Document:

Exhibit 4.1

 

EXHIBIT 4.1

SIXTH AMENDED AND RESTATED CREDIT AGREEMENT

DATED AS OF MARCH 30, 2005

AMONG

DEVELOPERS DIVERSIFIED REALTY CORPORATION,

AND

DDR PR VENTURES LLC, S.E.

AS BORROWERS

JPMORGAN SECURITIES, INC.

AND

BANC OF AMERICA SECURITIES LLC

AS JOINT LEAD ARRANGERS/JOINT BOOK RUNNERS

AND

JPMORGAN CHASE BANK, N.A.,

AS ADMINISTRATIVE AGENT

AND

BANK OF AMERICA, N.A.,

AS SYNDICATION AGENT

AND

COMMERZBANK AG, WACHOVIA BANK, NA., and WELLS FARGO BANK, N.A.

AS DOCUMENTATION AGENTS

AND

US BANK N.A., THE BANK OF NOVA SCOTIA, DEUTSCHE BANK TRUST COMPANY AMERICAS, EUROHYPO AG, NEW YORK
BRANCH, ING REAL ESTATE FINANCE (USA) LLC, MORGAN STANLEY BANK and PNC BANK, N.A.
AS MANAGING AGENTS

AND

AM SOUTH BANK, THE HUNTINGTON NATIONAL BANK, LA SALLE BANK, NATIONAL ASSOCIATION, SOVEREIGN BANK,
SUNTRUST BANK, UBS LOAN FINANCE LLC, BARCLAYS BANK PLC, M&T BANK, MIZUHO CORPORATE BANK, LTD.,
NOMURA FUNDING FACILITY CORPORATION, LTD. and UFJ BANK LIMITED

AS CO-AGENTS

AND

THE SEVERAL LENDERS

FROM

TIME TO TIME PARTIES HERETO,

AS LENDERS

 

 

SIXTH AMENDED AND RESTATED CREDIT AGREEMENT

     This Sixth Amended and Restated Credit Agreement, dated as of March 30, 2005, is among
Developers Diversified Realty Corporation, a corporation organized under the laws of the State of
Ohio (“DDR”), DDR PR Ventures LLC, S.E. (“DDRPR”) (DDR, DDRPR, and any additional Qualified
Borrower that issues a Qualified Borrower Note in accordance with the terms hereof are collectively
referred to as the “Borrower”), JPMorgan Chase Bank, N.A., a national banking association,
and the several banks, financial institutions and other entities from time to time parties to this
Agreement (collectively, the “Lenders”), JPMorgan Chase Bank, N.A., not individually, but
as “Administrative Agent”, Bank of America, N.A., not individually, but as “Syndication Agent”,
Commerzbank AG, Wachovia Bank, NA., and Wells Fargo Bank, N.A., not individually but as
“Documentation Agents”, US Bank N.A., The Bank Of Nova Scotia, Deutsche Bank Trust Company
Americas, Eurohypo AG, New York Branch, ING Real Estate Finance (USA) LLC, Morgan Stanley Bank and
PNC Bank, N.A., not individually, but as Managing Agents, AM South Bank, The Huntington National
Bank, La Salle Bank, National Association, Sovereign Bank, Suntrust Bank, UBS Loan Finance LLC,
Barclays Bank PLC, M&T Bank, Mizuho Corporate Bank, Ltd., Nomura Funding Facility Corporation, Ltd.
and UFJ Bank Limited, not individually but as “Co-Agents.”

RECITALS

     A. The Borrower is primarily engaged in the business of purchasing, developing, owning,
operating, leasing and managing retail, office and industrial properties.

     B. DDR is listed on the New York Stock Exchange and is qualified as a real estate investment
trust under Section 856 of the Code.

     C. The Borrower, the Administrative Agent, and certain of the Lenders entered into a Fifth
Amended and Restated Credit Agreement dated as of December 12, 2003, as amended (the “Prior
Agreement”), pursuant to which the Lenders that are parties thereto agreed to make loans to the
Borrower in the aggregate amount of up to $1,000,000,000. The Borrower has requested that the
Lenders and the Administrative Agent make certain changes to the Prior Agreement, including
allowing one Lender to withdraw from the Facility and allowing for the Facility to be increased in
the future to an amount not to exceed $1,250,000,000. The Administrative Agent and the Lenders
have agreed to do so.

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

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ARTICLE I

DEFINITIONS

     As used in this Agreement:

     “ABR Applicable Margin” means, as of any date, the Applicable Margin in effect on such date
with respect to Floating Rate Advances and Floating Rate Loans.

     “Absolute Interest Period” means, with respect to a Competitive Bid Loan made at an Absolute
Rate, a period of up to 180 days as requested by Borrower and confirmed by a Lender but in no event
extending beyond the Facility Termination Date. If an Absolute Interest Period would end on a day
which is not a Business Day, such Absolute Interest Period shall end on the next succeeding
Business Day.

     “Absolute Rate” means a fixed rate of interest (rounded to the nearest 1/100 of 1%) for an
Absolute Interest Period with respect to a Competitive Bid Loan offered by a Lender and accepted by
the Borrower at such rate.

     “Acceptable Jurisdiction” means a place (in addition to the United States and Puerto Rico)
where Unencumbered Assets can be located, which shall be subject to the approval of the
Administrative Agent, based on satisfactory advice received by it from local counsel in such
jurisdiction with respect to the procedure for enforcement of a U.S. judgment in such jurisdiction,
and the collection of such judgment from assets located there.

     “Acquisition” means any transaction, or any series of related transactions, consummated on or
after the date of this Agreement, by which the Borrower or any of its Subsidiaries (i) acquires any
going business or all or substantially all of the assets of any firm, corporation or division
thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly
acquires (in one transaction or as the most recent transaction in a series of transactions) at
least a majority (in number of votes) of the securities of a corporation which have ordinary voting
power for the election of directors (other than securities having such power only by reason of the
happening of a contingency) or a majority (by percentage or voting power) of the outstanding
partnership interests of a partnership.

     “Acquisition Asset” means an asset which has not been owned for at least a period of eighteen
months.

     “Administrative Agent” means JPMorgan Chase Bank, N.A. in its capacity as agent for the
Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any
successor Administrative Agent appointed pursuant to Article X.

     “Advance” means a borrowing hereunder consisting of the aggregate amount of the several Loans
(including without limitation Competitive Bid Loans and Swingline Loans) made
by one or more of the Lenders to the Borrower of the same Type and, in the case of Fixed Rate
Advances, for the same Interest Period.

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     “Affiliate” of any Person means any other Person directly or indirectly controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another Person if the controlling Person owns 10% or more of any class of voting securities (or
other ownership interests) of the controlled Person or possesses, directly or indirectly, the power
to direct or cause the direction of the management or policies of the controlled Person, whether
through ownership of stock, by contract or otherwise.

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

     “Aggregate Commitment” means, as of any date, the aggregate of the then-current Commitments of
all the Lenders, which is, as of the Agreement Execution Date, $1,000,000,000.

     “Agreement” means this Sixth Amended and Restated Credit Agreement, as it may be amended or
modified and in effect from time to time.

     “Agreement Execution Date” means the date this Agreement has been fully executed and delivered
by all parties hereto.

     “Allocated Facility Amount” means, at any time, the sum of all then outstanding Advances and
the then Facility Letter of Credit Obligations.

     “Alternate Base Rate” means, for any day, a rate of interest per annum equal to the higher of
(i) the Prime Rate for such day and (ii) the sum of Federal Funds Effective Rate for such day plus
1/2% per annum.

     “Applicable Margin” means the applicable margin set forth in the table in Section 2.4
used in calculating the interest rate applicable to the various Types of Advances, which shall vary
from time to time in accordance with Borrower’s long term unsecured debt ratings.

     “Article” means an article of this Agreement unless another document is specifically
referenced.

     “Assets Under Development” means, as of any date of determination, all Projects and expansion
areas of existing Projects owned by the Consolidated Group and the Investment Affiliates which are
then treated as assets under development under GAAP, both such land and improvements under
construction to be valued for purposes of this Agreement at (i) 100% of then-current book value, as
determined in accordance with GAAP, for each Asset Under Development owned by members of the
Consolidated Group and (ii) the applicable Consolidated
Group Pro Rata Share of then-current book value, as determined in accordance with GAAP, for
each Asset Under Development owned by an Investment Affiliate; provided, however, in no event,
except for purposes of calculating the covenant contained in Section 6.23(e), shall Assets Under
Development include any Project or any expansion area of an existing Project which is encumbered by
a First Mortgage Receivable as designated by the Borrower.

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     “Authorized Officer” means any of the Chief Executive Officer, President and Chief Operating
Officer, Executive Vice President, Senior Vice President, Chief Financial Officer or Vice President
and General Counsel of the Borrower, or any other officer designated in writing by one of the
foregoing, acting singly.

     “Borrower” has the meaning set forth in the preamble paragraph of this Agreement.

     “Borrowing Date” means a date on which an Advance is made hereunder.

     “Borrowing Notice” is defined in Section 2.9.

     “Business Day” means (i) with respect to any borrowing, payment or rate selection of LIBOR
Advances, a day (other than a Saturday or Sunday) on which banks generally are open in Chicago,
Illinois and New York, New York for the conduct of substantially all of their commercial lending
activities and on which dealings in United States dollars are carried on in the London interbank
market and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks
generally are open in Chicago, Illinois and New York, New York for the conduct of substantially all
of their commercial lending activities.

     “Capital Stock” means any and all shares, interests, participations or other equivalents
(however designated) of capital stock of a corporation, any and all equivalent ownership interests
in a Person which is not a corporation and any and all warrants or options to purchase any of the
foregoing.

     “Capitalized Lease” of a Person means any lease of Property imposing obligations on such
Person, as lessee thereunder, which are required in accordance with GAAP to be capitalized on a
balance sheet of such Person.

     “Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person
under Capitalized Leases which would be shown as a liability on a balance sheet of such Person
prepared in accordance with GAAP.

     “Cash Equivalents” means, as of any date:

	 	(i)  	securities issued or directly and fully guaranteed or insured
by the United States Government or any agency or instrumentality thereof having
maturities of not more than one year from such date;
	 
	 	(ii)  	mutual funds organized under the United States Investment
Company Act rated AAm or AAm-G by S&P, P-1 by Moody’s and A by Fitch;
	 
	 	(iii)  	certificates of deposit or other interest-bearing obligations
of a bank or trust company which is a member in good standing of the Federal
Reserve System having a short term unsecured debt rating of not less than A-1
by S&P, not less than P-1 by Moody’s and F-1 by Fitch (or in each case, if no
bank or trust company is so rated, the highest comparable rating then given to
any bank or trust company, but in such case only for funds invested overnight
or over a weekend) provided that such investments

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	 	   	shall mature or be redeemable
upon the option of the holders thereof on or prior to a date one month from the
date of their purchase;
	 
	 	(iv)  	certificates of deposit or other interest-bearing obligations
of a bank or trust company which is a member in good standing of the Federal
Reserve System having a short term unsecured debt rating of not less than A-1+
by S&P, and not less than P-1 by Moody’s and which has a long term unsecured
debt rating of not less than A1 by Moody’s (or in each case, if no bank or
trust company is so rated, the highest comparable rating then given to any bank
or trust company, but in such case only for funds invested overnight or over a
weekend) provided that such investments shall mature or be redeemable upon the
option of the holders thereof on or prior to a date three months from the date
of their purchase;
	 
	 	(v)  	bonds or other obligations having a short term unsecured debt
rating of not less than A-1+ by S&P and P-1+ by Moody’s and having a long term
debt rating of not less than A1 by Moody’s issued by or by authority of any
state of the United States, any territory or possession of the United States,
including the Commonwealth of Puerto Rico and agencies thereof, or any
political subdivision of any of the foregoing;
	 
	 	(vi)  	repurchase agreements issued by an entity rated not less than
A-1+ by S&P, and not less than P-1 by Moody’s which are secured by U.S.
Government securities of the type described in clause (i) of this definition
maturing on or prior to a date one month from the date the repurchase agreement
is entered into;
	 
	 	(vii)  	short term promissory notes rated not less than A-1+ by S&P,
and not less than P-1 by Moody’s maturing or to be redeemable upon the option
of the holders thereof on or prior to a date one month from the date of their
purchase; and
	 
	 	(viii)  	commercial paper (having original maturities of not more than 365 days) rated
at least A-1+ by S&P and P-1 by Moody’s and issued by a foreign or domestic
issuer who, at the time of the investment, has outstanding long-term unsecured
debt obligations rated at least A1 by Moody’s.

     “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified
from time to time.

     “Commitment” means, for each Lender, the several obligation of such Lender to make Loans not
exceeding the amount set forth opposite its signature below or as set forth in any Notice of
Assignment relating to any assignment that has become effective pursuant to Section 12.3.2,
as such amount may be modified from time to time pursuant to the terms hereof.

     “Competitive Bid Borrowing Notice” is defined in Section 2.22(e).

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     “Competitive Bid Lender” means a Lender which has a Competitive Bid Loan outstanding.

     “Competitive Bid Loan” is a Loan made pursuant to Section 2.21 hereof.

     “Competitive Bid Note” means the new or amended and restated promissory note payable to the
order of each Lender in the form attached hereto as Exhibit A-2 to be used to evidence any
Competitive Bid Loans which such Lender elects to make (collectively, the “Competitive Bid Notes”).

     “Competitive Bid Quote” means a response submitted by a Lender to the Administrative Agent or
the Borrower, as the case may be with respect to an Invitation for Competitive Bid Quotes in the
form attached as Exhibit I-3 or J-2.

     “Competitive Bid Quote Request” means a written request from Borrower to Administrative Agent
in the form attached as Exhibit I-1.

     “Competitive LIBOR Margin” means, with respect to any Competitive Bid Loan for a LIBOR
Interest Period, the percentage established in the applicable Competitive Bid Quote which is to be
used to determine the interest rate applicable to such Competitive Bid Loan.

     “Consolidated Capitalization Value” means, as of any date, an amount equal to the sum of (i)
Consolidated Cash Flow for the most recent period of two consecutive fiscal quarters for which the
Borrower has reported results (excluding any portion of Consolidated Cash Flow attributable to: (A)
Assets Under Development, (B) Projects owned by Investment Affiliates which are encumbered by First
Mortgage Receivables, and (C) Acquisition Assets) multiplied by two, and divided by
0.0825, plus (ii) Acquisition Assets valued at the lower of their acquisition cost or
market value, as determined in accordance with GAAP.

     “Consolidated Cash Flow” means, for any period, an amount equal to (a) Funds From Operations
for such period plus (b) Consolidated Interest Expense for such period.

     “Consolidated Debt Service” means, for any period, without duplication, (a) Consolidated
Interest Expense for such period plus (b) the aggregate amount of scheduled principal
payments attributable to Consolidated Outstanding Indebtedness (excluding optional
prepayments and scheduled principal payments in respect of any such Indebtedness which is not
amortized through equal periodic installments of principal and interest over the term of such
Indebtedness) required to be made during such period by any member of the Consolidated Group
plus (c) a percentage of all such scheduled principal payments required to be made during
such period by any Investment Affiliate on Indebtedness taken into account in calculating
Consolidated Interest Expense, equal to the greater of (x) the percentage of the principal amount
of such Indebtedness for which any member of the Consolidated Group is liable and (y) the
Consolidated Group Pro Rata Share of such Investment Affiliate.

     “Consolidated Group” means the Borrower and all Subsidiaries which are consolidated with it
for financial reporting purposes under GAAP.

     “Consolidated Group Pro Rata Share” means, with respect to any Investment Affiliate, the
percentage of the total equity ownership interests held by the Consolidated Group in the

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aggregate,
in such Investment Affiliate determined by calculating the greater of (i) the percentage of the
issued and outstanding stock, partnership interests or membership interests in such Investment
Affiliate held by the Consolidated Group in the aggregate and (ii) the percentage of the total book
value of such Investment Affiliate that would be received by the Consolidated Group in the
aggregate, upon liquidation of such Investment Affiliate, after repayment in full of all
Indebtedness of such Investment Affiliate.

     “Consolidated Interest Expense” means, for any period without duplication, the sum of (a) the
amount of interest expense, determined in accordance with GAAP, of the Consolidated Group for such
period attributable to Consolidated Outstanding Indebtedness during such period plus (b) the
Consolidated Group Pro Rata Share of any interest expense, determined in accordance with GAAP, of
any Investment Affiliate, for such period, whether recourse or non-recourse less (c) with respect
to each consolidated Subsidiary of the Borrower in which the Borrower does not directly or
indirectly hold a 100% ownership interest, a percentage of the interest expense attributable to
such consolidated Subsidiary which is included under clause (a) of this definition and which is not
related to Indebtedness which is a Guarantee Obligation of the Borrower equal to the percentage
ownership in such consolidated Subsidiary which is not held either (i) directly or indirectly by
the Borrower, or (ii) by holders of operating partnership units in such consolidated Subsidiary
which are convertible into stock of the Borrower.

     “Consolidated Market Value” means, as of any date, an amount equal to the sum of (a) the
Consolidated Capitalization Value as of such date, plus (b) the value of Unrestricted Cash
and Cash Equivalents, plus (c) the lesser of (i) the value of Assets Under Development, or
(ii) ten percent (10%) of the Consolidated Capitalization Value plus (d) the lesser of (i)
100% of the then-current value under GAAP of all First Mortgage Receivables or (ii) five percent
(5%) of the Consolidated Capitalization Value, plus (e) the lesser of (i) 100% of the
then-current book value, as determined in accordance with GAAP, of Developable Land, or (ii) 5% of
total Consolidated Capitalization Value plus (f) cash from like-kind exchanges on deposit
with a qualified intermediary (provided that the amount included in Consolidated Market Value
pursuant to this clause (f) shall not exceed 5% of the Value of Unencumbered Assets).

     “Consolidated Net Income” means, for any period, consolidated net income (or loss) of the
Consolidated Group for such period determined on a consolidated basis in accordance with GAAP;
plus that portion of any amount deducted as minority equity interest in calculating such
consolidated net income which is attributable to minority interest holders holding operating
partnership units in a member of the Consolidated Group which are convertible into stock in the
Borrower, but provided that there shall be excluded (a) the income (or deficit) of any
other Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or
consolidated with the Borrower or any of its Subsidiaries and (b) the undistributed earnings of any
Subsidiary which has not furnished a Subsidiary Guaranty 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 or requirement of law applicable to such Subsidiary.

     “Consolidated Net Worth” means, as of any date of determination, an amount equal to (a)
Consolidated Market Value minus (b) Consolidated Outstanding Indebtedness as of such date.

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     “Consolidated Outstanding Indebtedness” means, as of any date of determination, without
duplication, the sum of (a) all Indebtedness of the Consolidated Group outstanding at such date,
determined on a consolidated basis in accordance with GAAP, plus (b) the applicable Consolidated
Group Pro Rata Share of any Indebtedness of each Investment Affiliate other than Indebtedness of
such Investment Affiliate to a member of the Consolidated Group, less (c) with respect to each
consolidated Subsidiary of the Borrower in which the Borrower does not directly or indirectly hold
a 100% ownership interest, a percentage of any Indebtedness of such consolidated Subsidiary which
is not a Guarantee Obligation of the Borrower equal to the percentage ownership interest in such
consolidated Subsidiary which is not held directly or indirectly by the Borrower.

     “Consolidated Secured Indebtedness” means, as of any date of determination, without
duplication, the sum of (a) the aggregate principal amount of that portion of the Consolidated
Outstanding Indebtedness which is secured by any Lien on the Property of Borrower or its
Subsidiaries, without regard to recourse, plus (b) the excess, if any, over $5,000,000, of the sum
of (x) the aggregate principal amount of all Unsecured Indebtedness of the Subsidiaries of the
Borrower which have not furnished Subsidiary Guaranties, determined on a consolidated basis in
accordance with GAAP and (y) a percentage of the aggregate principal amount of all Indebtedness of
each Investment Affiliate equal to the greater of (x) the percentage of such Indebtedness for which
any member of the Consolidated Group is liable and (z) the Consolidated Group Pro Rata Share of
such Investment Affiliate.

     “Consolidated Unsecured Indebtedness” means, as of any date of determination, the aggregate
principal amount of all Unsecured Indebtedness of the Consolidated Group outstanding at such date,
including without limitation all the outstanding Indebtedness under this Agreement as of such date,
determined on a consolidated basis in accordance with GAAP.

     “Controlled Group” means 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 or any of its Subsidiaries, are treated as a single employer under Section 414 of
the Code.

     “Conversion/Continuation Notice” is defined in Section 2.10.

     “Default” means an event described in Article VII.

     “Defaulting Lender” means any Lender which fails or refuses to perform its obligations under
this Agreement within the time period specified for performance of such obligation, or, if no time
frame is specified, if such failure or refusal continues for a period of five Business Days after
written notice from the Administrative Agent; provided that if such Lender cures such failure or
refusal, such Lender shall cease to be a Defaulting Lender.

     “Default Rate” means the interest rate which may apply during the continuance of a Default
pursuant to Section 2.12.

     “Designated Lender” means any Person who has been designated by a Lender to fund Competitive
Bid Loans pursuant to a Designation Agreement in the form attached hereto as Exhibit L.

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     “Developable Land” means land which is appropriately zoned, has access to all necessary
utilities and has access to publicly dedicated streets.

     “Environmental Laws” means any and all foreign, Federal, state, local or municipal laws,
rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental
Authority or other Requirements of Law (including common law) regulating, relating to or imposing
liability or standards of conduct concerning protection of human health or the environment, as now
or may at any time hereafter be in effect, in each case to the extent the foregoing are applicable
to the Borrower or any Subsidiary or any of their respective assets or Projects.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any rule or regulation issued thereunder.

     “Equity Value” means, with respect to a Subsidiary owned and in operation for a period of two
or more consecutive full fiscal quarters after the Agreement Execution Date, by the Borrower or one
of its other Subsidiaries, an amount equal to (A) the product of (i) the sum of net income (or
loss) for the most recent two consecutive fiscal quarters without giving effect to depreciation and
amortization, gains or losses from extraordinary items, gains or losses on sales of real estate,
and gains or losses on investments in marketable securities for such period, plus the
amount of interest expense for such period on the aggregate principal amount of the Indebtedness of
such Subsidiary, multiplied by (ii) two, divided by (B) 0.0825, and then
minus (C) Indebtedness of the Subsidiary as of the date of determination. For any
Subsidiary not owned and in operation for two fiscal quarters, until it or its Properties have been
owned and operated by the Borrower or one of its other Subsidiaries for two or more consecutive
full fiscal quarters, “Equity Value” shall mean the Borrower’s estimated annual Net Operating
Income for
the Projects owned by such Subsidiary based on leases in existence at the date such Subsidiary
is formed or purchased divided by 0.0825, and then minus the Indebtedness of such
Subsidiary as of the date of determination.

     “Excluded Subsidiary” means Continental Sawmill Limited Liability Company, Continental Sawmill
Limited Partnership and Sun Center Limited, so long as such Subsidiaries are owned in part by
unaffiliated third parties whose consent would be required for such Subsidiary to become a
Subsidiary Guarantor, and no Project owned by such Excluded Subsidiary is included as an
Unencumbered Asset.

     “Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the
Administrative Agent, taxes imposed on its overall net income, and franchise taxes imposed on it,
by any jurisdiction with taxing authority over the Lender.

     “Extension Request” is defined in Section 2.2.

     “Facility Fee” is defined in Section 2.5.

     “Facility Fee Rate” is, as of any date, the percentage established in accordance with the
terms of Section 2.4.

     “Facility Letter of Credit” means a Letter of Credit issued hereunder in U.S. Dollars.

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     “Facility Letter of Credit Fee” is defined in Section 2A.8.

     “Facility Letter of Credit Obligation” means, as at the time of determination thereof, all
liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of
Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face
amount of the then outstanding Facility Letters of Credit.

     “Facility Termination Date” means May 30, 2008.

     “Federal Funds Effective Rate” means, for any day, an interest rate per annum 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 for such day (or, if
such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day which is a Business Day, the
average of the quotations at approximately 10 a.m. (Chicago time) on such day on such transactions
received by the Administrative Agent from three Federal funds brokers of recognized standing
selected by the Administrative Agent in its sole discretion.

     “Financeable Ground Lease” means, a ground lease satisfactory to the Required Lenders and the
Administrative Agent’s counsel in their reasonable discretion, which must provide protections for a
potential leasehold mortgagee (“Mortgagee”) which include, among other things (i) a
remaining term, including any optional extension terms exercisable unilaterally by the tenant, of
no less than 25 years from the Agreement Execution Date, (ii) that the ground lease
will not be terminated until the Mortgagee has received notice of a default, has had a
reasonable opportunity to cure or complete foreclosure, and has failed to do so, (iii) provision
for a new lease on the same terms to the Mortgagee as tenant if the ground lease is terminated for
any reason, (iv) non-merger of the fee and leasehold estates, (v) transferability of the tenant’s
interest under the ground lease without any requirement for consent of the ground lessor unless
based on reasonable objective criteria as to the creditworthiness or line of business of the
transferee or delivery of customary assignment and assumption agreements from the transferor and
transferee, and (vi) that insurance proceeds and condemnation awards (from the fee interest as well
as the leasehold interest) will be applied pursuant to the terms of the applicable leasehold
mortgage.

     “Financial Contract” of a Person means (i) any exchange — traded or over-the-counter futures,
forward, swap or option contract or other financial instrument with similar characteristics, or
(ii) any Rate Management Transaction.

     “Financial Undertaking” of a Person means (i) any transaction which is the functional
equivalent of or takes the place of borrowing but which does not constitute a liability on the
consolidated balance sheet of such Person, or (ii) any agreements, devices or arrangements designed
to protect at least one of the parties thereto from the fluctuations of interest rates, exchange
rates or forward rates applicable to such party’s assets, liabilities or exchange transactions,
including, but not limited to, interest rate exchange agreements, forward currency exchange
agreements, interest rate cap or collar protection agreements, forward rate currency or interest
rate options.

     “First Mortgage Receivable” means any Indebtedness owing to a member of the Consolidated Group
which is secured by a first-priority mortgage or deed of trust on commercial

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real estate having a
value in excess of the amount of such Indebtedness and which has been designated by the Borrower as
a “First Mortgage Receivable” in its most recent compliance certificate.

     “Fitch” means Fitch Investor Services, Inc. and its successors.

     “Fixed Charges” shall mean, for any period, the sum of (i) Consolidated Interest Expense, (ii)
all scheduled principal payments due on account of Consolidated Outstanding Indebtedness (excluding
balloon payments), (iii) all dividends payable on account of preferred stock or preferred operating
partnership units of the Borrower or any other Person in the Consolidated Group and (iv) all ground
lease payments to the extent not deducted as an expense in calculating Consolidated Cash Flow.

     “Fixed Rate” means the Absolute Rate or the LIBOR Rate.

     “Fixed Rate Advance” means an Advance which bears interest at a Fixed Rate.

     “Fixed Rate Loan” means a Loan which bears interest at a Fixed Rate.

     “Floating Rate” means, for any day, a rate per annum equal to (i) the Alternate Base Rate for
such day plus (ii) ABR Applicable Margin for such day, in each case changing when and as the
Alternate Base Rate changes.

     “Floating Rate Advance” means an Advance which bears interest at the Floating Rate.

     “Floating Rate Loan” means a Loan which bears interest at the Floating Rate.

     “Funded Percentage” means, with respect to any Lender at any time, a percentage equal to a
fraction the numerator of which is the amount actually disbursed and outstanding to Borrower by
such Lender at such time (including Swingline Loans and Competitive Bid Loans), and the denominator
of which is the total amount disbursed and outstanding to Borrower by all of the Lenders at such
time (including Swingline Loans and Competitive Bid Loans).

     “Funds From Operations” means, for any period, the sum of (i) Consolidated Net Income for such
period, excluding (A) gains (losses) on sales of property, (B) non-recurring charges and
extraordinary items, and (C) non-cash charges (including, without limitation, depreciation and
amortization, and equity gains (losses) from each Investment Affiliate included therein, but
excluding any amortization of deferred finance costs), plus (ii) the applicable Consolidated Group
Pro Rata Share of funds from operations of each Investment Affiliate that is due to the
Consolidated Group for such period, all determined on a consistent basis. With regard to the
foregoing sentence, for each consolidated Subsidiary of the Borrower in which the Borrower does not
directly or indirectly hold a 100% ownership interest, each of clauses (A), (B) and (C) shall
exclude the prorata share of such item attributable to minority interest holders which do not hold
operating partnership units convertible to stock in the Borrower.

     “GAAP” means generally accepted accounting principles in the United States of America as in
effect from time to time, applied in a manner consistent with that used in preparing the financial
statements referred to in Section 6.1.

- 11 -

 

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

     “Guarantee Obligation” means, as to any Person (the “guaranteeing person”), any
obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person
(including, without limitation, any bank under any Letter of Credit) to induce the creation of
which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation,
in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other
obligations (the “primary obligations”) of any other third Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, any
obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary
obligation or any property constituting direct or indirect security therefor, (ii) to advance or
supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor, (iii) to purchase property, securities or services primarily
for the purpose of assuring the owner of any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the
owner of any such primary obligation against loss in respect thereof; provided,
however, that the term Guarantee Obligation shall not include endorsements of instruments
for deposit or collection in the ordinary course of business. The amount of any Guarantee
Obligation of any guaranteeing person shall be deemed to be the maximum stated amount of the
primary obligation relating to such Guarantee Obligation (or, if less, the maximum stated liability
set forth in the instrument embodying such Guarantee Obligation), provided, that in the
absence of any such stated amount or stated liability, the amount of such Guarantee Obligation
shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as
determined by the Borrower in good faith.

     “Indebtedness” of any Person at any date means without duplication, (a) all indebtedness of
such Person for borrowed money including without limitation any repurchase obligation or liability
of such Person with respect to securities, accounts or notes receivable sold by such Person, (b)
all obligations of such Person for the deferred purchase price of property or services (other than
current trade liabilities incurred in the ordinary course of business and payable in accordance
with customary practices), to the extent such obligations constitute indebtedness for the purposes
of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or
similar instrument, (d) all Capitalized Lease Obligations, (e) all obligations of such Person in
respect of acceptances issued or created for the account of such Person, (f) all Guarantee
Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the
Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of
primary obligations of any other member of the Consolidated Group), (g) all reimbursement
obligations of such Person for letters of credit and other contingent liabilities, (h) any Net
Mark-to-Market Exposure and (i) all liabilities secured by any lien (other than liens for taxes not
yet due and payable) on any property owned by such Person even though such Person has not assumed
or otherwise become liable for the payment thereof.

     “Interest Period” means an Absolute Interest Period or a LIBOR Interest Period.

- 12 -

 

     “Investment” of a Person means any loan, advance (other than commission, travel and similar
advances to officers and employees made in the ordinary course of business), extension of credit
(other than accounts receivable arising in the ordinary course of business on terms customary in
the trade), deposit account or contribution of capital by such Person to any other Person or any
investment in, or purchase or other acquisition of, the stock, partnership interests, notes,
debentures or other securities of any other Person made by such Person.

     “Investment Affiliate” means any Person in which the Consolidated Group, directly or
indirectly, has an ownership interest, whose financial results are not consolidated under GAAP with
the financial results of the Consolidated Group.

     “Invitation for Competitive Bid Quotes” means a written notice to the Lenders from the
Administrative Agent in the form attached as Exhibit I-2 for Competitive Bid Loans made
pursuant to Section 2.22, and a written notice to the Lenders from the Borrower in the
form of Exhibit J-1 for Competitive Bid Loans made pursuant to Section 2.23.

     “Issuance Date” is defined in Section 2A.4.

     “Issuance Notice” is defined in Section 2A.4.

     “Issuing Bank” means, with respect to each Facility Letter of Credit, the Lender which issues
such Facility Letter of Credit.

     “Joint Lead Arranger” means JPMorgan Securities, Inc. and Banc of America Securities LLC.

     “JPMorgan Chase Bank” means JPMorgan Chase Bank, N.A., in its individual capacity and its
successors.

     “Lenders” means the lending institutions listed on the signature pages of this Agreement,
their respective successors and assigns, any other lending institutions that subsequently become
parties to this Agreement and the Designated Lenders, if any, provided that the term “Lender” shall
exclude each such Designated Lender when used in the reference to the Commitments or terms relating
to the Commitments.

     “Lending Installation” means, with respect to a Lender, any office, branch, subsidiary or
affiliate of such Lender.

     “Letter of Credit” of a Person means a letter of credit or similar instrument which is issued
upon the application of such Person or upon which such Person is an account party or for which such
Person is in any way liable.

     “Letter of Credit Collateral Account” is defined in Section 2A.9.

     “Letter of Credit Request” is defined in Section 2A.4.

     “LIBOR Advance” means an Advance that bears interest at the LIBOR Rate, whether a ratable
Advance based on the LIBOR Applicable Margin or a Competitive Bid Loan based on a Competitive LIBOR
Margin.

- 13 -

 

     “LIBOR Applicable Margin” means, as of any date with respect to any LIBOR Interest Period, the
Applicable Margin in effect for such LIBOR Interest Period as determined in accordance with
Section 2.4 hereof.

     “LIBOR Base Rate” means, with respect to a LIBOR Advance for the relevant LIBOR Interest
Period, the applicable British Bankers’ Association LIBOR rate for deposits in U.S. dollars as
reported by any generally recognized financial information service as of 11:00 a.m. (London time)
two Business Days prior to the first day of such LIBOR Interest Period, and having a maturity equal
to such LIBOR Interest Period, provided that, if no such
British Bankers’ Association LIBOR rate is available to the Administrative Agent, the
applicable LIBOR Base Rate for the relevant LIBOR Interest Period shall instead be the rate
determined by the Administrative Agent to be the rate at which JPMorgan Chase Bank or one of its
Affiliate banks offers to place deposits in U.S. dollars with first-class banks in the London
interbank market at approximately 11:00 a.m. (London time) two Business Days prior to the first day
of such LIBOR Interest Period, in the approximate amount of JPMorgan Chase Bank’s relevant LIBOR
Loan and having a maturity equal to such LIBOR Interest Period.

     “LIBOR Interest Period” means a period of one, two, three or six months commencing on a
Business Day selected by the Borrower pursuant to this Agreement. Such LIBOR Interest Period shall
end on (but exclude) the day which corresponds numerically to such date one, two, three or six
months thereafter, provided, however, that if there is no such numerically corresponding day in
such next, second, third or sixth succeeding month, such LIBOR Interest Period shall end on the
last Business Day of such next, second, third or sixth succeeding month. If a LIBOR Interest
Period would otherwise end on a day which is not a Business Day, such LIBOR Interest Period shall
end on the next succeeding Business Day, provided, however, that if said next succeeding Business
Day falls in a new calendar month, such LIBOR Interest Period shall end on the immediately
preceding Business Day.

     “LIBOR Loan” means a Loan which bears interest at a LIBOR Rate.

     “LIBOR Rate” means, with respect to a LIBOR Advance for the relevant LIBOR Interest Period,
the sum of (i) the quotient of (a) the LIBOR Base Rate applicable to such LIBOR Interest Period,
divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such LIBOR
Interest Period, plus (ii) in the case of ratable LIBOR Advances, the LIBOR Applicable Margin in
effect from time to time during such LIBOR Interest Period, or in the case of LIBOR Advances made
as Competitive Bid Loans, the Competitive LIBOR Margin established in the Competitive Bid Quote
applicable to such Competitive Bid Loan. The LIBOR Rate shall be rounded to the next higher 1/100
of 1% if the rate is not a multiple of 1/100 of 1%.

     “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment,
deposit arrangement, encumbrance or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including, without limitation, the
interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title
retention agreement).

     “Loan” means, with respect to a Lender, such Lender’s portion of any Advance.

- 14 -

 

     “Loan Documents” means this Agreement, the Notes (including the Qualified Borrower Notes), the
Subsidiary Guaranty, the Qualified Borrower Guaranty and any other document from time to time
evidencing or securing indebtedness incurred by the Borrower under this Agreement, as any of the
foregoing may be amended or modified from time to time.

     “Material Adverse Effect” means a material adverse effect on (i) the business, Property or
condition (financial or otherwise) of the Borrower and its Subsidiaries taken as a whole, (ii) the
ability of the Borrower to perform its obligations under the Loan Documents, or (iii) the
validity or enforceability of any of the Loan Documents.

     “Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or
any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or
wastes, defined or regulated as such in or under any Environmental Law, including, without
limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation.

     “Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or
from time to time may be contracted for, taken, reserved, charged or received on the indebtedness
evidenced by the Note and as provided for herein or in the Note or other Loan Documents, under the
laws of such state or states whose laws are held by any court of competent jurisdiction to govern
the interest rate provisions of the Loan.

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

     “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or
any other arrangement to which the Borrower or any member of the Controlled Group is a party to
which more than one employer is obligated to make contributions.

     “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess
(if any) of all unrealized losses over all unrealized profits of such Person arising from Rate
Management Transactions or any other Financial Contract. “Unrealized losses” means the fair market
value of the cost to such Person of replacing such Rate Management Transaction or other Financial
Contract as of the date of determination (assuming the Rate Management Transaction or other
Financial Contract were to be terminated as of that date), and “unrealized profits” means the fair
market value of the gain to such Person of replacing such Rate Management Transaction or other
Financial Contract as of the date of determination (assuming such Rate Management Transaction or
other Financial Contract were to be terminated as of that date).

     “Net Operating Income” means, with respect to any Project for any period, “property rental and
other income” (as determined by GAAP) attributable to such Project accruing for such period
minus the amount of all expenses (as determined in accordance with GAAP) incurred in
connection with and directly attributable to the ownership and operation of such Project for such
period, including, without limitation, Management Fees and amounts accrued for the payment of real
estate taxes and insurance premiums, but excluding interest expense or other debt service charges
and any non-cash charges such as depreciation or amortization of financing costs. As used herein
“Management Fees”, means, with respect to each Project for any period, an amount equal to
(i) three percent (3%) of the aggregate base rent and percentage rent due and payable under leases
with anchor tenants at such Project, plus (ii) three percent (3%) of the aggregate

- 15 -

 

base
rent and percentage rent due and payable under leases with tenants other than anchor tenants at
such Project.

     “Non-U.S. Lender” is defined in Section 3.5(iv).

     “Note” means a new (in the case of Lenders not parties to the Prior Agreement) or an amended
and restated (in the case of Lenders parties to the Prior Agreement) promissory note, in
substantially the form of Exhibit A-1 hereto, duly executed by the Borrower and payable to
the order of a Lender and in the case of a Qualified Borrower, a Qualified Borrower Note, including
in each case any amendment, modification, renewal or replacement of such promissory note.

     “Notice of Assignment” is defined in Section 12.3.2.

     “Obligations” means the Advances, the Facility Letter of Credit Obligations and all accrued
and unpaid fees and all other obligations of Borrower to the Administrative Agent or the Lenders,
or any of them, arising under this Agreement or any of the other Loan Documents.

     “Other Taxes” is defined in Section 3.5(ii).

     “Participants” is defined in Section 12.2.1.

     “Passive Non-Real Estate Investments” means stock or other equity interests in or debt of
entities not primarily involved in commercial real estate development or ownership.

     “Payment Date” means, with respect to the payment of interest accrued on any Advance, the
first day of each calendar month.

     “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

     “Percentage” means for each Lender the ratio that such Lender’s Commitment bears to the
Aggregate Commitment, expressed as a percentage.

     “Permitted Acquisitions” are defined in Section 6.15.

     “Permitted Liens” are defined in Section 6.16.

     “Person” means any natural person, corporation, firm, joint venture, partnership, association,
enterprise, trust or other entity or organization, or any government or political subdivision or
any agency, department or instrumentality thereof.

     “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject
to the minimum funding standards under Section 412 of the Code as to which the Borrower or any
member of the Controlled Group may have any liability.

     “Portfolio Acquisition” means an acquisition by Borrower and/or a Subsidiary of Projects with
an aggregate purchase price in excess of $250,000,000 in a single transaction or series of related
transactions.

- 16 -

 

     “Prime Rate” means a rate per annum equal to the prime rate of interest publicly announced
from time to time by JPMorgan Chase Bank or its parent as its prime rate (which is not necessarily
the lowest rate charged to any customer), changing when and as said prime rate
changes. In the event that there is a successor to the Administrative Agent by merger, or the
Administrative Agent assigns its duties and obligations to an Affiliate, then the term “Prime Rate”
as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new
Administrative Agent.

     “Prior Agreement” is defined in Recital C.

     “Pre-Leased Project Under Construction” means a Project under development (in accordance with
GAAP) on which construction of buildings has been commenced but which has not been substantially
completed and occupied and over 50% of which has been leased to a tenant or tenants pursuant to
fully executed and binding leases.

     “Project” means any real estate asset owned by Borrower or any of its Subsidiaries or any
Investment Affiliate, and operated or intended to be operated as a retail, office or industrial
property.

     “Property” of a Person means any and all property, whether real, personal, tangible,
intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person.

     “Purchasers” is defined in Section 12.3.1.

     “Qualifying Jointly-Owned Subsidiary” means a Subsidiary which (i) is a Subsidiary Guarantor
but is not a Wholly-Owned Subsidiary, (ii) is governed by organizational documents which prohibit
voluntary sales of such Subsidiary’s Projects for a certain period of time after the contribution
of such Project to such Subsidiary or require approval from one or more of its limited partners or
non-managing members (other than a Wholly-Owned Subsidiary) for such voluntary sales, and (iii) is
governed by organizational documents which expressly authorize the Borrower or the Wholly-Owned
Subsidiary which is its general partner or managing member to cause such Subsidiary to guaranty, or
pledge such Subsidiary’s assets to secure, indebtedness of the Borrower.

     “Qualified Borrower” means DDR PR Ventures LLC, S.E. and any other Wholly-Owned Subsidiary of
Borrower which has complied with the requirements set forth in Section 2.1 for being a
Borrower hereunder, the Indebtedness of which, in all cases, shall be guaranteed by DDR.

     “Qualified Borrower Competitive Bid Note” means a promissory note, in substantially the same
form of Exhibit O hereto, duly executed by the Qualified Borrower and payable to the order
of the Administrative Agent on behalf of the Lenders to be used to evidence any Competitive Bid
Loans which a Lender elects to make to a Qualified Borrower, including any amendment, modification
renewal or replacement of such promissory note.

     “Qualified Borrower Guaranty” means a full and unconditional guaranty of payment in the form
of Exhibit M attached hereto, enforceable against DDR for the payment of a Qualified
Borrower’s debt or obligation to the Lenders pursuant to this Agreement.

- 17 -

 

     “Qualified Borrower Note” means a promissory note, in substantially the same form of
Exhibit N hereto, duly executed by the Qualified Borrower and payable to the order of the
Administrative Agent on behalf of a Lender, including any amendment, modification renewal or
replacement of such promissory note.

     “Rate Management Transaction” means any transaction (including an agreement with respect
thereto) now existing or hereafter entered into by the Borrower which is a rate swap, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, forward transaction, currency swap transaction,
cross-currency rate swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions) or any combination thereof, whether linked to
one or more interest rates, foreign currencies, commodity prices, equity prices or other financial
measures.

     “Recourse Indebtedness” means any Indebtedness of Borrower or any of its Subsidiaries with
respect to which the liability of the obligor is not limited to the obligor’s interest in specified
assets securing such Indebtedness, subject to customary limited exceptions for certain acts or
types of liability.

     “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor thereto or other regulation or official
interpretation of said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System.

     “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor or other regulation or official interpretation of
said Board of Governors relating to the extension of credit by banks for the purpose of purchasing
or carrying margin stocks applicable to member banks of the Federal Reserve System.

     “Reimbursement Obligations” means at any time, the aggregate of the Obligations of the
Borrower to the Lenders, the Issuing Bank and the Administrative Agent in respect of all
unreimbursed payments or disbursements made by the Lenders, the Issuing Bank and the Administrative
Agent under or in respect of the Facility Letters of Credit.

     “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the
regulations issued under such section, with respect to a Plan, excluding, however, such events as
to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be
notified within 30 days of the occurrence of such event, provided, however, that a failure to meet
the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a
Reportable Event regardless of the issuance of any such waiver of the notice requirement in
accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code.

     “Required Lenders” means Lenders in the aggregate having at least 66 2/3% of the Aggregate
Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding at
least 66 2/3% of the aggregate unpaid principal amount of the outstanding Advances and
participation interests in Facility Letters of Credit.

- 18 -

 

     “Reserve Requirement” means, with respect to a LIBOR Loan and LIBOR Interest Period, that
percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Federal
Reserve Board or other governmental authority or agency having jurisdiction with respect thereto
for determining the maximum reserves (including, without limitation, basic, supplemental, marginal
and emergency reserves) for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D) maintained by a member bank of the Federal Reserve System.

     “Restricted Payment” means any dividend or other distribution (whether in cash, securities or
other property) with respect to any Capital Stock in the Borrower or any Subsidiary, or any payment
(whether in cash, securities or other property), including any sinking fund or similar deposit, on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any
such Capital Stock in the Borrower or any option, warrant or other right to acquire any such
Capital Stock in the Borrower, or any transaction that has a substantially similar effect.

     “Section” means a numbered section of this Agreement, unless another document is specifically
referenced.

     “Single Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled
Group for employees of the Borrower or any member of the Controlled Group.

     “S&P” means Standard & Poor’s Ratings Group and its successors.

     “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities
having ordinary voting power of which shall at the time be owned or controlled, directly or
indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more
of its Subsidiaries, or (ii) any partnership, association, joint venture or similar business
organization more than 50% of the ownership interests having ordinary voting power of which shall
at the time be so owned or controlled. Unless otherwise expressly provided, all references herein
to a “Subsidiary” shall mean a Subsidiary of the Borrower.

     “Subsidiary Guarantor” means each Subsidiary of the Borrower which is required to execute a
Subsidiary Guaranty pursuant to Section 6.13.

     “Subsidiary Guaranty” means the guaranty to be executed and delivered by certain Subsidiaries
of the Borrower, substantially in the form of Exhibit F, as the same may be amended,
supplemented or otherwise modified from time to time.

     “Substantial Portion” means, with respect to the Property of the Borrower and its
Subsidiaries, Property which (i) represents more than 10% of the assets of the Consolidated
Group as would be shown in the consolidated financial statements of the Consolidated Group as
at the beginning of the twelve-month period ending with the month immediately preceding the month
in which such determination is made, or (ii) is responsible for more than 10% of the consolidated
net sales or of the consolidated net income of the Consolidated Group as reflected in the financial
statements referred to in clause (i) above.

     “Swingline Advances” means, as of any date, collectively, all Swingline Loans then outstanding
under this Facility.

- 19 -

 

     “Swingline Lender” shall mean Administrative Agent, in its capacity as a Lender.

     “Swingline Loans” means loans of up to $50,000,000 made by the Swingline Lender in accordance
with Section 2.20 hereof.

     “Taxes” means any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings, and any and all liabilities with respect to the foregoing, but excluding
Excluded Taxes and Other Taxes.

     “Transferee” is defined in Section 12.4.

     “Type” means, with respect to any Advance, its nature as a Floating Rate Advance or LIBOR
Advance.

     “Unencumbered Asset” means, any Project located in the United States, Puerto Rico or an
Acceptable Jurisdiction 100% of which is owned in fee simple or ground leased by the Borrower or a
Subsidiary Guarantor (provided that a Project which is ground leased shall be included as an
Unencumbered Asset only if such ground lease is a Financeable Ground Lease) which, as of any date
of determination, (a) is not subject to any Liens or claims (including restrictions on
transferability or assignability) of any kind (including any such Lien, claim or restriction
imposed by the organizational documents of any Subsidiary Guarantor) other than (i) Permitted Liens
set forth in Sections 6.16(i) through 6.16(iv)), and (ii) restrictions on transferability
in the case of a Qualifying Jointly-Owned Subsidiary (b) is not subject to any agreement (including
(i) any agreement governing Indebtedness incurred in order to finance or refinance the acquisition
of such asset, and (ii) if applicable, the organizational documents of any Subsidiary Guarantor)
which prohibits or limits the ability of the Borrower or any Subsidiary Guarantor to create, incur,
assume or suffer to exist any Lien upon any assets or Capital Stock of the Borrower or any
Subsidiary Guarantor, including, without limitation, any negative pledge or similar covenant or
restriction, (c) is not subject to any agreement (including any agreement governing Indebtedness
incurred in order to finance or refinance the acquisition of such asset) which entitles any Person
to the benefit of any Lien (other than Permitted Liens set forth in Sections 6.16(i) through
6.16(iv)) on any assets or Capital Stock of the Borrower or any Subsidiary Guarantor, or would
entitle any Person to the benefit of any Lien (other than Permitted Liens set forth in Sections
6.16(i) through 6.16(iv)) on such assets or Capital Stock upon the occurrence of any
contingency (including, without limitation, pursuant to an “equal and ratable” clause), and (d)
either has been improved with an income-producing building or
buildings which are substantially completed and occupied or is a Pre-Leased Project Under
Construction. For the purposes of this Agreement, any Project of a Subsidiary Guarantor shall not
be deemed to be unencumbered unless (i) both such Project and all Capital Stock of such Subsidiary
Guarantor held by the Borrower is unencumbered and (ii) each intervening entity between the
Borrower and such Subsidiary Guarantor does not have any Indebtedness for borrowed money or, if
such entity has any Indebtedness, such Indebtedness is unsecured and the entity is a Subsidiary
Guarantor.

     “Unfunded Liabilities” means the amount (if any) by which the present value of all vested
nonforfeitable benefits under all Single Employer Plans exceeds the fair market value of all such
Plan assets allocable to such benefits, all determined as of the then most recent valuation date
for such Plans.

- 20 -

 

     “Unmatured Default” means an event which but for the lapse of time or the giving of notice, or
both, would constitute a Default.

     “Unrestricted Cash and Cash Equivalents” means, in the aggregate, all cash and Cash
Equivalents which are not pledged or otherwise restricted for the benefit of any creditor and which
are owned by members of the Consolidated Group or Investment Affiliates, to be valued for purposes
of this Agreement at (i) 100% of its then-current book value, as determined under GAAP, for any
such items owned by a member of the Consolidated Group or (ii) the applicable Consolidated Group
Pro Rata Share of its then-current book value, as determined under GAAP, for any such items owned
by an Investment Affiliate.

     “Unsecured Indebtedness” means all Indebtedness of any person that is not secured by a Lien on
any asset of such Person.

     “Value of Unencumbered Assets” means, as of any date, the sum of (A) the amount determined by
dividing the Net Operating Income for each Project which is an Unencumbered Asset (excluding the
Net Operating Income for any Acquisition Asset which is an Unencumbered Asset) as of such date for
a calculation period which shall be either the immediately preceding two (2) full fiscal quarters
or, if so requested by Borrower or the Administrative Agent, the one (1) immediately preceding full
fiscal quarter and the then current partial quarter (in all cases as annualized) by 0.0825
(provided that not more than 15% of the Value of Unencumbered Assets with respect to Projects shall
be attributable to Unencumbered Assets which are ground leased and not more than 15% of the Value
of Unencumbered Assets shall be attributable to Unencumbered Assets not located in the United
States or Puerto Rico) plus (B) for each Pre-Leased Project Under Construction, 100% of the
then-current book value, as determined in accordance with GAAP, of such Pre-Leased Project Under
Construction, provided that the aggregate amount added to value under this clause (B) shall not
exceed ten percent (10%) of the total Value of Unencumbered Assets, plus (C) cash from like-kind
exchanges on deposit with a qualified intermediary (provided that not more than 5% of the Value of
Unencumbered Assets shall be attributable to the proceeds of this clause). If a Project is no
longer owned as of the date of determination, then no value shall be included from such Project,
except for purposes of such financial covenant comparing the Net Operating Income from
Unencumbered Assets to Consolidated Interest Expense under the Credit Agreement.
Notwithstanding the foregoing and with respect to any Acquisition Asset which is an Unencumbered
Asset, each such Acquisition Asset shall be valued at the lower of its acquisition cost or market
value, as determined in accordance with GAAP.

     “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding voting
securities of which shall at the time be owned or controlled, directly or indirectly, by such
Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more
Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, association, joint venture or
similar business organization 100% of the ownership interests having ordinary voting power of which
shall at the time be so owned or controlled.

     The foregoing definitions shall be equally applicable to both the singular and plural forms of
the defined terms.

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ARTICLE II

THE CREDIT

     2.1 Commitments; Reduction or Increase in Aggregate Commitment. Subject to the terms and
conditions of this Agreement, Lenders severally and not jointly agree to make Advances through the
Administrative Agent to Borrower from time to time prior to the Facility Termination Date,
provided that the making of any such Advance will not cause the outstanding
principal balance of all Loans (including all Advances, Swingline Loans and Competitive Bid Loans)
and the Facility Letter of Credit Obligations to exceed the then-current Aggregate Commitment. The
Advances may be ratable Floating Rate Advances, ratable Fixed Rate Advances, non-pro rata Swingline
Loans or non-pro rata Competitive Bid Loans. Except for Swingline Loans and Competitive Bid Loans,
each Lender shall fund its Percentage of each such Advance and no Lender will be required to fund
any amounts which, when aggregated with such Lender’s Percentage of (i) all other Advances (other
than Competitive Bid Loans) then outstanding, (ii) Facility Letter of Credit Obligations, and (iii)
all Swingline Advances, would exceed such Lender’s then-current Commitment. This facility
(“Facility”) is a revolving credit facility and, subject to the provisions of this
Agreement, Borrower may request Advances hereunder, repay such Advances and reborrow Advances at
any time prior to the Facility Termination Date.

     A Qualified Borrower shall have the right to request Advances, subject to all of the same
terms and conditions as are applicable to the Borrower provided that DDR gives Administrative Agent
thirty (30) days prior notice of its intention to have a Qualified Borrower, other than DDR PR
Ventures LLC, S.E. Following receipt of such a notice, Administrative Agent agrees to promptly
notify the Lenders of Borrower’s intention to have an additional Qualified Borrower. As a
condition to any initial Advance to a Qualified Borrower (including DDR PR Ventures LLC, S.E.) such
Qualified Borrower shall have executed and delivered a Qualified Borrower
Note to Administrative Agent for the benefit of each of the Lenders, and Borrower shall have
executed and delivered a Qualified Borrower Guaranty relating to amounts to be borrowed by such
Qualified Borrower, and Administrative Agent shall have received the items specified in Schedule 5
attached hereto with respect to such Qualified Borrower. If an initial Advance is requested by a
Qualified Borrower, the Credit Agreement shall be deemed modified such that at any place where the
term “Borrower” currently appears, such provision shall be modified to also include and apply to
any such Qualified Borrower, as the context may require, and any reference to a “Note” shall
include and apply to any Qualified Borrower Note, as the context may require.

     If DDR shall designate as a Qualified Borrower hereunder any Subsidiary not organized under
the laws of the United States or any State thereof or Puerto Rico, any Lender may, with notice to
the Administrative Agent and DDR, fulfill its Commitment by causing an Affiliate of such Lender to
act as the Lender in respect of such Qualified Borrower (and such Lender shall, to the extent of
Advances made to and participations in Letters of Credit issued for the account of such Qualified
Borrower, be deemed for all purposes hereof to have pro tanto assigned such Advances and
participations to such Affiliate) provided that either such Affiliate is a permitted assignee
pursuant to Section 12.3 or such Lender is not released from its funding obligations if
such Affiliate fails to fund.

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     The Borrower shall have the right, upon not less than five (5) Business Days’ irrevocable
notice to the Administrative Agent, to terminate the Aggregate Commitment in its entirety or, from
time to time, to reduce the amount of the Aggregate Commitment provided that no such
termination or reduction shall be permitted if, after giving effect thereto and to any payments of
Advances made on the effective date thereof, the aggregate principal amount of the Advances then
outstanding plus the Facility Letter of Credit Obligations would exceed the remaining Aggregate
Commitment, subject to the provisions of the following grammatical paragraph. Any such reduction
shall be in an amount equal to $5,000,000 or a whole multiple thereof and shall reduce permanently
the Aggregate Commitment. Any such reduction shall reduce the Commitments of all of the Lenders
ratably in proportion to their respective Commitments and, unless otherwise agreed by the Swingline
Lender, shall reduce the maximum amount of Swingline Advances permitted hereunder by the same
proportion. The Administrative Agent shall promptly forward to the Lenders any notice of
termination or reduction of the Aggregate Commitment.

     The Aggregate Commitment may be increased from time to time by the addition of a new Lender or
the increase of the Commitment of an existing Lender with the consent of only the Borrower, the
Administrative Agent, and the new or existing Lender providing such additional Commitment so long
as the Aggregate Commitment does not exceed $1,250,000,000 less any voluntary reductions pursuant
to this Section 2.1. Such increases shall be evidenced by the execution and delivery of an
Amendment Regarding Increase in the form of Exhibit K attached hereto by the Borrower, the
Administrative Agent and the new Lender or existing Lender providing such additional Commitment, a
copy of which shall be forwarded to each Lender by the Administrative Agent promptly after
execution thereof. On the effective date of each such increase in the Aggregate Commitment, the
Borrower and the Administrative Agent shall cause the new or existing Lenders providing such
increase to hold its or their Percentage of all ratable
Advances outstanding at the close of business on such day, by either funding more than its or
their Percentage of new ratable Advances made on such date or purchasing shares of outstanding
ratable Loans held by the other Lenders or a combination thereof. The Lenders agree to cooperate
in any required sale and purchase of outstanding ratable Advances to achieve such result. Borrower
agrees to pay all fees associated with the increase in the Aggregate Commitment including any
amounts due under Section 3.4 in connection with any reallocation of LIBOR Advances. In no
event will such new or existing Lenders providing the increase be required to fund or purchase a
portion of any Competitive Bid Loan or Swingline Loan to comply with this Section on such date.

     2.2 Final Principal Payment and Extension of Facility Termination Date. Any outstanding
Advances and all other unpaid Obligations shall be paid in full by the Borrower on the Facility
Termination Date. At Borrower’s option, provided no Default or Unmatured Default has occurred and
is continuing, the Borrower may request a one-year extension of the Facility Termination Date by
submitting a request for an extension to the Administrative Agent (an “Extension Request”) no more
than 90 and no fewer than 30 days prior to the Facility Termination Date. Promptly upon receipt of
an Extension Request, the Administrative Agent shall notify each Lender of the Extension Request.
It shall be an additional condition precedent to any extension of the Facility Termination Date
pursuant hereto that the Borrower shall have paid to the Administrative Agent for the ratable
benefit of the Lenders, on or before the original Facility Termination Date a fee equal to 0.20% of
the Aggregate Commitment.

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     2.3 Ratable and Nonratable Loans. Each Advance hereunder shall consist of Loans made from
the several Lenders ratably in proportion to their respective Percentages, except for Swingline
Loans which shall be made by the Swingline Lender in accordance with Section 2.20 and
Competitive Bid Loans which may be made on a non-pro rata basis by one or more of the Lenders in
accordance with Sections 2.22 and 2.23.2.4 Applicable Margins. Each of the
ABR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate
applicable to different Types of Advances and the Facility Fee Rate to be used in calculating the
Facility Fee shall vary from time to time in accordance with the higher of Borrower’s then
applicable Moody’s debt rating and S&P’s debt rating unless one of such two ratings is more than
one rating category lower than the other, in which case the average of the two different Applicable
Margins and the average of the two different Facility Fee Rates shall be used. The Applicable
Margins shall be adjusted effective on the next Business Day following any change in Borrower’s
Moody’s debt rating and/or S&P’s debt rating, as the case may be. The applicable debt ratings, the
Applicable Margins and Facility Fee Rate are set forth in the following table:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	LIBOR	 	 	ABR	 	 	 	 
	 	 	 	 	 	 	 	Applicable	 	 	Applicable	 	 	Facility	 
	 	S&P Rating	 	 	Moody’s Rating	 	 	Margin	 	 	Margin	 	 	Fee Rate	 
	 	A- or higher
	 	 	A3 or higher	 	 	0.45%	 	 	0.00%	 	 	0.15%	 
	 	BBB+
	 	 	Baa1	 	 	0.60%	 	 	0.00%	 	 	0.15%	 
	 	BBB
	 	 	Baa2	 	 	0.675%	 	 	0.00%	 	 	0.175%	 
	 	BBB-
	 	 	Baa3	 	 	0.80%	 	 	0.00%	 	 	0.20%	 
	 	Less than BBB-
	 	 	Less than Baa3	 	 	1.15%	 	 	0.25%	 	 	0.25%	 
	 

In the event that either S&P or Moody’s shall discontinue their ratings of the REIT industry or the
Borrower, the Borrower may seek a debt rating from another substitute rating agency reasonably
satisfactory to the Administrative Agent and the Borrower. For the period from the date of such
discontinuance until the first to occur of (i) the date the Borrower receives a debt rating from
such new rating agency or (ii) a date 180 days after such discontinuance, the single rating from
S&P or Moody’s, as the case may be, shall be used to determine the Applicable Margin and the
Facility Fee Rate. If the debt rating of the Borrower from such new rating agency is not received
within such 180 day period, or if both S&P and Moody’s shall discontinue their ratings of the REIT
industry or the Borrower, the Applicable Margin to be used for the calculation of interest on
Advances hereunder shall be the highest Applicable Margin for each Type and the Facility Fee to be
used for the calculation of the Facility Fee shall be the highest rate shown above.

     If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable
Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such increase is reversed
and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days
thereafter, at Borrower’s request, Borrower shall receive a credit against interest next due the
Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii)
the differential in the Facility Fees accruing from time to time during such period of downgrade or
discontinuance.

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     If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR
Applicable Margin or in the Facility Fee Rate and if such upgrade is reversed and the affected
Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower
shall be required to pay an amount to the Lenders equal to the interest differential on the
Advances and the differential on the Facility Fees during such period of upgrade.

     2.5 Facility Fee. The Borrower agrees to pay to the Administrative Agent for the account
of each Lender a facility fee (the “Facility Fee”) calculated for each day after the
Agreement Execution Date through the Facility Termination Date at a per annum rate equal to the
Facility Fee Rate in effect
for such day (converted to a per diem rate) times the Aggregate Commitment as of such day. The
Facility Fee shall be payable quarterly in arrears on the last day of each calendar quarter
hereafter beginning [**March 31, 2005**] (for the period from the Agreement Execution Date through
[**March 31, 2005**]) and continuing on the last day of each calendar quarter thereafter, with any
accrued and unpaid Facility Fee due and payable on the Facility Termination Date. Notwithstanding
the foregoing, all accrued Facility Fees shall be payable on the effective date of any reduction in
the Aggregate Commitment or any termination of the obligations of the Lenders to make Loans
hereunder.

     2.6 Other Fees. The Borrower agrees to pay all fees payable to the Administrative Agent
and the Arranger pursuant to the Borrower’s letter agreement with the Administrative Agent and the
Arranger dated February 14, 2005. The Borrower shall also pay the fee due to the Administrative
Agent in connection with certain Competitive Bid Loans as provided in Section 2.22 hereof.

     2.7 Minimum Amount of Each Advance. Each Advance shall be in the minimum amount of
$1,000,000 (and in multiples of $100,000 if in excess thereof); provided, however, that any
Floating Rate Advance may be in the amount of the unused Aggregate Commitment.

     2.8 Optional Principal Payments. The Borrower may from time to time pay, without penalty
or premium, all or any part of outstanding Floating Rate Advances without prior notice to the
Administrative Agent. A Fixed Rate Advance may be paid on the last day of the applicable Interest
Period or, if and only if the Borrower pays any amounts due to the Lenders under Sections
3.4 and 3.5 as a result of such prepayment, on a day prior to such last day.
Notwithstanding the foregoing, in no event shall Borrower have the right to prepay a Competitive
Bid Loan without the consent of the applicable Competitive Bid Lender.

     2.9 Method of Selecting Types and Interest Periods for New Advances. The Borrower shall
select the Type of Advance and, in the case of each Fixed Rate Advance, the Interest Period
applicable to each Advance from time to time. The Borrower shall give the Administrative Agent
irrevocable notice (a “Borrowing Notice”) (i) not later than 8:00 a.m. Chicago time on the
Borrowing Date of each Floating Rate Advance, (ii) not later than 10:00 a.m. Chicago time, at least
three (3) Business Days before the Borrowing Date for each LIBOR Advance, and (iii) not later than
2:00 p.m. Chicago time on the Borrowing Date for each Swingline Loan, specifying:

	 	(i)  	the Borrowing Date, which shall be a Business Day, of such Advance,
	 
	 	(ii)  	the aggregate amount of such Advance,

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	 	(iii)  	the Type of Advance selected (which must be a Floating Rate Advance in the case
of the Swingline Loans), and
	 
	 	(iv)  	in the case of each Fixed Rate Advance, the Interest Period applicable thereto.

     The Administrative Agent shall provide a copy to the Lenders by facsimile of each Borrowing
Notice and each Conversion/Continuation Notice not later than the close of business on the Business
Day it is received (except for a Borrowing Notice for a Floating Rate Advance on the same day,
Administrative Agent shall provide the notice to the other Lenders by 9:00 a.m. (Chicago time) on
such day). Each Lender shall make available its Loan or Loans, in funds immediately available in
Chicago to the Administrative Agent at its address specified pursuant to Article XIII on
each Borrowing Date not later than (i) 10:00 a.m. (Chicago time), in the case of Floating Rate
Advances which have been requested by a Borrowing Notice given to the Administrative Agent not
later than 3:00 p.m. (Chicago time) on the Business Day immediately preceding such Borrowing Date,
or (ii) noon (Chicago time) in the case of all other Advances (other than Swingline Loans), and
4:00 p.m. (Chicago time) for all Swingline Loans. The Administrative Agent will make the funds so
received from the Lenders available to the Borrower at the Administrative Agent’s aforesaid
address.

     No Interest Period may end after the Facility Termination Date and, unless the Lenders
otherwise agree in writing, in no event may there be more than ten (10) different Interest Periods
for LIBOR Advances outstanding at any one time.

     2.10 Conversion and Continuation of Outstanding Advances. Floating Rate Advances shall
continue as Floating Rate Advances unless and until such Floating Rate Advances are converted into
Fixed Rate Advances. Each Fixed Rate Advance of any Type shall continue as a Fixed Rate Advance of
such Type until the end of the then applicable Interest Period therefor, at which time such Fixed
Rate Advance shall be automatically converted into a Floating Rate Advance unless the Borrower
shall have given the Administrative Agent a Conversion/Continuation Notice requesting that,
at the end of such Interest Period, such Fixed Rate Advance either continue as a Fixed Rate Advance
of such Type for the same or another Interest Period or be converted to an Advance of another Type.
Subject to the terms of Section 2.7, the Borrower may elect from time to time to convert
all or any part of an Advance of any Type into any other Type or Types of Advances; provided that
any conversion of any Fixed Rate Advance shall be made on, and only on, the last day of the
Interest Period applicable thereto. The Borrower shall give the Administrative Agent irrevocable
notice (a “Conversion/Continuation Notice”) of each conversion of an Advance to a Fixed Rate
Advance or continuation of a Fixed Rate Advance not later than 10:00 a.m. (Chicago time) at least
one Business Day, or three Business Days, in the case of a conversion into or continuation of a
LIBOR Advance, prior to the date of the requested conversion or continuation, specifying:

	 	(i)  	the requested date which shall be a Business Day, of such conversion or
continuation;
	 
	 	(ii)  	the aggregate amount and Type of the Advance which is to be converted or
continued; and

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	 	(iii)  	the amount and Type(s) of Advance(s) into which such Advance is to be converted
or continued and, in the case of a conversion into or continuation of a Fixed Rate Advance,
the duration of the Interest Period applicable thereto.

     2.11 Changes in Interest Rate, Etc. Each Floating Rate Advance shall bear interest on the
outstanding principal amount thereof, for each day from and including the date such Advance is made
or is converted from a Fixed Rate Advance into a Floating Rate Advance pursuant to Section
2.10 to but excluding the date it becomes due or is converted into a Fixed Rate Advance
pursuant to Section 2.10 hereof, at a rate per annum equal to the Floating Rate for such
day. Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate
Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Fixed
Rate Advance shall bear interest from and including the first day of the Interest Period applicable
thereto to (but not including) the last day of such Interest Period at the interest rate determined
as applicable to such Fixed Rate Advance.

     2.12 Rates Applicable After Default. Notwithstanding anything to the contrary contained in
Section 2.9 or 2.10, during the continuance of a Default or Unmatured Default the
Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at
the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring
unanimous consent of the Lenders to changes in interest rates), declare that no Advance may be made
as, converted into or continued as a Fixed Rate Advance. During the continuance of a Default the
Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at
the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring
unanimous consent of the Lenders to changes in interest rates), declare that (i) each Fixed Rate
Advance shall bear interest for the remainder of the applicable Interest Period at the rate
otherwise applicable to such Interest Period plus 2% per annum and (ii) each Floating Rate Advance
shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable to the
Floating Rate Advance plus 2% per annum.

     2.13 Method of Payment.

     (i) All payments of the Obligations hereunder shall be made, without setoff, deduction,
or counterclaim, in immediately available funds to the Administrative Agent at the
Administrative Agent’s address specified pursuant to Article XIII, or at any other
Lending Installation of the Administrative Agent specified in writing by the Administrative
Agent to the Borrower, by noon (Chicago time) on the date when due and shall be applied
ratably by the Administrative Agent among the Lenders.

     (ii) As provided elsewhere herein, all Lenders’ interests in the Advances and the Loan
Documents shall be ratable undivided interests and none of such Lenders’ interests shall
have priority over the others. Each payment delivered to the Administrative Agent for the
account of any Lender or amount to be applied or paid by the Administrative Agent to any
Lender shall be paid promptly (on the same day as received by the Administrative Agent if
received prior to noon (Chicago time) on such day and otherwise on the next Business Day) by
the Administrative Agent to such Lender in the same type of funds that the Administrative
Agent received at its address specified pursuant to Article XIII or at any Lending
Installation specified in a notice received by the Administrative Agent from such Lender.
Payments received by the Administrative

- 27 -

 

Agent but not timely funded to the Lenders shall
bear interest payable by the Administrative Agent at the Federal Funds Effective Rate from
the date due until the date paid. The Administrative Agent is hereby authorized to charge
the account of the Borrower maintained with JPMorgan Chase Bank for each payment of
principal, interest and fees as it becomes due hereunder.

     2.14 Notes; Telephonic Notices. Each Lender is hereby authorized to record the principal
amount of each of its Loans and each repayment on the schedule attached to its Note, provided,
however, that the failure to so record shall not affect the Borrower’s obligations under such Note.
The Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or
continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic
notices made by any Authorized Officer. The Borrower agrees to deliver promptly to the
Administrative Agent a written confirmation, if such confirmation is requested by the
Administrative Agent or any Lender, of each telephonic notice signed by an Authorized Officer. If
the written confirmation differs in any material respect from the action taken by the
Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall
govern absent manifest error.

     2.15 Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Advance
(other than Competitive Bid Loans) shall be payable on each Payment Date, commencing with the first
such date to occur after the date hereof, at maturity, whether by acceleration or otherwise, and
upon any termination of the Aggregate Commitment in its entirety under Section 2.1 hereof.
Interest accrued on each Competitive Bid Loan shall be payable on the last day of the Interest
Period applicable to such Competitive Bid Loan (or, if such Interest Period is in excess of three
months, on the 90th day of such Interest Period) or any earlier date on which such
Competitive Bid Loan is repaid, at maturity, whether by acceleration or otherwise, and upon any
termination of the Aggregate Commitment in its entirety under Section 2.1 hereof. Interest
and Facility Fees shall be calculated for actual days elapsed on the basis of a 360-day year.
Interest shall be payable for the day an Advance is made but not for the day of any payment on the
amount paid if payment is received prior to noon (local time) at the place of payment. If any
payment of principal of or interest on an Advance shall become due on a day which is not a Business
Day, such payment shall be made on the next succeeding Business
Day and, in the case of a principal payment, such extension of time shall be included in computing
interest in connection with such payment.

     2.16 Notification of Advances, Interest Rates and Prepayments. The Administrative Agent
will notify each Lender of the contents of each Borrowing Notice, Conversion/Continuation Notice,
and repayment notice received by it hereunder not later than the close of business on the Business
Day such notice is received by the Administrative Agent (or such earlier time as is required by
Section 2.9). The Administrative Agent will notify each Lender of the interest rate applicable to
each Fixed Rate Advance promptly upon determination of such interest rate and will give each Lender
prompt notice of each change in the Alternate Base Rate.

     2.17 Lending Installations. Subject to Section 3.6, each Lender may book its Loans
at any Lending Installation selected by such Lender and may change its Lending Installation from
time to time. All terms of this Agreement shall apply to any such Lending Installation and the
Notes shall be deemed held by each Lender for the benefit of such Lending Installation. Each

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Lender may, by written or telex notice to the Administrative Agent and the Borrower, designate a
Lending Installation through which Loans will be made by it and for whose account Loan payments are
to be made.

     2.18 Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as
the case may be, notifies the Administrative Agent prior to the time at which it is scheduled to
make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or
(ii) in the case of the Borrower, a payment of principal, interest or fees to the Administrative
Agent for the account of the Lenders, that it does not intend to make such payment, the
Administrative Agent may assume that such payment has been made. The Administrative Agent may, but
shall not be obligated to, make the amount of such payment available to the intended recipient in
reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact
made such payment to the Administrative Agent, the recipient of such payment shall, on demand by
the Administrative Agent, repay to the Administrative Agent the amount so made available together
with interest thereon in respect of each day during the period commencing on the date such amount
was so made available by the Administrative Agent until the date the Administrative Agent recovers
such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds
Effective Rate for such day or (ii) in the case of payment by the Borrower, the interest rate
applicable to the relevant Loan. If such Lender so repays such amount and interest thereon to the
Administrative Agent within one Business Day after such demand, all interest accruing on the Loan
not funded by such Lender during such period shall be payable to such Lender when received from the
Borrower.

     2.19 Replacement of Lenders under Certain Circumstances
The Borrower shall be permitted to replace any Lender which (a) is not capable of receiving
payments without any deduction or withholding of United States federal income tax pursuant to
Section 3.5, or (b) cannot maintain its Fixed Rate Loans at a suitable Lending Installation
pursuant to Section 3.3, with a replacement bank or other financial institution;
provided that (i) such replacement does not conflict with any applicable legal or
regulatory requirements affecting the Lenders, (ii) no Default or (after notice thereof to
Borrower) no Unmatured Default shall have occurred and be continuing at the time of such
replacement, (iii) the Borrower shall repay (or the replacement bank or institution shall purchase,
at par) all Loans and other amounts owing to such replaced Lender prior to the date of replacement,
(iv) the Borrower shall be liable to such replaced Lender under Sections 3.4 and
3.6 if any Fixed Rate Loan owing to such replaced Lender shall be prepaid (or purchased)
other than on the last day of the Interest Period relating thereto, (v) the replacement bank or
institution, if not already a Lender, and the terms and conditions of such replacement, shall be
reasonably satisfactory to the Administrative Agent, (vi) the replaced Lender shall be obligated to
make such replacement in accordance with the provisions of Section 12.3 (provided that the
Borrower shall be obligated to pay the processing fee referred to therein), (vii) until such time
as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any)
required pursuant to Section 3.5 and (viii) any such replacement shall not be deemed to be
a waiver of any rights which the Borrower, the Administrative Agent or any other Lender shall have
against the replaced Lender.

     2.20 Swingline Loans. In addition to the other options available to Borrower hereunder, up
to $50,000,000 of the Swingline Lender’s Commitment, shall be available for Swingline Loans subject
to the following terms and conditions. Swingline Loans shall be made available for same day
borrowings provided that notice is given in accordance with Section 2.9

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hereof. Unless
otherwise approved in writing by the Required Lenders, no Swingline Loan may be made by the
Swingline Lender if the Swingline Lender has either given or received written notice that a
Default has occurred prior to making such Swingline Loan unless such Default has theretofore been
cured or waived in accordance with the terms hereof. All Swingline Loans shall bear interest at
the Floating Rate and shall be deemed to be Floating Rate Advances. In no event shall the
Swingline Lender be required to fund a Swingline Loan if it would increase the total aggregate
outstanding Loans (including Swingline Loans but not including Competitive Bid Loans) by Swingline
Lender hereunder plus its Percentage of Facility Letter of Credit Obligations to an amount in
excess of its Commitment. Upon request of the Swingline Lender made to all the Lenders, each
Lender irrevocably agrees to purchase its Percentage of any Swingline Loan made by the Swingline
Lender regardless of whether the conditions for disbursement are satisfied at the time of such
purchase, including the existence of an Event of Default hereunder provided no Lender shall be
required to have total outstanding Loans (other than Competitive Bid Loans) in an amount greater
than its Commitment. Such purchase shall take place on the date of the request by Swingline Lender
so long as such request is made by noon (Chicago time), otherwise on the Business Day following
such request. All requests for purchase shall be in writing. From and after the date it is so
purchased, each such Swingline Loan shall, to the extent purchased, (i) be treated as a Loan made
by the purchasing Lenders and not by the selling Lender for all purposes under this Agreement and
the payment of the purchase price by a Lender shall be deemed to be
the making of a Loan by such Lender and shall constitute outstanding principal under such Lender’s
Note, and (ii) shall no longer be considered a Swingline Loan except that all interest accruing on
or attributable to such Swingline Loan for the period prior to the date of such purchase shall be
paid when due by the Borrower to the Administrative Agent for the benefit of the Swingline Lender
and all such amounts accruing on or attributable to such Loans for the period from and after the
date of such purchase shall be paid when due by the Borrower to the Administrative Agent for the
benefit of the purchasing Lenders. If prior to purchasing its Percentage of a Swingline Loan one
of the events described in Section 7.7 or 7.8 shall have occurred and such event
prevents the consummation of the purchase contemplated by preceding provisions, each Lender will
purchase an undivided participating interest in the outstanding Swingline Loan in an amount equal
to its Percentage of such Swingline Loan. From and after the date of each Lender’s purchase of its
participating interest in a Swingline Loan, if the Swingline Lender receives any payment on account
thereof, the Swingline Lender will distribute to such Lender its participating interest in such
amount (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Lender’s participating interest was outstanding and funded); provided, however,
that in the event that such payment was received by the Swingline Lender and is required to be
returned to the Borrower, each Lender will return to the Swingline Lender any portion thereof
previously distributed by the Swingline Lender to it. If any Lender fails to so purchase its
Percentage of any Swingline Loan, such Lender shall be deemed to be a Defaulting Lender hereunder.
No Swingline Loan shall be outstanding for more than five (5) days at a time and Swingline Loans
shall not be outstanding for more than a total of ten (10) days during any month.

     2.21 Competitive Bid Loans.

     (a) Competitive Bid Option. In addition to ratable Advances pursuant
to Section 2.3, but subject to the terms and conditions of this Agreement
(including, without limitation the limitation set forth in Section 2.1 as to
the

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maximum amount of all outstanding Advances, including Swingline Loans and
Competitive Bid Loans), the Borrower may, as set forth in Sections 2.22 or
2.23, request the Lenders, prior to the Facility Termination Date, to make
offers to make Competitive Bid Loans to the Borrower. Each Lender 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 Section
2.22 or Section 2.23, as the case may be. Competitive Bid Loans shall
be evidenced by the Competitive Bid Notes. Borrower shall not have the right to
request a Competitive Bid Loan at any time that a Default exists. If Borrower
elects to have Administrative Agent administer the Competitive Bid Loan process, the
procedures set forth in Section 2.22 shall apply. If Borrower elects to
administer the Competitive Bid Loan process itself, the procedures set forth in
Section 2.23 shall apply.

     (b) General Terms. Any Competitive Bid Loan shall not reduce the
Commitment of the Lender making such Competitive Bid Loan, and each such Lender
shall continue to be obligated to fund its full Percentage of all pro rata Advances
under the Facility. In no event can the aggregate amount of all Competitive Bid
Loans at any time exceed fifty percent (50%) of the then Aggregate Commitment.
Notwithstanding anything to the contrary in Section 2.10, Competitive Bid
Loans may not be continued or converted and, if not repaid at the end of the
Interest Period applicable thereto, shall (subject to the conditions set forth in
this Agreement) be replaced by new Competitive Bid Loans made in accordance with
Section 2.22 or Section 2.23 or by ratable Advances in accordance
with Section 2.9.

     (c) Funding of Competitive Bid Loans. Each Lender that is to make a
Competitive Bid Loan shall, before 2:00 p.m. (Chicago time) on the date of such
Competitive Bid Loan specified in the notice received from the Borrower make
available the amount of such Competitive Bid Loan to the Administrative Agent. If
such Lender also has an outstanding Competitive Bid Loan that is payable on such
date, the Borrower agrees that such Lender may fund only the net increase, if any,
in such new Competitive Bid Loan over the principal balance of such outstanding
Competitive Bid Loan and such outstanding Competitive Bid Loan shall be deemed
advanced by the Lender to the Borrower on the terms of the new Competitive Bid Loan.
Upon fulfillment of the applicable conditions to disbursement and after receipt of
such funds, the Administrative Agent will make such funds available to the Borrower
at the Administrative Agent’s aforesaid address.

2.22 Agent Administered Competitive Bid Loans.

     (a) Competitive Bid Quote Request. When the Borrower wishes to request
offers to make Competitive Bid Loans under this Section 2.22, it shall
transmit to the Administrative Agent by telecopy a Competitive Bid Quote Request
substantially in the form of Exhibit I-1 hereto so as to be received no
later than (i) 10:00 a.m. (Chicago time) at least five Business Days prior to the
Borrowing Date proposed therein, in the case of a request for a Competitive

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LIBOR
Margin or (ii) 9:00 a.m. (Chicago time) at least one Business Day prior to the
Borrowing Date proposed therein, in the case of a request for an Absolute Rate
specifying:

     (i) the proposed Borrowing Date for the proposed Competitive Bid Loan,

     (ii) the requested aggregate principal amount of such Competitive Bid
Loan which shall be at least $5,000,000 and in an integral multiple of
$1,000,000,

     (iii) whether the Competitive Bid Quotes requested are to set forth a
Competitive LIBOR Margin or an Absolute Rate, or both, and

     (iv) the LIBOR Interest Period, if a Competitive LIBOR Margin is
requested, or the Absolute Interest Period, if an Absolute Rate is
requested.

The Borrower may request offers to make Competitive Bid Loans for more than one (but not
more than five) Interest Periods in a single Competitive Bid Quote Request. A Competitive
Bid Quote Request that does not conform substantially to the form of Exhibit I-1
hereto shall be rejected, and the Administrative Agent shall promptly notify the Borrower of
such rejection by telecopy.

     (b) Invitation for Competitive Bid Quotes. Promptly and in any event
before the close of business on the same Business Day of receipt of a Competitive
Bid Quote Request that is not rejected pursuant to Section 2.22(a), the
Administrative Agent shall send to each of the Lenders by telecopy an Invitation for
Competitive Bid Quotes substantially in the form of Exhibit I-2 hereto,
which shall constitute an invitation by the Borrower to each Lender to submit
Competitive Bid Quotes offering to make the Competitive Bid Loans to which such
Competitive Bid Quote Request relates in accordance with this Section 2.22.

     (c) Submission and Contents of Competitive Bid Quotes.

     (i) Each Lender may, in its sole discretion, submit a Competitive Bid
Quote containing an offer or offers to make Competitive Bid Loans in
response to any Invitation for Competitive Bid Quotes. Each Competitive Bid
Quote must comply with the requirements of this Section 2.22(c) and
must be submitted to the Administrative Agent by telex or telecopy at its
offices not later than (a) 2:00 p.m. (Chicago time) at least four Business
Days prior to the proposed Borrowing Date, in the case of a request for a
Competitive LIBOR Margin or (b) 9:00 a.m. (Chicago time) on the proposed
Borrowing Date, in the case of a request for an Absolute Rate (or, in either
case upon reasonable prior notice to the Lenders, such other time and date
as the Borrower and the Administrative Agent may agree); provided
that Competitive Bid Quotes submitted by JPMorgan Chase Bank may only be
submitted if the Administrative Agent

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or JPMorgan Chase Bank notifies the
Borrower of the terms of the offer or offers contained therein no later than
30 minutes prior to the latest time at which the relevant Competitive Bid
Quotes must be submitted by the other Lenders. Subject to the Borrower’s
compliance with all other conditions
to disbursement herein, any Competitive Bid Quote so made shall be
irrevocable except with the written consent of the Administrative Agent
given on the instructions of the Borrower.

     (ii) Each Competitive Bid Quote shall be in substantially the form of
Exhibit I-3 hereto and shall in any case specify:

     (a) the proposed Borrowing Date, which shall be the same as that
set forth in the applicable Invitation for Competitive Bid Quotes,

     (b) the principal amount of the Competitive Bid Loan for which
each such offer is being made, which principal amount (1) may be
greater than, less than or equal to the Commitment of the quoting
Lender, (2) must be at least $5,000,000 and an integral multiple of
$1,000,000, and (3) may not exceed the principal amount of
Competitive Bid Loans for which offers are requested,

     (c) as applicable, the Competitive LIBOR Margin and Absolute
Rate offered for each such Competitive Bid Loan,

     (d) the minimum amount, if any, of the Competitive Bid Loan
which may be accepted by the Borrower, and

     (e) the identity of the quoting Lender, provided that such
Competitive Bid Loan may be funded by such Lender’s Designated Lender
as provided in Section 2.22(h), regardless of whether that is
specified in the Competitive Bid Quote.

     (iii) The Administrative Agent shall reject any Competitive Bid Quote
that:

     (a) is not substantially in the form of Exhibit I-3
hereto or does not specify all of the information required by
Section 2.22(c)(ii),

     (b) contains qualifying, conditional or similar language, other
than any such language contained in Exhibit I-3 hereto,

     (c) proposes terms other than or in addition to those set forth
in the applicable Invitation for Competitive Bid Quotes, or

     (d) arrives after the time set forth in Section
2.22(c)(i).

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If any Competitive Bid Quote shall be rejected pursuant to this Section
2.22(c)(iii), then the Administrative Agent shall notify the relevant Lender of such
rejection as soon as practical.

     (d) Notice to Borrower. The Administrative Agent shall promptly notify
the Borrower of the terms (i) of any Competitive Bid Quote submitted by a Lender
that is in accordance with Section 2.22(c) and (ii) of any Competitive Bid
Quote that amends, modifies or is otherwise inconsistent with a previous Competitive
Bid Quote submitted by such Lender with respect to the same Competitive Bid Quote
Request. Any such subsequent Competitive Bid Quote shall be disregarded by the
Administrative Agent unless such subsequent Competitive Bid Quote specifically
states that it is submitted solely to correct a manifest error in such former
Competitive Bid Quote. The Administrative Agent’s notice to the Borrower shall
specify the aggregate principal amount of Competitive Bid Loans for which offers
have been received for each Interest Period specified in the related Competitive Bid
Quote Request and the respective principal amounts and Competitive LIBOR Margins or
Absolute Rate, as the case may be, so offered.

     (e) Acceptance and Notice by Borrower. Not later than (i) 6:00 p.m.
(Chicago time) at least four Business Days prior to the proposed Borrowing Date in
the case of a request for a Competitive LIBOR Margin or (ii) 10:00 a.m. (Chicago
time) on the proposed Borrowing Date, in the case of a request for an Absolute Rate
(or, in either case upon reasonable prior notice to the Lenders, such other time and
date as the Borrower and the Administrative Agent may agree), the Borrower shall
notify the Administrative Agent of its acceptance or rejection of the offers so
submitted to it pursuant to Section 2.22(d); provided,
however, that the failure by the Borrower to give such notice to the
Administrative Agent shall be deemed to be a rejection of all such offers. In the
case of acceptance, such notice (a “Competitive Bid Borrowing Notice”) shall
specify the aggregate principal amount of offers for each Interest Period that are
accepted and the applicable interest rate. The Administrative Agent shall
immediately advise the Lenders making the accepted offers of the contents of the
Competitive Bid Borrowing Notice. The Borrower may accept any Competitive Bid Quote
in whole or in part (subject to the terms of Section 2.22(c)(iii));
provided that:

     (i) the aggregate principal amount of all Competitive Bid Loans to be
disbursed on a given Borrowing Date may not exceed the applicable amount set
forth in the related Competitive Bid Quote Request,

     (ii) acceptance of offers may only be made on the basis of ascending
Competitive LIBOR Margins or Absolute Rates, as the case may be, and

     (iii) the Borrower may not accept any offer that is described in
Section 2.22(c)(iii) or that otherwise fails to comply with the
requirements of this Agreement.

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     (f) Allocation by Administrative Agent. If offers are made by two or
more Lenders with the same Competitive LIBOR Margins or Absolute Rates, as the case
may be, for a greater aggregate principal amount than the amount in respect of which
offers are accepted for the related Interest Period, the principal amount of
Competitive Bid Loans in respect of which such offers are accepted shall be
allocated by the Administrative Agent among such Lenders as nearly as possible (in
such multiples, not greater than $1,000,000, as the Administrative Agent may deem
appropriate) in proportion to the aggregate principal amount of such offers
provided, however, that no Lender shall be allocated any Competitive Bid
Loan which is less than the minimum amount which such Lender has indicated that it
is willing to accept. Allocations by the Administrative Agent of the amounts of
Competitive Bid Loans shall be conclusive in the absence of manifest error. The
Administrative Agent shall promptly, but in any event on the same Business Day,
notify each Lender of its receipt of a Competitive Bid Borrowing Notice and the
principal amounts of the Competitive Bid Loans allocated to each participating
Lender.

     (g) Administrative Fee. The Borrower hereby agrees to pay to the
Administrative Agent an administration fee of $2,500 for each Competitive Bid Quote
Request regardless of whether or not Borrower borrows such Competitive Bid Loan.
Such administration fees, if not paid at the time of the applicable Competitive Bid
Quote Request shall be payable monthly in arrears on the first Business Day of each
month and on the Facility Termination Date (or such earlier date on which the
Aggregate Commitment shall terminate or be cancelled).

     (h) Designated Lenders. A Lender may designate its Designated Lender
to fund a Competitive Bid Loan on its behalf as described in Section
2.22(c)(ii)(e). Any Designated Lender which funds a Competitive Bid Loan shall
on and after the time of such funding become the obligee under such Competitive Bid
Loan and be entitled to receive payments thereof when due. No Lender shall be
relieved of its obligation to fund a Competitive Bid Loan, and no Designated Lender
shall assume such obligation, prior to the time such Competitive Bid Loan is funded.

2.23 Bid Loans Administered by Borrower.

     (a) Competitive Bid Quote Request. When the Borrower wishes to request
offers to make Competitive Bid Loans under this Section 2.23, it shall
transmit to the Lenders and Administrative Agent by telecopy an Invitation for
Competitive Bid Quote substantially in the form of Exhibit J-1 hereto
so as to be received no later than (i) 10:00 a.m. (Chicago time) at least four
Business Days prior to the Borrowing Date proposed therein, in the case of a request
for a Competitive LIBOR Margin or (ii) 9:00 a.m. (Chicago time) at least one
Business Day prior to the Borrowing Date proposed therein, in the case of a request
for an Absolute Rate specifying:

     (i) the proposed Borrowing Date for the proposed Competitive Bid Loan,

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     (ii) the requested aggregate principal amount of such Competitive Bid
Loan which shall be at least $5,000,000 and in an integral multiple of
$1,000,000,

     (iii) whether the Competitive Bid Quotes requested are to set forth a
Competitive LIBOR Margin or an Absolute Rate, or both, and

     (iv) the LIBOR Interest Period, if a Competitive LIBOR Margin is
requested, or the Absolute Interest Period, if an Absolute Rate is
requested.

The Borrower may request offers to make Competitive Bid Loans for more than one (but not
more than five) Interest Periods in a single Competitive Bid Quote.

     (b) Submission and Contents of Competitive Bid Quotes.

     (i) Each Lender may, in its sole discretion, submit a Competitive Bid
Quote containing an offer or offers to make Competitive Bid Loans in
response to any Invitation for Competitive Bid Quotes. Each Competitive Bid
Quote must comply with the requirements of this Section 2.23(b) and
must be submitted to the Borrower by telex or telecopy at its offices not
later than (a) 9:00 a.m. (Chicago time) at least three Business Days prior
to the proposed Borrowing Date, in the case of a request for a Competitive
LIBOR Margin or (b) 9:00 a.m. (Chicago time) on the proposed Borrowing Date,
in the case of a request for an Absolute Rate (or, in either case upon
reasonable prior notice to the Lenders, such other time and date as the
Borrower and the Administrative Agent may agree). Subject to the Borrower’s
compliance with all other conditions to disbursement herein, any Competitive
Bid Quote so made shall be irrevocable except with the written consent of
the Administrative Agent given on the instructions of the Borrower.

     (ii) Each Competitive Bid Quote shall be in substantially the form of
Exhibit J-2 hereto and shall in any case specify:

     (a) the proposed Borrowing Date, which shall be the same as that
set forth in the applicable Invitation for Competitive Bid Quotes,

     (b) the principal amount of the Competitive Bid Loan for which
each such offer is being made, which principal amount (1) may be
greater than, less than or equal to the Commitment of the quoting
Lender, (2) must be at least $5,000,000 and an integral multiple of
$1,000,000, and (3) may not exceed the principal amount of
Competitive Bid Loans for which offers are requested,

     (c) as applicable, the Competitive LIBOR Margin and Absolute
Rate offered for each such Competitive Bid Loan,

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     (d) the minimum amount, if any, of the Competitive Bid Loan
which may be accepted by the Borrower, and

     (e) the identity of the quoting Lender, provided that such
Competitive Bid Loan may be funded by such Lender’s Designated Lender
as provided in Section 2.23(e), regardless of whether that is
specified in the Competitive Bid Quote.

     (iii) The Borrower shall reject any Competitive Bid Quote that:

     (a) is not substantially in the form of Exhibit J-2
hereto or does not specify all of the information required by
Section 2.23(b)(ii),

     (b) contains qualifying, conditional or similar language, other
than any such language contained in Exhibit J-2 hereto,

     (c) proposes terms other than or in addition to those set forth
in the applicable Invitation for Competitive Bid Quotes, or

     (d) arrives after the time set forth in Section
2.23(b)(i).

If any Competitive Bid Quote shall be rejected pursuant to this Section
2.23(b)(iii), then the Borrower shall notify the relevant Lender of such rejection as
soon as practical.

     (c) Acceptance and Notice by Borrower. Not later than (i) 2:00 p.m.
(Chicago time) at least three Business Days prior to the proposed Borrowing Date in
the case of a request for a Competitive LIBOR Margin or (ii) 10:00 a.m. (Chicago
time) on the proposed Borrowing Date, in the case of a request for an Absolute Rate
(or, in either case upon reasonable prior notice to the Lenders, such other time and
date as the Borrower and the Administrative Agent may agree), the Borrower shall
notify the Lenders and Administrative Agent of its acceptance or
rejection of the offers submitted to it pursuant to Section 2.23(b);
provided, however, that the failure by the Borrower to give such
notice to the Lenders and Administrative Agent shall be deemed to be a rejection of
all such offers. In the case of acceptance, such notice to each Lender and the
Administrative Agent shall specify the aggregate principal amount of offers for each
Interest Period that are accepted and the applicable interest rate. The Borrower
may accept any Competitive Bid Quote in whole or in part (subject to the terms of
Section 2.23(b)(iii)); provided that:

     (i) the aggregate principal amount of all Competitive Bid Loans to be
disbursed on a given Borrowing Date may not exceed the applicable amount set
forth in the related Invitation for Competitive Bid Quote,

     (ii) acceptance of offers may only be made on the basis of ascending
Competitive LIBOR Margins or Absolute Rates, as the case may be, and

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     (iii) the Borrower may not accept any offer that is described in
Section 2.23(b)(iii) or that otherwise fails to comply with the
requirements of this Agreement.

     (d) Allocation by Borrower. If offers are made by two or more Lenders
with the same Competitive LIBOR Margins or Absolute Rates, as the case may be, for a
greater aggregate principal amount than the amount in respect of which offers are
accepted for the related Interest Period, the principal amount of Competitive Bid
Loans in respect of which such offers are accepted shall be allocated by the
Borrower among such Lenders as nearly as possible (in such multiples, not greater
than $1,000,000, as the Administrative Agent may deem appropriate) in proportion to
the aggregate principal amount of such offers provided, however, that no
Lender shall be allocated any Competitive Bid Loan which is less than the minimum
amount which such Lender has indicated that it is willing to accept. Allocations by
the Borrower of the amounts of Competitive Bid Loans shall be conclusive in the
absence of manifest error.

     (e) Designated Lenders. A Lender may designate its Designated Lender
to fund a Competitive Bid Loan on its behalf as described in Section
2.23(b)(ii)(e). Any Designated Lender which funds a Competitive Bid Loan shall
on and after the time of such funding become the obligee under such Competitive Bid
Loan and be entitled to receive payments thereof when due. No Lender shall be
relieved of its obligation to fund a Competitive Bid Loan, and no Designated Lender
shall assume such obligation, prior to the time such Competitive Bid Loan is funded.

     2.24 Application of Moneys Received. All moneys collected or received
by the Administrative Agent on account of the Facility directly
or indirectly, shall be applied in the following order of priority:

     (i) to the payment of all reasonable costs incurred in the collection of such moneys of
which the Administrative Agent shall have given notice to the Borrower;

     (ii) to the reimbursement of any yield protection due to any of the Lenders in
accordance with Section 3.1;

     (iii) to the payment of any fee due pursuant to Section 2A.8(b) in connection with the
issuance of a Facility Letter of Credit to the Issuing Bank, to the payment of the Facility
Fee to the Lenders, if then due, and to the payment of all fees to the Administrative Agent;

     (iv) to payment of the full amount of interest and principal on the Swingline Loans;

     (v) first to interest and the Facility Letter of Credit Fee then due to the Lenders
until paid in full and then to principal for all Lenders (other than Defaulting Lenders) (i)
as allocated by the Borrower (unless a Default exists) between Competitive Bid Loans and
ratable Advances (the amount allocated to ratable Advances to be

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distributed in accordance
with the Percentages of the Lenders) or (ii) if an Event of Default exists, in accordance
with the respective Funded Percentages of the Lenders until principal is paid in full and
then to the Letter of Credit Collateral Account until the full amount of Facility Letter of
Credit Obligations is on deposit therein;

     (vi) any other sums due to the Administrative Agent or any Lender under any of the Loan
Documents; and

     (vii) to the payment of any sums due to each Defaulting Lender as their respective
Percentages appear (provided that Administrative Agent shall have the right to set-off
against such sums any amounts due from such Defaulting Lender).

     2.25 Usury. This Agreement and each Note and Competitive Bid Note are subject to the
express condition that at no time shall Borrower be obligated or required to pay interest on the
principal balance of the Loan at a rate which could subject any Lender (including the Swingline
Lender) to either civil or criminal liability as a result of being in excess of the Maximum Legal
Rate. If by the terms of this Agreement or the Loan Documents, Borrower is at any time required or
obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum
Legal Rate, the interest rate or the Default Rate, as the case may be, shall be deemed to be
immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum
Legal Rate shall be deemed to have been payments in reduction of principal and not on account of
the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance,
or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of the Loan until
payment in full so that the rate or amount of interest on account of the Loan does not exceed the
Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long
as the Loan is outstanding.

ARTICLE IIA

THE LETTER OF CREDIT SUBFACILITY

     2A.1 Obligation to Issue. Subject to the terms and conditions of this Agreement and in
reliance upon the representations and warranties of the Borrower herein set forth, the Issuing Bank
hereby agrees to issue for the account of the Borrower, one or more Facility Letters of Credit in
accordance with this Article 2A, from time to time during the period commencing on the date
hereof and ending on the fifth Business Day prior to the Facility Termination Date. Any Lender
shall have the right to decline to be the Issuing Bank for a Facility Letter of Credit provided
that if no other Lender agrees to be the Issuing Bank then the Administrative Agent shall agree to
do so.

     2A.2 Types and Amounts. The Issuing Bank shall not have any obligation to:

     (i) issue any Facility Letter of Credit if the aggregate maximum amount then available
for drawing under Letters of Credit issued by such Issuing Bank, after giving

- 39 -

 

effect to the
Facility Letter of Credit requested hereunder, shall exceed any limit imposed by law or
regulation upon such Issuing Bank;

     (ii) issue any Facility Letter of Credit if, after giving effect thereto, the Facility
Letter of Credit Obligations would exceed $50,000,000 or the Allocated Facility Amount would
exceed the Aggregate Commitment;

     (iii) issue any Facility Letter of Credit having an expiration date, or containing
automatic extension provisions to extend such date, to a date which is later than five (5)
Business Days prior to the Facility Termination Date; or

     (iv) issue any Facility Letter of Credit having an expiration date, or containing
automatic extension provisions to extend such date, to a date which is more than twelve (12)
months after the date of its issuance.

     2A.3 Conditions.
In addition to being subject to the satisfaction of the conditions contained in Section
4.2 hereof, the obligation of the Issuing Bank to issue any Facility Letter of Credit is
subject to the satisfaction in full of the following conditions:

     (i) the Borrower shall have delivered to the Issuing Bank at such times and in such
manner as the Issuing Bank may reasonably prescribe such documents and materials as may be
reasonably required pursuant to the terms of the proposed Facility Letter of Credit (it
being understood that if any inconsistency exists between such documents and the Loan
Documents, the terms of the Loan Documents shall control) and the proposed Facility Letter
of Credit shall be reasonably satisfactory to the Issuing Bank as to form and content; and

     (ii) as of the date of issuance, no order, judgment or decree of any court, arbitrator
or governmental authority shall purport by its terms to enjoin or restrain the Issuing Bank
from issuing the requested Facility Letter of Credit and no law, rule or regulation
applicable to the Issuing Bank and no request or derivative (whether or not having the force
of law) from any governmental authority with jurisdiction over the Issuing Bank shall
prohibit or request that the Issuing Bank refrain from the issuance of Letters of Credit
generally or the issuance of the requested Facility Letter of Credit in particular.

     2A.4 Procedure for Issuance of Facility Letters of Credit.

     (a) Borrower shall give the Issuing Bank and the Administrative Agent at least
five (5) Business Days’ prior written notice of any requested issuance of a Facility
Letter of Credit under this Agreement (a “Letter of Credit Request”) (except that,
in lieu of such written notice, the Borrower may give the Issuing Bank and the
Administrative Agent telephonic notice of such request if confirmed in writing by
delivery to the Issuing Bank and the Administrative Agent (i) immediately (A) of a
telecopy of the written notice required hereunder which has been signed by an
authorized officer, or (B) of a telex containing all information required to be
contained in such written notice and (ii) promptly (but in no event later than the
requested date of issuance) of the written notice required

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hereunder containing the
original signature of an authorized officer); such notice shall be irrevocable and
shall specify:

     (i) the stated amount of the Facility Letter of Credit requested
(which stated amount shall not be less than $50,000);

     (ii) the effective date (which day shall be a Business Day) of issuance
of such requested Facility Letter of Credit (the “Issuance Date”);

     (iii) the date on which such requested Facility Letter of Credit is to
expire (which date shall be a Business Day and shall in no event be later
than the earlier of twelve months after the Issuance Date and five (5)
Business Days prior to the Facility Termination Date);

     (iv) the purpose for which such Facility Letter of Credit is to be
issued;

     (v) the full name and the address of the Person for whose benefit the
requested Facility Letter of Credit is to be issued; and

At the time such request is made, the Borrower shall also provide the Administrative Agent
and the Issuing Bank with a copy of the form of the Facility Letter of Credit that the
Borrower is requesting be issued, which shall be subject to the approval of the Issuing Bank
and Administrative Agent. Such notice, to be effective, must be received by such Issuing
Bank and the Administrative Agent not later than 2:00 p.m. (Chicago time) on the last
Business Day on which notice can be given under this Section 2A.4(a).
Administrative Agent shall promptly give a copy of the Letter of Credit Request to the other
Lenders.

     (b) Subject to the terms and conditions of this Article IIA and
provided that the applicable conditions set forth in Section 4.2 hereof have
been satisfied, such Issuing Bank shall, on the Issuance Date, issue a Facility
Letter of Credit on behalf of the Borrower in accordance with the Letter of Credit
Request and the Issuing Bank’s usual and customary business practices unless the
Issuing Bank has actually received (i) written notice from the Borrower specifically
revoking the Letter of Credit Request with respect to such Facility Letter of
Credit, (ii) written notice from a Lender, which complies with the provisions of
Section 2A.6(a), or (iii) written or telephonic notice from the
Administrative Agent stating that the issuance of such Facility Letter of Credit
would violate Section 2A.2.

     (c) The Issuing Bank shall give the Administrative Agent and the Borrower
written or telex notice, or telephonic notice confirmed promptly thereafter in
writing, of the issuance of a Facility Letter of Credit (the “Issuance
Notice”) and the Administrative Agent shall promptly give a copy of the Issuance
Notice to the other Lenders.

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     (d) The Issuing Bank shall not extend or amend any Facility Letter of Credit
unless the requirements of this Section 2A.4 are met as though a new
Facility Letter of Credit was being requested and issued.

2A.5 Reimbursement Obligations; Duties of Issuing Bank.

     (a) The Issuing Bank shall promptly notify the Borrower and the Administrative
Agent of any draw under a Facility Letter of Credit, and the Administrative Agent
shall promptly notify the other Lenders that such draw has occurred. Any such draw
shall constitute an Advance in the amount of the Reimbursement Obligation with
respect to such Facility Letter of Credit and shall bear interest from the date of
the relevant drawing(s) under the pertinent Facility Letter of Credit at a rate
selected by Borrower in accordance with Section 2.9 hereof; provided that if
a Default or an Unmatured Default exists at the time of any such drawing(s), then
the Borrower shall reimburse the Issuing Bank for drawings under a Facility Letter
of Credit issued by the Issuing Bank no later than the next succeeding Business Day
after the payment by the Issuing Bank and until repaid such Reimbursement Obligation
shall bear interest from the date funded at the Default Rate.

     (b) Any action taken or omitted to be taken by the Issuing Bank under or in
connection with any Facility Letter of Credit, if taken or omitted in the absence of
willful misconduct or gross negligence, shall not put the Issuing Bank under any
resulting liability to the Borrower or any Lender or, provided that such Issuing
Bank has complied with the procedures specified in Section 2A.4 and such
Lender has not given a notice contemplated by Section 2A.6(a) that continues
in full force and effect, relieve a Lender of its obligations hereunder to the
Issuing Bank. In determining whether to pay under any Facility Letter of Credit, the
Issuing Bank shall have no obligation relative to the Lenders other than to confirm
that any documents required to be delivered under such Letter of Credit appear to
have been delivered in compliance, and that they appear to comply on their face,
with the requirements of such Letter of Credit.

2A.6 Participation.

     (a) Immediately upon issuance by the Issuing Bank of any Facility Letter of
Credit in accordance with the procedures set forth in Section 2A.4, each
Lender shall be deemed to have irrevocably and unconditionally purchased and
received from the Issuing Bank, without recourse, representation or warranty, an
undivided interest and participation equal to such Lender’s Percentage in such
Facility Letter of Credit (including, without limitation, all obligations of the
Borrower with respect thereto) and any security therefor or guaranty pertaining
thereto; provided that a Letter of Credit issued by the Issuing Bank shall
not be deemed to be a Facility Letter of Credit for purposes of this Section
2A.6 if the Issuing Bank shall have received written notice from any Lender on
or before the Business Day prior to the date of its issuance of such Letter of
Credit that one or more of the conditions contained in Section 2A.2 is not
then satisfied, and in the event the Issuing Bank receives such a notice it shall
have no further obligation to

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issue any Facility Letter of Credit until such notice
is withdrawn by that Lender or
the Issuing Bank receives a notice from the Administrative Agent that such
condition has been effectively waived in accordance with the provisions of this
Agreement. Each Lender’s obligation to make further Loans to the Borrower (other
than any payments such Lender is required to make under subparagraph (b) below) or
issue any letters of credit on behalf of Borrower shall be reduced by such Lender’s
pro rata share of each Facility Letter of Credit outstanding.

     (b) In the event that the Issuing Bank makes any payment under any Facility
Letter of Credit and the Borrower shall not have repaid such amount to the Issuing
Bank pursuant to Section 2A.7 hereof, the Issuing Bank shall promptly notify
the Administrative Agent, which shall promptly notify each Lender of such failure,
and each Lender shall promptly and unconditionally pay to the Administrative Agent
for the account of the Issuing Bank the amount of such Lender’s Percentage of the
unreimbursed amount of such payment, and the Administrative Agent shall promptly pay
such amount to the Issuing Bank. The failure of any Lender to make available to the
Administrative Agent for the account of any Issuing Bank its Percentage of the
unreimbursed amount of any such payment shall not relieve any other Lender of its

obligation hereunder to make available to the Administrative Agent for the account
of such Issuing Bank its Percentage of the unreimbursed amount of any payment on the
date such payment is to be made, but no Lender shall be responsible for the failure
of any other Lender to make available to the Administrative Agent its Percentage of
the unreimbursed amount of any payment on the date such payment is to be made. Any
Lender which fails to make any payment required pursuant to this Section
2A.6(b) shall be deemed to be a Defaulting Lender hereunder.

     (c) Whenever the Issuing Bank receives a payment on account of a Reimbursement
Obligation, including any interest thereon, the Issuing Bank shall promptly pay to
the Administrative Agent and the Administrative Agent shall promptly pay to each
Lender which has funded its participating interest therein, in immediately available
funds, an amount equal to such Lender’s Percentage thereof.

     (d) Upon the request of the Administrative Agent or any Lender, an Issuing Bank
shall furnish to the Administrative Agent or such Lender copies of any Facility
Letter of Credit to which that Issuing Bank is party and such other documentation as
may reasonably be requested by the Administrative Agent or such Lender.

     (e) The obligations of a Lender to make payments to the Administrative Agent
for the account of each Issuing Bank with respect to a Facility Letter of Credit
shall be absolute, unconditional and irrevocable, not subject to any counterclaim,
set-off, qualification or exception whatsoever other than a failure of any such
Issuing Bank to comply with the terms of this Agreement relating to the issuance of
such Facility Letter of Credit and shall be
made in accordance with the terms and conditions of this Agreement under all
circumstances.

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     2A.7 Payment of Reimbursement Obligations.

     (a) The Borrower agrees to pay to each Issuing Bank the amount of all
Reimbursement Obligations, interest and other amounts payable to such Issuing Bank
under or in connection with any Facility Letter of Credit when due in accordance
with Section 2A.5(a) above, irrespective of any claim, set-off, defense or
other right which the Borrower may have at any time against any Issuing Bank or any
other Person, under all circumstances, including without limitation any of the
following circumstances:

     (i) any lack of validity or enforceability of this Agreement or any of
the other Loan Documents;

     (ii) the existence of any claim, setoff, defense or other right which
the Borrower may have at any time against a beneficiary named in a Facility
Letter of Credit or any transferee of any Facility Letter of Credit (or any
Person for whom any such transferee may be acting), the Administrative
Agent, the Issuing Bank, any Lender, or any other Person, whether in
connection with this Agreement, any Facility Letter of Credit, the
transactions contemplated herein or any unrelated transactions (including
any underlying transactions between the Borrower and the beneficiary named
in any Facility Letter of Credit);

     (iii) any draft, certificate or any other document presented under the
Facility Letter of Credit proving to be forged, fraudulent, invalid or
insufficient in any respect of any statement therein being untrue or
inaccurate in any respect;

     (iv) the surrender or impairment of any security for the performance or
observance of any of the terms of any of the Loan Documents; or

     (v) the occurrence of any Default or Unmatured Default.

     (b) In the event any payment by the Borrower received by the Issuing Bank with
respect to a Facility Letter of Credit and distributed by the Administrative Agent
to the Lenders on account of their participations is thereafter set aside, avoided
or recovered from the Issuing Bank in connection with any receivership, liquidation,
reorganization or bankruptcy proceeding, each Lender which received such
distribution shall, upon demand by the Issuing Bank, contribute such Lender’s
Percentage of the amount set aside, avoided or recovered
together with interest at the rate required to be paid by the Issuing Bank upon
the amount required to be repaid by the Issuing Bank.

     2A.8 Compensation for Facility Letters of Credit.

     (a) The Borrower shall pay to the Administrative Agent, for the ratable account
of the Lenders, based upon the Lenders’ respective Percentages, a per annum fee (the
“Facility Letter of Credit Fee”) with respect to the face amount

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of each
Facility Letter of Credit (taking into account any reductions from time to time)
that is equal to the LIBOR Applicable Margin. The Facility Letter of Credit Fee
relating to any Facility Letter of Credit shall be due and payable in arrears in
equal installments on each Payment Date and, to the extent any such fees are then
due and unpaid, on the Facility Termination Date. The Administrative Agent shall
promptly remit such Facility Letter of Credit Fees, when paid, to the other Lenders
in accordance with their Percentages thereof.

     (b) The Issuing Bank also shall have the right to receive solely for its own
account an issuance fee of 0.125% of the face amount of each Facility Letter of
Credit, payable by the Borrower on the Issuance Date for each such Facility Letter
of Credit. The Issuing Bank shall also be entitled to receive its reasonable
out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and
servicing Facility Letters of Credit and processing draws thereunder. The Borrower
shall pay such issuance fee and other amounts when due to the Issuing Bank.

     2A.9 Letter of Credit Collateral Account. The Borrower hereby agrees that it will, from
the time a deposit is required pursuant to Section 8.1, until the Facility Termination
Date, maintain a special collateral account (the “Letter of Credit Collateral Account”) at
the Administrative Agent’s office at the address specified pursuant to Article XIII, in the
name of the Borrower but under the sole dominion and control of the Administrative Agent, for the
benefit of the Lenders, and in which the Borrower shall have no interest other than as set forth in
Section 8.1. Such Letter of Credit Collateral Account shall be funded to the extent
required by Section 8.1. In addition to the foregoing, the Borrower hereby grants to the
Administrative Agent, for the benefit of the Lenders, a properly perfected security interest in and
to the Letter of Credit Collateral Account, any funds that may hereafter be on deposit in such
account and the proceeds thereof.

ARTICLE III

CHANGE IN CIRCUMSTANCES

     3.1 Yield Protection. If, on or after the date of this Agreement, the adoption of any law
or any governmental or quasi-governmental rule, regulation, policy, guideline or directive (whether
or not having the force of law), or any change in the interpretation or administration thereof by
any governmental or quasi-governmental authority, central bank or comparable agency charged with
the interpretation or administration thereof, or compliance by any Lender or applicable Lending
Installation or the Issuing Bank with any request or directive (whether or not having the force of
law) of any such authority, central bank or comparable agency:

     (i) subjects any Lender or any applicable Lending Installation or the Issuing Bank to
any Taxes, or changes the basis of taxation of payments (other than with respect to Excluded
Taxes) to any Lender or the Issuing Bank in respect of its LIBOR Loans, Facility Letters of
Credit or participations therein, or

- 45 -

 

     (ii) imposes or increases or deems applicable any reserve, assessment, insurance
charge, special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by, any Lender or any applicable Lending Installation or the
Issuing Bank (other than reserves and assessments taken into account in determining the
interest rate applicable to Fixed Rate Advances), or

     (iii) imposes any other condition the result of which is to increase the cost to any
Lender or any applicable Lending Installation or the Issuing Bank of making, funding or
maintaining its Fixed Rate Loans, or of issuing or participating in Facility Letters of
Credit, or reduces any amount receivable by any Lender or any applicable Lending
Installation or the Issuing Bank in connection with its Fixed Rate Loans, Facility Letters
of Credit or participations therein, or requires any Lender or any applicable Lending
Installation or the Issuing Bank to make any payment calculated by reference to the amount
of Fixed Rate Loans, Facility Letters of Credit or participations therein held or interest
or Facility Letter of Credit Fees received by it, by an amount deemed material by such
Lender or the Issuing Bank as the case may be,

and the result of any of the foregoing is to increase the cost to such Lender or applicable Lending
Installation or the Issuing Bank, as the case may be, of making or maintaining its Fixed Rate Loans
or Commitment or of issuing or participating in Facility Letters of Credit or to reduce the return
receivable by such Lender or applicable Lending Installation or the Issuing Bank, as the case may
be, in connection with such Fixed Rate Loans, Commitment, Facility Letters of Credit or
participations therein, then, within 30 days of demand by such Lender or the Issuing Bank, as the
case may be, the Borrower shall pay such Lender or the Issuing Bank, as the case may be,
such additional amount or amounts as will compensate such Lender or the Issuing Bank, as the case
may be, for such increased cost or reduction in amount receivable.

     3.2 Changes in Capital Adequacy Regulations. If a Lender or the Issuing Bank in good faith
determines the amount of capital required or expected to be maintained by such Lender or the
Issuing Bank, any Lending Installation of such Lender or the Issuing Bank or any corporation
controlling such Lender or the Issuing Bank is increased as a result of a Change (as hereinafter
defined), then, within 30 days of demand by such Lender or the Issuing Bank, the Borrower shall pay
such Lender or the Issuing Bank the amount necessary to compensate for any shortfall in the rate of
return on the portion of such increased capital which such Lender or the Issuing Bank in good faith
determines is attributable to this Agreement, its Outstanding Credit Exposure or its obligation to
make Loans and issue or participate in Facility Letters of Credit, as the case may be, hereunder
(after taking into account such Lender’s or the Issuing Bank’s policies as to capital adequacy).
“Change” means (i) any change after the date of this Agreement in the Risk-Based Capital
Guidelines (as hereinafter defined) or (ii) any adoption of or change in any other law,
governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or
directive (whether or not having the force of law) after the date of this Agreement which affects
the amount of capital required or expected to be maintained by any Lender or the Issuing Bank or
any Lending Installation or any corporation controlling any Lender or the Issuing Bank.
“Risk-Based Capital Guidelines” means (i) the risk-based capital guidelines in effect in
the United States on the date of this Agreement, including transition rules, and (ii) the
corresponding capital regulations promulgated by regulatory authorities outside the United States
implementing the July 1988 report of the Basle Committee on Banking Regulation and Supervisory
Practices Entitled “International Convergence of Capital Measurements and

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     Capital Standards,”
including transition rules, and any amendments to such regulations adopted prior to the date of
this Agreement.

     3.3 Availability of Types of Advances. If any Lender in good faith determines that
maintenance of any of its Fixed Rate Loans at a suitable Lending Installation would violate any
applicable law, rule, regulation or directive, whether or not having the force of law, the
Administrative Agent shall suspend the availability of the affected Type of Advance and require any
Fixed Rate Advances of the affected Type to be repaid; or if the Required Lenders in good faith
determine that (i) deposits of a type or maturity appropriate to match fund Fixed Rate Advances are
not available, the Administrative Agent shall suspend the availability of the affected Type of
Advance with respect to any Fixed Rate Advances made after the date of any such determination, or
(ii) an interest rate applicable to a Type of Advance does not accurately reflect the cost of
making a Fixed Rate Advance of such Type, then, if for any reason whatsoever the provisions of
Section 3.1 are inapplicable, the Administrative Agent shall suspend the availability of
the affected Type of Advance with respect to any Fixed Rate Advances made after the date of any
such determination. If the Borrower is required to so repay a Fixed Rate Advance, the Borrower may
concurrently with such repayment borrow from the Lenders, in the amount of such repayment, a Loan
bearing interest at the Alternate Base Rate.

     3.4 Funding Indemnification. If any payment of a ratable Fixed Rate Advance or a
Competitive Bid Loan occurs on a date which is not the last day of the applicable Interest Period,
whether because of acceleration, prepayment or otherwise, or a ratable Fixed Rate Advance or a
Competitive Bid Loan is not made on the date specified by the Borrower for any reason other than
default by the Lenders or as a result of unavailability pursuant to Section 3.3, the
Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom,
including, without limitation, any loss or cost in liquidating or employing deposits acquired to
fund or maintain the ratable Fixed Rate Advance or Competitive Bid Loan, as the case may be, and
shall pay all such losses or costs within fifteen (15) days after written demand therefor. Without
limitation of any losses arising from changes in the Fixed Rate adverse to the Lenders, in no event
will the administrative cost payable by the borrower as a result of such early payment or failure
to make an advance exceed $250 per occurrence per Lender. Nothing in this Section 3.4
shall authorize the prepayment of a Competitive Bid Loan prior to the end of the applicable
Interest Period.

     3.5 Taxes.

     (i) All payments by the Borrower to or for the account of any Lender or the
Administrative Agent hereunder or under any Note shall be made free and clear of and without
deduction for any and all Taxes. If the Borrower shall be required by law to deduct any
Taxes from or in respect of any sum payable hereunder to any Lender or the Administrative
Agent, (a) the sum payable shall be increased as necessary so that after making all required
deductions (including deductions applicable to additional sums payable under this
Section 3.5) such Lender or the Administrative Agent (as the case may be) receives
an amount equal to the sum it would have received had no such deductions been made, (b) the
Borrower shall make such deductions, (c) the Borrower shall pay the full amount deducted to
the relevant authority in accordance with applicable law and (d) the Borrower shall furnish
to the Administrative Agent the original copy of a receipt evidencing payment thereof within
30 days after such payment is made.

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

     (iii) The Borrower hereby agrees to indemnify the Administrative Agent and each Lender
for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or
Other Taxes imposed on amounts payable under this Section 3.5) paid by the
Administrative Agent or such Lender and any liability (including penalties, interest and
expenses) arising therefrom or with respect thereto. Payments due under this
indemnification shall be made within 30 days of the date the Administrative Agent or such
Lender makes demand therefor pursuant to Section 3.6.

     (iv) Each Lender that is not incorporated under the laws of the United States of
America or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not more than ten
Business Days after the date of this Agreement, (i) deliver to each of the Borrower and the
Administrative Agent two duly completed copies of United States Internal Revenue Service
Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive
payments under this Agreement without deduction or withholding of any United States federal
income taxes, and (ii) deliver to each of the Borrower and the Administrative Agent a United
States Internal Revenue Form W-8 or W-9, as the case may be, and certify that it is entitled
to an exemption from United States backup withholding tax. Each Non-U.S. Lender further
undertakes to deliver to each of the Borrower and the Administrative Agent (x) renewals or
additional copies of such form (or any successor form) on or before the date that such form
expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in
the most recent forms so delivered by it, such additional forms or amendments thereto as may
be reasonably requested by the Borrower or the Administrative Agent. All forms or
amendments described in the preceding sentence shall certify that such Lender is entitled to
receive payments under this Agreement without deduction or withholding of any United States
federal income taxes, unless an event (including without limitation any change in treaty,
law or regulation) has occurred prior to the date on which any such delivery would otherwise
be required which renders all such forms inapplicable or which would prevent such Lender
from duly completing and delivering any such form or amendment with respect to it and such
Lender advises the Borrower and the Administrative Agent that it is not capable of receiving
payments without any deduction or withholding of United States federal income tax.

     (v) For any period during which a Non-U.S. Lender has failed to provide the Borrower
with an appropriate form pursuant to clause (iv), above (unless such failure is due to a
change in treaty, law or regulation, or any change in the interpretation or administration
thereof by any governmental authority, occurring subsequent to the date on which a form
originally was required to be provided), such Non-U.S. Lender shall not be entitled to
indemnification under this Section 3.5 with respect to Taxes imposed by the United
States.

     (vi) Any Lender that is entitled to an exemption from or reduction of withholding tax
with respect to payments under this Agreement or any Note pursuant to

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the law of any
relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law, such properly
completed and executed documentation prescribed by applicable law as will permit such
payments to be made without withholding or at a reduced rate following receipt of such
documentation.

     (vii) If the U.S. Internal Revenue Service or any other governmental authority of the
United States or any other country or any political subdivision thereof asserts a claim that
the Administrative Agent did not properly withhold tax from amounts paid to or for the
account of any Lender (because the appropriate form was not delivered or
properly completed, because such Lender failed to notify the Administrative Agent of a
change in circumstances which rendered its exemption from withholding ineffective, or for
any other reason), such Lender shall indemnify the Administrative Agent fully for all
amounts paid, directly or indirectly, by the Administrative Agent as tax, withholding
therefor, or otherwise, including penalties and interest, and including taxes imposed by any
jurisdiction on amounts payable to the Administrative Agent under this subsection, together
with all costs and expenses related thereto (including attorneys fees and time charges of
attorneys for the Administrative Agent, which attorneys may be employees of the
Administrative Agent). The obligations of the Lenders under this Section 3.5(vii)
shall survive the payment of the Obligations and termination of this Agreement and any such
Lender obligated to indemnify the Administrative Agent shall not be entitled to
indemnification from the Borrower with respect to such amounts, whether pursuant to this
Article or otherwise, except to the extent the Borrower participated in the actions
giving rise to such liability.

     3.6 Lender Statements; Survival of Indemnity. To the extent reasonably possible, each
Lender shall designate an alternate Lending Installation with respect to its Fixed Rate Loans to
reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to
avoid the unavailability of Fixed Rate Advances under Section 3.3, so long as such
designation is not, in the reasonable judgment of such Lender, disadvantageous to such Lender.
Each Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the
Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5.
Such written statement shall set forth in reasonable detail the calculations upon which such Lender
determined such amount and shall be final, conclusive and binding on the Borrower in the absence of
manifest error. Determination of amounts payable under such Sections in connection with a Fixed
Rate Loan shall be calculated as though each Lender funded its Fixed Rate Loan through the purchase
of a deposit of the type and maturity corresponding to the deposit used as a reference in
determining the Fixed Rate applicable to such Loan, whether in fact that is the case or not.
Unless otherwise provided herein, the amount specified in the written statement of any Lender shall
be payable on demand after receipt by the Borrower of such written statement. The obligations of
the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the
Obligations and termination of this Agreement.

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ARTICLE IV

CONDITIONS PRECEDENT

     4.1 Initial Advance. The Lenders shall not be required to make the initial Advance
hereunder unless (a) the Borrower shall, prior to or concurrently with such initial Advance, have
paid all fees due and payable to the Lenders and the Administrative Agent hereunder, and (b) the
Borrower shall have furnished to the Administrative Agent, with sufficient copies for the Lenders,
the following (the term “Borrower” being deemed to include any Qualified Borrower as of the
Agreement Execution Date):

     (i) The duly executed originals of the Loan Documents, including the Notes, payable to
the order of each of the Lenders (including the Qualified Borrower Note and Qualified
Borrower Competitive Note from each Qualified Borrower), this Agreement, the Subsidiary
Guaranty and the Qualified Borrower Guaranty;

     (ii) (A) Certificates of good standing for each Borrower from the states of
organization of each Borrower, certified by the appropriate governmental officer and dated
not more than thirty (30) days prior to the Agreement Execution Date, and (B)current foreign
qualification certificates for the Borrower, certified by the appropriate governmental
officer, for each other jurisdiction where the failure of the Borrower to so qualify or be
licensed (if required) would have a Material Adverse Effect;

     (iii) Copies of the formation documents (including code of regulations, if appropriate)
of the Borrower certified by an officer of the Borrower, together with all amendments
thereto;

     (iv) Incumbency certificates, executed by officers of the Borrower, which shall
identify by name and title and bear the signature of the Persons authorized to sign the Loan
Documents and to make borrowings hereunder on behalf of the Borrower, upon which certificate
the Administrative Agent and the Lenders shall be entitled to rely until informed of any
change in writing by the Borrower;

     (v) Copies, certified by a Secretary or an Assistant Secretary of the Borrower of the
Board of Directors’ resolutions (and resolutions of other bodies, if any are reasonably
deemed necessary by counsel for any Lender) authorizing the Advances provided for herein,
with respect to the Borrower, and the execution, delivery and performance of the Loan
Documents to be executed and delivered by the Borrower and each Subsidiary Guarantor
hereunder;

     (vi) A written opinion of the Borrower’s and Subsidiary Guarantors’ counsel, addressed
to the Lenders in substantially the form of Exhibit B hereto or such other form as
the Administrative Agent may reasonably approve;

     (vii) A certificate, signed by an officer of the Borrower, stating that on the initial
Borrowing Date no Default or Unmatured Default has occurred and is continuing

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and that all representations and warranties of the Borrower are true and correct as of
the initial Borrowing Date provided that such certificate is in fact true and correct;

     (viii) The most recent financial statements of the Borrower;

     (ix) UCC financing statement, judgment, and tax lien searches with respect to each
Borrower from its State of organization;

     (x) Written money transfer instructions, in substantially the form of Exhibit E
hereto, addressed to the Administrative Agent and signed by an Authorized Officer, together
with such other related money transfer authorizations as the Administrative Agent may have
reasonably requested;

     (xi) A compliance certificate in the form of Exhibit C as of the most recent
date available, executed by the Borrower’s chief financial officer or chief accounting
officer prepared on the assumption that the other Indebtedness of Borrower being repaid by
the initial Advance hereunder was replaced by Advances hereunder for the period covered by
such certificate;

     (xii) Evidence that the Commitments of any lenders under the Prior Agreement which are
not Lenders under this Agreement (the “Exiting Lenders”) have been properly
terminated and all amounts due to the Exiting Lenders have been paid, or will be paid out of
the proceeds of the initial Advance hereunder;

     (xiii) Evidence that all upfront fees due to each of the Lenders under the terms of
their respective commitment letters have been paid, or will be paid out of the proceeds of
the initial Advance hereunder; and

     (xiv) Such other documents as any Lender or its counsel may have reasonably requested,
the form and substance of which documents shall be reasonably acceptable to the parties and
their respective counsel.

     4.2 Each Advance. The Lenders shall not be required to make any Advance unless on the
applicable Borrowing Date:

     (i) There exists no Default or Unmatured Default; and

     (ii) The representations and warranties contained in Article V are true and
correct as of such Borrowing Date with respect to Borrower and to any Subsidiary in
existence on such Borrowing Date, except to the extent any such representation or warranty
is stated to relate solely to an earlier date, in which case such representation or warranty
shall be true and correct on and as of such earlier date.

     Each Borrowing Notice with respect to each such Advance shall constitute a representation and
warranty by the Borrower that the conditions contained in Sections 4.2(i) and (ii)
have been satisfied.

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ARTICLE V

REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Lenders that:

     5.1 Existence. DDR is a corporation duly organized and validly existing under the laws of
the State of Ohio, with its principal place of business in Beachwood, Ohio and is duly qualified as
a foreign corporation, properly licensed (if required), in good standing and has all requisite
authority to conduct its business in each jurisdiction in which its business is conducted, except
where the failure to be so qualified, licensed and in good standing and to have the requisite
authority would not have a Material Adverse Effect. Each Qualified Borrower is duly organized and
validly existing under the laws of its state of organization, properly licensed (if required) in
good standing, and has requisite authority to conduct its businesses in each jurisdiction in which
its business is conducted except where the failure to be qualified, licensed and in good standing
and to have the requisite authority would not have a Material Adverse Effect. Each of Borrower’s
Subsidiaries is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization and has all requisite authority to conduct its business in each
jurisdiction in which its business is conducted.

     5.2 Authorization and Validity. The Borrower has the corporate power and authority and
legal right to execute and deliver the Loan Documents and to perform its obligations thereunder.
The execution and delivery by the Borrower of the Loan Documents and the performance of its
obligations thereunder have been duly authorized by proper corporate proceedings, and the Loan
Documents constitute legal, valid and binding obligations of the Borrower enforceable against the
Borrower in accordance with their terms, except as enforceability may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights generally.

     5.3 No Conflict; Government Consent. Neither the execution and delivery by the Borrower of
the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance
with the provisions thereof will violate any law, rule, regulation, order, writ, judgment,
injunction, decree or award binding on the Borrower or any of its Subsidiaries or the Borrower’s or
any Subsidiary’s articles of incorporation or by-laws, or the provisions of any indenture,
instrument or agreement to which the Borrower or any of its Subsidiaries is a party or is subject,
or by which it, or its Property, is bound, or conflict with or constitute a default thereunder,
except where such violation, conflict or default would not have a Material Adverse Effect, or
result in the creation or imposition of any Lien in, of or on the Property of the Borrower or a
Subsidiary pursuant to the terms of any such indenture, instrument or agreement. No order,
consent, approval, license, authorization, or validation of, or filing, recording or registration
with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is
required to authorize, or is required in connection with the execution, delivery and performance
of, or the legality, validity, binding effect or enforceability of, any of the Loan Documents other
than the filing of a copy of this Agreement, or the filing of information concerning this
Agreement, with the Securities and Exchange Commission.

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     5.4 Financial Statements; Material Adverse Change. All consolidated financial statements
of the Borrower and its Subsidiaries heretofore or hereafter delivered to the Lenders were prepared
in accordance with GAAP in effect on the preparation date of such statements and fairly present in
all material respects the consolidated financial condition and operations of the Borrower and its
Subsidiaries at such date and the consolidated results of their operations for the period then
ended, subject, in the case of interim financial statements, to normal and customary year-end
adjustments. From the preparation date of the most recent financial statements delivered to the
Lenders through the Agreement Execution Date, there was no change in the business, properties, or
condition (financial or otherwise) of the Borrower and its Subsidiaries which could reasonably be
expected to have a Material Adverse Effect.

     5.5 Taxes. The Borrower and its Subsidiaries have filed all United States federal tax
returns and all other tax returns which are required to be filed and have paid all taxes due
pursuant to said returns or pursuant to any assessment received by the Borrower or any of its
Subsidiaries except such taxes, if any, as are being contested in good faith and as to which
adequate reserves have been provided. No tax liens have been filed and remain outstanding for
amounts in excess of $250,000. The charges, accruals and reserves on the books of the Borrower and
its Subsidiaries in respect of any taxes or other governmental charges are adequate.

     5.6 Litigation and Guarantee Obligations. Except as set forth on Schedule 3 hereto
or as set forth in written notice to the Administrative Agent from time to time, there is no
litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the
knowledge of any of their officers, threatened against or affecting the Borrower or any of its
Subsidiaries which could reasonably be expected to have a Material Adverse Effect. Notwithstanding
the disclosure of the litigation identified on Schedule 3 or in a notice to Administrative
Agent, unless such disclosure has been approved by the Required Lenders, the Borrower, based on
consultation with its counsel, represents that the Borrower is unlikely to suffer any material
adverse result in such litigation. The Borrower has no material contingent obligations not
provided for or disclosed in the financial statements referred to in Section 6.1 or as set
forth in written notices to the Administrative Agent given from time to time after the Agreement
Execution Date on or about the date such material contingent obligations are incurred.

     5.7 Subsidiaries. All of the presently existing Subsidiaries of the Borrower which are
required to be Subsidiary Guarantors pursuant to the provisions of Section 6.13 hereof as
of the Agreement Execution Date are parties to the Subsidiary Guaranty. All of the issued and
outstanding shares of capital stock of such Subsidiaries that are corporations have been duly
authorized and issued and are fully paid and non-assessable.

     5.8 ERISA. The Unfunded Liabilities of all Single Employer Plans do not in the aggregate
exceed $1,000,000. Neither the Borrower nor any other member of the Controlled Group has incurred,
or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans in excess of
$250,000 in the aggregate. Each Plan complies in all material respects with all applicable
requirements of law and regulations, no Reportable Event has occurred with respect to any Plan,
neither the Borrower nor any other members of the Controlled Group has withdrawn from any Plan or
initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan.

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     5.9 Accuracy of Information. All factual information heretofore or contemporaneously
furnished by or on behalf of the Borrower or any of its Subsidiaries to the Administrative Agent or
any Lender for purposes of or in connection with this Agreement or any transaction contemplated
hereby is, and all other such factual information hereafter furnished by or on behalf of the
Borrower or any of its Subsidiaries to the Administrative Agent or any Lender will be, to the
knowledge of Borrower, true and accurate (taken as a whole) on the date as of which such
information is dated or certified and not incomplete by omitting to state any material fact
necessary to make such information (taken as a whole) not misleading in light of the circumstances
and purposes for which such information was provided at such time.

     5.10 Regulation U. The Borrower has not used the proceeds of any Advance to buy or carry
any margin stock (as defined in Regulation U) in violation of the terms of this Agreement.

     5.11 Material Agreements. Neither the Borrower nor any Subsidiary is a party to any
agreement or instrument or subject to any charter or other corporate restriction which could
reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary
is in default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in (i) any agreement to which it is a party, which default could have a
Material Adverse Effect, or (ii) any agreement or instrument evidencing or governing Indebtedness,
which default would constitute a Default hereunder.

     5.12 Compliance With Laws. The Borrower and its Subsidiaries have complied with all
applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign
government or any instrumentality or agency thereof, having jurisdiction over the conduct of their
respective businesses or the ownership of their respective Property, except for any non-compliance
which would not have a Material Adverse Effect. Neither the Borrower nor any Subsidiary has
received any notice to the effect that its operations are not in material compliance with any of
the requirements of applicable federal, state and local environmental, health and safety statutes
and regulations or the subject of any federal or state investigation evaluating whether any
remedial action is needed to respond to a release of any toxic or hazardous waste or substance into
the environment, which non-compliance or remedial action could have a Material Adverse Effect.

     5.13 Ownership of Properties. Except as set forth on Schedule 2 hereto, on the
date of this Agreement, the Borrower and its Subsidiaries will have good and marketable title, free
of all Liens other than those permitted by Section 6.16, to all of the Property and assets
reflected in the financial statements as owned by it.

     5.14 Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment
company” or a company “controlled” by an “investment company”, within the meaning of the Investment
Company Act of 1940, as amended.

     5.15 Public Utility Holding Company Act. Neither the Borrower nor any Subsidiary is a
“holding company” or a “subsidiary company” of a “holding company”, or an “affiliate” of a “holding
company” or of a “subsidiary company” of a “holding company”, within the meaning of the Public
Utility Holding Company Act of 1935, as amended.

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     5.16 Solvency.

     (i) Immediately after the Agreement Execution Date and immediately following the making
of each Loan and after giving effect to the application of the proceeds of such Loans, (a)
the fair value of the assets of the Borrower and its Subsidiaries on a consolidated basis,
at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or
otherwise, of the Borrower and its Subsidiaries on a consolidated basis; (b) the present
fair saleable value of the Property of the Borrower and its Subsidiaries on a consolidated
basis will be greater than the amount that will be required to pay the probable liability of
the Borrower and its Subsidiaries on a consolidated basis on their debts and other
liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured; (c) the Borrower and its Subsidiaries on a consolidated basis
will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as
such debts and liabilities become absolute and matured; and (d) the Borrower and its
Subsidiaries on a consolidated basis will not have unreasonably small capital with which to
conduct the businesses in which they are engaged as such businesses are now conducted and
are proposed to be conducted after the date hereof.

     (ii) The Borrower does not intend to, or to permit any of its Subsidiaries to, and does
not believe that it or any of its Subsidiaries will, incur debts beyond its ability to pay
such debts as they mature, taking into account the timing of and amounts of cash to be
received by it or any such Subsidiary and the timing of the amounts of cash to be payable on
or in respect of its Indebtedness or the Indebtedness of any such Subsidiary.

     5.17 Insurance. The Borrower and its Subsidiaries carry insurance on their Projects with
financially sound and reputable insurance companies, in such amounts, with such deductibles and
covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar Projects in localities where the Borrower and its Subsidiaries operate, including,
without limitation:

     (i) Property and casualty insurance (including coverage for flood and other water
damage for any Project located within a 100-year flood plain) in the amount of the
replacement cost of the improvements at the Project (to the extent replacement cost
insurance is maintained by companies engaged in similar business and owning similar
properties);

     (ii) Builder’s risk insurance for any Project under construction in the amount of the
construction cost of such Project;

     (iii) Loss of rental income insurance in the amount not less than one year’s gross
revenues from the Projects; and

     (iv) Comprehensive general liability insurance in the amount of $20,000,000 per
occurrence.

     5.18 REIT Status. The Borrower is in good standing on the New York Stock Exchange, is
qualified as a real estate investment trust under Section 856 of the Code and

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currently is in compliance in all material respects with all provisions of the Code applicable to
the qualification of the Borrower as a real estate investment trust.

     5.19 Environmental Matters. Each of the following representations and warranties is true
and correct on and as of the Agreement Execution Date except to the extent that the facts and
circumstances giving rise to any such failure to be so true and correct, in the aggregate, could
not reasonably be expected to have a Material Adverse Effect:

     (a) To the best knowledge of the Borrower, the Projects of the Borrower and its
Subsidiaries do not contain any Materials of Environmental Concern in amounts or
concentrations which constitute a violation of, or could reasonably give rise to
liability of the Borrower or any Subsidiary under, Environmental Laws.

     (b) To the best knowledge of the Borrower, (i) the Projects of the Borrower and
its Subsidiaries and all operations at the Projects are in compliance with all
applicable Environmental Laws, and (ii) with respect to all Projects owned by the
Borrower and/or its Subsidiaries (x) for at least two (2) years, have in the last
two years, or (y) for less than two (2) years, have for such period of ownership,
been in compliance in all material respects with all applicable Environmental Laws.

     (c) Neither the Borrower nor any of its Subsidiaries has received any notice of
violation, alleged violation, non-compliance, liability or potential liability
regarding environmental matters or compliance with Environmental Laws with regard to
any of the Projects, nor does the Borrower have knowledge or reason to believe that
any such notice will be received or is being threatened.

     (d) To the best knowledge of the Borrower, Materials of Environmental Concern
have not been transported or disposed of from the Projects of the Borrower and its
Subsidiaries in violation of, or in a manner or to a location which could reasonably
give rise to liability of the Borrower or any Subsidiary under, Environmental Laws,
nor have any Materials of Environmental Concern been generated, treated, stored or
disposed of at, on or under any of the Projects of the Borrower and its Subsidiaries
in violation of, or in a manner that could give rise to liability of the Borrower or
any Subsidiary under, any applicable Environmental Laws.

     (e) No judicial proceedings or governmental or administrative action is
pending, or, to the knowledge of the Borrower, threatened, under any Environmental
Law to which the Borrower or any of its Subsidiaries is or, to the Borrower’s
knowledge, will be named as a party with respect to the Projects of the Borrower and
its Subsidiaries, nor are there any consent decrees or other decrees, consent
orders, administrative order or other orders, or other administrative of judicial
requirements outstanding under any Environmental Law with respect to the Projects of
the Borrower and its Subsidiaries.

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     (f) To the best knowledge of the Borrower, there has been no release or threat
of release of Materials of Environmental Concern at or from the Projects of the
Borrower and its Subsidiaries, or arising from or related to the operations of the
Borrower and its Subsidiaries in connection with the Projects in violation of or in
amounts or in a manner that could give rise to liability under Environmental Laws.

ARTICLE VI

COVENANTS

     During the term of this Agreement, unless the Required Lenders shall otherwise consent in
writing:

     6.1 Financial Reporting. The Borrower will maintain, for itself and each Subsidiary, a
system of accounting established and administered in accordance with GAAP, and furnish to the
Lenders:

     (i) As soon as available, but in any event not later than 45 days after the close of
each fiscal quarter, for the Borrower and its Subsidiaries, a copy of Borrower’s Financial
Statements in the form filed under 10-Q which shall include an unaudited consolidated
balance sheet as of the close of each such period and the related unaudited consolidated
statements of income and retained earnings and of cash flows of the Borrower and its
Subsidiaries for such period and the portion of the fiscal year through the end of such
period, setting forth in each case in comparative form the figures for the previous year,
all certified by the Borrower’s chief financial officer or chief accounting officer;

     (ii) As soon as available, but in any event not later than 45 days after the close of
each fiscal quarter, for the Borrower and its Subsidiaries, a copy of the Borrower’s
Quarterly Financial Supplement and other schedules as may be required containing the
following reports in form and substance reasonably satisfactory to the Lenders, all
certified by the entity’s chief financial officer or chief accounting officer: a statement
of Funds From Operations, a statement detailing Consolidated Outstanding Indebtedness,
Consolidated Secured Indebtedness, Consolidated Unsecured Indebtedness, Consolidated Cash
Flow and an Asset Schedule listing all assets and their net operating income with a
breakdown between Unencumbered Assets and other assets, and newly acquired Projects,
Borrower will provide such other information as may be reasonably requested;

     (iii) As soon as available, but in any event not later than 90 days after the close of
each fiscal year, for the Borrower and its Subsidiaries, audited financial statements in the
form filed as 10-K, including a consolidated balance sheet as at the end of such year and
the related consolidated statements of income and retained earnings and of cash flows for
such year, setting forth in each case in comparative form the figures for the previous year,
without a “going concern” or like qualification or exception, or qualification arising out
of the scope of the audit, prepared by PricewaterhouseCoopers

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(or other independent certified public accountants of nationally recognized standing
reasonably acceptable to Administrative Agent);

     (iv) Together with the quarterly and annual financial statements required hereunder, a
compliance certificate in substantially the form of Exhibit C hereto signed by the
Borrower’s chief financial officer or chief accounting officer showing the calculations and
computations necessary to determine compliance with this Agreement and stating that, to such
officer’s knowledge, no Default or Unmatured Default exists, or if, to such officer’s
knowledge, any Default or Unmatured Default exists, stating the nature and status thereof;

     (v) As soon as possible and in any event within 10 days after a responsible officer of
the Borrower knows that any Reportable Event has occurred with respect to any Plan, a
statement, signed by the chief financial officer of the Borrower, describing said Reportable
Event and the action which the Borrower proposes to take with respect thereto;

     (vi) As soon as possible and in any event within 10 days after receipt by a responsible
officer of the Borrower, a copy of (a) any notice or claim to the effect that the Borrower
or any of its Subsidiaries is or may be liable to any Person as a result of the release by
the Borrower, any of its Subsidiaries, or any other Person of any toxic or hazardous waste
or substance into the environment, and (b) any notice alleging any violation of any federal,
state or local environmental, health or safety law or regulation by the Borrower or any of
its Subsidiaries, which, in either case, could have a Material Adverse Effect;

     (vii) Promptly upon the furnishing thereof to the shareholders of the Borrower, copies
of all financial statements, reports and proxy statements so furnished;

     (viii) Promptly upon the filing thereof, copies of all registration statements and
annual, quarterly, monthly or other reports and any other public information which the
Borrower or any of its Subsidiaries files with the Securities Exchange Commission; and

     (ix) Such other information (including, without limitation, financial statements for
the Borrower and non-financial information) as the Administrative Agent or any Lender may
from time to time reasonably request.

     6.2 Use of Proceeds. The Borrower will, and will cause each of its Subsidiaries to, use
the proceeds of the Advances for the general corporate purposes of the Borrower, including working
capital needs, the repayment of Indebtedness, financing for property acquisitions of new Projects,
construction of new improvements or expansions of existing improvements on Projects, and to repay
outstanding Advances. The Borrower will not, nor will it permit any Subsidiary to, use any of the
proceeds of the Advances (i) to purchase or carry any “margin stock” (as defined in Regulation U)
if such usage could constitute a violation of Regulation U by any Lender, (ii) to fund any purchase
of, or offer for, any Capital Stock of any Person, unless such Person has consented to such offer
prior to any public announcements relating thereto, or (iii) to make any Acquisition other than a
Permitted Acquisition.

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     6.3 Notice of Default. The Borrower will give, and will cause each of its Subsidiaries to
give, prompt notice in writing to the Administrative Agent and the Lenders of the occurrence of any
Default or Unmatured Default and of any other development, financial or otherwise, which could
reasonably be expected to have a Material Adverse Effect.

     6.4 Conduct of Business. The Borrower will do, and will cause each of its Subsidiaries to
do, all things necessary to remain duly incorporated or duly qualified, validly existing and in
good standing as a real estate investment trust, corporation, general partnership or limited
partnership, as the case may be, in its jurisdiction of incorporation/formation (except with
respect to mergers permitted pursuant to Section 6.12 and Permitted Acquisitions) and
maintain all requisite authority to conduct its business in each jurisdiction in which its business
is conducted and to carry on and conduct their businesses in substantially the same manner as they
are presently conducted where the failure to do so could reasonably be expected to have a Material
Adverse Effect and, specifically, neither the Borrower nor its Subsidiaries may undertake any
business other than the acquisition, development, ownership, management, operation and leasing of
retail, office or industrial properties, and ancillary businesses specifically related to such
types of properties.

     6.5 Taxes. The Borrower will pay, and will cause each of its Subsidiaries to pay, when due
all taxes, assessments and governmental charges and levies upon them of their income, profits or
Projects, except those which are being contested in good faith by appropriate proceedings and with
respect to which adequate reserves have been set aside.

     6.6 Insurance. The Borrower will, and will cause each of its Subsidiaries to, maintain
insurance which is consistent with the representation contained in Section 5.17 on all
their Property and the Borrower will furnish to any Lender upon reasonable request full information
as to the insurance carried.

     6.7 Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to,
comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards
to which they may be subject, the violation of which could reasonably be expected to have a
Material Adverse Effect.

     6.8 Maintenance of Properties. The Borrower will, and will cause each of its Subsidiaries
to, do all things necessary to maintain, preserve, protect and keep their respective Projects and
Properties, reasonably necessary for the continuous operation of the Projects, in good repair,
working order and condition, ordinary wear and tear excepted.

     6.9 Inspection. The Borrower will, and will cause each of its Subsidiaries to, permit the
Lenders upon reasonable notice, by their respective representatives and agents, to inspect any of
the Projects, corporate books and financial records of the Borrower and each of its Subsidiaries,
to examine and make copies of the books of accounts and other financial records of the Borrower and
each of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and
each of its Subsidiaries with officers thereof, and to be advised as to the same by, their
respective officers at such reasonable times and intervals as the Lenders may designate.

     6.10 Maintenance of Status. The Borrower shall at all times (i) remain a corporation
listed and in good standing on the New York Stock Exchange, and (ii) maintain its status as a

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real estate investment trust in compliance with all applicable provisions of the Code relating to
such status.

     6.11 Restricted Payments. Except as otherwise set forth in this Agreement, the Borrower
will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, except (a) the Borrower may declare and pay
dividends with respect to its Capital Stock payable solely in additional shares of its common
stock, (b) Subsidiaries may declare and pay dividends ratably with respect to their Capital Stock,
(c) the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans
or other benefit plans for management or employees of the Borrower and its Subsidiaries, and (d)
the Borrower may make Restricted Payments if there is no then existing Default or Unmatured Default
hereunder (after notice thereof to Borrower) and either (i) Restricted Payments paid on account of
any fiscal quarter, in the aggregate, would not exceed 95% of Funds From Operations for such fiscal
quarter, or (ii) Restricted Payments paid on account of any fiscal year, in the aggregate, would
not exceed 90% of Funds From Operations for such fiscal year. Notwithstanding the foregoing, the
Borrower shall be permitted at all times to distribute whatever amount of dividends is necessary to
maintain its tax status as a real estate investment trust.

     6.12 Merger; Sale of Assets. The Borrower will not, nor will it permit any of its
Subsidiaries to, enter into any merger (other than mergers in which such entity is the survivor and
mergers of Subsidiaries (but not the Borrower) as part of transactions that are Permitted
Acquisitions provided that following such merger the target entity becomes a Wholly-Owned
Subsidiary of Borrower), consolidation, reorganization or liquidation or transfer or otherwise
dispose of all or a Substantial Portion of their Properties, except for (a) such transactions that
occur between Wholly-Owned Subsidiaries or between Borrower and a Wholly-Owned Subsidiary, (b)
mergers solely to change the jurisdiction of organization of a Subsidiary Guarantor, and (c) as
otherwise approved in advance by the Required Lenders.

     6.13 Delivery of Subsidiary Guaranties. All Subsidiaries of the Borrower which own a
Project except for Excluded Subsidiaries and except for a Subsidiary which owns a Project
encumbered by first mortgage financing which is prohibited from issuing guaranties by either the
terms of the first mortgage loan documents or the terms of other financing secured by a pledge of
the direct or indirect interest in the Capital Stock in such Subsidiary shall be required to be a
Subsidiary Guarantor. Borrower shall cause each of its existing Subsidiaries which are required to
be Subsidiary Guarantors to execute and deliver to the Agent the Subsidiary Guaranty. At
Borrower’s election, additional Subsidiaries may execute the Subsidiary Guaranty but
notwithstanding the foregoing, those Subsidiaries that have executed the Subsidiary Guaranty but
that are not obligated to be a Subsidiary Guarantor pursuant to the terms of this Section 6.13
shall not be bound by the terms of the Subsidiary Guaranty and shall have no liability thereunder.
Upon request from Borrower, and delivery of satisfactory evidence that a particular Subsidiary is
not required to be a Subsidiary Guarantor, Administrative Agent shall acknowledge in writing that
such Subsidiary is not a Subsidiary Guarantor even though it may have executed the Subsidiary
Guaranty. From and after the date hereof, any Subsidiary (whether or not currently existing) which
is required to be a Subsidiary Guarantor will automatically be deemed to be a Subsidiary Guarantor
without any further action on its part. To confirm that it has become a Subsidiary Guarantor,
Borrower agrees that not less than once every twelve months and within thirty (30) days following
the closing of a Portfolio Acquisition (or final closing if the closing

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occurs in phases) it will cause each such Subsidiary to execute a Joinder to the Subsidiary
Guaranty in the form attached as Exhibit A to the Subsidiary Guaranty if it has not already
executed the Subsidiary Guaranty or a Joinder, however the failure to execute such Joinder shall
not impair the obligations of such Subsidiary under the Subsidiary Guaranty. Upon request of
Administrative Agent Borrower shall deliver to Administrative Agent a list of all Projects and
which entity owns such Project. Notwithstanding the foregoing, in no event shall any asset owned
by a Subsidiary be included as an Unencumbered Asset unless such Subsidiary has executed the
Subsidiary Guaranty or a Joinder thereto.

     6.14 Sale and Leaseback. The Borrower will not, nor will it permit any of its Subsidiaries
to, sell or transfer a Substantial Portion of its Property in order to concurrently or subsequently
lease such Property as lessee.

     6.15 Acquisitions and Investments. The Borrower will not, nor will it permit any
Subsidiary to, make or suffer to exist any Investments (including without limitation, loans and
advances to, and other Investments in, Subsidiaries), or commitments therefor, or become or remain
a partner in any partnership or joint venture, or to make any Acquisition of any Person, except:

     (i) Cash Equivalents;

     (ii) Investments in existing Subsidiaries, Investments in Subsidiaries formed for the
purpose of developing or acquiring Properties, Investments in joint ventures and
partnerships engaged solely in the business of purchasing, developing, owning, operating,
leasing and managing retail properties and office and industrial properties;

     (iii) transactions permitted pursuant to Section 6.12; and

     (iv) Acquisitions of Persons whose primary operations consist of the ownership,
development, operation and management of retail, office or industrial properties;

provided that, after giving effect to such Acquisitions and Investments, Borrower continues to
comply with all its covenants herein. Acquisitions permitted pursuant to this Section 6.15
shall be deemed to be “Permitted Acquisitions”.

     6.16 Liens. The Borrower will not, nor will it permit any of its Subsidiaries to, create,
incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any of its
Subsidiaries, except:

     (i) Liens for taxes, assessments or governmental charges or levies on its Property if
the same shall not at the time be delinquent or thereafter can be paid without penalty, or
are being contested in good faith and by appropriate proceedings and for which adequate
reserves shall have been set aside on its books;

     (ii) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and
other similar liens arising in the ordinary course of business which secure payment of
obligations not more than 60 days past due or which are being contested in

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good faith by appropriate proceedings and for which adequate reserves shall have been
set aside on its books;

     (iii) Liens arising out of pledges or deposits under workers’ compensation laws,
unemployment insurance, old age pensions, or other social security or retirement benefits,
or similar legislation;

     (iv) Easements, restrictions and such other encumbrances or charges against real
property as are of a nature generally existing with respect to properties of a similar
character and which do not in any material way affect the marketability of the same or
interfere with the use thereof in the business of the Borrower or its Subsidiaries; and

     (v) Liens other than Liens described in subsections (i) through (iv) above arising in
connection with any Indebtedness permitted hereunder to the extent such Liens will not
result in a Default in any of Borrower’s covenants herein.

Liens permitted pursuant to this Section 6.16 shall be deemed to be “Permitted
Liens”.

     6.17 Affiliates. The Borrower will not, nor will it permit any of its Subsidiaries to,
enter into any transaction (including, without limitation, the purchase or sale of any Property or
service) with, or make any payment or transfer to, any Affiliate except in the ordinary course of
business and pursuant to the reasonable requirements of the Borrower’s or such Subsidiary’s
business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary
than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction.

     6.18 Financial Undertakings. The Borrower will not enter into or remain liable upon, nor
will it permit any Subsidiary to enter into or remain liable upon, any Financial Undertaking,
except to the extent required to protect the Borrower and its Subsidiaries against increases in
interest payable by them under variable interest Indebtedness.

     6.19 Variable Interest Indebtedness. The Borrower and its Subsidiaries shall not at any
time permit the outstanding principal balance of Indebtedness which bears interest at an interest
rate that is not fixed through the maturity date of such Indebtedness to exceed 35% of Consolidated
Market Value, unless all of such Indebtedness in excess of 35% of Consolidated Market Value is
subject to a Rate Management Transaction approved by the Administrative Agent that effectively
converts the interest rate on such excess to a fixed rate.

     6.20 Consolidated Net Worth. The Borrower shall maintain a Consolidated Net Worth of not
less than the sum of (i) $2,500,000,000.00 plus (ii) seventy-five percent (75%) of the aggregate
proceeds received by the Borrower (net of customary related fees and expenses) in connection with
any offering of stock, including, without limitation, perpetual preferred stock and all other
preferred stock, in the Borrower after December 31, 2004 and on or prior to the date such
determination of Consolidated Net Worth is made provided that no proceeds shall be deemed received
to the extent that such offering involves only the replacement or reissuance of common or preferred
stock.

     6.21 Indebtedness and Cash Flow Covenants. The Borrower on a consolidated basis with its
Subsidiaries shall not permit:

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     (i) Consolidated Outstanding Indebtedness to exceed sixty percent (60%) of Consolidated
Market Value;

     (ii) Consolidated Secured Indebtedness to exceed thirty-five percent (35%) of
Consolidated Market Value, as of the last day of any fiscal quarter;

     (iii) the Value of Unencumbered Assets to be less than 1.60 times the Consolidated
Unsecured Indebtedness, as of any date;

     (iv) the aggregate Net Operating Income for the two (2) most recent fiscal quarters of
the Consolidated Group for which results have been reported under Section 6.1 from
all Unencumbered Assets qualifying for inclusion in the Value of Unencumbered Assets as of
the date of determination to be less than 1.75 times the portion of Consolidated Interest
Expense for such two (2) fiscal quarters attributable to Consolidated Unsecured
Indebtedness, as of the last day of any fiscal quarter;

     (v) Consolidated Cash Flow to be less than 2.0 times the Consolidated Debt Service,
based on the most recent two (2) fiscal quarters, for which the Consolidated Group has
reported results under Section 6.1, annualized, as of the last day of any fiscal
quarter; or

     (vi) Consolidated Cash Flow to be less than 1.5 times Fixed Charges, based on the most
recent two (2) fiscal quarters, as of the last day of any fiscal quarter.

	6.22  	Environmental Matters. Borrower and its Subsidiaries shall:

     (a) Comply with, and use all reasonable efforts to ensure compliance by all
tenants and subtenants, if any, with, all applicable Environmental Laws and obtain
and comply with and maintain, and use all reasonable efforts to ensure that all
tenants and subtenants obtain and comply with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable
Environmental Laws, except to the extent that failure to do so could not be
reasonably expected to have a Material Adverse Effect; provided that in no event
shall the Borrower or its Subsidiaries be required to modify the terms of leases, or
renewals thereof, with existing tenants (i) at Projects owned by the Borrower or its
Subsidiaries as of the date hereof, or (ii) at Projects hereafter acquired by the
Borrower or its Subsidiaries as of the date of such acquisition, to add provisions
to such effect.

     (b) Conduct and complete all investigations, studies, sampling and testing, and
all remedial, removal and other actions required under Environmental Laws and
promptly comply in all material respects with all lawful orders and directives of
all Governmental Authorities regarding Environmental Laws, except to the extent that
(i) the same are being contested in good faith by appropriate proceedings and the
pendency of such proceedings could not be reasonably expected to have a Material
Adverse Effect, or (ii) the Borrower has determined in good faith that contesting
the same is not in the best interests of the Borrower

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and its Subsidiaries and the failure to contest the same could not be
reasonably expected to have a Material Adverse Effect.

     (c) Defend, indemnify and hold harmless Administrative Agent and each Lender,
and their respective officers and directors, from and against any claims, demands,
penalties, fines, liabilities, settlements, damages, costs and expenses of whatever
kind or nature known or unknown, contingent or otherwise, arising out of, or in any
way relating to the violation of, noncompliance with or liability under any
Environmental Laws applicable to the operations of the Borrower, its Subsidiaries or
the Projects, or any orders, requirements or demands of Governmental Authorities
related thereto, including, without limitation, attorney’s and consultant’s fees,
investigation and laboratory fees, response costs, court costs and litigation
expenses, except to the extent that any of the foregoing arise out of the gross
negligence or willful misconduct of the party seeking indemnification therefor.
This indemnity shall continue in full force and effect regardless of the termination
of this Agreement.

     (d) Prior to the acquisition of a new Project after the Agreement Execution
Date, perform or cause to be performed an environmental investigation consistent
with standards used by institutional purchasers of similar properties. In
connection with any such investigation, Borrower shall cause to be prepared a report
of such investigation, to be made available to any Lenders upon reasonable request,
for informational purposes.

	6.23  	Permitted Investments.

     (a) The Consolidated Group’s Investment in Investment Affiliates, as determined
in accordance with GAAP, shall not at any time exceed thirty percent (30%) of
Consolidated Market Value.

     (b) The Consolidated Group’s Investment in Developable Land (with each asset
valued at the lower of its acquisition cost and its fair market value) shall not at
any time exceed seven and one half percent (7.5%) of Consolidated Capitalization
Value.

     (c) The Consolidated Group’s Investment in Passive Non-Real Estate Investments
(with each asset valued at the lower of its acquisition cost and its fair market
value) shall not at any time exceed seven and one half percent (7.5%) of
Consolidated Capitalization Value.

     (d) The Consolidated Group’s Investment in First Mortgage Receivables (with
each asset valued at the lower of its acquisition cost and its fair market value)
shall not at any time exceed five percent (5%) of Consolidated Capitalization Value.

     (e) The Consolidated Group’s Investment in Assets Under Development shall not
at any time exceed fifteen percent (15%) of Consolidated Capitalization Value.

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     (f) The Consolidated Group’s aggregate Investment in Properties not located in
the United States or Puerto Rico shall not at any time exceed twenty-five percent
(25%) of Consolidated Capitalization Value.

     (g) The Consolidated Group’s aggregate Investment in Developable Land, Passive
Non-Real Estate Investments, First Mortgage Receivables, Assets Under Development,
and Properties not located in the United States or Puerto Rico shall not at any time
exceed thirty percent (30%) of Consolidated Capitalization Value.

ARTICLE VII

DEFAULTS

     The occurrence of any one or more of the following events shall constitute a Default:

     7.1 Nonpayment of any principal payment on any Note when due.

     7.2 Nonpayment of interest upon any Note or of any Facility Fee or other payment Obligations
under any of the Loan Documents within five (5) Business Days after the same becomes due.

     7.3 The breach of any of the terms or provisions of Sections 6.2 through 6.21
and 6.23.

     7.4 Any representation or warranty made or deemed made by or on behalf of the Borrower or any
of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this
Agreement, any Loan, or any material certificate or information delivered in connection with this
Agreement or any other Loan Document shall be materially false on the date as of which made.

     7.5 The breach by the Borrower (other than a breach which constitutes a Default under
Section 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of
this Agreement which is not remedied within fifteen (15) days after written notice from the
Administrative Agent or any Lender.

     7.6 Failure of the Borrower or any of its Subsidiaries to pay when due (A) any Recourse
Indebtedness in excess of $25,000,000 in the aggregate or (B) any Indebtedness, whether or not
Recourse Indebtedness, in excess of $50,000,000 in the aggregate; or the default by the Borrower or
any of its Subsidiaries in the performance of any term, provision or condition contained in any
agreement, or any other event shall occur or condition exist, which causes or permits (A) any
Recourse Indebtedness of the Borrower or any of its Subsidiaries in excess of $25,000,000 in the
aggregate or (B) any Indebtedness, whether or not Recourse Indebtedness, in excess of $50,000,000
in the aggregate to be due and payable or required to be prepaid (other than by a regularly
scheduled payment) prior to the stated maturity thereof (provided that the failure to pay any such
Indebtedness shall not constitute a Default so long as the Borrower or its

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Subsidiaries is diligently contesting the payment of the same by appropriate legal proceedings
and the Borrower or its Subsidiaries have set aside, in a manner reasonably satisfactory to
Administrative Agent, a sufficient reserve to repay such Indebtedness plus all accrued interest
thereon calculated at the default rate thereunder and costs of enforcement in the event of an
adverse outcome).

     7.7 The Borrower, or any Subsidiary having more than $20,000,000 of Equity Value, shall (i)
have an order for relief entered with respect to it under the Federal bankruptcy laws as now or
hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek,
consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner,
liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute
any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in
effect or seeking to adjudicate it as a bankrupt or insolvent, or seeking dissolution, winding up,
liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any
law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an
answer or other pleading denying the material allegations of any such proceeding filed against it,
(v) take any corporate action to authorize or effect any of the foregoing actions set forth in this
Section 7.7, (vi) fail to contest in good faith any appointment or proceeding described in
Section 7.8 or (vii) admit in writing its inability to pay its debts generally as they
become due.

     7.8 A receiver, trustee, examiner, liquidator or similar official shall be appointed for the
Borrower or any Subsidiary having more than $20,000,000 of Equity Value, or for any Substantial
Portion of the Property of the Borrower or such Subsidiary, or a proceeding described in
Section 7.7(iv) shall be instituted against the Borrower or any such Subsidiary and such
appointment continues undischarged or such proceeding continues undismissed or unstayed for a
period of ninety (90) consecutive days.

     7.9 The Borrower or any of its Subsidiaries shall fail within sixty (60) days to pay, bond or
otherwise discharge any judgments or orders for the payment of money in an amount which, when added
to all other judgments or orders outstanding against Borrower or any Subsidiary would exceed
$20,000,000 in the aggregate, which have not been stayed on appeal or otherwise appropriately
contested in good faith.

     7.10 The Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that it has incurred withdrawal liability to such Multiemployer
Plan in an amount which, when aggregated with all other amounts required to be paid to
Multiemployer Plans by the Borrower or any other member of the Controlled Group as withdrawal
liability (determined as of the date of such notification), exceeds $1,000,000 or requires payments
exceeding $500,000 per annum.

     7.11 The Borrower or any other member of the Controlled Group shall have been notified by the
sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being
terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or
termination the aggregate annual contributions of the Borrower and the other members of the
Controlled Group (taken as a whole) to all Multiemployer Plans which are then in reorganization or
being terminated have been or will be increased over the amounts contributed to such Multiemployer
Plans for the respective plan years of each such

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Multiemployer Plan immediately preceding the plan year in which the reorganization or
termination occurs by an amount exceeding $500,000.

     7.12 Failure to remediate within the time period permitted by law or governmental order, after
all administrative hearings and appeals have been concluded (or within a reasonable time in light
of the nature of the problem if no specific time period is so established), environmental problems
at Properties owned by the Borrower or any of its Subsidiaries or Investment Affiliates if the
estimated costs of remediation at all such Properties in the aggregate exceed $20,000,000.

     7.13 The occurrence of any “Default” as defined in any Loan Document or the breach of any of
the terms or provisions of any Loan Document, which default or breach continues beyond any period
of grace therein provided.

     7.14 The occurrence of any Material Adverse Effect.

ARTICLE VIII

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

     8.1 Acceleration. If any Default described in Section 7.7 or 7.8 occurs
with respect to the Borrower, the obligations of the Lenders to make Loans and of the Issuing Bank
to issue Facility Letters of Credit hereunder shall automatically terminate and the Obligations
shall immediately become due and payable without any election or action on the part of the
Administrative Agent or any Lender. If any other Default occurs, the Required Lenders, at any time
prior to the date that such Default has been fully cured, may terminate or suspend the obligations
of the Lenders to make Loans hereunder and to issue Facility Letters of Credit, or declare the
Obligations to be due and payable, or both, whereupon if the Required Lenders elected to accelerate
(i) the Obligations shall become immediately due and payable, without presentment, demand, protest
or notice of any kind, all of which the Borrower hereby expressly waives and (ii) if any automatic
or optional acceleration has occurred, the Administrative Agent, as directed by the Required
Lenders (or if no such direction is given within 30 days after a request for direction, as the
Administrative Agent deems in the best interests of the Lenders, in its sole discretion), shall use
its good faith efforts to collect, including without limitation, by filing and diligently pursuing
judicial action, all amounts owed by the Borrower and any Subsidiary Guarantor under the Loan
Documents.

     In addition to the foregoing, following the occurrence of a Default and so long as any
Facility Letter of Credit has not been fully drawn and has not been cancelled or expired by its
terms, upon demand by the Administrative Agent, the Borrower shall deposit in the Letter of Credit
Collateral Account cash in an amount equal to the aggregate undrawn face amount of all outstanding
Facility Letters of Credit and all fees and other amounts due or which may become due with respect
thereto. The Borrower shall have no control over funds in the Letter of Credit Collateral Account,
which funds will be invested by the Administrative Agent from time to time under the Facility
Letters of Credit. Such funds, if any, remaining in the Letter of Credit Collateral Account
following the payment of all Obligations in full shall, unless the

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Administrative Agent is otherwise directed by a court of competent jurisdiction, be promptly
paid over to the Borrower.

     If, after acceleration of the maturity of the Obligations or termination of the obligations of
the Lenders to make Loans hereunder or to issue Facility Letters of Credit as a result of any
Default (other than any Default as described in Section 7.7 or 7.8 with respect to
the Borrower) and before any judgment or decree for the payment of the Obligations due shall have
been obtained or entered, all of the Lenders (in their sole discretion) shall so direct, the
Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or
termination.

     8.2 Amendments. Subject to the provisions of this Article VIII and the right of
the Borrower, solely with the agreement of the Administrative Agent and such new banks or existing
Lenders as may provide new or increased Commitments, to increase the Aggregate Commitment as
described in Section 2.1 above, the Required Lenders (or the Administrative Agent with the consent
in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto
for the purpose of adding or modifying any provisions to the Loan Documents or changing in any
manner the rights of the Lenders or the Borrower hereunder or waiving any Default hereunder;
provided however, that no such supplemental agreement or waiver shall, without the consent in
writing of all Lenders affected thereby:

     (i) Extend the Facility Termination Date or forgive all or any portion of the principal
amount of any Loan or accrued interest thereon or the Facility Fee, reduce the Applicable
Margins or any accepted Absolute Rate (or modify any definition herein which would have the
effect of reducing the Applicable Margins or any accepted Absolute Rate) or the underlying
interest rate options or extend the time of payment of any such principal, interest or
Facility Fees.

     (ii) Release any Subsidiary Guarantor (other than a Subsidiary Guarantor that has
liquidated all of its assets and applied all of the proceeds of such liquidation in
accordance with its organizational documents) from the Subsidiary Guaranty or any other
future guarantor (other than a Subsidiary Guarantor that has liquidated all of its assets
and applied all of the proceeds of such liquidation in accordance with its organizational
documents) from any liability it may undertake with respect to the Obligations.

     (iii) Reduce the percentage specified in the definition of Required Lenders.

     (iv) Increase the Aggregate Commitment beyond $1,250,000,000 or increase the Commitment
of any Lender.

     (v) Permit the Borrower to assign its rights or obligations under this Agreement.

     (vi) Amend Sections 2.3, 2.13(ii), 2.24, 8.1,
8.2, 11.1, 11.2 or the definition of Required Lenders.

No amendment of any provision of this Agreement relating to the Administrative Agent, the Issuing
Bank or the Swingline Lender shall be effective without the written consent of the Administrative
Agent, the Issuing Bank or the Swingline Lenders as the case may be. Each Lender which has been
designated a Designated Lender may act on behalf of such Designated

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Lender with respect to any rights of such Designated Lender to grant or withhold any consent
hereunder to the fullest extent it has been so delegated to act by such Designated Lender pursuant
to its Designation Agreement.

     8.3 Preservation of Rights. No delay or omission of the Lenders or the Administrative
Agent to exercise any right under the Loan Documents shall impair such right or be construed to be
a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the
existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such
Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such
right shall not preclude other or further exercise thereof or the exercise of any other right, and
no waiver, amendment or other variation of the terms, conditions or provisions of the Loan
Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to
Section 8.2, and then only to the extent in such writing specifically set forth. All
remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be
available to the Administrative Agent and the Lenders until the Obligations have been paid in full.

ARTICLE IX

GENERAL PROVISIONS

     9.1 Survival of Representations. All representations and warranties of the Borrower
contained in this Agreement shall survive delivery of the Notes and the making of the Loans herein
contemplated.

     9.2 Governmental Regulation. Anything contained in this Agreement to the contrary
notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any
limitation or prohibition provided by any applicable statute or regulation.

     9.3 Taxes. Any taxes (excluding taxes on the overall net income of any Lender) or other
similar assessments or charges made by any governmental or revenue authority in respect of the Loan
Documents shall be paid by the Borrower, together with interest and penalties, if any.

     9.4 Headings. Section headings in the Loan Documents are for convenience of reference
only, and shall not govern the interpretation of any of the provisions of the Loan Documents.

     9.5 Entire Agreement. The Loan Documents embody the entire agreement and understanding
among the Borrower, the Administrative Agent and the Lenders and supersede all prior commitments,
agreements and understandings among the Borrower, the Administrative Agent and the Lenders relating
to the subject matter thereof.

     9.6 Several Obligations; Benefits of this Agreement. The respective obligations of the
Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any
other (except to the extent to which the Administrative Agent is authorized to act as such). The

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failure of any Lender to perform any of its obligations hereunder shall not relieve any other
Lender from any of its obligations hereunder. This Agreement shall not be construed so as to
confer any right or benefit upon any Person other than the parties to this Agreement and their
respective successors and assigns.

     9.7 Expenses; Indemnification. The Borrower shall reimburse the Administrative Agent for
any costs, internal charges and out-of-pocket expenses (including, without limitation, all
reasonable fees for consultants and fees and reasonable expenses for attorneys for the
Administrative Agent, which attorneys may be employees of the Administrative Agent) paid or
incurred by the Administrative Agent in connection with the amendment, modification, and
enforcement of the Loan Documents. The Borrower also agrees to reimburse the Administrative Agent
and the Lenders for any reasonable costs, internal charges and out-of-pocket expenses (including,
without limitation, all fees and reasonable expenses for attorneys for the Administrative Agent and
the Lenders, which attorneys may be employees of the Administrative Agent or the Lenders) paid or
incurred by the Administrative Agent or any Lender in connection with the collection and
enforcement of the Loan Documents (including, without limitation, any workout). The Borrower
further agrees to indemnify the Administrative Agent, the Syndication Agent, the Documentation
Agent, each Lender and their Affiliates, and their directors and officers against all losses,
claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all
fees and reasonable expenses for attorneys of the indemnified parties, all expenses of litigation
or preparation therefor whether or not the Administrative Agent, the Syndication Agent, the
Documentation Agent or any Lender is a party thereto) which any of them may pay or incur arising
out of or relating to this Agreement, the other Loan Documents, the Projects, the transactions
contemplated hereby or the direct or indirect application or proposed application of the proceeds
of any Loan hereunder, except to the extent that any of the foregoing arise out of the gross
negligence or willful misconduct of the party seeking indemnification therefor. The obligations of
the Borrower under this Section shall survive the termination of this Agreement.

     9.8 Numbers of Documents. All statements, notices, closing documents, and requests
hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the
Administrative Agent may furnish one to each of the Lenders.

     9.9 Accounting. Except as provided to the contrary herein, all accounting terms used
herein shall be interpreted and all accounting determinations hereunder shall be made in accordance
with GAAP.

     9.10 Severability of Provisions. Any provision in any Loan Document that is held to be
inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable, or invalid without affecting the remaining provisions in that
jurisdiction or the operation, enforceability, or validity of that provision in any other
jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.

     9.11 Nonliability of Lenders. The relationship between the Borrower, on the one hand, and
the Lenders and the Administrative Agent, on the other, shall be solely that of borrower and
lender. Neither the Administrative Agent nor any Lender shall have any fiduciary responsibilities
to the Borrower. Neither the Administrative Agent nor any Lender undertakes

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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.

     9.12 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS
CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW
OF CONFLICTS) OF THE STATE OF ILLINOIS, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL
BANKS.

     9.13 CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR ILLINOIS STATE COURT SITTING IN CHICAGO IN ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY
AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY
SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY
SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT
FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY LENDER TO BRING
PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING
BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE
ADMINISTRATIVE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING
OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN
CHICAGO, ILLINOIS.

     9.14 WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY
WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
(WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR
CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.

     9.15 No Bankruptcy Proceedings. Each of the Borrower, the Lenders and the Administrative
Agent 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 of similar law, for one year and
one day after the payment in full of the latest maturing commercial paper note issued by such
Designated Lender.

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ARTICLE X

THE ADMINISTRATIVE AGENT

     10.1 Appointment. JPMorgan Chase Bank, N.A. is hereby appointed Administrative Agent
hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the
Administrative Agent to act as the agent of such Lender. The Administrative Agent agrees to act as
such upon the express conditions contained in this Article X. The Administrative Agent
shall not have a fiduciary relationship in respect of the Borrower or any Lender by reason of this
Agreement and except as expressly set forth herein for information provided to Administrative Agent
in accordance with the requirements of this Agreement, the Administrative Agent shall not have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to
the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity.

     10.2 Powers. The Administrative Agent shall have and may exercise such powers under the
Loan Documents as are specifically delegated to the Administrative Agent by the terms of each
thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent
shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action
thereunder except any action specifically provided by the Loan Documents to be taken by the
Administrative Agent. The Administrative Agent shall administer this Agreement in the same manner
and with the same standard of care as it administers similar agreements for its own account.

     10.3 General Immunity. Neither the Administrative Agent nor any of its directors,
officers, agents or employees shall be liable to the Borrower, the Lenders or any Lender for (i)
any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or
in connection herewith or therewith except for its or their own gross negligence or willful
misconduct; or (ii) any determination by the Administrative Agent that compliance with any law or
any governmental or quasi-governmental rule, regulation, order, policy, guideline or directive
(whether or not having the force of law) requires the Advances and Commitments hereunder to be
classified as being part of a “highly leveraged transaction”. The foregoing shall not limit the
liability of the Administrative Agent for a breach of its express obligations and undertakings to
the Lenders hereunder which continues after written notice to the Administrative Agent of such
breach and its failure to cure such breach within a reasonable time after such notice.

     10.4 No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor any
of its directors, officers, agents or employees shall be responsible for or have any duty to
ascertain, inquire into, or verify (i) any statement, warranty or representation made in connection
with any Loan Document or any borrowing hereunder; (ii) the performance or observance of any of the
covenants or agreements of any obligor under any Loan Document, including, without limitation, any
agreement by an obligor to furnish information directly to each Lender; (iii) the satisfaction of
any condition specified in Article IV, except receipt of items required to be delivered to
the Administrative Agent; or (iv) the validity, effectiveness or genuineness of any Loan Document
or any other instrument or writing furnished in connection therewith. Except as

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otherwise specifically provided herein, the Administrative Agent shall have no duty to disclose to
the Lenders information that is not required to be furnished by the Borrower to the Administrative
Agent at such time, but is voluntarily furnished by the Borrower to the Administrative Agent
(either in its capacity as Administrative Agent or in its individual capacity). Notwithstanding
anything to the contrary herein, Administrative Agent shall make available promptly after the
Agreement Execution Date to any Lender copies of all Loan Documents in its possession which are
requested by any such Lender. Administrative Agent shall also furnish to all Lenders promptly
after such items are available in final form copies of Default notices issued to the Borrower,
amendments to any Loan Documents being proposed by the Administrative Agent or the Borrower,
financial statements of the Borrower required hereunder, compliance certificates from the Borrower
required by this Agreement or any other notice or communication from the Borrower specifically
relating to this Agreement which is actually received by the Administrative Agent. Promptly after
the Administrative Agent has actual knowledge of the occurrence of a Default hereunder, the
Administrative Agent shall so notify the Lenders.

     10.5 Action on Instructions of Lenders. Notwithstanding anything herein to the contrary,
the Administrative Agent shall in all cases be fully protected in so acting, or refraining from
acting, hereunder and under any other Loan Document in accordance with written instructions signed
by the Required Lenders or all of the Lenders, as the case may be, and such instructions and any
action taken or failure to act pursuant to such written instructions shall be binding on all of the
Lenders and on all holders of Notes and on the Administrative Agent.

     10.6 Employment of Agents and Counsel. The Administrative Agent may execute any of its
duties as Administrative Agent hereunder and under any other Loan Document by or through employees,
agents, and attorneys-in-fact and shall not be answerable to the Lenders, except as to money or
securities received by it or its authorized agents, for the default or misconduct of any such
agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall be
entitled to advice of counsel concerning all matters pertaining to the agency hereby created and
its duties hereunder and under any other Loan Document.

     10.7 Reliance on Documents; Counsel. The Administrative Agent shall be entitled to rely
upon any Note, notice, consent, certificate, affidavit, letter, telegram, statement, paper or
document believed by it to be genuine and correct and to have been signed or sent by the proper
person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the
Administrative Agent, which counsel may be employees of the Administrative Agent.

     10.8 Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to
reimburse and indemnify the Administrative Agent ratably in proportion to their respective
Commitments (i) for any amounts not reimbursed by the Borrower for which the Administrative Agent
is entitled to reimbursement by the Borrower under the Loan Documents (and without limiting the
obligation of the Borrower to so reimburse), (ii) for any other expenses incurred by the
Administrative Agent on behalf of the Lenders, in connection with the preparation, execution,
delivery, administration and enforcement of the Loan Documents, if not paid by Borrower and (iii)
for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or
asserted against the Administrative Agent in any way relating to or arising out of the Loan
Documents or any other document delivered in connection therewith or

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the transactions contemplated thereby, or the enforcement of any of the terms thereof or of any
such other documents, provided that no Lender shall be liable for any of the foregoing to the
extent they arise from the gross negligence or willful misconduct or a breach of the Administrative
Agent’s express obligations and undertakings to the Lenders which is not cured after written notice
and within the period described in Section 10.3, and provided further that no Designated
Lender shall be liable for any payment under this Section 10.8 so long as, and to the extent that,
the Lender designating such Designated Lender makes such payment. To the extent any amounts so
paid by Lenders are thereafter recovered by the Administrative Agent from the Borrower or any
Subsidiary Guarantor or otherwise, such recovered amount shall be remitted to the Lenders making
such payment on a pro rata basis in accordance with their respective portions of such payment. The
obligations of the Lenders and the Administrative Agent under this Section 10.8 shall
survive payment of the Obligations and termination of this Agreement.

     10.9 Rights as a Lender. In the event the Administrative Agent is a Lender, the
Administrative Agent shall have the same rights and powers hereunder and under any other Loan
Document as any Lender and may exercise the same as though it were not the Administrative Agent,
and the term “Lender” or “Lenders” shall, at any time when the Administrative Agent is a Lender,
unless the context otherwise indicates, include the Administrative Agent in its individual
capacity. The Administrative Agent may accept deposits from, lend money to, and generally engage
in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this
Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the
Borrower or such Subsidiary is not restricted hereby from engaging with any other Person. The
Administrative Agent, in its individual capacity, is not obligated to remain a Lender but if the
Administrative Agent is no longer a Lender, the Administrative Agent shall resign and a successor
shall be appointed as described in Section 10.11. The rights and duties of the
Administrative Agent are separate from its rights and duties as a Lender and no transfer of all or
any part of the Administrative Agent’s Commitment or its interest as a Lender in the Loans
hereunder shall be deemed to transfer any of its rights and duties as Administrative Agent to its
successor or successors as a Lender.

     10.10 Lender Credit Decision. Each Lender acknowledges that it has, independently and
without reliance upon the Administrative Agent or any other Lender and based on the financial
statements prepared by the Borrower and such other documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement and the other
Loan Documents. Each Lender also acknowledges that it will, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under this Agreement and the other Loan Documents.

     10.11 Successor Administrative Agent. Except as otherwise provided below, JPMorgan Chase
Bank shall serve as Administrative Agent at all times during the term of this Facility. JPMorgan
Chase Bank may resign as Administrative Agent in the event (x) JPMorgan Chase Bank and Borrower
shall mutually agree in writing or (y) an Event of Default shall occur and be continuing under the
Loan Documents, or (z) JPMorgan Chase Bank shall determine, in its sole reasonable discretion, that
because of its other banking relationships with Borrower and/or Borrower’s Affiliates at the time
of such decision JPMorgan Chase Bank’s resignation as Administrative Agent would be necessary in
order to avoid creating an appearance of

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impropriety on the part of JPMorgan Chase Bank. JPMorgan Chase Bank (or any successor
Administrative Agent) may be removed as Administrative Agent by written notice received by
Administrative Agent from the Required Lenders at any time with cause (i.e., a breach by JPMorgan
Chase Bank (or any successor Administrative Agent) of its duties as Administrative Agent hereunder)
or for gross negligence or willful misconduct. Upon any such resignation or removal, the Required
Lenders shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor
Administrative Agent. If no successor Administrative Agent shall have been so appointed by the
Required Lenders within thirty days after the resigning or removed Administrative Agent’s giving
notice of its intention to resign or its receipt of notice of removal, then the resigning or
removed Administrative Agent shall, prior to the effective date of its resignation, appoint, on
behalf of the Borrower and the Lenders, a successor Administrative Agent. No successor
Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative
Agent has accepted the appointment. Any such successor Administrative Agent shall be a commercial
bank having capital and retained earnings of at least $500,000,000. Upon the acceptance of any
appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor
Administrative Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the resigning Administrative Agent. Upon the effectiveness of the
resignation or removal of the Administrative Agent, the resigning or removed Administrative Agent
shall be discharged from its duties and obligations hereunder and under the Loan Documents. After
the effectiveness of the resignation or removal of an Administrative Agent, the provisions of this
Article XI shall continue in effect for the benefit of such Administrative Agent in respect of any
actions taken or omitted to be taken by it while it was acting as the Administrative Agent
hereunder and under the other Loan Documents, subject to the limitations contained in such Article
XI.

ARTICLE XI

SETOFF; RATABLE PAYMENTS

     11.1 Setoff. In addition to, and without limitation of, any rights of the Lenders under
applicable law, if the Borrower becomes insolvent, however evidenced, or any Default occurs, any
and all deposits (including all account balances, whether provisional or final and whether or not
collected or available) and any other Indebtedness at any time held or owing by any Lender or any
of its Affiliates to or for the credit or account of the Borrower may be offset and applied toward
the payment of the Obligations owing to such Lender at any time prior to the date that such Default
has been fully cured, whether or not the Obligations, or any part hereof, shall then be due.

     11.2 Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to
it upon its Loans (other than payments received pursuant to Sections 3.1, 3.2 or
3.4) in a greater proportion than that received by any other Lender, such Lender agrees,
promptly upon demand, to purchase a portion of the Loans held by the other Lenders so that after
such purchase each Lender will hold its ratable proportion of Loans. If any Lender, whether in
connection with setoff or amounts which might be subject to setoff or otherwise, receives
collateral or other protection for its Obligations or such amounts which may be subject to setoff,
such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share
in the

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benefits of such collateral ratably in proportion to their Loans. In case any such payment is
disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

ARTICLE XII

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

     12.1 Successors and Assigns. The terms and provisions of the Loan Documents shall be
binding upon and inure to the benefit of the Borrower and the Lenders and their respective
successors and assigns, except that (i) the Borrower shall not have the right to assign its rights
or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in
compliance with Section 12.3. Notwithstanding clause (ii) of this Section, any Lender may
at any time, without the consent of the Borrower or the Administrative Agent, assign all or any
portion of its rights under this Agreement and its Notes to a Federal Reserve Bank; provided,
however, that no such assignment shall release the transferor Lender from its obligations
hereunder. The Administrative Agent may treat the payee of any Note as the owner thereof for all
purposes hereof unless and until such payee complies with Section 12.3 in the case of an
assignment thereof or, in the case of any other transfer, a written notice of the transfer is filed
with the Administrative Agent. Any assignee or transferee of a Note agrees by acceptance thereof
to be bound by all the terms and provisions of the Loan Documents. Any request, authority or
consent of any Person, who at the time of making such request or giving such authority or consent
is the holder of any Note, shall be conclusive and binding on any subsequent holder, transferee or
assignee of such Note or of any Note or Notes issued in exchange therefor.

     12.2 Participations.

     12.2.1 Permitted Participants; Effect. Any Lender may, in the ordinary course
of its business and in accordance with applicable law, at any time sell to one or more
banks, financial institutions, pension funds, or any other funds or entities
(“Participants”) participating interests in any Loan owing to such Lender, any Note
held by such Lender, any Commitment of such Lender or any other interest of such Lender
under the Loan Documents. In the event of any such sale by a Lender of participating
interests to a Participant, such Lender’s obligations under the Loan Documents shall remain
unchanged, such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, such Lender shall remain the holder of any such Note for
all purposes under the Loan Documents, all amounts payable by the Borrower under this
Agreement shall be determined as if such Lender had not sold such participating interests,
and the Borrower and the Administrative Agent shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under the Loan
Documents.

     12.2.2 Voting Rights. Each Lender shall retain the sole right to approve,
without the consent of any Participant, any amendment, modification or waiver of any
provision of the Loan Documents other than any amendment, modification or waiver with
respect to any Loan or Commitment in which such Participant has an interest which forgives
principal, interest or fees or reduces the interest rate or fees payable with respect to any

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such Loan or Commitment or postpones any date fixed for any regularly-scheduled payment
of principal of, or interest or fees on, any such Loan or Commitment or releases any
Subsidiary from the Subsidiary Guaranty.

     12.2.3 Benefit of Setoff. The Borrower agrees that each Participant which has
previously advised the Borrower in writing of its purchase of a participation in a Lender’s
interest in its Loans shall be deemed to have the right of setoff provided in Section
11.1 in respect of its participating interest in amounts owing under the Loan Documents
to the same extent as if the amount of its participating interest were owing directly to it
as a Lender under the Loan Documents. Each Lender shall retain the right of setoff provided
in Section 11.1 with respect to the amount of participating interests sold to each
Participant, provided that such Lender and Participant may not each setoff amounts against
the same portion of the Obligations, so as to collect the same amount from the Borrower
twice. The Lenders agree to share with each Participant, and each Participant, by
exercising the right of setoff provided in Section 11.1, agrees to share with each
Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to
be shared in accordance with Section 11.2 as if each Participant were a Lender.

     12.3 Assignments.

     12.3.1 Permitted Assignments. Any Lender may, in the ordinary course of its
business and in accordance with applicable law, at any time assign to any of such Lender’s
affiliates or to one or more banks, financial institutions or pension funds, or with the
prior approval of the Borrower, which shall not be unreasonably withheld or delayed, any
other entity (“Purchasers”) all or any portion of its rights and obligations under
the Loan Documents. Notwithstanding the foregoing, no approval of the Borrower shall be
required for any such assignment if a Default has occurred and is then continuing. Such
assignment shall be substantially in the form of Exhibit D hereto or in such other
form as may be agreed to by the parties thereto. The consent of the Administrative Agent
shall be required prior to an assignment becoming effective except in the case of an
assignment to an Affiliated Qualified Institution. Such consent shall not be unreasonably
withheld.

     12.3.2 Effect; Effective Date. Upon (i) delivery to the Administrative Agent
of a notice of assignment, substantially in the form attached as Exhibit “I” to Exhibit
D hereto (a “Notice of Assignment”), together with any consents required by
Section 12.3.1, and (ii) payment of a $3,500 fee by the assignor or assignee to the
Administrative Agent for processing such assignment, such assignment shall become effective
on the effective date specified in such Notice of Assignment. The Notice of Assignment
shall contain a representation by the Purchaser to the effect that none of the consideration
used to make the purchase of the Commitment and Loans under the applicable assignment
agreement are “plan assets” as defined under ERISA and that the rights and interests of the
Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and
after the effective date of such assignment, such Purchaser shall for all purposes be a
Lender party to this Agreement and any other Loan Document executed by the Lenders and shall
have all the rights and obligations of a Lender under the Loan Documents, to the same extent
as if it were an original party hereto, and no further consent or action by the Borrower,
the Lenders or the Administrative Agent shall be required to release the

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transferor Lender, and the transferor Lender shall automatically be released on the
effective date of such assignment, with respect to the percentage of the Aggregate
Commitment and Loans assigned to such Purchaser. Upon the consummation of any assignment to
a Purchaser pursuant to this Section 12.3.2, the transferor Lender, the
Administrative Agent and the Borrower shall make appropriate arrangements so that
replacement Notes are issued to such transferor Lender and new Notes or, as appropriate,
replacement Notes, are issued to such Purchaser, in each case in principal amounts
reflecting their Commitment, as adjusted pursuant to such assignment.

     12.4 Dissemination of Information. The Borrower authorizes each Lender to disclose to any
Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by
operation of law (each a “Transferee”) and any prospective Transferee any and all
information in such Lender’s possession concerning the creditworthiness of the Borrower and its
Subsidiaries, subject to Section 12.6.

     12.5 Tax Treatment. If any interest in any Loan Document is transferred to any Transferee
which is organized under the laws of any jurisdiction other than the United States or any State
thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of
such transfer, to comply with the provisions of Section 3.5.

     12.6 Confidentiality. The Administrative Agent and Lenders agree to take normal and
reasonable precautions and exercise due care to maintain the confidentiality of all non-public
information provided to them by the Borrower or by any other Person on the Borrower’s behalf in
connection with the Loan Documents and agree and undertake that neither they nor any of their
Affiliates shall disclose any such information for any purpose or in any manner other than pursuant
to the terms contemplated by the Loan Documents. The Administrative Agent and each Lender may
disclose such information (1) at the request of any regulatory authority with jurisdiction over the
Administrative Agent and/or the Lenders or in connection with an examination of such Person by any
such authority, (2) pursuant to subpoena or other process of a court having jurisdiction over the
Administrative Agent and/or the Lenders, (3) when required to do so in accordance with the
provisions of any applicable law, (4) at the express direction of any other governmental authority,
with jurisdiction over the Administrative Agent and/or the Lenders, of any State of the United
States of America or of any other jurisdiction in which such Person conducts its business, (5) to
such Person’s independent auditors, attorneys and other professional advisors, (6) if such
information has become public other than through disclosure by such Person or any Lender, (7) in
connection with any litigation involving such Person, and (8) to any Affiliate of such Person which
agrees to be bound by this Section 12.6. Notwithstanding the foregoing, the Borrower
authorizes each of the Administrative Agent and each Lender to disclose to any prospective or
actual Transferee such financial and other information in its possession (i) which has been
delivered to such Person pursuant to the Loan Documents or which has been delivered to such Person
by the Borrower prior to entering into the Loan Documents, or (ii) which is reasonably necessary to
effectuate the purposes of this Agreement and the Loan Documents; provided that, unless otherwise
agreed by the Borrower, such Transferee shall agree to keep such information confidential to the
same extent required to the Administrative Agent or any Lender, as applicable, hereunder. The
Borrower hereby consents to the disclosure of any non-public information with respect to it which
is related to this transaction by any Designated Lender to any rating agency, commercial paper
dealer, or provider of a surety, guaranty or credit or liquidity enhancement to such Designated
Lender.

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     12.7 USA Patriot Act. Each Lender 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))
(the “Act”), it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other information that will
allow such Lender to identify the Borrower in accordance with the Act. Any Lender may request
additional information with respect to any Qualified Borrower in connection with such Lender’s
“Know your customer” procedures.

     12.8 Co-Agents: Lead Managers. None of the Lenders identified on the facing page or
signature pages of this Agreement as a “documentation agent,” “syndication agent,” “managing
agent”, “co-agent” or “joint arranger/joint book manager” shall have the right, power, obligation,
liability, responsibility or duty under this Agreement other than those applicable to all Lenders
as such. Without limiting the foregoing, none of Lenders so identified as a “documentation agent,”
“syndication agent, “managing agent”, “co-agent” or “joint arranger/joint book manager” shall have
or be deemed to have any fiduciary relationship with any Lenders. Each Lender acknowledges that it
has not relied, and will not rely, on any of Lenders so identified in deciding to enter into this
Agreement or in taking or not taking action hereunder.

ARTICLE XIII

NOTICES

     13.1 Giving Notice. Except as otherwise permitted by Section 2.14 with respect to
borrowing notices, all notices and other communications provided to any party hereto under this
Agreement or any other Loan Document shall be in writing or by telex or by facsimile and addressed
or delivered to such party at its address set forth below its signature hereto or at such other
address (or to counsel for such party) as may be designated by such party in a notice to the other
parties. Any notice, if mailed and properly addressed with postage prepaid, shall be deemed given
when received; any notice, if transmitted by telex or facsimile, shall be deemed given when
transmitted (answerback confirmed in the case of telexes).

     13.2 Change of Address. The Borrower, the Administrative Agent and any Lender may each
change the address for service of notice upon it by a notice in writing to the other parties
hereto.

ARTICLE XIV

COUNTERPARTS

     This Agreement may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing
any such counterpart. This Agreement shall be effective when it has been executed by the Borrower,
the Administrative Agent and the Lenders and each party has notified the Administrative Agent by
telex or telephone, that it has taken such action.

(Remainder of page intentionally left blank.)

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     IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed
this Agreement as of the date first above written.

	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ William H. Schafer
	 	 	 	 	 
	 	 	Print Name:	William H. Schafer
	

	 	 	 	 	 
	

	 	Title:	 	Senior Vice President and CFO
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	DDR PR VENTURES LLC, S.E.
	

	 	By:	 	/s/ William H. Schafer
	 	 	 	 	 
	 	 	Print Name:	William H. Schafer
	

	 	 	 	 	 
	

	 	Title:	 	Senior Vice President and CFO
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	3300 Enterprise Parkway

Beachwood, Ohio 44122

Phone: 216/755-5775

Facsimile: 216/755-1775

Attention: Chief Financial Officer
	 
	 	 	 	 	 	 
	 	 	with a copy to:
	 
	 	 	 	 	 	 
	 	 	3300 Enterprise Parkway

Beachwood, Ohio 44122

Phone: 216/755-5650

Facsimile: 216/755-1560

Attention: General Counsel

S-1

 

	 	 	 	 	 	 	 
	COMMITMENTS:

$78,000,000	 	JPMORGAN CHASE BANK, N.A.,

Individually and as Administrative Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Kenneth S. Nelson
	 	 	 	 	 
	 	 	Print Name:	Kenneth S. Nelson
	

	 	 	 	 	 
	

	 	Title:	 	Vice President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	1 Bank One Plaza, IL 1-0315

Chicago, Illinois 60670

Phone: 312/325-3114

Facsimile: 312/325-3122

Attention: Real Estate and Lodging Investment Banking

S-2

 

	 	 	 	 	 	 	 
	$60,000,000	 	BANK OF AMERICA, N.A.,

Individually and as Syndication Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Michael W. Edwards
	 	 	 	 	 
	 	 	Print Name:	Michael W. Edwards
	

	 	 	 	 	 
	

	 	Title:	 	Senior Vice President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	231 South LaSalle Street

Chicago, IL 60604

Phone: 312/828-5215

Facsimile: 312/974-4970

Attention: Ms. Cheryl Sneor

S-3

 

	 	 	 	 	 
	$55,000,000	 	COMMERZBANK AG,

Individually and as Documentation Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Christian Berry
	

	 	 	 	 
	 	 	Print Name: Christian Berry
	

	 	Title:
	 	          Vice President
	 
	 	 	 	 
	 
	 	 	 	 
	

	 	By:	 	/s/ James Brett
	

	 	 	 	 
	 	 	Print Name: James Brett
	

	 	Title:
	 	          Assistant Treasurer
	 
	 	 	 	 
	 	 	2 World Financial Center

New York, NY 10281-1050

Phone: 212-266-7569

Facsimile: 212-266-7565

Attention: Mr. Douglas Traynor

S-4

 

	 	 	 	 	 
	$55,000,000	 	WACHOVIA BANK, NA.,

Individually and as Documentation Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Cathy Casey
	

	 	 	 	 
	 	 	Print Name: Cathy Casey
	

	 	Title:
	 	Director
	 
	 	 	 	 
	 	 	Mail Code NC-0172, 16th Floor

301 S. College Street

Charlotte, NC 28288

Phone: 704/383-6506

Facsimile: 704/383-6205

Attention: Mr. Rex E. Rudy

S-5

 

	 	 	 	 	 
	$55,000,000	 	WELLS FARGO BANK, N.A.,

Real Estate Finance Group,

Individually and as Documentation Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Scott Solis
	

	 	 	 	 
	 	 	Print Name: Scott Solis
	

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	123 North Wacker Drive

Suite 1900

Chicago, IL 60606

Phone: 312-269-4818

Facsimile: 312-782-0969

Attention: Mr. Scott Solis

S-6

 

	 	 	 	 	 
	$45,000,000	 	US BANK N.A.,

Individually and as Managing Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Mark O. Conzelmann
	

	 	 	 	 
	 	 	Print Name: Mark O. Conzelmann
	

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	1350 Euclid Avenue

Cleveland, OH 44115

Phone: 216-623-9210

Facsimile: 216-241-0164

Attention: Mr. Mark Conzelmann

S-7

 

	 	 	 	 	 
	$30,000,000	 	THE BANK OF NOVA SCOTIA

Individually and as Managing Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Robert Boese
	

	 	 	 	 
	 	 	Print Name: Robert Boese
	

	 	Title:
	 	Managing Director
	 
	 	 	 	 
	 	 	One Liberty Plaza, 25th Floor

New York, NY 10006

Phone: 212-225-5167

Facsimile: 212-225-5166

Attention: Mr. Robert Boese

S-8

 

	 	 	 	 	 	 	 
	$30,000,000	 	DEUTSCHE BANK TRUST COMPANY AMERICAS

Individually and as Managing Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ James Rolison
	 	 	 	 	 
	 	 	Print Name:	 	James Rolison
	

	 	 	 	 	 	 
	

	 	Title:	 	Director	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Linda Wang
	 	 	 	 	 
	 	 	Print Name:	 	Linda Wang
	

	 	 	 	 	 	 
	

	 	Title:	 	Vice President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	200 Crescent Court

Suite 550

Dallas, Texas 75201

Phone: 214-740-7913

Facsimile: 214-740-7910

Attention: Mr. Gerry Dupont

[Signature Page to DDR Amended and Restated Credit Agreement dated as of March 30, 2005]

S-9

 

	 	 	 	 	 	 	 
	$30,000,000	 	EUROHYPO AG, NEW YORK BRANCH

Individually and as Managing Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Ben Marciano
	 	 	 	 	 
	 	 	Print Name:	 	Ben Marciano
	

	 	 	 	 	 	 
	

	 	Title:	 	Managing Director
	 	 	 	 	 
	 
	

	 	and by:	 	 
	 
	

	 	By:	 	/s/ Stephen Cox
	 	 	 	 	 
	 	 	Print Name:	 	Stephen Cox
	

	 	 	 	 	 	 
	

	 	Title:	 	Vice President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Head of Portfolio Operations

Eurohypo AG, New York Branch

1114 Avenue of the Americas

29th Floor

New York, NY 10021

Phone: (212) 479-5700

Fax: (866) 267-7680
	 
	 	 	 	 	 	 
	 	 	With a copy to:
	 
	 	 	 	 	 	 
	 	 	Head of Legal Department

Eurohypo AG, New York Branch

1114 Avenue of the Americas

29th Floor

New York, NY 10021

Phone: (212) 479-5700

Fax: (866) 267-7680

S-10

 

	 	 	 	 	 
	$30,000,000	 	ING REAL ESTATE FINANCE (USA) LLC,

Individually and as Managing Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Daniel Sliwak
	

	 	 	 	 
	 	 	Print Name: Daniel Sliwak
	

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	230 Park Avenue, 12th Floor

New York, NY 10169

Phone: 212-883-2627

Facsimile: 212-883-2927

Attention: Mr. Daniel Sliwak

S-11

 

	 	 	 	 	 
	$30,000,000	 	MORGAN STANLEY BANK

Individually and as Managing Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Daniel Twenge
	

	 	 	 	 
	 	 	Print Name: Daniel Twenge
	

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	1633 Broadway

25th Floor

New York, NY 10019

Phone: 212-537-1532 / 2484

Facsimile: 212-537-1867 / 1866

Attention: Erna Dell’aquila / Edward Henley

S-12

 

	 	 	 	 	 
	$30,000,000	 	PNC BANK, N.A.

Individually and as Managing Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Michael E. Smith
	

	 	 	 	 
	 	 	Print Name: Michael E. Smith
	

	 	Title:
	 	Senior Vice President
	 
	 	 	 	 
	 	 	One PNC Plaza

249 Fifth Avenue

Pittsburgh, PA 15222

Phone: 412-768-9135

Facsimile: 412-762-6500

Attention: Mr. Michael E. Smith

S-13

 

	 	 	 	 	 
	$27,000,000	 	AM SOUTH BANK

Individually and as Managing Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Robert Blair
	

	 	 	 	 
	 	 	Print Name: Robert Blair
	

	 	Title:
	 	          Vice President
	 
	 	 	 	 
	 	 	1900 Fifth Avenue North

BAC15

Birmingham, AL 35203

Phone: 205-326-4071

Facsimile: 205-326-4075

Attention: Mr. Robert Blair

S-14

 

	 	 	 	 	 	 	 
	$27,000,000	 	THE HUNTINGTON NATIONAL BANK

Individually and as Co-Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Richard Goss
	 	 	 	 	 
	 	 	Print Name:	 	Richard Goss
	

	 	 	 	 	 	 
	

	 	Title:	 	Vice President
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	917 Euclid Avenue, CM17

Cleveland, OH 44115

Phone: 216-515-0683

Facsimile: 216-515-6369

Attention: Mr. Richard Goss

S-15

 

	 	 	 	 	 
	$27,000,000	 	LA SALLE BANK, NATIONAL ASSOCIATION

Individually and as Managing Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ Robert Goeckel
	

	 	 	 	 
	 	 	Print Name: Robert Goeckel
	

	 	Title:
	 	          AVP
	 
	 	 	 	 
	 	 	135 South LaSalle Street

Suite 1225

Chicago, IL 60603

Phone: 312-904-4705

Facsimile: 312-904-6691

Attention: Mr. Robert Goeckel

S-16

 

	 	 	 	 	 
	$27,000,000	 	SOVEREIGN BANK

Individually and as Co-Agent
	 
	 	 	 	 
	

	 	By:	 	/s/ T. Gregory Donohue
	

	 	 	 	 
	 	 	Print Name: T. Gregory Donohue
	

	 	Title:
	 	Senior Vice President
	 
	 	 	 	 
	 	 	75 State Street

Boston, MA 02109

Telephone: 617-757-3418

Facsimile: 617-757-5652

Attention: Ms. Katherine Felpel

S-17

 

	 	 	 	 	 
	$27,000,000	 	SUNTRUST BANK

Individually and as Co-Agent
	 
	 	 	 	 
	

	 	By:      /s/   Nancy B. Richards
	

	 	 	 	 
	 	 	Print Name: Nancy B. Richards
	

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	8330 Boone Boulevard

8th Floor

Vienna, VA 22182

Phone: 703-442-1557

Facsimile: 703-442-1570

Attention: Ms. Nancy B. Richards

S-18

 

	 	 	 	 	 	 	 
	$27,000,000	 	UBS LOAN FINANCE LLC

Individually and as Co-Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/   Edward Cripps
	 	 
	 	 	 	 	 
	 	 	Print Name:            Edward
Cripps	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	Director	 	 
	 	 	 	 	 
	 
	

	 	and by:	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/   Winslowe
Ogbourne	 	 
	 	 	 	 	 
	 	 	Print
Name:            Winslowe
Ogbourne	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	Associate Director	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	299 Park Avenue

New York, NY 10171

Phone: 212-821-6490

Facsimile: 212-821-3900

Attention: Mr. Jeffrey Wald

S-19

 

	 	 	 	 	 	 	 
	$25,000,000	 	BARCLAYS BANK PLC

Individually and as Co-Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/   Allison
McGuigan	 	 
	 	 	 	 	 
	 	 	Print Name:            Allison
McGuigan	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	Associate Director	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	200 Park Avenue

New York, NY 10166

Telephone: 212-412-7672

Facsimile: 212-412-7600

Attention: Ms. Alison McGuigan

S-20

 

	 	 	 	 	 
	$25,000,000	 	MANUFACTURERS AND TRADERS TRUST COMPANY

Individually and as Co-Agent
	 
	 	 	 	 
	

	 	By:	 	   /s/   Kevin
B. Quinn
	

	 	 	 	 
	 	 	Print Name: Kevin B. Quinn
	

	 	Title:
	 	          Vice President
	 
	 	 	 	 
	 	 	One Fountain Plaza

12th Floor

Buffalo, NY 14203-1495

Telephone: 716-848-7337

Facsimile: 716-848-7318

Attention Mr. Kevin B. Quinn

S-21

 

	 	 	 	 	 	 	 
	$25,000,000	 	MIZUHO CORPORATE BANK, LTD.

Individually and as Co-Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/   Bertram
H. Tang	 	 
	 	 	 	 	 
	 	 	Print
Name:            Bertram
H. Tang	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	Sr. Vice President &
Team Leader	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	1251 Avenue of the Americas

New York, NY 10020

Telephone: 212-282-3175

Facsimile: 212-282-4488/4489

Attention: Mr. Randy Fleisher

S-22

 

	 	 	 	 	 	 	 
	$25,000,000	 	NOMURA FUNDING FACILITY

CORPORATION, LTD.

Individually and as Co-Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Mark Brown	 	 
	 	 		 	 
	 	 	Print Name:	 	Mark Brown
	

	 	 	 	 	 	 
	

	 	Title:	 	Managing Director	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	3 Harbour Master Place

1FSC, Dublin 1

Ireland
	 	 	Telephone:	 	 	35316220297
	

	 	 	 	 	 	 
	 	 	Facsimile:	 	 	01135316700288
	

	 	 	 	 	 	 
	 	 	Attention:	 	 	Michael Delaney
	

	 	 	 	 	 	 

S-23

 

	 	 	 	 	 	 	 
	$25,000,000	 	UFJ BANK LIMITED

Individually and as Co-Agent
	 
	 	 	 	 	 	 
	

	 	By:	 	/s/ Jesse McDonald	 	 
	 	 	 	 	 
	 	 	Print Name:	 	Jesse McDonald
	

	 	 	 	 	 	 
	

	 	Title:	 	Vice President	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	55 East 52nd Street

New York, NY 10055

Telephone: 212-339-6210

Facsimile: 212-754-1304

Attention: Jesse McDonald

S-24

 

	 	 	 	 	 
	$20,000,000	 	COMERICA BANK

	 
	 	 	 	 
	

	 	By:	 	/s/ James Graycheck
	

	 	 	 	 
	 	 	Print Name: James Graycheck
	

	 	Title:
	 	          AVP
	 
	 	 	 	 
	 	 	500 Woodward Avenue

MC 3256

Detroit, MI 48226

Telephone: 313-222-1276

Facsimile: 313-222-9295

Attention: Mr. James Graycheck

S-25

 

	 	 	 	 	 
	$20,000,000	 	KEYBANK NATIONAL ASSOCIATION

	 
	 	 	 	 
	

	 	By:      /s/ Michael
Kauffman	 	 
	

	 	 	 	 
	 	 	Print Name: Michael
Kauffman
	

	 	Title:
	 	Vice President
	 
	 	 	 	 
	 	 	127 Public Square

8th Floor

Cleveland, OH 44114

Phone: 216-689-4545

Facsimile: 216-689-4997

Attention: Michael
Kauffman

S-26

 

	 	 	 	 	 	 	 
	$20,000,000	 	LEHMAN COMMERCIAL PAPER INC.

	 
	 	 	 	 	 	 
	

	 	By:        /s/  Francis
X. Gilhool	 	 	 	 
	 	 	 	 	 
	 	 	Print Name:	 	Francis X. Gilhool
	

	 	 	 	 	 	 
	

	 	Title:	 	 	 	Authorized Signatory
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	399 Park Avenue

8th Floor

New York, NY 10022

Telephone: (212) 526-5153

Facsimile: (646) 758-4672

Attention: Thomas Buffa

S-27

 

	 	 	 	 	 
	$20,000,000	 	SUMITOMO MITSUI BANKING CORPORATION

	 
	 	 	 	 
	

	 	By:      /s/  Masakazll
Hasegawa	 	 
	

	 	 	 	 
	 	 	Print Name:  Masakazll
Hasegawa
	

	 	Title:
	 	Joint General Manager
	 
	 	 	 	 
	 	 	277 Public Square

New York, NY 10172

Phone: 212-224-4178

Facsimile: 212-224-4887

Attention: Mr. Charles J. Sullivan

S-28

 

PAGE INTENTIONALLY LEFT BLANK

S-29

 

	 	 	 	 	 	 	 	 	 
	$18,000,000	 	BANCO POPULAR DE PUERTO RICO
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Hector J. Gonzalez	 	 
	 	 	 	 	 	 	 
	 	 	Print Name:	Hector J. Gonzalez
	

	 	 	 	 	 	 	 	 
	

	 	Title:	 	Vice President
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	7 West 51st Street
	 	 	New York, NY 10019
	 	 	Telephone: 212-445-1988
	 	 	Facsimile: 212-245-4677
	 	 	Attention: Mr. Hector J. Gonzalez

S-30

 

	 	 	 	 	 	 	 	 	 
	$18,000,000	 	CHARTER ONE BANK, N.A.
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Daniel P. Freeman	 	 
	 	 	 	 	 	 	 
	 	 	Print Name: Daniel P. Freeman
	 	 	Title: Senior Vice President
	 
	 	 	 	 	 	 	 	 
	 	 	Citizens Bank
	 	 	One Citizens Plaza (RC0440)
	 	 	Providence, RI 02903
	 	 	Phone: (401) 455-5425
	 	 	Facsimile: (401) 282-4485
	 	 	Attention: Mr. Craig E. Schermerhorn

S-31

 

	 	 	 	 	 	 	 	 	 
	$18,000,000	 	THE NORTHERN TRUST COMPANY
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Robert Wiarda	 	 
	 	 	 	 	 	 	 
	 	 	Print Name: Robert Wiarda
	 	 	Title: Vice President
	 
	 	 	 	 	 	 	 	 
	 	 	50 South LaSalle Street, 2nd Floor
	 	 	Chicago, IL 60675
	 	 	Phone: 312-444-3380
	 	 	Facsimile: 312-444-7028
	 	 	Attention: Mr. Robert Wiarda

S-32

 

	 	 	 	 	 	 	 	 	 
	$15,000,000	 	CITICORP NORTH AMERICA, INC.
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Blake Gronich	 	 
	 	 	 	 	 	 	 
	 	 	Print Name: Blake Gronich
	

	 	Title:	 	Vice President	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	390 Greenwich Street, Floor 1
	 	 	New York, NY 10013
	 	 	Phone: 212-723-6590
	 	 	Facsimile: 212-723-8547
	 	 	Attention: Mr. Blake Gronich

S-33

 

	 	 	 	 	 	 	 	 	 
	$15,000,000	 	MELLON BANK, N.A.
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Allan C. Kirkman	 	 
	 	 	 	 	 	 	 
	 	 	Print Name:	 	Allan C. Kirkman
	

	 	 	 	 	 	 	 	 
	

	 	Title:	 	Executive Vice President	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Suite 5325
	 	 	One Mellon Center
	 	 	Pittsburgh, PA 15258-0001
	 	 	Phone: 412-234-9625
	 	 	Facsimile: 412-234-8657
	 	 	Attention: Mr. Thomas Greulich

S-34

 

	 	 	 	 	 	 	 	 	 
	$11,000,000	 	FIRST TENNESSEE BANK NATIONAL ASSOCIATION
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Greg Cullum	 	 
	 	 	 	 	 	 	 
	 	 	Print Name: Greg Cullum
	 	 	Title: Senior Vice President
	 
	 	 	 	 	 	 	 	 
	 	 	701 Market Street
	 	 	Chattanooga, TN 37402
	 	 	Phone: 423-757-4272
	 	 	Facsimile: 423-757-4040
	 	 	Attention: Greg Cullum

S-35

 

	 	 	 	 	 	 	 	 	 
	$10,000,000	 	COMPASS BANK
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	/s/ Robert H. Shore	 	 
	 	 	 	 	 	 	 
	 	 	Print Name: Robert H. Shore
	 	 	Title: Senior Vice President
	 
	 	 	 	 	 	 	 	 
	 	 	8080 N. Central Expressway
	 	 	Suite 370
	 	 	Dallas, TX 75206
	 	 	Phone: 214-706-8088
	 	 	Facsimile: 214-890-8668
	 	 	Attention: Commercial Real Estate

S-36

 

EXHIBIT A-1

[AMENDED AND RESTATED] NOTE

                    , 2005

     Developers Diversified Realty Corporation, a corporation organized under the laws of the State
of Ohio (the “Borrower”), promises to pay to the order of                                                              (the “Lender”)
the aggregate unpaid principal amount of all Loans (other than Competitive Bid Loans) made by the
Lender to the Borrower pursuant to Article II of the Sixth Amended and Restated Credit Agreement
(as the same may be amended or modified, the “Agreement”) hereinafter referred to, in immediately
available funds at the main office of JPMorgan Chase Bank, N.A. in Chicago, Illinois, as
Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and
on the dates set forth in the Agreement. The Borrower shall pay remaining unpaid principal of and
accrued and unpaid interest on the Loans in full on the Facility Termination Date or such earlier
date as may be required under the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Loan and the
date and amount of each principal payment hereunder.

     [This Note amends and restates in its entirety that certain [Amended and Restated] Note dated
December 12, 2003 made by the Borrower in favor of the Lender.]

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the
Sixth Amended and Restated Credit Agreement, dated as of March ___, 2005 among the Borrower,
JPMorgan Chase Bank, N.A., individually and as Administrative Agent, and the other Lenders named
therein, to which Agreement, as it may be amended from time to time, reference is hereby made for a
statement of the terms and conditions governing this Note, including the terms and conditions under
which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and
not otherwise defined herein are used with the meanings attributed to them in the Agreement.

     If there is a Default under the Agreement or any other Loan Document and Agent exercises the
remedies provided under the Agreement and/or any of the Loan Documents for the Lenders, then in
addition to all amounts recoverable by the Agent and the Lenders under such documents, Agent and
the Lenders shall be entitled to receive reasonable attorneys fees and expenses incurred by Agent
and the Lenders in connection with the exercise of such remedies.

A1-1

 

     Borrower and all endorsers severally waive presentment, protest and demand, notice of protest,
demand and of dishonor and nonpayment of this Note, and any and all lack of diligence or delays in
collection or enforcement of this Note, and expressly agree that this Note, or any payment
hereunder, may be extended from time to time, and expressly consent to the release of any party
liable for the obligation secured by this Note, the release of any of the security for this Note,
the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever,
all without notice to any party and without affecting the liability of the Borrower and any
endorsers hereof.

     This Note shall be governed and construed under the internal laws of the State of Illinois.

     BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN
DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS
NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A
JURY.

	 	 	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION, an Ohio corporation
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Print Name:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 

A1-2

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

TO AMENDED AND RESTATED

NOTE OF DEVELOPERS DIVERSIFIED REALTY CORPORATION,

DATED ____________, 2005

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Maturity	 	 
	 	 	Principal	 	Maturity	 	Principal	 	 
	 	 	Amount of	 	of Interest	 	Amount	 	Unpaid
	Date	 	Loan	 	Period	 	Paid	 	Balance
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 
	 

A1-3

 

EXHIBIT A-2

FORM OF [AMENDED AND RESTATED]

COMPETITIVE BID NOTE

________, 2005

     On or before the last day of each “Interest Period” applicable to a “Competitive Bid Loan”, as
defined in that certain Sixth Amended and Restated Credit Agreement dated as of                     , 2005,
as amended from time to time hereafter (the “Agreement”) among DEVELOPERS DIVERSIFIED
REALTY CORPORATION, a Ohio corporation (“Borrower”), JPMorgan Chase Bank, N.A., a national
bank organized under the laws of the United States of America, individually and as Administrative
Agent for the Lenders (as such terms are defined in the Agreement) and certain other Lenders which
are parties thereto, Borrower promises to pay to the order of                                              (the
“Lender”), or its successors and assigns, the unpaid principal amount of such Competitive Bid Loan
made by the Lender to the Borrower pursuant to Section 2.21 of the Agreement, in
immediately available funds at the office of the Administrative Agent in Chicago, Illinois,
together with interest on the unpaid principal amount hereof at the rates and on the dates set
forth in the Agreement. The Borrower shall pay any remaining unpaid principal amount of such
Competitive Bid Loans under this Competitive Bid Note (“Note”) in full on or before the
Facility Termination Date or such earlier date as may be required in accordance with the terms of
the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date, amount and due date of each
Competitive Bid Loan and the date and amount of each principal payment hereunder.

     [This Note amends and restates in its entirety that certain [Amended and Restated] Competitive
Bid Note dated December 12, 2003 made by the Borrower in favor of the Lender.]

     This Note is issued pursuant to, and is entitled to the security under and benefits of, the
Agreement and the other Loan Documents, to which Agreement and Loan Documents, as they may be
amended from time to time, reference is hereby made for, inter alia, a statement of
the terms and conditions under which this Note may be prepaid or its maturity date accelerated.
Capitalized terms used herein and not otherwise defined herein are used with the meanings
attributed to them in the Agreement.

     If there is a Default under the Agreement or any other Loan Document and Lender exercises its
remedies provided under the Agreement and/or any of the Loan Documents, then in addition to all
amounts recoverable by the Lender under such documents, Lender shall be

A2-1

 

entitled to receive reasonable attorneys fees and expenses incurred by Lender in exercising
such remedies.

     Borrower and all endorsers severally waive presentment, protest and demand, notice of protest,
demand and of dishonor and nonpayment of this Note (except as otherwise expressly provided for in
the Agreement), and any and all lack of diligence or delays in collection or enforcement of this
Note, and expressly agree that this Note, or any payment hereunder, may be extended from time to
time, and expressly consent to the release of any party liable for the obligation secured by this
Note, the release of any of the security of this Note, the acceptance of any other security
therefor, or any other indulgence or forbearance whatsoever, all without notice to any party and
without affecting the liability of the Borrower and any endorsers hereof.

     This Note shall be governed and construed under the internal laws of the State of Illinois.

     BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS PROMISSORY NOTE OR ANY OTHER
LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF
THIS NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE
A JURY.

	 	 	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION, an Ohio corporation
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Print Name:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	Title:	 	 	 	 	 	 
	 	 	 	 	 	 	 

A2-2

 

PAYMENTS OF PRINCIPAL

	 	 	 	 	 
	 	 	Unpaid	 	 
	 	 	Principal	 	Notation
	Date	 	Balance	 	Made by
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 
	 
	 	 	 	 
	 

A2-3

 

EXHIBIT B

FORM OF OPINION

       
     Based solely and in reliance on the foregoing and subject to the further qualifications
hereinafter set forth, we are of the opinion that:

     1. Qualified Borrower is a limited liability company validly existing under the laws of the
State of Delaware. DDR is a corporation validly existing under the laws of the State of Ohio.

     2. Qualified Borrower has all requisite limited liability company power and authority to
execute, deliver and perform its obligations under the Loan Documents to which it is a party. DDR
has all requisite corporate power and authority to execute, deliver and perform its obligations
under the Loan Documents to which it is a party.

     3. The execution and delivery of the Loan Documents to which Qualified Borrower is a party
have been duly authorized by all necessary limited liability company action on the part of
Qualified Borrower and the performance by Qualified Borrower of its obligations under such Loan
Documents has been duly authorized by all necessary limited liability company action. The
execution and delivery of the Loan Documents to which DDR is a party have been duly authorized by
all necessary corporate action on the part of DDR and the performance by DDR of its obligations
under such Loan Documents has been duly authorized by all necessary corporate action. The
execution and delivery of the Loan Documents to which Qualified Borrower is a party and the
performance by Qualified Borrower of its obligations under such Loan Documents do not and will not
(i) breach or violate any provision of any Entity Document, (ii) require any further consent or
approval of any partner, shareholder or member of Qualified Borrower, (iii) violate any provision
of any applicable law, rule or regulation of general applicability of the United States or the
State of Ohio, (iv) to our knowledge, result in a breach of, or constitute a default under, any
agreement or instrument to which Qualified Borrower is a party, except for breaches of or defaults
under financial covenants for which we give no opinion, (v) to our knowledge, result in the
creation or imposition of any liens on any of the assets of Qualified Borrower, or (vi) to our
knowledge, violate or constitute a breach of any applicable judgment, order or decree of any
government, governmental instrumentality or court having jurisdiction over Qualified Borrower or
any of its properties or assets. The execution and delivery of the Loan Documents to which DDR is
a party and the performance by DDR of its obligations under such Loan Documents do not and will not
(i) breach or violate any provision of any Entity Document, (ii) require any further consent or
approval of any partner, shareholder or member of DDR, (iii) violate any provision of any
applicable law, rule or regulation of general applicability of the United States or the State of
Ohio, (iv) to our knowledge, result in a breach of, or constitute a default under, any agreement or
instrument to which DDR is a party, except for breaches of or defaults under financial covenants
for which we give no opinion, (v) to our knowledge, result in the creation or imposition of any
liens on any of the assets of DDR, or (vi) to our knowledge, violate or constitute a breach of any
applicable judgment, order or decree of any government, governmental instrumentality or court
having jurisdiction over DDR or any of its properties or assets.

     4. The Loan Documents to which Qualified Borrower is a party have been duly executed and
delivered by Qualified Borrower and constitute legally valid and binding obligations of Qualified
Borrower, enforceable against Qualified Borrower in accordance with their respective terms. The
Loan Documents to which DDR is a party have been duly executed and delivered by DDR and constitute
legally valid and binding obligations of DDR, enforceable against DDR in accordance with their
respective terms. The Subsidiary Guaranty has been duly executed and delivered by each Subsidiary
Guarantor and constitutes legally valid and binding obligations of that Subsidiary Guarantor.

     5. No authorizations, approvals or consents of, or filings or registrations with, any
governmental or regulatory authority or agency of the State of Ohio or the United States of America
are necessary for the execution, delivery and performance by Qualified Borrower or DDR of the Loan
Documents to which it is a party except for authorizations, consents and approvals that have
already been obtained or filings that have already been made and that remain in effect, other than
the filing of the Loan Documents, or information relating thereto, with the United States
Securities and Exchange Commission.

     6. To our knowledge, there are no actions, suits or proceedings pending or threatened against
Qualified Borrower or DDR before any court or governmental entity or instrumentality that, if
determined adversely to Qualified Borrower or DDR would have a material adverse effect on Qualified
Borrower and DDR, taken as a whole, or that challenges the validity or enforceability of, or is
expected to adversely affect the consummation of the transactions contemplated by, or materially
affect the ability of Qualified Borrower or DDR to perform its obligations under, the Loan
Documents to which it is a party.

     7. If the usury laws of the State of Ohio were found applicable to the Notes (as defined in
Exhibit A), the interest rate (including late charges (to the extent deemed interest) and default
interest (to the extent payable)) provided for in the Notes will not violate any usury laws of the
State of Ohio.

     8. Lenders will not be required, solely by reason of execution and delivery of the Loan
Documents to which they are a party, to qualify to do business in the State of Ohio.

     9. Neither Qualified Borrower nor DDR is an “investment company” or a company “controlled” by
an “investment company,” as such terms are defined in the Investment Company Act of 1940, as
amended.

B-1

 

EXHIBIT C

COMPLIANCE CERTIFICATE

	 	 	 
	To:

	 	The Administrative Agent and

the Lenders party to the Agreement

described below

For the Fiscal Quarter Ending __________________

For the Fiscal Year Ending _____________________

     This Compliance Certificate is furnished pursuant to Section 6.1(v) of the Sixth
Amended and Restated Credit Agreement dated as of March 30, 2005 (the “Agreement”), among
DEVELOPERS DIVERSIFIED REALTY CORPORATION and any additional Qualified Borrowers that are parties
thereto (collectively, the “Borrower”), JPMORGAN CHASE BANK, N.A. (the “Administrative Agent”), the
several banks, financial institutions and other entities from time to time parties thereto
(collectively, with the Arrangers, the “Lenders”), and JPMORGAN CHASE BANK, N.A., not individually,
but as “Administrative Agent”. Unless otherwise defined herein, the terms used in this Compliance
Certificate have the meanings ascribed thereto in the Agreement.

     The undersigned William H. Schafer of the Borrower hereby certifies as follows:

     (1) The financial statements referred to in Section 6.1(i), 6.1(ii), 6.1(iii) or
6.1(iv), as the case may be, of the Agreement which are delivered concurrently with the
delivery of this Compliance Certificate fairly present in all material respects the consolidated
financial condition and operations of the Borrower and its Subsidiaries at such date and the
consolidated results of their operations for the period then-ended, in accordance with GAAP applied
consistently throughout such period and with prior periods (except as approved by the accountants
performing the audit in connection therewith or the undersigned, as the case may be, and disclosed
therein), subject, in the case of interim financial statements, to normal and customary year-end
adjustments.

     (2) The convenants listed below are calculated as of the date set forth above or for the
period of two consecutive fiscal quarters of the Borrower ending on the date set forth above, as
appropriate.

     (3) As of the date hereof, to the best of the undersigned’s knowledge, no Default or Unmatured
Default exists.

     The foregoing certifications, together with the covenant computations attached hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this
___day of ___, 2005.

	 	 	 	 	 
		 	DEVELOPERS DIVERSIFIED REALTY
CORPORATION
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Print Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

C-1

 

EXHIBIT D

ASSIGNMENT AGREEMENT

     This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

     For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including any letters of credit,
guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of the
Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under
or in connection with the Credit Agreement, any other documents or instruments delivered pursuant
thereto or the loan transactions governed thereby or in any way based on or related to any of the
foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii)
above being referred to herein collectively as the “Assigned Interest”). Such sale and
assignment is without recourse to the Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by the Assignor.

	 	 	 	 	 
	1.

	 	Assignor:
	 	                                                                                
	 
	 	 	 	 
	2.

	 	Assignee:
	 	                                                                                
	

	 	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]
	 
	 	 	 	 
	3.

	 	Borrower(s):
	 	                                                                                
	 
	 	 	 	 
	4.

	 	Administrative Agent:
	 	                                                            , as the administrative agent under the Credit Agreement

	1	 	Select as applicable.

D-1

 

	 	 	 	 	 
	5.

	 	Credit Agreement:
	 	[The [amount] Credit Agreement dated as of                      among [name of Borrower(s)], the Lenders
parties thereto, [name of Administrative Agent], as Administrative Agent, and the other agents
parties thereto]

D-2

 

6. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	Aggregate Amount of	 	 	 	Amount of	 	 	 	Percentage Assigned	 	 
	 	 	 	 	Commitment/Loans	 	 	 	Commitment/Loans	 	 	 	of	 	 
	 	Facility Assigned2	 	 	for all Lenders	 	 	 	Assigned	 	 	 	Commitment/Loans3	 	 
	 	 
	 	 	$	 	 	 	 	$	 	 	 	 	 	%	 	 
	 	 
	 	 	$	 	 	 	 	$	 	 	 	 	 	%	 	 
	 	 
	 	 	$	 	 	 	 	$	 	 	 	 	 	%	 	 
	 

Effective Date:                      ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 	 	 
	 	 	ASSIGNOR	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNOR]	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	

	 	 
	

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNEE]	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	

	 	 
	

	 	 	 	Title:	 	 

[Consented to and]4 Accepted:

[NAME OF ADMINISTRATIVE AGENT], as

Administrative Agent

By                                                                                 

Title:

	2	 	Fill in the appropriate terminology for the
types of facilities under the Credit Agreement that are being assigned under
this Assignment (e.g. “Revolving Commitment,” “Tranche A
Commitment,” “Tranche B Commitment,” etc.)
	 
	3	 	Set forth, to at least 9 decimals, as a
percentage of the Commitment/Loans of all Lenders thereunder.
	 
	4	 	To be added only if the consent of the
Administrative Agent is required by the terms of the Credit Agreement.

D-3

 

[Consented to:]5

[NAME OF RELEVANT PARTY]

By                                                                                 

Title:

	5	 	To be added only if the consent of the
Borrower and/or other parties (e.g. Swingline Lender, Issuing Bank) is required
by the terms of the Credit Agreement.

D-4

 

ANNEX 1

[__________________]6

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

     1. Representations and Warranties.

     1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document7, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the
financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person
obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower,
any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document.

     1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement
that are required to be satisfied by it in order to acquire the Assigned Interest and become a
Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together
with copies of the most recent financial statements delivered pursuant to Section ___thereof, as
applicable, and such other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into this Assignment and Assumption and to purchase the
Assigned Interest on the basis of which it has made such analysis and decision independently and
without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign
Lender8, attached to the Assignment and Assumption is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed
by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the
Administrative Agent, the Assignor or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in

	6	 	Describe Credit Agreement at option of
Administrative Agent.
	 
	7	 	The term “Loan Document” should be conformed to
that used in the Credit Agreement.
	 
	8	 	The concept of “Foreign Lender” should be
conformed to the section in the Credit Agreement governing withholding taxes
and gross-up.

 

 

taking or
not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms
all of the obligations which by the terms of the Loan Documents are required to be performed by it
as a Lender.

     2. Payments. From and after the Effective Date, the Administrative Agent shall make all
payments in respect of the Assigned Interest (including payments of principal, interest, fees and
other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date
and to the Assignee for amounts which have accrued from and after the Effective Date.

     3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and
Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this
Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of Illinois.

 

 

EXHIBIT E

LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION

	To:  	 JPMorgan Chase Bank, N.A.,

as Administrative Agent (the “Agent”)

under the Credit Agreement Described Below

	Re:  	 Sixth Amended and Restated Credit Agreement, dated ___, 2005 (as
the same may be amended or modified, the “Credit Agreement”), among
Developers Diversified Realty Corporation, a corporation organized
under the laws of the State of Ohio (the “Borrower”), the Agent, and
the Lenders named therein. Terms used herein and not otherwise
defined shall have the meanings assigned thereto in the Credit
Agreement.

     The Agent is specifically authorized and directed to act upon the following standing money
transfer instructions with respect to the proceeds of Advances or other extensions of credit from
time to time until receipt by the Agent of a specific written revocation of such instructions by
the Borrower, provided, however, that the Agent may otherwise transfer funds as hereafter directed
in writing by the Borrower in accordance with Section 13.1 of the Credit Agreement or based
on any telephonic notice made in accordance with Section 2.14 of the Credit Agreement.

	 	 	 	 	 	 	 
	Facility Identification Number(s)
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	Customer/Account Name
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	Transfer Funds To
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	For Account No.
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	Reference/Attention To
	 	 	 	 	 	 
	 	 	 

	 	 	 	 	 	 	 
	Authorized Officer (Customer Representative)

	 	 	 	Date	 	 
	

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	(Please Print)	 	 	 	Signature

	 
	 	 	 	 	 	 
	Bank Officer Name

	 	 	 	Date	 	 
	

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	(Please Print)	 	 	 	Signature

(Deliver Completed Form to Credit Support Staff For Immediate Processing)

E-1

 

EXHIBIT F

SUBSIDIARY GUARANTY

     This Guaranty is made as of ___, 2005 by the parties identified in the signature pages
thereto, and any Joinder to Guaranty hereafter delivered, together with any additional Subsidiaries
that are deemed to be parties to this Subsidiary Guaranty pursuant to Section 6.13 of the Credit
Agreement described below (collectively, the “Subsidiary Guarantors”), to and for
the benefit of JPMorgan Chase Bank, N.A., individually (“JPMorgan Chase Bank”) and as
administrative agent (“Administrative Agent”) for itself and the lenders under the Credit
Agreement (as defined below) and their respective successors and assigns (collectively, the
“Lenders”).

RECITALS

     A. Developers Diversified Realty Corporation (“DDR”), a corporation organized under the laws
of the State of Ohio, and each Subsidiary which is a Qualified Borrower under the Credit Agreement
described below (collectively, “Borrower”), and Subsidiary Guarantors have requested that
the Lenders make a revolving credit facility available to Borrower in an aggregate principal amount
of $1,000,000,000 subject to increase to up to $1,250,000,000 in accordance with the terms thereof
(the “Facility”).

     B. The Lenders have agreed to make available the Facility to Borrower pursuant to the terms
and conditions set forth in a Sixth Amended and Restated Credit Agreement of even date herewith
between Borrower, JPMorgan Chase Bank, individually, and as Administrative Agent, and the Lenders
named therein (as amended, modified or restated from time to time, the “Credit Agreement”).
All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to
such terms in the Credit Agreement.

     C. DDR has executed and delivered or will execute and deliver to the Lenders promissory notes
and competitive notes as evidence of DDR’s indebtedness to each such Lender with respect to the
Facility and each Qualified Borrower has executed and delivered to the Administrative Agent for the
benefit of the Lenders a promissory note as evidence of its indebtedness to the Lenders with
respect to the Facility (the promissory notes described above from DDR and each Qualified Borrower,
together with any amendments or allonges thereto, or restatements, replacements or renewals
thereof, and/or new promissory notes under the Credit Agreement, are collectively referred to
herein as the “Notes”).

     D. Subsidiary Guarantors are subsidiaries of Borrower. Subsidiary Guarantors acknowledge that
the extension of credit by the Administrative Agent and the Lenders to Borrower pursuant to the
Credit Agreement will benefit Subsidiary Guarantors by making funds available to Subsidiary
Guarantors through Borrower and by enhancing the financial strength of the consolidated group of
which Subsidiary Guarantors and Borrower are members. The execution and delivery of this Guaranty
by Subsidiary Guarantors are conditions precedent to the performance by the Lenders of their
obligations under the Credit Agreement.

F-1

 

AGREEMENTS

     NOW, THEREFORE, Subsidiary Guarantors, in consideration of the matters described in the
foregoing Recitals, which Recitals are incorporated herein and made a part hereof, and for other
good and valuable consideration, hereby agree as follows:

     1. Subsidiary Guarantors absolutely, unconditionally, and irrevocably guaranty to each of the
Lenders:

     (a) the full and prompt payment of the principal of and interest on the Notes when due,
whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, and
the prompt payment of all sums which may now be or may hereafter become due and owing under
the Notes, the Credit Agreement, and the other Loan Documents;

     (b) the payment of all Enforcement Costs (as hereinafter defined in Paragraph 7
hereof); and

     (c) the full, complete, and punctual observance, performance, and satisfaction of all
of the obligations, duties, covenants, and agreements of Borrower under the Credit Agreement
and the Loan Documents.

All amounts due, debts, liabilities, and payment obligations described in subparagraphs (a) and (b)
of this Paragraph 1 are referred to herein as the “Facility Indebtedness.” All
obligations described in subparagraph (c) of this Paragraph 1 are referred to herein as the
“Obligations.” Subsidiary Guarantors and Lenders agree that Subsidiary Guarantors’
obligations hereunder shall not exceed the greater of: (i) the aggregate amount of all monies
received, directly or indirectly, by Subsidiary Guarantors from Borrower after the date hereof
(whether by loan, capital infusion or other means), or (ii) the maximum amount of the Facility
Indebtedness not subject to avoidance under Title 11 of the United States Code, as same may be

amended from time to time, or any applicable state law (the “Bankruptcy Code”). To that
end, to the extent such obligations would otherwise be subject to avoidance under the Bankruptcy
Code if Subsidiary Guarantors are not deemed to have received valuable consideration, fair value or
reasonably equivalent value for its obligations hereunder, each Subsidiary Guarantor’s obligations
hereunder shall be reduced to that amount which, after giving effect thereto, would not render such
Subsidiary Guarantor insolvent, or leave such Subsidiary Guarantor with an unreasonably small
capital to conduct its business, or cause such Subsidiary Guarantor to have incurred debts (or
intended to have incurred debts) beyond its ability to pay such debts as they mature, as such terms
are determined, and at the time such obligations are deemed to have been incurred, under the
Bankruptcy Code. In the event a Subsidiary Guarantor shall make any payment or payments under this
Guaranty each other guarantor of the Facility Indebtedness shall contribute to such Subsidiary
Guarantor an amount equal to such non-paying Subsidiary Guarantor’s pro rata share (based on their
respective maximum liabilities hereunder and under such other guaranty) of such payment or payments
made by such Subsidiary Guarantor, provided that such contribution right shall be subordinate and
junior in right of payment in full of all the Facility Indebtedness to Lenders.

F-2

 

     2. In the event of any default by Borrower in making payment of the Facility Indebtedness, or
in performance of the Obligations, as aforesaid, in each case beyond the expiration of any
applicable grace period, Subsidiary Guarantors agree, on demand by the Administrative Agent or the
holder of a Note, to pay all the Facility Indebtedness and to perform all the Obligations as are
then or thereafter become due and owing or are to be performed under the terms of the Notes, the
Credit Agreement, and the other Loan Documents.

     3. Subsidiary Guarantors do hereby waive (i) notice of acceptance of this Guaranty by the
Administrative Agent and the Lenders and any and all notices and demands of every kind which may be
required to be given by any statute, rule or law, (ii) any defense, right of set-off or other claim
which Subsidiary Guarantors may have against Borrower or which Subsidiary Guarantors or Borrower
may have against the Administrative Agent or the Lenders or the holder of a Note, (iii) presentment
for payment, demand for payment (other than as provided for in Paragraph 2 above), notice
of nonpayment (other than as provided for in Paragraph 2 above) or dishonor, protest and
notice of protest, diligence in collection and any and all formalities which otherwise might be
legally required to charge Subsidiary Guarantors with liability, (iv) any failure by the
Administrative Agent and the Lenders to inform Subsidiary Guarantors of any facts the
Administrative Agent and the Lenders may now or hereafter know about Borrower, the Facility, or the
transactions contemplated by the Credit Agreement, it being understood and agreed that the
Administrative Agent and the Lenders have no duty so to inform and that Subsidiary Guarantors are
fully responsible for being and remaining informed by Borrower of all circumstances bearing on the
existence or creation, or the risk of nonpayment of the Facility Indebtedness or the risk of
nonperformance of the Obligations, and (v) any and all right to cause a marshalling of assets of
Borrower or any other action by any court or governmental body with respect thereto, or to cause
the Administrative Agent and the Lenders to proceed against any other security given to a Lender in
connection with the Facility Indebtedness or the Obligations. Credit may be granted or continued
from time to time by the Lenders to Borrower without notice to or authorization from Subsidiary
Guarantors, regardless of the financial or other condition of Borrower at the time of any such
grant or continuation. The Administrative Agent and the Lenders shall have no obligation to
disclose or discuss with Subsidiary Guarantors the Lenders’ assessment of the financial condition
of Borrower. Subsidiary Guarantors acknowledge that no representations of any kind whatsoever have
been made by the Administrative Agent and the Lenders to Subsidiary Guarantors. No modification or
waiver of any of the provisions of this Guaranty shall be binding upon the Administrative Agent and
the Lenders except as expressly set forth in a writing duly signed and delivered on behalf of the
Administrative Agent and the Lenders. Subsidiary Guarantors further agree that any exculpatory
language contained in the Credit Agreement, the Notes, and the other Loan Documents shall in no
event apply to this Guaranty, and will not prevent the Administrative Agent and the Lenders from
proceeding against Subsidiary Guarantors to enforce this Guaranty.

     4. Subsidiary Guarantors further agree that Subsidiary Guarantors’ liability as guarantor
shall in no way be impaired by any renewals or extensions which may be made from time to time, with
or without the knowledge or consent of Subsidiary Guarantors of the time for payment of interest or
principal under a Note or by any forbearance or delay in collecting interest

F-3

 

or principal under a Note, or by any waiver by the Administrative Agent and the Lenders under
the Credit Agreement, or any other Loan Documents, or by the Administrative Agent or the Lenders’
failure or election not to pursue any other remedies they may have against Borrower, or by any
change or modification in a Note, the Credit Agreement, or any other Loan Documents, or by the
acceptance by the Administrative Agent or the Lenders of any security or any increase, substitution
or change therein, or by the release by the Administrative Agent and the Lenders of any security or
any withdrawal thereof or decrease therein, or by the application of payments received from any
source to the payment of any obligation other than the Facility Indebtedness, even though a Lender
might lawfully have elected to apply such payments to any part or all of the Facility Indebtedness,
it being the intent hereof that Subsidiary Guarantors shall remain liable as principal for payment
of the Facility Indebtedness and performance of the Obligations until all indebtedness has been
paid in full and the other terms, covenants and conditions of the Credit Agreement, and other Loan
Documents and this Guaranty have been performed, notwithstanding any act or thing which might
otherwise operate as a legal or equitable discharge of a surety. Subsidiary Guarantors further
understand and agree that the Administrative Agent and the Lenders may at any time enter into
agreements with Borrower to amend and modify a Note, the Credit Agreement or any of the other Loan
Documents, or any thereof, and may waive or release any provision or provisions of a Note, the
Credit Agreement, or any other Loan Document and, with reference to such instruments, may make and
enter into any such agreement or agreements as the Administrative Agent, the Lenders and Borrower
may deem proper and desirable, without in any manner impairing this Guaranty or any of the
Administrative Agent and the Lenders’ rights hereunder or any of Subsidiary Guarantors’ obligations
hereunder.

     5. This is an absolute, unconditional, complete, present and continuing guaranty of payment
and performance and not of collection. Subsidiary Guarantors agree that its obligations hereunder
shall be joint and several with any and all other guarantees given in connection with the Facility
from time to time. Subsidiary Guarantors agree that this Guaranty may be enforced by the
Administrative Agent and the Lenders without the necessity at any time of resorting to or
exhausting any security or collateral, if any, given in connection herewith or with a Note, the
Credit Agreement, or any of the other Loan Documents or by or resorting to any other guaranties,
and Subsidiary Guarantors hereby waive the right to require the Administrative Agent and the
Lenders to join Borrower in any action brought hereunder or to commence any action against or
obtain any judgment against Borrower or to pursue any other remedy or enforce any other right.
Subsidiary Guarantors further agree that nothing contained herein or otherwise shall prevent the
Administrative Agent and the Lenders from pursuing concurrently or successively all rights and
remedies available to them at law and/or in equity or under a Note, the Credit Agreement or any
other Loan Documents, and the exercise of any of their rights or the completion of any of their
remedies shall not constitute a discharge of any of Subsidiary Guarantors’ obligations hereunder,
it being the purpose and intent of Subsidiary Guarantors that the obligations of such Subsidiary
Guarantors hereunder shall be primary, absolute, independent and unconditional under any and all
circumstances whatsoever. Neither Subsidiary Guarantors’ obligations under this Guaranty nor any
remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner
whatsoever by any impairment, modification, change, release or limitation of the liability of
Borrower under a Note, the Credit Agreement or any other Loan Document or by reason of Borrower’s
bankruptcy or by reason of any creditor or bankruptcy proceeding instituted by or against Borrower.
This Guaranty shall continue to be

F-4

 

effective and be deemed to have continued in existence or be reinstated (as the case may be)
if at any time payment of all or any part of any sum payable pursuant to a Note, the Credit
Agreement or any other Loan Document is rescinded or otherwise required to be returned by the payee
upon the insolvency, bankruptcy, or reorganization of the payor, all as though such payment to such
Lender had not been made, regardless of whether such Lender contested the order requiring the
return of such payment. The obligations of Subsidiary Guarantors pursuant to the preceding
sentence shall survive any termination, cancellation, or release of this Guaranty.

     6. This Guaranty shall be assignable by a Lender to any assignee of all or a portion of such
Lender’s rights under the Loan Documents.

     7. If: (i) this Guaranty, a Note, or any of the Loan Documents are placed in the hands of an
attorney for collection or is collected through any legal proceeding; (ii) an attorney is retained
to represent the Administrative Agent or any Lender in any bankruptcy, reorganization,
receivership, or other proceedings affecting creditors’ rights and involving a claim under this
Guaranty, a Note, the Credit Agreement, or any Loan Document; (iii) an attorney is retained to
enforce any of the other Loan Documents or to provide advice or other representation with respect
to the Loan Documents in connection with an enforcement action or potential enforcement action; or
(iv) an attorney is retained to represent the Administrative Agent or any Lender in any other legal
proceedings whatsoever in connection with this Guaranty, a Note, the Credit Agreement, any of the
Loan Documents, or any property subject thereto (other than any action or proceeding brought by any
Lender or participant against the Administrative Agent alleging a breach by the Administrative
Agent of its duties under the Loan Documents), then Subsidiary Guarantors shall pay to the
Administrative Agent or such Lender upon demand all reasonable attorney’s fees, costs and expenses,
including, without limitation, court costs, filing fees and all other costs and expenses incurred
in connection therewith (all of which are referred to herein as “Enforcement Costs”), in
addition to all other amounts due hereunder.

     8. The parties hereto intend that each provision in this Guaranty comports with all applicable
local, state and federal laws and judicial decisions. However, if any provision or provisions, or
if any portion of any provision or provisions, in this Guaranty is found by a court of law to be in
violation of any applicable local, state or federal ordinance, statute, law, administrative or
judicial decision, or public policy, and if such court should declare such portion, provision or
provisions of this Guaranty to be illegal, invalid, unlawful, void or unenforceable as written,
then it is the intent of all parties hereto that such portion, provision or provisions shall be
given force to the fullest possible extent that they are legal, valid and enforceable, that the
remainder of this Guaranty shall be construed as if such illegal, invalid, unlawful, void or
unenforceable portion, provision or provisions were not contained therein, and that the rights,
obligations and interest of the Administrative Agent and the Lender or the holder of a Note under
the remainder of this Guaranty shall continue in full force and effect.

     9. Any indebtedness of Borrower to Subsidiary Guarantors now or hereafter existing is hereby
subordinated to the Facility Indebtedness. Subsidiary Guarantors will not seek, accept,

F-5

 

or retain for Subsidiary Guarantors’ own account, any payment from Borrower on account of such
subordinated debt at any time when a Default or Event of Default exists under the Credit Agreement
or the Loan Documents, and any such payments to Subsidiary Guarantors made while any Default or
Event of Default then exists under the Credit Agreement or the Loan Documents on account of such
subordinated debt shall be collected and received by Subsidiary Guarantors in trust for the Lenders
and shall be paid over to the Administrative Agent on behalf of the Lenders on account of the
Facility Indebtedness without impairing or releasing the obligations of Subsidiary Guarantors
hereunder.

     10. Subsidiary Guarantors hereby subordinate to the Facility Indebtedness any and all claims
and rights, including, without limitation, subrogation rights, contribution rights, reimbursement
rights and set-off rights, which Subsidiary Guarantors may have against Borrower arising from a
payment made by Subsidiary Guarantors under this Guaranty and agree that, until the entire Facility
Indebtedness is paid in full, not to assert or take advantage of any subrogation rights of
Subsidiary Guarantors or the Lenders or any right of Subsidiary Guarantors or the Lenders to
proceed against (i) Borrower for reimbursement, or (ii) any other guarantor or any collateral
security or guaranty or right of offset held by the Lenders for the payment of the Facility
Indebtedness and performance of the Obligations, nor shall Subsidiary Guarantors seek or be
entitled to seek any contribution or reimbursement from Borrower or any other guarantor in respect
of payments made by Subsidiary Guarantors hereunder. It is expressly understood that the
agreements of Subsidiary Guarantors set forth above constitute additional and cumulative benefits
given to the Lenders for their security and as an inducement for their extension of credit to
Borrower.

     11. Any amounts received by a Lender from any source on account of any indebtedness may be
applied by such Lender toward the payment of such indebtedness, and in such order of application,
as a Lender may from time to time elect.

     12. Subsidiary Guarantors hereby submit to personal jurisdiction in the State of Illinois for
the enforcement of this Guaranty and waives any and all personal rights to object to such
jurisdiction for the purposes of litigation to enforce this Guaranty. Subsidiary Guarantors hereby
consent to the jurisdiction of either the Circuit Court of Cook County, Illinois, or the United
States District Court for the Northern District of Illinois, in any action, suit, or proceeding
which the Administrative Agent or a Lender may at any time wish to file in connection with this
Guaranty or any related matter. Subsidiary Guarantors hereby agree that an action, suit, or
proceeding to enforce this Guaranty may be brought in any state or federal court in the State of
Illinois and hereby waives any objection which Subsidiary Guarantors may have to the laying of the
venue of any such action, suit, or proceeding in any such court; provided, however, that the
provisions of this Paragraph shall not be deemed to preclude the Administrative Agent or a Lender
from filing any such action, suit, or proceeding in any other appropriate forum.

     13. All notices and other communications provided to any party hereto under this Agreement or
any other Loan Document shall be in writing or by telex or by facsimile and

F-6

 

addressed or delivered to such party at its address set forth below or at such other address
as may be designated by such party in a notice to the other parties. Any notice, if mailed and
properly addressed with postage prepaid, shall be deemed given when received; any notice, if
transmitted by facsimile, shall be deemed given when transmitted. Notice may be given as follows:

To Subsidiary Guarantors:

c/o Developers Diversified Realty Corporation

3300 Enterprise Parkway

Beachwood, Ohio 44122

Attention: Chief Financial Officer

Telephone: (216) 755-5775

Facsimile: (216) 755-1775

With a copy to:

3300 Enterprise Parkway

Beachwood, Ohio 44122

Telephone: (216) 755-5650

Facsimile: (216) 755-1560

Attention: General Counsel

To JPMorgan Chase as Administrative Agent and as a Lender:

JPMorgan Chase Bank, N.A.

One Bank One Plaza

Chicago, Illinois 60670

Attention: Timothy J. Carew, Vice President

Telephone: (312) 325-3114

Facsimile: (312) 325-3122

With a copy to:

Sonnenschein Nath & Rosenthal LLP

8000 Sears Tower

Chicago, Illinois 60606

Attention: Steven R. Davidson, Esq.

Telephone: (312) 876-8238

Facsimile: (312) 876-7934

If to any other Lender, to its address set forth in the Credit Agreement.

F-7

 

     14. This Guaranty shall be binding upon the heirs, executors, legal and personal
representatives, successors and assigns of Subsidiary Guarantors and shall inure to the benefit of
the Administrative Agent and the Lenders’ successors and assigns.

     15. This Guaranty shall be construed and enforced under the internal laws of the State of
Illinois.

     16. SUBSIDIARY GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDERS, BY THEIR ACCEPTANCE
HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR
DEFEND ANY RIGHT UNDER THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM
THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS GUARANTY AND AGREE THAT ANY SUCH ACTION OR
PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

     17. From time to time, additional Subsidiaries may be deemed to be parties to this Guaranty
automatically pursuant to Section 6.13 of the Credit Agreement and from time to time, certain of
such parties may execute a joinder substantially in the form of Exhibit A hereto. Each such
Subsidiary shall be a Subsidiary Guarantor, and be bound by all of the terms and provisions of this
Guaranty, subject to the terms of Section 18.

     18. Notwithstanding anything to the contrary contained herein, at such time as a Subsidiary
Guarantor enters into a transaction which prohibits it from being a Subsidiary Guarantor hereunder
it shall be deemed to be automatically released as a Subsidiary Guarantor provided no Default then
exists until such time, if any, as it again is required to be a Subsidiary Guarantor pursuant to
Section 6.13 of the Credit Agreement. Upon written request from such Subsidiary Guarantor to
confirm such release, and delivery to Administrative Agent of such documentation supporting the
request as Administrative Agent may request, Administrative Agent will deliver to such Subsidiary
Guarantor written evidence of its release as a Subsidiary Guarantor.

F-8

 

     IN WITNESS WHEREOF, Subsidiary Guarantors have delivered this Guaranty in the State of
Illinois as of the date first written above.

	 	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Its:	 	 
	

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Its:	 	 
	

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By:	 	 
	

	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Its:	 	 
	

	 	 	 	 	 	 	 	 

F-9

 

EXHIBIT A TO SUBSIDIARY GUARANTY

FORM OF JOINDER TO GUARANTY

     THIS JOINDER is executed by ___, a ___(“Subsidiary”), which hereby agrees as
follows:

     1. All capitalized terms used herein and not defined in this Joinder shall have the meanings
provided in that certain Subsidiary Guaranty (the “Guaranty”) dated as of ___, 200___executed
for the benefit of JPMorgan Chase Bank, N.A., as Administrative Agent for itself and certain other
lenders, with respect to a loan from the Lenders to Developers Diversified Realty Corporation
(“Borrower”).

     2. As required by the Credit Agreement described in the Guaranty, Subsidiary is executing this
Joinder to become a party to the Guaranty.

     3. Each and every term, condition, representation, warranty, and other provision of the
Guaranty, by this reference, is incorporated herein as if set forth herein in full and the
undersigned agrees to fully and timely perform each and every obligation of a Subsidiary Guarantor
under such Guaranty.

[INSERT SIGNATURE BLOCK]

A-1

 

EXHIBIT G

INTENTIONALLY OMITTED

G-1

 

EXHIBIT H

INTENTIONALLY OMITTED

H-1

 

EXHIBIT I-1

FORM OF COMPETITIVE BID QUOTE REQUEST

(Section 2.22(a))

	To:  	 JPMorgan Chase Bank, N.A.,

as administrative agent (the “Agent”)

	From:  	 Developers Diversified Realty Corporation (the “Borrower”)

	Re:  	 Sixth Amended and Restated Credit Agreement dated as of March ___,
2005, as amended among the Borrower, the lenders from time to time
party thereto, and JPMorgan Chase Bank, N.A., individually and as
Administrative Agent for the lenders (as amended, supplemented or
otherwise modified from time to time through the date hereof, the
“Agreement”)

     1. Capitalized terms used herein have the meanings assigned to them in the Agreement.

     2. We hereby give notice pursuant to Section 2.22(a) of the Agreement that we request
Competitive Bid Quotes for the following proposed Competitive Bid Loan(s):

          Borrowing Date:                                         ,                     

	 	 	 	 	 
	

	 	Principal Amount9
	 	Interest Period10

     3. Such Competitive Bid Quotes should offer [a Competitive LIBOR Margin] [an Absolute Rate].

     4. Upon acceptance by the undersigned of any or all of the Competitive Bid Loans offered by
Lenders in response to this request, the undersigned shall be deemed to affirm as of the Borrowing
Date thereof the representations and warranties made in Article V of the Agreement.

	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY

CORPORATION, an Ohio corporation
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Print Name:	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

	 	 	9Amount must be at least $5,000,000 and an
integral multiple of $1,000,000.
	 
	 	 	10One, two, three or six months (Competitive
LIBOR Margin) or up to 180 days (Absolute Rate), subject to the provisions of
the definitions of LIBOR Interest Period and Absolute Interest Period.

I1-1

 

EXHIBIT I-2

INVITATION FOR COMPETITIVE BID QUOTES

(Section 2.22(b))

	To:  	 Each of the Lenders party to

The Agreement referred to below

	From:  	 Invitation for Competitive Bid Quotes to

Developers Diversified Realty Corporation (the “Borrower”)

     Pursuant to Section 2.22(b) of the Sixth Amended and Restated Credit Agreement dated
as of March ___, 2005, as amended from time to time, among the Borrower, the lenders from time to
time party thereto, and JPMorgan Chase Bank, N.A., individually and as Administrative Agent for the
lenders (as amended, supplemented or otherwise modified from time to time through the date hereof,
the “Agreement”), we are pleased on behalf of the Borrower to invite you to submit Competitive Bid
Quotes to the Borrower for the following proposed Competitive Bid Loan(s):

Borrowing Date:                                         ,                     

	 	 	 	 	 
	

	 	Principal Amount
	 	Interest Period

     Such Competitive Bid Quotes should offer [a Competitive LIBOR Margin] [an Absolute Rate].
Your Competitive Bid Quote must comply with Section 2.22(c) of the Agreement and the
foregoing. Capitalized terms used herein have the meanings assigned to them in the Agreement.

     Please respond to this invitation by no later than [2:00 p.m.] [9:00 a.m.] (Chicago time) on
                                        ,                     .

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,

as Administrative Agent
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Print Name:	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

I2-1

 

EXHIBIT I-3

COMPETITIVE BID QUOTE

(Section 2.22(c))

                                        ,                     

	To:  	 JPMorgan Chase Bank, N.A.,

as Administrative Agent

	From:   	 Competitive Bid Quote to Developers Diversified Realty Corporation

(the “Borrower”)

     In response to your invitation on behalf of the Borrower dated                                         ,                     , we hereby make the following Competitive Bid Quote pursuant to Section
2.22(c) of the Agreement hereinafter referred to and on the following terms:

	1.  	Quoting Lender:                                                                                                                                                                 
	 
	2.  	Person to contact at Quoting Lender:                                                                                                                                                                 
	 
	3.  	Borrowing Date:                                                                                                                                                                 11
	 
	4.  	We hereby offer to make Competitive Bid Loan(s) in the following principal amounts, for the
following Interest Periods and at the following rates:

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	[Competitive	 	 	 	 
	Principal	 	Interest	 	LIBOR	 	[Absolute	 	Minimum
	Amount12	 	Period13	 	Margin14]	 	Rate15]	 	Amount16
	 
	 	 	 	 	 	 	 	 

     We understand and agree that the offer(s) set forth above, subject to the satisfaction of the
applicable conditions set forth in the Sixth Amended and Restated Credit Agreement dated as of
March ___, 2005, among the Borrower, the lenders from time to time party thereto, and JPMorgan Chase
Bank, N.A., individually and as Administrative Agent for the lenders (as amended, supplemented or
otherwise modified from time to time through the date hereof, the “Agreement”), irrevocably
obligates us to make the Competitive Bid Loan(s) for which any

	 	11 	As specified in the related Invitation For
Competitive Bid Quotes.
	 
	 	12 	Principal amount bid for each Interest Period
may not exceed the principal amount request. Bids must be made for at least
$5,000,000 and integral multiples of $1,000,000.
	 
	 	13 	One, two, three or six months or up to 180
days, as specified in the related Invitation For Competitive Bid Quotes.
	 
	 	14 	Competitive LIBOR Margin for the applicable
LIBOR Interest Period. Specify percentage (rounded to the nearest 1/100 of 1%)
and specify whether “PLUS” or MINUS”.
	 
	 	15 	Specify rate of interest per annum (rounded to
the nearest 1/100 of 1%).
	 
	 	16 	Specify minimum amount, if any, which the
Borrower may accept (see Section 2.22(c)(ii)(d)).

I3-1

 

offer(s) are accepted, in whole or in part. Capitalized terms used herein and not otherwise
defined herein shall have their meanings as defined in the Agreement.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[NAME OF LENDER]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

I3-2

 

EXHIBIT J-1

INVITATION FOR COMPETITIVE BID QUOTES

(Section 2.23(a))

	To:  	 Each of the Lenders party to

the Agreement referred to below

	From:   	Invitation for Competitive Bid Quotes to

Developers Diversified Realty Corporation (the “Borrower”)

     Pursuant to Section 2.23(a) of the Sixth Amended and Restated Credit Agreement dated
as of March ___, 2005, as amended from time to time, among the Borrower, the lenders from time to
time party thereto, and JPMorgan Chase Bank, N.A., individually and as Administrative Agent for the
lenders (as amended, supplemented or otherwise modified from time to time through the date hereof,
the “Agreement”), we are pleased to invite you to submit Competitive Bid Quotes to the Borrower for
the following proposed Competitive Bid Loan(s):

Borrowing Date:                                         ,                     

	 	 	 	 	 
	

	 	Principal Amount17
	 	Interest Period18

     Such Competitive Bid Quotes should offer [a Competitive LIBOR Margin] [an Absolute Rate].
Your Competitive Bid Quote must comply with Section 2.23(a) of the Agreement and the
foregoing. Capitalized terms used herein have the meanings assigned to them in the Agreement.

     Please respond to this invitation by no later than [2:00 p.m.] [9:00 a.m.] (Chicago time) on
                                        ,                     .

	17	 	Amount must be at least $5,000,000 and an
integral multiple of $1,000,000.
	 
	18	 	One, two, three or six months (Competitive
LIBOR Margin) or up to 180 days (Absolute Rate), subject to the provisions of
the definitions of LIBOR Interest Period and Absolute Interest Period.

J1-1

 

     Upon acceptance by the undersigned of any or all of the Competitive Bid Loans offered by
Lenders in response to this request, the undersigned shall be deemed to affirm as of the Borrowing
Date thereof the representations and warranties made in Article V of this Agreement.

	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION, an Ohio

corporation
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	 	 	Print Name:	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

J1-2

 

EXHIBIT J-2

COMPETITIVE BID QUOTE

(Section 2.23(b))

                    ,______

	 	 	 
	To:

	 	Developers Diversified Realty Corporation
	 
	 	 
	Re:

	 	Competitive Bid Quote

     In response to your invitation dated                     ,___, we hereby
make the following Competitive Bid Quote pursuant to Section 2.23(b) of the Agreement
hereinafter referred to and on the following terms:

	2.  	Quoting Lender:                                                                                 
	 
	2.  	Person to contact at Quoting Lender:                                                            
	 
	3.  	Borrowing Date:                                                                                 19
	 
	4.  	 We hereby offer to make Competitive Bid Loan(s) in the following principal amounts, for the
following Interest Periods and at the following rates:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Principal

	 	 	Interest
	 	 	[Competitive
	 	 	[Absolute
	 	 	Minimum	 
	 	Amount20

	 	 	Period21
	 	 	LIBOR Margin22]
	 	 	Rate23]
	 	 	Amount24	 
	 

     We understand and agree that the offer(s) set forth above, subject to the satisfaction of the
applicable conditions set forth in the Sixth Amended and Restated Credit Agreement dated as of
March___, 2005, among the Borrower, the lenders from time to time party thereto, and JPMorgan Chase
Bank, N.A., individually and as Administrative Agent for the lenders (as amended, supplemented or
otherwise modified from time to time through the date hereof, the “Agreement”), irrevocably
obligates us to make the Competitive Bid Loan(s) for which any

	 	19	As specified in the related Invitation For
Competitive Bid Quotes.
	 
	 	20 	Principal amount bid for each Interest Period
may not exceed the principal amount request. Bids must be made for at least
$5,000,000 and integral multiples of $1,000,000.
	 
	 	21 	One, two, three or six months or up to 180
days, as specified in the related Invitation For Competitive Bid Quotes.
	 
	 	22 	Competitive LIBOR Margin for the applicable
LIBOR Interest Period. Specify percentage (rounded to the nearest 1/100 of 1%)
and specify whether “PLUS ” or “MINUS”.
	 
	 	 	23Specify rate of interest per annum (rounded
to the nearest 1/100 of 1%).
	 
	 	24 	Specify minimum amount, if any, which the
Borrower may accept (see Section 2.23(b)(ii)(d)).

J2-1

 

offer(s) are accepted, in whole or in part. Capitalized terms used herein and not otherwise
defined herein shall have their meanings as defined in the Agreement.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	[NAME OF LENDER]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

J2-2

 

EXHIBIT K

AMENDMENT REGARDING INCREASE

AMENDMENT TO SIXTH AMENDED AND

RESTATED REVOLVING CREDIT AGREEMENT

     This                                          Amendment to the Sixth Amended and Restated Revolving Credit Agreement
(the “Amendment”) is made as of                                         ,                     , by and among Developers Diversified Realty
Corporation, a corporation organized under the laws of the State of Ohio (the “Borrower”), JPMorgan
Chase Bank, N.A., and the several banks, financial institutions and other entities from time to
time parties to this Agreement (the “Lenders”), and JPMorgan Chase Bank, N.A., not individually,
but as “Administrative Agent”, and one or more new or existing “Lenders” shown on the
signature pages hereof.

R E C I T A L S

A.      Borrower, Administrative Agent and certain other Lenders have entered into an Sixth Amended and
Restated Credit Agreement dated as of March __, 2005 (as amended, the “Credit Agreement”). All
capitalized terms used herein and not otherwise defined shall have the meanings given to them in
the Credit Agreement.

B.      Pursuant to the terms of the Credit Agreement, the Lenders initially agreed to provide Borrower
with a revolving credit facility in an aggregate principal amount of up to $1,000,000,000. The
Borrower, the Administrative Agent and the Lenders now desire to amend the Credit Agreement in
order to, among other things (i) increase the Aggregate Commitment to $____,000,000; and (ii) admit
[name of new banks] as “Lenders” under the Credit Agreement.

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

AGREEMENTS

     1. The foregoing Recitals to this Amendment hereby are incorporated into and made part of this
Amendment.

     From and after                                         ,                     (the “Effective Date”) (i) [name of new banks]
shall be considered as “Lenders” under the Credit Agreement and the Loan Documents, and (ii)
[name of existing lenders] shall each be deemed to have increased its Commitment to the
amount shown next to their respective signatures on the signature pages of this Amendment, each
having a Commitment in the amount shown next to their respective signatures on the signature pages
of this Amendment. The Borrower shall, on or before the Effective Date, execute and deliver to
each of such new or existing Lenders a new or amended and restated Note in the amount of such
Commitment (and in the case of a new Lender, a Competitive Bid Note as well).

K-1

 

     From and after the Effective Date, the Aggregate Commitment shall equal                     
Million Dollars ($                    ,000,000).

     For purposes of Section 13.1 of the Credit Agreement (Giving Notice), the address(es) and
facsimile number(s) for [name of new banks] shall be as specified below their respective
signature(s) on the signature pages of this Amendment.

     The Borrower hereby represents and warrants that, as of the Effective Date, there is no
Default or Unmatured Default, the representations and warranties contained in Article V of the
Agreement are true and correct as of such date and the Borrower has no offsets or claims against
any of the Lenders.

     As expressly modified as provided herein, the Credit Agreement shall continue in full force
and effect.

     This Amendment may be executed in any number of counterparts, all of which taken together
shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing
any such counterpart.

K-2

 

     IN WITNESS WHEREOF, the parties have executed and delivered this Amendment as of the date
first written above.

	 	 	 	 	 	 	 
	DEVELOPERS DIVERSIFIED REALTY	 	JPMORGAN CHASE BANK, N.A.,
	CORPORATION	 	Individually and as Administrative Agent
	 
	 	 	 	 	 	 
	By

	 	 	 	By	 	 
	

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Print Name:

	 	 	 	Print Name:
	

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	

	 	 
	 	 	 	 

	 	 	 
	3300 Enterprise Parkway

Beachwood, Ohio 44122

Phone: 216/755-5775

Facsimile: 216/755-1775

Attention: Chief Financial Office

	 	1 Bank One Plaza

Mail Code IL1-0315

Chicago, Illinois 60670

Attention: Real Estate and Lodging
Investment Banking

Telephone: (312) 325-3114
	

	 	Facsimile: (312) 325-3122

	 	 	 	 	 
	Amount of Commitment: $                    	 	[NAME OF NEW LENDER]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Print Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 
	 
	 	 	 	 
	 	 	[Address of New Lender]
	 
	 	 	 	 
	

	 	Attention:	 	 
	

	 	 	 	 
	

	 	Telephone:	 	 
	

	 	 	 	 
	

	 	Facsimile:	 	 
	

	 	 	 	 

K-3

 

EXHIBIT L

FORM OF DESIGNATION AGREEMENT

Dated                                         ,_____

     Reference is made to the Sixth Amended and Restated Revolving Credit Agreement dated as of
March ___, 2003 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among Developers Diversified Realty Corporation, an Ohio corporation (the “Borrower”),
JPMorgan Chase Bank, N.A. and the several banks, financial institutions and other entities from
time to time parties to this Agreement (collectively, the “Lenders”), and JPMorgan Chase Bank,
N.A., not individually, but as Administrative Agent (the “Administrative Agent”) for the Lenders.
Terms defined in the Credit Agreement are used herein with the same meaning.

     [NAME OF DESIGNOR] (the “Designor”), [NAME OF DESIGNATED LENDER] (the “Designee”), the
Administrative Agent and the Borrower agree as follows:

     1. The Designor hereby designates the Designee, and the Designee hereby accepts such
designation, to have a right to make Competitive Bid Loans pursuant to Section 2.21 of the Credit
Agreement. Any assignment by Designor to Designee of its rights to make a Competitive Bid Loan
pursuant to such Section 2.21 shall be effective at the time of the funding for such Competitive
Bid Loan and not before such time.

     2. Except as set forth in Section 7 below, the Designor makes no representation or warranty
and assumes no responsibility pursuant to this Designation Agreement with respect to (a) any
statements, warranties or representations made in or in connection with any Loan Document or the
execution, legality, validity, enforceability, genuineness, sufficiency or value of any Loan
Document or any other instrument and document furnished pursuant thereto and (b) the financial
condition of the Borrower or the performance or observance by Borrower of any of its obligations
under any Loan Documents or any other instrument or document furnished pursuant thereto. (It is
acknowledged that the Designor may make representations and warranties of the type described above
in other agreements to which the Designor is a party).

     3. The Designee (a) confirms that it has received a copy of each Loan Document, together with
copies of the financial statements referred to in Section 6.1 of the Credit Agreement and such
other documents and information as it has deemed appropriate to make its own independent credit
analysis and decision to enter into this Designation Agreement, (b) agrees that it will,
independently and without reliance upon the Administrative Agent, the Designor or any other Lender
and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action

L-1

 

under any Loan Document; (c) confirms that it is a Designated Lender; (d) appoints and
authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such
powers and discretion under any Loan Document as are delegated to the Administrative Agent by the
terms thereof, together with such powers and discretion as are reasonably incidental thereto, and
(e) agrees that it will perform in accordance with their terms all of the obligations which by the
terms of any Loan Document are required to be performed by it as a Lender.

     4. The Designee hereby appoints the Designor as the Designee’s agent and attorney in fact, and
grants to the Designor an irrevocable power of attorney, to deliver and receive all communications
and notices under the Credit Agreement and other Loan Documents and to exercise on the Designee’s
behalf all rights to vote and to grant and make approvals, waivers, consents or amendment to or
under the Credit Agreement or other Loan Documents. Any document executed by the Designor on the
Designee’s behalf in connection with the Credit Agreement or other Loan Documents shall be binding
on the Designee. The Borrower, the Administrative Agent and each of the Lenders may rely on and
are beneficiaries of the preceding provisions.

     5. Following the execution of this Designation Agreement by the Designor and its Designee, it
will be delivered to the Administrative Agent for acceptance and recording by the Administrative
Agent and the Borrower. The effective date for this Designation Agreement (the “Effective Date”)
shall be the date of acceptance hereof by the Administrative Agent and the Borrower, unless
otherwise specified on the signature pages thereto.

     6. The Administrative Agent shall not institute or join any other person in instituting
against the Designee any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding under any federal or state bankruptcy or similar law, for one year and one day after the
payment in full of the latest maturing commercial paper note issued by the Designee.

     7. The Borrower shall not institute or join any other person in instituting against the
Designee any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under
any federal or state bankruptcy or similar law, for one year and one day after the payment in full
of the latest maturing commercial paper note issued by the Designee.

     8. The Designor unconditionally agrees to pay or reimburse the Designee and save the Designee
harmless against all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed or
asserted by any of the parties to the Loan Documents against the Designee, in its capacity as such,
in any way relating to or arising out of this Designation Agreement or any other Loan Documents or
any action taken or omitted by the Designee hereunder or thereunder, provided that the
Designor shall not be liable for any portion of such liabilities, obligations, losses, damage,
penalties, actions, judgments, suits, costs, expenses or disbursements if the same results from the
Designee’s gross negligence or willful misconduct.

L-2

 

     9. Upon such acceptance and recording of this Designation Agreement by the Borrower and the
Administrative Agent, as of the Effective Date, the Designee shall be entitled to the benefits of
the Credit Agreement with a right to fund and receive payment of the principal and interest on
Competitive Bid Loans pursuant to Section 2.21 of the Credit Agreement and otherwise with the same
rights and obligations it would have if it were a Participant or Designor thereunder rather than a
direct Lender pursuant to this Designation Agreement.

     10. This Designation Agreement shall be governed by, and construed in accordance with, the
laws of the State of Illinois, without reference to the provisions thereof regarding conflicts of
law.

     11. This Designation Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement. Delivery of
an executed counterpart of a signature page to this Designation Agreement by facsimile transmission
shall be effective as of delivery of a manually executed counterpart of this Designation Agreement.

     IN WITNESS WHEREOF, the Designor and the Designee, intending to be legally bound, have caused
this Designation Agreement to be executed by their officers thereunto duly authorized as of the
date first above written.

Effective Date25                                         , ____, ____

	 	 	 	 	 
	 	 	[NAME OF DESIGNOR], as Designor
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	 
	 	 	 	 
	 	 	[NAME OF DESIGNATED LENDER],
	 	 	as Designee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

	 	25 	This date should be no earlier than five
Business Days after the delivery of this Designation Agreement to the
Administrative Agent.

L-3

 

Accepted this ____ day of                     , ____

	 	 	 	 	 	 	 
	JPMORGAN CHASE BANK, N.A.,	 	DEVELOPERS DIVERSIFIED REALTY
	not individually but as Administrative	 	CORPORATION
	 
	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 
	

	 	 
	 	 	 	 
	Title:

	 	 	 	Title:	 	 
	

	 	 
	 	 	 	 

L-4

 

EXHIBIT M

GUARANTY

     This Guaranty is made as of March ___, 2005 by Developers Diversified Realty Corporation, a
corporation organized under the laws of the State of Ohio (“Guarantor, and in its capacity as a
borrower under the Credit Agreement described below, a “Borrower”), to and for the benefit of
JPMorgan Chase Bank, N.A., as administrative agent (“Administrative Agent”) for itself and
the lenders under the Credit Agreement (as defined below) and their respective successors and
assigns (collectively, the “Lenders”).

RECITALS

     A. Guarantor has requested that the Lenders make a revolving credit facility available to
Borrower in an aggregate principal amount of $1,000,000,000, subject to increase to up to
$1,250,000,000 (the “Facility”).

     B. The Lenders have agreed to make available the Facility to Borrower pursuant to the terms
and conditions set forth in a Sixth Amended and Restated Credit Agreement dated as of event date
herewith, between Guarantor, as Borrower, Administrative Agent, and the Lenders named therein (as
amended, modified or restated from time to time, the “Credit Agreement”). All capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the
Credit Agreement.

     C. The Credit Agreement allows, among other things, for Qualified Borrowers to request
Advances under the Facility provided, among other things, that Guarantor execute and deliver this
Guaranty. Each Qualified Borrower from time to time will execute and deliver to the Lenders
promissory notes as evidence of such Qualified Borrower’s indebtedness to each such Lender with
respect to the Facility (the promissory notes described above, together with any amendments or
allonges thereto, or restatements, replacements or renewals thereof, and/or new promissory notes to
new Lenders under the Credit Agreement, are collectively referred to herein as the
“Notes”).

     D. Each Qualified Borrower is directly or indirectly wholly owned by Guarantor.

AGREEMENTS

     NOW, THEREFORE, Guarantor, in consideration of the matters described in the foregoing
Recitals, which Recitals are incorporated herein and made a part hereof, and for other good and
valuable consideration, hereby agrees as follows:

     1. Guarantor absolutely, unconditionally, and irrevocably guaranties to each of the Lenders:

     (a) the full and prompt payment of the principal of and interest on the Notes when due,
whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, and
the prompt payment of all sums which may now be or may hereafter

M-1

 

become due and owing from each Qualified Borrower under the Notes, the Credit
Agreement, and the other Loan Documents;

     (b) the payment of all Enforcement Costs (as hereinafter defined in Paragraph 7
hereof); and

     (c) the full, complete, and punctual observance, performance, and satisfaction of all
of the obligations, duties, covenants, and agreements of each Qualified Borrower under the
Credit Agreement and the Loan Documents.

All amounts due, debts, liabilities, and payment obligations described in subparagraphs (a) and (b)
of this Paragraph 1 are referred to herein as the “Facility Indebtedness.” All
obligations described in subparagraph (c) of this Paragraph 1 are referred to herein as the
“Obligations.”

     2. In the event of any default by a Qualified Borrower in making payment of the Facility
Indebtedness, or in performance of the Obligations, as aforesaid, in each case beyond the
expiration of any applicable grace period, Guarantor agrees, on demand by the Administrative Agent
or the holder of a Note, to pay all the Facility Indebtedness and to perform all the Obligations as
are then or thereafter become due and owing or are to be performed under the terms of the Notes,
the Credit Agreement, and the other Loan Documents. All references to Borrower in this Guaranty
shall refer to each Qualified Borrower, as well as Guarantor in its capacity as a Borrower under
the terms of the Facility.

     3. Guarantor does hereby waive (i) notice of acceptance of this Guaranty by the Administrative
Agent and the Lenders and any and all notices and demands of every kind which may be required to be
given by any statute, rule or law, (ii) any defense, right of set-off or other claim which
Guarantor may have against Borrower or which Guarantor or Borrower may have against the
Administrative Agent or the Lenders or the holder of a Note, (iii) presentment for payment, demand
for payment (other than as provided for in Paragraph 2 above), notice of nonpayment (other
than as provided for in Paragraph 2 above) or dishonor, protest and notice of protest,
diligence in collection and any and all formalities which otherwise might be legally required to
charge Guarantor with liability, (iv) any failure by the Administrative Agent and the Lenders to
inform Guarantor of any facts the Administrative Agent and the Lenders may now or hereafter know
about Borrower, the Facility, or the transactions contemplated by the Credit Agreement, it being
understood and agreed that the Administrative Agent and the Lenders have no duty so to inform and
that Guarantor is fully responsible for being and remaining informed by Borrower of all
circumstances bearing on the existence or creation, or the risk of nonpayment of the Facility
Indebtedness or the risk of nonperformance of the Obligations, and (v) any and all right to cause a
marshalling of assets of Borrower or any other action by any court or governmental body with
respect thereto, or to cause the Administrative Agent and the Lenders to proceed against any other
security given to a Lender in connection with the Facility Indebtedness or the Obligations. Credit
may be granted or continued from time to time by the Lenders to Borrower without notice to or
authorization from Guarantor, regardless of the financial or other condition of Borrower at the
time of any such grant or continuation. The Administrative Agent and the Lenders shall have no
obligation to disclose or discuss with Guarantor the Lenders’ assessment of the financial condition
of Borrower. Guarantor acknowledges that no representations of any kind whatsoever have been made
by the Administrative Agent and the

M-2

 

Lenders to Guarantor. No modification or waiver of any of the provisions of this Guaranty
shall be binding upon the Administrative Agent and the Lenders except as expressly set forth in a
writing duly signed and delivered on behalf of the Administrative Agent and the Lenders. Guarantor
further agrees that any exculpatory language contained in the Credit Agreement, the Notes, and the
other Loan Documents shall in no event apply to this Guaranty, and will not prevent the
Administrative Agent and the Lenders from proceeding against Guarantor to enforce this Guaranty.

     4. Guarantor further agrees that Guarantor’s liability as guarantor shall in no way be
impaired by any renewals or extensions which may be made from time to time, with or without the
knowledge or consent of Guarantor of the time for payment of interest or principal under a Note or
by any forbearance or delay in collecting interest or principal under a Note, or by any waiver by
the Administrative Agent and the Lenders under the Credit Agreement, or any other Loan Documents,
or by the Administrative Agent or the Lenders’ failure or election not to pursue any other remedies
they may have against Borrower, or by any change or modification in a Note, the Credit Agreement,
or any other Loan Documents, or by the acceptance by the Administrative Agent or the Lenders of any
security or any increase, substitution or change therein, or by the release by the Administrative
Agent and the Lenders of any security or any withdrawal thereof or decrease therein, or by the
application of payments received from any source to the payment of any obligation other than the
Facility Indebtedness, even though a Lender might lawfully have elected to apply such payments to
any part or all of the Facility Indebtedness, it being the intent hereof that Guarantor shall
remain liable as principal for payment of the Facility Indebtedness and performance of the
Obligations until all indebtedness has been paid in full and the other terms, covenants and
conditions of the Credit Agreement, and other Loan Documents and this Guaranty have been performed,
notwithstanding any act or thing which might otherwise operate as a legal or equitable discharge of
a surety. Guarantor further understands and agrees that the Administrative Agent and the Lenders
may at any time enter into agreements with Borrower to amend and modify a Note, the Credit
Agreement or any of the other Loan Documents, or any thereof, and may waive or release any
provision or provisions of a Note, the Credit Agreement, or any other Loan Document and, with
reference to such instruments, may make and enter into any such agreement or agreements as the
Administrative Agent, the Lenders and Borrower may deem proper and desirable, without in any manner
impairing this Guaranty or any of the Administrative Agent and the Lenders’ rights hereunder or any
of Guarantor’s obligations hereunder.

     5. This is an absolute, unconditional, complete, present and continuing guaranty of payment
and performance and not of collection. Guarantor agrees that its obligations hereunder shall be
joint and several with any and all other guarantees given in connection with the Facility from time
to time. Guarantor agrees that this Guaranty may be enforced by the Administrative Agent and the
Lenders without the necessity at any time of resorting to or exhausting any security or collateral,
if any, given in connection herewith or with a Note, the Credit Agreement, or any of the other Loan
Documents or by or resorting to any other guaranties, and Guarantor hereby waives the right to
require the Administrative Agent and the Lenders to join Borrower in any action brought hereunder
or to commence any action against or obtain any judgment against Borrower or to pursue any other
remedy or enforce any other right. Guarantor further agrees that nothing contained herein or
otherwise shall prevent the Administrative Agent and the Lenders from pursuing concurrently or
successively all rights and remedies available to them at law

M-3

 

and/or in equity or under a Note, the Credit Agreement or any other Loan Documents, and the
exercise of any of their rights or the completion of any of their remedies shall not constitute a
discharge of any of Guarantor’s obligations hereunder, it being the purpose and intent of Guarantor
that the obligations of Guarantor hereunder shall be primary, absolute, independent and
unconditional under any and all circumstances whatsoever. Neither Guarantor’s obligations under
this Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or
released in any manner whatsoever by any impairment, modification, change, release or limitation of
the liability of Borrower under a Note, the Credit Agreement or any other Loan Document or by
reason of Borrower’s bankruptcy or by reason of any creditor or bankruptcy proceeding instituted by
or against Borrower. This Guaranty shall continue to be effective and be deemed to have continued
in existence or be reinstated (as the case may be) if at any time payment of all or any part of any
sum payable pursuant to a Note, the Credit Agreement or any other Loan Document is rescinded or
otherwise required to be returned by the payee upon the insolvency, bankruptcy, or reorganization
of the payor, all as though such payment to such Lender had not been made, regardless of whether
such Lender contested the order requiring the return of such payment. The obligations of Guarantor
pursuant to the preceding sentence shall survive any termination, cancellation, or release of this
Guaranty.

     6. This Guaranty shall be assignable by a Lender to any assignee of all or a portion of such
Lender’s rights under the Loan Documents.

     7. If: (i) this Guaranty, a Note, or any of the Loan Documents are placed in the hands of an
attorney for collection or is collected through any legal proceeding; (ii) an attorney is retained
to represent the Administrative Agent or any Lender in any bankruptcy, reorganization,
receivership, or other proceedings affecting creditors’ rights and involving a claim under this
Guaranty, a Note, the Credit Agreement, or any Loan Document; (iii) an attorney is retained to
enforce any of the other Loan Documents or to provide advice or other representation with respect
to the Loan Documents in connection with an enforcement action or potential enforcement action; or
(iv) an attorney is retained to represent the Administrative Agent or any Lender in any other legal
proceedings whatsoever in connection with this Guaranty, a Note, the Credit Agreement, any of the
Loan Documents, or any property subject thereto (other than any action or proceeding brought by any
Lender or participant against the Administrative Agent alleging a breach by the Administrative
Agent of its duties under the Loan Documents), then Guarantor shall pay to the Administrative Agent
or such Lender upon demand all reasonable attorney’s fees, costs and expenses, including, without
limitation, court costs, filing fees and all other costs and expenses incurred in connection
therewith (all of which are referred to herein as “Enforcement Costs”), in addition to all
other amounts due hereunder.

     8. The parties hereto intend that each provision in this Guaranty comports with all applicable
local, state and federal laws and judicial decisions. However, if any provision or provisions, or
if any portion of any provision or provisions, in this Guaranty is found by a court of law to be in
violation of any applicable local, state or federal ordinance, statute, law, administrative or
judicial decision, or public policy, and if such court should declare such portion, provision or
provisions of this Guaranty to be illegal, invalid, unlawful, void or unenforceable as written,
then it is the intent of all parties hereto that such portion, provision or provisions shall be
given force to the fullest possible extent that they are legal, valid and enforceable, that the
remainder of this Guaranty shall be construed as if such illegal, invalid,

M-4

 

unlawful, void or unenforceable portion, provision or provisions were not contained therein,
and that the rights, obligations and interest of the Administrative Agent and the Lender or the
holder of a Note under the remainder of this Guaranty shall continue in full force and effect.

     9. Any indebtedness of Borrower to Guarantor now or hereafter existing is hereby subordinated
to the Facility Indebtedness. Guarantor will not seek, accept, or retain for Guarantor’s own
account, any payment from Borrower on account of such subordinated debt at any time when a Default
or Event of Default exists under the Credit Agreement or the Loan Documents, and any such payments
to Guarantor made while any Default or Event of Default then exists under the Credit Agreement or
the Loan Documents on account of such subordinated debt shall be collected and received by
Guarantor in trust for the Lenders and shall be paid over to the Administrative Agent on behalf of
the Lenders on account of the Facility Indebtedness without impairing or releasing the obligations
of Guarantor hereunder.

     10. Guarantor hereby subordinates to the Facility Indebtedness any and all claims and rights,
including, without limitation, subrogation rights, contribution rights, reimbursement rights and
set-off rights, which Guarantor may have against Borrower arising from a payment made by Guarantor
under this Guaranty and agree that, until the entire Facility Indebtedness is paid in full, not to
assert or take advantage of any subrogation rights of Guarantor or the Lenders or any right of
Guarantor or the Lenders to proceed against (i) Borrower for reimbursement, or (ii) any other
guarantor or any collateral security or guaranty or right of offset held by the Lenders for the
payment of the Facility Indebtedness and performance of the Obligations, nor shall Guarantor seek
or be entitled to seek any contribution or reimbursement from Borrower or any other guarantor in
respect of payments made by Guarantor hereunder. It is expressly understood that the agreements of
Guarantor set forth above constitute additional and cumulative benefits given to the Lenders for
their security and as an inducement for their extension of credit to Borrower.

     11. Any amounts received by a Lender from any source on account of any indebtedness may be
applied by such Lender toward the payment of such indebtedness, and in such order of application,
as a Lender may from time to time elect.

     12. Guarantor hereby submits to personal jurisdiction in the State of Illinois for the
enforcement of this Guaranty and waives any and all personal rights to object to such jurisdiction
for the purposes of litigation to enforce this Guaranty. Guarantor hereby consents to the
jurisdiction of either the Circuit Court of Cook County, Illinois, or the United States District
Court for the Northern District of Illinois, in any action, suit, or proceeding which the
Administrative Agent or a Lender may at any time wish to file in connection with this Guaranty or
any related matter. Guarantor hereby agrees that an action, suit, or proceeding to enforce this
Guaranty may be brought in any state or federal court in the State of Illinois and hereby waives
any objection which Guarantor may have to the laying of the venue of any such action, suit, or
proceeding in any such court; provided, however, that the provisions of this Paragraph shall not be
deemed to preclude the Administrative Agent or a Lender from filing any such action, suit, or
proceeding in any other appropriate forum.

     13. All notices and other communications provided to any party hereto under this Agreement or
any other Loan Document shall be in writing or by telex or by facsimile and addressed or delivered
to such party at its address set forth below or at such other address as may be designated by such
party in a notice to the other parties. Any notice, if mailed and properly

M-5

 

addressed with postage prepaid, shall be deemed given when received; any notice, if
transmitted by facsimile, shall be deemed given when transmitted. Notice may be given as follows:

	 	 	 
	To Guarantor:
	 
	 	 
	

	 	Developers Diversified Realty Corporation
	

	 	3300 Enterprise Parkway
	

	 	Beachwood, Ohio 44122
	 
	 	 
	

	 	Attention: Chief Financial Officer
	 
	

	 	Telephone: (216) 755-5775
	

	 	Facsimile: (216) 755-1775
	 
	 	 
	With a copy to:
	 
	 	 
	

	 	Developers Diversified Realty Corporation
	

	 	3300 Enterprise Parkway
	

	 	Beachwood, Ohio 44122
	 
	 	 
	

	 	Attention: General Counsel
	 
	

	 	Telephone: (216) 755-5650
	

	 	Facsimile: (216) 755-1560
	 
	 	 
	To Administrative Agent :
	 
	 	 
	

	 	JPMorgan Chase Bank, N.A.
	

	 	One Bank One Plaza
	

	 	Chicago, Illinois 60670
	 
	

	 	Attention: Timothy J. Carew, Vice President
	 
	

	 	Telephone: (312) 325-3114
	

	 	Facsimile: (312) 325-3122
	 
	 	 
	With a copy to:
	

	 	Sonnenschein Nath & Rosenthal LLP
	

	 	8000 Sears Tower
	

	 	Chicago, Illinois 60606
	 
	

	 	Attention: Steven R. Davidson, Esq.
	 
	

	 	Telephone: (312) 876-8238
	

	 	Facsimile: (312) 876-7934
	 
	 	 
	If to any other Lender, to its address set forth in the Credit Agreement.

M-6

 

     14. This Guaranty shall be binding upon the heirs, executors, legal and personal
representatives, successors and assigns of Guarantor and shall inure to the benefit of the
Administrative Agent and the Lenders’ successors and assigns.

     15. This Guaranty shall be construed and enforced under the internal laws of the State of
Illinois.

     16. GUARANTOR, THE ADMINISTRATIVE AGENT AND THE LENDERS, BY THEIR ACCEPTANCE HEREOF, EACH
HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY
RIGHT UNDER THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE
LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS GUARANTY AND AGREE THAT ANY SUCH ACTION OR
PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

M-7

 

     IN WITNESS WHEREOF, Guarantor has delivered this Guaranty in the State of Illinois as of
the date first written above.

	 	 	 	 	 	 	 	 	 
	 	 	DEVELOPERS DIVERSIFIED REALTY CORPORATION
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	 	 	Print Name: William H. Schafer
	 	 	Title: Senior Vice President and CFO
	 
	 	 	 	 
	 	 	3300 Enterprise Parkway
	 	 	Beachwood, Ohio 44122
	 	 	Phone: 216/755-5775
	 	 	Facsimile: 216/755-1775
	 	 	Attention: Chief Financial Officer

M-8

 

EXHIBIT N

NOTE

                                        , 2005

     [QUALIFIED BORROWER NAME], a ___organized under the laws of the State of
___(the “Borrower”), promises to pay to the order of JPMORGAN CHASE BANK, N.A., as
Administrative Agent pursuant to the Credit Agreement described below (the “Lender”) the aggregate
unpaid principal amount of all Loans made to the Borrower pursuant to Article II of the Sixth
Amended and Restated Credit Agreement (as the same may be amended or modified, the “Agreement”)
hereinafter referred to, in immediately available funds at the office of JPMorgan Chase Bank, N.A.
in Chicago, Illinois, as Administrative Agent, together with interest on the unpaid principal
amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay
remaining unpaid principal of and accrued and unpaid interest on the Loans in full on the Facility
Termination Date or such earlier date as may be required under the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Loan and the
date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the
Sixth Amended and Restated Credit Agreement, dated as of March ___, 2005, as amended, among the
Borrower, JPMorgan Chase Bank, N.A., individually and as Administrative Agent, and the other
Lenders named therein, to which Agreement, as it may be amended from time to time, reference is
hereby made for a statement of the terms and conditions governing this Note, including the terms
and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized
terms used herein and not otherwise defined herein are used with the meanings attributed to them in
the Agreement.

     If there is a Default under the Agreement or any other Loan Document and Agent exercises the
remedies provided under the Agreement and/or any of the Loan Documents for the Lenders, then in
addition to all amounts recoverable by the Agent and the Lenders under such documents, Agent and
the Lenders shall be entitled to receive reasonable attorneys fees and expenses incurred by Agent
and the Lenders in connection with the exercise of such remedies.

     Borrower and all endorsers severally waive presentment, protest and demand, notice of protest,
demand and of dishonor and nonpayment of this Note, and any and all lack of diligence or delays in
collection or enforcement of this Note, and expressly agree that this Note, or any payment
hereunder, may be extended from time to time, and expressly consent to the release of any party
liable for the obligation secured by this Note, the release of any of the security for this Note,
the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever,
all without notice to any party and without affecting the liability of the Borrower and any
endorsers hereof.

     This Note shall be governed and construed under the internal laws of the State of Illinois.

N-1

 

     BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN
DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS
NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A
JURY.

	 	 	 	 	 	 	 	 	 
	 	 	[QUALIFIED BORROWER NAME]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Print Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

N-2

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

TO NOTE OF [QUALIFIED BORROWER NAME]

DATED ______________, 2005

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Maturity	 	 	 	 
	 	 	Principal	 	 	Maturity	 	 	Principal	 	 	 	 
	 	 	Amount of	 	 	of Interest	 	 	Amount	 	 	Unpaid	 
	Date	 	Loan	 	 	Period	 	 	Paid	 	 	Balance	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

N-3

 

EXHIBIT O

COMPETITIVE BID NOTE

                                        , 2005

     [QUALIFIED BORROWER NAME], a ___organized under the laws of the State of
___(the “Borrower”), promises to pay to the order of JPMORGAN CHASE BANK, N.A., as
Administrative Agent pursuant to the Credit Agreement described below (the “Lender”) the aggregate
unpaid principal amount of all Competitive Bid Loans made to the Borrower pursuant to Article II of
the Sixth Amended and Restated Credit Agreement (as the same may be amended or modified, the
“Agreement”) hereinafter referred to, in immediately available funds at the office of JPMorgan
Chase Bank, N.A. in Chicago, Illinois, as Administrative Agent, together with interest on the
unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The
Borrower shall pay remaining unpaid principal of and accrued and unpaid interest on the Loans in
full on the Facility Termination Date or such earlier date as may be required under the Agreement.

     The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to
otherwise record in accordance with its usual practice, the date and amount of each Loan and the
date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the
Sixth Amended and Restated Credit Agreement, dated as of March ___, 2005, as amended, among the
Borrower, JPMorgan Chase Bank, N.A., individually and as Administrative Agent, and the other
Lenders named therein, to which Agreement, as it may be amended from time to time, reference is
hereby made for a statement of the terms and conditions governing this Note, including the terms
and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized
terms used herein and not otherwise defined herein are used with the meanings attributed to them in
the Agreement.

     If there is a Default under the Agreement or any other Loan Document and Agent exercises the
remedies provided under the Agreement and/or any of the Loan Documents for the Lenders, then in
addition to all amounts recoverable by the Agent and the Lenders under such documents, Agent and
the Lenders shall be entitled to receive reasonable attorneys fees and expenses incurred by Agent
and the Lenders in connection with the exercise of such remedies.

     Borrower and all endorsers severally waive presentment, protest and demand, notice of protest,
demand and of dishonor and nonpayment of this Note, and any and all lack of diligence or delays in
collection or enforcement of this Note, and expressly agree that this Note, or any payment
hereunder, may be extended from time to time, and expressly consent to the release of any party
liable for the obligation secured by this Note, the release of any of the security for this Note,
the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever,
all without notice to any party and without affecting the liability of the Borrower and any
endorsers hereof.

     This Note shall be governed and construed under the internal laws of the State of Illinois.

O-1

 

     BORROWER AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN
DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS
NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A
JURY.

	 	 	 	 	 	 	 	 	 
	 	 	[QUALIFIED BORROWER NAME]
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	Print Name:	 	 
	

	 	 	 	 
	

	 	Title:	 	 
	

	 	 	 	 

O-2

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

TO NOTE OF [QUALIFIED BORROWER NAME]

DATED ________________, 2005

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Maturity	 	 	 	 	 	 	 
	 	 	Principal	 	 	Maturity	 	 	Principal	 	 	 	 	 	 	 
	 	 	Amount of	 	 	of Interest	 	 	Amount	 	 	Unpaid	 	 	Applicable	 
	Date	 	Loan	 	 	Period	 	 	Paid	 	 	Balance	 	 	Interest Rate	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

O-3

 

SCHEDULE 1

Intentionally Deleted

Schedule 1 - Page 1

 

SCHEDULE 2

INDEBTEDNESS AND LIENS

(See Sections 5.13 and 6.16)

None.

Schedule 2 - Page 1

 

SCHEDULE 3

LITIGATION

(See Section 5.6)

None.

Schedule 3 - Page 1

 

SCHEDULE 4

Intentionally Deleted.

Schedule 4 - Page 1

 

SCHEDULE 5

Qualified Borrower Requirements

	1.  	Certificate of good standing for the Qualified Borrower from its State of Organization,
certified by the appropriate governmental officer and dated not more than thirty (30) days
prior to such entity becoming a Qualified Borrower;
	 
	2.  	Copies of the formation documents (including code of regulations, if appropriate) of the
Qualified Borrower certified by an officer of the Qualified Borrower, as appropriate, together
with all amendments thereto;
	 
	3.  	Incumbency certificates, executed by officers of the Qualified Borrower, which shall identify
by name and title and bear the signature of the Persons authorized to sign the Loan Documents
and to make borrowings hereunder on behalf of the Qualified Borrower, upon which certificate
the Administrative Agent and the Lenders shall be entitled to rely until informed of any
change in writing by the Qualified Borrower (or the Borrower on its behalf);
	 
	4.  	Copies, certified by a Secretary or an Assistant Secretary of the Qualified Borrower, of the
Board of Directors’ resolutions (and resolutions of other bodies, if any are reasonably deemed
necessary by counsel for any Lender) authorizing the Advances provided for herein, with
respect to the Qualified Borrower, and the execution, delivery and performance of the Loan
Documents to be executed and delivered by the Qualified Borrower;
	 
	5.  	A written opinion of the Qualified Borrower’s and Borrower’s counsel, addressed to the
Lenders in such form as the Administrative Agent may reasonably approve;
	 
	6.  	UCC financing statement, judgment, and tax lien searches with respect to the Qualified
Borrower from the State of Ohio and if different, its State of Organization;
	 
	7.  	Written money transfer instructions, in substantially the form of Exhibit E to the Credit
Agreement hereto, addressed to the Administrative Agent and signed by an Authorized Officer,
together with such other related money transfer authorizations as the Administrative Agent may
have reasonably requested;
	 
	8.  	Such other documents as any Lender or its counsel may have reasonably requested, the form and
substance of which documents shall be reasonably acceptable to the parties and their
respective counsel.

Schedule 5 - Page 1

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II THE CREDIT
	 	 	22	 
	 
	 	 	 	 
	2.1 Commitments; Reduction or Increase in Aggregate Commitment
	 	 	22	 
	2.2 Final Principal Payment and Extension of Facility Termination Date
	 	 	23	 
	2.3 Ratable and Nonratable Loans
	 	 	24	 
	2.4 Applicable Margins
	 	 	24	 
	2.5 Facility Fee
	 	 	25	 
	2.6 Other Fees
	 	 	25	 
	2.7 Minimum Amount of Each Advance
	 	 	25	 
	2.8 Optional Principal Payments
	 	 	25	 
	2.9 Method of Selecting Types and Interest Periods for New Advances
	 	 	25	 
	2.10 Conversion and Continuation of Outstanding Advances
	 	 	26	 
	2.11 Changes in Interest Rate, Etc
	 	 	27	 
	2.12 Rates Applicable After Default
	 	 	27	 
	2.13 Method of Payment
	 	 	27	 
	2.14 Notes; Telephonic Notices
	 	 	28	 
	2.15 Interest Payment Dates; Interest and Fee Basis
	 	 	28	 
	2.16 Notification of Advances, Interest Rates and Prepayments
	 	 	28	 
	2.17 Lending Installations
	 	 	28	 
	2.18 Non-Receipt of Funds by the Administrative Agent
	 	 	29	 
	2.19 Replacement of Lenders under Certain Circumstances
	 	 	29	 
	2.20 Swingline Loans
	 	 	29	 
	2.21 Competitive Bid Loans
	 	 	30	 
	2.22 Agent Administered Competitive Bid Loans
	 	 	31	 
	2.23 Competitive Bid Loans Administered by Borrower
	 	 	35	 
	2.24 Application of Moneys Received
	 	 	38	 
	2.25 Usury
	 	 	39	 
	 
	 	 	 	 
	ARTICLE III CHANGE IN CIRCUMSTANCES
	 	 	45	 
	 
	 	 	 	 
	3.1 Yield Protection
	 	 	45	 
	3.2 Changes in Capital Adequacy Regulations
	 	 	46	 
	3.3 Availability of Types of Advances
	 	 	47	 
	3.4 Funding Indemnification
	 	 	47	 
	3.5 Taxes
	 	 	47	 
	3.6 Lender Statements; Survival of Indemnity
	 	 	49	 
	 
	 	 	 	 
	ARTICLE IV CONDITIONS PRECEDENT
	 	 	50	 
	 
	 	 	 	 
	4.1 Initial Advance
	 	 	50	 
	4.2 Each Advance
	 	 	51	 
	 
	 	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES
	 	 	52	 
	 
	 	 	 	 
	5.1 Existence
	 	 	52	 
	5.2 Authorization and Validity
	 	 	52	 
	5.3 No Conflict; Government Consent
	 	 	52	 
	5.4 Financial Statements; Material Adverse Change
	 	 	53	 
	5.5 Taxes
	 	 	53	 
	5.6 Litigation and Guarantee Obligations
	 	 	53	 
	5.7 Subsidiaries
	 	 	53	 
	5.8 ERISA
	 	 	53	 
	5.9 Accuracy of Information
	 	 	54	 
	5.10 Regulation U
	 	 	54	 

i

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	5.11 Material Agreements
	 	 	54	 
	5.12 Compliance With Laws
	 	 	54	 
	5.13 Ownership of Properties
	 	 	54	 
	5.14 Investment Company Act
	 	 	54	 
	5.15 Public Utility Holding Company Act
	 	 	54	 
	5.16 Solvency
	 	 	55	 
	5.17 Insurance
	 	 	55	 
	5.18 REIT Status
	 	 	55	 
	5.19 Environmental Matters
	 	 	56	 
	 
	 	 	 	 
	ARTICLE VI COVENANTS
	 	 	57	 
	 
	 	 	 	 
	6.1 Financial Reporting
	 	 	57	 
	6.2 Use of Proceeds
	 	 	58	 
	6.3 Notice of Default
	 	 	59	 
	6.4 Conduct of Business
	 	 	59	 
	6.5 Taxes
	 	 	59	 
	6.6 Insurance
	 	 	59	 
	6.7 Compliance with Laws
	 	 	59	 
	6.8 Maintenance of Properties
	 	 	59	 
	6.9 Inspection
	 	 	59	 
	6.10 Maintenance of Status
	 	 	59	 
	6.11 Restricted Payments
	 	 	60	 
	6.12 Merger; Sale of Assets
	 	 	60	 
	6.13 Delivery of Subsidiary Guaranties
	 	 	60	 
	6.14 Sale and Leaseback
	 	 	61	 
	6.15 Acquisitions and Investments
	 	 	61	 
	6.16 Liens
	 	 	61	 
	6.17 Affiliates
	 	 	62	 
	6.18 Financial Undertakings
	 	 	62	 
	6.19 Variable Interest Indebtedness
	 	 	62	 
	6.20 Consolidated Net Worth
	 	 	62	 
	6.21 Indebtedness and Cash Flow Covenants
	 	 	62	 
	6.22 Environmental Matters
	 	 	63	 
	6.23 Permitted Investments
	 	 	64	 
	 
	 	 	 	 
	ARTICLE VII DEFAULTS
	 	 	65	 
	 
	 	 	 	 
	ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	 	 	67	 
	 
	 	 	 	 
	8.1 Acceleration
	 	 	67	 
	8.2 Amendments
	 	 	68	 
	8.3 Preservation of Rights
	 	 	69	 
	 
	 	 	 	 
	ARTICLE IX GENERAL PROVISIONS
	 	 	69	 
	 
	 	 	 	 
	9.1 Survival of Representations
	 	 	69	 
	9.2 Governmental Regulation
	 	 	69	 
	9.3 Taxes
	 	 	69	 
	9.4 Headings
	 	 	69	 
	9.5 Entire Agreement
	 	 	69	 
	9.6 Several Obligations; Benefits of this Agreement
	 	 	69	 
	9.7 Expenses; Indemnification
	 	 	70	 
	9.8 Numbers of Documents
	 	 	70	 
	9.9 Accounting
	 	 	70	 
	9.10 Severability of Provisions
	 	 	70	 

ii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	9.11 Nonliability of Lenders
	 	 	70	 
	9.12 CHOICE OF LAW
	 	 	71	 
	9.13 CONSENT TO JURISDICTION
	 	 	71	 
	9.14 WAIVER OF JURY TRIAL
	 	 	71	 
	9.15 No Bankruptcy Proceedings
	 	 	71	 
	 
	 	 	 	 
	ARTICLE X THE ADMINISTRATIVE AGENT
	 	 	72	 
	 
	 	 	 	 
	10.1 Appointment
	 	 	72	 
	10.2 Powers
	 	 	72	 
	10.3 General Immunity
	 	 	72	 
	10.4 No Responsibility for Loans, Recitals, etc.
	 	 	72	 
	10.5 Action on Instructions of Lenders
	 	 	73	 
	10.6 Employment of Agents and Counsel
	 	 	73	 
	10.7 Reliance on Documents; Counsel
	 	 	73	 
	10.8 Administrative Agent’s Reimbursement and Indemnification
	 	 	73	 
	10.9 Rights as a Lender
	 	 	74	 
	10.10 Lender Credit Decision
	 	 	74	 
	10.11 Successor Administrative Agent
	 	 	74	 
	 
	 	 	 	 
	ARTICLE XI SETOFF; RATABLE PAYMENTS
	 	 	75	 
	 
	 	 	 	 
	11.1 Setoff
	 	 	75	 
	11.2 Ratable Payments
	 	 	75	 
	 
	 	 	 	 
	ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	 	 	76	 
	 
	 	 	 	 
	12.1 Successors and Assigns
	 	 	76	 
	12.2 Participations
	 	 	76	 
	12.3 Assignments
	 	 	77	 
	12.4 Dissemination of Information
	 	 	78	 
	12.5 Tax Treatment
	 	 	78	 
	12.6 Confidentiality
	 	 	78	 
	12.7 USA Patriot Act
	 	 	79	 
	 
	 	 	 	 
	ARTICLE XIII NOTICES
	 	 	79	 
	 
	 	 	 	 
	13.1 Giving Notice
	 	 	79	 
	13.2 Change of Address
	 	 	79	 
	 
	 	 	 	 
	ARTICLE XIV COUNTERPARTS
	 	 	79	 

iii<PAGE>

                                                                   EXHIBIT 10.19

                      DIRECTORS' FEES FOR OUTSIDE DIRECTORS

                           EFFECTIVE FEBRUARY 14, 2005

For purposes hereof, "outside" directors means directors not employed by the
Company, Capital C Energy Operations, LP or Riverstone Holdings LLC. As of
February 14, 2005, Morris B. "Sam" Smith was the only outside director of the
Company.

$40,000           Annual Retainer Fee - paid quarterly
$5,000                  Audit Committee Chair - retainer - paid annually
$2,000                  Per Board Meeting
$1,000                  Per Committee Meeting

Directors will be reimbursed for out-of-pocket expenses such as airfare, meals,
hotels and expenses incurred in connection with their role as Directors.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]