Document:

EX-10.3

REVOLVING NOTE

	 	 	 
	$162,500,000.00

	 	November 22, 2006

FOR VALUE RECEIVED, the undersigned, NNN APARTMENT REIT HOLDINGS, L.P., a Virginia limited
partnership (the “Borrower”), hereby promises to pay to the order of WACHOVIA BANK, NATIONAL
ASSOCIATION (the “Lender”), in care of Agent to Agent’s address at One Wachovia Center, 301 South
College Street, Charlotte, North Carolina 28288, or at such other address as may be specified in
writing by the Agent to the Borrower, the principal sum of ONE HUNDRED SIXTY-TWO MILLION FIVE
HUNDRED THOUSAND AND NO/100 DOLLARS ($162,500,000.00) (or such lesser amount as shall equal the
aggregate unpaid principal amount of Revolving Loans made by the Lender to the Borrower under the
Credit Agreement (as herein defined)), on the dates and in the principal amounts provided in the
Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates
and on the dates provided in the Credit Agreement.

The date, amount of each Revolving Loan made by the Lender to the Borrower, and each payment
made on account of the principal thereof, shall be recorded by the Lender on its books and, prior
to any transfer of this Note, endorsed by the Lender on the schedule attached hereto or any
continuation thereof, provided that the failure of the Lender to make any such recordation
or endorsement shall not affect the obligations of the Borrower to make a payment when due of any
amount owing under the Credit Agreement or hereunder in respect of the Revolving Loans made by the
Lender.

This Note is one of the Revolving Notes referred to in the Credit Agreement dated as of
October 31, 2006 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among the Borrower the financial institutions party thereto and their
assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto.
Capitalized terms used herein, and not otherwise defined herein, have their respective meanings
given them in the Credit Agreement.

The Credit Agreement provides for the acceleration of the maturity of this Note upon the
occurrence of certain events and for prepayments of Loans upon the terms and conditions specified
therein.

Except as permitted by Section 12.5(d) of the Credit Agreement, this Note may not be assigned
by the Lender to any other Person.

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

The Borrower hereby waives presentment for payment, demand, notice of demand, notice of
non-payment, protest, notice of protest and all other similar notices.

Time is of the essence for this Note.

This Note, together with that certain other Revolving Note being executed by the undersigned,
are being executed pursuant to Section 12.5(d) of the Credit Agreement in replacement of a certain
Revolving Note issued pursuant to the Credit Agreement.

1

IN WITNESS WHEREOF, the undersigned has executed and delivered this Revolving Note under seal
as of the date first written above.

NNN APARTMENT REIT HOLDINGS, L.P., a Virginia limited
partnership

	 	 	 	By:
NNN Apartment REIT, Inc., its sole General
Partner

By: /s/ Louis J. Rogers

Name: Louis J. Rogers

Title: President

[SEAL]

2EX-10.4

REVOLVING NOTE

	 	 	 
	$37,500,000.00

	 	November 22, 2006

FOR VALUE RECEIVED, the undersigned, NNN APARTMENT REIT HOLDINGS, L.P., a Virginia limited
partnership (the “Borrower”), hereby promises to pay to the order of LASALLE BANK NATIONAL
ASSOCIATION (the “Lender”), in care of Agent to Agent’s address at One Wachovia Center, 301 South
College Street, Charlotte, North Carolina 28288, or at such other address as may be specified in
writing by the Agent to the Borrower, the principal sum of THIRTY-SEVEN MILLION FIVE HUNDRED
THOUSAND AND NO/100 DOLLARS ($37,500,000.00) (or such lesser amount as shall equal the aggregate
unpaid principal amount of Revolving Loans made by the Lender to the Borrower under the Credit
Agreement (as herein defined)), on the dates and in the principal amounts provided in the Credit
Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on
the dates provided in the Credit Agreement.

The date, amount of each Revolving Loan made by the Lender to the Borrower, and each payment
made on account of the principal thereof, shall be recorded by the Lender on its books and, prior
to any transfer of this Note, endorsed by the Lender on the schedule attached hereto or any
continuation thereof, provided that the failure of the Lender to make any such recordation
or endorsement shall not affect the obligations of the Borrower to make a payment when due of any
amount owing under the Credit Agreement or hereunder in respect of the Revolving Loans made by the
Lender.

This Note is one of the Revolving Notes referred to in the Credit Agreement dated as of
October 31, 2006 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), by and among the Borrower the financial institutions party thereto and their
assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto.
Capitalized terms used herein, and not otherwise defined herein, have their respective meanings
given them in the Credit Agreement.

The Credit Agreement provides for the acceleration of the maturity of this Note upon the
occurrence of certain events and for prepayments of Loans upon the terms and conditions specified
therein.

Except as permitted by Section 12.5(d) of the Credit Agreement, this Note may not be assigned
by the Lender to any other Person.

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

The Borrower hereby waives presentment for payment, demand, notice of demand, notice of
non-payment, protest, notice of protest and all other similar notices.

Time is of the essence for this Note.

This Note, together with that certain other Revolving Note being executed by the undersigned,
are being executed pursuant to Section 12.5(d) of the Credit Agreement in replacement of a certain
Revolving Note issued pursuant to the Credit Agreement.

1

IN WITNESS WHEREOF, the undersigned has executed and delivered this Revolving Note under seal
as of the date first written above.

NNN APARTMENT REIT HOLDINGS, L.P., a Virginia limited
partnership

	 	 	 	By:
NNN Apartment REIT, Inc., its sole General
Partner

By: /s/ Louis J. Rogers

Name: Louis J. Rogers

Title: President

[SEAL]

2EX-10.1

EXHIBIT 10.1

EXECUTION COPY

CREDIT AGREEMENT

Dated as of November 21, 2006

by and among

U-STORE-IT, L.P.,

as Borrower,

U-STORE-IT TRUST,

as Parent,

WACHOVIA CAPITAL MARKETS, LLC,

and

KEYBANC CAPITAL MARKETS,

as Joint Lead Arrangers,

WACHOVIA CAPITAL MARKETS, LLC,

as Book Manager,

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

KEYBANK NATIONAL ASSOCIATION,

as Syndication Agent,

BANK OF AMERICA, N.A.,

SUNTRUST BANK,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Documentation Agents,

and

THE FINANCIAL INSTITUTIONS INITIALLY SIGNATORY HERETO

AND THEIR ASSIGNEES PURSUANT TO SECTION 13.5.,

as Lenders

1

TABLE OF CONTENTS

	 	 	 	 	 
	Article I. Definitions
	 	 	1	 
	Section 1.1. Definitions.
	 	 	1	 
	Section 1.2. General; References to Times.
	 	 	26	 
	Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries.
	 	 	27	 
	Article II. Credit Facility
	 	 	27	 
	Section 2.1. Revolving Loans.
	 	 	27	 
	Section 2.2. Term Loans.
	 	 	28	 
	Section 2.3. Bid Rate Loans.
	 	 	28	 
	Section 2.4. Swingline Loans.
	 	 	32	 
	Section 2.5. Letters of Credit
	 	 	34	 
	Section 2.6. Rates and Payment of Interest on Loans.
	 	 	38	 
	Section 2.7. Number of Interest Periods.
	 	 	39	 
	Section 2.8. Repayment of Loans.
	 	 	39	 
	Section 2.9. Prepayments.
	 	 	40	 
	Section 2.10. Continuation.
	 	 	40	 
	Section 2.11. Conversion.
	 	 	41	 
	Section 2.12. Notes.
	 	 	41	 
	Section 2.13. Voluntary Reductions of the Revolving Commitments.
	 	 	42	 
	Section 2.14. Extension of Termination Date.
	 	 	42	 
	Section 2.15. Expiration or Maturity Date of Letters of Credit Past Termination Date.
	 	 	43	 
	Section 2.16. Amount Limitations.
	 	 	43	 
	Section 2.17. Increase of Revolving Commitments.
	 	 	43	 
	Article III. Payments, Fees and Other General Provisions
	 	 	44	 
	Section 3.1. Payments.
	 	 	44	 
	Section 3.2. Pro Rata Treatment.
	 	 	44	 
	Section 3.3. Sharing of Payments, Etc.
	 	 	45	 
	Section 3.4. Several Obligations.
	 	 	46	 
	Section 3.5. Minimum Amounts.
	 	 	46	 
	Section 3.6. Fees.
	 	 	46	 
	Section 3.7. Computations.
	 	 	48	 
	Section 3.8. Usury.
	 	 	48	 
	Section 3.9. Agreement Regarding Interest and Charges.
	 	 	48	 
	Section 3.10. Statements of Account.
	 	 	49	 
	Section 3.11. Defaulting Lenders.
	 	 	49	 
	Section 3.12. Taxes.
	 	 	50	 
	Article IV. Unencumbered Pool Properties
	 	 	52	 
	Section 4.1. Eligibility of Properties.
	 	 	52	 
	Section 4.2. Release of Properties.
	 	 	54	 

- i -

2

	 	 	 	 	 
	Article V. Yield Protection, Etc.
	 	 	54	 
	Section 5.1. Additional Costs; Capital Adequacy.
	 	 	54	 
	Section 5.2. Suspension of LIBOR Loans.
	 	 	55	 
	Section 5.3. Illegality.
	 	 	56	 
	Section 5.4. Compensation.
	 	 	56	 
	Section 5.5. Affected Lenders.
	 	 	56	 
	Section 5.6. Treatment of Affected Loans.
	 	 	57	 
	Section 5.7. Change of Lending Office.
	 	 	58	 
	Section 5.8. Assumptions Concerning Funding of LIBOR Loans.
	 	 	58	 
	Article VI. Conditions Precedent
	 	 	58	 
	Section 6.1. Initial Conditions Precedent.
	 	 	58	 
	Section 6.2. Conditions Precedent to All Loans and Letters of Credit.
	 	 	60	 
	Article VII. Representations and Warranties
	 	 	61	 
	Section 7.1. Representations and Warranties.
	 	 	61	 
	Section 7.2. Survival of Representations and Warranties, Etc.
	 	 	67	 
	Article VIII. Affirmative Covenants
	 	 	67	 
	Section 8.1. Preservation of Existence and Similar Matters.
	 	 	67	 
	Section 8.2. Compliance with Applicable Law and Material Contracts.
	 	 	67	 
	Section 8.3. Maintenance of Property.
	 	 	68	 
	Section 8.4. Conduct of Business.
	 	 	68	 
	Section 8.5. Insurance.
	 	 	68	 
	Section 8.6. Payment of Taxes and Claims.
	 	 	68	 
	Section 8.7. Visits and Inspections.
	 	 	68	 
	Section 8.8. Use of Proceeds; Letters of Credit.
	 	 	69	 
	Section 8.9. Environmental Matters.
	 	 	69	 
	Section 8.10. Books and Records.
	 	 	70	 
	Section 8.11. Further Assurances.
	 	 	70	 
	Section 8.12. New Subsidiaries; Guarantors; Release of Guarantors.
	 	 	70	 
	Section 8.13. REIT Status.
	 	 	71	 
	Section 8.14. Exchange Listing.
	 	 	71	 
	Article IX. Information
	 	 	71	 
	Section 9.1. Quarterly Financial Statements.
	 	 	71	 
	Section 9.2. Year-End Statements.
	 	 	71	 
	Section 9.3. Compliance Certificate.
	 	 	72	 
	Section 9.4. Other Information.
	 	 	72	 
	Section 9.5. Delivery of Documents.
	 	 	75	 
	Article X. Negative Covenants
	 	 	75	 
	Section 10.1. Financial Covenants.
	 	 	75	 
	Section 10.2. Restricted Payments.
	 	 	76	 
	Section 10.3. Indebtedness.
	 	 	77	 
	Section 10.4. Certain Permitted Investments.
	 	 	77	 
	Section 10.5. Investments Generally.
	 	 	78	 

- ii -

3

	 	 	 	 	 
	Section 10.6. Liens; Negative Pledges; Other Matters.
	 	 	79	 
	Section 10.7. Merger, Consolidation, Sales of Assets and Other Arrangements.
	 	 	79	 
	Section 10.8. Fiscal Year.
	 	 	81	 
	Section 10.9. Modifications to Material Contracts.
	 	 	81	 
	Section 10.10. Modifications of Organizational Documents.
	 	 	81	 
	Section 10.11. Transactions with Affiliates.
	 	 	81	 
	Section 10.12. ERISA Exemptions.
	 	 	81	 
	Article XI. Default
	 	 	81	 
	Section 11.1. Events of Default.
	 	 	81	 
	Section 11.2. Remedies Upon Event of Default.
	 	 	85	 
	Section 11.3. Remedies Upon Default.
	 	 	86	 
	Section 11.4. Allocation of Proceeds.
	 	 	86	 
	Section 11.5. Collateral Account.
	 	 	87	 
	Section 11.6. Performance by Agent.
	 	 	88	 
	Section 11.7. Rights Cumulative.
	 	 	88	 
	Article XII. The Agent
	 	 	88	 
	Section 12.1. Authorization and Action.
	 	 	88	 
	Section 12.2. Agent’s Reliance, Etc.
	 	 	89	 
	Section 12.3. Notice of Defaults.
	 	 	90	 
	Section 12.4. Agent as Lender.
	 	 	90	 
	Section 12.5. Approvals of Lenders.
	 	 	90	 
	Section 12.6. Lender Credit Decision, Etc.
	 	 	91	 
	Section 12.7. Indemnification of Agent.
	 	 	92	 
	Section 12.8. Successor Agent.
	 	 	92	 
	Section 12.9. Titled Agents.
	 	 	93	 
	Article XIII. Miscellaneous
	 	 	93	 
	Section 13.1. Notices.
	 	 	93	 
	Section 13.2. Expenses.
	 	 	94	 
	Section 13.3. Setoff.
	 	 	95	 
	Section 13.4. Litigation; Jurisdiction; Other Matters; Waivers.
	 	 	95	 
	Section 13.5. Successors and Assigns.
	 	 	96	 
	Section 13.6. Amendments.
	 	 	100	 
	Section 13.7. Nonliability of Agent and Lenders.
	 	 	102	 
	Section 13.8. Confidentiality.
	 	 	103	 
	Section 13.9. Indemnification.
	 	 	103	 
	Section 13.10. Termination; Survival.
	 	 	106	 
	Section 13.11. Severability of Provisions.
	 	 	106	 
	Section 13.12. GOVERNING LAW.
	 	 	106	 
	Section 13.13. Patriot Act.
	 	 	106	 
	Section 13.14. Counterparts.
	 	 	106	 
	Section 13.15. Obligations with Respect to Loan Parties.
	 	 	107	 
	Section 13.16. Limitation of Liability.
	 	 	107	 
	Section 13.17. Entire Agreement.
	 	 	107	 

- iii -

4

	 	 	 	 	 	 	 	 	 
	Section 13.18. Construction.
	 	 	107	 
	 
 
SCHEDULE 1.1.(A)
	 	List of Loan Parties
	 	 	 	 
	SCHEDULE 1.1.(B)
	 	Lender Commitments
	 	 	 	 
	SCHEDULE 4.1.
	 	Initial Unencumbered Pool Properties
	 	 	 	 
	SCHEDULE 7.1.(b)
	 	Ownership Structure
	 	 	 	 
	SCHEDULE 7.1.(f)
	 	Title to Properties; Liens
	 	 	 	 
	SCHEDULE 7.1.(g)
	 	Indebtedness and Guaranties
	 	 	 	 
	SCHEDULE 7.1.(h)
	 	Material Contracts
	 	 	 	 
	SCHEDULE 7.1.(i)
	 	Litigation
	 	 	 	 
	SCHEDULE 10.6.
	 	Existing Negative Pledges
	 	 	 	 
	EXHIBIT A
	 	Form of Assignment and Acceptance Agreement
	 	 	 	 
	EXHIBIT B
	 	Form of Notice of Borrowing
	 	 	 	 
	EXHIBIT C
	 	Form of Notice of Continuation
	 	 	 	 
	EXHIBIT D
	 	Form of Notice of Conversion
	 	 	 	 
	EXHIBIT E
	 	Form of Notice of Swingline Borrowing
	 	 	 	 
	EXHIBIT F
	 	Form of Swingline Note
	 	 	 	 
	EXHIBIT G
	 	Form of Revolving Note
	 	 	 	 
	EXHIBIT H
	 	Form of Opinion of Counsel
	 	 	 	 
	EXHIBIT I
	 	Form of Compliance Certificate
	 	 	 	 
	EXHIBIT J
	 	Form of Guaranty
	 	 	 	 
	EXHIBIT K
	 	Form of Designation Agreement
	 	 	 	 
	EXHIBIT L
	 	Form of Bid Rate Quote Request
	 	 	 	 
	EXHIBIT M
	 	Form of Bid Rate Quote
	 	 	 	 
	EXHIBIT N
	 	Form of Bid Rate Quote Acceptance
	 	 	 	 
	EXHIBIT O
	 	Form of Bid Rate Note
	 	 	 	 
	EXHIBIT P
	 	Form of Term Note
	 	 	 	 

- iv -

5

THIS CREDIT AGREEMENT (this “Agreement”) dated as of November 21, 2006 by and among
U-STORE-IT, L.P., a limited partnership formed under the laws of the State of Delaware (the
“Borrower”), U-STORE-IT TRUST, a real estate investment trust formed under the laws of the State of
Maryland (the “Parent”), WACHOVIA CAPITAL MARKETS, LLC and KEYBANC CAPITAL MARKETS, as Joint Lead
Arrangers (each a “Joint Lead Arranger”), WACHOVIA CAPITAL MARKETS, LLC, as Book Manager (the “Book
Manager”), WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent, KEYBANK NATIONAL ASSOCIATION, as
Syndication Agent (the “Syndication Agent”), BANK OF AMERICA, N.A., SUNTRUST BANK and WELLS FARGO
BANK, NATIONAL ASSOCIATION, as Documentation Agent (each a “Documentation Agent”), and each of the
financial institutions initially a signatory hereto together with their assignees pursuant to
Section 13.5.(b).

WHEREAS, the Agent and the Lenders desire to make available to the Borrower a $250,000,000
revolving credit facility, which will include a $40,000,000 letter of credit subfacility and a
$20,000,000 swingline subfacility, and a term loan facility in the amount of $200,000,000, all on
the terms and conditions contained herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the parties hereto agree as follows:

Article I. Definitions

	 	 	Section 1.1. Definitions.	 

In addition to terms defined elsewhere herein, the following terms shall have the following
meanings for the purposes of this Agreement:

“Absolute Rate” has the meaning given that term in Section 2.3.(c)(ii)(C).

“Absolute Rate Auction” means a solicitation of Bid Rate Quotes setting forth Absolute Rates
pursuant to Section 2.3.(c)(ii)(C).

“Absolute Rate Loan” means a Bid Rate Loan, the interest rate on which is determined on the
basis of an Absolute Rate pursuant to an Absolute Rate Auction.

“Accession Agreement” means an Accession Agreement substantially in the form of Annex I to the
Guaranty.

“Acquisition Price” means, with respect to any Property, the purchase price paid by the
Borrower or any of its Subsidiaries for such Property less closing and other transaction costs and
any amounts paid by the Borrower or such Subsidiary as a purchase price adjustment, to be held in
escrow, to be retained as a contingency reserve, or other similar amounts.

“Additional Costs” has the meaning given that term in Section 5.1.(a).

“Adjusted Asset Value” means, with respect to any Stabilized Storage Property owned in fee
simple or leased by the Borrower or any of its Subsidiaries and on any date of

6

determination, an amount equal to (a) the Net Operating Income of such Stabilized Storage Property
for the 2 full fiscal quarters of the Parent most recently ended for which financial statements are
available multiplied by (b) 2 and divided by (c) the Capitalization Rate.

“Adjusted EBITDA” means, for any given period, (a) Consolidated EBITDA for such period
minus (b) Reserves for Capital Expenditures for all Storage Properties for such period.

“Adjusted LIBOR” means, with respect to each Interest Period for any LIBOR Loan, the rate
obtained by dividing (a) LIBOR for such Interest Period by (b) a percentage equal to 1 minus the
stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with
respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”) as specified
in Regulation D of the Board of Governors of the Federal Reserve System (or against any other
category of liabilities which includes deposits by reference to which the interest rate on LIBOR
Loans is determined or any applicable category of extensions of credit or other assets which
includes loans by an office of any Lender outside of the United States of America to residents of
the United States of America). Any change in such maximum rate shall result in a change in Adjusted
LIBOR on the date on which such change in such maximum rate becomes effective.

“Adjusted Total Revenue” means, for any period, an amount equal to (a) the total revenue of
the Parent and its Subsidiaries for such period, determined on a consolidated basis in accordance
with GAAP, minus (b) the aggregate amount of total revenue of all the Excluded Subsidiaries
for such period.

“Affiliate” means any Person (other than the Agent or any Lender): (a) directly or indirectly
controlling, controlled by, or under common control with, the Borrower; (b) directly or indirectly
owning or holding ten percent (10.0%) or more of any Equity Interest in the Borrower; or (c) ten
percent (10.0%) or more of whose voting stock or other Equity Interest is directly or indirectly
owned or held by the Borrower. For purposes of this definition, “control” (including with
correlative meanings, the terms “controlling”, “controlled by” and “under common control with”)
means the possession directly or indirectly of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities or by
contract or otherwise. The Affiliates of a Person shall include any officer or director of such
Person. In no event shall the Agent or any Lender be deemed to be an Affiliate of the Borrower.

“Agent” means Wachovia Bank, National Association, as contractual representative for the
Lenders under the terms of this Agreement, and any of its successors.

“Agreement” has the meaning set forth in the introductory paragraph hereof.

“Agreement Date” means the date as of which this Agreement is dated.

“Applicable Law” means all applicable provisions of constitutions, statutes, laws, rules,
regulations and orders of all governmental bodies and all orders and decrees of all courts,
tribunals and arbitrators. 

- 2 -

7

“Applicable Margin” means:

(a) at any time prior to the Investment Grade Rating Date, the percentage set forth below
corresponding to the ratio of Consolidated Total Indebtedness to Consolidated Adjusted Asset Value
as determined in accordance with Section 10.1. in effect at such time:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Consolidated Total Indebtedness to	 	Applicable Margin for	 	Applicable Margin for
	Level	 	Consolidated Adjusted Asset Value	 	LIBOR Loans	 	Base Rate Loans
	  

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 	 	 
	1

	 	<= 0.45 to 1.00
	 	 	1.00	%	 	 	0.00	%
	 
	 	 	 	 	 	 	 	 	 	 
	2

	 	> 0.45 to 1.00 and <= 0.55 to 1.00
	 	 	1.15	%	 	 	0.15	%
	 
	 	 	 	 	 	 	 	 	 	 
	3

	 	> 0.55 to 1.00 and <= 0.60 to 1.00
	 	 	1.30	%	 	 	0.30	%
	 
	 	 	 	 	 	 	 	 	 	 
	4

	 	> 0.60 to 1.00
	 	 	1.50	%	 	 	0.50	%

The Applicable Margin shall be determined by the Agent from time to time, based on the ratio
of Consolidated Total Indebtedness to Consolidated Adjusted Asset Value as set forth in the
Compliance Certificate most recently delivered by the Borrower pursuant to Section 9.3. Any
adjustment to the Applicable Margin shall be effective (a) in the case of a Compliance Certificate
delivered in connection with quarterly financial statements of the Parent delivered pursuant to
Section 9.1., as of the date 55 days following the end of the last day of the applicable fiscal
quarter covered by such Compliance Certificate, (b) in the case of a Compliance Certificate
delivered in connection with annual financial statements of the Parent delivered pursuant to
Section 9.2., as of the date 100 days following the end of the last day of the applicable fiscal
year covered by such Compliance Certificate, and (c) in the case of any other Compliance
Certificate, as of the date 5 Business Days following the Agent’s request for such Compliance
Certificate. If the Borrower fails to deliver a Compliance Certificate pursuant to Section 9.3.,
the Applicable Margin shall equal the percentages corresponding to Level 4 until the date of the
delivery of the required Compliance Certificate. As of the Agreement Date, and thereafter until
changed as provided above, the Applicable Margin is determined based on Level 2. The provisions of
this definition are subject to Section 2.6.(c); and

(b) on and at all times after the Investment Grade Rating Date, the percentage per annum
determined, at any time, based on the range into which the Borrower’s Credit Rating then falls, in
accordance with the levels in the table set forth below (each a “Level”). Any change in the
Parent’s Credit Rating which would cause it to move to a different Level in such table shall effect
a change in the Applicable Margin on the Business Day on which such change occurs. During any
period for which the Parent has received a Credit Rating from only one Rating Agency, then the
Applicable Margin shall be determined based on such Credit Rating (so long as such rating is from
S&P or Moody’s). During any period that the Parent has received only two Credit Ratings and such
ratings are not equivalent, the Applicable Margin shall be determined by the higher of such two
Credit Ratings. During any period that the Parent has received more than two Credit Ratings and
such ratings are not all equivalent, the Applicable Margin shall be equal to the average of the
Applicable Margins determined by reference to each such Credit Rating. During any period for which
the Parent does not have a Credit Rating from either of S&P or  Moody’s, or during any other period
after the Investment Grade Rating Date not otherwise covered in this clause (b), the Applicable
Margin shall be determined based on Level 4. The provisions of this definition are subject to
Section 2.6.(c).

- 3 -

8

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Borrower’s Credit Rating	 	 	 	 
	 	 	(S&P/Moody’s or	 	Applicable Margin	 	Applicable Margin
	Level	 	equivalent)	 	for LIBOR Loans	 	for Base Rate Loans
	 1

	 	BBB+/Baa1
	 	 	0.425	%	 	 	0.0	%
	 
	 	 	 	 	 	 	 	 	 	 
	 2

	 	BBB/Baa2
	 	 	0.60	%	 	 	0.0	%
	 
	 	 	 	 	 	 	 	 	 	 
	 3

	 	BBB-/Baa3
	 	 	0.75	%	 	 	0.0	%
	 
	 	 	 	 	 	 	 	 	 	 
	 4

	 	< BBB-/Baa3
	 	 	1.00	%	 	 	0.25	%

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
affiliate of a Lender or (c) an entity or an affiliate of an entity that administers or manages a
Lender.

“Arrangers” means Wachovia Capital Markets, LLC and KeyBanc Capital Markets, together with
their respective successors and permitted assigns.

“Assignee” has the meaning given that term in Section 13.5.(b).

“Assignment and Acceptance Agreement” means an Assignment and Acceptance Agreement entered
into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required
by Section 13.5.), and accepted by the Agent, substantially in the form of Exhibit A or any other
form approved by the Agent.

“Base Rate” means the per annum rate of interest equal to the greater of (a) the Prime Rate or
(b) the Federal Funds Rate plus one-half of one percent (0.5%). Any change in the Base Rate
resulting from a change in the Prime Rate or the Federal Funds Rate shall become effective as of
12:01 a.m. on the Business Day on which each such change occurs. The Base Rate is a reference rate
used by the Lender acting as the Agent in determining interest rates on certain loans and is not
intended to be the lowest rate of interest charged by the Lender acting as the Agent or any other
Lender on any extension of credit to any debtor.

“Base Rate Loan” means a Loan bearing interest at a rate based on the Base Rate.

“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.

“Bid Rate Borrowing” has the meaning given that term in Section 2.3.(b).

“Bid Rate Loan” means a loan made by a Lender under Section 2.3.

“Bid Rate Note” has the meaning given that term in Section 2.12.(c).

“Bid Rate Quote” means an offer in accordance with Section 2.3.(c) by a Lender to make a Bid
Rate Loan with one single specified interest rate.

 

“Bid Rate Quote Request” has the meaning given that term in Section 2.3.(b).

- 4 -

9

“Borrower” has the meaning set forth in the introductory paragraph hereof and shall include
the Borrower’s successors and permitted assigns.

“Business Day” means (a) any day other than a Saturday, Sunday or other day on which banks in
Charlotte, North Carolina are authorized or required to close and (b) with reference to a LIBOR
Loan or LIBOR Margin Loan, any such day that is also a day on which dealings in Dollar deposits are
carried out in the London interbank market.

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

“Capitalization Rate” means 8.00%.

“Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States
of America or any of its agencies with maturities of not more than one year from the date acquired;
(b) certificates of deposit with maturities of not more than one year from the date issued by a
United States federal or state chartered commercial bank of recognized standing, or a commercial
bank organized under the laws of any other country which is a member of the Organization for
Economic Cooperation and Development, or a political subdivision of any such country, acting
through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000
and which bank or its holding company has a short-term commercial paper rating of at least A-2 or
the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase
agreements with terms of not more than seven days from the date acquired, for securities of the
type described in clause (a) above and entered into only with commercial banks having the
qualifications described in clause (b) above; (d) commercial paper issued by any Person
incorporated under the laws of the United States of America or any State thereof and rated at least
A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s, in each
case with maturities of not more than one year from the date acquired; and (e) investments in money
market funds registered under the Investment Company Act of 1940, as amended, which have net assets
of at least $500,000,000 and at least 85% of whose assets consist of securities and other
obligations of the type described in clauses (a) through (d) above.

“Collateral Account” means a special non-interest bearing deposit account or securities
account maintained by, or on behalf of, the Agent and under its sole dominion and control.

“Commitment” means, as to any Lender, such Lender’s Revolving Commitment or such Lender’s Term
Commitment.

 

“Commitment Percentage” means, as to each Lender, the ratio, expressed as a percentage, of
(a) the amount of such Lender’s Revolving Commitment to (b) the aggregate amount of the Revolving
Commitments of all Revolving Lenders; provided, however, that if at

- 5 -

10

the time of determination the Revolving Commitments have terminated or been reduced to zero, the
“Commitment Percentage” of each Revolving Lender shall be the Commitment Percentage of such
Revolving Lender in effect immediately prior to such termination or reduction.

“Compliance Certificate” has the meaning given that term in Section 9.3.

“Consolidated Adjusted Asset Value” means, on any date of determination, the sum (without
duplication) of (a) the aggregate Adjusted Asset Value of all Stabilized Storage Properties of the
Borrower and its Subsidiaries on such date plus (b) the undepreciated book value
(determined in accordance with GAAP) of all Development Properties plus (c) an amount equal
to the Acquisition Price of all Properties owned in fee simple or leased by a Loan Party for less
than 6 full fiscal quarters ended prior to such date of determination plus (d) the book
value (determined in accordance with GAAP) of all other tangible assets of the Parent and its
Subsidiaries on such date, provided that, (x) the portion of the Consolidated Adjusted
Asset Value attributable to clause (d) above shall not exceed 5.0% of the Consolidated Adjusted
Asset Value and (y) the portion of the Consolidated Adjusted Asset Value attributable to
Development Properties shall not exceed 15% of the Consolidated Adjusted Asset Value and any excess
of such amounts shall be excluded when determining the Consolidated Adjusted Asset Value. The
Borrower’s pro rata share of assets held by Unconsolidated Affiliates will be included in
Consolidated Adjusted Asset Value calculations consistent with the above described treatment for
wholly owned assets.

“Consolidated EBITDA” means, for any period, Consolidated Net Income of the Parent and its
Subsidiaries for such period plus, without duplication and to the extent reflected as a
charge in the statement of Consolidated Net Income for such period, the sum of (a) income tax
expense, (b) interest expense, amortization or write-off of debt discount and debt issuance costs
and commissions, discounts and other fees and charges associated with Indebtedness,
(c) depreciation and amortization expense, (d) amortization of intangibles (including, but not
limited to, amortization and/or impairment charges with respect to goodwill) and organization
costs, (e) any extraordinary, unusual or non-recurring non-cash expenses or losses (including,
whether or not otherwise includable as a separate item in the statement of such Consolidated Net
Income for such period, losses on sales of assets outside of the ordinary course of business), and
(f) any other non-cash charges (including non-cash charges under Financial Accounting Standards
Board Statement No. 123R), and minus, to the extent included in the statement of such
Consolidated Net Income for such period, the sum of (i) interest income (except to the extent
deducted in determining such Consolidated Net Income), (ii) any extraordinary, unusual or
non-recurring income or gains (including, whether or not otherwise includable as a separate item in
the statement of such Consolidated Net Income for such period, gains on the sales of assets outside
of the ordinary course of business), (iii) any other non-cash income and (iv) any cash payments
made during such period in respect of items described in clause (e) above subsequent to the fiscal
quarter in which the relevant non-cash expenses or losses were reflected as a charge in the
statement of Consolidated Net Income, all as determined on a consolidated basis.

“Consolidated Fixed Charges” means, for any period, the sum (without duplication) of
(a) Consolidated Interest Expense for such period, (b) all regularly scheduled payments made during
such period on account of principal of Indebtedness of the Parent or any of its 

- 6 -

11

Subsidiaries, other than balloon, bullet or similar principal payments which repay in full such
Indebtedness, (c) Preferred Dividends accumulated (whether or not declared or payable) by the
Parent or any of its Subsidiaries during such period and (d) the Parent’s and its Subsidiaries’
pro-rata share of all expenses and payments referred to in the preceding clauses (a) and (b) of any
Unconsolidated Affiliate of the Parent or any of its Subsidiaries.

“Consolidated Interest Expense” means, for any period, the total interest expense of Parent
and its Subsidiaries (including that attributable to Capital Lease Obligations and any capitalized
interest expense) for such period with respect to all outstanding Indebtedness of Parent and its
Subsidiaries (including, without limitation, all commissions, discounts and other fees and charges
owed by the Parent and its Subsidiaries with respect to letters of credit, bankers’ acceptance
financing and net costs of Parent and its Subsidiaries under Derivatives Contracts in respect of
interest rates to the extent such net costs are allocable to such period in accordance with GAAP),
plus the Parent’s and its Subsidiaries’ pro-rata share of all such expenses of any
Unconsolidated Affiliates of the Parent or any Subsidiary.

“Consolidated Net Income” means, of any Person for any period, the consolidated net income (or
loss) of such Person and its Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP; provided, that in calculating Consolidated Net Income of Parent and
its consolidated Subsidiaries for any period, there shall be excluded (a) the income (or deficit)
of any Person accrued prior to the date it becomes a Subsidiary of Parent or is merged into or
consolidated with Parent or any of its Subsidiaries, (b) the income (or deficit) of any Person
(other than a Subsidiary of the Borrower) in which Parent or any of its Subsidiaries has an
ownership interest, except to the extent that any such income is actually received by Parent or
such Subsidiary in the form of dividends or similar distributions and (c) the undistributed
earnings of any Subsidiary of Parent to the extent that the declaration or payment of dividends or
similar distributions by such Subsidiary is not at the time permitted by the terms of any
Contractual Obligation (other than under any Loan Document) or Applicable Law applicable to such
Subsidiary.

“Consolidated Total Indebtedness” means, at any date, the aggregate principal amount of all
Indebtedness of Parent and its Subsidiaries at such date, determined on a consolidated basis in
accordance with GAAP.

“Construction Budget” means the fully-budgeted costs for the acquisition and construction of a
given parcel of real property (including, without limitation, the cost of acquiring such parcel of
real property, reserves for construction interest and operating deficits, tenant improvements,
leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good
faith.

“Continue”, “Continuation” and “Continued” each refers to the continuation of a LIBOR Loan
from one Interest Period to another Interest Period pursuant to Section 2.10.

“Contractual Obligation” means, as to any Person, any provision of any security issued by such
Person or of any agreement, instrument or other undertaking to which such Person is a party or by
which it or any of its property is bound.

 

- 7 -

12

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type
into a Loan of another Type pursuant to Section 2.11.

“Credit Event” means any of the following: (a) the making (or deemed making) of any Loan,
(b) the Continuation of a LIBOR Loan, (c) the Conversion of a Base Rate Loan into a LIBOR Loan, and
(d) the issuance of a Letter of Credit.

“Credit Rating” means the rating assigned by a Rating Agency to the senior unsecured long term
Indebtedness of a Person.

“Default” means any of the events specified in Section 11.1., whether or not there has been
satisfied any requirement for the giving of notice, the lapse of time, or both.

“Defaulting Lender” has the meaning given that term in Section 3.11.

“Derivatives Contract” means any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement. Not in limitation of the foregoing, the term
“Derivatives Contract” includes any and all transactions of any kind, and the related
confirmations, which are subject to the terms and conditions of, or governed by, any form of master
agreement published by the International Swaps and Derivatives Association, Inc., any International
Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or
liabilities under any such master agreement.

“Derivatives Termination Value” means, in respect of any one or more Derivatives Contracts,
after taking into account the effect of any legally enforceable netting agreement relating to such
Derivatives Contracts, (a) for any date on or after the date such Derivatives Contracts have been
closed out and termination value(s) determined in accordance therewith, such termination value(s),
and (b) for any date prior to the date referenced in clause (a) the amount(s) determined as the
mark-to-market value(s) for such Derivatives Contracts, as determined based upon one or more
mid-market or other readily available quotations provided by any recognized dealer in such
Derivatives Contracts (which may include any Lender).

“Designated Lender” means a special purpose corporation which is sponsored by a Lender, that
is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course
of its business and that issues (or the parent of which issues) commercial paper rated at least P-1
(or the then equivalent grade) by Moody’s or A-1 (or the then equivalent grade) by S&P that, in
either case, (a) is organized under the laws of the United States of America or 

- 8 -

13

any state thereof, (b) shall have become a party to this Agreement pursuant to Section 13.5.(h) and
(c) is not otherwise a Lender.

“Designated Lender Note” means a Bid Rate Note of the Borrower evidencing the obligation of
the Borrower to repay Bid Rate Loans made by a Designated Lender.

“Designating Lender” has the meaning given that term in Section 13.5.(h).

“Designation Agreement” means a Designation Agreement between a Lender and a Designated Lender
and accepted by the Agent, substantially in the form of Exhibit K or such other form as may be
agreed to by such Lender, such Designated Lender and the Agent.

“Development Property” means a Property currently under development as a Storage Property that
has not achieved an Occupancy Rate of 70% or more or, subject to the last sentence of this
definition, on which the improvements (other than tenant improvements on unoccupied space) related
to the development have not been completed. A Development Property on which all improvements
(other than tenant improvements on unoccupied space) related to the development of such Property
have been completed for at least 36 months shall cease to constitute a Development Property
notwithstanding the fact that such Property has not achieved an Occupancy Rate of at least 70%.

“Dollars” or “$” means the lawful currency of the United States of America.

“Effective Date” means the later of: (a) the Agreement Date; and (b) the date on which all of
the conditions precedent set forth in Section 6.1. shall have been fulfilled or waived in writing
by the Requisite Lenders.

“Eligible Assignee” means (a) a Lender, (b) an affiliate of a Lender, (c) an Approved Fund,
and (d) any other Person (other than a natural person) approved by (i) the Agent and (ii) unless a
Default or Event of Default shall exist, the Borrower (each such approval not to be unreasonably
withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall not
include the Borrower or any of the Borrower’s Affiliates or Subsidiaries.

“Eligible Property” means a Property which satisfies all of the following requirements:
(a) such Property is owned, or leased under a Ground Lease, by the Borrower or a Subsidiary that is
a Guarantor; (b) such Property is (i) utilized principally as a Stabilized Storage Property and has
an Occupancy Rate of at least 70% or (ii) a Development Property; (c) such Property is located in
one of the 48 contiguous states of the United States of America or in the District of Columbia;
(d) neither such Property, nor any interest of the Borrower or any Subsidiary thereof therein, is
subject to any Lien (other than Permitted Liens described in clauses (a) through (e) of  the
definition thereof) or any Negative Pledge; (e) if such Property is owned by a Subsidiary that is a
Guarantor, (i) none of the Borrower’s or the Parent’s direct or indirect ownership interest in such
Subsidiary is subject to any Lien (other than Permitted Liens described in clauses (a) through (e)
of the definition thereof) or any Negative Pledge and (ii) the Borrower directly, or indirectly
through a Subsidiary, has the right to take the following actions without the need to obtain the
consent of any Person: (A) to create Liens on such Property as security for

- 9 -

14

Indebtedness of the Parent, the Borrower or such Subsidiary, and (B) to sell, transfer or otherwise
dispose of such Property; and (f) such Property is free of all structural defects or major
architectural deficiencies, title defects, environmental conditions or other adverse matters except
for defects, deficiencies, conditions or other matters individually or collectively which are not
material to the profitable operation of such Property.

“Environmental Laws” means any Applicable Law relating to environmental protection or the
manufacture, storage, remediation, disposal or clean-up of Hazardous Materials including, without
limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution
Control Act, 33 U.S.C. § 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource
Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response,
Compensation and Liability Act, 42 U.S.C. § 9601 et seq.; National Environmental Policy Act, 42
U.S.C. § 4321 et seq.; regulations of the Environmental Protection Agency and any applicable rule
of common law and any judicial interpretation thereof relating primarily to the environment or
Hazardous Materials.

“Equity Interest” means, with respect to any Person, any share of capital stock of (or other
ownership or profit interests in) such Person, any warrant, option or other right for the purchase
or other acquisition from such Person of any share of capital stock of (or other ownership or
profit interests in) such Person, any security convertible into or exchangeable for any share of
capital stock of (or other ownership or profit interests in) such Person or warrant, right or
option for the purchase or other acquisition from such Person of such shares (or such other
interests), and any other ownership or profit interest in such Person (including, without
limitation, partnership, member or trust interests therein), whether voting or nonvoting, and
whether or not such share, warrant, option, right or other interest is authorized or otherwise
existing on any date of determination.

“Equity Issuance” means any issuance by a Person of any Equity Interest in such Person and
shall in any event include the issuance of any Equity Interest upon the conversion or exchange of
any security constituting Indebtedness that is convertible or exchangeable, or is being converted
or exchanged, for Equity Interests.

“ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to
time.

“ERISA Group” means the Parent, the Borrower, the other Subsidiaries and all members of a
controlled group of corporations and all trades or businesses (whether or not incorporated) under
common control which, together with the Borrower, are treated as a single employer under
Section 414 of the Internal Revenue Code.

 

“Event of Default” means any of the events specified in Section 11.1., provided that any
requirement for notice or lapse of time or any other condition has been satisfied.

“Excluded Subsidiary” means any Subsidiary (a) holding title to assets which are or are to
become collateral for any Secured Indebtedness of such Subsidiary (or whose sole asset is an Equity
Interest in such a Subsidiary) and (b) which is prohibited from Guarantying the

- 10 -

15

Indebtedness of any other Person pursuant to (i) any document, instrument or agreement evidencing
such Secured Indebtedness or (ii) a provision of such Subsidiary’s organizational documents which
provision was included in such Subsidiary’s organizational documents as a condition to the
extension of such Secured Indebtedness.

“Existing Credit Agreement” means that certain Amended and Restated Credit Agreement dated as
of February 23, 2006 by and among the Borrower, the Parent, the financial institutions party
thereto as “Lenders”, the Agent and the other parties thereto.

“Extension Request” has the meaning given that term in Section 2.14.

“Facility Fee” means the per annum percentage set forth in the table below corresponding to
the Level at which the “Applicable Margin” is determined on and after the Investment Grade Rating
Date in accordance with the definition thereof:

	 	 	 	 	 	 	 
	 	 	Borrower’s Credit Rating	 	 
	Level	 	(S&P/Moody’s or equivalent)	 	Facility Fee
	1

	 	BBB+/Baa1
	 	 	0.15	%
	 
	 	 	 	 	 	 
	2

	 	BBB/Baa2
	 	 	0.15	%
	 
	 	 	 	 	 	 
	3

	 	BBB-/Baa3
	 	 	0.20	%
	 
	 	 	 	 	 	 
	4

	 	< BBB-/Baa3
	 	 	0.25	%

“Fair Market Value” means, with respect to (a) a security listed on a national securities
exchange or the NASDAQ National Market, the last sale price of such security as reported on such
exchange or market by any widely recognized reporting method customarily relied upon by financial
institutions and (b) with respect to any other property, the price which could be negotiated in an
arm’s-length free market transaction, for cash, between a willing seller and a willing buyer,
neither of which is under pressure or compulsion to complete the transaction.

“Federal Funds Rate” means, for any day, the rate per annum (rounded upward 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 (a) 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, and (b) 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 Agent by federal funds dealers selected by the Agent on such day on such
transaction as determined by the Agent.

“Fees” means the fees and commissions provided for or referred to in Section 3.6. and any
other fees payable by the Borrower hereunder or under any other Loan Document.

“Floating Rate Indebtedness” means all Indebtedness of a Person which bears interest at a
variable rate during the scheduled life of such Indebtedness and for which such Person has not
obtained interest rate swap agreements, interest rate “cap” or “collar” agreements or other similar
Derivatives Contracts which effectively cause such variable rates to be equivalent to fixed rates
less than or equal to (a) the rate (as determined by the Agent) borne by United States 

- 11 -

16

10-year Treasury Notes at the time the applicable Derivatives Contract became effective plus
(b) 1.50%.

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

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in
the ordinary course of its business.

“Funds From Operations” means, for any period, with respect to the Parent and its
Subsidiaries, (a) Consolidated Net Income of the Parent and its Subsidiaries for such period,
plus (b) real estate depreciation and amortization (excluding amortization of financing
costs), plus (c) amortization associated with the purchase of property management
companies, plus (d) non-cash charges for the impairment of real estate assets for such
period, minus, to the extent included in the statement of such Consolidated Net Income for
such period (without duplication), (e) gains (or losses) from debt restructuring and sales of
property, and after adjustments for Unconsolidated Affiliates (with adjustments for Unconsolidated
Affiliates calculated to reflect funds from operations on the same basis) together with adjustments
for the non-cash deferred portion of any income tax provision for Unconsolidated Affiliates and the
payment of Preferred Dividends, as interpreted by the National Association of Real Estate
Investment Trusts in its May, 1995, White Paper on Funds From Operations; provided that,
the following shall be excluded when calculating Funds From Operations: (i) non-cash adjustments
for loan amortization costs and (ii) interest expense charges (or benefits) for minority interest
marked-to-market adjustments arising under Statement of Financial Accounting Standards No. 150 of
the Financial Accounting Standards Board as interpreted under GAAP.

“GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of 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 Approvals” means all authorizations, consents, approvals, licenses and
exemptions of, registrations and filings with, and reports to, all Governmental Authorities.

“Governmental Authority” means any national, state or local government (whether domestic or
foreign), any political subdivision thereof or any other governmental, quasi-governmental,
judicial, public or statutory instrumentality, authority, body, agency, bureau, commission, board,
department or other entity (including, without limitation, the Federal Deposit Insurance
Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any
comparable authority) or any arbitrator with authority to bind a party at law.

 

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17

“Ground Lease” means a ground lease containing the following terms and conditions: (a) a
remaining term (exclusive of any unexercised extension options) of 30 years or more from the
Agreement Date; (b) the right of the lessee to mortgage and encumber its interest in the leased
property without the consent of the lessor; (c) the obligation of the lessor to give the holder of
any mortgage Lien on such leased property written notice of any defaults on the part of the lessee
and agreement of such lessor that such lease will not be terminated until such holder has had a
reasonable opportunity to cure or complete foreclosures, and fails to do so; (d) reasonable
transferability of the lessee’s interest under such lease, including ability to sublease; and
(e) such other rights customarily required by mortgagees making a loan secured by the interest of
the holder of the leasehold estate demised pursuant to a ground lease.

“Guarantor” means any Person that is a party to the Guaranty as a “Guarantor” and in any event
shall include the Parent and each Material Subsidiary.

“Guaranty”, “Guaranteed”, “Guarantying” or to “Guarantee” as applied to any obligation means
and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection
or deposit in the ordinary course of business), directly or indirectly, in any manner, of any part
or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and
whether or not constituting a guaranty, the practical effect of which is to assure the payment or
performance (or payment of damages in the event of nonperformance) of any part or all of such
obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or
lease (as lessee or lessor) of property or the purchase or sale of services primarily for the
purpose of enabling the obligor with respect to such obligation to make any payment or performance
(or payment of damages in the event of nonperformance) of or on account of any part or all of such
obligation, or to assure the owner of such obligation against loss, (iii) the supplying of funds to
or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of
amounts drawn down by beneficiaries of letters of credit (including Letters of Credit), or (v) the
supplying of funds to or investing in a Person on account of all or any part of such Person’s
obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such
Person against any part or all of such obligation. As the context requires, “Guaranty” shall also
mean the Guaranty to which the Guarantors are parties substantially in the form of Exhibit J.

“Hazardous Materials” means all or any of the following: (a) substances that are defined or
listed in, or otherwise classified pursuant to, any applicable Environmental Laws as  “hazardous
substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other formulation
intended to define, list or classify substances by reason of deleterious properties such as
ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity or
“EP toxicity”; (b) oil, petroleum or petroleum derived substances, natural gas, natural gas liquids
or synthetic gas and drilling fluids, produced waters and other wastes associated with the
exploration, development or production of crude oil, natural gas or geothermal resources; (c) any
flammable substances or explosives or any radioactive materials; (d) asbestos in any form;
(e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing
levels of polychlorinated biphenyls in excess of fifty parts per million.

- 13 -

18

“Indebtedness” of any Person at any date, without duplication: (a) all indebtedness of such
Person for borrowed money; (b) all obligations of such Person for the deferred purchase price of
property or services (other than trade payables and accrued expenses incurred in the ordinary
course of such Person’s business); (c) all obligations of such Person evidenced by notes, bonds,
debentures or other similar instruments; (d) all indebtedness created or arising under any
conditional sale or other title retention agreement with respect to property acquired by such
Person (even though the rights and remedies of the seller or lender under such agreement in the
event of default are limited to repossession or sale of such property); (e) all Capital Lease
Obligations of such Person; (f) all obligations of such Person, contingent or otherwise, as an
account party or applicant under acceptance, letter of credit, surety bond or similar facilities;
(g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or
otherwise acquire for value any Equity Interests of such Person; (h) all Off-Balance Sheet
Obligations of such Person; (i) all obligations of such Person in respect of Guaranties of
obligations of the kind referred to in clauses (a) through (h) above; (j) all obligations of the
kind referred to in clauses (a) through (i) above secured by (or for which the holder of such
obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property
(including, without limitation, accounts and contract rights) owned by such Person, whether or not
such Person has assumed or become liable for the payment of such obligation; and (k) net
obligations of such Person under any Derivatives Contract not entered into as a hedge against
existing Indebtedness, in an amount equal to the Derivatives Termination Value thereof. The
Indebtedness of any person shall include the Indebtedness of any other entity (including any
partnership in which such person is a general partner) to the extent such person is liable
therefore as a result of such person’s ownership interest in or other relationship with such
entity, except to the extent the terms of such Indebtedness expressly provide that such person is
not liable therefore, provided that, Indebtedness shall include such person’s pro-rata
share of Indebtedness of any joint venture in which such person is a partner, regardless if such
person is liable therefor.

“Indemnified Costs” has the meaning given that term in Section 13.9.(a).

“Indemnified Party” has the meaning given that term in Section 13.9.(a).

“Indemnity Proceeding” has the meaning given that term in Section 13.9.(a).

“Intellectual Property” has the meaning given that term in Section 7.1.(t).

“Interest Period” means:

(a) with respect to any LIBOR Loan, each period commencing on the date such LIBOR Loan is
made, or in the case of the Continuation of a LIBOR Loan the last day of the preceding Interest
Period for such Loan, and ending 1, 2, 3 or 6 months thereafter, as the Borrower may select in a
Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except
that each Interest Period that commences on the last Business Day of a calendar month, or on a day
for which there is no corresponding day in the appropriate subsequent calendar month, shall end on
the last Business Day of the appropriate subsequent calendar month.  

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(b) with respect to any Bid Rate Loan, the period commencing on the date such Bid Rate Loan is
made and ending on any Business Day not less than 7 nor more than 180 days thereafter, as the
Borrower may select as provided in Section 2.3.(b).

Notwithstanding the foregoing: (i) if any Interest Period would otherwise end after the
Termination Date, such Interest Period shall end on the Termination Date; and (ii) each Interest
Period that would otherwise end on a day which is not a Business Day shall end on the immediately
following Business Day (or, if such immediately following Business Day falls in the next calendar
month, on the immediately preceding Business Day).

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

“Investment” means, with respect to any Person, any acquisition or investment (whether or not
of a controlling interest) by such Person, by means of any of the following: (a) the purchase or
other acquisition of any Equity Interest in another Person, (b) a loan, advance or extension of
credit to, capital contribution to, Guaranty of Indebtedness of, or purchase or other acquisition
of any Indebtedness of, another Person, including any partnership or joint venture interest in such
other Person, or (c) the purchase or other acquisition (in one transaction or a series of
transactions) of assets of another Person that constitute the business or a division or operating
unit of another Person. Any binding commitment to make an Investment in any other Person, as well
as any option of another Person to require an Investment in such Person, shall constitute an
Investment. Except as expressly provided otherwise, for purposes of determining compliance with
any covenant contained in a Loan Document, the amount of any Investment shall be the amount
actually invested, without adjustment for subsequent increases or decreases in the value of such
Investment.

“Investment Grade Rating” means a Credit Rating of BBB-/Baa3 (or equivalent) or higher from
the Rating Agencies (one of which must be S&P or Moody’s).

“Investment Grade Rating Date” means the date on which the Parent first obtains an Investment
Grade Rating.

“L/C Commitment Amount” equals $40,000,000.

“Lender” means each financial institution from time to time party hereto as a “Lender” or a
“Designated Lender,” together with its respective successors and permitted assigns, and as the
context requires, includes the Swingline Lender; provided, however, that the term “Lender” shall
exclude each Designated Lender when used in reference to any Loan other than a Bid Rate Loan, the
Commitments or terms relating to any Loan other than a Bid Rate Loan and shall further exclude each
Designated Lender for all other purposes under the Loan Documents except that any Designated Lender
which funds a Bid Rate Loan shall, subject to Section 13.5.(h), have the rights (including the
rights given to a Lender contained in Sections 13.2. and 13.9.) and obligations of a Lender
associated with holding such Bid Rate Loan.

“Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender
specified as such on its signature page hereto or in the applicable Assignment and

 

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Acceptance Agreement, or such other office of such Lender of which such Lender may notify the Agent
in writing from time to time.

“Letter of Credit” has the meaning given that term in Section 2.5.(a).

“Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any
application therefor, any certificate or other document presented in connection with a drawing
under such Letter of Credit and any other agreement, instrument or other document governing or
providing for (a) the rights and obligations of the parties concerned or at risk with respect to
such Letter of Credit or (b) any collateral security for any of such obligations.

“Letter of Credit Liabilities” means, without duplication, at any time and in respect of any
Letter of Credit, the sum of (a) the Stated Amount of such Letter of Credit plus (b) the aggregate
unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and
payable in respect of all drawings made under such Letter of Credit. For purposes of this
Agreement, a Lender (other than the Lender acting as the Agent) shall be deemed to hold a Letter of
Credit Liability in an amount equal to its participation interest in the related Letter of Credit
under Section 2.5.(i), and the Lender acting as the Agent shall be deemed to hold a Letter of
Credit Liability in an amount equal to its retained interest in the related Letter of Credit after
giving effect to the acquisition by the Lenders other than the Lender acting as the Agent of their
participation interests under such Section.

“Level” has the meaning given that term in the definition of the term “Applicable Margin.”

“LIBOR” means, for any LIBOR Loan or any LIBOR Margin Loan for any Interest Period therefor,
the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Dow
Jones Market Service (formerly Telerate) Page 3750 (or any successor page) as the London interbank
offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days
prior to the first day of such Interest Period for a term comparable to such Interest Period. If
for any reason such rate is not available, the term “LIBOR” shall mean, for any LIBOR Loan or
LIBOR Margin Loan for any Interest Period therefor, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) appearing on the Reuters Screen LIBO Page as the London
interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time) two
Business Days prior to the first day of such Interest Period for a term comparable to such Interest
Period; provided, however, if more than one rate is specified on the Reuters Screen LIBO Page, the
applicable rate shall be the arithmetic mean of all such rates. If for any reason none of the
foregoing rates is available, LIBOR shall be, for any Interest Period, the rate per annum
reasonably determined by the Agent as the rate of interest at which Dollar deposits in the
approximate amount of the LIBOR Loan comprising part of such borrowing or LIBOR Margin Loan would
be offered by the Agent to major banks in the London interbank Eurodollar market at their request
at or about 11:00 a.m. (London time) two Business Days prior to the first day of such Interest
Period for a term comparable to such Interest Period.

“LIBOR Auction” means a solicitation of Bid Rate Quotes setting forth LIBOR Margin Loans
pursuant to Section 2.3.

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“LIBOR Loan” means a Revolving Loan or Term Loan bearing interest at a rate based on LIBOR.

“LIBOR Margin” has the meaning given that term in Section 2.3.(c)(ii)(D).

“LIBOR Margin Loan” means a Bid Rate Loan the interest rate on which is determined on the
basis of LIBOR pursuant to a LIBOR Auction.

“Lien” as applied to the property of any Person means: (a) any security interest,
encumbrance, mortgage, deed to secure debt, deed of trust, assignment of leases and rents, pledge,
lien, charge or lease constituting a Capital Lease Obligation, conditional sale or other title
retention agreement, or other security title or encumbrance of any kind in respect of any property
of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or
implied, under which any property of such Person is transferred, sequestered or otherwise
identified for the purpose of subjecting the same to the payment of Indebtedness or performance of
any other obligation in priority to the payment of the general, unsecured creditors of such Person;
(c) the filing of any financing statement under the Uniform Commercial Code or its equivalent in
any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to
a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capital
Lease Obligation pursuant to Section 9-505 (or a successor provision) of the Uniform Commercial
Code or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale
or other disposition of accounts or other assets not prohibited by this Agreement in a transaction
not otherwise constituting or giving rise to a Lien; and (d) any agreement by such Person to grant,
give or otherwise convey any of the foregoing.

“Loan” means a Revolving Loan, a Term Loan, a Bid Rate Loan or a Swingline Loan.

“Loan Document” means this Agreement, each Note, each Letter of Credit Document, the Guaranty
and each other document or instrument now or hereafter executed and delivered by a Loan Party in
connection with, pursuant to or relating to this Agreement.

“Loan Party” means each of the Parent, the Borrower and each other Person who guarantees all
or a portion of the Obligations and/or who pledges any collateral security to secure all or a
portion of the Obligations. Schedule 1.1.(A) sets forth the Loan Parties in addition to the Parent
and the Borrower as of the Agreement Date.

 

“Material Adverse Effect” means a materially adverse effect on (a) the business, assets,
liabilities, condition (financial or otherwise), or results of operations of the Parent and its
Subsidiaries taken as a whole, (b) the ability of the Parent, the Borrower or any other Loan Party
to perform its obligations under any Loan Document to which it is a party, (c) the validity or
enforceability of any of the Loan Documents, or (d) the rights and remedies of the Lenders and the
Agent under any of the Loan Documents.

“Material Contract” means any contract or other arrangement (other than Loan Documents),
whether written or oral, to which the Parent, the Borrower, any other Subsidiary or

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any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to
renew by any party thereto could reasonably be expected to have a Material Adverse Effect.

“Material Indebtedness” has the meaning given that term in Section 11.1.(e)(i).

“Material Subsidiary” means (a) any Subsidiary of the Parent that owns, or otherwise has any
interest in, any Unencumbered Pool Property or any other property or asset which is taken into
account when calculating Unencumbered Property Pool Value; (b) any Subsidiary (other than an
Excluded Subsidiary) that has total assets greater than or equal to 5.0% of total assets of the
Borrower determined on a consolidated basis (calculated as of the end of the fiscal quarter most
recently ending for which financial statements are available) or (c) any Subsidiary (other than an
Excluded Subsidiary) that has total revenues greater than or equal to 5.0% of the total revenues of
the Borrower determined on a consolidated basis (calculated for the fiscal quarter most recently
ending for which financial statements are available). In any event, the term “Material
Subsidiaries” shall mean and include all Subsidiaries (other than Excluded Subsidiaries) of the
Borrower, which, together with the Borrower, account for 90.0% or more of the Adjusted Total
Revenue of the Borrower determined on a consolidated basis for the fiscal quarter most recently
ended for which financial statements are available. If more than one combination of Subsidiaries
satisfies such threshold, then those Subsidiaries so determined to the “Material Subsidiaries”
shall be specified by the Borrower.

“Moody’s” means Moody’s Investors Service, Inc., and its successors.

“Multiemployer Plan” means at any time a multiemployer 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 within the preceding five plan years made contributions, including for
these purposes any Person which ceased to be a member of the ERISA Group during such five year
period.

“Negative Pledge” means, with respect to a given asset, any provision of a document,
instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit the
creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning
such asset or any other Person; provided, however, that an agreement that conditions a Person’s
ability to encumber its assets upon the maintenance of one or more specified ratios that limit such
Person’s ability to encumber its assets but that do not generally prohibit the  encumbrance of its
assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge.

“Net Operating Income” or “NOI” means, for any Storage Property and for a given period, the
sum of the following (without duplication and determined on a consistent basis with prior periods):
(a) rents and other revenues received in the ordinary course of business from operating such
Property (including proceeds of rent loss insurance but excluding pre-paid rents and revenues and
security deposits except to the extent applied in satisfaction of tenants’ obligations for rent)
during such period minus (b) all expenses paid or accrued related to the ownership,
operation or maintenance of such Property, including, but not limited to, taxes, assessments and
other similar charges, insurance, utilities, payroll costs, maintenance, repair and

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landscaping expenses and on-site marketing expenses during such period minus (c) the
Reserves for Capital Expenditures for such Property for such period minus (d) an imputed
management fee in the amount of five percent (5.0%) of the gross revenues for such Property for
such period.

“Net Proceeds” means with respect to any Equity Issuance by a Person, the aggregate amount of
all cash and the Fair Market Value of all other property (other than securities of such Person
being converted or exchanged in connection with such Equity Issuance) received by such Person in
respect of such Equity Issuance net of investment banking fees, legal fees, accountants’ fees,
underwriting discounts and commissions, listing fees, financial printing costs and other customary
fees and expenses actually incurred by such Person in connection with such Equity Issuance.

“Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed money in
respect of which recourse for payment (except for exceptions for fraud, misapplication of funds,
environmental indemnities, bankruptcy, transfer of collateral in violation of the applicable loan
documents, failure to obtain consent for subordinate financing in violation of the applicable loan
documents and other exceptions to nonrecourse liability which are customary for nonrecourse
financings at the time as determined by the Agent) is contractually limited to specific assets of
such Person encumbered by a Lien securing such Indebtedness. Liability of a Person under a
completion guarantee, to the extent relating to the Nonrecourse Indebtedness of another Person,
shall not, in and of itself, prevent such liability from being characterized as Nonrecourse
Indebtedness.

“Note” means a Revolving Note, a Term Note, a Bid Rate Note or a Swingline Note.

“Notice of Borrowing” means a notice in the form of Exhibit B to be delivered to the Agent
pursuant to Section 2.1.(b) evidencing the Borrower’s request for a borrowing of Revolving Loans.

“Notice of Continuation” means a notice in the form of Exhibit C to be delivered to the Agent
pursuant to Section 2.10. evidencing the Borrower’s request for the Continuation of a LIBOR Loan.

“Notice of Conversion” means a notice in the form of Exhibit D to be delivered to the Agent
pursuant to Section 2.11. evidencing the Borrower’s request for the Conversion of a Loan from one
Type to another Type.

“Notice of Swingline Borrowing” means a notice in the form of Exhibit E to be delivered to the
Agent pursuant to Section 2.4. evidencing the Borrower’s request for a Swingline Loan.

“Obligations” means, individually and collectively: (a) the aggregate principal balance of,
and all accrued and unpaid interest on, all Loans; (b) all Reimbursement Obligations and all other
Letter of Credit Liabilities; and (c) all other indebtedness, liabilities, obligations, covenants
and duties of the Borrower and the other Loan Parties owing to the Agent or any Lender of every
kind, nature and description, under or in respect of this Agreement or any of the other Loan

 

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Documents, including, without limitation, the Fees and indemnification obligations, whether direct
or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or
unliquidated, and whether or not evidenced by any promissory note.

“Occupancy Rate” means, with respect to a Property at any time, the ratio, expressed as a
percentage, of (a) aggregate leaseable square footage of all completed space of such Property
actually occupied by non-Affiliate tenants paying rent at market rates pursuant to binding leases
as to which no monetary default has occurred and has continued for a period in excess of 60 days to
(b) the aggregate leaseable square footage of all completed space of such Property.

“OFAC” means U.S. Department of the Treasury’s Office of Foreign Assets Control and any
successor Governmental Authority.

“Off-Balance Sheet Obligations” means liabilities and obligations of the Parent, the Borrower,
any other Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined
in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act) which the Parent
would be required to disclose in the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” section of the Parent’s report on Form 10-Q or Form 10-K (or their
equivalents) which the Parent is required to file with the Securities and Exchange Commission (or
any Governmental Authority substituted therefor).

“Parent” has the meaning set forth in the introductory paragraph hereof and shall include the
Parent’s successors and permitted assigns.

“Participant” has the meaning given that term in Section 13.5.(d).

“PBGC” means the Pension Benefit Guaranty Corporation and any successor agency.

“Permitted Liens” means, as to any Person: (a) Liens securing taxes, assessments and other
charges or levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any
of the provisions of ERISA or pursuant to any Environmental Laws) or the claims of materialmen,
mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred
in the ordinary course of business, which are not at the time required to be paid or discharged
under Section 8.6.; (b) Liens consisting of deposits or pledges made, in the ordinary course of
business, in connection with, or to secure payment of, obligations under workers’ compensation,
unemployment insurance or similar Applicable Laws; (c) Liens consisting of encumbrances in the
nature of zoning restrictions, easements, and rights or restrictions of record on the use of real
property, which do not materially detract from the value of such property or materially and
adversely impair the intended use thereof in the business of such Person; (d) the rights of tenants
under leases or subleases not interfering with the ordinary conduct of business of such Person;
(e) Liens in favor of the Agent for the benefit of the Lenders; and (f) Liens in existence as of
the Agreement Date and set forth in Part II of Schedule 7.1.(f).

“Person” means an individual, corporation, partnership, limited liability company,
association, trust or unincorporated organization, or a government or any agency or political
subdivision thereof.

 

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“Plan” means an employee pension benefit plan (other than a Multiemployer Plan) which is
covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the
Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA
Group for employees of any member of the ERISA Group or (b) 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.

“Post-Default Rate” means a rate per annum equal to the Base Rate as in effect from time to
time plus the Applicable Margin for Base Rate Loans plus four percent (4.0%).

“Preferred Dividends” means, for any period and without duplication, all Restricted Payments
paid during such period on Preferred Equity Interests issued by the Parent or any of its
Subsidiaries. Preferred Dividends shall not include dividends or distributions (a) to the extent
paid or payable to the Parent or any of its Subsidiaries, or (b) constituting or resulting in the
redemption of Preferred Equity Interests, other than scheduled redemptions not constituting
balloon, bullet or similar redemptions in full.

“Preferred Equity Interests” means, with respect to any Person, Equity Interests in such
Person which are entitled to preference or priority over any other Equity Interest in such Person
in respect of the payment of dividends or distribution of assets upon liquidation or both.

“Prime Rate” means the rate of interest per annum announced publicly by the Lender then acting
as the Agent as its prime rate from time to time. The Prime Rate is not necessarily the best or
the lowest rate of interest offered by the Lender acting as the Agent or any other Lender.

“Principal Office” means the office of the Agent located at One Wachovia Center, Charlotte,
North Carolina, or such other office of the Agent as the Agent may designate from time to time.

“Property” means any parcel of real property owned or leased (in whole or in part) or operated
by the Parent, the Borrower, any Subsidiary or any Unconsolidated Affiliate of the Borrower.

“Property Release” has the meaning given that term in Section 4.2.

“Rating Agency” means S&P, Moody’s or any other nationally recognized statistical rating
organization acceptable to the Agent.

“Register” has the meaning given that term in Section 13.5.(c).

“Regulatory Change” means, with respect to any Lender, any change (including without
limitation, Regulation D of the Board of Governors of the Federal Reserve System) effective after
the Agreement Date in Applicable Law or the adoption or making after such date of any  

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interpretation, directive or request applying to a class of banks, including such Lender, of or
under any Applicable Law (whether or not having the force of law and whether or not failure to
comply therewith would be unlawful) by any Governmental Authority or monetary authority charged
with the interpretation or administration thereof or compliance by any Lender with any request or
directive regarding capital adequacy.

“Reimbursement Obligation” means the absolute, unconditional and irrevocable obligation of the
Borrower to reimburse the Agent for any drawing honored by the Agent under a Letter of Credit.

“REIT” means a “real estate investment trust” under the Internal Revenue Code.

“Requisite Lenders” means, as of any date, Lenders having at least 66-2/3% of the aggregate
amount of the Commitments (not held by Defaulting Lenders who are not entitled to vote), or, if all
of the Commitments have been terminated or reduced to zero, Lenders holding at least 66-2/3% of the
principal amount of the aggregate outstanding Loans and Letter of Credit Liabilities (not held by
Defaulting Lenders who are not entitled to vote). Commitments, Loans and Letter of Credit
Liabilities held by Defaulting Lenders shall be disregarded when determining the Requisite Lenders.
For purposes of this definition, a Lender (other than the Swingline Lender) shall be deemed to
hold a Swingline Loan or a Letter of Credit Liability to the extent such Lender has acquired a
participation therein under the terms of this Agreement and has not failed to perform its
obligations in respect of such participation.

“Reserves for Capital Expenditures” means, with respect to any Storage Property for any
period, an amount equal to (a) the aggregate leasable square footage of all completed space of such
Property multiplied by (b) $0.15 per square foot multiplied by (c) the number of
days actually elapsed during such period divided by (d) 365.

“Responsible Officer” means with respect to the Parent, the Borrower or any Subsidiary, the
chief executive officer, president and chief financial officer of the Parent, the Borrower or such
Subsidiary or, if any of the foregoing is a partnership, such officer of its general partner.

 

“Restricted Payment” means: (a) any dividend or other distribution, direct or indirect, on
account of any Equity Interest of the Parent, the Borrower or any other Subsidiary now or hereafter
outstanding, except a dividend payable solely in Equity Interests of an identical or junior class
to the holders of that class; (b) any redemption, conversion, exchange, retirement, sinking fund or
similar payment, purchase or other acquisition for value, direct or indirect, of any Equity
Interest of the Parent, the Borrower or any other Subsidiary now or hereafter outstanding; and
(c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or
other rights to acquire any Equity Interests of the Parent, the Borrower or any other Subsidiary
now or hereafter outstanding.

“Revolving Commitment” means, as to each Lender (other than the Swingline Lender), such
Lender’s obligation (a) to make Revolving Loans pursuant to Section 2.1., (b) to issue (in the case
of the Lender then acting as Agent) or participate in (in the case of the other Lenders) Letters of
Credit pursuant to Section 2.5.(a) and 2.5.(i), respectively (but in the case of the

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27

Lender acting as the Agent excluding the aggregate amount of participations in the Letters of
Credit held by the other Lenders), and (c) to participate in Swingline Loans pursuant to
Section 2.4.(e), in each case, in an amount up to, but not exceeding, the amount set forth for such
Lender on Schedule 1.1.(B) as such Lender’s “Revolving Commitment Amount” or as set forth in the
applicable Assignment and Acceptance Agreement, as the same may be reduced from time to time
pursuant to Section 2.13. or increased or reduced as appropriate to reflect any assignments to or
by such Lender effected in accordance with Section 13.5.

“Revolving Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.1.(a).

“Revolving Note” has the meaning given that term in Section 2.12.(a).

“Sanctioned Entity” means (a) an agency of the government of, (b) an organization directly or
indirectly controlled by, or (c) a Person resident in, in each case, a country that is subject to a
sanctions program identified on the list maintained by the OFAC and published from time to time, as
such program may be applicable to such agency, organization or Person.

“Sanctioned Person” means a Person named on the list of Specially Designated Nationals or
Blocked Persons maintained by the OFAC as published from time to time.

“Secured Indebtedness” means, with respect to a Person as of any given date, the aggregate
principal amount of all Indebtedness of such Person outstanding at such date and that is secured in
any manner by any Lien, and in the case of the Parent and any of its Subsidiaries, shall include
(without duplication) the Parents’ and its Subsidiaries’ pro rata shares of the Secured
Indebtedness of their Unconsolidated Affiliates.

“Secured Recourse Indebtedness” means all Indebtedness of the Parent and the Subsidiaries that
is Secured Indebtedness and is not Nonrecourse Indebtedness.

“Securities Act” means the Securities Act of 1933, as amended from time to time, together with
all rules and regulations issued thereunder.

“Security Filing” has the meaning given that term in Section 9.4.(b).

“Significant Subsidiary” means any Subsidiary to which 5.0% or more of Consolidated Adjusted
Asset Value is attributable.

“Solvent” means, when used with respect to any Person, that (a) the fair value and the fair
salable value of its assets (excluding any Indebtedness due from any affiliate of such Person) are
each in excess of the fair valuation of its total liabilities (including all contingent liabilities
computed at the amount which, in light of all the facts and circumstances existing at such time,
represents the amount that could reasonably be expected to become an actual and matured liability);
(b) such Person is able to pay its debts or other obligations in the ordinary course as they
mature; and (c) such Person has capital not unreasonably small to carry on its business and all
business in which it proposes to be engaged.

 

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“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.

“Stabilized Storage Property” means a Storage Property that (a) either (i) has been owned for
more than six quarters or (ii) which originally was a Development Property and (b) either (i) has
achieved 70% occupancy or (ii) has been a Development Property for 36 months.

“Stated Amount” means the amount available to be drawn by a beneficiary under a Letter of
Credit from time to time, as such amount may be increased or reduced from time to time in
accordance with the terms of such Letter of Credit.

“Storage Property” means a Property primarily operated as a self-storage facility.

“Subsidiary” means, for any Person, any corporation, partnership, limited liability company or
other entity of which at least a majority of the Equity Interests having by the terms thereof
ordinary voting power to elect a majority of the board of directors or other individuals performing
similar functions of such corporation, partnership or other entity (without regard to the
occurrence of any contingency) is at the time directly or indirectly owned or controlled by such
Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of
such Person, and shall include all Persons the accounts of which are consolidated with those of
such Person pursuant to GAAP.

“Swingline Commitment” means the Swingline Lender’s obligation to make Swingline Loans
pursuant to Section 2.4. in an amount up to, but not exceeding, $20,000,000, as such amount may be
reduced from time to time in accordance with the terms hereof.

“Swingline Lender” means Wachovia Bank, National Association, together with its respective
successors and assigns.

“Swingline Loan” means a loan made by the Swingline Lender to the Borrower pursuant to
Section 2.4.(a).

“Swingline Note” means the promissory note of the Borrower payable to the order of the
Swingline Lender in a principal amount equal to the amount of the Swingline Commitment as
originally in effect and otherwise duly completed, substantially in the form of Exhibit F.

“Tangible Net Worth” means, for any Person on any date of determination, (a) such Person’s
total stockholders’ equity determined on a consolidated basis, plus (b) accumulated
depreciation and amortization, minus (c) the following (to the extent reflected in
determining stockholders’ equity of such Person): (i) the amount of any write-up in the book value
of any assets contained in any balance sheet resulting from revaluation thereof or any write-up in
excess of the cost of such assets acquired, and (ii) the aggregate of all amounts appearing on the
assets side of any such balance sheet for assets which would be classified as intangible assets
under GAAP, all determined on a consolidated basis.

 

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“Taxes” has the meaning given that term in Section 3.12.

“Termination Date” means November 20, 2009, or such later date to which the Termination Date
may be extended pursuant to Section 2.14.

“Term Commitment” means, as to a Lender, such Lender’s obligation to make a Term Loan pursuant
to Section 2.2.(a) in an amount up to, but not exceeding, the amount set forth for such Lender on
Schedule 1.1.(B) as such Lender’s “Term Commitment Amount.”

“Term Loan” means a loan made by a Lender to the Borrower pursuant to Section 2.2.(a).

“Term Note” has the meaning given that term in Section 2.12.(b).

“Titled Agents” means each of the Joint Lead Arrangers, the Book Manager, the Syndication
Agent, and the Documentation Agents and their respective successors and permitted assigns.

“Type” with respect to any Revolving Loan or Term Loan, refers to whether such Loan is a LIBOR
Loan or Base Rate Loan.

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in which such
Person holds an Investment, which Investment is accounted for in the financial statements of such
Person on an equity basis of accounting and whose financial results would not be consolidated under
GAAP with the financial results of such Person on the consolidated financial statements of such
Person.

“Unencumbered Pool Property” means a Property which is to be included in calculations of the
Unencumbered Pool Property Value pursuant to Section 4.1. A Property shall cease to be a
Unencumbered Pool Property if at any time such Property shall cease to be an Eligible Property
unless otherwise agreed by the Requisite Lenders.

“Unencumbered Property Pool Value” means, with respect to each Unencumbered Pool Property, on
any date of determination (a) if such Property has been owned in fee simple or leased by a Loan
Party for more than 6 full fiscal quarters ended prior to such date of determination and financial
statements are available for such period, an amount equal to (i) the Net Operating Income of such
Property for the 2 full fiscal quarters of the Borrower most recently ended for which financial
statements are available multiplied by (ii) 2 divided by (iii) the Capitalization
Rate, (b) if such Property is a Development Property, the book value of such Property determined in
accordance with GAAP, and (c) otherwise, the Acquisition Price of such Property. Notwithstanding
the foregoing, (A) to the extent that the Unencumbered Property Pool Value attributable to
Properties subject to a Ground Lease would exceed 15% of the Unencumbered Property Pool Value, such
excess shall be excluded from the Unencumbered Property Pool Value and (B) to the extent that the
Unencumbered Property Pool Value attributable to Development Properties and Properties that have
ceased to be Development Properties by operation of the last sentence of the definition of the term
Development Property

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would exceed 10% of the Unencumbered Property Pool Value, such excess shall be excluded from the
Unencumbered Property Pool Value.

“Unfunded Liabilities” means, with respect to any Plan at any time, the amount (if any) by
which (a) the value of all benefit liabilities under such Plan, determined on a plan termination
basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds
(b) the fair market value of all Plan assets allocable to such liabilities under Title IV of ERISA
(excluding any accrued but unpaid contributions), all determined as of the then most recent
valuation date for such Plan, but only to the extent that such excess represents a potential
liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA.

“Unsecured Indebtedness” means Indebtedness which is not Secured Indebtedness.

“Unsecured Interest Expense” means, for any period, the Consolidated Interest Expense
attributable to Unsecured Indebtedness of the Parent and its Subsidiaries for such period.

“Wachovia” means Wachovia Bank, National Association, together with its successors and
assigns.

“Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the
equity securities or other ownership interests (other than, in the case of a corporation,
directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such
Person or one or more other Subsidiaries of such Person or by such Person and one or more other
Subsidiaries of such Person.

	 	 	Section 1.2. General; References to Times.	 

Unless otherwise indicated, all accounting terms, ratios and measurements shall be interpreted
or determined in accordance with GAAP; provided that, if at any time any change in  GAAP would
affect the computation of any financial ratio or requirement set forth in any Loan Document, and
either the Borrower or the Requisite Lenders shall so request, the Agent, the Lenders and the
Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original
intent thereof in light of such change in GAAP (subject to the approval of the Requisite Lenders);
provided further that, until so amended, (i) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide
to the Agent and the Lenders financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in GAAP. References in
this Agreement to “Sections”, “Articles”, “Exhibits” and “Schedules” are to sections, articles,
exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement
to any document, instrument or agreement (a) shall include all exhibits, schedules and other
attachments thereto, (b) shall include all documents, instruments or agreements issued or executed
in replacement thereof, to the extent permitted hereby and (c) shall mean such document, instrument
or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or
otherwise modified as of the date of this Agreement and from time to time thereafter to the extent
not prohibited hereby and in effect

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at any given time. Wherever from the context it appears appropriate, each term stated in
either the singular or plural shall include the singular and plural, and pronouns stated in the
masculine, feminine or neuter gender shall include the masculine, the feminine and the neuter.
Unless explicitly set forth to the contrary, a reference to “Subsidiary” means a Subsidiary of the
Parent or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an
Affiliate of the Borrower. Titles and captions of Articles, Sections, subsections and clauses in
this Agreement are for convenience only, and neither limit nor amplify the provisions of this
Agreement. Unless otherwise indicated, all references to time are references to Charlotte, North
Carolina time.

	 	 	Section 1.3. Financial Attributes of Non-Wholly Owned Subsidiaries.	 

When determining compliance by the Borrower or the Parent with any financial covenant
contained in any of the Loan Documents, only the pro rata share of the Borrower or the Parent, as
applicable, of the revenues, expenses, assets, liabilities and other financial statement items of a
Subsidiary that is not a Wholly Owned Subsidiary shall be included; provided, however, for purposes
of determining the Parent’s compliance with any such financial covenant the Borrower shall be
considered to be a Wholly Owned Subsidiary of the Parent.

Article II. Credit Facility

	 	 	Section 2.1. Revolving Loans.	 

(a) Generally. Subject to the terms and conditions hereof, during the period from the
Effective Date to but excluding the Termination Date, each Lender severally and not jointly agrees
to make Revolving Loans to the Borrower in an aggregate principal amount at any one time
outstanding up to, but not exceeding, the amount of such Lender’s Revolving Commitment. Subject to
the terms and conditions of this Agreement, during the period from the Effective Date to but
excluding the Termination Date, the Borrower may borrow, repay and reborrow Revolving Loans
hereunder.

 

(b) Requesting Revolving Loans. The Borrower shall give the Agent notice pursuant to
a Notice of Borrowing or telephonic notice of each borrowing of Revolving Loans. Each Notice of
Borrowing shall be delivered to the Agent before 11:00 a.m. (i) in the case of LIBOR Loans, on the
date three Business Days prior to the proposed date of such borrowing and (ii) in the case of Base
Rate Loans, on the date one Business Day prior to the proposed date of such borrowing. Any such
telephonic notice shall include all information to be specified in a written Notice of Borrowing
and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of Borrowing sent
to the Agent by telecopy on the same day of the giving of such telephonic notice. The Agent will
transmit by telecopy the Notice of Borrowing (or the information contained in such Notice of
Borrowing) to each Lender promptly upon receipt by the Agent (but in any event no later than 2:00
p.m. on the date of receipt by the Agent). Each Notice of Borrowing or telephonic notice of each
borrowing shall be irrevocable once given and binding on the Borrower.

(c) Disbursements of Revolving Loan Proceeds. No later than 1:00 p.m. on the date
specified in the Notice of Borrowing, each Lender will make available for the account of its

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applicable Lending Office to the Agent at the Principal Office, in immediately available funds, the
proceeds of the Revolving Loan to be made by such Lender. Subject to satisfaction of the
applicable conditions set forth in Article VI. for such borrowing, the Agent will make the proceeds
of such borrowing available to the Borrower no later than 2:00 p.m. on the date and at the account
specified by the Borrower in such Notice of Borrowing. With respect to Revolving Loans to be made
after the Effective Date, unless the Agent shall have been notified by any Lender prior to the
specified date of borrowing that such Lender does not intend to make available to the Agent the
Revolving Loan to be made by such Lender on such date, the Agent may assume that such Lender will
make the proceeds of such Revolving Loan available to the Agent on the date of the requested
borrowing as set forth in the Notice of Borrowing and the Agent may (but shall not be obligated
to), in reliance upon such assumption, make available to the Borrower no later than 11:00 a.m. on
the date requested by the Borrower the amount of such Revolving Loan to be provided by each such
Lender.

Section 2.2. Term Loans.

(a) Term Loans. Subject to the terms and conditions hereof, each Lender severally and
not jointly agrees to make a Term Loan to the Borrower on the Effective Date in an aggregate
principal amount of up to, but not exceeding, the amount of such Lender’s Term Commitment. Upon
the funding of the Term Loans, the Term Commitments shall terminate. Once repaid, the principal
amount of a Term Loan may not be reborrowed.

(b) Requesting Term Loans. The Borrower shall give the Agent notice (which notice
must be received by the Agent no later than 11:00 a.m. on the date that is one Business Day prior
to the anticipated Effective Date) requesting that the Lenders make the Term Loans on the Effective
Date and specifying the amount of Term Loans to be borrowed. Upon receipt of such notice the Agent
shall promptly notify each Lender. The notice of borrowing provided by the Borrower in the
preceding sentence shall be irrevocable once given and binding on the Borrower.

(c) Disbursements of Term Loan Proceeds. No later than 1:00 p.m. on the Effective
Date, each Lender will make available for the account of its applicable Lending Office to the Agent
at the Principal Office, in immediately available funds, the proceeds of the Term Loan to be made
by such Lender. Subject to satisfaction of the applicable conditions set forth in Article VI. for
such borrowing, the Agent will make the proceeds of such borrowing available to the Borrower no
later than 2:00 p.m. on the Effective Date.

Section 2.3. Bid Rate Loans.

(a) Bid Rate Loans. So long as the Borrower maintains an Investment Grade Rating, in
addition to borrowings of Revolving Loans, at any time during the period from the Investment Grade
Rating Date to but excluding the Termination Date, the Borrower may request the Lenders to make
offers to make Bid Rate Loans to the Borrower in Dollars. The Lenders 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.

(b) Requests for Bid Rate Loans. When the Borrower wishes to request from the Lenders
offers to make Bid Rate Loans, it shall give the Agent notice (a “Bid Rate Quote

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Request”) so as to be received no later than 10:00 a.m. on (x) the Business Day immediately
preceding the date of borrowing proposed therein, in the case of an Absolute Rate Auction and (y)
the date four Business Days prior to the proposed date of borrowing, in the case of a LIBOR
Auction. The Agent shall deliver to each Lender a copy of each Bid Rate Quote Request promptly
upon receipt thereof by the Agent. The Borrower may request offers to make Bid Rate Loans for up
to three (3) different Interest Periods in each Bid Rate Quote Request; provided that the request
for each separate Interest Period shall be deemed to be a separate Bid Rate Quote Request for a
separate borrowing (a “Bid Rate Borrowing”). Each Bid Rate Quote Request shall be substantially in
the form of Exhibit L and shall specify as to each Bid Rate Borrowing:

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

(ii) the aggregate amount of such Bid Rate Borrowing, which (x) shall be in the minimum
amount of $2,000,000 and integral multiples of $500,000 and (y) shall not cause any of the
limits specified in Section 2.16. to be violated;

(iii) whether the Bid Rate Quote Request is for LIBOR Margin Loans or Absolute Rate
Loans; and

(iv) the duration of the Interest Period applicable thereto, which shall not extend
beyond the Termination Date.

Except as otherwise provided in this subsection (b), no Bid Rate Quote Request shall be given
within five Business Days (or such other number of days as the Borrower and the Agent, with the
consent of the Requisite Lenders, may agree) of the giving of any other Bid Rate Quote Request.

(c) Bid Rate Quotes.

(i) Each Lender may submit one or more Bid Rate Quotes, each containing an offer to
make a Bid Rate Loan in response to any Bid Rate Quote Request; provided that, if the
Borrower’s request under Section 2.3.(b) specified more than one Interest Period, such
Lender may make a single submission containing one or more Bid Rate Quotes for each such
Interest Period. Each Bid Rate Quote must be submitted to the Agent not later than
10:00 a.m. (x) on the proposed date of borrowing, in the case of an Absolute Rate Auction
and (y) on the date three Business Days prior to the proposed date of borrowing, in the case
of a LIBOR Auction; provided that the Lender then acting as Agent may submit a Bid Rate
Quote only if it notifies the Borrower of the terms of the offer contained therein not later
than 9:00 a.m. (x) on the proposed date of such borrowing, in the case of an Absolute Rate
Auction and (y) on the date three Business Days prior to the proposed date of borrowing, in
the case of a LIBOR Auction. Subject to Articles VI. and XI., any Bid Rate Quote so made
shall be irrevocable except with the consent of the Agent given at the request of the
Borrower. Any Bid Rate Loan may be funded by a Lender’s Designated Lender (if any) as
provided in Section 13.5.(h), however such Lender shall not be required to specify in its
Bid Rate Quote whether such Bid Rate Loan will be funded by such Designated Lender.

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(ii) Each Bid Rate Quote shall be substantially in the form of Exhibit M and shall
specify:

(A) the proposed date of borrowing and the Interest Period therefor;

(B) the principal amount of the Bid Rate Loan for which each such offer is
being made; provided that the aggregate principal amount of all Bid Rate Loans for
which a Lender submits Bid Rate Quotes (x) may be greater or less than the Revolving
Commitment of such Lender but (y) shall not exceed the principal amount of the Bid
Rate Borrowing for a particular Interest Period for which offers were requested;

(C) in the case of an Absolute Rate Auction, the rate of interest per annum
(rounded upwards, if necessary, to the nearest 1/10,000th of 1%) offered for each
such Bid Rate Loan (the “Absolute Rate”);

(D) in the case of a LIBOR Auction, the margin above or below applicable LIBOR
(the “LIBOR Margin”) offered for each such LIBOR Margin Loan, expressed as a
percentage (rounded upwards, if necessary, to the nearest 1/1,000th of 1%) to be
added to (or subtracted from) the applicable LIBOR; and

(E) the identity of the quoting Lender.

Unless otherwise agreed by the Agent and the Borrower, no Bid Rate Quote shall contain
qualifying, conditional or similar language or propose terms other than or in addition to
those set forth in the applicable Bid Rate Quote Request and, in particular, no Bid Rate
Quote may be conditioned upon acceptance by the Borrower of all (or some specified minimum)
of the principal amount of the Bid Rate Loan for which such Bid Rate Quote is being made.

(d) Notification by Agent. The Agent shall, as promptly as practicable after the Bid
Rate Quotes are submitted (but in any event not later than 10:30 a.m. on the proposed date of
borrowing, in the case of an Absolute Rate Auction, or on the date three Business Days prior to the
proposed date of borrowing, in the case of a LIBOR Auction), notify the Borrower of the terms (i)
of any Bid Rate Quote submitted by a Lender that is in accordance with Section 2.3.(c) and (ii) of
any Bid Rate Quote that amends, modifies or is otherwise inconsistent with a previous Bid Rate
Quote submitted by such Lender with respect to the same Bid Rate Quote Request. Any such
subsequent Bid Rate Quote shall be disregarded by the Agent unless such subsequent Bid Rate Quote
is submitted solely to correct a manifest error in such former Bid Rate Quote. The Agent’s notice
to the Borrower shall specify (A) the aggregate principal amount of the Bid Rate Borrowing for
which offers have been received and (B) the principal amounts and Absolute Rates or LIBOR Margins,
as applicable, so offered by each Lender (identifying the Lender that made each Bid Rate Quote).

(e) Acceptance by Borrower.

 

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(i) Not later than 11:00 a.m. (x) on the proposed date of borrowing, in the case of an
Absolute Rate Auction and (y) on the date three Business Days prior to the proposed date of
borrowing, in the case of a LIBOR Auction, the Borrower shall notify the Agent of its
acceptance or nonacceptance of the Bid Rate Quotes so notified to it pursuant to
Section 2.3.(d) which notice shall be in the form of Exhibit N. In the case of acceptance,
such notice shall specify the aggregate principal amount of Bid Rate Quotes for each
Interest Period that are accepted. The failure of the Borrower to give such notice by such
time shall constitute nonacceptance. The Agent shall promptly notify each affected Lender.
The Borrower may accept any Bid Rate Quote in whole or in part; provided that:

(A) the aggregate principal amount of each Bid Rate Borrowing may not exceed
the applicable amount set forth in the related Bid Rate Quote Request;

(B) the aggregate principal amount of each Bid Rate Borrowing shall comply with
the provisions of Section 3.5., and with all other Bid Rate Loans accepted in such
auction shall not cause the limits specified in Section 2.16. to be violated;

(C) acceptance of Bid Rate Quotes may be made only in ascending order of
Absolute Rates or LIBOR Margins, as applicable, in each case beginning with the
lowest rate so offered;

(D) the Borrower may not accept any Bid Rate Quote that fails to comply with
Section 2.3.(c) or otherwise fails to comply with the requirements of this
Agreement; and

(E) any acceptance in part shall be in a minimum amount of $1,000,000 and
integral multiples of $500,000 in excess thereof.

 

(ii) If Bid Rate Quotes are made by two or more Lenders with the same Absolute Rates or
LIBOR Margins, as applicable, for a greater aggregate principal amount than the amount in
respect of which Bid Rate Quotes are permitted to be accepted for the related Interest
Period, the principal amount of Bid Rate Loans in respect of which such Bid Rate Quotes are
accepted shall be allocated by the Agent among such Lenders in proportion to the aggregate
principal amount of such Bid Rate Quotes. Determinations by the Agent of the amounts of Bid
Rate Loans shall be conclusive in the absence of manifest error.

(f) Obligation to Make Bid Rate Loans. The Agent shall promptly (and in any event not
later than 12:00 noon (x) on the proposed date of borrowing of Absolute Rate Loans and (y) on the
date three Business Days prior to the proposed date of borrowing of LIBOR Margin Loans) notify each
Lender whose Bid Rate Quote has been accepted and the amount and rate thereof. A Lender who is
notified that it has been selected to make a Bid Rate Loan may designate its Designated Lender (if
any) to fund such Bid Rate Loan on its behalf, as described in

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Section 13.5.(h). Any Designated Lender which funds a Bid Rate Loan shall on and after the time of
such funding become the obligee in respect of such Bid Rate Loan and be entitled to receive payment
thereof when due. No Lender shall be relieved of its obligation to fund a Bid Rate Loan, and no
Designated Lender shall assume such obligation, prior to the time the applicable Bid Rate Loan is
funded. Any Lender whose offer to make any Bid Rate Loan has been accepted shall, not later than
1:30 p.m. on the date specified for the making of such Loan, make the amount of such Loan available
to the Agent at its Principal Office in immediately available funds, for the account of the
Borrower. The amount so received by the Agent shall, subject to the terms and conditions of this
Agreement, be made available to the Borrower no later than 2:00 p.m. on such date by depositing the
same, in immediately available funds, in an account of the Borrower designated by the Borrower.

(g) No Effect on Commitments. Except for the purpose and to the extent expressly
stated in Sections 2.13. and 2.16., the amount of any Bid Rate Loan made by any Lender shall not
constitute a utilization of such Lender’s Revolving Commitment.

Section 2.4. Swingline Loans.

(a) Swingline Loans. Subject to the terms and conditions hereof, during the period
from the Effective Date to but excluding the Termination Date, the Swingline Lender agrees to make
Swingline Loans to the Borrower in an aggregate principal amount at any one time outstanding up to,
but not exceeding, the amount of the Swingline Commitment. If at any time the aggregate principal
amount of the Swingline Loans outstanding at such time exceeds the Swingline Commitment in effect
at such time, the Borrower shall immediately pay the Agent for the account of the Swingline Lender
the amount of such excess. Subject to the terms and conditions of this Agreement, the Borrower may
borrow, repay and reborrow Swingline Loans hereunder.

(b) Procedure for Borrowing Swingline Loans. The Borrower shall give the Agent and
the Swingline Lender notice pursuant to a Notice of Swingline Borrowing or telephonic notice of
each borrowing of a Swingline Loan. Each Notice of Swingline Borrowing shall be  delivered to the
Swingline Lender no later than 3:00 p.m. on the proposed date of such borrowing. Any such notice
given telephonically shall include all information to be specified in a written Notice of Swingline
Borrowing and shall be promptly confirmed in writing by the Borrower pursuant to a Notice of
Swingline Borrowing sent to the Swingline Lender by telecopy on the same day of the giving of such
telephonic notice. On the date of the requested Swingline Loan and subject to satisfaction of the
applicable conditions set forth in Article VI. for such borrowing, the Swingline Lender will make
the proceeds of such Swingline Loan available to the Borrower in Dollars, in immediately available
funds, at the account specified by the Borrower in the Notice of Swingline Borrowing not later than
4:00 p.m. on such date (or 12:00 noon if the Borrower delivered the applicable Notice of Swingline
Borrowing to the Swingline Lender before 10:00 a.m. on the proposed date of such borrowing).

(c) Interest. Swingline Loans shall bear interest at a per annum rate equal to the
Base Rate plus the Applicable Margin for Base Rate Loans. Interest payable on Swingline
Loans is solely for the account of the Swingline Lender. All accrued and unpaid interest on
Swingline Loans shall be payable on the dates and in the manner provided in Section 2.6. with
respect to

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interest on Base Rate Loans (except as the Swingline Lender and the Borrower may otherwise agree in
writing in connection with any particular Swingline Loan).

(d) Swingline Loan Amounts, Etc. Each Swingline Loan shall be in the minimum amount
of $100,000 and integral multiples of $100,000 or such other minimum amounts agreed to by the
Swingline Lender and the Borrower. Any voluntary prepayment of a Swingline Loan must be in
integral multiples of $50,000 or the aggregate principal amount of all outstanding Swingline Loans
(or such other minimum amounts upon which the Swingline Lender and the Borrower may agree) and in
connection with any such prepayment, the Borrower must give the Swingline Lender prior written
notice thereof no later than 10:00 a.m. on the date of such prepayment. The Swingline Loans shall,
in addition to this Agreement, be evidenced by the Swingline Note.

(e) Repayment and Participations of Swingline Loans. The Borrower agrees to repay
each Swingline Loan within one Business Day of demand therefor by the Swingline Lender and in any
event, within 7 Business Days after the date such Swingline Loan was made; provided, that the
proceeds of a Swingline Loan may not be used to repay a Swingline Loan. Notwithstanding the
foregoing, the Borrower shall repay the entire outstanding principal amount of, and all accrued but
unpaid interest on, the Swingline Loans on the Termination Date (or such earlier date as the
Swingline Lender and the Borrower may agree in writing). In lieu of demanding repayment of any
outstanding Swingline Loan from the Borrower, the Swingline Lender may, on behalf of the Borrower
(which hereby irrevocably directs the Swingline Lender to act on its behalf for such purpose),
request a borrowing of Revolving Loans that are Base Rate Loans from the Lenders in an amount equal
to the principal balance of such Swingline Loan. The amount limitations of Section 3.5.(a) shall
not apply to any borrowing of Revolving Loans that are Base Rate Loans made pursuant to this
subsection. The Swingline Lender shall give notice to the Agent of any such borrowing of Revolving
Loans not later than 12:00 noon on the proposed date of such borrowing and the Agent shall give
prompt notice of such borrowing to the Lenders. No later than 2:00 p.m. on such date, each Lender
will make available to the Agent at the Principal Office for the account of Swingline Lender, in
immediately available funds, the proceeds of the Revolving Loan to be made by such Lender and, to
the extent of such Revolving Loan, such Lender’s participation in the Swingline Loan so repaid
shall be deemed to be funded by such Revolving Loan. The Agent shall pay the proceeds of such
Revolving Loans to the Swingline Lender, which shall apply such proceeds to repay such Swingline
Loan. At the time each Swingline Loan is made, each Lender shall automatically (and without any
further notice or action) be deemed to have purchased from the Swingline Lender, without recourse
or warranty, an undivided interest and participation to the extent of such Lender’s Commitment
Percentage in such Swingline Loan. If the Lenders are prohibited from making Revolving Loans
required to be made under this subsection for any reason, including without limitation, the
occurrence of any Default or Event of Default described in Section 11.1.(f) or 11.1.(g), upon
notice from the Agent or the Swingline Lender, each Lender severally agrees to pay to the Agent for
the account of the Swingline Lender in respect of such participation the amount of such Lender’s
Commitment Percentage of each outstanding Swingline Loan. If such amount is not in fact made
available to the Agent by any Lender, the Swingline Lender shall be entitled to recover such amount
on demand from such Lender, together with accrued interest thereon for each day from the date of
demand thereof, at the Federal Funds Rate. If such Lender does not pay such amount forthwith

 

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upon demand therefor by the Agent or the Swingline Lender, and until such time as such Lender makes
the required payment, the Swingline Lender shall be deemed to continue to have outstanding
Swingline Loans in the amount of such unpaid participation obligation for all purposes of the Loan
Documents (other than those provisions requiring the other Lenders to purchase a participation
therein). Further, such Lender shall be deemed to have assigned any and all payments made of
principal and interest on its Loans, and any other amounts due such Lender hereunder, to the
Swingline Lender to fund Swingline Loans in the amount of the participation in Swingline Loans that
such Lender failed to purchase pursuant to this Section until such amount has been purchased (as a
result of such assignment or otherwise). A Lender’s obligation to make payments in respect of a
participation in a Swingline Loan shall be absolute and unconditional and shall not be affected by
any circumstance whatsoever, including without limitation, (i) any claim of setoff, counterclaim,
recoupment, defense or other right which such Lender or any other Person may have or claim against
the Agent, the Swingline Lender or any other Person whatsoever, (ii) the occurrence or continuation
of a Default or Event of Default (including without limitation, any of the Defaults or Events of
Default described in Section 11.1.(f) or 11.1.(g)) or the termination of the Commitments of any
Lender, (iii) the existence (or alleged existence) of an event or condition which has had or could
have a Material Adverse Effect, (iv) any breach of any Loan Document by the Agent, any Lender or
the Borrower or (v) any other circumstance, happening or event whatsoever, whether or not similar
to any of the foregoing.

	 	 	Section 2.5. Letters of Credit.	 

(a) Letters of Credit. Subject to the terms and conditions of this Agreement, the
Agent, on behalf of the Lenders, agrees to issue for the account of the Borrower during the period
from and including the Effective Date to, but excluding, the date 30 days prior to the Termination
Date one or more letters of credit (each a “Letter of Credit”) up to a maximum aggregate Stated
Amount at any one time outstanding not to exceed the L/C Commitment Amount.

 

(b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and
conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject
to approval by the Agent and the Borrower. Notwithstanding the foregoing, in no event may the
expiration date of any Letter of Credit extend beyond the earlier of (i) the date one year from its
date of issuance or (ii) the Termination Date; provided, however, a Letter of Credit may contain a
provision providing for the automatic extension of the expiration date in the absence of a notice
of non-renewal from the Agent but in no event shall any such provision permit the extension of the
expiration date of such Letter of Credit beyond the Termination Date.

(c) Requests for Issuance of Letters of Credit. The Borrower shall give the Agent
written notice (or telephonic notice promptly confirmed in writing) at least 5 Business Days prior
to the requested date of issuance of a Letter of Credit, such notice to describe in reasonable
detail the proposed terms of such Letter of Credit and the nature of the transactions or
obligations proposed to be supported by such Letter of Credit, and in any event shall set forth
with respect to such Letter of Credit the proposed (i) Stated Amount, (ii) beneficiary, and
(iii) expiration date. The Borrower shall also execute and deliver such customary letter of credit
application forms as requested from time to time by the Agent. Provided the Borrower has given the
notice

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prescribed by the first sentence of this subsection and subject to the other terms and conditions
of this Agreement, including the satisfaction of any applicable conditions precedent set forth in
Article VI., the Agent shall issue the requested Letter of Credit on the requested date of issuance
for the benefit of the stipulated beneficiary. The Agent shall not at any time be obligated to
issue any Letter of Credit if such issuance would conflict with, or cause the Agent or any Lender
to exceed any limits imposed by, any Applicable Law. References herein to “issue” and derivations
thereof with respect to Letters of Credit shall also include extensions or modifications of any
outstanding Letters of Credit, unless the context otherwise requires. Upon the written request of
the Borrower, the Agent shall deliver to the Borrower a copy of each issued Letter of Credit within
a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit
Document is inconsistent with a term of any Loan Document, the term of such Loan Document shall
control.

(d) Reimbursement Obligations. Upon receipt by the Agent from the beneficiary of a
Letter of Credit of any demand for payment under such Letter of Credit, the Agent shall promptly
notify the Borrower of the amount to be paid by the Agent as a result of such demand and the date
on which payment is to be made by the Agent to such beneficiary in respect of such demand;
provided, however, the Agent’s failure to give, or delay in giving, such notice shall not discharge
the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby
unconditionally and irrevocably agrees to pay and reimburse the Agent for the amount of each demand
for payment under such Letter of Credit on or prior to the date on which payment is to be made by
the Agent to the beneficiary thereunder, without presentment, demand, protest or other formalities
of any kind (other than notice as provided in this subsection). Upon receipt by the Agent of any
payment in respect of any Reimbursement Obligation, the Agent shall promptly pay to each Lender
that has acquired a participation therein under the second sentence of Section 2.5.(i) such
Lender’s Commitment Percentage of such payment.

 

(e) Manner of Reimbursement. Upon its receipt of a notice referred to in the
immediately preceding subsection (d), the Borrower shall advise the Agent whether or not the
Borrower intends to borrow hereunder to finance its obligation to reimburse the Agent for the
amount of the related demand for payment and, if it does, the Borrower shall submit a timely
request for such borrowing as provided in the applicable provisions of this Agreement. If the
Borrower fails to so advise the Agent, or if the Borrower fails to reimburse the Agent for a demand
for payment under a Letter of Credit by the date of such payment, then (i) if the applicable
conditions contained in Article VI. would permit the making of Revolving Loans, the Borrower shall
be deemed to have requested a borrowing of Revolving Loans (which shall be Base Rate Loans) in an
amount equal to the unpaid Reimbursement Obligation and the Agent shall give each Lender prompt
notice of the amount of the Revolving Loan to be made available to the Agent not later than 1:00
p.m. and (ii) if such conditions would not permit the making of Revolving Loans, the provisions of
subsection (j) of this Section shall apply. The limitations of Section 3.5.(a) shall not apply to
any borrowing of Revolving Loans under this subsection.

(f) Effect of Letters of Credit on Commitments. Upon the issuance by the Agent of any
Letter of Credit and until such Letter of Credit shall have expired or been terminated, the
Revolving Commitment of each Lender shall be deemed to be utilized for all purposes of this
Agreement in an amount equal to the product of (i) such Lender’s Commitment Percentage and

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(ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement
Obligations then outstanding.

(g) Agent’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement
Obligations. In examining documents presented in connection with drawings under Letters of
Credit and making payments under Letters of Credit against such documents, the Agent shall only be
required to use the same standard of care as it uses in connection with examining documents
presented in connection with drawings under letters of credit in which it has not sold
participations and making payments under such letters of credit. The Borrower assumes all risks of
the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of
such Letters of Credit. In furtherance and not in limitation of the foregoing, neither the Agent
nor any of the Lenders shall be responsible for, and the Borrower’s obligations in respect of the
Letters of Credit shall not be affected in any manner by, any of the following except to the extent
resulting from the gross negligence or willful misconduct of the Agent or a Lender, as applicable,
as determined by a court of competent jurisdiction in a final, non-appealable judgment: (i) the
form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by
any party in connection with the application for and issuance of or any drawing honored under any
Letter of Credit even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign any Letter of Credit, or the rights
or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply
fully with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions,
interruptions or delays in transmission or delivery of any messages, by mail, cable, telex,
telecopy or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical
terms; (vi) any loss or delay in the transmission or  otherwise of any document required in order
to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the misapplication
by the beneficiary of the proceeds of any drawing under any Letter of Credit; or (viii) any
consequences arising from causes beyond the control of the Agent or the Lenders. None of the above
shall affect, impair or prevent the vesting of any of the Agent’s or any Lender’s rights or powers
hereunder. Any action taken or omitted to be taken by the Agent under or in connection with any
Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not
create against the Agent or any Lender any liability to the Borrower or any Lender. In this
regard, the obligation of the Borrower to reimburse the Agent for any drawing made under any Letter
of Credit, and to repay any Revolving Loan made pursuant to the second sentence of the preceding
subsection (e), shall be absolute, unconditional and irrevocable and shall be paid strictly in
accordance with the terms of this Agreement and any other applicable Letter of Credit Document
under all circumstances whatsoever, including without limitation, the following circumstances:
(A) any lack of validity or enforceability of any Letter of Credit Document or any term or
provisions therein; (B) any amendment or waiver of or any consent to departure from all or any of
the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right
which the Borrower may have at any time against the Agent, any Lender, any beneficiary of a Letter
of Credit or any other Person, whether in connection with this Agreement, the transactions
contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any
breach of contract or dispute between the

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Borrower, the Agent, any Lender or any other Person; (E) any demand, statement or any other
document presented under a Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect or any statement therein or made in connection therewith being untrue
or inaccurate in any respect whatsoever; (F) any non-application or misapplication by the
beneficiary of a Letter of Credit of the proceeds of any drawing under such Letter of Credit;
(G) payment by the Agent under any Letter of Credit against presentation of a draft or certificate
which does not strictly comply with the terms of such Letter of Credit; and (H) any other act,
omission to act, delay or circumstance whatsoever that might, but for the provisions of this
Section, constitute a legal or equitable defense to or discharge of the Borrower’s Reimbursement
Obligations. Notwithstanding anything to the contrary contained in this Section or Section 13.9.,
but not in limitation of the Borrower’s unconditional obligation to reimburse the Agent for any
drawing made under a Letter of Credit as provided in this Section and to repay any Revolving Loan
made pursuant to the second sentence of the preceding subsection (e), the Borrower shall have no
obligation to indemnify the Agent or any Lender in respect of any liability incurred by the Agent
or such Lender arising solely out of the gross negligence or willful misconduct of the Agent or
such Lender in respect of a Letter of Credit as determined by a court of competent jurisdiction in
a final, non-appealable judgment. Except as otherwise provided in this Section, nothing in this
Section shall affect any rights the Borrower may have with respect to the gross negligence or
willful misconduct of the Agent or any Lender with respect to any Letter of Credit.

(h) Amendments, Etc. The issuance by the Agent of any amendment, supplement or other
modification to any Letter of Credit shall be subject to the same conditions applicable under this
Agreement to the issuance of new Letters of Credit (including, without limitation, that the request
therefor be made through the Agent), and no such amendment, supplement or other modification shall
be issued unless either (i) the respective Letter of Credit affected thereby would have complied
with such conditions had it originally been issued hereunder in such  amended, supplemented or
modified form or (ii) the Requisite Lenders (or all of the Lenders if required by Section 13.6.)
shall have consented thereto. In connection with any such amendment, supplement or other
modification, the Borrower shall pay the Fees, if any, payable under the last sentence of
Section 3.6.(b).

(i) Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the
Agent of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally
purchased and received from the Agent, without recourse or warranty, an undivided interest and
participation to the extent of such Lender’s Commitment Percentage of the liability of the Agent
with respect to such Letter of Credit, and each Lender thereby shall absolutely, unconditionally
and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally
obligated to the Agent to pay and discharge when due, such Lender’s Commitment Percentage of the
Agent’s liability under such Letter of Credit. In addition, upon the making of each payment by a
Lender to the Agent in respect of any Letter of Credit pursuant to the immediately following
subsection (j), such Lender shall, automatically and without any further action on the part of the
Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the
Reimbursement Obligation owing to the Agent by the Borrower in respect of such Letter of Credit and
(ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest
or other amounts payable by the Borrower in respect of

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such Reimbursement Obligation (other than the Fees payable to the Agent pursuant to the third and
last sentences of Section 3.6.(b)).

(j) Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent
on demand in immediately available funds in Dollars the amount of such Lender’s Commitment
Percentage of each drawing paid by the Agent under each Letter of Credit to the extent such amount
is not reimbursed by the Borrower pursuant to Section 2.5.(d); provided, however, that in respect
of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to
fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment
Percentage of such drawing. If the notice referenced in the second sentence of Section 2.5.(e) is
received by a Lender not later than 11:00 a.m., then such Lender shall make such payment available
to the Agent not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall
be made available to the Agent not later than 1:00 p.m. on the next succeeding Business Day. Each
Lender’s obligation to make such payments to the Agent under this subsection, and the Agent’s right
to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in
any way by any circumstance whatsoever, including without limitation, (i) the failure of any other
Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or
any other Loan Party, (iii) the existence of any Default or Event of Default, including any Event
of Default described in Section 11.1.(f) or 11.1.(g) or (iv) the termination of the Commitments.
Each such payment to the Agent shall be made without any offset, abatement, withholding or
deduction whatsoever.

(k) Information to Lenders. The Agent shall periodically deliver to the Lenders
information setting forth the Stated Amount of all outstanding Letters of Credit. Other than as
set forth in this subsection, the Agent shall have no duty to notify the Lenders regarding the
issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Agent
to perform its requirements under this subsection shall not relieve any Lender from its obligations
under Section 2.5.(j).

	 	 	Section 2.6. Rates and Payment of Interest on Loans.	 

(a) Rates. The Borrower promises to pay to the Agent for the account of each Lender
interest on the unpaid principal amount of each Loan made by such Lender for the period from and
including the date of the making of such Loan to but excluding the date such Loan shall be paid in
full, at the following per annum rates:

(i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in
effect from time to time) plus the Applicable Margin;

(ii) during such periods as such Loan is a LIBOR Loan, at Adjusted LIBOR for such Loan
for the Interest Period therefor plus the Applicable Margin;

iii) if such Loan is an Absolute Rate Loan, at the Absolute Rate for such Loan, as
applicable, for the Interest Period therefor quoted by the Lender making such Loan in
accordance with Section 2.3.; and

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(iv) if such Loan is a LIBOR Margin Loan, at LIBOR for such Loan for the Interest
Period therefor, plus (or minus) the LIBOR Margin quoted by the Lender making such Loan in
accordance with Section 2.3.

Notwithstanding the foregoing, while an Event of Default exists, the Borrower shall pay to the
Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal
amount of any Loan made by such Lender, on all Reimbursement Obligations and on any other amount
payable by the Borrower hereunder or under the Notes held by such Lender to or for the account of
such Lender (including without limitation, accrued but unpaid interest to the extent permitted
under Applicable Law).

(b) Payment of Interest. Accrued and unpaid interest on each Loan shall be payable
(i) in the case of a Base Rate Loan, monthly in arrears on the first day of each calendar month,
(ii) in the case of a LIBOR Loan or a Bid Rate Loan, in arrears on the last day of each Interest
Period therefor, and, if such Interest Period is longer than three months, at three-month intervals
following the first day of such Interest Period, and (iii) in the case of any Loan, in arrears upon
the payment, prepayment or Continuation thereof or the Conversion of a Base Rate Loan into a LIBOR
Loan (but only on the principal amount so paid, prepaid, Continued or Converted). Interest payable
at the Post-Default Rate shall be payable from time to time on demand. Promptly after the
determination of any interest rate provided for herein or any change therein, the Agent shall give
notice thereof to the Lenders to which such interest is payable and to the Borrower. All
determinations by the Agent of an interest rate hereunder shall be conclusive and binding on the
Lenders and the Borrower for all purposes, absent manifest error.

(c) Inaccurate Financial Statements or Compliance Certificates. If any financial
statement or Compliance Certificate delivered pursuant to Section 9.3. is shown to be inaccurate
(regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is
discovered), and such inaccuracy, if corrected, would have led to the application of a higher
Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for
such Applicable Period, then (i) the Borrower shall immediately deliver to the Agent a correct
Compliance Certificate for such Applicable Period and (ii) the Borrower shall immediately pay to
the Agent for the account of the Lenders the additional accrued additional interest owing
calculated based on such higher Applicable Margin for such Applicable Period, which payment shall
be promptly applied by the Agent in accordance with Section 3.2. This subsection shall not in any
way limit the rights of the Agent and Lenders (x) with respect to the last sentence of the
immediately preceding subsection (a) or (y) under Article XI.

	 	 	Section 2.7. Number of Interest Periods.	 

There may be no more than (a) 8 different Interest Periods for LIBOR Loans and Bid Rate Loans
collectively and (b) 4 different Interest Periods for Term Loans, in each case, outstanding at the
same time.

	 	 	Section 2.8. Repayment of Loans.	 

(a) Revolving Loans. The Borrower shall repay the entire outstanding principal amount
of, and all accrued but unpaid interest on, the Revolving Loans on the Termination Date.

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44

(b) Term Loans. The Borrower shall repay the entire outstanding principal amount of,
and all accrued but unpaid interest on, the Term Loans on the Termination Date.

(c) Bid Rate Loans. The Borrower shall repay the entire outstanding principal amount
of, and all accrued but unpaid interest on, each Bid Rate Loan on the last day of the Interest
Period of such Bid Rate Loan.

	 	 	Section 2.9. Prepayments.	 

(a) Optional. Subject to Section 5.4., the Borrower may prepay any Loan (other than a
Bid Rate Loan) at any time without premium or penalty. A Bid Rate Loan may not be prepaid at the
option of the Borrower without the prior consent of the Lender to which such Loan is owed. The
Borrower shall give the Agent at least one Business Day’s prior written notice of the prepayment of
any Revolving Loan or Term Loan.

(b) Mandatory. If at any time the aggregate principal amount of all outstanding
Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the
aggregate amount of the Revolving Commitments in effect at such time, the Borrower shall
immediately pay to the Agent for the accounts of the Lenders the amount of such excess.

(c) Application of Prepayments. Amounts paid under the preceding subsection (b) shall
be applied to pay all amounts of principal outstanding on the Loans and any Reimbursement
Obligations pro rata in accordance with Section 3.2. and if any Letters of Credit are outstanding
at such time, the remainder, if any, shall be deposited into the Collateral Account for application
to any Reimbursement Obligations. If the Borrower is required to pay any  outstanding LIBOR Loans
by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrower
shall pay all amounts due under Section 5.4.

	 	 	Section 2.10. Continuation.	 

So long as no Default or Event of Default shall exist, the Borrower may on any Business Day,
with respect to any LIBOR Loan, elect to maintain such LIBOR Loan or any portion thereof as a LIBOR
Loan by selecting a new Interest Period for such LIBOR Loan. Each new Interest Period selected
under this Section shall commence on the last day of the immediately preceding Interest Period.
Each selection of a new Interest Period shall be made by the Borrower giving to the Agent a Notice
of Continuation not later than 11:00 a.m. on the third Business Day prior to the date of any such
Continuation. Such notice by the Borrower of a Continuation shall be by telephone or telecopy,
confirmed immediately in writing if by telephone, in the form of a Notice of Continuation,
specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof
subject to such Continuation and (c) the duration of the selected Interest Period, all of which
shall be specified in such manner as is necessary to comply with all limitations on Loans
outstanding hereunder. Each Notice of Continuation shall be irrevocable by and binding on the
Borrower once given. Promptly after receipt of a Notice of Continuation, the Agent shall notify
each Lender by telecopy, or other similar form of transmission, of the proposed Continuation. If
the Borrower shall fail to select in a timely manner a new Interest Period for any LIBOR Loan in
accordance with this Section, or if a Default or Event of Default

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shall exist, such Loan will automatically, on the last day of the current Interest Period therefor,
Convert into a Base Rate Loan notwithstanding the first sentence of Section 2.11. or the Borrower’s
failure to comply with any of the terms of such Section.

	 	 	Section 2.11. Conversion.	 

The Borrower may on any Business Day, upon the Borrower’s giving of a Notice of Conversion to
the Agent, Convert all or a portion of a Revolving Loan or a Term Loan (including a Base Rate Loan
made pursuant to Section 2.4.(e)) of one Type into a Loan of another Type; provided, however, a
Base Rate Loan may not be Converted to a LIBOR Loan if a Default or Event of Default shall exist.
Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last day of
an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan,
the Borrower shall pay accrued interest to the date of Conversion on the principal amount so
Converted. Each such Notice of Conversion shall be given not later than 11:00 a.m. on the Business
Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day
prior to the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice
of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of
transmission, of the proposed Conversion. Subject to the restrictions specified above, each Notice
of Conversion shall be by telephone (confirmed immediately in writing) or telecopy in the form of a
Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to
be Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan
is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of
the Interest Period of such Loan. Each Notice of Conversion shall be irrevocable by and binding on
the Borrower once given.

	 	 	Section 2.12. Notes.	 

(a) Revolving Notes. The Revolving Loans made by each Lender shall, in addition to
this Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of
Exhibit G (each a “Revolving Note”), payable to the order of such Lender in a principal amount
equal to the amount of its Revolving Commitment as originally in effect and otherwise duly
completed.

(b) Term Notes. The Term Loans made by each Lender shall, in addition to this
Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of
Exhibit P (each a “Term Note”), payable to the order of such Lender in a principal amount equal to
the amount of its Term Commitment as originally in effect and otherwise duly completed

(c) Bid Rate Notes. The Bid Rate Loans made by any Lender shall, in addition to this
Agreement, also be evidenced by a promissory note of the Borrower substantially in the form of
Exhibit O (each a “Bid Rate Note”), payable to the order of such Lender and otherwise duly
completed.

(d) Records. The date, amount, interest rate, Type and duration of Interest Periods
(if applicable) of each Loan made by each Lender to the Borrower, and each payment made on account
of the principal thereof, shall be recorded by such Lender on its books and such entries

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46

shall be binding on the Borrower, absent manifest error; provided, however, that the failure of a
Lender to make any such record shall not affect the obligations of the Borrower under any of the
Loan Documents.

(e) Lost, Stolen, Destroyed or Mutilated Notes. Upon receipt by the Borrower of
(i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or
mutilated, and (ii) (A) in the case of loss, theft or destruction, an unsecured agreement of
indemnity from such Lender in form reasonably satisfactory to the Borrower, or (B) in the case of
mutilation, upon surrender and cancellation of such Note, the Borrower shall execute and deliver to
such Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note.

	 	 	Section 2.13. Voluntary Reductions of the Revolving Commitments.	 

The Borrower shall have the right to terminate or reduce the aggregate unused amount of the
Revolving Commitments (for which purpose use of the Revolving Commitments shall be deemed to
include the aggregate amount of Letter of Credit Liabilities and the aggregate principal amount of
all outstanding Swingline Loans and Bid Rate Loans) at any time and from time to time without
penalty or premium upon not less than 5 Business Days prior written notice to the Agent of each
such termination or reduction, which notice shall specify the effective date thereof and the amount
of any such reduction and shall be irrevocable once given and effective only upon receipt by the
Agent; provided, however, if the Borrower seeks to reduce the aggregate amount of the Revolving
Commitments below $100,000,000, then the Revolving Commitments shall all automatically and
permanently be reduced to zero. The Agent will promptly transmit such notice to each Lender. The
Revolving Commitments, once terminated or reduced may not be increased or reinstated.

 

	 	 	Section 2.14. Extension of Termination Date.	 

The Borrower shall have the right, exercisable one time, to extend the Termination Date by one
year. The Borrower may exercise such right only by executing and delivering to the Agent at least
90 days prior to the current Termination Date, a written request for such extension (an “Extension
Request”). The Agent shall forward to each Lender a copy of the Extension Request delivered to the
Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the
Termination Date shall be extended for one year effective upon receipt of the Extension Request and
payment of the fee referred to in the following clause (b): (a) immediately prior to such
extension and immediately after giving effect thereto, (i) no Default or Event of Default shall
exist and (ii) the representations and warranties made or deemed made by the Borrower and each
other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct
in all material respects on and as of the date of such extension with the same force and effect as
if made on and as of such date except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall
have been true and correct in all material respects on and as of such earlier date) and except for
changes in factual circumstances not prohibited under the Loan Documents and (b) the Borrower shall
have paid the Fees payable under Section 3.6.(d).

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	 	 	Section 2.15. Expiration or Maturity Date of Letters of Credit Past Termination Date.

If on the date the Revolving Commitments are terminated or reduced to zero (whether
voluntarily, by reason of the occurrence of an Event of Default or otherwise), there are any
Letters of Credit outstanding hereunder, the Borrower shall, on such date, pay to the Agent an
amount of money equal to the Stated Amount of such Letter(s) of Credit for deposit into the
Collateral Account.

	 	 	Section 2.16. Amount Limitations.	 

Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall
be required to make a Loan, no Lender shall make a Bid Rate Loan, the Agent shall not be required
to issue a Letter of Credit and no reduction of the Revolving Commitments pursuant to Section 2.13.
shall take effect, if immediately after the making of such Loan, the issuance of such Letter of
Credit or such reduction in the Revolving Commitments:

(a) the aggregate principal amount of all outstanding Revolving Loans, together with the
aggregate principal amount of all outstanding Bid Rate Loans, the aggregate principal amount of all
outstanding Swingline Loans and the aggregate amount of all Letter of Credit Liabilities, would
exceed the aggregate amount of the Revolving Commitment at such time; or

(b) the aggregate principal amount of all outstanding Bid Rate Loans would exceed 50% of the
aggregate amount of the Revolving Commitments at such time.

 

	 	 	Section 2.17. Increase of Revolving Commitments.	 

With the prior consent of the Agent, the Borrower shall have the right at any time and from
time to time during the term of this Agreement to request increases in the aggregate amount of the
Revolving Commitments (provided that after giving effect to any increases in the Revolving
Commitments pursuant to this Section, the aggregate amount of the Revolving Commitments may not
exceed $400,000,000) by providing written notice to the Agent, which notice shall be irrevocable
once given. Each such increase in the Revolving Commitments must be in an aggregate minimum amount
of $25,000,000 and integral multiples of $10,000,000 in excess thereof. No Lender shall be
required to increase its Revolving Commitment and any new Lender becoming a party to this Agreement
in connection with any such requested increase must be an Eligible Assignee. If a new Lender
becomes a party to this Agreement, or if any existing Lender agrees to increase its Revolving
Commitment, such Lender shall on the date it becomes a Lender hereunder (or increases its Revolving
Commitment, in the case of an existing Lender) (and as a condition thereto) purchase from the other
Lenders its Commitment Percentage (or in the case of an existing Lender, the increase in the amount
of its Commitment Percentage, in each case as determined after giving effect to the increase of
Revolving Commitments) of any outstanding Revolving Loans, by making available to the Agent for the
account of such other Lenders at the Principal Office, in same day funds, an amount equal to the
sum of (A) the portion of the outstanding principal amount of such Revolving Loans to be purchased
by such Lender plus (B) the aggregate amount of payments previously made by the other Lenders under
Section 2.5.(j) which have not been repaid plus (C) interest accrued and unpaid to and as of such

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date on such portion of the outstanding principal amount of such Revolving Loans. The Borrower
shall pay to the Lenders amounts payable, if any, to such Lenders under Section 5.4. as a result of
the prepayment of any such Revolving Loans. No increase of the Revolving Commitments may be
effected under this Section if (x) a Default or Event of Default shall be in existence on the
effective date of such increase or (y) any representation or warranty made or deemed made by the
Borrower or any other Loan Party in any Loan Document to which any such Loan Party is a party is
not (or would not be) true or correct on the effective date of such increase (except for
representations or warranties which expressly relate solely to an earlier date). In connection
with any increase in the aggregate amount of the Revolving Commitments pursuant to this Section,
(a) any Lender becoming a party hereto shall execute such documents and agreements as the Agent may
reasonably request and (b) the Borrower shall make appropriate arrangements so that each new
Lender, and any existing Lender increasing its Revolving Commitment, receives a new or replacement
Note, as appropriate, in the amount of such Lender’s Revolving Commitment within 2 Business Days of
the effectiveness of the applicable increase in the aggregate amount of Revolving Commitments.

Article III. Payments, Fees and Other General Provisions

	 	 	Section 3.1. Payments.	 

Except to the extent otherwise provided herein, all payments of principal, interest and other
amounts to be made by the Borrower under this Agreement or any other Loan Document shall be made in
Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent
at its Principal Office, not later than 2:00 p.m. on the date on which  such payment shall become
due (each such payment made after such time on such due date to be deemed to have been made on the
next succeeding Business Day). Subject to Section 11.4., the Borrower may, at the time of making
each payment under this Agreement or any Note, specify to the Agent the amounts payable by the
Borrower hereunder to which such payment is to be applied. Each payment received by the Agent for
the account of a Lender under this Agreement or any Note shall be paid to such Lender at the
applicable Lending Office of such Lender no later than 5:00 p.m. on the date of receipt. If the
Agent fails to pay such amount to a Lender as provided in the previous sentence, the Agent shall
pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from
time to time in effect. If the due date of any payment under this Agreement or any other Loan
Document would otherwise fall on a day which is not a Business Day such date shall be extended to
the next succeeding Business Day and interest shall be payable for the period of such extension.

	 	 	Section 3.2. Pro Rata Treatment.	 

Except to the extent otherwise provided herein: (a) each borrowing from the Lenders under
Section 2.1.(a), 2.4.(e) and 2.5.(e) shall be made from the Lenders, each payment of the Fees under
Section 3.6.(a), under the first sentence of Section 3.6.(b) and under Section 3.6.(c) shall be
made for the account of the Lenders, and each termination or reduction of the amount of the
Revolving Commitments under Section 2.13. shall be applied to the respective Revolving Commitments
of the Lenders, pro rata according to the amounts of their respective Revolving Commitments;
(b) each payment or prepayment of principal of Revolving Loans by the Borrower shall be made for
the account of the Lenders pro rata in accordance with the respective

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unpaid principal amounts of the Revolving Loans held by them, provided that if immediately prior to
giving effect to any such payment in respect of any Revolving Loans the outstanding principal
amount of the Revolving Loans shall not be held by the Lenders pro rata in accordance with their
respective Revolving Commitments in effect at the time such Loans were made, then such payment
shall be applied to the Revolving Loans in such manner as shall result, as nearly as is
practicable, in the outstanding principal amount of the Revolving Loans being held by the Lenders
pro rata in accordance with their respective Revolving Commitments; (c) each payment of interest on
Revolving Loans by the Borrower shall be made for the account of the Lenders pro rata in accordance
with the amounts of interest on such Loans then due and payable to the respective Lenders; (d) the
making of Term Loans under Section 2.2.(a) shall be made from the applicable Lenders, pro rata
according to the amounts of their respective Term Commitments; (e) each payment or prepayment of
principal of Term Loans by the Borrower shall be made for the account of the Lenders pro rata in
accordance with the respective unpaid principal amounts of the Term Loans held by them; (f) each
payment of interest on Term Loans by the Borrower shall be made for the account of the Lenders pro
rata in accordance with the amounts of interest on the Term Loans then due and payable to the
respective applicable Lenders; (g) the Conversion and Continuation of Revolving Loans or Term Loans
of a particular Type (other than Conversions provided for by Section 5.6.) shall be made pro rata
among the Lenders according to the amounts of their respective Revolving Loans or Term Loans, as
applicable, and the then current Interest Period for each Lender’s portion of each such Loan of
such Type shall be coterminous; (h) the Lenders’ participation in, and payment obligations in
respect of, Letters of Credit under Section 2.5., shall be pro rata in accordance with their
respective Revolving Commitments; (i) the Lenders’ participation in, and payment obligations in
respect of, Swingline Loans under Section 2.4., shall be pro rata in accordance with their
respective Revolving  Commitments; and (j) each mandatory prepayment of principal of Bid Rate Loans
by the Borrower pursuant to Section 2.9.(b) shall be made for account of the Lenders then owed Bid
Rate Loans pro rata in accordance with the respective unpaid principal amounts of the Bid Rate
Loans then owing to each such Lender. All payments of principal, interest, fees and other amounts
in respect of the Swingline Loans shall be for the account of the Swingline Lender only (except to
the extent any Lender shall have acquired and funded a participating interest in any such Swingline
Loan pursuant to Section 2.4.(e), in which case such payments shall be pro rata in accordance with
such participating interests).

	 	 	Section 3.3. Sharing of Payments, Etc.	 

If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to
the Borrower under this Agreement, or shall obtain payment on any other Obligation owing by the
Borrower or any other Loan Party through the exercise of any right of set-off, banker’s lien or
counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or
other payments made by the Borrower to a Lender not in accordance with the terms of this Agreement
and such payment should be distributed to the Lenders pro rata in accordance

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with Section 3.2. or Section 11.4., as applicable, such Lender shall promptly purchase from the
other Lenders participations in (or, if and to the extent specified by such Lender, direct
interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders
in such amounts, and make such other adjustments from time to time as shall be equitable, to the
end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses
which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in
accordance with Section 3.2. or Section 11.4., as applicable. To such end, all the Lenders shall
make appropriate adjustments among themselves (by the resale of participations sold or otherwise)
if such payment is rescinded or must otherwise be restored. The Borrower agrees that any Lender so
purchasing a participation (or direct interest) in the Loans or other Obligations owed to such
other Lenders may exercise all rights of set-off, banker’s lien, counterclaim or similar rights
with respect to such participation as fully as if such Lender were a direct holder of Loans in the
amount of such participation. Nothing contained herein shall require any Lender to exercise any
such right or shall affect the right of any Lender to exercise, and retain the benefits of
exercising, any such right with respect to any other indebtedness or obligation of the Borrower.

	 	 	Section 3.4. Several Obligations.	 

No Lender shall be responsible for the failure of any other Lender to make a Loan or to
perform any other obligation to be made or performed by such other Lender hereunder, and the
failure of any Lender to make a Loan or to perform any other obligation to be made or performed by
it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform
any other obligation to be made or performed by such other Lender.

	 	 	Section 3.5. Minimum Amounts.	 

(a) Borrowings and Conversions. Except as otherwise provided in Sections 2.4.(e) and
2.5.(e), each borrowing of Base Rate Loans shall be in an aggregate minimum amount of $1,000,000
and integral multiples of $100,000 in excess thereof. Each borrowing, Conversion  and Continuation
of LIBOR Loans shall be in an aggregate minimum amount of $1,000,000 and integral multiples of
$100,000 in excess of that amount.

(b) Prepayments. Each voluntary prepayment of Revolving Loans shall be in an
aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess thereof (or, if
less, the aggregate principal amount of Revolving Loans then outstanding). Each voluntary
prepayment of Term Loans shall be in an aggregate minimum amount of $5,000,000 and integral
multiples of $1,000,000 in excess thereof (or, if less, the aggregate principal amount of Term
Loans then outstanding).

(c) Reductions of Revolving Commitments. Each reduction of the Revolving
Commitments under Section 2.13. shall be in an aggregate minimum amount of $10,000,000 and integral
multiples of $5,000,000 in excess thereof.

(d) Letters of Credit. The initial Stated Amount of each Letter of Credit shall be at
least $100,000.

	 	 	Section 3.6. Fees.	 

(a) Unused Fee. During the period from the Effective Date to but excluding the
Termination Date and so long as the Investment Grade Rating Date has not occurred, the Borrower
agrees to pay to the Agent for the account of the Lenders an unused facility fee with respect to
the average daily difference between the (i) aggregate amount of the Revolving Commitments and
(ii) the aggregate principal amount of all outstanding Revolving Loans plus

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the aggregate amount of all Letter of Credit Liabilities (the “Unused Amount”). Such fee shall be
computed by multiplying the Unused Amount with respect to such quarter by the corresponding per
annum rate set forth below:

	 	 	 	 	 
	Unused Amount	 	Unused Fee
	>= 50% of the aggregate amount of Revolving Commitments
	 	 	0.200	%
	< 50% of the aggregate amount of Revolving Commitments
	 	 	0.125	%

Such fee shall be payable in arrears on the last day of each March, June, September or
December of each calendar year. Any such accrued and unpaid fee shall also be payable on the
Termination Date or any earlier date of termination of the Revolving Commitments or reduction of
the Revolving Commitments to zero.

(b) Facility Fees. On and at all times after the Investment Grade Rating Date shall
have occurred, during the period from the Investment Grade Rating Date to but excluding the
Termination Date, the Borrower agrees to pay to the Agent for the account of each Lender a facility
fee equal to the average daily amount of the Revolving Commitment of such Lender (whether or not
utilized) times the Facility Fee. Such fee shall be payable in arrears on the last day of each
March, June, September or December in each year. Any such accrued and unpaid fee shall also be
payable on the Termination Date or any earlier date of termination of the Revolving Commitments or
reduction of the Revolving Commitments to zero.

 

(c) Letter of Credit Fees. The Borrower agrees to pay to the Agent for the account of
each Lender a letter of credit fee at a rate per annum equal to the Applicable Margin for LIBOR
Loans (or while an Event of Default exists, at a per annum rate equal to 4.0%) times the daily
average Stated Amount of each Letter of Credit for the period from and including the date of
issuance of such Letter of Credit (x) through and including the date such Letter of Credit expires
or is terminated or (y) to but excluding the date such Letter of Credit is drawn in full and is not
subject to reinstatement, as the case may be. The fees provided for in the immediately preceding
sentence shall be nonrefundable and payable in arrears on (i) the last day of March, June,
September and December in each year, (ii) the Termination Date, (iii) the date the Revolving
Commitments are terminated or reduced to zero and (iv) thereafter from time to time on demand of
the Agent. In addition, the Borrower shall pay to the Agent for its own account and not the
account of any Lender, an issuance fee in respect of each Letter of Credit equal to the greater of
(i) $500 or (ii) one-eighth of one percent (0.125%) per annum on the initial Stated Amount of such
Letter of Credit payable (A) for the period from and including the date of issuance of such Letter
of Credit through and including the expiration date of such Letter of Credit and (B) if the
expiration date of any Letter of Credit is extended (whether as a result of the operation of an
automatic extension clause or otherwise), for the period from but excluding the previous expiration
date to and including the extended expiration date. The fees provided for in the immediately
preceding sentence shall be nonrefundable and payable upon issuance (or in the case of an extension
of the expiration date, on the previous expiration date). The Borrower shall pay directly to the
Agent from time to time on demand all commissions, charges, costs and expenses in the amounts
customarily charged by the Agent from time to time in like circumstances with respect to the
issuance of each Letter of Credit, drawings, amendments and other transactions relating thereto.

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(d) Extension Fee. If the Borrower exercises its right to extend the Termination Date
in accordance with Section 2.14., the Borrower agrees to pay to the Agent for the account of each
Lender a fee equal to 0.15% of the sum of (i) the amount of such Lender’s Revolving Commitment
(whether or not utilized) at the time of such extension and (ii) the outstanding principal balance
of such Lender’s Term Loan at the time of such extension. Such fee shall be due and payable in
full on the date the Agent receives the Extension Request pursuant to such Section.

(e) Administrative and Other Fees. The Borrower agrees to pay the administrative and
other fees of the Agent as may be agreed to in writing by the Borrower and the Agent from time to
time.

	 	 	Section 3.7. Computations.	 

Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any
other Obligations due hereunder shall be computed on the basis of a year of 365 or 366 days, as
applicable, and the actual number of days elapsed; provided, however, interest on LIBOR Loans and
LIBOR Margin Loans shall be computed on the basis of a year of 360 days and the actual number of
days elapsed.

 

	 	 	Section 3.8. Usury.	 

In no event shall the amount of interest due or payable on the Loans or other Obligations
exceed the maximum rate of interest allowed by Applicable Law and, if any such payment is paid by
the Borrower or any other Loan Party or received by any Lender, then such excess sum shall be
credited as a payment of principal, unless the Borrower shall notify the respective Lender in
writing that the Borrower elects to have such excess sum returned to it forthwith. It is the
express intent of the parties hereto that the Borrower not pay and the Lenders not receive,
directly or indirectly, in any manner whatsoever, interest in excess of that which may be lawfully
paid by the Borrower under Applicable Law.

	 	 	Section 3.9. Agreement Regarding Interest and Charges.	 

The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrower
for the use of money in connection with this Agreement is and shall be the interest specifically
described in Sections 2.6.(a)(i) through (iv) and in Section 2.4.(c). Notwithstanding the
foregoing, the parties hereto further agree and stipulate that all agency fees, syndication fees,
facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late
charges, funding or “breakage” charges, increased cost charges, attorneys’ fees and reimbursement
for costs and expenses paid by the Agent or any Lender to third parties or for damages incurred by
the Agent or any Lender, in each case in connection with the transactions contemplated by this
Agreement and the other Loan Documents, are charges made to compensate the Agent or any such Lender
for underwriting or administrative services and costs or losses performed or incurred, and to be
performed or incurred, by the Agent and the Lenders in connection with this Agreement and shall
under no circumstances be deemed to be charges for the use of money. All

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charges other than charges for the use of money shall be fully earned and nonrefundable when due.

	 	 	Section 3.10. Statements of Account.	 

The Agent will account to the Borrower monthly with a statement of Loans, Letters of Credit,
accrued interest and Fees, charges and payments made pursuant to this Agreement and the other Loan
Documents, and such account rendered by the Agent shall be deemed conclusive upon Borrower absent
manifest error. The failure of the Agent to deliver such a statement of accounts shall not relieve
or discharge the Borrower from any of its obligations hereunder.

	 	 	Section 3.11. Defaulting Lenders.	 

(a) Generally. If for any reason any Lender (a “Defaulting Lender”) shall fail or
refuse to perform any of its obligations under this Agreement or any other Loan Document to which
it is a party within the time period specified for performance of such obligation or, if no time
period is specified, if such failure or refusal continues for a period of two Business Days after
notice from the Agent, then, in addition to the rights and remedies that may be available to the
Agent or the Borrower under this Agreement or Applicable Law, such Defaulting Lender’s right to
participate in the administration of the Loans, this Agreement and the other Loan Documents,
including without limitation, any right to vote in respect of, to consent to or to direct any
action or inaction of the Agent or to be taken into account in the calculation of the Requisite
Lenders, shall be suspended during the pendency of such failure or refusal. If a Lender is a
Defaulting Lender because it has failed to make timely payment to the Agent of any amount required
to be paid to the Agent hereunder (without giving effect to any notice or cure periods), in
addition to other rights and remedies which the Agent or the Borrower may have under the
immediately preceding provisions or otherwise, the Agent shall be entitled (i) to collect interest
from such Defaulting Lender on such delinquent payment for the period from the date on which the
payment was due until the date on which the payment is made at the Federal Funds Rate, (ii) to
withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest,
any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan
Document and (iii) to bring an action or suit against such Defaulting Lender in a court of
competent jurisdiction to recover the defaulted amount and any related interest. Any amounts
received by the Agent in respect of a Defaulting Lender’s Loans shall not be paid to such
Defaulting Lender and shall be held uninvested by the Agent and either applied against the purchase
price of such Loans under the following subsection (b) or paid to such Defaulting Lender upon such
Defaulting Lender’s curing of its default.

(b) Purchase or Cancellation of Defaulting Lender’s Commitments. Any Lender who is
not a Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire all or
a portion of a Defaulting Lender’s Revolving Commitment and Term Loan. Any Lender desiring to
exercise such right shall give written notice thereof to the Agent and the Borrower no sooner than
2 Business Days and not later than 5 Business Days after such Defaulting Lender became a Defaulting
Lender. If more than one Lender exercises such right, each such Lender shall have the right to
acquire an amount of such Defaulting Lender’s Revolving Commitment and Term Loan in proportion to
the Revolving Commitments of the other Lenders exercising such right. If after such 5th Business
Day, the Lenders have not elected to purchase all of the

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Revolving Commitment and Term Loan of such Defaulting Lender, then the Borrower may, by giving
written notice thereof to the Agent, such Defaulting Lender and the other Lenders, either
(i) demand that such Defaulting Lender assign its Revolving Commitment and Term Loan to an Eligible
Assignee subject to and in accordance with the provisions of Section 13.5.(b) for the purchase
price provided for below or (ii) terminate the Revolving Commitment of, and repay the Term Loan of,
such Defaulting Lender, whereupon such Defaulting Lender shall no longer be a party hereto or have
any rights or obligations hereunder or under any of the other Loan Documents. No party hereto
shall have any obligation whatsoever to initiate any such replacement or to assist in finding an
Eligible Assignee. Upon any such purchase or assignment, the Defaulting Lender’s interest in the
Loans and its rights hereunder (but not its liability in respect thereof or under the Loan
Documents or this Agreement to the extent the same relate to the period prior to the effective date
of the purchase except to the extent assigned pursuant to such purchase) shall terminate on the
date of purchase, and the Defaulting Lender shall promptly execute all documents reasonably
requested to surrender and transfer such interest to the purchaser or assignee thereof, including
an appropriate Assignment and Acceptance Agreement and, notwithstanding Section 13.5.(b), shall pay
to the Agent an assignment fee in the amount of $7,000. The purchase price for the Revolving
Commitment and Term Loan of a Defaulting Lender shall be equal to the amount of the principal
balance of the Revolving Loans and Term Loan outstanding and owed by the Borrower to the Defaulting
Lender. Prior to payment of such purchase price to a Defaulting Lender, the Agent shall apply
against such purchase price any  amounts retained by the Agent pursuant to the last sentence of the
immediately preceding subsection (a). The Defaulting Lender shall be entitled to receive amounts
owed to it by the Borrower under the Loan Documents which accrued prior to the date of the default
by the Defaulting Lender, to the extent the same are received by the Agent from or on behalf of the
Borrower. There shall be no recourse against any Lender or the Agent for the payment of such sums
except to the extent of the receipt of payments from any other party or in respect of the Loans.

	 	 	Section 3.12. Taxes.	 

(a) Taxes Generally. All payments by the Borrower of principal of, and interest on,
the Loans and all other Obligations shall be made free and clear of and without deduction for any
present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions,
withholdings or other charges of any nature whatsoever imposed by any taxing authority, but
excluding (i) franchise taxes, (ii) any taxes imposed on or measured by any Lender’s assets, net
income, receipts or branch profits, (iii) any taxes (other than withholding taxes) with respect to
the Agent or a Lender that would not be imposed but for a connection between the Agent or such
Lender and the jurisdiction imposing such taxes (other than a connection arising solely by virtue
of the activities of the Agent or such Lender pursuant to or in respect of this Agreement or any
other Loan Document), and (iv) any taxes, fees, duties, levies, imposts, charges, deductions,
withholdings or other charges to the extent imposed as a result of the failure of the Agent or a
Lender, as applicable, to provide and keep current (to the extent legally able) any certificates,
documents or other evidence required to qualify for an exemption from, or reduced rate of, any such
taxes fees, duties, levies, imposts, charges, deductions, withholdings or other charges or required
by the immediately following subsection (c) to be furnished by the Agent or such Lender, as
applicable (such non-excluded items being collectively called “Taxes”). If any

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withholding or deduction from any payment to be made by the Borrower hereunder is required in
respect of any Taxes pursuant to any Applicable Law, then the Borrower will:

(i) pay directly to the relevant Governmental Authority the full amount required to be
so withheld or deducted;

(ii) promptly forward to the Agent an official receipt or other documentation
satisfactory to the Agent evidencing such payment to such Governmental Authority; and

(iii) pay to the Agent for its account or the account of the applicable Lender, as the
case may be, such additional amount or amounts as is necessary to ensure that the net amount
actually received by the Agent or such Lender will equal the full amount that the Agent or
such Lender would have received had no such withholding or deduction been required.

(b) Tax Indemnification. If the Borrower fails to pay any Taxes when due to the
appropriate Governmental Authority or fails to remit to the Agent, for its account or the account
of the respective Lender, as the case may be, the required receipts or other required documentary
evidence, the Borrower shall indemnify the Agent and the Lenders for any incremental Taxes,
interest or penalties that may become payable by the Agent or any Lender as a result of any such
failure. For purposes of this Section, a distribution hereunder by the Agent or any Lender to or
for the account of any Lender shall be deemed a payment by the Borrower.

(c) Tax Forms. Prior to the date that any Foreign Lender becomes a party hereto, such
Foreign Lender shall deliver to the Borrower and the Agent such certificates, documents or other
evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto
(including Internal Revenue Service Forms W-8ECI and W-8BEN, as applicable, or appropriate
successor forms), properly completed, currently effective and duly executed by such Foreign Lender
establishing that payments to it hereunder and under the Notes are (i) not subject to United States
Federal backup withholding tax and (ii) not subject to United States Federal withholding tax
imposed under the Internal Revenue Code. Each such Foreign Lender shall, to the extent it may
lawfully do so, (x) deliver further copies of such forms or other appropriate certifications on or
before the date that any such forms expire or become obsolete and after the occurrence of any event
requiring a change in the most recent form delivered to the Borrower or the Agent and (y) obtain
such extensions of the time for filing, and renew such forms and certifications thereof, as may be
reasonably requested by the Borrower or the Agent. The Borrower shall not be required to pay any
amount pursuant to the last sentence of subsection (a) above to any Foreign Lender or the Agent, if
it is organized under the laws of a jurisdiction outside of the United States of America, if such
Foreign Lender or the Agent, as applicable, fails to comply with the requirements of this
subsection. If any such Foreign Lender, to the extent it may lawfully do so, fails to deliver the
above forms or other documentation, then the Agent may withhold from any payments to be made to
such Foreign Lender under any of the Loan Documents such amounts as are required by the Internal
Revenue Code. If any Governmental Authority asserts that the Agent did not properly withhold or
backup withhold, as the case may be, any tax or other amount from payments made to or for the
account of any Lender, such Lender shall indemnify the Agent therefor, including all penalties and
interest, any

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taxes imposed by any jurisdiction on the amounts payable to the Agent under this Section, and
costs and expenses (including all reasonable fees and disbursements of any law firm or other
external counsel and the allocated cost of internal legal services and all disbursements of
internal counsel) of the Agent. The obligation of the Lenders under this Section shall survive the
termination of the Commitments, repayment of all Obligations and the resignation or replacement of
the Agent.

Article IV. Unencumbered Pool Properties

	 	 	Section 4.1. Eligibility of Properties.	 

(a) Initial Unencumbered Pool Properties. As of the date hereof, the parties agree
that the Properties identified on Schedule 4.1. shall be included in calculations of the
Unencumbered Property Pool Value and shall initially have the respective Unencumbered Property Pool
Values set forth on such Schedule.

(b) Additional Unencumbered Pool Properties. Subject to the immediately following
subsection (e), if after the Effective Date the Borrower desires that any additional Eligible
Property be included in calculations of the Unencumbered Property Pool Value, the Borrower shall so
notify the Agent in writing and provide the Agent with the following, in form and substance
satisfactory to the Agent:

 

(i) An operating statement for such Property audited or certified by a representative
of the Borrower as being true and correct in all material respects and prepared in
accordance with GAAP for the previous three fiscal years, provided that, with respect to any
period such Property was not owned by the Borrower or a Subsidiary, such information shall
only be required to be delivered to the extent reasonably available to the Borrower and such
certification may be based upon the best of the Borrower’s knowledge. The Borrower shall
provide such projections and other information concerning the anticipated operation of such
Property as the Agent may reasonably request;

(ii) A current rent roll and a one-year occupancy history of such Property each
certified by a representative of the Borrower to be true and correct, provided that, with
respect to any period such Property was not owned by the Borrower or a Subsidiary, the
occupancy history shall only be required to be delivered to the extent reasonably available
to the Borrower and such certification may be based upon the best of the Borrower’s
knowledge;

(iii) To the extent not provided under the immediately preceding clause (i), such
projections and other information concerning the anticipated operation of such Property as
the Agent may reasonably request;

(iv) Budgets with respect to any capital expenditures to be made with respect to such
Property within the next twelve months; and

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(v) Such other information the Agent may reasonably request in order to evaluate the
Property which information is readily available to the Borrower or can be obtained by the
Borrower without unreasonable expense.

If, after receipt and review of all of the foregoing documents and information, the Agent has not
determined that such Property is not an Eligible Property, the Agent will so notify the Borrower
and each Lender within 5 Business Days after receipt of all of such documents and information.

(c) Nonconforming Properties. If a Property which the Borrower wants to have included
in the Unencumbered Property Pool Value does not satisfy the requirements of an Eligible Property,
then the Agent, upon written request of the Borrower shall request that the Lenders determine
whether such Property shall be included as an Unencumbered Pool Property. In connection therewith,
the Borrower shall deliver the information required by the immediately preceding subsection (b) to
each of the Lenders. If such a request is made by the Agent to the Lenders, within 10 Business
Days after the date on which a Lender has received such request and all of the items referred to in
the immediately preceding subsection (b), such Lender shall notify the Agent in writing whether or
not such Lender accepts such Property as an Unencumbered Pool Property. If a Lender fails to give
such notice within such time period, such Lender shall be deemed to have approved such Property as
an Unencumbered Pool Property. A Property shall become an Unencumbered Pool Property under this
subsection only upon the approval of the Requisite Lenders.

 

(d) Documents with Respect to Subsidiary. Upon the acceptance as an Unencumbered Pool
Property of a Property owned by a Subsidiary that is not a Guarantor, the Borrower shall deliver to
the Agent an Accession Agreement executed by such Subsidiary together with the items that would
have been delivered with respect to such Subsidiary under Sections 6.1.(a)(v) through (ix) and
(xiii) as if such Subsidiary had been a Guarantor on the Effective Date. Until such time as the
Agent shall have received the items referred to in the foregoing sentence with respect to such
Subsidiary, the Unencumbered Property Pool Value of any Unencumbered Pool Property owned by such
Subsidiary shall be $0.

(e) Admission of Property Without Prior Notice and Certain Documentation.
Notwithstanding the preceding subsection (b), if the Borrower desires that a Property be included
as an Unencumbered Pool Property after the Agreement Date then:

(i) The Borrower need not deliver to the Agent the items referred to in the immediately
preceding subsection (b) prior to the inclusion of such Property in calculations of the
Unencumbered Pool Property Value (but shall deliver them when and as required under
Section 9.3.);

(ii) The Agent need not approve such Property prior to the inclusion of such Property
as an Unencumbered Pool Property; and

(iii) If such Property is owned by a Subsidiary that is not already a Guarantor, the
Borrower shall deliver to the Agent the items required to be delivered under the immediately
preceding subsection (d).

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	 	 	Section 4.2. Release of Properties.	 

From time to time the Borrower may request, upon not less than 5 Business Days prior written
notice to the Agent, that an Unencumbered Pool Property be no longer considered Unencumbered Pool
Property, which release (the “Property Release”) shall be effected by the Agent if no Default or
Event of Default exists or will exist immediately after giving effect to such Property Release and
the reduction in the Unencumbered Property Pool Value by reason of the release of such Property as
of the date of such Property Release. Any such request from the Borrower shall included a
representation regarding no Default or Event of Default to the effect set forth in the preceding
sentence.

Article V. Yield Protection, Etc.

	 	 	Section 5.1. Additional Costs; Capital Adequacy.	 

(a) Additional Costs. The Borrower shall promptly pay to the Agent for the account of
each affected Lender from time to time such amounts as such Lender may determine to be necessary to
compensate such Lender for any costs incurred by such Lender that it determines are attributable to
its making or maintaining of any LIBOR Loans or its obligation to make any LIBOR Loans hereunder,
any reduction in any amount receivable by such Lender under this Agreement or any of the other Loan
Documents in respect of any of such Loans or such obligation or the maintenance by such Lender of
capital in respect of its Loans or its Commitments (such increases in costs and reductions in
amounts receivable being herein called “Additional Costs”), to the extent resulting from any
Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such Lender
under this Agreement or any of the other Loan Documents in respect of any of such Loans or its
Commitments (other than taxes, fees, duties, levies, imposts, charges, deductions, withholdings or
other charges which are excluded from the definition of Taxes pursuant to the first sentence of
Section 3.12.(a)); or (ii) imposes or modifies any reserve, special deposit or similar requirements
(other than Regulation D of the Board of Governors of the Federal Reserve System or other reserve
requirement to the extent utilized in the determination of Adjusted LIBOR for such Loan) relating
to any extensions of credit or other assets of, or any deposits with or other liabilities of, such
Lender, or any commitment of such Lender (including, without limitation, the Commitments of such
Lender hereunder); or (iii) has or would have the effect of reducing the rate of return on capital
of such Lender to a level below that which such Lender could have achieved but for such Regulatory
Change (taking into consideration such Lender’s policies with respect to capital adequacy).

(b) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions
of the immediately preceding subsection (a), if, by reason of any Regulatory Change, any Lender
either (i) incurs Additional Costs based on or measured by the excess above a specified level of
the amount of a category of deposits or other liabilities of such Lender that includes deposits by
reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or
a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or
(ii) becomes subject to restrictions on the amount of such a category of liabilities or assets that
it may hold, then, if such Lender so elects by notice to the

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Borrower (with a copy to the Agent), the obligation of such Lender to make or Continue, or to
Convert any other Type of Loans into, LIBOR Loans hereunder shall be suspended until such
Regulatory Change ceases to be in effect (in which case the provisions of Section 5.6. shall
apply).

(c) Additional Costs in Respect of Letters of Credit. Without limiting the
obligations of the Borrower under the preceding subsections of this Section (but without
duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other
requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed,
modified or deemed applicable any tax, reserve, special deposit, capital adequacy or similar
requirement against or with respect to or measured by reference to Letters of Credit and the result
shall be to increase the cost to the Agent of issuing (or any Lender of purchasing participations
in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of
Credit or reduce any amount receivable by the Agent or any Lender hereunder in respect of any
Letter of Credit, then, upon demand by the Agent or such Lender, the Borrower shall pay promptly,
and in any event within 3 Business Days of demand, to the Agent for its account or the account of
such Lender, as applicable, from time to time as specified by the Agent or a Lender, such
additional amounts as shall be sufficient to compensate the Agent or such Lender for such increased
costs or reductions in amount.

 

(d) Notification and Determination of Additional Costs. Each of the Agent and each
Lender agrees to notify the Borrower of any event occurring after the Agreement Date entitling the
Agent or such Lender to compensation under any of the preceding subsections of this Section as
promptly as practicable; provided, however, the failure of the Agent or any Lender to give such
notice shall not release the Borrower from any of its obligations hereunder (and in the case of a
Lender, to the Agent). The Agent or such Lender agrees to furnish to the Borrower (and in the case
of a Lender, to the Agent) a certificate setting forth in reasonable detail the basis and amount of
each request by the Agent or such Lender for compensation under this Section. Absent manifest
error, determinations by the Agent or any Lender of the effect of any Regulatory Change shall be
conclusive, provided that such determinations are made on a reasonable basis and in good faith.

	 	 	Section 5.2. Suspension of LIBOR Loans.	 

Anything herein to the contrary notwithstanding, if, on or prior to the determination of
Adjusted LIBOR for any Interest Period:

(a) the Agent reasonably determines (which determination shall be conclusive) that by
reason of circumstances affecting the relevant market, adequate and reasonable means do not
exist for ascertaining Adjusted LIBOR for such Interest Period, or

(b) the Agent or the Requisite Lenders reasonably determine (which determination shall
be conclusive) that Adjusted LIBOR will not adequately and fairly reflect the cost to the
Lenders of making or maintaining LIBOR Loans for such Interest Period;

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then the Agent shall give the Borrower and each Lender prompt notice thereof and, so long as such
condition remains in effect, the Lenders shall be under no obligation to, and shall not, make
additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrower
shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either
repay such Loan or Convert such Loan into a Base Rate Loan.

	 	 	Section 5.3. Illegality.	 

Notwithstanding any other provision of this Agreement, if any Lender shall reasonably
determine (which determination shall be conclusive and binding) that it has become unlawful for
such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender
shall promptly notify the Borrower thereof (with a copy to the Agent) and such Lender’s obligation
to make or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended
until such time as such Lender may again make and maintain LIBOR Loans (in which case the
provisions of Section 5.6. shall be applicable).

	 	 	 Section 5.4. Compensation.	 

The Borrower shall pay to the Agent for the account of each Lender, upon the request of such
Lender through the Agent, such amount or amounts as shall be sufficient (in the reasonable opinion
of such Lender) to compensate it for any loss, cost or expense that such Lender reasonably
determines is attributable to:

(a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan or Bid
Rate Loan, or Conversion of a LIBOR Loan, made by such Lender for any reason (including,
without limitation, acceleration) on a date other than the last day of the Interest Period
for such Loan; or

(b) any failure by the Borrower for any reason (including, without limitation, the
failure of any of the applicable conditions precedent specified in Article VI. to be
satisfied) to borrow a LIBOR Loan or Bid Rate Loan from such Lender on the requested date
for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR
Loan on the requested date of such Conversion or Continuation.

Upon the Borrower’s request, any Lender requesting compensation under this Section shall provide
the Borrower with a statement setting forth in reasonable detail the basis for requesting such
compensation and the method for determining the amount thereof. Absent manifest error,
determinations by any Lender in any such statement shall be conclusive, provided that such
determinations are made on a reasonable basis and in good faith.

	 	 	Section 5.5. Affected Lenders.	 

If (a) a Lender requests compensation pursuant to Section 3.12. or 5.1., and the Requisite
Lenders are not also doing the same, or (b) the obligation of any Lender to make LIBOR Loans or to
Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to
Section 5.1.(b) or 5.3. but the obligation of the Requisite Lenders shall not have been suspended
under such Sections, then, so long as there does not then exist any Default or Event of

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Default, the Borrower may demand that such Lender (the “Affected Lender”), and upon such demand the
Affected Lender shall promptly, assign its Revolving Commitment and Term Loan to an Eligible
Assignee subject to and in accordance with the provisions of Section 13.5.(b) for a purchase price
equal to the aggregate principal balance of all Loans then owing to the Affected Lender plus any
accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or
any other amount as may be mutually agreed upon by such Affected Lender and Eligible Assignee.
Each of the Agent and the Affected Lender shall reasonably cooperate in effectuating the
replacement of such Affected Lender under this Section, but at no time shall the Agent, such
Affected Lender nor any other Lender be obligated in any way whatsoever to initiate any such
replacement or to assist in finding an Eligible Assignee. The exercise by the Borrower of its
rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or
expense to the Agent, the Affected Lender or any of the other Lenders. The terms of this Section
shall not in any way limit the Borrower’s obligation to pay to any Affected Lender compensation
owing to such Affected Lender pursuant to Section 3.12. or 5.1. with respect to periods up to the
date of replacement.

	 	 	Section 5.6. Treatment of Affected Loans.	 

If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate
Loans into, LIBOR Loans shall be suspended pursuant to Section 5.1.(b) or 5.3., then such Lender’s
LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then
current Interest Period(s) for LIBOR Loans (or, in the case of a Conversion required by
Section 5.1.(b) or 5.3., on such earlier date as such Lender may specify to the Borrower with a
copy to the Agent) and, unless and until such Lender gives notice as provided below that the
circumstances specified in Section 5.1. or 5.3. that gave rise to such Conversion no longer exist:

(a) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments
and prepayments of principal that would otherwise be applied to such Lender’s LIBOR Loans
shall be applied instead to its Base Rate Loans; and

(b) all Loans that would otherwise be made or Continued by such Lender as LIBOR Loans
shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such
Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate Loans.

If such Lender gives notice to the Borrower (with a copy to the Agent) that the circumstances
specified in Section 5.1. or 5.3. that gave rise to the Conversion of such Lender’s LIBOR Loans
pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such
circumstances ceasing to exist) at a time when LIBOR Loans made by other Lenders are outstanding,
then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the
next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so
that, after giving effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such
Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with
their respective Revolving Commitments.

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	 	 	Section 5.7. Change of Lending Office.	 

Each Lender agrees that it will use reasonable efforts to designate an alternate Lending
Office with respect to any of its Loans affected by the matters or circumstances described in
Section 3.12., 5.1. or 5.3. to reduce the liability of the Borrower or avoid the results provided
thereunder, so long as such designation is not disadvantageous to such Lender as determined by such
Lender in its sole discretion, except that such Lender shall have no obligation to designate a
Lending Office located in the United States of America.

	 	 	Section 5.8. Assumptions Concerning Funding of LIBOR Loans.	 

Calculation of all amounts payable to a Lender under this Article V. shall be made as though
such Lender had actually funded LIBOR Loans through the purchase of deposits in the relevant
market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount
of the LIBOR Loans and having a maturity comparable to the relevant Interest Period; provided,
however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the
foregoing assumption shall be used only for calculation of amounts payable under this Article V.

Article VI. Conditions Precedent

	 	 	Section 6.1. Initial Conditions Precedent.	 

The obligation of the Lenders to effect or permit the occurrence of the first Credit Event
hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, are both subject
to the following conditions precedent:

(a) The Agent shall have received each of the following, in form and substance satisfactory to
the Agent:

(i) Counterparts of this Agreement executed by each of the parties hereto;

(ii) Revolving Notes, Term Notes and Bid Rate Notes executed by the Borrower, payable
to each Lender (or Designated Lender, if applicable) executed by the Borrower, payable to
each Lender and complying with the applicable provisions of Section 2.12., and the Swingline
Note executed by the Borrower;

(iii) The Guaranty executed by the Parent and each other Guarantor existing as of the
Effective Date;

(iv) Evidence that all amounts outstanding under the Existing Credit Agreement have
been paid in full and that the Existing Credit Agreement has terminated;

(v) An opinion of counsel to the Loan Parties, addressed to the Agent and, the Lenders,
addressing the matters set forth in Exhibit H;

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(vi) The articles of incorporation, articles of organization, certificate of limited
partnership, declaration of trust or other comparable organizational instrument (if any) of
the Borrower and each other Loan Party certified as of a recent date by the Secretary of
State (or comparable official) of the state of formation of such Loan Party;

(vii) A certificate of good standing or certificate of similar meaning with respect to
each Loan Party issued as of a recent date by the Secretary of State (or comparable
official) of the state of formation of each such Loan Party and certificates of
qualification to transact business or other comparable certificates issued by each Secretary
of State (or comparable official and any state department of taxation, as applicable) of
each state in which such Loan Party is required to be so qualified and where the failure to
be so qualified could reasonably be expected to have a Material Adverse Effect;

(viii) A certificate of incumbency signed by the Secretary or Assistant Secretary (or
other individual performing similar functions) of each Loan Party with respect to each of
the officers of such Loan Party authorized to execute and deliver the Loan Documents to
which such Loan Party is a party, and in the case of the Borrower, and the officers of the
Borrower then authorized to deliver Notices of Borrowing, Notices of Swingline Borrowings,
Bid Rate Quote Requests, Bid Rate Quote Acceptances, Notices of Continuation and Notices of
Conversion and to request the issuance of Letters of Credit;

(ix) Copies certified by the Secretary or Assistant Secretary (or other individual
performing similar functions) of each Loan Party of (i) the by-laws of such Loan Party, if a
corporation, the operating agreement of such Loan Party, if a limited liability company, the
partnership agreement of such Loan Party, if a limited or general partnership, or other
comparable document in the case of any other form of legal entity and (ii) all corporate,
partnership, member or other necessary action taken by such Loan Party to authorize the
execution, delivery and performance of the Loan Documents to which it is a party;

(x) The Fees then due and payable under Section 3.6., and any other Fees payable to the
Agent, the Titled Agents and the Lenders on or prior to the Effective Date;

(xi) A Compliance Certificate calculated as of September 30, 2006 (giving pro forma
effect to the financing contemplated by this Agreement and the use of the proceeds of the
Loans to be funded on the Effective Date); and

(xii) Such other documents, agreements and instruments as the Agent on behalf of the
Lenders may reasonably request; and

(b) In the good faith judgment of the Agent and the Lenders:

(i) There shall not have occurred or become known to the Agent or any of the Lenders
any event, condition, situation or status since the date of the information contained in the
financial and business projections, budgets, pro forma data and forecasts

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concerning the Parent, the Borrower and the other Subsidiaries delivered to the Agent and
the Lenders prior to the Agreement Date that has had or could reasonably be expected to
result in a Material Adverse Effect;

(ii) No litigation, action, suit, investigation or other arbitral, administrative or
judicial proceeding shall be pending or threatened which could reasonably be expected to
(1) result in a Material Adverse Effect or (2) restrain or enjoin, impose materially
burdensome conditions on, or otherwise materially and adversely affect the ability of the
Parent, the Borrower or any other Loan Party to fulfill its obligations under the Loan
Documents to which it is a party;

(iii) The Parent, the Borrower and the other Subsidiaries shall have received all
approvals, consents and waivers, and shall have made or given all necessary filings and
notices, as shall be required to consummate the transactions contemplated hereby without the
occurrence of any default under, conflict with or violation of (1) any Applicable Law or
(2) any agreement, document or instrument to which the Borrower or any other Loan Party is a
party or by which any of them or their respective properties is bound, except for such
approvals, consents, waivers, filings and notices the receipt, making or giving of which
would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or
enjoin, impose materially burdensome conditions on, or otherwise materially and adversely
affect the ability of the Parent, the Borrower or any other Loan Party to fulfill its
obligations under the Loan Documents to which it is a party; and

(iv) There shall not have occurred or exist any other material disruption of financial
or capital markets that could reasonably be expected to materially and adversely affect the
transactions contemplated by the Loan Documents.

	 	 	Section 6.2. Conditions Precedent to All Loans and Letters of Credit.	 

The obligations of the Lenders to make any Loans, and of the Agent to issue Letters of Credit,
are all subject to the further condition precedent that: (a) no Default or Event of Default shall
exist as of the date of the making of such Loan or date of issuance of such Letter of Credit or
would exist immediately after giving effect thereto; and (b) the representations and warranties
made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to
which any of them is a party, shall be true and correct in all material respects on and as of the
date of the making of such Loan or date of issuance of such Letter of Credit with the same force
and effect as if made on and as of such date except to the extent that such representations and
warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall have been true and correct in all material respects on and as of such earlier
date) and except for changes in factual circumstances not prohibited under the Loan Documents.
Each Credit Event shall constitute a certification by the Borrower to the effect set forth in the
preceding sentence (both as of the date of the giving of notice relating to such Credit Event and,
unless the Borrower otherwise notifies the Agent prior to the date of such Credit Event, as of the
date of the occurrence of such Credit Event). In addition, if such Credit Event is the making of a
Loan or the issuance of a Letter of Credit, the Borrower shall be deemed to have represented to the
Agent and the Lenders at the time such Loan is made or Letter of

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Credit issued that all conditions to the occurrence of such Credit Event contained in this
Article VI. have been satisfied.

Article VII. Representations and Warranties

	 	 	Section 7.1. Representations and Warranties.	 

In order to induce the Agent and each Lender to enter into this Agreement and to make Loans
and issue Letters of Credit, each of the Parent and the Borrower represents and warrants to the
Agent and each Lender as follows:

(a) Organization; Power; Qualification. Each of the Parent, the Borrower, the other
Loan Parties, and each other Subsidiary is a corporation, partnership, trust or other legal entity,
duly organized or formed, validly existing and in good standing under the jurisdiction of its
incorporation or formation, has the power and authority to own or lease its respective properties
and to carry on its respective business as now being and hereafter proposed to be conducted and is
duly qualified and is in good standing as a foreign corporation, partnership, trust or other legal
entity, and authorized to do business, in each jurisdiction in which the character of its
properties or the nature of its business requires such qualification or authorization and where the
failure to be so qualified or authorized could reasonably be expected to have, in each instance, a
Material Adverse Effect.

(b) Ownership Structure. As of the Agreement Date, Part I of Schedule 7.1.(b) is a
complete and correct list of all Subsidiaries of the Parent setting forth for each such Subsidiary,
(i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding any Equity
Interests in such Subsidiary, (iii) the nature of the Equity Interests held by each such Person,
(iv) the percentage of ownership of such Subsidiary represented by such Equity Interests and
(v) whether such Subsidiary is a Material Subsidiary and/or an Excluded Subsidiary. Except as
disclosed in such Schedule, as of the Agreement Date (i) each of the Borrower and its Subsidiaries
owns, free and clear of all Liens (other than Permitted Liens), and has the unencumbered right to
vote, all outstanding Equity Interests in each Person shown to be held by it on such Schedule,
(ii) all of the issued and outstanding capital stock of each such Person organized as a corporation
is validly issued, fully paid and nonassessable and (iii) there are no outstanding subscriptions,
options, warrants, commitments, preemptive rights or agreements of any kind (including, without
limitation, any stockholders’ or voting trust agreements) for the issuance, sale, registration or
voting of, or outstanding securities convertible into, any additional shares of capital stock of
any class, or partnership or other ownership interests of any type in, any such Person. As of the
Agreement Date Part II of Schedule 7.1.(b) correctly sets forth all Unconsolidated Affiliates of
the Parent, including the correct legal name of such Person, the type of legal entity which each
such Person is, and all Equity Interests in such Person held directly or indirectly by the Parent.

(c) Authorization of Agreement, Etc. The Borrower has the right and power, and has
taken all necessary action to authorize it, to borrow and obtain other extensions of credit
hereunder. The Parent, the Borrower and each other Loan Party has the right and power, and has
taken all necessary action to authorize it, to execute, deliver and perform each of the Loan
Documents to which it is a party in accordance with their respective terms and to consummate

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the transactions contemplated hereby and thereby. The Loan Documents to which the Parent, the
Borrower or any other Loan Party is a party have been duly executed and delivered by the duly
authorized officers of such Person and each is a legal, valid and binding obligation of such Person
enforceable against such Person in accordance with its respective terms except as the same may be
limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors
generally and the availability of equitable remedies for the enforcement of certain obligations
(other than the payment of principal) contained herein or therein and as may be limited by
equitable principles generally.

(d) Compliance of Loan Documents with Laws, Etc. The execution, delivery and
performance of this Agreement, the Notes and the other Loan Documents to which the Parent, the
Borrower or any other Loan Party is a party in accordance with their respective terms and the
borrowings and other extensions of credit hereunder do not and will not, by the passage of time,
the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable Law
(including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party;
(ii) conflict with, result in a breach of or constitute a default under the organizational
documents of the Parent, the Borrower or any other Loan Party, or any indenture, agreement or other
instrument to which the Parent, the Borrower or any other Loan Party is a party or by which it or
any of its respective properties may be bound; or (iii) result in or require the creation or
imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the
Parent, the Borrower or any other Loan Party.

(e) Compliance with Law; Governmental Approvals. Each of the Parent, the Borrower,
each other Loan Party and each other Subsidiary is in compliance with each Governmental Approval
applicable to it and in compliance with all other Applicable Laws (including without limitation,
Environmental Laws) relating to the Parent, the Borrower, such other Loan Party or such other
Subsidiary except for noncompliances which, and Governmental Approvals the failure to possess
which, could not, individually or in the aggregate, reasonably be expected to cause a Default or
Event of Default or have a Material Adverse Effect.

(f) Title to Properties; Liens. As of the Agreement Date, Part I of Schedule 7.1.(f)
is a complete and correct listing of all of the real property owned or leased by the Parent, the
Borrower, each other Loan Party and each other Subsidiary. Each such Person has good, marketable
and legal title to, or a valid leasehold interest in, its respective assets. As of the Agreement
Date, there are no Liens against any assets of the Parent, the Borrower, any other Loan Party or
any other Subsidiary except for Permitted Liens.

(g) Existing Indebtedness. Schedule 7.1.(g) is, as of the Agreement Date, a complete
and correct listing of all Indebtedness of the Parent, the Borrower and the other Subsidiaries,
including without limitation, Guarantees of the Parent, the Borrower and the other Subsidiaries,
and indicating whether such Indebtedness is Secured Indebtedness (and if so whether such
Indebtedness is Nonrecourse Indebtedness) or Unsecured Indebtedness.

(h) Material Contracts. Schedule 7.1.(h) is, as of the Agreement Date, a true,
correct and complete listing of all Material Contracts. Each of the Parent, the Borrower, the
other Loan Parties and the other Subsidiaries that is a party to any Material Contract has
performed and is in

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compliance with all of the terms of such Material Contract, and no default or event of default, or
event or condition which with the giving of notice, the lapse of time, or both, would constitute
such a default or event of default, exists with respect to any such Material Contract.

(i) Litigation. Except as set forth on Schedule 7.1.(i), there are no actions, suits,
investigations or proceedings pending (nor, to the knowledge of the Parent, are there any actions,
suits or proceedings threatened) against or in any other way relating adversely to or affecting the
Parent, the Borrower, any other Loan Party, any other Subsidiary or any of their respective
properties in any court or before any arbitrator of any kind or before or by any other Governmental
Authority which could reasonably be expected to have a Material Adverse Effect. There are no
strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened
relating to the Parent, the Borrower, any other Loan Party or any other Subsidiary which could
reasonably be expected to have a Material Adverse Effect.

(j) Taxes. All federal, state and other tax returns of the Parent, the Borrower, any
other Loan Party or any other Subsidiary required by Applicable Law to be filed have been duly
filed, and all federal, state and other taxes, assessments and other governmental charges or levies
upon the Parent, the Borrower, each other Loan Party, each other Subsidiary and their respective
properties, income, profits and assets which are due and payable have been paid, except any such
nonpayment which is at the time permitted under Section 8.6. As of the Agreement Date, none of the
United States income tax returns of the Parent, the Borrower, any other Loan Party or any other
Subsidiary is under audit. All charges, accruals and reserves on the books of the Parent, the
Borrower, each other Loan Party and each other Subsidiary in respect of any taxes or other
governmental charges are in accordance with GAAP.

(k) Financial Statements. The Parent has furnished to each Lender copies of (i) the
audited consolidated balance sheet of the Parent and its Subsidiaries for the fiscal year ending
December 31, 2005, and the related audited consolidated statements of operations, cash flows and
shareholders’ equity for the fiscal year ending on such dates, with the audit report thereon of
Deloitte & Touche LLP and (ii) the unaudited consolidated balance sheet of the Parent and its
Subsidiaries as of September 30, 2006, and the related unaudited consolidated statements of
operations, cash flows and shareholders’ equity of the Parent and its Subsidiaries for the period
of three fiscal quarters ending on such date. Such financial statements (including in each case
related schedules and notes) present fairly, in all material respects and in accordance with GAAP
consistently applied throughout the periods involved, the consolidated financial position of the
Parent and its Subsidiaries as at their respective dates and the results of operations and the cash
flow for such periods (subject, as to interim statements, to changes resulting from normal year-end
audit adjustments and subject to the adjustments referenced in footnote 9 to the financial
statements of the Parent contained in the Parent’s Form 10-Q filed on November 9, 2006 with the
Securities and Exchange Commission). Neither the Parent nor any of its Subsidiaries has on the
Agreement Date any material contingent liabilities, liabilities, liabilities for taxes, unusual or
long-term commitments or unrealized or forward anticipated losses from any unfavorable commitments
that would be required to be set forth in its financial statements or in the notes thereto, except
as referred to or reflected or provided for in said financial statements.

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(l) No Material Adverse Change. Since December 31, 2005, there has been no material
adverse change in the business, assets, liabilities, financial condition, results of operations,
business or prospects of the Parent and its Subsidiaries taken as a whole. Each of the Loan
Parties is Solvent.

(m) ERISA. Each member of the ERISA Group is in compliance with its obligations under
the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and
is in compliance with the presently applicable provisions of ERISA and the Internal Revenue Code
with respect to each Plan, except in each case for noncompliances which could not reasonably be
expected to have a Material Adverse Effect. As of the Agreement Date, no member of the ERISA Group
has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue
Code in respect of any Plan, (ii) failed to make any contribution or payment to any Plan or
Multiemployer Plan or in respect of any Benefit Arrangement, or made 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 under ERISA or the Internal Revenue Code or (iii) incurred any
liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA.

 

(n) Not Plan Assets; No Prohibited Transaction. None of the assets of the Parent,
Borrower, any other Loan Party or any other Subsidiary constitute “plan assets” within the meaning
of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder.
Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term
is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and
the other Loan Documents, and the borrowing and repayment of amounts hereunder, do not and will not
constitute “prohibited transactions” under ERISA or the Internal Revenue Code.

(o) Absence of Defaults. None of the Parent, the Borrower, any other Loan Party or
any other Subsidiary is in default under its articles of incorporation, bylaws, partnership
agreement or other similar organizational documents, and no event has occurred, which has not been
remedied, cured or waived, which, in any such case: (i) constitutes a Default or an Event of
Default; or (ii) constitutes, or which with the passage of time, the giving of notice, or both,
would constitute, a default or event of default by the Parent, the Borrower, any other Loan Party
or any other Subsidiary under any agreement (other than this Agreement) or judgment, decree or
order to which the Parent, the Borrower, any other Loan Party or any other Subsidiary is a party or
by which the Parent, the Borrower, any other Loan Party or any other Subsidiary or any of their
respective properties may be bound where such default or event of default could, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

(p) Environmental Laws. Each of the Parent, Borrower, the other Loan Parties and the
other Subsidiaries has obtained all Governmental Approvals which are required under Environmental
Laws and is in compliance with all terms and conditions of such Governmental Approvals which the
failure to obtain or to comply with could reasonably be expected to have a Material Adverse Effect.
Except for any of the following matters that could not be reasonably expected to have a Material
Adverse Effect, (i) neither the Parent nor the Borrower has received notice of, and neither is
otherwise aware of, any past, present, or future events, conditions,

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circumstances, activities, practices, incidents, actions, or plans which, with respect to the
Parent, the Borrower, any other Loan Party or any other Subsidiary, may interfere with or prevent
compliance or continued compliance with Environmental Laws, or may give rise to any common-law or
legal liability, or otherwise form the basis of any claim, action, demand, suit, proceeding,
hearing, study, or investigation, based on or related to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport, or handling or the emission, discharge, release or
threatened release into the environment, of any Hazardous Material; and (ii) there is no civil,
criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, notice
of violation, investigation, or proceeding pending or, to the Parent’s or the Borrower’s knowledge
after due inquiry, threatened, against the Parent, the Borrower, any other Loan Party or any other
Subsidiary relating in any way to Environmental Laws.

(q) Investment Company; Etc. None of the Parent, the Borrower, any other Loan Party
or any other Subsidiary is (i) an “investment company” or a company “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended or (ii) subject to
any other Applicable Law which purports to regulate or restrict its ability to borrow money or to
consummate the transactions contemplated by this Agreement or to perform its obligations under any
Loan Document to which it is a party.

(r) Margin Stock. None of the Parent, the Borrower, any other Loan Party or any other
Subsidiary is engaged principally, or as one of its important activities, in the business of
extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying
“margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve
System.

(s) Affiliate Transactions. Except as permitted by Section 10.11., none of the
Parent, the Borrower, any other Loan Party or any other Subsidiary is a party to any transaction
with an Affiliate.

(t) Intellectual Property. Each of the Parent, the Borrower, each other Loan Party
and each other Subsidiary owns or has the right to use, under valid license agreements or
otherwise, all material patents, licenses, franchises, trademarks, trademark rights, service marks,
service mark rights, trade names, trade name rights, trade secrets and copyrights (collectively,
“Intellectual Property”) necessary to the conduct of its businesses as now conducted and as
contemplated by the Loan Documents, without known conflict with any patent, license, franchise,
trademark, trademark right, service mark, service mark right, trade secret, trade name, copyright
or other proprietary right of any other Person. The Parent, the Borrower, each other Loan Party
and each other Subsidiary have taken all such steps as they deem reasonably necessary to protect
their respective rights under and with respect to such Intellectual Property. No material claim
has been asserted by any Person with respect to the use of any such Intellectual Property by the
Parent, the Borrower, any other Loan Party or any other Subsidiary, or challenging or questioning
the validity or effectiveness of any such Intellectual Property. The use of such Intellectual
Property by the Parent, the Borrower, the other Loan Parties and the other Subsidiaries, does not
infringe on the rights of any Person, subject to such claims and infringements as do not, in the
aggregate, give rise to any liabilities on the part of the Parent, the

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Borrower, any other Loan Party or any other Subsidiary that could reasonably be expected to have a
Material Adverse Effect.

(u) Business. As of the Agreement Date, the Parent, the Borrower and the other
Subsidiaries are substantially engaged in the business of the ownership, operation, acquisition and
development of self-storage facilities in the United States of America, together with other
business activities incidental thereto.

(v) Broker’s Fees. No broker’s or finder’s fee, commission or similar compensation
will be payable with respect to the transactions contemplated hereby. No other similar fees or
commissions will be payable by any Loan Party for any other services rendered to the Parent, the
Borrower or any of the other Subsidiaries ancillary to the transactions contemplated hereby.

(w) Accuracy and Completeness of Information. No written information, report or other
papers or data (excluding financial projections and other forward looking statements) furnished to
the Agent or any Lender by, on behalf of, or at the direction of, the Parent, the Borrower, any
other Loan Party or any other Subsidiary in connection with, pursuant to or relating in any way to
this Agreement, contained any untrue statement of a fact material to the creditworthiness of the
Parent, the Borrower, any other Loan Party or any other Subsidiary or omitted to state a material
fact necessary in order to make such statements contained therein, in light of the circumstances
under which they were made, not misleading. All financial statements (including in each case all
related schedules and notes) furnished to the Agent or any Lender by, on behalf of, or at the
direction of, the Parent, the Borrower, any other Loan Party or any other Subsidiary in connection
with, pursuant to or relating in any way to this Agreement, present fairly in all material
respects, the financial position of the Persons involved as at the date thereof and the results of
operations for such periods and in accordance with GAAP consistently applied throughout the periods
involved (subject, as to interim statements, to changes resulting from normal year-end audit
adjustments). All financial projections and other forward looking statements prepared by or on
behalf of the Parent, the Borrower, any other Loan Party or any other Subsidiary that have been or
may hereafter be made available to the Agent or any Lender were or will be prepared in good faith
based on reasonable assumptions. As of the Effective Date, no fact is known to the Parent or the
Borrower which has had, or may in the future have (so far as the Parent or the Borrower can
reasonably foresee), a Material Adverse Effect which has not been set forth in the financial
statements referred to in Section 7.1.(k) or in such information, reports or other papers or data
or otherwise disclosed in writing to the Agent and the Lenders.

(x) REIT Status. The Parent qualifies as a REIT and is in compliance with all
requirements and conditions imposed under the Internal Revenue Code to allow the Parent to maintain
its status as a REIT.

(y) Unencumbered Property Pool Properties. Each of the Properties included in
calculations of the Unencumbered Property Pool Value satisfies all of the requirements contained in
the definition of “Eligible Property” (except to the extent such requirements were waived by the
Requisite Lenders pursuant to Section 4.1.(c) at the time such Property was approved as an
Unencumbered Pool Property).

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(z) Foreign Assets Control. None of the Parent, the Borrower, any other Subsidiary or
any Affiliate: (i) is a Sanctioned Person, (ii) has any of its assets in Sanctioned Entities, or
(iii) derives any of its operating income from investments in, or transactions with, Sanctioned
Persons or Sanctioned Entities.

	 	 	Section 7.2. Survival of Representations and Warranties, Etc.	 

All statements contained in any certificate, financial statement or other instrument delivered
by or on behalf of the Parent, the Borrower, any other Loan Party or any other Subsidiary to the
Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan
Documents (including, but not limited to, any such statement made in or in connection with any
amendment hereto or thereto or any statement contained in any certificate, financial statement or
other instrument delivered by or on behalf of the Parent and the Borrower prior to the Agreement
Date and delivered to the Agent or any Lender in connection with the underwriting or closing of the
transactions contemplated hereby) shall constitute representations and warranties made by the
Parent and the Borrower to the Agent and the Lenders under this Agreement. All representations
and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at
and as of the Agreement Date, the Effective Date, the date on which any extension of the
Termination Date is effectuated pursuant to Section 2.14. and the date of the occurrence of any
Credit Event, except to the extent that such representations and warranties expressly relate solely
to an earlier date (in which case such representations and warranties shall have been true and
correct in all material respects on and as of such earlier date) and except for changes in factual
circumstances not prohibited under the Loan Documents. All such representations and warranties
shall survive the effectiveness of this Agreement, the execution and delivery of the Loan Documents
and the making of the Loans and the issuance of the Letters of Credit.

Article VIII. Affirmative Covenants

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required
pursuant to Section 13.6., all of the Lenders) shall otherwise consent in the manner provided for
in Section 13.6., each of the Parent and the Borrower shall comply with the following covenants:

	 	 	Section 8.1. Preservation of Existence and Similar Matters.	 

Except as otherwise permitted under Section 10.7., the Parent and the Borrower shall, and
shall cause each other Loan Party and each other Subsidiary to, preserve and maintain its
respective existence, rights, franchises, licenses and privileges in the jurisdiction of its
incorporation or formation and qualify and remain qualified and authorized to do business in each
jurisdiction in which the character of its properties or the nature of its business requires such
qualification and authorization and where the failure to be so authorized and qualified could
reasonably be expected to have a Material Adverse Effect.

	 	 	Section 8.2. Compliance with Applicable Law and Material Contracts.	 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, comply with (a) all Applicable Laws, including the obtaining of all Governmental

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Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse
Effect, and (b) all terms and conditions of all Material Contracts to which it is a party.

	 	 	Section 8.3. Maintenance of Property.	 

In addition to the requirements of any of the other Loan Documents, the Parent and the
Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, (a) protect and
preserve all of its respective material properties, including, but not limited to, all Intellectual
Property, and maintain in good repair, working order and condition all tangible properties,
ordinary wear and tear excepted, and (b) make or cause to be made all needed and appropriate
repairs, renewals, replacements and additions to such properties, so that the business carried on
in connection therewith may be properly and advantageously conducted at all times.

	 	 	Section 8.4. Conduct of Business.	 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, carry on, their respective businesses as described in Section 7.1.(u).

	 	 	Section 8.5. Insurance.	 

In addition to the requirements of any of the other Loan Documents, the Parent and the
Borrower shall, and shall cause each other Loan Party and each other Subsidiary to, maintain
insurance (on a replacement cost basis) with financially sound and reputable insurance companies
against such risks and in such amounts as is customarily maintained by Persons engaged in similar
businesses or as may be required by Applicable Law, and from time to time deliver to the Agent upon
its request a detailed list, together with copies of all policies of the insurance then in effect,
stating the names of the insurance companies, the amounts and rates of the insurance, the dates of
the expiration thereof and the properties and risks covered thereby.

	 	 	Section 8.6. Payment of Taxes and Claims.	 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, pay and discharge when due (a) all taxes, assessments and governmental charges or
levies imposed upon it or upon its income or profits or upon any properties belonging to it, and
(b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor,
materials, supplies and rentals which, if unpaid, might become a Lien on any properties of such
Person; provided, however, that this Section shall not require the payment or discharge of any such
tax, assessment, charge, levy or claim which is being contested in good faith by appropriate
proceedings which operate to suspend the collection thereof and for which adequate reserves have
been established on the books of the Parent, the Borrower, such Subsidiary or such other Loan
Party, as applicable, in accordance with GAAP.

	 	 	Section 8.7. Visits and Inspections.	 

The Parent and the Borrower shall, and shall cause each other Loan Party and each other
Subsidiary to, permit representatives or agents of any Lender or the Agent, from time to time after
reasonable prior notice if no Event of Default shall be in existence, as often as may be

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reasonably requested, but only during normal business hours and at the expense of the Borrower, to:
(a) visit and inspect all properties of the Parent, the Borrower, such other Loan Party or such
other Subsidiary to the extent any such right to visit or inspect is within the control of such
Person; (b) inspect and make extracts from their respective books and records, including but not
limited to management letters prepared by independent accountants; and (c) discuss with its
officers, and its independent accountants, its business, properties, condition (financial or
otherwise), results of operations and performance; provided that, so long as no Event of Default
exists, the Borrower shall only be required to pay the expenses of the Agent and any Lender with
respect to one such visit and inspection per calendar year. If requested by the Agent, the Parent
and the Borrower shall execute an authorization letter addressed to its accountants authorizing the
Agent or any Lender to discuss the financial affairs of the Parent, the Borrower, any other Loan
Party and any other Subsidiary with its accountants.

	 	 	Section 8.8. Use of Proceeds; Letters of Credit.	 

The Borrower shall use the proceeds of the Loans and the Letters of Credit for general
corporate purposes only. No part of the proceeds of any Loan or Letter of Credit will be used
(a) for the purpose of buying or carrying “margin stock” within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System or to extend credit to others for the purpose of
purchasing or carrying any such margin stock or (b) to fund any operations in, finance any
investments or activities in, or make any payments to, a Sanctioned Person or Sanctioned Entity.

	 	 	Section 8.9. Environmental Matters.	 

The Parent and the Borrower shall, and shall cause all of the other Loan Parties and the other
Subsidiaries to, comply with all Environmental Laws the failure with which to comply could
reasonably be expected to have a Material Adverse Effect. If the Parent, the Borrower, any other
Loan Party or any other Subsidiary shall (a) receive notice that any violation of any Environmental
Law may have been committed or is about to be committed by such Person, (b) receive notice that any
administrative or judicial complaint or order has been filed or is about to be filed against the
Parent, the Borrower, any other Loan Party or any other Subsidiary alleging violations of any
Environmental Law or requiring the Parent, the Borrower, any other Loan Party or any other
Subsidiary to take any action in connection with the release of Hazardous Materials or (c) receive
any notice from a Governmental Authority or private party alleging that the Parent, the Borrower,
any other Loan Party or any other Subsidiary may be liable or responsible for costs associated with
a response to or cleanup of a release of Hazardous Materials or any damages caused thereby, and the
matters referred to in such notices, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect, the Borrower shall provide the Agent with a copy of such notice
promptly, and in any event within 10 Business Days, after the receipt thereof by the Parent, the
Borrower, any other Loan Party or any other Subsidiary. The Parent and the Borrower shall, and
shall cause the other Loan Parties and the other Subsidiaries to, take promptly all actions
necessary to prevent the imposition of any Liens on any of their respective properties arising out
of or related to any Environmental Laws.

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	 	 	Section 8.10. Books and Records.	 

The Parent and the Borrower shall, and shall cause each of the other Loan Parties and the
other Subsidiaries to, maintain books and records pertaining to its respective business operations
in such detail, form and scope as is consistent with good business practice and in accordance with
GAAP.

	 	 	Section 8.11. Further Assurances.

The Parent and the Borrower shall, at their sole cost and expense and upon request of the
Agent, execute and deliver or cause to be executed and delivered, to the Agent such further
instruments, documents and certificates, and do and cause to be done such further acts that may be
reasonably necessary or advisable in the reasonable opinion of the Agent to carry out more
effectively the provisions and purposes of this Agreement and the other Loan Documents.

	 	 	Section 8.12. New Subsidiaries; Guarantors; Release of Guarantors.	 

(a) Requirement to Become Guarantor. Within 10 Business Days of any Person (other
than an Excluded Subsidiary) becoming a Material Subsidiary after the Effective Date, the Borrower
shall cause to be delivered to the Agent each of the following items, each in form and substance
satisfactory to the Agent: (i) an Accession Agreement executed by such Material Subsidiary and
(ii) the items that would have been delivered under Sections 6.1.(a)(v) through (ix) and (xiii) if
such Material Subsidiary had been a Guarantor on the Effective Date; provided, however, promptly
(and in any event within 10 Business Days) upon any Excluded Subsidiary ceasing to be subject to
the restriction which prevented it from becoming a Guarantor on the Effective Date or delivering an
Accession Agreement pursuant to this Section, as the case may be, such Subsidiary shall comply with
the provisions of this Section. The Borrower shall send to each Lender copies of each of the
foregoing items once the Agent has received all such items with respect to a Material Subsidiary.

(b) Other Guarantors. The Borrower may, at its option, cause any Subsidiary that is
not already a Guarantor to become a Guarantor by executing and delivering to the Agent the items
required to be delivered under the immediately preceding subsection (a).

(c) Release of a Guarantor. The Borrower may request in writing that the Agent
release, and upon receipt of such request the Agent shall release, a Guarantor (other than the
Parent) from the Guaranty so long as: (i) such Guarantor (x) qualifies, or will qualify
simultaneously with its release from the Guaranty, as an Excluded Subsidiary, or (y) in the case of
a Material Subsidiary, has ceased to be, or simultaneously with its release from the Guaranty will
cease to be, a Material Subsidiary or a Subsidiary; (ii) such Guarantor is not otherwise required
to be a party to the Guaranty under the immediately preceding subsection (a); (iii) no Default or
Event of Default shall then be in existence or would occur as a result of such release, including
without limitation, a Default or Event of Default resulting from a violation of any of the
covenants contained in Section 10.1.; (iv) the representations and warranties made or deemed made
by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is
a party, shall be true and correct in all material respects on and as of the date of such release
with the same force and effect as if made on and as of such date except to the extent

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that such representations and warranties expressly relate solely to an earlier date (in which case
such representations and warranties shall have been true and correct in all material respects on
and as of such earlier date) and except for changes in factual circumstances not prohibited under
the Loan Documents; and (v) the Agent shall have received such written request at least 10 Business
Days prior to the requested date of release. Delivery by the Borrower to the Agent of any such
request shall constitute a representation by the Borrower that the matters set forth in the
preceding sentence (both as of the date of the giving of such request and as of the date of the
effectiveness of such request) are true and correct with respect to such request.

	 	 	Section 8.13. REIT Status.	 

The Parent shall at all times maintain its status as a REIT.

	 	 	Section 8.14. Exchange Listing.	 

The Parent shall maintain at least one class of common shares of the Parent having trading
privileges on the New York Stock Exchange or the American Stock Exchange or which is the subject of
price quotations in the over-the-counter market as reported by the National Association of
Securities Dealers Automated Quotation System.

 

Article IX. Information

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required
pursuant to Section 13.6., all of the Lenders) shall otherwise consent in the manner set forth in
Section 13.6., the Borrower shall cause to be furnished to each Lender (or to the Agent if so
provided below) at its Lending Office:

	 	 	Section 9.1. Quarterly Financial Statements.	 

As soon as available and in any event within 10 days after the same is required to be filed
with the Securities and Exchange Commission (but in no event later than 45 days after the end of
each of the first, second and third fiscal quarters of the Parent), the unaudited consolidated
balance sheet of the Parent and its Subsidiaries as at the end of such period and the related
unaudited consolidated statements of income, shareholders’ equity and cash flows of the Parent and
its Subsidiaries for such period, setting forth in each case in comparative form the figures as of
the end of and for the corresponding periods of the previous fiscal year, all of which shall be
certified by the chief financial officer or chief accounting officer of the Parent, in his or her
opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated
financial position of the Parent and its Subsidiaries as at the date thereof and the results of
operations for such period (subject to normal year-end audit adjustments).

	 	 	Section 9.2. Year-End Statements.	 

As soon as available and in any event within 10 days after the same is required to be filed
with the Securities and Exchange Commission (but in no event later than 90 days after the end of
each fiscal year of the Parent) (including without limitation, the fiscal year ending December 31,
2005), the audited consolidated balance sheet of the Parent and its Subsidiaries as at the end of

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such fiscal year and the related audited consolidated statements of income, shareholders’ equity
and cash flows of the Parent and its Subsidiaries for such fiscal year, setting forth in
comparative form the figures as at the end of and for the previous fiscal year, all of which shall
be (a) certified by the chief financial officer, treasurer, or chief accounting officer of the
Parent, in his or her opinion, to present fairly, in accordance with GAAP and in all material
respects, the consolidated financial position of the Parent and its Subsidiaries as at the date
thereof and the results of operations for such period and (b) accompanied by the audit report
thereon of independent certified public accountants of recognized national standing, whose report
shall be unqualified and in scope and substance satisfactory to the Requisite Lenders and who shall
have authorized the Parent to deliver such financial statements and report to the Agent and the
Lenders.

	 	 	Section 9.3. Compliance Certificate.	 

At the time financial statements are furnished pursuant to Sections 9.1. and 9.2., and within
5 Business Days of the Agent’s request with respect to any other fiscal period, a certificate
substantially in the form of Exhibit I (a “Compliance Certificate”) executed by the chief financial
officer, treasurer, or chief accounting officer of the Parent: (a) setting forth in reasonable
detail as at the end of such quarterly accounting period, fiscal year, or other fiscal period, as
the case may be, the calculations required to establish whether or not the Borrower was in
compliance with the covenants contained in Sections 10.1., 10.2. and 10.4. (including without
limitation, for the fiscal year ending December 31, 2005) and (b) stating that, to the best of his
or her knowledge, information and belief after due inquiry, no Default or Event of Default exists,
or, if such is not the case, specifying such Default or Event of Default and its nature, when it
occurred, whether it is continuing and the steps being taken by the Borrower with respect to such
event, condition or failure. Together with each Compliance Certificate delivered in connection
with quarterly or annual financial statements, the Borrower and the Parent shall deliver (i) a
report, in form and detail reasonably satisfactory to the Agent, setting forth a Statement of Funds
From Operations for the fiscal period then ending and (ii) if any Properties have been included as
Unencumbered Pool Properties pursuant to the provisions of Section 4.1.(e) since delivery of the
last Compliance Certificate, each of the items set forth in clauses (i) through (v) of
Section 4.1.(b) with respect to each such Property to the extent not already provided to the Agent.

	 	 	Section 9.4. Other Information.	 

(a) Management Reports. Promptly upon receipt thereof, copies of all management
reports, if any, submitted to the Parent or its Board of Directors by its independent public
accountants;

(b) Securities Filings. Within 5 Business Days of the filing thereof, copies of all
registration statements (excluding the exhibits thereto (unless requested by the Agent) and any
registration statements on Form S-8 or its equivalent), reports on Forms 10-K, 10-Q and 8-K (or
their equivalents) and all other periodic reports which the Parent, the Borrower, any other Loan
Party or any other Subsidiary shall file with the Securities and Exchange Commission (or any
Governmental Authority substituted therefor) or any national securities exchange (any such
registration statement, report and other periodic report referred to as a “Security Filing”);

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(c) Shareholder Information. Promptly upon the mailing thereof to the shareholders of
the Parent generally, copies of all financial statements, reports and proxy statements so mailed
and promptly upon the issuance thereof copies of all press releases issued by the Parent, the
Borrower, any other Loan Party or any other Subsidiary;

(d) ERISA. 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 funding standard under Section 412 of the Internal Revenue 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, and of which has resulted or could
reasonably be expected to result in the imposition of a Lien or the posting of a bond or other
security, a certificate of the chief executive officer or chief financial officer of the Parent
setting forth details as to such occurrence and the action, if any, which the Parent or applicable
member of the ERISA Group is required or proposes to take;

(e) Litigation. To the extent the Parent, the Borrower or any other Subsidiary is
aware of the same, prompt notice of the commencement of any proceeding or investigation by or
before any Governmental Authority and any action or proceeding in any court or other tribunal or
before any arbitrator against or in any other way relating adversely to, or adversely affecting,
the Parent, the Borrower or any other Subsidiary or any of their respective properties, assets or
businesses which could reasonably be expected to have a Material Adverse Effect, and prompt notice
of the receipt of notice that any United States income tax returns of the Parent, the Borrower or
any other Subsidiary are being audited;

(f) Modification of Organizational Documents. A copy of any amendment to the articles
of incorporation, bylaws, partnership agreement, operating agreement or other similar
organizational documents of the Parent, the Borrower or any other Loan Party within 15 Business
Days after the effectiveness thereof;

(g) Change of Management or Financial Condition. Prompt notice of any change in the
senior management of the Parent, the Borrower or any other Loan Party and any change in the
business, assets, liabilities, financial condition, results of operations or business prospects of
the Parent, the Borrower, any other Loan Party or any other Subsidiary which has had or could
reasonably be expected to have a Material Adverse Effect;

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(h) Default. Notice of the occurrence of any of the following promptly upon a
Responsible Officer of the Parent or the Borrower obtaining knowledge thereof: (i) any Default or
Event of Default or (ii) any event which constitutes or which with the passage of time, the giving
of notice, or otherwise, would constitute a default or event of default by the Parent, the
Borrower, any other Loan Party or any other Subsidiary under any Material Contract to which any
such Person is a party or by which any such Person or any of its respective properties may be
bound;

(i) Judgments. Prompt notice of any order, judgment or decree in excess of $5,000,000
having been entered against the Parent, the Borrower, any other Loan Party or any other Subsidiary
or any of their respective properties;

(j) Notice of Violations of Law. Prompt notice if the Parent, the Borrower, any other
Loan Party or any other Subsidiary shall receive any notification from any Governmental Authority
alleging a violation of any Applicable Law or any inquiry which, in either case, could reasonably
be expected to have a Material Adverse Effect;

 

(k) Budget. As soon as available, and in any event no later than 45 days after the
end of each fiscal year of the Parent, a detailed consolidated budget for the following fiscal year
(including a projected consolidated balance sheet of the Parent and its Subsidiaries as of the end
of the following fiscal year, and the related consolidated statements of projected cash flow,
projected changes in financial position and projected income and a description of the underlying
assumptions applicable thereto), and, as soon as available, significant revisions, if any, of such
budget and projections with respect to such fiscal year (collectively, the “Projections”), which
Projections shall in each case be accompanied by a certificate of a Responsible Officer of the
Parent stating that such Projections are based on reasonable estimates, information and assumptions
and that such Responsible Officer has no reason to believe that such Projections are incorrect or
misleading in any material respect;

(l) Damage to Unencumbered Pool Property. Promptly (i) after any Unencumbered Pool
Property shall be damaged or destroyed and the reasonably estimated cost of repair or replacement
thereof would exceed $1,000,000, notice of such damage or destruction and the reasonably estimated
cost of repair or replacement thereof and (ii) upon obtaining knowledge of the institution of any
proceedings for the condemnation of any Unencumbered Pool Property, or any material portion
thereof, notice of such proceedings with a copy of all documentation received by the Borrower or
any of its Subsidiaries in connection therewith and the reasonably estimated proceeds of such
proceedings;

(m) Material Asset Sales. Prompt notice of the sale, transfer or other disposition of
any material assets of the Parent, the Borrower, any other Loan Party or any other Subsidiary to
any Person other than the Parent, the Borrower, any other Loan Party or any other Subsidiary;

(n) Patriot Act Information. From time to time and promptly upon each request,
information identifying the Borrower as a Lender may request in order to comply with the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001));

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(o) Material Contracts. Promptly upon entering into any Material Contract after the
Agreement Date, a copy to the Agent of such Material Contract; and

(p) Other Information. From time to time and promptly upon each request, such data,
certificates, reports, statements, opinions of counsel, documents or further information regarding
the business, assets, liabilities, financial condition, results of operations or business prospects
of the Parent, the Borrower, any other Loan Party or any other Subsidiary as the Agent or any
Lender may reasonably request.

	 	 	Section 9.5. Delivery of Documents.	 

Documents required to be delivered by the Borrower pursuant to Article IX. (to the extent any
such documents are not otherwise included in a Security Filing) may be delivered electronically and
if so delivered, shall be deemed to have been delivered on the date on which such documents are
posted by the Agent on the Borrower’s behalf on an internet or intranet website, if any, to which
each Lender and the Agent has access (whether a commercial, third-party website (such as Intralinks
or SyndTraks) or a website sponsored by the Agent); provided that the Borrower shall deliver paper
copies of such documents to the Agent or any Lender that requests the Borrower to deliver such
paper copies until a written request to cease delivering paper copies is given by the Agent or such
Lender. Notwithstanding anything contained herein, in every instance the Borrower shall be
required to provide paper copies of the Compliance Certificate required by Section 9.3. to the
Agent. The Agent shall have no obligation to request the delivery or to maintain copies of the
documents referred to above, and in any event shall have no responsibility to monitor compliance by
the Borrower with any such request for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents.

Article X. Negative Covenants

For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required
pursuant to Section 13.6., all of the Lenders) shall otherwise consent in the manner set forth in
Section 13.6., each of the Parent and the Borrower, as applicable, shall comply with the following
covenants:

	 	 	Section 10.1. Financial Covenants.	 

The Parent shall not permit:

(a) Maximum Consolidated Leverage Ratio. The ratio of (i) Consolidated Total
Indebtedness to (ii) Consolidated Adjusted Asset Value, to exceed 0.65 to 1.00 at any time.

(b) Minimum Consolidated Fixed Charge Coverage Ratio. The ratio of (i) Adjusted
EBITDA for the period of two consecutive fiscal quarters of the Parent most recently ending to
(ii) Consolidated Fixed Charges for such period, to be less than 1.60 to 1.00 at any time.

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(c) Secured Indebtedness. Secured Indebtedness of the Parent and its Subsidiaries
determined on a consolidated basis to exceed 50.0% of Consolidated Adjusted Asset Value at any
time.

(d) Secured Recourse Indebtedness. The aggregate principal amount of Secured Recourse
Indebtedness to exceed 10.0% of Consolidated Adjusted Asset Value at any time.

(e) Minimum Tangible Net Worth. Tangible Net Worth at any time to be less than
(i) $673,234,400 plus (ii) 75% of the Net Proceeds of all Equity Issuances by the Parent
and its Subsidiaries after September 30, 2006 (other than Equity Issuances to the Parent, the
Borrower or any other Subsidiary).

(f) Floating Rate Indebtedness. The ratio of (i) Floating Rate Indebtedness of the
Parent and its Subsidiaries determined on a consolidated basis to (ii) Consolidated Total
Indebtedness, to exceed 0.35 to 1.00 at any time.

(g) Minimum Unencumbered Property Pool Value. The Unencumbered Property Pool Value to
be less than $400,000,000 at any time.

 

(h) Maximum Unencumbered Leverage. The ratio of (i) Unsecured Indebtedness of the
Parent and its Subsidiaries determined on a consolidated basis to (ii) the Unencumbered Property
Pool Value, to exceed 0.65 to 1.00 at any time.

(i) Minimum Unencumbered Interest Coverage. The ratio of (i) Net Operating Income of
all Unencumbered Pool Properties to (ii) Unsecured Interest Expense, to be less than 2.00 to 1.00
at any time.

	 	 	Section 10.2. Restricted Payments.	 

The Parent shall not, and shall not permit the Borrower or any other Subsidiary to, declare or
make any Restricted Payment; provided, however, that the Parent, the Borrower and the other
Subsidiaries may declare and make the following Restricted Payments so long as no Default or Event
of Default would result therefrom:

(a) the Borrower may declare or make cash distributions to the Parent and other holders of
partnership interests in the Borrower during the period of four consecutive fiscal quarters most
recently ending to the extent necessary for the Parent to distribute, and the Parent may so
distribute, cash dividends to its shareholders in an aggregate amount not to exceed the greater of
(i) the amount required to be distributed for the Parent to remain in compliance with compliance
with Section 8.13. or (ii) 95.0% of Funds From Operations; provided that, subject to the last
sentence of this Section, the limitations of this subsection (a) shall only apply to periods ending
on or after December 31, 2008;

(b) the Borrower may make cash distributions of capital gains to the Parent and other holders
of partnership interests in the Borrower to the extent necessary for the Parent to make, and the
Parent may make, cash distributions to its shareholders of capital gains resulting from

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gains from certain asset sales to avoid payment of taxes on such asset sales imposed under Sections
857(b)(3) and 4981 of the Internal Revenue Code;

(c) the Parent, the Borrower and any other Subsidiary may acquire the Equity Interests of a
Subsidiary that is not a Wholly Owned Subsidiary;

(d) a Subsidiary that is not a Wholly Owned Subsidiary may make cash distributions to holders
of Equity Interests issued by such Subsidiary; and

(e) Subsidiaries may pay Restricted Payments to the Parent, the Borrower or any other
Subsidiary.

Notwithstanding the foregoing, but subject to the following sentence, if a Default or Event of
Default exists, the Borrower may only declare and make cash distributions to the Parent and other
holders of partnership interests in the Borrower with respect to any fiscal year to the extent
necessary for the Parent to distribute, and the Parent may so distribute, an aggregate amount not
to exceed the minimum amount necessary for the Parent to remain in compliance with Section 8.13.
If a Default or Event of Default specified in Section 11.1.(a), Section 11.1.(b), Section 11.1.(f)
or Section 11.1.(g) shall exist, or if as a result of the occurrence of any other Event of Default
any of the Obligations have been accelerated pursuant to Section 11.2.(a), the Parent shall not,
and shall not permit the Borrower or any other Subsidiary to, make any Restricted Payments to any
Person other than to the Parent, the Borrower or any other Subsidiary. At no time prior December
31, 2008 shall the Parent increase the rate at which it regularly pays cash distributions unless
the Parent can demonstrate to the satisfaction of the Agent that the Parent and the Borrower will
be able to comply with the terms of the Loan Documents, including without limitation, the covenants
contained in Section 10.1. and 10.2.(a)(ii) (assuming such covenant applied prior to December 31,
2008), after giving effect to such increase on a pro forma basis. If prior to December 31, 2008
the Parent has increased the rate at which it regularly pays cash distributions because the Parent
has demonstrated to the satisfaction of the Agent that the Parent and the Borrower will be able to
comply with the terms of the Loan Documents, the limitations of the immediately preceding
clause (a) shall apply at all times on and after such increase and the limitations of the
immediately preceding sentence shall cease to apply.

	 	 	Section 10.3. Indebtedness.	 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, incur, assume, or otherwise become obligated in respect of any Indebtedness after
the Agreement Date if immediately prior to the assumption, incurring or becoming obligated in
respect thereof, or immediately thereafter and after giving effect thereto, a Default or Event of
Default is or would be in existence, including without limitation, a Default or Event of Default
resulting from a violation of any of the covenants contained in Section 10.1.

	 	 	Section 10.4. Certain Permitted Investments.	 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, make any Investment in or otherwise own the following items which would

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cause the aggregate value of such holdings of the Parent, the Borrower, the other Loan Parties and
the other Subsidiaries to exceed the applicable limits set forth below:

(a) Investments in Unconsolidated Affiliates and other Persons that are not Subsidiaries, such
that the aggregate value of such Investments (determined in a manner consistent with the definition
of Consolidated Adjusted Asset Value or, if not contemplated under the definition of Consolidated
Adjusted Asset Value, as determined in accordance with GAAP) to exceed 20.0% of Consolidated
Adjusted Asset Value at any time;

(b) raw land, such that the current book value of all raw land exceeds 10.0% of Consolidated
Adjusted Asset Value at any time;

(c) real property under construction such that the aggregate Construction Budget for all such
real property exceeds 15.0% of Consolidated Adjusted Asset Value at any time; and

(d) Properties leased under ground leases by the Parent or any of its Subsidiaries, as lessee,
such that the value of such Properties (determined in accordance with the applicable provisions of
the definition of Consolidated Adjusted Asset Value) exceeds 10.0% of Consolidated Adjusted Asset
Value at any time.

 

In addition to the foregoing limitations, the aggregate value of all of the items subject to the
limitations in the preceding clauses (a) through (d) shall not exceed 35.0% of Consolidated
Adjusted Asset Value at any time.

	 	 	Section 10.5. Investments Generally.	 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, directly or indirectly, acquire, make or purchase any Investment, or permit any
Investment of such Person to be outstanding on and after the Agreement Date, other than the
following:

(a) Investments in Subsidiaries in existence on the Agreement Date and disclosed on Part I of
Schedule 7.1.(b);

(b) Investments to acquire Equity Interests of a Subsidiary or any other Person who after
giving effect to such acquisition would be a Subsidiary, so long as in each case (i) immediately
prior to such Investment, and after giving effect thereto, no Default or Event of Default is or
would be in existence and (ii) if such Subsidiary is (or after giving effect to such Investment
would become) a Material Subsidiary, and is not an Excluded Subsidiary, the terms and conditions
set forth in Section 8.12. are satisfied;

(c) Investments permitted under Section 10.4.;

(d) Investments in Cash Equivalents;

(e) intercompany Indebtedness among the Borrower and its Wholly Owned Subsidiaries provided
that such Indebtedness is permitted by the terms of Section 10.3.;

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(f) loans and advances to officers and employees for moving, entertainment, travel and other
similar expenses in the ordinary course of business consistent with past practices; and

(g) any other Investment so long as immediately prior to making such Investment, and
immediately thereafter and after giving effect thereto, no Default or Event of Default is or would
be in existence.

	 	 	Section 10.6. Liens; Negative Pledges; Other Matters.	 

(a) The Parent and the Borrower shall not, and shall not permit any other Loan Party or any
other Subsidiary to, create, assume, or incur any Lien (other than Permitted Liens) upon any of
their respective properties, assets, income or profits of any character whether now owned or
hereafter acquired if immediately prior to the creation, assumption or incurring of such Lien, or
immediately thereafter, a Default or Event of Default is or would be in existence, including
without limitation, a Default or Event of Default resulting from a violation of any of the
covenants contained in Section 10.1.

  (b) The Parent and the Borrower shall not, and shall not permit any other Loan Party or any
other Subsidiary to, enter into, assume or otherwise be bound by any Negative Pledge except for a
Negative Pledge contained in (i) an agreement (x) evidencing Indebtedness which the Parent, the
Borrower, such Loan Party or such Subsidiary may create, incur, assume, or permit or suffer to
exist under Section 10.3., (y) which Indebtedness is secured by a Lien permitted to exist under the
Loan Documents, and (z) which prohibits the creation of any other Lien on (A) only the property
securing such Indebtedness as of the date such agreement was entered into and (B) if such property
is owned by an Excluded Subsidiary, the Equity Interests issued by such Excluded Subsidiary or any
Excluded Subsidiary that directly or indirectly owns Equity Interests in such Excluded Subsidiary;
(ii) in an agreement relating to the sale of a Subsidiary or assets pending such sale, provided
that in any such case the Negative Pledge applies only to the Subsidiary or the assets that are the
subject of such sale; or (iii) Negative Pledges contained in the agreements described on
Schedule 10.6. to the extent such Negative Pledges apply to Equity Interests issued by the Borrower
or other Subsidiary of the Parent identified on such Schedule.

(c) The Parent and the Borrower shall not, and shall not permit any other Loan Party or any
other Subsidiary to, create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other than an
Excluded Subsidiary) to: (i) pay dividends or make any other distribution on any of such
Subsidiary’s capital stock or other equity interests owned by the Borrower or any other Subsidiary;
(ii) pay any Indebtedness owed to the Borrower or any other Subsidiary; (iii) make loans or
advances to the Borrower or any other Subsidiary; or (iv) transfer any of its property or assets to
the Borrower or any other Subsidiary.

	 	 	Section 10.7. Merger, Consolidation, Sales of Assets and Other Arrangements.	 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to: (i) enter into any transaction of merger or consolidation; (ii) liquidate, wind

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up or dissolve itself (or suffer any liquidation or dissolution); or (iii) convey, sell, lease,
sublease, transfer or otherwise dispose of, in one transaction or a series of transactions, all or
substantially all of its business or assets, whether now owned or hereafter acquired; provided,
however, that:

(a) any of the actions described in the immediately preceding clauses (i) through (iii) may be
taken with respect to any Subsidiary or any other Loan Party (other than the Parent and the
Borrower) so long as immediately prior to the taking of such action, and immediately thereafter and
after giving effect thereto, no Default or Event of Default is or would be in existence;
notwithstanding the foregoing, any Loan Party (other than the Parent and the Borrower) may enter
into a transaction of merger pursuant to which such Loan Party is not the survivor of such merger
only if (i) the Borrower shall have given the Agent and the Lenders at least 10 Business Days’
prior written notice of such merger, such notice to include a certification to the effect that
immediately after and after giving effect to such action, no Default or Event of Default is or
would be in existence; (ii) if the survivor entity is a Material Subsidiary (and not an Excluded
Subsidiary) within 5 Business Days of consummation of such merger, the survivor entity (if not
already a Guarantor) shall have executed and delivered an assumption agreement in form and
substance satisfactory to the Agent pursuant to which such survivor entity shall expressly assume
all of such Loan Party’s Obligations under the Loan Documents to which it is a party; (iii) within
30 days of consummation of such merger, the survivor entity delivers to the Agent the following:
(A) items of the type referred to in Sections 6.1.(a)(vii) through (xi) and (xv) with respect to
the survivor entity as in effect after consummation of such merger (if not previously delivered to
the Agent and still in effect), (B) copies of all documents entered into by such Loan Party or the
survivor entity to effectuate the consummation of such merger, including, but not limited to,
articles of merger and the plan of merger, (C) copies, certified by the Secretary or Assistant
Secretary (or other individual performing similar functions) of such Loan Party or the survivor
entity, of all corporate and shareholder action authorizing such merger and (D) copies of any
filings with the Securities and Exchange Commission in connection with such merger; and (iv) such
Loan Party and the survivor entity each takes such other action and delivers such other documents,
instruments, opinions and agreements as the Agent may reasonably request;

(b) the Parent, the Borrower, the other Loan Parties and the other Subsidiaries may lease and
sublease their respective assets, as lessor or sublessor (as the case may be), in the ordinary
course of their business;

(c) a Person may merge with and into the Parent or the Borrower so long as (i) the Parent or
the Borrower is the survivor of such merger, (ii) immediately prior to such merger, and immediately
thereafter and after giving effect thereto, no Default or Event of Default is or would be in
existence, and (iii) the Borrower shall have given the Agent and the Lenders at least 10 Business
Days’ prior written notice of such merger, such notice to include a certification as to the matters
described in the immediately preceding clause (ii) (except that such prior notice shall not be
required in the case of the merger of a Subsidiary with and into the Borrower or a Subsidiary
(other than the Borrower) with and into the Parent); and

(d) the Parent, the Borrower, the other Loan Parties and the other Subsidiaries may sell,
transfer or dispose of assets among themselves.

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	 	 	Section 10.8. Fiscal Year.	 

The Parent shall not change its fiscal year from that in effect as of the Agreement Date.

	 	 	Section 10.9. Modifications to Material Contracts.	 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, enter into any amendment or modification to any Material Contract which could
reasonably be expected to have a Material Adverse Effect.

	 	 	Section 10.10. Modifications of Organizational Documents.	 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, amend, supplement, restate or otherwise modify its articles or certificate of
incorporation, by-laws, operating agreement, declaration of trust, partnership agreement or other
applicable organizational document if such amendment, supplement, restatement or other modification
could reasonably be expected to have a Material Adverse Effect.

 

	 	 	Section 10.11. Transactions with Affiliates.	 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, permit to exist or enter into, any transaction (including the purchase, sale, lease
or exchange of any property or the rendering of any service) with any Affiliate (other than a Loan
Party), except (a) transactions in the ordinary course of and pursuant to the reasonable
requirements of the business of the Parent, the Borrower or any of its other Subsidiaries and upon
fair and reasonable terms which are no less favorable to the Parent, the Borrower or such
Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is
not an Affiliate and (b) transactions among Loan Parties.

	 	 	Section 10.12. ERISA Exemptions.	 

The Parent and the Borrower shall not, and shall not permit any other Loan Party or any other
Subsidiary to, permit any of its respective assets to become or be deemed to be “plan assets”
within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated
thereunder.

Article XI. Default

	 	 	Section 11.1. Events of Default.	 

Each of the following shall constitute an Event of Default, whatever the reason for such event
and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or
pursuant to any judgment or order of any Governmental Authority:

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(a) Default in Payment of Principal. The Borrower shall fail to pay when due (whether
upon demand, at maturity, by reason of acceleration or otherwise) the principal of any of the
Loans, or any Reimbursement Obligation.

(b) Default in Payment of Interest and Other Obligations. The Borrower shall fail to
pay when due any interest on any of the Loans or any of the other payment Obligations owing by the
Borrower under this Agreement or any other Loan Document, or any other Loan Party shall fail to pay
when due any payment Obligation owing by such other Loan Party under any Loan Document to which it
is a party, and such failure shall continue for a period of 5 Business Days.

(c) Default in Performance. (i) The Parent or the Borrower shall fail to perform or
observe any term, covenant, condition or agreement contained in Section 9.4.(h) or in Article X. or
(ii) the Parent, the Borrower or any other Loan Party shall fail to perform or observe any term,
covenant, condition or agreement contained in this Agreement or any other Loan Document to which it
is a party and not otherwise mentioned in this Section and in the case of this clause (ii) only
such failure shall continue for a period of 30 days after the date upon which the Parent or the
Borrower has received written notice of such failure from the Agent.

(d) Misrepresentations. Any written statement, representation or warranty made or
deemed made by or on behalf of the Parent, the Borrower or any other Loan Party under this
Agreement or under any other Loan Document, or any amendment hereto or thereto, or in any other
writing or statement at any time furnished or made or deemed made by or on behalf of the Parent,
the Borrower or any other Loan Party to the Agent or any Lender, shall at any time prove to have
been incorrect or misleading, in light of the circumstances in which made or deemed made, in any
material respect when furnished or made or deemed made.

(e) Indebtedness Cross-Default; Derivatives Contracts.

(i) The Parent, the Borrower, any other Loan Party or any other Subsidiary shall fail
to pay when due and payable, within any applicable grace or cure period (not to exceed 30
days), the principal of, or interest on, any Indebtedness (other than the Loans and
Reimbursement Obligations) having an aggregate outstanding principal amount of $10,000,000
or more (or $25,000,000 or more in the case of Nonrecourse Indebtedness) (all such
Indebtedness being “Material Indebtedness”); or

(ii) (x) the maturity of any Material Indebtedness shall have been accelerated in
accordance with the provisions of any indenture, contract or instrument evidencing,
providing for the creation of or otherwise concerning such Material Indebtedness or (y) any
Material Indebtedness shall have been required to be prepaid or repurchased prior to the
stated maturity thereof;

(iii) any other event shall have occurred and be continuing which permits any holder or
holders of Material Indebtedness, any trustee or agent acting on behalf of such holder or
holders or any other Person, to accelerate the maturity of any such Material Indebtedness or
require any such Material Indebtedness to be prepaid or repurchased prior to its stated
maturity; or

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(iv) there occurs under any Derivatives Contract an Early Termination Date (as defined
in such Derivatives Contract) resulting from (A) any event of default under such Derivatives
Contract as to which any Loan Party is the Defaulting Party (as defined in such Derivatives
Contract) or (B) any Termination Event (as so defined) under such Derivatives Contract as to
which any Loan Party is an Affected Party (as so defined) and, in either event, the
Derivatives Termination Value owed by any Loan Party as a result thereof is $10,000,000 or
more.

(f) Voluntary Bankruptcy Proceeding. The Parent, the Borrower, any other Loan Party,
or any Excluded Subsidiary that is a Significant Subsidiary shall: (i) commence a voluntary case
under the Bankruptcy Code of 1978, as amended, or other federal bankruptcy laws (as now or
hereafter in effect); (ii) file a petition seeking to take advantage of any other Applicable Laws,
domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding-up, or composition
or adjustment of debts; (iii) consent to, or fail to contest in a timely and appropriate manner,
any petition filed against it in an involuntary case under such bankruptcy laws or other Applicable
Laws or consent to any proceeding or action described in the immediately following subsection;
(iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the
appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of
itself or of a substantial part of its property, domestic or foreign; (v) admit in writing its
inability to pay its debts as they become due; (vi) make a general assignment for the benefit of
creditors; (vii) make a conveyance fraudulent as to creditors under any Applicable Law; or
(viii) take any corporate or partnership action for the purpose of effecting any of the foregoing.

(g) Involuntary Bankruptcy Proceeding. A case or other proceeding shall be commenced
against the Parent, the Borrower, any other Loan Party, or any Excluded Subsidiary that is a
Significant Subsidiary in any court of competent jurisdiction seeking: (i) relief under the
Bankruptcy Code of 1978, as amended, or other federal bankruptcy laws (as now or hereafter in
effect) or under any other Applicable Laws, domestic or foreign, relating to bankruptcy,
insolvency, reorganization, winding-up, or composition or adjustment of debts; or (ii) the
appointment of a trustee, receiver, custodian, liquidator or the like of such Person, or of all or
any substantial part of the assets, domestic or foreign, of such Person, and such case or
proceeding shall continue undismissed or unstayed for a period of 60 consecutive calendar days, or
an order granting the remedy or other relief requested in such case or proceeding against such
Person (including, but not limited to, an order for relief under such Bankruptcy Code or such other
federal bankruptcy laws) shall be entered.

(h) Litigation; Enforceability. The Parent, the Borrower or any other Loan Party
shall disavow, revoke or terminate (or attempt to terminate) any Loan Document to which it is a
party or shall otherwise challenge or contest in any action, suit or proceeding in any court or
before any Governmental Authority the validity or enforceability of this Agreement, or any other
Loan Document or this Agreement or any other Loan Document shall cease to be in full force and
effect (except as a result of the express terms thereof).

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(i) Judgment. A judgment or order for the payment of money or for an injunction shall
be entered against the Parent, the Borrower, any other Loan Party or any other Subsidiary, by any
court or other tribunal and (i) such judgment or order shall continue for a period of 30 days
without being paid, stayed or dismissed through appropriate appellate proceedings and (ii) either
(A) the amount of such judgment or order for which insurance has not been acknowledged in writing
by the applicable insurance carrier (or the amount as to which the insurer has denied liability)
exceeds, individually or together with all other such outstanding judgments or orders entered
against (X) the Parent, the Borrower and the other Loan Parties, $10,000,000 or (Y)  other
Subsidiaries, $50,000,000 or (B) in the case of an injunction or other non-monetary judgment, such
injunction or judgment could reasonably be expected to have a Material Adverse Effect.

(j) Attachment. A warrant, writ of attachment, execution or similar process shall be
issued against any property of the Parent, the Borrower, any other Loan Party or any other
Subsidiary which exceeds, individually or together with all other such warrants, writs, executions
and processes, (i) for the Parent, the Borrower and the other Loan Parties $10,000,000 or (ii) for
all other Subsidiaries $50,000,000, and such warrant, writ, execution or process shall not be
discharged, vacated, stayed or bonded for a period of 30 days; provided, however, that if a bond
has been issued in favor of the claimant or other Person obtaining such warrant, writ, execution or
process, the issuer of such bond shall execute a waiver or subordination agreement in form and
substance satisfactory to the Agent pursuant to which the issuer of such bond subordinates its
right of reimbursement, contribution or subrogation to the Obligations and waives or subordinates
any Lien it may have on the assets of any Loan Party.

(k) ERISA. Any member of the ERISA Group shall fail to pay when due an amount or
amounts aggregating in excess of $10,000,000 which it shall have become liable to pay under Title
IV of ERISA; or notice of intent to terminate a Plan or Plans having aggregate Unfunded Liabilities
in excess of $10,000,000 shall be filed under Title IV of ERISA by any member of the ERISA Group,
any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings
under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section
4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer, any Plan or
Plans having aggregate Unfunded Liabilities in excess of $10,000,000; or a condition shall exist by
reason of which the PBGC would be entitled to obtain a decree adjudicating that any such Plan must
be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the
meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which
could cause one or more members of the ERISA Group to incur a current payment obligation in excess
of $10,000,000.

(l) Loan Documents. An Event of Default (as defined therein) shall occur under any of
the other Loan Documents.

(m) Change of Control/Change in Management.

(i) Any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the

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Exchange Act, except that a Person will be deemed to have “beneficial ownership” of all
securities that such Person has the right to acquire, whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of more than 25.0%
of the total voting power of the then outstanding voting stock of the Parent;

(ii) During any period of 12 consecutive months ending after the Agreement Date,
individuals who at the beginning of any such 12-month period constituted the Board of
Directors of the Parent (together with any new directors whose election by such Board or
whose nomination for election by the shareholders of the Parent was approved by a vote of a
at least two-thirds of the directors then still in office who were either directors at the
beginning of such period or whose election or nomination for election was previously so
approved but excluding any director whose initial nomination for, or assumption of office
as, a director occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any person or group other
than a solicitation for the election of one or more directors by or on behalf of the Board
of Directors) cease for any reason to constitute a majority of the Board of Directors of the
Borrower then in office;

(iii) The Parent or a Wholly Owned Subsidiary of the Parent shall cease to be the sole
general partner of the Borrower or shall cease to have the sole and exclusive power to
exercise all management and control over the Borrower; or

 

(iv) The Parent shall cease to own and control, directly or indirectly, of record and
beneficially, at least 75% of the outstanding Equity Interests of the Borrower free and
clear of all Liens (other than Permitted Liens of the types referred to in clauses (a), (b),
(c) and (e) of the definition of Permitted Lien).

	 	 	Section 11.2. Remedies Upon Event of Default.	 

Upon the occurrence of an Event of Default the following provisions shall apply:

(a) Acceleration; Termination of Facilities.

(i) Automatic. Upon the occurrence of an Event of Default specified in
Section 11.1.(f) or 11.1.(g), (A)(i) the principal of, and all accrued interest on, the
Loans and the Notes at the time outstanding, (ii) an amount equal to the Stated Amount of
all Letters of Credit outstanding as of the date of the occurrence of such Event of Default
for deposit into the Collateral Account pursuant to Section 11.5. and (iii) all of the other
Obligations of the Borrower, including, but not limited to, the other amounts owed to the
Lenders, the Swingline Lender and the Agent under this Agreement, the Notes or any of the
other Loan Documents shall become immediately and automatically due and payable by the
Borrower without presentment, demand, protest, or other notice of any kind, all of which are
expressly waived by the Borrower and (B) all of the Commitments, the obligation of the
Lenders to make Loans, the Swingline Commitment, the obligation of the Swingline Lender to
make Swingline Loans, and the obligation of the Agent to issue Letters of Credit hereunder,
shall all immediately and automatically terminate.

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(ii) Optional. If any other Event of Default shall exist, the Agent shall, at
the direction of the Requisite Lenders: (A) declare (1) the principal of, and accrued
interest on, the Loans and the Notes at the time outstanding, (2) an amount equal to the
Stated Amount of all Letters of Credit outstanding as of the date of the occurrence of such
other Event of Default for deposit into the Collateral Account pursuant to Section 11.5. and
(3) all of the other Obligations, including, but not limited to, the other amounts owed to
the Lenders and the Agent under this Agreement, the Notes or any of the other Loan Documents
to be forthwith due and payable, whereupon the same shall immediately become due and payable
without presentment, demand, protest or other notice of any kind, all of which are expressly
waived by the Borrower and (B) terminate the Commitments, the Swingline Commitment, the
obligation of the Lenders to make Loans hereunder and the obligation of the Agent to issue
Letters of Credit hereunder.

(b) Loan Documents. The Requisite Lenders may direct the Agent to, and the Agent if
so directed shall, exercise any and all of its rights under any and all of the other Loan
Documents.

(c) Applicable Law. The Requisite Lenders may direct the Agent to, and the Agent if
so directed shall, exercise all other rights and remedies it may have under any Applicable Law.

(d) Appointment of Receiver. To the extent permitted by Applicable Law, the Agent and
the Lenders shall be entitled to the appointment of a receiver for the assets and properties of the
Borrower and its Subsidiaries, without notice of any kind whatsoever and without regard to the
adequacy of any security for the Obligations or the solvency of any party bound for its payment, to
take possession of all or any portion of the business operations of the Borrower and its
Subsidiaries and to exercise such power as the court shall confer upon such receiver.

	 	 	Section 11.3. Remedies Upon Default.	 

Upon the occurrence of a Default specified in Section 11.1.(g), the Commitments shall
immediately and automatically terminate.

	 	 	Section 11.4. Allocation of Proceeds.

If an Event of Default shall exist and maturity of any of the Obligations has been
accelerated, all payments received by the Agent under any of the Loan Documents, in respect of any
principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder
or thereunder, shall be applied in the following order and priority:

(a) amounts due the Agent in respect of fees and expenses due under Section 13.2.;

(b) amounts due the Lenders in respect of fees and expenses due under Section 13.2.,
pro rata in the amount then due each Lender;

(c) payments of interest on Swingline Loans;

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(d) payments of interest on all other Loans and Reimbursement Obligations, to be
applied for the ratable benefit of the Lenders;

(e) payments of principal of Swingline Loans;

(f) payments of principal of all other Loans, Reimbursement Obligations and other
Letter of Credit Liabilities, to be applied for the ratable benefit of the Lenders;
provided, however, to the extent that any amounts available for distribution pursuant to
this subsection are attributable to the issued but undrawn amount of an outstanding Letter
of Credit, such amounts shall be paid to the Agent for deposit into the Collateral Account;

(g) amounts due the Agent and the Lenders pursuant to Sections 12.7. and 13.9.;

(h) payment of all other Obligations and other amounts due and owing by the Borrower
and the other Loan Parties under any of the Loan Documents, if any, to be applied for the
ratable benefit of the Lenders; and

 

(i) any amount remaining after application as provided above, shall be paid to the
Borrower or whomever else may be legally entitled thereto.

	 	 	Section 11.5. Collateral Account.	 

(a) As collateral security for the prompt payment in full when due of all Letter of Credit
Liabilities and the other Obligations, the Borrower hereby pledges and grants to the Agent, for the
ratable benefit of the Agent and the Lenders as provided herein, a security interest in all of its
right, title and interest in and to the Collateral Account and the balances from time to time in
the Collateral Account (including the investments and reinvestments therein provided for below).
The balances from time to time in the Collateral Account shall not constitute payment of any Letter
of Credit Liabilities until applied by the Agent as provided herein. Anything in this Agreement to
the contrary notwithstanding, funds held in the Collateral Account shall be subject to withdrawal
only as provided in this Section.

(b) Amounts on deposit in the Collateral Account shall be invested and reinvested by the Agent
in such Cash Equivalents as the Agent shall determine in its sole discretion. All such investments
and reinvestments shall be held in the name of and be under the sole dominion and control of the
Agent for the ratable benefit of the Lenders. The Agent shall exercise reasonable care in the
custody and preservation of any funds held in the Collateral Account and shall be deemed to have
exercised such care if such funds are accorded treatment substantially equivalent to that which the
Agent accords other funds deposited with the Agent, it being understood that the Agent shall not
have any responsibility for taking any necessary steps to preserve rights against any parties with
respect to any funds held in the Collateral Account.

(c) If a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of
such Letter of Credit, the Borrower and the Lenders authorize the Agent to use the monies deposited
in the Collateral Account and proceeds thereof to make payment to the beneficiary with respect to
such drawing or the payee with respect to such presentment.

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(d) If an Event of Default exists, the Requisite Lenders may, in their discretion, at any time
and from time to time, instruct the Agent to liquidate any such investments and reinvestments and
apply proceeds thereof to the Obligations in accordance with Section 11.4.

(e) So long as no Default or Event of Default exists, and to the extent amounts on deposit in
or credited to the Collateral Account exceed the aggregate amount of the Letter of Credit
Liabilities then due and owing, the Agent shall, from time to time, at the request of the Borrower,
deliver to the Borrower within 10 Business Days after the Agent’s receipt of such request from the
Borrower, against receipt but without any recourse, warranty or representation whatsoever, such
amount of the credit balances in the Collateral Account as exceeds the aggregate amount of the
Letter of Credit Liabilities at such time.

(f) The Borrower shall pay to the Agent from time to time such fees as the Agent normally
charges for similar services in connection with the Agent’s administration of the Collateral
Account and investments and reinvestments of funds therein.

Section 11.6. Performance by Agent.

If the Borrower shall fail to perform any covenant, duty or agreement contained in any of the
Loan Documents, the Agent may, after notice to the Borrower, perform or attempt to perform such
covenant, duty or agreement on behalf of the Borrower after the expiration of any cure or grace
periods set forth herein. In such event, the Borrower shall, at the request of the Agent, promptly
pay any amount reasonably expended by the Agent in such performance or attempted performance to the
Agent, together with interest thereon at the applicable Post-Default Rate from the date of such
expenditure until paid. Notwithstanding the foregoing, neither the Agent nor any Lender shall have
any liability or responsibility whatsoever for the performance of any obligation of the Borrower
under this Agreement or any other Loan Document.

	 	 	Section 11.7. Rights Cumulative.	 

The rights and remedies of the Agent and the Lenders under this Agreement and each of the
other Loan Documents shall be cumulative and not exclusive of any rights or remedies which any of
them may otherwise have under Applicable Law. In exercising their respective rights and remedies
the Agent and the Lenders may be selective and no failure or delay by the Agent or any of the
Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial
exercise of any power or right preclude its other or further exercise or the exercise of any other
power or right.

Article XII. The Agent

	 	 	Section 12.1. Authorization and Action.	 

Each Lender hereby appoints and authorizes the Agent to take such action as contractual
representative on such Lender’s behalf and to exercise such powers under this Agreement and the
other Loan Documents as are specifically delegated to the Agent by the terms hereof and thereof,
together with such powers as are reasonably incidental thereto. Not in limitation of the

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foregoing, each Lender authorizes and directs the Agent to enter into the Loan Documents for the
benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any
action taken by the Requisite Lenders in accordance with the provisions of this Agreement or the
Loan Documents, and the exercise by the Requisite Lenders of the powers set forth herein or
therein, together with such other powers as are reasonably incidental thereto, shall be authorized
and binding upon all of the Lenders. Nothing herein shall be construed to deem the Agent a trustee
or fiduciary for any Lender or to impose on the Agent duties or obligations other than those
expressly provided for herein. At the request of a Lender, the Agent will forward to such Lender
copies or, where appropriate, originals of the documents delivered to the Agent pursuant to this
Agreement or the other Loan Documents. The Agent will also furnish to any Lender, upon the request
of such Lender, a copy of any certificate or notice furnished to the Agent by the Borrower, any
other Loan Party or any other Affiliate of the Borrower, pursuant to this Agreement or any other
Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any
such other Loan Document. As to any matters not expressly provided for by the Loan Documents
(including, without limitation, enforcement or collection of any of the Obligations), the Agent
shall not be required to exercise any discretion or take any  action, but shall be required to act
or to refrain from acting (and shall be fully protected in so acting or refraining from acting)
upon the instructions of the Requisite Lenders (or all of the Lenders if explicitly required under
any other provision of this Agreement), and such instructions shall be binding upon all Lenders and
all holders of any of the Obligations; provided, however, that, notwithstanding anything in this
Agreement to the contrary, the Agent shall not be required to take any action which exposes the
Agent to personal liability or which is contrary to this Agreement or any other Loan Document or
Applicable Law. Not in limitation of the foregoing, the Agent shall not exercise any right or
remedy it or the Lenders may have under any Loan Document upon the occurrence of a Default or an
Event of Default unless the Requisite Lenders (or all of the Lenders if explicitly required under
any provision of this Agreement) have so directed the Agent to exercise such right or remedy.

	 	 	Section 12.2. Agent’s Reliance, Etc.	 

Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither
the Agent nor any of its directors, officers, agents, employees or counsel shall be liable for any
action taken or omitted to be taken by it or them under or in connection with this Agreement or any
other Loan Document, except for its or their own gross negligence or willful misconduct as
determined by a court of competent jurisdiction in a final, non-appealable judgment. Without
limiting the generality of the foregoing, the Agent: (a) may treat the payee of any Note as the
holder thereof until the Agent receives written notice of the assignment or transfer thereof signed
by such payee and in form satisfactory to the Agent; (b) may consult with legal counsel (including
its own counsel or counsel for the Borrower or any other Loan Party), independent public
accountants and other experts selected by it and shall not be liable for any action taken or
omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants
or experts; (c) makes no warranty or representation to any Lender or any other Person and shall not
be responsible to any Lender or any other Person for any statements, warranties or representations
made by any Person in or in connection with this Agreement or any other Loan Document; (d) shall
not have any duty to ascertain or to inquire as to the performance or observance of any of the
terms, covenants or conditions of any of this Agreement or any other Loan Document or the
satisfaction of any conditions precedent under this Agreement or any

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Loan Document on the part of the Borrower or other Persons (except for the delivery to it of any
certificate or document specifically required to be delivered to it pursuant to Section 6.1.) or
inspect the property, books or records of the Borrower or any other Person; (e) shall not be
responsible to any Lender for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other Loan Document, any other instrument or document
furnished pursuant thereto or any collateral covered thereby or the perfection or priority of any
Lien in favor of the Agent on behalf of the Lenders in any such collateral; and (f) shall incur no
liability under or in respect of this Agreement or any other Loan Document by acting upon any
notice, consent, certificate or other instrument or writing (which may be by telephone or telecopy)
believed by it to be genuine and signed, sent or given by the proper party or parties. Unless set
forth in writing to the contrary, the making of its initial Loan by a Lender shall constitute a
certification by such Lender to the Agent and the other Lenders that the Borrower has satisfied the
conditions precedent for initial Loans set forth in Sections 6.1. and 6.2. that have not previously
been waived by the Requisite Lenders.

	 	 	Section 12.3. Notice of Defaults.	 

The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or
Event of Default unless the Agent has received notice from a Lender or the Borrower referring to
this Agreement, describing with reasonable specificity such Default or Event of Default and stating
that such notice is a “notice of default.” If any Lender (excluding the Lender which is also
serving as the Agent) becomes aware of any Default or Event of Default, it shall promptly send to
the Agent such a “notice of default.” Further, if the Agent receives such a “notice of default”,
the Agent shall give prompt notice thereof to the Lenders.

	 	 	Section 12.4. Agent as Lender.	 

The Lender acting as Agent shall have the same rights and powers under this Agreement and any
other Loan Document as any other Lender and may exercise the same as though it were not the Agent;
and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include the Lender
then acting as Agent in each case in its individual capacity. Such Lender and its affiliates may
each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act
as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of
business with, the Borrower, any other Loan Party or any other affiliate thereof as if it were any
other bank and without any duty to account therefor to the other Lenders. Further, such Lender and
any affiliate may accept fees and other consideration from the Borrower for services in connection
with this Agreement and otherwise without having to account for the same to the other Lenders. The
Lenders acknowledge that, pursuant to such activities, the Lender acting as Agent or its affiliates
may receive information regarding the Borrower, other Loan Parties, other Subsidiaries and other
Affiliates (including information that may be subject to confidentiality obligations in favor of
such Person) and acknowledge that the Agent shall be under no obligation to provide such
information to them.

	 	 	Section 12.5. Approvals of Lenders.	 

All communications from the Agent to any Lender requesting such Lender’s determination,
consent, approval or disapproval (a) shall be given in the form of a written notice 

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to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such
determination, approval, consent or disapproval is requested, or shall advise such Lender where
information, if any, regarding such matter or issue may be inspected, or shall otherwise describe
the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and
to the extent not previously provided to such Lender, written materials and, as appropriate, a
brief summary of all oral information provided to the Agent by the Borrower in respect of the
matter or issue to be resolved, and (d) shall include the Agent’s recommended course of action or
determination in respect thereof. Each Lender shall reply promptly, but in any event within 10
Business Days (or such lesser or greater period as may be specifically required under the Loan
Documents) of receipt of such communication. Except as otherwise provided in this Agreement,
unless a Lender shall give written notice to the Agent that it specifically objects to the
recommendation or determination of the Agent (together with a written explanation of the reasons
behind such objection) within the applicable time period for reply, such Lender shall be deemed to
have conclusively approved of or consented to such recommendation or determination.

	 	 	Section 12.6. Lender Credit Decision, Etc.	 

Each Lender expressly acknowledges and agrees that neither the Agent nor any of its officers,
directors, employees, agents, counsel, attorneys-in-fact or other affiliates has made any
representations or warranties as to the financial condition, operations, creditworthiness, solvency
or other information concerning the business or affairs of the Borrower, any other Loan Party, any
Subsidiary or any other Person to such Lender and that no act by the Agent hereafter taken,
including any review of the affairs of the Borrower, any other Loan Party or any other Subsidiary,
shall be deemed to constitute any such representation or warranty by the Agent to any Lender. Each
Lender acknowledges that it has made its own credit and legal analysis and decision to enter into
this Agreement and the transactions contemplated hereby, independently and without reliance upon
the Agent, any other Lender or counsel to the Agent, or any of their respective officers,
directors, employees and agents, and based on the financial statements of the Borrower, the
Subsidiaries or any other Affiliate thereof, and inquiries of such Persons, its independent due
diligence of the business and affairs of the Borrower, the other Loan Parties, the Subsidiaries and
other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it
hereunder, the advice of its own counsel and such other documents and information as it has deemed
appropriate. Each Lender also acknowledges that it will, independently and without reliance upon
the Agent, any other Lender or counsel to the Agent or any of their respective officers, directors,
employees and agents, and based on such review, advice, documents and information as it shall deem
appropriate at the time, continue to make its own decisions in taking or not taking action under
the Loan Documents. Except for notices, reports and other documents and information expressly
required to be furnished to the Lenders by the Agent under this Agreement or any of the other Loan
Documents, the Agent shall have no duty or responsibility to provide any Lender with any credit or
other information concerning the business, operations, property, financial and other condition or
creditworthiness of the Borrower, any other Loan Party or any other Affiliate thereof which may
come into possession of the Agent, or any of its officers, directors, employees, agents,
attorneys-in-fact or other affiliates. Each Lender acknowledges that the Agent’s legal counsel in
connection with the transactions contemplated by this Agreement is only acting as counsel to the
Agent and is not acting as counsel to such Lender.

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	 	 	Section 12.7. Indemnification of Agent.	 

Each Lender agrees to indemnify the Agent (to the extent not reimbursed by the Borrower and
without limiting the obligation of the Borrower to do so) pro rata in accordance with such Lender’s
respective Commitment Percentage, from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs and expenses, or
disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or
asserted against the Agent (in its capacity as Agent but not as a Lender) in any way relating to or
arising out of the Loan Documents, any transaction contemplated hereby or thereby or any action
taken or omitted by the Agent under the Loan Documents (collectively, “Indemnifiable Amounts”);
provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to
the extent resulting from the Agent’s gross negligence or willful misconduct as determined by a
court of competent jurisdiction in a final, non-appealable judgment or if the Agent fails to follow
the written direction of the Requisite Lenders (or all of the Lenders if expressly required
hereunder) unless such failure results from the Agent following the advice of counsel to the Agent
of which advice the Lenders have received notice. Without limiting the generality of the foregoing
but subject to the preceding proviso, each Lender agrees to reimburse the Agent (to the extent not
reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), promptly
upon demand for its ratable share of any out-of-pocket expenses (including counsel fees of the
counsel(s) of the Agent’s own choosing) incurred by the Agent in connection with the preparation,
negotiation, execution, or enforcement of, or legal advice with respect to the rights or
responsibilities of the parties under, the Loan Documents, any suit or action brought by the Agent
to enforce the terms of the Loan Documents and/or collect any Obligations, any “lender liability”
suit or claim brought against the Agent and/or the Lenders, and any claim or suit brought against
the Agent, and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses
(including counsel fees) shall be advanced by the Lenders on the request of the Agent
notwithstanding any claim or assertion that the Agent is not entitled to indemnification hereunder
upon receipt of an undertaking by the Agent that the Agent will reimburse the Lenders if it is
actually and finally determined by a court of competent jurisdiction that the Agent is not so
entitled to indemnification. The agreements in this Section shall survive the payment of the Loans
and all other amounts payable hereunder or under the other Loan Documents and the termination of
this Agreement. If the Borrower shall reimburse the Agent for any Indemnifiable Amount following
payment by any Lender to the Agent in respect of such Indemnifiable Amount pursuant to this
Section, the Agent shall share such reimbursement on a ratable basis with each Lender making any
such payment.

	 	 	Section 12.8. Successor Agent.	 

The Agent may resign at any time as Agent under the Loan Documents by giving written notice
thereof to the Lenders and the Borrower. The Agent may be removed as Agent under the Loan
Documents for good cause by all of the Lenders (other than the Lender then acting as Agent) upon
30-days’ prior written notice to the Agent. Upon any such resignation or removal, the Requisite
Lenders (other than the Lender then acting as Agent, in the case of the removal of the Agent under
the immediately preceding sentence) shall have the right to appoint a successor Agent which
appointment shall, provided no Default or Event of Default exists, be subject to the

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Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that the
Borrower shall, in all events, be deemed to have approved each Lender and its affiliates as a
successor Agent). If no successor Agent shall have been so appointed in accordance with the
immediately preceding sentence, and shall have accepted such appointment, within 30 days after the
resigning Agent’s giving of notice of resignation or the Lenders’ removal of the resigning Agent,
then the resigning or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which
shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a commercial
bank having total combined assets of at least $50,000,000,000. Upon the acceptance of any
appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the retiring or removed
Agent, and the retiring or removed Agent shall be discharged from its duties and obligations under
the Loan Documents. Such successor Agent shall issue letters of credit in substitution for the
Letters of Credit, if any, outstanding at the time of such succession or shall make other
arrangements satisfactory to the current Agent, in either case, to assume effectively the
obligations of the current Agent with respect to such Letters of Credit. After any Agent’s
resignation or removal hereunder as Agent, the provisions of this Article XII. shall continue to
inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under
the Loan Documents.

	 	 	Section 12.9. Titled Agents.	 

Each of the Titled Agents in each such respective capacity, assumes no responsibility or
obligation hereunder, including, without limitation, for servicing, enforcement or collection of
any of the Loans, or for any duties as an agent hereunder for the Lenders. The titles of [“ Joint
Lead Arranger”, “Book Manager”, “Syndication Agent” and “Documentation Agent”] are solely honorific
and imply no fiduciary responsibility on the part of the Titled Agents to the Agent, the Borrower
or any Lender and the use of such titles does not impose on the Titled Agents any duties or
obligations greater than those of any other Lender or entitle the Titled Agents to any rights other
than those to which any other Lender is entitled.

Article XIII. Miscellaneous

	 	 	Section 13.1. Notices.	 

Unless otherwise provided herein, communications provided for hereunder shall be in writing
and shall be mailed, telecopied or delivered as follows:

If to the Borrower:

U-Store-It, L.P.

c/o U-Store-It Trust

6745 Engle Road, Suite 300

Cleveland, Ohio 44130

Attn: Chief Financial Officer

Telephone: (440) 260-2223

Telecopy: (440) 234-8776

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with a copy to:

U-Store-It, L.P.

c/o U-Store-It Trust

6745 Engle Road, Suite 300

Cleveland, Ohio 44130

Attn: General Counsel and Secretary

Telephone: (440) 260-2503

Telecopy: (440) 260-2397

If to the Agent:

Wachovia Bank, National Association

One Wachovia Center

301 South College Street

Charlotte, North Carolina 28288

Attn: Rex E. Rudy

Telephone: (704) 383-6506

Telecopy: (704) 383-6205

If to a Lender:

To such Lender’s address or telecopy number, as applicable, set forth on its
signature page hereto or in the applicable Assignment and Acceptance Agreement;

or, as to each party at such other address as shall be designated by such party in a written notice
to the other parties delivered in compliance with this Section. All such notices and other
communications shall be effective (i) if mailed, when received; (ii) if telecopied, when
transmitted; or (iii) if hand delivered or sent by overnight courier, when delivered.
Notwithstanding the immediately preceding sentence, all notices or communications to the Agent or
any Lender under Article II. shall be effective only when actually received. Neither the Agent nor
any Lender shall incur any liability to any Loan Party (nor shall the Agent incur any liability to
the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Agent or
such Lender, as the case may be, believes in good faith to have been given by a Person authorized
to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person
designated to get a copy of a notice to receive such copy shall not affect the validity of notice
properly given to any other Person.

	 	 	Section 13.2. Expenses.	 

The Borrower agrees (a) to pay or reimburse the Agent for all of its reasonable out-of-pocket
costs and expenses incurred in connection with the preparation, negotiation and execution of, and
any amendment, supplement or modification to, any of the Loan Documents (including due diligence
expenses and travel expenses relating to closing), and the consummation of the transactions
contemplated thereby, including the reasonable fees and disbursements of counsel to the Agent and
costs and expenses in connection with the use of IntraLinks, Inc., SyndTrak or

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other similar information transmission systems in connection with the Loan Documents, (b) to pay or
reimburse the Agent and the Lenders for all their reasonable costs and expenses incurred in
connection with the enforcement or preservation of any rights under the Loan Documents, including
the reasonable fees and disbursements of their respective counsel (including the allocated fees and
expenses of in-house counsel) and any payments in indemnification or otherwise payable by the
Lenders to the Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless
the Agent and the Lenders from, any and all recording and filing fees and any and all liabilities
with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp,
excise and other similar taxes, if any, which may be payable or determined to be payable in
connection with the execution and delivery of any of the Loan Documents, or consummation of any
amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan
Document and (d) to the extent not already covered by any of the preceding subsections, to pay or
reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with
any bankruptcy or other proceeding of the type described in Section 11.1.(f) or 11.1.(g), including
the reasonable fees and disbursements of counsel to the Agent and any Lender, whether such fees and
expenses are incurred prior to, during or after the commencement of such proceeding or the
confirmation or conclusion of any such proceeding. If the Borrower shall fail to pay any amounts
required to be paid by it pursuant to this Section, the Agent and/or the Lenders may pay such
amounts on behalf of the Borrower and either deem the same to be Loans outstanding hereunder or
otherwise Obligations owing hereunder.

	 	 	Section 13.3. Setoff.	 

Subject to Section 3.3. and in addition to any rights now or hereafter granted under
Applicable Law and not by way of limitation of any such rights, the Borrower hereby authorizes the
Agent, each Lender, and each affiliate of the Agent or any Lender, at any time while an Event of
Default exists, without prior notice to the Borrower or to any other Person, any such notice being
hereby expressly waived, but in the case of a Lender or an affiliate of a Lender subject to receipt
of the prior written consent of the Agent exercised in its sole discretion, to set off and to
appropriate and to apply any and all deposits (general or special, including, but not limited to,
indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other
indebtedness at any time held or owing by the Agent, such Lender or any such affiliate of the Agent
or such Lender, to or for the credit or the account of the Borrower against and on account of any
of the Obligations, irrespective of whether or not any or all of the Loans and all other
Obligations have been declared to be, or have otherwise become, due and payable as permitted by
Section 11.2., and although such obligations shall be contingent or unmatured.

	 	 	Section 13.4. Litigation; Jurisdiction; Other Matters; Waivers.	 

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE
BORROWER, THE AGENT OR ANY OF THE LENDERS WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND
FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH OF THE LENDERS, THE AGENT AND THE BORROWER HEREBY WAIVES ITS RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN

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ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING
OUT OF THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE
OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS OF
ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS.

(b) EACH OF THE BORROWER, THE AGENT AND EACH LENDER HEREBY AGREES THAT ANY FEDERAL DISTRICT
COURT AND ANY STATE COURT LOCATED IN CHARLOTTE, NORTH CAROLINA, SHALL HAVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OF THE LENDERS,
PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS AND LETTERS OF CREDIT, THE NOTES OR
ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE BORROWER AND EACH OF
THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR
PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER
WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT
FORUM, AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS
SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY ANY PARTY OR THE ENFORCEMENT
BY ANY PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

(c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF
COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE
PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE
TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE TERMINATION OF THIS AGREEMENT.

	 	 	Section 13.5. Successors and Assigns.	 

(a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Agent and each Lender and
no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to
an Eligible Assignee in accordance with the provisions of the immediately following subsection (b),
(ii) by way of participation in accordance with the provisions of the immediately following
subsection (d) or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of the immediately following subsection (f) (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto, their

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respective successors and assigns permitted hereby, Participants to the extent provided in the
immediately following subsection (d) and, to the extent expressly contemplated hereby, the
affiliates and the partners, directors, officers, employees, agents and advisors of the Agent and
the Lenders and of their respective affiliates) any legal or equitable right, remedy or claim under
or by reason of this Agreement.

(b) Assignments by Lenders. Any Lender may at any time assign to one or more
assignees (an “Assignee”) all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Revolving Commitment and the Loans at the time owing to it);
provided that any such assignment shall be subject to the following conditions:

(i) Minimum Amounts.

  (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Revolving Commitment and the Loans at the time owing to it or in
the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund,
no minimum amount need be assigned; and

(B) in any case not described in the immediately preceding subsection (A), the
aggregate amount of the Revolving Commitment (which for this purpose includes
Revolving Loans outstanding thereunder) or, if the applicable Revolving Commitment
is not then in effect, the outstanding principal balance of the Revolving Loans of
the assigning Lender subject to each such assignment and the outstanding principal
balance of the Term Loan of such Lender (in each case determined as of the date the
Assignment and Acceptance Agreement with respect to such assignment is delivered to
the Agent or, if “Trade Date” is specified in the Assignment and Acceptance
Agreement, as of the Trade Date) shall not be less than $5,000,000 in the case of a
Revolving Commitment, or $1,000,000 in the case of a Term Loan, unless each of the
Agent and, so long as no Default or Event of Default shall exist, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed).

(ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Term Loan, Revolving Loans and the Revolving
Commitment assigned, except that this clause (ii) shall not apply to rights in respect of a
Bid Rate Loan.

(iii) Required Consents. No consent shall be required for any assignment
except to the extent required by clause (i)(B) of this subsection (b) and, in addition:

(A) the consent of the Borrower (such consent not to be unreasonably withheld or delayed)
shall be required unless (x) a Default or Event of Default shall exist at the time of such
assignment or (y) such assignment is to a Lender, an affiliate of a Lender or an Approved Fund; and

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(B) the consent of the Agent (such consent not to be unreasonably withheld or
delayed) shall be required for assignments in respect of a Revolving Commitment if
such assignment is to a Person that is not already a Lender, an affiliate of a
Lender or an Approved Fund.

(iv) Assignment and Acceptance. The parties to each assignment shall execute
and deliver to the Agent an Assignment and Acceptance, together with a processing and
recordation fee of $3,500 payable by Assignor or Assignee as determined by such parties for
each assignment, and the assignee, if it is not a Lender, shall deliver to the Agent an
administrative questionnaire in the form customarily required by the Agent.

(v) No Assignment to Borrower. No such assignment shall be made to the
Borrower or any of the Borrower’s Affiliates or Subsidiaries.

  (vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural person.

Subject to acceptance and recording thereof by the Agent pursuant to the immediately following
subsection (c), from and after the effective date specified in each Assignment and Acceptance, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the
case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 5.4., 13.2. and 13.9. and the other provisions of this
Agreement and the other Loan Documents as provided in Section 13.10. with respect to facts and
circumstances occurring prior to the effective date of such assignment. Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this paragraph
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with the immediately following subsection (d).

(c) Register. The Agent, acting solely for this purpose as an agent of the Borrower,
shall maintain at the Principal Office a copy of each Assignment and Acceptance delivered to it and
a register for the recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts of the Loans owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the
Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary. The Register shall be available for inspection by the Borrower and any Lender, at
any reasonable time and from time to time upon reasonable prior notice.

(d) Participations. Any Lender may at any time, without the consent of, or notice to,
the Borrower or the Agent, sell participations to any Person (other than a natural person or the

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Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a
portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion
of its Revolving Commitment and/or the Loans owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the
Borrower, the Agent and the Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or
instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and to approve any amendment, modification or
waiver of any provision of this Agreement; provided that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver of any provision of any Loan Document described in the second sentence of
Section 13.6. that adversely affects such Participant. Subject to the immediately following
subsection (e), the Borrower agrees that each Participant shall be entitled to the benefits of
Sections 3.12., 5.1., 5.4. to the same extent as if it were a Lender and had acquired its interest
by assignment pursuant to paragraph (b) of this Section. To the extent permitted by Applicable
Law, each Participant also shall be entitled to the benefits of Section 13.3. as though it were a
Lender, provided such Participant agrees to be subject to Section 3.3. as though it were a Lender.
Upon request from the Agent, a Lender shall notify the Agent and the Borrower of the sale of any
participation hereunder.

(e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Sections 3.12. and 5.1. than the applicable Lender would have
been entitled to receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior written consent. A
Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 3.12. unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower and the Agent, to comply
with Section 3.12.(c) as though it were a Lender.

(f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that
no such pledge or assignment shall release such Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto.

(g) No Registration. Each Lender agrees that, without the prior written consent of
the Borrower and the Agent, it will not make any assignment hereunder in any manner or under any
circumstances that would require registration or qualification of, or filings in respect of, any
Loan or Note under the Securities Act or any other securities laws of the United States of America
or of any other jurisdiction.

(h) Designated Lenders. Any Lender (each, a “Designating Lender”) may at any time
while the Borrower has been assigned an Investment Grade Rating from either S&P or Moody’s
designate one Designated Lender to fund Bid Rate Loans on behalf of such Designating Lender subject
to the terms of this subsection, and the provisions in the immediately preceding

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subsections (b) and (d) shall not apply to such designation. No Lender may designate more than one
Designated Lender. The parties to each such designation shall execute and deliver to the 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 Agent will accept such Designation Agreement and 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 to make Bid Rate Loans on behalf of its Designating Lender pursuant
to Section 2.3. after the Borrower has accepted a Bid Rate 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 Agent and the Lenders for each and every 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 12.7. 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 on
the Designated Lender to the same extent as if signed by the Designated Lender on its own behalf.
The Borrower, the Agent and the Lenders 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. The Borrower, the
Lenders and the Agent each 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 (x) one year and one day after the payment
in full of the latest maturing commercial paper note issued by such Designated Lender and (y) the
Termination Date.

	 	 	Section 13.6. Amendments.	 

(a) Except as otherwise expressly provided in this Agreement, any consent or approval required
or permitted by this Agreement or any other Loan Document to be given by the Lenders may be given,
and any term of this Agreement or of any other Loan Document may be amended, and the performance or
observance by the Borrower or any other Loan Party or any Subsidiary of any terms of this Agreement
or such other Loan Document or the continuance of any Default or Event of Default may be waived
(either generally or in a particular instance and

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either retroactively or prospectively) with, but only with, the written consent of the Requisite
Lenders (and, in the case of an amendment to any Loan Document, the written consent of each Loan
Party a party thereto).

(b) Notwithstanding the foregoing, without the prior written consent of each Lender adversely
affected thereby, no amendment, waiver or consent shall do any of the following:

(i) increase the Commitments of the Lenders (except for any increase in the Commitments
effectuated pursuant to Section 2.17.) or subject the Lenders to any additional obligations;

  (ii) reduce the principal of, or interest that has accrued or the rates of interest
that will be charged on the outstanding principal amount of, any Loans or other Obligations;

(iii) reduce the amount of any Fees payable hereunder or postpone any date fixed for
payment thereof;

(iv) modify the definition of the term “Termination Date” (except as contemplated under
Section 2.14.) or otherwise postpone any date fixed for any payment of any principal of, or
interest on, any Loans or any other Obligations (including the waiver of any Default or
Event of Default as a result of the nonpayment of any such Obligations as and when due), or
extend the expiration date of any Letter of Credit beyond the Termination Date;

(v) amend or otherwise modify the provisions of Section 3.2.;

(vi) modify the definition of the term “Requisite Lenders” or otherwise modify in any
other manner the number or percentage of the Lenders required to make any determinations or
waive any rights hereunder or to modify any provision hereof, including without limitation,
any modification of this Section 13.6. if such modification would have such effect;

(vii) release any Guarantor from its obligations under the Guaranty (except as
otherwise permitted under Section 8.12.(c));

(viii) amend or otherwise modify the provisions of Section 2.16.; or

(ix) increase the number of Interest Periods permitted with respect to Loans under
Section 2.7.

(c) No amendment, waiver or consent, unless in writing and signed by the Agent, in such
capacity, in addition to the Lenders required hereinabove to take such action, shall affect the
rights or duties of the Agent under this Agreement or any of the other Loan Documents. Any
amendment, waiver or consent relating to Section 2.4. or the obligations of the Swingline Lender

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under this Agreement or any other Loan Document shall, in addition to the Lenders required
hereinabove to take such action, require the written consent of the Swingline Lender.

(d) No waiver shall extend to or affect any obligation not expressly waived or impair any
right consequent thereon and any amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose set forth therein. Except as otherwise provided in
Section 12.5., no course of dealing or delay or omission on the part of the Agent or any Lender in
exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any
Event of Default occurring hereunder shall continue to exist until such time as such Event of
Default is waived in writing in accordance with the terms of this Section, notwithstanding any
attempted cure or other action by the Borrower, any other Loan Party or any other Person subsequent
to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or
in any other Loan Document, no notice to or demand upon the Borrower shall entitle the Borrower to
any other or further notice or demand in similar or other circumstances.

	 	 	Section 13.7. Nonliability of Agent and Lenders.	 

The relationship between the Borrower and the Lenders and the Agent shall be solely that of
borrower and lender. Neither the Agent nor any Lender shall have any fiduciary responsibilities to
the Borrower or any other Loan Party and no provision in this Agreement or in any of the other Loan
Documents, and no course of dealing between or among any of the parties hereto, shall be deemed to
create any fiduciary duty owing by the Agent or any Lender to any Lender, the Borrower, any
Subsidiary or any other Loan Party. Neither the Agent nor any Lender undertakes any responsibility
to the Borrower to review or inform the Borrower of any matter in connection with any phase of the
Borrower’s business or operations. In connection with all aspects of each transaction contemplated
hereby, the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its
Affiliates’ understanding, that (a) the credit facilities 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, each other Loan Party and their respective Affiliates, on the one
hand, and the Agent and the Lenders, on the other hand; (b) neither the Agent nor any Lender has
assumed or will assume any advisory, agency or fiduciary responsibility in favor of the Borrower or
any other Loan Party with respect to any of the transactions contemplated hereby or the process
leading hereto (irrespective of whether the Agent, any Lender or any of their respective Affiliates
has advised or is currently advising the Borrower, any other Loan Party or any of their respective
Affiliates on other matters) and neither the Agent nor any Lender has any obligation to the
Borrower, any other Loan Party or any of their respective Affiliates with respect to the
transactions contemplated hereby except those obligations expressly set forth herein and in the
other Loan Documents; and (c) the Agent, the Lenders and their respective Affiliates may be engaged
in a broad range of transactions that involve interests that differ from those of the Borrower, the
other Loan Parties and their respective Affiliates, and neither the Agent nor any Lender has any
obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary
relationship.

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	 	 	Section 13.8. Confidentiality.	 

The Agent and each Lender shall use reasonable efforts to assure that information about the
Parent, the Borrower, the other Loan Parties and other Subsidiaries, and the respective properties
thereof and their operations, affairs and financial condition, not generally disclosed to the
public, which is furnished to the Agent or any Lender pursuant to the provisions of this Agreement
or any other Loan Document, is used only for the purposes of this Agreement and the other Loan
Documents and shall not be divulged to any Person other than the Agent, the Lenders, and their
respective agents who are actively and directly participating in the evaluation, administration or
enforcement of the Loan Documents and other transactions between the Agent or such Lender, as
applicable, and the Borrower, but in any event the Agent and the Lenders may make disclosure:
(a) to any of their respective affiliates (provided they shall agree to keep such information
confidential in accordance with the terms of this Section 13.8.); (b) as reasonably requested by
any potential or actual Assignee, Participant or other transferee in connection with the
contemplated transfer of any Commitment or participations therein as permitted hereunder (provided
they shall agree to keep such information confidential in accordance with the terms of this
Section); (c) as required or requested by any Governmental Authority or representative thereof or
pursuant to legal process or in connection with any legal proceedings or as otherwise required by
Applicable Law; provided, however, if the Agent or a Lender receives a summons or subpoena to
disclose any such confidential information to any Person, the Agent or such Lender, as applicable,
shall, if legally permitted, endeavor to notify the Borrower thereof as soon as possible after
receipt of such request, summons or subpoena and the Borrower shall be afforded an opportunity to
seek protective orders, or such other confidential treatment of such disclosed information, as the
Borrower and the Agent or such Lender, as applicable, may deem reasonable; (d) to the Agent’s or
such Lender’s independent auditors and other professional advisors (provided they shall be notified
of the confidential nature of the information); (e) after the happening and during the continuance
of an Event of Default, to any other Person, in connection with the exercise by the Agent or the
Lenders of rights hereunder or under any of the other Loan Documents; (f) upon Borrower’s prior
consent (which consent shall not be unreasonably withheld), to any contractual counter-parties to
any swap or similar hedging agreement or to any rating agency; and (g) to the extent such
information (x) becomes publicly available other than as a result of a breach of this Section
actually known to such Lender to be such a breach or (y) becomes available to the Agent or any
Lender on a nonconfidential basis from a source other than the Borrower or any Affiliate.
Notwithstanding the foregoing, the Agent and each Lender may disclose any such confidential
information, without notice to the Borrower or any other Loan Party, to Governmental Authorities in
connection with any regulatory examination of the Agent or such Lender or in accordance with the
regulatory compliance policy of the Agent or such Lender.

	 	 	Section 13.9. Indemnification.	 

(a) The Borrower shall and hereby agrees to indemnify, defend and hold harmless the Agent,
each of the Lenders, any affiliate of the Agent or any Lender, and their respective directors,
officers, shareholders, agents, employees and counsel (each referred to herein as an “Indemnified
Party”) from and against any and all of the following (collectively, the “Indemnified Costs”):
losses, costs, claims, damages, liabilities, deficiencies, judgments or reasonable expenses of
every kind and nature (including, without limitation, amounts paid in

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settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection
with any litigation, investigation, claim or proceeding or any advice rendered in connection
therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, judgments or
expenses indemnification in respect of which is specifically covered by Section 3.12. or 5.1. or
expressly excluded from the coverage of such Section 3.12. or 5.1.) incurred by an Indemnified
Party in connection with, arising out of, or by reason of, any suit, cause of action, claim,
arbitration, investigation or settlement, consent decree or other proceeding (the foregoing
referred to herein as an “Indemnity Proceeding”) which is in any way related directly or indirectly
to: (i) this Agreement or any other Loan Document or the transactions contemplated thereby;
(ii) the making of any Loans or issuance of Letters of Credit hereunder; (iii) any actual or
proposed use by the Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Agent’s or
any Lender’s entering into this Agreement; (v) the fact that the Agent and the Lenders have
established the credit facility evidenced hereby in favor of the Borrower; (vi) the fact that the
Agent and the Lenders are creditors of the Borrower and have or are alleged to have information
regarding the financial condition, strategic plans or business operations of the Borrower and the
Subsidiaries; (vii) the fact that the Agent and the Lenders are material creditors of the Borrower
and are alleged to influence directly or indirectly the business decisions or affairs of the
Borrower and the Subsidiaries or their financial condition; (viii) the exercise of any right or
remedy the Agent or the Lenders may have under this Agreement or the other Loan Documents; (ix) any
civil penalty or fine assessed by the OFAC against, and all reasonable costs and expenses
(including counsel fees and disbursements) incurred in connection with defense thereof by, the
Agent or any Lender as a result of conduct of the Borrower, any other Loan Party or any Subsidiary
that violates a sanction enforced by the OFAC; or (x) any violation or non-compliance by the
Borrower or any Subsidiary of any Applicable Law (including any Environmental Law) including, but
not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state
taxing authority or (B) any Governmental Authority or other Person under any Environmental Law,
including any Indemnity Proceeding commenced by a Governmental Authority or other Person seeking
remedial or other action to cause the Borrower or its Subsidiaries (or its respective properties)
(or the Agent and/or the Lenders as successors to the Borrower) to be in compliance with such
Environmental Laws; provided, however, that the Borrower shall not be obligated to indemnify any
Indemnified Party for (A) any acts or omissions of such Indemnified Party in connection with
matters described in this subsection to the extent arising from the gross negligence or willful
misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a
final, non-appealable judgment or (B) Indemnified Costs to the extent arising directly out of or
resulting directly from claims of one or more Indemnified Parties against another Indemnified
Party.

(b) The Borrower’s indemnification obligations under this Section 13.9. shall apply to all
Indemnity Proceedings arising out of, or related to, the foregoing whether or not an Indemnified
Party is a named party in such Indemnity Proceeding. In this regard, this indemnification shall
cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any
Indemnified Party or compliance with any subpoena (including any subpoena requesting the production
of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding
commenced by other creditors of the Borrower or any Subsidiary, any shareholder of the Borrower or
any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their
individual capacity or derivatively on behalf of

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109

the Borrower), any account debtor of the Borrower or any Subsidiary or by any Governmental
Authority. If indemnification is to be sought hereunder by an Indemnified Party, then such
Indemnified Party shall notify the Borrower of the commencement of any Indemnity Proceeding;
provided, however, that the failure to so notify the Borrower shall not relieve the Borrower from
any liability that it may have to such Indemnified Party pursuant to this Section 13.9.

(c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency
of any bankruptcy proceeding filed by or against the Borrower and/or any Subsidiary.

(d) All out-of-pocket fees and expenses of, and all amounts paid to third-persons by, an
Indemnified Party shall be advanced by the Borrower at the request of such Indemnified Party
notwithstanding any claim or assertion by the Borrower that such Indemnified Party is not entitled
to indemnification hereunder, upon receipt of an undertaking by such Indemnified Party that such
Indemnified Party will reimburse the Borrower if it is actually and finally determined by a court
of competent jurisdiction that such Indemnified Party is not so entitled to indemnification
hereunder.

(e) An Indemnified Party may conduct its own investigation and defense of, and may formulate
its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided
above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the
Borrower. No action taken by legal counsel chosen by an Indemnified Party in investigating or
defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations
and duties of the Borrower hereunder to indemnify and hold harmless each such Indemnified Party;
provided, however, that if (i) the Borrower is required to indemnify an Indemnified Party pursuant
hereto and (ii) the Borrower has provided evidence reasonably satisfactory to such Indemnified
Party that the Borrower has the financial wherewithal to reimburse such Indemnified Party for any
amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified
Party shall not settle or compromise any such Indemnity Proceeding without the prior written
consent of the Borrower (which consent shall not be unreasonably withheld or delayed).
Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity
Proceeding without the prior written consent of the Borrower where (x) no monetary relief is sought
against such Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a
violation of law by such Indemnified Party.

(f) If and to the extent that the obligations of the Borrower under this Section are
unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the
payment and satisfaction of such obligations which is permissible under Applicable Law.

(g) The Borrower’s obligations under this Section shall survive any termination of this
Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are
in addition to, and not in substitution of, any other of their obligations set forth in this
Agreement or any other Loan Document to which it is a party.

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	 	 	Section 13.10. Termination; Survival.	 

At such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit
have terminated or expired (or the Borrower’s obligations in respect of all outstanding Letters of
Credit have been cash collateralized on terms acceptable to the Agent and the Borrower has executed
and delivered a reimbursement agreement in form and substance acceptable to the Agent and such
other documents requested by the Agent evidencing the Borrower’s reimbursement obligations in
respect of such Letters of Credit), (c) none of the Lenders is obligated any longer under this
Agreement to make any Loans and (d) all Obligations (other than obligations which survive as
provided in the following sentence) have been paid and satisfied in full, this Agreement shall
terminate. The indemnities to which the Agent, the Lenders and the Swingline Lender are entitled
under the provisions of Sections 3.12., 5.1., 5.4., 12.7., 13.2. and 13.9. and any other provision
of this Agreement and the other Loan Documents, and the provisions of Section 13.4., shall continue
in full force and effect and shall protect the Agent, the Lenders and the Swingline Lender
(i) notwithstanding any termination of this Agreement, or of the other Loan Documents, against
events arising after such termination as well as before and (ii) at all times after any such party
ceases to be a party to this Agreement with respect to all matters and events existing on or prior
to the date such party ceased to be a party to this Agreement.

	 	 	Section 13.11. Severability of Provisions.	 

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or
unenforceability without invalidating the remainder of such provision or the remaining provisions
or affecting the validity or enforceability of such provision in any other jurisdiction.

	 	 	Section 13.12. GOVERNING LAW.	 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NORTH CAROLINA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

	 	 	Section 13.13. Patriot Act.	 

The Lenders and the Agent each hereby notifies the Borrower that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), it is
required to obtain, verify and record information that identifies the Borrower and the other Loan
Parties, which information includes the name and address of the Borrower and the other Loan Parties
and other information that will allow such Lender or the Agent, as applicable, to identify the
Borrower and the other Loan Parties in accordance with such Act.

	 	 	Section 13.14. Counterparts.	 

This Agreement and any amendments, waivers, consents or supplements may be executed in any
number of counterparts and by different parties hereto in separate counterparts,

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each of which when so executed and delivered shall be deemed an original, but all of which
counterparts together shall constitute but one and the same instrument.

	 	 	Section 13.15. Obligations with Respect to Loan Parties.	 

The obligations of the Parent and the Borrower to direct or prohibit the taking of certain
actions by the other Loan Parties as specified herein shall be absolute and not subject to any
defense the Parent or the Borrower may have that the Parent or the Borrower does not control such
Loan Parties.

	 	 	Section 13.16. Limitation of Liability.	 

Neither the Agent nor any Lender, nor any affiliate, officer, director, employee, attorney, or
agent of the Agent or any Lender shall have any liability with respect to, and the Borrower hereby
waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect,
incidental, or consequential damages suffered or incurred by the Borrower in connection with,
arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any
of the transactions contemplated by this Agreement or any of the other Loan Documents. The
Borrower hereby waives, releases, and agrees not to sue the Agent or any Lender or any of the
Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for
punitive damages in respect of any claim in connection with, arising out of, or in any way related
to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by
this Agreement or financed hereby.

	 	 	Section 13.17. Entire Agreement.	 

This Agreement, the Notes, and the other Loan Documents referred to herein embody the final,
entire agreement among the parties hereto and supersede any and all prior commitments, agreements,
representations, and understandings, whether written or oral, relating to the subject matter hereof
and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or
subsequent oral agreements or discussions of the parties hereto. There are no oral agreements
among the parties hereto.

	 	 	Section 13.18. Construction.	 

The Borrower, the Parent, each Lender and the Agent acknowledge that each of them has had the
benefit of legal counsel of its own choice and has been afforded an opportunity to review this
Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other
Loan Documents shall be construed as if jointly drafted by the Borrower, the Parent, each Lender
and the Agent.

[Signatures on Following Pages]

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

U-STORE-IT, L.P.

By: U-Store-It Trust, its sole general partner

By: Christopher P. Marr

Name: Christopher P. Marr

Title: Chief Financial Officer

U-STORE-IT TRUST

By: Christopher P. Marr

Name: Christopher P. Marr

Title: Chief Financial Officer

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113

[Signature Page to Credit Agreement with U-Store-It, L.P.]

	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

	 	 	as Agent, as a Lender and as Swingline Lender

By:  Cynthia A. Bean

Name: Cynthia A. Bean

Title: Vice President

Lending Office (all Types of Loans):

Wachovia Bank, National Association

One Wachovia Center

301 South College Street

Charlotte, North Carolina 28288

Attn: Cynthia A. Bean

Telephone: (704) 383-7534

Telecopy: (704) 383-6205

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114

[Signature Page to Credit Agreement with U-Store-It, L.P.]

	 	 	BANK OF AMERICA, N.A.

By: _Michael W. Edwards

Name: Michael W. Edwards

Title: Senior Vice President

Lending Office (all Types of Loans):

Bank of America, N.A.

231 S. LaSalle St., 10th Floor

Mail Code: ILI1-231-10-35

Chicago, IL 60604

Attn: Cheryl Sneor

Telephone: 312-828-5215

Telecopy: 312-974-4970

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115

[Signature Page to Credit Agreement with U-Store-It, L.P.]

	 	 	BMO CAPITAL MARKETS FINANCING, INC.

By:  Virginia Neal

Name: Virginia Neale

Title: Vice President

Lending Office (all Types of Loans):

BMO Capital Markets Financing, Inc.

111 W. Monroe Street

Chicago, IL 60603

Attn: Virginia Neale

Telephone: 312-461-3994

Telecopy: 312-293-5852

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116

[Signature Page to Credit Agreement with U-Store-It, L.P.]

CHARTER ONE BANK, N.A.

By: _Michele S. Jawyn

Name: Michele S. Jawyn

Title: Vice President

Lending Office (all Types of Loans):

Charter One Bank, N.A.

1215 Superior Avenue, 6th Floor

Cleveland, OH 44114

Attn: Raymond J. Quinn

Telephone: 216-277-0744

Telecopy: 216-277-4607

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[Signature Page to Credit Agreement with U-Store-It, L.P.]

FIRSTMERIT BANK, N.A.

By: _Jonathan M. Isaacs

Name: Jonathan M. Isaacs

Title: Vice President

Lending Office (all Types of Loans):

FirstMerit Bank, N.A.

101 W. Prospect Ave., #350

Cleveland, OH 44115

Attn: Jonathan M. Isaacs

Telephone: 216-802-6514

Telecopy: 216-694-5668

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118

[Signature Page to Credit Agreement with U-Store-It, L.P.]

KEYBANK NATIONAL ASSOCIATION

By: _Kevin P. Murray

Name: Kevin P. Murray

Title: VP

Lending Office (all Types of Loans):

KeyBank National Association

127 Public Square, 8th Floor

Cleveland, OH 44114

Attn: Kevin Murray

Telephone: 216-689-4660

Telecopy: 216-689-4997

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119

[Signature Page to Credit Agreement with U-Store-It, L.P.]

	 	 	LASALLE BANK NATIONAL ASSOCIATION

By: _Luke N. Elsass

Name: Luke N. Elsass

Title: VP

Lending Office (all Types of Loans):

LaSalle Bank National Association

1300 E. 9th Street, Suite 1000

Cleveland, OH 44114

Attn: Luke Elsass

Telephone: 216-802-2208

Telecopy: 216-802-2233

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120

[Signature Page to Credit Agreement with U-Store-It, L.P.]

NATIONAL CITY BANK

By: _David M. Bell

Name: David M. Bell

Title: Assistant Vice President

Lending Office (all Types of Loans):

National City Bank

2000 Auburn Drive, Suite 400

Beachwood, OH 44122-4327

Attn: David Bell

Telephone: 216-488-2335

Telecopy: 216-488-0214

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[Signature Page to Credit Agreement with U-Store-It, L.P.]

PNC BANK, NATIONAL ASSOCIATION

By: _Richard B. Trzybinski

Name: Richard B. Trzybinski

Title: Vice President

Lending Office (all Types of Loans):

PNC Bank, National Association

201 East 5th Street

Cincinnati, OH 45202

Attn: Richard Trzybinski

Telephone: 513-651-8939

Telecopy: 513-651-8931

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[Signature Page to Credit Agreement with U-Store-It, L.P.]

	 	 	SUNTRUST BANK.

By: _Nancy B. Richards

Name: Nancy B. Richards

Title: Senior Vice President

Lending Office (all Types of Loans):

SunTrust Bank

8330 Boone Blvd. 8th Floor

Vienna, VA 22182

Attn: Nancy B. Richards

Telephone: 703-442-1557

Telecopy: 703-442-1570

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123

[Signature Page to Credit Agreement with U-Store-It, L.P.]

	 	 	THE HUNTINGTON NATIONAL BANK

By: _Ryan J. Terrano

Name: Ryan J. Terrano

Title: Vice President

Lending Office (all Types of Loans):

The Huntington National Bank

917 Euclid Avenue, CM 17

Cleveland, OH 44115

Attn: Ryan J. Terrano

Telephone: 216-515-0683

Telecopy: 216-515-6821

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124

[Signature Page to Credit Agreement with U-Store-It, L.P.]

	 	 	U.S. BANK NATIONAL ASSOCIATION

By: _Renee M. Lewis

Name: Renee M. Lewis

Title: Vice President

Lending Office (all Types of Loans):

U.S. Bank National Association

209 South LaSalle Street, Suite 410

Chicago, IL 60604

Attn: Renee Lewis

Telephone: 312-325-8877

Telecopy: 312-325-8852

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125

[Signature Page to Credit Agreement with U-Store-It, L.P.]

WELLS FARGO BANK, NATIONAL ASSOCIATION

By: _Gregory W. Ward

Name: Gregory W. Ward

Title: Vice President

Lending Office (all Types of Loans):

Wells Fargo Bank, National Association

200 Public Square

Suite 1200

Cleveland, OH 44114

Attn: Gregory W. Ward

Telephone: 216-344-6945

Telecopy: 216-344-6971

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SCHEDULE 1.1(B)

Lender Commitments

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Revolving	 	Term Commitment	 	 
	Lender	 	Commitment Amount	 	Amount	 	Commitment
	Wachovia Bank, National
Association
	 	$	27,777,778	 	 	$	22,222,222	 	 	$	50,000,000	 
	KeyBank National Association
	 	$	27,777,778	 	 	$	22,222,222	 	 	$	50,000,000	 
	Bank of America, N.A.
	 	$	25,000,000	 	 	$	20,000,000	 	 	$	45,000,000	 
	SunTrust Bank
	 	$	25,000,000	 	 	$	20,000,000	 	 	$	45,000,000	 
	Wells Fargo Bank, National
Association
	 	$	25,000,000	 	 	$	20,000,000	 	 	$	45,000,000	 
	Charter One Bank, N.A.
	 	$	22,222,222	 	 	$	17,777,778	 	 	$	40,000,000	 
	BMO Capital Markets
Financing, Inc.
	 	$	19,444,444	 	 	$	15,555,556	 	 	$	35,000,000	 
	PNC Bank, National Association
	 	$	19,444,444	 	 	$	15,555,556	 	 	$	35,000,000	 
	LaSalle Bank National
Association
	 	$	16,666,667	 	 	$	13,333,333	 	 	$	30,000,000	 
	The Huntington National Bank
	 	$	11,111,111	 	 	$	8,888,889	 	 	$	20,000,000	 
	National City Bank
	 	$	11,111,111	 	 	$	8,888,889	 	 	$	20,000,000	 
	U.S. Bank National Association
	 	$	11,111,111	 	 	$	8,888,889	 	 	$	20,000,000	 
	FirstMerit Bank, N.A.
	 	$	8,333,334	 	 	$	6,666,666	 	 	$	15,000,000	 
	Total:
	 	$	250,000,000	 	 	$	200,000,000	 	 	$	450,000,000	 

127

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