Document:

DRE 10K EX. 10.2

AGREEMENT OF PURCHASE AND SALE
among
THE SELLERS NAMED HEREIN
and
BRE/CENTRAL OFFICE HOLDINGS L.L.C.

Dated as of October 20, 2011

TABLE OF CONTENTS
Page
		
	Exhibits
	iii

		
	ARTICLE I DEFINITIONS
	1

		
	Section 1.1
	Defined Terms    1

		
	ARTICLE II SALE, CONSIDERATION AND CLOSING
	10

		
	Section 2.1
	Sale of Assets    10

		
	Section 2.2
	Gross Asset Value; Earnest Money.    11

		
	Section 2.3
	Earnest Money    12

		
	Section 2.4
	The Closing    13

		
	Section 2.5
	Allocated Asset Value.    13

ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SELLERS       13
		
	Section 3.1
	General Seller Representations and Warranties    13

		
	Section 3.2
	Representations and Warranties of the Sellers as to the Assets    15

		
	Section 3.3
	Operations Prior to Closing    18

		
	Section 3.4
	Tenant Estoppels            24

		
	Section 3.5
	Owners’ Associations.    25

		
	Section 3.6
	Inaccurate Representation or Warranty.    26

		
	Section 3.7
	Transition Services.    26

		
	Section 3.8
	Easements.    27

		
	ARTICLE IV REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BUYER
	28

		
	Section 4.1
	Representations and Warranties of the Buyer    28

		
	ARTICLE V CONDITIONS PRECEDENT TO CLOSING
	29

		
	Section 5.1
	Conditions Precedent to Sellers’ Obligations    29

		
	Section 5.2
	Conditions Precedent to the Buyer’s Obligations    30

		
	ARTICLE VI CLOSING DELIVERIES
	31

		
	Section 6.1
	Buyer Deliveries.    31

		
	Section 6.2
	Sellers Deliveries.    33

		
	ARTICLE VII INSPECTION
	36

		
	Section 7.1
	General Right of Inspection    36

		
	Section 7.2
	Document Inspection    38

		
	Section 7.3
	Formal Inspection Period.    38

		
	Section 7.4
	Confidentiality    38

		
	Section 7.5
	Examination    38

		
	Section 7.6
	Effect and Survival of Disclaimer and Release    39

		
	ARTICLE VIII TITLE AND PERMITTED EXCEPTIONS
	40

		
	Section 8.1
	Permitted Exceptions    40

		
	Section 8.2
	Title Report.    40

		
	Section 8.3
	Use of Cash Consideration Amount to Discharge Title Exceptions    40

		
	Section 8.4
	Inability to Convey    40

		
	Section 8.5
	Rights in Respect of Inability to Convey    40

		
	Section 8.6
	Voluntary Title Exceptions; Monetary Title Exceptions    41

		
	Section 8.7
	Buyer’s Right to Accept Title    42

		
	Section 8.8
	Cooperation    42

		
	ARTICLE IX TRANSACTION COSTS; RISK OF LOSS
	43

		
	Section 9.1
	Transaction Costs    43

		
	Section 9.2
	Risk of Loss.    43

		
	ARTICLE X ADJUSTMENTS  PROPOSED
	44

		
	Section 10.1
	Taxes.    44

		
	Section 10.2
	Fixed Rents, Additional Rents and Security Deposits.    45

		
	Section 10.3
	Water and Sewer Charges    47

		
	Section 10.4
	Utility Charges    47

		
	Section 10.5
	Contracts    47

		
	Section 10.6
	Miscellaneous Revenues    47

		
	Section 10.7
	Leasing Costs.    47

		
	Section 10.8
	Owner’s Association Assessments.    48

		
	Section 10.9
	Other    48

		
	Section 10.10
	Third Party Loans    49

		
	Section 10.11
	Intentionally Omitted.    49

		
	Section 10.12
	General.    49

		
	Section 10.13
	Re-Adjustment    49

		
	ARTICLE XI SURVIVAL OF OBLIGATIONS; LIABILITY
	49

		
	Section 11.1
	Survival of Obligations; Liability of Sellers    49

		
	Section 11.2
	Liability of Buyer    50

		
	Section 11.3
	Cap on Liability.    50

		
	Section 11.4
	Survival    50

		
	ARTICLE XII TAX CERTIORARI PROCEEDINGS
	50

		
	Section 12.1
	Prosecution and Settlement of Proceedings    50

		
	Section 12.2
	Application of Refunds or Savings    51

		
	Section 12.3
	Survival    51

		
	ARTICLE XIII DEFAULT
	51

		
	Section 13.1
	Buyer Default.    51

		
	Section 13.2
	Seller Default.    52

		
	Section 13.3
	Material Defects Arising Prior to the Closing.    53

		
	Section 13.4
	Non-Assumption of Third Party Loans.    53

		
	Section 13.5
	Limitation on Liability.    54

		
	ARTICLE XIV MISCELLANEOUS
	54

		
	Section 14.1
	Use of Duke Name    54

		
	Section 14.2
	Joint and Several Liability.    55

		
	Section 14.3
	Brokers    55

		
	Section 14.4
	Confidentiality; Press Release; IRS Reporting Requirements    56

		
	Section 14.5
	Escrow Provisions    56

		
	Section 14.6
	Successors and Assigns; No Third-Party Beneficiaries    57

		
	Section 14.7
	Assignment    57

		
	Section 14.8
	Further Assurances    57

		
	Section 14.9
	Notices    58

		
	Section 14.10
	Entire Agreement    59

		
	Section 14.11
	Amendments    59

		
	Section 14.12
	No Waiver    59

		
	Section 14.13
	Governing Law    59

		
	Section 14.14
	Submission to Jurisdiction    59

		
	Section 14.15
	Severability    60

		
	Section 14.16
	Section Headings    60

		
	Section 14.17
	Counterparts    60

		
	Section 14.18
	Construction    60

		
	Section 14.19
	Recordation    60

		
	Section 14.20
	Intentionally Omitted    60

		
	Section 14.21
	Exclusivity.    60

		
	Section 14.22
	Attorney’s Fees.    61

		
	Section 14.23
	Like Kind Exchange.    61

		
	Section 14.24
	Disclosure.    61

		
	Section 14.25
	Waiver of Trial by Jury.    61

		
	Section 14.26
	Date for Performance.    61

		
	Section 14.27
	Time of the Essence.    62

		
	Section 14.28
	Right to File Easements.    62

		
	Section 14.29
	Failure to Obtain Waivers.    62

Exhibits
Exhibit A    -    Form of Tenant Estoppel 
Exhibit B    -    Form of Assignment of Leases 
Exhibit C    -    Form of Assignment of Contracts 
Exhibit D    -    Form of Tenant Notice 
Exhibit E    -    Form of Ground Lease Assignments 
Exhibit F    -    Buyer’s Closing Certificate 
Exhibit G    -    Form of Deed 
Exhibit H    -    Form of Bill of Sale 
Exhibit I     -    Form of Broker Lien Waiver 
Exhibit J    -    Form of Assignment of Asset-Related Property 
Exhibit K    -    Seller’s Closing Certificate 
Exhibit L    -    Form of FIRPTA Certificate 

Exhibit M     -    Intentionally Omitted 
Exhibit N     -    Non-Compete Agreement Term Sheet
Exhibit O    -    Form of Georgia Certificate of Exemption from Withholding 
Exhibit P    -    Form of Title Affidavit 
Exhibit Q    -    Easton Way III Easement/Subdivision Documents 
Exhibit R    -    CBS-1 Notice of Sale, Purchase or Transfer of Business (Illinois Assets) 

Schedules
Schedule A    -    Sellers and Properties 
Schedule B    -    Third Party Loans 
Schedule C    -    Terminated Contracts 
Schedule D     -    Knowledge Parties 
Schedule 2.1(b)(ii)    -    Personal Property 
Schedule 2.5    -    Allocated Asset Value 
Schedule 3.1(c)    -    Consents 
Schedule 3.1(d)     -    Conflicts 
Schedule 3.2(b)    -    Material Contracts 
Schedule 3.2(c)    -    Leases 
Schedule 3.2(c)(i)    -    Tenant Improvements and Other Construction Work 
Schedule 3.2(c)(ii)    -    Tenant Defaults 
Schedule 3.2(d)    -    Leasing and Brokerage Commissions and Agreements 
Schedule 3.2(e)    -    Casualties and Condemnations 
Schedule 3.2(j)    -    Violations 
Schedule 3.2(r)    -    TPL Documents 
Schedule 3.2(u)    -    Security Deposits Held by the Sellers 
Schedule 3.2(v)    -    Delinquency Report 
Schedule 3.3(h)(ii)    -    October 14, 2011 Through Closing Date Lease Agreements 
Schedule 3.5(b)(ii)    -    Owner’s Association Officer and Director Assignment Properties 
Schedule 3.5(b)(iii)    -    Owner’s Association Declarant/Developer Assignment   
                          Properties 
Schedule 7.1    -    Designated Employees 
Schedule 7.1(a)    -    Environmental Properties 
Schedule 10.7     -    Proposed New Leases 
 

AGREEMENT OF PURCHASE AND SALE
AGREEMENT OF PURCHASE AND SALE (this “Agreement”), made as of the 20th day of October, 2011 by and between each of the entities listed in the column entitled “Sellers” on Schedule A attached hereto and made a part hereof (individually, a “Seller”; collectively, the “Sellers”) and BRE/CENTRAL OFFICE HOLDINGS L.L.C., a Delaware limited liability company (the “Buyer”).
Background
A.The applicable Sellers are the owners of the land, buildings and other improvements constituting the properties listed opposite their names on Schedule A attached hereto and made a part hereof (individually a “Property”; collectively, the “Properties”).  
B.The Properties listed on Schedule A (collectively, the “Asset Schedule”), together with the Asset-Related Property (as defined below) with respect to each Property shall be referred to herein, collectively, as the “Assets”.
C.The Sellers desire to sell to the Buyer, and the Buyer desires to purchase from the Sellers, the Assets on the terms and conditions hereinafter set forth.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
ARTICLE I 
DEFINITIONS
Section 1.1    Defined Terms.  The capitalized terms used herein will have the following meanings.
“Additional Rent(s)” shall have the meaning assigned thereto in subsection 10.2(a).
“Adjusted Gross Asset Value” shall have the meaning assigned thereto in subsection 2.2(a).
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control with, such first Person.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities, by 

contract or otherwise.
“Affiliate Leasing and Brokerage Agreements” shall have the meaning given thereto in Section 3.2(d) hereof. 
“Agreement” shall mean this Agreement of Purchase and Sale and all amendments hereto, together with the exhibits and schedules attached hereto, as the same may be amended, restated, supplemented or otherwise modified, from time to time.
“Allianz Loan” shall mean that certain loan made by Allianz Life Insurance Company of North America to Duke Secured Financing 2009-1ALZ, LLC dated February 26, 2009.
“Allocated Asset Value” shall have the meaning assigned thereto in Section 2.5.
“Anti-Money Laundering and Anti-Terrorism Laws” shall have the meaning assigned thereto in Section 3.1(f)(i).
 “Applicable Law” means all statutes, laws, common law, rules, regulations, ordinances, codes or other legal requirements of any Governmental Authority, board of fire underwriters and similar quasi-governmental agencies or entities, and any judgment, injunction, order, directive, decree or other judicial or regulatory requirement of any court or Governmental Authority of competent jurisdiction affecting or relating to the Person or property in question.
“Asset-Related Property” shall have the meaning assigned thereto in subsection 2.1(b).
“Asset Schedule” shall have the meaning assigned thereto in “Background” paragraph B.
"Asset Specific Default" shall have the meaning assigned thereto in subsection 13.3(a).
“Assets” shall have the meaning assigned thereto in “Background” paragraph B.
“Assignment of Asset-Related Property” shall have the meaning assigned thereto in subparagraph 6.2(c)(iv).
“Assignment of Contracts” shall have the meaning assigned thereto in subparagraph 6.1(a)(ii).
“Assignment of Leases” shall have the meaning assigned thereto in subparagraph 6.1(a)(i).
“Assumed Contracts” shall mean all Contracts other than the Terminated Contracts.

“Bill of Sale” shall have the meaning assigned thereto in subparagraph 6.2(c)(ii).
“Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks are authorized or required by law to be closed in New York City, New York.
“Buyer” shall have the meaning assigned thereto in the Preamble to this Agreement.
“Buyer Exclusion Notice” shall have the meaning assigned thereto in subsection 13.3(a).
"Buyer's Consultant" shall have the meaning assigned thereto in subsection 14.3(b).
“Buyer-Related Entities” shall have the meaning assigned thereto in Section 11.1.
“Buyer Surviving Representations and Warranties” shall have the meaning assigned thereto in Section 11.2
“Cash Basis” shall have the meaning assigned thereto in Section 10.1.
“Cash Consideration Amount” shall have the meaning assigned thereto in subsection 2.2(a).
“Closing Documents” shall mean any, certificate, instrument or other document delivered pursuant to Article VI of this Agreement.
“Closing” shall have the meaning assigned thereto in subsection 2.4(a).
“Closing Date” shall have the meaning assigned thereto in subsection 2.4(a).
“Closing Statement” shall have the meaning assigned thereto in subparagraph 6.1(d)(i).
“Closing Year” shall have the meaning assigned thereto in subsection 10.2(a).
“Conditions” shall mean (a) the New Lease has been fully executed and unconditionally delivered by all parties thereto (or, if delivered conditionally, all conditions subsequent shall have been satisfied or waived in writing by the applicable party) during the Post Termination Period (b) the Tenant under the New Lease shall have deposited such security as may be required by the terms of the New Lease and paid the first month’s fixed rent payable at the time of execution of the New Lease (if required pursuant to the terms of the New Lease and (c) all approvals, consents and agreements required by Buyer or the Tenant in order for the New Lease to be effective shall have been obtained.
“Confidentiality Agreement” shall mean that Confidentiality Letter Agreement 

dated as of February 17, 2010, as amended on September 7, 2011, made by and between Blackstone Real Estate Advisors L.P. and Duke Realty Limited Partnership.
“Contracts” shall mean, collectively, all agreements or contracts of any Seller relating to the ownership, operation, maintenance and management of the relevant Property and the buildings and other improvements located thereon, or any portion thereof, including all amendments, modifications, additions or supplements thereto.
“Deed” shall have the meaning assigned thereto in subsection 6.2(a).
“Delinquency Report” shall mean that report attached hereto as Schedule 3.2(v).
“Designated Employees” shall have the meaning assigned thereto in Section 7.1.
“Duke Lease” shall have the meaning assigned thereto in subparagraph 6.1(d)(viii).
“Duke Leased Space” shall mean the space leased by Seller pursuant to a Duke Lease.
“Earnest Money” shall have the meaning assigned thereto in Section 2.3.
“Earnest Money Escrow Agent” shall have the meaning assigned thereto in Section 2.3.
“Environmental Claims” means any claim for reimbursement or remediation expense, contribution, personal injury, property damage or damage to natural resources made by any Governmental Authority or other Person arising from or in connection with the presence or release of any Hazardous Substances over, on, in or under any Property, or the violation of any Environmental Laws with respect to any Property.
“Environmental Laws” means any Applicable Laws which regulate or control (i) Hazardous Substances, pollution, contamination, noise, radiation, water, soil, sediment, air or other environmental media, or (ii) an actual or potential spill, leak, emission, discharge, release or disposal of any Hazardous Substances or other materials, substances or waste into water, soil, sediment, air or any other environmental media, including, without limitation, (A) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq. (“CERCLA”), (B) the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq. (“RCRA”), (C) the Federal Water Pollution Control Act, 33 U.S.C. § 2601 et seq., (D) the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., (E) the Clean Water Act, 33 U.S.C. § 1251 et seq., (F) the Clean Air Act, 42 U.S.C. § 7401 et seq., and (G) the Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq. and similar state and local Applicable Law, as amended from time to time, and all regulations and  rules issued pursuant thereto.
“Environmental Liabilities” means any liabilities or obligations of any kind or nature imposed on any Seller pursuant to any Environmental Laws, including, without limitation, 

any (i) obligations to manage, control, contain, remove, remedy, respond to, clean up or abate any actual release of Hazardous Substances or other pollution or contamination of any water, soil, sediment, air or other environmental media, located on or originating from  any Property, and (ii) liabilities or obligations with respect to the manufacture, generation, formulation, processing, use, treatment, handling, storage, disposal, distribution or transportation of any Hazardous Substances by any Seller.
“Escrow Account” shall have the meaning assigned thereto in subsection 14.5(a).
“Escrow Agent” shall mean Chicago Title Insurance Company.
“Escrow Period” shall have the meaning assigned thereto in Section 10.7.
“Executive Order” shall have the meaning assigned thereto in subsection 3.1(f)(i).
“Existing Lease”  shall have the meaning assigned thereto in Section 10.7.
“Fixed Rents” shall have the meaning assigned thereto in subsection 10.2(a).
 “Governmental Authority” shall mean any federal, state or local government or other political subdivision thereof, including, without limitation, any agency or entity exercising executive, legislative, judicial, regulatory or administrative governmental powers or functions, in each case to the extent the same has jurisdiction over the Person or Property in question.
“Government List” shall mean any of (i) the two lists maintained by the United States Department of Commerce (Denied Persons and Entities), (ii) the list maintained by the United States Department of Treasury (Specially Designated Nationals and Blocked Persons), and (iii) the two lists maintained by the United States Department of State (Terrorist Organizations and Debarred Parties).
“Gross Asset Value” shall have the meaning assigned thereto in subsection 2.2(a).
“Ground Lease” shall mean that certain Ground Lease, dated as of January 4, 1994 made by LaSalle National Bank, as landlord, to Comdisco, Inc., as tenant which such Ground Lease (i) was assigned by LaSalle National Bank to Riverway Holdings, LLC by Assignment and Assumption of Leases dated as of July 25, 2001, (ii) was further assigned by Riverway Holdings LLC to Ground Lessor by Assignment of Leases dated June 1, 2005 and (iii) was further assigned by Comdisco, Inc. to Ground Lessee by Assignment of Ground Lease dated as of March 30, 2007, which such Ground Lease relates to that certain property presently known as Riverway Child Care.
“Ground Lease Assignments” shall have the meaning assigned thereto in subsection 6.1(b)
 “Ground Lessee” shall mean Riverway Midwest II, LLC, a Delaware limited liability company.

“Ground Lessor” shall mean Riverway Midwest, LLC, a Delaware limited liability company.
“GSA” shall mean the General Services Administration. 
“Hazardous Substances” means any hazardous or toxic substances, materials or waste, whether solid, semisolid, liquid or gaseous, including, without limitation, asbestos, polychlorinated biphenyls, petroleum or petroleum by-products, radioactive materials, radon gas and any other material or substance which is defined as or included in the definition of a “hazardous substance”, “hazardous waste”, “toxic waste”, “hazardous material”, “toxic pollutant”, “contaminant”, “pollutant” or “toxic substance” or words of similar import, under any Environmental Law or that could result in the imposition of liability under any Environmental Laws.
“Inspection Date” means 5:00 p.m. Eastern Time on October 20, 2011.
“Inspection Period” means the period of time commencing as of the date of the letter of intent and ending on the Inspection Date.
“Intangible Property” shall have the meaning assigned thereto in subparagraph 2.1(b)(v).
“IRS” shall mean the Internal Revenue Service.
“IRS Reporting Requirements” shall have the meaning assigned thereto in subsection 14.4(c).
“Lease Options” shall have the meaning assigned thereto in subsection 3.2(c).
“Lease Required Estoppel” shall have the meaning assigned thereto in subsection 3.4(b).
“Leases” shall mean all leases (other than the Ground Lease), licenses and other occupancy agreements, for all or any portion of the Properties and all amendments, modifications, extensions and other agreements pertaining thereto.
“Lease Termination Payments” means all payments received by or on behalf of Seller (a) with respect to a Lease from and after the date hereof with respect to any terminations, surrenders, modifications, renewals or amendments of any such Lease and (b) any termination, surrender, modification payment with respect to that certain Lease between Duke Realty Limited Partnership and Alcatel/Lucent USA Inc. with respect to the Property known as 800 and 900 Northpoint located in Atlanta, Georgia in the amount of $1,700,000.00 whether receive prior to or after the date hereof.
“Leasing and Brokerage Agreements” shall mean, collectively, the Affiliate Leasing and Brokerage Agreements and the Third Party Leasing and Brokerage Agreements.

“Leasing Costs” shall mean, with respect to a particular Lease, all capital costs, expenses incurred for capital improvements, equipment, painting, decorating, partitioning and other items to satisfy the initial construction obligations of the landlord under such Lease (including any expenses incurred for architectural or engineering services in respect of the foregoing), “tenant allowances” in lieu of or as reimbursements for the foregoing items, payments made for purposes of satisfying or terminating the obligations of the tenant under such Lease to the landlord under another lease (i.e., lease buyout costs), relocation costs, temporary leasing costs, leasing commissions, brokerage commissions, legal, design and other professional fees and costs, in each case, to the extent the landlord is responsible for the payment of such cost or expense under the relevant Lease or any other agreement relating to such Lease.
 “Liens” shall mean all liens, pledges, charges, mortgages, deeds of trust, security interests, encumbrances, title retention agreements, adverse claims or restrictions.  
“Losses” shall have the meaning assigned thereto in subsection 11.1.
“Major Tenants” shall mean those certain Tenants representing or leasing 50,000 square feet or more in any one Property excluding the GSA.
“Material Contracts” shall mean all assignable Contracts, other than those assignable Contracts which are terminable on 30 days’ notice without cost or penalty and require the payment of no more than $25,000 in any calendar year or are a part of a master contract.  
“Monetary Title Exceptions” shall mean title exceptions affecting any Property which are not Permitted Exceptions and which can be removed by the payment of a liquidated amount.
“New Lease” shall have the meaning assigned thereto in subsection 3.3(d).
“Non-Compete Agreement” shall have the meaning assigned thereto in Section 3.9.
“Notice of Inaccuracy” shall have the meaning assigned thereto in Section 3.6.
“Objection Notice” shall have the meaning assigned thereto in Section 8.2.
“Owned Properties” shall have the meaning assigned thereto in “Background” paragraph A.
“Owner’s Association” shall mean any association or organization created pursuant to the Owner’s Association Documents.
“Owner’s Association Documents” shall have the meaning assigned thereto in Section 3.2(g).
“Permitted Exceptions” shall mean (i) liens for current real estate taxes or 

assesments which are not yet due and payable or are due and payable but not yet delinquent (ii) liens securing the Third Party Loans to the extent assumed in accordance with Section 13.4 hereto, (iii) any exceptions to title approved or waived by the Buyer in accordance with this Agreement, (iv) customary utility easements which (A) do not encroach any buildings or other improvements located at the applicable Property, (B) are within and do not violate any setback requirements or restrictions and (C) do not materially and adversely impact the current use or value of the applicable Property, (v) the rights of Tenants, as tenants only, pursuant to Leases, and (vi) any matters created or caused by Buyer.
“Personal Property” shall have the meaning assigned thereto in subparagraph 2.1(b)(ii).
“Person” shall mean a natural person, partnership, limited partnership, limited liability company, corporation, trust, estate, association, unincorporated association or other entity.
“Post Termination Period” shall have the meaning assigned thereto in subsection 3.3(h)(ii).
“Properties” and “Property” shall have the meanings assigned thereto in “Background” paragraph A.
 “Rents” shall have the meaning assigned thereto in subsection 10.2(a).
“Reporting Person” shall have the meaning assigned thereto in subsection 14.4(c).
“Tenant Estoppel Certificate” shall have the meaning assigned thereto in subsection 3.4(a).
“SD Letters of Credit” shall have the meaning assigned thereto in subsection 10.2(a).
“Sellers” shall have the meaning assigned thereto in the Preamble to this Agreement.
“Sellers’ Actual Reimbursable Tenant Expenses” shall have the meaning assigned thereto in subsection 10.2(c).
“Sellers’ Actual Tenant Reimbursements” shall have the meaning assigned thereto in subsection 10.2(c).
 “Sellers’ Knowledge” shall mean the actual knowledge of the Sellers based upon the actual knowledge of (i) with respect to all of the Assets, (a) Nick Anthony, (b) the Vice Presidents of Asset Management in the markets where the Properties are located and (c) the Senior Vice Presidents, Business Unit Heads in the markets where the Properties are located, each as more particularly set forth on Schedule D attached hereto and (ii) with respect to each 

particular Asset, the person identified as the “Asset Manager” with respect to such Asset on Schedule D.  
“Seller’s Other Loans” shall mean, with respect to the applicable Seller, all indebtedness, financings and loans related to or encumbering the Seller’s Property or the Seller’s Assets other than the Third Party Loans.
 “Seller’s Property” shall mean, with respect to each Seller, the Property owned (or leased) by such Seller, as set forth in the Asset Schedule.
“Sellers’ Reconciliation Statement” shall have the meaning assigned thereto in subsection 10.2(c).
“Sellers’ Related Entities” shall mean Sellers, their affiliates, members and partners, and the partners, shareholders, officers, directors, employees, representatives and agents of each of the foregoing.
“Sellers’ Surviving Representations and Warranties” shall have the meaning assigned thereto in Section 11.1.
“Statement of Lease” shall mean with respect to any Lease with the GSA as Tenant a “Statement of Lease” in the form required by the GSA.
“Taxes” shall mean any and all fees (including, without limitation, documentation, recording, license and registration fees) and taxes (including, without limitation, net income, alternative, unitary, alternative minimum, minimum franchise, value added, ad valorem, income, receipts, capital, social security, service, license, excise, sales, payroll, worker’s compensation, unemployment or compensation taxes, duty or custom taxes, franchise, use, leasing, fuel, excess profits, turnover, occupation, property (personal and real, tangible and intangible), transfer, recording and stamp taxes, levies, imposts, duties, charges, fees, assessments, or withholdings of any nature whatsoever, general or special, ordinary or extraordinary, and any transaction privileges or similar taxes) imposed by or on behalf of a Governmental Authority, together with any and all penalties, fines, additions to tax and interest thereon, whether disputed or not.
“Tenants” shall mean the tenants under the Leases.
“Tenant Notices” shall have the meaning assigned thereto in subparagraph 6.1(a)(iii).
“Terminated Contracts” shall mean those certain contracts set forth on Schedule C hereto.
“Third Party Leasing and Brokerage Agreements” shall have the meaning given thereto in Section 3.2(d) hereof.

“Third Party Loans” shall mean the loans described on Schedule B attached hereto that Buyer expressly agrees to assume pursuant to the terms and subject to the conditions of Section 13.4 of this Agreement.
“Title Company” shall mean Chicago Title Insurance Company, as the lead title company with National Land Tenure Company and First American Title Insurance Company participating as agreed upon by Buyer and Seller.
“Title Objection” shall have the meaning assigned thereto in Section 8.5.
“Title Policy” shall mean an owner’s policy of title insurance with respect to each Property in the standard form used in the state in which such Property is located, insuring as of the Closing Date, in an amount equal to the Allocated Asset Value for such Property, that the Buyer owns fee simple (or leasehold) title to such Property free and clear of all liens and encumbrances other than the Permitted Exceptions, and with such endorsements as may be required by the Buyer, including, without limitation, an ALTA form of zoning endorsement, without standard exceptions for parties in possession except pursuant to written leases, mechanics’ liens, and matters of survey, to the extent available or permitted in the states in which such Property is located. 
“TPL Assumption Amount” shall mean as of the Closing Date, the aggregate outstanding principal balance of the Third Party Loans the Buyer assumes pursuant to the terms and subject to the conditions of Section 13.4 hereto together with all accrued interest thereon.
“TPL Documents” shall mean all documents evidencing, securing or otherwise relating to the Third Party Loans.
“Transition Period” shall mean the period beginning on the Closing Date through and including December 31, 2011.
“Transition Services Agreement” shall have the meaning given thereto in Section 3.7.
“UCC” shall mean the Uniform Commercial Code.
“Voluntary Title Exceptions” shall mean with respect to each Property (i) the lien of any mortgage affecting such Property, whenever created, other than the lien of any mortgage securing a Third Party Loan and (ii) title exceptions affecting such Property that are knowingly and intentionally created by the Sellers after the date of this Agreement; provided, however, that the term “Voluntary Title Exceptions” as used in this Agreement shall not include the following: (a) any Permitted Exceptions; (b) any title exception created by a Tenant that is not otherwise prohibited by the applicable Lease for such Tenant thereunder; and (c) any title exceptions that are approved, waived or deemed to have been approved or waived by the Buyer or that are created in accordance with the provisions of this Agreement.

ARTICLE II     
SALE, CONSIDERATION AND CLOSING
Section 2.1    Sale of Assets.  (a) On the Closing Date and pursuant to the terms and subject to the conditions set forth in this Agreement, the Sellers shall sell to the Buyer, and the Buyer shall purchase from each of the Sellers, all of the Assets.  It is understood and agreed that the closing of the purchases of the Assets shall occur contemporaneously and, except as explicitly set forth in this Agreement, none of the purchases of the Assets shall close unless the purchase of all of the Assets closes contemporaneously.
(a)    The transfer of the Assets to the Buyer shall include the transfer of all Asset-Related Property with respect to such Asset.  For purposes of this Agreement, “Asset-Related Property” shall mean the following:
(i)    all of the relevant Seller’s right, title and interest in and to all easements, covenants and other rights appurtenant to said Property and all right, title and interest of the relevant Seller, if any, in and to any land lying in the bed of any street, road, avenue or alley, open or closed, in front of or adjoining said Property and to the center line thereof,
(ii)    all personal property listed on the attached Schedule 2.1(b)(ii) and furniture, fixtures, equipment, tools, supplies and other personal property (collectively, the “Personal Property”) (except items owned or leased by Tenants or which are leased by the relevant Seller) which are now, or may hereafter prior to the Closing Date be, placed in or attached to the Property;
(iii)    to the extent they may be transferred under Applicable Law and without cost to Seller, all licenses, permits, consents, certificates, approvals, orders and authorizations presently issued in connection with the operation of all or any part of the Property as it is presently being operated;
(iv)    to the extent assignable and without cost to Seller, all warranties and guaranties, issued to the relevant Seller by any manufacturer or contractor in connection with construction or installation of equipment or any component of the improvements included as part of the Property;
(v)    to the extent assignable and without cost to Seller, all other intangibles associated with the Properties, including, without limitation, goodwill, all logos, designs, trade names, building names, trademarks related to the property and other general intangibles relating to the Property, all telephone exchange numbers specifically dedicated and identified with the Properties and any URL designations and domain names containing the name of any Property but specifically excluding the names “Duke”, “Duke Realty” or derivatives therefrom or combinations thereof (collectively the “Intangible Property”);
(vi)    all Leases and Assumed Contracts and all security and escrow deposits held by the relevant Seller in connection with any such Lease or 

Assumed Contract;
(vii)    all books and records, tenant files, tenant lists and tenant marketing information relating to the Properties; and
(viii)    to the extent assignable the plans and specifications, engineering drawings and prints with respect to the improvements, all operating manuals, and all books, data and records regarding the physical components systems of the improvements at the Properties, each to the extent in the Sellers' or a Sellers’ Affiliate’s possession (or reasonably obtainable by the Sellers without cost).
Section 2.2    Gross Asset Value; Earnest Money.  
(a)    The purchase price for the Assets shall be equal to the aggregate gross asset value (the “Gross Asset Value”) of the Assets of $1,080,000,000.00 as adjusted pursuant to the terms of this Agreement.  The Gross Asset Value shall be adjusted to reflect net prorations and other adjustments provided for in this Agreement (as adjusted, the “Adjusted Gross Asset Value”).  For purposes of this Agreement, the difference between (x) the Adjusted Gross Asset Value and (y) the TPL Assumption Amount shall be the “Cash Consideration Amount”.
(b)    At the Closing:
(i)    the Buyer shall deliver the Cash Consideration Amount, less the Earnest Money (unless such Earnest Money is in the form of a letter of credit in which case the Earnest Money shall not be deducted and the Escrow Agent shall return the undrawn letter of credit to the Buyer promptly upon the Closing), to the Sellers in immediately available funds by wire transfer to such account or accounts that the Sellers shall designate to the Buyer;
(ii)    the Escrow Agent shall deliver the Earnest Money (unless such Earnest Money is in the form of a letter of credit in which case the Escrow Agent shall return the undrawn letter of credit to Buyer promptly upon the Closing) to the Sellers to such account or accounts the Sellers shall designate to the Escrow Agent; and 
(iii)    Subject to the provisions of Section 13.4 hereto, the Buyer shall assume the Third Party Loans.  
(c)    No adjustment shall be made to the Gross Asset Value except as explicitly set forth in this Agreement.
(d)    In connection with the assumption of such Third Party Loans by the Buyer or the Buyer's designee the Buyer agrees to pay all fees (including assumption fees) provided for in the TPL Documents and such other reasonable costs and expenses payable to holders of the Third Party Loans including third-party out of pocket costs and reasonable attorney’s fees of such holders in connection with the assumption of such Third Party Loans or, subject to cap set 

forth in Section 13.4, in the event the Third Party Loans are not assumed.  The Seller agrees to be responsible for all costs and expenses associated with the Seller’s Other Loans including, without limitation, prepayment fees and defeasance costs as well as those the costs and expenses associated with obtaining any consents or releases from the holders of the Seller’s Other Loans in connection with the transfer of the Assets (including legal fees of the lenders or financing sources associated with obtaining such consents).   
Section 2.3    Earnest Money.  Within one (1) Business Day after the date Buyer delivers an affirmative notice (or fails to deliver an affirmative notice and is deemed not to terminate this Agreement) pursuant to the provisions of Section 7.3 hereof, the Buyer shall deposit with First American Title Insurance Company National Commercial Services, Chicago, Illinois, as escrow agent (in such capacity, “Earnest Money Escrow Agent”), an amount equal to $40,000,000 (together with all accrued interest thereon, the “Earnest Money”) which shall be in the form of either (i) immediately available funds by wire transfer to such account as Earnest Money Escrow Agent shall designate to the Buyer or (ii) in the form of a letter of credit reasonably acceptable to Seller and issued by such issuing bank as is reasonably approved by Seller naming Duke Realty Limited Partnership as beneficiary and having a face amount equal to $40,000,000.00.  To the extent the Earnest Money is in the form of immediately available funds by wire transfer, upon delivery of such Earnest Money by the Buyer to Earnest Money Escrow Agent the Earnest Money will be deposited by Earnest Money Escrow Agent in an interest-bearing account acceptable to the Buyer and the Sellers and shall be held in escrow in accordance with the provisions of Section 14.5.   All interest earned on the Earnest Money while held by Earnest Money Escrow Agent shall be paid to the party to whom the Earnest Money is paid, except that if the Closing occurs, the Buyer shall receive a credit for such interest in accordance with subsection 2.2(b).   
Section 2.4    The Closing.  (b)  The closing of the sale and purchase of the Assets (the “Closing”) shall take place no later than December 2, 2011 (as such date may be extended pursuant to this Agreement, the “Closing Date”).  
(a)    The Closing shall be held on the Closing Date at 10:00 A.M. at the offices of Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York, or at such other location agreed upon by the parties hereto and will be in escrow through the Escrow Agent.
Section 2.5    Allocated Asset Value.  The Sellers and the Buyer hereby agree that the Gross Asset Value shall be allocated among the Properties as set forth on Schedule 2.5 (the “Allocated Asset Value”) for federal, state, local and foreign tax purposes in accordance with applicable U.S. federal tax laws and analogous provisions of state, local and foreign tax laws.  On or prior to the Closing Date, the Buyer shall have the right to reallocate the Purchase Price among the Assets provided that any such reallocations shall be subject to the prior reasonable approval of the Sellers.  The Sellers and the Buyer shall file all Tax Returns and related tax documents consistent with the allocations set forth on Schedule 2.5, as such allocations may be reallocated pursuant to the provision of this Section or otherwise adjusted by agreement of the Parties.  

ARTICLE III     
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SELLERS
Section 3.1    General Seller Representations and Warranties.  Each Seller, for itself solely as it relates to such Seller’s Assets, hereby represents, warrants and covenants to the Buyer as of the date hereof and as of the Closing Date as follows:
(a)    Formation; Existence.  It is a limited partnership, general partnership, limited liability company or corporation, as applicable, duly formed, validly existing and in good standing (if applicable) under the laws of the State of its formation And the state in which the applicable Properties owned by such Seller are located.
(b)    Power and Authority.  It has all requisite power and authority to enter into this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.  Such Seller is authorized to do business in, and is in good standing under, the state in which the Property such Seller owns or leases pursuant to Schedule A is located.  The execution, delivery and performance of this Agreement and the consummation of the transactions provided for in this Agreement have been duly authorized by all necessary action on its part.  This Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity).  
(c)    No Consents.  Except as set forth on Schedule 3.1(c), no consent or authorization of, or registration, filing or declaration with, any court or other Governmental Authority is required to be obtained by Seller in connection with any Seller’s execution, delivery and performance of this Agreement.    
(d)    No Conflicts.  Except as set forth on Schedule 3.1(d) and as specifically set forth herein, the consummation of the transaction herein contemplated and the compliance by Seller with the terms of this Agreement do not and will not (i) conflict with or result in any violation of any Seller’s organizational documents, (ii) conflict with or result in a breach of any of the terms and conditions of, or constitute a default under, any agreement, arrangement, understanding, accord, document or instrument by which any Seller is bound, or (iii) violate any existing term or provision of any order, writ, judgment, injunction, decree, law, or regulation applicable to the Seller’s Assets except for any conflict or violation that will not adversely affect any Seller’s ability to consummate the transaction contemplated by this Agreement.
(e)    Foreign Person.  Such Seller is not a “foreign person” as defined in Internal Revenue Code Section 1445 and the regulations issued thereunder.
(f)    Anti-Terrorism.

(i)    None of the Sellers or, to Sellers’ Knowledge, its Affiliates, is in violation of any laws relating to terrorism, money laundering or the Uniting and 

Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Action of 2001, Public Law 107-56 and Executive Order No. 13224 (Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) (the “Executive Order”) (collectively, the “Anti-Money Laundering and Anti-Terrorism Laws”). 
(ii)    None of the Seller or, to Sellers’ Knowledge, its Affiliates, is acting, directly or indirectly, on behalf of terrorists, terrorist organizations or narcotics traffickers, including those persons or entities that appear on the Annex to the Executive Order, or are included on any relevant lists maintained by the Office of Foreign Assets Control of U.S. Department of Treasury, U.S. Department of State, or other U.S. government agencies, all as may be amended from time to time.
(iii)    None of the Seller or, to Sellers’ Knowledge, its Affiliates (A) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person included in the lists set forth in the preceding paragraph, (B) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (C) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Money Laundering and Anti-Terrorism Laws.
(iv)    The Sellers understand and acknowledge that the Seller or its Affiliates may become subject to further anti-money laundering regulations, and agrees to execute instruments, provide information, or perform any other acts as may be required for compliance with such anti-money laundering regulations for the purpose of: (A) carrying out due diligence as may be required by applicable law to establish the Seller’s identity and source of funds; (B) maintaining records of such identities and sources of funds, or verifications or certifications as to the same; and (C) taking any other actions as may be required to comply with and remain in compliance with anti-money laundering regulations applicable to the Seller.
(v)    Neither the Sellers, nor any person controlling or controlled by the Sellers, is a country, territory, individual or entity named on a Government List, and the monies used in connection with this Agreement and amounts committed with respect thereto, were not and are not derived from any activities that contravene any applicable anti-money laundering or anti-bribery laws and regulations (including funds being derived from any person, entity, country or territory on a Government List or engaged in any unlawful activity defined under Title 18 of the United States Code, Section 1956(c)(7)).

Section 3.2    Representations and Warranties of the Sellers as to the Assets.  Each Seller, for itself solely as it relates to such Seller’s Assets, hereby represents, warrants and 

covenants to the Buyer as of the date hereof and as of the Closing Date as follows:
(a)    Ownership of Property.
Other than this Agreement, the transfer of the Morgan Stanley Parcel, as hereinafter defined, and the options to purchase referenced in Sections 6.2(d)(xii) and (xiii)  no Seller has entered into an agreement to sell such Seller’s Asset. 

(b)    Material Contracts.  All Material Contracts affecting such Seller’s Assets are set forth on Schedule 3.2(b) attached hereto and the same have not been amended, supplemented or otherwise modified, except as shown in such Schedule 3.2(b).  Such Material Contracts contain the entire agreement between such Seller and the contract vendors, licensors and lessors named therein.  Each of the Material Contracts is in full force and effect and such Seller has not given or received any written notice of any breach or default under any Material Contract which has not been cured.  Seller is not in default of any of its obligations under such Material Contracts and to Sellers’ Knowledge, the applicable contract vendors, licensors and lessor named therein are not in default of their respective obligations under the applicable Material Contracts.  Such Seller has delivered or made available to Buyer true and complete copies of all of such Material Contracts.
(c)    Leases.  Seller has made available to Buyer the leases and occupancy agreements (including all amendments, modifications and supplements thereto) with respect to the Properties as described in Schedule 3.2(c) attached hereto.  There are no leases or other occupancy agreements to which Seller is a party other than the Leases for all or any portion of such Seller’s Property.  Such Leases (i) have not been amended, supplemented or otherwise modified except as disclosed in the documents referenced on Schedule 3.2(c) or stated in Schedule 3.2(v), and (ii) contain the entire agreement between the relevant landlord and the tenants named therein with respect to the applicable leasehold interest.  Except as set forth in the Delinquency Report, to the Knowledge of Sellers’ as of the date of this Agreement, fixed rent and additional rent are currently being collected under such Leases without offset, counterclaim or deduction.  Seller has made available to Buyer true and complete copies of the Leases.  Except as set forth on Schedule 3.2(c)(i), all tenant improvements and other construction work to be performed by such Seller under such Leases have been completed.  There are no tenant inducement costs with respect to the Leases of such Seller’s Assets or any renewal thereof except as may be set forth in the Leases.  No party has any purchase option, right of first refusal, right of first offer or similar right under such Leases (collectively, “Lease Options”), except those Tenants relating to the Lease Options referenced in Section 14.29 below, relating to the purchase of all or a portion of such Seller’s Property.  Except as set forth on Schedule 3.2(c)(ii) or in the Delinquency Report, as of the date of this Agreement, (i) Seller has not received any written notice from any tenant under a Lease claiming landlord is in default in its obligations as landlord under such Lease and (ii) to Seller’s Knowledge and except as set forth in the Delinquency Report, there exists no default by any tenant under such any Lease.  
(d)    Brokerage Commissions.  There are no brokerage commissions, tenant inducement costs or finders’ fees payable by such Seller with respect to the current term of the Leases, other than those set forth on Schedule 3.2(d) attached hereto.  Seller does not have any 

agreement with any Affiliate broker which will survive the Closing Date with respect to the current term or any renewal, extended or amended term, except as set forth on  Schedule 3.2(d) (the “Affiliate Leasing and Brokerage Agreements”) and, to such Seller’s knowledge, such Seller does not have any agreement with any third party broker with respect to the current term or any renewal, extended or amended term, except as set forth in Schedule 3.2(d) (the “Third Party Leasing and Brokerage Agreements”).  
(e)    Casualty; Condemnation.  There is no unrepaired casualty damage to any of such Seller’s Properties and there is no pending condemnation or similar proceedings affecting any Property and to Sellers’ Knowledge no action is threatened or contemplated except as set forth on Schedule 3.2(e).
(f)    Litigation.  There are no actions, suits or proceedings pending against or to Sellers’ Knowledge threatened against any Seller in any court or before or by an arbitration tribunal or regulatory commission, department or agency which, if adversely determined, would materially adversely affect (i) such Sellers’ ability to consummate the transactions contemplated by this Agreement, (ii) the ownership of an Asset or (iii) the operation of a Property.
(g)    Owner’s Associations.  To the Seller’s knowledge, Seller has made available to Seller true, correct and complete owner’s association documents and all by-laws in connection with the foregoing relating to the Properties to the extent such are in Seller’s possession (the “Owner’s Association Documents”).  Seller has not received any written notice that it is in default of any monetary or other payment amounts owed by such Seller with respect to any Owner’s Associations.  Other than as provided in the Owner’s Association Documents, Sellers have no other obligations relating to the Owner’s Associations. 
(h)    INTENTIONALLY OMITTED.  
(i)    Ownership of the Personal Property.  Such Seller has good and valid title to the Personal Property, which in each case shall be free and clear of all Liens as of the Closing Date, except for possible security interests in connection with the Third Party Loans assumed by the Buyer.  Seller has not pledged, assigned, hypothecated or transferred any of its right, title or interest in any of the Personal Property other than in connection with the Third Party Loans.
(j)    Compliance with Law.  Such Seller has not received any written notice of a material violation of any applicable fire, health, building, use, occupancy or zoning laws, regulations, ordinances and codes with respect to such Seller’s Property which has not been cured or dismissed or would impact Buyer’s use of the Property except for those set forth on Schedule 3.2(j) hereto, provided, however that nothing in this Section 3.2(j) shall limit the right of Buyer to object to any matter or issue set forth on such Schedule 3.2(j) pursuant to Article VIII of this Agreement.  
(k)    Morgan Stanley Parcel Easement.  Following the recordation of the lot line adjustment and the easement contemplated in Section 14.28(c), parking at Easton Way III will be in compliance with all applicable zoning regulations and ordinances.    

(l)    Environmental Matters.  Except as (i) contained in any environmental assessment report made available by Seller to Buyer, (ii) expressly disclosed in writing to Buyer prior to the Inspection Date or (iii) as contained in any report prepared by Buyer or its environmental engineers or consultants, Seller has not received any written notice from any Governmental Authority or other Person of any Environmental Claims, Environmental Liabilities or violations of any Environmental Laws with respect to such Seller’s Property.  
(m)    INTENTIONALLY OMITTED.
(n)    INTENTIONALLY OMITTED.
(o)    Bankruptcy.  No insolvency proceeding of any character (including bankruptcy, receivership, reorganization, composition or arrangement with creditors (including any assignment for the benefit of creditors)), voluntary or involuntary, relating to such Seller or such Seller’s Property is pending, or, to such Sellers’ Knowledge, is being threatened against such Seller by any Person.
(p)    INTENTIONALLY OMITTED.
(q)    Labor and Employee Matters.   Seller is not a party to any employment or collective bargaining or similar agreements with the Designated Employees.  
(r)    Third Party Loans.  Schedule 3.2(r) contains a true and complete list of all of the Third Party Loans of such Seller, together with all of the TPL Documents for such Third Party Loans.  Such TPL Documents have not been amended, supplemented or otherwise modified except as shown on such Schedule 3.2(r).  Such Seller has no obligations or liabilities to the holder of such Third Party Loan or any other party with respect to such Third Party Loan except as set forth in such TPL Documents.  The outstanding principal amount of such Third Party Loans and the amount of any cash reserves or escrow accounts held by the holders of such Third Party Loans in connection with such Third Party Loans as of the date hereof is set forth on Schedule 3.2(r).  Seller shall update Schedule 3.2(r) as of the Closing Date.  All interest and other amounts due and payable on such Third Party Loans have been paid in full, and such Seller is not in default of any of its other obligations with respect to such Third Party Loans.  To such Sellers’ Knowledge, no lender is in default under its obligations with respect to such Third Party Loans.  Such Seller has delivered or made available to Buyer true and complete copies of the TPL Documents.
(s)    Intentionally Omitted.
(t)    Ground Lease.  (i) the Ground Lease has not been amended, modified or supplemented, (ii) the Ground Lease contains the entire agreement between the Ground Lessor and Ground Lessee, (iii) neither the Ground Lessee nor the Ground Lessor, is in default in the performance of its obligations under the Ground Lease, and (iv) the Ground Lease is in full force and effect in accordance with its terms.  A true and complete copy of the Ground Lease has been delivered to the Buyer.    

(u)    Security Deposits.  Attached hereto as Schedule 3.2(u) is a true and complete list of the security deposits (whether in the form of cash, letter of credit or otherwise) under the Leases being held by the Sellers.
(v)    Delinquency Report.  Attached hereto as Schedule 3.2(v) is a true and complete report setting forth as of the date of this Agreement, all arrearages in excess of 30 days under the Leases.  Seller shall provide an update of Schedule 3.2(v) at and as of Closing.
Section 3.3    Operations Prior to Closing.  From the date hereof until Closing, each of the Sellers shall:
(a)    Insurance.  Keep such Seller’s Assets insured against fire and other hazards covered by the insurance policies maintained by such Seller on the date of this Agreement.
(b)    Operation.  Operate and maintain such Seller’s Property in a businesslike manner and in accordance with such Seller’s past practices with respect to such Seller’s Property, but subject to normal wear and tear.
(c)    New Contracts.  Not enter into any new third party contracts relating to such Seller’s Assets, nor amend, supplement, terminate or otherwise modify any Contract (except as set forth in subsection 3.3(h)), without the prior written consent of the Buyer, which consent may be granted or withheld in the Buyer’s reasonable discretion unless (i) such contract contains a thirty (30) day termination provision and provides for total payments which are in no event greater than $50,000 or (ii) is necessary to preserve the safety of the Tenants or the Property, provided that in the case of clause (ii), (A) such contract is entered into at no cost to Buyer and (B) Seller shall provide Buyer with prompt written notice of any such contract, along with a copy thereto, which such notice shall in no event be more than two (2) days after such contract has been executed by all parties thereto.  Notwithstanding anything to the contrary in this Section 3.3(c), in no event shall Seller enter in any leasing or brokerage agreement without Buyer’s prior written consent, which consent may be granted or withheld in Buyer’s reasonable discretion.
If a Seller enters into any third party contract after the date of this Agreement with the approval of the Buyer or as permitted in clause (i) through (ii) above, then such contract shall be included in the definition of “Contract” herein and added to Schedule 3.2(b).   If the Buyer does not reject or approve a new contract or Contract amendment within five (5) Business Days after receipt of a copy thereof, then the Buyer shall be deemed to have approved such contract or Contract amendment.   
(d)    New Leases.  Continue its present rental program and efforts at such Seller’s Property to rent vacant space in accordance with past practices; provided, that without the prior consent of the Buyer, which consent may be granted or withheld in the Buyer’s sole discretion, no Seller shall (i) execute any new lease, license or other occupancy agreement, (ii) amend, supplement, terminate, accept the surrender of, renew or otherwise modify any existing Lease or (iii) approve any assignment or sublease of any existing Lease; provided, however, in the case of any amendment, supplement, termination, surrender, renewal or modification of any existing Lease as set forth in (ii) above, if such existing Lease expressly and specifically sets 

forth the terms of any such amendment, supplement, termination, surrender, renewal or modification and requires the landlord under the Lease to acknowledge or counter-sign same, in which case, Buyer’s consent shall not be required, but Seller shall provide Buyer of notice of (and to the extent such amendment, supplement or modification modifies the rental terms of such Lease which rental amount is not specifically stated in such Lease, an opportunity to review and comment upon) such amendment, supplement, termination, surrender, renewal or modification at least three (3) Business Days prior to the date of execution).   If a Seller enters into any new leases, license or other occupancy agreement, or renews any existing Lease (each such new lease, license, occupancy agreement and renewal, a “New Lease”) after October 14, 2011 in accordance with the terms of this Section 3.2(d), then each such lease, license, occupancy agreement and renewal shall be included in the definition of “Leases” herein and added to Schedule 3.2(c), shall be assigned to and assumed by the Buyer at the Closing in accordance with this Agreement and Buyer shall thereafter assume the obligation to pay (i) all capital expenses disclosed in such Lease or otherwise approved by Buyer and (ii) commissions disclosed in such Lease or otherwise expressly approved by Buyer.  If the Buyer does not reject or approve a new lease, license, occupancy agreement, renewal or a Lease amendment within five (5) Business Days after receipt of a copy thereof, then the Buyer shall be deemed to have approved such new lease, license, occupancy agreement, renewal or Lease amendment.  
(e)    Litigation; Violations.  Advise the Buyer promptly of any receipt of written notice of any litigation, arbitration proceeding or administrative hearing (including condemnation) before any Governmental Authority which affects any Property or any Seller’s ability to consummate the transaction as contemplated by this Agreement and is instituted after the date of this Agreement.  Deliver to the Buyer, promptly after receipt thereof, copies of any written notices of violations or other notices regarding the Property received by the Sellers.  Seller may not settle any claim or compromise any litigation or proceeding affecting any Asset without the prior approval of the Buyer which approval shall not be unreasonably withheld, conditioned or delayed provided that any such settlement shall not have any material adverse affect upon (1) any Seller’s ability to consummate the transactions contemplated by this Agreement, (2) the ownership of any Asset or any Property or (3) the operation or value of any Property or Asset.
(f)    Performance Under Leases and Ground Leases.  Perform, or cause their agents to perform, all obligations of landlord or lessor under the Leases of such Seller’s Property and all obligations of Ground Lessee and Ground Lessor under the Ground Lease.
(g)    Third Party Loans.  (i) Not amend, supplement, or otherwise modify any of such Seller’s Third Party Loans or the TPL Documents related to such Third Party Loans without the prior written consent of Buyer, which consent may be granted or withheld in the Buyer’s sole discretion.
(i)    Within three (3) Business Days following the execution of this Agreement, each Seller shall request that the holders of such Seller’s Third Party Loans consent to the assumption of such Third Party Loans by the Buyer or an affiliate of the Buyer to be designated by the Buyer pursuant to Section 14.7 of this Agreement.  Such consent request shall be in such form as approved by the applicable Lender, provided such consent shall be acceptable to Buyer in its 

reasonable discretion and shall not increase Buyer’s obligations or liabilities with respect to such Loan or include any guarantees of the Buyer’s obligations under such Loan, except as may be specifically provided for in Section 3.3(g)(ii) below.  Each Seller shall use its commercially reasonable efforts (but shall not be required to pursue litigation against the holder of any Third Party Loan) to obtain such consents prior to the Closing Date and any extensions thereof in accordance with this Agreement. 
(ii)    The Buyer will not be required to provide any recourse guarantee (including non-recourse carve-out guarantees) or other credit enhancement in connection with obtaining any consent to the assumption of any of the Third Party Loan and notwithstanding anything to the contrary in this Agreement, in no event shall Buyer be obligated to acquire any Property subject to a Third Party Loan to the extent a lender of such Third Party Loan requires any such recourse guarantee or credit enhancement as a condition to Buyer assuming such Third Party Loan. 
(iv)    With respect to each Third Party Loan, Sellers shall have, prior to the Closing Date, either (i) obtained the consent of the holder of such Third Party Loan to the assumption of the Third Party Loans by the Buyer pursuant to the terms of this Agreement, (ii) elected to repay, or defease, at the Closing the outstanding principal amount of such Third Party Loan, together with all accrued interest thereon pursuant to Section 13.4 hereto or (iii) elected to remove such Property from the terms of this Agreement with a corresponding reduction in the Gross Asset Value and in the event of (ii) or (iii) above, such Third Party Loan shall be deemed for all purposes of this Agreement as a Seller’s Other Loan.
(h)    Management, Leasing Agreements and Terminated Contracts.  
(i)    Terminate the Terminated Contracts in accordance with their terms and all management agreements and, and to the extent the same relate to the Properties, unless otherwise provided in Section 3.3(h)(ii) below, the Leasing and Brokerage Agreements affecting such Seller’s Property to which such Seller is party at or prior to the Closing.  Subject to Sections 3.3(h)(ii) and (iii) below, all leasing and brokerage fees, termination fees and any other costs and expenses relating to such Leasing and Brokerage Agreements and any related terminations shall be the responsibility solely of such Seller, and the Buyer shall have no responsibility or liability therefor.  Unless otherwise provided in Section 3.3(h)(iii) below, no Seller shall assign to, and the Buyer shall not assume, any Terminated Contracts or any management agreements or the Leasing and Brokerage Agreements.  Except with respect to the Duke Leased Space, each Seller shall cause any asset manager or leasing agent to vacate any office at such Seller’s Property on or prior to Closing.
(ii)    Notwithstanding anything to the contrary herein, and in connection with the Leasing and Brokerage Agreements, on or prior to a date that is fifteen (15) days prior to the Closing Date, Buyer and Seller shall mutually agree on a list of any prospective tenants with whom Seller, Seller’s Affiliates or Seller’s 

Employees or a third party broker was Actively Negotiating pursuant to a Leasing and Brokerage Agreement (as hereinafter defined) as of the date of such expiration or notice of termination.  If within sixty (60) days after the Closing Date (the "Post Termination Period") a New Lease is entered into with any prospective tenant identified by on the list as set forth above, then Buyer shall pay Seller (to the extent such Leasing and Brokerage Agreement is with any Seller) or reimburse the Seller (to the extent such Leasing and Brokerage Agreement is with Sellers’ Affiliates, Sellers’ Employees or any other third party that Seller has engaged) for any leasing commission owed to the applicable Seller, Seller’s Affiliate, Seller’s Employee or third party relating to such transaction calculated in accordance with the terms of the applicable Leasing and Brokerage Agreement.  After the Closing Date, Seller, Seller’s Affiliates or Seller’s Employees shall not, and shall cause any third party broker which is representing any Seller to not, commence or continue negotiations for any lease arrangements without first obtaining the prior written consent of Buyer.  For the purpose of this Section 3.3(h)(ii), the term "Actively Negotiating" shall mean either that (i) Seller, Seller’s Affiliates, Seller’s Employees or a third party broker shall have submitted a written, bona-fide offer to the prospective tenant or such tenant’s broker which,  has been accepted or responded to by a written counter-offer, the terms of which counter-offer are then being negotiated, or (ii) Seller, Seller’s Affiliate, Seller’s Employee or such third party broker with the prospective tenant’s authorization, shall have submitted to Buyer a written, bona-fide offer by such tenant or such tenant’s broker which has been accepted or responded to by a written counter-offer submitted by Seller, Seller’s Affiliate or Seller’s Employee, on behalf of Buyer or its designee, and the terms of which counter-offer are then being negotiated.  Notwithstanding anything to the contrary in this Section 3.3(h), Buyer shall be responsible for and shall reimburse Seller for the payment of brokerage fees and commissions payable pursuant to a Leasing and Brokerage Agreement entered into in connection with those certain leases executed and delivered between October 14, 2011 and the date hereto which such leases are set forth in Schedule 3.3(h)(ii) attached hereto.
(iii)    In addition to the reimbursement of Seller for the leasing commissions set forth in Section 3.3(h)(ii), Buyer agrees to assume Seller’s obligations under those Third Party Leasing and Brokerage Agreements existing as of the date hereof solely to the extent such third-party unaffiliated broker is entitled to a leasing commission under such Third Party Leasing and Brokerage Agreement with respect to a renewal, extension or expansion of the applicable Lease subject to such Third Party Leasing and Brokerage Agreement.  For the avoidance of doubt, except as specifically set forth in this Section 3.3(h)(iii), Seller is not assuming any Leasing and Brokerage Agreements
(i)    Intentionally Omitted.
(j)    New Financing.  Not create, incur or suffer to exist any deed of trust, mortgage,  lien, pledge or other encumbrance in any way affecting any portion of such Seller’s Property, other than the Permitted Encumbrances, without the prior written consent of the Buyer.

(k)    Taxes, Charges, etc.  Continue to pay or cause to be paid all Taxes, water and sewer charges, utilities and obligations under the Contracts when due.
(l)    Transfers.  Not transfer, sell or otherwise dispose of such Sellers’ Property, except for the Morgan Stanley Parcel or any item of such Sellers’ Personal Property without the prior written consent of the Buyer, except for the use and consumption of inventory and other supplies, and the replacement of worn out, obsolete and defective tools, equipment and appliances, in the ordinary course of business.
(m)    Ground Leases.  Not amend, supplement, terminate or otherwise modify the Ground Lease without the prior written consent of Buyer, which consent may be granted or withheld in the Buyer’s sole discretion. 
(n)    Intentionally Omitted.  
(o)    Zoning.  Not initiate or consent to any material zoning reclassification of any Property or any material change to any approved site plan, special use permit, planned unit development approval or other land use entitlement affecting any Property without Buyer’s prior written consent, which consent may be granted or withheld in Buyer’s sole discretion.
(p)         Information; Additional Rights.  Subject to the applicable limitations set forth in this Agreement, until the Closing or earlier termination of this Agreement, each Seller agrees to allow the Buyer to:
(i)    review and approve annual budgets, development plans, if any, and leasing plans with respect to the Properties and to offer input and suggestions relating to the foregoing, provided that such rights will not require the Sellers to operate the Properties in a substantially different manner than the current operations of the Properties nor obligate the Sellers to make or incur any capital expenditures at the Properties;
(ii)    generally discuss and consult (including calling meetings) with, and provide advice with respect to, material matters relating to the Properties with representatives of the Sellers designated by Sellers and the right to submit business proposals or suggestions to such parties;
(iii)    receive financial statements, operating reports, budgets or other financial reports relating to the Properties which are prepared by or for the Sellers in the ordinary course of business; 
(iv)    request such other additional information relating to the Properties at reasonable times and intervals in light of the Sellers’ normal business operations concerning the general status of the financial condition and operations of the Properties but only to the extent such information is reasonably available to the Sellers and in a form consistent with the manner in which the Sellers then maintain such information; 

(v)    review and approve the settlement of any tenant audit disputes the settlement of which may alter or affect “base year” amounts payable by Tenants under Leases; and
(vi)     review and approve (i) the settlement of any tax reduction proceeding based on an objection to property valuation in respect of any Property located in the State of Illinois and (ii) the settlement of any tax reduction proceeding based on an objection to tax rate, to the extent Seller has an opportunity to review and approve such settlement in respect of any Property located in the State of Illinois, in each case which approval shall not be unreasonably withheld.

(q)    Seller’s Other Loans.  Seller shall, on or prior to the Closing Date, prepay, defease or otherwise satisfy Seller’s Other Loans. 
(r)    ROFO/ROFR Waivers and Celebration Acknowledgment.  Seller shall, within five (5) Business Days following the date hereof, distribute the request for waivers and acknowledgment contemplated pursuant to Section 6.2(d)(xii), (xiii) and (xiv) below. 
(s)    Environmental Policy.  Seller hereby acknowledges that it is the beneficiary of the Environmental Policy issued by American International Specialty Lines Insurance Company policy number PLS-1438168 (“Environmental Policy”).  Seller covenants and agrees to cooperate with Buyer in connection with any assumption by Buyer, at its option, of the Environmental Policy relating to Properties acquired by Buyer in connection with this transaction including, without limitation, making arranging for and participating in meetings and discussions with Buyer’s environmental and insurance consultants and making available for meetings with Buyer’s consultants the underwriter or other appropriate representatives of the carrier of the Environmental Policy to discuss the assumption, assignment and extension of the Environmental Policy (with respect to any such underwriting meetings, Seller and Seller’s insurance broker may be available).
Section 3.4    Tenant Estoppels.  
(a)    Within twenty-one (21) days following the execution of this Agreement, each Seller shall prepare and deliver to each Tenant at such Seller’s Property an estoppel certificate in the form of Exhibit A attached hereto (the “Tenant Estoppel”) and request each such Tenant to execute and deliver the Tenant Estoppel to such Seller.  Each Seller shall use commercially reasonable efforts to obtain the prompt return of the executed Tenant Estoppels in substantially the same form as Exhibit A from each Tenant at such Seller’s Property, without the obligation to make any payments or grant any concessions under the Leases.  If a Tenant returns an executed Tenant Estoppel (or Lease Required Estoppel or Statement of Lease as defined below) to such Seller, such Seller shall promptly deliver to the Buyer, or make available on Seller’s transaction website, a copy of such executed Tenant Estoppel (or Lease Required Estoppel or Statement of Lease, if applicable) following such Seller’s receipt of such Tenant Estoppel (or Lease Required Estoppel or Statement of Lease, if applicable).   
(b)    It shall be a condition to the Buyer’s obligation to close the sale and purchase of the Assets that on or before the Closing Date, the Sellers deliver to the Buyer from 

(i) Tenants (other than the GSA) representing or leasing at least 75% of the rented area of each Property (exclusive of any rented area represented by a Lease with the GSA) as of the Closing Date, (ii) Tenants (other than the GSA) representing or leasing at least 75% of the aggregate rented area of all of the Properties (exclusive of any rented area represented by a Lease with the GSA) as of the Closing Date, and (iii) at least 95% of the aggregate of the square footage represented or leased by Major Tenants, signed tenant estoppel certificates that are substantially in the form of either (1) the Tenant Estoppel or (2) with respect to those Leases that contain a required form of specific estoppel that is attached as an exhibit to such Lease, the form of estoppel attached to such Lease (each a “Lease Required Estoppel”)), in each case and which do not allege any material defaults by the Sellers or accrued and outstanding offsets or defenses under the relevant Lease nor contain any materially adverse deviations between (x) the information specified in said Tenant Estoppel or Lease Required Estoppel, as applicable and (y) (I) the representations and warranties of the Sellers set forth in this Agreement or (II) the Leases to which such Tenant Estoppel or Lease Required Estoppel, as applicable, relate.   Notwithstanding anything to the contrary in this Section 3.4, Seller shall also use commercially reasonable efforts to obtain a Statement of Lease from the GSA with respect to each Lease to which the GSA is a party, provided, however, that in no event shall the delivery of a Statement of Lease be deemed to apply towards the satisfaction of Seller’s obligations in the immediately preceding sentence or Seller’s obligations set forth in Section 3.4(c) below.  Buyer shall cooperate with the Seller to obtain (i) any novation of the applicable Lease with the GSA that may be required by the GSA in order to assign the applicable Lease to Buyer or its designee and (ii) any Statement of Lease.  In the event the GSA requires Seller to remain liable under the applicable Lease with the GSA after the Closing Date, Buyer hereby agrees to indemnify and hold harmless Seller against any Losses (as defined below) arising out of such Lease after the Closing Date except to the extent such Losses are the result of any action taken by Seller, or its Affiliates” with respect to such Leases with the GSA.  
(c)    If the Sellers fail to deliver the Tenant Estoppels (or Lease Required Estoppel, as applicable) as required above by the Closing Date, the Buyer shall have the right, but not the obligation, to adjourn the Closing on one or more occasions for a period of up to 30 days in order for the Sellers to continue efforts to obtain such Tenant Estoppels (or Lease Required Estoppels, as applicable), in which case, the Closing shall occur within five (5) Business Days after the Sellers’ delivery of all required Tenant Estoppels (or Lease Required Estoppels, as applicable). 
(d)    Notwithstanding anything contained in this Agreement to the contrary, in the event either (i) Seller is able to obtain Tenant Estoppels (or Lease Required Estoppels, as applicable) from Tenants representing at least 60% of the rented area of a Property (exclusive of the rented area represented by a Lease with the GSA) as of the Closing Date, but is unable to obtain Tenant Estoppels (or Lease Required Estoppels, as applicable) occupying at least 75% of the rented area of such Property (exclusive of the rented area represented by a Lease with the GSA) or (ii) Seller is able to obtain Tenant Estoppels (or Lease Required Estoppels, as applicable) from Tenants occupying at least 60% of the aggregate rented area (exclusive of the rented area represented by a Lease with the GSA) of all of the Properties as of the Closing, but is unable to obtain Tenant Estoppels (or Lease Required Estoppels, as applicable) occupying at least 75% of the aggregate rented area (exclusive of the rented area represented by a Lease with the GSA) of the Properties as of the Closing Date, Seller shall have the right (but not the 

obligation) to deliver to Buyer on the Closing Date a certificate in the form of Schedule 3.4(d) (a "Seller's Estoppel Certificate"), executed by Seller, with respect to the required amount of Leases in order to satisfy the Tenant Estoppel (or Lease Required Estoppels, as applicable) delivery requirements set forth in Section 3.4(b)(i) and (ii), and in such event, Seller shall be deemed to have satisfied the condition under Sections 3.4(b)(i) and (ii).  In addition, Seller shall be released from any liability with respect to such Seller's Estoppel Certificate upon the earlier of (A) the date of delivery to Buyer of a Tenant Estoppel (or Lease Required Estoppels, as applicable) executed by the Tenant for which Seller has delivered such Seller's Estoppel Certificate or (B) the date that is one year after the Closing Date.
Section 3.5    Owners’ Associations.  
(a)    Sellers shall not initiate, approve or consent to the any agreement or waiver or the execution of any document or instrument that would be considered an Owner’s Association Document, including, any agreement, waiver, document or instrument that would (i) increase or modify in any way the obligations relating to the Properties being acquired at Closing, (ii) result in the creation of a new Owner’s Association (iii) amend, modify, extend, surrender, terminate or renew any Owner’s Association Document without the prior written consent of the Buyer which consent may be withheld in the Buyer’s sole discretion.  If the Buyer does not reject or approve the execution of any document or instrument referred to in this Section 3.5 within five (5) Business Days after receipt of a copy thereof, then the Buyer shall be deemed to have approved such document or instrument.  
(b)    Sellers shall use their commercially reasonable efforts to assist Buyer in obtaining estoppel certificates from each Owner’s Association relating to a Property and such other acknowledgments, documents and instruments Buyer may reasonably require from such Owner’s Association in connection with the transactions contemplated  by this Agreement and any Buyer’s related financing, including without limitation, (i) executing or facilitating the execution of any documents or instruments required under the Owner’s Association Documents in connection with the transfer of the Properties to Buyer, (ii) causing any officer or director of any Owner’s Association or related board that is a representative of the Sellers or the Property, if any, to resign his or her position as an officer or director with respect to the Properties set forth on Schedule 3.5(b)(ii), (iii) executing or facilitating any documents or instruments required under the Owner’s Association Documents in order to assign all of Seller’s (or an of its Affiliate’s) interest as developer, declarant or other similar entity, if any, under the Owner’s Association Documents with respect to the Properties set forth on Schedule 3.5(b)(iii) and (iv) facilitating the appointment of Buyer’s and its Affiliates’ representatives as replacement officers or directors to the extent permitted under the applicable Owners’ Association Documents.    

Section 3.6    Inaccurate Representation or Warranty.  
In the event any Seller or Buyer obtains knowledge that any of the Sellers’ representations and warranties contained in this Agreement become inaccurate between the date of this Agreement and the Closing Date, Sellers shall immediately notify Buyer in writing of such change or Buyer shall immediately notify Seller, as applicable (a “Notice of Inaccuracy”); provided, however, that in no event shall Buyer’s failure to provide a Notice of Inaccuracy 

relieve Seller of its obligations under this Agreement with respect to the applicable representation and warranty or limit Buyer’s remedies under this Agreement with respect to such inaccurate representation or warranty.  Unless waived by Buyer (at any time before or after receipt of the Notice of Inaccuracy by Seller and in which case the provisions of clause (b) below shall apply prior to the original Closing Date), Sellers shall have the right, in connection with such Notice of Inaccuracy, to adjourn the Closing Date for a period not to exceed fifteen (15) days, provided Sellers shall notify Buyer in writing within five (5) Business Days of the date of such Notice of Inaccuracy of such election to adjourn.  If Seller does not cure the change reflected in the Notice of Inaccuracy prior to the Closing Date (as same may be extended pursuant to the terms of this Section 3.6), Buyer shall have the right (a) to terminate this Agreement if such breach or in accuracy is material to the Sellers or Properties as a whole (pursuant to and in accordance with Section 13.2(a) hereof) or remove the relevant Asset from the portfolio (pursuant to, and in accordance with, the provisions of Section 13.3hereof) or (b) proceed with the Closing, in which case the representation or warranty that is the subject to a Notice of Inaccuracy shall be updated and amended to reflect such change and Seller shall have no obligation with respect to such inaccuracy.

Section 3.7    Transition Services.
On or prior to Closing, Seller and Buyer shall enter into a Transition Services Agreement (the “Transition Services Agreement”) whereby Seller shall agree or cause the existing manager at each of the Properties to agree to cooperate with Buyer, during the Transition Period, to assist in the transition of the Properties to Seller.  The Transition Services Agreement shall include, but not be limited to, Seller (or existing manager, if applicable) cooperation with respect to (i) consultation with the Buyer (or its manager) with respect to the operation of the Properties, (ii) consultation with the Buyer (or its manager) with respect to the status of any disputes for which Buyer (or its manager) will assume responsibility and (iv) consultation with the Buyer (or its manager) with respect to matters that require the delivery of notice or request for consents or approvals or otherwise relates to any unbudgeted expenditure.  Notwithstanding anything to the contrary in this Agreement, such transition services shall be provided to Buyer at the sole cost and expense of the Buyer and Buyer shall indemnify, defend and hold harmless Seller against any Losses, relating to or otherwise arising under any existing management agreements that remain in place post-closing as a result of the Transition Services Agreement, with respect to actions that arise following the Closing Date except to the extent such Losses arise or relate to Seller’s (or its Affiliates) gross negligence or willful misconduct.  Buyer and Seller each agree to negotiate the terms and provisions of the Transition Services Agreement in good faith.  Notwithstanding anything to the contrary in this Agreement, and provided that Seller or Buyer, as applicable, negotiates such Transition Services Agreement in good faith, the failure of the Buyer or Seller, as applicable, to deliver a duly executed Transition Services Agreement shall not be deemed to be either a condition to Closing or a default under this Agreement. 
Section 3.8    Easements.
Without limitation of Buyer’s rights under Article VIII hereof, Seller agrees to cooperate with Buyer, at no cost to Seller, to obtain any easements the Buyer reasonably determines are necessary for the operation of the Property in a substantially similar manner as 

such Property is operated as of the date of this Agreement including, but not limited to, (i) easements required for access to such Property and (ii) utility, sewer or similar easements.  Buyer agrees to cooperate with Seller to consent to any easement the Seller determines may be reasonably necessary to operate any property that abuts a Property conveyed pursuant to this Agreement that is owned by Seller or its Affiliates in a substantially similar manner as such neighboring property is operated as of the date of this Agreement.  

Section 3.9    Non-Compete Agreement.
Seller and Buyer each agree to finalize a non-compete agreement (“Non-Compete Agreement”) to be entered into as of the Closing Date in accordance with the primary terms outlined on Exhibit N hereto, with such modifications and changes as are reasonably required to make such Non-Compete Agreement enforceable in each relevant jurisdiction.  

ARTICLE IV     
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE BUYER
Section 4.1    Representations and Warranties of the Buyer.  The Buyer hereby represents, warrants and covenants to the Sellers as of the date hereof and as of the Closing Date as follows:
(a)    Formation; Existence.  It is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and the Buyer, or the applicable Buyer designee or assignee, is qualified to do business in the states where the Properties acquired by Buyer or Buyer designee are located.
(b)    Power; Authority.  It has all requisite power and authority to enter into this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby.  The execution, delivery and performance of this Agreement, the purchase of the Assets and the consummation of the transactions provided for herein have been duly authorized by all necessary action on the part of the Buyer.  This Agreement has been duly executed and delivered by the Buyer and constitutes the legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights and by general principles of equity (whether applied in a proceeding at law or in equity).
(c)    No Consents.  No consent, license, approval, order, permit or authorization of, or registration, filing or declaration with, any court, administrative agency or commission or other Governmental Authority or instrumentality, domestic or foreign, is required to be obtained or made in connection with the execution, delivery and performance of this Agreement or any of the transactions required or contemplated hereby.
(d)    No Conflicts.  The execution, delivery and compliance with, and performance of the terms and provisions of, this Agreement, and the purchase of the Assets, will 

not (a) conflict with or result in any violation of its organizational documents, (b) conflict with or result in any violation of any provision of any bond, note or other instrument of indebtedness, contract, indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party in its individual capacity, or (c) violate any existing term or provision of any order, writ, judgment, injunction, decree, statute, law, rule or regulation applicable to it or its assets or properties.
(e)    Anti-Terrorism.

(i)    None of the Buyer or, to Buyer’s knowledge, its Affiliates, is in violation of any Anti-Money Laundering and Anti-Terrorism Laws. 
(ii)    None of the Buyer or, to Buyer’s knowledge, its Affiliates, is acting, directly or indirectly, on behalf of terrorists, terrorist organizations or narcotics traffickers, including those persons or entities that appear on the Annex to the Executive Order, or are included on any relevant lists maintained by the Office of Foreign Assets Control of U.S. Department of Treasury, U.S. Department of State, or other U.S. government agencies, all as may be amended from time to time.
(iii)    None of the Buyer or, to Buyer’s knowledge, its Affiliates (A) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person included in the lists set forth in the preceding paragraph, (B) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (C) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Money Laundering and Anti-Terrorism Laws.
(iv)    The Buyers understand and acknowledge that the Buyer may become subject to further anti-money laundering regulations, and agrees to execute instruments, provide information, or perform any other acts as may be required for compliance with such anti-money laundering regulations, for the purpose of: (A) carrying out due diligence as may be required by applicable law to establish the Buyer’s identity and source of funds; (B) maintaining records of such identities and sources of funds, or verifications or certifications as to the same; and (C) taking any other actions as may be required to comply with and remain in compliance with anti-money laundering regulations applicable to the Buyer.
(v)    Neither the Buyer, nor any person controlling or controlled by the Buyer, is a country, territory, individual or entity named on a Government List, and the monies used in connection with this Agreement and amounts committed with respect thereto, were not and are not derived from any activities that contravene any applicable anti-money laundering or anti-bribery laws and 

regulations (including funds being derived from any person, entity, country or territory on a Government List or engaged in any unlawful activity defined under Title 18 of the United States Code, Section 1956(c)(7)).  
ARTICLE V     
CONDITIONS PRECEDENT TO CLOSING
Section 5.1    Conditions Precedent to Sellers’ Obligations.  The obligation of the Sellers to consummate the transfer of the Assets to the Buyer on the Closing Date is subject to the satisfaction (or waiver by the Sellers) as of the Closing of the following conditions:
(a)    Each of the representations and warranties made by the Buyer in this Agreement shall be true and correct in all material respects when made and on and as of the Closing Date as though such representations and warranties were made on and as of the Closing Date;
(b)    The Buyer shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be performed or complied with by the Buyer on or before the Closing;
(c)    The Sellers shall have received all of the documents required to be delivered by the Buyer under Article VI;
(d)    The Sellers shall have received the Cash Consideration Amount in accordance with Section 2.2 and all other amounts due to the Sellers hereunder;
(e)    No order or injunction of any court or administrative agency of competent jurisdiction nor any statute, rule, regulation or executive order promulgated by any governmental authority of competent jurisdiction shall be in effect as of the Closing which restrains or prohibits the transfer of the Assets or the consummation of any other transaction contemplated hereby; and
(f)    No action, suit or other proceeding shall be pending which shall have been brought by any person or entity (other than the parties hereto and their affiliates) (i) to restrain, prohibit or change in any material respect the purchase and sale of the Assets or the consummation of any other transaction contemplated hereby or (ii) seeking material damages with respect to such purchase and sale or any other transaction contemplated hereby.

Section 5.2    Conditions Precedent to the Buyer’s Obligations.  The obligation of the Buyer to purchase and pay for the Assets is subject to the satisfaction (or waiver by the Buyer) as of the Closing of the following conditions:
(a)    Each of the representations and warranties made by each Seller in this Agreement shall be true and correct in all material respects when made and on and as of the 

Closing Date as though such representations and warranties were made on and as of Closing Date;
(b)    Each Seller shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be performed or complied with by such Seller on or before the Closing;
(c)    No order or injunction of any court or administrative agency of competent jurisdiction nor any statute, rule, regulation or executive order promulgated by any governmental authority of competent jurisdiction shall be in effect as of the Closing which restrains or prohibits the transfer of the applicable Assets or the consummation of any other transaction contemplated hereby;  
(d)    No action, suit or other proceeding shall be pending which shall have been brought by any person or entity (other than the parties hereto and their affiliates) (i) to restrain, prohibit or change in any material respect the purchase and sale of the applicable Assets or the consummation of any other transaction contemplated hereby or (ii) seeking material damages with respect to such purchase and sale or any other transaction contemplated hereby;  
(e)    Title to all of the Properties shall be delivered to the Buyer in the manner required under Section 8.1;
(f)    Seller have prepaid, defeased or otherwise satisfied any Seller’s Other Loans to the extent encumbering the Properties or the Seller’s ability to consummate the transaction contemplated by this Agreement.
(g)    The Buyer shall have received all of the documents required to be delivered by the Sellers under Article VI.
(h)    The Buyer shall have received the Tenant Estoppels (or Lease Required Estoppels, as applicable) and/or Seller Estoppel Certificates required pursuant to Section 3.4.
ARTICLE VI     
CLOSING DELIVERIES
Section 6.1    Buyer Deliveries.  
The Buyer shall deliver the following documents at Closing:
(a)    with respect to each Property:
(i)    an assignment and assumption of landlord’s interest in the Leases (an “Assignment of Leases”) duly executed by the Buyer in substantially the form of Exhibit B hereto; 

(ii)    an assignment and assumption of the Assumed Contracts (an “Assignment of Contracts”) duly executed by the Buyer in substantially the form of Exhibit C hereto; 
(iii)    a notice letter to each Tenant (the “Tenant Notices”) duly executed by the Buyer, in the form of Exhibit D attached hereto; and 
(iv)    an association assignment and assumption agreement with respect to any owner’s association, as applicable, in a form reasonably acceptable to Seller and Buyer (“Association Assignment”).   
(b)    with respect to the Ground Lease, an assignment and assumption of the Ground Lessor’s interest and Ground Lessee’s interest in the Ground Lease (the “Ground Lease Assignments”) duly executed by the Buyer in substantially the form of Exhibit E hereto;
(c)    with respect to the Third Party Loans, such documents as the holder of such Third Party Loans shall require in connection with the assumption of such Third Party Loans by the Buyer to the extent the Buyer is obligated to deliver the same pursuant to the provisions hereto; and
(d)    with respect to the transactions contemplated hereunder:
(i)    a closing statement, prepared and approved by the Sellers and the Buyer, consistent with the terms of this Agreement and duly executed by the Buyer (the “Closing Statement”);
(ii)    such other assignments, instruments of transfer, and other documents as the Sellers may reasonably require in order to complete the transactions contemplated hereunder;
(iii)    a closing certificate in the form of Exhibit F;
(iv)    a duly executed and sworn Secretary’s Certificate from the Buyer  certifying that the Buyer has taken all necessary action to authorize the execution of all documents being delivered hereunder and the consummation of all of the transactions contemplated hereby and that such authorization has not been revoked, modified or amended;
(v)    an executed and acknowledged Incumbency Certificate from the Buyer certifying the authority of the officers of the Buyer (or the general partner of the Buyer, where appropriate) to execute this Agreement and the other documents delivered by the Buyer to the Sellers at the Closing; 
(vi)    all transfer tax returns, to the extent required by law and the 

regulations issued pursuant thereto, in connection with the payment of all state or local real property transfer taxes that are payable or arise as a result of the consummation of the transactions contemplated by this Agreement, in each case, as prepared by the relevant Sellers and duly executed by the Buyer; 
(vii)    a Non-Compete Agreement duly executed by Buyer;
(viii)    a lease agreement for each Duke Leased Space in the forms attached to that certain email from Seller’s counsel to Buyer’s counsel dated October 20, 2011 and received by Buyer’s counsel at 8:03PM (each a “Duke Lease”); 
(ix)    to the extent any Property located in the State of Texas is located within a municipal utility district, an acknowledgment of the Texas Statutory Notice delivered by Sellers pursuant to Section 6.2 below; 
(x)    subject to Section 3.7 hereto, the Transition Services Agreement duly executed by Buyer; 
(xi)    with respect to the Buyer’s Consultant, a release of Lien in the form attached as Exhibit I hereto; and
(xii)    such other documents as reasonably requested by the Seller or the Escrow Agent to consummate the Closing.
Section 6.2    Sellers Deliveries.  The Sellers shall deliver the following documents at Closing:
(a)    with respect to each Property, a special/limited warranty deed (a “Deed”) in substantially the form of Exhibit G hereto, duly executed by the relevant Seller, which deed, upon proper recording by the Buyer, shall be sufficient to transfer and convey to the Buyer whatever rights in the Property the relevant Seller has acquired subject only to the Permitted Exceptions with reference to such Property;
(b)    with respect to the Ground Lease, the Ground Lease Assignments duly executed by Ground Lessor and Ground Lessee, as applicable;
(c)    with respect to each Property:
(i)    an Assignment of Leases duly executed by the relevant Seller, together with the original Leases;
(ii)    a bill of sale (a “Bill of Sale”) duly executed by the relevant Seller in substantially the form of Exhibit H hereto, relating to all fixtures, chattels, equipment and articles of personal property owned by the relevant Seller which are currently located upon or attached to the Property;

(iii)    an Assignment of Contracts duly executed by the relevant Seller;
(iv)    an assignment of all warranties, permits, licenses and other Asset Related Property in the form of Exhibit J attached hereto (an “Assignment of Asset-Related Property”);
(v)    an Association Assignment duly executed by the relevant Seller;
(vi)    the Tenant Notices duly executed by the relevant Seller; 
(vii)    all keys to each Property which are in the Sellers’ possession shall be transferred at a mutually agreed upon location; and
(viii)    all security deposits and letters of credit as provided in Section 10.2(a) hereof.
(d)    with respect to the transactions contemplated hereunder:
(i)    The Closing Statement duly executed by the Sellers;
(ii)    such other assignments, instruments of transfer, and other documents as the Buyer or Escrow Agent may reasonably require in order to complete the transactions contemplated hereunder;
(iii)    a closing certificate in the form of Exhibit K;
(iv)    a duly executed and sworn Secretary’s Certificate from each Seller (or the general partners of such Seller, where appropriate) certifying that such Seller has taken all necessary action to authorize the execution of all documents being delivered hereunder and the consummation of all of the transactions contemplated hereby and that such authorization has not been revoked, modified or amended;
(v)    an executed and acknowledged Secretary’s Certificate from each Seller (or the general partners of such Seller, where appropriate) certifying the authority of the officers of such Seller (or the general partner of such Seller, where appropriate) to execute this Agreement and the other documents delivered by such Seller to the Buyer at the Closing;
(vi)    all transfer tax returns which are required by law and the regulations issued pursuant thereto in connection with the payment of all state or local real property transfer taxes that are payable or arise as a result of the consummation of the transactions contemplated by this Agreement, in each case, as prepared and duly executed by the relevant Seller;
(vii)    subject to Section 3.7 hereto, the Transition Services Agreement 

duly executed by Seller;
(viii)    an affidavit that the relevant Seller is not a “foreign person” within the meaning of the Foreign Investment in Real Property Tax Act of 1980, as amended, in substantially the form of Exhibit L here;
(ix)    an affidavit in the form of Exhibit O hereto that under O.C.G.A. Section 48-7-128 the relevant Seller is a resident of Georgia or that the relevant Seller is deemed a resident of Georgia or a Certificate of Exemption in the form of Exhibit O hereof; 
(x)    to the extent any Property located in the State of Texas is located within a municipal utility district, a statutory notice to Buyer under chapter 49.452 of the Texas Water Code (the “Texas Statutory Notice”);
(xi)    with respect to those Properties located in the Villages of Downers Grove, Lisle, Oak Brook and Westmont, all in the State of Illinois, evidence of payment through the Closing Date of sanitary district user charges (the "User Charges") from the Downers Grove Sanitary District (as to the Property located in the Village of Downers Grove), the DuPage Sanitary District (as to the Property located in the Village of Lisle), and the Flagg Creek Water Reclamation District (as to the Properties located in the Villages of Oak Brook and Westmont) (collectively, the "Sanitary Districts").  Such evidence of payment will be in the form of a Closing Letter or similar statement customarily issued by the Sanitary Districts (the "Closing Letters").  In the event the Closing Letters show outstanding amounts for any User Charges, such outstanding amounts will be paid by the relevant Property Sellers through the Closing.  In the event the Closing Letters provided by the Flagg Creek Water Reclamation District reveal that connection charges will be assessed due to the lack of issuance of a valid connection permit for the Oak Brook or Westmont Properties, as the case may be, then any such connection charges will be paid by the relevant Sellers for the properties located in Oak Brook or Westmont, as the case may be, through the Closing.  Any title exceptions relating to User Charges or other charges contained in the Title Commitments for the Properties located in the villages referenced in this paragraph will include affirmative coverage that no User Charges or other charges are outstanding as of the Date of the Title Policy for such Properties;
(xii)    subject to Section 14.29 below, with respect to the Property known as 5560 Tennyson Parkway located in Plano, Texas, evidence reasonably satisfactory to Buyer that the Right of First Refusal granted to MedAssets Net Revenue Systems, LLC (“MedAssets”) pursuant to Section 17.06 of the Lease relating thereto has been waived by MedAssets (or its successors or assigns) or the time period for acceptance of such Right of First Refusal has expired; 
(xiii)    subject to Section 14.29 below, with respect to the Property known as Compmanagement and located in Columbus, Ohio, evidence reasonably 

satisfactory to Buyer that the Right of First Offier granted to Sedwick Claims Management Services, Inc. (“Sedgwick”) pursuant to Section 20.08 of the Lease relating thereto has been waived by Sedgwick (or its successors or assigns) or the time period for acceptance of such Right of First Officer has expired;
(xiv)    subject to Section 14.29 below, with respect to those Properties known as Celebration Business Center I, Celebration Business Center II, Celebration Office Center I and Celebration Office Center II, a waiver or other agreement of The Celebration Company satisfactory to Buyer relating to certain matters to be specified by Buyer to Seller and relating to certain rights and restrictions contained in the declarations encumbering such Properties within five (5) Business Days after the date hereof; 
(xv)    Intentionally Omitted;  
(xvi)    with respect to those Sellers with Properties located in Illinois, a CBS-1 Notice of Sale, Purchase or Transfer of Business Assets in the form attached hereto as Exhibit R to the extent a bulk sale certificate is otherwise required pursuant to Section 6.2(e) below; and 
(xvii)    with respect to those Properties located in Minnesota, that certain Redevelopment Property Transfer Certificate in the form similar to that provided by Seller to Buyer as of the date of this Agreement which form will run to the benefit of Buyer, its mortgagee and its title company and their respective successors and assigns. 
(e)    Bulk Sale Certificates; Indemnity:  Within five (5) business days after the date hereof, with respect to those Properties located in Illinois owned by entities other than Duke Realty Limited Partnership (unless Duke Realty Limited Partnership will no longer own any assets in Illinois following the Closing, in which case this provision shall also be applicable to Properties in Illinois owned by Duke Realty Limited Partnership), which entities outside of their usual course of business are selling the major part of the real property of their respective Business located in the State of Illinois, Seller shall request and shall use good faith diligent efforts to obtain a certificate issued by the Illinois Department of Revenue showing that Seller has no liability for the payment of any assessed but unpaid tax, penalty or interest under the Illinois Income Tax Act and any tax, penalty or interest due under the Retailer’s Occupation Tax Act.  Seller shall provide Buyer with evidence of Seller’s request for such certificates.  In the event that prior to Closing, Seller furnishes a certificate or statement from the Illinois Department of Revenue stating that any amount is assessed but unpaid, Buyer may withhold from the Gross Asset Value an amount equal to the amounts so stated.  Until such time as Seller has delivered a certificate or statement from the Illinois Department of Revenue, stating that no amounts are due, Seller hereby agrees to indemnify, defend and hold Buyer harmless from and against any and all liabilities, claims, demands, causes of action, losses, costs and expenses (including reasonable attorneys’ fees, court costs and disbursements) which may arise out of Seller’s failure to pay any tax, penalty or interest assessed against Seller under the Illinois Income Tax Act, and Seller’s failure to comply with the notification requirements thereunder.

(f)    In the event any Asset-Related Property is not assignable (such as a letter of credit that is not transferable), the Sellers shall use commercially reasonable efforts to provide the Buyer, at no cost to the Sellers, with the economic benefits of such property by enforcing such property (solely at the Buyer’s direction) for the benefit and at the expense of the Buyer.
(g)    With respect to the Third Party Loans, (i) a statement from the holder of such Third Party Loan with respect to the outstanding amount of principal and accrued interest on the Third Party Loan and the amounts of any cash reserves or escrow accounts held by the holders of the Third Party Loans in connection with the Third Party Loans as of the Closing Date, and (ii) originals of the TPL Documents, to the extent in the Seller’s possession. 
(h)    The Non-Compete Agreement duly executed by Seller.
(i)    each Duke Lease duly executed by the Seller.
ARTICLE VII     
INSPECTION
Section 7.1    General Right of Inspection.  Subject to the Leases, any restrictions of record and applicable laws, the Buyer and its agents shall have the right, prior to Closing, at reasonable times agreed upon by the Sellers and Buyers after reasonable prior notice to Seller (which such reasonable notice shall include verbal notice given by the Buyer to Seller 24 hours prior to such inspection), to inspect each Property during business hours on Business Days and to perform any tests, examinations and studies of the Asset as the Buyer deems necessary or appropriate (including, without limitation, such tests and examinations by Buyer’s agents necessary to complete phase I environmental reports, property condition reports, appraisals and zoning reports) and to further examine all applicable records and documents relating to the Property; and to further confirm certain title matters.  The Seller agrees to make available those employees listed on Schedule 7.1 (the “Designated Employees”) to assist the Buyer with such inspections and the Buyer shall have the right to contact and interview such Designated Employees, or any other employees the Seller permits the Buyer to contact, with respect to the Properties.  The Buyer shall give Seller or its designated employees the right to accompany Buyer or its agents during any such inspections; provided, however, that Buyer shall be permitted, with Sellers’ consent (not to be unreasonably withheld, conditioned or delayed) to undertake inspections of a Property during business hours on Business Days if Seller is unable to be present for such inspections or tests.  In addition, after the expiration of the Inspection Period and provided this Agreement has not been terminated by Buyer, Seller shall permit Buyer and its agents, and after consultation with Seller, to arrange for both group meetings and individuals interviews with asset management, property management, leasing and engineering personnel for purposes of interviewing such employees for possible employment following the Closing Date; provided, however, that Buyer shall be under no obligation to offer employment or provide any benefit to personnel of Seller or its affiliates, nor shall Buyer be subject to any liability in connection with Seller’s termination of employment of any such employee.  Such inspection or interview shall not unreasonably impede the normal day‐to‐day business operation of such Property and Buyer shall maintain confidentiality to the extent set forth in this Agreement.  The Buyer hereby indemnifies and agrees to defend and hold the Sellers and Seller-Related Entities 

harmless from all loss, cost (including, without limitation, reasonable attorneys’ fees), claim or damage arising out of (i) the entry on the Property by or any action of, any person or firm entering the Property on Buyer's behalf as aforesaid or, (ii) any breach by Buyer of its obligations under this Section, or (iii) any liens caused by or on behalf of Buyer, which indemnity shall survive the Closing, Buyer shall deliver to Seller a certificate of insurance evidencing comprehensive general liability coverage (including coverage for contractual indemnities) with a combined single limit of at least $2,000,000.00 in a form reasonably acceptable to Seller, covering any activity, accident or damage arising in connection with Buyer or agents of Buyer on the Property, and naming Seller, as an additional insured.   In the event a Phase II environmental inspection is commenced with respect to a property, excess umbrella coverage for bodily injury and property damage in the amount of $3,000,000.00, in a form reasonably acceptable to Seller, covering any activity, accident or damage arising in connection with Buyer or agents of Buyer on the Property, and naming Seller, as an additional insured.  The provisions of this Section 7.1 shall survive the Closing.  Notwithstanding anything to the contrary contained herein, the Buyer has identified to Seller the eighteen (18) Properties set forth on Schedule 7.1(a) attached hereto (the “Environmental Properties”) with respect to which it is seeking further environmental analysis in connection with such Environmental Properties.  In the event after Buyer’s analysis, the Buyer determines the environmental condition of one or more such Environmental Properties is not satisfactory to Buyer (each an “Environmental Notice Property”), then, with respect to each such Environmental Notice Property, Buyer shall inform Seller on or prior to November 11, 2011 of such determination and elect on or prior to November 11, 2011 (which notice or election may be given separately for each such Environmental Notice Property) to (a) exclude from the transaction such Environmental Notice Property or (b) confirm Buyer has waived any condition to raise an objection to such Environmental Notice Property on the basis of this Section 7.1, unless Buyer and Seller mutually agree to extend the Closing Date by up to fifteen (15) days to further review the environmental condition of such Environmental Notice Property.  To the extent one or more Environmental Properties are excluded from this transaction pursuant to the immediately preceding sentence, such affected Property shall be removed from the Assets to be sold hereunder, all references to such Property and the Asset-Related Property related thereto in this Agreement shall be deemed deleted and the Gross Asset Value shall be reduced by an amount equal to the Allocated Asset Value for each such affected Property.   If the Buyer agrees to extend the Closing Date for an additional 15 days in accordance with this Section 7.1(a), the Buyer shall have the absolute and unilateral right, after such 15 day period, to exclude such Environmental Notice Property from the Closing in the event the results of such analysis indicate an environmental condition, Environmental Claim or Environmental Liability at the applicable Property that would materially and adversely affect the value of such Property. Without limitation of Buyer’s rights under this Agreement, Buyer shall not have a right to elect to remove a Property from this transaction pursuant to this Section 7.1(a) or extend the Closing Date pursuant to this Section 7.1(a) with respect to any Property other than the Environmental Properties.  Notwithstanding the above, Buyer's right to exclude any Property pursuant to this Section 7.1, Section 8.5, Section 8.6, Section 9.2 and Section 13.3 shall be subject to Section 13.3(c).
Section 7.2    Document Inspection.  Buyer and Seller acknowledge that Buyer is being given an opportunity to review and inspect the documents provided or made available by Seller or obtained by Buyer.  Except as otherwise expressly provided in this Agreement or in any Closing Document, Seller makes no representation or warranty as to the truth, accuracy or 

completeness of such documents or any other studies, documents, reports or other information provided to Buyer by Seller.Formal Inspection Period.  Buyer's obligation to close under this Agreement is subject to and conditioned upon Buyer's investigation and study of and satisfaction with the Property as set forth in this Section 7.  Buyer shall have until the Inspection Date in which to make such investigations and studies with respect to the Property as Buyer deems appropriate and to elect to proceed with the transaction contemplated by this Agreement, in Buyer's sole and absolute discretion, for any reason or no reason, by written notice delivered to Seller prior to the Inspection Date ("Affirmative Notice").  Notwithstanding the foregoing, if Buyer does not provide the Affirmative Notice to Seller on or before the Inspection Date, then Buyer will be deemed to have elected not to terminate this Agreement.  If Buyer terminates or is deemed to terminate this Agreement on or before the Inspection Date, the Earnest Money, plus all interest accrued thereon, shall be returned to Buyer and neither party shall have any further obligations hereunder except for those obligations that expressly survive termination of this Agreement. Confidentiality.  Buyer and its representatives shall hold in confidence all data and information relating to the Property, the Seller or its business, whether obtained before or after the execution and delivery of this Agreement pursuant to the Confidentiality Agreement, which is incorporated herein and which Buyer hereby reaffirms.  Notwithstanding anything to the contrary contained in this Agreement, in the event of a breach or threatened breach by Buyer or its representatives of this Section 7.4, Seller shall be entitled to all remedies set forth in the Confidentiality Agreement.  The provisions of this Section 7.4 shall survive the Closing and any termination of this Agreement. Examination. In entering into this Agreement, the Buyer has not been induced by and has not relied upon any written or oral representations, warranties or statements, whether express or implied, made by any Seller, any partner of any Seller, or any affiliate, agent, employee, or other representative of any of the foregoing or by any broker or any other person representing or purporting to represent any Seller, with respect to the Assets or any other matter affecting or relating to the transactions contemplated hereby, other than those representations, warranties or statements expressly set forth in this Agreement and the Closing Documents.  The Buyer acknowledges and agrees that, except as expressly set forth in this Agreement and the Closing Documents, no Seller makes any representations or warranties whatsoever, whether express or implied or arising by operation of law, with respect to such Seller's Assets including, but not limited to, any warranties or representations as to habitability, merchantability, fitness for a particular purpose, title, zoning, tax consequences, latent or patent physical or environmental condition, utilities, operating history or projections, valuation, governmental approvals, the compliance of the Property with governmental laws, the truth, accuracy or completeness of the Property documents or any other information provided by or on behalf of Seller to Buyer, or any other matter or thing regarding the Property.  Buyer represents to Seller that Buyer has conducted, or will conduct prior to Closing, such investigations of the Property, including but not limited to, the physical and environmental conditions thereof, as Buyer deems necessary to satisfy itself as to the condition of the Property and the existence or nonexistence or curative action to be taken with respect to any hazardous or toxic substances on or discharged from the Property, and will rely solely upon same and not upon any information provided by or on behalf of Seller or its agents or employees with respect thereto, other than such representations, warranties and covenants of Seller as are expressly set forth in this Agreement or the Closing Documents.  Subject to the express representations of Seller herein and the Closing Documents and the provisions set forth herein and contained in the Closing Documents, upon Closing, Buyer shall assume the risk that adverse matters, including but not limited to, construction defects and adverse physical and environmental conditions, may not have been 

revealed by Buyer's investigations, and Buyer, upon Closing, shall be deemed to have waived, relinquished and released Seller and Seller-Related Entities from and against any and all claims, demands, causes of action (including, without limitation, causes of action in tort), losses, damages, liabilities, costs and expenses (including, without limitation, attorneys' fees and court costs) of any and every kind or character, known or unknown, which Buyer or any agent, representative, affiliate, employee, director, officer, partner, member, servant, shareholder or other person or entity acting on Buyer's behalf or otherwise related to or affiliated with Buyer might have asserted or alleged against Seller and/or Seller-Related Entities at any time by reason of or arising out of any latent or patent construction defects, physical conditions (including, without limitation, environmental conditions), the Leases and the Tenants, violations of any applicable laws (including, without limitation, any environmental laws) or any and all other acts, omissions, events, circumstances or matters regarding the Property.  Except as expressly set forth herein or in the Closing Documents, Buyer shall not look to Seller or any Seller-Related Entities in connection with the foregoing for any redress or relief.  The foregoing release shall be given full force and effect according to each of its expressed terms and provisions, including those relating to unknown and unsuspected claims, damages and causes of action.  THE BUYER AGREES THAT THE ASSETS WILL BE SOLD AND CONVEYED TO (AND ACCEPTED BY) THE BUYER AT THE CLOSING IN THE THEN EXISTING CONDITION OF THE ASSETS, AS IS, WHERE IS, WITH ALL FAULTS, AND WITHOUT ANY WRITTEN OR VERBAL REPRESENTATIONS OR WARRANTIES WHATSOEVER (INCLUDING THE IMPLIED WARRANTY OF MERCHANTABILITY), WHETHER EXPRESS OR IMPLIED OR ARISING BY OPERATION OF LAW, other than representations, warranties and statements of the Sellers expressly set forth in this Agreement and the Closing Documents.
Section 7.3    Effect and Survival of Disclaimer and Release.  Seller and Buyer acknowledge that the compensation to be paid to Seller for the Property reflects that the Property is being sold subject to the provisions of Section 7.5, and Seller and Buyer agree that the provisions of Section 7.5 shall survive Closing indefinitely.  

ARTICLE VIII     
TITLE AND PERMITTED EXCEPTIONS
Section 8.1    Permitted Exceptions.  Seller shall sell and convey title to each Property, and the Buyer agrees to purchase such Property, subject only to the Permitted Exceptions with respect to such Property.
Section 8.2    Title Report.  With respect to a Property, Buyer shall (a) with respect to any initial title commitments, initial surveys or initial zoning reports received by Buyer on or prior to October 28, 2011, by November 4, 2011 give notice to the relevant Seller specifying all title exceptions set forth in such title commitment, matters disclosed in such initial survey or objections to building code or zoning violations set forth in such initial zoning report which the Buyer claims are not Permitted Exceptions and (b) with respect to any initial title commitment, initial survey or initial zoning report or update of any of the foregoing received after October 28, 2011, within five (5) Business Days after the Buyer’s receipt of such 

information, give notice to the relevant Seller specifying all title exceptions set forth in such updated commitment, matters disclosed in such updated survey or objections to building code or zoning violations set forth in such updated zoning report which the Buyer claims are not Permitted Exceptions, (each such notice an “Objection Notice”). 
Section 8.3    Use of Cash Consideration Amount to Discharge Title Exceptions.  If, at the Closing, there are any title exceptions applicable to a Property which are not Permitted Exceptions for such Property and which the Sellers are obligated by this Agreement or elect to pay and discharge, then the Sellers may use any portion of the Cash Consideration Amount to satisfy the same, provided that the Sellers shall have delivered to the Buyer at the Closing instruments in recordable form sufficient to satisfy such title exceptions of record, together with the cost of any applicable recording or filing fees or such other evidence the Title Company shall deem necessary for the Title Company to remove such exception from the Title Policy.  The Buyer, if request is made within a reasonable time prior to the Closing, agrees to provide at the Closing separate certified or cashier’s checks as requested to facilitate the satisfaction of any such title exceptions.  The existence of any such liens or encumbrances shall not be deemed objections to title if the Sellers shall comply with the foregoing requirements.  
Section 8.4    Inability to Convey.  Except as expressly set forth in Section 8.6, nothing contained in this Agreement shall be deemed to require the Sellers to take or bring any action or proceeding or any other steps to remove any title exception or to expend any moneys therefor, nor shall the Buyer have any right of action against the Sellers, at law or in equity, for the Seller’s inability to convey title to the Properties subject only to the Permitted Exceptions.
Section 8.5    Rights in Respect of Inability to Convey.  In the event that the Buyer delivers an Objection Notice to the Sellers as set forth in Section 8.2, the Sellers shall have the right, at the Sellers' sole election, to either (a) take such action as the Sellers shall deem advisable to discharge each such title exception specified in the Objection Notice which is not a Permitted Exception (each such exception, a "Title Objection") or (b) decline to take such action to discharge each Title Objection.  The Sellers shall, within five (5) Business Days after receipt of any Objection Notice, deliver a response to the Buyer specifying all Title Objections which the Sellers shall attempt to cure or discharge or elect not to cure or discharge (“Title Response Notice”).  If the Sellers shall fail to respond to any Objection Notice within five (5) Business Days after receipt of such Objection Notice, then the Sellers shall be deemed to have declined to take any action to discharge such Title Objections.  Notwithstanding anything to the contrary contained in this Agreement, Seller, in its sole discretion, shall have the right to adjourn the Closing for a period not to exceed fifteen (15) days, in order to undertake to cure or satisfy any particular objection(s) raised by Buyer in the Objection Notice, provided, however, that Seller shall notify Buyer, in writing, within 15 days prior to the scheduled Closing Date (or to the extent an Objection Notice is not received until a date which is later than 15 days prior to the scheduled Closing Date, within, two (2) Business Days of receipt of such Objection Notice, but in no event later than two (2) Business Days prior to the Closing Date) of its election to so adjourn the Closing.  In the event (a) the Sellers shall decline to take action (or shall be deemed to have declined to take action) to discharge such Title Objection or (b) the Sellers fail to discharge each Title Objection in the time period specified in this Section 8.5, the Buyer shall have the right, at its sole election, by written notice to Seller on or prior to the Closing, either (i) waive its objections hereunder and proceed with the transaction pursuant to the remaining terms 

and conditions of this Agreement, without any reduction in the Gross Asset Value or (ii) exclude the applicable Property or Properties so impacted by a Title Objection from this transaction pursuant to Section 13.3(c) hereof.  If Buyer fails to so give Seller notice of its election within the timeframe required therefor, Buyer shall be deemed to have elected the option contained in subpart (i) above.  If Seller does so reasonably cure or satisfy, or undertake to reasonably cure or satisfy, such objection to the satisfaction of Buyer, then this Agreement shall continue in full force and effect.  Buyer shall have the right at any time to waive any objections that it may have made and, thereby, to preserve this Agreement in full force and effect   To the extent one or more Properties are excluded from this transaction pursuant to this Section 8.5, such affected Property shall be removed from the Assets to be sold hereunder, all references to such Property and the Asset-Related Property related thereto in this Agreement shall be deemed deleted and the Gross Asset Value shall be reduced by an amount equal to the Allocated Asset Value for each such affected Property.  Upon termination of this Agreement pursuant to this Section 8.5 together with Section 13.3(c), (x) to the extent the Earnest Money is in the form of immediately available wired funds, such funds shall be promptly refunded to the Buyer and to the extent the Earnest Money is in the form of a letter of credit, such letter of credit shall be promptly returned to the Buyer and (y) neither party shall have any further rights or obligations hereunder other than those which expressly survive the termination of this Agreement or as otherwise provided in this Agreement (including, without limitation Section 13.2(c)).  The provisions of this Section 8.5 shall be subject to the Sellers’ and the Buyer’s rights and obligations with respect to Voluntary Title Exceptions and Monetary Title Exceptions as set forth in Section 8.6.  Buyer’s right to exclude any Property pursuant to the provisions of this Section 8.5, Section 8.6, Section 7.1, Section 9.2 and Section 13.3 shall be subject to Section 13.3(c). 
Section 8.6    Voluntary Title Exceptions; Monetary Title Exceptions.  If any of the Title Objections are Voluntary Title Exceptions or Monetary Title Exceptions, then the Sellers shall be obligated to discharge all such Voluntary Title Exceptions and Monetary Title Exceptions on or prior to Closing; provided, however, that the maximum amount which the Sellers shall be required to expend in the aggregate in connection with the removal of Monetary Title Exceptions (which are not Voluntary Title Exceptions) shall be $5,000,000.00.  The Sellers shall be entitled to one or more adjournments of the Closing Date not to exceed 15 days in the aggregate (inclusive of any adjournments made by the Sellers pursuant to Section 8.5 hereof) to discharge all Voluntary Title Exceptions and Monetary Title Exceptions, other than those Voluntary Title Exceptions that evidence or relate to the Sellers Other Loans.  In the event the Buyer notifies the Sellers of one or more Monetary Title Exceptions which individually or in the aggregate would require the Sellers to expend more than $5,000,000 to remove, then the Sellers shall not be required to cause such Monetary Title Exception(s) to be removed and the Buyer may elect to (i) accept title to the Properties subject to such Monetary Title Exception(s) at Closing, at which time the Buyer shall receive a credit against the Gross Asset Value in the amount of $5,000,000, (ii) to terminate this Agreement and receive a refund of the Earnest Money, and in the event of such termination neither party shall have any further rights or obligations hereunder other than those which expressly survive the termination of this Agreement (including, without limitation, Section 13.2(c)) or (iii) exclude the applicable Property or Properties so impacted by such Voluntary Title Exception or Monetary Title Exception from this transaction.   To the extent one or more Properties are excluded from this transaction pursuant to the immediately preceding sentence, such affected Property shall be removed from the Assets to be sold hereunder, all references to such Property and the Asset-Related Property related thereto 

in this Agreement shall be deemed deleted and the Gross Asset Value shall be reduced by an amount equal to the Allocated Asset Value for each such affected Property.
Section 8.7    Buyer’s Right to Accept Title. Notwithstanding the foregoing provisions of this Article VIII, the Buyer may, by notice given to the Sellers at any time prior to the Closing Date (as it may have been adjourned by the Sellers pursuant to this Article VIII), elect to accept such title as the Sellers can convey, notwithstanding the existence of any title exceptions which are not Permitted Exceptions.  In such event, this Agreement shall remain in effect and the parties shall proceed to Closing but, the Buyer shall not be entitled to any abatement of the Gross Asset Value, any credit or allowance of any kind or any claim or right of action against the Sellers for damages or otherwise by reason of the existence of any title exceptions which are not Permitted Exceptions.
Section 8.8    Cooperation.  The Buyer and the Sellers shall cooperate with the Title Company in connection with obtaining title insurance insuring title to each Property subject only to the relevant Permitted Exceptions.  In furtherance and not in limitation of the foregoing, at or prior to the Closing, the Buyer and the Sellers shall deliver to the Title Company such affidavits, certificates and other instruments as are reasonably requested by the Title Company and customarily furnished in connection with the issuance of owner’s policies of title insurance, including, without limitation, (i) evidence sufficient to establish (x) the legal existence of the Buyer and the Sellers and (y) the authority of the respective signatories of the Sellers and the Buyer to bind the Sellers and the Buyer, as the case may be, (ii) a certificate of good standing of each Seller, (iii) if applicable, a partnership affidavit pursuant to Section 689.045, of the Florida Statutes, and (iv) a title affidavit in the form of Exhibit P with such other reasonable additions thereto as may be requested by the Title Company.
ARTICLE IX     
TRANSACTION COSTS; RISK OF LOSS
Section 9.1    Transaction Costs.  The Buyer and the Sellers agree to comply with all real estate transfer tax laws applicable to the sale of the Assets.  At Closing, the real property transfer taxes, deed stamps, conveyance taxes, recordation, documentary stamp taxes and other taxes or charges and recording charges, in each case payable as a result of the transactions contemplated herein or the conveyance of a Property to the Buyer pursuant to this Agreement shall be paid in accordance with the custom of the state, county and city in which such Property is located.  The Sellers shall pay $250,000.00 towards all title insurance premiums for the title policies for the Properties and shall pay for the survey costs for the Properties located in Illinois, Minnesota and Ohio.  Buyer shall pay all other title insurance premiums and the costs for surveys of the Properties in Georgia, Florida and Texas.  In addition to the foregoing and their respective apportionment obligations hereunder, (a) the Sellers and the Buyer shall each be responsible for (i) the payment of the costs of their respective legal counsel, advisors and other professionals employed thereby in connection with the sale of the Assets and (ii) one-half of the fees and expenses of the Escrow Agent and Earnest Money Escrow Agent, (b) the Buyer shall be responsible for all costs and expenses associated with the Buyer’s due diligence and loan assumption fees, costs and expenses relating to the assumption of the Third Party Loans and (c) the Sellers shall be responsible for any costs (including third-party lender costs) associated with 

obtaining payoffs or substitutions of any debt encumbering the Properties not assumed by Buyer.   Each party to this Agreement shall indemnify the other parties and their respective successors and assigns from and against any and all loss, damage, cost, charge, liability or expense (including court costs and reasonable attorneys’ fees) which such other party may sustain or incur as a result of the failure of either party to timely pay any of the aforementioned taxes, fees or other charges for which it has assumed responsibility under this Section 9.1.
Section 9.2    Risk of Loss.  
(a)    If, on or before the Closing Date, any “material portion” of a Property shall be (i) damaged or destroyed by fire or other casualty or (ii) taken as a result of any condemnation or eminent domain proceeding, the Sellers shall promptly notify the Buyer, and the Buyer may either at or prior to the Closing, in its sole discretion:
(i)    terminate this Agreement as to the affected Property only and consummate the Closing as to the other Properties, in which event the Sellers will credit against the Gross Asset Value an amount equal to the Allocated Asset Value of the affected Property; or
(ii)    consummate the Closing as to all Properties, in which event the Sellers will credit against the Cash Consideration Amount payable by the Buyer at the Closing an amount equal to the sum of (x) the net proceeds, if any, received by the Sellers from such casualty or condemnation and (y) the applicable deductible, if any, with respect to such casualty.  If as of the Closing Date, the Sellers have not received any such insurance or condemnation proceeds, then the parties shall nevertheless consummate on the Closing Date the conveyance of the Assets (without any deduction for such insurance or condemnation proceeds) and the Sellers will at Closing assign to the Buyer all rights of the Sellers, if any, to the insurance or condemnation proceeds and to all other rights or claims arising out of or in connection with such casualty or condemnation.
(b)    For purposes of this Section 9.2, a “material portion” with respect to an individual Property shall mean any portion which materially and adversely affects access to any Property, otherwise materially and adversely impacts the operation of the Property, or which the cost to repair or restore will be equal to or in excess of the lesser of (i) 50% of the Allocated Asset Value of such Property or (ii) $10,000,000.00.  Buyer’s right to exclude any Property pursuant to this Section 9.2, Section 7.1, Section 8.5, Section 8.6, Section 13.3 and Section 14.29 shall be subject to Section 13.3(c).
ARTICLE X     
ADJUSTMENTS  PROPOSED
The prorations and payments provided for in this Article X shall be made at Closing on a cash basis and set forth on the Closing Statement, which shall be prepared by Seller and submitted to Buyer for its review and approval at least three (3) Business Days prior to the Closing. The following shall be prorated between Seller and Buyer as of the Closing Date (on the 

basis of the actual number of days elapsed over the applicable period) and shall be added to (if such net amount is in Seller’s favor) or deducted from (if such net amount is in the Buyer’s favor) the Gross Asset Value at Closing, with Buyer being deemed to be the owner of the Property starting at 12:00 A.M. on the Closing Date and being entitled to receive all operating income of the Property, and being obligated to pay all operating expenses of the Property, with respect to the Closing Date:
Section 10.1    Taxes.  
All real estate taxes affecting the Property (collectively, "Tax") shall be prorated between Buyer and Seller on a Cash Basis.  As of the Closing Date, if the Tax bill is not available for the year of Closing, the proration of Tax shall be based upon the most recently issued Tax bill.  Promptly after the new Tax bill is issued, the Tax shall be reprorated pursuant to Section 10.12 below, and any discrepancy resulting from such reproration and any errors shall be promptly corrected by the parties.  Notwithstanding the foregoing, if Tenants pay Tax directly to the taxing authority, the portion of the Tax paid directly by the Tenant to the taxing authority shall not be prorated.  Buyer shall pay all Tax due and payable after Closing and reconciliations with Tenants shall be responsibility of Buyer post-Closing pursuant to Sections 10.2 and 10.12 below.  In no event shall Seller be charged with or be responsible for any increase in the Tax on the Property resulting from the sale of the Property or from any improvements made or leases entered into on or after the Closing Date. As used herein, the term “Cash Basis” shall refer to proration of Tax based on the tax bills that have been or will be issued during the year of Closing, regardless of when such Tax accrue or the assessment period of the Tax.
(i)    Prepaid Tax.  If any portion of any assessments against the Property other than Tax that are paid by Seller with respect to the Property at or prior to the Closing, determined on a cash (rather than accrual) basis, relate to any time including or after the Closing Date, Buyer shall pay to Seller at the Closing the amount of such other assessments paid prorated for the number of days, from, including and after the Closing.
(ii)    Intentionally Omitted.
(iii)    Installments.  To the extent that Tax includes special assessments or installments of special assessments, for the purpose of this Section 10.1 Seller's prorated portion of such assessments shall be determined assuming payment over the longest period of time permitted by the applicable taxing authorities.

Section 10.2    Fixed Rents, Additional Rents and Security Deposits.
(a)    All fixed rents (“Fixed Rents”) and Additional Rents (as hereinafter defined and together with the Fixed Rents, collectively, the “Rents”) under the Leases, security deposits (except as hereinafter provided) and other tenant charges shall be prorated on a Cash Basis.  Seller shall deliver or provide a credit in an amount equal to all prepaid Rents for periods after the Closing Date and all refundable cash security deposits (to the extent the foregoing were made by tenants under the Leases and are not applied or forfeited prior to the Closing) to Buyer on the Closing Date.  Seller shall also transfer to Buyer any security deposits that are held in the form of letters of credit (the “SD Letters of Credit”) if the same are transferable, at Seller’s cost 

(including Seller’s payment of any third party transfer fees and expenses); if any of the SD Letters of Credit is not transferable, Seller shall request the tenants obligated under such SD Letters of Credit to cause new letters of credit to be issued in favor of Buyer in replacement thereof and in the event such a new letter of credit is not issued in favor of Buyer by Closing, Buyer shall pursue such replacement after Closing and Seller shall take all reasonable action, as directed by Buyer and at Seller’s expense, in connection with the presentment of such SD Letters of Credit for payment as permitted under the terms of the applicable Lease.  Rents that are delinquent (or payable but unpaid) as of the Closing Date shall not be prorated on the Closing Date.   Any Rents collected by the Buyer or the Sellers after the Closing from any Tenant who owes Rents for periods prior to the Closing, shall be applied (i) first, in payment of Rents owed by such Tenant for the month in which the Closing occurs, (ii) second, in payment of current rentals at the time of receipt, (iii) third, to delinquent rentals, if any, which became due after the Closing, and (iv) then to delinquent rentals, if any, which became due and payable prior to the Closing; provided, however, that any year-end or similar reconciliation payment shall be allocated as hereinafter provided.  The Buyer shall bill Tenants who owe Rents for periods prior to the Closing on a monthly basis following the Closing and use commercially reasonable efforts to attempt to collect such past due Rents, but shall not be obligated to engage a collection agency or take legal action to collect such amount.   For the purposes of this provision, the term “Additional Rent(s)” shall mean amounts payable under any Lease for (i) the payment of additional rent based upon a percentage of the tenant’s business during a specified annual or other period (sometimes referred to as “percentage rent”), (ii) so-called common area maintenance or “CAM” charges, and (iii) so called “escalation rent” or additional rent based upon such tenant's allocable share of insurance, real estate taxes or operating expenses or labor costs or cost of living or porter’s wages or otherwise. 
(b)    Additional Rent shall be determined in accordance with the Leases, including without limitation any Lease provisions that provide for the adjustment of Additional Rent based on occupancy changes (i.e., “gross-up” provisions).  In addition, to the extent that a Lease provides for base year amounts or “stops” for operating expenses or taxes, such base year and “stop” amounts shall be prorated in determining Additional Rent with respect to such Lease.  Seller’s “share” of Additional Rent for the calendar year in which Closing occurs (the “Closing Year”) shall be determined in accordance with Section 10.2(c)) hereof.  Notwithstanding the foregoing, there shall be no proration of any such Additional Rent that is delinquent as of Closing.  The Buyer shall bill Tenants who owe Rents for periods prior to the Closing on a monthly basis following the Closing and use commercially reasonable efforts to attempt to collect such past due Rents, but shall not be obligated to engage a collection agency or take legal action to collect such amount.   
(c)    In order to enable Buyer to make any year-end reconciliations of tenant reimbursements of Additional Rent for the Closing Year after the end thereof, Seller shall determine in accordance with Section 10.2(b) hereof the Additional Rent actually paid or incurred, or to be paid or incurred, by Seller for the portion of the Closing Year during which Seller owned the Property (the portion of such Additional Rent corresponding to Seller’s period of ownership, the “Sellers’ Actual Reimbursable Tenant Expenses”) and the tenant reimbursements for such Additional Rent actually paid or to be paid by tenants for the Closing Year during which Seller owned the Property ( the portion of such reimbursements for Additional Rent corresponding to Seller’s Period of Ownership, the “Sellers’ Actual Tenant 

Reimbursements”).  On or before the date that is sixty (60) days after the Closing Date, Seller shall deliver to Buyer a reconciliation statement (“Sellers’ Reconciliation Statement”) with all supporting tenant calculations, electronic workbooks and any other relevant or related support documentation setting forth (i) Sellers’ Actual Reimbursable Tenant Expenses, (ii) Sellers’ Actual Tenant Reimbursements, and (iii) a calculation of the difference between the two (i.e., establishing that Sellers’ Actual Reimbursable Tenant Expenses were either more or less than Sellers’ Actual Tenant Reimbursements). Any amount due Seller pursuant to the foregoing calculation (in the event Sellers’ Actual Tenant Reimbursements are less than Sellers’ Actual Reimbursable Tenant Expenses) shall be remitted to Seller promptly upon receipt by Buyer of such amounts from the applicable Tenant.  In the event Sellers’ Actual Tenant Reimbursements as disclosed on Seller’s Reconciliation Statement are more than Sellers’ Actual Reimbursable Tenant Expenses, then Seller shall pay such amounts to Buyer within thirty (30) days after delivery of Sellers’ Reconciliation Statement to Buyer and, upon receipt of such payment, Buyer shall be responsible for the refund to Tenants of any overpayments in accordance with their Leases.    
(d)    Seller and Buyer acknowledge that payments by Tenants of Additional Rent may be subject to audit by Tenants in accordance with the terms of their Leases (“Tenant Audits”).  With respect to any Tenant Audit pending as of the Closing Date or initiated within two (2) years after the Closing Date and applicable, in whole or in part to the Seller’s period of ownership, Seller agrees that (i) Seller shall reasonably cooperate with Buyer in responding to information requests made in connection therewith, and (ii) Seller shall be responsible for the defense and payment of any claim resulting therefrom and based upon claimed overpayments received by Seller.  Seller’s obligations under this Section 10.2(d) shall not be subject to the time limitations set forth in Section 10.13(b) or 10.13(c) hereof.   
(e)    If Buyer has transferred its interest in the Property to a successor-in-interest or assignee prior to such date, then, on or before the transfer of its interest in the Property, Buyer shall (i) in writing expressly obligate such successor-in-interest or assignee to be bound by the provisions of this Section, and (ii) deliver written notice of such transfer to Seller, and thereafter Seller shall make the deliveries specified above to Buyer’s successor-in-interest or assignee.
Section 10.3    Water and Sewer Charges.  Water rates, water meter charges, sewer rents and vault charges, if any (other than any such charges, rates or rents which are payable by Tenants of the Property pursuant to such Tenants’ Leases, for which no adjustment shall be made), shall be adjusted and prorated on the basis of the fiscal period for which assessed.  If there is a water meter, or meters, on the Property, the Sellers agrees that they shall at the Closing furnish a reading of same to a date not more than 30 days prior to the Closing and the unfixed meter charges and the unfixed sewer rent thereon for the time intervening from the date of the last reading shall be apportioned on the basis of such last reading, and shall be appropriately readjusted after the Closing on the basis of the next subsequent bills.    
Section 10.4    Utility Charges.  Gas, steam, electricity and other public utility charges (other than any such charges which are payable by Tenants of the Property pursuant to such Tenants’ Leases, for which no adjustment will be made) will be paid by the Sellers to the utility company through the Closing Date and by Buyer after the Closing Date.  The Sellers shall 

use commercially reasonable efforts to arrange for a final reading of all utility meters (covering gas, water, steam and electricity) as of the Closing, except meters the charges of which are payable by Tenants of the Property pursuant to such Tenants’ Leases directly to such utility company.  The Sellers and the Buyer shall jointly execute a letter to each of such utility companies advising such utility companies of the termination of the Sellers’ responsibility for such charges for utilities furnished to the Property as of the date of the Closing and commencement of the Buyer’s responsibilities therefor from and after such date.  Buyer shall arrange for such service to be placed in Buyer’s name after Closing.  If a bill is obtained from any such utility company as of the Closing, the Sellers shall pay such bill on or before the Closing.  If such bill shall not have been obtained on or before the Closing, the Sellers shall, upon receipt of such bill, pay all such utility charges as evidenced by such bill or bills pertaining to the period prior to the Closing, and the Buyer shall pay all such utility charges pertaining to the period thereafter.  Any bill which shall be rendered which shall cover a period both before and after the date of Closing shall be apportioned between the Buyer and the Sellers as of the Closing.  
Section 10.5    Contracts.  Charges and payments under all Assumed Contracts shall be prorated on a Cash Basis through the Closing Date.
Section 10.6    Miscellaneous Revenues.  Revenues, if any, arising out of telephone booths, vending machines, parking, or other income producing agreements shall be prorated on a Cash Basis through the Closing Date.
Section 10.7    Leasing Costs.  Seller shall be responsible for all Leasing Costs that are payable by reason of the execution of an “Existing Lease” (i.e., a Lease existing as of the Effective Date) prior to October 14, 2011, (ii) the renewal, extension, expansion of, or the exercise of any other option under, an Existing Lease, prior to October 14, 2011, and (iii) amendments of an Existing Lease entered into prior to October 14, 2011.  If the Closing occurs, Buyer and Seller shall be responsible for (A) all Leasing Costs (including commissions to Seller’s in-house leasing agents that are customary arms-length terms that would otherwise be negotiated with a third-party leasing agent) that become due and payable as a result of (1) any New Leases, (2) amendments entered into during the Escrow Period in accordance with this Agreement to renew, extend, expand or otherwise amend Existing Leases or New Leases, or (3) any renewals, extensions, expansions or, of the exercise of any other option under, Existing Leases or New Leases exercised by tenants during the Escrow Period, in each case prorated to reflect Buyer and Seller’s period of ownership; and (B) all Leasing Costs as a result of renewals, extensions, expansions, or the exercise of any other option, occurring on or after the Closing Date of Existing Leases or New Leases prorated to reflect Buyer and Seller’s period of ownership.  Notwithstanding anything to the contrary herein, to the extent Buyer has been presented with and has approved all of the business terms and the final execution versions or executed versions of the lease documents and leasing commission agreements relating to the proposed new Leases set forth on Schedule 10.7, the Buyer agrees to be responsible for all Leasing Costs associated therewith.  In addition, Buyer shall assume the economic effect of any “free rent” or other concessions pertaining to the period from and after the Closing.  If, as of the Closing Date, Seller shall have paid any Leasing Costs for which Buyer is responsible pursuant to the foregoing provisions, Buyer shall reimburse Seller therefore at Closing. Seller shall pay (or cause to be paid), prior to Closing, or credit Buyer at Closing (to the extent unpaid) all Leasing 

Costs for which Seller is responsible pursuant to the foregoing provisions, and (subject to the reimbursement obligations set forth above), Seller shall pay (or cause to be paid) when due all Leasing Costs payable after the date of this Agreement and prior to Closing.  Notwithstanding anything to the contrary, (a) Buyer shall receive a credit at closing for any unfunded contractual Leasing Costs and (b) Buyer shall not be responsible for any leasing commissions or brokerage fees which become due and payable after the Closing pursuant to any leasing or brokerage agreement relating to the Properties, including the Leasing and Brokerage Agreements, except as specifically set forth in Section 3.3(h)(ii).  For purposes hereof, the term “Escrow Period”) shall mean the period from October 14, 2011 until the Closing Date.  Seller shall deliver to Buyer all Lease Termination Payments received by or on behalf of Seller.  Buyer acknowledges approval of the Leases referenced on Schedule 3.3(h)(ii).  
Section 10.8    Owner’s Association Assessments. 
If the Property is located in a business park which is governed by an Owners' Association, and the association charges assessments with respect to the Property, then at the Closing (a) if such charges are payable after the Closing Date for a period before the Closing Date, Seller shall pay to Buyer an amount equal to the amount of such charges allocated to the period before the Closing Date, prorated on a per diem basis, and (b) if such charges were paid before the Closing Date for a period from and after the Closing Date, Buyer shall pay to Seller an amount equal to the amount of such charges reasonably allocated to the period from, including and after the Closing Date, prorated on a per diem basis.
Section 10.9    Other.  If applicable, the Gross Asset Value shall be adjusted at the Closing to reflect the adjustment of any other item which, under the explicit terms of this Agreement, is to be apportioned at Closing.
Section 10.10    Third Party Loans.  The Sellers shall assign to Buyer at the Closing and receive a credit from the Buyer for the Sellers' right, title and interest in and to any cash reserves or escrow accounts held by the holders of the Third Party Loans in connection with the Third Party Loans.  Accrued interest payments, principal payments and all other payments that have accrued under the Third Party Loans shall be prorated based on periods of ownership.
Section 10.11    Intentionally Omitted.  
Section 10.12    General.  
Any other items of operating income or operating expense that are customarily apportioned between the parties in real estate closings of comparable commercial properties in the metropolitan area where the Property is located, as applicable; however, there will be no prorations for insurance premiums or payroll (because Buyer is not acquiring or assuming Sellers’ insurance or employment payroll obligations).  
Section 10.13    Re-Adjustment.  
(a)    In the event any prorations or apportionments made under this Article X 

shall prove to be incorrect for any reason, then any party shall be entitled to an adjustment to correct the same.  Any item that cannot be finally prorated because of the unavailability of information shall be tentatively prorated on the basis of the best data then available and reprorated when the information is available.  
(b)    Notwithstanding anything to the contrary set forth herein, all reprorations contemplated by this Agreement shall be completed within one (1) year after Closing (subject to extension solely as necessary due to the unavailability of final information but in no event to exceed eighteen (18) months after Closing).
(c)    The obligations of Seller and Buyer under this Article X shall survive the Closing for two (2) years. 
ARTICLE XI     
SURVIVAL OF OBLIGATIONS; LIABILITY
Section 11.1    Survival of Obligations; Liability of Sellers.  The Sellers hereby confirm and agree that each of the representations and warranties and the covenants of each of the Sellers set forth in or made pursuant to and in accordance with this Agreement or in any Closing Document (the “Seller Surviving Representations and Covenants”) shall, subject to Section 11.4 below, survive the Closing Date and shall not be deemed to be merged into any instrument of conveyance delivered at the Closing. From and after the Closing Date, subject to the provisions of Section 11.3 below, each of Buyer, its affiliates, members and partners, and the partners, shareholders, officers, directors, employees, representatives and agents of each of the foregoing (collectively, “Buyer-Related Entities”) shall have the right to claim against Sellers for all costs, fees, expenses, damages, deficiencies, interest and penalties (including, without limitation, reasonable attorneys’ fees and disbursements) suffered or incurred by any such Buyer Related Entity in connection with any and all losses, liabilities, claims, damages and expenses (“Losses”), arising out of, or in any way relating to the Seller Surviving Representation and Covenants as provided in this Section 11.1.  In addition, from and after the Closing Date, Seller shall indemnify and hold harmless each Buyer-Related Entity for all Losses arising out of, or in any way relating to the WARN Act or similar laws with respect to any employees or former employees of Seller who are hired by Buyer (the “WARN Act Indemnification”), it being understood that this WARN Act Indemnification shall survive Closing.  

Section 11.2    Liability of Buyer.  The Buyer hereby confirms and agrees that each of the representations and warranties of the Buyer set forth in or made pursuant to and in accordance with this Agreement or in any Closing Document (the “Buyer Surviving Representations and Covenants”) shall survive the Closing Date and shall not be deemed to be merged into any instrument of conveyance delivered at the Closing.  From and after the Closing Date, each of Seller and the Seller Related Entities shall have the right to claim against Buyer for all costs, fees, expenses, damages, deficiencies, interest and penalties (including, without limitation, reasonable attorneys’ fees and disbursements) suffered or incurred by any such Seller Related Entity in connection with any and all losses, liabilities, claims, damages and expenses (“Losses”), arising out of, or in any way relating to the Buyer Surviving Representation and 

Covenants as provided in this Section 11.1.  
Section 11.3    Cap on Liability.
Notwithstanding anything to the contrary contained in this Agreement or in any Closing Document, the aggregate liability of Sellers for Losses arising pursuant to or in connection with the representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of Seller under this Agreement (or in any Closing Document) shall not exceed $50,000,000 (the “Cap”), however, Buyer shall not make any claims for Losses in connection with the representations, warranties, indemnifications, covenants or other obligations (whether express or implied) of Seller under this Agreement unless such claims in the aggregate exceed $50,000.00 (the “Basket”).  Notwithstanding anything to the contrary contained herein, the Basket and Cap limitations set forth herein shall not apply to (i) Losses suffered or incurred as a result of any breaches of the covenants and obligations of Seller set forth in Article X, Article XII, Section 9.1 and Section 14.3 of this Agreement or (ii) the WARN Act Indemnification. 

Section 11.4    Survival.  The representations, warranties and covenants contained in this Agreement and the Closing Documents shall survive for a period of two (2) years after the Closing, unless a longer or shorter survival period is expressly provided for in this Agreement.   
ARTICLE XII     
TAX CERTIORARI PROCEEDINGS
Section 12.1    Prosecution and Settlement of Proceedings.  If any tax reduction proceedings in respect of any Property, relating to any fiscal years ending prior to the fiscal year in which the Closing occurs, are pending at the time of the Closing, the relevant Seller reserves and shall have the right to continue to prosecute and/or settle the same.  If any tax reduction proceedings in respect of any Property, relating to the fiscal year in which the Closing occurs, are pending at the time of Closing, then the relevant Seller reserves and shall have the right to continue to prosecute and/or settle the same; provided, however, that such Seller shall not settle any such proceeding without the Buyer’s prior written consent, which consent shall not be unreasonably withheld or delayed.  The Buyer shall reasonably cooperate with such Seller in connection with the prosecution of any such tax reduction proceedings.  
Section 12.2    Application of Refunds or Savings.  Any refunds or savings in the payment of taxes resulting from such tax reduction proceedings shall be applied first to reimburse the parties for their reasonable third-party out of pocket costs and expenses in prosecuting such proceedings.  Remaining refunds or savings shall belong to and be the property of the Sellers if relating to taxes payable in years prior to the Closing year and shall be allocated between the parties based on their periods of ownership is relating to taxes payable in the Closing year.  Notwithstanding the foregoing, if any refund related to the Closing year or any prior year creates an obligation to reimburse any Tenants under Leases for any rents or additional rents paid or to be paid, that portion of such refund equal to the amount of such required reimbursement (after deduction of allocable expenses as may be provided in the Lease to such tenant), then  (a) if such refund is received by Seller, Seller shall, subject to Buyer’ reasonable 

approval of Seller’s calculations, pay Buyer the aggregate amount of such reimbursement obligation for disbursement to such Tenants, and (b) if such refund is received by Buyer, Buyer shall pay the full amount of such refund to Seller to be allocated and disbursed as set forth above.  All attorneys’ fees and other expenses incurred in obtaining such refunds or savings (except to the extent paid directly by and reimbursable to Seller or Buyer set forth above) shall be apportioned between the Sellers and the Buyer in proportion to the gross amount of such refunds or savings payable to the Sellers and the Buyer, respectively (without regard to any amounts reimbursable to Tenants); provided, however, that neither the Sellers nor the Buyer shall have any liability for any such fees or expenses in excess of the refund or savings paid to such party unless such party initiated such proceeding..
Section 12.3    Survival.  The provisions of this Article XII shall survive the Closing.
ARTICLE XIII     
DEFAULT
Section 13.1    Buyer Default.
(a)    This Agreement may be terminated by the Sellers prior to the Closing if the Closing does not occur by reason of a material breach or default by the Buyer in the performance of its obligation to purchase the Assets under this Agreement (including, without limitation, Buyer’s failure to comply with the requirements of Section 6.1)).  
(b)    In the event this Agreement is terminated pursuant to subsection 13.1(a), this Agreement shall be null and void and of no further force or effect and neither party shall have any rights or obligations against or to the other except (i) for those provisions hereof which by their terms expressly survive the termination of this Agreement and (ii) as set forth in subsection 13.1(c).
(c)    In the event the Sellers terminate this Agreement pursuant to Section 13.1(a), the Earnest Money Escrow Agent shall (i) to the extent the Earnest Money is held in the form of immediately available wired funds, immediately disburse the Earnest Money to the Sellers or (ii) to the extent the Earnest Money is held in the form of a letter of credit, Earnest Money Escrow Agent shall deliver the letter of credit to Seller and Seller shall make a drawing upon such receipt of the letter of credit, and upon such disbursement the Sellers and the Buyer shall have no further obligations under this Agreement, except those which expressly survive such termination.  The Buyer and the Sellers hereby acknowledge and agree that it would be impractical and/or extremely difficult to fix or establish the actual damage sustained by Sellers as a result of a default by the Buyer, and agree that the Earnest Money is a reasonable approximation thereof.  Accordingly, the Earnest Money shall constitute and be deemed to be the agreed and liquidated damages of the Sellers, and shall be paid by the Earnest Money Escrow Agent to the Sellers as the Sellers’ sole and exclusive remedy hereunder. 
Section 13.2    Seller Default. This Agreement may be terminated by the Buyer prior to Closing if (i) any of the conditions precedent to Buyer’s obligations set forth in Section 

5.2 have not been satisfied or waived by the Buyer on or prior to the Closing Date and such failure to satisfy the conditions precedent relate to either (1) Properties with an aggregate Allocated Asset Value of $75,000,000.00 or more or (ii) Sellers owning Properties in excess of an aggregate Allocated Asset Value of $75,000,000.00  or (iii) the Closing does not occur by reason of a material breach or default by the Seller in the performance of its obligations under this Agreement (including, without limitation, Seller’s failure to comply with the requirements of Section 5.2 or Section 6.2)).  In lieu of terminating this Agreement pursuant to the preceding sentence, the Buyer may specifically enforce the terms and provisions of this Agreement (but if elected no other action, for damages or otherwise, shall be permitted); provided that any action by Buyer for specific performance must be filed, if at all, within forty-five (45) days of the Closing Date as may be extended, and the failure to file within such period shall constitute a waiver by Buyer of such right and remedy.  If Buyer shall not have filed an action for specific performance within the aforementioned time period or so notified Seller of its election to terminate this Agreement, Buyer's sole remedy for Seller's default shall be to terminate this Agreement as set forth above, to receive its Earnest Money, and to be reimbursed for its expenses as set forth in Section 13.2(c).
(a)    Upon termination of this Agreement by the Buyer pursuant to subsection 13.2(a), as the Buyer’s sole and exclusive remedy upon such termination (except for the additional remedy provided in subsection 13.2(c) below), the Earnest Money Escrow Agent shall (i) to the extent the Earnest Money is in the form of immediately available wired funds, immediately disburse the Earnest Money to the Buyer, or (ii) to the extent the Earnest Money is in the form of a letter of credit immediately return such letter of credit to the Buyer, and upon such disbursement the Sellers and the Buyer shall have no further obligations under this Agreement, except those which expressly survive such termination (including those set forth in subsection 13.2(c)).  
(b)    Notwithstanding the forgoing, in addition to terminating this Agreement and receiving the Earnest Money, the Buyer can seek reimbursement of its actual out-of-pocket expenses incurred in negotiating this Agreement and conducting due diligence activities contemplated hereunder and arranging for and documenting any financing including any lender commitment fees, if any, (not to exceed $10,000,000.00).  This reimbursement shall not apply if Buyer succeeds in an action to cause specific performance.  The provisions of this subsection 13.2(c) shall survive the termination of this Agreement.
Section 13.3    Material Defects Arising Prior to the Closing.  In addition to the other rights and remedies Buyer has pursuant to this Agreement, including pursuant to Section 13.2 above, if prior to the Closing, with regard to any Asset:
(i)    any representation or warranty made by a Seller under Sections 3.1 or 3.2 shall prove not to be true and correct as of the date made or deemed made and the relevant Seller shall have failed or been unable to promptly cure the same in accordance with the provisions of this Agreement; or
(ii)    the relevant Seller shall be unable to perform in all material respects, the obligations required to be performed by the relevant Seller under this Agreement prior to or at the Closing, with respect to such Asset, including, 

without limitation, (A) conveying title to a Property in the condition required under Section 8.1, (B) satisfying the requirements of Section 5.2, or (C) satisfying the requirements of subparagraph 3.4(b)(i) as it relates to a Tenant Estoppel (or Lease Required Estoppel, as applicable) for each Property;
(any such event being referred to as an "Asset Specific Default"), then, prior to the Closing Date, the Buyer may elect, by notice to the Sellers (each a "Buyer Exclusion Notice"), to exclude such affected Asset from the Assets to be sold by the Sellers to the Buyer hereunder and thereafter such affected Asset shall be removed from the Assets to be sold hereunder, all references to such Assets in this Agreement shall be deemed deleted and the Gross Asset Value shall be reduced by an amount equal to the Allocated Asset Value for each such affected Asset.  
(b)    Intentionally Omitted 
(c)    In the event the aggregate amount of the Allocated Asset Value for the Assets removed from the terms of this Agreement or contemplated transactions pursuant to Sections  3.6, 7.1, 8.5, 8.6, 9.2, 13.3, 13.5 and/or 14.29 of this Agreement is equal to or in excess of $75,000,000, each of the Seller and the Buyer shall have a right to terminate this Agreement as to all Properties, in which event the Earnest Money Escrow Agent shall (i) to the extent the Earnest Money is in the form of immediately available wired funds, immediately disburse the Earnest Money to the Buyer, or (ii) to the extent the Earnest Money is in the form of a letter of credit immediately return such letter of credit to the Buyer, this Agreement shall be deemed terminated and neither party shall have any further rights or obligations to the other, except for those expressly stated to survive the termination of this Agreement (including, without limitation Section 13.2(c)).  Nothing contained in this Section 13.3(c) shall in no way limit the other rights and remedies of Buyer pursuant to this Agreement including, pursuant to Section 13.2 above.
Section 13.4    Non-Assumption of Third Party Loans.  If, with regard to any of the Third Party Loans, the relevant Seller shall be unable to obtain the consent of the holders of such Third Party Loan to the assumption of such Third Party Loan by the Buyer or the Buyer's designee, then Seller shall have the right in its sole discretion, but not the obligation, to repay at the Closing the outstanding principal amount of such Third Party Loans, together with all accrued interest thereon or to remove such Property from the definition of Properties and the Gross Asset Value shall be correspondingly reduced.  Notwithstanding the foregoing, (i) Sellers shall have the right to adjourn the Closing Date for a period not to exceed fifteen (15) days in order to obtain the consent of the holders of the Third Party Loans to the assumption of such Third Party Loan by the Buyer, provided Sellers shall notify Buyer in writing no later than five (5) Business Days prior to the Closing Date of such election to adjourn and (ii) in the event Seller is unable to obtain the consent of the holders of such Third Party Loan, Seller elects not to repay the outstanding principal amount of such third Party Loans and title to the Property relating to such Third Party Loan is not conveyed to Buyer as a result, then Buyer shall reimburse Seller, upon written request, for any reasonable third-party out of pocket costs and expenses imposed by the Lender in connection with such Third Party Loan up to $500,000.00.    
Section 13.5    Allianz Properties.
If, with regard to any of those certain Properties known as (i) Brookside I, (ii) 

Brookside II or (iii) Preston Ridge IV (each an “Allianz Property” and collectively, the “Allianz Properties”) Seller is unable to obtain a release of such Allianz Property from the Allianz Loan and a release from the Liens encumbering such Allianz Property as security for the Allianz Loan, Seller shall have the right to remove such Allianz Property from the definition of Properties and the Gross Asset Value shall be correspondingly reduced.  Notwithstanding the foregoing, Sellers shall have the right to adjourn the Closing Date for a period not to exceed twenty (20) days in order to obtain the release of such Allianz Property from the Allianz Loan and the Liens encumbering such Allianz Property as security for the Allianz Loan.

Section 13.6    Limitation on Liability.
(a)    No shareholder or agent of Seller, nor any Seller-Related Entities, shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or pursuant to the provisions of this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Buyer and its successors and assigns and, without limitation, all other persons and entities, shall look solely to Seller's assets for the payment of any claim or for any performance, and Buyer, on behalf of itself and its successors and assigns, hereby waives any and all such personal liability.
(b)    The provisions of this Section 13.6 shall survive the Closing or sooner termination of this Agreement.

ARTICLE XIV     
MISCELLANEOUS
Section 14.1    Use of Duke Name.  The Buyer hereby acknowledges and agrees that neither the Buyer nor any affiliate, successor, assignee or designee of the Buyer shall be entitled to use the name “Duke Realty” or any Seller’s name in any way whatsoever, except to the extent permitted under this Agreement.
Section 14.2    Joint and Several Liability.  Each Seller who is a party as a Seller to this Agreement ("Seller Party") shall be jointly and severally liable for all of the obligations and liabilities of Seller (and each other Seller) under this Agreement.  Without limiting the generality of the foregoing, (i) each reference herein to Seller shall also be deemed to refer to each Seller Party, (ii) references in this Agreement to the phrase “received by Seller” (or words of similar import) shall mean received by any Seller Party, (iii) references in this Agreement to the phrase “given by Seller” (or words of similar import) shall mean given by any Seller Party, and (iv) references in this Agreement to the phrase “in the possession of Seller” (or words of similar import) shall mean the possession of any Seller Party.  Each Seller Party hereby irrevocably appoints Duke Realty Limited Partnership (the “Seller Agent”) to act as an agent for Seller (and for each Seller Party individually) in connection with all actions to be taken by Seller and/or a Seller Party in connection with this Agreement (including, without limitation, giving and receiving notices, granting or denying of consents, and accepting payments to be made to Seller under this Agreement).  Accordingly (and without limiting the generality of the foregoing), 

(i) if Buyer pays any amounts in connection with this Agreement to the Seller Agent (including the Cash Consideration Amount), then the same shall be deemed duly paid to Seller (and thus to all of the Seller Parties) for all purposes of this Agreement; (ii) any consent, approval or other notice given by the Seller Agent to Buyer shall be deemed to have been given by, and shall be binding on, Seller (and thus all of the Seller Parties) for all purposes of this Agreement, and Buyer shall have the right to rely on any such consent, approval or other notice so given; (iii) any notice given by Buyer to the Seller Agent shall be deemed to have been given to Seller (and thus all of the Seller Parties) for all purposes of this Agreement; and (iv) each Seller Party hereby irrevocably appoints the Seller Agent as the agent for the service of process on Seller (and thus all of the Seller Parties).  Notwithstanding the foregoing, Buyer may insist that any action (such as the execution of a deed or other closing documents) that is required to be taken by Seller or any individual Seller Party pursuant to this Agreement actually be taken by Seller (and thus all of the Seller Parties) or such individual Seller Party, as the case may be (rather than by the Seller Agent acting as agent therefor). The provisions of this Section 14.2 shall survive the Closing.
Section 14.3    Brokers.Each Seller represents and warrants to the Buyer that it has dealt with no broker, salesman, finder or consultant other than Buyer’s Consultant with respect to this Agreement or the transactions contemplated hereby.  Each Seller agrees to indemnify, protect, defend and hold the Buyer harmless from and against all claims, losses, damages, liabilities, costs, expenses (including reasonable attorneys’ fees and disbursements) and charges resulting from Sellers’ breach of the foregoing representation in this subsection 14.3(a).  The provisions of this subsection 14.3 (a) shall survive the Closing and any termination of this Agreement. 
(a)    The Buyer represents and warrants to the Sellers that it has dealt with no broker, salesman, finder or consultant, other than Lazard Freres (“Buyer’s Consultant”) with respect to this Agreement or the transactions contemplated hereby.  The Buyers shall pay the Buyer’s Consultant those fees that may be owed to Buyer’s Consultant in connection with this transaction.  The Buyer agrees to indemnify, protect, defend and hold the Sellers harmless from and against all claims, losses, damages, liabilities, costs, expenses (including reasonable attorneys’ fees and disbursements) and charges resulting from Buyer’s breach of the foregoing representation in this subsection 14.3(b).  The provisions of this subsection 14.3(b) shall survive the Closing and any termination of this Agreement.
Section 14.4    Confidentiality; Press Release; IRS Reporting Requirements.The Buyer and the Sellers shall hold as confidential all information disclosed in connection with the transaction contemplated hereby in accordance with the Confidentiality Agreement executed by the parties in connection with this transaction.
(a)    The Sellers or the Buyer may issue a press release with respect to this Agreement and the transactions contemplated hereby, provided that the content of any such press release shall be subject to the prior written consent of the other party hereto if issued within six (6) months of the Closing Date.  
(b)    For the purpose of complying with any information reporting requirements or other rules and regulations of the IRS that are or may become applicable as a result of or in connection with the transaction contemplated by this Agreement, including, but not limited to, 

any requirements set forth in proposed Income Tax Regulation Section 1.6045-4 and any final or successor version thereof (collectively, the “IRS Reporting Requirements”), the Sellers and the Buyer hereby designate and appoint the Earnest Money Escrow Agent to act as the “Reporting Person” (as that term is defined in the IRS Reporting Requirements) to be responsible for complying with any IRS Reporting Requirements.  The Earnest Money Escrow Agent hereby acknowledges and accepts such designation and appointment and agrees to fully comply with any IRS Reporting Requirements that are or may become applicable as a result of or in connection with the transaction contemplated by this Agreement.  Without limiting the responsibility and obligations of the Earnest Money Escrow Agent as the Reporting Person, the Sellers and the Buyer hereby agree to comply with any provisions of the IRS Reporting Requirements that are not identified therein as the responsibility of the Reporting Person.
Section 14.5    Escrow Provisions.The Earnest Money Escrow Agent shall hold the Earnest Money, to the extent such Earnest Money is in the form of immediately available wired funds, in escrow in an interest-bearing bank account at First American Trust, FFB (the “Escrow Account”).
(a)    The Earnest Money Escrow Agent shall hold the Earnest Money in escrow in the Escrow Account until any termination of the Inspection Period pursuant to Section 7.3 hereof, the Closing or any other sooner termination of this Agreement and shall hold or apply such proceeds in accordance with the terms of this subsection 14.5(b).  The Sellers and the Buyer understand that no interest is earned on the Earnest Money during the time it takes to transfer into and out of the Escrow Account.  At Closing, the Earnest Money shall be paid by the Earnest Money Escrow Agent to, or at the direction of, the Sellers.  If the Closing does not occur as a result of a termination of this Agreement pursuant to Section 7.3, the Earnest Money shall be returned to Buyer in accordance with Section 2.3 hereof.  If the Closing does not occur for any other reason and either party makes a written demand upon the Earnest Money Escrow Agent for payment of such amount, the Earnest Money Escrow Agent shall, within 24 hours give written notice to the other party of such demand.  If the Earnest Money Escrow Agent does not receive a written objection within three (3) Business Days after the giving of such notice, the Earnest Money Escrow Agent is hereby authorized to make such payment.  If the Earnest Money Escrow Agent does receive such written objection within such three (3) Business Day period or if for any other reason the Earnest Money Escrow Agent in good faith shall elect not to make such payment, the Earnest Money Escrow Agent shall continue to hold such amount until otherwise directed by joint written instructions from the parties to this Agreement or a final judgment of a court of competent jurisdiction.  However, the Earnest Money Escrow Agent shall have the right at any time to deposit the Earnest Money with the clerk of the court of Cook County, Illinois.  The Earnest Money Escrow Agent shall give written notice of such deposit to the Sellers and the Buyer.  Upon such deposit the Earnest Money Escrow Agent shall be relieved and discharged of all further obligations and responsibilities hereunder.
(b)    The parties acknowledge that the Earnest Money Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that the Earnest Money Escrow Agent shall not be deemed to be the agent of either of the parties, and the Earnest Money Escrow Agent shall not be liable to either of the parties for any act or omission on its part, other than for its gross negligence or willful misconduct.  The Sellers and the Buyer shall jointly and severally indemnify and hold the Earnest Money Escrow Agent harmless from and against all costs, claims 

and expenses, including attorneys’ fees and disbursements, incurred in connection with the performance of the Earnest Money Escrow Agent’s duties hereunder.
(c)    The Earnest Money Escrow Agent has acknowledged its agreement to these provisions by signing this Agreement in the place indicated following the signatures of the Sellers and the Buyer.
Section 14.6    Successors and Assigns; No Third-Party Beneficiaries.  The stipulations, terms, covenants and agreements contained in this Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective permitted successors and assigns (including any successor entity after a public offering of stock, merger, consolidation, purchase or other similar transaction involving a party hereto) and nothing herein expressed or implied shall give or be construed to give to any person or entity, other than the parties hereto and such assigns or designees, any legal or equitable rights hereunder.
Section 14.7    Assignment.  This Agreement may not be assigned by the Buyer without the consent of the prior written consent of the Sellers, which consent may be granted or withheld in Seller’s sole discretion.  Notwithstanding the foregoing, (i) Buyer may assign this Agreement to a direct or indirect subsidiary of Buyer in which Buyer owns at least 50% of the direct or indirect ownership interests in such subsidiary (a “Majority Owned Subsidiary”) and (ii) the Buyer may designate one or more Majority Owned Subsidiaries to which one or more of the Assets will be assigned at Closing, provided that the Buyer will continue to remain primarily liable under this Agreement notwithstanding any such designation.
Section 14.8    Further Assurances.  From time to time, as and when requested by any party hereto, the other party shall execute and deliver, or cause to be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions as such other party may reasonably deem necessary or desirable to consummate the transactions contemplated by this Agreement.
Section 14.9    Notices.  All notices, demands or requests made pursuant to, under or by virtue of this Agreement must be in writing and shall be (i) personally delivered, (ii) delivered by express mail, Federal Express or other comparable overnight courier service, (iii) telecopied, with telephone confirmation within one Business Day, (iv) electronic mail followed by another manner of delivery) or (iv) mailed to the party to which the notice, demand or request is being made by certified or registered mail, postage prepaid, return receipt requested, as follows:
(a)    To any Seller:
Duke Realty Corporation
600 East 96th Street, Suite 100
Indianapolis, IN 46240
Attention: Nick Anthony 
Facsimile: 317-808-6112 
Telephone: 317-808-6794

with copies thereof to:

Duke Realty Corporation
9377 W. Higgins Road, Suite 600
Rosemount, IL 60018
Attention: Ann Dee
Facsimile: 847-232-5408 
Telephone: 847-232-5694
(b)    To the Buyer:
c/o Blackstone Real Estate Acquisitions VI L.L.C. 
345 Park Avenue 
32nd Floor 
New York, New York 10154 
Attention:  Tyler Henritze 
Facsimile:  (646) 253-8712 
Telephone: (212) 583-5191
with copies thereof to:
Simpson Thacher & Bartlett LLP 
425 Lexington Avenue 
New York, New York 10017 
Attention: Gregory J. Ressa, Esq. 
Facsimile: (212) 455-2502 
Telephone:  (212) 455-7430
Equity Office 
Two North Riverside Plaza, Suite 2100 
Chicago, Illinois 60606 
Attention: Matthew Koritz, Vice President – Legal Counsel 
Facsimile: (312) 775-6574 
Telephone:  (312) 466-3445
(c)    To the Earnest Money Escrow Agent:
First American Title Insurance Company
30 North LaSalle Street, Suite 2700
Chicago, Illinois 60602 
 
 Attention: Steve Zellinger 
 Facsimile: 312-553-0408 
Telephone: 312-917-7257

(d)    All notices (i) shall be deemed to have been given on the date that the same shall have been delivered in accordance with the provisions of this Section and (ii) may be given either by a party or by such party’s attorneys.  Any party may, from time to time, specify as its address for purposes of this Agreement any other address upon the giving of 5 days’ prior notice thereof to the other parties.
Section 14.10    Entire Agreement.  This Agreement, along with the Confidentiality Agreement, Exhibits and Schedules hereto contains all of the terms agreed upon between the parties hereto with respect to the subject matter hereof, and all understandings and agreements heretofore had or made among the parties hereto are merged in this Agreement which alone fully and completely expresses the agreement of the parties hereto.
Section 14.11    Amendments.  This Agreement may not be amended, modified, supplemented or terminated, nor may any of the obligations of the Sellers or the Buyer hereunder be waived, except by written agreement executed by the party or parties to be charged.
Section 14.12    No Waiver.  No waiver by either party of any failure or refusal by the other party to comply with its obligations hereunder shall be deemed a waiver of any other or subsequent failure or refusal to so comply.
Section 14.13    Governing Law.  This Agreement shall be governed by, interpreted under, and construed and enforced in accordance with, the laws of the State of Illinois unless such dispute relates to real property, then the laws and jurisdiction of the location of such real property shall govern  To the fullest extent permitted by law, the parties hereby unconditionally and irrevocably waive and release any claim that the law of any other jurisdiction governs this Agreement and this Agreement shall be governed and construed with the laws of the State of Illinois.
Section 14.14    Submission to Jurisdiction.  To the maximum extent permitted by applicable law each of the Buyer and each Seller irrevocably submits to the jurisdiction of (a) the Circuit Court of the State of Illinois – Cook County and (b) the United States District Court for the Northern District of Illinois for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby.  Each of the Buyer and each Seller further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in New York with respect to any matters to which it has submitted to jurisdiction as set forth above in the immediately preceding sentence.  Each of the Buyer and each Seller irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in (a) the Circuit Court of the State of Illinois – Cook County and (b) the United States District Court for the Northern District of Illinois, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.  
Section 14.15    Severability.  If any term or provision of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to 

persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.
Section 14.16    Section Headings.  The headings of the various Sections of this Agreement have been inserted only for purposes of convenience, are not part of this Agreement and shall not be deemed in any manner to modify, explain, expand or restrict any of the provisions of this Agreement.
Section 14.17    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.
Section 14.18    Construction.  The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any exhibits or amendments hereto.
Section 14.19    Recordation.  Neither this Agreement nor any memorandum or notice of this Agreement may be recorded by any party hereto without the prior written consent of the other party hereto.  The provisions of this Section shall survive the Closing or any termination of this Agreement
Section 14.20    Intentionally Omitted
Section 14.21    Exclusivity.  During the term of this Agreement, neither the Sellers nor their Affiliates, agents, representatives or employees shall solicit, authorize the solicitation of, or enter into any agreement or discussions with any third party concerning any offer or possible offer for a third party to acquire, finance, refinance the Assets or any interest therein (whether debt or equity, directly or indirectly) or with respect to any similar transaction , except with any Tenant pursuant to a right to purchase contained in such Tenant’s lease, if any. 
Section 14.22    Attorney’s Fees.
In the event that either party shall bring an action or legal proceeding for an alleged breach of any provision of this Agreement or any representation, warranty, covenant or agreement herein set forth, or to enforce, protect, determine or establish any term, covenant or provision of this Agreement or the rights hereunder of either party, the prevailing party shall be entitled to recover from the non-prevailing party, as a part of such action or proceedings, or in a separate action brought for that purpose, reasonable attorneys' fees and costs, expert witness fees and court costs as may be fixed by the court or jury. 
Section 14.23    Like Kind Exchange.
Each of the parties hereto agrees to cooperate with the other in effecting an I.R.C. § 1031 exchange within one (1) year of the Closing Date, at no cost to the cooperating party, 

including executing and delivering any and all documents required by the exchange trustee or intermediary; provided, however, that the cooperating party shall have no obligation to execute any document, enter any transaction or arrangement or take or omit any other action, if such party determines in its sole discretion that the same would result in any liability, cost, expense, increased risk, delay or other detriment to the cooperating party. 
Section 14.24    Disclosure. 
Notwithstanding any terms or conditions in this Agreement to the contrary, but subject to restrictions reasonably necessary to comply with federal or state securities laws, any person may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses) that are provided relating to such tax treatment and tax structure.  For the avoidance of doubt, this authorization does not permit disclosure of the names of, or other identifying information regarding, the participants in the transaction, or of any information or the portion of any materials not relevant to the tax treatment or tax structure of the transaction including specific economic terms of this Agreement.  The provisions of this Section 14.24 shall survive the Closing.

Section 14.25    Waiver of Trial by Jury.
Seller and Buyer hereby irrevocably and unconditionally waive any and all right to trial by jury in any action, suit or counterclaim arising in connection with, out of or otherwise relating to, this Agreement.  The provisions of this Section 14.25 shall survive the Closing or termination hereof.

Section 14.26    Date for Performance.
If the time period by which any right, option or election provided under this Agreement must be exercised, or by which any act required hereunder must be performed, or by which the Closing must be held, expires on a Saturday, Sunday or legal or bank holiday, then such time period shall be automatically extended through the close of business on the next regularly scheduled Business Day.

Section 14.27    Time of the Essence.
Time shall be of the essence of this Agreement and each and every term and condition hereof.

Section 14.28    Right to File Easements.
Notwithstanding anything to the contrary in this Agreement, Seller shall have the right to file for the following easements/lot line adjustments, the form of which shall be approved by Buyer in its reasonable discretion, on or prior to the Closing:

(a)    With respect to the Properties known as 900 North Point Parkway and 800 

North Point Parkway, an easement for access to serve the neighboring vacant parcel over Lucent Drive; 
(b)    With respect to the Properties known as Brookside I and II, an easement to document the permitted ingress and egress of NP Community Church over the pedestrian walkway located towards the western portion of Brookside I and II; and
(c)    With respect to that Property known as Easton Way III, that certain Declaration of Access Easement attached hereto as Exhibit Q as well as that certain lot line adjustment contemplated pursuant to the parcel exhibit and survey also attached hereto as Exhibit Q (the “Morgan Stanley Parcel”);  
(d)    With respect to the Property known as Sugarloaf II, an easement for drainage and detention reasonably acceptable to Buyer. 
Section 14.29    Failure to Obtain Waivers.
(a)    In the event that MedAsset exercises its Right of First Refusal referenced in Section 6.2(d)(xii), then the Property known as 5560 Tennyson Parkway located in Plano, Texas shall be removed from the definition of Properties and the Gross Asset Value shall be correspondingly reduced.  
(b)    In the event that Sedgwick exercises its Right of First Offer referenced in Section 6.2(d)(xiii), then the Property known as Compmanagement and located in Columbus, Ohio shall be removed from the definition of Properties and the Gross Asset Value shall be correspondingly reduced.
(c)    In the event Seller fails to obtain the Acknowledgement required in Section 6.2(d)(xiv) as of the Closing Date, then, at the election of Buyer, the Properties known as Celebration Business Center I, Celebration Business Center II, Celebration Office Center I and Celebration Office Center II shall be removed from the definition of Properties and the Gross Asset Value shall be correspondingly reduced.

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.
SELLERS:

DUKE REALTY LIMITED PARTNERSHIP,
an Indiana limited partnership

By:    Duke Realty Corporation,
an Indiana corporation,
its general partner

By:  /s/ Nicholas C. Anthony        
Printed:  Nicholas C. Anthony    
Title:  Senior Vice President        

DR 6650, LLC,
a Delaware limited liability company

By:    Duke Realty Limited Partnership,
an Indiana limited partnership,
managing member

By:    Duke Realty Corporation,
its sole general partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

[SIGNATURES CONTINUED ON THE FOLLOWING PAGES]

DUKE SECURED FINANCING 2006, LLC,
a Delaware limited liability company

By:    Duke Realty Limited Partnership,
an Indiana limited partnership,
sole member

By:    Duke Realty Corporation,
an Indiana corporation,
sole general partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

DUKE SECURED FINANCING 2009-1 ALZ, LLC, a Delaware limited liability company

By:    Duke Realty Limited Partnership,
an Indiana limited partnership, manager

By:    Duke Realty Corporation,
its sole general partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

[SIGNATURES CONTINUED ON THE FOLLOWING PAGES]

DUKE SECURED FINANCING 2009-1PAC, LLC, a Delaware limited liability company

By:    Duke Realty Limited Partnership,
an Indiana limited partnership,
its sole Member

By:    Duke Realty Corporation,
an Indiana corporation,
its sole General Partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

NORTH POINT LIMITED PARTNERSHIP NO. 1, a Florida limited partnership

By:    Duke Realty Limited Partnership,
an Indiana limited partnership

By:    Duke Realty Corporation,
an Indiana corporation,
its General Partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

[SIGNATURES CONTINUED ON THE FOLLOWING PAGES]

NORTH POINT LIMITED PARTNERSHIP NO. 3, a Florida limited partnership

By:    Duke Realty Limited Partnership,
an Indiana limited partnership,
sole General Partner

By:    Duke Realty Corporation,
an Indiana corporation,
sole General Partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

DUKE SECURED FINANCING 2009-UNM, LLC, a Delaware limited liability company

By:    Duke Realty Limited Partnership,
an Indiana limited partnership,
sole member and manager

By:    Duke Realty Corporation, an Indiana
corporation, its general partner,
d/b/a Duke Realty of Indiana Corporation

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

[SIGNATURES CONTINUED ON THE FOLLOWING PAGES]

DUKE YORK ROAD LLC,
a Delaware limited liability company

By:    Duke Realty Limited Partnership, 
an Indiana limited partnership,
its managing member

By:    Duke Realty Corporation, 
an Indiana corporation, 
its sole general partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

OIC MIDWEST LLC,
a Delaware limited liability company

By:    Midwest Realty Holdings LLC,
a Delaware limited liability company,
its sole member

By:    Duke Realty Limited Partnership,
an Indiana limited partnership,
its Managing Member

By:    Duke Realty Corporation,
d/b/a Duke Realty of Indiana Corporation, its general partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

[SIGNATURES CONTINUED ON THE FOLLOWING PAGES]

RIVERWAY MIDWEST LLC,
a Delaware limited liability company

By:    Midwest Realty Holdings LLC,
a Delaware limited liability company,
its sole member

By:    Duke Realty Limited Partnership,
an Indiana limited partnership,
its Managing Member

By:    Duke Realty Corporation,
d/b/a Duke Realty of Indiana Corporation, its general partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

DUKE REALTY OHIO,
an Indiana general partnership

By:    Duke Realty Limited Partnership,
a general partner

By:    Duke Realty Corporation,
its general partner

By:  /s/ Nicholas C. Anthony    
Printed:  Nicholas C. Anthony
Title:  Senior Vice President    

[SIGNATURES CONTINUED ON THE FOLLOWING PAGES]

DUKE CONSTRUCTION LIMITED PARTNERSHIP, an Indiana limited partnership

By:    Duke Business Centers Corporation,
an Indiana corporation,
its general partner

By:  /s/ Nicholas C. Anthony        
Printed:  Nicholas C. Anthony    
Title:  Senior Vice President        

[SIGNATURES CONTINUED ON THE FOLLOWING PAGES]

BUYER:

BRE/CENTRAL OFFICE HOLDINGS L.L.C., a Delaware limited liability company

		
	By:
	/s/ Tyler Hnritze             
Name: Tyler Henritze 
Title: Managing Director and Vice President

JOINDER BY EARNEST MONEY ESCROW AGENT

First American Title Insurance Company National Commercial Services, Chicago, Illinois, referred to in this Agreement as the “Earnest Money Escrow Agent,” hereby acknowledges that it received this Agreement executed by the Sellers and the Buyer as of the 20th day of October, 2011, and accepts the obligations of the Earnest Money Escrow Agent as set forth herein.  Earnest Money Escrow Agent further acknowledges that it received the Earnest Money on the 20th day of October, 2011.  The Earnest Money Escrow Agent hereby agrees to hold and distribute the Earnest Money in accordance with the terms and provisions of the Agreement.

FIRST AMERICAN TITLE INSURANCE    
                         COMPANY NATIONAL COMMERCIAL   
                         SERVICES

By:    /s/ Gregory J. Chaparro
Name: Gregory J. Chaparro
Title: Vice President and National Counsel

	
					
	Schedule A

	Sellers and Properties

	Seller
	 
	Property Name
	 
	Address

	Duke Realty Limited Partnership
	 
	900 North Point Parkway
	 
	900 North Point Parkway, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	800 North Point Parkway
	 
	800 North Point Parkway, Alpharetta, GA

	Duke Secured Financing 2009-1 ALZ, LLC
	 
	Brookside I
	 
	3625 Brookside Parkway, Alpharetta, GA

	Duke Secured Financing 2009-1 ALZ, LLC
	 
	Brookside II
	 
	3655 Brookside Parkway, Alpharetta, GA

	Duke Secured Financing 2009-1 ALZ, LLC
	 
	Preston Ridge IV
	 
	3440 Preston Ridge Road, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Radiant I
	 
	3925 Brookside Parkway, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Radiant II
	 
	3905 Brookside Parkway, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds Restaurant
	 
	Northwinds Restaurant, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds Parking Lot
	 
	Northwinds Restaurant, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds Village
	 
	11525 Haynes Bridge Road, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds I
	 
	2475 Northwinds Parkway, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds II
	 
	2520 Northwinds Parkway, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds III
	 
	2500 Northwinds Parkway, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds IV
	 
	11605 Haynes Bridge Road, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds V
	 
	11625 Rainwater Drive, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds VI
	 
	11675 Rainwater Drive, Alpharetta, GA

	Duke Realty Limited Partnership
	 
	Northwinds VII
	 
	2550 Northwinds Parkway, Alpharetta, GA

	DR 6650, LLC
	 
	6650 Sugarloaf Parkway
	 
	6650 Sugarloaf Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Sugarloaf Office I
	 
	6700 Sugarloaf Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Sugarloaf Office II (3039)
	 
	3039 Premiere Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Sugarloaf Office III (2810)
	 
	2810 Premiere Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Sugarloaf Office IV
	 
	2750 Premiere Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Sugarloaf Office V
	 
	3090 Premiere Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Sugarloaf VI
	 
	2905 Premiere Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Sugarloaf VII
	 
	2915 Premiere Parkway, Duluth, GA

	Duke Secured Financing 2006,  LLC
	 
	2850 Premiere Parkway
	 
	2850 Premiere Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Hampton Green Office I
	 
	3950 Shackleford Road, Duluth, GA

	Duke Realty Limited Partnership
	 
	3805 Crestwood Parkway
	 
	3805 Crestwood Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	3885 Crestwood Parkway
	 
	3885 Crestwood Parkway, Duluth, GA

	Duke Realty Limited Partnership
	 
	Huntcrest I
	 
	1755 North Brown Road, Lawrenceville, GA

	Duke Realty Limited Partnership
	 
	Huntcrest II
	 
	1745 North Brown Road, Lawrenceville, GA

	Duke Realty Limited Partnership
	 
	Huntcrest III
	 
	1735 North Brown Road, Lawrenceville, GA

	Duke Realty Limited Partnership
	 
	Huntcrest IV
	 
	1725 N Brown, Lawrenceville, GA

	Duke Realty Limited Partnership
	 
	Highland Oaks IV
	 
	4042 Park Oaks Blvd., Tampa, FL

	Duke Secured Financing 2009-1PAC, LLC
	 
	Highland Oaks I
	 
	10150 Highland Manor Drive, Tampa, FL

	Duke Secured Financing 2009-1PAC, LLC
	 
	Highland Oaks II
	 
	10210 Highland Manor Drive, Tampa, FL

	Duke Secured Financing 2009-1PAC, LLC
	 
	Highland Oaks III
	 
	4041 Park Oaks Blvd., Tampa, FL

	Duke Secured Financing 2009-1PAC, LLC
	 
	Highland Oaks V
	 
	10401 Highland Manor Drive, Tampa, FL

	Duke Realty Limited Partnership
	 
	Northpoint IV
	 
	1064 Greenwood Boulevard, Lake Mary, FL

	North Point Limited Partnership No. 1, LP
	 
	Northpoint I
	 
	1025 Greenwood Boulevard, Lake Mary, FL

	North Point Limited Partnership No. 3
	 
	Northpoint II
	 
	1035 Greenwood Boulevard, Lake Mary, FL

	Duke Realty Limited Partnership
	 
	Celebration Office Center I
	 
	1170 Celebration Boulevard, Celebration, FL

	Duke Realty Limited Partnership
	 
	Celebration Office Center II
	 
	1180 Celebration Boulevard, Celebration, FL

	Duke Realty Limited Partnership
	 
	Celebration Business Center II
	 
	1120-1128 Celebration Blvd., Celebration, FL

	Duke Realty Limited Partnership
	 
	Celebration Business Center I
	 
	1130-1154 Celebration Blvd., Celebration, FL

	Duke York Road LLC
	 
	2000 York Road
	 
	2000 York Road, Oak Brook, IL

	Duke Realty Limited Partnership
	 
	Executive Towers I
	 
	1431 Opus Place, Downers Grove, IL

	Duke Realty Limited Partnership
	 
	Executive Towers II
	 
	1411 Opus Place, Downers Grove, IL

	Duke Realty Limited Partnership
	 
	Executive Towers III
	 
	1400 Opus Place, Downers Grove, IL

	Duke Secured Financing 2009-UNM, LLC
	 
	2275 Cabot Drive
	 
	2275 Cabot Drive, Lisle, IL

	Duke Realty Limited Partnership
	 
	Oakmont Tech Center
	 
	600 Oakmont Lane, Westmont, IL

	Duke Realty Limited Partnership
	 
	Atrium II
	 
	3030 Salt Creek Lane, Arlington Heights, IL

	OIC Midwest LLC
	 
	O'Hare International Ctr I
	 
	10275 West Higgins Road, Rosemont, IL

	OIC Midwest LLC
	 
	O'Hare International Ctr II
	 
	10255 West Higgins Road, Rosemont, IL

	Duke Secured Financing 2009-1ALZ, LLC
	 
	Riverway Central
	 
	9377 West Higgins Street, Rosemont, IL

	Duke Secured Financing 2009-1ALZ, LLC
	 
	Riverway East
	 
	6133 North River Road, Rosemont, IL

	Duke Secured Financing 2009-1ALZ, LLC
	 
	Riverway West
	 
	9399 West Higgins Road, Rosemont, IL

	Riverway Midwest LLC
	 
	Riverway Daycare
	 
	6107 N. River Road, Rosemont, IL

	Duke Realty Ohio
	 
	6525 West Campus Oval
	 
	6525  West Campus Oval, New Albany, OH

	Duke Realty Ohio
	 
	6525 West Campus Oval
	 
	6525  West Campus Oval, New Albany, OH

	
					
	Schedule A

	Sellers and Properties

	Seller
	 
	Property Name
	 
	Address

	Duke Realty Ohio
	 
	Easton Way One
	 
	4449 Easton Way, Columbus, OH

	Duke Realty Ohio
	 
	Easton Way Two
	 
	4349 Easton Way, Columbus, OH

	Duke Realty Ohio
	 
	4400 Easton Commons
	 
	4400 Easton Commons, Columbus, OH

	Duke Realty Ohio
	 
	Easton Way Three
	 
	4249 Easton Way, Columbus, OH

	Duke Realty Ohio
	 
	Scioto Corporate Center
	 
	5500 Frantz Road, Dublin, OH

	Duke Realty Ohio
	 
	Qwest
	 
	4650 Lakehurst Court, Dublin, OH

	Duke Realty Ohio
	 
	4700 Lakehurst Court
	 
	4700 Lakehurst Court, Dublin, OH

	Duke Realty Ohio
	 
	5500 Glendon Court
	 
	5500 Glendon Court, Dublin, OH

	Duke Realty Ohio
	 
	5555 Glendon Court
	 
	5555 Glendon Court, Dublin, OH

	Duke Realty Ohio
	 
	Emerald III
	 
	6500 Emerald Parkway, Dublin, OH

	Duke Realty Ohio
	 
	Compmanagement
	 
	6377 Emerald Parkway, Dublin, OH

	Duke Realty Ohio
	 
	5555 Parkcenter Circle
	 
	5555 Parkcenter Circle, Dublin, OH

	Duke Realty Ohio
	 
	Parkwood Place
	 
	6000 Parkwood Place, Dublin, OH

	Duke Realty Ohio
	 
	Parkwood II
	 
	5900 Parkwood Place, Dublin, OH

	Duke Realty Ohio
	 
	Atrium II, South Tower
	 
	5455 Rings Road, Dublin, OH

	Duke Realty Ohio
	 
	Atrium II, North Tower
	 
	5475 Rings Road, Dublin, OH

	Duke Realty Ohio
	 
	Blazer I
	 
	5600 Blazer Parkway, Dublin, OH

	Duke Realty Ohio
	 
	Blazer II
	 
	5550 Blazer Parkway, Dublin, OH

	Duke Construction Limited Partnership
	 
	One Allen Center
	 
	700 Central Expy South, Allen, TX

	Duke Construction Limited Partnership
	 
	Duke Bridges III
	 
	7460 Warren Parkway, Frisco, TX

	Duke Realty Limited Partnership
	 
	5560 Tennyson Parkway
	 
	5560 Tennyson Parkway, Plano, TX

	Duke Realty Limited Partnership
	 
	5556 Tennyson Parkway
	 
	5556 Tennyson Parkway, Plano, TX

	Duke Realty Limited Partnership
	 
	1600 Tower
	 
	1600 Utica Avenue South, St. Louis Park, MN

	Duke Realty Limited Partnership
	 
	MoneyGram Tower
	 
	1550 Utica Avenue South, St. Louis Park, MN

SCHEDULE B
Third Party Loans
		
	1.
	6650 Sugarloaf  Parkway, Duluth (Gwinnett County), Georgia - Loan made by DR 6650, LLC in favor of Wells Fargo Bank, N.A., as Trustee for the Registered Holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-C3.

		
	2.
	Northwinds III, 2500 Northwinds Parkway, Alpharetta (Fulton County), Georgia  - Loan made by Duke Realty Limited Partnership in favor of Transamerica Life Insurance Company (Aegon).

		
	3.
	Northwinds IV, 11605 Haynes Bridge Road, Alpharetta (Fulton County), Georgia - Loan made by Duke Realty Limited Partnership in favor of Transamerica Life Insurance Company (Aegon).

Loan Balances/Escrows/Reserves:
	
				
	 
	6650 Sugarloaf
	Northwinds III
	Northwinds IV

	 
	 
	 
	 

	9/30/11 Loan Balance
	5,434,648
	12,877,394
	12,255,726

	 
	 
	 
	 

	Escrows
	 
	 
	 

	Insurance
	15,119
	-
	-

	Tax
	154,532
	120,766
	34,791

	Total Escrows
	169,651
	120,766
	34,791

	 
	 
	 
	 

	Reserves
	 
	 
	 

	Collateral
	51,532
	-
	-

	Replacement
	70,933
	762,561
	-

	Total Reserves
	122,465
	762,561
	-

	 
	 
	 
	 

	Grand Total
	292,115
	883,327
	34,791

SCHEDULE C
Terminated Contracts
 
1.      Contract for Goods and Services dated October 8, 2008 between Duke Realty Limited Partnership and Hannon Security Services, Inc. for security services for 1600 Tower and Money Gram Tower, St. Louis Park, MN.

SCHEDULE D
Knowledge Parties
Nicholas Anthony  

Vice Presidents – Asset Management:
Mark Dukes Vice President of Asset Management - Atlanta
Scott Cipriani Vice President of Asset Management – Central Florida
Matthew Roberts - Vice President of Asset Management – Chicago
Aimee D’Amore – Vice President of Asset Management –Columbus
Bryan Parker – Vice President of Asset Management – Dallas
Carl Awalt – Vice President of Asset Management - Minneapolis

Senior Vice Presidents – Business Unit Head:
Doug Irmcher, Senior Vice President, Central Florida Business Unit Head
Chris Brown, Senior Vice President, Atlanta Business Unit Head
Jeff Thornton, Senior Vice President, Dallas Business Unit Head
Pat Mascia, Senior Vice President, Minneapolis Business Unit Head
Steve Schnur, Senior Vice President, Chicago Business Unit Head
Jim Clark, Senior Vice President, Columbus Business Unit Head

Asset Managers:

	
			
	Name
	BusinessUnit
	PropertyManager

	2850 Premiere Parkway
	Atlanta Industrial
	Miller Getz

	Huntcrest I
	Atlanta Office
	Miller Getz

	Northwinds III
	Atlanta Office
	Thomas Rust

	800 North Point Parkway
	Atlanta Office
	Thomas Rust

	900 North Point Parkway
	Atlanta Office
	Thomas Rust

	Northwinds Restaurant
	Atlanta Office
	Thomas Rust

	Northwinds IV
	Atlanta Office
	Thomas Rust

	Sugarloaf VI
	Atlanta Office
	Miller Getz

	Hampton Green Office I
	Atlanta Office
	Miller Getz

	Northwinds VII
	Atlanta Office
	Thomas Rust

	Sugarloaf Office I
	Atlanta Office
	Miller Getz

	3805 Crestwood Parkway
	Atlanta Office
	Natalie Plowden

	Radiant I
	Atlanta Office
	Natalie Plowden

	3885 Crestwood Parkway
	Atlanta Office
	Natalie Plowden

	Sugarloaf Office IV
	Atlanta Office
	Miller Getz

	Sugarloaf Office V
	Atlanta Office
	Miller Getz

	Huntcrest II
	Atlanta Office
	Miller Getz

	Sugarloaf Office II (3039)
	Atlanta Office
	Miller Getz

	Sugarloaf Office III (2810)
	Atlanta Office
	Miller Getz

	Northwinds VI
	Atlanta Office
	Thomas Rust

	Huntcrest IV
	Atlanta Office
	Miller Getz

	Huntcrest III
	Atlanta Office
	Miller Getz

	Radiant II
	Atlanta Office
	Natalie Plowden

	Northwinds I
	Atlanta Office
	Thomas Rust

	Sugarloaf VII
	Atlanta Office
	Miller Getz

	Northwinds II
	Atlanta Office
	Thomas Rust

	Northwinds V
	Atlanta Office
	Thomas Rust

	Northwinds Village
	Atlanta Office
	Thomas Rust

	Northwinds Bus. Park Pkg. Lot
	Atlanta Office
	Thomas Rust

	6650 Sugarloaf Parkway
	Atlanta Office
	Miller Getz

	Brookside I
	Atlanta Office
	Natalie Plowden

	Brookside II
	Atlanta Office
	Natalie Plowden

	Preston Ridge IV
	Atlanta Office
	Natalie Plowden

	Highland Oaks III
	Central Florida Office
	Sarah Nettles

	Northpoint I
	Central Florida Office
	Lisa Franklin

	Northpoint II
	Central Florida Office
	Lisa Franklin

	Celebration Business Center I
	Central Florida Office
	Lisa Franklin

	Celebration Office Center I
	Central Florida Office
	Lisa Franklin

	Highland Oaks I
	Central Florida Office
	Sarah Nettles

	Highland Oaks II
	Central Florida Office
	Sarah Nettles

	Celebration Office Center II
	Central Florida Office
	Lisa Franklin

	Celebration Business Center II
	Central Florida Office
	Lisa Franklin

	Northpoint IV
	Central Florida Office
	Lisa Franklin

	Highland Oaks V
	Central Florida Office
	Sarah Nettles

	Highland Oaks IV
	Central Florida Office
	Sarah Nettles

	Oakmont Tech Center
	Chicago Office
	Brian Crump

	Executive Towers I
	Chicago Office
	June McCrory

	Executive Towers II
	Chicago Office
	June McCrory

	Executive Towers III
	Chicago Office
	June McCrory

	
			
	Atrium II
	Chicago Office
	Maria Koscik

	O'Hare International Ctr II
	Chicago Office
	Michael Lisula

	2000 York Road
	Chicago Office
	Brian Crump

	Riverway MW II (Ground Lease)
	Chicago Office
	Michael Lisula

	O'Hare International Ctr I
	Chicago Office
	Michael Lisula

	2275 Cabot Drive
	Chicago Office
	June McCrory

	Riverway East
	Chicago Office
	Michael Lisula

	Riverway West
	Chicago Office
	Michael Lisula

	Riverway Central
	Chicago Office
	Michael Lisula

	Easton Way Three
	Columbus Office
	Lorraine Stelzer

	Easton Way Two
	Columbus Office
	Jennifer Baiamonte

	Easton Way One
	Columbus Office
	Jennifer Baiamonte

	Scioto Corporate Center
	Columbus Office
	Aimee D'Amore

	5555 Parkcenter Circle
	Columbus Office
	Jennifer Baiamonte

	Parkwood Place
	Columbus Office
	Bill Casassa

	Qwest
	Columbus Office
	Bill Casassa

	4700 Lakehurst Court
	Columbus Office
	Lorraine Stelzer

	Atrium II, South Tower
	Columbus Office
	Jennifer Baiamonte

	Parkwood II
	Columbus Office
	Jennifer Baiamonte

	5500 Glendon Court
	Columbus Office
	Lorraine Stelzer

	5555 Glendon Court
	Columbus Office
	Lorraine Stelzer

	Atrium II, North Tower
	Columbus Office
	Jennifer Baiamonte

	Blazer I
	Columbus Office
	Lorraine Stelzer

	6525 West Campus Oval
	Columbus Office
	Jennifer Baiamonte

	4400 Easton Commons
	Columbus Office
	Bill Casassa

	Blazer II
	Columbus Office
	Lorraine Stelzer

	Compmanagement
	Columbus Office
	Lorraine Stelzer

	Emerald III
	Columbus Office
	Lorraine Stelzer

	5560 Tennyson Parkway
	Dallas Office
	Jeanne Coyle

	Duke Bridges III
	Dallas Office
	Jeanne Coyle

	One Allen Center
	Dallas Office
	Jeanne Coyle

	5556 Tennyson Parkway
	Dallas Office
	Jeanne Coyle

	1600 Tower
	Minneapolis Office
	Lance Brockmueller

	MoneyGram Tower
	Minneapolis Office
	Lance Brockmueller

SCHEDULE 2.1(b)(ii)
Personal Property 

All fixtures, chattels, equipment and articles of personal property placed in, attached to or located on each Property used in connection with the operation and maintenance of the Property that is owned by Seller or its Affiliates as of the date of this Agreement.

SCHEDULE 2.5
Allocated Asset Value 

Allocated Asset Values set forth in the file entitled 20111011 – Schedule 2.5 - Allocated Asset Values delivered by Seller to Buyer counsel via email on October 20, 2011 and received by Buyer at 4:33PM.

SCHEDULE 3.1(c)
Consents 

None

SCHEDULE 3.1(d)
Conflicts 

None

SCHEDULE 3.2(b)
Material Contracts
1.      Contract for Goods and Services dated October 8, 2008 between Duke Realty Limited Partnership and Hannon Security Services, Inc. for security services for 1600 Tower and Money Gram Tower, St. Louis Park, MN.
 
2.      Contract for Goods and Services dated December 1, 2010 between Duke Realty Limited Partnership and Mr. Shuttle, Inc. for shuttle services at OIC I and OIC II, Rosemont, IL.
 
3.      Contract for Goods and Services dated December 1, 2010 between Riverway Association, Inc. and Mr. Shuttle, Inc. for shuttle services at the Riverway Complex, Rosemont, IL.
 
4.      Management Agreement dated February 20, 2006 between OIC Midwest LLC and Sodexho America, LLC to manage and operate food service for clients and guests of the property at 10275 Higgins Road, Rosemont, Illinois; Assignment and Assumption of such Management Agreement dated July 13, 2006 from OIC Midwest LLC to Duke Fitness Centers, LLC; First Amendment to Management Agreement dated July 27, 2006 and Second Amendment to Management Agreement dated October 22, 2009.
 
5.      Music Service Agreements between Duke Realty Corp and Muzak, LLC as follows:
 
a.       Music Service Agreement dated May 27, 2003 for Audio Architecture services at 4249 Easton Way, Columbus, OH.
b.      Music Service Agreement dated May 27, 2003 for Audio Architecture services at 4449 Easton Way, Columbus, OH.
c.       Music Service Agreement dated April 24, 3002 for Audio Architecture services at 5500 Glendon Court, Dublin, OH.
d.      Music Service Agreement dated February 11, 2005 for Audio Architecture services at 4700 Lakehurst Court, Dublin, OH.
e.       Music Service Agreement dated December 6, 2005 for Audio Architecture services at 5600 Blazer Parkway, Dublin, OH.
f.        Music Service Agreement dated January 27, 2007 for Audio Architecture services at 4400 Easton Commons, Columbus, OH.
g.       Music Service Agreement dated January 27, 2007 for Audio Architecture services at 5555 Parkcenter Circle, Dublin, OH.
h.       Music Service Agreement dated January 27, 2007 for Audio Architecture 

services at 6525 Campus Oval, New Albany, OH.
i.         Music Service Agreement dated November 14, 2008 for Audio Architecture services at 6500 Emerald Parkway, Dublin, OH.
j.        Music Service Agreement dated November 19, 2008 for Audio Architecture services at 4939 Easton Way, Columbus, OH.
 
6.      Retail Electric Supplier Agreement between MidAmerican Energy Company and Duke Secured Financing 2009 - 1ALZ, LLC dated December 17, 2010 for: 
a.       9377 W. Higgins Road, Rosemont, IL
b.      9399 W. Higgins Road, Rosemont, IL
c.       6133 N. River Road, Rosemont, IL
 
7.      Retail Electric Supplier Agreement between MidAmerican Energy Company and Duke York Road, LLC dated December 22, 2010 for 2000 York Road, Oak Brook, IL.
 
8.      Retail Electric Supplier Agreement between MidAmerican Energy Company and OIC Midwest LLC dated December 22, 2010 for: 
 
a.       10255 W. Higgins Road, Rosemont, IL
b.      10275 W. Higgins Road, Rosemont, IL
 
9.      Retail Electric Supplier Agreement between MidAmerican Energy Company and Duke Realty Limited Partnership dated December 22, 2010 for:
 
a.       1400 Opus Place, Downers Grove, IL
b.      2275 Cabot Drive, Lisle, IL
c.       3030 W. Salt Creek Lane, Arlington Heights, IL
d.      1411 Opus Place, Downers Grove, IL
 
10.  Retail Electric Supplier Agreement between MidAmerican Energy Company and Duke Construction Limited Partnership dated December 17, 2010 for: 
 
a.       700 Central Expy S, Allen, TX
b.      7460 Warren Pkwy, Frisco, TX
 
11.  Retail Electric Supplier Agreement between MidAmerican Energy Company and Duke Realty Limited Partnership dated December 17, 2010 for: 
 
a.       637 Freeport Pkwy, Coppell, TX
b.      694 Freeport Pkwy, Coppell, TX

c.       7559 McCandless Way, Frisco, TX (Duke Bridges OA)
d.      4003 Gifford St. Unit A, Grand Prairie, TX
 
12.  GEXA Energy Electric Sales Terms of Service (Texas Large Commercial) between Gexa Energy, LP and duke Realty Limited Partnership dated November 23, 2010 for 5560 Tennyson Pkwy, Plano, TX, 5556 Tennyson Pkwy, Plano, TX, 4003 Gifford St. Grand Prairie, TX. 

SCHEDULE 3.2(c)
Leases
 
Those certain Leases contained in the data site known as Duke Realty – Partner Connect – Lazard Portfolio under the following folders as of October 19, 2011:

1.     Tenant Information – Lease Documents

    
	
	
	Jurisdiction

	Atlanta

	Central Florida

	Chicago

	Columbus

	Dallas

	Minneapolis

 

2.    Tenant Information -License Documents

	
	
	Jurisdiction

	Atlanta

	Central Florida

	Chicago

	Columbus

 

SCHEDULE 3.2(c)(i)
Tenant Improvements and Other Construction Work
Tenant Improvements and Other Construction Work set forth in the file entitled Remaining Capex for Lazard Portfolio delivered by Seller’s counsel to Buyer and Buyer’s counsel via email on October 20, 2011 and received by Buyer’s counsel at 6:25PM.

SCHEDULE 3.2(c)(ii)
Tenant Defaults
See Schedule 3.2(v)

SCHEDULE 3.2(d)
Leasing and Brokerage Commissions and Agreements

Those certain Affiliate Leasing and Brokerage Agreements contained in the data site known as Duke Realty – Partner Connect – Lazard Portfolio under the following folders as of October 19, 2011:

Tenant Information – Commission Agreements

	
	
	Jurisdiction

	Atlanta

	Central Florida

	Chicago

	Columbus

	Dallas

	Minneapolis

 

Those certain Third Party Leasing and Brokerage Agreements contained in the data site known as Duke Realty – Partner Connect – Lazard Portfolio under the following folders as of October 19, 2011:

Tenant Information – Commission Agreements

	
	
	Jurisdiction

	Atlanta

	Central Florida

	Chicago

	Columbus

	Dallas

	Minneapolis

 
 

SCHEDULE 3.2(e)
Casualties and Condemnations
		
	1.
	O’Hare International Center I, 10275 West Higgins Road, Rosemont, IL- Buyer received a courtesy call from the Village of Rosemont regarding a possible road widening in connection with the widening of Manheim Road by the Illinois Department of Transportation.  No decisions have been reached and we have not received any written notice about the amount of land to be taken or if any will be taken.

		
	2.
	4700 Lakehurst Court, Columbus, OH – City of Columbus and City of Dublin are negotiating the installation of a roundabout which will require a taking of a part of this property.  No final area to be taken has been determined.

		
	3.
	Moneygram Tower, 1550 Utica Avenue, Minneapolis, MN – This is not a taking but the Seller is responsible for widening a remaining portion of the private road known as Utica Avenue when sewer improvements are completed pursuant to an Amended and Restated Contract for Private Redevelopment Development Agreement recorded against the property.  The widening will affect a small portion of the property.  Seller already completed most of the widening of the road.

Casualties Being Handled by Seller Insurance are Attached Below to this Schedule 3.2(e)

Schedule 3.2(j)
Building/ Zoning Violations

GEORGIA

Crestwood
3805 Crestwood Parkway (Crestwood) 3805 Crestwood Parkway, Duluth, GA 30096
Building code violations for expired permits: 
BLD 1996-11333 Ground Sign Permit; 
BLD 1996-11335 Ground Sign Permit; 
BLD 1996-11336 Ground Sign Permit.

3885 Crestwood Parkway (Crestwood) 3885 Crestwood Parkway, Duluth, GA 30096
Building code violations for expired permits: 
BLD 1997-10655 Ground Sign Permit; 
BLD 1998-01163 Irrigation Permit; 
BLD 2001-00840 Electrical only for fire suppression system for Suite 300 – Mitsubishi.

Hampton Green
Hampton Green Office I (Hampton Green) 3950 Shackleford Road, Duluth, GA 30096
Building code violation for expired permit: 
BLD 2000-13361 Cooling Tower Permit for Hampton Green Suite 300.

Huntcrest
Huntcrest I (Huntcrest) 1755 North Brown Road, Lawrenceville, GA 30043
Building code violation for expired permit: 
BLD 2000-10915 GROUND SIGN.

Huntcrest II (Huntcrest) 1745 North Brown Road, Lawrenceville, GA 30043
Building code violations for expired permits:  
BLD 2001-08592 Satellite Antennas 2.4 Bldg 1; 
BLD 2001-08595 Satellite Antennas 3.0 Bldg 2; 
BLD 2001-08596 Satellite Antennas 3.7 Bldg 1; 
BLD 2001-14883 Ground Sign for Motorola.

Huntcrest III (Huntcrest) 1735 North Brown Road, Lawrenceville, GA 30043
Building code violations for expired permit: 
BLD 2001-14927 Interior Finish Suite 100 Preferred Alliance.

Sugarloaf
6650 Sugarloaf Parkway (Sugarloaf) 6650 Sugarloaf Parkway, Duluth, GA 30097
Building code violations for expired permits: 
BLD 2003-14890 Retaining Wall Permit - Wall #1; 
BLD 2003-14891 Retaining Wall Permit - Wall #@; 
BLD 2003-00817 Retaining Wall Permit - Wall #3.

Sugarloaf Office II (3039) (Sugarloaf) 3039 Premiere Parkway, Duluth, GA 30096
Building code violations for expired permits: 
BLD 1999-01484 Ground Sign Permit; 
BLD 2000-03012 Plumbing Only Permit - Suite 700.

Sugarloaf Office III (2810) (Sugarloaf) 2810 Premiere Parkway, Duluth, GA 30096
Buillding code violations for expired permits: 
BLD 2000-04389 Ground Sign Permit; 
BLD 2000-09026 Ground Sign Permit.

Sugarloaf Office V (Sugarloaf) 3090 Premiere Parkway, Duluth, GA 30097
Building code violation for expired permit: 
BLD 2008-06924 Interior finish permit - Suite 300 - CH Robinson.

Sugarloaf VI (Sugarloaf) 2905 Premiere Parkway, Duluth, GA 30097
Building code violations for expired permits: 
BLD 2004-13959 Retaining Wall Permit; 
BLD 2004-13960 Retaining Wall Permit; 
BLD 2005-03800 Retaining Wall Permit; 
BLD 2005-12615 Ground Sign Permit; 
BLD 2005-13043 Interior Finish, SONA MED SPA Suite 100.

FLORIDA

Highland Oaks
Highland Oaks III (Highland Oaks) 4041 Park Oaks Blvd., Tampa, FL 33610
Expired Permit:
NSG10509  Building Sign/Quality Distribution/Southwest Elevation (Contact Twonda Bell at 813.635.7470 in order to clear) 

ILLINOIS

Riverway – Parking Garage building on Lot 9 of Riverway asset encroaches on set-back by up to 1.83 feet.

MINNESOTA

Moneygram
Open permits that could be in violation (The City has requested that all current or future owners agree to close out open permits; contact the Inspections Department at 952.924.2588 to schedule an inspection):

1600 Tower (Moneygram) 1600 Utica Avenue South, St. Louis Park, MN 55416
SL 196565 Alteration Commercial;
SL 196152 Alteration Commercial, Fire Stopping;
SL 195282 Alteration Commercial, Framing;
SL 164923 Alteration Commercial, Framing;
SL 120526 Conversion;
SL 117716 Alteration Commercial, tenant improvements, 4th and 5th floor;
SL 101053 Alteration Commercial, Add Second Required Exit Sign;
SL 095874 Conversion;

MoneyGram Tower (Moneygram) 1550 Utica Avenue South, St. Louis Park, MN 55416
SL196121 Alteration Commercial, Interior office remodel;
SL181762 Alteration Commercial, Adding 3 doors at existing common; 
SL162018 Alteration Commercial, Remodel existing space for tenant #945; 
SL158470 Alteration Commercial, Tenant Remodeling;
SL154726 Alteration Commercial, Framing;
SL145129 Alteration Commercial, Tenant remodel floors 2,3,4,5,9;
SL090635 Alteration Commercial, Remodel Commercial bldg;
SL078337 Alteration Commercial, Interior Remodeling.

SCHEDULE 3.2(r)
Third Party Loan Documents 

Sugarloaf (6650 Sugarloaf Parkway)

		
	1.
	Note and Deed to Secure Debt Assumption Agreement dated June 17, 2011 by and between Wells Fargo Bank, N.A., as Trustee for the Registered Holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-C3, 6650 Sugarloaf, LLC and DR 6650, LLC, recorded in Deed Book 50772, Page 197, Records of Gwinnett County, Georgia.

		
	2.
	Joinder by and Agreement of Original Indemnitor executed by Eric T. Cape, David Bowen and Thomas Phelps, Jr.

		
	3.
	Joinder by and Agreement of New Indemnitor executed by Duke Realty Corporation.

		
	4.
	Promissory Note dated April 29, 2005, in the principal amount of $6,000,000.00 executed by 6650 Sugarloaf, LLC in favor of Column Financial, Inc.

		
	5.
	Deed to Secure Debt and Security Agreement dated as of April 29, 2005 executed by 6650 Sugarloaf, LLC in favor of Column Financial, Inc., recorded in Book 42745, at Page 63, Records of Gwinnett County, Georgia.

		
	6.
	Assignment of Deed to Secure Debt and Security Agreement from Column Financial, Inc., to Wells Fargo Bank, N.A., as trustee for the registered holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates Series 2005-C3, dated as of April 7, 2005, effective as of June 29, 2005, recorded in Book 48522, Page 215, Records of Gwinnett County, Georgia.

		
	7.
	Assignment of Leases and Rents dated as of April 29, 2005, executed by 6650 Sugarloaf, LLC  in favor of Column Financial, Inc. recorded in Book 42745, Page 134, Records of Gwinnett County, Georgia.

		
	8.
	Indemnity and Guaranty Agreement dated as of April 29, 2005 executed by Eric T. Cape, David Bowen and Thomas Phelps, Jr. in favor of Column Financial, Inc.

		
	9.
	Hazardous Substances Indemnity Agreement dated as of April 29, 2005, executed by 6650 Sugarloaf, LLC, Eric T. Cape, David Bowen and Thomas Phelps, Jr. in favor of Column Financial, Inc. 

		
	10.
	Receipt and Closing Certificate dated April 29, 2005 and executed by 6650 Sugarloaf, LLC.

		
	11.
	Assignment of Assignment of Leases and Rents dated as of April 7, 2005, but to be 

effective June 29, 2005, by Column Financial, Inc. and Wells Fargo Bank, N.A., as Trustee for the Registered Holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-C3, recorded in Book 45822, Page 211, Records of Gwinnett County, Georgia.
		
	12.
	Partial Release of Assignment of Leases and Rents dated July 12, 2007 by Wells Fargo Bank, N.A., as Trustee for the Registered Holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates, Series 2005-C3, recorded in Book 48104, Page 836, Records of Gwinnett County, Georgia.

		
	13.
	UCC Financing Statement showing 6650 Sugarloaf, LLC as Debtor and Column Financial, Inc. as Secured Party recorded in Book 42745, Page 144, Records of Gwinnett County, Georgia; as assigned to Wells Fargo Bank, N.A., as trustee for the registered holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates Series 2005-C3 by UCC Financing Statement Amendment, recorded in Book 45822, Page 210, Records of Gwinnett County, Georgia; as amended by UCC Financing Statement Amendment, recorded in Book 48104, Page 835, Records of Gwinnett County, Georgia; as continued by UCC Financing Statement Amendment, recorded in Book 49823, Page 148, Records of Gwinnett County, Georgia. 

		
	14.
	UCC 1 Financing Statement No. 67-2005-004976 showing 6650 Sugarloaf, LLC as Debtor and Column Financial, Inc. as Secured Party recorded May 18, 2005; as assigned to Wells Fargo Bank, N.A., as trustee for the registered holders of Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates Series 2005-C3 by UCC Financing Statement Amendment No. 67-2005-012998; as continued by UCC Financing Statement Amendment No.  67-2009-008556.

		
	15.
	UCC Financing Statement showing 6650 Sugarloaf, LLC as Debtor and Peoples Bank & Trust as Secured Party recorded in Book 46756, Page 358, Records of Gwinnett County, Georgia. 

		
	16.
	UCC Financing Statement showing DR6650, LLC as Debtor and Wells Fargo Bank, N.A., as Trustee as Secured Party, recorded in Book 50772, Page 238, Records of Gwinnett County, Georgia. 

Aegon I (Northwinds III)

		
	1.
	Loan Assumption and Modification Agreement dated as of August 2, 2004 between Duke Realty Limited Partnership and Transamerica Occidental Life Insurance Company and joined in by Three and 400 Northwinds Center, L.P., recorded in Book 38160, Page 360, Records of Fulton County, Georgia (including Environmental Insurance Agreement attached thereto).

		
	2.
	 Assignments of Deed of Trust and Other Loan Documents dated April 1, 2003 by Peoples Benefit Life Insurance Company and Transamerica Occidental Life Insurance Company recorded in Book 36985, Page 678, Records of Fulton County, Georgia.

		
	3.
	Secured Promissory Note dated October 6, 1999 in the principal amount of $16,312,500.00 executed by Three and 400 Northwinds Center, L.P. in favor of Peoples Benefit Life Insurance Company.

		
	4.
	Deed to Secure Debt and Security Agreement dated October 6, 1999 by and between Three and 400 Northwinds Center, L.P. and Peoples Benefit Life Insurance Company recorded in Book 27775, Page 269, Records of Fulton County, Georgia.

		
	5.
	QuitClaim Deed of release with Reservation of Easements dated October 7, 2008 from Transamerica Life Insurance Company, as successor by merger to Transamerica Occidental Life Insurance Company to Duke Realty Limited Partnership, recorded in Book 47249, Page 312, Records of Fulton County, Georgia.

		
	6.
	Scrivener's Affidavit by Darlene J. Palmer dated November 10, 2008, recorded in Book 47348, Page 386, Records of Fulton County, Georgia.

		
	7.
	Loan Documents Modification Agreement dated October, 2008 by and between Transamerica Life Insurance Company and Duke Realty Limited Partnership, recorded in Book 47249, Page 573, Records of Fulton County, Georgia.

		
	8.
	Absolute Assignment of Lease and Rents dated October 6, 1999 by and between Three and 400 Northwinds Center, L.P. and Peoples Benefit Life Insurance Company, recorded in Book 27775, Page 322, Records of Fulton County, Georgia.

		
	9.
	Unsecured Environmental Indemnity Agreement by Three and 400 Northwinds Center, L.P. in favor of Peoples Benefit Life Insurance Company. 

		
	10.
	Indemnity Agreement (Indemnity of Carveouts) by Three and 400 Northwinds Center, L.P. in favor of Peoples Benefit Life Insurance Company.

		
	11.
	U.C.C. Financing Statement showing Three and 400 Northwinds Center, L.P. as Debtor and Peoples Benefit Life Insurance Company as Secured Party, recorded October 12, 1999 in Book 27775, Page 343, aforesaid Records; as assigned to Transamerica Occidental Life Insurance Company, recorded February 5, 2004 in Book 36998, Page 608, aforesaid Records; as continued by U.C.C. Financing Statement Amendment, recorded June 30, 2004 in Book 37934, Page 274, aforesaid Records; as amended by U.C.C. Financing Statement Amendment, recorded August 4, 2004 in Book 38160, Page 504, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment, recorded October 16, 2008 in Book 47277, Page 27, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment, recorded November 4, 2008 in Book 47328, Page 60, aforesaid Records; as further continued by U.C.C. Financing Statement Amendment, recorded 

April 27, 2009 in Book 47870, Page 49, aforesaid Records.
		
	12.
	U.C.C. Financing Statement showing Duke Realty Limited Partnership as Debtor and Transamerica Occidental Life Insurance Company as Secured Party, recorded August 4, 2004 in Book 38160, Page 497, aforesaid Records; as amended by U.C.C. Financing Statement Amendment, recorded October 8, 2008 in Book 47249, Page 585, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment, recorded October 16, 2008 in Book 47277, Page 26, aforesaid Records; as continued by U.C.C. Financing Statement Amendment, recorded April 27, 2009 in Book 47870, Page 48, aforesaid Records.

		
	13.
	U.C.C. 1 Financing Statement No. 060199919677 showing Three and 400 Northwinds Center, L.P. as Debtor and Peoples Benefit Life Insurance Company as Secured Party, entered of record October 12, 1999 aforesaid Records; as assigned to Transamerica Occidental Life Insurance Company by U.C.C. Financing Statement Amendment No. 060200401900, entered of record February 17, 2004, aforesaid Records; as continued by U.C.C. Financing Statement Amendment No. 060200408369, entered of record June 30, 2004, aforesaid Records; as amended by U.C.C. Financing Statement Amendment No. 060200409978, entered of record August 4, 2004, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment No. 060200409979, entered of record August 4, 2004, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment No. 0602008-10113, entered of record October 8, 2008, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment No. 0602008-10341, entered of record October 16, 2008, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment No. 0602008-10879, entered of record November 4, 2008, aforesaid Records; as further continued by U.C.C. Financing Statement Amendment No. 0602009-03549, entered of record April 27, 2009, aforesaid Records.

Aegon II (Northwinds IV)

		
	1.
	Loan Assumption and Modification Agreement dated as of August 2, 2004 between Duke Realty Limited Partnership and Transamerica Occidental Life Insurance Company and joined in by Three and 400 Northwinds Center, L.P. recorded in Book 38160, Page 382, Records of Fulton County, Georgia (including Environmental Insurance Agreement attached thereto).

		
	2.
	Assignments of Deed of Trust and Other Loan Documents dated April 1, 2003 by Peoples Benefit Life Insurance Company and Transamerica Occidental Life Insurance Company recorded in Book 36985, Page 682, Records of Fulton County, Georgia.

		
	3.
	Secured Promissory Note dated October 6, 1999 in the principal amount of $15,525,000.00 executed by Three and 400 Northwinds Center, L.P. in favor of Peoples Benefit Life Insurance Company.

		
	4.
	Deed to Secure Debt and Security Agreement dated October 6, 1999 by and between 

Three and 400 Northwinds Center, L.P. and Peoples Benefit Life Insurance Company recorded in Book 27770, Page 101, Records of Fulton County, Georgia.
		
	5.
	Absolute Assignment of Lease and Rents dated October 6, 1999 by and between Three and 400 Northwinds Center, L.P. and Peoples Benefit Life Insurance Company recorded in Book 27770, Page 154, Records of Fulton County, Georgia.

		
	6.
	Unsecured Environmental Indemnity Agreement by Three and 400 Northwinds Center, L.P. in favor of Peoples Benefit Life Insurance Company.

		
	7.
	Indemnity Agreement (Indemnity of Carveouts) by Three and 400 Northwinds Center, L.P. in favor of Peoples Benefit Life Insurance Company.

		
	8.
	U.C.C. Financing Statement showing Three and 400 Northwinds Center, L.P. as Debtor and Peoples Benefit Life Insurance Company as Secured Party, recorded October 12, 1999 in Book 27770, Page 175, aforesaid Records; as assigned to Transamerica Occidental Life Insurance Company by UCC Financing Statement Amendment, recorded February 5, 2004 in Book 36998, Page 611, aforesaid Records; as continued by U.C.C. Financing Statement Amendment No. 060200408585, recorded July 1, 2004, aforesaid Records; as amended by UCC Financing Statement Amendment, recorded August 4, 2004 in Book 38160, Page 491, aforesaid Records; as further amended by UCC Financing Statement Amendment, recorded January 4, 2005 in Book 39126, Page 454, aforesaid Records; as further amended by UCC Financing Statement Amendment, recorded February 3, 2005 in Book 39333, Page 295, aforesaid Records; as further amended by UCC Financing Statement Amendment, recorded May 1, 2009 in Book 47889, Page 110, aforesaid Records; as continued by UCC Financing Statement Amendment, recorded May 1, 2009 in Book 47889, Page 111, aforesaid Records.

		
	9.
	U.C.C. Financing Statement showing Duke Realty Limited Partnership as Debtor and Transamerica Occidental Life Insurance Company as Secured Party, recorded August 4, 2004 in Book 38160, Page 484, aforesaid Records; as amended by UCC Financing Statement Amendment, recorded March 3, 2009 in Book 47660, Page 156, aforesaid Records; as continued by UCC Financing Statement Amendment, recorded March 3, 2009 in Book 47660, Page 157, aforesaid Records.

		
	10.
	U.C.C. 1 Financing Statement No. 060199919676 showing Three and 400 Northwinds Center, L.P. as Debtor and Peoples Benefit Life Insurance Company as Secured Party, entered of record October 12, 1999, aforesaid Records; as assigned to Transamerica Occidental Life Insurance Company by U.C.C. Financing Statement Amendment No. 060200401901, entered of record February 17, 2004, aforesaid Records; as continued by U.C.C. Financing Statement Amendment No. 060200408584, entered of record July 1, 2004, aforesaid Records; as amended by U.C.C. Financing Statement Amendment No. 060200409976, entered of record August 4, 2004, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment No. 060200409977, entered of record August 4, 2004, aforesaid Records; as further amended by U.C.C. Financing Statement Amendment 

No. 0602009-03668; entered of record May 1, 2009, aforesaid Records; as further continued by U.C.C. Financing Statement Amendment No. 0602009-03669, entered of record May 1, 2009, aforesaid Records.

SCHEDULE 3.2(u) 
 
Security Deposits Held by the Sellers

See Attached

Duke Realty
Schedule 3.2 (u) - Security Deposits by the Sellers
9/30/11

	
						
	Project ID
	Type
	City
	Bldg Name
	Doing Business As
	GL Amount

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	TitleMax of Georgia, Inc.
	32,900.50

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	North Point Underwriters
	10,210.56

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	Volcano Corporation
	6,086.67

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	Lauren Engineers & Constructor
	5,339.00

	PBBOP02A
	Cash
	 Atlanta
	Brookside I
	Susan Evans, PSY.D.,PC
	4,453.89

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	Timme Financial Research
	4,293.54

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	Charles E. Saul, PC
	3,471.00

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	Clear2Pay Americas, Inc.
	2,871.38

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	Edwin M. Saginar
	2,812.33

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	Georgia Sales Development, Inc.
	2,600.00

	PBBOP02A
	Cash
	Atlanta
	Brookside I
	Geo-Corp, Inc.
	5,425.33

	PBBOP04A
	Cash
	Atlanta
	Brookside II
	FiberLight, LLC
	24,150.00

	PBBOP04A
	Cash
	Atlanta
	Brookside II
	Uni-Ter Underwriting Mgt. Corp.
	22,595.75

	PBBOP04A
	Cash
	Atlanta
	Brookside II
	Kronos, Inc.
	15,857.58

	PBBOP04A
	Cash
	Atlanta
	Brookside II
	Daugherty Systems, Inc.
	15,460.50

	PBBOP04A
	Cash
	Atlanta
	Brookside II
	Law Office of Kenneth R Luther
	4,920.00

	PBBOP04A
	Cash
	Atlanta
	Brookside II
	Westfal-Larsen Shipping US Inc.
	2,990.48

	PBBOP04A
	Cash
	Atlanta
	Brookside II
	Kelly Services, Inc.
	2,566.66

	PBBOP04A
	Cash
	Atlanta
	Brookside II
	Kitchen of Pleasure
	1,652.00

	PBCWP001
	Cash
	Atlanta
	3805 Crestwood Pkwy
	Shorter University, Inc.
	29,108.46

	PBCWP001
	Cash
	Atlanta
	3805 Crestwood Pkwy
	Lunex Group, Inc.
	11,086.25

	PBCWP001
	Cash
	Atlanta
	3805 Crestwood Pkwy
	Entaire Global Companies, Inc.
	7,730.20

	PBCWP001
	Cash
	Atlanta
	3805 Crestwood Pkwy
	Ask Staffing, Inc.
	5,500.00

	PBCWP001
	Cash
	Atlanta
	3805 Crestwood  Pkwy
	Professional Ins. Agents of GA
	4,159.17

	PBCWP001
	Cash
	Atlanta
	3805 Crestwood Pkwy
	Utilities Analyses, Inc.
	3,481.75

	PBCWP001
	Cash
	Atlanta
	3805 Crestwood Pkwy
	LM Consultants, Inc.
	1,816.08

	PBCWP002
	Cash
	Atlanta
	3885 Crestwood Pkwy
	Atlanta Regional Commission
	12,203.80

	PBCWP002
	Cash
	Atlanta
	3885 Crestwood Pkwy
	Law Office of Kenneth R Luther
	11,300.00

	PBCWP002
	Cash
	Atlanta
	3885 Crestwood Pkwy
	Advanced I&I Group, Inc.
	4,762.00

	PBCWP002
	Cash
	Atlanta
	3885 Crestwood Pkwy
	Atlanta Mexican Foods, Inc.
	3,926.63

	PBCWP002
	Cash
	Atlanta
	3885 Crestwood Pkwy
	Feld Entertainment
	3,664.38

	PBCWP002
	Cash
	Atlanta
	3885 Crestwood Pkwy
	Exeter Finance Corporation
	7,314.63

	PBCWP002
	Cash
	Atlanta
	3885 Crestwood Pkwy
	Novalux Amercia, Inc.
	2,229.00

	PBHGR001
	Cash
	Atlanta
	Hampton Green Office I
	Poli Mortgage Group, Inc.
	7,204.50

	PBHGR001
	Cash
	Atlanta
	Hampton Green Office I
	W. Michael Bush, CPA
	4,389.13

	PBHGR001
	Cash
	Atlanta
	Hampton Green Office I
	Configero, LLC
	3,253.63

	PBHNC01A
	Cash
	Atlanta
	Huntcrest I
	Office Suites Plus Prop., Inc.
	35,798.00

	
						
	PBHNC01A
	Cash
	Atlanta
	Huntcrest I
	Gwinnett Hospital System, Inc.
	8,000.00

	PBHNC01A
	Cash
	Atlanta
	Huntcrest I
	Dick Robinson Media Atlanta
	7,600.00

	PBHNC01A
	Cash
	Atlanta
	Huntcrest I
	Richland Technologies, LLC
	7,081.92

	PBHNC02A
	Cash
	Atlanta
	Huntcrest II
	PKF North American Network
	16,407.78

	PBHNC02A
	Cash
	Atlanta
	Huntcrest II
	Weissman, Nowack, Curry & Wilco PC
	6,296.99

	PBHNC02A
	Cash
	Atlanta
	Huntcrest II
	Duplicating Products, Inc.
	4,890.92

	PBHNC02A
	Cash
	Atlanta
	Huntcrest II
	Pinnacle Partners Group, LLC
	3,340.50

	PBHNC02A
	Cash
	Atlanta
	Huntcrest II
	Phillip Blount & Assoc., Inc.
	2,546.25

	PBHNC02A
	Cash
	Atlanta
	Huntcrest II
	AWD Management Services, Inc.
	1,592.54

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	Brightree LLC
	42,403.54

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	Curriculum Advantage, Inc.
	19,177.84

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	Medical Dist. Solutions, Inc.
	10,715.65

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	Healthcare Partners, Inc.
	10,000.00

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	ArcherPoint, LLC
	8,910.00

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	Tallmadge & Hill Company
	6,700.00

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	Ganek Wright Minsk PC
	6,380.44

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	E2E Resources, Inc.
	5,000.00

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	Anderson Corporate Solutions
	4,416.04

	PBHNC03A
	Cash
	Atlanta
	Huntcrest III
	HSP Consulting, Inc.
	3,298.33

	PBNWP002
	Cash
	Atlanta
	Northwinds VII
	Magellan Behavioral Health, Inc.
	47,863.75

	PBNWP002
	Cash
	Atlanta
	Northwinds VII
	Obvient Strategies, Inc.
	11,427.54

	PBNWP002
	Cash
	Atlanta
	Northwinds VII
	Southern Investors Group, Ltd.
	9,417.15

	PBNWP002
	Cash
	Atlanta
	Northwinds VII
	AthenaHealth, Inc.
	8,160.40

	PBNWP002
	Cash
	Atlanta
	Northwinds VII
	Eucatex of North America, Inc.
	2,662.98

	PBNWP002
	Cash
	Atlanta
	Northwinds VII
	Attorney's Title Ins. Fund, Inc.
	2,125.60

	PBNWP003
	Cash
	Atlanta
	Northwinds I
	Benjamin F. Edwards & Co., Inc.
	45,000.00

	PBNWP003
	Cash
	Atlanta
	Northwinds I
	Guardian Investment R.E., Inc.
	20,000.00

	PBNWP003
	Cash
	Atlanta
	Northwinds I
	The Standard Register Company
	11,670.60

	PBNWP003
	Cash
	Atlanta
	Northwinds I
	Suntrust Mortgage, Inc.
	11,507.67

	PBNWP003
	Cash
	Atlanta
	Northwinds I
	TechTarget, Inc.
	9,173.75

	PBNWP003
	Cash
	Atlanta
	Northwinds I
	Informatica Corporation
	7,500.00

	PBNWP004
	Cash
	Atlanta
	Northwinds II
	Veeam Software Corporation
	40,789.83

	PBNWP004
	Cash
	Atlanta
	Northwinds II
	Implantable Provider Group, Inc.
	8,500.96

	PBNWP004
	Cash
	Atlanta
	Northwinds II
	Jan-Pro Franchising Int'l, Inc;
	6,342.42

	PBNWP004
	Cash
	Atlanta
	Northwinds II
	SunGard Availability Srvcs LP
	5,275.00

	PBNWP004
	Cash
	Atlanta
	Northwinds II
	Profisee Group, Inc.
	4,525.50

	PBNWP004
	Cash
	Atlanta
	Northwinds II
	George E. Lee, PC
	3,351.75

	PBNWP004
	Cash
	Atlanta
	Northwinds II
	Stewart, Kizzar & Brockelbank
	2,470.50

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Tensar Corporation
	149,620.83

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Wells Fargo Securities, LLC
	19,910.42

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Next Step Learning, Inc.
	13,000.00

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Pexco, LLC
	11,116.77

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Fullscope, Inc.
	10,000.00

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Pace USA, Inc.
	6,364.00

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Openwave Systems Inc.
	6,209.83

	
						
	PBNWP005
	Cash
	Atlanta
	Northwinds III
	O'Kelley & Sorohan Attorneys
	5,311.17

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Stevens & Williamson, P.C.
	5,143.13

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	KSGW Architects, LLC
	4,677.75

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Ajilon Professional Staffing
	4,357.33

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Great American Ins. Co.
	4,042.19

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Armored Autogroup Sales, Inc.
	3,807.92

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Whirley & Associates, LLC
	2,913.33

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Colliers Int'l Valuation
	2,509.50

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Meridian Realty Consultants
	1,588.33

	PBNWP005
	Cash
	Atlanta
	Northwinds III
	Steele Plus
	93.26

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	Surgical Information Systems
	31,598.00

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	Tender Loving Care Health Care
	24,624.00

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	BB&T Insurance Services, Inc.
	11,497.75

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	Next Step Learning, Inc.
	8,500.00

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	The Greater N Fulton Chamber
	7,000.00

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	Archon Group, LP
	6,829.58

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	Mangan, Inc.
	5,153.75

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	B.K.Sterling, Inc.
	5,000.00

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	Academy Residental Mortgage
	4,969.44

	PBNWP006
	Cash
	Atlanta
	Northwinds IV
	Fishnet Security, Inc.
	4,824.63

	PBNWP007
	Cash
	Atlanta
	Northwinds V
	National Christian Charitable
	46,031.38

	PBNWP007
	Cash
	Atlanta
	Northwinds V
	International Environmental
	31,932.17

	PBNWP007
	Cash
	Atlanta
	Northwinds V
	Stratature, Inc.
	13,867.19

	PBNWP007
	Cash
	Atlanta
	Northwinds V
	CMAC, Inc.
	4,813.44

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	Amdocs, Inc.
	25,677.92

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	AIM Systems, Inc.
	23,892.19

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	Elgia, Inc.
	20,000.00

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	Dodge Communications, Inc.
	18,410.32

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	ULQ, LLC
	13,890.00

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	Knology, Inc.
	12,013.50

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	Epsilon Data Management, LLC
	10,290.71

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	Zero 2 Ten, Inc.
	6,740.25

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	Triton Value Partners, LLC
	4,543.29

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	B2T Training, LLC
	4,073.92

	PBNWP008
	Cash
	Atlanta
	Northwinds VI
	Nydree Flooring
	3,128.73

	PBNWP009
	Cash
	Atlanta
	Northwinds Village
	Thai-Thai Take-Out/Delivery
	4,400.00

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	Select Management Resources
	42,713.13

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	JMP Credit Advisors LLC
	28,039.25

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	The Evercare Company
	23,819.52

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	Centro NP LLC
	13,452.67

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	Goodwin Wright, Inc.
	12,567.18

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	TitleMax of Georgia, Inc.
	9,717.33

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	Bella Homes, LLC
	7,509.75

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	Vein Clinics of America, Inc.
	4,033.04

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	Infrascience, LLC
	4,000.00

	
						
	PBPRR01A
	Cash
	Atlanta
	Preston Ridge iV
	KC Holdings, Inc.
	3,879.00

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	Beacon Hill Staffing Group LLC
	3,490.50

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	OmniSource Corporation
	2,530.13

	PBPRR01A
	Cash
	Atlanta
	Preston Ridge IV
	JPC Investment Group, LLC
	1,709.51

	PBSGL009
	Cash
	Atlanta
	Sugarloaf Office IV
	Keck & Wood, Inc.
	26,466.50

	PBSGL009
	Cash
	Atlanta
	Sugarloaf Office IV
	Delta Apparel Inc.
	20,925.00

	PBSGL009
	Cash
	Atlanta
	Sugarloaf Office IV
	Optrex America, Inc.
	4,148.21

	PBSGL010
	Cash
	Atlanta
	Sugarloaf Office V
	Burgess Information Systems
	13,621.37

	PBSGL010
	Cash
	Atlanta
	Sugarloaf Office V
	Clearleap, Inc.
	9,966.62

	PBSGL010
	Cash
	Atlanta
	Sugarloaf Office V
	American Red Cross
	5,964.61

	PBSGL011
	Cash
	Atlanta
	Sugarloaf VI
	Telchemy, Inc.
	14,012.38

	PBSGL011
	Cash
	Atlanta
	Sugarloaf VI
	Peachtree Data, Inc.
	10,648.00

	PBSGL011
	Cash
	Atlanta
	Sugarloaf VI
	Deemer Dana & Froehle LLP
	9,871.29

	PBSGL011
	Cash
	Atlanta
	 Sugarloaf VI
	TIF Management, LLC
	7,486.06

	PBSGL011
	Cash
	Atlanta
	Sugarloaf VI
	A.E. Petsche Company, Inc.
	4,766.33

	PBSGL012
	Cash
	Atlanta
	Sugarloaf VII
	Wiss, Janney, Eistner Assc Inc
	20,029.79

	PBSGL012
	Cash
	Atlanta
	Sugarloaf VII
	Business Telephone Systems, Inc.
	6,195.00

	PBSGL012
	Cash
	Atlanta
	Sugarloaf VII
	Lance, Inc.
	5,266.67

	PBSGL06A
	Cash
	Atlanta
	Sugarloaf Office III (2810)
	Westbrook, McGrath, Bridges, Orth
	6,026.81

	PBSGL06A
	Cash
	Atlanta
	Sugarloaf Office III (2810)
	Bosch Rexroth Corporation
	3,615.66

	PBSGL06A
	Cash
	Atlanta
	Sugarloaf Office III (2810)
	AcuSport Corporation
	3,329.81

	PBSGL13A
	Cash
	Atlanta
	6650 Sugarloaf Parkway
	Allstaff HR Group, Inc.
	20,000.00

	PBSGL13A
	Cash
	Atlanta
	6650 Sugarloaf Parkway
	Prime Care Technologies, Inc.
	10,000.00

	PBSGL13A
	Cash
	Atlanta
	6650 Sugarloaf Parkway
	Virtual Properties Plus, Inc.
	9,188.29

	PBSGL13A
	Cash
	Atlanta
	6650 Sugarloaf Parkway
	Wilson Pulley Lewis, LLC
	6,158.33

	PBWDW001
	Cash
	Atlanta
	800 North Point Parkway
	Alcatel-Lucent USA Inc.
	426,773.49

	PBWDW002
	Cash
	Atlanta
	900 North Point Parkway
	Alcatel-Lucent USA Inc.
	323,226.51

	PBATR001
	Cash
	Chicago
	Atrium II
	Hodges Loizzi Eisenhammer
	8,552.00

	PBATR001
	Cash
	Chicago
	Atrium II
	American Digital Corporation
	5,000.00

	PBATR001
	Cash
	Chicago
	Atrium II
	Fleetmatics USA, Inc.
	3,333.33

	PBATR001
	Cash
	Chicago
	Atrium II
	Vista Resources, Inc.
	1,236.00

	PBETW001
	Cash
	Chicago
	Executive Towers I
	Redbox Automated Retail, LLC
	150,000.00

	PBETW001
	Cash
	Chicago
	Executive Towers I
	Blue Cargo Group, LLC
	25,642.55

	PBETW001
	Cash
	Chicago
	Executive Towers I
	Weir International Mining Con
	15,748.98

	PBETW001
	Cash
	Chicago
	Executive Towers I
	SFH Company, LLC
	9,926.93

	PBETW001
	Cash
	Chicago
	Executive Towers I
	Guaranteed Rate, Inc.
	9,900.00

	PBETW001
	Cash
	Chicago
	Executive Towers I
	Check Point Software Tech. Inc.
	7,254.30

	PBETW001
	Cash
	Chicago
	Executive Towers I
	Brocade Communications Systems
	5,399.99

	PBETW001
	Cash
	Chicago
	Executive Towers I
	Hexacode, LLC
	2,500.00

	PBETW001
	Cash
	Chicago
	Executive Towers I
	Nikitasha, Inc.
	1,000.00

	PBETW002
	Cash
	Chicago
	Executive Towers II
	Matson, Driscoll & Damico, LLP
	8,846.01

	PBETW002
	Cash
	Chicago
	Executive Towers II
	Century Distribution Systems
	7,100.00

	PBETW002
	Cash
	Chicago
	Executive Towers II
	Halsted Street Deli
	1,500.00

	PBETW003
	Cash
	Chicago
	Executive Towers III
	Griffin Pipe Products
	50,000.00

	PBETW003
	Cash
	Chicago
	Executive Towers III
	Management Assoc. of IL, The
	44,553.33

	
						
	PBETW003
	Cash
	Chicago
	Executive Towers III
	Dan River, Inc.
	2,858.33

	PBETW003
	Cash
	Chicago
	Executive Towers III
	Halsted Street Deli, Inc.
	1,599.50

	PBOIC001
	Cash
	Chicago
	O'Hare International Ctr I
	D.P. Technology Corp.
	11,712.99

	PBOIC001
	Cash
	Chicago
	O'Hare International Ctr I
	Akoya, Inc.
	9,025.26

	PBOIC001
	Cash
	Chicago
	O'Hare International Ctr I
	Pacific Direct Incorporated
	5,222.58

	PBOIC001
	Cash
	Chicago
	O'Hare International Ctr I
	Minnesota Life Insurance Co.
	5,200.00

	PBOIC001
	Cash
	Chicago
	O'Hare International Ctr I
	CBS Personnel Holdings, Inc.
	609.33

	PBOIC002
	Cash
	Chicago
	O'Hare International Ctr II
	LifeWatch Services, Inc.
	650,000.00

	PBOIC002
	Cash
	Chicago
	O'Hare International Ctr II
	Direct Medical Data
	16,710.00

	PBOKM001
	Cash
	Chicago
	Oakmont Tech Center
	Targeted Molecular Diagnostic
	25,000.00

	PBOKM001
	Cash
	Chicago
	Oakmont Tech Center
	HA International, LLC
	21,419.31

	PBRVW01A
	Cash
	Chicago
	Riverway East
	VanBuren Advisors, LLC
	12,000.00

	PBRVW01A
	Cash
	Chicago
	Riverway East
	OMS National Insurance Company
	9,968.00

	PBRVW01A
	Cash
	Chicago
	Riverway East
	Market Tools, Inc.
	8,908.86

	PBRVW01A
	Cash
	Chicago
	Riverway East
	Ponvia Technology, Inc.
	8,410.00

	PBRVW02A
	Cash
	Chicago
	Riverway West
	Simple Green
	30,000.00

	PBRVW02A
	Cash
	Chicago
	Riverway West
	The NPD Group, Inc.
	23,319.13

	PBRVW02A
	Cash
	Chicago
	Riverway West
	Vistage Worldwide, Inc.
	19,137.24

	PBYRK001
	Cash
	Chicago
	2000 York Road
	Integrated Merchandising System
	38,618.56

	PBYRK001
	Cash
	Chicago
	2000 York Road
	PerkinElmer, Inc.
	11,134.00

	PBYRK001
	Cash
	Chicago
	2000 York Road
	Boss Online, Inc.
	5,170.00

	PBYRK001
	Cash
	Chicago
	2000 York Road
	Control Engineering Corp.
	2,159.44

	PBYRK001
	Cash
	Chicago
	2000 York Road
	Franklin Partners, LLC
	2,145.00

	PBEAS004
	Cash
	Columbus
	Easton Way One
	Regus Business Centre Corp
	74,622.76

	PBEAS006
	Cash
	Columbus
	Easton Way Three
	Innovative Architect Planners
	11,852.64

	PBEAS006
	Cash
	Columbus
	Easton Way Three
	Total Quality Logistics, LLC
	7,828.37

	PBEAS006
	Cash
	Columbus
	Easton Way Three
	Harrison and Alo, LLC
	4,438.21

	PBSCI001
	Cash
	Columbus
	Scioto Corporate Center
	Frank E. Clegg, III
	3,092.25

	PBSCI001
	Cash
	Columbus
	Scioto Corporate Center
	B&B Research, Inc.
	1,570.00

	PBTUT005
	Cash
	Columbus
	5500 Glendon Court
	Mindleaders.com, Inc.
	23,295.34

	PBTUT015
	Cash
	Columbus
	Atruim II, South Tower
	Alternate Solutions Management
	4,497.46

	PBTUT015
	Cash
	Columbus
	Atruim II, South Tower
	Caffe Tomaso, Inc.
	449.35

	PBTUT016
	Cash
	Columbus
	Atrium II, North Tower
	Retirement Marketing Solutions
	5,528.13

	PBTUT017
	Cash
	Columbus
	Blazer I
	Delta Dental Plan of Ohio, Inc.
	8,300.00

	PBTUT019
	Cash
	Columbus
	Blazer II
	Robert Half International
	4,663.54

	PBTUT020
	Cash
	Columbus
	Emerald III
	Aerotek, Inc.
	13,000.00

	PBTUT020
	Cash
	Columbus
	Emerald III
	Clemans, Nelson, & Associates
	4,399.35

	PBACP001
	Cash
	Dallas
	One Allen Center
	GDSX, LTD
	22,170.75

	PBACP001
	Cash
	Dallas
	One Allen Center
	No Magic Incorporated
	14,914.38

	PBACP001
	Cash
	Dallas
	One Allen Center
	Cruse Financial Group, Inc.
	10,980.38

	PBACP001
	Cash
	Dallas
	One Allen Center
	Replacement Source of America
	10,094.18

	PBACP001
	Cash
	Dallas
	One Allen Center
	Patriot Bank
	9,499.00

	PBACP001
	Cash
	Dallas
	One Allen Center
	Webb, Scott dba AFLAC
	8,709.33

	PBACP001
	Cash
	Dallas
	One Allen Center
	Warmbrodt & Associates, PLLC
	8,204.84

	PBACP001
	Cash
	Dallas
	One Allen Center
	Simcrest, Inc.
	8,076.77

	
						
	PBACP001
	Cash
	Dallas
	One Allen Center
	Allen Economic Development
	6,297.71

	PBACP001
	Cash
	Dallas
	One Allen Center
	Law Offices T. Craig Friesland
	5,901.50

	PBACP001
	Cash
	Dallas
	One Allen Center
	Eli Daniel Group, LLC
	3,443.00

	PBACP001
	Cash
	Dallas
	One Allen Center
	Wealth Management Group, LLC
	3,003.19

	PBACP001
	Cash
	Dallas
	One Allen Center
	Wham
	2,890.33

	PBACP001
	Cash
	Dallas
	One Allen Center
	Southwest Securities, Inc.
	2,867.81

	PBACP001
	Cash
	Dallas
	One Allen Center
	Munson Law Offices
	2,683.33

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	University of Dallas
	23,283.00

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	SomnoMed, Inc.
	17,141.42

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	Quorum Health Resources, LLC
	13,518.04

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	Associated Network Ptnrs, Inc.
	8,446.50

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	Debt Regret, Inc.
	7,756.84

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	Advanced Ergonomics, Inc.
	7,309.96

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	Legacy Physicians Group
	5,203.00

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	United American Steel Construc
	4,119.33

	PBFRS003
	Cash
	Dallas
	Duke Bridges III
	Peterson Beckner Industries
	3,188.17

	PBFRS003
	Cash
	Dallas
	DukeBridges III
	SEMbio Partners, Inc
	3,164.06

	PBLGP002
	Cash
	Dallas
	5556 Tennyson Parkway
	MedAssets Net Revenue Systems
	330,904.67

	PBSLP160
	Cash
	Minneapolis
	1600 Tower
	Dakota Growers Pasta Co, Inc.
	41,328.96

	PBSLP160
	Cash
	Minneapolis
	1600 Tower
	Coherent Solutions, Inc.
	9,386.55

	PBTET01A
	Cash
	Minneapolis
	MoneyGram Tower
	Primacy Relocation, LLC
	13,040.46

	PBTET01A
	Cash
	Minneapolis
	MoneyGram Tower
	Commander Services Group, LLC
	12,801.08

	PBTET01A
	Cash
	Minneapolis
	MoneyGram Tower
	Healthland, Inc.
	8,820.97

	PBTET01A
	Cash
	Minneapolis
	MoneyGram Tower
	BCS Financial Corporation
	5,420.33

	PBTET01A
	Cash
	Minneapolis
	MoneyGram Tower
	Moet Hennessy USA, Inc.
	5,150.03

	PBTET01A
	Cash
	Minneapolis
	MoneyGram  Tower
	Gloria E. Mihevc, Inc.
	2,166.38

	PBTET01A
	Cash
	Minneapolis
	MoneyGram Tower
	Meister, Donald
	1,770.64

	PBCLB001
	Cash
	Orlando
	Celebration Business Ctr I
	All Star Vacation Home Mgt Inc.
	7,000.00

	PBCLB001
	Cash
	Orlando
	Celebrations Business Ctr I
	Total Renal Care, Inc.
	5,735.63

	PBCLB001
	Cash
	Orlando
	Celebration Business Ctr I
	Green Earth Technologies, Inc.
	5,700.85

	PBCLB001
	Cash
	Orlando
	Celebration Business Ctr I
	CFL Pizza, LLC
	3,148.60

	PBCLB003
	Cash
	Orlando
	Celebration Office Center I
	Channel Intelligence, Inc.
	97,000.00

	PBCLB003
	Cash
	Orlando
	Celebration Office Center I
	Florida MEP
	16,650.00

	PBNPT004
	Cash
	Orlando
	Northpoint IV
	Collect Southeast, LLC
	12,359.50

	PBNPT004
	Cash
	Orlando
	Northpoint IV
	Brijot Imaging Systems, Inc.
	5,907.42

	PBNPT004
	Cash
	Orlando
	Northpoint IV
	Spectrum Bridge, Inc.
	4,025.88

	PBNPT01A
	Cash
	Orlando
	Northpoint I
	Koos Technical Services
	15,318.57

	PBNPT01A
	Cash
	Orlando
	Northpoint I
	Florida Insurance Specialists
	12,343.33

	PBNPT01A
	Cash
	Orlando
	Northpoint I
	Evok Advertising & Design
	8,806.50

	PBNPT01A
	Cash
	Orlando
	Northpoint I
	Signeo USA, LLC
	8,585.41

	PBNPT01A
	Cash
	Orlando
	Northpoint I
	Moffatt & Nichol, Inc.
	7,996.63

	PBNPT01A
	Cash
	Orlando
	Northpoint I
	Smith Hanley Consulting Group
	5,980.95

	PBNPT01A
	Cash
	Orlando
	Northpoint I
	James Mancuso & Associates
	1,855.67

	PBNPT02A
	Cash
	Orlando
	Northpoint II
	Countrywide Bank, FSB
	30,385.25

	PBNPT02A
	Cash
	Orlando
	Northpoint II
	Parker Vision, Inc.
	21,822.83

	
						
	PBNPT02A
	Cash
	Orlando
	Northoint II
	Seacoast Underwriters, Inc.
	10,087.56

	PBNPT02A
	Cash
	Orlando
	Northpoint II
	Bayard Advertising Agency
	5,134.39

	PBHLO001
	Cash
	Tampa
	Highland Oaks I
	Opis Management Resources, Inc.
	38,000.00

	PBHLO001
	Cash
	Tampa
	Highland Oaks I
	PS Executive Centers
	23,908.00

	PBHLO001
	Cash
	Tampa
	Highland Oaks I
	Environ International Corp.
	12,534.49

	PBHLO001
	Cash
	Tampa
	Highland Oaks I
	Crop Production Services, Inc.
	5,641.17

	PBHLO002
	Cash
	Tampa
	Highland Oaks II
	Sunview Software, Inc.
	13,657.58

	PBHLO005
	Cash
	Tampa
	Highland Oaks V
	Infiniti Resource Mgt. Group
	18,970.00

	Cash Security Deposit Subtotal
	4,979,196.03

Letters of Credit

	
						
	Project ID
	Type
	City
	Bldg Name
	Doing Business As
	GL Amount

	PBBOP04A
	LOC
	Atlanta
	Brookside II
	Bach, Dewberry & Hipes, LLC
	10,000.00

	PBSGL010
	LOC
	Atlanta
	Sugarloaf Office V
	Clearleap, Inc.
	140,000.00

	PBATR001
	LOC
	Chicago
	Atrium II
	Scranton Gillette Communication
	50,000.00

	PBETW002
	LOC
	Chicago
	Executive Towers II
	Abercrombie & Kent, Inc.
	677,967.33

	PBETW002
	LOC
	Chicago
	Executive Towers II
	Ambitech Engineering Corp.
	1,000,000.00

	PBETW003
	LOC
	Chicago
	Executive Towers III
	Column Technologies, Inc.
	34,579.41

	PBRVW01A
	LOC
	Chicago
	Riverway East
	Clark Baird Smith, LLP
	60,000.00

	PBRVW02A
	LOC
	Chicago
	Riverway West
	Imagetec, L.P.
	15,323.75

	PBTUT003
	LOC
	Columbus
	4700 Lakehurst Court
	Sequent, Inc.
	79,000.00

	PBNPT004
	LOC
	Orlando
	Northpoint IV
	Entrust Administration Service
	23,724.75

	PBHLO003
	LOC
	Tampa
	Highland Oaks III
	Quality Distribution, Inc.
	500,000.00

	LOC Subtotal
	2,590,595.24

SCHEDULE 3.2(v) 
 
Delinquency Reports

Schedule 3.3(h)(ii)

Lease Agreements from October 14, 2011 Through October 20, 2011

GEORGIA

	
			
	Building Name
	Tenant Name
	Description of Lease Terms

	Hampton Green Office I
	Rock Tenn Company
	Lease commenced on 9/1/11 and is for 26,335 rsf.  One year of Free Rent.  Net Rent is $10.30/rsf (Year 1), $11.73/rsf (average over Term).  Lease Term is 11 years, six months.  Outside Leasing Commission is $9.82/sf, Inside Leasing Commission is $4.91/sf.  TI Costs are $35.00/sf and Other Capital Costs are $5.41/sf.

	Hampton Green Office I
	Rock Tenn Company
	Lease commences on 1/3/12 and is for 42,331 rsf.  One year of Free Rent.  Net Rent is $10.30/rsf (Year 1), $11.77/rsf (average over Term).  Lease Term is 11 years, 1 month.  Outside Leasing Commission is $9.82/sf, Inside Leasing Commission is $4.91/sf. TI Costs are $35.00/sf and Other Capital Costs are $5.41/sf.

	Hampton Green Office I
	Rock Tenn Company
	Lease commences on 1/15/12 and is for 11,912 rsf.  One year of Free Rent.  Net Rent is 10.30/rsf (Year 1), $11.77/rsf (average over Term).  Lease Term is 11 years, 1 month.  Outside Leasing Commission is $9.82/sf, Inside Leasing Commission is $4.91/sf. TI Costs are $35.00/sf and Other Capital Costs are $5.41/sf.

	Hampton Green Office I
	Rock Tenn Company
	Lease commences on 2/18/12 and is for 2,559 rsf.  One year of Free Rent.  Net Rent is $10.30/rsf (Year 1), $11.79/rsf (average over Term).  Lease Term is 11 years.  Outside Leasing Commission is $9.82/sf, Inside Leasing Commission is $4.91/sf.

	Brookside I
	TitleMax
	Lease commences on 11/1/11 and is for 7,971 rsf.  Rent is reduced by 50% off the face amount for the first 20 months of the Term.  Net Rent is $8.72/rsf (Year 1), $6.72/rsf (average over Term).  Lease Term is 5 years, 2 months.  Outside Leasing Commission is $4.51/sf, Inside Leasing Commission is $2.26/sf. TI Costs are $.00/sf and Other Costs are $.00/sf.

ILLINOIS

	
			
	Building Name
	Tenant Name
	Lease Description

	Executive Towers III
	State Farm Automobile Ins. Co.
	Lease commences on 10/1/13 and is for 71,876 rsf.  Net Rent is $13.05/rsf (Year 1), $13.05/rsf (average over Term).  Lease Term is 5 Years.  Outside Leasing Commission is $6.25/sf, Inside Leasing Commission is $3.13/sf. TI costs are $7.20/sf and Other Capital Costs are $.00/sf.

	Executive Towers III
	State Farm Automobile Ins. Co.
	Lease commences on 6/1/12 and is for 82,017 rsf.  Net Rent is $13.24/rsf (Year 1), $13.10 (average over Term).  Lease Term is 6 Years, 4 months.  Outside Leasing Commission is $7.92/sf, Inside Leasing Commission is $3.96/sf. TI Costs are $25.00/sf and Other Capital Costs are $.00/sf.

	O’Hare International I
	Phillips/Advanced Transformer
	Lease commences on 1/1/13 and is for 73,753 rsf.  One year of Free Rent.  Net Rent is $13.25/rsf (Year 1), $11.20/rsf (average over Term).  Lease Term is 5 Years.  Outside Leasing Commission is $5/sf, Inside Leasing Commission is $2.50/sf. TI Costs are $.27/sf and Other Capital Costs are $10.99/sf.

	O’Hare International I
	Phillips/Advanced Transformer
	Lease commences on 1/1/13 and is for 986 rsf.  Gross Rent is $11.78/rsf (Year 1), $11.78/rsf (average over Term).  Lease Term is 5 years.  No leasing commissions apply. TI Costs are $.00 /sf and Other Capital Costs are $.00/sf.

	Riverway East/West
	US Foods
	Lease commencement date is not specified and is for 90,018 rsf.  Free Rent for 5 months.  Net Rent is $16.50/sf (Year 1), $17.29 (average over Term).  Lease Term is 9 Years, 6 Months.  Outside Leasing Commission is $8.79/sf, Inside Leasing Commission is $4.40/sf. TI Costs are $27.94/sf and Other Capital Costs are $2.44/sf.

SCHEDULE 3.5(b)(ii) 
 
Owner’s Association Officer and 
Director Assignment Properties

1.  Properties for which Buyer is requesting Board resignations:

Florida
Highland Oaks I (Highland Oaks) 10150 Highland Manor Drive, Tampa, FL 33610;
Highland Oaks II (Highland Oaks) 10210 Highland Manor Drive, Tampa, FL 33610;
Highland Oaks V (Highland Oaks) 10401 Highland Manor Drive, Tampa, FL 33610;
Highland Oaks III (Highland Oaks) 4041 Park Oaks Blvd., Tampa, FL 33610;
Highland Oaks IV (Highland Oaks) 4042 Park Oaks Blvd., Tampa, FL 33610;
Northpoint I (Northpoint) 1025 Greenwood Boulevard, Lake Mary, FL 32746;
Northpoint II (Northpoint) 1035 Greenwood Boulevard, Lake Mary, FL 32746;

Georgia
800 North Point Parkway (North Point ) 800 North Point Parkway, Alpharetta, GA 30005;
900 North Point Parkway (North Point) 900 North Point Parkway, Alpharetta, GA 30005;
Northwinds Village (Northwinds) 11525 Haynes Bridge Road, Alpharetta, GA 30009;
Northwinds IV (Northwinds) 11605 Haynes Bridge Road, Alpharetta, GA 30009;
Northwinds V (Northwinds) 11625 Rainwater Drive, Alpharetta, GA 30009;
Northwinds VI (Northwinds) 11675 Rainwater Drive, Alpharetta, GA 30009;
Northwinds I (Northwinds) 2475 Northwinds Parkway, Alpharetta, GA 30009;
Northwinds III (Northwinds) 2500 Northwinds Parkway, Alpharetta, GA 30009;
Northwinds II (Northwinds) 2520 Northwinds Parkway, Alpharetta, GA 30009;
Northwinds VII (Northwinds) 2550 Northwinds Parkway, Alpharetta, GA 30009;
Northwinds Parking Lot (Northwinds) Northwinds Restaurant, Alpharetta, GA 30009;
Northwinds Restaurant (Northwinds) Northwinds Restaurant, Alpharetta, GA 30009;
Sugarloaf Office III (2810) (Sugarloaf) 2810 Premiere Parkway, Duluth, GA 30096;
2850 Premiere Parkway (Sugarloaf) 2850 Premiere Parkway, Duluth, GA 30136;
Sugarloaf VI (Sugarloaf) 2905 Premiere Parkway, Duluth, GA 30097;
Sugarloaf VII (Sugarloaf) 2915 Premiere Parkway, Duluth, GA 30097;
Sugarloaf Office II (3039) (Sugarloaf) 3039 Premiere Parkway, Duluth, GA 30096;
Sugarloaf Office V (Sugarloaf) 3090 Premiere Parkway, Duluth, GA 30097;
6650 Sugarloaf Parkway (Sugarloaf) 6650 Sugarloaf Parkway, Duluth, GA 30097;
Sugarloaf Office I (Sugarloaf) 6700 Sugarloaf Parkway, Duluth, GA 30097;

Illinois
O'Hare International Ctr II (OIC) 10255 West Higgins Road, Rosemont, IL 60018;
O'Hare International Ctr I (OIC) 10275 West Higgins Road, Rosemont, IL 60018;
Riverway Daycare (Riverway) 6107 N. River Road, Rosemont, IL 60018;
Riverway East (Riverway) 6133 North River Road, Rosemont, IL 60018;

Riverway Central (Riverway) 9377 West Higgins Street, Rosemont, IL 60018;
Riverway West (Riverway) 9399 West Higgins Road, Rosemont, IL 60018;

Ohio
Qwest (Tuttle Crossing) 4650 Lakehurst Court, Dublin, OH 43016;
4700 Lakehurst Court (Tuttle Crossing) 4700 Lakehurst Court, Dublin, OH 43016;
Atrium II, South Tower (Tuttle Crossing) 5455 Rings Road, Dublin, OH 43017;
Atrium II, North Tower (Tuttle Crossing) 5475 Rings Road, Dublin, OH 43017;
5500 Glendon Court (Tuttle Crossing) 5500 Glendon Court, Dublin, OH 43016;
Blazer II (Tuttle Crossing) 5550 Blazer Parkway, Dublin, OH 43017;
5555 Glendon Court (Tuttle Crossing) 5555 Glendon Court, Dublin, OH 43016;
5555 Parkcenter Circle (Tuttle Crossing) 5555 Parkcenter Circle, Dublin, OH 43017;
Blazer I (Tuttle Crossing) 5600 Blazer Parkway, Dublin, OH 43017;
Parkwood II (Tuttle Crossing) 5900 Parkwood Place, Dublin, OH 43016;
Parkwood Place (Tuttle Crossing) 6000 Parkwood Place, Dublin, OH 43016;
Compmanagement (Tuttle Crossing) 6377 Emerald Parkway, Dublin, OH 43016;
Emerald III (Tuttle Crossing) 6500 Emerald Parkway, Dublin, OH 43016;

Texas
One Allen Center (One Allen) 700 Central Expy South, Allen, TX 75013;
Duke Bridges III (Duke Bridge) 7460 Warren Parkway, Frisco, TX 75034 (With respect to Frisco Bridges Association only)

2.  Properties for which Buyer is requesting Board resignations to the extent Seller holds an interest therein:

Florida
Celebration Business Center II (Celebration) 1120-1128 Celebration Blvd., Celebration, FL 34747;
Celebration Business Center I (Celebration) 1130-1154 Celebration Blvd., Celebration, FL 34747;
Celebration Office Center II (Celebration) 1170 Celebration Boulevard, Celebration, FL 34747;
Celebration Office Center I (Celebration) 1180 Celebration Boulevard, Celebration, FL 34747;

Georgia
Brookside I (Brookside/Radiant) 3625 Brookside Parkway, Alpharetta, GA 30022;
Brookside II (Brookside/Radiant) 3655 Brookside Parkway, Alpharetta, GA 30022;
Radiant II (Brookside/Radiant) 3905 Brookside Parkway, Alpharetta, GA 30022;
Radiant I (Brookside/Radiant) 3925 Brookside Parkway, Alpharetta, GA 30004;
3805 Crestwood Parkway (Crestwood) 3805 Crestwood Parkway, Duluth, GA 30096;
3885 Crestwood Parkway (Crestwood) 3885 Crestwood Parkway, Duluth, GA 30096;
Hampton Green Office I (Hampton Green) 3950 Shackleford Road, Duluth, GA 30096;
Huntcrest III (Huntcrest) 1735 North Brown Road, Lawrenceville, GA 30043;
Huntcrest II (Huntcrest) 1745 North Brown Road, Lawrenceville, GA 30043;
Huntcrest I (Huntcrest) 1755 North Brown Road, Lawrenceville, GA 30043;
Huntcrest IV (Huntcrest) Huntcrest IV, Lawrenceville, GA 30043;
Preston Ridge IV (Preston Ridge) 3440 Preston Ridge Road, Alpharetta, GA 30005;

Illinois
Atrium II (Atrium) 3030 Salt Creek Lane, Arlington Heights, IL 60005;
2275 Cabot Drive (Cabot Drive) 2275 Cabot Drive, Lisle, IL 60532;

Ohio
Easton Way Three (Easton) 4249 Easton Way, Columbus, OH 43219;
Easton Way Two (Easton) 4349 Easton Way, Columbus, OH 43219;
4400 Easton Commons (Easton) 4400 Easton Commons, Columbus, OH 43219;
Easton Way One (Easton) 4449 Easton Way, Columbus, OH 43219;
Scioto Corporate Center (Scioto) 5500 Frantz Road, Dublin, OH 43017;
6525 West Campus Oval (West Campus Oval) 6525  West Campus Oval, New Albany, OH 43054;

Texas
5556 Tennyson Parkway (Tennyson) 5556 Tennyson Parkway, Plano, TX 75024;
5560 Tennyson Parkway (Tennyson) 5560 Tennyson Parkway, Plano, TX 75024.

SCHEDULE 3.5(b)(iii) 
 
Owner’s Association Declarant/Developer
 Assignment Properties

1.  Declarant assignment/resignations:

Florida
Highland Oaks I (Highland Oaks) 10150 Highland Manor Drive, Tampa, FL 33610;
Highland Oaks II (Highland Oaks) 10210 Highland Manor Drive, Tampa, FL 33610;
Highland Oaks V (Highland Oaks) 10401 Highland Manor Drive, Tampa, FL 33610;
Highland Oaks III (Highland Oaks) 4041 Park Oaks Blvd., Tampa, FL 33610;
Highland Oaks IV (Highland Oaks) 4042 Park Oaks Blvd., Tampa, FL 33610;
Northpoint I (Northpoint) 1025 Greenwood Boulevard, Lake Mary, FL 32746;
Northpoint II (Northpoint) 1035 Greenwood Boulevard, Lake Mary, FL 32746;
Northpoint IV (Northpoint) 1064 Greenwood Boulevard, Lake Mary, FL 32746;

Georgia
Hampton Green Office I (Hampton Green) 3950 Shackleford Road, Duluth, GA 30096;
900 North Point Parkway (North Point) 900 North Point Parkway, Alpharetta, GA 30005;
800 North Point Parkway (North Point ) 800 North Point Parkway, Alpharetta, GA 30005;
Northwinds Village (Northwinds) 11525 Haynes Bridge Road, Alpharetta, GA 30009;
Northwinds IV (Northwinds) 11605 Haynes Bridge Road, Alpharetta, GA 30009;
Northwinds V (Northwinds) 11625 Rainwater Drive, Alpharetta, GA 30009;
Northwinds VI (Northwinds) 11675 Rainwater Drive, Alpharetta, GA 30009;
Northwinds I (Northwinds) 2475 Northwinds Parkway, Alpharetta, GA 30009;
Northwinds III (Northwinds) 2500 Northwinds Parkway, Alpharetta, GA 30009;
Northwinds II (Northwinds) 2520 Northwinds Parkway, Alpharetta, GA 30009;
Northwinds VII (Northwinds) 2550 Northwinds Parkway, Alpharetta, GA 30009;
Northwinds Parking Lot (Northwinds) Northwinds Restaurant, Alpharetta, GA 30009;
Northwinds Restaurant (Northwinds) Northwinds Restaurant, Alpharetta, GA 30009;
Sugarloaf Office III (2810) (Sugarloaf) 2810 Premiere Parkway, Duluth, GA 30096;
2850 Premiere Parkway (Sugarloaf) 2850 Premiere Parkway, Duluth, GA 30136;
Sugarloaf VI (Sugarloaf) 2905 Premiere Parkway, Duluth, GA 30097;
Sugarloaf VII (Sugarloaf) 2915 Premiere Parkway, Duluth, GA 30097;
Sugarloaf Office II (3039) (Sugarloaf) 3039 Premiere Parkway, Duluth, GA 30096;
Sugarloaf Office V (Sugarloaf) 3090 Premiere Parkway, Duluth, GA 30097;
6650 Sugarloaf Parkway (Sugarloaf) 6650 Sugarloaf Parkway, Duluth, GA 30097;
Sugarloaf Office I (Sugarloaf) 6700 Sugarloaf Parkway, Duluth, GA 30097.

2.  Declarant assignment/resignations to the extent Seller has any interest therein:

Georgia
Brookside I (Brookside/Radiant) 3625 Brookside Parkway, Alpharetta, GA 30022;
Brookside II (Brookside/Radiant) 3655 Brookside Parkway, Alpharetta, GA 30022;
Radiant II (Brookside/Radiant) 3905 Brookside Parkway, Alpharetta, GA 30022;
Radiant I (Brookside/Radiant) 3925 Brookside Parkway, Alpharetta, GA 30004;

3805 Crestwood Parkway (Crestwood) 3805 Crestwood Parkway, Duluth, GA 30096;
3885 Crestwood Parkway (Crestwood) 3885 Crestwood Parkway, Duluth, GA 30096;
Huntcrest III (Huntcrest) 1735 North Brown Road, Lawrenceville, GA 30043;
Huntcrest II (Huntcrest) 1745 North Brown Road, Lawrenceville, GA 30043;
Huntcrest I (Huntcrest) 1755 North Brown Road, Lawrenceville, GA 30043;
Huntcrest IV (Huntcrest) Huntcrest IV, Lawrenceville, GA 30043.

Illinois
O'Hare International Ctr II (OIC) 10255 West Higgins Road, Rosemont, IL 60018;
O'Hare International Ctr I (OIC) 10275 West Higgins Road, Rosemont, IL 60018;
Riverway Daycare (Riverway) 6107 N. River Road, Rosemont, IL 60018;
Riverway East (Riverway) 6133 North River Road, Rosemont, IL 60018;
Riverway Central (Riverway) 9377 West Higgins Street, Rosemont, IL 60018;
Riverway West (Riverway) 9399 West Higgins Road, Rosemont, IL 60018;

Ohio
Qwest (Tuttle Crossing) 4650 Lakehurst Court, Dublin, OH 43016;
4700 Lakehurst Court (Tuttle Crossing) 4700 Lakehurst Court, Dublin, OH 43016;
Atrium II, South Tower (Tuttle Crossing) 5455 Rings Road, Dublin, OH 43017;
Atrium II, North Tower (Tuttle Crossing) 5475 Rings Road, Dublin, OH 43017;
5500 Glendon Court (Tuttle Crossing) 5500 Glendon Court, Dublin, OH 43016;
Blazer II (Tuttle Crossing) 5550 Blazer Parkway, Dublin, OH 43017;
5555 Glendon Court (Tuttle Crossing) 5555 Glendon Court, Dublin, OH 43016;
5555 Parkcenter Circle (Tuttle Crossing) 5555 Parkcenter Circle, Dublin, OH 43017;
Blazer I (Tuttle Crossing) 5600 Blazer Parkway, Dublin, OH 43017;
Parkwood II (Tuttle Crossing) 5900 Parkwood Place, Dublin, OH 43016;
Parkwood Place (Tuttle Crossing) 6000 Parkwood Place, Dublin, OH 43016;
Compmanagement (Tuttle Crossing) 6377 Emerald Parkway, Dublin, OH 43016;
Emerald III (Tuttle Crossing) 6500 Emerald Parkway, Dublin, OH 43016.

SCHEDULE 7.1 
 
Designated Employees

Those employees listed in the Organization Chart provided by Seller to Buyer in an email dated September 23, 2011 from Nick Anthony to Tyler Henritze.

Schedule 7.1(a)

Environmental Properties

Sugarloaf Office V  
900 North Point Parkway  
800 North Point Parkway  
Brookside I  
Brookside II  
Northwinds V  
Northwinds Village  
Executive Towers III  
2000 York Road  
Atrium II  
Riverway Central  
Riverway East  
Riverway West  
Riverway Daycare  
O'Hare International Center I  
O'Hare International Center II  
1600 Tower  
MoneyGram Tower 

SCHEDULE 10.7 
 
Proposed New Leases

		
	•
	Rock Tenn Lease (82,753 SF) relating to the Property known as Hampton Green Office I

		
	•
	State Farm Lease (153,893 SF) relating to the Property known as Executive Towers III

		
	•
	US Foods Lease (90,017 SF) relating to the Property known as Riverway East/West

		
	•
	Phillips Lease (73,753 SF) relating to the Property known as O’Hare International Center I

		
	•
	Verint Lease (117,388 SF) relating to the Property known as 800 Northpoint Parkway

		
	•
	Alcatel Lease (113,342 SF) relating to the Property known as 900 Northpoint Parkway

EXHIBIT A
FORM OF TENANT ESTOPPEL CERTIFICATE
	
			
	Tenant:
	 
	 

	Landlord:
	 
	 

	Buyer:
	 
	 

	Regarding:
	Lease by and between Landlord and ______________ dated _______, as amended _____________________ (collectively the "Lease")

	Leased Premises:
	_______________________________________________________ containing ________ rentable square feet.

	 
	 

In connection with the Buyer's acquisition of the Leased Premises, Tenant certifies to Buyer as follows:
1.The Lease is in full force and effect and has not been modified, supplemented or amended in any way except as indicated above; and the Lease represents the entire agreement between the parties as to this leasing and/or Tenant's rights to the Leased Premises.  Except to the extent expressly set forth in the Lease, Tenant has no options for acquisition, rights of refusal, rights of first offer or rights of negotiation in favor of Tenant with respect to the acquisition of the property of Landlord (or its predecessors, if applicable).
2.    The term of the Lease expires on _______________.  Tenant has no renewal rights other than those expressly stated in the Lease.  Tenant has given Landlord a security deposit of $__________.
3.    Rent under the Lease of $____________ per month has been paid through the date of ____________.  No rent due has been paid more than one (1) month in advance. Tenant has no defenses or offsets which could be alleged in any action brought for rent or the performance of the Tenant's other obligations under the Lease accruing either before or subsequent to the date of this Certificate.  Tenant is not entitled to any rent concession, rent abatement or "free rent" except as follows $_______________.
4.    Tenant currently pays Landlord $________ per month for operating expenses, real estate taxes, insurance or other additional rent or pass-through payments, which are due and payable under the Lease.  Such payments have not been made for any period more than one (1) month in advance of such payment and all such charges have been paid through the date of _______________.
5.    Tenant has not executed any lease or sublease with respect to the Leased Premises other than the Lease, and Tenant has not assigned or encumbered its interest in the Lease, in each case, except as follows:  ________________________________________________________.
6.    Landlord has satisfied all of Landlord's current obligations under the Lease in the nature of inducements to Tenant's occupancy, including, without limitation, all contributions for improvements and all improvements required by the terms of the Lease to be made by Landlord have been satisfactorily completed.
7.    Tenant has not defaulted and is not currently in default in its obligations under the Lease and, to Tenant's knowledge, Landlord has not defaulted and is not currently in default in any of its obligations under the Lease.  Neither Tenant nor, to Tenant's knowledge, Landlord has committed any breach under the Lease which, alone or with the passage of time, the giving of notice, or both, would constitute a default thereunder.  There are no actions, whether voluntary or involuntary, pending against Tenant under any insolvency, bankruptcy or other debtor relief laws of the United States of America or of any state or other political subdivision thereof.

8.    Tenant agrees that, upon Buyer's acquisition of the Leased Premises, Tenant will attorn to and recognize Buyer as the Landlord under the Lease, with the same force and effect as if there were a direct lease between Tenant and Buyer.
Tenant acknowledges that Buyer has relied on the information contained in this Tenant Estoppel Certificate in determining whether to acquire the land and improvements in or on which is located the space demised by the Lease.  The statements contained herein may be relied upon by Landlord, Buyer, Buyer's lender, and their respective successors and assigns (including, without limitation, any parties providing any financing of any type in connection with Buyer's acquisition of the Leased Premises, and their respective successors and assigns.  The party executing this Certificate on behalf of Tenant represents that he/she has been authorized to do so on behalf of Tenant.
Executed this ____ day of ___________, 2011.
	
		
	TENANT:
[___________________________]

	By:
	 

	 
	Name:    
Title:

EXHIBIT B
Form of Assignment and Assumption of Leases and Rents
THIS ASSIGNMENT AND ASSUMPTION OF LEASES AND RENTS (this “Assignment”) is made this __ day of ________, 2011, by and between __________________, a ________________ (“Assignor”) and BRE/[            ] L.L.C., a Delaware limited liability company (“Assignee”).

RECITALS:

WHEREAS, this Assignment is being executed and delivered pursuant to that certain Agreement of Purchase and Sale dated as of October __, 2011 among [Assignor, as seller, the other Sellers named therein] and BRE/Central Office Holdings L.L.C., as buyer (the “Purchase Agreement”);
     WHEREAS, as of this date (the “Closing”), Assignor is assigning and conveying to Assignee all of Assignor’s interest in that certain property more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the “Property”); and 

WHEREAS, in connection with the Closing, and in accordance with the terms of this Assignment, Assignor desires to assign to Assignee all of the right, title and interest in, to and under the leases described in Exhibit B attached hereto and incorporated herein by this reference, and Assignee desires to assume all obligations of Assignor under said leases arising after the date of this Assignment.

NOW, THEREFORE, for and in consideration of the foregoing and other valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged:

1.    Assignor hereby assigns, transfers and signs over unto Assignee all right, title and interest of Assignor in, to and under (a) the leases listed on Exhibit B, including all renewals, extensions and modifications thereof (collectively, the “Leases”); (b) any assignments of leases any other leases or subleases made by the tenants thereunder (including, without limitation, all rights and claims of the landlord thereunder arising by statute or at law or in equity or otherwise); (c) any and all guarantees of the Leases, if any; (d) any security deposits or prepaid rent made or to be made by any tenants under the Leases; and (e) all rents, income, charges and profits now or thereafter arising from or under the Leases and/or the Property; TO HAVE AND TO HOLD all of the foregoing unto Assignee, its successors and assigns.

2.    Assignee hereby accepts such assignment as of the Closing and agrees to perform all obligations of Assignor pursuant to such Leases arising from and after the date hereof.

3.    This Assignment is made without warranty or representation by Assignor except as otherwise set forth in the Purchase Agreement.    

4.    The provisions of this Assignment shall be binding upon, and shall inure to the benefit of, the parties hereto, and their respective successors and assigns.

5.    This Assignment may be executed in one or more counterparts, each of which shall constitute an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of the date first above written.

ASSIGNOR:

_______________________,
a _______________________

By: _____________________
      Name:
      Title:

ASSIGNEE:

BRE/[             ] L.L.C.,
a Delaware limited liability company

By: _____________________
      Name:
      Title:

EXHIBIT C
Form of Assignment and Assumption of Contracts
ASSIGNMENT AND ASSUMPTION OF CONTRACTS (the “Agreement”) dated as of _____________, 2011, between [SELLER/S], (“Assignor”) and BRE/[            ] L.L.C., a Delaware limited liability company, having an address at 345 Park Avenue, 32nd Floor, New York, New York 10154  (“Assignee”).
Background
This Agreement is being executed and delivered pursuant to that certain Agreement of Purchase and Sale dated as of October __, 2011 (the “Purchase Agreement”) among [Assignor, as seller, the other Sellers named therein] and BRE/Central Office Holdings L.L.C., as buyer.  All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Purchase Agreement.
Assignment and Assumption
In consideration of Ten ($10.00) Dollars in hand paid by Assignee, the receipt and sufficiency of which is hereby acknowledged, Assignor does hereby assign, transfer and set over unto Assignee, all of Assignor’s right, title and interest in and to the Assumed Contracts as set forth on Schedule A attached hereto.
TO HAVE AND TO HOLD, the same unto Assignee, its successors and assigns, from and after the date hereof, subject to the terms, covenants, conditions and provisions contained in the Assumed Contracts.
Assignee hereby assumes the performance of all of the terms, covenants and conditions of the Assumed Contracts on the Assignor’s part to be performed thereunder arising after the date hereof and Assignor hereby agrees to remain liable for the performance of all of the terms, covenants and conditions of the Assumed Contracts arising or accruing on and prior to the date hereof.
This Assignment is made without warranty or representation by Assignor except as otherwise set forth in the Purchase Agreement.
This Assignment may be executed in any number of counterparts, each which will be deemed an original, and all of which together will be deemed to constitute one and the same instrument.
[The remainder of the page is intentionally left blank.]

IN WITNESS WHEREOF, the Assignor and Assignee have duly executed this instrument as of the day first above written.
ASSIGNOR:

[SELLERS]

By:    _____________________________
Name:  
Title:  

ASSIGNEE:

BRE/[           ] L.L.C., 
a Delaware limited liability company

By:___________________________
Name:
Title:

Schedule A        Assumed Contracts

EXHIBIT D
Form of Tenant Notice Letter
BRE/[            ] L.L.C. 
c/o Blackstone Real Estate Acquisitions VI L.L.C. 
345 Park Avenue – 32nd Floor 
New York, New York 10154
__________ ___, 2011
[BY CERTIFIED MAIL] 
[Name and Address 
of Tenant]
Premises:    [PREMISES NAME, CITY, STATE]
Gentlemen and Ladies:

Please be advised that effective the date set forth above, the Premises have been conveyed to BRE/[       ] L.L.C., a Delaware limited liability company (“Buyer”), whose mailing address is c/o Blackstone Real Estate Acquisitions VI L.L.C., 345 Park Avenue, 32nd Floor, New York, New York 10154.  You are hereby irrevocably and unconditionally directed that, effective immediately, all future communications, rents and payments are to be directed as follows: ____________________________________.
Buyer has assumed all of the obligations of the landlord under your lease from this day forward, including any obligation to return your security deposit, if any, in accordance with the provisions of your existing lease.
Lastly, please notify your insurance carrier and have it change the name of the additional insured under any policies of insurance (as per your lease) to BRE/[   ] L.L.C., and their successors and assigns.  Once this is done, please deliver an updated certificate of insurance to Buyer.

	
		
	 
	Very truly yours,

	 
	 

	 
	BRE/[            ] L.L.C., a Delaware limited liability company

	 
	 

	 
	By:    _____________________________
Name:
Title:

	 
	[SELLER]

	 
	By:    _____________________________
Name:
Title:

EXHIBIT E
Form of Daycare Ground Lease Assignment (Ground Lessor Interest)
THIS GROUND LEASE ASSIGNMENT (“Assignment”), dated ____________, 2011, is made by and between Riverway Midwest, LLC, a Delaware limited liability company (“Assignor”), and BRE/[     ] L.L.C., a Delaware limited liability company (“Assignee”), with reference to the following facts:

A.    Assignor and the other Sellers named therein (Assignor and the other Sellers are collectively, the “Sellers”) and Assignee are parties to that certain Amended and Restated Purchase and Sale Agreement dated as of October__, 2011 (the “Purchase Agreement”), pursuant to which Sellers have agreed to sell, and Assignee has agreed to purchase, the Assets (the “Sale”).  

B.    On January 4, 1994, LaSalle National Bank (“Original Ground Lessor”) entered into that certain Ground Lease (as amended and assigned as set forth below, the “Lease”) with Comdisco, Inc. (“Original Ground Lessee”), a memorandum of which was recorded in the Cook County Recorder’s Office on February 4, 1994 as Document 94118750 which such ground lease was (i) assigned by Original Ground Lessor to Riverway Holdings, LLC by Assignment and Assumption of Leases dated as of July 25, 2001 and recorded in the Cook County Recorder’s Office on April 19, 2005 as Document 0510919053, (ii) and further assigned by Riverway Holdings LLC to Assignor by Assignment of Leases dated June 1, 2005 and (iii) further assigned by Original Ground Lessee to Riverway Midwest II, LLC by an Assignment of Ground Lease dated as of March 30, 2007 and recorded in the Cook County Recorder’s Office on April 20, 2007 as Document 0711060038, which such Lease relates to that certain property presently known as Riverway Child-Care and located in Rosemont, Illinois and more particularly described on Exhibit A attached hereto (the “Leased Premises”).
 
C.    In connection with the Sale, Assignor desires to transfer to Assignee, and Assignee desires to accept from Assignor, all of Assignor's right, title and interest, as ground lessor, in the Lease.

AGREEMENT

1.    Assignor’s Assignment .  Assignor hereby assigns and transfers to Assignee all of Assignor's right, title, and interest in and to, and delegates to Assignee all of Assignor’s duties and obligations under, the Lease that arise from and after the Closing Date.  
2.Assignee’s Assumption.  Assignee accepts the assignment of the Lease and assumes all of Assignor’s right, title, and interest in and to, and will perform all of Assignor’s duties and obligations under, the Lease from and after the Closing Date.  
3.    No Prior Transfer/Assignment.  Assignor warrants and represents that it has not assigned or transferred the Lease, that as of the Closing Date the same is not encumbered, and it has full power and authority to make the foregoing assignment.
4.    Miscellaneous.

a.    Notices.  After the Closing Date, any notice, demand, request, consent, approval, or communication that Assignor or Assignee desires or is required to give to the other shall be deemed to have been sufficiently given or served when presented in accordance with Section 14.9 of the Purchase Agreement.

b.    Successors.  This Assignment will inure to the benefit of and be binding upon the parties and, as applicable, their respective heirs, legal representatives, successors, and assigns.

c.    Counterparts.  This Assignment may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will be deemed to constitute one and the same instrument.

d.    Governing Law.  This Assignment shall be governed by the laws of the State of Illinois.

e.    Modification.  This Assignment shall not be modified or amended, except by a written document signed by Assignor and Assignee that specifically refers to this Assignment.

f.    Defined Terms.  Capitalized terms used herein and not defined shall have the meaning given to them in the Purchase Agreement.

5.    Further Assurances.  In the event that this Assignment shall be ineffective for any reason, including any provision of the Lease, Assignor and Assignee shall promptly execute such documentation as shall be reasonably satisfactory to Assignor and Assignee to transfer to Assignee Assignor’s right, title and interest in, to and under the Lease and the Leased Premises.

    

This Assignment was executed by the duly authorized representatives of each of the parties on the dates set forth below.

ASSIGNOR:                    

RIVERWAY MIDWEST, LLC,        
a Delaware limited liability company        

By:___________________________        
     Name: _____________________                     
     Title: ______________________                     

Date:_________________________        

ASSIGNEE:

BRE/[          ] L.L.C.,
a Delaware limited liability company

By:___________________________        
     Name: _____________________                     
     Title: ______________________                     

Date:_________________________        

State of ____________    )            
		
	County of __________
	)

On ____/_____/11, before me, the undersigned, a Notary Public in and for said State, personally appeared _____________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he / she / they executed the same in his / her / their capacity(ies), and that by his / her / their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.
Witness my hand and official seal.

___________________________
Notary Public
My commission expires:

State of ____________    )            
		
	County of __________
	)

On ____/_____/11, before me, the undersigned, a Notary Public in and for said State, personally appeared _____________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he / she / they executed the same in his / her / their capacity(ies), and that by his / her / their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.
Witness my hand and official seal.

___________________________
Notary Public
My commission expires:

        
    

Form of Daycare Ground Lease Assignment (Ground Lessee Interest)
THIS GROUND LEASE ASSIGNMENT (“Assignment”), dated ____________, 2011, is made by and between Riverway Midwest II, LLC, a Delaware limited liability company (“Assignor”), and BRE/[     ] L.L.C., a Delaware limited liability company (“Assignee”), with reference to the following facts:

A.    Assignor and the other Sellers named therein (Assignor and the other Sellers are collectively, the “Sellers”) and Assignee are parties to that certain Amended and Restated Purchase and Sale Agreement dated as of October __, 2011 (the “Purchase Agreement”), pursuant to which Sellers have agreed to sell, and Assignee has agreed to purchase, the Assets (the “Sale”).  

B.    On January 4, 1994, LaSalle National Bank (“Original Ground Lessor”) entered into that certain Ground Lease (as amended and assigned as set forth below, the “Lease”) with Comdisco, Inc. (“Original Ground Lessee”), a memorandum of which was recorded in the Cook County Recorder's Office on February 4, 1994 as Document 94118750 which such ground lease was (i) assigned by Original Ground Lessor to Riverway Holdings, LLC by Assignment and Assumption of Leases dated as of July 25, 2001 and recorded in the Cook County Recorder's Office on April 19, 2005 as Document 0510919053, (ii) further assigned by Riverway Holdings, LLC to Riverway Midwest, LLC by Assignment of Leases dated June 1, 2005 and (iii) further assigned by Original Ground Lessee to Assignor by an Assignment of Ground Lease dated as of March 30, 2007 and recorded in the Cook County Recorder's Office on April 20, 2007 as Document 0711060038, which such Lease relates to that certain property presently known as Riverway Child-Care and located in Rosemont, Illinois and more particularly described on Exhibit A attached hereto (the “Leased Premises”)..
 
C.    In connection with the Sale, Assignor desires to transfer to Assignee, and Assignee desires to accept from Assignor, all of Assignor's right, title and interest, as ground lessee, in the Lease.

AGREEMENT

1.    Assignor's Assignment .  Assignor hereby assigns and transfers to Assignee all of Assignor's right, title, and interest in and to, and delegates to Assignee all of Assignor's duties and obligations under, the Lease that arise from and after the Closing Date.  
1.Assignee's Assumption.  Assignee accepts the assignment of the Lease and assumes all of Assignor's right, title, and interest in and to, and will perform all of Assignor's duties and obligations under, the Lease from and after the Closing Date.  
3.    No Prior Transfer/Assignment.  Assignor warrants and represents that it has not assigned or transferred the Lease, that as of the Closing Date the same is not encumbered, and it has full power and authority to make the foregoing assignment.
4.    Miscellaneous.

a.    Notices.  After the Closing Date, any notice, demand, request, consent, approval, or communication that Assignor or Assignee desires or is required to give to the other shall be deemed to have been sufficiently given or served when presented in accordance with Section 14.9 of the Purchase Agreement.

b.    Successors.  This Assignment will inure to the benefit of and be binding upon the parties and, as applicable, their respective heirs, legal representatives, successors, and assigns.

c.    Counterparts.  This Assignment may be executed in any number of counterparts, each of which will be deemed an original, and all of which together will be deemed to constitute one and the same instrument.

d.    Governing Law.  This Assignment shall be governed by the laws of the State of Illinois.

e.    Modification.  This Assignment shall not be modified or amended, except by a written document signed by Assignor and Assignee that specifically refers to this Assignment.

f.    Defined Terms.  Capitalized terms used herein and not defined shall have the meaning given to them in the Purchase Agreement.

5.    Further Assurances.  In the event that this Assignment shall be ineffective for any reason, including any provision of the Lease, Assignor and Assignee shall promptly execute such documentation as shall be reasonably satisfactory to Assignor and Assignee to transfer to Assignee Assignor's right, title and interest in, to and under the Lease and the Leased Premises.

    
This Assignment was executed by the duly authorized representatives of each of the parties on the dates set forth below.

ASSIGNOR:                    

RIVERWAY MIDWEST II, LLC,        
a Delaware limited liability company        

By:___________________________        
     Name: _____________________                     
     Title: ______________________                     

Date:_________________________        

ASSIGNEE:

BRE/[          ] L.L.C.,
a Delaware limited liability company

By:___________________________        
     Name: _____________________                     
     Title: ______________________                     

Date:_________________________        

State of ____________    )            
		
	County of __________
	)

On ____/_____/11, before me, the undersigned, a Notary Public in and for said State, personally appeared _____________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he / she / they executed the same in his / her / their capacity(ies), and that by his / her / their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.
Witness my hand and official seal.

___________________________
Notary Public
My commission expires:
State of ____________    )            
		
	County of __________
	)

On ____/_____/11, before me, the undersigned, a Notary Public in and for said State, personally appeared _____________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he / she / they executed the same in his / her / their capacity(ies), and that by his / her / their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.
Witness my hand and official seal.

___________________________
Notary Public
My commission expires:

EXHIBIT F
Buyer’s Closing Certificate

THIS BUYER’S CLOSING CERTIFICATE (the “Certificate”) is made pursuant to Section 6.1(d)(iii) of that certain Agreement of Purchase and Sale Agreement (as the same has been amended, modified and/or supplemented, the “Agreement”) by and between Sellers (as defined in the Agreement) and BRE/[    ] L.L.C., a Delaware limited liability company (“Buyer”) dated as of October __, 2011.

Buyer hereby certifies to Seller that:

		
	1.
	Each of the representations and warranties made by Buyer in the Agreement are true and correct in all material respects as of the date of this Certificate; and

		
	2.
	Buyer has performed all of its covenants under the Agreement in all material respects as of the date of this Certificate.

[Remainder of page left blank;
Signatures follow on next page]

IN WITNESS WHEREOF, and intending to be legally bound hereby, Buyer has executed this Certificate as of the day and year first above written.

Buyer:

BRE/[    ] L.L.C., a Delaware limited liability company

By:                        
Name:    
             Title:

EXHIBIT G
Form of Deed - Illinois
 

THIS INSTRUMENT WAS PREPARED BY:    )
)
)
)
)
)
)
AFTER RECORDING RETURN TO:        )
)
)
)
)
(Space reserved for recording data.)

SPECIAL WARRANTY DEED

THIS INDENTURE, made as of this _____ day of _______________, 201__, between                         , a                      (“Grantor”), having an address of                                             , and                         , a                      (“Grantee”), having an address of                                             .

WITNESSETH, that, Grantor, for and in consideration of the sum of TEN DOLLARS ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained and sold, and by these presents does grant, bargain and sell to Grantee, and its successors and assigns forever, that certain land, situate, lying and being in the County of                 , State of Illinois commonly known as                         , and being more particularly described in Exhibit A attached hereto and made a part hereof (the “Property”).

TOGETHER WITH all tenements, hereditaments and appurtenances thereto, belonging or in anywise appertaining.  

AND SUBJECT TO those matters as contained in Exhibit B attached hereto and made a part hereof.

TO HAVE AND TO HOLD the Property, with the appurtenances, in fee simple, unto Grantee, its successors and assigns, to its own proper use and benefit forever.

AND GRANTOR, for itself and for its successors and assigns, does specially warrant the title to the Property and will defend the same against the lawful claims (other than those set forth on Exhibit B) of all persons claiming by, through or under Grantor, but not otherwise.

IN WITNESS WHEREOF, Grantor hereby executes this instrument (Alternate for corporate entities: has caused this instrument to be executed) as of the day and year first above written.

[If individual(s)]

                    
[type name here]

[If corporate entity]
,
a                     

By:                        
Name:                         
Title:                         

[For Acknowledgment, remove corporate references if individual is grantor]
STATE OF                     )
) ss:
COUNTY OF                     )

I, the undersigned, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that                     , as                  of                         , a                     , personally known to me or proved to me on the basis of satisfactory evidence to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that ___he signed and delivered said instrument as _______ free and voluntary act, and as the free and voluntary act of said company, for the uses and purposes therein set forth.

Given under my hand and Notarial Seal this _______ day of ____________________, 20___.

                            
Print Name:                          
Notary Public [If notarized by PNM then add: 
employed by the law firm of Pircher, Nichols & Meeks]

Commission Expiration:                      

EXHIBIT A

LEGAL DESCRIPTION OF THE PROPERTY

Commonly known as:                     .

Permanent Tax Parcel Nos.:                             .

EXHIBIT B

EXCEPTIONS TO TITLE

Form of Deed – Minnesota

	
	
	 

(Top 3 inches Reserved for Recording Data)    

LIMITED WARRANTY DEED        Minnesota Uniform Conveyancing Blanks
Business Entity to Business Entity        Form 10.2.9 (2006)

DEED TAX DUE:  $                        Date:                      
FOR VALUABLE CONSIDERATION,                             , a                  under the laws of                     , (“Grantor”), hereby conveys and quitclaims to                                     , a                      under the laws of                     , (“Grantee”), real property in                      County, Minnesota, described as follows:

Check here if part or all of the land is Registered (Torrens)    

together with all hereditaments and appurtenances.
This Deed conveys after-acquired title.  Grantor warrants that Grantor has not done or suffered anything to encumber the property, EXCEPT:  
Check applicable box:
The Seller certifies that the Seller does not know of any wells on the described real property.
A well disclosure certificate accompanies this document.
I am familiar with the property described in this instrument and I certify that the status and number of wells on the described real property have not changed since the last previously filed well disclosure certificate.

Grantor

                        

By:                        

Its:                        

STATE OF MINNESOTA    )
) ss.
COUNTY OF ________________    )

This instrument was acknowledged before me on                             , by                       the                  of             .

(Seal, if any)
                        
SIGNATURE OF NOTARY PUBLIC OR OTHER OFFICIAL

Title (and Rank):                    

My commission expires:                

	
		
	THIS INSTRUMENT WAS DRAFTED BY:
(insert name and address)

	TAX STATEMENTS FOR THE REAL PROPERTY DESCRIBED IN THIS INSTRUMENT SHOULD B SENT TO:
(include name and address of Grantee to whom tax statements should be sent)

Form of Deed – Florida

THIS INSTRUMENT PREPARED BY,
AND AFTER RECORDING, RETURN TO:
 
________________________
________________________
________________________
________________________

 
Parcel Number(s):____________________

SPECIAL WARRANTY DEED
THIS SPECIAL WARRANTY DEED (“Deed”) is made as of the ____day of ____________, 2011, by ___________________________________, a _________ ________, whose mailing address is __________________________, Attention: ______________ (“Grantor”), to and for the benefit of _______________________, a ____________ _________, whose mailing address is ______________________, Attention:____________  (“Grantee”).  Grantee’s tax identification number is _________________.
W I T N E S S E T H:
That Grantor, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration to it in hand paid by Grantee, the receipt and sufficiency of which are hereby acknowledged, has granted, bargained, conveyed, and sold, and does hereby grant, bargain, convey, and sell, unto Grantee and Grantee’s successors and assigns, all that certain land lying, situated and being in _____________ County, Florida, more particularly described on Exhibit “A”, attached hereto and by this reference incorporated herein (the “Land”), and all rights, privileges, tenements, hereditaments, easements and appurtenances belonging to the Land;
TOGETHER WITH all of Grantor’s right, title and interest, if any, in and to all buildings, structures and other improvements located on the Land, and any and all fixtures attached to or incorporated within such buildings, structures and other improvements, if any; and
TOGETHER WITH all of Grantor’s right, title and interest, in and to the streets, venues, roads, ways, alleys, waterways, and canals, open and proposed, in front of or adjoining the Property.
All of the property and property rights described above shall be referred to herein as the “Property”.
TO HAVE AND TO HOLD the Property, and all the estate, right, title, interest, lien, and equity whatsoever of Grantor with respect to same, either in law or in equity, to the proper use and benefit of Grantee and Grantee’s successors and assigns, forever, in fee simple.

This conveyance is subject to the matters listed on Exhibit “B”, attached hereto and incorporated herein by this reference (collectively, the “Permitted Exceptions”); provided, however, that the reference to the Permitted Exceptions shall not be deemed to reimpose any of same.
Subject to the Permitted Exceptions, Grantor does hereby covenant with Grantee that, at the time of the delivery of this Deed, the Property was free from any encumbrance made by Grantor, and that Grantor will specially warrant title to the Property and will defend it against the lawful claims of all persons claiming by, through or under Grantor, but against none other.  
IN WITNESS WHEREOF, this Special Warranty Deed has been executed by Grantor to be effective as of ________________ ___, 2011.
Signed, sealed and delivered    GRANTOR:
in the presence of:

[______________________________]
________________________
Print Name: ______________    
 
________________________    By: ________________________________
Print Name: ______________    Name:______________________________
Title:_______________________________

STATE OF ____________    )
)
COUNTY OF ___________    )
The foregoing instrument was acknowledged before me on _____________ ___, 2011 by _______________, as _______________ of ____________________, a _____________ ______________, on behalf of the ______________.  He/she is personally known to me or produced a State of __________ Driver’s license as identification.

________________________________________
Notary Public in and for the State of ___________
        
Printed/Typed Name of Notary
My Commission Expires:      

Exhibit “A” 

LEGAL DESCRIPTION

[To be inserted]

Exhibit “B”
PERMITTED EXCEPTIONS
[To be inserted]
 

Form of Deed – Texas

NOTICE OF CONFIDENTIALITY RIGHTS:  IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS:  YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER.

When recorded, return to:

_________________________
_________________________
_________________________
_________________________

SPECIAL WARRANTY DEED

STATE OF TEXAS     § 
    §    KNOW ALL MEN BY THESE PRESENTS: 
COUNTY  OF  __________    §
[GRANTOR], for and in consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, has GRANTED, BARGAINED, SOLD, and CONVEYED and by these presents does GRANT, BARGAIN, SELL, AND CONVEY unto [GRANTEE], the real property in __________ County, Texas, fully described in Exhibit A attached hereto, together with all rights, titles, and interests appurtenant thereto (collectively, the “Property”).
This Special Warranty Deed and the conveyance hereinabove set forth is executed by Grantor and accepted by Grantee subject to the matters described in Exhibit B hereto, to the extent the same are validly existing and applicable to the Property (collectively, the “Permitted Encumbrances”).
TO HAVE AND TO HOLD the Property, together with all and singular the rights and appurtenances thereunto in anywise belonging, unto Grantee, its successors and assigns forever, and Grantor does hereby bind itself, its successors and assigns, to WARRANT AND FOREVER DEFEND all and singular the title to the Property unto the said Grantee, its successors and assigns against every person whomsoever lawfully claiming or to claim the same or any part thereof by, through, or under Grantor but not otherwise, subject to the Permitted Encumbrances.
Grantee’s address is:_______________________________________________.

EXECUTED as of _____________________, 2011.
GRANTOR:

By:                        
Name:                        
Title:                        

THE STATE OF TEXAS            §
§
COUNTY OF __________            §

This instrument was acknowledged before me on the ____ day of ___________, 2011, by                 ,                  of [GRANTOR], on behalf of said [corporation/limited liability company/partnership].
                             
Notary Public in and for the State of Texas

Exhibit A - Legal Description
Exhibit B - Permitted Encumbrances

EXHIBIT A
Legal Description

[To be attached]

EXHIBIT B
Permitted Encumbrances

[To be completed]

Form of Deed – Ohio
OHIO FORM OF LIMITED WARRANTY DEED 
(3" top margin for first page; 11⁄2" top margin on all subsequent pages)

LIMITED WARRANTY DEED

DUKE REALTY OHIO, an Indiana general partnership ("Grantor"), grants with limited warranty covenants to BRE/[____], L.L.C., a Delaware limited liability company ("Grantee"), whose tax mailing address is c/o Blackstone Real Estate Acquisitions VI L.L.C., 345 Park Avenue, 32nd Floor, New York, NY  10154; Attn. Tyler Henritze, all of Grantor’s interest in the following described real property:

Situated in the State of Ohio, County of Franklin and in the ___________ of ________________ and being more particularly described on Exhibit "A" attached hereto and made a part hereof.

Parcel No(s).:    _____________________________
Property Address(es):    _______________________
Prior Instrument(s) of Reference: Instrument No. ______________________, Recorder's Office, Franklin County, Ohio 

This conveyance is made subject to taxes and assessments not yet due and payable; easements, conditions and restrictions of record, if any; legal highways and zoning ordinances, and the permitted encumbrances set forth on Exhibit "B", attached hereto and incorporated by reference herein. 

IN WITNESS WHEREOF, Grantor has caused this instrument to be executed by its duly authorized partner, this _____ day of ______________, 2011.
DUKE REALTY OHIO, an Indiana general partnership

By:    Duke Realty Limited Partnership, an Indiana                                 limited     partnership, its Managing Partner

By:    Duke Realty Corporation, an Indiana                                     corporation, its General Partner
                
By: _____________________________
Name: _________________________
Title: __________________________

STATE OF ______________,
COUNTY OF _________________, SS:

The foregoing instrument was acknowledged before me this _____ day of ______________, 2011 by _________________________________, as_____________________________ of Duke Realty Corporation, an Indiana corporation, the general partner of Duke Realty Limited Partnership, a general partner of Duke Realty Ohio, an Indiana general partnership, on behalf of the general partnership.

_____________________________________________
Notary Public

Print Name: __________________________
Notary Public for the State of ______________
My Commission Expires: ________________

This Instrument Prepared By:  

John B. Weimer, Esq.
Vorys, Sater, Seymour and Pease LLP
52 East Gay Street
Columbus, OH  43215

EXHIBIT  "A"

LEGAL DESCRIPTION 

Situated in the State of Ohio, County of Franklin and in the _________ of ________________ and being more particularly described as follows:

[to be inserted]

EXHIBIT "B"

PERMITTED EXCEPTIONS
9/22/2011 12252820 V.2

[to be inserted]

Form of Deed – Georgia

After recording return to:
_______________________
_______________________
_______________________

STATE OF ______________
COUNTY OF ____________

LIMITED WARRANTY DEED

THIS INDENTURE is made as of _________________, 200__, between _________________________________, a ________ ___________________ (hereinafter referred to as "Grantor"), and _____________________________, a __________ __________ (hereinafter referred to as "Grantee") ("Grantor" and "Grantee" to include their respective heirs, successors, executors, administrators, legal representatives and assigns where the context requires or permits).

W I T N E S S E T H:

GRANTOR, in consideration of the sum of Ten and No/100 Dollars ($10.00) and other valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, has granted, bargained, sold, aliened, conveyed and confirmed, and does hereby grant, bargain, sell, alien, convey and confirm unto Grantee all that tract or parcel of land lying and being in Land Lot ________ of the _______ District, ______ County, Georgia (hereinafter, together with all improvements thereon, referred to as the "Property") as more particularly described in Exhibit "A" attached hereto and incorporated herein by this reference.

TO HAVE AND TO HOLD the Property, with all and singular the rights, members and appurtenances thereof, to the same being, belonging, or in anywise appertaining, to the only proper use, benefit and behoove of Grantee forever in FEE SIMPLE.

AND GRANTOR WILL WARRANT and forever defend the right and title to the Property unto Grantee against the claims of Grantor and all persons claiming through or under Grantor, but not otherwise; subject only to those matters set forth and described on Exhibit "B" attached hereto and incorporated herein by this reference.

IN WITNESS WHEREOF, Grantor has signed and sealed this Deed the day, month and year first above written.

(Signatures begin on Following Page)

IN WITNESS WHEREOF, Grantor has signed and sealed this Deed the day, month and year first above written.

	
			
	Signed, sealed and delivered 
in the presence of:

                    
Witness

                    
Notary Public

My Commission expires:        

[NOTARIAL SEAL]

	 
	GRANTOR:

______________________________,
a __________  ______________________

By: ____________________________
Name: _________________________
Its: ____________________________

EXHIBIT "A"

LEGAL DESCRIPTION

EXHIBIT "B"

PERMITTED EXCEPTION

EXHIBIT H
Form of Bill of Sale
___________________, a _______________________ , whose address is ________________________ (hereinafter referred to as “Seller”), in consideration of Ten ($10.00) Dollars in hand paid by BRE/[          ] L.L.C., a Delaware limited liability company, whose mailing address is 345 Park Avenue, New York, New York 10154 (hereinafter referred to as “Buyer”), the receipt and sufficiency of which is hereby acknowledged, does hereby sell, grant, assign, convey, transfer and set over unto Buyer, its successors and assigns, all fixtures, chattels, equipment and articles of personal property placed in, attached to or located on each Property used in connection with the operation and maintenance of the Property that is owned by Seller and its Affiliates as of the date of this Bill of Sale (collectively, the “Personal Property”).
TO HAVE AND TO HOLD the Personal Property unto Buyer, its successors and assigns forever.
Seller represents and warrants that it has title to the Personal Property free and clear of any Liens [other than those relating to the Third Party Loan assumed by the Buyer].  Except as specifically provided in the previous sentence, or as otherwise set forth in that certain Agreement of Purchase and Sale dated as of October __, 2011, by and between the Sellers named therein and BRE/Central Office Holdings L.L.C. (as the same may be amended, supplemented and/or modified from time to time, the “Purchase Agreement”) this Bill of Sale is made without warranty or representation of the Seller.
Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Purchase Agreement.
This Bill of Sale has been duly executed by Seller as of the ____ day of ________, 2011.
[SELLER/S]

By:    _____________________________
Name:  
Title:  
Schedule:
Schedule A        Description of Premises

EXHIBIT I
Form of Manager/Broker Lien Waiver

SPACE ABOVE FOR RECORDER

Prepared by & when recorded, return to:
Chicago Title #1211-2630-NJM
711 Third Ave, #500, NY, NY 10017

Instrument:
Release of Broker and/or Manager Lien

Dated:
As of ____/____/11

Premises, as legally described on SCHEDULE A hereto:
______________________________________________ 

Broker Release:
The undersigned is the broker in the transaction evidenced by that certain Contract of Sale/Purchase & sale Agreement between __________ and __________ dated as of ____/____/11 for the sale of all or part of the Premises, and in consideration of $1 and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the undersigned, the undersigned releases the broker lien or right to a broker lien against the Premises.

SEE ANNEXED EXECUTION PAGE

EXECUTION PAGE

ENTITY:
________________________________, a _______________________

By:        ______________________________________________
Name:       ________________________________
Title:         ________________________________, duly authorized
Address:    ________________________________
Telephone:    (______) __________-_____________

Witness #1 as to Premises in GA:

____________________________________________
Name:  _____________________________________

Witness #2 and Notary as to Premises in GA:

____________________________________________
Name:  _____________________________________

County of _______________, State of _______:

On ____/____/11, before me, the undersigned, a Notary Public in and for said State, personally appeared _____________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he / she / they executed the same in his / her / their authorized capacity(ies), and that by his / her / their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. *** Witness my hand and official seal.

____________________________________
Notary Public

SCHEDULE A
Legal Description of Premises

EXHIBIT J
Form of Assignment of Asset-Related Property
THIS ASSIGNMENT OF ASSET-RELATED PROPERTY (this “Assignment”) is made this __ day of _____________, 2011 by and between [SELLER/S] (“Assignor”) and BRE/[      ] L.L.C., a Delaware limited liability company (“Assignee”).

RECITALS:

WHEREAS, as of the date hereof (the “Closing”), Assignor is assigning and conveying to Assignee all of Assignor’s interest in that certain property commonly known as _________________ and located in [CITY, STATE], and more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the “Property”); and

WHEREAS, in connection with the Closing, and in accordance with the terms of this Assignment, Assignor desires to assign to Assignee all of Assignor’s right, title and interest in, to and under the intangible property described in Exhibit B attached hereto and incorporated herein by this reference (the “Asset-Related Property”); and 

WHEREAS, this Agreement is being executed and delivered pursuant to that certain Agreement of Purchase and Sale dated as of October __, 2011 (the “Purchase Agreement”) among [Assignor, as seller, the other Sellers named therein] and BRE/Central Office Holdings L.L.C., as buyer.  All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Purchase Agreement.

NOW, THEREFORE, for and in consideration of the foregoing and other valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged:

1.  Assignor hereby assigns, transfers and sets over unto Assignee, to the extent transferable without cost to Assignor or third party consents, except as otherwise set forth in the Purchase Agreement, all right, title and interest of Assignor in, to and under the Asset-Related Property.

2.  Assignee hereby accepts such assignment and agrees to perform all obligations of Assignor pursuant to such Asset-Related Property, if any, arising from and after the date hereof.

3.  This Assignment is made without warranty or representation by Assignor except as otherwise set forth in the Purchase Agreement. 

4.  The provisions of this Agreement shall be binding upon, and shall inure to the benefit of the parties hereto, and their respective successors and assigns.

5.  This Assignment may be executed in one or more counterparts, each of which shall constitute an original, but all of which together shall constitute one and the same instrument.

[The remainder of this page is intentionally left blank.]

IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment as of the date first written above.

ASSIGNOR:

[SELLER/S]

By: _________________________
       Name:
       Title:

ASSIGNEE:

BRE/[        ] L.L.C.,
a Delaware limited liability company

By: _________________________
       Name:
       Title:

EXHIBIT K
Sellers’ Closing Certificate
THIS SELLERS’ CLOSING CERTIFICATE (the “Certificate”) is made pursuant to Section 6.2(d)(iii) of that certain Agreement of Purchase and Sale Agreement (as the same has been amended, modified and/or supplemented, the “Agreement”) by and between the undersigned (the “Sellers” and BRE/[    ] L.L.C., a Delaware limited liability company (“Buyer”) dated as of October __, 2011.

Sellers hereby certify to Buyer that:

		
	1.
	Each of the representations and warranties made by Seller in the Agreement are true and correct in all material respects as of the date of this Certificate; and

		
	2.
	Seller has performed all of its covenants under the Agreement in all material respects as of the date of this Certificate.

[Remainder of page left blank;
Signatures follow on next page]

IN WITNESS WHEREOF, and intending to be legally bound hereby, Seller has executed this Certificate as of the day and year first above written.

Seller:

[SELLERS]

By:                        
Name:    
             Title:

EXHIBIT L
Form of Entity Transferor Foreign Investors 
Real Property Tax Act Certification and Affidavit

Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”), provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person.  To inform BRE/[       ] L.L.C. (the “Transferee”) that withholding of tax is not required upon disposition of a U.S. real property interest by ________________, a ____________ _________________ (the “Transferor”), the undersigned hereby certifies the following on behalf of the Transferor:
Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Code and Income Tax Regulations);
The U.S. employer identification number of Transferor is ___________;
Transferor has an address at 600 East 96th Street, Suite 100, Indianapolis, Indiana 46240.
The address of the subject property is ________________, [CITY, STATE].
Transferor understands that this Certification may be disclosed to the Internal Revenue Service by Transferee and that any false statement contained herein could be punished by fine, imprisonment or both.
Under penalties of perjury, I declare that I have examined this Certification and to the best of my knowledge and belief it is true, correct and complete, and I further declare that I have the authority to sign this document on behalf of Transferor.

_____________, 2011
[SELLER/S]

By:    _____________________________
Name:
Title:

EXHIBIT M
Intentionally Omitted

EXHIBIT N
Form of Non-Compete Agreement

Non-Compete Terms
Definitions
“Affiliate” with respect to any Person, any Person Controlling, Controlled by or under Common Control with such Person.

“BREP” shall mean BRE/Central Office Holdings L.L.C. and its affiliates and subsidiaries.

“BREP Building” shall mean any single building set forth on the list of Properties attached to the Purchase Agreement and ultimately purchased by BREP.

“Control” shall mean, either (i) ownership directly or indirectly of fifty percent or more of the equity interests in a Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by contract or otherwise.

“Disposition” shall mean the sale, transfer, assignment or exchange in whole or in part, of any Duke Realty Parcel, including, without limitation any transfer, sale, assignment or exchange of any direct or indirect interest in any owner of a Duke Realty Parcel, excluding any transfers of interests in DRLP or any public corporation that is an indirect owner of the Duke Realty Parcel. A Disposition shall specifically exclude any bulk land sales conducted by Duke Related Parties that includes other parcels owned by Duke Related Parties.

“Duke Realty Parcel(s)” shall mean, as the context may require, each parcel or parcels of vacant or to-be-developed land listed in Schedule 1 attached hereto.

“Duke Realty Parties” shall mean DRLP and its wholly-owned subsidiaries as of the date of the Purchase Agreement regardless of whether they continue to be wholly-owned subsidiaries.

“Duke Building(s)” shall mean as the context may require, one or more buildings owned by one or more of the Duke Realty Parties (regardless of whether such building is constructed or proposed to be constructed), which shall include, but not be limited to, the Duke Realty Parcels.

“Solicit” shall mean to initiate or otherwise enter into discussions with a Tenant Party, either directly or through any Representative of a Tenant regarding the opportunity to lease space in a building (whether or not constructed or under construction at the time), including any RFP.

“Representative” shall mean, with respect to a Person, any employee, broker, finder or other Person acting as a direct representative on behalf of such Person.

“RFP” shall mean a request for a proposal from a Tenant Party, either directly by the Tenant Party, or through a Representative of a Tenant Party, to enter into a lease for space at any Duke Building.

2

“Tenant” shall mean any tenant pursuant to a Lease in any BREP Building as of the date of the Purchase Agreement.

“Tenant Affiliate” shall mean any Person Controlled, Controlling or under common Control with such Tenant.

“Tenant Party” shall mean any Tenant or Tenant Affiliate.

“Termination Date” shall mean (a) with respect to the Covenant Not to Solicit and the Right of First Offer (i) the date of that is the five year anniversary of the Closing Date; and (b) with respect to the Covenant for RFPs, the date that is the thirtieth month of the Closing Date; provided, however in the event any Duke Buildings are sold to a Person that is not an Affiliate of Duke in an arm’s length transaction and the applicable Duke Realty Party has complied with the Right of First Offer provided for below, then the Termination Date with respect to such Duke Building shall be the date of the closing of the sale to such Person. In addition, to the extent any BREP Building is sold to a Person who is not BREP then the Termination Date with respect to such BREP Building shall be the date of closing of the sale to such Person.

1. Covenant Not to Solicit Tenants

From and after the date of the Purchase Agreement to the Termination Date, the Duke Realty Parties covenant and agree that none of the Duke Realty Parties or any Representative of any Duke Realty Party shall Solicit any Tenant Party to enter into a lease for space at any Duke Building located or to be located within a twenty mile radius of any BREP Building with respect to which such Tenant Party is leasing space as of the date of the Purchase Agreement (the “Duke Non-Solicit Area”) without BREP’s prior written consent, which consent may be withheld in BREP’s sole discretion, but will be deemed given if BREP has not responded within ten (10) Business Days after receipt of a written request for consent from one or more of the Duke Realty Parties (such covenant by the Duke Realty Parties, a “Covenant Not to Solicit”). In furtherance of the foregoing, from and after the date of the Purchase Agreement to the Termination Date, the Duke Realty Parties shall not, and shall not permit any Representative of any Duke Realty Party, to respond to any RFP request for a lease of space at a Duke Building in a Duke Non-Solicit Area without the prior consent of BREP, which consent may be granted or denied in accordance with the further provisions of this paragraph (such covenant by the Duke Realty Parties, a “Covenant for RFPs”). In the event any Duke Realty Party receives an RFP request for a lease of space at a Duke Building within the Duke Non-Solicit Area by or on behalf of any Tenant Party that it desires to respond to, then the Duke Realty Party receiving such RFP shall immediately notify BREP of the RFP and request BREP’s consent thereto. BREP shall have ten (10) Business Days in which to respond to such request, with BREP’s consent not to be unreasonably withheld, and which consent BREP shall be required to grant in the event such RFP includes space requirements or other specific building requirements that BREP determines in its reasonable discretion cannot be accommodated by BREP in any BREP Building within the Duke Non-Solicit Area.

3

2. Right of First Offer

Subject to the rights of CBRE Operating Partnership, L.P. with respect to those parcels so indicated on Schedule 1 hereto and the right of first refusal of Primerica Life Insurance pursuant to that certain Memorandum of Rights dated as of September 11, 2011 and attached hereto as Schedule 2, from and after the date of the Purchase Agreement and prior to the Termination Date, no Duke Realty Party shall cause a Disposition of any Duke Realty Parcel without first complying with the right of first offer (“ROFO”) set forth in the provisions of this Paragraph 2. If any Duke Realty Party desires to cause a Disposition of any Duke Realty Parcel, such Duke Realty Party shall provide a notice (the “ROFO Notice”) to BREP setting forth a statement of intent to invoke the ROFO and the terms (“Proposed Terms”) which such Duke Realty Party would be willing to accept in connection with a Disposition. The Proposed Terms must include the all cash purchase price (the “ROFO Price”) which the Duke Realty Party would be willing to accept and the other material economic terms and conditions on which such Duke Realty Party would be willing to complete a Disposition. At any time within on or before the last day of a 30 day period (the “Offer Period”) commencing on the day BREP shall have received the ROFO Notice, BREP shall either:
(a) deliver to the Duke Realty Party a notice (the “Authorization Notice”) that that it is declining the offer contained in the ROFO Notice and that such Duke Realty Party is authorized to attempt to complete a Disposition of the Duke Realty Parcel for an all cash purchase price equal to or greater than 95% of the ROFO Price and otherwise on substantially the same terms as those set forth in the Proposed Terms and on other terms that such Duke Realty Party reasonably believes are customary in the market where the Duke Realty Parcel is located; or (b) deliver to the Duke Realty Party a notice (the “Election Notice”) that    is electing to make the acquisition at the ROFO Price and in accordance with the Proposed Terms and on such other terms that the parties mutually agree are customary in the market where the Duke Realty Parcel is located.

In the event BREP does not send an Election notice to the Duke Realty party on or before the last day of the Offer Period, BREP shall be deemed to have delivered an Authorization Notice.

4

If BREP shall have delivered, or be deemed to have delivered, an Authorization Notice, then the Duke Realty party may proceed to a Disposition for a period of up to six (6) months following the expiration of the ROFR Response Period to a Person who if not an Affiliate of a Duke Realty Party and in which a Duke Realty Party does not own any economic interest in an arm’s length transaction for a purchase price of not less than 95% of the ROFO Price and otherwise on substantially the same terms as those set forth in the Proposed Terms and on other terms that such Duke Realty Party reasonably believes are customary in the market where the Duke Realty Parcel is located. If the Duke Realty Party is (1) unable to consummate such sale within such period or (2) is required to make any modifications to the ROFO Price or Proposed Terms in order to consummate such sale (other than a reduction in the purchase price of not less than 5% of the ROFO Price), then the Duke Realty Party must again submit a ROFO Notice to BREP under the terms of this Section 2 before it may proceed with any Disposition. If BREP provided delivered an Election Notice to such Duke Realty Party in accordance with the provisions of this Right of First Offer, then (i) within fifteen days of the date of delivery of the Election Notice, the parties shall enter into a purchase and sale agreement with respect to the applicable Duke Realty Parcel
which purchase agreement shall reflect the ROFO Price, the Proposed Terms and such other
terms as the parties mutually agree are customary in the market where the Duke Realty Parcel is
located; (ii) immediately upon receipt of the ROFO Notice, BREP shall be granted a due diligence period equal to 30 days from the date of receipt of the Election Notice to inspect the Duke Realty Parcel and the Duke Realty Party shall be required to cooperate with BREP and deliver to BREP such customary documents and information as a seller would deliver to a proposed buyer in connection with a due diligence period; and (iii) assuming BREP does not terminate any purchase agreement entered into as a result of its due diligence inspections set forth in (ii) immediately above, then the parties shall proceed to close on the purchase and sale of the applicable Duke Realty Parcel on the date that is 30 days after the last day of the due diligence period referenced above.

Non-Compete Agreement
Duke Realty Parcels
Exhibit N Schedule 1

Market/Name/Cross Streets/Submarket/Acres
Atlanta/Legacy (DRLP)/Hwy 120 (Duluth Hwy) and Satellite Boulevard/NE Submarket /49.53 (1)
Atlanta/Legacy (DCLP) ,Hwy 120 (Duluth Hwy) and Satellite Boulevard NE Submarket/ 11.61
Atlanta/Northwinds Land/ Haynes Bridge Road and Northwinds Pkwy/North Fulton/ 4.63
Atlanta/Windward Land/ Windward Parkway and Webb Bridge Road/North Fulton/ 15.74
Atlanta Total 81.51

Central Florida/Highland Oaks Land(DCLP)/Highland Manor and Bryan Road/I-75 Office (Tampa)/ 3.44
Central Florida/Northpoint Land/Lake Emma Road and Greenwood Blvd/Lake Mary/22.50
Central Florida Total 25.94

Columbus/Easton Land/Easton Commons and Morse Crossing Northeast/(Easton/New Albany)/9.52 (2)
Columbus/Hilliard Land/Riggins Ct. and Britton Pkwy Northwest /Dublin/Hilliard)/6.30
Columbus/Tuttle Crossing Grounds/Parkwood Place and Emerald Parkway Northwest/(Dublin/Hilliard)/30.16
Columbus/Tuttle Rings-Frantz Land/Blazer Pkwy and Rings Road Northwest/(Dublin/Hilliard)/14.38
Columbus Total 60.36

Dallas/Frisco Office Land - DRLP/NE corner of the Dallas Tollway and Warren Pkwy/Far North Dallas (office)/27.39
Dallas/Frisco Office Land - DCLP/NE corner of the Dallas Tollway and Warren Pkwy/Far North Dallas (office)/7.36
Dallas Total 34.75

Minneapolis/The West End Office/Wayzata Boulevard and Utica Avenue/South West Submarket/14.08
Minneapolis/Waterford Land/US 169 Frontage Road and 8th Avenue N./West Submarket/12.10
Minneapolis Total 26.18

Grand Total 228.74

(1) Approximately six (6) acres encumbered by Primerica BTS lease.
(2) Encumbered by Qualified Future Development Agreement with Joint Venture Partner.

Exhibit O
O.C.G.A Section 48-7-128 Affidavit
See Attached

IT-AFF1 (Rev. 3/94)

AFFIDAVIT OF SELLER'S RESIDENCE

_______________________________________     _______________________________________
Seller's Name                         Seller's Identification Number (SSN or FEI)

_______________________________________     _______________________________________
_______________________________________     Spouse's Identification Number (if jointly owned)
_______________________________________
Street Address

INSTRUCTIONS
This form is provided to be executed by the seller and furnished to the buyer to establish Georgia residency, such that withholding from the proceeds of the sale of property are not subject to the withholding laws of this state. (See O.C.G.A. § 48-7-128.)

Sellers are not subject to withholding from the proceeds of sale if either they reside in Georgia or they are deemed to be a
Georgia resident by virtue of the fact that they have filed Georgia tax returns in the preceding two years, do business or own
property in Georgia, intend to file a Georgia tax return for the current year, and if they are a corporation or limited partnership,
are registered to do business in this state.

The seller is to execute this affidavit by placing an initial in the blank preceding statements which apply. The buyer is to
keep the affidavit and furnish a copy to the Department of Revenue only if requested.

Seller is exempt from withholding on the sale of property because:

_____     Seller is a resident of Georgia.
Seller is not a resident of Georgia, but is deemed a resident for purposes of withholding because all of the following
apply:

_____     Seller is a nonresident who has filed Georgia tax returns for the preceding two years; and

_____     Seller is an established business in Georgia and will continue substantially the same business in Georgia after the
sale OR the seller has real property in the State at the time of closing of equal or greater value than the withholding
tax liability as measured by the 100% property tax assessment of such remaining property; and

_____     Seller will report the sale on a Georgia Income Tax return for the current year and file by its due date; and

_____     If seller is a corporation or limited partnership, seller is registered to do business in Georgia.

Under penalties of perjury, I swear that the above information is to the best of my knowledge and belief, true, correct, and
complete.

______________________________________________     _______________________________________________
Seller's Signature (and Title, if applicable)             Date

Sworn to and subscribed before me this
______day of _______________________, ______
_____________________________Notary public
My commission expires____________________
Exhibit P
TITLE AFFIDAVIT
dated as of  _____/_____/11

BX from Duke

Sites in FL, GA, IL, MN, OH & TX

Re:    Seller/Grantor:
Vestee as per Marked Commitment (as defined infra)
Grantee/Mtgor/Insured for OP:
TBA
LP Amt:
See SCHEDULE OF AMOUNTS OF INSURANCE
Lender/Mtgee/Insured for LP:
TBA
LP Amt:
See SCHEDULE OF AMOUNTS OF INSURANCE
______ % Title Insurer, aka CTIC, pursuant to Master #1211-2630 --- Overall Title Coordinator:    
Chicago Title Insurance Company, a NE corporation (“CTIC”)
______ % Title Insurer, aka FirstAm-NLT, pursuant to Master #NLT-22173-NAT-11:
First American Title Insurance Company, a CA corporation (“FirstAm”) on behalf of National Land Tenure, LLC, a NY limited liability company (“NLT”) pursuant to Master # NLT-22173-NAT-11, as agent thereof (collectively, “FirstAm-NLT”)
______ % Title Insurer, aka FirstAm, pursuant to Master #496814-01:
First American Title Insurance Company, a CA corporation (“FirstAm”)
Marked Commitment:
Commitment issued and marked by one of the Title Insurers
Premises, each as legally described in the Marked Commitment:
See SCHEDULE OF AMOUNTS OF INSURANCE

Certifications:   
The undersigned hereby certifies the following to Title Insurer as to the Premises:

Mechanics Liens:
All labor, services or materials rendered or furnished within the last 180 days with the Premises or with the construction or repair of any building or improvements on the Premises have been completed and paid for in full except (a) as set forth on the annexed SCHEDULE OF WORK, or (b) routine repairs and/or maintenance not exceeding $25,000 as to any given site. As to (a) and (b), any and all charges have been or will be duly paid by the undersigned in the ordinary course of business.

Possession: 
To the knowledge of the undersigned, (a) Grantor’s possession of the Premises has been peaceable and undisturbed and (b) Grantor’s title to the Premises has never been disputed or questioned.

Tenants/Parties in Possession:
There are no tenants or other parties who are in possession or have the right to be in possession of said Premises other than those tenants     identified on the annexed LIST OF TENANTS, having rights as tenants only, none of which have an option to purchase (“OTP”) or right     of first refusal to purchase (“ROFR”) that has not been waived which would apply to this transaction affecting the Premises, and all of which tenants have leases containing automatic subordination to landlord’s deeds of trust.

Taxes/Assessments: 
All taxes, assessments, water rents and/or charges, sewer rents and/or charges, sewer hook-up charges, fire service, gas charges, common charges (i.e. condominium or association charges or dues) and other municipal charges that would constitute a lien and be currently due and payable have been or will be duly paid.

Options to purchase or rights of first refusal: 
Grantor has not granted (and has no knowledge of) any unrecorded outstanding options to purchase the Premises or rights of first refusal affecting the Premises, that have not been waived or apply to this transaction.

 
Pending Contracts/Agreements: 
But for the instant transaction, Grantor has not entered into any contracts or agreement for the sale, disposition or encumbrance of all or part of the Premises.

Manager/Broker as to the Premises in GA & IL:    
Grantor (and the undersigned) has not entered into any agreement with (a) any real estate broker for the payment of a commission or similar fee relating to the purchase or sale of the Premises, or (b) any management firm for the payment of a management or similar fee relating to the management or operation of the Premises.

Disputes:
There are no disputes with any parties concerning the boundary lines of said Premises; there are no encroachments upon said Premises from adjacent properties, nor encroachments of any improvement located on the Premises upon adjoining land, except as may be disclosed in a survey; and there have been no violations of any covenants, conditions or restrictions of record affecting the Premises by Seller.

Bankruptcy: 
No proceedings in bankruptcy or receivership have been instituted by or against Grantor (or its constituent entities) which are now pending, nor has Grantor (or its constituent entities) made any assignment for the benefit of creditors which is in effect as to said Premises.

Zoning:
Grantor has not received any written notice of a violation of any applicable zoning law, regulation or ordinance with respect to the Properties which has not been cured or dismissed.

Entity Taxes:
All entity taxes and/or license fees due or owing by Grantor (and its constituent entities) to the state(s) of formation and the state(s) where the Premises are situated have been or will be duly paid.

Mortgages/Deeds of Trust/Security Deeds:
There are no unpaid or unsatisfied Mortgages/Deeds of Trust/Security Deeds other than those set forth in each Marked Commitment.

General Indemnification: 
The undersigned hereby indemnifies and holds Title Insurer harmless against all loss or damage sustained by reason of the following, unless sustained by Title Insurer as a result of its negligence:

Payoff Shortages: 
Shortages in the payoff(s) to the existing lender(s) and/or lienholder(s), if any, as set forth in any Marked Commitment. 

Transfer Tax: 
Shortages in transfer tax due or payable to the relevant recorder’s office in connection with the recordation of the conveyances from Grantor to Grantee so long as Title Insurer did not collect the amount due from Grantor or the undersigned.

Mechanics Liens:
Mechanics liens, including any Notices of Commencement (“NOCs”) or Notices of Non-Responsibility (“NNRs”), as well as any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law whether or not shown by the public records.

Gap Indemnification:
Between the most recent Effective Date of the Marked Commitment (with final bringdowns of Effective Dates to be conducted within one week prior to closing) and the date of recording of the conveyances from Grantor to Grantee but in no event later than five (5) business days from the date hereof or five (5) business days from the break of escrow, to the extent applicable and whichever is later (hereinafter, the “Gap Period”), Grantor has not taken and will not take any action to encumber or otherwise affect title to the Premises. 

Further Assurances: 
The undersigned hereby undertakes and agrees to fully cooperate with Title Insurer in correcting any errors in the execution and acknowledgment of the conveyances from Grantor to Grantee.

Counterparts: 
This document may be executed in counterparts.

Inducement and Indemnification: 
The undersigned provides this document to induce Title Insurer to insure title to said Premises well knowing that it will do so only in complete reliance upon the matters asserted hereinabove.

SEE ANNEXED SIGNATURE PAGE

SIGNATURE PAGE

Duke Realty Limited Partnership, an Indiana limited partnership

By:    ___________________________________________________
Name:    ___________________________________________
Title:    ___________________________________________, duly authorized

Subscribed and sworn to on _____/_____/11

______________________________________________
Notary Public

SCHEDULE OF AMOUNTS OF INSURANCE
SEE ANNEXED

SCHEDULE OF WORK
SEE ANNEXED

SCHEDULE OF WORK

	
					
	Property
	Address
	General Desc of Ongoing Work
	Project Cost (approx)
	Amt of Project Cost Paid to Date (approx)

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	Grand Total
	 
	 

LIST OF TENANTS
SEE ANNEXED

LIST OF TENANTS

	
				
	Property
	Address
	Tenant
	State “Yes” if Tenant has OTP or ROFR and whether has been waived or released

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

Exhibit Q

Easton Way III Easement/Subdivision Documents 

THIS DECLARATION OF ACCESS EASEMENT (this "Agreement"), made the ___ day of _________, 2011, by DUKE REALTY OHIO, an Indiana general partnership (hereinafter referred to as "Declarant").

W I T N E S S E T H:

WHEREAS, Declarant is the fee simple owner of the land located in City of Columbus, County of Franklin, State of Ohio which is depicted in Exhibit A and described in Exhibits A-1 and A-2 attached hereto and by this reference incorporated herein (each a "Parcel" and collectively called the "Properties"). The Properties are comprised of two (2) Parcels, the first is described on Exhibit A-1 (herein called the "North Parcel"), and the second is described on Exhibit A-2 (herein called the "South Parcel"); and

WHEREAS, Declarant desires to reserve and establish certain rights, privileges, burdens and benefits of the Properties in connection with creating a non-exclusive access easement.

NOW, THEREFORE, Declarant hereby declares and consents that the Properties are and shall be held, transferred, aliened, sold, conveyed, leased, rented, mortgaged, occupied, used and otherwise disposed of subject to the easements, covenants, obligations, charges and assessments as hereinafter set forth:

1. Reciprocal Access Easement. Declarant hereby reserves, declares, establishes, creates and grants over the Properties for benefit of each Owner (as hereinafter defined) a perpetual, non-exclusive right, privilege and easement over that portion of the Properties described on Exhibit B attached hereto (the "Access Easement") for vehicular and pedestrian access, ingress and egress on, over, across and through the drive lanes, exits, curb cuts and drive aisles located in the parking areas on the Properties located thereon as an appurtenance to, and as a burden on and encumbrance to the Properties.

2. Maintenance, Costs and Expenses. Each Owner shall be responsible for maintaining, its own Parcel and the improvements thereon, at such Owner's sole cost and expense, including, without limitation, the easement areas located on the respective properties as described herein.

3. Reservation of Use. No building or other structure or obstruction shall be permitted or maintained within the Access Easement, nor shall the grade of the Access Easement be altered so as to materially interfere with the use of the Access Easement as contemplated herein, except that paving, curbing, striping, landscaping, light poles and signage or similar easily moved improvements that do not materially interfere with the use of the Access Easement described herein shall be permitted.

4. Owner. For the purposes of this Declaration, “Owner” means, in the singular and plural as the case may be, any persons or entities owning from time to time fee simple title to all or a portion of the Properties, and their successors and assigns. Each of the Owners of the Properties shall have the right to grant the right to use the Access Easement to its employees, tenants and licensees (the "Owner Parties"). Notwithstanding the foregoing, none of the easements created herein are intended to create any rights to the public.

5. Covenants Running With the Land. The rights, agreements, duties, obligations and easement set forth in this Agreement shall run with the land, binding upon and benefiting and burdening the owners of the Properties and every portion thereof, and their successors, assigns and legal representatives. Any transferee of any portion of the Properties shall automatically be deemed, by acceptance of the title to said property, to have assumed all obligations of this Agreement relating thereto to the extent of its interest in said portion of the Properties and the transferor shall upon the completion of such transfer be relieved of all further liability under this Agreement except liability with respect to matters that may have arisen during its period of ownership, if any.

6. Cross Indemnity. Each Owner shall indemnify, defend and hold harmless the other Owner from and against any and all claims for damages (including, without limitation, any legal fees actually incurred), which the indemnified party may incur as a result of the indemnifying party’s rights under this Agreement, except to the extent such claims arise from the negligence of the indemnified party.

7. No Merger. There shall be no merger of the easement granted, established and created hereby with the fee estate of any party, by reason of the fact that a party or any one or more of the Owners may own or hold (a) the estate or interest encumbered by such easement and (b) the fee estate of any of the Properties; and no such merger shall occur until such parties and such Owner or Owners, as the case may be, execute a written statement or instrument affecting such merger and shall duly record the same.

8. Modifications. This Agreement may be amended only by a written instrument executed by: (i) Owner(s) and (ii) the holders of all mortgages on the Properties or any portion thereof.

9. Notices. Any notice, demand, or request, which is required or permitted hereunder, shall be deemed effective for all purposes hereunder when hand delivered in person (including delivery by reputable courier and air freight companies) or posted with the United States Postal Service, certified mail, postage prepaid to the Owner of the Properties as shown in the real property tax records for Franklin County.

10. Governing Law. The laws of the State of Ohio shall govern this Agreement. Any provisions of this Agreement which shall prove to be invalid, void or illegal, shall in no way affect, impair or invalidate any other provisions hereof.

[Remainder of page intentionally blank]

IN WITNESS WHEREOF, Owner has caused this Agreement to be executed by its duly authorized representative as of the day and year above first written.

Owner:
DUKE REALTY OHIO, an Indiana general
partnership

By: Duke Realty Limited Partnership, its managing partner
By: Duke Realty Corporation,its general partner
By:
Printed:
Title:
STATE OF GEORGIA )
) SS:
COUNTY OF GWINNETT )
Before me, a Notary Public in and for said County and State, personally appeared ________________________, by me known to be the _____________ of Duke Realty Corporation, an Indiana corporation, the general partner of Duke Realty Limited Partnership, an Indiana limited partnership, the managing partner Duke Realty Ohio, an Indiana general partnership, who, being duly sworn, acknowledged execution of the foregoing instrument on behalf of said limited partnership, general partnership and corporation.

WITNESS my hand and Notarial Seal this day of March, 2011.
Notary Public
Printed Signature
My Commission Expires:
My County of Residence:

This Agreement prepared by: Ann Kustoff, Corporate Attorney, Duke Realty, 3950 Shackleford Road, Suite 300, Duluth, GA 30096

EXHIBIT A - THE PROPERTIES

EXHIBIT A-1 - NORTH PARCEL LEGAL DESCRIPTION

EXHIBIT A-2 - SOUTH PARCEL LEGAL DESCRIPTION

EXHIBIT B -ACCESS EASEMENT

Exhibit R    
CBS-1 Notice of Sale, Purchase or Transfer of Business (Illinois Assets)
See AttachedEX 10.3 20111231

EXHIBIT 10.3
	
					
	 

Published CUSIP number: 73651GAH6

CREDIT AGREEMENT 
 
DATED AS OF DECEMBER 8, 2011 
 
AMONG 
 
 
PORTLAND GENERAL ELECTRIC COMPANY, 
 
 
THE LENDERS, 
 
 
BANK OF AMERICA, N.A., 
AS ADMINISTRATIVE AGENT,

BARCLAYS CAPITAL,
AS SYNDICATION AGENT,

U.S. BANK NATIONAL ASSOCIATION,
DEUTSCHE BANK AG NEW YORK BRANCH
AND
JPMORGAN CHASE BANK, N.A.,
AS CO-DOCUMENTATION AGENTS 
 
 
 
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
AND
BARCLAYS CAPITAL 
AS JOINT LEAD ARRANGERS AND JOINT BOOK RUNNERS

	
					
	 

	
						
	TABLE OF CONTENTS

	 
	 
	 
	 
	Page
	

	ARTICLE I  DEFINITIONS
	1
	

	ARTICLE II  THE CREDITS
	12
	

	 
	2.1
	 
	The Facility
	12
	

	 
	2.2
	 
	Advances
	12
	

	 
	2.3
	 
	Increases and Reductions of the Aggregate Commitment
	13
	

	 
	2.4
	 
	Method of Borrowing
	15
	

	 
	2.5
	 
	Facility Fee
	15
	

	 
	2.6
	 
	Minimum Amount of Each Advance
	15
	

	 
	2.7
	 
	Optional Principal Payments
	15
	

	 
	2.8
	 
	Changes in Interest Rate, etc.
	15
	

	 
	2.9
	 
	Rates Applicable After Default
	16
	

	 
	2.10
	 
	Method of Payment
	16
	

	 
	2.11
	 
	Evidence of Indebtedness; Recordkeeping
	16
	

	 
	2.12
	 
	Telephonic Notices
	17
	

	 
	2.13
	 
	Interest Payment Dates; Interest and Fee Basis
	17
	

	 
	2.14
	 
	Notification of Advances, Interest Rates, Prepayments and Commitment Reductions
	17
	

	 
	2.15
	 
	Lending Installations
	17
	

	 
	2.16
	 
	Non-Receipt of Funds by the Agent
	17
	

	 
	2.17
	 
	Replacement of Lender
	18
	

	 
	2.18
	 
	Extension of Final Termination Date
	18
	

	 
	2.19
	 
	Letters of Credit
	19
	

	 
	2.20
	 
	Cash Collateral
	26
	

	 
	2.21
	 
	Defaulting Lenders
	27
	

	ARTICLE III  YIELD PROTECTION; TAXES
	28
	

	 
	3.1
	 
	Yield Protection
	28
	

	 
	3.2
	 
	Changes in Capital Adequacy Regulations
	29
	

	 
	3.3
	 
	Availability of Types of Advances
	29
	

	 
	3.4
	 
	Funding Indemnification
	29
	

	 
	3.5
	 
	Taxes
	29
	

	 
	3.6
	 
	Lender Statements; Survival of Indemnity
	32
	

	ARTICLE IV  CONDITIONS PRECEDENT
	32
	

	 
	4.1
	 
	Effectiveness
	32
	

	 
	4.2
	 
	Each Credit Extension
	33
	

	ARTICLE V  REPRESENTATIONS AND WARRANTIES
	33
	

	 
	5.1
	 
	Corporate Existence
	33
	

	 
	5.2
	 
	Litigation and Contingent Obligations
	34
	

	 
	5.3
	 
	No Breach
	34
	

	 
	5.4
	 
	Corporate Action
	34
	

	 
	5.5
	 
	Approvals
	34
	

	 
	5.6
	 
	Use of Loans
	34
	

	 
	5.7
	 
	ERISA
	35
	

	 
	5.8
	 
	Taxes
	35
	

	 
	5.9
	 
	Subsidiaries
	35
	

	 
	 
	 
	 
	 

	
						
	 
	5.10
	 
	No Material Adverse Change
	35
	

	 
	5.11
	 
	Financial Statements
	35
	

	 
	5.12
	 
	No Material Misstatements
	35
	

	 
	5.13
	 
	Properties
	36
	

	 
	5.14
	 
	Environmental Matters
	36
	

	 
	5.15
	 
	Investment Company Act
	36
	

	ARTICLE VI  COVENANTS
	36
	

	 
	6.1
	 
	Preservation of Existence and Business
	36
	

	 
	6.2
	 
	Preservation of Property
	37
	

	 
	6.3
	 
	Payment of Taxes
	37
	

	 
	6.4
	 
	Compliance with Applicable Laws and Contracts
	37
	

	 
	6.5
	 
	Preservation of Loan Document Enforceability
	37
	

	 
	6.6
	 
	Insurance
	37
	

	 
	6.7
	 
	Use of Proceeds
	37
	

	 
	6.8
	 
	Visits, Inspections and Discussions
	37
	

	 
	6.9
	 
	Information to Be Furnished
	38
	

	 
	6.10
	 
	Liens
	39
	

	 
	6.11
	 
	Indebtedness to Capitalization Ratio
	41
	

	 
	6.12
	 
	Merger or Consolidation
	41
	

	 
	6.13
	 
	Disposition of Assets
	41
	

	ARTICLE VII  DEFAULTS
	42
	

	ARTICLE VIII  ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	43
	

	 
	8.1
	 
	Acceleration
	43
	

	 
	8.2
	 
	Amendments
	43
	

	 
	8.3
	 
	Preservation of Rights
	44
	

	ARTICLE IX  GENERAL PROVISIONS
	44
	

	 
	9.1
	 
	Survival of Representations
	44
	

	 
	9.2
	 
	Governmental Regulation
	44
	

	 
	9.3
	 
	Headings
	44
	

	 
	9.4
	 
	Entire Agreement
	44
	

	 
	9.5
	 
	Several Obligations; Benefits of this Agreement
	45
	

	 
	9.6
	 
	Expenses; Indemnification
	45
	

	 
	9.7
	 
	Numbers of Documents
	45
	

	 
	9.8
	 
	Accounting
	45
	

	 
	9.9
	 
	Severability of Provisions
	46
	

	 
	9.10
	 
	Nonliability of Lenders
	46
	

	 
	9.11
	 
	Confidentiality
	46
	

	 
	9.12
	 
	Nonreliance
	47
	

	 
	9.13
	 
	No Advisory or Fiduciary Relationship
	47
	

	 
	9.14
	 
	USA PATRIOT ACT NOTIFICATION
	47
	

	 
	9.15
	 
	Letter of Credit Amounts
	47
	

	ARTICLE X  THE AGENT
	47
	

	 
	10.1
	 
	Appointment; Nature of Relationship
	47
	

	 
	10.2
	 
	Powers
	48
	

	 
	10.3
	 
	General Immunity
	48
	

	 
	10.4
	 
	Responsibility for Loans, Recitals, etc.
	48
	

	
						
	 
	10.5
	 
	Action on Instructions of Lenders
	48
	

	 
	10.6
	 
	Employment of Agents and Counsel
	49
	

	 
	10.7
	 
	Reliance on Documents; Counsel
	49
	

	 
	10.8
	 
	Agent's Reimbursement and Indemnification
	49
	

	 
	10.9
	 
	Notice of Default
	49
	

	 
	10.10
	 
	Rights as a Lender
	49
	

	 
	10.11
	 
	Lender Credit Decision
	50
	

	 
	10.12
	 
	Successor Agent
	50
	

	 
	10.13
	 
	Agent and Arranger Fees
	51
	

	 
	10.14
	 
	Delegation to Affiliates
	51
	

	 
	10.15
	 
	Other Agents
	51
	

	ARTICLE XI  SETOFF; RATABLE PAYMENTS
	51
	

	 
	11.1
	 
	Setoff
	51
	

	 
	11.2
	 
	Ratable Payments
	51
	

	ARTICLE XII  BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	52
	

	 
	12.1
	 
	Successors and Assigns
	52
	

	 
	12.2
	 
	Participations
	52
	

	 
	12.3
	 
	Assignments
	53
	

	 
	12.4
	 
	Dissemination of Information
	55
	

	 
	12.5
	 
	Tax Treatment
	55
	

	 
	12.6
	 
	Designation of SPVs
	55
	

	ARTICLE XIII  NOTICES
	57
	

	 
	13.1
	 
	Notices
	57
	

	 
	13.2
	 
	Change of Address
	57
	

	ARTICLE XIV  COUNTERPARTS
	58
	

	ARTICLE XV  CHOICE OF LAW; CONSENT TO JURISDICTION
	58
	

	 
	15.1
	 
	CHOICE OF LAW
	58
	

	 
	15.2
	 
	CONSENT TO JURISDICTION
	58
	

SCHEDULES

		
	SCHEDULE 1
	PRICING SCHEDULE

		
	SCHEDULE 2
	COMMITMENTS

		
	SCHEDULE 3
	INDEBTEDNESS EXCEPTIONS

		
	SCHEDULE 5.2
	LITIGATION

		
	SCHEDULE 5.9
	SUBSIDIARIES

		
	SCHEDULE 13.1
	NOTICE ADDRESSES

EXHIBITS

		
	EXHIBIT A
	FORM OF ASSIGNMENT AGREEMENT

		
	EXHIBIT B
	FORM OF OPINION OF BORROWER'S COUNSEL 

		
	EXHIBIT C
	FORM OF COMPLIANCE CERTIFICATE

		
	EXHIBIT D
	FORM OF NOTE

		
	EXHIBIT E
	FORM OF BORROWING NOTICE

		
	EXHIBIT F 
	FORM OF CONVERSION/CONTINUATION NOTICE

This CREDIT AGREEMENT, dated as of December 8, 2011, is among Portland General Electric Company (the "Borrower"), the Lenders party hereto and Bank of America, N.A., as administrative agent for the Lenders.

The parties hereto agree as follows:

ARTICLE I 
 
DEFINITIONS

As used in this Agreement:

"Adjusted Eurodollar Rate" means, with respect to a Eurodollar Advance for the relevant Interest Period, the quotient of (a) the Eurodollar Base Rate applicable to such Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest Period.

"Advance" means a borrowing hereunder (i) made by the Lenders on the same Borrowing Date, or (ii) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans of the same Type and, in the case of Eurodollar Loans, for the same Interest Period.

"Affected Lender" is defined in Section 2.17.

"Affiliate" of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such Person.  

"Agent" means Bank of America, in its capacity as administrative agent for and contractual representative of the Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Agent appointed pursuant to Article X.

"Aggregate Commitment" means the aggregate of the Commitments of all the Lenders, as changed from time to time pursuant to the terms hereof. The Aggregate Commitment as of the date of this Agreement is THREE HUNDRED MILLION DOLLARS ($300,000,000).

"Aggregate Outstanding Credit Exposure" means, at any time, the aggregate of the Outstanding Credit Exposure of all the Lenders.

"Agreement" means this Credit Agreement, as amended or otherwise modified from time to time.

"Agreement Accounting Principles" means United States generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.11.

"Alternate Base Rate"  means, for any day, a floating rate of interest per annum equal to the highest of (i) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate", (ii) the sum of Federal Funds Effective Rate for such day plus 0.50% per annum and (iii) the sum of (a) the quotient of (x) LIBOR applicable for a one month U.S. dollar deposit on such day (or if such day is not a Business Day, the immediately preceding Business Day) divided by (y) one minus the Reserve Requirement (expressed as a decimal) applicable to a Eurodollar Advance with a one-month Interest 

Period plus (b) 1.00%.  The "prime rate" is a rate set by Bank of America based on various factors including Bank of America's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced rate.  Any change in such "prime rate" announced by Bank of America shall take place at the opening of business on the day specified in the public announcement of such change.

"Applicable Margin" means, for any day, (i) with respect to the Eurodollar Rate, the percentage rate per annum opposite the heading "Applicable Eurodollar Margin" in the Pricing Schedule which is applicable at such time, (ii) with respect to the Floating Rate, the percentage rate per annum opposite the heading "Applicable ABR Margin" in the Pricing Schedule which is applicable at such time and (iii) with respect to Letter of Credit Fees, the percentage rate per annum opposite the heading "Letter of Credit Fees" in the Pricing Schedule which is applicable at such time.

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

"Arrangers" means Merrill Lynch, Pierce, Fenner & Smith Incorporated and Barclays Capital, the investment banking division of Barclays Bank PLC and their respective successors, in their capacity as joint lead arrangers and joint book runners.

"Assignee Group" means two or more assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.

"Article" means an article of this Agreement unless another document is specifically referenced.

"Assignment Agreement" means an Assignment Agreement in the form of Exhibit A.

"Bank of America" means Bank of America, N.A.

"Benefit Plan" of any Person, means, at any time, any employee benefit plan (including a Multiemployer Benefit Plan), the funding requirements of which (under Section 302 of ERISA or Section 412 of the Code) are, or at any time within six years immediately preceding the time in question were, in whole or in part, the responsibility of such Person. 

"Borrower" is defined in the preamble.

"Borrowing Date" means a date on which an Advance is made hereunder.

"Borrowing Notice" is defined in Section 2.2(c).

"Business Day" means (i) with respect to any borrowing, payment or rate selection of Eurodollar Advances, a day that is also a London Banking Day and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in California for the conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system.

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

"Capitalized Lease Obligations" of a Person means the amount of the obligations of such Person 

2

under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles.

"Cash Collateralize" means to pledge and deposit with or deliver to the Agent, for the benefit of the Agent or the L/C Issuers and the Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect thereof, cash or deposit account balances or, if the applicable L/C Issuer benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Agent and (b) the applicable L/C Issuer. "Cash Collateral" shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

"Change in Control" means the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d3 of the SEC under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of voting stock of the Borrower.

"Change in Law" means the occurrence, after the Effective Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) 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 regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.

"Code" means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

"Commitment" means, for each Lender, the obligation of such Lender (a) to make Loans to the Borrower and (b) to purchase participations in L/C Obligations, in an aggregate amount not exceeding the amount set forth on Schedule 2 or as set forth in any Assignment Agreement relating to any assignment that has become effective pursuant to Section 12.3(a), as such amount may be modified from time to time pursuant to the terms hereof.

"Consolidated Indebtedness" means at any time all Indebtedness of the Borrower and its Subsidiaries calculated on a consolidated basis as of such time.

"Conversion/Continuation Notice" is defined in Section 2.2(d).

"Credit Extension" means each of the following: (a) an Advance and (b) an L/C Credit Extension.

"Debt" means any liability that constitutes "debt" or "Debt" under Section 101(11) of the United States Bankruptcy Code or under the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any analogous applicable law, rule or regulation, Governmental Approval, order, writ, injunction or decree of any court or Governmental Authority.

"Default" means an event described in Article VII.

3

"Defaulting Lender" means, subject to Section 2.21(b), any Lender that, as determined by the Agent, (a) has failed to perform any of its funding obligations hereunder,  including in respect of its Loans or participations in respect of Letters of Credit, within three Business Days of the date required to be funded by it hereunder, (b) has notified the Borrower or the Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after written request by the Agent, to confirm in writing to the Agent that it will comply with its funding obligations, or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any bankruptcy or similar debtor relief law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

"Disclosure Documents" means (i) the Borrower's Annual Report on Form 10-K for the year ended December 31, 2010, (ii) the Borrower's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011, and (iii) the Borrower's reports on Form 8-K since the date of the most recent Quarterly Report referred to in clause (ii) and prior to the date hereof, in each case filed with the SEC.

"Effective Date" is defined in Section 4.1.

"Environmental Laws" means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, injunctions, permits, grants, franchises, licenses, agreements and other governmental restrictions relating to (i) the protection of the environment, (ii) the effect of the environment on human health, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (iv) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean‐up or other remediation thereof.

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

"ERISA Affiliate" means, with respect to any Person, any other Person, including a Subsidiary or other Affiliate of such first Person, that is a member of any group of organizations within the meaning of Code Sections 414(b), (c), (m) or (o) of which such first Person is a member.

"Eurodollar Advance" means an Advance which bears interest at a Eurodollar Rate requested by the Borrower pursuant to Section 2.2.

"Eurodollar Base Rate" means, with respect to a Eurodollar Advance for the relevant Interest Period, LIBOR quoted two (2) London Banking Days prior to the first day of such Interest Period, applicable to dollar deposits with a maturity equal to such Interest Period.  If such rate is not available at such time for any reason, then "LIBOR" for such Interest Period shall be the rate per annum determined by the Agent to be the rate at which deposits in U.S. dollars for delivery on the first day of such Interest Period in same day 

4

funds in the approximate amount of the Eurodollar Advance being made, continued or converted by the Agent and with a term equivalent to such Interest Period would be offered by the Agent's London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period.

"Eurodollar Loan" means a Loan which bears interest at a Eurodollar Rate requested by the Borrower pursuant to Section 2.2.

"Eurodollar Rate" means, with respect to a Eurodollar Advance for the relevant Interest Period, the sum of (i) Adjusted Eurodollar Rate applicable to such Interest Period, plus (ii) the Applicable Margin.

"Excluded Taxes" means, in the case of each Lender or applicable Lending Installation and the Agent, (A) taxes imposed on its overall net income, and franchise taxes or gross revenue taxes in the nature of net income taxes, including without limitation the Washington Business and Occupation Tax, the Ohio Commercial Activity Tax and other similar taxes, by either (i) any jurisdiction under the laws of which such Lender or the Agent is incorporated or organized or (ii) the jurisdiction in which the Agent's or such Lender's principal executive office or such Lender's applicable Lending Installation is located and (B) any U.S. federal withholding taxes imposed under FATCA.  

"Exhibit" refers to an exhibit to this Agreement, unless another document is specifically referenced.

"Facility" means the credit facility established under this Agreement.

"Facility Fee Rate" means, at any time, the percentage rate per annum opposite the heading "Facility Fee Rate" in the Pricing Schedule which is applicable at such time.

"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) and any current or future regulations or official interpretations thereof.

"Federal Funds Effective Rate" means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 11:00 a.m. (New York time) on such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by the Agent in its sole discretion.

"Final Termination Date" means the latest Scheduled Termination Date for any Lender (without giving effect to any extension any Lender may elect to agree to pursuant to Section 2.18 unless and until such extension shall have become effective in accordance with the terms of Section 2.18) or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.

"Floating Rate" means, for any day, a rate per annum equal to (i) the Alternate Base Rate for such day, changing when and as the Alternate Base Rate changes plus (ii) the Applicable Margin.

"Floating Rate Advance" means an Advance which, except as otherwise provided in Section 2.9, bears interest at the Floating Rate.

"Fronting Exposure" means, at any time there is a Defaulting Lender, with respect to the applicable 

5

L/C Issuer, such Defaulting Lender's Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

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

"Governmental Approval" means any authorization, consent, approval, license or exception of, registration or filing with, or report or notice to, any governmental unit.

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

"Granting Lender" is defined in Section 12.6. 

"Guaranty" of a Person means any agreement, undertaking or arrangement (including, without limitation, any comfort letter, operating agreement, take or pay contract, application for a letter of credit or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership) by which such Person (i) assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, (ii) agrees to maintain the net worth or working capital or other financial condition of any other Person, or (iii) otherwise assures any creditor of such other Person against loss.

"Honor Date" is defined in Section 2.19(c).

"Indebtedness" of a Person means such Person's (i) obligations for borrowed money, (ii) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person's business payable on terms customary in the trade), (iii) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, bankers' acceptances, or other instruments, (v) obligations of such Person to purchase accounts, securities or other Property arising out of or in connection with the sale of the same or substantially similar accounts, securities or Property, (vi) Capitalized Lease Obligations, (vii) any other obligation for borrowed money or other financial accommodation which in accordance with Agreement Accounting Principles would be shown as a liability on the consolidated balance sheet of such Person, (viii) net liabilities under interest rate swap, exchange or cap agreements, obligations or other liabilities with respect to accounts or notes, (ix) sale and leaseback transactions which do not create a liability on the consolidated balance sheet of such Person, (x) other transactions which are the functional equivalent, or take the place, of borrowing but which do not constitute a liability on the consolidated balance sheet of such Person and (xi) Guaranties of Indebtedness; provided that there shall be excluded from this definition (1) (except for the purposes of Section 7.5) Interest Deferral Obligations up to an amount outstanding at any one time equal to 15% of the amount described in clause (a) of the definition of "Total Capitalization," excluding in the calculation thereof for the purposes of this proviso, however, preferred and preference stock, and (2) the agreements listed on Schedule 3 and similar agreements entered into for the operation and maintenance of power plants or the purchase of power or transmission services (provided, for the avoidance of doubt, that this Agreement shall not be deemed to be such an agreement as a result of it being available to support collateral requirements under the Borrower's energy 

6

purchase and sale agreements). 

"Interest Deferral Obligations" means obligations and guaranties related thereto, which obligations and guaranties are junior and subordinated in all respects to all amounts owing under the Loan Documents, that contain provisions allowing the obligor to extend the interest payment period from time to time and defer any interest payments (however denominated) due during such extended interest payment period.

"Interest Period" means with respect to a Eurodollar Advance, a period of one, two, three or six months commencing on a Business Day selected by the Borrower pursuant to this Agreement.  Such Interest Period shall end on the day which corresponds numerically to such date one, two, three or six months thereafter, provided that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Interest Period shall end on the last Business Day of such next, second, third or sixth succeeding month.  If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day.  Notwithstanding any other provision of this Agreement the Borrower may not select any Interest Period that would extend beyond the Scheduled Termination Date of any Lender.

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

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

"L/C Advance" means, with respect to each Lender, such Lender's funding of its participation in any L/C Borrowing in accordance with its Pro Rata Share.

"L/C Borrowing" means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as an Advance of Loans.

"L/C Commitment" means, as to each L/C Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to Section 2.19; provided that notwithstanding anything in this Agreement, including without limitation, the size of the Letter of Credit Sublimit, (a) Bank of America, as an L/C Issuer, shall not be obligated to issue Letters of Credit in an aggregate amount outstanding at any one time in excess of $75,000,000 and (b) Barclays Bank PLC, as an L/C Issuer, shall not be obligated to issue Letters of Credit in an aggregate amount outstanding at any one time in excess of $75,000,000.

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

"L/C Issuer" means, with respect to a particular Letter of Credit, (a) Bank of America or Barclays Bank PLC in its capacity as issuer of such Letter of Credit, (b) any other Lender that agrees to issue Letters of Credit hereunder, in each case, in its capacity as an issuer of such Letter of Credit hereunder and/or (c) any successor issuer of Letters of Credit hereunder.  The term "L/C Issuer" when used with respect to a Letter of Credit or the L/C Obligations relating to a Letter of Credit shall refer to the L/C Issuer that issued such Letter of Credit.

"L/C Obligations" means, as at any date of determination, the aggregate amount available to be 

7

drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 9.15.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"Lender Funding Obligation" is defined in Section 12.6(a).

"Lenders" means the financial institutions from time to time parties hereto as lenders, together with their respective successors and assigns, and including, as the context requires, the L/C Issuers.

"Lending Installation" means, with respect to a Lender or the Agent, the office, branch, subsidiary or affiliate of such Lender or the Agent listed on Schedule 13.1 or otherwise selected by such Lender or the Agent pursuant to Section 2.15.

"Letter of Credit" means any standby letter of credit issued hereunder.  

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

"Letter of Credit Expiration Date" means the day that is thirty days prior to the Scheduled Termination Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

"Letter of Credit Fee" has the meaning specified in Section 2.19(h).

"Letter of Credit Sublimit" means an amount equal to the lesser of (a) the Aggregate Commitments and (b) $150,000,000.  The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.

"LIBOR" means the British Bankers' Association ("BBA") LIBOR Rate offered to leading banks for deposits in U.S. dollars, as set forth on any service selected by the Agent which has been nominated by the BBA as an authorized information vendor for the purpose of displaying such rates, at approximately 11:00 a.m. (London time).  

"Lien" means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement).

"Loan" means, with respect to a Lender, any loan made by such Lender pursuant to Article II (including, in the case of a loan made pursuant to Section 2.2, any conversion or continuation thereof).

"Loan Documents" means this Agreement, each Note, each Issuer Document and any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.20.

"London Banking Day" means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

"Margin Stock" means margin stock as defined in Regulation U.

8

"Material Adverse Effect" means a material adverse effect on (i) the business or financial condition of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under the Loan Documents, or (iii) the validity or enforceability of any of the Loan Documents against the Borrower or the material rights or remedies of the Agent or the Lenders thereunder, it being understood that if the Moody's Rating and/or the S&P Rating (as such terms are defined in the Pricing Schedule) is downgraded to Baa3 or below or BBB- or below, respectively, such downgrade in and of itself shall not constitute a Material Adverse Effect (but shall only constitute a Material Adverse Effect if such downgrade results in a material adverse effect of the type described in clause (i) or (ii) above).

"Material Indebtedness" is defined in Section 7.5.

"Moody's" means Moody's Investors Service, Inc. and any successor thereto.

"Mortgage" is defined in Section 6.10(v).

"Multiemployer Benefit Plan" means any Benefit Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

"Note" is defined in Section 2.11.

"Obligations" means all unpaid principal of and accrued and unpaid interest with respect to any Loan or Letter of Credit, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Borrower to the Lenders or to any Lender, the Agent or any indemnified party arising under the Loan Documents.

"Other Agents" is defined in Section 10.15.

"Other Taxes" is defined in Section 3.5(ii).

"Outstanding Credit Exposure" means, as to any Lender at any time, the sum of (a) the aggregate principal amount of its Loans outstanding at such time plus (b) its Pro Rata Share of all L/C Obligations outstanding at such time.

"Participants" is defined in Section 12.2(a).

"Payment Date" means the last Business Day of each March, June, September and December.

"PBGC" means the Pension Benefit Guaranty Corporation, or any successor thereto.

"Person" means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.

"Pricing Schedule" means Schedule 1 attached hereto.

"Property" of a Person means any and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned or leased by such Person.

"Pro Rata Share" means, with respect to any Lender, the percentage that the amount of such Lender's 

9

Commitment is of the Aggregate Commitment (or, if the Commitments have terminated, that such Lender's Outstanding Credit Exposure is of the Aggregate Outstanding Credit Exposure).  The Pro Rata Share of a Lender shall be subject to adjustment as provided in Section 2.21.

"Purchaser" means any Person that meets the requirements to be an assignee under Sections 12.3(a)(iii) and (v) (subject to such consents, if any, as may be required under Section 12.3(a)(iii)).

"Regulation D" means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System.

"Regulation U" means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stock applicable to member banks of the Federal Reserve System.

"Reportable Event" means a reportable event described in Section 4043 of ERISA.

"Required Lenders" means Lenders in the aggregate having more than 50% of the Aggregate Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding more than 50% of the Aggregate Outstanding Credit Exposure; provided, however, that if any Lender shall be a Defaulting Lender at such time then there shall be excluded from the determination of Required Lenders the Commitment (or, if the Aggregate Commitment has been terminated, the Outstanding Credit Exposure) of such Lender at such time.

"Reserve Requirement" means, with respect to an Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities.

"SEC" means the Securities and Exchange Commission.

"Schedule" refers to a specific schedule to this Agreement, unless another document is specifically referenced.

"Scheduled Termination Date" means, for any Lender, December 8, 2016 or such later date as may be established for such Lender in accordance with Section 2.18.

"Section" means a numbered section of this Agreement, unless another document is specifically referenced.

"Significant Subsidiary" means a "significant subsidiary" (as defined in Regulation S-X of the SEC as in effect on the date of this Agreement) of the Borrower.

"SPV" is defined in Section 12.6.

"Subsidiary" of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization 

10

more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled.  Unless otherwise expressly provided, all references herein to a "Subsidiary" shall mean a Subsidiary of the Borrower.

"Substantial Portion" means, with respect to the Property of the Borrower and its Subsidiaries, Property which (i) represents more than 25% of the consolidated assets of the Borrower and its Subsidiaries as would be shown in the consolidated financial statements of the Borrower and its Subsidiaries as at the beginning of the twelve-month period ending with the month in which such determination is made, or (ii) is responsible for more than 25% of the consolidated net sales or of the consolidated net income of the Borrower and its Subsidiaries as reflected in the financial statements referred to in clause (i) above.

"Tax-Free Debt" means Debt of the Borrower to a state, territory or possession of the United States or any political subdivision thereof issued in a transaction in which such state, territory, possession or political subdivision issued obligations the interest on which is excludable from gross income pursuant to the provisions of Section 103 of the Code (or similar provisions), as in effect at the time of issuance of such obligations, and debt to a bank issuing a letter of credit with respect to the principal of or interest on such obligations.

"Taxes" means any and all present or future taxes, duties, levies, imposts, charges or withholdings imposed by or payable to any governmental or regulatory authority or agency, and any and all liabilities with respect to the foregoing, but excluding Excluded Taxes and Other Taxes.

"Total Capitalization" means, at any time, the sum of the following for the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with Agreement Accounting Principles (without duplication and excluding minority interests in Subsidiaries):

(a)    the amount of capital stock, including preferred and preference stock (less cost of treasury shares), plus any amounts deducted from stockholders' equity as unearned compensation on the Borrower's balance sheet, plus (or minus in the case of a deficit) capital surplus and earned surplus, but including current sinking fund obligations; plus

(b)    the aggregate outstanding principal amount of Interest Deferral Obligations excluded by the proviso in the definition of "Indebtedness"; plus

(c)    the aggregate outstanding principal amount of all Consolidated Indebtedness.

"Transferee" is defined in Section 12.4.

"Type" means, with respect to any Advance, its nature as a Floating Rate Advance or a Eurodollar Advance.

"Unmatured Default" means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.

"Unreimbursed Amount" is defined in Section 2.19(c)(i).

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.

11

ARTICLE II 
 
THE CREDITS

2.1    The Facility.

(a)    Description of Facility.  The Lenders grant to the Borrower a revolving credit facility pursuant to which, subject to the terms and conditions herein set forth:

(i)    each Lender severally agrees to make Loans to the Borrower in accordance with Section 2.2;

(ii)    each L/C Issuer agrees to issue Letters of Credit for the account of the Borrower and its Subsidiaries in accordance with Section 2.19; and

(iii)    each Lender severally agrees to participate in the Letters of Credit in accordance with Section 2.19.

(b)    Amount of Facility.  In no event may the Aggregate Outstanding Credit Exposure exceed the Aggregate Commitment.

(c)    Availability of Facility.  Subject to the terms of this Agreement, the Facility is available from the Effective Date to the Final Termination Date, and the Borrower may borrow, repay and reborrow at any time prior to the Final Termination Date; provided that, if not earlier terminated in accordance with the terms hereof, the Commitment of each Lender shall expire on such Lender's Scheduled Termination Date.

(d)    Repayment of Facility.  The Aggregate Outstanding Credit Exposure and all other unpaid Obligations (to the extent that such Obligations have accrued and the amount thereof has been determined) shall be paid in full by the Borrower on the Final Termination Date; provided that, if not earlier paid in accordance with the terms hereof, all of the Outstanding Credit Exposure of each Lender and all other Obligations owed to such Lender shall be paid on such Lender's Scheduled Termination Date.

2.2    Advances.

(a)    Advances.  Each Advance hereunder shall consist of Loans made by the several Lenders ratably according to their Pro Rata Share.

(b)    Types of Advances.  The Advances may be Floating Rate Advances or Eurodollar Advances, or a combination thereof, as selected by the Borrower in accordance with Section 2.2(c).

(c)    Method of Selecting Types and Interest Periods for Advances.  The Borrower shall select the Type of Advance and, in the case of each Eurodollar Advance, the Interest Period applicable thereto, from time to time.  The Borrower shall give the Agent irrevocable notice in substantially the form of Exhibit E hereto (a "Borrowing Notice") not later than 11:30 a.m. (New York time) on the Borrowing Date of each Floating Rate Advance and at least three (3) Business Days before the Borrowing Date for each Eurodollar Advance.  Each Borrowing Notice shall specify:

(i)    the Borrowing Date, which shall be a Business Day, of such Advance,

12

(ii)    the aggregate amount of such Advance,

(iii)    the Type of Advance selected, and

(iv)    in the case of each Eurodollar Advance, the Interest Period applicable thereto.

(d)    Conversion and Continuation of Outstanding Advances.  Floating Rate Advances shall continue as Floating Rate Advances unless and until such Floating Rate Advances are either converted into Eurodollar Advances in accordance with this Section 2.2(d) or are repaid in accordance with Section 2.7.  Each Eurodollar Advance shall continue as a Eurodollar Advance until the end of the then applicable Interest Period therefor, at which time such Eurodollar Advance shall be automatically converted into a Floating Rate Advance unless (x) such Eurodollar Advance is or was repaid in accordance with Section 2.7 or (y) the Borrower shall have given the Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such Eurodollar Advance continue as a Eurodollar Advance for the same or another Interest Period.  Subject to the terms of Section 2.6, the Borrower may elect from time to time to convert all or any part of a Floating Rate Advance into a Eurodollar Advance.  The Borrower shall give the Agent irrevocable notice in substantially the form of Exhibit F hereto (a "Conversion/Continuation Notice") of each conversion of a Floating Rate Advance into a Eurodollar Advance, or continuation of a Eurodollar Advance, not later than 11:30 a.m. (New York time) at least three (3) Business Days prior to the date of the requested conversion or continuation, specifying:

(i)    the requested date, which shall be a Business Day, of such conversion or continuation,

(ii)    the aggregate amount and Type of the Advance which is to be converted or continued, and

(iii)    the amount of such Advance which is to be converted or continued as a Eurodollar Advance and the duration of the Interest Period applicable thereto.

2.3    Increases and Reductions of the Aggregate Commitment.  

(a)    Increases of the Aggregate Commitment.  The Borrower may increase the Aggregate Commitment by up to $100,000,000 in the aggregate in one or more increases, at any time prior to the date that is six months prior to the Scheduled Termination Date, upon at least five Business Days' prior written notice to the Agent, subject, however, in any such case, to satisfaction of the following conditions precedent:

(i)    the Aggregate Commitment shall not exceed $400,000,000 without the consent of the Required Lenders;

(ii)    no Default or Unmatured Default shall have occurred and be continuing on the date on which such increase is to become effective;
        
(iii)    the representations and warranties contained in Article V are true and correct in all material respects as of the date such increase is to become effective, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material 

13

respects on and as of such earlier date.

(iv)    such increase shall be in a minimum amount of $10,000,000 and in integral multiples of $5,000,000 in excess thereof;

(v)    such requested increase shall only be effective upon receipt by the Agent of (A) additional Commitments in a corresponding amount of such requested increase from either existing Lenders and/or one or more other institutions that qualify as Purchasers (it being understood and agreed that no existing Lender shall be required to provide an additional Commitment) and (B) documentation from each institution providing an additional Commitment evidencing its additional Commitment and its obligations under this Agreement in form and substance acceptable to the Agent; 

(vi)    the Agent shall have received all documents (including resolutions of the board of directors of the Borrower) it may reasonably request relating to the corporate or other necessary authority for such increase and the validity of such increase in the Aggregate Commitment, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the Agent; 

(vii)    if any Loans are outstanding at the time of the increase in the Aggregate Commitment, the Borrower shall, if applicable, prepay one or more existing Loans (such prepayment to be subject to Section 3.4) in an amount necessary such that after giving effect to the increase in the Aggregate Commitment, each Lender will hold its Pro Rata Share (based on its Pro Rata Share of the increased Aggregate Commitment) of outstanding Loans; 

(viii)    the Agent shall have received evidence, in form and substance reasonably satisfactory to the Agent, that the Borrower has obtained the approval of the Public Utility Commission of Oregon to increase in the Aggregate Commitment; and

(ix)    approval of the Borrower's Board of Directors to increase the Aggregate Commitment.

(b)    Reductions of the Aggregate Commitment.  

(i)    The Borrower may terminate or permanently reduce the Aggregate Commitment (i) in part ratably among the Lenders in integral multiples of $5,000,000, upon at least five (5) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction, or (ii) in whole upon at least one (1) Business Days' written notice to the Agent, provided that in either case the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure.  If the Aggregate Commitment is being terminated in whole, all fees accrued with respect to thereto until the effective date of such termination shall be paid on the effective date of such termination and upon receipt of all amounts owed, the Loan Documents shall be terminated.

(ii)    The Aggregate Commitment shall be reduced to zero following the occurrence of a Change in Control upon the Borrower's receipt of notice thereof from the Required Lenders (or the Agent with the consent of the Required Lenders). 

(iii)    On the Scheduled Termination Date for each Lender, the Aggregate Commitment shall be reduced by the amount of the Commitment of such Lender as in effect 

14

immediately prior to such date (and the Pro Rata Shares of the Lenders shall be adjusted accordingly).

(iv)    For the avoidance of doubt, in the event and on such occasion that (1) Aggregate Outstanding Credit Exposure exceeds the Aggregate Commitment, the Borrower shall concurrently therewith prepay Advances in an aggregate amount equal to such excess; provided, however, that (1) if, after giving effect to any reduction of the Aggregate Commitment, the Letter of Credit Sublimit exceeds the amount of the Aggregate Commitment, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess and (2) in the event that Aggregate Outstanding Credit Exposure exceeds the Aggregate Commitment as a result of a reduction in the Aggregate Commitment pursuant to subsection (b)(ii) above, the Borrower shall not be required to prepay Advances in an aggregate amount equal to such excess unless and until the Borrower shall have received written notice thereof from the Required Lenders (or from the Agent with the consent of the Required Lenders).

2.4    Method of Borrowing.  Not later than 1:00 p.m. (New York time) on each Borrowing Date, each Lender shall make available its Loan or Loans in funds immediately available to the Agent at its address specified pursuant to Article XIII.  The Agent will make the funds so received from the Lenders available to the Borrower on the day received and in the form received, at the Borrower's account specified by the Borrower to the Agent.

2.5    Facility Fee.  The Borrower agrees to pay to the Agent for the account of each Lender a facility fee at a per annum rate equal to the Facility Fee Rate on the average daily amount of such Lender's Commitment (whether used or unused) from the date hereof to and including such Lender's Scheduled Termination Date (and, if any Loans from such Lender or L/C Obligations of such Lender remain outstanding after such Lender's Scheduled Termination Date, thereafter on the unpaid amount of such Lender's Outstanding Credit Exposure), payable on each Payment Date and on such Lender's Scheduled Termination Date (and thereafter, if applicable, on demand), subject to adjustment as provided in Section 2.21

2.6    Minimum Amount of Each Advance.  Each Advance shall be in the minimum amount of $5,000,000 (or a higher integral multiple of $1,000,000), provided that any Floating Rate Advance may be in the amount of the unused Aggregate Commitment.  The Borrower shall not request a Eurodollar Advance if, after giving effect to the requested Eurodollar Advance, more than ten (10) separate Eurodollar Advances would be outstanding.

2.7    Optional Principal Payments.  The Borrower may from time to time pay, without penalty or premium, all outstanding Floating Rate Advances, or, in a minimum aggregate amount of $5,000,000 or any higher integral multiple of $1,000,000, any portion of the outstanding Floating Rate Advances upon prior notice to the Agent not later than 11:30 a.m. (New York time) on the date of payment (which shall be a Business Day).  The Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, all outstanding Eurodollar Advances or, in a minimum aggregate amount of $5,000,000 or any higher integral multiple of $1,000,000, any portion of the outstanding Eurodollar Advances upon prior notice to the Agent not later than 1:00 p.m. (New York time) three (3) Business Days prior to the date of payment (which shall be a Business Day).

2.8    Changes in Interest Rate, etc.  Each Floating Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is converted from a Eurodollar Advance into a Floating Rate Advance pursuant to Section 2.2(d) to but excluding the date it becomes due, is prepaid or is converted into a Eurodollar Advance pursuant to Section 2.2(d), at 

15

a rate per annum equal to the Floating Rate for such day.  Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate.  Each Eurodollar Advance shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period or, with respect to any principal amount prepaid pursuant to Section 2.7, the date of such prepayment, at the interest rate determined as applicable to such Eurodollar Advance.

2.9    Rates Applicable After Default.  Notwithstanding anything to the contrary contained in Section 2.2(c) or Section 2.2(d), during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made as, converted into or continued as a Eurodollar Advance.  During the continuance of any such Default, the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (ii) each Floating Rate Advance (and any Eurodollar Advance which is not paid at the end of the applicable Interest Period) shall bear interest at a rate per annum equal to the Floating Rate plus 2% per annum and (iii) Letter of Credit Fees shall be equal to the Applicable Margin for Letter of Credit Fees plus 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth in clauses (i) and (ii) above and the increase in Letter of Credit Fees set forth in clause (iii) above shall be applicable to all applicable Credit Extensions without any election or action on the part of the Agent or any Lender.

2.10    Method of Payment.  Except as otherwise provided herein, all payments of the Obligations shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Agent at the Agent's address specified pursuant to Article XIII, or at any other Lending Installation of the Agent specified in writing by 1:00 p.m. (New York time) on the Business Day prior to the date when due by the Agent to the Borrower.  Each payment delivered to the Agent for the account of any Lender shall be delivered promptly by the Agent to such Lender in the same type of funds that the Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the Agent from such Lender.  

2.11    Evidence of Indebtedness; Recordkeeping.

(i)    Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

(ii)    Upon the request of any Lender, the Loans made by such Lender also may be evidenced by a promissory note in favor of each Lender, substantially in the form of Exhibit D (a "Note").  In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to the order of such Lender.  

(iii)    The Agent shall also maintain accounts in which it will record (a) the amount of each Credit Extension made hereunder, and if applicable, the Type thereof and the Interest Period with respect thereto, (b) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (c) the amount of any sum received by the Agent hereunder from the Borrower and each Lender's share thereof.

16

(iv)    The entries set forth in the accounts maintained pursuant to paragraphs (i) and (iii) above, in the absence of manifest error, shall be prima facie evidence of the existence and amounts of the Obligations therein recorded and outstanding hereunder; provided that the failure of the Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms.

2.12    Telephonic Notices.  The Borrower hereby authorizes the Lenders and the Agent to extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any person or persons the Agent or any Lender in good faith believes to be acting on behalf of the Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically.  The Borrower agrees to deliver promptly to the Agent a written confirmation (signed by an authorized representative of the Borrower) of each telephonic notice, if such confirmation is requested by the Agent or any Lender.  If the written confirmation differs in any material respect from the action taken by the Agent and the Lenders, the records of the Agent and the Lenders shall govern absent manifest error.

2.13    Interest Payment Dates; Interest and Fee Basis.  Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaid, whether due to acceleration or otherwise, and at maturity.  Interest accrued on that portion of the outstanding principal amount of any Floating Rate Advance converted into a Eurodollar Advance on a day other than a Payment Date shall be payable on the date of conversion.  Interest accrued on each Eurodollar Advance shall be payable on the last day of its applicable Interest Period, on any date on which such Eurodollar Advance is prepaid, whether by acceleration or otherwise, and at maturity.  Interest accrued on each Eurodollar Advance having an Interest Period longer than three months shall also be payable on the last day of each three‐month interval during such Interest Period.  Interest on Floating Rate Advances shall be calculated for actual days elapsed on the basis of a 365-day year or, when appropriate, a 366-day year.  All other interest and all fees shall be calculated for actual days elapsed on the basis of a 360‐day year.  Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to noon (New York time) at the place of payment.  If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.

2.14    Notification of Advances, Interest Rates, Prepayments and Commitment Reductions.  Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice and repayment notice received by it hereunder; provided, however, that the failure of the Agent to provide such notice to the Lenders shall not affect the validity or binding nature of such notice delivered to the Agent by the Borrower.  The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

2.15    Lending Installations.  Each Lender may book its Loans at any Lending Installation selected by such Lender and may change its Lending Installation from time to time.  All terms of this Agreement shall apply to any such Lending Installation.  Each Lender may, by written notice to the Agent and the Borrower in accordance with Article XIII, designate replacement or additional Lending Installations through which Loans will be made by it and for whose account Loan payments are to be made.

2.16    Non-Receipt of Funds by the Agent.  Unless the Borrower or a Lender, as the case may be, notifies the Agent prior to the date on which it is scheduled to make payment to the Agent of (i) in the 

17

case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Agent for the account of the Lenders, that it does not intend to make such payment, the Agent may assume that such payment has been made.  The Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption.  If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Agent, the recipient of such payment shall, on demand by the Agent, repay to the Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three (3) days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.

2.17    Replacement of Lender.  If (a) the Borrower is required pursuant to Section 3.1, 3.2 or 3.5 to make any additional payment to any Lender or if any Lender's obligation to make or continue, or to convert Floating Rate Advances into, Eurodollar Advances is suspended pursuant to Section 3.3, (b) any Lender becomes a Defaulting Lender or (c) any Lender shall have a Scheduled Termination Date that is earlier than the then-effective Final Termination Date (any Lender so affected as described in subclauses (a), (b) or (c), an "Affected Lender"), the Borrower may (but only, in the case of clause (a), if such amounts continue to be charged or such suspension is still effective) elect to replace such Affected Lender as a Lender party to this Agreement, provided that no Default or Unmatured Default shall have occurred and be continuing at the time of such replacement, and provided further that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower, the Agent and the L/C Issuers shall agree, as of such date, to purchase for cash the Credit Extensions due to the Affected Lender pursuant to an Assignment Agreement substantially in the form of Exhibit A and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of Section 12.3 applicable to assignments, and (ii) the Borrower shall pay to such Affected Lender in same day funds on the day of such replacement (A) all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including, without limitation, any payments due to such Affected Lender under Sections 3.1, 3.2 and 3.5, and (B) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 3.4 had the Loans and L/C Obligations of such Affected Lender been prepaid on such date rather than sold to the replacement Lender.

2.18    Extension of Final Termination Date.  The Borrower may request a one-year extension of each Lender's Scheduled Termination Date by submitting a request for an extension to the Agent (an "Extension Request") no more than ninety (90) days, but not less than sixty (60) days, prior to the then-effective Scheduled Termination Date for each of the Lenders.  Any Extension Request shall specify the date (which must be at least thirty (30) days after the Extension Request is delivered to the Agent but no later than thirty (30) days prior to the then-effective Scheduled Termination Date for each of the Lenders) as of which the Lenders must respond to such Extension Request (the "Response Date").  Promptly upon receipt of an Extension Request, the Agent shall notify each Lender of the contents thereof.  Each Lender shall, not later than the Response Date for any Extension Request, deliver a written response to the Agent approving or rejecting such Extension Request (and any Lender that fails to deliver such a response by the Response Date shall be deemed to have rejected such Extension Request).  If (i) Lenders that collectively have a Pro Rata Share of more than 50% approve an Extension Request (which approval shall be at the sole discretion of each Lender) and (ii) all of the Aggregate Outstanding Credit Exposure shall have been paid in full on the then-effective Scheduled Termination Date for each of the Lenders, then the then-effective Final Termination Date, and the Scheduled Termination Date for each such approving Lender, shall be extended to the date that is 364 days after the then-effective Final Termination Date or, if such date is not a Business 

18

Day, to the next preceding Business Day (but the then-effective Scheduled Termination Date for each other Lender shall remain unchanged).  The Agent shall promptly (and in any event not later than twenty-five (25) days prior to the then-effective Scheduled Termination Date for each of the Lenders) notify the Borrower, in writing, of the Lenders' elections pursuant to this Section 2.18.  If Lenders that collectively have a Pro Rata Share of 50% or more reject an Extension Request, then the Final Termination Date, and the Scheduled Termination Date of each Lender, shall remain unchanged.  The Borrower may elect to replace any declining Lender under this Section 2.18 pursuant to the terms of Section 2.17.  Prior to the effectiveness of any Extension Request under this Section 2.18, the Agent shall have received evidence, in form and substance reasonably satisfactory to the Agent, that the Borrower has obtained the approval of the Public Utility Commission of Oregon in connection with such Extension Request. 

2.19    Letters of Credit.

(a)    The Letter of Credit Commitment.

(i)    Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.19, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit in U.S. dollars for the account of the Borrower or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (w) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitments, (x) the aggregate outstanding amount of the Loans of any Lender, plus such Lender's Pro Rata Share of the outstanding amount of all L/C Obligations, shall not exceed such Lender's Commitment, (y) the outstanding amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit and (z) the outstanding amount of L/C Obligations of any L/C Issuer shall not exceed such L/C Issuer's L/C Commitment.  Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.  Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower's ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.  

(ii)    No L/C Issuer shall issue any Letter of Credit if:

(A)     subject to Section 2.19(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Lenders (other than Defaulting Lenders) holding a majority of the Commitments have approved such expiry date; or

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

(iii)    No L/C Issuer shall be under any obligation to issue any Letter of Credit if:

(A)    any order, judgment or decree of any Governmental Authority or arbitrator 

19

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

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

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

(D)    such Letter of Credit is to be denominated in a currency other than U.S. dollars;

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

(F)    any Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate such L/C Issuer's actual or potential Fronting Exposure (after giving effect to Section 2.21(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion.

(iv)    No L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue the Letter of Credit in its amended form under the terms hereof.

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

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

(b)    Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

20

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

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

(iii)    If the Borrower so requests in any applicable Letter of Credit Application, the applicable L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an "Auto-Extension Letter of Credit"); provided that any such Auto-Extension Letter of Credit must permit such L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the "Non-Extension Notice Date") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by the applicable L/C Issuer, the Borrower shall not be required to make a specific request to such L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that such L/C Issuer shall not 

21

permit any such extension if (A) such L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.19(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Agent that the Required Lenders have elected not to permit such extension or (2) from the Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.2 is not then satisfied, and in each case directing such L/C Issuer not to permit such extension.

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

(c)    Drawings and Reimbursements; Funding of Participations.

(i)    Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Letter of Credit, the applicable L/C Issuer shall notify the Borrower and the Agent thereof.  Not later than 11:00 a.m. (New York time) on the date of any payment by the applicable L/C Issuer under a Letter of Credit (each such date, an "Honor Date"), the Borrower shall reimburse such L/C Issuer through the Agent in an amount equal to the amount of such drawing.  If the Borrower fails to so reimburse the applicable L/C Issuer by such time, the Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the "Unreimbursed Amount"), and the amount of such Lender's Pro Rata Share thereof.  In such event, the Borrower shall be deemed to have requested an Advance of Loans that are Floating Rate Advances to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.6 for the principal amount of Floating Rate Advances, but subject to the conditions set forth in Section 4.2 (other than the delivery of a Loan Notice) and provided that, after giving effect to such Advance, the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitments.  Any notice given by the applicable L/C Issuer or the Agent pursuant to this Section 2.19(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

(ii)    Each Lender shall upon any notice pursuant to Section 2.19(c)(i) make funds available (and the Agent may apply Cash Collateral provided for this purpose) for the account of the applicable L/C Issuer at the Agent's Lending Installation in an amount equal to its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m. (New York time)on the Business Day specified in such notice by the Agent, whereupon, subject to the provisions of Section 2.19(c)(iii), each Lender that so makes funds available shall be deemed to have made a Floating Rate Advance to the Borrower in such amount.  The Agent shall remit the funds so received to the applicable L/C Issuer.

(iii)    With respect to any Unreimbursed Amount that is not fully refinanced by a Advance of Loans that are Floating Rate Advances because the conditions set forth in Section 4.2 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate provided in Section 2.9.  In such event, each Lender's payment to the Agent for the account of the applicable L/C Issuer pursuant to Section 2.19(c)(ii) shall be deemed payment in 

22

respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.19.

(iv)    Until each Lender funds its Loans or L/C Advance pursuant to this Section 2.19(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender's Pro Rata Share of such amount shall be solely for the account of such L/C Issuer.

(v)    Each Lender's obligation to make Loans or L/C Advances to reimburse the applicable L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.19(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against such L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender's obligation to make Loans pursuant to this Section 2.19(c) is subject to the conditions set forth in Section 4.2 (other than delivery by the Borrower of a Borrowing Notice).  No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

(vi)    If any Lender fails to make available to the Agent for the account of the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.19(c) by the time specified in Section 2.19(c)(ii), then, without limiting the other provisions of this Agreement, such L/C Issuer shall be entitled to recover from such Lender (acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender's Loan included in the relevant Advance or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.  A certificate of the applicable L/C Issuer submitted to any Lender (through the Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

(d)    Repayment of Participations.  

(i)    At any time after the applicable L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender's L/C Advance in respect of such payment in accordance with Section 2.19(c), if the Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of cash collateral applied thereto by the Agent), the Agent will distribute to such Lender its Pro Rata Share thereof in the same funds as those received by the Agent.

(ii)    If any payment received by the Agent for the account of the applicable L/C Issuer pursuant to Section 2.19(c)(i) is required to be returned under any of the circumstances (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Lender shall pay 

23

to the Agent for the account of such L/C Issuer its Pro Rata Share thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.  The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

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

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

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

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

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

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

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

(f)    Role of L/C Issuer.  Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  None of the L/C Issuers, the Agent, any of their respective affiliates, directors, officers, trustees or employees, nor any correspondent, participant or assignee of the L/C Issuers shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the 

24

approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct (such gross negligence or willful misconduct as determined in a final, nonappealable judgment by a court of competent jurisdiction); or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document.  The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower's pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuers, the Agent, any of their respective affiliates, directors, officers, trustees or employees, nor any correspondent, participant or assignee of the L/C Issuers shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.19(e); provided, however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against a L/C Issuer, and a L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such L/C Issuer's willful misconduct or gross negligence (as determined in a final, nonappealable judgment by a court of competent jurisdiction) or such L/C Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit.  In furtherance and not in limitation of the foregoing, the L/C Issuers may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

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

(h)    Letter of Credit Fees.  The Borrower shall pay to the Agent for the account of each Lender in accordance with its Pro Rata Share a Letter of Credit fee (the "Letter of Credit Fee") for each Letter of Credit equal to the Applicable Margin times the daily amount available to be drawn under such Letter of Credit; provided, however, any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the applicable L/C Issuer pursuant to this Section 2.19 shall be payable, to the maximum extent permitted by applicable law, to the other Lenders in accordance with the upward adjustments in their respective Pro Rata Shares allocable to such Letter of Credit pursuant to Section 2.21(a)(iv), with the balance of such fee, if any, payable to the applicable L/C Issuer for its own account.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 9.15.  Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears.  If there is any change in the Applicable Margin during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Margin separately for each period during such quarter that such Applicable Margin was in effect.  Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Default exists, all Letter of Credit Fees shall accrue at the rate set forth in Section 2.9 for Letter of Credit Fees.  

(i)    Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the applicable L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at the rate per annum agreed by the Borrower and the applicable L/C Issuer in writing, computed 

25

on the daily amount available to be drawn under such Letter of Credit and on a quarterly basis in arrears.  Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 9.15.  In addition, the Borrower shall pay directly to the applicable L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect.  Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

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

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

2.20    Cash Collateral.

(a)    Certain Credit Support Events.  Upon the request of the Agent or any L/C Issuer (i) if such L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrower shall, in each case, immediately Cash Collateralize the then outstanding amount of all L/C Obligations.  At any time that there shall exist a Defaulting Lender, immediately upon the request of the Agent or any L/C Issuer, the Borrower shall deliver to the Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.21(a)(iv) and any Cash Collateral provided by the Defaulting Lender).  

(b)    Grant of Security Interest.  All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America.  The Borrower, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the Agent, for the benefit of the Agent, the L/C Issuers and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.20(c).  If at any time the Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrower or the relevant Defaulting Lender will, promptly upon demand by the Agent, pay or provide to the Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

(c)    Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.20 or Sections 2.7, 2.19, 2.21 or 8.1 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued 

26

on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein. 

(d)    Release.  Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 12.3(a)) or (ii) the Agent's good faith determination that there exists excess Cash Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of the Borrower shall not be released during the continuance of a Unmatured Default or Default (and following application as provided in this Section 2.20 may be otherwise applied in accordance with this Agreement), and (y) the Person providing Cash Collateral and the applicable L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

2.21    Defaulting Lenders.

(a)    Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

(i)    Waivers and Amendments.  That Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 8.2.

(ii)    Reallocation of Payments.  Any payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8.1 or otherwise, and including any amounts made available to the Agent by that Defaulting Lender pursuant to Section 11.1), shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to any L/C Issuer hereunder; third, if so determined by the Agent or requested by any L/C Issuer, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; fourth, as the Borrower may request (so long as no Unmatured Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders or the L/C Issuers as a result of any judgment of a court of competent jurisdiction obtained by any Lender or any L/C Issuer against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; seventh, so long as no Unmatured Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender's breach of its obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata 

27

basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.21(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.  

(iii)    Certain Fees.  That Defaulting Lender (x) shall not be entitled to receive any facility fee pursuant to Section 2.5 for any period during which that Lender is a Defaulting Lender except to the extent allocable to the sum of (1) the outstanding amount of the Loans funded by it and (2) its Pro Rata Share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.7, Section 2.19, Section 2.20, or Section 2.21(a)(ii), as applicable (and the Borrower shall (A) be required to pay to each L/C Issuer the amount of such fee allocable to its Fronting Exposure arising from that Defaulting Lender and (B) not be required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit Fees as provided in Section 2.19(h).  

(iv)    Reallocation of Pro Rata Shares to Reduce Fronting Exposure.  During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to Sections 2.19, the "Pro Rata Share" of each non-Defaulting Lender shall be computed without giving effect to the Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Unmatured Default or Event of Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate outstanding amount of the Loans of that Lender. 

(b)    Defaulting Lender Cure.  If the Borrower, the Agent and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Shares (without giving effect to Section 2.21(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

ARTICLE III 
 
YIELD PROTECTION; TAXES

3.1    Yield Protection.  If, on or after the date of this Agreement, any Change in Law:

(i)    subjects any Lender or any applicable Lending Installation to any Taxes, or changes the basis of taxation of payments (other than in each case with respect to Excluded Taxes) to any 

28

Lender in respect of its Eurodollar Loans or

(ii)    imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation (other than reserves and assessments taken into account in determining the interest rate applicable to Eurodollar Advances), or

(iii)    imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending Installation of making, funding or maintaining its Eurodollar Loans or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its Eurodollar Loans, or requires any Lender or any applicable Lending Installation to make any payment calculated by reference to the amount of Eurodollar Loans or interest received by it, by an amount deemed material by such Lender,

and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending Installation, as the case may be, of making or maintaining its Eurodollar Loans, Commitment or to reduce the return received by such Lender or applicable Lending Installation in connection with such Eurodollar Loans or Commitment, then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction in amount received.

3.2    Changes in Capital Adequacy Regulations.  If a Lender determines that the amount of capital required or expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased as a result of a Change in Law, then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital which such Lender determines is attributable to this Agreement, its Outstanding Credit Exposure or its Commitment to make Loans (after taking into account such Lender's policies as to capital adequacy).  

3.3    Availability of Types of Advances.  If (x) any Lender determines that maintenance of its Eurodollar Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of law, or if (y) the Required Lenders determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar Advances are not available or (ii) the interest rate applicable to Eurodollar Advances does not accurately reflect the cost of making or maintaining Eurodollar Advances, then the Agent shall suspend the availability of Eurodollar Advances and require any affected Eurodollar Advances to be repaid or converted to Floating Rate Advances, subject to the payment of any funding indemnification amounts required by Section 3.4.

3.4    Funding Indemnification.  If any payment of a Eurodollar Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a Eurodollar Advance is not made, continued or prepaid, or a Floating Rate Advance is not converted into a Eurodollar Advance, on the date specified by the Borrower for any reason other than default by the Lenders, the Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar Advance.

3.5    Taxes.

(i)    All payments by the Borrower to or for the account of any Lender or the Agent hereunder shall be made free and clear of and without deduction for any and all Taxes, except to the 

29

extent such Lender is entitled to an exemption from or reduction of withholding tax with respect to payments under this Agreement but fails to properly and timely complete and execute documentation as provided in Section 3.5(iv) or Section 3.5(vi), as the case may be.  Subject to each Lender's and the Agent's compliance with Section 3.5(iv) and Section 3.5(vi), if the Borrower or the Agent shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or the Agent, (a) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.5) such Lender or the Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (b) the Borrower or the Agent, as applicable, shall make such deductions, (c) the Borrower or the Agent, as applicable, shall pay the full amount deducted to the relevant authority in accordance with applicable law and (d) the Borrower shall furnish to the Agent the original copy of a receipt evidencing payment thereof within thirty (30) days after such payment is made.

(ii)    In addition, the Borrower hereby agrees to pay any present or future stamp or documentary taxes and any other excise (but excluding Excluded Taxes) or property taxes, charges or similar levies which arise from any payment made hereunder or from the execution or delivery of, or otherwise with respect to, this Agreement ("Other Taxes").

(iii)    Except as otherwise provided herein, the Borrower hereby agrees to indemnify the Agent and each Lender for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the Agent or such Lender and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; provided that the Borrower shall not be required to indemnify the Agent or any Lender for interest, penalties or associated expenses described in the foregoing if such liability is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification.  Payments due under this indemnification shall be made within thirty (30) days of the date the Agent or such Lender makes demand therefor pursuant to Section 3.6.

(iv)    Each Lender that is not incorporated under the laws of the United States of America or a state thereof (each a "Non-U.S. Lender") agrees that it will, not less than ten (10) Business Days after the date of this Agreement (or, if later, ten (10) Business Days after such Lender shall become a Lender pursuant to Section 12.3), deliver to each of the Borrower and the Agent two duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes and is entitled to an exemption from United States backup withholding tax.  Each Non-U.S. Lender further undertakes to deliver to each of the Borrower and the Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by the Borrower or the Agent.  All forms or amendments described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrower and the Agent that it is not capable of receiving payments without any deduction or withholding of United States 

30

federal income tax.

(v)    For any period during which a Non-U.S. Lender has failed to provide the Borrower with an appropriate form pursuant to clause (iv), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by any Governmental Authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Lender shall not be entitled to indemnification under this Section 3.5 with respect to Taxes imposed by the United States; provided that, should a Non-U.S. Lender which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes because of its failure to deliver a form required under clause (iv), above, the Borrower shall take such steps as such Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to recover such Taxes.

(vi)    Any Lender that is entitled to an exemption from or reduction of withholding tax, including backup withholding, with respect to payments under this Agreement pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate.  In the event such Lender has failed timely to provide the Borrower (with a copy to the Agent) with such properly completed and executed documentation, such Lender shall not be entitled to indemnification under this Section 3.5 with respect to Taxes withheld to the extent such Taxes would have been reduced or exempt from withholding had such properly completed and executed documentation been timely provided to the Borrower (with a copy to the Agent).

(vii)    If the U.S. Internal Revenue Service or any other Governmental Authority of the United States or any other country or any political subdivision thereof asserts a claim that the Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered or properly completed, because such Lender failed to notify the Agent of a change in circumstances which rendered its exemption from withholding ineffective, or for any other reason), such Lender shall indemnify the Agent fully for all amounts paid, directly or indirectly, by the Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on amounts payable to the Agent under this subsection, together with all costs and expenses related thereto (including attorneys fees and time charges of attorneys for the Agent, which attorneys may be employees of the Agent); provided that no Lender shall be required to indemnify the Agent for any of the foregoing to the extent the failure of the Agent to withhold tax from amounts paid to or for the account of any Lender is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent.  The obligations of the Lenders under this Section 3.5(vii) shall survive the payment of the Obligations and termination of this Agreement.

(viii)    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 Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the 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 Agent as may be necessary for the Borrower and the 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 

31

determine the amount to deduct and withhold from such payment.  Solely for purposes of this paragraph (viii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

3.6    Lender Statements; Survival of Indemnity.  To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurodollar Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Eurodollar Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender.  Each Lender shall notify the Borrower of any amounts due under Section 3.1, 3.2, 3.4 or 3.5 as soon as reasonably practicable and, thereafter, deliver a written statement of such Lender to the Borrower (with a copy to the Agent) as to the amount due, if any, under such Section(s).  Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error.  Determination of amounts payable under such Sections in connection with a Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not.  Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement.  The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement.

ARTICLE IV 
 
CONDITIONS PRECEDENT

4.1    Effectiveness.  This Agreement shall become effective on the date (the "Effective Date") on or before December 15, 2011 that all of the following conditions have been satisfied: (a) the Agent shall have received all fees and other amounts due and payable by the Borrower on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder and (b) the Agent shall have received (with sufficient copies for the Lenders) each of the following:

(i)    Copies of the articles or certificate of incorporation of the Borrower, together with all amendments, and a certificate of existence, certified by the appropriate governmental officer in its jurisdiction of incorporation.

(ii)    Copies, certified by the Secretary or Assistant Secretary of the Borrower, of its bylaws and of its Board of Directors' resolutions authorizing the execution of the Loan Documents by the Borrower.

(iii)    An incumbency certificate, executed by the Secretary or Assistant Secretary of the Borrower, which shall identify by name and title and bear the signatures of the officers of the Borrower authorized to sign the Loan Documents, upon which certificate the Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower.

(iv)    A certificate, signed by the chief financial officer or the controller of the Borrower, stating, as of the Effective Date, that (A) no Default or Unmatured Default has occurred and is continuing, (B) the Borrower is in compliance with Section 6.11 and setting forth in reasonable detail the calculation of the ratio set forth therein, determined as of September 30, 2011, and (C) the 

32

representations and warranties contained in Article V are true and correct.

(v)    A written opinion of counsel to the Borrower, substantially in the form of Exhibit B. 

(vi)    Evidence, in form and substance satisfactory to the Agent, that the Borrower has obtained all governmental approvals, if any, necessary for it to enter into the Loan Documents.

(vii)    A Note executed by the Borrower in favor of each Lender that has requested a Note pursuant to Section 2.11.

(viii)    Evidence, in form and substance satisfactory to the Agent, that all outstanding amounts under that certain Credit Agreement, dated as of December 4, 2009, among the Borrower, the lenders party thereto and Bank of America, as administrative agent and that certain Credit Agreement, dated as of June 12, 2009, between the Borrower and Barclays Bank PLC shall have been repaid and all commitments thereunder terminated.

(ix)    Such other documents as any Lender or its counsel may have reasonably requested.

Without limiting the generality of the provisions of Section 10.4, for purposes of determining compliance with the conditions specified in this Section 4.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.

4.2    Each Credit Extension.  The Lenders shall not be required to make any Credit Extension unless on the applicable date of such Credit Extension:

(i)    No Default or Unmatured Default exists or will result after giving effect to such Credit Extension.

(ii)    The representations and warranties contained in Article V (other than Section 5.10) are true and correct in all material respects as of the date of such Credit Extension except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date.

Each request for a Credit Extension shall constitute a representation and warranty by the Borrower that the conditions contained in Sections 4.2(i) and (ii) have been satisfied.

ARTICLE V 
 
REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Lenders as follows:

5.1    Corporate Existence.  Each of the Borrower and its Significant Subsidiaries: (a) is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation; (b) has all requisite corporate power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its Property and carry on its business as now being 

33

conducted; and (c) is qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify would have a Material Adverse Effect.

5.2    Litigation and Contingent Obligations.  To the Borrower's knowledge, there are not, in any court or before any arbitrator of any kind or before or by any governmental body, any actions, suits or proceedings pending or threatened in writing (a) against or affecting (except as disclosed in the Disclosure Documents or on Schedule 5.2) the Borrower or any Significant Subsidiary or any of their respective businesses or properties except actions, suits or proceedings that there is no material likelihood would, singly or in the aggregate, have a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit Extension or (b) affecting in an adverse manner the binding nature, validity or enforceability of any Loan Document as an obligation of the Borrower involving the Borrower or any Significant Subsidiary or any of their respective businesses or properties or, to the Borrower's knowledge, otherwise.  

5.3    No Breach.  None of the execution and delivery of this Agreement, any other Loan Document, the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions hereof or thereof will conflict with or result in a breach of, or require any consent under, the Articles of Incorporation or Bylaws of the Borrower, or (except for an order of the Public Utility Commission of Oregon, which order has been obtained and is in full force and effect) any applicable law, rule or regulation, or any order, writ, injunction or decree of any court or Governmental Authority, or any agreement or instrument to which the Borrower or any of its Significant Subsidiaries is a party or by which it is bound or to which it is subject, or constitute a default under any such agreement or instrument, or result in the creation or imposition of any Lien upon any of the revenues or assets of the Borrower or any of its Significant Subsidiaries pursuant to the terms of any such agreement or instrument.

5.4    Corporate Action.  Except for any increase in the Aggregate Commitment pursuant to Section 2.3(a), the Borrower has all necessary corporate power and authority to execute, deliver and perform its obligations under this Agreement and the other Loan Documents; the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents have been duly authorized by all necessary corporate action on its part; and this Agreement has been duly and validly executed and delivered by the Borrower and constitutes its legal, valid and binding obligation, enforceable against the Borrower in accordance with its terms, except as may be limited by applicable bankruptcy laws or similar laws of general applicability affecting creditors' rights.   

5.5    Approvals.  Except for any increase in the Aggregate Commitment pursuant to Section 2.3(a) and any extension of the Scheduled Termination Date pursuant to Section 2.18, the Borrower has obtained all Governmental Approvals from, and has made or will timely make all filings and registrations with any federal, state or local governmental or regulatory authority or agency that has authority over the Borrower or any of its Significant Subsidiaries, that are necessary for the execution, delivery or performance by the Borrower of this Agreement and each other Loan Document or for the validity or enforceability hereof or thereof, and such Governmental Approvals, filings and registrations are and shall continue to be in full force and effect (it being understood that the Borrower may be required to make customary filings with the SEC and other governmental or regulatory authorities or agencies disclosing the existence and/or material terms of this Agreement, but failure to make any such filing shall not affect the validity or enforceability hereof or of any other Loan Document).  

5.6    Use of Loans.  Neither the Borrower nor any of its Significant Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, as defined in Regulation U, and no part of the proceeds of any Loan hereunder will be used to buy or carry any Margin Stock.  No part of the 

34

proceeds of any Loan hereunder will be used to acquire stock of any corporation the board of directors of which has publicly stated its opposition to such acquisition or fails to endorse such acquisition.

5.7    ERISA.  Except as disclosed in the Disclosure Documents, the Borrower and its Significant Subsidiaries and, to the knowledge of the Borrower, the other ERISA Affiliates have fulfilled their respective obligations under the minimum funding standards of ERISA and the Code with respect to each Benefit Plan of the Borrower or any ERISA Affiliate; the Benefit Plans of  the Borrower and its Significant Subsidiaries and, to the knowledge of the Borrower, of the other ERISA Affiliates are in compliance in all material respects with the presently applicable provisions of ERISA and the Code or any non-compliance is not reasonably expected to result in a Material Adverse Effect; and the Borrower and its Significant Subsidiaries and, to the knowledge of the Borrower, the other ERISA Affiliates have not incurred any liability to the PBGC (other than liability for premium payments which are paid when due) or to such Benefit Plan which, individually or in the aggregate, exceeds $10,000,000.  Without limiting the generality of the foregoing, except as disclosed in the Disclosure Documents, the Borrower has not received notice with respect to any of the foregoing events with respect to any ERISA Affiliate or such Benefit Plan.

5.8    Taxes.  United States Federal income tax returns of the Borrower and its Significant Subsidiaries have been examined and closed through the period ended December 31, 2008 except for the United States Federal income tax returns for the fiscal year ended December 31, 2006.  The Borrower and its Significant Subsidiaries have filed all United States Federal and state income tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Borrower or any of its Significant Subsidiaries, except such taxes, if any, as are being contested in good faith and by proper proceedings or the non-payment of which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Borrower and its Significant Subsidiaries in respect of taxes and other governmental charges are, in the opinion of the Borrower, adequate.

5.9    Subsidiaries.  Schedule 5.9 contains an accurate list of all Subsidiaries of the Borrower as of the date of this Agreement, setting forth their respective jurisdictions of organization, the percentage of their respective capital stock or other ownership interests owned by the Borrower or other Subsidiaries and identifying which Subsidiaries are Significant Subsidiaries.  All of the issued and outstanding shares of capital stock or other ownership interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and nonassessable.

5.10    No Material Adverse Change.  Since September 30, 2011, there has been no change in the business or financial condition of the Borrower and its Significant Subsidiaries from that reflected in the Borrower's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, which would reasonably be expected to have a Material Adverse Effect.

5.11    Financial Statements.  The Borrower has furnished the Disclosure Documents to the Lenders prior to the date hereof.  The financial statements contained in the Disclosure Documents and all financial statements furnished pursuant to Section 6.9(i) or (ii) fairly present in all material respects, in accordance with Agreement Accounting Principles, the consolidated financial position of the Borrower and its Subsidiaries as at their respective dates and the consolidated results of operations, retained earnings and, as applicable, changes in financial position or cash flows of the Borrower and its Subsidiaries for the respective periods to which such statements relate.

5.12    No Material Misstatements.  None of the following contained, contains or will contain as of the date thereof any material misstatement of fact or omitted, omits or will omit as of the date thereof to 

35

state any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not misleading:

(i)    the Disclosure Documents (excluding any exhibits referred to in any such Disclosure Documents); 

(ii)    any report delivered to the Agent or any Lender pursuant to Section 6.9(i) or (ii) (excluding exhibits referred to in any such report); or

(iii)    to the best knowledge of the Borrower, the Confidential Information Memorandum, dated November 2011, delivered by the Borrower to the Lenders (when read in conjunction with the items referred to in (i) and (ii) above).

To the best knowledge of the Borrower, no other written information delivered to the Agent or any Lender pursuant to Section 6.9 contained, contains or will contain as of the date thereof any material misstatement of fact.

5.13    Properties.  As of the date of this Agreement, the Borrower has good right or title to all of its Properties to the extent reflected in the Disclosure Documents, except for minor restrictions, reservations and defects which do not in any substantial way interfere with the Borrower's ability to conduct its business as now conducted and except for such assets as have been disposed of since September 30, 2011 in transactions of the types described in Sections 6.13(a), (b) and (c), and all such Properties are free and clear of any Liens, except as permitted by Section 6.10.  

5.14    Environmental Matters.  Except as described in the Disclosure Documents, to the best of Borrower's knowledge, no event has occurred and no condition exists related to Environmental Laws which would reasonably be expected to have a Material Adverse Effect.  Except as otherwise described in the Disclosure Documents, neither the Borrower nor any Subsidiary has received any notice from a federal or state governmental agency to the effect that its operations are not in material compliance with any of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which noncompliance or remedial action would reasonably be expected to have a Material Adverse Effect.

5.15    Investment Company Act.  Neither the Borrower nor any Subsidiary is an "investment company" or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended.

ARTICLE VI 
 
COVENANTS

So long as any Bank has any Commitment hereunder or any Obligations are outstanding, the Borrower shall, unless the Required Lenders otherwise consent in writing:

6.1    Preservation of Existence and Business.  Preserve and maintain, and cause each Significant Subsidiary to preserve and maintain, its corporate existence and all of its material rights, privileges, licenses and franchises, except as permitted by Section 6.12, and carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted.

36

6.2    Preservation of Property.  Maintain, and cause each Significant Subsidiary to maintain, all of its Property used or useful in its business in good working order and condition, ordinary wear and tear excepted (it being understood that this covenant relates only to the good working order and condition of such Property and shall not be construed as a covenant of the Borrower not to dispose of any such Property by sale, lease, transfer or otherwise or to discontinue operation thereof if the Borrower reasonably determines that such discontinuation is necessary).

6.3    Payment of Taxes.  Pay, and cause each Significant Subsidiary to pay, promptly when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any of its Property, before the same shall become in default; provided that neither the Borrower nor any Significant Subsidiary shall be required to pay any such tax, assessment, charge or levy (i) in an amount in excess of the amount shown on any related tax return (the Borrower having a reasonable basis for the position reflected therein) or (ii) that is being contested in good faith by appropriate proceedings and with respect to which the Borrower has set aside on its books, in accordance with Agreement Accounting Principles, adequate reserves, or (iii) so long as such tax, assessment, charge or levy, if sustained, would not have a Material Adverse Effect.

6.4    Compliance with Applicable Laws and Contracts.  Comply, and cause each Significant Subsidiary to comply, with the requirements of all applicable laws, rules or regulations, Governmental Approvals, and orders, writs, injunctions or decrees of any court or Governmental Authority, including, without limitation, Environmental Laws, if failure to comply with such requirements would have a Material Adverse Effect or an adverse effect on the binding nature, validity or enforceability of any Loan Document as an obligation of the Borrower.

6.5    Preservation of Loan Document Enforceability.  Take all reasonable actions (including obtaining and maintaining in full force and effect consents and Governmental Approvals), and cause each Significant Subsidiary to take all reasonable actions, that are required so that its obligations under the Loan Documents will at all times be legal, valid and binding and enforceable  against it in accordance with their respective terms.

6.6    Insurance.  Maintain, and cause each Significant Subsidiary to maintain, with responsible insurance companies, or through the Borrower's program of self-insurance, insurance coverage against at least such risks and in at least such amounts as is customarily maintained by similar businesses, or as may be required by any applicable law, rule or regulation, any Governmental Approval, or any order, writ, injunction or decree of any court or Governmental Authority.

6.7    Use of Proceeds.  Use, directly or indirectly, the proceeds of the Loans for general corporate purposes of the Borrower (in compliance with all applicable legal and regulatory requirements), including, without limitation, to provide back-up liquidity for the short-term Indebtedness of the Borrower, to support commercial paper, to refinance existing Indebtedness of the Borrower, and to support collateral requirements under the Borrower's energy purchase and sale agreements.

6.8    Visits, Inspections and Discussions.  Permit, and cause each Significant Subsidiary to permit, representatives of the Agent or of any Lender with a Commitment of at least $5,000,000 (provided, however, that Lenders with a Commitment of less than $5,000,000 shall be permitted to exercise rights under this Section 6.8 if such right is exercised jointly with the Agent or a Lender with a Commitment of at least $5,000,000), and subject in all cases to such Lender being bound by the confidentiality provisions of Section 9.1, during normal business hours and upon reasonable prior written notice to the Borrower:

(i)    if no Default or Unmatured Default shall exist and be continuing, to visit the principal 

37

office of the Borrower, to discuss its business and affairs with its officers and independent certified accountants (provided that the Borrower shall be permitted to attend any such discussions with such accountants), and to visit its material Property, all to the extent reasonably requested by the Agent or such Lender; provided that such visits and discussions shall in no event occur more frequently than once during any calendar year; provided, further that the Borrower reserves the right to restrict access to any of its generating facilities in accordance with reasonably adopted procedures relating to safety and security, and to the extent reasonably requested to maintain normal operations of the Borrower; and provided, further, that, Sections 9.6 and 10.8 hereof notwithstanding, the costs and expenses incurred by any Lender or the Agent or their agents or representatives in connection with any such visits or discussions shall be solely for the account of such Lender or the Agent, as applicable; and

(ii)    if a Default or Unmatured Default shall exist and be continuing, to visit and inspect its Property, to examine, copy and make extracts from its books and records, and to discuss its business and affairs with its officers and independent certified accountants, all to the extent reasonably requested by such Lender or the Agent, as often as may be reasonably requested; provided that the Borrower reserves the right to restrict access to any of its generating facilities in accordance with reasonably adopted procedures relating to safety and security, and to the extent reasonably requested to maintain normal operations of the Borrower.

6.9    Information to Be Furnished.  Furnish to the Agent and, if requested by any Lender, furnish to such Lender:

(i)    Form 10-Q; Quarterly Financial Statements.  Promptly after filing and in any event within sixty (60) days after the close of each of the first three quarterly accounting periods in each fiscal year of the Borrower, a copy of the Quarterly Report on Form 10-Q (or any successor form) for the Borrower for such quarter.

(ii)    Form 10-K; Year-End Financial Statements; Accountants' Certificates.  Promptly after filing and in any event within one hundred twenty (120) days after the end of each fiscal year of the Borrower, the Annual Report on Form 10-K (or any successor form) for the Borrower for such year.

(iii)    Officer's Certificate as to Calculations.  At the time that financial statements are furnished pursuant to Section 6.9(i) or (ii), a certificate of the Chief Financial Officer, the Treasurer, an Assistant Treasurer or any other financial officer of the Borrower substantially in the form of Exhibit C.

(iv)    Requested Information.  From time to time, such other information regarding the business, affairs, insurance or financial condition of the Borrower or any of its Subsidiaries (including, without limitation, any Benefit Plan and any reports of other information required to be filed under ERISA) as any Lender or the Agent may reasonably request.

(v)    Notice of Defaults, Material Adverse Changes and Other Matters.  Promptly upon (and in any event within three (3) Business Days after) becoming aware thereof, notice of:

(a)    any Default or Unmatured Default, and

(b)    any circumstance that has resulted in a Material Adverse Effect or an adverse effect on the binding nature, validity or enforceability of any Loan Document as an obligation 

38

of the Borrower.

The Borrower may furnish information, documents and other materials that it is obligated to furnish to the Agent pursuant to the Loan Documents, including all items described above in this Section 6.9 and all other notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any communication that (i) relates to a request for a new, or the conversion or continuation of an existing, Loan, (ii) relates to the payment of any amount due under this Agreement prior to the scheduled date therefor or any reduction of the Commitments, (iii) provides notice of any Default or Unmatured Default or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement or any Loan hereunder (any non-excluded communication described above, a "Communication"), electronically (including by posting such documents, or providing a link thereto, on the Borrower's Internet website).  Notwithstanding the foregoing, the Borrower agrees that, to the extent requested by the Agent, it will continue to provide "hard copies" of Communications to the Agent.

The Borrower further agrees that the Agent may make Communications available to the Lenders by posting such Communications on IntraLinks or a substantially similar secure electronic delivery system (the "Platform").

THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE".  THE AGENT DOES NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY COMMUNICATION OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN ANY COMMUNICATION.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT IN CONNECTION WITH ANY COMMUNICATION OR THE PLATFORM.  IN NO EVENT SHALL THE AGENT HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER'S OR THE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT SUCH DAMAGES ARE FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.  WITHOUT LIMITING THE FOREGOING, UNDER NO CIRCUMSTANCES SHALL THE AGENT BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OF THE PLATFORM OR THE BORROWER'S OR THE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET. 

Each Lender agrees that notice to it (as provided in the next sentence) specifying that a Communication has been posted to the Platform shall constitute effective delivery of such Communication to such Lender for purposes of the Loan Documents.  Each Lender agrees (i) to notify the Agent from time to time of the e-mail address to which the foregoing notice may be sent and (ii) that such notice may be sent to such e-mail address.  For the avoidance of doubt, the failure of the Agent to provide notice to the Lenders as explicitly required by this Agreement shall not affect the validity or binding nature of a related notice delivered to the Agent by the Borrower; provided, that the Borrower shall remain obligated to provide notice directly to the Agent and/or Lenders when and as required by this Agreement.

6.10    Liens.  Not, and not permit any Significant Subsidiary to, suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except this Section 6.10 shall not apply to:

39

(i)    Liens for taxes, assessments or charges imposed on the Borrower or any Subsidiary or any of their property by any Governmental Authority not yet due or which are being contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower or any of its Subsidiaries, as the case may be, in accordance with Agreement Accounting Principles;

(ii)    Liens imposed by law, such as carriers', warehousemen's, mechanics', materialmen's, repairmen's or other like Liens incurred in the ordinary course of business and securing obligations that are not yet due or that are being contested in good faith by appropriate proceedings, and Liens arising out of judgments or awards which secure payment of legal obligations that would not constitute a Default under Section 7.9;

(iii)    pledges or deposits in connection with worker's compensation, unemployment insurance and other social security laws, or to secure the performance of bids, tenders contracts (other than for borrowed money), leases, statutory obligations, surety or appeal bonds, or indemnity, performance or other similar bonds, in the ordinary course of business;

(iv)    easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material in amount, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;

(v)    the Lien of the Indenture of Mortgage and Deed of Trust dated July 1, 1945, as supplemented and in effect from time to time, from the Borrower to HSBC Bank USA (f/k/a Marine Midland Bank, N.A.) (the "Mortgage");

(vi)    Permitted Encumbrances (as defined in Section 1.11 of the Mortgage);

(vii)    Liens securing the payment of Tax-Free Debt, provided that each such Lien shall extend only to the property, and proceeds thereof, being financed by the Tax-Free Debt secured thereby;

(viii)    Liens on or over the whole or any part of the assets of the Borrower as security for any indebtedness owing by the Borrower to any Subsidiary whose primary function is that of acting as a financing Subsidiary of the Borrower and consisting of one or more loans made to the Borrower by such Subsidiary and repayable on the same date as a loan or other indebtedness incurred by such Subsidiary; provided that the aggregate principal amount of the indebtedness secured by all such Liens shall not exceed the aggregate principal amount of all such indebtedness incurred by such Subsidiary; and provided further that the aggregate principal amount of the indebtedness secured by all such Liens shall not exceed $100,000,000;

(ix)    Liens over all or any part of the assets of the Borrower or any Subsidiary constituting a specific construction project or generating plant as security for any indebtedness incurred for the purpose of financing all or such part, as the case may be, of such construction project or generating plant, and Liens and charges incidental to such construction;

(x)    the right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license or permit, or by any provision of law, to purchase or 

40

recapture or designate a purchaser of any property;

(xi)    Liens on property or assets of any Subsidiary in favor of the Borrower;

(xii)    Liens with respect to which cash in the amount of such Liens has been deposited with the Agent;

(xiii)    Liens on or over specific assets hereafter acquired which are created or assumed contemporaneously with, or within one hundred twenty (120) days after, such acquisition, for the sole purpose of financing or refinancing the acquisition of such assets; 

(xiv)    Liens on conservation investment assets as security for obligations incurred in financing or refinancing bondable conservation investments in accordance with Oregon Revised Statutes Section 757.400-450;

(xv)    Liens on cash collateral deposited by the Borrower with counterparties in the ordinary course of the Borrower's purchase and sale of electric energy, coal, oil and natural gas; and 

(xvi)    Liens, in addition to those listed in clauses (i) through (xv) above, incurred in the ordinary course of the Borrower's business that in the aggregate do not exceed $20,000,000.

6.11    Indebtedness to Capitalization Ratio.  Not permit the aggregate outstanding principal amount of all Consolidated Indebtedness to exceed 65% of Total Capitalization as of the end of any fiscal quarter. 

6.12    Merger or Consolidation.  Not merge with or into or consolidate with or into any other corporation or entity, unless (i) immediately after giving effect thereto, no event shall occur and be continuing that would constitute a Default or Unmatured Default, (ii) the surviving or resulting person, as the case may be, if not the Borrower, assumes by operation of law or agrees in writing to pay and perform all of the obligations of the Borrower hereunder, (iii) the surviving or resulting person, as the case may be, qualifies or is qualified to do business in the State of Oregon, and (iv) the consolidated net worth (as determined in accordance with Agreement Accounting Principles) of the surviving or resulting Person, as the case may be, would be at least equal to the consolidated net worth of the Borrower immediately prior to such merger or consolidation.

6.13    Disposition of Assets.  Not sell, lease, assign, transfer or otherwise dispose of any Property or any interest therein, except that this Section 6.13 shall not apply to (a) any disposition of any Property or any interest therein in the ordinary course of business, (b) any disposition of obsolete or retired Property not used or useful in its business, (c) any disposition of any Property or any interest therein (i) for cash or cash equivalent or (ii) in exchange for utility plant, equipment or other utility assets, other than notes or other obligations, in each case equal to the fair market value (as determined in good faith by the Board of Directors of the Borrower) of such Property or interest therein, and provided that such disposition does not constitute a disposition of all or substantially all of the Property of the Borrower and (d) any disposition of any Property or any interest therein in exchange for notes or other obligations substantially equal to the fair market value (as determined in good faith by the Board of Directors of the Borrower) of such asset or interest therein, provided that the aggregate amount of notes or other obligations received after the date hereof from any one obligor in one transaction or a series of transactions shall not exceed 15% of the net asset value of the Borrower.

41

ARTICLE VII 
 
DEFAULTS

The occurrence of any one or more of the following events shall constitute a Default:

7.1    Any representation or warranty made or deemed made by the Borrower or any of its Subsidiaries to the Lenders or the Agent under or in connection with this Agreement, any Loan, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be materially false on the date as of which made.

7.2    Nonpayment of principal of any Loan or any L/C Obligation when due, or nonpayment of interest upon any Loan, L/C Obligation or of any facility fee or other Obligation under any of the Loan Documents within five (5) days after the same becomes due.

7.3    The breach by the Borrower of any of the terms or provisions of Sections 6.1 (with respect to the Borrower), 6.7, 6.9(v)(a), 6.10, 6.11, 6.12, or 6.13.

7.4    The breach by the Borrower (other than a breach which constitutes a Default under another Section of this Article VII) of any of the terms or provisions of this Agreement which is not remedied within thirty (30) days after written notice from the Agent or any Lender.

7.5    (a) To the extent not waived, or if applicable, cured, (i) the failure of the Borrower or any Subsidiary to pay when due any Indebtedness aggregating in excess of $10,000,000 ("Material Indebtedness"); (ii) the default by the Borrower or any Significant Subsidiary in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement under which any such Material Indebtedness was created or is governed, or any other event shall occur or condition exist, the effect of which default or event is to cause, or to permit the holder or holders of such Material Indebtedness to cause, such Material Indebtedness to become due prior to its stated maturity; or (iii) any Material Indebtedness of the Borrower or any Significant Subsidiary shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or (b) the Borrower or any of its Significant Subsidiaries shall not pay, or shall admit in writing its inability to pay, its debts generally as they become due.

7.6    The Borrower or any Significant Subsidiary shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.6 or (vi) fail to contest in good faith any appointment or proceeding described in Section 7.7.

7.7    Without the application, approval or consent of the Borrower or the applicable Significant Subsidiary, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or such Significant Subsidiary or any Substantial Portion of its Property, or a proceeding described in Section 7.6(iv) shall be instituted against the Borrower or such Significant Subsidiary and such appointment continues 

42

undischarged or such proceeding continues undismissed or unstayed for a period of thirty (30) consecutive days.

7.8    Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any portion of Property of the Borrower and its Significant Subsidiaries which, when taken together with all other Property of the Borrower and its Significant Subsidiaries so condemned, seized, appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such action occurs, constitutes a Substantial Portion.

7.9    The Borrower or any Significant Subsidiary shall fail within sixty (60) days to pay, bond or otherwise discharge in accordance with its terms one or more (i) judgments or orders for the payment of money in excess of $10,000,000 (or the equivalent thereof in currencies other than U.S. Dollars) in the aggregate, or (ii) nonmonetary judgments or orders which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, which judgment(s), in any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith.

7.10    Except as disclosed in the Disclosure Documents, the Borrower or any ERISA Affiliate incurs any liability to the PBGC (other than liability for premium payments which are paid when due) or a Benefit Plan pursuant to Title IV of ERISA or the Borrower or any ERISA Affiliate incurs any withdrawal liability pursuant to Title IV of ERISA with respect to a Benefit Plan or Multiemployer Benefit Plan (determined as of the date of notice of such withdrawal liability) in excess of $10,000,000.

ARTICLE VIII 
 
ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

8.1    Acceleration.  If any Default described in Section 7.6 or 7.7 occurs with respect to the Borrower, the Commitment of each Lender hereunder shall automatically terminate, the Obligations shall immediately become due and payable and the Borrower shall automatically be required to Cash Collateralize the L/C Obligations, in each case without further act of the Agent or any Lender and without any election or action on the part of the Agent or any Lender.  If any other Default occurs, the Required Lenders (or the Agent with the consent of the Required Lenders) may (i) terminate or suspend the Aggregate Commitments, (ii) declare the Obligations to be due and payable or (iii) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof), or all of the foregoing, whereupon such Aggregate Commitments shall be immediately terminated or suspended and/or the Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives.

8.2    Amendments.  Subject to the provisions of this Article VIII, the Required Lenders (or the Agent with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or the Borrower hereunder or waiving any Default hereunder; provided that no such supplemental agreement shall, without the consent of all of the Lenders affected thereby: 

(i)    Extend the final maturity of any Loan to a date after the Final Termination Date, or forgive all or any portion of the principal amount thereof, or reduce the rate or extend the time of payment of interest or fees thereon.

(ii)    Reduce the percentage specified in the definition of Required Lenders.

43

(iii)    Extend the Final Termination Date (except as provided in Section 2.18), increase the amount of the Commitment of any Lender hereunder or permit the Borrower to assign its rights under this Agreement.

(iv)    Amend this Section 8.2.

(v)    Amend Section 11.2.

No amendment of any provision of this Agreement relating to the Agent shall be effective without the written consent of the Agent.  No amendment, waiver or consent shall affect the rights or duties of the L/C Issuers under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by them without the written consent of the L/C Issuers.  The Agent may waive payment of any fee required under Section 12.3(a)(iv) without obtaining the consent of any other party to this Agreement.  

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

8.3    Preservation of Rights.  No delay or omission of the Lenders or the Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Credit Extension notwithstanding the existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence.  Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.2, and then only to the extent in such writing specifically set forth.  All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Agent and the Lenders until the Obligations have been paid in full.

ARTICLE IX 
 
GENERAL PROVISIONS

9.1    Survival of Representations.  All representations and warranties of the Borrower contained in this Agreement shall survive the making of the Credit Extensions herein contemplated.

9.2    Governmental Regulation.  Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation.

9.3    Headings.  Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents.

9.4    Entire Agreement.  The Loan Documents embody the entire agreement and understanding 

44

among the Borrower, the Agent and the Lenders and supersede all prior agreements and understandings among the Borrower, the Agent and the Lenders relating to the subject matter thereof (including the indemnity, confidentiality, advisory and fiduciary provisions in that certain commitment letter dated as of November 4, 2011 among the Borrower, Bank of America, Barclays Bank PLC and the Arrangers), other than documentation of the fees described in Sections 2.5 and 10.13.

9.5    Several Obligations; Benefits of this Agreement.  The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Agent is authorized to act as such).  The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.  This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns, provided that the parties hereto expressly agree that the Arrangers shall enjoy the benefits of the provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement.

9.6    Expenses; Indemnification.

(i)    The Borrower shall reimburse the Agent and the Arrangers for all reasonable costs, internal charges and out of pocket expenses (including attorneys' fees and time charges of attorneys for the Agent, which attorneys may be employees of the Agent, and any fees for the IntraLinks electronic delivery system) paid or incurred by the Agent or the Arrangers in connection with the preparation, negotiation, execution, delivery, syndication, review, amendment, modification, and administration of the Loan Documents.  The Borrower also agrees to reimburse the Agent, the Arrangers, the L/C Issuers and the Lenders for all reasonable costs, internal charges and out of pocket expenses (including attorneys' fees and time charges of attorneys for the Agent, the Arrangers, the L/C Issuers and the Lenders, which attorneys may be employees of the Agent, the Arrangers or the Lenders) paid or incurred by the Agent, any Arranger, any L/C Issuer or any Lender in connection with the collection and enforcement of the Loan Documents.

(ii)    The Borrower hereby further agrees to indemnify the Agent, each Arranger, each L/C Issuer, each Lender, their respective affiliates, and each of their directors, officers, trustees and employees against all losses, claims, damages, penalties, judgments, liabilities and reasonable expenses (including, without limitation, all reasonable expenses of litigation or preparation therefor whether or not the Agent, any Arranger, any L/C Issuer, any Lender or any affiliate is a party thereto and whether or not such investigation, litigation or proceeding is brought by you, your equityholders or creditors or any other party) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby or the application of the proceeds of any Credit Extension hereunder except to the extent that they are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification.  The obligations of the Borrower under this Section 9.6 shall survive the termination of this Agreement.

9.7    Numbers of Documents.  All statements, notices, closing documents, and requests hereunder shall be furnished to the Agent with sufficient counterparts so that the Agent may furnish one to each of the Lenders.

9.8    Accounting.  Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with Agreement Accounting Principles.  If at any time any change in the Agreement Accounting Principles would affect the 

45

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

9.9    Severability of Provisions.  Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.  Without limiting the foregoing provisions of this Section 9.9, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited by bankruptcy or other similar debtor relief laws, as determined in good faith by the Agent or the L/C Issuers, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

9.10    Nonliability of Lenders.  The relationship between the Borrower on the one hand and the Lenders, the Arrangers and the Agent on the other hand shall be solely that of borrower and lender.  None of the Agent, any Arranger or any Lender shall have any fiduciary responsibilities to the Borrower.  None of the Agent, any Arranger or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower's business or operations.  The Borrower agrees that none of the Agent, any Arranger or any Lender shall have liability to the Borrower for losses suffered by the Borrower in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, except to the extent determined in a final non-appealable judgment by a court of competent jurisdiction.  Neither the Agent, any Arranger or any Lender nor the Borrower shall have any liability with respect to, and the Borrower (with respect to the Agent, each Arranger and each Lender) and the Agent, each Arranger and each Lender (with respect to the Borrower) hereby waives, releases and agrees not to sue for any special, indirect or consequential damages suffered by any such party in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby.

9.11    Confidentiality.  Each Lender agrees to hold any confidential information which it may receive from the Borrower pursuant to this Agreement in confidence, except for disclosure (i) to its Affiliates and to other Lenders and their respective Affiliates, (ii) to legal counsel, accountants, and other professional advisors to such Lender or to a Transferee, (iii) to regulatory officials, (iv) to any Person as requested pursuant to or as required by law, regulation, or legal process, (v) to any Person in connection with any legal proceeding to which such Lender is a party, (vi) to such Lender's direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties, (vii) permitted by Section 12.4, (viii)  to rating agencies if required by such agencies in connection with a rating relating to the Advances hereunder, and (ix) to the extent required in connection with the exercise of any remedy or any enforcement of this Agreement by such Lender or the Agent; provided that, in the case of clauses (i), (ii), (vi) and (vii), the recipient of such information shall be advised that the information is confidential and shall agree to be bound by the confidentiality obligations of this Section 9.11; and provided further, that in the case of clauses (i) and (ii), the recipient needs to know such information in connection with such Lender's or applicable Transferee's exercise of rights and performance of obligations under this Agreement.

46

Any Person required to maintain the confidentiality of confidential information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such confidential information as such Person would accord to its own confidential information.

Each of the Agent and the Lenders acknowledges that (a) the confidential information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable law, including United States federal and state securities laws.

9.12    Nonreliance.  Each Lender hereby represents that it is not relying on or looking to any Margin Stock for the repayment of the Credit Extension provided for herein.

9.13    No Advisory or Fiduciary Relationship.  

9.14    USA PATRIOT ACT NOTIFICATION.  The following notification is provided to the 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 the Borrower: When the Borrower opens an account, if the Borrower is an individual, the Agent and the Lenders will ask for the Borrower's name, residential address, tax identification number, date of birth, and other information that will allow the Agent and the Lenders to identify the Borrower, and, if the Borrower is not an individual, the Agent and the Lenders will ask for the Borrower's name, tax identification number, business address, and other information that will allow the Agent and the Lenders to identify the Borrower.  The Agent and the Lenders may also ask, if the Borrower is an individual, to see the Borrower's driver's license or other identifying documents, and, if the Borrower is not an individual, to see the Borrower's legal organizational documents or other identifying documents.

9.15    Letter of Credit Amounts.

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

ARTICLE X 
 
THE AGENT

10.1    Appointment; Nature of Relationship.  Bank of America is hereby appointed by each of 

47

the Lenders as its contractual representative (herein referred to as the "Agent") hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth herein and in the other Loan Documents.  The Agent agrees to act as such contractual representative upon the express conditions contained in this Article X.  Notwithstanding the use of the defined term "Agent," it is expressly understood and agreed that the Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents.  In its capacity as the Lenders' contractual representative, the Agent (i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a "representative" of the Lenders within the meaning of Section 9‐102(a)(72) of the Uniform Commercial Code and (iii) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents.  Each of the Lenders hereby agrees to assert no claim against the Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives.

10.2    Powers.  The Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto.  The Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Agent.

10.3    General Immunity.  Neither the Agent nor any of its directors, officers, agents or employees, in each case acting in its capacity as Agent and not as Lender, shall be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except for its or their breach of the Agent's obligations hereunder or thereunder or to the extent such action or inaction is determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person.

10.4    Responsibility for Loans, Recitals, etc.  Neither the Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered solely to the Agent; (d) the existence or possible existence of any Default or Unmatured Default; or (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection therewith.  The Agent shall have no duty to disclose to the Lenders information that is not required to be furnished by the Borrower to the Agent at such time, but is voluntarily furnished by the Borrower to the Agent (either in its capacity as Agent or in its individual capacity).

10.5    Action on Instructions of Lenders.  The Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders (or, when expressly required hereunder, all of the Lenders), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.  The Lenders hereby acknowledge that the Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders.  The Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified 

48

to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action.

10.6    Employment of Agents and Counsel.  The Agent may execute any of its duties as Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys in fact and shall not be answerable to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys in fact selected by it with reasonable care.  The Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Agent and the Lenders and all matters pertaining to the Agent's duties hereunder and under any other Loan Document.

10.7    Reliance on Documents; Counsel.  The Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Agent, which counsel may be employees of the Agent.

10.8    Agent's Reimbursement and Indemnification.  The Lenders agree to reimburse and indemnify the Agent ratably in proportion to their respective Commitments (or, if the Commitments have been terminated, in proportion to their Commitments immediately prior to such termination) (i) for any amounts not reimbursed by the Borrower for which the Agent is entitled to reimbursement by the Borrower under the Loan Documents, (ii) for any other expenses incurred by the Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders) and (iii) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent and (ii) any indemnification required pursuant to Section 3.5(vii) shall, notwithstanding the provisions of this Section 10.8, be paid by the relevant Lender in accordance with the provisions thereof.  The obligations of the Lenders under this Section 10.8 shall survive payment of the Obligations and termination of this Agreement.

10.9    Notice of Default.  The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the Agent has received written notice from a Lender or the Borrower referring to this Agreement describing such Default or Unmatured Default and stating that such notice is a "notice of default".  In the event that the Agent receives such a notice, the Agent shall give prompt notice thereof to the Lenders and, in the case of a "notice of default" received from a Lender, to the Borrower.

10.10    Rights as a Lender.  Notwithstanding anything to the contrary in this Article X, in the event the Agent is a Lender, the Agent shall have the same rights, powers, and obligations hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender and may exercise such rights and powers, and shall comply with such obligations, as though it were not the Agent, and the term "Lender" or "Lenders" shall, at any time when the Agent is a Lender, unless the context otherwise indicates, include the Agent in its individual capacity.  The Agent and its Affiliates may accept deposits from, 

49

lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby from engaging with any other Person.  The Agent in its individual capacity is not obligated to remain a Lender.

10.11    Lender Credit Decision.  Each Lender acknowledges that it has, independently and without reliance upon the Agent, the Arrangers or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents.  Each Lender also acknowledges that it will, independently and without reliance upon the Agent, the Arrangers or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents.

10.12    Successor Agent.  The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower, such resignation to be effective upon the appointment of a successor Agent or, if no successor Agent has been appointed, forty‐five (45) days after the retiring Agent gives notice of its intention to resign.  The Agent may be removed at any time with or without cause by written notice received by the Agent from the Required Lenders, such removal to be effective on the date specified by the Required Lenders.  Upon any such resignation or removal, the Required Lenders shall have the right to appoint with the Borrower's written consent, not to be unreasonably withheld or delayed, on behalf of the Borrower and the Lenders, a successor Agent.  If no successor Agent shall have been so appointed by the Required Lenders within thirty (30) days after the resigning Agent's giving notice of its intention to resign, then the resigning Agent may appoint with the Borrower's written consent, not to be unreasonably withheld or delayed, on behalf of the Borrower and the Lenders, a successor Agent.  Notwithstanding the previous sentence, the Agent may at any time without the consent of any Lender and with the consent of the Borrower, not to be unreasonably withheld or delayed, appoint any of its Affiliates which is a commercial bank as a successor Agent hereunder.  If the Agent has resigned or been removed and no successor Agent has been appointed, the Lenders may perform all the duties of the Agent hereunder and the Borrower shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders.  No successor Agent shall be deemed to be appointed hereunder until such successor Agent has accepted the appointment.  Any such successor Agent shall be a commercial bank having capital and retained earnings of at least $100,000,000.  Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Agent.  Upon the effectiveness of the resignation or removal of the Agent, the resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents.  After the effectiveness of the resignation or removal of an Agent, the provisions of this Article X shall continue in effect for the benefit of such Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Agent hereunder and under the other Loan Documents.  In the event that there is a successor to the Agent by merger, or the Agent assigns its duties and obligations to an Affiliate pursuant to this Section 10.12, then the term "prime rate" as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Agent.

Any resignation by or removal of Bank of America as Agent pursuant to this Section shall also constitute its resignation or removal as a L/C Issuer.  Upon the acceptance of a successor's appointment as Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges, obligations and duties of the retiring L/C Issuer, (ii) the retiring L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding 

50

at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

10.13    Agent and Arranger Fees.  The Borrower agrees to pay to the Agent and the Arrangers, for their own respective accounts, the fees agreed to by the Borrower, the Agent and the Arrangers, including, without limitation, the fees agreed to pursuant to the letter agreement dated November 4, 2011, among the Borrower, the Agent and Merrill Lynch, Pierce, Fenner & Smith Incorporated and the letter agreement dated November 4, 2011 between the Borrower and Barclays Bank PLC, or as otherwise agreed to from time to time.

10.14    Delegation to Affiliates.  The Borrower and the Lenders agree that the Agent may delegate any of its duties under this Agreement to any of its Affiliates.  Any such Affiliate (and such Affiliate's directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other protective provisions to which the Agent is entitled under Articles IX and X.

10.15    Other Agents.  The Lenders identified on the signature pages of this Agreement or otherwise herein, or in any amendment hereof or other document related hereto, as being the "Syndication Agent" or a "Co-Documentation Agent" (collectively, the "Other Agents"), shall have no rights, powers, obligations, liabilities, responsibilities or duties under this Agreement other than those applicable to all Lenders as such.  Without limiting the foregoing, the Other Agents and the Arrangers shall not have or be deemed to have any fiduciary relationship with any Lender.  Each Lender acknowledges that it has not relied, and will not rely, on the Other Agents or the Arrangers in deciding to enter into this Agreement or in taking or refraining from taking any action hereunder or pursuant hereto.

ARTICLE XI 
 
SETOFF; RATABLE PAYMENTS

11.1    Setoff.  In addition to, and without limitation of, any rights of the Lenders under applicable law, if a Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time owing by any Lender or any Affiliate of any Lender to or for the credit or account of the Borrower may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due, provided each Lender agrees, solely for the benefit of the other Lenders and not for the benefit of the Borrower, that it shall not exercise any right provided for in this Section 11.1 without the prior consent of the Required Lenders; provided, further, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.

11.2    Ratable Payments.  If any Lender, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure (other than payments received pursuant to Section 2.20, 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Aggregate Outstanding Credit Exposure held by the other Lenders so that after such purchase each Lender will hold its Pro Rata Share of the Aggregate Outstanding Credit 

51

Exposure.  If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to their respective Pro Rata Shares.  In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.  

ARTICLE XII 
 
BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

12.1    Successors and Assigns.  The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrower and the Lenders and their respective successors and assigns, except that (i) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in compliance with Section 12.3.  The parties to this Agreement acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments and does not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by any Lender of all or any portion of its rights under this Agreement to a Federal Reserve Bank; provided that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 12.3.  The Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section 12.3; provided that the Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan to direct payments relating to such Loan to another Person.  Any assignee of the rights to any Loan agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents.  Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan, shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan.

12.2    Participations.

(a)    Permitted Participants; Effect.  Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities ("Participants") participating interests in any Outstanding Credit Exposure of such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents.  In the event of any such sale by a Lender of participating interests to a Participant, such Lender's obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the owner of its Outstanding Credit Exposure for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under the Loan Documents.

(b)    Voting Rights.  Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Credit Extension or Commitment in which such Participant has an interest which forgives principal, interest or fees or reduces the interest rate or fees payable with respect to any such Loan, L/C Obligation or Commitment, extends the Final Termination Date, postpones any date fixed for any regularly 

52

scheduled payment of principal of, or interest or fees on, any such Credit Extension or Commitment.

12.3    Assignments.  

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

(i)    Minimum Amounts.  

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

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

(ii)    Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's Loans and Commitments, and rights and obligations with respect thereto, assigned.
    
(iii)    Required Consents.  No consent shall be required for any assignment except to the extent required by subsection (a)(i)(B) of this Section and, in addition:

(A)    the consent of the Borrower (such consent not to be unreasonably withheld) shall be required unless (1) a Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Agent within five (5) Business Days after having received notice thereof;

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

53

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

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

(v)    No Assignment to Certain Persons.  No such assignment shall be made to (A) the Borrower or any of the Borrower's Affiliates or Subsidiaries, (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) a natural person.

(vi)    Certain Additional Payments.  In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Pro Rata Share.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

Subject to acceptance and recording thereof by the Agent pursuant to subsection (b) of this Section, from and after the effective date specified in each Assignment Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Article III and Section 9.6 with respect to facts and circumstances occurring prior to the effective date of such assignment).  Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement 

54

as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.2.

(b)    Register.  The Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Agent's office a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the "Register").  The entries in the Register shall be conclusive, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  In addition, the Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender.  The Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.  

(c)    Resignation as L/C Issuer after Assignment.  Notwithstanding anything to the contrary contained herein, if at any time an L/C Issuer assigns all of its Commitment and Loans pursuant to subsection (a) above, such L/C Issuer may, upon thirty days' notice to the Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation as L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer.  If an L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Loans or fund risk participations).  Upon the appointment of a successor L/C Issuer, (1) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer and (2) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the resigning L/C Issuer to effectively assume the obligations of resigning L/C Issuer with respect to such Letters of Credit.

12.4    Dissemination of Information.  The Borrower authorizes each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a "Transferee") and any prospective Transferee any and all information in such Lender's possession concerning the creditworthiness of the Borrower and its Subsidiaries, including without limitation any information contained in any Annual Report on Form 10-K or any Quarterly Report on Form 10-Q; provided that each Transferee and prospective Transferee agrees to be bound by Section 9.11 of this Agreement.

12.5    Tax Treatment.  If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(iv) and Section 3.5(vi), as applicable.

12.6    Designation of SPVs.

(a)    Notwithstanding anything to the contrary contained herein, any Lender (a "Granting Lender") may grant to a special purpose funding vehicle (an "SPV", identified as such in writing from time to time by such Granting Lender to the Agent and the Borrower) the option to fund all or any part of any Advance or fee or expense reimbursement or other obligation (each, a "Lender Funding Obligation") that such Granting Lender would otherwise be obligated to fund pursuant to 

55

this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV to fund any Lender Funding Obligation, (ii) if an SPV elects not to exercise such option or otherwise fails to fund all or any part of any such Lender Funding Obligation, the Granting Lender shall be obligated to fund such Lender Funding Obligation pursuant to the terms hereof, (iii) no SPV shall exercise any voting rights pursuant to Section 8.2 (such voting rights to be exercised instead by such Granting Lender) and (iv) with respect to notices, payments and other matters hereunder, the Borrower, the Agent and the Lenders shall not be obligated to deal with an SPV, but may limit their communications and other dealings relevant to such SPV to the applicable Granting Lender.  The funding of any Lender Funding Obligation by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent that, and as if, such Lender Funding Obligation were funded by such Granting Lender.

(b)    As to any Lender Funding Obligations or portion thereof made by it, each SPV shall have all the rights that its applicable Granting Lender making such Lender Funding Obligations or portion thereof would have had under this Agreement; provided that each SPV shall have granted to its Granting Lender an irrevocable power of attorney to deliver and receive all communications and notices under this Agreement (and any related documents) and to exercise on such SPV's behalf, all of such SPV's voting rights under this Agreement.  No additional Note shall be required to evidence the Lender Funding Obligations or portion thereof made by an SPV; and the related Granting Lender shall be deemed to hold its Note as agent for such SPV to the extent of the Lender Funding Obligations or portion thereof funded by such SPV.  In addition, any payments for the account of any SPV shall be paid to its Granting Lender as agent for such SPV.

(c)    Each party hereto hereby agrees that no SPV shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment.  In furtherance of the foregoing, each party hereto hereby agrees (which agreements shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof.

(d)    In addition, notwithstanding anything to the contrary contained in this Agreement, any SPV may (i) at any time and without paying any processing fee therefor, assign or participate all or a portion of its interest in any Lender Funding Obligations to the Granting Lender or to any financial institutions providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Lender Funding Obligations and (ii) disclose on a confidential basis any non-public information relating to its Lender Funding Obligations to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancements to such SPV.  This Section 12.6 may not be amended without the written consent of any Granting Lender affected thereby.

56

ARTICLE XIII 
 
NOTICES

13.1    Notices.

(a)    Except as otherwise permitted by Section 2.12 with respect to borrowing notices, all notices, requests and other communications to any party hereunder shall be in writing (including electronic transmission, facsimile transmission or similar writing) and shall be given to such party at its address or facsimile number set forth on Schedule 13.1 or at such other address or facsimile number as such party may hereafter specify for the purpose by notice to the Agent and the Borrower in accordance with the provisions of this Section 13.1.  Each such notice, request or other communication shall be effective (i) if given by facsimile transmission, when transmitted to the facsimile number specified in this Section and confirmation of receipt is received, (ii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, (iii) if given by any other means, when delivered at the address specified in this Section or (iv) if given by electronic transmission, as provided in Section 13.1(b); provided that notices to the Agent under Article II shall not be effective until received.  

(b)    Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Agent or as otherwise determined by the Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Agent that it is incapable of receiving notices under such Article by electronic communication.  The Agent or the Borrower may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be limited to particular notices or communications.  Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

13.2    Change of Address.  The Borrower, the Agent and any Lender may each change the address for service of notice upon it by a notice in writing to the other parties hereto.

ARTICLE XIV 
 
COUNTERPARTS

This Agreement 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 Agreement by signing any such counterpart.  Delivery of an executed counterpart hereof or a signature page hereto by facsimile shall be effective as delivery of an original executed counterpart.

ARTICLE XV 
 
CHOICE OF LAW; CONSENT TO JURISDICTION

15.1    CHOICE OF LAW.  THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

15.2    CONSENT TO JURISDICTION.  THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.  ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

58

IN WITNESS WHEREOF, the Borrower, the Lenders and the Agent have executed this Agreement as of the date first above written.

	
		
	PORTLAND GENERAL ELECTRIC COMPANY

	 
	 

	By:
	/s/ MARIA M. POPE

	Name:
	Maria M. Pope

	Title:
	Senior Vice President - Finance

	 
	Chief Financial Officer and Treasurer

	
		
	BANK OF AMERICA, N.A., as Agent

	 
	 

	By:
	/s/ DORA A. BROWN

	Name:
	Dora A. Brown

	Title:
	Vice President

	 
	 

	
		
	BANK OF AMERICA, N.A., as a Lender

	 
	 

	By:
	/s/ DARYL K. HOGGE

	Name:
	Daryl K. Hogge

	Title:
	Senior Vice President

	 
	 

	
		
	BARCLAYS BANK PLC, as a Lender

	 
	 

	By:
	/s/ ANN E. SUTTON

	Name:
	Ann E. Sutton

	Title:
	Director

	 
	 

	
		
	U.S. BANK NATIONAL ASSOCIATION, as a Lender

	 
	 

	By:
	/s/ HOLLAND H. WILLIAMS

	Name:
	Holland H. Williams

	Title:
	AVP & Portfolio Mgr.

	 
	 

	
		
	DEUTSCHE BANK AG NEW YORK BRANCH,                 as a Lender

	 
	 

	By:
	/s/ JOHN S. MCGILL

	Name:
	John S. McGill

	Title:
	Director

	 
	 

	By:
	/s/ VIRGINIA COSENZA

	Name:
	Virginia Cosenza

	Title:
	Vice President

	
		
	JPMORGAN CHASE BANK N.A., as a Lender

	 
	 

	By:
	/s/ JOHN E. ZUR

	Name:
	John E. Zur

	Title:
	Authorized Officer

	 
	 

	
		
	THE BANK OF NOVA SCOTIA, as a Lender

	 
	 

	By:
	/s/ THANE RATTEW

	Name:
	Thane Rattew

	Title:
	Managing Director

	 
	 

	
		
	THE NORTHERN TRUST COMPANY, as a Lender

	 
	 

	By:
	/s/ BRANDON ROLEK

	Name:
	Brandon Rolek

	Title:
	Vice President

	 
	 

	
		
	ASSOCIATED BANK, N.A., as a Lender

	 
	 

	By:
	/s/ KRISTIN A. ISLEIB

	Name:
	Kristin A. Isleib

	Title:
	Senior Vice President

	 
	 

	
		
	FIRST COMMERCIAL BANK, LTD., LOS ANGELES BRANCH, as a Lender

	 
	 

	By:
	/s/ JENN HWA WANG

	Name:
	Jenn Hwa Wang

	Title:
	VP & General Manager

	 
	 

	
		
	COBANK, ACB, as a Lender

	 
	 

	By:
	/s/ JOSH BATCHELDER

	Name:
	Josh Batchelder

	Title:
	Vice President

	 
	 

	
		
	BANK OF THE WEST, as a Lender

	 
	 

	By:
	/s/ BRETT GERMAN

	Name:
	Brett German

	Title:
	Vice President

	 
	 

	
		
	MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD. NEW YORK BRANCH, as a Lender

	 
	 

	By:
	/s/ PRISCILLA HSING

	Name:
	Priscilla Hsing

	Title:
	VP & DGM

	 
	 

	
		
	WELLS FARGO BANK, N.A., as a Lender

	 
	 

	By:
	/s/ YANN BLINDERT

	Name:
	Yann Blindert

	Title:
	Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]