Document:

Exhibit 10.6

EXECUTION COPY

SECOND AMENDMENT TO UNSECURED TERM CREDIT AGREEMENT
This Second Amendment to Unsecured Term Credit Agreement (this “Amendment”) is made as of September 24, 2013 (the “Amendment Effective Date”), by and among BIOMED REALTY, L.P., a Maryland limited partnership (“Borrower”), KEYBANK NATIONAL ASSOCIATION, as “Administrative Agent,” and such of the lenders (“Lenders”) party to the Loan Agreement (defined below) constituting the Requisite Lenders under the Loan Agreement, and, solely for the purpose of agreeing to the terms and conditions of Section 5 below, BIOMED REALTY TRUST, INC., a Maryland corporation (“Guarantor”).
R E C I T A L S
A.    Borrower, Administrative Agent, the Lenders executing this Amendment and certain other Lenders have entered into that certain Unsecured Term Credit Agreement dated as of March 30, 2012, as amended by that certain First Amendment to Unsecured Term Credit Agreement dated as of August 2, 2012 (as it may be further amended, the “Loan Agreement”).  All capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Loan Agreement.
B.    Borrower has requested that Administrative Agent and Lenders agree to amend the Loan Agreement as provided herein.
NOW, THEREFORE, with reference to the foregoing Recitals, all of which are incorporated herein by this reference, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
AGREEMENTS
1.Amendments to Defined Terms.  The following Definitions from Article 1 of the Loan Agreement are modified as follows:
A.    The defined term “Adjusted EBITDA” is hereby deleted in its entirety and replaced with the following:
“Adjusted EBITDA” means, as of any date, (a) EBITDA with respect to the Consolidated Group for the most recent Fiscal Quarter for which financial results have been reported less (b) Capital Reserves for all Income-Producing Projects owned by a member of the Consolidated Group or an Investment Affiliate divided by four (4).
B.    The defined term “Adjusted NOI” is hereby deleted in its entirety and replaced with the following:
“Adjusted NOI” means, as of any date with respect to any Project or group of Projects, an annualized amount determined by multiplying four (4) times NOI of such Project or group 

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of Projects for the most recent Fiscal Quarter for which financial results have been reported and deducting therefrom the then-current annualized Capital Reserves with respect to such Project or group of Projects.  For any Project or group of Projects that were either (i) acquired by the Consolidated Group after the first day of the Fiscal Quarter on which such Adjusted NOI is based, or (ii) first opened for occupancy after the first day of such Fiscal Quarter, the Adjusted NOI for such Project for such Fiscal Quarter shall be deemed to be increased by the per diem Adjusted NOI for such Project after acquisition or opening times the number of days in such Fiscal Quarter prior to the date of acquisition or the date such Project was first opened for occupancy.
C.    The defined term “Adjusted Unencumbered NOI” is hereby deleted in its entirety and replaced with the following:
“Adjusted Unencumbered NOI” means, as of any date, Adjusted NOI attributable to Unencumbered Projects.
D.    The defined term "Base Rate" is hereby deleted in its entirety and replaced with the following:
“Base Rate” means, as of any date of determination and as to any Type of Loan, the rate per annum equal to the highest of (a) the Prime Rate in effect on such date plus the then-current applicable “Base Rate Margin” as set forth in Schedule 1.2 and (b) the Federal Funds Effective Rate in effect on such date plus one-half of 1% (50 basis points) plus the then-current applicable “Base Rate Margin” set forth in Schedule 1.2, and (c) the LIBOR Base Rate for a one-month LIBOR Period commencing on such date plus the then-current applicable “LIBOR Rate Margin” set forth in Schedule 1.2.
E.    The defined term “Capitalization Rate” is hereby deleted in its entirety and replaced with the following:
“Capitalization Rate” means (i) seven and one-quarter percent (7.25%) with respect to all Projects other than the CFLS Project, or (ii) six and one-quarter percent (6.25%) with respect to the CFLS Project.
F.    The defined term “EBITDA” is hereby deleted in its entirety and replaced with the following:
“EBITDA” means, with respect to any Person for any Fiscal Quarter, the Net Income of such Person (from operations and from discontinued operations) for that Fiscal Quarter, plus the following amounts to the extent they were deducted in calculating such Person’s Net Income and minus the following amounts to the extent they were added in calculating such Person’s Net Income, (i) interest, income taxes, minority interests, Preferred Distributions, 

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depreciation and amortization, (ii) provisions for gains and losses on sale of investments and joint ventures, (iii) provisions for gains and losses on the disposition of discontinued operations, (iv) rent adjustments and amortization of intangibles required by acquisition accounting rules pursuant to GAAP, (v) transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP (vi) impairment charges, property valuation losses, gains and/or losses related to the extinguishment of debt and non-cash charges necessary to record interest rate contracts at fair value, (vii) all other non-cash expenses (including non-cash compensation, non-cash severance, foreign exchange losses and other non-cash restructuring charges, to the extent not actually paid as a cash expense), (viii) extraordinary or non-recurring items, and (ix) the effect of any adjustment resulting from a change in accounting principles in determining Net Income for such period of such Person for that Fiscal Quarter, in each case as determined on a consolidated basis in accordance with Generally Accepted Accounting Principles; provided, that in performing the foregoing calculation of EBITDA with respect to the Consolidated Group, that portion of EBITDA attributable to the Consolidated Group’s equity interests in any Investment Affiliates shall be deducted, and the applicable Consolidated Group Pro Rata Share of EBITDA in each such Investment Affiliate shall be added back into the calculation.
G.    The defined term “Funds From Operations” is hereby deleted in its entirety and replaced with the following:
“Funds From Operations” with respect to any fiscal period means (i) Net Income (or, if applicable, net deficit under GAAP); (ii) less gains from property sales; (iii) plus losses from property sales; (iv) plus depreciation and amortization, including applicable amounts attributed from Projects owned by Investment Affiliates; (v) plus Preferred Distributions and costs incurred in connection therewith; and (vi) plus minority interest of exchangeable operating partnership units as provided under GAAP, but, in each case under clauses (ii) through (vi) without duplication and only to the extent that such items were included in or excluded from the determination of Net Income or net deficit, as applicable.  For purposes of calculating Funds From Operations, gains and/or losses related to the extinguishment of debt and derivatives will be excluded.
H.    The defined term “Gross Asset Value” is hereby deleted in its entirety and replaced with the following:
“Gross Asset Value” means, as of any day, an amount equal to the sum of the following assets then owned (or leased pursuant to a Mortgageable Ground Lease) by a member of the Consolidated Group or an Investment Affiliate and valued as follows: (i) Adjusted NOI attributable to Projects owned (or leased pursuant to a Mortgageable Ground Lease) by a member of the Consolidated Group (or the Consolidated Group Pro Rata Share thereof with respect to Projects owned (or leased pursuant to a Mortgageable Ground Lease) by an 

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Investment Affiliate) (excluding any such portion of such Adjusted NOI attributable to (a) Projects that (1) were Unstabilized Projects at any time during the Fiscal Quarter with respect to which Adjusted NOI is determined, and (2) are not ground leased to a third party, (b) New Projects, or (c) Projects disposed of during or after such Fiscal Quarter), divided by the Capitalization Rate; plus, without duplication, (ii) with respect to each such Project that was an Unstabilized Project and is not ground leased to a third party, the greater of (a) the portion of such Adjusted NOI attributable to such Project (or the Consolidated Group Pro Rata Share thereof with respect to any such excluded Project owned (or leased pursuant to a Mortgageable Ground Lease) by an Investment Affiliate), divided by the Capitalization Rate and (b) the GAAP Cost Basis (or the Consolidated Group Pro Rata Share thereof with respect to any such excluded Project owned (or leased pursuant to a Mortgageable Ground Lease) by an Investment Affiliate) in such Project; plus (iii) the GAAP Cost Basis of all New Projects (or the Consolidated Group Pro Rata Share thereof with respect to any such New Project owned (or leased pursuant to a Mortgageable Ground Lease) by an Investment Affiliate); plus (iv) the GAAP Cost Basis of all land, or rights in land, that do not constitute a Project as of such date (or the Consolidated Group Pro Rata Share thereof with respect to any such land, or rights in land, owned (or leased pursuant to a Mortgageable Ground Lease) by an Investment Affiliate) (provided that the amount contributed to Gross Asset Value under this clause (iv) shall not exceed 10% of the total Gross Asset Value); plus (v) Note Receivables which are Permitted Investments per the terms of Section 6.13(e) hereof (provided that the amount contributed to Gross Asset Value under this clause (v) shall not exceed 10% of the total Gross Asset Value); plus (vi) cash and Cash Equivalents of the Consolidated Group as of such date of determination.  For purposes of determining Gross Asset Value, Projects with negative Adjusted NOI shall be excluded from clause (i) of the preceding sentence.
I.    The defined term “Guarantee” or “Guaranteed Obligation” is hereby deleted in its entirety and replaced with the following:
“Guarantee” or “Guaranteed Obligation” means, as to any Person, any (a) guarantee by that Person of Indebtedness of, or other obligation performable by, any other Person or (b) assurance given by that Person to an obligee of any other Person with respect to the performance of an obligation by, or the financial condition of, such other Person, whether direct, indirect or contingent, including any purchase or repurchase agreement covering such obligation or any collateral security therefor, any agreement to provide funds (by means of loans, capital contributions or otherwise) to such other Person, any agreement to support the solvency or level of any balance sheet item of such other Person or any “keep‐well” or other arrangement of whatever nature given for the purpose of assuring or holding harmless such obligee against loss with respect to any obligation of such other Person; provided, however, that the term Guaranteed Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business.  The amount of any Guaranteed Obligation in respect of Indebtedness shall be deemed to be an amount equal to the stated 

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or determinable amount of the related Indebtedness (unless the Guaranteed Obligation is limited by its terms to a lesser amount, in which case to the extent of such amount) or, if not stated or determinable, the reasonably anticipated liability in respect thereof as determined by the Person in good faith pursuant to Generally Accepted Accounting Principles.
J.    The defined term “Indebtedness” is hereby deleted in its entirety and replaced with the following:
“Indebtedness” means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) all obligations of such Person, whether or not for money borrowed (i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional sales contracts or other similar instruments, that are issued or assumed as full or partial payment for Property or services rendered (but excluding trade payables and liabilities that arise in the ongoing course of business); (c) Capital Lease Obligations of such Person; (d) all reimbursement obligations of such Person under any letters of credit or acceptances (whether or not the same have been presented for payment); (e) all off-balance sheet obligations of such Person; (f) all non-contingent obligations of such Person in respect of any repurchase obligation, takeout commitment or forward equity commitment, in each case evidenced by a binding agreement (it being understood that the term “Indebtedness” shall not include trade payables incurred in the ordinary course of business or obligations of such Person under purchase agreements pertaining to potential acquisition by such Person of additional real properties (and related assets)); (g) net mark to market exposure of such Person under any interest rate protection agreement (including, without limitation, any interest rate swaps, caps, floors, collars and similar agreements) and currency swaps and similar agreements; (h) all Indebtedness of other Persons which such Person has Guaranteed or is otherwise recourse to such Person (except for guaranties of customary non-recourse “carve-out” exceptions for fraud, misapplication of funds, failure to procure insurance, failure to pay property taxes, the unauthorized sale of a Project, the applicable lender’s costs of enforcement of its loan documents, protective advances made by a lender, voluntary bankruptcy, environmental indemnities and other similar exceptions to recourse liability (but not exceptions relating to involuntary bankruptcy, insolvency, receivership or other similar events)); and (i) all Indebtedness of another Person secured by any Lien on Property owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness or other payment obligation, provided however that the amount of Indebtedness attributed to the Person owning the Property subject to such Lien shall be limited to the value of such Property.  For the avoidance of doubt, Indebtedness shall not include premiums or discounts related to ASC 805 or arising from the terms of any senior 

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unsecured debt issued by Borrower.  If (a) Indebtedness exists as to any member of the Consolidated Group; (b) any member of the Consolidated Group provides collateral in the form of cash or Cash Equivalents to secure such Indebtedness (including by depositing such cash or Cash Equivalents into an escrow or deposit account for the benefit of the holder of such Indebtedness) and (c) Borrower elects in a writing delivered to the Administrative Agent to exclude such Indebtedness from Indebtedness, then for purposes of Borrower’s covenants (x) such Indebtedness (up to the amount of such cash or Cash Equivalents) shall be excluded from Indebtedness; (y) such cash or Cash Equivalents shall be deemed not to be an asset of any member of the Consolidated Group and (z) any Lien in relation to such cash or Cash Equivalents shall not be a Lien for purposes of this Agreement.
K.    The defined term “Lien” is hereby deleted in its entirety and replaced with the following:
“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, lien or charge of any kind, whether voluntarily incurred or arising by operation of Law or otherwise, affecting any Property, including any conditional sale or other title retention agreement, any financing lease in the nature of a security interest, and/or the filing of any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a security interest) under the Uniform Commercial Code or comparable Law of any jurisdiction with respect to any Property.
L.    The defined term “Mortgageable Ground Lease” is hereby deleted in its entirety and replaced with the following:
“Mortgageable Ground Lease” means any of the following: (i) any lease (a) which is a direct lease granted by the fee owner of the applicable Project, (b) which has a remaining term, as of the date such Project becomes an Unencumbered Project, of not less than thirty (30) years, including extension options which are exercisable solely at the discretion of the lessee thereunder, (c) under which no material default has occurred and is continuing, (d) with respect to which a leasehold mortgage may be granted, and (e) which the Administrative Agent has otherwise reasonably determined is financeable, and (ii) each of the following leases (as amended from time to time), but only if such lease is not amended to shorten the term of such lease and no material default under such lease has occurred and is continuing: (A) Lease Agreement dated as of April 3, 2007, as amended by the First Amendment to Lease dated as of August 18, 2008, between University City Science Center, a Pennsylvania non-profit corporation, and Wexford-UCSC II, LP, a Delaware limited partnership, for Units 1-4 of the 3711 Market Research Condominium located at 3711 Market Street, Philadelphia, Pennsylvania, and (B) Lease Agreement dated as of April 3, 2007 between University City Science Center, a Pennsylvania non-profit corporation, and Wexford-UCSC II, LP, a 

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Delaware limited partnership, for Units 6-7 of the 3711 Market Research Condominium located at 3711 Market Street, Philadelphia, Pennsylvania.
M.    The defined term “Net Worth” is hereby deleted in its entirety.
N.    The defined term “Non-Recourse Indebtedness” is hereby deleted in its entirety and replaced with the following:
“Non-Recourse Indebtedness” means (i) Indebtedness for which the liability of the obligor thereunder (except with respect to fraud, Hazardous Materials Laws liability and other customary non-recourse “carve-out” exceptions) either is contractually limited to collateral securing such Indebtedness or is so limited by operation of Law, and (ii) Indebtedness pursuant to which both: (A) none of Borrower, Guarantor or Wexford Science & Technology, LLC guarantees the repayment of such Indebtedness, and (B) the obligor under which is a Subsidiary of Borrower and substantially all of the assets of such obligor consist of one Project and assets related to such Project.
O.    The defined term “Permitted Business Activity” is hereby deleted into its entirety and replaced with the following:
“Permitted Business Activity” means (a) the acquisition, development, renovation, ownership, leasing, sale, operation and management of (i) buildings, groups of buildings or condominium units in, or that are comprised of, one or more buildings, that in any case are primarily used or intended to be used for office, office/laboratory, research, or manufacturing purposes and related building amenities and ancillary uses (like a datacenter), (ii) improvements providing services or amenities ancillary to the foregoing, and (iii) parking garages and parking spaces related to clauses (i) and (ii), and (b) additional Permitted Investments expressly permitted under Section 6.13.
P.    The defined term “Project” is hereby deleted in its entirety and replaced with the following:
“Project” means any parcel of real property or interest in any parcel of real property located in (i) the 48 states that comprise the continental United States of America, or (ii) the District of Columbia, or (iii) the United Kingdom, or (iv) France, or (v) Germany, or (vi) Switzerland, which in each case is owned, leased or operated (in each case in whole or in part) by Borrower, or any of its Subsidiaries or Investment Affiliates and which is improved or being improved, or has been ground leased to a third party who is expected to improve such parcel or interest, with (a) a building or buildings primarily used or intended to be used for office, office/laboratory, research, warehouse, residential, retail, hospitality, educational, parking, or manufacturing purposes or other ancillary purposes or (b) parking spaces. If any member of the Consolidated Group or any Investment Affiliate owns, leases or operates less than all 

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of a Project, then the term “Project” shall mean and refer to that portion of such Project that such entity owns, leases or operates.
Q.    The defined term “Request for Loan” is hereby deleted in its entirety and replaced with the following:
“Request for Loan” means, as the case may be: (i) a written request for a Loan substantially in the form of Exhibit D-1 for Domestic Currency Advances and (ii) a written request for Loan in substantially the form of Exhibit D-2 for Foreign Currency Advances, in each case, signed by (a) a Senior Officer of Borrower, and properly completed to provide all information required to be included therein or (b) with respect to requests for the continuation of LIBOR Rate Loans only, an email request for such continuation provided by a Senior Officer of Borrower to the Administrative Agent.
R.    The defined term “Secured Indebtedness” is hereby deleted in its entirety and replaced with the following:
“Secured Indebtedness” means any Indebtedness of a Person that is (a) not owed to a member of the Consolidated Group and (b) secured by (i) a Lien on a Project or (ii) a pledge of any ownership interests in any other Person or on any other assets, provided that the portion of such Indebtedness included in “Secured Indebtedness” shall not exceed the aggregate value of the assets securing such Indebtedness at the time such Indebtedness was incurred.
S.    The defined term “Senior Officer” is hereby deleted in its entirety and replaced with the following:
“Senior Officer” means (a) the chief executive officer, (b) the president, (c) the chief operating officer, (d) the chief financial officer, (e) the chief accounting officer, (f) any senior vice president, (g) the vice president of finance, (h) any executive vice president, or (i) with respect to requests for the continuation of LIBOR Rate Loans only, the assistant treasurer, of any of the members of the Consolidated Group or of any of their corporate general partners or managing members, as applicable.
T.    The defined term “Stabilization” is hereby deleted in its entirety and replaced with the following: 
“Stabilization” means, as of any date with respect to any Project, that either (i) the entire Project, or in the case of a Redevelopment Project, the redeveloped portion thereof, was substantially completed one (1) year or more prior to such date or (ii) the entire Project has, as of such date, tenants in occupancy of eighty-five percent (85%) or more of the total Net Rentable Area thereof, each of which is either paying rent or is obligated to begin paying rent not later than ninety (90) days after the commencement date of such tenant’s lease.

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U.    The defined term “Subsidiary” is hereby deleted in its entirety and replaced with the following: 
“Subsidiary” means, as of any date of determination and with respect to any Person, (a) any corporation, limited liability company, partnership or other Person (whether or not, in any case, characterized as such or as a joint venture), whether now existing or hereafter organized or acquired: (i) in the case of a corporation, of which a majority of the securities having ordinary voting power for the election of directors or other governing body (other than securities having such power only by reason of the happening of a contingency) are at the time beneficially owned by such Person and/or one or more Subsidiaries of such Person, or (ii) in the case of a partnership or limited liability company, of which a majority of the partnership, membership or other ownership interests are at the time beneficially owned by such Person and/or one or more of its Subsidiaries; or (b) any other Person the accounts of which are consolidated with the accounts of the designated parent.
V.    The defined term “Total Unencumbered Asset Value” is hereby deleted in its entirety and replaced with the following:
“Total Unencumbered Asset Value” means, as of any day, an amount equal to the sum of the following amounts for assets then owned or leased under a Mortgageable Ground Lease by a member of the Consolidated Group or an Investment Affiliate and valued as follows: (i) Adjusted NOI attributable to Unencumbered Projects that are wholly owned (or wholly leased under a Mortgageable Ground Lease) by Borrower or a Wholly-Owned Subsidiary of Borrower divided by the Capitalization Rate (excluding, however, for purposes of this clause (i) and the following clauses (ii) and (iii) any such portion of such Adjusted NOI attributable to (a) Unencumbered Projects that (1) were Unstabilized Projects at any time during the Fiscal Quarter with respect to which Adjusted NOI is determined and (2) are not ground leased to a third party, (b) New Unencumbered Projects, or (c) Unencumbered Projects disposed of during or after such Fiscal Quarter); plus, without duplication (ii) the BioMed Pro Rata Share of Adjusted NOI attributable to Unencumbered Projects that are wholly owned (or wholly leased under a Mortgageable Ground Lease, or a combination of owned and leased under a Mortgageable Ground Lease) by a member of the Consolidated Group other than Borrower or a Wholly­Owned Subsidiary of Borrower, divided by the Capitalization Rate; plus (iii) the Consolidated Group Pro Rata Share of Adjusted NOI attributable to Unencumbered Projects that are wholly owned (or wholly leased under a Mortgageable Ground Lease) by an Investment Affiliate, divided by the Capitalization Rate, provided that in the case of clauses (ii) and (iii), if the aggregate amount to be contributed to Total Unencumbered Asset Value on account of the Unencumbered Projects described therein would exceed ten percent (10%) of Total Unencumbered Asset Value, the excess of such aggregate contribution over such maximum percentage shall be excluded; plus (iv) with respect to Unencumbered Projects excluded from clauses (i), (ii) and (iii) because they 

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are Unstabilized Projects and not ground leased to a third party, the greater of (a) the portion of such Adjusted NOI attributable to such Unstabilized Projects (or the BioMed Pro Rata Share or Consolidated Group Pro Rata Share, as the case may be, thereof with respect to any such Unstabilized Project owned by a member of the Consolidated Group other than Borrower or a Wholly-Owned Subsidiary of Borrower or owned by an Investment Affiliate), divided by the Capitalization Rate; and (b) the GAAP Cost Basis (or the BioMed Pro Rata Share or Consolidated Group Pro Rata Share, as the case may be, thereof with respect to any such Unstabilized Project owned by a member of the Consolidated Group other than Borrower or a Wholly-Owned Subsidiary of Borrower or owned by Investment Affiliate) in such Unstabilized Project, provided that, in the case of clause (iv), if the amount to be contributed to Total Unencumbered Asset Value on account of the Unencumbered Projects described in such clause would exceed ten percent (10%) of Total Unencumbered Asset Value, the excess of such contribution over such maximum percentage shall be excluded; plus (v) the GAAP Cost Basis (or the BioMed Pro Rata Share or Consolidated Group Pro Rata Share, as the case may be, thereof with respect to any unencumbered land or rights in land owned by a member of the Consolidated Group other than Borrower or a Wholly-Owned Subsidiary of Borrower or by an Investment Affiliate) of all unencumbered land, or interests in land, that do not constitute a Project, provided that, in the case of clause (v), if the amount to be contributed to Total Unencumbered Asset Value on account of the unencumbered land or interests in land described in such clause would exceed ten percent (10%) of Total Unencumbered Asset Value, the excess of such contribution over such maximum percentage shall be excluded; plus (vi) the GAAP Cost Basis of all New Unencumbered Projects for which Adjusted NOI has been reported and on or prior to such date of determination (or the BioMed Pro Rata Share or Consolidated Group Pro Rata Share, as the case may be, of such GAAP Cost Basis with respect to any New Unencumbered Project acquired by a member of the Consolidated Group other than Borrower or a Wholly-Owned Subsidiary of Borrower or by an Investment Affiliate), provided that with respect to each of the foregoing clauses of this sentence, if (X) the amount to be contributed to Total Unencumbered Asset Value on account of any single Unencumbered Project would exceed twenty percent (20%) of Total Unencumbered Asset Value, the excess of such contribution over such maximum percentage shall be excluded and (Y) the amount to be contributed to Total Unencumbered Asset Value on account of Foreign Projects would, in the aggregate, exceed fifteen percent (15%) of Total Unencumbered Asset Value, the excess of such contribution(s) over such maximum percentage shall be excluded; plus (vii) Unencumbered Note Receivables which are Permitted Investments per the terms of Section 6.13(e) hereof (valued at par value less impairments in accordance with GAAP, and if owned by an Investment Affiliate, only the Consolidated Group Pro Rata Share of such value); provided that, in the case of this clause (vii), if the amount to be contributed to Total Unencumbered Asset Value on account of the Unencumbered Note Receivables described in such clause would exceed ten percent (10%) of Total Unencumbered Asset Value, the excess of such 

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contribution over such maximum percentage shall be excluded plus (viii) cash and Cash Equivalents of the Consolidated Group that is not subject to any pledge, assignment or security interest in favor of a third party as of such date of determination.  For purposes of determining Total Unencumbered Asset Value, Unencumbered Projects with negative Adjusted NOI, shall be excluded from clauses (i), (ii) or (iii) above.
W.    The defined term “Unencumbered” is hereby deleted in its entirety and replaced with the following:
“Unencumbered” means, with respect to (i) any property, that such property (a) is owned or leased under a Mortgageable Ground Lease by Borrower, another member of the Consolidated Group or an Investment Affiliate, (b) is not subject to any Lien other than those Permitted Liens described in Subsections 6.14(a)-(f), (c) is not subject to any Negative Pledge, (d) is free of all unremediated material environmental and structural issues, (e) is not held by a Person any of whose direct or indirect equity interests are subject to a Permitted Lien described in Section 6.14(g) or a Negative Pledge unless a pari passu Lien has also been granted securing the Borrower’s Obligations under this Agreement, and (f) if such property is owned, directly or indirectly, by a member of the Consolidated Group other than Borrower or Guarantor or by an Investment Affiliate, such owner has not guaranteed the payment of any Indebtedness, unless such owner has also guaranteed the Obligations under this Agreement and/or (ii) any Note Receivables, that such Note Receivables (a) are owned by Borrower, another member of the Consolidated Group or an Investment Affiliate, (b) are not subject to any Lien (other than those Permitted Liens described in Subsections 6.14(a)-(f)) or any Negative Pledge, (c) the direct or indirect equity interests in the holder of Note Receivables are not subject to any Lien (other than those Permitted Liens described in Subsections 6.14(a)-(f)) or Negative Pledge, and (d) if such Note Receivable is owned, directly or indirectly, by a member of the Consolidated Group other than Borrower or Guarantor or by an Investment Affiliate, such owner has not guaranteed the payment of any Indebtedness, unless such owner has also guaranteed the Obligations under this Agreement.  If a given Project consists of (x) one or more portions that are Unencumbered and (y) one or more portions that are not Unencumbered, then those portion(s) of such Project that are Unencumbered property will constitute an Unencumbered Project provided that such portion(s) constitute a legally subdivided parcel of property (including, without limitation, a legally created condominium unit) that can be legally transferred independent of any other portions of said Project.
X.    The defined term “Unsecured Debt Service Coverage Ratio” is hereby deleted in its entirety and replaced with the following:

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“Unsecured Debt Service Coverage Ratio” means, as of any date, (a) an amount equal to (x) Adjusted Unencumbered NOI, plus (y) the Unencumbered Note Receivables Income, divided by (b) the Unsecured Debt Service Amount.
Y.    The defined term “Unsecured Revolving Credit Agreement” is hereby deleted in its entirety and replaced with the following: 
“Unsecured Revolving Credit Agreement” means that certain Amended and Restated Unsecured Credit Agreement dated as of September 24, 2013 by and among the Borrower, KeyBank and certain other lenders identified therein, as it may be further amended or modified from time to time.
2.    Additional Defined Terms.  Article 1 of the Loan Agreement is hereby amended by the addition of the following new defined terms having the following meanings as provided herein:
A.    “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.
B.    “GAAP Cost Basis” means, with respect to any asset, the Consolidated Group’s undepreciated GAAP cost basis in such asset.
C.    “New Project” means with respect to any Fiscal Quarter with respect to which Adjusted NOI is determined, any Project that was acquired after the first day of such Fiscal Quarter or any of the immediately preceding four (4) Fiscal Quarters, but excluding any Project that both (a) was acquired or opened during any of the immediately preceding four (4) Fiscal Quarters, and (b) with respect to which, within ten (10) Banking Days after such Project was acquired, Borrower delivered to Administrative Agent written notice electing not to treat such Project as a New Project.
D.    “New Unencumbered Project” means with respect to any Fiscal Quarter with respect to which Adjusted NOI is determined, any Unencumbered Project that was acquired after the first day of such Fiscal Quarter or during any of the immediately preceding four (4) Fiscal Quarters, but excluding any Project that both (a) was acquired or opened during any of the immediately preceding four (4) Fiscal Quarters, and (b) with respect to which, within ten (10) Banking Days after such Unencumbered Project was acquired, Borrower delivered to Administrative Agent written notice electing not to treat such Project as a New Unencumbered Project.

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E.    “Note Receivables” means note receivables from loans to borrowers which are not Affiliates of the Borrower or any other member of the Consolidated Group.
F.    “Permitted Investments” is defined in Section 6.13.
G.    “Unencumbered Note Receivables” means Note Receivables that are Unencumbered.
H.    “Unencumbered Note Receivables Income” means, as of any date, an annualized amount determined by multiplying four (4) times the interest income on account of Unencumbered Note Receivables actually received by Borrower or another member of the Consolidated Group (or the Consolidated Group Pro Rata Share thereof with respect to actual interest income on account of Unencumbered Note Receivables actually received by an Investment Affiliate) for the most recent Fiscal Quarter for which financial results have been reported.
3.    Amendments to Loan Agreement.  The Loan Agreement is hereby amended as follows:
A.    Loans.  Section 2.1(b) of the Loan Agreement is hereby amended by adding the phrase “or prepaid” at the end of the last sentence of such Section.  Section 2.1(j) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
“(j) A Request for Loan shall be irrevocable upon the Administrative Agent’s first notification thereof, unless otherwise agreed to by the Administrative Agent.”
B.    Increase in Aggregate Commitment.  Section 2.8(vi) and 2.8(vii) are hereby deleted in their entirety and replaced with the following:
“(vi)    no Default or Event of Default exists; 
(vii)    On the effective date of such increase Borrower shall deliver to the Administrative Agent a Certificate of a Responsible Official signed by a Senior Officer on behalf of Borrower stating that the representations and warranties contained in Article 4 (other than (i) representations and warranties which expressly speak as of a particular date and (ii) as otherwise disclosed by Borrower and approved in writing by the Requisite Lenders) will be true and correct in all material respects, both immediately before and after giving effect to such increase, as though such representations and warranties were made on and as of that date; and”
C.    Increase in Aggregate Commitment.  The following is hereby added as a new Section 2.8(viii) of the Loan Agreement:

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“(viii)    no Lender shall be an Increasing Lender without the written consent of such Lender, which consent such Lender may withhold in its sole and absolute discretion.”
D.    Increased Commitment Costs.  Section 3.4 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
3.4  Increased Commitment Costs.  If any Lender shall determine in good faith that the introduction after the Closing Date of any applicable Law or guideline regarding capital or liquidity adequacy, or any change therein or any change in the interpretation or administration thereof by any central bank or other Governmental Agency charged with the interpretation or administration thereof, or compliance by such Lender (or its LIBOR Lending Office) or any corporation controlling such Lender, with any request, guideline or directive regarding capital adequacy (whether or not having the force of Law) of any such central bank or other authority not imposed as a result of such Lender’s or such corporation’s failure to comply with any other Laws, affects or would affect the amount of capital or liquidity required or expected to be maintained by such Lender or any corporation controlling such Lender and (taking into consideration such Lender’s or such corporation’s policies with respect to capital and liquidity adequacy and such Lender’s desired return on capital) determines in good faith that the amount of such capital is increased, or the rate of return on capital is reduced, as a consequence of its obligations under this Agreement, then, within ten (10) Banking Days after demand of such Lender, Borrower shall pay to such Lender, from time to time as specified in good faith by such Lender, additional amounts sufficient to compensate such Lender in light of such circumstances, to the extent reasonably allocable to such obligations under this Agreement, provided that Borrower shall not be obligated to pay any such amount which arose prior to the date which is one hundred eighty (180) days preceding the date of such demand or is attributable to periods prior to the date which is one hundred eighty (180) days preceding the date of such demand (except that, if the applicable Law or guideline or change therein giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof).  Each Lender’s determination of such amounts shall be conclusive in the absence of manifest error.  Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines and directives promulgated thereunder and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case under this clause (ii) pursuant to Basel III, shall be deemed to be a “change” under this Section 3.4 and shall entitle the Lenders to recover the amounts described in this Section 3.4, regardless of the date enacted or adopted.  Notwithstanding the foregoing, no Lender shall be compensated for any such circumstances if such Lender is otherwise fully compensated for such circumstances by the payment of Mandatory Costs or through a change in the Reserve Percentage.

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E.    Payments and Fees.  Sections 3.5(a) and 3.9(e) of the Loan Agreement are hereby deleted in their entirety and replaced with the following:
"(a)    If, after the date hereof, the existence or occurrence of any Special LIBOR Circumstance:
(i)    shall subject any Lender or its LIBOR Lending Office to any tax, duty or other charge or cost with respect to any LIBOR Rate Advance, any of its Notes evidencing LIBOR Rate Loans or its obligation to make LIBOR Rate Advances, or shall change the basis of taxation of payments to any Lender attributable to the principal of or interest on any LIBOR Rate Advance or any other amounts due under this Agreement in respect of any LIBOR Rate Advance, any of its Notes evidencing LIBOR Rate Loans or its obligation to make LIBOR Rate Advances, excluding (i) taxes imposed on or measured in whole or in part by its overall net income (including taxes on gross income imposed in lieu of net income, minimum taxes or branch profits taxes and franchise taxes) by (A) any jurisdiction (or political subdivision thereof) in which it is organized or maintains its principal office or LIBOR Lending Office or (B) any jurisdiction (or political subdivision thereof) in which it is “doing business”, (ii) any withholding taxes or other taxes imposed by the United States of America on the day such Lender becomes a Lender hereunder or for any period with respect to which it has failed, for any reason, to provide Borrower with the appropriate form or forms required by Section 11.21, to the extent such forms are then required by applicable Laws to establish a complete exemption, and (iii) any withholding taxes imposed under FATCA;
(ii)    shall impose, modify or deem applicable any reserve not applicable or deemed applicable on the date hereof (including any reserve imposed by the Board of Governors of the Federal Reserve System, special deposit, compulsory loan, insurance charge, capital, liquidity or similar requirements against assets of, deposits with or for the account of, or credit extended by, any Lender or its LIBOR Lending Office); or
(iii)    shall impose on any Lender or its LIBOR Lending Office or the London interbank market any other condition affecting any LIBOR Rate Advance, any of its Notes evidencing LIBOR Rate Loans, its obligation to make LIBOR Rate Advances or this Agreement, or shall otherwise affect any of the same;
and the result of any of the foregoing, as determined in good faith by such Lender, increases the cost to such Lender or its LIBOR Lending Office of making or maintaining any LIBOR Rate Advance or in respect of any LIBOR Rate Advance, any of its Notes evidencing LIBOR Rate Loans or its obligation to make LIBOR 

- 15 -

 

Rate Advances or reduces the amount of any sum received or receivable by such Lender or its LIBOR Lending Office with respect to any LIBOR Rate Advance, any of its Notes evidencing LIBOR Rate Loans or its obligation to make LIBOR Rate Advances, then, within five (5) Banking Days after demand by such Lender (with a copy to the Administrative Agent), Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction (determined as though such Lender’s LIBOR Lending Office had funded 100% of its LIBOR Rate Advance in the London interbank market), provided, that with respect to any additional amount arising as a result of the occurrence of an event described in clause (i) above, Borrower shall not be obligated to pay any such amount which arose prior to the date which is ninety (90) days preceding the date of such demand or is attributable to periods prior to the date which is ninety (90) days preceding the date of such demand (except that, if the Special LIBOR Circumstance giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof). A statement of any Lender claiming compensation under this subsection shall be conclusive in the absence of manifest error."
“(e)    Each payment of any amount payable by Borrower or any other Party under this Agreement or any other Loan Document shall be made without setoff or counterclaim and free and clear of, and without reduction by reason of, any taxes, assessments or other charges imposed by any Governmental Agency, central bank or comparable authority, excluding (i) taxes imposed on or measured in whole or in part by any Lender’s overall net income (including taxes on gross income imposed in lieu of net income tax, minimum taxes, branch profits taxes or franchise taxes) by (A) any jurisdiction (or political subdivision thereof) in which such Lender is organized or maintains its principal office or LIBOR Lending Office or (B) any jurisdiction (or political subdivision thereof) in which such Lender is “doing business”, (ii) any withholding taxes or other taxes imposed by the United States of America on the day such Lender becomes a Lender hereunder or for any period with respect to which any Lender has failed, for whatever reason, timely to provide Borrower with the appropriate form or forms required by Section 11.21, to the extent such forms are then required by applicable Laws to establish a complete exemption, and (iii) any withholding taxes imposed under FATCA (all such non excluded taxes, assessments or other charges being hereinafter referred to as “Taxes”).  To the extent that Borrower is obligated by applicable Laws to make any deduction or withholding on account of Taxes from any amount payable to any Lender under this Agreement, Borrower shall (i) make such deduction or withholding and pay the same to the relevant Governmental Agency and (ii) pay such additional amount to that Lender as is necessary to result in that Lender’s receiving a net after Tax amount equal to 

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the amount to which that Lender would have been entitled under this Agreement absent such deduction or withholding.”
F.    Representation and Warranties.  Section 4.26 of the Loan Agreement is hereby deleted in its entirety. Sections 4.4, 4.5, 4.10, 4.19 and 4.21 of the Loan Agreement are each hereby deleted in its entirety and replaced with the following:
4.4    Subsidiaries.  Schedule 4.4 hereto correctly sets forth the names, form of legal entity, and the identity of any member of the Consolidated Group that is a record owner thereof and jurisdictions of organization of all Subsidiaries of Parent.  Unless otherwise indicated in Schedule 4.4, all of the outstanding shares of capital stock, or all of the units of equity interest, as the case may be, of each such Subsidiary are owned of record and beneficially by Parent, there are no outstanding options, warrants or other rights to purchase capital stock of any such Subsidiary, and all such shares or equity interests so owned are duly authorized, validly issued, fully paid and nonassessable, and were issued in compliance with all applicable state and federal securities and other Laws, and are free and clear of all Liens, except for Permitted Liens.  Notwithstanding anything to the contrary contained in this Agreement, (i) Borrower may at any time from and after the Closing Date provide the Administrative Agent with written updates to Schedule 4.4 and (ii) any updates to the list of Subsidiaries provided in Schedule 1 to any Compliance Certificate shall be deemed to automatically amend Schedule 4.4 hereto.
4.5    Financial Statements.  All financial statements and other information previously delivered to the Administrative Agent by Borrower fairly present in all material respects as of the date thereof the financial condition, results of operations, cash flows and/or other information described therein.
4.10    Litigation.  Except for (a) any matter that is not $10,000,000 or more in excess of the amount that is fully covered as to subject matter and amount (subject to applicable deductibles and retentions) by insurance for which the insurance carrier has not asserted lack of subject matter coverage or reserved its right to do so, (b) any matter, or series of related matters, involving a claim against Parent or any of its Subsidiaries of less than $20,000,000 (or, in each case in which this representation and warranty is remade after the Closing Date, less than $20,000,000 or such greater amount that the Administrative Agent has reasonably determined, after full written disclosure thereof by Borrower to the Administrative Agent, would not constitute a Material Adverse Effect), (c) matters of an administrative nature not involving a claim or charge against Parent or any of its Subsidiaries and (d) matters set forth in Schedule 4.10, there are no actions, suits, proceedings or investigations pending as to which Parent or any of its Subsidiaries have been served or have received notice or, to the best knowledge of Borrower, threatened against or affecting Parent or any of its Subsidiaries or any Project of any of them before any Governmental 

- 17 -

 

Agency, mediator or arbitrator.  As of the Closing Date, there are no judgments outstanding against or affecting the Parent or any of its Subsidiaries or any Project individually involving amounts in excess of $50,000,000 or, on an aggregate basis, involving amounts in excess of $100,000,000.
4.19    Projects. All of Borrower’s and Guarantor’s and their respective Subsidiaries’ Projects are in good repair and condition, subject to ordinary wear and tear, other than with respect to (i) deferred maintenance existing as of the date of acquisition of such Project as permitted in this Section 4.19, (ii) Projects currently under development or redevelopment, (iii) defects relating to Projects which would not constitute a Material Adverse Effect and (iv) casualty and condemnation.  Borrower and Guarantor further have completed or caused to be completed an appropriate investigation of the environmental condition of each such Project as of the later of (a) the approximate date of Borrower’s or Guarantor’s or any such Subsidiary’s purchase thereof (provided that for Projects purchased by a Subsidiary prior to Borrower’s or Guarantor’s acquisition of such Subsidiary, such date shall be the approximate date of such Subsidiary’s purchase thereof) or (b) the approximate date upon which such Project was last security for Indebtedness of Borrower, Guarantor or such Subsidiary if such financing was not closed on or about the date of the acquisition of such Project to the extent such an investigation was required by the applicable lender, including preparation of a “Phase I” report and, if appropriate, a “Phase II” report, in each case prepared by a recognized environmental consultant in accordance with customary standards which discloses that such Project is not in violation of the representations and covenants set forth in this Agreement, unless such violation as to Unencumbered Projects has been disclosed in writing to the Administrative Agent and satisfactory remediation actions are being taken.  There are no pending eminent domain proceedings against any Unencumbered Project, and, to the best knowledge of Borrower, no such proceedings are presently threatened by any taking authority which individually or in the aggregate would constitute a Material Adverse Effect.  None of the Project of Borrower or Guarantor or their respective Subsidiaries is now damaged or injured as a result of any fire, explosion, accident, flood or other casualty in any manner which individually or in the aggregate would constitute a Material Adverse Effect.  The Projects owned by Parent, Borrower and their respective Subsidiaries as of the date hereof, are set forth on Schedule 4.19 hereto.
4.21    Other Debt.  None of Borrower or Guarantor or their respective Subsidiaries is in default (after expiration of all applicable grace and cure periods) in the payment of (i) any other Indebtedness (other than Non-Recourse Indebtedness) or under any mortgage, deed of trust, security agreement, financing agreement or indenture involving Indebtedness (other than Non-Recourse Indebtedness) of $40,000,000 or more in the aggregate or under any other material agreement or material lease to which any of them is a party or (ii) any Non-Recourse Indebtedness of $80,000,000 or more in the aggregate.  

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G.    Hazardous Materials.  Clause (c) contained in Section 4.17 of the Loan Agreement is hereby deleted and replaced with the following:
“...(c) no Project or any portion thereof is or has been utilized by Borrower nor, to the best knowledge of Borrower, Guarantor or other Person as a site for the manufacture of any Hazardous Materials in violation of any Hazardous Material Law,...”
H.    Affirmative Covenants Other Than Information and Reporting Requirements.  Sections 5.9, 5.10 and 5.15 of the Loan Agreement are hereby deleted in their entirety and replaced with the following:
5.9    Use of Proceeds.  Use the proceeds of all Loans for (i) Permitted Business Activities (including without limitation the funding of costs associated with the development and/or redevelopment of Projects and other costs incurred in the acquisition, development, operation, sale, financing, leasing and management of Projects and the making of Investments permitted pursuant to Section 6.13), (ii) the refinancing or repayment of existing and future Indebtedness (including without limitation Debt Offerings and other convertible debt) or (iii) as working capital or for other general corporate purposes.
5.10    Hazardous Materials Laws.  Keep and maintain all Projects and each portion thereof in compliance in all material respects with all applicable material Hazardous Materials Laws and promptly notify the Administrative Agent in writing (attaching a copy of any pertinent written material) (which notice and attached materials the Administrative Agent agrees to promptly forward to the Lenders) of (a) any and all material enforcement, cleanup, removal or regulatory actions instituted, completed or threatened in writing by a Governmental Agency pursuant to any applicable material Hazardous Materials Laws, (b) any and all material claims made or threatened in writing by any Person against Borrower and Guarantor or their respective Subsidiaries relating to damage, contribution, cost recovery, compensation, loss or injury resulting from any Hazardous Materials and (c) discovery by any Senior Officer of any of Borrower and Guarantor or any of their respective Subsidiaries of any material occurrence or condition on any Project that could reasonably be expected to cause such Project to be subject to any restrictions on the ownership, occupancy, transferability or use of such Project for office, office/laboratory, research, or manufacturing purposes or parking uses related thereto under any applicable Hazardous Materials Laws.
5.15    More Restrictive Agreements.  Promptly notify the Administrative Agent should Guarantor or any Subsidiary of Borrower and Guarantor enter into or modify any agreements or documents pertaining to any existing or future Indebtedness, Debt Offering or issuance of Preferred Equity, which agreements or documents include covenants, whether affirmative or negative, which are individually or in the aggregate more restrictive as to the matters covered by the definitions of the term “Total Unencumbered Asset Value”, or the provisions of Sections 6.1, 6.3, 6.5 through 6.13, inclusive (or any other provisions which may have 

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the same practical effect as any of the foregoing) against any of Borrower and Guarantor or their respective Subsidiaries than those set forth herein.  If requested by the Requisite Lenders, Borrower, Guarantor, the Administrative Agent, and the Requisite Lenders shall promptly amend this Agreement and the other Loan Documents to include some or all of such more restrictive provisions, in each case solely for the duration of such restrictive provisions under such other agreements or documents, as determined by the Requisite Lenders in their sole reasonable discretion.  Notwithstanding the foregoing, this Section 5.15 shall not apply to covenants contained in any agreements or documents that (i) relate only to a specific Project that is collateral for any existing or future Indebtedness of any of Borrower or their Subsidiaries that is permitted by the terms of this Agreement or (ii) are between, among or in favor of members of the Consolidated Group only.
I.    Negative Covenants.  Section 6.9 of the Loan Agreement is hereby deleted in its entirety.  Sections 6.8, 6.13 and 6.14 of the Loan Agreement are hereby deleted in their entirety and replaced with the following:
6.8    Distributions.  During the continuance of any Event of Default, make any Distributions, provided that Borrower and Parent shall be permitted to pay the minimum Distribution required under the Code to maintain and preserve Parent’s status as a real estate investment trust under the Code and not be subject to federal income or excise tax, as evidenced by a certification of a Senior Officer of Parent containing calculations in reasonable detail satisfactory in form and substance to the Administrative Agent, provided that if a monetary Event of Default or an Event of Default which involves the bankruptcy of Borrower or Guarantor or which has resulted in an acceleration of the Obligations hereunder occurs, no further Distributions may be made by Borrower or Parent. Notwithstanding the foregoing, Parent, as sole general partner of Borrower, shall be permitted at all times at its election to redeem limited partner equity interests in Borrower (which are not owned by Parent) for cash, in any circumstance where Parent deems, in its reasonable discretion, that it is precluded from redeeming limited partner equity interests in Borrower (which are not owned by Parent) for equity in Parent, due to applicable Laws.
6.13    Permitted Investments.  Permit the aggregate amount of actual cash or other consideration invested by the Consolidated Group in the investments listed below as subparagraphs (a) through (e) to exceed 25% of Gross Asset Value:
(a)    investments in undeveloped land owned by the Consolidated Group plus the Consolidated Group Pro Rata Share of undeveloped land owned by Investment Affiliates (with undeveloped land valued at cost);
(b)    investments in Projects owned by the Consolidated Group that are under development, plus the Consolidated Group Pro Rata Share of any amounts so invested 

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by the Investment Affiliates in Projects owned by the Investment Affiliates that are under development (with Projects under development ceasing to be treated as such when GAAP permits such Project to be classified as an operating asset);
(c)    investments in or with respect to Investment Affiliates that are not already captured by Sections 6.13(a) or Section 6.13(b);
(d)    investments in or with respect to buildings primarily used or intended to be used for warehouse, residential, retail, hospitality or educational purposes; and
(e) investments in the life science industry and other technologies consistent with the businesses of Borrower’s tenants, either (i) directly through the holding of debt or equity in public or private companies (A) whose primary business is medical, pharmaceutical, biotech, the life science industry or other technologies consistent with the businesses of Borrower’s tenants or (B) that own or develop real estate assets (either as owner, occupier or a third party developer/property manager) for the medical, pharmaceutical, biotech, life science industries or other industries consistent with the business of Borrower’s tenants or (ii) indirectly through the holding of interests in funds or other investment partnerships that invest in the aforementioned types of companies.
The investments permitted pursuant to this Section 6.13 shall be deemed to be “Permitted Investments.”
6.14    Liens.    Create, incur, or suffer to exist any Negative Pledge (other than the Loan Documents) or Lien in, of or on the Project of any member of the Consolidated Group, except:
(a)    Liens for taxes, assessments or governmental charges or levies on its Property if the same shall not at the time be delinquent or thereafter can be paid without material penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set aside on its books;
(b)    Liens imposed by Law, such as carriers’, warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been set aside on their books;
(c)    Liens arising out of pledges or deposits under workers’ compensation laws, unemployment insurance, old age pensions, or other social security or retirement benefits, or similar legislation;

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(d)    easements, restrictions and such other encumbrances or charges against real property as are of a nature generally existing with respect to properties of a similar character (including, without limitation, Liens with respect to rights of tenants under lease and rental agreements entered into in the ordinary course of business) and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of Borrower or any other member of the Consolidated Group;
(e)    Liens evidenced by any mortgage, deed of trust, pledge, hypothecation, assignment for security or security interest, encumbrance on a Project of any member of the Consolidated Group which may be granted in favor of another member of the Consolidated Group;
(f)    any other Liens that, individually or in the aggregate, would not reasonably be expected to impair the ability to place mortgage financing on the Project encumbered by such Liens or otherwise constitute a Material Adverse Effect or subject such Project to a material impending risk of loss of forfeiture or a material loss of value; and
(g)    Liens (other than Liens described in subsections (a) through (f) above) arising in connection with any Indebtedness permitted hereunder to the extent such Liens will not result in a Default in any of Borrower’s covenants herein, which Liens may be of any priority and any type, including, without limitation, senior or junior mortgages or deeds of trust or pledges of equity interests.
Liens permitted pursuant to this Section 6.14 shall be deemed to be “Permitted Liens.”
J.    Financial and Business Information.  Sections 7.1(l), (n) and (o) of the Loan Agreement are hereby deleted in their entirety and replaced with the following:
“(l)    Promptly upon a Senior Officer becoming aware that (i) any Person has commenced a legal proceeding with respect to a claim against Guarantor that is $10,000,000 or more in excess of the amount thereof that is fully covered by insurance, (ii) any creditor under a credit agreement involving Indebtedness of $50,000,000 or more or any lessor under a lease involving aggregate annual rent of $10,000,000 or more has asserted a default thereunder on the part of Guarantor or, (iii) any Person has commenced a legal proceeding with respect to a claim against Guarantor under a contract (that is not a credit agreement or material lease) in excess of $20,000,000 or which otherwise would constitute a Material Adverse Effect, a written notice describing the pertinent facts relating thereto and what action the Borrower and Guarantor are taking or propose to take with respect thereto;”
“(n)    Not later than fifty (50) days after the end of each fiscal quarter of the Consolidated Group (including the fourth fiscal quarter in each year), a list (which may be 

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included in the Compliance Certificates) setting forth the following information with respect to each new Subsidiary or Controlled Entity of the Borrower and Guarantor: (i) the name, form of legal entity, the identity of any member of the Consolidated Group that is a record owner, and with respect to Subsidiaries of Parent, the jurisdiction of organization of the Subsidiary or Controlled Entity, (ii) a description of the property owned by such Subsidiary or Controlled Entity, and (iii) such other information as the Administrative Agent may reasonably request. Any such list (including if contained in a Compliance Certificate) provided to the Administrative Agent shall be deemed to automatically amend Schedule 4.4 hereof;”
“(o)    Simultaneously with the delivery of the financial statements referred to in Section 7.1(e) above (if such information is not otherwise included in the financial statements or other information presented to the Lenders pursuant to this Section 7.1), a statement (which may be included in the Compliance Certificates) listing (i) the Projects owned by the Consolidated Group (or in which the Consolidated Group owns an interest) and stating the location thereof, the date acquired and the GAAP Cost Basis (with respect to each new Project), (ii) the Consolidated Outstanding Indebtedness of the Consolidated Group, which statement shall include, without limitation, a statement of the original principal amount of such Indebtedness and the current amount outstanding, the holder thereof, the maturity date and any extension options, the interest rate, the collateral provided for such Indebtedness and whether such Indebtedness is recourse or Non-Recourse Indebtedness, and (iii) the Projects of the Consolidated Group which are Unstabilized Projects and providing a brief summary of the status of such Unstabilized Projects; and”
K.    Events of Default.  Sections 9.1(c), (g), (i) and (n) of the Loan Agreement are each hereby deleted in its entirety and replaced with the following:
“(c)    Borrower fails to comply with any term, covenant, condition or agreement contained in Article 6 , provided that in the case of such a failure to comply with Sections 6.1, 6.2, 6.3, 6.4, 6.13, 6.14 and 6.16 only, such failure shall continue for a period of ten (10) days after the earlier of (x) the date upon which a Senior Officer obtains knowledge of such failure or (y) the date upon which Borrower has received a written notice of such failure from the Administrative Agent given at the direction of the Requisite Lenders; or”
“(g)    Borrower or Guarantor or any other member of the Consolidated Group fails to perform or observe any other term, covenant or agreement on its part to be performed or observed within any applicable notice and cure period, or suffers any such event of default to occur, in connection with (A) any present or future Indebtedness under the Unsecured Revolving Credit Agreement or any other present or future Indebtedness (other than Non-Recourse Indebtedness) having an outstanding principal balance, individually or in the aggregate of $40,000,000 or more, or (B) any present or future Non-Recourse Indebtedness 

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having an outstanding principal balance, individually or in the aggregate, of $80,000,000 or more (provided, that for the purpose of this clause (g), the principal amount of Indebtedness consisting of a Swap Agreement shall be the amount which is then payable by the counterparty to close out the Swap Agreement); or”
“(i)    A final judgment against Borrower or Guarantor or any other member of the Consolidated Group is entered for the payment of money in excess of $75,000,000 (not covered by insurance or for which an insurer has reserved its rights) and, absent procurement of a stay of execution, such judgment remains unsatisfied for sixty (60) calendar days after the date of entry of judgment, or in any event later than ten (10) days prior to the date of any proposed sale thereunder; or 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 sixty (60) calendar days after its issue or levy; or”
“(n)    Failure to remediate within the time period permitted by Law or governmental order, after all administrative hearings and appeals have been concluded (or within a reasonable time in light of the nature of the problem if no specific time period is so established), material environmental problems at Projects owned by Borrower or Guarantor or any other member of the Consolidated Group or any Investment Affiliate which contribute in the aggregate in excess of $40,000,000 to Gross Asset Value.”
L.    Miscellaneous.  Sections 11.2, 11.3, and 11.6 of the Loan Agreement are hereby deleted and replaced in their entirety with the following:
11.2    Interpretation of Terms.  The parties to this Agreement agree that the following terms, when used herein in reference to any Project located in the United Kingdom, shall have the correlative meanings ascribed to such terms or concepts in the United Kingdom:
		
	i.
	“leasehold mortgage”;

		
	ii.
	“fee simple”;

		
	iii.
	 “fee owner”;

		
	iv.
	“first mortgage financing”

		
	v.
	“Phase I report”; and

		
	vi.
	“Phase II report”.

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11.3    Costs, Expenses and Taxes.  Borrower shall pay within five (5) Banking Days after demand, accompanied by an invoice therefor, the reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the negotiation, preparation, syndication, execution, delivery, administration and interpretation of the Loan Documents and any amendment thereto or waiver thereof.  Following and during the continuation of an Event of Default, Borrower shall also pay on demand, accompanied by an invoice therefor, the reasonable costs and expenses of the Administrative Agent and the Lenders in connection with the refinancing, restructuring, reorganization (including a bankruptcy reorganization) and enforcement or attempted enforcement of the Loan Documents, and any matter related thereto.  The foregoing costs and expenses shall include filing fees, recording fees, title insurance fees, appraisal fees, search fees, and other out of pocket expenses and the reasonable fees and out of pocket expenses of any legal counsel (including reasonably allocated costs of legal counsel employed by the Administrative Agent or any Lender), independent public accountants and other outside experts retained by the Administrative Agent or any Lender, whether or not such costs and expenses are incurred or suffered by the Administrative Agent or any Lender in connection with or during the course of any bankruptcy or insolvency proceedings of any member of the Consolidated Group.  Borrower shall pay any and all documentary and other taxes, excluding (i) taxes imposed on or measured in whole or in part by any Lender’s overall net income imposed on such Lender (including taxes on gross income imposed in lieu of net income, minimum taxes, branch profits taxes or franchise taxes) by (A) any jurisdiction (or political subdivision thereof) in which such Lender is organized or maintains its principal office or LIBOR Lending Office or (B) any jurisdiction (or political subdivision thereof) in which such Lender is “doing business”, (ii) any withholding taxes or other taxes imposed by the United States of America on the day such Lender becomes a Lender hereunder or for any period with respect to which any Lender has failed, for any reason, to provide Borrower with the appropriate form or forms required by Section 11.21, to the extent such forms are then required by applicable Laws to establish a complete exemption, and (iii) any withholding taxes imposed under FATCA, and all costs, expenses, fees and charges payable or determined to be payable in connection with the filing or recording of this Agreement, any other Loan Document or any other instrument or writing to be delivered hereunder or thereunder, or in connection with any transaction pursuant hereto or thereto, and shall reimburse, hold harmless and indemnify on the terms set forth in Section 11.11 the Administrative Agent and the Lenders from and against any and all loss, liability or legal or other expense with respect to or resulting from any delay in paying or failure to pay any such tax, cost, expense, fee or charge or that any of them may suffer or incur by reason of the failure of any Party to perform any of its Obligations.  Any amount payable to the Administrative Agent or any Lender under this Section 11.3 shall bear interest from the fifth Banking Day following the date of demand for payment at the Default Rate.

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Section 11.6    Notices.  Except as otherwise expressly provided in the Loan Documents, all notices, requests, demands, directions and other communications provided for hereunder or under any other Loan Document must be in writing and must be mailed, telegraphed, telecopied, dispatched by commercial courier or delivered to the appropriate party at the address set forth on the signature pages of this Agreement or other applicable Loan Document or, as to any party to any Loan Document, at any other address as may be designated by it in a written notice sent to all other parties to such Loan Document in accordance with this Section.  Except as otherwise expressly provided in any Loan Document, if any notice, request, demand, direction or other communication required or permitted by any Loan Document is given by mail it will be effective on the earlier of receipt or the fourth Banking Day after deposit in the United States mail with first class or airmail postage prepaid; if given by telegraph or cable, when delivered to the telegraph company with charges prepaid; if given by telecopier, when sent; if dispatched by commercial courier, on the scheduled delivery date; or if given by personal delivery, when delivered (provided that if any such communication is received after normal business hours or on a day that is not a Banking Day, it shall be deemed to have been received on the next Banking Day following receipt).  The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of Borrower and Lenders shall be entitled to rely and act upon any notices purportedly given to them by or on behalf of the Administrative Agent, 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.  Borrower shall indemnify the Administrative Agent and each Lender from all losses, costs, expenses and liabilities resulting from the reliance of such Person on each notice purportedly given by Borrower, except to the extent of such Person’s gross negligence.  Notwithstanding anything in this Agreement, including this Section 11.6, to the contrary, with respect to requests for the continuation of LIBOR Rate Loans only, Borrower may provide notice to the Administrative Agent by an email requesting such continuation (with the Administrative Agent to provide Borrower confirmation of the receipt of such email notification, provided, however that such confirmation shall not be a condition to the effectiveness of Borrower’s notice).
M.    Binding Effect; Assignment; Replacement.  Section 11.8(a) of the Loan Agreement is hereby deleted and replaced in its entirety with the following:
“(a)     This Agreement and the other Loan Documents to which the Borrower and Guarantor are a party are and will be binding upon and inure to the benefit of Borrower and Guarantor, the Administrative Agent, each of the Lenders, and their respective successors and assigns, except that Borrower and Guarantor may not assign their rights hereunder or thereunder or any interest herein or therein without the prior written consent of all the Lenders, and any purported assignment without such consent shall be null and void; 

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provided, however, for the avoidance of doubt, this Section 11.8(a) shall not apply to prohibit Borrower or Guarantor from merging with one or more other entities as are not prohibited per the express terms of Section 6.1. Each Lender represents that it is not acquiring its Note with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (subject to any requirement that disposition of such Note must be within the control of such Lender).  Any Lender may at any time pledge its Notes or any other instrument evidencing its rights as a Lender under this Agreement to a Federal Reserve Bank, but no such pledge shall release that Lender from its obligations hereunder or grant to such Federal Reserve Bank the rights of a Lender hereunder absent foreclosure of such pledge.”
N.    Indemnity of Borrower.  Section 11.11 of the Loan Agreement is hereby deleted and replaced in its entirety with the following:
Section 11.11    Indemnity by Borrower.  Borrower agrees to indemnify, save and hold harmless the Administrative Agent and Co-Lead Arrangers and each Lender and its Affiliates and their respective directors, officers, agents, attorneys and employees (collectively the “Indemnitees”) from and against: (a) any and all pending claims, demands, actions or causes of action (except a claim, demand, action, or cause of action for any amount excluded from the definition of “Taxes” in Section 3.9(d)) if the claim, demand, action or cause of action arises out of or relates to any act or omission (or alleged act or omission) of Borrower, the other members of the Consolidated Group or any of their officers, directors or stockholders relating to the Commitments, the use or contemplated use of proceeds of any Loan, or the relationship of Borrower and the Lenders under this Agreement; (b) any administrative or investigative proceeding by any Governmental Agency arising out of or related to a claim, demand, action or cause of action described in clause (a) above; and (c) any and all liabilities, losses, costs or expenses (including reasonable attorneys’ fees and the reasonably allocated costs of attorneys employed by any Indemnitee and disbursements of such attorneys and other professional services) that any Indemnitee suffers or incurs as a result of the assertion of any foregoing claim, demand, action or cause of action; provided that no Indemnitee shall be entitled to indemnification for any loss caused by its material breach of, or material failure to perform, any of its obligations under this Agreement or its own gross negligence or willful misconduct or for any loss asserted against it by another Indemnitee.  If any claim, demand, action or cause of action is asserted against any Indemnitee, such Indemnitee shall promptly notify Borrower, but the failure to so promptly notify Borrower shall not affect Borrower’s obligations under this Section unless such failure materially prejudices Borrower’s right to participate in the contest of such claim, demand, action or cause of action, as hereinafter provided.  Such Indemnitee may (and shall, if requested by Borrower in writing) contest the validity, applicability and amount of such claim, demand, action or cause of action and shall permit Borrower to participate in such contest.  Any Indemnitee that proposes to settle or compromise any claim or proceeding for which Borrower may be liable for payment of indemnity hereunder shall give Borrower written notice of the terms of such proposed 

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settlement or compromise reasonably in advance of settling or compromising such claim or proceeding and shall obtain Borrower’s prior written consent (which shall not be unreasonably withheld or delayed). Borrower agrees that it shall not settle any such claim or proceeding involving any Indemnitee without the prior written consent of such Indemnitee, unless such settlement shall (a) includes a provision unconditionally releasing such Indemnitee from and holding such Indemnitee harmless against all liability in respect of claims by the releasing party related to or arising from the matters at issue in such claim or proceeding and (b) does not include any admission or stipulation as to fault or liability. In connection with any claim, demand, action or cause of action covered by this Section 11.11 against more than one Indemnitee, all such Indemnitees shall be represented by the same legal counsel (which may be a law firm engaged by the Indemnitees or attorneys employed by an Indemnitee or a combination of the foregoing) selected by the Indemnitees and reasonably acceptable to Borrower; provided, that if such legal counsel determines in good faith that representing all such Indemnitees would or could result in a conflict of interest under Laws or ethical principles applicable to such legal counsel or that a defense or counterclaim is available to an Indemnitee that is not available to all such Indemnitees, then to the extent reasonably necessary to avoid such a conflict of interest or to permit unqualified assertion of such a defense or counterclaim, each affected Indemnitee shall be entitled to separate representation by legal counsel selected by that Indemnitee and reasonably acceptable to Borrower, with all such legal counsel using reasonable efforts to avoid unnecessary duplication of effort by counsel for all Indemnitees; and further provided that the Administrative Agent (as an Indemnitee) shall at all times be entitled to representation by separate legal counsel (which may be a law firm or attorneys employed by the Administrative Agent or a combination of the foregoing). Any obligation or liability of Borrower to any Indemnitee under this Section 11.11 shall survive the expiration or termination of this Agreement and the repayment of all Loans and the payment and performance of all other Obligations owed to the Lenders.
O.    Nonliability of Lenders.  Section 11.12(d) of the Loan Agreement is hereby deleted and replaced in its entirety with the following 11.12(d) and new 11.12(e):
“(d)    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 the use of the proceeds thereof.  No Indemnitee 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; and

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(e)    The Administrative Agent and the Lenders shall not be responsible or liable to any Person for any loss, damage, liability or claim of any kind relating to injury or death to Persons or damage to Property caused by the actions, inaction or negligence of Borrower and/or any other member of the Consolidated Group, and Borrower hereby indemnifies and holds the Administrative Agent and the Lenders harmless on the terms set forth in Section 11.11 from any such loss, damage, liability or claim.”
P.    No Third Parties Benefited.  Section 11.13 of the Loan Agreement is hereby deleted and replaced in its entirety with the following: 
Section 11.13  No Third Parties Benefited.  This Agreement is made for the purpose of defining and setting forth certain obligations, rights and duties of Borrower, the Administrative Agent and the Lenders in connection with the Loans, and is made for the sole benefit of Borrower, the Administrative Agent and the Lenders, the Administrative Agent’s and the Lenders’ successors and assigns and the Indemnitees.  Except as provided in Sections 11.8, 11.11 and 11.22 no other Person shall have any rights of any nature hereunder or by reason hereof.
Q.    Confidentiality.  Section 11.14(b) of the Loan Agreement is hereby deleted and replaced in its entirety with the following: 
“(b)  Disclosures.  Any Lender Party or its legal counsel may disclose the Confidential Information (i) to Borrower, other Lenders, the Administrative Agent or any of their respective legal counsel, (ii) to its auditors in connection with bank audits or regulatory officials having jurisdiction over such Lender Party, (iii) to its legal counsel who need to know the Confidential Information for the purposes of representing or advising the Lender Parties, (iv) to its consultants, agents and advisors retained in good faith by such Lender Party with a need to know such information in connection with a Permitted Purpose or to otherwise advise or consult with such Lender Party, (v) as required by Law or legal process (subject to the terms below), or in connection with any legal proceeding to which that Lender Party and Guarantor are adverse parties (and Borrower hereby acknowledges and agrees that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “Act”), each Lender is required to obtain, verify and record information that identifies the Borrower and Guarantor, which information includes the name and address of the Borrower and Guarantor and other information that will allow such Lender to identify the Borrower and Guarantor in accordance with the Act), (vi) to another potential Lender or participant in connection with an assignment or proposed assignment to that Person of all or part of that Lender Party’s interests hereunder or a participation interest in its Notes, (vii) to any actual or prospective party (or its Affiliates) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder; (viii) on a confidential 

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basis to (A) any rating agency in connection with rating the Borrower or Guarantor or the Facility or (B) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Facility; and (ix) to its directors, officers, employees and Affiliates who need to know the Confidential Information for purposes of underwriting the Loan or becoming a party to this Agreement, the syndication of the Loan, the administration, interpretation, performance or exercise of rights under the Loan Documents, the enforcement of the Loan Documents, or other internal supervision, examination or oversight of the transactions contemplated hereby as reasonably determined by such Lender Party, provided that any Person to whom any of the Confidential Information is disclosed is informed by such Lender Party of the strictly confidential nature of the Confidential Information, and such Persons described in clauses (b)(iv), (vi) and (vii) shall agree in writing to be bound by confidentiality restrictions at least as restrictive as those contained herein, provided, further, that the Confidential Information permitted to be disclosed by clauses (b)(vii) and (viii) shall be limited to the disclosure of the Loan Documents only and shall be disclosed only on a “need to know” basis.  Notwithstanding the foregoing, a Lender Party may disclose Confidential Information to the extent such Lender Party is requested or required by any Law or any order of any Governmental Agency or self regulatory body or other legal process to make any disclosure of or about any of the Confidential Information.  In such event (except with respect to banking regulators or auditors), such Lender Party shall, if permitted by Law, promptly notify Borrower in writing so that Borrower may seek an appropriate protective order or waive compliance with the provisions of this Agreement (provided that if a protective order or the receipt of a waiver hereunder has not been obtained, or if prior notice is not possible, and a Lender Party is, in the opinion of its counsel, compelled to disclose Confidential Information, such Lender Party may disclose that portion of the Confidential Information which its counsel advises it that such Lender Party is compelled to disclose, and provided further that in any event, such Lender Party will not oppose action by Borrower to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information.) Each Lender Party shall be liable (but only to the extent it is finally determined to have breached the provisions of this Section 11.14(b)) for any actions by such Lender Party (but not any other Person) which are not in accordance with the provisions of this Section 11.14(b).
Notwithstanding anything herein to the contrary, Confidential Information shall not include, and Administrative Agent and each Lender may disclose to any and all Persons, without limitation of any kind, any information with respect to the “tax treatment” and “tax structure” (in each case, within the meaning of Treasury Regulation Section 1.6011 4) of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to the Administrative Agent or any Lender relating to such tax treatment and tax structure; provided that with respect to any document or similar 

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item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the tax treatment or tax structure of the Loans,  and transactions contemplated hereby.”
R.    Delivery of Tax Forms.  The following provision is hereby added to the end of Section 11.21 of the Loan Agreement:
“If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Agreement (including by the payment of additional amounts pursuant to Sections 3.9(d) and 11.3), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).”
S.    Electronic Delivery of Certain Information.  Section 11.23 of the Loan Agreement is hereby deleted and replaced with the following:
Section 11.23    Electronic Delivery of Certain Information.
(a)    Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which the Administrative Agent and each Lender have access (including a commercial, third-party website such as www.sec.gov <http://www.sec.gov> or a website sponsored or hosted by the Administrative Agent or the Borrower) provided that the foregoing shall not apply to (i) notices to any Lender pursuant to Article II [loan requests], (ii) any Lender that has notified the Administrative Agent or Borrower that it cannot or does 

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not want to receive electronic communications and (iii) notices of Default or Event of Default.  The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications.  Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which the Administrative Agent or Borrower posts such documents or the documents become available on a commercial website and the Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 11:00 a.m. Central time on the opening of business on the next Business Day for the recipient.  Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper copies of the Compliance Certificate required by this Agreement to the Administrative Agent and shall deliver paper copies of any documents to the Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Lender.  Except for the Compliance Certificates required by this Agreement, the Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request for delivery.  Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents. 
(b)    Documents required to be delivered pursuant to Article II. may be delivered electronically to a website provided for such purpose by the Administrative Agent pursuant to the procedures provided to the Borrower by the Administrative Agent.
T.    USA Patriot Act Notification; Anti-Money Laundering/International Trade Law Compliance.  The following are hereby added as new Sections 11.29 and 11.30 of the Loan Agreement:
11.29    USA Patriot Act Notification.  This notice is provided to Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318.  IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.  To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person or entity that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product.  What this means for Borrower:  When Borrower opens an account, if Borrower is an individual, the Administrative Agent will ask for Borrower’s name, taxpayer identification number, business address, and other information that will allow the Administrative Agent to identify 

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Borrower.  Administrative Agent may also ask, if Borrower is an individual, to see Borrower’s driver’s license or other identifying documents, and, if Borrower is not an individual, to see Borrower’s legal organizational documents or other identifying documents.
11.30.    Anti-Money Laundering/International Trade Law Compliance.  The Borrower represents and warrants to the Lenders, as of the date hereof, the date of each Advance under the Facility, the date of any renewal, extension or modification of the Facility, and at all times until the Facility has been terminated and all amounts thereunder have been finally paid in full (other than contingent indemnification obligations for which no claim has been made), that: (a) no member of the Consolidated Group, Investment Affiliate or Person who “controls” (as such term is used in the definition of “Affiliate”) any member of the Consolidated Group, (i) is a Sanctioned Person; (ii) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person; or (iii) to the Borrower’s knowledge, derives any of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Countries in violation of any Anti-Terrorism Law enforced by any Compliance Authority; (b) the proceeds of the Facility will not be used to fund any operations in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law enforced by any Compliance Authority; and (c) each member of the Consolidated Group, Investment Affiliate and Person who “controls” (as defined in the definition of “Affiliate”) any member of the Consolidated Group is in compliance with, and no member of the Consolidated Group, Investment Affiliate or Person who “controls” (as defined in the definition of “Affiliate”) any member of the Consolidated Group engages in any dealings or transactions prohibited by, any Anti-Terrorism Laws. Borrower covenants and agrees that it shall promptly notify the Administrative Agent in writing upon the occurrence of a Reportable Compliance Event. 
As used herein: “Anti-Terrorism Laws” means any laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money laundering, or bribery, all as amended, supplemented or replaced from time to time; “Compliance Authority” means each and all of the (a) U.S. Treasury Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d) U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service, (f) U.S. Justice Department, and (g) U.S. Securities and Exchange Commission; “Reportable Compliance Event” means that any member of the Consolidated Group becomes a Sanctioned Person, or is indicted, arraigned, investigated or custodially detained, or receives an inquiry from regulatory or law enforcement officials, in connection with any Anti-Terrorism Law; “Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time.; and “Sanctioned Person” 

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means (i) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, or (ii) (A) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (B) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control.

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4.    Form of Compliance Certificate.  As of the Amendment Effective Date, Exhibit B (Form of Compliance Certificate) to the Loan Agreement together with all Schedules attached to said Exhibit B are hereby deleted in its entirety and replaced with the attached Exhibit B.
5.    Schedule of Subsidiaries and Projects. As of the Amendment Effective Date, Schedule 4.4 (Subsidiaries) and Schedule 4.19 (Projects) to the Loan Agreement are hereby deleted in their entirety and replaced with the attached Schedule 4.4 and Schedule 4.19.  
6.    Guarantor.  Guarantor (a) consents to the terms and conditions of this Amendment; (b) agrees, acknowledges and confirms that all references in the Guaranty to the Notes shall refer to all of the Notes executed by Borrower for the benefit of each Lender in accordance with the terms of the Loan Agreement (as the same has been modified by the terms of this Amendment), some of which Notes are denominated in Dollars and other Notes which are denominated in Qualified Foreign Currency; (c) agrees, acknowledges and confirms that all references in the Guaranty to (X) the “Credit Agreement” (as such term is defined in the Guaranty) shall refer to the Loan Agreement as amended by this Amendment, and (Y) the “Loan Documents” shall refer to each such respective term as modified by the terms of this Amendment; and (d) reaffirms the Guaranty and confirms and agrees that, notwithstanding this Amendment and consummation of the transactions contemplated thereby, the Guaranty and all of such Guarantor’s covenants, obligations, agreements, waivers, and liabilities set forth in the Guaranty continue in full force and effect in accordance with their terms, modified only to the extent specifically set forth in this Amendment.
7.    Full Force and Effect.  Except as amended hereby, the terms and provisions of the Loan Agreement and the Loan Documents remain unchanged, are and shall remain in full force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified and confirmed.  Except as expressly provided herein, this Amendment shall not constitute an amendment, waiver, consent or release with respect to any provision of any Loan Document, a waiver of any default or Event of Default under any Loan Document, or a waiver or release of any of the Lenders’ rights and remedies (all of which are hereby reserved).  The Borrower expressly ratifies and confirms the confession of judgment (if applicable) and waiver of jury trial provisions contained in the Loan Documents.
8.    References to Loan Documents; Capitalized Terms.  Any and all references to any Loan Document in any other Loan Document shall be deemed to refer to such Loan Document as amended by this Amendment.  This Amendment is deemed incorporated into each of the Loan Documents. Any initially capitalized terms used in this Amendment without definition shall have the meanings assigned to those terms in the Loan Documents.  To the extent that any term or provision of this Amendment is or may be inconsistent with any term or provision in any Loan Document, the terms and provisions of this Amendment shall control.  

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9.    Successors and Assigns.  This Amendment will be binding upon and inure to the benefit of the Borrower and the Lenders and their respective heirs, executors, administrators, successors and assigns.
10.    Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.
11.    Conditions to Effectiveness.  This Amendment shall not be effective until each of the following conditions precedent have been fulfilled to the satisfaction of the Administrative Agent:
(a)    The Administrative Agent shall have received counterparts of this Amendment duly executed and delivered by each of the parties hereto; and
(b)    The Administrative Agent shall have received such certificates of resolutions or other action, incumbency certificates and/or other certificates of the Borrower, as Administrative Agent may require evidencing the identity, authority and capacity of each officer of the Borrower authorized to act in connection with this Amendment.
12.    Representations and Warranties.  The Borrower hereby represents and warrants to the Administrative Agent and the Lenders as of the date hereof that (i) the representations and warranties of Borrower, contained in Article 4 of the Loan Agreement (as amended by this Amendment) are true and correct in all material respects and (ii) no Event of Default or Default has occurred and is continuing.
13.    Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.
[Remainder of Page Left Intentionally Blank.]

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IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date first written above.
BORROWER:
BIOMED REALTY, L.P., a Maryland limited partnership
By:    BioMed Realty Trust, Inc., its sole
General Partner
By:    /s/ Robert Sistek            
Name:  Robert Sistek 
Title:  Vice President, Finance

Address:
BioMed Realty, L.P. 
17190 Bernardo Center Drive
San Diego, CA  92128
Attn: Vice President, Real Estate Counsel
Telephone:  (858) 207-5850
Facsimile:  (858) 485-9843

GUARANTOR (solely with respect to Section 6):

BIOMED REALTY TRUST, INC., 
a Maryland corporation

By:    /s/ Robert Sistek                
Name:  Robert Sistek 
Title:  Vice President, Finance

Address:
BioMed Realty, L.P. 
17190 Bernardo Center Drive
San Diego, CA  92128
Attn: Vice President, Real Estate Counsel
Telephone:  (858) 207-5850
Facsimile:  (858) 485-9843

Signature Page

 

ADMINISTRATIVE AGENT:

KEYBANK NATIONAL ASSOCIATION,  
as Administrative Agent
By:    /s/ Michael R. Szuba                
Print Name:    Michael R. Szuba            
Title:    Vice President                    
Address:
KeyBank - Real Estate Capital 
127 Public Square, 8th Floor  
Mail Code: OH-01-27-0839 
Cleveland, OH  44114 
Telephone:  (216) 689-5984 
Facsimile:  (216) 689-4997 
Attention:  Michael P. Szuba

LENDERS:
KEYBANK NATIONAL ASSOCIATION, 
 
individually and as Administrative Agent
 
By:    /s/ Michael R. Szuba                
Print Name:  Michael P. Szuba
Title:  Vice President
Address:
KeyBank - Real Estate Capital 
127 Public Square, 8th Floor  
Mail Code: OH-01-27-0839 
Cleveland, OH  44114 
Phone:  (216) 689-5989 
Facsimile:  (216) 689-4997 
Attention:  Michael P. Szuba

Signature Page

WELLS FARGO BANK, NATIONAL ASSOCIATION, individually and as Co‐Syndication Agent

By:    /s/ Dale Northup                
Print Name:  Dale Northup
Title:  Vice President
Address:
Wells Fargo Bank, N.A.
401 B Street, Suite 1100
San Diego, CA  92101
Telephone:  (619) 699-3025
Facsimile:  (619) 699-3105
Attention:  Dale Northup, Vice President

Signature Page

U.S. BANK NATIONAL ASSOCIATION,
a national banking association, individually and as Co-Syndication Agent 
By:    /s/ Michael Paris                
Name:  Michael Paris 
Title:  Vice President

Address:

U.S. Bank National Association
4747 Executive Drive, 3rd Floor
San Diego, CA  92121
Telephone:  (858) 334-0703
Facsimile: (858) 334-0797
Attention: Michael Paris

Signature Page

MORGAN STANLEY BANK, N.A.
By:                            
Print Name:                        
Title:                            

By:                            
Print Name:                        
Title:                            
Address:
Morgan Stanley Bank, N.A.
One Utah Center
201 South Main Street, 5th Floor
Salt Lake City, UT  84111
Telephone:  (801) 236-3655
Facsimile:  (718) 233-0967 
Attention:  Carrie D. Johnson

With a copy to:

Morgan Stanley Bank, N.A.
1 New York Plaza
New York, NY 10004
Telephone:  (917) 260-5332
Facsimile:  (718) 233-2132
Attention:  John Leidner

And a copy to:

Morgan Stanley Bank, N.A.
1 New York Plaza
New York, NY 10004
Telephone:  (917) 260-5293
Facsimile:  
Attention:  David Ingber

Signature Page

DEUTSCHE BANK TRUST COMPANY
AMERICAS
By:    /s/ James Rolison                
Print Name:    James Rolison                
Title:    Managing Director                

By:    /s/ Joanna Soliman                
Print Name:    Joanna Soliman            
Title:    Vice President                    
Address:
Deutsche Bank Securities, Inc.
200 Crescent Court, Suite 550
Dallas, TX  75201
Telephone:  (214) 740-7904
Facsimile:  (214) 740-7910
Attention:  Linda Davis, Director

Signature Page

 

SUMITOMO MITSUI BANKING CORPORATION
By:    /s/ William G. Karl                
Print Name:  William G. Karl                                     
Title:  General Manager                                              
Address:
The Sumitomo Mitsui Banking
Corporation 
601 South Figueroa Street, Suite 1800
Los Angeles, CA  90017
Telephone:  (213) 452-7885
Facsimile:  (213) 623-6832
Attention:  James D. Benko, Vice President

Signature Page

 

RBS CITIZENS, N.A. dba CHARTER ONE
By:    /s/ David Jablonowski                
Print Name:  David Jablonowski                                
Title:  Vice President                                                   
Address:
RBS Citizens, N.A.
1215 Superior Avenue
Cleveland, OH 44114
Telephone:  (216) 277-8667
Facsimile:  (216) 277-4607
Attention:  David Jablonowski

Signature Page

PNC BANK, NATIONAL ASSOCIATION
By:    /s/ Tyler Lowry                
Print Name:  Tyler Lowry
Title:  Vice President
Address:
c/o PNC Real Estate  
575 Market St, 28th Floor  
Mailstop XX-XMSF-28-1  
San Francisco, CA 94105  
Telephone: (415) 733-1564
Facsimile: (415) 733-1555

Signature Page

TD BANK, NA
By:    /s/ Mauricio Duran                
Print Name:  Mauricio Duran
Title:  Vice President
Address:
Commercial Real Estate Lending
TD Bank, NA
200 State Street, 8th Floor
Boston, MA  02109
Telephone:  (617) 737-3626
Facsimile:  (617) 737-0238
Attention:  Mauricio Duran, Vice President

Signature Page

SOVEREIGN BANK
By:    /s/ Peter A. Olivier                
Print Name:  Peter A. Olivier
Title:  Senior Vice President
Address:
75 State Street
Boston, MA  02109
Telephone:  (617) 346-7314
Facsimile:  (617) 757-5852
Attention:    Amit Shah, Credit Officer

Signature Page

MEGA INTERNATIONAL COMMERCIAL
BANK CO., LTD. NEW YORK BRANCH
By:    /s/ Luke Hwang                
Printed Name:     Luke Hwang
Title:  Vice President & Deputy General Manager
Address:
Mega International Commercial Bank Co., LTD., New York Branch 
65 Liberty Street
New York, NY  10005
Telephone:  (212) 815-9120
Facsimile:  (212) 766-5006
Attention:  Luke Hwang, Vice President & Deputy General Manager

With a copy to:

Mega International Commercial Bank Co., LTD., New York Branch 
65 Liberty Street
New York, NY  10005
Telephone:  (212) 815-9136
Facsimile:  (212) 766-5006
Attention:  Lucy Chen

And a copy to:

Mega International Commercial Bank Co., LTD., New York Branch 
65 Liberty Street
New York, NY  10005
Telephone:  (212) 815-9147
Facsimile:  (212) 766-5006 
Attention:  Henry Shih

Signature Page

LAND BANK OF TAIWAN, NEW YORK BRANCH
By:                         
Print Name:  Henry Leu
Title:  Senior Vice President and General Manager
Address:
100 Wall Street, 14th Floor
New York, NY  10005
Telephone:  (917) 542-0232
Facsimile:  (917) 542-0288
Attention:    Mitch Chang, Manager

Signature Page

CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH
By:    /s/ Eric Y.S. Tsai                
Print Name:  Eric Y.S. Tsai
Title:  Vice President and General Manager
Address:
685 Third Avenue, 29th Floor
New York, NY  10017
Telephone:     212-651-9770        
Facsimile:      212-651-9785        

Signature Page

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH

By:    /s/ Brian McNany                
Print Name:    Brian McNany                
Title:    Vice President                    

Address:
1251 Avenue of the Americas
New York, NY 10020-1104
Attention:  Chimie T. Pemba
Telephone:  (212) 782-4340
Facsimile:  (212) 782-6440

Signature Page

 

THE HUNTINGTON NATIONAL BANK

By:    /s/ Scott Childs                
Print Name:  Scott Childs
Title:  Senior Vice President 
Address:
The Huntington National Bank 
200 Public Square, CM-17
Cleveland, OH 44114
Telephone:  (216) 515-6529
Facsimile:  (888) 987-9315
Attention:    Scott Childs, Senior Vice President 

With a copy to:

The Huntington National Bank 
200 Public Square, CM-17
Cleveland, OH 44114
Telephone:  (216) 515-0328
Facsimile:  (877) 824-9123
Attention:  Terri Honohan

Signature Page

 

 

EXHIBIT B
FORM OF COMPLIANCE CERTIFICATE
[To be delivered on the Closing Date, and thereafter as provided in Section 7.1(b)]]

TO:    KeyBank National Association (“Agent”) and Lenders (as defined below).
Reference is hereby made to that certain Unsecured Term Credit Agreement dated as of March 30, 2012, as amended by that certain First Amendment to Unsecured Term Credit Agreement dated as of August 2, 2012, and that certain Second Amendment to Unsecured Term Credit Agreement dated as of September 24, 2013 (as it may have been or may hereafter be amended, amended and restated, modified, supplemented or renewed from time to time, the “Credit Agreement”), by and among BioMed Realty, L.P., a Maryland limited partnership (“Borrower”), Agent, as Administrative Agent, and the Lenders (as defined in the Credit Agreement).  All capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the Credit Agreement.  This document is a “Compliance Certificate” as defined in the Credit Agreement.
Borrower hereby represents and warrants to Agent and Lenders as of the date hereof:
1.    (i) No Event of Default or Default has occurred and is continuing [except ___________], and (ii) all representations and warranties of Borrower set forth in Article 4 (other than Section 4.12) of the Credit Agreement are true and correct in all material respects, except for changes to the representations and warranties that were permitted under the Credit Agreement.
2.    The financial statements delivered to Agent concurrently herewith are true and correct, fairly present in all material respects the respective financial condition of the Consolidated Group as of the date of such statements and have been prepared in accordance with Generally Accepted Accounting Principles, except as provided therein.
3.    Without limiting the generality of the representations and warranties made above, as of the Fiscal Quarter ending _________, 201_:
(a)    the Overall Leverage Ratio is ___%, which is [in compliance] [not in compliance] with Section 6.5 of the Credit Agreement (see Item A of Schedule 4 attached hereto).
(b)    the Unsecured Leverage Ratio is ___%, which is [in compliance] [not in compliance] with Section 6.6 of the Credit Agreement (see Item B of Schedule 4 attached hereto).
(c)    the Fixed Charge Coverage Ratio is  ___ to ___, which is [in compliance] [not in compliance] with Section 6.7 of the Credit Agreement (see Item C of Schedule 4 attached hereto).
(d)    All Distributions made during such Fiscal Quarter were made in compliance with Section 6.8 of the Credit Agreement.

EXHIBIT B 

 

(e)    the Unsecured Debt Service Coverage Ratio is ___ to ___, which is [in compliance] [not in compliance] with Section 6.10 of the Credit Agreement (see Item F of Schedule 4 attached hereto).
(f)    the Gross Asset Value is $___________(see Item J of Schedule 4 attached hereto).
(g)    the Secured Indebtedness of the Consolidated Group is ____% of the Gross Asset Value, which is [in compliance] [not in compliance] with Section 6.11 of the Credit Agreement (see Item G of Schedule 4 attached hereto).
(h)    the aggregate amount invested in undeveloped land owned by the Consolidated Group and the Consolidated Group Pro Rata Share of undeveloped land owned by Investment Affiliates (with undeveloped land valued at cost) is $__________.
(i)    the aggregate amount invested by the Consolidated Group in Projects owned by the Consolidated Group that are under development, plus the Consolidated Group Pro Rata Share of any amounts so invested by the Investment Affiliates in Projects owned by Investment Affiliates that are under development (with such Projects under development ceasing to be treated as such when GAAP permits such Projects to be classified as an operating asset), is $__________.
(j)    the aggregate amount invested by the Consolidated Group in or with respect to Investment Affiliates (not otherwise captured in subparagraph (h) or (i) above)  is $__________.
(k)    the aggregate amount invested by the Consolidated Group in or with respect to buildings primarily used or intended to be used for warehouse, residential, retail, hospitality or educational purposes is $____________________.
(l)    the aggregate amount invested by the Consolidated Group directly or indirectly in life science industry and related companies as described in Section 6.13(e) of the Credit Agreement is $___________.
(m)    the aggregate amount invested by the Consolidated Group in the Investments listed as subparagraphs (h), (i), (j), (k) and (l) above is $__________, or __% of the Gross Asset Value, which is [in compliance] [not in compliance] with Section 6.13 of the Credit Agreement.
4.    Schedule 1 attached hereto sets forth each “new” (i.e., not identified in the Credit Agreement or in any Compliance Certificate previously delivered to Agent) Subsidiary or Investment Affiliate of Borrower or Guarantor, and certain information with respect to such entity, as required by Section 7.1(n) of the Credit Agreement.
5.    Schedule 2 attached hereto sets forth certain information (not otherwise included in the financial statements or other information presented to Agent), as required by Section 7.1(o) of the Credit Agreement.

EXHIBIT B

6.    Schedule 3 attached hereto sets forth the current calculation of the Total Unencumbered Asset Value.  Appropriate back-up calculations (in form and detail reasonably required by Agent) [are/are not] also provided with this Compliance Certificate.
7.    Schedule 4 attached hereto sets forth calculations with respect to the financial covenants referenced above.  Appropriate back-up calculations (in form and detail approved by Agent) [are/are not] also provided with this Compliance Certificate.
8.    This Compliance Certificate is executed as of the date stated below by a Senior Officer on behalf of Borrower.  The undersigned, in such capacity, hereby certifies each and every matter contained herein (and in any accompanying backup calculations or other information) to be true and correct in all material respects.
		
	Dated as of ______________, 201_
	“BORROWER”

BIOMED REALTY, L.P., a Maryland limited partnership

By:    BioMed Realty Trust, Inc., its sole general
Partner

By                             
Name                             
Title                            

EXHIBIT B

 

SCHEDULE 1 TO EXHIBIT B
NEW SUBSIDIARIES OR INVESTMENT AFFILIATES

	
						
	Name
	Form of Legal Entity
	Identity of Members of Consolidated Group which are Record Owners
	Jurisdiction of Organization
	Description of Property Owned
	[Other Information Reasonably Required by Agent]

	1.
	 
	 
	 
	 
	 

	2.
	 
	 
	 
	 
	 

	3.
	 
	 
	 
	 
	 

SCHEDULE 1 TO EXHIBIT B 

 

SCHEDULE 2 TO EXHIBIT B
INFORMATION REGARDING 
PROJECTS AND INDEBTEDNESS
		
	I.
	Projects Owned by the Consolidated Group or in which a member of the Consolidated Group Owns an Interest.

	
				
	Description and Location
of Project
	Type of Interest Held
	Acquisition Date
	GAAP Cost Basis

	1.
	 
	 
	 

	2.
	 
	 
	 

	3.
	 
	 
	 

II.    Consolidated Outstanding Indebtedness of the Consolidated Group.
	
								
	Original Principal Amount
	Current Amount Outstanding
	Holder
	Maturity Date
	Extension Options
	Interest Rate
	Collateral
	Recourse/ Nonrecourse

	1.
	 
	 
	 
	 
	 
	 
	 

	2.
	 
	 
	 
	 
	 
	 
	 

	3.
	 
	 
	 
	 
	 
	 
	 

III.    Unstabilized Projects.
	
			
	Description and Location of Project
	Status of Development
	Name of Owner

	1.
	 
	 

	2.
	 
	 

	3.
	 
	 

SCHEDULE 2 TO EXHIBIT B 

 

SCHEDULE 3 TO EXHIBIT B
TOTAL UNENCUMBERED ASSET VALUE CALCULATION
Contributions of Unencumbered Projects to Total Unencumbered Asset Value (All amounts previously multiplied by BioMed Pro Rata Share or Consolidated Group Pro Rata Share where applicable)
	
					
	Property Description/Unencumbered Note Receivables; Cash or Cash Equivalents
	Adjusted NOI*
	

Applicable Capitalization Rate
	GAAP Cost Basis **
	Contribution to Total Unencumbered Asset Value Before Reductions

	1.
	$
	 
	$
	$

	2.
	$
	 
	$
	$

	__.
	$
	 
	$
	$

	 
	 
	 
	 
	$      

	Single Project Concentration Reduction***
	 
	 
	 
	($_____________ )

	Non-Wholly Owned Reduction****
	 
	 
	 
	($ _____________)

	Unstabilized Project Reduction*****
	 
	 
	 
	($_____________)

	Unencumbered Land Parcel Reduction******
	 
	 
	 
	($_____________)

	Foreign Project Reduction*******
	 
	 
	 
	($_____________)

	Unencumbered Note Receivable Reduction ********
	 
	 
	 
	($_____________)

	 
	 
	 
	 
	 

		
	*
	For (i) Unencumbered Projects that are wholly owned (or wholly leased under a Mortgageable Ground Lease) by Borrower or a Wholly-Owned Subsidiary of Borrower, (ii) the BioMed Pro Rata Share of Adjusted NOI attributable to Unencumbered Projects that are wholly owned (or wholly leased under a Mortgageable Ground Lease) by a member of the Consolidated Group other than Borrower or a Wholly-Owned Subsidiary of Borrower, and (iii) the Consolidated Group Pro Rata Share of Adjusted NOI attributable to Unencumbered Projects that are wholly owned (or wholly leased under a Mortgageable Ground Lease) by a member an Investment Affiliate, excluding, however, in each case, (a) those Unencumbered Projects that (1) were Unstabilized Projects at any time during the Fiscal Quarter with respect to which Adjusted NOI is determined and (2) are not ground leased to a third party, (b) New Unencumbered Projects, or (c) Unencumbered Projects disposed of during such Fiscal Quarter.

		
	**
	For Unencumbered Projects that are Unstabilized Projects and not ground leased to a third party or are New Unencumbered Projects.

		
	*** 
	No individual Income-Producing Project may contribute more than 20% of the total amount of the Total Unencumbered Asset Value, as provided in the definition thereof.

SCHEDULE 3 TO EXHIBIT B 

		
	**** 
	Unencumbered Projects not owned by Borrower or a Wholly-Owned Subsidiary in the aggregate cannot contribute more than 10% of the total amount of the Total Unencumbered Asset Value, as provided in the definition thereof.

		
	*****
	Unstabilized Projects in the aggregate cannot contribute more than 10% of the total amount of the Total Unencumbered Asset Value, as provided in the definition thereof.

		
	******
	Unencumbered land parcels in the aggregate cannot contribute over 10% of the total amount of the Total Unencumbered Asset Value, as provided in the definition thereof. 

		
	*******
	Foreign Projects in the aggregate cannot contribute over 15% of the total amount of the Total Unencumbered Asset Value, as provided in the definition thereof.

******** Unencumbered Note Receivables in the aggregate cannot contribute over 10%  of the total amount of the Total Unencumbered Asset Value, as provided in the definition thereof.
  

SCHEDULE 3 TO EXHIBIT B

 

SCHEDULE 4 TO EXHIBIT B
FINANCIAL COVENANTS CALCULATION
A.    Compliance with Section 6.5 of the Credit Agreement (Overall Leverage Ratio)
1.    Consolidated Outstanding Indebtedness                $___________
2.    Gross Asset Value                            $___________
3.    Overall Leverage Ratio (Line A1 divided  by Line A2 
multiplied by 100)                            __________%
Line A3 shall be less than or equal to 60%
B.    Compliance with Section 6.6 of the Credit Agreement (Unsecured Leverage Ratio)
1.    Total Unsecured Indebtedness                    $___________
2.    Total Unencumbered Asset Value                    $___________
3.    Unsecured Leverage Ratio (Line B1 divided by Line B2  
    multiplied by 100)                            __________%
Line B3 shall be less than or equal to 60%
C.    Compliance with Section 6.7 of the Credit Agreement (Fixed Charge Coverage)
1.    Adjusted EBITDA                             $___________
2.    Debt Service                                $___________
3.    Preferred Distributions of Consolidated Group            $___________
4.    Consolidated Group Pro Rata Share of all Preferred Distributions of Investment  Affiliates                                    $        
5.    Fixed Charge Coverage ratio (Line C1 to the sum of  
    Line C2 thru Line C4)                         ___ to ____
Line C5 shall be greater than or equal to 1.50 to 1.00.
D.    [Intentionally Omitted.]
E.    [Intentionally Omitted.]
		
	F.
	Compliance with Section 6.10 of the Credit Agreement (Unsecured Debt Service Coverage)

SCHEDULE 4 TO EXHIBIT B 

 

1.    Adjusted Unencumbered NOI                        $___________
2.    Unencumbered Note Receivables Income                $___________
3.    Unsecured Debt Service Amount                    $___________
		
	4.
	Unsecured Debt Service Coverage Ratio 
(Line F1 plus F2 to Line F3)                            to         

Line F4 shall be greater than or equal to 2.00 to 1.00.
G.    Compliance with Section 6.11 of the Credit Agreement (Secured Indebtedness)
1.    Secured Indebtedness of the Consolidated Group             $___________
2.    Gross Asset Value                             $___________
3.    Percentage  (Line G1 divided by Line G2 multiplied by 100)    __________%
Line G3 shall be less than or equal to 40%.
H.    [Intentionally Omitted.]
I.    Calculation of Adjusted EBITDA (applicable fiscal quarter)
		
	1.
	Net Income                                $___________

		
	2.
	Interest                                 $___________

		
	3.
	Income Taxes                                $___________

		
	4.
	Minority Interest                            $___________

		
	5.
	Preferred Distributions                         $___________

		
	6.
	Depreciation and amortization                    $___________

		
	7.
	Gains and losses on sale of investments and joint ventures        $___________

		
	8.
	Gains and losses on the disposition of discontinued operations    $___________

		
	9.
	 Required rent adjustments and amortization of intangibles         $__________

		
	10.
	Transaction costs of acquisitions not permitted to be capitalized     $__________

		
	11.
	Impairment charges, property valuation losses, gains and/or losses related to the extinguishment of debt and non-cash charges necessary to record interest rate contracts at fair value                            $___________

SCHEDULE 4 TO EXHIBIT B

		
	12.
	Other non-cash expenses (including non-cash compensation, non-cash severance, foreign exchange losses and other non-cash restructuring charges, to the extent not actually paid as a cash expense)                                             $___________

		
	13.
	Extraordinary or non-recurring items                    $___________

		
	14.
	 Effect of any adjustment resulting from a change in accounting principles in determining Net Income                         $___________

		
	15.
	Capital Reserves for all Income-Producing Projects owned by a member of the Consolidated Group or an Investment Affiliate 
(divided by four (4))                            ($_________)

		
	16.
	EBITDA attributable to the Consolidated Group’s equity interests in any Investment Affiliates1                            $___________

		
	17.
	Consolidated Group’s Pro Rata Share of EBITDA in each Investment Affiliates2                                         ($_________)

		
	18.
	Adjusted EBITDA (the sum of Lines I1 through I14  
minus Line I15 minus, if applicable, Line I16 plus, if applicable Line I17)                                             $___________

J.    Calculation of Gross Asset Value
		
	1.
	Adjusted NOI of Projects owned (or leased pursuant to a  
Mortgageable Ground Lease) by a member of the Consolidated  
Group (including Consolidated Group Pro Rata Share of the  
Adjusted NOI attributable to Projects owned (or leased pursuant  
to a Mortgageable Ground Lease) by Investment Affiliates) but  
excluding CFLS Project and Properties with negative Adjusted  
NOI:                                     $___________

		
	2.
	Adjusted NOI from: 
(a) Projects owned (or leased 
pursuant to a Mortgageable Ground Lease) by a member of the  
Consolidated Group (including Consolidated Group Pro Rata  
Share of the Adjusted NOI attributable to Projects owned (or  
leased pursuant to a Mortgageable Ground Lease) by Investment  
Affiliates) that were 

_______________
 1To be included when calculating EBITDA with respect to the Consolidated Group.
 2To be included when calculating EBITDA with respect to the Consolidated Group.

SCHEDULE 4 TO EXHIBIT B

(i) Unstabilized Projects at any time during the  
Fiscal Quarter in which Adjusted NOI is determined and not  
ground leased to a third party;                    ($_________)     
(ii) New Projects;                            ($_________) 
		
	
(iii) Projects disposed of during or after such fiscal quarter 
	($_________) 

(b) Total ((a)(i) plus (a)(ii) plus (a)(iii))                ($_________)
		
	3.
	General Capitalization Rate:                             7.25%

		
	4.
	Base Adjusted NOI Capitalized (Line J1 minus Line J2(b)  
divided by Line J3)                            $___________

		
	5.
	Adjusted NOI for CFLS Project                     $___________

		
	6.
	Capitalization Rate for CFLS Project                        6.25%

		
	7.
	CFLS Project Value (Line J5 divided by Line J6)            $___________

		
	8.
	For Unstabilized Projects not ground leased to a third party, the greater of (i) the portion of such Adjusted NOI attributable to such Project (or the Consolidated Group Pro Rata Share thereof with respect to any such excluded Project owned (or leased pursuant to a Mortgageable Ground Lease) by an Investment Affiliate) (see J.2(a)(i)), divided by J3 and (ii) the GAAP Cost Basis (or the Consolidated Group Pro Rata Share thereof with respect to any such excluded Project owned (or leased pursuant to a Mortgageable Ground Lease) by an Investment Affiliate) in such Project                                                                                    $___________

		
	9.
	GAAP Cost Basis of all New Projects (or the Consolidated Group Pro Rata Share thereof with respect to any such New Project owned (or leased pursuant to a Mortgageable Ground Lease) by an Investment Affiliate)                                $___________

		
	10.
	Note Receivables which are Permitted Investments per 
Section 6.13(e) of the Credit Agreement3                $___________ 

		
	11.
	Cash and Cash Equivalents                        $___________

		
	12.
	Gross Asset Value (before land)  
(the sum of Lines J4 + J7 + J8 + J9 + J10+J11)             $___________

__________________________
3The amount in Line J10 to be reduced to 10% of the total Gross Asset Value if such amount would otherwise exceed 10% of the total Gross Asset Value

SCHEDULE 4 TO EXHIBIT B

		
	13.
	GAAP Cost Basis of all land, or rights in land, that do not constitute a Project as of such date (or the Consolidated Group Pro Rata Share thereof with respect to any such land, or rights in land, owned (or leased pursuant to a Mortgageable Ground Lease) by an Investment Affiliate)4                                     $___________

		
	14.
	Total Gross Asset Value (Line J12 plus J13)                                     $___________

K.    Calculation of Funds from Operations:
		
	1.
	Net Income (or deficit)                        $        

		
	2.
	Gains from property sales                        $        

		
	3.
	Losses from property sales                        $        

		
	4.
	Depreciation and amortization (including applicable amount  
attributable from Projects owned by Investment Affiliates)        $        

5.    Preferred Distributions and costs incurred therewith                                         $___________
		
	6.
	Minority interest of exchangeable operating partnership units    $        

		
	7.
	Gains from debt extinguishment and derivatives            $___________

		
	8.
	Losses from debt extinguishment and derivatives            $ __________

		
	9.
	Funds From Operation (Line K1 minus Line K2 plus K3 plus 
K4 plus K5 plus K6 minus K7 plus K8)5                $__________

__________________________
 4The amount in Line J13 to be reduced to 10% of the total Gross Asset Value if such amount would otherwise exceed 10% of the total Gross Asset Value
5In each case under Line K2 through K6, without duplication and only to the extent such items were included in or excluded from the determination of Net Income or net deficit, as applicable.

SCHEDULE 4 TO EXHIBIT B

 

SCHEDULE 4.4

SUBSIDIARIES

	
				
	•    NAME OF SUBSIDIARY
	•    FORM OF LEGAL ENTITY
	•    OWNERSHIP
	•    JURISDICTION

	BioMed Realty, L.P.
	Limited Partnership
	0.2% GP Interest by BioMed Realty Trust, Inc.
 

97.1% LP Interest by BioMed Realty Trust, Inc.
 

	Maryland

	BioMed Realty Holdings, Inc.
	Corporation
	100% by BioMed Realty, L.P.
	Maryland

	BioMed Realty Holdings II, Inc.
	Corporation
	100% by BioMed Realty, L.P.
	Maryland

	BioMed Realty Trust, Inc. REIT Qualification Trust
	Trust
	100% Beneficiary is BioMed Realty Holdings, Inc.
	California

	BMR-GP LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BioMed Realty LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BioMed Realty Development LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BioMed Financing, LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-JV I Holdings LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-JV II Holdings LLC
	Limited Liability Company
	100% by BioMed
Realty Holdings, Inc.
	Delaware

	BMR PR II LLC
	Limited Liability Company
	20% by BMR-JV I Holdings, LLC
	Delaware

SCHEDULE 4.4

	
				
	BMR-PR II TRS LLC
	Limited Liability Company
	20% by BMR-JV II Holdings LLC
	Delaware

	BioMed Ventures LP
	Limited Partnership
	80% - 100% by BioMed Realty, L.P.(variable economic interest)
	Delaware

	BMV Direct LP
	Limited Partnership
	80% - 100% by BioMed Realty, L.P.(variable economic interest)
	Delaware

	BMV Direct RE LP
	Limited Partnership
	80% - 100% by BioMed Realty, L.P.(variable economic interest)
	Delaware

	BMV Direct SO LP
	Limited Partnership
	80% - 100% by BioMed Realty, L.P.(variable economic interest)
	Delaware

	BMV Direct SOTRS LP
	Limited Partnership
	80% - 100% by BioMed Realty, L.P.(variable economic interest)
	Delaware

	BMR LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Wexford LP
	Limited Partnership
	10% GP Interest by BioMed Realty Holdings, Inc.
 

90% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-217th Place LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-270 Albany Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-34790 Ardentech Court LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC 
 

100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-34175 Ardenwood Boulevard LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	34175 Ardenwood Venture, LLC
	Limited Liability Company
	87.5% Membership Interest by BMR-34175 Ardenwood Boulevard LLC
	Delaware

	BMR-Ardsley Park LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-8808 Balboa Avenue LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	California

	BMR-Bay LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
 

100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Bayshore Boulevard LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-6411 Beckley Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	Guilford Real Estate Trust 1998-1
	Grantor Trust
	100% Beneficiary is BioMed Realty, L.P., 
Trustee is BMR-6411 Beckley Street LLC
	Utah

	BMR-9900 Belward Campus LLC
	Limited Liability Company
	100% by BMR-9900 Belward Campus Holdings LLC
	Delaware

	BMR-9900 Belward Campus Borrower LLC
	Limited Liability Company
	100% by BMR-9900 Belward Campus Holdings LLC
	Delaware

	BMR-9900 Belward Campus Holdings LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-9901 Belward Campus LLC
	Limited Liability Company
	100% by BMR-9901 Belward Campus Holdings LLC
	Delaware

	BMR-9901 Belward Campus Borrower LLC
	Limited Liability Company
	100% by BMR-9901 Belward Campus Holdings LLC
	Delaware

	BMR-9901 Belward Campus Holdings LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	BMR-Belward Campus Drive LSM LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Maryland

	BMR-9920 Belward Campus Q LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Rhode Island

	BMR-17190 Bernardo Center Drive LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Blackfan Circle LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Bridgeview LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Bridgeview II LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Broadway LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-550 Broadway LP (f/k/a BMR-Cray LP)
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Bunker Hill LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Coast 9 LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-58 Charles Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-320 Charles LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	BMR-134 Coolidge Avenue LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-6300 Dumbarton Circle LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-350 E Kendall F LLC
	Limited Liability Company
	100% by BMR-PR II LLC
	Delaware

	BMR-650 E Kendall B LLC
	Limited Liability Company
	100% by BMR-PR II LLC
	Delaware

	BMR-475 Eccles Avenue LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-2600 Eisenhower Avenue LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-201 Elliott Avenue LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-21 Erie Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-40 Erie Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Executive Drive LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-4570 Executive Drive LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-500 Fairview Avenue LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-530 Fairview Avenue LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	BMR-2282 Faraday Avenue LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Fresh Pond Research Park LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-700 Gateway LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-750,800,850 Gateway LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-900 Gateway LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-1000 Gateway LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Gateway/Oyster LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Gazelle LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-350 George Patterson Boulevard LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	Granta Park JCo 1 Limited
	Company Limited by Shares
	100% by BMR LLC
	Jersey

	BMR-7 Graphics Drive LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Hampshire LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	BMR-201 Industrial Road LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-3525 John Hopkins LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-3545-3575 John Hopkins LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-6500 Kaiser Drive LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-450 Kendall Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-500 Kendall Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Kendall Development LLC
	Limited Liability Company
	100% by BMR-PR II TRS LLC
	Delaware

	BMR-Kendall Holdings LLC
	Limited Liability Company
	100% by BMR-PR II TRS LLC
	Delaware

	BMR-145 King of Prussia Road GP LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-145 King of Prussia Road LP
	Limited Partnership
	99.5% LP Interest by BioMed Realty, L.P.  
 
0.5% GP Interest by BMR-145 King of  
Prussia Road GP LLC
	Delaware

	BMR-Landmark at Eastview LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Lincoln Centre LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	10165 McKellar Court, L.P.
	Limited Partnership
	22% GP Interest by BMR-10165 McKellar Court GP LLC
	California

	BMR-10165 McKellar Court GP LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	California

	BMR-Medical Center Drive LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-3450 Monte Villa Parkway LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-6114-6154 Nancy Ridge Drive LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-6828 Nancy Ridge Drive LP
	Limited Liability Company
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-One Research Way LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-180 Oyster Point LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-200 Oyster Point LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Pacific Center LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Pacific Research Center LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-3500 Paramount Parkway LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	BMR-Patriot LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-335-395 Phoenixville Pike LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Research Boulevard LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Road to the Cure LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Rogers Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-10240 Science Center Drive LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-10255 Science Center LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Shady Grove Road HQ LLC
	Limited Liability Company
	100% by BMR-Shady Grove Holdings LLC
	Maryland

	BMR-Shady Grove Holdings LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Shady Grove B LLC
	Limited Liability Company
	100% by BMR-Shady Grove Holdings LLC
	Delaware

	BMR-Shady Grove D LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-200 Sidney Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Sorrento Plaza LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	BMR-Sorrento Valley Boulevard LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-11388 Sorrento Valley Road LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Spring Mill Drive GP LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Spring Mill Drive, LP
	Limited Partnership
	1% GP Interest by BMR-Spring Mill Drive GP LLC 99% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Summers Ridge LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Torreyana LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-9865 Towne Centre LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-9885 Towne Centre LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Trade Centre Avenue LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-6611 Tributary Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Maryland

	BMR-900 Uniqema Boulevard LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-1000 Uniqema Boulevard LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

SCHEDULE 4.4

	
				
	BMR-325 Vassar Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-3200 Walnut Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Waples LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-Wateridge LP
	Limited Partnership
	0% GP Interest by BMR-GP LLC
100% LP Interest by BioMed Realty, L.P.
	Delaware

	BMR-675 West Kendall Street LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-50 West Watkins Mill LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-West Watkins Mill LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	BMR-Weston LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Delaware

	Wexford Agent Corporation
	Corporation
	100% by BioMed Realty, L.P.
	Maryland

	Wexford Development, LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Maryland

	Wexford Finance, LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Maryland

	Wexford Management, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Wexford Science & Technology, LLC
	Limited Liability Company
	100% by BioMed Realty, L.P.
	Maryland

	Wexford Science Center 2, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Maryland

SCHEDULE 4.4

	
				
	Wexford-UCSC II GP, LLC
	Limited Liability Company
	50% by Wexford Science Center 2, LLC
	Delaware

	Wexford-UCSC II, LP
	Limited Partnership
	59.5% LP Interest by Wexford Science Center 2, LLC

1% GP Interest by Wexford-UCSC II GP, LLC
	Delaware

	3737 Fee Owner, LLC
	Limited Liability Company
	89% by Wexford-UCSC 3737, LLC
	Delaware

	Wexford-UCSC 3737 Joint Venture, LLC
	Limited Liability Company
	68% by Wexford Science Center 2, LLC
	Delaware

	Wexford-UCSC 3737 Member, LLC
	Limited Liability Company
	100% by Wexford-UCSC 3737 Joint Venture, LLC
	Delaware

	Wexford-UCSC 3737, LLC
	Limited Liability Company
	89% by Wexford-UCSC 3737 Joint Venture, LLC

11% by Wexford-UCSC 3737 Member, LLC
	Delaware

	Wexford 4320 Forest Park, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	BRDG Park at Danforth Center, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Missouri

	Wexford Danforth, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Maryland

	Hershey Research One, LLC
	Limited Liability Company
	100% by Wexford Hershey Holdings One, LLC
	Delaware

	Hershey Research Two, LLC
	Limited Liability Company
	100% by Wexford Hershey Holdings Two, LLC
	Delaware

	Wexford Hershey Holdings One, LLC
	Limited Liability Company
	100% by Wexford Hershey, LLC
	Delaware

	Wexford Hershey Holdings Two, LLC
	Limited Liability Company
	100% by Wexford Hershey, LLC
	Delaware

SCHEDULE 4.4

	
				
	Wexford Hershey, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Hershey Center for Applied Research, Inc.
	Non-profit (501(c)(4)) corporation
	50% by Wexford Science & Technology, LLC
	Pennsylvania

	Townsend CRB Development, LLC
	Limited Liability Company
	100% by Wexford Development, LLC
	Maryland

	CRB Federal, LLC
	Limited Liability Company
	0.1% by CRB Investors, LLC
	Delaware

	CRB Investors, LLC
	Limited Liability Company
	100% by BioMed Realty Holdings II, Inc.
	Delaware

	Townsend Chicago, LLC
	Limited Liability Company
	90% by CRB Investors, LLC

10% by CRB Federal, LLC
	Delaware

	Wexford Miami Holding, LLC
	Limited Liability Company
	99% by Wexford Science & Technology, LLC

1% by BMR-Wexford LP
	Delaware

	Wexford Miami, LLC
	Limited Liability Company
	100% by Wexford Miami Holding, LLC
	Delaware

	Wexford ODU, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Wexford ODU 2, LLC
	Limited Liability Company
	99% by Wexford Science & Technology, LLC

1% by BMR-Wexford LP
	Delaware

	Wexford Maryland BioPark One, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Baltimore Life Science Research Park, LLC
	Limited Liability Company
	100% by Wexford Maryland BioPark One, LLC
	Delaware

	Baltimore LSRP One, Business Trust
	Statutory Trust
	100% by Baltimore Life Science Research Park, LLC
	Maryland

SCHEDULE 4.4

	
				
	Baltimore LSRP Two, Business Trust
	Statutory Trust
	100% by Baltimore Life Science Research Park, LLC
	Maryland

	BLSRP Funding I, LLC
	Limited Liability Company
	100% by Baltimore LSRP One, Business Trust
	Delaware

	BLSRP Funding II, LLC
	Limited Liability Company
	100% by Baltimore LSRP Two, Business Trust
	Delaware

	BSP Holding, LLC
	Limited Liability Company
	99% by Wexford BSP Partners, LLC

1% by BMR-Wexford LP
	Maryland

	Building Two Café, LLC
	Limited Liability Company
	100% by BioMed Realty Holdings, Inc.
	Delaware

	Wexford BSP Funding, LLC
	Limited Liability Company
	100% by Wexford UMB 2, LLC
	Maryland

	Wexford BSP Partners, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Maryland

	Wexford UMB 2, LLC
	Limited Liability Company
	100% by BSP Holding, LLC
	Maryland

	Baltimore Garage Funding, LLC
	Limited Liability Company
	100% by Wexford Baltimore Garage, LLC
	Maryland

	Wexford Baltimore Garage, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Maryland

	Wexford Building 91 Manager, LLC
	Limited Liability Company
	100% by BioMed Realty Holdings II, Inc.
	Delaware

	Wexford Building 91 Developer, LLC
	Limited Liability Company
	100% by Wexford Development, LLC
	Delaware

	Wexford Building 91 MT, LLC
	Limited Liability Company
	0.01% by Wexford Building 91 Manager, LLC
	Delaware

	Wexford Winston-Salem Building 91, LLC
	Limited Liability Company
	100% by Wexford Winston-Salem Holding, LLC
	Delaware

SCHEDULE 4.4

	
				
	Wexford Winston-Salem Holding, LLC
	Limited Liability Company
	65% by Wexford Building 91 Manager, LLC

35% by Wexford Building 91 MT, LLC
	Delaware

	Wexford Heritage Development, LLC
	Limited Liability Company
	100% by Wexford Development, LLC
	Delaware

	Wexford Heritage Manager, LLC
	Limited Liability Company
	100% by BioMed Realty Holdings II, Inc.
	Delaware

	Wexford Heritage, LLC
	Limited Liability Company
	100% by Wexford Heritage Holding, LLC
	Delaware

	Wexford Heritage Holding, LLC
	Limited Liability Company
	70% by Wexford Heritage Manager, LLC

30% by Wexford Heritage MT, LLC
	Delaware

	Wexford Heritage MT, LLC
	Limited Liability Company
	0.01% by Wexford Heritage Manager, LLC
	Delaware

	Wexford Miami 1851, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Wexford Miami Property Acquisitions, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Wexford-UCSC III GP, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Wexford-UCSC III, L.P.
	Limited Partnership
	1% GP Interest by Wexford-UCSC III GP, LLC

99% LP Interest by Wexford Science & Technology, LLC
	Delaware

	Wexford-UCSC 3400 Associates GP, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

SCHEDULE 4.4

	
				
	Wexford-UCSC 3400 Associates, L.P.
	Limited Partnership
	1% GP Interest by Wexford-UCSC 3400 Associates GP, LLC

99% LP Interest by Wexford Science & Technology, LLC
	Delaware

	BioPark Fremont, LLC
	Limited Liability Company
	50% by Wexford BioPark Land Acquisition I, LLC
	Delaware

	Wexford BioPark Land Acquisition I, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Maryland

	BSP Three Holding, LLC
	Limited Liability Company
	100% by Wexford BSP Three Partners, LLC
	Delaware

	Wexford Baltimore-Poppleton, LLC
	Limited Liability Company
	100% by BSP Three Holding, LLC
	Maryland

	Wexford BSP Three Partners, LLC
	Limited Liability Company
	99% by Wexford Science & Technology, LLC

1% by BMR-Wexford LP
	Delaware

	Wexford Maryland BioPark 3, LLC
	Limited Liability Company
	100% by BSP Three Holding, LLC
	Delaware

	Wexford Building 60 Manager, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Wexford Winston-Salem Building 60, LLC
	Limited Liability Company
	100% by Wexford Winston-Salem Holding 60, LLC
	Delaware

	Wexford Winston-Salem Holding 60, LLC
	Limited Liability Company
	99% by Wexford Building 60 Manager, LLC

1% by BMR-Wexford LP
	Delaware

	Wexford Building 90 Manager, LLC
	Limited Liability Company
	100% by BioMed Realty Holdings II, Inc.
	Delaware

	Wexford Winston-Salem Building 90, LLC
	Limited Liability Company
	100% by Wexford Winston-Salem Holding 90, LLC
	Delaware

SCHEDULE 4.4

	
				
	Wexford Winston-Salem Holding 90, LLC
	Limited Liability Company
	15% by Wexford Building 90 MT, LLC

85% by Wexford Building 90 Manager, LLC
	Delaware

	Wexford Building 90 MT, LLC
	Limited Liability Company
	1% by Wexford Building 90 Manager, LLC
	Delaware

	Wexford Building 90 Developer, LLC
	Limited Liability Company
	100% by Wexford Development, LLC
	Delaware

	Wexford Durham Chesterfield, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

	Wexford 3801 Chestnut, LLC
	Limited Liability Company
	100% by Wexford Science & Technology, LLC
	Delaware

Subsidiaries Subject to Options, Warrants or Other Rights to Purchase Capital Stock:

JOINT VENTURE ARRANGEMENTS / PROPERTIES 
		
	A.
	Wexford-UCSC II, LP / 3711 Market Street, Philadelphia, PA 

		
	1.
	Limited Partnership Agreement dated April 3, 2007 contains (i) a right of first offer at Section 4.6 if either partner proposes to sell the asset; (ii) a right of first offer at Section 7.3 if either partner elects to sell its partnership interest; and (ii) a buy/sell provision for any partner at Section 8.1 

		
	B.
	Wexford-UCSC II GP, LLC / 3711 Market Street, Philadelphia, PA 

		
	1.
	Limited liability company interests are subject to purchase options and buy/sell provisions of related limited partnership (Wexford-UCSC II, LP) 

		
	C.
	Wexford-UCSC 3737 Joint Venture, LLC / 3737 Market Street, Philadelphia, PA 

		
	1.
	Limited Liability Company Agreement dated August 8, 2012 contains (i) a right of first offer at Section 4.10 if either member proposes to sell the asset, (ii) a right of first offer at Section  7.3 if either member elects to sell its LLC interest and (iii) a buy/sell provision for any member at Section 8.1 

		
	D.
	3737 Fee Owner, LLC / 3737 Market Street, Philadelphia, PA 

SCHEDULE 4.4

		
	1.
	Penn Presbyterian Medical Center has the right to purchase Wexford’s 89% interest for $890 once Penn Presbyterian Medical Center has taken occupancy of its space in accordance with lease agreement 

		
	E.
	BioPark Fremont, LLC / 3737 Market Street, Philadelphia, PA 

		
	1.
	Amended and Restated Operating Agreement dated April 17, 2012 contains an option to purchase in favor of RPC Poppleton, LLC and a mandatory buy/sell procedure in favor of both members 

		
	F.
	BMR-PR II LLC/350 E. Kendall and 650 E. Kendall, Cambridge, MA

		
	1.
	Second Amendment to the Operating Agreement of BMR-PR II LLC contains a buy/sell procedure in favor of both members

HISTORIC TAX CREDIT SYNDICATION ARRANGEMENTS / PROPERTIES 
		
	A.
	CRB Federal, LLC / Illinois Institute of Technology, Chicago, IL 

		
	1.
	Wexford may become obligated under put/call provision of limited liability company agreement to purchase all of the ownership interests of Banc of America after end of historic tax credit recapture period 

		
	B.
	Wexford Building 91 MT, LLC / Wake Forest Building 91, Winston-Salem, NC 

		
	1.
	Wexford may become obligated under put/call provision of limited liability company agreement to purchase all of the ownership interests of U.S. Bancorp Community Development Corporation after end of historic tax credit recapture period

		
	C.
	Wexford Heritage MT, LLC /  Heritage Building, St. Louis, MO 

		
	1.
	Under limited liability company agreement, Wexford may become obligated to purchase all of the ownership interests of U.S. Bancorp Community Development Corporation if project is not completed by outside date or sufficient federal historic tax credits are not delivered 

		
	2.
	Wexford may become obligated under put/call provision of limited liability company agreement to purchase all of the ownership interests of U.S. Bancorp Community Development Corporation after end of historic tax credit recapture period

		
	D.
	Wexford Building 90 MT, LLC / Wake Forest Building 91, Winston-Salem, NC 

		
	1.
	Under limited liability company agreement, Wexford may become obligated to purchase all of the ownership interests of U.S. Bancorp Community Development Corporation if project is not completed by outside date or sufficient federal historic tax credits are not delivered 

		
	2.
	Wexford may become obligated under put/call provision of limited liability company agreement to purchase all of the ownership interests of U.S. Bancorp Community Development Corporation after end of historic tax credit recapture period

SCHEDULE 4.4

SCHEDULE 4.4

 

SCHEDULE 4.19
PROJECTS

	
			
	Property Name
	Ownership

	1.
	1522 217th Place S.E. 
Bothell, Washington 98021

	Fee Simple

	2.
	270 Albany Street
Cambridge, Massachusetts 02139-4210
	Fee Simple

	3.
	34790 Ardentech Court
Fremont, California 94555-3657
	Fee Simple

	4.
	34175 Ardenwood Boulevard
Fremont, California 94555
	Fee Simple*

	5.
	Ardsley Park
410, 420, 430, 440, 444 and 460 Saw Mill River
Road, Ardsley, New York 10502
	Fee Simple

	6.
	8808 Balboa Avenue
San Diego, California 92123
	Fee Simple

	7.
	700, 720, and 740 Bay Road
Redwood City, California 94063

	Fee Simple

	8.
	3240, 3260, 3280 Bayshore Blvd
Brisbane, California 94005
	Fee Simple

	9.
	6411 Beckley Street
Baltimore, Maryland 21224
	Fee Simple

	10.
	9900 Belward Campus Drive
Rockville, Maryland 20850
	Fee Simple

	11.
	9901 Belward Campus Drive
Rockville, Maryland 20850
	Fee Simple

	12.
	9911 Belward Campus Blvd
Rockville, Maryland 20850
	Fee Simple

	13.
	9920 Belward Campus Drive
Rockville, Maryland 20850
	Fee Simple

	14.
	320 Bent Street
Cambridge, Massachusetts 02142
	Leasehold Interest

	15.
	301 Binney Street
Cambridge, Massachusetts 02142
	Leasehold Interest

	16.
	301 Binney Street Garage 
Cambridge, Massachusetts 02142

	Leasehold Interest

	17.
	Kendall Crossing Apartments
157 Sixth Street
Cambridge, Massachusetts 02142
	Leasehold Interest

	18.
	17190 Bernardo Center Drive
San Diego, California 92128
	Fee Simple

	19.
	3 Blackfan Circle
Boston, Massachusetts 02115
	Fee Simple

SCHEDULE 4.19

	
			
	Property Name
	Ownership

	20.
	Bridgeview Technology Park
24500 Clawiter Road
24600 Industrial Boulevard
24546 Industrial Boulevard
Hayward, California 94545
	Fee Simple

	21.
	Bridgeview Technology Park II
24590 Clawiter Road
Hayward, California 94545
	Fee Simple

	22.
	210 Broadway
Cambridge, Massachusetts 02139
	Fee Simple

	23.
	550 Broadway Avenue
Redwood City, CA  94063
	Fee Simple

	24.
	3030 Bunker Hill Street
San Diego, California 92109
	Fee Simple

	25.
	58 Charles Street
Cambridge, Massachusetts 02141
	Fee Simple

	26.
	320 Charles Street
Cambridge, Massachusetts 02141

	Fee Simple

	27.
	134 Coolidge Avenue
Watertown, Massachusetts 02472
	Fee Simple

	28.
	6300 Dumbarton Circle
Fremont, California 94555
	Fee Simple

	29.
	350 Kendall Street
Cambridge, Massachusetts 02142
	Fee Simple*

	30.
	650 E Kendall Street
Cambridge, Massachusetts 02142

	Fee Simple*

	31.
	475 Eccles Avenue
South San Francisco, California 94080

	Fee Simple

	32.
	201 Elliott Avenue
Seattle, Washington 98119

	Fee Simple

	33.
	21 Erie Street
Cambridge, Massachusetts 02139

	Fee Simple

	34.
	40 Erie Street
Cambridge, Massachusetts 02139-4254

	Fee Simple

	35.
	47 Erie Street
Cambridge, Massachusetts 02139

	Fee Simple

	36.
	4775 and 4785 Executive Drive
San Diego, California 92121

	Fee Simple

	37.
	4570 Executive Drive
San Diego, California 92121

	Fee Simple

SCHEDULE 4.19

	
			
	Property Name
	Ownership

	38.
	500 Fairview Avenue
Seattle, Washington 98109

	Leasehold Interest

	39.
	530 Fairview Avenue
Seattle, Washington 98109

	Fee Simple

	40.
	2282 Faraday Avenue
Carlsbad, California 92008

	Fee Simple

	41.
	Fresh Pond Research Park
25, 27/31, 33/45, 51 and 61 Moulton Street and 665 Concord Avenue Cambridge, Massachusetts 02138
	Fee Simple

	42.
	700 Gateway Boulevard
South San Francisco, California 94080-7023

	Fee Simple

	43.
	750, 800, and 850 Gateway Boulevard
South San Francisco, California 94080-7023

	Fee Simple

	44.
	900 Gateway Boulevard
South San Francisco, California 94080-7023

	Fee Simple

	45.
	1000 Gateway Boulevard
South San Francisco, California 94080-7023

	Fee Simple

	46.
	Pacific Research Center
7333, 7555, 7575, 7677, 7707, 7979, 7999, 7700, 7600, and 7500 Gateway Boulevard,  Newark, California 94560
	Fee Simple

	47.
	2855 Gazelle Court
Carlsbad, California 92010

	Fee Simple

	48.
	350 George Patterson Boulevard
Bristol, Pennsylvania 19007

	Fee Simple

	49.
	7 Graphics Drive
Ewing, New Jersey 08628

	Fee Simple

	50.
	Granta Park
Great Abingdon, Cambridge, England CB21 6GP
	Freehold Estate

	51.
	50 and 60 Hampshire Street
Cambridge, Massachusetts 02139

	Fee Simple

	52.
	201 Industrial Road
San Carlos, California 94070

	Fee Simple

	53.
	3525 John Hopkins Court 
San Diego, California 92121

	Fee Simple

SCHEDULE 4.19

	
			
	Property Name
	Ownership

	54.
	3545-3575 John Hopkins Court
San Diego, California 92121

	Fee Simple

	55.
	6500 Kaiser Drive
Fremont, California 94555

	Fee Simple

	56.
	450 Kendall Street
Cambridge, Massachusetts 02142-1108

	Leasehold Interest

	57.
	500 Kendall Street 
Cambridge, Massachusetts 02142-1108

	Fee Simple

	58.
	145 King of Prussia Road
Radnor, Pennsylvania 19087

	Fee Simple

	59.
	Landmark at Eastview
735, 745,755, 765, 767, 769, 771, 777, 785, 795, 796 Old Saw Mill River Rd., Tarrytown, New York 10591
1 Saw Mill River Road, Hawthorne, New York 10532
	Fee Simple

	60.
	10165 McKellar Court
San Diego, California 92121

	Fee Simple*

	61.
	200, 300, 400, 500, 600, 700 and 800 Lincoln Centre Dr., Foster City, California 94044
	Fee Simple

	62.
	9704 and 9708 – 9714 Medical Center Drive
Rockville, Maryland 20859

	Fee Simple

	63.
	3450-3451 Monte Villa Parkway
Bothell, Washington 98021

	Fee Simple

	64.
	6114, 6118, 6122, 6124, 6126 and 6154 Nancy Ridge Drive, San Diego, California 92121

	Fee Simple

	65.
	6828 Nancy Ridge Drive
San Diego, California 92121

	Fee Simple

	66.
	One Research Way
Princeton, New Jersey 08536

	Fee Simple

	67.
	180 Oyster Point Boulevard
South San Francisco, California 94080-7023

	Fee Simple

	68.
	200 Oyster Point Boulevard
South San Francisco, California 94080-7023

	Fee Simple

	69.
	5870 and 5880 Pacific Center Boulevard
San Diego, California 92121

	Fee Simple

SCHEDULE 4.19

	
			
	Property Name
	Ownership

	70.
	3500 Paramount Parkway
Morrisville, North Carolina 27560

	Fee Simple

	71.
	3908 Patriot Drive
Durham, North Carolina 27703

	Fee Simple

	72.
	335-339 Phoenixville Pike
Malvern, Pennsylvania 19355

	Fee Simple

	73.
	1701 and 1711 Research Boulevard
Rockville, Maryland 20850

	Fee Simple

	74.
	10835 Road to the Cure
San Diego, California 92121

	Fee Simple

	75.
	10240 Science Center Drive
San Diego, California 92121

	Fee Simple

	76.
	10255 Science Center Drive
San Diego, California 92121

	Fee Simple

	77.
	14200 Shady Grove Road
Rockville, Maryland 20850

	Fee Simple

	78.
	200 Sidney Street
Cambridge, Massachusetts 02139

	Fee Simple

	79.
	11404 and 11408 Sorrento Valley Road
San Diego, California 92121

	Fee Simple

	80.
	4215 Sorrento Valley Boulevard
San Diego, California 92121

	Fee Simple

	81.
	11388 Sorrento Valley Road
San Diego, California 92121

	Fee Simple

	82.
	11080, 11100, 11120 and 11180 Roselle Street and 11055, 11095, 11111, 11125, and 11175 Flintkote Avenue, San Diego, California 92121
	Fee Simple

	83.
	2-30 Spring Mill Drive
Malvern, Pennsylvania 19355
   
	Fee Simple

	84.
	9965 – 9995 Summers Ridge Road
San Diego, California 92121
	Fee Simple

	85.
	11010 Torreyana Road
San Diego, California 92037
   
	Fee Simple

	86.
	9855 and 9865 Towne Centre Drive
San Diego, California 92121

	Fee Simple

SCHEDULE 4.19

	
			
	Property Name
	Ownership

	87.
	9875 and 9885 Towne Centre Drive
San Diego, California 92121

	Fee Simple

	88.
	2600 and 2620 Trade Centre Avenue
Longmont, Colorado 80503

	Fee Simple

	89.
	6611 Tributary Street
Baltimore, Maryland 21224

	Fee Simple

	90.
	900 Uniqema Boulevard
New Castle, Delaware 19720

	Fee Simple

	91.
	1000 Uniqema Boulevard
New Castle, Delaware 19720

	Fee Simple

	92.
	325 Vassar Street 
Cambridge, Massachusetts 02139-4818

	Fee Simple

	93.
	9535 Waples Street
San Diego, California 92121

	Fee Simple

	94.
	1825, 1865, 1885 33rd Street/ 3200 Walnut Street
Boulder, Colorado 80301

	Fee Simple

	95.
	10420, 10480, 10520 Wateridge Circle
San Diego, California 92121

	Fee Simple

	96
	675 West Kendall Street
Cambridge, Massachusetts 02142-1110

	Fee Simple

	97.
	50 West Watkins Mill Road
Gaithersburg, Maryland 20878

	Fee Simple

	98.
	55 and 65 West Watkins Mill Road
Gaithersburg, Maryland 20878

	Fee Simple

	98.
	3000 Weston Parkway
Cary, North Carolina 27513
	Fee Simple

	100.
	17, 19, 21, 23, and 25 N. Fremont Avenue and 745 West Fayette Street, Baltimore, Maryland

	Fee Simple – through 50% interest in LLC*

	101.
	One North Poppleton Street Garage, Baltimore, Maryland 21201
	Subleasehold Interest

	102.
	Units 1 and 2, 800 W. Baltimore Street, Baltimore, Maryland 21201 – UMB 1
	Subleasehold Condominium Interest

	103.
	801 W. Baltimore Street, Baltimore, Maryland 21201 – UMB 2
	Leasehold Interest

SCHEDULE 4.19

	
			
	Property Name
	Ownership

	104.
	3440 South Dearborn St., Chicago, Illinois 60616
	Leasehold Interest

	105.
	1005 N. Warson Rd., Ste. Louis, Missouri 63132
	Leasehold Interest

	106.
	4320 Forest Park Ave., St. Louis, Missouri 63108

	Leasehold Interest

	107.
	1951 NW 7th Avenue, Miami, Florida 33136
	Leasehold Interest

	108.
	Units 1 and 2, 1214 Research Blvd., Hershey, Pennsylvania 17036
	Leasehold Condominium Interest

	109.
	4111 Monarch Way, Norfolk, Virginia 23508
	Leasehold Interest

	110.
	4211 Monarch Way, Norfolk, Virginia 23508
	Leasehold Interest

	111.
	Units 1 through 7, 3711 Market Street, Philadelphia, Pennsylvania
	Leasehold Condominium Interest

	112.
	575 N. Patterson Avenue, Winston-Salem, North Carolina 27105

	Fee Simple – through interest in LLC’s

	113.
	4240-4270 Duncan Avenue and 4165-4201 Duncan Avenue, St. Louis Missouri 63110
	Leasehold Interest

	114.
	3737 Market Street, Philadelphia, Pennsylvania 19104
	Leasehold Interest

	115.
	525-635 Vine Street, Winston-Salem, North Carolina 27157
	Fee Simple – through interest in LLC’s

	116.
	873 W. Baltimore Street, Baltimore, Maryland 21201
	Leasehold and Reversionary Interest

	117.
	2010 NW 6th Place, 2003 NW 7th Ave, 2027 NW 7th Avenue, Miami, Florida 33127
	Fee Simple

*Such properties are owned by Investment Affiliates of Borrower.

SCHEDULE 4.19EX. 10.1 United Omnibus Plan Restricted Stock Form

UNITED INSURANCE HOLDINGS CORP.
OMNIBUS INCENTIVE PLAN
RESTRICTED STOCK AWARD
            
            
            

Dear [______________]:

You have been granted an award of shares of the common stock (Common Stock) of United Insurance Holdings Corp. (the Company) constituting a Restricted Stock Award (this Award) under the United Insurance Holdings Corp. Omnibus Incentive Plan (the Plan) with terms and conditions described below.  This Award is granted under and governed by the terms and conditions of the Plan.  Additional provisions regarding this Award and definitions of capitalized terms used and not defined in this Award can be found in the Plan.  

	
		
	Grant Date:
	[____________]

	Number of Shares of Restricted Stock
(Restricted Shares):
	[____________]

	Vesting Schedule:
	_____ (  ) percent of the Restricted Shares will vest per year on each of the first  _____ anniversaries of the Grant Date, provided you are continuously employed by or in the service of the Company through the applicable anniversary date.

Notwithstanding the foregoing, the Restricted Shares will vest in full upon the date your employment or service relationship with the Company is terminated other than for Cause. 

Except as otherwise provided above, upon your termination of employment with, or cessation of services to, the Company prior to the date the Restricted Shares are vested, you will forfeit the unvested Restricted Shares. 

For purposes of this Award, Cause shall have the meaning given such term in the Plan, unless such term is defined in your employment agreement with the Company, in which case Cause shall have the meaning set forth in such employment agreement. 

	Release of Shares:
	The Restricted Shares will be held in escrow by the Company or the Company's transfer agent pending vesting.  As soon as reasonably practicable after any Restricted Shares vest, the applicable restrictions on the Restricted Shares will be removed and such Shares will be issued according to your instructions.

	Transferability of 
Restricted Shares:
	You may not sell, transfer or otherwise alienate or hypothecate any of your Restricted Shares until they are vested.  In addition, by accepting this Award, you agree not to sell any Shares acquired under this Award other than as set forth in the Plan and at a time when applicable laws, Company policies or an agreement between the Company and its underwriters do not prohibit a sale.

	Voting and Dividends:
	While the Restricted Shares are subject to forfeiture, you may exercise full voting rights and will be credited with all dividends and other distributions paid with respect to the Restricted Shares, in each case so long as the applicable record date occurs before you forfeit the Restricted Shares; provided that any such dividends and other distributions will be held in the custody of the Company and will be subject to the same risk of forfeiture, restrictions on transferability and other terms of this Award that apply to the Restricted Shares with respect to which such distributions were made.  All such dividends or other distributions shall be paid to you within 45 days following the full vesting of the Restricted Shares with respect to which such distributions were made.

	Transferability of Award:
	You may not transfer or assign this Award for any reason, other than as set forth in the Plan.  Any attempted transfer or assignment will be null and void.

	
		
	Market Stand-Off:
	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act of 1933, as amended, you agree that you shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer or agree to engage in any of the foregoing transactions with respect to, any Shares acquired under this Award without the prior written consent of the Company and the Company's underwriters.  Such restriction shall be in effect for such period of time following the date of the final prospectus for the offering as may be determined by the Company.  In no event, however, shall such period exceed one hundred eighty (180) days.

	Tax Withholding:
	You understand that you (and not the Company or any Affiliate) shall be responsible for your own federal, state, local or foreign tax liability and any other tax consequences that may arise as a result of the transactions contemplated by this Award.  You shall rely solely on the determinations of your tax advisors or your own determinations, and not on any statements or representations by the Company or any of its agents, with regard to all such tax matters.  You understand that you may alter the tax treatment of the Shares subject to this Award by filing an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the Code).  Such election must be filed within thirty (30) days after the date of this Award to be effective.  You should consult with your tax advisor to determine the tax consequences of acquiring the Shares and the advantages and disadvantages of filing the Code Section 83(b) election.  You acknowledge that it is your sole responsibility, and not the Company's, to file a timely election under Code Section 83(b), even if you request the Company or its representatives to make this filing on your behalf.

To the extent that the receipt or the vesting of the Restricted Shares, or the payment of dividends on the Restricted Shares, results in income to you for federal, state or local income tax purposes, except as otherwise provided in the following paragraph, you shall deliver to the Company at the time the Company is obligated to withhold taxes in connection with such receipt, vesting  or payment, as the case may be, such amount as the Company requires to meet its withholding obligation under applicable tax laws or regulations.  If you fail to do so, the Company has the right and authority to deduct or withhold from other compensation payable to you an amount sufficient to satisfy its withholding obligations or to delay delivery of the shares.  

If you do not make an election under Code Section 83(b) in connection with this Award, you may satisfy the withholding requirement in connection with the vesting of the Restricted Shares, in whole or in part, by electing to have the Company withhold for its own account that number of Restricted Shares otherwise deliverable to you from escrow hereunder on the date the tax is to be determined having an aggregate Fair Market Value (on the date the tax is to be determined) equal to the minimum statutory total tax that the Company must withhold in connection with the vesting of such Restricted Shares.  Your election must be irrevocable, in writing, and submitted to the Secretary of the Company before the applicable vesting date.  The Fair Market Value of any fractional Share not used to satisfy the withholding obligation (as determined on the date the tax is determined) will be paid to you in cash.

	Miscellaneous:
	l This Award may be amended only by written consent signed by both you and the Company, unless the amendment is not to your detriment.  Notwithstanding the foregoing, this Award may be amended or terminated by the Board or the Committee without your consent in accordance with the provisions of the Plan. 
 
l The failure of the Company to enforce any provision of this Award at any time shall in no way constitute a waiver of such provision or of any other provision hereof.

l In the event any provision of this Award is held illegal or invalid for any reason, such illegality or invalidity shall not affect the legality or validity of the remaining provisions of this Award, and this Award shall be construed and enforced as if the illegal or invalid provision had not been included in this Award.

l As a condition to the grant of this Award, you agree (with such agreement being binding upon your legal representatives, guardians, legatees or beneficiaries) that this Award shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this Award or the Plan, and any determination made by the Committee pursuant to this Award or the Plan, shall be final, binding and conclusive.  

l This Award may be executed in counterparts.

BY SIGNING BELOW AND ACCEPTING THIS RESTRICTED STOCK AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN.  YOU ALSO ACKNOWLEDGE RECEIPT OF THE PLAN.

UNITED INSURANCE HOLDINGS CORP.

By:    _____________________________        _____________________________
[Name of Authorized Officer]            [Name of Recipient]

Date:     _______________________

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