Document:

Exhibit
10.1

 

Centro NP LLC

420 Lexington Avenue, 7th
Floor

New York, New York 10170

 

As of May 7, 2008

 

Bank
of America, N.A.

Hearst
Tower

214
North Tryon Street

Charlotte, North Carolina
28255

 

Re:          Amended and Restated
Revolving Credit Agreement, dated July 31, 2007, by and among Centro NP
LLC (the “Borrower”), the lenders party thereto (each, a “Lender”,
and, collectively, the “Lenders”), and Bank of America, N.A., as agent
for the Lenders (in such capacity, the “Administrative Agent”, and
together with the Lenders, the “Lender Parties”) (as amended, restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”
and, collectively with all related agreements and ancillary documents, the “Loan
Documents”), and modified by Letter Agreement, dated as of February 14,
2008 (as amended and modified, the “Initial Extension Agreement”) by and
among the Borrower, the Lender Parties, CPT
Manager Limited, as responsible entity of the Centro Property Trust and Centro Properties Limited (together, the “Parent
Guarantors”)) and the Subsidiary Guarantors referenced in the Loan
Agreement (the Parent Guarantors and such Subsidiary Guarantors, the “Initial Guarantors” and, collectively with the
guarantors under that certain Subsidiary Guarantor Guaranty, dated as of March 28,
2008, the “Guarantors”), as modified by (i) Letter
Agreement, dated as of March 28, 2008, by and among the Borrower, the
Initial Guarantors and the Lender Parties and (ii) Letter Agreement dated
as of April 29, 2008, by and among the Borrower, the Guarantors and the
Lender Parties (such Letter Agreements, collectively and together with the
Initial Extension Agreement, the “Extension Agreements”).

 

Ladies
and Gentlemen:

 

Capitalized terms used
herein and not otherwise defined have the meanings set forth in the Initial Extension
Agreement or, if not defined therein, the other Extension Agreements.

 

We have been advised that
the Australian Bank/Noteholder Group Lenders have agreed to enter into Further
Extension Agreements (as described in clauses (i) and (ii) immediately
below) with the applicable Centro Entities in the form of (i) in the case
of the lenders under the Australian Credit Facility, (A) a certain Further
Amended and Restated Extension Deed, dated as of December 17, 2007 (the “Australian
Facility Further Extension Deed”), and (B) a certain Further Amendment
and Restatement Deed, dated as of May 8, 2008 (the “Australian Facility
Further Deed” and together with the Australian Facility Further Extension
Deed, the “Australian Facility Further Extension Agreement”), and (ii) in
the case of the lenders under the 2005 NPA and the 2007 NPA, a certain Amended
and Restated Noteholder Agreement, dated as of May 7, 

 

 

2008 (the “Noteholder Further Extension Agreement”), which
Further Extension Agreements will (1) incorporate the terms and provisions
of the Consent and Amendment Deed (in the case of the Australian Facility
Further Extension Agreement) and the Noteholder Consent Agreement (in the case
of the Noteholder Further Extension Agreement), each dated as of March 30,
2008, and (2) provide for, among other things, the extension of the
existing “Termination Date” with respect to each of the Australian Credit
Facility, the 2005 NPA and the 2007 NPA to December 15, 2008.

 

The parties hereto now
desire to enter into this letter agreement to, among other things, evidence (i) the
consent of the Lender Parties to the execution and delivery of the Further
Extension Agreements by the applicable Centro Entities and to the transactions
contemplated thereby (including, without limitation, the Transaction Documents
(as defined in the Australian Facility Further Deed)) and (ii) to set
forth certain amendments to the terms of the Initial Extension Agreement in
order to conform the same with the terms of the Further Extension Agreements
and the transactions contemplated thereby.

 

1.             By executing this
letter agreement, each of the parties hereto agrees and acknowledges, effective
from and after the date this letter agreement becomes effective pursuant to paragraph
16 hereof (the “Letter Agreement Effective Date”), as follows:

 

(a)           The Lender Parties hereby agree that the
amount of the Extension Fee payable to the Lender Parties pursuant to Section 1(b) of
the Initial Extension Agreement shall be automatically reduced dollar-for-dollar
to the extent of any payments made to Bank of America, N.A. in respect of the
Bank of America Extension Fee Advance (as defined in the letter agreement dated
as of the date hereof with respect to the Bridge Loan Agreement), except to the
extent that any such payments are subsequently required to be disgorged or
returned in an insolvency proceeding or otherwise.

 

(b)           In order to effectuate the provisions of Section 1(c) of
the Initial Extension Agreement, from and after the Letter Agreement Effective
Date, the Applicable Margin, whether applied to a LIBOR Loan, a Prime Rate Loan
or a Letter of Credit Commission Fee (it being understood by the parties that,
notwithstanding anything in the Loan Documents and/or the Extension Agreements
to the contrary, the Applicable Margin applies, and is included in any
determination of interest (or Letter of Credit Commission Fee) irrespective of
whether the Loan is termed a LIBOR Loan or a Prime Rate Loan in accordance with
the Loan Documents), shall be increased by 5.50% per annum (such incremental
5.50% per annum, the “Additional Increased Spread”), such that the
Applicable Margin equals 7.25% per annum. 
The Additional Increased Spread shall be in addition to the Increased
Spread.  The amount attributable to the Additional
Increased Spread shall, however, not be payable on a current basis and shall become
due and payable by the Borrower only upon the date, if any, upon which (i) the
Administrative Agent delivers a Trigger Event Notice following the occurrence
of a Trigger Event or (ii) a Trigger Event occurs under Section 3(a) of
the Initial Extension Agreement.  In the
event that the Administrative Agent never delivers a Trigger Event Notice or if
a Trigger Event under Section 3(a) of the Initial Extension Agreement
never occurs, the amount attributable to the Additional Increased Spread shall
not be or become due and payable 

 

2

 

and shall not be an
obligation under the Loan Documents.  Upon
the delivery by the Administrative Agent of such a Trigger Event Notice or the
occurrence of a Trigger Event of the type described in Section 3(a) of
the Initial Extension Agreement, the amount attributable to the Additional
Increased Spread shall immediately become due and payable (without any required
action on the part of any party) and shall constitute obligations under the
Loan Agreement.  If and to the extent the
interest rate spread that is applicable to any of the Other Bank/Noteholder
Group Facilities and is payable on a current basis by the borrower thereunder
exceeds 1.75% per annum, the Increased Spread shall be automatically adjusted mutatis
mutandis so as to equal such increased amount, without any further
action whatsoever by any party.  In addition,
if and to the extent the interest rate spread that is applicable to any of the
Other Bank/Noteholder Group Facilities and is only payable by the borrower
thereunder following the occurrence of a “Trigger Event” or “Event of Default”
(as such terms are defined in the applicable Other Bank/Noteholder Group
Facility Document or Other Bank/Noteholder Group Extension Agreement) or similar
event exceeds 5.50% per annum, the Additional Increased Spread shall be
automatically adjusted mutatis  mutandis so as to equal such
increased amount, without any further action whatsoever by any party, subject
only to being payable following a Trigger Event and delivery by the
Administrative Agent of a Trigger Event Notice (except in the case of a Trigger
Event of the type described in Section 3(a) of the Initial Extension
Agreement, in which case no Trigger Event Notice is required).  Further, notwithstanding anything herein to
the contrary, in the event that the payment of any interest rate spread with
respect to any of the Other Bank/Noteholder Group Facilities is deferred until
the occurrence of a trigger event or similar event with respect to such
facilities and the borrower thereunder agrees to pay any portion of the same
prior to such occurrence, the corresponding portion of the amount attributable
to the Additional Increased Spread shall automatically become due and payable
as of the date that such borrower makes such payment to the applicable
lender(s), without any further action whatsoever by any party.

 

2.             Each of the Lender
Parties hereby consents to, and waives any default under the Loan Documents
and/or the Extension Agreements, any Event of Default and any Trigger Event
(including, without limitation, any such default, Event of Default or Trigger
Event arising under any of Sections 3(b), 3(g), 4(e), 4(f) or 4(k) of
the Initial Extension Agreement) that may arise as a result of (i) the
execution and delivery of the Further Extension Agreements by the applicable
Centro Entities and the terms and provisions of such Further Extension
Agreements, (ii) the execution and delivery of the Other Letter Agreements
(as defined below) by the applicable Super Entities or Centro GA Entities, (iii) the
execution and delivery of the APT Guarantee (as defined in the Australian Facility
Further Extension Deed) and the terms and provisions of the APT Guarantee and/or
(iv) the effectiveness of this letter agreement in accordance with
paragraph 16 below, the terms and provisions of the Further Extension
Agreements and the consummation of the transactions and security interests (if
applicable) contemplated thereby, including, without limitation, the following:

 

(a)           the terms and provisions of, and the
transactions and security interests (if applicable) and security grants
contemplated by, Section 3(f) of the Australian Facility 

 

3

 

Further Deed and any
corresponding section of the Noteholder Further Extension Agreement;

 

(b)           the terms and provisions of, and the
transactions (including, if applicable, security grants) contemplated by,
Sections 3.5, 3.8, 4.1(l)(i) and (ii) (but
subject to the provisions of paragraph 10 below) and 8.1(h) of the
Australian Facility Further Extension Deed and any corresponding sections of
the Noteholder Further Extension Agreement;

 

(c)           the execution and delivery of the
Transaction Documents in accordance with the terms of the Australian Facility
Further Extension Agreement and the Noteholder Further Extension Agreement
(including, without limitation, Section 3(d) of the Australian
Facility Further Deed and any corresponding section of the Noteholder Further
Extension Agreement) and the consummation of the transactions and granting of
the security contemplated thereby; and

 

(d)           the terms and provisions of, and the transactions
and security interests (if applicable) contemplated by, Section 3.7 of the
Australian Facility Further Extension Deed, including the borrowings by the
applicable Centro Entities (the “Liquidity Facility Borrowers”) under
each of the Liquidity Bridge Facility and Liquidity Facility (each such term,
and any other capitalized terms in this sub-paragraph 2(d) that are not
otherwise defined herein, as defined in the Australian Facility Further
Extension Deed) and, in connection therewith, (1) the execution and
delivery by the Liquidity Facility Borrowers of the Liquidity Bridge Facility
Agreement, the Liquidity Facility Agreement and all other documentation
evidencing such facilities and (2) the security trust deed for the
collateral securing the Liquidity Bridge Facility Agreement being amended to also
secure all amounts made available under the Liquidity Facility Agreement,
subject, however, to the maximum commitment amount limitation set forth in
clause (ii) below of this sub-paragraph 2(d) (plus accrued interest,
costs and expenses), and (3) the granting by the Liquidity Facility
Borrowers of security for such facilities as contemplated by the Further
Extension Agreements and the Transaction Documents; provided that
nothing herein shall constitute a waiver by the Lender Parties of any Trigger
Event or Event of Default attributable to the execution and delivery by the
Liquidity Facility Borrowers of the Liquidity Facility Agreement in the event
any of the following is applicable:

 

(i)            the minimum commitment amounts under the
Liquidity Facility is less than AUS$115,000,000;

 

(ii)           the maximum commitment amounts under the
Liquidity Facility is more than AUS$155,000,000;

 

(iii)          the scheduled maturity date of the Liquidity
Facility occurs before September 30, 2008;

 

(iv)          the proceeds of the Liquidity Facility are utilized
by the Liquidity Facility Borrowers or any other member of the Group to satisfy
any payment of principal, amounts relating to the exercise of put options,
financing-related 

 

4

 

termination fees,
derivative or hedge closeout payments or any payment similar to any of the
foregoing under the Existing Lender Documents (as defined in the Australian
Facility Further Extension Deed), the 2005 NPA or the 2007 NPA;

 

(v)           any Centro Entity grants to any party to the
Other Bank/Noteholder Group Extension Agreement or the Liquidity Facility
Agreement a lien on, or pledge of, (i) any direct equity interest held by
such Centro Entity in the Borrower or Centro Super Management Joint Venture 2,
LLC; (ii) any rights in any management agreement to which any Super Entity
is a party; or (iii) any intercompany note or other intercompany liability
payable by a Super Entity to such Centro Entity, in each case, to secure the
Liquidity Facility; or

 

(vi)          any provision of the Liquidity Facility Agreement
(other than pricing terms that are the subject of paragraphs 3 and 4 below) imposes
upon the Liquidity Facility Borrowers or any guarantor thereunder any undertakings
(other than those referred to above) which differ from the terms of the
Liquidity Bridge Facility Agreement (including, without limitation, Section 9.2
thereof) in a manner which is materially adverse to any of the Liquidity
Facility Borrowers, any such guarantor or any of the Super Entities or the Centro
GA Entities.

 

It shall constitute a
Trigger Event if, on or before May 30, 2008, (A) the Liquidity Bridge
Facility is not refinanced by the Liquidity Facility in compliance with the
terms described in clauses (d)(i) through (vi) above or (B) the
Lender Parties and the Other Bank/Noteholder Group Lenders have not reached an
agreement concerning the terms upon which (i) any real property
interest (other than a lease entered into in the ordinary course of business)
or equity interest owned by a Company Entity may be sold, assigned or disposed
of, (ii) the proceeds of
such sales, assignments or dispositions are to be applied and (iii) refinancing
transactions that relate to members of the Group (as defined below), the Super
Entities and the Centro GA Entities may be consummated; provided, however,  that only in respect of the Trigger Event described in the
immediately preceding clause (B), a Trigger Event Notice may be issued only
before 5:00 p.m. prevailing Melbourne, Australia time on June 10,
2008, and after such time and date this Trigger Event will be of no further
force and effect such that no Trigger Event Notice may be issued with respect
to this Trigger Event.  As provided in Section 8.1
of each of the Headstock Security Trust Deed and the Guarantor Security Trust
Deed (each as defined in the Australian Facility Further Extension Deed), if, (i) before
5:00 p.m. prevailing Eastern time on May 30, 2008, the Security
Trustee and the Liquidity Security Trustee have not received an LFA Certificate
from the Liquidity Agent (each term as defined in the Headstock Security Trust
Deed and the Guarantor Security Trust Deed), or (ii) at any time prior to
5:00 p.m. prevailing Melbourne, Australia time on June 11, 2008, an
Administrator (as defined in the Headstock Security Trust Deed and the
Guarantor Security Trust Deed) is appointed to any of the Guarantors or any
Centro Entity, all security interests granted to any and all parties under the
Transaction Documents shall be automatically, unconditionally and absolutely
released, discharged and terminated and shall be null and void ab  initio,
without the need for any act or action whatsoever by any party (provided that,
with respect to any documents of record evidencing such security instruments,
the Centro Entities shall use commercially reasonable efforts to cause the
releases or terminations thereof to be promptly recorded by the applicable
parties to the Transaction Documents).

 

5

 

Notwithstanding anything
to the contrary in this letter agreement, in no event shall the consents,
waivers and approvals to the transactions and security grants contemplated by the
Further Extension Agreements and the Transaction Documents that are granted
herein with respect to the Loan Documents be deemed to be a consent under, or
waiver of, any rights, covenants, restrictions or limitations in the Loan
Documents or any other loan documents (including, without limitation, under any
“Affected Entity Financing Arrangement” (as defined in the Transaction Documents
as of the date hereof)) under which any Lender Party is a lender (including,
without limitation, any and all provisions of any such other loan documents
relating to pledges, encumbrances, transfers or other dispositions of direct or
indirect ownership interests in a Super Entity, a Centro Entity or any other
party thereto or subject thereto), all of which rights covenants, restrictions
or limitations remain in full force and effect.

 

3.             [reserved]

 

4.             [reserved]

 

5.             (a)           Section 3(p) of
the Initial Extension Agreement is hereby deleted in its entirety (provided,
however that, notwithstanding the foregoing, the definitions of “Australian
Bank/Noteholder Group Lenders” and “Further Extension Agreement” as provided in
Section 3(p) of the Initial Extension Agreement shall survive as set
forth therein), and the Lender Parties acknowledge that the Further Extension
Agreements have been entered into in satisfaction of the condition set forth in
said Section 3(p).

 

(b)           From and after the date hereof, Section 3
of the Initial Extension Agreement shall incorporate by reference the events
described in the following sections of the Australian Facility Further
Extension Deed (and any corresponding sections of the Australian Facility
Further Deed and the Noteholder Further Extension Agreement), each of which
shall constitute a Trigger Event, regardless of whether waived by any of the
Australian Bank/Noteholder Group Lenders, as the case may be:  (1) 4.1(h) (Strategic Plan Review),
(2) 4.1(j) (Refinancing of Liquidity Bridge Facility), (3) 4.1(k) (Acceleration
Under the Liquidity Facility) and (4) 4.1(m) (Other Matters) (any
references to “Lenders” in the foregoing sections being hereby deemed to refer
to the Lender Parties).

 

(c)           The
Initial Extension Agreement is hereby amended by adding the following Section 3(q) and
Section 3(r):

 

“(q)         any
Centro Entity grants to any party to the Australian Credit Facility Documents,
the 2005 NPA or the 2007 NPA (such party, in any capacity as a lender, hedge or
swap counterparty, party to a put option agreement or credit provider) a lien
on, or pledge of, (i) any direct equity interest held by such Centro
Entity in, or any assets of, the Borrower or Centro Super Management Joint Venture
2, LLC; (ii) any rights in any management agreement to which any Super
Entity is a party; or (iii) any intercompany note or other intercompany
liability payable by a Super Entity to such Centro Entity, in each case, to
secure any obligations under 

 

6

 

the Australian Credit Facility, the 2005 NPA, the 2007
NPA and the Further Extension Agreements.”

 

“(r)          any
Centro Entity grants to any Person a lien on, or pledge of, any assets of a
Super Entity to secure any intercompany note or other intercompany liability payable
by a Super Entity.”

 

6.             Section 3(f) of
the Initial Extension Agreement is hereby amended by replacing (a) the
words “(i) as expressly provided in this Agreement” with the words “(i) as
expressly provided in this Agreement or any Other U.S. Bank Group Extension
Agreement (in each case, as the same may be amended or restated)” and (b) the
words “the Initial Budget may be amended at any time” with the words “the
Budget may be amended at any time”.

 

7.             Each of the Lender
Parties hereby acknowledges and agrees that it has timely received the
materials required to be delivered by the Super Entities pursuant to each of
Sections 3(m) and 4(a) of the Initial Extension Agreement and that
the obligations of the Super Entities thereunder are satisfied, and the Initial
Extension Agreement is hereby amended by deleting each of said Sections 3(m) and
4(a) of the Initial Extension Agreement.

 

8.             The parties
hereby acknowledge and agree that each of the Headstock Charge (as defined in
the Australian Facility Further Deed) and the Headstock Security Trust Deed shall
be, and hereby does constitute, a Loan Document, and the Guarantors further
acknowledge and agree that, as Chargors (as defined in the Headstock Security
Trust Deed) or as Mortgagors (as defined in the Headstock Charge), they shall,
and shall cause any Controlled Entity that is a Chargor or Mortgagor to, comply
in all respects with the terms of the Headstock Charge and the Headstock
Security Trust Deed.

 

9.             Section 4(g) of
the Initial Extension Agreement is hereby deleted in its entirety.  Section 9 of the Australian Facility
Further Extension Deed is hereby incorporated into the Initial Extension
Agreement by reference (with appropriate modifications to the defined terms
used therein) as though fully set forth herein.

 

10.           Section 4(m) of
the Initial Extension Agreement is hereby amended by replacing each instance of
the words “May 7, 2008” with the words “May 30, 2008”.

 

11.           For the purposes of
each of Sections 3(b) and 3(d) of the Initial Extension Agreement,
the term “Other Bank/Noteholder Group Facility Document” shall include the
Liquidity Facility Agreement and each of the Transaction Documents (including,
without limitation, the Headstock Charge and the Headstock Security Trust
Deed).  Other than as set forth in the
immediately preceding sentence, the terms and provisions of Sections 3(b) and
3(d) of the Initial Extension Agreement remain unchanged and in full force
and effect.

 

12.           Each of the Super
Entities and the Guarantors and their respective advisors shall involve the
Lender Parties and their financial advisor and legal advisors in the
restructuring efforts of the Group (as defined in the Other Bank/Noteholder
Group Extension Agreement relating to the Australian Credit Facility),
including, but not limited to, the evaluation and review process of any bids
regarding the sale of assets or broader equity recapitalization efforts.  In 

 

7

 

addition, without limiting the foregoing, the Guarantors shall provide
to the financial advisor and legal advisors of the Lender Parties for
distribution to the Lender Parties all management reports and other documents
delivered pursuant Section 8.1(d) and (e) of the Australian
Facility Further Extension Deed at the same time such management reports and
documents are delivered to the lenders of the Australian Credit Facility.

 

13.           Section 5.3 of
each of the Bank of America Security Instrument and the Bank of America Preston
Ridge Security Instrument is hereby amended and restated in its entirety as
follows:

 

“Changes in Tax, Guarantor Obligations, Credit and Documentary Stamp Laws.

 

(a)           If any law is enacted or adopted or amended
after the date of this Security Instrument which deducts the Obligations from
the value of the Property for the purpose of taxation or which imposes a tax,
either directly or indirectly, on the Obligations or Mortgagee’s interest in
the Property, Mortgagor will pay the tax, with interest and penalties thereon,
if any. Mortgagor will not claim or demand or be entitled to any credit or
credits on account of the Obligations for any part of the Property Taxes or
Other Charges assessed against the Property, or any part thereof, and no
deduction shall otherwise be made or claimed from the assessed value of the
Property, or any part thereof, for real estate tax purposes by reason of this
Security Instrument or the Obligations. 
As provided in Section 8.1 below, Mortgagor shall, at its
sole cost and expense, protect, defend, indemnify, release and hold harmless
the Indemnified Parties from and against any and all Losses resulting from any
matter described in this Section 5.3(a).  The foregoing shall not limit the indemnities
provided for under any other provisions of the Loan Documents.

 

(b)           If at any time the United States of America,
any State thereof or any subdivision of any such State shall require revenue or
other stamps to be affixed to this Security Instrument or impose any other tax
or charge on the same, Mortgagor will pay for the same, with interest and
penalties thereon, if any.”

 

14.           The Lender Parties
affirm that, effective as of April 29, 2008, such Lender Parties consented
to the Approved Transactions (as defined below) and therefore effectively
waived (A) any default under the Loan Documents and/or the Extension
Agreements, any Event of Default and any Trigger Event, in each case, to the
extent that the Approved Transactions, constitute or may, when the same are
consummated in the future, constitute such a default, Event of Default or
Trigger Event, and (B) the applicable terms and provisions of the Loan
Documents and/or the Extension Agreements to the extent the same prohibit or
restrict either of the Approved Transactions. 
As used herein, the term “Approved Transactions” shall mean,
collectively, the following:

 

(a)           CPT Custodian Pty
Limited (a Centro Entity) owns, on behalf of CMCS 16 (a syndicated fund managed
by Centro) certain land known as Centro Toorima Shopping Centre in New South Wales,
Australia (the “Toorima Centre”). 
Centro Development Management Pty Ltd (“CDM”) is a Centro Party
and an Australian 

 

8

 

Guarantor Entity and has
been retained as the development manager to arrange extensions of work relating
to the Toorima Centre.  Pursuant to that
certain Centro Toorima Extensions Design and Construction Deed, dated as of December 10,
2007 (the “Construction Deed”), between Mainbrace Constructions (NSW)
Pty Ltd (“Mainbrace”) and CDM, Mainbrace agreed to undertake the
extensions work.  Centro now desires to
obtain a loan from Commonwealth Bank of America in an amount up to AUS$31,000,000
to assist with the extension, such loan to be secured by a mortgage over CDM’s
rights under the Construction Deed.

 

(b)           Centro Southport
Shopping Centre (“Southport Centre”) is owned 50% by Centro Retail Trust
and 50% by CAWF, and management of Centro has received an offer for the
purchase of Southport Centre for approximately AUS$75,000,000.  Centro now desires to enter into an agreement
of sale with a potential buyer to purchase Southport Centre for approximately AUS$75,000,000
or more, to consummate the sale pursuant to such agreement and to apply the
proceeds of such sale to repay certain credit facilities of Centro Retail Trust
and CAWF.

 

15.           In consideration of the
time and effort to be expended by each of the Lender Parties in connection with
the matters described in the Extension Agreements and all amendments and
modifications thereto (including, without limitation, this letter agreement),
the grant of the relief provided for thereunder and hereunder and other
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the Borrower and each of the Guarantors, the Borrower and each
of the Guarantors, each on behalf of itself and the other Super Entities and
Centro Entities, respectively, and its and their respective present and former
agents, principals, officers, directors, employees, attorneys, subsidiaries,
parents, affiliated entities and predecessor and successor firms (collectively,
the “Releasors”), hereby irrevocably and unconditionally releases and
forever discharges each Lender Party, its respective affiliates and the
officers, directors, employees, agents and advisors of each Lender Party and
its respective affiliates (collectively, the “Indemnified Parties”) from
any and all claims (“Claims”, which shall be defined to include actions,
causes of action, rights, debts, obligations, damages, liabilities, losses, liens,
fees, costs, expenses, assertions of lost revenues or business opportunities,
controversies, promises, and demands) in law or at equity, known or unknown,
ascertained or not ascertained, suspected or unsuspected, that the Releasors
ever had, now have, or shall or may have, solely to the extent such Claims
arise in connection with or concern any discussions, meetings, agreements,
transactions or information exchange contemplated or made under the Loan
Agreement, the Extension Agreements and this letter agreement through the date
hereof.  The provisions set forth in this
paragraph 15 shall survive any termination or expiration of the Extension
Agreements.

 

16.           The parties hereto
further acknowledge and agree that, notwithstanding anything to the contrary set
forth herein, the effectiveness of this letter agreement shall be subject to
satisfaction of the conditions precedent that (a) the parties hereto shall
have executed and delivered this letter agreement, (b) each of the
Australian Bank/Noteholder Group Lenders shall have executed and delivered the
Further Extension Agreements and all Transaction Documents to which the same
are a party and those agreements shall be effective following the satisfaction
of the conditions precedent set forth in Section 3 of the Australian
Facility Further Deed and any 

 

9

 

corresponding provisions of the Noteholder Further Extension Agreement,
(c) Australian Public Trustees Limited, as trustee of the DPF Sub Trust No
2, shall have executed and delivered to the Administrative Agent that certain
Guaranty Agreement (Payment) in favor of the Administrative Agent, in form and
substance satisfactory to the Lender Parties, and (d) each of the Bridge
Lenders and KeyBank shall have executed and delivered to the Lender Parties a
letter agreement similar to this letter agreement in respect of the Bridge Facility
and the KeyBank Facilities, respectively, that is in form and substance
acceptable to the Lender Parties (the “Other Letter Agreements”).  The Lender Parties hereby agree that the
execution and delivery by the Bridge Lenders, KeyBank and the applicable Centro
Entities and/or Super Entities of the Other Letter Agreements shall not
constitute a Trigger Event under Section 3(b) of the Initial
Extension Agreement or any other provision of the Extension Agreements.

 

17.           The Borrower and the
Guarantors agree and acknowledge that all of the representations and warranties
of the applicable Super Entities and the Centro Entities contained in the Extension
Agreements are true and correct in all material respects on the effective date
hereof immediately after giving effect to this letter agreement, and all such
representations and warranties are hereby incorporated by reference and
reaffirmed as if set forth fully and in their entirety, with the same effect as
though such representations and warranties had been made on and as of the
effective date hereof (it being understood that any representation or warranty
made as of a specific date shall be true and correct in all material respects
as of such specific date).

 

18.           Each Guarantor hereby
unconditionally reaffirms its respective continuing guaranty obligations to the
Administrative Agent and the Lenders under the applicable Guaranty (which, for
the avoidance of doubt, shall include that certain Guaranty Agreement
(Payment), dated as of March 28, 2008) and agrees that the transactions
contemplated by this letter agreement or the Transaction Documents shall not in
any way affect the validity and enforceability of such guaranty obligations or
the Loan Documents or the applicable Guaranty or reduce, impair or discharge
their obligations thereunder.  In
addition, each Guarantor hereby expressly acknowledges and agrees that the
guaranteed obligations under any Guaranty to which it is a party shall
hereafter include the Extension Fee Advances.

 

19.           The Borrower and Lender
Parties hereby agree that (i) a Trigger Date shall occur for purposes of
the Centro Parent Guaranty upon the first date on which the Appraised Value of
the Unencumbered Real Property Assets (each as defined in the Loan Agreement),
as reasonably determined by the Administrative Agent, is equal to or less than
$1,950,000,000, and (ii) pursuant to the Letter Agreement dated as of March 28,
2008, the term Unencumbered Real Property Assets is deemed to include all of
the real property of the Borrower and its Subsidiaries which is encumbered by a
mortgage, deed of trust and/or deed to secure debt in favor of the
Administrative Agent for the lenders under the Loan Agreement.  The Borrower hereby represents and warrants
that, as of the date hereof, the Appraised Value of the Unencumbered Real
Property Assets is greater than $1,950,000,000.

 

20.           The Borrower and the
Guarantors acknowledge and agree that this letter agreement shall constitute
part of the Loan Agreement for purposes of indemnification and the
indemnification provisions provided therein shall extend to this letter
agreement.  The provisions 

 

10

 

of this paragraph 20 shall not limit the indemnification rights of any
party under the Loan Agreement.

 

21.           The respective counsel
and advisors to each Lender Party shall continue to receive payment in full of
all invoiced costs, fees and expenses as and when required pursuant to Section 1(e) of
the Initial Extension Agreement.

 

22.           Each of the parties
hereto hereby represents and warrants that each of the following statements is
true, accurate and complete as to such party as of the effective date of this
letter agreement:

 

(a)           such party has carefully read and fully
understood all of the terms and conditions of this letter agreement;

 

(b)           such party has consulted with, or had a full
and fair opportunity to consult with, an attorney regarding the terms and
conditions of this letter agreement;

 

(c)           such party has had a full and fair
opportunity to participate in the drafting of this letter agreement;

 

(d)           such party is freely, voluntarily, knowingly
and intelligently entering into this letter agreement;

 

(e)           in entering into this letter agreement, such
party has not relied upon any representation, warranty, covenant or agreement
not expressly set forth herein and in the Loan Agreement, the Extension
Agreements and other documents delivered in connection therewith;

 

(f)            this letter agreement has been duly
authorized and validly executed and delivered by such party and constitutes
each such party’s legal, valid and binding obligation, enforceable in
accordance with its terms; and

 

(g)           such party is duly organized, validly
existing and in good standing under the laws of its jurisdiction of formation
and has the full power and legal authority to execute this letter agreement,
consummate the transactions contemplated hereby, and perform its obligations
hereunder.

 

23.           The person or persons
signing the letter agreement on behalf of the Borrower and the Guarantors,
respectively, is signing strictly in his/her respective corporate capacity and
not in an individual capacity.

 

24.           The execution, delivery
and performance by the Super Entities and the Guarantors, as applicable, of
each such entity’s respective obligations under and in connection with (a) the
Further Extension Agreements and the Transaction Documents, after giving effect
to this letter agreement, and the Other Letter Agreements and (b) the
Extension Agreements, as amended and/or modified by this letter agreement, will
not (i) contravene, result in any breach 

 

11

 

of, or constitute a default under, or result in the creation of any
encumbrance in respect of any property of such entity or any of its
subsidiaries under, any indenture, mortgage, deed of trust, loan, purchase or
credit agreement, lease, corporate charter, memorandum and articles of
association, regulations or by-laws, or any other agreement or instrument to
which such entity or any of its subsidiaries is bound or by which such entity
or any of its subsidiaries or any of their respective properties may be bound
or affected (including, without limitation, the Other Letter Agreements (as
amended and/or modified on or prior to the date hereof), the Further Extension
Agreements and the Transaction Documents other than the liens and encumbrances
required to be granted pursuant to the Further Extension Agreements and the
Transaction Documents, (ii) conflict with or result in a breach of any of
the terms, conditions or provisions of any order, judgment, decree, or ruling
of any court, arbitrator of governmental authority applicable to such entity or
any of its subsidiaries, (iii) violate any provision of any statute or
other rule or regulation of any governmental authority applicable to such
entity or any of its subsidiaries or (iv) contravene any of its
constituent documents.

 

25.           This letter agreement
may be executed in one or more counterparts and by different parties hereto on
separate counterparts, each of which, when so executed, shall constitute one
and the same agreement.

 

26.           This letter agreement
shall be construed in accordance with the laws of the State of New York, and
the obligations, rights, and remedies of the parties hereto shall be determined
in accordance with such laws.

 

27.           Except as otherwise
expressly modified hereby, the Extension Agreements shall remain in full force
and effect without modification.

 

28.           The Extension
Agreements shall be deemed to incorporate the terms and provisions of this
letter agreement.  The Borrower, the
Guarantors and the Lender Parties each acknowledge and agree that, other than
as specifically modified by this letter agreement, all of the terms and
conditions of the Loan Documents (including, without limitation, all
obligations of the Guarantors with respect thereto) and the Extension
Agreements are hereby ratified and confirmed and that the Loan Documents and
the Extension Agreements each remain in full force and effect as of the date
hereof, and constitute the legal, valid and binding obligation, contract and
agreement of the Borrower, the Guarantors and the Lender Parties.  This letter agreement (and the Extension
Agreements, as modified by this letter agreement) is deemed to be a Loan
Document, such that, among other things, any Trigger Event shall constitute an
Event of Default under the Loan Documents. 
In the event of any conflict between the terms and provisions of the Extension
Agreements, as modified hereby, and any of the other Loan Documents, the Extension
Agreements shall govern and control.

 

[Signature Pages Follow]

 

12

 

	
  BORROWER:

  	
  CENTRO NP LLC, a Maryland limited liability company  

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name: Steven Siegel 

  
	
   

  	
  Title: Executive Vice
  President

  
	
   

  	
   

  
	
  GUARANTORS:

  	
  NEW PLAN REALTY TRUST,
  LLC a Delaware limited liability

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel 

  
	
   

  	
  Name: Steven Siegel 

  
	
   

  	
  Title: Executive Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXCEL REALTY TRUST -
  ST, LLC, a Delaware limited liability

  company 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel 

  
	
   

  	
  Name: Steven Siegel 

  
	
   

  	
  Title: Executive Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN FLORIDA
  HOLDINGS, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel 

  
	
   

  	
  Name: Steven Siegel 

  
	
   

  	
  Title: Executive Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CA NEW PLAN ASSET
  PARTNERSHIP IV, L.P., a Delaware

  limited partnership 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  CA New Plan Asset, LLC, a Delaware limited liability

  company, its sole general partner 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel 

  
	
   

  	
   

  	
  Name: Steven Siegel 

  
	
   

  	
   

  	
  Title:  Executive
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXCEL REALTY TRUST-NC, a North Carolina general

  partnership 

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NC Properties #1 LLC, a Delaware limited liability

  company, its managing partner 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name: Steven Siegel 

  
	
   

  	
   

  	
  Title:  Executive
  Vice President

  
					

 

 

	
   

  	
  NP OF TENNESSEE, L.P., a Delaware limited
  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  New Plan of Tennessee, LLC, a Delaware limited
  liability company, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  POINTE ORLANDO DEVELOPMENT COMPANY, a California

  general partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ERT Development Corporation, a Delaware corporation,

  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  ERT Pointe Orlando, Inc., a New York Corporation, 

  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title:  Executive
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CA NEW PLAN TEXAS ASSETS, L.P., a Delaware limited

  partnership

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  CA New Plan Texas Assets, LLC, a Delaware limited

  liability company, its sole general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HK NEW PLAN EXCHANGE PROPERTY OWNER I, LLC, a

  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel 

  
	
   

  	
  Name: Steven Siegel 

  
	
   

  	
  Title: Executive Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HK NEW PLAN EXCHANGE PROPERTY OWNER II, L.P., a
  Delaware limited partnership

  
	
   

  	
   

  
	
   

  	
  By: HK New Plan Lower Tier OH, LLC, a Delaware
  limited

  liability company, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
					

 

2

 

	
   

  	
  NEW PLAN OF ILLINOIS, LLC, a Delaware limited
  liability

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN PROPERTY
  HOLDING COMPANY, a Maryland

  real estate investment trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN OF MICHIGAN,
  LLC, a Delaware limited liability

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO PROPERTIES
  LIMITED

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Hutchinson

  
	
   

  	
  Name: John Hutchinson

  
	
   

  	
  Title: Attorney

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elizabeth Hourigan

  
	
   

  	
  Name: Elizabeth Hourigan

  
	
   

  	
  Title: Witness

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CPT MANAGER LIMITED, as
  Responsible Entity of the Centro

  Property Trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Hutchinson

  
	
   

  	
  Name: John Hutchinson

  
	
   

  	
  Title: Attorney

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Elizabeth Hourigan

  
	
   

  	
  Name: Elizabeth Hourigan

  
	
   

  	
  Title: Witness

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP HOLDINGS 3
  SPE, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  

 

3

 

	
  

  	
  CENTRO NP HOLDINGS 4
  SPE, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP HOLDINGS 5B
  SPE, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP HOLDINGS 6
  SPE, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP HOLDINGS 7
  SPE, LLC, a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP HOLDINGS 8
  SPE, LLC, a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP HOLDINGS 9
  SPE, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  

 

4

 

	
   

  	
  CENTRO NP BROADWAY FAIRE, L.P., a Delaware limited

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Broadway Faire MGR, LLC, a 

  Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP METRO 580 SC, L.P., a Delaware limited
  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Metro 580 SC MGR, LLC., a

  Delaware limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP ROSE PAVILION, L.P., a Delaware limited

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Rose Pavilion MGR, LLC, a 

  Delaware limited partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CENTRO NP HANOVER SQUARE SC, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN ACQUISITION COMPANY, LLC, a Delaware

  limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Residual Holding LLC, a Delaware

  limited liability company, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
					

 

5

 

	
  

  	
  HK NEW PLAN SKYWAY PLAZA, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Residual Holding LLC, a Delaware

  limited liability company, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN EISENHOWER SQUARE SC, LLC, a Delaware

  limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Residual Holding LLC, a Delaware

  limited liability company, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN EASTLAKE SC, LLC, a Delaware limited
  liability

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Residual Holding LLC, a Delaware

  limited liability company, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW PLAN CHASTAIN CORNERS SC, LLC, a Delaware limited

  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Residual Holding LLC, a Delaware

  limited liability company, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HK NEW PLAN EXCHANGE PROPERTY OWNER IV, LLC, a

  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Centro NP Residual Holding LLC, a Delaware 

  limited liability company, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
  Title: 
  Executive Vice President

  

 

6

 

	
   

  	
  HK NEW PLAN MACON CHAPMAN, LP, a Delaware limited

  partnership

  
	
   

  	
   

  
	
   

  	
  By:

  	
  HK New Plan Macon Chapman TRS GP Company, a

  Delaware corporation, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Centro NP Residual Holding LLC, a Delaware

  limited liability company, its sole shareholder

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
   

  	
   

  	
  Name:  Steven
  Siegel

  
	
   

  	
   

  	
   

  	
  Title: 
  Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BPR SHOPPING CENTER, LLC, a Delaware limited
  liability

  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Siegel

  
	
   

  	
  Name:  Steven Siegel 

  
	
   

  	
  Title:  Executive Vice President

  
							

 

7

 

	
  CONSENTED AND AGREED TO

  
	
  THIS
         DAY OF MAY, 2008:

  
	
   

  
	
  BANK OF AMERICA, N.A.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Michael W. Edwards

  	
   

  
	
   

  	
  Name: Michael W.
  Edwards

  
	
   

  	
  Title: Senior Vice
  President

  

 

8Exhibit 10.1

 

COVANCE INC.

2008 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

 

1.                                      PURPOSE

 

The
purpose of the Plan is to retain the services of qualified individuals who are
not employees of the Company to serve as members of the Board and to secure for
the Company the benefits of the incentives inherent in increased Common Stock
ownership by such individuals by granting such individuals Options to purchase
shares of Common Stock.

 

2.                                      EFFECTIVE DATE AND DURATION OF
PLAN

 

The Plan shall become
effective upon its approval by the shareholders of the Corporation. Unless
previously terminated by the Corporation’s Board of Directors (the “Board”),
the Plan shall have a term of ten years.

 

3.                                      DEFINITIONS

 

(a)  “1934 Act” means the Securities and
Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder.

 

(b)  “Award” means a stock option, as
described in and granted under the Plan.

 

(c)  “Change of Control” is defined in Section 11(b).

 

(d)  “Code” means the Internal Revenue Code
of 1986, as amended, including any rules and regulations promulgated
thereunder or any successor body of laws, rules and regulations.

 

(e)  “Fair Market Value” means the closing
selling price of the Shares on the New York Stock Exchange Composite Tape on
the valuation date, or, if there were no sales on the valuation date, the
average of the closing selling prices on the New York Stock Exchange Composite
Tape on the first trading day before and the first trading day after the
valuation date.

 

(f)  “Grant Price” means the Closing Price
of a share of Company’s Common Stock on the date of grant of the Option.

 

(g) 
“Non-Employee Director” means a member
of the Board who is not an employee of the Company or any of its Subsidiaries.

 

(h)  “Participant” means a Director who has
been granted an Award under the Plan.

 

(i)  “Shares” means the Common Stock of the
Corporation, par value $0.01 per share.

 

(j)  “Treasury Shares” means authorized and
issued, but not outstanding, Shares.

 

 

4.                                      PLAN ADMINISTRATION

 

(a)  The Corporate Governance Committee
(the “Committee”) shall be responsible for administering the Plan.

 

(b) The Committee shall have full and
exclusive power to interpret the Plan and to adopt such rules, regulations, and
guidelines for carrying out the Plan as it may deem necessary or proper, all of
which power shall be executed in the best interests of the Corporation and in
keeping with the provisions and objectives of the Plan.  All decisions made by the Committee shall be
final, binding and conclusive on all persons interested in the Plan or any
Awards.

 

The Committee may delegate from time to time
during the term of the Plan to one or more executive officers or directors of
the Corporation the authority to carry out some or all of its responsibilities
provided that the Committee may not delegate its authority and powers in any
way which would be inconsistent with the requirements of the Code or the 1934
Act nor may the Committee delegate responsibilities that may impact the number
of options a Non-Employee Director may receive. 
The Committee may at any time rescind the authority delegated to any
such executive officer or director.

 

To the extent consistent with the Corporation’s
Amended and Restated Certificate of Incorporation, no member of the Committee
shall be liable for any action or determination with respect to the Plan, and
the members shall be entitled to indemnification and reimbursement in the
manner provided in the Corporation’s Restated Certificate of Incorporation, as
amended, modified or supplemented from time to time.  In the performance of its functions under the
Plan, the Committee shall be entitled to rely upon information and advice
furnished by the Corporation’s officers, accountants, counsel and any other
party the Committee deems necessary, and no member of the Committee shall be
liable for any action taken or not taken in reliance upon any such advice.

 

(c) The Committee may, from time to time,
alter or amend, and the Board of Directors may terminate, the Plan as it shall
deem advisable, subject to any requirement for shareholder approval imposed by
applicable law or securities exchange listing requirements.  However, the Committee and Board may not,
without the approval of the Corporation’s shareholders, amend the Plan to
increase the number of Shares that may be issued under the Plan (except for
adjustments pursuant to Section 7 hereof), or authorize the amendment of
any outstanding stock option to reduce the Grant Price specified by Section 8(a) hereof.
“Furthermore, except in connection with a corporate transaction involving the
Corporation (including, without limitation, any stock dividend, stock split,
extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, combination, or exchange of shares), the
terms of outstanding awards may not be amended to reduce the exercise price of
outstanding Options or cancel outstanding Options in exchange for cash, other
awards or Options with an exercise price that is less than the exercise price
of the original Options without stockholder approval.”

 

(d) The termination of the Plan, either
pursuant to Section 2, Section 4(c) or otherwise, shall not
cause any previously granted Awards to terminate. After the termination of the
Plan, any previously granted Awards shall remain in effect and shall continue
to be governed by the terms of the Plan, the Awards, and any applicable Award
Agreements.

 

 

5.                                      OPTION GRANTS

 

(a) 
Annual Grants.  Each Non-Employee Director shall receive an
Annual Option to purchase such number of shares of Common Stock as is
determined by the Board of Directors on or prior to the first business day of
each year of the Plan, such grant to be made as of the first business day of
such year (“Grant Date”) provided that
such number of shares shall not exceed 2,800 and provided,
further, the individual has remained in continuous service as a
Director of the Company through the Grant Date and is a Non-Employee Director
on the Grant Date.  Each Annual Option
award shall be made by the Company issuing an award agreement to each
Non-Employee Director.

 

(b) New Directors. 
Non-Employee Directors who are elected or appointed to the Board after
the Annual Grant shall be granted an Initial Option to purchase such number of
shares of Common Stock as was determined by the Board of Directors to be
granted to the other Non-Employee Directors in such year.

 

6.                                      LIMITATION ON NUMBER OF SHARES

 

(a)  Subject to the provisions of this Section 6
and Section 7 hereof, up to 200,000 Shares may be issued under the
Plan.  The stock subject to the
provisions of this Plan shall be shares of authorized but unissued Shares and
Treasury Shares.

 

(b)  In addition to the Shares authorized
by Section 6(a) hereof, Shares that are issued under the Plan which
are subsequently forfeited in accordance with the terms of the Award Agreement
or shares that are not issued because of the cancellation, termination, or
expiration of Awards and/or similar events under the Plan may be issued under
the Plan.

 

(c)  Subject to the adjustment provisions
set forth herein, an individual Participant may not receive Awards with respect
to more than 25% of the number of Shares specified in Section 6(a) hereof
over the term of the Plan.

 

7.                                      ADJUSTMENT PROVISIONS

 

In the event that any
dividend or other distribution (whether in the form of Shares, other
securities, or other property), extraordinary cash dividend, recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities, the exercisability of stock purchase rights received under any
shareholders’ rights plan, the issuance of warrants or other rights to purchase
Shares or other securities, or other similar corporate transaction or event
materially affects the Shares with respect to which Awards have been or may be
issued under the Plan, then the Committee shall, in a manner and to the extent
that the Committee deems appropriate to prevent any dilution or enlargement of
the benefits or potential benefits intended to be made available under the
Plan:

 

(a)  adjust the number and type of
securities that thereafter may be issued under the Plan,

 

(b)  adjust the number and type of
securities subject to outstanding Awards,

 

(c)  adjust the Grant Price or purchase
price with respect to any Award, or

 

 

(d) make provision for a cash payment to
the holder of an outstanding Award; provided, however, that in no event shall a
cash payment be made for any Option which has an exercise price that is below
the current Fair Market Value of the Common Stock.

 

Subject to any
required action by the Corporation’s shareholders, if the Corporation is a
party to any merger or consolidation where the Corporation is not the survivor,
a Participant holding an outstanding Award shall be entitled to receive, upon
the exercise of the Award, the same per Share consideration on the same terms
that a holder of the same number of Shares that are subject to the Participant’s
Award would be entitled to receive pursuant to the merger or consolidation.

 

8.                                      OPTIONS GRANTED UNDER THE PLAN

 

(a) 
Exercise Price.  The per share exercise price of each Option
shall be the Closing Price of a share of Company’s Common Stock on the date of
grant of the Option determined in accordance with the provisions of the Plan.

 

(b) 
Vesting. 
Options shall vest and become exercisable in equal annual installments
on each of the first through third anniversaries of the date of grant, provided that the Non-Employee Director has remained in
continuous service as a Director of the Company through each such vesting date.

 

                                                (c)  Term of Options.

 

(i)  Ten-Year Term.  Each Option shall expire ten (10) years
from its date of grant, subject to earlier termination as provided herein.

 

(ii)  Exercise Following
Termination of Service Due to Death. 
If a Non-Employee Director ceases to be a member of the Board by reason
of such Director’s death, the Options granted to such Non-Employee Director
shall become immediately vested and may be exercised by such Non-Employee
Director’s Beneficiary,  at any time
during the remaining life of the Option. 
At the end of such period, the unexercised vested portion of the Option
shall expire.

 

(iii)  Termination of Options if
a Non-Employee Director is Removed from the Board for Cause.  In the event a Non-Employee Director is
removed from the Board for “cause,” all Options granted to such Director
(whether or not then vested and exercisable) shall immediately terminate and be
of no further force and effect as of the effective date of such Non-Employee
Director’s removal from the Board. 
Whether a Non-Employee Director is removed by the Board for “cause”
shall be determined by the Board.

 

(iv)  Exercise Following Other
Terminations of Service.  If a
Non-Employee Director ceases to be a member of the Board for any reason other
than death, disability, removal from the Board for cause or retirement or
resignation with consent of the Company, the Options granted to such
Non-Employee Director may be exercised by such Director, but only to the extent
the Option was exercisable at the time of such Director’s termination, at any
time within ninety (90) days after the date of such termination of
service.  At the end of such ninety-day
period, the vested portion of the Option shall expire.  The unvested portion of the Option shall
expire on the date of the Non-Employee Director’s termination of service with
the Board.

 

 

(v)  Exercise Following Retirement or Resignation
with Consent of Company.   In
the event a Non-Employee Director retires or resigns from the Board with the
consent of the Company, the Options granted to such Non-Employee Director shall
become immediately vested and may be exercised by such Non-Employee Director at
any time during the remaining life of the Option.  At the end of such period, the unexercised
vested portion of the Option shall expire.

 

(vi)  Exercise Following
Termination of Service Due to Disability.  If a Non-Employee Director ceases to be a
member of the Board by reason of such Director’s disability (as defined in Section 22(e)(3) of
the Code), the Options granted to such Non-Employee Director shall become
immediately vested and may be exercised by such Director (or his legally
appointed guardian), at any time during the remaining life of the Option.  At the end of such period, the unexercised
vested portion of the Option shall expire.

 

(d)  Time and Manner of
Exercise of Options.

 

(i)  Notice of Exercise.  Subject to the other terms and conditions
hereof, a Non-Employee Director may exercise any Option, to the extent such Option
is vested, by giving written notice of exercise to the Company; provided, however, that in no event shall an Option be
exercisable for a fractional share.

 

(ii)  Method of Payment.  The consideration to be paid for the shares
to be issued upon exercise of an Option may consist of (A) cash, (B) certified,
bank or broker check, (C) other shares which have a Fair Market Value on
the date of surrender equal to the aggregate exercise price of the shares as to
which the Option shall be exercised, (D) any other method approved by the
Committee, or (E) a combination of any of the above.

 

(iii)  Shareholder Rights.  A Non-Employee Director shall have no rights
as a shareholder with respect to any shares of Common Stock issuable upon
exercise of an Option until a certificate evidencing such shares shall have
been issued to the Non-Employee and adjustment shall be made for dividends or
distributions or other rights in respect of any share for which the record date
is prior to the date upon which the Non-Employee Director shall become the
holder of record thereof.

 

(iv)  Issuance of Shares.  Subject to the foregoing conditions, as soon
as is reasonably practicable after its receipt of a proper notice of exercise
and payment of the exercise price of the Option for the number of shares with
respect to which the Option is exercised, the Company shall deliver to the
Non-Employee Director (or following the Non-Employee Director’s death or
disability, the Beneficiary or legally appointed guardian, respectively,
entitled to exercise the Option), at the principal office of the Company or at
such other location as may be acceptable to the Company and the Non-Employee
Director (or such Beneficiary or guardian), one or more stock certificates for
the appropriate number of shares of Common Stock issued in connection with such
exercise.  Shares sold in connection with
a “cashless exercise” shall be delivered to the broker referred to therein in
accordance with the procedures established by the Company from time to time.

 

(e)                Non-Qualified Stock Options.  Only non-qualified stock options may be granted to Non-Employee
Directors pursuant to this Plan.

 

(f)                  This Plan shall not permit the (i) grant
of additional stock options under the Plan to a 

 

 

Participant contingent upon
the surrender of Shares owned by the Participant in payment of the Grant Price
of a stock option granted under the Plan, or (ii) change or amendment of
the exercise price of any stock options.

 

9.                                      PAYMENTS AND PAYMENT DEFERRALS

 

Payment of Awards
shall be subject to such restrictions as the Committee may impose.  The Committee also may require or permit
participants to elect to defer the receipt or issuance of Shares from stock
options under such rules and procedures as it may establish under the
Plan.

 

Notwithstanding any
provision of the Plan to the contrary, to the extent that awards under the Plan
are subject to the provisions of Section 409A of the Code, then the Plan
as applied to those amounts shall be interpreted and administered so that it is
consistent with such Code section.

 

10.                               TRANSFERABILITY

 

During the lifetime of
a Participant, the Award shall be exercisable only by such Participant and
Awards shall not be transferable or assignable other than by will or the laws
of descent and distribution, or pursuant to qualified domestic relations orders
as defined in or meeting the requirements of the Code or Title I of the
Employee Retirement Income Security Act of 1974, as amended provided, however,
that, in the discretion of the Committee, a Non-Statutory Option may, in
connection with a Participant’s estate plan, be assigned in whole or in part
during the Participant’s lifetime to one or more members of the Participant’s
immediate family or to a trust established exclusively for one or more such
family members. The assigned portion may only be exercised by the person or
persons who acquire a proprietary interest in the Option pursuant to the
assignment.  The terms applicable to the
assigned portion shall be the same as those in effect for the Option
immediately prior to such assignment and shall be set forth in such documents
issued to the assignee as the Committee may deem appropriate.  Notwithstanding the forgoing, in no event
shall any Award be transferred for value or consideration.

 

11.                               CHANGE OF CONTROL

 

(a)  In the event of a Change of Control,
all Awards which have not vested shall immediately vest upon the occurrence of
such Change of Control.

 

(b)  A “Change of Control” shall be deemed
to occur if and when:  (i)  any
person (including as such term is used in Section 13(d) and 14(d)(2) of
the 1934 Act) becomes the beneficial owner, directly or indirectly, of
securities representing 20% or more of the combined voting power of the
Corporation’s then outstanding securities; or (ii)  as a result of a proxy
contest or contests or other forms of contested shareholder votes (in each case
either individually or in the aggregate), a majority of the individuals elected
to serve on the Corporation’s Board of Directors are different than the
individuals who served on the Corporation’s Board of Directors at any time
within the two years prior to such proxy contest or contests or other forms of
contested shareholder votes (in each case either individually or in the
aggregate); or (iii)  when  the
Corporation’s shareholders approve a merger, or consolidation (where in each
case the Corporation is not the survivor thereof), or sale or disposition of
all or substantially all of the Corporation’s assets or a plan or partial or
complete liquidation; or (iv)  when an offeror (other than the
Corporation) purchases shares of the Corporation’s Common Stock pursuant to a
tender 

 

 

or exchange offer for securities representing
20% or more of the combined voting power of the Corporation’s then outstanding
securities.

 

12.                              AWARD AGREEMENTS

 

Each Award under the
Plan shall be evidenced by an agreement setting forth its terms, conditions,
and limitations for each Award, consistent with the provisions of this Plan (an
“Award Agreement”).  The Committee need
not require the execution of any such agreement by the recipient, in which case
acceptance of the Award by the respective Participant shall constitute
agreement by the Participant to the terms and conditions of the Awards.

 

13.                               FIDUCIARY RELATIONSHIP

 

The Plan shall not
establish any fiduciary relationship between the Corporation and any
participant or other person.

 

14.                               REGULATORY APPROVALS

 

The implementation of
the Plan, the granting of any Award under the Plan, and the issuance of Shares
upon the exercise or settlement or any Award shall be subject to the
Corporation’s procurement of all approvals and permits required by regulatory
authorities having jurisdiction over the Plan, the Awards granted under it, or
the Shares issued pursuant to it. In the event any benefit under this Plan is
granted to a Director who resident outside the United States, the Committee
may, in its sole discretion, modify the provisions of the Plan as they pertain
to such individuals to comply with applicable law, regulation or accounting rules consistent
with the purposes of the Plan and the Board of Directors or the Committee may,
in its discretion, establish one or more sub-plans to reflect such modified
provisions.  All sub-plans adopted by the
Committee shall be deemed to be part of the Plan, but each sub-plan shall apply
only to Participants within the affected jurisdiction and the Company shall not
be required to provide copies of any sub-plans to Participants in any
jurisdiction which is not the subject of such sub-plan.

 

15.                               RIGHTS AS A SHAREHOLDER

 

A Participant shall have no rights as a
shareholder with respect to Shares covered by an Award until the date the
Participant or his nominee is the holder of record with respect to the Shares
covered by such Award.

 

16.                               FUTURE RIGHTS

 

Nothing
in the Plan shall be deemed to create any obligation on the part of the Board
to nominate any of its members for reelection by the Company’s shareholders,
nor confer upon any Non-Employee Director the right to remain a member of the
Board for any period of time, or at any particular rate of compensation.

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