Document:

Amendment No. 1 to the Put and Call Option Agreement

 Exhibit 10.7 
  
 Execution copy 
  
 Dated 3 December 2003 
  
 SHURGARD STORAGE CENTERS INC. 
  
 and 
  
 CRESCENT EURO SELF STORAGE
INVESTMENTS SARL 
  
 AMENDMENT No 1 
 TO THE PUT AND CALL OPTION AGREEMENT 
 with
respect to bonds issued by First Shurgard Finance Sàrl 
  
 

 
  
 Rue Brederode 13 
 B - 1000 Brussels 
  
 Telephone (32-2) 501 94 11 
 Facsimile (32-2) 501 94 94 

 AMENDMENT No 1 TO THE PUT AND CALL OPTION AGREEMENT 
  

					
	BETWEEN:	 	(1)	  	Shurgard Storage Centers Inc., a company organized and existing under the laws of Washington, having its registered office at Valley Street 1155, Suite 400, 98109 Seattle WA,
USA,
			
	 	 	 	  	represented for the purposes of this Agreement by Mr. Harrell L. Beck,
			
	 	 	 	  	hereinafter referred to as “Shurgard”;
			
	AND:	 	(2)	  	Crescent Euro Self Storage Investments Sàrl, a company organised and existing under the laws of Luxembourg, having its registered office at 1, rue des Glacis, L-1628 Luxembourg,
registered with the Luxembourg register of commerce and companies under number                     ,
			
	 	 	 	  	represented for the purposes of this Agreement by Asim Zafar, Muhannad M. Abulhasan and/or Henry Thompson,
			
	 	 	 	  	hereinafter referred to as “Luxco”;

  
 WHEREAS 
  

	(A)	On 26 May 2003 the Parties entered into a put and call option agreement with respect to bonds issued by First Shurgard Finance Sàrl (hereafter the “Put and Call
Option Agreement”). 

  

	(B)	As required as a result of an amendment to a credit facility granted by Société Générale to First Shurgard Finance Sàrl, on 2 December 2003,
Shurgard has entered into an Amendment No 1 to the Subscription Agreement of 26 May 2003 with First Shurgard Finance Sàrl (the “Subscription Amendment”) in which Shurgard undertakes to subscribe – at the request of First
Shurgard Finance Sàrl – additional bonds issued by First Shurgard Finance Sàrl in an amount of up to USD 7,000,000 in case of an Event of Default (as defined in the Subscription Agreement). 

  

	(C)	The Parties wish to modify and amend the Put and Call Option Agreement by entering into the present amendment agreement (the “Amendment”). 

 
 NOW, THEREFORE, the parties have agreed as follows: 
  

	1	Modification to the Definitions 

  
 The Parties agree to replace the definition of “Bonds” and “Subscription Agreement” in Clause 1.1 of the Put and Call Option Agreement
by the following text: 
  
 ““Bonds” means the unsecured bonds in the aggregate principal amount of up to USD 20,000,000, in registered form, to be issued by the Issuer and to be subscribed by Shurgard pursuant to the
Subscription Agreement, as amended (and the Terms and Conditions, as amended attached thereto) and represented by 20,000 bonds and any and each bond individually.” 
  

 1 

 ““Subscription Agreement” means the subscription agreement entered
into between Société Générale, First Shurgard Finance Sàrl and Shurgard on May 26, 2003, as amended from time to time, a copy of which is attached hereto as Annex 1.” 
  

	2	Miscellaneous 

  

	2.1	Definitions 

  
 Except if explicitly provided otherwise in this Amendment, the defined terms used in this Amendment shall have the same meaning as in the Subscription
Agreement. 
  

	2.2	No other modifications 

  
 Except as set forth above in this Amendment, the terms, conditions and agreements set forth in the Subscription Agreement and its Annexes shall continue
to be in full force and effect. 
  

	2.3	Applicable Law and Choice of Forum 

  
 This Subscription Agreement shall be governed by Belgian law. 
  

	2.4	Governing Law 

  
 This Put and Call Option Agreement shall be governed by and construed in accordance with Belgian law. 
  

	2.5	Arbitration 

  

	 	2.5.1	All disputes arising in connection with this Amendment, and which Parties are unable to settle amicably shall be finally settled under the Rules of Arbitration of the
International Chamber of Commerce (the “Rules”) by three arbitrators, all appointed by the International Court of Arbitration of the International Chamber of Commerce in accordance with the Rules (the “Court”).

  
 The arbitration shall be held in Geneva. The
proceedings and award shall be in the English language. 
  
 Every
arbitrator must be and remain independent of any person that is a party to this Put and Call Option Agreement or any of the Relevant Agreements (as defined in the JV Agreement), even if such party is not actually a party to the arbitration
proceedings being conducted under this present Clause 2.5. 
  

	 	2.5.2	All Parties to this Amendment hereby acknowledge that the subject matter of the Relevant Agreements has a close inter-relationship. 

  

	 	2.5.3	In order to ensure that all disputes in connection with any of the Relevant Agreements are resolved in a uniform and compatible manner, the Parties to this Amendment agree to
procure that the procedures set out in Clause 17.10.3 of the JV Agreement shall be complied with. 

  

	 	2.5.4	The Parties hereby agree not to seek judicial review of any award made pursuant to this Clause 2.5. They specifically and irrevocably exclude their right to seek judicial
review of the award on all the grounds listed in article 190 (2) of the Swiss Conflict of Laws Statute. 

  
 [NEXT PAGE IS SIGNATURE PAGE] 
  

 2 

 Done in Brussels, on 3 December 2003, in four originals. Each Party, Société Générale and
First Shurgard Finance Sàrl acknowledge receipt of their own original. 
  

							
	Shurgard Storage Centers Inc.:	 	Crescent Euro Self Storage Investments Sàrl:
				
	 	 	  

	 	 	 	  

	Name:	 	 	 	Name:	 	Henry Thompson
	Title:	 	 	 	Title:	 	Executive Director

  
 For acknowledgement and approval:

  
 First Shurgard Finance Sàrl: 
  

			
		
	 	 	  

	Name:	 	Steven De Tollenaere
	Title:	 	Manager

  
 For acknowledgement and approval:

  
 Société Générale: 
  

							
				
	 	 	  

	 	 	 	  

	 Name:
	 	 	 	 Name:
	 	 
	 Title:
	 	 	 	 Title:
	 	 

  

 3Amendment No. 2 to the Put and Call Option Agreement

 Exhibit 10.8 
  
 Execution Copy 
  
 Dated 21 February 2005 
  
 SHURGARD STORAGE CENTERS INC. 
  
 and 
  
 CRESCENT EURO SELF STORAGE
INVESTMENTS S.à r.l. 
  
 AMENDMENT No 2 
 TO THE PUT AND CALL OPTION AGREEMENT 
 with
respect to bonds issued by First Shurgard Finance S.à r.l. 
  
  
 

 
  
 Rue Brederode 13

 B - 1000 Brussels 
  
 Telephone (32-2) 501 94 11 
 Facsimile (32-2) 501 94 94 

 AMENDMENT No 2 TO THE PUT AND CALL OPTION AGREEMENT 
  

					
	BETWEEN:	  	(1)	  	Shurgard Storage Centers Inc., a company organized and existing under the laws of Washington, having its registered office at Valley Street 1155, Suite 400, 98109 Seattle WA,
USA,
			
	 	  	 	  	represented for the purposes of this Agreement by Kris Van Mieghem, Attorney-in-fact,
			
	 	  	 	  	hereinafter referred to as “Shurgard”;
			
	AND:	  	(2)	  	Crescent Euro Self Storage Investments S.à r.l., a company organised and existing under the laws of Luxembourg, having its registered office at 1, rue des Glacis, L-1628
Luxembourg, registered with the Luxembourg Register of Commerce and Companies under number B-93.753,
			
	 	  	 	  	represented for the purposes of this Agreement by Asim Zafar, Muhannad M. Abulhasan and/or Henry Thompson,
			
	 	  	 	  	hereinafter referred to as “Crescent”;

  
 WHEREAS 
  

	(A)	On 26 May 2003 the Parties entered into a put and call option agreement with respect to bonds issued by First Shurgard Finance S.à r.l. (hereafter the “Put and Call
Option Agreement”). 

  

	(B)	Pursuant to an amendment, dated 21 February 2005, to a credit facility granted by Société Générale to First Shurgard Finance S.à r.l., Shurgard
has entered into an Amendment No 2 to the Subscription Agreement of 26 May 2003 with First Shurgard Finance S.à r.l. (the “Subscription Amendment”) as a result of which (i) the issue price of certain of the bonds, which First
Shurgard Finance S.à r.l. has issued pursuant to the Subscription Agreement, shall be in EUR instead of USD, and (ii) Shurgard’s commitment to subscribe to the bonds up to an amount of USD 20,000,000 shall be split in a commitment to
subscribe to USD bonds up to a certain amount in USD and a commitment to subscribe to EUR bonds up to a certain amount in EUR. 

  

	(C)	The Parties wish to modify and amend the Put and Call Option Agreement by entering into the present amendment agreement (the “Amendment”). 

 
 NOW, THEREFORE, the parties have agreed as follows: 
  

	1	Modification to the Definitions 

  

	1.1	The Parties agree to replace the definition of “Bonds”, “Issue Price”, “Issuer”, “Shares” and Subscription Agreement” in Clause
1.1 of the Put and Call Option Agreement by the following text: 

  
 ““Bonds” means the USD Bonds and the EUR Bonds to be issued by the Issuer and to be subscribed by Shurgard pursuant to the Subscription Agreement, as amended (and the Terms and
Conditions, as amended, attached thereto) and any and each of these bonds individually.” 
  

 1 

 ““Issue Price” means USD 1,000 per USD Bond and EUR 837.52094 per
EUR Bond, which the Shurgard must pay at subscription of the USD Bonds, respectively the EUR Bonds, being 100% of their respective Face Value.” 
  
 ““Issuer” means First Shurgard Finance S.à r.l., a company organised and existing as a société
à responsabilité limitée under the laws of the Grand-Duchy of Luxembourg, having its registered office at 1, rue des Glacis, L-1628 Luxembourg, registered with the Luxembourg register of commerce and companies under the number
B-93014.” 
  
 ““Shares” means all or part of the registered shares representing the registered capital of First Shurgard SPRL, having its registered office at Quai du Commerce 48, 1000 Brussels and registered with
the register of legal entities under number 0479.505.939, including voting and non-voting shares.” 
  
 ““Subscription Agreement” means the subscription agreement entered into between Société
Générale, First Shurgard Finance S.à r.l. and Shurgard on May 26, 2003, as amended from time to time; a copy of Amendment No 2 to the Subscription Agreement (with attached thereto a restated version of the Subscription Agreement
as per 21 February 2005) is attached hereto as Annex 1.” 
  

	1.2	The Parties agree to insert the following definitions of “EUR Bonds” and “USD Bonds” in Clause 1.1 of the Put and Call Option Agreement:

  
 ““EUR
Bonds” means the unsecured bonds in the aggregate principal amount of up to EUR 7,500,000, in registered form, to be issued by the Issuer and to be subscribed by Shurgard pursuant to the Subscription Agreement, as amended (and the
Terms and Conditions, as amended, attached thereto) and represented by 8,955 bonds and any and each bond individually.” 
  
 ““USD Bonds” means the unsecured bonds in the aggregate principal amount of up to USD 11,045,000, in registered
form, to be issued by the Issuer and to be subscribed by Shurgard pursuant to the Subscription Agreement, as amended (and the Terms and Conditions, as amended, attached thereto) and represented by 11,045 bonds and any and each bond
individually.” 
  

	2	New address of the Issuer 

  
 The Parties agree to replace the notification address of the Issuer in Clause 6.4 of the Put and Call Option Agreement by the following text: 

 

					
	“If to the Issuer:	  	To:	  	 First Shurgard Finance S.à r.l.
 1,
rue des Glacis
 L-1628 Luxembourg

			
	 	  	Attn:	  	Mr. Steven De Tollenaere
			
	 	  	Telefax:	  	00 32 2 229 56 55

  

 2 

					
	With a copy to:	  	To:	  	 Shurgard Self Storage SCA
 Quai du Commerce
48
 1000 Brussels
 Belgium

			
	 	  	Attn:	  	General Counsel
			
	 	  	Telefax:	  	00 32 2 229 56 55”

  

	3	Replacement of Annex 1 

  
 The Parties agree to replace Annex 1 of the Put and Call Option Agreement by Annex 1 to this Amendment. 
  

	4	Miscellaneous 

  

	4.1	Definitions 

  
 Except if explicitly provided otherwise in this Amendment, the defined terms used in this Amendment shall have the same meaning as in the Subscription
Agreement. 
  

	4.2	No other modifications 

  
 Except as set forth above in this Amendment, the terms, conditions and agreements set forth in the Subscription Agreement and its Annexes shall continue
to be in full force and effect. 
  

	4.3	Governing Law 

  
 This Put and Call Option Agreement shall be governed by and construed in accordance with Belgian law. 
  

	4.4	Arbitration 

  

	 	4.4.1	All disputes arising in connection with this Amendment, and which Parties are unable to settle amicably shall be finally settled under the Rules of Arbitration of the
International Chamber of Commerce (the “Rules”) by three arbitrators, all appointed by the International Court of Arbitration of the International Chamber of Commerce in accordance with the Rules (the “Court”).

  
 The arbitration shall be held in Geneva. The
proceedings and award shall be in the English language. 
  
 Every arbitrator must be and remain independent of any person that is a party to this Put and Call Option Agreement or any of the Relevant Agreements (as defined in the JV Agreement), even if such party is not actually a party to the
arbitration proceedings being conducted under this present Clause 4.4. 
  

	 	4.4.2	All Parties to this Amendment hereby acknowledge that the subject matter of the Relevant Agreements has a close inter-relationship. 

  

	 	4.4.3	In order to ensure that all disputes in connection with any of the Relevant Agreements are resolved in a uniform and compatible manner, the Parties to this Amendment agree to
procure that the procedures set out in Clause 17.10.3 of the JV Agreement shall be complied with. 

  

 3 

	 	4.4.4	The Parties hereby agree not to seek judicial review of any award made pursuant to this Clause 4.4. They specifically and irrevocably exclude their right to seek judicial
review of the award on all the grounds listed in article 190 (2) of the Swiss Conflict of Laws Statute. 

  

	4.5	Counterparts 

  
 This Agreement may be executed in four (4) counterparts and all those counterparts taken together shall be deemed to constitute one and the same
instrument. 
  
 Done in Brussels, on 21 February 2005, in four originals. Each
Party, Société Générale and First Shurgard Finance S.à r.l. acknowledge receipt of their own original. 
  

									
	Shurgard Storage Centers Inc.:	 	 	 	Crescent Euro Self Storage Investments S.à r.l.:
	  

	 	 	 	  

	Name:	 	Kris Van Mieghem	 	 	 	Name:	 	Henry Thompson
	Title:	 	Attorney-in-fact	 	 	 	Title:	 	Manager
				
	For acknowledgement and approval:	 	 	 	 	 	 
				
	First Shurgard Finance S.à r.l.:	 	 	 	 	 	 
	  

	 	 	 	 	 	 
	Name:	 	Steven De Tollenaere	 	 	 	 	 	 
	Title:	 	Manager	 	 	 	 	 	 
				
	For acknowledgement and approval:	 	 	 	 	 	 
				
	Société Générale:	 	 	 	 	 	 
	  

	 	 	 	 	 	 
	Name:	 	Judith Zimmermann	 	 	 	 	 	 
	Title:	 	 	 	 	 	 	 	 

  

 4 

 ANNEX 1 
 Copy of the Amendment No 2 to the Subscription Agreement 
  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]