Document:

exv10w17

 

Exhibit 10.17

 
 

EMPLOYMENT AGREEMENT

By and Between

GRUBB & ELLIS COMPANY

and

FRANCES P. LEWIS

 
 

As of April 1, 2006

 

 

EMPLOYMENT AGREEMENT

     EMPLOYMENT AGREEMENT (this “Agreement”) effective as of April 1, 2006 (the “Effective
Date”), by and between GRUBB & ELLIS COMPANY, a Delaware corporation having an address at 500 West
Monroe Street, Suite 2800, Chicago, IL 60661 (the “Company”), and FRANCES P. LEWIS, an
individual having an address at 3808 N. Tripp Avenue, Chicago, Illinois 60641
(“Executive”).

W I  T  N  E  S  S  E  T  H:

     WHEREAS, the Company desires to employ Executive and Executive desires to provide her
exclusive services to the Company in connection with the Company’s business; and

     WHEREAS, both parties desire to clarify and specify the rights and obligations which each have
with respect to the other in connection with Executive’s employment.

     NOW, THEREFORE, in consideration of the agreements and covenants herein set forth, the parties
hereby agree as follows:

     1. Employment

     The Company hereby employs Executive as Senior Vice President, Marketing and Corporate
Communications, and Executive hereby accepts such exclusive employment and agrees to render
Executive’s exclusive services as an employee of the Company, all subject to and on the terms and
conditions herein set forth.

     2. Duties and Responsibilities of Executive

     Executive shall be exclusively employed as the Company’s Senior Vice President, Marketing and
Corporate Communications, and Executive agrees to provide Executive’s exclusive services to the
Company, subject to the other provisions of this Section 2. Executive’s responsibilities and
duties shall be commensurate with those of a similarly situated officer of an entity engaged in the
business engaged, or proposed to be engaged, in by the Company. In the performance of her duties,
Executive shall initially report to the Company’s Chief Executive Officer, and thereafter may
report to such officer of the Company as so directed by the Board of Directors. Executive shall
use her best efforts to maintain and enhance the business and reputation of the Company and shall
perform such other duties commensurate with Executive’s position as may, from time to time, be
designated to Executive by the Company’s Chief Executive Officer. Executive shall be available to
travel as the reasonable needs of the Company shall require. Executive’s principal place of
employment shall be the Chicago, Illinois metropolitan area. Nothing contained in this Section
2 shall limit Executive’s right to engage in charitable activities or industry activities
provided the same do not materially effect the performance of Executive’s responsibilities
hereunder.

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     3. Compensation

          (a) In consideration for Executive’s services to be performed under this Agreement and as
compensation therefor, Executive shall receive, in addition to all other benefits provided for in
this Agreement, a base salary (the “Base Salary”) at a rate of Two Hundred Thousand Dollars
($200,000) per annum. All payments of Base Salary shall be subject to all applicable withholdings
and deductions, and shall be payable in accordance with the Company’s customary payroll practices.
The Base Salary shall be subject to annual review by the Compensation Committee of the Board (the
“Compensation Committee”).

          (b) In addition to the Base Salary, Executive shall be eligible to receive annual bonus
compensation (“Bonus Compensation”) based upon a bonus plan and formula to be established
each year during the Term hereof (as defined in Section 5 below) by the Compensation
Committee. The Bonus Compensation plan to be established each year by the Compensation Committee
shall be designed to take into account both the performance of the Executive and the Company. The
Bonus Compensation plan for Executive shall provide for up to thirty percent (30%) of the Base
Salary, upon such terms and conditions as determined from time to time by the Compensation
Committee of the Board. All Bonus Compensation shall be payable in accordance with the procedures
established from time to time by the Compensation Committee, subject to all applicable withholding
and deductions, and in accordance with the Company’s customary payroll and bonus payment practices.

          (c) Executive shall be entitled to participate in the Company’s performance-based Long Term
Incentive Plan (the “Incentive Plan”) in an amount equal to up to sixty-five percent (65)% of
Executive’s Base Salary, and such participation shall be with respect to the Company’s Incentive
Plan commencing as of January 1, 2005, and with respect to any performance period commencing in
such calendar year or thereafter, provided that Executive’s participation in such Incentive Plan
(and his compensation in respect thereof) shall only be for the actual time periods during which
Executive was actually employed by the Company. All compensation payable pursuant to the Incentive
Plan shall be payable in accordance with the procedures established from time to time by the
Compensation Committee, subject to applicable withholdings and deductions, and in accordance with
the Company’s customary payroll and bonus payment practices.

4. Benefits

          (a) In addition to the Base Salary, the Bonus Compensation, and the Incentive Plan, as
provided for in Section 3 hereof, Executive shall be entitled to the benefits and other
arrangements, including, but not limited to, annual vacation (collectively, “Benefits”), consistent
with those Benefits previously provided to Executive by the Company immediately prior to the
execution hereof; provided, that, subsequent to the execution hereof, the Benefits are made
available at the absolute and sole discretion of the Company and nothing in this Agreement
establishes any right of the Executive to the availability or continuance of any such plan or
arrangement.

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          (b) Executive shall be entitled to reimbursement for all reasonable travel, entertainment and
other reasonable expenses incurred in connection with the Company’s business, provided that
such expenses are (i) pre-approved by the Company if not in accordance with the Company’s policies,
and (ii) adequately documented and vouchered in accordance with the Company’s policies.

     5. Term of Employment

          The term of Executive’s employment hereunder shall commence on the Effective Date and shall
terminate on the date immediately preceding the three (3) year anniversary thereof, or such earlier
time in accordance with Section 8 hereof (the “Term”). The Term may be extended beyond the
period provided for in the immediately preceding sentence upon the mutual written agreement of the
parties hereto.

     6. Confidentiality

          (a) Executive agrees and covenants that, at any time during which Executive is employed by the
Company (which, for purpose of this Section 6 shall include the Company’s subsidiaries and
affiliates) or thereafter, Executive will not (without first obtaining the express permission of
the Company) (i) divulge to any individual, partnership, corporation (including a business trust),
limited liability company, joint stock company, trust, unincorporated association, joint venture,
or other entity, or a government or any political subdivision or agency thereof (“Person”), or use
(either by Executive or in connection with any business), any “Confidential Information” (as
hereinafter defined in Section 6(c) hereof) or (ii) divulge to any Person, or use (either
by Executive or in connection with any business), any “Trade Secrets” (as hereinafter defined in
Section 6(c) hereof) to which Executive may have had access or which had been revealed to
Executive during the course of Executive’s employment, unless such disclosure is pursuant to a
court order, disclosure in litigation involving the Company or in any reports or applications
required by law to be filed with any governmental agency, but only after at least ten (10) days
prior written consultation with the Company.

          (b) Any interest in patents, patent applications, inventions, copyrights, developments,
innovations, methods, processes, analyses, drawings, and reports (collectively,
“Inventions”) which Executive may develop during the period Executive is employed under
this Agreement (either during regular business hours or otherwise) relating to the fields in which
the Company may then be engaged shall belong to the Company; and Executive shall disclose the
Inventions to the Company and forthwith upon request of the Company, Executive shall execute all
such assignments and other documents and take all such other action as the Company may reasonably
request in order to vest in the Company all right, title, and interest in and to the Inventions
free and clear of all liens, charges, and encumbrances.

          (c) As used in this Agreement, the term “Confidential Information” shall mean and
include all information and data in respect of the Company’s (including its subsidiaries’ and
affiliates’) operations, financial condition, products, customers and business (including, without
limitation, artwork, photographs, specifications, facsimiles, samples, business, marketing or
promotional plans, creative written material and information relating to characters, concepts,
names, trademarks, tradenames, tradedress and copyrights) which may be

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communicated to
Executive or to which Executive may have access in the course of Executive’s employment by the
Company. Notwithstanding the foregoing, the term “Confidential Information” shall not include
information which:

	 	(i)	 	is, at the time of the disclosure, a part of
the public domain through no act or omission by Executive; or
	 
	 	(ii)	 	is hereafter lawfully disclosed to Executive by
a third party who or which did not acquire the information under an
obligation of confidentiality to or through the Company.

     As used in this Agreement, the term “Trade Secrets” shall mean and include
information, without regard to form, including, but not limited to, technical or non-technical
data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a
process, financial data, financial plans, product plans, or a list of actual or potential customers
or suppliers which is not commonly known by or available to the public and which information (i)
derives economic value, actual or potential, from not being known to, and not being readily
ascertainable by proper means by, other persons who can obtain economic value from its disclosure
or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain
its secrecy. In addition, the term “trade secrets” includes all information protectible as “trade
secrets” under applicable law.

     Nothing in this Section 6 shall limit any protection, definition or remedy provided to
the Company under any law, statute or legal principle relating to Confidential Information or Trade
Secrets.

          (d) Executive agrees that at the time of leaving the employ of the Company Executive will
deliver to the Company and not keep or deliver to anyone else any and all notes, notebooks,
drawings, memoranda, documents, and in general, any and all material relating to the business of
the Company (except Executive’s personal files and records) or relating to any employee, officer,
director, agent or representative of the Company.

     7. Restrictive Covenants

          (a) Non-Competition

     Executive hereby agrees and covenants that during the period (“Non-Compete Period”) beginning
with the initial commencement of Executive’s employment with the Company (including subsidiaries or
affiliates) and ending on the last day of Executive’s employment with the Company, Executive will
not, directly or indirectly, engage in or become interested (whether as an owner, principal, agent,
stockholder, member, partner, trustee, venturer, lender or other investor, director, officer,
employee, consultant or through the agency of any person or entity otherwise in any business or
enterprise that at any time during the Non-Compete Period shall be in whole or in substantial part
competitive with any material part of the business conducted by the Company (which, for purposes of
this Section 7 shall include the Company’s subsidiaries and affiliates;
except that ownership of not more than 1% of the outstanding securities of any class of

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any
entity that are listed on a national securities exchange or traded in the over-the-counter market
shall not be considered a breach of this Section 7(a).

          (b) No-Raid

     Executive agrees and covenants that for the period commencing on the date hereof and ending
one (1) year following the termination of Executive’s employment with the Company (the “Limited
Period”), Executive will not (without first obtaining the written permission of the Company),
directly or indirectly, divert or attempt to divert from the Company any business of any kind in
which the Company or its subsidiaries or affiliates is engaged or is seeking to be engaged.

          (c) Non-Solicitation

     Executive agrees and covenants that during the Limited Period, Executive will not (without
first obtaining the written permission of the Company), on her own behalf or on behalf of any third
party, directly or indirectly, recruit any then current employee, consultant or independent
contractor of the Company, or any individual who has served in any such capacity at any time six
(6) months prior thereto, for employment or any other relationship (including but not limited to an
independent contractor), or induce or seek to cause such person to terminate his or her employment
or independent contractor arrangement with the Company. As used in Sections 7(a), 7(b) and 7(c)
hereof, all references to the Company includes the Company’s subsidiaries and affiliates.

          (d) Nondisparagement

     Each of the Company and Executive agree that upon inquiry from any third party regarding the
termination of Executive’s employment with the Company, if termination is for reasons other than
for Cause, such third party shall be advised that Executive has decided to pursue other
opportunities. Each of the Company and Executive represents and agrees that each will not in any
way disparage the other (and with respect to the Company, Executive’s agreement hereunder shall
also apply to the Company’s current, former and future officers and directors), or make any
comments, statements, or communications to the media or to any other third party that may be
considered to be derogatory or detrimental to the good name or business reputation of any of the
aforementioned parties or entities. Executive agrees that she shall direct all third party
inquiries regarding Executive’s employment with the Company to the Company’s Senior Vice President
of Human Resources.

          (e) Indemnification

     Executive shall be indemnified by the Company in accordance with the Company’s Bylaws, as same
may be amended from time to time.

          (f) Cooperation by Employee

     With respect to any litigation, arbitration, mediation, administrative hearing, or any other
dispute resolution process to which the Company is a party or which Executive is a witness at

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any
time during or after the expiration of the Term of this Agreement, Executive agrees to fully
cooperate fully with the Company, its attorneys and agents, with respect to any process including
but not limited to, interviews, depositions, preparation for testimony, and testifying or otherwise
providing evidence at no out of pocket cost to Executive. Executive shall be indemnified by the
Company in connection with Executive’s activities pursuant to this Section 7(f), and the provisions
of this Section 7(f) shall survive the expiration or termination of this Agreement.

     8. Termination

     The following termination provisions and benefits are in lieu of the benefits available under
the Company’s written policies and procedures, as amended, and the Company’s Executive Change of
Control Plan, as amended and the Company’s Executive Incentive Bonus and Severance Plan, as
amended. Executive agrees that her termination provisions shall not be governed by such policies
and plans.

          (a) Cause. Notwithstanding the terms of this Agreement, the Company may discharge Executive
and terminate this Agreement for cause (“Cause”) in the event (i) of Executive’s willful
and repeated refusal, to materially perform her duties hereunder with reasonable diligence, or to
follow a lawful directive of the Board commensurate with the Executive’s position, in each such
case, after specific written notice and a reasonable opportunity to cure (other than a failure or
refusal resulting from Executive’s incapacity), (ii) Executive’s commission of an act involving
fraud, embezzlement, or theft against the property or personnel of the Company, (iii) Executive’s
engagement in gross reckless conduct that the Company in good faith reasonably determines will have
a material adverse affect on the reputation, business, assets, properties, results of operations or
financial condition of the Company, (iv) Executive shall be convicted of a felony or shall plead
nolo contendere in respect thereof, or (v) Executive engages in any other criminal
conduct or act of moral turpitude that is injurious to the Company. As used in this section, the
Company includes the Company’s subsidiaries and affiliates. In the event Executive is discharged
pursuant to this Section 8(a), (i) Executive’s Base Salary, Bonus Compensation,
participation in the Incentive Plan and all benefits under Section 4 hereof shall terminate
immediately upon such discharge (subject to applicable law, such as pursuant to the applicable
provisions of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), and (ii) the Company
shall have no further obligations to Executive except for payment and reimbursement to Executive
for any monies due to Executive which right to payment or reimbursement accrued prior to such
discharge.

          (b) Incapacity. Should Executive become incapacitated to the extent that Executive is unable
to perform Executive’s duties pursuant to this Agreement for a period of more than one hundred
twenty (120) days (consecutive or non-consecutive) in any twelve (12) month period by reason of
illness, disability or other incapacity, the Company may, subject to the requirements of applicable
law, terminate this Agreement upon one month’s written notice at any time after said one hundred
twenty (120) day period and the Company shall have no further obligations to Executive or her legal
representatives except for payment and reimbursement to
Executive or her legal representatives for any monies due to Executive which right to payment
or reimbursement accrued prior to such discharge.

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          (c) Death. This Agreement shall terminate immediately upon the death of Executive, in which
case the Company shall have no further obligations to Executive or her legal representatives except
for payment and reimbursement to Executive or her legal representatives for any monies due to
Executive which right to payment or reimbursement accrued prior to Executive’s death.

          (d) Termination Without Cause. The Company may terminate Executive’s employment with the
Company without Cause (as defined in Section 8(a) above), for any reason at any time, upon
written notice to Executive, whereupon the Executive shall be entitled to receive (i) all monies
due to Executive which right to payment or reimbursement accrued prior to such discharge, and (ii)
Base Salary in accordance with the Company’s customary payroll practices for a period of twelve
(12) months following the date of such termination and (iii) an amount, payable monthly, equal to
the Executive’s monthly COBRA payments, increased to compensate for any amount withheld by the
Company due to federal and state tax withholding requirements until the earlier of (A) twelve (12)
months from the termination date or (B) the Executive obtains health coverage from another source.
The Company’s payment of any amounts to Executive upon the termination of Executive’s employment
without Cause is expressly subject to and contingent upon Executive executing and delivering to the
Company at the time of such termination the Company’s then standard form of release.

          (e) Termination by the Executive for Good Reason. The Executive may terminate her employment
under this Agreement at any time for Good Reason by giving written notice to the Company. For
purposes of this Section 8(e), “Good Reason” shall mean: (i) a material breach of this
Agreement by the Company that is not cured within thirty (30) days after written notice of the
breach has been given to the Company by the Executive; or (ii) Executive is required to permanently
relocate from the Chicago metropolitan area. In the event of a termination by Executive for Good
Reason, Executive shall be entitled to receive (i) all monies due to Executive which right to
payment or reimbursement accrued prior to such discharge, and (ii) Base Salary in accordance with
the Company’s customary payroll practices for a period of twelve (12) months following the date of
such termination. The Company’s payment of any amounts to Executive upon Executive’s termination
for Good Reason is expressly subject to and contingent upon Executive executing and delivering to
the Company at the time of Executive’s termination for Good Reason the Company’s then standard form
of release.

          (f) Termination Pursuant to a Change of Control. In the event that (i) the Executive is
terminated by the Company without Cause, or Executive terminates the agreement for “Good Reason”
(as defined in Section 8(e) above, but subject to the modification set forth in the
immediately following sentence), within nine (9) months after a “Change in Control” (as defined
below), or (ii) the Executive is terminated by the Company without Cause, or the Executive
terminates the agreement for Good Reason, six (6) months prior to a Change in Control and in
connection with or contemplation of a Change in Control by the Company, the Executive shall be
entitled to receive (i) all monies due to Executive which right to payment or reimbursement accrued
prior to such discharge, (ii) the Executive’s Base Salary paid ratably over
a period of twelve (12) months following the date of such

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termination in accordance with the
Company’s customary payroll practices, and (iii) the Executive’s “Applicable Bonus” (as defined
below) paid ratably over a period of twelve (12) months following the date of such termination in
accordance with the Company’s customary payroll practices. The Company’s payment of any amounts to
Executive upon Executive’s termination upon a Change in Control is expressly subject to and
contingent upon Executive executing and delivering to the Company at the time of such termination
the Company’s then standard form of release.

     For purposes of this Agreement, the term “Change of Control” shall mean any of the following:
(a) a transaction or series of transactions which results in the stockholders of Company,
immediately prior to any such transaction or series of transactions, failing to beneficially own,
immediately after the effective time of such transaction, securities of Company representing more
than fifty percent (50%) of the combined voting power of Company’s then outstanding securities
necessary to elect a majority of the Company’s directors, (b) Company shall in one transaction or a
series of transactions effect a merger, consolidation, or exchange of its securities with any other
entity which results in the stockholders of Company immediately before the effective time of such
transaction failing to beneficially own, immediately after the effective time of such transaction,
securities representing more than fifty percent (50%) of the combined voting power of the merged,
combined or new entity’s outstanding securities necessary to elect a majority of the directors of
the merged, combined or new entity, or (c) any person or entity, or persons or entities, acquires
in a transaction or series of transactions, substantially all the assets of the Company.

     For purposes of this Agreement, the term “Applicable Bonus” shall mean (i) if the Change in
Control occurs on or before, or as of, December 31, 2006, the cash bonus paid (or earned, if earned
but not actually paid in full) pursuant to the Bonus Compensation payable pursuant to Section 3(b)
above, (ii) if the Change in Control occurs subsequent to (and not as of) December 31, 2006, the
average of the cash bonuses paid (or earned, if earned but not actually paid in full) to Executive
during the immediately preceding two (2) years; and (iii) if the Change in Control occurs
subsequent to (and not as of) December 31, 2007, the average of the cash bonuses paid (or earned,
if earned but not actually paid in full) to Executive during the immediately preceding three (3)
years.

          (g) Exclusivity of Severance Provisions

     The Change in Control payment contemplated in Section 8(f) and the Severance payment
contemplated in Section 8(d) or Section 8(e), are mutually exclusive (i.e. Executive may be
entitled to one or the other, but not both).

     9. Specific Performance; Damages

     In the event of a breach or threatened breach of the provisions of Section 6 or
Section 7 hereof, Executive agrees that the injury which could be suffered by the Company
(which for purposes of this Section 9 shall include the Company’s successor-in-interest,
subsidiaries and affiliates) would be of a character which could not be fully compensated for
solely by a recovery of monetary damages. Accordingly, Executive agrees that in the event of a
breach or threatened
breach of Section 6 or Section 7 hereof, in addition to and not in lieu of any
damages sustained by the Company and any other remedies which the Company may pursue hereunder or
under any applicable law, the Company shall have the right to equitable relief, including but not
limited to the issuance of a temporary or permanent injunction or restraining order, by any court
of

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competent jurisdiction against the commission or continuance of any such breach or threatened
breach, without the necessity of proving any actual damages. In addition to, and not in limitation
of the foregoing, Executive understands and confirms that, in the event of a breach or threatened
breach of Section 6 or Section 7 hereof, Executive may be held financially liable
to the Company for any loss suffered by the Company as a result.

     10. Notices

          Any and all notices, demands or requests required or permitted to be given under this
Agreement shall be given in writing and sent, by registered or certified U.S. mail, return receipt
requested, by hand, or by overnight courier, addressed to the parties hereto at their addresses set
forth above or such other addresses as they may from time-to-time designate by written notice,
given in accordance with the terms of this Section, together with copies thereof as follows:

     In the case of the Company, with a copy simultaneously by like means, to:

Grubb & Ellis Company

500 West Monroe Street, Suite 2800

Chicago, IL 60661

Attention: Chief Executive Officer

Notice given as provided in this Section shall be deemed effective: (i) on the date hand
delivered, (ii) on the first business day following the sending thereof by overnight courier, and
(iii) on the seventh calendar day (or, if it is not a business day, then the next succeeding
business day thereafter) after the depositing thereof into the exclusive custody of the U.S. Postal
Service.

     11. Waivers

          No waiver by any party of any default with respect to any provision, condition or requirement
hereof shall be deemed to be a waiver of any other provision, condition or requirement hereof; nor
shall any delay or omission of any party to exercise any right hereunder in any manner impair the
exercise of any such right accruing to it thereafter.

     12. Preservation of Intent

          Should any provision of this Agreement be determined by a court having jurisdiction in the
premises to be illegal or in conflict with any laws of any state or jurisdiction or otherwise
unenforceable, the Company and Executive agree that such provision shall be modified to the extent
legally possible so that the intent of this Agreement may be legally carried out.

     13. Entire Agreement

          This Agreement sets forth the entire and only agreement or understanding between the parties
relating to the subject matter hereof and supersedes and cancels all previous agreements,
negotiations, letters of intent, correspondence, commitments, plans and

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representations in respect
thereof among them, including, without limitation, any prior employment agreement and any special
severance agreements and, if applicable, the Company’s Executive Change of Control Plan, and no
party shall be bound by any conditions, definitions, warranties or representations with respect to
the subject matter of this Agreement except as provided in this Agreement.

     14. Inurement; Assignment

          The rights and obligations of the Company under this Agreement shall inure to the benefit of
and shall be binding upon any successor of the Company or to the business of the Company, subject
to the provisions hereof. The Company may assign this Agreement to any person, firm or corporation
controlling, controlled by, or under common control with the Company. Neither this Agreement nor
any rights or obligations of Executive hereunder shall be transferable or assignable by Executive.

     15. Amendment

          This Agreement may not be amended in any respect except by an instrument in writing signed by
the parties hereto.

     16. Headings

          The headings in this Agreement are solely for convenience of reference and shall be given no
effect in the construction or interpretation of this Agreement.

     17. Counterparts

          This Agreement may be executed in any number of original or facsimile counterparts, each of
which shall be deemed an original, but all of which when taken together shall constitute one and
the same instrument.

     18. Governing Law; Disputes

          This Agreement shall be governed by, construed and enforced in accordance with the internal
laws of the State of Illinois, without giving reference to principles of conflict of laws. Any
dispute or controversy arising under, out of, in connection with or in relation to this Agreement
shall be finally determined and settled by arbitration. Arbitration shall be initiated by one
party making written demand upon the other party and simultaneously filing the demand together with
required fees in the office of the American Arbitration Association in Chicago, Illinois. The
arbitration proceeding shall be conducted in Chicago, Illinois by a single arbitrator in accordance
with the Expedited Procedures of the Employment Dispute Resolution Rules required by the
arbitrator. Except as required by the arbitrator, the parties shall have no obligation to
comply with discovery requests made in the arbitration proceeding. The arbitration award
shall be a final and binding determination of the dispute and shall be fully enforceable as an
arbitration award in any court having jurisdiction and venue over such parties.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	EXECUTIVE:

 	 
	 	/s/ Frances P. Lewis
 	 
	 	FRANCES P. LEWIS 	 
	 	 	 
	 
	 	COMPANY:

GRUBB & ELLIS COMPANY

 	 
	 	By:  	/s/ Mark E. Rose
 	 
	 	 	Name:  	Mark E. Rose 	 
	 	 	Title:  	Chief Executive Officer 	 

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TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	1. EMPLOYMENT

	 	 	1	 
	 
	 	 	 	 
	2. DUTIES AND RESPONSIBILITIES OF EXECUTIVE

	 	 	1	 
	 
	 	 	 	 
	3. COMPENSATION

	 	 	2	 
	 
	 	 	 	 
	4. BENEFITS

	 	 	2	 
	 
	 	 	 	 
	5. TERM OF EMPLOYMENT

	 	 	3	 
	 
	 	 	 	 
	6. CONFIDENTIALITY

	 	 	3	 
	 
	 	 	 	 
	7. NON-COMPETITION; NON-SOLICITATION

	 	 	4	 
	 
	 	 	 	 
	8. TERMINATION

	 	 	6	 
	 
	 	 	 	 
	9. SPECIFIC PERFORMANCE; DAMAGES

	 	 	8	 
	 
	 	 	 	 
	10. NOTICES

	 	 	9	 
	 
	 	 	 	 
	11. WAIVERS

	 	 	9	 
	 
	 	 	 	 
	12. PRESERVATION OF INTENT

	 	 	9	 
	 
	 	 	 	 
	13. ENTIRE AGREEMENT

	 	 	9	 
	 
	 	 	 	 
	14. INUREMENT; ASSIGNMENT

	 	 	10	 
	 
	 	 	 	 
	15. AMENDMENT

	 	 	10	 
	 
	 	 	 	 
	16. HEADINGS

	 	 	10	 
	 
	 	 	 	 
	17. COUNTERPARTS

	 	 	10	 
	 
	 	 	 	 
	18. GOVERNING LAW; DISPUTES

	 	 	10exv10w1

 

EXHIBIT 10.1

CUSIP Number

REVOLVING CREDIT AGREEMENT

for $2,500,000,000 Revolving Credit Facility

dated as of September 22, 2006

among

EOP OPERATING LIMITED PARTNERSHIP,

THE BANKS LISTED HEREIN,

BANC OF AMERICA SECURITIES LLC,

as Joint Lead Arranger and Joint Bookrunner,

J.P. MORGAN SECURITIES INC.,

as Joint Lead Arranger and Joint Bookrunner,

BANK OF AMERICA, N.A.,

as Administrative Agent,

JPMORGAN CHASE BANK, N.A.,

as Syndication Agent,

THE BANK OF NOVA SCOTIA,

LASALLE BANK NATIONAL ASSOCIATION,

THE ROYAL BANK OF SCOTLAND PLC,

U.S. BANK NATIONAL ASSOCIATION,

WACHOVIA BANK, NATIONAL ASSOCIATION, 

as Documentation Agents,

CITICORP NORTH AMERICA INC.,

DEUTSCHE BANK AG, NEW YORK BRANCH,

WILLIAM STREET CREDIT CORPORATION,

LEHMAN COMMERCIAL PAPER INC.,

MERRILL LYNCH BANK USA,

MIZUHO CORPORATE BANK, LTD.,

MORGAN STANLEY BANK,

UBS LOAN FINANCE LLC,

as Senior Managing Agents

and

EUROHYPO AG, NEW YORK BRANCH,

PNC BANK, NATIONAL ASSOCIATION,

as Managing Agents.

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE I

DEFINITIONS

	 	 	 
	 	 	 	 
	SECTION 1.1.	 	Definitions
	 	 	1	 
	SECTION 1.2.	 	Accounting Terms and Determinations
	 	 	31	 
	SECTION 1.3.	 	Types of Borrowings
	 	 	31	 
	 	 	 
	 	 	 	 
	ARTICLE II

THE CREDITS

	 	 	 
	 	 	 	 
	SECTION 2.1.	 	Commitments to Lend
	 	 	32	 
	SECTION 2.2.	 	Notice of Borrowing
	 	 	33	 
	SECTION 2.3.	 	Swingline Loan Subfacility
	 	 	34	 
	SECTION 2.4.	 	Money Market Borrowings
	 	 	36	 
	SECTION 2.5.	 	Notice to Banks; Funding of Loans
	 	 	40	 
	SECTION 2.6.	 	Notes
	 	 	42	 
	SECTION 2.7.	 	Method of Electing Interest Rates
	 	 	43	 
	SECTION 2.8.	 	Interest Rates
	 	 	45	 
	SECTION 2.9.	 	Fees
	 	 	46	 
	SECTION 2.10.	 	Maturity Date; Extension
	 	 	47	 
	SECTION 2.11.	 	Optional Prepayments
	 	 	47	 
	SECTION 2.12.	 	General Provisions as to Payments
	 	 	49	 
	SECTION 2.13.	 	Funding Losses
	 	 	50	 
	SECTION 2.14.	 	Computation of Interest and Fees
	 	 	50	 
	SECTION 2.15.	 	Use of Proceeds
	 	 	51	 
	SECTION 2.16.	 	Letters of Credit
	 	 	51	 
	SECTION 2.17.	 	Letter of Credit Usage Absolute
	 	 	54	 
	SECTION 2.18.	 	Letters of Credit Maturing after the Maturity Date
	 	 	55	 
	SECTION 2.19.	 	Mandatory Prepayments
	 	 	56	 
	SECTION 2.20.	 	Special Provisions Regarding Alternate Currency Loans
	 	 	56	 
	SECTION 2.21.	 	Qualified Borrowers
	 	 	59	 
	 	 	 
	 	 	 	 
	ARTICLE III

CONDITIONS

	 	 	 
	 	 	 	 
	SECTION 3.1.	 	Closing
	 	 	60	 
	SECTION 3.2.	 	Borrowings
	 	 	62	 

 i

 

 

	 	 	 	 	 	 	 
	ARTICLE IV

REPRESENTATIONS AND WARRANTIES

	 	 	 
	 	 	 	 
	SECTION 4.1.	 	Existence and Power
	 	 	63	 
	SECTION 4.2.	 	Power and Authority
	 	 	64	 
	SECTION 4.3.	 	No Violation
	 	 	64	 
	SECTION 4.4.	 	Financial Information
	 	 	65	 
	SECTION 4.5.	 	Litigation
	 	 	66	 
	SECTION 4.6.	 	Compliance with ERISA
	 	 	66	 
	SECTION 4.7.	 	Environmental
	 	 	66	 
	SECTION 4.8.	 	Taxes
	 	 	67	 
	SECTION 4.9.	 	Full Disclosure
	 	 	67	 
	SECTION 4.10.	 	Solvency
	 	 	67	 
	SECTION 4.11.	 	Use of Proceeds
	 	 	67	 
	SECTION 4.12.	 	Governmental Approvals
	 	 	67	 
	SECTION 4.13.	 	Investment Company Act; Public Utility Holding Company Act
	 	 	67	 
	SECTION 4.14.	 	Principal Offices
	 	 	68	 
	SECTION 4.15.	 	REIT Status
	 	 	68	 
	SECTION 4.16.	 	Patents, Trademarks, etc
	 	 	68	 
	SECTION 4.17.	 	Judgments
	 	 	68	 
	SECTION 4.18.	 	No Default
	 	 	68	 
	SECTION 4.19.	 	Licenses, etc
	 	 	68	 
	SECTION 4.20.	 	Compliance With Law
	 	 	68	 
	SECTION 4.21.	 	No Burdensome Restrictions
	 	 	69	 
	SECTION 4.22.	 	Brokers’ Fees
	 	 	69	 
	SECTION 4.23.	 	Taxpayer Identification Number
	 	 	69	 
	SECTION 4.24.	 	Intentionally Omitted
	 	 	69	 
	SECTION 4.25.	 	Organizational Documents
	 	 	69	 
	SECTION 4.26.	 	Qualifying Unencumbered Properties
	 	 	69	 
	 	 	 
	 	 	 	 
	ARTICLE V

AFFIRMATIVE AND NEGATIVE COVENANTS

	 	 	 
	 	 	 	 
	SECTION 5.1.	 	Information
	 	 	70	 
	SECTION 5.2.	 	Payment of Obligations
	 	 	73	 
	SECTION 5.3.	 	Maintenance of Property; Insurance; Leases
	 	 	73	 
	SECTION 5.4.	 	Maintenance of Existence
	 	 	73	 
	SECTION 5.5.	 	Compliance with Laws
	 	 	73	 
	SECTION 5.6.	 	Inspection of Property, Books and Records
	 	 	74	 
	SECTION 5.7.	 	Existence
	 	 	74	 
	SECTION 5.8.	 	Financial Covenants
	 	 	74	 
	SECTION 5.9.	 	Restriction
on Fundamental Changes
	 	 	75	 
	SECTION 5.10.	 	Changes in Business
	 	 	76	 
	SECTION 5.11.	 	EOPT Status
	 	 	76	 

 ii

 

 

	 	 	 	 	 	 	 
	SECTION 5.12.	 	Other Indebtedness
	 	 	77	 
	SECTION 5.13.	 	Forward Equity Contracts
	 	 	78	 
	 	 	 
	 	 	 	 
	ARTICLE VI

DEFAULTS

	 	 	 
	 	 	 	 
	SECTION 6.1.	 	Events of Default
	 	 	78	 
	SECTION 6.2.	 	Rights and Remedies
	 	 	81	 
	SECTION 6.3.	 	Notice of Default
	 	 	81	 
	SECTION 6.4.	 	Actions in Respect of Letters of Credit
	 	 	82	 
	SECTION 6.5.	 	Distribution of Proceeds after Default
	 	 	84	 
	 	 	 
	 	 	 	 
	ARTICLE VII

THE AGENTS

	 	 	 
	 	 	 	 
	SECTION 7.1.	 	Appointment and Authorization
	 	 	84	 
	SECTION 7.2.	 	Agency and Affiliates
	 	 	84	 
	SECTION 7.3.	 	Action by Administrative Agent and Syndication Agent
	 	 	85	 
	SECTION 7.4.	 	Consultation with Experts
	 	 	85	 
	SECTION 7.5.	 	Liability of Administrative Agent
	 	 	85	 
	SECTION 7.6.	 	Indemnification
	 	 	85	 
	SECTION 7.7.	 	Credit Decision
	 	 	86	 
	SECTION 7.8.	 	Successor Administrative Agent or Syndication Agent
	 	 	86	 
	SECTION 7.9.	 	Consents and Approvals
	 	 	87	 
	 	 	 
	 	 	 	 
	ARTICLE VIII

CHANGE IN CIRCUMSTANCES

	 	 	 
	 	 	 	 
	SECTION 8.1.	 	Basis for Determining Interest Rate Inadequate or Unfair
	 	 	88	 
	SECTION 8.2.	 	Illegality
	 	 	88	 
	SECTION 8.3.	 	Increased Cost and Reduced Return
	 	 	89	 
	SECTION 8.4.	 	Taxes
	 	 	91	 
	SECTION 8.5.	 	Base Rate Loans Substituted for Affected Euro-Dollar Loans
	 	 	93	 
	 	 	 
	 	 	 	 
	ARTICLE IX

MISCELLANEOUS

	 	 	 
	 	 	 	 
	SECTION 9.1.	 	Notices
	 	 	94	 
	SECTION 9.2.	 	No Waivers
	 	 	94	 
	SECTION 9.3.	 	Expenses; Indemnification
	 	 	94	 
	SECTION 9.4.	 	Sharing of Set-Offs
	 	 	96	 
	SECTION 9.5.	 	Amendments and Waivers
	 	 	97	 
	SECTION 9.6.	 	Successors and Assigns
	 	 	97	 
	SECTION 9.7.	 	Collateral
	 	 	100	 

 iii

 

 

	 	 	 	 	 	 	 
	SECTION 9.8.	 	Governing Law; Submission to Jurisdiction
	 	 	100	 
	SECTION 9.9.	 	Counterparts; Integration;. Effectiveness
	 	 	101	 
	SECTION 9.10.	 	WAIVER OF JURY TRIAL
	 	 	102	 
	SECTION 9.11.	 	Survival
	 	 	102	 
	SECTION 9.12.	 	Domicile of Loans
	 	 	102	 
	SECTION 9.13.	 	Limitation of Liability
	 	 	102	 
	SECTION 9.14.	 	Recourse Obligation
	 	 	102	 
	SECTION 9.15.	 	Confidentiality
	 	 	102	 
	SECTION 9.16.	 	Bank’s Failure to Fund
	 	 	103	 
	SECTION 9.17.	 	Banks’ ERISA Covenant
	 	 	108	 
	SECTION 9.18.	 	Senior Managing Agents, Managing Agents and Co-Agents
	 	 	108	 
	SECTION 9.19.	 	No Bankruptcy Proceedings
	 	 	109	 
	SECTION 9.20.	 	Administrative Agent May File Proofs of Claim
	 	 	109	 
	SECTION 9.21.	 	USA PATRIOT Act Notice
	 	 	109	 
	SECTION 9.22.	 	Public/Private Information
	 	 	110	 
	SECTION 9.23.	 	No Advisory or Fiduciary Responsibility
	 	 	110	 

	 	 	 	 	 	 	 
	SCHEDULE 1.1
	SCHEDULE 4.4 (b)
	SCHEDULE 5.11(c)(1)
	SCHEDULE 5.11(c)(2=)
	SCHEDULE 5.11(c)(3)
	 	 	 
	 	 	 	 
	EXHIBIT A	 	Note
	 	 	 	 
	EXHIBIT A-1	 	Designated Lender Note
	 	 	 	 
	EXHIBIT A-3	 	Qualified Borrower Note
	 	 	 	 
	EXHIBIT B	 	Form of Money Market Quote Request
	 	 	 	 
	EXHIBIT C	 	Form of Invitation for Money Market Quote
	 	 	 	 
	EXHIBIT D	 	Form of Money Market Quote
	 	 	 	 
	EXHIBIT E	 	Transfer Supplement
	 	 	 	 
	EXHIBIT F	 	Notice Addresses
	 	 	 	 
	EXHIBIT G	 	Form of Designation Agreement
	 	 	 	 
	EXHIBIT H	 	Qualified Borrower Guaranty of Payment
	 	 	 	 

iv

 

 

REVOLVING CREDIT AGREEMENT

     THIS REVOLVING CREDIT AGREEMENT (this “Agreement”) dated as of
September 22, 2006 among EOP OPERATING LIMITED PARTNERSHIP (the “Borrower”), the BANKS listed
on the signature pages hereof, BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint
Bookrunner, J.P. MORGAN SECURITIES INC., as Joint Lead Arranger and Joint Bookrunner, BANK OF
AMERICA, N.A., as Administrative Agent, JPMORGAN CHASE BANK, N.A., as Syndication Agent, THE BANK
OF NOVA SCOTIA, LASALLE BANK NATIONAL ASSOCIATION, THE ROYAL BANK OF SCOTLAND PLC, U.S. BANK
NATIONAL ASSOCIATION, and WACHOVIA BANK, NATIONAL ASSOCIATION, as Documentation Agents, CITICORP
NORTH AMERICA INC., DEUTSCHE BANK AG, NEW YORK BRANCH, WILLIAM STREET CREDIT CORPORATION, LEHMAN
COMMERCIAL PAPER INC., MERRILL LYNCH BANK USA, MIZUHO CORPORATE BANK, LTD., MORGAN STANLEY BANK,
and UBS LOAN FINANCE LLC, as Senior Managing Agents, and EUROHYPO AG, NEW YORK BRANCH and PNC BANK,
NATIONAL ASSOCIATION, as Managing Agents.

W I T N E S S E T H

          The parties hereto agree as follows:

ARTICLE I

DEFINITIONS

          SECTION 1.1. Definitions. The following terms, as used herein, have the
following meanings:

          “Absolute Rate Auction” means a solicitation of Money Market Quotes setting forth Money Market
Absolute Rates pursuant to Section 2.4.

          “Acquisition Property” means any Property owned by Borrower, EOPT, any Consolidated Subsidiary
or any Investment Affiliate for less than six (6) complete Fiscal Quarters.

          “Administrative Agent” means Bank of America, N.A. in its capacity as Administrative Agent
hereunder, and its permitted successors in such capacity in accordance with the terms of this
Agreement.

 

 

          “Administrative Questionnaire” means with respect to each Bank, an administrative
questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative
Agent (with a copy to the Borrower) duly completed by such Bank.

          “Affiliate Qualified Institution” means one or more banks, finance companies, insurance or
other financial institutions which (A) has (or, a guarantor of such bank or other financial
institution has, or, in the case of a bank or other financial institution which is a subsidiary,
such bank’s or financial institution’s parent has) a rating of its senior unsecured debt
obligations of not less than Baa-1 by Moody’s or a comparable rating by a rating agency acceptable
to Administrative Agent and (B) has (or, a guarantor of such bank or other financial institution
has, or, in the case of a bank or other financial institution which is a subsidiary, such bank’s or
financial institution’s parent has) total assets in excess of Five Hundred Million Dollars
($500,000,000).

          “Agent-Related Persons” means the Administrative Agent, together with its affiliates
(including, in the case of Bank of America, N.A. in its capacity as Administrative Agent, Banc of
America Securities LLC), and the officers, directors, employess, agents and attorneys-in-fact of
such Persons and Affiliates.

          “Agents” shall mean the Administrative Agent and the Syndication Agent,
collectively.

          “Agreement” shall mean this Revolving Credit Agreement as the same may from time to time
hereafter be modified, supplemented or amended.

          “Alternate Currency” means the lawful currency of any of (i) the United Kingdom (British
Pounds Sterling) or (ii) the European Economic Union (Euros) or (iii) Japan (Yen) or (iv) Australia
(Australian Dollars). For all purposes of this Agreement, including without limitation the
calculation of the Dollar Equivalent Amount at any time and from time to time, each Alternate
Currency will be marked-to-market on the first Business Day of each month.

          “Alternate Currency Commitment” means with respect to each Bank, the amount set forth under
the name of such Bank on the signature pages hereof as its commitment for Loans in Alternate
Currencies (and, for each Bank which is an Assignee, the amount set forth in the Transfer
Supplement entered into pursuant to Section 9.6(c) as the Assignee’s Commitment) and Dollars, as
such amount may be reduced from time to time pursuant to Section 2.11(e) or in connection with an
assignment to an Assignee, and as such amount may be increased in connection with an assignment
from an Assignor. The initial aggregate Dollar Equivalent Amount of the Banks’ Alternate Currency
Commitments is $400,000,000.

          “Alternate Currency Letter of Credit” means a Letter of Credit denominated in Alternate
Currency.

2

 

          “Alternate Currency Sublimit” means, a Dollar Equivalent Amount of Loans denominated in
Alternate Currency and Alternate Currency Letter(s) of Credit (and, to the extent expressly
provided herein, Loans and Letters of Credit denominated in Dollars), equal to Four Hundred Million
Dollars ($400,000,000).

          “Applicable Fee Percentage” means the respective percentages per annum determined, at any
time, based on the range into which Borrower’s Credit Rating then falls, in accordance with the
table set forth below. Any change in Borrower’s Credit Rating causing it to move to a different
range on the table shall effect an immediate change in the Applicable Fee Percentage. In the event
that Borrower receives Credit Ratings that are not equivalent, the Applicable Fee Percentage shall
be determined by the higher of the ratings from S&P and Moody’s. In the event that only one of the
Rating Agencies shall have set Borrower’s Credit Rating, then the Applicable Fee Percentage shall
be based on such rating only.

	 	 	 	 	 
	Range of	 	 	 
	Borrower’s	 	 	 
	Credit Rating	 	Applicable	 
	(S&P/Moody’s	 	Fee Percentage	 
	Ratings)	 	(% per annum)	 
	<BBB-/Baa3 or
unrated
	 	 	0.25	 
	 
	 	 	 	 
	BBB-/Baa3
	 	 	0.20	 
	 
	 	 	 	 
	BBB/Baa2
	 	 	0.15	 
	 
	 	 	 	 
	BBB+/Baa1
	 	 	0.15	 
	 
	 	 	 	 
	A-/A3 or better
	 	 	0.125	 

          “Applicable Interest Rate” means (i) with respect to any Fixed Rate Indebtedness, the fixed
interest rate applicable to such Fixed Rate Indebtedness at the time in question, and (ii) with
respect to any Floating Rate Indebtedness, either (x) the rate at which the interest rate
applicable to such Floating Rate Indebtedness is actually capped (or fixed pursuant to an interest
rate hedging device), at the time of calculation, if Borrower has entered into an interest rate cap
agreement or other interest rate hedging device with respect thereto or (y) if Borrower has not
entered into an interest rate cap agreement or other interest rate hedging device with respect to
such Floating Rate Indebtedness, the greater of (A) the rate at which the interest rate applicable
to such Floating Rate Indebtedness could be fixed for the remaining term of such Floating Rate
Indebtedness, at the time of calculation, by Borrower’s entering into any unsecured interest rate
hedging device either not requiring an upfront payment or if requiring an upfront payment, such
upfront payment shall be amortized over the term of such device and included in the calculation of
the interest rate (or, if such rate is incapable of being fixed by entering into an unsecured

3

 

interest rate hedging device at the time of calculation, a fixed rate equivalent reasonably
determined by Administrative Agent) or (B) the floating rate applicable to such Floating Rate
Indebtedness at the time in question.

          “Applicable Lending Office” means with respect to any Bank, (i) in the case of its Base Rate
Loans and Swingline Loans, its Domestic Lending Office, (ii) in the case of its Euro-Dollar Loans,
its Euro-Dollar Lending Office, and (iii) in the case of its Money Market Loans, its Money Market
Lending Office.

          “Applicable Margin” means with respect to each Loan, the respective percentages per annum
determined, at any time, based on the range into which Borrower’s Credit Rating then falls, in
accordance with the table set forth below. Any change in Borrower’s Credit Rating causing it to
move to a different range on the table shall effect an immediate change in the Applicable Margin.
In the event that Borrower receives Credit Ratings that are not equivalent, the Applicable Margin
shall be determined by the higher of the ratings from S&P and Moody’s. In the event that only one
of the Rating Agencies shall have set Borrower’s Credit Rating, then the Applicable Margin shall be
based on such rating only.

	 	 	 	 	 	 	 	 	 
	Range of	 	Applicable	 	 	 	 
	Borrower’s	 	Margin for	 	 	Applicable	 
	Credit Rating	 	Base Rate	 	 	Margin for Euro	 
	(S&P/Moody's	 	Loans	 	 	Dollar Loans	 
	Ratings)	 	(% per annum)	 	 	(% per annum)	 
	<BBB-/Baa3
or unrated
	 	 	0.0	 	 	 	0.95	 
	 
	 	 	 	 	 	 	 	 
	BBB-/Baa3
	 	 	0.0	 	 	 	0.75	 
	 
	 	 	 	 	 	 	 	 
	BBB/Baa2
	 	 	0.0	 	 	 	0.55	 
	 
	 	 	 	 	 	 	 	 
	BBB+/Baa1
	 	 	0.0	 	 	 	0.425	 
	 
	 	 	 	 	 	 	 	 
	A-/A3 or better
	 	 	0.0	 	 	 	0.40	 

          “Assignee” has the meaning set forth in Section 9.6(c).

          “Auto-Renewal Letter of Credit” has the meaning set forth in Section 2.16(c).

          “Authorized Officer” means any of Maureen Fear, Sarah Byrnes, Sheri Zinkovich, Erin
Schumacher, Patty Noftz, Genevieve Patzka, Elizabeth Rim, or any other officer of Borrower who
Borrower shall notify the Administrative Agent is an Authorized Officer.

4

 

          “Balance Sheet Indebtedness” means with respect to any Person and assuming such Person is
required to prepare financial statements in accordance with GAAP, without duplication, the
Indebtedness of such Person which would be required to be included on the liabilities side of the
balance sheet of such Person in accordance with GAAP. Notwithstanding the foregoing, Balance Sheet
Indebtedness shall include current liabilities and all guarantees of Indebtedness of any Person,
but shall exclude all accounts payable, accrued interest and expenses, prepaid rents, security
deposits, and other miscellaneous liabilities included under “other liabilities” as shown on
Borrower’s consolidated balance sheet, and dividend and distributions declared but not yet paid.

          “Balloon Payments” shall mean with respect to any loan constituting Balance Sheet
Indebtedness, any required principal payment of such loan which is either (i) payable at the
maturity of such Indebtedness or (ii) in an amount which exceeds fifteen percent (15%) of the
original principal amount of such loan; provided, however, that the final payment of a fully
amortizing loan shall not constitute a Balloon Payment.

          “Bank” means each entity (other than Borrower) listed on the signature pages hereof, each
Assignee which becomes a Bank pursuant to Section 9.6(c), and their respective successors and each
Designated Lender; provided, however, that the term
“Bank” shall exclude each Designated Lender
when used in reference to a Committed Loan, the Commitments or terms relating to the Committed
Loans and the Commitments and shall further exclude each Designated Lender for all other purposes
hereunder except that any Designated Lender which funds a Money Market Loan shall, subject to
Section 9.6(d), have the rights (including the rights given to a Bank contained in Section 9.3 and
otherwise in Article 9) and obligations of a Bank associated with holding such Money Market Loan.

          “Bankruptcy Code” shall mean Title 11 of the United States Code, entitled “Bankruptcy”, as
amended from time to time, and any successor statute or statutes.

          “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% and (b) the rate of interest in effect for such day as publicly
announced from time to time by the Bank serving as the Administrative Agent as its Prime Rate.

          “Base Rate Loan” means a Committed Loan in Dollars made by a Bank as a Base Rate Loan in
accordance with the provisions of this Agreement.

          “Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section
3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise
contributed to by any member of the ERISA Group.

          “Borrower”
means EOP Operating Limited Partnership, a Delaware limited partnership.

5

 

          “Borrower’s Share” means Borrower’s and EOPT’s share of the liabilities or assets, as the case
may be, of an Investment Affiliate as reasonably determined by Borrower based upon Borrower’s or
EOPT’s economic interest in such Investment Affiliate, as of the date of such determination.

          “Borrowing” has the meaning set forth in Section 1.3.

          “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
are authorized by law to close (i) in Dallas, Texas, and (ii) in the case of Euro-Dollar Loans, in
London, England and/or Dallas, Texas, and (iii) in the case of Letters of Credit transactions for a
particular Fronting Bank, in the place where its office for issuance or administration of the
pertinent Letter of Credit is located and/or Dallas, Texas, and (iv) if such reference relates to
the date on which any amount is to be paid or made available in an Alternate Currency, the
principal financial center in the country of such Alternate Currency, as well as the city in the
country from which any Bank shall be funding such Alternate Currency Loan.

          “Capital Leases” as applied to any Person, means any lease of any property
(whether real, personal or mixed) by that Person as lessee which, in conformity with GAAP, is or
should be accounted for as a capital lease on the balance sheet of that Person.

          “Cash or Cash Equivalents” shall mean: (a) cash; (b) marketable direct obligations issued or
unconditionally guaranteed by the United States Government or issued by an agency thereof and
backed by the full faith and credit of the United States, in each case maturing within one (1) year
after the date of acquisition thereof; (c) marketable direct obligations issued by any state of the
United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within ninety (90) days after the date of acquisition thereof and,
at the time of acquisition, having one of the two highest ratings obtainable from any two of S&P,
Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then
from such other nationally recognized rating services acceptable to Administrative Agent ); (d)
domestic corporate bonds, other than domestic corporate bonds issued by Borrower or any of its
Affiliates, maturing no more than two (2) years after the date of acquisition thereof and, at the
time of acquisition, having a rating of at least A or the equivalent from any two (2) of S&P,
Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then
from such other nationally recognized rating services acceptable to Administrative Agent); (e)
variable-rate domestic corporate notes or medium term corporate notes, other than notes issued by
Borrower or any of its Affiliates, maturing or resetting no more than one (1) year after the date
of acquisition thereof and having a rating of at least AA or the equivalent from two of S&P,
Moody’s or Fitch (or, if at any time no two of the foregoing shall be rating such obligations, then
from such other nationally recognized rating services acceptable to Administrative Agent); (f)
commercial paper (foreign and domestic) or master notes, other than commercial paper or master
notes issued by Borrower or any of its Affiliates, and, at the time of acquisition, having a
long-term rating of at least A or the equivalent from S&P, Moody’s or Fitch and having a short-term
rating of at least A-1 and P-1 from S&P and Moody’s, respectively (or, if at any time neither S&P
nor Moody’s shall be rating such obligations, then the highest rating from such other nationally

6

 

recognized rating services acceptable to Administrative Agent); (g) domestic and foreign
certificates of deposit or domestic time deposits or foreign deposits or bankers’ acceptances
(foreign or domestic) in Dollars, Hong Kong Dollars, Singapore Dollars or an Alternate Currency
that are issued by a bank (I) which has, at the time of acquisition, a long-term rating of at least
A or the equivalent from S&P, Moody’s or Fitch and (II) if a domestic bank, which is a member of
the Federal Deposit Insurance Corporation; and (h) overnight securities repurchase agreements, or
reverse repurchase agreements secured by any of the foregoing types of securities or debt
instruments, provided that the collateral supporting such repurchase agreements shall have a value
not less than 101% of the principal amount of the repurchase agreement plus accrued interest; and
money market funds invested in investments substantially all of which consist of the items
described in the foregoing clauses (a) through (h).

          “Cash Flow” means, for any period, EBITDA for such period, as adjusted for a normalized
recurring level of capital expenditures by Borrower for such period, which adjustment shall be at
the rate of Twenty cents ($0.20) per square foot per annum of office space occupied as of the
applicable date of determination for (i) all Office Properties of Borrower and Consolidated
Subsidiaries, and (ii) Borrower’s Share of each Office Property of an Investment Affiliate
(provided that, as to any Office Property acquired during such period such $0.20 per square foot
adjustment shall be pro-rated for the period of ownership).

          “CBD Properties” means real properties located in a “Central Business District”, as disclosed
in Borrower’s most recent supplemental securities disclosures.

          “Closing Date” means the date on which the conditions set forth in Section 3.1 shall have been
satisfied to the satisfaction of the Administrative Agent.

          “Code” shall mean the Internal Revenue Code of 1986, as amended, and as it may be further
amended from time to time, any successor statutes thereto, and applicable U.S.

 Department of Treasury regulations issued pursuant thereto in temporary or final form.

          “Committed Borrowing” has the meaning set forth in Section 1.3.

          “Committed Loan” means a loan made by a Bank pursuant to Section 2.1 as well as Loans required
to be made by a Bank pursuant to Section 2.16 to reimburse a Fronting Bank for a Letter of Credit
that has been drawn down; provided that, if any such loan or loans (or portions thereof) are
combined or subdivided pursuant to a Notice of Interest Rate Election, the term “Committed Loan”
shall refer to the combined principal amount resulting from such combination or to each of the
separate principal amounts resulting from such subdivision, as the case may be.

          “Commitment” means with respect to each Bank, the sum of its Dollar Commitment and its
Alternate Currency Commitment.

7

 

          “Confidential Information Memorandum” means that certain Equity Office Properties Trust —
Confidential Information Memorandum, dated August 2006, from Banc of America Securities LLC, J.P.
Morgan, Securities, Inc., Bank of America, N.A., and JPMorgan Chase Bank, N.A..

          “Consolidated Subsidiary” means at any date any Subsidiary or other entity which is
consolidated with Borrower or EOPT in accordance with GAAP

          “Contingent Obligation” as to any Person means, without duplication, (i) any contingent
obligation of such Person required to be shown on such Person’s balance sheet in accordance with
GAAP, and (ii) any obligation required to be disclosed in the footnotes to such Person’s financial
statements, guaranteeing partially or in whole any Non-Recourse Indebtedness, lease, dividend or
other obligation, exclusive of contractual indemnities (including, without limitation, any
indemnity or price-adjustment provision relating to the purchase or sale of securities or other
assets) and guarantees of non-monetary obligations (other than guarantees of completion) which have
not yet been called on or quantified, of such Person or of any other Person. The amount of any
Contingent Obligation described in clause (ii) shall be deemed to be (a) with respect to a guaranty
of interest or interest and principal, or operating income guaranty, the Net Present Value of the
sum of all payments required to be made thereunder (which in the case of an operating income
guaranty shall be deemed to be equal to the debt service for the note secured thereby), calculated
at the Applicable Interest Rate, through (i) in the case of an interest or interest and principal
guaranty, the stated date of maturity of the obligation (and commencing on the date interest could
first be payable thereunder), or (ii) in the case of an operating income guaranty, the date through
which such guaranty will remain in effect, and (b) with respect to all guarantees not covered by
the preceding clause (a), an amount equal to the stated or determinable amount of the primary
obligation in respect of which such guaranty is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof (assuming such Person is required to perform
thereunder) as recorded on the balance sheet and on the footnotes to the most recent financial
statements of Borrower required to be delivered pursuant to Section 5.1 hereof. Notwithstanding
anything contained herein to the contrary, guarantees of completion shall not be deemed to be
Contingent Obligations unless and until a claim for payment or performance has been made
thereunder, at which time any such guaranty of completion shall be deemed to be a Contingent
Obligation in an amount equal to any such claim. Subject to the preceding sentence, (i) in the case
of a joint and several guaranty given by such Person and another Person (but only to the extent
such guaranty is recourse, directly or indirectly to Borrower), the amount of the guaranty shall be
deemed to be 100% thereof unless and only to the extent that such other Person has delivered Cash
or Cash Equivalents to secure all or any part of such Person’s guaranteed obligations and (ii) in
the case of a guaranty (whether or not joint and several) of an obligation otherwise constituting
Indebtedness of such Person, the amount of such guaranty shall be deemed to be only that amount in
excess of the amount of the obligation constituting Indebtedness of such Person. Notwithstanding
anything contained herein to the contrary, “Contingent Obligations” shall be deemed not to include
guarantees of Unused Commitments or of construction loans to the extent the same have not been
drawn. All matters constituting “Contingent Obligations” shall be calculated without duplication.

8

 

          “Convertible Securities” means evidences of shares of stock, limited or general partnership
interests or other ownership interests, warrants, options, or other rights or securities which are
convertible into or exchangeable for, with or without payment of additional consideration, common
shares of beneficial interest of EOPT or partnership interests of Borrower, as the case may be,
either immediately or upon the arrival of a specified date or the happening of a specified event.

          “Credit Rating” means the rating assigned by the Rating Agencies to Borrower’s senior
unsecured long term indebtedness.

          “Debt Restructuring” means a restatement of, or material change in, the amortization or other
financial terms of any Indebtedness of EOPT, the Borrower or any Subsidiary or Investment
Affiliate.

          “Debt Service” means, for any period and without duplication, Interest Expense for such period
plus scheduled principal amortization (excluding Balloon Payments) for such period on all Balance
Sheet Indebtedness of Borrower on a consolidated basis, plus Borrower’s Share of scheduled
principal amortization (excluding Balloon Payments) for such period on all Balance Sheet
Indebtedness of Investment Affiliates.

          “Default” means any condition or event which with the giving of notice or lapse of time or
both would, unless cured or waived, become an Event of Default.

          “Default Rate” has the meaning set forth in Section 2.8(d).

          “Designated Lender” means a special purpose corporation that (i) shall have become a party to
this Agreement pursuant to Section 9.6(d), and (ii) is not otherwise a Bank.

          “Designated Lender Notes” means promissory notes of the Borrower, substantially in the form of
Exhibit A-1 hereto, evidencing the obligation of the Borrower to repay Money Market Loans made by
Designated Lenders, and “Designated Lender Note” means any one of such promissory notes issued
under Section 9.6(d) hereof.

          “Designating Lender” shall have the meaning set forth in Section 9.6(d) hereof.

          “Designation Agreement” means a designation agreement in substantially the form of Exhibit G
attached hereto, entered into by a Bank and a Designated Lender and accepted by the Administrative
Agent.

          “Development Activity” means (a) the development and construction of office buildings and
parking facilities by the Borrower or any of its Financing Partnerships or Joint Venture
Subsidiaries excluding Unimproved Assets, (b) the financing by the Borrower or any of its Financing
Partnerships or Joint Venture Subsidiaries of any such development or construction and (c) the
incurrence by the Borrower or any of its Financing Partnerships or Joint Venture

9

 

Subsidiaries of any Contingent Obligations in connection with such development or construction
(other than purchase contracts for Real Property Assets which are not payable until after
completion of development or construction). For purposes of Section 5.8(j) hereof, the “value” of
Development Activity shall mean (i) in the case of the development and construction by the Borrower
or any of its Financing Partnerships described in clause (a) of this definition, the full cost
budget to complete such development and construction, (ii) in the case of the development and
construction by a Joint Venture Subsidiary of the Borrower described in clause (a) of this
definition, an amount equal to the product of (AA) the full cost budget to complete such
development and construction, multiplied by (BB) Borrower’s Share of such Joint Venture Subsidiary,
(iii) in the case of the financing of any development and construction by the Borrower or any of
its Financing Partnerships described in clause (b) of this definition, the amount the Borrower or
any Financing Partnership has committed to fund to pay the cost to complete such development and
construction, (iv) in the case of the financing of any development and construction by a Joint
Venture Subsidiary of the Borrower described in clause (b) of this definition, an amount equal to
the product of (AA) the amount such Joint Venture Subsidiary has committed to fund to pay the cost
to complete such development and construction, multiplied by (B) Borrower’s Share of such Joint
Venture Subsidiary, (v) in the case of the incurrence of any Contingent Obligations in connection
with any development and construction by the Borrower or any of its Financing Partnerships
described in clause (c) of this definition, the amount of such Contingent Obligation of the
Borrower or such Financing Partnership, (vi) in the case of the incurrence of any Contingent
Obligations in connection with any development and construction by a Joint Venture Subsidiary of
the Borrower described in clause (c) of this definition, an amount equal to the product of (AA) the
amount of such Contingent Obligation of such Joint Venture Subsidiary, multiplied by (BB)
Borrower’s Share of such Joint Venture Subsidiary.

          “Development Property(ies)” means any Real Property Asset (or, in the case of any Real
Property Asset being developed or redeveloped in phases, any phase thereof) under construction or
redevelopment (which shall be deemed to include the property commonly known as the Verizon Building
in New York City) owned by Borrower, EOPT, any Consolidated Subsidiary or any Investment Affiliate
for less than six (6) complete Fiscal Quarters after the earlier to occur of (a) the twelve (12)
month anniversary of substantial completion (which shall be deemed to be the date of the issuance
of a certificate of occupancy for the applicable Property) occurs, and (b) the last day of the
Fiscal Quarter in which the applicable Property achieves an occupancy rate of not less than 93%.

          “Development Property Value” means an amount equal to the greater of (x) the aggregate amount
of the most recent quarter’s EBITDA with respect to such Development Property (or Borrower’s Share
thereof with respect to any Development Property owned by an Investment Affiliate) multiplied by
four, less $0.20 (or, in the case of Development Properties owned by an Investment Affiliate,
Borrower’s Share of $0.20) per square foot for occupied space for replacement reserves, divided by
a 7.00% capitalization rate for CBD Properties and an 8.25% capitalization rate for non-CBD
Properties, and (y) the undepreciated book value, determined in accordance with GAAP of such
Development Property (or Borrower’s Share thereof with respect to any Development Property owned by
an Investment Affiliate).

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          “Documentation Agents” means each of The Bank of Nova Scotia, LaSalle Bank National
Association, The Royal Bank of Scotland plc, U.S. Bank National Association, and Wachovia Bank,
National Association, in their capacity as Documentation Agents hereunder, and its permitted
successors in such capacity in accordance with the terms of this Agreement.

          “Dollar Commitment” means with respect to each Bank, the amount set forth under the name of
such Bank on the signature pages hereof as its commitment for Loans in Dollars (and, for each Bank
which is an Assignee, the amount set forth in the Transfer Supplement entered into pursuant to
Section 9.6(c) as the Assignee’s Commitment), as such amount may be reduced from time to time
pursuant to Section 2.11(e) or in connection with an assignment to an Assignee, and as such amount
may be increased in connection with an assignment from an Assignor. The initial aggregate amount of
the Banks’ Dollar Commitments is $2,100,000,000.

          “Dollar Equivalent Amount” means, at any time, (a) with respect to any amount denominated in
Dollars, such amount, and (b) with respect to any amount denominated in any Alternate Currency, the
equivalent amount thereof in Dollars as determined by the Administrative Agent or the Fronting
Bank, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the
most recent revaluation date pursuant to Section 2.19) for the purchase of Dollars with such
Alternate Currency.

          “Dollar Sublimit” means, an amount of Loans and Letters of Credit denominated in Dollars equal
to Two Billion One Hundred Million Dollars ($2,100,000,000), as the same may be decreased in
accordance with the provisions of this Agreement.

          “Dollars” and “$” mean the lawful money of the United States.

          “Domestic Lending Office” means, as to each Bank, its office located at its address in the
United States set forth in its Administrative Questionnaire (or identified in its Administrative
Questionnaire as its Domestic Lending Office) or such other office as such Bank may hereafter
designate as its Domestic Lending Office by notice to the Borrower and the Administrative Agent.

          “EBITDA” means, for any period (i) Net Income for such period, plus (ii) depreciation and
amortization expense and other non-cash items deducted in the calculation of Net Income for such
period, plus (iii) Interest Expense deducted in the calculation of Net Income for such period, plus
(iv) Taxes (net of any Taxes actually paid to, or withheld by, any foreign jurisdiction with
respect to any Real Property Asset located outside of the United States) deducted in the
calculation of Net Income for such period, plus (v) Borrower’s Share of the Investment Affiliate
EBITDA for each Investment Affiliate, minus (vi) the gains (and plus the losses) from extraordinary
items or asset sales or write-ups or forgiveness of indebtedness included (or deducted) in the
calculation of Net Income for such period, all of the foregoing without duplication.

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          “Environmental Affiliate” means any partnership, joint venture, trust or corporation in which
an equity interest is owned directly or indirectly by the Borrower and, as a result of the
ownership of such equity interest, Borrower may have recourse liability for Environmental Claims
against such partnership, joint venture, trust or corporation (or the property thereof).

          “Environmental Claim” means, with respect to any Person, any notice, claim, demand or similar
communication (written or oral) by any other Person alleging potential liability of such Person for
investigatory costs, cleanup costs, governmental response costs, natural resources damage, property
damages, personal injuries, fines or penalties arising out of, based on or resulting from (i) the
presence, or release into the environment, of any Materials of Environmental Concern at any
location, whether or not owned by such Person or (ii) circumstances forming the basis of any
violation, or alleged violation, of any Environmental Law, in each case (with respect to both (i)
and (ii) above) as to which there is a reasonable possibility of an adverse determination with
respect thereto and which, if adversely determined, would have a Material Adverse Effect.

          “Environmental Laws” means any and all federal, state, and local statutes, laws, judicial
decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits,
concessions, grants, licenses, agreements and other governmental restrictions relating to the
environment, the effect of the environment on human health or to emissions, discharges or releases
of Materials of Environmental Concern into the environment including, without limitation, ambient
air, surface water, ground water, or land, or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Materials of
Environmental Concern or the clean up or other remediation thereof.

          “EOPT” means Equity Office Properties Trust, a Maryland real estate investment trust, the sole
managing general partner of the Borrower.

          “EOPT Guaranty” means the Guaranty of Payment, dated as of even date herewith, executed by and
between EOPT and Administrative Agent for the benefit of the Banks.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any
successor statute.

          “ERISA Group” means the Borrower, any Subsidiary, EOPT and all members of a controlled group
of corporations and all trades or businesses (whether or not incorporated) under common control and
all members of an “affiliated service group” which, together with the Borrower, any Subsidiary or
EOPT, are treated as a single employer under Section 414 of the Code or Section 4001(b)(1) of
ERISA.

          “Euro-Dollar Borrowing” has the meaning set forth in Section 1.3.

          “Euro-Dollar Lending Office” means, as to each Bank, its office, branch or affiliate located
at its address set forth in its Administrative Questionnaire (or identified in its

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Administrative Questionnaire as its Euro-Dollar Lending Office) or such other office, branch or
affiliate of such Bank as it may hereafter designate as its Euro-Dollar Lending Office by notice to
the Borrower and the Administrative Agent.

          “Euro-Dollar Loan” means a Committed Loan made by a Bank as a Euro-Dollar Loan in accordance
with the applicable Notice of Borrowing.

          “Euro-Dollar Rate” means, for any applicable Interest Period for any Euro-Dollar 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 or the applicable Alternate
Currency, as the case may be, deposits (for delivery on the first day of such Interest Period) with
a term equivalent such Interest Period. If such rate is not available at such time for any reason,
the “Euro-Dollar 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 Euro-Dollar Loan being
made, continued or converted by Bank of America 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 11:00 a.m. (London time) two Business Days
prior to the commencement of such Interest Period.

          “Euro-Dollar Reserve Percentage” means, for any day during any Interest Period, the reserve
percentage (expressed as a decimal, carried out to five decimal places) in effect on such day,
whether or not applicable to any Lender, under regulations issued from time to time by the Federal
Reserve Board for determining the maximum reserve requirement (including any emergency,
supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently
referred to as “Eurocurrency liabilities”). The Euro-Dollar Rate for each outstanding Euro-Dollar
Loan shall be adjusted automatically as of the effective date of any change in the Euro-Dollar
Reserve Percentage.

          “Event of Default” has the meaning set forth in Section 6.1.

          “Existing Revolving Credit Facility” shall mean the revolving credit facility evidenced by
that certain Revolving Credit Agreement, dated as of August 4, 2005, by and among the Borrower and
the banks and agents listed therein, providing for a revolving loan facility in the amount of
$1,250,000,000.

          “Extension Date” has the meaning set forth in Subsection 2.10(b) hereof.

          “Extension Fee” shall mean a fee in an amount equal to ten basis points (0.10%) due and
payable on the aggregate amount of the Commitments on the date the Maturity Date is extended
pursuant to the terms of Subsection 2.10(b) hereof.

13

 

          “Extension Notice” has the meaning set forth in Subsection 2.10(b) hereof.

          “Extension Option” has the meaning set forth in Subsection 2.10(b) hereof.

          “Federal Funds Rate” means, for any day, the rate per annum (rounded upward, if necessary, to
the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such
day, provided that (i) if such day is not a Business Day, the Federal Funds Rate for such day shall
be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (ii) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate quoted to the Administrative
Agent on such day on such transactions as determined by the Administrative Agent.

          “Federal Reserve Board” means the Board of Governors of the Federal Reserve System as
constituted from time to time.

          “Financing Partnerships” means any Subsidiary which is wholly-owned, directly or indirectly,
by Borrower or by Borrower and EOPT.

          “Fiscal Quarter” means a fiscal quarter of a Fiscal Year.

          “Fiscal Year” means the fiscal year of Borrower and EOPT.

          “Fitch” means Fitch, Inc., or any successor thereto.

          “Fixed Charges” for any Fiscal Quarter period means the sum of (i) Debt Service for such
period, (ii) dividends on preferred units payable by Borrower for such period, and (iii)
distributions made by Borrower in such period to EOPT for the purpose of paying dividends on
preferred shares in EOPT.

          “Fixed Rate Borrowing” has the meaning set forth in Section 1.3.

          “Fixed
Rate Indebtedness” means all Indebtedness which accrues interest at a fixed rate.

          “Floating Rate Indebtedness” means all Indebtedness which is not Fixed Rate Indebtedness and
which is not a Contingent Obligation or an Unused Commitment.

          “Fronting Bank” shall mean Bank of America, N.A., JPMorgan Chase Bank, N.A. or such other Bank
which has notified the Administrative Agent that it is willing to be a Fronting Bank and which is
designated by Borrower in its Notice of Borrowing as the Bank which shall issue a Letter of Credit
with respect to such Notice of Borrowing.

14

 

          “GAAP” means generally accepted accounting principles in the United States recognized as such
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of the accounting
profession, which are applicable to the circumstances as of the date of determination.

          “Governmental Authority” means any nation or government, any federal, state, local or other
political subdivision thereof, and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government.

          “Group of Loans” means, at any time, a group of Loans consisting of (i) all Committed Loans
which are Base Rate Loans at such time, or (ii) all Euro-Dollar Loans in the same currency having
the same Interest Period at such time; provided that, if a Committed Loan of any particular Bank is
converted to or made as a Base Rate Loan pursuant to Section 8.2 or 8.5, such Loan shall be
included in the same Group or Groups of Loans from time to time as it would have been in if it had
not been so converted or made.

          “IBOR Auction” means a solicitation of Money Market Quotes setting forth Money Market Margins
based on the Euro-Dollar Rate pursuant to Section 2.4.

          “Indebtedness” as applied to any Person (and without duplication), means (a) all indebtedness,
obligations or other liabilities of such Person for borrowed money, (b) all indebtedness,
obligations or other liabilities of such Person evidenced by Securities or other similar
instruments, (c) all Contingent Obligations of such Person, (d) all reimbursement obligations and
other liabilities of such Person with respect to letters of credit or banker’s acceptances issued
for such Person’s account or other similar instruments for which a contingent liability exists, (e)
all obligations of such Person to pay the deferred purchase price of Property or services, (f) all
obligations in respect of Capital Leases (including, without limitation, ground leases to the
extent such ground leases constitute Capital Leases) of such Person, (g) all indebtedness
obligations or other liabilities of such Person or others secured by a Lien on any asset of such
Person, whether or not such indebtedness, obligations or liabilities are assumed by, or are a
personal liability of such Person, (h) all indebtedness, obligations or other liabilities (other
than interest expense liability) in respect of Interest Rate Contracts and foreign currency
exchange agreements (other than Interest Rate Contracts purchased to hedge Indebtedness), to the
extent such liabilities are material and are reported or are required under GAAP to be reported by
such Person in its financial statements, (i) ERISA obligations currently due and payable and (j)
all other items which, in accordance with GAAP, would be included as liabilities on the liability
side of the balance sheet of such Person; exclusive, however, of all dividends and distributions
declared but not yet paid.

          “Indemnitee” has the meaning set forth in Section 9.3(b).

15

 

          “Initial Funding Date” means the date initial Loans are made in accordance with the provisions
of Section 3.1 hereof.

          “Interest Expense” means, for any period and without duplication, total interest expense,
whether paid, accrued or capitalized of Borrower, on a consolidated basis determined in accordance
with GAAP, plus Borrower’s Share of accrued, paid or capitalized interest with respect to any
Balance Sheet Indebtedness of Investment Affiliates (in each case, including, without limitation,
the interest component of Capital Leases but excluding interest expense covered by an interest
reserve established under a loan facility such as capitalized construction interest provided for in
a construction loan and excluding yield maintenance or prepayment premiums or fees).

          “Interest Period” means: (1) with respect to each Euro-Dollar Borrowing, the period commencing
on the date of such Borrowing specified in the Notice of Borrowing or on the date specified in the
applicable Notice of Interest Rate Election and ending 7, 14, 30, 60, 90, or 180 days thereafter
(or any other period less than 180 days with the reasonable approval of the Administrative Agent,
unless any Bank has previously advised Administrative Agent and Borrower that it is unable to enter
into Euro-Dollar Rate contracts for an Interest Period of the same duration), as the Borrower may
elect in the applicable Notice of Borrowing or Notice of Interest Rate Election; provided that:

     (a) any Interest Period which would otherwise end on a day which is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in another
calendar month, in which case such Interest Period shall end on the next preceding Business
Day;

     (b) any Interest Period which begins on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period) shall end on the last Business Day of a calendar month; and

     (c) no Interest Period may end later than the Maturity Date.

(2) Intentionally omitted.

(3) with respect to each Money Market IBOR Loan, the period commencing on the date of
borrowing specified in the applicable Money Market Quote Request and ending such number of months
thereafter as the Borrower may elect in accordance with Section 2.4; provided that:

     (a) any Interest Period which would otherwise end on a day which is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in another
calendar month, in which case such Interest Period shall end on the next preceding Business
Day;

16

 

     (b) any Interest Period which begins on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the calendar month at the end of such
Interest Period) shall, subject to clause (c) below, end on the last Business Day of a calendar
month; and

     (c) no Interest Period may end later than the Maturity Date.

(4) with respect to each Money Market Absolute Rate Loan, the period commencing on the date of
borrowing specified in the applicable Money Market Quote Request and ending such number of days
thereafter (but not less than 14 days or more than 180 days) as the Borrower may elect in
accordance with Section 2.4; provided that:

     (a) any Interest Period which would otherwise end on a day which is not a Business Day
shall be extended to the next succeeding Business Day; and

     (b) no Interest Period may end later than the Maturity Date.

          “Interest Rate Contracts” means, collectively, interest rate swap, collar, cap or similar
agreements providing interest rate protection.

          “Intracompany Indebtedness” means Indebtedness whose obligor and obligee are each the
Borrower, EOPT or a Consolidated Subsidiary.

          “Investment Affiliate” means any Person in whom EOPT or Borrower holds an equity interest,
directly or indirectly, whose financial results are not consolidated under GAAP with the financial
results of EOPT or Borrower on the consolidated financial statements of EOPT and Borrower.

          “Investment Affiliate EBITDA” means, for any period (i) the net earnings (or loss) of an
Investment Affiliate for such period calculated in conformity with GAAP, plus (ii) depreciation and
amortization expense and other non-cash items of such Investment Affiliate deducted in the
calculation of such net earnings (or loss) for such period, plus (iii) total interest expense,
whether paid, accrued or capitalized, of such Investment Affiliate deducted in the calculation of
such net earnings (or loss) for such period, plus (iv) Taxes of such Investment Affiliate deducted
in the calculation of such net earnings (or loss) for such period, minus (v) the gains (and plus
the losses) from extraordinary items or asset sales or write-ups or forgiveness of indebtedness
included (or deducted) in the calculation of Investment Affiliate Net Income for such period, all
of the foregoing without duplication.

          “Investment Mortgages” means mortgages securing indebtedness with respect to Office Properties
and Parking Properties directly or indirectly owed to Borrower or any of its Subsidiaries,
including, without limitation, certificates of interest in real estate mortgage investment
conduits.

17

 

          “Invitation for Money Market Quotes” has the meaning set forth in Section 2.4(c).

          “Joint Venture Interests” means partnership, joint venture interests, membership or other
equity issued by any Person which is an Investment Affiliate that is not a Subsidiary.

          “Joint Venture Parent” means Borrower or one or more Financing Partnerships of Borrower which
directly owns any interest in a Joint Venture Subsidiary.

          “Joint Venture Subsidiary” means any entity (other than a Financing Partnership) in which (i)
a Joint Venture Parent owns at least 20% of the economic interests and (ii) the sale or financing
of any Property owned by such Joint Venture Subsidiary is substantially controlled by a Joint
Venture Parent, subject to customary provisions set forth in the organizational documents of such
Joint Venture Subsidiary with respect to refinancings or rights of first refusal granted to other
members of such Joint Venture Subsidiary. For purposes of the preceding sentence, the sale or
financing of a Property owned by a Joint Venture Subsidiary shall be deemed to be substantially
controlled by a Joint Venture Parent if such Joint Venture Parent has the ability to exercise a
buy-sell right in the event of a disagreement regarding the sale or financing of such Property. In
addition, the relationship of a Joint Venture Parent as a tenant in common in any asset with other
tenants in common in the same asset shall be treated as if such relationship were a general
partnership for purposes of this definition. In addition, for purposes of the definitions of
“Unencumbered Asset Value”, a Joint Venture Subsidiary shall be deemed to include any entity (other
than a Financing Partnership) in which a Qualified Joint Venture Partner owns the balance of the
interests.

          “Letter of Credit” has the meaning provided in Section 2.2(b).

          “Letter of Credit Collateral” has the meaning provided in Section 6.4.

          “Letter of Credit Collateral Account” has the meaning provided in Section 6.4.

          “Letter of Credit Documents” has the meaning provided in Section 2.16.

          “Letter of Credit Usage” means at any time the sum of (i) the aggregate maximum amount
available to be drawn under the Letters of Credit then outstanding, assuming compliance with all
requirements for drawing referred to therein, and (ii) the aggregate amount of the Borrower’s
unpaid obligations under this Agreement in respect of the Letters of Credit.

          “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind, or any other type of preferential arrangement, in each case that has
the effect of creating a security interest, in respect of such asset. For the purposes of this
Agreement, the Borrower or any Consolidated Subsidiary shall be deemed to own subject to a Lien any
asset which it has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, capital lease or other title retention agreement relating to such
asset.

18

 

          “Loan” means a Base Rate Loan, a Euro-Dollar Loan, a Money Market Loan or a Swingline Loan and
“Loans” means Base Rate Loans, Euro-Dollar Loans, Money Market Loans or Swingline Loans or any
combination of the foregoing.

          “Loan Documents” means this Agreement, the Notes, the EOPT Guaranty, each Qualified Borrower
Guaranty, and the Letter of Credit Documents.

          “Loan Effective Date” has the meaning set forth in Section 8.3 hereof.

          “Majority Banks” means at any time Banks having at least 51% of the aggregate amount of the
Commitments or, if the Commitments shall have been terminated, holding Notes evidencing at least
51% of the aggregate unpaid principal amount of the Loans (provided, that in the case of Swingline
Loans, the amount of each Bank’s funded participation interest in such Swingline Loans shall be
considered for purposes hereof as if it were a direct loan and not a participation interest, and
the aggregate amount of Swingline Loans owing to the Swingline Lender shall be considered for
purposes hereof as reduced by the amount of such funded participation interests).

          “Management/Development Fee Value” means an amount equal to the quotient of all third party
management and development fee income for any period, divided by a 20% capitalization rate.

          “Managing Agents” means Eurohypo AG, New York Branch and PNC Bank, National Association in
their capacity as Managing Agents hereunder.

          “Mandatory Borrowing” has the meaning set forth in Section 2.3(b)(iii).

          “Material Adverse Effect” means an effect resulting from any circumstance or event or series
of circumstances or events, of whatever nature (but excluding general economic conditions), which
does or could reasonably be expected to, materially and adversely (i) impair the ability of EOPT,
the Borrower and their Consolidated Subsidiaries, taken as a whole, to perform their respective
obligations under the Loan Documents, or (ii) the ability of Administrative Agent or the Banks to
enforce the Loan Documents.

          “Material Plan” means at any time a Plan or Plans having aggregate unfunded liabilities in
excess of $5,000,000.

          “Materials of Environmental Concern” means all substances defined as Hazardous Substances,
Oils, Pollutants or Contaminants in the National Oil and Hazardous Substances Pollution Contingency
Plan, 40 C.F.R. § 300.5, toxic mold, or defined as such by, or regulated as such under, any
Environmental Law.

19

 

          “Maturity Date” shall mean the date when all of the Obligations hereunder shall be due and
payable which shall be September 22, 2010, unless accelerated pursuant to the terms hereof or
extended pursuant to Section 2.10(b) hereof.

          “Money Market Absolute Rate” has the meaning set forth in Section 2.4(d)(2).

          “Money Market Absolute Rate Loan” means a loan in Dollars made by a Bank pursuant to an
Absolute Rate Auction.

          “Money Market Borrowing” has the meaning set forth in Section 1.3.

          “Money Market Lending Office” means, as to each Bank, its Domestic Lending Office or such
other office, branch or affiliate of such Bank as it may hereafter designate as its Money Market
Lending Office by notice to the Borrower and the Agent; provided that any Bank may from time to
time by notice to the Borrower and the Administrative Agent designate separate Money Market Lending
Offices for its Money Market IBOR Loans, on the one hand, and its Money Market Absolute Rate Loans,
on the other hand, in which case all references herein to the Money Market Lending Office of such
Bank shall be deemed to refer to either or both of such offices, as the context may require.

          “Money Market IBOR Loan” means a loan in Dollars made by a Bank pursuant to a IBOR Auction
(including, without limitation, such a loan bearing interest at the Base Rate pursuant to Article
VIII).

          “Money Market Loan” means a Money Market IBOR Loan or a Money Market Absolute Rate Loan.

          “Money Market Margin” has the meaning set forth in Section 2.4(d)(2).

          “Money Market Quote” means an offer by a Bank to make a Money Market Loan in accordance with
Section 2.4.

          “Money Market Quote Request” has the meaning set forth in Section 2.4(b).

          “Moody’s” means Moody’s Investors Services, Inc. or any successor thereto.

          “Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of
Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an
obligation to make contributions or has at any time after September 25, 1980 made contributions or
has been required to make contributions (for these purposes any Person which ceased to be a member
of the ERISA Group after September 25, 1980 will be treated as a member of the ERISA Group).

20

 

          “Negative Pledge” means, with respect to any Property, any covenant, condition, or other
restriction entered into by the owner of such Property or directly binding on such Property which
prohibits or limits the creation or assumption of any Lien upon such Property to secure any or all
of the Obligations; provided, however, that such term shall not include (a) any covenant, condition
or restriction contained in any ground lease from a Governmental Authority, and (b) any financial
covenant (such as a limitation on secured indebtedness) given for the benefit of any Person that
may be violated by the granting of any Lien on any Property to secure any or all of the
Obligations.

          “Net Income” means, for any period, the net earnings (or loss) after Taxes of any Person, on a
consolidated basis, before the deduction of minority interests and before the deduction of payment
of any preferred dividends, for such period calculated in conformity with GAAP.

          “Net Price” means, with respect to any Acquisition Property, without duplication, the
undepreciated and unamortized book value, determined in accordance with GAAP, of such Acquisition
Property (or Borrower’s Share thereof with respect to any Acquisition Property owned by an
Investment Affiliate).

          “Net Present Value” shall mean, as to a specified or ascertainable dollar amount, the present
value, as of the date of calculation of any such amount using a discount rate equal to the Base
Rate in effect as of the date of such calculation.

          “Non-Recourse Indebtedness” means Indebtedness with respect to which recourse for payment is
limited to (i) a specific Property or Properties encumbered by a Lien securing such Indebtedness
and/or another Person so long as there is no recourse to Borrower or EOPT or (ii) any Subsidiary
(provided that if a Subsidiary is a partnership, there is no recourse to Borrower or EOPT as a
general partner of such partnership); provided, however, that personal recourse of Borrower or EOPT
for any such Indebtedness for fraud, misrepresentation, misapplication of cash, waste,
environmental claims and liabilities and other circumstances customarily excluded by institutional
lenders from exculpation provisions and/or included in separate indemnification agreements in
non-recourse financing of real estate shall not, by itself, prevent such Indebtedness from being
characterized as Non-Recourse Indebtedness. For purposes of the foregoing and for the avoidance of
doubt, (a) if the Indebtedness is partially guaranteed by Borrower or EOPT, the portion of such
Indebtedness that is not so guaranteed shall still be Non-Recourse Indebtedness if it otherwise
satisfies the requirements of this definition, and (b) if the liability of Borrower or EOPT under
any such guaranty is itself limited to a specific Property or Properties, then such Indebtedness
shall still be Non-Recourse Indebtedness if such Indebtedness otherwise satisfies the requirements
of this definition.

          “Nonrenewal Notice Date” has the meaning set forth in Section 2.16(c).

          “Notes” means the promissory notes of the Borrower or any Qualified Borrower, substantially in
the form of Exhibit A, Exhibit A-1 and Exhibit A-2 hereto, evidencing the

21

 

obligation of the Borrower or any Qualified Borrower to repay the Loans, and “Note” means any one
of such promissory notes issued hereunder.

          “Notice of Borrowing” means a notice from Borrower, signed by an Authorized Officer in
accordance with Section 2.2 or
Section 2.3(b)(i).

          “Notice of Interest Rate Election” has the meaning set forth in Section 2.7.

          “Obligations” means all obligations, liabilities, indemnity obligations and
Indebtedness of every nature of the Borrower, from time to time owing to Administrative Agent
or any Bank under or in connection with this Agreement or any other Loan Document.

          “Office Property” means any Property which constitutes primarily commercial office space other
than a Parking Property.

          “Parking Property” means any Property which is primarily used for parking.

          “Parent” means, with respect to any Bank, any Person controlling such Bank.

          “Participant” has the meaning set forth in Section 9.6(b).

          “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all
of its functions under ERISA.

          “Permitted Holdings” means Unimproved Assets, Development Activity, Joint Venture Interests,
Investment Mortgages, Securities and Properties which constitute primarily warehouse distribution
facilities, but only to the extent permitted in Section 5.8.

          “Permitted Liens” means:

     a. Liens for Taxes, assessments or other governmental charges not yet due and payable or
which are being contested in good faith by appropriate proceedings promptly instituted and
diligently conducted in accordance with the terms hereof;

     b. statutory liens of carriers, warehousemen, mechanics, materialmen and other similar liens
imposed by law, which are incurred in the ordinary course of business for sums not more than
sixty (60) days delinquent or which are being contested in good faith in accordance with the
terms hereof;

     c. deposits made in the ordinary course of business in connection with worker’s
compensation, unemployment insurance and other social security legislation or to secure
liabilities to insurance carriers;

22

 

     d. utility deposits and other deposits to secure the performance of bids, trade contracts
(other than for borrowed money), leases, purchase contracts, construction contracts, governmental
contracts, statutory obligations, surety bonds, performance bonds and other obligations of a like
nature incurred in the ordinary course of business;

     e. Liens for purchase money obligations for equipment (or Liens to secure Indebtedness
incurred within 90 days after the purchase of any equipment to pay all or a portion of the
purchase price thereof or to secure Indebtedness incurred solely for the purpose of financing the
acquisition of any such equipment, or extensions, renewals, or replacements of any of the
foregoing for the same or lesser amount); provided that (i) the Indebtedness secured by any such
Lien does not exceed the purchase price of such equipment, (ii) any such Lien encumbers only the
asset so purchased and the proceeds upon sale, disposition, loss or destruction thereof, and
(iii) such Lien, after giving effect to the Indebtedness secured thereby, does not give rise to
an Event of Default;

     f. easements, rights-of-way, zoning restrictions, other similar charges or encumbrances and
all other items listed on Schedule B to Borrower’s owner’s title insurance policies, except in
connection with any Indebtedness, for any of Borrower’s Real Property Assets, so long as the
foregoing do not interfere in any material respect with the use or ordinary conduct of the
business of Borrower and do not diminish in any material respect the value of the Property to
which it is attached or for which it is listed;

     g. Liens and judgments (i) which have been or will be bonded (and the Lien on any cash or
securities serving as security for such bond) or released of record within thirty (30) days after
the date such Lien or judgment is entered or filed against EOPT, Borrower, or any Subsidiary, or
(ii) which are being contested in good faith by appropriate proceedings for review and in which
respect of which there shall have been secured a subsisting stay of execution pending such appeal
or proceedings and with respect to which reasonable reserves have been established by EOPT,
Borrower or such Subsidiary, as the case may be;

     h. Liens on Property of the Borrower or its Subsidiaries (other than Qualifying Unencumbered
Property) securing Indebtedness which may be incurred or remain outstanding without resulting in
an Event of Default hereunder; and

     i. Liens in favor of Borrower against any asset of any Financing Partnership or Joint
Venture Subsidiaries.

          “Person” means an individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity or organization, including, without limitation, a
government or political subdivision or an agency or instrumentality thereof.

          “Plan” means at any time an employee pension benefit plan (other than a
Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding

23

 

standards under Section 412 of the Code and either (i) is maintained, or contributed to, by any
member of the ERISA Group for employees of any member of the ERISA Group or (ii) has at any time
within the preceding five years been maintained, or contributed to, by any Person which was at such
time a member of the ERISA Group for employees of any Person which was at such time a member of the
ERISA Group.

          “Prime Rate” means a rate set by Bank of America, N.A. based upon various factors including
Bank of America, N.A.’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 the Bank serving as the Administrative
Agent shall take effect at the opening of business on the day specified in the public announcement
of such change.

          “principal financial center” means, when used in reference to an Alternate Currency, (a) in
the case of British Pounds Sterling, London, England, (b) in the case of Euros, Frankfurt am Main,
Germany, (c) in the case of Yen, Tokyo, Japan, and (d) in the case of Australian Dollars, Sydney,
Australia.

          “Pro Rata Share” means, with respect to any Bank, as applicable, (a) a fraction (expressed as
a percentage), the numerator of which shall be the amount of such Bank’s Dollar Commitment and the
denominator of which shall be the aggregate amount of all of the Banks’ Dollar Commitments, (b) a
fraction (expressed as a percentage), the numerator of which shall be the amount of such Bank’s
Alternate Currency Commitment and the denominator of which shall be the aggregate amount of all of
the applicable Banks’ Alternate Currency Commitments, or (c) a fraction (expressed as a
percentage), the numerator of which shall be the sum of the amount of such Bank’s Alternate
Currency Commitment and its Dollar Commitment and the denominator of which shall be the aggregate
amount of all of the Banks’ Commitments, in each case as adjusted from time to time in accordance
with the provisions of this Agreement.

          “Property” means, with respect to any Person, any real or personal property, building,
facility, structure, equipment or unit, or other asset owned by such Person.

          “Qualified Borrower” means a foreign or domestic limited partnership, limited liability
company or other business entity duly organized under the laws of its jurisdiction of formation of
which the Borrower (or a Person that is owned and controlled by the Borrower) is the sole general
partner or managing member, the Indebtedness of which, in all cases, can be guaranteed by the
Borrower pursuant to the provisions of the Borrower’s organizational documents pursuant to the
Qualified Borrower Guaranty, and with respect to which a Qualified Borrower Guaranty has been
delivered.

          “Qualified Borrower Guaranty” means a full and unconditional guaranty of payment in the form
of Exhibit H attached hereto, enforceable against Borrower for the payment of a Qualified
Borrower’s debt or obligation to the Banks.

24

 

          “Qualified Institution” means a Bank, or one or more banks, finance companies, insurance or
other financial institutions which (A) has (or, in the case of a bank or other financial
institution which is a subsidiary, such bank’s or financial institution’s parent has) a rating of
its senior unsecured debt obligations of not less than Baa-1 by Moody’s or a comparable rating by a
rating agency acceptable to Administrative Agent and (B) has total assets in excess of Ten Billion
Dollars ($10,000,000,000).

          “Qualified Joint Venture Partner” means (a) pension funds, insurance companies, banks,
investment banks or similar institutional entities, each with significant experience in making
investments in commercial real estate, and (b) commercial real estate companies of similar quality
and experience.

          “Qualifying Unencumbered Property” means any Property (excluding Unimproved Assets) from time
to time which (i) is an operating Office Property or Parking Property or constitutes primarily a
warehouse distribution facility wholly-owned (directly or beneficially) by Borrower, a Financing
Partnership or a Joint Venture Subsidiary, (ii) is not subject (nor are any equity interests in
such Property that are owned directly or indirectly by Borrower, EOPT or any Joint Venture Parent
subject) to a Lien which secures Indebtedness of any Person other than Permitted Liens, and (iii)
is not subject (nor are any equity interests in such Property that are owned directly or indirectly
by Borrower, EOPT or any Joint Venture Parent subject) to any Negative Pledge. In addition, in the
case of any Property that is owned by a Subsidiary of Borrower and/or EOPT, no such Property shall
constitute Qualifying Unencumbered Property during any period of time that such Subsidiary is in
default beyond the expiration of any applicable grace or cure period in the payment of any
Indebtedness of such Subsidiary for borrowed money (other than Indebtedness with respect to which
recourse for payment is limited to (i) specific assets related to a particular Property or group of
Properties encumbered by a Lien securing such Indebtedness, which Properties, in any event, do not
constitute Qualifying Unencumbered Properties, or (ii) any subsidiary of such Subsidiary (provided
that if such subsidiary of such Subsidiary is a partnership, there is no recourse to such
Subsidiary as a general partner of such partnership);
provided, however, that personal recourse of
such Subsidiary for any such Indebtedness for fraud, misrepresentation, misapplication of cash,
waste, environmental claims and liabilities and other circumstances customarily excluded by
institutional lenders from exculpation provisions and/or included in separate indemnification
agreements in non-recourse financing of real estate (each, a
“Recourse Carveout Event”) shall not,
by itself, cause such Indebtedness to be characterized as Indebtedness with respect to which
recourse for payment is not limited as described in clauses (i) or (ii) above; unless, as a result
of the occurrence of a Recourse Carveout Event, such Indebtedness becomes a recourse obligation of
such Subsidiary).

          “Rating Agencies” means, collectively, S&P and Moody’s.

          “Real Property Assets” means as to any Person as of any time, the real property assets
(including, without limitation, interests in participating mortgages in which such Person’s
interest therein is characterized as equity according to GAAP) owned directly or indirectly by such
Person at such time.

25

 

          “Recourse Debt” shall mean Indebtedness that is not Non-Recourse Indebtedness.

          “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as
in effect from time to time.

          “REIT” means a real estate investment trust, as defined under Section 856 of the
Code.

          “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
or any successor thereto.

          “Secured Debt” means Indebtedness (but excluding Intracompany Indebtedness), the payment of
which is secured by a Lien (other than a Permitted Lien, except for those Permitted Liens described
in clauses (d) and (g) of the definition thereof) on any Property owned or leased by EOPT,
Borrower, or any Consolidated Subsidiary plus Borrower’s Share of Indebtedness (but excluding
Intracompany Indebtedness), the payment of which is secured by a Lien (other than a Permitted Lien,
except for those Permitted Liens described in clauses (d) and (g) of the definition thereof) on any
Property owned or leased by any Investment Affiliate.

          “Securities” means any stock, partnership interests, shares, shares of beneficial interest,
voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or
unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as
“securities,” or any certificates of interest, shares, or participations in temporary or interim
certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire
any of the foregoing, but shall not include Joint Venture Interests, Investment Mortgages, any
interest in any Subsidiary of EOPT or Borrower, any interest in a Taxable REIT Subsidiary, any
Indebtedness which would not be required to be included on the liabilities side of the balance
sheet of EOPT or Borrower in accordance with GAAP, any Cash or Cash Equivalents or any evidence of
the Obligations.

          “Senior Managing Agents” means Citicorp North America Inc., Deutsche Bank AG, New York Branch,
William Street Credit Corporation, Lehman Commercial Paper Inc., Merrill Lynch Bank USA, Mizuho
Corporate Bank, Ltd., Morgan Stanley Bank, and UBS Loan Finance LLC in their capacity as Senior
Managing Agents hereunder.

          “Sharing Event” means (i) the occurrence of an Event of Default with respect to the Borrower
or EOPT under clauses (f) or (g) of Section 6.1,or (ii) the acceleration of the Loans pursuant to
Article VI.

          “Solvent” means, with respect to any Person, that the fair saleable value of such Person’s
assets exceeds the Indebtedness of such Person.

          “Spot Rate” means the rate determined by the Administrative Agent or the Fronting Bank, as
applicable, to be the rate quoted by the Person acting in such capacity as the

26

 

spot rate for the purchase by such Person of such currency with another currency through its
principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days
prior to the date as of which the foreign exchange computation is
made; provided that the
Administrative Agent or the Fronting Bank shall obtain such spot rate from Reuters (or other
commercially available source providing quotations of the spot rate as selected by Administrative
Agent from time to time); and provided further that the Fronting Bank may use such spot rate quoted
on the date as of which the foreign exchange computation is made in the case of any Letter of
Credit denominated in an Alternate Currency. 

          “Subsidiary” means any corporation or other entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions are at the time directly or indirectly owned by the Borrower
or EOPT.

          “Swingline Borrowing” has the meaning set forth in Section 1.3.

          “Swingline Commitment” has the meaning set forth in Section 2.3(a).

          “Swingline Lender” means Bank of America, N.A., in its capacity as Swingline Lender hereunder,
and its permitted successors in such capacity in accordance with the terms of this Agreement.

          “Swingline Loan” means a loan made by the Swingline Lender pursuant to
Section 2.3.

          “Syndication Agent” means JPMorgan Chase Bank, N.A. in its capacity as syndication agent
hereunder and its permitted successors in such capacity in accordance with the terms of this
Agreement.

          “Taxes” means all federal, state, local and foreign income and gross receipts taxes.

          “Term” has the meaning set forth in Section 2.10(a).

          “Termination Event” shall mean (i) a “reportable event”, as such term is described in Section
4043 of ERISA (other than a “reportable event” not subject to the provision for 30-day notice to
the PBGC), or an event described in Section 4062(e) of ERISA, (ii) the withdrawal by any member of
the ERISA Group from a Multiemployer Plan during a plan year in which it is a “substantial
employer” (as defined in Section 4001(a)(2) of ERISA), or the incurrence of liability by any member
of the ERISA Group under Section 4064 of ERISA upon the termination of a Multiemployer Plan, (iii)
the filing of a notice of intent to terminate any Plan under Section 4041 of ERISA, other than in a
standard termination within the meaning of Section 4041 of ERISA, or the treatment of a Plan
amendment as a distress termination under Section 4041 of ERISA, (iv) the institution by the PBGC
of proceedings to terminate, impose liability (other than for premiums under Section 4007 of ERISA)
in respect of, or cause a trustee to be appointed to

27

 

administer, any Plan or (v) any other event or condition that might reasonably constitute grounds
for the termination of, or the appointment of a trustee to administer, any Plan or the imposition
of any liability or encumbrance or Lien on the Real Property Assets or any member of the ERISA
Group under ERISA or the Code.

          “Total Asset Value” means, with respect to Borrower and without duplication, (i) for any
Properties (other than Unimproved Assets, Development Properties and Acquisition Properties) owned
by Borrower, any Consolidated Subsidiary or Investment Affiliate which was not disposed of by
Borrower, a Consolidated Subsidiary or an Investment Affiliate in the Fiscal Quarter most recently
ended, exclusive of Properties, if any, that shall have produced a negative EBITDA for the
applicable period, the quotient obtained by dividing (a) (x) EBITDA attributable to such Properties
for the Fiscal Quarter most recently ended multiplied by four (4) less (y) $0.20 (or, in the case
of Office Properties owned by an Investment Affiliate, Borrower’s Share of $0.20) per square foot
of occupied office space within such Properties which are Office Properties, by (b) 0.070 for CBD
Properties, or 0.0825 for non-CBD Properties, plus (ii) for any Acquisition Property which is owned
by Borrower or a Consolidated Subsidiary, the Net Price of the Property, plus (iii) for any
Acquisition Property which is owned by an Investment Affiliate, Borrower’s Share of the Net Price
of the Property, plus (iv) the value of any Cash or Cash Equivalent owned by Borrower (including
Cash or Cash equivalents in restricted Code Section 1031 accounts under the control of Borrower or
any Consolidated Subsidiary and Borrower’s Share of any Cash or Cash equivalents in restricted Code
Section 1031 accounts under the control of any Investment Affiliate), plus (v) the value of any
Unimproved Assets and any other tangible assets of Borrower or its Consolidated Subsidiaries
(including foreign currency exchange agreements, to the extent such agreements are material and are
reported or are required under GAAP to be reported by the Borrower or its Consolidated Subsidiaries
in their financial statements), as measured on a GAAP basis, plus (vi) Borrower’s Share of the
value of any Unimproved Assets and any other tangible assets of any Investment Affiliate as
measured on a GAAP basis, plus (vii) the Development Property Value of Development Properties of
Borrower or its Consolidated Subsidiaries, plus (viii) the Borrower’s Share of the Development
Property Value of Development Properties of any Investment Affiliate. Anything in the foregoing to
the contrary notwithstanding, in the event that Borrower, a Consolidated Subsidiary or an
Investment Affiliate disposes (for purposes of this definition of “Total Asset Value”, each, a
“Disposition”) of (x) an interest in any Property (which was not acquired during the Fiscal Quarter
most recently ended), (y) a direct or indirect interest in the owner of any such Property or (z)
any such Property in such a manner that results in Borrower, a Consolidated Subsidiary or an
Investment Affiliate holding an interest in such Property or the owner of such Property, then, for
purposes of the foregoing calculation of Total Asset Value, such Property shall be treated as
follows:

     (A) if, following a Disposition, the Property or an undivided interest in the Property is
owned by Borrower or a Consolidated Subsidiary, then such Property or undivided interest shall be
treated as if Borrower or such Consolidated Subsidiary had owned such Property or such undivided
interest in the Property for the entire Fiscal Quarter most recently ended;

28

 

     (B) if, following a Disposition, the Property or an undivided interest in the Property is
owned by an Investment Affiliate, then such Property or undivided interest shall be treated as if
such Investment Affiliate had owned such Property or undivided interest for the entire Fiscal
Quarter most recently ended; and

          (C) and no such Property or undivided interest therein will be treated as having been
disposed of or acquired in such Fiscal Quarter.

  “Total Debt” means, as of the date of determination and without duplication, all Balance Sheet
Indebtedness of Borrower, on a consolidated basis, plus Borrower’s Share of all Balance Sheet
Indebtedness of Investment Affiliates.

  “Unencumbered Asset Value” means the sum of (i) all Cash and Cash Equivalents of the Borrower,
all Financing Partnerships and Joint Venture Subsidiaries which are not subject to any pledge,
negative pledge, encumbrance, hypothecation or other restriction (provided that in the case of Cash
and Cash Equivalents of any Joint Venture Subsidiary which is not a Consolidated Subsidiary, the
amount of Cash and Cash Equivalents attributable to such Joint Venture Subsidiary shall be reduced
to a percentage equal to the Borrower’s percentage ownership interest (whether direct or indirect)
in such Joint Venture Subsidiary) (including Cash or Cash equivalents in restricted Code Section
1031 accounts under the control of Borrower or any Consolidated Subsidiary and Borrower’s Share of
any Cash or Cash equivalents in restricted Code Section 1031 accounts under the control of any
Investment Affiliate), plus (ii) for any Qualifying Unencumbered Properties which were neither
Acquisition Properties nor disposed of by Borrower, a Financing Partnership or a Joint Venture
Subsidiary in the Fiscal Quarter most recently ended, exclusive of Qualifying Unencumbered
Properties, if any, that shall have produced a negative EBITDA for the applicable period, the
quotient of (a) (x) the aggregate EBITDA for such Fiscal Quarter attributable to such Qualifying
Unencumbered Properties for the Fiscal Quarter most recently ended multiplied by four (4) less (y)
$0.20 (or, in the case of Qualifying Unencumbered Properties owned by an Investment Affiliate,
Borrower’s Share of $0.20) per square foot of occupied office space within such Qualifying
Unencumbered Properties which are Office Properties, and less (z) in the case of any Qualifying
Unencumbered Property located outside of the United States, an amount equal to the applicable
withholding taxes imposed by any foreign jurisdiction applicable to the EBITDA attributable to any
such Qualifying Unencumbered Property for the applicable period, divided by (b) .070 for CBD
Properties, or 0.0825 for non-CBD Properties, plus (iii) for all Acquisition Properties that are
Qualifying Unencumbered Properties, the aggregate Net Price of such Qualifying Unencumbered
Properties, plus (iv) the book value, determined in accordance with GAAP, of Unimproved Assets,
readily marketable securities and mortgage receivables, plus the Development Property Value of any
Qualifying Unencumbered Properties which are Development Properties, plus the
Management/Development Fee Value of any third party management and
development fees; provided,
however, that, unless otherwise approved by the Majority Banks, (aa) in the event any such
Qualifying Unencumbered Property is owned by a Joint Venture Subsidiary which is not a Consolidated
Subsidiary, the amount of the EBITDA attributable to such Qualifying Unencumbered Property for
purposes of clause (i) above and the Net Price of such
Qualifying Unencum bered

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Property for the purposes of clause (iii) above shall be reduced to a percentage equal to the
Borrower’s percentage ownership interest (whether direct or indirect) in such Joint Venture
Subsidiary, (bb) the portion of the aggregate amount of the Unencumbered Asset Value attributable
to Qualifying Unencumbered Properties that are Qualifying Unencumbered Properties owned by Joint
Venture Subsidiaries (after first taking into account the adjustment provided in clause (aa) of
this proviso) which would cause such aggregate amount to exceed thirty-five percent (35%) of the
total Unencumbered Asset Value at such time (after making all adjustments required by this proviso)
will be disregarded in determining Unencumbered Asset Value, (cc) the portion of the amount of the
Unencumbered Asset Value attributable to all Qualifying Unencumbered Property located outside of
the United States (after first taking into account the adjustment provided in clause (aa) of this
proviso) which would cause such amount to exceed fifteen percent (15%) of the total Unencumbered
Asset Value at such time (after making all adjustments required by this proviso) will be
disregarded in determining Unencumbered Asset Value, (dd) the portion of the amount of the
Unencumbered Asset Value attributable to Unimproved Assets, readily marketable securities and
mortgage receivables, the Development Property Value of any Qualifying Unencumbered Properties
which are Development Properties, plus the Management/Development Fee Value of any third party
management and development fees which would cause such amount to exceed thirty percent (30%) of the
total Unencumbered Asset Value at such time (after making all adjustments required by this proviso)
will be disregarded in determining Unencumbered Asset Value, and (ee) the portion of the amount of
the Unencumbered Asset Value attributable to the Management/Development Fee Value of any third
party management and development fees which would cause such amount to exceed five percent (5%) of
the total Unencumbered Asset Value at such time (after making all adjustments required by this
proviso) will be disregarded in determining Unencumbered Asset Value. Anything in the foregoing to
the contrary notwithstanding, in the event that Borrower, a Financing Partnership or a Joint
Venture Subsidiary disposes (for purposes of this definition of “Unencumbered Asset Value”, each, a
“Disposition”) of (x) an interest in any Qualified Unencumbered Property (which was not acquired
during the Fiscal Quarter most recently ended), (y) a direct or indirect interest in the owner of
any such Property or (z) any such Property in such a manner that results in Borrower holding a
direct or indirect interest in such Property or the owner of such Property, then, for purposes of
the foregoing calculation of Unencumbered Asset Value, such Property shall be treated as follows:

     (A) if, following a Disposition, an undivided interest in the Property is owned by Borrower
or a Financing Partnership, then such undivided interest shall be treated as if Borrower or such
Financing Partnership had owned such undivided interest in the Property for the entire Fiscal
Quarter most recently ended;

     (B) if, following a Disposition, the Property or an undivided interest in the Property is
owned by a Joint Venture Subsidiary, then such Property or undivided interest shall be treated as
if such Joint Venture Subsidiary had owned such Property for the entire Fiscal Quarter most
recently ended; and

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     (C) and no such Property or undivided interest therein will be treated as having been
disposed of or acquired in such Fiscal Quarter.

          “Unimproved Assets” means Real Property Assets (or, in the case of any Real Property Assets to
be developed in phases, any phase thereof) containing no material improvements other than
infrastructure improvements such as roads, utility feeder lines and the like.

          “United States” means the United States of America, including the fifty states and the
District of Columbia.

          “Unsecured Debt” means the amount of Indebtedness (excluding Intracompany Indebtedness) for
borrowed money of EOPT Borrower and any Financing Partnership which is not Secured Debt, including,
without limitation, the amount of all then outstanding Loans, plus, for the purpose of calculating
the ratio of outstanding Unsecured Debt to Unencumbered Asset Value, an amount equal to the
Borrower’s percentage ownership interest (whether direct or indirect) in each Joint Venture
Subsidiary which is not a Consolidated Subsidiary times any Indebtedness (excluding Intracompany
Indebtedness) for borrowed money of such Joint Venture Subsidiary which is not Secured Debt.

          “Unused Commitments” shall mean an amount equal to all unadvanced funds (other than unadvanced
funds in connection with any construction loan) which any third party is obligated to advance to
Borrower or another Person or otherwise pursuant to any loan document, written instrument or
otherwise.

          SECTION 1.2. Accounting Terms and Determinations. Unless otherwise specified herein, all
accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be
made, and all financial statements required to be delivered hereunder shall be prepared in
accordance with GAAP applied on a basis consistent (except for changes concurred in by the
Borrower’s independent public accountants) with the most recent audited consolidated financial
statements of the Borrower and its Consolidated Subsidiaries delivered to the Administrative Agent;
provided that for purposes of references to the financial results and information of “EOPT, on a
consolidated basis,” EOPT shall be deemed to own one hundred percent (100%) of the partnership
interests in Borrower; and provided further that, if the Borrower notifies the Administrative Agent
that the Borrower wishes to amend any covenant in Article V to eliminate the effect of any change
in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower
that the Majority Banks wish to amend Article V for such purpose), then the Borrower’s compliance
with such covenant shall be determined on the basis of GAAP in effect immediately before the
relevant change in GAAP became effective, until either such notice is withdrawn or such covenant is
amended in a manner reasonably satisfactory to the Borrower and the Majority Banks.

          SECTION 1.3. Types of Borrowings. The term “Borrowing” denotes the aggregation of Loans of one
or more Banks to be made to the Borrower pursuant to Article 2 on

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the same date, all of which Loans are of the same type (subject to Article 8) and, except in
the case of Base Rate Loans and Swingline Loans, have the same initial Interest Period. Borrowings
are classified for purposes of this Agreement either by reference to the pricing of Loans
comprising such Borrowing (e.g., a “Fixed Rate Borrowing” is a Euro-Dollar Borrowing or a Money
Market Borrowing (excluding any such Borrowing consisting of Money Market IBOR Loans bearing
interest at the Base Rate pursuant to Article VIII), and a “Euro-Dollar Borrowing” is a Borrowing
comprised of Euro-Dollar Loans) and an “Alternate Currency Borrowing” is a Borrowing comprised of
Euro-Dollar Loans denominated in an Alternate Currency) or by reference to the provisions of
Article 2 under which participation therein is determined
(i.e., a “Committed Borrowing” is a
Borrowing under Section 2.1 in which all Banks participate in proportion to their Commitments,
while a “Money Market Borrowing” is a Borrowing under Section 2.4 in which a Bank’s share is
determined on the basis of its bid in accordance therewith, and a “Swingline Borrowing” is a
Borrowing under Section 2.3 in which only the Swingline Lender participates (subject to the
provisions of said Section 2.3)).

ARTICLE II

THE CREDITS

          SECTION 2.1. Commitments to Lend. Each Bank severally agrees, on the terms and conditions set
forth in this Agreement, (a) to make Loans to the Borrower and to the Qualified Borrowers pursuant
to this Article from time to time during the term hereof in amounts such that the aggregate
principal amount of Committed Loans by such Bank at any one time outstanding plus such Bank’s Pro
Rata Share of Swingline Loans outstanding at such time together with such Bank’s pro rata share of
the Letter of Credit Usage at such time shall not exceed the Dollar Equivalent Amount of its
Commitment, and (b) in furtherance and clarification of the foregoing, as to Banks with an
Alternate Currency Commitment only, to participate in Alternate Currency Letters of Credit issued
by the Fronting Bank on behalf of Borrower or the Qualified Borrowers pursuant to this Article and
to make Euro-Dollar Loans to Borrower and to the Qualified Borrowers denominated in any Alternate
Currency (provided (i) such Alternate Currency is readily available to such Banks and is freely
transferable and convertible to Dollars, and (ii) the Reuters Monitor Money Rates Service (or any
successor thereto) reports a London Interbank Offered Rate for such Alternate Currency relating to
the applicable Interest Period, in an aggregate principal Dollar Equivalent Amount not to exceed
such Bank’s Alternate Currency Commitment. Each Borrowing outstanding under this Section 2.1 shall
be in an aggregate principal Dollar Equivalent Amount of $5,000,000, or an integral multiple of the
Dollar Equivalent Amount of $100,000 in excess thereof (except that any such Borrowing may be in
the aggregate amount available in accordance with Section 3.2(b), or in any amount required to
reimburse the Fronting Bank for any drawing under any Letter of Credit or to repay the Swingline
Lender the amount of any Swingline Loan) and, other than with respect to Money Market Loans and
Swingline Loans, shall be made from the several Banks ratably in proportion to their respective
Commitments. In no event shall (i) the aggregate Dollar Equivalent Amount of Loans outstanding at
any time, plus outstanding Dollar Equivalent Amount of the Letter of Credit

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Usage,
exceed $2,500,000,000, the “Facility Amount”), or (ii) the aggregate amount of Loans
denominated in an Alternate Currency plus the outstanding Letter of Credit Usage for Alternate
Currency Letters of Credit exceed the Alternate Currency Sublimit, with, in the case of both
clauses (i) and (ii), Loans denominated in Alternate Currencies and Letter of Credit Usage for
Alternate Currency Letters of Credit being marked to market monthly on the last Business Day of
each month. Notwithstanding any other provision of this Agreement to the contrary, each Borrowing
denominated in Dollars shall be deemed to use the Dollar Commitments to the extent the Dollar
Sublimit would not be exceeded thereby, and to use the Alternate Currency Commitments if such
Alternate Currency Commitments are available in the event that the Dollar Commitments would be so
exceeded. Subject to the limitations set forth herein, any amounts repaid may be reborrowed.

          SECTION 2.2. Notice of Borrowing. (a) With respect to any Committed Borrowing, the Borrower
shall give Administrative Agent notice not later than 11:00 a.m. (Dallas, Texas time) (w) one
Business Day before each Base Rate Borrowing, or (x) three Business Days before each Euro-Dollar
Borrowing denominated in Dollars, or (y) four (4) Business Days before each Euro-Dollar Borrowing
denominated in an Alternate Currency (Euro or Pounds Sterling only), or (z) five (5) Business Days
before each Euro-Dollar Borrowing denominated in an Alternate Currency (Yen or Australian Dollars
only), specifying:

     (i) the date of such Borrowing, which shall be a Business Day in the case of a Base Rate
Borrowing or a Business Day in the case of a Euro-Dollar Borrowing,

     (ii) the aggregate amount of such Borrowing,

     (iii) whether the Loans comprising such Borrowing are to be Base Rate Loans
or Euro-Dollar Loans, and if Euro-Dollar Loans are requested other than in Dollars, the type and
amount of the Alternate Currency being requested,

     (iv) in the case of a Euro-Dollar Borrowing, the duration of the Interest Period applicable
thereto, subject to the provisions of the definition of Interest Period,

     (v) if such Borrowing is to be made by a Qualified Borrower, the identity of the Qualified
Borrower, and

     (vi) payment instructions for the delivery of such Borrowing.

          (b) Borrower shall give the Administrative Agent, and the designated Fronting Bank, written
notice, signed by an Authorized Officer, in the event that it desires to have Letters of Credit
(each, a “Letter of Credit”) issued, or to have Letters of Credit issued on behalf of a Subsidiary,
hereunder no later than 10:00 a.m., Dallas, Texas time, at least four (4) Business Days (or five
(5) Business Days in the case of a Letter of Credit denominated in Yen or Australian Dollars)
prior to the date of such issuance. Each such notice shall be on the applicable application form
(together with such reasonable changes as may be requested by Borrower) of the

33

 

pertinent Fronting Bank, and shall specify (i) if Alternate Currency is requested, the type of
the Alternate Currency being requested, (ii) the designated Fronting Bank, (iii) the aggregate
amount of the requested Letters of Credit (which in no event shall be less than the Dollar
Equivalent Amount of $50,000), (iii) the individual amount of each requested Letter of Credit and
the number of Letters of Credit to be issued, (iv) the date of such issuance (which shall be a
Business Day), (v) the name and address of the beneficiary, (vi) the expiration date of the Letter
of Credit, which shall not be later than the first anniversary of the date of issuance (which in no
event shall be later than twelve (12) months after the Maturity Date), (vii) the purpose and
circumstances for which such Letter of Credit is being issued and (viii) the terms upon which each
such Letter of Credit may be drawn down (which terms shall not leave any discretion to Fronting
Bank). Each such notice may be revoked telephonically by the Borrower to the applicable Fronting
Bank and the Administrative Agent any time prior to the date of issuance of the Letter of Credit by
the applicable Fronting Bank, provided such revocation is confirmed in writing by the Borrower to
the Fronting Bank and the Administrative Agent within one (1) Business Day thereafter by facsimile.
Notwithstanding anything contained herein to the contrary, the Borrower shall complete and deliver
to the Fronting Bank any required documentation in connection with any requested Letter of Credit
no later than two (2) Business Days prior to the issuance thereof. No later than 10:00 a.m.,
Dallas, Texas time, on the date that is four (4) Business Days prior to the date of issuance (or
five (5) Business Days in the case of a Letter of Credit denominated in Yen or Australian Dollars),
the Borrower shall specify a precise description of the documents and the verbatim text of any
certificate to be presented by the beneficiary of such Letter of Credit, which if presented by such
beneficiary prior to the expiration date of the Letter of Credit would require the Fronting Bank to
make a payment under the Letter of Credit; provided, that Fronting Bank may, in its reasonable
judgment, require changes in any such documents and certificates only in conformity with changes in
customary and commercially reasonable practice or law. In determining whether to pay on such Letter
of Credit, the Fronting Bank shall be responsible only to determine that the documents and
certificates required to be delivered under the Letter of Credit have been delivered and that they
comply on their face with the requirements of that Letter of Credit.

          SECTION 2.3. Swingline Loan Subfacility.

          (a) Swingline Commitment. Subject to the terms and conditions of this Section 2.3, the
Swingline Lender, in its individual capacity, agrees to make certain revolving credit loans to the
Borrower (each a “Swingline Loan” and, collectively, the “Swingline Loans”) from time to time
during the term hereof; provided, however, that the aggregate amount of Swingline Loans outstanding
at any time shall not exceed the lesser of (i) TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000),
and (ii) the aggregate Commitments less all Loans then outstanding and Letter of Credit Usage (the
“Swingline Commitment”). Subject to the limitations set forth herein, any amounts repaid in respect
of Swingline Loans may be reborrowed.

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          (b) Swingline Borrowings.

               (i) Notice of Borrowing. With respect to any Swingline Borrowing,
the Borrower shall give the Swingline Lender and the Administrative Agent notice in writing which
is received by the Swingline Lender and Administrative Agent not later than 1:00 p.m. (Dallas,
Texas time) on the proposed date of such Swingline Borrowing (and confirmed by telephone by such
time), specifying (A) that a Swingline Borrowing is being requested, (B) the amount of such
Swingline Borrowing, (C) the proposed date of such Swingline Borrowing, which shall be a Business
Day and (D) stating that no Default or Event of Default has occurred and is continuing both before
and after giving effect to such Swingline Borrowing. Such notice shall be irrevocable.

               (ii) Minimum Amounts. Each Swingline Borrowing shall be in a minimum principal amount of
$1,000,000, or an integral multiple of $100,000 in excess thereof.

               (iii) Repayment of Swingline Loans. Each Swingline Loan shall be due and payable on the
earliest of (A) 5 Business Days from the date of the applicable Swingline Borrowing, or (B) the
Maturity Date. If, and to the extent, any Swingline Loans shall be outstanding on the date of any
Committed Borrowing, such Swingline Loans shall first be repaid from the proceeds of such Committed
Borrowing prior to the disbursement of the same to the Borrower. If, and to the extent, a Committed
Borrowing is not requested prior to the Maturity Date or the end of the 5 Business Day period after
a Swingline Borrowing or such Swingline Borrowing has not been repaid, the Borrower shall be deemed
to have requested a Committed Borrowing comprised entirely of Base Rate Loans in the amount of such
Swingline Loan then outstanding, the proceeds of which shall be used to repay such Swingline Loan
to the Swingline Lender. In addition, the Swingline Lender may, at any time, in its sole
discretion, by written notice to the Borrower and the Administrative Agent, demand repayment of its
Swingline Loans by way of a Committed Borrowing, in which case the Borrower shall be deemed to have
requested a Committed Borrowing comprised entirely of Base Rate Loans in the amount of such
Swingline Loans then outstanding, the proceeds of which shall be used to repay such Swingline Loans
to the Swingline Lender. Any Committed Borrowing which is deemed requested by the Borrower in
accordance with this Section 2.3(b)(iii) is hereinafter referred to as a “Mandatory Borrowing”.
Each Bank hereby irrevocably agrees to make Committed Loans promptly upon receipt of notice from
the Swingline Lender of any such deemed request for a Mandatory Borrowing in the amount and in the
manner specified in the preceding sentences and on the date such notice is received by such Bank
(or the next Business Day if such notice is received after 12:00 P.M. (Dallas, Texas time))
notwithstanding (I) the amount of the Mandatory Borrowing may not comply with the minimum amount of
Committed Borrowings otherwise required hereunder, (II) whether any conditions specified in Section
3.2 are then satisfied, (III) whether a Default or an Event of Default then exists, (IV) failure of
any such deemed request for a Committed Borrowing to be made by the time otherwise required in
Section 2.1, (V) the date of such Mandatory Borrowing (provided that such date must be a Business
Day), or (VI) any termination of the Commitments immediately prior to such Mandatory Borrowing or
contemporaneously therewith; provided, however, that no Bank shall be obligated to make Committed

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Loans in respect of a Mandatory Borrowing if a Default or an Event of Default then exists and
the applicable Swingline Loan was made by the Swingline Lender without receipt of a written Notice
of Borrowing in the form specified in subclause (i) above or after Administrative Agent has
delivered a notice of Default or Event of Default which has not been rescinded.

               (iv) Purchase of Participations. In the event that any Mandatory Borrowing cannot for any
reason be made on the date otherwise required above (including, without limitation, as a result of
the commencement of a proceeding under the Bankruptcy Code with respect to the Borrower), then each
Bank hereby agrees that it shall forthwith purchase (as of the date the Mandatory Borrowing would
otherwise have occurred, but adjusted for any payment received from the Borrower on or after such
date and prior to such purchase) from the Swingline Lender such participations in the outstanding
Swingline Loans as shall be necessary to cause each such Bank to share in such Swingline Loans
ratably based upon its Pro Rata Share (determined before giving effect to any termination of the
Commitments pursuant to Section 6.2), provided that (A) all interest payable on the Swingline Loans
with respect to any participation shall be for the account of the Swingline Lender until but
excluding the day upon which the Mandatory Borrowing would otherwise have occurred, and (B) in the
event of a delay between the day upon which the Mandatory Borrowing would otherwise have occurred
and the time any purchase of a participation pursuant to this sentence is actually made, the
purchasing Bank shall be required to pay to the Swingline Lender interest on the principal amount
of such participation for each day from and including the day upon which the Mandatory Borrowing
would otherwise have occurred to but excluding the date of payment for such participation, at the
rate equal to the Federal Funds Rate, for the two (2) Business Days after the date the Mandatory
Borrowing would otherwise have occurred, and thereafter at a rate equal to the Base Rate.
Notwithstanding the foregoing, no Bank shall be obligated to purchase a participation in any
Swingline Loan if a Default or an Event of Default then exists and such Swingline Loan was made by
the Swingline Lender without receipt of a written Notice of Borrowing in the form specified in
subclause (i) above or after Administrative Agent has delivered a notice of Default or Event of
Default which has not been rescinded.

               (c) Interest Rate. Each Swingline Loan shall bear interest on the outstanding principal amount
thereof, for each day from the date such Swingline Loan is made until the date it is repaid, at a
rate per annum equal to the Federal Funds Rate plus the Applicable Margin for Euro-Dollar Loans for
such day.

               SECTION
2.4. Money Market Borrowings.

               (a) The Money Market Option. From time to time during the Term, and provided that at such time
the Borrower maintains a Credit Rating of at least BBB- or Baa3 from S&P or Moody’s, the Borrower
may, as set forth in this Section 2.4, request the Banks during the Term to make offers to make
Money Market Loans to the Borrower, not to exceed, at such time, the lesser of (i) fifty percent
(50%) of the aggregate Commitments, and (ii) the aggregate Commitments less all Loans (excluding
any Loans or any portion thereof to be repaid from the proceeds of such Money Market Loans) and
Letter of Credit Usage. Subject to the provisions of

36

 

this Agreement, the Borrower may repay any outstanding Money Market Loan on any day which is a
Business Day and any amounts so repaid may be reborrowed, up to the amount available under this
Section 2.4 at the time of such Borrowing, until the Business Day next preceding the Maturity Date.
The Banks may, but shall have no obligation to, make such offers and the Borrower may, but shall
have no obligation to, accept any such offers in the manner set forth in this Section 2.4.

          (b) Money Market Quote Request. When the Borrower wishes to request offers to make Money
Market Loans under this Section, it shall transmit to the Administrative Agent by telex or
facsimile transmission a Money Market Quote Request substantially in the form of Exhibit B hereto
(a “Money Market Quote Request”) so as to be received not later than 11:00 A.M. (Dallas, Texas
time) on (x) the fifth Business Day prior to the date of Borrowing proposed therein, in the case of
a IBOR Auction or (y) the Business Day immediately preceding the date of Borrowing proposed
therein, in the case of an Absolute Rate Auction (or, in either case, such other time or date as
the Borrower and the Administrative Agent shall have mutually agreed and shall have notified the
Banks not later than the date of the Money Market Quote Request for the first IBOR Auction or
Absolute Rate Auction for which such change is to be effective) specifying:

     (i) the proposed date of Borrowing, which shall be a Business Day in the case of a IBOR
Auction or a Business Day in the case of an Absolute Rate Auction,

     (ii) the aggregate amount of such Borrowing, which shall be $5,000,000 or a larger multiple
of $100,000,

     (iii) the duration of the Interest Period applicable thereto (which shall not be less than
14 days or more than 180 days), subject to the provisions of the definition of Interest Period,

     (iv) whether the Money Market Quotes requested are to set forth a Money
Market Margin or a Money Market Absolute Rate, and

     (v) the aggregate amount of all Money Market Loans then outstanding.

The Borrower may request offers to make Money Market Loans for more than one Interest Period in a
single Money Market Quote Request. In no event may Borrower give a Money Market Quote Request
within ten (10) days of the giving of any other Money Market Quote Request.

          (c) Invitation for Money Market Quotes. Promptly upon receipt of a Money Market Quote Request,
the Administrative Agent shall send to the Banks by telex or facsimile transmission an “Invitation
for Money Market Quotes” substantially in the form of Exhibit C hereto, which shall constitute an
invitation by the Borrower to each Bank to submit Money Market Quotes offering to make the Money
Market Loans to which such Money Market Quote Request relates in accordance with this Section.

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          (d) Submission and Contents of Money Market Quotes.

          1. Each Bank may submit a Money Market Quote containing an offer or offers to make Money
Market Loans in response to any Invitation for Money Market Quotes. Each Money Market Quote must
comply with the requirements of this subsection (d) and must be submitted to the Administrative
Agent by telex or facsimile transmission at its offices specified in or pursuant to Section 9.1 not
later than (x) 2:00 P.M. (Dallas, Texas time) on the fourth Business Day prior to the proposed date
of Borrowing, in the case of a IBOR Auction or (y) 9:30 A.M. (Dallas, Texas time) on the proposed
date of Borrowing, in the case of an Absolute Rate Auction (or, in either case, such other time or
date as the Borrower and the Administrative Agent shall have mutually agreed and shall have
notified to the Banks not later than the date of the Money Market Quote Request for the first IBOR
Auction or Absolute Rate Auction for which such change is to be effective); provided that Money
Market Quotes submitted by the Administrative Agent (or any affiliate of the Administrative Agent)
in the capacity of a Bank may be submitted, and may only be submitted, if the Administrative Agent
or such affiliate notifies the Borrower of the terms of the offer or offers contained therein not
later than (x) one hour prior to the deadline for the other Banks, in the case of an IBOR Auction
or (y) one hour prior to the deadline for the other Banks, in the case of an Absolute Rate Auction.
Subject to Articles 3 and 6, any Money Market Quote so made shall be irrevocable except with the
written consent of the Administrative Agent given on the instructions of the Borrower.

          2. Each Money Market Quote shall be in substantially the form of Exhibit D hereto and shall in
any case specify:

     (i) the proposed date of Borrowing,

     (ii) the principal amount of the Money Market Loan for which each such offer
is being made, which principal amount (w) may be greater than or less than the Commitment of the
quoting Bank, (x) must be $5,000,000 or a larger multiple of $100,000, (y) may not exceed the
principal amount of Money Market Loans for which offers were requested and (z) may be subject to
an aggregate limitation as to the principal amount of Money Market Loans for which offers being
made by such quoting Bank may be accepted,

     (iii) the Interest Period(s) with respect to which each such offer is being made,

     (iv) in the case of an IBOR Auction, the margin above or below the applicable
Euro-Dollar Rate (the “Money Market Margin”) offered for each such Money Market Loan,
expressed as a percentage (specified to the nearest 1/10,000th of 1%) to be added to or subtracted
from such base rate,

     (v) in the case of an Absolute Rate Auction, the rate of interest per annum (specified to
the nearest 1/10,000th of 1%) (the “Money Market Absolute Rate”) offered
for each such Money Market Loan, and

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     (vi) the identity of the quoting Bank.

A Money Market Quote may set forth up to five separate offers by the quoting Bank with respect to
each Interest Period specified in the related Invitation for Money Market Quotes.

          3. Any Money Market Quote shall be disregarded if it:

     (i)
is not substantially in conformity with Exhibit D hereto or does not specify all of the information required by subsection (d)(2) above;

     (ii) contains qualifying, conditional or similar language (except for an aggregate
limitation as provided in subsection (d)(2)(ii) above);

     (iii) proposes terms other than or in addition to those set forth in the applicable
Invitation for Money Market Quotes; or

     (iv) arrives after the time set forth in subsection (d)(1).

          (e) Notice to Borrower. The Administrative Agent shall promptly (and in any event within one
(1) Business Day after receipt thereof) notify the Borrower in writing of the terms (x) of any
Money Market Quote submitted by a Bank that is in accordance with subsection (d) and (y) of any
Money Market Quote that amends, modifies or is otherwise inconsistent with a previous Money Market
Quote submitted by such Bank with respect to the same Money Market Quote Request. Any such
subsequent Money Market Quote shall be disregarded by the Administrative Agent unless such
subsequent Money Market Quote is submitted solely to correct a manifest error in such former Money
Market Quote or modifies the terms of such previous Money Market Quote to provide terms more
favorable to Borrower. The Administrative Agent’s notice to the Borrower shall specify (A) the
aggregate principal amount of Money Market Loans for which offers have been received for each
Interest Period specified in the related Money Market Quote Request, (B) the respective principal
amounts and Money Market Margins or Money Market Absolute Rates, as the case may be, so offered and
(C) if applicable, limitations on the aggregate principal amount of Money Market Loans for which
offers in any single Money Market Quote may be accepted.

          (f) Acceptance
and Notice by Borrower. Not later than 10:00 A.M. (Dallas,
Texas time) on (x) the third Business Day prior to the proposed date of Borrowing, in the case of
an IBOR Auction or (y) the proposed date of Borrowing, in the case of an Absolute Rate Auction (or,
in either case, such other time or date as the Borrower and the Administrative Agent shall have
mutually agreed and shall have notified to the Banks not later than the date of the Money Market
Quote Request for the first IBOR Auction or Absolute Rate Auction for which such change is to be
effective), the Borrower shall notify the Administrative Agent of its acceptance or non-acceptance
of the offers so notified to it pursuant to subsection (e). In the case of acceptance, such notice
(a “Notice of Money Market Borrowing”) shall specify the aggregate principal

39

 

amount of offers for each Interest Period that are accepted. The Borrower may accept any Money
Market Quote in whole or in part; provided that:

     1. the aggregate principal amount of each Money Market Borrowing may not exceed the
applicable amount set forth in the related Money Market Quote Request;

     2. the principal amount of each Money Market Borrowing must be $5,000,000 or a
larger multiple of $100,000;

     3. acceptance of offers may only be made on the basis of ascending Money Market Margins or
Money Market Absolute Rates, as the case may be; and

     4. the Borrower may not accept any offer that is described in subsection (d)(3) or that
otherwise fails to comply with the requirements of this Agreement.

          (g) Allocation
by Agent. If offers are made by two or more Banks with the same Money Market
Margins or Money Market Absolute Rates, as the case may be, for a greater aggregate principal
amount than the amount in respect of which such offers are accepted for the related Interest
Period, the principal amount of Money Market Loans in respect of which such offers are accepted
shall be allocated by the Administrative Agent among such Banks as nearly as possible (in multiples
of $100,000, as the Administrative Agent may deem appropriate) in proportion to the aggregate
principal amounts of such offers. The Administrative Agent shall promptly (and in any event within
one (1) Business Day after such offers are accepted) notify the Borrower and each such Bank in
writing of any such allocation of Money Market Loans.
Determinations by the Administrative Agent of the allocation of Money Market Loans shall be
conclusive in the absence of manifest error.

          (h) Notwithstanding anything to the contrary contained herein, each Bank shall be required to
fund its Pro Rata Share of Committed Loans in accordance with Section 2.1 hereof despite the fact
that any Bank’s Commitment may have been or may be exceeded as a result of such Bank’s making of
Money Market Loans.

          SECTION 2.5. Notice to Banks; Funding of Loans.

          (a) Upon receipt of a Notice of Borrowing from Borrower in accordance with Section 2.2 hereof,
the Administrative Agent shall, on the date such Notice of Borrowing is received by the
Administrative Agent, notify each applicable Bank of the contents thereof and of such Bank’s share
of such Borrowing, of the interest rate determined pursuant thereto and the Interest Period(s) (if
different from those requested by the Borrower) and such Notice of Borrowing shall not thereafter
be revocable by the Borrower, unless Borrower shall pay any applicable expenses pursuant to Section
2.13.

          (b) Not later than 1:00 p.m. (Dallas, Texas time or, in the case of any Alternate Currency
Borrowing, local time to the principal financial center of the Alternate

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Currency in question) on the date of each Committed Borrowing (including without limitation each
Mandatory Borrowing) as indicated in the applicable Notice of Borrowing, each Bank shall (except as
provided in subsection (d) of this Section) make available its share of such Committed Borrowing in
Federal funds or the applicable Alternate Currency immediately available in Dallas, Texas (or, in
the case of any Alternate Currency Borrowing, the principal financial center of the Alternate
Currency in question), to the Administrative Agent at its address referred to in Section 9.1. If
the Borrower has requested the issuance of a Letter of Credit, no later than 12:00 Noon (Dallas,
Texas time) on the date of such issuance as indicated in the notice delivered pursuant to Section
2.2(b), the Fronting Bank shall issue such Letter of Credit in the amount so requested and deliver
the same to the Borrower or to the applicable Qualified Borrower or, at the instruction of the
Borrower or the applicable Qualified Borrower, to the beneficiary thereof, with a copy thereof to
the Administrative Agent. Immediately upon the issuance of each Letter of Credit by the Fronting
Bank, such Fronting Bank shall be deemed to have sold and transferred to each other Bank with a
Dollar Commitment or Alternate Currency Commitment, as applicable, and each such other Bank shall
be deemed, and hereby agrees, to have irrevocably and unconditionally purchased and received from
the Fronting Bank, without recourse or warranty, an undivided interest and a participation in such
Letter of Credit, any drawing thereunder, and the obligations of the Borrower hereunder with
respect thereto, and any security therefor or guaranty pertaining thereto, in an amount equal to
such Bank’s ratable share thereof (based upon the ratio its Dollar Commitment or Alternate Currency
Commitment, as applicable, bears to the aggregate of all Dollar Commitments or Alternate Currency
Commitments, as applicable). Upon any change in any of the Commitments in accordance herewith,
there shall be an automatic adjustment to such participations to reflect such changed shares. The
Fronting Bank shall have the primary obligation to fund any and all draws made with respect to such
Letter of Credit notwithstanding any failure of a participating Bank to fund its ratable share of
any such draw. The Administrative Agent will instruct the Fronting Bank to make such Letter of
Credit available to the Borrower or to the Qualified Borrower, as the case may be, and the Fronting
Bank shall make such Letter of Credit available to the Borrower or the applicable Qualified
Borrower, or at Borrower’s instruction, to the beneficiary thereof at the Borrower’s aforesaid
address or at such address in the United States as Borrower or the applicable Qualified Borrower
shall request on the date of the Borrowing or, in the case of an Alternate Currency Letter of
Credit, at such address in Europe, the United Kingdom, Japan, Australia or the United States as the
Borrower or the applicable Qualified Borrower shall request on the date of the Borrowing.

          (c) Not later than 3:00 p.m. (Dallas, Texas time) on the date of each
Swingline Borrowing as indicated in the applicable Notice of Borrowing, the Swingline Lender shall
make available such Swingline Borrowing in Federal funds immediately available in Dallas, Texas, to
the Administrative Agent at its address referred to in Section 9.1.

          (d) Unless the Administrative Agent shall have received notice from a Bank prior to the time
of any Borrowing that such Bank will not make available to the Administrative Agent such Bank’s
share of such Borrowing, the Administrative Agent may assume that such Bank has made such share
available to the Administrative Agent on the date of such Borrowing in accordance with of this
Section 2.5 and the Administrative Agent may, in reliance upon such

41

 

assumption, but shall not be obligated to, make available to the Borrower on such date a
corresponding amount on behalf of such Bank. If and to the extent that such Bank shall not have so
made such share available to the Administrative Agent, such Bank agrees to repay to the
Administrative Agent forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to the Borrower until the date such amount
is repaid to the Administrative Agent, at the rate of interest applicable to such Borrowing
hereunder. If such Bank shall repay to the Administrative Agent such corresponding amount, such
amount so repaid shall constitute such Bank’s Loan included in such Borrowing for purposes of this
Agreement. If such Bank shall not pay to Administrative Agent such corresponding amount after
reasonable attempts are made by Administrative Agent to collect such amounts from such Bank,
Borrower agrees to repay or cause the applicable Qualified Borrower to repay, to Administrative
Agent forthwith on demand such corresponding amounts together with interest thereto, for each day
from the date such amount is made available to Borrower or such Qualified Borrower until the date
such amount is repaid to Administrative Agent, at the interest rate applicable thereto one (1)
Business Day after demand. Nothing contained in this Section 2.5(d) shall be deemed to reduce the
Commitment of any Bank or in any way affect the rights of Borrower with respect to any defaulting
Bank or Administrative Agent. The failure of any Bank to make available to the Administrative Agent
such Bank’s share of any Borrowing in accordance with Section 2.5(b) hereof shall not relieve any
other Bank of its obligations to fund its Commitment, in accordance with the provisions hereof.

          (e) Subject to the provisions hereof, the Administrative Agent shall make available each
Borrowing to Borrower in Federal funds or to the Borrower or the applicable Qualified Borrower the
applicable Alternate Currency immediately available in accordance with, and on the date set forth
in, the applicable Notice of Borrowing.

          SECTION 2.6. Notes.

          (a) The Loans of each Bank shall be evidenced by a single Note made by each Borrower
(including any Qualified Borrower) payable to the order of such Bank for the account of its
Applicable Lending Office.

          (b) Each Bank may, by notice to the Borrower and the Administrative Agent, request that its
Loans of a particular type (including, without limitation, Swingline Loans and Money Market Loans)
be evidenced by a separate Note in an amount equal to the aggregate unpaid principal amount of such
Loans. Any additional costs incurred by the Administrative Agent, the Borrower or the Banks in
connection with preparing such a Note shall be at the sole cost and expense of the Bank requesting
such Note. In the event any Loans evidenced by such a Note are paid in full prior to the Maturity
Date, any such Bank shall return such Note to Borrower. Each such Note shall be in substantially
the form of Exhibit A hereto with appropriate modifications to reflect the fact that it evidences
solely Loans of the relevant type. Upon the execution and delivery of any such Note, any existing
Note payable to such Bank shall be replaced or modified accordingly. Each reference in this
Agreement to the “Note” of such Bank shall be deemed to refer to and include any or all of such
Notes, as the context may require.

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          (c) Upon receipt of each Bank’s Note pursuant to Section 3.1(a), the Administrative Agent
shall forward such Note to such Bank. Each Bank shall record the date, amount, type and maturity of
each Loan made by it and the date and amount of each payment of principal made by the Borrower or
Qualified Borrower with respect thereto, and may, if such Bank so elects in connection with any
transfer or enforcement of its Note, endorse on the appropriate schedule appropriate notations to
evidence the foregoing information with respect to each such Loan then outstanding; provided that
the failure of any Bank to make any such recordation or endorsement shall not affect the
obligations of the Borrower or applicable Qualified Borrower hereunder or under the Notes. Each
Bank is hereby irrevocably authorized by the Borrower and each Qualified Borrower so to endorse its
Note and to attach to and make a part of its Note a continuation of any such schedule as and when
required.

          (d) The Committed Loans shall mature, and the principal amount thereof shall be due and
payable, on the Maturity Date. The Swingline Loans shall mature, and the principal amount thereof
shall be due and payable, in accordance with Section 2.3(b)(iii).

          (e) Each Money Market Loan included in any Money Market Borrowing shall mature, and the
principal amount thereof shall be due and payable, together with accrued interest thereon, on the
earlier to occur of (i) last day of the Interest Period applicable to such Borrowing or (ii) the
Maturity Date.

          (f) There shall be no more than twenty (20) Euro-Dollar Groups of Loans and Money Market Loans
outstanding at any one time, of which no more than five (5) Euro-Dollar Groups of Loans may be
Alternative Currency Loans with Interest Periods of less than 30 days.

          SECTION 2.7. Method of Electing Interest Rates.

          (a) The Loans included in each Committed Borrowing shall bear interest initially at the type
of rate specified by the Borrower or Qualified Borrower, as the case may be, in the applicable
Notice of Borrowing or as otherwise provided in Section 2.3 with respect to Mandatory Borrowings.
Thereafter, the Borrower or the applicable Qualified Borrower (or the Borrower on behalf of the
applicable Qualified Borrower) may from time to time elect to change or continue the type of
interest rate borne by each Group of Loans (subject in each case to the provisions of Article
VIII), as follows:

               (i) if such Loans are Base Rate Loans, the Borrower or Qualified Borrower may elect to convert
all or any portion of such Loans to Euro-Dollar Loans as of any Business Day;

               (ii) if such Loans are Euro-Dollar Loans (a) denominated in Dollars, the Borrower or the
applicable Qualified Borrower (or the Borrower on behalf of the applicable Qualified Borrower) may
elect to convert all or any portion of such Loans to Base Rate Loans and/or elect to continue all
or any portion of such Loans as Euro-Dollar Loans for an additional Interest Period or additional
Interest Periods, or (b) denominated in an Alternate Currency, the

43

 

Borrower or the applicable Qualified Borrower (or the Borrower on behalf of the applicable
Qualified Borrower) may elect to continue all or any portion of such Loans as Euro-Dollar Loans for
an additional Interest Period or additional Interest Periods, in each case effective on the last
day of the then current Interest Period applicable to such Loans, or on such other date designated
by Borrower or the applicable Qualified Borrower (or the Borrower on behalf of the applicable
Qualified Borrower) in the Notice of Interest Rate Election provided Borrower or the applicable
Qualified Borrower (or the Borrower on behalf of the applicable Qualified Borrower) shall pay any
losses pursuant to Section 2.13.

Each such election shall be made by delivering a notice (a “Notice of Interest Rate
Election”), signed by an Authorized Officer, to the Administrative Agent at least three (3)
Business Days before the conversion or continuation selected in such notice is to be effective. A
Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate
principal amount of the relevant Group of Loans; provided that (i) such portion is allocated
ratably among the Loans comprising such Group, (ii) the portion to which such Notice applies, and
the remaining portion to which it does not apply, are each the Dollar Equivalent Amount of $500,000
or any larger multiple of the Dollar Equivalent Amount of $100,000, (iii) there shall be no more
than twenty (20) Euro-Dollar Groups of Loans and Money Market Loans outstanding at any time, of
which no more than five (5) Euro-Dollar Groups of Loans may be Alternative Currency Loans with
Interest Periods of less than 30 days, (iv) no Committed Loan may be continued as, or converted
into, a Euro-Dollar Loan when any Event of Default has occurred and is continuing, and (v) no
Interest Period shall extend beyond the Maturity Date.

          (b) Each Notice of Interest Rate Election shall specify:

               (i) the Group of Loans (or portion thereof) to which such notice
applies;

               (ii) the date on which the conversion or continuation selected in such
notice is to be effective, which shall comply with the applicable clause of subsection (a) above;

               (iii) if the Loans comprising such Group are to be converted, the new type of Loans and, if
such new Loans are Euro-Dollar Loans, the duration of the initial Interest Period applicable
thereto; and

               (iv) if such Loans are to be continued as Euro-Dollar Loans for an additional Interest Period,
the duration of such additional Interest Period.

Each Interest Period specified in a Notice of Interest Rate Election shall comply with the
provisions of the definition of Interest Period.

          (c) Upon receipt of a Notice of Interest Rate Election from the Borrower or Qualified Borrower
pursuant to subsection (a) above, the Administrative Agent shall notify each Bank the same day as
it receives such Notice of Interest Rate Election of the contents thereof, the

44

 

interest rates determined pursuant thereto and the Interest Periods (if different from those
requested by the Borrower or Qualified Borrower) and such notice shall not thereafter be revocable
by the Borrower or the applicable Qualified Borrower. If the Borrower or Qualified Borrower fails
to deliver a timely Notice of Interest Rate Election to the Administrative Agent for any Group of
Euro-Dollar Loans, such Loans shall be converted into Base Rate Loans or, in the case of
Euro-Dollar Loans denominated in an Alternate Currency, continued as a Euro-Dollar Loan with an
Interest Period of 30 days, on the last day of the then current Interest Period applicable thereto.

          SECTION 2.8. Interest Rates.

          (a) Each Base Rate Loan shall bear interest on the outstanding principal amount thereof, for
each day from the date such Loan is made until the date it is repaid or converted into a
Euro-Dollar Loan pursuant to Section 2.7, at a rate per annum equal to the Base Rate plus the
Applicable Margin for Base Rate Loans for such day.

          (b) Each Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for
each day during the Interest Period applicable thereto, at a rate per annum equal to the sum of the
Applicable Margin for Euro-Dollar Loans for such day plus the Euro-Dollar Rate applicable to such
Interest Period.

          (c) Subject to Section 8.1, each Money Market IBOR Loan shall bear interest on the outstanding
principal amount thereof, for the Interest Period applicable thereto, at a rate per annum equal to
the sum of the Euro-Dollar Rate for such Interest Period (determined in accordance with Section
2.8(b) as if the related Money Market IBOR Borrowing were a Euro-Dollar Borrowing) plus (or minus)
the Money Market Margin quoted by the Bank making such Loan in accordance with Section 2.4. Each
Money Market Absolute Rate Loan shall bear interest on the outstanding principal amount thereof,
for the Interest Period applicable thereto, at a rate per annum equal to the Money Market Absolute
Rate quoted by the Bank making such Loan in accordance with Section 2.4. Any overdue principal of
or interest on any Money Market Loan shall bear interest, payable on demand, for each day until
paid at a rate per annum equal to the Base Rate until such failure shall become an Event of Default
and thereafter at a rate per annum equal to the sum of 2% plus the Base Rate for such day.

          (d) In the event that, and for so long as, any Event of Default shall have occurred and be
continuing, the outstanding principal amount of the Loans, and, to the extent permitted by
applicable law, overdue interest in respect of all Loans, shall bear interest at the annual rate
equal to the sum of the Base Rate and two percent (2%) (the
“Default Rate”).

          (e) The Administrative Agent shall determine each interest rate applicable to the Loans
hereunder. The Administrative Agent shall give prompt notice to the Borrower and the Banks of each
rate of interest so determined, and its determination thereof shall be conclusive in the absence of
demonstrable error.

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          (f) Intentionally Omitted.

          (g) Interest on all Loans (other than Base Rate Loans) shall be payable on the
last Business Day of each applicable Interest Period (provided that in the event any Interest
Period ends on the date which is 60, 90 or 180 days after the date on which any Interest Period
commences, interest on all Loans (other than Base Rate Loans) shall be payable on the first
Business Day of each calendar month during such Interest Period and on the last day of such
Interest Period) and interest on Base Rate Loans shall be payable on the first Business Day of each
calendar month.

          SECTION 2.9. Fees.

          (a) Facility Fee. For the period beginning on the Closing Date and ending on the date the
Obligations are paid in full and this Agreement is terminated (the “Facility Fee Period”), the
Borrower shall pay to the Administrative Agent for the account of the Banks ratably in proportion
to their respective Commitments, a facility fee on the aggregate Commitments at the Applicable Fee
Percentage. The facility fee or, if applicable, the unused fee, shall be payable in arrears on each
January 1, April 1, July 1 and October 1 during the Facility Fee Period.

          (b) Letter of Credit Fee. During the Term, the Borrower shall pay, or shall cause the
applicable Qualified Borrowers to pay, to the Administrative Agent, for the account of the Banks in
proportion to their interests in respect of issued and undrawn
Letters of Credit, a fee (a “Letter of Credit Fee”) in an amount, provided that no Event of Default shall have occurred and be
continuing, equal to a rate per annum equal to the then percentage per annum of the Applicable
Margin, less .10%, with respect to Euro-Dollar Loans, on the daily average of such issued and
undrawn Letters of Credit, which fee shall be payable quarterly, in arrears, on each January 1,
April 1, July 1 and October 1 during the Term and for the period after the Maturity Date (not to
exceed 12 months) during which any Letter of Credit shall continue to be outstanding in accordance
with the provisions of this Agreement, and on the Maturity Date. From the occurrence, and during
the continuance, of an Event of Default, such fee shall be increased to be equal to two percent
(2%) per annum on the daily average of such issued and undrawn Letters of Credit.

          (c) Fronting Bank Fee. The Borrower or the applicable Qualified Borrower shall pay any
Fronting Bank, for its own account, a fee (a “Fronting Bank Fee”) at a rate per annum equal to the
greater of (x) .10% of the issued and undrawn amount of the Letters of Credit issued by such
Fronting Bank and (y) $500 per Letter of Credit, which fee shall be in addition to and not in lieu
of, the Letter of Credit Fee. The Fronting Bank Fee shall be payable in arrears on each January 1,
April 1, July 1 and October 1 during the Term, and on the Maturity Date. In addition, Borrower
shall pay directly to the Fronting Bank for its own account, the customary processing fees, charges
and expenses of the Fronting Bank in connection with the issuance, administration or extension of
letters of credit as from time to time in effect.

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          (d) Fees Non-Refundable. All fees set forth in this Section 2.9 shall be deemed to have been
earned on the date payment is due in accordance with the provisions hereof and shall be
non-refundable. The obligation of the Borrower to pay such fees in accordance with the provisions
hereof shall be binding upon the Borrower and shall inure to the benefit of the Administrative
Agent, the Syndication Agent and the Banks regardless of whether any Loans are actually made.

          SECTION 2.10. Maturity Date; Extension.

          (a) The term (the “Term”) of the Commitments (and each Bank’s obligations to make Loans
hereunder) shall terminate and expire on the Maturity Date, subject, however, to the provisions of
Subsection 2.10(b) hereof. Upon the date of the termination of the Term, any Loans then outstanding
(together with accrued interest thereon) and all other Obligations other than with respect to
Letters of Credit, shall be due and payable on such date.

          (b) Borrower shall have one option (the “Extension Option”) to extend the Maturity Date, for
an additional twelve (12) month period, upon the following terms and conditions: (i) delivery by
Borrower of written notice thereof to the Administrative Agent (the
“Extension Notice”) on or
before the date which is not more than one hundred twenty (120) days nor less than thirty (30) days
prior to the current Maturity Date (which Extension Notice, the Administrative Agent shall promptly
deliver to the Banks); (ii) no Default or Event of Default shall have occurred and be continuing
both on the date Borrower delivers the Extension Notice to the Administrative Agent and on the
first day of the extension period (the “Extension Date”); (iii) each of the representations and
warranties of Borrower and each Qualified Borrower contained in this Agreement (other than
representations and warranties which expressly speak of a different date) shall be true and correct
in all material respects on and as of the Extension Date; and (iv) Borrower shall pay to the
Administrative Agent, for the account of the Banks, on the Extension Date, the Extension Fee.
Borrower’s delivery of the Extension Notice shall be irrevocable.

          (c) Upon the date of the termination of the Term, any Loans then outstanding (together with
accrued interest thereon and all other Obligations) shall be due and payable on such date and
Borrower shall comply with the provisions of Section 2.18, if applicable.

          SECTION 2.11. Optional Prepayments.

          (a) The Borrower may, upon at least one (1) Business Day’s notice to the Administrative Agent,
prepay any Group of Base Rate Loans or any Money Market Borrowing bearing interest at the Base Rate
pursuant to Section 8.1, in whole at any time, or from time to time in part in amounts aggregating
One Million Dollars ($1,000,000) or any larger multiple of One Hundred Thousand Dollars ($100,000),
by paying the principal amount to be prepaid together with accrued interest thereon to the date of
prepayment. The Borrower may, from time to time on any Business Day so long as prior notice is
given to the Administrative Agent and Swingline Lender no later than 1:00 p.m. (Dallas, Texas time)
on the day on which Borrower intends to make such prepayment, prepay any Swingline Loans in whole
or in part in amounts

47

 

aggregating $100,000 or a higher integral multiple of $100,000 (or, if less, the aggregate
outstanding principal amount of all Swingline Loans then outstanding) by paying the principal
amount to be prepaid together with accrued interest thereon to the date of prepayment no later than
2:00 p.m. (Dallas, Texas time) on such day. Each such optional prepayment shall be applied to
prepay ratably the Loans of the several Banks (or the Swingline Lender in the case of Swingline
Loans) included in such Group or Borrowing.

          (b) The Borrower may, upon at least one (1) Business Days’ notice to the Administrative Agent,
prepay all or any portion of any Euro-Dollar Loan as of the last day of the Interest Period
applicable thereto. Except as provided in Article 8 and except with respect to any Euro-Dollar Loan
which has been converted to a Base Rate Loan pursuant to Section 8.2, 8.3 or 8.4 hereof, the
Borrower may not prepay all or any portion of the principal amount of any Euro-Dollar Loan prior to
the end of the Interest Period applicable thereto unless the Borrower shall also pay any applicable
expenses pursuant to Section 2.13. In addition, the Borrower may not prepay all or any portion of
the principal amount of any Money Market Loan prior to the end of the Interest Period applicable
thereto without the consent of all applicable Designated Lenders and Banks. Any such prepayment
shall be upon at least three (3) Business Days notice to the Administrative Agent. Each such
optional prepayment shall be in the amounts set forth in Section 2.11(a) above and shall be applied
to prepay ratably the Loans of the Banks included in any Group of Euro-Dollar Loans, except that
any Euro-Dollar Loan which has been converted to a Base Rate Loan pursuant to Section 8.2, 8.3 or
8.4 hereof may be prepaid without ratable payment of the other Loans in such Group of Loans which
have not been so converted.

          (c) The Borrower may, upon at least one (1) Business Day’s notice to the Administrative Agent
(by 11:00 a.m Dallas, Texas time or local time to the principal financial center of the Alternate
Currency in question, as applicable, on such Business Day), reimburse the Administrative Agent for
the benefit of the Fronting Bank for the amount of any drawing under a Letter of Credit in whole or
in part in any amount.

          (d) The Borrower may at any time return, or cause to be returned, any undrawn Letter of Credit
to the Fronting Bank in whole, but not in part, and the Fronting Bank within three (3) Business
Days shall give the Administrative Agent and each of the Banks notice of such return.

          (e) The Borrower may at any time and from time to time cancel all or any part of the Dollar
Commitments or the Alternate Currency Commitments in Dollar Equivalent Amounts aggregating Ten
Million Dollars ($10,000,000) or any larger multiple of Dollar Equivalent Amounts equal to One
Hundred Thousand Dollars ($100,000), by the delivery to the Administrative Agent of a notice of
cancellation, signed by an Authorized Officer, which notice shall specify the amount of Dollar
Commitments and/or Alternate Currency Commitments being cancelled, within the applicable time
periods set forth in Sections 2.11(a) and (b) if there are Loans then outstanding or, if there are
no Loans outstanding at such time as to which the Commitments with respect thereto are being
canceled, upon at least three (3) Business Days’ notice to the Administrative Agent, whereupon, in
either event, all or such portion of the

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Commitments, as applicable, shall terminate as to the applicable Banks, pro rata on the date set
forth in such notice of cancellation, and, if there are any Loans then outstanding, Borrower shall
prepay, as applicable, all or such portion of Loans outstanding on such date in accordance with the
requirements of Section 2.11(a) and (b), Borrower shall be permitted to designate in its notice of
cancellation which Loans, if any, are to be prepaid. In no event shall the Borrower be permitted to
cancel Commitments, if, after giving effect to such cancellation and any related payments as well
as any returns by Borrower or at Borrower’s direction of any Letters of Credit to the Fronting
Bank, the amount of the Loans plus Letter of Credit Usage exceeds the Commitments, as so reduced. A
reduction of the Commitments pursuant to this Section 2.11(e) shall not effect a reduction in the
Swingline Commitment (unless so elected by the Borrower) until the aggregate Commitments have been
reduced to an amount equal to or less than the Swingline Commitment.

          (f) Any amounts so prepaid pursuant to Section 2.11(a) or (b) may be reborrowed. In the event
Borrower elects to cancel all or any portion of the Commitments and the Swingline Commitment
pursuant to Section 2.11(e) hereof, such amounts may not be reborrowed.

          SECTION 2.12. General Provisions as to Payments.

          (a) The Borrower or Qualified Borrower, as the case may be, shall make each payment of
principal of and interest on the Loans and of fees hereunder, not later than 11:00 a.m. (Dallas,
Texas time or local time to the principal financial center of the Alternate Currency in question,
as applicable) on the date when due, in Federal or other funds immediately available in Dallas,
Texas, or, in the case of any Alternate Currency Loans, in the applicable Alternate Currency
immediately available in the principal financial center of the Alternate Currency in question, to
the Administrative Agent at its address referred to in Section 9.1, in each case without defense,
setoff or counterclaim. The Administrative Agent will promptly (and in any event within one (1)
Business Day after receipt thereof) distribute to each Bank its ratable share (or applicable share
with respect to Money Market Loans) of each such payment received by the Administrative Agent for
the account of the Banks. If and to the extent that the Administrative Agent shall receive any such
payment for the account of the Banks on or before 12:00 Noon (Dallas, Texas time or local time to
the principal financial center of the Alternate Currency in question, as applicable) on any
Business Day, and Administrative Agent shall not have distributed to any Bank its applicable share
of such payment on such Business Day, Administrative Agent shall distribute such amount to such
Bank together with interest thereon, for each day from the date such amount should have been
distributed to such Bank until the date Administrative Agent distributes such amount to such Bank,
at the Federal Funds Rate. Whenever any payment of principal of, or interest on the Base Rate Loans
or Swingline Loans or of fees shall be due on a day which is not a Business Day, the date for
payment thereof shall be extended to the next succeeding Business Day. Whenever any payment of
principal of, or interest on, the Euro-Dollar Loans shall be due on a day which is not a Business
Day, the date for payment thereof shall be extended to the next succeeding Business Day unless such
Business Day falls in another calendar month, in which case the date for payment thereof shall be
the next preceding Business Day.

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Whenever any payment of principal of, or interest on, the Money Market Loans shall be due on a
day which is not a Business Day, the date for payment thereof shall be extended to the next
succeeding Business Day. If the date for any payment of principal is extended by operation of law
or otherwise, interest thereon shall be payable for such extended time.

          (b) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Banks hereunder that the Borrower or Qualified Borrower, as
the case may be, will not make such payment in full, the Administrative Agent may assume that the
Borrower or Qualified Borrower, as the case may be, has made such payment in full to the
Administrative Agent on such date and the Administrative Agent may, in reliance upon such
assumption, cause to be distributed to each Bank on such due date an amount equal to the amount
then due such Bank. If and to the extent that the Borrower or Qualified Borrower, as the case may
be, shall not have so made such payment, each Bank shall repay to the Administrative Agent
forthwith on demand such amount distributed to such Bank together with interest thereon, for each
day from the date such amount is distributed to such Bank until the date such Bank repays such
amount to the Administrative Agent, at the Federal Funds Rate.

          SECTION 2.13. Funding Losses. If the Borrower or a Qualified Borrower, as the case may be,
makes any payment of principal with respect to any Euro-Dollar Loan or Money Market IBOR Loan
(pursuant to Article II, VI or VIII or otherwise) on any day other than the last day of the
Interest Period applicable thereto, or if the Borrower or a Qualified Borrower, as the case may be,
fails to borrow any Euro-Dollar Loans or Money Market IBOR Loans after notice has been given to any
Bank in accordance with Section 2.5(a) or 2.4(f), as applicable, or if Borrower or a Qualified
Borrower, as the case may be, shall deliver a Notice of Interest Rate Election specifying that a
Euro-Dollar Loan shall be converted on a date other than the first (1st) day of the then current
Interest Period applicable thereto, the Borrower shall reimburse each Bank within 15 days after
certification of such Bank of such loss or expense (which shall be delivered by each such Bank to
Administrative Agent for delivery to Borrower) for any resulting loss or expense incurred by it (or
by an existing Participant in the related Loan), including, without limitation, any loss incurred
in obtaining, liquidating or employing deposits from third parties, but excluding loss of margin
for the period after any such payment or failure to borrow, provided that such Bank shall have
delivered to Administrative Agent and Administrative Agent shall have delivered to the Borrower a
certification as to the amount of such loss or expense, which certification shall set forth in
reasonable detail the basis for and calculation of such loss or expense and shall be conclusive in
the absence of demonstrable error.

          SECTION 2.14. Computation of Interest and Fees. All interest based on the Euro-Dollar Rate
(other than with respect to Loans denominated in Pounds Sterling) and all fees shall be computed on
the basis of a year of 360 days and paid for the actual number of days elapsed (including the first
day but excluding the last day). All interest based on the Prime Rate and all interest on Loans
denominated in Pounds Sterling shall be computed on the basis of a year of 365 days (or, in the
case of interest based on the Prime Rate only, 366 days in a leap year) and paid for the actual
number of days elapsed (including the first day but excluding the last day).

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          SECTION 2.15. Use of Proceeds. The Borrower shall use, or shall cause any Qualified Borrower
to use, the proceeds of the Loans for general corporate purposes, including, without limitation,
the acquisition of real property to be used in the Borrower’s existing business and for general
working capital needs of the Borrower; provided, however, that no Swingline Loan shall be used more
than once for the purpose of refinancing another Swingline Loan, in whole or part.

          SECTION 2.16. Letters of Credit.

          (a) Subject to the terms contained in this Agreement and the other Loan Documents, upon the
receipt of a notice in accordance with Section 2.2(b) requesting the issuance of a Letter of
Credit, provided that the Fronting Bank shall not have received written notice from the
Administrative Agent or the Borrower, not less than one (1) Business Day prior to the requested
date of issuance or amendment of the applicable Letter of Credit, that one or more applicable
conditions set forth in Section 3.2 shall not have been satisfied, the Fronting Bank shall issue a
Letter of Credit or Letters of Credit in such form as is reasonably acceptable to the Fronting Bank
and Borrower or the Qualified Borrower (subject to the provisions of Section 2.2(b)) in an amount
or amounts equal to the amount or amounts requested by the Borrower; provided that, in the case of
(i) Alternate Currency Letter(s) of Credit, the Fronting Bank shall issue the same in the Alternate
Currency requested and (ii) Dollar Letter(s) of Credit, the Fronting Bank shall issue the same in
Dollars. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be
deemed to be the Dollar Equivalent Amount of the stated amount of such Letter of Credit in effect
at such time.

          (b) The Letter of Credit Usage shall be no more than twenty-five percent (25%) of the
aggregate Commitments (and in the case of Alternate Currency Letters of Credit, no more than the
Dollar Equivalent Amount of $200,000,000), at any one time. Upon receipt of any notice in
accordance with Section 2.2(b) requesting the issuance of a Letter of Credit, the Fronting Bank
shall confirm with the Administrative Agent (by telephone or in writing) that the limitations set
forth in this Section 2.16(b) shall not be violated.

          (c) If the Borrower so requests in any applicable Letter of Credit notice pursuant to Section
2.2(b), the Fronting Bank may, in its sole and absolute discretion, agree to issue a Letter of
Credit that has automatic renewal provisions (each, an
“Auto-Renewal Letter of Credit”); provided
that any such Auto-Renewal Letter of Credit must permit the Fronting Bank to prevent any such
renewal at least once in each twelve-month period (commencing with the date of issuance of such
Letter of Credit) by giving prior notice to the beneficiary thereof not later than one (1) day (the
“Nonrenewal Notice Date”) in each such twelve-month period to be agreed upon at the time such
Letter of Credit is issued. Unless otherwise required by the applicable Fronting Bank in its
application form, the Borrower shall not be required to make a specific request to the Fronting
Bank for any such renewal. Once an Auto-Renewal Letter of Credit has been issued, the Banks shall
be deemed to have authorized (but may not require) the Fronting Bank to permit the renewal of such
Letter of Credit at any time prior to an expiry date not later than thirty (30) days prior to the
Maturity Date; provided, however, that the Fronting Bank shall

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not permit any such renewal if (A) the Fronting Bank has determined that it would have no
obligation at such time to issue such Letter of Credit in its renewed form under the terms hereof,
or (B) it has received notice (which may be by telephone or in writing) on or before the day that
is two Business Days before the Nonrenewal Notice Date from the Administrative Agent or the
Borrower that one or more of the applicable conditions specified in Section 3.2 is not then
satisfied.

          (d) In the event of any request for a drawing under any Letter of Credit by the beneficiary
thereunder, the Fronting Bank shall notify the Borrower and the Administrative Agent (and the
Administrative Agent shall notify each Bank thereof) on or before the date on which the Fronting
Bank intends to honor such drawing, and, except as provided in this subsection (d), the Borrower
shall reimburse the Fronting Bank, in immediately available funds, on the same day on which such
drawing is honored in an amount equal to the amount of such drawing. Notwithstanding anything
contained herein to the contrary, however, unless the Borrower shall have notified the
Administrative Agent, and the Fronting Bank prior to 11:00 a.m. (Dallas, Texas time) on the
Business Day immediately prior to the date of such drawing that the Borrower intends to reimburse
the Fronting Bank for the amount of such drawing with funds other than the proceeds of the Loans,
the Borrower shall be deemed to have timely given a Notice of Borrowing pursuant to Section 2.2 to
the Administrative Agent, requesting a Borrowing of Base Rate Loans on the date on which such
drawing is honored and in an amount equal to the amount of such drawing. Each Bank (other than the
Fronting Bank) shall, in accordance with Section 2.5(b), make available its pro rata share of such
Borrowing to the Administrative Agent, the proceeds of which shall be applied directly by the
Administrative Agent to reimburse the Fronting Bank for the amount of such draw. Notwithstanding
anything contained herein to the contrary, however, in the case of Alternate Currency Letters of
Credit, Borrower or, if such Letter of Credit was issued on behalf of a Qualified Borrower, such
Qualified Borrower (which obligations of such Qualified Borrower are guaranteed by Borrower
pursuant to the Qualified Borrower Guaranty) shall reimburse any drawing thereunder in the
Alternate Currency in which such Alternate Currency Letter(s) of
Credit are denominated; provided,
however, that if (x) any such drawing is made at a time when there exists an Event of Default or
(y) Borrower shall not have notified the Administrative Agent and Fronting Bank prior to 11 a.m.
(New York time) at least two (2) Business Days immediately prior to such drawing that Borrower
intends to reimburse Fronting Bank in the applicable Alternate Currency, then, in either such case,
such reimbursement shall instead be made by payment in Dollars of the Dollar Equivalent Amount of
such drawing and in immediately available funds. In the event that any such Bank fails to make
available to the Fronting Bank the amount of such Bank’s participation on the date of a drawing,
the Fronting Bank shall be entitled to recover such amount on demand from such Bank together with
interest at the Federal Funds Rate commencing on the date such drawing is honored, and the
provisions of Section 9.16 shall otherwise apply to such failure.

          (e) If, after the date hereof, any change in any law or regulation or in the interpretation
thereof by any court or administrative or Governmental Authority charged with the administration
thereof shall either (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against letters of credit issued by, or assets held by, or deposits in

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or for the account of, or participations in any letter of credit, upon any Bank (including the
Fronting Bank) or (ii) impose on any Bank any other condition regarding this Agreement or such Bank
(including the Fronting Bank) as it pertains to the Letters of Credit or any participation therein
and the result of any event referred to in the preceding clause (i) or (ii) shall be to increase,
by an amount deemed by the Fronting Bank or such Bank to be material, the cost to the Fronting Bank
or any Bank of issuing or maintaining any Letter of Credit or participating therein, then the
Borrower shall pay to the Fronting Bank or such Bank, within 15 days after written demand by such
Bank (with a copy to the Administrative Agent), which demand shall be accompanied by a certificate
showing, in reasonable detail, the calculation of such amount or amounts, such additional amounts
as shall be required to compensate the Fronting Bank or such Bank for such increased costs or
reduction in amounts received or receivable hereunder. Each Bank will promptly notify the Borrower
and the Administrative Agent of any event of which it has knowledge, occurring after the date
hereof, which will entitle such Bank to compensation pursuant to this Section 2.16 and will
designate a different Applicable Lending Office if such designation will avoid the need for, or
reduce the amount of, such compensation and will not, in the reasonable judgment of such Bank, be
otherwise disadvantageous to such Bank. If such Bank shall fail to notify Borrower of any such
event within 90 days following the end of the month during which such event occurred, then
Borrower’s liability for any amounts described in this Section incurred by such Bank as a result of
such event shall be limited to those attributable to the period occurring subsequent to the
ninetieth (90th) day prior to the date upon which such Bank actually notified Borrower of the
occurrence of such event. A certificate of any Bank claiming compensation under this Section 2.16
and setting forth a reasonably detailed calculation of the additional amount or amounts to be paid
to it hereunder shall be conclusive in the absence of demonstrable error. In determining such
amount, such Bank may use any reasonable averaging and attribution methods.

          (f) The Borrower hereby agrees to protect, indemnify, pay and save the Fronting Bank harmless
from and against any and all claims, demands, liabilities, damages, losses, costs, charges and
expenses (including reasonable attorneys’ fees and disbursements) which the Fronting Bank may incur
or be subject to as a result of (i) the issuance of the Letters of Credit, other than to the extent
of the bad faith, gross negligence or willful misconduct of the Fronting Bank or (ii) the failure
of the Fronting Bank to honor a drawing under any Letter of Credit as a result of any act or
omission, whether rightful or wrongful, of any present or future
de
jure or de facto government or Governmental Authority, including by reason of court order
(collectively, “Governmental Acts”), other than to the extent of the bad faith, gross negligence or
willful misconduct of the Fronting Bank. As between the Borrower and the Fronting Bank, the
Borrower assumes all risks of the acts and omissions of any beneficiary with respect to its use, or
misuses of, the Letters of Credit issued by the Fronting Bank. In furtherance and not in limitation
of the foregoing, the Fronting Bank shall not be responsible (i) for the form, validity,
sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in
connection with the application for and issuance of such Letters of Credit, even if it should in
fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged;
(ii) for the validity or insufficiency of any instrument transferring or assigning or purporting to
transfer or assign any such Letter of Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part,

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which may prove to be invalid or ineffective for any reason; (iii) for failure of the beneficiary
of any such Letter of Credit to comply fully with conditions required in order to draw upon such
Letter of Credit, other than as a result of the bad faith, gross negligence or willful misconduct
of the Fronting Bank; (iv) for errors, omissions, interruptions or delays in transmission or
delivery of any message, by mail, cable, telegraph, facsimile transmission, or otherwise; (v) for
errors in interpretation of any technical terms; (vi) for any loss or delay in the transmission or
otherwise of any documents required in order to make a drawing under any such Letter of Credit or
of the proceeds thereof; (vii) for the misapplication by the beneficiary of any such Letter of
Credit of the proceeds of such Letter of Credit; or (viii) for any consequence (including, without
limitation, consequential damages), arising from causes beyond the control of the Fronting Bank,
including any Government Acts, in each case other than to the extent of the bad faith, gross
negligence or willful misconduct of the Fronting Bank. None of the above shall affect, impair or
prevent the vesting of the Fronting Bank’s rights and powers hereunder. In furtherance and
extension and not in limitation of the specific provisions hereinabove set forth, any action taken
or omitted by the Fronting Bank under or in connection with the Letters of Credit issued by it or
the related certificates, if taken or omitted in good faith, shall not put the Fronting Bank under
any resulting liability to the Borrower; provided that, notwithstanding anything in the foregoing
to the contrary, the Fronting Bank will be liable to the Borrower for any damages suffered by the
Borrower or its Subsidiaries as a result of the Fronting Bank’s grossly negligent or willful
failure to pay under any Letter of Credit after the presentation to it of a sight draft and
certificates strictly in compliance with the terms and conditions of the Letter of Credit.

          (g) If the Fronting Bank or the Administrative Agent is required at any time, pursuant to any
bankruptcy, insolvency, liquidation or reorganization law or otherwise, to return to the Borrower
any reimbursement by the Borrower of any drawing under any Letter of Credit, each Bank shall pay to
the Fronting Bank or the Administrative Agent, as the case may be, its pro rata share of such
payment, but without interest thereon unless the Fronting Bank or the Administrative Agent is
required to pay interest on such amounts to the person recovering such payment, in which case with
interest thereon, computed at the same rate, and on the same basis, as the interest that the
Fronting Bank or the Administrative Agent is required to pay.

          (h) The Fronting Bank shall not be under any obligation to issue any Letter of Credit if the
issuance of such Letter of Credit would violate one or more policies of the Fronting Bank, which
policies such Fronting Bank shall apply equally to all borrowers similarly situated.

          SECTION 2.17. Letter of Credit Usage Absolute. The obligations of the Borrower under this
Agreement in respect of any Letter of Credit shall be unconditional and irrevocable, and shall be
paid strictly in accordance with the terms of this Agreement (as the same may be amended from time
to time) and any Letter of Credit Documents (as hereinafter defined) under all circumstances,
including, without limitation, to the extent permitted by law, the following circumstances:

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          (a) any lack of validity or enforceability of any Letter of Credit or any other agreement or
instrument relating thereto (collectively, the “Letter of Credit Documents”) or any Loan Document;

          (b) any change in the time, manner or place of payment of, or in any other term of, all or any
of the obligations of the Borrower in respect of the Letters of Credit or any other amendment or
waiver of or any consent by the Borrower to departure from all or any of the Letter of Credit
Documents or any Loan Document; provided, that the Fronting Bank shall not consent to any such
change or amendment unless previously consented to in writing by the Borrower;

          (c) any exchange, release or non-perfection of any collateral, or any release or amendment or
waiver of or consent to departure from any guaranty, for all or any of the obligations of the
Borrower in respect of the Letters of Credit;

          (d) the existence of any claim, set-off, defense or other right that the Borrower may have at
any time against any beneficiary or any transferee of a Letter of Credit (or any Persons for whom
any such beneficiary or any such transferee may be acting), the Administrative Agent, the Fronting
Bank or any Bank (other than a defense based on the bad faith, gross negligence or willful
misconduct of the Administrative Agent, the Fronting Bank or such Bank) or any other Person,
whether in connection with the Loan Documents, the transactions contemplated hereby or by the
Letters of Credit Documents or any unrelated transaction;

          (e) any draft or any other document presented under or in connection with any Letter of Credit
or other Loan Document proving to be forged, fraudulent, invalid or insufficient in any respect or
any statement therein being untrue or inaccurate in any respect;
provided, that payment by the
Fronting Bank under such Letter of Credit against presentation of such draft or document shall not
have been the result of the bad faith, gross negligence or willful misconduct of the Fronting Bank;

          (f) payment by the Fronting Bank against presentation of a draft or certificate that does not
strictly comply with the terms of the Letter of Credit; provided, that such payment shall not have
been the result of the bad faith, gross negligence or willful misconduct of the Fronting Bank; and

          (g) any other circumstance or happening whatsoever other than the payment in full of all
obligations hereunder in respect of any Letter of Credit or any agreement or instrument relating to
any Letter of Credit, whether or not similar to any of the foregoing, that might otherwise
constitute a defense available to, or a discharge of, the Borrower;
provided, that such other
circumstance or happening shall not have been the result of bad faith, gross negligence or willful
misconduct of the Fronting Bank.

          SECTION 2.18. Letters of Credit Maturing after the Maturity Date.

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          (a) Notwithstanding anything contained herein to the contrary, if any Letters of Credit, by
their terms, shall mature after the Maturity Date (as the same may be extended), then, on and after
the Maturity Date, the provisions of this Agreement shall remain in full force and effect with
respect to such Letters of Credit, and the Borrower shall comply with the provisions of Section
2.18(b). No Letter of Credit shall mature on a date that is more than twelve
(12) months after the Maturity Date then in effect.

          (b) If, at any time and from time to time, any Letter of Credit shall have been
issued hereunder and the same shall expire on a date after the Maturity Date, then, on the date
that is five (5) Business Days prior to the Maturity Date, the Borrower shall pay to the
Administrative Agent, on behalf of the Banks, in same day funds at the Administrative Agent’s
office designated in such demand, for deposit in the Letter of Credit Collateral Account, Letter of
Credit Collateral in an amount equal to the Dollar Equivalent Amount of the Letter of Credit Usage
under the Letters of Credit. The Administrative Agent shall recalculate the Dollar Equivalent
Amount with respect to all Alternate Currency Letters of Credit monthly, as of the first Business
Day of each month. Interest shall accrue on the Letter of Credit Collateral Account in accordance
with the provisions of Section 6.4.

          SECTION 2.19. Mandatory Prepayments. The Administrative Agent shall calculate the Dollar
Equivalent Amount of all Loans denominated in an Alternate Currency and Letter of Credit Usage of
Alternate Currency Letters of Credit at the time of each Borrowing thereof and on the first
Business Day of each month during each Interest Period longer than one month in duration. If at any
such time (y) the Dollar Equivalent Amount of the sum of (i) all outstanding Loans denominated in
an Alternate Currency, (ii) all outstanding Loans denominated in Dollars made against the Alternate
Currency Commitment, (iii) the outstanding Dollar Equivalent Amount of the Letter of Credit Usage
for Alternate Currency Letters of Credit, and (iv) the Letter of Credit Usage for Letters of Credit
denominated in Dollar issued against the Alternate Currency Commitment, so determined by the
Administrative Agent, in the aggregate, exceeds the Alternate Currency Sublimit, Borrower shall
repay (and cause the applicable Qualified Borrowers to repay) all or a portion of such Loans,
otherwise in accordance with the applicable terms of this Agreement, in such amount so that,
following the making of such payment, the Dollar Equivalent Amount outstanding of such Loans and
Letter of Credit Usage does not exceed the Alternate Currency Sublimit, or (z) the Dollar
Equivalent Amount of the sum of (i) all outstanding Loans and (ii) the outstanding Dollar
Equivalent Amount of the Letter of Credit Usage so determined by the Administrative Agent, in the
aggregate, exceeds the Commitments, Borrower shall, in each case, repay (or cause the applicable
Qualified Borrower to repay) all or a portion of the Loans, otherwise in accordance with the
applicable terms of this Agreement, in such amount so that, following the making of such payment,
the Dollar Equivalent Amount outstanding of Loans and Letter of Credit Usage does not exceed the
Commitments.

          SECTION 2.20. Special Provisions Regarding Alternate Currency Loans.

          (a) Upon the occurrence of a Sharing Event, automatically (and without the taking of any
action) (x) all then outstanding Euro-Dollar Loans denominated in an Alternate

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Currency shall be automatically converted into Base Rate Loans denominated in Dollars (in an amount
equal to the Dollar Equivalent Amount of the aggregate principal amount of the applicable
Euro-Dollar Loans on the date such Sharing Event first occurred, which Loans denominated in Dollars
(i) shall thereafter continue to be deemed to be Base Rate Loans and (ii) unless the Sharing Event
resulted solely from a termination of the Commitments, shall be immediately due and payable on the
date such Sharing Event has occurred) and (y) unless the Sharing Event resulted solely from a
termination of the Commitments, all accrued and unpaid interest and other amounts owing with
respect to such Loans shall be immediately due and payable in Dollars, taking the Dollar Equivalent
Amount of such accrued and unpaid interest and other amounts.

          (b) Upon the occurrence of a Sharing Event, and after giving effect to any automatic
conversion pursuant to Section 2.20(a), each Bank shall (and hereby unconditionally and irrevocably
agrees to) purchase and sell (in each case in Dollars) undivided participating interests in all
such Loans outstanding to, and any unpaid Letter of Credit Usage owing by, the Borrower in such
amounts so that each Bank shall have a share of such outstanding Loans and unpaid Letter of Credit
Usage then owing by the Borrower equal to its Pro Rata Share of the Commitments (although if
because of fluctuations in currency exchange rates any Bank would be required to purchase such
participations after giving effect to which such Bank’s allocated share of all Loans and Letter of
Credit Usage (including participations therein purchased pursuant to this Section 2.20) would
exceed the Dollar Equivalent Amount of such Bank’s Dollar Commitment and Alternate Currency
Commitment, then such participations shall be in an amount after giving effect to which such Bank’s
allocated share of all Loans and Letter of Credit Usage (including participations therein purchased
pursuant to this Section 2.20) would equal the Dollar Equivalent Amount of such Bank’s Dollar
Commitment and Alternate Currency Commitment. Upon any such occurrence, the Administrative Agent
shall notify each Bank and shall specify the amount of dollars required from such Bank in order to
effect the purchases and sales by the various Banks of participating interests in the amounts
required above (together with accrued interest with respect to the period for the last interest
payment date through the date of the Sharing Event plus any additional amounts payable by the
Borrower pursuant to this Section 2.20 in respect of such accrued but unpaid interest); provided,
in the event that a Sharing Event shall have occurred, each Bank shall be deemed to have purchased,
automatically and without request, such participating interests. Promptly upon receipt of such
request, each Bank shall deliver to the Administrative Agent (in immediately available funds in
Dollars) the net amounts as specified by the Administrative Agent. The Administrative Agent shall
promptly deliver the amounts so received to the various Banks in such amounts as are needed to
effect the purchases and sales of participations as provided above. Promptly following receipt
thereof, each Bank which has sold participations in any of its Loans (through the Administrative
Agent) will deliver to each Bank (through the Administrative Agent) which has so purchased a
participating interest a participation certificate dated the date of receipt of such funds and in
such amount. It is understood that the amount of funds delivered by each Bank shall be calculated
on a net basis, giving effect to both the sales and purchases of participations by the various
Banks as required above.

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          (c) Upon the occurrence of a Sharing Event (i) no further Loans shall be made, (ii) all
amounts from time to time accruing with respect to, and all amounts from time to time payable on
account of, any outstanding Euro-Dollar Loans initially denominated in an Alternate Currency
(including, without limitation, any interest and other amounts which were accrued but unpaid on the
date of such purchase) shall be payable in Dollars as if such Euro-Dollar Loans had originally been
made in Dollars and shall be distributed by the relevant Banks (or their Affiliates) to the
Administrative Agent for the account of the Banks which made such Loans or are participating
therein and (iii) the Commitments of the Banks shall be automatically terminated. Notwithstanding
anything to the contrary contained above, the failure of any Bank to purchase its participating
interest in any Loans upon the occurrence of a Sharing Event shall not relieve any other Bank of
its obligation hereunder to purchase its participating interests in a timely manner, but no Bank
shall be responsible for the failure of any other Bank to purchase the participating interest to be
purchased by such other Bank on any date.

          (d) If any amount required to be paid by any Bank pursuant to Section 2.20(b) is not paid to
the Administrative Agent within one (1) Business Day following the date upon which such Bank
receives notice from the Administrative Agent of the amount of its participations required to be
purchased pursuant to said Section 2.20(b), such Bank shall also pay to the Administrative Agent on
demand an amount equal to the product of (i) the amount so required to be paid by such Bank for the
purchase of its participations times (ii) the daily average Federal Funds Rate during the period
from and including the date of request for payment to the date on which such payment is immediately
available to the Administrative Agent times (iii) a fraction the numerator of which is the number
of days that elapsed during such period and the denominator of which is 360. If any such amount
required to be paid by any Bank pursuant to Section 2.20(b) is not in fact made available to the
Administrative Agent within three (3) Business Days following the date upon which such Bank
receives notice from the Administrative Agent as to the amount of participations required to be
purchased by it, the Administrative Agent shall be entitled to recover from such Bank on demand,
such amount with interest thereon calculated from such request date at the rate per annum
applicable to Base Rate Loans hereunder. A certificate of the Administrative Agent submitted to any
Bank with respect to any amounts payable by any Bank pursuant to this Section 2.20 shall be paid to
the Administrative Agent for the account of the relevant Banks; provided that, if the
Administrative Agent (in its sole discretion) has elected to fund on behalf of such Bank the
amounts owing to such Banks, then the amounts shall be paid to the Administrative Agent for its own
account.

          (e) Whenever, at any time after the relevant Banks have received from any Banks purchases of
participations in any Loans pursuant to this Section 2.20, the Banks receive any payment on account
thereof, such Banks will distribute to the Administrative Agent, for the account of the various
Banks participating therein, such Banks’ participating interests in such amounts (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such
participations were outstanding) in like funds as received; provided, however, that in the event
that such payment received by any Banks are required to be returned, the Banks who received
previous distributions in respect of their participating interests therein will return to

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the respective Banks any portion thereof previously so distributed to them in like funds as such
payment is required to be returned by the respective Banks.

          (f) Each Bank’s obligation to purchase participating interests pursuant to this Section 2.20
shall be absolute and unconditional and shall not be affected by any circumstance including,
without limitation, (a) any setoff, counterclaim, recoupment, defense or other right which such
Bank may have against any other Bank, the Borrower or any other Person for any reason whatsoever,
(b) the occurrence or continuance of an Event of Default, (c) any adverse change in the condition
(financial or otherwise) of the Borrower or any other Person, (d) any breach of this Agreement by
the Borrower, any of its Subsidiaries or any Bank or any other Person, or (e) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

          (g) Notwithstanding anything to the contrary contained elsewhere in this Agreement, upon any
purchase of participations as required above, each Bank which has purchased such participations
shall be entitled to receive from the Borrower any increased costs and indemnities directly from
the Borrower to the same extent as if it were the direct Bank as opposed to a participant therein.
The Borrower acknowledges and agrees that, upon the occurrence of a Sharing Event and after giving
effect to the requirements of this Section 2.20, increased Taxes may be owing by the Borrower
pursuant to Section 8.4, which Taxes shall be paid (to the extent provided in Section 8.4) by the
Borrower, without any claim that the increased Taxes are not payable because same resulted from the
participations effected as otherwise required by this Section 2.20.

          SECTION 2.21. Qualified Borrowers.

          (a) The Borrower may, at any time or from time to time, upon not less than ten (10) Business
Days’ notice in the case of a domestic Qualified Borrower or fifteen (15) Business Day’s notice in
the case of a foreign Qualified Borrower, designate one or more Qualified Borrowers to be added to
this Agreement by notifying the Administrative Agent thereof, and the Administrative Agent shall
promptly notify each Bank. Borrower shall, or shall cause such Qualified Borrower to, deliver all
documents required to be delivered pursuant to Section 3.1 with respect to a Qualified Borrower,
each of which shall be in form and substance reasonably satisfactory to the Administrative Agent.
Following the giving of any notice pursuant to this Section 2.21, if the designation of such
Qualified Borrower obligates the Administrative Agent or any Bank to comply with “know your
customer” or similar identification procedures in circumstances where the necessary information is
not already available to it, the Borrower shall, promptly upon the request of the Administrative
Agent or any Bank, supply such documentation and other evidence as is reasonably requested by the
Administrative Agent or any Bank in order for the Administrative Agent or such Bank to carry out
and be satisfied it has complied with the results of all necessary “know your customer” or other
similar checks under all applicable laws and regulations.

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          (b) If the Borrower shall designate as a Qualified Borrower hereunder any entity not organized
under the laws of the United States or any State thereof, any Bank may, with notice to the
Administrative Agent and the Borrower, fulfill its Commitment by causing an Affiliate of such Bank
to act as the Bank in respect of such Qualified Borrower (and such Bank shall, to the extent of
Loans made to, and participations in Letters of Credit issued for the account of such Qualified
Borrower, be deemed for all purposes hereof to have pro tanto assigned such Loans and
participations to such Affiliate in compliance with the provisions of Section 9.6 (but only for so
loan as such Loans or Letters of Credit shall be outstanding) except that unless such an Affiliate
is a Qualified Institution, nothing herein shall be deemed to have relieved such Bank from its
obligations under its Commitments).

ARTICLE III

CONDITIONS

          SECTION 3.1. Closing. The closing hereunder shall occur on the date when each of the following
conditions is satisfied (or waived in writing by the Administrative Agent and the Banks), each
document to be dated the Closing Date unless otherwise indicated:

          (a) the Borrower and any Qualified Borrower shall have executed and delivered to the
Administrative Agent a Note for the account of each Bank dated on or before the Closing Date
complying with the provisions of Section 2.6;

          (b) the Borrower, EOPT and the Administrative Agent and each of the Banks shall have executed
and delivered to the Borrower, EOPT and the Administrative Agent a duly executed original of this
Agreement;

          (c) EOPT shall have executed and delivered to the Administrative Agent a duly executed
original of the EOPT Guaranty and the Qualified Borrower Guaranty, if applicable;

          (d) the Administrative Agent shall have received an opinion of DLA Piper Rudnick US LLP,
counsel for the Borrower, EOPT and any Qualified Borrower, acceptable to the Administrative Agent,
the Banks and their counsel;

          (e) the Administrative Agent shall have received all documents the Administrative Agent may
reasonably request relating to the existence of the Borrower, each Qualified Borrower as of the
Closing Date, if any, and EOPT, the authority for and the validity of this Agreement and the other
Loan Documents, the incumbency of officers executing this Agreement and the other Loan Documents
and any other matters relevant hereto, all in form and substance satisfactory to the Administrative
Agent. Such documentation shall include, without limitation, the agreement of limited partnership
of the Borrower, as well as the certificate of limited partnership of the Borrower, both as
amended, modified or supplemented to the Closing Date, certified to be true, correct and complete
by a senior officer of the Borrower as of a date not more

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than ten (10) days prior to the Closing Date, together with a certificate of existence as to the
Borrower from the Secretary of State (or the equivalent thereof) of Delaware, to be dated not more
than thirty (30) days prior to the Closing Date, as well as the declaration of trust of EOPT, as
amended, modified or supplemented to the Closing Date, certified to be true, correct and complete
by a senior officer of EOPT as of a date not more than ten (10) days prior to the Closing Date,
together with a good standing certificate as to EOPT from the Secretary of State (or the equivalent
thereof) of Maryland, to be dated not more than thirty (30) days prior to the Closing Date and
correlative documentation for each Qualified Borrower as of the Closing Date;

          (f) the Borrower, each Qualified Borrower and EOPT each shall have executed a solvency
certificate acceptable to the Administrative Agent;

          (g) the Administrative Agent shall have received all certificates, agreements and other
documents and papers referred to in this Section 3.1 and the Notice of Borrowing referred to in
Section 3.2, if applicable, unless otherwise specified, in sufficient counterparts, satisfactory in
form and substance to the Administrative Agent in its sole discretion;

          (h) the Borrower shall have taken all actions required to authorize the execution and delivery
of this Agreement and the other Loan Documents and the performance thereof by the Borrower, and
EOPT shall have taken all actions required to authorize the execution and delivery of the EOPT
Guaranty and the other Loan Documents and the performance thereof by EOPT and each Qualified
Borrower as of the Closing Date shall have taken all actions required to authorize the execution
and delivery of its Note and the performance thereof by such Qualified Borrower;

          (i) the Banks shall be satisfied that neither the Borrower, EOPT nor any Consolidated
Subsidiary is subject to any present or contingent environmental liability which could have a
Material Adverse Effect and the Borrower shall have delivered a certificate so stating;

          (j) the Administrative Agent shall have received, for its and any other Bank’s account, all
fees due and payable pursuant to Section 2.9 hereof on or before the Closing Date, and the
reasonable fees and expenses accrued through the Closing Date of Skadden, Arps, Slate, Meagher &
Flom LLP, if required by such firm and if such firm has delivered an invoice in reasonable detail
of such fees and expenses in sufficient time for Borrower to approve and process the same, shall
have been paid directly to Skadden, Arps, Slate, Meagher & Flom LLP;

          (k) the Borrower shall have delivered copies of all consents, licenses and approvals, if any,
required in connection with the execution, delivery and performance by the Borrower, each Qualified
Borrower as of the Closing Date and EOPT, and the validity and enforceability, of the Loan
Documents, or in connection with any of the transactions contemplated thereby, and such consents,
licenses and approvals shall be in full force and effect;

          (l) no Default or Event of Default shall have occurred;

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          (m) the Borrower shall have delivered a certificate in form acceptable to Administrative Agent
showing compliance with the requirements of Section 5.8 as of the Closing Date;

          (n) Borrower shall have repaid in full all amounts outstanding under the Existing Revolving
Credit Facility and terminated the same (it being understood that such repayment may be made out of
proceeds of Loans); and

          (o) Borrower shall have satisfied all of the conditions to the obligation of a Bank to make a
Loan set forth in Section 3.2 hereof.

          SECTION 3.2. Borrowings. The obligation of any Bank to make a Loan or to participate in any
Letter of Credit issued by the Fronting Bank and the obligation of the Fronting Bank to issue a
Letter of Credit or the obligation of the Swingline Lender to make a Swingline Loan on the occasion
of any Borrowing is subject to the satisfaction of the following conditions:

          (a) receipt by the Administrative Agent of a Notice of Borrowing as required by Section 2.2 or
Section 2.3(b)(i) or a request to cause a Fronting Bank to issue a Letter of Credit pursuant to
Section 2.16 or a Notice of Money Market Borrowing as required by Section 2.4;

          (b) in the event that such Loan is to be made to, or such Letter of Credit is to be issued for
the account of, a Qualified Borrower, receipt by the Administrative Agent of a Note by such
Qualified Borrower for the account of each Bank, if not previously delivered, satisfying the
requirements of Section 2.6, together with all other items that would have been required to be
delivered pursuant to Section 3.1 with respect to such Qualified Borrower;

          (c) immediately after such Borrowing, the aggregate outstanding principal amount of the Loans
plus the Letter of Credit Usage will not exceed the aggregate amount of the Commitments;

          (d) immediately before and after such Borrowing or issuance of such Letter of Credit, no
Default or Event of Default shall have occurred and be continuing both before and after giving
effect to the making of such Loans or the issuance of such Letter of Credit;

          (e) the representations and warranties of the Borrower contained in this Agreement (other than
representations and warranties which expressly speak as of a different date) shall be true and
correct in all material respects on and as of the date of such Borrowing both before and after
giving effect to the making of such Loans or the issuance of such Letter of Credit;

          (f) no law or regulation shall have been adopted, no order, judgment or decree of any
Governmental Authority shall have been issued, and no litigation shall be pending, which

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does or seeks to enjoin, prohibit or restrain, the making or repayment of the Loans or the
consummation of the transactions contemplated by this Agreement; and

          (g) no event, act or condition shall have occurred after the date of the most recent financial
statements of Borrower which has had or is likely to have a Material Adverse Effect.

Each Borrowing hereunder or issuance of a Letter of Credit hereunder shall be deemed to be a
representation and warranty by the Borrower on the date of such Borrowing as to the facts specified
in clauses(c), (d), (e), (f) and (g) (to the extent that Borrower is or should have been aware of
any Material Adverse Effect) of this Section, except as otherwise disclosed in writing by Borrower
to the Banks. Notwithstanding anything to the contrary, no Borrowing shall be permitted if such
Borrowing would cause Borrower to fail to be in compliance with any of the covenants contained in
this Agreement or in any of the other Loan Documents.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

          In order to induce the Administrative Agent and each of the other Banks which is or may become
a party to this Agreement to make the Loans, the Borrower makes the following representations and
warranties as of the Closing Date. Such representations and warranties shall survive the
effectiveness of this Agreement, the execution and delivery of the other Loan Documents and the
making of the Loans.

          SECTION 4.1. Existence and Power. The Borrower is a limited partnership, duly formed and
validly existing as a limited partnership under the laws of the State of Delaware and has all
powers and all material governmental licenses, authorizations, consents and approvals required to
own its property and assets and carry on its business as now conducted or as it presently proposes
to conduct and has been duly qualified and is in good standing in every jurisdiction in which the
failure to be so qualified and/or in good standing is likely to have a Material Adverse Effect.
EOPT is a real estate investment trust, duly formed, validly existing and in good standing as a
real estate investment trust under the laws of the State of Maryland and has all powers and all
material governmental licenses, authorizations, consents and approvals required to own its property
and assets and carry on its business as now conducted or as it presently proposes to conduct and
has been duly qualified and is in good standing in every jurisdiction in which the failure to be so
qualified and/or in good standing is likely to have a Material Adverse Effect. Each Qualified
Borrower is a duly formed and validly existing juridical entity under the laws of its jurisdiction
of formation and has all powers and all material governmental licenses, authorizations, consents
and approvals required to own its property and assets and carry on its business as now conducted or
as it presently proposes to conduct and has been duly qualified and is in good standing in every
jurisdiction in which the failure to be so qualified and/or in good standing is likely to have a
Material Adverse Effect.

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          SECTION 4.2. Power and Authority. The Borrower and each Qualified Borrower has the power and
authority to execute, deliver and carry out the terms and provisions of each of the Loan Documents
to which it is a party and has taken all necessary partnership action, if any, to authorize the
execution and delivery on behalf of the Borrower or such Qualified Borrower and the performance by
the Borrower or such Qualified Borrower of such Loan Documents to which it is a party. The
Borrower, such Qualified Borrower and EOPT each have duly executed and delivered each Loan Document
to which it is a party in accordance with the terms of this Agreement, and each such Loan Document
constitutes the legal, valid and binding obligation of the Borrower, each Qualified Borrower and
EOPT, enforceable in accordance with its terms, except as enforceability may be limited by
applicable insolvency, bankruptcy or other laws affecting creditors rights generally, or general
principles of equity, whether such enforceability is considered in a proceeding in equity or at
law. EOPT has the power and authority to execute, deliver and carry out the terms and provisions of
each of the Loan Documents to which it is a party and has taken all necessary action to authorize
the execution, delivery and performance of such Loan Documents. EOPT has the power and authority to
execute, deliver and carry out the terms and provisions of each of the Loan Documents on behalf of
the Borrower to which the Borrower is a party and has taken all necessary action to authorize the
execution and delivery on behalf of the Borrower and the performance by the Borrower of such Loan
Documents.

          SECTION 4.3. No Violation.

          (a) Neither the execution, delivery or performance by or on behalf of the Borrower of the Loan
Documents to which it is a party, nor compliance by the Borrower with the terms and provisions
thereof nor the consummation of the transactions contemplated by the Loan Documents, (i) will
materially contravene any applicable provision of any law, statute, rule, regulation, order, writ,
injunction or decree of any court or governmental instrumentality, (ii) will materially conflict
with or result in any breach of, any of the terms, covenants, conditions or provisions of, or
constitute a default under, or result in the creation or imposition of (or the obligation to create
or impose) any Lien upon any of the property or assets of the Borrower or any of its Consolidated
Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, or other agreement or
other instrument to which the Borrower (or of any partnership of which the Borrower is a partner)
or any of its Consolidated Subsidiaries is a party or by which it or any of its property or assets
is bound or to which it is subject (except for such breaches and defaults under loan agreements
which the lenders thereunder have agreed to forbear pursuant to valid forbearance agreements), or
(iii) will cause a material default by the Borrower under any organizational document of any Person
in which the Borrower has an interest, or cause a material default under the Borrower’s agreement
or certificate of limited partnership, the consequences of which conflict, breach or default would
have a Material Adverse Effect, or result in or require the creation or imposition of any Lien
whatsoever upon any Property (except as contemplated herein).

          (b) Neither the execution, delivery or performance by EOPT of the Loan Documents to which it
is a party, nor compliance by EOPT with the terms and provisions thereof nor the consummation of
the transactions contemplated by the Loan Documents, (i) will

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materially contravene any applicable provision of any law, statute, rule, regulation, order, writ,
injunction or decree of any court or governmental instrumentality, (ii) will materially conflict
with or result in any breach of, any of the terms, covenants, conditions or provisions of, or
constitute a default under, or result in the creation or imposition of (or the obligation to create
or impose) any Lien upon any of the property or assets of EOPT or any of its Consolidated
Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, or other agreement or
other instrument to which EOPT (or of any partnership of which EOPT is a partner) or any of its
Consolidated Subsidiaries is a party or by which it or any of its property or assets is bound or to
which it is subject (except for such breaches and defaults under loan agreements which the lenders
thereunder have agreed to forbear pursuant to valid forbearance agreements), or (iii) will cause a
material default by EOPT under any organizational document of any Person in which EOPT has an
interest, the consequences of which conflict, breach or default would have a Material Adverse
Effect, or result in or require the creation or imposition of any Lien whatsoever upon any Property
(except as contemplated herein).

          (c) Neither the execution, delivery or performance by any Qualified Borrower of the Loan
Documents to which it is a party, nor compliance by such Qualified Borrower with the terms and
provisions thereof nor the consummation of the transactions contemplated by such Loan Documents,
(i) will materially contravene any applicable provision of any law, statute, rule, regulation,
order, writ, injunction or decree of any court or governmental instrumentality, (ii) will
materially conflict with or result in any breach of, any of the terms, covenants, conditions or
provisions of, or constitute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any Lien upon any of the property or assets of such Qualified
Borrower pursuant to the terms of any indenture, mortgage, deed of trust, or other agreement or
other instrument to which such Qualified Borrower (or of any partnership of which such Qualified
Borrower is a partner) is a party or by which it or any of its property or assets is bound or to
which it is subject (except for such breaches and defaults under loan agreements which the lenders
thereunder have agreed to forbear pursuant to valid forbearance agreements), or (iii) will cause a
material default by such Qualified Borrower under any organizational document of any Person in
which such Qualified Borrower has an interest, the consequences of which conflict, breach or
default would have a Material Adverse Effect, or result in or require the creation or imposition of
any Lien whatsoever upon any Property (except as contemplated herein).

          SECTION 4.4. Financial Information.

          (a) The consolidated balance sheets of EOPT and the Borrower as of December 31, 2005, and the
related statements of operations and cash flows of EOPT and the Borrower for the fiscal year then
ended, reported on by Ernst & Young LLP, fairly present, in conformity with GAAP, the consolidated
financial position of EOPT and the Borrower, as the case may be, as of such date and the
consolidated results of operations and cash flows for such fiscal year.

          (b) Since December 31, 2005, (i) except as may have been disclosed in writing to the Banks,
nothing has occurred prior to the Closing Date having a Material Adverse

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Effect, and (ii) except as set forth on Schedule 4.4(b), neither the Borrower nor EOPT has
incurred any material indebtedness or guaranty on or before the Closing Date.

          SECTION 4.5. Litigation. Except as previously disclosed by the Borrower in writing to the
Banks, there is no action, suit, proceeding or investigation pending against, or to the knowledge
of the Borrower threatened against or affecting, (i) the Borrower, any Qualified Borrower, EOPT or
any of their Consolidated Subsidiaries, (ii) the Loan Documents or any of the transactions
contemplated by the Loan Documents or (iii) any of their assets, before any court or arbitrator or
any governmental body, agency or official in which there is a reasonable possibility of an adverse
decision which could, individually, or in the aggregate have a Material Adverse Effect or which in
any manner draws into question the validity of this Agreement or the other Loan Documents. As of
the Closing Date, no such action, suit or proceeding exists.

          SECTION 4.6. Compliance with ERISA. Except for a “prohibited transaction” arising solely
because of a Bank’s breach of the covenant set forth in Section 9.17 hereof, the transactions
contemplated by the Loan Documents will not constitute a nonexempt prohibited transaction (as such
term is defined in Section 4975 of the Code or Section 406 of ERISA) that could subject the
Administrative Agent or any of the Banks to any tax or penalty on prohibited transactions imposed
under Section 4975 of the Code or Section 502(i) of ERISA and such transactions will not otherwise
result in the Administrative Agent or any of the Banks being deemed in violation of Sections 404 or
406 of ERISA or Section 4975 of the Code or in the Administrative Agent or any of the Banks being a
fiduciary or party in interest under ERISA or a “disqualified person” as defined in Section
4975(e)(2) of the Code with respect to an “employee benefit plan” within the meaning of Section
3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Code. No assets of
Borrower or any Qualified Borrower constitute “assets” (within the meaning of ERISA or Section 4975
of the Code, including, but not limited to, 29 C.F.R. § 2510.3-101 or any successor regulation
thereto) of an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a “plan”
within the meaning of Section 4975(e)(1) of the Code. In addition to the prohibitions set forth in
this Agreement and the other Loan Documents, and not in limitation thereof, Borrower covenants and
agrees that Borrower shall not, and shall not permit any Qualified Borrower to, use any “assets”
(within the meaning of ERISA or Section 4975 of the Code, including but not limited to 29 C.F.R. §
2510.3-101) of an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a “plan”
within the meaning of Section 4975(e)(1) of the Code to repay or secure the Note, the Loan, or the
Obligations.

          SECTION 4.7. Environmental. The Borrower conducts reviews of the effect of Environmental Laws
on the business, operations and properties of the Borrower and its Consolidated Subsidiaries and
Qualified Borrowers when necessary in the course of which it identifies and evaluates associated
liabilities and costs (including, without limitation, any capital or operating expenditures
required for clean-up or closure of properties presently owned, any capital or operating
expenditures required to achieve or maintain compliance with environmental protection standards
imposed by law or as a condition of any license, permit or contract, any related constraints on
operating activities, and any actual or potential liabilities to third parties,

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including, without limitation, employees, and any related costs and expenses). On the basis of this
review, the Borrower has reasonably concluded that such associated liabilities and costs,
including, without limitation, the costs of compliance with Environmental Laws, are unlikely to
have a Material Adverse Effect.

          SECTION 4.8. Taxes. The Borrower, each Qualified Borrower, EOPT and their Consolidated
Subsidiaries have filed all United States Federal income tax returns and all other material tax
returns which are required to be filed by them and have paid all taxes due pursuant to such returns
or pursuant to any assessment received by the Borrower, any Qualified Borrower, EOPT or any
Consolidated Subsidiary, except such taxes, if any, as are reserved against in accordance with
GAAP, such taxes as are being contested in good faith by appropriate proceedings or such taxes, the
failure to make payment of which when due and payable will not have, in the aggregate, a Material
Adverse Effect. The charges, accruals and reserves on the books of the Borrower, EOPT and their
Consolidated Subsidiaries in respect of taxes or other governmental charges are, in the opinion of
the Borrower, adequate.

          SECTION 4.9. Full Disclosure. All information heretofore furnished by the Borrower or any
Qualified Borrower to the Administrative Agent or any Bank for purposes of or in connection with
this Agreement or any transaction contemplated hereby or thereby is true and accurate in all
material respects on the date as of which such information is stated or certified. The Borrower has
disclosed to the Administrative Agent, in writing any and all facts which have or may have (to the
extent the Borrower can now reasonably foresee) a Material Adverse Effect.

          SECTION 4.10. Solvency. On the Closing Date and after giving effect to the transactions
contemplated by the Loan Documents occurring on the Closing Date, the Borrower, each Qualified
Borrower, and EOPT will be Solvent.

          SECTION 4.11. Use of Proceeds. All proceeds of the Loans will be used by the Borrower or the
applicable Qualified Borrower only in accordance with the provisions hereof. Neither the making of
any Loan nor the use of the proceeds thereof will violate or be inconsistent with the provisions of
regulations T, U, or X of the Federal Reserve Board.

          SECTION 4.12. Governmental Approvals. No order, consent, approval, license, authorization, or
validation of, or filing, recording or registration with, or exemption by, any Governmental
Authority, or any subdivision thereof, is required to authorize, or is required in connection with
the execution, delivery and performance of any Loan Document or the consummation of any of the
transactions contemplated thereby other than those that have already been duly made or obtained and
remain in full force and effect or those which, if not made or obtained, would not have a Material
Adverse Effect;

          SECTION 4.13. Investment Company Act; Public Utility Holding Company Act. Neither the
Borrower, any Qualified Borrower, EOPT nor any Consolidated Subsidiary is (x) an “investment
company” or a company “controlled” by an “investment company”, within the meaning of the Investment
Company Act of 1940, as amended, (y) a “holding company” or a

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“subsidiary company” of a “holding company” or an “affiliate” of either a “holding company” or a
“subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as
amended, or (z) subject to any other federal or state law or regulation which purports to restrict
or regulate its ability to borrow money.

          SECTION 4.14. Principal Offices. As of the Closing Date, the principal office, chief executive
office and principal place of business of the Borrower is Two North Riverside Plaza, Chicago,
Illinois 60606.

          SECTION 4.15. REIT Status. EOPT is qualified and EOPT intends to continue to qualify as a real
estate investment trust under the Code.

          SECTION 4.16. Patents, Trademarks, etc. The Borrower and each Qualified Borrower has obtained
and holds in full force and effect all patents, trademarks, servicemarks, trade names, copyrights
and other such rights, free from burdensome restrictions, which are necessary for the operation of
its business as presently conducted, the impairment of which is likely to have a Material Adverse
Effect.

          SECTION 4.17. Judgments. There are no final, non-appealable judgments or decrees in an
aggregate amount of Fifty Million Dollars ($50,000,000) or more entered by a court or courts of
competent jurisdiction against EOPT or the Borrower or, to the extent such judgment would be
recourse to EOPT or Borrower, any of its Consolidated Subsidiaries (other than judgments as to
which, and only to the extent, a reputable insurance company has acknowledged coverage of such
claim in writing or which have been paid or stayed).

          SECTION 4.18. No Default. No Event of Default or, to the best of the Borrower’s knowledge,
Default exists under or with respect to any Loan Document and neither the Borrower nor any
Qualified Borrower, nor EOPT is in default in any material respect beyond any applicable grace
period under or with respect to any other material agreement, instrument or undertaking to which it
is a party or by which it or any of its property is bound in any respect, the existence of which
default is likely to result in a Material Adverse Effect.

          SECTION 4.19. Licenses, etc. The Borrower and each Qualified Borrower has obtained and does
hold in full force and effect, all franchises, licenses, permits, certificates, authorizations,
qualifications, accreditation, easements, rights of way and other consents and approvals which are
necessary for the operation of its businesses as presently conducted, the absence of which is
likely to have a Material Adverse Effect.

          SECTION 4.20. Compliance With Law. To the Borrower’s knowledge, the Borrower, each Qualified
Borrower and each of its respective Real Property Assets are in compliance with all laws, rules,
regulations, orders, judgments, writs and decrees, including, without limitation, all building and
zoning ordinances and codes, the failure to comply with which is likely to have a Material Adverse
Effect.

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          SECTION 4.21. No Burdensome Restrictions. Except as may have been disclosed by the Borrower in
writing to the Banks, neither Borrower nor any Qualified Borrower is a party to any agreement or
instrument or subject to any other obligation or any charter or corporate or partnership
restriction, as the case may be, which, individually or in the aggregate, is likely to have a
Material Adverse Effect.

          SECTION 4.22. Brokers’ Fees. The Borrower has not dealt with any broker or finder with respect
to the transactions contemplated by this Agreement or otherwise in connection with this Agreement,
and the Borrower has not done any act, had any negotiations or conversation, or made any agreements
or promises which will in any way create or give rise to any obligation or liability for the
payment by the Borrower of any brokerage fee, charge, commission or other compensation to any party
with respect to the transactions contemplated by the Loan Documents, other than the fees payable to
the Administrative Agent, the Syndication Agent and the Banks, and certain other Persons as
previously disclosed in writing to the Administrative Agent.

          SECTION 4.23. Taxpayer Identification Number. The Borrower’s true and correct U.S. taxpayer
identification number is 36-4156801.

          SECTION 4.24. Intentionally Omitted.

          SECTION 4.25. Organizational Documents. The documents delivered pursuant to Section 3.1(e)
constitute, as of the Closing Date, all of the organizational documents (together with all
amendments and modifications thereof) of the Borrower, each Qualified Borrower as of the Closing
Date and EOPT. The Borrower represents that it has delivered to the Administrative Agent true,
correct and complete copies, as of the Closing Date, of each such documents, except for exhibits to
Borrower’s partnership agreement identifying the current list of partners which, with the
permission of the Banks, has been omitted therefrom. EOPT holds (directly or indirectly) an 89.06%
ownership interest in the Borrower as of the date hereof.

          SECTION 4.26. Qualifying Unencumbered Properties. As of June 30, 2006, each Property listed on
Schedule 1.1 as a Qualifying Unencumbered Property (i) is an operating Office Building or Parking
Property wholly-owned or ground leased (directly or beneficially) by Borrower, a Financing
Partnership or a Joint Venture Subsidiary, (ii) is not subject (nor are any equity interests in
such Property that are owned directly or indirectly by Borrower, EOPT or any Joint Venture Parent
subject) to a Lien which secures Indebtedness of any Person, other than Permitted Liens, and (iii)
is not subject (nor are any equity interests in such Property that are owned directly or indirectly
by Borrower, EOPT or Joint Venture Parent subject) to any Negative Pledge. All of the information
set forth on Schedule 1.1 is true and correct in all material respects.

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ARTICLE V

AFFIRMATIVE AND NEGATIVE COVENANTS

          The Borrower covenants and agrees that, so long as any Bank has any Commitment hereunder or
any Obligations remain unpaid:

          SECTION 5.1. Information. The Borrower will deliver to the Administrative Agent (who will
promptly deliver copies of the same to each of the Banks):

          (a) as soon as available and in any event within five (5) Business Days after the same is
filed with the Securities and Exchange Commission (but in no event later than 125 days after the
end of each Fiscal Year of the Borrower) a consolidated balance sheet of the Borrower, EOPT and
their Consolidated Subsidiaries as of the end of such Fiscal Year and the related consolidated
statements of Borrower’s and EOPT’s operations and consolidated statements of Borrower’s and EOPT’s
cash flow for such Fiscal Year, setting forth in each case in comparative form the figures for the
previous Fiscal Year (if available), all reported in a manner acceptable to the Securities and
Exchange Commission on Borrower’s and EOPT’s Form 10K and reported on by Ernst & Young LLP or other
independent public accountants of nationally recognized standing;

          (b) as soon as available and in any event within five (5) Business Days after the same is
filed with the Securities and Exchange Commission (but in no event later than 80 days after the end
of each of the first three quarters of each Fiscal Year of the Borrower and EOPT), (i) a
consolidated balance sheet of the Borrower, EOPT and their Consolidated Subsidiaries as of the end
of such quarter and the related consolidated statements of Borrower’s and EOPT’s operations and
consolidated statements of Borrower’s and EOPT’s cash flow for such quarter and for the portion of
the Borrower’s or EOPT’s Fiscal Year ended at the end of such quarter, all reported in the form
provided to the Securities and Exchange Commission on Borrower’s and EOPT’s Form 10Q, and (ii) and
such other information reasonably requested by the Administrative Agent or any Bank;

          (c) simultaneously with the delivery of each set of financial statements referred to in
clauses (a) and (b) above, a certificate of the chief financial officer of the Borrower (i) setting
forth in reasonable detail the calculations required to establish whether the Borrower was in
compliance with the requirements of Section 5.8 on the date of such financial statements; (ii)
certifying (x) that such financial statements fairly present in all material respects the financial
condition and the results of operations of the Borrower on the dates and for the periods indicated,
on the basis of GAAP, with respect to the Borrower subject, in the case of interim financial
statements, to normally recurring year-end adjustments, and (y) that such officer has reviewed the
terms of the Loan Documents and has made, or caused to be made under his or her supervision, a
review in reasonable detail of the business and condition of the Borrower during the period
beginning on the date through which the last such review was made pursuant to this Section 5.1(c)
(or, in the case of the first certification pursuant to this Section 5.1(c), the Closing Date)

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and ending on a date not more than ten (10) Business Days prior to the date of such delivery and
that (1) on the basis of such financial statements and such review of the Loan Documents, no Event
of Default existed under Section 6.1(b) with respect to Sections 5.8 and 5.9 at or as of the date
of said financial statements, and (2) on the basis of such review of the Loan Documents and the
business and condition of the Borrower, to the best knowledge of such officer, as of the last day
of the period covered by such certificate no Default or Event of Default under any other provision
of Section 6.1 occurred and is continuing or, if any such Default or Event of Default has occurred
and is continuing, specifying the nature and extent thereof and, the action the Borrower proposes
to take in respect thereof. Such certificate shall set forth the calculations required to establish
the matters described in clauses (1) and (2) above;

          (d) (i) within five (5) Business Days after any officer of the Borrower obtains knowledge of
any Default, if such Default is then continuing, a certificate of the chief financial officer, or
other executive officer of the Borrower setting forth the details thereof and the action which the
Borrower is taking or proposes to take with respect thereto; and (ii) promptly and in any event
within five (5) Business Days after the Borrower obtains knowledge thereof, notice of (x) any
litigation or governmental proceeding pending or threatened against the Borrower or its directly or
indirectly Real Property Assets as to which there is a reasonable possibility of an adverse
determination and which, if adversely determined, is likely to individually or in the aggregate,
result in a Material Adverse Effect, and (y) any other event, act or condition which is likely to
result in a Material Adverse Effect;

          (e) promptly upon the mailing thereof to the shareholders of EOPT generally, copies of all
financial statements, reports and proxy statements so mailed;

          (f) promptly upon the filing thereof and to the extent the same are not publicly available
(provided that in all events, Borrower shall provide notice to the Administrative Agent of any such
filing), copies of all registration statements (other than the exhibits thereto and any
registration statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or
their equivalents) (other than the exhibits thereto, which exhibits will be provided upon request
therefor by any Bank) which EOPT shall have filed with the Securities and Exchange Commission;

          (g) promptly and in any event within thirty (30) days, if and when any member of the ERISA
Group: (i) gives or is required to give notice to the PBGC of any “reportable event” (as defined in
Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of
such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is
required to give notice of any such reportable event, a copy of the notice of such reportable event
given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal
liability under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is
insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under
Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under
Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such
notice; (iv) applies for a waiver of the minimum

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funding standard under Section 412 of the Code, a copy of such application; (v) gives notice of
intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other
information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section
4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any
Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any
Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the
posting of a bond or other security, and in the case of clauses (i) through (vii) above, which
event could result in a Material Adverse Effect, a certificate of the chief financial officer or
the chief accounting officer of the Borrower setting forth details as to such occurrence and
action, if any, which the Borrower or applicable member of the ERISA Group is required or proposes
to take;

          (h) promptly and in any event within ten (10) days after the Borrower obtains actual knowledge
of any of the following events, a certificate of the Borrower, executed by an officer of the
Borrower, specifying the nature of such condition, and the Borrower’s or, if the Borrower has
actual knowledge thereof, the Environmental Affiliate’s proposed initial response thereto: (i) the
receipt by the Borrower, or any of the Environmental Affiliates of any communication (written or
oral), whether from a Governmental Authority, citizens group, employee or otherwise, that alleges
that the Borrower, or any of the Environmental Affiliates, is not in compliance with applicable
Environmental Laws, and such noncompliance is likely to have a Material Adverse Effect; (ii) the
existence of any Environmental Claim pending against the Borrower or any Environmental Affiliate
and such Environmental Claim is likely to have a Material Adverse Effect; or (iii) any release,
emission, discharge or disposal of any Material of Environmental Concern that is likely to form the
basis of any Environmental Claim against the Borrower or any Environmental Affiliate which in any
such event is likely to have a Material Adverse Effect;

          (i) promptly and in any event within five (5) Business Days after receipt of any notices or
correspondence from any company or agent for any company providing insurance coverage to the
Borrower relating to any loss which is likely to result in a Material Adverse Effect, copies of
such notices and correspondence;

          (j) promptly after Borrower has notified the Administrative Agent of any intention by Borrower
to treat the Loans and/or Letters of Credit as being a “reportable transaction” (within the meaning
of Treasury Regulation Section 1.6011-4), a duly completed copy of IRS Form 8886 or any successor
form; and

          (k) from time to time such additional information regarding the financial position or business
of the Borrower, EOPT and their Subsidiaries as the Administrative Agent, at the request of any
Bank, may reasonably request in writing, so long as disclosure of such information could not result
in a violation of, or expose the Borrower, EOPT or their Subsidiaries to any material liability
under, any applicable law, ordinance or regulation or any agreements with unaffiliated third
parties that are binding on the Borrower, EOPT or any of their Subsidiaries or on any Property of
any of them.

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          SECTION 5.2. Payment of Obligations. The Borrower, each Qualified Borrower, EOPT and their
Consolidated Subsidiaries will pay and discharge, at or before maturity, all their respective
material obligations and liabilities including, without limitation, any obligation pursuant to any
agreement by which it or any of its properties is bound, in each case where the failure to so pay
or discharge such obligations or liabilities is likely to result in a Material Adverse Effect, and
will maintain in accordance with GAAP, appropriate reserves for the accrual of any of the same.

          SECTION 5.3. Maintenance of Property; Insurance; Leases.

          (a) The Borrower will keep, and will cause each Consolidated Subsidiary and Qualified Borrower
to keep, all property useful and necessary in its business, including without limitation its Real
Property Assets (for so long as it constitutes Real Property Assets), in good repair, working order
and condition, ordinary wear and tear excepted, in each case where the failure to so maintain and
repair will have a Material Adverse Effect.

          (b) The Borrower and each Qualified Borrower, to the extent applicable, shall maintain, or
cause to be maintained, insurance at 100% replacement cost insurance coverage (subject to customary
deductibles) in respect of each of its Real Property Assets, as well as commercial general
liability insurance (including, without limitation, “builders’ risk” where applicable) against
claims for personal, and bodily injury and/or death, to one or more persons, or property damage, as
well as workers’ compensation insurance, in each case with respect to liability and casualty
insurance with insurers having an A.M. Best policyholders’ rating of not less than A-VII in amounts
that prudent owners of assets such as Borrower’s directly or indirectly owned Real Property Assets
would maintain; provided, however, that such coverages and amounts are available to Borrower at
commercially reasonable rates. The Borrower and each Qualified Borrower, to the extent applicable,
will deliver to the Administrative Agent upon the reasonable request of the Administrative Agent
from time to time (i) full information as to the insurance carried, (ii) within five (5) days of
receipt of notice from any insurer a copy of any notice of cancellation or material change in
coverage from that existing on the date of this Agreement and (iii) forthwith, notice of any
cancellation or nonrenewal (without replacement) of coverage by the Borrower or such Qualified
Borrower.

          SECTION 5.4. Maintenance of Existence. The Borrower, each Qualified Borrower and EOPT each
will preserve, renew and keep in full force and effect, its partnership and trust existence and its
respective rights, privileges and franchises necessary for the normal conduct of business unless
the failure to maintain such rights and franchises does not have a Material Adverse Effect.

          SECTION 5.5. Compliance with Laws. The Borrower and EOPT will, and will cause their
Subsidiaries to, comply in all material respects with all applicable laws, ordinances, rules,
regulations, and requirements of governmental authorities (including, without limitation,
Environmental Laws, and all zoning and building codes with respect to its Real Property Assets and
ERISA and the rules and regulations thereunder and all federal securities laws) except where

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the necessity of compliance therewith is contested in good faith by appropriate proceedings or
where the failure to do so will not have a Material Adverse Effect or expose Administrative Agent
or Banks to any material liability therefor.

          SECTION 5.6. Inspection of Property, Books and Records. The Borrower will keep proper books of
record and account in which full, true and correct entries shall be made of all dealings and
transactions in relation to its business and activities in conformity with GAAP, modified as
required by this Agreement and applicable law; and will permit representatives of any Bank at such
Bank’s expense to visit and inspect any of its properties, including without limitation its Real
Property Assets, and so long as disclosure of such information could not result in a violation of,
or expose the Borrower, any Qualified Borrower, EOPT or their Subsidiaries to any material
liability under, any applicable law, ordinance or regulation or any agreements with unaffiliated
third parties that are binding on the Borrower, any Qualified Borrower, EOPT or any of their
Subsidiaries or on any Property of any of them, to examine and make abstracts from any of its books
and records and to discuss its affairs, finances and accounts with its officers and independent
public accountants, all at such reasonable times during normal business hours, upon reasonable
prior notice and as often as may reasonably be desired. Administrative Agent shall coordinate any
such visit or inspection to arrange for review by any Bank requesting any such visit or inspection.

          SECTION 5.7. Existence. The Borrower shall do or cause to be done, all things necessary to
preserve and keep in full force and effect its, each Qualified Borrower’s, EOPT’s and their
Consolidated Subsidiaries’ existence and its patents, trademarks, servicemarks, tradenames,
copyrights, franchises, licenses, permits, certificates, authorizations, qualifications,
accreditation, easements, rights of way and other rights, consents and approvals the nonexistence
of which is likely to have a Material Adverse Effect.

          SECTION 5.8. Financial Covenants.

          (a) Total Debt to Total Asset Value. Borrower shall not permit the ratio of Total Debt to
Total Asset Value of Borrower to exceed 0.60:1 at any time; provided, however, that with respect to
any Fiscal Quarter in which Borrower acquired any Real Property Assets, the ratio of Total Debt to
Total Asset Value of Borrower for such Fiscal Quarter and for the next succeeding Fiscal Quarter
may exceed 0.60:1, provided that such ratio in no event shall exceed 0.65:1, and provided, further,
that thereafter such ratio shall not exceed 0.60:1.

          (b) Cash Flow to Fixed Charges Ratio. Borrower shall not permit the ratio of Cash Flow for the
then most recently completed Fiscal Quarter to Fixed Charges for the then most recently completed
Fiscal Quarter to be less than 1.5:1.

          (c) Secured Debt to Total Asset Value. Borrower shall not permit the ratio of Secured Debt to
Total Asset Value of Borrower to exceed 0.40:1 at any time.

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          (d) Unencumbered Pool. Borrower shall not permit the ratio of the outstanding Unsecured Debt
to Unencumbered Asset Value to exceed 0.60:1 at any time; provided, however, that with respect to
any Fiscal Quarter in which Borrower acquired any Real Property Assets, the ratio of Unsecured Debt
to Unencumbered Asset Value of Borrower for such Fiscal Quarter and for the next succeeding Fiscal
Quarter may exceed 0.60:1, provided that such ratio in no event shall exceed 0.65:1, and provided,
further, that thereafter such ratio shall not exceed 0.60:1.

          (e) Permitted Holdings. Borrower’s primary business will be the ownership, operation and
development of Office Properties and Parking Properties and any other business activities of
Borrower and its Subsidiaries will remain incidental thereto. Notwithstanding the foregoing,
Borrower and its Subsidiaries may acquire or maintain Permitted Holdings if and so long as the
aggregate value of Permitted Holdings, whether held directly or indirectly by Borrower does not
exceed, at any time, thirty-five percent (35%) of Total Asset Value of Borrower unless a greater
percentage is approved by the Majority Banks (which approval shall not be unreasonably withheld,
conditioned or delayed).

          (f) No Liens. Borrower and EOPT shall not, and shall not allow any of their Subsidiaries,
Financing Partnerships or Joint Venture Subsidiaries to, allow any Qualifying Unencumbered Property
(or any equity interests in such Property that are owned directly or indirectly by Borrower, EOPT
or any Joint Venture Parent), that is necessary to comply with the provisions of Section 5.8(d)
hereof, to become subject to a Lien that secures the Indebtedness of any Person, other than
Permitted Liens.

          (g) Calculation. Calculations of ratios and financial requirements shall be made as of the
last day of each Fiscal Quarter.

          SECTION 5.9. Restriction on Fundamental Changes.

          (a) Neither the Borrower nor EOPT shall enter into any merger or consolidation without
obtaining the prior written consent thereto in writing of the Majority Banks, unless the following
criteria are met: (i) either (x) the Borrower or EOPT is the surviving entity, or (y) the
individuals constituting EOPT’s board of directors or board of trustees immediately prior to such
merger or consolidation represent a majority of the surviving entity’s board of directors or board
of trustees after such merger or consolidation; and (ii) the entity which is merged into Borrower
or EOPT is predominantly in the commercial real estate business. Nothing in this Section shall be
deemed to prohibit the sale or leasing of portions of the Real Property Assets in the ordinary
course of business.

          (b) The Borrower shall not amend its agreement of limited partnership or other organizational
documents in any manner that would have a Material Adverse Effect without the Majority Banks’
consent, which shall not be unreasonably withheld, conditioned or delayed. Without limitation of
the foregoing, no Person shall be admitted as a general partner of the Borrower other than EOPT.
EOPT shall not amend its declaration of trust, by-laws, or other

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organizational documents in any manner that would have a Material Adverse Effect without the
Majority Banks’ consent, which shall not be unreasonably withheld, conditioned or delayed. No
Qualified Borrower shall amend its organizational documents in any manner that would have a
Material Adverse Effect without the Majority Banks’ consent. The Borrower shall not make any
“in-kind” transfer of any of its property or assets to any of its constituent partners if such
transfer would result in an Event of Default under Section 6.1(b) by reason of a breach of the
provisions of Section 5.8.

          (c) Subject to the provisions of clause (b) above, the Borrower shall deliver to
Administrative Agent copies of all amendments to its agreement of limited partnership or to EOPT’s
declaration of trust, by-laws, or other organizational documents no less than ten (10) days after
the effective date of any such amendment.

          SECTION 5.10. Changes in Business.

          (a) Except for Permitted Holdings, neither the Borrower, any Qualified Borrower nor EOPT shall
enter into any business which is substantially different from that conducted by the Borrower or
EOPT on the Closing Date after giving effect to the transactions contemplated by the Loan
Documents. The Borrower shall carry on its business operations through the Borrower, its
Consolidated Subsidiaries and its Investment Affiliates.

          (b) Except for Permitted Holdings, Borrower shall not engage in any line of business other
than ownership, operation and development of Office Properties and Parking Properties and the
provision of services incidental thereto, whether directly or through its Consolidated Subsidiaries
and Investment Affiliates.

          SECTION 5.11. EOPT Status.

          (a) Status. EOPT shall at all times (i) remain a publicly traded company listed for trading on
the New York Stock Exchange, and (ii) maintain its status as a self-directed and self-administered
real estate investment trust under the Code.

          (b) Indebtedness. EOPT shall not, directly or indirectly, create, incur, assume or otherwise
become or remain directly or indirectly liable with respect to, any Indebtedness, except:

               (1) the Obligations; and

               (2) Indebtedness of Borrower for which there is recourse to EOPT
which, after giving effect thereto, may be incurred or may remain outstanding without giving
rise to an Event of Default or Default under any provision of this Article V.

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          (c) Restriction on Fundamental Changes.

          (1) EOPT shall not have an investment in any Person other than (i)
Borrower or indirectly through Borrower, (ii) directly or indirectly in Financing Partnerships,
and (iii) the interests identified on Schedule 5.11(c)(1) as being owned by EOPT.

          (2) EOPT shall not acquire an interest in any Property other than securities issued by
Borrower and Financing Partnerships and the interests identified on Schedule 5.11(c)(2) attached
hereto.

          (3) EOP-QRS Business Trust shall not have any investments or own any assets other than the
interests in the Financing Partnerships identified on Schedule 5.11(c)(3) as being owned by
EOP-QRS Business Trust.

          (d) Environmental Liabilities. Neither EOPT nor any of its Subsidiaries shall become subject
to any Environmental Claim which has a Material Adverse Effect, including, without limitation, any
arising out of or related to (i) the release or threatened release of any Material of Environmental
Concern into the environment, or any remedial action in response thereto, or (ii) any violation of
any Environmental Laws. Notwithstanding the foregoing provision, EOPT shall have the right to
contest in good faith any claim of violation of an Environmental Law by appropriate legal
proceedings and shall be entitled to postpone compliance with the obligation being contested as
long as (i) no Event of Default shall have occurred and be continuing, (ii) EOPT shall have given
Administrative Agent prior written notice of the commencement of such contest, (iii) noncompliance
with such Environmental Law shall not subject EOPT or such Subsidiary to any criminal penalty or
subject Administrative Agent or any Bank to pay any civil penalty or to prosecution for a crime,
and (iv) no portion of any Property material to Borrower or its condition or prospects shall be in
substantial danger of being sold, forfeited or lost, by reason of such contest or the continued
existence of the matter being contested.

          (e) Disposal of Partnership Interests. EOPT will not directly or indirectly convey, sell,
transfer, assign, pledge or otherwise encumber or dispose of any of its partnership interests in
Borrower or any of its equity interest in any of the partners of the Borrower as of the date hereof
(except in connection with the dissolution or liquidation of such partners of the Borrower), except
for the reduction of EOPT’s interest in the Borrower arising from Borrower’s issuance of
partnership interests in the Borrower or the retirement of preference units by Borrower. EOPT will
continue to be the sole general partner of Borrower.

          SECTION 5.12. Other Indebtedness. Borrower and EOPT shall not allow any of their Subsidiaries,
Financing Partnerships or Joint Venture Subsidiaries that own, directly or indirectly, any
Qualifying Unencumbered Property to directly or indirectly create, incur, assume or otherwise
become or remain liable with respect to any Indebtedness other than trade debt incurred in the
ordinary course of business and Indebtedness owing to Borrower, if the resulting

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failure of such Property to qualify as a Qualifying Unencumbered Property would result in an Event
of Default under Section 5.8.

          SECTION 5.13. Forward Equity Contracts. If Borrower shall enter into any forward equity
contracts, Borrower may only settle the same by delivery of stock, it being agreed that if Borrower
shall settle the same with cash, the same shall constitute an Event of Default hereunder.

ARTICLE VI

DEFAULTS

          SECTION 6.1. Events of Default. An “Event of Default” shall have occurred if one or more of
the following events shall have occurred and be continuing:

          (a) the Borrower or any Qualified Borrower shall fail to pay when due any principal of any
Loan, or the Borrower or any Qualified Borrower shall fail to pay when due interest on any Loan or
any fees or any other amount payable to Administrative Agent, Syndication Agent or the Banks
hereunder and the same shall continue for a period of five (5) days after the same becomes due;

          (b) the Borrower (or in the case of Section 5.11, EOPT, or in the case of Section 5.10, any
Qualified Borrower) shall fail to observe or perform any covenant contained in Section 5.8, Section
5.9(a) or (b), Section 5.10, Section 5.11(a), (b), (c) or (e), Section 5.12 or Section 5.13;

          (c) the Borrower shall fail to observe or perform any covenant or agreement contained in this
Agreement (other than those covered by clause (a), (b), (d), (e), (f), (g), (h), (j), (n) or (o) of
this Section 6.1) for 30 days after written notice thereof has been given to the Borrower by the
Administrative Agent, or if such default is of such a nature that it cannot with reasonable effort
be completely remedied within said period of thirty (30) days such additional period of time as may
be reasonably necessary to cure same, provided Borrower commences such cure within said thirty (30)
day period and diligently prosecutes same, until completion, but in no event shall such extended
period exceed ninety (90) days;

          (d) any representation, warranty, certification or statement made by the Borrower in this
Agreement or EOPT on the EOPT Guaranty or in any certificate, financial statement or other document
delivered pursuant to this Agreement shall prove to have been incorrect in any material respect
when made (or deemed made) and, with respect to such representations, warranties, certifications or
statements not known by the Borrower or EOPT, as applicable, at the time made or deemed made to be
incorrect, the defect causing such representation or warranty to be incorrect when made (or deemed
made) is not removed within thirty (30) days after written notice thereof from Administrative Agent
to Borrower or EOPT, as applicable;

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          (e) the Borrower, any Qualified Borrower, EOPT, any Subsidiary or any Investment Affiliate
shall default in the payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise) of any amount owing in respect of any Recourse Debt (other than
the Obligations) for which the aggregate outstanding principal amount exceeds $50,000,000 and such
default shall continue beyond the giving of any required notice and the expiration of any
applicable grace period and such default has not been waived, in writing, by the holder of any such
Debt; or the Borrower, any Qualified Borrower, EOPT, any Subsidiary or any Investment Affiliate
shall default in the performance or observance of any obligation or condition with respect to any
such Recourse Debt or any other event shall occur or condition exist beyond the giving of any
required notice and the expiration of any applicable grace period, if the effect of such default,
event or condition is to accelerate the maturity of any such indebtedness or to permit (without any
further requirement of notice or lapse of time) the holder or holders thereof, or any trustee or
agent for such holders, to accelerate the maturity of any such indebtedness;

          (f) the Borrower or EOPT shall commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to itself or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidate, custodian or other similar official of it or any substantial
part of its property, or shall consent to any such relief or to the appointment of or taking
possession by any such official in an involuntary case or other proceeding commenced against it, or
shall make a general assignment for the benefit of creditors, or shall fail generally to pay its
debts as they become due, or shall take any action to authorize any of the foregoing;

          (g) an involuntary case or other proceeding shall be commenced against the Borrower or EOPT
seeking liquidation, reorganization or other relief with respect to it or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment
of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial
part of its property, and such involuntary case or other proceeding shall remain undismissed and
unstayed for a period of 90 days; or an order for relief shall be entered against the Borrower or
EOPT under the federal bankruptcy laws as now or hereafter in effect;

          (h) one or more final, non-appealable judgments or decrees in an aggregate amount of Fifty
Million Dollars ($50,000,000) or more shall be entered by a court or courts of competent
jurisdiction against EOPT, any Qualified Borrower, the Borrower or, to the extent of any recourse
to EOPT or the Borrower, any Qualified Borrower, any of its Consolidated Subsidiaries (other than
any judgment as to which, and only to the extent, a reputable insurance company has acknowledged
coverage of such claim in writing) and (i) any such judgments or decrees shall not be stayed,
discharged, paid, bonded or vacated within thirty (30) days or (ii) enforcement proceedings shall
be commenced by any creditor on any such judgments or decrees;

          (i) the Board of Trustees of the EOPT shall cease to consist of a majority of Continuing EOPT
Trustees. “Continuing EOPT Trustees” shall mean the trustees of EOPT on the Effective Date and each
other trustee of EOPT if such trustee’s nomination for election to the

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Board of Trustees of EOPT is recommended by a majority of the then Continuing EOPT Trustees or by a
majority of any nominating committee appointed by the then Continuing EOPT Trustees for the purpose
of nominating directors for election to the Board of Trustees of EOPT, unless such recommendation
is in connection with, or as a result of, the acquisition of a controlling interest in EOPT by a
third Person;

          (j) any Person (including affiliates of such Person) or “group” (as such term is
defined in applicable federal securities laws and regulations) shall acquire more than thirty
percent (30%) of the common shares of EOPT;

          (k) EOPT shall cease at any time to qualify as a real estate investment trust
under the Code;

          (l) if any Termination Event with respect to a Plan, Multiemployer Plan or Benefit Arrangement
shall occur as a result of which Termination Event or Events any member of the ERISA Group has
incurred or may incur any liability to the PBGC or any other Person and the sum (determined as of
the date of occurrence of such Termination Event) of the insufficiency of such Plan, Multiemployer
Plan or Benefit Arrangement and the insufficiency of any and all other Plans, Multiemployer Plans
and Benefit Arrangements with respect to which such a Termination Event shall occur and be
continuing (or, in the case of a Multiple Employer Plan with respect to which a Termination Event
described in clause (ii) of the definition of Termination Event shall occur and be continuing and
in the case of a liability with respect to a Termination Event which is or could be a liability of
the Borrower or EOPT rather than a liability of the Plan, the liability of the Borrower or EOPT) is
equal to or greater than $20,000,000 and which the Administrative Agent reasonably determines will
have a Material Adverse Effect;

          (m) if, any member of the ERISA Group shall commit a failure described in Section 302(f)(1) of
ERISA or Section 412(n)(1) of the Code and the amount of the lien determined under Section
302(f)(3) of ERISA or Section 412(n)(3) of the Code that could reasonably be expected to be imposed
on any member of the ERISA Group or their assets in respect of such failure shall be equal to or
greater than $20,000,000 and which the Administrative Agent reasonably determines will have a
Material Adverse Effect;

          (n) at any time, for any reason the Borrower or any Qualified Borrower seeks to repudiate its
obligations under any Loan Document or EOPT seeks to repudiate its obligations under the EOPT
Guaranty or the Borrower seeks to repudiate its obligations under the Qualified Borrower Guaranty;

          (o) a default beyond any applicable notice or grace period under any of the other Loan
Documents;

          (p) any assets of Borrower or any Qualified Borrower shall constitute “assets” (within the
meaning of ERISA or Section 4975 of the Code, including but not limited to 29 C.F.R. § 2510.3-101
or any successor regulation thereto) of an “employee benefit plan” within

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the meaning of Section 3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the
Code; or

          (q) the Note, the Loan, the Obligations, the EOPT Guaranty or any of the Loan Documents or the
exercise of any of the Administrative Agent’s or any of the Bank’s rights in connection therewith
shall constitute a prohibited transaction under ERISA and/or the Code.

          SECTION 6.2. Rights and Remedies.

          (a) Upon the occurrence of any Event of Default described in Sections 6.1(f), (g), (p) or (q),
the Commitments and the Swingline Commitment shall immediately terminate and the unpaid principal
amount of, and any and all accrued interest on, the Loans and any and all accrued fees and other
Obligations hereunder shall automatically become immediately due and payable, with all additional
interest from time to time accrued thereon and without presentation, demand, or protest or other
requirements of any kind (including, without limitation, valuation and appraisement, diligence,
presentment, notice of intent to demand or accelerate and notice of acceleration), all of which are
hereby expressly waived by the Borrower for itself and on behalf of any Qualified Borrower; and
upon the occurrence and during the continuance of any other Event of Default, the Administrative
Agent may (and upon the demand of the Majority Banks shall), by written notice to the Borrower, in
addition to the exercise of all of the rights and remedies permitted the Administrative Agent and
the Banks at law or equity or under any of the other Loan Documents, declare that the Commitments
are terminated and declare the unpaid principal amount of and any and all accrued and unpaid
interest on the Loans and any and all accrued fees and other Obligations hereunder to be, and the
same shall thereupon be, immediately due and payable with all additional interest from time to time
accrued thereon and (except as otherwise provided in the Loan Documents) without presentation,
demand, or protest or other requirements of any kind (including, without limitation, valuation and
appraisement, diligence, presentment, notice of intent to demand or accelerate and notice of
acceleration), all of which are hereby expressly waived by the Borrower for itself and on behalf of
any Qualified Borrower.

          (b) Notwithstanding anything to the contrary contained in this Agreement or in any other Loan
Document, the Administrative Agent, and the Banks each agree that any exercise or enforcement of
the rights and remedies granted to the Administrative Agent or the Banks under this Agreement or at
law or in equity with respect to this Agreement or any other Loan Documents shall be commenced and
maintained by the Administrative Agent on behalf of the Administrative Agent and/or the Banks. The
Administrative Agent shall act at the direction of the Majority Banks in connection with the
exercise of any and all remedies at law, in equity or under any of the Loan Documents or, if the
Majority Banks are unable to reach agreement, then, from and after an Event of Default, the
Administrative Agent may pursue such rights and remedies as it may determine.

          SECTION 6.3. Notice of Default. The Administrative Agent shall give notice to the Borrower
under Section 6.1(c) and 6.1(d) promptly upon being requested to do so by the Majority Banks and
shall thereupon notify all the Banks thereof. The Administrative Agent shall

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not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
(other than nonpayment of principal of or interest on the Loans) unless Administrative Agent has
received notice in writing from a Bank or Borrower referring to this Agreement or the other Loan
Documents, describing such event or condition. Should Administrative Agent receive notice of the
occurrence of an Default or Event of Default expressly stating that such notice is a notice of an
Default or Event of Default, or should Administrative Agent send Borrower a notice of Default or
Event of Default, Administrative Agent shall promptly give notice thereof to each Bank.

          SECTION 6.4. Actions in Respect of Letters of Credit.

          (a) If, at any time and from time to time, any Letter of Credit shall have been issued
hereunder and an Event of Default shall have occurred and be continuing, then, upon the occurrence
and during the continuation thereof, the Administrative Agent may, and upon the demand of the
Majority Banks shall, whether in addition to the taking by the Administrative Agent of any of the
actions described in this Article or otherwise, make a demand upon the Borrower to, and forthwith
upon such demand (but in any event within ten (10) days after such demand) the Borrower shall, pay
to the Administrative Agent, on behalf of the Banks, in same day funds at the Administrative
Agent’s office designated in such demand, for deposit in a special cash collateral account (the
“Letter of Credit Collateral Account”) to be maintained in the name of Borrower for the benefit of
the Administrative Agent (on behalf of the Banks) and under the Administrative Agent’s sole
dominion and control at such place as shall be designated by the Administrative Agent, an amount
equal to the amount of the Letter of Credit Usage under the Letters of Credit. Interest shall
accrue on the Letter of Credit Collateral Account at a rate equal to the rate on overnight funds.

          (b) The Borrower hereby grants to the Administrative Agent, as administrative agent for its
benefit and the ratable benefit of the Banks a lien on and a security interest in, the following
collateral (the “Letter of Credit Collateral”):

               (i) the Letter of Credit Collateral Account, all cash deposited therein and all certificates
and instruments, if any, from time to time representing or evidencing the Letter of Credit
Collateral Account;

               (ii) all notes, certificates of deposit and other instruments from time to time hereafter
delivered to or otherwise possessed by the Administrative Agent for or on behalf of the Borrower in
substitution for or in respect of any or all of the then existing Letter of Credit Collateral;

               (iii) all interest, dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all of the
then existing Letter of Credit Collateral, provided that if no Event of Default shall have occurred
and be continuing, any interest, dividends and other earnings received with respect to the Letter
of Credit Collateral shall be distributed to Borrower on a monthly basis; and

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               (iv) to the extent not covered by the above clauses, all proceeds of any or all of the
foregoing Letter of Credit Collateral.

The lien and security interest granted hereby secures the payment of all obligations of the
Borrower now or hereafter existing hereunder and under any other Loan Document.

          (c) The Borrower hereby authorizes the Administrative Agent for the ratable benefit of the
Banks to apply, from time to time after funds are deposited in the Letter of Credit Collateral
Account, funds then held in the Letter of Credit Collateral Account to the payment of any amounts,
in such order as the Administrative Agent may elect, as shall have become due and payable by the
Borrower to the Banks in respect of the Letters of Credit.

          (d) Neither the Borrower nor any Person claiming or acting on behalf of or through the
Borrower shall have any right to withdraw any of the funds held in the Letter of Credit Collateral
Account, except as provided in Section 6.4(h) hereof.

          (e) The Borrower agrees that it will not (i) sell or otherwise dispose of any interest in the
Letter of Credit Collateral or (ii) create or permit to exist any lien, security interest or other
charge or encumbrance upon or with respect to any of the Letter of Credit Collateral, except for
the security interest created by this Section 6.4.

          (f) If any Event of Default shall have occurred and be continuing:

               (i) The Administrative Agent may, in its sole discretion, without notice to the Borrower
except as required by law and at any time from time to time, charge, set off or otherwise apply all
or any part of the Letter of Credit Collateral, first, (x) amounts previously drawn on any Letter
of Credit that have not been reimbursed by the Borrower and (y) any Letter of Credit Usage
described in clause (ii) of the definition thereof that are then
due and payable and second, any
other unpaid Obligations then due and payable against the Letter of Credit Collateral Account or
any part thereof, in such order as the Administrative Agent shall elect. The rights of the
Administrative Agent under this Section 6.4 are in addition to any rights and remedies which any
Bank may have.

               (ii) The Administrative Agent may also exercise, in its sole discretion, in respect of the
Letter of Credit Collateral Account, in addition to the other rights and remedies provided herein
or otherwise available to it, all the rights and remedies of a secured party upon default under the
Uniform Commercial Code in effect in the State of Illinois at that time.

          (g) The Administrative Agent shall be deemed to have exercised reasonable care in the custody
and preservation of the Letter of Credit Collateral if the Letter of Credit Collateral is accorded
treatment substantially equal to that which the Administrative Agent accords its own property, it
being understood that, assuming such treatment, the Administrative Agent shall not have any
responsibility or liability with respect thereto.

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          (h) At such time as all Events of Default have been cured or waived in writing, all amounts
remaining in the Letter of Credit Collateral Account shall be promptly returned to the Borrower,
and in the case of Letters of Credit maturing after the Maturity Date, upon the return of any such
Letters of Credit, any amount attributable to such Letter of Credit shall be promptly returned to
the Borrower. Absent such cure or written waiver or return, any surplus of the funds held in the
Letter of Credit Collateral Account and remaining after payment in full of all of the Obligations
of the Borrower hereunder and under any other Loan Document after the Maturity Date shall be paid
to the Borrower or to whomsoever may be lawfully entitled to receive such surplus.

          SECTION 6.5. Distribution of Proceeds after Default. Notwithstanding anything contained herein
to the contrary but subject to the provisions of Section 9.16 hereof, from and after an Event of
Default, to the extent proceeds are received by Administrative Agent, such proceeds will be
distributed to the Banks pro rata in accordance with the unpaid principal amount of the Loans
(giving effect to any participations granted therein pursuant to Section 2.3 and Section 9.4).

ARTICLE VII

THE AGENTS

          SECTION 7.1. Appointment and Authorization. Each Bank irrevocably appoints and authorizes the
Administrative Agent and the Syndication Agent to take such action as agent on its behalf and to
exercise such powers under this Agreement and the other Loan Documents as are delegated to the
Administrative Agent and the Syndication Agent by the terms hereof or thereof, together with all
such powers as are reasonably incidental thereto. Except as set forth in Sections 7.8 and 7.9
hereof, the provisions of this Article VII are solely for the benefit of Administrative Agent, the
Syndication Agent and the Banks, and Borrower shall not have any rights to rely on or enforce any
of the provisions hereof. In performing its functions and duties under this Agreement,
Administrative Agent and the Syndication Agent shall each act solely as an agent of the Banks and
do not assume and shall not be deemed to have assumed any obligation toward or relationship of
agency or trust with or for the Borrower.

          SECTION 7.2. Agency and Affiliates. Bank of America, N.A. and JPMorgan Chase Bank, N.A. shall
have the same rights and powers under this Agreement as any other Bank and may exercise or refrain
from exercising the same as though it were not the Administrative Agent or Syndication Agent
respectively, and Bank of America, N.A., JPMorgan Chase Bank, N.A., and their affiliates may accept
deposits from, lend money to, and generally engage in any kind of business with the Borrower, EOPT
or any Subsidiary or affiliate of the Borrower as if they were not the Administrative Agent and
Syndication Agent, respectively, hereunder, and the term “Bank” and “Banks” shall include Bank of
America, N.A. and JPMorgan Chase Bank, N.A., in their individual capacities.

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          SECTION 7.3. Action by Administrative Agent and Syndication Agent. The obligations of the
Administrative Agent and Syndication Agent hereunder are only those expressly set forth herein.
Without limiting the generality of the foregoing, the Administrative Agent and Syndication Agent
shall not be required to take any action with respect to any Default or Event of Default, except as
expressly provided in Article VI. The duties of Administrative Agent and Syndication Agent shall be
administrative in nature. Subject to the provisions of Sections 7.1, 7.5 and 7.6, Administrative
Agent shall use the same care in the administration of the Loans in the same manner as
Administrative Agent uses in the administration of its own loans.

          SECTION 7.4. Consultation with Experts. As between Administrative Agent and Syndication Agent
on the one hand and the Banks on the other hand, the Administrative Agent and Syndication Agent may
consult with legal counsel (who may be counsel for the Borrower), independent public accountants
and other experts selected by it and shall not be liable for any action taken or omitted to be
taken by it in good faith in accordance with the advice of such counsel, accountants or experts.

          SECTION 7.5. Liability of Administrative Agent. As between Administrative Agent on the one
hand and the Banks on the other hand, none of the Administrative Agent nor any of its affiliates
nor any Agent-Related Person, shall be liable for any action taken or not taken by it in connection
herewith (i) with the consent or at the request of the Majority Banks or (ii) in the absence of its
own gross negligence or willful misconduct. As between Administrative Agent on the one hand and the
Banks on the other hand, none of the Administrative Agent nor any Agent-Related Person, shall be
responsible for or have any duty to ascertain, inquire into or verify: (i) any statement, warranty
or representation made in connection with this Agreement or any borrowing hereunder; (ii) the
performance or observance of any of the covenants or agreements of the Borrower; (iii) the
satisfaction of any condition specified in Article III, except receipt of items required to be
delivered to the Administrative Agent; or (iv) the validity, effectiveness or genuineness of this
Agreement, the other Loan Documents or any other instrument or writing furnished in connection
herewith. As between Administrative Agent and the Agent-Related Persons on the one hand and the
Banks on the other hand, neither the Administrative Agent nor the Agent-Related Persons shall incur
any liability by acting in reliance upon any notice, consent, certificate, statement, or other
writing (which may be a bank wire, telex or similar writing) believed by it to be genuine or to be
signed by the proper party or parties.

          SECTION 7.6. Indemnification. Each Bank shall, ratably in accordance with its Commitment,
indemnify the Administrative Agent and each Agent-Related Person and their affiliates and its
directors, officers, agents and employees (to the extent not reimbursed by the Borrower) against
any cost, expense (including, without limitation, counsel fees and disbursements), claim, demand,
action, loss or liability (except such as result from such indemnitee’s gross negligence or willful
misconduct) that such indemnitee may suffer or incur in connection with its duties as
Administrative Agent under this Agreement, the other Loan Documents or any action taken or omitted
by such indemnitee hereunder. In the event that the Administrative Agent or any Agent-Related
Person shall, subsequent to its receipt of indemnification payment(s)

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from Banks in accordance with this section, recoup any amount from the Borrower, or any other party
liable therefor in connection with such indemnification, the Administrative Agent or such
Agent-Related Person shall reimburse the Banks which previously made the payment(s) pro rata, based
upon the actual amounts which were theretofore paid by each Bank. The Administrative Agent or such
Agent-Related Person shall reimburse such Banks so entitled to reimbursement within two (2)
Business Days of its receipt of such funds from the Borrower or such other party liable therefor.

          SECTION 7.7. Credit Decision. Each Bank acknowledges that it has, independently and without
reliance upon the Administrative Agent, the Syndication Agent or any other Bank or Agent-Related
Person, and based on such documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it
will, independently and without reliance upon the Administrative Agent, the Syndication Agent or
any other Bank or Agent-Related Person, and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking any
action under this Agreement.

          SECTION 7.8. Successor Administrative Agent or Syndication Agent. The Administrative Agent or
the Syndication Agent may resign at any time by giving notice thereof to the Banks, the Borrower
and each other. In addition, the Administrative Agent or the Syndication Agent, as applicable,
shall resign in the event its Commitment (without participations) is reduced to less than Thirty
Million Dollars ($30,000,000), in the case of the Administrative Agent, or Twenty-Five Million
Dollars ($25,000,000), in the case of the Syndication Agent (and only for so long as JPMorgan Chase
Bank, N.A. is the Syndication Agent), unless as a result of a cancellation or reduction in the
aggregate Commitments. In addition, if the Administrative Agent shall so resign, then it shall also
have the right simultaneously therewith, to resign as one of the Fronting Banks (it being
understood that such resignation shall have no affect on any Letters of Credit that it may have
issued as Fronting Bank and which shall be outstanding at such time), and shall resign as the
Swingline Lender. Upon any such resignation, the Majority Banks shall have the right to appoint a
successor Administrative Agent and Swingline Lender or Syndication Agent, as applicable, which
successor Administrative Agent and Swingline Lender or successor Syndication Agent (as applicable)
shall, provided no Event of Default has occurred and is then continuing, be subject to Borrower’s
approval, which approval shall not be unreasonably withheld, conditioned or delayed (except that
Borrower shall, in all events, be deemed to have approved JPMorgan Chase Bank, N.A., as a successor
Administrative Agent and Swingline Lender and Bank of America, N.A., as a successor Syndication
Agent). If no successor Administrative Agent and Swingline Lender or Syndication Agent (as
applicable) shall have been so appointed by the Majority Banks and approved by the Borrower, and
shall have accepted such appointment, within 30 days after the retiring Administrative Agent and
Swingline Lender or Syndication Agent (as applicable) gives notice of resignation, then the
retiring Administrative Agent, or retiring Syndication Agent (as applicable) may, on behalf of the
Banks, appoint a successor Administrative Agent or Syndication Agent (as applicable), which shall
be the Administrative Agent and Swingline Lender or the Syndication Agent as the case may be, who
shall act until the Majority Banks shall appoint an Administrative Agent and Swingline Lender or

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Syndication Agent. Any appointment of a successor Administrative Agent and Swingline Lender or
Syndication Agent by Majority Banks or the retiring Administrative Agent and Swingline Lender or
the Syndication Agent pursuant to the preceding sentence shall, provided no Event of Default has
occurred and is then continuing, be subject to the Borrower’s approval, which approval shall not be
unreasonably withheld, conditioned or delayed. Upon the acceptance of its appointment as the
Administrative Agent and Swingline Lender or Syndication Agent hereunder by a successor
Administrative Agent and Swingline Lender or successor Syndication Agent, as applicable, such
successor Administrative Agent and Swingline Lender, or successor Syndication Agent, as applicable,
shall thereupon succeed to and become vested with all the rights and duties of the retiring
Administrative Agent and Swingline Lender or retiring Syndication Agent, as applicable, and the
retiring Administrative Agent and Swingline Lender or the retiring Syndication Agent, as
applicable, shall be discharged from its duties and obligations hereunder. The rights and duties of
the Administrative Agent to be vested in any successor Administrative Agent shall include, without
limitation, the rights and duties as Swingline Lender. After any retiring Administrative Agent’s or
retiring Syndication Agent’s resignation hereunder, the provisions of this Article shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was the Administrative
Agent or the Syndication Agent, as applicable. For gross negligence or willful misconduct, as
determined by all the Banks (excluding for such determination Administrative Agent in its capacity
as a Bank, as applicable), Administrative Agent or Syndication Agent may be removed at any time by
giving at least thirty (30) Business Days prior written notice to Administrative Agent, Syndication
Agent and Borrower. Such resignation or removal shall take effect upon the acceptance of
appointment by a successor Administrative Agent or Syndication Agent, as applicable, in accordance
with the provisions of this Section 7.8.

          SECTION 7.9. Consents and Approvals. All communications from Administrative Agent to the Banks
requesting the Banks’ determination, consent, approval or disapproval (i) shall be given in the
form of a written notice to each Bank, (ii) shall be accompanied by a description of the matter or
item as to which such determination, approval, consent or disapproval is requested, or shall advise
each Bank where such matter or item may be inspected, or shall otherwise describe the matter or
issue to be resolved, (iii) shall include, if reasonably requested by a Bank and to the extent not
previously provided to such Bank, written materials and a summary of all oral information provided
to Administrative Agent by Borrower in respect of the matter or issue to be resolved, and (iv)
shall include Administrative Agent’s recommended course of action or determination in respect
thereof. Each Bank shall reply promptly, but in any event within ten (10) Business Days after
receipt of the request therefor from Administrative Agent (the “Bank Reply Period”). Unless a Bank
shall give written notice to Administrative Agent that it objects to the recommendation or
determination of Administrative Agent (together with a written explanation of the reasons behind
such objection) within the Bank Reply Period, such Bank shall be deemed to have approved of or
consented to such recommendation or determination. With respect to decisions requiring the approval
of the Majority Banks or all the Banks, Administrative Agent shall submit its recommendation or
determination for approval of or consent to such recommendation or determination to all Banks and
upon receiving the required approval or consent shall follow the course of action or determination
of the Majority

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Banks or all the Banks (and each non-responding Bank shall be deemed to have concurred with
such recommended course of action), as the case may be.

ARTICLE VIII

CHANGE IN CIRCUMSTANCES

          SECTION 8.1. Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the
first day of any Interest Period for any Euro-Dollar Borrowing or Money Market IBOR Loan the
Administrative Agent determines in good faith that deposits in dollars (in the applicable amounts)
are not being offered in the relevant market for such Interest Period, the Administrative Agent
shall forthwith give notice thereof to the Borrower and the Banks, whereupon until the
Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no
longer exist, the obligations of the Banks to make Euro-Dollar Loans shall be suspended. In such
event, (a) unless the Borrower notifies the Administrative Agent at least two Business Days before
the date of (i) any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given
that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate
Borrowing, or (ii) any Money Market IBOR Borrowing for which a Notice of Money Market Borrowing has
previously been given, the Money Market IBOR Loans comprising such Borrowing shall bear interest
for each day from and including the first day to but excluding the last day of the Interest Period
applicable thereto at the Base Rate for such day, and (b) any Notice of Borrowing for a Euro-Dollar
Borrowing denominated in an Alternate Currency shall be ineffective.

          SECTION 8.2. Illegality. If, on or after the date of this Agreement, the adoption of any
applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any Governmental Authority, central bank
or comparable agency charged with the interpretation or administration thereof, or compliance by
any Bank (or its Euro-Dollar Lending Office) with any request or directive (whether or not having
the force of law) made after the Closing Date of any such authority, central bank or comparable
agency shall make it unlawful for any Bank (or its Euro-Dollar Lending Office) to (x) make,
maintain or fund its Euro-Dollar Loans, or (y) to participate in any Letter of Credit issued by the
Fronting Bank, or, with respect to the Fronting Bank, to issue any Letter of Credit, the
Administrative Agent shall forthwith give notice thereof to the other Banks and the Borrower,
whereupon until such Bank notifies the Borrower and the Administrative Agent that the circumstances
giving rise to such suspension no longer exist, the obligation of such Bank in case of the event
described in clause (x) above to make Euro-Dollar Loans, or in the case of the event described in
clause (y) above, to participate in any Letter of Credit issued by the Fronting Bank or, with
respect to the Fronting Bank, to issue any Letter of Credit, shall be suspended. With respect to
Euro-Dollar Loans, before giving any notice to the Administrative Agent pursuant to this Section,
such Bank shall designate a different Euro-Dollar Lending Office if such designation will avoid the
need for giving such notice and will not, in the judgment of such Bank, be otherwise
disadvantageous to such Bank. If such Bank shall determine that it may

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not lawfully continue to maintain and fund any of its outstanding Euro-Dollar Loans to maturity and
shall so specify in such notice, the Borrower shall be deemed to have delivered a Notice of
Interest Rate Election and such Euro-Dollar Loan shall be converted as of such date to a Base Rate
Loan (without payment of any amounts that Borrower would otherwise be obligated to pay pursuant to
Section 2.13 hereof with respect to Loans converted pursuant to this Section 8.2) in an equal
principal amount from such Bank (on which interest and principal shall be payable contemporaneously
with the related Euro-Dollar Loans of the other Banks), and such Bank shall make such a Base Rate
Loan.

          If at any time, it shall be unlawful for any Bank to make, maintain or fund its Euro-Dollar
Loans, the Borrower shall have the right, upon five (5) Business Day’s notice to the Administrative
Agent, to either (x) cause a bank, reasonably acceptable to the Administrative Agent, to offer to
purchase the Commitments of such Bank for an amount equal to such Bank’s outstanding Loans, and to
become a Bank hereunder, or obtain the agreement of one or more existing Banks to offer to purchase
the Commitments of such Bank for such amount, which offer such Bank is hereby required to accept,
or (y) to repay in full all Loans then outstanding of such Bank, together with interest and all
other amounts due thereon, upon which event, such Bank’s Commitments shall be deemed to be canceled
pursuant to Section 2.11(e).

          SECTION 8.3. Increased Cost and Reduced Return.

          (a) If, on or after (x) the date hereof in the case of Committed Loans made pursuant to
Section 2.1, or (y) the date of the related Money Market Quote (in each case, the “Loan Effective
Date”), in the case of any Money Market Loan, the adoption of any applicable law, rule or
regulation, or any change in any applicable law, rule or regulation, or any change in the
interpretation or administration thereof by any Governmental Authority, central bank or comparable
agency charged with the interpretation or administration thereof, or compliance by any Bank (or its
Applicable Lending Office) with any request or directive (whether or not having the force of law)
made at the Closing Date of any such authority, central bank or comparable agency shall impose,
modify or deem applicable any reserve (including, without limitation, any such requirement imposed
by the Board of Governors of the Federal Reserve System), special deposit, insurance assessment or
similar requirement against assets of, deposits with or for the account of, or credit extended by,
any Bank (or its Applicable Lending Office) or shall impose on any Bank (or its Applicable Lending
Office) or on the interbank market any other condition materially more burdensome in nature, extent
or consequence than those in existence as of the Loan Effective Date affecting such Bank’s
Euro-Dollar Loans, its Note, or its obligation to make Euro-Dollar Loans, and the result of any of
the foregoing is to increase the cost to such Bank (or its Applicable Lending Office) of making or
maintaining any Euro-Dollar Loan, or to reduce the amount of any sum received or receivable by such
Bank (or its Applicable Lending Office) under this Agreement or under its Note with respect to such
Euro-Dollar Loans, by an amount deemed by such Bank to be material, then, within 15 days after
demand by such Bank (with a copy to the Administrative Agent), the Borrower shall pay to such Bank
such additional amount or amounts (based upon a reasonable allocation thereof by such Bank to the
Euro-Dollar Loans made by such Bank hereunder) as will compensate such Bank for such increased cost
or reduction to the extent

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such Bank generally imposes such additional amounts on other borrowers of such Bank in similar
circumstances.

          (b) If any Bank shall have reasonably determined that, after the date hereof, the adoption of
any applicable law, rule or regulation regarding capital adequacy, or any change in any such law,
rule or regulation, or any change in the interpretation or administration thereof by any
Governmental Authority, central bank or comparable agency charged with the interpretation or
administration thereof, or any request or directive regarding capital adequacy (whether or not
having the force of law) made after the Closing Date of any such authority, central bank or
comparable agency, has or would have the effect of reducing the rate of return on capital of such
Bank (or its Parent) as a consequence of such Bank’s obligations hereunder to a level below that
which such Bank (or its Parent) could have achieved but for such adoption, change, request or
directive (taking into consideration its policies with respect to capital adequacy) by an amount
reasonably deemed by such Bank to be material, then from time to time, within 15 days after demand
by such Bank (with a copy to the Administrative Agent), the Borrower shall pay to such Bank such
additional amount or amounts as will compensate such Bank (or its Parent) for such reduction to the
extent such Bank generally imposes such additional amounts on other borrowers of such Bank in
similar circumstances.

          (c) Each Bank will promptly notify the Borrower and the Administrative Agent of any event of
which it has knowledge, occurring after the date hereof, which will entitle such Bank to
compensation pursuant to this Section and will designate a different Applicable Lending Office if
such designation will avoid the need for, or reduce the amount of, such compensation and will not,
in the reasonable judgment of such Bank, be otherwise disadvantageous to such Bank. If such Bank
shall fail to notify Borrower of any such event within 90 days following the end of the month
during which such event occurred, then Borrower’s liability for any amounts described in this
Section incurred by such Bank as a result of such event shall be limited to those attributable to
the period occurring subsequent to the ninetieth (90th) day prior to the date upon which such Bank
actually notified Borrower of the occurrence of such event. A certificate of any Bank claiming
compensation under this Section and setting forth a reasonably detailed calculation of the
additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of
demonstrable error. In determining such amount, such Bank may use any reasonable averaging and
attribution methods.

          (d) If at any time, any Bank shall be owed amounts pursuant to this Section 8.3, the Borrower
shall have the right, upon five (5) Business Day’s notice to the Administrative Agent to either (x)
cause a bank, reasonably acceptable to the Administrative Agent, to offer to purchase the
Commitments of such Bank for an amount equal to such Bank’s outstanding Loans, and to become a Bank
hereunder, or to obtain the agreement of one or more existing Banks to offer to purchase the
Commitments of such Bank for such amount, which offer such Bank is hereby required to accept, or
(y) to repay in full all Loans then outstanding of such Bank, together with interest and all other
amounts due thereon, upon which event, such Bank’s Commitment shall be deemed to be canceled
pursuant to Section 2.11(e).

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          SECTION 8.4. Taxes.

          (a) Any and all payments by the Borrower or any Qualified Borrower to or for the account of
any Bank or the Administrative Agent hereunder or under any other Loan Document shall be made free
and clear of and without deduction for any and all present or future taxes, duties, levies,
imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding,
in the case of each Bank and the Administrative Agent, taxes imposed on its income, and franchise
taxes imposed on it, by the jurisdiction under the laws of which such Bank or the Administrative
Agent (as the case may be) is organized or any political subdivision thereof and, in the case of
each Bank, taxes imposed on its income, and franchise or similar taxes imposed on it, by the
jurisdiction of such Bank’s Applicable Lending Office or any political subdivision thereof or by
any other jurisdiction (or any political subdivision thereof) as a result of a present or former
connection between such Bank or Administrative Agent and such other jurisdiction or by the United
States (all such non-excluded taxes, duties, levies, imposts, deductions, charges, withholdings and
liabilities being hereinafter referred to as “Non-Excluded
Taxes”). If the Borrower or any
Qualified Borrower shall be required by law to deduct any Non-Excluded Taxes from or in respect of
any sum payable hereunder or under any Note, (i) the sum payable shall be increased as necessary so
that after making all required deductions (including, without limitation, deductions applicable to
additional sums payable under this Section 8.4) such Bank or the Administrative Agent (as the case
may be) receives an amount equal to the sum it would have received had no such deductions been
made, (ii) the Borrower or Qualified Borrower shall make such deductions, (iii) the Borrower or
Qualified Borrower shall pay the full amount deducted to the relevant taxation authority or other
authority in accordance with applicable law and (iv) the Borrower or Qualified Borrower shall
furnish to the Administrative Agent, at its address referred to in Section 9.1, the original or a
certified copy of a receipt evidencing payment thereof.

          (b) In addition, the Borrower and each Qualified Borrower agrees to pay any present or future
stamp or documentary taxes and any other excise or property taxes, or charges or similar levies
which arise from any payment made hereunder or under any Note or Letter of Credit or from the
execution or delivery of, or otherwise with respect to, this Agreement or any Note (hereinafter
referred to as “Other Taxes”).

          (c) In the event that Non-Excluded Taxes not imposed on the Closing Date are imposed, or
Non-Excluded Taxes imposed on the Closing Date increase, the applicable Bank shall notify the
Administrative Agent and the Borrower of such event in writing within a reasonable period following
receipt of knowledge thereof. If such Bank shall fail to notify Borrower of any such event within
ninety (90) days following the end of the month during which such event occurred, then Borrower’s
or Qualified Borrower’s liability for such additional Non-Excluded Taxes incurred by such Bank as a
result of such event (including payment of a make-whole amount under Section 8.4(a)(i)) shall be
limited to those attributable to the period occurring subsequent to the ninetieth (90th) day prior
to, but excluding, the date upon which such Bank actually notified Borrower of the occurrence of
such event.

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          (d) The Borrower and each Qualified Borrower agrees to indemnify each Bank and the
Administrative Agent for the full amount of Non-Excluded Taxes or Other Taxes (including, without
limitation, any Non-Excluded Taxes or Other Taxes imposed or asserted by any jurisdiction on
amounts payable under this Section 8.4) paid by such Bank or the Administrative Agent (as the case
may be) and, so long as such Bank or Administrative Agent has promptly paid any such Non-Excluded
Taxes or Other Taxes, any liability for penalties and interest arising therefrom or with respect
thereto. This indemnification shall be made within 15 days from the date such Bank or the
Administrative Agent (as the case may be) makes demand therefor.

          (e) Each Bank organized under the laws of a jurisdiction outside the United States, on or
prior to the date of its execution and delivery of this Agreement in the case of each Bank listed
on the signature pages hereof and on or prior to the date on which it becomes a Bank in the case of
each other Bank, shall provide the Borrower with (A) two duly completed copies of Internal Revenue
Service form 1001, or any successor form prescribed by the Internal Revenue Service, and (B) an
Internal Revenue Service Form W-8BEN or W-8ECI, as appropriate, or any successor form prescribed by
the Internal Revenue Service, and shall provide Borrower with two further copies of any such form
or certification on or before the date that any such form or certification expires or becomes
obsolete and after the occurrence of any event requiring a change in the most recent form
previously delivered by it to Borrower, certifying (i) in the case of a Form 1001, that such Bank
is entitled to benefits under an income tax treaty to which the United States is a party which
reduces the rate of withholding tax on payments of interest or certifying that the income
receivable pursuant to this Agreement is effectively connected with the conduct of a trade or
business in the United States, and (ii) in the case of being under Sections 1442(c)(1) and 1442(a)
of the Internal Revenue Code, that it is entitled to an exemption from United States backup
withholding tax. If the form provided by a Bank at the time such Bank first becomes a party to this
Agreement indicates a United States interest withholding tax rate in excess of zero, withholding
tax at such rate shall be considered excluded from “Non-Excluded Taxes” as defined in Section
8.4(a).

          (f) For any period with respect to which a Bank has failed to provide the Borrower with the
appropriate form pursuant to Section 8.4(d) (unless such failure is due to a change in treaty, law
or regulation occurring subsequent to the date on which a form originally was required to be
provided), such Bank shall not be entitled to indemnification under Section 8.4(c) with respect to
Non-Excluded Taxes imposed by the United States; provided,
however, that should a Bank, which is
otherwise exempt from or subject to a reduced rate of withholding tax, become subject to
Non-Excluded Taxes because of its failure to deliver a form required hereunder, the Borrower shall
take such steps as such Bank shall reasonably request to assist such Bank to recover such Taxes so
long as Borrower shall incur no cost or liability as a result thereof.

          (g) Upon reasonable demand by Borrower or any Qualified Borrower to the Administrative Agent
or any Bank, the Administrative Agent or Bank, as the case may be, shall deliver to the Borrower or
such Qualified Borrower, or to such government or taxing authority as the Borrower or such
Qualified Borrower may reasonably direct, any form or document that may be required or reasonably
requested in writing in order to allow the Borrower or such Qualified

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Borrower to make a payment to or for the account of such Bank or the Administrative Agent hereunder
or under any other Loan Document without any deduction or withholding for or on account of any
Non-Excluded Taxes or with such deduction or withholding at a reduced rate (so long as the
completion, execution or submission of such form or document would not materially prejudice the
legal or commercial position of the party in receipt of such demand), with any such form or
document to be accurate and completed in a manner reasonably satisfactory to the Borrower or such
Qualified Borrower making such demand and to be executed and to be delivered with any reasonably
required certification.

          (h) If the Borrower or any Qualified Borrower is required to pay additional amounts to or for
the account of any Bank pursuant to this Section 8.4, then such Bank will change the jurisdiction
of its Applicable Lending Office so as to eliminate or reduce any such additional payment which may
thereafter accrue if such change, in the judgment of such Bank, is not otherwise disadvantageous to
such Bank.

          (i) If at any time, any Bank shall be owed amounts pursuant to this Section 8.4, the Borrower
shall have the right, upon five (5) Business Day’s notice to the Administrative Agent to either (x)
cause a bank, reasonably acceptable to the Administrative Agent, to offer to purchase the
Commitments of such Bank for an amount equal to such Bank’s outstanding Loans, and to become a Bank
hereunder, or to obtain the agreement of one or more existing Banks to offer to purchase the
Commitments of such Bank for such amount, which offer such Bank is hereby required to accept, or
(y) to repay in full all Loans then outstanding of such Bank, together with interest and all other
amounts due thereon, upon which event, such Bank’s Commitment shall be deemed to be canceled
pursuant to Section 2.11(c).

          SECTION 8.5. Base Rate Loans Substituted for Affected Euro-Dollar Loans. If
(i) the obligation of any Bank to make Euro-Dollar Loans has been suspended pursuant to
Section 8.2 or (ii) any Bank has demanded compensation under Section 8.3 or 8.4 with respect
to its Euro-Dollar Loans and the Borrower shall, by at least five Business Days’ prior notice to
such Bank through the Administrative Agent, have elected that the provisions of this Section shall
apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances
giving rise to such suspension or demand for compensation no longer exist:

          (a) Borrower shall be deemed to have delivered a Notice of Interest Rate Election with respect
to such affected Euro-Dollar Loans and thereafter all Loans which would otherwise be made by such
Bank to the Borrower as Dollar denominated as Euro-Dollar Loans shall be made instead as Base Rate
Loans (on which interest and principal shall be payable contemporaneously with the related
Euro-Dollar Loans of the other Banks), and no Borrowing from such Bank would take effect with
respect to Loans denominated in an Alternate Currency, and

          (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would
otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans
instead, and

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          (c) Borrower will not be required to make any payment which would otherwise be required by
Section 2.13 with respect to such Euro-Dollar Loans converted to Base Rate Loans pursuant to clause
(a) above.

ARTICLE IX

MISCELLANEOUS

          SECTION 9.1. Notices. All notices, requests and other communications to any party hereunder
shall be in writing (including bank wire, telex, facsimile transmission followed by telephonic
confirmation or similar writing) and shall be given to such party: (x) in the case of the Borrower,
any Qualified Borrower, the Syndication Agent or the Administrative Agent, at its address, telex
number or facsimile number set forth on Exhibit F attached hereto with a duplicate copy thereof, in
the case of the Borrower, to the Borrower, at Equity Office Properties Trust, Two North Riverside
Plaza, Suite 2100, Chicago, Illinois 60606, Attn: Chief Legal Counsel, and to DLA Piper Rudnick
Gray Cary US LLP, 203 North LaSalle Street, Suite 1900, Chicago, Illinois 60601, Attn: James M.
Phipps, Esq., (y) in the case of any Bank, at its address, telex number or facsimile number set
forth in its Administrative Questionnaire or (z) in the case of any party, such other address,
telex number or facsimile number as such party may hereafter specify for the purpose by notice to
the Administrative Agent and the Borrower. Each such notice, request or other communication shall
be effective (i) if given by telex or facsimile transmission, when such telex or facsimile is
transmitted to the telex number or facsimile number specified in this Section and the appropriate
answerback or facsimile confirmation is received, (ii) if given by certified registered mail,
return receipt requested, with first class postage prepaid, addressed as aforesaid, upon receipt or
refusal to accept delivery, (iii) if given by a nationally recognized overnight carrier, 24 hours
after such communication is deposited with such carrier with postage prepaid for next day delivery,
or (iv) if given by any other means, when delivered at the address specified in this Section;
provided that notices to the Administrative Agent under Article II or Article VIII shall not be
effective until received.

          SECTION 9.2. No Waivers. No failure or delay by the Administrative Agent or any Bank in
exercising any right, power or privilege hereunder or under any Note shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies provided by law.

          SECTION 9.3. Expenses; Indemnification.

          (a) The Borrower shall pay within thirty (30) days after written notice from the
Administrative Agent, (i) all reasonable out-of-pocket costs and expenses of the Administrative
Agent (including, without limitation, reasonable fees and disbursements of special counsel Skadden,
Arps, Slate, Meagher & Flom LLP), in connection with the preparation of this Agreement, the Loan
Documents and the documents and instruments referred to therein, and any

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waiver or consent hereunder or any amendment hereof or any Default or alleged Default hereunder,
(ii) all reasonable fees and disbursements of special counsel in connection with the syndication of
the Loans, and (iii) if an Event of Default occurs, all reasonable out-of-pocket expenses incurred
by the Administrative Agent and each Bank, including, without limitation, fees and disbursements of
counsel for the Administrative Agent and each of the Banks, in connection with the enforcement of
the Loan Documents and the instruments referred to therein and such Event of Default and
collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom; provided,
however, that the attorneys’ fees and disbursements for which Borrower is obligated under this
subsection (a)(iii) shall be limited to the reasonable non-duplicative fees and disbursements of
(A) counsel for Administrative Agent, and (B) counsel for all of the Banks as a group; and
provided, further, that all other costs and expenses for which Borrower is obligated under this
subsection (a)(iii) shall be limited to the reasonable non-duplicative costs and expenses of
Administrative Agent. For purposes of this Section 9.3(a)(iii), (1) counsel for Administrative
Agent shall mean a single outside law firm representing Administrative Agent, and (2) counsel for
all of the Banks as a group shall mean a single outside law firm representing such Banks as a group
(which law firm may or may not be the same law firm representing Administrative Agent).

          (b) The Borrower agrees to indemnify the Administrative Agent and each Bank, their respective
affiliates and the respective directors, officers, agents and employees of the foregoing (each an
“Indemnitee”) and hold each Indemnitee harmless from and against any and all liabilities, losses,
damages, costs and expenses of any kind, including, without limitation, the reasonable fees and
disbursements of counsel, which may be incurred by such Indemnitee in connection with any
investigative, administrative or judicial proceeding that may at any time (including, without
limitation, at any time following the payment of the Obligations) be asserted against any
Indemnitee, as a result of, or arising out of, or in any way related to or by reason of, (i) any of
the transactions contemplated by the Loan Documents or the execution, delivery or performance of
any Loan Document, (ii) any violation by the Borrower or the Environmental Affiliates of any
applicable Environmental Law, (iii) any Environmental Claim arising out of the management, use,
control, ownership or operation of property or assets by the Borrower or any of the Environmental
Affiliates, including, without limitation, all on-site and off-site activities of Borrower or any
Environmental Affiliate involving Materials of Environmental Concern, (iv) the breach of any
environmental representation or warranty set forth herein, but excluding those liabilities, losses,
damages, costs and expenses (a) for which such Indemnitee has been compensated pursuant to the
terms of this Agreement, (b) incurred solely by reason of the gross negligence, willful misconduct
bad faith or fraud of any Indemnitee as finally determined by a court of competent jurisdiction,
(c) arising from violations of Environmental Laws relating to a Property which are caused by the
act or omission of such Indemnitee after such Indemnitee takes possession of such Property or (d)
owing by such Indemnitee to any third party based upon contractual obligations of such Indemnitee
owing to such third party which are not expressly set forth in the Loan Documents. In addition, the
indemnification set forth in this Section 9.3(b) in favor of any director, officer, agent or
employee of Administrative Agent or any Bank shall be solely in their respective capacities as such
director, officer, agent or employee. The Borrower’s obligations under this Section shall survive
the termination of this Agreement and the payment of

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the Obligations. Without limitation of the other provisions of this Section 9.3, Borrower shall
indemnify and hold each of the Administrative Agent and the Banks free and harmless from and
against all loss, costs (including reasonable attorneys’ fees and expenses), expenses, taxes, and
damages (including consequential damages) that the Administrative Agent and the Banks may suffer or
incur by reason of the investigation, defense and settlement of claims and in obtaining any
prohibited transaction exemption under ERISA or the Code necessary in the Administrative Agent’s
reasonable judgment by reason of the inaccuracy of the representations and warranties, or a breach
of the provisions, set forth in Section 4.6(b).

          SECTION 9.4. Sharing of Set-Offs. In addition to any rights now or hereafter granted under
applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence
and during the continuance of any Event of Default, each Bank is hereby authorized at any time or
from time to time, without presentment, demand, protest or other notice of any kind to the Borrower
or any Qualified Borrower or to any other Person, any such notice being hereby expressly waived,
but subject to the prior consent of the Administrative Agent to set off and to appropriate and
apply any and all deposits (general or special, time or demand, provisional or final) and any other
indebtedness at any time held or owing by such Bank (including, without limitation, by branches and
agencies of such Bank wherever located) to or for the credit or the account of the Borrower or any
Qualified Borrower against and on account of the Obligations of the Borrower or such Qualified
Borrower then due and payable to such Bank under this Agreement or under any of the other Loan
Documents, including, without limitation, all interests in Obligations purchased by such Bank. Each
Bank agrees that if it shall by exercising any right of set-off or counterclaim or otherwise,
receive payment of a proportion of the aggregate amount of principal and interest due with respect
to any Note held by it or Letter of Credit participated in by it, or, in the case of the Fronting
Bank, Letter of Credit issued by it, which is greater than the proportion received by any other
Bank or Letter of Credit issued or participated in by such other Bank, the Bank receiving such
proportionately greater payment shall purchase such participations in the Notes held by the other
Banks, and such other adjustments shall be made, as may be required so that all such payments of
principal and interest with respect to the Notes held by the Banks or Letter of Credit issued or
participated in by such other Banks shall be shared by the Banks pro rata; provided that nothing in
this Section shall impair the right of any Bank to exercise any right of set-off or counterclaim it
may have to any deposits not received in connection with the Loans and to apply the amount subject
to such exercise to the payment of indebtedness of the Borrower other than its indebtedness under
the Notes or Letters of Credit. The Borrower, for itself and on behalf of any Qualified Borrower,
agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a
participation in a Note or Letter of Credit, whether or not acquired pursuant to the foregoing
arrangements, may exercise rights of set-off or counterclaim and other rights with respect to such
participation as fully as if such holder of a participation were a direct creditor of the Borrower
or such Qualified Borrower in the amount of such participation. Notwithstanding anything to the
contrary contained herein, any Bank may, by separate agreement with the Borrower or any Qualified
Borrower, waive its right to set off contained herein or granted by law and any such written waiver
shall be effective against such Bank under this Section 9.4.

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          SECTION 9.5. Amendments and Waivers. Any provision of this Agreement or the Notes or other
Loan Documents may be amended or waived if, but only if, such amendment or waiver is in writing and
is signed by the Borrower and the Majority Banks (and, if the rights or duties of the
Administrative Agent or the Swingline Lender in their capacity as Administrative Agent or the
Swingline Lender, as applicable, are affected thereby, by the Administrative Agent or the Swingline
Lender, as applicable); provided that (A) no amendment or waiver of the provisions of Article V
(including, without limitation, any of the definitions of the defined terms used in Section 5.8
hereof) shall be effective unless signed by the Borrower and the Majority Banks and (B) no such
amendment or waiver with respect to this Agreement, the Notes or any other Loan Documents shall,
unless signed by all the Banks, (i) increase or decrease the Commitment of any Bank (except for a
ratable decrease in the Commitments of all Banks) or subject any Bank to any additional obligation,
(ii) reduce the principal of or rate of interest on any Loan or any fees hereunder, (iii) postpone
the date fixed for any payment of principal of or interest on any Loan or any fees hereunder or for
any reduction or termination of any Commitment or extend the term of any Letter of Credit beyond
twelve (12) months after the Maturity Date, (iv) change the percentage of the Commitments or of the
aggregate unpaid principal amount of the Notes, or the number of Banks, which shall be required for
the Banks or any of them to take any action under this Section or any other provision of this
Agreement, (v) change the method of calculating the Banks’ Pro Rata Shares, (vi) release the EOPT
Guaranty or any Qualified Borrower Guaranty or (vii) modify the provisions of this Section 9.5.

          SECTION 9.6. Successors and Assigns.

          (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, except that the Borrower may not assign
or otherwise transfer any of its rights under this Agreement or the other Loan Documents without
the prior written consent of all Banks and the Administrative Agent and a Bank may not assign or
otherwise transfer any of its interest under this Agreement except as permitted in subsections (b),
(c) and (e) of this Section 9.6.

          (b) Prior to the occurrence of an Event of Default, any Bank may at any time, with (and
subject to) the consent of Borrower (which consent shall not be unreasonably withheld, conditioned
or delayed), grant to an existing Bank, one or more banks, finance companies, insurance companies
or other financial institutions (a “Participant”) in minimum amounts of not less than $5,000,000
(or any lesser amount in the case of participations to an existing Bank) participating interests in
its Commitment or any or all of its Loans. After the occurrence and during the continuance of an
Event of Default, any Bank may at any time grant to any Person in any amount (also a
“Participant”), participating interests in its Commitment or any or all of its Loans.
Notwithstanding anything to the contrary in this subsection (b), with respect to a Bank’s granting
of participations in its outstanding Money Market Loans prior to the occurrence of an Event of
Default, the minimum amount of such participations shall be $5,000,000 and no consent of the
Administrative Agent or the Borrower shall be required. Any participation made during the
continuation of an Event of Default shall not be affected by the subsequent cure of such Event of
Default. In the event of any such grant by a Bank of a participating interest to a

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Participant, whether or not upon notice to the Borrower and the Administrative Agent, such Bank
shall remain responsible for the performance of its obligations hereunder, and the Borrower and the
Administrative Agent shall continue to deal solely and directly with such Bank in connection with
such Bank’s rights and obligations under this Agreement. Any agreement pursuant to which any Bank
may grant such a participating interest shall provide that such Bank shall retain the sole right
and responsibility to enforce the obligations of the Borrower hereunder including, without
limitation, the right to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such participation agreement may provide that such Bank will not agree to
any modification, amendment or waiver of this Agreement described in clause (i), (ii), (iii), (iv)
or (v) of Section 9.5 without the consent of the Participant. The Borrower agrees that each
Participant shall, to the extent provided in its participation agreement, be entitled to the
benefits of Article VIII with respect to its participating interest.

          (c) Any Bank may at any time assign to a Qualified Institution (in each case,
an “Assignee”) (i) prior to the occurrence of an Event of Default, in minimum amounts of not
less than Five Million Dollars ($5,000,000) and integral multiple of One Million Dollars
($1,000,000) thereafter (or any lesser amount in the case of assignments to an existing Bank or an
Affiliate of such transferor Bank) and (ii) after the occurrence and during the continuance of an
Event of Default, in any amount, all or a proportionate part of all, of its rights and obligations
under this Agreement, the Notes and the other Loan Documents, and, in either case, such Assignee
shall assume such rights and obligations, pursuant to a Transfer Supplement in substantially the
form of Exhibit “E” hereto executed by such Assignee and such transferor Bank; provided, that if no
Event of Default shall have occurred and be continuing, such assignment shall be subject to the
Administrative Agent’s, the Fronting Banks’ and the Borrower’s consent, which consent shall not be
unreasonably withheld, conditioned or delayed; and provided further that if an Assignee is an
affiliate of such transferor Bank and is an Affiliate Qualified Institution, or was a Bank
immediately prior to such assignment, no such consent shall be required; and provided further that
such assignment may, but need not, include rights of the transferor Bank in respect of outstanding
Money Market Loans. Upon execution and delivery of such instrument and payment by such Assignee to
such transferor Bank of an amount equal to the purchase price agreed between such transferor Bank
and such Assignee, such Assignee shall be a Bank party to this Agreement and shall have all the
rights and obligations of a Bank with a Commitment as set forth in such instrument of assumption,
and no further consent or action by any party shall be required and the transferor Bank shall be
released from its obligations hereunder to a corresponding extent. Upon the consummation of any
assignment pursuant to this subsection (c), the transferor Bank, the Administrative Agent and the
Borrower shall make appropriate arrangements so that, if required, a new Note is issued to the
Assignee. In connection with any such assignment, the transferor Bank shall pay to the
Administrative Agent an administrative fee for processing such assignment in the amount of $3,500.
If the Assignee is not incorporated under the laws of the United States of America or a state
thereof, it shall deliver to the Borrower and the Administrative Agent certification as to
exemption from deduction or withholding of any United States federal income taxes in accordance
with Section 8.4. Any assignment made during the continuation of an Event of Default shall not be
affected by any subsequent cure of such Event of Default.

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          (d) Any Bank (each, a “Designating Lender”) may at any time designate one Designated Lender to
fund Money Market Loans on behalf of such Designating Lender subject to the terms of this Section
9.6(d) and the provisions in Section 9.6(b) and (c) shall not apply to such designation. No Bank
may designate more than one (1) Designated Lender at any one time. The parties to each such
designation shall execute and deliver to the Lead Agent for its acceptance a Designation Agreement.
Upon such receipt of an appropriately completed Designation Agreement executed by a Designating
Lender and a designee representing that it is a Designated Lender, the Lead Agent will accept such
Designation Agreement and will give prompt notice thereof to the Borrower, whereupon, (i) the
Borrower shall execute and deliver to the Designating Lender a Designated Lender Note payable to
the order of the Designated Lender, (ii) from and after the effective date specified in the
Designation Agreement, the Designated Lender shall become a party to this Agreement with a right
(subject to the provisions of Section 2.4(b)) to make Money Market Loans on behalf of its
Designating Lender pursuant to Section 2.4 after the Borrower has accepted a Money Market Loan (or
portion thereof) of the Designating Lender, and (iii) the Designated Lender shall not be required
to make payments with respect to any obligations in this Agreement except to the extent of excess
cash flow of such Designated Lender which is not otherwise required to repay obligations of such
Designated Lender which are then due and payable; provided,
however, that regardless of such
designation and assumption by the Designated Lender, the Designating Lender shall be and remain
obligated to the Borrower, the Administrative Agent, the Senior Managing Agents, the Managing
Agents, the Co-Agents and the Banks for each and every one of the obligations of the Designating
Lender and its
related Designated Lender with respect to this Agreement, including, without limitation, any
indemnification obligations under Section 7.6 hereof and any sums otherwise payable to the Borrower
by the Designated Lender. Each Designating Lender shall serve as the administrative agent of the
Designated Lender and shall on behalf of, and to the exclusion of, the Designated Lender: (i)
receive any and all payments made for the benefit of the Designated Lender; and (ii) give and
receive all communications and notices and take all actions hereunder, including, without
limitation, votes, approvals, waivers, consents and amendments under or relating to this Agreement
and the other Loan Documents. Any such notice, communication, vote, approval, waiver, consent or
amendment shall be signed by the Designating Lender as administrative agent for the Designated
Lender and shall not be signed by the Designated Lender on its own behalf and shall be binding upon
the Designated Lender to the same extent as if signed by the Designated Lender on its own behalf.
The Borrower, the Administrative Agent, the Senior Managing Agents, the Managing Agents, the
Co-Agents and the Banks may rely thereon without any requirement that the Designated Lender sign or
acknowledge the same. No Designated Lender may assign or transfer all or any portion of its
interest hereunder or under any other Loan Document, other than assignments to the Designating
Lender which originally designated such Designated Lender or otherwise in accordance with the
provisions of Section 9.6 (b) and (c).

          (e) Any Bank may at any time assign all or any portion of its rights under this Agreement and
its Note to a Federal Reserve Bank. No such assignment shall release the transferor Bank from its
obligations hereunder.

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          (f) No Assignee, Participant or other transferee of any Bank’s rights shall be entitled to
receive any greater payment under Section 8.3 or 8.4 than such Bank would have been entitled to
receive with respect to the rights transferred, unless such transfer is made with the Borrower’s
prior written consent or by reason of the provisions of Section 8.2, 8.3 or 8.4 requiring such Bank
to designate a different Applicable Lending Office under certain circumstances or at a time when
the circumstances giving rise to such greater payment did not exist.

          (g) No Assignee of any rights and obligations under this Agreement shall be permitted to
further assign less than all of such rights and obligations. No participant in any rights and
obligations under this Agreement shall be permitted to sell subparticipations of such rights and
obligations.

          (h) Anything in this Agreement to the contrary notwithstanding, so long as no Event of Default
shall have occurred and be continuing, no Bank shall be permitted to enter into an assignment of,
or sell a participation interest in, its rights and obligations hereunder which would result in
such Bank holding a Commitment without participants of less than Five Million Dollars ($5,000,000)
(or in the case of the Administrative Agent, Thirty Million Dollars ($30,000,000)) unless as a
result of a cancellation or reduction of the aggregate Commitments;
provided, however, that no Bank
shall be prohibited from assigning its entire Commitment so long as such assignment is otherwise
permitted under this Section 9.6.

          SECTION 9.7. Collateral. Each of the Banks represents to the Administrative Agent and each of
the other Banks that it in good faith is not relying upon any “margin stock” (as defined in
Regulation U) as collateral in the extension or maintenance of the credit provided for in this
Agreement.

          SECTION 9.8. Governing Law; Submission to Jurisdiction.

          (a) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW
OTHER THAN SECTION 1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

          (b) Any legal action or proceeding with respect to this Agreement or any other Loan Document
and any action for enforcement of any judgment in respect thereof may be brought in the courts of
the State of New York or of the United States of America for the Southern District of New York,
and, by execution and delivery of this Agreement, the Borrower hereby accepts for itself and in
respect of its property and each Qualified Borrower, generally and unconditionally, the
non-exclusive jurisdiction of the aforesaid courts and appellate courts from any thereof. The
Borrower irrevocably consents, for itself and each Qualified Borrower, to the service of process
out of any of the aforementioned courts in any such action or proceeding by the hand delivery, or
mailing of copies thereof by registered or certified mail, postage prepaid, to

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the Borrower or Qualified Borrower at its address set forth below. The Borrower, for itself and
each Qualified Borrower, hereby irrevocably waives any objection which it may now or hereafter have
to the laying of venue of any of the aforesaid actions or proceedings arising out of or in
connection with this Agreement or any other Loan Document brought in the courts referred to above
and hereby further irrevocably waives and agrees not to plead or claim in any such court that any
such action or proceeding brought in any such court has been brought in an inconvenient forum.
Nothing herein shall affect the right of the Administrative Agent to serve process in any other
manner permitted by law or to commence legal proceedings or otherwise proceed against the Borrower
or any Qualified Borrower in any other jurisdiction.

          (c) If for the purpose of obtaining judgment in any court it is necessary to convert a sum due
hereunder in one currency into another currency, the parties hereto agree, to the fullest extent
that they may effectively do so under applicable law, that the rate of exchange used shall be the
spot rate at which in accordance with normal banking procedures the first currency could be
purchased in New York City with such other currency by the person obtaining such judgment on the
Business Day preceding that on which final judgment is given.

          (d) The parties agree, to the fullest extent that they may effectively do so under applicable
law, that the obligations of the Borrower or any Qualified Borrower to make payments in any
currency of the principal of and interest on the Loans of the Borrower and any Qualified Borrower
and any other amounts due from the Borrower or any Qualified Borrower hereunder to the
Administrative Agent as provided herein (i) shall not be discharged or satisfied by any tender, or
any recovery pursuant to any judgment (whether or not entered in accordance with Section 9.8(c)),
in any currency other than the relevant currency, except to the extent that such tender or recovery
shall result in the actual receipt by the Administrative Agent at its relevant office on behalf of
the Banks of the full amount of the relevant currency expressed to be payable in respect of the
principal of and interest on the Loans and all other amounts due hereunder (it being assumed for
purposes of this clause (i) that the Administrative Agent will convert any amount tendered or
recovered into the relevant currency on the date of such tender or recovery), (ii) shall be
enforceable as an alternative or additional cause of action for the purpose of recovering in the
relevant currency the amount, if any, by which such actual receipt shall fall short of the full
amount of the relevant currency so expressed to be payable and (iii) shall not be affected by an
unrelated judgment being obtained for any other sum due under this Agreement.

          SECTION 9.9. Counterparts; Integration;. Effectiveness. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire
agreement and understanding among the parties hereto and supersedes any and all prior agreements
and understandings, oral or written, relating to the subject matter hereof. This Agreement shall
become effective upon receipt by the Administrative Agent and the Borrower of counterparts hereof
signed by each of the parties hereto (or, in the case of any party as to which an executed
counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory
to it of telegraphic, telex or other written confirmation from such party of execution of a
counterpart hereof by such party).

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          SECTION 9.10. WAIVER OF JURY TRIAL. EACH OF THE
BORROWER, EACH QUALIFIED BORROWER, THE ADMINISTRATIVE AGENT, THE SYNDICATION AGENT AND THE BANKS
HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

          SECTION 9.11. Survival. All indemnities set forth herein shall survive the execution and
delivery of this Agreement and the other Loan Documents and the making and repayment of the Loans
hereunder.

          SECTION 9.12. Domicile of Loans. Each Bank may transfer and carry its Loans at, to or for the
account of any domestic or foreign branch office, subsidiary or affiliate of such Bank.

          SECTION 9.13. Limitation of Liability. No claim may be made by the Borrower or any other
Person acting by or through Borrower against the Administrative Agent, the Syndication Agent or any
Bank or the affiliates, directors, officers, employees, attorneys or agent of any of them for any
punitive damages in respect of any claim for breach of contract or any other theory of liability
arising out of or related to the transactions contemplated by this Agreement or by the other Loan
Documents, or any act, omission or event occurring in connection therewith; and the Borrower, for
itself and each Qualified Borrower, hereby waives, releases and agrees not to sue upon any claim
for any such damages, whether or not accrued and whether or not known or suspected to exist in its
favor.

          SECTION 9.14. Recourse Obligation. This Agreement and the Obligations hereunder are fully
recourse to the Borrower and each Qualified Borrower. Notwithstanding the foregoing, no recourse
under or upon any obligation, covenant, or agreement contained in this Agreement shall be had
against (i) any officer, director, shareholder or employee of the Borrower or EOPT, or (ii) any
general partner of Borrower other than EOPT, in each case except in the event of fraud or
misappropriation of funds on the part of such officer, director, shareholder or employee or such
general partner.

          SECTION 9.15. Confidentiality. The Administrative Agent and each Bank shall use reasonable
efforts to assure that information about Borrower, EOPT and its Subsidiaries and Investment
Affiliates, and the Properties thereof and their operations, affairs and financial condition, not
generally disclosed to the public, which is furnished to Administrative Agent or any Bank pursuant
to the provisions hereof or any other Loan Document is used only for the purposes of this Agreement
and shall not be divulged to any Person other than the Administrative Agent, the Banks, and their
affiliates and respective officers, directors, employees and agents who are actively and directly
participating in the evaluation, administration or enforcement of the Loan and other transactions
between such Bank and the Borrower, except: (a) to their attorneys and accountants, (b) in
connection with the enforcement of the rights and exercise of any remedies of the Administrative
Agent and the Banks hereunder and under the other Loan

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Documents, (c) in connection with assignments and participations and the solicitation of
prospective assignees and participants referred to in Section 9.6 hereof, who have agreed in
writing to be bound by a confidentiality agreement substantially equivalent to the terms of this
Section 9.15, and (d) as may otherwise be required or requested by any regulatory authority or
self-regulatory body having jurisdiction over the Administrative Agent or any Bank or by any
applicable law, rule, regulation or judicial process. Notwithstanding anything herein to the
contrary, “information” shall not include, and the Administrative Agent and each Bank may disclose
without limitation of any kind, any information with respect to the “tax treatment” and “tax
structure” (in each case within the meaning of Treasury Regulation Section 1.6011-4) of the
transactions contemplated hereby and all materials of any kind (including opinions and tax
analyses) that are provided to the Administrative Agent or such Bank relating to such tax treatment
and tax structure; provided that with respect to any document or similar item that in either case
contains information concerning the tax treatment or tax structure of the transaction as well as
other information, this sentence shall only apply to such portion of the documents or similar item
that relate to the tax treatment or tax structure of the Loans, Letters of Credit and transactions
contemplated hereby. The Administrative Agent and/or the Bank making any such disclosure shall
endeavor to notify Borrower prior to making any such disclosure of the fact that such disclosure is
being made and the nature of the disclosure. In addition, the Administrative Agent and/or such Bank
shall provide Borrower with a copy of the disclosure promptly after the same is made.

          SECTION 9.16. Bank’s Failure to Fund.

          (a) If a Bank does not advance to Administrative Agent such Bank’s Pro Rata Share of a Loan in
accordance herewith, then neither Administrative Agent nor the other Banks shall be required or
obligated to fund such Bank’s Pro Rata Share of such Loan.

          (b) As used herein, the following terms shall have the meanings set forth
below:

               (i) “Defaulting
Bank” shall mean any Bank which (x) does not
advance to the Administrative Agent such Bank’s Pro Rata Share of a Loan in accordance
herewith for a period of five (5) Business Days after notice of such failure from Administrative
Agent, (y) shall otherwise fail to perform such Bank’s obligations under the Loan Documents
(including, without limitation, the obligation to purchase participations pursuant to Section 2.3)
for a period of five (5) Business Days after notice of such failure from Administrative Agent, or
(z) shall fail to pay the Administrative Agent or any other Bank, as the case may be, upon demand,
such Bank’s Pro Rata Share of any costs, expenses or disbursements incurred or made by the
Administrative Agent pursuant to the terms of the Loan Documents for a period of five (5) Business
Days after notice of such failure from Administrative Agent, and in all cases, such failure is not
as a result of a good faith dispute as to whether such advance is properly required to be made
pursuant to the provisions of this Agreement, or as to whether such other performance or payment is
properly required pursuant to the provisions of this Agreement.

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               (ii) “Junior Creditor” means any Defaulting Bank which has not (x) fully cured each and every
monetary default on its part under the Loan Documents and (y) unconditionally tendered to the
Administrative Agent such Defaulting Bank’s Pro Rata Share of all costs, expenses and disbursements
required to be paid or reimbursed pursuant to the terms of the Loan Documents.

               (iii) “Payment in Full” means, as of any date, the receipt by the Banks who are not Junior
Creditors of an amount of cash, in lawful currency of the United States, sufficient to indefeasibly
pay in full all Senior Debt.

               (iv) “Senior Debt” means (x) collectively, any and all indebtedness, obligations and
liabilities of the Borrower to the Banks who are not Junior Creditors from time to time, whether
fixed or contingent, direct or indirect, joint or several, due or not due, liquidated or
unliquidated, determined or undetermined, arising by contract, operation of law or otherwise,
whether on open account or evidenced by one or more instruments, and whether for principal,
premium, interest (including, without limitation, interest accruing after the filing of a petition
initiating any proceeding referred to in Section 6.1(f) or (g)), reimbursement for fees,
indemnities, costs, expenses or otherwise, which arise under, in connection with or in respect of
the Loans or the Loan Documents, and (y) any and all deferrals, renewals, extensions and refundings
of, or amendments, restatements, rearrangements, modifications or supplements to, any such
indebtedness, obligation or liability.

               (v) “Subordinated Debt” means (x) any and all indebtedness, obligations and liabilities of
Borrower to one or more Junior Creditors from time to time, whether fixed or contingent, direct or
indirect, joint or several, due or not due, liquidated or unliquidated, determined or undetermined,
arising by contract, operation of law or otherwise, whether on open account or evidenced by one or
more instruments, and whether for principal, premium, interest (including, without limitation,
interest accruing after the filing of a petition initiating any proceeding referred to in Section
6.1(f) or (g)), reimbursement for fees, indemnities, costs, expenses or otherwise, which arise
under, in connection with or in respect of the Loans or the Loan Documents, and (y) any and all
deferrals, renewals, extensions and refundings of, or amendments, restatements, rearrangements,
modifications or supplements to, any such indebtedness, obligation or liability.

          (c) Immediately upon a Bank’s becoming a Junior Creditor and until such time as such Bank
shall have cured all applicable defaults, no Junior Creditor shall, prior to Payment in Full of all
Senior Debt:

               (i) accelerate, demand payment of, sue upon, collect, or receive any payment upon, in any
manner, or satisfy or otherwise discharge, any Subordinated Debt, whether for principal, interest
and otherwise;

               (ii) take or enforce any Liens to secure Subordinated Debt or attach or levy upon any assets
of Borrower, to enforce any Subordinated Debt;

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               (iii) enforce or apply any security for any Subordinated Debt; or

               (iv) incur any debt or liability, or the like, to, or receive any loan, return
of capital, advance, gift or any other property, from, the Borrower.

          (d) In the event of:

               (i) any insolvency, bankruptcy, receivership, liquidation, dissolution,
reorganization, readjustment, composition or other similar proceeding relating to Borrower;

               (ii) any liquidation, dissolution or other winding-up of the Borrower, voluntary or
involuntary, whether or not involving insolvency, reorganization or bankruptcy proceedings;

               (iii) any assignment by the Borrower for the benefit of creditors;

               (iv) any
sale or other transfer of all or substantially all assets of the Borrower; or

               (v) any other marshaling of the assets of the Borrower;

each of the Banks shall first have received Payment in Full of all Senior Debt before any payment
or distribution, whether in cash, securities or other property, shall be made in respect of or upon
any Subordinated Debt. Any payment or distribution, whether in cash, securities or other property
that would otherwise be payable or deliverable in respect of Subordinated Debt to any Junior
Creditor but for this Agreement shall be paid or delivered directly to the Administrative Agent for
distribution to the Banks in accordance with this Agreement until Payment in Full of all Senior
Debt. If any Junior Creditor receives any such payment or distribution, it shall promptly pay over
or deliver the same to the Administrative Agent for application in accordance with the preceding
sentence.

          (e) Each Junior Creditor shall file in any bankruptcy or other proceeding of Borrower in which
the filing of claims is required by law, all claims relating to Subordinated Debt that such Junior
Creditor may have against Borrower and assign to the Banks who are not Junior Creditors all rights
of such Junior Creditor thereunder. If such Junior Creditor does not file any such claim prior to
forty-five (45) days before the expiration of the time to file such claim, Administrative Agent, as
attorney-in-fact for such Junior Creditor, is hereby irrevocably authorized to do so in the name of
such Junior Creditor or, in Administrative Agent’s sole discretion, to assign the claim to a
nominee and to cause proof of claim to be filed in the name of such nominee. The foregoing power of
attorney is coupled with an interest and cannot be revoked. The Administrative Agent shall, to the
exclusion of each Junior Creditor, have the sole right, subject to Section 9.5 hereof, to accept or
reject any plan proposed in any such proceeding and to take any other action that a party filing a
claim is entitled to take. In all such cases, whether in administration, bankruptcy or otherwise,
the Person or Persons authorized to pay such

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claim shall pay to Administrative Agent the amount payable on such claim and, to the full extent
necessary for that purpose, each Junior Creditor hereby transfers and assigns to the Administrative
Agent all of the Junior Creditor’s rights to any such payments or distributions to which Junior
Creditor would otherwise be entitled.

          (f) (i) If any payment or distribution of any character or any security, whether in cash,
securities or other property, shall be received by any Junior Creditor in contravention of any of
the terms hereof, such payment or distribution or security shall be received in trust for the
benefit of, and shall promptly be paid over or delivered and transferred to, Administrative Agent
for application to the payment of all Senior Debt, to the extent necessary to achieve Payment in
Full. In the event of the failure of any Junior Creditor to endorse or assign any such payment,
distribution or security, Administrative Agent is hereby irrevocably authorized to endorse or
assign the same as attorney-in-fact for such Junior Creditor.

               (ii) Each Junior Creditor shall take such action (including, without limitation, the execution
and filing of a financing statement with respect to this Agreement and the execution, verification,
delivery and filing of proofs of claim, consents, assignments or other instructions that
Administrative Agent may require from time to time in order to prove or realize upon any rights or
claims pertaining to Subordinated Debt or to effectuate the full benefit of the subordination
contained herein) as may, in Administrative Agent’s sole and absolute discretion, be necessary or
desirable to assure the effectiveness of the subordination effected by this Agreement.

          (g) (i) Each Bank that becomes a Junior Creditor understands and acknowledges by its execution
hereof that each other Bank is entering into this Agreement and the Loan Documents in reliance upon
the absolute subordination in right of payment and in time of payment of Subordinated Debt to
Senior Debt as set forth herein.

               (ii) Only upon the Payment in Full of all Senior Debt shall any Junior Creditor be subrogated
to any remaining rights of the Banks which are not Defaulting Banks to receive payments or
distributions of assets of the Borrower made on or applicable to any Senior Debt.

               (iii) Each Junior Creditor agrees that it will deliver all instruments or other writings
evidencing any Subordinated Debt held by it to Administrative Agent, promptly after request
therefor by the Administrative Agent.

               (iv) No Junior Creditor may at any time sell, assign or otherwise transfer any Subordinated
Debt, or any portion thereof, including, without limitation, the granting of any Lien thereon,
unless and until satisfaction of the requirements of Section 9.6 above and the proposed transferee
shall have assumed in writing the obligation of the Junior Creditor to the Banks under this
Agreement, in a form acceptable to the Administrative Agent.

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               (v) If any of the Senior Debt, should be invalidated, avoided or set aside, the subordination
provided for herein nevertheless shall continue in full force and effect and, as between the Banks
which are not Defaulting Banks and all Junior Creditors, shall be and be deemed to remain in full
force and effect.

               (vi) Each Junior Creditor hereby irrevocably waives, in respect of Subordinated Debt, all
rights (x) under Sections 361 through 365, 502(e) and 509 of the Bankruptcy Code (or any similar
sections hereafter in effect under any other Federal or state laws or legal or equitable principles
relating to bankruptcy, insolvency, reorganizations, liquidations or otherwise for the relief of
debtors or protection of creditors), and (y) to seek or obtain conversion to a different type of
proceeding or to seek or obtain dismissal of a proceeding, in each case in relation to a
bankruptcy, reorganization, insolvency or other proceeding under similar laws with respect to the
Borrower. Without limiting the generality of the foregoing, each Junior Creditor hereby
specifically waives (A) the right to seek to give credit (secured or otherwise) to the Borrower in
any way under Section 364 of the Bankruptcy Code unless the same is subordinated in all respects to
Senior Debt in a manner acceptable to Administrative Agent in its sole and absolute discretion and
(B) the right to receive any collateral security (including, without limitation, any “super
priority” or equal or “priming” or replacement Lien) for any Subordinated Debt unless the Banks
which are not Defaulting Banks have received a senior position acceptable to the Banks in their
sole and absolute discretion to secure all Senior Debt (in the same collateral to the extent
collateral is involved).

          (h) (i) In addition to and not in limitation of the subordination effected by this Section
9.16, the Administrative Agent and each of the Banks which are not Defaulting Banks may in their
respective sole and absolute discretion, also exercise any and all other rights and remedies
available at law or in equity in respect of a Defaulting Bank; and

               (ii) The Administrative Agent shall give each of the Banks notice of the occurrence of a
default under this Section 9.16 by a Defaulting Bank and if the Administrative Agent and/or one or
more of the other Banks shall, at their option, fund any amounts required to be paid or advanced by
a Defaulting Bank, the other Banks who have elected not to fund any portion of such amounts shall
not be liable for any reimbursements to the Administrative Agent and/or to such other funding
Banks.

          (i) Notwithstanding anything to the contrary contained or implied herein, a Defaulting Bank
shall not be entitled to vote on any matter as to which a vote by the Banks is required hereunder,
including, without limitation, any actions or consents on the part of the Administrative Agent as
to which the approval or consent of all the Banks or the Majority Banks is required under Article
VIII, Section 9.5 or elsewhere, so long as such Bank is a
Defaulting Bank; provided, however, that
in the case of any vote requiring the unanimous consent of the Banks, if all the Banks other than
the Defaulting Bank shall have voted in accordance with each other, then the Defaulting Bank shall
be deemed to have voted in accordance with such Banks.

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          (j) Each of the Administrative Agent and any one or more of the Banks which are not Defaulting
Banks may, at their respective option, (i) advance to the Borrower such Bank’s Pro Rata Share of
the Loans not advanced by a Defaulting Bank in accordance with the Loan Documents, or (ii) pay to
the Administrative Agent such Bank’s Pro Rata Share of any costs, expenses or disbursements
incurred or made by the Administrative Agent pursuant to the terms of this Agreement not
theretofore paid by a Defaulting Bank. Immediately upon the making of any such advance by the
Administrative Agent or any one of the Banks, such Bank’s Pro Rata Share and the Pro Rata Share of
the Defaulting Bank shall be recalculated to reflect such advance. All payments, repayments and
other disbursements of funds by the Administrative Agent to Banks shall thereupon and, at all times
thereafter be made in accordance with such Bank’s recalculated Pro Rata Share unless and until a
Defaulting Bank shall fully cure all defaults on the part of such Defaulting Bank under the Loan
Documents or otherwise existing in respect of the Loans or this Agreement, at which time the Pro
Rata Share of the Bank(s) which advanced sums on behalf of the Defaulting Bank and of the
Defaulting Bank shall be restored to their original percentages.

          SECTION 9.17. Banks’ ERISA Covenant. Each Bank, by its signature hereto or on the applicable
Transfer Supplement, hereby agrees (a) that on the date any Loan is disbursed hereunder no portion
of such Bank’s Pro Rata Share of such Loan will constitute “assets” within the meaning of 29 C.F.R.
§ 2510.3-101 of an “employee benefit plan” within the meaning of Section 3(3) of ERISA or a “plan”
within the meaning of Section 4975(e)(1) of the Code, and (b) that following such date such Bank
shall not allocate such Bank’s Pro Rata Share of any Loan to an account of such Bank if such
allocation (i) by itself would cause such Pro Rata Share of such Loan to then constitute “assets”
(within the meaning of 29 C.F.R. § 2510.3-101) of an “employee benefit plan” within the meaning of
Section 3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Code and (ii) by
itself would cause such Loan to constitute a prohibited transaction under ERISA or the Code (which
is not exempt from the restrictions of Section 406 of ERISA and Section 4975 of the Code and the
taxes and penalties imposed by Section 4975 of the Code and Section 502(i) of ERISA) or any Agent
or Bank being deemed in violation of Section 404 of ERISA.

          SECTION 9.18. Senior Managing Agents, Managing Agents and Co-Agents. Borrower, the Agents and
each Bank acknowledge and agree that the obligations of the Senior Managing Agents, the Managing
Agents and the Co-Agents hereunder shall be limited to those obligations that are expressly set
forth herein, if any, and the Senior Managing Agents, the Managing Agents and the Co-Agents shall
not be required to take any action or assume any liability except as may be required in each of
their capacity as a Bank hereunder. Borrower, the Agents and each Bank agree that the
indemnifications set forth herein for the benefit of the Agents shall also run to the benefit of
the Senior Managing Agents, the Managing Agents and the Co-Agents to the extent the Senior Managing
Agents, the Managing Agents and/or any Agent incurs any loss, cost or damage arising from its
capacity as the Senior Managing Agents, the Managing Agents or as a Co-Agent.

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          SECTION 9.19. No Bankruptcy Proceedings. Each of the Borrower, the Banks, the Administrative
Agent, the Senior Managing Agents, the Managing Agents, and the Co-Agents hereby agrees that it
will not institute against any Designated Lender or join any other Person in instituting against
any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding under any federal or state bankruptcy or similar law, until the later to occur of (i)
one year and one day after the payment in full of the latest maturing commercial paper note issued
by such Designated Lender and (ii) the Maturity Date.

          SECTION 9.20. Administrative Agent May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to Borrower or any party to the EOPT Guaranty,
the Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise:

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid
in respect of the Loans, Letters of Credit and all other Obligations that are owing and unpaid and
to file such other documents as may be necessary or advisable in order to have the claims of the
Banks and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Banks and the Administrative Agent and their respective agents
and counsel and other amounts due the Banks and the Administrative Agent hereunder allowed in such
judicial proceeding); and

(b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Bank to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Banks, to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel and other amounts due the Administrative Agent hereunder.
Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Bank any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Bank or to authorize the
Administrative Agent to vote in respect of the claim of any Bank in any such proceeding.

          SECTION 9.21. USA PATRIOT Act Notice. Each Bank that is subject to the Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Bank) hereby notifies
the Borrower and each Qualified Borrower that pursuant to the requirements of the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to
obtain, verify and record information that identifies the Borrower and

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each Qualified Borrower, which information includes the name and address of the Borrower and each
Qualified Borrower and other information that will allow such Bank or the Administrative Agent, as
applicable, to identify the Borrower and each Qualified Borrower in accordance with the Act.

          SECTION 9.22. Public/Private Information. The Borrower hereby acknowledges that (a) the
Administrative Agent and/or the Syndication Agent will make available to the Banks and the Fronting
Bank materials and/or information provided by or on behalf of the Borrower hereunder (collectively,
“Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic
system (the “Platform”) and (b) certain of the Banks may be “public-side” lenders (i.e., Banks that
do not wish to receive material non-public information with respect to the Borrower or its
securities) (each, a “Public Lender”). The Borrower hereby agrees that (w) all Borrower Materials
that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC”
which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page
thereof; (x) by marking Borrower Materials “PUBLIC”, the Borrower shall be deemed to have
authorized the Administrative Agent, the Syndication Agent, the Fronting Banks and the Banks to
treat such Borrower Materials as not containing any material non-public information with respect to
the Borrower or its securities for purposes of United States Federal and state securities laws
(provided, however, that to the extent such Borrower Materials constitute Information, they shall
be treated as set forth in Section 9.15); (y) all Borrower Materials marked “PUBLIC” are permitted
to be made available through a portion of the Platform marked “PUBLIC” or through a portion of the
Platform designated “Public Investor;” and (z) the Administrative Agent and the Syndication Agent
shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable
only for posting on a portion of the Platform not designated “Public Investor.”

          SECTION 9.23. No Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby, the Borrower acknowledges and agrees that: (i) the credit facility
provided for hereunder and any related arranging or other services in connection therewith
(including in connection with any amendment, waiver or other modification hereof or of any other
Loan Document) are an arm’s-length commercial transaction between the Borrower, on the one hand,
and the Administrative Agent, on the other hand, and the Borrower is capable of evaluating and
understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents (including any amendment, waiver or other
modification hereof or thereof); (ii) in connection with the process leading to such transaction,
the Administrative Agent is and has been acting solely as a principal and is not the financial
advisor, agent or fiduciary, for the Borrower or any of its Affiliates; (iii) the Administrative
Agent has not assumed nor will assume an advisory, agency or fiduciary responsibility in favor of
the Borrower with respect to any of the transactions contemplated hereby or the process leading
thereto, including, with respect to any amendment, waiver or other modification hereof or of any
other Loan Document (irrespective of whether the Administrative Agent has advised or is currently
advising the Borrower or any of its Affiliates on other matters) and the Administrative Agent has
no obligations other than as expressly set forth herein and in the other Loan Documents; (iv) the
Administrative Agent and its Affiliates may be

110

 

engaged in a broad range of transactions that involve interests that differ from those of the
Borrower and its Affiliates, and the Administrative Agent has no obligation to disclose any of such
interests by virtue of the transaction contemplated hereby; and (v) the Administrative Agent has
not provided and will not provide any legal, accounting, regulatory or tax advice with respect to
any of the transactions contemplated hereby (including any amendment, waiver or other modification
hereof or of any other Loan Document) and the Borrower has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate. The Borrower hereby waives and
releases, to the fullest extent permitted by law, any claims that it may have against the
Administrative Agent with respect to any breach or alleged breach of agency or fiduciary duty
arising on or before the date of this Agreement in connection with the transaction contemplated
hereby.

[SIGNATURE PAGE FOLLOWS]

111

 

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

	 	 	 	 	 	 	 	 	 
	 	 	EOP OPERATING LIMITED PARTNERSHIP,	 	 
	 	 	a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Equity Office Properties Trust, a Maryland real

estate investment trust, its managing general

partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Maureen Fear	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Name:
	 	Maureen Fear	 	 
	 

	 	 	 	Title:
	 	Sr. Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Facsimile number: (312) 559-5021	 	 
	 	 	Address:	 	Two North Riverside Plaza	 	 
	 

	 	 	 	 	 	Suite 2100	 	 
	 

	 	 	 	 	 	Chicago, Illinois 60606	 	 
	 

	 	 	 	 	 	Attn: Chief Financial Officer	 	 

FOR PURPOSES OF AGREEING TO BE

BOUND BY THE PROVISIONS OF

SECTION 5.11 HEREOF ONLY:

EQUITY OFFICE PROPERTIES TRUST, a Maryland

real estate investment trust

	 	 	 	 	 	 	 
	By:	 	/s/ Maureen Fear	 	 
	 	 	 	 	 
	 

	 	Name:
	 	Maureen Fear
	 	 
	 

	 	Title:
	 	Sr. Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	TOTAL COMMITMENTS: $2,500,000,000	 	 

 

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as Administrative	 	 
	 	 	Agent, as Swingline Lender, and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Eyal Namordi	 	 
	 

	 	Name:
	 	 

Eyal Namordi
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $142,500,000	 	 
	 	 	Alternate Currency Commitment: $37,500,000	 	 

S-2

 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as Syndication	 	 
	 	 	Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Marc E. Costantino	 	 
	 

	 	Name:
	 	 

Marc E. Costantino
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $142,500,000	 	 
	 	 	Alternate Currency Commitment: $37,500,000	 	 

S-3

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA, as Documentation	 	 
	 	 	Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ R. H. Boese	 	 
	 

	 	Name:
	 	 

R. H. Boese
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $125,000,000	 	 
	 	 	Alternate Currency Commitment: $25,000,000	 	 

S-4

 

	 	 	 	 	 	 	 
	 	 	LASALLE BANK NATIONAL ASSOCIATION,	 	 
	 	 	as Documentation Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michelle Herrick	 	 
	 

	 	Name:
	 	 

Michelle Herrick
	 	 
	 

	 	Title:
	 	Loan Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $125,000,000	 	 
	 	 	Alternate Currency Commitment: $25,000,000	 	 

S-5

 

	 	 	 	 	 	 	 
	 	 	THE ROYAL BANK OF SCOTLAND plc, as	 	 
	 	 	Documentation Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Neil Crawford	 	 
	 

	 	Name:
	 	 

Neil Crawford
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $125,000,000	 	 
	 	 	Alternate Currency Commitment: $25,000,000	 	 

S-6

 

	 	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION, as	 	 
	 	 	Documentation Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Renee Lewis	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Renee Lewis	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $125,000,000	 	 
	 	 	Alternate Currency Commitment: $25,000,000	 	 

S-7

 

	 	 	 	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,	 	 
	 	 	as Documentation Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/Amit Khimji	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Amit Khimji	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $125,000,000	 	 
	 	 	Alternate Currency
Commitment: $25,000,000	 	 

S-8

 

	 	 	 	 	 	 	 
	 	 	CITICORP NORTH AMERICA INC., as Senior	 	 
	 	 	Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jeanne M. Craig	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Jeanne M. Craig	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $80,000,000	 	 
	 	 	Alternate Currency Commitment: $20,000,000	 	 

S-9

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK AG, NEW YORK	 	 
	 	 	BRANCH, as Senior Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Steven P. Lapham	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Steven P. Lapham	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Brenda Casey	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Brenda Casey	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $80,000,000	 	 
	 	 	Alternate Currency Commitment: $20,000,000	 	 

S-10

 

	 	 	 	 	 	 	 
	 	 	WILLIAM STREET CREDIT CORPORATION,	 	 
	 	 	as Senior Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark Walton	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Mark Walton	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $80,000,000	 	 
	 	 	Alternate Currency Commitment: $20,000,000	 	 

S-11

 

	 	 	 	 	 	 	 
	 	 	LEHMAN COMMERCIAL PAPER INC., as	 	 
	 	 	Senior Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Janine M. Shugan	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Janine M. Shugan	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $80,000,000	 	 
	 	 	Alternate Currency Commitment: $20,000,000	 	 

S-12

 

	 	 	 	 	 	 	 
	 	 	MERRILL LYNCH BANK USA, as Senior	 	 
	 	 	Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Millett	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	David Millett	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $80,000,000	 	 
	 	 	Alternate Currency Commitment: $20,000,000	 	 

S-13

 

	 	 	 	 	 	 	 
	 	 	MIZUHO CORPORATE BANK, LTD., as	 	 
	 	 	Senior Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Noel Purcell	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Noel Purcell	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $80,000,000	 	 
	 	 	Alternate Currency Commitment: $20,000,000	 	 

S-14

 

	 	 	 	 	 	 	 
	 	 	MORGAN STANLEY BANK, as Senior Managing	 	 
	 	 	Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Deniel Twenge	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Deniel Twenge	 	 
	 

	 	Title:
	 	Authorized Signatory
Morgan Stanley Bank	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $80,000,000	 	 
	 	 	Alternate Currency Commitment: $20,000,000	 	 

S-15

 

	 	 	 	 	 	 	 
	 	 	UBS LOAN FINANCE LLC, as Senior	 	 
	 	 	Managing Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard L. Tavrow	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Richard L. Tavrow	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Irja R. Otsa	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Irja R. Otsa	 	 
	 

	 	Title:
	 	Associate Director	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $80,000,000	 	 
	 	 	Alternate Currency Commitment: $20,000,000	 	 

S-16

 

	 	 	 	 	 	 	 
	 	 	EUROHYPO AG, NEW YORK BRANCH, as Managing	 	 
	 	 	Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Helga Blum	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Helga Blum	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stephen Cox	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Stephen Cox	 	 
	 

	 	Title:
	 	Director	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $60,000,000	 	 
	 	 	Alternate Currency Commitment: $15,000,000	 	 

S-17

 

	 	 	 	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION, as Managing	 	 
	 	 	Agent and as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael E. Smith	 	 
	 

	 	Name:
	 	Michael E. Smith	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $60,000,000	 	 
	 	 	Alternate Currency Commitment: $15,000,000	 	 

S-18

 

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

	 	By:

Name:
	 	/s/ James T. Taylor
 

James T. Taylor
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $35,000,000	 	 
	 	 	Alternate Currency Commitment: $5,000,000	 	 

S-19 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Scott DeTraglia	 	 
	 

	 	Name:
	 	 

Scott DeTraglia
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $30,000,000	 	 
	 	 	Alternate Currency Commitment: $5,000,000	 	 

S-20 

 

	 	 	 	 	 	 	 
	 	 	BANK HAPOALIM B.M., as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James P. Surless	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	JAMES P. SURLESS
	 	 
	 

	 	Title:
	 	VICE PRESIDENT
	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	/s/ Charles McLaughlin	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	CHARLES McLAUGHLIN	 	 
	 
	 	 	 	SENIOR VICE PRESIDENT	 	 
	 

	 	 	 	 	 	
	 	 	Dollar Commitment: $30,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-21 

 

	 	 	 	 	 	 	 
	 	 	THE GOVERNOR AND COMPANY OF THE
	 	 	BANK OF IRELAND, as a Bank
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ciaran Doyle
	 	 
	 

	 	 	 	 
	 	 
	 

	 	Name:
	 	Ciaran Doyle
	 	 
	 

	 	Title:
	 	Authorised Signatory
	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	/s/ Carla Ryan	 	 
	 

	 	 	 	 
	 	 
	 
	 	 	 	Carla Ryan	 	 
	 
	 	 	 	Authorised Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $30,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-22 

 

	 	 	 	 	 	 	 
	 	 	UNITED OVERSEAS BANK, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Hoong Chen
 

	 	 
	 

	 	Name:
	 	Hoong Chen	 	 
	 

	 	Title:
	 	First Vice President & General Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $30,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-23 

 

	 	 	 	 	 	 	 
	 	 	LAND BANK OF TAIWAN, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	 /s/ Henry C. R. Leu
 

Henry C. R. Leu
	 	 
	 

	 	Title:
	 	Vice President & General Manager	 	 
	 

	 	 	 	Los Angeles Branch	 	 
	 	 	Dollar Commitment: $25,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-24 

 

	 	 	 	 	 	 	 
	 	 	MALAYAN BANKING BERHAD, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Fauzi Zulkifli
 

Fauzi Zulkifli
	 	 
	 

	 	Title:
	 	General Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $25,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-25 

 

	 	 	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kate Spadoni
 

KATE SPADONI
	 	 
	 

	 	Title:
	 	SECOND VICE PRESIDENT	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $25,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-26 

 

	 	 	 	 	 	 	 
	 	 	PEOPLE’S BANK, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Anne Kuchinski
 

ANNE KUCHINSKI
	 	 
	 

	 	Title:
	 	VICE PRESIDENT	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $25,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-27 

 

	 	 	 	 	 	 	 
	 	 	SUNTRUST BANK, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Nancy B. Richards
 

Nancy B. Richards
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $25,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-28 

 

	 	 	 	 	 	 	 
	 	 	TAIWAN BUSINESS BANK, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ben Chou
 

	 	 
	 

	 	Name:
	 	BEN CHOU	 	 
	 

	 	Title:
	 	 VP & GENERAL MANAGER	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $25,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-29 

 

	 	 	 	 	 	 	 
	 	 	CHANG HWA COMMERCIAL BANK, L.A. BRANCH,
	 	 	as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Grace Li
 

Grace Li
	 	 
	 

	 	Title:
	 	V. P. & Deputy General Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $20,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-30 

 

	 	 	 	 	 	 	 
	 	 	NORINCHUKIN BANK, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kaoru Yamada
 

	 	 
	 

	 	Name:
	 	Kaoru Yamada	 	 
	 

	 	Title:
	 	Joint General Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $20,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-31 

 

	 	 	 	 	 	 	 
	 	 	FIRST COMMERCIAL BANK, LOS AN-	 	 
	 	 	GELES. BRANCH, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Chih-Tiao Shih
 

Chih-Tiao Shih
	 	 
	 

	 	Title:
	 	SAVP & Deputy General Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $15,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-32 

 

	 	 	 	 	 	 	 
	 	 	FIRST HORIZON BANK, a division of First	 	 
	 	 	Tennessee Bank, NA, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kenneth W. Rub
 

Kenneth W. Rub
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $15,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-33 

 

	 	 	 	 	 	 	 
	 	 	HUA NAN COMMERCIAL BANK, NEW	 	 
	 	 	YORK AGENCY, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Te-Chin Wang
 

Te-Chin Wang
	 	 
	 

	 	Title:
	 	Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $15,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-34 

 

	 	 	 	 	 	 	 
	 	 	MEGA INTERNATIONAL COMMERCIAL	 	 
	 	 	BANK CO., LTD., LOS ANGELES BRANCH,	 	 
	 	 	as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Michael C. C. Juang
 

Michael C. C. Juang
	 	 
	 

	 	Title:
	 	 VP & Deputy GM	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $15,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-35 

 

	 	 	 	 	 	 	 
	 	 	MEGA INTERNATIONAL COMMERCIAL BANK CO.,
	 	 	LTD., NEW YORK AGENCY, as a Bank	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Tsang-Pef Hsu
 

	 	 
	 

	 	Name:
	 	Tsang-Pef Hsu	 	 
	 

	 	Title:
	 	 VP & Deputy General Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $15,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-36 

 

	 	 	 	 	 	 	 
	 	 	TAIPEI FUBON COMMERCIAL BANK, as a	 	 
	 

	 	Bank	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Sophia Jing
 

Sophia Jing
	 	 
	 

	 	Title:
	 	Vice President & General Manager	 	 
	 
	 	 	 	 	 	 
	 	 	Dollar Commitment: $10,000,000	 	 
	 	 	Alternate Currency Commitment: $0	 	 

S-37 

 

Schedule 1.1

Schedule of Unencumbered Properties

as of June 30, 2006

 

 

SCHEDULE 4.4 (b)

Disclosure of

Additional Material Indebtedness

1. Drawings under this Agreement.

2. Drawings under the Existing Credit Agreement

3. Increased existing $750,000,000 unsecured term loan facility to $1,000,000,000 and
borrowed an additional $250,000,000

4. Drew upon a $500,000,000 term loan facility, repaid during second quarter 2006

5. Drew upon a $225,000,000 term loan facility, repaid in June 2006

6. Issued $1,500,000,000 of senior unsecured notes that mature in 2026

7. Increased the term loan facility listed above as #3 to $1,600,000,000, and borrowed an
additional $600,000,000

 

 

SCHEDULE 5.11(c)(1)

EOP-QRS Business Trust

Sunset Hills QRS, Inc. (0% managing member of VA-Sunset Hills, LLC)

BeaMetFed, Inc.

EOP-NYCCA, Inc. (0% managing member of EOP-NYCCA, L.L.C.)

 

 

SCHEDULE 5.11(c)(2)

EOP-QRS Business Trust

Sunset Hills QRS, Inc

BeaMetFed, Inc.

EOP-NYCCA, Inc.

 

 

SCHEDULE 5.11(c)(3)

FINANCING PARTNERSHIPS OWNED BY EOP-QRS BUSINESS TRUST

Properties in which EOP-QRS Business Trust is a 0.1% General Partner or Managing Member:

OR-5550 Macadam Building Limited Partnership, a Delaware limited partnership

(5550 Macadam Building, Portland, Oregon)

OR-BF Plaza Limited Partnership, a Delaware limited partnership

(Benjamin Franklin Plaza, Portland, Oregon)

OH-Community Corporate Center Limited Partnership, a Delaware limited partnership

(Community Corporate Center, Columbus, Ohio)

OH-One Crosswoods Limited Partnership, a Delaware limited partnership

(One Crosswoods Center, Columbus, Ohio)

DC-Lafayette Limited Partnership, a Delaware limited partnership

(One, Two and Three Lafayette, Washington, D.C.)

OR-River Forum Limited Partnership, a Delaware limited partnership

(River Forum I & II, Portland, Oregon)

LA-Lakeway, L.L.C., a Delaware limited liability company

(Lakeway Center I-III, Metairie, Louisiana)

OR-Congress Center Limited Partnership

(Congress Center, Portland, Oregon)

OR-Two Main Place Limited Partnership

(Two Main Place, Portland, Oregon)

OR-RiverSide Portland Limited Partnership

(RiverSide Centre, Portland, Oregon)

OR-One Pacific Square Limited Partnership

(One Pacific Square, Portland, Oregon)

DC-Liberty Place Limited Partnership

(Liberty Place, Washington, D.C.)

DC-1627 Eye Street Limited Partnership

(Army/Navy Building, Washington, D.C.)

NY-1540 Broadway ORS, L.L.C.

(owns nothing at this time)

 

 

EXHIBIT A

NOTE

Chicago, Illinois

September  , 2006

          For value received, EOP OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership (the
"Borrower”), promises to pay to the order of                      (the “Bank”) the unpaid principal
amount of each Loan made by the Bank to the Borrower pursuant to the Credit Agreement referred to
below on the maturity date provided for in the Credit Agreement). The Borrower further promises to
pay interest on the unpaid principal amount of each such Loan from the date advanced until such
principal amount is paid in full on the dates and at the rate or rates provided for in the Credit
Agreement. All such payments of principal and interest shall be made in lawful money of the United
States in Federal or other immediately available funds to Bank of America, N.A., for the account of
the Bank, pursuant to the following wire transfer instructions:

Bank of America, N.A.

ABA Number: 026009593

Account Number: 1292000883

Account Name: Corporate Loans

Reference: EOP Operating Limited Partnership

Attn: Sharon Tolin

          All Loans made by the Bank, the respective types and maturities thereof and all repayments of
the principal thereof shall be recorded by the Bank and, if the Bank so elects in connection with
any transfer or enforcement hereof, appropriate notations to evidence the foregoing information
with respect to each such Loan then outstanding may be endorsed by the Bank on the schedule
attached hereto, or on a continuation of such schedule attached to and made a part hereof; provided
that the failure of the Bank to make any such recordation or endorsement shall not affect the
obligations of the Borrower hereunder or under the Credit Agreement.

          This note is one of the Notes referred to in, and is executed and delivered pursuant to and
subject to all of the terms of, the Revolving Credit Agreement, dated as of September 22, 2006,
among the Borrower, the banks listed on the signature pages thereof, Banc of America Securities LLC
and J.P. Morgan Securities Inc., as Joint Lead Arrangers and Joint Bookrunners, Bank of America,
N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, and the Bank of
Nova Scotia, LaSalle Bank National Association, The Royal Bank of Scotland plc, U.S. Bank National
Association, and Wachovia Bank, National Association, as Documentation Agents, Citicorp North
America Inc., Deutsche Bank AG, New York Branch, William Street Credit Corporation, Lehman
Commercial Paper Inc., Merrill Lynch Bank USA,

 

 

Mizuho Corporate Bank, Ltd., Morgan Stanley Bank, and UBS Loan Finance LLC, as Senior Managing
Agents, and Eurohypo AG, New York Branch and PNC Bank, National Association, as Managing Agents (as
the same may be amended from time to time, the “Credit Agreement”). Capitalized terms used herein
but not otherwise defined shall have the meanings ascribed to them in the Credit Agreement. The
terms and conditions of the Credit Agreement are hereby incorporated in their entirety by reference
as though fully set forth herein. Upon the occurrence of certain Events of Default as more
particularly described in the Credit Agreement, the unpaid principal amount evidenced by this Note
shall become, and upon the occurrence and during the continuance of certain other Events of
Default, such unpaid principal amount may be declared to be, due and payable in the manner, upon
the conditions and with the effect provided in the Credit Agreement.

          Demand, presentment, diligence, protest and notice of nonpayment are hereby waived by the
Borrower.

          THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

[SIGNATURE PAGE FOLLOWS]

 

 

	 	 	 	 	 
	 	 	EOP OPERATING LIMITED PARTNERSHIP,
	 	 	     a Delaware limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	Equity Office Properties Trust, a Maryland real estate investment trust, its managing general
partner

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Note (cont’d)

LOANS AND PAYMENTS OF PRINCIPAL

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	Amount of	 	Type of	 	Principal	 	Maturity	 	Notation
	Date	 	Loan	 	Loan	 	Repaid	 	Date	 	Made By
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

 

 

EXHIBIT A-1

NOTE

Chicago, Illinois

                    , 200_

          For value received, EOP OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership (the
“Borrower”), promises to pay to the order of                      (the “Bank”) the unpaid
principal amount of each Loan made by the Bank to the Borrower pursuant to the Credit Agreement
referred to below on the maturity date provided for in the Credit Agreement). The Borrower further
promises to pay interest on the unpaid principal amount of each such Loan from the date advanced
until such principal amount is paid in full on the dates and at the rate or rates provided for in
the Credit Agreement. All such payments of principal and interest shall be made in lawful money of
the United States in Federal or other immediately available funds to Bank of America, N.A. for the
account of the Bank, pursuant to the following wire transfer instructions:

Bank of America, N.A.

ABA Number: 026009593

Account Number: 1292000883

Account Name: Corporate Loans

Reference: EOP Operating Limited Partnership

Attn: Sharon Tolin

          All Loans made by the Bank, the respective types and maturities thereof and all repayments of
the principal thereof shall be recorded by the Bank and, if the Bank so elects in connection with
any transfer or enforcement hereof, appropriate notations to evidence the foregoing information
with respect to each such Loan then outstanding may be endorsed by the Bank on the schedule
attached hereto, or on a continuation of such schedule attached to and made a part hereof;
provided that the failure of the Bank to make any such recordation or endorsement shall not
affect the obligations of the Borrower hereunder or under the Credit Agreement.

          This note is one of the Designated Lender Notes referred to in, and is executed and delivered
pursuant to and subject to all of the terms of, the Revolving Credit Agreement, dated as of
September 22, 2006, among the Borrower, the banks listed on the signature pages thereof, Banc of
America Securities LLC and J.P. Morgan Securities Inc., as Joint Lead Arrangers and Joint
Bookrunners, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as
Syndication Agent, and The Bank of Nova Scotia, LaSalle Bank National Association, The Royal Bank
of Scotland plc, U.S. Bank National Association, Wachovia Bank, National Association, as
Documentation Agents, Citicorp North America Inc., Deutsche Bank AG, New York Branch, William
Street Credit Corporation, Lehman Commercial Paper Inc.,

 

 

Merrill Lynch Bank USA, Mizuho Corporate Bank, Ltd., Morgan Stanley Bank, and UBS Loan Finance LLC,
as Senior Managing Agents, and Eurohypo AG, New York Branch and PNC Bank, National Association, as
Managing Agents (as the same may be amended from time to time, the “Credit Agreement”). Capitalized
terms used herein but not otherwise defined shall have the meanings ascribed to them in the Credit
Agreement. The terms and conditions of the Credit Agreement are hereby incorporated in their
entirety by reference as though fully set forth herein. Upon the occurrence of certain Events of
Default as more particularly described in the Credit Agreement, the unpaid principal amount
evidenced by this Note shall become, and upon the occurrence and during the continuance of certain
other Events of Default, such unpaid principal amount may be declared to be, due and payable in the
manner, upon the conditions and with the effect provided in the Credit Agreement.

          Demand, presentment, diligence, protest and notice of nonpayment are hereby waived by the
Borrower.

          THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

[SIGNATURE PAGE FOLLOWS]

 

 

	 	 	 	 	 
	 	 	EOP OPERATING LIMITED PARTNERSHIP,
	 	 	a Delaware limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	Equity Office Properties Trust, a Maryland real estate investment trust, its managing general partner

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

Note (cont’d)

LOANS AND PAYMENTS OF PRINCIPAL

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 
	 	 	Amount of	 	Type of	 	Principal	 	Maturity	 	Notation
	Date	 	Loan	 	Loan	 	Repaid	 	Date	 	Made By
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

 

 

EXHIBIT A-3

QUALIFIED BORROWER NOTE

			
	 
	 	Chicago, Illinois
	$                                        
	 	___, 200_

          For value received,                                          (the “Qualified Borrower”), promises to
pay to the order of                                          (the “Bank”) the unpaid principal amount of each
Loan made by the Bank to the Qualified Borrower pursuant to the Credit Agreement referred to below
on the maturity date provided for in the Credit Agreement. The Qualified Borrower further promises
to pay interest on the unpaid principal amount of each such Loan from the date advanced until such
principal amount is paid in full on the dates and at the rate or rates provided for in the Credit
Agreement. All such payments of principal and interest shall be made in lawful money of, as
required by the Credit Agreement, the United States, the United Kingdom, the European Economic
Union, Japan or Australia, as the case may be, in Federal or other immediately available funds to
Bank of America, N.A. for the account of the Bank, pursuant to wire transfer instructions given by
Bank of America, N.A. from time to time.

          All Loans made by the Bank, the respective types and maturities thereof and all repayments of
the principal thereof shall be recorded by the Bank and, if the Bank so elects in connection with
any transfer or enforcement hereof, appropriate notations to evidence the foregoing information
with respect to each such Loan then outstanding may be endorsed by the Bank on the schedule
attached hereto, or on a continuation of such schedule attached to and made a part hereof; provided
that the failure of the Bank to make any such recordation or endorsement shall not affect the
obligations of the Qualified Borrower hereunder or under the Credit Agreement.

          This note is one of the Notes by a Qualified Borrower referred to in, and is executed and
delivered pursuant to and subject to all of the terms of, the Revolving Credit Agreement, dated as
of September 22, 2006, among the Borrower, the banks listed on the signature pages thereof, Banc of
America Securities LLC and J.P. Morgan Securities Inc., as Joint Lead Arrangers and Joint
Bookrunners, Bank of America, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as
Syndication Agent, and The Bank of Nova Scotia, LaSalle Bank National Association, The Royal Bank
of Scotland plc, U.S. Bank National Association, Wachovia Bank, National Association, as
Documentation Agents, Citicorp North America Inc., Deutsche Bank AG, New York Branch, William
Street Credit Corporation, Lehman Commercial Paper Inc., Merrill Lynch Bank USA, Mizuho Corporate
Bank, Ltd., Morgan Stanley Bank, and UBS Loan Finance LLC, as Senior Managing Agents, and Eurohypo
AG, New York Branch and PNC Bank, National Association, as Managing Agents (as the same may be
amended from time to time, the “Credit Agreement”). Capitalized terms used herein but not otherwise
defined shall have the meanings ascribed to them in the Credit Agreement. The
terms and conditions of the Credit Agreement are hereby incorporated in their entirety by
reference as though fully set forth

 

 

herein. Upon the occurrence of certain Events of Default as more particularly described in the
Credit Agreement, the unpaid principal amount evidenced by this Note shall become, and upon the
occurrence and during the continuance of certain other Events of Default, such unpaid principal
amount may be declared to be, due and payable in the manner, upon the conditions and with the
effect provided in the Credit Agreement.

          Demand, presentment, diligence, protest and notice of nonpayment are hereby waived by the
Qualified Borrower.

          THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

[SIGNATURE PAGE FOLLOWS]

 

 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT B

Form of Money Market Quote Request

[Date]

	 	 	 
	To:
	 	Bank of America, N.A. (the “Administrative Agent”)

	 	 	 

	From:
	 	EOP Operating Limited Partnership

	 	 	 

	Re:
	 	Revolving Credit Agreement (as amended from time to time, the “Credit Agreement”) dated as of September 22, 2006, among EOP Operating Limited Partnership, the Banks parties thereto, Banc of America Securities LLC and J.P. Morgan
Securities Inc., as Joint Lead Arrangers and Joint Bookrunners, Bank of America,
N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication
Agent, and The Bank of Nova Scotia, LaSalle Bank National Association, The
Royal Bank of Scotland plc, U.S. Bank National Association, Wachovia Bank,
National Association, as Documentation Agents, Citicorp North America Inc.,
Deutsche Bank AG, New York Branch, William Street Credit Corporation,
Lehman Commercial Paper Inc., Merrill Lynch Bank USA, Mizuho Corporate
Bank, Ltd., Morgan Stanley Bank, and UBS Loan Finance LLC, as Senior
Managing Agents, and Eurohypo AG, New York Branch and PNC Bank, National
Association, as Managing Agents.

          We hereby give notice pursuant to Section 2.4 of the Credit Agreement that we request Money
Market Quotes for the following proposed Money Market Borrowing(s):

Date of Borrowing:                     

	 	 	 	 	 
	Principal Amount*	 	Interest Period**	 
	$
	 	 	 	 

          Such Money Market Quotes should offer a Money Market [Margin] [Absolute Rate]. [The applicable
base rate is the Interbank Offered Rate.]

 

			
	*	 	Amount must be $5,000,000 or a larger multiple of $100,000, with all outstanding
Money Market Loans not to exceed 50% of the aggregate Commitments.
	 
	**	 	Not less than 30 days (LIBOR Auction) or not less than 14 days (Absolute Rate
Auction), subject to the provisions of the definition of Interest Period.

 

 

          Money Market Loans in the amount of $                     are currently outstanding.

[SIGNATURE PAGE FOLLOWS]

 

 

          Terms used herein have the meanings assigned to them in the Credit Agreement.

	 	 	 	 	 
	 	 	EOP OPERATING LIMITED PARTNERSHIP,
	 	 	a Delaware limited partnership
	 
	 	 	 	 
	 

	 	By:
	 	Equity Office Properties Trust,

a Maryland real estate investment trust

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT C

 Form of Invitation for Money Market Quotes

	 	 	 
	To:
	 	[Name of Bank]

	 	 	 

	Re:
	 	Invitation for Money Market Quotes to EOP Operating Limited Partnership (the
“Borrower”)

          Pursuant to Section 2.4 of the Revolving Credit Agreement, dated as of September 22, 2006,
among EOP Operating Limited Partnership, the Banks parties thereto, the undersigned, as
Administrative Agent, Banc of America Securities LLC and J.P. Morgan Securities Inc., as Joint Lead
Arrangers and Joint Bookrunners, JPMorgan Chase Bank, N.A., as Syndication Agent, and The Bank of
Nova Scotia, LaSalle Bank National Association, The Royal Bank of Scotland plc, U.S. Bank National
Association, Wachovia Bank, National Association, as Documentation Agents, Citicorp North America
Inc., Deutsche Bank AG, New York Branch, William Street Credit Corporation, Lehman Commercial Paper
Inc., Merrill Lynch Bank USA, Mizuho Corporate Bank, Ltd., Morgan Stanley Bank, and UBS Loan
Finance LLC, as Senior Managing Agents, and Eurohypo AG, New York Branch and PNC Bank, National
Association, as Managing Agents, as amended from time to time, we are pleased on behalf of the
Borrower to invite you to submit Money Market Quotes to the Borrower for the following proposed
Money Market Borrowing(s):

Date of Borrowing:                                         

	 	 	 	 	 
	Principal Amount	 	Interest Period	 
	$
	 	 	 	 

          Such Money Market Quotes should offer a Money Market [Margin] [Absolute Rate]. [The applicable
base rate is the Interbank Offered Rate.]

          Please respond to this invitation by no later than [2:00 P.M.] [9:30 A.M.] (Dallas, Texas
time) on [date].

Terms used herein have the meanings assigned to them in the Credit Agreement.

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 

 

 

	 	 	 	 	 

EXHIBIT D

Form of Money Market Quote

	 	 
	To:
	Bank of America, N.A., as Administrative Agent

	 	 

	Re:
	Money Market Quote to EOP Operating Limited Partnership (the “Borrower”)

          In response to your invitation on behalf of the Borrower dated                     , 200_, we hereby
make the following Money Market Quote on the following terms:

	1.	 	Quoting Bank:                                         
	 
	2.	 	Person to contact at Quoting Bank:
	 
	3.	 	                    
 Date of Borrowing:                                          *
	 
	4.	 	We hereby offer to make Money Market Loan(s) in the following principal amounts, for
the following Interest Periods and at the following rates:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Principal	 	Interest	 	 	Money Market	 	 	 	 
	Amount**	 	Period***	 	 	[Margin****]	 	[Absolute Rate*****]	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 

[Provided, that the aggregate principal amount of Money Market Loans for which the above
offers may be accepted shall not exceed $                    .]**

          We understand and agree that the offer(s) set forth above, subject to the satisfaction of
the applicable conditions set forth in the Revolving Credit Agreement, dated as of September 22,
2006, among EOP Operating Limited Partnership, the Banks parties thereto, Banc of America
Securities LLC and J.P. Morgan Securities Inc., as Joint Lead Arrangers and Joint Bookrunners,
JPMorgan Chase Bank, N.A., as Syndication Agent, and The Bank of Nova Scotia, LaSalle Bank
National Association, The Royal Bank of Scotland plc, U.S. Bank National Association, Wachovia
Bank, National Association, as Documentation Agents, yourselves, as Administrative Agent,
Citicorp North America Inc., Deutsche Bank AG, New York Branch, William Street Credit
Corporation, Lehman Commercial Paper Inc., Merrill Lynch Bank USA, Mizuho Corporate Bank, Ltd.,
Morgan Stanley Bank, and UBS Loan Finance LLC, as Senior Managing Agents, and Eurohypo AG, New
York Branch and PNC Bank, National
Association, as Managing Agents, as amended from time to time, irrevocably obligates us to
make the Money Market Loan(s) for which any offer(s) are accepted, in whole or in part.

 

 

     Terms used herein have the meanings assigned to them in the Credit Agreement.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	[NAME OF BANK]	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

Authorized Officer
	 	 

 

			
	*	 	As specified in the related Invitation.
	 
	**	 	Principal amount bid for each Interest Period may not exceed principal amount
requested. Specify aggregate limitation if the sum of the individual offers exceeds the
amount the Bank is willing to lend. Bids must be made for $5,000,000 or a larger multiple
of $100,000.
	 
	***	 	Not less than 14 days, as specified in the related Invitation. No more than five bids
are permitted for each Interest Period.
	 
	****	 	Margin over or under the Interbank Offered Rate determined for the applicable
Interest Period. Specify percentage (to the nearest 1/10,000 of 1%) and specify whether
“PLUS” or “MINUS”.
	 
	*****	 	Specify rate of interest per annum (to the nearest 1/10,000th of 1%).

 

 

EXHIBIT E

TRANSFER SUPPLEMENT

          TRANSFER
SUPPLEMENT (this “Transfer Supplement”) dated as of
                    ,
200_, between
                    
(the “Assignor”) and                      having an
address at
                    
(the “Purchasing Bank”).

W I
T N E S S E T H:

          WHEREAS, the Assignor has made loans to EOP Operating Limited Partnership, a Delaware limited
partnership (the “Borrower”), pursuant to the Revolving Credit Agreement, dated as of September 22,
2006 (as the same may be amended, supplemented or otherwise modified through the date hereof, the
“Credit Agreement”),
among the Borrower, the banks party thereto, Banc of America Securities LLC and J.P. Morgan
Securities Inc., as Joint Lead Arrangers and Joint Bookrunners, Bank of America, N.A., as
Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, The Bank of Nova Scotia,
LaSalle Bank National Association, The Royal Bank of Scotland plc, U.S. Bank National Association,
Wachovia Bank, National Association, as Documentation Agents, Citicorp North America Inc., Deutsche
Bank AG, New York Branch, William Street Credit Corporation, Lehman Commercial Paper Inc., Merrill
Lynch Bank USA, Mizuho Corporate Bank, Ltd., Morgan Stanley Bank, and UBS Loan Finance LLC, as
Senior Managing Agents, and Eurohypo AG, New York Branch and PNC Bank, National Association, as
Managing Agents. All capitalized terms used and not otherwise defined herein shall have the
respective meanings set forth in the Credit Agreement;

          WHEREAS, the Purchasing Bank desires to purchase and assume from the Assignor, and the
Assignor desires to sell and assign to the Purchasing Bank, certain rights, title, interest and
obligations under the Credit Agreement;

          NOW, THEREFORE, IT IS AGREED:

          1. In consideration of the amount set forth in the receipt (the “Receipt”) given by Assignor
to Purchasing Bank of even date herewith, and transferred by wire to Assignor, the Assignor hereby
assigns and sells, without recourse, representation or warranty except as specifically set forth
herein, to the Purchasing Bank, and the Purchasing Bank hereby purchases and assumes from the
Assignor, a ___% interest (the “Purchased Interest”) of the Loans constituting a portion of the
Assignor’s rights and obligations under the Credit Agreement as of the Effective Date (as defined
below) including, without limitation, such percentage interest of the Assignor in any Loans owing
to the Assignor, any Note held by the Assignor, any Loan Commitment of the Assignor and any other
interest of the Assignor under any of the Loan Documents.

          2. The Assignor: (i) represents and warrants that as of the date hereof the aggregate
outstanding principal amount of its share of the Loans owing to it (without giving

 

 

effect to assignments thereof which have not yet become effective) is $                    ; (ii)
represents and warrants that it is the legal and beneficial owner of the interests being assigned
by it hereunder and that such interests are free and clear of any adverse claim; (iii) represents
and warrants that it has not received any notice of Default or Event of Default from the Borrower;
(iv) represents and warrants that is has full power and authority to execute and deliver, and
perform under, this Transfer Supplement, and all necessary corporate and/or partnership action has
been taken to authorize, and all approvals and consents have been obtained for, the execution,
delivery and performance thereof; (v) represents and warrants that this Transfer Supplement
constitutes its legal, valid and binding obligation enforceable in accordance with its terms; (vi)
makes no representation or warranty and assumes no responsibility with respect to any statements,
warranties or representations (or the truthfulness or accuracy thereof) made in or in
connection with the Credit Agreement, or the other Loan Documents or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, or the other
Loan Documents or any other instrument or document furnished pursuant thereto; and (vii) makes no
representation or warranty and assumes no responsibility with respect to the financial condition of
the Borrower or the performance or observance by the Borrower of any of its obligations under the
Credit Agreement or the other Loan Documents or any other instrument or document furnished pursuant
thereto. Except as specifically set forth in this Paragraph 2, this assignment shall be without
recourse to Assignor.

          3. The Purchasing Bank: (i) confirms that it has received a copy of the Credit Agreement, and
the other Loan Documents, together with such financial statements and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Transfer Supplement and to become a party to the Credit Agreement, and has not relied on any
statements made by Assignor; (ii) agrees that it will, independently and without reliance upon any
of the Administrative Agent, the Documentation Agent, the Syndication Agent, the Assignor or any
other Bank and based on such documents and information as it shall deem appropriate at the time,
continue to make its own appraisal of and investigation into the business, operations, property,
prospects, financial and other conditions and creditworthiness of the Borrower and will make its
own credit analysis, appraisals and decisions in taking or not taking action under the Credit
Agreement, and the other Loan Documents; (iii) appoints and authorizes the Administrative Agent,
the Documentation Agent and the Syndication Agent to take such action as agent on its behalf and to
exercise such powers under the Credit Agreement, and the other Loan Documents as are delegated to
such agents by the terms thereof, together with such powers as are incidental thereto; (iv) agrees
that it will be bound by and perform in accordance with their terms all of the obligations which by
the terms of the Credit Agreement are required to be performed by it as a Bank; (v) specifies as
its addresses for notices, its Domestic Lending Office and its Eurodollar Lending office, the
addresses and offices set forth beneath its name on the signature page hereof; (vi) represents and
warrants that it has full power and authority to execute and deliver, and perform under, this
Transfer Supplement, and all necessary corporate and/or partnership action has been taken to
authorize, and all approvals and consents have been obtained for, the execution, delivery and
performance thereof; (vii) represents and warrants that this Transfer Supplement constitutes its
legal, valid and binding obligation enforceable in accordance with its terms; and (viii) represents
and warrants that the interest being

 

 

assigned hereunder is being acquired by it for its own account, for investment purposes only and
not with a view to the public distribution thereof and without any present intention of its resale
in either case that would be in violation of applicable securities laws.

          4. This Transfer Supplement shall be effective on the date (the
“Effective Date”) on which all of the following have occurred: (i) it shall have been executed
and delivered by the parties hereto; (ii) copies hereof shall have been delivered to the
Administrative Agent and the Borrower; (iii) the Purchasing Bank shall have received an original
Note; and (iv) the Purchasing Bank shall have paid to the Assignor the agreed purchase price as set
forth in the Receipt.

          5. On and after the Effective Date, (i) the Purchasing Bank shall be a party to the Credit
Agreement and, to the extent provided in this Transfer Supplement, have the rights and obligations
of a Bank thereunder and be entitled to the benefits and rights of the Banks thereunder and (ii)
the Assignor shall, to the extent provided in this Transfer Supplement as to the Purchased
Interest, relinquish its rights and be released from its obligations under the Credit Agreement.

          6. From and after the Effective Date, the Assignor shall cause the Administrative Agent to
make all payments under the Credit Agreement, and the Notes in respect of the Purchased Interest
assigned hereby (including, without limitation, all payments of principal, fees and interest with
respect thereto and any amounts accrued but not paid prior to such date) to the Purchasing Bank.

          7. This Transfer Supplement may be executed in any number of counterparts which, when taken
together, shall be deemed to constitute one and the same instrument.

          8. Assignor hereby represents and warrants to Purchasing Bank that it has made all payments
demanded to date by Bank of America, N.A., as Administrative Agent in connection with the
Assignor’s Pro Rata Share of the obligation to reimburse the Agent for its expenses and made all
Loans required. In the event Bank of America, N.A., as Administrative Agent, shall demand
reimbursement for fees and expenses from Purchasing Bank for any period prior to the Effective
Date, Assignor hereby agrees to promptly pay Bank of America, N.A., as Administrative Agent, such
sums directly, subject, however, to Paragraph 12 hereof.

          9. Assignor will, at the cost of Assignor, and without expense to Purchasing Bank, do,
execute, acknowledge and deliver all and every such further acts, deeds, conveyances, assignments,
notices of assignments, transfers and assurances as Purchasing Bank shall, from time to time,
reasonably require, for the better assuring, conveying, assigning, transferring and confirming unto
Purchasing Bank the property and rights hereby given, granted, bargained, sold, aliened, enfeoffed,
conveyed, confirmed, assigned and/or intended now or hereafter so to be, on which Assignor may be
or may hereafter become bound to convey or assign to Purchasing Bank, or for carrying out the
intention or facilitating the performance of the terms of this Agreement or for filing, registering
or recording this Agreement.

 

 

          10. The parties agree that no broker or finder was instrumental in bringing about this
transaction. Each party shall indemnify, defend the other and hold the
other free and harmless from and against any damages, costs or expenses (including, but not
limited to, reasonable attorneys’ fees and disbursements) suffered by such party arising from
claims by any broker or finder that such broker or finder has dealt with said party in connection
with this transaction.

          11. Subject to the provisions of Paragraph 12 hereof, if, with respect to the Purchased
Interest only, Assignor shall on or after the Effective Date receive (a) any cash, note,
securities, property, obligations or other consideration in respect of or relating to the Loan or
the Loan Documents or issued in substitution or replacement of the Loan or the Loan Documents, (b)
any cash or non-cash consideration in any form whatsoever distributed, paid or issued in any
bankruptcy proceeding in connection with the Loan or the Loan Documents or (c) any other
distribution (whether by means of repayment, redemption, realization of security or otherwise),
Assignor shall accept the same as Purchasing Bank’s agent and hold the same in trust on behalf of
and for the benefit of Purchasing Bank, and shall deliver the same forthwith to Purchasing Bank in
the same form received, with the endorsement (without recourse) of Assignor when necessary or
appropriate. If the Assignor shall fail to deliver any funds received by it within the same
Business Day of receipt, unless such funds are received by Assignor after 4:00 p.m., Eastern
Standard Time, then the following Business Day after receipt, said funds shall accrue interest at
the Federal Funds Rate and in addition to promptly remitting said amount, Assignor shall remit such
interest from the date received to the date such amount is remitted to the Purchasing Bank.

          12. Assignor and Purchasing Bank each hereby agree to indemnify and hold harmless the other,
each of its directors and each of its officers in connection with any claim or cause of action
based on any matter or claim based on the acts of either while acting as a Bank under the Credit
Agreement. Promptly after receipt by the indemnified party under this Section of notice of the
commencement of any action, such indemnified party shall notify the indemnifying party in writing
of the commencement thereof. If any such action is brought against any indemnified party and that
party notifies the indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein, and to the extent that it may elect by written notice delivered to
the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to
assume the defense thereof, with counsel satisfactory to such indemnified party, and after receipt
of notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified party under this
Section for any legal or other expenses subsequently incurred by such indemnified party in
connection with the defense thereof. In no event shall the indemnified party settle or consent to a
settlement of such cause of action or claim without the consent of the indemnifying party.

          13. THIS TRANSFER SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

 

          14. On or promptly after the Effective Date, Borrower, Administrative Agent, Assignor and
Purchasing Bank shall make appropriate arrangements so that a Note executed by Borrower, dated the
Effective Date is issued to Purchasing Bank.

          [15. On or before the Effective Date, Purchasing Bank shall comply with the
provisions of Section 8.4(d) of the Credit Agreement.]
[Include only if Purchasing Bank is a
foreign institution.]

	 	 	 	 	 
	 	[Purchasing Bank]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Notice Address:

Domestic Lending Office:

Eurodollar Lending Office:

	 	 	 	 	 
	 	[Assignor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Receipt
Acknowledged this

           day of                     , 200_:

BANK OF AMERICA, N.A., as Administrative Agent

	 	 	 	 
	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

 

 

	 	 	 	 	 

EXHIBIT F

NOTICE ADDRESSES

	 	 	 
	Borrower:

	 	Syndication Agent:
	Two North Riverside Plaza

	 	JPMorgan Chase Bank, N.A.
	Suite 2100

	 	277 Park Avenue
	Chicago, Illinois 60606

	 	New York, New York 10172
	Attn: Chief Financial Officer

	 	Attn: Marc Costantino
	Facsimile: (312) 930-0601

	 	Facsimile: (646) 534-0574
	 
	 	 
	Administrative Agent:

	 	Senior Managing Agent:
	Bank of America, N.A., as Administrative

	 	Citicorp North America Inc.
	Agent

	 	390 Greenwich Street
	101 North Tryon Street , 15th Floor

	 	1st Floor
	NC1-001-15-14

	 	New York, NY 10013
	Charlotte, NC 28255

	 	Attn: Jeanne Craig
	Attn: Cindy K. Fisher

	 	Facsimile: (646) 291-1996
	          Agency Management Officer
	 	 
	Tel: 704-387-5452
	 	 
	Fax: 704-409-0180
	 	 
	 
	 	 
	for Borrowings/rollovers/pay downs:

	 	Senior Managing Agent:
	Bank of America, N.A.

	 	Deutsche Bank AG, New York Branch
	TX1-492-14-05

	 	200 Crescent Court
	901 Main Street, 14th Floor

	 	Suite 550
	Dallas, Texas 75202

	 	Dallas, TX 75243
	Attn: Sharon M. Tolin

	 	Attn: Scott P. Speer
	Facsimile: (214) 290-9645

	 	Facsimile: (214) 740-7910
	 
	 	 
	Documentation Agent:

	 	Senior Managing Agent:
	The Bank of Nova Scotia

	 	Merrill Lynch Bank USA
	One Liberty Plaza, 25th Floor

	 	15 W. South Temple
	New York, NY 10006

	 	Suite 300
	Attn: Robert Boese

	 	Salt Lake City, UT 84101
	Facsimile: 212-225-5166

	 	Attn: Derek Befus
	 

	 	Facsimile: (801) 531-7470

 

 

	 	 	 
	Documentation Agent:

	 	Senior Managing Agent:
	LaSalle Bank National Association

	 	Morgan Stanley Bank
	135 South LaSalle Street

	 	1633 Broadway
	Suite 1260

	 	25th Floor
	Chicago, Illinois 60603-3499

	 	New York, NY 10019
	Attn: Michelle Herrick

	 	Attn: Erma dell’Aquila
	Facsimile: (312) 992-1324

	 	Facsimile: (212) 537-1867
	 
	 	 
	Documentation Agent:

	 	Senior Managing Agent:
	U.S. Bank National Association

	 	Lehman Commercial Paper Inc.
	The Rookery Building

	 	745 7th Avenue, 5th Floor
	209 S. LaSalle Street, Suite 410

	 	New York, NY 10019
	Chicago, IL 60604

	 	Attn: Alexandra Ravener
	Attn: Renee Lewis

	 	Facsimile: (212) 520-0450
	Facsimile: (312) 325-8852
	 	 
	 
	 	 
	Documentation Agent:

	 	Senior Managing Agent:
	Wachovia Bank, National Association

	 	William Street Credit Corporation
	301 South College Street

	 	30 Hudson Street, 17th Floor
	Mail Code: NC0172

	 	Jersey City, NJ 07302
	Charlotte, NC 28202

	 	Attn: Pedro Ramirez
	Attn: David Blackman

	 	Facsimile: (212) 428-1243
	Facsimile: (704) 383-6205
	 	 
	 
	 	 
	Documentation Agent:

	 	Managing Agent:
	The Royal Bank of Scotland plc

	 	Eurohypo AG, New York Branch
	101 Park Avenue, 12th Floor

	 	1114 Avenue of the Americas
	New York, NY 10178

	 	New York, NY 10036
	Attn: Bruce Ferguson

	 	Attn: Stephen Cox
	Facsimile: (212) 401-3456

	 	Facsimile: (866) 874-5034
	 
	 	 
	Senior Managing Agent:

	 	Managing Agent:
	UBS Loan Finance LLC

	 	PNC Bank, National Association
	677 Washington Boulevard

	 	249 Wood Street
	Stamford, CT 06901

	 	Pittsburgh, PA 15219
	Attn: Iris Choi

	 	Attn: Michael Smith
	Facsimile: (203) 719-3888

	 	Facsimile: (412) 762-6500

 

 

	 	 	 
	Senior Managing Agent:

	 	Bank:
	Mizuho Corporate Bank, Ltd.

	 	Taipei Fubon Commercial Bank, New York
	1251 Avenue of the Americas

	 	Agency
	New York, NY 10020

	 	100 Wall Street, 14th Floor
	Attn: Takeshi Kubo

	 	New York, NY 10005
	Facsimile: (212) 282-4488

	 	Attn: Teresa Wu
	 
	 	 
	Bank:

	 	Bank:
	The Bank of New York

	 	The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
	One Wall Street, 21st Floor

	 	New York Branch
	New York, NY 10286

	 	1251 Avenue of the Americas
	Attn: Scott DeTraglia

	 	New York, NY 10020-1104
	Facsimile: (212) 809-9526

	 	Attn: James T. Taylor
	 

	 	Facsimile: (212) 782-6442
	 
	 	 
	Bank:

	 	Bank:
	Land Bank of Taiwan

	 	United Overseas Bank Limited
	811 Wilshire Blvd., 19th Floor

	 	777 S. Figueroa Street, #518
	Los Angeles, CA 90017

	 	Los Angeles, CA 90017
	Attn: Joseph Chiuwei

	 	Attn: Philip Ng
	Facsimile: (213) 532-3766

	 	Facsimile: (213) 623-3412
	 
	 	 
	Bank:

	 	Bank:
	The Governor and Company of the Bank of

	 	Chang Hwa Commercial Bank, L.A. Branch
	Ireland

	 	333 South Grand Avenue, #600
	Bank of Ireland Corporate

	 	Los Angeles, California 90071
	B2, Head Office

	 	Attn: Carson Hsu
	Lower Baggot Street

	 	Facsimile: (213) 620-7227
	Dublin 2, Ireland
	 	 
	Attn: Ciaran Doyle
	 	 
	Facsimile: 353-1-604-4798
	 	 
	 
	 	 
	Bank:

	 	Bank:
	The Northern Trust Company

	 	Malayan Banking Berhad
	50 S. LaSalle

	 	400 Park Avenue, 9th Floor
	Chicago, Illinois 60603

	 	New York, NY 10022
	Attn: Carol B. Conklin

	 	Attn: Nor Akmar Wallace
	Facsimile: (312) 444-7028

	 	Facsimile: (212) 308-0109

 

 

	 	 	 
	Bank:

	 	Bank:
	People’s Bank

	 	First Commercial Bank, Los Angeles Branch
	850 Main Street, 12th Floor

	 	515 S. Flower Street #1050
	Bridgeport, CT 06604

	 	Los Angeles, CA 90071
	Attn: Anne Kuchinski

	 	Attn: Josephine Chong
	Facsimile: (203) 615-9088

	 	Facsimile: (213) 362-0219
	 
	 	 
	Bank:

	 	Bank:
	Hua Nan Commercial Bank, New York

	 	Bank Hapoalim B.M.
	Agency

	 	1177 Avenue of the Americas
	330 Madison Avenue, 38th Floor

	 	New York, NY 10036
	New York, NY 10017

	 	Attn: James P. Surless
	Attn: Frank Tang

	 	Facsimile: (212) 782-2382
	Facsimile: (212) 286-1212
	 	 
	 
	 	 
	Bank:

	 	Bank:
	SunTrust Bank

	 	Taiwan Business Bank
	8330 Boone Blvd.

	 	633 West 5th Street, #2280
	Vienna, VA 22182

	 	Los Angeles, CA 90071
	Attn: Nancy B. Richards

	 	Attn: Ken Chen
	Facsimile: (703) 442-1570

	 	Facsimile: (213) 892-1271
	 
	 	 
	Bank:

	 	Bank:
	The Norinchukin Bank, New York Branch

	 	First Horizon Bank
	245 Park Avenue, 29th Floor

	 	1650 Tysons Blvd., Ste. 1150
	New York, NY 10167

	 	McLean, VA 22102
	Attn: Kenji Kawashima

	 	Attn: Blake Bowers
	Facsimile: (212) 697-5754

	 	Facsimile: (703) 394-1834
	 
	 	 
	Bank:

	 	Bank:
	Mega International Commercial Bank Co.,

	 	Mega International Commercial Bank Co.,
	Ltd., Los Angeles Branch

	 	Ltd., New York Agency
	445 S. Figueroa St., #1900

	 	65 Liberty Street
	Los Angeles, CA 90071

	 	New York, NY 10005
	Attn: Angela Sheu

	 	Attn: Louis Chang
	Facsimile: (213) 489-1160

	 	(212) 766-5006

 

 

EXHIBIT
G

FORM OF DESIGNATION AGREEMENT

Dated                     , 200_

     Reference is made to that certain Revolving Credit Agreement, dated as of September 22, 2006
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among
EOP OPERATING LIMITED PARTNERSHIP, the banks parties thereto, and BANK OF AMERICA, N.A. (the
"Administrative Agent”), as Administrative Agent, BANC OF AMERICA SECURITIES LLC AND J.P. MORGAN
SECURITIES INC., as Joint Lead Arrangers and Joint Bookrunners,, JPMORGAN CHASE BANK, N.A., as
Syndication Agent, THE BANK OF NOVA SCOTIA, LASALLE BANK NATIONAL ASSOCIATION, THE ROYAL BANK OF
SCOTLAND PLC, U.S. BANK NATIONAL ASSOCIATION, WACHOVIA BANK, NATIONAL ASSOCIATION, as Documentation
Agents, CITICORP NORTH AMERICA INC., DEUTSCHE BANK AG, NEW YORK BRANCH, WILLIAM STREET CREDIT
CORPORATION, LEHMAN COMMERCIAL PAPER INC., MERRILL LYNCH BANK USA, MIZUHO CORPORATE BANK, LTD.,
MORGAN STANLEY BANK, and UBS LOAN FINANCE LLC, as Senior Managing Agents, and EUROHYPO AG, NEW YORK
BRANCH AND PNC BANK, NATIONAL ASSOCIATION, as Managing Agents. Terms defined in the Credit
Agreement are used herein with the same meaning.

     [NAME OF DESIGNOR] (the “Designor”), [NAME OF DESIGNEE] (the “Designee”), and the
Administrative Agent agree as follows:

     1. The Designor hereby designates the Designee, and the Designee hereby accepts such
designation, to have a right to make Money Market Loans pursuant to Article III of the Credit
Agreement. Any assignment by Designor to Designee of its rights to make a Money Market Loan
pursuant to such Article III shall be effective at the time of the funding of such Money Market
Loan and not before such time.

     2. Except as set forth in Section 7 below, the Designor makes no representation or warranty
and assumes no responsibility pursuant to this Designation Agreement with respect to (a) any
statements, warranties or representations made in or in connection with any Loan Document or the
execution, legality, validity, enforceability, genuineness, sufficiency or value of any Loan
Document or any other instrument and document furnished pursuant thereto and (b) the financial
condition of the Borrower or the performance or observance by the Borrower of any of its
obligations under any Loan Document or any other instrument or document furnished pursuant thereto.

     3. The Designee (a) confirms that it has received a copy of each Loan Document, together with
copies of the financial statements referred to in Articles IV and V of the Credit

 

 

Agreement and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Designation Agreement; (b) agrees that it will
independently and without reliance upon the Administrative Agent, the Designor or any other Bank
and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under any Loan Document; (c) confirms
that it is a Designated Lender; (d) appoints and authorizes the Administrative Agent to take such
action as agent on its behalf and to exercise such powers and discretion under any Loan Document as
are delegated to the Administrative Agent by the terms thereof, together with such powers and
discretion as are reasonably incidental thereto; and (e) agrees to be bound by each and every
provision of each Loan Document and further agrees that it will perform in accordance with their
terms all of the obligations which by the terms of any Loan Document are required to be performed
by it as a Bank.

     4. The Designee hereby appoints Designor as Designee’s agent and attorney in fact, and grants
to Designor an irrevocable power of attorney, to receive payments made for the benefit of Designee
under the Credit Agreement, to deliver and receive all communications and notices under the Credit
Agreement and other Loan Documents and to exercise on Designee’s behalf all rights to vote and to
grant and make approvals, waivers, consents of amendments to or under the Credit Agreement or other
Loan Documents. Any document executed by the Designor on the Designee’s behalf in connection with
the Credit Agreement or other Loan Documents shall be binding on the Designee. The Borrower, the
Administrative Agent and each of the Banks may rely on and are beneficiaries of the preceding
provisions.

     5. Following the execution of this Designation Agreement by the Designor
and its Designee, it will be delivered to the Administrative Agent for acceptance and
recording by the Administrative Agent. The effective date for this Designation Agreement (the
“Effective Date”) shall be the date of acceptance hereof by the Administrative Agent, unless
otherwise specified on the signature page thereto.

     6. The Administrative Agent hereby agrees that it will not institute against any Designated
Lender or join any other Person in instituting against any Designated Lender any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding under any federal or state
bankruptcy or similar law, until the later to occur of (i) one year and one day after the payment
in full of the latest maturing commercial paper note issued by such Designated Lender and (ii) the
Maturity Date.

     7. The Designor unconditionally agrees to pay or reimburse the Designee and save the Designee
harmless against all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed or
asserted by any of the parties to the Loan Documents against the Designee, in its capacity as such,
in any way relating to or arising out of this Agreement or any other Loan Documents or any action
taken or omitted by the Designee hereunder or thereunder, provided that the Designor shall not be
liable for any portion of such liabilities, obligations, losses,

 

 

damages, penalties, actions, judgments, suits, costs, expenses or disbursements if the same
results from the Designee’s gross negligence or willful misconduct.

     8. Upon such acceptance and recording by the Administrative Agent, as of the Effective Date,
the Designee shall be a party to the Credit Agreement with a right (subject to the provisions of
Section 2.4(b)) to make Money Market Loans as a Bank pursuant to Section 2.4 of the Credit
Agreement and the rights and obligations of a Bank related thereto;
provided, however, that the
Designee shall not be required to make payments with respect to such obligations except to the
extent of excess cash flow of such Designee which is not otherwise required to repay obligations of
such Designated Lender which are then due and payable. Notwithstanding the foregoing, the Designor,
as administrative agent for the Designee, shall be and remain obligated to the Borrower, the
Co-Agents and the Banks for each and every of the obligations of the Designee and its Designor with
respect to the Credit Agreement, including, without limitation, any indemnification obligations
under Section 7.6 of the Credit Agreement and any sums otherwise payable to the Borrower by the
Designee.

     9. This Designation Agreement shall be governed by, and construed in accordance with, the laws
of the State of New York.

     10. This Designation Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement. Delivery of
an executed counterpart of a
signature page to this Designation Agreement by facsimile transmission shall be effective as
delivery of a manually executed counterpart of this Designation Agreement.

 

 

     IN WITNESS WHEREOF, the Designor and the Designee, intending to be legally bound, have caused
this Designation Agreement to be executed by their officers thereunto duly authorized as of the
date first above written.

	 	 	 	 	 
	Effective Date:	 	                    , 200_
	 
	 	 	 	 
	 	 	[NAME OF DESIGNOR], as Designor
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	[NAME OF DESIGNEE] as Designee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Applicable Lending Office (and address

for notices):
	 
	 	 	 	 
	 

	 	 	 	[ADDRESS]

Accepted this                      day

of                , 200_

BANK OF AMERICA, N.A. as
Administrative Agent

By:                                          

Title:                     

 

 

EXHIBIT H

QUALIFIED BORROWER GUARANTY OF PAYMENT

          GUARANTY OF PAYMENT (this “Guaranty”), made as of September , 2006, between EOP
OPERATING LIMITED PARTNERSHIP, a Delaware limited partnership, having an address at Two North
Riverside Plaza, Suite 2100, Chicago, Illinois 60606 (“Guarantor”), and BANK OF AMERICA, N.A.,
as administrative agent (“Administrative Agent”) for the banks and other financial
institutions (the “Banks”) listed on the signature pages of the Revolving Credit
Agreement (as the same may be amended, modified, supplemented or restated, the “Credit
Agreement”), dated as of the date hereof, among EOP Operating Limited Partnership
(“Borrower”), the Banks, the Administrative Agent, BANC OF AMERICA SECURITIES LLC AND J.P.
MORGAN SECURITIES INC., as Joint Lead Arrangers and Joint Bookrunners,, JPMORGAN CHASE BANK,
N.A., as Syndication Agent, THE BANK OF NOVA SCOTIA, LASALLE BANK NATIONAL ASSOCIATION, THE
ROYAL BANK OF SCOTLAND PLC, U.S. BANK NATIONAL ASSOCIATION, WACHOVIA BANK, NATIONAL
ASSOCIATION, as Documentation Agents, CITICORP NORTH AMERICA INC., DEUTSCHE BANK AG, NEW YORK
BRANCH, WILLIAM STREET CREDIT CORPORATION, LEHMAN COMMERCIAL PAPER INC., MERRILL LYNCH BANK
USA, MIZUHO CORPORATE BANK, LTD., MORGAN STANLEY BANK, and UBS LOAN FINANCE LLC, as Senior
Managing Agents, and EUROHYPO AG, NEW YORK BRANCH AND PNC BANK, NATIONAL ASSOCIATION, as
Managing Agents.

W I T N E S S E T H:

          WHEREAS, pursuant to the terms of the Credit Agreement, a Qualified Borrower may
request (i) that the Banks make one or more loans (each, a
“Loan”) to the Qualified
Borrower, to be guaranteed by Guarantor by this Guaranty and to be evidenced by Qualified
Borrower Notes (collectively, the “Note”), payable by the Qualified Borrower to the order of
the Banks and (ii) that the Fronting Banks issue one or more Letters of Credit for the
account of the Qualified Borrower, to be guaranteed by Guarantor by this Guaranty.

          WHEREAS, this Guaranty is the “Qualified Borrower Guaranty” referred to in the
Credit Agreement;

          WHEREAS, in order to induce the Administrative Agent and the Banks to make one or more
Loans to one or more Qualified Borrowers, and to satisfy one of the conditions contained in
the Credit Agreement with respect thereto, the Guarantor has agreed to enter into this
Guaranty;

 

 

          WHEREAS, capitalized terms used herein and not otherwise defined shall have the
meanings ascribed thereto in the Credit Agreement;

          NOW THEREFORE, in consideration of the premises and the direct and indirect benefits to
be derived from the making of the Loans and issuance of Letters of Credit by the Banks to
Qualified Borrowers, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Guarantor hereby agrees as follows:

          1. Guarantor, on behalf of itself and its successors and assigns,
hereby irrevocably, absolutely and unconditionally guarantees the full and punctual
payment when due, whether at stated maturity or otherwise, of all obligations of each and
every Qualified Borrower now or hereafter existing under the Notes and the Credit Agreement,
including in the event that the Borrower exercises its rights under the Credit Agreement to
increase the Facility Amount, for principal and/or interest as well as any and all other
amounts due thereunder, including, without limitation, all indemnity obligations of Borrower
thereunder, and any and all reasonable costs and expenses (including, without limitation,
reasonable attorneys’ fees and disbursements) incurred by the Administrative Agent or the
Banks in enforcing their rights under this Guaranty (all of the foregoing obligations being
the “Guaranteed Obligations”).

          2. Intentionally Omitted.

          3. Intentionally Omitted.

          4. It is agreed that the Guaranteed Obligations of Guarantor
hereunder are primary and this Guaranty shall be enforceable against Guarantor and its
successors and assigns without the necessity for any suit or proceeding of any kind or nature
whatsoever brought by the Administrative Agent or any of the Banks against the relevant
Qualified Borrower or its respective successors or assigns or any other party or against any
security for the payment and performance of the Guaranteed Obligations and without the
necessity of any notice of non-payment or non-observance or of any notice of acceptance of
this Guaranty or of any notice or demand to which Guarantor might otherwise be entitled
(including, without limitation, diligence, presentment, notice of maturity, extension of
time, change in nature or form of the Guaranteed Obligations, acceptance of further security,
release of further security, imposition or agreement arrived at as to the amount of or the
terms of the Guaranteed Obligations, notice of adverse change in such Qualified Borrower’s
financial condition and any other fact which might materially increase the risk to
Guarantor), all of which Guarantor hereby expressly waives; and Guarantor hereby expressly
agrees that the validity of this Guaranty and the obligations of Guarantor hereunder shall in
no way be terminated, affected, diminished, modified or impaired by reason of the assertion
of or the failure to assert by the Administrative Agent or

 

 

any of the Banks against such Qualified Borrower or its respective successors or assigns, any
of the rights or remedies reserved to the Administrative Agent or any of the Banks pursuant
to the provisions of the Loan Documents. Guarantor agrees that any notice or directive given
at any time to the Administrative Agent or any of the Banks which is inconsistent with the
waiver in the immediately preceding sentence shall be void and may be ignored by the
Administrative Agent and the Banks, and, in addition, may not be pleaded or introduced as
evidence in any litigation relating to this Guaranty for the reason that such pleading or
introduction would be at variance with the written terms of this Guaranty, unless the
Administrative Agent has specifically agreed otherwise in a writing, signed by a duly
authorized officer.
Guarantor specifically acknowledges and agrees that the foregoing waivers are of the essence
of this transaction and that, but for this Guaranty and such waivers, the Administrative
Agent and the Banks would not make requested Loans to a Qualified Borrower.

          5. Guarantor waives, and covenants and agrees that it will not at any time insist upon,
plead or in any manner whatsoever claim or take the benefit or advantage of, any and all
appraisal, valuation, stay, extension, marshalling-of-assets or redemption laws, or right of
homestead or exemption, whether now or at any time hereafter in force, which may delay,
prevent or otherwise affect the performance by Guarantor of its obligations under, or the
enforcement by the Administrative Agent or any of the Banks of, this Guaranty. Guarantor
further covenants and agrees not to set up or claim any defense, counterclaim, offset, setoff
or other objection of any kind to any action, suit or proceeding in law, equity or otherwise,
or to any demand or claim that may be instituted or made by the Administrative Agent or any of
the Banks other than the defense of the actual timely payment and performance by the relevant
Qualified Borrower of the Guaranteed Obligations hereunder; provided, however, that the
foregoing shall not be deemed a waiver of Guarantor’s right to assert any compulsory
counterclaim, if such counterclaim is compelled under local law or rule of procedure, nor
shall the foregoing be deemed a waiver of Guarantor’s right to assert any claim which would
constitute a defense, setoff, counterclaim or crossclaim of any nature whatsoever against
Administrative Agent or any Bank in any separate action or proceeding. Guarantor represents,
warrants and agrees that, as of the date hereof, its obligations under this Guaranty are not
subject to any counterclaims, offsets or defenses against the Administrative Agent or any
Bank of any kind.

          6. The provisions of this Guaranty are for the benefit of the Administrative Agent and
the Banks and their successors and permitted assigns, and nothing herein contained shall
impair as between any Qualified Borrower and the Administrative Agent and the Banks the
obligations of such Qualified Borrower under the Loan Documents.

          7. This Guaranty shall be a continuing, unconditional and absolute guaranty and the
liability of Guarantor hereunder shall in no way be terminated, affected, modified,
impaired or diminished by reason of the happening,

 

 

from time to time, of any of the following, all without notice or the further consent of
Guarantor:

     a. any assignment, amendment, modification or waiver of or change in any of
the terms, covenants, conditions or provisions of any of the Guaranteed Obligations
or the Loan Documents or the invalidity or unenforceability of any of the
foregoing; or

     b. any extension of time that may be granted by the Administrative Agent to any
Qualified Borrower, any guarantor, or their respective successors or assigns, heirs,
executors, administrators or personal representatives; or

     c. any action which the Administrative Agent may take or fail to take under or
in respect of any of the Loan Documents or by reason of any waiver of, or failure to
enforce any of the rights, remedies, powers or privileges available to the
Administrative Agent under this Guaranty or available to the Administrative Agent at
law, equity or otherwise, or any action on the part of the Administrative Agent
granting indulgence or extension in any form whatsoever; or

     d. any sale, exchange, release, or other disposition of any property pledged,
mortgaged or conveyed, or any property in which the Administrative Agent and/or the
Banks have been granted a lien or security interest to secure any indebtedness of
any Qualified Borrower to the Administrative Agent and/or the Banks; or

     e. any release of any person or entity who may be liable in any manner for the
payment and collection of any amounts owed by any Qualified Borrower to the
Administrative Agent and/or the Banks; or

     f. the application of any sums by whomsoever paid or however realized to any
amounts owing by any Qualified Borrower to the Administrative Agent and/or the Banks
under the Loan Documents in such manner as the Administrative Agent shall determine
in its sole discretion; or

     g. Any Qualified Borrower’s or any guarantor’s voluntary or involuntary
liquidation, dissolution, sale of all or substantially all of their respective
assets and liabilities, appointment of a trustee, receiver, liquidator, sequestrator
or conservator for all or any part of any Qualified Borrower’s or any guarantor’s
assets, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment, or the commencement of
other similar proceedings affecting any Qualified Borrower or any guarantor or any
of the assets of any of them, including, without

 

 

limitation, (i) the release or discharge of any Qualified Borrower or any guarantor
from the payment and performance of their respective obligations under any of the
Loan Documents by operation of law, or (ii) the impairment, limitation or
modification of the liability of any Qualified Borrower or any guarantor in
bankruptcy, or of any remedy for the enforcement of the Guaranteed Obligations under
any of the Loan
Documents, or Guarantor’s liability under this Guaranty, resulting from the operation
of any present or future provisions of the Bankruptcy Code or other present or future
federal, state or applicable statute or law or from the decision in any court; or

     h. any improper disposition by any Qualified Borrower of the proceeds of the
Loans, it being acknowledged by Guarantor that the Administrative Agent or any Bank
shall be entitled to honor any request made by any Qualified Borrower for a
disbursement of such proceeds and that neither the Administrative Agent nor any Bank
shall have any obligation to see the proper disposition by any Qualified Borrower of
such proceeds.

          8. Guarantor agrees that if at any time all or any part of any payment at any time
received by the Administrative Agent from any Qualified Borrower or Guarantor under or with
respect to this Guaranty is or must be rescinded or returned by the Administrative Agent or
any Bank for any reason whatsoever (including, without limitation, the insolvency, bankruptcy
or reorganization of any Qualified Borrower or Guarantor), then Guarantor’s obligations
hereunder shall, to the extent of the payment rescinded or returned, be deemed to have
continued in existence notwithstanding such previous receipt by such party, and Guarantor’s
obligations hereunder shall continue to be effective or reinstated, as the case may be, as to
such payment, as though such previous payment had never been made.

          9. Until this Guaranty is terminated pursuant to the terms hereof, Guarantor (i) shall
have no right of subrogation against any Qualified Borrower or any entity comprising same by
reason of any payments or acts of performance by Guarantor in compliance with the obligations
of Guarantor hereunder, (ii) waives any right to enforce any remedy which Guarantor now or
hereafter shall have against any Qualified Borrower or any entity comprising same by reason
of any one or more payment or acts of performance in compliance with the obligations of
Guarantor hereunder and (iii) from and after an Event of Default (as defined in the Credit
Agreement), subordinates any liability or indebtedness of any Qualified Borrower or any
entity comprising same now or hereafter held by Guarantor or any affiliate of Guarantor to
the obligations of any Qualified Borrower under the Loan Documents. The foregoing, however,
shall not be deemed in any way to limit any rights that Guarantor may have pursuant to the
organizational documents of any Qualified Borrower or which it may have at law or in equity
with respect to any other partners of such Qualified Borrower.

 

 

          10. Guarantor represents and warrants to the Administrative Agent and the Banks with the
knowledge that the Administrative Agent and the Banks are relying upon the same, as follows:

     a. Guarantor will be familiar with the financial condition of
each Qualified Borrower;

     b. Guarantor has determined that it is in its best interests to enter into this
Guaranty;

     c. this Guaranty is necessary and convenient to the conduct, promotion and
attainment of Guarantor’s business, and is in furtherance of Guarantor’s business
purposes;

     d. the benefits to be derived by Guarantor from each Qualified Borrower’s
access to funds made possible by the Loan Documents are at least equal to the
obligations undertaken pursuant to this Guaranty;

     e. Guarantor is solvent and has full power and legal right to enter into this
Guaranty and to perform its obligations under the term hereof and (i) Guarantor is
organized and validly existing under the laws of the State of Maryland, (ii)
Guarantor has complied with all provisions of applicable law in connection with all
aspects of this Guaranty, and (iii) the person executing this Guaranty has all the
requisite power and authority to execute and deliver this Guaranty;

     f. to the best of Guarantor’s knowledge, there is no action, suit, proceeding,
or investigation pending or threatened against or affecting Guarantor at law, in
equity, in admiralty or before any arbitrator or any governmental department,
commission, board, bureau, agency or instrumentality (domestic or foreign) which is
likely to materially and adversely impair the ability of Guarantor to perform its
obligations under this Guaranty;

     g. the execution and delivery of and the performance by Guarantor of its
obligations under this Guaranty have been duly authorized by all necessary action on
the part of Guarantor and do not (i) violate any provision of any law, rule,
regulation (including, without limitation, Regulation U or X of the Board of
Governors of the Federal Reserve System of the United States), order, writ,
judgment, decree, determination or award presently in effect having applicability to
Guarantor or the organizational documents of Guarantor the consequences of which
violation is likely to materially and adversely impair the ability of Guarantor to
perform its obligations under this Guaranty or (ii) violate or conflict with, result
in a breach of or constitute (with due notice or lapse of time or both) a default
under any indenture,

 

 

agreement or other instrument to which Guarantor is a party, or by which Guarantor or
any of its property is bound, the consequences of which violation, conflict, breach
or default is likely to materially and adversely
impair the ability of Guarantor to perform its obligations under this Guaranty;

     h. this Guaranty has been duly executed by Guarantor and constitutes the legal,
valid and binding obligation of Guarantor, enforceable against it in accordance with
its terms except as enforceability may be limited by applicable insolvency,
bankruptcy or other laws affecting creditors’ rights generally or general principles
of equity, whether such enforceability is considered in a proceeding in equity or at
law;

     i. no authorization, consent, approval, license or formal exemption from, nor
any filing, declaration or registration with, any Federal, state, local or foreign
court, governmental agency or regulatory authority is required in connection with the
making and performance by Guarantor of this Guaranty, except those which have already
been obtained; and

     j. Guarantor is not an “investment company” as that term is defined in,
nor is it otherwise subject to regulation under, the Investment Company Act of
1940, as amended.

          11. Guarantor and Administrative Agent each acknowledge and agree that this Guaranty
is a guarantee of payment and performance and not of collection and enforcement in respect
of any obligations which may accrue to the Administrative Agent and/or the Banks from any
Qualified Borrower under the provisions of any Loan Document.

          12. Subject to the terms and conditions of the Credit Agreement, and in conjunction
therewith, the Administrative Agent or any Bank may assign any or all of its rights under
this Guaranty. In the event of any such assignment, the Administrative Agent shall give
Guarantor prompt notice of same. If the Administrative Agent elects to sell all the Loans or
participations in the Loans and the Loan Documents, including this Guaranty, the
Administrative Agent or any Bank may forward to each purchaser and prospective purchaser all
documents and information relating to this Guaranty or to Guarantor, whether furnished by any
Qualified Borrower or Guarantor or otherwise, subject to the terms and conditions of the
Credit Agreement.

          13. Guarantor agrees, upon the written request of the Administrative Agent, to execute
and deliver to the Administrative Agent, from time to time, any modification or amendment
hereto or any additional instruments or documents reasonably considered necessary by the
Administrative Agent or its counsel to cause this Guaranty to be, become or remain valid and
effective in accordance with its

 

 

terms, provided, that, any such modification, amendment, additional instrument or document
shall not increase Guarantor’s obligations or diminish its rights
hereunder and shall be reasonably satisfactory as to form to Guarantor and to Guarantor’s
counsel.

          14. The representations and warranties of Guarantor set forth in this Guaranty shall
survive until this Guaranty shall terminate in accordance with the terms hereof.

          15. This Guaranty contains the entire agreement among the parties with respect to the
subject matter hereof and supersede all prior agreements relating to such subject matter and
may not be modified, amended, supplemented or discharged except by a written agreement signed
by Guarantor and the Administrative Agent.

          16. If all or any portion of any provision contained in this Guaranty shall be
determined to be invalid, illegal or unenforceable in any respect for any reason, such
provision or portion thereof shall be deemed stricken and severed from this Guaranty and the
remaining provisions and portions thereof shall continue in full force and effect.

          17. This Guaranty may be executed in counterparts which together shall constitute the
same instrument.

          18. All notices, requests and other communications to any party hereunder shall be in
writing (including bank wire, telex, facsimile transmission followed by telephonic
confirmation or similar writing) and shall be addressed to such party at the address set
forth below or to such other address as may be identified by any party in a written notice to
the others:

	 	 	 
	If to Guarantor

	 	Equity Office Properties Trust
	 

	 	Two North Riverside Plaza
	 

	 	Suite 2100
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: Chief Financial Officer
	 
	With Copies of Notices to Guarantor to:

	 	Equity Office Properties Trust
	 

	 	Two North Riverside Plaza
	 

	 	Suite 2100
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: Chief Legal Counsel
	 

	 	                    and
	 

	 	DLA Piper US LLP
	 

	 	203 North LaSalle Street

 

 

	 	 	 
	 

	 	Suite 1900
	 

	 	Chicago, Illinois 60601
	 

	 	Attn: James M. Phipps, Esq.
	 
	If to the Administrative Agent:

	 	Bank of America, N.A.
	 
	 	 
	 

	 	Attn:
	 

	 	Facsimile:

          Each such notice, request or other communication shall be effective (i) if given by
telex or facsimile transmission, when such telex or facsimile is transmitted to the telex
number or facsimile number specified in this Section and the appropriate answerback or
facsimile confirmation is received, (ii) if given by certified registered mail, return
receipt requested, with first class postage prepaid, addressed as aforesaid, upon receipt or
refusal to accept delivery, (iii) if given by a nationally recognized overnight carrier, 24
hours after such communication is deposited with such carrier with postage prepaid for next
day delivery, or (iv) if given by any other means, when delivered at the address specified
in this Section.

          19. Any acknowledgment or new promise, whether by payment of principal or interest or
otherwise by any Qualified Borrower or Guarantor, with respect to the Guaranteed Obligations
shall, if the statute of limitations in favor of Guarantor against the Administrative Agent
shall have commenced to run, toll the running of such statute of limitations, and if the
period of such statute of limitations shall have expired, prevent the operation of such
statute of limitations.

          20. This Guaranty shall be binding upon Guarantor and its successors and assigns and
shall inure to the benefit of the Administrative Agent and the Banks and their successors and
permitted assigns.

          21. The failure of the Administrative Agent to enforce any right or remedy hereunder, or
promptly to enforce any such right or remedy, shall not constitute a waiver thereof, nor give
rise to any estoppel against the Administrative Agent, nor excuse Guarantor from its
obligations hereunder. Any waiver of any such right or remedy to be enforceable against the
Administrative Agent must be expressly set forth in a writing signed by the Administrative
Agent.

          22. a. THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

 

               b. Any legal action or proceeding with respect to this Guaranty and any action for
enforcement of any judgment in respect thereof may be brought in the courts of the State of
New York or of the United States of America for the Southern District of New York, and, by
execution and delivery of this Guaranty,
the Guarantor hereby accepts for itself and in respect of its property, generally and
unconditionally, the non-exclusive jurisdiction of the aforesaid courts and appellate courts
from any thereof. The Guarantor irrevocably consents to the service of process out of any of
the aforementioned courts in any such action or proceeding by the mailing of copies thereof by
registered or certified mail, postage prepaid, to the Guarantor at its address for notices set
forth herein. The Guarantor hereby irrevocably waives any objection which it may now or
hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising
out of or in connection with this Guaranty brought in the courts referred to above and hereby
further irrevocably waives and agrees not to plead or claim in any such court that any such
action or proceeding brought in any such court has been brought in an inconvenient forum.
Nothing herein shall affect the right of the Administrative Agent to serve process in any
other manner permitted by law or to commence legal proceedings or otherwise proceed against
the Guarantor in any other jurisdiction.

               c. GUARANTOR HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY AND ALL CLAIMS OR CAUSES OF
ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY. IT IS HEREBY ACKNOWLEDGED BY GUARANTOR
THAT THE WAIVER OF A JURY TRIAL IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT TO
ACCEPT THIS GUARANTY AND THAT THE LOANS MADE BY THE BANKS ARE MADE IN RELIANCE UPON SUCH
WAIVER. GUARANTOR FURTHER WARRANTS AND REPRESENTS THAT SUCH WAIVER HAS BEEN KNOWINGLY AND
VOLUNTARILY MADE, FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS
GUARANTY MAY BE FILED BY THE ADMINISTRATIVE AGENT IN COURT AS A WRITTEN CONSENT TO A NON-JURY
TRIAL.

               d. Guarantor does hereby further covenant and agree to and with the Administrative Agent
that Guarantor may be joined in any action against Any Qualified Borrower in connection with
the Loan Documents and that recovery may be had against Guarantor in such action or in any
independent action against Guarantor (with respect to the Guaranteed Obligations), without the
Administrative Agent first pursuing or exhausting any remedy or claim against any Qualified
Borrower or its successors or assigns. Guarantor also agrees that, in an action brought with
respect to the Guaranteed Obligations in any jurisdiction, it shall be conclusively bound by
the judgment in any such action by the Administrative Agent (wherever brought) against any
Qualified Borrower or its successors or assigns, as if Guarantor were a party to such action,
even though Guarantor was not joined as a party in such action.

 

 

               e. Guarantor agrees to pay all reasonable expenses (including, without limitation,
attorneys’ fees and disbursements) which may be incurred by the Administrative Agent or
the Banks in connection with the
enforcement of their rights under this Guaranty, whether or not suit is initiated.

          23. Notwithstanding anything to the contrary contained herein, this Guaranty shall
terminate and be of no further force or effect upon the full performance and payment of the
Guaranteed Obligations hereunder and the termination of the Commitments under the Credit
Agreement. Upon termination of this Guaranty in accordance with the terms of this Guaranty,
the Administrative Agent promptly shall deliver to Guarantor such documents as Guarantor or
Guarantor’s counsel reasonably may request in order to evidence such termination.

          24. All of the Administrative Agent’s rights and remedies under each of the Loan
Documents or under this Guaranty are intended to be distinct, separate and cumulative and
no such right or remedy therein or herein mentioned is intended to be in exclusion of or a
waiver of any other right or remedy available to the Administrative Agent.

          25. The Guarantor shall not use any assets of an “employee benefit plan” within the
meaning of Section 3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the
Internal Revenue Code (the “Code”) to repay or secure the Loan, the Note, the Obligations or
this Guaranty. The Guarantor shall not assign, sell, pledge, encumber, transfer, hypothecate
or otherwise dispose of any of its rights or interests (direct or indirect) in any Qualified
Borrower, or attempt to do any of the foregoing or suffer any of the foregoing, or permit any
party with a direct or indirect interest or right in any Qualified Borrower to do any of the
foregoing, if such action would cause the Note, the Loan, the Obligations, this Guaranty, or
any of the Loan Documents or the exercise of any of the Administrative Agent’s or Bank’s
rights in connection therewith, to constitute a prohibited transaction under ERISA or the
Code (unless the Guarantor furnishes to the Administrative Agent a legal opinion satisfactory
to the Administrative Agent that the transaction is exempt from the prohibited transaction
provisions of ERISA and the Code (and for this purpose, the Administrative Agent and the
Banks, by accepting the benefits of this Guaranty, hereby agree to supply Guarantor all
relevant non-confidential, factual information reasonably necessary to such legal opinion and
reasonably requested by Guarantor) or would otherwise result in the Administrative Agent or
any of the Banks being deemed in violation of Sections 404 or 406 of ERISA or Section 4975 of
the Code or would otherwise result in the Administrative Agent or any of the Banks being a
fiduciary or party in interest under ERISA or a “disqualified person” as defined in Section
4975(e)(2) of the Code with respect to an “employee benefit plan” within the meaning of
Section 3(3) of ERISA or a “plan” within the meaning of Section 4975(e)(1) of the Code. The
Guarantor shall indemnify and hold each of the Administrative Agent and the Banks free and
harmless from and against all loss, costs

 

 

(including attorneys’ fees and expenses), expenses, taxes and damages (including
consequential damages) that each of the Administrative Agent and the Banks may suffer by
reason of the investigation, defense and settlement of claims and in
obtaining any prohibited transaction exemption under ERISA necessary in Administrative
Agent’s reasonable judgment as a result of Guarantor’s action or inaction or by reason of a
breach of the foregoing provisions by Guarantor.

[SIGNATURE PAGE FOLLOWS]

 

 

          IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guaranty
as of the date and year first above written.

	 	 	 	 	 
	 	 	GUARANTOR:
	 	 	EOP OPERATING LIMITED PARTNERSHIP
	 
	 	 	 	 
	 

	 	By:
	 	EQUITY OFFICE PROPERTIES TRUST

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

ACCEPTED:

BANK OF AMERICA, N.A.

	 	 	 	 
	 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

 

 

	 	 	 	 	 

ACKNOWLEDGMENT FOR GUARANTOR

	 	 	 
	STATE OF ILLINOIS

	 	)
	 

	 	) SS.
	COUNTY OF COOK

	 	           )

          On ___, 200_, before me personally came                    , to me known to be the person
who executed the foregoing instrument, and who, being duly sworn by me, did depose and say that he
is                      of Equity Office Properties Trust, the general partner of EOP Operating
Limited Partnership, and that he executed the foregoing instrument in the organization’s name, and
that he had authority to sign the same, and he acknowledged to me that he executed the same as the
act and deed of said organization for the uses and purposes therein mentioned.

[Seal]

	 	 	 	 	 
	 

	 	 

Notary Public
	 	 

 

 

GUARANTY OF PAYMENT

          GUARANTY
OF PAYMENT (this “Guaranty”), made as of September 22, 2006, between EQUITY
OFFICE PROPERTIES TRUST, a Maryland real estate investment trust, having an address at Two North
Riverside Plaza, Suite 2100, Chicago, Illinois 60606 (“Guarantor”), and BANK OF AMERICA,
N.A., as administrative agent (“Administrative Agent”) for the banks and other financial
institutions (the “Banks”) listed on the signature pages of the Revolving Credit Agreement
(as the same may be amended, modified, supplemented or restated, the “Credit Agreement”),
dated as of the date hereof, among EOP Operating Limited Partnership (“Borrower”), the
Administrative Agent, the Banks, BANC OF AMERICA SECURITIES LLC and J.P. MORGAN SECURITIES, INC.,
as joint lead arrangers and joint bookrunners, JPMORGAN CHASE BANK, N.A., as syndication agent, and
THE BANK OF NOVA SCOTIA, LASALLE BANK NATIONAL ASSOCIATION, THE ROYAL BANK OF SCOTLAND PLC, U.S.
BANK NATIONAL ASSOCIATION, AND WACHOVIA BANK, NATIONAL ASSOCIATION, as documentation agents,
CITICORP NORTH AMERICA INC., DEUTSCHE BANK AG, NEW YORK BRANCH, WILLIAM STREET CREDIT CORPORATION,
LEHMAN BROTHERS COMMERCIAL BANK, MERRILL LYNCH BANK USA, MIZUHO CORPORATE BANK, LTD., MORGAN
STANLEY BANK, and UBS LOAN FINANCE LLC, as Senior Managing Agents, and EUROHYPO AG, NEW YORK BRANCH
and PNC BANK, NATIONAL ASSOCIATION, as Managing Agents.

W I T N
E S S E T H:

          WHEREAS, the Banks have agreed to make loans to Borrower in the aggregate principal amount not
to exceed Two Billion Five Hundred Million Dollars ($2,500,000,000) (hereinafter collectively
referred to as the “Loans”) and to issue Letters of Credit (as defined in the Credit
Agreement);

          WHEREAS, the Loans are and will be evidenced by (i) certain promissory notes (the
“Notes”) of Borrower made to each of the Banks in accordance with the terms of the
Credit Agreement, and (ii) certain promissory notes of one or more Qualified Borrowers made to
each of the Banks, in each case in accordance with the terms of the Credit Agreement;

          WHEREAS, the Credit Agreement and the Notes and any other documents executed in
connection therewith are hereinafter collectively referred to as the “Loan
Documents”;

          WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings
ascribed thereto in the Credit Agreement;

          WHEREAS, Guarantor is the sole general partner of Borrower; and

          WHEREAS, as a condition to the execution and delivery of the Loan Documents, the Banks have
required that Guarantor execute and deliver this Guaranty.

 

 

          NOW THEREFORE, in consideration of the premises and the benefits to be derived from the
making of the Loans and issuance of Letters of Credit by the Banks to Borrower and the Qualified
Borrowers, and in order to induce the Administrative Agent and the Banks to enter into the Credit
Agreement and the other Loan Documents, the Guarantor hereby agrees as follows:

          1. Guarantor, on behalf of itself and its successors and assigns, hereby irrevocably,
absolutely and unconditionally guarantees the full and punctual payment when due, whether at stated
maturity or otherwise, of all Obligations of Borrower now or hereafter existing under the Notes and
the Credit Agreement, including in the event that the Borrower exercises its rights under the
Credit Agreement to increase the Facility Amount and including those Obligations of Borrower under
the Qualified Borrower Guaranty, for principal and/or interest as well as any and all other amounts
due thereunder, including, without limitation, all indemnity obligations of Borrower thereunder,
and any and all reasonable costs and expenses (including, without limitation, reasonable attorneys’
fees and disbursements) incurred by the Administrative Agent or the Banks in enforcing their
rights under this Guaranty (all of the foregoing obligations being the “Guaranteed
Obligations”).

          2. Intentionally Omitted.

          3. The individual and personal liability of Guarantor hereunder shall not be reduced or
extinguished by any payments to Administrative Agent or any of the Banks for application in payment
or reduction of any of the Guaranteed Obligations, whether made by Borrower, Guarantor or from any
other source, except to the extent that such payments permanently reduce the entire amount of the
Guaranteed Obligations to an amount less than the portion of the Guaranteed Obligations hereby
guaranteed by Guarantor. Any such payments shall be applied by Administrative Agent or the Banks in
the order of priority that Administrative Agent, in its sole discretion, may determine, first to
the discharge of that portion, if any, of the Guaranteed Obligations as to which Guarantor is not
individually and personally liable pursuant to the terms and provisions hereof (including, without
limitation, the portion of the Guaranteed Obligations guaranteed under Guaranty No. 2), and any
amount remaining after such application to the portion of the Guaranteed Obligations guaranteed
hereunder.

          4. It is agreed that the Guaranteed Obligations of Guarantor hereunder are primary and this
Guaranty shall be enforceable against Guarantor and its successors and assigns without the
necessity for any suit or proceeding of any kind or nature whatsoever brought by the Administrative
Agent or any of the Banks against Borrower or its respective successors or assigns or any other
party or against any security for the payment and performance of the Guaranteed Obligations and
without the necessity of any notice of non-payment or non-observance or of any notice of acceptance
of this Guaranty or of any notice or demand to which Guarantor might otherwise be entitled
(including, without limitation, diligence, presentment, notice of maturity, extension of time,
change in nature or form of the Guaranteed Obligations, acceptance of further security, release of
further security, imposition or agreement

2

 

arrived at as to the amount of or the terms of the Guaranteed Obligations, notice of adverse
change in Borrower’s financial condition and any other fact which might materially increase the
risk to Guarantor), all of which Guarantor hereby expressly waives; and Guarantor hereby expressly
agrees that the validity of this Guaranty and the obligations of Guarantor hereunder shall in no
way be terminated, affected, diminished, modified or impaired by reason of the assertion of or the
failure to assert by the Administrative Agent or any of the Banks against Borrower or its
respective successors or assigns, any of the rights or remedies reserved to the Administrative
Agent or any of the Banks pursuant to the provisions of the Loan Documents. Guarantor agrees that
any notice or directive given at any time to the Administrative Agent or any of the Banks which is
inconsistent with the waiver in the immediately preceding sentence shall be void and may be ignored
by the Administrative Agent and the Banks, and, in addition, may not be pleaded or introduced as
evidence in any litigation relating to this Guaranty for the reason that such pleading or
introduction would be at variance with the written terms of this Guaranty, unless the
Administrative Agent has specifically agreed otherwise in a writing, signed by a duly authorized
officer. Guarantor specifically acknowledges and agrees that the foregoing waivers are of the
essence of this transaction and that, but for this Guaranty and such waivers, the Administrative
Agent and the Banks would have declined to execute and deliver the Loan Documents.

          5. Guarantor waives, and covenants and agrees that it will not at any time insist upon, plead
or in any manner whatsoever claim or take the benefit or advantage of, any and all appraisal,
valuation, stay, extension, marshalling-of-assets or redemption laws, or right of homestead or
exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise
affect the performance by Guarantor of its obligations under, or the enforcement by the
Administrative Agent or any of the Banks of, this Guaranty. Guarantor further covenants and agrees
not to set up or claim any defense (including, without limitation, any defense as a result in a
change in the legal structure of the Borrower), counterclaim, offset, setoff or other objection of
any kind to any action, suit or proceeding in law, equity or otherwise, or to any demand or claim
that may be instituted or made by the Administrative Agent or any of the Banks other than the
defense of the actual timely payment and performance by Borrower of the Guaranteed Obligations
hereunder; provided, however, that the foregoing shall not be deemed a waiver of Guarantor’s right
to assert any compulsory counterclaim, if such counterclaim is compelled under local law or rule of
procedure, nor shall the foregoing be deemed a waiver of Guarantor’s right to assert any claim
which would constitute a defense, setoff, counterclaim or crossclaim of any nature whatsoever
against Administrative Agent or any Bank in any separate action or proceeding. Guarantor
represents, warrants and agrees that, as of the date hereof, its obligations under this Guaranty
are not subject to any counterclaims, offsets or defenses against the Administrative Agent or any
Bank of any kind.

          6. The provisions of this Guaranty are for the benefit of the Administrative Agent and the
Banks and their successors and permitted assigns, and nothing herein contained shall impair as
between Borrower and the Administrative Agent and the Banks the obligations of Borrower under the
Loan Documents.

3

 

          7. This Guaranty shall be a continuing, unconditional and absolute guaranty and
the liability of Guarantor hereunder shall in no way be terminated, affected, modified, impaired or
diminished by reason of the happening, from time to time, of any of the following, although without
notice or the further consent of Guarantor:

     (a) any assignment, amendment, modification or waiver of or change in any of the terms,
covenants, conditions or provisions of any of the Guaranteed Obligations or the Loan
Documents or the invalidity or unenforceability of any of the foregoing; or

     (b) any extension of time that may be granted by the Administrative Agent to Borrower,
any guarantor, or their respective successors or assigns, heirs, executors, administrators
or personal representatives; or

     (c) any action which the Administrative Agent may take or fail to take under or in
respect of any of the Loan Documents or by reason of any waiver of, or failure to enforce
any of the rights, remedies, powers or privileges available to the Administrative Agent
under this Guaranty or available to the Administrative Agent at law, equity or otherwise, or
any action on the part of the Administrative Agent granting indulgence or extension in any
form whatsoever; or

     (d) any sale, exchange, release, or other disposition of any property pledged,
mortgaged or conveyed, or any property in which the Administrative Agent and/or the Banks
have been granted a lien or security interest to secure any indebtedness of Borrower to the
Administrative Agent and/or the Banks; or

     (e) any release of any person or entity who may be liable in any manner for the payment
and collection of any amounts owed by Borrower to the Administrative Agent and/or the Banks;
or

     (f) the application of any sums by whomsoever paid or however realized to any amounts
owing by Borrower to the Administrative Agent and/or the Banks under the Loan Documents in
such manner as the Administrative Agent shall determine in its sole discretion; or

     (g) Borrower’s or any guarantor’s voluntary or involuntary liquidation, dissolution,
sale of all or substantially all of their respective assets and liabilities, appointment of
a trustee, receiver, liquidator, sequestrator or conservator for all or any part of
Borrower’s or Guarantor’s assets, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment, or the commencement of
other similar proceedings affecting Borrower or any guarantor or any of the assets of any of
them, including, without limitation, (i) the release or discharge of Borrower or any
guarantor from the payment and performance of their respective

4

 

obligations under any of the Loan Documents by operation of law, or (ii)
the impairment, limitation or modification of the liability of Borrower or any guarantor in
bankruptcy, or of any remedy for the enforcement of the Guaranteed Obligations under any of
the Loan Documents, or Guarantor’s liability under this Guaranty, resulting from the
operation of any present or future provisions of the Bankruptcy Code or other present or
future federal, state or applicable statute or law or from the decision in any court; or

     (h) any improper disposition by Borrower of the proceeds of the Loans, it being
acknowledged by Guarantor that the Administrative Agent or any Bank shall be entitled to
honor any request made by Borrower for a disbursement of such proceeds and that neither the
Administrative Agent nor any Bank shall have any obligation to see the proper disposition
by Borrower of such proceeds.

          8. Guarantor agrees that if at any time all or any part of any payment at any time received by
the Administrative Agent from Borrower or Guarantor under or with respect to this Guaranty is or
must be rescinded or returned by the Administrative Agent or any Bank for any reason whatsoever
(including, without limitation, the insolvency, bankruptcy or reorganization of Borrower or
Guarantor), then Guarantor’s obligations hereunder shall, to the extent of the payment rescinded or
returned, be deemed to have continued in existence notwithstanding such previous receipt by such
party, and Guarantor’s obligations hereunder shall continue to be effective or reinstated, as the
case may be, as to such payment, as though such previous payment had never been made.

          9.
Until this Guaranty is terminated pursuant to the terms hereof, Guarantor (i) shall have no
right of subrogation against Borrower or any entity comprising same by reason of any payments or
acts of performance by Guarantor in compliance with the obligations of Guarantor hereunder, (ii)
waives any right to enforce any remedy which Guarantor now or hereafter shall have against Borrower
or any entity comprising same by reason of any one or more payment or acts of performance in
compliance with the obligations of Guarantor hereunder and (iii) from and after an Event of Default
(as defined in the Credit Agreement), subordinates any liability or indebtedness of Borrower or any
entity comprising same now or hereafter held by Guarantor or any affiliate of Guarantor to the
obligations of Borrower under the Loan Documents. The foregoing, however, shall not be deemed in
any way to limit any rights that Guarantor may have pursuant to the Agreement of Limited
Partnership of Borrower or which it may have at law or in equity with respect to any other partners
of Borrower.

          10. Guarantor represents and warrants to the Administrative Agent and the Banks with the
knowledge that the Administrative Agent and the Banks are relying upon the same, as follows:

     (a) as of the date hereof, Guarantor is the sole general partner of Borrower;

     (b) based upon such relationships, Guarantor has determined that it is in its

5

 

best interests to enter into this Guaranty;

     (c) this Guaranty is necessary and convenient to the conduct, promotion and attainment of
Guarantor’s business, and is in furtherance of Guarantor’s business purposes;

     (d) the benefits to be derived by Guarantor from Borrower’s access to funds made possible by
the Loan Documents are at least equal to the obligations undertaken
pursuant to this Guaranty;

     (e) Guarantor is solvent and has full power and legal right to enter into this Guaranty and to
perform its obligations under the term hereof and (i) Guarantor is organized and validly existing
under the laws of the State of Maryland, (ii) Guarantor has complied with all provisions of
applicable law in connection with all aspects of this Guaranty, and (iii) the person executing this
Guaranty has all the requisite power and authority to execute and deliver this Guaranty;

     (f) to the best of Guarantor’s knowledge, there is no action, suit, proceeding, or
investigation pending or threatened against or affecting Guarantor at law, in equity, in admiralty
or before any arbitrator or any governmental department, commission, board, bureau, agency or
instrumentality (domestic or foreign) which is likely to materially and adversely impair the
ability of Guarantor to perform its obligations under this Guaranty;

     (g) the execution and delivery of and the performance by Guarantor of its obligations under
this Guaranty have been duly authorized by all necessary action on the part of Guarantor and do not
(i) violate any provision of any law, rule, regulation (including, without limitation, Regulation U
or X of the Board of Governors of the Federal Reserve System of the United States), order, writ,
judgment, decree, determination or award presently in effect having applicability to Guarantor or
the organizational documents of Guarantor the consequences of which violation is likely to
materially and adversely impair the ability of Guarantor to perform its obligations under this
Guaranty or (ii) violate or conflict with, result in a breach of or constitute (with due notice or
lapse of time or both) a default under any indenture, agreement or other instrument to which
Guarantor is a party, or by which Guarantor or any of its property is bound, the consequences of
which violation, conflict, breach or default is likely to materially and adversely impair the
ability of Guarantor to perform its obligations under this Guaranty;

     (h) this Guaranty has been duly executed by Guarantor and constitutes the legal, valid
and binding obligation of Guarantor, enforceable against it in accordance with its terms except as
enforceability may be limited by applicable insolvency, bankruptcy or other laws affecting
creditors’ rights generally or general principles of equity, whether such enforceability is
considered in a proceeding in equity or at law;

6

 

     (i) no authorization, consent, approval, license or formal exemption from,
nor any filing, declaration or registration with, any Federal, state, local or foreign
court, governmental agency or regulatory authority is required in connection with the making
and performance by Guarantor of this Guaranty, except those which have already been
obtained; and

     (j) Guarantor is not an “investment company” as that term is defined in, nor is
it otherwise subject to regulation under, the Investment Company Act of 1940, as amended.

          11. Guarantor and Administrative Agent each acknowledge and agree that this Guaranty is a
guarantee of payment and performance and not of collection and enforcement in respect of any
obligations which may accrue to the Administrative Agent and/or the Banks from Borrower under the
provisions of any Loan Document.

          12. Subject to the terms and conditions of the Credit Agreement, and in conjunction therewith,
the Administrative Agent or any Bank may assign any or all of its rights under this Guaranty. In
the event of any such assignment, the Administrative Agent shall give Guarantor prompt notice of
same. If the Administrative Agent elects to sell all the Loans or participations in the Loans and
the Loan Documents, including this Guaranty, the Administrative Agent or any Bank may forward to
each purchaser and prospective purchaser all documents and information relating to this Guaranty or
to Guarantor, whether furnished by Borrower or Guarantor or otherwise, subject to the terms and
conditions of the Credit Agreement.

          13. Guarantor agrees, upon the written request of the Administrative Agent, to execute and
deliver to the Administrative Agent, from time to time, any modification or amendment hereto or any
additional instruments or documents reasonably considered necessary by the Administrative Agent or
its counsel to cause this Guaranty to be, become or remain valid and effective in accordance with
its terms, provided, that, any such modification, amendment, additional instrument or document
shall not increase Guarantor’s obligations or diminish its rights hereunder and shall be reasonably
satisfactory as to form to Guarantor and to Guarantor’s counsel.

          14. The representations and warranties of Guarantor set forth in this Guaranty shall survive
until this Guaranty shall terminate in accordance with the terms hereof.

          15. This Guaranty contain the entire agreement among the parties with respect to the subject
matter hereof and supersede all prior agreements relating to such subject matter and may not be
modified, amended, supplemented or discharged except by a written agreement signed by Guarantor and
the Administrative Agent.

          16. If all or any portion of any provision contained in this Guaranty shall be

7

 

determined to be invalid, illegal or unenforceable in any respect for any reason, such
provision or portion thereof shall be deemed stricken and severed from this Guaranty and the
remaining provisions and portions thereof shall continue in full force and effect.

          17. This Guaranty may be executed in counterparts which together shall constitute the
same instrument.

          18. All notices, requests and other communications to any party hereunder shall be in writing
(including bank wire, telex, facsimile transmission followed by telephonic confirmation or similar
writing) and shall be addressed to such party at the address set forth below or to such other
address as may be identified by any party in a written notice to the others:

	 	 	 
	If to Guarantor

	 	Equity Office Properties Trust
	 

	 	Two North Riverside Plaza
	 

	 	Suite 2100
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: Chief Financial Officer
	 
	 	 
	With Copies of
	 	 
	Notices to Guarantor to:

	 	Equity Office Properties Trust
	 

	 	Two North Riverside Plaza
	 

	 	Suite 2100
	 

	 	Chicago, Illinois 60606
	 

	 	Attn: Chief Legal Counsel
	 

	 	          and
	 

	 	DLA Piper US LLP
	 

	 	203 North LaSalle Street
	 

	 	Suite 1900
	 

	 	Chicago, Illinois 60601
	 

	 	Attn: James M. Phipps, Esq.
	 
	 	 
	If to the
	 	 
	Administrative Agent:

	 	Bank of America, N.A.
	 

	 	One Independence Center
	 

	 	101 N. Tryon Street
	 

	 	Charlotte, NC 28255-0001
	 

	 	Attn: Cindy K. Fisher
	 

	 	Facsimile: (704) 409-0180

          Each such notice, request or other communication shall be effective (i) if given by
telex or facsimile transmission, when such telex or facsimile is transmitted to the telex number or
facsimile number specified in this Section and the appropriate answerback or facsimile confirmation
is received, (ii) if given by certified registered mail, return receipt requested, with first class
postage prepaid, addressed as aforesaid, upon receipt or refusal to accept delivery, (iii) if given
by a nationally recognized overnight carrier, 24 hours after such communication is

8

 

deposited with such carrier with postage prepaid for next day delivery, or (iv) if
given by any other means, when delivered at the address specified in this Section.

          19. Any acknowledgment or new promise, whether by payment of principal or interest or
otherwise by Borrower or Guarantor, with respect to the Guaranteed Obligations shall, if the
statute of limitations in favor of Guarantor against the Administrative Agent shall have commenced
to run, toll the running of such statute of limitations, and if the period of such statute of
limitations shall have expired, prevent the operation of such statute of limitations.

          20. This Guaranty shall be binding upon Guarantor and its successors and assigns and shall
inure to the benefit of the Administrative Agent and the Banks and their successors and permitted
assigns.

          21. The failure of the Administrative Agent to enforce any right or remedy hereunder, or
promptly to enforce any such right or remedy, shall not constitute a waiver thereof, nor give rise
to any estoppel against the Administrative Agent, nor excuse Guarantor from its obligations
hereunder. Any waiver of any such right or remedy to be enforceable against the Administrative
Agent must be expressly set forth in a writing signed by the Administrative Agent.

          22. (a) THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

               (b) Any legal action or proceeding with respect to this Guaranty and any action for
enforcement of any judgment in respect thereof may be brought in the courts of the State of New
York or of the United States of America for the Southern District of New York, and, by execution
and delivery of this Guaranty, the Guarantor hereby accepts for itself and in respect of its
property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts and
appellate courts from any thereof. The Guarantor irrevocably consents to the service of process out
of any of the aforementioned courts in any such action or proceeding by the mailing of copies
thereof by registered or certified mail, postage prepaid, to the Guarantor at its address for
notices set forth herein. The Guarantor hereby irrevocably waives any objection which it may now or
hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of
or in connection with this Guaranty brought in the courts referred to above and hereby further
irrevocably waives and agrees not to plead or claim in any such court that any such action or
proceeding brought in any such court has been brought in an inconvenient forum. Nothing herein
shall affect the right of the Administrative Agent to serve process in any other manner permitted
by law or to commence legal proceedings or otherwise proceed against the Guarantor in any other
jurisdiction.

               (c) GUARANTOR HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY AND ALL CLAIMS OR CAUSES OF
ACTION BASED UPON OR

9

 

ARISING OUT OF THIS GUARANTY. IT IS HEREBY ACKNOWLEDGED BY GUARANTOR THAT THE WAIVER OF A JURY
TRIAL IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT TO ACCEPT THIS GUARANTY AND THAT THE
LOANS MADE BY THE BANKS ARE MADE IN RELIANCE UPON SUCH WAIVER. GUARANTOR FURTHER WARRANTS AND
REPRESENTS THAT SUCH WAIVER HAS BEEN KNOWINGLY AND VOLUNTARILY MADE, FOLLOWING CONSULTATION WITH
LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY BE FILED BY THE ADMINISTRATIVE AGENT
IN COURT AS A WRITTEN CONSENT TO A NON-JURY TRIAL.

               (d) Guarantor does hereby further covenant and agree to and with the Administrative Agent that
Guarantor may be joined in any action against Borrower in connection with the Loan Documents and
that recovery may be had against Guarantor in such action or in any independent action against
Guarantor (with respect to the Guaranteed Obligations), without the Administrative Agent first
pursuing or exhausting any remedy or claim against Borrower or its successors or assigns. Guarantor
also agrees that, in an action brought with respect to the Guaranteed Obligations in any
jurisdiction, it shall be conclusively bound by the judgment in any such action by the
Administrative Agent (wherever brought) against Borrower or its successors or assigns, as if
Guarantor were a party to such action, even though Guarantor was not joined as a party in such
action.

               (e) Guarantor agrees to pay all reasonable expenses (including, without limitation, attorneys’
fees and disbursements) which may be incurred by the Administrative Agent or the Banks in
connection with the enforcement of their rights under this Guaranty, whether or not suit is
initiated.

          23. Notwithstanding anything to the contrary contained herein, this Guaranty shall terminate
and be of no further force or effect upon the full performance and payment of the Guaranteed
Obligations hereunder and the termination of the Commitments under
the Credit Agreement. Upon
termination of this Guaranty in accordance with the terms of this Guaranty, the Administrative
Agent promptly shall deliver to Guarantor such documents as Guarantor or Guarantor’s counsel
reasonably may request in order to evidence such termination.

          24. All of the Administrative Agent’s rights and remedies under each of the Loan Documents or
under this Guaranty are intended to be distinct, separate and cumulative and no such right or
remedy therein or herein mentioned is intended to be in exclusion of or a waiver of any other right
or remedy available to the Administrative Agent.

          25. The Guarantor shall not use any assets of an “employee benefit plan” within the meaning of
Section 3(3) of ERISA or a “plan” within the meaning
of Section 4975(e)(1) of the Internal Revenue
Code (the “Code”) to repay or secure the Loan, the Note, the Obligations or this Guaranty.
The Guarantor shall not assign, sell, pledge, encumber, transfer, hypothecate or otherwise dispose
of any of its rights or interests (direct or indirect) in Borrower,

10

 

or attempt to do any of the foregoing or suffer any of the foregoing, or permit any party with a
direct or indirect interest or right in Borrower to do any of the foregoing, if such action would
cause the Note, the Loan, the Obligations, this Guaranty, or any of the Loan Documents or the
exercise of any of the Administrative Agent’s or Bank’s rights in connection therewith, to
constitute a prohibited transaction under ERISA or the Code (unless the Guarantor furnishes to the
Administrative Agent a legal opinion satisfactory to the Administrative Agent that the transaction
is exempt from the prohibited transaction provisions of ERISA and the Code (and for this purpose,
the Administrative Agent and the Banks, by accepting the benefits of this Guaranty, hereby agree to
supply Guarantor all relevant non-confidential, factual information reasonably necessary to such
legal opinion and reasonably requested by Guarantor) or would otherwise result in the
Administrative Agent or any of the Banks being deemed in violation of Sections 404 or 406 of ERISA
or Section 4975 of the Code or would otherwise result in the Administrative Agent or any of the
Banks being a fiduciary or party in interest under ERISA or a “disqualified person” as defined in
Section 4975(e)(2) of the Code with respect to an “employee benefit plan” within the meaning of
Section 3(3) of ERISA or a “plan” within the meaning
of Section 4975(e)(1) of the Code. The
Guarantor shall indemnify and hold each of the Administrative Agent and the Banks free and harmless
from and against all loss, costs (including attorneys’ fees and expenses), expenses, taxes arid
damages (including consequential damages) that each of the Administrative Agent and the Banks may
suffer by reason of the investigation, defense and settlement of claims and in obtaining any
prohibited transaction exemption under ERISA necessary in Administrative Agent’s reasonable
judgment as a result of Guarantor’s action or inaction or by reason of a breach of the foregoing
provisions by Guarantor.

          26. This Guaranty shall become effective simultaneously with the making of the initial
Loans under the Credit Agreement.

[SIGNATURE PAGE FOLLOWS]

11

 

          IN WITNESS WHEREOF, the parties hereto have executed and delivered this Guaranty as of
the date and year first above written.

	 	 	 	 	 	 	 
	 	 	GUARANTOR:	 	 
	 	 	EQUITY OFFICE PROPERTIES TRUST	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Maureen Fear	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Maureen Fear	 	 
	 

	 	 	 	Title: Senior Vice President, Treasurer

ACCEPTED:

BANK OF AMERICA, N.A.

	 	 	 	 	 
	By:

	 	/s/ Stephen B. Carlson	 	 
	 

	 	 	 	 
	 

	 	Name: Stephen B. Carlson	 	 
	 

	 	Title:   Vice President	 	 

S-1

 

 

ACKNOWLEDGMENT FOR GUARANTOR

	 	 	 	 	 	 	 
	STATE OF ILLINOIS)

	 	 	 	 	 	 
	 

	 	)SS.
	 	 
	COUNTY OF COOK

	 	) 	 	 	 	 

          On September 19, 2006, before me personally came Maureen Fear, to me known to be the person
who executed the foregoing instrument, and who, being duly sworn by me, did depose and say that he
is Maureen Fear of Equity Office Properties Trust, and that he executed the foregoing instrument in
the organization’s name, and that he had authority to sign the same, and he acknowledged to me that
he executed the same as the act and deed of said organization for the uses and purposes therein
mentioned.

[Seal]

	 	 	 	 	 
	 

	 	/s/ Amber Miller
	 	 
	 

	 	 	 	 
	 

	 	Notary Public	 	 
	 	 	 
	 

	 	(SEAL)	 	 

S-2

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