against or benefit from fluctuation in any rate or price
                    (and, when calculating the value of any derivative
                    transaction, only the marked to market value shall be taken
                    into account);

               (h)  the acquisition cost of any asset to the extent payable
                    before or after the time of acquisition and possession by
                    the party liable therefor when the advance or deferred
                    payment is arranged primarily as a method of raising finance
                    or of financing the acquisition of that asset;

               (i)  shares which are expressed to be redeemable;

               (j)  any counter-indemnity obligation in respect of a guarantee,
                    indemnity, bond, standby or documentary letter of credit or
                    any other instrument issued by a bank or financial
                    institution; and

               (k)  the amount of any liability in respect of any guarantee or
                    indemnity for any of the items referred to in paragraphs (a)
                    to (i) inclusive above.

               "FINANCIAL REGULATOR" means the financial regulator of the
               Central Bank of Ireland from time to time and any successor
               replacement or other body with relevant or similar authority.

               "FITCH" means Fitch Ratings Limited or any successor to its
               rating business.

               "FIXED RATE" means such 10 year swap rate as agreed between the
               Agent and the Borrower prior to or on the Utilisation Date
               expressed as a percentage per annum notified by the Agent to the
               Borrower following receipt of the Utilisation Request (or any
               other replacement fixed rate as notified by the Agent to the
               Borrower from time to time).

                                       10

<PAGE>

               "GAAP" means in relation to an entity, accounting principles,
               concepts, bases and policies generally adopted and accepted in
               the United States of America.

               "GENERAL ACCOUNT" means the Borrower General Account and the
               PropCo General Account and each of them.

               "GERMAN TAX REPORT" means a report prepared by Susat GmbH in
               relation to German taxation matters.

               "GLOBAL ASSIGNMENT AGREEMENT" means a global assignment agreement
               dated on or about the date hereof granted by the Borrower to the
               Security Trustee over receivables and the global assignment
               granted by PropCo to the Security Trustee over receivables.

               "GP PROPCO" means Shovel Management GmbH.

               "GP SELLER 1" means Hoe Management GmbH.

               "HAZARDOUS SUBSTANCE" means any waste, pollutant, contaminant or
               other substance (including any liquid, solid, gas, ion, living
               organism or noise) that may be harmful to human health or other
               life or the Environment or a nuisance to any person.

               "HBR PROPERTY" means each of:

               (a)  Konigswinterer Strasse 89, 53227 Bonn-Beuel;

               (b)  BrennaborstraBe 3, 44149 Dortmund-Kley; and

               (c)  Max-Planck-StraBe / Westfalenring, 48565 Steinfurt.

               "HEADLEASE" means the lease or leases (if any) in the Agreed Form
               by which PropCo and/or Specht holds an interest in all or any
               part of a Property.

               "HEDGING ARRANGEMENTS" means any interest rate swap, currency
               swap, forward foreign exchange transaction, cap, floor, collar or
               option transaction or any other treasury transaction or any
               combination of them or any other transaction that, in the
               reasonably opinion of the Agent, is necessary to hedge the risk
               associated with the provision of the Facility to the Borrower.

               "HELLWEG CHANGE OF CONTROL" means a change of control as set
               forth and described in Paragraph 21(m) of the Principal
               Occupational Lease which has previously been approved in writing
               by the Agent provided that no such consent of the Agent is
               required in circumstances where PropCo is not required to give
               consent pursuant to Paragraph 21 (m) of the Principal
               Occupational Lease.

               "HOLDBACK AMOUNT" means E51,956,531 being the sum agreed to
               be held back by the Borrower as at the date of Utilisation in
               accordance with the terms of the Interest Purchase Agreement or
               the Principal Occupational Lease which will be deposited into the
               Holdbacks Account.

                                       11

<PAGE>

               "HOLDBACKS ACCOUNT" means the account designated as such under
               the terms of this Agreement.

               "HOLDING COMPANY" means, in relation to a company or corporation,
               any other company or corporation in respect of which it is a
               Subsidiary (and, in the definition of "Related Party", means a
               company in respect of which that other person is a Subsidiary as
               such term is to be understood in such definition).

               "INITIAL VALUATION" means the Valuation supplied to the Agent as
               a condition precedent to this Agreement under Clause 4.1
               (Conditions Precedent).

               "INTEREST COVER" means, on any date, the amount (expressed as a
               percentage) calculated in accordance with the following formula:

               Where:

               A-B
               ---
                C

               A -  24.7399 per cent. of the Projected Annual Rental;

               B -  24.7399 per cent. of any Property Expenses to be incurred in
                    the next 12 month period; and

               C -  the Projected Annual Finance Costs.

               "INTEREST COVER COVENANT" shall have the meaning set out in
               Clause 19.2 (Interest Cover).

               "INTEREST PAYMENT DATE" means:

               (a)  in relation to the Loan and subject to Clause 9.2 (Changes
                    to the Interest Payment Date, Termination Date and Interest
                    Period), the 18th day of January, April, July and October in
                    each year and the Termination Date and the first Interest
                    Payment Date shall be the 18th of July 2007; and

               (b)  in relation to an Unpaid Sum, the last day of an Interest
                    Period relevant to that Unpaid Sum determined in accordance
                    with Clause 8.3 (Default interest),

                    provided that, save in relation to the calculation of
                    Interest Periods, if any such day is not a Business Day, the
                    Interest Payment Date will be the next Business Day in that
                    Month (if there is one) or the preceding Business Day (if
                    there is not).

               "INTEREST PERIOD" means, in relation to the Loan, each period
               determined in accordance with Clause 9 (Interest Periods) and, in
               relation to an Unpaid Sum, each period determined in accordance
               with Clause 8.3 (Default interest).

               "INTEREST PURCHASE AGREEMENT" means the Interest Purchase
               Agreement set forth in Annex A recorded in the notarial deed of
               the officiating notary public

                                       12

<PAGE>

               dated 27 and 28 February 2007 (Roll of Deeds No's. MW-41, 42, 43,
               45 and 46/2007) and all annexures referred to in it and any
               documents supplemental to such agreement.

               "LAND CHARGE" means a certificated first ranking land charge
               (Grundschuld) over any Property in section III of the Land
               Register given in favour of the Security Trustee in the Agreed
               Form.

               "LAND REGISTER" (Grundbuch) means the applicable official
               register held by the Land Registry in which, inter alia, the
               rights of ownership in, and encumbrances on, a plot of land are
               registered.

               "LAND REGISTRY" (Grundbuchamt) means the applicable public office
               held by the local court (Amtsgericht) which is responsible for
               the registration of rights and encumbrances in the relevant Land
               Register in accordance with German law.

               "LEASE DOCUMENT" means:

               (a)  an Agreement for Lease;

               (b)  an Occupational Lease; or

               (c)  any other document designated as such by the Agent and the
                    Borrower.

               "LENDER" means:

               (a)  any Original Lender; and

               (b)  any bank, building society, financial institution, trust,
                    fund or other entity which has become a Party in accordance
                    with Clause 23 (Changes to the Lenders),

               which in each case has not ceased to be a Party in accordance
               with the terms of this Agreement.

               "LOAN" means the Loan made or to be made under the Facility or
               the principal amount outstanding for the time being of the Loan.

               "LOAN TO VALUE" means the aggregate sum of the Loan as a
               percentage of the Market Value of the Properties determined in
               accordance with the most recent Valuation.

               "LOAN TO VALUE COVENANT" shall have the meaning set out in Clause
               19.1 (Loan to Value Covenant).

               "MAJORITY LENDERS" means:

               (a)  if there are no Loans then outstanding, a Lender or Lenders
                    whose Commitments aggregate more than 662/3% of the
                    aggregate of the Total Commitments and the WPC Lender Total
                    Commitments (or, if the Total Commitments and the WPC Lender
                    Total Commitments have

                                       13

<PAGE>

                    been reduced to zero, aggregated more than 662/3 % of the
                    Total Commitments and the WPC Lender Total Commitments
                    immediately prior to the reduction); or

               (b)  at any other time, a Lender or Lenders whose participations
                    in the Loan and the WPC Loan then outstanding aggregate more
                    than 662/3% of the aggregate of all the Loan and the WPC
                    Loan then outstanding,

                    subject to the terms of any Finance Document, including
                    without limitation any intercreditor agreement entered into
                    on any transfer, sale, novation or securitisation of the
                    Loan, the terms of which shall prevail. For the purposes of
                    this definition, "Lender or Lenders" shall include the
                    Lenders as such term is defined under the WPC Lender
                    Facility Agreement.

               "MANDATORY COST" means, in relation to the Original Lender the
               percentage rate per annum from time to time determined by the
               Original Lender, and notified to the Agent, as reflecting the
               cost, loss or difference in return which would be suffered or
               incurred by the Original Lender (as it shall from time to time
               determine) as a result of it complying with the requirements of
               the Financial Regulator and/or the requirements of the European
               Central Bank (or any authority which replaces all or any of their
               functions) and, in respect of any other Lender, means the
               percentage rate per annum calculated by the Agent in accordance
               with Schedule 4 (Mandatory Cost Formula).

               "MARGIN" means 1.25% per annum.

               "MARKET VALUE" has the meaning given to that term in the Royal
               Institution of Chartered Surveyors Appraisal and Valuation Manual
               (or its successor).

               "MATERIAL ADVERSE EFFECT" means a material adverse effect on:

               (a)  the business, property or financial condition of each
                    Obligor; or

               (b)  the ability of each Obligor or the Shareholders to perform
                    and comply with any of its payment obligations under any
                    Finance Document to which it is a party; or

               (c)  the validity, legality or enforceability of any Finance
                    Document or the rights and remedies of any Finance Party
                    under any of the Finance Documents.

               "MINIMUM RELEASE AMOUNT" means, in relation to a Disposal, the
               aggregate of:

               (a)  the applicable Release Pricing; and

               (b)  the Disposal Costs.

               "MONEY LAUNDERING REGULATIONS" means any regulations applicable
               to a Finance Party or a potential Finance Party, for the
               prevention of money laundering and financial crime, including all
               requirements of the Financial

                                       14

<PAGE>

               Services Authority, guidance notes issued by the Joint Money
               Laundering Steering Group, the Money Laundering Directive
               91/308/EEC, the Irish Criminal Justice Act 1994 and the Irish
               Criminal Justice (Miscellaneous Provisions) Act 1997 and the
               German Money Laundering Act (Gesetz uber das Aufspuren und
               Gewinnen aus schweren Straftaten (Geldwaschegesetz).

               "MONTH" means a period starting on one day in a calendar month
               and ending on the numerically corresponding day in the next
               calendar month, except that:

               (a)  if the numerically corresponding day is not a Business Day,
                    that period shall end on the next Business Day in that
                    calendar month in which that period is to end if there is
                    one, or if there is not, on the immediately preceding
                    Business Day; and

               (b)  if there is no numerically corresponding day in the calendar
                    month in which that period is to end, that period shall end
                    on the last Business Day in that calendar month.

               The above rules will only apply to the last Month of any period.

               "MOODY'S" means Moody's Investors Services, Inc. or any successor
               to its rating business.

               "NET RENTAL INCOME" means Rental Income other than:

               (a)  any amount due to PropCo from any tenant under any Lease
                    Document or other occupier of all or any part of any
                    Property, by way of:

                    (i)  contribution to (or reimbursement of) insurance
                         premiums or the cost of an insurance valuation;

                    (ii) service charge in respect of PropCo's costs under any
                         repairing or similar obligation, or in providing
                         services to a tenant of all or any part of any
                         Property; or

                    (iii) reimbursement of any other expenditure incurred by
                         PropCo on behalf of or in relation to any tenant of all
                         or any part of any Property;

               (b)  any contribution to a sinking fund paid by any tenant or
                    other occupier;

               (c)  any proceeds of insurance received in respect of the items
                    listed in paragraphs (a) and (b) above;

               (d)  any VAT or similar taxes payable on any of the items listed
                    in paragraphs (a), (b) and (c) above and paragraphs (a)-(k)
                    of the definition of Rental Income; and

               for the purposes of calculating the Interest Cover but not
               otherwise there shall also be excluded items (c), (d), (f), (g),
               (h), (i) and (l) of the definition of Rental Income.

                                       15

<PAGE>

               "OBLIGOR" means the Borrower.

               "OCCUPATIONAL LEASE" means the Principal Occupational Lease and
               any lease, sub-lease or licence or other right of occupation to
               which all or any part of any Property may be subject from time to
               time and any supplemental documents thereto.

               "OPCO" means HELLWEG DIE PROFI-BAUMARKTE GMBH UND CO. KG, a
               German limited partnership registered with the commercial
               register maintained at the local court of Dortmund under HRA
               13582.

               "OVERVIEW REPORT ON TITLE" means the Appropriately Addressed
               overview report on title or certificate of title relating to the
               Properties, in form and substance satisfactory to the Agent,
               addressed to the Finance Parties and their successors in title
               and prepared by White & Case LLP, solicitors for the Agent.

               "PARTICIPATING MEMBER STATE" means any member state of the
               European Communities that adopts or has adopted the euro as its
               lawful currency in accordance with legislation of the European
               Community relating to Economic and Monetary Union.

               "PARTNERSHIP INTEREST PLEDGE AGREEMENT" means each of:

               (a)  the Borrower Partnership Interest Pledge Agreement;

               (b)  the Seller 1 Partnership Interest Pledge Agreement; and

               (c)  the PropCo Partnership Interest Pledge Agreement.

               "PARTY" means a party to this Agreement.

               "PERMITTED CHANGE OF CONTROL" means (i) the sale or transfer of
               the shares or any equity interests of any Shareholder or Borrower
               to a Related Party or (ii) merger between a Shareholder or
               Borrower and a Related Party provided that:

               (a)  there is no Event of Default outstanding or would result
                    from the proposed transfer or merger;

               (b)  there is no detrimental financial and tax effect on the
                    Finance Parties and that such transfer or merger will not
                    result in a Material Adverse Effect;

               (c)  any know your customer requirements are satisfied;

               (d)  all proper fees, costs and expenses incurred by the Finance
                    Parties in considering and approving the above are paid by
                    the Borrower;

               (e)  the lien and priority of the security interests created
                    under the Security Documents are unimpaired by such merger;
                    and

                                       16

<PAGE>

               (f)  in addition to the requirements above, with respect to a
                    transfer under (ii) only, (1) neither the Borrower nor the
                    Shareholder, as applicable, assumes any additional
                    liabilities as a result of such merger; and (2) the
                    obligations of the Borrower under the Finance Documents
                    continue in full force and effect notwithstanding such
                    merger.

               "PERMITTED FINANCIAL INDEBTEDNESS" means:

               (a)  Financial Indebtedness incurred under a Finance Document;

               (b)  any other Financial Indebtedness of an Obligor to which the
                    Agent has given its prior written consent and which is fully
                    subordinated on terms satisfactory to the Agent;

               (c)  the Shareholder Loans and any Shareholder Loans provided to
                    fund the purchase of any Additional Property provided that
                    all such Shareholder Loans have been fully subordinated in
                    favour of the Security Trustee and Lenders and a
                    Subordination Agreement has been entered into;

               (d)  the Borrower shall be entitled to accede to the WPC Facility
                    Agreement as an additional borrower upon the exercise of
                    Call Option I ; and

               (e)  Financial Indebtedness that arises as a normal finance
                    credit in the ordinary course of the relevant person's
                    business and which is not more than 30 days due.

               "PERMITTED SECURITY" means any Security granted in favour of WPC
               Lender pursuant to the Seller 2 Facility Agreement that is fully
               subordinated under the Subordination Agreement.

               "PLANNING ACTS" means all applicable laws and regulations
               governing or controlling the use or development of land and
               property, including building permissions (Baugenehmigung).

               "POWER OF ATTORNEY" means a power of attorney granting the Agent
               power to exercise the Call Options in accordance with Clause
               20.25.1

               "PRINCIPAL OCCUPATIONAL LEASE" means the Lease Agreement set
               forth in Annex C recorded in the notarial deed of the officiating
               notary public dated 27 and 28 February 2007 (Roll of Deeds No's.
               MW-41, 42, 43, 45 and 46/2007 and as amended from time to time
               (with the prior written approval of the Agent) or any other lease
               created out of such lease and any documents supplemental or
               appended to such lease.

               "PROJECTED ANNUAL FINANCE COSTS" means, for the next 12 month
               period, the estimated aggregate amount determined by the Agent of
               all interest, commitment commission and other finance costs
               (excluding any repayments or prepayments of principal) which are
               payable by the Borrower to the Finance Parties under the Finance
               Documents excluding the WPC Lender Finance Documents during that
               12 month period.

                                       17

<PAGE>

               "PROJECTED ANNUAL RENTAL" means, for the next 12 month period,
               the aggregate Net Rental Income receivable by PropCo in relation
               to any Property during that Test Period assuming:

               (a)  a break clause under any Lease Document exercisable during
                    the relevant 12 month period will be deemed to be exercised
                    at the earliest date available to the relevant tenant;

               (b)  Net Rental Income will be ignored unless payable under an
                    unconditional and binding Lease Document;

               (c)  any Lease Document due to expire during the 12 month period
                    has not been renewed; and

               (d)  potential Net Rental Income increases as a result of rent
                    reviews during the relevant 12 month period will be ignored
                    other than to the extent of any fixed rental increases under
                    the relevant Lease Documents.

               "PROPCO" means Hellweg GmbH & Co VV KG a German limited
               partnership registered with the commercial register maintained at
               the local court of Dortmund under 13991 and its general partner.

               "PROPCO ACCOUNT PLEDGE AGREEMENT" means an account pledge
               agreement granted by PropCo in relation to each of the Accounts
               held by it in favour of the Security Trustee.

               "PROPCO COMPANIES" means PropCo and Specht.

               "PROPCO EXPANSION AND REMEDIATION ACCOUNT" means the account
               designated as such under the terms of this Agreement.

               "PROPCO GENERAL ACCOUNT" means the account designated as such
               under the terms of this Agreement.

               "PROPCO PARTNERSHIP INTEREST PLEDGE AGREEMENT" means a first
               ranking partnership interest pledge agreement dated prior to the
               Utilisation Date over the partnership interests in Specht held by
               PropCo and made between (1) PropCo and (2) the Security Trustee.

               "PROPCO RENT ACCOUNT" means the account designated as such under
               the terms of this Agreement.

               "PROPCO RENT RESERVE ACCOUNT" means the account designated as
               such under the terms of this Agreement.

               "PROPCO SALES PROCEEDS ACCOUNT" means the account designated as
               such under the terms of this Agreement.

               "PROPERTY" means each property described in Schedule 8
               (Properties) but shall exclude any property disposed of by PropCo
               or Specht in accordance with Clause 20.6 (Disposals).

                                       18

<PAGE>

               "PROPERTY EXPENSES" means any costs, expenses and outgoings of a
               non-capital nature which are to be incurred or required to be
               incurred or to be incurred by PropCo or Specht in respect of all
               or any part of a Property, such amounts not being recoverable
               under any Lease Document.

               "PRO RATA SHARE" means, on any date:

               (a)  the proportion which a Lender's Commitment bears to the
                    Total Commitments at such date; or

               (b)  if the Total Commitments have been cancelled, the proportion
                    which its Commitment bore to the Total Commitments
                    immediately before such cancellation.

               "PURCHASE PRICE" means the consideration paid to the Seller
               pursuant to the Interest Purchase Agreement less any agreed
               apportionments in respect of Rental Income or Void Costs.

               "PUT AND CALL AGREEMENT" means the irrevocable put and call
               offers dated 28 February 2007 and made between Seller 2 and
               Purchaser regarding limited partnership interests in PropCo and
               Seller 1 and shares in GP PropCo and GP Seller 1 as may be
               amended with the prior approval of the Agent.

               "QUALIFYING LENDER" has the meaning given to it in Clause 12 (Tax
               gross-up and indemnities).

               "RECTIFICATION ACCOUNT" means an account opened by the Borrower
               with the Account Bank in the name of the Borrower charged to the
               Security Trustee. The Agent shall have sole signing rights in
               relation to the Rectification Account at all times.

               "REFERENCE BANKS" means, in relation to Mandatory Cost, the
               principal London offices of Barclays Bank plc, Lloyds TSB Bank
               plc and The Royal Bank of Scotland plc.

               "RELATED FUNDING ARRANGEMENT" means, in relation to a Loan, any
               agreement or arrangement entered into at any time (including,
               without limitation, any swap or any internal treasury
               arrangement) under which any Finance Party funds the Loan or
               matches (in whole or in part and whether by way of agreement or
               arrangement which is specifically tailored to the relevant Loan
               or is one of or a component of one or more similar agreements or
               arrangements tailored to a portfolio of loans (including the
               Loan)) its right to receive interest on the Loan at a fixed rate
               with an obligation to make a payment on that basis in exchange
               for an obligation on a counterparty (which may be a separate or
               internal division of such Finance Party) to pay interest at a
               floating rate, or otherwise hedges the interest rate risk in
               funding or maintaining the relevant Loan.

               "RELATED PARTY" means any entity:

               (a)  in respect of which a member of the WP Carey Group has at
                    all times the power to direct the management and policies,
                    whether through the

                                       19

<PAGE>

                    ownership of voting capital, by contract or otherwise or
                    with which a member of the WP Carey Group has (or is bound
                    by) an advisory or similar agreement pursuant to which that
                    member of the WP Carey Group is the sole investment advisor
                    with respect to such entity; and

               (b)  which has (or each Holding Company of which has) at all
                    times a net worth of not less than E 40,000,000,

               including, without limitation, Corporate Property Associates 14
               Incorporated, Corporate Property Associates 15 Incorporated and
               Corporate Property Associates 16 - Global Incorporated and any
               Subsidiary of each such entity (provided that the requirements of
               paragraph a) and b) of this definition are satisfied at all times
               in relation to each such entity).

               "RELEASE PRICING" means, in respect of a Disposal, the aggregate
               of:

               (a)  115 % of the Allocated Loan Amount for the Property the
                    subject of the Disposal (other than any HBR Property); or

               (b)  in the case of any HBR Property, 128% of the Allocated Loan
                    Amount for the Property,

                    (in each case such percentage being the "ALA"); and

               (c)  an amount calculated by the Agent as being payable pursuant
                    to Clause 7.5 (Restrictions) on a repayment of the Loan in
                    an amount equal to the ALA on the next Interest Payment
                    Date.

               "RELEVANT INTERBANK MARKET" means the European interbank market.

               "RELIANCE LETTERS" means letters from each of the report
               providers referred to in Schedule 2 in a form acceptable to the
               Agent.

               "REMEDIATION AMOUNT" means E1,987,500 which shall be paid
               into the Expansions Account in addition to the Expansion Amount.

               "RENT ACCOUNT" means the Borrower Rent Account, Seller 2 Rent
               Account and PropCo Rent Account and each of them.

               "RENT RESERVE AMOUNT" means the Security Deposit (as defined in
               the Principal Occupational Lease) which as at the date of this
               Agreement will be the sum of E24,960,000 and thereafter as
               adjusted in accordance with the provisions of paragraph 32 of the
               Principal Occupational Lease.

               "RENTAL INCOME" means on any day the aggregate of all amounts
               payable to or for the benefit or account of PropCo arising from
               or in connection with the letting, use or occupation of a
               Property (or any part of a Property), including (without
               limitation and without double counting):

               (a)  rents, licence fees and equivalent sums reserved or made
                    payable;

                                       20

<PAGE>

               (b)  sums received from any deposit held as security for the
                    performance of any tenant's obligations;

               (c)  any premium paid on the grant of any Occupational Lease;

               (d)  any other monies payable in respect of use and/or
                    occupation;

               (e)  proceeds of insurance in respect of loss of rent and
                    interest thereon;

               (f)  receipts from or the value of consideration given for the
                    surrender or variation of any letting;

               (g)  proceeds paid by way of reimbursement of expenses incurred
                    or on account of expenses to be incurred in the management,
                    maintenance and repair of, and the payment of insurance
                    premiums for, the Properties;

               (h)  proceeds paid for a breach of covenant under any
                    Occupational Lease and for expenses incurred in relation to
                    any such breach;

               (i)  any contribution to a sinking fund paid by an occupational
                    tenant;

               (j)  payments from a guarantor in respect of any of the items
                    listed in this definition;

               (k)  interest, damages or compensation in respect of any of the
                    items in this definition; and

               (l)  any VAT or similar taxes on any sum mentioned in this
                    definition.

               "REPEATING REPRESENTATIONS" means each of the representations set
               out in Clause 17 (Representations) other than the representations
               set out in Clauses 17.8 (No filing or stamp taxes), 17.16.1
               (Valuation) (in respect of the Initial Valuation only) and
               17.17.3 (Transaction Documents).

               "REPORT ON TITLE" means each Appropriately Addressed report on
               title/report relating to the Properties and the Interest Purchase
               Agreement, in form and substance satisfactory to the Agent, and
               prepared by Hogan & Hartson Raue LLP, lawyers for the Borrower.

               "RESERVATIONS" means: (i) the principle that equitable remedies
               are remedies which may be granted or refused at the discretion of
               the court, (ii) the limitation of enforcement by laws relating to
               bankruptcy, insolvency, liquidation, reorganisation, court
               schemes, moratoria, administration and other laws generally
               affecting the rights of the creditors, (iii) defences of set-off
               or counterclaim and similar principles and (iv) qualifications
               and reservation as to matters of law in any legal opinion
               delivered to the Agent under Schedule 2 (Conditions Precedent).

               "S&P" means Standard & Poor's, a division of the McGraw-Hill
               Companies, Inc. or any successor to its rating business.

                                       21

<PAGE>

               "SALES PROCEEDS ACCOUNT" means the PropCo Sales Proceeds Account,
               the Seller 2 Sales Proceeds Account and the Borrower Sales
               Proceeds Account and each of them.

               "SECURED LIABILITIES" means all present and future obligations
               and liabilities whether actual or contingent and whether owed
               jointly or severally or in any other capacity whatsoever of the
               Borrower and the Shareholders to the Finance Parties (or any of
               them) under the Finance Documents.

               "SECURITY" means any mortgage, standard security, pledge, lien,
               hypothecation, title retention, charge, assignment by way of
               security or other agreement or arrangement having the effect of
               conferring security.

               "SECURITY ASSIGNMENT OF CLAIMS UNDER LEASE AGREEMENTS"
               (Sicherungsabtretung von Forderungen aus Mietvertragen) means a
               security assignment of claims under lease agreements granted by
               PropCo in favour of the Security Trustee.

               "SECURITY ASSIGNMENT OF CLAIMS UNDER SALE AND PURCHASE
               AGREEMENTS" (Sicherungsabtretung von Forderungen aus einem
               Grundstuckskaufvertrag) means a security assignment of claims
               under sale and purchase agreements granted by the Borrower in
               favour of the Security Trustee.

               "SECURITY ASSIGNMENT OF INSURANCE CLAIMS" (Sicherungsabtretung
               von Versicherungsforderungen) means a security assignment of
               insurance claims granted by PropCo and the Borrower in favour of
               the Security Trustee;

               "SECURITY DOCUMENT" means:

               (a)  each Land Charge;

               (b)  each Account Pledge Agreement;

               (c)  the Security Assignment of Claims under Sale and Interest
                    Purchase Agreements;

               (d)  the Security Assignment of Claims under Lease Agreements;

               (e)  the Security Assignment of Insurance Claims;

               (f)  each Share Pledge Agreement;

               (g)  each Partnership Interest Pledge Agreement;

               (h)  each Security Purpose Agreement;

               (i)  each Global Assignment Agreement;

               (j)  the Subordination Agreement;

               (k)  the Security Documents (as defined in the WPC Facility
                    Agreement) in relation to the WPC Facility Agreement;

                                       22

<PAGE>

               (l)  any other security document that may at any time be given as
                    security for any of the Secured Liabilities pursuant to or
                    in connection with any Finance Document; and

               (m)  any other document designated as such by the Agent and the
                    Borrower.

               "SECURITY PURPOSE AGREEMENT" means each security purpose
               agreement (Sicherungszweckvereinbarung) in the Agreed Form
               granted by the PropCo Companies in favour of the Security Trustee
               determining the security purpose of each Land Charge.

               "SECURITY PROVIDER" means the entity granting Security pursuant
               to each of the Security Documents.

               "SELLER 1" means Semer UV KG and its general partner.

               "SELLER 2" means Mr Reinhold Semer.

               "SELLER 2 ACCOUNT PLEDGE AGREEMENT" means an account pledge
               agreement granted by Seller 2 in relation to each of the Accounts
               held by it in favour of the Security Trustee.

               "SELLER 2 FACILITY AGREEMENT" means the Loan Agreement set forth
               in Annex A recorded in the notarial deed of the officiating
               notary public dated 28 February 2007 (Roll of Deeds No's. MW-41,
               42, 43, 45 and 46/2007) and any documents supplemental to such
               agreement.

               "SELLER 2 LOAN" means the loan made available pursuant to the
               Seller 2 Facility Agreement.

               "SELLER 2 RENT ACCOUNT" means the account designated as such
               under the terms of this Agreement which will be used by Seller 2
               to pay interest due on the Seller 2 Loan.

               "SELLER 2 SALES PROCEEDS ACCOUNT" means the account designated as
               such under the terms of this Agreement.

               "SELLERS" means Seller 1 and Seller 2.

               "SHAREHOLDER" means HLWG Two Lender S.a r.l., a Luxembourg
               limited liability company, and H2 Lender WPC LLC, a Delaware
               (U.S.A.) limited liability company, H2 LENDER (GER) QRS 14-105,
               INC., H2 LENDER (GER) QRS 15-92, INC. and H2 LENDER (GER) QRS
               16-101, INC., each a Delaware (U.S.A.) corporation.

               "SHARE PLEDGE AGREEMENT" means each of:

               (a)  the Shareholder Share Pledge Agreement; and

               (b)  the Borrower Share Pledge Agreement.

                                       23

<PAGE>

               "SHAREHOLDER SHARE PLEDGE AGREEMENT" means a share pledge
               agreement granted by the Shareholders in relation to the shares
               in the Borrower granted in favour of the Security Trustee.

               "SOLD PROPCO INTERESTS" means the limited partnership interest
               (equal to 19.9%) of Seller 1 in PropCo.

               "SOLD SELLER INTERESTS" means the limited partnership interest
               (equal to 94.9% of Seller 2 in Seller 1.

               "SPECHT" means Erwin Specht GmbH & Co. KG a German limited
               liability partnership registered with the commercial register
               maintained at the local court of Berlin-Charlottenberg under HRA
               22982 and its sole general partner Erwin Specht Verwaltungs-GmbH.

               "STRUCTURE CHART" means a chart in the Agreed Form showing the
               legal and beneficial ownership of the Obligors, the Shareholders,
               PropCo, Specht, Seller 1 and Seller 2 as at the date of this
               Agreement as the same may be amended from time to time with the
               consent of the Agent.

               "SUBORDINATED CREDITORS" means H2 LENDER (GER) QRS 14-105, INC.,
               H2 LENDER (GER) QRS 15-92, INC. and H2 LENDER (GER) QRS 16-101,
               INC., and any other person that accedes to the Subordination
               Agreement as a subordinated creditor.

               "SUBORDINATION AGREEMENT" means the deed of subordination and
               priority entered into or to be entered into by the Borrower, the
               Agent, the Security Trustee and the Subordinated Creditors.

               "SUBSIDIARY" means an entity of which a person has direct or
               indirect control or owns directly or indirectly more than 24 per
               cent. of the voting capital or similar right of ownership (except
               where such term is used in the definition of "Related Party"
               where it means an entity of which a person has direct or indirect
               control or owns directly or indirectly more than 50 per cent. of
               the voting capital or similar right of ownership) and control for
               this purpose means the power to direct the management and the
               policies of the entity whether through the ownership of voting
               capital, by contract or otherwise.

               "TAXES" means any tax, levy, impost, duty or other charge or
               withholding of a similar nature (including any penalty or
               interest payable in connection with any failure to pay or any
               delay in paying any of the same).

               "TAX REPORT" means an Appropriately Addressed report satisfactory
               to the Agent in respect of applicable Taxes in respect of the
               transaction contemplated by the Transaction Documents addressed
               to the Finance Parties and their successors in title (and such
               other parties as the Agent shall require for the purposes of
               warehousing or securitisation).

               "TERM" means from and including the Utilisation Date to and
               including the Termination Date.

                                       24

<PAGE>

               "TERMINATION DATE" means subject to Clause 9.2 (Changes to the
               Interest Payment Date and Interest Period) either the tenth
               anniversary of the Utilisation Date or, if such date is not an
               Interest Payment Date, the Interest Payment Date immediately
               preceding such date.

               "TOTAL COMMITMENTS" means the aggregate of the Commitments.

               "TRANSACTION DOCUMENTS" means:

               (a)  the Finance Documents;

               (b)  the Lease Documents;

               (c)  the Interest Purchase Agreement and all annexures thereto;

               (d)  the Put and Call Agreement and all annexures thereto;

               (e)  the Subordination Agreement (as defined in the Interest
                    Purchase Agreement); and

               (f)  any other document designated as such by the Agent and the
                    Borrower.

               "TRANSFER CERTIFICATE" means a certificate substantially in one
               of the forms set out in Schedule 5 (Form of Transfer Certificate)
               or any other form agreed between the Agent and the Borrower.

               "TRANSFER DATE" means, in relation to a transfer, the later of:

               (a)  the proposed Transfer Date specified in the Transfer
                    Certificate; and

               (b)  the date on which the Agent executes the Transfer
                    Certificate.

               "UNPAID SUM" means any sum due and payable but unpaid by the
               Borrower under the Finance Documents.

               "UTILISATION" means a utilisation of the Facility.

               "UTILISATION DATE" means the date of a Utilisation, being the
               date on which the relevant Loan is to be made.

               "UTILISATION REQUEST" means a notice substantially in the form
               set out in Schedule 3 (Utilisation Request).

               "VALUER" means Ehrenberg, Niemeyer and Adam or any other surveyor
               or valuer with experience of carrying out valuations of
               properties of a similar nature to the Properties as may be
               appointed by the Agent.

               "VALUATION" means an Appropriately Addressed valuation of the
               Borrower's interest in the Properties by the Valuer in a form and
               substance satisfactory to the Agent.

               "VAT" means value added tax as provided for in the German
               Umsatzsteuergesetz 1999 and any other tax of a similar nature.

                                       25

<PAGE>

               "VOID COSTS" means the amounts (together with VAT or any similar
               Taxes or charges thereon) of ground rent, rates, service charges,
               insurance premiums, management fees (other than the fees of the
               Asset Manager), repair and maintenance and any other outgoings
               whatsoever with respect to the Property to the extent that the
               same are not fully funded by the tenants under the Occupational
               Leases.

               "WARRANTIES HOLDBACK" means shall have the meaning ascribed to it
               in the Interest Purchase Agreement and for the avoidance of doubt
               shall be E5,000,000 at the Utilisation Date.

               "WEISE" means BeW Kfz-Service GmbH & Co. KG and BeW Kfz-Service
               Verwaltungs-GmbH .

               "W.P. CAREY GROUP" means W.P. Carey & Co. LLC or any entity
               controlled by W.P. Carey & Co. LLC or any of its Affiliates.

               "WPC FACILITY AGREEMENT" means a Facility Agreement dated on or
               around the date of this Agreement and made between, inter alia,
               WPC Lender (1) the Arranger (2), the Original Lenders (3), the
               Agent (4) and the Security Trustee (5).

               "WPC LENDER" means HLWG TWO LENDER S.A R.L. a Luxembourg private
               limited liability company (societe a responsabilite limitee)
               incorporated with the Luxembourg Register of Commerce and Company
               under number B 124.626 having its registered office at 23, Val
               Fleuri, L-1526 Luxembourg.

               "WPC LENDER FINANCE DOCUMENT" means a Finance Document as defined
               in the WPC Facility Agreement.

               "WPC LENDER RENT ACCOUNT" means the Borrower Rent Account as such
               term is defined in the WPC Lender Facility Agreement.

               "WPC LENDER TOTAL COMMITMENTS" means the Total Commitments as
               such term is defined in the WPC Lender Facility Agreement.

               "WPC LOAN" means the loan made available pursuant to the WPC
               Lender Facility Agreement.

1.2            CONSTRUCTION

1.2.1          Unless a contrary indication appears, any reference in this
               Agreement to:

1.2.1.1        the "AGENT", the "ARRANGER", the "BORROWER", any "FINANCE PARTY",
               any "LENDER", any "PARTY" or the "SHAREHOLDERS" shall be
               construed so as to include its successors in title, permitted
               assigns and permitted transferees;

1.2.1.2        "ASSETS" includes present and future properties, revenues and
               rights of every description;

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1.2.1.3        a "FINANCE DOCUMENT" or any other agreement or instrument is a
               reference to that Finance Document or other agreement or
               instrument as amended, restated, replaced, supplemented or
               novated;

1.2.1.4        "INDEBTEDNESS" includes any obligation (whether incurred as
               principal or as surety) for the payment or repayment of money,
               whether present or future, actual or contingent;

1.2.1.5        a "PERSON" includes any person, firm, company, corporation,
               government, state or agency of a state or any association, trust
               or partnership (whether or not having separate legal personality)
               or two or more of the foregoing;

1.2.1.6        a "REGULATION" includes any regulation, rule, official directive,
               request or guideline (whether or not having the force of law) of
               any governmental, intergovernmental or supranational body,
               agency, department or regulatory, self-regulatory or other
               authority or organisation;

1.2.1.7        the "PROPERTY" includes each and every part of it, including all
               buildings, fixtures (including trade fixtures (but excluding any
               tenant's fixtures) and fixed plant and machinery, furnishings,
               fittings, equipment, decoration and other structures now or in
               future on it and all easements and rights of whatsoever nature
               attaching to it;

1.2.1.8        a document being "IN THE AGREED FORM" means that it is initialled
               for the purposes of identification as such by the Borrower and
               the Agent or by their respective legal advisers on their behalf
               and where not so initialled, being in such form as the Agent
               shall otherwise require;

1.2.1.9        a provision of law is a reference to that provision as amended or
               re-enacted; and

1.2.1.10       a time of day is a reference to London time.

1.2.2          a document being "APPROPRIATELY ADDRESSED" means that such
               document is addressed to and capable of being relied upon by the
               Security Trustee (and Rating Agencies and Regulatory Authorities
               on a non-reliance basis only) for itself and for and on behalf of
               the Finance Parties (including their respective successors in
               title and assigns) and to assignees, chargees or transferees of
               any of those parties for the purposes of a warehousing or
               securitisation of the Facility and any bond underwriters for the
               purpose of a securitisation.

1.2.3          Section, Clause and Schedule headings are for ease of reference
               only.

1.2.4          Unless a contrary indication appears, a term used in any other
               Finance Document or in any notice given under or in connection
               with any Finance Document has the same meaning in that Finance
               Document or notice as in this Agreement.

1.2.5          A Default (other than an Event of Default) is "CONTINUING" if it
               has not been remedied or waived and an Event of Default is
               "CONTINUING" if it has not been waived.

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<PAGE>

1.2.6          Where under a Finance Document a Finance Party is required to act
               reasonably, it is reasonable for (without limitation) that
               Finance Party to act in a manner which, in the opinion of that
               Finance Party, is reasonably appropriate to avoid an adverse
               effect on the then current ratings of securities issued in
               connection with any Securitisation.

1.3            THIRD PARTY RIGHTS

               Unless expressly provided to the contrary in a Finance Document,
               a person who is not a Party (other than a receiver, receiver or
               manager or administrative receiver appointed under any Finance
               Document) has no right under the Contracts (Rights of Third
               Parties) Act 1999 to enforce or enjoy the benefit of any term of
               that Finance Document.

1.4            DISPOSITION OF PROPERTY

               The terms of the other Finance Documents and of any agreement,
               document or side letter between the Parties are incorporated into
               each Finance Document to the extent required for any purported
               disposition of any Property or any part thereof and any other
               relevant Charged Asset contained in any Finance Document to be a
               valid disposition in accordance with German law.

2.             THE FACILITY

2.1            THE FACILITY

               Subject to the terms of this Agreement, the Lenders make
               available to the Borrower a euro term loan facility in an
               aggregate maximum amount not exceeding the Total Commitments.

2.2            FINANCE PARTIES RIGHTS AND OBLIGATIONS

2.2.1          The obligations of each Finance Party under the Finance Documents
               are several. Failure by a Finance Party to perform its
               obligations under the Finance Documents does not affect the
               obligations of any other Party under the Finance Documents. No
               Finance Party is responsible for the obligations of any other
               Finance Party under the Finance Documents.

2.2.2          The rights of each Finance Party under or in connection with the
               Finance Documents are separate and independent rights and any
               debt arising under the Finance Documents to a Finance Party from
               the Borrower shall be a separate and independent debt.

3.             PURPOSE

3.1            PURPOSE

               The Borrower shall apply all amounts borrowed by it under the
               Facility to partly finance the purchase of the Sold PropCo
               Interests and the Sold Seller 1 Interests pursuant to the terms
               of the Interest Purchase Agreement.

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<PAGE>

3.2            MONITORING

               No Finance Party is bound to monitor or verify the application of
               any amount borrowed pursuant to this Agreement.

4.             CONDITIONS OF UTILISATION

4.1            CONDITIONS PRECEDENT

4.1.1          The obligations of each Finance Party to the Borrower under the
               Finance Documents are subject to the condition precedent that the
               Agent has notified the Lenders and the Borrower that it has
               received (or that it is satisfied that, subject only to the
               advance of the Facility, it or its advisors will receive) all of
               the documents and evidence set out in Schedule 2 (Conditions
               Precedent) in form and substance satisfactory to the Agent. The
               Agent must give this notification to the Borrower and the Lenders
               promptly upon being so satisfied.

4.1.2          The Agent may refuse to accept a Utilisation Request if the
               Lender believes that the notification referred to at Clause 4.1.1
               above will not be given on or before the Utilisation Date.

4.1.3          If on the proposed Utilisation Date the Agent has not issued the
               notification referred to in Clause 4.1.1 above then:

               (a)  if all the Lenders agree the Loan shall still be made; and

               (b)  the proceeds of the Loan will be paid into the U.K. or
                    German client account of White & Case LLP to be held to the
                    order of the Lender until the Agent gives the notification
                    referred to in Clause 4.1.1 above.

4.2            FURTHER CONDITIONS PRECEDENT

               The Lenders will only be obliged to comply with Clause 5.4
               (Lenders' participation) if on the date of the Utilisation
               Request and on the proposed Utilisation Date:

4.2.1          no Default is continuing or would result from the proposed Loan;

4.2.2          the Repeating Representations to be made by the Borrower are
               correct and will be correct immediately after the Loan is made;
               and

4.2.3          the Loan will not exceed the Facility Amount.

4.3            CONDITION SUBSEQUENT

               The Agent shall receive all the documents and other evidence
               listed in the Conditions Subsequent section of Schedule 2
               (Conditions Subsequent Documents) in form and substance
               satisfactory to the Agent (acting reasonably) and within the
               timescales set out in that section of Schedule 2 and the Agent
               shall notify the Borrowers promptly upon being so satisfied.

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<PAGE>

5.             UTILISATION

5.1            DELIVERY OF THE UTILISATION REQUEST

               The Borrower may utilise the Facility by delivery to the Agent of
               the duly completed Utilisation Request not later than 11.00 am
               six Business Days before the proposed Utilisation Date.

5.2            COMPLETION OF THE UTILISATION REQUEST

               The Utilisation Request is irrevocable and will not be regarded
               as having been duly completed unless the proposed Utilisation
               Date is a Business Day within the Availability Period.

5.3            NUMBER OF UTILISATIONS

5.3.1          The Borrower may only make one Utilisation.

5.3.2          Immediately following the Utilisation, any undrawn portion of the
               Facility shall be automatically cancelled.

5.4            LENDERS' PARTICIPATION

5.4.1          If the conditions set out in this Agreement have been met, each
               Lender shall make its participation in the Loan available by the
               Utilisation Date through its Facility Office.

5.4.2          The amount of each Lender's participation in the Loan will be
               equal to its Pro Rata Share.

5.4.3          The Agent shall notify each Lender of the amount of the Loan and
               the amount of its participation in the Loan by 3.00 pm two
               Business Days before the proposed Utilisation Date.

6.             REPAYMENT

6.1            REPAYMENT OF LOAN

6.1.1          Subject to Clauses 6.1.2 and 6.2 below, each Borrower shall repay
               the Loan in instalments in the amounts and on the dates set out
               in Schedule 10 (the "REPAYMENT SCHEDULE"), each such instalment
               being a "REPAYMENT INSTALMENT".

6.1.2          All outstanding amounts are to be repaid in full on or before the
               Termination Date.

6.2            FINAL REPAYMENT

               Notwithstanding any other provisions of this Agreement, on the
               earlier of:

6.2.1          the Termination Date;

6.2.2          the sale, transfer, surrender or other disposal of all of the
               Properties; or

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<PAGE>

6.2.3          the refinancing of the Loan;

               the Borrower shall pay to the Agent for distribution to the
               Lenders the remaining balance of the Loan in full, together with
               accrued interest and all other amounts payable under the Finance
               Documents.

6.3            REBORROWING

               No amount repaid under this Agreement may be re-borrowed.

7.             PREPAYMENT AND CANCELLATION

7.1            ILLEGALITY

               If it becomes after the date of this Agreement unlawful in any
               applicable jurisdiction for a Lender to perform any of its
               obligations as contemplated by this Agreement or to fund or
               maintain its participation in the Loan:

7.1.1          that Lender shall promptly notify the Agent upon becoming aware
               of that event;

7.1.2          upon the Agent notifying the Borrower, the Commitment of that
               Lender will be immediately cancelled; and

7.1.3          the Borrower shall prepay that Lender's participation in the Loan
               made to the Borrower on the last day of the Interest Period for
               the Loan occurring after the Agent has notified the Borrower or,
               if earlier, the date specified by the Lender in the notice
               delivered to the Agent (being no earlier than the last day of any
               applicable grace period permitted by law).

7.2            MANDATORY PREPAYMENT ON CHANGE OF CONTROL

               Subject to the provisions of Clause 7.9.10, if there is a Change
               of Control without the prior written consent of the Majority
               Lenders, other than a Permitted Change of Control:

7.2.1          the Borrower shall promptly notify the Agent upon becoming aware
               of the event;

7.2.2          if the Majority Lenders so require the Agent shall by not less
               than 5 Business Days notice to the Borrower cancel the Facility
               and declare the Loan together with accrued interest, and all
               other amounts accrued under the Finance Documents immediately due
               and payable, whereupon the Facility will be cancelled and all
               such outstanding amounts will become immediately due and payable;
               and

7.2.3          If, and so long as, the Majority Lenders do not require
               cancellation under Clause 7.2.2 then the Borrower shall
               immediately supply the Agent with such documents or information
               as the Agent shall require including, without limitation,
               documents for know your customer and Money Laundering Regulations
               and conditions subsequent in relation to each relevant person.

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<PAGE>

7.3            MANDATORY PREPAYMENT OF DISPOSAL PROCEEDS

               Subject to the provisions of Clause 7.9.10, the Security Trustee
               shall (and is irrevocably authorised by the Borrower to) on each
               Interest Payment Date and on the Termination Date, apply the
               balance standing to the credit of the Borrower Sales Proceeds
               Account in prepayment in whole or part of the Loan together with
               any amounts payable on such prepayment in accordance with Clause
               7.9 (Restrictions).

7.4            VOLUNTARY PREPAYMENT OF LOAN

7.4.1          Subject to the provisions of Clause 7.9 (Restrictions), Clause
               10.2 (Prepayment and Cancellation Fees) and to Clause 14 (Other
               Indemnities), the Borrower may, if it gives the Agent not less
               than 10 Business Days' (or such shorter period as the Majority
               Lenders may agree) prior notice, prepay the whole or any part of
               the Loan (but, if in part, being an amount that reduces the
               amount of the Loan by a minimum amount of E10,000,000 and an
               integral multiple of E1,000,000) provided that the Loan
               shall not be prepaid in whole before all outstanding amounts
               under the WPC Loan have been repaid or prepaid in full.

7.4.2          Prepayments shall be applied to repay the Loan to the extent that
               it remains outstanding.

7.5            RIGHT OF REPAYMENT AND CANCELLATION IN RELATION TO A SINGLE
               LENDER

7.5.1          Subject to the provisions of Clause 7.9.10, if:

7.5.1.1        any sum payable to any Lender by the Borrower is required to be
               increased under Clause 12.2.3 (Tax gross-up); or

7.5.1.2        any Lender claims indemnification from the Borrower under Clause
               12.3 (Tax indemnity) or Clause 13.1 (Increased costs);

               the Borrower may, whilst the circumstance giving rise to the
               requirement or indemnification continues give the Agent notice of
               cancellation of the Commitment of that Lender and its intention
               to procure the repayment of that Lender's participation in the
               Loan.

7.5.2          On receipt of a notice referred to in Clause 7.5.1 above, the
               Commitment of that Lender shall immediately be reduced to zero.

7.5.3          On the last day of the next succeeding Interest Period which ends
               after the Borrower has given notice under Clause 7.5.1 above (or,
               if earlier, the date specified by the Borrower in that notice),
               the Borrower shall repay that Lender's participation in the Loan,
               together with accrued interest and all other Secured Liabilities
               payable to that Lender.

7.6            SUBSTITUTION AND ADDITION TO SECURITY

               If the Borrower wants any Property or Properties already charged
               pursuant to the Security Documents (each a "RELEASE PROPERTY") to
               be released and

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<PAGE>

               substituted as security by an Additional Property or Additional
               Properties it must obtain the prior written consent of the
               Security Trustee (to such release and substitution) and satisfy
               the conditions set out in Clauses 7.7 and 7.8 below. The consent
               of the Security Trustee to such substitution shall not be
               unreasonably withheld where the aggregate of the Market Value
               (determined in accordance with the Initial Valuation) of:

7.6.1          the Properties already released from the Security Documents
               during the preceding 12 month period; and

7.6.2          the Value of the Release Property,

               does not exceed 15 per cent. of the Initial Valuation (provided
               that such substitutions shall not be carried out in respect of
               Properties having an aggregate Market Value (determined in
               accordance with the Initial Valuation) of more than 35 per cent.
               of the Initial Valuation during the Term) but in all other cases
               such consent may be withheld or granted subject to such
               conditions as the Security Trustee in its absolute discretion
               decides.

7.7            SUBSTITUTION CONDITIONS PRECEDENT

               The conditions precedent to any such release and/or substitution
               as referred to in Clause 7.6 above are as follows:

7.7.1          no Default is subsisting;

7.7.2          the Borrower supplies such further information and details
               concerning any offered Additional Property as the Security
               Trustee may reasonable request;

7.7.3          the provisions of Clause 7.8 below are complied with;

7.7.4          such Additional Property is similar in nature and quality in all
               material respect to the Property being released or substituted;

7.7.5          the Net Rental Income from such Additional Property shall not be
               less than the Net Rental Income for the substitute Property;

7.7.6          the Market Value shall not be less than the Market Value
               (determined in accordance with the Initial Valuation) of the
               Release Property;

7.7.7          any such substitution will not cause the Borrower to be in breach
               of its obligations under Clause 19.2 (Interest Cover).

7.8            SUBSTITUTION REQUIREMENTS

7.8.1          Prior to the release from the Security Documents of any Release
               Property the Borrower shall deliver to the Security Trustee the
               following:

7.8.1.1        a Valuation from the Valuer showing the value of the Additional
               Property (the "ADDITIONAL PROPERTY VALUATION");

7.8.1.2        a duly executed Additional Charge;

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<PAGE>

7.8.1.3        such other documents or information as the Security Trustee
               reasonably requires so that the conditions referred to in Clause
               4 (Conditions of Utilisation) are satisfied (mutatis mutandis);

7.8.1.4        payment of the reasonable costs of the Valuer and the Security
               Trustee's lawyers and other reasonable costs incurred by the
               Security Trustee in connection with the release and/or
               substitution.

7.8.2          Upon the completion of any Additional Charge (i) such shall be
               included within the definition of "Security Documents" and
               references in this Agreement to "Land Charge" shall be read and
               construed respectively as references to the Land Charge and every
               Additional Charge collectively and (ii) the Security Trustee
               shall, at the request and cost of the Borrower, release the Land
               Charge or Additional Charge (as the case may be) insofar as it
               relates to the Release Property but no further or otherwise.

7.9            RESTRICTIONS

7.9.1          Any notice of cancellation or prepayment given by any Party under
               this Clause 7 (Prepayment and Cancellation) shall be irrevocable
               and, unless a contrary indication appears in this Agreement,
               shall specify the date or dates upon which the relevant
               cancellation or prepayment is to be made and the amount of that
               cancellation or prepayment.

7.9.2          Any prepayment under this Agreement shall be made together with:

7.9.2.1        accrued interest on the amount repaid or prepaid;

7.9.2.2        any fee payable under Clause 10 (Fees);

7.9.2.3        any amounts payable under Clause 14 (Other Indemnities);

7.9.2.4        any amount payable under Clause 16 (Costs and Expenses); and

7.9.2.5        if the Borrower prepays on a date which is not an Interest
               Payment Date, the Borrower shall also pay to the Agent on the
               date of such prepayment such amount of interest (including
               Margin) (as determined by the Agent) as would have been payable
               on the amount prepaid during the period from the date on which
               such amount is prepaid to the next Interest Payment Date.

7.9.3          Any such Prepayment not on an Interest Payment Date, shall not
               alter or require the Agent to terminate, vary or amend any
               Hedging Arrangements (without prejudice to the Agent's
               entitlement to do so in its discretion).

7.9.4          Where a Lender acquires or holds its Pro Rata Share in the Loan
               otherwise than in connection with a securitisation or other
               transaction having a similar effect, any sum intended to be a
               prepayment shall be put on an interest bearing deposit account
               charged in favour of the Security Trustee until the next Interest
               Payment Date (after such prepayment) and any such interest earned
               shall (unless an Event of Default is outstanding) be credited to
               the Borrower on the next Interest Payment Date when the actual
               prepayment is effected.

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<PAGE>

7.9.5          The Borrower may not reborrow any part of the Facility which is
               prepaid.

7.9.6          The Borrower shall not repay or prepay all or any part of the
               Loan or cancel all or any part of the Total Commitments except at
               the times and in the manner expressly provided for in this
               Agreement.

7.9.7          No amount of the Total Commitments cancelled under this Agreement
               may be subsequently reinstated.

7.9.8          Any prepayment of the Loan will be applied:

7.9.8.1        against either the remaining Repayment Instalments payable
               pursuant to Clause 6.1.1 (Repayment of Loan) or any balance
               payable pursuant to Clause 6.1.2 (Repayment of Loan); and

7.9.9          If the Agent receives a notice under this Clause 7 it shall
               promptly forward a copy of that notice to either the Borrower or
               the affected Lender, as appropriate.

7.9.10         The Loan shall not be prepaid in whole (other than pursuant to
               Clause 7.1 (Illegality)) without the written consent of the Agent
               before all outstanding amounts under the WPC Loan have been
               repaid or prepaid in full. Furthermore, there shall be no
               voluntary prepayments under this Agreement without the written
               consent of the Agent before all outstanding amounts under the WPC
               Loan have been repaid or prepaid in full.

8.             INTEREST

8.1            CALCULATION OF INTEREST

               The rate of interest on the Loan for each Interest Period is the
               percentage rate per annum determined by the Agent to be the
               aggregate of:

8.1.1          the Margin;

8.1.2          the Fixed Rate; and

8.1.3          the Mandatory Cost, if any.

8.2            PAYMENT OF INTEREST

               The Borrower shall pay accrued interest on the Loan in arrears on
               each Interest Payment Date.

8.3            DEFAULT INTEREST

8.3.1          If the Borrower fails to pay any amount payable by it under a
               Finance Document on its due date, interest shall accrue on the
               overdue amount from the due date up to the date of actual payment
               (both before and after judgment) at a rate which, subject to
               Clause 8.3.2 below, is 2% per annum higher than the rate which
               would have been payable if the overdue amount had, during the
               period of non-payment, constituted the Loan in the currency of
               the overdue

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<PAGE>

               amount for successive Interest Periods, each of a duration
               selected by the Agent. Any interest accruing under this Clause
               8.3 shall be immediately payable by the Borrower on demand by the
               Agent.

8.3.2          If any overdue amount consists of all or part of the Loan which
               became due on a day which was not the last day of an Interest
               Period relating to the Loan:

8.3.2.1        the first Interest Period for that overdue amount shall have a
               duration equal to the unexpired portion of the current Interest
               Period relating to the Loan; and

8.3.2.2        the rate of interest applying to the overdue amount during that
               first Interest Period shall be 2% higher than the rate which
               would have applied if the overdue amount had not become due.

8.3.3          Default interest (if unpaid) arising on an overdue amount will be
               compounded with the overdue amount at the end of each Interest
               Period applicable to that overdue amount but will remain
               immediately due and payable.

8.4            NOTIFICATION OF RATES OF INTEREST

               The Agent shall promptly notify the Lenders and the Borrower of
               the determination of a rate of interest under this Agreement.

9.             INTEREST PERIODS

9.1            INTEREST PERIODS

9.1.1          The first Interest Period for the Loan shall start on and include
               the first Utilisation Date and shall end on the day immediately
               preceding the first Interest Payment Date.

9.1.2          Each subsequent Interest Period shall start on and include, an
               Interest Payment Date and end on the day preceding the next
               following Interest Payment Date.

9.2            CHANGES TO THE INTEREST PAYMENT DATE, TERMINATION DATE AND
               INTEREST PERIOD

9.2.1          The Agent may alter the Interest Payment Date, the Termination
               Date and the Interest Period relating to the Loan on one occasion
               only to any other day (being not earlier than the existing
               Interest Payment Date or Termination Date (as the case may be)
               less two days and no later than the existing Interest Payment
               Date or Termination Date (as the case may be) plus two days) at
               any time upon giving 10 Business Days prior written notice to the
               Borrowers, and such change shall take effect on and from the
               Interest Payment Date following expiry of such notice.

10.            FEES

10.1           FEE LETTER

10.1.1         The Borrower shall pay to the Arranger or to the Agent (as the
               case may be) the fees in the amounts and at the times agreed in
               any Fee Letter.

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<PAGE>

10.2           PREPAYMENT AND CANCELLATION FEES

               The Borrower must pay to the Agent a fee in the amounts agreed in
               the Fee Letter on the date of prepayment of any part of the Loan
               and on the date of cancellation of any part of the Total
               Commitments, including repayment or prepayment as a result of the
               exercise by any Finance Party of any rights under the Finance
               Documents following the occurrence of any Event of Default but
               excluding any prepayment or cancellation made under Clause 7.1
               (Mandatory prepayment - illegality) or Clause 7.5 (Right of
               repayment and cancellation in relation to a single Lender).

11.            BANK ACCOUNTS

               The undertakings in this Clause 11 remain in force from the date
               of this Agreement for so long as any amount is outstanding under
               the Finance Documents or any Commitment is in force.

11.1           DESIGNATION OF ACCOUNTS

11.1.1         BORROWER ACCOUNTS

               The Borrower shall on or prior to the Utilisation Date open and
               maintain the following bank accounts with the designated branch
               of the Account Bank with the Account Bank Minimum Rating
               Requirements in the name of the Borrower:

11.1.1.1       a current account Sort Code 6019 Account No: 18702017 designated
               the "GENERAL ACCOUNT";

11.1.1.2       a deposit account Sort Code 6019 Account No: 18702025 designated
               the "BORROWER RENT ACCOUNT";

11.1.1.3       a deposit account Sort Code 6019 Account No: 18702033 designated
               the "BORROWER SALES PROCEEDS ACCOUNT";

11.1.2         SELLER 2 ACCOUNTS

               The Borrower shall procure that on or prior to the Utilisation
               Date Seller 2 opens and maintains the following bank accounts
               with the designated branch of the Account Bank with the Account
               Bank Minimum Rating Requirements in the name of Seller 2:

11.1.2.1       a deposit account Sort Code 440 400 37 Account No: 373 019 900
               designated the "SELLER 2 RENT ACCOUNT"; and

11.1.2.2       a deposit account Sort Code 440 400 37 Account No: 373 020 700
               designated the "SELLER 2 SALES PROCEEDS ACCOUNT"

11.1.3         PROPCO ACCOUNTS

               The Borrower shall procure that on or prior to the Utilisation
               Date PropCo opens and maintains the following bank accounts with
               the designated branch

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<PAGE>

               of the Account Bank with the Account Bank Minimum Rating
               Requirements in the name of PropCo :

11.1.3.1       a deposit account Sort Code 6019 Account No: 18699016 designated
               the "PROPCO RENT ACCOUNT";

11.1.3.2       a deposit account Sort Code 6019 Account No: 18699024 designated
               the "PROPCO SALES PROCEEDS ACCOUNT";

11.1.3.3       a deposit account Sort Code 6019 Account No: 18699032 designated
               the "HOLDBACKS ACCOUNT";

11.1.3.4       a deposit account Sort Code 6019 Account No: 18699040 designated
               the "PROPCO RENT RESERVE ACCOUNT";

11.1.3.5       a deposit account Sort Code 6019 Account No: 18699058 designated
               the "PROPCO EXPANSION AND REMEDIATION ACCOUNT";

11.1.3.6       a current account Sort Code 6019 Account No: 18699066 designated
               the "PROPCO GENERAL ACCOUNT";

11.2           NO OTHER ACCOUNTS

               The Borrower shall not, and the borrower shall procure that
               PropCo and Specht shall not, without the prior consent of the
               Agent, maintain any bank account other than the accounts set out
               in this Clause.

11.3           WITHDRAWALS FROM THE GENERAL ACCOUNTS

11.3.1         If no Event of Default is continuing, the Borrower may withdraw
               any amounts standing to the credit of the General Account which
               may be used for such purposes as solely determined by the
               Borrower.

11.3.2         If no Event of Default is continuing, PropCo may withdraw any
               amounts standing to the credit of the PropCo General Account
               which may be used for the payment of any amounts payable in
               relation to tax or other administrative liabilities as determined
               by the Borrower.

11.4           RENT ACCOUNTS

11.4.1         PROPCO RENT ACCOUNT

11.4.1.1       The Borrower shall ensure that all Rental Income and any other
               sums payable to PropCo in connection with all or any part of the
               Property are promptly and directly paid into the PropCo Rent
               Account.

11.4.1.2       Immediately following receipt of the Rental Income into the
               PropCo Rent Account (and in any event, at least three Business
               Days prior to the next Interest Payment Date) the Security
               Trustee shall (and is irrevocably authorised by the Borrower to)
               instruct the Account Bank to withdraw the balance of all monies
               standing to the credit of the PropCo Rent Account and pay:

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11.4.1.2.1     an amount not exceeding E150,000 per annum into the PropCo
               General Account in or towards satisfaction of general
               administrative expenses of PropCo provided evidence of how such
               amounts have been utilised are provided to the Agent with the
               information to be provided pursuant to Clause 18.8 (Property
               Information);

11.4.1.2.2     an amount equal to 75.2601 per cent. of the balance into the
               Seller 2 Rent Account; and

11.4.1.2.3     an amount equal to 24.7399 per cent. of the balance into the
               Borrower Rent Account.

11.4.2         BORROWER RENT ACCOUNT

               On each Interest Payment Date the Security Trustee shall (and is
               irrevocably authorised by the Borrower to) instruct the Account
               Bank to withdraw from the Borrower Rent Account such amount as
               may be necessary for application on that date in or towards the
               following items and, if the credit balance in the Borrower Rent
               Account is insufficient to pay all those items, in the following
               order:

11.4.2.1       FIRST, payment pro rata of any unpaid fees, costs and expenses
               (not being amounts referred to in Clause 11.4.2.2 below) of the
               Finance Parties under the Finance Documents;

11.4.2.2       SECOND, payment pro rata of Fixed Rate Break Costs payable under
               Clause 14.4 (Fixed Rate Break Costs and Break Gains);

11.4.2.3       THIRD, payment pro rata of any accrued interest or commission due
               but unpaid under this Agreement;

11.4.2.4       FOURTH, payment of any amount due but unpaid under Clause 6.1
               (Repayment of Loan);

11.4.2.5       FIFTH, payment of any amount due but unpaid under the WPC Lender
               Facility Agreement after application of the monies standing to
               the credit of the WPC Lender Rent Account on the relevant
               Interest Payment Date; and

11.4.2.6       SIXTH, (provided that the Borrower is in compliance with the
               Interest Cover covenant on such Interest Payment Date) in payment
               of any surplus to the General Account;

               provided that the Security Trustee shall not be obliged to make
               such withdrawal if a Default is outstanding or would occur on the
               proposed date for the making of a withdrawal.

11.4.3         The Finance Parties may, in their absolute discretion, vary the
               order of payment set out in Clauses 11.4.2.1 to 11.4.2.6 above.

11.4.4         If at any time the Borrower demonstrates to the Agent's
               reasonable satisfaction that at that time there are sufficient
               monies standing in the Borrower Rent Account to satisfy the
               requirements of Clauses 11.4.2.1 to

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               11.4.2.5 on the next Interest Payment Date, the Agent shall
               withdraw such amount as the Borrower shall reasonably request and
               deposit it in to the Borrower General Account provided that the
               Borrower has first satisfied the reporting requirements contained
               in Clause 18.8 (Property Information) in respect of the
               immediately preceding Interest Period.

11.5           SALES PROCEEDS ACCOUNTS

11.5.1         The Borrower shall ensure that any Disposal Proceeds payable to
               Specht or PropCo shall, immediately following receipt of those
               Disposal Proceeds by Specht or PropCo be credited to the PropCo
               Sales Proceeds Account.

11.5.2         Immediately following receipt of any Disposal Proceeds into the
               PropCo Sales Proceeds Account the Security Trustee shall (and is
               irrevocably authorised by the Borrower to) instruct the Account
               Bank to withdraw the balance of all monies standing to the credit
               of the PropCo Sales Proceeds Account and pay:

11.5.2.1       an amount equal to 75.2601 per cent. of the balance into the
               Seller 2 Sales Proceeds Account; and

11.5.2.2       an amount equal to 24.7399 per cent. of the balance into the
               Borrower Sales Proceeds Account.

11.5.3         On each Interest Payment Date the Security Trustee shall (and is
               irrevocably authorised by the Borrower to) instruct the Account
               Bank to apply all amounts (if any) standing to the credit of the
               Borrower Sales Proceeds Account by way of prepayment of the Loan
               (and any amounts payable on such prepayment pursuant to Clause
               7.9 (Restrictions).

11.6           HOLDBACKS ACCOUNT

11.6.1         The Borrower shall ensure that it deposits the Holdback Amount
               into the Holdbacks Account on the date of Utilisation.

11.6.2         It is acknowledged that in accordance with the terms of the
               Interest Purchase Agreement, Seller 2 is entitled to the interest
               accrued in the Holdbacks Account. As such, the Security Trustee
               will be obliged to withdraw any interest accrued from time to
               time (but not more than once every six months) at the written
               request of the Borrower so that such interest can be paid over to
               Seller 2.

11.6.3         (Without Prejudice to Clause 11.6.2 above) the funds on deposit
               in the Holdbacks Account shall be withdrawn by the Security
               Trustee for payment to Seller 2 pursuant to the terms of the
               Interest Purchase Agreement or Principal Occupational Lease, as
               applicable, at the written request of the Borrower provided:

11.6.3.1       that there is no Event of Default; and

11.6.3.2       the Borrower has provided to the Agent such documentation and
               certifications in a form reasonably satisfactory to the Agent to
               substantiate the fact that the amounts for which they were held
               in the Holdbacks Account have been

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<PAGE>

               satisfied or Seller 2 provides a bank guarantee on first demand
               to the Security Trustee issued by a bank with a credit rating of
               at least the Account Bank Minimum Rating Requirements in an
               amount equal to the amount standing in the Holdbacks Account at
               that time and in a form reasonably acceptable to the Agent. If
               the credit rating of the bank providing the bank guarantee is at
               any time down graded and does not at any time have the Account
               Bank Minimum Rating Requirements then the Borrower shall at the
               request of the Agent procure that a new bank guarantee with a
               bank acceptable to the Security Trustee who shall have a rating
               of at least the Account Bank Minimum Rating Requirements is
               procured within 10 Business Days of such request.

11.6.4         If an Event of Default is continuing:

11.6.4.1       the Security Trustee is not obliged to withdraw any amount from
               the Holdbacks Account; and

11.6.4.2       the Security Trustee may withdraw any or all of the amounts from
               the Holdbacks Account (save for the Warranties Holdback which may
               only be withdrawn in accordance with Clause 11.6.5) and such
               money shall be applied in prepayment of the Loan in accordance
               with Clause 11.5 as if such amount were Disposal Proceeds.

11.6.5         It is agreed that the E3,000,000 of the Warranties Holdback
               shall remain in the Holdbacks Account for 12 months from the
               Utilisation Date (unless called upon to satisfy a warranty or
               indemnity claim pursuant to the Interest Purchase Agreement
               whereby the Security Trustee will be provided with full details
               of such claim before releasing any monies). If no claim as been
               made on the Warranties Holdback within the said 12 months, the
               said E3,000,000 shall be paid out to Seller 2 unless there
               has been an event of default (as defined in the Principal
               Occupational Lease) during such 12 month period in which case the
               money shall be released at the end of such 12 month period to the
               Borrower General Account. The remaining E2,000,000 of the
               Warranties Holdback shall remain in the Holdbacks Account for a
               further 36 months i.e. after the expiry of the first 12 months
               from the Utilisation Date (unless called upon to satisfy a
               warranty or indemnity claim pursuant to the Interest Purchase
               Agreement whereby the Security Trustee will be provided with full
               details of such claim before releasing any monies). At the end of
               the said 36 month period, the balance of the Warranties Holdback
               held in the Holdbacks Account shall be paid out to Seller 2
               unless there has been an event of default (as defined in the
               Principal Occupation Lease) during such 36 month period in which
               case the money shall be released at the end of such period to the
               Borrower's general account.

11.7           PROPCO RENT RESERVE ACCOUNT

11.7.1         The Borrower shall ensure that PropCo deposits on the date of
               this Agreement into the Rent Reserve Account the Rent Reserve
               Amount.

11.7.2         The Borrower shall be permitted to replace the Rent Reserve
               Amount with a Bank Guarantee provided that the form and substance
               of the Bank Guarantee

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               has previously been approved in writing by the Security Trustee
               and that any Bank Guarantee is renewed at least 30 days prior to
               any expiration of it.

11.7.3         If an event of default (as defined in the Principal Occupational
               Lease) is continuing under the Principal Occupational Lease, the
               Security Trustee shall withdraw any amount from the PropCo Rent
               Reserve Account and/or call on the Bank Guarantee and apply that
               amount for any purpose for which money in the Rent Reserve
               Account is held (save to the extent that the monies have already
               been paid out pursuant to Clauses 11.7.4 and/or 11.7.5 below
               following a prior written request from the Borrower) including,
               for the avoidance of doubt, the payment of money into the PropCo
               Rent Account to cover any shortfall or non-payment of Rental
               Income.

11.7.4         Provided that there is no continuing Event of Default, at any
               time that there is an event of default (as defined in the
               Principal Occupational Lease) which is continuing under the
               Principal Occupational Lease the Borrower may request in writing
               that the Security Trustee shall withdraw an amount or amounts up
               to a maximum 10 per cent. of the Rent Reserve Amount (in
               aggregate) in payment of costs incurred by the Borrower in
               marketing the Property (or any part) and/or in payment of any
               inducement to enter into a Lease Document.

11.7.5         Provided that there is no continuing Event of Default, the
               Borrower may request a further amount be withdrawn (in excess of
               the amounts referred to in Clause 11.7.4) to be used for
               marketing of the Property (or any part) and/or in payment of any
               inducement to enter into a Lease Document and the Security
               Trustee shall only withdraw such amounts with the consent of the
               Agent (such consent not to be unreasonably withheld).

11.7.6         It is acknowledged that the Rent Reserve Amount may be adjusted
               from time to time in accordance with the provisions of paragraph
               32 of the Principal Occupational Lease Provided Always that the
               Rent Reserve Amount and/or Bank Guarantee in aggregate shall not
               at any time be less than a sum equivalent to three months of the
               Basic Rent (as defined in the Principal Occupational Lease).
               Accordingly:

11.7.6.1       if the Rent Reserve Amount and/or Bank Guarantee needs to be
               increased the Borrower shall ensure that PropCo enforces OpCo's
               obligation to increase such Rent Reserve Amount and/or, as
               applicable, increase the Bank Guarantee to ensure that the Bank
               Guarantee never falls below an amount equivalent to the then
               applicable level of the Rent Reserve Amount; or,

11.7.6.2       if the Rent Reserve Amount is to be reduced and provided that
               there is no ongoing event of default of the Principal
               Occupational Lease, then the Security Trustee shall release the
               required amount to OpCo or accept a replacement Bank Guarantee
               for the such reduced amount upon the written request of the
               Borrower.

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11.8           PROPCO EXPANSION AND REMEDIATION ACCOUNT

11.8.1         The Borrower shall ensure that it deposits or procures that
               PropCo deposits on the date of this Agreement into the PropCo
               Expansion and Remediation Account the Expansion Amount

11.8.2         It is acknowledged that in accordance with the terms of the
               Principal Occupational Lease, Seller 2 is entitled to the
               interest accrued in the PropCo Expansion and Remediation Account.
               As such, the Security Trustee will be obliged to withdraw any
               interest accrued from time to time (but not more than once every
               six months) at the written request of the Borrower so that such
               interest can be paid over to Seller 2.

11.8.3         Funds on deposit in the PropCo Expansion and Remediation Account
               shall be withdrawn by the Security Trustee for the payment of the
               costs incurred by PropCo pursuant to any Expansion. The Security
               Trustee will be obliged to withdraw funds on deposit in the
               PropCo Expansion and Remediation Account at the request of the
               Borrower provided:

11.8.3.1       no Event of Default is continuing under the Principal
               Occupational Lease;

11.8.3.2       such Expansion is in accordance with Clause 20.26 (Expansion);
               and

11.8.3.3       the Borrower has provided to the Agent such documentation and
               certifications in a form satisfactory to the Agent to
               substantiate the requirement for the disbursement or Seller 2
               provides a bank guarantee on first demand to the Security Trustee
               issued by a bank with a credit rating of at least the Account
               Bank Minimum Rating Requirements in an amount equal to the
               relevant disbursement and in a form reasonably acceptable to the
               Agent. If the credit rating of the bank providing the bank
               guarantee is at any time down graded and does not at any time
               have the Account Bank Minimum Rating Requirements then the
               Borrower shall at the request of the Agent procure that a new
               bank guarantee with at least the said credit rating is procured
               within 10 Business Days.

11.8.4         If an Event of Default is continuing under the Principal
               Occupational Lease:

11.8.4.1       the Security Trustee is not obliged to withdraw any amount from
               the PropCo Expansion and Remediation Account; and

11.8.5         the Security Trustee may withdraw any amount from the PropCo
               Expansion and Remediation Account and apply that amount for any
               purpose for which the money may be applied including, for the
               avoidance of doubt, the payment of money into the PropCo Rent
               Account.

11.8.6         In the event that OpCo does not complete one or more of the
               Required Expansions (as such term is defined in the Principal
               Occupational Lease) in accordance with Clauses 13(c) and 13(d) of
               the Principal Occupational Lease, any monies remaining in the
               PropCo Expansion and Remediation Account following application
               pursuant to the provisions of Clause 13(d) of the Principal
               Occupational Lease (at the direction of the Agent in accordance
               with

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<PAGE>

               Clause 20.26 (Expansions)) shall be released from the PropCo
               Expansion and Remediation Account to the PropCo Sales Proceeds
               Account to be applied in prepayment of the Loan in accordance
               with Clause 11.5 as if such amount were Disposal Proceeds.

11.9           SIGNING RIGHTS

11.9.1         The Security Trustee shall have sole signing rights in relation
               to:

11.9.1.1       each Rent Account;

11.9.1.2       each Sales Proceeds Account;

11.9.1.3       the Holdbacks Account;

11.9.1.4       the PropCo Rent Reserve Account;

11.9.1.5       the PropCo Expansion and Remediation Account;

11.9.2         Subject to Clause 11.9.3 below, the Borrower shall have signing
               rights in relation to the General Account.

11.9.3         At any time when a Default is continuing, the Security Trustee
               may (and is irrevocably authorised by the Borrower to) operate
               the General Account and instruct the Account Bank to withdraw
               from, and apply amounts standing to the credit of the General
               Account in or towards any amounts due under the Finance
               Documents.

11.10          CURRENCY OF ACCOUNT

               Each Account shall be denominated in euro. If the Borrower or the
               Agent receives any monies for crediting to an Account in a
               currency other than euro, it will promptly convert those monies
               into euro (at the then prevailing rate of exchange quoted by the
               Agent) before depositing the proceeds into the relevant Account.

11.11          MISCELLANEOUS ACCOUNTS PROVISIONS

11.11.1        The Borrower shall ensure that no Account goes into overdraft.

11.11.2        The Borrower shall procure that statements in respect of all
               debits and credits to each Account are provided to the Agent or
               its agent not less than quarterly and within five days of each
               Interest Payment Date or such other time as the Agent may require
               upon written request to the Borrower. In addition the Borrower
               shall:

11.11.2.1      provide the Agent within three Business Days of any request by
               the Agent the following information in relation to any payment
               received in an Account:

11.11.2.1.1    date of payment/receipt;

11.11.2.1.2    payer;

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11.11.2.1.3    purpose of/for payment/receipt; and

11.11.2.2      pay any amount, received or recovered otherwise than by credit to
               the appropriate Account, to the relevant Account or to the Agent
               immediately after such receipt or recovery and in like funds as
               such receipt or recovery and shall in the meantime hold the same
               subject to the Security created by the Security Documents.

11.11.3        The Borrower shall not enter into any arrangement with the
               Account Bank under which money or the benefit of any Account may
               be applied or set-off.

11.11.4        On the Termination Date or on the Facility becoming immediately
               due and payable under this Agreement, the monies standing to the
               credit of each Account other than any account held by Seller 1
               and Seller 2 or the PropCo Rent Reserve Account or PropCo
               Expansion and Remediation Account (unless an event of default
               under the Principal Occupational Lease is outstanding) may be
               applied by the Borrower or the Security Trustee in or towards
               payment of the Secured Liabilities.

11.11.5        The Security Trustee may, if an Event of Default is continuing,
               authorise withdrawal at any time from the Accounts to pay any
               amount due and payable to a Finance Party under the Finance
               Documents.

11.11.6        The Security Trustee may delegate its powers of withdrawal under
               this Clause 12 to any insolvency administrator
               (Insolvenzverwalter), administrative receiver, receiver and/or
               manager.

11.11.7        All Accounts which are with the Account Bank shall be interest
               bearing at a rate which is in accordance with the terms and
               conditions from time to time relating to that Account.

11.12          LIMITATION OF LIABILITY

               No Finance Party shall be responsible to the Borrower for any
               non-payment of any liability of the Borrower which could be paid
               out of moneys standing to the credit of an Account (other than in
               respect of the Security Trustees' obligation pursuant to Clause
               11.4 in relation to the Rent Account). No Finance Party shall be
               liable to the Borrower for any withdrawal wrongly made if made in
               good faith in the absence of fraud, gross negligence or wilful
               misconduct on the part of its employees or agents.

11.13          BORROWER'S PAYMENT OBLIGATIONS

               This Clause 11 does not limit or affect the Borrower's
               obligations to pay the Secured Liabilities or to make voluntary
               or mandatory payments under the Finance Documents.

11.14          CHANGE OF BANK ACCOUNTS

11.14.1        If the Agent so requires or the Borrower so requests (and the
               Agent consents), an Account shall be moved to another bank,
               subject to such bank meeting the Account Bank Minimum Rating
               Requirements.

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11.14.2        The short term debt instruments in issue by each Account Bank
               must have a rating of A-1+ (or better) by S&P, F1+ (or better) by
               Fitch and P-1 (or better) by Moody's. If the short term debt
               instruments in issue by an Account Bank cease to have such a
               rating, the Agent may require that the relevant Account(s) be
               moved to another bank of its choice that satisfies such
               requirement as soon as possible and in any event within 20
               Business Days of the Borrower becoming aware of the downgrade of
               the required rating.

11.14.3        The Borrower shall do all such things as the Agent requests to
               facilitate any such change of Account(s) and the Borrower shall
               create Security in favour of the Security Trustee and the other
               Finance Parties over the balance standing to the credit of such
               Account(s) in form and substance satisfactory to the Security
               Trustee.

11.14.4        In addition to the other provisions of this Clause 11.14, a
               change of Account shall only become effective upon the proposed
               new bank agreeing with the Agent and the Borrower, in a manner
               satisfactory to the Agent to fulfil the role of the Account Bank
               as set out in this Clause 11.

12.            TAX GROSS UP AND INDEMNITIES

12.1           DEFINITIONS

12.1.1         In this Agreement:

               "EXEMPT LENDER" means, in relation to the Borrower, a Lender
               which is able (otherwise than by reason of being a Treaty Lender)
               under the domestic law of the jurisdiction of the source of the
               interest, to receive interest to receive interest free of any
               withholding or deduction for or on account of tax imposed by such
               jurisdiction.

               "PROTECTED PARTY" means a Finance Party which is or will be
               subject to any liability, or required to make any payment, for or
               on account of Tax in relation to a sum received or receivable (or
               any sum deemed for the purposes of Tax to be received or
               receivable) under a Finance Document.

               "QUALIFYING LENDER" means a Lender which on the date a payment of
               interest is made under a Finance Document is beneficially
               entitled to interest payable to that Lender in respect of an
               advance under a Finance Document and is on that date:

               (a)  an Exempt Lender; or

               (b)  a Treaty Lender.

               "TAX CONFIRMATION" means a confirmation by a Lender that the
               person beneficially entitled to interest payable to that Lender
               in respect of an advance under a Finance Document is a Qualifying
               Lender.

               "TAX DEDUCTION" means a deduction or withholding for or on
               account of Tax from a payment under a Finance Document.

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               "TAX PAYMENT" means an increased payment made by the Borrower to
               a Finance Party under Clause 12.2 (Tax gross-up) or a payment
               under Clause 12.3 (Tax indemnity).

               "TREATY LENDER" means a Lender which:

               (a)  is a resident of a Treaty State for the purposes of the
                    Treaty;

               (b)  does not carry on a business in the jurisdiction of the
                    source of the interest through a permanent establishment
                    with which that Lender's participation in the Loan is
                    effectively connected.

               "TREATY STATE" means a jurisdiction having a double taxation
               agreement (a "TREATY") with the jurisdiction of the source of the
               interest which makes provision for full exemption from tax
               imposed by the jurisdiction of the source of the interest.

12.1.2         Unless a contrary indication appears, in this Clause 12 a
               reference to "DETERMINES" or "DETERMINED" means a determination
               made in the absolute discretion of the person making the
               determination.

12.2           TAX GROSS-UP

12.2.1         Any payments to be made under or in connection with any Finance
               Document shall be made without any Tax Deduction, unless a Tax
               Deduction is required by law.

12.2.2         The Borrower shall promptly upon becoming aware that it must make
               a Tax Deduction (or that there is any change in the rate or the
               basis of a Tax Deduction) notify the Agent accordingly.
               Similarly, a Lender shall notify the Agent on becoming so aware
               in respect of a payment payable to that Lender. If the Agent
               receives such notification from a Lender it shall notify the
               Borrower.

12.2.3         If a Tax Deduction is required by law to be made by the Borrower,
               the amount of the payment due from the Borrower shall be
               increased to an amount which (after making any Tax Deduction)
               leaves an amount equal to the payment which would have been due
               if no Tax Deduction had been required.

12.2.4         The Borrower is not required to make an increased payment to a
               Lender under Clause 12.2.3 above for a Tax Deduction in respect
               of tax imposed by the jurisdiction of the source of the interest
               (excluding, however, Tax Deductions imposed by the United States)
               from a payment of interest on the Loan, if on the date on which
               the payment falls due:

12.2.4.1       the payment could have been made to the relevant Lender without a
               Tax Deduction if it was a Qualifying Lender, but on that date
               that Lender is not or has ceased to be a Qualifying Lender other
               than as a result of any change after the date it became a Lender
               under this Agreement in (or in the interpretation,
               administration, or application of) any law or Treaty, or any
               published practice or concession of any relevant taxing authority
               which is applicable to the Borrower; or

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<PAGE>

12.2.4.2       German tax authority has imposed on the Borrower an obligation to
               make a withholding on account of tax according to Section 50a
               paragraph 7 of the German Income Tax Act (Einkommensteuergesetz);
               or

12.2.4.3       the relevant Lender is a Treaty Lender and the Borrower is able
               to demonstrate that the payment could have been made to the
               Lender without the Tax Deduction had that Lender complied with
               its obligations under Clause 12.2.7 below.

12.2.5         If the Borrower is required to make a Tax Deduction, the Borrower
               shall make that Tax Deduction and any payment required in
               connection with that Tax Deduction within the time allowed and in
               the minimum amount required by law.

12.2.6         Within 30 days of making either a Tax Deduction or any payment
               required in connection with that Tax Deduction, the Borrower
               shall deliver to the Agent for the Finance Party entitled to the
               payment evidence satisfactory to that Finance Party (acting
               reasonably) that the Tax Deduction has been made or (as
               applicable) any appropriate payment paid to the relevant taxing
               authority.

12.2.7         A Treaty Lender and the Borrower when making a payment to which
               that Treaty Lender is entitled shall co-operate in completing any
               procedural formalities necessary for the Borrower to obtain
               authorisation to make that payment without a Tax Deduction. Any
               non co-operation by the Borrower under this Clause shall
               invalidate the application of Clause 12.2.4.3 above.

12.2.8         Each Original Lender warrants and represents to the Borrower on
               the date of this Agreement that, except with respect to Taxes
               imposed by the United States it is a Qualifying Lender. Each
               Original Lender shall promptly notify the Borrower if it ceases
               to be a Qualifying Lender. Any Lender other than an Original
               Lender shall give a Tax Confirmation to the Borrower on the day
               it becomes a Lender.

12.2.9         Upon the request of the Borrower, the Lender shall provide
               certification to the Borrower on Internal Revenues Service Form
               W-8BEN or Form W-8IMY of its status as a non-U.S. person in
               respect of any backup withholding tax imposed by the United
               States under Section 3406 of the Internal Revenue Code of 1986,
               as amended.

12.3           TAX INDEMNITY

12.3.1         The Borrower shall (within five Business Days of demand by the
               Agent) pay to a Protected Party an amount equal to the loss,
               liability or cost which that Protected Party determines will be
               or has been (directly or indirectly) suffered for or on account
               of Tax by that Protected Party in respect of a Finance Document.

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12.3.2         Clause 12.3.1 above shall not apply:

12.3.2.1       with respect to any Tax assessed on a Finance Party:

12.3.2.1.1     under the law of the jurisdiction in which that Finance Party is
               incorporated or, if different, the jurisdiction (or
               jurisdictions) in which that Finance Party is treated as resident
               for tax purposes; or

12.3.2.1.2     under the law of the jurisdiction in which that Finance Party's
               Facility Office or permanent establishment is located or
               otherwise subject to non-resident tax liability in respect of
               amounts received or receivable in that jurisdiction;

               if that Tax is imposed on or calculated by reference to the net
               income received or receivable (but not any sum deemed to be
               received or receivable) by that Finance Party; or

12.3.2.2       to the extent a loss, liability or cost:

12.3.2.2.1     is compensated for by an increased payment under Clause 12.2 (Tax
               gross-up);

12.3.2.2.2     is compensated for by Clause 13.1 (Increased Cost) (or would have
               been compensated for under Clause 13.1 (Increased Cost) but was
               not so compensated solely because one of the exclusions in Clause
               13.3 (Exceptions) applied);

12.3.2.2.3     is attributable to the wilful breach by the relevant Finance
               Party or its Affiliates of any law or regulation; or

12.3.2.2.4     would have been compensated for by an increased payment under
               Clause 12.2 (Tax gross-up) but was not so compensated solely
               because one of the exclusions in Clause 12.2.4 of Clause 12.2
               (Tax gross-up) applied.

12.3.3         A Protected Party making, or intending to make a claim under
               Clause 12.3.1 above shall promptly notify the Agent of the event
               which will give, or has given, rise to the claim, following which
               the Agent shall notify the Borrower.

12.3.4         A Protected Party shall, on receiving a payment from the Borrower
               under this Clause 12.3, notify the Agent.

12.4           REFUND

               If the Borrower makes a Tax Payment and the relevant Finance
               Party determines, in its sole discretion, that:

12.4.1         a refund is attributable to that Tax Payment or any part of it;
               and

12.4.2         that Finance Party has obtained, utilised and retained that
               refund;

               the Finance Party shall pay an amount to the Borrower which that
               Finance Party determines, in its sole discretion, will leave it
               (after that payment) in the

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               same after-Tax position as it would have been in had the Tax
               Payment not been made by the Borrower.

12.5           STAMP TAXES

               The Borrower shall pay and, within five Business Days of demand,
               indemnify each Finance Party against any cost, loss or liability
               that Finance Party incurs in relation to all stamp duty, notary
               fees, registration and other similar Taxes and fees payable in
               respect of any Finance Document other than stamp duty payable in
               respect of an assignment or transfer pursuant to Clause 23.1
               (Assignments and transfers by the Lenders).

12.6           VALUE ADDED TAX

12.6.1         All consideration expressed to be payable under a Finance
               Document by any Party to a Finance Party shall be deemed to be
               exclusive of any VAT. Subject to Clause 12.6.2 below, if VAT is
               chargeable on any supply made by any Finance Party to any Party
               in connection with a Finance Document, that Party shall pay to
               the Finance Party in addition to and at the same time as paying
               the consideration an amount equal to the amount of the VAT (and
               such Finance Party shall promptly provide an appropriate VAT
               invoice to such Party).

12.6.2         Where a Finance Document requires any Party to reimburse a
               Finance Party for any costs or expenses, that Party shall also at
               the same time pay and indemnify the Finance Party against all VAT
               incurred by the Finance Party in respect of the costs or expenses
               to the extent that the Finance Party reasonably determines that
               neither it nor any other member of any group of which it is a
               member for VAT purposes is not entitled to credit or repayment of
               the VAT.

12.6.3         If VAT is chargeable on any supply made by any Finance Party (the
               "SUPPLIED") to any other Finance Party (the "RECIPIENT") under a
               Finance Document, and any Party (the "RELEVANT PARTY") is
               required by the terms of any Finance Document to pay an amount
               equal to the consideration for such supply to the Supplier
               (rather than being required to reimburse the Recipient in respect
               of that consideration), such Party shall also pay to the Supplier
               (in addition to and at the same time as paying such amount) an
               amount equal to the amount of such VAT. The Recipient will
               promptly pay to the Relevant Party an amount equal to any credit
               or repayment from the relevant tax authority which it reasonably
               determines relates to the VAT chargeable on that supply.

13.            INCREASED COSTS

13.1           INCREASED COSTS

13.1.1         Subject to Clause 13.3 (Exceptions) the Borrower shall, within
               five Business Days of a demand by the Agent, pay for the account
               of a Finance Party the amount of any Increased Costs incurred by
               that Finance Party or any of its Affiliates as a result of (i)
               the introduction of or any change in (or in the interpretation,
               administration or application of) any law or regulation or (ii)
               compliance with any law or regulation made after the date of this
               Agreement.

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<PAGE>

13.1.2         In this Agreement "INCREASED COSTS" means:

13.1.2.1       a reduction in the rate of return from the Facility or on a
               Finance Party's (or its Affiliate's) overall capital;

13.1.2.2       an additional or increased cost; or

13.1.2.3       a reduction of any amount due and payable under any Finance
               Document,

               which is incurred or suffered by a Finance Party or any of its
               Affiliates to the extent that it is attributable to that Finance
               Party having entered into its Commitment or funding or performing
               its obligations under any Finance Document.

13.2           INCREASED COST CLAIMS

13.2.1         A Finance Party intending to make a claim pursuant to Clause 13.1
               (Increased costs) shall notify the Agent of the event giving rise
               to the claim, following which the Agent shall promptly notify the
               Borrower.

13.2.2         Each Finance Party shall, as soon as practicable after a demand
               by the Agent, provide a certificate confirming the amount of its
               Increased Costs together with such information as the Borrower
               may reasonably require to allow the computation of the amount
               that it is or would be payable under this Clause to be verified.

13.2.3         No Finance Party shall be entitled to recover any increased cost
               under this Clause 13.2 if it has not made a demand in respect of
               the same within 6 months of the date such Increased Costs have
               occurred.

13.3           EXCEPTIONS

13.3.1         Clause 13.1 (Increased costs) does not apply to the extent any
               Increased Cost is:

13.3.1.1       attributable to a Tax Deduction required by law to be made by the
               Borrower;

13.3.1.2       compensated for by Clause 12.3 (Tax indemnity) (or would have
               been compensated for under Clause 12.3 (Tax indemnity) but was
               not so compensated solely because one of the exclusions in Clause
               12.3.2 (Tax indemnity) applied);

13.3.1.3       compensated for by the payment of the Mandatory Cost;

13.3.1.4       would have been compensated for by an increased payment under
               Clause 12.2 (Tax gross-up) but was not so compensated solely
               because one of the exclusions in Clause 12.2.4 of Clause 12.2
               (Tax gross-up) applied; or

13.3.1.5       attributable to the wilful breach by the relevant Finance Party
               or its Affiliates of any law or regulation.

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<PAGE>

               In this Clause 13.3, a reference to a "TAX DEDUCTION" has the
               same meaning given to the term in Clause 12.1 (Definitions).

13.4           NON-DISCLOSURE

               Nothing in this Clause 13 (Increased Costs) will require a
               Finance Party to disclose any information which it regards as
               confidential or commercially sensitive.

14.            OTHER INDEMNITIES

14.1           CURRENCY INDEMNITY

14.1.1         If any sum due from the Borrower under the Finance Documents (a
               "SUM"), or any order, judgment or award given or made in relation
               to a Sum, has to be converted from the currency (the "FIRST
               CURRENCY") in which that Sum is payable into another currency
               (the "SECOND CURRENCY") for the purpose of:

14.1.1.1       making or filing a claim or proof against the Borrower;

14.1.1.2       obtaining or enforcing an order, judgment or award in relation to
               any litigation or arbitration proceedings;

               the Borrower shall as an independent obligation, within five
               Business Days of demand, indemnify each Finance Party to whom
               that Sum is due against any cost, loss or liability arising out
               of or as a result of the conversion including any discrepancy
               between (i) the rate of exchange used to convert that Sum from
               the First Currency into the Second Currency and (ii) the rate or
               rates of exchange available to that person at the time of its
               receipt of that Sum.

14.1.2         The Borrower waives any right it may have in any jurisdiction to
               pay any amount under the Finance Documents in a currency or
               currency unit other than that in which it is expressed to be
               payable.

14.2           OTHER INDEMNITIES

14.2.1         The Borrower shall , within five Business Days of demand,
               indemnify each Finance Party against (or pay to any Finance Party
               for the account of any of its Affiliates) any cost, loss or
               liability incurred or sustained or to be incurred or sustained by
               that Finance Party or any of its Affiliates as a result of:

14.2.1.1       the occurrence of a Default or the operation of Clause 22.21
               (Acceleration);

14.2.1.2       a failure by the Borrower to pay any amount due under a Finance
               Document on its due date, including without limitation, any cost,
               loss or liability arising as a result of Clause 27 (Sharing among
               the Finance Parties);

14.2.1.3       the Loan (or any part thereof) not being advanced after a
               Utilisation Request has been delivered for the Loan (or the
               relevant part) as a result of (i) the Borrower failing to satisfy
               the conditions precedent listed in Schedule 2 for such
               Utilisation or (ii) the Borrower declining to accept the Loan or
               otherwise claiming that it no longer requires the Loan for
               whatever reason;

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<PAGE>

14.2.1.4       the Loan (or part thereof) not being prepaid in accordance with a
               notice of prepayment given by the Borrower; or

14.2.1.5       any prepayment, accelerated payment or any other repayment of the
               Loan (or part of the Loan) other than pursuant to Clause 6.1
               (Repayment of Loan) otherwise than on an Interest Payment Date.

14.2.1.6       the receipt or recovery by a Finance Party of all or any part of
               the Loan, any interest or an Unpaid Sum otherwise than on an
               Interest Payment Date.

14.2.2         For the avoidance of doubt, the liability of the Borrower in each
               case shall include, without limitation, any servicer's fees and
               any loss or expense sustained or incurred by a Finance Party
               and/or its Affiliate in liquidating or employing or redeploying
               deposits or funds acquired, borrowed, contracted for or utilised
               to fund, effect or maintain the Loan or any part thereof or any
               amount repaid or prepaid (including, without limitation, any loss
               or expense sustained or incurred or to be sustained or incurred
               because the rate obtainable by the Finance Party and/or its
               Affiliate or the redeployment of funds repaid or prepaid is less
               than the cost to the Finance Party and/or its Affiliate of
               funding the amount so repaid or prepaid).

14.3           INDEMNITY TO THE FINANCE PARTIES

               The Borrower shall promptly indemnify each Finance Party against
               any cost, loss expense or liability incurred by that Finance
               Party as a result of:

14.3.1         investigating any event which it believes is a Default; or

14.3.2         acting or relying on any notice, request or instruction which it
               believes to be genuine, correct and appropriately authorised.

14.4           FIXED RATE BREAK COSTS AND BREAK GAINS

14.4.1         The Borrower expressly acknowledges that one of more of the
               Finance Parties or their Affiliates may enter (or may have
               already entered) into one or more Related Funding Arrangements in
               connection with or by reference to all or part of its
               participation in a Loan with the intention of matching or
               correlating its obligations under those arrangements with the
               obligations of the Borrower under such Loan or may have taken a
               position generally with respect to interest rates which is partly
               dependent on the Borrower making payments in relation to such
               Loan strictly in accordance with the terms which apply to such
               Loan.

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<PAGE>

14.4.2         Without prejudice to the generality of Clause 14.2 (Other
               Indemnities) if one of the events listed in Clause 14.2.1.1 to
               14.2.1.6 above occurs or a Related Funding Arrangement is
               cancelled or terminated in whole or in part the Borrower shall,
               forthwith on demand by the Agent, pay to the Agent (for the
               account of the Finance Parties or their Affiliates) an amount
               equal to any loss or expense:

14.4.2.1       arising from the unwinding, cancellation, termination or
               variation of, or utilising for different purposes of, all or any
               part of any Related Funding Arrangement.

14.4.2.2       on the basis of the cost to the Finance Party or its Affiliate of
               unwinding, varying, cancelling or terminating any Related Funding
               Arrangement or any part thereof; or

14.4.2.3       which would arise if all or any part of any Related Funding
               Arrangement were unwound, cancelled, terminated, varied or
               utilised for a different purpose (even though the same are not
               actually unwound, cancelled, terminated, varied or utilised for a
               different purpose; or

14.4.2.4       which would arise if interest rate (or other hedging) contracts
               were purchased (whether or not such contracts are actually
               purchased) which replace the income stream which would have
               flowed from the relevant Loan under this Agreement.

14.4.3         The certificate of a Finance Party as to the amount of any loss
               or expense incurred by it or its Affiliate shall be prima facie
               evidence as to the amount payable by the Borrower under this
               Clause 14.

14.4.4         Clause 14.4.2 above shall not apply to early termination or
               cancellation arising by reason of:

14.4.4.1       the occurrence of an event of default under the Related Funding
               Arrangement happening in relation to such Finance Party and/or
               its Affiliate (other than where caused as a result of non-payment
               of any amount due from the Borrower under this Agreement); or

14.4.4.2       the voluntary termination or cancellation of the Related Funding
               Arrangement by such Finance Party and/or its Affiliate (unless
               such voluntary termination or cancellation has been made
               following the occurrence of one of the events listed in Clauses
               14.2.1.1 to 14.2.1.6 above.

14.4.5         If a Related Funding Arrangement is cancelled or terminated and
               such cancellation or termination produces an amount payable to a
               Finance Party and/or its Affiliate (as determined by the relevant
               Finance Party) (a "Break Gain"), the relevant Finance Party shall
               pay the Break Gain to the Borrower unless a Default is
               outstanding, in which case the Break Gain shall be used to prepay
               (on behalf of the Borrower) the Loan in accordance with Clause 7
               (Prepayment and Cancellation).

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<PAGE>

14.5           ENVIRONMENTAL INDEMNITY

               Each Borrower shall, promptly on demand by a Finance Party,
               indemnify that Finance Party from and against any payments,
               losses or damages incurred by that Finance Party (together with
               any costs of defending (successfully or otherwise) any claim)
               arising from or based on Environmental Law which relates to a
               Property or the provision of the Facility to the Borrowers.

14.6           INDEMNITY TO THE SECURITY TRUSTEE

14.6.1         The Borrowers shall promptly indemnify the Security Trustee
               against any cost, loss or liability incurred by the Security
               Trustee as a result of:

14.6.1.1       the taking, holding, protection and/or enforcement of the
               Security created under the Security Documents;

14.6.1.2       the exercise of any of the rights, powers, discretions and/or
               remedies vested in the Security Trustee by the Finance Documents
               or by the law; and/or

14.6.1.3       any default by a Borrower and/or any Shareholders in the
               performance of any of the obligations expressed to be assumed by
               it in the Finance Documents.

14.6.2         The Security Trustee may, in priority to any payment to the other
               Finance Parties, indemnify itself out of the Charged Assets in
               respect of, and pay and retain, all sums necessary to give effect
               to the indemnity in Clause 14.6.1 above.

15.            MITIGATION BY THE LENDERS

15.1           MITIGATION

15.1.1         Each Finance Party shall take such reasonable steps as such
               Finance Party determines to be available to it, to mitigate any
               circumstances which arise and which would result in any amount
               becoming payable under or pursuant to, or cancelled pursuant to,
               any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and
               indemnities), Clause 13 (Increased costs) or paragraph 3 of
               Schedule 4 (Mandatory Cost formula) including (but not limited
               to) transferring its rights and obligations under the Finance
               Documents to another Affiliate or Facility Office.

15.1.2         Clause 15.1.1 above does not in any way limit the obligations of
               the Borrower under the Finance Documents.

15.2           LIMITATION OF LIABILITY

15.2.1         The Borrower shall indemnify each Finance Party for all costs and
               expenses reasonably incurred by that Finance Party as a result of
               steps taken by it under Clause 15.1 (Mitigation).

15.2.2         A Finance Party is not obliged to take any steps under Clause
               15.1 (Mitigation) if, in the opinion of that Finance Party
               (acting reasonably), to do so might be prejudicial to it.

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15.3           CONFIRMATION REGARDING SECURITY

15.3.1         In this Clause 15.3:

               "DECREE" means the general letter rulings of the German Federal
               Ministry of Finance, dated 15 July 2004, docket nr IV A 2 - S
               2742a - 20/04, and dated 22 July 2005, docket nr. IV B 7 - S
               2742a - 31/05 (each and jointly a Decree) regarding the
               interpretation of sec. 8 a of the German Corporate Income Tax Act
               (Korperschaftsteuergesetz)

               "LONG TERM INTEREST BEARING DEPOSIT" means any interest bearing
               financial asset with a term or maturity of at least twelve months
               as defined in more detail in marginal notes 20 and 37
               (Textziffern) of the Decree dated 15 July 2004 in conjunction
               with the general administration guidelines on the Trade Tax Act
               (Gewerbesteuerrichtlinien). Long Term Interest Bearing Deposits
               include (without limitation) bank accounts which record a `zero'
               or negative balance for less than 8 days per financial year, bank
               accounts which record a 'zero' or negative balance for more than
               7 days per financial year, but only due to a structuring which is
               considered to bean abuse of legal structuring for tax purposes as
               defined by sec. 42 German General Tax Code ('Abgabenordnung'),
               and intra group receivables (including without limitation
               Shareholder loans).

15.3.2         Each Original Lender hereby confirms that the Facility made
               available to the Borrower is only secured by the Security under
               the Security Documents.

15.3.3         As soon as practical after the signing of this Agreement each
               Lender shall confirm to the Borrower by letter substantially in
               the form as attached as Schedule 7 (Confirmation Letter, together
               with the confirmation given in Clause 15.3.2 above, the
               "CONFIRMATIONS") which Security have been granted to the Lenders
               in relation to the Facility including a reference to any
               restrictions regarding Long Term Interest Bearing Deposits. Each
               Lender shall send an updated Confirmation Letter if and when the
               Security in regard of the Facility are amended or changed or at
               the reasonable request of the Borrower at any other point in
               time.

15.3.4         The Confirmations are provided solely to assist the Borrower in
               demonstrating the absence of any back to back financing to the
               German tax authorities. No Finance Party is responsible for the
               tax affairs or position of the Borrower or for achieving any
               particular tax treatment of the Borrower and the Shareholders and
               the Borrower may not make any claim against a Finance Party in
               respect of or in connection with the Confirmations.

15.3.5         The parties acknowledge that the interpretation of the term
               "recourse" (Ruckgriff) and the concept of back to back financing
               as understood and applied by the German tax authorities in the
               context of the German thin capitalisation regime (sec. 8a CITA,
               Korperschaftsteuergesetz) is still somewhat unclear. To the
               extent the German tax authorities require the Borrower to
               provide, in addition to the Confirmations, further evidence or
               information the Lender shall support the Borrower in this regard.
               Each Lender shall, subject to receipt of adequate substitute
               security, as determined by the

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<PAGE>

               Lender in its sole discretion, release or restrict its security
               interest or issue further confirmation letters or certificates or
               otherwise provide information to the Borrower or the German tax
               authorities, including, without limitation, in relation to the
               existence or non-existence of any Long Term Interest Bearing
               Receivables maintained by any of the Borrower's shareholders or
               related parties (as defined by sec. 1 para 2. of the German
               Foreign Relations Tax Act, AuBensteuergesetz) thereof with
               any Finance Parties.

15.3.6         The Confirmations shall not constitute the provision by a Finance
               Party of any legal or tax advice to any other party in respect of
               the application of the German thin capitalization rules (Section
               8a of the German Corporate Income Tax Act (KStG) and any
               administrative guidance issued in respect thereof) or otherwise
               in respect of this Agreement.

15.3.7         If and to the extent any right under any Security is directly or
               indirectly created over any receivable of the Borrower or any
               Shareholder or Affiliate of any Borrower or any Shareholder and
               that receivable is or becomes a Long Term Interest Bearing
               Deposit, the Lenders agree with the Borrower and each Shareholder
               and Related Person that such Security Right over such Long Term
               Interest Bearing Deposit shall not secure any payment obligation
               under any Finance Document. This restriction shall not apply with
               regard to (i) any Security Right granted by the Borrower to the
               extent such Security Right secures its own borrowings, and (ii)
               the land charges (Grundschulden) and the submissions to immediate
               foreclosure in rem (dingliche Zwangsvollstreckungsunterwerfungen
               in das Grundstuck) granted by any of the Borrower or Shareholders
               to any of the Finance Parties in respect of any Property.
               Guarantees which are provided for the obligations of the Borrower
               by a Shareholder or a Related Person are restricted such that no
               Finance Party may execute a claim into the Long Term Interest
               Bearing Deposits of a Shareholder.

15.3.8         In respect of Long Term Interest Bearing Deposits the relevant
               Shareholder shall not be subject to any restriction to transfer,
               assign, sell, withdraw or to terminate the underlying agreement
               relating to such Long Term Interest Bearing Deposits or otherwise
               to dispose of (verfugen) such Long Term Interest Bearing
               Deposits. Any such restriction imposed on the Borrower shall
               automatically be terminated at the time the liability of the
               Borrower towards the Finance Parties under this Agreement,
               excluding, however any obligations or liabilities of the other
               Borrowers, which the Borrower has assumed under the Finance
               Documents by way of guarantee or other legal instrument, has been
               fully repaid and such restriction shall be exclusively limited to
               securing the aforementioned liability. For the avoidance of doubt
               this Clause 15.3.8. shall override all other provisions in this
               agreement including without limitation Clauses 20.4 (Negative
               Pledge), 20.5 (Transaction Similar To Security) and 20.6
               (Disposals).

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16.            COSTS AND EXPENSES

16.1           TRANSACTION EXPENSES

               The Borrower shall promptly on demand pay the Agent, the Security
               Trustee and the Arranger the amount of all costs and expenses
               (including legal fees, surveyors fees, environmental consultancy
               fees, registration and other out of pocket expenses) reasonably
               incurred by any of them in connection with the negotiation,
               preparation, printing, execution of:

16.1.1         this Agreement, the other Finance Documents and any other
               documents referred to in this Agreement; and

16.1.2         any other Finance Documents executed after the date of this
               Agreement.

16.2           AMENDMENT COSTS

               If (a) the Borrower requests an amendment, waiver or consent or
               (b) an amendment is required pursuant to Clause 28.9 (Change of
               currency), the Borrower shall, within five Business Days of
               demand, reimburse the Agent and the Security Trustee for the
               amount of all costs and expenses (including legal fees)
               reasonably incurred by the Agent and/or the Security Trustee in
               responding to, evaluating, negotiating or complying with that
               request or requirement.

16.3           ENFORCEMENT COSTS

               The Borrower shall, within five Business Days of demand, pay to
               each Finance Party the amount of all costs and expenses
               (including legal and servicer's fees) incurred by that Finance
               Party in connection with the enforcement of, or the preservation
               of any rights under, any Finance Document.

16.4           SECURITY TRUSTEE EXPENSES

               The Borrower shall, within five Business Days of demand, pay the
               Security Trustee the amount of all costs and expenses (including
               legal fees) reasonably incurred by it in connection with the
               administration or release of any Security created pursuant to any
               Security Document.

16.5           VALUATION EXPENSES

               The Borrower shall, within five Business Days of demand by the
               Agent, pay the costs of any Valuation under Clause 18.7
               (Valuations Update) save for any Valuation under Clause
               18.7.1.2.2 (Valuations Update) if it indicates that no Default
               has occurred.

17.            REPRESENTATIONS

               Each Obligor makes the representations and warranties set out in
               this Clause 17 to each Finance Party on the date of this
               Agreement.

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17.1           STATUS

17.1.1         The Borrower is a limited liability company, duly formed and
               validly existing under the laws of Delaware.

17.1.2         PropCo is a limited partnership (Kommanditgesellschaft), duly
               formed and validly existing under the laws of the Federal
               Republic of Germany.

17.1.3         Specht is a limited partnership (Kommanditgesellschaft), duly
               formed and validly existing under the laws of the Federal
               Republic of Germany.

17.1.4         Each of the Shareholders are corporations, duly incorporated and
               validly existing under the laws of Delaware.

17.1.5         Each Obligor, the PropCo Companies and each Shareholder:

17.1.5.1       has the power to own its assets and carry on its business as it
               is being conducted; and

17.1.5.2       possesses the capacity to sue and be sued in its own name;

17.1.5.3       will not be entitled to claim immunity from suit, execution,
               attachment or other legal process in any proceedings taken in its
               jurisdiction of incorporation in relation to any Finance Document
               to which it is a party.

17.2           BINDING OBLIGATIONS

               Subject to the Reservations, the obligations expressed to be
               assumed by each Obligor, PropCo, the Shareholders, Seller 1 and
               Seller 2 and the Subordinated Creditors in each Transaction
               Document to which it is a party are legal, valid, binding and
               enforceable.

17.3           NON-CONFLICT WITH OTHER OBLIGATIONS

               The entry into and performance by each Obligor, PropCo, the
               Shareholders, Seller 1, Seller 2 and the Subordinated Creditors
               of, and the transactions contemplated by, the Finance Documents
               to which it is a party do not and will not:

17.3.1         contravene any law or regulation applicable to it or any order of
               any governmental or other official authority, body or agency or
               any judgment, order or decree of any Court having jurisdiction
               over it;

17.3.2         contravene or conflict with its constitutional documents
               (Gesellschaftsvertrag);

17.3.3         conflict with or result in any breach of any of the terms of, or
               constitute a default under, any agreement or other instrument to
               which it is a party or any licence or other authorisation to
               which it is subject or which is binding upon it or any of its
               assets; or

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<PAGE>

17.3.4         (except as provided in any Security Document) result in the
               existence of, or oblige it to create, any Security over any of
               its assets.

17.4           POWER AND AUTHORITY

               Each Obligor, PropCo, the Shareholders, Seller 1 and the
               Subordinated Creditors has the power to enter into, perform and
               deliver, and has taken all necessary corporate, shareholder and
               other action to authorise its entry into, performance and
               delivery of, the Transaction Documents to which it is a party and
               the transactions contemplated by those Transaction Documents.

17.5           VALIDITY AND ADMISSIBILITY IN EVIDENCE

               All Authorisations required:

17.5.1         to enable any Obligor, PropCo, the Shareholders, Seller 1, Seller
               2 and the Subordinated Creditors lawfully to carry out its
               objects and to enter into, exercise its rights and comply with
               its obligations in the Transaction Documents to which it is a
               party;

17.5.2         for the proper conduct of each Obligor's, PropCo's and Specht's
               business, trade and ordinary activities;

17.5.3         to make the Transaction Documents to which any Obligor, PropCo,
               the Shareholders, Seller 1, Seller 2 and the Subordinated
               Creditors is a party admissible in evidence in its jurisdiction
               of incorporation; and

17.5.4         to enable any Obligor, PropCo, Specht, the Shareholders, Seller
               1, Seller 2 and the Subordinated Creditors to create the Security
               to be created by it pursuant to any Security Document and to
               ensure that such Security has the priority and ranking it is
               expressed to have,

               have been obtained or effected and are in full force and effect
               and no Obligor nor the Shareholders are aware of any
               circumstances that are likely to result in any of the same being
               revoked, superseded or varied.

17.6           GOVERNING LAW AND ENFORCEMENT

17.6.1         The choice of governing law of the Transaction Documents will be
               recognised and enforced in the jurisdiction of incorporation of
               each Obligor, PropCo, Specht, Seller 1, Seller 2, the
               Shareholders and the Subordinated Creditors.

17.6.2         Any judgment obtained in England in relation to a Transaction
               Document will be recognised and enforced in the jurisdiction of
               incorporation of each Obligor, PropCo, the Shareholders, Seller 1
               and Seller 2 and the Subordinated Creditors.

17.7           DEDUCTION OF TAX

               With respect to U.S. Taxes and with respect to all other
               jurisdictions where the Lenders are Qualifying Lenders, no
               Obligor is required under the law of its jurisdiction of
               incorporation, or by reason of the application of Clause 12.2.9,

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               to make any deduction for or on account of Tax or for any other
               purpose from any payment it may make under any Finance Document.

17.8           NO FILING OR STAMP TAXES OR TRADE TAXES

               Under the law of its jurisdiction of incorporation or that of any
               Obligor, the Shareholders or the Subordinated Creditors it is not
               necessary that the Finance Documents be filed, recorded or
               enrolled with any court or other authority in that jurisdiction
               or that any stamp, registration or similar tax be paid by such
               Obligor on or in relation to the Finance Documents or the
               transactions contemplated by the Finance Documents other than in
               the case of a Security Document, the requirements specified at
               the end of Clause 17.5 (Validity and admissibility in evidence).

17.9           NO U.S. TAX ELECTION

               No person has filed any election pursuant to U.S. Treasury
               Regulations Section 301.7701-3 to treat the Borrower as a
               corporation for U.S. tax purposes.

17.10          NO DEFAULT

17.10.1        No Default is continuing or might reasonably be expected to
               result from the making of the Utilisation.

17.10.2        No Obligor, PropCo or Specht is (nor would be with any of the
               giving of notice, the lapse of time, the determination of
               materiality, or the satisfaction of any other condition) in
               breach of or in default under any deed, instrument or agreement
               to which it is a party or which is binding on it or any of its
               revenues or assets and no person has disputed, repudiated or
               disclaimed any liability thereunder or indicated that it does not
               consider itself bound by or does not intend to comply with any of
               the provisions of the same where such breach or default might
               have a Material Adverse Effect.

17.11          NO MISLEADING INFORMATION

17.11.1        All material factual information provided by any Obligor, PropCo
               or Specht or on its behalf to the Finance Parties in connection
               with the Finance Documents and the transactions contemplated by
               them is complete, true and accurate in all material respects.

17.11.2        No Obligor, PropCo or Specht has withheld or omitted any
               information which would make the information referred to in
               Clause 17.11.1 above untrue or misleading in any respect and
               nothing has occurred since the date any such information was
               provided which has not been disclosed to the Finance Parties
               which would render any such information untrue or misleading in
               any material respect.

17.11.3        All assumptions made in the German Tax Report are true and
               accurate and in relation to those assumptions relating to matters
               not yet implemented, such matters will be implemented in
               accordance with the relevant assumptions.

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17.12          RANKING

17.12.1        Subject to the requirements specified at the end of Clause 17.5
               (Validity and admissibility of evidence), each Security Document
               creates (or, once entered into, will create) in favour of the
               Security Trustee for the benefit of the Finance Parties, the
               Security which it is expressed to create with the ranking and
               priority it is expressed to have.

17.12.2        Without limiting Clause 17.12.1 above, the payment obligations of
               any Obligor under the Finance Documents shall rank in priority to
               the claims of all its other present and future unsecured and
               unsubordinated creditors, except for obligations mandatorily
               preferred by law and not by contract.

17.13          LITIGATION

               Except as otherwise set forth and fairly and fully disclosed in
               the Report on Title, no action, litigation, arbitration or
               administrative proceedings has been commenced, or is pending or
               as far as any Obligor is aware is threatened, against it, PropCo,
               Seller 1 or Seller 2 which, if adversely determined, might
               reasonably be expected to have a Material Adverse Effect and nor
               is there subsisting any unsatisfied judgment or award given
               against any of them by any court, arbitrator or other body which
               might reasonably be expected to have a Material Adverse Effect.

17.14          INSURANCES

               All insurances required to be in place have been placed, are in
               full force and effect and so far as it is aware no event or
               circumstance has occurred nor has there been any omission to
               disclose a fact which in any such case could entitle any insurer
               to avoid or otherwise reduce its liability under or in respect of
               any such insurances to less than the amount provided in the
               relevant policy.

17.15          TITLE

17.15.1        Other than as disclosed in the Report on Title, PropCo Companies
               will on and from the Utilisation Date be the full and exclusive
               owner (alleiniger Grundstuckseigentumer), lessee under the
               leaseholds (alleiniger Erbbauberechtigter) or sub-lessee under
               the sub-leasehold (alleiniger Unter-Erbbauberechtigter) of each
               Property specified in Schedule 8) (Property) and have good and
               marketable title to each Property (uneingeschrankter
               Alleineigentumer, Alleinerbbauberechtiger oder
               Alleinuntererbbauberechtigter), free from Security (other than
               pursuant to the Finance Documents) and restrictions and onerous
               covenants, and all deeds and documents necessary to show good and
               marketable title to each of the Properties are in the possession
               of, or held at the Land Registry to the order of, the Security
               Trustee.

17.15.2        Except as set forth in the Report on Title, each Security
               Provider is the legal and beneficial owner of, and has good and
               marketable title to the assets subject to the Security created by
               it pursuant to any Security Document, free from all Security
               (except the Security created pursuant to, or expressly permitted
               by,

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               the Finance Documents and any Permitted Security) and it has not
               sold, transferred or otherwise disposed of the benefit of or
               agreed to sell, transfer or otherwise dispose of the benefit of
               its (or any part of its) rights, title and interest in and to the
               Charged Assets.

17.15.3        Except as set forth in the Report on Title there subsists no
               breach of any law or regulation which affects or might affect the
               value of all or any part of any Property in any material respect.

17.15.4        Except as set forth in the Report on Title no facility necessary
               for the enjoyment and use of all or any part of any Property is
               enjoyed on terms entitling any person to terminate or curtails
               its use.

17.15.5        Except as set forth in the Report on Title no Obligor, PropCo or
               Specht has received notice of any material adverse claim by any
               person in respect of the ownership of any Property or any
               interest in it, nor has any acknowledgement been given to any
               person in respect of any Property.

17.16          VALUATION AND REPORT ON TITLE

17.16.1        All information supplied by any Obligor, PropCo or Specht or on
               its behalf to:

17.16.1.1      the Valuer for the purposes of the Initial Valuation or the most
               recent Valuation (whichever is the later);

17.16.1.2      the lawyers for the Borrower for the purpose of preparing the
               Report on Title;

17.16.1.3      the lawyers of the Lender for the purposes of preparing the
               Overview Report on Title; and

17.16.1.4      the accountants of the Borrower for the purposes of preparing the
               German Tax Report,

               was, in each case, true, complete and accurate in all material
               respects at the date it was supplied and no information was
               omitted by it on the date on which any such information was
               supplied which if disclosed may reasonably be expected materially
               and adversely to affect the decision of any Lender considering
               whether or not to provide finance to the Borrower.

17.16.2        Nothing has occurred which has not been disclosed to the Finance
               Parties between the date or the dates the information was
               supplied under Clause 17.16.1 above in relation to the Initial
               Valuation or, as applicable, the most recent Valuation, and the
               Report on Title between the date such information was provided
               and the Utilisation Date which renders the information untrue or
               misleading in any material respect; and

17.16.3        no information has been withheld by any Obligor, PropCo or Specht
               which may be material to the Initial Valuation or, as applicable,
               the most recent Valuation, and the Report on Title.

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17.17          TRANSACTION DOCUMENTS

17.17.1        No circumstances exist whereby any of the Transaction Documents
               to which any Obligor, PropCo, the Shareholders or the
               Subordinated Creditors is a party would be or be rendered or
               adjudged to be void, unenforceable or capable of rescission or
               revocation.

17.17.2        It is not aware that any counterparty to a Transaction Document
               to which it is a party is in breach of any of its material
               obligations under that Transaction Document.

17.17.3        There is no material dispute between any parties to the
               Transaction Documents in relation to the Transaction Documents
               and there have been no material amendments to any Transaction
               Documents which have not been notified to the Agent prior to the
               date of this Agreement.

17.18          ENVIRONMENTAL LAWS AND LICENCES

               Each Obligor, PropCo and Specht has in all material respects:

17.18.1.1      complied with all Environmental Laws to which it may be subject;

17.18.1.2      obtained all Environmental Licences required in connection with
               its business; and

17.18.1.3      complied with the terms of those Environmental Licences.

17.19          ENVIRONMENTAL RELEASES

17.19.1        Except as disclosed in the Environmental & Structural Reports, no
               Property is contaminated with any Hazardous Substance in breach
               of Environmental Law or any Environmental Licence; and

17.19.2        Except as disclosed in the Environmental & Structural Reports, to
               the best of the Borrower's knowledge, no discharge, release,
               leaching, migration or escape of any Hazardous Substance into the
               Environment has occurred or is occurring on, under or from the
               Property in breach of Environmental Law or any Environmental
               Licence.

17.20          SOLVENCY

17.20.1        No Obligor, PropCo, Specht, the Shareholders, Seller 1 nor (to
               the best of the Borrowers knowledge and belief) Seller 2 is
               insolvent or unable to pay its debts (including subordinated and
               contingent debts), nor could it be deemed by a court to be unable
               to pay its debts nor will it become so in consequence of entering
               into any Finance Document and/or performing any transaction
               contemplated by any Finance Document.

17.20.2        No Obligor, PropCo, the Shareholders, Seller 1 nor Seller 2 has
               taken any action nor have any other steps been taken or legal
               proceedings been started or threatened for its winding-up,
               termination, dissolution, reorganisation, liquidation,
               administration, enforcement or any security over its assets or
               for

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               the appointment of a receiver, administrator, administrative
               receiver, trustee or similar officer of it or of any or all of
               its assets or revenues.

17.20.3        Nothing analogous to any of the circumstances or events referred
               to in Clauses 17.20.1 and 17.20.2 above has occurred in relation
               to an Obligor, PropCo, Specht nor the Shareholders under the laws
               of any applicable jurisdiction.

17.21          NO OTHER BUSINESS

17.21.1        Except as set forth in the Report on Title (and, in relation to
               Propco only, excluding any period the Utilisation Date) no
               Obligor, PropCo or Specht has traded or carried on any business
               since its date of incorporation or formation except for the
               acquisition, ownership and management of its interests in all or
               any part of the Properties.

17.21.2        No Obligor, PropCo or Specht is party to any material agreement
               as at the date of this Agreement other than those permitted under
               Clause 20.13 (Other Contracts).

17.22          OWNERSHIP

               The Structure Chart is true, complete and up to date save for
               changes notified to the Agent in accordance with Clause 20.16
               (Control) (and in respect of which the provisions of Clause 20.16
               (Control) have been complied with).

17.23          FINANCIAL STATEMENTS

17.23.1        Each Obligor's, PropCo's and Specht's financial statements most
               recently delivered to the Agent pursuant to Clause 18.1
               (Financial Statements) have, where relevant, been prepared in
               accordance with GAAP and give a true and fair view of its
               financial condition as at the date on which they were drawn up
               and for the period then ended.

17.23.2        All liabilities (contingent or otherwise) which should have been
               fully disclosed or reserved against in such financial statements
               were so disclosed or reserved against therein.

17.23.3        Each of the latest schedules and other information required to be
               delivered under Clause 18.8 (Property Information) shows
               accurately the income and expenditure of the Borrower during the
               period to which they relate.

17.24          PATRIOT ACT REQUIREMENTS

17.24.1        No Obligor or any of its Affiliates are aware of or have notice
               (whether written or otherwise) that any of the funds or other
               assets of any Obligor or any of its Affiliates constitute
               property of, or are beneficially owned, directly or indirectly,
               by an Embargoed Person.

17.24.2        None of the funds or other assets of any Obligor or any of its
               Subsidiaries constitute property of, or are beneficially owned,
               directly or indirectly, by an Embargoed Person.

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17.24.3        No Embargoed Person has 15% or more of any interest of any nature
               whatsoever in the Borrower or any of it's Affiliates.

17.24.4        None of the funds of the Borrower have been derived from any
               unlawful activity of any Affiliate with the result that
               investment by Capmark Bank Europe plc is prohibited by applicable
               law or the Facility is in violation of applicable law.

17.25          REPETITION

               The Repeating Representations are deemed to be made by the
               Borrower by reference to the facts and circumstances then
               existing:

17.25.1        in respect of the representations set out in Clauses 17.1
               (Status) to 17.23 (Financial Statements) (inclusive) on the date
               of the Utilisation Request and on the first day of each Interest
               Period; and

17.25.2        in respect of the representations set out in Clause 17.24
               (Patriot Act Requirements) on each day during the Term.

17.26          VAT

               No Obligor, PropCo or Specht is a member of a VAT Group.

18.            INFORMATION UNDERTAKINGS

               The undertakings in this Clause 18 remain in force from the date
               of this Agreement for so long as any amount is outstanding under
               the Finance Documents or any Commitment is in force.

18.1           FINANCIAL STATEMENTS

               The Borrower shall supply to the Agent in sufficient copies for
               all the Lenders:

18.1.1         as soon as the same become available, but in any event within 120
               days after the end of each of its financial years its and
               PropCo's audited consolidated financial statements for that
               financial year; and:

18.1.2         as soon as the same become available, but in any event within 60
               days after the end of each financial quarter its and PropCo's
               financial statements for that quarter.

18.2           COMPLIANCE CERTIFICATE

18.2.1         The Borrower shall supply to the Agent, with each set of
               financial statements delivered pursuant to Clause 18.1 (Financial
               statements), a Compliance Certificate setting out (in sufficient
               detail to be clear) computations as to compliance with Clause 19
               (Financial covenants) as at the date as at which those financial
               statements were drawn up.

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18.2.2         Each Compliance Certificate shall be signed by a director of the
               Borrower without personal liability.

18.3           REQUIREMENTS AS TO FINANCIAL STATEMENTS

18.3.1         Each set of financial statements delivered by the Borrower
               pursuant to Clause 18.1 (Financial statements) shall be certified
               by a director of the relevant company without personal liability
               as fairly representing its financial condition and operations as
               at the date as at which those financial statements were drawn up.

18.3.2         The Borrower shall ensure that, where appropriate, each set of
               financial statements delivered pursuant to Clause 18.1 (Financial
               statements) is prepared using GAAP.

18.4           INFORMATION: MISCELLANEOUS

               The Borrower shall supply to the Agent (in sufficient copies for
               all the Lenders, if the Agent so requests):

18.4.1         all documents dispatched by any Obligor, PropCo, Specht or the
               Shareholders to its members or shareholders (or any class of
               them) or to its creditors generally at the same time as they are
               dispatched;

18.4.2         promptly upon becoming aware of them, the details of any
               litigation, arbitration or administrative proceedings which are
               current, threatened or pending against an Obligor, PropCo, Specht
               or the Shareholders;

18.4.3         promptly, such further information regarding the financial
               condition, business and operations of each Obligor, PropCo,
               Specht or the Shareholders as any Finance Party (through the
               Agent) may (acting reasonably) request.

18.5           NOTIFICATION OF DEFAULT

18.5.1         The Borrower shall notify the Agent of any Default (and the
               steps, if any, being taken to remedy it) promptly upon becoming
               aware of its occurrence.

18.5.2         Promptly upon a request by the Agent, the Borrower shall supply
               to the Agent a certificate signed by a director (without personal
               liability) on its behalf certifying that no Default is continuing
               (or if a Default is continuing, specifying the Default and the
               steps, if any, being taken to remedy it).

18.6           USE OF WEBSITES

18.6.1         The Borrower may satisfy its obligations under this Agreement to
               deliver any information in relation to those Lenders who accept
               this method of communication by posting this information onto an
               electronic website designated by the Borrower and the Agent (the
               "Designated Website") if:

18.6.1.1       the Agent expressly agrees (after consultation with each of the
               Lenders) that it will accept communication of the information by
               this method;

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18.6.1.2       each of the Borrower and the Agent are aware of the address of
               and any relevant password specifications for the Designated
               Website;

18.6.1.3       the information is in a format previously agreed between the
               Borrower and the Agent; and

18.6.1.4       subject to any relevant password specifications, the information
               on the Designated Website is capable of being downloaded.

18.6.2         If any Lender does not agree to the delivery of information
               electronically then the Agent shall notify the Borrower
               accordingly and the Borrower shall supply the information to the
               Agent (in sufficient copies for each relevant Lender) in paper
               form. In any event the Borrower shall supply the Agent with at
               least one copy in paper form of any information required to be
               provided by it.

18.6.3         The Agent shall supply each relevant Lender with the address of
               and any relevant password specifications for the Designated
               Website following designation of that website by the Borrower and
               the Agent.

18.6.4         The Borrower shall promptly upon becoming aware of its occurrence
               notify the Agent if:

18.6.4.1       the Designated Website cannot be accessed or information on the
               Designated Website cannot be downloaded, in each case, due to
               technical failure;

18.6.4.2       the relevant password specifications for the Designated Website
               change;

18.6.4.3       any new information which is required to be provided under this
               Agreement is posted onto the Designated Website;

18.6.4.4       any existing information which has been provided under this
               Agreement and posted onto the Designated Website is amended; or

18.6.4.5       the Borrower becomes aware that the Designated Website or any
               information posted onto the Designated Website is or has been
               infected by any electronic virus or similar software.

18.6.5         If the Borrower notifies the Agent under Clause 18.6.4.1 or
               Clause 18.6.4.5 above, all information to be provided by the
               Borrower under this Agreement after the date of that notice shall
               be supplied in paper form unless and until the Agent and the
               relevant Lenders are satisfied that the circumstances giving rise
               to the notification are no longer continuing.

18.6.6         Any Lender may request, through the Agent, one paper copy of any
               information required to be provided under this Agreement which is
               posted onto the Designated Website. The Borrower shall comply
               with any such request within ten Business Days.

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18.7           VALUATIONS UPDATE

18.7.1         The Agent may request a Valuation at the cost and expense of the
               Borrower:

18.7.1.1       once during each 60 Month period of the Term; or

18.7.1.2       at any time if:

18.7.1.2.1     a Default is continuing; or

18.7.1.2.2     if it believes that upon delivery of such requested Valuation, a
               Default is likely to occur provided that if following delivery of
               such Valuation no Default is evidenced by such Valuation then
               such Valuation shall be for the account of Lenders.

18.7.2         The Agent may call for a Valuation at any other time at the cost
               of the Lenders.

18.7.3         The Borrower shall ensure that the Valuer has all such assistance
               as the Agent may (acting reasonably) require to carry out any
               such Valuation including (subject to the rights of the
               occupational tenants) allowing the Valuer free access to any
               Properties or the Valuer giving prior notice that the Valuation
               is to be carried out.

18.7.4         The Borrower shall promptly supply to the Agent a copy (with
               sufficient copies for the Lenders) of any valuation of the
               Headlease or any Property (or any part thereof) carried out by
               the Valuer.

18.8           PROPERTY INFORMATION

               The Borrower shall or shall procure that PropCo shall:

18.8.1         at least ten Business Days before each Interest Payment Date
               provide to the Agent (in sufficient copies for all of the
               Lenders) the following information (in form and substance
               satisfactory to the Agent) in respect of each Property and as at
               the last day of the previous Month:

18.8.1.1       a tenancy schedule listing for each unit of letting true and
               accurate details of the unit address, the names of the existing
               occupational tenants or licensees, the lease expiry date, the
               next rent review date, the annual rent, the amount of Property
               Expenses attributable to such unit, amount of any rent arrears
               and comment on any current tenancy activity; and

18.8.1.2       a commentary on any proposed capital expenditure to be made by
               PropCo or Specht with respect to each Property and any issues
               which could reasonably be expected to be material to the Finance
               Parties or which might otherwise have a Material Adverse Effect;

18.8.2         together with the information referred to in Clause 18.8.1 above,
               a Compliance Certificate setting out (in sufficient detail to be
               clear) computations as to compliance with Clause 19 (Financial
               Covenants) on the relevant date;

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18.8.3         give notice to the Agent of any insolvency, bankruptcy,
               receivership, administration or liquidation affecting any tenant
               or licensee under any Lease Document promptly upon becoming aware
               of any such event;

18.8.4         notify the Agent of any potential purchaser of all or any part of
               any Property;

18.8.5         provide copies of any management accounts and management cash
               flows produced by or for the Borrower; and

18.8.6         promptly provide to the Agent such other information about all or
               any part of the Properties, as the Agent may reasonably request
               from time to time.

19.            FINANCIAL COVENANTS

19.1           LOAN TO VALUE COVENANT

               The Borrower undertakes and covenants that at all times from and
               including the Utilisation Date the aggregate sum of the Loan
               shall not at any time exceed 90% of 24.7399 per cent. of the
               Market Value of the Properties determined in accordance with the
               most recent Valuation.

19.2           INTEREST COVER

19.2.1         The Borrower shall ensure that the Interest Cover is at least
               120% at all times.

19.2.2         The Borrower shall confirm in writing to the Agent the level of
               the Interest Cover 10 Business Days prior to each Interest
               Payment Date.

19.3           CURE PAYMENT

19.3.1         If the Borrowers are at any time in breach of the Interest Cover
               or Loan to Value Covenant (provided the Loan to Value is no
               greater than 95%) set out in Clause 19.1 and 19.2 respectively,
               the Borrower may rectify such breach by (within five Business
               Days of the date of the breach) either:

19.3.1.1       prepaying the Loan in whole or in part; and/or

19.3.1.2       placing to the credit of the Rectification Account such amount as
               the Agent determines is necessary to bring the Borrower within
               compliance with any relevant Financial Covenant pursuant to
               Clauses 19.1 or 19.2 (as the case may be) and in particular be at
               least 120% of the Project Annual Finance Costs as at that date,

               each a "CURE PAYMENT" Provided Always that if a Cure Payment has
               been made in accordance with this Clause an Event of Default will
               not be called due to any other event caused as a direct result of
               non-payment of rent under the Principal Occupational Lease.

19.3.2         The Borrower may not make Cure Payments in respect of more than
               two consecutive Interest Periods or six Interest Periods in
               aggregate.

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19.3.3         Any amount standing to the credit of the Rectification Account
               which the Agent agrees is not required to maintain compliance by
               the Borrower with any Financial Covenant may be withdrawn by the
               Borrower from the Rectification Account.

20.            GENERAL UNDERTAKINGS

               The undertakings in this Clause 20 remain in force from the date
               of this Agreement for so long as any amount is outstanding under
               the Finance Documents or any Commitment is in force.

20.1           AUTHORISATIONS

               The Borrower shall (and shall procure that each Obligor, PropCo,
               Specht, Seller 1 and Seller 2 shall) promptly:

20.1.1         obtain, comply with and do all that is necessary to maintain in
               full force and effect; and

20.1.2         supply certified copies to the Agent of,

               any Authorisation required under any law or regulation of its
               jurisdiction of incorporation to enable it to perform its
               obligations under the Transaction Documents and to ensure the
               legality, validity, enforceability or admissibility in evidence
               in its jurisdiction of incorporation and in England and Wales of
               each Transaction Document.

20.2           COMPLIANCE WITH LAWS

               The Borrower shall (and shall procure that each Obligor, PropCo,
               Specht, Seller 1 and Seller 2 shall) comply in all respects with
               all laws to which it may be subject.

20.3           PARI PASSU RANKING

               The Borrower shall ensure that its payment obligations under the
               Finance Documents rank at least pari passu with all its other
               present and future unsecured payment obligations, except for
               obligations mandatorily preferred by law applying to persons of
               its legal status generally.

20.4           NEGATIVE PLEDGE

20.4.1         Subject to Clause 20.4.2 below, the Borrower shall procure that
               each of PropCo, Specht, Seller 1 and Seller 2 shall not create or
               permit to subsist any Security over any of its undertaking,
               revenues or assets without the prior written consent of the
               Agent.

20.4.2         Clause 20.4.1 above does not apply to:

20.4.2.1       any lien or hypothecation arising by operation of law in the
               ordinary course of business, in each case securing amounts not
               more than 30 days overdue;

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20.4.2.2       any Security arising out of retention of title provisions in a
               supplier's standard conditions of supply of goods where the goods
               in question are supplied on credit and are required in the
               ordinary course of business; or

20.4.2.3       any Security created pursuant to any of the Security Documents or
               any Permitted Security.

20.5           TRANSACTIONS SIMILAR TO SECURITY

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall):

20.5.1         sell, transfer or otherwise dispose of any of its assets on terms
               whereby they are or may be leased to or re-acquired by an
               Obligor;

20.5.2         sell, transfer or otherwise dispose of any of its receivables on
               recourse terms;

20.5.3         enter into any arrangement under which money or the benefit of a
               bank or other account may be applied, set-off or made subject to
               a combination of accounts; or

20.5.4         enter into any other preferential arrangement having a similar
               effect.

20.6           DISPOSALS

20.6.1         Subject to Clause 20.6.2 below the Borrower shall not (and shall
               procure that no Obligor, PropCo or Specht shall) enter into a
               single transaction or a series of transactions (whether related
               or not) and whether voluntary or involuntary to sell, transfer,
               surrender all or any part of any lease or otherwise dispose of
               all or any part of any Property or any other asset.

20.6.2         Clause 20.6.1 above does not apply to any disposal:

20.6.2.1       made with the consent of the Majority Lenders;

20.6.2.2       made in accordance with Clause 7.6 (Substitution and Addition to
               Security);

20.6.2.3       of cash by way of a payment out of an Account in accordance with
               the terms of this Agreement;

20.6.2.4       which is otherwise made in accordance with Clause 20.6.3 below
               and the other provisions of this Agreement.

20.6.3         A Property or the shares in Specht may be disposed of in whole
               (but not in part) if the Agent is satisfied that:

20.6.3.1       no Default is outstanding or would occur as a result of the
               Disposal;

20.6.3.2       the Disposal Proceeds are or will be equal to or in excess of the
               Minimum Release Amount in respect of that Property and the Agent
               is satisfied (acting reasonably) that an amount at least equal to
               the Release Pricing will be (and is)

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               paid directly into the Sales Proceeds Account immediately on
               closing of the transaction the subject of the Disposal;

20.6.3.3       the sale and purchase agreement relating to the disposal of the
               Property is unconditional in its terms and provides for
               contractual completion within 3 months of the date of such
               agreement;

20.6.3.4       the consideration for the Disposal is cash payable in full at
               completion; and

20.6.3.5       the Interest Cover (determined in accordance with Clause 19.2
               (Interest Cover)) following the relevant Disposal will be no less
               than 125%.

20.6.3.6       The Borrower shall ensure that Propco does not dispose of any
               Property or assets in circumstances where following such Disposal
               and a corresponding Mandantory Prepayment pursuant to Clause 7.3
               would result in the Loan at any time exceeding the amount
               standing to the credit of the Holdbacks Account.

20.7           MERGERS

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) enter into or otherwise become involved in (i)
               any transaction contemplated in the German Transformation Act
               (Umwandlungsgesetz), in each case whether implemented pursuant to
               the German Transformation Act or otherwise, and (ii) any
               amalgamation, demerger, merger or corporate reconstruction or any
               joint venture, consortium or similar arrangement with any person.

20.8           MAINTENANCE OF STATUS, ETC.

               The Borrower shall (and shall ensure that each Obligor, PropCo
               and Specht shall) ensure it has the right and is duly qualified
               to conduct any part of its business as it is conducted from time
               to time in all applicable jurisdictions.

20.9           FINANCIAL INDEBTEDNESS

               The Borrower will not (and will ensure that no Obligor, PropCo or
               Specht will) without the prior written consent of the Agent:

20.9.1         permit any Financial Indebtedness to be outstanding to it by, or
               to make any other form of credit available to, any person;

20.9.2         incur or have outstanding any indebtedness to any Affiliate;

20.9.3         incur or have outstanding any Financial Indebtedness to any other
               person; or

20.9.4         pay or discharge (including, without limitation, by way of
               set-off or combination of accounts), or grant any guarantee,
               indemnity, bond, letter of credit or similar assurance against
               financial loss in support of, any indebtedness owed by it or any
               other person,

               other than Permitted Financial Indebtedness.

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20.10          ACQUISITIONS

20.10.1        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall):

20.10.1.1      invest in or acquire any share in or any security or obligation
               issued by any person, or any interest therein or in the capital
               of any person, or make any capital contribution to any person; or

20.10.1.2      invest in or acquire any business or going concern; or

20.10.1.3      acquire any assets other than in the ordinary course of business.

20.10.2        Clause 20.10.1 shall not apply to any acquisition of property or
               assets (a) pursuant to any Expansion or substitution made
               pursuant to Clause 7.6 or (b) pursuant to the terms of the Put
               and Call Agreement.

20.11          CHANGE OF BUSINESS

20.11.1        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) carry on any business other than the
               acquisition, ownership and management of its interests in the
               Properties.

20.11.2        The Borrower shall not have any Subsidiary other than GP PropCo ,
               GP Seller 1 or Seller 1.

20.11.3        PropCo shall not have any Subsidiary (other than Specht and
               Weise) or own any interest in any other entity (save as disclosed
               in the relevant Report on Title.

20.11.4        Specht shall not have any Subsidiary.

20.11.5        For the avoidance of doubt the Borrower shall not engage in the
               conduct of any trade or business in the United States of America.

20.12          TAXES

               The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall):

20.12.1        ensure that all Taxes (including, without limitation, all Real
               Estate Transfer Tax) and governmental charges payable by, or
               assessed upon it, are paid and discharged when due except to the
               extent that they are contested in good faith and by appropriate
               means and an adequate reserve (as determined by the Agent) has
               been set aside with respect to the unpaid Tax;

20.12.2        to the fullest extent it is able to do so, apply for any
               available Tax credits, losses, reliefs or allowances; and

20.12.3        not surrender or dispose of any Tax credit, loss, relief or
               allowance to any person other than with the consent of the Agent
               (such consent not to be unreasonably withheld or delayed).

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20.12.4        The Borrower shall not permit any person to file any election
               pursuant to U.S. Treasury Regulations Section 301.7701-3 to treat
               the Borrower as a corporation for U.S. tax purposes.

20.13          OTHER CONTRACTS

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) enter into any contracts other than:

20.13.1        the Transaction Documents and contracts referred to in those
               documents; and

20.13.2        any other contracts connected with the acquisition, letting and
               management of all or any part of any Properties permitted by this
               Agreement.

20.14          VAT

20.14.1        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) form or be a member of any VAT group.

20.14.2        The Borrower shall provide the Agent with a copy of its, PropCo's
               and Specht's VAT registration certificates as soon as reasonably
               practicable upon receipt thereof.

20.15          DISTRIBUTIONS

20.15.1        Subject to Clause 20.15.2 below, the Borrower shall not (and
               shall procure that no Obligor, PropCo or Specht shall) declare,
               pay or make any Distribution.

20.15.2        If no Event of Default is outstanding, the Borrower may declare,
               pay or make any Distribution from amounts standing to the credit
               of the General Account.

20.16          CONTROL

20.16.1        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall):

20.16.1.1      cause or permit its ownership structure or control to be changed
               from that existing at the date of the Agreement and as set out in
               the Structure Chart without first notifying the Agent of the
               proposed change and providing to the Agent such information and
               other identification as the Agent may require to ensure
               continuing compliance with Money Laundering Regulations following
               the change;

20.16.1.2      issue any further shares or units which in each case carry voting
               rights or alter any rights attaching to its share capital or
               units as at the date of this Agreement; or

20.16.1.3      repay, redeem, repurchase, defease or retire any of its share
               capital or units (or resolve to do so) or provide financial
               assistance for any such purpose.

20.16.2        Clause 20.16.1 shall not apply to any Permitted Change of
               Control.

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20.17          FILING AND STAMP TAXES

               The Borrower shall or shall procure that within five Business
               Days all stamp duty and tax, notary fees, Real Estate Transfer
               Tax, registration and other similar Taxes and fees, if any, to
               which any of the Finance Documents or any transaction
               contemplated by any of the Finance Documents or any title to or
               interests in, the Properties may be subject or give rise are
               paid.

20.18          ADEQUATE CAPITAL

               The Borrower shall (and shall ensure that each Obligor, PropCo
               and Specht shall) maintain adequate capital for the normal
               obligations reasonably foreseeable for its business.

20.19          EMPLOYEES

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) have any employees or any pension fund.

20.20          SEPARATENESS

               The Borrower shall (and shall ensure that each Obligor, PropCo
               and Specht shall) ensure that:

20.20.1        its assets are not pledged for the benefit of any other entity;

20.20.2        its liabilities are paid out of its own funds;

20.20.3        its books and records are kept separate from those of any other
               person or entity;

20.20.4        its bank accounts and debts represented thereby are kept separate
               from those of any other person or entity;

20.20.5        its assets or revenues are not co-mingled with those of any other
               person or entity;

20.20.6        its own business is conducted in its own name;

20.20.7        its overhead for shared office space is fairly and reasonably
               allocated;

20.20.8        its financial statements in relation to its financial affairs are
               maintained separately from those of other entities (provided that
               the Borrower may consolidate its financials with any Shareholder
               provided separate financial statements for Borrower are also
               provided to the Agent in accordance with the provisions of this
               Agreement, and Specht may consolidate its financials with
               PropCo);

20.20.9        all corporate formalities in respect of its affairs are observed;

20.20.10       all relationships with its Affiliates are maintained on
               arms-length terms;

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20.20.11       separate stationary, invoices and cheque-books are used;

20.20.12       it holds itself out as a separate entity; and

20.20.13       any known misunderstanding regarding its separate identity is
               corrected as soon as possible.

20.21          CENTRE OF MAIN INTERESTS

               The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall) ensure that its Centre of Main Interests (to
               the extent applicable) is in the jurisdiction of its
               incorporation.

20.22          HEADLEASES

               The Borrower shall procure that PropCo and Specht will in
               relation to any Headlease under which PropCo or Specht derives
               its estate or interest in all or any part of the Properties:

20.22.1        observe and perform in all material respects all covenants,
               stipulations and obligations on the lessee under that Headlease;

20.22.2        diligently enforce all covenants on the part of the lessor under
               that Headlease;

20.22.3        not, without the prior written consent of the Agent (such consent
               not to be unreasonably withheld or delayed):

20.22.3.1      waive, release or vary any obligation under, or the terms of; or

20.22.3.2      exercise any option or power to break, determine or extend;

               in each case, that Headlease;

20.22.4        not do or permit anything under that Headlease whereby the same
               may be forfeited;

20.22.5        not agree any change in the rent payable under that Headlease
               without the prior written consent of the Agent (such consent not
               to be unreasonably withheld or delayed); and

20.22.6        promptly notify the Agent of any matter or event under or by
               reason of which that Headlease has or may become subject to
               determination or to the exercise of any right or re-entry or
               forfeiture.

20.23          FINANCIAL YEAR END

               No Obligor or any of the PropCo Companies shall change the date
               of its financial year end without the prior written consent of
               the Agent except that, following exercise of Call Option I,
               PropCo shall be permitted to change the date of its financial
               year end to 31 December.

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20.24          MONEY LAUNDERING REGULATIONS

               The Borrower shall (and shall ensure that each Obligor, PropCo,
               Specht, Seller 1 and Seller 2 shall) promptly provide such
               information and identification or other evidence in respect of it
               as the Agent may from time to time require to ensure compliance
               with Money Laundering Regulations.

20.25          EXERCISE OF CALL OPTIONS

20.25.1        If either:

20.25.1.1      Call Option I is not exercised by the Borrower by 30 November
               2010; or

20.25.1.2      Call Option I has been exercised (either by the Borrower or the
               Agent) and Call Option II is not exercised by the date one month
               prior to expiry of the Call Option II Exercise Period;

               then the Agent shall have the option to exercise the relevant
               Call Option on behalf of and in the name of the Borrower.

20.25.2        The Borrower shall enter into the Power of Attorney granting the
               Agent power to exercise the Call Options in accordance with
               Clause 20.25.1.

20.25.3        If Call Option I is exercised, the Borrower will immediately
               accede to the WPC Lender Facility Agreement as an Additional
               Borrower (as defined in the WPC Lender Facility Agreement), enter
               into the Accession Agreement (as defined in the WPC Lender
               Facility Agreement) and generally comply with the provisions of
               the Put and Call Agreement (in so far as it relates to Call
               Option I) and the terms of Clause 24 of the WPC Lender Facility
               Agreement.

20.25.4        If Call Option II is exercised, the entity that acquires (which
               for the avoidance of doubt will be a Related Party) the relevant
               interests relating to Call Option II will immediately accede to
               the WPC Lender Facility Agreement as an Additional Borrower (as
               defined in the WPC Lender Facility Agreement), enter into the
               Accession Agreement (as defined in the WPC Lender Facility
               Agreement) and generally comply with the provisions of the Put
               and Call Agreement (in so far as it relates to Call Option II)
               and the terms of Clause 24 of the WPC Lender Facility Agreement.

20.26          EXPANSION

20.26.1        PropCo may permit OpCo to enter into any Expansion with the prior
               written consent of the Agent, such consent not to be unreasonably
               withheld, provided that:

20.26.1.1      no Event of Default under the Principal Occupational Lease is
               outstanding at the date of the relevant Expansion;

20.26.1.2      such Expansion is in accordance with the terms of the Principal
               Occupational Lease;

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20.26.1.3      the Borrower pays the Security Trustee's lawyers and other
               reasonable costs incurred by the Security Trustee in connection
               with the Expansion;

20.26.1.4      if any Additional Property is acquired by PropCo in relation to
               any Expansion:

20.26.1.4.1    on completion of the acquisition of each Additional Property the
               Borrower will procure that PropCo delivers to the Security
               Trustee a duly executed Additional Charge over the relevant
               Additional Property together with such of the Conditions
               Precedent listed in Schedule 2 as the Agent requires in relation
               to such Additional Property or Expansion in an Agreed Form;

20.26.1.4.2    the Borrower supplies such further information and details
               concerning any potential Additional Property as the Security
               Trustee may reasonably request;

20.26.2        Upon the completion of any Additional Charge pursuant to Clause
               20.26.1.4.1, (i) such Additional Charge shall be included within
               the definition of "Security Documents" and references in this
               Agreement to "Land Charge" shall be read and construed
               respectively as references to the Land Charge and every
               Additional Charge collectively.

20.27          ADDITIONAL PROPERTY

20.27.1        The Borrower shall be permitted to allow PropCo to acquire an
               Additional Property with the consent of the Agent, such consent
               not to be unreasonably withheld provided:

20.27.1.1      no Event of Default is continuing under the Principal
               Occupational Lease;

20.27.1.2      the Borrower pays the Security Trustee's lawyers and other
               reasonable costs incurred by the Security Trustee in connection
               with the Expansion

20.27.1.2.1    on completion of the acquisition of each Additional Property the
               Borrower will procure that PropCo delivers to the Security
               Trustee a duly executed Additional Charge over the relevant
               Additional Property together with such of the Conditions
               Precedent listed in Schedule 2 as the Agent requires in relation
               to such Additional Property or Expansion in an Agreed Form;

20.27.1.2.2    the Borrower supplies such further information and details
               concerning any potential Additional Property as the Security
               Trustee may reasonably request; and

20.27.1.3      upon the completion of any Additional Charge pursuant to Clause
               20.27.1.2.1, (i) such Additional Charge shall be included within
               the definition of "Security Documents" and references in this
               Agreement to "Land Charge" shall be read and construed
               respectively as references to the Land Charge and every
               Additional Charge collectively.

20.28          LITIGATION

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) engage in any action, litigation, arbitration or
               administrative proceedings without the prior written consent of
               the Agent, other than in

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               relation to any action taken in order to comply with the
               obligations contained in Clause 21.6.2.2.

20.29          TRANSACTION DOCUMENTS

               The Borrower shall not (and shall procure that no Obligor,
               PropCo, Specht, Seller 1 or Seller 2 shall) amend, waive or vary
               any of the Transaction Documents with out the consent of the
               Agent.

20.30          WEISE

               The Borrower shall use reasonable endeavours to ensure that Weise
               is dissolved or PropCo's interest in Weise is transferred to a
               third party not connected with PropCo as soon as reasonably
               possible following the Utilisation Date.

21.            PROPERTY UNDERTAKINGS

               The undertakings in this Clause 21 remain in force from the date
               of this Agreement for so long as any amount is outstanding under
               the Finance Documents or any Commitment is in force.

21.1           REPAIR

               The Borrower will ensure and procure that:

21.1.1         each Property is kept in good and substantial repair and
               condition and when necessary procure that all machinery and
               equipment forming part of each Property is replaced by items of
               similar quality and value;

21.1.2         any wants of repair in each Property are made good promptly after
               receiving a request from the Agent to do so; and

21.1.3         all steps necessary to make good any want of repair in each
               Property identified in any Valuation are taken promptly after
               receipt of a request by the Agent to do so and that the Agent is
               notified as soon as such steps have been implemented fully.

21.2           ALTERATIONS

21.2.1         Subject to Clause 21.2.2 below and save in circumstances where
               PropCo is required by the terms of the relevant Occupational
               Lease to grant its consent the Borrower shall not (and shall
               procure that PropCo shall not) at any time, without the prior
               written consent of the Agent:

21.2.1.1       carry out or permit any demolition, reconstruction or rebuilding
               of or any material structural alteration to or change in the use
               of any Property; or

21.2.1.2       sever, unfix or remove any of the fixtures at any Property
               belonging to or in use by PropCo, OpCo or any tenant.

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21.2.2         Clause 21.2.1.2 above shall not apply for the purpose of
               effecting necessary repairs to any fixtures at any Property or of
               replacing them with new or improved models or substitutes or in
               the case of any tenant's fixtures and fittings.

21.2.3         Clause 21.2.1.2 shall not apply to any alterations carried out
               pursuant to any Expansion.

21.3           PLANNING

21.3.1         The Borrower shall (and shall procure that PropCo and Specht
               will) comply with any conditions attached to any planning
               permissions relating to or affecting all or any part of each
               Property.

21.3.2         Except in connection with Expansions, the Borrower shall not (and
               shall procure that PropCo will not) make any application for
               planning permission or implement any planning permission obtained
               or enter or agree to enter into any agreement or undertaking
               under the Planning Acts or any other similar act or acts without
               the prior written consent of the Agent.

21.4           NOTICES

21.4.1         The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht will) promptly give full particulars (and if requested
               a copy of any written particulars received by the Borrower any
               Obligor, PropCo or Specht) to the Agent of any notice, order,
               directive, designation, resolution or proposal having application
               to all or any part of any Property or to the area in which it is
               situate served upon it by any planning authority or other public
               body or authority under or by virtue of the Planning Acts or any
               other statutory power or powers conferred by any other law; and

21.4.2         to the extent that any such notice, order, directive,
               designation, resolution or proposal (or non-compliance with the
               same) is in the reasonable opinion of the Agent likely adversely
               to affect the value of all or any part of any Property, the Agent
               may require the Borrower to take all expedient steps to procure
               compliance (in the event of the relevant Obligor, PropCo or
               Specht failing itself to take steps promptly to do so after
               receipt of a notice from the Agent requiring it to do so) with
               any such notice or order and may at the cost of the Borrower make
               such objection or objections or representations against or in
               respect of any proposal for such a notice or order as the Agent
               considers expedient.

21.4.3         Any compensation received by the Borrower, any Obligor, PropCo or
               Specht as a result of any notice or order shall be applied in
               repayment of the Secured Liabilities.

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21.5           TITLE

               The Borrower shall (and shall procure that PropCo and Specht
               shall):

21.5.1         observe and perform all restrictive and other covenants,
               stipulations and obligations now or at any time affecting each
               Property insofar as the same are subsisting and are capable of
               being enforced;

21.5.2         duly and diligently enforce all restrictive or other covenants,
               stipulations and obligations benefiting each Property and not
               waive, release or vary (or agree to do so) the obligations of any
               other party thereto; and

21.5.3         grant the Agent or the Security Trustee (for the Lenders), or its
               lawyers on request all facilities reasonably within its power to
               enable the Security Trustee (for the Finance Parties), or its
               lawyers (at the expense of the Finance Parties whilst no Default
               is continuing and at the expense of the Borrower whilst a Default
               is continuing) to:

21.5.3.1       carry out investigations of title (Grundbucheinsicht) to each
               Property; and

21.5.3.2       make such enquiries in relation to any part of a Property as a
               prudent mortgagee would be reasonably expected to carry out.

21.6           OCCUPATIONAL LEASES

21.6.1         Save as required by the terms of a Lease Document, the Borrower
               shall not (and shall ensure that no Obligor, PropCo or Specht
               shall) without the prior consent of the Agent (such consent not
               to be unreasonably withheld or delayed):

21.6.1.1       enter into or grant or agree to grant any Lease Document in
               respect of all or any part of any Property;

21.6.1.2       grant any new contractual licence or right to occupy any part of
               any Property;

21.6.1.3       accept or consent to any surrender, assignment, assignation or
               sub-letting of or forfeit any tenant's interest under any Lease
               Document;

21.6.1.4       agree to any rent reviews or lease renewals in respect of any
               Occupational Lease;

21.6.1.5       agree to any variation or amendment in respect of any Lease
               Document;

21.6.1.6       exercise any option or power to break, determine, vary or extend
               any Lease Document now or at any time relating to or affecting
               all or any part of any Property;

21.6.1.7       waive any breach of nor reduce, charge or suspend any sum payable
               under any Lease Document nor enter into any restrictive or
               onerous obligation affecting all or any part of any Property;

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21.6.1.8       discharge or release or agree so to do any other party from its
               obligations and liabilities under any Lease Document;

21.6.2         The Borrower shall procure that:

21.6.2.1       PropCo complies with all material covenants and obligations of
               PropCo under any Lease Document; and

21.6.2.2       PropCo promptly enforces all the material covenants and
               obligations of any tenant under a Lease Document which shall
               include but shall not be limited to the covenants and obligations
               of the tenant to carry out repairs and defray any capital
               expenditure in accordance with such Lease Document.

21.6.3         The Borrower shall procure that if there is an Event of Default
               outstanding PropCo will, at the request of the Agent,
               split/bifurcate the Principal Occupational Lease into two or more
               Occupational Leases (as per the request of the Agent) as
               permitted by paragraph 38(o) of the terms of the Principal
               Occupational Lease.

21.7           PAY RATES, CHARGES AND TAXES

               The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall) punctually pay or cause to be paid when due and
               indemnify the Agent on demand (and as a separate obligation any
               receiver or receivers appointed by it) against all existing and
               future rates, taxes, duties, fees, renewal fees, charges,
               assessments, impositions and outgoings whatsoever whether imposed
               by deed or by statute or otherwise and whether in the nature of
               capital or revenue and even though of a wholly novel character
               which now or at any time during the continuance of the Security
               constituted by or pursuant to any Finance Document are payable in
               respect of each Property or any part thereof.

21.8           ENTRY AND POWER TO REMEDY BREACHES

21.8.1         If, at any time, the Borrower or any Obligor fails, or is
               considered by the Agent (acting reasonably) to have failed to
               have performed, any obligation under this Clause 21 the Agent may
               (without any obligation to do so) after notification to the
               Borrower and subject to the terms of the Occupational Leases
               enter upon all or any part of any Property with or without agents
               appointed by it, architects, contractors, workmen and others as
               it may determine and execute such works and take such steps as
               may, in the reasonable opinion of the Agent, be required to
               remedy or rectify any such failure and do or take any action on
               or in relation to all or any part of any Property as may in the
               reasonable opinion of the Agent be required to remedy or rectify
               such failure.

21.8.2         The proper fees, costs and expenses incurred by the Agent for
               such works and taking such steps will be reimbursed by the
               Borrower to the Agent on demand.

21.8.3         The exercise by the Agent of its powers under Clause 21.8.1 above
               will not render any Finance Party liable to account as mortgagee
               in possession.

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21.9           MANAGING AGENTS

21.9.1         The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) appoint any managing agent for the management of
               the Property or otherwise without the prior consent of and on
               terms approved by the Agent.

21.10          INSURANCES

21.10.1        The Borrower shall effect or procure to be effected:

21.10.1.1      insurance of each Property (including underground service
               extensions) and the plant and machinery on each Property
               including fixtures (but not tenants fixtures and fittings) and
               improvements on a full reinstatement basis (which must be
               index-linked and reviewed annually), including, without
               limitation, site clearance, professional fees, VAT, subsidence
               and not less than three years' loss of rent on all occupational
               tenancies and licences of any Property;

21.10.1.2      third party and public liability insurances;

21.10.1.3      insurance against acts of terrorism; and

21.10.1.4      such insurances as a reasonable person in the same business as
               the Borrower would effect;

               all such insurances to be for a period of not less than one year
               as at the Utilisation Date in amount and in form acceptable to
               the Agent and with an insurance company or underwriters which
               comply with the provisions of Clause 21.10.10.

21.10.2        The Borrower shall procure that the Security Trustee is named as
               co-insured on all insurance policies required under Clause
               21.10.1.1 above and shall ensure that each relevant insurer will
               issue a certificate of third party interest in the insurance
               policy (Sicherungsbestatigung/Sicherungsschein) in favour of the
               Security Trustee containing the provisions set out in Clause
               21.10.3.

21.10.3        Each policy required under Clause 21.10.1.1 above shall contain:

21.10.3.1      a standard mortgagee Clause whereby the insurance shall not be
               vitiated or avoided as against the Security Trustee in the event
               or as a result of any misrepresentation, act or neglect or
               failure to make disclosure on the part of any Obligor, tenant or
               other insured party, or any circumstances beyond the control of a
               Obligor, tenant or other insured party;

21.10.3.2      a waiver of all insurers' rights of subrogation against any
               Finance Party; and

21.10.3.3      terms providing that it shall not be amended, modified, changed,
               cancelled or invalidated so far as the Security Trustee is
               concerned without the insurer first giving to the Security
               Trustee not less than (i) 14 days' written notice in respect of
               any failure to pay any premium due and (ii) 30 days written
               notice for any other reason.

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21.10.4        The Borrower shall procure that there be given to the Agent such
               information in connection with the insurances and originals of
               the policies as the Agent may require and will promptly notify
               the Agent upon becoming aware of renewals made and variations,
               modifications, changes or cancellations of policies made or, to
               its knowledge, threatened or pending.

21.10.5        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) do or permit anything to be done which may make
               void or voidable any insurance policy in connection with any part
               of any Property.

21.10.6        The Borrower shall pay or shall procure prompt payment in full of
               all premiums (and shall promptly provide evidence of the same to
               the Agent) and all other things necessary to keep all of the
               insurance policies in force.

21.10.7        If the Borrower fails to comply with any of the provisions of
               Clause 21.10.6 above, the Agent shall immediately be entitled
               (but not obliged) to effect or renew the insurances concerned at
               the expense of the Borrower.

21.10.8        The proceeds of loss of rent insurance shall be paid into the
               Rent Account in accordance with Clause 11.4.

21.10.9        The Borrower shall apply or procure the application of all monies
               received or receivable by it under any insurance maintained by it
               or PropCo or Specht in accordance with Clause 21.10.1 above
               towards replacing, restoring or reinstating the relevant
               Property. To the extent the relevant insurance policy and/or, the
               Lease Documents do not restrict the proceeds of insurance being
               used to prepay the Loan, the proceeds of insurance shall be used,
               at the option of the Agent, to prepay the Loan.

21.10.10       The Borrower shall ensure that all insurance policies (whether
               primary or excess policies) required under Clause 21.10.1 above
               in relation to a particular risk, are placed with insurers that
               have a long term unsecured, unsubordinated and unguaranteed debt
               instrument rating of A or better by Fitch, A2 or better by
               Moody's and A or better by Standard & Poors (or such other rating
               as the Agent may agree in writing) for the aggregate amount
               insured under such insurance policies (the "INSURANCE RATINGS
               REQUIREMENTS").

21.10.11       If the long term unsecured, unsubordinated and unguaranteed debt
               instrument ratings of an insurer required pursuant to Clause
               21.10.10 is downgraded so that it no longer meets the Insurance
               Ratings Requirements, the Borrower shall (and shall procure that
               the relevant Obligor, PropCo or Specht shall) diligently put in
               place replacement insurance which meets the Insurance Ratings
               Requirements and is otherwise acceptable to the Agent by the
               earlier of the renewal date for the relevant insurance policy and
               the date falling one month after knowledge of the downgrade.

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21.11          ENVIRONMENTAL UNDERTAKINGS

               The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall):

21.11.1        in all respects comply with all applicable Environmental Laws to
               which it may be subject;

21.11.2        obtain all Environmental Licences required in connection with its
               business; and

21.11.3        comply with all terms of all those Environmental Licences.

21.12          ENVIRONMENTAL CLAIMS

21.12.1        The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall) promptly notify the Agent in writing of any
               claim, notice or other communication received by it in respect of
               any actual or alleged breach of or liability under applicable
               Environmental Law.

21.12.2        The Borrower shall indemnify each Finance Party and its officers,
               employees and agents against any loss, cost, expense or liability
               suffered or incurred by any of them as a consequence of any
               actual environmental claim or any breach of Environmental Law
               (including the costs and expenses of any party indemnified
               pursuant to this Clause 21.12.2 in defending itself against any
               environmental claim made against it) to the extent that the loss
               or liability incurred by that party would not have arisen if this
               Agreement or any of the other Finance Documents had not been
               entered into.

21.13          COMPULSORY PURCHASE

               The Borrower shall not and shall ensure that no Obligor, PropCo
               or Specht shall enter into any negotiations with any competent
               authorities with regard to the compulsory acquisition of all or
               any part of any Property or consent to the compulsory acquisition
               of all or any part of any Property unless in either case it is
               required to do so and except, in either case, with the consent of
               the Security Trustee and, if so requested by the Security
               Trustee, shall permit the Security Trustee or its representatives
               to conduct such negotiations or give such consent on its behalf.

21.14          LAND REGISTER EXCERPTS

               The Borrower shall procure that the Agent receives certified
               excerpts of the Land Register in relation to any Property
               promptly upon registration of each Land Charge at the Land
               Registry.

21.15          COMPLIANCE WITH REPORTS

               The Borrower shall and shall procure that PropCo shall comply
               with all recommendations made pursuant to the Environmental &
               Structural Reports.

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22.            EVENTS OF DEFAULT

               Each of the events or circumstances set out in this Clause 22 is
               an Event of Default.

22.1           NON-PAYMENT

               The Borrower does not pay on the due date any amount payable
               pursuant to a Finance Document at the place at and in the
               currency in which it is expressed to be payable unless:

22.1.1         its failure to pay is caused by administrative or technical error
               after proper instructions from the relevant payee; and

22.1.2         payment is made within three Business Days of its due date;

22.2           MATERIAL DEFAULTS

               Any Obligor fails duly to perform or comply with any undertaking
               or other obligation owed or assumed by it under, 11 (Bank
               Accounts) (unless failure by the relevant Obligor to perform or
               comply with that Clause is caused solely by the default on the
               part of the Security Trustee in applying proceeds standing to the
               credit of the relevant Bank Account in accordance with this
               Agreement) 18.8 (Valuations), 20.4 (Negative pledge), 20.6
               (Disposals), 20.9 (Financial Indebtedness), 20.14 (VAT Group),
               20.15 (Distributions), 21.6 (Occupational Leases) and 21.10
               (Insurances) (other than those obligations referred to in Clause
               22.1 (Non- payment)).

               No Event of Default under Clause 22.2 above will occur if the
               failure to comply is, in the opinion of the Agent, capable of
               remedy and is remedied within five Business Days of the earlier
               of (i) the Agent giving notice to the Borrower of the failure in
               question; or (ii) the Borrower or the relevant person becoming
               aware of the failure to comply.

22.3           OTHER DEFAULTS

22.3.1.1       Subject to the ability to make Cure Payments in accordance with
               Clause 19.3 (Cure Payments), the Borrower does not comply with
               any term of Clause 19.1 (Loan to Value) or Clause 19.2 (Interest
               Cover).

22.3.2         Any of the Borrower, the Obligors, PropCo or Specht not comply
               with any provision of the Finance Documents to which it is a
               party (other than those referred to in Clause 22.1 (Non-payment)
               and Clause 22.2 (Material Defaults)).

22.3.3         No Event of Default under Clause 22.3.2 above will occur if the
               failure to comply is, in the opinion of the Agent, capable of
               remedy and is remedied within ten Business Days of the earlier of
               (i) the Agent giving notice to the Borrower of the failure in
               question; or (ii) the Borrower or the relevant person becoming
               aware of the failure to comply.

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22.4           MISREPRESENTATION

               Any representation or statement made or deemed to be made by the
               Borrower, or any Obligor, PropCo or Specht in any Finance
               Document to which it is a party or any other document delivered
               by or on behalf of the Borrower or any Obligor, PropCo or Specht
               under or in connection with any Finance Document to which it is a
               party is or proves to have been incorrect or misleading in any
               material adverse respect when made or deemed to be made.

22.5           CROSS DEFAULT

22.5.1         Any Financial Indebtedness of any Obligor, PropCo or Specht is
               not paid when due nor within any originally applicable grace
               period.

22.5.2         Any Financial Indebtedness of any Obligor, PropCo or Specht is
               declared to be or otherwise becomes due and payable prior to its
               specified maturity as a result of an event of default (however
               described).

22.5.3         Any commitment for any Financial Indebtedness of any Obligor,
               PropCo or Specht is cancelled or suspended by a creditor of any
               Obligor, PropCo or Specht as a result of an event of default
               (however described).

22.5.4         Any creditor of any Obligor, PropCo or Specht becomes entitled to
               declare any Financial Indebtedness of that Obligor, PropCo or
               Specht due and payable prior to its specified maturity as a
               result of an event of default (however described).

22.5.5         Any Security (other than under a Finance Document) securing any
               Financial Indebtedness over any of the revenues or assets of any
               Obligor, PropCo or Specht becomes enforceable.

22.6           ATTACHMENT OR DISTRESS

               If a creditor attaches or takes possession of, or a distress,
               execution, diligence, sequestration or other process is levied or
               enforced upon or sued out against, any material part of the
               undertakings, assets, rights or revenues of any Obligor, PropCo
               or Specht and such process is not discharged within ten Business
               Days.

22.7           INABILITY TO PAY DEBTS

               Any of the following occurs in respect of the Borrower, an
               Obligor, PropCo or Specht:

22.7.1         it is unable or admits inability to pay its debts as they fall
               due, suspends making payments on any of its debts or, by reason
               of actual or anticipated financial difficulties, commences
               negotiations with one or more of its creditors with a view to
               rescheduling any of its indebtedness.

22.7.2         in respect of each Obligor incorporated under the laws of
               Germany, PropCo or Specht (a "GERMAN OBLIGOR"), it is unable to
               pay its debts as they fall due (Zahlungsunfahigkeit), commences
               negotiations with any one or more of its

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               creditors with a view to the general readjustment or rescheduling
               of its indebtedness or makes a general assignment for the benefit
               of or a composition with its creditors or, for any of the reasons
               set out in Sections 17-19 of the German Insolvenzordnung any
               German Obligor files for insolvency (Antrag auf Eroffnung eines
               Insolvenzverfahrens) or such filing is threatened or the board of
               directors (Geschaftsfuhrung) of any German Obligor is required by
               law to file for insolvency or the competent court takes any of
               the actions set out in Section 21 of the German Insolvenzordnung
               or institutes insolvency proceedings against any German Obligor
               (Eroffnung des Insolvnezverfahrens) or any event occurs or any
               proceedings are commenced with respect to any other Obligor
               which, under the laws of any jurisdiction to which it is subject
               or in which it has assets, has a similar or analogous effect.

22.7.3         the value of the assets of any Obligor that is not incorporated
               under the laws of Germany is less than its liabilities;

22.7.4         a moratorium is declared in respect of any indebtedness of any
               Obligor not incorporated under the laws of Germany; and

22.7.5         it proposes or enters into any composition or other arrangement
               for the benefit of its creditors generally or any class of
               creditors.

22.8           INSOLVENCY PROCEEDINGS

22.8.1         Subject to Clause 22.8.2 below, any of the following occurs in
               respect of the Borrower, any Obligor, PropCo or Specht:

22.8.1.1       any step is taken with a view to a moratorium or a composition,
               assignment or similar arrangement with any of its creditors or
               for a general reconstruction or rescheduling of its debts or for
               any process giving protection against creditors generally;

22.8.1.2       a meeting of its shareholders or directors or other officers is
               convened for the purpose of considering any resolution for or
               with a view to its winding-up, dissolution or administration or
               any such resolution is passed;

22.8.1.3       any person takes any action or any legal proceedings are started
               or other steps taken (including the presentation of a petition,
               the making of an application or the filing of any documents with
               a court or registrar) for its winding-up, administration or
               dissolution;

22.8.1.4       an order for its winding-up, dissolution or administration is
               made;

22.8.1.5       its shareholders or directors or other officers request the
               appointment of, or give notice of their intention to appoint, a
               liquidator, provisional liquidator, trustee, receiver,
               administrator, administrative receiver, manager or similar
               officer;

22.8.1.6       a liquidator, provisional liquidator, trustee, receiver,
               administrator, administrative receiver, manager or similar
               officer is appointed in respect of it or the whole or any part of
               its undertakings, assets, rights or revenues;

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22.8.1.7       there occurs in any country or territory in relation to any
               Obligor or any part of its assets or business, any step or
               procedure or event, which, in the opinion of the Majority
               Lenders, appears to be analogous to or correspond with any of the
               events referred to in Clause 22.6 (Attachment or distress),
               Clause 22.7 (Inability to pay debts) or Clause 22.8.1.1 to
               22.8.1.6 of this Clause inclusive.

22.8.2         Clause 22.8.1 above does not apply to a solvent winding up or
               dissolution on terms previously approved in writing by the Agent
               or to a petition for winding up presented by a creditor which is
               being contested in good faith and with due diligence and is
               discharged within fourteen (14) days.

22.9           OWNERSHIP AND CONTROL OF THE BORROWER

               The Shareholders cease to own directly the entire issued share
               capital in the Borrower except in the case of a Permitted Change
               of Control or unless otherwise agreed to by the Agent in
               accordance with the terms of this Agreement.

22.10          SECURITY

               Any Security Document is not in full force and effect or any
               Security Document does not create in favour of the Security
               Trustee for the benefit of the Finance Parties the Security which
               it is expressed to create with the ranking and priority it is
               expressed to have.

22.11          UNLAWFULNESS

               It is or becomes unlawful for any Obligor, PropCo or Specht or
               any Subordinated Creditor to perform or comply with any of its
               obligations under the Finance Documents.

22.12          REPUDIATION

               Any Obligor, PropCo, Specht or Subordinated Creditor repudiates a
               Finance Document.

22.13          CESSATION OF BUSINESS

               Any Obligor, Subordinated Creditor, PropCo or Specht suspends or
               ceases to carry on all or a material part of its business or
               shall suspend all or a substantial part of its operations.

22.14          AUDITORS' QUALIFICATION

               If the auditors qualify their report on the financial statements
               provided in accordance with Clause 18.1 (Financial statements)
               unless in the reasonable opinion of the Agent such qualification
               is not material in the context of the Finance Documents.

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22.15          COMPULSORY PURCHASE

               Any Property is compulsorily purchased or an interest in PropCo
               is otherwise nationalised or otherwise expropriated which, in the
               reasonable opinion of the Majority Lenders is likely to have a
               Material Adverse Effect.

22.16          MAJOR DAMAGE

               A Property is destroyed or damaged to an extent such that, taking
               into account the proceeds of insurance effected under Clause
               21.10 (Insurances) and the timing of the receipt of those
               proceeds, in the reasonable opinion of the Majority Lenders, that
               destruction or damage is likely to have a Material Adverse
               Effect.

22.17          HEADLEASE

               Any Headlease is forfeited for any reason or the landlord for the
               time being thereunder commences forfeiture proceedings.

22.18          WPC FACILITY AGREEMENT DEFAULT

               Any Event of Default occurs (as defined in the WPC Facility
               Agreement) in relation to the WPC Facility Agreement.

22.19          PRINCIPAL OCCUPATIONAL LEASE

               The Principal Occupational Lease is forfeited for any reason or
               PropCo commences forfeiture proceedings without the prior written
               consent of the Agent (such consent to be in the absolute
               discretion of the Agent).

22.20          MATERIAL ADVERSE CHANGE

               Any event occurs or circumstances arise which may in the
               reasonable opinion of the Agent acting on the instructions of the
               Majority Lenders have a Material Adverse Effect.

22.21          ACCELERATION

               On and at any time after the occurrence of an Event of Default
               the Agent may, and shall if so directed by the Majority Lenders,
               by notice to the Borrower:

22.21.1        cancel the Total Commitments whereupon they shall immediately be
               cancelled;

22.21.2        declare that all or part of the Loan, together with accrued
               interest, and all other amounts accrued or outstanding under the
               Finance Documents be immediately due and payable, whereupon they
               shall become immediately due and payable; and/or

22.21.3        declare that all or part of the Loan be payable on demand,
               whereupon it shall immediately become payable on demand by the
               Agent on the instructions of the Majority Lenders.

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23.            CHANGES TO THE LENDERS

23.1           ASSIGNMENTS AND TRANSFERS BY THE LENDERS

23.1.1         Subject to this Clause 23, a Lender (the "EXISTING LENDER") may
               assign, transfer or novate all or any of its Commitment and/or
               any of its rights and/or obligations under the Finance Documents
               without restriction to any other person (the "NEW LENDER"),
               including in connection with or in contemplation of a
               securitisation or a transaction having a similar effect.

23.1.2         An assignment will only be effective on receipt by the Agent of
               written confirmation from the New Lender (in form and substance
               satisfactory to the Agent) that the New Lender will assume the
               same obligations to the other Finance Parties as it would have
               been under if it was an Original Lender.

23.1.3         A transfer will only be effective if the procedure set out in
               Clause 23.4 (Procedure for transfer) is complied with.

23.2           ASSIGNMENT OR TRANSFER FEE

               The New Lender shall, on the date upon which an assignment or
               transfer takes effect, pay to the Agent (for its own account) a
               fee of E2500.

23.3           LIMITATION OF RESPONSIBILITY OF EXISTING LENDERS

23.3.1         Unless expressly agreed to the contrary, an Existing Lender makes
               no representation or warranty and assumes no responsibility to a
               New Lender for:

23.3.1.1       the legality, validity, effectiveness, adequacy or enforceability
               of the Finance Documents or any other documents;

23.3.1.2       the financial condition of the Borrower or any of its Affiliates;

23.3.1.3       the performance and observance by the Borrower, the Shareholders
               or the Subordinated Creditors of their respective obligations
               under the Finance Documents or any other documents; or

23.3.1.4       the accuracy of any statements (whether written or oral) made in
               or in connection with any Finance Document or any other document;

               and any representations or warranties implied by law are
               excluded.

23.3.2         Each New Lender confirms to the Existing Lender and the other
               Finance Parties that it:

23.3.2.1       has made (and shall continue to make) its own independent
               investigation and assessment of the financial condition and
               affairs of each of the Borrower, the Shareholders and the
               Subordinated Creditors and its related entities in connection
               with its participation in this Agreement and has not relied
               exclusively on any information provided to it by the Existing
               Lender in connection with any Finance Document; and

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23.3.2.2       will continue to make its own independent appraisal of the
               creditworthiness of each of the Borrower and the Shareholders and
               its related entities whilst any amount is or may be outstanding
               under the Finance Documents or any Commitment is in force.

23.3.3         Nothing in any Finance Document obliges an Existing Lender to:

23.3.3.1       accept a re-transfer from a New Lender of any of the rights and
               obligations assigned or transferred under this Clause 23; or

23.3.3.2       support any losses directly or indirectly incurred by the New
               Lender by reason of the non-performance by the Borrower, the
               Shareholders or the Subordinated Creditors of their respective
               obligations under the Finance Documents or otherwise.

23.4           PROCEDURE FOR TRANSFER

23.4.1         A transfer is effected in accordance with Clause 23.4.2 below
               when the Agent executes an otherwise duly completed Transfer
               Certificate delivered to it by the Existing Lender and the New
               Lender. The Agent shall after receipt by it of a duly completed
               Transfer Certificate appearing on its face to comply with the
               terms of this Agreement and delivered in accordance with the
               terms of this Agreement, execute that Transfer Certificate.

23.4.2         ON THE TRANSFER DATE:

               To the extent that in the Transfer Certificate the Existing
               Lender seeks to transfer by novation its rights and obligations
               under the Finance Documents the Borrower and the Existing Lender
               shall be released from further obligations towards one another
               under the Finance Documents and their respective rights against
               one another shall be cancelled (being the "DISCHARGED RIGHTS AND
               OBLIGATIONS");

23.4.2.1       the Borrower and the New Lender shall assume obligations towards
               one another and/or acquire rights against one another which
               differ from the Discharged Rights and Obligations only insofar as
               the Borrower and the New Lender have assumed and/or acquired the
               same in place of the Borrower and the Existing Lender;

23.4.2.2       the Agent, the Arranger, the New Lender and other Lenders shall
               acquire the same rights and assume the same obligations between
               themselves as they would have acquired and assumed had the New
               Lender been an Original Lender with the rights and/or obligations
               acquired or assumed by it as a result of the transfer and to that
               extent the Agent, the Arranger and the Existing Lender shall each
               be released from further obligations to each other under this
               Agreement; and

23.4.2.3       the New Lender shall become a Party as a "LENDER".

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23.5           SECURITISATION

               If a Lender determines at any time to sell, transfer or assign
               all or part of its interest in the Loan and/or any of the Finance
               Documents and any or all servicing rights with respect thereto,
               or to grant participation therein (the "PARTICIPATIONS") or issue
               other securities (such sale and/or issuance, the
               "SECURITISATION") evidencing a beneficial interest in a rated or
               unrated public offering or private placement (the "SECURITIES"),
               the Lender may forward to each purchaser, transferee, assignee,
               servicer, participant, investor or their respective successors in
               such Participations and/or Securities (collectively, the
               "INVESTOR") or any rating agency rating such Securities and each
               prospective Investor, all documents and information which the
               Lender now has or may hereafter acquire relating to the Loan, the
               Borrower, the Shareholders, the Subordinated Creditors and the
               Property (including, without limitation, all financial
               statements), which shall have been furnished by the Borrower as
               the Lender determines reasonably necessary or desirable. The
               Borrower shall and shall procure that the Shareholders shall in
               all cases at the cost of the Arranger cooperate with the Lender
               in connection with any Securitisation or Participation or any
               such Securities created and, upon the Lender's reasonable request
               and cost, meet with any rating agency for due diligence purposes.
               The Borrower shall and shall procure that the Shareholders shall
               in all cases at the cost of the Arranger furnish and shall
               consent to the Lender furnishing to such Investors or such
               prospective Investors or any rating agency any and all
               information concerning the Properties, the Occupational Leases,
               the Headleases and/or the financial condition of the Borrower,
               the Shareholders or the Subordinated Creditors as may be
               reasonably requested by the Lender, any Investor or any
               prospective Investor or rating agency in connection with any
               Securitisation or Participation. The Borrower shall and shall
               procure that the Shareholders shall in all cases at the cost of
               the Arranger (a) cooperate with the Lender in making any
               necessary reasonable modification to the Finance Documents that
               the Lender proposes in connection with such Securitisation
               provided that such modifications are not material and do not
               relate to the fees or overall amount of interest payable in
               respect of the Facility and (b) enter into such further
               documentation or agreements (including but not limited to further
               Finance Documents, intercreditor agreements, priority
               arrangements or transfers) in connection with such Securitisation
               as the Lender may reasonably request Provided Always for the
               avoidance of doubt the Lender will not change by virtue of this
               clause the Termination Date or the percentages set out in the
               Repayment Schedule.

23.6           APPOINTMENT BY THE AGENT OF A LOAN SERVICER

23.6.1         The Agent may, at its own cost, appoint any person or persons to
               act as a loan servicer with power and authority to act as the
               representative of the Agent in connection with the Finance
               Documents subject to any limitation as notified by the Agent to
               the Borrower. The Agent shall notify the Borrower of the identity
               and contact details of any servicer and of any change in the
               identity or contact details of a servicer.

23.6.2         A servicer may have authority to sub-contract or otherwise
               delegate all or some of its authority and power.

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23.6.3         The Borrower acknowledges the authority and power of each
               servicer and of any person to whom any such authority or power is
               sub-contracted or delegated. Unless otherwise notified by the
               Agent, the Borrower shall be entitled to act on any instruction
               or notice reasonably believed to be issued by or on behalf of a
               servicer as issued by or on behalf of the Agent and without
               prejudice to any defect in the appointment or authority of such
               servicer.

23.7           SYNDICATION

               The Borrower shall assist the Agent and the Arranger in effecting
               syndication. Such assistance will include:

23.7.1         the provision of such information by it and the Shareholders as
               may be reasonably required by the Agent and the Arranger in
               connection with the syndication;

23.7.2         making available its senior management for the purposes of making
               presentations to, hosting site visits and/or holding meetings
               with proposed new Lenders and as agreed to by the Agent and the
               Arranger (in consultation with the Borrower); and

23.7.3         agreeing (at the cost of the Agent and/or the Arranger) to make
               such minor amendments to the Finance Documents as may be
               reasonably requested by the proposed new Lenders and as agreed to
               by the Agent and the Arranger (in consultation with the Borrower)
               and/or entering into such further documentation or agreements
               (including but not limited to further Finance Documents,
               intercreditor agreements, priority arrangements or transfers) in
               connection with such syndication as the Lender may reasonably
               request.

23.8           WAREHOUSING

23.8.1         Notwithstanding the other provisions of this Clause 23, a Finance
               Party may, at any time without the consent of, or consulting
               with, or notifying, the Borrower or any Security Provider charge,
               mortgage or assign all or any of its rights and benefits under
               the Finance Documents or charge, mortgage or transfer all or any
               of its rights, benefits and obligations under the Finance
               Documents or enter into contractual relations by way of
               sub-participation or otherwise in each case to or with any
               Qualifying Lender from whom a Finance Party obtains funding in
               connection with the Facility (the "Warehousing Partner") provided
               that the cost to the Borrower in relation to interest and
               principal is not increased as an immediate and direct consequence
               thereof.

23.8.2         A Finance Party may disclose to any Warehousing Partner such
               information about the Borrower, the Shareholders, the
               Subordinated Creditors, any related persons, the business of such
               persons or the Properties as the Finance Party shall consider
               appropriate.

23.9           DISCLOSURE OF INFORMATION

23.9.1         The Agent or any other Lender may disclose any information about
               the Borrower, the Shareholders, the Subordinated Creditors, all
               or any part of the

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               Property, the Facility and the Finance Documents as the Agent or
               that Lender shall consider necessary or desirable to some or all
               of the following:

23.9.1.1       any of its Affiliates or any other person to (or through) whom a
               Lender assigns or transfers (or may potentially assign or
               transfer) all or any of its rights and obligations under the
               Finance Documents;

23.9.1.2       any of its Affiliates or any other person with (or through) whom
               a Lender enters into (or may potentially enter into) any
               sub-participation in relation to, or any other transaction under
               which payments are to be made by reference to, the Finance
               Documents or the Borrower;

23.9.1.3       any other investors or potential investors (including any
               investors, sub-participants, lenders or other parties in relation
               to a securitisation) in any of its rights and obligations under
               the Finance Documents;

23.9.1.4       any rating agency engaged in connection with any of the
               foregoing;

23.9.1.5       any mortgagee or lender of the foregoing; or

23.9.1.6       any person to whom, and to the extent that, information is
               required to be disclosed by any applicable law or regulation.

23.9.2         There shall be no publicity of the Finance Documents or any term
               of the Finance Documents without the consent of the Borrower and
               the Arranger but any such agreed publicity shall be at the cost
               of the Borrower.

23.10          PARALLEL DEBT

               For the purposes of taking and ensuring the continuing validity
               of security ("PARALLEL DEBT SECURITY") under those Security
               Documents subject to the laws of (or to the extent affecting
               assets situated in) Germany and such other jurisdictions as the
               Arranger and the Borrower (each acting reasonably) agree,
               notwithstanding any contrary provision in the Finance Documents:

23.10.1        the Borrower undertakes (such undertakings, the "PARALLEL
               OBLIGATIONS") to pay to the Security Trustee amounts equal to all
               present and future amounts (the "ORIGINAL OBLIGATIONS") owing by
               it to a Lender under the Finance Documents;

23.10.2        the Security Trustee shall have its own independent right to
               demand and receive payment of the Parallel Obligations;

23.10.3        the Parallel Obligations shall not limit or affect the existence
               of the Original Obligations for which any Lender shall have an
               independent right to demand payment;

23.10.4        notwithstanding Clauses 23.10.2 and 23.10.3, payment by any of
               the Borrower of its Parallel Obligations shall to the same extent
               decrease and be a good discharge of the corresponding Original
               Obligations owing to the relevant Lender and payment by the
               Borrower of its Original Obligations to the

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               relevant Lender shall to the same extent decrease and be a good
               discharge of the Parallel Obligations owing by it to the Security
               Trustee;

23.10.5        the Parallel Obligations are owed to the Security Trustee in its
               own name on behalf of itself and not as agent or representative
               of any other person nor as trustee and the security created
               pursuant to the Security Documents shall secure the Parallel
               Obligations so owing;

23.10.6        without limiting or affecting the Security Trustee's right to
               protect, preserve or enforce its rights under any Security
               Document, the Security Trustee undertakes to each Lender not to
               exercise its rights in respect of the Parallel Obligations
               without the consent of the relevant Lender; and

23.10.7        the Security Trustee undertakes to pay to the Lenders any amount
               collected or received by it in payment or partial payment of the
               Parallel Obligations and shall distribute any amount so received
               to the Lenders in accordance with the terms of the Finance
               Documents as if such amounts had been received in respect of the
               Original Obligations.

24.            CHANGES TO THE OBLIGORS

24.1           NO ASSIGNMENT

               The Borrower may not assign any of its rights or transfer any of
               its rights or obligations under the Finance Documents.

25.            ROLE OF THE AGENT AND THE ARRANGER

25.1           APPOINTMENT OF THE AGENT AND THE SECURITY TRUSTEE

25.1.1         Each other Finance Party appoints the Agent to act as its agent
               under and in connection with the Finance Documents.

25.1.2         Each other Finance Party authorises the Agent to exercise the
               rights, powers, authorities and discretions specifically given to
               it under or in connection with the Finance Documents together
               with any other incidental rights, powers, authorities and
               discretions.

25.1.3         Each other Finance Party appoints the Security Trustee to act as
               its trustee in connection with the Security Documents.

25.1.4         Each other Finance Party authorises the Security Trustee to
               exercise the rights, powers, authorities and discretions
               specifically given to the Security Trustee under or in connection
               with the Finance Documents together with any other incidental
               rights, powers, authorities and discretions.

25.2           DUTIES OF THE AGENT

25.2.1         The Agent shall promptly forward to a Party the original or a
               copy of any document which is delivered to the Agent for that
               Party by any other Party.

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25.2.2         Except where a Finance Document specifically provides otherwise,
               the Agent is not obliged to review or check the adequacy,
               accuracy or completeness of any document it forwards to another
               Party.

25.2.3         If the Agent receives notice from a Party referring to this
               Agreement, describing a Default and stating that the circumstance
               described is a Default, it shall promptly notify the Finance
               Parties.

25.2.4         If the Agent is aware of the non-payment of any principal,
               interest, commitment fee or other fee payable to a Finance Party
               (other than the Agent or the Arranger) under this Agreement it
               shall promptly notify the other Finance Parties.

25.2.5         The duties of the Agent under the Finance Documents are solely
               mechanical and administrative in nature.

25.3           ROLE OF THE ARRANGER

               Except as specifically provided in the Finance Documents, the
               Arranger has no obligations of any kind to any other Party under
               or in connection with any Finance Document.

25.4           ROLE OF THE SECURITY TRUSTEE

25.4.1         The Security Trustee shall hold the benefit of the Security
               Documents on trust for the Finance Parties.

25.4.2         If the Security Trustee receives notice from a Party referring to
               this Agreement, describing a Default and stating that the
               circumstance described is a Default, it shall promptly notify the
               Lenders.

25.4.3         The Security Trustee does not have any duties except those
               expressly set out in the Finance Documents.

25.5           NO FIDUCIARY DUTIES

25.5.1         Nothing in this Agreement constitutes the Agent or the Arranger
               as a trustee or fiduciary of any other person.

25.5.2         Neither the Agent, the Security Trustee nor the Arranger shall be
               bound to account to any Lender for any sum or the profit element
               of any sum received by it for its own account.

25.6           BUSINESS WITH THE BORROWER OR ITS AFFILIATES

               The Agent, the Security Trustee and the Arranger may accept
               deposits from, lend money to and generally engage in any kind of
               banking or other business with the Borrower or any of its
               Affiliates.

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25.7           RIGHTS AND DISCRETIONS OF THE AGENT AND THE SECURITY TRUSTEE

25.7.1         The Agent and the Security Trustee may rely on:

25.7.1.1       any representation, notice or document believed by it to be
               genuine, correct and appropriately authorised; and

25.7.1.2       any statement made by a director, authorised signatory or
               employee of any person regarding any matters which may reasonably
               be assumed to be within his knowledge or within his power to
               verify.

25.7.2         Each of the Agent and the Security Trustee may assume (unless it
               has received notice to the contrary in its capacity as agent for
               the Lenders), that:

25.7.2.1       no Default has occurred (unless it has actual knowledge of a
               Default arising under Clause 22.1 (Non-payment)); and

25.7.2.2       any right, power, authority or discretion vested in any Party or
               the Majority Lenders has not been exercised.

25.7.2.3       Each of the Agent and the Security Trustee may engage, pay for
               and rely on the advice or services of any lawyers, accountants,
               surveyors or other experts.

25.7.2.4       Each of the Agent and the Security Trustee may act in relation to
               the Finance Documents through its personnel and agents.

25.7.2.5       Each of the Agent and the Security Trustee may disclose to any
               other Party any information it has received as agent under this
               Agreement.

25.7.2.6       Notwithstanding any other provision of any Finance Document to
               the contrary, neither the Agent, the Security Trustee nor the
               Arranger is obliged to do or omit to do anything if it would or
               might in its opinion constitute a breach of any law or a breach
               of a fiduciary duty or duty of confidentiality.

25.8           MAJORITY LENDERS' INSTRUCTIONS

25.8.1         Unless a contrary indication appears in a Finance Document, the
               Agent shall (i) exercise any right, power, authority or
               discretion vested in it as Agent in accordance with any
               instructions given to it by the Majority Lenders (or, if so
               instructed by the Majority Lenders, refrain from exercising any
               right, power, authority or discretion vested in it as Agent) and
               (ii) not be liable for any act (or omission) if it acts (or
               refrains from taking any action) in accordance with an
               instruction of the Majority Lenders.

25.8.2         Unless a contrary indication appears in a Finance Document, any
               instructions given by the Majority Lenders will be binding on all
               the Finance Parties.

25.8.3         The Agent may refrain from acting in accordance with the
               instructions of the Majority Lenders (or, if appropriate, the
               Lenders) until it has received such security as it may require
               for any cost, loss or liability (together with any associated
               VAT) which it may incur in complying with the instructions.

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25.8.4         In the absence of instructions from the Majority Lenders, (or, if
               appropriate, the Lenders) the Agent may act (or refrain from
               taking action) as it considers to be in the best interest of the
               Lenders.

25.8.5         The Agent is not authorised to act on behalf of a Lender (without
               first obtaining that Lender's consent) in any legal or
               arbitration proceedings relating to any Finance Document.

25.9           RESPONSIBILITY FOR DOCUMENTATION

               Neither the Agent, the Security Trustee nor the Arranger:

25.9.1         is responsible for the adequacy, accuracy and/or completeness of
               any information (whether oral or written) supplied by the Agent,
               the Security Trustee, the Arranger, the Borrower, the
               Shareholders, the Subordinated Creditors or any other person
               given in or in connection with any Finance Document or
               information memorandum; or

25.9.2         is responsible for the legality, validity, effectiveness,
               adequacy or enforceability of any Finance Document or any other
               agreement, arrangement or document entered into, made or executed
               in anticipation of or in connection with any Finance Document.

25.10          EXCLUSION OF LIABILITY

25.10.1        Without limiting Clause 25.10.2 below, neither the Agent nor the
               Security Trustee will be liable for any action taken by it under
               or in connection with any Finance Document, unless directly
               caused by its gross negligence or wilful misconduct.

25.10.2        No Party (other than the Agent) may take any proceedings against
               any officer, employee or agent of the Agent in respect of any
               claim it might have against the Agent or in respect of any act or
               omission of any kind by that officer, employee or agent in
               relation to any Finance Document and any officer, employee or
               agent of the Agent may rely on this Clause.

25.10.3        Neither the Agent nor the Security Trustee will be liable for any
               delay (or any related consequences) in crediting an account with
               an amount required under the Finance Documents to be paid by the
               Agent if the Agent has taken appropriate steps to comply with the
               regulations or operating procedures of any recognised clearing or
               settlement system used by the Agent for that purpose.

25.11          LENDERS' INDEMNITY TO THE AGENT AND THE SECURITY TRUSTEE

               Each Lender shall (in proportion to its share of the Total
               Commitments or, if the Total Commitments are then zero, to its
               share of the Total Commitments immediately prior to their
               reduction to zero) indemnify the Agent or the Security Trustee,
               within three Business Days of demand, against any cost, loss or
               liability incurred by the Agent or the Security Trustee
               (otherwise than by reason of its gross negligence or wilful
               misconduct) in acting as Agent or the

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               Security Trustee under the Finance Documents (unless it has been
               reimbursed by the Borrower pursuant to a Finance Document).

25.12          RESIGNATION OF THE AGENT AND THE SECURITY TRUSTEE

25.12.1        The Agent or the Security Trustee may resign and appoint one of
               its Affiliates as successor by giving notice to the other Finance
               Parties and the Borrower.

25.12.2        Alternatively the Agent or the Security Trustee may resign by
               giving notice to the other Finance Parties and the Borrower, in
               which case the Majority Lenders (after consultation with the
               Borrower) may appoint a successor Agent or Security Trustee.

25.12.3        If the Majority Lenders have not appointed a successor Agent or
               Security Trustee in accordance with Clause 25.12.2 above within
               30 days after notice of resignation was given, the Agent or the
               Security Trustee (after consultation with the Borrower) may
               appoint a successor Agent or Security Trustee.

25.12.4        The retiring Agent or the Security Trustee shall, at its own
               cost, make available to its successor such documents and records
               and provide such assistance as its successor may reasonably
               request for the purposes of performing its functions as Agent or
               Security Trustee under the Finance Documents.

25.12.5        The resignation notice of the Agent or the Security Trustee shall
               only take effect upon the appointment of a successor.

25.12.6        Upon the appointment of a successor, the retiring Agent or the
               Security Trustee shall be discharged from any further obligation
               in respect of the Finance Documents but shall remain entitled to
               the benefit of this Clause 25. Its successor and each of the
               other Parties shall have the same rights and obligations amongst
               themselves as they would have had if such successor had been an
               original Party.

25.12.7        After consultation with the Borrower, the Majority Lenders may,
               by notice to the Agent or the Security Trustee require it to
               resign in accordance with Clause 25.2 above. In this event, the
               Agent or the Security Trustee shall resign in accordance with
               Clause 25.2 above.

25.13          CONFIDENTIALITY

25.13.1        The Agent (in acting as agent for the Lenders), and the Security
               Trustee (in acting as security trustee for the Finance Parties)
               shall be regarded as acting through its respective agency or
               security trustee division which shall be treated as a separate
               entity from any other of its divisions or departments.

25.13.2        If information is received by another division or department of
               the Agent, or, as the case may be, Security Trustee, it may be
               treated as confidential to that division or department and the
               Agent, or, as the case may be, Security Trustee, shall not be
               deemed to have notice of it.

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25.14          RELATIONSHIP WITH THE LENDERS

25.14.1        The Agent may treat each Lender as a Lender, entitled to payments
               under this Agreement and acting through its Facility Office
               unless it has received not less than five Business Days prior
               notice from that Lender to the contrary in accordance with the
               terms of this Agreement.

25.14.2        Each Lender shall supply the Agent with any information required
               by the Agent in order to calculate the Mandatory Cost in
               accordance with Schedule 4 (Mandatory Cost Formula).

25.15          CREDIT APPRAISAL BY THE LENDERS

               Without affecting the responsibility of the Borrower for
               information supplied by it or on its behalf in connection with
               any Finance Document, each Lender confirms to the Agent, the
               Security Trustee and the Arranger that it has been, and will
               continue to be, solely responsible for making its own independent
               appraisal and investigation of all risks arising under or in
               connection with any Finance Document including but not limited
               to:

25.15.1        the financial condition, status and nature of the Borrower, the
               Shareholders and the Subordinated Creditors;

25.15.2        the legality, validity, effectiveness, adequacy or enforceability
               of any Finance Document and any other agreement, Security,
               arrangement or document entered into, made or executed in
               anticipation of, under or in connection with any Finance
               Document;

25.15.3        whether that Lender has recourse, and the nature and extent of
               that recourse, against any Party or any of its respective assets
               under or in connection with any Finance Document, the
               transactions contemplated by the Finance Documents or any other
               agreement, Security, arrangement or document entered into, made
               or executed in anticipation of, under or in connection with any
               Finance Document; and

25.15.4        the adequacy, accuracy and/or completeness of any information
               provided by the Agent, any Party or by any other person under or
               in connection with any Finance Document, the transactions
               contemplated by the Finance Documents or any other agreement,
               Security, arrangement or document entered into, made or executed
               in anticipation of, under or in connection with any Finance
               Document.

25.16          REFERENCE BANKS

               If a Reference Bank which is a Lender (or, if a Reference Bank is
               not a Lender, but is an Affiliate of a Lender, the Lender of
               which it is an Affiliate) ceases to be a Lender, the Agent shall
               appoint another Lender or an Affiliate of a Lender to replace
               that Reference Bank.

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25.17          MANAGEMENT TIME

               Any amount payable to the Agent under Clause 15.2.1 (Indemnity to
               the Agent), Clause 16 (Costs and expenses) and Clause 25.11
               (Lenders' indemnity to the Agent) shall include the cost of
               utilising the Agent's management time or other resources and will
               be calculated on the basis of such reasonable daily or hourly
               rates as the Agent may notify to the Borrower and the Lenders,
               and is in addition to any fee paid or payable to the Agent under
               Clause 10 (Fees).

25.18          DEDUCTION FROM AMOUNTS DUE AND PAYABLE

               If any Party owes an amount to the Agent or the Security Trustee
               under the Finance Documents the Agent or the Security Trustee (as
               the case may be) may, after giving notice to that Party, deduct
               an amount not exceeding that amount from any payment to that
               Party which the Agent or the Security Trustee would otherwise be
               obliged to make under the Finance Documents and apply the amount
               deducted in or towards satisfaction of the amount due and
               payable. For the purposes of the Finance Documents that Party
               shall be regarded as having received any amount so deducted.

26.            CONDUCT OF BUSINESS BY THE FINANCE PARTIES

               No provision of this Agreement will:

26.1.1         interfere with the right of any Finance Party to arrange its
               affairs (tax or otherwise) in whatever manner it thinks fit;

26.1.2         oblige any Finance Party to investigate or claim any credit,
               relief, remission or repayment available to it or the extent,
               order and manner of any claim; or

26.1.3         oblige any Finance Party to disclose any information relating to
               its affairs (tax or otherwise) or any computations in respect of
               Tax.

27.            SHARING AMONG THE FINANCE PARTIES

27.1           PAYMENTS TO FINANCE PARTIES

               If a Finance Party (a "RECOVERING FINANCE PARTY") receives or
               recovers any amount from the Borrower other than in accordance
               with Clause 28 (Payment mechanics) and applies that amount to a
               payment due under the Finance Documents then:

27.1.1         the Recovering Finance Party shall, within three Business Days,
               notify details of the receipt or recovery, to the Agent;

27.1.2         the Agent shall determine whether the receipt or recovery is in
               excess of the amount the Recovering Finance Party would have been
               paid had the receipt or recovery been received or made by the
               Agent and distributed in accordance with Clause 28 (Payment
               mechanics), without taking account of any Tax which would be
               imposed on the Agent in relation to the receipt, recovery or
               distribution; and

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27.1.3         the Recovering Finance Party shall, within three Business Days of
               demand by the Agent, pay to the Agent an amount (the "Sharing
               Payment") equal to such receipt or recovery less any amount which
               the Agent determines may be retained by the Recovering Finance
               Party as its share of any payment to be made, in accordance with
               Clause 28.5 (Partial payments).

27.2           REDISTRIBUTION OF PAYMENTS

               The Agent shall treat the Sharing Payment as if it had been paid
               by the Borrower and distribute it between the Finance Parties
               (other than the Recovering Finance Party) in accordance with
               Clause 28.5 (Partial payments).

27.3           RECOVERING FINANCE PARTY'S RIGHTS

27.3.1         On a distribution by the Agent under Clause 27.2 (Redistribution
               of payments), the Recovering Finance Party will be subrogated to
               the rights of the Finance Parties which have shared in the
               redistribution.

27.3.2         If and to the extent that the Recovering Finance Party is not
               able to rely on its rights under Clause 27.3.1 above, the
               Borrower shall be liable to the Recovering Finance Party for a
               debt equal to the Sharing Payment which is immediately due and
               payable.

27.4           REVERSAL OF REDISTRIBUTION

               If any part of the Sharing Payment received or recovered by a
               Recovering Finance Party becomes repayable and is repaid by that
               Recovering Finance Party, then:

27.4.1         each Finance Party which has received a share of the relevant
               Sharing Payment pursuant to Clause 27.2 (Redistribution of
               payments) shall, upon request of the Agent, pay to the Agent for
               account of that Recovering Finance Party an amount equal to the
               appropriate part of its share of the Sharing Payment (together
               with an amount as is necessary to reimburse that Recovering
               Finance Party for its proportion of any interest on the Sharing
               Payment which that Recovering Finance Party is required to pay);
               and

27.4.2         that Recovering Finance Party's rights of subrogation in respect
               of any reimbursement shall be cancelled and the Borrower will be
               liable to the reimbursing Finance Party for the amount so
               reimbursed.

27.5           EXCEPTIONS

27.5.1         This Clause 27 shall not apply to the extent that the Recovering
               Finance Party would not, after making any payment pursuant to
               this Clause, have a valid and enforceable claim against the
               Borrower.

27.5.2         A Recovering Finance Party is not obliged to share with any other
               Finance Party any amount which the Recovering Finance Party has
               received or recovered as a result of taking legal or arbitration
               proceedings, if:

27.5.2.1       it notified that other Finance Party of the legal or arbitration
               proceedings; and

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27.5.2.2       that other Finance Party had an opportunity to participate in
               those legal or arbitration proceedings but did not do so as soon
               as practicable having received notice and did not take separate
               legal or arbitration proceedings.

28.            PAYMENT MECHANICS

28.1           PAYMENTS TO THE AGENT

28.1.1         On each date on which the Borrower or a Lender is required to
               make a payment under a Finance Document, the Borrower (subject to
               Clause 28.10 (Payments to the Security Trustee)) or Lender shall
               make the same available to the Agent (unless a contrary
               indication appears in a Finance Document) for value on the due
               date at the time and in such funds specified by the Agent as
               being customary at the time for settlement of transactions in the
               relevant currency in the place of payment.

28.1.2         Payment shall be made to the Agent to its account at such office
               or bank in Dublin (or such other place) as the Agent may notify
               to the Borrower or the Lenders.

28.2           DISTRIBUTIONS BY THE AGENT

               Each payment received by the Agent under the Finance Documents
               for another Party shall, subject to Clause 28.3 (Distributions to
               Borrower) and Clause 28.4 (Clawback) and Clause 28.10 (Payments
               to the Security Trustee) be made available by the Agent as soon
               as practicable after receipt to the Party entitled to receive
               payment in accordance with this Agreement (in the case of a
               Lender, for the account of its Facility Office), to such account
               as that Party may notify to the Agent by not less than five
               Business Days' notice with a bank in the principal financial
               centre of the country of that currency.

28.3           DISTRIBUTIONS TO OBLIGOR

               The Agent and the Security Trustee may (with the consent of the
               Borrower or in accordance with Clause 29 (Set-off)) apply any
               amount received by it for the Borrower in or towards payment (on
               the date and in the currency and funds of receipt) of any amount
               due from the Borrower under the Finance Documents or in or
               towards purchase of any amount of any currency to be so applied.

28.4           CLAWBACK

28.4.1         Where a sum is to be paid to the Agent or the Security Trustee
               under the Finance Documents for another Party, the Agent or, as
               the case may be, the Security Trustee, is not obliged to pay that
               sum to that other Party (or to enter into or perform any related
               exchange contract) until it has been able to establish to its
               satisfaction that it has actually received that sum.

28.4.2         If the Agent or the Security Trustee pays an amount to another
               Party and it proves to be the case that the Agent had not
               actually received that amount, then the Party to whom that amount
               (or the proceeds of any related exchange contract) was paid shall
               on demand refund the same to the Agent or, as the

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               case may be, the Security Trustee, together with interest on that
               amount from the date of payment to the date of receipt by the
               Agent, or, as the case may be, the Security Trustee, calculated
               by it to reflect its cost of funds.

28.5           PARTIAL PAYMENTS

28.5.1         If the Agent, or, as the case may be the Security Trustee,
               receives a payment that is insufficient to discharge all the
               amounts then due and payable by the Borrower under the Finance
               Documents, the Agent, or, as the case may be the Security
               Trustee, shall apply that payment towards the obligations of the
               Borrower under the Finance Documents in the following order:

28.5.1.1       FIRST, payment pro rata of any unpaid fees, costs and expenses
               (not being amounts referred to in Clause 28.5.1.2 of the Finance
               Parties under the Finance Documents;

28.5.1.2       SECOND, payment pro rata of Fixed Rate Break Costs payable under
               Clause 15.4 (Fixed Rate Break Costs and Break Gains);

28.5.1.3       THIRD, payment of any accrued interest or commission due but
               unpaid under this Agreement; and

28.5.1.4       FOURTH, any balance to be used to repay principal.

28.5.2         The Borrower waives any right to make an appropriation in respect
               of a partial payment.

28.6           NO SET-OFF BY BORROWER

               All payments to be made by the Borrower under the Finance
               Documents shall be calculated and be made without (and free and
               clear of any deduction for) set-off or counterclaim.

28.7           BUSINESS DAYS

28.7.1         Any payment which is due to be made on a day that is not a
               Business Day shall be made on the next Business Day in the same
               calendar month (if there is one) or the preceding Business Day
               (if there is not).

28.7.2         During any extension of the due date for payment of any principal
               or Unpaid Sum under this Agreement interest is payable on the
               principal or Unpaid Sum at the rate payable on the original due
               date.

28.8           CURRENCY OF ACCOUNT

28.8.1         Subject to Clauses 28.8.2 and 28.8.3 below, euro is the currency
               of account and payment for any sum due from the Borrower under
               any Finance Document.

28.8.2         Each payment in respect of costs, expenses or Taxes shall be made
               in the currency in which the costs, expenses or Taxes are
               incurred.

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28.8.3         Any amount expressed to be payable in a currency other than euro
               shall be paid in that other currency.

28.9           CHANGE OF CURRENCY

28.9.1         Unless otherwise prohibited by law, if more than one currency or
               currency unit are at the same time recognised by the central bank
               of any country as the lawful currency of that country, then:

28.9.1.1       any reference in the Finance Documents to, and any obligations
               arising under the Finance Documents in, the currency of that
               country shall be translated into, or paid in, the currency or
               currency unit of that country designated by the Agent (after
               consultation with the Borrower); and

28.9.1.2       any translation from one currency or currency unit to another
               shall be at the official rate of exchange recognised by the
               central bank for the conversion of that currency or currency unit
               into the other, rounded up or down by the Agent.

28.9.2         If a change in any currency of a country occurs, this Agreement
               will, to the extent the Agent specifies to be necessary, be
               amended to comply with any generally accepted conventions and
               market practice in the Relevant Interbank Market and otherwise to
               reflect the change in currency.

28.10          PAYMENTS TO THE SECURITY TRUSTEE

               Notwithstanding any other provision of any Finance Document at
               any time after any Security created by or pursuant to any
               Security Document becomes enforceable, the Security Trustee may
               require:

28.10.1        the Borrower to pay all sums due under any Finance Document; or

28.10.2        the Agent to pay all sums received or recovered from the Borrower
               under any Finance Document;

               in each case as the Security Trustee may direct for application
               in accordance with the terms of the Security Documents.

29.            SET-OFF

               A Finance Party may set off any matured obligation due from the
               Borrower under the Finance Documents (to the extent beneficially
               owned by that Finance Party) against any obligation (whether or
               not matured) owed by that Finance Party to the Borrower,
               regardless of the place of payment, booking branch or currency of
               either obligation. If the obligations are in different
               currencies, the Finance Party may convert either obligation at a
               market rate of exchange in its usual course of business for the
               purpose of the set-off.

                                       107

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30.            NOTICES

30.1           COMMUNICATIONS IN WRITING

               Any communication to be made under or in connection with the
               Finance Documents shall be made in writing and, unless otherwise
               stated, may be made by fax or letter.

30.2           ADDRESSES

               The address and fax number (and the department or officer, if
               any, for whose attention the communication is to be made) of each
               Party for any communication or document to be made or delivered
               under or in connection with the Finance Documents is that
               identified with its name in the section entitled "Signatories"
               below or, in each case, any substitute address, fax number or
               department or officer as the Party may notify to the Agent (or
               the Agent may notify to the other Parties, if a change is made by
               the Agent) by not less than five Business Days' notice.

30.3           DELIVERY

30.3.1         Any communication or document made or delivered by one person to
               another under or in connection with the Finance Documents will
               only be effective:

30.3.1.1       if by way of fax, when received in legible form; or

30.3.1.2       if by way of letter, when it has been left at the relevant
               address or five Business Days after being deposited in the post
               postage prepaid in an envelope addressed to it at that address;

               and, if a particular department or officer is specified as part
               of its address details provided under Clause 30.2 (Addresses), if
               addressed to that department or officer.

30.3.2         Any communication or document to be made or delivered to the
               Agent or the Security Trustee will be effective only when
               actually received by it and then only if it is expressly marked
               for the attention of the department or officer identified with
               its name in the section entitled "Signatories" below (or any
               substitute department or officer as the Agent or the Security
               Trustee shall specify for this purpose).

30.3.3         All notices from or to the Borrower shall be sent through the
               Agent.

30.3.4         Any communication or document delivered to the Agent or the
               Security Trustee (or any of their respective agents) in
               accordance with this Clause 30.3 (Delivery) shall, where a
               response is required, receive a response within 10 Business Days
               (provided that, for the avoidance of doubt, failure to comply
               with this Clause shall not be deemed to imply that the Agent or
               Security Trustee (as the case may be) consents to the request
               being made).

                                       108

<PAGE>

30.4           NOTIFICATION OF ADDRESS AND FAX NUMBER

               Promptly upon receipt of notification of an address, fax number
               or change of address or fax number pursuant to Clause 30.2
               (Addresses) or changing its own address or fax number, the Agent
               shall notify the other Parties.

30.5           ELECTRONIC COMMUNICATION

30.5.1         Any communication to be made between the Agent and a Lender under
               or in connection with the Finance Documents may be made by
               electronic mail or other electronic means, if the Agent and the
               relevant Lender:

30.5.1.1       agree that, unless and until notified to the contrary, this is to
               be an accepted form of communication;

30.5.1.2       notify each other in writing of their electronic mail address
               and/or any other information required to enable the sending and
               receipt of information by that means; and

30.5.1.3       notify each other of any change to their address or any other
               such information supplied by them.

30.5.2         Any electronic communication made between the Agent and a Lender
               will be effective only when actually received in readable form
               and in the case of any electronic communication made by a Lender
               to the Agent only if it is addressed in such a manner as the
               Agent shall specify for this purpose.

30.6           ENGLISH LANGUAGE

30.6.1         Any notice given under or in connection with any Finance Document
               must be in English.

30.6.2         All other documents provided under or in connection with any
               Finance Document must be:

30.6.2.1       in English; or

30.6.2.2       if not in English, and if so required by the Agent, accompanied
               by a certified English translation and, in this case, the English
               translation will prevail unless the document is a constitutional,
               statutory or other official document.

31.            CALCULATIONS AND CERTIFICATES

31.1           ACCOUNTS

               In any litigation or arbitration proceedings arising out of or in
               connection with a Finance Document, the entries made in the
               accounts maintained by a Finance Party are prima facie evidence
               of the matters to which they relate.

                                       109

<PAGE>

31.2           CERTIFICATES AND DETERMINATIONS

               Any certification or determination by a Finance Party of a rate
               or amount under any Finance Document is, in the absence of
               manifest error, conclusive evidence of the matters to which it
               relates.

31.3           DAY COUNT CONVENTION

               Any interest, commission or fee accruing under a Finance Document
               will accrue from day to day and is calculated on the basis of the
               actual number of days elapsed and a year of 360 days or, in any
               case where the practice in the Relevant Interbank Market differs,
               in accordance with that market practice.

32.            PARTIAL INVALIDITY

               If, at any time, any provision of the Finance Documents is or
               becomes illegal, invalid or unenforceable in any respect under
               any law of any jurisdiction, neither the legality, validity or
               enforceability of the remaining provisions nor the legality,
               validity or enforceability of such provision under the law of any
               other jurisdiction will in any way be affected or impaired.

33.            REMEDIES AND WAIVERS

               No failure to exercise, nor any delay in exercising, on the part
               of any Finance Party, any right or remedy under the Finance
               Documents shall operate as a waiver, nor shall any single or
               partial exercise of any right or remedy prevent any further or
               other exercise or the exercise of any other right or remedy. The
               rights and remedies provided in this Agreement are cumulative and
               not exclusive of any rights or remedies provided by law.

34.            AMENDMENTS AND WAIVERS

34.1           REQUIRED CONSENTS

34.1.1         Subject to Clause 34.2 (Exceptions) any term of the Finance
               Documents (other than a Fee Letter) may be amended or waived only
               with the consent of the Majority Lenders and the Borrower and any
               such amendment or waiver will be binding on all Parties.

34.1.2         The Agent may effect, on behalf of any Finance Party, any
               amendment or waiver permitted by this Clause.

34.2           EXCEPTIONS

34.2.1         An amendment or waiver that has the effect of changing or which
               relates to:

34.2.1.1       the definition of "Majority Lenders" in Clause 1.1 (Definitions);

34.2.1.2       an extension to the date of payment of any amount under the
               Finance Documents;

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<PAGE>

34.2.1.3       a reduction in the Margin or a reduction in the amount of any
               payment of principal, interest, fees or commission payable;

34.2.1.4       an increase in or an extension of any Commitment;

34.2.1.5       a change to the Borrower or the Shareholders;

34.2.1.6       a change to the terms of Clause 11.4.3 (Rent Account) or Clause
               28.5 (Partial Payments);

34.2.1.7       any provision which expressly requires the consent of all the
               Lenders; or

34.2.1.8       Clause 2.2 (Finance Parties and obligations), Clause 23 (Changes
               to the Lenders) or this Clause 34;

               shall not be made without the prior consent of all the Lenders.

34.2.2         An amendment or waiver which relates to the rights or obligations
               of the Agent, the Security Trustee, the Arranger or the Hedging
               Counterparty may not be effected without the consent of the
               Agent, the Security Trustee, the Arranger or the Hedging
               Counterparty.

35.            COUNTERPARTS

               Each Finance Document may be executed in any number of
               counterparts, and this has the same effect as if the signatures
               on the counterparts were on a single copy of the Finance
               Document.

36.            GOVERNING LAW

               This Agreement is governed by English law.

37.            ENFORCEMENT

37.1           JURISDICTION OF ENGLISH COURTS

37.1.1         The Borrower agrees that the courts of England have jurisdiction
               to settle any dispute arising out of or in connection with this
               Agreement and each of the Finance Documents (including a dispute
               regarding the existence, validity or termination of this
               Agreement) (a "DISPUTE") and irrevocably submits to the
               non-exclusive jurisdiction of such courts.

37.1.2         The Borrower waives any objections which they may now or
               hereafter have to the English courts being nominated as the forum
               to hear and determine any such Dispute and agree not to claim
               that any such court is not a convenient or appropriate forum.

37.1.3         This Clause 37.1 is for the benefit of the Finance Parties only.
               As a result, no Finance Party shall be prevented from taking
               proceedings relating to a Dispute in any other courts with
               jurisdiction. To the extent allowed by law, the Finance Parties
               may take concurrent proceedings in any number of jurisdictions.

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<PAGE>

37.2           SERVICE OF PROCESS

               Without prejudice to any other mode of service allowed under any
               relevant law, the Borrower:

37.2.1         irrevocably appoints ReedSmith Richards Butler as its agent for
               service of process in relation to any proceedings before the
               English courts in connection with any Finance Document and will
               immediately appoint a new agent for service of process on terms
               satisfactory to the Agent (acting reasonably) should the above
               agent resign or otherwise cease to be the agent for process
               hereunder or cease to maintain a registered office in England;
               and

37.2.2         agrees that failure by a process agent to notify the Borrower of
               the process will not invalidate the proceedings concerned.

38.            LOAN TRANCHES

               The Agent may at any time require that the Loan be divided into
               two or more tranches, of which the aggregate weighted average
               interest rate shall, as of any sale or securitisation of the
               Loan, equal the interest rate on the Loan on the date immediately
               prior to such tranching, but each of which may have a different
               interest rate and a different amortisation profile PROVIDED
               always that the impact of such division shall not result in any
               additional financial obligation to the Borrower over the Term.

39.            FURTHER ASSURANCE

               The parties hereto shall on being reasonably requested to do so
               by the Agent now or at any time while this Agreement is still in
               force do or perform all such further acts and things and/or
               execute and deliver such further deeds, documents or instruments
               (or procure that the same are executed and delivered) in a manner
               and form reasonably satisfactory to the Majority Lenders for
               implementing or giving full effect to the provisions of this
               Agreement and the Security Documents.

               THIS AGREEMENT HAS BEEN ENTERED INTO ON THE DATE STATED AT THE
               BEGINNING OF THIS AGREEMENT.

                                       112
<PAGE>

                                   SCHEDULE 1

                          LENDERS AND THEIR COMMITMENTS

<TABLE>
<CAPTION>
NAME AND FACILITY OFFICE   COMMITMENT
------------------------   -----------
<S>                        <C>
Capmark Ab No.2 Limited    E70,171,015
Commerzbank House
Guild Street
ISFC
Dublin 1
Ireland
</TABLE>

                                       113

<PAGE>

                                   SCHEDULE 2

                              CONDITIONS PRECEDENT

                   CONDITIONS PRECEDENT TO INITIAL UTILISATION

1.   AUTHORISATIONS

     (a)  To the extent not already received, a copy of the constitutional
          documents of the Borrower.

     (b)  A copy of a resolution of the shareholders-meeting of the Borrower and
          the investment committee resolutions for subordinated creditors of the
          Borrower:

          (i)  approving the terms of, and the transactions contemplated by, the
               Finance Documents to which it is a party and resolving that it
               execute the Finance Documents to which it is a party;

          (ii) authorising a specified person or persons to execute the Finance
               Documents to which it is a party on its behalf; and

          (iii) authorising a specified person or persons, on its behalf, to
               sign and/or despatch all documents and notices (including, if
               relevant, the Utilisation Request) to be signed and/or despatched
               by it under or in connection with the Finance Documents to which
               it is a party.

     (c)  A specimen of the signature of each person authorised by the
          resolution referred to in paragraph (b) above.

     (d)  Assistant Secretary's Certificate - Delaware Constitutional Documents.

     (e)  Certificate of the Borrower (signed by an authorised signatory of the
          Borrower) confirming that borrowing the Total Commitments would not
          cause any borrowing or similar limit binding on it to be exceeded.

     (f)  A certificate of an authorised signatory of the Borrower certifying
          that the original of each copy document relating to it specified in
          paragraphs (a) and (b) above is correct, complete and in full force
          and effect as at a date no earlier than the date of this Agreement and
          that each copy is a true and complete copy of the original.

     (g)  Appointment of a "Notary" satisfactory to the Agent including (but not
          limited to) satisfactory professional indemnity insurance cover,
          satisfaction that the Notary has been placed in sufficient funds to
          enable the payment of all fees connected with the notarisation and
          registration and an undertaking from the Notary to regularly update
          the Agent as to the status of the registration of the security.

     (h)  Evidence that the agent of the Borrower and each Obligor under the
          Finance Documents for service of process in England and Wales and
          Germany (in

                                       114

<PAGE>

          relation to the German law governed Security Documents) has been
          appointed and has accepted its appointment.

2.   LEGAL OPINIONS

     (a)  An English legal opinion of White & Case LLP, solicitors of the
          Arranger and the Agent, in relation to the validity and enforceability
          of the Finance Documents and in relation to the capacity and authority
          of each of the English parties thereto to enter into the Finance
          Documents to which they are a party.

     (b)  A German legal opinion of White & Case LLP, legal advisers to the
          Arranger and the Agent in Germany, in relation to the capacity and
          authority of each of the German parties thereto to enter into the
          Finance Documents to which they are a party.

     (c)  A legal opinion of ReedSmith Richards Butler, solicitors of the
          Borrowers in relation to the capacity and authority of each Obligor to
          enter into the Transaction Documents to which it is a party.

     (d)  A Luxembourg legal opinion of VandenBulke Avocats, legal advisers to
          the Arranger and the Agent in Luxembourg, in relation to the validity
          and enforceability of the Luxembourg law Finance Documents.

     (e)  A Luxembourg legal opinion of Loyens Winandy, legal advisers to the
          Borrower in Luxembourg, in relation to the capacity and authority of
          each of the Luxembourg parties thereto to enter into the Finance
          Documents to which they are a party.

     (f)  A legal opinion of Mr Wolfgang Weber, legal advisers to PropCo in
          relation to the capacity and authority of PropCo to enter into the
          Transaction Documents to which it is a party.

3.   OTHER DOCUMENTS AND EVIDENCE

     (a)  Pro forma financial statements and up to date balance sheets of PropCo
          as at Closing, i.e. as expected post close position to be.

     (b)  Pro forma financial statements and up to date balance sheets of Specht
          as at Closing, i.e. as expected post close position to be.

4.   SENIOR FINANCE DOCUMENTS

     (a)  The following documents duly signed or executed by the parties to
          them:

          (i)  this Agreement;

          (ii) each Land Charge;

          (iii) each Account Pledge Agreement;

          (iv) each Security Purpose Agreement;

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<PAGE>

          (v)  each Global Assignment Agreement;

          (vi) each Share Pledge Agreement;

          (vii) each Interest Pledge Agreement;

          (viii) the Subordination Agreement;

          (ix) the Utilisation Request;

          (xii) the Power of Attorney.

          (xiii) the Fee Letter.

     (b)  All necessary notices to be issued pursuant to the Security Documents.

     (c)  Receipt of acknowledgements in respect of the notices referred to in
          paragraph (b) above in substantially the form set out in the Security
          Documents or agreement to provide the same.

5.   VALUATION AND SURVEY

     (a)  Satisfactory Initial Valuation addressed to the Finance Parties
          showing:

          (i)  a minimum Market Value of the Properties of at least
               E363,100,000; and

          (ii) an insurance valuation for reinstatement purposes.

     (b)  Confirmation from the Valuer that the Report on Title does not affect
          the Initial Valuation.

     (c)  Building survey report addressed to the Finance Parties and successors
          in title prepared by a firm approved by the Lender.

     (d)  Environmental & Structural Reports from ERM GmbH addressed to the
          Finance Parties and successors in title.

6.   INSURANCE

     (a)  The original insurance policy document providing evidence of the
          insurance in force with respect to each Property in accordance with
          this Agreement (together with the related premium receipts if
          applicable) and confirmation in writing from the relevant insurance
          broker that the insurance policy accords with the terms of Clause
          17.13 (Insurances).

     (b)  Evidence of professional indemnity cover satisfactory to the Agent
          from each report and valuation provider referred to in this Schedule
          2.

7.   PROPERTIES

     (a)  Excerpt from the Land Registry of recent date with respect to any
          Property, certified by the Land Registry or a Notary.

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<PAGE>

     (b)  A Notarial confirmation that the Land Charge will be registered as a
          first priority ranking security over any Property in division III of
          the Land Register.

     (c)  Confirmation from HH that relevant expenses are in their attorney
          trust account in the amount to be agreed by the Agent relating to the
          Notary Public payment of all court costs associated with the
          registration of the Land Charge.

     (d)  Evidence in respect of the Notary Public that all of his services
          rendered in connection with the Interest Purchase Agreement and this
          Agreement are covered by a professional liability insurance policy
          providing cover in respect of each claim up to an amount to be agreed
          by the Agent.

     (e)  The Overview Report on Title.

     (f)  Notarial confirmation that all relevant consents to the relevant Land
          Charges have been delivered.

     (g)  All Authorisations necessary for the charging of the Properties to the
          Security Trustee (if any).

     (h)  Copies of all notices to tenants necessary as a consequence or entry
          into the Security Documents.

     (i)  Confirmation that the Agent has carried out a satisfactory inspection
          of each Property.

     (j)  Certified copy of the Purchase Agreement.

     (k)  Historical operating information for the Properties.

8.   TAX

     (a)  A copy of PropCo's VAT Registration or a copy of PropCo's application
          for a VAT Registration.

     (b)  The German Tax Report.

     (c)  The Luxembourg Tax Report.

     (d)  The Delaware Tax Report.

9.   THE ACCOUNTS

     (a)  Evidence of the establishment of the Accounts.

     (b)  A duly signed bank mandate for each Account.

10.  COSTS AND EXPENSES

     (a)  Sources and uses detailing all payments to be made from the equity
          contribution and the Loan including, without limitation, notary fees,
          costs and expenses, RETT, Land Registry fees, receiving bank charges,
          valuation, legal,

                                       117

<PAGE>

          structural, commercial and bank fees (all inclusive of VAT where
          applicable) and detailing for cash payment the relevant account
          details.

     (b)  Evidence that the purchase price paid for the Property is an amount
          notified to the Agent prior to the date of this Agreement (excluding
          Acquisition Costs).

11.  MISCELLANEOUS

     (a)  The Structure Chart.

     (b)  A certified copy of each loan agreement between any Obligor and each
          Subordinated Creditor.

     (c)  Payment of the outstanding Arrangement Fees and any other outstanding
          fees, costs and expenses payable by the Borrower under the Finance
          Documents.

     (d)  Payment of all reasonable third party fees and any other costs and
          expenses incurred by the Lender and its advisers.

     (e)  Evidence satisfactory to the Agent of the identity of at least two
          directors of each Obligor and their names and addresses and such other
          evidence as the Agent and the Security Trustee may require to satisfy
          the Money Laundering Obligations.

     (f)  Confirmation from the Notary Public in respect of any Property that
          the registration of the priority notice in the Land Register has been
          registered and is complete and, all relevant consents to the transfer
          of any Property has been received, there is a waiver of all
          pre-emption rights of the municipality and all conditions precedent to
          the Interest Purchase Agreement and related documents have been
          satisfied.

     (g)  Evidence of payment of equity (or inter-company loans) required to
          cover balance of purchase price and all other items identified in the
          Services and Uses.

     (h)  Legal Due Diligence Report from Hogan & Hartson Raue LLP addressed to
          the Finance Parties and successors in title in a form approved by the
          Agent.

     (i)  A certified copy of the Principal Occupational Lease.

     (j)  A certified copy of the Seller 2 Facility Agreement.

     (k)  Closing certificate required from Seller 1 and Seller 2 to the
          Purchaser under the Interest Purchaser Agreement.

     (l)  Letter of direction from Seller 1 (which directs PropCo to pay its
          portion of the Rent direct to Semer and Purchaser according to its
          relevant limited partnership interests in Seller 1).

     (m)  Reliance Letters.

     (n)  Evidence that the Commerzbank bank account of PropCo has been closed.

                                       118

<PAGE>

     (o)  A solvency certificate from Seller 2 confirming that he is solvent as
          at the Utilisation Date

     (p)  A copy of any other authorisation or other document, opinion or
          assurance which the Agent considers to be necessary as a result of
          matters arising from the conditions precedent listed above in
          connection with the entry into and performance of, and the
          transactions contemplated by, any Finance Document or for the validity
          and enforceability of any Finance Document, including a Partner
          resolution form for PropCo authorising the transaction and a
          formalities certificate attaching commercial register entries.

                         CONDITION SUBSEQUENT DOCUMENTS

1.   (a)  The deletion of the right of first refusal in relation to the Property
          at Halberstadt and confirmation that this has been deleted at the
          Halberstadt land registry so that the Land Charge in favour of the
          Security Trustee does not take subject to it

     (b)  Update of the Environmental & Structural Reports to ensure that the
          measurements of the Properties are consistent with the Initial
          Valuation within 5 Business Days of the date of this Agreement

     (c)  A certificate dated on the day of closing of an authorised signatory
          of the WPC Lender certifying that the original of each copy document
          relating to it specified in paragraphs (a) and (b) above is correct,
          complete and in full force and effect as at a date no earlier than the
          date of the WPC Lender Facility Agreement and that each copy is a true
          and complete copy of the original.

     (d)  Receipt of final cover note in respect of Terrorism Insurance Cover
          together with the policy number.

                                       119

<PAGE>

                                   SCHEDULE 4

                             MANDATORY COST FORMULA

1.   The Mandatory Cost is an addition to the interest rate to compensate
     Lenders for the cost of compliance with (a) the requirements of the Bank of
     England and/or the Financial Services Authority (or, in either case, any
     other authority which replaces all or any of its functions) or (b) the
     requirements of the European Central Bank.

2.   On the first day of each Interest Period (or as soon as possible
     thereafter) the Agent shall calculate, as a percentage rate, a rate (the
     "ADDITIONAL COST RATE") for each Lender, in accordance with the paragraphs
     set out below. The Mandatory Cost will be calculated by the Agent as a
     weighted average of the Lenders' Additional Cost Rates (weighted in
     proportion to the percentage participation of each Lender in the relevant
     Loan) and will be expressed as a percentage rate per annum.

3.   The Additional Cost Rate for any Lender lending from a Facility Office in a
     Participating Member State will be the percentage notified by that Lender
     to the Agent. This percentage will be certified by that Lender in its
     notice to the Agent to be its reasonable determination of the cost
     (expressed as a percentage of that Lender's participation in the Loan made
     from that Facility Office) of complying with the minimum reserve
     requirements of the European Central Bank in respect of loans made from
     that Facility Office.

4.   The Additional Cost Rate for any Lender lending from a Facility Office in
     the United Kingdom will be calculated by the Agent as follows:

     (a)  in relation to a sterling Loan:

          AB + C (B-D) + EX - 0.01 per cent., per annum
          ------------------------
                 100 - (A+C)

     (b)  in relation to a Loan in any currency other than sterling:

          E0.01 per cent., per annum
          -----
           300

     Where:

     A    is the percentage of Eligible Liabilities (assuming these to be in
          excess of any stated minimum) which that Lender is from time to time
          required to maintain as an interest free cash ratio deposit with the
          Bank of England to comply with cash ratio requirements.

     B    is the percentage rate of interest (excluding the Margin and the
          Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate
          of interest specified in Clause 8.3 (Default interest)) payable for
          the relevant Interest Period on the Loan.

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<PAGE>

     C    is the percentage (if any) of Eligible Liabilities which that Lender
          is required from time to time to maintain as interest bearing Special
          Deposits with the Bank of England.

     D    is the percentage rate per annum payable by the Bank of England to the
          Agent on interest bearing Special Deposits.

     E    is designed to compensate Lenders for amounts payable under the Fees
          Rules and is calculated by the Agent as being the average of the most
          recent rates of charge supplied by the Reference Banks to the Agent
          pursuant to paragraph 7 below and expressed in pounds per
          L1,000,000.

5.   For the purposes of this Schedule:

     (a)  "ELIGIBLE LIABILITIES" and "SPECIAL DEPOSITS" have the meanings given
          to them from time to time under or pursuant to the Bank of England Act
          1998 or (as may be appropriate) by the Bank of England;

     (b)  "FEES RULES" means the rules on periodic fees contained in the FSA
          Supervision Manual or such other law or regulation as may be in force
          from time to time in respect of the payment of fees for the acceptance
          of deposits;

     (c)  "FEE TARIFFS" means the fee tariffs specified in the Fees Rules under
          the activity group A.1 Deposit acceptors (ignoring any minimum fee or
          zero rated fee required pursuant to the Fees Rules but taking into
          account any applicable discount rate); and

     (d)  "TARIFF BASE" has the meaning given to it in, and will be calculated
          in accordance with, the Fees Rules.

6.   In application of the above formulae, A, B, C and D will be included in the
     formulae as percentages (i.e. 5% will be included in the formula as 5 and
     not as 0.05). A negative result obtained by subtracting D from B shall be
     taken as zero. The resulting figures shall be rounded to four decimal
     places.

7.   If requested by the Agent, each Reference Bank shall, as soon as
     practicable after publication by the Financial Services Authority, supply
     to the Agent, the rate of charge payable by that Reference Bank to the
     Financial Services Authority pursuant to the Fees Rules in respect of the
     relevant financial year of the Financial Services Authority (calculated for
     this purpose by that Reference Bank as being the average of the Fee Tariffs
     applicable to that Reference Bank for that financial year) and expressed in
     pounds per L1,000,000 of the Tariff Base of that Reference Bank.

8.   Each Lender shall supply any information required by the Agent for the
     purpose of calculating its Additional Cost Rate. In particular, but without
     limitation, each Lender shall supply the following information on or prior
     to the date on which it becomes a Lender:

     (a)  the jurisdiction of its Facility Office; and

     (b)  any other information that the Agent may require for such purpose.

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<PAGE>

     Each Lender shall promptly notify the Agent of any change to the
     information provided by it pursuant to this paragraph.

9.   The percentages of each Lender for the purpose of A and C above and the
     rates of charge of each Reference Bank for the purpose of E above shall be
     determined by the Agent based upon the information supplied to it pursuant
     to paragraphs 7 and 8 above and on the assumption that, unless a Lender
     notifies the Agent to the contrary, each Lender's obligations in relation
     to cash ratio deposits and Special Deposits are the same as those of a
     typical bank from its jurisdiction of incorporation with a Facility Office
     in the same jurisdiction as its Facility Office.

10.  The Agent shall have no liability to any person if such determination
     results in an Additional Cost Rate which over or under compensates any
     Lender and shall be entitled to assume that the information provided by any
     Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true
     and correct in all respects.

11.  The Agent shall distribute the additional amounts received as a result of
     the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate
     for each Lender based on the information provided by each Lender and each
     Reference Bank pursuant to paragraphs 3, 7 and 8 above.

12.  Any determination by the Agent pursuant to this Schedule in relation to a
     formula, the Mandatory Cost, an Additional Cost Rate or any amount payable
     to a Lender shall, in the absence of manifest error, be conclusive and
     binding on all Parties.

13.  The Agent may from time to time, after consultation with the Borrower and
     the Lenders, determine and notify to all Parties any amendments which are
     required to be made to this Schedule in order to comply with any change in
     law, regulation or any requirements from time to time imposed by the Bank
     of England, the Financial Services Authority or the European Central Bank
     (or, in any case, any other authority which replaces all or any of its
     functions) and any such determination shall, in the absence of manifest
     error, be conclusive and binding on all Parties.

                                       124

<PAGE>

                                   SCHEDULE 8

                                   PROPERTIES

<TABLE>
<CAPTION>
                                                        ALLOCATED LOAN AMOUNT
                                                 (24.7399% OF THE FOLLOWING AMOUNTS)
                      PROPERTY                                  (EUR)
      ----------------------------------------   -----------------------------------
<S>   <C>                                        <C>
1.    Gewerbegebiet Am Rehhahn                                 7,850,910
      16356 Ahrensfelde-Blumberg
2.    Gustener StraBe 19 c
      06449 Aschersleben                                       5,417,128
3.    Alt Biesdorf 38
      12683 Berlin-Biesdorf                                   14,607,476
4.    RoelckestraBe 108
      13086 Berlin-WeiBensee                                  11,854,874
5.    Riemker StraBe 4
      44809 Bochum-Hofstede                                    8,871,528
6.    Konigswinterer Strasse 89
      53227 Bonn-Beuel                                         2,940,000
7.    RochusstraBe 44
      53123 Bonn-Duisdorf                                      7,420,910
8.    Werner-Seelenbinder-StraBe 5
      09120 Chemnitz                                           5,495,637
9.    HandwerkerstraBe 34-40
      15366 Dahlwitz-Hoppegarten                              16,329,892
10.   BrennaborstraBe 3
      44149 Dortmund-Kley                                      4,480,000
11.   An der Zolltafel 3-4
      06295 Eisleben                                           4,632,037
12.   NeustraBe / Ecke VoerderstraBe
      58256 Ennepetal                                          6,123,710
13.   Gladbecker StraBe 399
      45326 Essen-Altenessen                                   9,813,637
14.   AktienstraBe 10
      45359 Essen-Borbeck                                     13,425,056
15.   Im Teelbruch 105
      45219 Essen-Kettwig                                      2,826,328
16.   Spandauer StraBe109
      14612 Falkensee                                         21,982,548
17.   LockhofstraBe 2
      45881 Gelsenkirchen                                      9,735,128
18.   Plauensche StraBe 1 c
      07973 Greiz                                              5,888,182
19.   SiemensstraBe 2
      48599 Gronau                                             2,669,309
</TABLE>

                                       131

<PAGE>

<TABLE>
<S>   <C>                                        <C>
20.   GewerbestraBe 32
      03172 Guben-Deulowitz                                    4,160,982
21.   Quedlinburger StraBe
      38820 Halberstadt                                        4,867,564
22.   IndustriestraBe 1
      06132 Halle                                              7,458,364
23.   Veltener StraBe
      16761 Hennigsdorf                                        7,030,336
24.   Hallesche StraBe 214
      04159 Leipzig                                            6,280,728
25.   Hohe Steinert 6
      58509 Ludenscheid                                       11,854,874
26.   MittagstraBe 9
      39124 Magdeburg                                          2,512,291
27.   Siedlerweg 9
      39124 Magdeburg                                         12,875,492
28.   Honnenwerth
      58706 Menden                                             7,536,873
29.   Dusseldorfer StraBe 181-187
      40822 Mettmann                                           7,772,401
30.   In der Helme
      99734 Nordhausen-Sundhausen                              5,495,637
31.   Frankfurter Weg 32
      33106 Paderborn                                          3,454,400
32.   Beetzweg / Fritz-Zubeil-StraBe
      14482 Potsdam                                           12,796,983
33.   Magdeburger StraBe 15
      06484 Quedlinburg                                        4,475,019
34.   HauffstraBe 41
      14548 Schwielowsee                                       5,731,164
35.   Max-Planck-StraBe / Westfalenring
      48565 Steinfurt                                          3,150,000
36.   Soester StraBe 71
      59457 Werl                                               5,652,655
37.   Leipziger StraBe 213
      08058 Zwickau                                            8,164,946
</TABLE>

                                       132

<PAGE>

                                   SCHEDULE 9

                               REPAYMENT SCHEDULE

<TABLE>
<CAPTION>
                                                 AMOUNT OF REPAYMENT INSTALMENT CALCULATED AS A
NO.   INTEREST PAYMENT DATES                     % OF THE LOAN  OUTSTANDING ON UTILISATION DATE
---   ----------------------------------------   ----------------------------------------------
<S>   <C>                                        <C>
1     18 July 2007                                                   --
2     18 October 2007                                                --
3     18 January 2008                                                --
4     18 April 2008                                                  --
5     18 July 2008                                                   0%
6     18 October 2008                                                0%
7     18 January 2009                                                0%
8     18 April 2009                                                  0.25%
9     18 July 2009                                                   0.25%
10    18 October 2009                                                0.25%
11    18 January 2010                                                0.25%
12    18 April 2010                                                  0.25%
13    18 July 2010                                                   0.25%
14    18 October 2010                                                0.25%
15    18 January 2011                                                0.25%
16    18 April 2011                                                  0.375%
17    18 July 2011                                                   0.375%
18    18 October 2011                                                0.375%
19    18 January 2012                                                0.375%
20    18 April 2012                                                  0.375%
21    18 July 2012                                                   0.375%
22    18 October 2012                                                0.375%
</TABLE>

                                       133

<PAGE>

<TABLE>
<S>   <C>                                        <C>
23    18 January 2013                                                0.375%
24    18 April 2013                                                  0.5%
25    18 July 2013                                                   0.5%
26    18 October 2013                                                0.5%
27    18 January 2014                                                0.5%
28    18 April 2014                                                  0.5%
29    18 July 2014                                                   0.5%
30    18 October 2014                                                0.5%
31    18 January 2015                                                0.5%
32    18 April 2015                                                  0.5%
33    18 July 2015                                                   0.5%
34    18 October 2015                                                0.5%
35    18 January 2016                                                0.5%
36    18 April 2016                                                  0.5%
37    18 July 2016                                                   0.5%
38    18 October 2016                                                0.5%
39    18 January 2017                                                0.5%
</TABLE>

                                       134

<PAGE>

                                   SIGNATORIES

THE BORROWER

HLWG TWO (GER) LLC

a Delaware limited liability company

BY: H2 INVESTOR (GER) QRS 16-100, INC.,
    Its managing director

BY: /s/ Edward V. Lapuma
    ---------------------------------
NAME: EDWARD V. LAPUMA
TITLE: MANAGING DIRECTOR

                                       135

<PAGE>

THE ARRANGER

CAPMARK BANK EUROPE P.L.C.

Address:   Commerzbank House
           Guild Street
           IFSC
           Dublin 1

Fax No:    +353 (1) 672 0353

Attention: General Counsel

By:

THE ORIGINAL LENDER(S)

CAPMARK AB NO.2 LIMITED

Address:   Commerzbank House
           Guild Street
           IFSC
           Dublin 1

Fax No:    +353 (1) 672 0353

Attention: General Counsel

By:

THE AGENT

CAPMARK BANK EUROPE P.L.C.

Address:   Commerzbank House
           Guild Street
           ISFC
           Dublin 1
           Ireland

Attention: General Counsel

Fax No:    +353 (1) 672 0353

with a copy to:

Address:   Capmark UK Limited
           Norfolk House
           31 St. James Square

                                       136

<PAGE>

           London
           SW1Y 4JJ
           UK

Attention: UK Lending

Fax No:    +44 (0)20 7393 6270

By:

THE SECURITY TRUSTEE

CAPMARK BANK EUROPE P.L.C.

Address:   Commerzbank House
           Guild Street
           IFSC
           Dublin 1
           Ireland

Attention: General Counsel

Fax No:    +353 (1) 672 0353

with a copy to:

Address:   Capmark UK Limited
           Norfolk House
           31 St. James Square
           London
           SW1Y 4JJ
           UK

Attention: UK Lending

Fax No:    +44 (0)20 7393 6270

By:

                                       137<PAGE>

                                                                   Exhibit 10.7

                               Dated 5 April 2007

                                CREDIT AGREEMENT

                                     between

                            HLWG TWO LENDER S.A R.L.
                                   as Borrower

                           CAPMARK BANK EUROPE P.L.C.
                                   as Arranger

                                       and

                 THE FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1
                               as Original Lenders

                                       and

                           CAPMARK BANK EUROPE P.L.C.
                                    as Agent

                                       and

                           CAPMARK BANK EUROPE P.L.C.
                               as Security Trustee

                             (WHITE & CASE LLP LOGO)

                               5 Old Broad Street
                                 London EC2N 1DW

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
1.  DEFINITIONS AND INTERPRETATION.......................................      3
2.  THE FACILITY.........................................................     27
3.  PURPOSE..............................................................     27
4.  CONDITIONS OF UTILISATION............................................     27
5.  UTILISATION..........................................................     28
6.  REPAYMENT............................................................     29
7.  PREPAYMENT AND CANCELLATION..........................................     30
8.  INTEREST.............................................................     34
9.  INTEREST PERIODS.....................................................     35
10. FEES.................................................................     35
11. BANK ACCOUNTS........................................................     36
12. TAX GROSS UP AND INDEMNITIES.........................................     44
13. INCREASED COSTS......................................................     48
14. OTHER INDEMNITIES....................................................     49
15. MITIGATION BY THE LENDERS............................................     52
16. COSTS AND EXPENSES...................................................     55
17. REPRESENTATIONS......................................................     56
18. INFORMATION UNDERTAKINGS.............................................     63
19. FINANCIAL COVENANTS..................................................     67
20. GENERAL UNDERTAKINGS.................................................     68
21. PROPERTY UNDERTAKINGS................................................     77
22. EVENTS OF DEFAULT....................................................     83
23. CHANGES TO THE LENDERS...............................................     88
24. CHANGES TO THE OBLIGORS..............................................     94
25. ROLE OF THE AGENT AND THE ARRANGER...................................     94
26. CONDUCT OF BUSINESS BY THE FINANCE PARTIES...........................    100
27. SHARING AMONG THE FINANCE PARTIES....................................    100
28. PAYMENT MECHANICS....................................................    102
29. SET-OFF..............................................................    105
30. NOTICES..............................................................    105
31. CALCULATIONS AND CERTIFICATES........................................    107
32. PARTIAL INVALIDITY...................................................    107
33. REMEDIES AND WAIVERS.................................................    107
34. AMENDMENTS AND WAIVERS...............................................    107
35. COUNTERPARTS.........................................................    108
36. GOVERNING LAW........................................................    108
37. ENFORCEMENT..........................................................    108
38. LOAN TRANCHES........................................................    109
</TABLE>

                                       (i)

<PAGE>

<TABLE>
<S>                                                                         <C>
39. FURTHER ASSURANCE....................................................    109
SCHEDULE 1  LENDERS AND THEIR COMMITMENTS................................    110
SCHEDULE 2  CONDITIONS PRECEDENT.........................................    111
SCHEDULE 3  UTILISATION REQUEST..........................................    117
SCHEDULE 4  MANDATORY COST FORMULA.......................................    119
SCHEDULE 5  FORM OF TRANSFER CERTIFICATE.................................    122
SCHEDULE 6  FORM OF COMPLIANCE CERTIFICATE...............................    124
SCHEDULE 7  FORM OF CONFIRMATION LETTER/BESCHEINIGUNG....................    125
SCHEDULE 8  PROPERTIES...................................................    128
SCHEDULE 9  REPAYMENT SCHEDULE...........................................    130
SCHEDULE 10 FORM OF ACCESSION AGREEMENT..................................    132
</TABLE>

                                      (ii)

<PAGE>

THIS AGREEMENT is made on the 5th day of April 2007.

BETWEEN:

(1)  HLWG TWO LENDER S.A R.L. a Luxembourg private limited liability company
     (societe a responsabilite limitee) incorporated with the Luxembourg
     Register of Commerce and Company under number B 124.626 having its
     registered office at 23, Val Fleuri, L-1526 Luxembourg (the "BORROWER ");

(2)  CAPMARK BANK EUROPE P.L.C. (the "ARRANGER");

(3)  THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the "ORIGINAL
     LENDERS");

(4)  CAPMARK BANK EUROPE P.L.C. as agent of the other Finance Parties (the
     "AGENT"); and

(5)  CAPMARK BANK EUROPE P.L.C. as security trustee for the Finance Parties (the
     "SECURITY TRUSTEE").

IT IS AGREED as follows:

1.             DEFINITIONS AND INTERPRETATION

1.1            DEFINITIONS

               In this Agreement:

               "ACCESSION AGREEMENT" means a document substantially in the form
               of Schedule 10 (Form of Accession Agreement), with such
               amendments as the Agent may reasonably require.

               "ACCOUNTS" means:

               (a)  each General Account;

               (b)  each Rent Account;

               (c)  each Sales Proceeds Account;

               (d)  the PropCo Expansion and Remediation Account;

               (e)  the PropCo Rent Reserve Account;

               (f)  Rectification Account,

               each as defined within Clause 11 (Bank Accounts) or (in the case
               of the Rectification Account, in Clause 19.3 (Cure Payments), or
               with the Agent's prior written consent any replacement account
               thereof and "Account" means any one of them as the context may
               require.

               "ACCOUNT BANK" means Bank of America N.A., An der Welle 5,
               D-60322 Frankfurt am Main, Germany, Sort Code: 6019 or any other
               bank or financial

<PAGE>

               institution appointed as account bank in accordance with Clause
               11 (Bank Accounts).

               "ACCOUNT BANK MINIMUM RATING REQUIREMENTS" means the minimum
               rating requirements set out in Clause 11.13.2.

               "ACCOUNT PLEDGE AGREEMENT" means the PropCo Account Pledge
               Agreement, Borrower Account Pledge Agreement and Seller 2 Account
               Pledge Agreement.

               "ADDITIONAL BORROWER" means a company which becomes an Additional
               Borrower in accordance with Clause 24.2 (Additional Borrowers).

               "ADDITIONAL CHARGE" means a Land Charge in respect of an
               Additional Property granted or to be granted by an Obligor or
               PropCo in favour of the Security Trustee in the agreed form.

               "ADDITIONAL COST RATE" has the meaning given to it in Schedule 4
               (Mandatory Cost Formula).

               "ADDITIONAL PROPERTY" means either:

               (a)  any property or properties which the Lenders may accept as
                    alternative security pursuant to Clauses 7.6 to 7.8;

               (b)  a property acquired pursuant to any Expansion made in
                    accordance with Clause 20.26 (Expansion); or

               (c)  any property acquired in accordance with Clause 20.27
                    (Additional Property)

               as the context so admits.

               "ADDITIONAL VALUATION" shall have the meaning given to that term
               in Clause 7.8.

               "AFFILIATE" means, in relation to any person, a Subsidiary of
               that person or a Holding Company of that person or any other
               Subsidiary of that Holding Company.

               "AGREEMENT FOR LEASE" means an agreement to grant an Occupational
               Lease.

               "ALLOCATED LOAN AMOUNT" means in relation to a Property the
               amount set opposite that Property in Schedule 8 (Properties).

               "ARRANGEMENT FEE" means the arrangement fee detailed in the Fee
               Letter;

               "AUTHORISATION" means an authorisation, consent, approval,
               resolution, licence, exemption, filing, clearance, notarisation
               or registration.

                                        4

<PAGE>

               "AVAILABILITY PERIOD" means the period from and including the
               date of this Agreement to and including the close of business in
               London on the date thirty (30) days after the date of this
               Agreement.

               "BANK GUARANTEE" means a bank guarantee in a sum equivalent to
               the Rent Reserve Amount issued by a bank with a rating equivalent
               to the Account Bank Minimum Rating Requirements in favour of the
               Security Trustee in form and substance satisfactory to the
               Security Trustee.

               "BORROWERS" means Borrower and any other borrower (as the case
               may be) who may accede to this Agreement.

               BORROWER GENERAL ACCOUNT" means the account designated as such
               under the terms of this Agreement.

               "BORROWER ACCOUNT PLEDGE AGREEMENT" means an account pledge
               agreement granted by the Borrower in relation to each of the
               Accounts held by it in favour of the Security Trustee.

               "BORROWER RENT ACCOUNT" means the account designated as such
               under the terms of this Agreement.

               "BORROWER SALES PROCEEDS ACCOUNT" means the account designated as
               such under the terms of this Agreement.

               "BUSINESS DAY" means a day (other than a Saturday or Sunday) on
               which commercial banks and foreign exchange markets settle
               payments and are open for general business (including dealing in
               foreign exchange and foreign currency deposits) in London and
               Frankfurt.

               "CALL OPTION I" means "Call I" as defined in the Put and Call
               Agreement set forth in Annex B recorded in the notarial deed of
               the officiating notary public dated 27 and 28 February 2007 (Roll
               of Deeds No's. MW-41, 42, 43, 45 and 46/2007), as amended from
               time to time with the prior written approval of the Agent.

               "CALL OPTION II" means "Call II" as defined in the Put and Call
               Agreement set forth in Annex B recorded in the notarial deed of
               the officiating notary public dated 27 and 28 February 2007 (Roll
               of Deeds No's. MW-41, 42, 43, 45 and 46/2007), as amended from
               time to time with the prior written approval of the Agent.

               "CALL OPTION I EXERCISE PERIOD" means the period from and
               including 1 January 2010 up to and including 31 December 2010;

               "CALL OPTION II EXERCISE PERIOD" means the period no earlier than
               five years and 15 days after the date of this Agreement and no
               later than five years and 180 days after the date of this
               Agreement;

               "CALL OPTION" means either Call Option I or Call Option II as the
               context may require.

                                        5

<PAGE>

               "CENTRE OF MAIN INTERESTS" means, in relation to any Obligor or
               Shareholders, its "centre of main interests" for the purposes of
               Council Regulation (EC) No 1346/2000 of 29 May, 2000.

               "CHANGE OF CONTROL" means a change of control whereby:

               (a)  the Shareholders cease to control directly the Borrower,
                    other than pursuant to a Permitted Change of Control;

               (b)  any person or group of persons acting in concert gains
                    control directly of the Borrower, other than pursuant to a
                    Permitted Change of Control;

               (c)  Seller 2 ceases to own at least 75 per cent. of the limited
                    partnership interests in PropCo other than as a result of
                    the exercise of the Put or Call Option;

               (d)  GP PropCo ceases to be the general partner of PropCo; or

               (e)  Seller 2 ceases to control directly or indirectly OpCo other
                    than pursuant to a Hellweg Change of Control,

                    For the purposes of this definition:

                    a "CHANGE OF CONTROL" occurs if any person or group of
                    persons acting in concert gains control of the relevant
                    entity or ceases to control the relevant entity (acting
                    directly or indirectly through wholly owned Subsidiaries);

                    "CONTROL" means the power to direct the management and
                    policies of an entity, whether through the ownership of
                    voting capital, by contract or otherwise; and

                    "ACTING IN CONCERT" means acting together pursuant to an
                    agreement or understanding (whether formal or informal).

               "CHARGED ASSETS" means the assets from time to time subject, or
               expressed to be subject, to any Security created by or pursuant
               to any Security Document or any part of those assets.

               "COMMITMENT" means:

               (a)  in relation to the Original Lender, the amount set opposite
                    its name under the heading "Commitment" in Schedule 1
                    (Lenders and their Commitments); and

               (b)  in relation to any other Lender, the amount of any
                    Commitment transferred to it under this Agreement;

                    in each case, to the extent not cancelled, reduced or
                    transferred by it under this Agreement.

                                        6

<PAGE>

               "COMPLIANCE CERTIFICATE" means a certificate substantially in the
               form set out in Schedule 6 (Form of Compliance Certificate).

               "DEFAULT" means an Event of Default or any event or circumstance
               specified in Clause 22 (Events of Default) which would (with the
               expiry of a grace period, the giving of notice, the making of any
               determination under the Finance Documents or any combination of
               any of the foregoing) be an Event of Default.

               "DISPOSAL" means any sale, lease, transfer or other disposal of
               all or any part of a Property.

               "DISPOSAL COSTS" means, in relation to a Disposal:

               (a)  all costs and expenses properly incurred by the relevant
                    Obligor, PropCo or Specht in relation to a Disposal; and

               (b)  a provision (reasonably made by the relevant Obligor acting
                    in good faith) for any tax payable by the relevant Obligor,
                    PropCo or Specht as a result of a Disposal.

               "DISPOSAL PROCEEDS" means all sums paid or payable or any other
               consideration given or to be given in money or money's worth for
               a disposal of the relevant Obligor's, PropCo's or Specht's
               interest in all or part of any Property including (without
               limitation):

               (a)  all such sums and other consideration of a capital nature;

               (b)  all compensation and damages received for any use or
                    disturbance, blight or compulsory purchase; and

               (c)  the cash value of any apportionment of any Rental Income or
                    other sum given or made by any purchaser or other person
                    upon such disposal.

               "DISTRIBUTION" means any payment (whether outright or by way of
               loan), repayment, redemption, discharge by way of set-off,
               counterclaim or otherwise or other distribution of any sort,
               whether in cash or in kind, made by or on behalf of any Obligor
               or PropCo, but only in respect of:

               (a)  dividends or return of capital or any other payment received
                    by a person in respect of its holding of any share capital
                    of any nature; or

               (b)  principal, interest or any other payment received by a
                    person (not being a Finance Party) in respect of any
                    Financial Indebtedness.

               "EMBARGOED PERSON" means any person, entity or government subject
               to trade restrictions under U.S. law, including but not limited
               to, the International Emergency Economic Powers Act, 50 U.S.C.
               1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et
               seq., and any Executive Orders (as defined therein) or
               regulations promulgated thereunder.

                                        7

<PAGE>

               "ENVIRONMENT" means living organisms including the ecological
               systems of which they form part and the following media:

               (a)  air (including air within natural or man-made structures,
                    whether above or below ground);

               (b)  water (including territorial, coastal and inland waters,
                    water under or within land and water in drains and sewers);
                    and

               (c)  land (including land under water).

               "ENVIRONMENTAL LAW" means all statutes, instruments, regulations,
               orders, administrative acts and ordinances (including but not
               limited to European Union legislation, regulations, directives,
               decisions and judgments applicable in the Federal Republic of
               Germany) being in force from time to time and directly
               enforceable in the Federal Republic of Germany applicable to the
               Property relating to pollution, prevention thereof or protection
               of human health or the conditions of the Environment or the use,
               disposal, generation, storage, transportation, treatment,
               dumping, release, deposit, burial or emission of any Hazardous
               Substances.

               "ENVIRONMENTAL LICENCE" means any Authorisation required at any
               time under Environmental Law.

               "ENVIRONMENTAL & STRUCTURAL REPORTS" means the reports prepared
               by ERM GmbH and delivered as a condition precedent to Utilisation
               pursuant to paragraph 5(d) of Schedule 2.

               "EURO", "EURO" or "E" means the single currency of the
               Participating Member States.

               "EVENT OF DEFAULT" means any event or circumstance specified as
               such in Clause 22 (Events of Default).

               "EXPANSION" means any expansion or extension of a Property funded
               by PropCo pursuant to the terms of the Principal Occupational
               Lease carried out in accordance with Clause 20.26 (Expansion).

               "EXPANSION AMOUNT" means the sum of E18,500,000.

               "FACILITY" means the term loan facility made available under this
               Agreement as described in Clause 2 (The Facility).

               "FACILITY AMOUNT" means an amount equal to 75.2601% of the lesser
               of:

               (a)  E283,635,000;

               (b)  78.1% of the Market Value of the Properties determined in
                    accordance with the Initial Valuation; and

               (c)  such amount as will result in Interest Cover of at least
                    145% as at the Utilisation Date.

                                        8

<PAGE>

               "FACILITY OFFICE" means the office or offices notified by a
               Lender to the Agent in writing on or before the date it becomes a
               Lender (or, following that date, by not less than five Business
               Days' written notice) as the office or offices through which it
               will perform its obligations under this Agreement.

               "FEE LETTER" means any letter or letters entered into or to be
               entered into between the Arranger, the Agent and the Borrower
               setting out any fees referred to in Clause 10 (Fees).

               "FINANCE DOCUMENT" means:

               (a)  this Agreement;

               (b)  any Fee Letter;

               (c)  any Security Document;

               (d)  any Duty of Care Agreement;

               (e)  any Utilisation Request;

               (f)  any Transfer Certificate;

               (g)  any Purchaser Finance Document; and

               any other document designated as such by the Agent and the
               Borrower in writing.

               "FINANCE PARTY" means the Agent, the Arranger, the Security
               Trustee or a Lender.

               "FINANCIAL INDEBTEDNESS" means (without double counting) any
               indebtedness for or in respect of:

               (a)  moneys borrowed;

               (b)  any amount raised by acceptance under any acceptance credit
                    facility;

               (c)  any amount raised pursuant to any note purchase facility or
                    the issue of bonds, notes, debentures, loan stock or any
                    similar instrument;

               (d)  the amount of any liability in respect of any lease or hire
                    purchase contract which would, in accordance with GAAP, be
                    treated as a finance or capital lease;

               (e)  receivables sold or discounted (other than any receivables
                    to the extent they are sold on a non-recourse basis);

               (f)  any amount raised under any other transaction (including any
                    forward sale or purchase agreement) having the commercial
                    effect of a borrowing;

                                        9

<PAGE>

               (g)  any derivative transaction (including, for the avoidance of
                    doubt, any cap) entered into in connection with protection
                    against or benefit from fluctuation in any rate or price
                    (and, when calculating the value of any derivative
                    transaction, only the marked to market value shall be taken
                    into account);

               (h)  the acquisition cost of any asset to the extent payable
                    before or after the time of acquisition and possession by
                    the party liable therefor when the advance or deferred
                    payment is arranged primarily as a method of raising finance
                    or of financing the acquisition of that asset;

               (i)  shares which are expressed to be redeemable;

               (j)  any counter-indemnity obligation in respect of a guarantee,
                    indemnity, bond, standby or documentary letter of credit or
                    any other instrument issued by a bank or financial
                    institution; and

               (k)  the amount of any liability in respect of any guarantee or
                    indemnity for any of the items referred to in paragraphs (a)
                    to (i) inclusive above.

               "FINANCIAL REGULATOR" means the financial regulator of the
               Central Bank of Ireland from time to time and any successor
               replacement or other body with relevant or similar authority.

               "FITCH" means Fitch Ratings Limited or any successor to its
               rating business.

               "FIXED RATE" means such 10 year swap rate as agreed between the
               Agent and the Borrower prior to or on the Utilisation Date
               expressed as a percentage per annum notified by the Agent to the
               Borrower following receipt of the Utilisation Request (or any
               other replacement fixed rate as notified by the Agent to the
               Borrower from time to time).

               "GAAP" means in relation to an entity, accounting principles,
               concepts, bases and policies generally adopted and accepted in
               the United States of America.

               "GENERAL ACCOUNT" means the Borrower General Account and the
               PropCo General Account and each of them.

               "GERMAN TAX REPORT" means a report prepared by Susat GmbH in
               relation to German taxation matters.

               "GLOBAL ASSIGNMENT AGREEMENT" means a global assignment agreement
               dated on or about the date hereof granted by the Borrower to the
               Security Trustee over receivables and the global assignment
               agreement granted by PropCo to the Security Trustee over
               receivables.

               "GP PROPCO" means Shovel Management GmbH.

               "GP SELLER 1" means Hoe Management GmbH.

               "HAZARDOUS SUBSTANCE" means any waste, pollutant, contaminant or
               other substance (including any liquid, solid, gas, ion, living
               organism or noise) that

                                       10

<PAGE>

               may be harmful to human health or other life or the Environment
               or a nuisance to any person.

               "HBR PROPERTY" means each of:

               (a)  Konigswinterer Strasse 89, 53227 Bonn-Beuel;

               (b)  BrennaborstraBe 3, 44149 Dortmund-Kley; and

               (c)  Max-Planck-StraBe / Westfalenring, 48565 Steinfurt.

               "HEADLEASE" means the lease or leases (if any) in the Agreed Form
               by which PropCo and/or Specht holds an interest in all or any
               part of a Property.

               "HEDGING ARRANGEMENTS" means any interest rate swap, currency
               swap, forward foreign exchange transaction, cap, floor, collar or
               option transaction or any other treasury transaction or any
               combination of them or any other transaction that, in the
               reasonably opinion of the Agent, is necessary to hedge the risk
               associated with the provision of the Facility to the Borrower.

               "HELLWEG CHANGE OF CONTROL" means a change of control as set
               forth and described in Paragraph 21(m) of the Principal
               Occupational Lease which has previously been approved in writing
               by the Agent provided that no such consent of the Agent is
               required in circumstances where PropCo is not required to give
               consent pursuant to Paragraph 21 (m) of the Principal
               Occupational Lease.

               "HOLDING COMPANY" means, in relation to a company or corporation,
               any other company or corporation in respect of which it is a
               Subsidiary (and, in the definition of "Related Party", means a
               company in respect of which that other person is a Subsidiary as
               such term is to be understood in such definition).

               "INITIAL VALUATION" means the Valuation supplied to the Agent as
               a condition precedent to this Agreement under Clause 4.1
               (Conditions Precedent).

               "INTEREST COVER" means, on any date, the amount (expressed as a
               percentage) calculated in accordance with the following formula:

               Where:

               A - B
               -----
                 C

               A - 75.2601 per cent of the Projected Annual Rental;

               B - 75.2601 per cent of any Property Expenses to be incurred in
                   the next 12 month period; and

               C - the Projected Annual Finance Costs.

               "INTEREST COVER COVENANT" shall have the meaning set out in
               Clause 19.2 (Interest Cover).

                                       11

<PAGE>

               "INTEREST PAYMENT DATE" means:

               (a)  in relation to the Loan and subject to Clause 9.2 (Changes
                    to the Interest Payment Date, Termination Date and Interest
                    Period), the 18th day of January, April, July and October in
                    each year and the Termination Date and the first Interest
                    Payment Date shall be the 18th of July 2007; and

               (b)  in relation to an Unpaid Sum, the last day of an Interest
                    Period relevant to that Unpaid Sum determined in accordance
                    with Clause 8.3 (Default interest),

                    provided that, save in relation to the calculation of
                    Interest Periods, if any such day is not a Business Day, the
                    Interest Payment Date will be the next Business Day in that
                    Month (if there is one) or the preceding Business Day (if
                    there is not).

               "INTEREST PERIOD" means, in relation to the Loan, each period
               determined in accordance with Clause 9 (Interest Periods) and, in
               relation to an Unpaid Sum, each period determined in accordance
               with Clause 8.3 (Default interest).

               "INTEREST PLEDGE AGREEMENT" means an interest pledge agreement
               dated on or about the date hereof granted by the Borrower to the
               Security Trustee over the partnership interests in Semer
               Unternehmensverwaltungs GmbH & Co. KG and in Hellweg GmbH & Co
               Vermoegensverwaltungs KG.

               "INTEREST PURCHASE AGREEMENT" means the Interest Purchase
               Agreement set forth in Annex A recorded in the notarial deed of
               the officiating notary public dated 27 and 28 February 2007 (Roll
               of Deeds No's. MW-41, 42, 43, 45 and 46/2007 and annexures
               referred to in it and any documents supplemental to such
               agreement.

               "LAND CHARGE" means a certificated first ranking land charge
               (Grundschuld) over any Property in section III of the Land
               Register given in favour of the Security Trustee in the Agreed
               Form.

               "LAND REGISTER" (Grundbuch) means the applicable official
               register held by the Land Registry in which, inter alia, the
               rights of ownership in, and encumbrances on, a plot of land are
               registered.

               "LAND REGISTRY" (Grundbuchamt) means the applicable public office
               held by the local court (Amtsgericht) which is responsible for
               the registration of rights and encumbrances in the relevant Land
               Register in accordance with German law.

               "LEASE DOCUMENT" means:

               (a)  an Agreement for Lease;

               (b)  an Occupational Lease; or

               (c)  any other document designated as such by the Agent and the
                    Borrower.

                                       12

<PAGE>

               "LENDER" means:

               (a)  any Original Lender; and

               (b)  any bank, building society, financial institution, trust,
                    fund or other entity which has become a Party in accordance
                    with Clause 23 (Changes to the Lenders),

               which in each case has not ceased to be a Party in accordance
               with the terms of this Agreement.

               "LOAN" means the Loan made or to be made under the Facility or
               the principal amount outstanding for the time being of the Loan.

               "LOAN TO VALUE" means the aggregate sum of the Loan as a
               percentage of the Market Value of the Properties determined in
               accordance with the most recent Valuation.

               "LOAN TO VALUE COVENANT" shall have the meaning set out in Clause
               19.1 (Loan to Value Covenant).

               "LUXEMBOURG TAX REPORT" means a report prepared by Tax Consult
               S.A. in relation to Luxembourg taxation matters.

               "MAJORITY LENDERS" means:

               (a)  if there are no Loans then outstanding, a Lender or Lenders
                    whose Commitments aggregate more than 662/3% of the
                    aggregate of the Total Commitments and the Purchaser Total
                    Commitments (or, if the Total Commitments and the WPC Lender
                    Total Commitments have been reduced to zero, aggregated more
                    than 662/3 % of the Total Commitments and the Purchaser
                    Total Commitments immediately prior to the reduction); or

               (b)  at any other time, a Lender or Lenders whose participations
                    in the Loan and the Purchaser Loan then outstanding
                    aggregate more than 662/3% of the aggregate of all the Loan
                    and the Purchaser Loan then outstanding,

                    subject to the terms of any Finance Document, including
                    without limitation any intercreditor agreement entered into
                    on any transfer, sale, novation or securitisation of the
                    Loan, the terms of which shall prevail. For the purposes of
                    this definition, "Lender or Lenders" shall include the
                    Lenders as such term is defined under the Purchaser Facility
                    Agreement.

               "MANDATORY COST" means, in relation to the Original Lender the
               percentage rate per annum from time to time determined by the
               Original Lender, and notified to the Agent, as reflecting the
               cost, loss or difference in return which would be suffered or
               incurred by the Original Lender (as it shall from time to time
               determine) as a result of it complying with the requirements of
               the Financial Regulator and/or the requirements of the European
               Central Bank (or

                                       13

<PAGE>

               any authority which replaces all or any of their functions) and,
               in respect of any other Lender, means the percentage rate per
               annum calculated by the Agent in accordance with Schedule 4
               (Mandatory Cost Formula).

               "MARGIN" means 1.25% per annum.

               "MARKET VALUE" has the meaning given to that term in the Royal
               Institution of Chartered Surveyors Appraisal and Valuation Manual
               (or its successor).

               "MATERIAL ADVERSE EFFECT" means a material adverse effect on:

               (a)  the business, property or financial condition of each
                    Obligor; or

               (b)  the ability of each Obligor or the Shareholders to perform
                    and comply with any of its payment obligations under any
                    Finance Document to which it is a party; or

               (c)  the validity, legality or enforceability of any Finance
                    Document or the rights and remedies of any Finance Party
                    under any of the Finance Documents.

               "MINIMUM RELEASE AMOUNT" means, in relation to a Disposal, the
               aggregate of:

               (a)  the applicable Release Pricing; and

               (b)  the Disposal Costs.

               "MONEY LAUNDERING REGULATIONS" means any regulations applicable
               to a Finance Party or a potential Finance Party, for the
               prevention of money laundering and financial crime, including all
               requirements of the Financial Services Authority, guidance notes
               issued by the Joint Money Laundering Steering Group, the Money
               Laundering Directive 91/308/EEC, the Irish Criminal Justice Act
               1994 and the Irish Criminal Justice (Miscellaneous Provisions)
               Act 1997 and the German Money Laundering Act (Gesetz uber das
               Aufspuren und Gewinnen aus schweren Straftaten
               (Geldwaschegesetz).

               "MONTH" means a period starting on one day in a calendar month
               and ending on the numerically corresponding day in the next
               calendar month, except that:

               (a)  if the numerically corresponding day is not a Business Day,
                    that period shall end on the next Business Day in that
                    calendar month in which that period is to end if there is
                    one, or if there is not, on the immediately preceding
                    Business Day; and

               (b)  if there is no numerically corresponding day in the calendar
                    month in which that period is to end, that period shall end
                    on the last Business Day in that calendar month.

               The above rules will only apply to the last Month of any period.

                                       14

<PAGE>

               "MOODY'S" means Moody's Investors Services, Inc. or any successor
               to its rating business.

               "NET RENTAL INCOME" means Rental Income other than:

               (a)  any amount due to PropCo from any tenant under any Lease
                    Document or other occupier of all or any part of any
                    Property, by way of:

                    (i)  contribution to (or reimbursement of) insurance
                         premiums or the cost of an insurance valuation;

                    (ii) service charge in respect of PropCo's costs under any
                         repairing or similar obligation, or in providing
                         services to a tenant of all or any part of any
                         Property; or

                    (iii) reimbursement of any other expenditure incurred by
                         PropCo on behalf of or in relation to any tenant of all
                         or any part of any Property;

               (b)  any contribution to a sinking fund paid by any tenant or
                    other occupier;

               (c)  any proceeds of insurance received in respect of the items
                    listed in paragraphs (a) and (b) above;

               (d)  any VAT or similar taxes payable on any of the items listed
                    in paragraphs (a), (b) and (c) above and paragraphs (a)-(k)
                    of the definition of Rental Income; and

               for the purposes of calculating the Interest Cover but not
               otherwise there shall also be excluded items (c), (d), (f), (g),
               (h), (i) and (l) of the definition of Rental Income.

               "OBLIGOR" means the Borrowers and all the Additional Borrowers
               and any of them.

               "OCCUPATIONAL LEASE" means the Principal Occupational Lease and
               any lease, sub-lease or licence or other right of occupation to
               which all or any part of any Property may be subject from time to
               time and any supplemental documents thereto.

               "OPCO" means HELLWEG DIE PROFI-BAUMARKTE GMBH UND CO. KG, a
               German limited partnership registered with the commercial
               register maintained at the local court of Dortmund under HRA
               13582.

               "OVERVIEW REPORT ON TITLE" means the Appropriately Addressed
               overview report on title or certificate of title relating to the
               Properties, in form and substance satisfactory to the Agent,
               addressed to the Finance Parties and their successors in title
               and prepared by White & Case LLP, solicitors for the Agent.

               "PARTICIPATING MEMBER STATE" means any member state of the
               European Communities that adopts or has adopted the euro as its
               lawful currency in

                                       15

<PAGE>

               accordance with legislation of the European Community relating to
               Economic and Monetary Union.

               "PARTY" means a party to this Agreement.

               "PERMITTED CHANGE OF CONTROL" means (i) the sale or transfer of
               the shares or any equity interests of any Shareholder or Borrower
               to a Related Party or (ii) merger between a Shareholder or
               Borrower and a Related Party provided that:

               (a)  there is no Event of Default outstanding or would result
                    from the proposed transfer or merger;

               (b)  there is no detrimental financial and tax effect on the
                    Finance Parties and that such transfer or merger will not
                    result in a Material Adverse Effect;

               (c)  any know your customer requirements are satisfied;

               (d)  all proper fees, costs and expenses incurred by the Finance
                    Parties in considering and approving the above are paid by
                    the Borrower;

               (e)  the lien and priority of the security interests created
                    under the Security Documents are unimpaired by such merger;
                    and

               (f)  in addition to the requirements above, with respect to a
                    transfer under (ii) only, (1) neither the Borrower nor the
                    Shareholder, as applicable, assumes any additional
                    liabilities as a result of such merger; and (2) the
                    obligations of the Borrower under the Finance Documents
                    continue in full force and effect notwithstanding such
                    merger.

               "PERMITTED FINANCIAL INDEBTEDNESS" means:

               (a)  Financial Indebtedness incurred under a Finance Document;

               (b)  any other Financial Indebtedness of an Obligor to which the
                    Agent has given its prior written consent and which is fully
                    subordinated on terms satisfactory to the Agent;

               (c)  the Shareholder Loans and any Shareholder Loans provided to
                    fund the purchase of any Additional Property provided that
                    all such Shareholder Loans have been fully subordinated in
                    favour of the Security Trustee and Lenders and a
                    Subordination Agreement has been entered into; and

               (d)  Financial Indebtedness that arises as a normal finance
                    credit in the ordinary course of the relevant person's
                    business and which is not more than 30 days due.

               "PERMITTED SECURITY" means any Security granted in favour of the
               Borrower pursuant to the Seller 2 Facility Agreement that is
               fully subordinated under the Subordination Agreement.

                                       16

<PAGE>

               "PLANNING ACTS" means all applicable laws and regulations
               governing or controlling the use or development of land and
               property, including building permissions (Baugenehmigung).

               "PRINCIPAL OCCUPATIONAL LEASE" means the Lease Agreement set
               forth in Annex C recorded in the notarial deed of the officiating
               notary public dated 27 and 28 February 2007 (Roll of Deeds No's.
               MW-41, 42, 43, 45 and 46/2007 and as amended from time to time
               (with the prior written approval of the Agent) or any other lease
               created out of such lease and any documents supplemental or
               appended to such lease.

               "PROJECTED ANNUAL FINANCE COSTS" means, for the next 12 month
               period, the estimated aggregate amount determined by the Agent of
               all interest, commitment commission and other finance costs
               (excluding any repayments or prepayments of principal) which are
               payable by the Borrower to the Finance Parties under the Finance
               Documents excluding the Purchaser Finance Documents during that
               12 month period.

               "PROJECTED ANNUAL RENTAL" means, for the next 12 month period,
               the aggregate Net Rental Income receivable by PropCo in relation
               to any Property during that Test Period assuming:

               (a)  a break clause under any Lease Document exercisable during
                    the relevant 12 month period will be deemed to be exercised
                    at the earliest date available to the relevant tenant;

               (b)  Net Rental Income will be ignored unless payable under an
                    unconditional and binding Lease Document;

               (c)  any Lease Document due to expire during the 12 month period
                    has not been renewed; and

               (d)  potential Net Rental Income increases as a result of rent
                    reviews during the relevant 12 month period will be ignored
                    other than to the extent of any fixed rental increases under
                    the relevant Lease Documents.

               "PROPCO" means Hellweg GmbH & Co VV KG a German limited
               partnership registered with the commercial register maintained at
               the local court of Dortmund under 13991 and its general partner.

               "PROPCO ACCOUNT PLEDGE AGREEMENT" means an account pledge
               agreement granted by PropCo in relation to each of the Accounts
               held by it in favour of the Security Trustee.

               "PROPCO COMPANIES" means PropCo and Specht.

               "PROPCO EXPANSION AND REMEDIATION ACCOUNT" means the account
               designated as such under the terms of this Agreement.

               "PROPCO GENERAL ACCOUNT" means the account designated as such
               under the terms of this Agreement.

                                       17

<PAGE>

               "PROPCO PARTNERSHIP INTEREST PLEDGE AGREEMENT" means a first
               ranking partnership interest pledge agreement dated prior to the
               Utilisation Date over the partnership interests in Specht held by
               PropCo and made between (1) PropCo and (2) the Security Trustee.

               "PROPCO RENT ACCOUNT" means the account designated as such under
               the terms of this Agreement.

               "PROPCO RENT RESERVE ACCOUNT" means the account designated as
               such under the terms of this Agreement.

               "PROPCO SALES PROCEEDS ACCOUNT" means the account designated as
               such under the terms of this Agreement.

               "PROPERTY" means each property described in Schedule 8
               (Properties) but shall exclude any property disposed of by PropCo
               or Specht in accordance with Clause 20.6 (Disposals).

               "PROPERTY EXPENSES" means any costs, expenses and outgoings of a
               non-capital nature which are to be incurred or required to be
               incurred or to be incurred by PropCo or Specht in respect of all
               or any part of a Property, such amounts not being recoverable
               under any Lease Document.

               "PRO RATA SHARE" means, on any date:

               (a)  the proportion which a Lender's Commitment bears to the
                    Total Commitments at such date; or

               (b)  if the Total Commitments have been cancelled, the proportion
                    which its Commitment bore to the Total Commitments
                    immediately before such cancellation.

               "PURCHASE PRICE" means the consideration paid to the Seller
               pursuant to the Interest Purchase Agreement less any agreed
               apportionments in respect of Rental Income or Void Costs.

               "PURCHASER" means HLWG TWO (GER) LLC.

               "PURCHASER FACILITY AGREEMENT" means a EUR 70,171,015 term loan
               facility agreement made between inter alios the Purchaser, the
               Arranger, Agent, Original Lenders and the Security Trustee.

               "PURCHASER FINANCE DOCUMENT" means a Finance Document as defined
               in the Purchaser Facility Agreement.

               "PURCHASER LOAN" means the loan facility made available pursuant
               to the Purchaser Facility Agreement.

               "PURCHASER RENT ACCOUNT" means the Borrower Rent Account as
               defined in the Purchaser Facility Agreement.

                                       18

<PAGE>

               "PURCHASER TOTAL COMMITMENTS" means the Total Commitments as such
               term is defined in the Purchaser Facility Agreement.

               PUT AND CALL AGREEMENT" means the irrevocable put and call offers
               dated 28 February 2007 and made between Seller 2 and Purchaser
               regarding limited partnership interests in PropCo and Seller 1
               and shares in GP PropCo and GP Seller 1 as may be amended with
               the prior approval of the Agent.

               "QUALIFYING LENDER" has the meaning given to it in Clause 12 (Tax
               gross-up and indemnities).

               "RECTIFICATION ACCOUNT" means an account opened by the Borrower
               with the Account Bank in the name of the Borrower charged to the
               Security Trustee. The Agent shall have sole signing rights in
               relation to the Rectification Account at all times.

               "REFERENCE BANKS" means, in relation to Mandatory Cost, the
               principal London offices of Barclays Bank plc, Lloyds TSB Bank
               plc and The Royal Bank of Scotland plc.

               "RELATED FUNDING ARRANGEMENT" means, in relation to a Loan, any
               agreement or arrangement entered into at any time (including,
               without limitation, any swap or any internal treasury
               arrangement) under which any Finance Party funds the Loan or
               matches (in whole or in part and whether by way of agreement or
               arrangement which is specifically tailored to the relevant Loan
               or is one of or a component of one or more similar agreements or
               arrangements tailored to a portfolio of loans (including the
               Loan)) its right to receive interest on the Loan at a fixed rate
               with an obligation to make a payment on that basis in exchange
               for an obligation on a counterparty (which may be a separate or
               internal division of such Finance Party) to pay interest at a
               floating rate, or otherwise hedges the interest rate risk in
               funding or maintaining the relevant Loan.

               "RELATED PARTY" means any entity:

               (a) in respect of which a member of the WP Carey Group has at all
               times the power to direct the management and policies, whether
               through the ownership of voting capital, by contract or otherwise
               or with which a member of the WP Carey Group has (or is bound by)
               an advisory or similar agreement pursuant to which that member of
               the WP Carey Group is the sole investment advisor with respect to
               such entity; and

               (b) which has (or each Holding Company of which has) at all times
               a net worth of not less than E40,000,000,

               including, without limitation, Corporate Property Associates 14
               Incorporated, Corporate Property Associates 15 Incorporated and
               Corporate Property Associates 16 - Global Incorporated and any
               Subsidiary of each such entity (provided that the requirements of
               paragraph a) and b) of this definition are satisfied at all times
               in relation to each such entity).

                                       19

<PAGE>

               "RELEASE PRICING" means, in respect of a Disposal, the aggregate
               of:

               (a)  115 % of the Allocated Loan Amount for the Property the
                    subject of the Disposal (other than any HBR Property); or

               (b)  in the case of any HBR Property, 128% of the Allocated Loan
                    Amount for the Property,

                    (in each case such percentage being the "ALA"); and

               (c)  an amount calculated by the Agent as being payable pursuant
                    to Clause 7.5 (Restrictions) on a repayment of the Loan in
                    an amount equal to the ALA on the next Interest Payment
                    Date.

               "RELEVANT INTERBANK MARKET" means the European interbank market.

               "RELIANCE LETTERS" means letters from each of the report
               providers referred to in Schedule 2 in a form acceptable to the
               Agent.

               "RENT ACCOUNT" means the Borrower Rent Account, Seller 2 Rent
               Account and PropCo Rent Account and each of them.

               "RENT RESERVE AMOUNT" means the Security Deposit (as defined in
               the Principal Occupational Lease) which as at the date of this
               Agreement will be the sum of E24,960,000 and thereafter as
               adjusted in accordance with the provisions of paragraph 32 of the
               Principal Occupational Lease.

               "RENTAL INCOME" means on any day the aggregate of all amounts
               payable to or for the benefit or account of PropCo arising from
               or in connection with the letting, use or occupation of a
               Property (or any part of a Property), including (without
               limitation and without double counting):

               (a)  rents, licence fees and equivalent sums reserved or made
                    payable;

               (b)  sums received from any deposit held as security for the
                    performance of any tenant's obligations;

               (c)  any premium paid on the grant of any Occupational Lease;

               (d)  any other monies payable in respect of use and/or
                    occupation;

               (e)  proceeds of insurance in respect of loss of rent and
                    interest thereon;

               (f)  receipts from or the value of consideration given for the
                    surrender or variation of any letting;

               (g)  proceeds paid by way of reimbursement of expenses incurred
                    or on account of expenses to be incurred in the management,
                    maintenance and repair of, and the payment of insurance
                    premiums for, the Properties;

                                       20

<PAGE>

               (h)  proceeds paid for a breach of covenant under any
                    Occupational Lease and for expenses incurred in relation to
                    any such breach;

               (i)  any contribution to a sinking fund paid by an occupational
                    tenant;

               (j)  payments from a guarantor in respect of any of the items
                    listed in this definition;

               (k)  interest, damages or compensation in respect of any of the
                    items in this definition; and

               (l)  any VAT or similar taxes on any sum mentioned in this
                    definition.

               "REPEATING REPRESENTATIONS" means each of the representations set
               out in Clause 17 (Representations) other than the representations
               set out in Clauses 17.8 (No filing or stamp taxes), 17.16.1
               (Valuation) (in respect of the Initial Valuation only) and
               17.17.3 (Transaction Documents).

               "REPORT ON TITLE" means each Appropriately Addressed report on
               title/report relating to the Properties and the Interest Purchase
               Agreement, in form and substance satisfactory to the Agent, and
               prepared by Hogan & Hartson Raue LLP, lawyers for the Borrower.

               "RESERVATIONS" means: (i) the principle that equitable remedies
               are remedies which may be granted or refused at the discretion of
               the court, (ii) the limitation of enforcement by laws relating to
               bankruptcy, insolvency, liquidation, reorganisation, court
               schemes, moratoria, administration and other laws generally
               affecting the rights of the creditors, (iii) defences of set-off
               or counterclaim and similar principles and (iv) qualifications
               and reservation as to matters of law in any legal opinion
               delivered to the Agent under Schedule 2 (Conditions Precedent).

               "S&P" means Standard & Poor's, a division of the McGraw-Hill
               Companies, Inc. or any successor to its rating business.

               "SALES PROCEEDS ACCOUNT" means the PropCo Sales Proceeds Account,
               the Seller 2 Sales Proceeds Account and the Borrower Sales
               Proceeds Account and each of them.

               "SECURED LIABILITIES" means all present and future obligations
               and liabilities whether actual or contingent and whether owed
               jointly or severally or in any other capacity whatsoever of the
               Borrower and the Shareholders to the Finance Parties (or any of
               them) under the Finance Documents.

               "SECURITY" means any mortgage, standard security, pledge, lien,
               hypothecation, title retention, charge, assignment by way of
               security or other agreement or arrangement having the effect of
               conferring security.

               "SECURITY DOCUMENT" means:

               (a)  each Land Charge;

                                       21

<PAGE>

               (b)  each Account Pledge Agreement;

               (c)  each Security Purpose Agreement;

               (d)  each Global Assignment Agreement;

               (e)  each Share Pledge Agreement;

               (f)  each Interest Pledge Agreement;

               (g)  the Subordination Agreement;

               (h)  the Security Documents (as defined in the Purchaser Facility
                    Agreement) in relation to the Purchaser Facility Agreement;

               (i)  any other security document that may at any time be given as
                    security for any of the Secured Liabilities pursuant to or
                    in connection with any Finance Document; and

               (j)  any other document designated as such by the Agent and the
                    Borrower.

               "SECURITY PURPOSE AGREEMENT" means each security purpose
               agreement (Sicherungszweckvereinbarung) in the Agreed Form
               granted by the PropCo Companies in favour of the Security Trustee
               determining the security purpose of each Land Charge.

               "SECURITY PROVIDER" means the entity granting Security pursuant
               to each of the Security Documents.

               "SELLER 1" means Semer UV KG and its general partner.

               "SELLER 2" means Mr Reinhold Semer.

               "SELLER 2 ACCOUNT PLEDGE AGREEMENT" means an account pledge
               agreement granted by Seller 2 in relation to each of the Accounts
               held by it in favour of the Security Trustee.

               "SELLER 2 FACILITY AGREEMENT" means the Loan Agreement set forth
               in Annex A recorded in the notarial deed of the officiating
               notary public dated 28 February 2007 (Roll of Deeds No's. MW-41,
               42, 43, 45 and 46/2007) and any documents supplemental to such
               agreement.

               "SELLER 2 LOAN" means the loan made available pursuant to the
               Seller 2 Facility Agreement.

               "SELLER 2 RENT ACCOUNT" means the account designated as such
               under the terms of this Agreement which will be used by Seller 2
               to pay interest due on the Seller 2 Loan.

               "SELLER 2 SALES PROCEEDS ACCOUNT" means the account designated as
               such under the terms of this Agreement.

                                       22

<PAGE>

               "SELLERS" means Seller 1 and Seller 2.

               "SHAREHOLDER" means H2 Lender WPC LLC, a Delaware (U.S.A.)
               limited liability company and HLWG Two TRS S.a r.l. a Luxembourg
               limited liability company.

               "SHARE PLEDGE AGREEMENT" means a share pledge agreement dated on
               or about the date of this Agreement granted by the Borrower to
               the Security Trustee over the shares in Hoe Management GmbH and
               Shovel Management GmbH and a share pledge agreement dated on or
               about the date of this Agreement granted by the Purchaser and
               Reinhold Semer to the Security Trustee over the shares in Hoe
               Management GmbH and Shovel Management GmbH.

               "SPECHT" means Erwin Specht GmbH & Co. KG a German limited
               liability partnership registered with the commercial register
               maintained at the local court of Berlin-Charlottenburg under HRA
               22982 and its sole general partner Erwin Specht Verwaltungs-GmbH.

               "STRUCTURE CHART" means a chart in the Agreed Form showing the
               legal and beneficial ownership of the Obligors, the Shareholders,
               PropCo, Specht, Seller 1 and Seller 2 as at the date of this
               Agreement as the same may be amended from time to time with the
               consent of the Agent.

               "SUBORDINATED CREDITORS" means H2 LENDER WPC LLC a company
               incorporated in Delaware with limited liability and registration
               number 429381 and HLWG Two TRS S.ar.l. a private limited
               liability company (societe a responsabilite limitee) organised
               under Luxembourg laws, having its registered seat at 23, Val
               Fleuri, L-1526 Luxembourg, registered with the Luxembourg Trade
               and Companies Register under number B.124.626.

               and any other person that accedes to the Subordination Agreement
               as a subordinated creditor.

               "SUBORDINATION AGREEMENT" means the deed of subordination and
               priority entered into or to be entered into by the Borrower, the
               Agent, the Security Trustee and the Subordinated Creditors.

               "SUBSIDIARY" means an entity of which a person has direct or
               indirect control or owns directly or indirectly more than 24 per
               cent. of the voting capital or similar right of ownership (except
               where such term is used in the definition of "Related Party"
               where it means an entity of which a person has direct or indirect
               control or owns directly or indirectly more than 50 per cent. of
               the voting capital or similar right of ownership) and control for
               this purpose means the power to direct the management and the
               policies of the entity whether through the ownership of voting
               capital, by contract or otherwise.

               "TAXES" means any tax, levy, impost, duty or other charge or
               withholding of a similar nature (including any penalty or
               interest payable in connection with any failure to pay or any
               delay in paying any of the same).

                                       23

<PAGE>

               "TAX REPORT" means an Appropriately Addressed report satisfactory
               to the Agent in respect of applicable Taxes in respect of the
               transaction contemplated by the Transaction Documents addressed
               to the Finance Parties and their successors in title (and such
               other parties as the Agent shall require for the purposes of
               warehousing or securitisation).

               "TERM" means from and including the Utilisation Date to and
               including the Termination Date.

               "TERMINATION DATE" means subject to Clause 9.2 (Changes to the
               Interest Payment Date and Interest Period) either the tenth
               anniversary of the Utilisation Date or, if such date is not an
               Interest Payment Date, the Interest Payment Date immediately
               preceding such date.

               "TOTAL COMMITMENTS" means the aggregate of the Commitments.

               "TRANSACTION DOCUMENTS" means:

               (a)  the Finance Documents;

               (b)  the Lease Documents;

               (c)  the Interest Purchase Agreement and all annexures thereto;

               (d)  the Put and Call Agreement and all annexures thereto;

               (e)  the Subordination Agreement (as defined in the Interest
                    Purchase Agreement);

               (f)  The Seller 2 Facility Agreement; and

               (g)  any other document designated as such by the Agent and the
                    Borrower.

               "TRANSFER CERTIFICATE" means a certificate substantially in one
               of the forms set out in Schedule 5 (Form of Transfer Certificate)
               or any other form agreed between the Agent and the Borrower.

               "TRANSFER DATE" means, in relation to a transfer, the later of:

               (a)  the proposed Transfer Date specified in the Transfer
                    Certificate; and

               (b)  the date on which the Agent executes the Transfer
                    Certificate.

               "UNPAID SUM" means any sum due and payable but unpaid by the
               Borrower under the Finance Documents.

               "UTILISATION" means a utilisation of the Facility.

               "UTILISATION DATE" means the date of a Utilisation, being the
               date on which the relevant Loan is to be made.

               "UTILISATION REQUEST" means a notice substantially in the form
               set out in Schedule 3 (Utilisation Request).

                                       24
<PAGE>

               "VALUER" means Ehrenberg, Niemeyer and Adam or any other surveyor
               or valuer with experience of carrying out valuations of
               properties of a similar nature to the Properties as may be
               appointed by the Agent.

               "VALUATION" means an Appropriately Addressed valuation of the
               Borrower's interest in the Properties by the Valuer in a form and
               substance satisfactory to the Agent.

               "VAT" means value added tax as provided for in the German
               Umsatzsteuergesetz 1999 and any other tax of a similar nature.

               "VOID COSTS" means the amounts (together with VAT or any similar
               Taxes or charges thereon) of ground rent, rates, service charges,
               insurance premiums, management fees (other than the fees of the
               Asset Manager), repair and maintenance and any other outgoings
               whatsoever with respect to the Property to the extent that the
               same are not fully funded by the tenants under the Occupational
               Leases.

               "WARRANTIES HOLDBACK" means shall have the meaning ascribed to it
               in the Interest Purchase Agreement and for the avoidance of doubt
               shall be E5,000,000 at the Utilisation Date.

               "WEISE" means BeW Kfz-Service GmbH & Co. KG and BeW Kfz-Service
               Verwaltungs-GmbH .

               "W.P. CAREY GROUP" means W.P. Carey & Co. LLC or any entity
               controlled by W.P. Carey & Co. LLC or any of its Affiliates.

1.2            CONSTRUCTION

1.2.1          Unless a contrary indication appears, any reference in this
               Agreement to:

1.2.1.1        the "AGENT", the "ARRANGER", the "BORROWER", any "FINANCE PARTY",
               any "LENDER", any "PARTY" or the "SHAREHOLDERS" shall be
               construed so as to include its successors in title, permitted
               assigns and permitted transferees;

1.2.1.2        "ASSETS" includes present and future properties, revenues and
               rights of every description;

1.2.1.3        a "FINANCE DOCUMENT" or any other agreement or instrument is a
               reference to that Finance Document or other agreement or
               instrument as amended, restated, replaced, supplemented or
               novated;

1.2.1.4        "INDEBTEDNESS" includes any obligation (whether incurred as
               principal or as surety) for the payment or repayment of money,
               whether present or future, actual or contingent;

1.2.1.5        a "PERSON" includes any person, firm, company, corporation,
               government, state or agency of a state or any association, trust
               or partnership (whether or not having separate legal personality)
               or two or more of the foregoing;

                                       25

<PAGE>

1.2.1.6        a "REGULATION" includes any regulation, rule, official directive,
               request or guideline (whether or not having the force of law) of
               any governmental, intergovernmental or supranational body,
               agency, department or regulatory, self-regulatory or other
               authority or organisation;

1.2.1.7        the "PROPERTY" includes each and every part of it, including all
               buildings, fixtures (including trade fixtures (but excluding any
               tenant's fixtures) and fixed plant and machinery, furnishings,
               fittings, equipment, decoration and other structures now or in
               future on it and all easements and rights of whatsoever nature
               attaching to it;

1.2.1.8        a document being "IN THE AGREED FORM" means that it is initialled
               for the purposes of identification as such by the Borrower and
               the Agent or by their respective legal advisers on their behalf
               and where not so initialled, being in such form as the Agent
               shall otherwise require;

1.2.1.9        a provision of law is a reference to that provision as amended or
               re-enacted; and

1.2.1.10       a time of day is a reference to London time.

1.2.2          a document being "APPROPRIATELY ADDRESSED" means that such
               document is addressed to and capable of being relied upon by the
               Security Trustee (and Rating Agencies and Regulatory Authorities
               on a non-reliance basis only) for itself and for and on behalf of
               the Finance Parties (including their respective successors in
               title and assigns) and to assignees, chargees or transferees of
               any of those parties for the purposes of a warehousing or
               securitisation of the Facility and any bond underwriters for the
               purpose of a securitisation.

1.2.3          Section, Clause and Schedule headings are for ease of reference
               only.

1.2.4          Unless a contrary indication appears, a term used in any other
               Finance Document or in any notice given under or in connection
               with any Finance Document has the same meaning in that Finance
               Document or notice as in this Agreement.

1.2.5          A Default (other than an Event of Default) is "CONTINUING" if it
               has not been remedied or waived and an Event of Default is
               "CONTINUING" if it has not been waived.

1.2.6          Where under a Finance Document a Finance Party is required to act
               reasonably, it is reasonable for (without limitation) that
               Finance Party to act in a manner which, in the opinion of that
               Finance Party, is reasonably appropriate to avoid an adverse
               effect on the then current ratings of securities issued in
               connection with any Securitisation.

1.3            THIRD PARTY RIGHTS

               Unless expressly provided to the contrary in a Finance Document,
               a person who is not a Party (other than a receiver, receiver or
               manager or administrative receiver appointed under any Finance
               Document) has no right under the

                                       26

<PAGE>

               Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy
               the benefit of any term of that Finance Document.

1.4            DISPOSITION OF PROPERTY

               The terms of the other Finance Documents and of any agreement,
               document or side letter between the Parties are incorporated into
               each Finance Document to the extent required for any purported
               disposition of any Property or any part thereof and any other
               relevant Charged Asset contained in any Finance Document to be a
               valid disposition in accordance with German law.

2.             THE FACILITY

2.1            THE FACILITY

               Subject to the terms of this Agreement, the Lenders make
               available to the Borrower a euro term loan facility in an
               aggregate maximum amount not exceeding the Total Commitments.

2.2            FINANCE PARTIES RIGHTS AND OBLIGATIONS

2.2.1          The obligations of each Finance Party under the Finance Documents
               are several. Failure by a Finance Party to perform its
               obligations under the Finance Documents does not affect the
               obligations of any other Party under the Finance Documents. No
               Finance Party is responsible for the obligations of any other
               Finance Party under the Finance Documents.

2.2.2          The rights of each Finance Party under or in connection with the
               Finance Documents are separate and independent rights and any
               debt arising under the Finance Documents to a Finance Party from
               the Borrower shall be a separate and independent debt.

3.             PURPOSE

3.1            PURPOSE

               The Borrower shall apply all amounts borrowed by it under the
               Facility to on lend to Seller 2.

3.2            MONITORING

               No Finance Party is bound to monitor or verify the application of
               any amount borrowed pursuant to this Agreement.

4.             CONDITIONS OF UTILISATION

4.1            CONDITIONS PRECEDENT

4.1.1          The obligations of each Finance Party to the Borrower under the
               Finance Documents are subject to the condition precedent that the
               Agent has notified the Lenders and the Borrower that it has
               received (or that it is satisfied that, subject only to the
               advance of the Facility, it or its advisors will receive) all of

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<PAGE>

               the documents and evidence set out in Schedule 2 (Conditions
               Precedent) in form and substance satisfactory to the Agent. The
               Agent must give this notification to the Borrower and the Lenders
               promptly upon being so satisfied.

4.1.2          The Agent may refuse to accept a Utilisation Request if the
               Lender believes that the notification referred to at Clause 4.1.1
               above will not be given on or before the Utilisation Date.

4.1.3          If on the proposed Utilisation Date the Agent has not issued the
               notification referred to in Clause 4.1.1 above then:

               (a)  if all the Lenders agree the Loan shall still be made; and

               (b)  the proceeds of the Loan will be paid into the U.K. or
                    German client account of White & Case LLP to be held to the
                    order of the Lender until the Agent gives the notification
                    referred to in Clause 4.1.1 above.

4.2            FURTHER CONDITIONS PRECEDENT

               The Lenders will only be obliged to comply with Clause 5.4
               (Lenders' participation) if on the date of the Utilisation
               Request and on the proposed Utilisation Date:

4.2.1          no Default is continuing or would result from the proposed Loan;

4.2.2          the Repeating Representations to be made by the Borrower are
               correct and will be correct immediately after the Loan is made;
               and

4.2.3          the Loan will not exceed the Facility Amount.

4.3            CONDITION SUBSEQUENT

               The Agent shall receive all the documents and other evidence
               listed in the Conditions Subsequent section of Schedule 2
               (Conditions Subsequent Documents) in form and substance
               satisfactory to the Agent (acting reasonably) and within the
               timescales set out in that section of Schedule 2 and the Agent
               shall notify the Borrowers promptly upon being so satisfied.

5.             UTILISATION

5.1            DELIVERY OF THE UTILISATION REQUEST

               The Borrower may utilise the Facility by delivery to the Agent of
               the duly completed Utilisation Request not later than 11.00 am
               six Business Days before the proposed Utilisation Date.

5.2            COMPLETION OF THE UTILISATION REQUEST

               The Utilisation Request is irrevocable and will not be regarded
               as having been duly completed unless the proposed Utilisation
               Date is a Business Day within the Availability Period.

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<PAGE>

5.3            NUMBER OF UTILISATIONS

5.3.1          The Borrower may only make one Utilisation.

5.3.2          Immediately following the Utilisation, any undrawn portion of the
               Facility shall be automatically cancelled.

5.4            LENDERS' PARTICIPATION

5.4.1          If the conditions set out in this Agreement have been met, each
               Lender shall make its participation in the Loan available by the
               Utilisation Date through its Facility Office.

5.4.2          The amount of each Lender's participation in the Loan will be
               equal to its Pro Rata Share.

5.4.3          The Agent shall notify each Lender of the amount of the Loan and
               the amount of its participation in the Loan by 3.00 pm two
               Business Days before the proposed Utilisation Date.

6.             REPAYMENT

6.1            REPAYMENT OF LOAN

6.1.1          Subject to Clauses 6.1.2 and 6.2 below, each Borrower shall repay
               the Loan in instalments in the amounts and on the dates set out
               in Schedule 10 (the "REPAYMENT SCHEDULE"), each such instalment
               being a "REPAYMENT Instalment".

6.1.2          All outstanding amounts are to be repaid in full on or before the
               Termination Date.

6.2            FINAL REPAYMENT

               Notwithstanding any other provisions of this Agreement, on the
               earlier of:

6.2.1          the Termination Date;

6.2.2          the sale, transfer, surrender or other disposal of all of the
               Properties; or

6.2.3          the refinancing of the Loan;

               the Borrower shall pay to the Agent for distribution to the
               Lenders the remaining balance of the Loan in full, together with
               accrued interest and all other amounts payable under the Finance
               Documents.

6.3            REBORROWING

               No amount repaid under this Agreement may be re-borrowed.

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<PAGE>

7.             PREPAYMENT AND CANCELLATION

7.1            ILLEGALITY

               If it becomes after the date of this Agreement unlawful in any
               applicable jurisdiction for a Lender to perform any of its
               obligations as contemplated by this Agreement or to fund or
               maintain its participation in the Loan:

7.1.1          that Lender shall promptly notify the Agent upon becoming aware
               of that event;

7.1.2          upon the Agent notifying the Borrower, the Commitment of that
               Lender will be immediately cancelled; and

7.1.3          the Borrower shall prepay that Lender's participation in the Loan
               made to the Borrower on the last day of the Interest Period for
               the Loan occurring after the Agent has notified the Borrower or,
               if earlier, the date specified by the Lender in the notice
               delivered to the Agent (being no earlier than the last day of any
               applicable grace period permitted by law).

7.2            MANDATORY PREPAYMENT ON CHANGE OF CONTROL

               Subject to the provisions of Clause 7.9.10, if there is a Change
               of Control without the prior written consent of the Majority
               Lenders, other than a Permitted Change of Control:

7.2.1          the Borrower shall promptly notify the Agent upon becoming aware
               of the event;

7.2.2          if the Majority Lenders so require the Agent shall by not less
               than 5 Business Days notice to the Borrower cancel the Facility
               and declare the Loan together with accrued interest, and all
               other amounts accrued under the Finance Documents immediately due
               and payable, whereupon the Facility will be cancelled and all
               such outstanding amounts will become immediately due and payable;
               and

7.2.3          If, and so long as, the Majority Lenders do not require
               cancellation under Clause 7.2.2 then the Borrower shall
               immediately supply the Agent with such documents or information
               as the Agent shall require including, without limitation,
               documents for know your customer and Money Laundering Regulations
               and conditions subsequent in relation to each relevant person.

7.3            MANDATORY PREPAYMENT OF DISPOSAL PROCEEDS

               Subject to the provisions of Clause 7.9.10, the Security Trustee
               shall (and is irrevocably authorised by the Borrower to) on each
               Interest Payment Date and on the Termination Date, apply the
               balance standing to the credit of the Borrower Sales Proceeds
               Account in prepayment in whole or part of the Loan together with
               any amounts payable on such prepayment in accordance with Clause
               7.9 (Restrictions).

                                       30

<PAGE>

7.4            VOLUNTARY PREPAYMENT OF LOAN

7.4.1          Subject to the provisions of Clause 7.9 (Restrictions), Clause
               10.2 (Prepayment and Cancellation Fees) and to Clause 14 (Other
               Indemnities), the Borrower may, if it gives the Agent not less
               than 10 Business Days' (or such shorter period as the Majority
               Lenders may agree) prior notice, prepay the whole or any part of
               the Loan (but, if in part, being an amount that reduces the
               amount of the Loan by a minimum amount of E10,000,000 and an
               integral multiple of E1,000,000).

7.4.2          Prepayments shall be applied to repay the Loan to the extent that
               it remains outstanding.

7.5            RIGHT OF REPAYMENT AND CANCELLATION IN RELATION TO A SINGLE
               LENDER

7.5.1          Subject to the provisions of Clause 7.9.10, if:

7.5.1.1        any sum payable to any Lender by the Borrower is required to be
               increased under Clause 12.2.3 (Tax gross-up); or

7.5.1.2        any Lender claims indemnification from the Borrower under Clause
               12.3 (Tax indemnity) or Clause 13.1 (Increased costs);

               the Borrower may, whilst the circumstance giving rise to the
               requirement or indemnification continues give the Agent notice of
               cancellation of the Commitment of that Lender and its intention
               to procure the repayment of that Lender's participation in the
               Loan.

7.5.2          On receipt of a notice referred to in Clause 7.5.1 above, the
               Commitment of that Lender shall immediately be reduced to zero.

7.5.3          On the last day of the next succeeding Interest Period which ends
               after the Borrower has given notice under Clause 7.5.1 above (or,
               if earlier, the date specified by the Borrower in that notice),
               the Borrower shall repay that Lender's participation in the Loan,
               together with accrued interest and all other Secured Liabilities
               payable to that Lender.

7.6            SUBSTITUTION AND ADDITION TO SECURITY

               If the Borrower wants any Property or Properties already charged
               pursuant to the Security Documents (each a "RELEASE PROPERTY") to
               be released and substituted as security by an Additional Property
               or Additional Properties it must obtain the prior written consent
               of the Security Trustee (to such release and substitution) and
               satisfy the conditions set out in Clauses 7.7 and 7.8 below. The
               consent of the Security Trustee to such substitution shall not be
               unreasonably withheld where the aggregate of the Market Value
               (determined in accordance with the Initial Valuation) of:

7.6.1          the Properties already released from the Security Documents
               during the preceding 12 month period; and

7.6.2          the Value of the Release Property,

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<PAGE>

               does not exceed 15 per cent. of the Initial Valuation (provided
               that such substitutions shall not be carried out in respect of
               Properties having an aggregate Market Value (determined in
               accordance with the Initial Valuation) of more than 35 per cent.
               of the Initial Valuation during the Term) but in all other cases
               such consent may be withheld or granted subject to such
               conditions as the Security Trustee in its absolute discretion
               decides.

7.7            SUBSTITUTION CONDITIONS PRECEDENT

               The conditions precedent to any such release and/or substitution
               as referred to in Clause 7.6 above are as follows:

7.7.1          no Default is subsisting;

7.7.2          the Borrower supplies such further information and details
               concerning any offered Additional Property as the Security
               Trustee may reasonable request;

7.7.3          the provisions of Clause 7.8 below are complied with;

7.7.4          such Additional Property is similar in nature and quality in all
               material respect to the Property being released or substituted;

7.7.5          the Net Rental Income from such Additional Property shall not be
               less than the Net Rental Income for the substitute Property;

7.7.6          the Market Value shall not be less than the Market Value
               (determined in accordance with the Initial Valuation) of the
               Release Property;

7.7.7          any such substitution will not cause the Borrower to be in breach
               of its obligations under Clause 19.2 (Interest Cover).

7.8            SUBSTITUTION REQUIREMENTS

7.8.1          Prior to the release from the Security Documents of any Release
               Property the Borrower shall deliver to the Security Trustee the
               following:

7.8.1.1        a Valuation from the Valuer showing the value of the Additional
               Property (the "ADDITIONAL PROPERTY VALUATION");

7.8.1.2        a duly executed Additional Charge;

7.8.1.3        such other documents or information as the Security Trustee
               reasonably requires so that the conditions referred to in Clause
               4 (Conditions of Utilisation) are satisfied (mutatis mutandis);

7.8.1.4        payment of the reasonable costs of the Valuer and the Security
               Trustee's lawyers and other reasonable costs incurred by the
               Security Trustee in connection with the release and/or
               substitution.

7.8.2          Upon the completion of any Additional Charge (i) such shall be
               included within the definition of "Security Documents" and
               references in this Agreement to "Land Charge" shall be read and
               construed respectively as

                                       32

<PAGE>

               references to the Land Charge and every Additional Charge
               collectively and (ii) the Security Trustee shall, at the request
               and cost of the Borrower, release the Land Charge or Additional
               Charge (as the case may be) insofar as it relates to the Release
               Property but no further or otherwise.

7.9            RESTRICTIONS

7.9.1          Any notice of cancellation or prepayment given by any Party under
               this Clause 7 (Prepayment and Cancellation) shall be irrevocable
               and, unless a contrary indication appears in this Agreement,
               shall specify the date or dates upon which the relevant
               cancellation or prepayment is to be made and the amount of that
               cancellation or prepayment.

7.9.2          Any prepayment under this Agreement shall be made together with:

7.9.2.1        accrued interest on the amount repaid or prepaid;

7.9.2.2        any fee payable under Clause 10 (Fees);

7.9.2.3        any amounts payable under Clause 14 (Other Indemnities);

7.9.2.4        any amount payable under Clause 16 (Costs and Expenses); and

7.9.2.5        if the Borrower prepays on a date which is not an Interest
               Payment Date, the Borrower shall also pay to the Agent on the
               date of such prepayment such amount of interest (including
               Margin) (as determined by the Agent) as would have been payable
               on the amount prepaid during the period from the date on which
               such amount is prepaid to the next Interest Payment Date.

7.9.3          Any such Prepayment not on an Interest Payment Date, shall not
               alter or require the Agent to terminate, vary or amend any
               Hedging Arrangements (without prejudice to the Agent's
               entitlement to do so in its discretion).

7.9.4          Where a Lender acquires or holds its Pro Rata Share in the Loan
               otherwise than in connection with a securitisation or other
               transaction having a similar effect, any sum intended to be a
               prepayment shall be put on an interest bearing deposit account
               charged in favour of the Security Trustee until the next Interest
               Payment Date (after such prepayment) and any such interest earned
               shall (unless an Event of Default is outstanding) be credited to
               the Borrower on the next Interest Payment Date when the actual
               prepayment is effected.

7.9.5          The Borrower may not reborrow any part of the Facility which is
               prepaid.

7.9.6          The Borrower shall not repay or prepay all or any part of the
               Loan or cancel all or any part of the Total Commitments except at
               the times and in the manner expressly provided for in this
               Agreement.

7.9.7          No amount of the Total Commitments cancelled under this Agreement
               may be subsequently reinstated.

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<PAGE>

7.9.8          Any prepayment of the Loan will be applied:

7.9.8.1        against either the remaining Repayment Instalments payable
               pursuant to Clause 6.1.1 (Repayment of Loan) or any balance
               payable pursuant to Clause 6.1.2 (Repayment of Loan); and

7.9.9          If the Agent receives a notice under this Clause 7 it shall
               promptly forward a copy of that notice to either the Borrower or
               the affected Lender, as appropriate.

7.9.10         The Loan shall not be prepaid (other than pursuant to Clause 7.1
               (Illegality)) without the consent of the Agent in whole before
               all outstanding amounts under the Purchaser Facility Agreement
               have been repaid or prepaid in full.

8.             INTEREST

8.1            CALCULATION OF INTEREST

               The rate of interest on the Loan for each Interest Period is the
               percentage rate per annum determined by the Agent to be the
               aggregate of:

8.1.1          the Margin;

8.1.2          the Fixed Rate; and

8.1.3          the Mandatory Cost, if any.

8.2            PAYMENT OF INTEREST

               The Borrower shall pay accrued interest on the Loan in arrears on
               each Interest Payment Date.

8.3            DEFAULT INTEREST

8.3.1          If the Borrower fails to pay any amount payable by it under a
               Finance Document on its due date, interest shall accrue on the
               overdue amount from the due date up to the date of actual payment
               (both before and after judgment) at a rate which, subject to
               Clause 8.3.2 below, is 2% per annum higher than the rate which
               would have been payable if the overdue amount had, during the
               period of non-payment, constituted the Loan in the currency of
               the overdue amount for successive Interest Periods, each of a
               duration selected by the Agent. Any interest accruing under this
               Clause 8.3 shall be immediately payable by the Borrower on demand
               by the Agent.

8.3.2          If any overdue amount consists of all or part of the Loan which
               became due on a day which was not the last day of an Interest
               Period relating to the Loan:

8.3.2.1        the first Interest Period for that overdue amount shall have a
               duration equal to the unexpired portion of the current Interest
               Period relating to the Loan; and

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8.3.2.2        the rate of interest applying to the overdue amount during that
               first Interest Period shall be 2% higher than the rate which
               would have applied if the overdue amount had not become due.

8.3.3          Default interest (if unpaid) arising on an overdue amount will be
               compounded with the overdue amount at the end of each Interest
               Period applicable to that overdue amount but will remain
               immediately due and payable.

8.4            NOTIFICATION OF RATES OF INTEREST

               The Agent shall promptly notify the Lenders and the Borrower of
               the determination of a rate of interest under this Agreement.

9.             INTEREST PERIODS

9.1            INTEREST PERIODS

9.1.1          The first Interest Period for the Loan shall start on and include
               the first Utilisation Date and shall end on the day immediately
               preceding the first Interest Payment Date.

9.1.2          Each subsequent Interest Period shall start on and include, an
               Interest Payment Date and end on the day preceding the next
               following Interest Payment Date.

9.2            CHANGES TO THE INTEREST PAYMENT DATE, TERMINATION DATE AND
               INTEREST PERIOD

9.2.1          The Agent may alter the Interest Payment Date, the Termination
               Date and the Interest Period relating to the Loan on one occasion
               only to any other day (being not earlier than the existing
               Interest Payment Date or Termination Date (as the case may be)
               less two days and no later than the existing Interest Payment
               Date or Termination Date (as the case may be) plus two days) at
               any time upon giving 10 Business Days prior written notice to the
               Borrowers, and such change shall take effect on and from the
               Interest Payment Date following expiry of such notice.

10.            FEES

10.1           FEE LETTER

10.1.1         The Borrower shall pay to the Arranger or to the Agent (as the
               case may be) the fees in the amounts and at the times agreed in
               any Fee Letter.

10.2           PREPAYMENT AND CANCELLATION FEES

               The Borrower must pay to the Agent a fee in the amounts agreed in
               the Fee Letter on the date of prepayment of any part of the Loan
               and on the date of cancellation of any part of the Total
               Commitments, including repayment or prepayment as a result of the
               exercise by any Finance Party of any rights under the Finance
               Documents following the occurrence of any Event of Default but
               excluding any prepayment or cancellation made under Clause 7.1
               (Mandatory

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<PAGE>

               prepayment - illegality) or Clause 7.5 (Right of repayment and
               cancellation in relation to a single Lender).

11.            BANK ACCOUNTS

               The undertakings in this Clause 11 remain in force from the date
               of this Agreement for so long as any amount is outstanding under
               the Finance Documents or any Commitment is in force.

11.1           DESIGNATION OF ACCOUNTS

11.1.1         BORROWER ACCOUNTS

               The Borrower shall on or prior to the Utilisation Date open and
               maintain the following bank accounts with the designated branch
               of the Account Bank with the Account Bank Minimum Rating
               Requirements in the name of the Borrower:

11.1.1.1       a current account Sort Code 6019 Account No: 18702017 designated
               the "GENERAL ACCOUNT";

11.1.1.2       a deposit account Sort Code 6019 Account No: 18702025 designated
               the "BORROWER RENT ACCOUNT";

11.1.1.3       a deposit account Sort Code 6019 Account No: 18702033 designated
               the "BORROWER SALES PROCEEDS ACCOUNT";

11.1.2         SELLER 2 ACCOUNTS

               The Borrower shall procure that on or prior to the Utilisation
               Date Seller 2 opens and maintains the following bank accounts
               with the designated branch of the Account Bank with the Account
               Bank Minimum Rating Requirements in the name of Seller 2:

11.1.2.1       a deposit account Sort Code 440 400 37 Account No: 373 019 900
               designated the "SELLER 2 RENT ACCOUNT"; and

11.1.2.2       a deposit account Sort Code 440 400 37 Account No: 373 020 700
               designated the "SELLER 2 SALES PROCEEDS ACCOUNT"

11.1.3         PROPCO ACCOUNTS

               The Borrower shall procure that on or prior to the Utilisation
               Date PropCo opens and maintains the following bank accounts with
               the designated branch of the Account Bank with the Account Bank
               Minimum Rating Requirements in the name of PropCo:

11.1.3.1       a deposit account Sort Code 6019 Account No: 18699016 designated
               the "PROPCO RENT ACCOUNT";

11.1.3.2       a deposit account Sort Code 6019 Account No: 18699024 designated
               the "PROPCO SALES PROCEEDS ACCOUNT";

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<PAGE>

11.1.3.3       a deposit account Sort Code 6019 Account No: 18699032 designated
               the "HOLDBACKS ACCOUNT";

11.1.3.4       a deposit account Sort Code 6019 Account No: 18699040 designated
               the "PROPCO RENT RESERVE ACCOUNT";

11.1.3.5       a deposit account Sort Code 6019 Account No: 18699058 designated
               the "PROPCO EXPANSION AND REMEDIATION ACCOUNT";

11.1.3.6       a current account Sort Code 6019 Account No: 18699066 designated
               the "PROPCO GENERAL ACCOUNT";

11.2           NO OTHER ACCOUNTS

               The Borrower shall not, and the borrower shall procure that
               PropCo and Specht shall not, without the prior consent of the
               Agent, maintain any bank account other than the accounts set out
               in this Clause.

11.3           WITHDRAWALS FROM THE GENERAL ACCOUNTS

11.3.1         If no Event of Default is continuing, the Borrower may withdraw
               any amounts standing to the credit of the General Account which
               may be used for such purposes as solely determined by the
               Borrower.

11.3.2         If no Event of Default is continuing, PropCo may withdraw any
               amounts standing to the credit of the PropCo General Account
               which may be used for the payment of any amounts payable in
               relation to tax or other administrative liabilities as determined
               by the Borrower.

11.4           RENT ACCOUNTS

11.4.1         PROPCO RENT ACCOUNT

11.4.1.1       The Borrower shall ensure that all Rental Income and any other
               sums payable to PropCo in connection with all or any part of the
               Property are promptly and directly paid into the PropCo Rent
               Account.

11.4.1.2       Immediately following receipt of the Rental Income into the
               PropCo Rent Account (and in any event, at least three Business
               Days prior to the next Interest Payment Date) the Security
               Trustee shall (and is irrevocably authorised by the Borrower to)
               instruct the Account Bank to withdraw the balance of all monies
               standing to the credit of the PropCo Rent Account and pay:

11.4.1.2.1     an amount not exceeding E150,000 per annum into the PropCo
               General Account in or towards satisfaction of general
               administrative expenses of PropCo provided evidence of how such
               amounts have been utilised are provided to the Agent with the
               information to be provided pursuant to Clause 18.8 (Property
               Information);

11.4.1.2.2     an amount equal to 75.2601 per cent. of the balance into the
               Seller 2 Rent Account; and

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<PAGE>

11.4.1.2.3     an amount equal to 24.7399 per cent. of the balance into the
               Borrower Rent Account.

11.4.2         SELLER 2 RENT ACCOUNT

               Immediately following receipt of the relevant amount of the
               Rental Income into the Seller 2 Rent Account (and in any event,
               at least two Business Days prior to the next Interest Payment
               Date) the Security Trustee shall (and is irrevocably authorised
               by the Borrower to) instruct the Account Bank to withdraw the
               balance of all monies standing to the credit of the Seller 2 Rent
               Account and pay it into the Borrower Rent Account.

11.4.3         BORROWER RENT ACCOUNT

               On each Interest Payment Date the Security Trustee shall (and is
               irrevocably authorised by the Borrower to) instruct the Account
               Bank to withdraw from the Borrower Rent Account such amount as
               may be necessary for application on that date in or towards the
               following items and, if the credit balance in the Borrower Rent
               Account is insufficient to pay all those items, in the following
               order:

11.4.3.1       FIRST, payment pro rata of any unpaid fees, costs and expenses
               (not being amounts referred to in Clause 11.4.3.2 below) of the
               Finance Parties under the Finance Documents;

11.4.3.2       SECOND, payment pro rata of Fixed Rate Break Costs payable under
               Clause 14.4 (Fixed Rate Break Costs and Break Gains) ;

11.4.3.3       THIRD, payment pro rata of any accrued interest or commission due
               but unpaid under this Agreement;

11.4.3.4       FOURTH, payment of any amount due but unpaid under Clause 6.1
               (Repayment of Loan);

11.4.3.5       FIFTH, payment of any amount due but unpaid under the Purchaser
               Facility Agreement after application of the monies standing to
               the credit of the Purchaser Rent Account on the relevant Interest
               Payment Date; and

11.4.3.6       SIXTH, (provided that the Borrower is in compliance with the
               Interest Cover covenant on such Interest Payment Date) in payment
               of any surplus to the General Account;

               provided that the Security Trustee shall not be obliged to make
               such withdrawal if a Default is outstanding or would occur on the
               proposed date for the making of a withdrawal.

11.4.4         The Finance Parties may, in their absolute discretion, vary the
               order of payment set out in Clauses 11.4.3.1 to 11.4.3.6 above.

11.4.5         If at any time the Borrower demonstrates to the Agent's
               reasonable satisfaction that at that time there are sufficient
               monies standing in the Borrower Rent Account to satisfy the
               requirements of Clauses 11.4.3.1 to

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<PAGE>

               11.4.3.5 on the next Interest Payment Date, the Agent shall
               withdraw such amount as the Borrower shall reasonably request and
               deposit it in to the Borrower General Account provided that the
               Borrower has first satisfied the reporting requirements contained
               in Clause 18.8 (Property Information) in respect of the
               immediately preceding Interest Period.

11.5           SALES PROCEEDS ACCOUNTS

11.5.1         The Borrower shall ensure that any Disposal Proceeds payable to
               Specht or PropCo shall, immediately following receipt of those
               Disposal Proceeds by Specht or PropCo be credited to the PropCo
               Sales Proceeds Account.

11.5.2         Immediately following receipt of any Disposal Proceeds into the
               PropCo Sales Proceeds Account the Security Trustee shall (and is
               irrevocably authorised by the Borrower to) instruct the Account
               Bank to withdraw the balance of all monies standing to the credit
               of the PropCo Sales Proceeds Account and pay:

11.5.2.1       An amount equal to 75.2601 per cent. of the balance into the
               Seller 2 Sales Proceeds Account; and

11.5.2.2       an amount equal to 24.7399 per cent. of the balance into the
               Borrower Sales Proceeds Account.

11.5.3         On each Interest Payment Date the Security Trustee shall (and is
               irrevocably authorised by the Borrower to) instruct the Account
               Bank to apply all amounts (if any) standing to the credit of the
               Borrower Sales Proceeds Account by way of prepayment of the Loan
               (and any amounts payable on such prepayment pursuant to Clause
               7.9 (Restrictions).

11.6           PROPCO RENT RESERVE ACCOUNT

11.6.1         The Borrower shall ensure that PropCo deposits on the date of
               this Agreement into the Rent Reserve Account the Rent Reserve
               Amount.

11.6.2         The Borrower shall be permitted to replace the Rent Reserve
               Amount with a Bank Guarantee provided that the form and substance
               of the Bank Guarantee has previously been approved in writing by
               the Security Trustee and that any Bank Guarantee is renewed at
               least 30 days prior to any expiration of it.

11.6.3         If an event of default (as defined in the Principal Occupational
               Lease) is continuing under the Principal Occupational Lease, the
               Security Trustee shall withdraw any amount from the PropCo Rent
               Reserve Account and/or call on the Bank Guarantee and apply that
               amount for any purpose for which money in the Rent Reserve
               Account is held (save to the extent that the monies have already
               been paid out pursuant to Clauses 11.6.4 and/or 11.6.5 below
               following a prior written request from the Borrower) including,
               for the avoidance of doubt, the payment of money into the PropCo
               Rent Account to cover any shortfall or non-payment of Rental
               Income.

11.6.4         Provided that there is no continuing Event of Default, at any
               time that there is an event of default (as defined in the
               Principal Occupational Lease) which is continuing under the
               Principal Occupational Lease the Borrower may request

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<PAGE>

               in writing that the Security Trustee shall withdraw an amount or
               amounts up to a maximum 10 per cent. of the Rent Reserve Amount
               (in aggregate) in payment of costs incurred by the Borrower in
               marketing the Property (or any part) and/or in payment of any
               inducement to enter into a Lease Document.

11.6.5         Provided that there is no continuing Event of Default, the
               Borrower may request a further amount be withdrawn (in excess of
               the amounts referred to in Clause 11.6.4) to be used for
               marketing of the Property (or any part) and/or in payment of any
               inducement to enter into a Lease Document and the Security
               Trustee shall only withdraw such amounts with the consent of the
               Agent (such consent not to be unreasonably withheld).

11.6.6         It is acknowledged that the Rent Reserve Amount may be adjusted
               from time to time in accordance with the provisions of paragraph
               32 of the Principal Occupational Lease Provided Always that the
               Rent Reserve Amount and/or Bank Guarantee in aggregate shall not
               at any time be less than a sum equivalent to three months of the
               Basic Rent (as defined in the Principal Occupational Lease).
               Accordingly:

11.6.6.1       if the Rent Reserve Amount and/or Bank Guarantee needs to be
               increased the Borrower shall ensure that PropCo enforces OpCo's
               obligation to increase such Rent Reserve Amount and/or, as
               applicable, increase the Bank Guarantee to ensure that the Bank
               Guarantee never falls below an amount equivalent to the then
               applicable level of the Rent Reserve Amount; or,

11.6.6.2       if the Rent Reserve Amount is to be reduced and provided that
               there is no ongoing event of default of the Principal
               Occupational Lease, then the Security Trustee shall release the
               required amount to OpCo or accept a replacement Bank Guarantee
               for the such reduced amount upon the written request of the
               Borrower.

11.7           PROPCO EXPANSION AND REMEDIATION ACCOUNT

11.7.1         The Borrower shall ensure that it deposits or procures that
               PropCo deposits on the date of this Agreement into the PropCo
               Expansion and Remediation Account the Expansion Amount.

11.7.2         It is acknowledged that in accordance with the terms of the
               Principal Occupational Lease, Seller 2 is entitled to the
               interest accrued in the PropCo Expansion and Remediation Account.
               As such, the Security Trustee will be obliged to withdraw any
               interest accrued from time to time (but not more than once every
               six months) at the written request of the Borrower so that such
               interest can be paid over to Seller 2.

11.7.3         Funds on deposit in the PropCo Expansion and Remediation Account
               shall be withdrawn by the Security Trustee for the payment of the
               costs incurred by PropCo pursuant to any Expansion. The Security
               Trustee will be obliged to withdraw funds on deposit in the
               PropCo Expansion and Remediation Account at the request of the
               Borrower provided:

11.7.3.1       no Event of Default is continuing under the Principal
               Occupational Lease;

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<PAGE>

11.7.3.2       such Expansion is in accordance with Clause 20.26 (Expansion);
               and

11.7.3.3       the Borrower has provided to the Agent such documentation and
               certifications in a form satisfactory to the Agent to
               substantiate the requirement for the disbursement or Seller 2
               provides a bank guarantee on first demand to the Security Trustee
               issued by a bank with a credit rating of at least the Account
               Bank Minimum Rating Requirements in an amount equal to the
               relevant disbursement and in a form reasonably acceptable to the
               Agent. If the credit rating of the bank providing the bank
               guarantee is at any time down graded and does not at any time
               have the Account Bank Minimum Rating Requirements then the
               Borrower shall at the request of the Agent procure that a new
               bank guarantee with at least the said credit rating is procured
               within 10 Business Days.

11.7.4         If an Event of Default is continuing under the Principal
               Occupational Lease:

11.7.4.1       the Security Trustee is not obliged to withdraw any amount from
               the PropCo Expansion and Remediation Account; and

11.7.5         the Security Trustee may withdraw any amount from the PropCo
               Expansion and Remediation Account and apply that amount for any
               purpose for which the money may be applied including, for the
               avoidance of doubt, the payment of money into the PropCo Rent
               Account.

11.7.6         In the event that OpCo does not complete one or more of the
               Required Expansions (as such term is defined in the Principal
               Occupational Lease) in accordance with clauses 13(c) and 13(d) of
               the Principal Occupational Lease, any monies remaining in the
               PropCo Expansion and Remediation Account following application
               pursuant to the provisions of clause 13(d) of the Principal
               Occupational Lease (at the direction of the Agent in accordance
               with Clause 20.26 (Expansions)) shall be released from the PropCo
               Expansion and Remediation Account to the PropCo Sales Proceeds
               Account to be applied in prepayment of the Loan in accordance
               with Clause 11.6 as if such amount were Disposal Proceeds.

11.8           SIGNING RIGHTS

11.8.1         The Security Trustee shall have sole signing rights in relation
               to:

11.8.1.1       each Rent Account;

11.8.1.2       each Sales Proceeds Account;

11.8.1.3       the Holdbacks Account;

11.8.1.4       the PropCo Rent Reserve Account;

11.8.1.5       the PropCo Expansion and Remediation Account;

11.8.2         Subject to Clause 11.8.3 below, the Borrower shall have signing
               rights in relation to the General Account.

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<PAGE>

11.8.3         At any time when a Default is continuing, the Security Trustee
               may (and is irrevocably authorised by the Borrower to) operate
               the General Account and instruct the Account Bank to withdraw
               from, and apply amounts standing to the credit of the General
               Account in or towards any amounts due under the Finance
               Documents.

11.9           CURRENCY OF ACCOUNT

               Each Account shall be denominated in euro. If the Borrower or the
               Agent receives any monies for crediting to an Account in a
               currency other than euro, it will promptly convert those monies
               into euro (at the then prevailing rate of exchange quoted by the
               Agent) before depositing the proceeds into the relevant Account.

11.10          MISCELLANEOUS ACCOUNTS PROVISIONS

11.10.1        The Borrower shall ensure that no Account goes into overdraft.

11.10.2        The Borrower shall procure that statements in respect of all
               debits and credits to each Account are provided to the Agent or
               its agent not less than quarterly and within five days of each
               Interest Payment Date or such other time as the Agent may require
               upon written request to the Borrower. In addition the Borrower
               shall:

11.10.2.1      provide the Agent within three Business Days of any request by
               the Agent the following information in relation to any payment
               received in an Account:

11.10.2.1.1    date of payment/receipt;

11.10.2.1.2    payer;

11.10.2.1.3    purpose of/for payment/receipt; and

11.10.2.2      pay any amount, received or recovered otherwise than by credit to
               the appropriate Account, to the relevant Account or to the Agent
               immediately after such receipt or recovery and in like funds as
               such receipt or recovery and shall in the meantime hold the same
               subject to the Security created by the Security Documents.

11.10.3        The Borrower shall not enter into any arrangement with the
               Account Bank under which money or the benefit of any Account may
               be applied or set-off.

11.10.4        On the Termination Date or on the Facility becoming immediately
               due and payable under this Agreement, the monies standing to the
               credit of each Account other than any account held by Seller 1
               and Seller 2 or the PropCo Rent Reserve Account or PropCo
               Expansion and Remediation Account (unless an event of default
               under an Principal Occupational Lease is outstanding) may be
               applied by the Borrower or the Security Trustee in or towards
               payment of the Secured Liabilities.

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<PAGE>

11.10.5        The Security Trustee may, if an Event of Default is continuing,
               authorise withdrawal at any time from the Accounts to pay any
               amount due and payable to a Finance Party under the Finance
               Documents.

11.10.6        The Security Trustee may delegate its powers of withdrawal under
               this Clause 11 to any insolvency administrator
               (Insolvenzverwalter), administrative receiver, receiver and/or
               manager.

11.10.7        All Accounts which are with the Account Bank shall be interest
               bearing at a rate which is in accordance with the terms and
               conditions from time to time relating to that Account.

11.11          LIMITATION OF LIABILITY

               No Finance Party shall be responsible to the Borrower for any
               non-payment of any liability of the Borrower which could be paid
               out of moneys standing to the credit of an Account (other than in
               respect of the Security Trustees' obligation pursuant to Clause
               11.4 in relation to the Rent Account). No Finance Party shall be
               liable to the Borrower for any withdrawal wrongly made if made in
               good faith in the absence of fraud, gross negligence or wilful
               misconduct on the part of its employees or agents.

11.12          BORROWER'S PAYMENT OBLIGATIONS

               This Clause 11 does not limit or affect the Borrower's
               obligations to pay the Secured Liabilities or to make voluntary
               or mandatory payments under the Finance Documents.

11.13          CHANGE OF BANK ACCOUNTS

11.13.1        If the Agent so requires or the Borrower so requests (and the
               Agent consents), an Account shall be moved to another bank,
               subject to such bank meeting the Account Bank Minimum Rating
               Requirements.

11.13.2        The short term debt instruments in issue by each Account Bank
               must have a rating of A-1+ (or better) by S&P, F1+ (or better) by
               Fitch and P-1 (or better) by Moody's. If the short term debt
               instruments in issue by an Account Bank cease to have such a
               rating, the Agent may require that the relevant Account(s) be
               moved to another bank of its choice that satisfies such
               requirement as soon as possible and in any event within 20
               Business Days of the Borrower becoming aware of the downgrade of
               the required rating.

11.13.3        The Borrower shall do all such things as the Agent requests to
               facilitate any such change of Account(s) and the Borrower shall
               create Security in favour of the Security Trustee and the other
               Finance Parties over the balance standing to the credit of such
               Account(s) in form and substance satisfactory to the Security
               Trustee.

11.13.4        In addition to the other provisions of this Clause 11.13, a
               change of Account shall only become effective upon the proposed
               new bank agreeing with the Agent and the Borrower, in a manner
               satisfactory to the Agent to fulfil the role of the Account Bank
               as set out in this Clause 11.

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12.            TAX GROSS UP AND INDEMNITIES

12.1           DEFINITIONS

12.1.1         In this Agreement:

               "EXEMPT LENDER" means, in relation to the Borrower, a Lender
               which is able (otherwise than by reason of being a Treaty Lender)
               under the domestic law of the jurisdiction of the source of the
               interest to receive interest free of any withholding or deduction
               for or on account of Tax imposed by such jurisdiction).

               "PROTECTED PARTY" means a Finance Party which is or will be
               subject to any liability, or required to make any payment, for or
               on account of Tax in relation to a sum received or receivable (or
               any sum deemed for the purposes of Tax to be received or
               receivable) under a Finance Document.

               "QUALIFYING LENDER" means a Lender which on the date a payment of
               interest is made under a Finance Document is beneficially
               entitled to interest payable to that Lender in respect of an
               advance under a Finance Document and is on that date:

               (a)  an Exempt Lender; or

               (b)  a Treaty Lender.

               "TAX CONFIRMATION" means a confirmation by a Lender that the
               person beneficially entitled to interest payable to that Lender
               in respect of an advance under a Finance Document is a Qualifying
               Lender.

               "TAX CREDIT" means a credit against, relief or remission for, or
               repayment of any Tax.

               "TAX DEDUCTION" means a deduction or withholding for or on
               account of Tax from a payment under a Finance Document.

               "TAX PAYMENT" means an increased payment made by the Borrower to
               a Finance Party under Clause 12.2 (Tax gross-up) or a payment
               under Clause 12.3 (Tax indemnity).

               "TREATY LENDER" means a Lender which:

               (a)  is a resident of a Treaty State for the purposes of the
                    Treaty;

               (b)  does not carry on a business in the jurisdiction of the
                    source of the interest through a permanent establishment
                    with which that Lender's participation in the Loan is
                    effectively connected.

               "TREATY STATE" means a jurisdiction having a double taxation
               agreement (a "TREATY") with the jurisdiction of the source of the
               interest which makes provision for full exemption from tax
               imposed by the jurisdiction of the source of the interest.

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<PAGE>

12.1.2         Unless a contrary indication appears, in this Clause 13 a
               reference to "DETERMINES" or "DETERMINED" means a determination
               made in the absolute discretion of the person making the
               determination.

12.2           TAX GROSS-UP

12.2.1         Any payments to be made under or in connection with any Finance
               Document shall be made without any Tax Deduction, unless a Tax
               Deduction is required by law.

12.2.2         The Borrower shall promptly upon becoming aware that it must make
               a Tax Deduction (or that there is any change in the rate or the
               basis of a Tax Deduction) notify the Agent accordingly.
               Similarly, a Lender shall notify the Agent on becoming so aware
               in respect of a payment payable to that Lender. If the Agent
               receives such notification from a Lender it shall notify the
               Borrower.

12.2.3         If a Tax Deduction is required by law to be made by the Borrower,
               the amount of the payment due from the Borrower shall be
               increased to an amount which (after making any Tax Deduction)
               leaves an amount equal to the payment which would have been due
               if no Tax Deduction had been required.

12.2.4         The Borrower is not required to make an increased payment to a
               Lender under Clause 12.2.3 above for a Tax Deduction in respect
               of tax imposed by the jurisdiction of the source of the interest
               (excluding, however, Tax Deductions imposed by the United States)
               from a payment of interest on the Loan, if on the date on which
               the payment falls due:

12.2.4.1       the payment could have been made to the relevant Lender without a
               Tax Deduction if it was a Qualifying Lender, but on that date
               that Lender is not or has ceased to be a Qualifying Lender other
               than as a result of any change after the date it became a Lender
               under this Agreement in (or in the interpretation,
               administration, or application of) any law or Treaty, or any
               published practice or concession of any relevant taxing authority
               which is applicable to the Borrower; or

12.2.4.2       German tax authority has imposed on the Borrower an obligation to
               make a withholding on account of tax according to Section 50a
               paragraph 7 of the German Income Tax Act (Einkommensteuergesetz);
               or

12.2.4.3       the relevant Lender is a Treaty Lender and the Borrower is able
               to demonstrate that the payment could have been made to the
               Lender without the Tax Deduction had that Lender complied with
               its obligations under Clause 12.2.7 below.

12.2.5         If the Borrower is required to make a Tax Deduction, the Borrower
               shall make that Tax Deduction and any payment required in
               connection with that Tax Deduction within the time allowed and in
               the minimum amount required by law.

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<PAGE>

12.2.6         Within 30 days of making either a Tax Deduction or any payment
               required in connection with that Tax Deduction, the Borrower
               shall deliver to the Agent for the Finance Party entitled to the
               payment evidence satisfactory to that Finance Party (acting
               reasonably) that the Tax Deduction has been made or (as
               applicable) any appropriate payment paid to the relevant taxing
               authority.

12.2.7         A Treaty Lender and the Borrower when making a payment to which
               that Treaty Lender is entitled shall co-operate in completing any
               procedural formalities necessary for the Borrower to obtain
               authorisation to make that payment without a Tax Deduction. Any
               non co-operation by the Borrower under this Clause shall
               invalidate the application of Clause 12.2.4.3 above.

12.2.8         Each Original Lender warrants and represents to the Borrower on
               the date of this Agreement that, except with respect to Taxes
               imposed by the United States, it is a Qualifying Lender. Each
               Original Lender shall promptly notify the Borrower if it ceases
               to be a Qualifying Lender.

12.2.9         The Borrower is not required to make an increased payment to a
               Lender under Clause 12.2.3 above for a Tax Deduction in respect
               of US backup withholding if such backup withholding is the result
               of the failure of the Lender to provide an Internal Revenue
               Service Form W8-BEN indicating an exemption.

12.3           TAX INDEMNITY

12.3.1         The Borrower shall (within five Business Days of demand by the
               Agent) pay to a Protected Party an amount equal to the loss,
               liability or cost which that Protected Party determines will be
               or has been (directly or indirectly) suffered for or on account
               of Tax by that Protected Party in respect of a Finance Document.

12.3.2         Clause 12.3.1 above shall not apply:

12.3.2.1       with respect to any Tax assessed on a Finance Party:

12.3.2.1.1     under the law of the jurisdiction in which that Finance Party is
               incorporated or, if different, the jurisdiction (or
               jurisdictions) in which that Finance Party is treated as resident
               for tax purposes; or

12.3.2.1.2     under the law of the jurisdiction in which that Finance Party's
               Facility Office or permanent establishment is located or
               otherwise subject to non-resident tax liability in respect of
               amounts received or receivable in that jurisdiction;

               if that Tax is imposed on or calculated by reference to the net
               income received or receivable (but not any sum deemed to be
               received or receivable) by that Finance Party; or

12.3.2.2       to the extent a loss, liability or cost:

12.3.2.2.1     is compensated for by an increased payment under Clause 12.2 (Tax
               gross-up);

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12.3.2.2.2     is compensated for by Clause 13.1 (Increased Cost) (or would have
               been compensated for under Clause 13.1 (Increased Cost) but was
               not so compensated solely because one of the exclusions in Clause
               14.4 (Exceptions) applied);

12.3.2.2.3     is attributable to the wilful breach by the relevant Finance
               Party or its Affiliates of any law or regulation; or

12.3.2.2.4     would have been compensated for by an increased payment under
               Clause 12.2 (Tax gross-up) but was not so compensated solely
               because one of the exclusions in Clause 12.2.4 of Clause 12.2
               (Tax gross-up) applied.

12.3.3         A Protected Party making, or intending to make a claim under
               Clause 12.3.1 above shall promptly notify the Agent of the event
               which will give, or has given, rise to the claim, following which
               the Agent shall notify the Borrower.

12.3.4         A Protected Party shall, on receiving a payment from the Borrower
               under this Clause 12.3, notify the Agent.

12.4           TAX CREDIT

               If the Borrower makes a Tax Payment and the relevant Finance
               Party determines, in its sole discretion, that:

12.4.1         a Tax Credit is attributable to that Tax Payment or any part of
               it; and

12.4.2         that Finance Party has obtained, utilised and retained that Tax
               Credit;

               the Finance Party shall pay an amount to the Borrower which that
               Finance Party determines will leave it (after that payment) in
               the same after-Tax position as it would have been in had the Tax
               Payment not been made by the Borrower.

12.5           STAMP TAXES

               The Borrower shall pay and, within five Business Days of demand,
               indemnify each Finance Party against any cost, loss or liability
               that Finance Party incurs in relation to all stamp duty, notary
               fees, registration and other similar Taxes and fees payable in
               respect of any Finance Document other than stamp duty payable in
               respect of an assignment or transfer pursuant to Clause 23.1
               (Assignments and transfers by the Lenders).

12.6           VALUE ADDED TAX

12.6.1         All consideration expressed to be payable under a Finance
               Document by any Party to a Finance Party shall be deemed to be
               exclusive of any VAT. If VAT is chargeable on any supply made by
               any Finance Party to any Party in connection with a Finance
               Document, that Party shall pay to the Finance Party in addition
               to and at the same time as paying the consideration an amount
               equal to the amount of the VAT.

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12.6.2         Where a Finance Document requires any Party to reimburse a
               Finance Party for any costs or expenses, that Party shall also at
               the same time pay and indemnify the Finance Party against all VAT
               incurred by the Finance Party in respect of the costs or expenses
               to the extent that the Finance Party determines that it is not
               entitled to credit or repayment of the VAT.

13.            INCREASED COSTS

13.1           INCREASED COSTS

13.1.1         Subject to Clause 13.4 (Exceptions) the Borrower shall, within
               five Business Days of a demand by the Agent, pay for the account
               of a Finance Party the amount of any Increased Costs incurred by
               that Finance Party or any of its Affiliates as a result of (i)
               the introduction of or any change in (or in the interpretation,
               administration or application of) any law or regulation or (ii)
               compliance with any law or regulation made after the date of this
               Agreement.

13.1.2         In this Agreement "INCREASED COSTS" means:

13.1.2.1       a reduction in the rate of return from the Facility or on a
               Finance Party's (or its Affiliate's) overall capital;

13.1.2.2       an additional or increased cost; or

13.1.2.3       a reduction of any amount due and payable under any Finance
               Document,

13.2           which is incurred or suffered by a Finance Party or any of its
               Affiliates to the extent that it is attributable to that Finance
               Party having entered into its Commitment or funding or performing
               its obligations under any Finance Document.

13.3           INCREASED COST CLAIMS

13.3.1         A Finance Party intending to make a claim pursuant to Clause 13.1
               (Increased costs) shall notify the Agent of the event giving rise
               to the claim, following which the Agent shall promptly notify the
               Borrower.

13.3.2         Each Finance Party shall, as soon as practicable after a demand
               by the Agent, provide a certificate confirming the amount of its
               Increased Costs together with such information as the Borrower
               may reasonably require to allow the computation of the amount
               that it is or would be payable under this Clause to be verified.

13.3.3         No Finance Party shall be entitled to recover any increased cost
               under this Clause 13.3 if it has not made a demand in respect of
               the same within 6 months of the date such Increased Costs have
               occurred.

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13.4           EXCEPTIONS

13.4.1         Clause 13.1 (Increased costs) does not apply to the extent any
               Increased Cost is:

13.4.1.1       attributable to a Tax Deduction required by law to be made by the
               Borrower;

13.4.1.2       compensated for by Clause 12.3 (Tax indemnity) (or would have
               been compensated for under Clause 12.3 (Tax indemnity) but was
               not so compensated solely because one of the exclusions in Clause
               12.3.2 (Tax indemnity) applied);

13.4.1.3       compensated for by the payment of the Mandatory Cost;

13.4.1.4       would have been compensated for by an increased payment under
               Clause 12.2 (Tax gross-up) but was not so compensated solely
               because one of the exclusions in Clause 12.2.4 of Clause 12.2
               (Tax gross-up) applied; or

13.4.1.5       attributable to the wilful breach by the relevant Finance Party
               or its Affiliates of any law or regulation.

               In this Clause 13.4, a reference to a "TAX DEDUCTION" has the
               same meaning given to the term in Clause 12.1 (Definitions).

13.5           NON-DISCLOSURE

               Nothing in this Clause 13 (Increased Costs) will require a
               Finance Party to disclose any information which it regards as
               confidential or commercially sensitive.

14.            OTHER INDEMNITIES

14.1           CURRENCY INDEMNITY

14.1.1         If any sum due from the Borrower under the Finance Documents (a
               "SUM"), or any order, judgment or award given or made in relation
               to a Sum, has to be converted from the currency (the "FIRST
               CURRENCY") in which that Sum is payable into another currency
               (the "SECOND CURRENCY") for the purpose of:

14.1.1.1       making or filing a claim or proof against the Borrower;

14.1.1.2       obtaining or enforcing an order, judgment or award in relation to
               any litigation or arbitration proceedings;

               the Borrower shall as an independent obligation, within five
               Business Days of demand, indemnify each Finance Party to whom
               that Sum is due against any cost, loss or liability arising out
               of or as a result of the conversion including any discrepancy
               between (i) the rate of exchange used to convert that Sum from
               the First Currency into the Second Currency and (ii) the rate or
               rates of exchange available to that person at the time of its
               receipt of that Sum.

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<PAGE>

14.1.2         The Borrower waives any right it may have in any jurisdiction to
               pay any amount under the Finance Documents in a currency or
               currency unit other than that in which it is expressed to be
               payable.

14.2           OTHER INDEMNITIES

14.2.1         The Borrower shall , within five Business Days of demand,
               indemnify each Finance Party against (or pay to any Finance Party
               for the account of any of its Affiliates) any cost, loss or
               liability incurred or sustained or to be incurred or sustained by
               that Finance Party or any of its Affiliates as a result of:

14.2.1.1       the occurrence of a Default or the operation of Clause 22.21
               (Acceleration);

14.2.1.2       a failure by the Borrower to pay any amount due under a Finance
               Document on its due date, including without limitation, any cost,
               loss or liability arising as a result of Clause 27 (Sharing among
               the Finance Parties);

14.2.1.3       the Loan (or any part thereof) not being advanced after a
               Utilisation Request has been delivered for the Loan (or the
               relevant part) as a result of (i) the Borrower failing to satisfy
               the conditions precedent listed in Schedule 2 for such
               Utilisation or (ii) the Borrower declining to accept the Loan or
               otherwise claiming that it no longer requires the Loan for
               whatever reason;

14.2.1.4       the Loan (or part thereof) not being prepaid in accordance with a
               notice of prepayment given by the Borrower; or

14.2.1.5       any prepayment, accelerated payment or any other repayment of the
               Loan (or part of the Loan) other than pursuant to Clause 6.1
               (Repayment of Loan) otherwise than on an Interest Payment Date.

14.2.1.6       the receipt or recovery by a Finance Party of all or any part of
               the Loan, any interest or an Unpaid Sum otherwise than on an
               Interest Payment Date.

14.2.2         For the avoidance of doubt, the liability of the Borrower in each
               case shall include, without limitation, any servicer's fees and
               any loss or expense sustained or incurred by a Finance Party
               and/or its Affiliate in liquidating or employing or redeploying
               deposits or funds acquired, borrowed, contracted for or utilised
               to fund, effect or maintain the Loan or any part thereof or any
               amount repaid or prepaid (including, without limitation, any loss
               or expense sustained or incurred or to be sustained or incurred
               because the rate obtainable by the Finance Party and/or its
               Affiliate or the redeployment of funds repaid or prepaid is less
               than the cost to the Finance Party and/or its Affiliate of
               funding the amount so repaid or prepaid).

14.3           INDEMNITY TO THE FINANCE PARTIES

               The Borrower shall promptly indemnify each Finance Party against
               any cost, loss expense or liability incurred by that Finance
               Party as a result of:

14.3.1         investigating any event which it believes is a Default; or

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14.3.2         acting or relying on any notice, request or instruction which it
               believes to be genuine, correct and appropriately authorised.

14.4           FIXED RATE BREAK COSTS AND BREAK GAINS

14.4.1         The Borrower expressly acknowledges that one of more of the
               Finance Parties or their Affiliates may enter (or may have
               already entered) into one or more Related Funding Arrangements in
               connection with or by reference to all or part of its
               participation in a Loan with the intention of matching or
               correlating its obligations under those arrangements with the
               obligations of the Borrower under such Loan or may have taken a
               position generally with respect to interest rates which is partly
               dependent on the Borrower making payments in relation to such
               Loan strictly in accordance with the terms which apply to such
               Loan.

14.4.2         Without prejudice to the generality of Clause 14.2 (Other
               Indemnities) if one of the events listed in Clause 14.2.1.1 to
               14.2.1.6 above occurs or a Related Funding Arrangement is
               cancelled or terminated in whole or in part the Borrower shall,
               forthwith on demand by the Agent, pay to the Agent (for the
               account of the Finance Parties or their Affiliates) an amount
               equal to any loss or expense:

14.4.2.1       arising from the unwinding, cancellation, termination or
               variation of, or utilising for different purposes of, all or any
               part of any Related Funding Arrangement.

14.4.2.2       on the basis of the cost to the Finance Party or its Affiliate of
               unwinding, varying, cancelling or terminating any Related Funding
               Arrangement or any part thereof; or

14.4.2.3       which would arise if all or any part of any Related Funding
               Arrangement were unwound, cancelled, terminated, varied or
               utilised for a different purpose (even though the same are not
               actually unwound, cancelled, terminated, varied or utilised for a
               different purpose; or

14.4.2.4       which would arise if interest rate (or other hedging) contracts
               were purchased (whether or not such contracts are actually
               purchased) which replace the income stream which would have
               flowed from the relevant Loan under this Agreement.

14.4.3         The certificate of a Finance Party as to the amount of any loss
               or expense incurred by it or its Affiliate shall be prima facie
               evidence as to the amount payable by the Borrower under this
               Clause 14.

14.4.4         Clause 14.4.2 above shall not apply to early termination or
               cancellation arising by reason of:

14.4.4.1       the occurrence of an event of default under the Related Funding
               Arrangement happening in relation to such Finance Party and/or
               its Affiliate (other than where caused as a result of non-payment
               of any amount due from the Borrower under this Agreement); or

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<PAGE>

14.4.4.2       the voluntary termination or cancellation of the Related Funding
               Arrangement by such Finance Party and/or its Affiliate (unless
               such voluntary termination or cancellation has been made
               following the occurrence of one of the events listed in Clauses
               14.2.1.1 to 14.2.1.6 above.

14.4.5         If a Related Funding Arrangement is cancelled or terminated and
               such cancellation or termination produces an amount payable to a
               Finance Party and/or its Affiliate (as determined by the relevant
               Finance Party) (a "Break Gain"), the relevant Finance Party shall
               pay the Break Gain to the Borrower unless a Default is
               outstanding, in which case the Break Gain shall be used to prepay
               (on behalf of the Borrower) the Loan in accordance with Clause 7
               (Prepayment and Cancellation).

14.5           ENVIRONMENTAL INDEMNITY

               Each Borrower shall, promptly on demand by a Finance Party,
               indemnify that Finance Party from and against any payments,
               losses or damages incurred by that Finance Party (together with
               any costs of defending (successfully or otherwise) any claim)
               arising from or based on Environmental Law which relates to a
               Property or the provision of the Facility to the Borrowers.

14.6           INDEMNITY TO THE SECURITY TRUSTEE

14.6.1         The Borrowers shall promptly indemnify the Security Trustee
               against any cost, loss or liability incurred by the Security
               Trustee as a result of:

14.6.1.1       the taking, holding, protection and/or enforcement of the
               Security created under the Security Documents;

14.6.1.2       the exercise of any of the rights, powers, discretions and/or
               remedies vested in the Security Trustee by the Finance Documents
               or by the law; and/or

14.6.1.3       any default by a Borrower and/or any Shareholders in the
               performance of any of the obligations expressed to be assumed by
               it in the Finance Documents.

14.6.2         The Security Trustee may, in priority to any payment to the other
               Finance Parties, indemnify itself out of the Charged Assets in
               respect of, and pay and retain, all sums necessary to give effect
               to the indemnity in Clause 14.6.1 above.

15.            MITIGATION BY THE LENDERS

15.1           MITIGATION

15.1.1         Each Finance Party shall take such reasonable steps as such
               Finance Party determines to be available to it, to mitigate any
               circumstances which arise and which would result in any amount
               becoming payable under or pursuant to, or cancelled pursuant to,
               any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and
               indemnities), Clause 13 (Increased costs) or paragraph 3 of
               Schedule 4 (Mandatory Cost formula) including (but not limited
               to) transferring its rights and obligations under the Finance
               Documents to another Affiliate or Facility Office.

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15.1.2         Clause 15.1.1 above does not in any way limit the obligations of
               the Borrower under the Finance Documents.

15.2           LIMITATION OF LIABILITY

15.2.1         The Borrower shall indemnify each Finance Party for all costs and
               expenses reasonably incurred by that Finance Party as a result of
               steps taken by it under Clause 15.1 (Mitigation).

15.2.2         A Finance Party is not obliged to take any steps under Clause
               15.1 (Mitigation) if, in the opinion of that Finance Party
               (acting reasonably), to do so might be prejudicial to it.

15.3           CONFIRMATION REGARDING SECURITY

15.3.1         In this Clause 15.3:

               "DECREE" means the general letter rulings of the German Federal
               Ministry of Finance, dated 15 July 2004, docket nr IV A 2 - S
               2742a - 20/04, and dated 22 July 2005, docket nr. IV B 7 - S
               2742a - 31/05 (each and jointly a Decree) regarding the
               interpretation of sec. 8 a of the German Corporate Income Tax Act
               (Korperschaftsteuergesetz)

               "LONG TERM INTEREST BEARING DEPOSIT" means any interest bearing
               financial asset with a term or maturity of at least twelve months
               as defined in more detail in marginal notes 20 and 37
               (Textziffern) of the Decree dated 15 July 2004 in conjunction
               with the general administration guidelines on the Trade Tax Act
               (Gewerbesteuerrichtlinien). Long Term Interest Bearing Deposits
               include (without limitation) bank accounts which record a 'zero'
               or negative balance for less than 8 days per financial year, bank
               accounts which record a 'zero' or negative balance for more than
               7 days per financial year, but only due to a structuring which is
               considered to bean abuse of legal structuring for tax purposes as
               defined by sec. 42 German General Tax Code ('Abgabenordnung'),
               and intra group receivables (including without limitation
               Shareholder loans).

15.3.2         Each Original Lender hereby confirms that the Facility made
               available to the Borrower is only secured by the Security under
               the Security Documents.

15.3.3         As soon as practical after the signing of this Agreement each
               Lender shall confirm to the Borrower by letter substantially in
               the form as attached as Schedule 7 (Confirmation Letter, together
               with the confirmation given in Clause 15.3.2 above, the
               "CONFIRMATIONS") which Security have been granted to the Lenders
               in relation to the Facility including a reference to any
               restrictions regarding Long Term Interest Bearing Deposits. Each
               Lender shall send an updated Confirmation Letter if and when the
               Security in regard of the Facility are amended or changed or at
               the reasonable request of the Borrower at any other point in
               time.

15.3.4         The Confirmations are provided solely to assist the Borrower in
               demonstrating the absence of any back to back financing to the
               German tax authorities. No

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               Finance Party is responsible for the tax affairs or position of
               the Borrower or for achieving any particular tax treatment of the
               Borrower and the Shareholders and the Borrower may not make any
               claim against a Finance Party in respect of or in connection with
               the Confirmations.

15.3.5         The parties acknowledge that the interpretation of the term
               "recourse" (Ruckgriff) and the concept of back to back financing
               as understood and applied by the German tax authorities in the
               context of the German thin capitalisation regime (sec. 8a CITA,
               Korperschaftsteuergesetz) is still somewhat unclear. To the
               extent the German tax authorities require the Borrower to
               provide, in addition to the Confirmations, further evidence or
               information the Lender shall support the Borrower in this regard.
               Each Lender shall, subject to receipt of adequate substitute
               security, as determined by the Lender in its sole discretion,
               release or restrict its security interest or issue further
               confirmation letters or certificates or otherwise provide
               information to the Borrower or the German tax authorities,
               including, without limitation, in relation to the existence or
               non-existence of any Long Term Interest Bearing Receivables
               maintained by any of the Borrower's shareholders or related
               parties (as defined by sec. 1 para 2. of the German Foreign
               Relations Tax Act, AuBensteuergesetz) thereof with any
               Finance Parties.

15.3.6         The Confirmations shall not constitute the provision by a Finance
               Party of any legal or tax advice to any other party in respect of
               the application of the German thin capitalization rules (Section
               8a of the German Corporate Income Tax Act (KStG) and any
               administrative guidance issued in respect thereof) or otherwise
               in respect of this Agreement.

15.3.7         If and to the extent any right under any Security is directly or
               indirectly created over any receivable of the Borrower or any
               Shareholder or Affiliate of any Borrower or any Shareholder and
               that receivable is or becomes a Long Term Interest Bearing
               Deposit, the Lenders agree with the Borrower and each Shareholder
               and Related Person that such Security Right over such Long Term
               Interest Bearing Deposit shall not secure any payment obligation
               under any Finance Document. This restriction shall not apply with
               regard to (i) any Security Right granted by the Borrower to the
               extent such Security Right secures its own borrowings, and (ii)
               the land charges (Grundschulden) and the submissions to immediate
               foreclosure in rem (dingliche Zwangsvollstreckungsunterwerfungen
               in das Grundstuck) granted by any of the Borrower or Shareholders
               to any of the Finance Parties in respect of any Property.
               Guarantees which are provided for the obligations of the Borrower
               by a Shareholder or a Related Person are restricted such that no
               Finance Party may execute a claim into the Long Term Interest
               Bearing Deposits of a Shareholder.

15.3.8         In respect of Long Term Interest Bearing Deposits the relevant
               Shareholder shall not be subject to any restriction to transfer,
               assign, sell, withdraw or to terminate the underlying agreement
               relating to such Long Term Interest Bearing Deposits or otherwise
               to dispose of (verfugen) such Long Term Interest Bearing
               Deposits. Any such restriction imposed on the Borrower shall
               automatically be terminated at the time the liability of the
               Borrower towards the Finance Parties under this Agreement,
               excluding, however any obligations

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               or liabilities of the other Borrowers, which the Borrower has
               assumed under the Finance Documents by way of guarantee or other
               legal instrument, has been fully repaid and such restriction
               shall be exclusively limited to securing the aforementioned
               liability. For the avoidance of doubt this Clause 15.3.8. shall
               override all other provisions in this agreement including without
               limitation Clauses 20.4 (Negative Pledge), 20.5 (Transaction
               Similar To Security) and 20.6 (Disposals).

16.            COSTS AND EXPENSES

16.1           TRANSACTION EXPENSES

               The Borrower shall promptly on demand pay the Agent, the Security
               Trustee and the Arranger the amount of all costs and expenses
               (including legal fees, surveyors fees, environmental consultancy
               fees, registration and other out of pocket expenses) reasonably
               incurred by any of them in connection with the negotiation,
               preparation, printing, execution of:

16.1.1         this Agreement, the other Finance Documents and any other
               documents referred to in this Agreement; and

16.1.2         any other Finance Documents executed after the date of this
               Agreement.

16.2           AMENDMENT COSTS

               If (a) the Borrower requests an amendment, waiver or consent or
               (b) an amendment is required pursuant to Clause 28.9 (Change of
               currency), the Borrower shall, within five Business Days of
               demand, reimburse the Agent and the Security Trustee for the
               amount of all costs and expenses (including legal fees)
               reasonably incurred by the Agent and/or the Security Trustee in
               responding to, evaluating, negotiating or complying with that
               request or requirement.

16.3           ENFORCEMENT COSTS

               The Borrower shall, within five Business Days of demand, pay to
               each Finance Party the amount of all costs and expenses
               (including legal and servicer's fees) incurred by that Finance
               Party in connection with the enforcement of, or the preservation
               of any rights under, any Finance Document.

16.4           SECURITY TRUSTEE EXPENSES

               The Borrower shall, within five Business Days of demand, pay the
               Security Trustee the amount of all costs and expenses (including
               legal fees) reasonably incurred by it in connection with the
               administration or release of any Security created pursuant to any
               Security Document.

16.5           VALUATION EXPENSES

               The Borrower shall, within five Business Days of demand by the
               Agent, pay the costs of any Valuation under Clause 18.7
               (Valuations Update) save for any

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               Valuation under Clause 18.7.1.2.2 (Valuations Update) if it
               indicates that no Default has occurred.

17.            REPRESENTATIONS

               Each Obligor makes the representations and warranties set out in
               this Clause 17 to each Finance Party on the date of this
               Agreement.

17.1           STATUS

17.1.1         The Borrower is a limited liability company (societe a
               responsabilite limitee) duly formed and validly existing under
               the laws of Luxembourg.

17.1.2         PropCo is a limited partnership (Kommanditgesellschaft), duly
               formed and validly existing under the laws of the Federal
               Republic of Germany.

17.1.3         Specht is a limited partnership (Kommanditgesellschaft), duly
               formed and validly existing under the laws of the Federal
               Republic of Germany.

17.1.4         Each of the Shareholders are corporations duly incorporated and
               validly existing under the laws of Delaware.

17.1.5         Each Obligor, the PropCo Companies and each Shareholder:

17.1.5.1       has the power to own its assets and carry on its business as it
               is being conducted; and

17.1.5.2       possesses the capacity to sue and be sued in its own name;

17.1.5.3       will not be entitled to claim immunity from suit, execution,
               attachment or other legal process in any proceedings taken in its
               jurisdiction of incorporation in relation to any Finance Document
               to which it is a party.

17.2           BINDING OBLIGATIONS

               Subject to the Reservations, the obligations expressed to be
               assumed by each Obligor, PropCo, the Shareholders, Seller 1 and
               Seller 2 and the Subordinated Creditors in each Transaction
               Document to which it is a party are legal, valid, binding and
               enforceable.

17.3           NON-CONFLICT WITH OTHER OBLIGATIONS

               The entry into and performance by each Obligor, PropCo, the
               Shareholders, Seller 1, Seller 2 and the Subordinated Creditors
               of, and the transactions contemplated by, the Finance Documents
               to which it is a party do not and will not:

17.3.1         contravene any law or regulation applicable to it or any order of
               any governmental or other official authority, body or agency or
               any judgment, order or decree of any Court having jurisdiction
               over it;

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17.3.2         contravene or conflict with its constitutional documents
               (Gesellschaftsvertrag);

17.3.3         conflict with or result in any breach of any of the terms of, or
               constitute a default under, any agreement or other instrument to
               which it is a party or any licence or other authorisation to
               which it is subject or which is binding upon it or any of its
               assets; or

17.3.4         (except as provided in any Security Document) result in the
               existence of, or oblige it to create, any Security over any of
               its assets.

17.4           POWER AND AUTHORITY

               Each Obligor, PropCo, the Shareholders, Seller 1 and the
               Subordinated Creditors has the power to enter into, perform and
               deliver, and has taken all necessary corporate, shareholder and
               other action to authorise its entry into, performance and
               delivery of, the Transaction Documents to which it is a party and
               the transactions contemplated by those Transaction Documents.

17.5           VALIDITY AND ADMISSIBILITY IN EVIDENCE

               All Authorisations required:

17.5.1         to enable any Obligor, PropCo, the Shareholders, Seller 1, Seller
               2 and the Subordinated Creditors lawfully to carry out its
               objects and to enter into, exercise its rights and comply with
               its obligations in the Transaction Documents to which it is a
               party;

17.5.2         for the proper conduct of each Obligor's, PropCo's and Specht's
               business, trade and ordinary activities;

17.5.3         to make the Transaction Documents to which any Obligor, PropCo,
               the Shareholders, Seller 1, Seller 2 and the Subordinated
               Creditors is a party admissible in evidence in its jurisdiction
               of incorporation; and

17.5.4         to enable any Obligor, PropCo, Specht, the Shareholders, Seller
               1, Seller 2 and the Subordinated Creditors to create the Security
               to be created by it pursuant to any Security Document and to
               ensure that such Security has the priority and ranking it is
               expressed to have,

               have been obtained or effected and are in full force and effect
               and no Obligor nor the Shareholders are aware of any
               circumstances that are likely to result in any of the same being
               revoked, superseded or varied.

17.6           GOVERNING LAW AND ENFORCEMENT

17.6.1         The choice of governing law of the Transaction Documents will be
               recognised and enforced in the jurisdiction of incorporation of
               each Obligor, PropCo, Specht, Seller 1, Seller 2, the
               Shareholders and the Subordinated Creditors.

17.6.2         Any judgment obtained in England in relation to a Transaction
               Document will be recognised and enforced in the jurisdiction of
               incorporation of each

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               Obligor, PropCo, the Shareholders, Seller 1 and Seller 2 and the
               Subordinated Creditors.

17.7           DEDUCTION OF TAX

               With respect to U.S. Taxes and with respect to all other
               jurisdictions where the Lenders are Qualifying Lenders, no
               Obligor is required under the law of its jurisdiction of
               incorporation, or by reason of the application of Clause 12.2.9
               to make any deduction for or on account of Tax or for any other
               purpose from any payment it may make under any Finance Document.

17.8           NO FILING OR STAMP TAXES OR TRADE TAXES

               Under the law of its jurisdiction of incorporation or that of any
               Obligor, the Shareholders or the Subordinated Creditors it is not
               necessary that the Finance Documents be filed, recorded or
               enrolled with any court or other authority in that jurisdiction
               or that any stamp, registration or similar tax be paid by such
               Obligor on or in relation to the Finance Documents or the
               transactions contemplated by the Finance Documents other than in
               the case of a Security Document, the requirements specified at
               the end of Clause 17.5 (Validity and admissibility in evidence).

17.9           NO U.S. TAX ELECTION

               No person has filed any election pursuant to U.S. Treasury
               Regulations Section 301.7701-3 to treat the Borrower as a
               corporation for U.S. tax purposes.

17.10          NO DEFAULT

17.10.1        No Default is continuing or might reasonably be expected to
               result from the making of the Utilisation.

17.10.2        No Obligor, PropCo or Specht is (nor would be with any of the
               giving of notice, the lapse of time, the determination of
               materiality, or the satisfaction of any other condition) in
               breach of or in default under any deed, instrument or agreement
               to which it is a party or which is binding on it or any of its
               revenues or assets and no person has disputed, repudiated or
               disclaimed any liability thereunder or indicated that it does not
               consider itself bound by or does not intend to comply with any of
               the provisions of the same where such breach or default might
               have a Material Adverse Effect.

17.11          NO MISLEADING INFORMATION

17.11.1        All material factual information provided by any Obligor, PropCo
               or Specht or on its behalf to the Finance Parties in connection
               with the Finance Documents and the transactions contemplated by
               them is complete, true and accurate in all material respects.

17.11.2        No Obligor, PropCo or Specht has withheld or omitted any
               information which would make the information referred to in
               Clause 17.11.1 above untrue or misleading in any respect and
               nothing has occurred since the date any such

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               information was provided which has not been disclosed to the
               Finance Parties which would render any such information untrue or
               misleading in any material respect.

17.11.3        All assumptions made in the German Tax Report are true and
               accurate and in relation to those assumptions relating to matters
               not yet implemented, such matters will be implemented in
               accordance with the relevant assumptions.

17.12          RANKING

17.12.1        Subject to the requirements specified at the end of Clause 17.5
               (Validity and admissibility of evidence), each Security Document
               creates (or, once entered into, will create) in favour of the
               Security Trustee for the benefit of the Finance Parties, the
               Security which it is expressed to create with the ranking and
               priority it is expressed to have.

17.12.2        Without limiting Clause 17.12.1 above, the payment obligations of
               any Obligor under the Finance Documents shall rank in priority to
               the claims of all its other present and future unsecured and
               unsubordinated creditors, except for obligations mandatorily
               preferred by law and not by contract.

17.13          LITIGATION

               Except as otherwise set forth and fairly and fully disclosed in
               the Report on Title, no action, litigation, arbitration or
               administrative proceedings has been commenced, or is pending or
               as far as any Obligor is aware is threatened, against it, PropCo,
               Seller 1 or Seller 2 which, if adversely determined, might
               reasonably be expected to have a Material Adverse Effect and nor
               is there subsisting any unsatisfied judgment or award given
               against any of them by any court, arbitrator or other body which
               might reasonably be expected to have a Material Adverse Effect.

17.14          INSURANCES

               All insurances required to be in place have been placed, are in
               full force and effect and so far as it is aware no event or
               circumstance has occurred nor has there been any omission to
               disclose a fact which in any such case could entitle any insurer
               to avoid or otherwise reduce its liability under or in respect of
               any such insurances to less than the amount provided in the
               relevant policy.

17.15          TITLE

17.15.1        Other than as disclosed in the Report on Title, PropCo Companies
               will on and from the Utilisation Date be the full and exclusive
               owner (alleiniger Grundstuckseigentumer), lessee under the
               leaseholds (alleiniger Erbbauberechtigter) or sub-lessee under
               the sub-leasehold (alleiniger Unter-Erbbauberechtigter) of each
               Property specified in Schedule 8) (Property) and have good and
               marketable title to each Property (uneingeschrankter
               Alleineigentumer, Alleinerbbauberechtiger oder
               Alleinuntererbbauberechtigter), free from Security (other than
               pursuant to the Finance Documents) and restrictions and onerous
               covenants, and all deeds and

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               documents necessary to show good and marketable title to each of
               the Properties are in the possession of, or held at the Land
               Registry to the order of, the Security Trustee.

17.15.2        Except as set forth in the Report on Title, each Security
               Provider is the legal and beneficial owner of, and has good and
               marketable title to the assets subject to the Security created by
               it pursuant to any Security Document, free from all Security
               (except the Security created pursuant to, or expressly permitted
               by, the Finance Documents and any Permitted Security) and it has
               not sold, transferred or otherwise disposed of the benefit of or
               agreed to sell, transfer or otherwise dispose of the benefit of
               its (or any part of its) rights, title and interest in and to the
               Charged Assets.

17.15.3        Except as set forth in the Report on Title there subsists no
               breach of any law or regulation which affects or might affect the
               value of all or any part of any Property in any material respect.

17.15.4        Except as set forth in the Report on Title no facility necessary
               for the enjoyment and use of all or any part of any Property is
               enjoyed on terms entitling any person to terminate or curtails
               its use.

17.15.5        Except as set forth in the Report on Title no Obligor, PropCo or
               Specht has received notice of any material adverse claim by any
               person in respect of the ownership of any Property or any
               interest in it, nor has any acknowledgement been given to any
               person in respect of any Property.

17.16          VALUATION AND REPORT ON TITLE

17.16.1        All information supplied by any Obligor, PropCo or Specht or on
               its behalf to:

17.16.1.1      the Valuer for the purposes of the Initial Valuation or the most
               recent Valuation (whichever is the later);

17.16.1.2      the lawyers for the Borrower for the purpose of preparing the
               Report on Title; and

17.16.1.3      the lawyers of the Lender for the purposes of preparing the
               Overview Report on Title, and

17.16.1.4      the accountants of the Borrower for the purposes of preparing the
               German Tax Report,

               was, in each case, true, complete and accurate in all material
               respects at the date it was supplied and no information was
               omitted by it on the date on which any such information was
               supplied which if disclosed may reasonably be expected materially
               and adversely to affect the decision of any Lender considering
               whether or not to provide finance to the Borrower.

17.16.2        Nothing has occurred which has not been disclosed to the Finance
               Parties between the date or the dates the information was
               supplied under Clause 17.16.1 above in relation to the Initial
               Valuation or, as applicable, the most recent Valuation, and the
               Report on Title between the date such

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               information was provided and the Utilisation Date which renders
               the information untrue or misleading in any material respect; and

17.16.3        no information has been withheld by any Obligor, PropCo or Specht
               which may be material to the Initial Valuation or, as applicable,
               the most recent Valuation, and the Report on Title.

17.17          TRANSACTION DOCUMENTS

17.17.1        No circumstances exist whereby any of the Transaction Documents
               to which any Obligor, PropCo, the Shareholders, or the
               Subordinated Creditors is a party would be or be rendered or
               adjudged to be void, unenforceable or capable of rescission or
               revocation.

17.17.2        It is not aware that any counterparty to a Transaction Document
               to which it is a party is in breach of any of its material
               obligations under that Transaction Document.

17.17.3        There is no material dispute between any parties to the
               Transaction Documents in relation to the Transaction Documents
               and there have been no material amendments to any Transaction
               Documents which have not been notified to the Agent prior to the
               date of this Agreement.

17.18          ENVIRONMENTAL LAWS AND LICENCES

               Each Obligor, PropCo and Specht has in all material respects:

17.18.1.1      complied with all Environmental Laws to which it may be subject;

17.18.1.2      obtained all Environmental Licences required in connection with
               its business; and

17.18.1.3      complied with the terms of those Environmental Licences.

17.19          ENVIRONMENTAL RELEASES

17.19.1        Except as disclosed in the Environmental & Structural Reports, no
               Property is contaminated with any Hazardous Substance in breach
               of Environmental Law or any Environmental Licence; and

17.19.2        Except as disclosed in the Environmental & Structural Reports, to
               the best of the Borrower's knowledge, no discharge, release,
               leaching, migration or escape of any Hazardous Substance into the
               Environment has occurred or is occurring on, under or from the
               Property in breach of Environmental Law or any Environmental
               Licence.

17.20          SOLVENCY

17.20.1        No Obligor, PropCo, Specht, the Shareholders, Seller 1 nor (to
               the best of the Borrower's knowledge and belief) Seller 2 is
               insolvent or unable to pay its debts (including subordinated and
               contingent debts), nor could it be deemed by a court to be unable
               to pay its debts nor will it become so in consequence of

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               entering into any Finance Document and/or performing any
               transaction contemplated by any Finance Document.

17.20.2        No Obligor, PropCo, the Shareholders, Seller 1 nor Seller 2 has
               taken any action nor have any other steps been taken or legal
               proceedings been started or threatened for its winding-up,
               termination, dissolution, reorganisation, liquidation,
               administration, enforcement or any security over its assets or
               for the appointment of a receiver, administrator, administrative
               receiver, trustee or similar officer of it or of any or all of
               its assets or revenues.

17.20.3        Nothing analogous to any of the circumstances or events referred
               to in Clauses 17.20.1 and 17.20.2 above has occurred in relation
               to an Obligor, PropCo, Specht nor the Shareholders under the laws
               of any applicable jurisdiction.

17.21          NO OTHER BUSINESS

17.21.1        Except as set forth in the Report on Title (and in relation to
               PropCo only, excluding any period prior to the Utilisation Date),
               no Obligor, PropCo or Specht has traded or carried on any
               business since its date of incorporation or formation except for
               the acquisition, ownership and management of its interests in all
               or any part of the Properties.

17.21.2        No Obligor, PropCo or Specht is party to any material agreement
               as at the date of this Agreement other than those permitted under
               Clause 20.13 (Other Contracts).

17.22          OWNERSHIP

               The Structure Chart is true, complete and up to date save for
               changes notified to the Agent in accordance with Clause 20.16
               (Control) (and in respect of which the provisions of Clause 20.16
               (Control) have been complied with).

17.23          FINANCIAL STATEMENTS

17.23.1        Each Obligor's, PropCo's and Specht's financial statements most
               recently delivered to the Agent pursuant to Clause 18.1
               (Financial Statements) have, where relevant, been prepared in
               accordance with GAAP and give a true and fair view of its
               financial condition as at the date on which they were drawn up
               and for the period then ended.

17.23.2        All liabilities (contingent or otherwise) which should have been
               fully disclosed or reserved against in such financial statements
               were so disclosed or reserved against therein.

17.23.3        Each of the latest schedules and other information required to be
               delivered under Clause 18.8 (Property Information) shows
               accurately the income and expenditure of the Borrower during the
               period to which they relate.

17.24          PATRIOT ACT REQUIREMENTS

17.24.1        No Obligor or any of its Affiliates are aware of or have notice
               (whether written or otherwise) that any of the funds or other
               assets of any Obligor or

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               any of its Affiliates constitute property of, or are beneficially
               owned, directly or indirectly, by an Embargoed Person.

17.24.2        None of the funds or other assets of any Obligor or any of its
               Subsidiaries constitute property of, or are beneficially owned,
               directly or indirectly, by an Embargoed Person.

17.24.3        No Embargoed Person has 15% or more of any interest of any nature
               whatsoever in the Borrower or any of it's Affiliates.

17.24.4        None of the funds of the Borrower have been derived from any
               unlawful activity of any Affiliate with the result that
               investment by Capmark Bank Europe plc is prohibited by applicable
               law or the Facility is in violation of applicable law.

17.25          REPETITION

               The Repeating Representations are deemed to be made by the
               Borrower by reference to the facts and circumstances then
               existing:

17.25.1        in respect of the representations set out in Clauses 17.1
               (Status) to 17.23 (Financial Statements) (inclusive) on the date
               of the Utilisation Request and on the first day of each Interest
               Period; and

17.25.2        in respect of the representations set out in Clause 17.24
               (Patriot Act Requirements) on each day during the Term.

17.26          VAT

               No Obligor, PropCo or Specht is a member of a VAT Group.

18.            INFORMATION UNDERTAKINGS

               The undertakings in this Clause 18 remain in force from the date
               of this Agreement for so long as any amount is outstanding under
               the Finance Documents or any Commitment is in force.

18.1           FINANCIAL STATEMENTS

               The Borrower shall supply to the Agent in sufficient copies for
               all the Lenders:

18.1.1         as soon as the same become available, but in any event within 120
               days after the end of each of its financial years its and
               PropCo's audited consolidated financial statements for that
               financial year; and:

18.1.2         as soon as the same become available, but in any event within 60
               days after the end of each financial quarter its and PropCo's
               financial statements for that quarter.

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18.2           COMPLIANCE CERTIFICATE

18.2.1         The Borrower shall supply to the Agent, with each set of
               financial statements delivered pursuant to Clause 18.1 (Financial
               statements), a Compliance Certificate setting out (in sufficient
               detail to be clear) computations as to compliance with Clause 19
               (Financial covenants) as at the date as at which those financial
               statements were drawn up.

18.2.2         Each Compliance Certificate shall be signed by a director of the
               Borrower without personal liability.

18.3           REQUIREMENTS AS TO FINANCIAL STATEMENTS

18.3.1         Each set of financial statements delivered by the Borrower
               pursuant to Clause 18.1 (Financial statements) shall be certified
               by a director of the relevant company without personal liability
               as fairly representing its financial condition and operations as
               at the date as at which those financial statements were drawn up.

18.3.2         The Borrower shall ensure that, where appropriate, each set of
               financial statements delivered pursuant to Clause 18.1 (Financial
               statements) is prepared using GAAP.

18.4           INFORMATION: MISCELLANEOUS

               The Borrower shall supply to the Agent (in sufficient copies for
               all the Lenders, if the Agent so requests):

18.4.1         all documents dispatched by any Obligor, PropCo, Specht or the
               Shareholders to its members or shareholders (or any class of
               them) or to its creditors generally at the same time as they are
               dispatched;

18.4.2         promptly upon becoming aware of them, the details of any
               litigation, arbitration or administrative proceedings which are
               current, threatened or pending against an Obligor, PropCo, Specht
               or the Shareholders;

18.4.3         promptly, such further information regarding the financial
               condition, business and operations of each Obligor, PropCo,
               Specht or the Shareholders as any Finance Party (through the
               Agent) may (acting reasonably) request.

18.5           NOTIFICATION OF DEFAULT

18.5.1         The Borrower shall notify the Agent of any Default (and the
               steps, if any, being taken to remedy it) promptly upon becoming
               aware of its occurrence.

18.5.2         Promptly upon a request by the Agent, the Borrower shall supply
               to the Agent a certificate signed by a director (without personal
               liability) on its behalf certifying that no Default is continuing
               (or if a Default is continuing, specifying the Default and the
               steps, if any, being taken to remedy it).

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18.6           USE OF WEBSITES

18.6.1         The Borrower may satisfy its obligations under this Agreement to
               deliver any information in relation to those Lenders who accept
               this method of communication by posting this information onto an
               electronic website designated by the Borrower and the Agent (the
               "Designated Website") if:

18.6.1.1       the Agent expressly agrees (after consultation with each of the
               Lenders) that it will accept communication of the information by
               this method;

18.6.1.2       each of the Borrower and the Agent are aware of the address of
               and any relevant password specifications for the Designated
               Website;

18.6.1.3       the information is in a format previously agreed between the
               Borrower and the Agent; and

18.6.1.4       subject to any relevant password specifications, the information
               on the Designated Website is capable of being downloaded.

18.6.2         If any Lender does not agree to the delivery of information
               electronically then the Agent shall notify the Borrower
               accordingly and the Borrower shall supply the information to the
               Agent (in sufficient copies for each relevant Lender) in paper
               form. In any event the Borrower shall supply the Agent with at
               least one copy in paper form of any information required to be
               provided by it.

18.6.3         The Agent shall supply each relevant Lender with the address of
               and any relevant password specifications for the Designated
               Website following designation of that website by the Borrower and
               the Agent.

18.6.4         The Borrower shall promptly upon becoming aware of its occurrence
               notify the Agent if:

18.6.4.1       the Designated Website cannot be accessed or information on the
               Designated Website cannot be downloaded, in each case, due to
               technical failure;

18.6.4.2       the relevant password specifications for the Designated Website
               change;

18.6.4.3       any new information which is required to be provided under this
               Agreement is posted onto the Designated Website;

18.6.4.4       any existing information which has been provided under this
               Agreement and posted onto the Designated Website is amended; or

18.6.4.5       the Borrower becomes aware that the Designated Website or any
               information posted onto the Designated Website is or has been
               infected by any electronic virus or similar software.

18.6.5         If the Borrower notifies the Agent under Clause 18.6.4.1 or
               Clause 18.6.4.5 above, all information to be provided by the
               Borrower under this Agreement after the date of that notice shall
               be supplied in paper form unless and until the Agent and the
               relevant Lenders are satisfied that the circumstances giving rise
               to the notification are no longer continuing.

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18.6.6         Any Lender may request, through the Agent, one paper copy of any
               information required to be provided under this Agreement which is
               posted onto the Designated Website. The Borrower shall comply
               with any such request within ten Business Days.

18.7           VALUATIONS UPDATE

18.7.1         The Agent may request a Valuation at the cost and expense of the
               Borrower:

18.7.1.1       once during each 60 Month period of the Term; or

18.7.1.2       at any time if:

18.7.1.2.1     a Default is continuing; or

18.7.1.2.2     if it believes that upon delivery of such requested Valuation, a
               Default is likely to occur provided that if following delivery of
               such Valuation no Default is evidenced by such Valuation then
               such Valuation shall be for the account of Lenders.

18.7.2         The Agent may call for a Valuation at any other time at the cost
               of the Lenders.

18.7.3         The Borrower shall ensure that the Valuer has all such assistance
               as the Agent may (acting reasonably) require to carry out any
               such Valuation including (subject to the rights of the
               occupational tenants) allowing the Valuer free access to any
               Properties or the Valuer giving prior notice that the Valuation
               is to be carried out.

18.7.4         The Borrower shall promptly supply to the Agent a copy (with
               sufficient copies for the Lenders) of any valuation of the
               Headlease or any Property (or any part thereof) carried out by
               the Valuer.

18.8           PROPERTY INFORMATION

               The Borrower shall or shall procure that PropCo shall:

18.8.1         at least ten Business Days before each Interest Payment Date
               provide to the Agent (in sufficient copies for all of the
               Lenders) the following information (in form and substance
               satisfactory to the Agent) in respect of each Property and as at
               the last day of the previous Month:

18.8.1.1       a tenancy schedule listing for each unit of letting true and
               accurate details of the unit address, the names of the existing
               occupational tenants or licensees, the lease expiry date, the
               next rent review date, the annual rent, the amount of Property
               Expenses attributable to such unit, amount of any rent arrears
               and comment on any current tenancy activity; and

18.8.1.2       a commentary on any proposed capital expenditure to be made by
               PropCo or Specht with respect to each Property and any issues
               which could reasonably be expected to be material to the Finance
               Parties or which might otherwise have a Material Adverse Effect;

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18.8.2         together with the information referred to in Clause 18.8.1 above,
               a Compliance Certificate setting out (in sufficient detail to be
               clear) computations as to compliance with Clause 19 (Financial
               Covenants) on the relevant date;

18.8.3         give notice to the Agent of any insolvency, bankruptcy,
               receivership, administration or liquidation affecting any tenant
               or licensee under any Lease Document promptly upon becoming aware
               of any such event;

18.8.4         notify the Agent of any potential purchaser of all or any part of
               any Property;

18.8.5         provide copies of any management accounts and management cash
               flows produced by or for the Borrower; and

18.8.6         promptly provide to the Agent such other information about all or
               any part of the Properties, as the Agent may reasonably request
               from time to time.

19.            FINANCIAL COVENANTS

19.1           LOAN TO VALUE COVENANT

               The Borrower undertakes and covenants that at all times from and
               including the Utilisation Date the aggregate sum of the Loan
               shall not at any time exceed 90% of 75.2601 per cent of the
               Market Value of the Properties determined in accordance with the
               most recent Valuation.

19.2           INTEREST COVER

19.2.1         The Borrower shall ensure that the Interest Cover is at least
               120% at all times.

19.2.2         The Borrower shall confirm in writing to the Agent the level of
               the Interest Cover 10 Business Days prior to each Interest
               Payment Date.

19.3           CURE PAYMENT

19.3.1         If the Borrowers are at any time in breach of the Interest Cover
               or Loan to Value Covenant (provided the Loan to Value is no
               greater than 95%) set out in Clause 19.1 and 19.2 respectively,
               the Borrower may rectify such breach by (within five Business
               Days of the date of the breach) either:

19.3.1.1       prepaying the Loan in whole or in part; and/or

19.3.1.2       placing to the credit of the Rectification Account such amount as
               the Agent determines is necessary to bring the Borrower within
               compliance with any relevant Financial Covenant pursuant to
               Clauses 19.1 or 19.2 (as the case may be) and in particular be at
               least 120% of the Project Annual Finance Costs as at that date,

               each a "CURE PAYMENT" Provided Always that if a Cure Payment has
               been made in accordance with this Clause an Event of Default will
               not be called due to any other event caused as a direct result of
               non-payment of rent under the Principal Occupational Lease.

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19.3.2         The Borrower may not make Cure Payments in respect of more than
               two consecutive Interest Periods or six Interest Periods in
               aggregate.

19.3.3         Any amount standing to the credit of the Rectification Account
               which the Agent agrees is not required to maintain compliance by
               the Borrower with any Financial Covenant may be withdrawn by the
               Borrower from the Rectification Account.

20.            GENERAL UNDERTAKINGS

               The undertakings in this Clause 20 remain in force from the date
               of this Agreement for so long as any amount is outstanding under
               the Finance Documents or any Commitment is in force.

20.1           AUTHORISATIONS

               The Borrower shall (and shall procure that each Obligor, PropCo,
               Specht, Seller 1 and Seller 2 shall) promptly:

20.1.1         obtain, comply with and do all that is necessary to maintain in
               full force and effect; and

20.1.2         supply certified copies to the Agent of,

               any Authorisation required under any law or regulation of its
               jurisdiction of incorporation to enable it to perform its
               obligations under the Transaction Documents and to ensure the
               legality, validity, enforceability or admissibility in evidence
               in its jurisdiction of incorporation and in England and Wales of
               each Transaction Document.

20.2           COMPLIANCE WITH LAWS

               The Borrower shall (and shall procure that each Obligor, PropCo,
               Specht, Seller 1 and Seller 2 shall) comply in all respects with
               all laws to which it may be subject.

20.3           PARI PASSU RANKING

               The Borrower shall ensure that its payment obligations under the
               Finance Documents rank at least pari passu with all its other
               present and future unsecured payment obligations, except for
               obligations mandatorily preferred by law applying to persons of
               its legal status generally.

20.4           NEGATIVE PLEDGE

20.4.1         Subject to Clause 20.4.2 below, the Borrower shall procure that
               each of PropCo, Specht, Seller 1 and Seller 2 shall not create or
               permit to subsist any Security over any of its undertaking,
               revenues or assets without the prior written consent of the
               Agent.

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20.4.2         Clause 20.4.1 above does not apply to:

20.4.2.1       any lien or hypothecation arising by operation of law in the
               ordinary course of business, in each case securing amounts not
               more than 30 days overdue;

20.4.2.2       any Security arising out of retention of title provisions in a
               supplier's standard conditions of supply of goods where the goods
               in question are supplied on credit and are required in the
               ordinary course of business; or

20.4.2.3       any Security created pursuant to any of the Security Documents or
               any Permitted Security.

20.5           TRANSACTIONS SIMILAR TO SECURITY

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall):

20.5.1         sell, transfer or otherwise dispose of any of its assets on terms
               whereby they are or may be leased to or re-acquired by an
               Obligor;

20.5.2         sell, transfer or otherwise dispose of any of its receivables on
               recourse terms;

20.5.3         enter into any arrangement under which money or the benefit of a
               bank or other account may be applied, set-off or made subject to
               a combination of accounts; or

20.5.4         enter into any other preferential arrangement having a similar
               effect.

20.6           DISPOSALS

20.6.1         Subject to Clause 20.6.2 below the Borrower shall not (and shall
               procure that no Obligor, PropCo or Specht shall) enter into a
               single transaction or a series of transactions (whether related
               or not) and whether voluntary or involuntary to sell, transfer,
               surrender all or any part of any lease or otherwise dispose of
               all or any part of any Property or any other asset.

20.6.2         Clause 20.6.1 above does not apply to any disposal:

20.6.2.1       made with the consent of the Majority Lenders;

20.6.2.2       made in accordance with Clause 7.6 (Substitution and Addition to
               Security);

20.6.2.3       of cash by way of a payment out of an Account in accordance with
               the terms of this Agreement;

20.6.2.4       which is otherwise made in accordance with Clause 20.6.3 below
               and the other provisions of this Agreement.

20.6.3         A Property or the shares in Specht may be disposed of in whole
               (but not in part) if the Agent is satisfied that:

20.6.3.1       no Default is outstanding or would occur as a result of the
               Disposal;

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20.6.3.2       the Disposal Proceeds are or will be equal to or in excess of the
               Minimum Release Amount in respect of that Property and the Agent
               is satisfied (acting reasonably) that an amount at least equal to
               the Release Pricing will be (and is) paid directly into the Sales
               Proceeds Account immediately on closing of the transaction the
               subject of the Disposal;

20.6.3.3       the sale and purchase agreement relating to the disposal of the
               Property is unconditional in its terms and provides for
               contractual completion within 3 months of the date of such
               agreement;

20.6.3.4       the consideration for the Disposal is cash payable in full at
               completion; and

20.6.3.5       the Interest Cover (determined in accordance with Clause 19.2
               (Interest Cover)) following the relevant Disposal will be no less
               than 125%.

20.7           MERGERS

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) enter into or otherwise become involved in (i)
               any transaction contemplated in the German Transformation Act
               (Umwandlungsgesetz), in each case whether implemented pursuant to
               the German Transformation Act or otherwise, and (ii) any
               amalgamation, demerger, merger or corporate reconstruction or any
               joint venture, consortium or similar arrangement with any person.

20.8           MAINTENANCE OF STATUS, ETC.

               The Borrower shall (and shall ensure that each Obligor, PropCo
               and Specht shall) ensure it has the right and is duly qualified
               to conduct any part of its business as it is conducted from time
               to time in all applicable jurisdictions.

20.9           FINANCIAL INDEBTEDNESS

               The Borrower will not (and will ensure that no Obligor, PropCo or
               Specht will) without the prior written consent of the Agent:

20.9.1         permit any Financial Indebtedness to be outstanding to it by, or
               to make any other form of credit available to, any person;

20.9.2         incur or have outstanding any indebtedness to any Affiliate;

20.9.3         incur or have outstanding any Financial Indebtedness to any other
               person; or

20.9.4         pay or discharge (including, without limitation, by way of
               set-off or combination of accounts), or grant any guarantee,
               indemnity, bond, letter of credit or similar assurance against
               financial loss in support of, any indebtedness owed by it or any
               other person,

               other than Permitted Financial Indebtedness.

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20.10          ACQUISITIONS

20.10.1        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall):

20.10.1.1      invest in or acquire any share in or any security or obligation
               issued by any person, or any interest therein or in the capital
               of any person, or make any capital contribution to any person; or

20.10.1.2      invest in or acquire any business or going concern; or

20.10.1.3      acquire any assets other than in the ordinary course of business.

20.10.2        Clause 20.10.1 shall not apply to any acquisition of property or
               assets (a) pursuant to any Expansion or substitution made
               pursuant to Clause 7.6 or (b) pursuant to the terms of the Put
               and Call Agreement.

20.11          CHANGE OF BUSINESS

20.11.1        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) carry on any business other than the
               acquisition, ownership and management of its interests in the
               Properties.

20.11.2        The Borrower shall not have any Subsidiary other than GP PropCo ,
               GP Seller 1 or Seller 1.

20.11.3        PropCo shall not have any Subsidiary (other than Specht and
               Weise) or own any interest in any other entity (save as disclosed
               in the relevant Report on Title.

20.11.4        Specht shall not have any Subsidiary.

20.11.5        For the avoidance of doubt the Borrower shall not engage in the
               conduct of any trade or business in the United States of America.

20.12          TAXES

               The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall):

20.12.1        maintain its tax residence solely in the place of its
               incorporation (except where the relevant party is not a resident
               of the U.S.A. for federal income tax purposes though it is
               organized in the U.S.A.);

20.12.2        ensure that all Taxes (including, without limitation, all Real
               Estate Transfer Tax) and governmental charges payable by, or
               assessed upon it, are paid and discharged when due except to the
               extent that they are contested in good faith and by appropriate
               means and an adequate reserve (as determined by the Agent) has
               been set aside with respect to the unpaid Tax;

20.12.3        to the fullest extent it is able to do so, apply for any
               available Tax credits, losses, reliefs or allowances; and

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20.12.4        not surrender or dispose of any Tax credit, loss, relief or
               allowance to any person other than with the consent of the Agent
               (such consent not to be unreasonably withheld or delayed).

20.12.5        The Borrower shall not permit any person to file any election
               altering the status of the Borrower for Unites States of America
               tax purposes.

20.13          OTHER CONTRACTS

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) enter into any contracts other than:

20.13.1        the Transaction Documents and contracts referred to in those
               documents; and

20.13.2        any other contracts connected with the acquisition, letting and
               management of all or any part of any Properties permitted by this
               Agreement.

20.14          VAT

20.14.1        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) form or be a member of any VAT group.

20.14.2        The Borrower shall provide the Agent with a copy of its, PropCo's
               and Specht's VAT registration certificates as soon as reasonably
               practicable upon receipt thereof.

20.15          DISTRIBUTIONS

20.15.1        Subject to Clause 20.15.2 below, the Borrower shall not (and
               shall procure that no Obligor, PropCo or Specht shall) declare,
               pay or make any Distribution.

20.15.2        If no Event of Default is outstanding, the Borrower may declare,
               pay or make any Distribution from amounts standing to the credit
               of the General Account.

20.16          CONTROL

20.16.1        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall):

20.16.1.1      cause or permit its ownership structure or control to be changed
               from that existing at the date of the Agreement and as set out in
               the Structure Chart without first notifying the Agent of the
               proposed change and providing to the Agent such information and
               other identification as the Agent may require to ensure
               continuing compliance with Money Laundering Regulations following
               the change;

20.16.1.2      issue any further shares or units which in each case carry voting
               rights or alter any rights attaching to its share capital or
               units as at the date of this Agreement; or

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20.16.1.3      repay, redeem, repurchase, defease or retire any of its share
               capital or units (or resolve to do so) or provide financial
               assistance for any such purpose.

20.16.2        Clause 20.16.1 shall not apply to any Permitted Change of
               Control.

20.17          FILING AND STAMP TAXES

               The Borrower shall or shall procure that within five Business
               Days all stamp duty and tax, notary fees, Real Estate Transfer
               Tax, registration and other similar Taxes and fees, if any, to
               which any of the Finance Documents or any transaction
               contemplated by any of the Finance Documents or any title to or
               interests in, the Properties may be subject or give rise are
               paid.

20.18          ADEQUATE CAPITAL

               The Borrower shall (and shall ensure that each Obligor, PropCo
               and Specht shall) maintain adequate capital for the normal
               obligations reasonably foreseeable for its business.

20.19          EMPLOYEES

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) have any employees or any pension fund.

20.20          SEPARATENESS

               The Borrower shall (and shall ensure that each Obligor, PropCo
               and Specht shall) ensure that:

20.20.1        its assets are not pledged for the benefit of any other entity;

20.20.2        its liabilities are paid out of its own funds;

20.20.3        its books and records are kept separate from those of any other
               person or entity;

20.20.4        its bank accounts and debts represented thereby are kept separate
               from those of any other person or entity;

20.20.5        its assets or revenues are not co-mingled with those of any other
               person or entity;

20.20.6        its own business is conducted in its own name;

20.20.7        its overhead for shared office space is fairly and reasonably
               allocated;

20.20.8        its financial statements in relation to its financial affairs are
               maintained separately from those of other entities (provided that
               the Borrower may consolidate its financials with any Shareholder
               provided separate financial statements for Borrower are also
               provided to the Agent in accordance with the provisions of this
               Agreement, and Specht may consolidate its financials with
               PropCo);

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20.20.9        all corporate formalities in respect of its affairs are observed;

20.20.10       all relationships with its Affiliates are maintained on
               arms-length terms;

20.20.11       separate stationary, invoices and cheque-books are used;

20.20.12       it holds itself out as a separate entity; and

20.20.13       any known misunderstanding regarding its separate identity is
               corrected as soon as possible.

20.21          CENTRE OF MAIN INTERESTS

               The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall) ensure that its Centre of Main Interests (to
               the extent applicable) is in the jurisdiction of its
               incorporation.

20.22          HEADLEASES

               The Borrower shall procure that PropCo and Specht will in
               relation to any Headlease under which PropCo or Specht derives
               its estate or interest in all or any part of the Properties:

20.22.1        observe and perform in all material respects all covenants,
               stipulations and obligations on the lessee under that Headlease;

20.22.2        diligently enforce all covenants on the part of the lessor under
               that Headlease;

20.22.3        not, without the prior written consent of the Agent (such consent
               not to be unreasonably withheld or delayed):

20.22.3.1      waive, release or vary any obligation under, or the terms of; or

20.22.3.2      exercise any option or power to break, determine or extend;

               in each case, that Headlease;

20.22.4        not do or permit anything under that Headlease whereby the same
               may be forfeited;

20.22.5        not agree any change in the rent payable under that Headlease
               without the prior written consent of the Agent (such consent not
               to be unreasonably withheld or delayed); and

20.22.6        promptly notify the Agent of any matter or event under or by
               reason of which that Headlease has or may become subject to
               determination or to the exercise of any right or re-entry or
               forfeiture.

20.23          FINANCIAL YEAR END

               No Obligor or any of the PropCo Companies shall change the date
               of its financial year end without the prior written consent of
               the Agent except that,

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               following exercise of Call Option I, PropCo shall be permitted to
               change the date of its financial year end to 31 December.

20.24          MONEY LAUNDERING REGULATIONS

               The Borrower shall (and shall ensure that each Obligor, PropCo,
               Specht, Seller 1 and Seller 2 shall) promptly provide such
               information and identification or other evidence in respect of it
               as the Agent may from time to time require to ensure compliance
               with Money Laundering Regulations.

20.25          NOT USED

20.26          EXPANSION

20.26.1        PropCo may permit OpCo to enter into any Expansion with the prior
               written consent of the Agent, such consent not to be unreasonably
               withheld, provided that:

20.26.1.1      no Event of Default under the Principal Occupational Lease is
               outstanding at the date of the relevant Expansion;

20.26.1.2      such Expansion is in accordance with the terms of the Principal
               Occupational Lease;

20.26.1.3      the Borrower pays the Security Trustee's lawyers and other
               reasonable costs incurred by the Security Trustee in connection
               with the Expansion;

20.26.1.4      if any Additional Property is acquired by PropCo in relation to
               any Expansion:

20.26.1.4.1    on completion of the acquisition of each Additional Property the
               Borrower will procure that PropCo delivers to the Security
               Trustee a duly executed Additional Charge over the relevant
               Additional Property together with such of the Conditions
               Precedent listed in Schedule 2 as the Agent requires in relation
               to such Additional Property or Expansion in an Agreed Form;

20.26.1.4.2    the Borrower supplies such further information and details
               concerning any potential Additional Property as the Security
               Trustee may reasonably request;

20.26.2        Upon the completion of any Additional Charge pursuant to Clause
               20.26.1.4.1, (i) such Additional Charge shall be included within
               the definition of "Security Documents" and references in this
               Agreement to "Land Charge" shall be read and construed
               respectively as references to the Land Charge and every
               Additional Charge collectively.

20.27          ADDITIONAL PROPERTY

20.27.1        The Borrower shall be permitted to allow PropCo to acquire an
               Additional Property with the consent of the Agent, such consent
               not to be unreasonably withheld provided:

20.27.1.1      no Event of Default is continuing under the Principal
               Occupational Lease;

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20.27.1.2      the Borrower pays the Security Trustee's lawyers and other
               reasonable costs incurred by the Security Trustee in connection
               with the Expansion

20.27.1.2.1    on completion of the acquisition of each Additional Property the
               Borrower will procure that PropCo delivers to the Security
               Trustee a duly executed Additional Charge over the relevant
               Additional Property together with such of the Conditions
               Precedent listed in Schedule 2 as the Agent requires in relation
               to such Additional Property or Expansion in an Agreed Form;

20.27.1.2.2    the Borrower supplies such further information and details
               concerning any potential Additional Property as the Security
               Trustee may reasonably request; and

20.27.1.3      upon the completion of any Additional Charge pursuant to Clause
               20.27.1.2.1, (i) such Additional Charge shall be included within
               the definition of "Security Documents" and references in this
               Agreement to "Land Charge" shall be read and construed
               respectively as references to the Land Charge and every
               Additional Charge collectively.

20.28          LITIGATION

               The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) engage in any action, litigation, arbitration or
               administrative proceedings without the prior written consent of
               the Agent other than in relation to any action taken in order to
               comply with obligations in Clause 21.6.2.2.

20.29          TRANSACTION DOCUMENTS

               The Borrower shall not (and shall procure that no Obligor,
               PropCo, Specht, Seller 1 or Seller 2 shall) amend, waive or vary
               any of the Transaction Documents with out the consent of the
               Agent.

20.30          WEISE

               The Borrower shall use reasonable endeavours to ensure that Weise
               is dissolved or PropCo's interest in Weise is transferred to a
               third party not connected with PropCo as soon as reasonably
               possible following the Utilisation Date.

20.31          SELLER 2 FACILITY AGREEMENT

               The Borrower shall immediately notify the Agent and Security
               Trustee in writing upon becoming aware of any default or event of
               default (both as defined in the Seller 2 Facility Agreement)
               under the Seller 2 Facility Agreement and seek direction from the
               Agent as to whether the Lenders require the Borrower to take
               enforcement action against Seller 2. If the Borrower then takes
               enforcement action against Seller 2, the Borrower shall at the
               request of the Security Trustee execute such further security
               documents in favour of the Security Trustee to ensure that the
               Finance Parties are in no worse position from a security
               perspective than they would have been prior to such enforcement
               action having been taken.

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21.            PROPERTY UNDERTAKINGS

               The undertakings in this Clause 21 remain in force from the date
               of this Agreement for so long as any amount is outstanding under
               the Finance Documents or any Commitment is in force.

21.1           REPAIR

               The Borrower will ensure and procure that:

21.1.1         each Property is kept in good and substantial repair and
               condition and when necessary procure that all machinery and
               equipment forming part of each Property is replaced by items of
               similar quality and value;

21.1.2         any wants of repair in each Property are made good promptly after
               receiving a request from the Agent to do so; and

21.1.3         all steps necessary to make good any want of repair in each
               Property identified in any Valuation are taken promptly after
               receipt of a request by the Agent to do so and that the Agent is
               notified as soon as such steps have been implemented fully.

21.2           ALTERATIONS

21.2.1         Subject to Clause 21.2.2 below and save in circumstances where
               PropCo is required by the terms of the relevant Occupational
               Lease to grant its consent the Borrower shall not (and shall
               procure that PropCo shall not) at any time, without the prior
               written consent of the Agent:

21.2.1.1       carry out or permit any demolition, reconstruction or rebuilding
               of or any material structural alteration to or change in the use
               of any Property; or

21.2.1.2       sever, unfix or remove any of the fixtures at any Property
               belonging to or in use by PropCo, OpCo or any tenant.

21.2.2         Clause 21.2.1.2.2 above shall not apply for the purpose of
               effecting necessary repairs to any fixtures at any Property or of
               replacing them with new or improved models or substitutes or in
               the case of any tenant's fixtures and fittings.

21.2.3         Clause 21.2.1.2 shall not apply to any alterations carried out
               pursuant to any Expansion.

21.3           PLANNING

21.3.1         The Borrower shall (and shall procure that PropCo and Specht
               will) comply with any conditions attached to any planning
               permissions relating to or affecting all or any part of each
               Property.

21.3.2         Except in connection with Expansions, the Borrower shall not (and
               shall procure that PropCo will not) make any application for
               planning permission or implement any planning permission obtained
               or enter or agree to enter into

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               any agreement or undertaking under the Planning Acts or any other
               similar act or acts without the prior written consent of the
               Agent.

21.4           NOTICES

21.4.1         The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht will) promptly give full particulars (and if requested
               a copy of any written particulars received by the Borrower any
               Obligor, PropCo or Specht) to the Agent of any notice, order,
               directive, designation, resolution or proposal having application
               to all or any part of any Property or to the area in which it is
               situate served upon it by any planning authority or other public
               body or authority under or by virtue of the Planning Acts or any
               other statutory power or powers conferred by any other law; and

21.4.2         to the extent that any such notice, order, directive,
               designation, resolution or proposal (or non-compliance with the
               same) is in the reasonable opinion of the Agent likely adversely
               to affect the value of all or any part of any Property, the Agent
               may require the Borrower to take all expedient steps to procure
               compliance (in the event of the relevant Obligor, PropCo or
               Specht failing itself to take steps promptly to do so after
               receipt of a notice from the Agent requiring it to do so) with
               any such notice or order and may at the cost of the Borrower make
               such objection or objections or representations against or in
               respect of any proposal for such a notice or order as the Agent
               considers expedient.

21.4.3         Any compensation received by the Borrower, any Obligor, PropCo or
               Specht as a result of any notice or order shall be applied in
               repayment of the Secured Liabilities.

21.5           TITLE

               The Borrower shall (and shall procure that PropCo and Specht
               shall):

21.5.1         observe and perform all restrictive and other covenants,
               stipulations and obligations now or at any time affecting each
               Property insofar as the same are subsisting and are capable of
               being enforced;

21.5.2         duly and diligently enforce all restrictive or other covenants,
               stipulations and obligations benefiting each Property and not
               waive, release or vary (or agree to do so) the obligations of any
               other party thereto; and

21.5.3         grant the Agent or the Security Trustee (for the Lenders), or its
               lawyers on request all facilities reasonably within its power to
               enable the Security Trustee (for the Finance Parties), or its
               lawyers (at the expense of the Finance Parties whilst no Default
               is continuing and at the expense of the Borrower whilst a Default
               is continuing) to:

21.5.3.1       carry out investigations of title (Grundbucheinsicht) to each
               Property; and

21.5.3.2       make such enquiries in relation to any part of a Property as a
               prudent mortgagee would be reasonably expected to carry out.

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21.6           OCCUPATIONAL LEASES

21.6.1         Save as required by the terms of a Lease Document, the Borrower
               shall not (and shall ensure that no Obligor, PropCo or Specht
               shall) without the prior consent of the Agent (such consent not
               to be unreasonably withheld or delayed):

21.6.1.1       enter into or grant or agree to grant any Lease Document in
               respect of all or any part of any Property;

21.6.1.2       grant any new contractual licence or right to occupy any part of
               any Property;

21.6.1.3       accept or consent to any surrender, assignment, assignation or
               sub-letting of or forfeit any tenant's interest under any Lease
               Document;

21.6.1.4       agree to any rent reviews or lease renewals in respect of any
               Occupational Lease;

21.6.1.5       agree to any variation or amendment in respect of any Lease
               Document;

21.6.1.6       exercise any option or power to break, determine, vary or extend
               any Lease Document now or at any time relating to or affecting
               all or any part of any Property;

21.6.1.7       waive any breach of nor reduce, charge or suspend any sum payable
               under any Lease Document nor enter into any restrictive or
               onerous obligation affecting all or any part of any Property;

21.6.1.8       discharge or release or agree so to do any other party from its
               obligations and liabilities under any Lease Document;

21.6.2         The Borrower shall procure that:

21.6.2.1       PropCo complies with all material covenants and obligations of
               PropCo under any Lease Document; and

21.6.2.2       PropCo promptly enforces all the material covenants and
               obligations of any tenant under a Lease Document which shall
               include but shall not be limited to the covenants and obligations
               of the tenant to carry out repairs and defray any capital
               expenditure in accordance with such Lease Document.

21.6.3         The Borrower shall procure that if there is an Event of Default
               outstanding, PropCo will, at the request of the Agent,
               split/bifurcate the Principal Occupational Lease into two or more
               individual Occupational Leases (as per the request of the Agent)
               as permitted by paragraph 38(o) of the terms of the Principal
               Occupational Lease.

21.7           PAY RATES, CHARGES AND TAXES

               The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall) punctually pay or cause to be paid when due and
               indemnify the Agent on demand (and as a separate obligation any
               receiver or receivers appointed by

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               it) against all existing and future rates, taxes, duties, fees,
               renewal fees, charges, assessments, impositions and outgoings
               whatsoever whether imposed by deed or by statute or otherwise and
               whether in the nature of capital or revenue and even though of a
               wholly novel character which now or at any time during the
               continuance of the Security constituted by or pursuant to any
               Finance Document are payable in respect of each Property or any
               part thereof.

21.8           ENTRY AND POWER TO REMEDY BREACHES

21.8.1         If, at any time, the Borrower or any Obligor fails, or is
               considered by the Agent (acting reasonably) to have failed to
               have performed, any obligation under this Clause 21 the Agent may
               (without any obligation to do so) after notification to the
               Borrower and subject to the terms of the Occupational Leases
               enter upon all or any part of any Property with or without agents
               appointed by it, architects, contractors, workmen and others as
               it may determine and execute such works and take such steps as
               may, in the reasonable opinion of the Agent, be required to
               remedy or rectify any such failure and do or take any action on
               or in relation to all or any part of any Property as may in the
               reasonable opinion of the Agent be required to remedy or rectify
               such failure.

21.8.2         The proper fees, costs and expenses incurred by the Agent for
               such works and taking such steps will be reimbursed by the
               Borrower to the Agent on demand.

21.8.3         The exercise by the Agent of its powers under Clause 21.8.1 above
               will not render any Finance Party liable to account as mortgagee
               in possession.

21.9           MANAGING AGENTS

21.9.1         The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) appoint any managing agent for the management of
               the Property or otherwise without the prior consent of and on
               terms approved by the Agent.

21.10          INSURANCES

21.10.1        The Borrower shall effect or procure to be effected:

21.10.1.1      insurance of each Property (including underground service
               extensions) and the plant and machinery on each Property
               including fixtures (but not tenants fixtures and fittings) and
               improvements on a full reinstatement basis (which must be
               index-linked and reviewed annually), including, without
               limitation, site clearance, professional fees, VAT, subsidence
               and not less than three years' loss of rent on all occupational
               tenancies and licences of any Property;

21.10.1.2      third party and public liability insurances;

21.10.1.3      insurance against acts of terrorism; and

21.10.1.4      such insurances as a reasonable person in the same business as
               the Borrower would effect;

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               all such insurances to be for a period of not less than one year
               as at the Utilisation Date in amount and in form acceptable to
               the Agent and with an insurance company or underwriters which
               comply with the provisions of Clause 21.10.10.

21.10.2        The Borrower shall procure that the Security Trustee is named as
               co-insured on all insurance policies required under Clause
               21.10.1.1 above and shall ensure that each relevant insurer will
               issue a certificate of third party interest in the insurance
               policy (Sicherungsbestatigung/Sicherungsschein) in favour of the
               Security Trustee containing the provisions set out in Clause
               21.10.3.

21.10.3        Each policy required under Clause 21.10.1.1 above shall contain:

21.10.3.1      a standard mortgagee Clause whereby the insurance shall not be
               vitiated or avoided as against the Security Trustee in the event
               or as a result of any misrepresentation, act or neglect or
               failure to make disclosure on the part of any Obligor, tenant or
               other insured party, or any circumstances beyond the control of a
               Obligor, tenant or other insured party;

21.10.3.2      a waiver of all insurers' rights of subrogation against any
               Finance Party; and

21.10.3.3      terms providing that it shall not be amended, modified, changed,
               cancelled or invalidated so far as the Security Trustee is
               concerned without the insurer first giving to the Security
               Trustee not less than (i) 14 days' written notice in respect of
               any failure to pay any premium due and (ii) 30 days written
               notice for any other reason.

21.10.4        The Borrower shall procure that there be given to the Agent such
               information in connection with the insurances and originals of
               the policies as the Agent may require and will promptly notify
               the Agent upon becoming aware of renewals made and variations,
               modifications, changes or cancellations of policies made or, to
               its knowledge, threatened or pending.

21.10.5        The Borrower shall not (and shall procure that no Obligor, PropCo
               or Specht shall) do or permit anything to be done which may make
               void or voidable any insurance policy in connection with any part
               of any Property.

21.10.6        The Borrower shall pay or shall procure prompt payment in full of
               all premiums (and shall promptly provide evidence of the same to
               the Agent) and all other things necessary to keep all of the
               insurance policies in force.

21.10.7        If the Borrower fails to comply with any of the provisions of
               Clause 21.10.6 above, the Agent shall immediately be entitled
               (but not obliged) to effect or renew the insurances concerned at
               the expense of the Borrower.

21.10.8        The proceeds of loss of rent insurance shall be paid into the
               Rent Account in accordance with Clause 11.4.

21.10.9        The Borrower shall apply or procure the application of all monies
               received or receivable by it under any insurance maintained by it
               or PropCo or Specht in accordance with Clause 21.10.1 above
               towards replacing, restoring or reinstating the relevant
               Property. To the extent the relevant insurance policy

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               and/or, the Lease Documents do not restrict the proceeds of
               insurance being used to prepay the Loan, the proceeds of
               insurance shall be used, at the option of the Agent, to prepay
               the Loan.

21.10.10       The Borrower shall ensure that all insurance policies (whether
               primary or excess policies) required under Clause 21.10.1 above
               in relation to a particular risk, are placed with insurers that
               have a long term unsecured, unsubordinated and unguaranteed debt
               instrument rating of A or better by Fitch, A2 or better by
               Moody's and A or better by Standard & Poors (or such other rating
               as the Agent may agree in writing) for the aggregate amount
               insured under such insurance policies (the "INSURANCE RATINGS
               REQUIREMENTS").

21.10.11       If the long term unsecured, unsubordinated and unguaranteed debt
               instrument ratings of an insurer required pursuant to Clause
               21.10.10 is downgraded so that it no longer meets the Insurance
               Ratings Requirements, the Borrower shall (and shall procure that
               the relevant Obligor, PropCo or Specht shall) diligently put in
               place replacement insurance which meets the Insurance Ratings
               Requirements and is otherwise acceptable to the Agent by the
               earlier of the renewal date for the relevant insurance policy and
               the date falling one month after knowledge of the downgrade.

21.11          ENVIRONMENTAL UNDERTAKINGS

               The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall):

21.11.1        in all respects comply with all applicable Environmental Laws to
               which it may be subject;

21.11.2        obtain all Environmental Licences required in connection with its
               business; and

21.11.3        comply with all terms of all those Environmental Licences.

21.12          ENVIRONMENTAL CLAIMS

21.12.1        The Borrower shall (and shall procure that each Obligor, PropCo
               and Specht shall) promptly notify the Agent in writing of any
               claim, notice or other communication received by it in respect of
               any actual or alleged breach of or liability under applicable
               Environmental Law.

21.12.2        The Borrower shall indemnify each Finance Party and its officers,
               employees and agents against any loss, cost, expense or liability
               suffered or incurred by any of them as a consequence of any
               actual environmental claim or any breach of Environmental Law
               (including the costs and expenses of any party indemnified
               pursuant to this Clause 21.12.2 in defending itself against any
               environmental claim made against it) to the extent that the loss
               or liability incurred by that party would not have arisen if this
               Agreement or any of the other Finance Documents had not been
               entered into.

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21.13          COMPULSORY PURCHASE

               The Borrower shall not and shall ensure that no Obligor, PropCo
               or Specht shall enter into any negotiations with any competent
               authorities with regard to the compulsory acquisition of all or
               any part of any Property or consent to the compulsory acquisition
               of all or any part of any Property unless in either case it is
               required to do so and except, in either case, with the consent of
               the Security Trustee and, if so requested by the Security
               Trustee, shall permit the Security Trustee or its representatives
               to conduct such negotiations or give such consent on its behalf.

21.14          LAND REGISTER EXCERPTS

               The Borrower shall procure that the Agent receives certified
               excerpts of the Land Register in relation to any Property
               promptly upon registration of each Land Charge at the Land
               Registry.

21.15          COMPLIANCE WITH REPORTS

               The Borrower shall and shall procure that PropCo shall comply
               with all recommendations made pursuant to the Environmental &
               Structural Reports.

22.            EVENTS OF DEFAULT

               Each of the events or circumstances set out in this Clause 22 is
               an Event of Default.

22.1           NON-PAYMENT

               The Borrower does not pay on the due date any amount payable
               pursuant to a Finance Document at the place at and in the
               currency in which it is expressed to be payable unless:

22.1.1         its failure to pay is caused by administrative or technical error
               after proper instructions from the relevant payee; and

22.1.2         payment is made within three Business Days of its due date;

22.2           MATERIAL DEFAULTS

               Any Obligor fails duly to perform or comply with any undertaking
               or other obligation owed or assumed by it under, 11 (Bank
               Accounts) (unless failure by the relevant Obligor to perform or
               comply with that Clause is caused solely by the default on the
               part of the Security Trustee in applying proceeds standing to the
               credit of the relevant Bank Account in accordance with this
               Agreement) 18.8 (Valuations), 20.4 (Negative pledge), 20.6
               (Disposals), 20.9 (Financial Indebtedness), 20.14 (VAT Group),
               20.15 (Distributions), 21.6 (Occupational Leases) and 21.10
               (Insurances) (other than those obligations referred to in Clause
               22.1 (Non- payment)).

               No Event of Default under Clause 22.2 above will occur if the
               failure to comply is, in the opinion of the Agent, capable of
               remedy and is remedied

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               within five Business Days of the earlier of (i) the Agent giving
               notice to the Borrower of the failure in question; or (ii) the
               Borrower or the relevant person becoming aware of the failure to
               comply.

22.3           OTHER DEFAULTS

22.3.1.1       Subject to the ability to make Cure Payments in accordance with
               Clause 19.3 (Cure Payments), the Borrower does not comply with
               any term of Clause 19.1 (Loan to Value) or Clause 19.2 (Interest
               Cover).

22.3.2         Any of the Borrower, the Obligors, PropCo or Specht not comply
               with any provision of the Finance Documents to which it is a
               party (other than those referred to in Clause 22.1 (Non-payment)
               and Clause 22.2 (Material Defaults)).

22.3.3         No Event of Default under Clause 22.3.2 above will occur if the
               failure to comply is, in the opinion of the Agent, capable of
               remedy and is remedied within ten Business Days of the earlier of
               (i) the Agent giving notice to the Borrower of the failure in
               question; or (ii) the Borrower or the relevant person becoming
               aware of the failure to comply.

22.4           MISREPRESENTATION

               Any representation or statement made or deemed to be made by the
               Borrower, or any Obligor, PropCo or Specht in any Finance
               Document to which it is a party or any other document delivered
               by or on behalf of the Borrower or any Obligor, PropCo or Specht
               under or in connection with any Finance Document to which it is a
               party is or proves to have been incorrect or misleading in any
               material adverse respect when made or deemed to be made.

22.5           CROSS DEFAULT

22.5.1         Any Financial Indebtedness of any Obligor, PropCo or Specht is
               not paid when due nor within any originally applicable grace
               period.

22.5.2         Any Financial Indebtedness of any Obligor, PropCo or Specht is
               declared to be or otherwise becomes due and payable prior to its
               specified maturity as a result of an event of default (however
               described).

22.5.3         Any commitment for any Financial Indebtedness of any Obligor,
               PropCo or Specht is cancelled or suspended by a creditor of any
               Obligor, PropCo or Specht as a result of an event of default
               (however described).

22.5.4         Any creditor of any Obligor, PropCo or Specht becomes entitled to
               declare any Financial Indebtedness of that Obligor, PropCo or
               Specht due and payable prior to its specified maturity as a
               result of an event of default (however described).

22.5.5         Any Security (other than under a Finance Document) securing any
               Financial Indebtedness over any of the revenues or assets of any
               Obligor, PropCo or Specht becomes enforceable.

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22.6           ATTACHMENT OR DISTRESS

               If a creditor attaches or takes possession of, or a distress,
               execution, diligence, sequestration or other process is levied or
               enforced upon or sued out against, any material part of the
               undertakings, assets, rights or revenues of any Obligor, PropCo
               or Specht and such process is not discharged within ten Business
               Days.

22.7           INABILITY TO PAY DEBTS

               Any of the following occurs in respect of the Borrower, an
               Obligor, PropCo or Specht:

22.7.1         it is unable or admits inability to pay its debts as they fall
               due, suspends making payments on any of its debts or, by reason
               of actual or anticipated financial difficulties, commences
               negotiations with one or more of its creditors with a view to
               rescheduling any of its indebtedness.

22.7.2         in respect of each Obligor incorporated under the laws of
               Germany, PropCo or Specht (a "GERMAN OBLIGOR"), it is unable to
               pay its debts as they fall due (Zahlungsunfahigkeit), commences
               negotiations with any one or more of its creditors with a view to
               the general readjustment or rescheduling of its indebtedness or
               makes a general assignment for the benefit of or a composition
               with its creditors or, for any of the reasons set out in Sections
               17-19 of the German Insolvenzordnung any German Obligor files for
               insolvency (Antrag auf Eroffnung eines Insolvenzverfahrens) or
               such filing is threatened or the board of directors
               (Geschaftsfuhrung) of any German Obligor is required by law to
               file for insolvency or the competent court takes any of the
               actions set out in Section 21 of the German Insolvenzordnung or
               institutes insolvency proceedings against any German Obligor
               (Eroffnung des Insolvnezverfahrens) or any event occurs or any
               proceedings are commenced with respect to any other Obligor
               which, under the laws of any jurisdiction to which it is subject
               or in which it has assets, has a similar or analogous effect.

22.7.3         the value of the assets of any Obligor that is not incorporated
               under the laws of Germany is less than its liabilities;

22.7.4         a moratorium is declared in respect of any indebtedness of any
               Obligor not incorporated under the laws of Germany; and

22.7.5         it proposes or enters into any composition or other arrangement
               for the benefit of its creditors generally or any class of
               creditors.

22.8           INSOLVENCY PROCEEDINGS

22.8.1         Subject to Clause 22.8.2 below, any of the following occurs in
               respect of the Borrower, any Obligor, PropCo or Specht:

22.8.1.1       any step is taken with a view to a moratorium or a composition,
               assignment or similar arrangement with any of its creditors or
               for a general reconstruction or rescheduling of its debts or for
               any process giving protection against creditors generally;

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22.8.1.2       a meeting of its shareholders or directors or other officers is
               convened for the purpose of considering any resolution for or
               with a view to its winding-up, dissolution or administration or
               any such resolution is passed;

22.8.1.3       any person takes any action or any legal proceedings are started
               or other steps taken (including the presentation of a petition,
               the making of an application or the filing of any documents with
               a court or registrar) for its winding-up, administration or
               dissolution;

22.8.1.4       an order for its winding-up, dissolution or administration is
               made;

22.8.1.5       its shareholders or directors or other officers request the
               appointment of, or give notice of their intention to appoint, a
               liquidator, provisional liquidator, trustee, receiver,
               administrator, administrative receiver, manager or similar
               officer;

22.8.1.6       a liquidator, provisional liquidator, trustee, receiver,
               administrator, administrative receiver, manager or similar
               officer is appointed in respect of it or the whole or any part of
               its undertakings, assets, rights or revenues;

22.8.1.7       there occurs in any country or territory in relation to any
               Obligor or any part of its assets or business, any step or
               procedure or event, which, in the opinion of the Majority
               Lenders, appears to be analogous to or correspond with any of the
               events referred to in Clause 22.6 (Attachment or distress),
               Clause 22.7 (Inability to pay debts) or Clause 22.8.1.1 to
               22.8.1.6 of this Clause inclusive.

22.8.2         Clause 22.8.1 above does not apply to a solvent winding up or
               dissolution on terms previously approved in writing by the Agent
               or to a petition for winding up presented by a creditor which is
               being contested in good faith and with due diligence and is
               discharged within fourteen (14) days.

22.9           OWNERSHIP AND CONTROL OF THE BORROWER

               The Shareholders cease to own directly the entire issued share
               capital in the Borrower except in the case of a Permitted Change
               of Control or (unless otherwise agreed to by the Agent in
               accordance with the terms of this Agreement).

22.10          SECURITY

               Any Security Document is not in full force and effect or any
               Security Document does not create in favour of the Security
               Trustee for the benefit of the Finance Parties the Security which
               it is expressed to create with the ranking and priority it is
               expressed to have.

22.11          UNLAWFULNESS

               It is or becomes unlawful for any Obligor, PropCo or Specht or
               any Subordinated Creditor to perform or comply with any of its
               obligations under the Finance Documents.

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22.12          REPUDIATION

               Any Obligor, PropCo, Specht or Subordinated Creditor repudiates a
               Finance Document.

22.13          CESSATION OF BUSINESS

               Any Obligor, Subordinated Creditor, PropCo or Specht suspends or
               ceases to carry on all or a material part of its business or
               shall suspend all or a substantial part of its operations.

22.14          AUDITORS' QUALIFICATION

               If the auditors qualify their report on the financial statements
               provided in accordance with Clause 18.1 (Financial statements)
               unless in the reasonable opinion of the Agent such qualification
               is not material in the context of the Finance Documents.

22.15          COMPULSORY PURCHASE

               Any Property is compulsorily purchased or an interest in PropCo
               is otherwise nationalised or otherwise expropriated which, in the
               reasonable opinion of the Majority Lenders is likely to have a
               Material Adverse Effect.

22.16          MAJOR DAMAGE

               A Property is destroyed or damaged to an extent such that, taking
               into account the proceeds of insurance effected under Clause
               21.10 (Insurances) and the timing of the receipt of those
               proceeds, in the reasonable opinion of the Majority Lenders, that
               destruction or damage is likely to have a Material Adverse
               Effect.

22.17          HEADLEASE

               Any Headlease is forfeited for any reason or the landlord for the
               time being thereunder commences forfeiture proceedings.

22.18          PURCHASER FACILITY AGREEMENT DEFAULT

               Any Event of Default occurs (as defined in the Purchaser Facility
               Agreement) in relation to the Purchaser Facility Agreement.

22.19          PRINCIPAL OCCUPATIONAL LEASE

               The Principal Occupational Lease is forfeited for any reason or
               PropCo commences forfeiture proceedings without the prior written
               consent of the Agent (such consent to be in the absolute
               discretion of the Agent).

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22.20          MATERIAL ADVERSE CHANGE

               Any event occurs or circumstances arise which may in the
               reasonable opinion of the Agent acting on the instructions of the
               Majority Lenders have a Material Adverse Effect.

22.21          ACCELERATION

               On and at any time after the occurrence of an Event of Default
               the Agent may, and shall if so directed by the Majority Lenders,
               by notice to the Borrower:

22.21.1        cancel the Total Commitments whereupon they shall immediately be
               cancelled;

22.21.2        declare that all or part of the Loan, together with accrued
               interest, and all other amounts accrued or outstanding under the
               Finance Documents be immediately due and payable, whereupon they
               shall become immediately due and payable; and/or

22.21.3        declare that all or part of the Loan be payable on demand,
               whereupon it shall immediately become payable on demand by the
               Agent on the instructions of the Majority Lenders.

23.            CHANGES TO THE LENDERS

23.1           ASSIGNMENTS AND TRANSFERS BY THE LENDERS

23.1.1         Subject to this Clause 23, a Lender (the "EXISTING LENDER") may
               assign, transfer or novate all or any of its Commitment and/or
               any of its rights and/or obligations under the Finance Documents
               without restriction to any other person (the "NEW LENDER"),
               including in connection with or in contemplation of a
               securitisation or a transaction having a similar effect.

23.1.2         An assignment will only be effective on receipt by the Agent of
               written confirmation from the New Lender (in form and substance
               satisfactory to the Agent) that the New Lender will assume the
               same obligations to the other Finance Parties as it would have
               been under if it was an Original Lender.

23.1.3         A transfer will only be effective if the procedure set out in
               Clause 23.4 (Procedure for transfer) is complied with.

23.2           ASSIGNMENT OR TRANSFER FEE

               The New Lender shall, on the date upon which an assignment or
               transfer takes effect, pay to the Agent (for its own account) a
               fee of E2500.

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23.3           LIMITATION OF RESPONSIBILITY OF EXISTING LENDERS

23.3.1         Unless expressly agreed to the contrary, an Existing Lender makes
               no representation or warranty and assumes no responsibility to a
               New Lender for:

23.3.1.1       the legality, validity, effectiveness, adequacy or enforceability
               of the Finance Documents or any other documents;

23.3.1.2       the financial condition of the Borrower or any of its Affiliates;

23.3.1.3       the performance and observance by the Borrower, the Shareholders
               or the Subordinated Creditors of their respective obligations
               under the Finance Documents or any other documents; or

23.3.1.4       the accuracy of any statements (whether written or oral) made in
               or in connection with any Finance Document or any other document;

               and any representations or warranties implied by law are
               excluded.

23.3.2         Each New Lender confirms to the Existing Lender and the other
               Finance Parties that it:

23.3.2.1       has made (and shall continue to make) its own independent
               investigation and assessment of the financial condition and
               affairs of each of the Borrower, the Shareholders and the
               Subordinated Creditors and its related entities in connection
               with its participation in this Agreement and has not relied
               exclusively on any information provided to it by the Existing
               Lender in connection with any Finance Document; and

23.3.2.2       will continue to make its own independent appraisal of the
               creditworthiness of each of the Borrower and the Shareholders and
               its related entities whilst any amount is or may be outstanding
               under the Finance Documents or any Commitment is in force.

23.3.3         Nothing in any Finance Document obliges an Existing Lender to:

23.3.3.1       accept a re-transfer from a New Lender of any of the rights and
               obligations assigned or transferred under this Clause 23; or

23.3.3.2       support any losses directly or indirectly incurred by the New
               Lender by reason of the non-performance by the Borrower, the
               Shareholders or the Subordinated Creditors of their respective
               obligations under the Finance Documents or otherwise.

23.4           PROCEDURE FOR TRANSFER

23.4.1         A transfer is effected in accordance with Clause 23.4.2 below
               when the Agent executes an otherwise duly completed Transfer
               Certificate delivered to it by the Existing Lender and the New
               Lender. The Agent shall after receipt by it of a duly completed
               Transfer Certificate appearing on its face to comply with the
               terms of this Agreement and delivered in accordance with the
               terms of this Agreement, execute that Transfer Certificate.

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23.4.2         ON THE TRANSFER DATE:

               To the extent that in the Transfer Certificate the Existing
               Lender seeks to transfer by novation its rights and obligations
               under the Finance Documents the Borrower and the Existing Lender
               shall be released from further obligations towards one another
               under the Finance Documents and their respective rights against
               one another shall be cancelled (being the "DISCHARGED RIGHTS AND
               OBLIGATIONS");

23.4.2.1       the Borrower and the New Lender shall assume obligations towards
               one another and/or acquire rights against one another which
               differ from the Discharged Rights and Obligations only insofar as
               the Borrower and the New Lender have assumed and/or acquired the
               same in place of the Borrower and the Existing Lender;

23.4.2.2       the Agent, the Arranger, the New Lender and other Lenders shall
               acquire the same rights and assume the same obligations between
               themselves as they would have acquired and assumed had the New
               Lender been an Original Lender with the rights and/or obligations
               acquired or assumed by it as a result of the transfer and to that
               extent the Agent, the Arranger and the Existing Lender shall each
               be released from further obligations to each other under this
               Agreement; and

23.4.2.3       the New Lender shall become a Party as a "LENDER".

23.5           SECURITISATION

               If a Lender determines at any time to sell, transfer or assign
               all or part of its interest in the Loan and/or any of the Finance
               Documents and any or all servicing rights with respect thereto,
               or to grant participation therein (the "PARTICIPATIONS") or issue
               other securities (such sale and/or issuance, the
               "SECURITISATION") evidencing a beneficial interest in a rated or
               unrated public offering or private placement (the "SECURITIES"),
               the Lender may forward to each purchaser, transferee, assignee,
               servicer, participant, investor or their respective successors in
               such Participations and/or Securities (collectively, the
               "INVESTOR") or any rating agency rating such Securities and each
               prospective Investor, all documents and information which the
               Lender now has or may hereafter acquire relating to the Loan, the
               Borrower, the Shareholders, the Subordinated Creditors and the
               Property (including, without limitation, all financial
               statements), which shall have been furnished by the Borrower as
               the Lender determines reasonably necessary or desirable. The
               Borrower shall and shall procure that the Shareholders shall in
               all cases at the cost of the Arranger cooperate with the Lender
               in connection with any Securitisation or Participation or any
               such Securities created and, upon the Lender's reasonable request
               and cost, meet with any rating agency for due diligence purposes.
               The Borrower shall and shall procure that the Shareholders shall
               in all cases at the cost of the Arranger furnish and shall
               consent to the Lender furnishing to such Investors or such
               prospective Investors or any rating agency any and all
               information concerning the Properties, the Occupational Leases,
               the Headleases and/or the financial condition of the Borrower,
               the Shareholders or the Subordinated Creditors as may be
               reasonably requested by the Lender, any

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               Investor or any prospective Investor or rating agency in
               connection with any Securitisation or Participation. The Borrower
               shall and shall procure that the Shareholders shall in all cases
               at the cost of the Arranger (a) cooperate with the Lender in
               making any necessary reasonable modification to the Finance
               Documents that the Lender proposes in connection with such
               Securitisation provided that such modifications are not material
               and do not relate to the fees or overall amount of interest
               payable in respect of the Facility and (b) enter into such
               further documentation or agreements (including but not limited to
               further Finance Documents, intercreditor agreements, priority
               arrangements or transfers) in connection with such Securitisation
               as the Lender may reasonably request Provided Always for the
               avoidance of doubt the Lender will not change by virtue of this
               clause the Termination Date or the percentages set out in the
               Repayment Schedule.

23.6           APPOINTMENT BY THE AGENT OF A LOAN SERVICER

23.6.1         The Agent may, at its own cost, appoint any person or persons to
               act as a loan servicer with power and authority to act as the
               representative of the Agent in connection with the Finance
               Documents subject to any limitation as notified by the Agent to
               the Borrower. The Agent shall notify the Borrower of the identity
               and contact details of any servicer and of any change in the
               identity or contact details of a servicer.

23.6.2         A servicer may have authority to sub-contract or otherwise
               delegate all or some of its authority and power.

23.6.3         The Borrower acknowledges the authority and power of each
               servicer and of any person to whom any such authority or power is
               sub-contracted or delegated. Unless otherwise notified by the
               Agent, the Borrower shall be entitled to act on any instruction
               or notice reasonably believed to be issued by or on behalf of a
               servicer as issued by or on behalf of the Agent and without
               prejudice to any defect in the appointment or authority of such
               servicer.

23.7           SYNDICATION

               The Borrower shall assist the Agent and the Arranger in effecting
               syndication. Such assistance will include:

23.7.1         the provision of such information by it and the Shareholders as
               may be reasonably required by the Agent and the Arranger in
               connection with the syndication;

23.7.2         making available its senior management for the purposes of making
               presentations to, hosting site visits and/or holding meetings
               with proposed new Lenders and as agreed to by the Agent and the
               Arranger (in consultation with the Borrower); and

23.7.3         agreeing (at the cost of the Agent and/or the Arranger) to make
               such minor amendments to the Finance Documents as may be
               reasonably requested by the proposed new Lenders and as agreed to
               by the Agent and the Arranger (in consultation with the Borrower)
               and/or entering into such further

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               documentation or agreements (including but not limited to further
               Finance Documents, intercreditor agreements, priority
               arrangements or transfers) in connection with such syndication as
               the Lender may reasonably request.

23.8           WAREHOUSING

23.8.1         Notwithstanding the other provisions of this Clause 23, a Finance
               Party may, at any time without the consent of, or consulting
               with, or notifying, the Borrower or any Security Provider charge,
               mortgage or assign all or any of its rights and benefits under
               the Finance Documents or charge, mortgage or transfer all or any
               of its rights, benefits and obligations under the Finance
               Documents or enter into contractual relations by way of
               sub-participation or otherwise in each case to or with any
               Qualifying Lender from whom a Finance Party obtains funding in
               connection with the Facility (the "Warehousing Partner") provided
               that the cost to the Borrower in relation to interest and
               principal is not increased as an immediate and direct consequence
               thereof.

23.8.2         A Finance Party may disclose to any Warehousing Partner such
               information about the Borrower, the Shareholders, the
               Subordinated Creditors, any related persons, the business of such
               persons or the Properties as the Finance Party shall consider
               appropriate.

23.9           DISCLOSURE OF INFORMATION

23.9.1         The Agent or any other Lender may disclose any information about
               the Borrower, the Shareholders, the Subordinated Creditors, all
               or any part of the Property, the Facility and the Finance
               Documents as the Agent or that Lender shall consider necessary or
               desirable to some or all of the following:

23.9.1.1       any of its Affiliates or any other person to (or through) whom a
               Lender assigns or transfers (or may potentially assign or
               transfer) all or any of its rights and obligations under the
               Finance Documents;

23.9.1.2       any of its Affiliates or any other person with (or through) whom
               a Lender enters into (or may potentially enter into) any
               sub-participation in relation to, or any other transaction under
               which payments are to be made by reference to, the Finance
               Documents or the Borrower;

23.9.1.3       any other investors or potential investors (including any
               investors, sub-participants, lenders or other parties in relation
               to a securitisation) in any of its rights and obligations under
               the Finance Documents;

23.9.1.4       any rating agency engaged in connection with any of the
               foregoing;

23.9.1.5       any mortgagee or lender of the foregoing; or

23.9.1.6       any person to whom, and to the extent that, information is
               required to be disclosed by any applicable law or regulation.

23.9.2         There shall be no publicity of the Finance Documents or any term
               of the Finance Documents without the consent of the Borrower and
               the Arranger but any such agreed publicity shall be at the cost
               of the Borrower.

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23.10          PARALLEL DEBT

               For the purposes of taking and ensuring the continuing validity
               of security ("PARALLEL DEBT SECURITY") under those Security
               Documents subject to the laws of (or to the extent affecting
               assets situated in) Germany and such other jurisdictions as the
               Arranger and the Borrower (each acting reasonably) agree,
               notwithstanding any contrary provision in the Finance Documents:

23.10.1        the Borrower undertakes (such undertakings, the "PARALLEL
               OBLIGATIONS") to pay to the Security Trustee amounts equal to all
               present and future amounts (the "ORIGINAL OBLIGATIONS") owing by
               it to a Lender under the Finance Documents;

23.10.2        the Security Trustee shall have its own independent right to
               demand and receive payment of the Parallel Obligations;

23.10.3        the Parallel Obligations shall not limit or affect the existence
               of the Original Obligations for which any Lender shall have an
               independent right to demand payment;

23.10.4        notwithstanding Clauses 23.10.2 and 23.10.3, payment by any of
               the Borrower of its Parallel Obligations shall to the same extent
               decrease and be a good discharge of the corresponding Original
               Obligations owing to the relevant Lender and payment by the
               Borrower of its Original Obligations to the relevant Lender shall
               to the same extent decrease and be a good discharge of the
               Parallel Obligations owing by it to the Security Trustee;

23.10.5        the Parallel Obligations are owed to the Security Trustee in its
               own name on behalf of itself and not as agent or representative
               of any other person nor as trustee and the security created
               pursuant to the Security Documents shall secure the Parallel
               Obligations so owing;

23.10.6        without limiting or affecting the Security Trustee's right to
               protect, preserve or enforce its rights under any Security
               Document, the Security Trustee undertakes to each Lender not to
               exercise its rights in respect of the Parallel Obligations
               without the consent of the relevant Lender; and

23.10.7        the Security Trustee undertakes to pay to the Lenders any amount
               collected or received by it in payment or partial payment of the
               Parallel Obligations and shall distribute any amount so received
               to the Lenders in accordance with the terms of the Finance
               Documents as if such amounts had been received in respect of the
               Original Obligations.

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24.            CHANGES TO THE OBLIGORS

24.1           NO ASSIGNMENT

               The Borrower may not assign any of its rights or transfer any of
               its rights or obligations under the Finance Documents.

24.2           ADDITIONAL BORROWERS

24.2.1         In order for an Additional Borrower to accede to this Agreement,
               the Borrower must deliver to the Agent the relevant documents and
               evidence listed in Schedule 2 (Conditions precedent documents) in
               relation to that Additional Borrower as the Agent may require.

24.2.2         The relevant acceding entity will become an Additional Borrower
               only once the Agent has notified the other Finance Parties and
               the Borrower that it has received all of the documents and
               evidence referred to in paragraph 24.2.1 above in form and
               substance satisfactory to the Agent.

24.2.3         If the accession of an Additional Borrower requires any Finance
               Party to carry out know your customer requirements in
               circumstances where the necessary information is not already
               available to it, the Borrower must promptly on request by any
               Finance Party supply to that Finance Party any documentation or
               other evidence which is reasonably requested by that Finance
               Party (whether for itself, on behalf of any Finance Party or any
               prospective new Lender) to enable a Finance Party or prospective
               new Lender to carry out and be satisfied with the results of all
               applicable know your customer requirements.

24.2.4         Delivery of an Accession Agreement, executed by the acceding
               entity and the Borrower, to the Agent constitutes confirmation by
               that acceding entity and the Borrower that the Repeating
               Representations are then correct.

24.2.5         It is acknowledged that the Purchaser will comply with this
               Clause 24 and accede to this Agreement as an Additional Borrower
               upon the exercise of Call Option I. It is further acknowledged
               that the Related Party who acquires the relevant interest upon
               the exercise of Call Option II will comply with this Clause 24
               and accede to this Agreement as an Additional Borrower upon the
               exercise of Call Option II.

25.            ROLE OF THE AGENT AND THE ARRANGER

25.1           APPOINTMENT OF THE AGENT AND THE SECURITY TRUSTEE

25.1.1         Each other Finance Party appoints the Agent to act as its agent
               under and in connection with the Finance Documents.

25.1.2         Each other Finance Party authorises the Agent to exercise the
               rights, powers, authorities and discretions specifically given to
               it under or in connection with the Finance Documents together
               with any other incidental rights, powers, authorities and
               discretions.

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25.1.3         Each other Finance Party appoints the Security Trustee to act as
               its trustee in connection with the Security Documents.

25.1.4         Each other Finance Party authorises the Security Trustee to
               exercise the rights, powers, authorities and discretions
               specifically given to the Security Trustee under or in connection
               with the Finance Documents together with any other incidental
               rights, powers, authorities and discretions.

25.2           DUTIES OF THE AGENT

25.2.1         The Agent shall promptly forward to a Party the original or a
               copy of any document which is delivered to the Agent for that
               Party by any other Party.

25.2.2         Except where a Finance Document specifically provides otherwise,
               the Agent is not obliged to review or check the adequacy,
               accuracy or completeness of any document it forwards to another
               Party.

25.2.3         If the Agent receives notice from a Party referring to this
               Agreement, describing a Default and stating that the circumstance
               described is a Default, it shall promptly notify the Finance
               Parties.

25.2.4         If the Agent is aware of the non-payment of any principal,
               interest, commitment fee or other fee payable to a Finance Party
               (other than the Agent or the Arranger) under this Agreement it
               shall promptly notify the other Finance Parties.

25.2.5         The duties of the Agent under the Finance Documents are solely
               mechanical and administrative in nature.

25.3           ROLE OF THE ARRANGER

               Except as specifically provided in the Finance Documents, the
               Arranger has no obligations of any kind to any other Party under
               or in connection with any Finance Document.

25.4           ROLE OF THE SECURITY TRUSTEE

25.4.1         The Security Trustee shall hold the benefit of the Security
               Documents on trust for the Finance Parties.

25.4.2         If the Security Trustee receives notice from a Party referring to
               this Agreement, describing a Default and stating that the
               circumstance described is a Default, it shall promptly notify the
               Lenders.

25.4.3         The Security Trustee does not have any duties except those
               expressly set out in the Finance Documents.

25.5           NO FIDUCIARY DUTIES

25.5.1         Nothing in this Agreement constitutes the Agent or the Arranger
               as a trustee or fiduciary of any other person.

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25.5.2         Neither the Agent, the Security Trustee nor the Arranger shall be
               bound to account to any Lender for any sum or the profit element
               of any sum received by it for its own account.

25.6           BUSINESS WITH THE BORROWER OR ITS AFFILIATES

               The Agent, the Security Trustee and the Arranger may accept
               deposits from, lend money to and generally engage in any kind of
               banking or other business with the Borrower or any of its
               Affiliates.

25.7           RIGHTS AND DISCRETIONS OF THE AGENT AND THE SECURITY TRUSTEE

25.7.1         The Agent and the Security Trustee may rely on:

25.7.1.1       any representation, notice or document believed by it to be
               genuine, correct and appropriately authorised; and

25.7.1.2       any statement made by a director, authorised signatory or
               employee of any person regarding any matters which may reasonably
               be assumed to be within his knowledge or within his power to
               verify.

25.7.2         Each of the Agent and the Security Trustee may assume (unless it
               has received notice to the contrary in its capacity as agent for
               the Lenders), that:

25.7.2.1       no Default has occurred (unless it has actual knowledge of a
               Default arising under Clause 22.1 (Non-payment)); and

25.7.2.2       any right, power, authority or discretion vested in any Party or
               the Majority Lenders has not been exercised.

25.7.2.3       Each of the Agent and the Security Trustee may engage, pay for
               and rely on the advice or services of any lawyers, accountants,
               surveyors or other experts.

25.7.2.4       Each of the Agent and the Security Trustee may act in relation to
               the Finance Documents through its personnel and agents.

25.7.2.5       Each of the Agent and the Security Trustee may disclose to any
               other Party any information it has received as agent under this
               Agreement.

25.7.2.6       Notwithstanding any other provision of any Finance Document to
               the contrary, neither the Agent, the Security Trustee nor the
               Arranger is obliged to do or omit to do anything if it would or
               might in its opinion constitute a breach of any law or a breach
               of a fiduciary duty or duty of confidentiality.

25.8           MAJORITY LENDERS' INSTRUCTIONS

25.8.1         Unless a contrary indication appears in a Finance Document, the
               Agent shall (i) exercise any right, power, authority or
               discretion vested in it as Agent in accordance with any
               instructions given to it by the Majority Lenders (or, if so
               instructed by the Majority Lenders, refrain from exercising any
               right, power, authority or discretion vested in it as Agent) and
               (ii) not be liable for any act

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               (or omission) if it acts (or refrains from taking any action) in
               accordance with an instruction of the Majority Lenders.

25.8.2         Unless a contrary indication appears in a Finance Document, any
               instructions given by the Majority Lenders will be binding on all
               the Finance Parties.

25.8.3         The Agent may refrain from acting in accordance with the
               instructions of the Majority Lenders (or, if appropriate, the
               Lenders) until it has received such security as it may require
               for any cost, loss or liability (together with any associated
               VAT) which it may incur in complying with the instructions.

25.8.4         In the absence of instructions from the Majority Lenders, (or, if
               appropriate, the Lenders) the Agent may act (or refrain from
               taking action) as it considers to be in the best interest of the
               Lenders.

25.8.5         The Agent is not authorised to act on behalf of a Lender (without
               first obtaining that Lender's consent) in any legal or
               arbitration proceedings relating to any Finance Document.

25.9           RESPONSIBILITY FOR DOCUMENTATION

               Neither the Agent, the Security Trustee nor the Arranger:

25.9.1         is responsible for the adequacy, accuracy and/or completeness of
               any information (whether oral or written) supplied by the Agent,
               the Security Trustee, the Arranger, the Borrower, the
               Shareholders, the Subordinated Creditors or any other person
               given in or in connection with any Finance Document or
               information memorandum; or

25.9.2         is responsible for the legality, validity, effectiveness,
               adequacy or enforceability of any Finance Document or any other
               agreement, arrangement or document entered into, made or executed
               in anticipation of or in connection with any Finance Document.

25.10          EXCLUSION OF LIABILITY

25.10.1        Without limiting Clause 25.10.2 below, neither the Agent nor the
               Security Trustee will be liable for any action taken by it under
               or in connection with any Finance Document, unless directly
               caused by its gross negligence or wilful misconduct.

25.10.2        No Party (other than the Agent) may take any proceedings against
               any officer, employee or agent of the Agent in respect of any
               claim it might have against the Agent or in respect of any act or
               omission of any kind by that officer, employee or agent in
               relation to any Finance Document and any officer, employee or
               agent of the Agent may rely on this Clause.

25.10.3        Neither the Agent nor the Security Trustee will be liable for any
               delay (or any related consequences) in crediting an account with
               an amount required under the Finance Documents to be paid by the
               Agent if the Agent has taken appropriate steps to comply with the
               regulations or operating procedures of

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               any recognised clearing or settlement system used by the Agent
               for that purpose.

25.11          LENDERS' INDEMNITY TO THE AGENT AND THE SECURITY TRUSTEE

               Each Lender shall (in proportion to its share of the Total
               Commitments or, if the Total Commitments are then zero, to its
               share of the Total Commitments immediately prior to their
               reduction to zero) indemnify the Agent or the Security Trustee,
               within three Business Days of demand, against any cost, loss or
               liability incurred by the Agent or the Security Trustee
               (otherwise than by reason of its gross negligence or wilful
               misconduct) in acting as Agent or the Security Trustee under the
               Finance Documents (unless it has been reimbursed by the Borrower
               pursuant to a Finance Document).

25.12          RESIGNATION OF THE AGENT AND THE SECURITY TRUSTEE

25.12.1        The Agent or the Security Trustee may resign and appoint one of
               its Affiliates as successor by giving notice to the other Finance
               Parties and the Borrower.

25.12.2        Alternatively the Agent or the Security Trustee may resign by
               giving notice to the other Finance Parties and the Borrower, in
               which case the Majority Lenders (after consultation with the
               Borrower) may appoint a successor Agent or Security Trustee.

25.12.3        If the Majority Lenders have not appointed a successor Agent or
               Security Trustee in accordance with Clause 25.12.2 above within
               30 days after notice of resignation was given, the Agent or the
               Security Trustee (after consultation with the Borrower) may
               appoint a successor Agent or Security Trustee.

25.12.4        The retiring Agent or the Security Trustee shall, at its own
               cost, make available to its successor such documents and records
               and provide such assistance as its successor may reasonably
               request for the purposes of performing its functions as Agent or
               Security Trustee under the Finance Documents.

25.12.5        The resignation notice of the Agent or the Security Trustee shall
               only take effect upon the appointment of a successor.

25.12.6        Upon the appointment of a successor, the retiring Agent or the
               Security Trustee shall be discharged from any further obligation
               in respect of the Finance Documents but shall remain entitled to
               the benefit of this Clause 25. Its successor and each of the
               other Parties shall have the same rights and obligations amongst
               themselves as they would have had if such successor had been an
               original Party.

25.12.7        After consultation with the Borrower, the Majority Lenders may,
               by notice to the Agent or the Security Trustee require it to
               resign in accordance with Clause 25.2 above. In this event, the
               Agent or the Security Trustee shall resign in accordance with
               Clause 25.2 above.

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25.13          CONFIDENTIALITY

25.13.1        The Agent (in acting as agent for the Lenders), and the Security
               Trustee (in acting as security trustee for the Finance Parties)
               shall be regarded as acting through its respective agency or
               security trustee division which shall be treated as a separate
               entity from any other of its divisions or departments.

25.13.2        If information is received by another division or department of
               the Agent, or, as the case may be, Security Trustee, it may be
               treated as confidential to that division or department and the
               Agent, or, as the case may be, Security Trustee, shall not be
               deemed to have notice of it.

25.14          RELATIONSHIP WITH THE LENDERS

25.14.1        The Agent may treat each Lender as a Lender, entitled to payments
               under this Agreement and acting through its Facility Office
               unless it has received not less than five Business Days prior
               notice from that Lender to the contrary in accordance with the
               terms of this Agreement.

25.14.2        Each Lender shall supply the Agent with any information required
               by the Agent in order to calculate the Mandatory Cost in
               accordance with Schedule 4 (Mandatory Cost Formula).

25.15          CREDIT APPRAISAL BY THE LENDERS

               Without affecting the responsibility of the Borrower for
               information supplied by it or on its behalf in connection with
               any Finance Document, each Lender confirms to the Agent, the
               Security Trustee and the Arranger that it has been, and will
               continue to be, solely responsible for making its own independent
               appraisal and investigation of all risks arising under or in
               connection with any Finance Document including but not limited
               to:

25.15.1        the financial condition, status and nature of the Borrower, the
               Shareholders and the Subordinated Creditors;

25.15.2        the legality, validity, effectiveness, adequacy or enforceability
               of any Finance Document and any other agreement, Security,
               arrangement or document entered into, made or executed in
               anticipation of, under or in connection with any Finance
               Document;

25.15.3        whether that Lender has recourse, and the nature and extent of
               that recourse, against any Party or any of its respective assets
               under or in connection with any Finance Document, the
               transactions contemplated by the Finance Documents or any other
               agreement, Security, arrangement or document entered into, made
               or executed in anticipation of, under or in connection with any
               Finance Document; and

25.15.4        the adequacy, accuracy and/or completeness of any information
               provided by the Agent, any Party or by any other person under or
               in connection with any Finance Document, the transactions
               contemplated by the Finance Documents or any other agreement,
               Security, arrangement or document entered into, made

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               or executed in anticipation of, under or in connection with any
               Finance Document.

25.16          REFERENCE BANKS

               If a Reference Bank which is a Lender (or, if a Reference Bank is
               not a Lender, but is an Affiliate of a Lender, the Lender of
               which it is an Affiliate) ceases to be a Lender, the Agent shall
               appoint another Lender or an Affiliate of a Lender to replace
               that Reference Bank.

25.17          MANAGEMENT TIME

               Any amount payable to the Agent under Clause 15.2.1 (Indemnity to
               the Agent), Clause 16 (Costs and expenses) and Clause 25.11
               (Lenders' indemnity to the Agent) shall include the cost of
               utilising the Agent's management time or other resources and will
               be calculated on the basis of such reasonable daily or hourly
               rates as the Agent may notify to the Borrower and the Lenders,
               and is in addition to any fee paid or payable to the Agent under
               Clause 10 (Fees).

25.18          DEDUCTION FROM AMOUNTS DUE AND PAYABLE

               If any Party owes an amount to the Agent or the Security Trustee
               under the Finance Documents the Agent or the Security Trustee (as
               the case may be) may, after giving notice to that Party, deduct
               an amount not exceeding that amount from any payment to that
               Party which the Agent or the Security Trustee would otherwise be
               obliged to make under the Finance Documents and apply the amount
               deducted in or towards satisfaction of the amount due and
               payable. For the purposes of the Finance Documents that Party
               shall be regarded as having received any amount so deducted.

26.            CONDUCT OF BUSINESS BY THE FINANCE PARTIES

               No provision of this Agreement will:

26.1           interfere with the right of any Finance Party to arrange its
               affairs (tax or otherwise) in whatever manner it thinks fit;

26.2           oblige any Finance Party to investigate or claim any credit,
               relief, remission or repayment available to it or the extent,
               order and manner of any claim; or

26.3           oblige any Finance Party to disclose any information relating to
               its affairs (tax or otherwise) or any computations in respect of
               Tax.

27.            SHARING AMONG THE FINANCE PARTIES

27.1           PAYMENTS TO FINANCE PARTIES

               If a Finance Party (a "RECOVERING FINANCE PARTY") receives or
               recovers any amount from the Borrower other than in accordance
               with Clause 28 (Payment mechanics) and applies that amount to a
               payment due under the Finance Documents then:

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27.1.1         the Recovering Finance Party shall, within three Business Days,
               notify details of the receipt or recovery, to the Agent;

27.1.2         the Agent shall determine whether the receipt or recovery is in
               excess of the amount the Recovering Finance Party would have been
               paid had the receipt or recovery been received or made by the
               Agent and distributed in accordance with Clause 28 (Payment
               mechanics), without taking account of any Tax which would be
               imposed on the Agent in relation to the receipt, recovery or
               distribution; and

27.1.3         the Recovering Finance Party shall, within three Business Days of
               demand by the Agent, pay to the Agent an amount (the "Sharing
               Payment") equal to such receipt or recovery less any amount which
               the Agent determines may be retained by the Recovering Finance
               Party as its share of any payment to be made, in accordance with
               Clause 28.5 (Partial payments).

27.2           REDISTRIBUTION OF PAYMENTS

               The Agent shall treat the Sharing Payment as if it had been paid
               by the Borrower and distribute it between the Finance Parties
               (other than the Recovering Finance Party) in accordance with
               Clause 28.5 (Partial payments).

27.3           RECOVERING FINANCE PARTY'S RIGHTS

27.3.1         On a distribution by the Agent under Clause 27.2 (Redistribution
               of payments), the Recovering Finance Party will be subrogated to
               the rights of the Finance Parties which have shared in the
               redistribution.

27.3.2         If and to the extent that the Recovering Finance Party is not
               able to rely on its rights under Clause 27.3.1 above, the
               Borrower shall be liable to the Recovering Finance Party for a
               debt equal to the Sharing Payment which is immediately due and
               payable.

27.4           REVERSAL OF REDISTRIBUTION

               If any part of the Sharing Payment received or recovered by a
               Recovering Finance Party becomes repayable and is repaid by that
               Recovering Finance Party, then:

27.4.1         each Finance Party which has received a share of the relevant
               Sharing Payment pursuant to Clause 27.2 (Redistribution of
               payments) shall, upon request of the Agent, pay to the Agent for
               account of that Recovering Finance Party an amount equal to the
               appropriate part of its share of the Sharing Payment (together
               with an amount as is necessary to reimburse that Recovering
               Finance Party for its proportion of any interest on the Sharing
               Payment which that Recovering Finance Party is required to pay);
               and

27.4.2         that Recovering Finance Party's rights of subrogation in respect
               of any reimbursement shall be cancelled and the Borrower will be
               liable to the reimbursing Finance Party for the amount so
               reimbursed.

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27.5           EXCEPTIONS

27.5.1         This Clause 27 shall not apply to the extent that the Recovering
               Finance Party would not, after making any payment pursuant to
               this Clause, have a valid and enforceable claim against the
               Borrower.

27.5.2         A Recovering Finance Party is not obliged to share with any other
               Finance Party any amount which the Recovering Finance Party has
               received or recovered as a result of taking legal or arbitration
               proceedings, if:

27.5.2.1       it notified that other Finance Party of the legal or arbitration
               proceedings; and

27.5.2.2       that other Finance Party had an opportunity to participate in
               those legal or arbitration proceedings but did not do so as soon
               as practicable having received notice and did not take separate
               legal or arbitration proceedings.

28.            PAYMENT MECHANICS

28.1           PAYMENTS TO THE AGENT

28.1.1         On each date on which the Borrower or a Lender is required to
               make a payment under a Finance Document, the Borrower (subject to
               Clause 28.10 (Payments to the Security Trustee)) or Lender shall
               make the same available to the Agent (unless a contrary
               indication appears in a Finance Document) for value on the due
               date at the time and in such funds specified by the Agent as
               being customary at the time for settlement of transactions in the
               relevant currency in the place of payment.

28.1.2         Payment shall be made to the Agent to its account at such office
               or bank in Dublin (or such other place) as the Agent may notify
               to the Borrower or the Lenders.

28.2           DISTRIBUTIONS BY THE AGENT

               Each payment received by the Agent under the Finance Documents
               for another Party shall, subject to Clause 28.3 (Distributions to
               Borrower) and Clause 28.4 (Clawback) and Clause 28.10 (Payments
               to the Security Trustee) be made available by the Agent as soon
               as practicable after receipt to the Party entitled to receive
               payment in accordance with this Agreement (in the case of a
               Lender, for the account of its Facility Office), to such account
               as that Party may notify to the Agent by not less than five
               Business Days' notice with a bank in the principal financial
               centre of the country of that currency.

28.3           DISTRIBUTIONS TO OBLIGOR

               The Agent and the Security Trustee may (with the consent of the
               Borrower or in accordance with Clause 29 (Set-off)) apply any
               amount received by it for the Borrower in or towards payment (on
               the date and in the currency and funds of receipt) of any amount
               due from the Borrower under the Finance Documents or in or
               towards purchase of any amount of any currency to be so applied.

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28.4           CLAWBACK

28.4.1         Where a sum is to be paid to the Agent or the Security Trustee
               under the Finance Documents for another Party, the Agent or, as
               the case may be, the Security Trustee, is not obliged to pay that
               sum to that other Party (or to enter into or perform any related
               exchange contract) until it has been able to establish to its
               satisfaction that it has actually received that sum.

28.4.2         If the Agent or the Security Trustee pays an amount to another
               Party and it proves to be the case that the Agent had not
               actually received that amount, then the Party to whom that amount
               (or the proceeds of any related exchange contract) was paid shall
               on demand refund the same to the Agent or, as the case may be,
               the Security Trustee, together with interest on that amount from
               the date of payment to the date of receipt by the Agent, or, as
               the case may be, the Security Trustee, calculated by it to
               reflect its cost of funds.

28.5           PARTIAL PAYMENTS

28.5.1         If the Agent, or, as the case may be the Security Trustee,
               receives a payment that is insufficient to discharge all the
               amounts then due and payable by the Borrower under the Finance
               Documents, the Agent, or, as the case may be the Security
               Trustee, shall apply that payment towards the obligations of the
               Borrower under the Finance Documents in the following order:

28.5.1.1       FIRST, payment pro rata of any unpaid fees, costs and expenses
               (not being amounts referred to in Clause 28.5.1.2 of the Finance
               Parties under the Finance Documents;

28.5.1.2       SECOND, payment pro rata of Fixed Rate Break Costs payable under
               Clause 14.4 (Fixed Rate Break Costs and Break Gains);

28.5.1.3       THIRD, payment of any accrued interest or commission due but
               unpaid under this Agreement; and

28.5.1.4       FOURTH, any balance to be used to repay principal.

28.5.2         The Borrower waives any right to make an appropriation in respect
               of a partial payment.

28.6           NO SET-OFF BY BORROWER

               All payments to be made by the Borrower under the Finance
               Documents shall be calculated and be made without (and free and
               clear of any deduction for) set-off or counterclaim.

28.7           BUSINESS DAYS

28.7.1         Any payment which is due to be made on a day that is not a
               Business Day shall be made on the next Business Day in the same
               calendar month (if there is one) or the preceding Business Day
               (if there is not).

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28.7.2         During any extension of the due date for payment of any principal
               or Unpaid Sum under this Agreement interest is payable on the
               principal or Unpaid Sum at the rate payable on the original due
               date.

28.8           CURRENCY OF ACCOUNT

28.8.1         Subject to Clauses 28.8.2 and 28.8.3 below, euro is the currency
               of account and payment for any sum due from the Borrower under
               any Finance Document.

28.8.2         Each payment in respect of costs, expenses or Taxes shall be made
               in the currency in which the costs, expenses or Taxes are
               incurred.

28.8.3         Any amount expressed to be payable in a currency other than euro
               shall be paid in that other currency.

28.9           CHANGE OF CURRENCY

28.9.1         Unless otherwise prohibited by law, if more than one currency or
               currency unit are at the same time recognised by the central bank
               of any country as the lawful currency of that country, then:

28.9.1.1       any reference in the Finance Documents to, and any obligations
               arising under the Finance Documents in, the currency of that
               country shall be translated into, or paid in, the currency or
               currency unit of that country designated by the Agent (after
               consultation with the Borrower); and

28.9.1.2       any translation from one currency or currency unit to another
               shall be at the official rate of exchange recognised by the
               central bank for the conversion of that currency or currency unit
               into the other, rounded up or down by the Agent.

28.9.2         If a change in any currency of a country occurs, this Agreement
               will, to the extent the Agent specifies to be necessary, be
               amended to comply with any generally accepted conventions and
               market practice in the Relevant Interbank Market and otherwise to
               reflect the change in currency.

28.10          PAYMENTS TO THE SECURITY TRUSTEE

               Notwithstanding any other provision of any Finance Document at
               any time after any Security created by or pursuant to any
               Security Document becomes enforceable, the Security Trustee may
               require:

28.10.1        the Borrower to pay all sums due under any Finance Document; or

28.10.2        the Agent to pay all sums received or recovered from the Borrower
               under any Finance Document;

               in each case as the Security Trustee may direct for application
               in accordance with the terms of the Security Documents.

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29.            SET-OFF

               A Finance Party may set off any matured obligation due from the
               Borrower under the Finance Documents (to the extent beneficially
               owned by that Finance Party) against any obligation (whether or
               not matured) owed by that Finance Party to the Borrower,
               regardless of the place of payment, booking branch or currency of
               either obligation. If the obligations are in different
               currencies, the Finance Party may convert either obligation at a
               market rate of exchange in its usual course of business for the
               purpose of the set-off.

30.            NOTICES

30.1           COMMUNICATIONS IN WRITING

               Any communication to be made under or in connection with the
               Finance Documents shall be made in writing and, unless otherwise
               stated, may be made by fax or letter.

30.2           ADDRESSES

               The address and fax number (and the department or officer, if
               any, for whose attention the communication is to be made) of each
               Party for any communication or document to be made or delivered
               under or in connection with the Finance Documents is that
               identified with its name in the section entitled "Signatories"
               below or, in each case, any substitute address, fax number or
               department or officer as the Party may notify to the Agent (or
               the Agent may notify to the other Parties, if a change is made by
               the Agent) by not less than five Business Days' notice.

30.3           DELIVERY

30.3.1         Any communication or document made or delivered by one person to
               another under or in connection with the Finance Documents will
               only be effective:

30.3.1.1       if by way of fax, when received in legible form; or

30.3.1.2       if by way of letter, when it has been left at the relevant
               address or five Business Days after being deposited in the post
               postage prepaid in an envelope addressed to it at that address;

               and, if a particular department or officer is specified as part
               of its address details provided under Clause 30.2 (Addresses), if
               addressed to that department or officer.

30.3.2         Any communication or document to be made or delivered to the
               Agent or the Security Trustee will be effective only when
               actually received by it and then only if it is expressly marked
               for the attention of the department or officer identified with
               its name in the section entitled "Signatories" below (or any
               substitute department or officer as the Agent or the Security
               Trustee shall specify for this purpose).

30.3.3         All notices from or to the Borrower shall be sent through the
               Agent.

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<PAGE>

30.3.4         Any communication or document delivered to the Agent or the
               Security Trustee (or any of their respective agents) in
               accordance with this Clause 30.3 (Delivery) shall, where a
               response is required, receive a response within 10 Business Days
               (provided that, for the avoidance of doubt, failure to comply
               with this Clause shall not be deemed to imply that the Agent or
               Security Trustee (as the case may be) consents to the request
               being made).

30.4           NOTIFICATION OF ADDRESS AND FAX NUMBER

               Promptly upon receipt of notification of an address, fax number
               or change of address or fax number pursuant to Clause 30.2
               (Addresses) or changing its own address or fax number, the Agent
               shall notify the other Parties.

30.5           ELECTRONIC COMMUNICATION

30.5.1         Any communication to be made between the Agent and a Lender under
               or in connection with the Finance Documents may be made by
               electronic mail or other electronic means, if the Agent and the
               relevant Lender:

30.5.1.1       agree that, unless and until notified to the contrary, this is to
               be an accepted form of communication;

30.5.1.2       notify each other in writing of their electronic mail address
               and/or any other information required to enable the sending and
               receipt of information by that means; and

30.5.1.3       notify each other of any change to their address or any other
               such information supplied by them.

30.5.2         Any electronic communication made between the Agent and a Lender
               will be effective only when actually received in readable form
               and in the case of any electronic communication made by a Lender
               to the Agent only if it is addressed in such a manner as the
               Agent shall specify for this purpose.

30.6           ENGLISH LANGUAGE

30.6.1         Any notice given under or in connection with any Finance Document
               must be in English.

30.6.2         All other documents provided under or in connection with any
               Finance Document must be:

30.6.2.1       in English; or

30.6.2.2       if not in English, and if so required by the Agent, accompanied
               by a certified English translation and, in this case, the English
               translation will prevail unless the document is a constitutional,
               statutory or other official document.

                                       106

<PAGE>

31.            CALCULATIONS AND CERTIFICATES

31.1           ACCOUNTS

               In any litigation or arbitration proceedings arising out of or in
               connection with a Finance Document, the entries made in the
               accounts maintained by a Finance Party are prima facie evidence
               of the matters to which they relate.

31.2           CERTIFICATES AND DETERMINATIONS

               Any certification or determination by a Finance Party of a rate
               or amount under any Finance Document is, in the absence of
               manifest error, conclusive evidence of the matters to which it
               relates.

31.3           DAY COUNT CONVENTION

               Any interest, commission or fee accruing under a Finance Document
               will accrue from day to day and is calculated on the basis of the
               actual number of days elapsed and a year of 360 days or, in any
               case where the practice in the Relevant Interbank Market differs,
               in accordance with that market practice.

32.            PARTIAL INVALIDITY

               If, at any time, any provision of the Finance Documents is or
               becomes illegal, invalid or unenforceable in any respect under
               any law of any jurisdiction, neither the legality, validity or
               enforceability of the remaining provisions nor the legality,
               validity or enforceability of such provision under the law of any
               other jurisdiction will in any way be affected or impaired.

33.            REMEDIES AND WAIVERS

               No failure to exercise, nor any delay in exercising, on the part
               of any Finance Party, any right or remedy under the Finance
               Documents shall operate as a waiver, nor shall any single or
               partial exercise of any right or remedy prevent any further or
               other exercise or the exercise of any other right or remedy. The
               rights and remedies provided in this Agreement are cumulative and
               not exclusive of any rights or remedies provided by law.

34.            AMENDMENTS AND WAIVERS

34.1           REQUIRED CONSENTS

34.1.1         Subject to Clause 34.2 (Exceptions) any term of the Finance
               Documents (other than a Fee Letter) may be amended or waived only
               with the consent of the Majority Lenders and the Borrower and any
               such amendment or waiver will be binding on all Parties.

34.1.2         The Agent may effect, on behalf of any Finance Party, any
               amendment or waiver permitted by this Clause.

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<PAGE>

34.2           EXCEPTIONS

34.2.1         An amendment or waiver that has the effect of changing or which
               relates to:

34.2.1.1       the definition of "Majority Lenders" in Clause 1.1 (Definitions);

34.2.1.2       an extension to the date of payment of any amount under the
               Finance Documents;

34.2.1.3       a reduction in the Margin or a reduction in the amount of any
               payment of principal, interest, fees or commission payable;

34.2.1.4       an increase in or an extension of any Commitment;

34.2.1.5       a change to the Borrower or the Shareholders;

34.2.1.6       a change to the terms of Clause 11.4 (Rent Account) or Clause
               28.5 (Partial Payments);

34.2.1.7       any provision which expressly requires the consent of all the
               Lenders; or

34.2.1.8       Clause 2.2 (Finance Parties and obligations), Clause 23 (Changes
               to the Lenders) or this Clause 34;

               shall not be made without the prior consent of all the Lenders.

34.2.2         An amendment or waiver which relates to the rights or obligations
               of the Agent, the Security Trustee, the Arranger or the Hedging
               Counterparty may not be effected without the consent of the
               Agent, the Security Trustee, the Arranger or the Hedging
               Counterparty.

35.            COUNTERPARTS

               Each Finance Document may be executed in any number of
               counterparts, and this has the same effect as if the signatures
               on the counterparts were on a single copy of the Finance
               Document.

36.            GOVERNING LAW

               This Agreement is governed by English law.

37.            ENFORCEMENT

37.1           JURISDICTION OF ENGLISH COURTS

37.1.1         The Borrower agrees that the courts of England have jurisdiction
               to settle any dispute arising out of or in connection with this
               Agreement and each of the Finance Documents (including a dispute
               regarding the existence, validity or termination of this
               Agreement) (a "DISPUTE") and irrevocably submits to the
               non-exclusive jurisdiction of such courts.

37.1.2         The Borrower waives any objections which they may now or
               hereafter have to the English courts being nominated as the forum
               to hear and determine any

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<PAGE>

               such Dispute and agree not to claim that any such court is not a
               convenient or appropriate forum.

37.1.3         This Clause 37.1 is for the benefit of the Finance Parties only.
               As a result, no Finance Party shall be prevented from taking
               proceedings relating to a Dispute in any other courts with
               jurisdiction. To the extent allowed by law, the Finance Parties
               may take concurrent proceedings in any number of jurisdictions.

37.2           SERVICE OF PROCESS

               Without prejudice to any other mode of service allowed under any
               relevant law, the Borrower:

37.2.1         irrevocably appoints ReedSmith Richards Butler as its agent for
               service of process in relation to any proceedings before the
               English courts in connection with any Finance Document and will
               immediately appoint a new agent for service of process on terms
               satisfactory to the Agent (acting reasonably) should the above
               agent resign or otherwise cease to be the agent for process
               hereunder or cease to maintain a registered office in England;
               and

37.2.2         agrees that failure by a process agent to notify the Borrower of
               the process will not invalidate the proceedings concerned.

38.            LOAN TRANCHES

               The Agent may at any time require that the Loan be divided into
               two or more tranches, of which the aggregate weighted average
               interest rate shall, as of any sale or securitisation of the
               Loan, equal the interest rate on the Loan on the date immediately
               prior to such tranching, but each of which may have a different
               interest rate and a different amortisation profile PROVIDED
               always that the impact of such division shall not result in any
               additional financial obligation to the Borrower over the Term.

39.            FURTHER ASSURANCE

               The parties hereto shall on being reasonably requested to do so
               by the Agent now or at any time while this Agreement is still in
               force do or perform all such further acts and things and/or
               execute and deliver such further deeds, documents or instruments
               (or procure that the same are executed and delivered) in a manner
               and form reasonably satisfactory to the Majority Lenders for
               implementing or giving full effect to the provisions of this
               Agreement and the Security Documents.

THIS AGREEMENT HAS BEEN ENTERED INTO ON THE DATE STATED AT THE BEGINNING OF THIS
AGREEMENT.

                                       109

<PAGE>

                                   SCHEDULE 1

                          LENDERS AND THEIR COMMITMENTS

<TABLE>
<CAPTION>
NAME AND FACILITY OFFICE    COMMITMENT
------------------------   ------------
<S>                        <C>
Capmark AB No.2 Limited    E213,463,985
Commerzbank House
Guild Street
ISFC
Dublin 1
Ireland
</TABLE>

                                       110
<PAGE>

                                   SCHEDULE 2

                              CONDITIONS PRECEDENT

                   CONDITIONS PRECEDENT TO INITIAL UTILISATION

1.   AUTHORISATIONS

     (a)  To the extent not already received, a copy of the constitutional
          documents of the Borrower.

     (b)  A copy of a resolution of the shareholders-meeting of the Borrower and
          the managers of the Borrower:

          (i)  approving the terms of, and the transactions contemplated by, the
               Finance Documents to which it is a party and resolving that it
               execute the Finance Documents to which it is a party;

          (ii) authorising a specified person or persons to execute the Finance
               Documents to which it is a party on its behalf; and

          (iii) authorising a specified person or persons, on its behalf, to
               sign and/or despatch all documents and notices (including, if
               relevant, the Utilisation Request) to be signed and/or despatched
               by it under or in connection with the Finance Documents to which
               it is a party.

     (c)  A specimen of the signature of each person authorised by the
          resolution referred to in paragraph (b) above.

     (d)  Certificate of the Borrower (signed by an authorised signatory of the
          Borrower) confirming that borrowing the Total Commitments would not
          cause any borrowing or similar limit binding on it to be exceeded.

     (e)  A certificate of an authorised signatory of the Borrower certifying
          that the original of each copy document relating to it specified in
          paragraphs (a) and (b) above is correct, complete and in full force
          and effect as at a date no earlier than the date of this Agreement and
          that each copy is a true and complete copy of the original.

     (f)  Appointment of a "Notary" satisfactory to the Agent including (but not
          limited to) satisfactory professional indemnity insurance cover,
          satisfaction that the Notary has been placed in sufficient funds to
          enable the payment of all fees connected with the notarisation and
          registration and an undertaking from the Notary to regularly update
          the Agent as to the status of the registration of the security.

     (g)  Evidence that the agent of the Borrower and each Obligor under the
          Finance Documents for service of process in England and Wales and
          Germany (in relation to the German law governed Security Documents)
          has been appointed and has accepted its appointment.

                                       111

<PAGE>

2.   LEGAL OPINIONS

     (a)  An English legal opinion of White & Case LLP, solicitors of the
          Arranger and the Agent, in relation to the validity and enforceability
          of the Finance Documents and in relation to the capacity and authority
          of each of the English parties thereto to enter into the Finance
          Documents to which they are a party.

     (b)  A German legal opinion of White & Case LLP, legal advisers to the
          Arranger and the Agent in Germany, in relation to the capacity and
          authority of each of the German parties thereto to enter into the
          Finance Documents to which they are a party.

     (c)  A legal opinion of ReedSmith Richards Butler, solicitors of the
          Borrowers in relation to the capacity and authority of each Obligor to
          enter into the Transaction Documents to which it is a party.

     (d)  A Luxembourg legal opinion of VandenBulke Avocats, legal advisers to
          the Arranger and the Agent in Luxembourg, in relation to the validity
          and enforceability of the Luxembourg law Finance Documents.

     (e)  A Luxembourg legal opinion of Loyens Winandy, legal advisers to the
          Borrower in Luxembourg, in relation to the capacity and authority of
          each of the Luxembourg parties thereto to enter into the Finance
          Documents to which they are a party.

     (f)  A legal opinion of Dr. Wolfgang Weber, solicitors of PropCo in
          relation to the capacity and authority of PropCo to enter into the
          Transaction Documents to which it is a party.

3.   OTHER DOCUMENTS AND EVIDENCE

     (a)  Pro forma financial statements and up to date balance sheets of PropCo
          as at Closing, i.e. as expected post close position to be.

     (b)  Pro forma financial statements and up to date balance sheets of Specht
          as at Closing, i.e. as expected post close position to be.

4.   SENIOR FINANCE DOCUMENTS

     (a)  The following documents duly signed or executed by the parties to
          them:

          (i)  this Agreement;

          (ii) each Land Charge;

          (iii) each Account Pledge Agreement;

          (iv) each Security Purpose Agreement;

          (v)  each Global Assignment Agreement;

          (vi) each Share Pledge Agreement;

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<PAGE>

          (vii) each Interest Pledge Agreement;

          (viii) the Subordination Agreement;

          (ix) the Utilisation Request;

          (xii) the Power of Attorney.

          (xiii) the Fee Letter.

     (b)  All necessary notices to be issued pursuant to the Security Documents.

     (c)  Receipt of acknowledgements in respect of the notices referred to in
          paragraph (b) above in substantially the form set out in the Security
          Documents or agreement to provide the same.

5.   VALUATION AND SURVEY

     (a)  Satisfactory Initial Valuation addressed to the Finance Parties
          showing:

          (i)  a minimum Market Value of the Properties of at least
               E363,100,000; and

          (ii) an insurance valuation for reinstatement purposes.

     (b)  Confirmation from the Valuer that the Report on Title does not affect
          the Initial Valuation.

     (c)  Building survey report addressed to the Finance Parties and successors
          in title prepared by a firm approved by the Lender.

     (d)  Environmental & Structural Reports from ERM GmbH addressed to the
          Finance Parties and successors in title.

6.   INSURANCE

     (a)  The original insurance policy document providing evidence of the
          insurance in force with respect to each Property in accordance with
          this Agreement (together with the related premium receipts if
          applicable) and confirmation in writing from the relevant insurance
          broker that the insurance policy accords with the terms of Clause
          17.14 (Insurances).

     (b)  Evidence of professional indemnity cover satisfactory to the Agent
          from each report and valuation provider referred to in this Schedule
          2.

7.   PROPERTIES

     (a)  Excerpt from the Land Registry of recent date with respect to any
          Property, certified by the Land Registry or a Notary.

     (b)  A Notarial confirmation that the Land Charge will be registered as a
          first priority ranking security over any Property in division III of
          the Land Register.

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<PAGE>

     (c)  Confirmation from HH that relevant expenses are in their attorney
          trust account in the amount to be agreed by the Agent relating to the
          Notary Public payment of all court costs associated with the
          registration of the Land Charge.

     (d)  Evidence in respect of the Notary Public that all of his services
          rendered in connection with the Interest Purchase Agreement and this
          Agreement are covered by a professional liability insurance policy
          providing cover in respect of each claim up to an amount to be agreed
          by the Agent.

     (e)  The Overview Report on Title.

     (f)  Notarial confirmation that all relevant consents to the relevant Land
          Charges have been delivered.

     (g)  All Authorisations necessary for the charging of the Properties to the
          Security Trustee (if any).

     (h)  Copies of all notices to tenants necessary as a consequence or entry
          into the Security Documents.

     (i)  Confirmation that the Agent has carried out a satisfactory inspection
          of each Property.

     (j)  Certified copy of the Purchase Agreement.

     (k)  Historical operating information for the Properties.

8.   TAX

     (a)  A copy of PropCo's VAT Registration or a copy of PropCo's application
          for a VAT Registration.

     (b)  The German Tax Report.

     (c)  The Luxembourg Tax Report.

     (d)  The Delaware Tax Report.

9.   THE ACCOUNTS

     (a)  Evidence of the establishment of the Accounts.

     (b)  A duly signed bank mandate for each Account.

10.  COSTS AND EXPENSES

     (a)  Sources and uses detailing all payments to be made from the equity
          contribution and the Loan including, without limitation, notary fees,
          costs and expenses, RETT, Land Registry fees, receiving bank charges,
          valuation, legal, structural, commercial and bank fees (all inclusive
          of VAT where applicable) and detailing for cash payment the relevant
          account details.

                                       114

<PAGE>

     (b)  Evidence that the purchase price paid for the Property is an amount
          notified to the Agent prior to the date of this Agreement (excluding
          Acquisition Costs).

11.  MISCELLANEOUS

     (a)  The Structure Chart.

     (b)  A certified copy of each loan agreement between any Obligor and each
          Subordinated Creditor.

     (c)  Payment of the outstanding Arrangement Fees and any other outstanding
          fees, costs and expenses payable by the Borrower under the Finance
          Documents.

     (d)  Payment of all reasonable third party fees and any other costs and
          expenses incurred by the Lender and its advisers.

     (e)  Evidence satisfactory to the Agent of the identity of at least two
          directors of each Obligor and their names and addresses and such other
          evidence as the Agent and the Security Trustee may require to satisfy
          the Money Laundering Obligations.

     (f)  Confirmation from the Notary Public in respect of any Property that
          the registration of the priority notice in the Land Register has been
          registered and is complete and, all relevant consents to the transfer
          of any Property has been received, there is a waiver of all
          pre-emption rights of the municipality and all conditions precedent to
          the Interest Purchase Agreement and related documents have been
          satisfied.

     (g)  Evidence of payment of equity (or inter-company loans) required to
          cover balance of purchase price and all other items identified in the
          Services and Uses.

     (h)  Legal Due Diligence Report from Hogan & Hartson Raue LLP addressed to
          the Finance Parties and successors in title in a form approved by the
          Agent.

     (i)  A certified copy of the Principal Occupational Lease.

     (j)  A certified copy of the Seller 2 Facility Agreement.

     (k)  Closing certificate required from Seller 1 and Seller 2 to the
          Purchaser under the Interest Purchaser Agreement.

     (l)  Letter of direction from Seller 1 (which directs PropCo to pay its
          portion of the Rent direct to Semer and Purchaser according to its
          relevant limited partnership interests in Seller 1).

     (m)  Reliance Letters.

     (n)  Evidence that the Commerzbank bank account of PropCo has been closed.

     (o)  A copy of any other authorisation or other document, opinion or
          assurance which the Agent considers to be necessary as a result of
          matters arising from

                                       115

<PAGE>

          the conditions precedent listed above in connection with the entry
          into and performance of, and the transactions contemplated by, any
          Finance Document or for the validity and enforceability of any Finance
          Document, including a Partner resolution form for PropCo authorising
          the transaction and a formalities certificate attaching commercial
          register entries.

                         CONDITION SUBSEQUENT DOCUMENTS

1.   (a)  The deletion of the right of first refusal in relation to the Property
          at Halberstadt and confirmation that this has been deleted at the
          Halberstadt land registry so that the Land Charge in favour of the
          Security Trustee does not take subject to it

     (b)  Update of the Environmental & Structural Reports to ensure that the
          measurements of the Properties are consistent with the Initial
          Valuation within 5 Business Days of the date of this Agreement

     (c)  A certificate dated on the day of closing of an authorised signatory
          of the WPC Lender certifying that the original of each copy document
          relating to it specified in paragraphs (a) and (b) above is correct,
          complete and in full force and effect as at a date no earlier than the
          date of the WPC Lender Facility Agreement and that each copy is a true
          and complete copy of the original.

     (d)  Receipt of final cover note in respect of Terrorism Insurance Cover
          together with the policy number.

                                       116

<PAGE>

                                   SCHEDULE 4

                             MANDATORY COST FORMULA

1.   The Mandatory Cost is an addition to the interest rate to compensate
     Lenders for the cost of compliance with (a) the requirements of the Bank of
     England and/or the Financial Services Authority (or, in either case, any
     other authority which replaces all or any of its functions) or (b) the
     requirements of the European Central Bank.

2.   On the first day of each Interest Period (or as soon as possible
     thereafter) the Agent shall calculate, as a percentage rate, a rate (the
     "ADDITIONAL COST RATE") for each Lender, in accordance with the paragraphs
     set out below. The Mandatory Cost will be calculated by the Agent as a
     weighted average of the Lenders' Additional Cost Rates (weighted in
     proportion to the percentage participation of each Lender in the relevant
     Loan) and will be expressed as a percentage rate per annum.

3.   The Additional Cost Rate for any Lender lending from a Facility Office in a
     Participating Member State will be the percentage notified by that Lender
     to the Agent. This percentage will be certified by that Lender in its
     notice to the Agent to be its reasonable determination of the cost
     (expressed as a percentage of that Lender's participation in the Loan made
     from that Facility Office) of complying with the minimum reserve
     requirements of the European Central Bank in respect of loans made from
     that Facility Office.

4.   The Additional Cost Rate for any Lender lending from a Facility Office in
     the United Kingdom will be calculated by the Agent as follows:

     (a)  in relation to a sterling Loan:

          AB + C(B - D) + EX -0.01
          ------------------------ per cent., per annum
                100 - (A + C)

     (b)  in relation to a Loan in any currency other than sterling:

          E0.01
          ----- per cent., per annum
           300

     Where:

     A    is the percentage of Eligible Liabilities (assuming these to be in
          excess of any stated minimum) which that Lender is from time to time
          required to maintain as an interest free cash ratio deposit with the
          Bank of England to comply with cash ratio requirements.

     B    is the percentage rate of interest (excluding the Margin and the
          Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate
          of interest specified in Clause 8.3 (Default interest)) payable for
          the relevant Interest Period on the Loan.

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<PAGE>

     C    is the percentage (if any) of Eligible Liabilities which that Lender
          is required from time to time to maintain as interest bearing Special
          Deposits with the Bank of England.

     D    is the percentage rate per annum payable by the Bank of England to the
          Agent on interest bearing Special Deposits.

     E    is designed to compensate Lenders for amounts payable under the Fees
          Rules and is calculated by the Agent as being the average of the most
          recent rates of charge supplied by the Reference Banks to the Agent
          pursuant to paragraph 7 below and expressed in pounds per
          L1,000,000.

5.   For the purposes of this Schedule:

     (a)  "ELIGIBLE LIABILITIES" and "SPECIAL DEPOSITS" have the meanings given
          to them from time to time under or pursuant to the Bank of England Act
          1998 or (as may be appropriate) by the Bank of England;

     (b)  "FEES RULES" means the rules on periodic fees contained in the FSA
          Supervision Manual or such other law or regulation as may be in force
          from time to time in respect of the payment of fees for the acceptance
          of deposits;

     (c)  "FEE TARIFFS" means the fee tariffs specified in the Fees Rules under
          the activity group A.1 Deposit acceptors (ignoring any minimum fee or
          zero rated fee required pursuant to the Fees Rules but taking into
          account any applicable discount rate); and

     (d)  "TARIFF BASE" has the meaning given to it in, and will be calculated
          in accordance with, the Fees Rules.

6.   In application of the above formulae, A, B, C and D will be included in the
     formulae as percentages (i.e. 5% will be included in the formula as 5 and
     not as 0.05). A negative result obtained by subtracting D from B shall be
     taken as zero. The resulting figures shall be rounded to four decimal
     places.

7.   If requested by the Agent, each Reference Bank shall, as soon as
     practicable after publication by the Financial Services Authority, supply
     to the Agent, the rate of charge payable by that Reference Bank to the
     Financial Services Authority pursuant to the Fees Rules in respect of the
     relevant financial year of the Financial Services Authority (calculated for
     this purpose by that Reference Bank as being the average of the Fee Tariffs
     applicable to that Reference Bank for that financial year) and expressed in
     pounds per L1,000,000 of the Tariff Base of that Reference Bank.

8.   Each Lender shall supply any information required by the Agent for the
     purpose of calculating its Additional Cost Rate. In particular, but without
     limitation, each Lender shall supply the following information on or prior
     to the date on which it becomes a Lender:

     (a)  the jurisdiction of its Facility Office; and

     (b)  any other information that the Agent may require for such purpose.

                                       120

<PAGE>

     Each Lender shall promptly notify the Agent of any change to the
     information provided by it pursuant to this paragraph.

9.   The percentages of each Lender for the purpose of A and C above and the
     rates of charge of each Reference Bank for the purpose of E above shall be
     determined by the Agent based upon the information supplied to it pursuant
     to paragraphs 7 and 8 above and on the assumption that, unless a Lender
     notifies the Agent to the contrary, each Lender's obligations in relation
     to cash ratio deposits and Special Deposits are the same as those of a
     typical bank from its jurisdiction of incorporation with a Facility Office
     in the same jurisdiction as its Facility Office.

10.  The Agent shall have no liability to any person if such determination
     results in an Additional Cost Rate which over or under compensates any
     Lender and shall be entitled to assume that the information provided by any
     Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true
     and correct in all respects.

11.  The Agent shall distribute the additional amounts received as a result of
     the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate
     for each Lender based on the information provided by each Lender and each
     Reference Bank pursuant to paragraphs 3, 7 and 8 above.

12.  Any determination by the Agent pursuant to this Schedule in relation to a
     formula, the Mandatory Cost, an Additional Cost Rate or any amount payable
     to a Lender shall, in the absence of manifest error, be conclusive and
     binding on all Parties.

13.  The Agent may from time to time, after consultation with the Borrower and
     the Lenders, determine and notify to all Parties any amendments which are
     required to be made to this Schedule in order to comply with any change in
     law, regulation or any requirements from time to time imposed by the Bank
     of England, the Financial Services Authority or the European Central Bank
     (or, in any case, any other authority which replaces all or any of its
     functions) and any such determination shall, in the absence of manifest
     error, be conclusive and binding on all Parties.

                                       121

<PAGE>

                                   SCHEDULE 8

                                   PROPERTIES

<TABLE>
<CAPTION>
                                                   ALLOCATED LOAN AMOUNT
                                                 (75.2601% OF THE FOLLOWING
                                                          AMOUNTS)
                      PROPERTY                             (EUR)
      ----------------------------------------   --------------------------
<S>   <C>                                        <C>
1.    Gewerbegebiet Am Rehhahn
      16356 Ahrensfelde-Blumberg                          7,850,910

2.    Gustener StraBe 19 c
      06449 Aschersleben                                  5,417,128

3.    Alt Biesdorf 38
      12683 Berlin-Biesdorf                              14,607,476

4.    RoelckestraBe 108
      13086 Berlin-WeiBensee                             11,854,874

5.    Riemker StraBe 4
      44809 Bochum-Hofstede                               8,871,528

6.    Konigswinterer Strasse 89
      53227 Bonn-Beuel                                    2,940,000

7.    RochusstraBe 44
      53123 Bonn-Duisdorf                                 7,420,910

8.    Werner-Seelenbinder-StraBe 5
      09120 Chemnitz                                      5,495,637

9.    HandwerkerstraBe 34-40
      15366 Dahlwitz-Hoppegarten                         16,329,892

10.   BrennaborstraBe 3
      44149 Dortmund-Kley                                 4,480,000

11.   An der Zolltafel 3-4
      06295 Eisleben                                      4,632,037

12.   NeustraBe / Ecke VoerderstraBe
      58256 Ennepetal                                     6,123,710

13.   Gladbecker StraBe 399
      45326 Essen-Altenessen                              9,813,637

14.   AktienstraBe 10
      45359 Essen-Borbeck                                13,425,056

15.   Im Teelbruch 105
      45219 Essen-Kettwig                                 2,826,328

16.   Spandauer StraBe109
      14612 Falkensee                                    21,982,548

17.   LockhofstraBe 2
      45881 Gelsenkirchen                                 9,735,128

18.   Plauensche StraBe 1 c
      07973 Greiz                                         5,888,182

19.   SiemensstraBe 2
      48599 Gronau                                        2,669,309
</TABLE>

                                       128

<PAGE>

<TABLE>
<S>   <C>                                        <C>
20.   GewerbestraBe 32
      03172 Guben-Deulowitz                               4,160,982

21.   Quedlinburger StraBe
      38820 Halberstadt                                   4,867,564

22.   IndustriestraBe 1
      06132 Halle                                         7,458,364

23.   Veltener StraBe
      16761 Hennigsdorf                                   7,030,336

24.   Hallesche StraBe 214
      04159 Leipzig                                       6,280,728

25.   Hohe Steinert 6
      58509 Ludenscheid                                  11,854,874

26.   MittagstraBe 9
      39124 Magdeburg                                     2,512,291

27.   Siedlerweg 9
      39124 Magdeburg                                    12,875,492

28.   Honnenwerth
      58706 Menden                                        7,536,873

29.   Dusseldorfer StraBe 181-187
      40822 Mettmann                                      7,772,401

30.   In der Helme
      99734 Nordhausen-Sundhausen                         5,495,637

31.   Frankfurter Weg 32
      33106 Paderborn                                     3,454,400

32.   Beetzweg / Fritz-Zubeil-StraBe
      14482 Potsdam                                      12,796,983

33.   Magdeburger StraBe 15
      06484 Quedlinburg                                   4,475,019

34.   HauffstraBe 41
      14548 Schwielowsee                                  5,731,164

35.   Max-Planck-StraBe / Westfalenring
      48565 Steinfurt                                     3,150,000

36.   Soester StraBe 71
      59457 Werl                                          5,652,655

37.   Leipziger StraBe 213
      08058 Zwickau                                       8,164,946
</TABLE>

                                       129

<PAGE>

                                   SCHEDULE 9

                               REPAYMENT SCHEDULE

<TABLE>
<CAPTION>
                                AMOUNT OF REPAYMENT
                               INSTALMENT CALCULATED
                                 AS A % OF THE LOAN
                                   OUTSTANDING ON
NO.   INTEREST PAYMENT DATES      UTILISATION DATE
---   ----------------------   ---------------------
<S>   <C>                      <C>
1     18 July 2007                        --

2     18 October 2007                     --

3     18 January 2008                     --

4     18 April 2008                       --

5     18 July 2008                         0%

6     18 October 2008                      0%

7     18 January 2009                      0%

8     18 April 2009                     0.25%

9     18 July 2009                      0.25%

10    18 October 2009                   0.25%

11    18 January 2010                   0.25%

12    18 April 2010                     0.25%

13    18 July 2010                      0.25%

14    18 October 2010                   0.25%

15    18 January 2011                   0.25%

16    18 April 2011                    0.375%

17    18 July 2011                     0.375%

18    18 October 2011                  0.375%

19    18 January 2012                  0.375%

20    18 April 2012                    0.375%

21    18 July 2012                     0.375%

22    18 October 2012                  0.375%
</TABLE>

                                       130

<PAGE>

<TABLE>
<S>   <C>                      <C>
23    18 January 2013                  0.375%

24    18 April 2013                      0.5%

25    18 July 2013                       0.5%

26    18 October 2013                    0.5%

27    18 January 2014                    0.5%

28    18 April 2014                      0.5%

29    18 July 2014                       0.5%

30    18 October 2014                    0.5%

31    18 January 2015                    0.5%

32    18 April 2015                      0.5%

33    18 July 2015                       0.5%

34    18 October 2015                    0.5%

35    18 January 2016                    0.5%

36    18 April 2016                      0.5%

37    18 July 2016                       0.5%

38    18 October 2016                    0.5%

39    18 January 2017                    0.5%
</TABLE>

                                       131

<PAGE>

                                   SIGNATORIES

THE BORROWER

HLWG TWO LENDER S.A R.L.

Address:   c/o Fidalux, 23, Val Fleuri, L-1526 Luxembourg

Fax No:    + 352 45 54 85

Attention: Mr. Christophe Blondeau

By: /s/ Edward V. Lapuma

    Manager

                                       134

<PAGE>

THE ARRANGER

CAPMARK BANK EUROPE P.L.C.

Address:        Commerzbank House
                Guild Street
                IFSC
                Dublin 1

Fax No:         +353 (1) 672 0353

Attention:      General Counsel

By:

THE ORIGINAL LENDER(S)

CAPMARK AB NO.2 LIMITED

Address:        Commerzbank House
                Guild Street
                IFSC
                Dublin 1

Fax No:         +353 (1) 672 0353

Attention:      General Counsel

By:

THE AGENT

CAPMARK BANK EUROPE P.L.C.

Address:        Commerzbank House
                Guild Street
                ISFC
                Dublin 1
                Ireland

Attention:      General Counsel

Fax No:         +353 (1) 672 0353

with a copy to:

Address:        Capmark UK Limited

                                       135

<PAGE>

                Norfolk House
                31 St. James Square
                London
                SW1Y 4JJ
                UK

Attention: UK Lending

Fax No:         +44 (0)20 7393 6270

By:

THE SECURITY TRUSTEE

CAPMARK BANK EUROPE P.L.C.

Address:        Commerzbank House
                Guild Street
                IFSC
                Dublin 1
                Ireland

Attention:      General Counsel

Fax No:         +353 (1) 672 0353

with a copy to:

Address:        Capmark UK Limited
                Norfolk House
                31 St. James Square
                London
                SW1Y 4JJ
                UK

Attention:      UK Lending

Fax No:         +44 (0)20 7393 6270

By:

For the purposes of Council Regulation (EC) No. 44/2001 of 22 December 2000 on
jurisdiction and the enforcement of judgments in civil and commercial matters,
HLWG Two Lender S.a r.l. expressly and specifically confirms its acceptance of
Clause 37.1 (Jurisdiction of English Courts) which gives exclusive jurisdictions
to the courts of England.

                                       136

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