Document:

Exhibit 10.1

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED AGREEMENT dated and effective December 31, 2008 (the “Effective
Date”) is entered into by Newpark Resources, Inc. (the “Company”), a Delaware corporation, and
Paul L. Howes (the “Executive”) and is intended to incorporate and accurately reflect all prior
negotiations, discussions, or agreements between the parties concerning the amendment and
restatement of the terms and conditions of Executive’s employment.

WHEREAS, the Company has employed Executive as its Chief Executive pursuant to an Employment
Agreement dated March 22, 2006, as amended by the Amendment to Employment Agreement dated June 7,
2006, (the “Prior Employment Agreement”).

WHEREAS, the parties mutually desire to amend and restate the Prior Employer Agreement to take
into account Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury
Regulations and other guidance thereunder (“Code Section 409A”) with respect to certain payments
provided for in the Prior Employment Agreement and to make certain other mutually agreed upon
modifications to the Prior Employment Agreement.

WHEREAS, as of the Effective Date this Agreement supersedes the Prior Agreement.

NOW, THEREFORE in consideration of the promises and mutual covenants herein contained, and
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
it is mutually covenanted and agreed by and between the parties as follows:

1. Employment of Executive Officer.

1.1 Employment Term. The Company hereby offers to employ and continue to employ Executive,
and Executive hereby accepts continued employment by the Company, as its Chief Executive Officer
(“CEO”) on the terms and conditions set forth in this Agreement.

(a) The Executive’s Employment Term under this Agreement commenced on March 22, 2006
(“Employment Date”), and shall continue for a period of five (5) years and nine (9) days
thereafter, i.e. March 31, 2011, (the “Initial Employment Term”), and shall automatically be
renewed for successive one (1) year periods thereafter ending on each succeeding March 31 (each
such additional period each an “Extension Term” and, collectively with the Initial Term, the
“Employment Term”), unless Executive’s employment is terminated by either party giving written
notice to the other party at least sixty (60) days in advance of the expiration of the Initial
Employment Term or any Extension Term.

1.2 Compensation and Benefits.

(a) Base Salary. As of the Effective Date and during the remainder of the Employment Term,
the Company will pay Executive a base salary at an annualized rate of at least Four Hundred
Eighty-Six Thousand Dollars ($486,000) per twelve month year (“Base Salary”). The Board of
Directors of the Company (the “Board”) will review annually Executive’s Base Salary and, at its
reasonable discretion, may increase such Base Salary as it deems appropriate, provided Executive’s
Base Salary for any subsequent twelve month year shall not be less than the preceding twelve month
year except with Executive’s prior written agreement. Board approved adjustments in Base
Salary shall be automatically incorporated herein by reference and be contractual obligations
of Company. Such Base Salary shall be paid in accordance with the Company’s standard payroll
practice for its executive officers.

 

 

 

(b) Incentive Compensation. In addition to the Base Salary, during the Employment Term
Executive shall be eligible for participation in the 2003 Executive Incentive Plan (“EICP”) and the
2003 Long Term Incentive Plan (“LTIP”), subject to any amendments made at Board’s discretion as
provided herein, in each of the years ending December 31, 2006, 2007, and 2008. Performance
measures and goals will be set by the Compensation Committee of the Board. The Performance Target
(as defined in the EICP) under the EICP on the Effective Date is equal to eighty (80%) percent of
Base Salary with a maximum limitation of one hundred sixty percent (160%) of Executive’s annual
Base Salary during the relevant Performance Period (as defined in the EICP). Any payout for 2006
performance shall be based on the Company performance prorated for the eligible period. Payout
under the EICP for a particular year will be made in cash by March 15 of the next year, e.g. payout
for 2006 will occur on or before March 15, 2007. The EICP and LTIP as in effect as of March 22,
2006, are incorporated herein by reference as if set forth in their entirety within this document.
Actual awards in accordance with the Board approved plan, and any amendments, are at the discretion
of the Compensation Committee, provided that Company represents and warrants to Executive that the
terms of the EICP and LTIP will not be amended, modified, changed, or interpreted or applied to
make them less generous than they are on March 22, 2006, without prior written notice.

(c) Stock Options and Share Awards. In addition, Executive shall receive such number of stock
options and performance restricted share awards as are granted by the Compensation Committee in
accordance with the Board approved plans (all such plans being referred to as the “Plans”).
Vesting shall be as provided in these existing plans, and subject to any amendments. In accordance
with the Employment Offer Term Sheet dated February 15, 2006, that Company provided to Executive,
under the Company’s Long Term Incentive Award Guidelines the annual stock award for Executive would
consist of 80,000 fair market value options and a performance restricted share award of 50,000
shares. When used in this Agreement “stock” and “shares” mean the Company’s publicly traded common
stock, $.01 par value. Further, throughout this Agreement, the words “stock options, awards, and
grants” are used separately or in various combinations to describe awards of shares or the right to
acquire shares of Company stock under various benefit plans or this Agreement, or both.

(d) Employment Inducement Awards. As an incentive to accepting employment with Company and
entering into the Prior Employment Agreement, Executive was awarded at no cost to Executive: (i)
three hundred seventy-five thousand (375,000) fair market value options at the market price on the
day the Prior Employment Agreement was dated which vest ratably over three (3) years with the first
year being the anniversary of the Prior Employment Agreement and (ii) two hundred thousand
(200,000) time restricted shares, which shares vest ratably over five (5) years with the first year
being the anniversary of the Prior Employment Agreement.

 

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(e) Benefit Plans and Vacation. Subject to the terms of such plans, during the Employment
Term, Executive shall be entitled to participate in any and all employee benefits plans or programs
of the Company to the extent that he is otherwise eligible to participate under the terms of those
plans, including participation in any welfare benefit programs provided by the Company (including,
without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance programs), and fringe benefits and perquisites
available generally to other executives of the Company, including rights to indemnification,
advance of litigation expenses, exculpation and Directors and Officers liability insurance (“D&O
insurance”) provided to directors and officers of the Company, including special arrangement
provisions that may be applicable to other senior executives. The Company shall not be obligated
to institute, maintain, or refrain from changing, amending, or discontinuing any benefit plan, or
perquisite, so long as such changes are similarly applicable to similarly-situated employees
generally, provided, however, the Company shall at all times defend, indemnify, and hold harmless
Executive to the maximum extent permitted by law from any actual cost, loss, damages, attorneys
fees, or liability suffered or incurred by Executive for Executive’s service as Chief Executive
Officer of the Company and participation in the management of the Company and shall at all times
provide at the Company’s sole cost D&O insurance coverage in amounts adequate to fully satisfy its
obligations to Executive. The Company shall also provide Executive with D&O insurance tail
coverage for 6 years (or the maximum time period permitted by law) in the same amount following the
termination of Executive’s employment. That certain Indemnification Agreement by and between the
Company and Executive and dated June 7, 2006 (with some identical copies thereof having been dated
May 7, 2006), as amended by Amendment to Indemnification Agreement dated September 1, 2007, is
attached hereto and incorporated herein by reference.

Executive shall be entitled to an annual medical examination at the Cleveland Clinic, or other
like medical facility in New Orleans or Houston at Company’s cost.

During the Employment Term, Executive shall be entitled to four (4) weeks paid vacation each
calendar year, including 2006, to be used and accrued in accordance with the Company’s policies in
effect from time to time, provided the four (4) of weeks of vacation provided in this paragraph
shall not be reduced under such policies.

When Executive travels in connection with his duties and as otherwise appropriate, Company
will provide Executive with travel life insurance in the minimum amount of $2,000,000, medical
evacuation insurance that provides for transport to the city in which Executive is then living, and
other appropriate security precautions available to Company executives during international travel.

(f) Expense Reimbursement. The Company will reimburse Executive in full for all reasonable
and necessary business, entertainment and travel expenses incurred or expended by Executive during
the Employment Term in the performance of the duties hereunder in accordance with the Company’s
customary practices applicable to its executive officers. Notwithstanding the foregoing, (i) the
amount of expenses eligible for reimbursement during a calendar year may not affect the expenses
eligible for reimbursement in any other calendar year, (ii) the reimbursement must be made on or
before the last day of the calendar year following the calendar year in which the expense was
incurred and (iii) the right to reimbursement shall not be subject to liquidation or exchange for
any other benefit.

(g) Other Benefits. The Company shall assist Executive with a country club membership at a
club of his choice in the Houston, Texas area. The Company shall pay one-half of the Club
initiation fee. The Company shall pay Executive an annual stipend of $20,000 during the Employment
Term to be used by Executive in his discretion for monthly club dues, automobile costs and the
like.

 

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(h) Schedule of Compensation and Benefit Plans. Attached to this Agreement is a schedule of
the compensation and benefit plans by name or description that the Company and Executive understand
and intend to cover Executive. The terms and provisions of the items listed on the Schedule, as
modified by this Agreement, are incorporated herein by reference (whether or not the actual plan
documents are attached as exhibits) and are contractual by and between Company and Executive.

(i) Supplemental Disability Benefit. During any period (other than brief absences) in which
Executive is unable to perform the essential functions of his position, despite any reasonable
accommodation required by law, by reason of illness or injury, (i) the Company may place Executive
on an approved leave of absence and relieve him of some or all of his duties while on leave; (ii)
the Company shall pay Executive his Base Salary as of the date the illness or injury commenced,
inclusive of any short-term disability benefits or other paid leave to which Executive may be
entitled or eligible, for a maximum of six (6) months with such payments to be made on the
Company’s regular payroll dates; and (iii) if Executive is receiving long-term disability benefits
and provided Executive continues to be eligible to receive such benefits, the Company shall pay to
Executive the excess, if any, of 50% of his Base Salary as of the date of the illness or injury
commenced divided by twelve (12) over the monthly benefit under the long-term disability plan over,
for a period of one (1) year for each year of service up to five (5) years or Executive reaches age
65, whichever occurs first, with such payments to commence in the calendar month in which the
Executive first begins to receive benefits under the long-term disability plan and to be made on
the Company’s regular payroll dates. The Company’s actions consistent with (i) shall not
constitute a termination of Executive’s employment.

1.3 Extent of Services; Conflicts of Interest.

(a) Executive shall devote substantially all of his working time, attention and energies to
the business of the Company, and its affiliated entities, from the Company’s headquarters.
Executive may be involved in charitable and professional activities, trade and industry
associations and the like, and, with the prior written consent of the Chairman of the Board, serve
on boards of other entities, provided such activities do not interfere with the performance of his
duties hereunder or any provision of this Agreement.

(b) During the Employment Term, Executive shall not, directly or indirectly, without the prior
consent of a majority of the members of the Board, render any services to any other person or
entity or acquire any interests of any type in any other entity, that might be deemed in
competition with the Company or any of its subsidiaries or affiliates or in conflict with his
position as Chief Executive Officer, provided, however, that the foregoing shall not be deemed to
prohibit Executive from (a) acquiring, solely as an investment, any securities of a partnership,
trust, limited liability company, corporation or other entity (i) so long as he remains a passive
investor in such entity, (ii) so long as he does not become part of any control group thereof, and
(iii) so long as such entity is not, directly or indirectly, in competition with the Company or any
of its subsidiaries or affiliates, or (b) serving as a consultant, advisor or director of any
corporation which has a class of outstanding equity securities registered under Sections 12(b) or
12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and which is not in
competition with the Company or any of its subsidiaries or affiliates.

 

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2. Termination of Employment.

2.1 Termination. Executive’s employment by the Company shall be terminated (1) automatically,
upon the death of Executive; (2) by reason of Executive’s Disability (as defined below); (3) at the
election of Executive without Good Reason (as defined below) upon 30 days’ advance written notice
to the Company; (4) at the election of Executive with Good Reason (as defined below) immediately
upon written notice to the Company; (5) by the Company without Cause (as defined below) upon 30
days’ advance written notice to Executive; (5) by the Company with Cause (as defined below)
immediately upon written notice to Executive; or (6) by Executive or the Company pursuant to
Section 1.1(a).

2.2 Termination by Executive without Good Reason or pursuant to Section 1.1(a). If
Executive’s employment is terminated by Executive without Good Reason or by 60-day notice of
non-renewal by Executive pursuant to Section 1.1(a), Executive shall be entitled to receive only
the following: (i) any unpaid Base Salary through the date of termination; (ii) any earned but
unpaid portion of the stipend referred to in Section 1.2(g) through the date of termination; (iii)
any unreimbursed expenses incurred or expended by Executive pursuant to Section 1.2(f) as of the
date of termination; and (iv) such stock options, share awards, and grants as shall have fully
vested before the date of termination pursuant to the terms of the associated Plans. Executive
shall be ineligible for and shall forfeit all rights with respect to any stock option, share
awards, and grants that have not vested as of the date of termination. The amounts, if any, in
(i), (ii), and (iii), if any, shall be paid at the time and in the manner required by applicable
law but in no event later than thirty (30) business days after the date of termination.

2.3 Termination by Executive for Good Reason, by Company without Cause, or by Company pursuant
to Section 1.1(a).

(a) If Executive’s employment is terminated by Executive for Good Reason, by the Company
without Cause, or by 60-day notice of non-renewal by the Company pursuant to Section 1.1(a),
Executive shall be entitled to receive the following: (i) any unpaid Base Salary through the date
of termination; (ii) any earned but unpaid portion of the stipend referred to in Section 1.2(g)
through the date of termination; (iii) any unreimbursed expenses incurred or expended by Executive
pursuant to Section 1.2(f) as of the date of termination; and (iv) such stock options, share
awards, and grants as shall have fully vested before the date of termination pursuant to the terms
of the associated Plans. Subject to Section 2.3(b)(iii) and, where applicable, Section 2.7(a),
Executive shall be ineligible for and shall forfeit all rights with respect to any stock option,
share awards, and grants that have not vested as of the date of termination. The amounts, if any,
in (i), (ii), and (iii) shall be paid at the time and in the manner required by applicable law but
in no event later than thirty (30) business days after the date of termination.

(b) Except where Section 2.7 is applicable, if Executive’s employment is terminated by
Executive for Good Reason, by the Company without Cause, or by the Company pursuant to Section
1.1(a), and such termination constitutes a Separation from Service, Executive shall be entitled to
receive the following in addition to the payments provided for in Section 2.3(a): (i) an amount
equal to two (2) times the amount of his Base Salary at the time of termination; (ii) an amount
equal to two times (2X) the Performance Target (as defined in the EICP and Section 1.2(b)) for the
Performance Period (as defined in the EICP) in which the date of termination occurs; (iii) full
vesting of all time related restricted shares and options awarded at commencement of

 

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employment pursuant to Section 1.2(d), provided however, there will be no vesting of annual
stock awards in the post-employment exercise period in accordance with the Plans; (iv) should
Executive timely elect to continue coverage under a group health insurance plan sponsored by
Employer or one of its affiliates, pay or reimburse Executive for the cost of continued coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for Executive and any of
his eligible dependents until the earlier of (A) the date Executive becomes eligible for coverage
under another group health insurance plan or otherwise ceases to be entitled to COBRA continuation
coverage and (B) eighteen (18) months following the date of termination; and (v) reimbursement by
the Company for the costs of outplacement services obtained by the Executive within the two (2)
year period after termination, not to exceed $20,000; provided, however, that the Company’s
obligations are contingent on Executive’s compliance with his obligations under Appendix A and
Appendix B to this Agreement, as such appendices may be amended by mutual agreement, which are
incorporated by this reference.

(c) Subject to Section 3.12, the amounts set out in Section 2.3(b)(i) and (ii) shall be paid
to Executive in the form of a single lump sum payment on or prior to the date that is sixty (60)
days following Executive’s Separation from Service.

2.4 Termination for by the Company for Cause. If Executive’s employment is terminated by the
Company for Cause, Executive shall be entitled to receive only the following: (i) any unpaid Base
Salary through the date of termination; (ii) any unreimbursed expenses incurred or expended by
Executive pursuant to Section 1.2(f) as of the date of termination; and (iii) such stock options,
share awards, and grants as shall have fully vested before the date of termination pursuant to the
terms of the associated Plans. Executive shall be ineligible for and shall forfeit all rights with
respect to any stock option, share awards, and grants that have not vested as of the date of
termination. The amounts, if any, in (i) and (ii) shall be paid at the time and in the manner
required by applicable law but in no event later than thirty (30) business days after the date of
termination.

2.5 Termination as a Result of Death. If Executive dies during the Employment Term, such
person as Executive shall designate in a written notice to Employer or, if no such person is
designated, his estate, shall be entitled to receive only the following: (i) any unpaid Base
Salary through the date of death; (ii) any earned but unpaid portion of the stipend referred to in
Section 1.2(g) through the date of death; (iii) any unreimbursed expenses incurred or expended by
Executive pursuant to Section 1.2(f) as of the date of death; and (iv) such stock options, share
awards, and grants as shall have fully vested before the date of death pursuant to the terms of the
associated Plans. Executive shall be ineligible for and shall forfeit all rights with respect to
any stock option, share awards, and grants that have not vested as of the date of death. The
amounts, if any, in (i), (ii), and (iii), if any, shall be paid at the time and in the manner
required by applicable law but in no event later than thirty (30) business days after the date of
death.

2.6 Termination by Reason of Executive’s Disability.

(a) The Company may terminate Executive’s employment by reason of Executive’s Disability upon
written notice to Executive. For purposes of this Agreement, “Disability” means and shall be
deemed to have occurred if (i) Executive is receiving benefits under the Company’s long-term
disability plan or is receiving Social Security total disability benefits; or (ii) in the absence
of Executive’s receipt of such benefits, (x) Executive has been unable to perform the
essential functions of his position, despite any reasonable accommodation required by law, by
reason of an illness or injury for a continuous period of not less than six (6) months or six (6)
months in any twelve (12)-month period, or (y) a majority of the eligible members of the Board
determine in good faith that the Executive will be unable to perform the essential functions of his
position, despite any reasonable accommodation required by law, by reason of an illness or injury
for a continuous period of not less than six (6) months.

 

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(b) If Executive’s employment is terminated by reason of Executive’s Disability, Executive
shall be entitled to receive only the following in addition to any remaining benefits under Section
1.2(i): (i) any unpaid Base Salary through the date of termination; (ii) any earned but unpaid
portion of the stipend referred to in Section 1.2(g) through the date of termination; (iii) any
unreimbursed expenses incurred or expended by Executive pursuant to Section 1.2(f) as of the date
of termination; and (iv) such stock options, share awards, and grants as shall have fully vested
before the date of termination pursuant to the terms of the associated Plans. Executive shall be
ineligible for and shall forfeit all rights with respect to any stock option, share awards, and
grants that have not vested as of the date of termination. The amounts, if any, in (i), (ii), and
(iii), if any, shall be paid at the time and in the manner required by applicable law but in no
event later than thirty (30) business days after the date of termination.

2.7 Termination by Executive for Good Reason, by Company without Cause, or by Company pursuant
to Section 1.1(a) following a Change in Control.

(a) If, within twenty-four (24) months following a Change in Control, Executive’s employment
is terminated by Executive for Good Reason, by the Company without Cause, or by the Company
pursuant to Section 1.1(a), and such termination constitutes a Separation from Service, Executive
shall be entitled to receive the following in addition to the payments provided for in Section
2.3(a) and in lieu of the payments and benefits provided for in Section 2.3(b): (i) an amount equal
to 2.99 times the amount of his Base Salary at the time of termination; (ii) an amount equal to
2.99 times the greater of the highest Performance Award (as defined in the EICP) received by the
Executive before the date of termination or the Performance Target set out in Section 1.2(b); (iii)
full vesting of all stock options, awards, and grants previously awarded; (iv) continued
participation in group benefit plans offered by the Company, including 401(k), medical, and life
insurance during the remaining eligibility period, as long as it is available and not in
contravention of the respective plan’s provisions in existence at that time; (v) should Executive
timely elect to continue coverage under a group health insurance plan sponsored by Employer or one
of its affiliates, pay or reimburse Executive for the cost of continued coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for Executive and any of his
eligible dependents until the earlier of (A) the date Executive becomes eligible for coverage under
another group health insurance plan or otherwise ceases to be entitled to COBRA continuation
coverage and (B) eighteen (18) months following the date of termination; (v) pay or reimburse
Executive for premiums paid by him for medical insurance coverage for himself and any of his
eligible dependents for the period from the date the payments or reimbursement under (vi) ends to
three (3) years after the date of termination of employment with the Company; and
(vi) reimbursement by the Company for the costs of outplacement services obtained by the Executive
within the two (2) year period after termination, not to exceed $20,000; provided, however, that
the Company’s obligations are contingent on Executive’s compliance with his obligations under
Appendix A and
Appendix B to this Agreement, as such appendices may be amended by mutual agreement, which are
incorporated by this reference.

 

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(b) Subject to Section 3.12, the amounts set out in Section 2.7(a)(i) and (ii) shall be paid
to Executive in the form of a single lump sum payment on or prior to the date that is sixty (60)
days following Executive’s Separation from Service.

(c) Gross-Up Payments. If any payments or benefits received or to be received by Executive
(whether pursuant to the terms of this Agreement or any other plan or agreement with the Company,
any person whose actions results in a Change in Control or any person affiliated with the Company
or such person) (such payments or benefits, excluding the Gross-Up Payment, the “Total Payments”)
are determined to result in the imposition of excise tax under section 4999 of the Code or any
similar excise tax under the Code or under state or local statute the “Excise Tax”), the Company
shall pay Executive an additional amount (such amount in the aggregate, the “Gross-Up Amount,” and
each payment thereof, or all such payments together, the “Gross-Up Payment”) intended to compensate
or reimburse Executive for the Excise Tax resulting from the Total Payments and for the federal,
state and local income tax, employment tax and Excise Tax on the Gross-Up Payment. The purpose of
this subsection 2.7(c) is to place Executive in the same economic position Executive would have
been in had the Total Payments not been subject to the Excise Tax. For the purposes of this
subsection 2.7(c):

	 	(1)	 	the Total Payments, which will consist of those amounts as
constituting “parachute payments” (within the meaning of section 280G(b)(2) of
the Code after giving effect to Section 280G(b)(4)(A));

	 
	 	(2)	 	the value of any non-cash benefits or any deferred payment or
benefit to be taken into account in determining the Total Payments;

	 
	 	(3)	 	the amount of the Total Payments to be treated as “excess
parachute payments” within the meaning of Section 280G(b)(1) of the Code, all
reductions thereof for amounts representing “reasonable compensation for
personal services” (within the meaning of section 280G(b)(4) of the Code) in
excess of the “base amount” (within the meaning of section 280G(b)(3) of the
Code) allocable to such “reasonable compensation for personal services” and all
reductions by or for all such other amounts as are not subject to the Excise
Tax;

	 
	 	(4)	 	the amount of the Excise Tax; and

	 
	 	(5)	 	the Gross-Up Amount and each Gross-Up Payment with respect
thereto (which Gross-Up Payment(s) in the aggregate, shall equal the Gross-Up
Amount),

shall be determined by the accounting firm which was the Company’s independent auditor immediately
prior to the Change in Control (the “Auditor”) which determinations shall be subject to approval by
written legal opinion (which may be subject to and reflect assumptions, exceptions and standards of
certainly normal and reasonable for legal opinions of this type) of tax counsel (the
“Tax Counsel”) selected by the Auditor and approved by Executive as acceptable, which approval of
Tax Counsel by Executive shall be timely and not unreasonably withheld.

 

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A Gross-Up Payment shall be paid by the Company to Executive (or for Executive, if and to the
extent the Gross-Up Payment is determined to be subject to tax withholding), by no later than the
earlier of (i) each date as of which Excise Tax under Section 4999 of the Code is paid or is
payable, whichever comes first; and (ii) each date as of which any portion of the Total Payments
resulting in the Excise Tax are paid or otherwise provided (excluding dates, but not the amounts
of, Total Payments paid or provided other than on, as of or with respect to an event or time that
properly constitutes a permissible payment event under Treas. Reg. §1.409A-3) so as to then become
properly includable in Executive’s gross income for federal income tax purposes; provided, however,
that notwithstanding any contrary provision hereof (other than Section 3.12 if applicable), if and
to the extent that any amount owed by either party to the other hereunder constitutes a
“reimbursement of expenses” within the meaning of Treas. Reg. §1.409A-3(i)(1)(iv) or a “tax
gross-up payment” within the meaning of Treas. Reg. §1.409A-3(i)(1)(v), such amounts shall be paid
by no later than the end of the taxable year of Executive following the taxable year of Executive
in which the amount being reimbursed was paid by Executive.

As a result of the uncertainty in the application of Section 4999 of the Code, it is possible
that the Gross-Up Amount and the aggregate of all Gross-Up Payments made as of any point in time as
determined by the Auditor to be due to (or on behalf of) Executive will be lower than the Gross-Up
Amount actually due (“Underpayment”). In the event that Executive thereafter is required to make a
payment of any additional Excise Tax, the Auditor shall determine the amount of the Underpayment
that has occurred and any such Underpayment shall be paid by the Company to or for the benefit of
Executive as an additional Gross-Up Payment, which shall be paid to or for Executive (as
applicable) on the date the Excise Tax is paid or payable by Executive (whichever comes first), or
as soon thereafter as the calculation of the amount of such additional Gross-Up Payment shall be
administratively practicable, but in all events, no later than the end of Executive’s taxable year
next following Executive’s taxable year in which the related taxes are remitted to the taxing
authority.

In the event that the Excise Tax is finally determined to be less than the amount taken into
account hereunder in calculating the Gross-Up Amount and the Gross-Up Payments paid, Executive
shall repay to the Company, within ten (10) business days following the time that the amount of
such reduction in the Excise Tax is finally determined, the portion of the Gross-Up Payment
attributable to such reduction (plus that portion of the Gross-Up Payment attributable to the
Excise Tax and federal, state and local income and employment taxes imposed on the Gross-Up Payment
benefit being repaid by Executive, to the extent that such repayment results in a reduction in the
Excise Tax and a dollar-for-dollar reduction in Executive’s taxable income and wages for purposes
of federal, state and local income and employment taxes), plus interest on the amount of such
repayment at 120 percent of the rate provided in section 1274(b)(2)(B) of the Code. In the event
that the Excise Tax is determined to exceed the amount taken into account hereunder in calculating
the Gross-Up Payment (including by reason of any payment the existence or amount of which cannot be
determined at the time of the payment of the Gross-Up Payment), the Company shall make an
additional Gross-Up Payment in respect of such excess (plus any interest, penalties or additions
payable by Executive with respect to such excess) within five (5) business days following the time
that the amount of such excess is finally determined, but no later than the end of
the calendar year following the calendar year in which the taxes related to the additional Gross-Up
Payment are remitted. Executive and the Company shall each reasonably cooperate with the other
relative to any administrative or judicial proceedings concerning the existence or amount of
liability for the Excise Tax.

 

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Executive’s right to receive the Gross-Up Payment provided for in this Section 2.7(c), shall
expire and terminate if a Change in Control has not occurred on or before April 23, 2013.

2.8 No Setoff and Disputed Amounts. The Company’s obligation to make payments provided for in
this Agreement and otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right, or action which Company may have
against the Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable, or benefits to be
provided to the Executive under any of the provisions of this Agreement, and such amounts shall not
be reduced whether or not the Executive obtains or seeks to obtain other employment. In the event
the Company disputes Executive’s entitlement to or the Company’s obligation to pay, or the
calculation of any payment to Executive, the Company will pay any undisputed amounts at the time
specified by this Agreement (or if the time for payment of any such undisputed amounts is not
specified by this Agreement, within 30 days following Executive’s Separation from Service) and will
withhold only those payments or parts of payments that are disputed until the dispute can be
resolved in accordance with the procedures in this Agreement. The Company shall immediately notify
Executive in writing not more than sixty (60) days from the date of termination, how much it is
disputing and the reason therefore in sufficient detail that Executive may evaluate the reason for
the dispute. Provided that Executive provides notice to the Company within 90 days of the latest
date upon which a disputed payment could have been timely made in accordance with the terms of this
Agreement and Code Section 409A and further provided that, if not paid, Executive takes further
enforcement measures within 180 days after such latest date, such disputed payment will be paid no
later than the end of the first taxable year of Executive in which the Company and Executive enter
into a legally binding settlement of the dispute, the Company concedes the amount is payable, or
the Company is required to make such payment pursuant to a final and nonappealable judgment or
other binding decision.

2.9 Investigation; Suspension. The Company may suspend Executive with pay pending an
investigation authorized by the Company or an affiliate or a governmental authority or a
determination by the Company whether Executive has engaged in acts or omissions constituting Cause,
and such paid suspension shall not constitute a termination of Executive’s employment. Executive
shall cooperate with the Company in connection with any such investigation.

2.10 Earned and Vested Benefits. Nothing in this Agreement is intended to limit any earned,
vested benefits (other than any entitlement to severance or separation pay, if any) that Executive
may have under the applicable provisions of any benefit plan of the Company in which Executive is
participating at the time of the termination of the employment relationship.

2.11 Deemed Resignation. Any termination of Executive’s employment with the Company shall
constitute an automatic resignation of Executive from all other positions as an employee, officer,
director, manager, or other service provider of the Company and each affiliate of the Company, and
an automatic resignation of Executive from the Board (if applicable and unless otherwise agreed in
writing) and from the board of directors or similar governing body of the
Company and any affiliate of the Company and from the board of directors or similar governing
body of any corporation, limited liability company or other entity in which the Company or any
affiliate holds an equity interest and with respect to which board or similar governing body
Executive serves as the Company’s or such affiliate’s designee or other representative.

 

10

 

2.12 Payments Upon Death. In the event of Executive’s death after he becomes entitled to
payments pursuant to Section 2.3(b) or 2.7, any remaining unpaid amounts shall be paid, at the time
and in the manner such payments otherwise would have been paid to Executive, to such person as
Executive shall designate in a written notice to Employer (or, if no such person is designated, to
his estate).

3. Miscellaneous Matters.

3.1 Exclusive Dispute Resolution Procedure. In the event either party contends the other has
not complied with a provision of this Agreement or asserts any claims under the Employee Retirement
Income Security Act, other than under Appendix A and Appendix B to this Agreement, as such
appendices may be amended by mutual agreement and which are specifically excluded from this
procedure, prior to seeking arbitration as provided for below, the party claiming a violation of
this Agreement, shall advise the other party, in writing, of the specifics of the claim, including
the specific provision alleged to have been violated, as well as provide the other party with any
supporting documentation the party desires to produce at that time. If the Company is disputing
amounts that Executive contends are due to him, the Company shall provide a complete statement of
the amount it is disputing, the reason it is disputing it, and supporting documentation upon
request by Executive. The parties will thereafter meet and attempt to resolve their differences in
a period not to exceed thirty (30) days, unless the parties agree in writing to mutually extend the
time for one additional thirty (30) day period. Following such attempts to resolve any such
dispute, either party may require arbitration of the other. In order to do so, the request must be
timely made, in writing, and delivered to the other party (Executive or the Board Chair) within
thirty (30) days following the end of the resolution period (or any valid extension thereof)
referenced herein above. The parties hereto agree that any controversy or claim arising out of or
relating to this Agreement, or any dispute arising out of the interpretation or application of this
Agreement, other than under Appendix A and Appendix B to this Agreement, as such appendices may be
amended by mutual agreement and which are specifically excluded from this procedure, which the
parties hereto are unable to resolve as provided for above, shall be finally resolved and settled
exclusively by arbitration in the city where the Company’s headquarters are then located or such
other location as the parties may agree, by a single arbitrator in accordance with the substantive
laws of the State of Texas to the extent not preempted by the Employee Retirement Income Security
Act, which shall govern all applicable benefits issues, in keeping with the above required
procedure. If the parties cannot agree upon an arbitrator, then each party shall choose its own
independent representative, and those independent representatives shall choose the single
arbitrator within thirty (30) days of the date of the selection of the first independent
representative. The legal expenses of each party shall be borne by them respectively. However,
the cost and expenses of the arbitrator in any such action shall be borne equally by the parties.
The arbitrator’s decision, judgment and award shall be final, binding and conclusive upon the
parties and may be entered in the highest court, state or federal, having jurisdiction. The
arbitrator to which any such dispute shall be submitted in accordance with the provision of this
Article shall only have jurisdiction and authority to interpret, apply or determine compliance with
the provisions of this Agreement, but shall not have
jurisdiction or authority to add to, subtract from, or alter in any way the provisions of this
Agreement.

 

11

 

3.2 Headings. Section and other headings contained in this Agreement are for reference only
and shall not affect in any way the meaning or interpretation of this Agreement.

3.3 Notices. Any notice, communication, request, reply or advice (here severally and
collectively called “Notice”) required or permitted to be given under this Agreement must be in
writing and is effectively given by deposit in the same in the United States mail, postage pre-paid
and registered or certified with return receipt requested, by national commercial courier for next
day delivery, or by delivering in person the same to the address of the person or entity to be
notified. Notice deposited in the mail in the manner herein above described shall be effective 48
hours after such deposit, Notice sent by national commercial courier for next day delivery shall be
effective on the date delivered, and Notice delivered in person shall be effective at the time of
delivery. For purposes of Notice, the address of the parties shall, until changed as hereinafter
provided, be as follows:

(a) If to the Company:

Newpark Resources, Inc.

2700 Research Forest Drive, Suite 100

The Woodlands, Texas 77381

Attention: Chairman of the Board

or at such address as the Company may have advised Executive in writing; and

(b) If to Executive:

Paul L. Howes

23 Rhapsody Bend Court

The Woodlands, Texas 77382

or at such other address as Executive may have advised the Company in writing.

3.4 Waiver. The failure by any party to enforce any of its rights under this Agreement shall
not be deemed to be a waiver of such rights, unless such waiver is an express written waiver which
has been signed by the waiving party, and in the case of the Company, expressly approved by its
Board. Waiver of any one breach shall not be deemed to be a waiver of and other breach of the same
or any other provision of this Agreement.

3.5 Choice of Law. The validity of the agreement, the construction of its terms and the
determination of the rights and duties of the parties hereto shall be governed by and construed in
accordance with the laws of the State of Texas without regard to choice of law principles (provided
that the Indemnification Agreement, as amended, referred to in Section 1.2(e) shall be governed by
and construed in accordance with the laws of the State of Delaware without regard to choice of law
principles.

 

12

 

3.6 Invalidity of Provisions. If any provision of this Agreement is adjudicated to be
invalid, illegal or unenforceable under applicable law, the validity or enforceability of the
remaining provisions shall be unaffected. To the extent that any provision of this Agreement is
adjudicated to be invalid, illegal or unenforceable because it is overbroad, that provision shall
not be void but rather shall be limited only to the extent required by applicable law and enforced
as so limited.

3.7 Entire Agreement; Written Modifications. This Agreement, Appendix A and Appendix B, and
the specific documents referred to and incorporated herein by reference (whether or not copies
thereof are attached to this Agreement) together contain the entire agreement between the parties
and supersedes all prior or contemporaneous representations, promises, understandings and
agreements between Executive and the Company.

3.8 No Assignments; Assumption by Successor. This Agreement is personal to the Company and
the Executive and may not be assigned by either party without the prior written consent of the
other. The Company will require any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of Company to
(i) expressly assume and agree to perform this Agreement in the same manner and the same extent the
Company would be required to perform it as if no such succession had taken place; and (ii) notify
the Executive of the assumption of this Agreement within ten days of such assumption. Failure of
the Company to obtain such assumption and agreement prior to the effectiveness of any such
succession shall be Good Reason for Executive to elect to terminate employment and this Agreement.
As used in this Agreement, Company shall mean Newpark Resources, Inc., and any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this agreement by operation
of law or otherwise. However, this agreement shall inure to the benefit of and be enforceable by
Executive’s personal or legal representatives, executors, administrators’ successors, heirs, and
distributes, devisees, and legatees. Executive shall not have any right to pledge, hypothecate,
anticipate, or in any way create a lien upon any payments or other benefits provided under this
Agreement; and no benefits payable under this Agreement shall be assignable in anticipation of
payment either by voluntary or involuntary acts, or by operation of law, except by will or pursuant
to the laws of descent and distribution.

3.9 Attorney’s Fees. The prevailing party in any action brought to enforce this Agreement
shall be entitled, in addition to such other relief that may be granted, to a reasonable sum for
attorney’s fees and costs incurred by such party in enforcing or defending against an action to
enforce this Agreement.

3.10 Definitions. In this Agreement:

(a) “Cause” when used with reference to termination of the employment of Executive by the
Company for “Cause,” shall mean:

	 	(1)	 	Executive’s conviction by a court of competent jurisdiction of,
or entry of a plea of guilty or nolo contendere for an act on the Executive’s
part constituting a felony; or

 

13

 

	 	(2)	 	dishonesty; willful misconduct or gross neglect by Executive of
his obligations under this Agreement that results in material injury to the
Company;

	 
	 	(3)	 	appropriation (or an overt act attempting appropriation) by
Executive of a material business opportunity of the Company;

	 
	 	(4)	 	theft, embezzlement or other similar misappropriation of funds or
property of the Company by Executive; or

	 
	 	(5)	 	the failure of Executive to follow the reasonable and lawful
written instructions or policy of the Company with respect to the services to be
rendered and the manner of rendering such services by Executive provided
Executive has been given reasonable and specific written notice of such failure
and opportunity to cure and no cure has been effected or initiated within a
reasonable time, but not less than 90 days, after such notice.

(b) “Change in Control” means the following:

	 	(1)	 	A Change in Control shall be deemed to have occurred if (A) a
Takeover Transaction (as defined in subsection 2 of this Section 3.10(b))
occurs; or (B) any election of directors of the Company takes place (whether by
the directors then in office or by the stockholders at a meeting or by written
consent) and a majority of the directors in the office following such election
are individuals who were not nominated by a vote of two-thirds of the members of
the Board or, if the Company had a nominating committee at such time, its
nominating committee, immediately preceding such election; or (C) the Company
effectuates a complete liquidation or a sale or disposition of all or
substantially all of its assets.

	 
	 	(2)	 	A “Takeover Transaction” shall mean (A) a merger or consolidation
of the Company with, or an acquisition of the Company or all or substantially
all of its assets by, any other corporation or entity, other than a merger,
consolidation or acquisition in which the individuals who were members of the
Board immediately prior to such transaction continue to constitute a majority of
the Board of Directors or other governing body of the surviving corporation or
entity (or, in the case of an acquisition involving a holding company,
constitute a majority of the Board of Directors or other governing body of the
holding company) for a period of not less than twelve (12) months following the
closing of such transaction, or (B) one or more occurrences or events as a
result of which any “person” (as such term is used in Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act) becomes the “beneficial owner” (as such
term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of thirty percent (30%) or more of the combined voting power of the Company’s
then outstanding securities.

(c) “Code” means the Internal Revenue Code of 1986, as amended.

 

14

 

(d) “Good Reason” means any of the following:

	 	(1)	 	the Company unreasonably interferes in a demonstrably willful and
deliberate manner with Executive’s performance of his duties;

	 
	 	(2)	 	the Company adversely changes Executive’s title or changes in any
material respect the responsibilities, authority or status of Executive without
prior notice and acceptance;

	 
	 	(3)	 	the substantial or material failure of the Company to comply with
its obligations under this Agreement or any other agreement that may be in
effect that is not remedied within a reasonable time after specific written
notice thereof by Executive to the Company;

	 
	 	(4)	 	the diminution of the Executive’s salary and or a material
diminution of the Executive’s benefits without prior notice and acceptance;

	 
	 	(5)	 	the failure of the Company to obtain the assumption of this
Agreement by any successor or assignee of the Company; or

	 
	 	(6)	 	requiring Executive to relocate more than 50 miles from the then
headquarters of the Company;

provided that in any of the above situations, Executive has given reasonable and specific written
notice to the Chair of the Board of such failure and the Company has been given a reasonable
opportunity to cure and no cure has been effected or initiated within a reasonable time after such
notice, and provided further that the Company’s actions consistent with Section 1.2(i) or a
suspension of Executive with pay pursuant to Section 2.9 do not constitute “Good Reason.”

(e) “Separation from Service” means separation from service (within the meaning of Code
Section 409A) with the group of employers that includes the Company and each of its “Affiliates.”
For this purpose, “Affiliate” means any incorporated or unincorporated trade or business or other
entity or person, other than Employer, that along with Employer is considered a single employer
under Code Section 414(b) or Code Section 414(c), but (i) in applying Code Section 1563(a)(1), (2),
and (3) for the purposes of determining a controlled group of corporations under Code Section
414(b), the phrase “at least 50 percent” shall be used instead of the phrase “at least 80 percent”
in each place the phrase “at least 80 percent” appears in Code Section 1563(a)(1), (2), and (3),
and (ii) in applying Treasury Regulation Section 1.414(c)-2 for the purposes of determining trades
or businesses (whether or not incorporated) that are under common control for the purposes of Code
section 414(c), the phrase “at least 50 percent” shall be used instead of the phrase “at least 80
percent” in each place the phrase “at least 80 percent” appears in Treasury Regulation Section
1.414(c)-2.

3.11 Withholding and Deductions. With respect to any payment to be made to Executive, the
Company shall deduct, where applicable, any amounts authorized by Executive and permissible under
applicable law, and shall withhold and report all amounts required to be withheld and reported by
applicable law. The Company shall be entitled to rely on an opinion of counsel if any questions as
to the amount or requirement of withholding shall arise.

 

15

 

3.12 Code Section 409A. If Executive is a “specified employee” as defined in Code Section
409A, no benefit or payment that is subject to Code Section 409A (after taking into account all
applicable exceptions to Code Section 409A, including but not limited to the exceptions for
short-term deferrals, for reimbursements and certain other separation payments, and for “separation
pay only upon an involuntary separation from service”) shall be made under this Agreement on
account of the Executive’s Separation from Service until the later of the date prescribed for
payment in this Agreement or the first day of the seventh month that begins after the date of
Executive’s Separation from Service (or, if earlier, the date of death of Executive). For purposes
of Code Section 409A, each payment provided for under this Agreement is hereby designated as a
separate payment, rather than a part of a larger single payment or one of a series of payments.
Any amount that Executive is entitled to be reimbursed under this Agreement will be reimbursed to
Executive as promptly as practicable and in any event not later than the last day of the calendar
year after the calendar year in which the expenses to be reimbursed are incurred, and the amount of
the expenses eligible for reimbursement during any calendar year will not affect the amount of
expenses eligible for reimbursement in any other calendar year.

 

16

 

	 
	EXECUTED as of the date first written above.

	 	 	 	 	 	 	 	 	 
	Witnesses:	 	 	 	NEWPARK RESOURCES, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ John A. Grinaldi DDS
 

	 	 	 	By:
	 	/s/ Jerry W. Box
 

	 	 
	 

	 	 	 	 	 	Jerry Box	 	 
	/s/ Melissa Lester, RDH
 

	 	 	 	 	 	Board Chairman 	 	 
	 
	 	 	 	 	 	 	 	 
	Witnesses:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Cynthia Johnson	 	 	 	/s/ Paul L. Howes	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Paul L. Howes	 	 
	/s/ Elayne Johnson
 

	 	 	 	 	 	 	 	 

 

17Exhibit 10.1

Exhibit 10.1

SIXTH AMENDMENT TO

AMENDED AND RESTATED

SENIOR SECURED CREDIT AGREEMENT

among

Apartment Investment and Management Company,

AIMCO Properties, L.P., and

AIMCO/Bethesda Holdings, Inc.,

as the Borrowers,

the Guarantors and

Pledgors named herein,

Bank of America, N.A.,

as Administrative Agent, Swing Line Lender

and L/C Issuer

and

The Other Financial

Institutions Party Hereto

Dated as of May 1, 2009

BANC OF AMERICA SECURITIES LLC

and

KEYBANC CAPITAL MARKETS

as Joint-Lead Arrangers

and

Joint Book Managers and Bookrunners

 

 

 

SIXTH AMENDMENT TO

AMENDED AND RESTATED

SENIOR SECURED CREDIT AGREEMENT

This SIXTH AMENDMENT TO AMENDED AND RESTATED SENIOR SECURED CREDIT AGREEMENT (this
“Amendment”) is dated as of May 1, 2009 and entered into by and among APARTMENT INVESTMENT
AND MANAGEMENT COMPANY, a Maryland corporation (the “REIT”), AIMCO PROPERTIES, L.P., a
Delaware limited partnership (“AIMCO”), and AIMCO/BETHESDA HOLDINGS, INC., a Delaware
corporation (“AIMCO/Bethesda”) (the REIT, AIMCO and AIMCO/Bethesda collectively referred to
herein as “Borrowers”), BANK OF AMERICA, N.A. (“Bank of America”), as
Administrative Agent (in such capacity, “Administrative Agent”) and as Swing Line Lender
and L/C Issuer, and the Lenders party hereto, and is made with reference to that certain Amended
and Restated Senior Secured Credit Agreement, dated as of November 2, 2004, by and among Borrowers,
each lender from time to time party thereto, BANK OF AMERICA, N.A., as Administrative Agent and as
Swing Line Lender and L/C Issuer, and KeyBank National Association, as Syndication Agent (the
“Credit Agreement”), as amended by that certain First Amendment to Amended and Restated
Senior Secured Credit Agreement, dated June 16, 2005 (the “First Amendment”), as amended by
that certain Second Amendment to Amended and Restated Senior Secured Credit Agreement, dated March
22, 2006 (the “Second Amendment”), as amended by that certain Third Amendment to Amended
and Restated Senior Secured Credit Agreement, dated August 31, 2007 (“Third Amendment”), as
amended by that certain Fourth Amendment to Amended and Restated Senior Secured Credit Agreement,
dated September 14, 2007 (“Fourth Amendment”), and as amended by that certain Fifth
Amendment to Amended and Restated Senior Secured Credit Agreement, dated September 9, 2008
(“Fifth Amendment”) (the Credit Agreement as amended by the First Amendment, Second
Amendment, Third Amendment, Fourth Amendment, Fifth Amendment and this Amendment is referred to
herein as the “Amended Agreement”). Capitalized terms used in this Amendment shall have
the meanings set forth in the Amended Agreement unless otherwise defined herein.

RECITALS

WHEREAS, Borrowers desire to amend the Amended Agreement as more particularly set forth below;

WHEREAS, pursuant to the Amended Agreement, the amendments set forth herein require the
consent of the Required Lenders, and the Required Lenders have consented hereto;

 

1

 

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

Section 1. AMENDMENTS TO THE CREDIT AGREEMENT

A. The defined term “Applicable Revolving Rate” is deleted and replaced with:

““Applicable Revolving Rate” means the following percentages per annum, based upon
the Leverage Ratio as set forth in the most recent Compliance Certificate received by
Administrative Agent pursuant to Section 6.02(b):

Applicable Revolving Rate

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable	 	 	Applicable	 	 	 	 
	 	 	 	 	 	 	Revolving	 	 	Revolving	 	 	Letters of	 
	Pricing Level	 	Leverage Ratio	 	 	Eurodollar Rate +	 	 	Base Rate +	 	 	Credit	 
	1
	 	 	< 50	%	 	 	3.25	%	 	 	2.00	%	 	 	3.25	%
	2
	 	≥ 50% and < 60%	 	 	4.25	%	 	 	3.00	%	 	 	4.25	%
	3
	 	 	≥ 60	%	 	 	5.00	%	 	 	3.75	%	 	 	5.00	%

Any increase or decrease in the Applicable Revolving Rate resulting from a change in the
Leverage Ratio shall become effective as of the first Business Day immediately following the date a
Compliance Certificate is delivered pursuant to Section 6.02(b); provided,
however, that if a Compliance Certificate is not delivered when due in accordance with such
Section, then Pricing Level 3 shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered until the date such Compliance
Certificate is delivered. The Applicable Revolving Rate in effect from the Sixth Amendment
Effective Date through the date of delivery of the Compliance Certificate for the quarter ended
March 31, 2009 shall be determined based on Pricing Level 2.”

B. The defined term “Applicable Unused Fee” is deleted and replaced with:

““Applicable Unused Fee” means 0.45% per annum based upon the Usage (as such term is
defined below) as of the date of determination. As used in this definition, the term “Usage” shall
mean on each date of determination the percentage of usage of the Revolving Commitments obtained by
subtracting the average daily Total Revolving Outstandings for the most recent fiscal quarter
ending prior to the date of determination from the aggregate Revolving Commitments then in effect.”

C. The defined term “Audited Financial Statements” is deleted and replaced with:

““Audited Financial Statements” means the audited consolidated balance sheet of the
REIT for the fiscal year ended December 31, 2008, and the related consolidated statements of income
or operations, shareholders’ equity and cash flows for such fiscal year of the REIT, including the
notes thereto.”

D. The defined term “Base Rate Loan” is deleted and replaced with:

““Base Rate Loan” means a Committed Loan that bears interest based on the Base Rate or
the Applicable Revolving Base Rate.”

 

2

 

E. The defined term “Capital Expenditure Reserve” is deleted and replaced with:

““Capital Expenditure Reserve” means, as of any date of determination, the product of
(a) an amount not less than $350.00 (which amount is subject to adjustment as provided below but
shall never be less than $350), and (b) the Borrowing Group’s Share of apartment units owned as of
such date of determination; provided, however, that an apartment unit shall be
excluded from the foregoing calculation if, at the date of determination, a mortgage lender with
respect to such apartment unit holds a funded reserve for future capital improvements for such
apartment unit. Administrative Agent may review the Capital Expenditure Reserve on December 31,
2009 and as of the last day of each subsequent calendar year (a “Review Date”) and, upon written
notice to the Borrowers provided within 30 days after delivery of the Compliance Certificate
relating to such calendar year, increase the per unit dollar amount in clause (a) above by an
amount not to exceed the lesser of (i) $24.50 per year per unit or (ii) the amount by which the
actual amount of Capital Expenditures per unit for the apartment units (the “Actual CapEx Amount”)
in clause (b) for the prior four calendar quarters exceeds $350 plus any prior annual increases;
provided, however, that if the Actual CapEx Amount declines from one year to the
next, then the per unit dollar amount in clause (a) above shall automatically decrease as of each
Review Date to an amount equal to the greater of (x) $350 per unit and (y) the Actual CapEx Amount
for the prior four calendar quarters.”

F. The defined term “Construction/Renovation” is deleted and replaced with:

““Construction/Renovation” means the Borrowing Group’s Share of any New Construction
or any substantial rehabilitation, redevelopment, renovation and/or expansion of any multi-family
property which, in the case of rehabilitation, redevelopment, renovation or expansion, involves the
repositioning or upgrading of such multi-family property with respect to comparable multi-family
properties located in the proximate geographic area, excluding any Moderate Redevelopment. The
Borrowing Group’s Share of Properties under Construction/Renovation as of the Closing Date are
listed on Schedule 1.01C attached hereto.”

G. The defined term “Default Rate” is deleted and replaced with:

““Default Rate” means (a) when used with respect to Obligations other than Letter of
Credit Fees and Revolving Loans, an interest rate equal to (i) the Base Rate plus (ii) the
Applicable Term Rate, if any, applicable to Base Rate Loans plus (iii) 3% per annum;
provided, however, that with respect to a Eurodollar Rate Loan that is a Term B
Loan, the Default Rate shall be an interest rate equal to the interest rate (including any
Applicable Term Rate) otherwise applicable to such Loan plus 3% per annum, (b) when used
with respect to Obligations other than Letter of Credit Fees and Term Loans, an interest rate equal
to (i) the Applicable Revolving Base Rate plus (ii) the highest Applicable Revolving Rate
(regardless of the then applicable Leverage Ratio), if any, applicable to Base Rate Loans that are
Revolving Loans plus (iii) 3% per annum; provided, however, that with
respect to a Eurodollar Rate Loan that is a Revolving Loan, the Default Rate shall be an interest
rate equal to the highest Applicable Revolving Rate (regardless of the then applicable Leverage
Ratio) plus 3% per annum and (c) when used with respect to Letter of Credit Fees, a rate
equal to the Applicable Revolving Rate plus 3% per
annum.”

 

3

 

H. The defined term “EBITDA” is deleted and replaced with:

““EBITDA” means, for any period and for any Person, an amount equal to such Person’s
Net Income for such period plus (a) the following, to the extent deducted in calculating such Net
Income: (i) such Person’s Interest Expense plus other costs related to amortization of fees and
expenses relating to the issuance of indebtedness for such period, (ii) the provision for Federal,
state and local income taxes payable by such Person for such period, (iii) such Person’s
depreciation and amortization expense for such period, (iv) other non-cash expenses of such Person
reducing such Net Income for such period which do not represent a cash item in such period or any
future period and (v) restructuring, severance, reserves or similar charges in an aggregate amount
not to exceed $22,800,000 for any such period which includes the fiscal quarter commenced on
October 1, 2008 and minus (b) the following to the extent included in calculating such Net Income:
(i) Federal, state and local income tax credits of the Person for such period and (ii) all non-cash
items increasing such Person’s Net Income for such period, excluding non-cash items for which cash
was received in a prior period or will be received in a future period.”

I. The defined term “Eurodollar Rate Loan” is deleted and replaced with:

““Eurodollar Rate Loan” means a Committed Loan that bears interest at a rate based on
the Eurodollar Rate or the Applicable Revolving Eurodollar Rate.”

J. The defined term “Fixed Charges” is deleted and replaced with:

““Fixed Charges” means, for any period, the sum of (i) Total Interest Expense for such
period, plus (ii) Total Scheduled Amortization for such period (without double counting
amounts funded with reserve accounts or sinking funds if already taken into account in determining
Fixed Charges for such period or any prior period), plus (iii) dividends accrued (whether
or not declared or payable) on any shares of preferred Stock and/or preferred Partnership Units of
the Borrowers or any of their Subsidiaries outstanding during such period, which preferred
securities are owned at any time during such period by Persons other than the Borrower and their
Subsidiaries.”

K. The defined term “Funded Indebtedness” is deleted and replaced with:

““Funded Indebtedness” means, as of any date of determination, for any Person, the sum
of (a) the outstanding principal amount of all obligations, whether current or long-term, for
borrowed money (including Obligations hereunder) and all obligations evidenced by bonds,
debentures, notes, loan agreements or other similar instruments (other than surety bonds and bonds
supporting utility deposits or other comparable security deposits), (b) all purchase money
Indebtedness, (c) all direct obligations arising under letters of credit (including standby and
commercial), bankers’ acceptances, bank guaranties, and similar instruments, (d) all obligations in
respect of the deferred purchase price of property or services (other than trade accounts payable
in the ordinary course of business), (e) Attributable Indebtedness in respect of capital lease
obligations, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of
the types specified in clauses (a) through (e) above, and (g) all Indebtedness of
the types referred to in clauses (a) through (f) above of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which
such Person or its Subsidiary is a general partner or joint venturer with liability for joint
venture obligations, unless such Indebtedness is expressly made not Recourse to the Person or such
Subsidiary; provided, however, that solely for purposes of Sections 7.03(g) and
7.11 and the definitions relating to calculations of financial covenants contained therein and for
purposes of determining the Applicable Revolving Rate, “Funded Indebtedness” shall exclude
Intra-Company Debt, deferred income taxes, security deposits, accounts payable and accrued
liabilities and any prepaid rent (as such terms are defined under GAAP).”

 

4

 

L. The defined term “Funds From Operations” is deleted and replaced with:

““Funds From Operations” means, with respect to Borrowers and their Subsidiaries on a
consolidated basis, net income calculated in accordance with GAAP, excluding gains or losses from
debt restructuring and sales of property, plus depreciation and amortization (excluding
amortization of financing costs), and after adjustments for unconsolidated partnerships and joint
ventures (with adjustments for unconsolidated partnerships and joint ventures calculated to reflect
funds from operations on the same basis) and the payment of dividends on preferred Stock, as
interpreted by the National Association of Real Estate Investment Trusts in its April 1, 2002,
White Paper; provided, however, the following shall be excluded when calculating “Funds From
Operations”: (i) non-cash adjustments for preferred Stock issuance costs, (ii) non-cash adjustments
for loan amortization costs, and (iii) non-cash adjustments for impairment losses on real estate
development assets, net of any tax benefit.”

M. The defined term “Gross Asset Value” is deleted and replaced with:

““Gross Asset Value” means, as of any date of determination and without double
counting any item, the sum of the Borrowing Group’s Share of the following:

(i) Cash (including Restricted Cash but excluding any Cash held in funds for Capital
Expenditures and actually deducted in the determination of Capital Expenditure Reserve as
provided in the definition thereof), funds held in sinking funds or interest reserves and
Cash held in escrow in connection with property exchanges under Section 1031 of the Code,
and Cash Equivalents;

(ii) Notes Receivable valued at net realizable value as of such date of determination
in accordance with GAAP;

(iii) with respect to all real estate assets wholly or partially owned by such
Person(s) throughout the most recent four calendar quarters ending on or prior to such date
of determination (other than Development Assets), the Adjusted Total NOI attributable to
such real estate assets for such four quarter period divided by the Applicable
Capitalization Rate;

(iv) with respect to all real estate assets wholly or partially owned on such date of
determination, but acquired less than four calendar quarters but at least one calendar
quarter preceding such date of determination (other than Development Assets), the Adjusted
Total NOI attributable to such real estate assets for any period that such
Person(s) owned such assets measured on an annualized basis and divided by the
Applicable Capitalization Rate;

 

5

 

(v) with respect to all real estate assets wholly or partially owned on such date of
determination, but acquired less than one calendar quarter preceding such date of
determination (other than Development Assets), 100% of the purchase price paid by such
Person(s) for such assets;

(vi) 100% of the book value (determined in accordance with GAAP) of Development Assets
and Unimproved Land owned as of such date of determination; and

(vii) an amount equal to 400% of the aggregate EBITDA attributable to, without duplication,
property and asset management fees of the Borrowing Group for the four consecutive fiscal quarter
period preceding such date of determination.”

N. The defined term “Indebtedness” is deleted and replaced with:

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

(a) all obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments
(other than surety bonds and bonds supporting utility deposits or other comparable security
deposits);

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

(c) net obligations of such Person under any Swap Contract;

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

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

(f) capital lease obligations of such Person;

(g) all obligations of such Person (other than Qualified Redemption Obligations) to
purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity
Interest in such Person, valued, in the case of a redeemable preferred interest, at the
liquidation preference plus accrued and unpaid dividends; and

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

 

6

 

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer with liability for
joint venture obligations, unless such Indebtedness is expressly made non-recourse to such Person.
The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap
Termination Value thereof as of such date. The amount of any capital lease as of any date shall be
deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. Solely
for purposes of Sections 7.03(g) and 7.11 and the definitions relating to calculations of financial
covenants contained therein and for purposes of determining the Applicable Revolving Rate,
“Indebtedness” shall exclude Intra-Company Debt, deferred income taxes, security deposits,
accounts payable and accrued liabilities and any prepaid rent (as such terms are defined under
GAAP).”

O. The defined term “L/C Issuer” is deleted and replaced with:

““L/C Issuer” means (a) Bank of America, in its capacity as issuer of Letters of
Credit issued by it hereunder, together with its successors in such capacity or (b) any other
Lender or Lenders selected by the Borrowers and reasonably satisfactory to the Administrative
Agent, in its capacity as issuer of Letters of Credit issued by such Lender hereunder, together
with its successors in such capacity; provided that under no circumstances shall there be more than
three L/C Issuers at any time.”

P. The defined term “Letter of Credit Sublimit” is deleted and replaced with:

““Letter of Credit Sublimit” means an amount equal to $100,000,000. The Letter of
Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.”

Q. The defined term “Qualified Redemption Obligations” is deleted and replaced with:

““Qualified Redemption Obligations” means, (i) in the case of AIMCO, the obligation of
AIMCO to acquire or redeem issued Partnership Units which obligation AIMCO may elect to satisfy
with shares of common Stock of the REIT and (ii) any obligation of a Person to redeem or repurchase
an Equity Interest in such Person either (a) upon the happening of a change of control or other
conditional event which is not reasonably likely to occur and which condition is set forth in the
applicable securities and which event has in fact not occurred prior to the date of determination
hereunder, or (b) at the holder’s option (except following or as a result of circumstances
described in clause (a) above) only after the date which is one year after the Maturity Date or (c)
at any time on or subsequent to the one year anniversary of the Maturity Date. In all events,
“Qualified Redemption Obligations” include all preferred Equity Interests which are convertible
only into common Stock of the REIT.”

 

7

 

R. The defined term “Recourse” is deleted and replaced with:

““Recourse” means, with respect to any Indebtedness or Guarantee of any Person, that
such Indebtedness or Guarantee is recourse to the general assets and/or properties of such Person
(except as provided below); provided, however, that with respect to Indebtedness secured by real
property which is characterized as “nonrecourse” or which is only Recourse to the real
property of the Person except for limitations to the “nonrecourse” nature of the obligation or
Indebtedness or Guarantees which are recourse to a Person or such Person’s assets and/or properties
only upon the occurrence of certain events such as those set forth in (a) through (k) below, such
Indebtedness or Guarantees shall only be deemed “Recourse” if and to the extent the nonrecourse
exceptions (if any) are for the Person’s liability for the following under the applicable loan
documentation and any of the events described in clauses (a) through (k) have occurred and the
lender or holder of such Indebtedness or Guarantee has given written notice of the occurrence
thereof: (a) fraud, waste, material misrepresentation, or willful misconduct; (b) indemnification
with respect to environmental matters or failure to comply with Environmental Laws; (c) failure to
maintain required insurance policies; (d) misapplication of insurance proceeds, condemnation awards
and tenant security deposits; (e) breach of covenants relating to unpermitted transfers or
encumbrances of real property or other collateral; (f) misappropriation or misapplication of
property income; (g) breach of covenants relating to unpermitted transfers of interests in a
Person; (h) failure to deliver books and records; (i) failure to pay transfer fees or charges; (j)
bankruptcy filings or (k) other matters similar to those set forth in clauses (a) through (j) above
or otherwise constituting customary exceptions for nonrecourse financings. An obligation of a
Person that is not Recourse to the general assets and/or properties of such Person shall not be
considered a “Recourse” obligation; an obligation of a Person that is contingent upon the
occurrence of certain events shall not be considered a “Recourse” obligation unless any of the
events or circumstances described in clauses (a) through (k) above have occurred and the lender or
holder of such Indebtedness or Guarantee has given written notice of the occurrence of such events
(in which case the amount of such obligation shall be limited to reasonably anticipated liability
resulting from the occurrence of such events or circumstances). Indebtedness of a Single Purpose
Entity secured by that Single Purpose Entity’s assets shall not be considered a “Recourse”
obligation of such Single Purpose Entity.”

S. The defined term “Recourse Indebtedness” is deleted and replaced with:

““Recourse Indebtedness” means that portion of Total Funded Indebtedness in which the
Recourse of the applicable lender or lenders to the obligor for non-payment is not limited to such
lender’s Lien on an asset or assets, including any guarantee of payment by a member of the
Borrowing Group to the extent such guarantee is Recourse to such Borrowing Group member but in any
event excluding any Indebtedness or Guarantees which are not Recourse at the applicable date of
determination. “Recourse Indebtedness” shall include any Indebtedness consisting of preferred Stock
or preferred Partnership Units which are not Qualified Redemption Obligations but are otherwise
mandatorily redeemable or redeemable at the option of the holder thereof. If a Person is a Single
Purpose Entity which owns a real property asset and has Indebtedness which is not limited in
recourse to that real property asset, such Indebtedness shall not be considered “Recourse
Indebtedness”, provided no other member of the Borrowing Group has guaranteed such Indebtedness on
a Recourse basis as of the applicable date of determination.”

 

8

 

T. The defined term “Revolving Commitment” is deleted and replaced with:

““Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make
Revolving Loans to the Borrowers pursuant to Section 2.01, (b) purchase participations in L/C
Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal
amount at any one time outstanding not to exceed the amount set forth opposite such Revolving
Lender’s name on Schedule 2.15(d) or in the Assignment and Assumption pursuant to which
such Revolving Lender becomes a party hereto, as applicable, as such amount may be adjusted from
time to time in accordance with this Agreement. The aggregate Revolving Commitment shall not
exceed $180,000,000, unless increased pursuant to Section 2.15.”

U. The defined term “Revolving Commitment Termination Date” is deleted and replaced with:

““Revolving Commitment Termination Date” means the later of (a) May 1, 2011 and (b) if
the Existing Revolving Commitment Termination Date is extended pursuant to Section 2.14,
such extended Existing Revolving Commitment Termination Date as determined pursuant to such
Section 2.14.”

V. The defined term “Swingline Sublimit” is deleted and replaced with:

““Swing Line Sublimit” means an amount equal to $50,000,000. The Swing Line Sublimit
is part of, and not in addition to, the Revolving Commitments.”

W. The defined term “Threshold Amount” is deleted and replaced with:

““Threshold Amount” means (a) with respect to Indebtedness that is not Recourse
Indebtedness, $250,000,000 individually or in the aggregate, and (b) with respect to Indebtedness
which is Recourse Indebtedness, $35,000,000 individually or in the aggregate; provided that solely
for purposes of determining the Threshold Amount, Indebtedness relating to NAPICO assets shall be
calculated as equal to Borrowing Group’s Share thereof to the extent that such share (x) is an
administrative non-controlling interest, and (y) amounts to less than 5% of the interest in any
such NAPICO asset.”

X. The defined term “Total Funded Indebtedness” is deleted and replaced with:

““Total Funded Indebtedness” means, for any period and without double counting, the
sum of the Borrowing Group’s Share of (a) Funded Indebtedness, minus (b) its share of any debt
service reserves or sinking funds with respect to such Funded Indebtedness.”

Y. The defined term “Total Secured Indebtedness” is deleted and replaced with:

““Total Secured Indebtedness” means, as of any date of determination and without
double counting any item, the aggregate amount of Total Funded Indebtedness that is secured by a
Lien (excluding Indebtedness secured solely by cash in debt service reserves or sinking funds),
plus any Total Funded Indebtedness described in the last sentence of the definition of Recourse
Indebtedness which is otherwise not secured by a Lien; provided, however, that the
Obligations shall be excluded from the calculation of Total Secured Indebtedness.”

 

9

 

Z. The defined term “Unfunded Pension Liability” is deleted and replaced with:

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

AA. The following defined terms shall be deleted:

“Casden”

“Casden Acquisition”

“Contingent Acquisition Note”

“Investment Affiliate”

“Mirror Notes”

“Mirror Notes Stock”

“NAPICO Notes”

“Real Estate Company”

“REAL Litigation”

“REAL Litigation Settlement Agreement”

“REAL Litigation Guarantee”

BB. The following defined terms in Section 1.01 shall be inserted in the correct alphabetical
location:

““Activation Notice” means a written notice delivered by the Borrowers to the
Administrative Agent on or before May 1, 2009 stating that, pursuant to Section 2.15(d), the New
Revolving Commitments (as defined in Section 2.15(d)) shall become effective.”

““Applicable Capitalization Rate” means 8.00%, subject to adjustment to an amount not
to exceed 8.50% in accordance with Section 2.14(a).”

““Applicable Revolving Base Rate” means for any day a fluctuating rate per annum
equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the Eurodollar Rate
applicable for a one month Interest Period plus 1.25%, and (c) the rate of interest in effect for
such day as publicly announced from time to time by Bank of America as its “prime rate.” The
“prime rate” is a rate set by Bank of America based upon various factors including Bank of
America’s costs and desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such rate announced by Bank of America shall take effect at the opening of
business on the day specified in the public announcement of such change.”

 

10

 

““Applicable Revolving Eurodollar Rate” means, for any Interest Period with respect to
a Eurodollar Rate Loan, the rate per annum equal to the British Bankers Association LIBOR Rate
(“BBA LIBOR”), as published by Reuters (or other commercially available source providing
quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period; provided, however, that the Applicable Revolving Eurodollar
Rate shall never be less than the Eurodollar Rate Floor. If such rate is not available at such
time for any reason, then the “Applicable Revolving Eurodollar Rate” for such Interest Period shall
be the rate per annum determined by the Administrative Agent to be the rate at which deposits in
Dollars for delivery on the first day of such Interest Period in same day funds in the approximate
amount of the Eurodollar Rate Loan being made, continued or converted by Bank of America (or such
amount as determined by Administrative Agent) and with a term equivalent to such Interest Period
would be offered by Bank of America’s London Branch to major banks in the London interbank
eurodollar market at their request at approximately 4:00 p.m. (London time) two Business Days prior
to the commencement of such Interest Period.”

““Eurodollar Rate Floor” means 2.00%.”

““Existing Revolving Commitment Termination” has the meaning specified in Section
2.15(d).”

““Fronting Fee” has the meaning specified in Section 2.03(j).”

““Impacted Lender” means a Revolving Lender (a) that is a Defaulting Lender, or (b) as
to which (i) the L/C Issuer has a good faith belief that such Revolving Lender has defaulted in
fulfilling its obligations under one or more other syndicated credit facilities (and in such other
credit facilities such Revolving Lender has been treated as a defaulting or otherwise impacted
lender), or (ii) an entity that Controls such Revolving Lender has been deemed insolvent or become
subject to a bankruptcy or other similar proceeding. No Impacted Lender shall have any right to
approve or disapprove any amendment, waiver or consent under this Agreement, except that the
Commitment of such Impacted Lender may not be increased or extended without the consent of such
Impacted Lender (subject to Section 2.14 and 2.15).”

““Non-Consenting Lender” means any Revolving Lender that does not provide consent in
any circumstance where the consent of all Revolving Lenders is required, but only the consent of a
majority of Revolving Lenders is obtained.”

"'Sixth Amendment’ means the Sixth Amendment to this Agreement, dated as of May 1,
2009, among the Borrowers, the LC Issuer, the Administrative Agent and the Lenders party thereto.”

"'Sixth Amendment Effective Date’ means the date all of the conditions to
effectiveness set forth in Section 2 of the Sixth Amendment are satisfied.”

““Term B Loan Early Payment Date” means February 1, 2011.”

 

11

 

CC. Section 2.02(d) is amended by adding the phrase “or the Applicable Revolving Base Rate”
immediately after the reference to “Base Rate” set forth therein.

DD. Section 2.03(a)(ii)(B) is deleted and replaced with:

“(B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit
Expiration Date, unless all Revolving Lenders and L/C Issuer have approved such expiry date;
provided, however, that without such approval the expiry date of a Letter of Credit may be extended
to up to 12 months after the Revolving Commitment Termination Date then in effect if (x) Borrowers
have Cash Collateralized the then Outstanding Amount of the applicable L/C Obligations, or (y)
subject to the approval of the L/C Issuer in its sole discretion, if the Revolving Commitments are
replaced with a new revolving facility, “back to back” letters of credit with respect to such
Letter of Credit have been issued. If the Revolving Commitment Termination Date then in effect is
extended in accordance with this Agreement, any applicable Cash Collateral under clause (x) above
would be released by the L/C Issuer with respect to any Letter of Credit with an expiry date prior
to the Revolving Commitment Termination Date thereafter in effect.”

EE. Section 2.03(a)(iii)(E) is deleted and replaced with:

“(E) a default of any Revolving Lender’s obligations to fund under Section 2.03(c) exists or
any Revolving Lender is at such time an Impacted Lender hereunder, unless the L/C Issuer has
entered into arrangements mutually satisfactory to the L/C Issuer, Administrative Agent and
Borrowers to eliminate the L/C Issuer’s risk with respect to such Revolving Lender (which
arrangements may include the providing of cash collateral in relation to the Borrowers’ obligations
to pay any Unreimbursed Amounts in respect of such defaulting Revolving Lender’s or Impacted
Lender’s participation in such Letter of Credit).”

FF. Section 2.03(j) is deleted and replaced with:

“(j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Borrowers shall pay directly to the L/C Issuer for its own account a fronting fee (the
“Fronting Fee”) with respect to each standby Letter of Credit, in an amount equal to 0.125%
per annum, computed on the daily amount available to be drawn under such Letter of Credit on a
quarterly basis in arrears, and due and payable on the first Business Day after the end of each
March, June, September and December, commencing with the first such date to occur after the
issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on
demand. For purposes of computing the daily amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.
In addition, the Borrowers shall pay directly to the L/C Issuer for its own account the customary
issuance, presentation, amendment and other processing fees, and other standard costs and charges,
of the L/C Issuer relating to letters of credit as from time to time in effect. Such Fronting Fee,
customary fees and standard costs and charges are due and payable on demand and are nonrefundable.”

 

12

 

GG. Section 2.06 is deleted and replaced with:

“Termination or Reduction of Revolving Commitments. The Borrowers may, upon
notice to the Administrative Agent, terminate the Revolving Commitments, or from time to time
permanently reduce the Revolving Commitments; provided that the Revolving Commitments may
not be reduced below $100,000,000 (except in connection with a termination of the Revolving
Commitments and payment in full of the Obligations thereunder) without the consent of the
Administrative Agent and the Syndication Agent; and, provided further (i) any such notice
shall be received by the Administrative Agent not later than 11:00 a.m. five Business Days prior to
the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate
amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrowers
shall not terminate or reduce the Revolving Commitments if, after giving effect thereto and to any
concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving
Commitments, and (iv) if, after giving effect to any reduction of the Revolving Commitments, the
Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Revolving
Commitments, such Sublimit shall be automatically reduced by the amount of such excess. The
Administrative Agent will promptly notify the Revolving Lenders of any such notice of termination
or reduction of the Revolving Commitments. Any reduction of the Revolving Commitments shall be
applied to the Revolving Commitment of each Revolving Lender according to its Applicable
Percentage. All fees accrued pursuant to Section 2.09(a) until the effective date of any
termination of the Revolving Commitments shall be paid on the effective date of such termination.”

HH. Section 2.07(b) is deleted and replaced with:

“(b) The Borrowers shall repay to the Swing Line Lender each Swing Line Loan on the earlier to
occur of (i) the date five Business Days after such Swing Loan is made and (ii) the Revolving
Commitment Termination Date.”

II. Section 2.08(a) is deleted and replaced with:

“(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan that is
a Revolving Loan shall bear interest on the outstanding principal amount thereof for each Interest
Period at a rate per annum equal to the Applicable Revolving Eurodollar Rate for such Interest
Period plus the Applicable Revolving Rate; (ii) each Eurodollar Rate Loan that is a portion of the
Term B Loan shall bear interest on the outstanding principal amount thereof for each Interest
Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the
Applicable Term Rate; (iii) each Base Rate Loan that is a Revolving Loan shall bear interest on
the outstanding principal amount thereof from the applicable borrowing date at a rate per annum
equal to the Applicable Revolving Base Rate plus the Applicable Revolving Rate; (iv) each Base
Rate Loan that is a portion of the Term B Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus
the Applicable Term Rate; and (v) each Swing Line Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the
Applicable Revolving Base Rate plus the Applicable Revolving Rate.”

 

13

 

JJ. Section 2.09(a) is deleted and replaced with:

“(a) Unused Fee. The Borrowers shall pay to the Administrative Agent for the account
of each Revolving Lender (other than Impacted Lenders) ratably in proportion to their
Revolving Commitment, an unused fee equal to the Applicable Unused Fee. The Applicable Unused
Fee shall be due and payable quarterly in arrears on the last Business Day of each March, June,
September and December, commencing with the first such date to occur after the Closing Date, and on
the Revolving Commitment Termination Date, as may be extended pursuant to Section 2.14. The
Applicable Unused Fee shall be calculated quarterly in arrears. The Applicable Unused Fee shall
accrue at all times following the Closing Date while Revolving Commitments are in effect, including
at any time during which one or more of the conditions in Section 4.02 is not met.”

KK. The first sentence of Section 2.10 is deleted and replaced with:

“All computations of interest for Base Rate Loans shall be made on the basis of a year of 365
or 366 days, as the case may be, and actual days elapsed.”

LL. A new sentence is added to the end of Section 2.14(a) as follows:

“Notwithstanding any other provision of this Agreement, if Borrower elects to extend the
Revolving Commitments under this Section 2.14(a), then the Required Lenders may (but shall not be
obligated to), on a one time basis, adjust the Applicable Capitalization Rate to a maximum of 8.50%
by notice to Borrowers no later than thirty (30) calendar days following the Borrower’s delivery of
the extension notice referred to above, such adjusted Applicable Capitalization Rate to be
effective on and after the Existing Revolving Commitment Termination Date.”

MM. Section 2.14(b)(iii) is deleted and replaced with:

“(iii) the Borrowers pay the Revolving Lenders an extension fee on the Existing Revolving
Commitment Termination Date in an amount equal to the product of (i) 0.45%, multiplied by (ii) the
Revolving Commitments then in effect at the time of the extension; and”

NN. A new Section 2.14(b)(iv) is added as follows:

“(iv) The Term B Loan shall have been repaid in full on or before the Term B Loan Early
Payment Date.”

OO. Sections 2.15(a)(i) and (ii) are deleted and replaced with:

“(a) Increase in Commitments.

(i) Request for Increase. Provided there exists no Default or Event of Default, upon
notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrowers may
request an increase in Revolving Commitments of up to $320,000,000, which increase may be allocated
(x) to the then existing Revolving Commitments, (y) as a new revolving tranche having the same
terms (excluding pricing, commitment fee amounts, a later dated final maturity, other terms
relating to the separate nature of such tranche and/or separate letter of credit or swingline
subfacilities) then applicable to the Revolving Commitments then in effect, or (z) any combination
thereof satisfactory to Administrative Agent and the Revolving Lenders and/or Eligible Assignees
(as applicable) providing such increase; provided that, after giving effect to such

 

14

 

increase, the
Revolving Commitments (including any new revolving tranche) shall not exceed $500,000,000 in the aggregate, and that the Aggregate
Commitments shall not exceed $850,000,000; provided further that any such request for an increase
shall be in a minimum amount of $20,000,000. At the time of sending such notice, the Borrowers (in
consultation with the Administrative Agent) shall specify the time period within which each
Revolving Lender is requested to respond (which shall in no event be less than ten Business Days
from the date of delivery of such notice to the Revolving Lenders unless Administrative Agent
consents in writing to a shorter time period). Such notice shall indicate the proposed Applicable
Revolving Rate (or other applicable interest rate margins) for such new Revolving Commitments or
revolving tranche. In the event new Revolving Commitments are to be provided, no consent of any
Lender shall be required in connection with the issuance of any such new Revolving Commitments,
regardless of if the Applicable Revolving Rate (or other applicable interest rate margins) for such
new Revolving Commitments or Revolving Loans is less than or greater than that for any other
Revolving Commitments or Revolving Loans hereunder.

(ii) Revolving Lender Elections to Increase. Each Revolving Lender shall notify the
Administrative Agent within such time period whether or not it agrees to increase its Commitment or
to provide new Commitments and, if so, whether by an amount equal to, greater than, or less than
its Applicable Percentage of such requested increase. Any Revolving Lender not responding within
such time period shall be deemed to have declined to increase its Commitment or to provide new
Commitments.”

PP. Section 2.15(a)(v) is amended by adding the following to the end of such section:

“The Administrative Agent and the Borrowers may, without the consent of any Lenders, effect
such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate,
in the opinion of the Administrative Agent and the Borrowers, to effect the increase in Revolving
Commitments pursuant to this Section 2.15(a), including, without limitation, establishing
pricing, commitment fees and the maturity of any new revolving commitments, incorporation of a new
revolving tranche and amendments in respect of borrowing and prepayment procedures for any new
revolving tranche.”

QQ. A new Section 2.15(d) is added as follows:

“(d) New Revolving Commitments. Upon delivery of an Activation Notice to the
Administrative Agent, on or after the Sixth Amendment Effective Date but on or before May 1, 2009
(such date, the “New Revolving Commitment Effective Date”), each of the Persons identified
on Schedule 2.15(d) severally agrees to make Revolving Commitments in the amount set forth
on Schedule 2.15(d) opposite such Person’s name in the column “New Revolving Commitments”
(such Revolving Commitments, the “New Revolving Commitments”, which New Revolving
Commitments shall be in replacement of all outstanding Revolving Commitments in effect immediately
prior to the delivery of the Activation Notice; such outstanding Revolving Commitments are set
forth on Schedule 2.15(d) in the column “Existing Revolving Commitments” (such Revolving
Commitments, the “Existing Revolving Commitments”)). The Borrowers shall prepay any
Revolving Loans outstanding under the Existing Revolving

 

15

 

Commitments on the New Revolving
Commitment Effective Date (and pay any additional amounts required pursuant to Section 3.05) and all Existing Revolving
Commitments shall be terminated on the New Revolving Commitment Effective Date, concurrently with
the effectiveness of the New Revolving Commitments. On or before the New Revolving Commitment
Effective Date, Borrowers shall deliver to Administrative Agent a Revolving Note executed by the
Borrowers in favor of each Revolving Lender with a New Revolving Commitment as set forth on
Schedule 2.15(d) (to the extent requested by each such Revolving Lender). Notwithstanding
any provisions of this Agreement to the contrary, the Borrowers may borrow from the Revolving
Lenders providing such New Revolving Commitments in order to fund such prepayment and termination.
All Revolving Loans made pursuant to this subsection shall be subject to the procedures set forth
in Section 2.01, provided, however, that provisions under this Agreement relating to minimum
borrowing amounts, minimum prepayment amounts, notice of borrowing and notice of prepayments or
commitment terminations shall not be applicable in connection with the effectiveness of the New
Revolving Commitments and such repayment and such termination of the Existing Revolving
Commitments. All Swing Line Loans outstanding immediately prior to the delivery of the Activation
Notice shall automatically become Swing Line Loans under the New Revolving Commitments and no
prepayment of such outstanding Swing Line Loans shall be required on the New Revolving Commitment
Effective Date. Upon delivery of the Activation Notice, the New Revolving Loan Commitments shall
constitute Revolving Commitments under the Loan Documents. For avoidance of doubt, from and after
the activation of the New Revolving Commitments, there shall be no borrowings under the Existing
Revolving Commitments.”

RR. A new Section 2.15(e) is added as follows:

“(e) Effective on the New Revolving Commitment Effective Date, all Letters of Credit set forth
on Schedule 2.15(e) shall be deemed to be newly issued Letters of Credit under the New
Revolving Commitments.”

SS. Section 3.02 is amended by adding the phrase “or the Applicable Revolving Eurodollar
Rate” immediately after the reference to “Eurodollar Rate” set forth therein.

TT. Section 3.03 is amended by adding the phrase “or the Applicable Revolving Eurodollar
Rate” immediately after each reference to “Eurodollar Rate” set forth therein.

Section 3.05 is amended by adding the phrase “or the Applicable Revolving Eurodollar Rate”
immediately after each reference to “Eurodollar Rate” set forth therein.

UU. Section 6.02(h) is deleted and replaced with:

“(h) concurrently with the delivery of the financial statements referred to in
Sections 6.01(a) and (b), the REIT’s consolidated financial projections for the current and the
succeeding three fiscal quarters, as prepared by the REIT’s Chief Financial Officer and in a format
and with such detail as Administrative Agent may reasonably require.”

 

16

 

VV. Section 7.01(p) is deleted and replaced with:

“(p) Intentionally Omitted;”

WW. Section 7.02(e) is deleted and replaced with:

“(e) Investments in Non-Core Assets, Development Assets and Non-Controlled Entities, provided
that at all times (i) the aggregate book value of the Borrowing Group’s Share of Investments in
Non-Core Assets, (ii) the aggregate book value of the Borrowing Group’s Share of Investments in
Development Assets, and (iii) the aggregate net book value (valued at the Borrowing Group’s Share
of the book value less depreciation and associated Indebtedness) of the Borrowing Group’s Share of
Investments in Non-Controlled Entities, taken together, does not exceed 20% of the Gross Asset
Value then in effect;”

XX. Sections 7.02(f) and 7.02(g) are deleted and replaced with:

“(f) Intentionally Omitted;

(g) Intentionally Omitted;”

YY. Section 7.02(m) is deleted and replaced with:

“(m) Investments in the ordinary course of the Borrowers and their Subsidiaries’ business not
otherwise permitted under this Section 7.02, in an aggregate amount at any time outstanding not to
exceed $10,000,000 (it being understood that Investments in real estate secured mortgages shall not
be considered “in the ordinary course” of the Borrowers and their Subsidiaries’ business); and”

ZZ. Section 7.03(m) is deleted and replaced with:

“(m) Intentionally Omitted;”

AAA. Section 7.06(c) is deleted and replaced with:

“(c) the purchase, redemption or other acquisition of any Equity Interests of the Borrowers or
any Subsidiary; provided, that, at the time or as a result thereof there shall exist no Default or
Event of Default, and, provided further, that (x) for so long as the Term B Loan (or any portion
thereof) is outstanding, Borrowers may apply an amount not to exceed 50% of Net Disposition
Proceeds toward the purchase, redemption or other acquisition of REIT common stock if an equal
amount is applied to repay the Term B Loan, and, (y) if the Term B Loan has been repaid in full,
there shall be no restriction on the purchase, redemption or other acquisition of REIT common
stock. Notwithstanding the foregoing, in no event may the Revolving Commitment be used to fund the
purchase, redemption or other acquisition of REIT common stock, except to the limited extent that
if Net Disposition Proceeds which otherwise would be permitted to be used to purchase, redeem or
otherwise acquire such common stock and are designated to be so used but for an interim period are
instead used to pay down the Revolving Loans, then an equal amount of the Revolving Commitment may
be borrowed (in accordance with this Agreement) to purchase, redeem or otherwise acquire such
common stock for a period ending 60 days after such repayment.”

 

17

 

BBB. Section 7.08(g) is deleted and replaced with:

“(g) intentionally omitted.”

CCC.
Section 7.11 is deleted and replaced with:

“7.11 Financial Covenants.

(a) Permit the Fixed Charge Coverage Ratio to be less than 1.30:1.00;

(b) Permit the Debt Service Coverage Ratio to be less than 1.50:1.00;

(c) Permit the Secured Indebtedness Ratio to exceed 0.60:1.00;

(d) Permit the Leverage Ratio to exceed 0.65:1.00;

(e) Permit Adjusted Tangible Net Worth to be less than the sum of (x) 85% of Adjusted Tangible
Net Worth as of the Sixth Amendment Effective Date, plus (y) 85% of the net issuance
proceeds of all issuances to Persons other than the Borrowers or Subsidiaries of Stock or
Partnership Units from and after the Sixth Amendment Effective Date;

(f) Permit the aggregate principal amount of the Borrowing Group’s Share of all cross
collateralized or cross-defaulted Indebtedness to exceed 15% of Total Funded Indebtedness;

(g) Permit the Variable Rate Debt Ratio to exceed 0.35:1.00;

(h) Permit the aggregate outstanding principal amount of the Borrowing Group’s Share of
Aggregate Recourse Indebtedness, exclusive of the Term B Loan (but including any refinancing
Indebtedness with respect to the Term B Loan) and the Revolving Commitments, to exceed
$100,000,000; or

(i) Permit the aggregate outstanding principal amount (including paid-in-kind or other non
current cash pay interest which is added to principal) of Mezzanine Indebtedness to exceed
$20,000,000 at any time. The Mezzanine Indebtedness existing as of the Sixth Amendment Effective
Date is set forth on Schedule 7.11(i) hereto.

The Financial Covenants set forth in this Section 7.11 shall be measured as of the last day of
each fiscal quarter.”

 

18

 

DDD. The introductory paragraph of Section 10.13 is deleted and replaced with:

“10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04, if the
Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for
the account of any Lender pursuant to Section 3.01, if any Lender is a Defaulting Lender, if any
Revolving Lender is an Impacted Lender or a Non-Consenting Lender (so long as no Default or Event
of Default has occurred and is continuing), or if any other
circumstance exists hereunder that gives the Borrowers the right to replace a Lender as a
party hereto, then the Borrowers may, at their sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section
10.06 except as provided in this Section 10.13), all of its interests, rights and obligations under
this Agreement and the related Loan Documents (or all of its Revolving Loans and Revolving
Commitments if so requested by the Borrower) to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment), provided
that:”

EEE. A new paragraph is added at the end of Section 10.13 as follows:

“Without limiting the foregoing, Borrowers may, subject to the consent and approval of
Administrative Agent in its sole discretion and notwithstanding anything to the contrary in Section
2.06, terminate the Revolving Commitment of any Defaulting Lender with no outstanding Revolving
Loans, provided that if Administrative Agent grants such consent in its sole discretion,
Borrowers shall Cash Collateralize such Defaulting Lender’s pro rata portion (if any) of the
Outstanding Amount of any then applicable L/C Obligations in a manner satisfactory to L/C Issuer
and Administrative Agent.”

FFF. A new Schedule 2.15(d) in the form attached hereto is added to the Agreement.

GGG. A new Schedule 2.15(e) in the form attached hereto is added to the Agreement.

HHH. Schedule 7.11(i) is deleted and replaced with the revised Schedule
7.11(i) in the form attached hereto.

Section 2. CONDITIONS TO EFFECTIVENESS

2.1 Subject to Sections 2.2 and 2.3 below, this Amendment shall become effective as of the
Sixth Amendment Effective Date, at such time that all of the following conditions are satisfied:

A. The Administrative Agent shall have received counterparts of this Amendment, duly executed
and delivered on behalf of each of (a) the Borrowers, (b) the Administrative Agent, (c) each
Revolving Lender with a New Revolving Commitment and (d) the Required Lenders (or the Required
Lenders shall have consented to the execution of the Amendment by providing their counterpart
signatures hereto or their consent hereto to the Administrative Agent);

B. Guarantors and the Borrowers and Subsidiaries of the Borrowers party to the Pledge
Agreements as “Pledgors” (the “Pledgors”) shall have executed this Amendment with respect to
Section 5 and such other documents reasonably required by Administrative Agent;

C. Administrative Agent and its counsel shall have received executed resolutions from
Borrowers authorizing the entry into and performance of this Amendment and
the Amended Agreement as amended, all in form and substance satisfactory to Administrative
Agent and its counsel;

 

19

 

D. Administrative Agent shall have received favorable opinions of (i) Skadden, Arps, Slate,
Meagher & Flom LLP, and (ii) DLA Piper LLP (US), in each case addressed to the Administrative
Agent and each Lender, as to such matters concerning the Loan Parties and the Loan Documents as
Administrative Agent may reasonably request;

E. Any fees required to be paid on or before the Sixth Amendment Effective Date shall have
been paid; and

F. Borrowers and the Pledgors shall have delivered such other assurances, certificates,
documents, consents or opinions as the Administrative Agent, the L/C Issuer, the Swing Line Lender
or the Required Lenders reasonably may require.

2.2 Notwithstanding the foregoing, the amendments to the terms (i) “Applicable Revolving Base
Rate”, (ii) “Applicable Revolving Eurodollar Rate”, (iii) “Applicable Revolving Rate”, (iv)
“Applicable Unused Fee”, (v) “Default Rate”, (vi) “Revolving Commitment”, (vii) “Revolving
Commitment Termination Date” and (viii) “Eurodollar Rate Floor” set forth in Section 1 of this
Amendment shall not become effective until the Borrowers shall have delivered an Activation Notice
to the Administrative Agent. Upon delivery of an Activation Notice to the Administrative Agent, on
or after the Sixth Amendment Effective Date, the amendments set forth in the preceding sentence
shall immediately become effective.

2.3 Notwithstanding any other provision of this Amendment or the Amended Agreement to the
contrary, and without any further action by any party, if, on or before May 1, 2009, the Borrowers
do not deliver an Activation Notice, terminate the Existing Revolving Commitments and replace the
same with the New Revolving Commitments all in accordance with new Section 2.15(d) set
forth in Section 1 hereof, then this Amendment shall immediately cease to be effective as if the
same had never been made, and Borrowers agree to execute and deliver to Administrative Agent such
assurances, certificates or other documents reasonably requested by Administrative Agent in
connection with the foregoing. For the avoidance of doubt, and notwithstanding any other provision
of this Amendment or the Amended Agreement to the contrary, Borrowers acknowledge and agree that
the extension fee equal to the product of (i) .20% multiplied by (ii) the aggregate Revolving
Commitments then in effect (as provided pursuant to Section 2.14(b)(iii) of the Amended
Agreement prior to taking into account the amendments to such Section set forth in Section 1 of
this Amendment) shall be due and payable on May 1, 2009 if the Activation Notice is not delivered
on or before such date.

Section 3. BORROWERS’ REPRESENTATIONS AND WARRANTIES

In order to induce the Lenders to consent to this Amendment and to amend the Amended Agreement
in the manner provided herein, Borrowers represent and warrant to Administrative Agent and to each
Lender that the following statements are true, correct and complete:

3.1 Corporate Power and Authority. Borrowers have all requisite power and authority
to enter into this Amendment and any other agreements, guaranties or other operative documents to
be delivered pursuant to this Amendment, to carry out the transactions
contemplated by, and perform their obligations under, the Amended Agreement. Each of the
Borrowers, Pledgors and Guarantors is in good standing in the respective states of their
organization on the Sixth Amendment Effective Date;

 

20

 

3.2 Authorization of Agreements. The execution and delivery of this Amendment and the
performance of the Amended Agreement have been duly authorized by all necessary action on the part
of Borrowers and the other parties delivering any of such documents, as the case may be.

3.3 No Default. After giving effect to this Amendment, no Default or Event of Default
exists under the Amended Agreement as of the Sixth Amendment Effective Date. Further, after giving
effect to this Amendment, no Default or Event of Default would result under the Amended Agreement
from the consummation of this Amendment;

3.4 No Conflict. The execution, delivery and performance by Borrowers, Pledgors and
Guarantors of this Amendment and the performance of the Amended Agreement by Borrowers, does not
and will not (i) violate any provision of any applicable material law or any governmental rule or
regulation applicable to Borrowers, Pledgors, Guarantors or any of their Subsidiaries except as
could not reasonably be expected to have a Material Adverse Effect, the Organization Documents of
Borrowers, Pledgors, Guarantors or any of their Subsidiaries or any order, judgment or decree of
any court or other Governmental Authority binding on Borrowers, Pledgors, Guarantors or any of
their Subsidiaries except as could not reasonably be expected to have a Material Adverse Effect,
(ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both)
a default under any Contractual Obligation of Borrowers, Pledgors, Guarantors or any of their
Subsidiaries except as could not reasonably be expected to have a Material Adverse Effect,
(iii) result in or require the creation or imposition of any Lien upon any of the properties or
assets of Borrowers, Pledgors, Guarantors or any of their Subsidiaries not otherwise permitted by
the Amended Agreement except as could not reasonably be expected to have a Material Adverse Effect,
or (iv) require any approval of members or stockholders or any approval or consent of any Person
under any Contractual Obligation of Borrowers, Pledgors, Guarantors or any of their Subsidiaries,
except for such approvals or consents which have been or will be obtained on or before the Sixth
Amendment Effective Date or except for such approvals or consents which, if not obtained, are not
reasonably expected to result in a Material Adverse Effect;

3.5 Governmental Consents. The execution and delivery by Borrowers, Guarantors and
Pledgors of this Amendment and the performance by Borrowers, Guarantors and Pledgors under the
Amended Agreement does not and will not require any registration with, consent or approval of, or
notice to, or other action to, with or by, any federal, state or other governmental authority or
regulatory body, except for filings or recordings in respect of the Liens created pursuant to the
Loan Documents and except as may be required, in connection with the disposition of any Collateral,
by laws generally affecting the offering and sale of securities;

3.6 Binding Obligation. The Amended Agreement, as amended by this Amendment, has been
duly executed and delivered by Borrowers and is enforceable against Borrowers, in accordance with
its respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally
or by equitable principles relating to enforceability; and

 

21

 

3.7 Incorporation of Representations and Warranties From Amended Agreement. After
giving effect to this Amendment, the representations and warranties contained in Article V
of the Amended Agreement are and will be true, correct and complete in all material respects on and
as of the Sixth Amendment Effective Date to the same extent as though made on and as of such date,
except representations and warranties solely to the extent such representations and warranties
specifically relate to an earlier date, in which case they were true, correct and complete in all
material respects on and as of such earlier date.

Section 4. MISCELLANEOUS

4.1 Reference to and Effect on the Amended Agreement and the Other Loan Documents.

A. On and after the Sixth Amendment Effective Date, each reference in the Amended Agreement
to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the
Amended Agreement, and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and
be a reference to the Amended Agreement, as amended by this Amendment.

B. Except as specifically amended by this Amendment, the Amended Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified and confirmed.

C. The execution, delivery and performance of this Amendment shall not, except as expressly
provided herein, constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of Administrative Agent or any Lender under, the Amended Agreement or any of the
other Loan Documents.

4.2 Fees and Expenses. Borrowers acknowledge that all reasonable costs, fees and
expenses incurred by Administrative Agent and its counsel with respect to this Amendment and the
documents and transactions contemplated hereby shall be for the account of Borrowers. The
Borrowers hereby agree to pay the reasonable fees, cost and expenses of Administrative Agent’s
counsel in connection with this Amendment concurrently with or promptly but in no event later than
30 days after submission of an invoice with respect to such reasonable fees, costs and expenses.

4.3 Headings. Section and subsection headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this Amendment for any other
purpose or be given any substantive effect.

 

22

 

4.4 Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature pages are
physically attached to the same document. This Amendment shall become effective upon the execution
of a counterpart hereof by each Borrower and Administrative Agent, and receipt by Borrowers and
Administrative Agent of written, facsimile or telephonic notification of such execution and
authorization of delivery thereof.

4.5 Entire Agreement. This Amendment embodies the entire agreement and understanding
among the parties with respect to this amendment to the Amended Agreement, and supersedes all prior
agreements and understandings, oral or written, relating thereto.

4.6 Governing Law. This Amendment shall be governed by, and construed in accordance
with, the law of the State of California.

Section 5. ACKNOWLEDGEMENT AND CONSENT

A. Guarantors are party to that certain Continuing Guaranty (as amended from time to time),
dated as of November 2, 2004, pursuant to which Guarantors have guarantied the Obligations.
Pledgors are party to that certain Security Agreement (Securities) made by Borrowers (as amended
from time to time) and Security Agreement (Securities) made by certain other Pledgors (as amended
from time to time), dated as of November 2, 2004, pursuant to which Pledgors have pledged the
Collateral as security for the Indebtedness (as defined in the applicable Pledge Agreement).

B. Each Guarantor and each Pledgor hereby acknowledges that it has reviewed the terms and
provisions of the Amended Agreement and this Amendment and consents to the amendment of the
Amended Agreement effected pursuant to this Amendment. Each Guarantor hereby confirms that each
Guaranty to which it is a party or otherwise bound, and each Pledgor hereby confirms that the
Pledge Agreement to which it is a party or otherwise bound, will continue to guaranty or secure,
as the case may be, to the fullest extent possible the payment and performance of all of the
“Guaranteed Obligations” (as defined in the applicable Guaranty) or the “Indebtedness” (as defined
in the applicable Pledge Agreement), as the case may be, including without limitation the payment
and performance of all such “Guaranteed Obligations” or “Indebtedness”, as the case may be, with
respect to the Obligations of Borrowers now or hereafter existing under or in respect of the
Amended Agreement (as amended hereby) and the Notes defined therein.

C. Each Guarantor acknowledges and agrees that any Guaranty to which it is a party or
otherwise bound, and each Pledgor acknowledges and agrees that the Pledge Agreement to which it is
a party or otherwise bound, shall continue in full force and effect and that all of its
obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the
execution or effectiveness of this Amendment. Each Guarantor and each Pledgor represents and
warrants that all representations and warranties contained in the Guaranty and/or the Pledge
Agreement, as the case may be, to which it is a party or otherwise bound are true, correct and
complete in all material respects on and as of the Sixth Amendment Effective Date to the same
extent as though made on and as of that date, except to the extent such representations and
warranties specifically relate to an earlier date, in which case they were true, correct and
complete in all material respects on and as of such earlier date.

 

23

 

D. Each Guarantor and each Pledgor (other than the Borrowers) acknowledges and agrees that
(i) notwithstanding the conditions to effectiveness set forth in this Amendment, such Guarantor or
such Pledgor, as the case may be, is not required by the terms of the Amended Agreement or any
other Loan Document to consent to the amendments to the Amended Agreement effected pursuant to
this Amendment and (ii) nothing in the Amended Agreement, this Amendment or any other Loan
Document shall be deemed to require the consent of such Guarantor or such Pledgor to any future
amendments to the Amended Agreement.

[Signatures on Next Page]

 

24

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the day and year first written above.

	 	 	 	 	 
	BORROWERS:	 APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,

a Maryland corporation

 	 
	 	By:  	                            /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 
	 
	 	AIMCO PROPERTIES, L.P.,

a Delaware limited partnership

 	 
	 	By:  	AIMCO-GP, INC.,
 	 
	 	 	a Delaware corporation 	 
	 	Its:	            General Partner 	 

	 	 	 	 	 
	 	By:  	                         /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

	 	 	 	 	 
	 	AIMCO/BETHESDA HOLDINGS, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 
	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

PLEDGORS (for purposes of Section 5 only):

	 	 	 	 	 
	 	APARTMENT INVESTMENT AND

MANAGEMENT COMPANY,

a Maryland corporation, as Pledgor

 	 
	 	By:  	/s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 
	 
	 	AIMCO PROPERTIES, L.P.,

a Delaware limited partnership, as Pledgor

 	 
	 	By:  	AIMCO-GP, INC.,
 	 
	 	 	a Delaware corporation 	 
	 	Its:                	General Partner 	 

	 	 	 	 	 
	 	By:  	                    /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

	 	 	 	 	 
	 	AIMCO/BETHESDA HOLDINGS, INC.,

a Delaware corporation, as Pledgor

 	 
	 	By:  	/s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 
	 	

AIMCO/IPT, INC., 

a Delaware corporation,

NHP A&R SERVICES, INC., 

a Virginia corporation

NHP REAL ESTATE CORPORATION, 

a Delaware corporation

AIMCO HOLDINGS QRS, INC., 

a Delaware corporation

NHPMN-GP, INC., 

a Delaware corporation

LAC PROPERTIES QRS II INC., 

a Delaware corporation

 	 
	 	By:  	/s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

AIMCO LP LA, LP,

a Delaware limited partnership

	 	 	 	 	 
	 	By:  	                AIMCO LA QRS, Inc.,
 	 
	 	 	a Delaware corporation 	 
	 	Its:	      General Partner 	 

	 	 	 	 	 
	 	By:  	                          /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

	 	 	 	 	 
	 	GP-OP PROPERTY MANAGEMENT, LLC,

a Delaware limited liability company

 	 
	 	By:  	AIMCO Properties, L.P.,
 	 
	 	 	a Delaware limited partnership, 	 
	 		 Its: Member 	 

	 	 	 	 	 
	 	By:  	                   AIMCO-GP, Inc.,
 	 
	 	 	a Delaware corporation, 	 
	 	Its:	             General Partner 	 

	 	 	 	 	 
	 	By:  	                                    /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 
	 	AIMCO GP LA, L.P.,

a Delaware limited partnership

 	 
	 	By:  	AIMCO-GP, INC.,
 	 
	 	 	a Delaware corporation, 	 
	 	Its:	      General Partner 	 

	 	 	 	 	 
	 	By:  	                 /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

	 	 	 	 	 
	 	LAC PROPERTIES OPERATING

PARTNERSHIP, L.P.,

a Delaware limited partnership

 	 
	 	By:  	AIMCO GP LA, L.P.,
 	 
	 	 	a Delaware limited partnership, 	 
	 	Its: 	      General Partner 	 

	 	 	 	 	 
	 	By:  	             AIMCO-GP, INC.,
 	 
	 	 	a Delaware corporation, 	 
	 	Its: 	             General Partner 	 

	 	 	 	 	 
	 	By:  	                              /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and
Treasurer 	 

	 	 	 	 	 
	 	
AIC REIT PROPERTIES LLC,

a Delaware limited liability company

 	 
	 	By:  	AIMCO Properties, L.P.,
 	 
	 	 	a Delaware limited partnership, 	 
	 	Its: 	      Managing Member 	 

	 	 	 	 	 
	 	By:  	             AIMCO-GP, INC.,
 	 
	 	 	a Delaware corporation, 	 
	 	Its: 	             General Partner 	 

	 	 	 	 	 
	 	By:  	                              /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR APARTMENTS, L.P.

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO QRS GP, LLC,

a Delaware limited liability company
	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO Properties, L.P.,
	 	 
	 	 	 	 	

Its:	 	a Delaware limited partnership,

Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,
	 	 
	 	 	 	 	 	 	

Its:	 	a Delaware corporation,

General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President and Treasurer
	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO HOLDINGS, L.P.

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Holdings QRS, Inc.,

a Delaware corporation,
	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Ambassador Florida Partners, Inc.,

a Delaware corporation,
	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	 	 	/s/ Patti K. Fielding	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Patti K. Fielding

Executive Vice President and Treasurer	 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES SUB LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties Operating Partnership, L.P.,

a Delaware limited partnership,
	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership,
	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,
	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding
	 	 
	 

	 	 	 	 	 	 	 	 	 	Executive Vice President and
Treasurer	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES GP I LLC

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties Operating Partnership, L.P.,

a Delaware limited partnership,
	 	 
	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership,
	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,
	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding
	 	 
	 

	 	 	 	 	 	 	 	 	 	Executive Vice President and
Treasurer	 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

GUARANTORS (for purposes of Section 5 only):

	 	 	 	 	 
	 	AIMCO EQUITY SERVICES, INC.,

a Virginia corporation

AIMCO HOLDINGS QRS, INC.,

a Delaware corporation

AIMCO-LP TRUST

a Delaware trust

AIMCO PROPERTIES FINANCE CORP.,

a Delaware corporation

AMBASSADOR I, INC.,

a Delaware corporation

AMBASSADOR VIII, INC.,

a Delaware corporation

ANGELES REALTY CORPORATION II,

a California corporation

CONCAP EQUITIES, INC.,

a Delaware corporation

NHP A&R SERVICES, INC.,

a Virginia corporation

NHPMN STATE MANAGEMENT, INC.,

a Delaware corporation

NHP MULTI-FAMILY CAPITAL CORPORATION,

a District of Columbia corporation

AIMCO-GP, INC.,

a Delaware corporation

NHPMN-GP, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President and Treasurer 	 
	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO IPLP, L.P.,
	 	 	a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO/IPT, Inc.,
	 	 	 	 	a Delaware corporation
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding
	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding
	 	 	 	 	 	 	Executive Vice President
and Treasurer
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	AIMCO HOLDINGS, L.P.,
	 	 	a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Holdings QRS, Inc.,
	 	 	 	 	a Delaware corporation,
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ Patti K. Fielding
	 	 	 	 	 	 	 
	 	 	 	 	 	 	Patti K. Fielding
	 	 	 	 	 	 	Executive Vice President
and Treasurer
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP,
	 	 	a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Ambassador Florida Partners Limited Partnership,

a Delaware limited partnership
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Ambassador Florida Partners, Inc.,
	 	 	 	 	 	 	a Delaware corporation
	 	 	 	 	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	Patti K. Fielding
	 

	 	 	 	 	 	 	 	 	 	Executive Vice President and Treasurer

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 	 	 	 	 
	 	 	AMBASSADOR APARTMENTS, L.P.
	 	 	a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO QRS GP, LLC,
	 	 	 	 	a Delaware limited liability company,
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO Properties, L.P.,
	 	 	 	 	 	 	a Delaware limited partnership,
	 	 	 	 	Its:	 	Member
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	AIMCO-GP, Inc.,
	 

	 	 	 	 	 	 	 	a Delaware corporation,
	 

	 	 	 	 	 	Its:
	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Patti K. Fielding
	 

	 	 	 	 	 	 	 	Executive Vice President
and Treasurer
	 
	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES OPERATING PARTNERSHIP, L.P.,
	 	 	a Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO GP LA, L.P.,
	 	 	 	 	a Delaware limited partnership
	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, Inc.,
	 	 	 	 	 	 	a Delaware corporation
	 	 	 	 	Its:	 	General Partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Patti K. Fielding
	 

	 	 	 	 	 	 	 	Executive Vice President
and Treasurer

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	GP-OP PROPERTY MANAGEMENT, LLC

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership,	 	 
	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation,	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding
	 	 
	 

	 	 	 	 	 	 	 	Executive Vice President and
Treasurer	 	 

	 	 	 	 	 	 	 	 	 
	 	 	NHPMN MANAGEMENT, L.P.,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	NHPMN-GP, Inc.

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President
and Treasurer
	 	 

	 	 	 	 	 	 	 	 	 
	 	 	NHPMN MANAGEMENT, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO/Bethesda Holdings, Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President
and Treasurer
	 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 	 	 
	 	 	OP PROPERTY MANAGEMENT, L.P.,

a Delaware limited partnership
	 
	 	 	 	 	 	 
	 	 	By:	 	NHPMN-GP, Inc.,

a Delaware corporation
	 	 	Its:	 	Managing General Partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Patti K. Fielding
 
 Patti
K. Fielding
	 

	 	 	 	 	 	Executive Vice President
and Treasurer

	 	 	 	 	 	 	 	 	 	 	 
	 	 	OP PROPERTY MANAGEMENT, LLC,

a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	AIMCO Properties, L.P.,

a Delaware limited partnership	 	 
	 	 	Its:	 	Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation	 	 
	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding

Executive Vice President
and Treasurer
	 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES GP I LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties GP I LLC,

a Delaware limited liability company	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	LAC Properties Operating Partnership, L.P.,

a Delaware limited partnership	 	 
	 	 	 	 	Its:	 	Managing Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	By:	 	AIMCO GP LA, L.P.,

a Delaware limited partnership	 	 
	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	By:	 	AIMCO-GP, Inc.,

a Delaware corporation	 	 
	 	 	 	 	 	 	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding
	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	Executive Vice
President and
Treasurer	 	 

	 	 	 	 	 	 	 	 	 
	 	 	LAC PROPERTIES GP II LIMITED PARTNERSHIP,

a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	LAC Properties QRS II Inc.,

a Delaware corporation,	 	 
	 	 	Its:	 	General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Patti K. Fielding
 

Patti K. Fielding
	 	 
	 

	 	 	 	 	 	Executive Vice President
and Treasurer	 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

 

	 	 	 	 	 
	 	AIMCO SELECT PROPERTIES, L.P.,

a Delaware limited partnership

 	 
	 	By:  	 AIMCO/Bethesda Holdings, Inc.,
 	 
	 	 	a Delaware corporation, 	 
	 	Its: 	     General Partner 	 

	 	 	 	 	 
	 	By:  	                                /s/ Patti K. Fielding
 	 
	 	 	Patti K. Fielding 	 
	 	 	Executive Vice President
and Treasurer 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	BANK OF AMERICA:	 BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Kathleen M. Carry
 	 
	 	 	Kathleen M. Carry 	 
	 	 	Vice President 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	L/C ISSUER:	 BANK OF AMERICA, N.A.,

as L/C Issuer

 	 
	 	By:  	/s/ James P. Johnson
 	 
	 	 	James P. Johnson 	 
	 	 	Senior Vice President 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as Lender

 	 
	 	By:  	/s/ James P. Johnson
 	 
	 	 	James P. Johnson 	 
	 	 	Senior Vice President 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION

as a Lender

 	 
	 	By:  	/s/ Christopher T. Neil
 	 
	 	 	Christopher T. Neil 	 
	 	 	Senior Relationship Manager 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Amit Khimji
 	 
	 	 	Amit Khimji 	 
	 	 	Director 	 

(Sixth Amendment to Amended and Restated Senior Secured Credit Agreement)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]