Document:

SPLIT DOLLAR INSURANCE AGREEMENT

     THIS AGREEMENT, made and entered into as of the _____ day of

_________________, 2001 between SYNOVUS FINANCIAL CORP. ("the Corporation") and

SYNOVUS TRUST COMPANY, as Trustee of the JOHN EXECUTIVE 2001 IRREVOCABLE LIFE

INSURANCE TRUST DATED _____________________, 2001 ("the Trustee"):

                              W I T N E S S E T H:

     WHEREAS, the Trustee is the owner of certain policies of insurance on the

joint lives of JANE EXECUTIVE and JOHN EXECUTIVE ("the Insureds"), as reflected

on Exhibit "A" attached hereto and by this reference made a part hereof ("the

Policies");

     WHEREAS, JOHN EXECUTIVE ("Mr. Executive") is currently serving as

___________________ of the Corporation and is a valued and trusted officer and

employee of the Corporation;

     WHEREAS, the Corporation desires to encourage Mr. Executive to continue

rendering valuable services to the Corporation;

     WHEREAS, to enhance its employment relationship with Mr. Executive as well

as provide insurance protection for Mr. Executive's family, the Corporation is

willing to establish a split dollar insurance arrangement under which it will

assist the Trustee with the payment of the premiums on the Policies, as well as

on any policy of insurance issued in substitution therefore;

     WHEREAS, in exchange for the aforementioned premium assistance, the Trustee

is willing to agree to reimburse the Corporation (in the event of a termination

of this Agreement) the lesser of the amount of the premiums on the Policies paid

by the Corporation or the cash surrender value of the Policies;

     WHEREAS, this Agreement is intended to qualify as a split dollar

arrangement for the purchase of the Policies, as that term is described in

Revenue Ruling 64-328, 1964-2 C.B. 11, issued by the United States Internal

Revenue Service;

     NOW, THEREFORE, in consideration of the foregoing and of the services

heretofore and hereafter rendered by Mr. Executive to the Corporation, and for

other good and valuable consideration, the receipt, sufficiency and adequacy of

which are hereby acknowledged, the Corporation and the Trustee, both intending

to be legally bound, agree as follows:

     1. Ownership of the Policies. The Trustee shall have and may exercise any

and all rights, options, privileges and incidents of ownership in and to the

Policies, including, but not limited to, the right to designate beneficiaries,

select settlement and dividend options, borrow on the security of the Policies

and surrender the Policies, subject only to the terms of this Agreement. The

Corporation shall have no right, title, interest or incident of ownership in or

to the Policies, and is expressly prohibited from borrowing on the security of

the Policies, withdrawing funds from the Policies, or

                                       2

surrendering or canceling the Policies. All ownership rights to the Policies may

be exercised by the Trustee without the consent of the Corporation.

     2. Payment of Premiums. The Corporation shall pay all of the scheduled

annual gross premiums due on the Policies (see attached Exhibit "B". The

Corporation's premium checks for the Policies shall be remitted before the

expiration of the grace period on the Policies.

     3. Policy Dividends. No dividends are anticipated under the Policies (as

represented by Exhibit "A" and Exhibit "B"); however, any dividends attributable

to the Policies shall be applied as elected by the Trustee. If the Trustee fails

to make such election, such dividends shall be applied to the purchase of

paid-up additional insurance. This additional insurance will have a cash value

of at least the amount of dividends used to purchase it. Upon the death of the

survivor of the Insureds, such additional insurance shall be part of the

proceeds of the Policies payable in accordance with Paragraph 6 of this

Agreement.

     4. Reimbursement of Corporation. The Trustee shall reimburse the

Corporation in an amount ("the Reimbursement Amount") equal to the lesser of:

(i) the total sum advanced by the Corporation for the payment of premiums on the

Policies from the date of the inception of the Policies to the Termination Date,

or (ii) the cash surrender value of the Policies on the Termination Date. The

payment of the Reimbursement Amount shall occur no later than ninety (90) days

after the Termination Date. Should the

                                       3

Trustee fails to pay to the Corporation the Reimbursement Amount within the

ninety (90) days period, the Corporation may exercise any rights it may have

pursuant to the collateral assignment to collect the Reimbursement Amount.

     5. Collateral Assignment. In consideration of the covenants by the

Corporation, the Trustee will file with the Insurer within a reasonable period a

collateral assignment to the Corporation of the Policies in a form as set forth

in Exhibit "B" attached hereto and incorporated herein by reference. The

Corporation's collateral interest in the Policies at any time shall be equal to

the Reimbursement Amount.

     6. Entitlement to Death Proceeds of the Policies. Upon the death of the

survivor of the Insureds, the Corporation shall be entitled to receive a portion

of the proceeds of the Policies equal to the Reimbursement Amount. The

beneficiary designated by the Trustee shall be entitled to receive the proceeds

of the Policies payable on account of the deaths of the Insureds in excess of

the Reimbursement Amount payable to the Corporation. If the Trustee fails to pay

to the Corporation the Reimbursement Amount within ninety (90) days of the death

of the survivor of the Insureds, the Corporation may exercise any rights it may

have pursuant to the collateral assignment to collect the Reimbursement Amount.

     7. Termination. This Agreement shall be terminated upon the earlier to

occur of the following events ("the Termination Date"):

                                       4

     (i) the death of the survivor of the Insureds;

     (ii) the termination of this Agreement, but only in writing signed by or on

behalf of both the Corporation and the Trustee.

     8. Amendment. This Agreement may be amended at any time and from time to

time, but only in writing signed by or on behalf of both the Corporation and the

Trustee.

     9. Successors and Assigns. This Agreement shall be binding on both the

Corporation and the Trustee, and on behalf of their respective successors and

assigns.

     10. Insurers Not Parties. The Insurers are not parties to this Agreement.

Payment or other performance of their contractual obligations in accordance with

the terms and provisions of the Policies shall fully discharge the Insurers from

any and all liability thereunder.

     11. Notices. All notice requirements to be given to the parties hereto

shall be in writing and sent by certified or registered mail as follows:

     (i) To the Trustee:

         Synovus Trust Company

         c/o _____________________

         P. O. Box 120

         Columbus, Georgia  31902

                                       5

     (ii) To the Corporation:

         Synovus Financial Corp.

         P. O. Box 120

         Columbus, Georgia  31902

     12. Entire Agreement. This Agreement sets forth the entire agreement of the

parties with respect to the subject matter hereof, and any and all prior

agreements or understandings with respect to such subject matter are superseded.

     13. Governing Law. This Agreement shall be governed by and construed in

accordance with the laws of the State of Georgia.

     14. Time of the Essence. Time is of the essence of this Agreement.

     15. ERISA Provisions. To comply with the requirements of the Employee

Retirement Income Security Act of 1974 ("ERISA"), the following provisions are

made a part of this Agreement.

     (i) The Director of Human Resources shall serve as the "named fiduciary" as

that term is defined under ERISA (or any successor position thereto).

     (ii) The funding policy under this Agreement is that all premiums on the

Policies shall be paid by the Corporation to the Insurer when due.

                                       6

     (iii) Direct payment of the Policy proceeds by the Insurer is the basis of

payment of benefits under this Agreement, the benefits being based upon the

payment of premiums as provided under this Agreement.

     (iv) Director of Human Resources shall serve as the "Claims Manager" as

that term is defined under ERISA. If for any reason a claim for benefits under

this Agreement is denied by the Corporation, the Claims Manager shall provide

the Trustee with a written explanation setting forth the basis for the denial of

such claim, referencing the applicable provisions of the Agreement upon which

such denial of benefits is based, including such other relevant information as

necessary to advise the Trustee of the basis for denial of such claim and

advising the Trustee of the procedures to be followed in seeking review of the

claim. Any claim under this Agreement shall be deemed filed when made orally or

in writing to the Claims Manager. Any denial of a claim shall be delivered to

the Trustee in writing within ninety (90) days of the claim. The Trustee shall

have sixty (60) days following the receipt of the written denial of the claim to

file with the Claims Manager a written request for review of the denial. The

Trustee, or its representative, shall be entitled to submit relevant documents

and comments for purposes of this review. The Claims Manager shall have sixty

(60) days from receipt of the request for review to make a determination with

respect to the requested review and provide the Trustee with a written decision

providing a specific explanation for the decision referencing the appropriate

provisions of the Agreement on which the decision is based.

                                       7

     IN WITNESS WHEREOF, the Trustee has set its hand and affixed its seal and

the Corporation has caused this instrument to be executed by its duly authorized

officers and its corporate seal affixed, the day and year first above written.

                                      SYNOVUS TRUST COMPANY,
                                      Trustee of the JOHN EXECUTIVE
                                      2001 Irrevocable Life Insurance Trust
                                      dated________________, 2001

                                      By:___________________________
                                      its:____________________________

_______________________
Witness

                                      SYNOVUS FINANCIAL CORP.

                                      By:__________________________
                                           Title:

                                      Attest:________________________
                                               Title:

                                               (Corporate Seal)

_______________________
Witness

                                      8
<PAGE>

                                   Exhibit "A"

Insurer & Policy Number                                  Face Value

                                       9
<PAGE>

                                   Exhibit "B"

                                      10

                    EXECUTIVE BENEFIT SUBSTITUTION AGREEMENT

     THIS AGREEMENT made and entered into as of the _____ day of ______________,

2001, between Mr. John Executive ("Mr. Executive") and SYNOVUS FINANCIAL CORP.

("the Corporation").

                                   WITNESSETH:

     WHEREAS, Mr. Executive is currently serving as ________________ of the

Corporation;

     WHEREAS, the Board of Directors of the Corporation has adopted the Synovus

Financial Corp. Deferred Compensation Plan for Select Employees ("the Plan")

pursuant to an amended and restated Plan document dated January 2, 2002;

     WHEREAS, Mr. Executive and the Corporation have determined and hereby

acknowledge that as of July 31, 2001, Mr. Executive had accrued under the Plan

the right to receive a retirement benefit payable in the future according to

various options set forth in the Plan ("the Accrued Plan Benefit");

     WHEREAS, Mr. Executive and the Corporation desire for the Corporation to

provide certain assistance to SYNOVUS TRUST COMPANY, as TRUSTEE OF THE JOHN

EXECUTIVE 2001 IRREVOCABLE LIFE INSURANCE TRUST DATED ___________________, 2001

("the Trustee"), in purchasing certain policies of insurance on the joint lives

of JANE EXECUTIVE and Mr. Executive ("the Policies"), in substitution of Mr.

Executive's Accrued Plan Benefit;

     WHEREAS, the Corporation and the Trustee have entered into that certain

Split Dollar Insurance Agreement dated ___________________, 2001 ("the Split

<page>
Dollar Agreement"), for the Corporation to provide assistance to the Trustee in

purchasing the Policies.

     NOW, THEREFORE, in consideration of the foregoing, and for other good and

valuable consideration, the receipt, sufficiency and adequacy of which are

hereby acknowledged, Mr. Executive and the Corporation, both intending to be

legally bound, agree as follows:

     1. The Corporation shall remit the scheduled annual gross premiums on the

Policies as set forth in the Split Dollar Agreement. Upon the payment by the

Corporation of the scheduled annual gross premiums pursuant to the Split Dollar

Agreement, Mr. Executive will be deemed to have waived and released a portion of

the Accrued Plan Benefit, and the Accrued Plan Benefit shall be reduced by an

amount equal to:

o the total sums advanced by the Corporation for the payment of the premiums on

the Policies, less o the cash surrender value of the Policies on the date of

such premium payment, less o the aggregate amount of Plan reductions pursuant to

this Agreement prior to the date of such premium payment.

         2. In the event that the Split Dollar Agreement is terminated prior to

the earlier of (a) the payment of the last scheduled premium under the Split

Dollar Agreement or (b) Mr. Executive's retirement (as defined in the Plan), Mr.

                                       2

Executive will be deemed to have waived and released a portion of the Accrued

Plan Benefit, determined as follows:

   * the total sums advanced by the Corporation for the payment of the premiums
     on the Policies, less

   * the cash actually received by the Corporation as a result of the
     termination of the Split Dollar Agreement, less

   * the aggregate amount of Plan reductions pursuant to this Agreement prior to
     the date of such termination.

Thereafter, neither party to this Agreement shall have any further obligation

hereunder.

         3. If the Split Dollar Agreement is not terminated as set forth above,

then Mr. Executive will be deemed to have waived and released the entirety of

the Accrued Plan Benefit, and the Accrued Plan Benefit shall be reduced to zero,

upon the earliest to occur of: (a) an agreement between the Corporation and the

Trustee to change the premium payment schedule under the Split Dollar Agreement

in any way that results in the last scheduled premium being paid earlier than as

currently set forth in the Split Dollar Agreement, or (b) the payment of the

last scheduled premium under the Split Dollar Agreement.

     4. Mr. Executive reserves his rights to, and this Agreement shall neither

reduce nor otherwise have any effect upon, any benefits accrued or accruing to

the

                                       3

benefit of Mr. Executive under the Plan other than the Accrued Plan Benefit

including, without limitation, any benefit accruing on or after _____________,

2001.

     5. This Agreement may be amended at any time and from time to time, but

only in writing signed by or on behalf of both Mr. Executive and the

Corporation.

     6. This Agreement shall be binding upon and inure to the benefit of Mr.

Executive, his heirs, successors and assigns and the Corporation, its successors

and assigns.

     7. All notice requirements to be given to the parties hereto shall be in

writing and sent by certified or registered mail as follows:

                                       4
<PAGE>

         (i)      To Mr. Executive:

                  -------------------------------

                  -------------------------------

         (ii)     To the Corporation:

                  Synovus Financial Corp.

                  P. O. Box 120

                  Columbus, Georgia  31902

     8. This Agreement shall be governed by and construed in accordance with the

laws of the State of Georgia.

     9. Time is of the essence of this Agreement.

                                       5
<PAGE>

     IN WITNESS WHEREOF, Mr. Executive has set his hand and affixed his seal and
the Corporation has caused this instrument to be executed by its duly authorized
officers and its corporate seal affixed, the day and year first above written.

                                     SYNOVUS FINANCIAL CORP.

                                     By:_______________________________________
                                               Title:

                                     Attest:___________________________________
                                               Title:

                                              (Corporate Seal)

________________________
Witness

                                     ____________________________________(Seal)
                                     JOHN EXECUTIVE

________________________
Witness

                                       6(i)

                               TABLE OF CONTENTS
                               ------------------

ARTICLE I Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . .  1
      SECTION  1.01  Defined  Terms. . . . . . . . . . . . . . . . . . . . .  1
      SECTION  1.02  Classification  of  Loans  and  Borrowings. . . . . . . 17
      SECTION  1.03  Terms  Generally. . . . . . . . . . . . . . . . . . . . 17
      SECTION  1.04  Accounting  Terms;  GAAP. . . . . . . . . . . . . . . . 18

ARTICLE II The Credits . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
      SECTION  2.01  Commitments . . . . . . . . . . . . . . . . . . . . . . 18
      SECTION  2.02  Loans  and  Borrowings. . . . . . . . . . . . . . . . . 18
      SECTION  2.03  Request  for  Borrowing . . . . . . . . . . . . . . . . 19
      SECTION  2.04  Funding  of  Borrowing. . . . . . . . . . . . . . . . . 19
      SECTION  2.05  Interest  Elections . . . . . . . . . . . . . . . . . . 19
      SECTION  2.06  Repayment  of  Loans;  Evidence  of  Debt . . . . . . . 20
      SECTION  2.07  Prepayment  of  Loans . . . . . . . . . . . . . . . . . 21
      SECTION  2.08  Fees. . . . . . . . . . . . . . . . . . . . . . . . . . 21
      SECTION  2.09  Interest. . . . . . . . . . . . . . . . . . . . . . . . 22
      SECTION  2.10  Alternate  Rate  of  Interest . . . . . . . . . . . . . 23
      SECTION  2.11  Increased  Costs. . . . . . . . . . . . . . . . . . . . 23
      SECTION  2.12  Break  Funding  Payments. . . . . . . . . . . . . . . . 24
      SECTION  2.13  Taxes . . . . . . . . . . . . . . . . . . . . . . . . . 25
      SECTION  2.14  Payments Generally; Pro Rata Treatment;
                       Sharing of Set-offs . . . . . . . . . . . . . . . . . 25
      SECTION  2.15  Mitigation  Obligations;  Replacement  of  Lenders. . . 27
      SECTION  2.16  Extension . . . . . . . . . . . . . . . . . . . . . . . 28

ARTICLE III Representations and Warranties . . . . . . . . . . . . . . . . . 29
      SECTION  3.01  Organization;  Powers . . . . . . . . . . . . . . . . . 29
      SECTION  3.02  Authorization;  Enforceability. . . . . . . . . . . . . 29
      SECTION  3.03  Governmental  Approvals;  No  Conflicts . . . . . . . . 29
      SECTION  3.04  Financial Condition; No Material Adverse Change . . . . 29
      SECTION  3.05  Properties. . . . . . . . . . . . . . . . . . . . . . . 30
      SECTION  3.06  Intellectual  Property. . . . . . . . . . . . . . . . . 31
      SECTION  3.07  Litigation  and  Environmental  Matters . . . . . . . . 31
      SECTION  3.08  Compliance  with  Laws  and  Agreements . . . . . . . . 33
      SECTION  3.09  Investment  and  Holding  Company  Status . . . . . . . 33
      SECTION  3.10  Taxes . . . . . . . . . . . . . . . . . . . . . . . . . 33
      SECTION  3.11  ERISA . . . . . . . . . . . . . . . . . . . . . . . . . 33
      SECTION  3.12  Disclosure. . . . . . . . . . . . . . . . . . . . . . . 34
      SECTION  3.13  Insurance . . . . . . . . . . . . . . . . . . . . . . . 34
      SECTION  3.14  Margin  Regulations . . . . . . . . . . . . . . . . . . 34
      SECTION  3.15  Subsidiaries. . . . . . . . . . . . . . . . . . . . . . 34

ARTICLE IV Conditions. . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
      SECTION  4.01  Effective  Date . . . . . . . . . . . . . . . . . . . . 34

<PAGE>

                                                                            (ii)

ARTICLE V Affirmative Covenants. . . . . . . . . . . . . . . . . . . . . . . 35
      SECTION  5.01  Financial Statements; Ratings Change
                       and Other Information . . . . . . . . . . . . . . . . 35
      SECTION  5.02  Financial  Tests. . . . . . . . . . . . . . . . . . . . 36
      SECTION  5.03  Notices  of  Material  Events . . . . . . . . . . . . . 37
      SECTION  5.04  Existence;  Conduct  of  Business . . . . . . . . . . . 37
      SECTION  5.05  Payment  of  Obligations. . . . . . . . . . . . . . . . 37
      SECTION  5.06  Maintenance  of  Properties;  Insurance . . . . . . . . 38
      SECTION  5.07  Books  and  Records;  Inspection  Rights. . . . . . . . 38
      SECTION  5.08  Compliance  with  Laws. . . . . . . . . . . . . . . . . 38
      SECTION  5.09  Use  of  Proceeds . . . . . . . . . . . . . . . . . . . 38
      SECTION  5.10  Fiscal  Year. . . . . . . . . . . . . . . . . . . . . . 38
      SECTION  5.11  Environmental  Matters. . . . . . . . . . . . . . . . . 38
      SECTION  5.12  Property  Pool. . . . . . . . . . . . . . . . . . . . . 39
      SECTION  5.13  Guaranties. . . . . . . . . . . . . . . . . . . . . . . 40
      SECTION  5.14  Further  Assurances . . . . . . . . . . . . . . . . . . 41

ARTICLE VI Negative Covenants. . . . . . . . . . . . . . . . . . . . . . . . 41
      SECTION  6.01  Indebtedness. . . . . . . . . . . . . . . . . . . . . . 41
      SECTION  6.02  Liens . . . . . . . . . . . . . . . . . . . . . . . . . 41
      SECTION  6.03  Fundamental  Changes. . . . . . . . . . . . . . . . . . 41
      SECTION  6.04  Investments, Loans, Advances and Acquisitions . . . . . 42
      SECTION  6.05  Hedging  Agreements . . . . . . . . . . . . . . . . . . 43
      SECTION  6.06  Restricted  Payments. . . . . . . . . . . . . . . . . . 43
      SECTION  6.07  Transactions  with  Affiliates. . . . . . . . . . . . . 44
      SECTION  6.08  Restrictive  Agreements . . . . . . . . . . . . . . . . 44

ARTICLE VII Events of Default. . . . . . . . . . . . . . . . . . . . . . . . 44

ARTICLE VIII The Administrative Agent. . . . . . . . . . . . . . . . . . . . 46

ARTICLE IX Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . 48
      SECTION  9.01  Notices . . . . . . . . . . . . . . . . . . . . . . . . 48
      SECTION  9.02  Waivers;  Amendments. . . . . . . . . . . . . . . . . . 49
      SECTION  9.03  Expenses;  Indemnity;  Damage  Waiver . . . . . . . . . 50
      SECTION  9.04  Successors  and  Assigns. . . . . . . . . . . . . . . . 51
      SECTION  9.05  Survival. . . . . . . . . . . . . . . . . . . . . . . . 53
      SECTION  9.06  Counterparts;  Integration;  Effectiveness. . . . . . . 54
      SECTION  9.07  Severability. . . . . . . . . . . . . . . . . . . . . . 54
      SECTION  9.08  Right  of  Setoff . . . . . . . . . . . . . . . . . . . 54
      SECTION  9.09  Governing Law; Jurisdiction; Consent
                       to Service of Process . . . . . . . . . . . . . . . . 54
      SECTION  9.10  WAIVER  OF  JURY  TRIAL . . . . . . . . . . . . . . . . 55
      SECTION  9.11  Headings. . . . . . . . . . . . . . . . . . . . . . . . 55
      SECTION  9.12  Confidentiality . . . . . . . . . . . . . . . . . . . . 55
      SECTION  9.13  Interest  Rate  Limitation. . . . . . . . . . . . . . . 56
      SECTION  9.14  Liability  of  Holders. . . . . . . . . . . . . . . . . 56

<PAGE>

                                                                           (iii)

SCHEDULES:
---------
Schedule  2.01  -  Commitments
Schedule  3.05(f)  -  Earthquake  or  Seismic  Area
Schedule  3.07  -  Disclosed  Matters
Schedule  3.15  -  Subsidiaries
Schedule  5.12(c)  -  Property  Without  Environmental  Assessments
Schedule  5.12.A  -  Pool
Schedule  6.02  -  Existing  Liens
Schedule  6.04  -  Certain  Investments
Schedule  6.08  -  Existing  Restrictions

EXHIBITS:
--------

Exhibit  A  -  Form  of  Assignment  and  Acceptance
Exhibit  B  -  Form  of  Compliance  Certificate
Exhibit  C  -  Form  of  Guaranty
Exhibit  D  -  Note
Exhibit  E  -  Form  of  Interest  Election  Request

<PAGE>

                                CREDIT AGREEMENT

                                   dated as of

                               _____________, 2001

                                      among

                          WEINGARTEN REALTY INVESTORS,

                            The Lenders Party Hereto

                                       And

                        COMMERZBANK AG, NEW YORK BRANCH,
                             as Administrative Agent

                                       And

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                              as Syndication Agent

                        Commerzbank AG, New York Branch,
                        as Sole Arranger and Book Manager

<PAGE>

                   CREDIT AGREEMENT ("Agreement") dated as of
            ______________, 2001, among WEINGARTEN REALTY INVESTORS,
         a Texas real estate investment trust, the LENDERS party hereto,
            COMMERZBANK AG, NEW YORK BRANCH, as Administrative Agent,
                   and WELLS FARGO BANK, NATIONAL ASSOCIATION,
                              as Syndication Agent.

     The  parties  hereto  agree  as  follows:

                                    ARTICLE  I
                                   Definitions
                                   -----------

     SECTION  1.01     Defined Terms.  As used in this Agreement,  the following
                       -------------
terms have  the  meanings  specified  below:

     "ABR",  when  used in reference to any Loan or Borrowing, refers to whether
      ---
such  Loan,  or  the  Loans comprising such Borrowing, are bearing interest at a
rate  determined  by  reference  to  the  Alternate  Base  Rate.

     "Adjusted  LIBO  Rate"  means, with respect to any Eurodollar Borrowing for
      --------------------
any  Interest Period, an interest rate per annum (rounded upwards, if necessary,
to  the  next  1/100  of 1%) equal to (a) the LIBO Rate for such Interest Period
multiplied  by  (b)  the  Statutory  Reserve  Rate.

     "Adjusted  Net  Operating  Income"  shall  mean,  for  any income producing
      --------------------------------
Real Property, the Net Operating Income less the Capital Expenditure Reserve for
such  property.

     "Administrative Agent"  means  Commerzbank AG,  New  York  Branch,  in  its
      --------------------
capacity as administrative  agent  for  the  Lenders  hereunder.

     "Administrative  Questionnaire"  means an  Administrative  Questionnaire in
      -----------------------------
a form supplied  by  the  Administrative  Agent.

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

     "Alternate  Base Rate" means, for  any day,   a rate per annum equal to the
      --------------------
greater  of  (a) the Prime Rate in effect on such day, and (b) the Federal Funds
Effective Rate in effect on such day plus 1/2 of 1%. Any change in the Alternate
Base  Rate due to a change in the Prime Rate or the Federal Funds Effective Rate
shall  be  effective from and including the effective date of such change in the
Prime  Rate  or  the  Federal  Funds  Effective  Rate,  respectively.

     "Applicable  Percentage" means,  with respect to any Lender, the percentage
      ----------------------
of the  total  unpaid  Loans  represented  by  such  Lender's  unpaid  Loans.

     "Applicable  Rate"  means,  for  any  day,  with respect to any ABR Loan or
      ----------------
Eurodollar  Loan, or with respect to the facility fees payable hereunder, as the

<PAGE>

case  may  be,  the  applicable rate per annum set forth below under the caption
"ABR  Spread" or "Eurodollar Spread" or "Facility Fee Rate", as the case may be,
based upon the ratings by Moody's and S&P, respectively, applicable on such date
to  the  Index  Debt:

<TABLE>
<CAPTION>

<S>                   <C>      <C>          <C>
                       ABR     Eurodollar   Facility Fee Rate
                       ---     ----------   -----------------
 Index Debt Ratings:  Spread     Spread
--------------------  -------  -----------

     Category 1
     ----------
   A/A2 or better        0         0.50%          0.15%

     Category 2
     ----------
        A-/A3            0         0.55%          0.15%

     Category 3
     ----------
      BBB+Baa1           0         0.65%          0.15%

     Category 4
     ----------
      BBB/Baa2           0         0.75%          0.20%

     Category 5
     ----------
     BBB-/Baa3           0         0.90%          0.25%

     Category 6
     ----------
Worse than BBB-/Baa3   0.25%       1.45%          0.30%

</TABLE>

     For  purposes of the foregoing, (i) if either Moody's or S&P shall not have
in effect a rating for the Index Debt (other than by reason of the circumstances
referred  to  in  the last sentence of this definition), then such rating agency
shall  be deemed to have established a rating in Category 6; (ii) if the ratings
established  or deemed to have been established by Moody's and S&P for the Index
Debt  shall fall within different Categories, the Applicable Rate shall be based
on  the  higher  of the two ratings unless one of the two ratings is two or more
Categories  lower  than  the  other,  in which case the Applicable Rate shall be
determined by reference to the Category next below that of the higher of the two
ratings; and (iii) if the ratings established or deemed to have been established
by  Moody's  and S&P for the Index Debt shall be changed (other than as a result
of  a  change  in  the  rating  system  of Moody's or S&P), such change shall be
effective as of the date on which it is first announced by the applicable rating
agency,  irrespective of when notice of such change shall have been furnished by
the  Borrower to the Agent and the Lenders pursuant to Section 5.01(e) hereof or
                                                       ---------------
otherwise.  Each  change  in  the  Applicable Rate shall apply during the period
commencing  on  the  effective  date  of  such  change  and  ending  on the date
immediately preceding the effective date of the next such change.  If the rating
system  of  Moody's  or  S&P shall change, or if either such rating agency shall
cease  to  be in the business of rating corporate debt obligations, the Borrower
and  the  Lenders  shall  negotiate  in  good  faith to amend this definition to
reflect  such  changed  rating system or the unavailability of ratings from such
rating  agency  and,  pending  the  effectiveness  of  any  such  amendment, the
Applicable  Rate shall be determined by reference to the rating most recently in
effect  prior  to  such  change  or  cessation.

     "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.

                                     Page 2
<PAGE>

     "Assignment and Acceptance" means an assignment and acceptance entered into
      -------------------------
by  a  ender  and  an  assignee  (with the consent of any party whose consent is
required by Section 9.04), and accepted by the Administrative Agent, in the form
            ------------
of Exhibit  A  or  any  other  form  approved  by  the  Administrative  Agent.
   ----------

     "Board" means the Board of Governors of the  Federal  Reserve System of the
      -----
United States  of  America.

     "Borrower"  means  Weingarten  Realty  Investors,  a  Texas  real  estate
      --------
investment trust.

     "Borrowing"  means Loans of the same Type, made, converted or continued  on
      ---------
the  same  date  and,  in  the  case  of  Eurodollar Loans, as to which a single
Interest  Period  is  in  effect.

     "Business  Day"  means any day  that is not a Saturday, Sunday or other day
      -------------
on which commercial banks in Houston, Texas or New York, New York are authorized
or required by law to remain closed; provided that, when used in connection with
                                     -------------
a Eurodollar  Loan,  the term "Business Day" shall also exclude any day on which
                                 ------------
banks  are  not  open  for  dealings  in dollar deposits in the London interbank
market.

     "Capital Expenditure Reserve" means, on an annual basis, an amount equal to
      ---------------------------
(a)  for  use in calculating the Fixed Charge Coverage Ratio, the product of (i)
the aggregate number of gross square feet of improvements contained in each Real
Property  parcel owned by Borrower or any Subsidiary measured as of the last day
of  each  of  the immediately preceding four (4) calendar quarters and averaged,
multiplied  by  (ii)  (x) $0.25 for Retail Property and (y) $0.15 for Industrial
Property; and (b) for use in calculating Value, the product of (i) the aggregate
number  of  gross  square  feet  of improvements contained in each Real Property
owned  by  Borrower  or  any  Subsidiary  as  of the last day of the immediately
preceding calendar quarter, multiplied by (ii) (x) $0.25 for Retail Property and
(y)  $0.15  for  Industrial  Property.  Capital  Expenditure  Reserve  shall  be
calculated  on  a  consolidated  basis  in  accordance  with GAAP, and including
(without  duplication)  the Equity Percentage of Capital Expenditure Reserve for
the  Borrower's  Unconsolidated  Affiliates.

     "Capital  Lease  Obligations"  of  any Person means the obligations of such
      ---------------------------
Person  to  pay  rent  or other amounts under any lease of (or other arrangement
conveying the right to use) real or personal property, or a combination thereof,
which  obligations  are  required  to be classified and accounted for as capital
leases  on  a  balance  sheet  of such Person under GAAP, and the amount of such
obligations  shall  be  the  capitalized amount thereof determined in accordance
with  GAAP.

     "Change  in  Control"  means  (a) the acquisition of ownership, directly or
      -------------------
indirectly,  beneficially  or  of  record,  by  any  Person or group (within the
meaning  of  the Securities Exchange Act of 1934 and the rules of the Securities
and  Exchange  Commission thereunder as in effect on the date hereof), of shares
representing more than 33% of the aggregate ordinary voting power represented by
the  issued  and  outstanding capital stock of the Borrower; (b) occupation of a
majority of the seats (other than vacant seats) on the board of directors of the
Borrower  by Persons who were neither (i) nominated by the board of directors of
the  Borrower  nor  (ii)  appointed  by  directors  so  nominated;  or  (c)  the

                                     Page 3
<PAGE>

acquisition  of  direct  or  indirect  Control  of the Borrower by any Person or
group.

     "Change in Law" means (a) the adoption of any law, rule or regulation after
      --------------
the  date of this Agreement by any Governmental Authority, (b) any change in any
law,  rule  or regulation or in the interpretation or application thereof by any
Governmental Authority after the date of this Agreement or (c) compliance by any
Lender  (or,  for  purposes  of  Section  2.11(b), by any lending office of such
                                 ----------------
Lender  or by such Lender's holding company, if any) with any request, guideline
or  directive  (whether  or  not  having  the  force of law) of any Governmental
Authority  made  or  issued  after  the  date  of  this  Agreement.

     "Code"  means  the  Internal Revenue Code of 1986, as amended from  time to
      ----
time.

     "Commerzbank"  means  Commerzbank  AG,  New  York Branch, in its individual
      -----------
capacity.

  -----------
     "Commitment"  means,  with  respect  to each Lender, the commitment of such
      ----------
Lender to make a Loan, expressed as an amount representing the maximum aggregate
amount  of  such  Lender's  Loan hereunder, as such commitment may be reduced or
increased  from  time  to  time  pursuant  to  assignments  by or to such Lender
pursuant  to Section 9.04. The initial amount of each Lender's Commitment is set
             ------------
forth  on  Schedule  2.01, or in the Assignment and Acceptance pursuant to which
           --------------
such  Lender  shall  have  assumed  its  Commitment,  as applicable. The initial
aggregate  amount  of  the  Lenders'  Commitments  is  $50,000,000.00.

     "Compliance Certificate"  has  the meaning  set  forth  in  Section 5.01(c)
      ----------------------                                ---------------
hereof and a  form  of  which  is  attached  hereto  as  Exhibit  B.
                                                         ----------

     "Control"  means  the  possession,  directly or indirectly, of the power to
      -------
direct or cause the direction of the management or policies of a Person, whether
through  the  ability  to exercise voting power, by contract or otherwise, which
includes  the  customary  powers  of  a managing member of any limited liability
company,  any  general  partner  of  any  limited  partnership,  or any board of
directors  of  a  corporation.  "Controlling"  and  "Controlled"  have  meanings
                                 -----------         ----------
correlative  thereto.

     "Credit  Party"  means  the  Borrower  and  each  Guarantor,  if  any.
      -------------

     "Debt  to  Total  Asset  Value  Ratio" shall mean the ratio (expressed as a
      ------------------------------------
percentage)  of  the  Borrower's  Indebtedness  to  Total  Asset  Value.

     "Default"  means  any  event  or  condition  which  constitutes an Event of
      -------
Default  or  which  upon  notice,  lapse  of time or both would, unless cured or
waived,  become  an  Event  of  Default.

     "Disclosed  Matters"  means the actions,  suits  and  proceedings  and  the
      ------------------
environmental  matters  disclosed  in  Schedule  3.07.
                                       --------------

     "Dollars"  or  "$" refers to  lawful money of the United States of America.
      -------        -

                                     Page 4
<PAGE>

     "EBITDA"  means  an  amount  derived  from (a) net income, plus (b) to  the
      ------
extent  included in the determination of net income, depreciation, amortization,
interest  expense  and income taxes, plus or minus (c) to the extent included in
the  determination  of  net  income, any extraordinary losses or gains resulting
from sales, write-downs, write-ups, write-offs or other valuation adjustments of
assets  or  liabilities,  in each case, as determined on a consolidated basis in
accordance  with GAAP, and including (without duplication) the Equity Percentage
of  EBITDA  for  the  Borrower's  Unconsolidated  Affiliates.

     "Effective  Date"  means  the  date  on  which  the conditions specified in
      ---------------
Section  4.01  are  satisfied  (or  waived  in  accordance  with  Section 9.02).
-------------                                                     -------------

     "Eligible  Assignee"  means (a) a Lender; (b) an Affiliate of a Lender; (c)
      ------------------
an  Approved  Fund;  and  (d)  any  other  Person  (other than a natural Person)
approved  by  the  Administrative  Agent  and,  unless (x) such Person is taking
delivery  of  an  assignment  in connection with physical settlement of a credit
derivatives  transaction  or  (y)  a Default has occurred and is continuing, the
Borrower (each such approval not to be unreasonably withheld or delayed). If the
consent  of the Borrower to an assignment or to an Eligible Assignee is required
hereunder  (including a consent to an assignment which does not meet the minimum
assignment  thresholds  specified  in  Section  9.04(b)),  the Borrower shall be
                                       ---------------
deemed to have given its consent ten (10) days after the date notice thereof has
been delivered by the assigning Lender (through the Administrative Agent) unless
such  consent  is  expressly  refused by the Borrower prior to such tenth (10th)
day.

     "Eligible  Ground  Lease"  shall  mean  a  lease  meeting  the  following
      -----------------------
requirements:  (a)  a  remaining  term (including renewal options exercisable at
lessee's  sole  option)  of  at  least  twenty-five  (25)  years,  and  (b)  the
Administrative Agent has determined that the ground lease is financeable in that
it provides or allows for, without further consent from the landlord, (i) notice
and  right  to  cure  to  lessee's  lender,  (ii)  a  pledge and mortgage of the
leasehold  interest,  and  (iii)  recognition  of a foreclosure of the leasehold
interest  including no prohibition on entering into a new lease with the lender.

     "Environmental  Laws" means all applicable laws, rules, regulations, codes,
      -------------------
ordinances,  orders,  decrees,  judgments,  injunctions,  or  binding agreements
issued,  promulgated  or entered into by any Governmental Authority, relating in
any  way  to  the environment, preservation or reclamation of natural resources,
the  management,  release  or threatened release of any Hazardous Material or to
health  and  safety  matters and includes (without limitation) the Comprehensive
Environmental  Response,  Compensation,  and Liability Act ("CERCLA"), 42 U.S.C.
                                                             -------
9601  et  seq., the Hazardous Materials Transportation Act, 49 U.S.C.    1801 et
      --  ---                                                                 --
seq.,  the  Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C.    136
---
et  seq., the Resource Conservation and Recovery Act ("RCRA"), 42 U.S.C.    6901
--  ---                                                -----
et  seq., the Toxic Substances Control Act, 15 U.S.C.    2601 et seq., the Clean
--  ---                                                       -- ---
Air  Act,  42  U.S.C.  7401  et  seq., the Clean Water Act, 33 U.S.C.    1251 et
                             --  ---                                          --
seq.,  the Occupational Safety and Health Act, 29 U.S.C.    651 et seq., (to the
                                                                -- ---
extent  the  same relates to any Hazardous Materials), and the Oil Pollution Act
of  1990,  33  U.S.C.    2701  et  seq,  as  such  laws  have  been  amended  or
                               --  ---
supplemented,  and  the  regulations  promulgated  pursuant  thereto,  and  all
analogous  state  and  local  statutes.

                                     Page 5
<PAGE>

     "Environmental  Liability"  means  any  liability, contingent or  otherwise
      ------------------------
(including any liability for damages, costs of environmental remediation, fines,
penalties  or  indemnities),  of  the  Borrower  or  any  Subsidiary directly or
indirectly  resulting from or based upon (a) violation of any Environmental Law,
(b)  exposure  to any Hazardous Materials in violation of any Environmental Law,
(c)  the  Release  or  threatened  Release  of  any Hazardous Materials into the
environment in violation of any Environmental Law or (d) any contract, agreement
or  other  consensual  arrangement  pursuant  to  which  liability is assumed or
imposed  with  respect  to  any  of  the  foregoing.

     "Equity Percentage" means the aggregate ownership  percentage  of  Borrower
      -----------------
in  each Unconsolidated Affiliate, which shall be calculated as follows: (a) for
inclusion  in Indebtedness, Borrower's nominal capital ownership interest in the
Unconsolidated  Affiliate  as  set  forth  in  the  Unconsolidated  Affiliate's
organizational  documents,  and  (b)  for all other purposes, the greater of (i)
Borrower's nominal capital ownership interest in the Unconsolidated Affiliate as
set  forth  in the Unconsolidated Affiliate's organizational documents, and (ii)
Borrower's  economic  ownership  interest  in  the  Unconsolidated  Affiliate,
reflecting  Borrower's  share  of  income  and  expenses  of  the Unconsolidated
Affiliate.

     "ERISA"  means  the  Employee Retirement  Income  Security Act of 1974,  as
      -----
amended  from  time  to  time.

     "ERISA Affiliate" means any trade or business (whether or not incorporated)
      ---------------
that,  together with the Borrower, is treated as a single employer under Section
414(b)  or  (c)  of the Code or, solely for purposes of Section 302 of ERISA and
Section  412  of  the Code, is treated as a single employer under Section 414 of
the  Code.

     "ERISA  Event" means (a) any "reportable event", as defined in Section 4043
      ------------
of ERISA or the regulations issued thereunder with respect to a Plan (other than
an  event  for which the 30-day notice period is waived); (b) the existence with
respect  to  any  Plan  of  an  "accumulated  funding deficiency" (as defined in
Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the
filing  pursuant  to Section 412(d) of the Code or Section 303(d) of ERISA of an
application  for  a  waiver  of the minimum funding standard with respect to any
Plan;  (d)  the incurrence by the Borrower or any of its ERISA Affiliates of any
liability  under  Title IV of ERISA with respect to the termination of any Plan;
(e)  the  receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan
administrator  of  any  notice relating to an intention to terminate any Plan or
Plans  or to appoint a trustee to administer any Plan; (f) the incurrence by the
Borrower  or  any  of  its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the
receipt  by the Borrower or any ERISA Affiliate of any notice, or the receipt by
any  Multiemployer  Plan from the Borrower or any ERISA Affiliate of any notice,
concerning  the  imposition  of  Withdrawal  Liability or a determination that a
Multiemployer  Plan  is,  or  is expected to be, insolvent or in reorganization,
within  the  meaning  of  Title  IV  of  ERISA.

     "Eurodollar",  when  used  in reference to any Loan or Borrowing, refers to
      ----------
whether  such Loan, or the Loans comprising such Borrowing, are bearing interest
at  a  rate  determined  by  reference  to  the  Adjusted  LIBO  Rate.

                                     Page 6
<PAGE>

     "Event  of  Default"  has the meaning assigned to such term in Article VII.
      ------------------                                            -----------

     "Excluded  Taxes"  means,  with  respect  to  the Administrative Agent, any
      --------------
Lender, or any other recipient of any payment to be made by or on account of any
obligation  of  the Borrower hereunder, (a) income or franchise taxes imposed on
(or  measured  by)  its  net  income  by the United States of America, or by the
jurisdiction under the laws of which such recipient is organized or in which its
principal  office  is  located  or,  in  the  case  of  any Lender, in which its
applicable  lending  office  is located, (b) any branch profits taxes imposed by
the  United  States  of  America  or  any  similar  tax  imposed  by  any  other
jurisdiction  in  which the Borrower is located and (c) in the case of a Foreign
Lender  (other  than  an  assignee  pursuant  to a request by the Borrower under
Section 2.15(b)), any withholding tax that is imposed on amounts payable to such
----------------
Foreign Lender at the time such Foreign Lender becomes a party to this Agreement
(or designates a new lending office) or is attributable to such Foreign Lender's
failure  to  comply with Section 2.13(e), except to the extent that such Foreign
                         --------------
Lender  (or  its assignor, if any) was entitled, at the time of designation of a
new  lending  office  (or  assignment),  to  receive additional amounts from the
Borrower  with  respect  to  such  withholding  tax pursuant to Section 2.13(a).
                                                                ---------------

     "Extension  Request"  has  the  meaning  set  forth  in  Section  2.16.
      ------------------                                      -------------

     "Federal  Funds  Effective  Rate"  means, for any day, the weighted average
      -------------------------------
(rounded  upwards,  if  necessary,  to  the  next  1/100  of 1%) of the rates on
overnight  Federal funds transactions with members of the Federal Reserve System
arranged  by Federal funds brokers, as published on the next succeeding Business
Day  by  the  Federal  Reserve  Bank  of  New  York,  or, if such rate is not so
published  for  any day that is a Business Day, the average (rounded upwards, if
necessary,  to  the  next  1/100  of 1%) of the quotations for such day for such
transactions  received  by  the  Administrative  Agent  from three Federal funds
brokers  of  recognized  standing  selected  by  it.

     "Financial  Officer"  means  the  Vice  President  of Capital Markets, the
      ------------------
chief  financial  officer, principal accounting officer, treasurer or controller
of  the  Borrower.

     "Fixed  Charge Coverage Ratio" shall mean the ratio of (a)  the Borrower's
      ----------------------------
EBITDA for the immediately preceding four (4) calendar quarters less the Capital
Expenditure Reserve for such period; to (b) all of the principal due and payable
and principal paid on the Borrower's Indebtedness (excluding balloon payments of
principal due at the stated maturity of such Indebtedness, full loan prepayments
prior to the stated maturity thereof, and any partial loan prepayments made with
casualty or condemnation proceeds), plus all of the Borrower's Interest Expense,
plus the aggregate of all cash dividends payable on the Borrower's or any of its
Subsidiaries'  preferred  stock,  in  each case for the period used to calculate
EBITDA,  all  of  the  foregoing  calculated  without  duplication.

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

<PAGE>

     "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 business.

     "Funds From Operations" shall mean net income of the Borrower determined in
      ---------------------
accordance  with  GAAP, plus depreciation and amortization; provided, that there
shall  not  be  included  in  such  calculation  any  gain  or  loss  from  debt
restructuring  and  sales  of property. Funds From Operations will be calculated
for  the  four  (4)  calendar  quarters  immediately  preceding  the date of the
calculation.  Funds From Operations shall be calculated on a consolidated basis,
and  including  (without  duplication)  the  Equity  Percentage  of  Funds  From
Operations  for  the  Borrower's  Unconsolidated  Affiliates.

     "GAAP"  means generally accepted accounting principles in the United States
      ----
of  America,  subject  to  the  provisions  of  Section  1.04.
                                                -------------

     "Governmental  Authority"  means  the  government of  the  United States of
      -----------------------
America, any other nation or 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.

     "Guarantee"  of  or  by  any Person (the "guarantor") means any obligation,
      ---------                                ---------
contingent  or  otherwise,  of the guarantor guaranteeing or having the economic
effect  of guaranteeing any Indebtedness or other obligation of any other Person
(the  "primary  obligor")  in  any  manner,  whether directly or indirectly, and
       ----------------
including  any  obligation of the guarantor, direct or indirect, (a) to purchase
or  pay  (or  advance  or  supply  funds  for  the  purchase or payment of) such
Indebtedness  or  other obligation or to purchase (or to advance or supply funds
for  the  purchase  of) any security for the payment thereof, (b) to purchase or
lease  property, securities or services for the purpose of assuring the owner of
such  Indebtedness  or  other obligation of the payment thereof, (c) to maintain
working  capital,  equity  capital or any other financial statement condition or
liquidity of the primary obligor so as to enable the primary obligor to pay such
Indebtedness  or  other  obligation or (d) as an account party in respect of any
letter  of  credit  or letter of guaranty issued to support such Indebtedness or
obligation; provided, that the term Guarantee shall not include endorsements for
            --------
collection  or deposit in the ordinary course of business, and shall not include
guaranties  or  contingent  liabilities  under  operating  leases  customarily
undertaken  or  incurred by Borrower or any Subsidiary in the ordinary course of
business  as  either  landlord  or  tenant.

     "Guarantor"  means Weingarten Nostat, Inc., a Texas corporation, Weingarten
      ---------
Realty  Management  Company,  a  Texas  corporation, WRI/Post Oak, Inc., a Texas
corporation,  WRI/7080  Express  Lane,  Inc.,  a  Texas  corporation,
Weingarten/Lufkin,  Inc.,  a  Texas  corporation,  WRI/Pembroke,  Ltd.,  a Texas
limited  partnership,  Market  at  Town  Center-Sugar  Land Partnership, a Texas
general  partnership,  South  Padre Drive L.P., a Texas limited partnership, and
any  other  Person  who from time to time has executed a Guaranty as required by
the  terms  of  this  Agreement,  and  any  other  Person  who from time to time
guarantees  payment  of  the  Revolving  Credit  Facility.

<PAGE>

     "Guaranty"  means a guaranty in the form  of  Exhibit  C  attached  hereto.
      --------                                    ----------

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

     "Hedging  Agreement"  means any interest rate protection agreement, foreign
      ------------------
currency  exchange  agreement,  commodity  price  protection  agreement or other
interest  or  currency  exchange  rate  or  commodity price hedging arrangement.

     "Historical  Value"  shall  mean  the  purchase  price  of  Real  Property
      -----------------
(including  improvements)  and ordinary related purchase transaction costs, plus
the  cost  of  subsequent capital improvements (including construction costs for
property  under  construction  or  development)  made  by the Borrower, less any
provision  for  losses,  all  determined  in  accordance  with GAAP. If the Real
Property  is  purchased as a part of a group of properties, the Historical Value
shall be calculated based upon a reasonable allocation of the aggregate purchase
price  by  the  Borrower  for  all  purposes,  and  consistent  with  GAAP.

     "Indebtedness"  of  any  Person  means,  without  duplication,  (a)  all
      ------------
obligations  of  such  Person  for borrowed money or with respect to deposits or
advances  of  any  kind,  (b) all obligations of such Person evidenced by bonds,
debentures,  notes  or  similar  instruments, (c) all obligations of such Person
upon  which  interest  charges are customarily paid, (d) all obligations of such
Person  under  conditional  sale or other title retention agreements relating to
property  acquired by such Person, (e) all obligations of such Person in respect
of  the  deferred  purchase  price  of  property  or services (excluding current
accounts  payable  incurred  in  the  ordinary  course  of  business),  (f)  all
Indebtedness  of others secured by (or for which the holder of such Indebtedness
has  an  existing  right, contingent or otherwise, to be secured by) any Lien on
property  owned  or  acquired  by  such  Person, whether or not the Indebtedness
secured  thereby  has  been  assumed,  (g)  all  Guarantees  by  such  Person of
Indebtedness  of  others,  (h) all Capital Lease Obligations of such Person, (i)
all  obligations, contingent or otherwise, of such Person as an account party in
respect  of  letters  of  credit  and  letters of guaranty, (j) all obligations,
contingent  or otherwise, of such Person in respect of bankers' acceptances, (k)
all  obligations  contingent  or  otherwise,  of such Person with respect to any
Hedging  Agreements  (calculated  on  a mark-to-market basis as of the reporting
date),  however,  in  the  case of more than one Hedging Agreement with the same
counterparty,  the  obligation  shall  be  netted,  and (l) payments received in
consideration  of sale of an ownership interest in Borrower when the interest so
sold  is  determined, and the date of delivery is, more than one (1) month after
receipt  of  such  payment and only to the extent that the obligation to deliver
such  interest  is  not  payable  solely  in  such  interest of such Person. The
Indebtedness  of  any  Person shall include the Indebtedness of any other entity
(including  any  partnership  in  which such Person is a general partner) to the
extent  such  Person  is  liable therefor as a result of such Person's ownership
interest  in  or  other  relationship with such entity, except to the extent the
terms  of  such  Indebtedness  provide  that such Person is not liable therefor.
Indebtedness  shall  be  calculated  on  a consolidated basis in accordance with
GAAP,  and including (without duplication) the Equity Percentage of Indebtedness
for  the  Borrower's  Unconsolidated  Affiliates.

<PAGE>

     "Indemnified  Taxes"  means  Taxes  other  than  Excluded  Taxes.
      ------------------

     "Index  Debt"  means senior, unsecured, long-term indebtedness for borrowed
      -----------
money  of  the Borrower that is not guaranteed by any other Person or subject to
any  other  credit  enhancement.

     "Industrial  Property"  means  Real  Property  that  is  used primarily for
      --------------------
service  center/light  industrial/bulk  warehouse  (not  heavy  manufacturing)
purposes.

     "Interest Coverage Ratio" shall mean the ratio of (a) the Borrower's EBITDA
      ------------------------
for  the  immediately  preceding  four  (4)  calendar quarters to (b) all of the
Borrower's  Interest  Expense  for  the  period  used  to  calculate  EBITDA.

     "Interest  Election  Request" means a request by the Borrower to convert or
      ---------------------------
continue  a  Borrowing  in  accordance  with  Section  2.05.
                                              -------------

     "Interest  Expense"  shall  mean  all  of  a  Person's  paid,  accrued  or
      -----------------
capitalized  interest  expense  on  such  Person's Indebtedness (whether direct,
indirect  or  contingent,  and  including,  without  limitation, interest on all
convertible  debt), and including (without duplication) the Equity Percentage of
Interest  Expense  for  the  Borrower's  Unconsolidated  Affiliates.

     "Interest  Payment  Date" means the first  Business Day of  each  calendar
      -----------------------
quarter.

     "Interest  Period"  means  with  respect  to  any Eurodollar Borrowing, the
      ----------------
period  commencing  on  the  date  of  such  Borrowing  and  ending  (a)  on the
numerically  corresponding  day in the calendar month that is one, two, three or
six months thereafter, or (b) seven or fourteen days thereafter for no more than
six  (6)  Eurodollar  Borrowings  outstanding  at  one time, as the Borrower may
elect; provided, that (i) if any Interest Period would end on a day other than a
       --------
Business  Day,  such  Interest  Period  shall be extended to the next succeeding
Business  Day  unless,  in  the  case  of a Eurodollar Borrowing only, such next
succeeding  Business  Day  would  fall in the next calendar month, in which case
such  Interest  Period shall end on the next preceding Business Day and (ii) any
Interest  Period pertaining to a Eurodollar Borrowing that commences on the last
Business  Day of a calendar month (or on a day for which there is no numerically
corresponding  day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period. For
purposes  hereof,  the  date of a Borrowing initially shall be the date on which
such  Borrowing  is  made and thereafter shall be the effective date of the most
recent  conversion  or  continuation  of  such  Borrowing.

     "Lenders"  means  the  Persons listed on Schedule 2.01 and any other Person
      -------                                 -------------
that  shall have become a party hereto pursuant to an Assignment and Acceptance,
other  than  any  such  Person  that  ceases to be a party hereto pursuant to an
Assignment  and  Acceptance.

     "LIBO  Rate"  means,  with  respect  to  any  Eurodollar  Borrowing for any
      ----------
Interest  Period, the rate appearing on Page 3750 of the Telerate Service (or on
any  successor  or  substitute  page  of  such  Service,  or any successor to or
substitute  for  such  Service,  providing  rate  quotations comparable to those

<PAGE>

currently  provided  on  such  page  of  such  Service,  as  determined  by  the
Administrative  Agent  from time to time for purposes of providing quotations of
interest  rates applicable to dollar deposits in the London interbank market) at
approximately  11:00  a.m.,  London  time,  two  Business  Days  prior  to  the
commencement  of  such  Interest  Period, as the rate for dollar deposits with a
maturity  comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the "LIBO Rate" with respect to such
                                                 ---------
Eurodollar  Borrowing  for  such  Interest  Period  shall  be  the rate (rounded
upwards,  if  necessary,  to  the  next 1/100 of 1%) at which dollar deposits of
$5,000,000  and for a maturity comparable to such Interest Period are offered by
the principal London office of the Administrative Agent in immediately available
funds  in  the London interbank market at approximately 11:00 a.m., London time,
two  Business  Days  prior  to  the  commencement  of  such  Interest  Period.

     "Lien"  means,  with respect to any asset, (a) any mortgage, deed of trust,
      ----
lien,  pledge, hypothecation, encumbrance, charge or security interest in, on or
of  such  asset,  (b) the interest of a vendor or a lessor under any conditional
sale  agreement,  capital  lease  or title retention agreement (or any financing
lease  having  substantially  the  same economic effect as any of the foregoing)
relating  to  such asset and (c) in the case of securities, any purchase option,
call  or  similar  right  of  a  third  party  with  respect to such securities.

     "Loan  Documents"  means  this  Agreement,  the Notes, any Guaranty and all
      ---------------
other  instruments, agreements and written obligations executed and delivered by
any  of  the  Credit  Parties  in  connection with the transactions contemplated
hereby.

     "Loans"  means  the  loans  made by the Lenders to the Borrower pursuant to
      -----
this  Agreement,  and  "Loan"  means  each Lender's Loan or the aggregate of all
                        ----
Lender's  Loans  made  pursuant  to  this  Agreement,  as  applicable.

     "Material  Adverse  Effect"  means  a  material  adverse  effect on (a) the
      -------------------------
business,  assets,  operations,  or  condition,  financial  or otherwise, of the
Borrower  and  the  Subsidiaries taken as a whole, (b) the ability of the Credit
Parties  (as  a  whole) to perform their obligations under the Loan Documents or
(c) the rights of or benefits available to the Lenders under the Loan Documents.

     "Material  Indebtedness"  means  Indebtedness  (other  than  the  Loans and
      ----------------------
Non-recourse Debt), or obligations in respect of one or more Hedging Agreements,
of  any one or more of the Borrower and the other Credit Parties in an aggregate
principal  amount  exceeding  $10,000,000.

     "Maturity  Date"  means  November  21, 2003, as the same may be extended in
      --------------
accordance  with  Section  2.16.
                  -------------

     "Maximum  Rate"  shall  have  the  meaning  set  forth  in  Section  9.13.
      -------------                                              -------------

     "Minority  Subsidiary"  means  a Subsidiary whose accounts are consolidated
      --------------------
with  those  of  its  parent  (as  defined  in  the definition of Subsidiary) as
provided  in  the  definition of Subsidiary, but the parent (a) does not own the
minimum  amount  set forth in clause (a) of the definition of Subsidiary, or (b)
does  not Control the Subsidiary as set forth in clause (b) of the definition of
Subsidiary.

     "Moody's"  means  Moody's  Investors  Service,  Inc.
      -------

<PAGE>

     "Multiemployer  Plan"  means  a  multiemployer  plan  as defined in Section
      ------------------
4001(a)(3)  of  ERISA.

     "Net  Operating Income" shall mean, for any income producing operating Real
      ----------------------
Property,  the  difference  between  (a)  any  rentals (other than those paid or
payable  other  than  in  cash),  proceeds  and  other income received from such
property,  including  all pass-through reimburseables (to the extent the expense
being  reimbursed  is included as an expense in clause (b) below) and percentage
                                                ----------
rent (but excluding security or other deposits, early lease termination or other
penalties,  or  other income of a non-recurring nature) during the determination
period,  less  (b) an amount equal to all costs and expenses (excluding interest
         ----
expense  and  any  expenditures  that  are  capitalized in accordance with GAAP)
incurred  as  a  result of, or in connection with, or properly allocated to, the
operation or leasing of such property during the determination period; provided,
however,  that  the  amount  for  the  expenses for the management of a property
included  in  clause  (b) above shall be set at three percent (3%) of the amount
              -----------
provided  in  clause  (a)  above.  Net Operating Income shall be calculated on a
              -----------
consolidated  basis in accordance with GAAP, and including (without duplication)
the  Equity Percentage of Net Operating Income for the Borrower's Unconsolidated
Affiliates.

     "Net  Worth"  means Total Asset Value less Indebtedness  of  the  Borrower.
      ----------

     "Non-recourse  Debt"  means  any  Indebtedness  the  payment  of  which the
      ------------------
Borrower  or  any of its Subsidiaries is not obligated to make other than to the
extent  of  any  security  therefor and customary carve-outs, including, without
limitation, fraud, criminal activity, misapplication of funds, ad valorem taxes,
and  environmental  matters.

     "Note"  means  a  promissory  note in the form attached hereto as Exhibit D
      ----                                                             ---------
payable  to  a  Lender  evidencing certain of the obligations of the Borrower to
such  Lender and executed by Borrower, as the same may be amended, supplemented,
modified or restated from time to time; "Notes" means, collectively, all of such
                                         -----
Notes  outstanding  at  any  given  time.

     "Occupancy  Level"  means  the  occupancy  level of a Real Property that is
      ---------------
leased  to  bona  fide tenants not Affiliates of any Credit Party or the subject
property  manager  (or  any  of  their  respective Affiliates) paying rent under
written  leases,  based  on  the  square  feet  of  occupancy  at  the  time  of
determination.

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

     "PBGC"  means  the  Pension  Benefit  Guaranty  Corporation referred to and
      ----
defined  in  ERISA  and  any  successor  entity  performing  similar  functions.

     "Permitted  Encumbrances"  means:
      -----------------------

     (a)     Liens imposed by law  for  taxes  that are not yet due or are being
contested  in  compliance  with  Section  5.05;
                                 -------------

<PAGE>

     (b)     carriers',  warehousemen's,  mechanics',  materialmen's,  workers',
repairmen's  and other like Liens imposed by law, arising in the ordinary course
of  business  and securing obligations that are not overdue by more than 30 days
or  are  being  contested  in  compliance  with  Section  5.05;
                                                 -------------

     (c)     pledges  and  deposits made in the  ordinary  course of business in
compliance  with  workers' compensation, unemployment insurance and other social
security  laws  or  regulations;

     (d)     deposits  to  secure  the  performance  of  bids,  trade contracts,
purchase,  construction  or  sales  contracts  and  similar obligations, leases,
statutory  obligations,  surety  and  appeal  bonds, performance bonds and other
obligations  of  a like nature, in each case in the ordinary course of business;

     (e)     judgment liens in respect of judgments  that  do not constitute  an
Event of  Default  under  clause  (j)of  Article  VII;
                          -----------    ------------

     (f)     easements,  outstanding  mineral  and  royalty  interests, building
setback  lines,  maintenance  liens, use restrictions, rights-of-way and similar
encumbrances  on  real property imposed by law or arising in the ordinary course
of  business  that  do not secure any monetary obligations and do not materially
detract  from  the value of the affected property or interfere with the ordinary
conduct  of  business  of  the  Borrower  or  any  Subsidiary;

     (g)     uniform commercial code protective filings with respect to personal
property  leased  to  the  Borrower  or  any  Subsidiary;  and

     (h)     landlords'  liens  for rent not yet due and payable;

provided  that  the  term  "Permitted  Encumbrances"  shall not include any Lien
--------
securing  Indebtedness  consisting  of  borrowed  money.

     "Permitted  Investments"  means:
      ----------------------

     (a)     direct obligations of, or obligations the principal of and interest
on  which are unconditionally guaranteed by, the United States of America (or by
any  agency  thereof to the extent such obligations are backed by the full faith
and  credit  of  the United States of America), in each case maturing within one
year  from  the  date  of  acquisition  thereof;

     (b)     investments in commercial paper maturing within 270  days from  the
date  of  acquisition  thereof and having, at such date of acquisition, a credit
rating  from  S&P  or  from  Moody's  of  A2/P2  or  better;

     (c)     investments  in  certificates of deposit,  banker's acceptances and
time  deposits  maturing  within  180  days from the date of acquisition thereof
issued or guaranteed by or placed with, and money market deposit accounts issued
or  offered  by,  any domestic office of any commercial bank organized under the
laws  of  the United States of America or any State thereof which has a combined
capital  and  surplus  and  undivided  profits  of  not  less than $500,000,000;

<PAGE>

     (d)     fully collateralized repurchase agreements with a term of not  more
than  30 days for securities described in clause (a) above and entered into with
a  financial  institution satisfying the criteria described in clause (c) above;

     (e)     investments  in  Subsidaries  and  Unconsolidated  Affiliates  made
in accordance  with  this  Agreement;

     (f)     investments  in  obligations  of  the  Federal  National  Mortgage
Association  and  the  Federal  Home Loan Mortgage Corporation, with the highest
credit  rating  obtainable  from  S&P  or  from  Moody's;  and

     (g)     investments  in  other  real  estate  investment  trusts.

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

     "Plan"  means any employee pension benefit plan (other than a Multiemployer
      ----
Plan)  subject to the provisions of Title IV of ERISA or Section 412 of the Code
or  Section  302  of  ERISA,  and  in respect of which the Borrower or any ERISA
Affiliate  is  (or,  if  such  plan were terminated, would under Section 4069 of
ERISA  be  deemed  to  be)  an  "employer"  as defined in Section 3(5) of ERISA.

     "Pool"  has  the  meaning  set  forth  in  Section  5.12.
      ----                                      -------------

     "Prime  Rate"  means the rate of interest per annum publicly announced from
      -----------
time  to time by Commerzbank as its prime rate in effect at its principal office
in  New  York  City;  each  change in the Prime Rate shall be effective from and
including  the  date  such  change  is  publicly  announced  as being effective.

     "Real  Property"  means,  collectively,  all  interest  in  any  land  and
      --------------
improvements  located  thereon  (including  direct  financing leases of land and
improvements  owned  by  a  Person),  together  with  all  equipment, furniture,
materials, supplies and personal property now or hereafter located at or used in
connection  with  the  land  and  all  appurtenances,  additions,  improvements,
renewals,  substitutions  and  replacements thereof now or hereafter acquired by
any  Person.

     "Register"  has  the  meaning  set  forth  in  Section  9.04.
      --------                                      -------------

     "Related  Parties"  means,  with  respect  to  any  specified  Person, such
      ----------------
Person's  Affiliates  and  the respective directors, officers, employees, agents
and  advisors  of  such  Person  and  such  Person's  Affiliates.

     "Release"  means any release, spill, emission, leaking,  pumping,  pouring,
      -------
dumping,  emptying, injection, deposit, disposal, discharge, dispersal, leaching
or  migration on or into the indoor or outdoor environment or into or out of any
property.

     "Remedial  Action" means  all  actions,  including  without  limitation any
      ----------------
capital expenditures, required or necessary to (i) clean up, remove, treat or in
any other way address any Hazardous Material; (ii) prevent the Release or threat

<PAGE>

of  Release,  or  minimize  the further Release, of any Hazardous Material so it
does  not  migrate  or  endanger public health or the environment; (iii) perform
pre-remedial studies and investigations or post-remedial monitoring and care; or
(iv)  bring facilities on any property owned or leased by the Borrower or any of
its  Subsidiaries  into  compliance  with  all  Environmental  Laws.

     "Required  Lenders"  means,  at  any  time,  Lenders  having  unpaid  Loans
      -----------------
representing  at  least  66-2/3% of the sum of the total unpaid Loans under this
Agreement.

     "Restricted  Payment" means any dividend or other distribution (whether in
      -------------------
cash,  securities  or other property) with respect to any shares of any class of
capital  stock  of  the  Borrower  or any Subsidiary, or any payment (whether in
cash,  securities  or  other  property),  including  any sinking fund or similar
deposit,  on  account  of  the  purchase,  redemption,  retirement, acquisition,
cancellation  or termination of any such shares of capital stock of the Borrower
or  any  option,  warrant  or  other right to acquire any such shares of capital
stock of the Borrower. Notwithstanding the foregoing, (a) the use of proceeds of
the  issuance  of  capital  stock  to  purchase or redeem capital stock, and (b)
amounts paid by the Borrower to redeem the Borrower's 7.125% Series B cumulative
redeemable  preferred  shares and Borrower's 7.0% Series C cumulative redeemable
preferred  shares  in  response  to  the  holders'  thereof requirement that the
Borrower  so  redeem  in  accordance  with  the  holders'  rights,  shall not be
Restricted  Payments.

     "Retail  Property"  means  Real  Property  that  is  used  primarily  as  a
      ----------------
retail shopping center, which may include ancillary uses such as office, medical
and  restaurant  uses.

     "Revolving Credit Facility"  means,  the  revolving  credit facility of the
      -------------------------
Borrower  under  the Credit Agreement dated November 21, 2000 (as such agreement
exists  on  the  date  hereof),  agented  by  The  Chase  Manhattan Bank, or any
refinancing  or  modification  thereof agreed to by the Administrative Agent and
the  Required  Lenders.

     "S&P"  means  Standard  &  Poor's  Rating  Group.
      ---

     "Secured  Debt"  means  the  Indebtedness  of  the  Borrower and any of its
      -------------
subsidiaries  secured  by  a  Lien,  and  (without duplication) any Indebtedness
(secured  and  unsecured)  of  any  Subsidiary  of  the  Borrower  that is not a
Guarantor.

     "Secured  Debt  to  Total  Asset  Value  Ratio"  means the ratio (expressed
      ---------------------------------------------
as  a  percentage)  of  Secured  Debt  to  Total  Asset  Value.

     "Stabilization  Date" shall mean, with respect to a property,  the  earlier
      -------------------
of  (a)  twelve  (12) months after substantial completion of new construction or
development,  and  (b)  the  date the Occupancy Level is at least ninety percent
(90%).

     "Statutory  Reserve  Rate"  means  a fraction  (expressed  as  a  decimal),
      ------------------------
the  numerator  of  which  is the number one and the denominator of which is the
number one minus the aggregate of the maximum reserve percentages (including any
marginal,  special,  emergency  or supplemental reserves) expressed as a decimal
established  by  the  Governmental  Authority  to which either Lender is subject
(whichever is greater), with respect to the Adjusted LIBO Rate, for eurocurrency

<PAGE>

funding  (currently referred to as "Eurocurrency Liabilities" in Regulation D of
the  Board).  Such  reserve  percentages shall include those imposed pursuant to
such  Regulation  D. Eurodollar Loans shall be deemed to constitute eurocurrency
funding  and  to  be  subject to such reserve requirements without benefit of or
credit  for  proration, exemptions or offsets that may be available from time to
time  to  any  Lender  under such Regulation D or any comparable regulation. The
Statutory  Reserve  Rate  shall  be  adjusted  automatically  on  and  as of the
effective  date  of  any  change  in  any  reserve  percentage.

     "Subsidiary"  means, with respect to any Person (the "parent") at any date,
      ----------                                            ------
any  corporation,  limited  liability company, partnership, association or other
entity  the  accounts of which would be consolidated with those of the parent in
the parent's consolidated financial statements if such financial statements were
prepared  in  accordance  with  GAAP  as  of  such date (but excluding ownership
interests  accounted  for  under the equity method of accounting and included in
clause (a) of the definition of Unconsolidated Affiliates), as well as any other
corporation, limited liability company, partnership, association or other entity
(a)  of which securities or other ownership interests representing more than 50%
of the equity or more than 50% of the ordinary voting power or, in the case of a
partnership,  more than 50% of the general partnership interests are, as of such
date,  owned,  controlled  or  held,  or (b) that is, as of such date, otherwise
Controlled,  by  the  parent or one or more subsidiaries of the parent or by the
parent  and  one  or  more  subsidiaries  of  the  parent.

     "Taxes" means any and all present or future taxes, levies, imposts, duties,
deductions,  charges  or  withholdings  imposed  by  any Governmental Authority.

     "Total  Asset  Value"  means  the sum of (without duplication) (a) the
      -------------------
aggregate  Value  of  all of Borrower's Real Property (subject to the applicable
maximum investment limitations in Section 6.04), plus (b) the amount of any cash
and cash equivalents, excluding tenant security and other restricted deposits of
the Borrower, plus (c) investments in Unconsolidated Affiliates that are engaged
primarily  in  the business of investment in and operation of Retail Property or
Industrial  Property,  valued  at  an  amount  equal  to  the  Value  of  each
Unconsolidated Affiliate's Real Property multiplied by the Equity Percentage for
that  Unconsolidated  Affiliate  (subject  to  the maximum investment limitation
contained  in  Section  6.04(c)),  plus  (d)  investments in mortgages and notes
               ----------------
receivable permitted by Section 6.04(d) that are not then in default (calculated
                        ---------------
on  the  book  value  of the investment in accordance with GAAP) (subject to the
maximum investment limitations in Section 6.04(d)).  Total Asset Value for items
                                  ---------------
(a)  through (d) above shall be calculated on a consolidated basis in accordance
with  GAAP.

     "Transactions" means the execution, delivery and  performance by the Credit
      ------------
Parties  of  the Loan Documents, the borrowing of Loans, the use of the proceeds
thereof.

     "Type",  when used in reference to any Loan or Borrowing, refers to whether
      ----
the rate of interest on such Loan, or on the Loans comprising such Borrowing, is
determined  by  reference  to the Adjusted LIBO Rate or the Alternate Base Rate.

     "Unconsolidated  Affiliate"  means,  without duplication, (a) in respect of
      -------------------------
any  Person,  any  other  Person (other than a Person whose stock is traded on a
national  trading  exchange)  in  whom  such  Person  holds  a  voting equity or

<PAGE>

ownership  interest  and whose financial results would not be consolidated under
GAAP  with  the  financial  results of such Person on the consolidated financial
statements  of  such  Person,  and  (b)  a  Minority  Subsidiary.

     "Unencumbered  Interest  Coverage Ratio"  means  the  ratio  of  (a)  the
      --------------------------------------
Adjusted  Net Operating Income for Real Property in the Pool for the immediately
preceding  four (4) calendar quarters, to (b) the Borrower's Interest Expense on
all  of  the Borrower's Indebtedness other than Secured Debt for the period used
to  calculate  Adjusted  Net  Operating  Income.

     "Value"  means  the  sum  of  the  following:
      -----

     (a)     for Real Property that  has reached the Stabilization Date and that
Borrower  or  Subsidiary  of  Borrower  has  owned  for  all  of the immediately
preceding  six (6) calendar months, the result of dividing (i) the aggregate Net
Operating  Income of the subject property based on the immediately preceding six
(6)  calendar  months  and  multiplied  by two (2), less the Capital Expenditure
Reserve  for such property, by (ii) nine and three-fourths percent (9.75%); plus

     (b)     for  Real  Property that is  completed  but  has  not  reached  the
Stabilization  Date  or  that  has not been owned by Borrower or a Subsidiary of
Borrower  for  all  of  the  immediately  preceding six (6) calendar months, the
Historical  Value  of  the  subject  property;  plus

     (c)     for  Real Property that is  under  construction or development, the
Historical  Value  of  the  subject  property;  plus

     (d)     for Real Property that is undeveloped land, the Historical Value of
the subject  property  calculated  in  accordance  with  GAAP.

     "Withdrawal  Liability" means liability to a Multiemployer Plan as a result
      ---------------------
of  a complete or partial withdrawal from such Multiemployer Plan, as such terms
are  defined  in  Part  I  of  Subtitle  E  of  Title  IV  of  ERISA.

     SECTION  1.02     Classification  of Loans and Borrowings.  For purposes of
                       ---------------------------------------
this  Agreement,  Loans and Borrowings may be classified and referred to by Type
(e.g.,  a  "Eurodollar  Loan"  or  a  "Eurodollar  Borrowing").

     SECTION  1.03     Terms  Generally.  The definitions of terms herein  shall
                       ----------------
apply  equally  to  the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding mascu-line,
feminine and neuter forms. The words "include", "includes" and "including" shall
be  deemed  to  be  followed by the phrase "without limitation". The word "will"
shall  be  construed  to  have  the same meaning and effect as the word "shall".
Unless  the context requires otherwise (a) any definition of or reference to any
agreement,  instrument  or other document herein shall be construed as referring
to  such  agreement,  instrument or other document as from time to time amended,
supplemented  or  otherwise  modified  (subject  to  any  restrictions  on  such
amendments,  supplements  or  modifications set forth herein), (b) any reference
herein  to any Person shall be construed to include such Person's successors and
assigns,  (c) the words "herein", "hereof" and "hereunder", and words of similar
import, shall be construed to refer to this Agreement in its entirety and not to
any  particular  provision  hereof,  (d)  all  references  herein  to  Articles,
Sections,  Exhibits  and  Schedules  shall be construed to refer to Articles and

<PAGE>

Sections  of,  and  Exhibits  and Schedules to, this Agreement and (e) the words
"asset"  and  "property"  shall be construed to have the same meaning and effect
and  to  refer  to  any  and  all tangible and intangible assets and properties,
including  cash,  securities,  accounts  and  contract  rights.

     SECTION 1.04     Accounting Terms; GAAP.   Except  as  otherwise  expressly
                      ---------------------
provided  herein,  all  terms  of  an  accounting  or  financial nature shall be
construed  in  accordance  with  GAAP,  as in effect from time to time; provided
that,  if  the  Borrower  notifies  the  Administrative  Agent that the Borrower
requests  an  amendment  to  any provision hereof to eliminate the effect of any
change  occurring after the date hereof in GAAP or in the application thereof on
the  operation  of  such  provision (or if the Administrative Agent notifies the
Borrower  that the Required Lenders request an amendment to any provision hereof
for  such  purpose),  regardless  of  whether any such notice is given before or
after  such  change  in  GAAP or in the application thereof, then such provision
shall  be  interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith. Without limiting the
generality of the foregoing, if the Borrower changes its method of accounting to
the  full  consolidation method of accounting for financial accounting purposes,
in  accordance  with  GAAP,  the Borrower shall continue to calculate compliance
with  the  financial  covenants  in  this  Agreement  based on GAAP prior to the
change,  and  shall  prepare  footnotes  to  each Compliance Certificate and the
financial statements required to be delivered under this Agreement that show the
differences  between  the  financial  statements  delivered  (which reflect such
changes)  and  the  basis for calculating financial covenant compliance (without
reflecting  such  changes).

                                ARTICLE  II

                               The  Credits

     SECTION  2.01     Commitments.  Subject  to  the  terms  and conditions set
                       ----------
forth herein, each Lender agrees to make a Loan to the Borrower on the Effective
Date  in the amount of such Lender's Commitment. The Borrower may not prepay and
reborrow  the  Loan.

     SECTION  2.02     Loans and Borrowings.  (a)   The failure of any Lender to
                       -------------------
make  the  Loan  required to be made by it shall not relieve any other Lender of
its  obligations hereunder. Each Lender's obligation to make the Loan is several
and  not  joint.

     (b)     Subject  to  Section 2.10, the initial Borrowing shall be comprised
                          ------------
entirely  of  ABR  Loans  or  Eurodollar  Loans  as  the Borrower may request in
accordance  herewith.  Each Lender at its option may make any Eurodollar Loan by
causing  any domestic or foreign branch or Affiliate of such Lender to make such
Loan;  provided that any exercise of such option shall not affect the obligation
       --------
of  the  Borrower  to  repay  such  Loan  in  accordance with the  terms of this
Agreement.

     (c)     At the commencement of  each  Interest  Period  for  any Eurodollar
Borrowing,  such  Borrowing  shall be in an aggregate amount that is an integral
multiple  of $1,000,000 and not less than $5,000,000.  At the time that each ABR
Borrowing  is  made,  such  Borrowing shall be in an aggregate amount that is an
integral multiple of $1,000,000 and not less than $5,000,000. Borrowings of more
than one Type may be outstanding at the same time; provided that there shall not
                                                   --------
at  any  time be more than a total of six (6) Eurodollar Borrowings outstanding.

     (d)  Notwithstanding  any  other  provision of this Agreement, the Borrower
shall  not  be  entitled  to  request,  or  to elect to convert or continue, any
Borrowing  if the Interest Period requested with respect thereto would end after
the  Maturity  Date.

     SECTION 2.03     Request for Borrowing.   To  request  the  Borrowing,  the
                      --------------------
Borrower shall notify the Administrative Agent of such request in writing (a) in
the  case  of  a  Eurodollar Borrowing, not later than 12:00 noon, New York, New
York  time., three Business Days before the Effective Date or (b) in the case of
an  ABR  Borrowing,  not  later  than  12:00  noon, New York, New York time, one
Business Day before the Effective Date. Such borrowing request shall specify the
following  information  in  compliance  with  Section  2.02:

          (i)  the  date  of  such  Borrowing,  which  shall  be a Business Day;

          (ii)  whether such Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing;

          (iii) in the case of a Eurodollar Borrowing, the Interest Period to be
applicable  thereto,  which  shall be a period contemplated by the definition of
the  term  "Interest  Period";  and

          (iv)  the location and number of the Borrower's account to which funds
are to be disbursed, which shall comply with the  requirements of  Section 2.04.
                                                                   ------------

If  no  election  as  to  the  Type  of  Borrowing is specified in the borrowing
request,  then the requested Borrowing shall be an ABR Borrowing. If no Interest
Period is specified with respect to any requested Eurodollar Borrowing, then the
Borrower  shall  be  deemed  to  have selected an Interest Period of seven days'
duration.

     SECTION  2.04     Funding  of  Borrowing.  Each Lender  shall make the Loan
                       ---------------------
to be made by it hereunder on the Effective Date by wire transfer of immediately
available  funds  by  1:00  p.m., New York, New York time, to the account of the
Administrative Agent designated by it for such purpose by notice to the Lenders.
The  Administrative  Agent  will  make  such  Loans available to the Borrower by
promptly  crediting the amounts so received, in like funds, to an account of the
Borrower  maintained  with  the  Administrative  Agent in New York, New York and
designated  by  the  Borrower  in writing, or such other account as Borrower may
designate  in  writing.

     SECTION  2.05     Interest  Elections.  (a)  The  Borrower  may  elect  to
                       ------------------
convert  a  Borrowing  to a different Type or to continue such Borrowing and, in
the  case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as
provided  in this Section. The Borrower may elect different options with respect
to different portions of the affected Borrowing, in which case each such portion
shall  be  allocated ratably among the Lenders holding the Loans comprising such
Borrowing,  and  the  Loans  comprising  each such portion shall be considered a
separate  Borrowing.

     (b)     To  make  an  election pursuant to this Section, the Borrower shall
notify  the  Administrative Agent of such election by telephone by the time that
the  borrowing request would be required under Section 2.03 if the Borrower were
                                               ------------

<PAGE>

requesting  a  Borrowing  of the Type resulting from such election to be made on
the  effective  date  of  such election.  Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy  to  the Administrative Agent of a written Interest Election Request in
the  form  of  Exhibit E attached hereto and hereby made a part hereof signed by
               ---------
the  Borrower.
     (c)     Each telephonic and written Interest Election Request shall specify
the following  information  in  compliance  with  Section  2.02:
                                                  -------------

               (i) the Borrowing to which such Interest Election Request applies
and,  if  different options are being elected with respect to different portions
thereof,  the  portions  thereof to be allocated to each resulting Borrowing (in
which  case  the  information to be specified pursuant to clauses (iii) and (iv)
below  shall  be  specified  for  each  resulting  Borrowing);

               (ii) the  effective  date  of  the election made pursuant to such
Interest Election  Request,  which  shall  be  a  Business  Day;

               (iii)  whether  the resulting Borrowing is to be an ABR Borrowing
or  a  Eurodollar  Borrowing;  and

               (iv)  if  the  resulting Borrowing is a Eurodollar Borrowing, the
Interest  Period  to be applicable thereto after giving effect to such election,
which  shall  be  a  period contemplated by the definition of the term "Interest
Period".

If  any  such Interest Election Request requests a Eurodollar Borrowing but does
not  specify  an  Interest  Period,  then  the  Borrower shall be deemed to have
selected  an  Interest  Period  of  seven  days'  duration.

     (d)     Promptly  following  receipt  of  an Interest Election Request, the
Administrative Agent shall advise each Lender of the details thereof and of such
Lender's  portion  of  each  resulting  Borrowing.

     (e)     If the Borrower fails to deliver a timely Interest Election Request
with  respect  to a Eurodollar Borrowing prior to the end of the Interest Period
applicable thereto, then, unless such Borrowing is repaid as provided herein, at
the  end  of  such  Interest  Period  such  Borrowing  shall  be  converted to a
Eurodollar  Borrowing  with  an  Interest  Period  of  seven  days'  duration.
Notwithstanding  any  contrary  provision  hereof,  if  an  Event of Default has
occurred  and  is continuing and the Administrative Agent, at the request of the
Required Lenders, so notifies the Borrower, then, so long as an Event of Default
is continuing (i) no outstanding Borrowing may be converted to or continued as a
Eurodollar  Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be
converted  to  an  ABR  Borrowing  at  the end of the Interest Period applicable
thereto.

     SECTION  2.06     Repayment of Loans; Evidence of Debt.  (a)  The  Borrower
                       -----------------------------------
hereby  unconditionally  promises  to  pay  to  the Administrative Agent for the
account  of  each  Lender  the  then unpaid principal amount of the Loans on the
Maturity Date. The Loans shall be evidenced by the Notes, one to each Lender for
such  Lender's  Commitment.

<PAGE>

     (b)     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, including the amounts of principal
and  interest  payable  and  paid  to  such  Lender from time to time hereunder.

     (c)     The  Administrative  Agent  shall  maintain  accounts  in which it
shall  record  (i)  the amount of the Loans made hereunder, the Type thereof and
the  Interest  Period  applicable  thereto,  (ii) the amount of any principal or
interest  due and payable or to become due and payable from the Borrower to each
Lender  hereunder and (iii) the amount of any sum received by the Administrative
Agent  hereunder for the account of the Lenders and each Lender's share thereof.

     (d)     The  entries  made in the accounts maintained pursuant to paragraph
                                                                       ---------
(b) or  (c)  of  this Section shall be prima facie evidence of the existence and
---    ---                             ----- -----
amounts  of  the  obligations recorded therein; provided that the failure of any
                                       --------
Lender  or  the  Administrative  Agent  to  maintain  such accounts or any error
therein  shall  not in any manner affect the obligation of the Borrower to repay
the  Loans  in  accordance  with  the  terms  of  this  Agreement.

     SECTION 2.07     Prepayment of Loans.  (a)  The  Borrower  shall  have  the
                      ------------------
right at any time and from time to time to prepay, without penalty, the Loans in
whole  or  in  part, subject to prior notice in accordance with paragraph (b) of
this Section, and subject to Section 2.12, if applicable.

          b)  The  Borrower  shall  notify the Administrative Agent by telephone
(confirmed  by  telecopy)  of  any  prepayment  hereunder  (i)  in  the  case of
prepayment  of  a  Eurodollar Borrowing, not later than 2:00 p.m., New York, New
York  time,  three  Business  Days before the date of prepayment, or (ii) in the
case  of prepayment of an ABR Borrowing, not later than 2:00 p.m., New York, New
York  time,  one  Business  Day  before the date of prepayment. Each such notice
shall  be  irrevocable  and  shall specify the prepayment date and the principal
amount  of  each  Borrowing or portion thereof to be prepaid. Promptly following
receipt  of any such notice the Administrative Agent shall advise the Lenders of
the contents thereof. Each partial prepayment of the Loans shall be in an amount
that  would be permitted in the case of a Borrowing of the same Type as provided
in  Section  2.02.  Each prepayment of the Loans shall be applied ratably to the
    ------------
Loans  included  in  the  prepaid Borrowing. Prepayments shall be accompanied by
accrued  interest  to  the  extent  required  by  Section  2.09.
                                                  ------------

          (c)  In  connection  with  the  prepayment  of  any  Loan prior to the
expiration  of  the  Interest Period applicable thereto, the Borrower shall also
pay  any  applicable  expenses  pursuant  to  Section  2.12.
                                              -------------

          (d)  Amounts  to be applied to the prepayment of Loans pursuant to any
of  the preceding subsections of this Section shall be applied, first, to reduce
outstanding  ABR  Loans  and  next,  to  the extent of any remaining balance, to
reduce  outstanding  Eurodollar  Loans. Each such prepayment shall be applied to
prepay  ratably  the  Loans  of  the  Lender.

     SECTION  2.08     Fees.  (a)   The  Borrower  agrees  to  pay  to  the
                       ----
Administrative  Agent,  for  its own account, fees payable in the amounts and at
the  times  separately  agreed  upon between the Borrower and the Administrative
Agent.

<PAGE>

          (b)  All  fees  payable  hereunder  shall be paid on the dates due, in
immediately  available  funds,  to the Administrative Agent for distribution, in
the  case  of  facility  fees  and participation fees, to the Lenders. Fees paid
shall  not  be  refundable  under  any  circumstances.

          (c) In the event that the Maturity Date is extended in accordance with
the  terms  of  Section  2.16,  the Borrower agrees to pay to the Administrative
                -------------
Agent  for  the  account  of  each Lender an extension fee equal to 0.20% of the
aggregate  unpaid  principal  balance  of the Loan on the first effective day of
each  extension.

          (d)  The  Borrower  agrees  to pay to the Administrative Agent for the
account of each Lender a facility fee, which shall accrue at the Applicable Rate
on  the  amount  of  the  Commitment  of  such Lender during the period from and
including the date of this Agreement to but excluding the date of full and final
payment  of all Loans. Accrued facility fees shall be payable in arrears on each
Interest  Payment  Date,  on  the  Maturity  Date,  and on such other dates that
interest shall be payable pursuant to Sections 2.09(d)(ii) and (iii) hereof. All
                                      --------------------     -----
facility  fees shall be computed on the basis of a year of 360 days and shall be
payable  for  the  actual  number  of  days elapsed (including the first day but
excluding  the  last  day).

     SECTION  2.09     Interest.  (a)  The  Loans comprising  each ABR Borrowing
                       -------
shall  bear  interest  at  the  lesser  of  (x) the Alternate Base Rate plus the
Applicable  Rate,  or  (y)  the  Maximum  Rate.

          (b) The Loans comprising each Eurodollar Borrowing shall bear interest
at  the  lesser  of (x) the Adjusted LIBO Rate for the Interest Period in effect
for  such  Borrowing  plus  the  Applicable  Rate,  or  (y)  the  Maximum  Rate.

          (c) Notwithstanding the foregoing, (A) if any principal of or interest
on  any Loan or any fee or other amount payable by the Borrower hereunder is not
paid  when due, whether at stated maturity, upon acceleration or otherwise, such
overdue  amount shall bear interest, after as well as before judgment, at a rate
per  annum equal to (i) in the case of overdue principal of any Loan, the lesser
of  (x)  2%  plus  the rate otherwise applicable to such Loan as provided in the
preceding  paragraphs  of  this Section, or (y) the Maximum Rate, or (ii) in the
case  of  any other amount, the lesser of (x) 2% plus the rate applicable to ABR
Loans as provided in paragraph (a) of this Section, or (y) the Maximum Rate; and
                     -------------
(B)  after  the  occurrence  of  any  Event  of  Default,  at  the option of the
Administrative  Agent,  or if the Administrative Agent is directed in writing by
the  Required Lenders to do so, the Loan shall bear interest at a rate per annum
equal to the lesser of (x) 2% plus the rate otherwise applicable to such Loan as
provided  in  the preceding paragraphs of this Section, or (y) the Maximum Rate.

          (d)  Accrued interest on each Loan shall be payable in arrears on each
Interest  Payment Date for such Loan and on the Maturity Date; provided that (i)
                                                               --------
interest  accrued  pursuant to paragraph (c) of this Section shall be payable on
                               -------------
demand,  (ii)  in  the event of any repayment or prepayment of any Loan, accrued
interest  on the principal amount repaid or prepaid shall be payable on the date
of  such repayment or prepayment and (iii) in the event of any conversion of any
Eurodollar  Loan  prior  to  the  end  of  the current Interest Period therefor,
accrued  interest  on  such  Loan shall be payable on the effective date of such
conversion.

<PAGE>

          (e) All interest hereunder shall be computed on the basis of a year of
360  days, except that interest computed by reference to the Alternate Base Rate
shall  be  computed  on  the  basis of a year of 365 days (or 366 days in a leap
year),  and  in each case shall be payable for the actual number of days elapsed
(including  the  first day but excluding the last day). The applicable Alternate
Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent,
and  such  determination  shall  be  conclusive  absent  manifest  error.

     SECTION  2.10     Alternate  Rate  of Interest.   If  prior  to  the
                       ---------------------------
commencement  of  any  Interest  Period  for  a  Eurodollar  Borrowing:  (a) the
Administrative  Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining
the Adjusted LIBO Rate for such Interest Period; or (b) the Administrative Agent
is  advised  by  the  Required  Lenders that (i) the Adjusted LIBO Rate for such
Interest  Period will not adequately and fairly reflect the cost to such Lenders
(or  Lender) of making or maintaining their Loans (or its Loan) included in such
Borrowing for such Interest Period and (ii) such fact is generally applicable to
its  loans  of  this  type to similar borrowers, as evidenced by a certification
from  such  Lenders;  then the Administrative Agent shall give notice thereof to
the Borrower and the Lenders by telephone or telecopy as promptly as practicable
thereafter  and,  until  the  Administrative Agent notifies the Borrower and the
Lenders  that  the circumstances giving rise to such notice no longer exist, any
Interest  Election  Request that requests the conversion of any Borrowing to, or
continuation  of  any Borrowing as, a Eurodollar Borrowing shall be ineffective.

     SECTION  2.11     Increased  Costs.
                       ---------------
          (a)  If  any  Change  in  Law  shall:

               (i)  impose,  modify  or  deem  applicable  any  reserve, special
deposit  or  similar  requirement  against  assets  of, deposits with or for the
account  of,  or  credit  extended  by,  any  Lender  (except  any  such reserve
requirement  reflected  in  the  Adjusted  LIBO  Rate);  or

               (ii)  impose  on  any  Lender  or the London interbank market any
other  condition  (other  than  one  relating  to Excluded Taxes) affecting this
Agreement  or Eurodollar Loans made by such Lender; and the result of any of the
foregoing  shall be to increase the cost to such Lender of making or maintaining
any  Eurodollar Loan (or of maintaining its obligation to make any such Loan) or
to  reduce the amount of any sum received or receivable by such Lender hereunder
(whether  of  principal,  interest  or otherwise), then the Borrower will pay to
such Lender such additional amount or amounts as will compensate such Lender for
such  additional  costs  incurred  or  reduction  suffered.

          (b)  If  any  Lender  determines  that  any  Change  in  Law regarding
capital requirements has or would have the effect of reducing the rate of return
on  such Lender's capital or on the capital of such Lender's holding company, if
any,  as  a  consequence  of this Agreement or the Loan made by such Lender to a

<PAGE>

level  below  that which such Lender or such Lender's holding company could have
achieved  but  for  such  Change in Law (taking into consideration such Lender's
policies  and  the  policies  of  such  Lender's holding company with respect to
capital  adequacy),  then from time to time the Borrower will pay to such Lender
such  additional  amount  or  amounts  as  will  compensate  such Lender or such
Lender's holding company for any such reduction suffered.

          (c)  A  certificate  of  a  Lender setting forth the amount or amounts
necessary  to compensate such Lender or its holding company, as the case may be,
as  specified  in  paragraph  (a)  or  (b) of  this  Section shall be  delivered
                  -------------    ---
to  the  Borrower  and  shall  be conclusive absent manifest error. The Borrower
shall  pay such Lender the amount shown as due on any such certificate within 10
days  after  receipt  thereof.

          (d)  Failure or delay on the part of any Lender to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender's right to
demand  such  compensation;  provided that the Borrower shall not be required to
                             --------
compensate  a  Lender  pursuant  to  this  Section  for  any  increased costs or
reductions  incurred  more  than  60  days  prior  to  the date that such Lender
notifies  the  Borrower of the Change in Law giving rise to such increased costs
or  reductions  and  of  such Lender's intention to claim compensation therefor;
provided  further that, if the Change in Law giving rise to such increased costs
--------  -------
or  reductions is retroactive, then the 60-day period referred to above shall be
extended  to  include  the  period  of  retroactive  effect  thereof.

     SECTION 2.12     Break Funding Payments.  In the event of (a) the payment
                      ---------------------
of  any  principal  of  any  Eurodollar  Loan  other  than on the last day of an
Interest  Period  applicable  thereto  (including  as  a  result  of an Event of
Default),  (b)  the conversion of any Eurodollar Loan other than on the last day
of  the  Interest Period applicable thereto, (c) the failure to borrow, convert,
continue  or  prepay  any  Loan  on  the  date specified in any notice delivered
pursuant  hereto (regardless of whether such notice may be revoked under Section
2.07(b)),  or  (d)  the assignment of any Eurodollar Loan other than on the last
day  of  the  Interest Period applicable thereto as a result of a request by the
Borrower  pursuant  to Section 2.15, then, in any such event, the Borrower shall
compensate  each  Lender  for  the  loss,  cost and expense attributable to such
event.  In  the  case  of  a  Eurodollar Loan, such loss, cost or expense to any
Lender  shall be deemed to include an amount determined by such Lender to be the
excess,  if  any,  of (i) the amount of interest which would have accrued on the
principal  amount of such Loan had such event not occurred, at the Adjusted LIBO
Rate  that would have been applicable to such Loan, for the period from the date
of  such event to the last day of the then current Interest Period therefor (or,
in  the  case  of  a failure to borrow, convert or continue, for the period that
would  have  been  the  Interest  Period for such Loan), over (ii) the amount of
interest  which  would  accrue  on  such principal amount for such period at the
interest rate which such Lender would bid were it to bid, at the commencement of
such  period,  for  dollar deposits of a comparable amount and period from other
banks  in  the eurodollar market. A certificate of any Lender setting forth any
amount  or  amounts  that  such  Lender  is entitled to receive pursuant to this
Section  shall  be  delivered  to  the  Borrower  and shall be conclusive absent
manifest  error.  The  Borrower shall pay such Lender the amount shown as due on
any  such  certificate  within  10  days  after  receipt  thereof.

<PAGE>

     SECTION  2.13     Taxes.
                       ----

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

          (b)  In  addition,  the  Borrower  shall  pay  any  Other Taxes to the
relevant  Governmental  Authority  in  accordance  with  applicable  law.

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

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

          (e)  Any  Foreign  Lender  that  is  entitled  to an exemption from or
reduction  of  withholding  tax  under  the law of the jurisdiction in which the
Borrower  is  located, or any treaty to which such jurisdiction is a party, with
respect  to  payments under this Agreement shall deliver to the Borrower (with a
copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable
law  or  reasonably requested by the Borrower as will permit such payments to be
made  without  withholding  or  at  a  reduced  rate.

     SECTION  2.14     Payments  Generally;  Pro Rata  Treatment;  Sharing  of
                       -------------------------------------------------------
Set-offs.
--------

          (a)  The  Borrower  shall  make each payment required to be made by it
hereunder  (whether  of  principal,  interest, fees, or of amounts payable under
Section 2.11, 2.12 or 2.13, or otherwise) prior to 1:00 p.m., New York, New York
time,  on  the date when due, in immediately available funds, without set-off or

<PAGE>

counterclaim.  Any  amounts  received  after  such  time on any date may, in the
discretion  of  the Administrative Agent, be deemed to have been received on the
next  succeeding  Business Day for purposes of calculating interest thereon. All
such  payments  shall  be  made  to the Administrative Agent at its offices at 2
World  Financial  Center,  New  York,  New York 10281-1050, except that payments
pursuant  to  Sections  2.11,  2.12, 2.13 and 9.03 shall be made directly to the
Persons entitled thereto. If the Administrative Agent receives a payment for the
account  of  a  Lender prior to 1:00 p.m., New York, New York time, such payment
must  be  delivered  to the Lender on the same day and if it is not so delivered
due to the fault of the Administrative Agent, the Administrative Agent shall pay
to  the  Lender  entitled  to  the  payment  interest thereon for each day after
payment should have been received by the Lender pursuant hereto until the Lender
receives  payment, at the greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules
on  interbank  compensation. If any payment hereunder shall be due on a day that
is  not  a  Business  Day,  the  date  for payment shall be extended to the next
succeeding  Business  Day,  and,  in  the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension. All payments
hereunder  shall  be  made  in  Dollars.

          (b) If at any time insufficient funds are received by and available to
the  Administrative  Agent  to  pay fully all amounts of principal, interest and
fees  then due hereunder, such funds shall be applied (i) first, towards payment
of  interest  and  fees  then  due hereunder, ratably among the parties entitled
thereto  in  accordance  with  the amounts of interest and fees then due to such
parties,  and  (ii)  second,  towards  payment  of principal then due hereunder,
ratably  among  the  parties  entitled thereto in accordance with the amounts of
principal  then  due  to  such  parties.

          (c)  If  any  Lender  shall,  by  exercising  any  right of set-off or
counterclaim  or  otherwise,  obtain  payment  in respect of any principal of or
interest  on  its  Loan  resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Loan and accrued interest thereon than
the  proportion  received  by  any  other Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the
Loans  of  other Lenders to the extent necessary so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate
amount  of principal of and accrued interest on their respective Loans; provided
                                                                        --------
that  (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded
and  the  purchase  price  restored  to  the  extent  of  such recovery, without
interest,  and  (ii)  the provisions of this paragraph shall not be construed to
apply to any payment made by the Borrower pursuant to and in accordance with the
express  terms  of  this  Agreement  or  any  payment  obtained  by  a Lender as
consideration  for  the  assignment of or sale of a participation in its Loan to
any  assignee  or  participant,  other than to the Borrower or any Subsidiary or
Affiliate  thereof  (as  to which the provisions of this paragraph shall apply).
The  Borrower  consents  to  the  foregoing  and  agrees,  to  the extent it may
effectively  do  so  under  applicable  law,  that  any  Lender  acquiring  a
participation  pursuant  to  the foregoing arrangements may exercise against the
Borrower  rights  of set-off and counterclaim with respect to such participation
as  fully as if such Lender were a direct creditor of the Borrower in the amount
of  such  participation.

          (d)  Unless  the  Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative
Agent  for  the account of the Lenders hereunder that the Borrower will not make

<PAGE>

such  payment,  the  Administrative  Agent may assume that the Borrower has made
such  payment on such date in accordance herewith and may, in reliance upon such
assumption,  distribute  to  the  Lenders  the amount due. In such event, if the
Borrower  has  not in fact made such payment, then each of the Lenders severally
agrees  to  repay  to the Administrative Agent forthwith on demand the amount so
distributed  to  such  Lender  with  interest  thereon,  for  each  day from and
including the date such amount is distributed to it to but excluding the date of
payment  to  the  Administrative  Agent,  at  the  greater  of the Federal Funds
Effective  Rate  and a rate determined by the Administrative Agent in accordance
with  banking  industry  rules  on  interbank  compensation.

          (e)  If  any Lender shall fail to make any payment required to be made
by  it  pursuant  to  Section 2.14(d), then the Administrative Agent may, in its
                      ----------------
discretion  (notwithstanding  any  contrary provision hereof), apply any amounts
thereafter  received  by the Administrative Agent for the account of such Lender
to  satisfy  such  Lender's  obligations  under  such  Sections  until  all such
unsatisfied  obligations  are  fully  paid.

     SECTION  2.15     Mitigation  Obligations;  Replacement  of  Lenders.
                       --------------------------------------------------

          (a)  Each Lender will notify the Borrower of any event occurring after
the  date  of  this  Agreement  which  will  entitle such Person to compensation
pursuant  to  Sections 2.09 and 2.11 as promptly as practicable after it obtains
              -------------     ----
knowledge  thereof  and  determines  to request such compensation, provided that
such  Person  shall not be liable for the failure to provide such notice. If any
Lender  requests compensation under Section 2.09, or if the Borrower is required
                                    ------------
to  pay  any  additional amount to any such Person or any Governmental Authority
for  the  account of any Lender pursuant to Section 2.11, then such Lender shall
                                            ------------
use  reasonable  efforts  to  avoid  or minimize the amounts payable, including,
without limitation, the designation of a different lending office for funding or
booking  its  Loan  or the assignment of its rights and obligations hereunder to
another  of  its  offices,  branches  or affiliates, if, in the judgment of such
Lender,  such  designation  or  assignment (i) would eliminate or reduce amounts
payable  pursuant to Section 2.09 or 2.11, as the case may be, in the future and
                     --------------------
(ii) would not subject such Lender to any unreimbursed cost or expense and would
not  otherwise  be disadvantageous to such Lender. The Borrower hereby agrees to
pay  all  reasonable and documented costs and expenses incurred by any Lender in
connection  with  any  such  designation  or  assignment.

          (b)  If any Lender requests compensation under Section 2.09, or if the
                                                         -------------
Borrower  is  required  to  pay  any  additional  amount  to  any  Lender or any
Governmental  Authority  for the account of any Lender pursuant to Section 2.11,
                                                                   ------------
or  if  any  Lender defaults in its obligation to fund Loans hereunder, then the
Borrower may, at its sole expense and effort, upon notice to such Lender and the
Administrative  Agent,  require  such  Lender  to  assign  and delegate, without
recourse  (in  accordance  with  and  subject  to  the restrictions contained in
Section 9.04), all its interests, rights and obligations under this Agreement to
      ------
an  assignee  that  shall assume such obligations (which assignee may be another
Lender,  if  a  Lender  accepts such assignment); provided that (i) the Borrower
                                                  --------
shall have received the prior written consent of the Administrative Agent, which
consent shall not unreasonably be withheld, (ii) such Lender shall have received
payment  of  an  amount  equal to the outstanding principal of its Loan, accrued
interest  thereon,  accrued  fees and all other amounts payable to it hereunder,
from  the  assignee  (to  the  extent  of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts), and (iii)
in the case of any such assignment resulting from a claim for compensation under

<PAGE>

Section  2.09  or  payments  required  to be made pursuant to Section 2.11, such
-------------                                                 ------------
assignment  will  result  in  a  reduction  in such compensation or payments.  A
Lender  shall  not  be  required  to make any such assignment and delegation if,
prior  thereto,  as  a  result  of  a  waiver  by  such Lender or otherwise, the
circumstances  entitling  the Borrower to require such assignment and delegation
cease  to  apply.

     SECTION  2.16     Extension.
                       ---------

          (a) Subject to the provisions of this Section, the Borrower may extend
the Maturity Date of the Loan two (2) times for one (1) year each time by giving
written request therefor (an "Extension Request") to the Administrative Agent of
                              -----------------
the  Borrower's  desire  to extend such term, at least ninety (90) days prior to
the  then  existing Maturity Date. The second Extension Request may only be made
after  the  first extension of the Maturity Date hereunder has become effective.

          (b)  If  the  Maturity  Date  is  extended, all of the other terms and
conditions  of  this  Agreement and the other Loan Documents (including interest
payment  dates)  shall remain in full force and effect and unmodified, except as
expressly  provided  for herein. The extension of the Maturity Date for each one
(1)  year  period  is  subject  to  the  satisfaction  of  each of the following
additional  conditions  for  each  extension:

               (i)  The  representations and warranties of each Credit Party set
forth in this Agreement or any other Loan Document to which such Credit Party is
a  signatory shall be true and correct in all material respects on the date that
the  Extension Request is given to the Administrative Agent and on the first day
of  the  applicable  extension  (except  to  the extent such representations and
warranties  relate  to  a  specified  date);

               (ii)  no  Default  or  Event  of  Default  has  occurred  and  is
continuing  on the date on which the Borrower gives the Administrative Agent the
Extension  Request  or  on  the  first  day  of  the  extension;

               (iii)  the  Borrower  shall  be  in  compliance  with  all of the
financial covenants set forth in Article VI hereof both on the date on which the
                                 ----------
Extension  Request  is given to the Administrative Agent and on the first day of
the  extension;

               (iv) the Borrower shall have paid to the Administrative Agent all
amounts  then due and payable to any of the Lenders and the Administrative Agent
under  the  Loan  Documents,  including  the  extension fee described in Section
                                                                         -------
2.08(c) hereof;
------

               (v)  the  Borrower  shall  pay  for  any  and  all  reasonable
out-of-pocket  costs  and  expenses,  including,  reasonable attorneys' fees and
disbursements,  incurred  by  the  Administrative  Agent  in  connection with or
arising  out  of  the  extension  of  the  Maturity  Date;

               (vi) no change in the business, assets, management, operations or
financial  condition of any Credit Party shall have occurred since the Effective
Date, which change, in the judgment of the Administrative Agent, will have or is
reasonably  likely  to  have  a  Material  Adverse  Effect;

<PAGE>

               (vii)  the  Borrower  shall execute and deliver to Administrative
Agent  such  other  documents,  financial statements, instruments, certificates,
opinions  of  counsel,  reports,  or  amendments  to  the  Loan Documents as the
Administrative  Agent  shall  reasonably request regarding the Credit Parties as
shall  be  necessary  to  effect  such  extension;  and

               (viii)  a written agreement evidencing the extension is signed by
the  Administrative  Agent, the Lenders, the Credit Parties and any other Person
to  be  charged with compliance therewith, which agreement such parties agree to
execute  if  the  extension  conditions  set  forth  above  have been satisfied.

                                ARTICLE  III

                       Representations  and  Warranties
                       --------------------------------

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

     SECTION  3.01     Organization;  Powers.  Each  Credit  Party  is  duly
                       --------------------
organized,  validly  existing  and  in  good  standing  under  the  laws  of the
jurisdiction of its organization, has all requisite power and authority to carry
on  its  business  as  now  conducted  and,  except  where the failure to do so,
individually  or in the aggregate, could not reasonably be expected to result in
a  Material  Adverse  Effect,  is  qualified  to  do business in, and is in good
standing  in,  every  jurisdiction  where  such  qualification  is  required.

     SECTION 3.02     Authorization; Enforceability.   The  Transactions  are
                      ----------------------------
within  the  corporate,  partnership  or  limited  liability  company powers (as
applicable)  of  the  respective Credit Parties and have been duly authorized by
all  necessary  corporate, partnership or limited liability company action. This
Agreement  and  the Loan Documents have been duly executed and delivered by each
Credit  Party  which  is  a  party  thereto  and constitute the legal, valid and
binding  obligation  of  each  such  Person,  enforceable in accordance with its
terms,  subject to applicable bankruptcy, insolvency, reorganization, moratorium
or  other  laws  affecting  creditors'  rights  generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity
or  at  law.

     SECTION  3.03     Governmental Approvals; No Conflicts.   The  Transactions
                       -----------------------------------

          (a)  do  not  require  any  consent  or  approval  of, registration or
filing  with, or any other action by, any Governmental Authority, except such as
have  been  obtained  or  made  and  are  in full force and effect, (b) will not
violate  any  applicable  law  or  regulation  or  the charter, by-laws or other
organizational  documents  of  any  Credit  Party  or  any  of  the  Borrower's
Subsidiaries or any order of any Governmental Authority, (c) will not violate or
result  in  a default under any indenture, agreement or other instrument binding
upon  any  Credit  Party or any of the Borrower's Subsidiaries or its assets, or
give  rise to a right thereunder to require any payment to be made by any Credit
Party  or  any  of  the  Borrower's Subsidiaries, and (d) will not result in the
creation  or  imposition  of any Lien on any asset of any Credit Party or any of
the  Borrower's  Subsidiaries.

     SECTION  3.04     Financial  Condition;  No  Material  Adverse  Change.
                       ---------------------------------------------------

          (a)  The Borrower has heretofore furnished  to  the  Lenders financial
statements  (i)  as  of and for the fiscal year ended December 31, 2000,reported

<PAGE>

on  by Deloitte & Touche LLP, independent public accountants, and (ii) as of and
for  the fiscal quarter and the portion of the fiscal year ended March 31, 2001,
certified  by  its  chief  financial  officer. Such financial statements present
fairly,  in  all  material  respects,  the  financial  position  and  results of
operations  and  cash flows of the Borrower and its consolidated Subsidiaries as
of  such dates and for such periods in accordance with GAAP, subject to year-end
audit  adjustments  and  the  absence of footnotes in the case of the statements
referred  to  in  clause (ii) above.

          (b) Since March 31, 2001, there has been no material adverse change in
the  business,  assets,  operations,  prospects  or  condition,  financial  or
otherwise,  of  the  Borrower  and  its  Subsidiaries,  taken  as  a  whole.

     SECTION  3.05     Properties.
                       ----------

          (a)  Subject  to Liens permitted by Section 6.02, each of the Borrower
and its Subsidiaries has title to, or valid leasehold interests in, all its real
and  personal  property  material  to  its business, except for minor defects in
title  that  do  not  interfere  with  its  ability  to  conduct its business as
currently  conducted  or to utilize such properties for their intended purposes.

          (b)  Each of the Borrower and its Subsidiaries owns, or is licensed to
use,  all  trademarks,  tradenames,  copyrights,  patents and other intellectual
property  material  to  the  Borrower's  business,  and  the  use thereof by the
Borrower  and  its  Subsidiaries  does not infringe upon the rights of any other
Person,  except  for  any  such  infringements  that,  individually  or  in  the
aggregate,  could  not  reasonably  be  expected to result in a Material Adverse
Effect.

          (c)  All  components  of  all  improvements  included  within the Real
Property  owned  or  leased,  as lessee, by any Credit Party, including, without
limitation,  the  roofs  and  structural  elements  thereof  and  the  heating,
ventilation,  air  conditioning,  plumbing, electrical, mechanical, sewer, waste
water,  storm  water,  paving  and  parking  equipment,  systems  and facilities
included  therein,  are  in  good  working  order  and  repair,  subject to such
exceptions which are not reasonably likely to have, in the aggregate, a Material
Adverse  Effect.  All  water,  gas,  electrical,  steam,  compressed  air,
telecommunication, sanitary and storm sewage lines and systems and other similar
systems  serving  the  Real  Property  owned  or  leased by any Credit Party are
installed  and  operating  and  are  sufficient  to  enable the Real Property to
continue  to  be  used  and  operated  in  the  manner  currently being used and
operated,  and no Credit Party has any knowledge of any factor or condition that
reasonably could be expected to result in the termination or material impairment
of  the  furnishing  thereof, subject to such exceptions which are not likely to
have,  in  the  aggregate,  a Material Adverse Effect. No improvement or portion
thereof  is dependent for its access, operation or utility on any land, building
or  other  improvement  not included in the Real Property owned or leased by the
Borrower  or  its  Subsidiaries,  other  than  for access provided pursuant to a
recorded  easement  or  other right of way establishing the right of such access
subject  to  such  exceptions  which are not likely to have, in the aggregate, a
Material  Adverse  Effect.

          (d)  All  franchises,  licenses,  authorizations,  rights  of  use,
governmental  approvals and permits (including all certificates of occupancy and
building  permits)  required  to  have  been issued by Governmental Authority to
enable  all Real Property owned or leased by Borrower or any of its Subsidiaries

<PAGE>

to  be operated as then being operated have been lawfully issued and are in full
force  and effect, other than those which the failure to obtain in the aggregate
could  not  be  reasonably expected to have a Material Adverse Effect. No Credit
Party  is  in  violation  of  the  terms  or  conditions of any such franchises,
licenses,  authorizations,  rights  of  use, governmental approvals and permits,
which  violation would reasonably be expected to have a Material Adverse Effect.

          (e)  None  of  the  Credit  Parties has received any notice or has any
knowledge,  of  any  pending, threatened or contemplated condemnation proceeding
affecting  any  Real  Property  owned  or  leased  by  Borrower  or  any  of its
Subsidiaries  or  any part thereof, or any proposed termination or impairment of
any  parking  at  any such owned or leased Real Property or of any sale or other
disposition  of  any  Real  Property  owned  or leased by Borrower or any of its
Subsidiaries  or  any  part  thereof  in  lieu  of  condemnation,  which  in the
aggregate,  are  reasonably  likely  to  have  a  Material  Adverse  Effect.

          (f)  Except for events or conditions not reasonably likely to have, in
the  aggregate,  a  Material Adverse Effect, (i) no portion of any Real Property
owned or leased by Borrower or any of its Subsidiaries has suffered any material
damage  by  fire or other casualty loss which has not heretofore been completely
repaired  and  restored  to  its  condition  prior to such casualty, and (ii) no
portion  of  any  Real  Property  owned  or  leased  by  Borrower  or any of its
Subsidiaries  is  located  in  a  special flood hazard area as designated by any
federal  Government Authorities or any area identified by the insurance industry
or  other  experts  acceptable  to the Administrative Agent as an area that is a
high  probable  earthquake  or  seismic  area,  except  as set forth on Schedule
                                                                        --------
3.05(f).
-------

     SECTION  3.06     Intellectual Property.  To the knowledge  of  each Credit
                       --------------------
Party,  such  Credit  Party  owns,  or is licensed to use, all trademarks, trade
names,  copyrights,  patents  and  other  intellectual  property material to its
business,  and  the  use thereof by such Credit Party does not infringe upon the
rights of any other Person, except for any such infringements that, individually
or  in  the  aggregate, could not reasonably be expected to result in a Material
Adverse  Effect.  To  the  knowledge of each Credit Party, there are no material
slogans  or other advertising devices, projects, processes, methods, substances,
parts  or  components, or other material now employed, or now contemplated to be
employed,  by  any  Credit  Party  with  respect  to  the  operation of any Real
Property, and no claim or litigation regarding any slogan or advertising device,
project,  process,  method,  substance,  part  or  component  or  other material
employed,  or now contemplated to be employed by any Credit Party, is pending or
threatened, the outcome of which could reasonably be expected to have a Material
Adverse  Effect.

     SECTION  3.07     Litigation  and  Environmental  Matters.
                       ---------------------------------------

          (a)  There  are  no  actions,  suits  or  proceedings by or before any
arbitrator or Governmental Authority pending against or, to the knowledge of the
Borrower,  threatened  against  or  affecting  any  Credit  Party  or any of the
Borrower's  Subsidiaries (i) as to which there is a reasonable possibility of an
adverse  determination  and  that, if adversely  determined, could reasonably be
expected,  individually  or  in  the  aggregate, to result in a Material Adverse
Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or
the  Transactions.

<PAGE>

          (b)  Except  for  the Disclosed Matters and except with respect to any
other  matters  that,  individually or in the aggregate, could not reasonably be
expected  to  result  in  a  Material  Adverse  Effect  :

               (i)  to  the  knowledge  of the Credit Parties, all Real Property
leased  or  owned  by  Borrower  or  any  of  its  Subsidiaries  is  free  from
contamination by any Hazardous Material, except to the extent such contamination
could  not  reasonably  be  expected  to  cause  a  Material  Adverse  Effect;

               (ii)  to  the  knowledge of the Credit Parties, the operations of
Borrower and its Subsidiaries, and the operations at the Real Property leased or
owned  by  Borrower  or  any  of  its  Subsidiaries  are  in compliance with all
applicable Environmental Laws, except to the extent such noncompliance could not
reasonably  be  expected  to  cause  a  Material  Adverse  Effect;

               (iii) neither the Borrower nor any of its Subsidiaries have known
liabilities  with  respect  to Hazardous Materials and, to the knowledge of each
Credit Party, no facts or circumstances exist which could reasonably be expected
to give rise to liabilities with respect to Hazardous Materials, in either case,
except to the extent such liabilities could not reasonably be expected to have a
Material  Adverse  Effect;

               (iv)  neither  the  Real  Property  currently  leased or owned by
Borrower nor any of its Subsidiaries, nor, to the knowledge of any Credit Party,
(x)  any  predecessor  of  any Credit Party, nor (y) any of Credit Parties' Real
Property  owned or leased in the past, nor (z) any owner of Real Property leased
or  operated  by  Borrower  or  any  of  its  Subsidiaries,  are  subject to any
outstanding  written order or contract, with any Governmental Authority or other
Person, or to any federal, state, local, foreign or territorial investigation of
which  a  Credit  Party has been given notice respecting (A) Environmental Laws,
(B)  Remedial  Action, or (C) the Release or threatened Release of any Hazardous
Material,  in  each  case,  except to the extent such written order, contract or
investigation  could  not  reasonably  be  expected  to  have a Material Adverse
Effect;

               (v)  none  of  the Credit Parties is subject to any pending legal
proceeding alleging the violation of any Environmental Law nor, to the knowledge
of  each  Credit  Party,  are  any  such proceedings threatened, in either case,
except  to  the  extent any such proceedings could not reasonably be expected to
have  a  Material  Adverse  Effect;

               (vi) neither the Borrower nor any of its Subsidiaries nor, to the
knowledge  of each Credit Party, any predecessor of any Credit Party, nor to the
knowledge of each Credit Party, any owner of Real Property leased by Borrower or
any  of  its  Subsidiaries, have filed any notice under federal, state or local,
territorial  or  foreign  law  indicating past or present treatment, storage, or
disposal  of  or reporting a Release of Hazardous Material into the environment,
in  each case, except to the extent such Release of Hazardous Material could not
reasonably  be  expected  to  have  a  Material  Adverse  Effect;

               (vii)  none  of  the  operations  of  the  Borrower or any of its
Subsidiaries or, to the knowledge of each Credit Party, of any owner of premises
currently  leased  by  Borrower  or  any of its Subsidiaries or of any tenant of
premises  currently  leased from Borrower or any of its Subsidiaries, involve or
previously  involved  the  generation,  transportation,  treatment,  storage  or
disposal of hazardous waste, as defined under 40 C.F.R. Part 261.3 (in effect as
of  the  date  of  this  Agreement)  or any state, local, territorial or foreign
equivalent,  in  violation  of Environmental Laws, except to the extent the same
could  not  readily  be  expected  to  have  a  Material  Adverse  Effect;  and

               (viii)  to the knowledge of the Credit Parties, there is not now,
nor  has  there  been  in  the  past  (except,  in  all cases, to the extent the
existence  thereof  could  not reasonably be expected to have a Material Adverse

<PAGE>

Effect), on, in or under any Real Property leased or owned by Borrower or any of
its Subsidiaries, or any of their predecessors (A) any underground storage tanks
or  surface tanks, dikes or impoundments (other than for surface water); (B) any
friable asbestos-containing materials; (C) any polychlorinated biphenyls; or (D)
any  radioactive substances other than naturally occurring radioactive material.

          (c)  Since the date of this Agreement, there has been no change in the
status  of  the  Disclosed  Matters  that, individually or in the aggregate, has
resulted  in,  or  materially  increased  the  likelihood of, a Material Adverse
Effect.

     SECTION  3.08     Compliance  with  Laws  and  Agreements.  Each  of  the
                       --------------------------------------
Credit  Parties  is  in  compliance with all laws, regulations and orders of any
Governmental  Authority  applicable  to  it  or its property and all indentures,
agreements  and  other instruments binding upon it or its property, except where
the  failure to do so, individually or in the aggregate, could not reasonably be
expected  to result in a Material Adverse Effect. No Default has occurred and is
continuing.

     SECTION  3.09     Investment  and  Holding  Company  Status.  Neither any
                       ----------------------------------------
of  the  Credit  Parties  nor  any  of  the  Borrower's  Subsidiaries  is (a) an
"investment  company"  as  defined  in,  or  subject  to  regulation  under, the
Investment  Company  Act  of  1940  or (b) a "holding company" as defined in, or
subject  to  regulation  under, the Public Utility Holding Company Act of 1935.

     SECTION  3.10     Taxes.  Each  Credit  Party  and  each of  the Borrower's
                       ----
Subsidiaries  that  Borrower Controls has timely filed or caused to be filed all
Tax returns and reports required to have been filed and has paid or caused to be
paid all Taxes required to have been paid by it, except (a) Taxes that are being
contested in good faith by appropriate proceedings and for which such Person has
set  aside  on its books adequate reserves or (b) to the extent that the failure
to  do  so  could  not  reasonably  be  expected to result in a Material Adverse
Effect.

     SECTION  3.11     ERISA.  No  ERISA Event has occurred or is reasonably
                       ----
expected to occur that, when taken together with all other such ERISA Events for
which liability is reasonably expected to occur, could reasonably be expected to
result  in  a  Material  Adverse  Effect.  The  present value of all accumulated
benefit  obligations under each Plan (based on the assumptions used for purposes
of  Statement  of Financial Accounting Standards No. 87) did not, as of the date
of  the most recent financial statements reflecting such amounts, exceed by more
than  $10,000,000  the  fair  market  value  of the assets of such Plan, and the
present  value  of  all accumulated benefit obligations of all underfunded Plans
(based on the assumptions used for purposes of Statement of Financial Accounting
Standards  No.  87)  did  not,  as  of  the  date  of  the most recent financial

<PAGE>

statements  reflecting  such  amounts,  exceed by more than $10,000,000 the fair
market  value  of  the  assets  of  all  such  underfunded  Plans.

     SECTION  3.12     Disclosure.  The Borrower has disclosed or made available
                       ----------
to  the  Lenders all agreements, instruments and corporate or other restrictions
to  which it, any other Credit Party, or any of its Subsidiaries is subject, and
all  other  matters  known  to  it,  that, in the aggregate, could reasonably be
expected  to result in a Material Adverse Effect. None of the reports, financial
statements,  certificates  or other information furnished by or on behalf of the
Borrower  to  the  Administrative  Agent  or  any  Lender in connection with the
negotiation  of  this  Agreement  or  delivered  hereunder  (as  modified  or
supplemented  by  other  information  so  furnished)  contains  any  material
misstatement  of  fact or omits to state any material fact necessary to make the
statements  therein,  in  the  light  of the circumstances under which they were
made,  not  misleading;  provided  that,  with  respect  to  projected financial
information,  the Borrower represents only that such information was prepared in
good  faith  based  upon  assumptions  believed  to  be  reasonable at the time.

     SECTION  3.13     Insurance.  Borrower has provided to Administrative Agent
                       --------
an  insurance schedule which accurately sets forth, in all material respects, as
of  the  Effective  Date all insurance policies and programs currently in effect
with  respect  to  the  assets  and  business  of Borrower and its Subsidiaries,
specifying  for  each  such policy and program, (i) the amount thereof, (ii) the
risks  insured  against  thereby, (iii) the name of the insurer and each insured
party thereunder, (iv) the policy or other identification number thereof and (v)
the expiration date thereof. Such insurance policies and programs (or such other
similar  policies  as  are  permitted pursuant to Section 5.06) are currently in
full  force  and  effect, and, together with payment by the insured of scheduled
deductible payments, are in amounts sufficient to cover the replacement value of
the  respective  assets  of  the  Borrower  and  its  Subsidiaries.

     SECTION  3.14     Margin  Regulations.  The  Borrower is not engaged in the
                       ------------------
business  of  extending  credit for the purpose of purchasing or carrying margin
stock  (within the meaning of Regulation U issued by the Board), and no proceeds
of  any  Loan  will  be  used  to  purchase  or  carry  any  margin  stock.

     SECTION  3.15     Subsidiaries.  As of the Effective Date, the Borrower has
                       -----------
only  the  Subsidiaries  listed  on  Schedule  3.15 attached hereto. Each of the
Borrower's  Subsidiaries that is a corporation other than Weingarten Investments
Inc.  is  a  "qualified  REIT  subsidiary"  under  Section  856  of  the  Code.

                                ARTICLE  IV

                                Conditions

     SECTION  4.01     Effective  Date.  The  obligations of the Lenders to make
                       ---------------
the  Loans  shall  not  become  effective  until  the  date on which each of the
following  conditions  is satisfied (or waived in accordance with Section 9.02):

          (a) The Administrative Agent (or its counsel) shall have received from
each  Credit Party either (i) a counterpart of this Agreement and all other Loan

<PAGE>

Documents  to  which  it is party signed on behalf of such party or (ii) written
evidence  satisfactory  to  the Administrative Agent (which may include telecopy
transmission  of  a  signed signature page of each such Loan Document other than
the  Notes)  that  such  party  has  signed a counterpart of the Loan Documents,
together  with  copies  of  all  Loan  Documents.

          (b)  The  Administrative Agent shall have received a favorable written
opinion  (addressed  to  the  Administrative Agent and the Lenders and dated the
Effective  Date)  of  Dow,  Cogburn  &  Friedman,  P.C.,  Texas  counsel for the
Borrower,  covering  such  matters  relating  to  the  Credit  Parties, the Loan
Documents  or the Transactions as the Required Lenders shall reasonably request.
The  Borrower  hereby  requests  such  counsel  to  deliver  such  opinion.

          (c)  The  Administrative  Agent shall have received such documents and
certificates  as  the Administrative Agent or its counsel may reasonably request
relating to the organization, existence and good standing of the Credit Parties,
the  authorization  of  the Transactions and any other legal matters relating to
the  Credit  Parties,  this  Agreement  or  the  Transactions,  all  in form and
substance  satisfactory  to  the  Administrative  Agent  and  its  counsel.

          (d)  The  Administrative  Agent  shall  have  received  a  Compliance
Certificate,  dated the date of this Agreement and signed by a Financial Officer
of the Borrower, in form and substance satisfactory to the Administrative Agent.

          (e)  The  Administrative  Agent shall have received all fees and other
amounts  due  and  payable  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. The Administrative Agent
shall notify the Borrower and the Lenders of the Effective Date, and such notice
shall  be  conclusive  and  binding.

                                ARTICLE  V

                          Affirmative  Covenants
                          ----------------------

     Until  the  principal  of  and  interest  on each Loan and all fees payable
hereunder  shall  have been paid in full, the Borrower covenants and agrees with
the  Lenders  that:

     SECTION  5.01   Financial Statements; Ratings Change and Other Information.
                     -----------------------------------------------------------
The  Borrower  will  furnish  to  the  Administrative  Agent  and  each  Lender:

          (a)  within 90 days after the end of each fiscal year of the Borrower,
its  audited  consolidated  balance  sheet and related statements of operations,
stockholders'  equity and cash flows as of the end of and for such year, setting
forth in each case in comparative form the figures for the previous fiscal year,
all reported on by Deloitte & Touche LLP or other independent public accountants
of recognized national standing (without a "going concern" or like qualification
or  exception and without any qualification or exception as to the scope of such
audit)  to the effect that such consolidated financial statements present fairly
in  all  material  respects the financial condition and results of operations of
the  Borrower  and  its  consolidated  Subsidiaries  on  a consolidated basis in
accordance  with  GAAP  consistently  applied;

<PAGE>

          (b)  within  45  days  after the end of each of the first three fiscal
quarters of each fiscal year of the Borrower, its consolidated balance sheet and
related  statements of operations, stockholders' equity and cash flows as of the
end  of  and  for such fiscal quarter and the then elapsed portion of the fiscal
year,  setting  forth  in  each  case  in  comparative  form the figures for the
corresponding  period or periods of (or, in the case of the balance sheet, as of
the  end  of)  the  previous  fiscal year, all certified by one of its Financial
Officers  as  presenting fairly in all material respects the financial condition
and results of operations of the Borrower and its consolidated Subsidiaries on a
consolidated  basis  in  accordance  with  GAAP consistently applied, subject to
normal year-end audit adjustments and the absence of footnotes;

          (c)  concurrently  with  any  delivery  of  financial statements under
clause  (a)  or  (b) above, a certificate of a Financial Officer of the Borrower
(the  "Compliance  Certificate")  in  the  form  of  Exhibit  B attached hereto;
       -----------------------                       ----------

          (d)  promptly  after the same become publicly available for Forms 10-K
and  10-Q  described  below, and upon written request for items other than Forms
10-K  and  10-Q described below, copies of all periodic and other reports, proxy
statements  and other materials filed by the Borrower or any Subsidiary with the
Securities  and  Exchange  Commission  (including  registration  statements  and
reports on Form 10-K, 10-Q and 8-K (or their equivalents)), or any Govern-mental
Authority  succeeding to any or all of the functions of said Commission, or with
any  national  securities  exchange,  or  distributed  by  the  Borrower  to its
share-holders  generally,  as the case may be;

          (e) promptly after Moody's or S&P shall have announced a change in the
rating  established  or  deemed  to  have  been  established for the Index Debt,
written  notice  of  such  rating  change;

          (f)  concurrently  with  any  delivery  of  financial statements under
clause  (a) above (or earlier if prepared and completed earlier by the Borrower)
-----------
a  current  capital  plan  of  the  Borrower  and its Subsidiaries (based on the
Borrower's  good faith estimates and projections) for the next four (4) calendar
quarters  including  projected sources and uses of funds (including dividend and
debt  payments);  and

          (g)  promptly  following  any request therefor, such other information
regarding the operations, business affairs and financial condition of any Credit
Party  or  any  Subsidiary of the Borrower, or compliance with the terms of the
Loan  Documents,  as  the  Administrative  Agent  or  any  Lender may reasonably
request.

     SECTION  5.02     Financial  Tests.  The  Borrower shall have and maintain,
                       ----------------
on a consolidated  basis  in  accordance  with  GAAP:

          (a)  a  Secured  Debt  to  Total  Asset  Value  Ratio  no greater than
thirty-five  percent  (35%)  at  all  times;

          (b)  an  Interest  Coverage  Ratio  of  not less than 2.25:1.00 at all
times;

          (c)  a  Fixed  Charge Coverage Ratio of not less than 1.75:1.00 at all
times;

<PAGE>

          (d)  a  Net  Worth  of  at  least  Nine  Hundred Fifty Million Dollars
($950,000,000),  plus  fifty  percent  (50%) of the net proceeds (gross proceeds
less  reasonable  and  customary  costs of sale and issuance paid to Persons not
Affiliates  of  any  Credit Party) received by the Borrower at any time from the
issuance  of  capital stock of the Borrower after the date of this Agreement, at
all  times;

          (e) an Unencumbered Interest Coverage Ratio of not less than 2.25:1.00
at  all  times;  and

          (f)  a  Debt  to  Total  Asset  Value Ratio no greater than fifty-five
percent  (55%)  at  all  times.

     SECTION  5.03     Notices  of Material Events.  The Borrower will furnish
                       --------------------------
to  the  Administrative  Agent  and  each Lender written notice of the following
promptly  after  it  becomes  aware  of  same:

          (a)  the  occurrence  of  any  Default;

          (b) the filing or commencement of any action, suit or proceeding by or
before  any arbitrator or Governmental Authority against or affecting any Credit
Party  or  any Affiliate thereof that, if adversely determined, could reasonably
be  expected  to  result  in  a  Material  Adverse  Effect;

          (c) the occurrence of any ERISA Event that, alone or together with any
other ERISA Events that have occurred, could reasonably be expected to result in
liability  of the Borrower and its Subsidiaries in an aggregate amount exceeding
$10,000,000;

          (d)  any  requested  waiver under or amendment of the Revolving Credit
Facility;  and

          (e)  any  other  development  that  results in, or could reasonably be
expected  to  result  in,  a  Material  Adverse  Effect.

Each  notice delivered under this Section shall be accompanied by a statement of
a Financial Officer or other executive officer of the Borrower setting forth the
details  of  the event or development requiring such notice and any action taken
or  proposed  to  be  taken  with  respect  thereto.

     SECTION  5.04     Existence;  Conduct  of Business.  The Borrower will, and
                       --------------------------------
will  cause each of its Subsidiaries that it Controls to, do or cause to be done
all  things  necessary  to preserve, renew and keep in full force and effect its
legal  existence  and  the  rights, licenses, permits, privileges and franchises
material  to  the conduct of its business; provided that the foregoing shall not
prohibit  any  merger, consolidation, liquidation or dissolution permitted under
Section  6.03. The Borrower will maintain at least one class of common shares of
the  Borrower  having  trading  privileges  on  the  New  York  Stock  Exchange.

     SECTION 5.05     Payment of Obligations.  The Borrower will, and will cause
                      ----------------------
each  of  its  Subsidiaries that it Controls to, pay its obligations, including

<PAGE>

Tax  liabilities,  that,  if not paid, could result in a Material Adverse Effect
before  the  same  shall  become  delinquent or in default, except where (a) the
validity  or  amount  thereof  is  being contested in good faith by appropriate
proceedings,  (b)  the  Borrower  or  such Subsidiary has set aside on its books
adequate  reserves  with  respect  thereto  in  accordance with GAAP and (c) the
failure to make payment pending such contest could not reasonably be expected to
result  in  a  Material  Adverse  Effect.

     SECTION  5.06     Maintenance of Properties; Insurance.  The Borrower will,
                       ------------------------------------
and  will  cause  each  of  its  Subsidiaries  that it Controls to, (a) keep and
maintain  all  property  material to the conduct of its business in good working
order  and  condition,  ordinary  wear and tear excepted, and (b) maintain, with
financially  sound  and reputable insurance companies, insurance in such amounts
and  against  such  risks  as are set forth in the schedule provided pursuant to
Section  3.13, or as are customarily maintained by companies engaged in the same
or  similar  businesses  operating  in  the  same  or  similar  locations.

     SECTION  5.07     Books  and  Records;  Inspection  Rights.
                       ----------------------------------------

          (a) The Borrower will, and will cause each of its Subsidiaries that it
Controls  to,  keep  proper  books of record and account in which full, true and
correct  entries  are  made  of all dealings and transactions in relation to its
business  and  activities.  (b)  The  Borrower  will, and will cause each of its
Subsidiaries  that  it Controls to, permit any representatives designated by the
Administrative  Agent or any Lender, upon reasonable prior notice and subject to
rights  of  tenants,  to  visit  and inspect its properties, to examine and make
extracts  from  its  books and records, and to discuss its affairs, finances and
condition  with its officers and independent accountants, all at such reasonable
times  and  as  often  as  reasonably  requested.

     SECTION  5.08     Compliance  with Laws.  The Borrower will, and will cause
                       ---------------------
each  of  its  Subsidiaries  that  it  Controls to, comply with all laws, rules,
regulations and orders of any Governmental Authority (a) applicable to it or its
property,  except  where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, and (b)
required  to maintain, and will at all times qualify as and maintain, its status
as  a  real  estate  investment  trust  under  Section  856(c)(1)  of  the Code.

     SECTION  5.09     Use  of  Proceeds.  The  proceeds of the Loan will be
                       -----------------
used  for  general  corporate  purposes  including  acquisition, development and
enhancement  of Real Property. No part of the proceeds of the Loan will be used,
whether directly or indirectly, for financing, funding or completing the hostile
acquisition  of  publicly  traded  Persons  or  for  any  purpose that entails a
violation of any of the Regulations of the Board, including Regulations U and X.

     SECTION  5.10     Fiscal  Year.  The  Borrower shall maintain as its fiscal
                       -----------
year  the  twelve  (12)-month  period  ending  on  December  31  of  each  year.

     SECTION  5.11     Environmental  Matters.
                       ----------------------

          (a)  Borrower  shall  comply  and shall cause each of its Subsidiaries
that  it  Controls  and  each  Real  Property owned or leased by such parties to

<PAGE>

comply in all material respects with all applicable Environmental Laws currently
or  hereafter in effect, except to the extent noncompliance could not reasonably
be  expected  to  have  a  Material  Adverse  Effect.

          (b)  If  the  Administrative Agent or the Required Lenders at any time
have a reasonable basis to believe that there may be a material violation of any
Environmental  Law  related  to any Real Property owned or leased by Borrower or
any of its Subsidiaries that it Controls, or Real Property adjacent to such Real
Property, which could reasonably be expected to have a Material Adverse Effect ,
then Borrower agrees, upon request from the Administrative Agent, to provide the
Administrative  Agent,  at  the  Borrower's  expense,  with  such  reports,
certificates,  engineering  studies  or  other  written  material or data as the
Administrative  Agent  or  the  Required Lenders may reasonably require so as to
reasonably  satisfy  the  Administrative Agent and the Required Lenders that any
Credit  Party or Real Property owned or leased by them is in material compliance
with all applicable Environmental Laws.

          (c)  Borrower  shall, and shall cause each of its Subsidiaries that it
Controls  to,  take  such  Remedial  Action  or  other  action  as  required  by
Environmental  Law  or  any  Governmental  Authority

     SECTION  5.12     Property Pool.  A.  The Borrower will at all times own
                       -------------
(in  fee  simple  title,  through  an  Eligible  Ground  Lease,  or  (subject to
Subsection  C  below)  in  a Subsidiary of Borrower) a pool (the "Pool") of Real
Property  assets  that  are  not  subject  to  a  Lien in any manner, other than
Permitted  Encumbrances,  with  an aggregate Value equal to at least one hundred
eighty-five  percent  (185%)  of  the Borrower's Indebtedness other than Secured
Debt  outstanding  from  time  to  time, with the following characteristics:

          (a)  assets  in  the  Pool  shall be completed income producing Retail
Property  or  Industrial Property with parking consistent with market conditions
that  will  accommodate  full occupancy of the building; provided, however, that
the  River Pointe Apartment project in Conroe, Texas may be included in the Pool
if  it  satisfies the other requirements of this section, and its Value shall be
determined  using  a  Capital Expenditure Reserve of $200.00 per apartment unit;

          (b)  each  individual  property  must have signed leases with bonafide
tenants  not  Affiliates  of the Borrower or any of its Subsidiaries covering at
least eighty percent (80%) of the net rentable space in such property, as of the
date  of  determination  of  the  Value  of  the  Pool;

          (c)  (i)  except  for the property listed on Schedule 5.12(c) attached
                                               ----------------
hereto, the Borrower must have received Phase I environmental reports from third
party  independent consultants for each property in, or to be added to, the Pool
that do not disclose any adverse material environmental conditions, and (ii) the
Borrower must be able to make the representations and warranties in Section 3.05
                                                                    ------------
as  to  each  property  in,  or  to  be  added  to,  the  Pool;

          (d)  the  property  is  not  subject  to  or  affected by any limiting
agreement  described  in  Section  6.08(a);  and
                          ----------------

          (e)  the Occupancy Level of the Pool in the aggregate must be at least
eighty-five  percent  (85%)  as of the date of determination of the Value of the
Pool.

<PAGE>

As  of  the  Effective  Date  the  Real Property assets included in the Pool are
listed  on  Schedule  5.12.A  attached  hereto.
            ----------------

If  requested  by  the  Administrative  Agent,  the Borrower will provide to the
Administrative  Agent  written  assessments  from  third  party  independent
environmental  consultants  for  all  Pool properties acquired after the date of
this  Agreement.  If the Administrative Agent determines that there are material
environmental conditions existing on or risks to such properties, the properties
will  be  excluded  from  the  Pool.

     B.     Notwithstanding the foregoing, at all times the maximum value of the
            -----------------------------
Pool  that  consists of Eligible Ground Leases is ten percent (10%) of the value
of  the  Pool.

     C. Real Property to be included in the Pool may be owned by a Subsidiary of
the  Borrower  if:

          (a)  it  is  owned  by  either  (i)  a  wholly owned Subsidiary of the
Borrower,  or  (ii)  if  not a wholly owned Subsidiary then (1) the value of the
Real  Property  owned by such Subsidiary ("Partial Subsidiary Real Property") to
be  used in the calculation of the Value of the Pool shall be as provided in the
definition  of Value multiplied by the Equity Percentage of the Subsidiary owned
by  the  Borrower,  (2)  the  maximum value of the Pool that consists of Partial
Subsidiary  Real  Property cannot be greater than ten percent (10%) of the value
of  the  Pool,  and (3) the Borrower must own at least 66-2/3% of the indicia of
ownership of such Subsidiary and control all major decisions of such Subsidiary;
and

          (b)  the  Subsidiary  owning the Real Property executes a guaranty and
delivers  to the Administrative Agent such Subsidiary's organizational documents
and  current  certificates of existence and good standing for the state in which
it  is  organized.

     D.     If the Borrower requests inclusion of assets in the Pool that do not
meet  the requirements of this Section, then such assets may only be included in
the  Pool  upon  the  prior  written approval of the Required Lenders; provided,
however that the requirements of Section 5.12.C(b) may not be waived without the
                                 -----------------
prior  written  approval  of  all  of  the  Lenders.

     SECTION  5.13     Guaranties.  In addition to any Guaranty required  to  be
                       ----------
executed  pursuant to Section 5.12, each wholly owned Subsidiary of Borrower now
or  hereafter  in  existence that (a) is not a special purpose entity, or formed
solely  to  own  an interest in a special purpose entity, formed to own a single
asset  or  group  of assets in a bankruptcy remote manner, and (b) owns material
unencumbered  assets  (as  determined by the Administrative Agent), must execute
and  deliver to the Administrative Agent a Guaranty (within forty-five (45) days
after  the calendar quarter when the Subsidiary was formed or otherwise acquired
for  Subsidiaries  formed  or otherwise acquired after the Effective Date). Each
Guaranty  executed pursuant to Section 5.12 must remain in full force and effect
so  long as the related Real Property is included in the calculation of Value of
the  Pool. Notwithstanding the foregoing SPM/WRI Overland Park, L.P. will not be
a Guarantor unless it is still a wholly owned Subsidiary of Borrower one hundred
twenty  (120)  days  after the date of this Agreement. If SPM/WRI Overland Park,
L.P.  is  required  to  become a Guarantor it will then comply with the terms of
this  Agreement  to  become a Guarantor within sixty (60) days after the date of
this  Agreement.

     SECTION  5.14     Further  Assurances.  At any time upon the request of the
                       ------------------
Administrative  Agent,  Borrower  will,  promptly  and  at its expense, execute,
acknowledge  and  deliver such further documents and perform such other acts and
things  as the Administrative Agent may reasonably request to evidence the Loans
made  hereunder  and  interest  thereon  in  accordance  with  the terms of this
Agreement.
                                ARTICLE  VI

Negative  Covenants
-------------------
     Until  the  principal  of  and  interest  on each Loan and all fees payable
hereunder  have  been  paid  in full, the Borrower covenants and agrees with the
Lenders  that:

     SECTION  6.01     Indebtedness.  The Borrower will not, and will not permit
                       -----------
any Subsidiary that it Controls to, create, incur, assume or permit to exist any
Secured  Debt,  not  including  (a)  Non-recourse  Debt  and  (b)  liabilities
customarily  excepted  from  nonrecourse  mortgage financing, including, without
limitation,  fraud, criminal activity, misapplication of funds, ad valorem taxes
and  environmental  matters,  exceeding  $125,000,000  at  any time outstanding.

     SECTION  6.02     Liens.  The  Borrower will not create, incur, assume or
                       ----
permit  to  exist  any  Lien  on  any  property  or asset now owned or hereafter
acquired  by  it,  or  assign or sell any income or revenues (including accounts
receivable)  or  rights  in  respect  of  any  thereof,  except:  (a)  Permitted
Encumbrances;
(b)     any  Lien  on  any  property  or asset of the Borrower or any Subsidiary
existing  on  the  date hereof and set forth in Schedule 6.02; provided that (i)
                                                -------------  --------
such  Lien shall not apply to any other property or asset of the Borrower or any
Subsidiary  and  (ii)  such  Lien  shall secure only those obligations  (whether
present  or  future)  set  forth in the governing loan documents, as of the date
hereof  and  extensions,  renewals and replacements thereof that do not increase
the  outstanding  principal  amount  thereof;  and
(c)     any  Lien  securing  Indebtedness  permitted  under  Section  6.01.
                                                             --------------

     SECTION  6.03     Fundamental  Changes.
                       -------------------
(a)      The  Borrower  will  not,  and will not permit any Subsidiary to, merge
into  or  consolidate with any other Person, or permit any other Person to merge
into  or  consolidate  with it, or sell, transfer, lease or otherwise dispose of
(in  one transaction or in a series of transactions) all or substantially all of
the assets of the Borrower and its Subsidiaries when taken as a whole, or all or
     substantially  all  of  the stock of its Subsidiaries when taken as a whole
(in  each  case,  whether  now  owned  or  here-after acquired), or liquidate or
dissolve,  except  that,  if  at  the  time thereof and immediately after giving
effect  thereto  no Default shall have occurred and be continuing (i) any Person
may  merge into, or consolidate with, the Borrower in a transaction in which the
Borrower  is  the  surviving corporation, (ii) any Person not a Credit Party may
merge  into,  or  consolidate with, any Subsidiary in a transaction in which the
surviving  entity  is  a Subsidiary, (iii) any Subsidiary not a Credit Party may
sell,  transfer,  lease or otherwise dispose of its assets to the Borrower or to
another  Subsidiary,  (iv)  any  Subsidiary  not a Credit Party may liquidate or
dissolve  if  the  Borrower  determines  in  good faith that such liquidation or
dissolution  is  in  the  best  interests  of the Borrower and is not materially
disadvantageous  to  the Lenders, (v) any Subsidiary which is a Credit Party may
merge  into  (or  consolidate  with)  or  liquidate  or dissolve into, any other
Subsidiary  which  is  a Credit Party, and (vi) any Subsidiary which is a Credit
Party  may  sell, transfer, lease or otherwise dispose of its assets to Borrower
or  to  any  other  Subsidiary  which  is a Credit Party; provided that any such
merger  involving  a  Person  that  is not a wholly owned Subsidiary immediately
prior  to  such  merger  shall not be permitted unless also permitted by Section
6.04.
(b)     The  Borrower  will not, and will not permit any of its Subsidiaries to,
engage  to any material extent in any business other than businesses of the type
conducted  by the Borrower and its Subsidiaries on the date of execution of this
Agreement  and  businesses  reasonably  related  thereto.

     SECTION  6.04     Investments,  Loans,  Advances and Acquisitions.  The
                       ----------------------------------------------
Borrower  will  not,  and  will not permit any of its Subsidiaries to, purchase,
hold or acquire (including pursuant to any merger with any Person that was not a
wholly  owned  Subsidiary  prior to such merger) any capital stock, evidences of
indebtedness  or  other securities (including any option, warrant or other right
to  acquire  any  of  the  foregoing)  of,  make or permit to exist any loans or
advances to, or make or permit to exist any investment or any other interest in,
any  other  Person,  or  purchase  or otherwise acquire (in one transaction or a
series  of  transactions) any assets of any other Person constituting a business
unit,  not  including  receivables,  deposits  or  prepaid  items,  except:
(a)     Permitted  Investments;
(b)     investments  in  the  capital  stock of new or existing Subsidiaries and
intercompany  loans  between  or  among  the  Borrower  and/or its Subsidiaries;
(c)     investments  in  Unconsolidated Affiliates (valued at an amount equal to
the  Value  of  each  Unconsolidated Affiliate's Real Property multiplied by the
Equity  Percentage  for that Unconsolidated Affiliate), and in other real estate
investment  trusts  (at  market  value)  so long as the aggregate amount of such
investments  described  in  this clause (c) does not exceed ten percent (10%) of
                                 ----------
the Total Asset Value after giving effect to such investments; provided, however
                                                               --------  -------
that  the  investments  listed  on  Schedule  6.04  attached hereto shall not be
                                    --------------
included  for  the  purposes  of  the  ten  percent  limitation;
(d)     loans,  advances,  and  extensions of credit to Persons secured by valid
and enforceable first priority liens on real estate so long as (i) the aggregate
amount  of  such  investments  does  not exceed ten percent (10%) of Total Asset
Value, and (ii) the aggregate amount of such investments in Persons in which the
Borrower  or  its Subsidiaries do not have an ownership interest does not exceed
five percent (5%) of Total Asset Value, in each case after giving effect to such
investments;
(e)     undeveloped land, so long as the aggregate Historical Value of such land
does  not  exceed ten percent (10%) of Total Asset Value, after giving effect to
such  investments;
(f)     Retail  Property;
(g)     Real  Property  that  is  being  constructed  or  developed to be Retail
Property or Industrial Property, but is not yet completed (including such assets
that  such  Person  has contracted to purchase for development with no option to
terminate  the  purchase  agreement),  so long as the aggregate Historical Value
thereof  does  not  exceed  twenty  percent (20%) of the Total Asset Value after
giving  effect  to  such  investments;
(h)     Real  Property  not  constituting Retail Property or undeveloped land so
long  as  the  aggregate  amount of such investments does not exceed twenty-five
percent  (25%)  of  Total  Asset  Value after giving effect to such investments;
(i)     capital stock, obligations or securities received in settlement of debts
(created  in  the  ordinary  course  of  business)  owing to the Borrower or any
Subsidiary,  so  long as the aggregate market value thereof does not exceed five
percent  (5%)  of Total Asset Value after giving effect to such investments; and
(j)     mergers,  consolidations  and other transactions permitted under Section
                                                                         -------
6.03,  so  long  as  same  do  not  cause the Borrower to be in violation of any
 ---
provision  of  this  Section  6.04.
 ---
In  addition  to the foregoing, the aggregate value of the investments described
------------------------------
in clauses (c), (d), (e), (g) and (i) above shall not exceed forty percent (40%)
-  ---------------------  ---     ---
of  Total  Asset  Value  after giving effect to such investments.  The loans and
investments  described  above  may  be  purchased  or  acquired,  directly  or
indirectly,  through  partnerships,  joint  ventures,  or  otherwise.  The
calculations  in  this  Section  will  be  made without duplication if a loan or
investment  is  within  more  than  one  category  described  in  this  Section.

     SECTION 6.05     Hedging Agreements.  The Borrower will not, and will not
                      -----------------
permit  any of its Subsidiaries to, enter into any Hedging Agreement, other than
Hedging  Agreements  entered into in the ordinary course of business to hedge or
mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct
of  its  business  or  the  management  of  its  liabilities.

     SECTION  6.06     Restricted  Payments.  The  Borrower will  not,  and will
                       -------------------
not permit any of its Subsidiaries to, declare or make, or agree to pay or make,
directly  or  indirectly,  during  any calendar quarter, any Restricted Payment,
except (a) Restricted Payments which, when added to all Restricted Payments made
during  the  three  immediately  preceding  calendar  quarters,  do  not  exceed
ninety-five percent (95%) of the sum of Funds From Operations plus capital gains
recognized  during  such  calendar  quarter  and the immediately preceding three
calendar  quarters,  (b) Subsidiaries may declare and pay dividends ratably with
respect  to  their  capital  stock,  and  (c)  the  Borrower may make Restricted
Payments  required  to  comply  with  Section  5.08(b).

     SECTION  6.07     Transactions with Affiliates.  The Borrower will not, and
                       ---------------------------
will  not  permit  any of its Subsidiaries to, sell, lease or otherwise transfer
any  property or assets to, or purchase, lease or otherwise acquire any property
or  assets  from, or otherwise engage in any other transactions with, any of its
Affiliates, except (a) in the ordinary course of business at prices and on terms
and  conditions not less favorable to the Borrower or such Subsidiary than could
be  obtained  on  an  arm's-length  basis  from  unrelated  third  parties,  (b)
transactions between or among the Borrower and its wholly owned Subsidiaries not
involving  any  other  Affiliate  and  (c)  any  Restricted Payment permitted by
Section  6.06.

     SECTION  6.08     Restrictive  Agreements.  The  Borrower will not, and
                       ----------------------
will  not  permit any Guarantor to, directly or indirectly, enter into, incur or
permit to exist any agreement or other arrangement (including the organizational
documents  of  such  Person)  that prohibits or restricts (a) the ability of the
Borrower  or any Guarantor to create, incur or permit to exist any Lien upon, or
sell,  transfer  or  otherwise convey all or any part of, any of its property or
assets,  or  (b)  the  ability  of  any  Guarantor  to  pay  dividends  or other
distributions  with  respect  to  any  shares of its capital stock or to make or
repay  loans or advances to the Borrower or any other Subsidiary or to Guarantee
Indebtedness  of  the  Borrower  or  any other Subsidiary; provided that (i) the
foregoing  shall  not  apply to restrictions and conditions imposed by law or by
this  Agreement,  (ii)  the  foregoing  shall  not  apply  to  restrictions  and
conditions  existing  on  the  date  hereof, which are to the best of Borrower's
knowledge,  identified  on  Schedule  6.08  (but shall apply to any extension or
renewal  of,  or  any amendment or modification expanding the scope of, any such
restriction  or  condition),  (iii)  the  foregoing shall not apply to customary
restrictions  and  conditions  contained  in  agreements relating to the sale or
other  disposition of a Subsidiary pending such sale, provided such restrictions
and  conditions apply only to the Subsidiary that is to be sold and such sale is
permitted  hereunder,  (iv)  clause  (a)  of  the  foregoing  shall not apply to
restrictions  or  conditions  imposed  by  any  agreement  relating  to  secured
Indebtedness  permitted  by  this  Agreement  if such restrictions or conditions
apply  only to the property or assets securing such Indebtedness, (v) clause (a)
of  the  foregoing shall not apply to customary provisions in leases restricting
the  assignment thereof, and (vi) clause (a) of the foregoing shall not apply to
customary  provisions  in  joint venture and partnership agreements with Persons
other  than  Borrower  or  its  Affiliates  restricting  Liens on property owned
thereby  or  on  venture  or  partnership  interests.

                                ARTICLE  VII

Events  of  Default
-------------------
     If  any  of  the  following  events  ("Events  of  Default")  shall  occur:
                                            -------------------
(a)     the Borrower shall fail to pay any principal of any Loan when and as the
     same  shall become due and payable, whether at the due date thereof or at a
date  fixed  for  prepayment  thereof  or  otherwise;
(b)     any  Credit  Party shall fail to pay any interest on any Loan or any fee
or  any  other  amount  (other  than an amount referred to in clause (a) of this
                                                              ----------
Article) payable under any Loan Documents, when and as the same shall become due
and  payable,  and  such  failure shall continue unremedied for a period of over
three  Business  Days;
(c)     any  representation  or  warranty made or deemed made by or on behalf of
any  Credit Party in or in connection with any Loan Document or any amendment or
modification  thereof  or  waiver  thereunder,  or  in  any report, certificate,
financial  statement  or  other  document furnished pursuant to or in connection
with this Agreement or any amendment or modification hereof or waiver hereunder,
shall  prove  to have been incorrect in any material respect when made or deemed
made;
(d)     the Borrower shall fail to observe or perform any covenant, condition or
agreement  contained in Article V or VI other than Sections 5.05, 5.06, 5.07(a),
                        ---------------            -------------  ----  -------
5.08,  and  5.11;
----        ----
(e)     any  Credit  Party  shall  fail  to  observe  or  perform  any covenant,
condition  or  agreement  contained  in  any  Loan  Document  (other than those
specified  in  clause  (a),  (b),  (d) or (m) of this Article), and such failure
               -----------------------    ---
shall continue unremedied for a period of over 30 days after notice thereof from
the  Administrative  Agent  to  the  Borrower (which notice will be given at the
request  of  any  Lender);
(f)     any  event or condition occurs that results in any Material Indebtedness
becoming due prior to its scheduled maturity or that enables or permits (with or
without  the  giving of notice, the lapse of time or both) the holder or holders
of  any  Material Indebtedness or any trustee or agent on its or their behalf to
cause  any  Material  Indebtedness  to become due, or to require the prepayment,
repurchase,  redemption  or defeasance thereof, prior to its scheduled maturity;
provided  that  this  clause  (f)  shall  not apply to secured Indebtedness that
 -------              -----------
becomes  due  as  a  result of the voluntary sale or transfer of the property or
 ----
assets  securing  such  Indebtedness;
 --
(g)     an  involuntary proceeding shall be commenced or an involuntary petition
shall  be  filed  seeking  (i)  liquidation,  reorganization  or other relief in
respect  of  any  Credit  Party  or  any other Subsidiary, other than a Minority
Subsidiary,  of  the  Borrower  or  its  debts,  or of a substantial part of its
assets,  under  any  Federal,  state  or  foreign  bankruptcy,  insolvency,
receivership  or  similar law now or hereafter in effect or (ii) the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official
for  any Credit Party or any other Subsidiary, other than a Minority Subsidiary,
of  the Borrower or for a substantial part of its assets, and, in any such case,
such  proceeding  or petition shall continue undismissed for 60 days or an order
or  decree  approving  or  ordering  any  of  the  foregoing  shall  be entered;
(h)     any  Credit  Party  or  any  other  Subsidiary,  other  than  a Minority
Subsidiary,  of  the  Borrower  shall (i) voluntarily commence any proceeding or
file  any petition seeking liquidation, reorganization or other relief under any
Federal,  state  or  foreign bankruptcy, insolvency, receivership or similar law
now  or  hereafter  in  effect,  (ii)  consent to the institution of, or fail to
contest in a timely and appropriate manner, any proceeding or petition described
in  clause (h) of this Article, (iii) apply for or consent to the appointment of
a  receiver,  trustee, custodian, sequestrator, conservator or similar official
for  such  Person  or for a substantial part of its assets, (iv) file an answer
admit-ting  the  material allegations of a petition filed against it in any such
proceeding,  (v)  make a general assignment for the benefit of creditors or (vi)
take  any  action  for  the  purpose  of  effecting  any  of  the  fore-going;
(i)     any  Credit  Party  or  any  other  Subsidiary,  other  than  a Minority
Subsidiary,  of the Borrower shall become unable, admit in writing its inability
or  fail  generally  to  pay  its  debts  as  they  become  due;
(j)     one or more judgments for the payment of money in an aggregate amount in
excess  of  $10,000,000  shall  be  rendered against any Credit Party, any other
Subsidiary, other than a Minority Subsidiary, of the Borrower or any combination
thereof  and  the  same shall remain undischarged for a period of 30 consecutive
days during which execution shall not be effectively stayed, or any action shall
be  legally  taken  by  a judgment creditor to attach or levy upon any assets of
such  Person  to  enforce  any  such  judgment;
(k)     an  ERISA Event shall have occurred that, in the opinion of the Required
Lenders,  when  taken  together  with all other ERISA Events that have occurred,
could  reasonably  be  expected  to  result in liability of the Borrower and its
Subsidiaries in an aggregate amount exceeding (i) $5,000,000 in any year or (ii)
$10,000,000  for  all  periods;
(l)     a  Change  in  Control  shall  occur;  or
(m)     any Event of Default (as defined in the Revolving Credit Facility) under
the  Revolving  Credit  Facility  (subject  to  Section  9.02(c)  hereof);
                                                ----------------
then,  and  in  every such event (other than an event described in clause (g) or
                                                                   ----------
(h)  of this Article), and at any time thereafter during the continuance of such
  -
event,  the Administrative Agent may, and at the request of the Required Lenders
shall,  by notice to the Borrower, take some or all of the following actions, at
the same or different times:  (i)  declare the Loans then out-standing to be due
and payable in whole (or in part, in which case any principal not so declared to
be  due  and  payable  may  thereafter  be  declared to be due and payable), and
thereupon the principal of the Loans so declared to be due and payable, together
with accrued interest thereon and all fees and other obligations of the Borrower
accrued  hereunder,  shall  become  due  and  payable  immediately,  without
presentment,  demand,  protest  or  other  notice  of any kind, all of which are
hereby  waived  by  the Borrower, and (ii) exercise any other rights or remedies
provided  under this Agreement or any other Loan Document, or any other right or
remedy  available by law or equity; and in case of any event described in clause
                                                                          ------
(g)  or  (h)  of  this  Article,  the  principal  of the Loans then outstanding,
---      ---
together with accrued interest thereon and all fees and other obligations of the
---
Borrower  accrued hereunder, shall automatically become due and payable, without
presentment,  demand,  protest  or  other  notice of any kind, all of which are
hereby  waived  by  the  Borrower.

                                ARTICLE  VIII

The  Administrative  Agent
--------------------------
     Each of the Lenders hereby irrevocably appoints the Administrative Agent as
its  agent  and  authorizes the Administrative Agent to take such actions on its
behalf  and to exercise such powers as are delegated to the Administrative Agent
by  the  terms  hereof,  together with such actions and powers as are reasonably
incidental  thereto.
The  bank  serving  as  the  Administrative  Agent hereunder shall have the same
rights  and  powers  in  its  capacity  as  a Lender as any other Lender and may
exercise  the same as though it were not the Administrative Agent, and such bank
and its Affiliates may accept deposits from, lend money to and generally engage
in  any  kind of business with the Borrower or any Subsidiary or other Affiliate
thereof  as  if  it  were  not  the  Administrative  Agent  hereunder.
The  Administrative  Agent shall not have any duties or obligations except those
expressly  set  forth herein.  Without limiting the generality of the foregoing,
(a)  the  Administrative  Agent  shall  not be subject to any fiduciary or other
implied  duties, regardless of whether a Default has occurred and is continuing,
(b)  the  Administrative Agent shall not have any duty to take any discretionary
action  or  exercise  any  discretionary powers, except discretionary rights and
powers  expressly  contemplated hereby that the Administrative Agent is required
to  exercise  in  writing  by  the  Required  Lenders  (or  such other number or
percentage  of  the  Lenders  as  shall  be necessary under the circumstances as
provided  in  Section  9.02),  and (c) except as expressly set forth herein, the
              -------------
Administrative  Agent  shall  not  have  any  duty to disclose, and shall not be
liable for the failure to disclose, any information relating to any Credit Party
that  is communicated to or obtained by the bank serving as Administrative Agent
or any of its Affiliates in any capacity.  The Administrative Agent shall not be
liable  for  any  action  taken  or  not  taken by it with the consent or at the
request  of  the  Required  Lenders  (or  such other number or percentage of the
Lenders  as  shall  be  necessary under the circumstances as provided in Section
                                                                         -------
9.02)  or in the absence of its own gross negligence or willful misconduct.  The
   -
Administrative Agent shall be deemed not to have knowledge of any Default unless
and  until  written  notice  thereof is given to the Administrative Agent by the
Borrower  or a Lender, and the Administrative Agent shall not be responsible for
or  have  any  duty  to ascertain or inquire into (i) any statement, warranty or
representation  made  in or in connection with this Agreement, (ii) the contents
of  any  certificate,  report  or  other  document  delivered  hereunder  or  in
connection  herewith,  (iii)  the  performance  or  observance  of  any  of  the
covenants,  agreements  or  other terms or conditions set forth herein, (iv) the
validity,  enforceability, effectiveness or genuineness of this Agreement or any
other  agreement,  instrument  or  document,  or  (v)  the  satisfaction  of any
condition  set  forth  in  Article IV or elsewhere herein, other than to confirm
                           ----------
receipt of items expressly required to be delivered to the Administrative Agent.
The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability  for  relying  upon,  any  notice,  request,  certificate,  consent,
statement,  instrument,  document  or other writing believed by it to be genuine
and  to have been signed or sent by the proper Person.  The Administrative Agent
also  may rely upon any statement made to it orally or by telephone and believed
by  it  to  be  made by the proper Person, and shall not incur any liability for
relying  thereon.  The  Administrative Agent may consult with legal counsel (who
may  be  counsel  for  the  Borrower), independent accountants and other experts
selected  by it, and shall not be liable for any action taken or not taken by it
in  accordance  with  the  advice  of  any such counsel, accountants or experts.
The  Administrative  Agent  may  perform any and all its duties and exercise its
rights  and  powers  by  or  through any one or more sub-agents appointed by the
Administrative  Agent.  The  Administrative  Agent  and  any  such sub-agent may
perform  any and all its duties and exercise its rights and powers through their
respective  Related  Parties.  The  exculpatory  provisions  of  the  preceding
paragraphs  shall  apply to any such sub-agent and to the Related Parties of the
Administrative Agent and any such sub-agent, and shall apply to their respective
activities  in connection with the syndication of the credit facilities provided
for  herein  as  well  as  activities  as  Administrative  Agent.
Subject to the appointment and acceptance of a successor Administrative Agent as
provided  in  this paragraph, the Administrative Agent may resign at any time by
notifying the Lenders and the Borrower.  Upon any such resignation, the Required
Lenders shall have the right, with the approval of Borrower (provided no Default
has  occurred  and  is  continuing),  which  approval  shall not be unreasonably
withheld,  to appoint a successor.  If no successor shall have been so appointed
by  the Required Lenders and shall have accepted such appointment within 30 days
after  the  retiring  Administrative Agent gives notice of its resignation, then
the  retiring  Administrative  Agent  may,  on  behalf of the Lenders, appoint a
successor Administrative Agent which shall be a bank with an office in New York,
New  York,  or  an  Affiliate  of  any  such  bank.  Upon  the acceptance of its
appointment  as  Administrative  Agent  hereunder by a successor, such successor
shall  succeed  to and become vested with all the rights, powers, privileges and
duties  of  the  retiring  Administrative Agent, and the retiring Administrative
Agent  shall  be discharged from its duties and obligations hereunder.  The fees
payable by the Borrower to a successor Administrative Agent shall be the same as
those  payable  to  its predecessor unless otherwise agreed between the Borrower
and such successor.  After the Administrative Agent's resignation hereunder, the
provisions  of  this  Article  and Section 9.03 shall continue in effect for the
                                   ------------
benefit  of  such  retiring  Administrative  Agent,  its  sub-agents  and  their
respective  Related  Parties  in  respect  of any actions taken or omitted to be
taken  by  any  of  them  while  it  was  acting  as  Administrative  Agent.
Each  Lender  acknowledges  that it has, independently and without reliance upon
the  Administrative  Agent  or  any other Lender and based on such documents and
information  as  it  has  deemed  appropriate,  made its own credit analysis and
decision  to  enter  into this Agreement.  Each Lender also acknowledges that it
will,  independently  and  without reliance upon the Administrative Agent or any
other  Lender and based on such documents and information as it shall from time
to  time  deem  appropriate, continue to make its own decisions in taking or not
taking  action  under or based upon this Agreement, any related agreement or any
document  furnished  hereunder  or  thereunder.

                                ARTICLE  IX

Miscellaneous
-------------

     SECTION  9.01     Notices.  Except  in  the  case  of  notices  and  other
                       ------
communications  expressly  permitted  to  be given by telephone, all notices and
other  communications  provided  for  herein  shall  be  in writing and shall be
delivered  by  hand  or  overnight  courier  service,  mailed  by  certified  or
registered  mail  or  sent  by  telecopy,  as  follows:
(a)     if  to  the  Borrower,  to  it  at  2600  Citadel Plaza Drive, P. O. Box
924111,  Houston,  Texas  77292,  Attention:  Steve  Richter  (Telecopy  No.
713/868-6981);  with  a  copy to Weingarten Realty Investors, 2600 Citadel Plaza
Drive, P. O. Box 924111, Houston, Texas 77292, Attention: Linda Kubena (Telecopy
     No. 713/868-6981); with a copy to Dow, Cogburn & Friedman, P.C., 9 Greenway
Plaza, Suite 2300, Houston, Texas 77046, Attention:  Melvin A. Dow (Telecopy No.
713/940-6099);
(b)     if  to  the  Administrative Agent, to Commerzbank AG, New York Branch, 2
World Financial Center, New York, New York  10281-1050, Attention: David Schwarz
(Telephone  No.  212/266-7583  and  Telecopy  No.  212/266-7565);
(c)     if  to  any  other Lender, to it at its address (or telecopy number) set
forth  on  the  signature pages of this Agreement, or as provided to Borrower in
writing  by  the  Administrative  Agent  or  the  Lender.
Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto.  All notices and
other communications given to any party hereto in accordance with the provisions
of  this  Agreement shall be deemed to have been given (i) if given by telecopy,
when  such  telecopy  is  transmitted  to  the telecopy number specified in this
Section  and  the  appropriate confirmation is received (or if such day is not a
Business  Day,  on the next Business Day); (ii) if given by mail (return receipt
requested),  on  the  earlier  of  receipt or three (3) Business Days after such
communication  is  deposited  in  the  mail  with  first  class postage prepaid,
addressed  as aforesaid; or (iii) if given by any other means, when delivered at
the  address  specified  in  this  Section;  provided  that  notices  to  the
                                             --------
Administrative  Agent  under  Article  II shall not be effective until received.
                              -----------

     SECTION  9.02     Waivers;  Amendments.
                       -------------------
(a)     No  failure  or  delay  by  the  Administrative  Agent  or any Lender in
exercising  any  right or power hereunder or under any other Loan Document shall
operate  as  a  waiver  thereof, nor shall any single or partial exercise of any
such  right  or  power, or any abandonment or discontinuance of steps to enforce
such  a  right  or  power, preclude any other or further exercise thereof or the
exercise  of  any  other  right  or  power.  The  rights  and  remedies  of  the
Administrative Agent and the Lenders hereunder and under any other Loan Document
     are  cumulative  and  are not exclusive of any rights or remedies that they
would  otherwise have.  No waiver of any provision of this Agreement or consent
to  any  departure  by  the  Borrower  therefrom shall in any event be effective
unless  the  same  shall be permitted by paragraph (b) of this Section, and then
such waiver or consent shall be effective only in the specific instance and for
the  purpose  for  which  given.
(b)     Neither  this  Agreement nor any provision hereof may be waived, amended
or  modified  except  pursuant  to an agreement or agreements in writing entered
into  by  the  Borrower  and  the  Required  Lenders  or by the Borrower and the
Administrative  Agent with the consent of the Required Lenders; provided that no
                                                                --------
such  agreement  shall  (i)  increase  the  Commitment of any Lender without the
written  consent of such Lender, (ii) reduce the principal amount of any Loan or
reduce  the  rate  of  interest  thereon,  or reduce any fees payable hereunder,
without  the written consent of each Lender affected thereby, (iii) postpone the
scheduled  date  of payment of the principal amount of any Loan, or any interest
thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse
any  such  payment, without the written consent of each Lender affected thereby,
(iv)  change  Section  2.14(b)  or (c) in a manner that would alter the pro rata
              ----------------     ---
sharing  of  payments  required  thereby,  without  the  written consent of each
Lender,  (v)  change  any of the provisions of this Section or the definition of

     "Required  Lenders"  or  any  other  provision hereof specifying the number
or percentage of Lenders required to waive, amend or modify any rights hereunder
or  make  any  determination or grant any consent hereunder, without the written
consent of each Lender, (vi) except for a release by the Administrative Agent of
a  Guarantor  whose Guaranty is no longer required pursuant to the terms of this
Agreement,  release  any  Credit  Party  from  its  obligations  under  the Loan
Documents,  without  the  written  consent  of  each Lender, or (vii) extend the
Maturity Date, except as provided in Section 2.16 without the written consent of
                                     ------------
each  Lender, or (viii) increase the maximum percentage in Section 5.02(f) above
                                                           ---------------
fifty-five  percent  (55%), without the written consent of each Lender; provided
                                                                        --------
further  that  no  such  agreement  shall  amend, modify or otherwise affect the
 ------
rights or duties of the Administrative Agent hereunder without the prior written
 ----
consent  of  the  Administrative  Agent.
(c)     Any  waiver  of  a Default or an Event of Default (as each is defined in
the  Revolving  Credit  Facility)  other  than  the  payment  of  money  and any
amendments  to Articles V or VI of the Revolving Credit Facility, will require a
like  waiver  or  amendment  to  conform  this Agreement to the Revolving Credit
Facility (a "Conforming Amendment") if the Administrative Agent and the Required
Lenders  agree to same.  If the Administrative Agent and the Required Lenders do
not  agree  to  a  Conforming  Amendment,  then,  upon  written  notice from the
Administrative  Agent  to  the  Borrower  that  the Administrative Agent and the
Required  Lenders  do  not agree to the Conforming Amendment, the Borrower shall
have  the  right  to  pay  the Loans and all other obligations it has under this
Agreement or under the other Loan Documents within one hundred eighty (180) days
after  such  notice  from  the Administrative Agent, and such default, waiver or
amendment  under  the Revolving Credit Facility will not be a Default under this
Agreement  during  such  time  period.

     SECTION  9.03     Expenses;  Indemnity;  Damage  Waiver.
                       ------------------------------------
(a)     The  Borrower  shall  pay  (i)  all  reasonable  out-of-pocket  expenses
incurred  by  the  Administrative  Agent  and  its  Affiliates,  including  the
reasonable  fees,  charges  and  disbursements of counsel for the Administrative
Agent,  in connection with the syndication of the credit facilities provided for
herein,  the preparation and administration of this Agreement or any amendments,
modifications  or  waivers  of  the  provisions  hereof  (whether  or  not  the
transactions  contemplated hereby or thereby shall be consummated), and (ii) all
out-of-pocket  expenses  incurred  by  the  Administrative  Agent or any Lender,
including  the  fees,  charges  and  disbursements  of  any  counsel  for  the
Administrative  Agent  or  any  Lender,  in  connection  with the enforcement or
protection of its rights in connection with this Agreement, including its rights
     under  this  Section,  or  in  connection  with  the  Loans made hereunder,
including  all  such  out-of-pocket  expenses  incurred  during  any  workout,
restructuring  or  negotiations  in  respect  of  such  Loans.
(b)     The  Borrower  shall indemnify the Administrative Agent and each Lender,
and  each  Related Party of any of the foregoing Persons (each such Person being
called an "Indemnitee") against, and hold each Indemnitee harmless from, any and
           ----------
all  losses,  claims,  damages,  liabilities and related expenses, including the
fees,  charges  and disbursements of any counsel for any Indemnitee, incurred by
or  asserted  against any Indemnitee arising out of, in connection with, or as a
result  of  (i)  the execution or delivery of this Agreement or any agreement or
instrument  contemplated  hereby, the performance by the parties hereto of their
respective  obligations hereunder or the consummation of the Transactions or any
other transactions contemplated hereby, (ii) any Loan or the use of the proceeds
therefrom,  (iii)  any  actual  or  alleged  presence  or  release  of Hazardous
Materials  on  or  from any property owned or operated by the Borrower or any of
its  Subsidiaries,  or  any  Environmental  Liability  related in any way to the
Borrower  or  any  of its Subsidiaries, or (iv) any actual or prospective claim,
litigation,  investigation  or  proceeding  relating  to  any  of the foregoing,
whether  based  on  contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto; provided that such indemnity shall not, as to
                                   --------
any  Indemnitee,  be  available to the extent that such losses, claims, damages,
liabilities  or  related  expenses resulted from the gross negligence or willful
misconduct  of  such  Indemnitee.  THE  FOREGOING  INDEMNITY  INDEMNIFIES  EACH
INDEMNITEE  FROM  ITS  OWN  NEGLIGENCE.
(c)     To  the  extent that the Borrower fails to pay any amount required to be
paid  by  it  to  the  Administrative  Agent  under paragraph (a) or (b) of this
                                                    -------------    ---
Section,  each  Lender  severally agrees to pay to the Administrative Agent such
Lender's  Applicable  Percentage  (determined as of the time that the applicable
unreimbursed  expense  or  indemnity  payment  is sought) of such unpaid amount;
provided  that  the  unreimbursed  expense  or  indemnified loss, claim, damage,
    ----
liability  or  related  expense, as the case may be, was incurred by or asserted
    -
against  the  Administrative  Agent  in  its  capacity  as  such.
(d)     To  the  extent  permitted  by  applicable  law,  the Borrower shall not
assert,  and  hereby  waives, any claim against any Indemnitee, on any theory of
liability,  for special, indirect, consequential or punitive damages (as opposed
to  direct or actual damages) arising out of, in connection with, or as a result
of,  this  Agreement  or  any  agreement  or instrument contemplated hereby, the
Transactions,  any  Loan  or  the  use  of  the  proceeds  thereof.
(e)     All  amounts  due under this Section shall be payable not later than ten
days  after  written  demand  therefor.

     SECTION  9.04     Successors  and  Assigns.
                       -----------------------
(a)     The  provisions of this Agreement shall be binding upon and inure to the
benefit  of  the  parties  hereto  and  their  respective successors and assigns
permitted  hereby, except that the Borrower may not assign or otherwise transfer
any  of its rights or obligations hereunder without the prior written consent of
each  Lender  (and  any attempted assignment or transfer by the Borrower without
such  consent  shall be null and void).  Nothing in this Agreement, expressed or
implied,  shall  be  construed to confer upon any Person (other than the parties
hereto,  their  respective  successors  and assigns permitted hereby and, to the
extent  expressly  contemplated  hereby,  the  Related  Parties  of  each of the
Administrative  Agent  and  the Lenders) any legal or equitable right, remedy or
claim  under  or  by  reason  of  this  Agreement.
(b)     Any Lender may assign to one or more Eligible Assignees all or a portion
of  its  rights and obligations under this Agreement (including all or a portion
of  the  Loan at the time owing to it); provided  that (i) except in the case of
                                        --------
an  assignment  to a Lender or an Affiliate of a Lender or an Approved Fund with
respect  to  a  Lender, each of the Borrower (so long as no Default has occurred
and  is  continuing)  and the Administrative Agent must give their prior written
consent  to  such assignment (which consent shall not be unreasonably withheld),
(ii)  except  in the case of an assignment to a Lender, an Affiliate of a Lender
or  to an Approved Fund with respect to a Lender, or an assignment of the unpaid
balance  of the Loan held by the assigning Lender, the amount of the Loan of the
assigning  Lender subject to each such assignment (determined as of the date the
Assignment  and  Acceptance  with respect to such assignment is delivered to the
Administrative  Agent)  shall  not  be  less  than $5,000,000 unless each of the
Borrower  (so  long  as  no  Default  has  occurred  and  is continuing) and the
Administrative  Agent  otherwise consent, (iii) each partial assignment shall be
made  as  an  assignment  of  a proportionate part of all the assigning Lender's
rights and obligations under this Agreement, (iv) the parties to each assignment
shall  execute  and  deliver  to  the  Administrative  Agent  an  Assignment and
Acceptance,  together  with  a processing and recordation fee of $3,500, and (v)
the  assignee,  if it shall not be a Lender, shall deliver to the Administrative
Agent  an  Administrative  Questionnaire.  Subject  to  acceptance and recording
thereof  pursuant to paragraph (d) of this Section, from and after the effective
                     -------------
date  specified in each Assignment and Acceptance, the assignee thereunder shall
be a party hereto and, to the extent of the interest assigned by such Assignment
and  Acceptance,  have  the  rights  and  obligations  of  a  Lender under this
Agreement,  and  the  assigning  Lender  thereunder  shall, to the extent of the
interest  assigned  by  such  Assignment  and  Acceptance,  be released from its
obligations  under  this  Agreement  (and,  in  the  case  of an Assignment and
Acceptance  covering  all of the assigning Lender's rights and obligations under
this  Agreement, such Lender shall cease to be a party hereto but shall continue
to  be  entitled  to  the  benefits of Sections 2.11, 2.12, 2.13 and 9.03).  Any
                                       -------------  ----  ----     ----
assignment or transfer by a Lender of rights or obligations under this Agreement
that  does  not comply with this paragraph shall be treated for purposes of this
Agreement  as  a  sale  by  such  Lender  of  a participation in such rights and
obligations  in  accordance  with  paragraph  (e)  of  this  Section.
                                   --------------
(c)     The  Administrative  Agent,  acting  for this purpose as an agent of the
Borrower,  shall  maintain at one of its offices in New York, New York a copy of
each  Assignment  and  Acceptance  delivered  to  it  and  a  register  for  the
recordation  of  the names and addresses of the Lenders, and principal amount of
the  Loan  owing  to, each Lender pursuant to the terms hereof from time to time
(the  "Register").  The  entries  in  the  Register shall be conclusive, and the
       --------
Borrower,  the  Administrative Agent and the Lenders may treat each Person whose
name  is  recorded  in  the  Register  pursuant  to the terms hereof as a Lender
hereunder  for  all  purposes  of  this Agreement, notwithstanding notice to the
contrary.  The  Register  shall  be available for inspection by the Borrower and
any  Lender,  at any reasonable time and from time to time upon reasonable prior
notice.
(d)     Upon  its receipt of a duly completed Assignment and Acceptance executed
by  an assigning Lender and an assignee, the assignee's completed Administrative
Questionnaire  (unless  the  assignee  shall already be a Lender hereunder), the
processing  and recordation fee referred to in paragraph (b) of this Section and
                                               -------------
any  written  consent  to  such  assignment  required  by  paragraph (b) of this
                                                           -------------
Section,  the  Administrative  Agent shall accept such Assignment and Acceptance
and  record  the  information  contained therein in the Register.  No assignment
shall be effective for purposes of this Agreement unless it has been recorded in
the  Register  as  provided  in  this  paragraph.
(e)     Any  Lender  may,  without  the  consent  of  the  Borrower  or  the
Administrative Agent, sell participations to one or more banks or other entities
(a  "Participant")  in  all or a portion of such Lender's rights and obligations
     -----------
under  this  Agreement  (including  all  or  a portion of the Loan owing to it);
provided  that  (i)  such Lender's obligations under this Agreement shall remain
     ---
unchanged, (ii) such Lender shall remain solely responsible to the other parties
hereto  for  the  performance  of  such  obligations and (iii) the Borrower, the
Administrative  Agent  and  the  other Lenders shall continue to deal solely and
directly  with  such  Lender  in  connection  with  such  Lender's  rights  and
obligations under this Agreement.  Any agreement or instrument pursuant to which
a  Lender sells such a participation shall provide that such Lender shall retain
the  sole  right  to  enforce  this  Agreement  and  to  approve  any amendment,
modification  or  waiver  of any provision of this Agreement; provided that such
                                                              --------
agreement  or  instrument  may  provide  that  such Lender will not, without the
consent  of  the  Participant,  agree  to  any amendment, modification or waiver
described in the first proviso to Section 9.02(b) that affects such Participant.
                                  ---------------
Subject  to  paragraph  (f)  of  this  Section,  the  Borrower  agrees that each
             --------------
Participant shall be entitled to the benefits of Sections 2.11, 2.12 and 2.13 to
                                                 -------------  ----     ----
the  same  extent  as  if  it  were  a  Lender  and had acquired its interest by
assignment  pursuant  to paragraph (b) of this Section.  To the extent permitted
                         -------------
by  law, each Participant also shall be entitled to the benefits of Section 9.08
                                                                    ------------
as  though  it  were a Lender, provided such Participant agrees to be subject to
Section  2.14(c)  as  though  it  were  a  Lender.
  --------------
(f)     A Participant shall not be entitled to receive any greater payment under
Section  2.11  or  2.13  than  the applicable Lender would have been entitled to
-------------      ----
receive  with  respect to the participation sold to such Participant, unless the
----
sale  of the participation to such Participant is made with the Borrower's prior
written  consent.  A  Participant  that  would  be a Foreign Lender if it were a
Lender shall not be entitled to the benefits of Section 2.13 unless the Borrower
                                                ------------
is  notified  of the participation sold to such Participant and such Participant
agrees,  for  the  benefit  of  the  Borrower, to comply with Section 2.13(e) as
                                                              ---------------
though  it  were  a  Lender.
(g)     Any  Lender  may at any time pledge or assign a security interest in all
or  any portion of its rights under this Agreement to secure obligations of such
Lender,  including  any  pledge or assignment to secure obligations to a Federal
Reserve  Bank, and this Section shall not apply to any such pledge or assignment
of a security interest; provided that no such pledge or assignment of a security
                        --------
interest  shall  release  a  Lender  from  any  of  its obligations hereunder or
substitute  any  such  pledgee  or  assignee  for such Lender as a party hereto.

     SECTION  9.05     Survival.  All  covenants,  agreements,  representations
                  --------
and  warranties  made  by  the  Borrower herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be
considered  to  have  been  relied  upon  by  the other parties hereto and shall
survive  the  execution  and  delivery  of  this Agreement and the making of any
Loans,  regardless  of  any investigation made by any such other party or on its
behalf  and notwithstanding that the Administrative Agent or any Lender may have
had  notice  or knowledge of any Default or incorrect representation or warranty
at  the  time any credit is extended hereunder, and shall continue in full force
and  effect  as  long as the principal of or any accrued interest on any Loan or
any  fee  or  any  other amount payable under this Agreement is outstanding and
unpaid.  The  provisions  of Sections 2.11, 2.12, 2.13 and 9.03 and Article VIII
shall survive and remain in full force and effect regardless of the consummation
of  the  transactions  contemplated  hereby,  the  repayment of the Loans or the
termination  of  this  Agreement  or  any  provision  hereof.

     SECTION  9.06     Counterparts; Integration; Effectiveness.  This Agreement
                       ---------------------------------------
may  be  executed  in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when
taken  together  shall  constitute  a  single  contract.  This Agreement and any
separate  letter  agreements  with respect to fees payable to the Administrative
Agent  constitute  the entire contract among the parties relating to the subject
matter  hereof and supersede any and all previous agreements and understandings,
oral  or  written,  relating to the subject matter hereof. Except as provided in
Section  4.01,  this  Agreement  shall  become effective when it shall have been
executed  by  the  Administrative  Agent and when the Administrative Agent shall
have  received  counterparts  hereof  which,  when  taken  together,  bear  the
signatures  of each of the other parties hereto, and thereafter shall be binding
upon  and  inure  to  the  benefit  of  the  parties hereto and their respective
successors  and assigns. Delivery of an executed counterpart of a signature page
of  this  Agreement  by  telecopy  shall  be effective as delivery of a manually
executed  counterpart  of  this  Agreement.

     SECTION  9.07     Severability.  Any  provision of this  Agreement  held to
                       -----------
be  invalid,  illegal  or  unenforceable  in  any jurisdiction shall, as to such
jurisdiction,  be  ineffective  to  the extent of such invalidity, illegality or
unenforceability  without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in
a  particular  jurisdiction  shall  not  invalidate  such provision in any other
jurisdiction.

     SECTION  9.08     Right  of  Setoff.  If an Event of Default shall have
                       ----------------
occurred  and  be  continuing,  each Lender and each of its Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by
law,  to  set  off  and  apply any and all deposits (general or special, time or
demand, provisional or final) at any time held and other obligations at any time
owing  by  such  Lender  or Affiliate to or for the credit or the account of the
Borrower against any of and all the obligations of the Borrower now or hereafter
existing  under  this  Agreement held by such Lender, irrespective of whether or
not  such  Lender  shall  have made any demand under this Agreement and although
such  obligations  may  be  unmatured. Each Lender agrees promptly to notify the
Borrower  after  any  such  setoff and application made by such Lender, provided
that  the  failure  to  give  such  notice shall not affect the validity of such
setoff  and  application.  The  rights  of each Lender under this Section are in
addition  to  other rights and remedies (including other rights of setoff) which
such  Lender  may  have.

     SECTION  9.09  Governing Law; Jurisdiction   Consent to Service of Process.
                    ------------------------------------------------------------
(a)     This Agreement shall be construed in accordance with and governed by the
law  of  the  State  of  Texas.
(b)     The  Borrower hereby irrevocably and unconditionally submits, for itself
and  its  property,  to  the nonexclusive jurisdiction of the district courts of
Harris  County,  Texas  and of the United States District Court for the Southern
District  of Texas (Houston Division), and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement, or for
recognition  or  enforcement  of  any  judgment,  and each of the parties hereto
hereby  irrevocably and unconditionally agrees that all claims in respect of any
such  action  or proceeding may be heard and determined in such State or, to the
extent  permitted  by  law,  in  such Federal court.  Each of the parties hereto
agrees  that  a  final  judgment  in  any  such  action  or  proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law.  Nothing in this Agreement shall affect any
right  that  the  Administrative Agent or any Lender may otherwise have to bring
any  action or proceeding relating to this Agreement against the Borrower or its
proper-ties  in  the  courts  of  any  jurisdiction.
(c)     The  Borrower  hereby  irrevocably  and  unconditionally  waives, to the
fullest  extent it may legally and effectively do so, any objection which it may
now  or here-after have to the laying of venue of any suit, action or proceeding
arising  out  of  or  relating  to  this  Agreement  in any court referred to in
paragraph  (b)  of  this Section.  Each of the parties hereto hereby irrevocably
waives,  to  the fullest extent permitted by law, the defense of an inconvenient
forum  to  the  maintenance  of  such  action  or  proceeding in any such court.
(d)     Each  party to this Agreement irrevocably consents to service of process
in  the  manner provided for notices in Section 9.01.  Nothing in this Agreement
                                        ------------
will  affect  the  right  of any party to this Agreement to serve process in any
other  manner  permitted  by  law.

     SECTION  9.10     WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES,
                       -------------------
TO  THE  FULLEST  EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL  BY  JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING  TO  THIS  AGREEMENT  OR  THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED  ON  CONTRACT,  TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT  NO  REPRESENTATIVE,  AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY  OR  OTHERWISE,  THAT  SUCH  OTHER  PARTY  WOULD  NOT, IN THE EVENT OF
LITIGATION,  SEEK  TO  ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREE-MENT BY,
AMONG  OTHER  THINGS,  THE  MUTUAL  WAIVERS  AND CERTIFICATIONS IN THIS SECTION.

     SECTION  9.11     Headings.  Article and  Section headings and the Table of
                       -------
Contents used herein are for convenience of reference only, are not part of this
Agreement  and  shall  not  affect  the  construction  of,  or  be  taken  into
consideration  in  interpreting,  this  Agreement.

     SECTION  9.12     Confidentiality. Each of the Administrative Agent and the
                       --------------
Lenders  agrees  to  maintain the confidentiality of the Information (as defined
below),  except that Information may be disclosed (a) to its and its Affiliates'
directors,  officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure
is  made  will  be  informed  of the confidential nature of such Information and
instructed  to  keep such Information confidential), (b) to the extent requested
by  any  regulatory authority, (c) to the extent  required by applicable laws or
regulations  or by any subpoena or similar legal process, (d) to any other party
to this Agreement, (e) in connection with the exercise of any remedies hereunder
or  any suit, action or proceeding relating to this Agreement or the enforcement
of  rights  hereunder,  (f)  subject  to  an  agreement  containing  provisions
substantially  the  same  as  those  of  this  Section,  to  any  assignee of or
Participant  in,  or  any  prospective assignee of or Participant in, any of its
rights or obligations under this Agreement, (g) with the consent of the Borrower
or  (h) to the extent such Information (i) becomes publicly available other than
as  a  result  of  a  breach  of  this  Section or (ii) becomes available to the
Administrative  Agent  or  any  Lender  on a nonconfidential basis from a source
other  than the Borrower.  For the purposes of this Section, "Information" means
all  information  received from any Credit Party relating to the Credit Party or
its  business,  other  than  any  such  information  that  is  available  to the
Administrative  Agent  or  any  Lender  on  a  nonconfidential  basis  prior  to
disclosure  by  any  Credit  Party;  provided  that,  in the case of information
received  from  any  Credit  Party  after  the  date hereof, such information is
clearly identified at the time of delivery as confidential.  Any Person required
to maintain the confidentiality of Information as provided in this Section shall
be  considered  to have complied with its obligation to do so if such Person has
exercised  the  same  degree  of  care  to  maintain the confidentiality of such
Information  as  such  Person  would accord to its own confidential information.

     SECTION  9.13     Interest  Rate Limitation.  Notwithstanding anything
                       ------------------------
herein  to  the  contrary,  if  at any time the interest applicable to any Loan,
together  with all fees, charges and other amounts which are treated as interest
on  such  Loan  under applicable law (collectively, the "Charges"), shall exceed
the maximum which may be contracted for, charged, taken, received or reserved by
the  Lender  holding  such  Loan in accordance with applicable law (the "Maximum
Rate"), the rate of interest payable in respect of such Loan hereunder, together
with  all  Charges  payable  in respect thereof, shall be limited to the Maximum
Rate  and,  to  the extent lawful, the interest and Charges that would have been
paid  in respect of such Loan but were not payable as result of the operation of
this  Section  shall  be  cumulated and the interest and Charges payable to such
Lender  in  respect  of other Loans or periods shall be increased (but not above
the  Maximum  Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate to the date of repayment, shall have
been received by such Lender. If, for any reason whatsoever, the Charges paid or
received  on  the  Loans  produces  a  rate  which exceeds the Maximum Rate, the
Lenders  shall  credit  against  the  principal  of  the  Loans  (or,  if  such
indebtedness  shall  have  been  paid in full, shall refund to the payor of such
Charges)  such  portion  of  said  Charges  as  shall  be necessary to cause the
interest paid on the Loans to produce a rate equal to the Maximum Rate. All sums
paid  or  agreed to be paid to the holders of the Loans for the use, forbearance
or  detention  of the Loans shall, to the extent permitted by applicable law, be
amortized,  prorated,  allocated  and  spread in equal parts throughout the full
term of this Agreement, so that the interest rate is uniform throughout the full
term  of  this  Agreement.  The  provisions  of  this  Section shall control all
agreements,  whether  now  or  hereafter  existing  and whether written or oral,
between  the parties hereto. On each day, if any, that Texas law establishes the
Maximum  Rate,  the  Maximum  Rate  shall be the  "weekly ceiling"  (as  defined
in Chapter  303  of  the  Texas  Finance  Code  (the  "Texas  Finance Code")  as
                                                       --------------------
amended)  for that day.  The Administrative Agent may from time to  time,  as to
current and future balances, implement any other ceiling under the Texas Finance
Code  by  notice  to  the  Borrower, if and to the extent permitted by the Texas
Finance Code.  Without notice to the Borrower or any other person or entity, the
Maximum  Rate  shall  automatically  fluctuate upward and downward as and in the
amount  by  which  such  maximum  nonusurious  rate  of  interest  permitted  by
applicable  law  fluctuates.

     SECTION  9.14     Liability  of  Holders.  With respect to  the  incurrence
                       ---------------------
of  certain  liabilities  hereunder  and the making of certain agreements by the
Borrower  as  herein  stated, such incurrence of liabilities and such agreements
shall  be  binding upon the Borrower only as a trust formed under the Texas Real
Estate  Investment  Trust  Act  pursuant to that certain Restated Declaration of
Trust  dated  March  23,  1988 (as amended from time to time), and only upon the
assets of such Borrower. No Trust Manager or officer or holder of any beneficial
interest  in  the  Borrower shall have any personal liability for the payment of
any  indebtedness or other liabilities incurred by the Borrower hereunder or for
the  performance  of  any agreements made by the Borrower hereunder, nor for any
other act, omission or obligation incurred by the Borrower or the Trust Managers
except,  in  the  case  of  a  Trust Manager, any liability arising from his own
willful  misfeasance  or  malfeasance  or  gross  negligence.

<PAGE>

     IN  WITNESS  WHEREOF,  the  parties hereto have caused this Agreement to be
duly  executed  by  their  respective authorized officers as of the day and year
first  above  written.

WEINGARTEN  REALTY  INVESTORS
By:
Name:
Title:

<PAGE>
------
Signature  page  to  Credit  Agreement  with  Weingarten  Realty  Investors.

COMMERZBANK  AG,  NEW  YORK  BRANCH,  individually  and as Administrative Agent,
By:
Name:
Title:

<PAGE>
------
Signature  page  to  Credit  Agreement  with  Weingarten  Realty  Investors.

WELLS  FARGO  BANK,  NATIONAL  ASSOCIATON, individually and as Syndication Agent

By:
Name:
Title:

Address:

1000  Louisiana  Street,  4th  Floor
Houston,  Texas  77002
Attention:  Steve  May
Telephone  No.:  (713)  319-1424
Telecopy  No.:  (713)  739-1077

<PAGE>

                                  SCHEDULE 2.01
LENDER                         LOAN  COMMITMENT
     (Percentage)
Commerzbank  AG,  New  York                    $30,000,000.00
     (60.0%)

Wells  Fargo  Bank,  National  Association               $20,000,000.00
     (40.0%)

<PAGE>

                                SCHEDULE 3.05(F)
                           Earthquake or Seismic Area

Properties  of  Borrower and its Subsidiaries located in the State of California

<PAGE>
                                  SCHEDULE 3.07
                                DISCLOSED MATTERS
Below  is  a  list  of major outstanding lawsuits, none of which we believe will
have  a  Material  Adverse  Effect:
     Location  0038  (Lake  Charles) Aletta McFatter incident 11/9/97 this is an
assault  case where an elderly lady allegedly had her purse snatched and held on
to  the  purse  and  fell  down.  She  had swelling of the brain, which required
surgery.  We have adequate Insurance Coverage and are aggressively defending. We
expect  success  in  court.

Location  0035  (Lake  Charles)  Mary  Jessica  Savoy incident 3/8/99 this is an
alleged  rape,  which  happened  to one of our tenants. She was leaving work and
assaulted  and stabbed in the parking lot, she drove herself to the hospital. We
are  being  sued  and  we  have adequate Insurance Coverage and are aggressively
defending  and  expect  success  in  court.

<PAGE>
                                  SCHEDULE 3.15
                              LIST OF SUBSIDIARIES

Alabama-Shepherd  Shopping  Center
----------------------------------
AN/WRI  Partnership,  Ltd.
--------------------------
ATDNL,  Inc.
------------
East  Town,  Lake  Charles  Co.
-------------------------------
Eastex  Venture
---------------
GJR/Weingarten  Little  York  Venture
-------------------------------------
GJR/Weingarten  River  Point  Venture
-------------------------------------
Jacinto  City,  Ltd.
--------------------
Lisbon  Street  Shopping  Trust
-------------------------------
Main/O.S.T.,  Ltd.
------------------
Markham  West  Shopping  Center,  L.P.
--------------------------------------
Miller  Weingarten  Realty,  LLC
--------------------------------
Nanocorp,  Inc.
---------------
NEC  Dalrock  and  SH  66,  Ltd.
--------------------------------
Northwest  Hollister  Venture
-----------------------------
Phelan  Boulevard  Venture
--------------------------
Rosenberg,  Ltd.
----------------
S/W  Albuquerque,  L.P.
-----------------------
Sheldon  Center,  Ltd.
----------------------
South  Loop  -  Long  Wayside  Company
--------------------------------------
SPM/WRI  College  Station,  L.P.
--------------------------------
SPM/WRI  Rockwall,  L.P.
------------------------
Weingarten  Properties  Trust
-----------------------------
Weingarten/Bridges  at  Smoky  Hills
------------------------------------
Weingarten/Colorado,  Inc.
--------------------------
Weingarten/Finger  Venture
--------------------------
Weingarten/Investments,  Inc.
-----------------------------
Weingarten/Miller  Elizabeth
----------------------------
Weingarten/Miller/Englewood
---------------------------
Weingarten/Miller/Fiest  Joint  Venture
---------------------------------------
Weingarten/Miller/ThornCreek  Joint  Venture
--------------------------------------------
Weingarten-Murphy,  Ltd.
------------------------
WRI  Interests,  Inc.
---------------------
WRI/Bell  Plaza,  Inc.
----------------------
WRI/Central  Plaza,  Inc.
-------------------------
WRI/Crosby  Venture
-------------------
WRI/Custer  Park,  Inc.
-----------------------
WRI/Dickinson  Venture
----------------------
WRI/Lone  Star,  Inc.
---------------------
WRI/Pavilion,  Inc.
-------------------
WRI/Regency  Park,  Inc.
------------------------
WRI/Rockwall,  Inc.
-------------------
WRI/Shopping  Centers  I,  Inc.
-------------------------------
SPM/WRI  Overland  Park,  L.P.
------------------------------
Weingarten  Nostat,  Inc.
-------------------------
Weingarten  Realty  Management  Company
---------------------------------------
WRI/Post  Oak,  Inc.
--------------------
WRI/7080  Express  Lane,  Inc.
------------------------------
Weingarten/Lufkin,  Inc.
------------------------
WRI/Pembroke,  Ltd.
-------------------
Market  at  Town  Center-Sugar  Land  Partnership
-------------------------------------------------
South  Padre  Drive,  L.P.
--------------------------
Weingarten  GS  Inc.
--------------------
Weignarten  Golden  State  Inc.
-------------------------------
WRI  Parkway  Plaza,  Inc.
--------------------------
Weingarten  Golden  State  LLC
------------------------------
WRI  GS  Partnership  LP
------------------------
Weingarten  GS  Delaware  Inc.
------------------------------

<PAGE>

                                SCHEDULE 5.12 (C)
                POOL PROPERTIES WITHOUT ENVIRONMENTAL ASSESSMENT

                     LOC. #     DESCRIPTION     CITY     ST
0004-700     Village  Shopping  Center     Port  Arthur     TX
--------     -------------------------     ------------     --
0008-001     Heights  Plaza  Shopping  Center     Houston     TX
--------     --------------------------------     -------     --
0011-001     Sheldon  Forest  Shopping  Center     Channelview     TX
--------     ---------------------------------     -----------     --
0012-001     Westwood  Village  Shopping  Ctr.     Lafayette     LA
--------     ---------------------------------     ---------     --
0014-001     Fiesta  Market  Place     Houston     TX
--------     ---------------------     -------     --
0016-001     Harrisburg  Plaza     Houston     TX
--------     -----------------     -------     --
0017-001     Stella  Link  Shopping  Center     Houston     TX
--------     ------------------------------     -------     --
0018-700     Long  Point  Shopping  Center     Houston     TX
--------     -----------------------------     -------     --
0023-001     Lyons  Avenue  Shopping  Center     Houston     TX
--------     -------------------------------     -------     --
0024-001     Gillham  Circle     Port  Arthur     TX
--------     ---------------     ------------     --
0029-269     Market  Street  Shopping  Center     Jacinto  City     TX
--------     --------------------------------     -------------     --
0030-001     Southgate  Shopping  Center     Beaumont     TX
--------     ---------------------------     --------     --
0032-001     Texas  City  Plaza     Texas  City     TX
--------     ------------------     -----------     --
0033-001     Miracle  Corners  Shopping  Ctr.     Pasadena     TX
--------     --------------------------------     --------     --
0034-001     Bryan  Center     Bryan     TX
--------     -------------     -----     --
0035-001     Southgate  Shopping  Center     Lake  Charles     LA
--------     ---------------------------     -------------     --
0036-001     University  Plaza     Houston     TX
--------     -----------------     -------     --
0038-251     East  Town  Shopping  Center     Lake  Charles     LA
--------     ----------------------------     -------------     --
0040-001     Westwood  Shopping  Center     Shreveport     LA
--------     --------------------------     ----------     --
0041-001     New  Boston  Rd.  Shopping  Center     Texarkana     TX
--------     ----------------------------------     ---------     --
0042-001     Bellfort  Shopping  Center     Houston     TX
--------     --------------------------     -------     --
0043-001     Bellaire  Blvd  Shopping  Center     Bellaire     TX
--------     --------------------------------     --------     --
0044-001     Southgate  Shopping  Center     Shreveport     LA
--------     ---------------------------     ----------     --
0050-001     Westbury  Triangle     Houston     TX
--------     ------------------     -------     --
0055-001     Lawndale  Shopping  Center     Houston     TX
--------     --------------------------     -------     --
0056-001     Southgate  Shopping  Center     Houston     TX
--------     ---------------------------     -------     --
0057-001     Eastpark  Shopping  Center     Houston     TX
--------     --------------------------     -------     --
0059-120     Broadway  Plaza  Shopping  Ctr.     Little  Rock     AR
--------     -------------------------------     ------------     --
0061-001     Bellwood  Shopping  Center     Houston     TX
--------     --------------------------     -------     --
0062-001     Spring  Plaza  Shopping  Center     Houston     TX
--------     -------------------------------     -------     --
0064-001     Edgebrook  Shopping  Center     Houston     TX
--------     ---------------------------     -------     --
0065-001     Westchase  Mall     Houston     TX
--------     ---------------     -------     --
0066-001     Fondren  Southwest  Village     Houston     TX
--------     ---------------------------     -------     --
0069-001     Calder  Shopping  Center     Beaumont     TX
--------     ------------------------     --------     --
0070-001     Westhill  Village  Shopping  Ctr.     Houston     TX
--------     ---------------------------------     -------     --
0071-001     Park  Plaza  Shopping  Center     Lake  Charles     LA
--------     -----------------------------     -------------     --
0073-001     Food  King  Place     Galveston     TX
--------     -----------------     ---------     --
0081-001     Northbrook  Shopping  Center     Houston     TX
--------     ----------------------------     -------     --
0082-120     Geyer  Springs  Shopping  Center     Little  Rock     AR
--------     --------------------------------     ------------     --
0083-001     Crossroads  Shopping  Center     Vidor     TX
--------     ----------------------------     -----     --
0085-001     Mainland  Mall     Texas  City     TX
--------     --------------     -----------     --
0086-276     Plaza  Shopping  Ctr.  Rosenberg     Rosenberg     TX
--------     --------------------------------     ---------     --
0087-001     Park  Terrace  Shopping  Center     DeRidder     LA
--------     -------------------------------     --------     --
0088-001     Cullen  Plaza  Shopping  Center     Houston     TX
--------     -------------------------------     -------     --
0089-001     Little  York  Plaza  Shopping  Ctr     Houston     TX
--------     ----------------------------------     -------     --
0095-001     45  York  Plaza  Shopping  Center     Houston     TX
--------     ---------------------------------     -------     --
0099-001     Braeswood  Square  Shopping  Ctr.     Houston     TX
--------     ---------------------------------     -------     --
0101-001     Inwood  Village  Shopping  Center     Houston     TX
--------     ---------------------------------     -------     --
0103-001     Studemont  Shopping  Center     Houston     TX
--------     ---------------------------     -------     --
0104-001     Westmont  Shopping  Center     Beaumont     TX
--------     --------------------------     --------     --
0105-001     North  Oaks  Shopping  Center     Houston     TX
--------     -----------------------------     -------     --
0106-001     Humblewood  Shopping  Center     Houston     TX
--------     ----------------------------     -------     --
0107-120     Markham  Square  Shopping  Center     Little  Rock     AR
--------     ---------------------------------     ------------     --
0108-001     Orchard  Green  Shopping  Center     Houston     TX
--------     --------------------------------     -------     --
0110-001     10-Federal  Shopping  Center     Houston     TX
--------     ----------------------------     -------     --
0120-001     Randall's/Norchester  Village     Houston     TX
--------     -----------------------------     -------     --
0121-001     Randall's/El  Dorado     Webster     TX
--------     --------------------     -------     --
0123-001     Kroger/Fondren  Square     Houston     TX
--------     ----------------------     -------     --
0125-001     De  Vargas  Shopping  Center     Sante  Fe     NM
--------     ----------------------------     ---------     --
0126-001     Town  &  Country  Shopping  Center     Lubbock     TX
--------     ----------------------------------     -------     --
0127-001     Fiesta  Center     Houston     TX
--------     --------------     -------     --
0128-001     Portairs  Shopping  Center     Corpus  Christi     TX
--------     --------------------------     ---------------     --
0130-001     Rose-Rich  Shopping  Center     Rosenberg     TX
--------     ---------------------------     ---------     --
0131-001     Northway  Shopping  Center     Houston     TX
--------     --------------------------     -------     --
0132-120     Town  &  Country  Shopping  Center     Midwest  City     OK
--------     ----------------------------------     -------------     --
0133-001     North  Towne  Plaza     Albuquerque     NM
--------     -------------------     -----------     --
0135-120     Boulevard  Market  Place     Midwest  City     OK
--------     ------------------------     -------------     --
0136-001     Parkway  Square  Shopping  Center     College  Station     TX
--------     ---------------------------------     ----------------     --
0138-120     Evelyn  Hills  Shopping  Center     Fayetteville     AR
--------     -------------------------------     ------------     --
0139-001     Market  at  Westchase  SC     Houston     TX
--------     -------------------------     -------     --
0148-001     Randalls  Center/Kings  Crossing     Kingwood     TX
--------     --------------------------------     --------     --
0162-240     Northwest  Crossing  Centre     Houston     TX
--------     ---------------------------     -------     --
0172-120     Pueblo  Anozira  Shopping  Center     Tempe     AZ
--------     ---------------------------------     -----     --
0180-001     Valle  del  Sol  Shopping  Center     Albuquerque     NM
--------     ---------------------------------     -----------     --
0460-001     610  and  11th  Street  Warehouses     Houston     TX
--------     ----------------------------------     -------     --
0466-001     Bayshore  Plaza     Pasadena     TX
--------     ---------------     --------     --
0471-001     Southwest  Park  III     Houston     TX
--------     --------------------     -------     --
0472-001     Central  Park  North     Houston     TX
--------     --------------------     -------     --
0473-001     Cedar  Bayou  Shopping  Center     La  Marque     TX
--------     ------------------------------     ----------     --
0480-001     North  West  Park  Plaza     Houston     TX
--------     ------------------------     -------     --
0513-001     Bingle  Shopping  Center     Houston     TX
--------     ------------------------     -------     --
0520-001     Cullen  Place     Houston     TX
--------     -------------     -------     --
0523-001     Crestview     Houston     TX
--------     ---------     -------     --
0529-001     North  Triangle  Shops     Houston     TX
--------     ----------------------     -------     --
0531-001     Cypress  Station  Square     Houston     TX
--------     ------------------------     -------     --
0537-001     San  Pedro  Building     San  Antonio     TX
--------     --------------------     ------------     --
0538-001     Bandera  Village     San  Antonio     TX
--------     ----------------     ------------     --
0543-001     Steeplechase     Houston     TX
--------     ------------     -------     --
0582-001     Bellfort  SW  Shopping  Center     Houston     TX
--------     ------------------------------     -------     --
0583-001     Landmark  Shopping  Center     Houston     TX
--------     --------------------------     -------     --
0584-001     Wilcrest  SW  Shopping  Center     Houston     TX
--------     ------------------------------     -------     --
0591-001     River  Oaks  Shopping  Center     Houston     TX
--------     -----------------------------     -------     --
0605-277     North  Park  Plaza     Beaumont     TX
--------     ------------------     --------     --
0608-001     Baywood  Shopping  Center     Bay  City     TX
--------     -------------------------     ---------     --
0618-001     River  Pointe     Conroe     TX
--------     -------------     ------     --
0632-001     Porterwood  Shopping  Center     Porter     TX
--------     ----------------------------     ------     --
0634-001     Palmer  Plaza     Texas  City     TX
--------     -------------     -----------     --
0697-001     Highland  Square     Memphis     TN
--------     ----------------     -------     --
0703-700     Broadway  Shopping  Center     Galveston     TX
--------     --------------------------     ---------     --
0711-001     North  Main  Place     Houston     TX
--------     ------------------     -------     --
0738-700     Tyler  Shopping  Center     Tyler     TX
--------     -----------------------     -----     --
0742-001     Danville  Plaza  Shopping  Center     Monroe     LA
--------     ---------------------------------     ------     --
0767-120     Westgate  Shopping  Center     Little  Rock     AR
--------     --------------------------     ------------     --

<PAGE>

                                  SCHEDULE 6.02
                                 Existing Liens

Holder     Description
------     -----------

Mortgages  and  IRB's  and  AG:

American  General  Life  Texas     WRI
Variable  Annuity  Life  Ins.     WRI
Industrial  Revenue  Bonds     Westwood  Village  Shopping  Center
Industrial  Revenue  Bonds  -  Phase  2     Westwood  Village  Shopping  Center
City  of  Houston     Harrisburg  Plaza
Hawn,  William  R.     South  Gate  Shopping  Center
Industrial  Revenue  Bonds     Park  Plaza  Shopping  Center
Industrial  Revenue  Bonds     Galveston  Place
Industrial  Revenue  Bonds     Shawnee  Village
American  Family  Ins.  Group     Kohl's  Shopping  Center
Southern  Farm  Bureau     Northaven
Southern  Farm  Bureau     Walnut  Hills
Windsor  Hills  Center  Ltd  Partnership     Windsor  Hills
Calpers     Rainbow  Plaza
La  Salle  Nat'l  Bank  (GMAC)     Rainbow  Plaza
John  Hancock     Ballwin  Plaza
AMRESCO     Central  Plaza
AMRESCO     Bell  Plaza
Lehman  Bros.  Holding     Custer  Park
Chase     San  Mateo
Chase     College  Station
New  York  Life  Insurance  Co.     ANICO
Bangor  Savings  Bank     Lisbon  Street
John  Hancock     Rainbow  Plaza  I
Prudential  Life  Insurance  Co.     Bartlette  Towne  Center  Shopping  Center
LaSalle  Bank     California  -Burnham  Portfolio
Bear,  Stearns  Funding,  Inc.     Rockwall  Market  Place

Capital  Leases:

Francisco  Center     Included  in  Secured  in  Q
College  Park  Shopping  Center     Included  in  Secured  in  Q

<PAGE>

                                  SCHEDULE 6.04
                               CERTAIN INVESTMENTS

WEINGARTEN  REALTY  INVESTORS  50/50
JOINT  VENTURES

Project  Name     %  O/S

                                             Admin.Proj.-Alabama-Shepherd     50
                                           Admin.Proj.-Wein/Finger Ventur     50
                                               Admin.Proj.-Eastex Venture     50
                                     Sheldon Forest Shopping Center           50
                                      Market Street Shopping Center           50
                                          East Town Shopping Center           50
                                      Plaza Shopping Ctr. Rosenberg           50
                                                       K-Mart Plaza           50
                                          River Pointe Mini-Storage           50
                                           Little York Mini-Storage           50
                                           South Loop Business Park           50
                                     Alabama Shepherd Shopping Ctr.           50
                                                   North Park Plaza           50
                                      The Promenade Shopping Center           50
                                                   Bridges at Smoky Hills     50
                                                    Elizabeth Marketplace     50
                                                    City Center englewood     50
                                                               Thorncreek     50
Existing  50/50  JV's

<PAGE>

                                  SCHEDULE 6.08
                              Existing Restrictions
Covenants  and  restrictions  as  contained in Weingarten Realty Investors shelf
registration of securities for future issuances and all previously issued Medium
Term  Notes.

<PAGE>
                                       A-3
HOUSTON:019643/00001:642992v6

                                CREDIT AGREEMENT
                                    EXHIBIT A
                                    ---------
                            ASSIGNMENT AND ACCEPTANCE
     Reference  is made to the Credit Agreement dated as of __________, 2001 (as
amended  and  in  effect  on  the  date  hereof,  the "Credit Agreement"), among
Weingarten  Realty  Investors, the Lenders named therein and Commerzbank AG, New
York  Branch,  as  Administrative  Agent  for the Lenders.  Terms defined in the
Credit  Agreement  are  used  herein  with  the  same  meanings.
The  Assignor  named  on  the  reverse  hereof hereby sells and assigns, without
recourse,  to  the Assignee named on the reverse hereof, and the Assignee hereby
purchases  and assumes, without recourse, from the Assignor, effective as of the
Assignment  Date set forth on the reverse hereof, the interests set forth on the
reverse  hereof  (the  "Assigned  Interest")  in  the  Assignor's  rights  and
obligations  under  the  Credit  Agreement,  including,  without limitation, the
interests  set  forth  on  the reverse hereof in the Loans owing to the Assignor
which are outstanding on the Assignment Date, but excluding accrued interest and
fees  to  and  excluding  the Assignment Date.  The Assignee hereby acknowledges
receipt  of  a copy of the Credit Agreement.  From and after the Assignment Date
(i)  the  Assignee  shall  be  a  party to and be bound by the provisions of the
Credit Agreement and the other Loan Documents and, to the extent of the Assigned
Interest,  have  the  rights and obligations of a Lender thereunder and (ii) the
Assignor  shall,  to  the extent of the Assigned Interest, relinquish its rights
and  be  released  from  its  obligations  under  the  Credit  Agreement.
This  Assignment  and  Acceptance is being delivered to the Administrative Agent
together  with  (i)  if  the  Assignee  is  a  Foreign Lender, any documentation
required  to  be  delivered  by  the Assignee pursuant to Section 2.13(e) of the
                                                          ---------------
Credit  Agreement,  duly completed and executed by the Assignee, and (ii) if the
Assignee  is  not already a Lender under the Credit Agreement, an Administrative
Questionnaire  in  the form supplied by the Administrative Agent, duly completed
by  the  Assignee.  The  [Assignee/Assignor]  shall  pay  the fee payable to the
Administrative  Agent  pursuant  to  Section  9.04(b)  of  the Credit Agreement.
                                     ----------------
     This  Assignment  and  Acceptance  shall  be  governed  by and construed in
accordance  with  the  laws  of  the  State  of  Texas.

<PAGE>

Date  of  Assignment:
Legal  Name  of  Assignor:
Legal  Name  of  Assignee:
Assignee's  Address  for  Notices:
Effective  Date  of  Assignment
("Assignment  Date"):

Principal  Amount Assigned     Percentage Assigned of Facility (set forth, to at
least 8 decimals, as a percentage of the Facility and the aggregate unpaid Loans
of  all  Lenders  thereunder)
                  -----------
                                                                         $     %

The  terms  set forth above and on the reverse side hereof are hereby agreed to:
[Name  of  Assignor],  as  Assignor
--------------------
By:______________________________
     Name:
     Title:
[Name  of  Assignee],  as  Assignee
--------------------
By:  ______________________________
     Name:
     Title:

<PAGE>

The  undersigned  hereby  consent  to  the  within  assignment:  1/
                                                                 -
[Name  of  Borrower],               Commerzbank  AG,  New  York  Branch,
     as  Administrative  Agent,
By:  ______________________                    By:  __________________________
     Name:                                     Name:
Title:                                Title:

<PAGE>
                                       B-6
HOUSTON:019643/00001:642992v6

                                CREDIT AGREEMENT
                                    EXHIBIT B
                                    ---------
                         FORM OF COMPLIANCE CERTIFICATE
                         ------------------------------
                                     [Date]
Commerzbank  AG,  New  York  Branch,
as  Administrative  Agent
2  World  Financial  Center
New  York,  New  York  10281-1050
Attn:  ________________________
Re:     Weingarten  Realty  Investors
Compliance  Certificate  for  _______  through  __________
Dear  Ladies  and  Gentlemen:
     This  Compliance  Certificate is made with reference to that certain Credit
Agreement  dated  as  of  ________________,  2001  (as  amended, supplemented or
otherwise  modified from time to time, the "Credit Agreement"), among Weingarten
Realty  Investors (the "Borrower"), the financial institutions party thereto, as
lenders,  and  Commerzbank  AG,  New  York Branch, as Administrative Agent.  All
capitalized terms used in this Compliance Certificate (including any attachments
hereto)  and not otherwise defined in this Compliance Certificate shall have the
meanings  set  forth  for  such  terms  in  the  Credit  Agreement.  All Section
references  herein  shall  refer  to  the  Credit  Agreement.
I  hereby  certify  that  I  am  the  [Vice President of Capital Markets] [chief
financial  officer]  [principal  accounting officer] [treasurer] [controller] of
Weingarten  Realty  Investors, and that I make this Certificate on behalf of the
Borrower.  I  further represent and certify on behalf of the Borrower as follows
as  of  the  date  of  this  Compliance  Certificate:
I have reviewed the terms of the Loan Documents and have made, or have caused to
be  made under my supervision, a review in reasonable detail of the transactions
and  consolidated  and consolidating financial condition of the Borrower and its
Subsidiaries,  during  the accounting period (the "Reporting Period") covered by
the  financial  reports  delivered  simultaneous  herewith  pursuant  to Section
5.01[(a)][(b)],  and  that such review has not disclosed the existence during or
at  the  end  of  such Reporting Period (and that I do not have knowledge of the
existence  as  at the date hereof) of any condition or event which constitutes a
Default  or  Event  of  Default.
     Attached  hereto  as  (x)  Schedule A-1 is a list of the Real Property that
comprises  the  Pool  as  of  the  last  day  of the Reporting Period, including
identification  of  Partial  Subsidiary Real Property, Value and Occupancy Level
and (y) Schedule A-2 is a list of the Real Property assests that were identified
as  being  in the Pool in the last Compliance Certificate and that are no longer
qualified  to  be  in  the  Pool  as  of  the  last day of the Reporting Period.
Attached  hereto  as  Schedule B is a schedule of the amount, maturity, interest
rate  and amortization requirements for the outstanding Indebtedness of Borrower
and its Subsidiaries.  As of the last day of the Reporting Period, the amount of
Indebtedness  was $_____________, the amount of Secured Debt was $_____________,
and  the  amount  of  Indebtedness  other  than Secured Debt was $_____________.
Attached  hereto  as  (x)  Schedule  C-1  is  a detailed calculation of Interest
Expense for the Reporting Period, which amount was $__________, (y) Schedule C-2
is a detailed calculation of Interest Expense on Indebtedness other than Secured
Debt  for  the  Reporting Period, which amount was $__________, and (z) Schedule
C-3  is  a  detailed calculation of the Interest Expense, principal paid and due
and  payable  on  Indebtedness,  and  cash  dividends  payable on the Borrower's
preferred  stock  for  the  Reporting  Period,  which  aggregated  $__________.
Attached  hereto  as  Schedule  D  is  a  detailed calculation of EBITDA for the
Reporting  Period,  which  amount  was  $___________.
As  of  the  last  day  of  the  Reporting  Period:

1.     Secured  Debt  to  Total  Asset  Value  Ratio
     (a)     Indebtedness  secured  by  a  Lien,
     Subsidiary  Indebtedness  owed  to  non-Affiliate  and  any
Indebtedness  of  any  non-Guarantor  Subsidiary     $___________
     (b)     Net  Operating  Income  for  properties  that  have  reached
     the  Stabilization  Date  and  owned  during  the  most  recent
6  months  full  period     $___________
     (c)     Capital  Expenditure  Reserve     $___________
(d)     (b)  -  (c)   .0975     $___________
     (e)     Historical  Value  of  properties  acquired  during  the  most
     recent  6  months  period  or  that  are  completed  but
     have  not  reached  the  Stabilization Date                    $___________
     (f)     Historical  Value  of  properties  under  construction  or
     development  (limited  to  20%  of  Total  Asset  Value)     $___________
     (g)     Historical  Value  of  undeveloped  land     $___________
     (limited  to  10%  of  Total  Asset  Value)
     (h)     Value  ((d)  +  (e)  +  (f)  +  (g))     $___________
     (i)     Cash  and  cash  equivalents  excluding  tenant
     security  and  other  restricted  deposits     $___________
     (j)     Investments  in  real  estate  related  Unconsolidated
     Affiliates  (limited  to  10%  of  Total  Asset  Value)     $___________
     (k)     Investments  in  mortgages  and  notes  receivable
     (limited  to  10%  of  Total  Asset  Value  and  5%  of  Total
     Asset  Value  if  Borrower  has  no  ownership  interest)     $___________
(l)     Total  Asset  Value  ((h)  +  (i)  +  (j)  +  (k))     $___________
(m)     Secured  Debt  to  Total  Asset  Value  Ratio     _________%
     (as  a  percentage,  (a)   (l))
2.     Interest  Coverage  Ratio
     (a)     Borrower's  EBITDA     $___________
(b)     Interest  Expense     $___________
     (c)     Interest  Coverage  Ratio     ______  :  1.00
3.     Fixed  Charge  Coverage  Ratio  Calculation:
     (a)     Borrower's  EBITDA     $___________
(b)     Capital  Expenditure  Reserve     $___________
(attach  quarterly  average  calculation)
     (c)     (a)  -  (b)     $___________
(d)     Principal  paid  and  due  and  payable  plus  Interest  Expense
$___________
     plus  cash  dividends  on  preferred  stock
     (e)     Fixed  Charge  Coverage  Ratio  ((c)  to  (d))     _______  :  1.00
4.     Net  Worth  Calculation:
     (a)     Total  Asset  Value     $___________
(b)     Indebtedness     $___________
(c)     Net  Worth     $___________
5.     Unencumbered  Interest  Coverage  Ratio
     (a)     Net  Operating  Income  for  property  in  the  Pool,
     less  Capital  Expenditure  Reserve for each such property     $___________
     (b)     Interest  Expense  on  unsecured  debt
$___________
     (c)     Unencumbered Interest Coverage Ratio ((a) to (b))     ______ : 1.00
6.     Debt  to  Total  Asset  Value  Ratio  Calculation:
     (a)     Indebtedness     $___________
(b)     Total  Asset  Value     $___________
     (c)     Debt  to  Total  Asset  Value  Ratio     _______%
7.     Asset  Maintenance  Calculation
     (a)     (i)     Value  of  Pool
     (attach  list  of  each  Property)                         $___________
          (ii)     Outstanding  unsecured  Indebtedness     $___________
                                                                          x 1.85
                                                                        --------
          (iii)     Minimum  Value  of  Pool     $___________
     (b)     Occupancy  Level  of  the  Pool       ________%
     (c)     (i)     Value  of  Pool          $__________
     (ii)     Value  of  the  Pool  consisting  of ground leases     $__________
          (iii)     (ii)   (i),  expressed  as  a  percentage       ________%
     (d)     (i)     Value  of  Pool          $__________
     (ii)     Value  of  Partial  Subsidiary  Real  Property     $__________
          (iii)     (ii)   (i),  expressed  as  a  percentage       ________%
8.     Debt  Limitation
     Secured  Debt,  not  including  Non-recourse  Debt     $___________
9.     Investment  Limitations
     (a)     (i)     Investments  in  Unconsolidated  Affiliates
          and  other  REITS     $___________
     (ii)     Total  Asset  Value     $___________
     (iii)     (i)  (ii),  expressed  as  a  percentage       ________%
     (b)     (i)     Investments  in  mortgages  and  notes  receivable
$__________
     (ii)     Total  Asset  Value     $__________
          (iii)     (i)   (ii),  expressed  as  a  percentage       ________%
     (c)     (i)     Investments  in  mortgages  and  notes  receivable
          if  Borrower  has  no  ownership  interest     $__________
     (ii)     Total  Asset  Value     $__________
          (iii)     (i)   (ii),  expressed  as  a  percentage       ________%
     (d)     (i)     Investments  in  undeveloped  land     $__________
     (ii)     Total  Asset  Value     $__________
          (iii)     (i)   (ii),  expressed  as  a  percentage       ________%

     (e)     (i)     Investments  in  property  under  construction  or
          development          $__________
     (ii)     Total  Asset  Value     $__________
          (iii)     (i)   (ii),  expressed  as  a  percentage       ________%
     (f)     (i)     Investments  in  Real  Property  not  constituting
          Retail  Property  or  undeveloped  land     $__________
     (ii)     Total  Asset  Value     $__________
          (iii)     (i)   (ii),  expressed  as  a  percentage       ________%
     (g)     (i)     Investments  in  undeveloped  land,  Unconsolidated
          Affiliates  and  other  REITS,  property  under  construction
               or  development,  mortgages  and  notes  receivable
          and  certain  securities     $__________
          (ii)     Total  Asset  Value     $__________
          (iii)     (i)   (ii),  expressed  as  a  percentage       ________%
10.     Restricted  Payments
     (a)     Restricted  Payments  for  Reporting  Period  and  preceding
$__________
     3  quarters  (cannot  exceed  95%  of  (b))
     (b)     Funds  from  Operations  plus  capital  gains     $__________

<PAGE>

     This  Compliance Certificate has been executed and delivered as of the date
set  forth  above.
     WEINGARTEN  REALTY  INVESTORS
     By:
Name:
Title:

Footnotes to Exhibit B:

     1  Alternatively,  if a  Default  or  Event  of Default  existed or exists,
specify  the nature and period of existence thereof and what action the Borrower
or  any  of  its  Subsidiaries  has  taken,  is taking and proposes to take with
respect  thereto.
     2  Pursuant  to  Section  5.02(a), cannot exceed thirty-five percent  (35%)
     3  Pursuant  to  Section  5.02(b),  must  not  be  less  than 2.25 to 1.00.
     4  Pursuant  to  Section  5.02(c),  must  not  be  less  than 1.75 to 1.00.
     5 Pursuant to Section 5.02(d), must not be less than $950,000,000, plus 50%
of  the net proceeds of equity offerings after the date of the Credit Agreement.
     6  Pursuant  to  Section  5.02(e),  must  not  be  less  than 2.25 to 1.00.
     7  Pursuant  to  Section  5.02(f),  cannot exceed fifty-five percent (55%).
     8  Pursuant to Section 5.12.A(e), must not be less than eighty-five percent
(85%).
     9  Pursuant  to  Section  5.12.B,  must  not  exceed  ten  percent  (10%).
     10  Pursuant  to  Section  5.12.C(a),  must  not  exceed ten percent (10%).
     11  Pursuant  to  Section  6.01,  must  not  exceed  $125,000,000.
     12  Pursuant  to  Section  6.04(c),  cannot exceed ten percent (10%) of the
Total  Asset  Value.
     13  Pursuant  to  Section  6.04(d)  (i), cannot exceed ten percent (10%) of
Total  Asset  Value.
     14  Pursuant  to  Section  6.04(d)(ii),  cannot exceed five percent (5%) of
Total  Asset  Value.
     15  Pursuant  to  Section 6.04(e), cannot exceed ten percent (10%) of Total
Asset  Value.
     16 Pursuant to Section 6.04(g), cannot exceed twenty percent (20%) of Total
Asset  Value.
     17  Pursuant to Section 6.04(h), cannot exceed twenty-five percent (25%) of
Total  Asset  Value.
     18  Pursuant  to  Section  6.04, cannot exceed forty percent (40%) of Total
Asset  Value.

<PAGE>

                                       C-8
                                CREDIT AGREEMENT
                                    EXHIBIT C
                                    ---------
                                FORM OF GUARANTY
                                ----------------
     THIS  GUARANTY  dated as of _______________, 2001 executed and delivered by
each  of  the  undersigned,  whether  one  or more, (all each a "Guarantor" and,
collectively,  the  "Guarantors"),  in  favor  of  (a)  COMMERZBANK AG, NEW YORK
BRANCH,  in  its  capacity as Administrative Agent (the "Agent") for the Lenders
under  that  certain  Credit Agreement dated as of _______________, 2001, by and
among  WEINGARTEN  REALTY INVESTORS (the "Borrower"), the financial institutions
party  thereto  and their assignees in accordance therewith (the "Lenders"), and
the  Agent  (as  the  same  may  be amended, restated, supplemented or otherwise
modified from time to time in accordance with its terms, the "Credit Agreement")
and  (b)  the  Lenders.
WHEREAS,  pursuant  to  the Credit Agreement, the Lenders have made available to
the  Borrower  certain  financial accommodations on the terms and conditions set
forth  in  the  Credit  Agreement;
WHEREAS,  each  Guarantor  is  a  [wholly  owned  Subsidiary]  of  the Borrower;
                                   -------------------------
WHEREAS,  the  Borrower,  each  Guarantor  and  the  other  Subsidiaries  of the
Borrower,  though  separate legal entities, are mutually dependent on each other
in  the  conduct  of  their respective businesses as an integrated operation and
have determined it to be in their mutual best interests to obtain financing from
the  Agent  and  the  Lenders  through  their  collective  efforts;
WHEREAS,  each  Guarantor  acknowledges that it will receive direct and indirect
benefits  from  the  Agent  and the Lenders making such financial accommodations
available  to  the  Borrower  under  the Credit Agreement and, accordingly, each
Guarantor  is  willing  to guarantee the Borrower's obligations to the Agent and
the  Lenders  on  the  terms  and  conditions  contained  herein;  and
WHEREAS,  each Guarantor's execution and delivery of this Guaranty is one of the
conditions precedent to the Agent and the Lenders making, or continuing to make,
such  financial  accommodations  to  the  Borrower.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of  which  are  hereby  acknowledged by each Guarantor, each Guarantor agrees as
follows:

Section  1.  Guaranty.   Each  Guarantor  hereby  absolutely and unconditionally
             --------
guaranties  the due and punctual payment and performance of all of the following
when  due  (collectively referred to as the "Obligations"): (a) all indebtedness
and  obligations  owing by the Borrower to any of the Lenders or the Agent under
or  in  connection  with  the  Credit  Agreement  and  any  other Loan Document,
including  without  limitation, the repayment of all principal of the Loans made
by the Lenders to the Borrower under the Credit Agreement and the payment of all
interest,  fees, charges, reasonable attorneys fees and other amounts payable to
any  Lender  or the Agent thereunder or in connection therewith; (b) any and all
extensions,  renewals,  modifications,  amendments  or  substitutions  of  the
foregoing;  and  (c)  all  expenses,  including,  without limitation, reasonable
attorneys' fees and disbursements, that are incurred by the Lenders or the Agent
in  the  enforcement of any of the foregoing or any obligation of such Guarantor
hereunder.

Section  2.  Guaranty  of  Payment  and  Not  of Collection.  This Guaranty is a
             ----------------------------------------------
guaranty of payment, and not of collection, and a debt of each Guarantor for its
own  account.  Accordingly,  the Lenders and the Agent shall not be obligated or
required before enforcing this Guaranty against any Guarantor: (a) to pursue any
right  or  remedy  the  Lenders  or the Agent may have against the Borrower, any
other  Guarantor  or  any  other Person or commence any suit or other proceeding
against  the  Borrower,  any other Guarantor or any other Person in any court or
other  tribunal;  (b)  to  make  any claim in a liquidation or bankruptcy of the
Borrower,  any other Guarantor or any other Person; or (c) to make demand of the
Borrower,  any  other  Guarantor  or  any  other Person or to enforce or seek to
enforce or realize upon any collateral security held by the Lenders or the Agent
which  may  secure  any  of  the Obligations. In this connection, each Guarantor
hereby  waives  the  right  of  such  Guarantor  to  require  any  holder of the
Obligations  to  take  action  against  the  Borrower  as  provided by any legal
requirement  of  any  Governmental  Authority.

Section  3.  Guaranty  Absolute.  Each Guarantor guarantees that the Obligations
             ------------------
will  be  paid strictly in accordance with the terms of the documents evidencing
the  same, regardless of any legal requirement now or hereafter in effect in any
jurisdiction  affecting  any  of  such  terms  or the rights of the Agent or the
Lenders  with  respect  thereto.  The  liability  of  each  Guarantor under this
Guaranty  shall  be absolute and unconditional in accordance with its terms  and
shall  remain  in  full  force  and  effect  without regard to, and shall not be
released,  suspended,  discharged,  terminated  or  otherwise  affected  by, any
circumstance or occurrence whatsoever (other than the full and final payment and
performance  of  the  Obligations), including, without limitation, the following
(whether  or  not  such  Guarantor  consents  thereto  or  has  notice thereof):
(a)     (i) any change in the amount, interest rate or due date or other term of
any  of the Obligations; (ii) any change in the time, place or manner of payment
of  all  or any portion of the Obligations; (iii) any amendment or waiver of, or
consent  to  the  departure from or other indulgence with respect to, the Credit
Agreement,  any  other  Loan  Document,  or  any  other  document  or instrument
evidencing  or  relating  to  any  Obligations;  or  (iv)  any  waiver, renewal,
extension,  addition, or supplement to, or deletion from, or any other action or
inaction  under  or  in  respect of, the Credit Agreement, any of the other Loan
Documents,  or  any  other  documents, instruments or agreements relating to the
Obligations  or  any  other  instrument  or  agreement  referred  to  therein or
evidencing  any  Obligations  or  any  assignment  or  transfer  of  any  of the
foregoing;
(b)     any  lack  of validity or enforceability of the Credit Agreement, any of
the  other  Loan  Documents,  or  any  other  document,  instrument or agreement
referred to therein or evidencing any  Obligations or any assignment or transfer
of  any  of  the  foregoing;
(c)     any  furnishing  to  the  Agent  or  the Lenders of any security for the
Obligations,  or any sale, exchange, release or surrender of, or realization on,
any  collateral  security  for  the  Obligations;
(d)     any  settlement  or  compromise  of any of the Obligations, any security
therefor,  or  any liability of any other party with respect to the Obligations,
or  any  subordination  of  the payment of the Obligations to the payment of any
other  liability  of  the  Borrower;
(e)     any  bankruptcy,  insolvency,  reorganization,  composition, adjustment,
dissolution,  liquidation  or  other  like  proceeding  relating  to  any  other
Guarantor, the Borrower or any other Person, or any action taken with respect to
this  Guaranty  by  any  trustee  or  receiver,  or  by  any  court, in any such
proceeding;
(f)     any  nonperfection  of any security interest or other Lien on any of the
collateral  securing  any  of  the  Obligations;
(g)     any  act or failure to act by the Borrower or any other Person which may
adversely  affect  such  Guarantor's  subrogation  rights,  if  any, against the
Borrower  to  recover  payments  made  under  this  Guaranty;
(h)     any  application  of  sums paid by the Borrower or any other Person with
respect  to  the  liabilities  of  the  Borrower  to  the  Agent or the Lenders,
regardless  of  what  liabilities  of  the  Borrower  remain  unpaid;
(i)     any  defect,  limitation or insufficiency in the borrowing powers of the
Borrower  or  in  the  exercise  thereof;  or
(j)     any  other  circumstance  which  might  otherwise  constitute  a defense
available  to,  or  a  discharge  of,  any  Guarantor  hereunder.

Section  4. Action with Respect to Obligations. The Lenders and the Agent may in
            ----------------------------------
accordance with the Credit Agreement, at any time and from time to time, without
the  consent  of,  or  notice  to,  any  Guarantor,  and without discharging any
Guarantor  from  its obligations hereunder take any and all actions described in
Section  3  and  may otherwise: (a) amend, modify, alter or supplement the terms
 ---------
of  any  of  the  Obligations,  including,  but  not  limited  to,  extending or
shortening  the  time  of payment of any of the Obligations or the interest rate
that  may  accrue  on  any  of  the  Obligations;  (b)  amend,  modify, alter or
supplement  the Credit Agreement or any other Loan Document; (c) sell, exchange,
release  or otherwise deal with all, or any part, of any collateral securing any
of  the Obligations; (d) release any Person liable in any manner for the payment
or  collection of the Obligations; (e) exercise, or refrain from exercising, any
rights  against the Borrower or any other Person (including, without limitation,
any  other  Guarantor);  and  (f)  apply  any sum, by whomsoever paid or however
realized,  to  the  Obligations  in such order as the Lenders or the Agent shall
elect  in  accordance  with  the  Credit  Agreement.

Section  5.  Representations and Warranties.  Each Guarantor hereby makes to the
             ------------------------------
Agent  and  the  Lenders  all  of the representations and warranties made by the
Borrower  with respect to or in any way relating to such Guarantor in the Credit
Agreement  and the other Loan Documents, as if the same were set forth herein in
full.

Section  6.  Covenants.  Each Guarantor will comply with all covenants which the
             ---------
Borrower is to cause such Guarantor to comply with under the terms of the Credit
Agreement  or  any  other  Loan  Documents.

Section  7.  Waiver.  Each  Guarantor,  to  the  fullest  extent  permitted  by
             ------
applicable  law,  hereby  waives notice of acceptance hereof or any presentment,
demand,  protest  or notice of any kind, and any other act or thing, or omission
or  delay  to  do  any  other act or thing, which in any manner or to any extent
might  vary  the  risk  of  such  Guarantor  or which otherwise might operate to
discharge  such  Guarantor  from  its  obligations  hereunder.

Section  8.  Inability  to Accelerate Loan.  If the Agent and/or the Lenders are
             -----------------------------
prevented  from  demanding  or  accelerating  payment  thereof  by reason of any
automatic  stay  or otherwise, the Agent and/or the Lenders shall be entitled to
receive  from  each  Guarantor,  upon  demand therefor, the sums which otherwise
would  have  been  due  had  such  demand  or  acceleration  occurred.

Section  9.  Reinstatement  of  Obligations.  Each  Guarantor  agrees  that this
             ------------------------------
Guaranty  shall  continue  to be effective or be reinstated, as the case may be,
with  respect  to any Obligations if at any time payment of any such Obligations
is  rescinded or otherwise must be restored by the Agent and/or the Lenders upon
the  bankruptcy or reorganization of the Borrower or any Guarantor or otherwise.

Section  10.  Subrogation.  Until  all  of  the  Obligations  shall  have  been
              -----------
indefeasibly  paid  in full, any right of subrogation a Guarantor may have shall
be  subordinate to the rights of Agent and the Lenders and each Guarantor hereby
waives  any  right  to enforce any remedy which the Agent and/or the Lenders now
have  or  may  hereafter  have  against  the Borrower, and each Guarantor hereby
waives  any  benefit  of,  and  any  right  to  participate  in, any security or
collateral  given  to the Agent and the Lenders to secure payment or performance
of  any  of  the  Obligations.

Section  11.  Payments  Free  and  Clear.  All  sums  payable  by each Guarantor
              --------------------------
hereunder  shall  be  made  free  and  clear  of  and  without deduction for any
Indemnified  Taxes  (as  defined  in  the  Credit  Agreement) or Other Taxes (as
defined  in  the  Credit  Agreement);  provided  that  if any Guarantor shall be
                                       --------
required to deduct any Indemnified Taxes or Other Taxes from such payments, then
(i)  the  sum  payable  shall be increased as necessary so that after making all
required  deductions (including deductions applicable to additional sums payable
under this Section), the Agent or Lender (as the case may be) receives an amount
equal  to  the sum it would have received had no such deductions been made; (ii)
such  Guarantor  shall  make such deductions; and (iii) such Guarantor shall pay
the  full  amount deducted to the relevant Governmental Authority (as defined in
the  Credit  Agreement)  in  accordance  with  applicable  law.

Section  12.  Set-off.  In addition to any rights now or hereafter granted under
              -------
applicable  law  and not by way of limitation of any such rights, each Lender is
hereby  authorized  at  any  time  and  from time to time, to the fullest extent
permitted by law, to set off and apply any and all deposits (general or special,
time  or demand, provisional or final) at any time held and other obligations at
any  time  owing  by  such  Lender  to  or  for the credit or the account of any
Guarantor  against  any  of  and  all  the  obligations of such Guarantor now or
hereafter existing under this Guaranty held by such Lender then due and payable.
Each  Guarantor  agrees,  to  the  fullest extent it may effectively do so under
applicable  law,  that  any  holder of a participation in a Note, whether or not
acquired  pursuant  to  the  applicable  provisions of the Credit Agreement, may
exercise  rights of setoff or counterclaim and other rights with respect to such
participation  as  fully  as  if  such  holder  of a participation were a direct
creditor  of  such  Guarantor  in  the  amount  of  such  participation.

Section  13.  Subordination.   Each  Guarantor  hereby  expressly  covenants and
              -------------
agrees  for  the  benefit  of the Agent and the Lenders that all obligations and
liabilities of the Borrower or any other Guarantor to such Guarantor of whatever
description,  including without limitation, all intercompany receivables of such
Guarantor  from  the  Borrower or any other Guarantor (collectively, the "Junior
Claims") shall be subordinate and junior in right of payment to all Obligations;
provided,  however,  that  payment  thereof  may  be made so long as no Event of
Default shall have occurred and be continuing. If an Event of Default shall have
occurred  and  be  continuing,  then  no  Guarantor  shall  accept any direct or
indirect payment (in cash, property, securities by setoff or otherwise) from the
Borrower or any other Guarantor on account of or in any manner in respect of any
Junior  Claim  until all of the Obligations have been indefeasibly paid in full.

Section 14. Avoidance Provisions.  It is the intent of each Guarantor, the Agent
            --------------------
and  the  Lenders  that  in  any Proceeding, such Guarantor's maximum obligation
hereunder  shall  equal,  but  not  exceed,  the  maximum amount which would not
otherwise  cause  the  obligations  of  such  Guarantor  hereunder (or any other
obligations  of  such Guarantor to the Agent and the Lenders) to be avoidable or
unenforceable  against  such  Guarantor  in  such  Proceeding  as  a  result  of
applicable  law, including without limitation, (a) Section 548 of the Bankruptcy
Code  of  1978,  as amended (the "Bankruptcy Code") and (b) any state fraudulent
transfer  or  fraudulent  conveyance  act or statute applied in such Proceeding,
whether  by  virtue  of  Section  544  of  the Bankruptcy Code or otherwise. The
applicable  laws  under  which the possible avoidance or unenforceability of the
obligations  of  such  Guarantor  hereunder  (or  any  other obligations of such
Guarantor  to  the  Agent  and  the  Lenders)  shall  be  determined in any such
Proceeding  are  referred  to as the "Avoidance Provisions." Accordingly, to the
extent  that  the  obligations  of  any  Guarantor  hereunder would otherwise be
subject to avoidance under the Avoidance Provisions, the maximum Obligations for
which  such  Guarantor shall be liable hereunder shall be reduced to that amount
which,  as  of  the time any of the Obligations are deemed to have been incurred
under the Avoidance Provisions, would not cause the obligations of any Guarantor
hereunder  (or  any  other  obligations  of  such Guarantor to the Agent and the
Lenders),  to  be  subject  to  avoidance  under  the Avoidance Provisions. This
Section  is  intended solely to preserve the rights of the Agent and the Lenders
hereunder  to  the  maximum  extent  that would not cause the obligations of any
Guarantor  hereunder  to be subject to avoidance under the Avoidance Provisions,
and  no  Guarantor nor any other Person shall have any right or claim under this
Section  as  against  the  Agent  and  the  Lenders  that would not otherwise be
available  to  such  Person  under  the  Avoidance  Provisions.

Section  15.  Information.   Each Guarantor assumes all responsibility for being
              -----------
and  keeping  itself informed of the financial condition of the Borrower, of the
other  Guarantors  and  of  all  other  circumstances  bearing  upon the risk of
nonpayment  of  any  of  the Obligations and the nature, scope and extent of the
risks  that such Guarantor assumes and incurs hereunder, and agrees that none of
the  Agent  or any Lender shall have any duty whatsoever to advise any Guarantor
of  information  regarding  such  circumstances  or  risks.

Section 16. Governing Law.  THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN
            -------------
ACCORDANCE  WITH,  THE  LAWS  OF  THE  STATE  OF  TEXAS.

Section  17.   JURISDICTION,  VENUE.
               --------------------
(a)     EACH  GUARANTOR  AGREES THAT THE FEDERAL DISTRICT COURT FOR THE SOUTHERN
DISTRICT  OF  TEXAS, HOUSTON DIVISION, OR, AT THE OPTION OF THE AGENT, ANY STATE
COURT  LOCATED  IN  HARRIS COUNTY, TEXAS SHALL HAVE NONEXCLUSIVE JURISDICTION TO
HEAR  AND  DETERMINE  ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE
AGENT  OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS GUARANTY
OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM OR ANY
COLLATERAL.  EACH  GUARANTOR  EXPRESSLY  SUBMITS AND CONSENTS IN ADVANCE TO SUCH
JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS. THE CHOICE OF
FORUM  SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF
ANY  ACTION  BY  THE  AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT OR ANY
LENDER  IN  ANY  OTHER  APPROPRIATE  JURISDICTION.  FURTHER,  EACH  GUARANTOR
IRREVOCABLY  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED BY APPLICABLE LAW, ANY
OBJECTION  WHICH  IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY
SUCH  PROCEEDING  BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING
BROUGHT  IN  SUCH  A  COURT  HAS  BEEN  BROUGHT  IN  AN  INCONVENIENT  FORUM.
(b)     THE FOREGOING WAIVERS HAVE BEEN MADE WITH THE ADVICE OF COUNSEL AND WITH
A  FULL  UNDERSTANDING  OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE
PAYMENT  OF THE OBLIGATIONS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE
OTHER  LOAN  DOCUMENTS  AND  THE  TERMINATION  OF  THIS  GUARANTY.

Section  18.  Loan  Accounts.  The Agent may maintain books and accounts setting
              --------------
forth  the  amounts  of principal, interest and other sums paid and payable with
respect  to  the  Obligations, and in the case of any dispute relating to any of
the  outstanding  amount,  payment  or  receipt  of Obligation or otherwise, the
entries  in  such  account  shall  be  binding  upon  each  Guarantor  as to the
outstanding  amount  of  such  Obligations and the amounts paid and payable with
respect thereto absent manifest error. The failure of the Agent to maintain such
books  and  accounts  shall not in any way relieve or discharge any Guarantor of
any  of  its  obligations  hereunder.

Section  19.  Waiver  of Remedies.  No delay or failure on the part of the Agent
              -------------------
or  the  Lenders  in the exercise of any right or remedy it may have against any
Guarantor  hereunder  or  otherwise  shall  operate  as a waiver thereof, and no
single  or  partial  exercise  by  the Agent or the Lenders of any such right or
remedy  shall  preclude other or further exercise thereof or the exercise of any
other  such  right  or  remedy.

Section  20.  Successors and Assigns.  Each reference herein to the Agent or the
              ----------------------
Lenders  shall  be  deemed  to  include  such Person's respective successors and
assigns  (including, but not limited to, any holder of the Obligations) in whose
favor  the  provisions  of  this  Guaranty  also shall inure, and each reference
herein  to  any  Guarantor shall be deemed to include the Guarantor's successors
and  assigns, upon whom this Guaranty also shall be binding. The Lenders and the
Agent may, in accordance with the applicable provisions of the Credit Agreement,
assign,  transfer  or sell any Obligation, or grant or sell participation in any
Obligations,  to  any Person or entity without the consent of, or notice to, any
Guarantor  and  without  releasing,  discharging  or  modifying such Guarantor's
obligations  hereunder.  Each  Guarantor  hereby consents to the delivery by the
Agent  or any Lender to any assignee, transferee or participant of any financial
or other information regarding the Borrower or any Guarantor. Each Guarantor may
not  assign  or  transfer  its  obligations  hereunder  to  any  Person.

Section 21.  Amendments.  This Guaranty may not be amended except as provided in
             ----------
the  Credit  Agreement.

Section  22.  Payments.  All  payments  made  by  any Guarantor pursuant to this
              --------
Guaranty  shall be made in Dollars, in immediately  available funds to the Agent
at  the  place and time provided for in the Credit Agreement on the date one (1)
Business  Day  after  written  demand  therefor  to such Guarantor by the Agent.

     SECTION  23.  JOINT AND SEVERAL OBLIGATIONS.   THE  OBLIGATIONS  OF  THE
                   -----------------------------
GUARANTORS  HEREUNDER AND UNDER OTHER LOAN DOCUMENTS SHALL BE JOINT AND SEVERAL,
AND  ACCORDINGLY,  EACH GUARANTOR (BUT NOT ITS LIMITED PARTNERS, SHAREHOLDERS OR
MEMBERS)  CONFIRMS  THAT  IT  (BUT  NOT  ITS  LIMITED  PARTNERS, SHAREHOLDERS OR
MEMBERS)  IS  LIABLE  FOR  THE  FULL  AMOUNT  OF  THE OBLIGATIONS AND ALL OF THE
OBLIGATIONS  AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER AND UNDER
OTHER  LOAN  DOCUMENTS.

Section 24.  Notices.   All notices, requests and other communications hereunder
             -------
shall  be in writing and shall be given as provided in the Loan Agreement.  Each
Guarantor's  address  for  notice  is  set  forth  below  its  signature hereto.

Section  25.  Severability.  In  case  any  provision  of this Guaranty shall be
              ------------
invalid,  illegal  or  unenforceable in any jurisdiction, the validity, legality
and  enforceability of the remaining provisions shall not in any way be affected
or  impaired  thereby.

Section  26.  Headings.  Section  headings  used  in  this  Guaranty  are  for
              --------
convenience  only  and  shall  not  affect  the  construction  of this Guaranty.

Section  27.  Definitions.  (a)  For  the  purposes  of  this  Guaranty:
              -----------
"Proceeding"  means  any  of  the following: (i) a voluntary or involuntary case
-----------
concerning  any  Guarantor  shall  be commenced under the Bankruptcy Code or any
---
other applicable bankruptcy laws; (ii) a custodian (as defined in the Bankruptcy
---
Code  or any other applicable bankruptcy laws) is appointed for, or takes charge
of,  all  or  any  substantial  part of the property of any Guarantor; (iii) any
other  proceeding  under  any  applicable  law, domestic or foreign, relating to
bankruptcy, insolvency, reorganization, winding-up or composition for adjustment
of  debts,  whether  now  or  hereafter  in effect, is commenced relating to any
Guarantor;  (iv)  any  Guarantor  is  adjudicated insolvent or bankrupt; (v) any
order  of relief or other order approving any such case or proceeding is entered
by  a  court  of  competent  jurisdiction;  (vi)  any  Guarantor makes a general
assignment  for the benefit of creditors; (vii) any Guarantor shall fail to pay,
or  shall  state  that it is unable to pay, or shall be unable to pay, its debts
generally  as  they become due; (viii) any Guarantor shall call a meeting of its
creditors  with  a  view  to arranging a composition or adjustment of its debts;
(ix)  any  Guarantor shall by any act or failure to act indicate its consent to,
approval of or acquiescence in any of the foregoing; or (x) any corporate action
shall  be  taken  by  any  Guarantor  for  the  purpose  of effecting any of the
foregoing.
(b)     Terms  not  otherwise defined herein are used herein with the respective
meanings  given  them  in  the  Credit  Agreement.
IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guaranty
as  of  the  date  and  year  first  written  above.
     (GUARANTOR)
     By:
Name:
Title:

     Address  for  Notices:
     c/o  Weingarten  Realty  Investors
     Attention:

<PAGE>
                                       D-2
HOUSTON:019643/00001:642992v6
                                CREDIT AGREEMENT
                                    EXHIBIT D
                                    ---------
                                  FORM OF NOTE
                                  ------------
$_________________          __________,  2001
     FOR  VALUE  RECEIVED,  WEINGARTEN  REALTY  INVESTORS,  a  Texas real estate
investment trust ("Maker") promises to pay without offset or counterclaim to the
order  of  [insert  name  of  Lender],  ("Payee"), the principal amount equal to
__________________________  ($_____________)payable in accordance with the terms
of  the  Credit  Agreement  (as  hereinafter  defined).
Maker  also promises to pay interest on the unpaid principal amount of this Note
(this  "Note")  at  the  rates  and  at  the  times which shall be determined in
accordance  with  the  provisions of that certain Credit Agreement dated of even
date  herewith,  among Maker, the Lenders named therein, and Commerzbank AG, New
York  Branch,  as  Administrative Agent for itself and the Lenders (as hereafter
amended,  supplemented  or  otherwise  modified  from  time to time, the "Credit
                                                                          ------
Agreement").  Capitalized  terms  used  herein without definition shall have the
     ----
meanings  set  forth  in  the  Credit  Agreement.
This Note is subject to mandatory prepayment and prepayment at the option of the
Maker,  as  provided  in  the  Credit  Agreement.
This  Note  is  issued  pursuant  to the Credit Agreement and is entitled to the
benefits  of  the Credit Agreement, reference to which is hereby made for a more
complete  statement  of  the terms and conditions under which the Loan evidenced
hereby  is  made  and  is  to  be  repaid.
THE  CREDIT AGREEMENT AND THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
AND  ENFORCED  IN  ACCORDANCE  WITH,  THE  INTERNAL  LAWS OF THE STATE OF TEXAS,
WITHOUT  REGARD  TO  CONFLICTS  OF  LAWS  PRINCIPLES.
Upon  the occurrence of an Event of Default, the unpaid balance of the principal
amount of this Note may become, or may be declared to be, due and payable in the
manner,  upon  the  conditions  and  with  the  effect  provided  in  the Credit
Agreement.
Maker  promises  to  pay all fees, costs and expenses incurred in the collection
and  enforcement  of  this  Note  in  accordance  with  the  terms of the Credit
Agreement.  Maker  and any endorser of this Note hereby consents to renewals and
extensions  of  time at or after the maturity hereof, without notice, and hereby
waive  diligence,  presentment, protest, demand and notice of every kind (except
such  notices  as  may  be  expressly required under the Credit Agreement or the
other  Loan  Documents)  and,  to the full extent permitted by law, the right to
plead  any  statute  of  limitations  as  a  defense  to  any  demand hereunder.
Whenever  possible,  each  provision  of  this Note shall be interpreted in such
manner  as  to be effective and valid under applicable law, but if any provision
of  this  Note  shall  be  prohibited  by  or invalid under applicable law, such
provision  shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions
of  this  Note.
With  respect  to the incurrence of certain liabilities hereunder and the making
of  certain agreements by Maker as herein stated, such incurrence of liabilities
and such agreements shall be binding upon Maker only as a trust formed under the
Texas  Real  Estate  Investment  Trust  Act  pursuant  to  that certain Restated
Declaration  of  Trust  dated March 23, 1988 (as amended from time to time), and
only  upon  the  assets of such Maker.  No Trust Manager or officer or holder of
any  beneficial  interest  in  Maker  shall  have any personal liability for the
payment  of any indebtedness or other liabilities incurred by Maker hereunder or
for the performance of any agreements made by Maker hereunder, nor for any other
act,  omission  or obligation incurred by Maker or the Trust Managers except, in
the  case  of  a  Trust  Manager,  any  liability  arising  from his own willful
misfeasance  or  malfeasance  or  gross  negligence.
     IN WITNESS WHEREOF, Maker has caused this Note to be executed and delivered
by  its  duly  authorized  officer,  as of the day and year first written above.
     WEINGARTEN  REALTY  INVESTORS

By:
Name:
Title:

<PAGE>
                                       E-2
                                CREDIT AGREEMENT
                                    EXHIBIT E
                                    ---------
                       [FORM OF] INTEREST ELECTION REQUEST
                       -----------------------------------
                                     [Date]
Commerzbank  AG,  New  York  Branch,
as  Administrative  Agent
2  World  Financial  Center
New  York,  New  York  10281-1050
Attn:  _______________________
Re:     Weingarten  Realty  Investors
Interest  Election  Request
Dear  Ladies  and  Gentlemen:
     This  Interest  Election  Request  is  made  with reference to that certain
Credit Agreement dated as of ________________, 2001 (as amended, supplemented or
otherwise  modified from time to time, the "Credit Agreement"), among Weingarten
Realty  Investors (the "Borrower"), the financial institutions party thereto, as
lenders,  and  Commerzbank  AG,  New  York Branch, as Administrative Agent.  All
capitalized  terms  used  in  this  Interest  Election  Request  (including  any
attachments  hereto) and not otherwise defined in this Interest Election Request
shall  have  the meanings set forth for such terms in the Credit Agreement.  All
Section  references  herein  shall  refer  to  the  Credit  Agreement.
The Borrower hereby requests a conversion of an existing Loan as provided below,
in  the  amount  of  $____________ [minimum of $5,000,000.00 and in multiples of
$1,000,000.00].
The  conversion  is  to  be  made  as  follows:
A.     ABR  Borrowing.
       --------------
1.     Amount  of  conversion  of  existing
     Loan  to  ABR  Borrowing:     $_____________
2.     Date  of  conversion                         _____________

<PAGE>

     B.     Eurodollar  Borrowing:
            ---------------------
1.     Amount  of  conversion  of  existing
     Loan  to  Eurodollar  Borrowing:     $_____________
2.     Number  of  Eurodollar
     Borrowing(s)  now  in  effect:      _____________
     cannot  exceed  six  (6)
3.     Date  of  conversion:     _____________
4.     Interest  Period:     _____________
5.     Expiration  date  of  current  Interest
     Period  as  to  this  conversion:     _____________
     The  Borrower  hereby  represents  and  warrants that the amounts set forth
above  are  true  and correct, that the amount above requested has actually been
incurred,  that  the  representations  and  warranties  contained  in the Credit
Agreement  are true and correct as if made as of this date (except to the extent
relating  to  a  specific  date),  and  that  the  Borrower  has kept, observed,
performed  and  fulfilled each and every one of its obligations under the Credit
Agreement  as  of  the  date  hereof  [except  as  follows:  _______________]
     Very  truly  yours,
     WEINGARTEN  REALTY  INVESTORS
By:
     Name:
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]