Document:

Exhibit
4.30

 

[Myriad IV
and V/Lakeview]

 

REGISTRATION RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT, dated as
of July 26, 2010, is entered into by and among HCP, INC., a Maryland
corporation (the “Company”), BOYER RESEARCH PARK
ASSOCIATES VIII, L.C., a Utah limited liability company (“Boyer VIII”),
BOYER RESEARCH PARK ASSOCIATES IX, L.C., a Utah limited liability company (“Boyer IX”),  and TEGRA
LAKEVIEW ASSOCIATES, L.C., a Utah limited liability company (“Tegra,” and together with Boyer VIII and Boyer IX,
collectively, the “Unitholders”).

 

RECITALS

 

WHEREAS,
the Company, Boyer VIII, HCPI/Utah II, LLC, a Delaware limited liability
company (the “Operating LLC”) and The Boyer
Company, L.C., a Utah limited liability company (“Boyer”)
entered into that certain Contribution Agreement and Escrow Instructions dated
as of July 26, 2010 (the “Boyer VIII Contribution
Agreement”) providing, among other things, for the contribution of
certain property by Boyer VIII to the Operating LLC, the contribution of cash by
the Company to the Operating LLC and the issuance by the Operating LLC to Boyer
VIII of certain LLC Units (as defined below), all as more particularly
described therein and in the other documents and instruments executed and
delivered by the applicable parties in connection therewith (collectively, the “Boyer VIII Transaction”).

 

WHEREAS,
the Company, Boyer IX, Tegra, the Operating LLC and Boyer have entered into
that certain Contribution Agreement and Escrow Instructions dated as of the
date hereof (the “Boyer IX/Tegra Contribution Agreement”)
providing, among other things, for the contribution of certain property by
Boyer IX and Tegra to the Operating LLC or a subsidiary of the Operating LLC,
the contribution of cash by the Company to the Operating LLC and the issuance
by the Operating LLC to Boyer IX and Tegra of certain LLC Units (as defined
below), all as more particularly described therein and in the other documents
and instruments executed and delivered by the applicable parties in connection
therewith (collectively, the “Boyer IX/Tegra Transaction”);
and

 

WHEREAS,
it is a condition to the closing of the transactions contemplated by the Boyer
IX/Tegra Contribution Agreement that the parties hereto enter into this
Agreement;

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

 

ARTICLE I.

DEFINITIONS

 

Section 1.1            Definitions. The following
capitalized terms, as used in this Agreement, have the following meanings:

 

“Agreement” means this Registration
Rights Agreement, as it may be amended, supplemented or restated from time to
time.

 

 

“Boyer VIII Contribution Agreement” has the
meaning set forth in the recitals to this Agreement.

 

“Boyer IX/Tegra Contribution Agreement” has the
meaning set forth in the recitals to this Agreement.

 

“Business Day” means any day except a
Saturday, Sunday or other day on which commercial banks in New York, New York,
Los Angeles, California or Salt Lake City, Utah are authorized by law to close.

 

“Closing Price” means (i) the closing
price of a share of Common Stock on the principal exchange on which shares of
Common Stock are then trading, if any, or (ii) if the Common Stock is not
publicly traded on an exchange, the mean between the closing bid and asked
prices for the Common Stock.

 

“Commission” means the Securities and
Exchange Commission.

 

“Common Stock” means the common stock, par
value $1.00 per share, of the Company.

 

“Company” has the meaning set forth
in the preamble to this Agreement.

 

“Contribution Agreement” means either
the Boyer VII Contribution Agreement or the Boyer IX/Tegra Contribution
Agreement, as applicable.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended.

 

“Exchangeable LLC Units” means either
the Third Traunch Exchangeable LLC Units or the Fourth Traunch Exchangeable LLC
Units, as applicable.

 

“Exchange Shares” means the
shares of Common Stock issued or issuable upon exchange of the Exchangeable LLC
Units.

 

“Existing Shelf Registration Statement” means the
Company’s registration statement on Form S-3, Commission File No. 331-161721,
or, if such registration statement is no longer effective, a registration
statement of the Company filed on Form S-3 pursuant to Rule 415 of
the Securities Act that has then been declared effective by the Commission and
continues to be effective and under which the Exchange Shares can be registered
for resale.

 

“Fourth Traunch Exchangeable LLC Units” means Fourth
Traunch Non-Managing Member Units which may be exchanged for Common Stock
pursuant to the LLC Agreement.

 

“Fourth Traunch Non-Managing Member Units” has the
meaning set forth in the LLC Agreement.

 

“Holder” means any Person (including
a Unitholder) who is the record or beneficial owner of any Registrable
Security.

 

2

 

“LLC Agreement” means the Amended and
Restated Limited Liability Company Agreement of the Operating LLC dated as of August 17,
2001, as the same may have been or may hereafter be amended, modified,
supplemented or restated from time to time.

 

“LLC Units” has the meaning set forth
in the LLC Agreement.

 

“Operating LLC” has the meaning set forth
in the recitals to this Agreement.

 

“Person” means an individual or a
corporation, partnership, limited liability company, association, trust, or any
other entity or organization, including a government or political subdivision
or an agency or instrumentality thereof.

 

“Records” has the meaning set forth
in Section 3.1(i).

 

“Registration Expenses” has the
meaning set forth in Section 3.3.

 

“Registrable Securities” means Exchange
Shares unless and until such Exchange Shares (i) have been sold or
transferred by a Holder to another Person pursuant to an effective registration
statement, (ii) have been sold by a Holder to another Person pursuant to
the provisions of Rule 144, (iii) may be sold pursuant to Rule 144
within a period of three months in accordance with any applicable volume
limitations set forth in Rule 144(e)(1), or (iv) have been otherwise
transferred in a transaction that would constitute a sale under the Securities
Act and such shares may be resold without subsequent registration under the
Securities Act.

 

“Resale Prospectus” has the
meaning set forth in Section 3.4.

 

“Resale Registration Statement” means any
registration statement of the Company covering the resale of Registrable
Securities.

 

“Rule 144”means Rule 144 under
the Securities Act (or any similar provisions then in force).

 

“Securities Act” means the Securities Act of
1933, as amended.

 

“Selling Holder” means a Holder who is
selling Registrable Securities pursuant to a Resale Registration Statement.

 

“Third Traunch Exchangeable LLC Units” means Third
Traunch Non-Managing Member Units which may be exchanged for Common Stock
pursuant to the LLC Agreement.

 

“Third Traunch Non-Managing Member Units” has the
meaning set forth in the LLC Agreement.

 

“Unitholders” has the meaning set forth
in the preamble to this Agreement.

 

3

 

ARTICLE II.

FILING OF PROSPECTUS SUPPLEMENT

 

Section 2.1            Prospectus
Supplement.  Subject to the
provisions of Article III hereof, the Company will use commercially
reasonable efforts to file with the Commission, on or prior to July 26,
2011, a prospectus supplement or such supplemental materials as are then
required by the rules and regulations of the Commission to an Existing
Shelf Registration Statement to register the resale by Holders of the Exchange
Shares.  The Company shall use its
commercially reasonable efforts to keep such Existing Shelf Registration
Statement (or another Resale Registration Statement under which the Exchange
Shares are registered for resale by Holders) continuously effective from July 26,
2011 until the first date on which all of the Exchange Shares cease to be
Registrable Securities.

 

ARTICLE III.

REGISTRATION

 

Section 3.1            Registration Procedures. In connection with any
Resale Registration Statement, or any prospectus or prospectus supplement
thereto, covering Registrable Securities:

 

(a)           Each
Holder agrees to provide in a timely manner information requested by the
Company regarding the proposed distribution by that Holder of the Registrable
Securities and all other information reasonably requested by the Company.  If a Holder fails to comply with this Section 3.1(a),
such Holder will not be entitled to the benefits of Section 2.1.

 

(b)           Subject
to Section 3.2 hereof, the Company will prepare and file with the Commission
such amendments, supplements and additional Resale Registration Statements as
may be necessary to comply with its obligations under Section 2.1.

 

(c)           The
Company will, if requested by any of the Holders, prior to filing any such
Resale Registration Statement or prospectus, or any amendment or supplement
thereto, furnish to each Selling Holder of the Registrable Securities covered
thereby copies of such Resale Registration Statement or prospectus or amendment
or supplement thereto as proposed to be filed, and thereafter furnish to such
Selling Holder such number of conformed copies of such Resale Registration
Statement, each amendment and supplement thereto (in each case including all
exhibits thereto and documents incorporated by reference therein), the
prospectus included in such Resale Registration Statement and such other
documents as such Selling Holder may reasonably request in order to facilitate
the disposition of the Registrable Securities owned by such Selling Holder.

 

(d)           The
Company will promptly notify each Selling Holder of Registrable Securities
covered by a Resale Registration Statement of any stop order issued or
threatened by the Commission and take all commercially reasonable actions
required to prevent the entry of such stop order or to remove it if entered.

 

(e)           The
Company will use reasonable efforts to register or qualify the Registrable
Securities under such securities or blue sky laws of those jurisdictions in the
United States (where an exemption is not available) as any Selling Holder
reasonably (in light of the

 

4

 

Selling
Holder’s intended plan of distribution) requests; provided, however,
that the Company will not be required to (i) qualify generally to do
business in any jurisdiction where it would not otherwise be required to
qualify but for this paragraph (e), (ii) subject itself to taxation in any
such jurisdiction or (iii) consent to general service of process in any
such jurisdiction.

 

(f)            The
Company shall cause all such Registrable Securities to be listed on each
securities exchange on which the Common Stock is then listed.

 

(g)           The
Company will promptly notify each Selling Holder of such Registrable
Securities, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the occurrence of an event requiring the
preparation of a supplement or amendment to such prospectus so that, as
thereafter delivered to the purchasers of such Registrable Securities, such
prospectus will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statement therein, in light of the circumstances then existing, not misleading
and promptly make available to each Selling Holder a reasonable number of
copies of any such supplement or amendment.

 

Section 3.2            Material Developments; Suspension of Offering.

 

(a)           Notwithstanding
the provisions of Sections 2.1 or any other provisions of this Agreement to the
contrary, the Company shall not be required to file a Resale Registration
Statement or prospectus, or any amendment or supplement thereto, or to keep any
Resale Registration Statement effective if the negotiation or consummation of a
transaction by the Company or any of its subsidiaries is pending or an event
has occurred, which negotiation, consummation or event would require additional
disclosure by the Company in the Resale Registration Statement of material
information which the Company (in the judgment of management of the Company)
has a bona fide business purpose for keeping confidential and the
nondisclosure of which in the Resale Registration Statement might cause the
Resale Registration Statement to fail to comply with applicable disclosure
requirements; provided, however, that the Company (i) will
promptly notify the Holders of Registrable Securities otherwise entitled to
registration of the foregoing and (ii) may not delay, suspend or withdraw
the Resale Registration Statement for such reason more than twice in any twelve
(12) month period or three times in any twenty-four (24) month period or for
more than ninety (90) days at any time. 
Upon receipt of any notice from the Company of the happening of any
event during the period the Resale Registration Statement is effective which is
of a type specified in the preceding sentence or as a result of which the
Resale Registration Statement or related prospectus contains any untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statement therein, in light of the
circumstances under which they were made not misleading, Holders agree that
they will immediately discontinue offers and sales of the Registrable
Securities under the Resale Registration Statement (until they receive copies
of a supplemental or amended prospectus that corrects the misstatements or
omissions and receive notice that any post-effective amendment has become
effective).  If so directed by the Company,
Holders will deliver to the Company any copies of the prospectus covering the
Registrable Securities in their possession at the time of receipt of such
notice.  Each Holder agrees to keep
confidential the fact that the Company has exercised its rights under this Section 3.2
and all facts and circumstances relating to such exercise until such
information is made public by the Company.

 

5

 

(b)           If
all reports required to be filed by the Company pursuant to the Exchange Act
have not been filed by the required date without regard to any extension, or if
the consummation of any business combination by the Company has occurred or is
probable for purposes of Rule 3-05 or Article 11 of
Regulation S-X under the Securities Act, upon written notice thereof by
the Company to the Holders, the rights of the Holders sell or distribute any
Registrable Securities pursuant to any Resale Registration Statement or to
require the Company to take action with respect to the registration of any
Registrable Securities pursuant to this Agreement shall be suspended until the
date on which the Company has filed such reports or obtained and filed the
financial information required by Rule 3-05 or Article 11 of
Regulation S-X to be included or incorporated by reference, as applicable,
in any Resale Registration Statement and the Company shall notify the Holders
as promptly as practicable when such suspension is no longer required. The
Company’s rights to suspend its obligations under this Section 3.2(b) shall
be in additional to its rights under Section 3.2(a).

 

Section 3.3            Registration Expenses. 
Except as otherwise provided in the Boyer IX/Tegra Contribution
Agreement, in connection with any registration of Registrable Securities
required hereunder, the Company shall pay the following registration expenses
incurred in connection with the registration (the “Registration
Expenses”): (i) all registration and filing fees, (ii) fees
and expenses of compliance with securities or blue sky laws (including the
reasonable fees and expenses of counsel to the Company), (iii) printing
expenses, (iv) internal expenses (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), (v) the fees and expenses incurred in connection with
the listing of the Registrable Securities on each securities exchange on which
the Common Stock is then listed, (vi) fees and disbursements of counsel
for the Company and the independent public accountants of the Company, and (vii) the
fees and expenses of any experts retained by the Company in connection with
such registration.  The Holders shall be
responsible for the payment of any and all other expenses incurred by them in
connection with the registration and sale of Registrable Securities, including,
without limitation, brokerage and sales commissions, underwriting fees and
placement agent fees, discounts and commissions attributable to the Registrable
Securities, fees and disbursements of counsel engaged by the Holders, and any
transfer taxes relating to the sale or disposition of the Registrable
Securities.

 

Section 3.4            Indemnification by the Company. The Company
agrees to indemnify and hold harmless each Selling Holder, its officers,
directors, employees, representatives, and agents, and each Person, if any, who
controls such Selling Holder within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act from and against any and
all losses, claims, actions, damages, liabilities, costs and expenses
(including, without limitation, but subject to the provisions of Section 3.6
hereof, reasonable attorneys’ fees and disbursements caused by any untrue
statement or alleged untrue statement of a material fact contained in any
Resale Registration Statement or the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances in which they were made, not
misleading, or arising out of any untrue statement or alleged untrue statement
of a material fact contained in any prospectus contained in a Resale
Registration Statement at the time it became effective (a “Resale
Prospectus”), or the omission or alleged omission therefrom of a
material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading,  except insofar as such losses, claims,
damages or liabilities are caused by any such

 

6

 

untrue
statement or omission or alleged untrue statement or omission based upon
information furnished in writing to the Company by such Selling Holder or on
such Selling Holder’s behalf expressly for inclusion therein; provided, however,
that the Company will not be liable in any case to the extent that any such
claim, loss, damage, liability or expense arises out of or is based upon any
untrue statement or omission contained in a Resale Prospectus which was
corrected in a supplement or amendment thereto if such claim is brought by a
purchaser of Registrable Securities from the Selling Holder and the Selling
Holder failed to deliver to such purchaser the supplement or amendment to the
Resale Prospectus in a timely manner.

 

Section 3.5            Indemnification by Holders of Registrable Securities. Each Selling
Holder of Resale Registrable Securities covered by a Registration
Statement  agrees to indemnify and hold
harmless the Company, its officers, directors and agents and each Person, if
any, who controls the Company within the meaning of either Section 15 of
the Securities Act or Section 20 of the Exchange Act to the same extent as
the indemnity set forth in Section 3.4 from the Company to Selling
Holders, but only with respect to information relating to such Selling Holder
furnished in writing by such Selling Holder or on such Selling Holder’s behalf
expressly for use in any Resale Registration Statement or Resale Prospectus or
any amendment or supplement thereto. 
Each Holder also agrees to indemnify and hold harmless underwriters of
the Registrable Securities, their officers and directors and each Person who
controls such underwriters within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act on substantially the same
basis as that of the indemnification of the Company provided in this Section 3.5.

 

Section 3.6            Conduct of Indemnification Proceedings. Each
indemnified party shall give reasonably prompt notice to each indemnifying
party of any action or proceeding commenced against it in respect of which
indemnity may be sought hereunder, but failure to so notify the indemnifying
party (i) shall not relieve the indemnifying party from any liability
which it may have under the indemnity agreement provided in Section 3.4 or
3.5 above, unless and to the extent it did not otherwise learn of such action
and the lack of notice by the indemnified party results in the forfeiture by
the indemnifying party of substantial rights and defenses and (ii) shall
not, in any event, relieve the indemnifying party from any obligations to the
indemnified party other than the indemnification obligation provided under Section 3.4
or 3.5 above.  If the indemnifying party
so elects within a reasonable time after receipt of notice, the indemnifying
party may assume the defense of the action or proceeding at the indemnifying
party’s own expense with counsel chosen by the indemnifying party and approved
by the indemnified party, which approval shall not be unreasonably withheld; provided,
however, that if the defendants in any such action or proceeding include
both the indemnified party and the indemnifying party and the indemnified party
reasonably determines based upon advice of legal counsel experienced in such
matters, that there may be legal defenses available to it which are different
from or in addition to those available to the indemnifying party, then the
indemnified party shall be entitled to separate counsel at the indemnifying
party’s expense, which counsel shall be chosen by the indemnified party and
approved by the indemnifying party, which approval shall not be unreasonably
withheld; provided  further, that it is understood that the
indemnifying party shall not be liable for the fees, charges and disbursements
of more than one separate firm.  If the
indemnifying party does not assume the defense, after having received the
notice referred to in the first sentence of this Section, the indemnifying
party will pay the reasonable fees and expenses of counsel for the indemnified
party; in that event, however, the indemnifying party 

 

7

 

will
not be liable for any settlement effected without the written consent of the
indemnifying party.  If an indemnifying
party assumes the defense of an action or proceeding in accordance with this Section 3.6,
the indemnifying party shall not be liable for any fees and expenses of counsel
for the indemnified party incurred thereafter in connection with that action or
proceeding except as set forth in the proviso in the second sentence of this Section 3.6.  Unless and until a final judgment is rendered
that an indemnified party is not entitled to the costs of defense under the
provisions of this Section, the indemnifying party shall reimburse, promptly as
they are incurred, the indemnified party’s costs of defense.

 

Section 3.7            Contribution.

 

(a)           If the indemnification provided for in Section 3.4 or
3.5 hereof is unavailable to an indemnified party or insufficient in respect of
any losses, claims, damages or liabilities referred to therein, then each
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by indemnified party as a result of
such losses, claims, damages or liabilities as between the Company on the one
hand and each Selling Holder on the other, in such proportion as is appropriate
to reflect the relative fault of the Company and of each Selling Holder in
connection with such statements or omissions which resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations.  The relative fault of the Company on the one
hand and of each Selling Holder on the other shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or such Selling Holder, and the
Company’s and the Selling Holder’s relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

 

(b)           The Company and the Selling Holders agree that it would
not be just and equitable if contribution pursuant to this Section 3.7
were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to in Section 3.7(a).  The amount paid or payable by an indemnifying
party as a result of the losses, claims, damages or liabilities referred to in
Sections 3.4 and 3.5 hereof shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
the indemnified party in connection with investigating or defending any such
action or claim.  Notwithstanding the
provisions of this Section 3.7, no Selling Holder shall be required to
contribute any amount in excess of the amount by which the total price at which
the securities of such Selling Holder were offered to the public exceeds the
amount of any damages which such Selling Holder has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged
omission.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.

 

Section 3.8            Holdback Agreements. Each Holder
whose securities are included in a Resale Registration Statement agrees not to
effect any sale or distribution of the securities registered or any similar
security of the Company, or any securities convertible into or exchangeable or
exercisable for such securities, including a sale pursuant to Rule 144
under the Securities Act, during the fourteen (14) days prior to, and during
the ninety (90)-day period beginning on, the filing date of a Resale Prospectus
(except as part of such registration), if and to the extent requested in
writing by the Company.

 

8

 

ARTICLE IV.

MISCELLANEOUS

 

Section 4.1            Specific Performance. The parties
hereto acknowledge that there would be no adequate remedy at law if any party
fails to perform any of its obligations hereunder, and accordingly agree that
each party, in addition to any other remedy to which it may be entitled at law
or in equity, shall be entitled to compel specific performance of the
obligation of any other party under this Agreement in accordance with the terms
and conditions of this Agreement in any court of the United States or any State
thereof having jurisdiction,

 

Section 4.2            Amendments and Waivers. The provisions
of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given without the prior written consent of the
Company and the Holders holding at least two-thirds (2/3rds) of the then
outstanding Registrable Securities and Exchangeable LLC Units.  No failure or delay by any party to insist
upon the strict performance of any covenant, duty, agreement or condition of this
Agreement or to exercise any right or remedy consequent upon any breach thereof
shall constitute a waiver of any such breach or any other covenant, duty,
agreement or condition.

 

Section 4.3            Notices. Any notice
required or permitted to be given under this Agreement shall be in writing and
shall be deemed to have been given (a) when delivered by hand or upon
transmission by a facsimile transmission device, (b) on the date delivered
by a courier service, or (c) on the third Business Day after mailing by registered
or certified mail, postage prepaid, return receipt requested, in any case
addressed as follows:

 

(a)           if to any Holder, to c/o The Boyer Company, L.C., 127
South 500 East, Suite 310, Salt Lake City, Utah 84102, or to such other
address and to such other Persons as the Holders may hereafter notify the
Company in writing; and

 

(b)           if to the Company, to HCP, Inc., 3760 Kilroy Airport
Way, Suite 300, Long Beach, California 90806 (Attention:  Legal Department), or to such other address
as the Company may hereafter specify in writing.

 

Section 4.4            Successors and Assigns. The rights and
obligations of the Holders under this Agreement shall not be assignable by any
Holder to any Person that is not a Holder. 
This Agreement shall be binding upon the parties hereto, the Holders and
their respective successors and assigns (including lenders in foreclosure).

 

Section 4.5            Counterparts. This Agreement
may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same
agreement.

 

9

 

Section 4.6            Governing Law. This Agreement
shall be governed by and construed in accordance with the internal laws of the
State of California without regard to the conflicts of law provisions thereof.

 

Section 4.7            Severability. In the event
that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions contained herein shall not be affected
or impaired thereby.

 

Section 4.8            Entire Agreement. This Agreement
is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein.  This Agreement supersedes all
prior agreements and understandings between the parties with respect to the
subject matter of this Agreement.

 

Section 4.9            Headings. The headings in
this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning of any provision of this Agreement.

 

Section 4.10         Selling Holders Become
Party to this Agreement. By asserting or
participating in the benefits of registration of Registrable Securities
pursuant to this Agreement, each Holder agrees that it or he will be deemed a
party to this Agreement and be bound by each of its terms.

 

Section 4.11         Rule 144. The Company
covenants that it will file any reports required to be filed by it under the
Securities Act and the Exchange Act to the extent required from time to time to
enable Holders to sell Registrable Securities without registration under the
Securities Act within the limitations of the exemptions provided by Rule 144
under the Securities Act, as such Rule may be amended from time to time.  Upon the request of any Holder, the Company
will deliver to such Holder a written statement as to whether it has filed such
reports.

 

[Signatures follow on next page]

 

10

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

 

	
   

  	
   

  	
  “COMPANY”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HCP, INC.,
  a Maryland corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “UNITHOLDERS”

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE
  BOYER COMPANY, L.C., 

  a Utah limited liability company,

  
	
   

  	
   

  	
  in
  its capacity as Manager or Managing Member of each limited liability company
  named below as a “Unitholder”

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

	
  Property

  	
   

  	
  Unitholder

  
	
   

  	
   

  	
   

  
	
  [LAKEVIEW]

  	
   

  	
  TEGRA
  LAKEVIEW ASSOCIATES, L.C., a Utah limited liability company

  
	
   

  	
   

  	
   

  
	
  [MYRIAD
  IV]

  	
   

  	
  BOYER
  RESEARCH PARK ASSOCIATES VIII, L.C., a Utah limited liability company

  
	
   

  	
   

  	
   

  
	
  [MYRIAD
  V]

  	
   

  	
  BOYER
  RESEARCH PARK ASSOCIATES IX, L.C., a Utah limited liability company

  

 

11Exhibit 10.1

 

Published CUSIP Number:               

 

$1,500,000,000

 

CREDIT AGREEMENT

 

Dated as of August 1, 2007

 

among

 

HEALTH CARE PROPERTY INVESTORS, INC.,

as Borrower

 

THE LENDERS PARTY HERETO FROM TIME TO TIME,

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender, L/C Issuer and

Alternative Currency Fronting Lender,

 

BANC OF AMERICA SECURITIES LLC., and

UBS SECURITIES LLC,

as Joint Lead Arrangers

 

BANC OF AMERICA SECURITIES LLC,

UBS SECURITIES LLC, and

BARCLAYS CAPITAL,

as Joint Bookrunners

 

UBS SECURITIES LLC,

as Syndication Agent

 

BARCLAYS BANK PLC,

CITICORP NORTH AMERICA, INC.

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

GOLDMAN SACHS CREDIT PARTNERS L.P.,

JPMORGAN CHASE BANK, N.A.,

WACHOVIA BANK, NATIONAL ASSOCIATION, and

WELLS FARGO BANK, N.A.,

as Co-Documentation Agents

 

and

 

THE BANK OF NOVA SCOTIA,

CALYON NEW YORK BRANCH,

KEY BANK NATIONAL ASSOCIATION,

MERRILL LYNCH BANK USA,

THE ROYAL BANK OF SCOTLAND PLC, and

SUNTRUST BANK,

as Senior Managing Agents

 

Moore & Van Allen PLLC

100 North Tryon Street, Suite 4700

Charlotte, North Carolina  28202

 

 

 

TABLE OF
CONTENTS

 

	
  Section

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I  DEFINITIONS AND ACCOUNTING
  TERMS

  	
   

  	
  1

  
	
  1.01

  	
  Defined Terms

  	
   

  	
  1

  
	
  1.02

  	
  Other Interpretive Provisions

  	
   

  	
  29

  
	
  1.03

  	
  Accounting Terms

  	
   

  	
  30

  
	
  1.04

  	
  Rounding

  	
   

  	
  30

  
	
  1.05

  	
  Exchange Rates; Currency Equivalents

  	
   

  	
  30

  
	
  1.06

  	
  Additional Alternative Currencies

  	
   

  	
  31

  
	
  1.07

  	
  Change of Currency

  	
   

  	
  31

  
	
  1.08

  	
  Times of Day

  	
   

  	
  32

  
	
  1.09

  	
  Letter of Credit Amounts

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II  THE COMMITMENTS AND
  CREDIT EXTENSIONS

  	
   

  	
  32

  
	
  2.01

  	
  Committed Revolving Loans

  	
   

  	
  32

  
	
  2.02

  	
  Borrowings, Conversions and Continuations of
  Committed Revolving Loans

  	
   

  	
  33

  
	
  2.03

  	
  Letters of Credit

  	
   

  	
  38

  
	
  2.04

  	
  Swing Line Loans

  	
   

  	
  47

  
	
  2.05

  	
  Negotiated Rate Loans

  	
   

  	
  51

  
	
  2.06

  	
  Prepayments

  	
   

  	
  52

  
	
  2.07

  	
  Termination or Reduction of Revolving Commitments

  	
   

  	
  54

  
	
  2.08

  	
  Repayment

  	
   

  	
  54

  
	
  2.09

  	
  Interest

  	
   

  	
  55

  
	
  2.10

  	
  Fees

  	
   

  	
  56

  
	
  2.11

  	
  Computation of Interest and Fees

  	
   

  	
  57

  
	
  2.12

  	
  Evidence of Debt

  	
   

  	
  57

  
	
  2.13

  	
  Payments Generally; Administrative Agent’s Clawback

  	
   

  	
  58

  
	
  2.14

  	
  Sharing of Payments by Lenders

  	
   

  	
  60

  
	
  2.15

  	
  Extension of Maturity Date

  	
   

  	
  61

  
	
  2.16

  	
  Increase in Revolving Commitments

  	
   

  	
  62

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III  TAXES, YIELD PROTECTION
  AND ILLEGALITY

  	
   

  	
  64

  
	
  3.01

  	
  Taxes

  	
   

  	
  64

  
	
  3.02

  	
  Illegality

  	
   

  	
  66

  
	
  3.03

  	
  Inability to Determine Rates

  	
   

  	
  67

  
	
  3.04

  	
  Increased Costs; Reserves on Eurocurrency Rate Loans

  	
   

  	
  67

  
	
  3.05

  	
  Compensation for Losses

  	
   

  	
  69

  
	
  3.06

  	
  Mitigation Obligations; Replacement of Lenders

  	
   

  	
  70

  
	
  3.07

  	
  Survival

  	
   

  	
  70

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV  CONDITIONS PRECEDENT TO
  CREDIT EXTENSIONS

  	
   

  	
  71

  
	
  4.01

  	
  Conditions of Initial Credit Extension

  	
   

  	
  71

  
	
  4.02

  	
  Conditions to All Credit Extensions

  	
   

  	
  72

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V  REPRESENTATIONS AND WARRANTIES

  	
   

  	
  73

  
	
  5.01

  	
  Existence, Qualification and Power; Compliance with
  Laws

  	
   

  	
  73

  
	
  5.02

  	
  Authorization; No Contravention

  	
   

  	
  74

  

 

i

 

	
  5.03

  	
  Governmental Authorization; Other Consents

  	
  74

  
	
  5.04

  	
  Binding Effect

  	
  74

  
	
  5.05

  	
  Financial Statements; No Material Adverse Effect

  	
  74

  
	
  5.06

  	
  Litigation

  	
  75

  
	
  5.07

  	
  No Default

  	
  75

  
	
  5.08

  	
  Ownership of Property; Liens; Leases

  	
  75

  
	
  5.09

  	
  Environmental Compliance

  	
  76

  
	
  5.10

  	
  Insurance

  	
  76

  
	
  5.11

  	
  Taxes

  	
  76

  
	
  5.12

  	
  ERISA Compliance

  	
  77

  
	
  5.13

  	
  Margin Regulations; Investment Company Act; REIT
  Status

  	
  77

  
	
  5.14

  	
  Disclosure

  	
  77

  
	
  5.15

  	
  Compliance with Laws

  	
  78

  
	
  5.16

  	
  Intellectual Property; Licenses, Etc

  	
  78

  
	
  5.17

  	
  Use of Proceeds

  	
  78

  
	
  5.18

  	
  Taxpayer Identification Number

  	
  78

  
	
  5.19

  	
  Acquisition Documents

  	
  79

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI  AFFIRMATIVE
  COVENANTS

  	
  79

  
	
  6.01

  	
  Financial Statements

  	
  79

  
	
  6.02

  	
  Certificates; Other Information

  	
  80

  
	
  6.03

  	
  Notices

  	
  82

  
	
  6.04

  	
  Payment of Obligations

  	
  82

  
	
  6.05

  	
  Preservation of Existence, Etc

  	
  83

  
	
  6.06

  	
  Maintenance of Properties

  	
  83

  
	
  6.07

  	
  Maintenance of Insurance

  	
  83

  
	
  6.08

  	
  Compliance with Laws

  	
  84

  
	
  6.09

  	
  Books and Records

  	
  84

  
	
  6.10

  	
  Inspection Rights

  	
  84

  
	
  6.11

  	
  Use of Proceeds

  	
  84

  
	
  6.12

  	
  REIT Status

  	
  84

  
	
  6.13

  	
  Employee Benefits

  	
  85

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII  NEGATIVE
  COVENANTS

  	
  85

  
	
  7.01

  	
  Liens

  	
  85

  
	
  7.02

  	
  Investments

  	
  86

  
	
  7.03

  	
  Indebtedness

  	
  86

  
	
  7.04

  	
  Fundamental Changes

  	
  87

  
	
  7.05

  	
  Dispositions

  	
  87

  
	
  7.06

  	
  Restricted Payments

  	
  87

  
	
  7.07

  	
  Change in Nature of Business

  	
  87

  
	
  7.08

  	
  Transactions with Affiliates

  	
  87

  
	
  7.09

  	
  Burdensome Agreements

  	
  87

  
	
  7.10

  	
  Financial Covenants

  	
  88

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII  EVENTS
  OF DEFAULT AND REMEDIES

  	
  89

  
	
  8.01

  	
  Events of Default

  	
  89

  
	
  8.02

  	
  Remedies Upon Event of Default

  	
  91

  

 

ii

 

	
  8.03

  	
  Application of Funds

  	
  92

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX  ADMINISTRATIVE AGENT

  	
  93

  
	
  9.01

  	
  Appointment and Authority

  	
  93

  
	
  9.02

  	
  Rights as a Lender

  	
  93

  
	
  9.03

  	
  Exculpatory Provisions

  	
  93

  
	
  9.04

  	
  Reliance by Administrative Agent

  	
  94

  
	
  9.05

  	
  Delegation of Duties

  	
  95

  
	
  9.06

  	
  Resignation of Administrative Agent

  	
  95

  
	
  9.07

  	
  Non-Reliance on Administrative Agent and Other
  Lenders

  	
  96

  
	
  9.08

  	
  No Other Duties, Etc

  	
  96

  
	
  9.09

  	
  Administrative Agent May File Proofs of Claim

  	
  96

  
	
   

  	
   

  	
   

  
	
  ARTICLE X  MISCELLANEOUS

  	
  97

  
	
  10.01

  	
  Amendments, Etc

  	
  97

  
	
  10.02

  	
  Notices; Effectiveness; Electronic Communication

  	
  99

  
	
  10.03

  	
  No Waiver; Cumulative Remedies

  	
  101

  
	
  10.04

  	
  Expenses; Indemnity; Damage Waiver

  	
  101

  
	
  10.05

  	
  Payments Set Aside

  	
  103

  
	
  10.06

  	
  Successors and Assigns

  	
  103

  
	
  10.07

  	
  Treatment of Certain Information; Confidentiality

  	
  108

  
	
  10.08

  	
  Right of Setoff

  	
  109

  
	
  10.09

  	
  Interest Rate Limitation

  	
  109

  
	
  10.10

  	
  Counterparts; Integration; Effectiveness

  	
  109

  
	
  10.11

  	
  Survival of Representations and Warranties

  	
  110

  
	
  10.12

  	
  Severability

  	
  110

  
	
  10.13

  	
  Replacement of Lenders

  	
  110

  
	
  10.14

  	
  Governing Law; Jurisdiction; Etc

  	
  111

  
	
  10.15

  	
  Waiver of Jury Trial

  	
  112

  
	
  10.16

  	
  No Advisory or Fiduciary Responsibility

  	
  112

  
	
  10.17

  	
  USA Patriot Act Notice

  	
  113

  
	
  10.18

  	
  Delivery of Signature Page

  	
  113

  
	
  10.19

  	
  Judgment Currency

  	
  113

  

 

iii

 

	
  SCHEDULES

  	
   

  	
   

  
	
  1.01

  	
  Mandatory Cost

  	
   

  	
   

  
	
  2.01

  	
  Commitments and Applicable Percentages

  	
   

  	
   

  
	
  2.02

  	
  Alternative Currency Participating Lender

  	
   

  	
   

  
	
  2.03

  	
  Existing Letters of Credit

  	
   

  	
   

  
	
  10.02

  	
  Administrative Agent’s Office; Certain Addresses for
  Notices

  	
   

  	
   

  

 

	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Form of

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  A

  	
  Committed Loan Notice

  	
   

  	
   

  
	
  B

  	
  Swing Line Loan Notice

  	
   

  	
   

  
	
  C

  	
  Negotiated Rate Loan Notice

  	
   

  	
   

  
	
  D

  	
  Revolving Note

  	
   

  	
   

  
	
  E

  	
  Compliance Certificate

  	
   

  	
   

  
	
  F

  	
  Assignment and Assumption

  	
   

  	
   

  
	
  G

  	
  Opinions

  	
   

  	
   

  

 

iv

 

CREDIT AGREEMENT

 

This
CREDIT AGREEMENT, dated as of August 1, 2007 (as amended, restated, supplemented or otherwise modified
from time to time, this “Agreement”), among HEALTH CARE PROPERTY
INVESTORS, INC., a Maryland corporation (the “Borrower”), the lending
institutions party hereto from time to time (each, a “Lender” and
collectively, the “Lenders”), BANK OF AMERICA, N.A., as Administrative
Agent, Swing Line Lender, L/C Issuer and Alternative Currency Fronting Lender,
BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint Bookrunner,
UBS SECURITIES LLC, as Joint Lead Arranger, Joint Bookrunner and Syndication
Agent, BARCLAYS CAPITAL, as Joint Bookrunner and Documentation Agent, CITICORP NORTH AMERICA, INC., as
Documentation Agent, CREDIT SUISSE,
CAYMAN ISLANDS BRANCH, as Documentation Agent, GOLDMAN SACHS CREDIT
PARTNERS L.P., as Documentation Agent, JPMORGAN CHASE BANK, N.A., as
Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as Documentation
Agent, WELLS FARGO BANK, N.A.,
as Documentation Agent, THE BANK OF
NOVA SCOTIA, as Senior Managing Agent,
CALYON NEW YORK BRANCH, as Senior Managing Agent, KEY BANK NATIONAL ASSOCIATION, as
Senior Managing Agent, MERRILL LYNCH
BANK USA, as Senior Managing Agent, THE ROYAL BANK OF SCOTLAND PLC, as Senior Managing Agent, and SUNTRUST BANK, as Senior Managing
Agent, and.

 

WHEREAS,
the Borrower has requested that the Lenders provide a revolving credit facility
and the Lenders are willing to do so on the terms and conditions set forth
herein.

 

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

 

ARTICLE I

 

DEFINITIONS AND ACCOUNTING TERMS

 

1.01        Defined Terms.

 

As
used in this Agreement, the following terms shall have the meanings set forth
below:

 

“Acquired
Business” means Slough Estates USA, Inc., a Delaware corporation.

 

“Acquisition”
means the acquisition of all of the capital stock or other Equity Interests of
the Acquired Business.

 

“Acquisition
Documents” means the collective reference to the Purchase Agreement, each
amendment or supplement thereto and each other agreement entered into in
connection therewith relating to the Acquisition.

 

 

“Administrative
Agent” means Bank of America in its capacity as administrative agent under
any of the Loan Documents, or any successor administrative agent.

 

“Administrative
Agent’s Office” means, with respect to any currency, the Administrative
Agent’s address and, as appropriate, account as set forth on Schedule 10.02
with respect to such currency, or such other address or account with respect to
such currency as the Administrative Agent may from time to time notify to the
Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by
the Administrative Agent.

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly
through one or more intermediaries, Controls or is Controlled by or is under
common Control with the Person specified.

 

“Agents”
means the Administrative Agent, the Arrangers, the Bookrunners, the Syndication
Agent, the Documentation Agents, the Senior Managing Agents, the Swing Line
Lender, the L/C Issuer and the Alternative Currency Fronting Lender.

 

“Aggregate
Revolving Commitments” means the Revolving Commitments of all Revolving
Lenders, which as of the Closing Date are $1,500,000,000, which may be
increased pursuant to Section 2.16 or decreased pursuant to Section 2.07.

 

“Agreement”
means this Credit Agreement.

 

“Alternative
Currency” means each of Euro, Sterling, Yen, Canadian Dollars and each
other currency (other than Dollars) that is approved in accordance with
Section 1.06.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount
denominated in Dollars, the equivalent amount thereof in the applicable
Alternative Currency as determined by the Administrative Agent or the L/C
Issuer, as the case may be, at such time on the basis of the Spot Rate
(determined in respect of the most recent Revaluation Date) for the purchase of
such Alternative Currency with Dollars.

 

“Alternative Currency Fronting Lender”
means Bank of America or any other Revolving Lender designated by the Borrower
and the Administrative Agent (such designation shall be consented to by such
Revolving Lender) in its capacity as an Alternative Currency Funding Lender for
Revolving Loans denominated in an Alternative Currency in which any Alternative
Currency Participating Lender purchases Alternative Currency Risk
Participations and in which Bank of America (or such other appointed Revolving
Lender) advances to the Borrower the amount of all such Alternative Currency
Participating Lenders’ respective Applicable Percentages of such Revolving
Loans in accordance with Sections 2.02(b) and 2.02(f).

 

“Alternative Currency Funding Applicable
Percentage” means, with respect to any Revolving Loan denominated in
an Alternative Currency, (a) for each Alternative Currency Funding Lender
other than the Alternative Currency Fronting Lender, its Applicable Percentage,

 

2

 

and (b) for the
Alternative Currency Fronting Lender, the sum of (i) the Applicable
Percentage of the Alternative Currency Fronting Lender and (ii) the sum of
the respective Applicable Percentages of the Alternative Currency Participating
Lenders.

 

“Alternative Currency Funding Lender”
means, with respect to each Revolving Loan denominated in an Alternative
Currency, each Revolving Lender other than an Alternative Currency
Participating Lender with respect to such Alternative Currency.

 

“Alternative Currency Loan Credit Exposure”
means, with respect to any Revolving Loan denominated in an Alternative
Currency, (a) for each Alternative Currency Funding Lender other than the
Alternative Currency Fronting Lender, the aggregate outstanding principal
amount of its Alternative Currency Funding Applicable Percentage thereof
advanced by such Alternative Currency Funding Lender, (b) for the
Alternative Currency Fronting Lender, the aggregate outstanding principal
amount of its Alternative Currency Funding Applicable Percentage thereof
advanced thereby, net of all Alternative Currency Risk Participations purchased
or funded, as applicable, therein, and (c) for each Alternative Currency
Participating Lender, the aggregate outstanding principal amount of all
Alternative Currency Risk Participations purchased or funded, as applicable, by
such Alternative Currency Participating Lender in such Revolving Loan.

 

“Alternative Currency Participating Lender”
means, with respect to each Revolving Loan denominated in an Alternative
Currency, any Revolving Lender that has given notice to the Administrative
Agent and the Borrower that it is unable to fund in the applicable Alternative
Currency, unless and until such Revolving Lender delivers to the Administrative
Agent and the Borrower a written notice pursuant to
Section 2.02(f)(ix) requesting that such Revolving Lender’s
designation be changed to an Alternative Currency Funding Lender with respect
to such Alternative Currency.

 

“Alternative Currency
Participant’s Share” means, for any Alternative Currency Participating
Lender in respect of a Revolving Loan denominated in an Alternative Currency, a
fraction (expressed as a percentage), the numerator of which is such Alternative
Currency Participating Lender’s Applicable Percentage and the denominator of
which is the sum of (i) the Applicable Percentage of the Alternative
Currency Fronting Lender in respect of such Revolving Loan and (ii) the
sum of the respective Applicable Percentages of all of the Alternative Currency
Participating Lenders in respect of such Revolving Loan.

 

“Alternative Currency Participation Payment
Date” has the meaning specified in Section 2.02(f)(iii).

 

“Alternative Currency Risk Participation”
means, with respect to each Revolving Loan denominated in an Alternative
Currency advanced by the Alternative Currency Fronting Lender, the risk
participation purchased by each of the Alternative Currency Participating
Lenders in such Revolving Loan in an amount determined in accordance with such
Alternative Currency Participating Lender’s Applicable Percentage of such
Revolving Loan, as provided in Section 2.02(f).

 

3

 

“Alternative
Currency Sublimit” means an amount equal to the lesser of the Aggregate
Revolving Commitments and $250,000,000. 
The Alternative Currency Sublimit is part of, and not in addition to,
the Aggregate Revolving Commitments.

 

“Applicable
Percentage” means (a) with respect to Revolving Loans, L/C Obligations
and Swing Line Loans, for each Revolving Lender at any time, a fraction
(expressed as a percentage, carried out to the ninth decimal place), the
numerator of which is the amount of such Revolving Lender’s Revolving
Commitment and the denominator of which is the amount of the Aggregate
Revolving Commitments at such time; and (b) with respect to Negotiated
Rate Loans, for each Lender at any time, a fraction (expressed as a percentage,
carried out to the ninth decimal place), the numerator of which is the
Outstanding Amount of such Negotiated Rate Loan held by such Lender at such
time and the denominator of which is the aggregate Outstanding Amount of such
Negotiated Rate Loan at such time.  The
initial Applicable Percentages of each Revolving Lender is set forth opposite
the name of such Lender on Schedule 2.01 or in the Assignment and
Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

“Applicable
Rate” means, for Revolving Loans, from time to time, the number of basis
points per annum set forth in the following table based upon the Debt Rating as
set forth below:

 

	
   

  	
   

  	
   

  	
   

  	
  Revolving Loans

  
	
  Pricing

  Level

  	
   

  	
  Debt Ratings

  	
   

  	
  Applicable

  Rate for

  Eurocurrency

  Rate Loans

  and Letter of

  Credit Fees

  	
   

  	
  Applicable

  Rate for

  Base Rate

  Loans

  
	
  1

  	
   

  	
  >A- from S&P /

  >A3 from Moody’s

  	
   

  	
  32.5 bps

  	
   

  	
  0 bps

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2

  	
   

  	
  >BBB+ from S&P /

  >Baa1 from Moody’s

  	
   

  	
  40 bps

  	
   

  	
  0 bps

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3

  	
   

  	
  >BBB from S&P /

  >Baa2 from Moody’s

  	
   

  	
  55 bps

  	
   

  	
  0 bps

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4

  	
   

  	
  >BBB- from S&P /

  >Baa3 from Moody’s

  	
   

  	
  75 bps

  	
   

  	
  0 bps

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5

  	
   

  	
  <BBB- from S&P /

  <Baa3 from Moody’s or

  non-rated by both S&P

  and Moody’s

  	
   

  	
  100 bps

  	
   

  	
  0 bps

  

 

“Debt Rating” means, as of any date of determination, the rating
as determined by either S&P or Moody’s (collectively, the “Debt Ratings”)
of the Borrower’s non-credit enhanced, senior unsecured long-term debt; provided
that if a Debt Rating is issued by

 

4

 

each
of the foregoing rating agencies, then the higher of such Debt Ratings shall
apply (with the Debt Rating for Pricing Level 1 being the highest and the
Debt Rating for Pricing Level 5 being the lowest), unless there is a split
in Debt Ratings of more than one level, in which case the Pricing Level that is
one level higher than the Pricing Level of the lower Debt Rating shall apply.

 

Initially,
the Applicable Rate shall be determined based upon the Debt Rating specified in
the certificate delivered pursuant to Section 4.01(a)(vi).  Thereafter, each change in the Applicable
Rate shall occur on the first Business Day following the effective change in
the Debt Rating.

 

“Applicable
Time” means, with respect to any borrowings and payments in any Alternative
Currency, the local time in the place of settlement for such Alternative
Currency as may be determined by the Administrative Agent or the L/C Issuer, as
the case may be, to be necessary for timely settlement on the relevant date in
accordance with normal banking procedures in the place of payment.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an
entity that administers or manages a Lender.

 

“Arrangers”
means Banc of America Securities LLC and UBS Securities LLC, each in its
capacity as joint lead arranger and joint bookrunner.

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender
and an Eligible Assignee (with the consent of any party whose consent is
required by Section 10.06(b)), and accepted by the Administrative
Agent, in substantially the form of Exhibit F or any other form
approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date, (a) in respect of any capital lease
of any Person, the capitalized amount thereof that would appear on a balance
sheet of such Person prepared as of such date in accordance with GAAP, and
(b) in respect of any Synthetic Lease Obligation, the capitalized amount
of the remaining lease payments under the relevant lease that would appear on a
balance sheet of such Person prepared as of such date in accordance with GAAP
if such lease were accounted for as a capital lease.

 

“Audited
Financial Statements” means the audited consolidated balance sheet of the
Borrower and its Subsidiaries for the fiscal year ended December 31, 2006,
and the related consolidated statements of income or operations, shareholders’
equity and cash flows for such fiscal year of the Borrower and its
Subsidiaries, including the notes thereto.

 

“Availability
Period” means the period from and including the Closing Date to the
earliest of (a) the Business Day preceding the Revolving Maturity Date,
(b) the date of

 

5

 

termination
of the Aggregate Revolving Commitments pursuant to Section 2.07,
and (c) the date of termination of the commitment of each Lender to make
Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions
pursuant to Section 8.02.

 

“Bank
of America” means Bank of America, N.A. and its successors.

 

“Base
Rate” means for any day a fluctuating rate per annum equal to the higher of
(a) the Federal Funds Rate plus 1⁄2 of 1% and (b) the rate of interest in
effect for such day as publicly announced from time to time by Bank of America
as its “prime rate.”  The “prime rate” is
a rate set by Bank of America based upon various factors including Bank of
America’s costs and desired return, general economic conditions and other
factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. 
Any change in such rate announced by Bank of America shall take effect
at the opening of business on the day specified in the public announcement of
such change.

 

“Base
Rate Committed Revolving Loan” means a Committed Revolving Loan that is a
Base Rate Loan.

 

“Base
Rate Loan” means a Loan that bears interest based on the Base Rate.  All Base Rate Loans shall be denominated in
Dollars.

 

“Bookrunners”
means Banc of America Securities LLC, UBS Securities LLC and Barclays Capital
each in its capacity as joint bookrunner.

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Borrower
Material” has the meaning specified in Section 6.02.

 

“Borrowing”
means a Committed Borrowing, a Swing Line Borrowing or a Negotiated Rate
Borrowing, as the context may require.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact
closed in, the state where the Administrative Agent’s Office with respect to
Obligations denominated in Dollars is located and:

 

(a)           if such day
relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Dollars, any fundings, disbursements, settlements and payments
in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings
in Dollars to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan, means any such day on which dealings in deposits in
Dollars are conducted by and between banks in the London interbank eurodollar
market;

 

(b)           if such day
relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Euro, any fundings, disbursements, settlements and payments in
Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in
Euro to be

 

6

 

carried
out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan,
means a TARGET Day;

 

(c)           if such day
relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in a currency other than Dollars or Euro, means any such day on
which dealings in deposits in the relevant currency are conducted by and
between banks in the London or other applicable offshore interbank market for
such currency; and

 

(d)           if such day
relates to any fundings, disbursements, settlements and payments in a currency
other than Dollars or Euro in respect of a Eurocurrency Rate Loan denominated
in a currency other than Dollars or Euro, or any other dealings in any currency
other than Dollars or Euro to be carried out pursuant to this Agreement in
respect of any such Eurocurrency Rate Loan (other than any interest rate
settings), means any such day on which banks are open for foreign exchange
business in the principal financial center of the country of such currency.

 

“Canadian
Dollar” and “CAD” mean the lawful currency of Canada.

 

“Cash
Collateral” and “Cash Collateralize” each has the meaning specified
in Section 2.03(f). 
Derivatives of such terms shall have corresponding meanings.

 

“Change
in Law” means the occurrence, after the date of this Agreement, of any of
the following:  (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in
any law, rule, regulation or treaty or in the administration, interpretation or
application thereof by any Governmental Authority or (c) the making or
issuance of any request, guideline or directive (whether or not having the
force of law) by any Governmental Authority.

 

“Change
of Control” means an event or series of events by which:

 

(a)           any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934, but excluding any employee benefit plan of
such person or its subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such
plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Securities Exchange Act of 1934, except that a person or group shall
be deemed to have “beneficial ownership” of all securities that such person or
group has the right to acquire (such right, an “option right”), whether
such right is exercisable immediately or only after the passage of time),
directly or indirectly, of 35% or
more of the equity securities of the Borrower entitled to vote for members of
the board of directors or equivalent governing body of the Borrower on a
fully-diluted basis (and taking into account all such securities that such
person or group has the right to acquire pursuant to any option right); or

 

(b)           during any
period of 24 consecutive months, a majority of the members of the board of
directors or other equivalent governing body of the Borrower cease to be
composed of individuals (i) who were members of that board or equivalent
governing body on the first day of such period, (ii) whose election or
nomination to that board or

 

7

 

equivalent
governing body was approved by individuals referred to in
clause (i) above constituting at the time of such election or
nomination at least a majority of that board or equivalent governing body or
(iii) whose election or nomination to that board or other equivalent
governing body was approved by individuals referred to in
clauses (i) and (ii) above constituting at the time of such
election or nomination at least a majority of that board or equivalent
governing body (excluding, in the case of both clause (ii) and
clause (iii), any individual whose initial nomination for, or assumption
of office as, a member of that board or equivalent governing body occurs as a
result of an actual or threatened solicitation of proxies or consents for the
election or removal of one or more directors by any person or group other than
a solicitation for the election of one or more directors by or on behalf of the
board of directors).

 

“Class” when
used with respect to Loans or a Borrowing, refers to whether such Loans, or the
Loans comprising such Borrowing, are Committed Revolving Loans, Swing Line
Loans or Negotiated Rate Loans.

 

“Closing
Date” means the first date all the conditions precedent in Section 4.01
are satisfied or waived in accordance with Section 10.01.

 

“Closing
Date Material Adverse Effect” means the occurrence since June 3, 2007  of any circumstance, change in or effect on the Acquired
Business or its Subsidiaries that, when considered either alone or in
combination, (a) is materially adverse to the assets, results of
operations or the financial condition of the Acquired Business and its
Subsidiaries, taken as a whole, or (b) prevents, materially impairs or
materially delays the Acquired Business’ ability to consummate any of the
transactions contemplated by the Purchase Agreement; provided, however,
that none of the following, either alone or in combination, shall be considered
in determining whether there has been a Closing Date Material Adverse Effect:  (i) general economic conditions in any
of the markets or geographical areas in which the Acquired Business or any of
its Subsidiaries operate (including the real estate market); (ii) any
change in the United States’ financial, banking or capital markets in general;
(iii) any calamity or other conditions generally affecting any of the
industries in which the Acquired Business and its Subsidiaries operate
(including the real estate market); (iv) acts of God or other calamities,
national or international political or social conditions, including the
engagement by any country in hostilities, whether commenced before or after the
date hereof, and whether or not pursuant to the declaration of a national
emergency or war, or the occurrence of any military or terrorist attack;
(v) changes in law or in GAAP or interpretations thereof, except, in the
case of any event described in subclauses (i), (ii), (iii), (iv) and
(v) above, to the extent such event materially and disproportionately
affects the Acquired Business and its Subsidiaries, taken as a whole, relative
to that of the competitors of the Acquired Business and its Subsidiaries; and
(vi) the announcement of, or the taking of any action contemplated by, the
Purchase Agreement and the other agreements contemplated hereby.

 

“Code”
means the Internal Revenue Code of 1986.

 

8

 

“Committed
Borrowing” means a borrowing consisting of simultaneous Committed Revolving
Loans of the same Type, in the same currency and, in the case of Eurocurrency
Rate Loans, having the same Interest Period made by each of the Lenders
pursuant to Section 2.01.

 

“Committed
Loan Notice” means a notice of (a) a Committed Borrowing, (b) a
conversion of Committed Revolving Loans from one Type to the other, or
(c) a continuation of Eurocurrency Rate Loans, pursuant to Section 2.02(a),
which, if in writing, shall be substantially in the form of Exhibit A.

 

“Committed
Revolving Loan” has the meaning specified in Section 2.01(a) and
includes Committed Revolving Loans pursuant to Section 2.03.

 

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

 

“Consolidated
EBITDA” means the sum of (a) EBITDA of the Borrower and its
Subsidiaries on a consolidated basis plus (b) without duplication,
the Borrower’s Pro Rata Share of EBITDA of each Material Joint Venture.

 

“Consolidated
Fixed Charges” means, with respect to the Borrower and its Subsidiaries on
a consolidated basis, the sum of (a) Consolidated Interest Expense plus
(b) Scheduled Principal Payments plus (c) dividends and
distributions in respect of preferred stock (but excluding redemption payments
or charges in connection with the redemption of preferred stock) of the
Borrower and its Subsidiaries.

 

“Consolidated
Intangible Assets” means an amount equal to the Intangible Assets of the
Borrower and its Subsidiaries on a consolidated basis.

 

“Consolidated
Interest Expense” means the sum of (a) Interest Expense of the
Borrower and its Subsidiaries on a consolidated basis plus (b) without
duplication, the Borrower’s Pro Rata Share of Interest Expense of each Material
Joint Venture.

 

“Consolidated
Shareholders’ Equity” means, as of any date of determination, consolidated
shareholders’ equity of the Borrower and its Subsidiaries, as determined in
accordance with GAAP.

 

“Consolidated
Tangible Net Worth” means, as of any date of determination, for the
Borrower and its Subsidiaries on a consolidated basis, an amount equal to
(a) Consolidated Shareholders’ Equity on such date minus (b) Consolidated
Intangible Assets on such date.

 

“Consolidated
Total Asset Value” means the sum of (a) Total Asset Value of the
Borrower and its Subsidiaries on a consolidated basis plus
(b) without duplication, the Borrower’s Pro Rata Share of Total Asset Value
of each Material Joint Venture.

 

“Consolidated
Total Indebtedness” means the sum of (a) Indebtedness of the Borrower
and its Subsidiaries on a consolidated basis plus (b) without
duplication, the Borrower’s Pro Rata Share of Indebtedness of each Material
Joint Venture; provided that Consolidated Total

 

9

 

Indebtedness
shall not include security deposits, accrued liabilities or prepaid rent, each
as defined in accordance with GAAP.

 

“Consolidated
Unencumbered Asset Value” means the sum of (a) Unencumbered Asset
Value of the Borrower and the Borrower’s Pro Rata Share of Unencumbered Asset
Value of its Subsidiaries on a consolidated basis plus (b) without
duplication, the Borrower’s Pro Rata Share of Unencumbered Asset Value of each
Material Joint Venture.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which
such Person is a party or by which it or any of its property is bound.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the
ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Credit
Extension” means each of the following: (a) a Borrowing and
(b) an L/C Credit Extension.

 

“Debt
Rating” has the meaning specified in the definition of “Applicable Rate.”

 

“Debtor
Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization,
or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with
the giving of any notice, the passage of time, or both, would be an Event of
Default.

 

“Default
Rate” means (a) when used with respect to Obligations other than
Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus
(ii) the Applicable Rate, if any, applicable to Base Rate Loans plus
(iii) 2% per annum; provided,  however, that with respect to
a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to
the interest rate (including any Applicable Rate and any Mandatory Cost)
otherwise applicable to such Loan plus 2% per annum, and (b) when used
with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus
2% per annum.

 

“Defaulting
Lender” means any Lender that (a) has failed to fund any portion of
the Committed Revolving Loans, participations in L/C Obligations,
participations in Swing Line Loans or Alternative Currency Risk Participations
required to be funded by it hereunder within one Business Day of the date
required to be funded by it hereunder, (b) has otherwise failed to pay
over to the Administrative Agent or any other Lender any other amount required
to be paid by it hereunder within one Business Day of the date when due, unless
the subject of a good faith

 

10

 

dispute,
or (c) has been deemed insolvent or become the subject of a bankruptcy or
insolvency proceeding.

 

“Development
Property” means any real property in which the development and construction
with respect thereto are not complete.

 

“Disposition”
or “Dispose” means the sale, transfer or assignment (including any sale
and leaseback transaction) of any property by any Person, including any sale,
assignment, transfer or other disposal, with or without recourse, of any notes
or accounts receivable or any rights and claims associated therewith, in any
case other than sales or other dispositions of assets in the ordinary course of
business.

 

“Documentation
Agent” means each of Barclays Bank PLC, Citicorp North America, Inc.,
Credit Suisse, Cayman Islands Branch, Goldman Sachs Credit Partners L.P.,
JPMorgan Chase Bank, N.A., Wachovia Bank, National Association, and Wells Fargo
Bank, N.A., in their capacity as Co-Documentation Agents.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Dollar
Equivalent” means, at any time, (a) with respect to any amount
denominated in Dollars, such amount, and (b) with respect to any amount
denominated in any Alternative Currency, the equivalent amount thereof in
Dollars as determined by the Administrative Agent or the L/C Issuer, as the
case may be, at such time on the basis of the Spot Rate (determined in respect
of the most recent Revaluation Date) for the purchase of Dollars with such
Alternative Currency.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any
political subdivision of the United States.

 

“EBITDA”
means, for any period, for a Person and its Subsidiaries on a consolidated
basis, an amount equal to the Net Income of such Person and its Subsidiaries
for such period plus (a) the following to the extent deducted in
calculating such Net Income: (i) Consolidated Interest Expense for such
period, (ii) the provision for Federal, state, local and foreign income
taxes payable by such Person and its Subsidiaries for such period,
(iii) depreciation and amortization expense for such period and
(iv) expenses of such Person and its Subsidiaries reducing such Net Income
during such period which do not represent a cash expenditure in such period or
any prior or future period and minus (b) all items of such Person
and its Subsidiaries increasing Net Income for such period which do not
represent a cash receipt in such period or any prior or future period.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee
under Section 10.06(b)(iii), (v) and (vi) (subject
to such consents, if any, as may be required under Section 10.06(b)(iii)).

 

11

 

“EMU”
means the economic and monetary union in accordance with the Treaty of Rome 1957,
as amended by the Single European Act 1986, the Maastricht Treaty of 1992 and
the Amsterdam Treaty of 1998.

 

“EMU
Legislation” means the legislative measures of the European Council for the
introduction of, changeover to or operation of a single or unified European
currency.

 

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws,
regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions
relating to pollution and the protection of the environment or the release of
any materials into the environment, including those related to hazardous
substances or wastes, air emissions and discharges to waste or public systems.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or
indemnities), of the Borrower or any of its Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous
Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

 

“Equity
Interests” means, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests in) such Person and all of the
warrants or options for the purchase or acquisition from such Person of shares
of capital stock of (or other ownership or profit interests in) such Person.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under
common control with the Borrower within the meaning of Section 414(b) or
(c) of the Code (and Sections 414(m) and (o) of the Code
for purposes of provisions relating to Section 412 of the Code).

 

“ERISA
Event” means (a) a Reportable Event with respect to a Pension Plan;
(b) a withdrawal by the Borrower or any ERISA Affiliate from a Pension
Plan subject to Section 4063 of ERISA during a plan year in which it was a
substantial employer (as defined in Section 4001 (a)(2) of ERISA) or
a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal
by the Borrower or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in reorganization; (d) the
filing of a notice of intent to terminate, the treatment of a Plan amendment as
a termination under Sections 4041 or 4041A of ERISA, or the commencement
of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan;
(e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the
imposition of any

 

12

 

liability
under Title IV of ERISA, other than for PBGC premiums due but not
delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA
Affiliate.

 

“Euro”
and “EUR” mean the lawful currency of the Participating Member States
introduced in accordance with the EMU Legislation.

 

“Eurocurrency
Rate” means, for any Interest Period with respect to a Eurocurrency Rate
Loan, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA
LIBOR”), as published by Reuters (or other commercially available source
providing quotations of BBA LIBOR as designated by the Administrative Agent
from time to time) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period, for deposits in the
relevant currency (for delivery on the first day of such Interest Period) with
a term equivalent to such Interest Period. 
If such rate is not available at such time for any reason, then the “Eurocurrency
Rate” for such Interest Period shall be the rate per annum determined by the
Administrative Agent to be the rate at which deposits in the relevant currency
for delivery on the first day of such Interest Period in Same Day Funds in the
approximate amount of the Eurocurrency Rate Loan being made, continued or
converted by Bank of America and with a term equivalent to such Interest Period
would be offered by Bank of America’s London Branch (or other Bank of America
branch or Affiliate) to major banks in the London or other offshore interbank
market for such currency at their request at approximately 11:00 a.m.
(London time) two Business Days prior to the commencement of such Interest
Period.

 

“Eurocurrency
Rate Loan” means a Committed Revolving Loan that bears interest at a rate
based on the Eurocurrency Rate. 
Eurocurrency Rate Loans may be denominated in Dollars or in an
Alternative Currency.  All Committed
Revolving Loans denominated in an Alternative Currency must be Eurocurrency
Rate Loans.

 

“Event
of Default” has the meaning specified in Section 8.01.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, the L/C
Issuer or any other recipient of any payment to be made by or on account of any
obligation of the Borrower hereunder, (a) taxes imposed on or measured by
its overall net income (however denominated), and franchise taxes imposed on it
(in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which
its applicable Lending Office is located, (b) any branch profits taxes
imposed by the United States or any similar tax imposed by any other
jurisdiction in which the Borrower is located and (c) in the case of a
Foreign Lender (other than an assignee pursuant to a request by the Borrower
under Section 10.13), any withholding tax that is imposed on
amounts payable to such Foreign Lender at the time such Foreign Lender becomes
a party hereto (or designates a new Lending Office) or is attributable to such
Foreign Lender’s failure or inability (other than as a result of a Change in
Law) to comply with Section 3.01(e), except to the extent that such
Foreign Lender (or its assignor, if any) was entitled, at the time of
designation of a new Lending Office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 3.01(a);
provided that if the Alternative Currency Fronting Lender is a Foreign
Lender, the Alternative Currency Fronting Lender shall be entitled to receive
additional

 

13

 

amounts
from the Borrower with respect to any withholding tax imposed on amounts
payable to it pursuant to Section 3.01(a).

 

“Existing
Credit Agreement” means that certain Credit Agreement, dated as of
October 5, 2006, among the Borrower, the guarantors party thereto, Bank of
America, N.A., as administrative agent, swing line lender, and issuing bank,
and the lenders party thereto.

 

“Existing
Letters of  Credit” means the Letters of Credit issued under the
Existing Credit Agreement set forth on Schedule 2.03.

 

“Facility
Fee Rate” means, from time to time, the number of basis points per annum
set forth in the following table, with reference to the Pricing Levels set
forth in the definition of “Applicable Rate”:

 

	
  Pricing Level

  	
   

  	
  Facility Fee

  
	
  1

  	
   

  	
  10 bps

  
	
  2

  	
   

  	
  12.5 bps

  
	
  3

  	
   

  	
  15 bps

  
	
  4

  	
   

  	
  20 bps

  
	
  5

  	
   

  	
  25 bps

  

 

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

 

“Fee
Letter” means the Revolving Facility Fee Letter, dated June 3, 2007,
among the Borrower, Bank of America, N.A., Banc of America Securities LLC, UBS
Loan Finance LLC and UBS Securities LLC.

 

“Fixed
Charge Coverage Ratio” means, on the last day of any fiscal quarter, the
ratio of (a) Consolidated EBITDA for the twelve month period ending on
such date to (b) Consolidated Fixed Charges for the twelve month period
ending on such date.

 

“Foreign
Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is a resident for tax purposes.  For purposes of this definition, the United
States, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction.

 

14

 

“Foreign
Subsidiary” shall mean a Subsidiary that is organized under the laws of a
jurisdiction other than the United States or any state thereof or the District
of Columbia.

 

“FRB”
means the Board of Governors of the Federal Reserve System of the United
States.

 

“Fund”
means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and
similar extensions of credit in the ordinary course of its activities.

 

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

 

“Governmental
Authority” means the government of the United States or any other nation,
or of any political subdivision thereof, whether state or local, and any
agency, authority, instrumentality, regulatory body, court, central bank or
other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including
any supranational bodies such as the European Union or the European Central
Bank).

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other obligation payable or performable by another Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness
or other obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such
Indebtedness or other obligation of the payment or performance of such Indebtedness
or other obligation, (iii) to maintain working capital, equity capital or
any other financial statement condition or liquidity or level of income or cash
flow of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other obligation, or (iv) entered into for the purpose of
assuring in any other manner the obligee in respect of such Indebtedness or
other obligation of the payment or performance thereof or to protect such
obligee against loss in respect thereof (in whole or in part), or (b) any
Lien on any assets of such Person securing any Indebtedness or other obligation
of any other Person, whether or not such Indebtedness or other obligation is
assumed by such Person (or any right, contingent or otherwise, of any holder of
such Indebtedness to obtain any such Lien). 
The amount of any Guarantee shall be deemed to be an amount equal to the
stated or determinable amount of the related primary obligation, or portion
thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof
as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a
corresponding meaning.

 

15

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes and all
other substances or wastes of any nature regulated pursuant to any
Environmental Law.

 

“Honor
Date” has the meaning set forth in Section 2.03(b)(iv).

 

“Increase
Effective Date” has the meaning set forth in Section 2.16(d).

 

“Indebtedness”
means, as to any Person, without duplication, all of the following, whether or
not included as indebtedness or liabilities in accordance with GAAP:

 

(a)           all obligations
of such Person for borrowed money, whether secured or unsecured, and all
obligations of such Person evidenced by bonds, debentures, notes, loan
agreements or other similar instruments including, without limitation, recourse
and non-recourse mortgage debt;

 

(b)           all direct or
contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties,
surety bonds and similar instruments;

 

(c)           aggregate net
obligations of such Person under Swap Contracts;

 

(d)           all obligations
of such Person to pay the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business);

 

(e)           indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or
being purchased by such Person (including indebtedness arising under
conditional sales or other title retention agreements), whether or not such
indebtedness shall have been assumed by such Person or is limited in recourse,
to the extent of the value of the property encumbered by such Lien;

 

(f)            capital leases
and Synthetic Lease Obligations;

 

(g)           all obligations
of such Person to purchase, redeem, retire, defease or otherwise make any
payment in respect of any Equity Interest in such Person at any time prior to
the date that is six months after the Revolving Maturity Date, valued, in the
case of a redeemable preferred interest, at the liquidation preference thereof,
and

 

(h)           all Guarantees
of such Person in respect of any of the foregoing.

 

For
all purposes hereof, (i) the amount of any net obligation under any Swap
Contract on any date shall be deemed to be the Swap Termination Value thereof
as of such date (which shall be a positive number if such amount would be owed
by the Borrower and a negative number if

 

16

 

such
amount would be owed to the Borrower) and the net obligations under Swap
Contacts shall not be less than zero and (ii) the amount of any capital
lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount
of Attributable Indebtedness in respect thereof as of such date.

 

“Indemnified
Taxes” means Taxes other than Excluded Taxes.

 

“Indemnitee”
has the meaning specified in Section 10.04(b).

 

“Initial
Maturity Date” has the meaning set forth in the definition of Revolving
Maturity Date.

 

“Intangible
Assets” means assets of a Person and its Subsidiaries that are classified
as intangible assets under GAAP, but excluding interests in real estate that
are classified as intangible assets in accordance with GAAP.

 

“Interest
Expense” means, for any period, for a Person and its Subsidiaries on a
consolidated basis, the sum of all (a) interest expense for such period
determined in accordance with GAAP (but excluding any charges resulting from
settlement of options to repurchase remarketable bonds) and (b) interest
that is capitalized in such period in accordance with GAAP.

 

“Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan,
the last day of each Interest Period applicable to such Loan and the Revolving
Maturity Date; provided,  however, that if any Interest Period for
a Eurocurrency Rate Loan or a Negotiated Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such
Interest Period shall also be Interest Payment Dates; and (b) as to any
Base Rate Loan (including a Swing Line Loan), the last Business Day of each
calendar quarter and the Revolving Maturity Date.

 

“Interest
Period” means, (a) as to each Eurocurrency Rate Loan, the period
commencing on the date such Eurocurrency Rate Loan is disbursed or converted to
or continued as a Eurocurrency Rate Loan and ending on the date one, two, three
or six months (or if agreed to by all Lenders, nine or twelve months)
thereafter, as selected by the Borrower in its Committed Loan Notice and
(b) as to the each Negotiated Rate Loan, the period commencing on the date
such Negotiated Rate Loan is disbursed and ending on the date not more than 180
days thereafter as selected by the Borrower in its Negotiated Rate Loan Notice;
provided that:

 

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

 

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

 

17

 

(iii)          no Interest
Period shall extend beyond the Revolving Maturity Date.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by
such Person, whether by means of (a) the purchase or other acquisition of
capital stock or other securities of another Person, (b) a loan, advance
or capital contribution to, Guarantee or assumption of debt of, or purchase or
other acquisition of any other debt or equity participation or interest in,
another Person, including any partnership or joint venture interest in such
other Person and any arrangement pursuant to which the investor Guarantees
Indebtedness of such other Person, or (c) the purchase or other
acquisition (in one transaction or a series of transactions) of assets of
another Person that constitute a business unit. 
For purposes of covenant compliance, the amount of any Investment shall
be the amount actually invested, without adjustment for subsequent increases or
decreases in the value of such Investment.

 

“IP
Rights” has the meaning specified in Section 5.16.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISP”
means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law &
Practice, Inc. (or such later version thereof as may be in effect at the
time of issuance).

 

“Issuer
Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by
the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C
Issuer and relating to any such Letter of Credit.

 

“Joint
Venture” means any Person in which the Borrower, directly or indirectly,
has an ownership interest but does not consolidate the assets or income of such
Person in preparing its consolidated financial statements.

 

“Laws”
means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes,
executive orders and administrative or judicial precedents or authorities,
including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration
thereof, and all applicable administrative orders, directed duties, requests,
licenses, authorizations and permits of, and agreements with, any Governmental
Authority, in each case whether or not having the force of law.

 

“L/C
Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Applicable
Percentage.  All L/C Advances shall be
denominated in Dollars.

 

“L/C
Borrowing” means an extension of credit resulting from a drawing under any
Letter of Credit which has not been reimbursed on the date when made or
refinanced as a Committed Borrowing.  All
L/C Borrowings shall be denominated in Dollars.

 

18

 

“L/C
Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the increase of the amount
thereof

 

“L/C
Issuer” means Bank of America in its capacity as issuer of Letters of
Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

“L/C
Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the
aggregate of all Unreimbursed Amounts, including all L/C Borrowings.  For purposes of computing the amount
available to be drawn under any Letter of Credit, the amount of such Letter of
Credit shall be determined in accordance with Section 1.09.  For all purposes of this Agreement, if on any
date of determination a Letter of Credit has expired by its terms but any
amount may still be drawn thereunder by reason of the operation of
Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding”
in the amount so remaining available to be drawn.

 

“Lender”
has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the Swing Line Lender, the Alternative Currency
Fronting Lender, each Alternative Currency Funding Lender and each Alternative
Currency Participating Lender, as applicable.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other
office or offices as a Lender may from time to time notify the Borrower and the
Administrative Agent.

 

“Letter
of Credit” means any standby letter of credit issued hereunder.  Letters of Credit may be issued in Dollars or
in an Alternative Currency.

 

“Letter
of Credit Application” means an application and agreement for the issuance
or amendment of a Letter of Credit in the form from time to time in use by the
L/C Issuer.

 

“Letter
of Credit Expiration Date” means the day that is the fifth day prior to the
Revolving Maturity Date then in effect (or, if such day is not a Business Day,
the next preceding Business Day).

 

“Letter
of Credit Fee” has the meaning specified in Section 2.03(h).

 

“Letter
of Credit Sublimit” means an amount equal to ten percent (10%) of the
Aggregate Revolving Commitments.  The
Letter of Credit Sublimit is part of, and not in addition to, the Aggregate
Revolving Commitments.

 

“Leverage
Ratio” means, on the last day of any fiscal quarter, the ratio of
(a) Consolidated Total Indebtedness outstanding on such date to (b) Consolidated
Total Asset Value as of such date.

 

19

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or
other security interest or preferential arrangement in the nature of a security
interest of any kind or nature whatsoever (including any conditional sale or
other title retention agreement, any easement, right of way or other encumbrance
on title to real property, and any financing lease having substantially the
same economic effect as any of the foregoing).

 

“Loan”
means an extension of credit by a Lender to the Borrower under Article II
in the form of a Committed Revolving Loan, a Swing Line Loan or a Negotiated
Rate Loan.

 

“Loan
Documents” means this Agreement, each Note, each Issuer Document, and the
Fee Letter.

 

“Mandatory
Cost” means, with respect to any period, the percentage rate per annum
determined in accordance with Schedule 1.01.

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, liabilities (actual
or contingent) or condition (financial or otherwise) of the Borrower or
the Borrower and its Subsidiaries taken as a whole; (b) a material
impairment of the ability of the Borrower to perform its obligations under any
Loan Document to which it is a party; or (c) a material adverse effect
upon the legality, validity, binding effect or enforceability against the
Borrower of any Loan Document to which it is a party.

 

“Material
Joint Venture” means a Joint Venture in which the Borrower has made a net
equity investment of $15,000,000 or greater. 
For purposes of this definition, the Borrower’s aggregate Investment in
a Joint Venture will be valued at (a) the aggregate amount of cash and
cash equivalents and the net book value of other property (less, without
duplication, the aggregate principal amount of Indebtedness secured by a Lien on
such property at the time of contribution unless, after giving effect to the
contribution of such property to the Joint Venture and any other transactions
occurring in connection therewith, such Indebtedness constitutes an obligation
of the Borrower or any of its Subsidiaries) contributed by the Borrower to such
Joint Venture minus (b) the aggregate amount of distributions
received by the Borrower from such Joint Venture that would be classified as a
return of capital (as opposed to a return on investment).

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgage
Lien” means any Lien that encumbers a real property owned by a Person other
than Permitted Liens.

 

“Multiemployer
Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA
Affiliate makes or is obligated to make contributions, or during the preceding
five plan years, has made or been obligated to make contributions.

 

20

 

“Negotiated
Rate Borrowing” means one or more Negotiated Rate Loans made to the
Borrower by one or more of the Lenders and of which the Administrative Agent is
given notice by a Negotiated Rate Loan Notice.

 

“Negotiated
Rate Funding Date” shall have the meaning set forth in Section 2.05(b).

 

“Negotiated
Rate Loan” shall have the meaning set forth in Section 2.05(a).

 

“Negotiated
Rate Loan Notice” means the notice, in substantially the form of Exhibit C,
pursuant to a Negotiated Rate Loan, and made pursuant to Section 2.05,
duly completed and executed and personally delivered or transmitted by
facsimile by the Borrower.

 

“Negotiated
Rate Sublimit” means an amount equal to fifty percent (50%) of the
Aggregate Revolving Commitments, which shall be available for negotiated rate
advances.  The Negotiated Rate Sublimit
is part of, and not in addition to, the Aggregate Revolving Commitments.

 

“Net
Cash Proceeds” means, with respect to any Public Equity Issuance, the
excess of (i) the sum of the cash and cash equivalents received in
connection with such event over (ii) the underwriting discounts and
commissions, and other out-of-pocket fees and expenses, incurred by the
Borrower and its Subsidiaries in connection with such sale.

 

“Net
Income” means, for any period, for a Person and its Subsidiaries on a
consolidated basis, the net income of such Person and its Subsidiaries
(excluding extraordinary gains and extraordinary losses and other non-recurring
items, including, without limitation, charges resulting from settlement of
options to repurchase remarketable bonds and other similar charges) for that
period as determined in accordance with GAAP.

 

“Note”
means a promissory note made by the Borrower in favor of a Lender evidencing
Loans made by such Lender, substantially in the form of Exhibit D.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and
duties of the Borrower arising under any Loan Document or otherwise with
respect to any Loan or Letter of Credit, whether direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due,
now existing or hereafter arising and including (i) interest and fees that
accrue after the commencement by or against the Borrower or any Affiliate
thereof of any proceeding under any Debtor Relief Laws naming such Person as
the debtor in such proceeding, regardless of whether such interest and fees are
allowed claims in such proceeding, (ii) obligations of the Borrower under
any Swap Contract to which a Lender or any Affiliate of a Lender is a party and
(iii) obligations of the Borrower under any Treasury Management Agreement with
a Treasury Management Lender.

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction);
(b) with respect to any limited liability company, the certificate or
articles of formation or organization and operating agreement; and
(c) with respect

 

21

 

to
any partnership, joint venture, trust or other form of business entity, the
partnership, joint venture or other applicable agreement of formation or
organization and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or
organization of such entity.

 

“Other
Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment
made hereunder or under any other Loan Document or from the execution, delivery
or enforcement of, or otherwise with respect to, this Agreement or any other
Loan Document.

 

“Outstanding
Amount” means (a) with respect to Committed Revolving Loans, Swing
Line Loans and Negotiated Rate Loans on any date, the Dollar Equivalent of the
aggregate outstanding principal amount thereof after giving effect to any
borrowings and prepayments or repayments of Committed Revolving Loans, Swing
Line Loans and Negotiated Rate Loans, as the case may be, occurring on such
date; and (b) with respect to any L/C Obligations on any date, the Dollar
Equivalent of the aggregate outstanding amount of such L/C Obligations on such
date after giving effect to any L/C Credit Extension occurring on such date and
any other changes in the aggregate amount of the L/C Obligations as of such
date, including as a result of any reimbursements by the Borrower of
Unreimbursed Amounts.

 

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated
in Dollars, the greater of (i) the Federal Funds Rate and (ii) an
overnight rate determined by the Administrative Agent, the L/C Issuer, or the
Swing Line Lender, as the case may be, in accordance with banking industry rules on
interbank compensation, and (b) with respect to any amount denominated in
an Alternative Currency, the rate of interest per annum at which overnight
deposits in the applicable Alternative Currency, in an amount approximately
equal to the amount with respect to which such rate is being determined, would
be offered for such day by a branch or Affiliate of Bank of America in the
applicable offshore interbank market for such currency to major banks in such
interbank market.

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participating
Member State” means each state so described in any EMU Legislation.

 

“Patriot
Act” has the meaning specified in Section 10.17.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension
Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is
subject to Title IV of ERISA and is sponsored or maintained by the
Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate
contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has
made contributions at any time during the immediately preceding five plan
years.

 

22

 

“Permitted
Liens” means Liens permitted under Section 7.01(c), (d), (e), (f) and
(g).

 

“Person”
means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other
entity.

 

“Plan”
means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by the Borrower or, with respect to any such plan that is
subject to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate.

 

“Platform”
has the meaning specified in Section 6.02.

 

“Pro
Rata Share” means (a) with respect to the EBITDA, Net Income, Interest
Expense, Total Asset Value and Unencumbered Asset Value of each Joint Venture,
the Borrower’s direct or indirect, percentage ownership interest in such Joint
Venture and (b) with respect to the Indebtedness of each Joint Venture
(i) if the Indebtedness is recourse to the Borrower or any of its
Subsidiaries the amount of such Indebtedness that is recourse to the Borrower
or such Subsidiary and (ii) if the Indebtedness is not recourse to the
Borrower or any of its Subsidiaries, the Borrower’s percentage ownership
interest in such Joint Venture.

 

“Public
Equity Issuance” means the issuance, sale or other disposition by the
Borrower or one if its Subsidiaries of its Equity Interests, including any
Rule 144A offering or any rights, warrants or options to purchase shares
of its Equity Interests; provided that the term Public Equity Issuance
shall not include (a) the issuance or sale of Equity Interests by a
Subsidiary of the Borrower to the Borrower or another Subsidiary of the
Borrower or (b) any rights, options or Equity Interests issued pursuant to
employee or director incentive, stock option or stock repurchase plans in the
ordinary course.

 

“Public
Lender” has the meaning specified in Section 6.02.

 

“Purchase
Agreement” means that certain Share Purchase Agreement, dated as of June 3,
2007, by and between SEGRO plc, a public limited company incorporated under the
laws of England and Wales, with registered number 167591, as seller, and the
Borrower, as buyer.

 

“Refinancing”
means the repayment of existing indebtedness of the Borrower and the Acquired
Business of up to $1,120,000,000 in connection with the Acquisition.

 

“Register”
has the meaning specified in Section 10.06(c).

 

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

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and
the partners, directors, officers, employees, agents and advisors of such
Person and of such Person’s Affiliates.

 

23

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of
ERISA, other than events for which the 30 day notice period has been waived.

 

“Request
for Credit Extension” means (a) with respect to a Borrowing,
conversion or continuation of Committed Revolving Loans, a Committed Loan
Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit
Application, (c) with respect to a Swing Line Loan, a Swing Line Loan
Notice and (d) with respect to a Negotiated Rate Loan, a Negotiated Rate
Loan Notice.

 

“Required Lenders”
means, as of any date of determination, (a) Lenders having more than 50%
of the Aggregate Revolving Commitments or (b) if the commitment of each
Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 8.02, Lenders
holding in the aggregate more than 50% of the Total Revolving Outstandings
(with the aggregate amount of each Revolving Lender’s risk participation and
funded participation in L/C Obligations, Swing Line Loans and Alternative
Currency Risk Participations being deemed “held” by such Revolving Lender for
purposes of this definition); provided that the (i) any Revolving
Commitment of, and the portion of the Total Revolving Outstandings (including
risk participations in Letters of Credit and Swing Line Loans) held or deemed
held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Lenders, and (ii) the Alternative Currency Risk
Participations of any Defaulting Lender at such time shall deemed to be held by
the Alternative Currency Fronting Lender for purposes of making a determination
of Required Lenders.

 

“Responsible
Officer” means the chief executive officer, president, chief financial
officer, each executive vice president and senior vice president, and the
treasurer of the Borrower.  Any document
delivered hereunder that is signed by a Responsible Officer shall be
conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of the Borrower and such
Responsible Officer shall be conclusively presumed to have acted on behalf of
the Borrower.

 

“Restricted
Payment” means any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such
capital stock or other Equity Interest, or on account of any return of capital
to the Borrower’s stockholders, partners or members (or the equivalent Person
thereof).

 

“Revaluation Date” means (a) with
respect to any Loan, each of the following: 
(i) each date of a Borrowing of a Eurocurrency Rate Loan denominated
in an Alternative Currency, (ii) each date of a continuation of a
Eurocurrency Rate Loan denominated in an Alternative Currency pursuant to Section 2.02,
(iii) the date the Alternative Currency Fronting Lender has requested
payment from the Alternative Currency Participating Lenders in Dollars, and
with respect to all other instances pursuant to Section 2.02(f) the
date on which payments in Dollars are made between the Alternative Currency
Fronting Lender and Alternative Currency Participating Lenders with respect to
such Loan, and (iv) such additional dates as the Administrative Agent
shall determine or the Required Lenders shall require; and (b) with
respect to any Letter of Credit, each of the following:  (i) each date of issuance of a Letter of
Credit denominated in an Alternative Currency, (ii) each date of an
amendment of any such Letter of Credit having the

 

24

 

effect of increasing the
amount thereof (solely with respect to the increased amount), (iii) each
date of any payment by the L/C Issuer under any Letter of Credit denominated in
an Alternative Currency, (iv) each date of any Committed Loan Notice for a
Base Rate Loan under Section 2.03(b)(iv), (v) each date of payment of
funds in an Alternative Currency by the Administrative Agent to the L/C Issuer
pursuant to Section 2.03(b)(v), and (vi) such additional dates as the
Administrative Agent or the L/C Issuer shall determine or the Required Lenders
shall require.

 

“Revolving
Commitment” means, as to each Lender, its obligation to (a) make
Committed Revolving Loans to the Borrower pursuant to Section 2.01,
(b) purchase participations in L/C Obligations (c) purchase
participations in Swing Line Loans and (d) if such Lender is an
Alternative Currency Participating Lender with respect to any Alternative
Currency, purchase Alternative Currency Risk Participations in Loans
denominated in such Alternative Currency, in an aggregate principal amount at
any one time outstanding the Dollar Equivalent of which does not exceed the
Dollar amount set forth opposite such Lender’s name in the column entitled “Revolving
Commitment” on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount
may be adjusted from time to time in accordance with this Agreement.

 

“Revolving
Lender” means a Lender with a Revolving Commitment or an outstanding
Committed Revolving Loan or an outstanding Negotiated Rate Loan and, as the
context requires, includes the L/C Issuer and the Swing Line Lender.

 

“Revolving
Loan” means any extension of credit by a Lender to the Borrower under Article II.

 

“Revolving
Maturity Date” means August 1, 2011 (the “Initial Maturity Date”),
subject to extension in accordance with Section 2.15.

 

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

 

“Same
Day Funds” means (a) with respect to disbursements and payments in
Dollars, immediately available funds, and (b) with respect to disbursements and
payments in an Alternative Currency, same day or other funds as may be
determined by the Administrative Agent or the L/C Issuer, as the case may be,
to be customary in the place of disbursement or payment for the settlement of
international banking transactions in the relevant Alternative Currency.

 

“Scheduled
Principal Payment” means (a) all scheduled principal payments by the
Borrower and its Subsidiaries with respect to its Consolidated Total
Indebtedness (other than payments due at final maturity of any tranche of
Indebtedness) and (b) without duplication, the Borrower’s Pro Rata Share
of all scheduled principal payments with respect to the Indebtedness (other
than payments due at final maturity of any tranche of Indebtedness) of each
Material Joint Venture, in each case without giving effect to any reduction in
such scheduled principal payments as a result of any voluntary or mandatory
prepayment with respect thereto made in the same period in which such principal
payment was scheduled to be made.

 

25

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

 

“Secured
Debt” means that portion of Consolidated Total Indebtedness that is subject
to a Lien (other than Permitted Liens).

 

“Secured
Debt Ratio” means, on the last day of any fiscal quarter, the ratio of
(a) Secured Debt outstanding on such date to (b) Consolidated Total Asset
Value as of such date.

 

“Senior
Managing Agent” means each of The Bank of Nova Scotia, Calyon New York
Branch, Key Bank National Association, Merrill Lynch Bank USA, The Royal Bank
of Scotland plc, and SunTrust Bank, in their capacity as Senior Managing
Agents.

 

“Significant
Acquisition” means the acquisition (in one or a series of related
transactions) of all or substantially all of the assets or Equity Interests of
a Person or any division, line of business or business unit of a Person for an
aggregate consideration in excess of $750,000,000.

 

“Special
Notice Currency” means at any time an Alternative Currency, other than the
currency of a country that is a member of the Organization for Economic
Cooperation and Development at such time located in North America or Europe.

 

“Spot
Rate” for a currency means the rate determined by the Administrative Agent
or the L/C Issuer, as applicable, to be the rate quoted by the Person acting in
such capacity as the spot rate for the purchase by such Person of such currency
with another currency through its principal foreign exchange trading office at
approximately 11:00 a.m. on the date two Business Days prior to the date
as of which the foreign exchange computation is made; provided that the
Administrative Agent or the L/C Issuer may obtain such spot rate from another
financial institution designated by the Administrative Agent or the L/C Issuer
if the Person acting in such capacity does not have as of the date of
determination a spot buying rate for any such currency; and provided further
that the L/C Issuer may use such spot rate quoted on the date as of which the
foreign exchange computation is made in the case of any Letter of Credit
denominated in an Alternative Currency.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability
company or other business entity the accounts of which are consolidated with
the accounts of the Borrower in the Borrower’s consolidated financial
statements prepared in accordance with GAAP. 
Unless otherwise specified, all references herein to a “Subsidiary”
or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the
Borrower.

 

“Swap
Contract” means (a) any and all rate swap transactions, basis swaps,
credit derivative transactions, forward rate transactions, commodity swaps,
commodity options, forward commodity contracts, equity or equity index swaps or
options, bond or bond price or bond index swaps or options or forward bond or
forward bond price or forward bond index transactions, interest rate options,
forward foreign exchange transactions, cap transactions, floor

 

26

 

transactions,
collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions
or any combination of any of the foregoing, whether or not any such transaction
is governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to
the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

“Swap
Termination Value” means, in respect of any one or more Swap Contracts,
after taking into account the effect of any legally enforceable netting
agreement relating to such Swap Contracts, (a) for any date on or after
the date such Swap Contracts have been closed out and termination value(s) determined
in accordance therewith, such termination value(s), and (b) for any date
prior to the date referenced in clause (a), the amount(s) determined
as the mark-to-market value(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations
provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

 

“Swing
Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.04.

 

“Swing
Line Lender” means Bank of America in its capacity as provider of Swing
Line Loans, or any successor swing line lender hereunder.

 

“Swing
Line Loan” has the meaning specified in Section 2.04(a).

 

“Swing
Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to Section 2.04(b),
which, if in writing, shall be substantially in the form of Exhibit B.

 

“Swing
Line Sublimit” means an amount equal to ten percent (10%) of the
Aggregate Revolving Commitments.  The
Swing Line Sublimit is part of, and not in addition to, the Aggregate Revolving
Commitments.

 

“Syndication
Agent” means UBS Securities LLC in its capacity as Syndication Agent.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under a
so-called synthetic, off-balance sheet or tax retention lease.

 

“TARGET
Day” means any day on which the Trans-European Automated Real-time Gross
Settlement Express Transfer (TARGET) payment system (or, if such payment system
ceases to be operative, such other payment system (if any) determined by
the Administrative Agent to be a suitable replacement) is open for the
settlement of payments in Euro.

 

27

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions,
withholdings, assessments, fees or other charges imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable
thereto.

 

“Threshold
Amount” means $100,000,000.

 

“Total
Asset Value” means an amount equal to (a) all assets of a Person and
its Subsidiaries as determined in accordance with GAAP plus (b) all
accumulated depreciation associated with such assets minus
(c) Intangible Assets.

 

“Total
Revolving Outstandings” means the aggregate Outstanding Amount of all
Committed Revolving Loans, all Swing Line Loans, all L/C Obligations and all
Negotiated Rate Loans.

 

“Treasury
Management Agreement” means any treasury, depository or cash management
arrangements, services or products, including, without limitation, overdraft
services and automated clearinghouse transfers of funds.

 

“Treasury
Management
Lender” means any Person that, at the time it enters into a Treasury
Management Agreement, is a Lender or an Affiliate of a Lender, in its capacity
as a party to such Treasury Management Agreement.

 

“Type”
means, with respect to a Committed Revolving Loan, its character as a Base Rate
Loan or a Eurocurrency Rate Loan.

 

“Unencumbered Asset Value”
means the sum of (a) the aggregate net book value, as determined in
accordance with GAAP, of all real property of a Person that is not subject to a
Mortgage Lien plus (b) all accumulated depreciation with respect to
such real properties plus (c) unrestricted cash and cash
equivalents of such Person plus (d) the sum of (i) unencumbered
mezzanine and mortgage loan receivables (at the value reflected in the
consolidated financial statements of the Borrower, in accordance with GAAP, as
of such date, including the effect of any impairment charges), (ii) unencumbered
marketable securities (at the value reflected in the consolidated financial
statements of the Borrower, in accordance with GAAP, as of such date, including
the effect of any impairment charges), provided that the items described in
this clause (ii) and in the preceding clause (i) shall not be taken
into account to the extent that the amounts of such items exceed, in the
aggregate, 20% of Unencumbered Asset Value.

 

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

 

“United
States” and “U.S.” mean the United States of America.

 

“Unreimbursed
Amount” has the meaning specified in Section 2.03(b)(iv).

 

28

 

“Unsecured
Debt” means that portion of Consolidated Total Indebtedness that is not
Secured Debt.

 

“Unsecured
Leverage Ratio” means, on the last day of any fiscal quarter, the ratio of
(a) Unsecured Debt outstanding on such date to (b) Consolidated
Unencumbered Asset Value as of such date.

 

“Yen”
and “¥” mean the lawful currency of Japan.

 

1.02        Other Interpretive Provisions.

 

With
reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document:

 

(a)           The definitions of terms
herein shall apply equally to the singular and plural forms of the terms
defined.  Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms.  The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and
effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document
(including any Organization Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein or in any other Loan
Document), (ii) any reference herein to any Person shall be construed to
include such Person’s successors and assigns, (iii) the words “herein,” “hereof”
and “hereunder,” and words of similar import when used in any Loan
Document, shall be construed to refer to such Loan Document in its entirety and
not to any particular provision thereof, (iv) all references in a Loan
Document to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, the Loan
Document in which such references appear, (v) any reference to any law
shall include all statutory and regulatory provisions consolidating, amending
replacing or interpreting such law and any reference to any law or regulation
shall, unless otherwise specified, refer to such law or regulation as amended,
modified or supplemented from time to time, and (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

 

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

 

(c)           Section headings herein
and in the other Loan Documents are included for convenience of reference only
and shall not affect the interpretation of this Agreement or any other Loan
Document.

 

29

 

1.03        Accounting Terms.

 

(a)           Generally.  All accounting terms not specifically or
completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations)
required to be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP applied on a consistent basis, as in effect from time to
time, applied in a manner consistent with that used in preparing the Audited
Financial Statements, except as otherwise specifically prescribed
herein.

 

(b)           Changes in GAAP.  If at any time any change in GAAP would
affect the computation of any financial ratio or requirement set forth in any
Loan Document, and either the Borrower or the Required Lenders shall so
request, the Administrative Agent, the Lenders and the Borrower shall negotiate
in good faith to amend such ratio or requirement to preserve the original
intent thereof in light of such change in GAAP (subject to the approval of the
Required Lenders); provided that, until so amended, (i) such ratio
or requirement shall continue to be computed in accordance with GAAP prior to
such change therein and (ii) the Borrower shall provide to the
Administrative Agent and the Lenders financial statements and other documents required
under this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP.

 

1.04        Rounding.

 

Any
financial ratios required to be maintained by the Borrower pursuant to this
Agreement shall be calculated by dividing the appropriate component by the
other component, carrying the result to one place more than the number of
places by which such ratio is expressed herein and rounding the result up or
down to the nearest number (with a rounding-up if there is no nearest number).

 

1.05        Exchange Rates; Currency Equivalents.  (a) The Administrative Agent or the L/C
Issuer, as applicable, shall determine the Spot Rates as of each Revaluation
Date to be used for calculating Dollar Equivalents and/or Alternative Currency
Equivalents of Credit Extensions and Outstanding Amounts denominated in
Alternative Currencies or Dollars.  Such
Spot Rates shall become effective as of such Revaluation Date and shall be the
Spot Rates employed in converting any amounts between the applicable currencies
until the next Revaluation Date to occur. 
Except for purposes of financial statements delivered by the Borrower
hereunder or calculating financial covenants hereunder or except as otherwise
provided herein, the applicable amount of any currency (other than Dollars) for
purposes of the Loan Documents shall be its Dollar Equivalent as so determined
by the Administrative Agent or the L/C Issuer, as applicable.

 

(b)           Wherever in this Agreement in
connection with a Committed Borrowing, conversion, continuation or prepayment
of a Eurocurrency Rate Loan or the issuance, amendment or extension of a Letter
of Credit, an amount, such as a required minimum or multiple amount, is expressed
in Dollars, but such Committed Borrowing, Eurocurrency Rate Loan or Letter of
Credit is denominated in an Alternative Currency, such amount shall be the
relevant Alternative Currency Equivalent of such Dollar amount (rounded to the
nearest unit of

 

30

 

such
Alternative Currency, with 0.5 of a unit being rounded upward), as determined
by the Administrative Agent or the L/C Issuer, as the case may be.

 

1.06        Additional Alternative Currencies.  (a) The Borrower may from time to time
request that Eurocurrency Rate Loans be made and/or Letters of Credit be issued
in a currency other than those specifically listed in the definition of “Alternative
Currency;” provided that such requested currency is a lawful currency
(other than Dollars) that is readily available and freely transferable and
convertible into Dollars.  In the case of
any such request with respect to the making of Eurocurrency Rate Loans, such
request shall be subject to the approval of the Administrative Agent and the
Lenders; and in the case of any such request with respect to the issuance of
Letters of Credit, such request shall be subject to the approval of the
Administrative Agent and the L/C Issuer.

 

(b)           Any such request shall be made to the
Administrative Agent not later than 11:00 a.m., 20 Business Days
prior to the date of the desired Credit Extension (or such other time or date
(but not less than 11 Business Days prior) as may be agreed by the
Administrative Agent and, in the case of any such request pertaining to Letters
of Credit, the L/C Issuer, in its or their sole discretion).  In the case of any such request pertaining to
Eurocurrency Rate Loans, the Administrative Agent shall promptly notify each
Lender thereof; and in the case of any such request pertaining to Letters of
Credit, the Administrative Agent shall promptly notify the L/C Issuer
thereof.  Each Lender (in the case of any
such request pertaining to Eurocurrency Rate Loans) or the L/C Issuer (in the
case of a request pertaining to Letters of Credit) shall notify the
Administrative Agent, not later than 11:00 a.m., ten Business Days after
receipt of such request whether it consents, in its sole discretion, to the
making of Eurocurrency Rate Loans or the issuance of Letters of Credit, as the
case may be, in such requested currency.

 

(c)           Any failure by a Lender or the L/C
Issuer, as the case may be, to respond to such request within the time period
specified in the preceding sentence shall be deemed to be a refusal by such
Lender or the L/C Issuer, as the case may be, to permit Eurocurrency Rate Loans
to be made or Letters of Credit to be issued in such requested currency.  If the Administrative Agent and all the
Lenders consent to making Eurocurrency Rate Loans in such requested currency,
the Administrative Agent shall so notify the Borrower and the Lenders and such
currency shall thereupon be deemed for all purposes to be an Alternative
Currency hereunder for purposes of any Committed Borrowings of Eurocurrency
Rate Loans; and if the Administrative Agent and the L/C Issuer consent to the
issuance of Letters of Credit in such requested currency, the Administrative
Agent shall so notify the Borrower and the Lenders and such currency shall
thereupon be deemed for all purposes to be an Alternative Currency hereunder
for purposes of any Letter of Credit issuances. 
If the Administrative Agent shall fail to obtain consent to any request
for an additional currency under this Section 1.06, the
Administrative Agent shall promptly so notify the Borrower and the Lenders.

 

1.07        Change of Currency.  (a) Each obligation of the Borrower to
make a payment denominated in the national currency unit of any member state of
the European Union that adopts the Euro as its lawful currency after the date
hereof shall be redenominated into Euro at the time of such adoption (in
accordance with the EMU Legislation). 
If, in relation to the currency of any such member state, the basis of
accrual of interest expressed in this Agreement

 

31

 

in
respect of that currency shall be inconsistent with any convention or practice
in the London interbank market for the basis of accrual of interest in respect
of the Euro, such expressed basis shall be replaced by such convention or
practice with effect from the date on which such member state adopts the Euro
as its lawful currency; provided that if any Committed Borrowing in the
currency of such member state is outstanding immediately prior to such date,
such replacement shall take effect, with respect to such Committed Borrowing,
at the end of the then current Interest Period.

 

(b)           Each provision of this Agreement
shall be subject to such reasonable changes of construction as the
Administrative Agent may from time to time specify to be appropriate to reflect
the adoption of the Euro by any member state of the European Union and any
relevant market conventions or practices relating to the Euro.

 

(c)           Each provision of this Agreement also
shall be subject to such reasonable changes of construction as the
Administrative Agent may from time to time specify to be appropriate to reflect
a change in currency of any other country and any relevant market conventions
or practices relating to such change in currency.

 

1.08        Times of Day.

 

Unless
otherwise specified, all references herein to times of day shall be references
to Eastern time (daylight or standard, as applicable).

 

1.09        Letter of Credit Amounts.

 

Unless
otherwise specified herein, the amount of a Letter of Credit at any time shall
be deemed to be the Dollar Equivalent of the stated amount of such Letter of
Credit in effect at such time; provided,  however, that with
respect to any Letter of Credit that, by its terms or the terms of any Issuer
Document related thereto, provides for one or more automatic increases in the
stated amount thereof, the amount of such Letter of Credit shall be deemed to
be the Dollar Equivalent of the maximum stated amount of such Letter of Credit
after giving effect to all such increases, whether or not such maximum stated
amount is in effect at such time.

 

ARTICLE II

 

THE
COMMITMENTS AND CREDIT EXTENSIONS

 

2.01        Committed Revolving Loans.  Subject to the terms and conditions set forth
herein, each Revolving Lender severally agrees to make revolving loans (each
such loan, a “Committed Revolving Loan”) to the Borrower in Dollars or
(subject to the provisions of Section 2.02(f)) in one or more Alternative
Currencies from time to time, on any Business Day during the Availability
Period, in an aggregate amount not to exceed at any time outstanding the amount
of such Revolving Lender’s Revolving Commitment; provided, however,
that after giving effect to any Committed Borrowing, (i) the Total
Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (ii) the
aggregate Outstanding Amount of the Committed

 

32

 

Revolving
Loans of any Revolving Lender (less, with respect only to the Alternative
Currency Fronting Lender, the aggregate Alternative Currency Risk
Participations in all Loans denominated in Alternative Currencies), plus,
with respect only to the Alternative Currency Participating Lenders, the
Outstanding Amount of such Lender’s Alternative Currency Risk Participations in
Loans denominated in Alternative Currencies and advanced by the Alternative
Currency Fronting Lender, plus such Revolving Lender’s Applicable
Percentage of the Outstanding Amount of all L/C Obligations, plus such
Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Swing
Line Loans shall not exceed such Revolving Lender’s Revolving Commitment and
(iii) the aggregate Outstanding Amount of all Committed Revolving Loans
denominated in Alternative Currencies shall not exceed the Alternative Currency
Sublimit.  Within the limits of each
Revolving Lender’s Revolving Commitment, and subject to the other terms and
conditions hereof, the Borrower may borrow under this Section 2.01,
prepay under Section 2.06, and reborrow under this Section 2.01.  Committed Revolving Loans may be Base Rate
Loans or Eurocurrency Rate Loans, as further provided herein.

 

2.02        Borrowings, Conversions and
Continuations of Committed Revolving Loans.

 

(a)           Each Committed Borrowing, each
conversion of Committed Revolving Loans from one Type to the other, and each
continuation of Eurocurrency Rate Loans shall be made upon the Borrower’s
irrevocable notice to the Administrative Agent, which may be given by
telephone.  Each such notice must be
received by the Administrative Agent not later than 12:00 Noon (i) three
Business Days prior to the requested date of any Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans denominated in Dollars or of any
conversion of Eurocurrency Rate Loans denominated in Dollars to Base Rate
Committed Revolving Loans, (ii) four Business Days (or five Business Days
in the case of a Special Notice Currency) prior to the requested date of any
Borrowing or continuation of Eurocurrency Rate Loans denominated in Alternative
Currencies, and (iii) on the requested date of any Borrowing of Base Rate
Committed Revolving Loans.  Each
telephonic notice by the Borrower pursuant to this Section 2.02(a) must
be confirmed promptly by delivery to the Administrative Agent of a written
Committed Loan Notice, appropriately completed and signed by a Responsible
Officer.  Each Borrowing of, conversion
to or continuation of Eurocurrency Rate Loans shall be in a principal amount of
$1,000,000 or a whole multiple of $100,000 in excess thereof.  Except as provided in Sections 2.03(b) and
2.04(c), each Borrowing of or conversion to Base Rate Committed
Revolving Loans shall be in a principal amount the Dollar Equivalent of which
is $1,000,000 or a whole multiple of $100,000 in excess thereof.

 

Each
Committed Loan Notice (whether telephonic or written) shall specify
(i) whether the Borrower is requesting a Committed Borrowing, a conversion
of Committed Revolving Loans from one Type to the other, or a continuation of
Eurocurrency Rate Loans, (ii) the requested date of the Borrowing,
conversion or continuation, as the case may be (which shall be a Business Day),
(iii) the principal amount of Committed Revolving Loans to be borrowed,
converted or continued, (iv) the Type and Class of Committed
Revolving Loans to be borrowed or to which existing Committed Revolving Loans
are to be converted, (v) if applicable, the duration of the Interest
Period with respect thereto and (vi) the currency of the Committed
Revolving Loans to be borrowed.  If the
Borrower fails to specify a Type of Committed

 

33

 

Revolving
Loan in a Committed Loan Notice or if the Borrower fails to give a timely
notice requesting a conversion or continuation, then the applicable Committed
Revolving Loans shall be made as, or converted to, Base Rate Loans; provided,
however, that in the case of a failure to timely request a continuation
of Committed Revolving Loans denominated in an Alternative Currency, such Loans
shall be continued as Eurocurrency Rate Loans in their original currency with
an Interest Period of one month.  Any
such automatic conversion to Base Rate Loans shall be effective as of the last
day of the Interest Period then in effect with respect to the applicable
Eurocurrency Rate Loans.  If the Borrower
requests a Borrowing of, conversion to, or continuation of Eurocurrency Rate
Loans in any such Committed Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one
month.  No Committed Revolving Loan may
be converted into or continued as a Committed Revolving Loan denominated in a
different currency, but instead must be prepaid in the original currency of
such Committed Revolving Loan and reborrowed in the other currency.

 

(b)           Following receipt of a Committed Loan
Notice requesting a Committed Borrowing denominated in Dollars or in an
Alternative Currency with respect to which the Administrative Agent has not
received notice that any Revolving Lender is an Alternative Currency
Participating Lender, the Administrative Agent shall promptly notify each
applicable Revolving Lender of the amount (and currency) of its Applicable
Percentage of the applicable Committed Revolving Loans.  Following receipt of a Committed Loan Notice
requesting a Committed Borrowing denominated in an Alternative Currency with
respect to which the Administrative Agent and the Borrower have received notice
that one or more Revolving Lenders is an Alternative Currency Participating
Lender, the Administrative Agent shall on the next following Business Day notify
(i) each Alternative Currency Funding Lender of both the Dollar Equivalent
and the Alternative Currency Equivalent of its Alternative Currency Funding
Applicable Percentage, (ii) the Alternative Currency Fronting Lender of
both the Dollar Equivalent and the Alternative Currency Equivalent of the
aggregate Alternative Currency Risk Participations in such Committed Borrowing,
(iii) each Alternative Currency Participating Lender of both the Dollar
Equivalent and the Alternative Currency Equivalent of its Alternative Currency
Risk Participation in such Committed Borrowing, and (iv) all Revolving
Lenders and the Borrower of the aggregate Alternative Currency Equivalent and
the Dollar Equivalent of such Committed Borrowing and the applicable Spot Rate
used by the Administrative Agent to determine such Dollar Equivalent and
Alternative Currency Equivalent.  If no
timely notice of a conversion or continuation is provided by the Borrower, the
Administrative Agent shall notify each Revolving Lender of the details of any
automatic conversion to Base Rate Loans or continuation of Committed Revolving
Loans denominated in a currency other than Dollars, in each case as described
in the preceding subsection.

 

In
the case of a Committed Borrowing in Dollars or in an Alternative Currency with
respect to which the Administrative Agent has not received notice that any
Revolving Lender is an Alternative Currency Participating Lender, each
applicable Lender shall make the amount of its Revolving Loan available to the
Administrative Agent in Same Day Funds for the applicable currency at the
Administrative Agent’s Office not later than 1:00 p.m., in the case of any
Committed Revolving Loan denominated in Dollars, and not later than the
Applicable Time specified by the Administrative Agent in the case of any
Committed Revolving Loan in an Alternative Currency, in each case on the
Business Day specified in the applicable Committed

 

34

 

Loan
Notice.  In the case of a Committed
Borrowing in an Alternative Currency with respect to which the Administrative
Agent has received notice that any Revolving Lender is an Alternative Currency
Participating Lender, each Alternative Currency Funding Lender shall make the
amount of its Alternative Currency Funding Applicable Percentage of such
Revolving Loan available to the Administrative Agent in Same Day Funds at the
Administrative Agent’s Office not later than the Applicable Time, on the
Business Day specified in the applicable Committed Loan Notice.  In any event, a Revolving Lender may cause an
Affiliate to fund or make the amount of its Loan available in accordance with
the foregoing provisions.  Upon
satisfaction of the applicable conditions set forth in Section 4.02
(and, if such Borrowing is the initial Credit Extension, Section 4.01),
the Administrative Agent shall make all funds so received available to the
Borrower in like funds as received by the Administrative Agent either by
(i) crediting the account of the Borrower on the books of Bank of America
with the amount of such funds or (ii) wire transfer of such funds, in each
case in accordance with instructions provided to (and reasonably acceptable to)
the Administrative Agent by the Borrower; provided, however, that
if, on the date the Committed Loan Notice with respect to such Borrowing
denominated in Dollars is given by the Borrower, there are L/C Borrowings
outstanding, then the proceeds of such Borrowing, first, shall be
applied to the payment in full of any such L/C Borrowings, and, second,
shall be made available to the Borrower as provided above.

 

(c)           Except as otherwise provided herein,
a Eurocurrency Rate Loan may be continued or converted only on the last day of
an Interest Period for such Eurocurrency Rate Loan.  During the existence of a Default, no Loans
may be requested as, converted to or continued as Eurocurrency Rate Loans
(whether in Dollars or any Alternative Currency) without the consent of the
Required Lenders, and the Required Lenders may require that any or all of the
then outstanding Eurocurrency Rate Loans denominated in an Alternative Currency
be prepaid, or redenominated into Dollars in the amount of the Dollar
Equivalent thereof, on the last day of the then current Interest Period with
respect thereto.

 

(d)           The Administrative Agent shall
promptly notify the Borrower and the Lenders of the interest rate applicable to
any Interest Period for Eurocurrency Rate Loans upon determination of such
interest rate.  At any time that Base Rate
Loans are outstanding, the Administrative Agent shall notify the Borrower and
the Lenders of any change in Bank of America’s prime rate used in determining
the Base Rate promptly following the public announcement of such change.

 

(e)           After giving effect to all Committed
Borrowings, all conversions of Committed Revolving Loans from one Type to the
other, and all continuations of Committed Revolving Loans as the same Type,
there shall not be more than ten Interest Periods in effect with respect
to all Committed Revolving Loans.

 

(f)            Alternative Currency Funding and
Participation.

 

(i)            Subject to all the
terms and conditions set forth in this Agreement, including the provisions of Section 2.01,
and without limitation of the provisions of Section 2.02, with respect to
any Revolving Loans denominated in an Alternative Currency with respect to
which one or more Revolving Lenders has given notice to the

 

35

 

Administrative
Agent that it is an Alternative Currency Participating Lender, (A) each
Revolving Lender agrees from time to time on any Business Day during the
Availability Period to fund its Applicable Percentage of Revolving Loans
denominated in an Alternative Currency with respect to which it is an
Alternative Currency Funding Lender; and (B) each Revolving Lender
severally agrees to acquire an Alternative Currency Risk Participation in
Revolving Loans denominated in an Alternative Currency with respect to which it
is an Alternative Currency Participating Lender.

 

(ii)           Each Revolving Loan
denominated in an Alternative Currency shall be funded upon the request of the
Borrower in accordance with Section 2.02(b).  Immediately upon the funding by the
Alternative Currency Fronting Lender of its Alternative Currency Funding
Applicable Percentage of any Revolving Loan denominated in an Alternative
Currency with respect to which one or more Revolving Lenders is an Alternative
Currency Participating Lender, each Alternative Currency Participating Lender
shall be deemed to have absolutely, irrevocably and unconditionally purchased
from such Alternative Currency Fronting Lender an Alternative Currency Risk
Participation in such Loan in an amount such that, after such purchase, each
Revolving Lender (including the Alternative Currency Funding Lenders, the
Alternative Currency Fronting Lender and the Alternative Currency Participating
Lenders) will have an Alternative Currency Loan Credit Exposure with respect to
such Revolving Loan equal in amount to its Applicable Percentage of such
Revolving Loan.

 

(iii)          Upon the occurrence
and during the continuance of an Event of Default, the Alternative Currency
Fronting Lender may, by written notice to the Administrative Agent delivered
not later than 11:00 a.m., on the second Business Day preceding the
proposed date of funding and payment by Alternative Currency Participating
Lenders of their Alternative Currency Risk Participations purchased in such
Revolving Loans as shall be specified in such notice (the “Alternative
Currency Participation Payment Date”), request each Alternative
Currency Participating Lender to fund the Dollar Equivalent of its Alternative
Currency Risk Participation purchased with respect to such Revolving Loans to
the Administrative Agent on the Alternative Currency Participation Payment Date
in Dollars.  Following receipt of such
notice, the Administrative Agent shall promptly notify each Alternative
Currency Participating Lender of the Dollar Equivalent of its Alternative
Currency Risk Participation purchased with respect to each such Revolving Loan
(determined at the Spot Rate on the date of advance of such Revolving Loan) and
the applicable Alternative Currency Participation Payment Date.  Any notice given by the Alternative Currency
Fronting Lender or the Administrative Agent pursuant to this subsection may be
given by telephone if immediately confirmed in writing; provided that the
absence of such an immediate confirmation shall not affect the conclusiveness
or binding effect of such notice.

 

(iv)          On the applicable
Alternative Currency Participation Payment Date, each Alternative Currency
Participating Lender in the Revolving Loans specified for funding pursuant to
this Section 2.02(f) shall deliver the amount of such Alternative
Currency Participating Lender’s Alternative Currency Risk Participation with
respect to such specific Revolving Loans in Dollars and in Same Day Funds to
the Administrative Agent;

 

36

 

provided, however,
that no Alternative Currency Participating Lender shall be (i) responsible
for any default by any other Alternative Currency Participating Lender in such
other Alternative Currency Participating Lender’s obligation to pay such amount
and/or (ii) required to fund an amount under this Section 2.02(f) that
would exceed the amount of such Revolving Lender’s Revolving Commitment.  Upon receipt of any such amounts from the
Alternative Currency Participating Lenders, the Administrative Agent shall
distribute such Dollar amounts in Same Day Funds to the Alternative Currency
Fronting Lender.

 

(v)           In the event that
any Alternative Currency Participating Lender fails to make available to the
Administrative Agent the amount of its Alternative Currency Risk Participation
as provided herein, the Administrative Agent shall be entitled to recover such amount
on behalf of the Alternative Currency Fronting Lender on demand from such
Alternative Currency Participating Lender together with interest at the
Overnight Rate for three (3) Business Days and thereafter at a rate per
annum equal to the Default Rate.  A
certificate of the Administrative Agent submitted to any Alternative Currency
Participating Lender with respect to amounts owing hereunder shall be
conclusive in the absence of demonstrable error.

 

(vi)          In the event that
the Alternative Currency Fronting Lender receives a payment in respect of any
Revolving Loan, whether directly from a Borrower or otherwise, in which
Alternative Currency Participating Lenders have fully funded in Dollars their
purchase of Alternative Currency Risk Participations, the Alternative Currency
Fronting Lender shall promptly distribute to the Administrative Agent, for its
distribution to each such Alternative Currency Participating Lender, the Dollar
Equivalent of such Alternative Currency Participating Lender’s Alternative Currency
Participant’s Share of such payment in Dollars and in Same Day Funds.  If any payment received by the Alternative
Currency Fronting Lender with respect to any Revolving Loan in an Alternative
Currency made by it shall be required to be returned by the Alternative
Currency Fronting Lender after such time as the Alternative Currency Fronting
Lender has distributed such payment to the Administrative Agent pursuant to the
immediately preceding sentence, each Alternative Currency Participating Lender
that has received a portion of such payment shall pay to the Alternative
Currency Fronting Lender an amount equal to its Alternative Currency
Participant’s Share in Dollars of the amount to be returned; provided, however,
that no Alternative Currency Participating Lender shall be responsible for any
default by any other Alternative Currency Participating Lender in that other
Alternative Currency Participating Lender’s obligation to pay such amount.

 

(vii)         Anything contained
herein to the contrary notwithstanding, each Alternative Currency Participating
Lender’s obligation to acquire and pay for its purchase of Alternative Currency
Risk Participations as set forth herein shall be absolute, irrevocable and
unconditional and shall not be affected by any circumstance, including, without
limitation, (i) any set-off, counterclaim, recoupment, defense or other
right which such Alternative Currency Participating Lender may have against the
Alternative Currency Fronting Lender, the Administrative Agent, the Borrower or
any other Person

 

37

 

for
any reason whatsoever; (ii) the occurrence or continuance of a Default; (iii) any
adverse change in the condition (financial or otherwise) of the Borrower or any
of its Subsidiaries; (iv) any breach of this Agreement or any other Loan
Document by the Borrower or any other Lender; or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of
the foregoing.

 

(viii)        In no event shall (i) the
Alternative Currency Risk Participation of any Alternative Currency
Participating Lender in any Revolving Loans denominated in an Alternative
Currency pursuant to this Section 2.02(f) be construed as a loan or
other extension of credit by such Alternative Currency Participating Lender to
the Borrower, any Revolving Lender or the Administrative Agent or (ii) this
Agreement be construed to require any Revolving Lender that is an Alternative
Currency Participating Lender with respect to a specific Alternative Currency
to make any Revolving Loans in such Alternative Currency under this Agreement
or under the other Loan Documents, subject to the obligation of each
Alternative Currency Participating Lender to give notice to the Administrative
Agent and the Borrower at any time such Revolving Lender acquires the ability
to make Revolving Loans in such Alternative Currency.

 

(ix)           The Administrative
Agent shall change a Revolving Lender’s designation from Alternative Currency
Participating Lender to Alternative Currency Funding Lender with respect to an
Alternative Currency for which such Lender previously has been designated an
Alternative Currency Participating Lender, upon receipt of a written notice to
the Administrative Agent and the Borrower from such Alternative Currency Participating
Lender requesting that its designation be so changed.  Each Alternative Currency Participating
Lender agrees to give such notice to the Administrative Agent and the Borrower
promptly upon its acquiring the ability to make Revolving Loans in such Alternative
Currency.  Schedule 2.02 hereto
lists each Alternative Currency Participating Lender as of the Closing Date in
respect of each Alternative Currency.

 

2.03        Letters of Credit.

 

(a)           The Letter of Credit Commitment.

 

(i)            Subject to the
terms and conditions set forth herein, (A) the L/C Issuer agrees, in
reliance upon the agreements of the Lenders set forth in this Section 2.03,
(1) from time to time on any Business Day during the period from the
Closing Date until the Letter of Credit Expiration Date, to issue Letters of
Credit denominated in Dollars or in one or more Alternative Currencies for the
account of the Borrower or its Subsidiaries, and to amend Letters of Credit
previously issued by it, in accordance with subsection (b) below, and
(2) to honor drawings under the Letters of Credit; and (B) the
Revolving Lenders severally agree to participate in Letters of Credit issued
for the account of the Borrower or its Subsidiaries and any drawings
thereunder; provided that after giving effect to any L/C Credit
Extension with respect to any Letter of Credit, (x) the Total Revolving
Outstandings shall not exceed the Aggregate Revolving Commitments, (y) the
aggregate Outstanding Amount of the Committed Revolving Loans of any Revolving
Lender (less, with respect only to the Alternative Currency Fronting
Lender, the

 

38

 

aggregate
Alternative Currency Risk Participations in all Revolving Loans denominated in
Alternative Currencies), plus, with respect only to the Alternative Currency
Participating Lenders, such Lender’s Alternative Currency Risk Participations
in Revolving Loans denominated in Alternative Currencies advanced by the
Alternative Currency Fronting Lender for such Lender, plus such
Revolving Lender’s Applicable Percentage of the Outstanding Amount of all L/C
Obligations, plus such Revolving Lender’s Applicable Percentage of the
Outstanding Amount of all Swing Line Loans shall not exceed such Revolving
Lender’s Revolving Commitment and (z) the Outstanding Amount of the L/C
Obligations shall not exceed the Letter of Credit Sublimit.  Each request by the Borrower for the issuance
or amendment of a Letter of Credit shall be deemed to be a representation by
the Borrower that the L/C Credit Extension so requested complies with the
conditions set forth in the proviso to the preceding sentence.  Within the foregoing limits, and subject to
the terms and conditions hereof, the Borrower’s ability to obtain Letters of
Credit shall be fully revolving, and accordingly the Borrower may, during the
foregoing period, obtain Letters of Credit to replace Letters of Credit that
have expired or that have been drawn upon and reimbursed.  The Existing Letters of Credit shall be
deemed to have been issued hereunder, and from and after the Closing Date shall
be subject to and governed by the terms and conditions hereof.

 

(ii)           The L/C Issuer
shall not issue any Letter of Credit, if:

 

(A)         the
expiry date of such requested Letter of Credit would occur more than twelve
months after the date of issuance, unless the Required Lenders have approved
such expiry date; or

 

(B)         the
expiry date of such requested Letter of Credit would occur after the Letter of
Credit Expiration Date, unless all the Revolving Lenders have approved such
expiry date.

 

(iii)          The L/C Issuer
shall not be under any obligation to issue any Letter of Credit if:

 

(A)         any
order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter
of Credit, or any Law applicable to the L/C Issuer or any request or directive
(whether or not having the force of law) from any Governmental Authority with
jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer
refrain from, the issuance of letters of credit generally or such Letter of
Credit in particular or shall impose upon the L/C Issuer with respect to such
Letter of Credit any restriction, reserve or capital requirement (for which the
L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing
Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or
expense which was not applicable on the Closing Date and which the L/C Issuer
in good faith deems material to it;

 

39

 

(B)         the
issuance of such Letter of Credit would violate one or more policies of the L/C
Issuer;

 

(C)         except
as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter
of Credit is in an initial stated amount less than $500,000;

 

(D)         except
as otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter
of Credit is to be denominated in a currency other than Dollars or an
Alternative Currency;

 

(E)          the
L/C Issuer does not as of the issuance date of such requested Letter of Credit
issue Letters of Credit in the requested currency;

 

(F)          such
Letter of Credit contains any provisions for automatic reinstatement of the
stated amount after any drawing thereunder; or

 

(G)         a
default of any Revolving Lender’s obligations to fund under Section 2.03(b) exists
or any Revolving Lender is at such time a Defaulting Lender hereunder, unless
the L/C Issuer has entered into satisfactory arrangements with the Borrower or
such Revolving Lender to eliminate the L/C Issuer’s risk with respect to such
Revolving Lender.

 

(iv)          The L/C Issuer shall
not amend any Letter of Credit if the L/C Issuer would not be permitted at such
time to issue such Letter of Credit in its amended form under the terms hereof.

 

(v)           The L/C Issuer shall
be under no obligation to amend any Letter of Credit if (A) the L/C Issuer
would have no obligation at such time to issue such Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of such Letter
of Credit does not accept the proposed amendment to such Letter of Credit.

 

(vi)          The L/C Issuer shall
act on behalf of the Revolving Lenders with respect to any Letters of Credit
issued by it and the documents associated therewith, and the L/C Issuer shall
have all of the benefits and immunities (A) provided to the Administrative
Agent in Article IX with respect to any acts taken or omissions
suffered by the L/C Issuer in connection with Letters of Credit issued by it or
proposed to be issued by it and Issuer Documents pertaining to such Letters of
Credit as fully as if the term “Administrative Agent” as used in Article IX
included the L/C Issuer with respect to such acts or omissions, and (B) as
additionally provided herein with respect to the L/C Issuer.

 

(b)           Procedures for Issuance and
Amendment of Letters of Credit.

 

(i)            Each Letter of
Credit shall be issued or amended, as the case may be, upon the request of the
Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent)
in the form of a Letter of Credit Application, appropriately completed and
signed by a Responsible Officer.  Such
Letter of Credit Application must be received by the L/C

 

40

 

Issuer
and the Administrative Agent not later than 11:00 a.m. at least two
Business Days (or such later date and time as the Administrative Agent and the
L/C Issuer may agree in a particular instance in their sole discretion) prior
to the proposed issuance date or date of amendment, as the case may be.  In the case of a request for an initial issuance
of a Letter of Credit, such Letter of Credit Application shall specify in form
and detail satisfactory to the L/C Issuer: (A) the proposed issuance date
of the requested Letter of Credit (which shall be a Business Day); (B) the
amount thereof, (C) the expiry date thereof, (D) the name and address
of the beneficiary thereof, (E) the documents to be presented by such
beneficiary in case of any drawing thereunder; (F) the full text of any
certificate to be presented by such beneficiary in case of any drawing
thereunder; (G) the purpose and nature of the requested Letter of Credit
and (H) such other matters as the L/C Issuer may require.  In the case of a request for an amendment of
any outstanding Letter of Credit, such Letter of Credit Application shall
specify in form and detail satisfactory to the L/C Issuer (A) the Letter
of Credit to be amended; (B) the proposed date of amendment thereof (which
shall be a Business Day); (C) the nature of the proposed amendment; and
(D) such other matters as the L/C Issuer may require.  Additionally, the Borrower shall furnish to
the L/C Issuer and the Administrative Agent such other documents and
information pertaining to such requested Letter of Credit issuance or
amendment, including any Issuer Documents, as the L/C Issuer or the
Administrative Agent may require.

 

(ii)           Promptly after
receipt of any Letter of Credit Application, the L/C Issuer will confirm with
the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such Letter of Credit Application from the
Borrower and, if not, the L/C Issuer will provide the Administrative Agent with
a copy thereof Unless the L/C Issuer has received written notice from any
Revolving Lender, the Administrative Agent or the Borrower, at least one
Business Day prior to the requested date of issuance or amendment of the
applicable Letter of Credit, that one or more applicable conditions contained
in Article IV shall not then be satisfied, then, subject to the
terms and conditions hereof, the L/C Issuer shall, on the requested date, issue
a Letter of Credit for the account of the Borrower (or the applicable
Subsidiary) or enter into the applicable amendment, as the case may be, in each
case in accordance with the L/C Issuer’s usual and customary business
practices.  Immediately upon the issuance
of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk
participation in such Letter of Credit in an amount equal to the product of
such Revolving Lender’s Applicable Percentage of the Aggregate Revolving
Commitments times the amount of such Letter of Credit.

 

(iii)          Promptly after its
delivery of any Letter of Credit or any amendment to a Letter of Credit to an
advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to the Borrower and the Administrative Agent a true
and complete copy of such Letter of Credit or amendment.

 

(iv)          Upon receipt from
the beneficiary of any Letter of Credit of any notice of a drawing under such
Letter of Credit, the L/C Issuer shall notify the Borrower and the

 

41

 

Administrative
Agent thereof.  In the case of a Letter
of Credit denominated in an Alternative Currency, the Borrower shall reimburse
the L/C Issuer in such Alternative Currency, unless (A) the L/C Issuer (at
its option) shall have specified in such notice that it will require
reimbursement in Dollars, or (B) in the absence of any such requirement
for reimbursement in Dollars, the Borrower shall have notified the L/C Issuer
promptly following receipt of the notice of drawing that the Borrower will
reimburse the L/C Issuer in Dollars.  In
the case of any such reimbursement in Dollars of a drawing under a Letter of
Credit denominated in an Alternative Currency, the L/C Issuer shall notify the
Borrower of the Dollar Equivalent of the amount of the drawing promptly
following the determination thereof.  Not
later than 11:00 a.m. on the date of any payment by the L/C Issuer under a
Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the
date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed
in an Alternative Currency (each such date, an “Honor Date”), the
Borrower shall reimburse the L/C Issuer through the Administrative Agent in an
amount equal to the amount of such drawing and in the applicable currency.  If the Borrower fails to so reimburse the L/C
Issuer by such time, the Administrative Agent shall promptly notify each Lender
of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars
in the amount of the Dollar Equivalent thereof in the case of a Letter of
Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”),
and the amount of such Lender’s Applicable Percentage thereof.  In such event, the Borrower shall be deemed
to have requested a Committed Borrowing of Base Rate Committed Revolving Loans
to be disbursed on the Honor Date in an amount equal to the Unreimbursed
Amount, without regard to the minimum and multiples specified in Section 2.02
for the principal amount of Base Rate Committed Revolving Loans, but subject to
the amount of the unutilized portion of the Aggregate Revolving Commitments and
the conditions set forth in Section 4.02 (other than the delivery
of a Committed Loan Notice).  Any notice
given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(b)(iv) may
be given by telephone if immediately confirmed in writing; provided that
the lack of such an immediate confirmation shall not affect the conclusiveness
or binding effect of such notice.

 

(v)           Each Lender shall
upon any notice pursuant to Section 2.03(b)(iv) make funds
available to the Administrative Agent for the account of the L/C Issuer, in
Dollars, at the Administrative Agent’s Office for Dollar-denominated payments
in an amount equal to its Applicable Percentage of the Dollar Equivalent of the
Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified
in such notice by the Administrative Agent, whereupon, subject to the
provisions of Section 2.03(b)(vi), each Lender that so makes funds
available shall be deemed to have made a Base Rate Committed Revolving Loan to
the Borrower in such amount.  The
Administrative Agent shall remit the funds so received to the L/C Issuer in
Dollars.

 

(vi)          With respect to any
Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of
Base Rate Committed Revolving Loans because the conditions set forth in Section 4.02
cannot be satisfied or for any other reason, the Borrower shall be deemed to
have incurred from the L/C Issuer an L/C Borrowing in the amount of the
Unreimbursed Amount that is not so refinanced, which L/C Borrowing

 

42

 

shall
be due and payable on demand (together with interest) and shall bear interest
at the Default Rate.  In such event, each
Lender’s payment to the Administrative Agent for the account of the L/C Issuer
pursuant to Section 2.03(b)(v) shall be deemed payment in
respect of its participation in such L/C Borrowing and shall constitute an L/C
Advance from such Lender in satisfaction of its participation obligation under
this Section 2.03.

 

(vii)         Until each Lender
funds its Committed Revolving Loan or L/C Advance pursuant to this Section 2.03(b) to
reimburse the L/C Issuer for any amount drawn under any Letter of Credit,
interest in respect of such Lender’s Applicable Percentage of such amount shall
be solely for the account of the L/C Issuer.

 

(viii)        Each Lender’s
obligation to make Committed Revolving Loans or L/C Advances to reimburse the
L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(b),
shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense
or other right which such Lender may have against the L/C Issuer, the Borrower,
any Subsidiary or any other Person for any reason whatsoever; (B) the
occurrence or continuance of a Default, or (C) any other occurrence, event
or condition, whether or not similar to any of the foregoing; provided, however,
that each Lender’s obligation to make Committed Revolving Loans pursuant to
this Section 2.03(b) is subject to the conditions set forth in
Section 4.02 (other than delivery by the Borrower of a Committed
Loan Notice).  No such making of an L/C
Advance shall relieve or otherwise impair the obligation of the Borrower to
reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer
under any Letter of Credit, together with interest as provided herein.

 

(ix)           If any Lender fails
to make available to the Administrative Agent for the account of the L/C Issuer
any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.03(b) by the time specified in Section 2.03(b)(v),
the L/C Issuer shall be entitled to recover from such Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment
is immediately available to the L/C Issuer at a rate per annum equal to the
applicable Overnight Rate from time to time in effect, plus any administrative,
processing or similar fees customarily charged by the L/C Issuer in connection
with the foregoing.  If such Lender pays
such amount (with interest and fees as aforesaid), the amount so paid shall
constitute such Lender’s Committed Revolving Loan included in the relevant
Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as
the case may be.  A certificate of the
L/C Issuer submitted to any Lender (through the Administrative Agent) with
respect to any amounts owing under this clause (vi) shall be
conclusive absent manifest error.

 

(c)           Repayment of Participations.

 

(i)            At any time after
the L/C Issuer has made a payment under any Letter of Credit and has received
from any Lender such Lender’s L/C Advance in respect of such

 

43

 

payment
in accordance with Section 2.03(b), if the Administrative Agent
receives for the account of the L/C Issuer any payment in respect of the
related Unreimbursed Amount or interest thereon (whether directly from the
Borrower or otherwise, including proceeds of Cash Collateral applied thereto by
the Administrative Agent), the Administrative Agent will distribute to such
Lender its Applicable Percentage thereof in Dollars and in the same funds as
those received by the Administrative Agent.

 

(ii)           If any payment
received by the Administrative Agent for the account of the L/C Issuer pursuant
to Section 2.03(b)(iv) is required to be returned under any of
the circumstances described in Section 10.05 (including pursuant to
any settlement entered into by the L/C Issuer in its discretion), each Lender
shall pay to the Administrative Agent for the account of the L/C Issuer its
Applicable Percentage thereof on demand of the Administrative Agent, plus
interest thereon from the date of such demand to the date such amount is
returned by such Lender, at a rate per annum equal to the applicable Overnight
Rate from time to time in effect.  The
obligations of the Lenders under this clause shall survive the payment in full
of the Obligations and the termination of this Agreement.

 

(d)           Obligations Absolute.  The obligation of the Borrower to reimburse
the L/C Issuer for each drawing under each Letter of Credit and to repay each
L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be
paid strictly in accordance with the terms of this Agreement under all
circumstances, including the following:

 

(i)            any lack of
validity or enforceability of such Letter of Credit, this Agreement, or any
other Loan Document;

 

(ii)           the existence of any
claim, counterclaim, setoff, defense or other right that the Borrower or any
Subsidiary may have at any time against any beneficiary or any transferee of
such Letter of Credit (or any Person for whom any such beneficiary or any such
transferee may be acting), the L/C Issuer or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by such
Letter of Credit or any agreement or instrument relating thereto, or any
unrelated transaction;

 

(iii)          any draft, demand, certificate
or other document presented under such Letter of Credit proving to be forged,
fraudulent, invalid or insufficient in any respect or any statement therein
being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing
under such Letter of Credit;

 

(iv)          any payment by the
L/C Issuer under such Letter of Credit against presentation of a draft or
certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by the L/C Issuer under such Letter of Credit to
any Person purporting to be a trustee in bankruptcy, debtor-in-possession,
assignee for the benefit of creditors, liquidator, receiver or other
representative of or successor to any beneficiary or any transferee of such
Letter of Credit, including any arising in connection with any proceeding under
any Debtor Relief Law;

 

44

 

(v)           any adverse change in the relevant
exchange rates or in the availability of the relevant Alternative Currency to
the Borrower or any Subsidiary or in the relevant currency markets generally;
or

 

(vi)          any other circumstance or happening
whatsoever, whether or not similar to any of the foregoing, including any other
circumstance that might otherwise constitute a defense available to, or a
discharge of, the Borrower or any Subsidiary.

 

The Borrower shall
promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with
the Borrower’s instructions or other irregularity, the Borrower will
immediately notify the L/C Issuer.  The
Borrower shall be conclusively deemed to have waived any such claim against the
L/C Issuer and its correspondents unless such notice is given as aforesaid.

 

(e)           Role of L/C Issuer. 
Each Revolving Lender and the Borrower agree that, in paying any drawing
under a Letter of Credit, the L/C Issuer shall not have any responsibility to
obtain any document (other than any sight draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to
the validity or accuracy of any such document or the authority of the Person
executing or delivering any such document. 
None of the L/C Issuer, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of
the L/C Issuer shall be liable to any Revolving Lender for (i) any action
taken or omitted in connection herewith at the request or with the approval of
the Revolving Lenders or the Required Lenders, as applicable; (ii) any
action taken or omitted in the absence of gross negligence or willful
misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or
Issuer Document.  The Borrower hereby
assumes all risks of the acts or omissions of any beneficiary or transferee
with respect to its use of any Letter of Credit; provided, however,
that this assumption is not intended to, and shall not, preclude the Borrower’s
pursuing such rights and remedies as it may have against the beneficiary or
transferee at law or under any other agreement. 
None of the L/C Issuer, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of
the L/C Issuer shall be liable or responsible for any of the matters described
in clauses (i) through (v) of Section 2.03(d); provided,
however, that anything in such clauses to the contrary notwithstanding,
the Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be
liable to the Borrower, to the extent, but only to the extent, of any direct,
as opposed to consequential or exemplary, damages suffered by the Borrower
which the Borrower proves were caused by the L/C Issuer’s willful misconduct or
gross negligence or the L/C Issuer’s willful failure to pay under any Letter of
Credit after the presentation to it by the beneficiary of a sight draft and
certificate(s) strictly complying with the terms and conditions of a
Letter of Credit or the L/C Issuer’s payment under any Letter of Credit without
presentation to it of a draft, certificates and/or other documents that
substantially comply with the terms and conditions of the Letter of
Credit.  In furtherance and not in
limitation of the foregoing, the L/C Issuer may accept documents that appear on
their face to be in order, without responsibility for further investigation,
regardless of any notice or information to the contrary, and the L/C Issuer
shall not be responsible for the validity or sufficiency of any instrument

 

45

 

transferring or assigning or purporting to transfer or
assign a Letter of Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part, which may prove to be invalid or ineffective for
any reason.

 

(f)            Cash Collateral. 
(i) Upon the request of the Administrative Agent, (A) if the
L/C Issuer has honored any full or partial drawing request under any Letter of
Credit and such drawing has resulted in an L/C Borrowing, or (B) if, as of
the Letter of Credit Expiration Date, any L/C Obligation for any reason remains
outstanding, the Borrower shall, in each case, immediately Cash Collateralize
the then Outstanding Amount of all L/C Obligations.

 

(ii)           In addition, if the Administrative Agent
notifies the Borrower at any time that the Outstanding Amount of all L/C
Obligations at such time exceeds 105% of the Letter of Credit Sublimit then in
effect, then, within two Business Days after receipt of such notice, the
Borrower shall Cash Collateralize the L/C Obligations in an amount equal to the
amount by which the Outstanding Amount of all L/C Obligations exceeds the
Letter of Credit Sublimit; provided that such Cash Collateral shall be
refunded to the Borrower when the Outstanding Amount of all L/C Obligations is
less than 105% of the Letter of Credit Sublimit then in effect.

 

(iii)          The Administrative Agent may, at any time
and from time to time after the initial deposit of Cash Collateral, request
that additional Cash Collateral be provided in order to protect against the
results of exchange rate fluctuations.

 

(iv)          Sections 2.06 and 8.02(c) set forth
certain additional requirements to deliver Cash Collateral hereunder.  For purposes of this Section 2.03,
Section 2.06 and Section 8.02(c), “Cash
Collateralize” means to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of the L/C Issuer and the Lenders, as
collateral for the L/C Obligations, cash or deposit account balances pursuant
to documentation in form and substance satisfactory to the Administrative Agent
and the L/C Issuer (which documents are hereby consented to by the
Lenders).  Derivatives of such term have
corresponding meanings.  The Borrower
hereby grants to the Administrative Agent, for the benefit of the L/C Issuer and
the Lenders, a security interest in all such cash, deposit accounts and all balances
therein and all proceeds of the foregoing. 
Cash Collateral shall be maintained in blocked, non-interest bearing
deposit accounts at Bank of America.

 

(g)           Applicability of ISP. 
Unless otherwise expressly agreed by the L/C Issuer and the Borrower when
a Letter of Credit is issued, the rules of the ISP shall apply to each
Letter of Credit.

 

(h)           Letter of Credit Fees. 
The Borrower shall pay to the Administrative Agent for the account of
each Revolving Lender in accordance with its Applicable Percentage in Dollars a
Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of
Credit equal to the Applicable Rate times the Dollar Equivalent of the daily
amount available to be drawn under such Letter of Credit.  For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of
Credit shall be determined in accordance with Section 1.09.  Letter of Credit Fees shall be
(i) computed on a quarterly basis in arrears and (ii) due and payable

 

46

 

on the first Business Day after the end of each
calendar quarter, commencing with the first such date to occur after the
issuance of such Letter of Credit, on the Letter of Credit Expiration Date and
thereafter on demand.  If there is any
change in the Applicable Rate during any quarter, the daily amount available to
be drawn under each Letter of Credit shall be computed and multiplied by the
Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect. 
Notwithstanding anything to the contrary contained herein, upon the
request of the Required Lenders, while any Event of Default exists, all Letter
of Credit Fees shall accrue at the Default Rate.

 

(i)            Fronting Fee and Documentary and
Processing Charges Payable to L/C Issuer.  The Borrower
shall pay directly to the L/C Issuer for its own account, in Dollars, a
fronting fee per annum with respect to each Letter of Credit, equal to the
greater of (i) the rate per annum of 12.5 basis points of the face amount
of the Letter of Credit, in each case computed on the Dollar Equivalent of the
daily amount available to be drawn under such Letter of Credit and
(ii) $1,250 per annum.  The amount
of such fronting fees shall be determined on a quarterly basis in arrears, and
due and payable on the first Business Day after the end of each calendar
quarter, commencing with the first such date to occur after the issuance of
such Letter of Credit, on the Letter of Credit Expiration Date and thereafter
on demand.  For purposes of computing the
daily amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with Section 1.09.  In addition, the Borrower shall pay directly
to the L/C Issuer for its own account, in Dollars, the customary issuance,
presentation, amendment and other processing fees, and other standard costs and
charges, of the L/C Issuer relating to letters of credit as from time to time
in effect.  Such customary fees and
standard costs and charges are due and payable on demand and are nonrefundable.

 

(j)            Conflict with Issuer Documents. 
In the event of any conflict between the terms hereof and the terms of
any Issuer Document, the terms hereof shall control.

 

(k)           Letters of Credit Issued for Subsidiaries. 
Notwithstanding that a Letter of Credit issued or outstanding hereunder
is in support of any obligations of, or is for the account of, a Subsidiary,
the Borrower shall be obligated to reimburse the L/C Issuer hereunder for any
and all drawings under such Letter of Credit. 
The Borrower hereby acknowledges that the issuance of Letters of Credit
for the account of Subsidiaries inures to the benefit of the Borrower, and that
the Borrower’s business derives substantial benefits from the businesses of
such Subsidiaries.

 

(l)            Outstanding Letters of Credit. 
The L/C Issuer shall deliver to the Administrative Agent, for
distribution to the Revolving Lenders, an accounting of all Letters of Credit
outstanding as of the end of each fiscal quarter of the Borrower.

 

2.04        Swing Line Loans.

 

(a)           The Swing Line. 
Subject to the terms and conditions set forth herein, the Swing Line
Lender agrees, in reliance upon the agreements of the other Lenders set forth
in this Section 2.04, to make loans (each such loan, a “Swing
Line Loan”) in Dollars to the Borrower from time to time on any Business
Day during the Availability Period in an aggregate amount not to exceed at any
time outstanding the amount of the Swing Line Sublimit, notwithstanding

 

47

 

the fact that such Swing Line Loans, when aggregated
with the Applicable Percentage of the Outstanding Amount of Committed Revolving
Loans and L/C Obligations of the Revolving Lender acting as Swing Line Lender,
may exceed the amount of such Revolving Lender’s Revolving Commitment; provided,
however, that after giving effect to any Swing Line Loan, (i) the
Total Revolving Outstandings shall not exceed the Aggregate Revolving
Commitments, (ii) the aggregate Outstanding Amount of the Committed
Revolving Loans of any Revolving Lender (less, with respect only to the
Alternative Currency Fronting Lender, the aggregate Alternative Currency Risk
Participations in all Revolving Loans denominated in Alternative Currencies), plus,
with respect only to the Alternative Currency Participating Lenders, such
Lender’s Alternative Currency Risk Participations in Revolving Loans
denominated in Alternative Currencies advanced by the Alternative Currency
Fronting Lender for such Lender, plus such Revolving Lender’s Applicable
Percentage of the Outstanding Amount of all L/C Obligations, plus such
Revolving Lender’s Applicable Percentage of the Outstanding Amount of all Swing
Line Loans shall not exceed such Revolving Lender’s Revolving Commitment,
(iii) the Outstanding Amount of the Swing Line Loans shall not exceed the
Swing Line Sublimit and (iv) the Borrower shall not use the proceeds of
any Swing Line Loan to refinance any outstanding Swing Line Loan.  Within the foregoing limits, and subject to
the other terms and conditions hereof, the Borrower may borrow under this Section 2.04,
prepay under Section 2.06, and reborrow under this Section 2.04.  Each Swing Line Loan shall be a Base Rate
Loan.  Immediately upon the making of a
Swing Line Loan, each Revolving Lender shall be deemed to, and hereby
irrevocably and unconditionally agrees to, purchase from the Swing Line Lender
a risk participation in such Swing Line Loan in an amount equal to the product
of such Revolving Lender’s Applicable Percentage times the amount of
such Swing Line Loan.

 

(b)           Borrowing Procedures. 
Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable
notice to the Swing Line Lender and the Administrative Agent, which may be
given by telephone.  Each such notice
must be received by the Swing Line Lender and the Administrative Agent not
later than 1:00 p.m. on the requested borrowing date, and shall specify
(i) the amount to be borrowed, which shall be a minimum of $100,000, and
(ii) the requested borrowing date, which shall be a Business Day.  Each such telephonic notice must be confirmed
promptly by delivery to the Swing Line Lender and the Administrative Agent of a
written Swing Line Loan Notice, appropriately completed and signed by a Responsible
Officer.  Promptly after receipt by the
Swing Line Lender of any telephonic Swing Line Loan Notice, the Swing Line
Lender will confirm with the Administrative Agent (by telephone or in writing)
that the Administrative Agent has also received such Swing Line Loan Notice
and, if not, the Swing Line Lender will notify the Administrative Agent (by
telephone or in writing) of the contents thereof Unless the Swing Line Lender
has received notice (by telephone or in writing) from the Administrative Agent
(including at the request of any Lender) prior to 2:00 p.m. on the date of
the proposed Swing Line Borrowing (A) directing the Swing Line Lender not
to make such Swing Line Loan as a result of the limitations set forth in the
first proviso to the first sentence of Section 2.04(a), or
(B) that one or more of the applicable conditions specified in Article IV
is not then satisfied, then, subject to the terms and conditions hereof, the
Swing Line Lender will, not later than 3:00 p.m. on the borrowing date specified
in such Swing Line Loan Notice, make the amount of its Swing Line Loan
available to the Borrower at its office by crediting the account of the
Borrower on the books of the Swing Line Lender in Same Day Funds.

 

48

 

(c)           Refinancing of Swing Line Loans.

 

(i)            The Swing Line Lender at any time in its
sole and absolute discretion may request, on behalf of the Borrower (which
hereby irrevocably authorizes the Swing Line Lender to so request on its
behalf), that each Revolving Lender make a Base Rate Committed Revolving Loan
in an amount equal to such Revolving Lender’s Applicable Percentage of the
amount of Swing Line Loans then outstanding. 
Such request shall be made in writing (which written request shall be
deemed to be a Committed Loan Notice for purposes hereof) and in accordance
with the requirements of Section 2.02, without regard to the
minimum and multiples specified therein for the principal amount of Base Rate
Committed Revolving Loans, but subject to the unutilized portion of the
Aggregate Revolving Commitments and the conditions set forth in Section 4.02.  The Swing Line Lender shall furnish the
Borrower with a copy of the applicable Committed Loan Notice promptly after
delivering such notice to the Administrative Agent.  Each Revolving Lender shall make an amount
equal to its Applicable Percentage of the amount specified in such Committed
Loan Notice available to the Administrative Agent in Same Day Funds for the
account of the Swing Line Lender at the Administrative Agent’s Office for
Dollar-denominated payments not later than 1:00 p.m. on the day specified
in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii),
each Revolving Lender that so makes funds available shall be deemed to have
made a Base Rate Committed Revolving Loan to the Borrower in such amount.  The Administrative Agent shall remit the
funds so received to the Swing Line Lender.

 

(ii)           If for any reason any Swing Line Loan
cannot be refinanced by such a Base Rate Committed Revolving Loan in accordance
with Section 2.04(c)(i), the request for Base Rate Committed
Revolving Loans submitted by the Swing Line Lender as set forth herein shall be
deemed to be a request by the Swing Line Lender that each of the Revolving
Lenders fund its risk participation in the relevant Swing Line Loan and each
Revolving Lender’s payment to the Administrative Agent for the account of the
Swing Line Lender pursuant to Section 2.04(c)(i) shall be
deemed payment in respect of such participation.

 

(iii)          If any Revolving Lender fails to make
available to the Administrative Agent for the account of the Swing Line Lender
any amount required to be paid by such Revolving Lender pursuant to the
foregoing provisions of this Section 2.04(c) by the time specified
in Section 2.04(c)(i), the Swing Line Lender shall be entitled to
recover from such Revolving Lender (acting through the Administrative Agent),
on demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available
to the Swing Line Lender at a rate per annum equal to the applicable Overnight
Rate from time to time in effect, plus any administrative, processing or
similar fees customarily charged by the Swing Line Lender in connection with
the foregoing.  If such Revolving Lender
pays such amount (with interest and fees as aforesaid), the amount so paid
shall constitute such Lender’s Committed Revolving Loan included in the relevant
Committed Borrowing or funded participation in the relevant Swing Line Loan, as
the case may be.  A certificate of the
Swing Line Lender submitted to any Lender (through the Administrative Agent)
with

 

49

 

respect to any amounts owing under this
clause (iii) shall be conclusive absent manifest error.

 

(iv)          Each Revolving Lender’s obligation to
make Committed Revolving Loans or to purchase and fund risk participations in
Swing Line Loans pursuant to this Section 2.04(c) shall be
absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right
which such Revolving Lender may have against the Swing Line Lender, the
Borrower or any other Person for any reason whatsoever, (B) the occurrence
or continuance of a Default, or (C) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided, however,
that each Revolving Lender’s obligation to make Committed Revolving Loans
pursuant to this Section 2.04(c) is subject to the conditions
set forth in Section 4.02. 
No such funding of risk participations shall relieve or otherwise impair
the obligation of the Borrower to repay Swing Line Loans, together with
interest as provided herein.

 

(d)           Repayment of Participations.

 

(i)            At any time after any Revolving Lender
has purchased and funded a risk participation in a Swing Line Loan, if the
Swing Line Lender receives any payment on account of such Swing Line Loan, the
Swing Line Lender will distribute to such Revolving Lender its Applicable
Percentage thereof in the same funds as those received by the Swing Line
Lender.

 

(ii)           If any payment received by the Swing Line
Lender in respect of principal or interest on any Swing Line Loan is required
to be returned by the Swing Line Lender under any of the circumstances
described in Section 10.05 (including pursuant to any settlement
entered into by the Swing Line Lender in its discretion), each Revolving Lender
shall pay to the Swing Line Lender its Applicable Percentage thereof on demand
of the Administrative Agent, plus interest thereon from the date of such demand
to the date such amount is returned, at a rate per annum equal to the
applicable Overnight Rate.  The
Administrative Agent will make such demand upon the request of the Swing Line
Lender.  The obligations of the Revolving
Lenders under this clause shall survive the payment in full of the Obligations
and the termination of this Agreement.

 

(e)           Interest for Account of Swing Line Lender. 
The Swing Line Lender shall be responsible for invoicing the Borrower
for interest on the Swing Line Loans. 
Until each Revolving Lender funds its Base Rate Committed Revolving Loan
or risk participation pursuant to this Section 2.04 to refinance
such Revolving Lender’s Applicable Percentage of any Swing Line Loan, interest
in respect of such Applicable Percentage shall be solely for the account of the
Swing Line Lender.

 

(f)            Payments Directly to Swing Line Lender. 
The Borrower shall make all payments of principal and interest in
respect of the Swing Line Loans directly to the Swing Line Lender.

 

50

 

2.05        Negotiated Rate Loans.

 

(a)           Negotiated Rate Loans. 
Subject to the terms and conditions set forth herein, each Revolving
Lender, severally and for itself alone, may (but is not obligated to) make one
or more loans (each such loan, a “Negotiated Rate Loan”) to the Borrower
from time to time on any Business Day during the Availability Period in an
aggregate amount not to exceed at any time outstanding the amount of the
Negotiated Rate Sublimit, notwithstanding the fact that such Negotiated Rate
Loans, when aggregated with the Applicable Percentage of the Outstanding Amount
of Committed Revolving Loans and L/C Obligations of such Lender may exceed the
amount of such Lender’s Revolving Commitment; provided, that Total
Revolving Outstandings shall not exceed the Aggregate Revolving Commitments;
and, provided  further, that Negotiated Rate Loans shall be
available to the Borrower for periods of one day to 180 days, so long as both
the corporate rating of the Borrower by S&P is BBB- or better and the
senior implied rating of the Borrower by Moody’s is Baa3 or better.  It is understood that should a Lender make a
Negotiated Rate Loan it shall not relieve such Lender from its obligation to
make its pro rata share of any future Committed Revolving Loan even if after
making such Committed Revolving Loan the Outstanding Amount of Committed
Revolving Loans and L/C Obligations of such Lender, together with the
Outstanding Amount of its Negotiated Rate Loans, exceeds the amount such
Lender’s Revolving Commitment.

 

(b)           Procedure for Negotiated Rate Loans. 
The Borrower may, from time to time, approach one or more of the Lenders
to determine whether such Lender or Lenders will make one or more Negotiated
Rate Loans.  The Borrower and any Lender
or Lenders shall, if each of them in their sole discretion elects to do so,
agree to enter into one or more Negotiated Rate Loans as part of such proposed
Negotiated Rate Borrowing on mutually agreed-upon terms, including the Interest
Period with respect thereto, and notify the Administrative Agent by delivering
a written Negotiated Rate Loan Notice from the Borrower and the Lender or
Lenders proposing to make Negotiated Rate Loans before 12:00 Noon on the date
of the funding of such Negotiated Rate Loan, which shall be a Business Day (the
“Negotiated Rate Funding Date”). 
Such Negotiated Rate Loan Notice shall specify the amount of each
Negotiated Rate Loan that such Lender or Lenders will make as part of such
proposed Negotiated Rate Borrowing, the Negotiated Rate Funding Date, the date
or dates of maturity thereof, which date or dates may not occur after the
Revolving Maturity Date, the rate or rates of interest applicable thereto and
all other terms thereof Each Negotiated Rate Loan shall be made pursuant to a
Negotiated Rate Loan Notice.  In lieu of
delivering the written Negotiated Rate Loan Notice described above, the
Borrower may give the Administrative Agent telephonic notice of any Negotiated
Rate Borrowing by the time required under this clause (a), provided
that such telephonic notice shall be confirmed by delivery of a written
Negotiated Rate Loan Notice to the Administrative Agent by no later than
2:00 p.m., on the date of such telephonic notice.

 

(c)           Funding of Negotiated Rate Loans. 
No later than 2:00 p.m. on the Negotiated Rate Funding Date, each
applicable Lender will make available to the Administrative Agent in dollars
and immediately available funds at the office of the Administrative Agent at
its address set forth on the signature pages hereof the Negotiated Rate
Loan, if any, to be made by such Lender as part of the Negotiated Rate
Borrowing to be made on such date in the manner provided above.  Upon receipt by the Administrative Agent of
all such funds, the Administrative

 

51

 

Agent shall disburse to the Borrower on such date such
Negotiated Rate Loan in like funds at the Borrower’s account specified in the
relevant Negotiated Rate Loan Notice. 
The Administrative Agent may, but shall not be required to, advance on
behalf of any Lender such Lender’s Negotiated Rate Loan on the date a
Negotiated Rate Loan is made unless such Lender shall have notified the
Administrative Agent prior to such date that it does not intend to make
available such Negotiated Rate Loan on such date.  If the Administrative Agent makes such
advance, the Administrative Agent shall be entitled to recover such amount on
demand from the Lender on whose behalf such advance was made, and if such
Lender does not pay the Administrative Agent the amount of such advance on
demand, the Borrower shall promptly repay such amount to the Administrative
Agent.  Until such amount is repaid to
the Administrative Agent by such Lender or the Borrower, such advance shall be
deemed for all purposes to be a Negotiated Rate Loan made by the Administrative
Agent.  In such event, if a Lender has
not in fact made its share of the applicable Negotiated Rate Loan available to
the Administrative Agent, then the applicable Lender and the Borrower severally
agree to pay to the Administrative Agent forthwith on demand such corresponding
amount in immediately available funds with interest thereon, for each day from
and including the date such amount is made available to the Borrower to but
excluding the date of payment to the Administrative Agent, at (A) in the
case of a payment to be made by such Lender, the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation and (B) in the case
of a payment to be made by the Borrower, the interest rate applicable to Base
Rate Loans.  If the Borrower and such
Lender shall pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit to the
Borrower the amount of such interest paid by the Borrower for such period.  Any payment by the Borrower shall be without
prejudice to any claim the Borrower may have against a Lender that shall have
failed to make such payment to the Administrative Agent.

 

2.06        Prepayments.

 

(a)           The Borrower may, upon notice to the
Administrative Agent, at any time or from time to time, voluntarily prepay
Committed Revolving Loans in whole or in part without premium or penalty; provided
that (i) such notice must be received by the Administrative Agent not
later than 11:00 a.m. (A) three Business Days prior to any date of
prepayment of Eurocurrency Rate Loans denominated in Dollars, (B) four
Business Days (or five Business Days, in the case of prepayment of Loans
denominated in Special Notice Currencies) prior to any date of prepayment of
Eurocurrency Rate Loans denominated in Alternative Currencies and (C) on
the date of prepayment of Base Rate Committed Revolving Loans; (ii) any
prepayment of Eurocurrency Rate Loans denominated in Dollars shall be in a
principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof,
(iii) any prepayment of Eurocurrency Rate Loans denominated in Alternative
Currencies shall be in a minimum principal amount the Dollar Equivalent of
which is $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and
(iv) any prepayment of Base Rate Committed Revolving Loans shall be in a
principal amount of $1,000,000 or a whole multiple of $100,000 in excess
thereof or, in each case, if less, the entire principal amount thereof then
outstanding.  Each such notice shall
specify the date and amount of such prepayment and the Type(s) of
Committed Revolving Loans to be prepaid and, if Eurocurrency Rate Loans are to
be prepaid, the Interest Period(s) of such Loans.  The Administrative Agent will promptly notify
each Lender of its receipt of each such notice, and of

 

52

 

the amount of such Lender’s Applicable Percentage of
such prepayment (including, in the event such prepayment is of a Revolving Loan
denominated in an Alternative Currency, each Alternative Currency Funding
Lender’s Alternative Currency Funding Applicable Percentage of such
payment).  If such notice is given by the
Borrower, the Borrower shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified
therein.  Any prepayment of a
Eurocurrency Rate Loan shall be accompanied by all accrued interest on the
amount prepaid, together with any additional amounts required pursuant to Section 3.05.  Each prepayment shall be made ratably among
the Lenders in accordance with the Applicable Percentages.

 

(b)           The Borrower may, upon notice to the
Swing Line Lender (with a copy to the Administrative Agent), at any time or
from time to time, voluntarily prepay Swing Line Loans in whole or in part
without premium or penalty; provided that (i) such notice must be
received by the Swing Line Lender and the Administrative Agent not later than
1:00 p.m. on the date of the prepayment, and (ii) any such prepayment
shall be in a minimum principal amount of $100,000.  Each such notice shall specify the date and
amount of such prepayment.  If such
notice is given by the Borrower, the Borrower shall make such prepayment and
the payment amount specified in such notice shall be due and payable on the
date specified therein.

 

(c)           The Borrower may, upon notice to the
Administrative Agent, at any time or from time to time voluntarily prepay
Negotiated Rate Loans in whole or in part without premium or penalty (unless
the Borrower and the applicable Lender have otherwise agreed, in which case
such Loan may be prepaid in accordance with such agreement); provided
that (i) such notice must be received by the Administrative Agent not
later than 11:00 a.m. on the requested date of prepayment of such
Negotiated Rate Loans; (ii) the Lender or Lenders making the Negotiated
Rate Loan have consented to such prepayment; and (iii) unless agreed to by
the applicable Lender and the Administrative Agent (such consent not to be
unreasonably withheld), any prepayment of Negotiated Rate Loans shall be in a
principal amount of $500,000 or a whole multiple of $100,000 in excess thereof
or, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and
amount of such prepayment.  The
Administrative Agent will promptly notify each applicable Lender of its receipt
of each such notice, and of the amount of such Lender’s Applicable Percentage
of such prepayment.  If such notice is
given by the Borrower, the Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified
therein.  Any prepayment of a Negotiated
Rate Loan shall be accompanied by all accrued interest on the amount prepaid,
together with any additional amounts as may be agreed to by the Borrower and
the Lender or Lenders making such Negotiated Rate Loan.

 

(d)           If the Administrative Agent notifies the
Borrower at any time that (i) the Total Revolving Outstandings at such
time exceed an amount equal to 105% of the Aggregate Revolving Commitments then
in effect, (ii) the L/C Obligations at any time exceed the Letter of
Credit Sublimit then in effect, (iii) the Swing Line Loans outstanding at
any time exceed the Swing Line Sublimit then in effect; (iv) the
Negotiated Rate Loans outstanding at any time exceed the Negotiated Rate
Sublimit then in effect, or (v) the Outstanding Amount of all Loans
denominated in Alternative Currencies at such time exceeds an amount equal to
105% of the Alternative Currency Sublimit then in effect, the Borrower shall
immediately prepay Committed

 

53

 

Revolving Loans and/or Cash Collateralize the L/C
Obligations in an aggregate amount equal to such excess; provided, however,
that the Borrower shall not be required to Cash Collateralize the L/C
Obligations pursuant to this Section 2.06(d)(i) unless after
the prepayment in full of the Committed Revolving Loans, the Swing Line Loans
and the Negotiated Rate Loans, the Total Revolving Outstandings exceed the
Aggregate Revolving Commitments then in effect.

 

2.07        Termination or Reduction of Revolving Commitments.

 

(a)           Unless previously terminated, the
Revolving Commitments will terminate on the Revolving Maturity Date.

 

(b)           The Borrower may, upon notice to the
Administrative Agent, terminate the Aggregate Revolving Commitments, or from
time to time permanently reduce the Aggregate Revolving Commitments; provided
that (i) any such notice shall be received by the Administrative Agent not
later than 12:00 Noon five Business Days prior to the date of termination or
reduction, (ii) any such partial reduction shall be in an aggregate amount
of $5,000,000 or any whole multiple of $1,000,000 in excess thereof,
(iii) the Borrower shall not terminate or reduce the Aggregate Revolving
Commitments if, after giving effect thereto and to any concurrent prepayments
hereunder, (A) the Total Revolving Outstandings would exceed the Aggregate
Revolving Commitments, (B) the Outstanding Amount of Letters of Credit
would exceed the Letter of Credit Sublimit, (C) the Outstanding Amount of
Swing Line Loans would exceed the Swing Line Sublimit, (D) the Outstanding
Amount of Negotiated Rate Loans would exceed the Negotiated Rate Sublimit or
(E) the Outstanding Amount of all Loans denominated in Alternative
Currencies exceeds an amount equal to 105% of the Alternative Currency
Sublimit.  The Administrative Agent will
promptly notify the Revolving Lenders of any such notice of termination or
reduction of the Aggregate Revolving Commitments.  The amount of any such Aggregate Revolving
Commitment reduction shall not be applied to the Alternative Currency Sublimit
or the Letter of Credit Sublimit unless otherwise specified by the
Borrower.  Any reduction of the Aggregate
Revolving Commitments shall be applied to the Revolving Commitment of each
Revolving Lender according to its Applicable Percentage.  All fees accrued until the effective date of
any termination of the Aggregate Revolving Commitments shall be paid on the
effective date of such termination.

 

2.08        Repayment.

 

(a)           The Borrower shall repay to the Revolving
Lenders on the Revolving Maturity Date, unless accelerated sooner pursuant to Section 8.02,
the entire outstanding principal balance of all Committed Revolving Loans,
Swing Line Loans, Negotiated Rate Loans and all L/C Obligations, together with
accrued but unpaid interest, fees and all other sums with respect thereto.

 

(b)           The Borrower shall repay each Swing Line
Loan on the earlier to occur of (i) the date five Business Days after such
Loan is made and (ii) the Revolving Maturity Date.

 

54

 

2.09        Interest.

 

(a)           Applicable Interest.  Subject to the provisions of
subsection (b) below, (i) each Eurocurrency Rate Loan shall bear
interest on the outstanding principal amount thereof for each Interest Period
at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus
the Applicable Rate plus (in the case of a Eurocurrency Rate Loan of any
Lender which is lent from a Lending Office in the United Kingdom or a
Participating Member State) the Mandatory Cost; (ii) each Base Rate Committed
Revolving Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Rate; (iii) each Swing Line Loan shall bear interest on the
outstanding principal amount thereof from the applicable borrowing date at a
rate per annum equal to the Base Rate plus the Applicable Rate and
(iv) each Negotiated Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to
the amount agreed to between the Borrower and the Lender as set forth in the
Negotiated Rate Loan Notice.

 

(b)           Default Interest.

 

(i)            If any amount of principal of any
Loan is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, such amount shall
thereafter bear interest at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)           If any amount (other than principal
of any Loan) payable by the Borrower under any Loan Document is not paid when
due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, then upon the request of the Required
Lenders, such amount shall thereafter bear interest at a fluctuating interest
rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws.

 

(iii)          Upon the request of the Required
Lenders, while any Event of Default exists, the Borrower shall pay interest on
the principal amount of all outstanding Obligations hereunder at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest
extent permitted by applicable Laws.

 

(iv)          Accrued and unpaid interest on past
due amounts (including interest on past due interest) shall be due and payable
upon demand.

 

(c)           Interest Payment Date.  Interest on each Loan shall be due and
payable in arrears on each Interest Payment Date applicable thereto and at such
other times as may be specified herein. 
Interest hereunder shall be due and payable in accordance with the terms
hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law.

 

55

 

(d)           Interest Act (Canada).  For the purposes of the Interest Act
(Canada), (i) whenever a rate of interest or fee rate hereunder is
calculated on the basis of a year (the “deemed year”) that contains fewer days
than the actual number of days in the calendar year of calculation, such rate
of interest or fee rate shall be expressed as a yearly rate by multiplying such
rate of interest or fee rate by the actual number of days in the calendar year
of calculation and dividing it by the number of days in the deemed year,
(ii) the principle of deemed reinvestment of interest shall not apply to
any interest calculation hereunder and (iii) the rates of interest
stipulated herein are intended to be nominal rates and not effective rates or
yields.

 

(e)           Alternative Currency Fronting Lender.  Interest on any Revolving Loan in an
Alternative Currency advanced by the Alternative Currency Fronting Lender shall
be for the benefit of the Alternative Currency Fronting Lender, and not any
Alternative Currency Participating Lender, until the applicable Alternative
Currency Participating Lender has funded its participation therein to the
Alternative Currency Fronting Lender.

 

2.10        Fees.

 

In addition to certain fees
described in subsections (i) and (j) of Section 2.03:

 

(a)           Facility Fee.  The Borrower shall pay to the Administrative
Agent for the account of each Revolving Lender in accordance with its
Applicable Percentage, a facility fee in Dollars equal to the Facility Fee Rate
times the actual daily amount of the Aggregate Revolving Commitments
(or, if the Aggregate Revolving Commitments have terminated, on the Outstanding
Amount of all Committed Revolving Loans, Swing Line Loans, Negotiated Rate
Loans and L/C Obligations), regardless of usage.  The facility fee shall accrue at all times
during the Availability Period (and thereafter so long as any Committed
Revolving Loans, Swing Line Loans, Negotiated Rate Loans or L/C Obligations
remain outstanding), including at any time during which one or more of the
conditions in Article IV is not met, and shall be due and payable
quarterly in arrears (calculated on a 360-day basis) on the last Business Day
of each calendar quarter, commencing with the first such date to occur after
the Closing Date, and on the Revolving Maturity Date (and, if applicable,
thereafter on demand).  The facility fee
shall be calculated quarterly in arrears, and if there is any change in the
Facility Fee Rate during any quarter, the actual daily amount shall be computed
and multiplied by the Facility Fee Rate separately for each period during such
quarter that such Facility Fee Rate was in effect.

 

(b)           Other Fees.

 

(i)            The Borrower shall pay to the
Arrangers and the Administrative Agent for their own respective accounts, in
Dollars, fees in the amounts and at the times specified in the Fee Letter.  Such fees shall be fully earned when paid and
shall not be refundable for any reason whatsoever.

 

(ii)           The Borrower shall pay to the
Lenders, in Dollars, such fees as shall have been separately agreed upon in
writing in the amounts and at the times

 

56

 

so specified.  Such fees shall be fully earned when paid and
shall not be refundable for any reason whatsoever.

 

(c)           Alternative Currency Fronting Fee.  The Borrower shall pay directly to the
Alternative Currency Fronting Lender, for its own account, in Dollars, a
fronting fee with respect to the portion of each Committed Borrowing in an
Alternative Currency advanced by such Alternative Currency Fronting Lender for
an Alternative Currency Participating Lender (but excluding the portion of such
advance constituting the Alternative Currency Fronting Lender’s Applicable
Percentage of such Committed Borrowing as an Alternative Currency Funding
Lender), equal to 0.125% times such portion of such Committed Borrowing,
computed on the Dollar Equivalent of such Committed Borrowing, such fee to be
payable on the date of such Committed Borrowing.

 

2.11        Computation of Interest and Fees.

 

All computations of interest
for Base Rate Loans when the Base Rate is determined by Bank of America’s “prime
rate” shall be made on the basis of a year of 365 or 366 days, as the case may
be, and actual days elapsed.  All other
computations of fees and interest shall be made on the basis of a 360-day year
and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365-day year), or, in the case of
interest in respect of Committed Revolving Loans denominated in Alternative
Currencies as to which market practice differs from the foregoing, in
accordance with such market practice. 
Interest shall accrue on each Loan for the day on which the Loan is
made, and shall not accrue on a Loan, or any portion thereof, for the day on
which the Loan or such portion is paid, provided that any Loan that is
repaid on the same day on which it is made shall, subject to Section 2.13(a),
bear interest for one day.  Each
determination by the Administrative Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error.

 

2.12        Evidence of Debt.

 

(a)           The Credit Extensions made by each Lender shall be
evidenced by one or more accounts or records maintained by such Lender and by
the Administrative Agent in the ordinary course of business.  The accounts or records maintained by the
Administrative Agent and each Lender shall be conclusive absent manifest error
of the amount of the Credit Extensions made by the Lenders to the Borrower and
the interest and payments thereon.  Any
failure to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of the Borrower hereunder to pay any amount
owing with respect to the Obligations. 
In the event of any conflict between the accounts and records maintained
by any Lender and the accounts and records of the Administrative Agent in
respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error. 
Upon the request of any Lender made through the Administrative Agent,
the Borrower shall execute and deliver to such Lender (through the
Administrative Agent) a Note, which shall evidence such Lender’s Loans in
addition to such accounts or records. 
Each Lender may attach schedules to its Note and endorse thereon the
date, Type (if applicable), amount and maturity of its Loans and payments with
respect thereto.

 

57

 

(b)           In addition to the accounts and records referred to in
subsection (a), each Lender and the Administrative Agent shall maintain in
accordance with its usual practice accounts or records evidencing the purchases
and sales by such Lender of participations in Letters of Credit and Swing Line Loans.
 In the event of any conflict between the
accounts and records maintained by the Administrative Agent and the accounts
and records of any Lender in respect of such matters, the accounts and records
of the Administrative Agent shall control in the absence of manifest error.

 

2.13        Payments Generally; Administrative
Agent’s Clawback.

 

(a)           General.  All
payments to be made by the Borrower shall be made without condition or
deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein
and except with respect to principal of and interest on Loans denominated in an
Alternative Currency, all payments by the Borrower hereunder shall be made to
the Administrative Agent, for the account of the respective Lenders to which such
payment is owed, at the applicable Administrative Agent’s Office in Dollars and
in Same Day Funds not later than 2:00 p.m. on the date specified
herein.  Except as otherwise expressly
provided herein, all payments by the Borrower hereunder with respect to
principal of and interest on Loans denominated in an Alternative Currency shall
be made to the Administrative Agent, for the account of the respective Lenders
to which such payment is owed, at the applicable Administrative Agent’s Office
in such Alternative Currency and in Same Day Funds not later than the
Applicable Time specified by the Administrative Agent on the dates specified
herein.  Without limiting the generality
of the foregoing, the Administrative Agent may require that any payments due
under this Agreement be made in the United States.  If, for any reason, the Borrower is
prohibited by any Law from making any required payment hereunder in an
Alternative Currency, the Borrower shall make such payment in Dollars in an
amount equal to the Dollar Equivalent of the Alternative Currency payment
amount.  The Administrative Agent will
promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein, including without limitation the
Alternative Currency Fronting Lender’s Alternative Currency Funding Applicable
Percentage of any payment made with respect to any Revolving Loan as to which
any Alternative Currency Participating Lender has not funded its Alternative
Currency Risk Participation) of such payment in like funds as received by wire
transfer to such Lender’s Lending Office. 
All payments received by the Administrative Agent (i) after
2:00 p.m., in the case of payments in Dollars, or (ii) after the
Applicable Time specified by the Administrative Agent in the case of payments
in an Alternative Currency, shall in each case be deemed received on the next
succeeding Business Day and any applicable interest or fee shall continue to
accrue.  If any payment to be made by the
Borrower shall come due on a day other than a Business Day, payment shall be
made on the next following Business Day, and such extension of time shall be
reflected in computing interest or fees, as the case may be.

 

(b)           (i)            Funding
by Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any Committed
Borrowing of Eurocurrency Rate Loans (or, in the case of any Committed
Borrowing of Base Rate Loans, prior to 12:00 noon on the date of such Committed
Borrowing) that such Lender will not make available to the Administrative Agent
such Lender’s share of such Committed Borrowing, the Administrative Agent may

 

58

 

assume that such Lender has
made such share available on such date in accordance with Section 2.02
(or, in the case of a Committed Borrowing of Base Rate Loans, that such Lender
has made such share available in accordance with and at the time required by Section 2.02)
and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount.  In such event, if
a Lender has not in fact made its share of the applicable Committed Borrowing
available to the Administrative Agent, then the applicable Lender and the
Borrower severally agree to pay to the Administrative Agent forthwith on demand
such corresponding amount in Same Day Funds with interest thereon, for each day
from and including the date such amount is made available to the Borrower to
but excluding the date of payment to the Administrative Agent, at (A) in
the case of a payment to be made by such Lender, the Overnight Rate plus any
administrative, processing or similar fees customarily charged by the
Administrative Agent in connection with the foregoing, and (B) in the case
of a payment to be made by the Borrower, the interest rate applicable to Base
Rate Loans.  If the Borrower and such
Lender shall pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit to the
Borrower the amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the
applicable Committed Borrowing to the Administrative Agent, then the amount so
paid shall constitute such Lender’s Committed Revolving Loan included in such
Committed Borrowing.  Any payment by the
Borrower shall be without prejudice to any claim the Borrower may have against
a Lender that shall have failed to make such payment to the Administrative
Agent.

 

(ii)           Payments by the Borrower;
Presumptions by Administrative Agent. 
Unless the Administrative Agent shall have received notice from the
Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the L/C Issuer hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that
the Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders or the L/C Issuer,
as the case may be, the amount due.  In
such event, if the Borrower has not in fact made such payment, then each of the
Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such
Lender or the L/C Issuer, in Same Day Funds with interest thereon, for each day
from and including the date such amount is distributed to it to but excluding
the date of payment to the Administrative Agent, at the Overnight Rate.

 

A notice of the Administrative
Agent to any Lender or the Borrower with respect to any amount owing under this
subsection (b) shall be conclusive, absent manifest error.

 

(c)           Failure to Satisfy Conditions Precedent.  If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided
in the foregoing provisions of this Article II, and such funds are
not made available to the Borrower by the Administrative Agent because the
conditions to the applicable Credit Extension set forth in Article IV
are not satisfied or waived in accordance with the terms hereof, the
Administrative

 

59

 

Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without
interest.

 

(d)           Obligations of Lenders Several.  The obligations of the Lenders hereunder to
make Committed Revolving Loans (including Revolving Loans denominated in
Alternative Currencies in the event they are Alternative Currency Funding
Lenders), to fund participations in Letters of Credit and Swing Line Loans, to
make payments pursuant to Section 10.04(c) and to fund
Alternative Currency Risk Participations (if they are Alternative Currency
Participating Lenders) are several and not joint.  The failure of any Lender to make any
Committed Revolving Loan (including Revolving Loans denominated in an
Alternative Currency in the event it is an Alternative Currency Funding
Lender), to fund any such participation or to make any payment under Section 10.04(c) on
any date required hereunder shall not relieve any other Lender of its
corresponding obligation to do so on such date, and no Lender shall be
responsible for the failure of any other Lender to so make its Committed
Revolving Loan (including Revolving Loans denominated in an Alternative
Currency in the event it is an Alternative Currency Funding Lender), to
purchase its participation or to make its payment under Section 10.04(c).

 

(e)           Funding Source. 
Nothing herein shall be deemed to obligate any Lender to obtain the
funds for any Loan in any particular place or manner or to constitute a
representation by any Lender that it has obtained or will obtain the funds for
any Loan in any particular place or manner.

 

2.14        Sharing of Payments by Lenders.

 

If any Lender shall, by
exercising any right of setoff or counterclaim or otherwise, obtain payment in
respect of any principal of or interest on any of the Committed Revolving Loans
made by it, the participations in L/C Obligations or in Swing Line Loans or the
Alternative Currency Risk Participations held by it (but not including any
amounts applied by the Alternative Currency Fronting Lender to Revolving Loans
prior to the funding of risk participations therein) resulting in such Lender’s
receiving payment of a proportion of the aggregate amount of such Committed
Revolving Loans or participations and accrued interest thereon greater than its
pro  rata share thereof as provided herein, then the Lender
receiving such greater proportion shall (a) notify the Administrative
Agent of such fact, and (b) purchase (for cash at face value)
participations in the Committed Revolving Loans and subparticipations in L/C
Obligations, Swing Line Loans and Alternative Currency Risk Participations of
the other Lenders, or make such other adjustments as shall be equitable, so
that the benefit of all such payments shall be shared by the Lenders ratably in
accordance with the aggregate amount of principal of and accrued interest on
their respective Committed Revolving Loans and other amounts owing them, provided
that:

 

(i)            if any such participations or
subparticipations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations or subparticipations shall be
rescinded and the purchase price restored to the extent of such recovery,
without interest; and

 

60

 

(ii)           the provisions of this
Section shall not be construed to apply to (x) any payment made by
the Borrower pursuant to and in accordance with the express terms of this
Agreement or (y) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Committed Revolving
Loans or subparticipations in L/C Obligations or Swing Line Loans to any
assignee or participant, other than to the Borrower or any Subsidiary thereof
(as to which the provisions of this Section shall apply).

 

The Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of setoff and
counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of the Borrower in the amount of such participation.

 

2.15        Extension of Maturity Date.

 

(a)           Requests for Extension.  The Borrower may, by notice to the
Administrative Agent (who shall promptly notify the Lenders) not earlier than
90 days and not later than 60 days prior to the Initial Maturity Date, request
that each Lender extend such Lender’s Maturity Date for an additional year from
the Initial Maturity Date.

 

(b)           Lender Elections to Extend.  Each Lender, acting in its sole and
individual discretion, shall, by notice to the Administrative Agent given not
earlier than 75 days prior to the Initial Maturity Date and not later than the
date (the “Notice Date”) that is 45 days prior to the Initial Maturity
Date, advise the Administrative Agent whether or not such Lender agrees to such
extension (and each Lender that determines not to so extend its Maturity Date
(a “Non-Extending Lender”) shall notify the Administrative Agent of such
fact promptly after such determination (but in any event no later than the
Notice Date) and any Lender that does not so advise the Administrative Agent on
or before the Notice Date shall be deemed to be a Non-Extending Lender.  The election of any Lender to agree to such
extension shall not obligate any other Lender to so agree.

 

(c)           Notification by Administrative Agent.  The Administrative Agent shall notify the
Borrower of each Lender’s determination under this Section no later than
the date 40 days prior to the Initial Maturity Date (or, if such date is not a
Business Day, on the next preceding Business Day).

 

(d)           Additional Commitment Lenders.  The Borrower shall have the right to replace
each Non-Extending Lender with, and add as “Lenders” under this Agreement in
place thereof, one or more Eligible Assignees (each, an “Additional
Commitment Lender”) as provided in Section 10.13; provided
that each of such Additional Commitment Lenders shall enter into an Assignment
and Assumption pursuant to which such Additional Commitment Lender shall,
effective as of the Initial Maturity Date, undertake a Revolving Commitment
(and, if any such Additional Commitment Lender is already a Lender, its
Revolving Commitment shall be in addition to such Lender’s Revolving Commitment
hereunder on such date).

 

61

 

(e)           Minimum Extension Requirement.  If (and only if) the total of the
Revolving  Commitments of the Lenders
that have agreed so to extend their Maturity Date (each, an “Extending
Lender”) and the additional Revolving Commitments of the Additional
Commitment Lenders shall be more than 50% of the aggregate amount of the
Revolving Commitments in effect immediately prior to the Initial Maturity Date,
then, effective as of the Initial Maturity Date, the Revolving Maturity Date of
each Extending Lender and of each Additional Commitment Lender shall be
extended to the date falling one  year
after the Initial Maturity Date (except that, if such date is not a Business
Day, such Maturity Date as so extended shall be the next preceding Business
Day) and each Additional Commitment Lender (if not already a Lender) shall
thereupon become a “Lender” for all purposes of this Agreement.

 

(f)            Conditions to Effectiveness of
Extensions.  As a condition precedent
to such extension, (a) the Borrower shall deliver to the Administrative
Agent a certificate of the Borrower dated as of the Initial Maturity Date (in
sufficient copies for each Extending Lender and each Additional Commitment
Lender) signed by a Responsible Officer (i) certifying and attaching the
resolutions adopted by the Borrower approving or consenting to such extension
and (ii) certifying that, before and after giving effect to such
extension, (A) the representations and warranties contained in Article V
and the other Loan Documents are true and correct on and as of the Initial
Maturity Date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and except that for purposes of this Section 2.15,
the representations and warranties contained in subsections (a) and
(b) of Section 5.05 shall be deemed to refer to the most
recent statements furnished pursuant to subsections (a) and (b),
respectively, of Section 6.01 and (B) no Default exists and
(b) the Borrower shall pay to the Extending Lenders and the Additional
Commitment Lenders on the Initial Maturity Date a fee (to be shared among the
Extending Lenders and the Additional Commitment Lenders based upon their pro
rata share of the Aggregate Revolving Commitments) equal to the product
of (i) 0.15% multiplied by (ii) the then Aggregate Revolving
Commitments.  In addition, on the
Revolving Maturity Date of each Non-Extending Lender, the Borrower shall (x) repay
the Loans of such Non-Extending Lender outstanding on such date (and pay any
additional amounts required pursuant to Section 3.05) and (y) prepay
any Committed Revolving Loans of each Extending Lender outstanding on such date
(and pay any additional amounts required pursuant to Section 3.05)
and/or borrow from each Additional Commitment Lender, on a non-pro rata basis
with the Extending Lenders, to the extent necessary to keep outstanding
Committed Revolving Loans ratable with any revised Applicable Percentages of
the respective Lenders effective as of such date.

 

(g)           Conflicting Provisions.  This Section shall supersede any
provisions in Section 2.02(b), 2.14 or 10.01 to the
contrary.

 

2.16        Increase in
Revolving Commitments.

 

(a)           Request for Increase.  From time to time, the Borrower shall have
the right to increase the Aggregate Revolving Commitments; provided that
(i) no Default exists and is continuing, (ii) each increase must be
in a minimum amount of $10,000,000 and in integral multiples of $5,000,000 in
excess thereof, and (iii) the Aggregate Revolving Commitments cannot be
increased to an amount in excess of $2,000,000,000 less the amount of any
permanent reductions in the Commitments under Section 2.07(b).  At the time of sending such notice, the

 

62

 

Borrower
(in consultation with the Administrative Agent) shall specify the time period
within which each Revolving Lender is requested to respond (which shall in no
event be less than ten Business Days from the date of delivery of such notice
to the Revolving Lenders).

 

(b)           Lender Elections
to Increase.  Each Revolving Lender
shall notify the Administrative Agent within such time period whether or not it
agrees to increase its Revolving Commitment and, if so, whether by an amount
equal to, greater than, or less than its Applicable Percentage of such
requested increase.  Any Revolving Lender
not responding within such time period shall be deemed to have declined to
increase its Revolving Commitment.  Any
such increase shall be syndicated on a best efforts basis and no Lender shall
be required to increase its Revolving Commitment to facilitate such increase.

 

(c)           Notification by
Administrative Agent; Additional Lenders. 
The Administrative Agent shall notify the Borrower and each Revolving
Lender of the Revolving Lenders’ responses to each request made hereunder.  To achieve the full amount of a requested
increase and subject to the approval of the Administrative Agent and the L/C
Issuer (which approvals shall not be unreasonably withheld), the Borrower may
also invite additional Eligible Assignees to become Revolving Lenders pursuant
to a joinder agreement in form and substance satisfactory to the Administrative
Agent and its counsel.

 

(d)           Effective Date
and Allocations.  If the Aggregate
Revolving Commitments are increased in accordance with this Section, the
Administrative Agent and the Borrower shall determine the effective date (the “Increase
Effective Date”) and the final allocation of such increase.  The Administrative Agent shall promptly
notify the Borrower and the Revolving Lenders of the final allocation of such
increase and the Increase Effective Date.

 

(e)           Conditions to
Effectiveness of Increase.  As a
condition precedent to such increase, the Borrower shall deliver to the
Administrative Agent a certificate of the Borrower dated as of the Increase
Effective Date signed by a Responsible Officer (i) certifying and
attaching the resolutions adopted by the Borrower approving or consenting to
such increase, and (ii) certifying that, before and after giving effect to
such increase, (A) the representations and warranties contained in Article V
and the other Loan Documents are true and correct on and as of the Increase
Effective Date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and except that for purposes of this Section, the
representations and warranties contained in subsections (a) and
(b) of Section 5.05 shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01, and (B) no Default exists.  The Borrower shall prepay any Committed
Revolving Loans outstanding on the Increase Effective Date (and pay any
additional amounts required pursuant to Section 3.05) to the extent
necessary to keep the outstanding Committed Revolving Loans ratable with any
revised Applicable Percentages arising from any non-ratable increase in the
Revolving Commitments under this Section and shall provide a Note to any
new Revolving Lender joining in the Increase Effective Date, if requested.

 

(f)            Conflicting
Provisions.  This Section shall
supersede any provisions in Sections 2.14 or 10.01 to the
contrary.

 

63

 

(g)           Fees.  The Borrower shall pay such fees to the
Administrative Agent, for its own account and for the benefit of the Revolving
Lenders providing such additional Revolving Commitments, as determined at the
time of such increase.

 

ARTICLE III

 

TAXES,
YIELD PROTECTION AND ILLEGALITY

 

3.01        Taxes.

 

(a)           Payments Free of Taxes.  Any and all payments by or on account of any
obligation of the Borrower hereunder or under any other Loan Document shall be
made free and clear of and without reduction or withholding for any Indemnified
Taxes or Other Taxes, provided that if the Borrower shall be required by
applicable law to deduct any Indemnified Taxes (including any Other Taxes) from
such payments, then (i) the sum payable shall be increased as necessary so
that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or
L/C Issuer, as the case may be, receives an amount equal to the sum it would
have received had no such deductions been made, (ii) the Borrower shall
make such deductions and (iii) the Borrower shall timely pay the full
amount deducted to the relevant Governmental Authority in accordance with
applicable law.

 

(b)           Payment of Other Taxes by the
Borrower.  Without limiting the
provisions of subsection (a) above, the Borrower shall timely pay any
Other Taxes to the relevant Governmental Authority in accordance with
applicable law.

 

(c)           Indemnification by the Borrower.  The Borrower shall indemnify the Administrative
Agent, each Lender and the L/C Issuer, within 10 days after demand therefor,
for the full amount of any Indemnified Taxes or Other Taxes (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) paid by the Administrative Agent, such
Lender or the L/C Issuer, as the case may be, and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority.  A certificate as to the amount of such
payment delivered to the Borrower by a Lender or the L/C Issuer (with a copy to
the Administrative Agent), or by the Administrative Agent on its own behalf or
on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest
error.

 

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

 

64

 

(e)           Status of Lenders.  Any Foreign Lender that is entitled to an
exemption from or reduction of withholding tax under the law of the
jurisdiction in which the Borrower is resident for tax purposes, or any treaty
to which such jurisdiction is a party, with respect to payments hereunder or
under any other Loan Document shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law or
reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable law as will
permit such payments to be made without withholding or at a reduced rate of
withholding.  In addition, any Lender, if
requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the
Borrower or the Administrative Agent as will enable the Borrower or the
Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements.

 

Without
limiting the generality of the foregoing, in the event that the Borrower is
resident for tax purposes in the United States, any Foreign Lender shall
deliver to the Borrower and the Administrative Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on which such
Foreign Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the request of the Borrower or the Administrative Agent, but
only if such Foreign Lender is legally entitled to do so), whichever of the
following is applicable:

 

(i)            duly
completed copies of Internal Revenue Service Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States is
a party,

 

(ii)           duly
completed copies of Internal Revenue Service Form W-8ECI,

 

(iii)          in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio
interest under section 881(c) of the Code, (x) a certificate to the
effect that such Foreign Lender is not (A) a “bank” within the meaning of
section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of
the Borrower within the meaning of section 881 (c)(3)(B) of the Code, or
(C) a “controlled foreign corporation” described in section
881(c)(3)(C) of the Code and (y) duly completed copies of Internal
Revenue Service Form W-8BEN, or

 

(iv)          any
other form prescribed by applicable law as a basis for claiming exemption from
or a reduction in United States Federal withholding tax duly completed together
with such supplementary documentation as may be prescribed by applicable law to
permit the Borrower to determine the withholding or deduction required to be
made.

 

(f)            Treatment of Certain Refunds.  If the Administrative Agent, any Lender or
the L/C Issuer determines, in its sole discretion, that it has received a
refund of any Taxes or Other Taxes as to which it has been indemnified by the
Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section, it shall pay to the Borrower an amount equal to such
refund (but only to the extent of indemnity payments made, or additional
amounts paid, by the Borrower under this Section with respect to the Taxes
or Other Taxes

 

65

 

giving
rise to such refund), net of all out-of-pocket expenses of the Administrative
Agent, such Lender or the L/C Issuer, as the case may be, and without interest
(other than any interest paid by the relevant Governmental Authority with
respect to such refund), provided that the Borrower, upon the request of
the Administrative Agent, such Lender or the L/C Issuer, agrees to repay the
amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent,
such Lender or the L/C Issuer in the event the Administrative Agent, such
Lender or the L/C Issuer is required to repay such refund to such Governmental
Authority.  This subsection shall not be
construed to require the Administrative Agent, any Lender or the L/C Issuer to
make available its tax returns (or any other information relating to its taxes
that it deems confidential) to the Borrower or any other Person.

 

3.02        Illegality.

 

If
any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its
applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans
(whether denominated in Dollars or an Alternative Currency), or to determine or
charge interest rates based upon the Eurocurrency Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to
purchase or sell, or to take deposits of, Dollars or any Alternative Currency
in the applicable interbank market (each an “Affected Eurocurrency Rate Loan”),
then (a) such Lender shall promptly give written notice of such
circumstances to the Borrower through the Administrative Agent, which notice
shall (i) in the case of any such restriction or prohibition with respect
to an Alternative Currency, include such Revolving Lender’s notification that
it will thenceforth be an Alternative Currency Participating Lender with
respect to such Alternative Currency, and (ii) be withdrawn whenever such
circumstances no longer exist, (b) the obligation of such Lender hereunder
to make Affected Eurocurrency Rate Loans, continue Affected Eurocurrency Rate
Loans as such and, in the case of Eurocurrency Rate Loans in Dollars, to
convert a Base Rate Loan to an Affected Eurocurrency Rate Loan shall forthwith
be cancelled and, until such time as it shall no longer be unlawful for such
Lender to make or maintain such Affected Eurocurrency Rate Loans, such Lender
shall then have a commitment only to make a Base Rate Loan when an Affected
Eurocurrency Rate Loan denominated in Dollars is requested and to purchase
Alternative Currency Risk Participations when an Affected Eurocurrency Rate
Loan denominated in an Alternative Currency is requested, (c) such Lender’s
Loans then outstanding as Affected Eurocurrency Rate Loans, denominated in
Dollars, if any, shall be converted automatically to Base Rate Loans on the
respective last days of the then current Interest Periods with respect to such
Loans or within such earlier period as required by law, and (d) such
Lender’s Loans then outstanding as Affected Eurocurrency Rate Loans, if any,
denominated in a Alternative Currency shall be immediately repaid by the
Borrower on the last day of the then current Interest Period with respect
thereto (or such earlier date as may be required by any such requirement of
Law) together with accrued interest thereon. 
If any such conversion or prepayment of an Affected Eurocurrency Rate
Loan occurs on a day which is not the last day of the then current Interest
Period with respect thereto, the Borrower shall pay to such Lender such
amounts, if any, as may be required pursuant to Section 3.05.  Any Lender that is or becomes an Alternative
Currency Participating Lender with respect to any Alternative Currency pursuant
to this Section 3.02 or otherwise as provided in this Agreement shall
promptly

 

66

 

notify the Administrative
Agent and the Borrower in the event that the impediment resulting in its being
or becoming an Alternative Currency Participating Lender is alleviated in a
manner such that it can become an Alternative Currency Funding Lender with
respect to such Alternative Currency.

 

3.03        Inability to
Determine Rates.

 

If
the Required Lenders determine that for any reason in connection with any
request for a Eurocurrency Rate Loan or a conversion to or continuation thereof
that (a) deposits (whether in Dollars or an Alternative Currency) are not
being offered to banks in the applicable offshore interbank market for such
currency for the applicable amount and Interest Period of such Eurocurrency
Rate Loan, (b) adequate and reasonable means do not exist for determining
the Eurocurrency Rate for any requested Interest Period with respect to a
proposed Eurocurrency Rate Loan (whether denominated in Dollars or an
Alternative Currency), or (c) the Eurocurrency Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan does not
adequately and fairly reflect the cost to such Lenders of funding such
Eurocurrency Rate Loan, the Administrative Agent will promptly so notify the
Borrower and each Lender.  Thereafter,
the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in
the affected currency or currencies shall be suspended until the Administrative
Agent (upon the instruction of the Required Lenders) revokes such notice.  Upon receipt of such notice, the Borrower may
revoke any pending request for a Borrowing of, conversion to or continuation of
Eurocurrency Rate Loans in the affected currency or currencies or, failing
that, will be deemed to have converted such request into a request for a
Committed Borrowing of Base Rate Loans in the amount specified therein.

 

3.04        Increased Costs;
Reserves on Eurocurrency Rate Loans.

 

(a)           Increased Costs Generally.  If any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for
the account of, or credit extended or participated in by, any Lender (except (A) any
reserve requirement contemplated by Section 3.04(e)) and
(B) the requirements of the Bank of England and the Financial Services
Authority or the European Central Bank to the extent reflected in the Mandatory
Cost, other than as set forth below) or the L/C Issuer;

 

(ii)           subject
any Lender or the L/C Issuer to any tax of any kind whatsoever with respect to
this Agreement, any Letter of Credit, any participation in a Letter of Credit
or any Eurocurrency Rate Loan made by it, or change the basis of taxation of
payments to such Lender or the L/C Issuer in respect thereof (except for
Indemnified Taxes or Other Taxes covered by Section 3.01 and the
imposition of, or any change in the rate of, any Excluded Tax payable by such
Lender or the L/C Issuer);

 

(iii)          result
in the failure of the Mandatory Cost, as calculated hereunder, to represent the
cost to any Lender of complying with the requirements of the

 

67

 

Bank
of England and/or the Financial Services Authority or the European Central Bank
in relation to its making, funding or maintaining Eurocurrency Rate Loans; or

 

(iv)          impose
on any Lender or the L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurocurrency Rate Loans
made by such Lender or any Letter of Credit or participation therein;

 

and
the result of any of the foregoing shall be to increase the cost to such Lender
of making or maintaining any Eurocurrency Rate Loan (or of maintaining its
obligation to make any such Loan), or to increase the cost to such Lender or
the L/C Issuer of participating in, issuing or maintaining any Letter of Credit
(or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such
Lender or the L/C Issuer hereunder (whether of principal, interest or any other
amount) then, upon request of such Lender or the L/C Issuer, the Borrower will
pay to such Lender or the L/C Issuer, as the case may be, such additional
amount or amounts as will compensate such Lender or the L/C Issuer, as the case
may be, for such additional costs incurred or reduction suffered.

 

(b)           Capital Requirements.  If any Lender or the L/C Issuer determines
that any Change in Law affecting such Lender or the L/C Issuer or any Lending
Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if
any, regarding capital requirements has or would have the effect of reducing
the rate of return on such Lender’s or the L/C Issuer’s capital or on the
capital of such Lender’s or the L/C Issuer’s holding company, if any, as a
consequence of this Agreement, the Revolving Commitment of such Lender or the
Loans made by, or participations in Letters of Credit held by, such Lender, or
the Letters of Credit issued by the L/C Issuer, to a level below that which
such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding
company could have achieved but for such Change in Law (taking into
consideration such Lender’s or the L/C Issuer’s policies and the policies of
such Lender’s or the L/C Issuer’s holding company with respect to capital
adequacy), then from time to time the Borrower will pay to such Lender or the
L/C Issuer, as the case may be, such additional amount or amounts as will
compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s
holding company for any such reduction suffered.

 

(c)           Certificates for Reimbursement.  A certificate of a Lender or the L/C Issuer
setting forth the amount or amounts necessary to compensate such Lender or the
L/C Issuer or its holding company, as the case may be, as specified in
subsection (a) or (b) of this Section and delivered to the
Borrower, in detail sufficient to enable the Borrower to verify the computation
thereof, shall be conclusive absent manifest error.  The Borrower shall pay such Lender or the L/C
Issuer, as the case may be, the amount shown as due on any such certificate
within 10 days after receipt thereof

 

(d)           Delay in Requests.  Failure or delay on the part of any Lender or
the L/C Issuer to demand compensation pursuant to the foregoing provisions of
this Section shall not constitute a waiver of such Lender’s or the L/C
Issuer’s right to demand such compensation, provided that

 

68

 

the
Borrower shall not be required to compensate a Lender or the L/C Issuer
pursuant to the foregoing provisions of this Section for any increased
costs incurred or reductions suffered more than nine months prior to the date
that such Lender or the L/C Issuer, as the case may be, notifies the Borrower
of the Change in Law giving rise to such increased costs or reductions and of
such Lender’s or the L/C Issuer’s intention to claim compensation therefor
(except that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the nine month period referred to above shall
be extended to include the period of retroactive effect thereof).

 

(e)           Additional Reserve Requirements.  The Borrower shall pay to each Lender,
(i) as long as such Lender shall be required to maintain reserves with
respect to liabilities or assets consisting of or including Eurocurrency funds
or deposits (currently known as “Eurocurrency liabilities”) (except to the
extent that compensation for such required reserves is included in the
Mandatory Cost), additional interest on the unpaid principal amount of each
Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to
such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive), and (ii) as long as such Lender shall
be required to comply with any reserve ratio requirement or analogous
requirement of any other central banking or financial regulatory authority
imposed in respect of the maintenance of the Revolving Commitments or the
funding of the Eurocurrency Rate Loans, such additional costs (expressed as a
percentage per annum and rounded upwards, if necessary, to the nearest five
decimal places) equal to the actual costs allocated to such Revolving
Commitment or Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive), which in each case shall be due and
payable on each date on which interest is payable on such Loan, provided the
Borrower shall have received at least 10 days’ prior notice (with a copy to the
Administrative Agent) of such additional interest or costs from such
Lender.  If a Lender fails to give notice
10 days prior to the relevant Interest Payment Date, such additional interest
or costs shall be due and payable 10 days from receipt of such notice.

 

3.05        Compensation for
Losses.

 

Upon
demand of any Lender (with a copy to the Administrative Agent) from time to
time, the Borrower shall promptly compensate such Lender for and hold such
Lender harmless from any loss, cost or expense (other than loss of anticipated
profits) incurred by it as a result of:

 

(a)           any continuation,
conversion, payment or prepayment of any Loan other than a Base Rate Loan on a
day other than the last day of the Interest Period for such Loan (whether
voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)           any failure by the
Borrower (for a reason other than the failure of such Lender to make a Loan) to
prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the
date or in the amount notified by the Borrower;

 

(c)           any failure by the
Borrower to make payment of any Loan or drawing under any Letter of Credit (or
interest due thereon) denominated in an Alternative Currency on its scheduled
due date or any payment thereof in a different currency;

 

69

 

(d)           any assignment of a
Eurocurrency Rate Loan on a day other than the last day of the Interest Period
therefor as a result of a request by the Borrower pursuant to Section 10.13;
or

 

(e)           any change in the
applicable Spot Rate between the date of funding of an Alternative Currency
Risk Participation pursuant to Section 2.02(f)(iii) and the
date of repayment by the Borrower pursuant to Section 2.02(f)(vi).

 

The
Borrower shall also pay any customary administrative fees charged by such
Lender in connection with the foregoing, including without limitation, any loss
or expense arising from the termination of any foreign exchange contract.

 

For
purposes of calculating amounts payable by the Borrower to the Lenders under
this Section 3.05, each Lender shall be deemed to have funded each
Eurocurrency Rate Loan made by it at the Eurocurrency Rate for such Loan by a
matching deposit or other borrowing in the London interbank eurodollar market
for a comparable amount and for a comparable period, whether or not such
Eurocurrency Rate Loan was in fact so funded.

 

3.06        Mitigation
Obligations; Replacement of Lenders.

 

(a)           Designation of a Different Lending
Office.  If any Lender requests
compensation under Section 3.04, or the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 3.01, or if any Lender
gives a notice pursuant to Section 3.02, then such Lender shall use
reasonable efforts to designate a different Lending Office for funding or
booking its Loans hereunder or to assign its rights and obligations hereunder
to another of its offices, branches or affiliates, if, in the judgment of such
Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Section 3.01 or 3.04, as the
case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02,
as applicable, and (ii) in each case, would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender.  The Borrower hereby agrees to
pay all reasonable costs and expenses incurred by any Lender in connection with
any such designation or assignment.

 

(b)           Replacement of Lenders.  If any Lender requests compensation under Section 3.04,
or if the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 3.01,
the Borrower may replace such Lender in accordance with Section 10.13.

 

3.07        Survival.

 

All
of the Borrower’s obligations under this Article III shall survive
termination of the Aggregate Revolving Commitments and repayment of all other
Obligations hereunder.

 

70

 

ARTICLE IV

 

CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS

 

4.01        Conditions of
Initial Credit Extension.

 

The
effectiveness of this Agreement and the obligation of the L/C Issuer and of
each Lender to make its initial Credit Extension hereunder on the Closing Date
are subject to satisfaction of the following conditions precedent:

 

(a)           The Administrative
Agent’s receipt of the following, each of which shall be originals or
telecopies (followed promptly by originals) unless otherwise specified, each
properly executed by a Responsible Officer, each dated the Closing Date (or, in
the case of certificates of governmental officials, a recent date before the
Closing Date) and each in form and substance satisfactory to the Administrative
Agent:

 

(i)            executed
counterparts of this Agreement, executed and delivered by the Administrative
Agent, the Borrower and each Lender listed on Schedule 2.01;

 

(ii)           a
Note executed by the Borrower in favor of each Lender requesting a Note;

 

(iii)          such
certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers as the Administrative Agent may
require evidencing the identity, authority and capacity of each Responsible
Officer authorized to act as a Responsible Officer in connection with this
Agreement and the other Loan Documents;

 

(iv)          such
documents and certifications as the Administrative Agent may reasonably require
to evidence that the Borrower is duly organized or formed, and that the
Borrower is validly existing, in good standing and qualified to engage in
business in its state of organization and in each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business
requires such qualification, except to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect;

 

(v)           a
favorable opinion of Gibson Dunn & Crutcher LLP, counsel to the
Borrower, addressed to the Administrative Agent and each Lender, as to the
matters set forth in Exhibit G;

 

(vi)          a
certificate signed by a Responsible Officer certifying (A) that the
condition specified in Section 4.02(b) has been satisfied;
(B) that there has been no Closing Date Material Adverse Effect;
(C) the current Debt Ratings; and (D) that the representations and
warranties relating to the Borrower set forth in

 

71

 

Sections 5.01, 5.02, 5.03, 5.04,
5.13, 5.17, 5.18 and 5.19 are true and correct on
and as of the Closing Date; and

 

(vii)         evidence that the Existing Credit Agreement has been
or concurrently with the Closing Date is being terminated.

 

(b)          Any fees required to be paid on or before the
Closing Date shall have been paid.

 

(c)           Unless waived
by the Administrative Agent, the Borrower shall have paid all fees, charges and
disbursements of counsel to the Administrative Agent to the extent invoiced
prior to or on the Closing Date, plus such additional amounts of such fees,
charges and disbursements as shall constitute its reasonable estimate of such
fees, charges and disbursements incurred or to be incurred by it through the
closing proceedings (provided that such estimate shall not thereafter
preclude a final settling of accounts between the Borrower and the
Administrative Agent).

 

(d)           The Acquisition
shall be consummated in accordance with the Purchase Agreement and the other
documentation related to the Acquisition, as in effect on the date hereof
(collectively, the “Acquisition Documents”) without waiver or amendment
thereof that is materially adverse to the Lenders unless consented to by Bank
of America, N.A. and UBS Loan Finance LLC.

 

(e)           The Borrower
shall have provided the documentation and other information to the Lenders that
is required by regulatory authorities under applicable “know your customer” and
anti-money-laundering rules and regulations, including, without
limitation, the Patriot Act.

 

Without
limiting the generality of the provisions of the last paragraph of Section 9.03,
for purposes of determining compliance with the conditions specified in this Section 4.01,
each Lender that has signed this Agreement shall be deemed to have consented
to, approved or accepted or to be satisfied with, (i) this Agreement and
each other document to which it is a party or which it has reviewed or
(ii) any other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to a Lender unless the Administrative Agent
shall have received notice from such Lender prior to the proposed Closing Date
specifying its objection thereto.

 

4.02        Conditions
to All Credit Extensions.

 

The
obligation of each Lender to honor any Request for Credit Extension (other than
(x) the initial extensions of credit on the Closing Date and (y) a
Committed Loan Notice requesting only a conversion of Committed Revolving Loans
to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to
the following conditions precedent:

 

(a)           The
representations and warranties of the Borrower contained in Article V
or any other Loan Document, or which are contained in any document furnished at
any

 

72

 

time
under or in connection herewith or therewith, shall be true and correct on and
as of the date of such Credit Extension, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they shall be true and correct as of such earlier date, and except that
for purposes of this Section 4.02, the representations and
warranties contained in subsections (a) and (b) of Section 5.05
shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 6.01.

 

(b)           No Default
shall exist, or would result from such proposed Credit Extension or from the
application of the proceeds thereof.

 

(c)           The
Administrative Agent and, if applicable, the L/C Issuer or the Swing Line
Lender shall have received a Request for Credit Extension in accordance with
the requirements hereof.

 

(d)           In the case of
a Credit Extension to be denominated in an Alternative Currency, there shall
not have occurred any change in national or international financial, political
or economic conditions or currency exchange rates or exchange controls which in
the reasonable opinion of the Administrative Agent, the Required Lenders (in
the case of any Loans to be denominated in an Alternative Currency) or the L/C
Issuer (in the case of any Letter of Credit to be denominated in an Alternative
Currency) would make it impracticable for such Credit Extension to be
denominated in the relevant Alternative Currency.

 

Each
Request for Credit Extension (other than a Committed Loan Notice requesting
only a conversion of Committed Revolving Loans to the other Type or a
continuation of Eurocurrency Rate Loans) submitted by the Borrower shall be
deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and
(b) have been satisfied on and as of the date of the applicable
Credit Extension.

 

ARTICLE V

 

REPRESENTATIONS
AND WARRANTIES

 

The
Borrower represents and warrants to the Administrative Agent and the Lenders
that:

 

5.01        Existence,
Qualification and Power; Compliance with Laws.

 

The
Borrower and each of its Subsidiaries (a) is duly organized or formed,
validly existing and in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority and
all requisite governmental licenses, authorizations, consents and approvals to
(i) own its assets and carry on its business and (ii) execute,
deliver and perform its obligations under the Loan Documents to which it is a
party, (c) is duly qualified and is licensed and in good standing under
the Laws of each jurisdiction where its ownership, lease or operation of
properties or the conduct of its business requires such

 

73

 

qualification
or license, and (d) is in compliance with all Laws; except in each case
referred to in clause (b)(i), (c) or (d), to the extent that failure
to do so could not reasonably be expected to have a Material Adverse Effect.

 

5.02        Authorization;
No Contravention.

 

The
execution, delivery and performance by the Borrower of each Loan Document has
been duly authorized by all necessary corporate or other organizational action,
and do not and will not (a) contravene the terms of any of the Borrower’s
Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, or require any payment to
be made under (i) any Contractual Obligation to which the Borrower is
party or affecting the Borrower or the properties of the Borrower or any of its
Subsidiaries or (ii) any order, injunction, writ or decree of any
Governmental Authority or any arbitral award to which the Borrower or its
property is subject; or (c) violate any Law.  The Borrower and each of its Subsidiaries are
in compliance with all Contractual Obligations referred to in
clause (b)(i), except to the extent that failure to do so could not
reasonably be expected to have a Material Adverse Effect.

 

5.03        Governmental
Authorization; Other Consents.

 

No
approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or
required in connection with the execution, delivery or performance by, or
enforcement against, the Borrower of this Agreement or any other Loan Document.

 

5.04       Binding
Effect.

 

This
Agreement has been, and each other Loan Document, when delivered hereunder,
will have been, duly executed and delivered by the Borrower.  This Agreement constitutes, and each other
Loan Document when so delivered will constitute, a legal, valid and binding
obligation of the Borrower, enforceable against the Borrower in accordance with
its terms.

 

5.05        Financial
Statements; No Material Adverse Effect.

 

(a)           The Audited Financial
Statements (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted
therein; (ii) fairly present the financial condition of the Borrower and
its Subsidiaries as of the date thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; and
(iii) show all material indebtedness and other liabilities, direct or
contingent, of the Borrower and its Subsidiaries as of the date thereof,
including liabilities for taxes, material commitments and Indebtedness.

 

(b)           The unaudited consolidated
balance sheet of the Borrower and its Subsidiaries dated March 31, 2007
(or, if the Closing Date occurs after August 15, 2007, the unaudited
consolidated balance sheet of the Borrower and its Subsidiaries dated June 30,
2007), and the

 

74

 

related
consolidated statements of income or operations, shareholders’ equity and cash
flows for the fiscal quarter ended on that date (i) were prepared in
accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein, (ii) fairly present
the financial condition of the Borrower and its Subsidiaries as of the date
thereof and their results of operations for the period covered thereby,
subject, in the case of clauses (i) and (ii), to the absence of
footnotes and to normal year-end audit adjustments and (iii) show all
material indebtedness and other liabilities, direct or contingent, of the
Borrower and its Subsidiaries as of the date thereof, including liabilities for
taxes, material commitments and Indebtedness.

 

(c)           Since the date of the
Audited Financial Statements, there has been no event or circumstance, either
individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

 

(d)           The financial information of
the Borrower and its Subsidiaries delivered pursuant to Section 6.01
(i) were prepared in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein;
(ii) fairly present the financial condition of the Borrower and its
Subsidiaries as of the date thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; and
(iii) show all material indebtedness and other liabilities, direct or
contingent, of the Borrower and its Subsidiaries as of the date thereof,
including liabilities for taxes, material commitments and Indebtedness.

 

5.06        Litigation.

 

There
are no actions, suits, proceedings, claims, investigations or disputes pending
or, to the knowledge of the Borrower after due and diligent investigation,
threatened or contemplated, at law, in equity, in arbitration or before any
Governmental Authority, by or against the Borrower or any of its Subsidiaries
or against any of their properties or revenues that (a) purport to affect
or pertain to this Agreement or any other Loan Document, or any of the
transactions contemplated hereby, or (b) either individually or in the
aggregate, if determined adversely, could reasonably be expected to have a
Material Adverse Effect.

 

5.07        No
Default.

 

Neither
the Borrower nor any Subsidiary is in default under or with respect to any
Contractual Obligation that could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.  No Default has occurred and is continuing or
would result from the consummation of the transactions contemplated by this
Agreement or any other Loan Document.

 

5.08        Ownership
of Property; Liens; Leases.

 

(a)           Each of the Borrower and
each Subsidiary has good record and marketable title in fee simple to, or valid
leasehold interests in, all real property necessary or used in the ordinary

 

75

 

conduct
of its business, except for such defects in title as could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)           The property of
the Borrower and its Subsidiaries is subject to no Liens, other than Liens
permitted by Section 7.01.

 

(c)           Except as could
not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (i) there are no renewal or extension options
applicable to any lease to which the Borrower or any Subsidiary is a party;
(ii) to the Borrower’s knowledge, no condition exists which, with the
giving of notice or the passage of time, or both, would permit any lessee to
cancel its obligations under any lease to which the Borrower or any Subsidiary
is a party; (iii) the Borrower has received no notice that any lessee
intends to cease operations at any leased property prior to the expiration of
the term of the applicable lease (other than temporarily due to casualty,
remodeling, renovation or any similar causes) and (iv) to the Borrower’s
knowledge, none of the lessees or their sub-lessees, if any, under any of the
leases to which the Borrower or any Subsidiary is a party is the subject of any
bankruptcy, reorganization, insolvency or similar proceeding.

 

5.09        Environmental
Compliance.

 

The
Borrower and its Subsidiaries conduct in the ordinary course of business a
review of the effect of existing Environmental Laws and claims alleging
potential liability or responsibility for violation of any Environmental Law on
their respective businesses, operations and properties, and as a result thereof
the Borrower has reasonably concluded that such Environmental Laws and claims
could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

5.10        Insurance.

 

The
properties of the Borrower and its Subsidiaries are insured with financially
sound and reputable insurance companies not Affiliates of the Borrower, in such
amounts, with such deductibles and covering such risks as are customarily
carried by companies engaged in similar businesses and owning similar
properties in localities where the Borrower or the applicable Subsidiary
operates.

 

5.11        Taxes.

 

The
Borrower and its Subsidiaries have filed all Federal, state and other material
tax returns and reports required to be filed, and have paid all Federal, state
and other material taxes, assessments, fees and other governmental charges
levied or imposed upon them or their properties, income or assets otherwise due
and payable, except those which are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves
have been provided in accordance with GAAP. 
There is no proposed tax assessment against the Borrower or any
Subsidiary that would, if made, have a Material Adverse Effect.  Neither the Borrower nor any Subsidiary
thereof is party to any tax sharing agreement.

 

76

 

5.12        ERISA
Compliance.

 

(a)           Each Plan is in compliance
in all material respects with the applicable provisions of ERISA, the Code and
other Federal or state Laws.  Each Plan
that is intended to qualify under Section 401(a) of the Code has
received a favorable determination letter from the IRS or an application for
such a letter is currently being processed by the IRS with respect thereto and,
to the best knowledge of the Borrower, nothing has occurred which would
prevent, or cause the loss of, such qualification.  The Borrower and each ERISA Affiliate have
made all required contributions to each Plan subject to Section 412 of the
Code, and no application for a funding waiver or an extension of any
amortization period pursuant to Section 412 of the Code has been made with
respect to any Plan.

 

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

 

(c)           (i) No ERISA Event has
occurred or is reasonably expected to occur; (ii) no Pension Plan has any
Unfunded Pension Liability; (iii) neither the Borrower nor any ERISA
Affiliate has incurred, or reasonably expects to incur, any liability under
Title IV of ERISA with respect to any Pension Plan (other than premiums
due and not delinquent under Section 4007 of ERISA); (iv) neither the
Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur,
any liability (and no event has occurred which, with the giving of notice under
Section 4219 of ERISA, would result in such liability) under
Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and
(v) neither the Borrower nor any ERISA Affiliate has engaged in a
transaction that could be subject to Sections 4069 or 4212(c) of
ERISA.

 

5.13        Margin
Regulations; Investment Company Act; REIT Status.

 

(a)           The Borrower is not engaged
and will not engage, principally or as one of its important activities, in the
business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of
purchasing or carrying margin stock.

 

(b)           None of the Borrower, any
Person Controlling the Borrower, or any Subsidiary is or is required to be
registered as an “investment company” under the Investment Company Act of 1940.

 

(c)           The Borrower meets all
requirements to qualify as a REIT.

 

5.14        Disclosure.

 

The
Borrower has disclosed to the Administrative Agent and the Lenders all
agreements, instruments and corporate or other restrictions to which it or any
of its Subsidiaries is subject, and all other matters known to it, that,
individually or in the aggregate, could reasonably be

 

77

 

expected
to result in a Material Adverse Effect. 
No report, financial statement, certificate or other information
furnished (whether in writing or orally) by or on behalf of the Borrower or any
of its Subsidiaries to the Administrative Agent or any Lender in connection
with the transactions contemplated hereby and the negotiation of this Agreement
or delivered hereunder or under any other Loan Document (in each case, as
modified or supplemented by other information so furnished) contains any
material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected
financial information, the Borrower represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the
time.

 

5.15        Compliance
with Laws.

 

Each
of the Borrower and each Subsidiary is in compliance in all material respects
with the requirements of all Laws and all orders, writs, injunctions and
decrees applicable to it or to its properties, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is
being contested in good faith by appropriate proceedings diligently conducted
or (b) the failure to comply therewith, either individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

5.16        Intellectual
Property; Licenses, Etc.

 

The
Borrower and its Subsidiaries own, or possess the right to use, all of the
trademarks, service marks, trade names, copyrights, patents, patent rights,
franchises, licenses and other intellectual property rights (collectively, “IP
Rights”) that are reasonably necessary for the operation of their
respective businesses, without conflict with the rights of any other
Person.  To the best knowledge of the
Borrower, no slogan or other advertising device, product, process, method,
substance, part or other material now employed, or now contemplated to be
employed, by the Borrower or any Subsidiary infringes upon any rights held by
any other Person.  No claim or litigation
regarding any of the foregoing is pending or, to the best knowledge of the
Borrower, threatened, which, either individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

 

5.17        Use
of Proceeds.

 

The
proceeds of the Loans hereunder will be used solely for the purposes specified
in Section 6.11.  No proceeds
of the Loans hereunder will be used for the acquisition of another Person
unless the board of directors (or other comparable governing body) or
stockholders (or other equity owners), as appropriate, of such Person has
approved such acquisition.

 

5.18        Taxpayer
Identification Number.

 

The
Borrower’s true and correct U.S. taxpayer identification number is set forth on
Schedule 10.02.

 

78

 

5.19        Acquisition
Documents.

 

The
Lenders have been furnished true and complete copies of each Acquisition
Document to the extent executed and delivered on or prior to the Closing Date.

 

ARTICLE VI

 

AFFIRMATIVE
COVENANTS

 

So
long as any Lender shall have any Revolving Commitment hereunder, any Loan or
other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, the Borrower shall, and shall (except in the
case of the covenants set forth in Sections 6.01, 6.02, and 6.03)
cause each Subsidiary to:

 

6.01        Financial
Statements.

 

Deliver
to the Administrative Agent and each Lender, in form and detail satisfactory to
the Administrative Agent and the Required Lenders:

 

(a)           as soon as
available, but in any event within five days of the date the Borrower is
required to file its Form 10-K with the SEC (without giving effect to any
extension of such due date, whether obtained by filing the notification
permitted by Rule 12b-25 or any successor provision thereto or otherwise)
(commencing with the fiscal year ending December 31, 2007), a consolidated
balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal
year, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, setting forth in each
case in comparative form the figures for the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP, such consolidated
statements to be audited and accompanied by (i) a report and opinion of an
independent certified public accountant of nationally recognized standing
reasonably acceptable to the Required Lenders, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and
applicable Securities Laws and shall not be subject to any “going concern” or
like qualification or exception or any qualification or exception as to the
scope of such audit; and

 

(b)           as soon as
available, but in any event within five days of the date the Borrower is
required to file its Form 10-Q with the SEC (without giving effect to any
extension of such due date, whether obtained by filing the notification
permitted by Rule 12b-25 or any successor provision thereto or otherwise)
(commencing with the fiscal quarter ending June 30, 2007), a consolidated
balance sheet of the Borrower as at the end of such fiscal quarter, and the
related consolidated statements of income or operations for such fiscal quarter
and for the portion of the Borrower’s fiscal year then ended, and a statement
of cash flow for the portion of the Borrower’s fiscal year then ended setting
forth in each case in comparative form the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the
previous

 

79

 

fiscal
year, all in reasonable detail, such consolidated statements to be certified by
a Responsible Officer as fairly presenting the financial condition, results of
operations, shareholders’ equity and cash flows of the Borrower and its
Subsidiaries in accordance with GAAP, subject only to normal year-end audit
adjustments and the absence of footnotes; and

 

(c)           as soon as
available, but in no event later that 60 days following the end of each fiscal
year of the Borrower, an annual forecast for the then-current fiscal year,
prepared in a manner and in the form of the forecast provided on the Closing
Date or in such other form as is reasonably acceptable to the Administrative
Agent and the Required Lenders.

 

As
to any information contained in materials furnished pursuant to Section 6.02(d),
the Borrower shall not be separately required to furnish such information under
clause (a) or (b) above, but the foregoing shall not be in
derogation of the obligation of the Borrower to furnish the information and
materials described in clauses (a) and (b) above at the times
specified therein.

 

6.02        Certificates;
Other Information.

 

Deliver
to the Administrative Agent and each Lender, in form and detail satisfactory to
the Administrative Agent and the Required Lenders:

 

(a)           concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and
(b) (commencing with the delivery of the financial statements for
the fiscal quarter ending September 30, 2007), a duly completed Compliance
Certificate signed by a Responsible Officer;

 

(b)           promptly after
any request by the Administrative Agent or any Lender, copies of any management
letters submitted to the board of directors (or the audit committee of the
board of directors) of the Borrower by independent accountants in connection
with an audit of the accounts of the Borrower;

 

(c)           concurrently
with the delivery of the financial statements referred to in Section 6.01(a),
a certificate of its independent certified public accountants certifying such
financial statements and stating that in making the examination necessary
therefor no knowledge was obtained of any Default or, if any such Default shall
exist, stating the nature and status of such event;

 

(d)           promptly after
the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of the
Borrower, and copies of all annual, regular, periodic and special reports and
registration statements which the Borrower may file or be required to file with
the SEC under Section 13 or 15(d) of the Securities Exchange Act of
1934, and not otherwise required to be delivered to the Administrative Agent
pursuant hereto;

 

80

 

(e)           promptly, and
in any event within five Business Days after receipt thereof by the Borrower or
any Subsidiary thereof, copies of each notice or other correspondence received
from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning
any investigation by such agency regarding financial or other operational
results of the Borrower or any Subsidiary thereof; and

 

(f)            promptly, such
additional information regarding the business, financial or corporate affairs
of the Borrower or any Subsidiary, or compliance with the terms of the Loan
Documents, as the Administrative Agent or any Lender may from time to time
reasonably request.

 

Documents
required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(d) (to the extent any such documents are included
in materials otherwise filed with the SEC) may be delivered electronically
and if so delivered, shall be deemed to have been delivered on the date
(i) on which the Borrower posts such documents, or provides a link thereto
on the Borrower’s website on the Internet at the website address listed on Schedule 10.02;
or (ii) on which such documents are posted on the Borrower’s behalf on an
Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent); provided that:
(i) the Borrower shall deliver paper copies of such documents to the
Administrative Agent or any Lender that requests the Borrower to deliver such
paper copies until a written request to cease delivering paper copies is given
by the Administrative Agent or such Lender and (ii) the Borrower shall
notify the Administrative Agent and each Lender (by telecopier or electronic
mail) of the posting of any such documents and provide to the Administrative
Agent by electronic mail electronic versions (i.e., soft copies) of such
documents.  Notwithstanding anything
contained herein, in every instance the Borrower shall be required to provide
paper copies of the Compliance Certificates required by Section 6.02(a) to
the Administrative Agent.  Except for
such Compliance Certificates, the Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by the
Borrower with any such request for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such
documents.

 

The
Borrower hereby acknowledges that (a) the Administrative Agent and/or the
Arrangers will make available to the Lenders and the L/C Issuer materials
and/or information provided by or on behalf of the Borrower hereunder
(collectively, “Borrower Materials”) by posting the Borrower Materials
on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders (each, a “Public Lender”) may have
personnel that do not wish to receive material non-public information with
respect to the Borrower or its Affiliates, or the respective securities of any
of the foregoing, and who may be engaged in investment and other market-related
activities with respect to such Persons’ activities.  The Borrower hereby agrees that so long as
the Borrower is the issuer of any outstanding debt or equity securities that
are registered or issued pursuant to a private offering or is actively
contemplating issuing any such securities (w) all Borrower Materials that
are to be made available to Public Lenders shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall
appear prominently on the first page thereof, (x) by marking Borrower

 

81

 

Materials
“PUBLIC,” the Borrower shall be deemed to have authorized the Administrative
Agent, the Arrangers, the L/C Issuer and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to
the Borrower or its securities for purposes of United States Federal and state
securities laws (provided, however, that to the extent such
Borrower Materials constitute Information, they shall be treated as set forth
in Section 10.07) (y) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated
“Public Investor;” and (z) the Administrative Agent and the Arrangers
shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public
Investor.” Notwithstanding the foregoing, the Borrower shall be under no
obligation to mark any Borrower Materials “PUBLIC.”

 

6.03        Notices.

 

Promptly
notify the Administrative Agent and each Lender of:

 

(a)           the occurrence
of any Default;

 

(b)           any matter that
has resulted or could reasonably be expected to result in a Material Adverse
Effect, including (i) breach or non-performance of, or any default under,
a Contractual Obligation of the Borrower or any Subsidiary; (ii) any
dispute, litigation, investigation, proceeding or suspension between the
Borrower or any Subsidiary and any Governmental Authority; or (iii) the
commencement of, or any material development in, any litigation or proceeding
affecting the Borrower or any Subsidiary, including pursuant to any applicable
Environmental Laws;

 

(c)           the occurrence
of any ERISA Event;

 

(d)           any material
change in accounting policies or financial reporting practices by the Borrower
or any Subsidiary; and

 

(e)           any
announcement by Moody’s or S&P of any change or possible change in a Debt
Rating.

 

Each
notice pursuant to this Section shall be accompanied by a statement of a
Responsible Officer setting forth details of the occurrence referred to therein
and stating what action the Borrower has taken and proposes to take with
respect thereto.  Each notice pursuant to
Section 6.03(a) shall describe with particularity any and all
provisions of this Agreement and any other Loan Document that have been
breached.

 

6.04        Payment of Obligations.

 

Pay
and discharge as the same shall become due and payable, all its obligations and
liabilities, including (a) all tax liabilities, assessments and
governmental charges or levies upon it or its properties or assets, unless the
same are being contested in good faith by appropriate proceedings diligently
conducted and adequate reserves in accordance with GAAP are being

 

82

 

maintained
by the Borrower or such Subsidiary; (b) all lawful claims which, if unpaid,
would by law become a Lien upon its property; and (c) all Indebtedness, as
and when due and payable, but subject to any subordination provisions contained
in any instrument or agreement evidencing such Indebtedness, in each case
except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect.

 

6.05        Preservation of Existence, Etc.

 

(a) Preserve,
renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its organization except in a
transaction not prohibited by Section 7.04 or 7.05, or to
the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; (b) take all reasonable action to maintain all
rights, privileges, permits, licenses and franchises necessary or desirable in
the normal conduct of its business, except to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect; and
(c) preserve or renew all of its registered patents, trademarks, trade
names and service marks, the non-preservation of which could reasonably be
expected to have a Material Adverse Effect. 
Without limiting the generality of the foregoing, the Borrower will do
all things necessary to maintain its status as a REIT.

 

6.06        Maintenance of Properties.

 

(a) Maintain,
preserve and protect, or make contractual or other provisions to cause to
maintain, preserve or protect, all of its properties and equipment necessary in
the operation of its business in good working order and condition, ordinary
wear and tear excepted, in each case except where the failure to do so could
not reasonably be expected to have a Material Adverse Effect; (b) make, or
make contractual or other provisions to cause to be made, all necessary repairs
thereto and renewals and replacements thereof except where the failure to do so
could not reasonably be expected to have a Material Adverse Effect; and
(c) use the standard of care typical in the industry in the operation and
maintenance of its facilities.

 

6.07        Maintenance of Insurance.

 

(a)           Maintain with financially
sound and reputable insurance companies not Affiliates of the Borrower,
insurance with respect to its properties and business against loss or damage of
the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts as are customarily carried under
similar circumstances by such other Persons.

 

(b)           Use its, and cause the
Subsidiaries to use their, commercially reasonable best efforts to ensure that
each lessee of a property owned in whole or in part, directly or indirectly, by
the Borrower or any Subsidiary, and each mortgagee of a property on which the
Borrower or any Subsidiary holds a mortgage, has, and until the Revolving Maturity
Date will keep, in place adequate insurance that names the Borrower or such
Subsidiary as a loss payee.  For purposes
of the preceding sentence “adequate  insurance” shall mean
insurance, with financially sound and reputable insurers in such amounts and
insuring against such risks as are customarily maintained by similar
businesses.

 

83

 

6.08        Compliance with Laws.

 

Comply
in all material respects with the requirements of all Laws and all orders,
writs, injunctions and decrees applicable to it or to its business or property,
except in such instances in which (a) such requirement of Law or order,
writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted; or (b) the failure to comply therewith
could not reasonably be expected to have a Material Adverse Effect.

 

6.09        Books and Records.

 

Maintain
proper books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial
transactions and matters involving the assets and business of the Borrower or
such Subsidiary, as the case may be.

 

6.10        Inspection Rights.

 

Permit
representatives and independent contractors of the Administrative Agent and
each Lender to visit and inspect any of its properties, to examine its
corporate, financial and operating records, and make copies thereof or
abstracts therefrom, and to discuss its affairs, finances and accounts with its
directors, officers, and independent public accountants, all at the expense of
the Borrower and at such reasonable times during normal business hours and as
often as may be reasonably desired, upon reasonable advance notice to the
Borrower; provided, however, that when an Event of Default exists
the Administrative Agent or any Lender (or any of their respective
representatives or independent contractors) may do any of the foregoing at the
expense of the Borrower at any time during normal business hours and without
advance notice.

 

6.11        Use of Proceeds.

 

Use
proceeds from the Committed Revolving Loans to repay the amounts owed under the
Existing Credit Agreement and use the remainder of the Committed Revolving
Loans for working capital and general corporate purposes.

 

6.12        REIT Status.

 

The
Borrower will, and will cause each of its Subsidiaries to, operate its business
at all times so as to satisfy all requirements necessary to qualify and
maintain the Borrower’s qualification as a real estate investment trust under
Sections 856 through 860 of the Code. 
The Borrower will maintain adequate records so as to comply with all
record-keeping requirements relating to its qualification as a real estate
investment trust as required by the Code and applicable regulations of the
Department of the Treasury promulgated thereunder and will properly prepare and
timely file with the Internal Revenue Service all returns and reports required
thereby.

 

84

 

6.13        Employee Benefits.

 

Comply
in all material respects with the applicable provisions of ERISA and the Code
with respect to each Plan, and (b) furnish to the Administrative Agent (x) within
five days after any Responsible Officer or any ERISA Affiliate knows or has
reason to know that, any ERISA Event has occurred that, alone or together with
any other ERISA Event could reasonably be expected to result in liability of
the Borrower or any of its ERISA Affiliates in an aggregate amount exceeding
the Threshold Amount or the imposition of a Lien, a statement setting forth
details as to such ERISA Event and the action, if any, that the Borrower or
ERISA Affiliate proposes to take with respect thereto, and (y) upon
request by the Administrative Agent, copies of (i) each Schedule B
(Actuarial Information) to the annual report (Form 5500 Series) filed by
the Borrower or any ERISA Affiliate with the Internal Revenue Service with
respect to each Pension Plan; (ii) the most recent actuarial valuation
report for each Pension Plan; (iii) all notices received by the Borrower
or any ERISA Affiliate from a Multiemployer Plan sponsor or any governmental
agency concerning an ERISA Event; and (iv) such other documents or
governmental reports or filings relating to any Plan as the Administrative
Agent shall reasonably request.

 

ARTICLE VII

 

NEGATIVE
COVENANTS

 

So
long as any Lender shall have any Revolving Commitment hereunder, any Loan or
other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, the Borrower shall not, nor shall it permit
any Subsidiary to, directly or indirectly:

 

7.01        Liens.

 

Create,
incur, assume or suffer to exist any Lien upon any of its property, assets or
revenues, whether now owned or hereafter acquired, other than the following:

 

(a)           Liens pursuant
to any Loan Document;

 

(b)           Liens securing
Indebtedness permitted under Section 7.03;

 

(c)           Liens for taxes
not yet due or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person in accordance with GAAP;

 

(d)           carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period
of more than 30 days or which are being contested in good faith and by
appropriate proceedings diligently conducted, if adequate reserves with respect
thereto, to the extent required by GAAP, are maintained on the books of the
applicable Person;

 

85

 

(e)           pledges or
deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation,
other than any Lien imposed by ERISA;

 

(f)            deposits to
secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety bonds (other than bonds related to
judgments or litigation), performance bonds and other obligations of a like
nature incurred in the ordinary course of business;

 

(g)           easements,
rights-of-way, restrictions and other similar encumbrances affecting real
property which, in the aggregate, are not substantial in amount, and which do
not in any case materially detract from the value of the property subject thereto
or materially interfere with the ordinary conduct of the business of the
applicable Person; and

 

(h)           Liens securing
judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or
securing appeal or other surety bonds related to such judgments.

 

7.02        Investments.

 

(a)           make or allow Investments in
Development Property to exceed, in the aggregate at any one time outstanding,
35% of Consolidated Total Asset Value.

 

(b)           make or allow Investments in
Joint Ventures to exceed, in the aggregate at any one time outstanding, 25% of
Consolidated Total Asset Value.  For
purposes of this Section 7.02(b), the Borrower’s aggregate
Investment in Joint Ventures will be valued at (i) the aggregate amount of
cash and cash equivalents and the net book value of other property (less,
without duplication, the aggregate principal amount of Indebtedness secured by
a Lien on such property at the time of contribution unless, after giving effect
to the contribution of such property to the Joint Ventures and any other
transactions occurring in connection therewith, such Indebtedness constitutes
an obligation of the Borrower or any of its Subsidiaries) contributed by the
Borrower to the Joint Ventures minus (ii) the aggregate amount of distributions
received by the Borrower from the Joint Ventures that would be classified as a
return of capital (as opposed to a return on investment).

 

7.03        Indebtedness.

 

Create,
incur, assume or suffer to exist any Indebtedness of the Borrower or any of its
Subsidiaries, except:

 

(a)           Indebtedness
under the Loan Documents; and

 

(b)           other
Indebtedness; provided that (i) after giving effect thereto
(including any Liens associated therewith) the Borrower and its Subsidiaries
are in compliance with

 

86

 

all
of the terms of this Agreement, including, but not limited to, the financial
covenants set forth in Section 7.10 and (ii) with respect to
obligations of the Borrower in respect of Swap Contracts, such Swap Contracts
shall be entered into in order to manage existing or anticipated risk and not
for speculative purposes.

 

7.04        Fundamental Changes.

 

Merge,
dissolve, liquidate, consolidate with or into another Person, except that, so
long as no Default exists or would result therefrom, any Subsidiary may merge
with (a) the Borrower, provided that the Borrower shall be the
continuing or surviving Person, or (b) any one or more other Subsidiaries,
provided that when any wholly-owned Subsidiary is merging with another
Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving
Person.

 

7.05        Dispositions.

 

Make
any Disposition of all or substantially all of the assets of the Borrower and
its Subsidiaries, taken as a whole.

 

7.06        Restricted Payments.

 

Declare
or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, except that, so long as no
Default shall have occurred and be continuing or would result therefrom, the
Borrower and each Subsidiary may purchase, redeem or otherwise acquire Equity
Interests issued by it in an amount not to exceed, in the aggregate, fifteen
percent (15%) of Consolidated Tangible Net Worth during the term of this
Agreement.

 

7.07        Change in Nature of Business.

 

Engage
in any material line of business substantially different from those lines of
business conducted by the Borrower and its Subsidiaries on the date hereof or
any business substantially related or incidental thereto.

 

7.08        Transactions with Affiliates.

 

Enter
into any transaction of any kind with any Affiliate of the Borrower (other than
a Subsidiary), whether or not in the ordinary course of business, other than on
fair and reasonable terms substantially as favorable to the Borrower or such
Subsidiary as would be obtainable by the Borrower or such Subsidiary at the
time in a comparable arm’s-length transaction with a Person other than an
Affiliate.

 

7.09        Burdensome Agreements.

 

Enter
into any Contractual Obligation (other than this Agreement or any other Loan
Document) that limits the ability of (a) any wholly-owned Subsidiary of
the Borrower (other than a Subsidiary that is a bankruptcy remote special
purpose entity) to Guarantee the Indebtedness of the Borrower or (b) the
Borrower to create, incur, assume or suffer to exist Liens on its property;

 

87

 

provided, however,
that this clause (b) shall not prohibit any negative pledge incurred
or provided in favor of any holder of Indebtedness permitted under Section 7.03
solely to the extent any such negative pledge (i) relates to the property
financed by or the subject of such Indebtedness or (ii) only requires the
grant of a Lien to secure such Indebtedness if a Lien is granted by the
Borrower to secure other Indebtedness of the Borrower.

 

7.10        Financial Covenants.

 

(a)           Leverage Ratio.  Permit the Leverage Ratio to be greater than
the following amounts as of the end of any fiscal quarter ending during the
corresponding period set forth below:

 

	
  Beginning on the Closing Date and on or prior to
  September 30, 2007

  	
   

  	
  0.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on October 1, 2007 and on or prior
  to June 30, 2008

  	
   

  	
  0.70

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on July 1, 2008 and on or prior to
  December 31, 2008

  	
   

  	
  0.65

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on January 1, 2009

  	
   

  	
  0.60

  	
   

  

 

Notwithstanding
the foregoing, beginning on January 1, 2009 the Borrower shall be
permitted to increase the maximum Leverage Ratio to 65% for a maximum of two (2) consecutive
fiscal quarterly periods following a Significant Acquisition.

 

(b)           Secured Debt Ratio.  Permit the Secured Debt Ratio to be greater
than .30 to 1.0 as of the end of any fiscal quarter.

 

(c)           Fixed Charge Coverage Ratio.  Permit the Fixed Charge Coverage Ratio to be
less than the following amounts as of the end of any fiscal quarter ending
during the corresponding period set forth below:

 

	
  Beginning on the Closing
  Date and on or prior to September 30, 2008

  	
   

  	
  1.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on
  October 1, 2008

  	
   

  	
  1.75

  	
   

  

 

(d)           Unsecured Leverage Ratio.  Permit the Unsecured Leverage Ratio to be
greater than the following amounts as of the end of any fiscal quarter ending
during the corresponding period set forth below:

 

	
  Beginning on the Closing
  Date and on or prior to December 31, 2007

  	
   

  	
  0.90

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on
  January 1, 2008 and on or prior to June 30, 2008

  	
   

  	
  0.80

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on July 1,
  2008 and on or prior to December 31, 2008

  	
   

  	
  0.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on
  January 1, 2009

  	
   

  	
  0.65

  	
   

  

 

88

 

(e)           Consolidated Tangible Net
Worth.  Permit the Consolidated
Tangible Net Worth to be, as of the end of any fiscal quarter, less than
(i) 85% of the Consolidated Tangible Net Worth at the Closing Date (on a
pro forma basis to reflect the Acquisition) plus (ii) 85% of Net Cash
Proceeds from all Public Equity Issuances subsequent to the Closing Date.

 

ARTICLE VIII

 

EVENTS
OF DEFAULT AND REMEDIES

 

8.01        Events of Default.

 

Any
of the following shall constitute an Event of Default:

 

(a)           Non-Payment.  The Borrower fails to pay (i) when and
as required to be paid herein, and in the currency required hereunder, any amount
of principal of any Loan or any L/C Obligation, or (ii) within three days
after the same becomes due, any interest on any Loan or on any L/C Obligation,
or any fee due hereunder, or (iii) within five days after the same becomes
due, any other amount payable hereunder or under any other Loan Document; or

 

(b)           Specific
Covenants.  The
Borrower or any of its Subsidiaries fails to perform or observe any term,
covenant or agreement contained in any of Section 6.01, 6.02,
6.03, 6.05, 6.10, 6.11 or Article VII;
or

 

(c)           Other Defaults.  The Borrower or any of its Subsidiaries fails
to perform or observe any other covenant or agreement (not specified in
subsection (a) or (b) above) contained in any Loan Document on
its part to be performed or observed and such failure continues for 30 days; or

 

(d)           Representations
and Warranties.  Any
representation, warranty, certification or statement of fact made or deemed
made by or on behalf of the Borrower herein, in any other Loan Document, or in
any document delivered in connection herewith or therewith shall be incorrect
in any material respect when made or deemed made; or

 

(e)           Cross-Default.  (i) The Borrower or any of its
Subsidiaries (A) fails to make any payment when due (whether by scheduled
maturity, required prepayment,

 

89

 

acceleration,
demand, or otherwise) in respect of any Indebtedness or Guarantee (other than
Indebtedness hereunder and Indebtedness under Swap Contracts) having an
aggregate principal amount (including undrawn committed or available amounts
and including amounts owing to all creditors under any combined or syndicated
credit arrangement) of more than the Threshold Amount, or (B) fails to
observe or perform any other agreement or condition relating to any such
Indebtedness or Guarantee or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event occurs, the effect
of which default or other event is to cause, or to permit the holder or holders
of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or
a trustee or agent on behalf of such holder or holders or beneficiary or
beneficiaries) to cause, with the giving of notice if required, such
Indebtedness to be demanded or to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, prior to its stated
maturity, or such Guarantee to become payable or cash collateral in respect thereof
to be demanded; or (ii) there occurs under any Swap Contract an Early
Termination Date (as defined in such Swap Contract) resulting from (A) any
event of default under such Swap Contract as to which the Borrower or any
Subsidiary is the Defaulting Party (as defined in such Swap Contract) or
(B) any Termination Event (as so defined) under such Swap Contract as
to which the Borrower or any Subsidiary is an Affected Party (as so
defined) and, in either event, the Swap Termination Value owed by the Borrower
or such Subsidiary as a result thereof is greater than the Threshold Amount; or

 

(f)            Insolvency
Proceedings, Etc.  The
Borrower or any of its Subsidiaries institutes or consents to the institution
of any proceeding under any Debtor Relief Law, or makes an assignment for the
benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer
is appointed without the application or consent of such Person and the
appointment continues undischarged or unstayed for 60 calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or
any material part of its property is instituted without the consent of such
Person and continues undismissed or unstayed for 60 calendar days, or an order
for relief is entered in any such proceeding; or

 

(g)           Inability to
Pay Debts; Attachment. 
(i) The Borrower or any of its Subsidiaries becomes unable or
admits in writing its inability or fails generally to pay its debts as they
become due, or (ii) any writ or warrant of attachment or execution or
similar process is issued or levied against all or any material part of the
property of any such Person and is not released, vacated or fully bonded within
30 days after its issue or levy; or

 

(h)           Judgments.  There is entered against the Borrower or any
of its Subsidiaries (i) a final judgment or order for the payment of money
in an aggregate amount exceeding the Threshold Amount (to the extent not
covered by independent third-party insurance as to which the insurer does not
dispute coverage), or (ii) any one or

 

90

 

more
non-monetary final judgments that have, or could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect and, in
either case, (A) enforcement proceedings are commenced by any creditor
upon such judgment or order, or (B) there is a period of 10 consecutive
days during which a stay of enforcement of such judgment, by reason of a
pending appeal or otherwise, is not in effect; or

 

(i)            ERISA.  (i) An ERISA Event occurs with respect
to a Pension Plan or Multiemployer Plan which has resulted or could reasonably
be expected to result in liability of the Borrower under Title IV of ERISA
to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in
excess of the Threshold Amount, or (ii) the Borrower or any ERISA
Affiliate fails to pay when due, after the expiration of any applicable grace
period, any installment payment with respect to its withdrawal liability under
Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in
excess of the Threshold Amount; or

 

(j)            Invalidity of
Loan Documents.  Any
provision of any Loan Document, at any time after its execution and delivery
and for any reason other than as expressly permitted hereunder or thereunder or
satisfaction in full of all the Obligations, ceases to be in full force and
effect; or the Borrower or any other Person contests in any manner the validity
or enforceability of any provision of any Loan Document; or the Borrower denies
that it has any or further liability or obligation under any Loan Document, or
purports to revoke, terminate or rescind any provision of any Loan Document; or

 

(k)           Change of
Control.  There occurs any Change of
Control.

 

8.02        Remedies Upon Event of Default.

 

If
any Event of Default occurs and is continuing, the Administrative Agent shall,
at the request of, or may, with the consent of, the Required Lenders, take any
or all of the following actions:

 

(a)           declare the
commitment of each Lender to make Loans and any obligation of the L/C Issuer to
make L/C Credit Extensions to be terminated, whereupon such commitments and
obligation shall be terminated;

 

(b)           declare the
unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any
other Loan Document to be immediately due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrower;

 

(c)           require that
the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the
then Outstanding Amount thereof); and

 

(d)           exercise on
behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents;

 

91

 

provided, however,
that upon the occurrence of an Event of Default pursuant to Sections 8.01(f) or
(g) or the occurrence of an actual or deemed entry of an order for
relief with respect to the Borrower under the Bankruptcy Code of the United
States, the obligation of each Lender to make Loans and any obligation of the
L/C Issuer to make L/C Credit Extensions shall automatically terminate, the
unpaid principal amount of all outstanding Loans and all interest and other
amounts as aforesaid shall automatically become due and payable, and the
obligation of the Borrower to Cash Collateralize the L/C Obligations as
aforesaid shall automatically become effective, in each case without further
act of the Administrative Agent or any Lender.

 

8.03        Application of Funds.

 

After
the exercise of remedies provided for in Section 8.02 (or after the
Loans have automatically become immediately due and payable and the L/C
Obligations have automatically been required to be Cash Collateralized as set
forth in the proviso to Section 8.02), any amounts received on
account of the Obligations shall be applied by the Administrative Agent in the
following order:

 

First, to payment of that portion of the Obligations
constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the Administrative Agent and amounts
payable under Article III) payable to the Administrative Agent in
its capacity as such;

 

Second, to payment of that portion of the Obligations
constituting fees, indemnities, expenses and other amounts (other than
principal and interest) payable to the Lenders and the L/C Issuer (including
fees, charges and disbursements of counsel to the respective Lenders and the
L/C Issuer and amounts payable under Article III), ratably among
them in proportion to the amounts described in this clause Second
payable to them;

 

Third, to payment of that portion of the Obligations
constituting accrued and unpaid Letter of Credit Fees and interest on the Loans
and L/C Borrowings and fees, premiums and
scheduled periodic payments, and any interest accrued thereon, due under any
Swap Contract between the Borrower and any Lender, or any Affiliate of a
Lender, ratably among the Lenders (and, in the case of such Swap
Contracts, Affiliates of Lenders) and the L/C Issuer in proportion to the
respective amounts described in this clause Third payable to them;

 

Fourth, to payment of that portion of the Obligations
constituting unpaid principal of the Loans and L/C Borrowings, payment of breakage, termination or other payments, and any
interest accrued thereon, due under any Swap Contract between the Borrower and
any Lender, or any Affiliate of a Lender and amounts owing under Treasury Management Agreements, ratably among
the Lenders (and, in the case of such Swap
Contracts, Affiliates of Lenders), the Treasury Management Lenders and
the L/C Issuer in proportion to the respective amounts described in this clause
Fourth held by them;

 

92

 

Fifth, to the Administrative Agent for the account of the
L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of
the aggregate undrawn amount of Letters of Credit; and

 

Last, the balance, if any, after all of the Obligations
have been indefeasibly paid in full, to the Borrower or as otherwise required
by Law.

 

Amounts
used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause Fifth above shall be applied to satisfy drawings
under such Letters of Credit as they occur. 
If any amount remains on deposit as Cash Collateral after all Letters of
Credit have either been fully drawn or expired, such remaining amount shall be
applied to the other Obligations, if any, in the order set forth above.

 

ARTICLE IX

 

ADMINISTRATIVE
AGENT

 

9.01        Appointment and Authority.

 

Each
of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America
to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents and authorizes the Administrative Agent to take such actions on
its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms hereof or thereof, together with such actions and powers as
are reasonably incidental thereto.  The
provisions of this Article are solely for the benefit of the
Administrative Agent, the Lenders and the L/C Issuer, and the Borrower shall
not have rights as a third party beneficiary of any of such provisions.

 

9.02        Rights as a Lender.

 

The
Person serving as the Administrative Agent hereunder shall have the same rights
and powers in its capacity as a Lender as any other Lender and may exercise the
same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in
its individual capacity.  Such Person and
its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind
of business with the Borrower or any Subsidiary or other Affiliate thereof as
if such Person were not the Administrative Agent hereunder and without any duty
to account therefor to the Lenders.  The
foregoing provisions of this Section 9.02 shall likewise apply to the
Person serving as the Alternative Currency Fronting Lender.

 

9.03        Exculpatory Provisions.

 

The
Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents.  Without limiting the generality of the
foregoing, the Administrative Agent:

 

93

 

(a)           shall not be
subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

 

(b)           shall not have
any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the
other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage
of the Lenders as shall be expressly provided for herein or in the other Loan
Documents), provided that the Administrative Agent shall not be required
to take any action that, in its opinion or the opinion of its counsel, may
expose the Administrative Agent to liability or that is contrary to any Loan
Document or applicable law; and

 

(c)           shall not,
except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent
or any of its Affiliates in any capacity.

 

The
Administrative Agent shall not be liable for any action taken or not taken by
it (i) with the consent or at the request of the Required Lenders (or such
other number or percentage of the Lenders as shall be necessary, or as the
Administrative Agent shall believe in good faith shall be necessary, under the
circumstances as provided in Sections 10.01 and 8.02) or
(ii) in the absence of its own gross negligence or willful
misconduct.  The Administrative Agent
shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by the Borrower, a
Lender or the L/C Issuer.

 

The
Administrative Agent shall not be responsible for or have any duty to ascertain
or inquire into (i) any statement, warranty or representation made in or
in connection with this Agreement or any other Loan Document, (ii) the
contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii) the performance
or observance of any of the covenants, agreements or other terms or conditions
set forth herein or therein or the occurrence of any Default, (iv) the
validity, enforceability, effectiveness or genuineness of this Agreement, any
other Loan Document or any other agreement, instrument or document or
(v) the satisfaction of any condition set forth in Article IV
or elsewhere herein, other than to confirm receipt of items expressly required
to be delivered to the Administrative Agent.

 

9.04        Reliance by Administrative Agent.

 

The
Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic
message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person.  The
Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to have been made by the proper Person, and

 

94

 

shall
not incur any liability for relying thereon. 
In determining compliance with any condition hereunder to the making of a
Loan, or the issuance of a Letter of Credit, that by its terms must be
fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative
Agent may presume that such condition is satisfactory to such Lender or the L/C
Issuer unless the Administrative Agent shall have received notice to the
contrary from such Lender or the L/C Issuer prior to the making of such Loan or
the issuance of such Letter of Credit. 
The Administrative Agent may consult with legal counsel (who may be
counsel for the Borrower), independent accountants and other experts selected
by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.

 

9.05        Delegation of Duties.

 

The
Administrative Agent may perform any and all of its duties and exercise its
rights and powers hereunder or under any other Loan Document by or through any
one or more sub-agents appointed by the Administrative Agent.  The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties.  The exculpatory provisions of this Article shall
apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities in
connection with the syndication of the credit facilities provided for herein as
well as activities as Administrative Agent.

 

9.06        Resignation of Administrative Agent.

 

The
Administrative Agent may at any time give notice of its resignation to the
Lenders, the L/C Issuer and the Borrower. 
Upon receipt of any such notice of resignation, the Required Lenders
shall have the right, in consultation with the Borrower, to appoint a
successor, which shall be a bank with an office in the United States, or an
Affiliate of any such bank with an office in the United States.  If no such successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its
resignation, then the retiring Administrative Agent may on behalf of the
Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting
the qualifications set forth above; provided that if the Administrative
Agent shall notify the Borrower and the Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents and (2) all payments,
communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Lender and the L/C
Issuer directly, until such time as the Required Lenders appoint a successor
Administrative Agent as provided for above in this Section.  Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the
retiring (or retired) Administrative Agent, and the retiring Administrative
Agent shall be discharged from all of its duties and obligations hereunder or
under the other Loan Documents (if not already discharged therefrom as provided
above in this Section).  The fees payable
by the Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and
such successor.  After the retiring
Administrative Agent’s resignation hereunder

 

95

 

and
under the other Loan Documents, the provisions of this Article and Section 10.04
shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while the retiring Administrative
Agent was acting as Administrative Agent.

 

Any
resignation by Bank of America as Administrative Agent pursuant to this Section shall
also constitute its resignation as L/C Issuer, Swing Line Lender and
Alternative Currency Fronting Lender. 
Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, (a) such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring L/C Issuer, Swing
Line Lender and Alternative Currency Fronting Lender, (b) the retiring L/C
Issuer, Swing Line Lender and Alternative Currency Fronting Lender shall be
discharged from all of their respective duties and obligations hereunder or
under the other Loan Documents, (c) the successor L/C Issuer shall issue
letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangement
satisfactory to the retiring L/C Issuer
to effectively assume the obligations of the retiring L/C Issuer with respect
to such Letters of Credit and (d) the successor Alternative Currency
Fronting Lender shall make arrangements with the resigning Alternative Currency
Fronting Lender for the funding of all outstanding Alternative Currency Risk
Participations.

 

9.07        Non-Reliance on Administrative Agent and Other
Lenders.

 

Each Lender and the L/C Issuer acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. 
Each Lender and the L/C Issuer also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and
information as it shall from time to time deem appropriate, continue to make
its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished
hereunder or thereunder.

 

9.08        No Other Duties, Etc.

 

Anything
herein to the contrary notwithstanding, none of the Arrangers, Bookrunners,
Syndication Agent, Documentation Agents or Senior Managing Agents listed on the
cover page hereof shall have any powers, duties or responsibilities under
this Agreement or any of the other Loan Documents, except in its capacity, as
applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.

 

9.09        Administrative Agent May File Proofs of
Claim.

 

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Borrower, the Administrative Agent (irrespective of
whether the principal of any Loan or L/C Obligation shall then be due and
payable as herein expressed or by declaration or otherwise and

 

96

 

irrespective
of whether the Administrative Agent shall have made any demand on the Borrower)
shall be entitled and empowered, by intervention in such proceeding or
otherwise:

 

(a)           to file and
prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, L/C Obligations and all other Obligations that
are owing and unpaid and to file such other documents as may be necessary or
advisable in order to have the claims of the Lenders, the L/C Issuer and the
Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuer and the
Administrative Agent and their respective agents and counsel and all other
amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(h) and
(i), 2.10 and 10.04) allowed in such judicial proceeding; and

 

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

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Lender and the L/C Issuer to make such payments to the Administrative Agent
and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders and the L/C Issuer, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and
counsel, and any other amounts due the Administrative Agent under Sections 2.10
and 10.04.

 

Nothing
contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Lender or the L/C
Issuer any plan of reorganization, arrangement, adjustment or composition
affecting the Obligations or the rights of any Lender or to authorize the
Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

 

ARTICLE X

 

MISCELLANEOUS

 

10.01      Amendments, Etc.

 

No
amendment or waiver of any provision of this Agreement or any other Loan
Document, and no consent to any departure by the Borrower therefrom, shall be
effective unless in writing signed by the Required Lenders and the Borrower,
and acknowledged by the Administrative Agent, and each such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given; provided, however, that no such amendment, waiver or consent
shall:

 

97

 

(a)           extend or
increase the Revolving Commitment of any Lender (or reinstate any Revolving
Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender;

 

(b)           postpone any
date fixed by this Agreement or any other Loan Document for any payment or
mandatory prepayment of principal, interest, fees or other amounts due to the
Lenders (or any of them) hereunder or under any other Loan Document without the
written consent of each Lender directly affected thereby;

 

(c)           reduce the principal
of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or
(subject to clause (iv) of the second proviso to this Section 10.01)
any fees or other amounts payable hereunder (including pursuant to Section 2.06)
or under any other Loan Document without the written consent of each Lender
directly affected thereby; provided, however, that only the consent of the
Required Lenders shall be necessary to (i) amend the definition of “Default
Rate” or to waive any obligation of the Borrower to pay interest at the Default
Rate, and (ii) waive any obligation of the Borrower to pay Letter of
Credit Fees at the Default Rate;

 

(d)           change Section 2.14
or Section 8.03 in a manner that would alter the pro rata sharing
of payments required thereby without the written consent of each Lender;

 

(e)           amend Section 1.06
or the definition of “Alternative Currency” without the written consent of each
Lender;

 

(f)            change any
provision of this Section or the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders required
to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of
each Lender; or

 

(g)           amend, modify,
or waive any provision of this Agreement or any other Loan Document affecting
the rights or duties of the Alternative Currency Fronting Lender without the
written consent of the Alternative Currency Fronting Lender and each affected
Revolving Lender;

 

and
provided, further, that (i) no amendment, waiver or consent
shall, unless in writing and signed by the L/C Issuer in addition to the
Lenders required above, affect the rights or duties of the L/C Issuer under
this Agreement or any Issuer Document relating to any Letter of Credit issued
or to be issued by it; (ii) no amendment, waiver or consent shall, unless
in writing and signed by the Swing Line Lender in addition to the Lenders
required above, affect the rights or duties of the Swing Line Lender under this
Agreement; (iii) no amendment, waiver or consent shall, unless in writing
and signed by the Administrative Agent in addition to the Lenders required
above, affect the rights or duties of the Administrative Agent under this
Agreement or any other Loan Document; and (iv) the Fee Letter may be
amended, or rights or privileges thereunder waived, in a writing executed only
by the parties thereto.  Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to
approve or disapprove any

 

98

 

amendment,
waiver or consent hereunder, except that the Revolving Commitment of such
Lender may not be increased or extended without the consent of such Lender.

 

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

 

10.02      Notices; Effectiveness; Electronic
Communication.

 

(a)           Notices Generally.  Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as
provided in subsection (b) below), all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by
telecopier as follows, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows:

 

(i)            if to the Borrower, the Administrative Agent, the
L/C Issuer, the Swing Line Lender or Alternative Currency Fronting Lender, to
the address, telecopier number, electronic mail address or telephone number
specified for such Person on Schedule 10.02; and

 

(ii)           if to any other Lender, to the address, telecopier
number, electronic mail address or telephone number specified in its
Administrative Questionnaire.

 

Notices
sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by
telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the
recipient).  Notices delivered through
electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b).

 

(b)           Electronic Communications.  Notices and other communications to the
Lenders and the L/C Issuer hereunder may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites)
pursuant to procedures approved by the Administrative Agent, provided that the
foregoing shall not apply to notices to any Lender or the L/C Issuer if such
Lender or the L/C Issuer, as applicable, has notified the Administrative Agent
that it is incapable of receiving notices under such Article by electronic
communication.  The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications.

 

99

 

Unless
the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by
the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening
of business on the next business day for the recipient, and (ii) notices
or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that
such notice or communication is available and identifying the website address
therefor.

 

(c)           Change of Address, Etc.  Each of the Borrower, the Administrative
Agent, the L/C Issuer, the Swing Line Lender and the Alternative Currency
Fronting Lender may change its address, telecopier or telephone number for
notices and other communications hereunder by notice to the other parties
hereto.  Each other Lender may change its
address, telecopier or telephone number for notices and other communications
hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer
and the Swing Line Lender.  In addition,
each Lender agrees to notify the Administrative Agent from time to time to
ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, telecopier number and electronic mail
address to which notices and other communications may be sent and
(ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to
cause at least one individual at or on behalf of such Public Lender to at all
times have selected the “Private Side Information” or similar designation on
the content declaration screen of the Platform in order to enable such Public
Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States Federal and state
securities Laws, to make reference to Borrower Materials that are not made
available through the “Public Side Information” portion of the Platform and
that may contain material non-public information with respect to the Borrower
or its securities for purposes of United States Federal or state securities
laws.

 

(d)           Reliance by Administrative
Agent, L/C Issuer and Lenders.  The Administrative Agent, the L/C Issuer and
the Lenders shall be entitled to rely and act upon any notices (including
telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly
given by or on behalf of the Borrower even if (i) such notices were not
made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms
thereof, as understood by the recipient, varied from any confirmation
thereof.  The Borrower shall indemnify
the Administrative Agent, the L/C Issuer, each Lender and the Related Parties
of each of them from all losses, costs, expenses and liabilities resulting from
the reliance by such Person on each notice purportedly given by or on behalf of
the Borrower.  All telephonic notices to
and other telephonic communications with the Administrative Agent may be
recorded by the Administrative Agent, and each of the parties hereto hereby
consents to such recording.

 

100

 

10.03      No Waiver;
Cumulative Remedies.

 

No
failure by any Lender, the L/C Issuer or the Administrative Agent to exercise,
and no delay by any such Person in exercising, any right, remedy, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.  The rights,
remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law.

 

10.04      Expenses; Indemnity; Damage Waiver.

 

(a)           Costs and Expenses.  The Borrower shall pay (i) all
reasonable out-of-pocket expenses incurred by the Agents and their Affiliates
(including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent), in connection with the syndication of the credit
facilities provided for herein, due diligence, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof
or thereof (whether or not the transactions contemplated hereby or thereby
shall be consummated), (ii) all reasonable out-of-pocket expenses incurred
by the L/C Issuer in connection with the issuance, amendment, renewal or
extension of any Letter of Credit or any demand for payment thereunder and
(iii) all out-of-pocket expenses incurred by the Administrative Agent, any
Lender, the L/C Issuer, the Swing Line Lender, or the Alternative Currency
Fronting Lender (including the fees, charges and disbursements of any counsel
for the Administrative Agent, any Lender, the L/C Issuer, Swing Line Lender or
the Alternative Currency Fronting Lender), in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the
other Loan Documents, including its rights under this Section, or (B) in
connection with the Loans made or Letters of Credit issued hereunder, including
all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit.

 

(b)           Indemnification by the
Borrower.  The
Borrower shall indemnify the Administrative Agent (and any sub-agent thereof),
each Lender and the L/C Issuer, the Agents and their Affiliates and each
Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and
all losses, claims, damages, penalties, liabilities and related expenses
(including the fees, charges and disbursements of any counsel for any
Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by
any third party or by the Borrower arising out of, in connection with, or as a
result of (i) the execution or delivery of this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby or thereby, the
performance by the parties hereto of their respective obligations hereunder or
thereunder or the consummation of the transactions contemplated hereby or
thereby (including, without limitation, each Lender’s agreement to make Loans
or the use or intended use of the proceeds thereof), (ii) any Loan or
Letter of Credit or the use or proposed use of the proceeds therefrom
(including any refusal by the L/C Issuer to honor a demand for payment under a
Letter of Credit if the documents presented in connection with such demand do
not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or release of Hazardous Materials on or from any
property owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the

 

101

 

Borrower
or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory, whether brought by a third
party or by the Borrower, and regardless of whether any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, penalties,
liabilities or related expenses (x) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the
gross negligence or willful misconduct of such Indemnitee or (y) result
from a claim brought by the Borrower against an Indemnitee for breach in bad
faith of such Indemnitee’s obligations hereunder or under any other Loan
Document, if the Borrower has obtained a final and nonappealable judgment in
its favor on such claim as determined by a court of competent jurisdiction.

 

(c)           Reimbursement by Lenders.  To the extent that the Borrower for any
reason fails to indefeasibly pay any amount required under subsection (a) or
(b) of this Section to be paid by it to the Administrative Agent (or
any sub-agent thereof), the L/C Issuer or any Related Party of any of the
foregoing and without relieving the Borrower of its obligations with respect
thereto, each Lender severally agrees to pay to the Administrative Agent (or
any such sub-agent), the L/C Issuer or such Related Party, as the case may be,
such Lender’s Applicable Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount,
provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent) or the L/C Issuer in
its capacity as such, or against any Related Party of any of the foregoing
acting for the Administrative Agent (or any such sub-agent) or L/C Issuer in
connection with such capacity.  The
obligations of the Lenders under this subsection (c) are subject to
the provisions of Section 2.13(d).

 

(d)           Waiver of Consequential
Damages, Etc.  To the
fullest extent permitted by applicable law, the Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or Letter of
Credit or the use of the proceeds thereof. 
No Indemnitee referred to in subsection (b) above shall be
liable for any damages arising from the use by unintended recipients of any
information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby.

 

(e)           Payments.  All amounts due under this Section shall
be payable not later than ten Business Days after demand therefor.

 

(f)            Survival.  The agreements in this Section shall
survive the resignation of the Administrative Agent, the L/C Issuer, the Swing
Line Lender, the Alternative Currency Fronting Lender, the replacement of any
Lender, the termination of the Aggregate Revolving Commitments and the
repayment, satisfaction or discharge of all the other Obligations.

 

102

 

10.05      Payments Set Aside.

 

To
the extent that any payment by or on behalf of the Borrower is made to the
Administrative Agent, the L/C Issuer or any Lender, or the Administrative
Agent, the L/C Issuer or any Lender exercises its right of setoff, and such
payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent,
the L/C Issuer or such Lender in its discretion) to be repaid to a trustee,
receiver or any other party, in connection with any proceeding under any Debtor
Relief Law or otherwise, then (a) to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or
such setoff had not occurred, and (b) each Lender and the L/C Issuer
severally agrees to pay to the Administrative Agent upon demand its applicable
share (without duplication) of any amount so recovered from or repaid by the
Administrative Agent, plus interest thereon from the date of such demand to the
date such payment is made at a rate per annum equal to the applicable Overnight
Rate from time to time in effect, in the applicable currency of such recovery
or payment.  The obligations of the
Lenders and the L/C Issuer under clause (b) of the preceding sentence
shall survive the payment in full of the Obligations and the termination of
this Agreement.

 

10.06      Successors and Assigns.

 

(a)           Successors and Assigns
Generally.  The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby,
except that the Borrower may not assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender and no Lender may assign or otherwise
transfer any of its rights or obligations hereunder except (i) to an
assignee in accordance with the provisions of subsection (b) of this
Section, (ii) by way of participation in accordance with the provisions of
subsection (d) of this Section, or (iii) by way of pledge or
assignment or grant of a security interest subject to the restrictions of
subsection (f) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void).  Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby, Participants
to the extent provided in subsection (d) of this Section and, to
the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

 

(b)           Assignments by Lenders.  Any Lender may at any time assign to one or
more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Revolving Commitment and the Loans
(including for purposes of this subsection (b), participations in L/C
Obligations and in Swing Line Loans and Alternative Currency Risk
Participations) at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

 

103

 

(i)            Minimum Amounts.

 

(A)          in the case of an assignment of the entire remaining
amount of the assigning Lender’s Revolving Commitment and the Loans at the time
owing to it or in the case of an assignment to a Lender, an Affiliate of a
Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)           in any case not described in subsection (b)(i)(A) of
this Section, the aggregate amount of the Revolving Commitment (which for this
purpose includes Loans outstanding thereunder) or, if the Revolving Commitment
is not then in effect, the principal outstanding balance of the Loans of the
assigning Lender subject to each such assignment, determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each
of the Administrative Agent and, so long as no Event of Default has occurred
and is continuing, the Borrower otherwise consents (each such consent not to be
unreasonably withheld or delayed); provided, however, that
concurrent assignments to members of an Assignee Group and concurrent
assignments from members of an Assignee Group to a single assignee (or to an
assignee and members of its Assignee Group) will be treated as a single
assignment for purposes of determining whether such minimum amount has been
met.

 

(ii)           Proportionate
Amounts.  Each partial assignment shall
be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the
Revolving Commitment assigned, except that this clause (ii) shall not
apply to the Swing Line Lender’s rights and obligations in respect of Swing
Line Loans;

 

(iii)          Required
Consents.  No consent
shall be required for any assignment except to the extent required by
subsection (b)(i)(B) of this Section and, in addition:

 

(A)          the consent of the Borrower (such consent not to be
unreasonably withheld or delayed) shall be required unless (1) an Event of
Default has occurred and is continuing at the time of such assignment or (2) such
assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;

 

(B)           the consent of the Administrative Agent (such
consent not to be unreasonably withheld or delayed) shall be required if such assignment
is to a Person that is not a Lender, an Affiliate of such Lender or an Approved
Fund with respect to such Lender;

 

(C)           the consent of the L/C Issuer (such consent not to
be unreasonably withheld or delayed) shall be required for any assignment of a
Revolving Commitment that increases the obligation of the assignee to
participate in exposure under one or more Letters of Credit (whether or not
then outstanding)

 

104

 

unless
the person that is the proposed assignee is itself a Revolving Lender (whether
or not the proposed assignee would otherwise qualify as an Eligible Assignee);

 

(D)          the consent of the Swing Line Lender (such consent
not to be unreasonably withheld or delayed) shall be required for any
assignment of a Revolving Commitment unless the Person that is the proposed
assignee is itself a Revolving Lender (whether or not the proposed assignee
would otherwise qualify as an Eligible Assignee); and

 

(E)           the consent of the Alternative Currency Fronting
Lender (such consent not to be unreasonably withheld or delayed) shall be
required if upon effectiveness of the applicable assignment the proposed
assignee would be an Alternative Currency Participating Lender with respect to
any Alternative Currency.

 

(iv)          Assignment and
Assumption.  The parties
to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in
the amount of $3,500; provided,
however, that the Administrative Agent may, in its sole discretion,
elect to waive such processing and recordation fee in the case of any
assignment.  The assignee, if it is not a
Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire.

 

(v)           No Assignment
to the Borrower.  No such
assignment shall be made to the Borrower or any of the Borrower’s Affiliates or
Subsidiaries.

 

(vi)          No Assignment
to Natural Persons.  No such
assignment shall be made to a natural person.

 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section, from and after the effective date
specified in each Assignment and Assumption, the Eligible Assignee thereunder
shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under
this Agreement, such Lender shall cease to be a party hereto) but shall
continue to be entitled to the benefits of Sections 3.01, 3.04,
3.05, and 10.04 with respect to facts and circumstances occurring
prior to the effective date of such assignment. 
Upon request, the Borrower (at its expense) shall execute and deliver a
Note to the assignee Lender.  Any
assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with subsection (d) of this
Section.

 

105

 

(c)           Register.  The Administrative Agent, acting solely for
this purpose as an agent of the Borrower, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the
Revolving Commitments of, and principal amounts of the Loans and L/C
Obligations owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”).  The
entries in the Register shall be conclusive, and the Borrower, the
Administrative Agent and the Lenders may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for
inspection by the Borrower, the L/C Issuer, the Swing Line Lender and any
Lender (with respect to its own interest only), at any reasonable time and from
time to time upon reasonable prior notice.

 

(d)           Participations.  Any Lender may at any time, without the
consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any Person (other than a natural person or the Borrower or
any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Revolving Commitment and/or the
Loans (including such Lender’s participations in L/C Obligations and/or Swing
Line Loans and its Alternative Currency Risk Participations) owing to it); provided
that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the
Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall
continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement.

 

Any
agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in the first
proviso to Section 10.01 that affects such Participant.  Subject to subsection (e) of this
Section, the Borrower agrees that each Participant shall be entitled to the
benefits of Sections 3.01, 3.04 and 3.05 to the same
extent as if it were a Lender and had acquired its interest by assignment
pursuant to subsection (b) of this Section.  To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender, provided such Participant agrees to be
subject to Section 2.14 as though it were a Lender.

 

(e)           Limitations upon Participant
Rights.  A Participant shall not be
entitled to receive any greater payment under Section 3.01 or 3.04
than the applicable Lender would have been entitled to receive with respect to
the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written
consent.  A Participant that would be a
Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01
unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as
though it were a Lender.

 

106

 

(f)            Certain Pledges.  Any Lender may at any time pledge, assign or
grant a security interest in, all or any portion of its rights under this
Agreement (including under its Note, if any) to secure obligations of such
Lender, including any pledge or assignment or grant of a security interest to
secure obligations to a Federal Reserve Bank; provided that no such pledge or
assignment or grant of a security interest shall release such Lender from any
of its obligations hereunder or substitute any such pledgee or assignee or
grantee for such Lender as a party hereto.

 

(g)           Electronic Execution of
Assignments.  The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and
Assumption shall be deemed to include electronic signatures or the keeping of
records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

(h)           Resignation as L/C Issuer,
Swing Line Lender or Alternative Currency Fronting Lender after Assignment.  Notwithstanding anything to the contrary
contained herein, if at any time Bank of America assigns all of its Revolving
Commitment and Loans pursuant to subsection (b) above, Bank of
America may, (i) upon 30 days’ notice to the Borrower and the Lenders,
resign as L/C Issuer and/or (ii) upon 30 days’ notice to the Borrower,
resign as Swing Line Lender and/or (iii) upon 30 days’ notice to the
Borrower, resign as Alternative Currency Fronting Lender.  In the event of any such resignation as L/C
Issuer, Swing Line Lender or Alternative Currency Fronting Lender, the Borrower
shall be entitled to appoint from among the Lenders (with the applicable Lender’s
consent) a successor L/C Issuer, Swing Line Lender or Alternative Currency
Fronting Lender hereunder; provided, however, that no failure by
the Borrower to appoint any such successor shall affect the resignation of Bank
of America as L/C Issuer, Swing Line Lender or Alternative Currency Fronting
Lender, as the case may be.  If Bank of
America resigns as L/C Issuer, it shall retain all the rights, powers,
privileges and duties of the L/C Issuer hereunder with respect to all Letters
of Credit outstanding as of the effective date of its resignation as L/C Issuer
and all L/C Obligations with respect thereto (including the right to require
the Lenders to make Base Rate Committed Revolving Loans or fund risk
participations in Unreimbursed Amounts pursuant to Section 2.03(b)).  If Bank of America resigns as Swing Line
Lender, it shall retain all the rights of the Swing Line Lender provided for
hereunder with respect to Swing Line Loans made by it and outstanding as of the
effective date of such resignation, including the right to require the Lenders
to make Base Rate Committed Revolving Loans or fund risk participations in
outstanding Swing Line Loans pursuant to Section 2.04(c).  If the Alternative Currency Fronting Lender
resigns as Alternative Currency Fronting Lender, it shall retain all the rights
and obligations of the Alternative Currency Fronting Lender hereunder with
respect to all Alternative Currency Risk Participations outstanding as of the
effective date of its resignation as the Alternative Currency Fronting Lender
and all obligations of the Borrower or any other Lender with respect thereto
(including the right to require Alternative Currency Participating Lenders to
fund any Alternative Currency Risk Participations therein in the manner
provided in Section 2.02(f)).  Upon
the appointment of a successor L/C Issuer and/or Swing Line Lender and/or
Alternative Currency Fronting Lender, (a) such successor shall succeed to
and become vested with all of the rights, powers, privileges and duties of the
retiring L/C Issuer,

 

107

 

Swing
Line Lender or Alternative Currency Fronting Lender, as the case may be, and
(b) the successor L/C Issuer shall issue letters of credit in substitution
for the Letters of Credit, if any, outstanding at the time of such succession
or make other arrangements satisfactory to Bank of America to effectively
assume the obligations of Bank of America with respect to such Letters of
Credit.

 

10.07      Treatment of Certain Information;
Confidentiality.

 

Each
of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain
the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents,
advisors and representatives (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to
the extent requested by any governmental agency or regulatory authority
purporting to have jurisdiction over it or its Affiliates (including any
self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other
party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement or any Eligible Assignee invited to be a
Lender pursuant to Section 2.16(c) or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations, (g) with the
consent of the Borrower, (h) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this Section or
(y) becomes available to the Administrative Agent, any Lender, the L/C
Issuer or any of their respective Affiliates on a nonconfidential basis from a
source other than the Borrower that the Administrative Agent, any such Lender
or the L/C Issuer reasonably believes is not bound by a duty of confidentiality
to the Borrower, (i) to any rating agency (provided such rating agencies
are advised of the confidential nature of such information and agree to keep
such information confidential) or (j) as reasonably required by any Lender
or other Person providing financing to such Lender (provided such Lenders or other
Persons are advised of the confidential nature of such information and agree to
keep such information confidential).

 

For
purposes of this Section, “Information” means all information received
from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary
or any of their respective businesses, other than any such information that is
available to the Administrative Agent, any Lender or the L/C Issuer on a
nonconfidential basis prior to disclosure by the Borrower or any Subsidiary,
provided that, in the case of information received from the Borrower or any
Subsidiary after the date hereof, such information is clearly identified at the
time of delivery as confidential.  Any
Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own or
its other similarly situated customers’ confidential information.

 

108

 

10.08      Right of Setoff.

 

If
an Event of Default shall have occurred and be continuing, each Lender, the L/C
Issuer and each of their respective Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by applicable law, to
set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender, the L/C
Issuer or any such Affiliate to or for the credit or the account of the
Borrower against any and all of the obligations of the Borrower now or
hereafter existing under this Agreement or any other Loan Document to such
Lender or the L/C Issuer, irrespective of whether or not such Lender or the L/C
Issuer shall have made any demand under this Agreement or any other Loan
Document and although such obligations of the Borrower may be contingent or
unmatured or are owed to a branch or office of such Lender or the L/C Issuer
different from the branch or office holding such deposit or obligated on such
indebtedness.  The rights of each Lender,
the L/C Issuer and their respective Affiliates under this Section are in
addition to other rights and remedies (including other rights of setoff) that
such Lender, the L/C Issuer or their respective Affiliates may have.  Each Lender and the L/C Issuer agrees to
notify the Borrower and the Administrative Agent promptly after any such setoff
and application, provided that the failure to give such notice shall not affect
the validity of such setoff and application.

 

10.09      Interest Rate Limitation.

 

Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of
non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender
shall receive interest in an amount that exceeds the Maximum Rate, the excess
interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrower. 
In determining whether the interest contracted for, charged, or received
by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any
payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and
(c) amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the contemplated term of the Obligations
hereunder.

 

10.10      Counterparts; Integration; Effectiveness.

 

This
Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together
shall constitute a single contract.  This
Agreement and the other Loan Documents constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the
subject matter hereof.  Except as
provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken
together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a
signature

 

109

 

page of
this Agreement by telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

10.11      Survival of Representations and Warranties.

 

All
representations and warranties made hereunder and in any other Loan Document or
other document delivered pursuant hereto or thereto or in connection herewith
or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been
or will be relied upon by the Administrative Agent and each Lender, regardless
of any investigation made by the Administrative Agent or any Lender or on their
behalf and notwithstanding that the Administrative Agent or any Lender may have
had notice or knowledge of any Default at the time of any Credit Extension, and
shall continue in full force and effect as long as any Loan or any other
Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit
shall remain outstanding.

 

10.12      Severability.

 

If
any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and
enforceability of the remaining provisions of this Agreement and the other Loan
Documents shall not be affected or impaired thereby and (b) the parties
shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the illegal, invalid or unenforceable
provisions.  The invalidity of a
provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

10.13      Replacement of Lenders.

 

If
any Lender requests compensation under Section 3.04, or if the
Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender is a Defaulting Lender, or if any Lender does not consent to
any amendment or waiver of any provision hereof or of any other Loan Document
for which its consent is required under Section 10.01 after Required
Lenders have consented thereto or if any Lender is a Non-Extending Lender under
Section 2.15(b), then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 10.06),
all of its interests, rights and obligations under this Agreement and the
related Loan Documents to an assignee that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment), provided
that:

 

(a)           the Borrower
shall have paid to the Administrative Agent the assignment fee specified in Section 10.06(b);

 

(b)           such Lender
shall have received payment of an amount equal to the outstanding principal of
its Loans, funded Alternative Currency Risk Participations

 

110

 

and
L/C Advances, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder and under the other Loan Documents (including any amounts
under Section 3.05) from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or the Borrower (in
the case of all other amounts);

 

(c)           in the case of
any such assignment resulting from a claim for compensation under Section 3.04
or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments
thereafter; and

 

(d)           such assignment
does not conflict with applicable Laws.

 

A
Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation
cease to apply.

 

10.14      Governing Law; Jurisdiction; Etc.

 

(a)           GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION.

 

(b)           SUBMISSION TO JURISDICTION.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED
STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL
COURT.  EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW.  NOTHING IN THIS
AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE
ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY
JURISDICTION.

 

(c)           WAIVER OF VENUE.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY

 

111

 

APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF
THIS SECTION.  EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT.

 

(d)           SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE
RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
APPLICABLE LAW.

 

10.15      Waiver of Jury Trial.

 

EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

 

10.16      No Advisory or Fiduciary Responsibility.

 

In
connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any
other Loan Document), the Borrower acknowledges and agrees, and
acknowledges its Affiliates’ understanding, that: (i) (A) the
arranging and other services regarding this Agreement provided by the
Administrative Agent, the Arranger, the Lenders and the other Lead Arrangers
are arm’s-length commercial transactions between the Borrower and its
Affiliates, on the one hand, and the Administrative Agent, the Lenders and the
Lead Arrangers, on the other hand, (B) the Borrower has consulted its own
legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (C) the Borrower is capable of evaluating, and
understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) the
Administrative Agent, each Lender and each Lead Arranger each is and has been
acting solely as a principal and, except as expressly agreed in writing by the
relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for the Borrower or any of its Affiliates, or any other
Person and (B) neither the Administrative Agent,

 

112

 

any
Lender nor any Lead Arranger has any obligation to the Borrower or any of its
Affiliates with respect to the transactions contemplated hereby except those
obligations expressly set forth herein and in the other Loan Documents; and
(iii) the Administrative Agent, the Lenders and the Lead Arrangers and
their respective Affiliates may be engaged in a broad range of transactions
that involve interests that differ from those of the Borrower and its
Affiliates, and neither the Administrative Agent, any Lender nor any Lead
Arranger has any obligation to disclose any of such interests to the Borrower
or its  Affiliates.  To the fullest extent permitted by law, the
Borrower hereby waives and releases any claims that it may have against the
Administrative Agent, the Lenders and the Lead Arrangers with respect to any
breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction contemplated hereby.

 

10.17      USA Patriot Act Notice.

 

Each
Lender that is subject to the Patriot Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrower that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Patriot Act”), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify the Borrower in accordance
with the Patriot Act.

 

10.18      Delivery of Signature Page.

 

Each
Lender to become a party to this Agreement on the date hereof shall do so by
delivering to the Administrative Agent a counterpart of this Agreement duly
executed by such Lender.

 

10.19      Judgment Currency.

 

If,
for the purposes of obtaining judgment in any court, it is necessary to convert
a sum due hereunder or under any other Loan Document in one currency into
another currency, the rate of exchange used shall be that at which in
accordance with normal banking procedures the Administrative Agent could
purchase the first currency with such other currency on the Business Day
preceding that on which final judgment is given.  The obligation of the Borrower in respect of
any such sum due from it to the Administrative Agent or any Lender hereunder or
under the other Loan Documents shall, notwithstanding any judgment in a
currency (the “Judgment Currency”) other than that in which such sum is
denominated in accordance with the applicable provisions of this Agreement (the
“Agreement Currency”), be discharged only to the extent that on the
Business Day following receipt by the Administrative Agent or such Lender, as
the case may be, of any sum adjudged to be so due in the Judgment Currency, the
Administrative Agent or such Lender, as the case may be, may in accordance with
normal banking procedures purchase the Agreement Currency with the Judgment
Currency.  If the amount of the Agreement
Currency so purchased is less than the sum originally due to the Administrative
Agent or any Lender from the Borrower in the Agreement Currency, the Borrower
agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify the Administrative Agent or such Lender, as the case may be, against
such loss.  If the amount of the
Agreement Currency so purchased is

 

113

 

greater
than the sum originally due to the Administrative Agent or any Lender in such
currency, the Administrative Agent or such Lender, as the case may be, agrees
to return the amount of any excess to the Borrower (or to any other Person who
may be entitled thereto under applicable law). 
All of the Borrower’s obligations under this Section 10.19 shall
survive termination of the Aggregate Revolving Commitments and repayment of all
other Obligations hereunder.

 

[Remainder of Page Intentionally Left Blank]

 

114

 

Each
of the parties hereto have caused a counterpart of this Agreement to be duly
executed as of the date first above written.

 

	
   

  	
  HEALTH
  CARE PROPERTY INVESTORS, INC.

  
	
   

  	
  as
  Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark C. Wallace

  
	
   

  	
  Name:

  	
  Mark
  Wallace

  
	
   

  	
  Title:

  	
  EVP,
  CFO & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A.,

  
	
   

  	
  as
  Administrative Agent and Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Amie L. Edwards

  
	
   

  	
  Name:

  	
  Amie
  L. Edwards

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  UBS
  LOAN FINANCE, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mary E. Evans

  
	
   

  	
  Name:

  	
  Mary
  E. Evans

  
	
   

  	
  Title:

  	
  Associate
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David B. Julie

  
	
   

  	
  Name:

  	
  David
  B. Julie

  
	
   

  	
  Title:

  	
  Associate
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BARCLAYS
  BANK PLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gary B. Wenslow

  
	
   

  	
  Name:

  	
  Gary
  B. Wenslow

  
	
   

  	
  Title:

  	
  Associate
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Vanessa Chiu

  
	
   

  	
  Name:

  	
  Vanessa
  Chiu

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

 

	
   

  	
  WACHOVIA
  BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jeanette A. Griffin

  
	
   

  	
  Name:

  	
  Jeanette
  A. Griffin

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITICORP
  NORTH AMERICA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ricardo James

  
	
   

  	
  Name:

  	
  Ricardo
  James

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT
  SUISSE, Cayman Islands Branch

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Cassandra Droogan

  
	
   

  	
  Name:

  	
  CASSANDRA
  DROOGAN

  
	
   

  	
  Title:

  	
  VICE
  PRESIDENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Laurence Lapeyre

  
	
   

  	
  Name:

  	
  LAURENCE
  LAPEYRE

  
	
   

  	
  Title:

  	
  ASSOCIATE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILLIAM
  STREET CREDIT CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark Walton

  
	
   

  	
  Name:

  	
  Mark
  Walton

  
	
   

  	
  Title:

  	
  Assistant
  Vice-President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS
  FARGO BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David W. Shaw

  
	
   

  	
  Name:

  	
  David
  W. Shaw

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF NOVA SCOTIA

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  W.B. Hamilton

  
	
   

  	
  Name:

  	
  W.B.
  Hamilton

  
	
   

  	
  Title:

  	
  Director

  

 

 

	
   

  	
  CALYON
  NEW YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Thomas Randolph

  
	
   

  	
  Name:

  	
  Thomas
  Randolph

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Priya Vrat

  
	
   

  	
  Name:

  	
  Priya
  Vrat

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION,

  
	
   

  	
  A
  national banking association

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Bellini Lacey

  
	
   

  	
  Name:

  	
  Bellini
  Lacey

  
	
   

  	
  Title:

  	
  Closing
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MERRILL
  LYNCH BANK USA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Louis Alder

  
	
   

  	
  Name:

  	
  Louis
  Alder

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  ROYAL BANK OF SCOTLAND PLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Neil Crawford

  
	
   

  	
  Name:

  	
  Neil
  Crawford

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SUNTRUST
  BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Helen C. Hartz

  
	
   

  	
  Name:

  	
  Helen
  C. Hartz

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MIDFIRST
  BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Reginald Johnson

  
	
   

  	
  Name:

  	
  Reginald
  Johnson

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

 

	
   

  	
  FIRST
  COMMERCIAL BANK, LOS ANGELES BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jen-Yu Lai

  
	
   

  	
  Name:

  	
  Larry
  Jen-Yu Lai

  
	
   

  	
  Title:

  	
  SAVP &
  Deputy General Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL
  BANK OF EGYPT, NEW YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Hassan Eissa

  
	
   

  	
  Name:

  	
  Hassan
  Eissa

  
	
   

  	
  Title:

  	
  General
  Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andrew Bastone

  
	
   

  	
  Name:

  	
  Andrew
  Bastone

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TAIWAN
  BUSINESS BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ben Chou

  
	
   

  	
  Name:

  	
  Ben
  Chou

  
	
   

  	
  Title:

  	
  V.P. &
  General Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF NEW YORK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Applebaum

  
	
   

  	
  Name:

  	
  David
  Applebaum

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LAND
  BANK OF TAIWAN

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Henry C.R. Leu

  
	
   

  	
  Name:

  	
  Henry
  C.R. Leu

  
	
   

  	
  Title:

  	
  Vice
  President & General Manager

  

 

 

	
   

  	
  MEGA
  INTERNATIONAL COMMERCIAL BANK CO. LTD., LOS ANGELES BRANCH

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Chia Jang Liu

  
	
   

  	
  Name:

  	
  Chia
  Jang Liu

  
	
   

  	
  Title:

  	
  SVP &
  General Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL
  CITY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kevin Culp

  
	
   

  	
  Name:

  	
  Kevin
  Culp

  
	
   

  	
  Title:

  	
  AVP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  REGIONS
  BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Craig Gardella

  
	
   

  	
  Name:

  	
  Craig
  Gardella

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK
  OF THE WEST, A CALIFORNIA BANKING

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jan Manista

  
	
   

  	
  Name:

  	
  JAN
  MANISTA

  
	
   

  	
  Title:

  	
  VICE
  PRESIDENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Stacey Michrowski

  
	
   

  	
  Name:

  	
  STACEY
  MICHROWSKI

  
	
   

  	
  Title:

  	
  SVP

  

 

 

	
   

  	
  CHANG
  HWA COMMERCIAL BANK, LTD., NEW YORK

  
	
   

  	
  BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Jim C.Y. Chen

  
	
   

  	
  Name:

  	
  Jim
  C.Y. Chen

  
	
   

  	
  Title:

  	
  VP &
  General Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  E.SUN
  COMMERCIAL BANK LTD., LOS ANGELES BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Benjamin Lin

  
	
   

  	
  Name:

  	
  Benjamin
  Lin

  
	
   

  	
  Title:

  	
  EVP &
  General Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TAIPEI
  FUBON COMMERCIAL BANK, NEW YORK AGENCY

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Sophia J.H. Jing

  
	
   

  	
  Name:

  	
  Sophia
  J.H. Jing

  
	
   

  	
  Title:

  	
  F.V.P. &
  General Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF EAST ASIA, LIMITED, LOS ANGELES BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Loh

  
	
   

  	
  Name:

  	
  David
  Loh

  
	
   

  	
  Title:

  	
  EVP-Chief
  Lending Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Victor Li

  
	
   

  	
  Name:

  	
  Victor
  Li

  
	
   

  	
  Title:

  	
  General
  Manager

  

 

 

SCHEDULE 2.01

 

COMMITMENTS

AND
APPLICABLE PERCENTAGES

 

	
  Lender

  	
   

  	
  Commitment

  	
   

  	
  Applicable

  Percentage

  	
   

  
	
  Bank of America, N.A.

  	
   

  	
  $

  	
  430,833,333.32

  	
   

  	
  15.666666667

  	
  %

  
	
  UBS Loan Finance, LLC

  	
   

  	
  $

  	
  430,833,333.33

  	
   

  	
  15.666666667

  	
  %

  
	
  Barclays Bank PLC

  	
   

  	
  $

  	
  430,833,333.33

  	
   

  	
  15.666666667

  	
  %

  
	
  JPMorgan Chase Bank, N.A.

  	
   

  	
  $

  	
  160,416,666.67

  	
   

  	
  5.833333333

  	
  %

  
	
  Wachovia Bank, National Association

  	
   

  	
  $

  	
  160,416,666.67

  	
   

  	
  5.833333333

  	
  %

  
	
  Citicorp North America, Inc.

  	
   

  	
  $

  	
  160,416,666.67

  	
   

  	
  5.833333333

  	
  %

  
	
  Credit Suisse, Cayman Islands Branch

  	
   

  	
  $

  	
  160,416,666.67

  	
   

  	
  5.833333333

  	
  %

  
	
  Goldman Sachs Credit Partners L.P.

  	
   

  	
  $

  	
  160,416,666.67

  	
   

  	
  5.833333333

  	
  %

  
	
  Wells Fargo Bank, N.A.

  	
   

  	
  $

  	
  160,416,666.67

  	
   

  	
  5.833333333

  	
  %

  
	
  The Bank of Nova Scotia

  	
   

  	
  $

  	
  82,500,000.00

  	
   

  	
  3.000000000

  	
  %

  
	
  Calyon New York Branch

  	
   

  	
  $

  	
  82,500,000.00

  	
   

  	
  3.000000000

  	
  %

  
	
  KeyBank National Association

  	
   

  	
  $

  	
  82,500,000.00

  	
   

  	
  3.000000000

  	
  %

  
	
  Merrill Lynch Bank USA

  	
   

  	
  $

  	
  82,500,000.00

  	
   

  	
  3.000000000

  	
  %

  
	
  The Royal Bank of Scotland PLC

  	
   

  	
  $

  	
  82,500,000.00

  	
   

  	
  3.000000000

  	
  %

  
	
  SunTrust Bank

  	
   

  	
  $

  	
  82,500,000.00

  	
   

  	
  3.000000000

  	
  %

  
	
  Total

  	
   

  	
  $

  	
  2,750,000,000

  	
   

  	
  100.000000000

  	
  %

  

 

 

SCHEDULE 10.02

 

ADMINISTRATIVE
AGENT’S OFFICE;

CERTAIN
ADDRESSES FOR NOTICES

 

BORROWER:

 

Health Care Property
Investors, Inc.

3760 Kilroy Airport Way, Suite 300

Long Beach, California 90806

Attention:  Legal Department and Treasurer

Telephone:  562-733-5100

Telecopier:  562-733-5200

Electronic Mail:  legaldept@hcpi.com

Website Address:  www.hcpi.com

U.S. Taxpayer Identification
Number:  33-0091377

 

 

ADMINISTRATIVE AGENT:

 

Administrative
Agent’s Office

(for
payments and Requests for Credit Extensions):

Bank
of America, N.A.

101
N. Tryon Street

Mail
Code:  NC1-001-04-39

Charlotte,
NC 28255

Attention: Sally Bixby

Telephone: 704-387-9482

Telecopier: 704-719-8876

Electronic Mail: sally.a.bixby@bankofamerica.com

 

Bank of America, N.A.

New York, NY

Account No. (for Dollars): 1366212250600

ABA# 026009593

Attn: Credit Services

Ref:  Health
Care Property Investors, Inc.

 

Other
Notices as Administrative Agent:

Bank
of America, N.A.

Agency
Management

1455
Market Street

Mail
Code: CA5-701-05-19

San
Francisco, CA 94103

Attention: Angela Lau

Telephone: 415-436-4000

Telecopier: 415-503-5008

Electronic Mail: 
angela.lau@bankofamerica.com

 

with a copy to:

 

Bank of America, N.A.

Corporate Bank Debt

100 N. Tryon Street

Mail Code: 
NC1-007-17-11

Charlotte, NC 
28255

Attention: 
Amie Edwards

Telephone: 
704-387-1346

Telecopier: 
704-388-6002

Electronic Mail: 
amie.l.edwards@bankofamerica.com

 

 

EXHIBIT A

 

BRIDGE
LOAN NOTICE

 

Date:
                        ,

 

To:          Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain $2,750,000,000 Credit Agreement, dated as of August 1, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used
herein as therein defined), among HEALTH CARE PROPERTY INVESTORS, INC., a
Maryland corporation (the “Borrower”), the lending institutions party
thereto from time to time (each, a “Lender” and collectively, the “Lenders”),
BANK OF AMERICA, N.A., as Administrative Agent, BANC OF AMERICA SECURITIES LLC,
as Joint Lead Arranger and Joint Bookrunner, BARCLAYS CAPITAL, as Joint Lead
Arranger, Joint Bookrunner and Co-Documentation Agent, UBS SECURITIES LLC, as
Joint Lead Arranger, Joint Bookrunner and Syndication Agent, JPMORGAN CHASE
BANK N.A., as Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
Co-Documentation Agent.

 

The undersigned hereby
requests (select one):

 

o         A Borrowing of Bridge Loans                                 o    A
conversion or continuation of Loans

 

1.             On
                                          
(a Business Day).

 

2.             In the principal amount of $                              .

 

3.             Comprised of the following Type of
Loans:  [Base Rate Loans] [Eurodollar
Rate Loans].

 

4.             For Eurodollar Rate Loans: with an
Interest Period of [one] [two] [three] [six] [nine] [twelve](1) months.

 

The Borrowing, if any,
requested herein complies with Section 2.01(a) of the
Agreement.

 

	
   

  	
  HEALTH CARE PROPERTY
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

(1) 
An Interest Period of nine or twelve months must be agreed to by all Lenders.

 

 

EXHIBIT B

 

FORM OF
NOTE

 

Date:
                        ,

 

FOR VALUE RECEIVED, the
undersigned, HEALTH CARE PROPERTY INVESTORS, INC., a Maryland corporation
(the “Borrower”), hereby promises to pay to the order of
[                              ]
(the “Lender”), in accordance with the provisions of the Agreement (as
hereinafter defined), the principal amount of each Loan from time to time made
by the Lender to the Borrower under that certain $2,750,000,000 Credit
Agreement, dated as of August 1, 2007 (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, the “Credit
Agreement;” the terms defined therein being used herein as therein
defined), the Borrower, the lending institutions party thereto from time to
time (each, a “Lender” and collectively, the “Lenders”), “), BANK
OF AMERICA, N.A., as Administrative Agent, BANC OF AMERICA SECURITIES LLC, as
Joint Lead Arranger and Joint Bookrunner, BARCLAYS CAPITAL, as Joint Lead
Arranger, Joint Bookrunner and Co-Documentation Agent, UBS SECURITIES LLC, as
Joint Lead Arranger, Joint Bookrunner and Syndication Agent, JPMORGAN CHASE
BANK N.A., as Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as Co-Documentation
Agent.

 

The
Borrower promises to pay interest on the unpaid principal amount of each Loan
from the date of such Loan until such principal amount is paid in full, at such
interest rates and at such times as provided in the Credit Agreement. All
payments of principal and interest shall be made to the Administrative Agent
for the account of the Lender in Dollars in immediately available funds at the
Administrative Agent’s Office.  If any
amount is not paid in full when due hereunder, such unpaid amount shall bear
interest, to be paid upon demand, from the due date thereof until the date of
actual payment (and before as well as after judgment) computed at the per annum
rate set forth in the Credit Agreement.

 

This
Note is one of the Notes referred to in the Credit Agreement, is entitled to
the benefits thereof and may be prepaid in whole or in part subject to the
terms and conditions provided therein.

 

Upon
the occurrence and continuation of one or more of the Events of Default
specified in the Credit Agreement, all amounts then remaining unpaid on this
Note shall become, or may be declared to be, immediately due and payable all as
provided in the Credit Agreement.  Loans
made by the Lender shall be evidenced by one or more loan accounts or records
maintained by the Lender in the ordinary course of business.  The Lender may also attach schedules to this
Note and endorse thereon the date, amount and maturity of its Loans and
payments with respect thereto.

 

The
Borrower, for itself, its successors and assigns, hereby waives diligence,
presentment, protest and demand and notice of protest, demand, dishonor and
non-payment of this Note.

 

 

THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

	
   

  	
  HEALTH CARE PROPERTY
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

LOANS
AND PAYMENTS WITH RESPECT THERETO

 

	
  Date

  	
   

  	
  Type
  of

  Loan Made

  	
   

  	
  Amount
  of

  Loan Made

  	
   

  	
  End
  of

  Interest

  Period

  	
   

  	
  Amount
  of

  Principal or

  Interest

  Paid This

  Date

  	
   

  	
  Outstanding

  Principal

  Balance

  This Date

  	
   

  	
  Notation

  Made By

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT C

 

FORM OF
COMPLIANCE CERTIFICATE

 

Financial Statement Date:
              ,

 

To:          Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain $2,750,000,000 Credit Agreement, dated as of August 1, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used
herein as therein defined), among HEALTH CARE PROPERTY INVESTORS, INC., a
Maryland corporation (the “Borrower”), the lending institutions party
thereto from time to time (each, a “Lender” and collectively, the “Lenders”),
BANK OF AMERICA, N.A., as Administrative Agent, BANC OF AMERICA SECURITIES LLC,
as Joint Lead Arranger and Joint Bookrunner, BARCLAYS CAPITAL, as Joint Lead
Arranger, Joint Bookrunner and Co-Documentation Agent, UBS SECURITIES LLC, as
Joint Lead Arranger, Joint Bookrunner and Syndication Agent, JPMORGAN CHASE
BANK N.A., as Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
Co-Documentation Agent.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the
                                             
of the Borrower, and that, as such, he/she is authorized to execute and deliver
this Certificate to the Administrative Agent on the behalf of the Borrower, and
that:

 

[Use following paragraph 1 for
fiscal year-end financial statements]

 

1.             Attached hereto as Schedule 1
are the year-end audited financial statements required by Section 6.01(a) of
the Agreement for the fiscal year of the Borrower ended as of the above date,
together with the report and opinion of an independent certified public
accountant required by such section.

 

[Use following paragraph 1 for
fiscal quarter-end financial statements]

 

1.             Attached hereto as Schedule 1 are the
unaudited financial statements required by Section 6.01(b) of
the Agreement for the fiscal quarter of the Borrower ended as of the above
date.  Such financial statements fairly
present the financial condition, results of operations, shareholders’ equity
and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as
at such date and for such period, subject only to normal year-end audit
adjustments and the absence of footnotes.

 

2.             The undersigned has reviewed and is familiar with the
terms of the Agreement and has made, or has caused to be made under his/her
supervision, a detailed review of the transactions and condition (financial or
otherwise) of the Borrower during the accounting period covered by the attached
financial statements.

 

3.             A review of the activities of the Borrower during such
fiscal period has been made under the supervision of the undersigned with a
view to determining whether during such fiscal period the Borrower performed
and observed all its Obligations under the Loan Documents, and

 

[select one:]

 

 

[to the best knowledge of
the undersigned during such fiscal period, the Borrower performed and observed
each covenant and condition of the Loan Documents applicable to it, and no Default
has occurred and is continuing.]

 

—or—

 

[the following covenants or
conditions have not been performed or observed and the following is a list of
each such Default and its nature and status:]

 

4.             The financial covenant analyses and information set forth
on Schedule 2 and Annex 1 attached hereto are true and
accurate as of the Statement Date referred to thereon.

 

IN WITNESS WHEREOF, the
undersigned has executed this Certificate as of                 ,
      .

 

	
   

  	
  HEALTH CARE PROPERTY
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT C

 

For
the Quarter/Year ended
                              
(“Statement Date”)

 

SCHEDULE 2

to
the Compliance Certificate

($
in 000’s)

 

	
  I.

  	
  Section 7.10(a) —
  Leverage Ratio.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  A.

  	
  Consolidated Total
  Indebtedness on the Statement Date:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.

  	
  Indebtedness of Borrower
  and its Subsidiaries:

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.

  	
  Borrower’s Pro Rata Share
  of Indebtedness of each Material Joint Venture:

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.

  	
  Consolidated Total
  Indebtedness (Line I.A.1 plus Line I.A.2):

  	
  $

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  B.

  	
  Consolidated Total Asset
  Value on the Statement Date:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.

  	
  Total Asset Value of the
  Borrower and its Subsidiaries:

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.

  	
  Borrower’s Pro Rata Share
  of Total Asset Value of Material Joint Ventures:

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.

  	
  Consolidated Total Asset
  Value on the Statement Date (Line I.B.1 + I.B.2):

  	
  $

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C.

  	
  Leverage Ratio (Line I.A.3
  ÷ I.B.3):

  	
  $

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Maximum Permitted as of the end
  of any fiscal quarter ending during the corresponding period set forth below:

  

 

 

	
   

  	
   

  	
  Maximum
  Leverage

  Ratio

  	
   

  
	
  Beginning
  on the Closing Date and on or prior to September 30, 2007

  	
   

  	
  0.75

  	
   

  
	
  Beginning
  on October 1, 2007 and on or prior to June 30, 2008 

  	
   

  	
  0.70

  	
   

  
	
  Beginning
  on July 1, 2008 and on or prior to December 31, 2008

  	
   

  	
  0.65

  	
   

  
	
  Beginning
  on January 1, 2009

  	
   

  	
  0.60

  	
   

  

 

 

Notwithstanding
the foregoing, beginning on January 1, 2009 the Borrower shall be
permitted to increase the maximum Leverage Ratio to 65% for a maximum of two (2) consecutive
fiscal quarterly periods following a Significant Acquisition.

 

	
  II

  	
  Section 7.10(b) —
  Secured Debt Ratio.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A.

  	
  Secured Debt on the
  Statement Date:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  B.

  	
  Consolidated Total Asset
  Value on the Statement Date (Line I.B.3):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C.

  	
  Secured Debt Ratio (Line
  II.A ÷ II.B):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Maximum Permitted as of the end
  of any fiscal quarter: 0.30 to 1.0

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  III.

  	
  Section 7.10(c) —
  Fixed Charge Coverage Ratio.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A.

  	
  Consolidated EBITDA for
  the twelve month period ending on the Statement Date (See Annex 1):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.

  	
  EBITDA of the Borrower and
  its Subsidiaries (From Annex 1):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.

  	
  Borrower’s Pro Rata Share
  of EBITDA of Material Joint Ventures (From Annex 1):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.

  	
  Consolidated EBITDA (Line
  III.A.1 + III.A.2):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  B.

  	
  Consolidated Fixed Charges
  for the twelve month period ending on the Statement Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.

  	
  Consolidated Interest
  Expense

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  a.

  	
  Interest Expense of the
  Borrower and its Subsidiaries

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  b.

  	
  Borrower’s Pro Rata Share
  of Interest Expense of Material Joint Ventures

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  c.

  	
  Consolidated Interest
  Expense (Line III.B.1.a + III.B.1.b)

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.

  	
  Scheduled Principal
  Payments:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  a.

  	
  Scheduled Principal
  Payments by the Borrower and its Subsidiaries with respect to its
  Consolidated Total Indebtedness (other than payments due at final maturity)

  	
   

  	
  $

  

 

 

	
   

  	
   

  	
   

  	
  b.

  	
  Borrower’s Pro Rata Share
  of all Scheduled Principal Payments with respect to the Indebtedness (other
  than payments due at final maturity) of Material Joint Ventures

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  c.

  	
  Scheduled Principal
  Payments (Line III.B.2.a + III.B.2.b)

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.

  	
  Dividends and
  distributions in respect of preferred stock (excluding redemption payments or
  charges in connection with redemption of preferred stock) of the Borrower and
  its Subsidiaries:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4.

  	
  Consolidated Fixed Charges
  (Line III.B.1.c + III.B.2.c + III.B.3):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C.

  	
  Fixed Charge Coverage
  Ratio (Line III.A.3 ÷ Line III.B.4):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Minimum requirement as of the
  end of any fiscal quarter ending during the corresponding period set forth
  below:

  

 

	
   

  	
   

  	
  Minimum

  Fixed Charge

  Coverage Ratio

  	
   

  
	
  Beginning
  on the Closing Date and on or prior to September 30, 2008

  	
   

  	
  1.50

  	
   

  
	
  Beginning
  on October 1, 2008

  	
   

  	
  1.75

  	
   

  

 

	
  IV.

  	
  Section 7.10(d) —
  Unsecured Leverage Ratio.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A.

  	
  Unsecured Debt on the
  Statement Date:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  B.

  	
  Consolidated Unencumbered
  Asset Value on the Statement Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.

  	
  Unencumbered Asset Value
  of the Borrower and the Borrower’s Pro Rata Share of Unencumbered Asset Value
  of its Subsidiaries:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.

  	
  The Borrower’s Pro Rata
  Share of Unencumbered Asset Value of each Material Joint Venture:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.

  	
  Consolidated Unencumbered
  Asset Value (Line IV.B.1 + IV.B.2):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C.

  	
  Unsecured Leverage Ratio
  (Line IV.A ÷ IV.B.3):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Maximum Permitted as of the end
  of any fiscal quarter ending during the corresponding period set forth below:

  

 

 

	
   

  	
   

  	
  Maximum
  Unsecured 

  Leverage Ratio

  	
   

  
	
  Beginning
  on the Closing Date and on or prior to December 31, 2007

  	
   

  	
  0.90

  	
   

  
	
  Beginning
  on January 1, 2008 and on or prior to June 30, 2008

  	
   

  	
  0.80

  	
   

  
	
  Beginning
  on July 1, 2008 and on or prior to December 31, 2008

  	
   

  	
  0.75

  	
   

  
	
  Beginning
  on January 1, 2009

  	
   

  	
  0.65

  	
   

  

 

	
  V.

  	
  Section 7.10(e) —
  Consolidated Tangible Net Worth.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  A.

  	
  Consolidated Tangible Net
  Worth on the Statement Date

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.

  	
  Consolidated Shareholders’
  Equity:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.

  	
  Consolidated Intangible
  Assets:

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.

  	
  Consolidated Tangible Net
  Worth (Line V.A.1 minus Line V.A.2):

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  B.

  	
  85% of the Consolidated
  Tangible Net Worth at the Closing Date on a pro forma basis to reflect the
  Acquisition

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C.

  	
  85% of Net Cash Proceeds
  from Public Equity Issuances subsequent to the closing date

  	
   

  	
  $

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Minimum required: Line V.A.3
  shall be greater than or equal to Line V.B plus Line V.C as of
  the end of any fiscal quarter.

  

 

 

Annex 1

to
the Compliance Certificate

 

For the Quarter/Year ended                                        ,

 

EBITDA
of Borrower and its Subsidiaries

 

	
  EBITDA

  of Borrower and its

  Subsidiaries

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Year

  Ended

  
	
  Net Income

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +

  	
  Interest Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +

  	
  income taxes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +

  	
  depreciation and
  amortization expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +

  	
  non-cash expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  -

  	
  items increasing Net
  Income which do not represent a cash receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  =

  	
  EBITDA of Borrower and
  Subsidiaries on a consolidated basis

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Borrower’s
Pro Rata Share of EBITDA of Material Joint Ventures

 

	
  Borrower’s Pro Rata

  Share of EBITDA of

  Material Joint Ventures

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Year

  Ended

  
	
  Net Income

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +

  	
  Interest Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +

  	
  income taxes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +

  	
  depreciation and
  amortization expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +

  	
  non-cash expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  -

  	
  items increasing Net
  Income which do not represent a cash receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  =

  	
  EBITDA of Borrower’s Pro
  Rata Share of Material Joint Ventures on a consolidated basis

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT D

 

FORM OF
ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”)
and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined herein
shall have the meanings given to them in the Credit Agreement identified below
(the “Credit Agreement”).  Receipt
of a copy of the Credit Agreement and the First American Letter Agreement is
hereby acknowledged by the Assignee.  The
Standard Terms and Conditions set forth in Annex 1 attached hereto
are hereby agreed to and incorporated herein by reference and made a part of
this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the
Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as
contemplated below, (i) all of the Assignor’s rights and obligations in
its capacity as a Lender under the Credit Agreement and any other documents or
instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below
(including, without limitation, the Letters of Credit, the Swing Line Loans and
the Negotiated Rate Loans included in such facilities) and (ii) to the
extent permitted to be assigned under applicable law, all claims, suits, causes
of action and any other right of the Assignor (in its capacity as a Lender)
against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or
related to any of the foregoing, including, but not limited to, contract
claims, tort claims, malpractice claims, statutory claims and all other claims
at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and
assigned by the Assignor to the Assignee pursuant to clauses (i) and
(ii) above being referred to herein collectively as the “Assigned Interest”).  Each such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor.

 

	
  1.

  	
  Assignor:

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Assignee:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [for the Assignee, indicate
  [Affiliate] [Approved Fund] of [identify Lender]]

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Borrower(s):

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Administrative Agent:

  	
  Bank of America, NA., as
  the administrative agent under the Credit Agreement

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Credit Agreement:

  	
  $2,750,000,000 Credit
  Agreement, dated as of August 1, 2007, among HEALTH CARE PROPERTY
  INVESTORS, INC., a Maryland corporation (the “Borrower”), the
  lending institutions party thereto from 

  

 

 

	
   

  	
   

  	
  time to time (each, a “Lender”
  and collectively, the “Lenders”), BANK OF AMERICA, N.A., as Administrative
  Agent, BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint
  Bookrunner, BARCLAYS CAPITAL, as Joint Lead Arranger, Joint Bookrunner and
  Co-Documentation Agent, UBS SECURITIES LLC, as Joint Lead Arranger, Joint
  Bookrunner and Syndication Agent, JPMORGAN CHASE BANK N.A., as
  Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
  Co-Documentation Agent.

  

 

6.             Assigned Interest:

 

	
  Aggregate

  Amount of Commitment/Loans

  for all Lenders(2)

  	
   

  	
  Amount
  of

  Commitment/

  Loans

  Assigned

  	
   

  	
  Percentage

  Assigned of

  Commitment/

  Loans(3)

  	
   

  	
  CUSIP

  Number

  	
   

  
	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
  $

  	
   

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
  %

  	
   

  	
   

  

 

[7.            Trade Date:                                     ](4)

 

Effective Date:
                            ,
20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.]

 

(2) 
Amounts in this column and in the column immediately to the right to be
adjusted by the counterparties to take into account any payments or prepayments
made between the Trade Date and the Effective Date.

 

(3) 
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of
all Lenders thereunder.

 

(4) 
To be completed if the Assignor and the Assignee intend that the minimum
assignment amount is to be determined as of the Trade Date.

 

 

The terms set forth in this
Assignment and Assumption are hereby agreed to:

 

	
   

  	
  ASSIGNOR

  
	
   

  	
  [NAME OF ASSIGNOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE

  
	
   

  	
  [NAME OF ASSIGNEE]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  

 

[Consented to and](5) Accepted:

 

	
  BANK
  OF AMERICA, N.A., as 

  Administrative Agent 

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Consented
  to](6)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  

 

(5) 
To be added only if the consent of the Administrative Agent is required by the
terms of the Credit Agreement.

 

(6) 
To be added only if the consent of the Borrower and/or other parties are
required by the terms of the Credit Agreement.

 

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD
TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.             Representations and Warranties.

 

1.1.          Assignor.  The
Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is
free and clear of any lien, encumbrance or other adverse claim and
(iii) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with
respect to (i) any statements, warranties or representations made in or in
connection with the Credit Agreement or any other Loan Document, (ii) the
execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Loan Documents or any collateral thereunder, (iii) the
financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of any Loan Document or (iv) the
performance or observance by the Borrower, any of its Subsidiaries or
Affiliates or any other Person of any of their respective obligations under any
Loan Document.

 

1.2.          Assignee.  The
Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated
hereby and to become a Lender under the Credit Agreement, (ii) it meets
all the requirements to be an assignee under Section 10.06(b)(iii),
(v) and (vi) of the Credit Agreement (subject to such
consents, if any, as may be required under Section 10.06(b)(iii) of
the Credit Agreement), (iii) from and after the Effective Date, it shall
be bound by the provisions of the Credit Agreement as a Lender thereunder and,
to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it is sophisticated with respect to decisions to acquire
assets of the type represented by the Assigned Interest and either it, or the
Person exercising discretion in making its decision to acquire the Assigned
Interest, is experienced in acquiring assets of such type, (v) it has
received a copy of the Credit Agreement, and has received or has been accorded
the opportunity to receive copies of the most recent financial statements
referred to in Section 5.05 thereof or delivered pursuant to Section 6.01
thereof, as applicable, and such other documents and information as it deems
appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase the Assigned Interest, (vi) it
has, independently and without reliance upon the Administrative Agent, the
Assignor or any other Lender and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest, and
(vii) if it is a Foreign Lender, attached hereto is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement,
duly completed and executed by the Assignee; and (b) agrees that
(i) it will, independently and without reliance upon the Administrative
Agent, the Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Loan Documents, and
(ii) it will perform in accordance with their terms all of the obligations
which by the terms of the Loan Documents are required to be performed by it as
a Lender.

 

2.             Payments. 
From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of
principal, interest, fees and other amounts) to the Assignor for amounts which
have accrued to but excluding the Effective Date and to the Assignee for
amounts which have accrued from and after the Effective Date.

 

 

3.             General Provisions.  This Assignment and Assumption shall be
binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns.  This
Assignment and Assumption may be executed in any number of counterparts, which
together shall constitute one instrument. 
Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a
manually executed counterpart of this Assignment and Assumption.

 

THIS ASSIGNMENT AND
ASSUMPTION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

 

EXHIBIT E

 

FORM OF
OPINIONS OF GIBSON, DUNN & CRUTCHER, LLP AND BALLARD SPAHR

ANDREWS & INGERSOLL, LLP

 

 

EXHIBIT G

 

OPINION OF GIBSON, DUNN &
CRUTCHER LLP

 

August 1, 2007

 

	
  (212) 351-4000

  	
   

  	
  C 41736-00004

  

 

(212) 351-4035

 

Bank of America, N.A.,

as Administrative Agent for the

Lenders party to the Credit 

Agreement referred to below

 

Each of the Lenders

party to the Credit Agreement

referred to below

 

Re:                               Health
Care Property Investors, Inc.

— $1,500,000,000  Credit Agreement
dated as of August 1, 2007

 

Ladies and Gentlemen:

 

We have acted as counsel to Health Care Property Investors, Inc.,
a Maryland corporation (the “Company”), in connection with the Credit
Agreement dated as of August 1, 2007 (the “Credit Agreement”) among
the Company, the lenders party thereto (the “Lenders”), and Bank of
America, N.A., as Administrative Agent (the “Administrative Agent”; and,
together with the Lenders, the “Lender Parties”).  Terms defined in the Credit Agreement and not
otherwise defined herein are used herein as therein defined.

 

In rendering this opinion,
we have examined originals or copies, certified or otherwise identified to our
satisfaction as being true copies, of the following documents and instruments:

 

 

(i)        the Credit Agreement, including the Schedules and Exhibits
thereto; and

 

(ii)       the Notes dated as of August 1, 2007 (the “Notes”)
made by the Company payable to the order of the Lenders.

 

The Credit Agreement and the Notes are referred to herein collectively
as the “Financing Documents”.

 

We have assumed without independent investigation that:

 

(a)   The signatures
on all documents examined by us are genuine, all individuals executing such
documents had all requisite legal capacity and competency and were duly
authorized to do so; the documents submitted to us as originals are authentic
and the documents submitted to us as certified or reproduction copies conform to
the originals;

 

(b)   The Company is
a validly existing corporation in good standing under the laws of the State of
Maryland; and

 

(c)   The Company has
all requisite power and authority to execute, deliver and perform its
obligations under each of the Financing Documents; the execution and delivery
of the Financing Documents by the Company and performance of its obligations
thereunder have been duly authorized by all necessary corporate action on the
part of the Company; the Financing Documents have been duly executed and
delivered by the Company; and, except as expressly covered by our opinions in
Paragraphs 2, 3, 4 and 5, the execution, delivery and performance by the
Company of the Financing Documents do not violate any law, regulation, order,
judgment or decree applicable the Company.

 

We understand that you have received the legal opinion of Ballard Spahr
Andrews & Ingersoll, LLP, special Maryland counsel to the Company,
with respect to, among other matters, certain of the matters described in
clauses (b) and (c) above.

 

In rendering this opinion, we have made such inquiries and examined,
among other things, originals or copies, certified or otherwise identified to
our satisfaction, of such records, agreements, certificates, instruments and
other documents as we have considered necessary or appropriate for purposes of
this opinion.  As to certain factual
matters, we have relied to the extent we deemed appropriate and without
independent investigation upon the representations and warranties of the
Company in the Credit Agreement, a certificate of officers of the Company (the “Officers’
Certificate”) or certificates obtained from public officials and others.

 

Based on the foregoing and in reliance thereon, and subject to the
assumptions, exceptions, qualifications and limitations set forth herein, we
are of the opinion that:

 

 

1.     Each Financing Document constitutes a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with
its terms.

 

2.     The execution and delivery by the Company of the Financing
Documents, and the performance of its obligations thereunder, do not (i) based
solely upon review of the orders, judgments or decrees identified to us in the
Officers’ Certificate as constituting all orders, judgments or decrees binding
on the Company, which are listed in Schedule B hereto (each, a “Governmental
Order”), violate any Governmental Order, or (ii) result in a breach of
or default under any contract of the Company or any of its subsidiaries that is
filed as an exhibit to the periodic reports of the Company under the Securities
and Exchange Act of 1934, as amended (the “1934 Act”), and will not
result in or require the creation of any lien on the property of the Company or
a subsidiary thereof under any such contract.

 

3.     The execution and delivery by the Company of the Financing
Documents, and the performance of its obligations thereunder, do not violate,
or require any filing with or approval of any governmental authority or
regulatory body of any of the States of California or New York or the United
States of America under, any law or regulation of the States of California or
New York or the United States of America applicable to the Company that, in our
experience, is generally applicable to transactions in the nature of those
contemplated by the Financing Documents.

 

4.     The Company is not required to register as an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

5.     The execution and delivery by the Company of the Financing
Documents, and the performance of its obligations thereunder, do not result in
a breach or violation of Regulation U or X of the Board of Governors of the
Federal Reserve System.  Regulation T of
the Board of Governors of the Federal Reserve System (“Regulation T”)
does not apply to any Lender that is not a “creditor” (as defined in Regulation
T).  Regulation T defines “creditor” as
any broker or dealer (as defined in sections 3(a)(4) and 3(a)(5) of
the 1934 Act), any member of a national securities exchange, or any person
associated with a broker or dealer (as defined in section 3(a)(18) of the 1934
Act), except for business entities controlling or under common control with the
creditor.

 

The foregoing opinions are subject to the following exceptions, qualifications
and limitations:

 

A.    We render no opinion herein as to matters involving the laws of
any jurisdiction other than (i) the State of New York, (ii) the
United States of America, and (iii) for purposes of Paragraph 3 above, the
State of California.  This opinion is limited to the effect of the
present state of the laws of the State of New York, the United States of
America and, to the limited extent set forth above, the State of California,
and the facts as they currently exist. 
We assume no obligation to revise or supplement this opinion in the
event of future changes in such laws or the interpretations thereof or such
facts.  Except as expressly set forth in
Paragraphs 4 

 

 

and 5 above, we express no opinion regarding the Securities Act of 1933,
as amended,  or any other federal
or state securities laws or regulations.

 

B.    Our opinion set forth in Paragraph  1 is subject to
(i) the effect of any bankruptcy, insolvency, reorganization, moratorium,
arrangement or similar laws affecting the rights and remedies of creditors
generally (including, without limitation, the effect of statutory or other laws
regarding fraudulent transfers or preferential transfers or distributions by
corporations to stockholders), and (ii) general principles of equity, including
without limitation concepts of materiality, reasonableness, good faith and fair
dealing and the possible unavailability of specific performance, injunctive
relief or other equitable remedies regardless of whether enforceability is
considered in a proceeding in equity or at law.

 

C.    We express no opinion
regarding the effectiveness of (i) any waiver (whether or not stated as
such) contained in the Financing Documents of, or any consent therein relating
to, unknown future rights or the rights of any party thereto existing, or
duties owing to it, as a matter of law; (ii) any waiver (whether or not
stated as such) contained in the Financing Documents of rights of any party, or
duties owing to it, that is broadly or vaguely stated or does not describe the right
or duty purportedly waived with reasonable specificity; (iii) provisions
relating to indemnification, exculpation or contribution, to the extent such
provisions may be held unenforceable as contrary to public policy or federal or
state securities laws or due to the negligence or willful misconduct of the
indemnified party; (iv) any provision in any Financing Document waiving
the right to object to venue in any court; (v) any agreement to submit to
the jurisdiction of any Federal Court; (vi) any provision purporting to
establish evidentiary standards; (vii) any
power of attorney granted under the Financing Documents; (viii) any rights
of setoff (other than such as are provided by Section 151 of the Civil
Code of the State of New York, as interpreted by applicable judicial decisions);
or (ix) the availability of damages or other remedies not specified in the
Financing Documents in respect of breach of any covenants (other than covenants
relating to the payment of principal, interest, indemnities and expenses).

 

E.     For purposes of our opinion in Paragraph 5, we have assumed
without independent investigation that: (i) the representation and
warranty of the Company set forth in Section 5.14 of the Credit Agreement
is and will be true and correct at all relevant times and (ii) less than
25% of the value of the assets of the Company and its Subsidiaries taken as a
whole, or of any of the Company and any of its Subsidiaries, individually,
subject to the negative covenants of the Credit Agreement consist and will consist
of “margin stock” within the meaning of Regulations U or X of the Board of
Governors of the Federal Reserve System at all relevant times.  Our opinion in Paragraph 7 is subject to (and
we express no opinion in respect of) any requirement applicable to the
Administrative Agent or any Lender to obtain in good faith a Form FR U-1
or FR G-3 signed by the Company.  Except
as expressly set forth in Paragraph 5, we express no opinion with respect to
Regulation T of the Board of Governors of the Federal Reserve System.

 

F.     In rendering our opinion expressed in Paragraph 2, insofar as it
requires interpretation of the contracts described in Paragraph 2, we express
no opinion with respect 

 

 

to the compliance by the Company with, or any financial
calculations or data in respect of, financial covenants included in any such
contract.  Further, we call to your
attention that the contracts described in Paragraph 2 may include an election
of the law of a jurisdiction other than the State of New York to govern the interpretation
of such contracts.  We express no opinion
herein as to which law would be applied to govern the interpretation of such
contacts, and we assume that the law of the State of New York is applied to
govern the interpretation of such contracts.

 

This opinion is rendered to the Lender Parties in connection with the
Financing Documents and may not be relied upon by any person other than the
Lender Parties or by the Lender Parties in any other context.  The Lender Parties may not furnish this
opinion or copies hereof to any other person except (i) to bank examiners
and other regulatory authorities should they so request in connection with
their normal examinations, (ii) to the independent auditors and attorneys
of the Lender Parties, (iii) pursuant to order or legal process of any
court or governmental agency, (iv) in connection with any legal action to
which any Lender Party is a party arising out of the transactions contemplated
by the Financing Documents, or (v) to potential permitted assignees or participants
for their information (and potential permitted assignees who become Lenders may
rely on this opinion as if it were addressed to them (provided that such
delivery shall not constitute a re-issue or reaffirmation of this opinion as of
any date after the date hereof)).   This
opinion may not be quoted without the prior written consent of this Firm.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GIBSON, DUNN & CRUTCHER LLP

  

 

BDK/CRM/NG

 

 

 

	
  LAW OFFICES

  	
   

  	
   

  
	
  BALLARD
  SPAHR ANDREWS & INGERSOLL, LLP

  	
   

  	
  PHILADELPHIA, PA

  
	
  300 EAST LOMBARD STREET,
  18TH FLOOR

  	
   

  	
  DENVER, CO

  
	
  BALTIMORE, MARYLAND
  21202-3268

  	
   

  	
  SALT LAKE CITY, UT

  
	
  410-528-5600

  	
   

  	
  VOORHEES, NJ

  
	
  FAX: 410-528-5650

  	
   

  	
  WASHINGTON, DC

  
	
  WWW.BALLARDSPAHR.COM

  	
   

  	
  WILMINGTON, DE

  

 

August 1, 2007

 

Bank of America, N.A.

 

Re:          $1,500,000,000
Credit Agreement, dated as of August 1, 2007 (“Credit Agreement”), by and
among Health Care Property Investors, Inc., a Maryland corporation (the “Borrower”),
the lending institutions that are parties thereto (individually a “Lender” and
collectively the “Lenders”), and Bank of America, N.A., as Administrative
Agent, Swing Line Lender, L/C/ Issuer and Alternative Currency Fronting Lender
and certain other parties named therein

 

Ladies and Gentlemen:

 

We have acted as Maryland corporate counsel to the
Borrower in connection with the transactions evidenced and contemplated by the
Credit Agreement and the other loan documents, if any, referred to on Schedule
1 attached hereto (collectively with the Credit Agreement, the “Loan Documents”).
Capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Credit Agreement.

 

We understand that the Borrower is being represented
in this matter by Gibson, Dunn & Crutcher LLP, and we understand that,
except for those issues specifically opined to herein, you will be relying upon
the opinion of Gibson, Dunn & Crutcher LLP pertaining to the legality,
binding effect and enforceability of the Credit Agreement, the other Loan
Documents and any other instruments or documents to which the Borrower may be a
party.

 

In our capacity as Maryland corporate counsel to the
Borrower, and for purposes of this opinion, we have examined the following:

 

(i)            the corporate
charter of the Borrower (the “Borrower Charter”) represented by Articles of
Restatement filed with the State Department of Assessments and Taxation of
Maryland (the “Department”) on August 2, 2004 and Articles of Merger of
HCP QRS (TEMP), Inc. with and into the Borrower filed with the Department
on November 30, 2004;

 

 

(ii)           the Fourth Amended and
Restated Bylaws of the Borrower dated as of September 20, 2006 (the “Borrower
Bylaws”);

 

(iii)          minutes of organizational
action of the Board of Directors of the Borrower, dated as of March 21,
1985 (the “Borrower Organizational Minutes”);

 

(iv)          resolutions adopted by the
Board of Directors of the Borrower dated as of June 3, 2007 (the “Borrower
Directors’ Resolutions”);

 

(v)           copies of the fully executed
Loan Documents;

 

(vi)          a status certificate of the
Department, dated as of a recent date, to the effect that the Borrower is duly
incorporated and existing under the laws of the State of Maryland and is duly
authorized to transact business in the State of Maryland;

 

(vii)         a certificate of Edward J.
Henning, Senior Vice President and Corporate Secretary of the Borrower and Mark
A. Wallace, Senior Vice President and Chief Financial Officer of the Borrower,
of even date herewith (the “Borrower Officer Certificate”), to the effect that,
among other things, the Borrower Charter, the Borrower Bylaws, the Borrower
Organizational Minutes and the Borrower Directors’ Resolutions are true,
correct and complete, have not been rescinded or modified and are in full force
and effect on the date of the Borrower Officer Certificate, and certifying as
to, among other things, the manner of adoption of the Borrower Directors’
Resolutions and the form, approval, execution, and delivery of the Loan
Documents to which Borrower is a party; and

 

(viii)        such other documents and
matters as we have deemed necessary and appropriate to render the opinions set
forth in this letter, subject to the limitations, assumptions, and
qualifications noted below.

 

Insofar as the opinions and other matters set forth
herein constitute, or are based upon, factual matters, we have relied solely
upon the Officers’ Certificates and our knowledge. The words “our knowledge”
signify that, in the course of our representation of the Borrower as Maryland
corporate counsel in matters with respect to which we have been engaged by the Borrower
as Maryland corporate counsel, no information has come to our attention that
would give us actual knowledge or actual notice that the Officers’ Certificates
on which we have relied are not accurate and complete. We have undertaken no
independent investigation or verification of any such factual matters. The
words “our knowledge” are intended to be limited to the knowledge of the
lawyers within our firm who have rendered services to the Borrower in connection
with the Loan Documents.

 

In reaching the opinions set forth below, we have
assumed the following:

 

2

 

(a)           each person executing any
instrument, document or agreement on behalf of any party (other than the
Borrower) is duly authorized to do so;

 

(b)           each natural person
executing any instrument, document, or agreement is legally competent to do so;

 

(c)           there are no material
modifications of, or amendments to, the Loan Documents;

 

(d)           all documents submitted to
us as originals are authentic; all documents submitted to us as certified,
facsimile or photostatic copies conform to the original document; the form and
content of any documents submitted to us as unexecuted drafts do not differ in
any respect relevant to the opinion from such documents as executed and
delivered; all signatures of parties other than the Borrower on all documents
submitted to us for examination are genuine, and all public records reviewed
are accurate and complete;

 

(e)           all certificates, including
the Officers’ Certificates, submitted to us are true and correct, both when
made and as of the date hereof;

 

(f)            each of the parties (other
than the Borrower) executing any of the Loan Documents has duly authorized and
validly executed and delivered each of the Loan Documents to which such party
is a signatory, and such party’s obligation set forth therein are legal, valid
and binding and are enforceable in accordance with their respective terms;

 

(g)           all representations and
warranties made by the Borrower (other than representations and warranties of
the Borrower as to legal matters on which opinions are rendered herein) are
true and correct; and

 

(h)           consummation of the
transactions contemplated by the Credit Agreement and the other Loan Documents
will result in receipt by the Borrower of good and valuable consideration, and
such transactions are fair and reasonable to the Borrower.

 

Based on our review of the foregoing and subject to
the assumptions and qualifications set forth herein, it is our opinion that, as
of the date of this letter:

 

1.             Borrower has been duly
incorporated and is validly existing as a corporation in good standing under
the laws of the State of Maryland.

 

2.             Borrower has the requisite
corporate power to own, or hold under lease, its assets and conduct its
business as described in its charter, and to execute and deliver the Loan
Documents to which it is a party and to carry out the terms and conditions
thereof applicable to it.

 

3

 

3.             The execution and delivery
by Borrower of the Loan Documents to which it is a party have been duly
authorized by all necessary corporate action on the part of the Borrower under
the Borrower Charter and the Borrower Bylaws and under the Maryland General
Corporation Law (“MGCL”); and such Loan Documents have been duly executed, and
to our knowledge, delivered by Borrower.

 

4.             The execution and delivery
by Borrower of the Loan Documents to which it is a party will not conflict with
or result in a violation of the Borrower Charter or the Borrower Bylaws, or the
MGCL.

 

The opinions presented herein are limited to the
laws of the State of Maryland, and we do not express any opinion herein
concerning any laws other than the laws of the State of Maryland. Furthermore,
the opinions presented herein are limited to the matters specifically set forth
herein and no other opinion shall be inferred beyond the matters expressly
stated. Without limiting the generality of the foregoing sentence, we express
no opinion with respect to the legality, binding effect or enforceability of
the Credit Agreement or any other of the Loan Documents.

 

This opinion letter is issued as of the date hereof
and is necessarily limited to laws now in effect and facts and circumstances
presently existing and brought to our attention. We assume no obligation to
supplement this opinion letter if any applicable laws change after the date
hereof, or if we become aware of any facts or circumstances which now exist or
which occur or arise in the future and may change the opinions expressed herein
after the date hereof.

 

The opinions expressed in this letter are solely for
your use in connection with the transactions evidenced and contemplated by the
Loan Documents and may not be relied upon for any other purposes or by any
other person or entity without our prior written consent. We consent, however,
to reliance on this letter by each entity which is a Lender on the date hereof
or becomes a Lender under the Credit Agreement pursuant to Section 10.06
of the Credit Agreement, as amended, and its respective successors, and by
Gibson, Dunn & Crutcher LLP in rendering its opinion to you in
connection with the Loan Documents. We also consent to a Lender delivering
copies of this letter to any regulating authority having jurisdiction over such
Lender; however, we do not consent to reliance on this letter by any such
regulating authority.

 

	
   

  	
  Very truly yours,

  
	
   

  	
  

  
			

 

4

 

SCHEDULE 1 

 

Loan Documents

 

1.     Promissory Note of Borrower
dated August 1, 2007 in favor of Wells Fargo Bank, N.A.

 

2.     Promissory Note of Borrower
dated August 1, 2007 in favor of KeyBank National Association.

 

3.     Promissory Note of Borrower
dated August 1, 2007 in favor of MidFirst Bank.

 

4.     Promissory Note of Borrower
dated August 1, 2007 in favor of the Bank of New York.

 

5.     Promissory Note of Borrower
dated August 1, 2007 in favor of Bank of the West.

 

6.     Promissory Note of Borrower
dated August 1, 2007 in favor of Mega International Commercial Bank Co.
Ltd., Los Angeles Branch.

 

7.     Promissory Note of Borrower
dated August 1, 2007 in favor of Bank of America, N.A.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]