Document:

[NEWMONT OVERSEAS EXPLORATION LIMITED LETTERHEAD]

Exhibit 10.2

November 17, 2004

Mr. Christopher E. Herald

Solitario Resources Corporation

4251 Kipling Street, Suite 390

Wheat Ridge, Colorado 80033
Re:          Royalty interest pursuant to that Stock Purchase Agreement dated February 2, 2000     between Newmont Peru Limited and Solitario Resources Corporation pertaining to     Minera Los Tapados S.A.; 92-003-0001

Mr. Herald:

In regard to your recent discussions with Mr. Steve Aaker, the following are the terms for this binding Letter of Intent to be effective November 17, 2004 by and between and Solitario Resources Corporation, a Colorado corporation, U.S.A. ("Solitario"); Minera Los Tapados S.A., a Peruvian sociedad anomina ("Tapados"); Minera Yanacocha S.R.L., a company incorporated and existing under the laws of the Republic of Peru ("Yanacocha"); and Minera Chaupiloma Dos de Cajamarca, S.R.L. a company incorporated and existing under the laws of the Republic of Peru ("Chaupiloma").  After execution of this Letter of Intent, the parties shall diligently proceed with the negotiation and execution of a definitive agreement ("Agreement") sufficient to carry out and properly document the terms set out herein, which Agreement shall include such other provisions as are necessary or customary for agreements of this type and as are acceptable to the parties.  
1.          Solitario Royalty. Pursuant to the terms of that certain Stock Purchase Agreement dated February 2, 2000, as amended (the "Stock Purchase Agreement"), Tapados granted to Solitario a royalty (the "Solitario Royalty") on the property described in the attached Exhibit A (the "Royalty Property"), which royalty is evidenced by two separate Royalty Grants dated November 22, 2000 (the "Royalty Grants").  Pursuant to the First Amendment to Stock Purchase Agreement dated April 26, 2000, the Anna Gabrielle Claims 48 and 49 have been replaced with San Pablo 21 and 22 on the attached Exhibit A.  The execution of the Agreement shall be subject to obtaining all required regulatory approvals, including, without limitation, the approval of the Toronto Stock Exchange.

2.          Tapados Assignment. By separate conveyances, Tapados conveyed a portion of the Royalty Property to Yanacocha (the "Yanacocha Property") and the remainder of the Royalty Property to Chaupiloma (the "Chaupiloma Property"). 

3.          Amended Royalty Rate. The "Applicable Percentage" of Net Smelter Returns under the Solitario Royalty shall be amended as follows:
          a.     Heap leach ores. For gold recovered by heap leach processing, the lesser of the sliding scale royalty set out below (the "Base Rate"), or a royalty such that the royalty to Solitario plus any government royalty required to be paid in Peru is no more than 5.25% NSR unless the gold price is greater than $500 per ounce, in which case then a royalty such that the royalty to Solitario plus any royalty due to the government is no more than 5.75% NSR.

	
Base Rate:Gold price/oz.

Less than $320

Equal to or greater than $320 and less than $360

Equal to or greater than $360 and less than $400

Equal to or greater than $400 
	
NSR Royalty

2%

3%

4%

5%

          b.     Dore end-product, non-flotation mill ores. For gold recovered as dore in a non-flotation mill, the lesser of the Base Rate, or a royalty such that the royalty to Solitario plus any government royalty required to be paid in Peru is no more than 4.5% NSR unless the gold price is greater than $500 per ounce, in which case then a royalty such that the royalty to Solitario plus any royalty due to the government is no more than 5% NSR.

          c.     Concentrate-producing, Cu-Au flotation mill ores. For gold recovered in a concentrate producing, copper-gold flotation mill, the lesser of the Base Rate, or a royalty such that the royalty to Solitario plus any government royalty required to be paid in Peru is no more than 3.5% NSR unless the gold price is greater than $500 per ounce and the copper price is greater than a PPI-indexed price of $1.50 per pound, in which case then a royalty such that the royalty to Solitario plus any royalty due to the government is no more than 4% NSR.

          d.     Copper. For copper, the lesser of 2% NSR, or a royalty such that the royalty to Solitario plus any government royalty required to be paid in Peru is no more than 3.5% NSR unless the copper price is greater than a PPI-indexed price of $1.50 per pound, in which case then a royalty such that the royalty to Solitario plus any royalty due to the government is no more than 4% NSR.

          e.     Silver. For silver, the lesser of 3% NSR, or a royalty such that the royalty to Solitario plus any government royalty required to be paid Peru is no more than 4.5% NSR unless the gold price is greater than $500 per ounce, in which case then a royalty such that the royalty to Solitario plus any royalty due to the government is no more than 5% NSR.

4.          Work Commitment. Yanacocha and/or Chaupiloma shall spend Four Million Dollars (US$4,000,000) in "Exploration Expenditures" on the Royalty Property in accordance with the following schedule.  One or both of Yanacocha and/or Chaupiloma may be involved in satisfying the work commitment, and the expenditures of each will be aggregated to satisfy the commitment:

	
Period

Between 1/1/05 to 12/31/06

Between 1/1/07 to 12/31/08

Between 1/1/09 to 12/31/10

Between 1/1/11 to 12/31/12
	
Amount

US$1,000,000

US$1,000,000

US$1,000,000

US$1,000,000
	
Cumulative

US$1,000,000

US$2,000,000

US$3,000,000

US$4,000,000

"Exploration Expenditures" will include all expenses incurred toward ascertaining the existence, location, quantity, quality or commercial value of mineral deposits in, under, upon or which may be produced from the Royalty Property including, without limitation, expenses for geophysical surveys, drilling, sampling, assaying and geochemical analysis, metallurgical and engineering work, geological consultants, assessment and/or maintenance payments for the Royalty Property.  Excess Exploration Expenditures in any given period shall apply to future years' commitments.  Any shortfall in Exploration Expenditures shall be satisfied by a cash payment to Solitario.  The time periods for completing Exploration Expenditures shall be extended to the extent of any delays created by an event of force majeure, including without limitation, the inability to secure or maintain safe surface access or obtain government permits on reasonable terms.

5.          Right of First Refusal.  Tapados [-or- each of Yanacocha as to the Yanacocha Property and Chaupiloma as to the Chaupiloma Property] shall have a right of first refusal with respect to any bona fide proposed sale, directly or indirectly, by Solitario of all or any portion of the Solitario Royalty.  Such right shall permit Tapados [-or- each of Yanacocha as to the Yanacocha Property and Chaupiloma as to the Chaupiloma Property] to purchase such interest on the terms offered by any third party, which Solitario is willing to accept, and shall be exercised, if at all, within 30 days after written notice from Solitario of such offer.  This preferential purchase right shall not apply to transfers to affiliated or related companies, to corporate reorganizations, mergers, amalgamations, or the sale of all or substantially all of the stock of Solitario, provided that the Solitario Royalty does not constitute the principal asset of Solitario at the time of such sale.

6.          Reports. Yanacocha and/or Chaupiloma shall provide Solitario with timely reports of all activities conducted to satisfy the Work Commitment under the Agreement, together with all data and an accounting of the Exploration Expenditures.  These reports shall be provided once a year prior to an annual technical review meeting, the timing of which is to be mutually agreed upon Solitario, Yanacocha and/or Chaupiloma.

7.          Confidentiality and Press Releases.  Except where regulatory or stock exchange requirements prohibit, as well as for recording a public deed, the terms of this Letter of Intent and the Agreement, and, with respect to Solitario, all reports and data which Solitario obtains pursuant to this Letter of Intent and the Agreement, are to be held by the parties and their directors, officers, employees, consultants, agents, accountants, legal counsel, financing sources and those of its direct and indirect wholly-owned subsidiaries and parent companies (herein the "Representatives"), in strict confidence. It being agreed that each such Representative will be informed by the respective party of the confidential nature of this Letter and will agree to be bound by the terms of this Letter and further, that each party will be responsible for any breach of this Letter by its Representatives.  If either party makes any public disclosure (e.g., press release) of the existence of this Letter of Intent or the terms herein without the prior written consent of the other, the non-disclosing party may revoke any obligations or agreements made herein.  The parties understand that disclosure may be required pursuant to law or regulations of an applicable stock exchange, and, in the event that a party desires to make public disclosure, to the extent legally permissible, the other party shall receive 3 business days to review and approve such disclosure, with such approval not to be unreasonably withheld.  The party wishing to make a public disclosure shall make all reasonable edits requested by the other party.

In the event any provision of this Letter of Intent is found to be inconsistent with, or contrary to law, rule or regulation, the latter shall be deemed to control and this Letter of Intent shall be regarded as modified accordingly and, as so modified, shall continue in full force and effect.

Except as expressly set out in this Letter of Intent and the Agreement, the terms of the Stock Purchase Agreement and the Royalty Grants shall not be amended by this Letter of Intent or the Agreement.  The parties have the necessary power and authority to enter into this Letter of Intent which shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto.  Any amendments hereto shall be in writing and signed by the parties hereto. 

This Letter of Intent is entered into and effective as of the date first written above.

	
Minera Los Tapados S.A.

By:                                               

Date:                                            

Name:  Bruce A. Harvey             

Title:    Manager                          
	
Minera Chaupiloma Dos de Cajamarca, S.R.L.

By:                                              

Date:                                           

Name:                                         

Title:                                           

	
Minera Yanacocha S.R.L.

By:                                               

Date:                                            

Name:Carlos Santa Cruz             

Title:Authorized Representative  
	
Solitario Resources Corporation

By:                                              

Date:                                           

Name:                                         

Title:                                           

	
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Code

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Name

Anna Gabrielle Uno

Anna Gabrielle Dos

Anna Gabrielle Tres

Anna Gabrielle Cuatro

Anna Gabrielle Cinco

Anna Gabrielle Seis

Anna Gabrielle Siete

Anna Gabrielle Ocho

Anna Gabrielle Nueve

Anna Gabrielle Diez

Anna Gabrielle Once

Anna Gabrielle Doce

Anna Gabrielle Trece

Anna Gabrielle Catorce

Anna Gabrielle Quince

Anna Gabrielle Dieciseis

Anna Gabrielle Veintiuno

Anna Gabrielle Veintidos

Anna Gabrielle Veinticuatro

Anna Gabrielle Veinticinco

Anna Gabrielle Veintiseis

Anna Gabrielle Veintisiete

Anna Gabrielle Veintiocho

Anna Gabrielle Treintaiseis

Anna Gabrielle Treintaisiete

Anna Gabrielle Treintaiocho

Anna Gabrielle Treintainueve

Anna Gabrielle Cuarenta

Anna Gabrielle Cuarentaiuno

Anna Gabrielle Cuarentaidos

Anna Gabrielle Cuarentaitres

Anna Gabriella Cuarentaicuatro

Anna Gabrielle Cuarentaicinco

Anna Gabrielle Cuarentaiseis

Anna Gabrielle Cuarentaisiete

San Pablo 20

San Pablo 21

Anna Gabrielle Cincuenta

Anna Gabrielle Cincuentaiuno

Anna Gabrielle Cincuentaidos

Anna Gabrielle Cincuentaitres

Anna Gabrielle Cincuentaicuatro

Anna Gabrielle Cincuentaicinco

Anna Gabrielle Cincuentaiseis

Anna Gabrielle Cincuentaisiete

Anna Gabrielle Cincuentaiocho

Anna Gabrielle Cincuentainueve

Anna Gabrielle Sesenta

Anna Gabrielle Sesentaiuno

Anna Gabrielle Sesentaidos

Anna Gabrielle Sesentaitres

Anna Gabrielle Sesentaicuatro

Anna Gabrielle Sesentaicinco

Anna Gabrielle Sesentaiseis

Anna Gabrielle Sesentaisiete

Anna Gabrielle Sesentaiocho

Anna Gabrielle Sesentainueve

Anna Gabrielle Setenta

Anna Gabrielle Setenta Y Ocho

Anna Gabrielle Ochentaicuatro

Anna Gabrielle Ochentaicinco

Anna Gabrielle Ochentaiseis

Anna Gabrielle Ochentaisiete

Anna Gabrielle Ochentaiocho

Anna Gabrielle Ochentainueve

Anna Gabrielle Noventa

Anna Gabrielle Noventaiuno

Anna Gabrielle Noventaisiete

Anna Gabrielle Noventaiocho
	
Registry number

As 001 Ficha 14140

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Registration pending

Registration pending

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As 001 Ficha 013282Exhibit 10.1

Exhibit 10.1 

SECOND AMENDED AND
RESTATED 
REVOLVING CREDIT
AGREEMENT

among 

MACK-CALI REALTY, L.P. 

and 

JPMORGAN CHASE BANK,
N.A. 
BANK OF AMERICA, N.A.

and 

OTHER LENDERS WHICH MAY
BECOME 
PARTIES TO THIS
AGREEMENT

with 

JPMORGAN CHASE BANK,
N.A. 
AS ADMINISTRATIVE
AGENT, SWING LENDER AND FRONTING BANK,

and 

BANK OF AMERICA, N.A.,
AS SYNDICATION AGENT, 

and 

THE BANK OF NOVA SCOTIA,
WELLS FARGO BANK,
NATIONAL ASSOCIATION and
WACHOVIA BANK, NATIONAL
ASSOCIATION,
 AS DOCUMENTATION AGENTS,

and 

SUNTRUST BANK, AS
SENIOR MANAGING AGENT and
PNC BANK, NATIONAL ASSOCIATION, CITICORP NORTH AMERICA, INC., and
 US BANK NATIONAL ASSOCIATION, AS MANAGING AGENTS, 

and J.P. MORGAN
SECURITIES INC.
and BANC OF AMERICA
SECURITIES LLC, AS ARRANGERS 

Dated as of November
23, 2004 

TABLE OF CONTENTS 

	Section	Page
	§.1	DEFINITIONS AND RULES OF INTERPRETATION.............................................................2
	                 §.1.1	Definitions .......................................................................2
	                 §.1.2	Rules of Interpretation...........................................................24
	§.2	THE CREDIT FACILITY................................................................................25
	                 §.2.1	Commitment to Lend................................................................25
	                 §.2.2	Increase of Total Commitment......................................................28
	                 §.2.3	The Notes.........................................................................29
	                 §.2.4	Interest on Revolving Credit Loans and Swing Loans; Fees..........................29
	                 §.2.5	Requests for Revolving Credit Loans and Swing Loans...............................31
	                 §.2.6	Conversion Options................................................................33
	                 §.2.7	Funds for Revolving Credit Loans and Swing Loans..................................34
	                 §.2.8	Repayment of the Revolving Credit Loans and Swing Loans at Maturity...............35
	                 §.2.9	Optional Repayments of Revolving Credit Loans and Swing Loan......................35
	                 §.2.10	Reduction of Total Commitment.....................................................36
	§.2A	COMPETITIVE BID LOANS..............................................................................36
	                 §.2A.1	The Competitive Bid Option........................................................36
	                 §.2A.2	Competitive Bid Loan Accounts: Competitive Bid Notes..............................37
	                 §.2A.3	Competitive Bid Quote Request; Invitation for Competitive Bid Quotes..............38
	                 §.2A.4	Alternative Manner of Procedure...................................................38
	                 §.2A.5	Submission and Contents of Competitive Bid Quotes.................................39
	                 §.2A.6	Notice to Borrower................................................................40
	                 §.2A.7	Acceptance and Notice by Borrower and Administrative Agent........................40
	                 §.2A.8	Allocation by Administrative Agent................................................41
	                 §.2A.9	Funding of Competitive Bid Loans..................................................41
	                 §.2A.10	Funding Losses....................................................................41
	                 §.2A.11	Repayment of Competitive Bid Loans; Interest......................................42
	                 §.2A.12	Optional Repayment of Competitive Bid Loans.......................................42

	Section	Page
	§.3	LETTERS OF CREDIT..................................................................................42
	                 §.3.1	Letter of Credit Commitments......................................................42
	                 §.3.2	Reimbursement Obligation of the Borrower..........................................43
	                 §.3.3	Letter of Credit Payments; Funding of a Loan......................................44
	                 §.3.4	Obligations Absolute..............................................................45
	                 §.3.5	Reliance by Issuer................................................................45
	                 §.3.6	Letter of Credit Fee..............................................................45
	                 §.3.7	Existing Letters of Credit........................................................46
	§.4	CERTAIN GENERAL PROVISIONS.........................................................................46
	                 §.4.1	Funds for Payments................................................................46
	                 §.4.2	Computations......................................................................47
	                 §.4.3	Inability to Determine LIBOR Rate.................................................47
	                 §.4.4	Illegality........................................................................47
	                 §.4.5	Additional Costs, Etc.............................................................48
	                 §.4.6	Capital Adequacy..................................................................49
	                 §.4.7	Certificate.......................................................................49
	                 §.4.8	Indemnity.........................................................................50
	                 §.4.9	Interest During Event of Default..................................................50
	                 §.4.10	Reasonable Efforts to Mitigate....................................................50
	                 §.4.11	Replacement of Lenders............................................................50
	§.5	GUARANTIES.........................................................................................51
	                 §.5.1	Guaranties........................................................................51
	                 §.5.2	Subsidiary Guaranty Proceeds......................................................51
	§.6	REPRESENTATIONS AND WARRANTIES.....................................................................53
	                 §.6.1	Authority; Etc....................................................................53
	                 §.6.2	Governmental Approvals............................................................55
	                 §.6.3	Title to Properties; Leases.......................................................56
	                 §.6.4	Financial Statements..............................................................56
	                 §.6.5	Fiscal Year.......................................................................57
	                 §.6.6	Franchises, Patents, Copyrights, Etc..............................................57
	                 §.6.7	Litigation........................................................................57
	                 §.6.8	No Materially Adverse Contracts, Etc..............................................57
	                 §.6.9	Compliance With Other Instruments, Laws, Etc......................................57
	                 §.6.10	Tax Status........................................................................58
	                 §.6.11	No Event of Default; No Materially Adverse Changes................................58
	                 §.6.12	Investment Company Acts; Public Utility Holding Company Act.......................59
	                 §.6.13	Absence of UCC Financing Statements, Etc..........................................59
	                 §.6.14	Absence of Liens..................................................................59
	                 §.6.15	Certain Transactions..............................................................59
	                 §.6.16	Employee Benefit Plans............................................................59
	                 §.6.17	Regulations U and X...............................................................61
	                 §.6.18	Environmental Compliance..........................................................61
	                 §.6.19	Subsidiaries......................................................................62
	                 §.6.20	Loan Documents....................................................................63
	                 §.6.21	REIT Status.......................................................................63
	                 §.6.22	Subsequent Guarantors.............................................................63

(ii)

	Section	Page
	§.7	AFFIRMATIVE COVENANTS OF THE BORROWER AND THE GUARANTORS...........................................63
	                 §.7.1	Punctual Payment..................................................................63
	                 §.7.2	Maintenance of Office.............................................................63
	                 §.7.3	Records and Accounts..............................................................63
	                 §.7.4	Financial Statements, Certificates and Information................................64
	                 §.7.5	Notices...........................................................................66
	                 §.7.6	Existence of Borrower and Subsidiary Guarantors; Maintenance of Properties........68
	                 §.7.7	Existence of MCRC; Maintenance of REIT Status of MCRC; Maintenance of Properties..68
	                 §.7.8	Insurance.........................................................................69
	                 §.7.9	Taxes.............................................................................70
	                 §.7.10	Inspection of Properties and Books................................................70
	                 §.7.11	Compliance with Laws, Contracts, Licenses, and Permit.............................71
	                 §.7.12	Use of Proceeds...................................................................71
	                 §.7.13	Additional Guarantors; Solvency of Guarantors.....................................71
	                 §.7.14	Further Assurances................................................................72
	                 §.7.15	Environmental Indemnification.....................................................72
	                 §.7.16	Response Actions..................................................................72
	                 §.7.17	Environmental Assessments.........................................................73
	                 §.7.18	Employee Benefit Plans............................................................73
	                 §.7.19	No Amendments to Certain Documents................................................73
	                 §.7.20	Distributions in the Ordinary Course..............................................74
	§.8	CERTAIN NEGATIVE COVENANTS OF THE BORROWER AND THE GUARANTORS......................................74
	                 §.8.1	Restrictions on Indebtedness......................................................74
	                 §.8.2	Restrictions on Liens, Etc........................................................74
	                 §.8.3	Merger, Consolidation and Disposition of Assets...................................76
	                 §.8.4	Negative Pledge...................................................................79
	                 §.8.5	Compliance with Environmental Laws................................................79
	                 §.8.6	Distributions.....................................................................79
	                 §.8.7	Employee Benefit Plans............................................................80
	                 §.8.8	Fiscal Year.......................................................................80

(iii)

	Section	Page
	§.9	FINANCIAL COVENANTS OF THE BORROWER................................................................81
	                 §.9.1	Leverage Ratio....................................................................81
	                 §.9.2	Secured Indebtedness..............................................................81
	                 §.9.3	Tangible Net Worth................................................................81
	                 §.9.4	Interest Coverage.................................................................81
	                 §.9.5	Fixed Charge Coverage.............................................................81
	                 §.9.6	Unsecured Indebtedness............................................................81
	                 §.9.7	Unencumbered Property Interest Coverage...........................................81
	                 §.9.8	Investment Limitation.............................................................82
	                 §.9.9	Covenant Calculations.............................................................83
	§.10	CONDITIONS TO THE CLOSING DATE.....................................................................84
	                 §.10.1	Loan Documents....................................................................84
	                 §.10.2	Certified Copies of Organization Documents........................................84
	                 §.10.3	By-laws; Resolutions..............................................................85
	                 §.10.4	Incumbency Certificate; Authorized Signers........................................85
	                 §.10.5	Certificates of Insurance.........................................................85
	                 §.10.6	Opinion of Counsel Concerning Organization and Loan Documents.....................85
	                 §.10.7	Tax Law Compliance................................................................86
	                 §.10.8	Certifications from Government Officials..........................................86
	                 §.10.9	Proceedings and Documents.........................................................86
	                 §.10.10	Fees..............................................................................86
	                 §.10.11	Closing Certificate; Compliance Certificate.......................................86
	                 §.10.12	Subsequent Guarantors.............................................................86
	                 §.10.13	No Default Under 2002 Agreement..................................................87
	§.11	CONDITIONS TO ALL BORROWINGS.......................................................................87
	                 §.11.1	Representations True; No Event of Default; Compliance Certificate.................87
	                 §.11.2	No Legal Impediment...............................................................87
	                 §.11.3	Governmental Regulation...........................................................87
	§.12	EVENTS OF DEFAULT; ACCELERATION; ETC...............................................................87
	                 §.12.1	Events of Default and Acceleration................................................87
	                 §.12.2	Termination of Commitment.........................................................91
	                 §.12.3	Remedies..........................................................................91

(iv)

	Section	Page
	§.13	SETOFF.............................................................................................92
	§.14	THE ADMINISTRATIVE AGENT...........................................................................93
	                 §.14.1	Authorization.....................................................................93
	                 §.14.2	Employees and Agents..............................................................93
	                 §.14.3	No Liability......................................................................93
	                 §.14.4	No Representations................................................................94
	                 §.14.5	Payments..........................................................................94
	                 §.14.6	Holders of Notes..................................................................95
	                 §.14.7	Indemnity.........................................................................95
	                 §.14.8	Administrative Agent as Lender....................................................95
	                 §.14.9	Notification of Defaults and Events of Default....................................96
	                 §.14.10	Duties in the Case of Enforcement.................................................96
	                 §.14.11	Successor Administrative Agent....................................................96
	                 §.14.12	Notices...........................................................................97
	§.15	EXPENSES...........................................................................................97
	§.16	INDEMNIFICATION....................................................................................98
	§.17	SURVIVAL OF COVENANTS, ETC.........................................................................99
	§.18	ASSIGNMENT; PARTICIPATIONS; ETC....................................................................99
	                 §.18.1	Conditions to Assignments by Lenders..............................................99
	                 §.18.2	Certain Representations and Warranties; Limitations; Covenants...................100
	                 §.18.3	Register.........................................................................101
	                 §.18.4	New Notes........................................................................101
	                 §.18.5	Participations...................................................................101
	                 §.18.6	Pledge by Lender.................................................................102
	                 §.18.7	Successors and Assigns; No Assignment by Borrower................................102
	                 §.18.8	Disclosure.......................................................................102
	                 §.18.9	Syndication......................................................................102
	                 §.18.10	Designated Banks.................................................................102
	§.19	NOTICES, ETC......................................................................................103
	§.20	GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE................................................104
	§.21	HEADINGS..........................................................................................105
	§.22	COUNTERPARTS......................................................................................105

(v)

	Section	Page
	§.23	ENTIRE AGREEMENT, ETC.......................................................................105
	§.24	WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS..............................................105
	§.25	CONSENTS, AMENDMENTS, WAIVERS, ETC..........................................................106
	§.26	SEVERABILITY................................................................................107
	§.27	TRANSITIONAL ARRANGEMENTS...................................................................107
	                 §.27.1	2002 Agreement Superseded..................................................107
	                 §.27.2	Return and Cancellation of Notes...........................................107
	                 §.27.3	Interest and Fees Under 2002 Agreement.....................................107
	§.28	USA PATRIOT ACT.............................................................................108
	§.29	USURY SAVINGS CLAUSE........................................................................108

(vi)

EXHIBITS 

	A  	Form
of Revolving Credit Note/Swing Loan Note

	B  	Form
of Subsidiary Guaranty

	C  	Form
of Revolving Credit Loan/Swing Loan/Letter of Credit Request 

	D  	Form
of Compliance Certificate 

	E  	Form
of Closing Certificate 

	F  	Form
of Assignment and Assumption Agreement 

	G  	Form
of Competitive Bid Note 

	H  	Form
of Competitive Bid Quote Request 

	I  	Form
of Invitation for Competitive Bid Quotes 

	J  	Form
of Competitive Bid Quote 

	K  	Form
of Notice of Acceptance or Non-acceptance 

	L  	Form
of Notice of Continuation/Conversion 

	M  	Form
of Designated Bank Note 

	N  	Form
of Designation Agreement 

(vii)

SCHEDULES 

		
	SCHEDULE EMPL	 	List of Employee Agreements with Key Management Individuals	 
	SCHEDULE EG	 	List of Eligible Ground Leases as of Closing Date	 
	SCHEDULE SG	 	List of Subsidiary Guarantors	 
	SCHEDULE 1.2	 	Lenders' Commitments	 
	SCHEDULE 3.7	 	Existing Letters of Credit	 
	SCHEDULE 6.1(b)	 	Capitalization; Outstanding Securities, Etc.	 
	SCHEDULE 6.3(a)	 	Unencumbered Properties	 
	SCHEDULE 6.3(c)	 	Partially Owned Real Estate Holding Entities	 
	SCHEDULE 6.7	 	Litigation	 
	SCHEDULE 6.15	 	Certain Transactions	 
	SCHEDULE 6.18	 	Environmental Compliance	 
	SCHEDULE 6.19	 	Subsidiaries	 

(viii)

SECOND AMENDED AND
RESTATED 
REVOLVING CREDIT
AGREEMENT

        This
SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this
“Agreement”) is made as of the 23rd day of November, 2004,
by and among MACK-CALI REALTY, L.P., a Delaware limited partnership
(“MCRLP” or the “Borrower”),
having its principal place of business at 11 Commerce Drive, Cranford, New Jersey 07016,
JPMORGAN CHASE BANK, N.A. (formerly known as JPMorgan Chase Bank)
(“JPMorgan”), having its principal place of business at 270
Park Avenue, New York, New York 10017, BANK OF AMERICA, N.A. (“Bank of
America”), a national banking association having an address at 901
Main Street, Dallas, Texas 75202, and the other lending institutions party hereto or which
may become parties hereto pursuant to §18 (individually, a
“Lender” and collectively, the “Lenders”) and
JPMORGAN CHASE BANK, N.A., as the swing lender, fronting bank and administrative agent for
itself and each other Lender, and BANK OF AMERICA, N.A., as the syndication agent. 

RECITALS 

         A.       
          The Borrower and its Subsidiaries are primarily engaged in the business of
          owning, purchasing, developing, constructing, renovating and operating office,
          office/flex, industrial/warehouse and multifamily residential properties in the
          United States. 

         B.       
          Mack-Cali Realty Corporation, a Maryland corporation
          (“MCRC”), is the sole general partner of MCRLP,
          holds in excess of 88% of the partnership interests in MCRLP as of the date
          hereof, is qualified to elect REIT status for income tax purposes, and has
          agreed to guaranty the obligations of the Borrower hereunder. 

         C.       
          Those Subsidiaries of the Borrower which are the owners of Unencumbered Property
          have also agreed to guaranty the obligations of the Borrower hereunder. 

         D.       
          The Borrower, certain of the Lenders, certain other lending institutions, and
          the Administrative Agent are parties to an Amended and Restated Revolving Credit
          Agreement dated as of September 27, 2002 (the “2002
          Agreement”), which amended and restated in its entirety that
          certain Revolving Credit Agreement dated as of April 16, 1998 (as amended, the
          “1998 Agreement”). 

         E.       
          The Borrower, the Lenders and the Administrative Agent wish to amend and restate
          the 2002 Agreement in its entirety as set forth in this Agreement. 

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

         §1.       
          DEFINITIONS AND RULES OF INTERPRETATION. 

         §1.1.       
          Definitions. The following terms shall have the meanings set forth in
          this §1 or elsewhere in the provisions of this Agreement referred to below: 

             1998 Agreement.
 As defined in the recitals. 

             2002 Agreement.
 As defined in the recitals. 

             Absolute Competitive
Bid Loan.  See §2A.3(a). 

         Accountants.       
          In each case, nationally-recognized, independent certified public accountants
          reasonably acceptable to the Administrative Agent. The Lenders hereby
          acknowledge that PricewaterhouseCoopers LLP and the other major national
          accounting firms are acceptable accountants. 

        Adjusted
Unencumbered Property NOI. With respect to any fiscal period for any Unencumbered
Property, the net income of such Unencumbered Property during such period, as determined
in accordance with GAAP, before adjustment for (a) gains (or losses) from debt
restructurings, non-cash valuation charges or extraordinary items relating to such
Unencumbered Property, (b) minority interests, not inconsistent with the wholly-owned
Subsidiary requirements for Unencumbered Properties and (c) income taxes; plus (x)
interest expense relating to such Unencumbered Property and (y) depreciation and
amortization relating to such Unencumbered Property and (z) the noncash portion of
executive stock award rights and stock purchase rights relating to the Unencumbered
Property in question included in written executive employment agreements, written employee
plans or other written non-monetary employment compensation provisions to the extent
excluded from net income, as determined in accordance with GAAP; minus a recurring
capital expense reserve equal to one and one-half percent (1.5%) of total revenue
(excluding interest income) of such Unencumbered Property for such period, after
adjustments to eliminate the effect of the straight-lining of rents affecting such
Unencumbered Property. 

        Administrative
Agent. JPMorgan acting as administrative agent for the Lenders, or any successor
administrative agent, as permitted by §14. 

        Administrative
Agent’s Head Office. The Administrative Agent’s head office located at
270 Park Avenue, New York, New York 10017, or at such other location as the Administrative
Agent may designate from time to time pursuant to §19 hereof, or the office of any
successor Administrative Agent permitted under §14 hereof. 

         Affiliate.       
          With reference to any Person, (i) any director or executive officer of that
          Person, (ii) any other Person controlling, controlled by or under direct or
          indirect common control of that Person, (iii) any other Person directly or
          indirectly holding 10% or more of any class of the capital stock or other equity
          interests (including options, warrants, convertible securities and similar
          rights) of that Person (other than a mutual fund which owns 10% or more of the
          common stock of MCRC) and (iv) any other Person 10% or more of any class of
          whose capital stock or other equity interests (including options, warrants,
          convertible securities and similar rights) is held directly or indirectly by
          that Person. 

2

         Agreement.       
          This Second Amended and Restated Revolving Credit Agreement, including the
          schedules and exhibits hereto, as the same may be from time to time amended and
          in effect. 

        Alternate
Base Rate. The higher of (a) the annual rate of interest announced from time to time
by the Administrative Agent at its head office in New York, New York as its “prime
rate” or (b) one half of one percent (1/2%) above the overnight federal funds
effective rate as published by the Board of Governors of the Federal Reserve System, as in
effect from time to time. Any change in the Alternate Base Rate during an Interest Period
shall result in a corresponding change on the same day in the rate of interest accruing
from and after such day on the unpaid balance of principal of the Alternate Base Rate
Loans, if any, or of the Swing Loans, if any, applicable to such Interest Period,
effective on the day of such change in the Alternate Base Rate. 

        Alternate
Base Rate Loans. Those Revolving Credit Loans bearing interest calculated by reference
to the Alternate Base Rate, including a Loan converted from a Swing Loan in accordance
with §2.1(b)(ii). 

        Applicable
L/C Percentage. As of any date of determination, a per annum percentage equal to the
Applicable Margin for Revolving Credit LIBOR Rate Loans then in effect. 

        Applicable
Margin. The applicable margin (if any) over the then Alternate Base Rate or LIBOR
Rate, as applicable to the Revolving Credit Loan(s) in question, as set forth below, which
is used in calculating the interest rate applicable to Revolving Credit Loans and which
shall vary from time to time in accordance with MCRLP’s debt ratings, if any. The
Applicable Margin to be used in calculating the interest rate applicable to Alternate Base
Rate Loans or Revolving Credit LIBOR Rate Loans shall vary from time to time in accordance
with MCRLP’s then applicable (if any) (x) Moody’s debt rating, (y)
S&P’s debt rating and (z) any Third Debt Rating, as set forth below in this
definition, and the Applicable Margin shall be adjusted effective on the next Business Day
following any change in MCRLP’s Moody’s debt rating or S&P’s debt
rating or Third Debt Rating, as the case may be. MCRLP shall notify the Administrative
Agent in writing promptly after becoming aware of any change in any of its debt ratings.
In order to qualify for an Applicable Margin based upon a debt rating, MCRLP shall
maintain debt ratings from at least two (2) nationally recognized rating agencies
reasonably acceptable to the Administrative Agent, one of which must be Moody’s or
S&P so long as such Persons are in the business of providing debt ratings for the REIT
industry; provided that if MCRLP fails to maintain at least two debt ratings, the
Applicable Margin shall be based upon an S&P rating of less than BBB- in the table
below. In addition, MCRLP may, at its option, obtain and maintain three debt ratings (of
which one must be from Moody’s or S&P except as set forth in the previous
sentence). If at any time of determination of the Applicable Margin, (a) MCRLP has then
current debt ratings from two (2) rating agencies, then the Applicable Margin shall be
based on the lower of such ratings, or (b) MCRLP has then current debt ratings from
three (3) rating agencies, then the Applicable Margin shall be based on the lower of the
two highest ratings. 

3

        The
applicable debt ratings and the Applicable Margins are set forth in the following table: 

	S&P Rating
	Moody's Rating
	Third Rating
	Applicable

Margin

for Revolving Credit

LIBOR Rate Loans
	Applicable

Margin

for Alternate Base

Rate Loans

	 No rating or less	 	 	No rating or less	 	 	No rating or less than	 	 	 		 	 		 
	     than BBB-	 	 	than Baa3	 	 	BBB-/Baa3 equivalent	 	 	 	1	.125%	 	 	0%
	

	

	        BBB-	 	 	Baa3	 	 	BBB-/Baa3 equivalent	 	 	 	0	.800%	 	 	0%
	

	

	        BBB	 	 	Baa2	 	 	BBB/Baa2 equivalent	 	 	 	0	.650%	 	 	0%
	

	

	        BBB+	 	 	Baa1	 	 	BBB+/Baa1 equivalent	 	 	 	0	.550%	 	 	0%
	

	

	    A- or higher	 	 	A3 or higher	 	 	A-/A3 equivalent	 	 
	    	 	 	 	 	 	or higher	 	 	 	0	.500%	 	 	0%
	

         Arrangers.       
          J.P. Morgan Securities Inc. and Banc of America Securities LLC. 

        Assignment
and Assumption. See §18.1. 

         Borrower.       
          As defined in the preamble hereto. 

         Building.       
          Individually and collectively, the buildings, structures and improvements now or
          hereafter located on the Real Estate. 

        Business
Day. Any day on which banking institutions in New York, New York are open for the
transaction of banking business and, in the case of LIBOR Rate Loans, also a day which is
a LIBOR Business Day. 

        Capitalized
Leases. Leases under which the Borrower or any of its Subsidiaries or any
Partially-Owned Entity is the lessee or obligor, the discounted future rental payment
obligations under which are required to be capitalized on the balance sheet of the lessee
or obligor in accordance with GAAP. 

4

        Capitalized
Unencumbered Property NOI. As of any date of determination with respect to an
Unencumbered Property, an amount equal to the Revised Adjusted Unencumbered Property NOI
for such Unencumbered Property for the most recent two (2) complete fiscal quarters
multiplied by two (2), with the product being divided by 9.00%. 

         CERCLA.       
          See §6.18. 

        Closing
Date. November 23, 2004, which is the date on which all of the conditions set forth in
§10 have been satisfied. 

         Code.       
          The Internal Revenue Code of 1986, as amended and in effect from time to time. 

         Commitment.       
          With respect to each Lender, the amount set forth from time to time on
          Schedule 1.2 hereto as the amount of such Lender’s
          Commitment to make Revolving Credit Loans and Refunded Swing Loans to, and to
          participate in the issuance, extension and renewal of Letters of Credit for the
          account of, the Borrower. 

        Commitment
Percentage. With respect to each Lender, the percentage set forth on Schedule
1.2 hereto as such Lender’s percentage of the Total Commitment and any
changes thereto from time to time. 

        Competitive
Bid Loan Accounts.  See §2A.2(a). 

        Competitive
Bid Loans. A borrowing hereunder consisting of one or more loans made by any of the
participating Lenders whose offer to make a Competitive Bid Loan as part of such borrowing
has been accepted by the Borrower under the auction bidding procedure described in
§2A hereof. 

        Competitive
Bid Margin. See §2A.5(b)(iv). 

        Competitive
Bid Notes. See §2A.2(b). 

        Competitive
 Bid  Quote.  An offer by a Lender to make a  Competitive  Bid Loan in  accordance
 with §2A.5 hereof. 

        Competitive
Bid Quote Request.  See §2A.3. 

        Competitive Bid
Rate. See §2A.5(b)(v). 

        Completed
 Revolving  Credit Loan Request.  A loan request  accompanied by all information
 required to be supplied under the applicable provisions of §2.5. 

5

        Completed
 Swing Loan  Request.  A loan request  accompanied  by all  information  required to be
supplied under the applicable provisions of §2.5. 

        Consolidated
or consolidated. With reference to any term defined herein, shall mean that term as
applied to the accounts of MCRC and its subsidiaries (including the Borrower and the
Subsidiary Guarantors) or MCRLP and its subsidiaries, as the case may be, consolidated in
accordance with GAAP, excluding the effects of consolidation of investments in non-wholly
owned subsidiaries under Interpretation No. 46 of the Financial Accounting Standards
Board. 

        Consolidated
Adjusted Net Income. For any period, an amount equal to the consolidated net income of
MCRC, the Borrower and their respective Subsidiaries for such period, as determined in
accordance with GAAP, before (a) gains (or losses) from the sale of real property or
interests therein, debt restructurings, non-cash valuation charges and other extraordinary
items, (b) minority interest of said Persons in other Persons and (c) income taxes;
plus (w) interest expense, (x) depreciation and amortization, (y) the noncash
portion of executive stock award rights and stock purchase rights included in written
executive employment agreements, written employee plans or other written non-monetary
employment compensation provisions, and (z) certain non-recurring cash payments made
pursuant to certain written employment agreements, written employee plans or other written
employment compensation provisions with key management individuals existing as of the date
hereof and described on Schedule EMPL hereto and their successors (as
such agreements, plans and provisions may be amended from time to time) in an amount not
to exceed $20,000,000 in the aggregate during any fiscal year; minus a recurring
capital expense reserve in an amount equal to one and one-half percent (1.5%) of
consolidated total revenue (excluding interest income) of MCRC, the Borrower and their
respective Subsidiaries; all after adjustments to eliminate the effect of the
straight-lining of rents; and all after adjustments for unconsolidated partnerships, joint
ventures and other entities. 

        Consolidated
Capitalized NOI. As of any date of determination, an amount equal to Revised
Consolidated Adjusted Net Income for the most recent two (2) completed fiscal quarters
multiplied by two (2), with the product being divided by 9.00%. 

        Consolidated
Fixed Charges. For any fiscal period, the sum of (a) Consolidated Total Interest
Expense, plus (b) the aggregate amount of all scheduled principal payments on all
Indebtedness of MCRC, the Borrower and their respective Subsidiaries required to be made
during such period, excluding optional prepayments and balloon principal payments due at
maturity, plus (c) the aggregate of all Distributions payable on the preferred
stock of or other preferred beneficial interests in the Borrower, MCRC or any of their
respective Subsidiaries during such period. 

        Consolidated
Secured Indebtedness. As of any date of determination, the aggregate principal amount
of all Indebtedness of MCRC, the Borrower and their respective Subsidiaries outstanding at
such date secured by a Lien on the Real Estate of such Person, without regard to Recourse. 

6

        Consolidated
Tangible Net Worth. As of any date of determination, the Consolidated Total
Capitalization minus Consolidated Total Liabilities. 

        Consolidated
Total Capitalization. As of any date of determination, with respect to MCRC, the
Borrower and their respective Subsidiaries determined on a consolidated basis in
accordance with GAAP; the sum (without double-counting) of (a) Consolidated Capitalized
NOI plus (b) the value of Unrestricted Cash and Cash Equivalents (excluding until
forfeited or otherwise entitled to be retained by the Borrower or its Subsidiaries, tenant
security and other restricted deposits), plus (c) the aggregate costs incurred and
paid to date by the Borrower and its Subsidiaries with respect to Construction-In-Process,
plus (d) the value of Indebtedness of third parties to the Borrower and its
Subsidiaries for borrowed money which is secured by mortgage liens in real estate (valued
in accordance with GAAP at the book value of such Indebtedness and not then more than 90
days past due or declared by the Borrower or its Subsidiary to be past due), plus
(e) the actual net cash investment by the Borrower and its Subsidiaries in any Other
Investments (wherein such Other Investment (x) does not have any Indebtedness that is then
more than 90 days past due or (y) has not been declared to be in default of any monetary
or material monetizable obligations), plus (f) the book value of Unimproved
Non-Income Producing Land plus (g) the value of Eligible Cash 1031 Proceeds;
provided that the value of all permitted investments included within Consolidated
Total Capitalization (other than Eligible Cash 1031 Proceeds) shall not exceed the
limitations set forth in §9.8 hereof. 

        Consolidated
Total Interest Expense. For any fiscal period, the aggregate amount of interest
required in accordance with GAAP to be paid or accrued, without double-counting, by MCRC,
the Borrower and their respective Subsidiaries during such period on all Indebtedness of
MCRC, the Borrower and their respective Subsidiaries outstanding during all or any portion
of such period, whether such interest was or is required to be reflected as an item of
expense or capitalized, including payments consisting of interest expenses in respect of
any Synthetic Lease. 

        Consolidated
Total Liabilities. As of any date of determination, without double-counting, all
liabilities of MCRC, the Borrower and their respective Subsidiaries, including guaranties
of payment for any Other Investment, determined on a consolidated basis in accordance with
GAAP and classified as such on the consolidated balance sheet of MCRC, the Borrower and
their respective Subsidiaries, and all Indebtedness of MCRC, the Borrower and their
respective Subsidiaries, whether or not so classified (excluding, to the extent otherwise
included in Consolidated Total Liabilities, restricted cash held on account of tenant
security and other restricted deposits). 

        Consolidated
Total Unsecured Interest Expense. For any fiscal period, Consolidated Total Interest
Expense with respect to Consolidated Unsecured Indebtedness only for such period. 

        Consolidated
Unsecured Indebtedness. As of any date of determination, the aggregate principal
amount of all Unsecured Indebtedness of MCRC, the Borrower and their respective
Subsidiaries outstanding at such date, including without limitation the aggregate
principal amount of all the Obligations under this Agreement as of such date, determined
on a consolidated basis in accordance with GAAP, without regard to Recourse. 

7

         Construction-In-Process.       
          Any Real Estate for which the Borrower, any Guarantor, any of the
          Borrower’s Subsidiaries or any Partially-Owned Entity is actively pursuing
          construction, renovation, or expansion of Buildings and, except for purposes of
          the covenant set forth in §9.8(c) hereof, for which construction is
          proceeding to completion without undue delay from Permit denial, construction
          delays or otherwise, all pursuant to such Person’s ordinary course of
          business. Notwithstanding the foregoing, tenant improvements to previously
          constructed and/or leased Real Estate shall not be considered
          Construction-In-Process. 

        Conversion
Request. A notice given by the Borrower to the Administrative Agent of its election to
convert or continue a Revolving Credit Loan in accordance with §2.6. 

        Credit
Parties. Collectively, the Borrower, the Operating Subsidiaries, MCRC, the Subsidiary
Guarantors and any other wholly-owned Subsidiary for which the Borrower or MCRC has legal
liability for such wholly-owned Subsidiary’s obligations and liabilities, directly or
indirectly. 

        debt
ratings.  Long-term, unsecured, non-credit enhanced debt ratings. 

         Default.       
          As of the relevant time of determination, an event or occurrence which solely
          with the giving of notice or the lapse of time, or both, would constitute an
          Event of Default. 

        Delinquent
Lender. See §14.5. 

        Designated Bank.
A special purpose entity that (i) shall have become a party to this Agreement pursuant to
§18.10, and (ii) is not otherwise a Lender. 

        Designated
Bank Notes. Promissory notes of the Borrower, substantially in the form of
Exhibit M hereto, evidencing the obligation of the Borrower to repay
Competitive Loans made by Designated Banks, as the same may be amended, supplemented,
modified or restated from time to time, and “Designated Bank Note” means any one
of such promissory notes issued under §18.10. 

        Designating
Lender. See §18.10. 

        Designation Agreement.
A designation agreement in substantially the form of Exhibit N
attached hereto, entered into by a Lender and a Designated Bank and accepted by the Agent. 

8

        Disqualifying
Environmental Event. Any Release or threatened Release of Hazardous Substances, any
violation of Environmental Laws or any other similar environmental event with respect to
any Real Estate that is reasonably likely to have a material adverse effect on the value
of such Real Estate. 

        Distribution. 

          		    (i)       
               with respect to the Borrower or its Subsidiaries, any dividend or distribution
               of cash or other cash equivalent, directly or indirectly, to the partners or
               other equity interest holders of the Borrower or its Subsidiaries in respect of
               such partnership or other equity interest or interests so characterizable; or
               any other distribution on or in respect of any partnership interests of the
               Borrower or its Subsidiaries; and 

               

          		    (ii)       
               with respect to MCRC, the declaration or payment of any cash dividend or
               distribution on or in respect of any shares of any class of capital stock of
               MCRC. 

               

        Dollars
or $. Dollars in lawful currency of the United States of America. 

        Drawdown
Date. The date on which any Revolving Credit Loan or Swing Loan is made or is to be
made, and the date on which any Revolving Credit Loan is converted or continued in
accordance with §2.6. 

        Eligible
Assignee. Any of (a) a commercial bank organized under the laws of the United States,
or any State thereof or the District of Columbia, and having total assets in excess of
$1,000,000,000; (b) a savings and loan association or savings bank organized under the
laws of the United States, or any State thereof or the District of Columbia, and having
total assets in excess of $1,000,000,000, calculated in accordance with GAAP; (c) a
commercial bank organized under the laws of any other country which is a member of the
Organization for Economic Cooperation and Development (the
“OECD”), or a political subdivision of any such country,
and having total assets in excess of $1,000,000,000, provided that such bank is
acting at all times with respect to this Agreement through a branch or agency located in
the United States of America, (d) the central bank of any country which is a member of
OECD, (e) a financial institution reasonably acceptable to the Administrative Agent which
is regularly engaged in making, purchasing or investing in loans and having total assets
in excess of $300,000,000 and (f) a Lender or a Lender Affiliate. 

        Eligible
Cash 1031 Proceeds. The cash proceeds held by a “qualified intermediary”
from the sale of Real Estate, which proceeds are intended to be used by the qualified
intermediary to acquire one or more “replacement properties” that are of
“like-kind” to such Real Estate in an exchange that qualifies as a tax-free
exchange under Section 1031 of the Code, and no portion of which proceeds MCRC, the
Borrower or any Subsidiary has the right to receive, pledge, borrow or otherwise obtain
the benefits of until such time as provided under the applicable “exchange
agreement” (as such terms in quotations are defined in Treasury Regulations Section
1.1031(k)-1(g)(4)) (the “Regulations”)) or until such
exchange is terminated. Upon the cash proceeds no longer being held by the qualified
intermediary pursuant to the Regulations or otherwise qualifying under the Regulations for
like-kind exchange treatment, such proceeds shall cease being Eligible Cash 1031 Proceeds. 

9

        Eligible
Ground Lease. A ground lease that (a) has a minimum remaining term of thirty (30)
years, including tenant controlled options, as of any date of determination, (b) has
customary notice rights, default cure rights, bankruptcy new lease rights and other
customary provisions for the benefit of a leasehold mortgagee or has equivalent protection
for a leasehold permanent mortgagee by a subordination to such leasehold permanent
mortgagee of the landlord’s fee interest, and (c) is otherwise acceptable for Without
Recourse leasehold mortgage financing (with the exception permitted under clause (b)
above) under customary prudent lending requirements. The Eligible Ground Leases as of the
date of this Agreement are listed on Schedule EG. 

        Employee
Benefit Plan. Any employee benefit plan within the meaning of §3(3) of ERISA
maintained or contributed to by the Borrower or any ERISA Affiliate, other than a
Multiemployer Plan. 

        Environmental
Laws. See §6.18(a). 

         ERISA.       
          The Employee Retirement Income Security Act of 1974, as amended and in effect
          from time to time. 

        ERISA
Affiliate. Any Person which is treated as a single employer with the Borrower under
§414 of the Code. 

        ERISA
Reportable Event. A reportable event with respect to a Guaranteed Pension Plan within
the meaning of §4043 of ERISA and the regulations promulgated thereunder as to which
the requirement of notice has not been waived. 

        Eurocurrency
Reserve Rate. For any day with respect to a LIBOR Rate Loan, the weighted average of
the rates (expressed as a decimal) at which all of the Lenders subject thereto would be
required to maintain reserves under Regulation D of the Board of Governors of the Federal
Reserve System (or any successor or similar regulations relating to such reserve
requirements) against “Eurocurrency Liabilities” (as that term is used in
Regulation D), if such liabilities were outstanding. The Eurocurrency Reserve Rate shall
be adjusted automatically on and as of the effective date of any change in the
Eurocurrency Reserve Rate. 

        Event
of Default. See §12.1. 

        Facility
Fee. See §2.4(f). 

10

        Fee
Letter. See §2.4(d). 

        Financial
 Statement  Date.  With  respect  to the  Borrower,  MCRC  and  their  respective
 subsidiaries, December 31, 2003. 

         Fitch.       
          Fitch Ratings, a division of Fitch, Inc., and its successors. 

        Fronting
Bank. With respect to any letters of credit issued under this Agreement on or after
the date hereof, JPMorgan, or with the consent of the Administrative Agent and the
Borrower, another Lender. 

        Funds
From Operations. As defined in accordance with resolutions adopted by the Board of
Governors of the National Association of Real Estate Investment Trusts as in effect from
time to time, but in any event excluding one-time or non-recurring charges and non-cash
valuation charges. 

         GAAP.       
          Generally accepted accounting principles in effect from time to time in the
          United States, consistently applied. 

        Guaranteed
Pension Plan. Any employee pension benefit plan within the meaning of §3(2) of
ERISA maintained or contributed to by the Borrower or any Guarantor, as the case may be,
or any ERISA Affiliate of any of them the benefits of which are guaranteed on termination
in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer
Plan. 

         Guaranties.       
          Collectively, (i) the MCRC Guaranty, (ii) the Subsidiary Guaranty, and
          (iii) any other guaranty of the Obligations made by an Affiliate of the
          Borrower in favor of the Administrative Agent and the Lenders. 

         Guarantors.       
          Collectively, MCRC, the Subsidiary Guarantors and any other Affiliate of the
          Borrower executing a Guaranty; provided, however, when the context
          so requires, Guarantor shall refer to MCRC or such Affiliate, as appropriate.
          Any Guarantor that is the owner or ground lessee of an Unencumbered Property
          shall be a wholly-owned Subsidiary. Provided further,
          however, from and after the release of the Guaranty of any Subsidiary
          Guarantor pursuant to §5 below, such Subsidiary Guarantor shall no longer
          be considered a “Guarantor” for purposes of this Agreement. 

        Hazardous
Substances. See §6.18(b). 

         Indebtedness.       
          All obligations, contingent and otherwise, that in accordance with GAAP should
          be classified upon the obligor’s balance sheet as liabilities, including,
          without limitation, (a) all obligations for borrowed money and similar monetary
          obligations, whether direct or indirect; (b) all liabilities secured by any
          mortgage, pledge, negative pledge, security interest, lien, charge, or other
          encumbrance existing on property owned or acquired subject thereto, whether or
          not the liability secured thereby shall have been assumed; (c) all obligations
          under any Capitalized Lease (determined in accordance with §9.9) or any
          Synthetic Lease; (d) all guarantees for borrowed money, endorsements and other
          contingent obligations, whether direct or indirect, (without double counting and
          in accordance with §9.0) in respect of indebtedness or obligations of
          others, including any obligation to supply funds (including partnership
          obligations and capital requirements) to or in any manner to invest in, directly
          or indirectly, the debtor, to purchase indebtedness, or to assure the owner of
          indebtedness against loss, through an agreement to purchase goods, supplies, or
          services for the purpose of enabling the debtor to make payment of the
          indebtedness held by such owner or otherwise, (e) the obligations to reimburse
          the issuer in respect of any letters of credit (f) obligations in respect of
          banker acceptances, (g) obligations for the deferred purchase price of property
          to the extent of the value of such property (excluding accounts payable and
          expenses arising in the ordinary course of business), (h) payment obligations in
          respect of interest rate contracts, financial derivatives contracts and foreign
          exchange contracts, net of liabilities owed by the counterparties thereon, and
          (i) to the extent not otherwise included, obligations of the Borrower under
          so-called forward equity purchase contracts to the extent that such obligations
          are not payable solely in equity interests in MCRC; but, in any case, excluding
          Other Investments. 

11

        Intercompany
Secured Debt. See §8.2(xii). 

        Interest
Payment Date. (i) As to any Alternate Base Rate Loan and Swing Loan, the last day of
the calendar month which includes the Drawdown Date thereof; and (ii) as to any Revolving
Credit LIBOR Rate Loan in respect of which the Interest Period is (A) three (3) months or
less, the last day of such Interest Period and (B) more than three (3) months, the date
that is three (3) months from the first day of such Interest Period, each date that is
three (3) months thereafter, and, in addition, the last day of such Interest Period. 

        Interest
Period. With respect to each Loan, (a) initially, the period commencing on the
Drawdown Date of such Loan and ending on the last day of one of the following periods (as
selected by the Borrower in a Completed Revolving Credit Loan Request or as otherwise in
accordance with the terms of this Agreement): (i) for any Alternate Base Rate Loan, the
last day of the calendar month, (ii) for any Revolving Credit LIBOR Rate Loan, 1, 2, 3, 6,
9 (if available from all Lenders) or 12 (if available from all Lenders) months
(provided that the Interest Period for Revolving Credit LIBOR Rate Loans may be
shorter than one (1) month in order to consolidate two (2) or more Revolving Credit LIBOR
Rate Loans), (iii) for any Absolute Competitive Bid Loan, a market period not to extend
beyond the Maturity Date, (iv) for any LIBOR Competitive Bid Loan, 1, 2, 3, 6, 9 or 12
months, and (v) for any Swing Loan, the date on which it is repaid or converted to an
Alternate Base Rate Loan in accordance with §2.1(b) of this Agreement; and (b)
thereafter, each period commencing at the end of the last day of the immediately preceding
Interest Period applicable to such Loan and ending on the last day of the applicable
period set forth in (a) above as selected by the Borrower in a Conversion Request or as
otherwise in accordance with this Agreement; provided that all of the foregoing
provisions relating to Interest Periods are subject to the following: 

12

          		    (A)       
               if any Interest Period with respect to a Alternate Base Rate Loan would end on a
               day that is not a Business Day, that Interest Period shall end on the next
               succeeding Business Day; 

               

          		    (B)       
               if any Interest Period with respect to a LIBOR Rate Loan would otherwise end on
               a day that is not a Business Day, that Interest Period shall be extended to the
               next succeeding Business Day unless the result of such extension would be to
               carry such Interest Period into another calendar month, in which event such
               Interest Period shall end on the immediately preceding Business Day; 

               

          		    (C)       
               if the Borrower shall fail to give a Conversion Request as provided in
               §2.6, the Borrower shall be deemed to have requested a continuation of the
               affected Revolving Credit LIBOR Rate Loan as a Revolving Credit LIBOR Rate Loan
               with an Interest Period of one (1) month on the last day of the then current
               Interest Period with respect thereto, other than during the continuance of a
               Default or an Event of Default; 

               

          		    (D)       
               any Interest Period relating to any LIBOR Rate Loan that begins on the last
               Business Day of a calendar month (or on a day for which there is no numerically
               corresponding day in the calendar month at the end of such Interest Period)
               shall, subject to subparagraph (E) below, end on the last Business Day of a
               calendar month; and 

               

          		    (E)       
               any Interest Period that would otherwise extend beyond the Maturity Date shall
               end on the Maturity Date. 

               

        Investment
Grade Credit Rating. A long-term unsecured, non-credit enhanced debt rating (a) from
Moody’s of Baa3 or higher, (b) from S&P of BBB- or higher, or (c) from a Third
Rating Agency of the Baa3/BBB- equivalent or higher. 

         Investments.       
          All expenditures made and all liabilities incurred (contingently or otherwise,
          but without double-counting): (i) for the acquisition of stock, partnership or
          other equity interests or Indebtedness of, or for loans, advances, capital
          contributions or transfers of property to, any Person; and (ii) for the
          acquisition of any other obligations of any Person. In determining the aggregate
          amount of Investments outstanding at any particular time: (a) there shall be
          included as an Investment all interest accrued with respect to Indebtedness
          constituting an Investment unless and until such interest is paid; (b) there
          shall be deducted in respect of each such Investment any amount received as a
          return of capital (but only by repurchase, redemption, retirement, repayment,
          liquidating dividend or liquidating distribution); (c) there shall not be
          deducted in respect of any Investment any amounts received as earnings on such
          Investment, whether as dividends, interest or otherwise, except that accrued
          interest included as provided in the foregoing clause (a) may be deducted when
          paid; and (d) there shall not be deducted from the aggregate amount of
          Investments any decrease in the value thereof. 

13

         Leases.       
          Leases, licenses and agreements, whether written or oral, relating to the use or
          occupation of space in or on the Buildings or on the Real Estate by persons
          other than the Borrower, its Subsidiaries or any Partially-Owned Entity,
          provided that “Leases” shall include any such lease, license or
          other such agreement with a Partially-Owned Entity if such lease, license or
          other agreement is at a market level rent and related tenant charges, which are
          required to be paid monthly or, in the case of non-rent tenant charges, when
          usually and customarily required to be paid by other tenants of the same Real
          Estate (and at least annually). 

        Lender
Affiliate. With respect to any Lender, an Affiliate of such Lender. 

         Lenders.       
          Collectively, the Administrative Agent, any other lenders which may provide
          additional commitments and become parties to this Agreement, and any other
          Person who becomes an assignee of any rights of a Lender pursuant to §18 or
          a Person who acquires all or substantially all of the stock or assets of a
          Lender. 

        Letter
of Credit. See §3.1.1. 

        Letter
of Credit Application.  See §3.1.1. 

        Letter
of Credit Fee.  See §3.6. 

        Letter
of Credit Participation.  See §3.1.4. 

        LIBOR
Breakage Costs. With respect to any LIBOR Rate Loan to be prepaid or not drawn after
elected, or converted prior to the last day of the applicable Interest Period, a
prepayment “breakage” fee in an amount determined by the Administrative Agent in
the following manner: 

          		    (i)       
               First, the Administrative Agent shall determine the amount by which (a) the
               total amount of interest which would have otherwise accrued hereunder on each
               installment of principal prepaid or not so drawn, during the period beginning on
               the date of such prepayment or failure to draw and ending on the last day of the
               applicable LIBOR Rate Loan Interest Period (the “Reemployment
               Period”), exceeds (b) the total amount of interest which
               would accrue, during the Reemployment Period, on any readily marketable bond or
               other obligation of the United States of America designated by the
               Administrative Agent in its sole discretion at or about the time of such
               payment, such bond or other obligation of the United States of America to be in
               an amount equal (as nearly as may be) to the amount of principal so paid or not
               drawn after elected and to have maturity at the end of the Reemployment Period,
               and the interest to accrue thereon to take account of amortization of any
               discount from par or accretion of premium above par at which the same is selling
               at the time of designation. Each such amount is hereinafter referred to as an
               “Installment Amount”. 

               

14

          		    (ii)       
               Second, each Installment Amount shall be treated as payable on the last day of
               the LIBOR Rate Loan Interest Period which would have been applicable had such
               principal installment not been prepaid or not borrowed. 

               

          		    (iii)       
               Third, the amount to be paid on each such breakage date shall be the present
               value of the Installment Amount determined by discounting the amount thereof
               from the date on which such Installment Amount is to be treated as payable, at
               the same yield to maturity as that payable upon the bond or other obligation of
               the United States of America designated as aforesaid by the Administrative
               Agent. 

               

        If
by reason of an Event of Default the Administrative Agent elects to declare a LIBOR Rate
Loan to be immediately due and payable, then any breakage fee with respect to such LIBOR
Rate Loan shall become due and payable in the same manner as though the Borrower had
exercised such right of prepayment. 

        LIBOR
Business Day. Any day on which commercial banks are open for international business
(including dealings in Dollar deposits) in London. 

        LIBOR
Competitive Bid Loan(s).  See §2A.3(a). 

        LIBOR
Rate.  For any Interest Period with respect to a LIBOR Rate Loan, the rate
of interest per annum (rounded upward, if necessary, to the nearest 1/100 of one percent)
equal to the rate appearing on the display known as “Telerate Page 3750” (or on
any successor or substitute page of such service, or any successor to or substitute for
such service, providing rate quotations comparable to those currently provided on such
page of such service, as reasonably determined by the Administrative Agent from time to
time for purposes of providing quotations of interest rates applicable to dollar deposits
in the London interbank market) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period, as the rate for dollar deposits
with a maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the “LIBOR Rate” with respect
to such LIBOR Rate Loan for such Interest Period shall be the rate at which dollar
deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered
by the principal London office of the Administrative Agent in immediately available funds
in the London interbank market at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period. 

        In
the event that the Board of Governors of the Federal Reserve System shall impose a reserve
requirement with respect to LIBOR deposits of the Lenders, then for any period during
which such reserve requirement shall apply, the LIBOR Rate shall be equal to the amount
determined above divided by an amount equal to one (1.00) minus the Eurocurrency Reserve
Rate. 

        LIBOR
Rate Loan(s).  Loans bearing interest calculated by reference to the LIBOR Rate. 

15

         Lien.       
          See §8.2. 

        Loan
Documents. Collectively, this Agreement, the Letter of Credit Applications, the
Letters of Credit, the Notes, the Guaranties, and any and all other agreements,
instruments or documents now or hereafter identified thereon as a “Loan
Document” under this Agreement, and all schedules, exhibits and annexes hereto or
thereto, as the same may from time to time be amended and in effect. 

         Loans.       
          The Revolving Credit Loans, Swing Loans and the Competitive Bid Loans. 

        Majority
Lenders. As of any date, the Lenders whose aggregate Commitments constitute at least
fifty-one percent (51%) of the Total Commitment, but in no event fewer than two Lenders if
there are three or more Lenders; provided that if the Total Commitment has been
terminated by the Lenders and no Revolving Credit Loans, Swing Loans or Letters of Credit
are outstanding, the Majority Lenders shall be the Lenders holding fifty-one percent (51%)
of the outstanding principal amount of Competitive Bid Loans on such date. 

        Material
Adverse Effect. Any event or occurrence of whatever nature which: (a) has a material
adverse effect on the business, properties, operations or financial condition of (i) the
Borrower or (ii) MCRC or (iii) the Borrower, the Guarantors and their respective
Subsidiaries, taken as a whole, (b) has a material adverse effect on the ability of the
Borrower or any Guarantor to perform its payment and other material obligations under any
of the Loan Documents, or (c) causes a material impairment of the validity or
enforceability of any of the Loan Documents or any material impairment of the rights,
remedies and benefits available to the Administrative Agent and the Lenders under any of
the Loan Documents. 

        Maturity
Date. November 23, 2007, or such earlier date on which the Loans shall become due and
payable pursuant to the terms thereof. The Borrower may, by notice to the Administrative
Agent given at least sixty (60) days prior to the Maturity Date, extend the Maturity
Date for one (1) year, provided that no Default or Event of Default shall have
occurred and be continuing and that the Borrower pay an aggregate extension fee equal to
0.25% of the Total Commitment (to the Administrative Agent for the ratable benefit of the
Lenders). 

        Maximum
Drawing Amount. The maximum aggregate amount that the beneficiaries may at any time
draw under outstanding Letters of Credit, as such maximum aggregate amount may be reduced
from time to time pursuant to the terms of the Letters of Credit. 

        MCRC
Guaranty. The Guaranty reaffirmed as of the date hereof made by MCRC in favor of the
Administrative Agent and the Lenders pursuant to which MCRC guarantees to the
Administrative Agent and the Lenders the unconditional payment and performance of the
Obligations. 

16

        MCRC
Organizational Change. See §7.7. 

         Moody’s.       
          Moody’s Investors Service, Inc., and its successors. 

        Multiemployer
Plan. Any multiemployer plan within the meaning of §3(37) of ERISA maintained or
contributed to by the Borrower or any Guarantor as the case may be or any ERISA Affiliate. 

        Non-Material
Breach. A (i) breach of a representation or warranty or covenant contained in §6
or §7 (other than §7.1), (ii) breach of any other representation or warranty or
covenant as to which such term “Non-Material Breach” is specifically applied, or
(iii) Permitted Event; but only to the extent any such breach under (i) or (ii) or an
event under (iii) (other than §7.1), neither (A) singularly or in conjunction with
any other existing breaches or events under (iii), materially adversely affect the
business, properties or financial condition of (x) MCRC; (y) MCRLP; or (z) the Borrower,
the Guarantors and their Subsidiaries, taken as whole nor (B) singularly or in conjunction
with any other existing breaches or events under (iii), materially adversely affect the
ability of (x) MCRC; (y) MCRLP; or (z) the Borrower, the Guarantors and their
Subsidiaries, taken as a whole, to fulfill the obligations to the Lenders under the Loan
Documents (including, without limitation, the repayment of all amounts outstanding under
the Loans, together with interest and charges thereon, when first due) nor (C) has been
identified in this Agreement specifically as a matter that does not constitute a
Non-Material Breach. During the continuance of any Permitted Event, the Real Estate
(including Unencumbered Property) and other assets of any affected Guarantor shall be
excluded from asset (but not liability) and income (but not loss) calculation under
§9 which exclusions shall be evidenced in all compliance certificates provided as
required by this Agreement. 

        A
breach or event which may constitute a Non-Material Breach shall be identified when first
known to the Borrower, any Guarantor or Subsidiary on the next compliance certificate
required to be delivered to the Lenders pursuant to the terms of this Agreement;
provided that the identification of such breach or event as a Non-Material Breach
by the Borrower, any Guarantor or any Subsidiary shall not be binding on the Lenders. 

        Note
Record.  A Record with respect to the Notes. 

         Notes.       
          The Revolving Credit Notes and the Competitive Bid Notes, including Designated
          Bank Notes. Also, if applicable, promissory notes of the Borrower evidencing the
          obligation of the Borrower to repay Swing Loans. 

         Obligations.       
          All indebtedness, obligations and liabilities of the Borrower and its
          Subsidiaries to any of the Lenders and the Administrative Agent, individually or
          collectively, under this Agreement or any of the other Loan Documents or in
          respect of any of the Loans or the Notes or Reimbursement Obligations incurred
          or the Letter of Credit Applications or the Letters of Credit or other
          instruments at any time evidencing any thereof, whether existing on the date of
          this Agreement or arising or incurred hereafter, direct or indirect, joint or
          several, absolute or contingent, matured or unmatured, liquidated or
          unliquidated, secured or unsecured, arising by contract, operation of law or
          otherwise. 

17

        Operating
Subsidiaries. Those Subsidiaries of the Borrower that, at any time of reference,
provide management, construction, design or other services (excluding any such Subsidiary
which may provide any such services which are only incidental to that Subsidiary’s
ownership of one or more Real Estate), and any successors or assigns of their respective
businesses and/or assets which are Subsidiaries of the Borrower or the Guarantors. 

        Other
Investment. An investment made by the Borrower, any Guarantor or any Subsidiary which
has been or is designated by the Borrower at the time of investment or from time to time
as an “Other Investment” (including an investment company); provided that
(a) such investment would not jeopardize MCRC’s status as a REIT, (b) subject to the
next sentence, such investment is Without Recourse to the Person making such investment
and the liability of the Person making such investment is limited solely (including in any
insolvency proceeding affecting such Person) to the amount so invested, (c) if the Person
making such investment exercises any management or control responsibilities, such
management and/or control shall be exercised through a so-called “bankruptcy-remote
entity” and (d) such investment complies with the requirements of §9.8(b)
hereof. Notwithstanding anything contained in the foregoing definition to the contrary, an
investment may still be an Other Investment if it provides for (i) guaranties of
completion, (ii) guaranties of payment (which shall be included in Consolidated Total
Liabilities), (iii) environmental guaranties and indemnities, and/or (iv) other typical
recourse carve-outs from otherwise long-term, non-recourse debt, such as for fraud, waste,
misappropriation of proceeds and material misrepresentations. 

        Partially-Owned
Entity(ies). Any of the partnerships, joint ventures and other entities owning real
estate assets (other than an Other Investment) in which MCRLP and/or MCRC collectively,
directly or indirectly through its full or partial ownership of another entity, own less
than 100% of the equity interests, whether or not such entity is required in accordance
with GAAP to be consolidated with MCRLP for financial reporting purposes. 

         PBGC.       
          The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any
          successor entity or entities having similar responsibilities. 

         Permits.       
          All governmental permits, licenses, and approvals necessary for the lawful
          operation and maintenance of the Real Estate. 

        Permitted
Event. The exclusion of a Guarantor (other than MCRC) or any other Subsidiary or
Operating Subsidiary as a Credit Party by the Borrower solely for the purposes of the
proceedings of a bankruptcy filed by or against such Person and involving for all
creditors of such bankruptcy a total Indebtedness which is in an amount permitted within
§12.1(f)(i) cumulatively with any other then pending Permitted Event or other matter
affecting §12.1(f)(i). For purposes of a Permitted Event, the term
“bankruptcy” shall include all actions or proceedings described in §12.1(g)
or §12.1(h). The Borrower may exercise the provisions of §12.1 (last paragraph)
for Permitted Event(s) provided such exercise shall not allow for a breach of the
limitation on Permitted Events relating to §12.1(f)(i) or otherwise cause a Default
or Event of Default. 

18

        Permitted
Liens.  Liens, security interests and other encumbrances permitted by §8.2. 

         Person.       
          Any individual, corporation, partnership, trust, unincorporated association,
          business, or other legal entity, and any government (or any governmental agency
          or political subdivision thereof). 

        Project
Costs. With respect to Construction-In-Process, the actual project cost of such
Construction-In-Process shown on schedules submitted to the Administrative Agent from time
to time; provided that for Construction-In-Process owned by any Partially-Owned
Entity, the Project Cost of such Construction-In-Process shall be the Borrower’s or
its subsidiaries’ pro-rata share of the actual project cost of such
Construction-In-Process (based on the greater of (x) the Borrower’s or its
subsidiaries’ percentage equity interest in such Partially-Owned Entity or (y) the
Borrower’s or its subsidiaries’ obligation to provide, or liability for
providing, funds to such Partially-Owned Entity). 

        Public
Debt. Unsecured Indebtedness, not subordinated to the Obligations (or to the holders
thereof), issued by the Borrower and which is either (a) in offerings registered under the
Securities Act of 1933, as amended, or in transactions exempt from registration pursuant
to rule 144A or Regulation B thereunder or listed on non-U.S. securities exchanges or (b)
pursuant to the Indenture dated as of March 16, 1999 by and between the Borrower, MCRC and
Wilmington Trust Company, a Delaware banking corporation as trustee, or any successor
trustee or assignee thereof (collectively, the “Trustee”),
as supplemented by Supplemental Indenture No. 1 dated as of the same date between the
Borrower and the Trustee, and by Supplemental Indenture No. 2 dated as of August 2, 1999
between the Borrower and the Trustee, and by Supplemental Indenture No. 3 dated as of
December 21, 2000 between the Borrower and the Trustee, and by Supplemental Indenture
No. 4 dated as of January 29, 2001 between the Borrower and the Trustee, and by
Supplemental Indenture No. 5 dated as of December 20, 2002 between the Borrower and the
Trustee, and by Supplemental Indenture No. 6 dated as of March 14, 2003 between the
Borrower and the Trustee, and by Supplemental Indenture No. 7 dated as of June 12, 2003
between the Borrower and the Trustee, and by Supplemental Indenture No. 8 dated as of
February 9, 2004 between the Borrower and the Trustee, and by Supplemental Indenture No. 9
dated as of March 22, 2004 between the Borrower and the Trustee, and as the Indenture may
be further supplemented and/or amended from time to time. 

         RCRA.       
          See §6.18. 

        Real
Estate. The fixed and tangible properties consisting of land, buildings and/or other
improvements owned or ground-leased as a lessee by the Borrower, by any Guarantor or by
any other entity in which the Borrower is the holder of an equity interest (other than
Other Investments) at the relevant time of reference thereto, including, without
limitation, (i) the Unencumbered Properties at such time of reference, and (ii) the real
estate assets owned or ground-leased as a lessee by each of the Partially-Owned Entities
at such time of reference. 

19

         Record.       
          The grid attached to any Note, or the continuation of such grid, or any other
          similar record, including computer records, maintained by any Lender with
          respect to any Loan. 

         Recourse.       
          With reference to any obligation or liability, any liability or obligation that
          is not Without Recourse to the obligor thereunder, directly or indirectly. For
          purposes hereof, a Person shall not be deemed to be “indirectly”
          liable for the liabilities or obligations of an obligor solely by reason of the
          fact that such Person has an ownership interest in such obligor, provided
          that such Person is not otherwise legally liable, directly or indirectly, for
          such obligor’s liabilities or obligations (e.g., by reason of a guaranty or
          contribution obligation, by operation of law or by reason of such Person’s
          being a general partner of such obligor). 

        Refunded
Swing Loan. See §2.1(b). 

        Refunding
Date. See §2.1(b). 

        Reimbursement
Obligation. The Borrower’s obligation to reimburse the Lenders and the
Administrative Agent and the Fronting Bank on account of any drawing under any Letter of
Credit as provided in §3.2. Notwithstanding the foregoing, unless the Borrower shall
notify the Administrative Agent of its intent to repay the Reimbursement Obligation on the
date of the related drawing under any Letter of Credit as provided in §3.2, such
Reimbursement Obligation shall simultaneously with such drawing be converted to and become
a Alternate Base Rate Loan as set forth in §3.3. 

         REIT.       
          A “real estate investment trust”, as such term is defined in Section
          856 of the Code. 

         Release.       
          See §6.18(c)(iii). 

        Required
Lenders. As of any date, the Lenders whose aggregate Commitments constitute at least
sixty-six and two-thirds percent (66-2/3%) of the Total Commitment; provided that
if the Total Commitment has been terminated by the Lenders the Required Lenders shall be
the Lenders holding sixty-six and two-thirds percent (66-2/3%) of the sum of the
outstanding principal amount of the Loans and the Letter of Credit Participations on such
date; and provided further that if any Lender shall be a Delinquent Lender at such
time, then there shall be excluded from the determination of Required Lenders the amount
of the Commitment, Loans, and Letter of Credit Participations of such Lender, as
applicable, at such time. 

20

        Revised
Adjusted Unencumbered Property NOI. With respect to any fiscal period for any
Unencumbered Property, Adjusted Unencumbered Property NOI for such Unencumbered Property
for such period; minus (a) interest income relating to such Unencumbered Property
and (b) a management fee reserve in an amount equal to three percent (3%) of total revenue
(after deduction of interest income of such Unencumbered Property for such period);
plus (i) actual general and administrative expenses to the extent included in
Adjusted Unencumbered Property NOI relating to such Unencumbered Property for such period
and (ii) actual management fees relating to such Unencumbered Property for such period. 

        Revised
Consolidated Adjusted Net Income. For any period, Consolidated Adjusted Net Income for
such period; minus (a) interest income and (b) a management fee reserve in an
amount equal to three percent (3%) of consolidated total revenue (after deduction of
interest income of MCRC, the Borrower and their respective Subsidiaries for such period),
plus (i) actual general and administrative expenses for such period to the extent
included in Consolidated Adjusted Net Income and (ii) actual management fees relating to
Real Estate for such period. 

        Revolving
Credit LIBOR Rate Loan.  A Revolving Credit Loan which is a LIBOR Rate Loan. 

        Revolving
 Credit Loan(s).  Each and every revolving  credit loan made or to be made by the Lenders
to the Borrower pursuant to §2. 

        Revolving
Credit Notes. Collectively, the separate promissory notes of the Borrower in favor of
each Lender in substantially the form of Exhibit A hereto, in the
aggregate principal amount of the Total Commitment, dated as of the date hereof or as of
such later date as any Person becomes a Lender under this Agreement, and completed with
appropriate insertions, as each of such notes may be amended and/or restated from time to
time. 

         S&P.       
          Standard & Poor’s Ratings Group, a division of McGraw-Hill, Inc., and
          its successors. 

         SARA.       
          See §6.18. 

        SEC
Filings. Collectively, (a) the MCRC’s Annual Report on Forms 10-K and 10-K/A for
the year ended December 31, 2003, filed with the Securities and Exchange Commission (the
“SEC”) pursuant to the Securities and Exchange Act of 1934,
as amended (the “Exchange Act”), and (b) MCRC’s
Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2004, filed with
the SEC pursuant to the Exchange Act. 

         subsidiary.       
          Any entity required to be consolidated with its direct or indirect parent in
          accordance with GAAP. 

21

         Subsidiary.       
          Any corporation, association, partnership, limited liability company, trust, or
          other business entity of which the designated parent shall at any time own
          directly, or indirectly through a Subsidiary or Subsidiaries, at least a
          majority (by number of votes or controlling interests) of the outstanding voting
          interests or at least a majority of the economic interests (including, in any
          case, the Operating Subsidiaries and any entity required to be consolidated with
          its designated parent in accordance with GAAP; but, in any case, specifically
          excluding any Other Investments). 

        Subsidiary
Guarantor. Any Guarantor other than MCRC. The Subsidiary Guarantors on the Closing
Date are listed on Schedule SG hereto. 

        Subsidiary
Guaranty. The Guaranty made by the Subsidiary Guarantors in favor of the
Administrative Agent and the Lenders in substantially the form of Exhibit
B hereto, pursuant to which the Subsidiary Guarantors jointly and severally
guaranty the unconditional payment and performance of the Obligations. 

        Subsidiary
Guaranty Proceeds. See §5.2. 

        Swing
Lender.  JPMorgan,  in its capacity as the Swing Lender under the Swing Loan  facility
 described in §2.1(b), and its successors in such capacity. 

        Swing
Loan. A Loan made by the Swing Lender pursuant to §2.1(b). 

        Swing
Loan  Commitment.  The lesser of (a)  $50,000,000  and (b) the aggregate  amount of the
unused Total Commitments. 

        Swing Loan
Refund Amount. See §2.1(b). 

        Syndication
Agent.  Bank of America, N.A. 

        Synthetic
 Lease.  Any lease which is treated as an operating  lease under GAAP and as a loan or
financing for U.S. income tax purposes. 

        Third
Debt  Rating.  MCRLP's  long term  unsecured,  non-credit  enhanced  debt rating from a
Third Rating Agency. 

        Third
Rating  Agency.  Fitch or another  nationally-recognized  rating  agency (other than S&P or
Moody's) reasonably satisfactory to the Administrative Agent. 

        Total
Commitment. As of any date, the sum of the then-current Commitments of the Lenders,
which shall not at any time exceed $600,000,000, except as such amount may be increased
pursuant to §2.2 hereof or reduced pursuant to §2.10 hereof. 

         Type.       
          As to any Revolving Credit Loan, its nature as a Alternate Base Rate Loan or a
          LIBOR Rate Loan. 

22

        Unanimous
Lender Approval. The written consent of each Lender that is a party to this Agreement
at the time of reference. 

        Unencumbered
Property. Any Real Estate located in the United States that on any date of
determination: (a) is not subject to any Liens (including any such Lien imposed by the
organizational documents of the owner of such asset, but excluding Permitted Liens other
than those listed in §8.2(iii) and §8.2(x)), as certified to his knowledge by an
officer of the Borrower on the Closing Date or such later date on which such Real Estate
becomes an Unencumbered Property, (b) is not the subject of a Disqualifying Environmental
Event, as certified to his knowledge by an officer of the Borrower on the Closing Date or
such later date on which such Real Estate becomes an Unencumbered Property (which
certification may be based on third party reports) (c) has been improved with a Building
or Buildings which (1) have been issued a certificate of occupancy (where available) or is
otherwise lawfully occupied for its intended use, and (2) are fully operational, including
in each case, an Unencumbered Property that is being renovated and such renovation is
proceeding to completion without undue delay from Permit denial, construction delays or
otherwise, (d) is not in violation of the covenant set forth in §7.9 hereof, (e) is
wholly owned or ground-leased under an Eligible Ground Lease by the Borrower or a
Guarantor that is a wholly-owned Subsidiary, and (f) has not been the subject of an event
or occurrence that has had a Material Adverse Effect on such Guarantor. 

        Uniform
Customs. With respect to any Letter of Credit, the Uniform Customs and Practice for
Documentary Credits (1993 Revision), International Chamber of Commerce Publication No.
500, or any successor version thereof adopted by the Fronting Bank in the ordinary course
of its business as a letter of credit issuer and in effect at the time of issuance of such
Letter of Credit. 

        Unimproved
Non-Income Producing Land. Any Real Estate consisting of raw land which is unimproved
by Buildings and does not generate any rental income or other income for MCRC or the
Borrower or any of their respective Subsidiaries. 

        Unrestricted
Cash and Cash Equivalents. As of any date of determination, the sum of (a) the
aggregate amount of unrestricted cash then held by the Borrower or any of its Subsidiaries
and (b) the aggregate amount of unrestricted cash equivalents (valued at fair market
value) then held by the Borrower or any of its Subsidiaries. As used in this definition,
(i) “unrestricted” means the specified asset is not subject to any Liens in
favor of any Person and (ii) “cash equivalents” includes overnight deposits and
also means that such asset has a liquid, par value in cash and is convertible to cash
within 3 months. Notwithstanding anything contained herein to the contrary, the term
Unrestricted Cash and Cash Equivalents shall not include the Commitments of the Lenders to
make Loans under this Agreement or any other commitments from which the access to such
cash or cash equivalents would create Indebtedness. 

23

        Unsecured
Indebtedness. All Indebtedness of any Person that is not secured by a Lien on any
asset of such Person. 

        wholly-owned
Subsidiary. Any Subsidiary (a) of which MCRLP and/or MCRC shall at any time own
directly or indirectly through a Subsidiary or Subsidiaries at least a controlling
majority (by number of votes or controlling interests) of the outstanding voting interests
and one hundred percent (100%) of the economic interests, of which at least ninety-five
percent (95%) of the economic interests shall be owned by MCRLP and (b) of which MCRC
directly or indirectly (through wholly-owned Subsidiaries) acts as sole general partner or
managing member; provided that the Subsidiary Guarantors shall be wholly-owned
Subsidiaries. 

        “Without
Recourse” or “without recourse”. With reference to any
obligation or liability, any obligation or liability for which the obligor thereunder is
not liable or obligated other than as to its interest in a designated Real Estate or other
specifically identified asset only, subject to such limited exceptions to the non-recourse
nature of such obligation or liability, such as fraud, misappropriation, misapplication
and environmental indemnities, as are usual and customary in like transactions involving
institutional lenders at the time of the incurrence of such obligation or liability. 

         §1.2.       
          Rules of Interpretation. 

          		    (i)       
               A reference to any document or agreement shall include such document or
               agreement as amended, modified or supplemented from time to time in accordance
               with its terms (and so amended, modified or supplemented in accordance with this
               Agreement) or the terms of this Agreement. 

               

          		    (ii)       
               The singular includes the plural and the plural includes the singular. 

               

          		    (iii)       
               A reference to any law includes any amendment or modification to such law. 

               

          		    (iv)       
               A reference to any Person includes its permitted successors and permitted
               assigns. 

               

          		    (v)       
               Accounting terms (a) not otherwise defined herein have the meanings assigned to
               them by GAAP applied on a consistent basis by the accounting entity to which
               they refer and (b) shall not provide for double counting of items included
               within such term. 

               

          		    (vi)       
               The words “include”, “includes” and “including”
               are not limiting. 

               

          		    (vii)       
               All terms not specifically defined herein or by GAAP, which terms are defined in
               the Uniform Commercial Code as in effect in New York, have the meanings assigned
               to them therein. 

               

24

          		    (viii)       
               Reference to a particular “§” refers to that section of this
               Agreement unless otherwise indicated. 

               

          		    (ix)       
               The words “herein”, “hereof”, “hereunder” and
               words of like import shall refer to this Agreement as a whole and not to any
               particular section or subdivision of this Agreement. 

               

          		    (x)       
               Any provision granting any right to the Borrower or any Guarantor during the
               continuance of (a) an Event of Default shall not modify, limit, waive or estopp
               the rights of the Lenders during the continuance of such Event of Default,
               including the rights of the Lenders to accelerate the Loans under §12.1 and
               the rights of the Lenders under §§12.2 or 12.3, or (b) a Default,
               shall not extend the time for curing same or modify any otherwise applicable
               notice regarding same. 

               

          		    (xi)       
               As applied to Real Estate, the word “owns” includes the ownership of
               the fee interest in such Real Estate or the tenant’s interest in a ground
               lease of such Real Estate. 

               

         §2.       
          THE CREDIT FACILITY. 

         §2.1.       
          Commitment to Lend. 

        (a)  Revolving
Credit Loans. Subject to the provisions of §2.5 and the other terms and
conditions set forth in this Agreement, each of the Lenders severally agrees to lend to
the Borrower and the Borrower may borrow, repay, and reborrow from each Lender from time
to time from the Closing Date up to but not including the Maturity Date upon notice by the
Borrower to the Administrative Agent given in accordance with §2.5 hereof, such sums
as are requested by the Borrower up to a maximum aggregate principal amount outstanding
(after giving effect to all amounts requested) at any one time equal to such Lender’s
Commitment minus such Lender’s Commitment Percentage of the Maximum Drawing
Amount; provided that the sum of the outstanding amount of the Revolving Credit
Loans and Swing Loans (after giving effect to all amounts requested) and the Competitive
Bid Loans plus the Maximum Drawing Amount shall not at any time exceed the Total
Commitment in effect at such time. 

        The
Revolving Credit Loans shall be made pro rata in accordance with each Lender’s
Commitment Percentage. Each request for a Revolving Credit Loan or Swing Loan made
pursuant to §2.5 hereof shall constitute a representation and warranty by the
Borrower that the conditions set forth in §10 have been satisfied as of the Closing
Date and that the conditions set forth in §11 have been satisfied on the date of such
request and will be satisfied on the proposed Drawdown Date of the requested Revolving
Credit Loan or Swing Loan, provided that the making of such representation and
warranty by the Borrower shall not limit the right of any Lender not to lend if such
conditions have not been met. No Revolving Credit Loan or Swing Loan shall be required to
be made by any Lender, or the Swing Lender, as the case may be, unless all of the
conditions contained in §10 have been satisfied as of the Closing Date and all of the
conditions set forth in §11 have been met at the time of any request for a Revolving
Credit Loan or Swing Loan. 

25

         (b)  Swing
Loans.

          		    (i)       
               Basic Terms. During the term of this Agreement, the Swing Lender agrees,
               on the terms and conditions set forth in this Agreement, to make certain loans
               to the Borrower (each, a “Swing Loan”) pursuant
               to this §2.1(b)(i) from time to time in amounts such that after giving
               effect to such loan (A) the aggregate principal amount of Swing Loans does not
               at any time exceed the Swing Loan Commitment, and (B) the outstanding amount of
               all Revolving Credit Loans, Swing Loans, Competitive Bid Loans and the Maximum
               Drawing Amount on all Letters of Credit outstanding shall not exceed the Total
               Commitment in effect at such time. Each Swing Loan shall be in an aggregate
               principal amount of at least $2,000,000 (except that any Swing Loan may be in
               the aggregate available amount of Swing Loans determined in accordance with the
               immediately preceding sentence). Within the foregoing limits, the Borrower may
               borrow under this §2.1(b)(i), repay or, to the extent permitted by
               §2.9, prepay Swing Loans and reborrow at any time during the term of this
               Agreement under this §2.1(b)(i). Notwithstanding anything to the contrary
               contained herein, the Swing Lender shall not make a Swing Loan after the
               occurrence and during the continuance of a Default or an Event of Default. No
               Swing Loan may be outstanding on the last Business Day of any calendar month. 

               

          		    (ii)       
               Conversion of Swing Loans to Revolving Credit Loans. The Swing Lender
               may, on behalf of the Borrower (which hereby irrevocably directs the Swing
               Lender to act on its behalf), on notice given by the Swing Lender no later than
               12:00 noon (New York City time), on the Business Day on or immediately following
               the funding of any Swing Loan, request each Lender to make, and each Lender
               (including the Swing Lender) hereby agrees to make, an Alternate Base Rate Loan,
               in an amount (with respect to each Lender, its “Swing Loan Refund
               Amount”) equal to such Lender’s Commitment Percentage
               of the aggregate principal amount of the Swing Loans (the “Refunded
               Swing Loans”) outstanding on the date of such notice, to
               repay the Swing Lender. Unless any of the events described in
               §§12.1(g) or (h) with respect to the Borrower shall have occurred and
               be continuing or Revolving Credit Loans cannot otherwise be made on such date
               (in which case the terms of §2.1(b)(iii) shall govern), each Lender shall
               make such Alternate Base Rate Loan available to the Administrative Agent at its
               address specified in or pursuant to §19(b) in immediately available funds,
               not later than 1:00 P.M. (New York City time), on the Business Day immediately
               following the date of such notice. The Swing Lender shall be deemed to have made
               such Alternate Base Rate Loan in an amount equal to (x) the amount of such
               Swing Loan less (y) the aggregate amount of the Swing Loan Refund Amount of
               all other Lenders. The Administrative Agent shall pay the proceeds of such
               Alternate Base Rate Loans to the Swing Lender, which shall immediately apply
               such proceeds to repay Refunded Swing Loans. Effective on the day such Alternate
               Base Rate Loans are made, the portion of the Swing Loans so paid (or deemed paid
               in the case of the Swing Lender) shall no longer be outstanding as Swing Loans,
               shall no longer be due as Swing Loans under the Note held by the Swing Lender,
               and shall be due as Alternate Base Rate Loans under the respective Notes issued
               to the Lenders (including the Swing Lender) in accordance with each
               Lender’s Swing Loan Refund Amount. The Borrower authorizes the Swing Lender
               to charge the Borrower’s accounts with the Administrative Agent (up to the
               amount available in each such account) in order to immediately pay the amount of
               such Refunded Swing Loans to the extent amounts received from the Lenders are
               not sufficient to repay in full such Refunded Swing Loans. 

               

26

          		    (iii)       
               Purchase of Participations in Swing Loans. If, prior to the time
               Revolving Credit Loans would have otherwise been made pursuant to
               §2.1(b)(ii), any of the events described in §§12.1(g) or (h) with
               respect to the Borrower shall have occurred and be continuing or Revolving
               Credit Loans cannot otherwise be made on such date, each Lender shall, on the
               date such Revolving Credit Loans were to have been made pursuant to the notice
               referred to in §2.1(b)(ii) (the “Refunding
               Date”), purchase an undivided participating interest in the
               Swing Loans in an amount equal to such Lender’s Swing Loan Refund Amount.
               On the Refunding Date, each Lender shall transfer to the Swing Lender, in
               immediately available funds, such Lender’s Swing Loan Refund Amount, and
               upon receipt thereof the Swing Lender shall deliver to such Lender a Swing Loan
               participation certificate dated the date of the Swing Lender’s receipt of
               such funds and in the Swing Loan Refund Amount of such Lender. 

               

          		    (iv)       
               Payments on Participated Swing Loans. Whenever, at any time after the
               Swing Lender has received from any Lender such Lender’s Swing Loan Refund
               Amount pursuant to §2.1(b)(iii), the Swing Lender receives any payment on
               account of the Swing Loans in which the Lenders have purchased participations
               pursuant to §2.1(b)(iii), the Swing Lender will promptly distribute to each
               such Lender its ratable share (determined on the basis of the Swing Loan Refund
               Amounts of all of the Lenders) of such payment (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 received by the Swing Lender is
               required to be returned, such Lender will return to the Swing Lender any portion
               thereof previously distributed to it by the Swing Lender. 

               

27

          		    (v)       
               Obligations to Refund or Purchase Participations in Swing Loans Absolute.
               Each Lender’s obligation to transfer the amount of a Swing Loan made in
               accordance with §2.1(b)(i) to the Swing Lender as provided in
               §2.1(b)(ii) or to purchase a participating interest pursuant to
               §2.1(b)(iii) shall be absolute and unconditional and shall not be affected
               by any circumstance, including, without limitation, (A) any setoff,
               counterclaim, recoupment, defense or other right which such Lender, the Borrower
               or any other Person may have against the Swing Lender or any other Person, other
               than the Swing Lender’s gross negligence or willful misconduct in
               connection with making any such Swing Loan, (B) the occurrence or continuance of
               a Default or an Event of Default or the termination or reduction of the
               Commitments, (C) any adverse change in the condition (financial or otherwise) of
               the Borrower or any other Person, (D) any breach of this Agreement by the
               Borrower, any other Lender or any other Person, or (E) any other circumstance,
               happening or event whatsoever, whether or not similar to any of the foregoing. 

               

         §2.2.       
          Increase of Total Commitment. Unless a Default or an Event of Default has
          occurred and is continuing, the Borrower, by written notice to the
          Administrative Agent, may request on up to four (4) occasions during the term of
          this Agreement that the Total Commitment be increased by an amount not less than
          $25,000,000 per request and not more than $200,000,000 in the aggregate (such
          that the Total Commitment after such increase shall never exceed $800,000,000);
          provided that for any such request (a) the Borrower shall not have
          requested the one-year extension of the Maturity Date pursuant to the definition
          thereof, (b) any Lender which is a party to this Agreement prior to such request
          for increase, at its sole discretion, may elect to increase its Commitment but
          shall not have any obligation to so increase its Commitment, and (c) in the
          event that each Lender does not elect to increase its Commitment, the Arrangers
          shall use commercially reasonable efforts to locate additional lenders willing
          to hold commitments for the requested increase, and the Borrower may also
          identify additional lenders willing to hold commitments for the requested
          increase, provided that the Administrative Agent and the Fronting Bank
          shall have the right to approve any such additional lender, which approval will
          not be unreasonably withheld or delayed. In the event that lenders commit to any
          such increase, the Total Commitment and the Commitments of the committed Lenders
          shall be increased, the Commitment Percentages of the Lenders shall be adjusted,
          new Notes shall be issued, the Borrower shall make such borrowings and
          repayments as shall be necessary to effect the reallocation of the Commitments,
          and other changes shall be made to the Loan Documents as may be necessary to
          reflect the aggregate amount, if any, by which Lenders have agreed to increase
          their respective Commitments or make new Commitments in response to the
          Borrower’s request for an increase in the Total Commitment pursuant to this
          §2.2, in each case without the consent of the Lenders other than those
          Lenders increasing their Commitments. The fees payable by the Borrower upon any
          such increase in the Total Commitment shall be agreed upon by the Arrangers and
          the Borrower at the time of such increase. 

        Notwithstanding
the foregoing, nothing in this §2.2 shall constitute or be deemed to constitute an
agreement by any Lender to increase its Commitment hereunder. 

28

         §2.3.       
          The Notes. The Revolving Credit Loans shall, and Swing Loans may, be
          evidenced by the Notes. Return and cancellation of the “Notes” under
          the 2002 Agreement and issuance of initial Notes under this Agreement shall be
          governed by §27 hereof. A Revolving Credit Note shall be payable to the
          order of each Lender, and a Swing Loan promissory note may, at the Swing
          Lender’s direction, be payable to the order of the Swing Lender, in an
          aggregate principal amount equal to such Lender’s Commitment or Swing
          Lender’s commitment to make Swing Loans, as the case may be. The Borrower
          irrevocably authorizes each Lender to make or cause to be made, at or about the
          time of the Drawdown Date of any Loan or at the time of receipt of any payment
          of principal on such Lender’s Notes, an appropriate notation on such
          Lender’s Note Record reflecting the making of such Revolving Credit Loan,
          Swing Loan or (as the case may be) the receipt of such payment. The outstanding
          amount of the Loans set forth on such Lender’s Note Record shall be
          prima facie evidence of the principal amount thereof owing and unpaid to
          such Lender, but the failure to record, or any error in so recording, any such
          amount on such Lender’s Note Record shall not limit or otherwise affect the
          obligations of the Borrower hereunder or under any Note to make payments of
          principal of or interest on any Note when due. The Administrative Agent hereby
          agrees to provide the Borrower with a statement concerning the outstanding
          amount of the Loans, in reasonable detail, on a monthly basis. Although each
          Note shall be dated the Closing Date, interest in respect thereof shall be
          payable only for the periods during which the Loans evidenced thereby to the
          Borrower are outstanding, and although the stated amount of such Notes shall be
          equal to the Total Commitment as of the date hereof, such Notes shall be
          enforceable, with respect to obligations of the Borrower to pay the principal
          amount thereof, only to the extent of the unpaid principal amount of the Loans
          to them as of any date of determination. 

         §2.4.       
          Interest on Revolving Credit Loans and Swing Loans; Fees. 

        (a)  Interest
on Alternate Base Rate Loans and Swing Loans. Except as otherwise provided in
§4.9, each Alternate Base Rate Loan shall bear interest for the period commencing
with the Drawdown Date thereof and ending on the last day of the Interest Period with
respect thereto (unless earlier paid in accordance with §2.9) at a rate equal to the
Alternate Base Rate plus the Applicable Margin for Alternate Base Rate Loans, if
any. 

        Except
as otherwise provided in §4.9, each Swing Loan shall bear interest on the outstanding
principal amount thereof, for each day from the date such Loan is made and ending on the
last day of the Interest Period with respect thereto (unless earlier paid in accordance
with §2.9) at a rate per annum equal to the Alternate Base Rate plus the
Applicable Margin for Alternate Base Rate Loans, if any. 

        (b)  Interest
on Revolving Credit LIBOR Rate Loans. Except as otherwise provided in §4.9, each
Revolving Credit LIBOR Rate Loan shall bear interest for the period commencing with the
Drawdown Date thereof and ending on the last day of the Interest Period with respect
thereto (unless earlier paid in accordance with §2.9) at a rate equal to the LIBOR
Rate determined for such Interest Period plus the Applicable Margin for Revolving
Credit LIBOR Rate Loans. 

29

        (c)  Interest
Payments. The Borrower unconditionally promises to pay interest on each Revolving
Credit Loan and Swing Loan in arrears on each Interest Payment Date with respect thereto. 

        (d)  Structuring
Fee. The Borrower agrees to pay to the Administrative Agent, the Syndication Agent and
the Arrangers that certain structuring fee as set forth in that certain letter agreement
dated as of September 27, 2004 between the Borrower, MCRC, the Administrative Agent, Bank
of America and the Arrangers (the “Fee Letter”). 

        (e)  Upfront
Fee. The Borrower agrees to pay to the Administrative Agent on the Closing Date for
the accounts of the Lenders in accordance with their respective Commitment Percentages, an
upfront fee as set forth in the Fee Letter. 

        (f)  Facility
Fee. The Borrower agrees to pay to the Administrative Agent, for the account of the
Lenders based on their respective Commitment Percentages, a fee (the “Facility
Fee”) which is a percentage per annum of the Total Commitment and
which varies based on the Borrower’s debt ratings as set forth in the following
table: 

	S&P Rating
	Moody's Rating
	Third Rating
	Facility Fee Percentage

	 No rating or less than	 	 	No rating or less	 	 	No rating or less than	 	 	 	0	.25%
	           BBB-	 	 	than Baa3	 	 	BBB-/Baa3 equivalent	 	 
	

	

	           BBB-	 	 	Baa3	 	 	BBB-/Baa3 equivalent	 	 	 	0	.20%
	

	

	           BBB	 	 	Baa2	 	 	BBB/Baa2 equivalent	 	 	 	0	.20%
	

	

	           BBB+	 	 	Baa1	 	 	BBB+/Baa1 equivalent	 	 	 	0	.15%
	

	

	       A- or higher	 	 	A3 or higher	 	 	A-/A3 equivalent	 	 	 	0	.15%
	       	 	 	 	 	 	      or higher	 	 
	

        Such
fee shall be payable quarterly, in arrears, for the immediately preceding calendar
quarter, on the fifteenth (15th) day of each January, April, July, and October, or, if all
of the Commitments are terminated pursuant to the terms hereof, such fee shall be prorated
to such termination date from the last date of payment thereof. 

        The
Facility Fee Percentage to be used in calculating the Facility Fee shall vary from time to
time in accordance with MCRLP’s then applicable (if any) (x) Moody’s debt
rating, (y) S&P’s debt rating and (z) any Third Debt Rating, as set forth below
in this paragraph, and the Facility Fee Percentage shall be adjusted effective on the next
Business Day following any change in MCRLP’s Moody’s debt rating or
S&P’s debt rating or Third Debt Rating, as the case may be. MCRLP shall notify
the Administrative Agent in writing promptly after becoming aware of any change in any of
its debt ratings. In order to qualify for a Facility Fee Percentage based upon a debt
rating, MCRLP shall maintain debt ratings from at least two (2) nationally recognized
rating agencies reasonably acceptable to the Administrative Agent, one of which must be
Moody’s or S&P so long as such Persons are in the business of providing debt
ratings for the REIT industry; provided that if MCRLP fails to maintain at least
two debt ratings, the Facility Fee Percentage shall be based upon an S&P rating of
less than BBB- in the table above. In addition, MCRLP may, at its option, obtain and
maintain three debt ratings (of which one must be from Moody’s or S&P except as
set forth in the previous sentence). If at any time of determination of the Facility Fee
Percentage, (a) MCRLP has then current debt ratings from two (2) rating agencies, then the
Facility Fee Percentage shall be based on the lower of such ratings, or (b) MCRLP has
then current debt ratings from three (3) rating agencies, then the Facility Fee Percentage
shall be based on the lower of the two highest ratings. 

30

         (g)       
          Administrative Fee. The Borrower shall pay to the Administrative Agent an
          administrative fee as set forth in the Fee Letter. 

         §2.5.       
          Requests for Revolving Credit Loans and Swing Loans. 

        The
following provisions shall apply to each request by the Borrower for a Revolving Credit
Loan or Swing Loan: 

          		    (i)       
               The Borrower shall submit a Completed Revolving Credit Loan Request or Completed
               Swing Loan Request to the Administrative Agent as provided in this §2.5.
               Except as otherwise provided herein, each Completed Revolving Credit Loan
               Request and Completed Swing Loan Request shall be in a minimum amount of
               $2,000,000 or an integral multiple of $500,000 in excess thereof. Each Completed
               Revolving Credit Loan Request and Completed Swing Loan Request shall be
               irrevocable and binding on the Borrower and shall obligate the Borrower to
               accept the Loans requested from the Lenders on the proposed Drawdown Date,
               unless, in the case of Revolving Credit Loans only, such Completed Revolving
               Credit Loan Request is withdrawn (x) in the case of a request for a Revolving
               Credit LIBOR Rate Loan, at least three (3) Business Days prior to the proposed
               Drawdown Date for such Revolving Credit Loan, and (y) in the case of a request
               for a Alternate Base Rate Loan, at least one (1) Business Day prior to the
               proposed Drawdown Date for such Revolving Credit Loan. 

               

          		    (ii)       
               Each Completed Revolving Credit Loan Request and Completed Swing Loan Request
               may be delivered by the Borrower to the Administrative Agent by 12:00 p.m. noon
               (New York City time) on any Business Day. In the case of Revolving Credit Loans,
               such delivery shall be at least one (1) Business Day prior to the proposed
               Drawdown Date of any Alternate Base Rate Loan, and at least three (3) Business
               Days prior to the proposed Drawdown Date of any Revolving Credit LIBOR Rate
               Loan; in the case of Swing Loans, such delivery may be on the requested Drawdown
               Date so long as such delivery is made by 12:00 p.m. noon (New York City time) on
               the proposed Drawdown Date (and confirmed by telephone by such time). 

               

31

          		    (iii)       
               Each Completed Revolving Credit Loan Request and Completed Swing Loan Request
               shall include a completed writing in the form of Exhibit C
               hereto specifying: (1) whether such Loan is to be a Revolving Credit Loan or a
               Swing Loan, (2) the principal amount of the Loan requested, (3) the
               proposed Drawdown Date of such Loan, (4) if a Completed Revolving Credit Loan
               Request, the Interest Period applicable to such Revolving Credit Loan, and (5)
               if a Completed Revolving Credit Loan Request, the Type of such Revolving Credit
               Loan being requested. 

               

          		    (iv)       
               No Lender shall be obligated to fund any Revolving Credit Loan or Swing Loan
               unless: 

               

          		    (a)       
               a Completed Revolving Credit Loan Request or Completed Swing Loan Request has
               been timely received by the Administrative Agent as provided in subsection (i)
               above; and 

               

          		    (b)       
               both before and after giving effect to the Revolving Credit Loan to be made
               pursuant to the Completed Revolving Credit Loan Request or, as the case may be,
               to the Swing Loan to be made pursuant to the Completed Swing Loan Request, all
               of the conditions contained in §10 shall have been satisfied as of the
               Closing Date and all of the conditions set forth in §11 shall have been
               met, including, without limitation, the condition under §11.1 that there be
               no Default or Event of Default under this Agreement; and 

               

          		    (c)       
               the Administrative Agent shall have received a certificate in the form of
               Exhibit D hereto signed by the chief financial officer or
               senior vice president of finance or other thereon designated officer of the
               Borrower setting forth computations evidencing compliance with the covenants
               contained in §§9.1 and 9.6 on a pro forma basis after giving
               effect to such requested Loan (including, to the extent necessary to evidence
               compliance thereunder, the estimated results for all Real Estate to be acquired
               with the proceeds of such requested Loan), and, certifying that, both before and
               after giving effect to such requested Loan, no Default or Event of Default
               exists or will exist under this Agreement or any other Loan Document, and that
               after taking into account such requested Loan, no Default or Event of Default
               will exist as of the Drawdown Date or thereafter. 

               

          		    (v)       
               The Administrative Agent will cause the Completed Revolving Credit Loan Request
               or the Completed Swing Loan Request (and the Certificate in the form of
               Exhibit D) to be delivered to each Lender in
               accordance with §14.12 and in any event on the same day that such request
               is received by the Administrative Agent (in the case of an Alternate Base Rate
               Loan or Swing Loan) and on the same day or the Business Day following the day a
               Completed Revolving Credit Loan Request is received by the Administrative Agent
               (in the case of a Revolving Credit LIBOR Rate Loan). 

               

32

         §2.6.       
          Conversion Options. 

         (a)       
          The Borrower may elect from time to time by delivering a Conversion Request in
          the form of Exhibit L to convert any outstanding Revolving
          Credit Loan to a Revolving Credit Loan of another Type, provided that (i)
          with respect to any such conversion of a Revolving Credit LIBOR Rate Loan to an
          Alternate Base Rate Loan, the Borrower shall give the Administrative Agent at
          least three (3) Business Days prior written notice of such election; (ii) with
          respect to any such conversion of an Alternate Base Rate Loan to a Revolving
          Credit LIBOR Rate Loan, the Borrower shall give the Administrative Agent at
          least three (3) LIBOR Business Days prior written notice of such election; (iii)
          with respect to any such conversion of a Revolving Credit LIBOR Rate Loan into a
          Alternate Base Rate Loan, such conversion shall only be made on the last day of
          the Interest Period with respect thereto unless the Borrower pays the related
          LIBOR Breakage Costs at the time of such conversion and (iv) no Revolving Credit
          Loan may be converted into a Revolving Credit LIBOR Rate Loan when any Default
          or Event of Default has occurred and is continuing. All or any part of
          outstanding Revolving Credit Loans of any Type may be converted into a Revolving
          Credit Loan of another Type as provided herein, provided that any partial
          conversion shall be in an aggregate principal amount of $2,000,000 or a integral
          multiple of $500,000 in excess thereof. Each Conversion Request relating to the
          conversion of a Alternate Base Rate Loan to a Revolving Credit LIBOR Rate Loan
          shall be irrevocable by the Borrower. 

         (b)       
          Any Revolving Credit Loan of any Type may be continued as such upon the
          expiration of the Interest Period with respect thereto (i) in the case of
          Alternate Base Rate Loans, automatically and (ii) in the case of Revolving
          Credit LIBOR Rate Loans by compliance by the Borrower with the notice provisions
          contained in §2.6(a) or (c); provided that no Revolving Credit LIBOR
          Rate Loan may be continued as such when any Default or Event of Default has
          occurred and is continuing but shall be automatically converted to a Alternate
          Base Rate Loan on the last day of the first Interest Period relating thereto
          ending during the continuance of any Default or Event of Default. The
          Administrative Agent shall notify the Lenders promptly when any such automatic
          conversion contemplated by this §2.6(b) is scheduled to occur. 

         (c)       
          In the event that the Borrower does not notify the Administrative Agent of its
          election hereunder with respect to the continuation of any Revolving Credit
          LIBOR Rate Loan as such, the affected Revolving Credit LIBOR Rate Loan shall
          automatically be continued as a Revolving Credit LIBOR Rate Loan with an
          Interest Period of one (1) month at the end of the applicable Interest Period
          other than during the continuance of a Default or Event of Default, in which
          case it will be continued as a Alternate Base Rate Loan at the end of the
          applicable Interest Period. In such event, the Borrower shall be deemed to have
          requested a Revolving Credit LIBOR Rate Loan hereunder and shall be subject to
          all provisions of this Agreement relating to LIBOR Rate Loans, including,
          without limitation, those set forth in §§4.5, 4.6, and 4.8 hereof. 

33

         (d)       
          The Borrower may not request or elect a Revolving Credit LIBOR Rate Loan
          pursuant to §2.5, elect to convert a Alternate Base Rate Loan to a
          Revolving Credit LIBOR Rate Loan pursuant to §2.6(a), elect to continue a
          Revolving Credit LIBOR Rate Loan pursuant to §2.6(b) or have continued a
          Revolving Credit LIBOR Rate Loan pursuant to §2.6(c) if, after giving
          effect thereto, there would be greater than twenty (20) Revolving Credit LIBOR
          Rate Loans then outstanding. Any Loan Request for a Revolving Credit LIBOR Rate
          Loan that would create greater than twenty (20) Revolving Credit LIBOR Rate
          Loans outstanding shall be deemed to be a Loan Request for a Alternate Base Rate
          Loan. 

         §2.7.       
          Funds for Revolving Credit Loans and Swing Loans. 

         (a)       
          Subject to the other provisions of this §2, not later than 12:00 p.m.
          (New York City time) on the proposed Drawdown Date of any Revolving Credit Loan
          and not later than 1:00 p.m. (New York City time) on the proposed Drawdown Date
          of any Swing Loan, each of the Lenders (or in the case of a Swing Loan, the
          Swing Lender) will make available to the Administrative Agent, at the
          Administrative Agent’s Head Office, in immediately available funds, the
          amount of such Lender’s Commitment Percentage of the amount of the
          requested Revolving Credit Loan, or, in the case of a Swing Loan, the requested
          Swing Loan amount; provided that each Lender shall provide notice to the
          Administrative Agent of its intent not to make available its Commitment
          Percentage of any requested Revolving Credit Loan as soon as possible after
          receipt of any Completed Revolving Credit Loan Request, and in any event not
          later than 4:00 p.m. (New York City time) on (x) the Business Day prior to the
          Drawdown Date of any requested Alternate Base Rate Loan and (y) the third
          Business Day prior to the Drawdown Date of any requested Revolving Credit LIBOR
          Rate Loan. Upon receipt from each Lender of such amount, the Administrative
          Agent will make available to the Borrower, in the Borrower’s account with
          the Administrative Agent or as otherwise directed to the Administrative Agent by
          the Borrower, the aggregate amount of such Loan made available to the
          Administrative Agent by the Lenders; all such funds received by the
          Administrative Agent by the times set forth above will be made available to the
          Borrower not later than 2:00 p.m. on the same Business Day. Funds received after
          such time will be made available by not later than 12:00 p.m. on the next
          Business Day. The Administrative Agent hereby agrees to promptly provide the
          Borrower with a statement confirming the particulars of each Revolving Credit
          LIBOR Rate Loan, in reasonable detail, when each such Loan is made. The failure
          or refusal of any Lender to make available to the Administrative Agent at the
          aforesaid time and place on any Drawdown Date the amount of its Commitment
          Percentage of the requested Revolving Credit Loan shall not relieve any other
          Lender from its several obligation hereunder to make available to the
          Administrative Agent the amount of its Commitment Percentage of any requested
          Revolving Credit Loan but in no event shall the Administrative Agent (in its
          capacity as Administrative Agent) have any obligation to make any funding or
          shall any Lender be obligated to fund more than its Commitment Percentage of the
          requested Revolving Credit Loan or to increase its Commitment Percentage on
          account of such failure or otherwise. 

34

         (b)       
          The Administrative Agent may, unless notified to the contrary by any Lender
          prior to a Drawdown Date, assume that such Lender has made available to the
          Administrative Agent on such Drawdown Date the amount of such Lender’s
          Commitment Percentage of the Loan to be made on such Drawdown Date, and the
          Administrative Agent may (but it shall not be required to), in reliance upon
          such assumption, make available to the Borrower a corresponding amount. If any
          Lender makes available to the Administrative Agent such amount on a date after
          such Drawdown Date, such Lender shall pay to the Administrative Agent on demand
          an amount equal to the product of (i) the average, computed for the period
          referred to in clause (iii) below, of the weighted average interest rate paid by
          the Administrative Agent for federal funds acquired by the Administrative Agent
          during each day included in such period, multiplied by (ii) the amount of
          such Lender’s Commitment Percentage of such Revolving Credit Loan,
          multiplied by (iii) a fraction, the numerator of which is the number of
          days that elapsed from and including such Drawdown Date to the date on which the
          amount of such Lender’s Commitment Percentage of such Revolving Credit Loan
          shall become immediately available to the Administrative Agent, and the
          denominator of which is 360. A statement of the Administrative Agent submitted
          to such Lender with respect to any amounts owing under this paragraph shall be
          prima facie evidence of the amount due and owing to the Administrative
          Agent by such Lender. If the amount of such Lender’s Commitment Percentage
          of such Revolving Credit Loans is not made available to the Administrative Agent
          by such Lender within three (3) Business Days following such Drawdown Date, the
          Administrative Agent shall be entitled to recover such amount from the Borrower
          on demand, with interest thereon at the rate per annum applicable to the
          Revolving Credit Loans made on such Drawdown Date. 

         §2.8.       
          Repayment of the Revolving Credit Loans and Swing Loans at Maturity. The
          Borrower promises to pay on the Maturity Date, and there shall become absolutely
          due and payable on the Maturity Date, all unpaid principal of the Revolving
          Credit Loans and Swing Loans outstanding on such date, together with any and all
          accrued and unpaid interest thereon, the unpaid balance of the Facility Fee
          accrued through such date, and any and all other unpaid amounts due under this
          Agreement, the Notes or any other of the Loan Documents. 

         §2.9.       
          Optional Repayments of Revolving Credit Loans and Swing Loans. The
          Borrower shall have the right, at its election, to prepay the outstanding amount
          of the Revolving Credit Loans and Swing Loans, in whole or in part, at any time
          without penalty or premium; provided that the outstanding amount of any
          Revolving Credit LIBOR Rate Loans may not be prepaid unless the Borrower pays
          any LIBOR Breakage Costs for each Revolving Credit LIBOR Rate Loan so prepaid at
          the time of such prepayment. The Borrower shall give the Administrative Agent,
          no later than 11:00 a.m., New York City time, at least one (1) Business
          Day’s prior written notice of any prepayment pursuant to this §2.9 of
          any Alternate Base Rate Loans, and at least three (3) LIBOR Business Days’
          notice of any proposed prepayment pursuant to this §2.9 of Revolving Credit
          LIBOR Rate Loans, specifying the proposed date of prepayment of Revolving Credit
          Loans and the principal amount to be prepaid. Same day notice is permitted for
          prepayment pursuant to this §2.9 of Swing Loans so long as such notice is
          delivered not later than 12:00 p.m. (New York City time). Each such partial
          prepayment shall be in an amount of $2,000,000 or integral multiple of $500,000
          in excess thereof or, if less, the outstanding balance of the Revolving Credit
          Loans or Swing Loans then being repaid, shall be accompanied by the payment of
          all charges outstanding on all Revolving Credit Loans or Swing Loans so prepaid
          and of all accrued interest on the principal prepaid to the date of payment, and
          shall be applied, in the absence of instruction by the Borrower, first to the
          principal of Swing Loans, then to Alternate Base Rate Loans and then to the
          principal of Revolving Credit LIBOR Rate Loans, at the Administrative
          Agent’s option. 

35

        §2.10.  Reduction
of Total Commitment.  The Borrower shall have the right at any time
and from time to time upon five (5) Business Days prior written notice to the
Administrative Agent to reduce by $10,000,000 or an integral multiple thereof or terminate
entirely the unborrowed portion of the Total Commitment (with outstanding Letters of
Credit and Swing Loans to be considered as being borrowed for the purposes hereof),
whereupon the Commitments of the Lenders shall be reduced pro rata in accordance with
their respective Commitment Percentages of the amount specified in such notice or, as the
case may be, terminated; provided that unless the Total Commitment is reduced to
zero, no reduction shall be made which would reduce the Total Commitment below
$100,000,000. Promptly after receiving any notice of the Borrower delivered pursuant to
this §2.10, the Administrative Agent will notify the Lenders of the substance
thereof. Upon the effective date of any such reduction or termination, the Borrower shall
pay to the Administrative Agent for the respective accounts of the Lenders the full amount
of any Facility Fee then accrued on the amount of the reduction. No reduction of the
Commitments may be reinstated. 

        §2A.  COMPETITIVE
BID LOANS.   

         §2A.1.       
          The Competitive Bid Options. In addition to the Revolving Credit Loans
          and Swing Loans made pursuant to §2 hereof, and provided that at the time
          of such request no Default or Event of Default has occurred and is continuing
          and the Borrower maintains an Investment Grade Credit Rating from two
          nationally-recognized rating agencies reasonably acceptable to the
          Administrative Agent (one of which must be Moody’s or S&P so long as
          such Persons are in the business of providing debt ratings for the REIT
          industry), the Borrower may from time to time request Competitive Bid Loans
          pursuant to the terms of this §2A. The Lenders may, but shall have no
          obligation to, make such offers and the Borrower may, but shall have no
          obligation to, accept such offers in the manner set forth in this §2A.
          Notwithstanding any other provision herein to the contrary, at no time shall the
          aggregate principal amount of Competitive Bid Loans outstanding at any time
          exceed the lesser of (a) the Total Commitment minus the sum of (i) the aggregate
          outstanding principal amount of Revolving Credit Loans and Swing Loans, plus
          (ii) the Maximum Drawing Amount of Letters of Credit outstanding at such time or
          (b) 50% of the Total Commitment. 

36

      §2A.2.  Competitive
Bid Loan Accounts: Competitive Bid Notes.  

         (a)       
          The obligation of the Borrower to repay the outstanding principal amount of any
          and all Competitive Bid Loans, plus interest at the applicable Competitive Bid
          Rate or the sum of the Competitive Bid Margin plus the applicable LIBOR Rate (as
          the case may be) accrued thereon, shall be evidenced by this Credit Agreement
          and by individual loan accounts (the “Competitive Bid Loan
          Accounts” and individually, a “Competitive Bid
          Loan Account”) maintained by the Administrative Agent on its
          books for each of the Lenders, it being the intention of the parties hereto
          that, except as provided for in paragraph (b) of this §2A.2, the
          Borrower’s obligations with respect to Competitive Bid Loans are to be
          evidenced only as stated herein and not by separate promissory notes and shall
          hereby constitute an absolute promise to pay when due, without notice, demand,
          presentment or setoff. 

         (b)       
          Any Lender may at any time, and from time to time, request that any Competitive
          Bid Loans outstanding to such Lender be evidenced by a promissory note of the
          Borrower in substantially the form of Exhibit G hereto
          (each, a “Competitive Bid Note”), dated as of the
          Closing Date and completed with appropriate insertions. One Competitive Bid Note
          shall be payable to the order of each Lender in an amount equal to the principal
          amount of the Competitive Bid Loan made by such Lender to the Borrower, and
          representing the obligation of the Borrower to pay such Lender such principal
          amount or, if less, the outstanding principal amount of any and all Competitive
          Bid Loans made by such Lender, plus interest at the applicable Competitive Bid
          Rate or the sum of the Competitive Bid Margin plus the applicable LIBOR Rate
          accrued thereon, as set forth herein. Upon execution and delivery by the
          Borrower of a Competitive Bid Note, the Borrower’s obligation to repay any
          and all Competitive Bid Loans made to them by such Lender and all interest
          thereon shall thereafter be evidenced by such Competitive Bid Note. 

         (c)       
          The Borrower irrevocably authorizes (i) each Lender to make or cause to be made,
          in connection with a Drawdown Date of any Competitive Bid Loan or at the time of
          receipt of any payment of principal on such Lender’s Competitive Bid Note
          in the case of a Competitive Bid Note, and (ii) the Administrative Agent to make
          or cause to be made, in connection with a Drawdown Date of any Competitive Bid
          Loan or at the time of receipt of any payment of principal on such Lender’s
          Competitive Bid Loan Account in the case of a Competitive Bid Loan Account, an
          appropriate notation on such Lender’s records or on the schedule attached
          to such Lender’s Competitive Bid Note or a continuation of such schedule
          attached thereto, or the Administrative Agent’s records, as applicable,
          reflecting the making of the Competitive Bid Loan or the receipt of such payment
          (as the case may be) and may, prior to any transfer of a Competitive Bid Note,
          endorse on the reverse side thereof the outstanding principal amount of
          Competitive Bid Loans evidenced thereby. The outstanding amount of the
          Competitive Bid Loans set forth on such Lender’s record or the
          Administrative Agent’s records, as applicable, shall be prima facie
          evidence of the principal amount thereof owing and unpaid to such Lender,
          but the failure to record, or any error in so recording, any such amount shall
          not limit or otherwise affect the obligations of the Borrower hereunder to make
          payments of principal of or interest on any Competitive Bid Loan when due. 

37

      §2A.3.  Competitive
Bid Quote Request; Invitation for Competitive Bid Quotes.  

         (a)       
          When the Borrower wishes to request offers to make Competitive Bid Loans under
          this §2A, it shall transmit to the Administrative Agent by telex or
          facsimile a Competitive Bid Quote Request substantially in the form of
          Exhibit H hereto (a “Competitive Bid Quote
          Request”) so as to be received no later than 11:00 a.m. (New
          York City time) (i) four (4) Business Days prior to the requested Drawdown Date
          in the case of a Competitive Bid Loan bearing interest calculated by reference
          to the LIBOR Rate (a “LIBOR Competitive Bid
          Loan”) or (ii) one (1) Business Day prior to the requested
          Drawdown Date in the case of an Competitive Bid Loan bearing interest calculated
          by reference to a fixed rate of interest (an “Absolute Competitive
          Bid Loan”), specifying: 

                               (A)        the
requested Drawdown Date (which must be a Business Day); 

                               (B)        the
 aggregate amount of such  Competitive Bid Loans,  which shall be $5,000,000 or larger
multiple of $1,000,000; 

                               (C)        the
duration of the Interest Period applicable  thereto,  subject to the provisions of the
definition of Interest Period; and 

                               (D)        whether
 the Competitive Bid Quotes  requested are for LIBOR  Competitive Bid Loans or Absolute
Competitive Bid Loans. 

The Borrower may request offers to
make Competitive Bid Loans for more than one Interest Period in a single Competitive Bid
Quote Request. No new Competitive Bid Quote Request shall be given until the Borrower has
notified the Administrative Agent of its acceptance or non-acceptance of the Competitive
Bid Quotes relating to any outstanding Competitive Bid Quote Request. 

         (b)       
          Promptly upon receipt of a Competitive Bid Quote Request, the Administrative
          Agent shall send to the Lenders by telecopy or facsimile transmission an
          Invitation for Competitive Bid Quotes substantially in the form of Exhibit
          I hereto, which shall constitute an invitation by the Borrower to
          each Lender to submit Competitive Bid Quotes in accordance with this §2A. 

        §2A.4.  Alternative
Manner of Procedure.  If, after receipt by the Administrative Agent and each
of the Lenders of a Competitive Bid Quote Request from the Borrower in accordance with
§2A.3, the Administrative Agent or any Lender shall be unable to complete any
procedure of the auction process described in §§2A.5 through 2A.6 (inclusive)
due to the inability of such Person to transmit or receive communications through the
means specified therein, such Person may rely on telephonic notice for the transmission or
receipt of such communications. In any case where such Person shall rely on telephone
transmission or receipt, any communication made by telephone shall, as soon as possible
thereafter, be followed by written confirmation thereof. 

38

      §2A.5.  Submission
and Contents of Competitive Bid Quotes.  

        (a)  Each
Lender may, but shall be under no obligation to, submit a Competitive Bid Quote containing
an offer or offers to make Competitive Bid Loans in response to any Competitive Bid Quote
Request. Each Competitive Bid Quote must comply with the requirements of this §2A.5
and must be submitted to the Administrative Agent by telex or facsimile transmission at
its offices as specified in or pursuant to §19 not later than (i) 10:00 a.m. (New
York City time) on the third LIBOR Business Day prior to the proposed Drawdown Date, in
the case of a LIBOR Competitive Bid Loan or (ii) 10:00 a.m. (New York City time) on the
proposed Drawdown Date, in the case of an Absolute Competitive Bid Loan, provided that
Competitive Bid Quotes may be submitted by the Administrative Agent in its capacity as a
Lender only if it submits its Competitive Bid Quote to the Borrower not later than (x) one
hour prior to the deadline for the other Lenders, in the case of a LIBOR Competitive Bid
Loan or (y) 15 minutes prior to the deadline for the other Lenders, in the case of an
Absolute Competitive Bid Loan. Subject to the provisions of §§10 and 11 hereof,
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. 

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

	 	        (i)
the proposed Drawdown Date;  

	 	        (ii)
 the  principal  amount of the  Competitive  Bid Loan for which  each  proposal  is being
made, which principal amount (w) may be greater than or less than the Commitment of the
quoting Lender, (x) must be $1,000,000 or a larger multiple of $500,000, (y) may not
exceed the aggregate principal amount of Competitive Bid Loans for which offers were
requested and (z) may be subject to an aggregate limitation as to the principal amount of
Competitive Bid Loans for which offers being made by such quoting Lender may be accepted;  

	 	        (iii)
 the Interest Periods for which Competitive Bid Quotes are being submitted; 

	 	        (iv)
 in  the case of a LIBOR  Competitive  Bid  Loan,  the  margin  above or below  the
applicable LIBOR Rate (the “Competitive Bid Margin”)
offered for each such Competitive Bid Loan, expressed as a percentage (specified to the
nearest 1/10,000th of 1%) to be added to or subtracted from such LIBOR Rate;  

39

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

	 	        (vi)
 the identity of the quoting Lender. 

A Competitive Bid Quote may include
up to five (5) separate offers by the quoting Lender with respect to each Interest Period
specified in the related Invitation for Competitive Bid Quotes. Competitive Bid Loans may,
as provided in §18.10, be funded by a Lender’s Designated Bank. A Lender making
a Competitive Bid Quote may, but shall not be required to, specify in its Competitive Bid
Quote whether the related Competitive Bid Loans are intended to be funded by such
Lender’s Designated Bank, as provided in §18.10. 

        (c)  Any
Competitive Bid Quote shall be disregarded if it: 

	 	        (i)
 is not substantially in the form of Exhibit J hereto; 

	 	        (ii)
 contains qualifying, conditional or similar language; 

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

	 	        (iv)
 arrives after the time set forth in §2A.5(a) hereof. 

        §2A.6.  Notice
to Borrower.  The Administrative Agent shall promptly notify the Borrower of
the terms (a) of any Competitive Bid Quote submitted by a Lender that is in accordance
with §2A.5 and (b) 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 is
submitted solely to correct a manifest error in such former Competitive Bid Quote and was
received by the Administrative Agent within the time period required in §2A.5(a) for
receipt of Competitive Bid Quotes. The Administrative Agent’s notice to the Borrower
shall specify (i) 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, (ii) the respective principal amounts and Competitive Bid Margins or Competitive
Bid Rates, as the case may be, so offered, and the identity of the respective Lenders
submitting such offers, and (iii) if applicable, limitations on the aggregate principal
amount of Competitive Bid Loans for which offers in any single Competitive Bid Quote may
be accepted. 

        §2A.7.  Acceptance
and Notice by Borrower and Administrative Agent.  Not later than
11:00 a.m. (New York City time) on (a) the third Business Day prior to the proposed
Drawdown Date, in the case of a LIBOR Competitive Bid Loan or (b) the proposed Drawdown
Date, in the case of an Absolute Competitive Bid Loan, the Borrower shall notify the
Administrative Agent of its acceptance or non-acceptance of each Competitive Bid Quote in
substantially the form of Exhibit K hereto. The Borrower may accept
any Competitive Bid Quote in whole or in part; provided that: 

40

	 	        (i)
 the  aggregate  principal  amount of each  Competitive  Bid Loan 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  Bid
Margins or Competitive Bid Rates, as the case may be, and  

	 	        (iii)
 the  Borrower  may not accept any offer that is  described  in §2A.5(c)  or that
otherwise fails to comply with the requirements of this Agreement.  

The Administrative Agent shall
promptly notify each Lender which submitted a Competitive Bid Quote of the Borrower’s
acceptance or non-acceptance thereof. At the request of any Lender which submitted a
Competitive Bid Quote and with the consent of the Borrower, the Administrative Agent will
promptly notify all Lenders which submitted Competitive Bid Quotes of (a) the aggregate
principal amount of, and (b) the range of Competitive Bid Rates or Competitive Bid Margins
of, the accepted Competitive Bid Loans for each requested Interest Period. 

        §2A.8.  Allocation
by Administrative Agent.  If offers are made by two (2) or more Lenders with
the same Competitive Bid Margin or Competitive Bid Rate, 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 less than $1,000,000, as the Administrative
Agent may deem appropriate) in proportion to the aggregate principal amounts of such
offers. Determination by the Administrative Agent of the amounts of Competitive Bid Loans
shall be conclusive in the absence of manifest error. 

        §2A.9.  Funding
of Competitive Bid Loans.  If, on or prior to the Drawdown Date of any
Competitive Bid Loan, the Total Commitment has not terminated in full and if, on such
Drawdown Date, the applicable conditions of §§10 and 11 hereof are satisfied,
and the Administrative Agent shall have received a certificate in the form of
Exhibit D hereto, the Lender or Lenders whose offers the Borrower has
accepted will fund each Competitive Bid Loan so accepted. Such Lender or Lenders will make
such Competitive Bid Loans by crediting the Administrative Agent for further credit to the
Borrower’s specified account with the Administrative Agent, in immediately available
funds not later than 1:00 p.m. (New York City time) on such Drawdown Date. 

        §2A.10.  Funding
Losses.  If, after acceptance of any Competitive Bid Quote pursuant to
§2A, the Borrower (a) fails to borrow any Competitive Bid Loan so accepted on the
date specified therefor, or (b) repays the outstanding amount of the Competitive Bid Loan
on or prior to the last day of the Interest Period relating thereto, the Borrower shall
indemnify the Lender making such Competitive Bid Quote or funding such Competitive Bid
Loan against any loss or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by such Lender to fund or maintain such unborrowed Loans,
including, without limitation compensation as provided in §4.8. 

41

        §2A.11.  Repayment
of Competitive Bid Loans; Interest.  The principal of each Competitive Bid
Loan shall become absolutely due and payable by the Borrower on the last day of the
Interest Period relating thereto, and the Borrower hereby absolutely and unconditionally
promises to pay to the Administrative Agent for the account of the relevant Lenders at or
before 1:00 p.m. (New York City time) on the last day of the Interest Periods relating
thereto the principal amount of all such Competitive Bid Loans, plus interest thereon at
the applicable Competitive Bid Rates or the sum of the Competitive Bid Margin plus the
applicable LIBOR Rate (as the case may be). The Competitive Bid Loans shall bear interest
at the rate per annum specified in the applicable Competitive Bid Quotes. Interest on the
Competitive Bid Loans shall be payable (a) on the last day of the applicable Interest
Periods, and if any such Interest Period is longer than three months, also on the last day
of the third month following the commencement of such Interest Period, and (b) on the
Maturity Date for all Loans. Subject to the terms of this Credit Agreement, the Borrower
may make Competitive Bid Quote Requests with respect to new borrowings of any amounts so
repaid prior to the Maturity Date. The provisions of §2.6 shall not apply to
Competitive Bid Loans. 

        §2A.12.  Optional
Repayment of Competitive Bid Loans.  The Borrower shall have the right, at
its election, to repay the outstanding amount of any of the Competitive Bid Loans, as a
whole or in part, at any time without penalty or premium, provided that any full or
partial prepayment of the outstanding amount of any Competitive Bid Loan pursuant to this
§2A.12 may be made only on the last day of the Interest Period relating thereto, or,
if made prior to such date, shall be made subject to the provisions of §2A.10 hereof.
The Borrower shall give the Administrative Agent no less than three (3) Business Days
notice of any proposed prepayment pursuant to this §2A.12, specifying the proposed
date of prepayment of the Competitive Bid Loan and the principal amount to be prepaid.
Each such partial prepayment of any Competitive Bid Loan shall be in an integral multiple
of $500,000, and shall be accompanied by the payment of accrued interest on the principal
prepaid to the date of prepayment. 

      §3.  LETTERS
OF CREDIT.  

      §3.1.  Letter
of Credit Commitments.

        §3.1.1.  Commitment
to Issue Letters of Credit.  Subject to the terms and conditions hereof and
the execution and delivery by the Borrower of a letter of credit application on the
Fronting Bank’s customary form as part of a Completed Revolving Credit Loan Request
(a “Letter of Credit Application”), the Fronting Bank on
behalf of the Lenders and in reliance upon the agreement of the Lenders set forth in
§3.1.4 and upon the representations and warranties of the Borrower contained herein,
agrees, in its individual capacity, to issue, extend and renew for the account of the
Borrower one or more standby or documentary letters of credit (individually, a
“Letter of Credit”), in such form as may be requested from
time to time by the Borrower and reasonably agreed to by the Fronting Bank;
provided, however, that, after giving effect to such Completed Revolving
Credit Loan Request, (a) the Maximum Drawing Amount shall not exceed $100,000,000 at any
one time and (b) the sum of (i) the Maximum Drawing Amount on all Letters of Credit and
(ii) the amount of all Revolving Credit Loans, Swing Loans and Competitive Bid Loans
outstanding shall not exceed the Total Commitment in effect at such time. The Fronting
Bank shall give the Administrative Agent prompt notice of the issuance of each Letter of
Credit, and the Administrative Agent shall forward such notice to Lenders in accordance
with §14.12. 

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        §3.1.2.  Letter
of Credit Applications.  Each Letter of Credit Application shall be
completed to the reasonable satisfaction of the Administrative Agent and the Fronting
Bank. In the event that any provision of any Letter of Credit Application shall be
inconsistent with any provision of this Agreement (including provisions applicable to a
Completed Revolving Credit Loan Request), then the provisions of this Agreement shall, to
the extent of any such inconsistency, govern. 

        §3.1.3.  Terms
of Letters of Credit.  Each Letter of Credit issued, extended or renewed
hereunder shall, among other things, (i) provide for the payment of sight drafts for honor
thereunder when presented in accordance with the terms thereof and when accompanied by the
documents described therein, and (ii) have an expiry date no later than the earlier of (x)
one year from the date of issuance or (y) the date which is thirty (30) days prior to the
Maturity Date. Each Letter of Credit so issued, extended or renewed shall be subject to
the Uniform Customs. 

        §3.1.4.  Reimbursement
Obligations of Lenders.  Each Lender severally agrees that it shall be
absolutely liable, without regard to the occurrence of any Default or Event of Default or
any other condition precedent whatsoever, to the extent of such Lender’s Commitment
Percentage, to reimburse the Fronting Bank on demand pursuant to §3.3 for the amount
of each draft paid by the Fronting Bank under each Letter of Credit to the extent that
such amount is not reimbursed by the Borrower pursuant to §3.2 (such agreement for a
Lender being called herein the “Letter of Credit
Participation” of such Lender). 

        §3.2.  Reimbursement
Obligation of the Borrower.  In order to induce the Fronting Bank to issue,
extend and renew each Letter of Credit and the Lenders to participate therein, the
Borrower hereby agrees, except as contemplated in §3.3 below, to reimburse or pay to
the Fronting Bank, for the account of the Fronting Bank or (as the case may be) the
Lenders, with respect to each Letter of Credit issued, extended or renewed by the Fronting
Bank hereunder, 

        (a)  except
as otherwise expressly provided in §3.2(b) or §3.3, on each date that any draft
presented under such Letter of Credit is honored in accordance with its terms by the
Fronting Bank, or the Fronting Bank otherwise makes a payment with respect thereto in
accordance with applicable law, (i) the amount paid by the Fronting Bank under or with
respect to such Letter of Credit, and (ii) any amounts payable pursuant to §4.5
hereof under, or with respect to, such Letter of Credit, and 

43

        (b)  upon
the termination of the Total Commitment, or the acceleration of the Reimbursement
Obligations with respect to all Letters of Credit in accordance with §12, an amount
equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be
held by the Administrative Agent as cash collateral for the benefit of the Fronting Bank,
the Lenders and the Administrative Agent for all Reimbursement Obligations. 

        Each
such payment shall be made to the Administrative Agent at the Administrative Agent’s
Head Office in immediately available funds. Interest on any and all amounts not converted
to a Revolving Credit Loan pursuant to §3.3 and remaining unpaid by the Borrower
under this §3.2 at any time from the date such amounts become due and payable
(whether as stated in this §3.2, by acceleration or otherwise) until payment in full
(whether before or after judgment) shall be payable to the Administrative Agent for the
benefit of the Lenders on demand at the rate specified in §4.9 for overdue principal
on the Revolving Credit Loans. 

        §3.3.  Letter
of Credit Payments; Funding of a Loan.  If any draft shall be presented or
other demand for payment shall be made under any Letter of Credit, the Fronting Bank shall
notify the Borrower and the Lenders of the date and amount of the draft presented or
demand for payment and of the date and time when it expects to pay such draft or honor
such demand for payment, and, except as provided in this §3.3, the Borrower shall
reimburse Administrative Agent, as set forth in §3.2 above. Notwithstanding anything
contained in §3.2 above or this §3.3 to the contrary, however, unless the
Borrower shall have notified the Administrative Agent and the Fronting Bank prior to 11:00
a.m. (New York time) on the Business Day immediately prior to the date of such drawing
that the Borrower intends to reimburse the Fronting Bank for the amount of such drawing
with funds other than the proceeds of the Loans, the Borrower shall be deemed to have
timely given a Completed Revolving Credit Loan Request pursuant to §2.5 to the
Administrative Agent, requesting a Alternate Base Rate Loan on the date on which such
drawing is honored and in an amount equal to the amount of such drawing. The Borrower may
thereafter convert any such Alternate Base Rate Loan to a Revolving Credit Loan of another
Type in accordance with §2.6. Each Lender shall, in accordance with §2.7, make
available such Lender’s Commitment Percentage of such Revolving Credit Loan to the
Administrative Agent, the proceeds of which shall be applied directly by the
Administrative Agent to reimburse the Fronting Bank for the amount of such draw. In the
event that any Lender fails to make available to the Administrative Agent the amount of
such Lender’s Commitment Percentage of such Revolving Credit Loan on the date of the
drawing, the Administrative Agent shall be entitled to recover such amount on demand from
such Lender plus any additional amounts payable under §2.7(b) in the event of a late
funding by a Lender. The Fronting Bank is irrevocably authorized by the Borrower and each
of the Lenders to honor draws on each Letter of Credit by the beneficiary thereof in
accordance with the terms of the Letter of Credit. The responsibility of the Fronting Bank
to the Borrower and the Lenders shall be only to determine that the documents (including
each draft) delivered under each Letter of Credit in connection with such presentment
shall be in conformity in all material respects with such Letter of Credit. 

44

        §3.4.  Obligations
Absolute.  The Borrower’s obligations under this §3 shall be
absolute and unconditional under any and all circumstances and irrespective of the
occurrence of any Default or Event of Default or any condition precedent whatsoever or any
setoff, counterclaim or defense to payment which the Borrower may have or have had against
the Administrative Agent, the Fronting Bank, any Lender or any beneficiary of a Letter of
Credit. The Borrower further agrees with the Administrative Agent, the Fronting Bank and
the Lenders that the Administrative Agent, the Fronting Bank and the Lenders shall not be
responsible for, and the Borrower’s Reimbursement Obligations under §3.2 shall
not be affected by, among other things, the validity or genuineness of documents or of any
endorsements thereon (so long as the documents delivered under each Letter of Credit in
connection with such presentment shall be in the form required by, and in conformity in
all material respects with, such Letter of Credit), even if such documents should in fact
prove to be in any or all respects invalid, fraudulent or forged, or any dispute between
or among any of the Borrower, the beneficiary of any Letter of Credit or any financing
institution or other party to whom any Letter of Credit may be transferred, or any claims
or defenses whatsoever of the Borrower against the beneficiary of any Letter of Credit or
any such transferee. If done in good faith and absent gross negligence, the Administrative
Agent, the Fronting Bank and the Lenders shall not be liable for any error, omission,
interruption or delay in transmission, dispatch or delivery of any message or advice,
however transmitted, in connection with any Letter of Credit. The Borrower agrees that any
action taken or omitted by the Administrative Agent, the Fronting Bank or any Lender under
or in connection with each Letter of Credit and the related drafts and documents, if done
in good faith and absent gross negligence, shall be binding upon the Borrower and shall
not result in any liability on the part of the Administrative Agent, the Fronting Bank or
any Lender to the Borrower. 

        §3.5.  Reliance
by Issuer.  To the extent not inconsistent with §3.4, the
Administrative Agent and the Fronting Bank shall be entitled to rely, and shall be fully
protected in relying upon, any Letter of Credit, draft, writing, resolution, notice,
consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype
message, statement, order or other document believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel, independent accountants and other experts selected by the
Administrative Agent or the Fronting Bank. The Administrative Agent and the Fronting Bank
shall in all cases be fully protected by the Lenders in acting, or in refraining from
acting, under this §3 in accordance with a request of the Majority Lenders, and such
request and any action taken or failure to act pursuant thereto shall be binding upon the
Lenders and all future holders of the Notes or of a Letter of Credit Participation. 

        §3.6.  Letter
of Credit Fee.  The Borrower shall pay to the Administrative Agent a fee (in
each case, a “Letter of Credit Fee”) in an amount equal to
the Applicable L/C Percentage of the face amount of each outstanding Letter of Credit,
which fee (a) shall be payable quarterly in arrears on the third (3rd) Business
Day following the last day of each March, June, September and December for the immediately
preceding calendar quarter, with a final payment on the Maturity Date or any earlier date
on which the Commitments shall terminate (which Letter of Credit Fee shall be pro-rated
for any calendar quarter in which such Letter of Credit is issued, drawn upon or otherwise
reduced or terminated) and (b) shall be for the accounts of the Lenders as follows: (i) an
amount equal to 0.125% per annum of the face amount of the Letter of Credit shall be for
the account of the Fronting Bank and (ii) the remainder of the Letter of Credit Fee shall
be for the accounts of the Lenders (including the Fronting Bank) pro rata in accordance
with their respective Commitment Percentages. In respect of each Letter of Credit, the
Borrower shall also pay to the Fronting Bank for the Fronting Bank’s own account, at
such other time or times as such charges are customarily made by the Fronting Bank, the
Fronting Bank’s customary issuance, amendment, negotiation or document examination
and other administrative fees as in effect from time to time. 

45

        §3.7.  Existing
Letters of Credit.  Those letters of credit issued for the account of the
Borrower by the Fronting Bank under the 2002 Agreement prior to its being amended and
restated by this Agreement and which are outstanding on the date hereof, which Letters of
Credit are identified on Schedule 3.7 hereto (the
“Existing Letters of Credit”), shall for all purposes be
deemed to be Letters of Credit issued under this Agreement. 

         §4.       
          CERTAIN GENERAL PROVISIONS. 

      §4.1.  Funds
for Payments.

         (a)       
          All payments of principal, interest, fees, and any other amounts due hereunder
          or under any of the other Loan Documents shall be made to the Administrative
          Agent, for the respective accounts of the Lenders or (as the case may be) the
          Administrative Agent, at the Administrative Agent’s Head Office, in each
          case in Dollars and in immediately available funds. 

         (b)       
          All payments by the Borrower hereunder and under any of the other Loan Documents
          shall be made without setoff or counterclaim and free and clear of and without
          deduction for any taxes, levies, imposts, duties, charges, fees, deductions,
          withholdings, compulsory liens, restrictions or conditions of any nature now or
          hereafter imposed or levied by any jurisdiction or any political subdivision
          thereof or taxing or other authority therein unless the Borrower is compelled by
          law to make such deduction or withholding. If any such obligation is imposed
          upon the Borrower with respect to any amount payable by it hereunder or under
          any of the other Loan Documents, the Borrower shall pay to the Administrative
          Agent, for the account of the Lenders or (as the case may be) the Administrative
          Agent, on the date on which such amount is due and payable hereunder or under
          such other Loan Document, such additional amount in Dollars as shall be
          necessary to enable the Lenders to receive the same net amount which the Lenders
          would have received on such due date had no such obligation been imposed upon
          the Borrower. The Borrower will deliver promptly to the Administrative Agent
          certificates or other valid vouchers for all taxes or other charges deducted
          from or paid with respect to payments made by the Borrower hereunder or under
          such other Loan Document. 

46

         §4.2.  Computations.       
          All computations of interest on the Loans and of other fees to the extent
          applicable shall be based on a 360-day year and paid for the actual number of
          days elapsed. Except as otherwise provided in the definition of the term
          “Interest Period” with respect to LIBOR Rate
          Loans, whenever a payment hereunder or under any of the other Loan Documents
          becomes due on a day that is not a Business Day, the due date for such payment
          shall be extended to the next succeeding Business Day, and interest shall accrue
          during such extension. The outstanding amount of the Loans as reflected on the
          Note Records from time to time shall constitute prima facie evidence of
          the principal amount thereof. 

        §4.3.  Inability
to Determine LIBOR Rate. In the event, prior to the commencement of any Interest
Period relating to any LIBOR Rate Loan, the Administrative Agent shall reasonably
determine that adequate and reasonable methods do not exist for ascertaining the LIBOR
Rate that would otherwise determine the rate of interest to be applicable to any LIBOR
Rate Loan during any Interest Period, the Administrative Agent shall forthwith give notice
of such determination (which shall be conclusive and binding on the Borrower) to the
Borrower and the Lenders. In such event (a) any Loan Request or Competitive Bid Request
with respect to LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a
request for Alternate Base Rate Loans (in the case of Revolving Credit Loans) or Absolute
Competitive Bid Loans (in the case of Competitive Bid Loans), (b) each Revolving Credit
LIBOR Rate Loan will automatically, on the last day of the then current Interest Period
thereof, become a Alternate Base Rate Loan, and (c) the obligations of the Lenders to make
LIBOR Rate Loans shall be suspended until the Administrative Agent reasonably determines
that the circumstances giving rise to such suspension no longer exist, whereupon the
Administrative Agent shall so notify the Borrower and the Lenders. 

         §4.4.  Illegality.       
          Subject to §§4.10 and 4.11 hereof, but notwithstanding any other
          provisions herein, if any present or future law, regulation, treaty or directive
          or change in the interpretation or application thereof shall make it unlawful
          for any Lender to make or maintain LIBOR Rate Loans, such Lender shall forthwith
          give notice of such circumstances (which shall be conclusive and binding on the
          Borrower) to the Borrower and the other Lenders and thereupon (a) the commitment
          of such Lender to make LIBOR Rate Loans or convert Alternate Base Rate Loans to
          LIBOR Rate Loans shall forthwith be suspended and (b) such Lender’s
          Commitment Percentage of Revolving Credit LIBOR Rate Loans then outstanding
          shall be converted automatically to Alternate Base Rate Loans on the last day of
          each Interest Period applicable to such LIBOR Rate Loans or within such earlier
          period as may be required by law, all until such time as it is no longer
          unlawful for such Lender to make or maintain LIBOR Rate Loans. Subject to
          §§4.10 and 4.11 hereof, the Borrower hereby agrees to promptly pay the
          Administrative Agent for the account of such Lender, upon demand, any additional
          amounts necessary to compensate such Lender for any costs incurred by such
          Lender in making any conversion required by this §4.4 prior to the last day
          of an Interest Period with respect to a LIBOR Rate Loan, including any interest
          or fees payable by such Lender to lenders of funds obtained by it in order to
          make or maintain its LIBOR Rate Loans hereunder. 

47

        §4.5.  Additional
Costs, Etc. Subject to §§4.10 and 4.11 hereof, if any present or future
applicable law, which expression, as used herein, includes statutes, rules and regulations
thereunder and interpretations thereof by any competent court or by any governmental or
other regulatory body or official charged with the administration or the interpretation
thereof and requests, directives, instructions and notices at any time or from time to
time hereafter made upon or otherwise issued to any Lender or the Administrative Agent by
any central bank or other fiscal, monetary or other authority (whether or not having the
force of law), shall: 

         (a)       
          subject any Lender or the Administrative Agent to any tax, levy, impost, duty,
          charge, fee, deduction or withholding of any nature with respect to this
          Agreement, the other Loan Documents, any Letters of Credit, such Lender’s
          Commitment or the Loans (other than taxes based upon or measured by the income
          or profits of such Lender or the Administrative Agent), or 

         (b)       
          materially change the basis of taxation (except for changes in taxes on income
          or profits) of payments to any Lender of the principal of or the interest on any
          Loans or any other amounts payable to the Administrative Agent or any Lender
          under this Agreement or the other Loan Documents, or 

         (c)       
          impose or increase or render applicable (other than to the extent specifically
          provided for elsewhere in this Agreement) any special deposit, reserve,
          assessment, liquidity, capital adequacy or other similar requirements (whether
          or not having the force of law) against assets held by, or deposits in or for
          the account of, or loans by, or letters of credit issued by, or commitments of
          an office of any Lender, or 

         (d)       
          impose on any Lender or the Administrative Agent any other conditions or
          requirements with respect to this Agreement, the other Loan Documents, any
          Letters of Credit, the Loans, such Lender’s Commitment, or any class of
          loans, letters of credit or commitments of which any of the Loans or such
          Lender’s Commitment forms a part; 

and the result of any of the
foregoing is: 

	 	        (i)  to
increase the cost to any Lender of making, funding, issuing, renewing, extending or
maintaining any of the Loans or such Lender’s Commitment or any Letter of Credit, or 

	 	        (ii)  to
reduce the amount of principal, interest, Reimbursement Obligation or other amount payable
to such Lender or the Administrative Agent hereunder on account of such Lender’s
Commitment, any Letter of Credit or any of the Loans, or 

48

	 	        (iii)  to
require such Lender or the Administrative Agent to make any payment or to forego any
interest or Reimbursement Obligation or other sum payable hereunder, the amount of which
payment or foregone interest or Reimbursement Obligation or other sum is calculated by
reference to the gross amount of any sum receivable or deemed received by such Lender or
the Administrative Agent from the Borrower hereunder, 

then; and in each such case arising
or occurring in the immediately preceding 365 days from such demand, the Borrower will,
within thirty (30) days after demand made by such Lender or (as the case may be) the
Administrative Agent at any time and from time to time and as often as the occasion
therefor may arise, within the shorter of such maximum allowable period as permitted by
law or such Lender’s internal policies (but no longer than one year or the occurrence
of the Maturity Date, if sooner) pay to such Lender such additional amounts as such Lender
shall determine in good faith to be sufficient to compensate such Lender for such
additional cost, reduction, payment or foregone interest or other sum, provided
that such Lender is generally imposing similar charges on its other similarly situated
borrowers. 

        §4.6.  Capital
Adequacy. Subject to §§4.10 and 4.11 hereof, if after the date hereof any
Lender or the Administrative Agent determines in good faith that (i) the adoption of or
change in any law, governmental rule, regulation, policy, guideline or directive (whether
or not having the force of law) regarding capital requirements for banks or bank holding
companies or any change in the interpretation or application thereof by a court or
governmental authority with appropriate jurisdiction, or (ii) compliance by such Lender or
the Administrative Agent or any Person controlling such Lender or the Administrative Agent
with any law, governmental rule, regulation, policy, guideline or directive (whether or
not having the force of law) of any such Person regarding capital adequacy, has the effect
of reducing the return on such Lender’s or the Administrative Agent’s Commitment
with respect to any Loans to a level below that which such Lender or the Administrative
Agent could have achieved but for such adoption, change or compliance (taking into
consideration such Lender’s or the Administrative Agent’s then existing policies
with respect to capital adequacy and assuming full utilization of such entity’s
capital) by any amount deemed by such Lender or (as the case may be) the Administrative
Agent to be material, then such Lender or the Administrative Agent may notify the Borrower
of such fact. To the extent that the amount of such reduction in the return on capital is
not reflected in the Alternate Base Rate, the Borrower agrees to pay such Lender or (as
the case may be) the Administrative Agent the amount of such reduction in the return on
capital as and when such reduction is determined, within thirty (30) days after
presentation by such Lender or (as the case may be) the Administrative Agent of a
certificate in accordance with §4.7 hereof which certificate shall be presented
within the shorter of such maximum allowable period as permitted by law or such
Lender’s internal policies (but no longer than one year or the occurrence of the
Maturity Date, if sooner). Each Lender shall allocate such cost increases among its
customers in good faith and on an equitable basis. 

49

         §4.7.  Certificate.       
          A certificate setting forth any additional amounts payable pursuant to
          §§4.5 or 4.6 and a brief explanation of such amounts which are due,
          submitted by any Lender or the Administrative Agent to the Borrower shall be
          prima facie evidence that such amounts are due and owing. 

         §4.8.  Indemnity.       
          In addition to the other provisions of this Agreement regarding such matters,
          the Borrower agrees to indemnify the Administrative Agent and each Lender and to
          hold the Administrative Agent and each Lender harmless from and against any
          loss, cost or expense (including LIBOR Breakage Costs, but excluding any loss of
          Applicable Margin on the relevant Loans) that the Administrative Agent or such
          Lender may sustain or incur as a consequence of (a) the failure by the Borrower
          to pay any principal amount of or any interest on any LIBOR Rate Loans as and
          when due and payable, including any such loss or expense arising from interest
          or fees payable by the Administrative Agent or such Lender to lenders of funds
          obtained by it in order to maintain its LIBOR Rate Loans, (b) the failure by the
          Borrower to make a borrowing or conversion after the Borrower has given or is
          deemed pursuant to §2.6(c) to have given a Completed Revolving Credit Loan
          Request or Competitive Bid Request for a LIBOR Rate Loan or a Conversion Request
          to convert a Alternate Base Rate Loan into a LIBOR Rate Loan, and (c) the making
          of any payment of a LIBOR Rate Loan or the making of any conversion of any such
          Loan to a Alternate Base Rate Loan on a day that is not the last day of the
          applicable Interest Period with respect thereto, including interest or fees
          payable by the Administrative Agent or a Lender to lenders of funds obtained by
          it in order to maintain any such LIBOR Rate Loans. 

        §4.9.  Interest
During Event of Default. During the continuance of an Event of Default, outstanding
principal and (to the extent permitted by applicable law) interest on the Loans and all
other amounts payable hereunder or under any of the other Loan Documents shall bear
interest at a rate per annum equal to four percent (4%) above the rate otherwise then in
effect until such amount shall be paid in full (after as well as before judgment). 

        §4.10.  Reasonable
Efforts to Mitigate.  Each Lender agrees that as promptly as practicable
after it becomes aware of the occurrence of an event or the existence of a condition that
would cause it to be affected under §§4.4, 4.5 or 4.6, such Lender will give
notice thereof to the Borrower, with a copy to the Administrative Agent and, to the extent
so requested by the Borrower and not inconsistent with regulatory policies applicable to
such Lender, such Lender shall use reasonable efforts and take such actions as are
reasonably appropriate (including the changing of its lending office or branch) if as a
result thereof the additional moneys which would otherwise be required to be paid to such
Lender pursuant to such sections would be reduced other than for de minimis amounts, or
the illegality or other adverse circumstances which would otherwise require a conversion
of such Loans or result in the inability to make such Loans pursuant to such sections
would cease to exist, and in each case if, as determined by such Lender in its sole
discretion, the taking such actions would not adversely affect such Loans. 

50

        §4.11.  Replacement
of Lenders.  If any Lender (an “Affected
Lender”) (i) makes demand upon the Borrower for (or if the Borrower is
otherwise required to pay) amounts pursuant to §§4.4, 4.5 or 4.6, or (ii) is
unable to make or maintain LIBOR Rate Loans as a result of a condition described in
§4.4, the Borrower may, within 90 days of receipt of such demand, notice (or the
occurrence of such other event causing the Borrower to be required to pay such
compensation or causing §4.4 to be applicable) as the case may be, by notice (a
“Replacement Notice”) in writing to the Administrative
Agent and such Affected Lender (A) request the Affected Lender to cooperate with the
Borrower in obtaining a replacement lender satisfactory to the Administrative Agent and
the Borrower (the “Replacement Lender”); (B) request the
non-Affected Lenders to acquire and assume all of the Affected Lender’s Loans and
Commitment, and/or participate in Letters of Credit, as provided herein, but none of such
Lenders shall be under an obligation to do so; or (C) designate a Replacement Lender which
is an Eligible Assignee and is reasonably satisfactory to the Administrative Agent other
than when an Event of Default has occurred and is continuing and absolutely satisfactory
to the Administrative Agent when an Event of Default has occurred and is continuing. If
any satisfactory Replacement Lender shall be obtained, and/or any of the non-Affected
Lenders shall agree to acquire and assume all of the Affected Lender’s Loans and
Commitment, and/or participate in Letters of Credit, then such Affected Lender shall
assign, in accordance with §18, all of its Commitment, Loans, Notes and other rights
and obligations under this Agreement and all other Loan Documents to such Replacement
Lender or non-Affected Lenders, as the case may be, in exchange for payment of the
principal amount so assigned and all interest and fees accrued on the amount so assigned,
plus all other Obligations then due and payable to the Affected Lender; provided,
however, that (x) such assignment shall be in accordance with the provisions of
§18, shall be without recourse, representation or warranty and shall be on terms and
conditions reasonably satisfactory to such Affected Lender and such Replacement Lender
and/or non-Affected Lenders, as the case may be, and (y) prior to any such assignment, the
Borrower shall have paid to such Affected Lender all amounts properly demanded and
unreimbursed under §§4.4, 4.5, 4.6 and 4.8. 

         §5.       
          GUARANTIES. 

         §5.1.       
          Guaranties. Each of the Guarantors will jointly and severally guaranty
          all of the Obligations pursuant to its Guaranty. The Obligations are full
          recourse obligations of the Borrower and each Guarantor, and all of the
          respective assets and properties of the Borrower and each such Guarantor shall
          be available for the payment in full in cash and performance of the Obligations
          (subject to Permitted Liens and senior claims enforceable as senior in
          accordance with applicable law, without the Lenders hereby agreeing to any such
          senior claim that is otherwise prohibited by this Agreement). Other than during
          the continuance of a Default or Event of Default, at the request of the
          Borrower, the Guaranty of any Subsidiary Guarantor shall be released by the
          Administrative Agent if and when all of the Real Estate owned or ground-leased
          by such Subsidiary Guarantor shall cease (not thereby creating a Default or
          Event of Default) to be owned by such Subsidiary Guarantor or by any other
          Borrower, Guarantor, Subsidiary or other Affiliate of any of same,
          provided the foregoing shall never permit the release of MCRC. 

51

         §5.2.       
          Subsidiary Guaranty Proceeds. (a) Notwithstanding any provision of this
          Agreement or any other Loan Document to the contrary, the Administrative Agent
          and the Lenders agree with the Borrower that any funds, claims, or distributions
          actually received by the Administrative Agent or any Lender for the account of
          any Lender as a result of the enforcement of, or pursuant to a claim relating
          solely to the Loans under, any Subsidiary Guaranty, net of the Administrative
          Agent’s and the Lenders’ expenses of collection thereof (such net
          amount, “Subsidiary Guaranty Proceeds”), shall be
          made available for distribution equally and ratably (in proportion of the
          aggregate amount of principal, interest and other amounts then owed in respect
          of the Obligations or of the issuance of Public Debt, as the case may be) among
          the Administrative Agent, the Lenders and the trustee or trustees of any Public
          Debt so long as the Administrative Agent receives written notice of the amounts
          then owed under the Public Debt; provided that such agreement to
          distribute Subsidiary Guaranty Proceeds shall not be effective if the holders of
          the Public Debt have the benefit of guaranties at any time from the Subsidiaries
          of the Borrower and have not made a reciprocal agreement to share the proceeds
          of such guaranties with the Lenders. The Administrative Agent is hereby
          authorized, by the Borrower, by each Lender and by the Borrower on behalf of
          each Subsidiary Guarantor to make such Subsidiary Guaranty Proceeds available
          pursuant to the immediately preceding sentence. No Lender shall have any
          interest in any amount paid over by the Administrative Agent or any other Lender
          to the trustee or trustees in respect of any Public Debt (or to the holders
          thereof) pursuant to the foregoing authorization. This §5.2 shall apply
          solely to Subsidiary Guaranty Proceeds, and not to any payments, funds, claims
          or distributions received by the Administrative Agent or any Lender directly or
          indirectly from Borrower or any other Person (including a Subsidiary Guarantor)
          other than from a Subsidiary Guarantor pursuant to the enforcement of, or the
          making of a claim relating solely to the Loans under, a Subsidiary Guaranty. The
          Borrower is aware of the terms of the Subsidiary Guarantees, and specifically
          understands and agrees with the Administrative Agent, and the Lenders that, to
          the extent Subsidiary Guaranty Proceeds are distributed to holders of Public
          Debt or their respective trustees, such Subsidiary Guarantor has agreed that the
          Obligations under this Agreement and any other Loan Document will not be deemed
          reduced by any such distributions, and each Subsidiary Guarantor shall continue
          to make payments pursuant to its Subsidiary Guaranty until such time as the
          Obligations have been paid in full (and the Commitments have been terminated and
          any Letter of Credit Participations reduced to zero). 

         (b)       
          Nothing contained in this §5.2 shall be deemed (i) to limit, modify, or
          alter the rights of the Administrative Agent or any of the Lenders under any
          Subsidiary Guaranty or other Guaranty, (ii) to subordinate the Obligations to
          any Public Debt, or (iii) to give any holder of Public Debt (or any trustee for
          such holder) any rights of subrogation. 

         (c)       
          This §5.2, and each Guaranty, are for the sole benefit of the
          Administrative Agent, the Lenders and their respective successors and assigns.
          Nothing contained herein or in any Guaranty shall be deemed for the benefit of
          any holder of Public Debt, or any trustee for such holder, nor shall anything
          contained herein or therein be construed to impose on the Administrative Agent
          or any Lender any fiduciary duties, obligations or responsibilities to the
          holders of any Public Debt or their trustees (including, but not limited to, any
          duty to pursue any Guarantor for payment under its Subsidiary Guaranty). 

52

         §6.       
          REPRESENTATIONS AND WARRANTIES. The Borrower for itself and for each
          Guarantor insofar as any such statements relate to such Guarantor represents and
          warrants to the Administrative Agent and the Lenders all of the statements
          contained in this §6. 

         §6.1.       
          Authority; Etc. 

         (a)       
          Organization; Good Standing. 

          		    (i)       
               MCRLP is a limited partnership duly organized, validly existing and in good
               standing under the laws of the State of Delaware; each Subsidiary of MCRLP that
               owns Real Estate is duly organized or formed, validly existing and in good
               standing as a corporation or a partnership or other entity, as the case may be,
               under the laws of the state of its organization or formation; the Borrower and
               each of the Borrower’s Subsidiaries that owns Real Estate has all requisite
               partnership or corporate or other entity, as the case may be, power to own its
               respective properties and conduct its respective business as now conducted and
               as presently contemplated; and the Borrower and each of the Borrower’s
               Subsidiaries that owns Real Estate is in good standing as a foreign entity and
               is duly authorized to do business in the jurisdictions where the Unencumbered
               Properties or other Real Estate owned or ground-leased by it are located and in
               each other jurisdiction where such qualification is necessary except where a
               failure to be so qualified in such other jurisdiction would not have a
               materially adverse effect on any of their respective businesses, assets or
               financial conditions. 

               

          		    (ii)       
               MCRC is a corporation duly organized, validly existing and in good standing
               under the laws of the State of Maryland; each Subsidiary of MCRC that owns Real
               Estate is duly organized or formed, validly existing and in good standing as a
               corporation or partnership or other entity, as the case may be, under the laws
               of the state of its organization or formation; MCRC and each of its Subsidiaries
               that owns Real Estate has all requisite corporate or partnership or other
               entity, as the case may be, power to own its respective properties and conduct
               its respective business as now conducted and as presently contemplated; and MCRC
               and each of its Subsidiaries that owns Real Estate is in good standing as a
               foreign entity and is duly authorized to do business in the jurisdictions where
               such qualification is necessary (including, as to MCRC, in the State of New
               Jersey) except where a failure to be so qualified in such other jurisdiction
               would not have a materially adverse effect on the business, assets or financial
               condition of MCRC or such Subsidiary. 

               

53

          		    (iii)       
               As to each subsequent Guarantor, a provision similar, as applicable, to (a) (i)
               or (ii) above shall be included in each such subsequent Guarantor’s
               Subsidiary Guaranty, and the Borrower shall be deemed to make for itself and on
               behalf of each such subsequent Guarantor a representation and warranty as to
               such provision regarding such subsequent Guarantor. 

               

         (b)
Capitalization.

          		    (i)       
               The outstanding equity of MCRLP is comprised of a general partner interest and
               limited partner interests, all of which have been duly issued and are
               outstanding and fully paid and non-assessable as set forth in Schedule
               6.1(b)  hereto, as of the Closing Date. All of the issued and
               outstanding general partner interests of MCRLP are owned and held of record by
               MCRC. Except as disclosed in Schedule 6.1(b) hereto,
               as of the Closing Date there are no outstanding securities or agreements
               exchangeable for or convertible into or carrying any rights to acquire any
               general partnership interests in MCRLP. Except as disclosed in
               Schedule 6.1(b), as of the Closing Date, there are no
               outstanding commitments, options, warrants, calls or other agreements (whether
               written or oral) binding on MCRLP or MCRC which require or could require MCRLP
               or MCRC to sell, grant, transfer, assign, mortgage, pledge or otherwise dispose
               of any general partnership interests of MCRLP. Except as set forth in the
               Agreement of Limited Partnership of MCRLP, no general partnership interests of
               MCRLP are subject to any restrictions on transfer or any partner agreements,
               voting agreements, trust deeds, irrevocable proxies, or any other similar
               agreements or interests (whether written or oral). 

               

          		    (ii)       
               As of the Closing Date, the authorized capital stock of, or any other equity
               interests in, each of MCRC’s Subsidiaries are as set forth in
               Schedule 6.1(b), and the issued and outstanding voting and
               non-voting shares of the common stock of each of MCRC’s Subsidiaries, and
               all of the other equity interests in such Subsidiaries, all of which have been
               duly issued and are outstanding and fully paid and non-assessable, are owned and
               held of record as set forth in Schedule  6.1(b). Except as
               disclosed in Schedule 6.1(b), as of the Closing Date there
               are no outstanding securities or agreements exchangeable for or convertible into
               or carrying any rights to acquire any equity interests in any of MCRC’s
               Subsidiaries, and there are no outstanding options, warrants, or other similar
               rights to acquire any shares of any class in the capital of or any other equity
               interests in any of MCRC’s Subsidiaries. Except as disclosed in
               Schedule 6.1(b), as of the Closing Date there are no
               outstanding commitments, options, warrants, calls or other agreements or
               obligations (whether written or oral) binding on any of MCRC’s Subsidiaries
               to issue, sell, grant, transfer, assign, mortgage, pledge or otherwise dispose
               of any shares of any class in the capital of or other equity interests in any of
               MCRC’s Subsidiaries. Except as disclosed in Schedule
               6.1(b), as of the Closing Date, no shares of, or equity interests
               in, any of MCRC’s Subsidiaries held by MCRC are subject to any restrictions
               on transfer pursuant to any of MCRC’s Subsidiaries’ applicable
               partnership, charter, by-laws or any shareholder agreements, voting agreements,
               voting trusts, trust agreements, trust deeds, irrevocable proxies or any other
               similar agreements or instruments (whether written or oral). 

               

54

         (c)       
          Due Authorization. The execution, delivery and performance of this
          Agreement and the other Loan Documents to which the Borrower or any of the
          Guarantors is a party and the transactions contemplated hereby and thereby (i)
          are within the authority of the Borrower and such Guarantor, (ii) have been duly
          authorized by all necessary proceedings on the part of the Borrower or such
          Guarantor and any general partner or other controlling Person thereof, (iii) do
          not conflict with or result in any breach or contravention of any provision of
          law, statute, rule or regulation to which the Borrower or such Guarantor is
          subject or any judgment, order, writ, injunction, license or permit applicable
          to the Borrower or such Guarantor, (iv) do not conflict with any provision of
          the agreement of limited partnership, any certificate of limited partnership,
          the charter documents or by-laws of the Borrower or such Guarantor or any
          general partner or other controlling Person thereof, and (v) do not contravene
          any provisions of, or constitute a default, Default or Event of Default
          hereunder or a failure to comply with any term, condition or provision of, any
          other agreement, instrument, judgment, order, decree, permit, license or
          undertaking binding upon or applicable to the Borrower or such Guarantor or any
          of the Borrower’s or such Guarantor’s properties (except for any such
          failure to comply under any such other agreement, instrument, judgment, order,
          decree, permit, license, or undertaking as would not materially and adversely
          affect the condition (financial or otherwise), properties, business or results
          of operations of the Borrower, the Operating Subsidiaries or any Guarantor) or
          result in the creation of any mortgage, pledge, security interest, lien,
          encumbrance or charge upon any of the properties or assets of the Borrower, the
          Operating Subsidiaries or any Guarantor. 

         (d)       
          Enforceability. Each of the Loan Documents to which the Borrower or any
          of the Guarantors is a party has been duly executed and delivered and
          constitutes the legal, valid and binding obligations of the Borrower and each
          such Guarantor, as the case may be, subject only to applicable bankruptcy,
          insolvency, fraudulent conveyance, reorganization, moratorium or other laws
          relating to or affecting generally the enforcement of creditors’ rights and
          to the fact that the availability of the remedy of specific performance or
          injunctive relief is subject to the discretion of the court before which any
          proceeding therefor may be brought. 

55

         §6.2.       
          Governmental Approvals. The execution, delivery and performance by the
          Borrower of this Agreement and by the Borrower and each Guarantor of the other
          Loan Documents to which the Borrower or such Guarantor is a party and the
          transactions contemplated hereby and thereby do not require (i) the approval or
          consent of any governmental agency or authority other than those already
          obtained, or (ii) filing with any governmental agency or authority, other than
          filings which will be made with the SEC when and as required by law. 

         §6.3.       
          Title to Properties; Leases. 

        The
Borrower, the Guarantors and their respective Subsidiaries that own Real Estate each has
good title to all of its respective Real Estate purported to be owned by it, including,
without limitation, that: 

         (a)       
          As of the Closing Date (with respect to Unencumbered Properties designated as
          such on the Closing Date) or the date of designation as an Unencumbered Property
          (with respect to Unencumbered Properties acquired and/or designated as such
          after the Closing Date), and in each case to its knowledge thereafter, (i) the
          Borrower or a Guarantor holds good and clear record and marketable fee simple or
          leasehold title to the Unencumbered Properties, subject to no rights of others,
          including any mortgages, conditional sales agreements, title retention
          agreements, liens or encumbrances, except for Permitted Liens and, in the case
          of any ground-leased Unencumbered Property, the terms of such ground lease
          (which shall be an Eligible Ground Lease), as the same may then or thereafter be
          amended from time to time in a manner consistent with the requirements for an
          Eligible Ground Lease and (ii) the Unencumbered Properties satisfy the
          requirements for an Unencumbered Property set forth in the definition thereof.
          Schedule 6.3(a) sets forth a list of all Unencumbered Properties as of the
          Closing Date. 

         (b)       
          The Borrower and each of the then Guarantors will, as of the Closing Date, own
          all of the assets as reflected in the financial statements of the Borrower and
          MCRC described in §6.4 or acquired in fee title (or, if Real Estate,
          leasehold title under an Eligible Ground Lease) since the date of such financial
          statements (except property and assets sold or otherwise disposed of in the
          ordinary course of business since that date). 

         (c)       
          As of the Closing Date, each of the direct or indirect interests of MCRC, the
          Borrower or MCRC’s other Subsidiaries in any Partially-Owned Entity that
          owns Real Estate is set forth on Schedule 6.3(c) hereto,
          including the type of entity in which the interest is held, the percentage
          interest owned by MCRC, the Borrower or such Subsidiary in such entity, the
          capacity in which MCRC, the Borrower or such Subsidiary holds the interest, and
          MCRC’s, the Borrower’s or such Subsidiary’s ownership interest
          therein. Schedule 6.3(c) will be updated quarterly at the
          time of delivery of the financial statements pursuant to §7.4(b). 

         §6.4.       
          Financial Statements. The following financial statements have been
          furnished to each of the Lenders: 

56

         (a)       
          The audited consolidated balance sheet of MCRC and its Subsidiaries (including,
          without limitation, MCRLP and its Subsidiaries) as of December 31, 2003 and
          their related consolidated income statements for the fiscal year ended
          December 31, 2003. Such balance sheet and income statements have been
          prepared in accordance with GAAP and fairly present the financial condition of
          MCRC and its Subsidiaries as of the close of business on the date thereof and
          the results of operations for the fiscal year then ended. There are no
          contingent liabilities of MCRC as of such dates involving material amounts,
          known to the officers of the Borrower or of MCRC, not disclosed in said
          financial statements and the related notes thereto. 

         (b)       
          The SEC Filings. 

        §6.5
Fiscal Year. MCRC, the Borrower and its Subsidiaries each has a fiscal year which
is the twelve months ending on December 31 of each calendar year, unless changed in
accordance with §8.8 hereof. 

         §6.6.       
          Franchises, Patents, Copyrights, Etc. The Borrower, each Guarantor and
          each of their respective Subsidiaries that owns Real Estate possesses all
          franchises, patents, copyrights, trademarks, trade names, licenses and permits,
          and rights in respect of the foregoing, adequate for the conduct of their
          respective businesses substantially as now conducted without known material
          conflict with any rights of others, including all Permits. 

         §6.7.       
          Litigation. Except as stated on Schedule 6.7, as
          updated at the time of each compliance certificate, there are no actions, suits,
          proceedings or investigations of any kind pending or, to the knowledge of the
          Borrower and the Guarantors, threatened against the Borrower, any Guarantor or
          any of their respective Subsidiaries before any court, tribunal or
          administrative agency or board that, if adversely determined, could reasonably
          be expected, either individually or in the aggregate, to have a Material Adverse
          Effect or materially impair the rights of the Borrower or such Guarantor to
          carry on their respective businesses substantially as now conducted by them, or
          result in any substantial liability not adequately covered by insurance, or for
          which adequate reserves are not maintained, as reflected in the applicable
          financial statements of MCRLP and MCRC, or which question the validity of this
          Agreement or any of the other Loan Documents, or any action taken or to be taken
          pursuant hereto or thereto. 

         §6.8.       
          No Materially Adverse Contracts, Etc. None of the Borrower, any Guarantor
          or any of their respective Subsidiaries is subject to any charter, corporate,
          partnership or other legal restriction, or any judgment, decree, order, rule or
          regulation that has or is reasonably expected to have a Material Adverse Effect.
          None of the Borrower, any Guarantor or any of their respective Subsidiaries that
          owns Real Estate is a party to any contract or agreement that has or is
          reasonably expected, in the judgment of their respective officers, to have a
          Material Adverse Effect. 

57

         §6.9.       
          Compliance With Other Instruments, Laws, Etc. None of the Borrower, any
          Guarantor or any of their respective Subsidiaries that owns Real Estate is in
          violation of any provision of its partnership agreement, charter documents,
          bylaws or other organizational documents, as the case may be, or any respective
          agreement or instrument to which it is subject or by which it or any of its
          properties (including, in the case of MCRC and MCRLP, any of their respective
          Subsidiaries) are bound or any decree, order, judgment, statute, license, rule
          or regulation, in any of the foregoing cases in a manner that could reasonably
          be expected to result, individually or in the aggregate, in the imposition of
          substantial penalties or have a Material Adverse Effect. 

         §6.10.       
          Tax Status. 

         (a)       
          (i) Each of the Borrower, the Guarantors and their respective Subsidiaries (A)
          has timely made or filed all federal, state and local income and all other tax
          returns, reports and declarations required by any jurisdiction to which it is
          subject, (B) has paid all taxes and other governmental assessments and charges
          shown or determined to be due on such returns, reports and declarations, except
          those being contested in good faith and by appropriate proceedings and (C) has
          set aside on its books provisions reasonably adequate for the payment of all
          taxes for periods subsequent to the periods to which such returns, reports or
          declarations apply, and (ii) there are no unpaid taxes in an aggregate amount in
          excess of $10,000,000 at any one time claimed to be due by the taxing authority
          of any jurisdiction for which payment is required to be made in accordance with
          the provisions of §7.9 and has not been timely made, and the respective
          officers of the Borrower and the Guarantors and their respective Subsidiaries
          know of no basis for any such claim. 

         (b)       
          To the Borrower’s knowledge, each Partially-Owned Entity (i) has timely
          made or filed all federal, state and local income and all other tax returns,
          reports and declarations required by any jurisdiction to which it is subject,
          (ii) has paid all taxes and other governmental assessments and charges shown or
          determined to be due on such returns, reports and declarations, except those
          being contested in good faith and by appropriate proceedings and (iii) has set
          aside on its books provisions reasonably adequate for the payment of all taxes
          for periods subsequent to the periods to which such returns, reports or
          declarations apply. To the best of the Borrower’s knowledge, except as
          otherwise disclosed in writing to the Administrative Agent, there are no unpaid
          taxes in an aggregate amount in excess of $10,000,000 at any one time claimed to
          be due by the taxing authority of any jurisdiction for which payment is required
          to be made in accordance with the provisions of §7.9 and has not been
          timely made by any Partially-Owned Entity, and the officers of the Borrower know
          of no basis for any such claim. 

         §6.11.       
          No Event of Default; No Materially Adverse Changes. No Default or Event
          of Default has occurred and is continuing. Since September 30, 2004 there has
          occurred no materially adverse change in the financial condition or business of
          MCRC and its Subsidiaries or MCRLP and its Subsidiaries as shown on or reflected
          in the SEC Filings or the consolidated balance sheet of MCRC and its
          Subsidiaries as at September 30, 2004, or the consolidated statement of income
          for the fiscal quarter then ended, other than changes in the ordinary course of
          business that have not had a Material Adverse Effect on the Borrower, Guarantors
          and their respective Subsidiaries, taken as a whole. 

58

         §6.12.       
          Investment Company Acts; Public Utility Holding Company Act. None of the
          Borrower, any Guarantor or any of their respective Subsidiaries is (a) an
          “investment company”, or an “affiliated company” or a
          “principal underwriter” of an “investment company”, as such
          terms are defined in the Investment Company Act of 1940 or (b) a “holding
          company” as defined in, or subject to regulation under, the Public Utility
          Holding Company Act of 1935. 

         §6.13.       
          Absence of UCC Financing Statements, Etc. Except for Permitted Liens, as
          of the Closing Date there will be no financing statement, security agreement,
          chattel mortgage, real estate mortgage, equipment lease, financing lease,
          option, encumbrance or other document filed or recorded with any filing records,
          registry, or other public office, that purports to cover, affect or give notice
          of any present or possible future lien or encumbrance on, or security interest
          in, any Unencumbered Property. Neither the Borrower nor any Guarantor has
          pledged or granted any lien on or security interest in or otherwise encumbered
          or transferred any of their respective interests in any Subsidiary (including in
          the case of MCRC, its interests in MCRLP, and in the case of the Borrower, its
          interests in the Operating Subsidiaries) or in any Partially-Owned Entity. 

         §6.14.       
          Absence of Liens The Borrower or a Guarantor is the owner of or the
          holder of a ground leasehold interest under an Eligible Ground Lease in the
          Unencumbered Properties free from any lien, security interest, encumbrance and
          any other claim or demand, except for Permitted Liens. 

         §6.15.       
          Certain Transactions. Except as set forth on Schedule
          6.15 or for transactions that have been determined by the Board
          of Directors of the relevant Borrower, Guarantor or Subsidiary (or its
          respective general partner) to be on terms as favorable to such Person as in an
          arms-length transaction with a third party, none of the officers, partners,
          directors, or employees of the Borrower or any Guarantor or any of their
          respective Subsidiaries is presently a party to any transaction with the
          Borrower, any Guarantor or any of their respective Subsidiaries (other than for
          or in connection with services as employees, officers and directors), including
          any contract, agreement or other arrangement providing for the furnishing of
          services to or by, providing for rental of real or personal property to or from,
          or otherwise requiring payments to or from any officer, partner, director or
          such employee or, to the knowledge of the Borrower, any corporation,
          partnership, trust or other entity in which any officer, partner, director, or
          any such employee or natural Person related to such officer, partner, director
          or employee or other Person in which such officer, partner, director or employee
          has a direct or indirect beneficial interest has a substantial interest or is an
          officer, director, trustee or partner. 

         §6.16.       
          Employee Benefit Plans.   

59

	 	        §6.16.1  In
General.  Each Employee Benefit Plan and each Guaranteed Pension Plan
has been maintained and operated in compliance in all material respects with the
provisions of ERISA and, to the extent applicable, the Code, including but not limited to
the provisions thereunder respecting prohibited transactions and the bonding of
fiduciaries and other persons handling plan funds as required by §412 of ERISA. The
Borrower has heretofore delivered to the Administrative Agent the most recently completed
annual report, Form 5500, with all required attachments, and actuarial statement required
to be submitted under §103(d) of ERISA, with respect to each Guaranteed Pension Plan. 

	 	        §6.16.2  Terminability
of Welfare Plans.  No Employee Benefit Plan, which is an employee
welfare benefit plan within the meaning of §3(1) or §3(2)(B) of ERISA, provides
benefit coverage subsequent to termination of employment, except as required by Title I,
Part 6 of ERISA or the applicable state insurance laws. The Borrower may terminate each
such Plan at any time (or at any time subsequent to the expiration of any applicable
bargaining agreement) in the discretion of the Borrower without material liability to any
Person other than for claims arising prior to termination. 

	 	        §6.16.3  Guaranteed
Pension Plans.  Each contribution required to be made to a Guaranteed
Pension Plan, whether required to be made to avoid the incurrence of an accumulated
funding deficiency, the notice or lien provisions of §302(f) of ERISA, or otherwise,
has been timely made. No waiver of an accumulated funding deficiency or extension of
amortization periods has been received with respect to any Guaranteed Pension Plan, and
neither the Borrower nor any Guarantor nor any ERISA Affiliate is obligated to or has
posted security in connection with an amendment to a Guaranteed Pension Plan pursuant to
§307 of ERISA or §401(a)(29) of the Code. No liability to the PBGC (other than
required insurance premiums, all of which have been paid) has been incurred by the
Borrower nor any Guarantor nor any ERISA Affiliate with respect to any Guaranteed Pension
Plan and there has not been any ERISA Reportable Event (other than an ERISA Reportable
Event as to which the requirement of 30 days notice has been waived), or any other event
or condition which presents a material risk of termination of any Guaranteed Pension Plan
by the PBGC. Based on the latest valuation of each Guaranteed Pension Plan (which in each
case occurred within twelve months of the date of this representation), and on the
actuarial methods and assumptions employed for that valuation, the aggregate benefit
liabilities of all such Guaranteed Pension Plans within the meaning of §4001 of ERISA
did not exceed the aggregate value of the assets of all such Guaranteed Pension Plans,
disregarding for this purpose the benefit liabilities and assets of any Guaranteed Pension
Plan with assets in excess of benefit liabilities, by more than $500,000. 

	 	        §6.16.4  Multiemployer
Plans.  Neither the Borrower nor any Guarantor nor any ERISA
Affiliate has incurred any material liability (including secondary liability) to any
Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan under §4201 of ERISA or as a result of a sale of assets described in §4204
of ERISA. Neither the Borrower nor any ERISA Affiliate has been notified that any
Multiemployer Plan is in reorganization or insolvent under and within the meaning of
§4241 or §4245 of ERISA or is at material risk of entering reorganization or
becoming insolvent, or that any Multiemployer Plan intends to terminate or has been
terminated under §4041A of ERISA. 

60

         §6.17.       
          Regulations U and X. The proceeds of the Loans shall be used for the
          purposes described in §7.12. No portion of any Loan is to be used, and no
          portion of any Letter of Credit is to be obtained, for the purpose of purchasing
          or carrying any “margin security” or “margin stock” as such
          terms are used in Regulations U and X of the Board of Governors of the Federal
          Reserve System, 12 C.F.R. Parts 221 and 224, provided the Borrower may
          purchase MCRC stock as long as it does not at any time cause the Lenders to be
          in violation of Regulations U and X and such action does not otherwise
          constitute a Default or an Event of Default. 

         §6.18.       
          Environmental Compliance. The Borrower has caused environmental
          assessments to be conducted and/or taken other steps to investigate the past and
          present environmental condition and usage of the Real Estate and the operations
          conducted thereon. Based upon such assessments and/or investigation, except as
          set forth on Schedule 6.18 or in any update to Schedule 6.18 in
          the case of any new Real Estate that becomes an Unencumbered Property under this
          Agreement after the Closing Date, to the Borrower’s knowledge, the Borrower
          represents and warrants that as of the Closing Date as to all Real Estate held
          by it as of the Closing Date and as of the date any new Real Estate becomes an
          Unencumbered Property under this Agreement as to such new Unencumbered Property: 

         (a)       
          None of the Borrower, any Guarantor, any of their respective Subsidiaries or any
          operator of the Real Estate or any portion thereof, or any operations thereon is
          in violation, or alleged violation (in writing), of any judgment, order, law,
          license, rule or regulation pertaining to environmental matters, including
          without limitation, those arising under the Resource Conservation and Recovery
          Act (“RCRA”), the Comprehensive Environmental
          Response, Compensation and Liability Act of 1980 as amended
          (“CERCLA”), the Superfund Amendments and
          Reauthorization Act of 1986 (“SARA”), the Federal
          Clean Water Act, the Federal Clean Air Act, the Toxic Substances Control Act, or
          any state or local statute, regulation, ordinance or order relating to health,
          safety or the environment (hereinafter “Environmental
          Laws”), which violation or alleged violation (in writing)
          has, or its remediation would have, by itself or when aggregated with all such
          other violations or alleged violations, a Material Adverse Effect or constitutes
          a Disqualifying Environmental Event. 

         (b)       
          None of the Borrower, any Guarantor or any of their respective Subsidiaries has
          received notice from any third party, including, without limitation, any
          federal, state or local governmental authority, (i) that it has been identified
          by the United States Environmental Protection Agency
          (“EPA”) as a potentially responsible party under
          CERCLA with respect to a site listed on the National Priorities List, 40 C.F.R.
          Part 300 Appendix B (1986), (ii) that any hazardous waste, as defined by 42
          U.S.C. §6903(5), any hazardous substances as defined by 42 U.S.C. §
          9601(14), any pollutant or contaminant as defined by 42 U.S.C. §9601(33) or
          any toxic substances, oil or hazardous materials or other chemicals or
          substances regulated by any Environmental Laws (“Hazardous
          Substances”) which it has generated, transported or disposed
          of has been found at any site at which a federal, state or local agency or other
          third party has conducted or has ordered that the Borrower, any Guarantor or any
          of their respective Subsidiaries conduct a remedial investigation, removal or
          other response action pursuant to any Environmental Law, or (iii) that it is or
          shall be a named party to any claim, action, cause of action, complaint, or
          legal or administrative proceeding (in each case, contingent or otherwise)
          arising out of any third party’s incurrence of costs, expenses, losses or
          damages of any kind whatsoever in connection with the release of Hazardous
          Substances; which event described in any such notice would have a Material
          Adverse Effect or constitutes a Disqualifying Environmental Event. 

61

         (c)       
          (i) No portion of the Real Estate has been used for the handling, processing,
          storage or disposal of Hazardous Substances except in accordance with applicable
          Environmental Laws; and no underground tank or other underground storage
          receptacle for Hazardous Substances is located on any portion of any Real Estate
          except in accordance with applicable Environmental Laws, (ii) in the course of
          any activities conducted by the Borrower, the Guarantors, their respective
          Subsidiaries or to the knowledge of the Borrower, without any independent
          inquiry other than as set forth in the environmental assessments, the operators
          of the Real Estate, or any ground or space tenants on any Real Estate, no
          Hazardous Substances have been generated or are being used on such Real Estate
          except in accordance with applicable Environmental Laws, (iii) there has been no
          present or past releasing, spilling, leaking, pumping, pouring, emitting,
          emptying, discharging, injecting, escaping, disposing or dumping (a
          “Release”) or threatened Release of Hazardous
          Substances on, upon, into or from the Real Estate, (iv) to the knowledge of the
          Borrower without any independent inquiry other than as set forth in the
          environmental assessments, there have been no Releases on, upon, from or into
          any real property in the vicinity of any of the Real Estate which, through soil
          or groundwater contamination, may have come to be located on such Real Estate,
          and (v) any Hazardous Substances that have been generated by the Borrower or a
          Guarantor or any of their respective Subsidiaries at any of the Real Estate have
          been transported off-site only by carriers having an identification number
          issued by the EPA, treated or disposed of only by treatment or disposal
          facilities maintaining valid permits as required under applicable Environmental
          Laws; any of which events described in clauses (i) through (v) above would have
          a Material Adverse Effect, or constitutes a Disqualifying Environmental Event. 

         (d)       
          By virtue of the use of the Loans proceeds contemplated hereby, or as a
          condition to the effectiveness of any of the Loan Documents, none of the
          Borrower, any Guarantor or any of the Real Estate is subject to any applicable
          Environmental Law requiring the performance of Hazardous Substances site
          assessments, or the removal or remediation of Hazardous Substances, or the
          giving of notice to any governmental agency or the recording or delivery to
          other Persons of an environmental disclosure document or statement. 

62

         §6.19.       
          Subsidiaries. As of the Closing Date, Schedule 6.19
          sets forth all of the respective Subsidiaries of MCRC or MCRLP and any other
          Guarantor, and Schedule 6.19 will be updated annually at
          the time of delivery of the financial statements pursuant to §7.4(a) to
          reflect any changes, including subsequent Guarantor and its Subsidiaries, if
          any. 

         §6.20.       
          Loan Documents. All of the representations and warranties of the Borrower
          and the Guarantors made in this Agreement and in the other Loan Documents or any
          document or instrument delivered to the Administrative Agent or the Lenders
          pursuant to or in connection with any of such Loan Documents are true and
          correct in all material respects and do not include any untrue statement of a
          material fact or omit to state a material fact required to be stated or
          necessary to make such representations and warranties not materially misleading. 

         §6.21.       
          REIT Status. MCRC has not taken any action that would prevent it from
          maintaining its qualification as a REIT or from maintaining such qualification
          at all times during the term of the Loans. 

         §6.22.       
          Subsequent Guarantors. The foregoing representations and warranties in
          §6.3 through §6.20, as the same are true, correct and applicable to
          Guarantors existing on the Closing Date, shall be true, correct and applicable
          to each subsequent Guarantor in all material respects as of the date it becomes
          a Guarantor. 

         §7.       
          AFFIRMATIVE COVENANTS OF THE BORROWER AND THE GUARANTORS. The Borrower
          for itself and on behalf of each of the Guarantors (if and to the extent
          expressly included in Subsections contained in this Section) covenants and
          agrees that, so long as any Loan, Letter of Credit or Note is outstanding or the
          Lenders have any obligation or commitment to make any Loans or any Lender has
          any obligation or commitment to issue, extend or renew any Letters of Credit: 

         §7.1.       
          Punctual Payment. The Borrower will duly and punctually pay or cause to
          be paid the principal and interest on the Loans and all interest, fees, charges
          and other amounts provided for in this Agreement and the other Loan Documents,
          all in accordance with the terms of this Agreement and the Notes, and the other
          Loan Documents. 

         §7.2.       
          Maintenance of Office. The Borrower and each of the Guarantors will
          maintain its chief executive office in Cranford, New Jersey, or at such other
          place in the United States of America as each of them shall designate upon
          written notice to the Administrative Agent to be delivered within five (5) days
          of such change, where notices, presentations and demands to or upon the Borrower
          and the Guarantors, as the case may be, in respect of the Loan Documents may be
          given or made. 

63

         §7.3.       
          Records and Accounts. The Borrower and each of the Guarantors will (a)
          keep true and accurate records and books of account in which full, true and
          correct entries will be made in accordance with GAAP in all material respects,
          and will cause each of its Subsidiaries that owns Real Estate to keep true and
          accurate records and books of account in which full, true and correct entries
          will be made in accordance with GAAP in all material respects, (b) maintain
          adequate accounts and reserves for all taxes (including income taxes),
          contingencies, depreciation and amortization of its properties and the
          properties of its Subsidiaries and (c) at all times engage
          PricewaterhouseCoopers LLP or other Accountants as the independent certified
          public accountants of MCRC, MCRLP and their respective Subsidiaries and will not
          permit more than thirty (30) days to elapse between the cessation of such
          firm’s (or any successor firm’s) engagement as the independent
          certified public accountants of MCRC, MCRLP and their respective Subsidiaries
          and the appointment in such capacity of a successor firm as Accountants. 

         §7.4.       
          Financial Statements, Certificates and Information. The Borrower will
          deliver and will cause MCRC to deliver to the Administrative Agent: 

         (a)       
          as soon as practicable, but in any event not later than ninety (90) days after
          the end of each of its fiscal years, unless, in the case of MCRC, MCRC has filed
          for an extension in accordance with §7.4(g) hereof, in which case such
          annual financial statements shall be due in accordance with the proviso to
          §7.4(g): 

          		    (i)       
               in the case of MCRLP, the audited consolidated balance sheet of MCRLP and its
               subsidiaries at the end of such year, the related audited consolidated
               statements of operations, owner’s equity (deficit) and cash flows for the
               year then ended, in each case (except for statements of cash flow and
               owner’s equity) with supplemental consolidating schedules provided by
               MCRLP; and 

               

          		    (ii)       
               in the case of MCRC, the audited consolidated balance sheet of MCRC and its
               subsidiaries (including, without limitation, MCRLP and its subsidiaries) at the
               end of such year, the related audited consolidated statements of operations,
               stockholders’ equity (deficit) and cash flows for the year then ended, in
               each case with supplemental consolidating schedules (except for statements of
               cash flow and stockholders’ equity) provided by MCRC; 

               

each setting forth in comparative
form the figures for the previous fiscal year and all such statements to be in reasonable
detail, prepared in accordance with GAAP, and, in each case, accompanied by an
auditor’s report prepared by the Accountants without a “going-concern” or
like qualification or exception and without any qualification or exception as to the scope
of such audit; 

64

         (b)       
          as soon as practicable, but in any event not later than forty-five (45) days
          after the end of each of its first three (3) fiscal quarters: 

          		    (i)       
               in the case of MCRLP, copies of the unaudited consolidated balance sheet of
               MCRLP and its subsidiaries as at the end of such quarter, the related unaudited
               consolidated statements of operations, owner’s equity (deficit) and cash
               flows for the portion of MCRLP’s fiscal year then elapsed, with
               supplemental consolidating schedules (except with respect to statements of cash
               flow and owner’s equity) provided by MCRLP; and 

               

          		    (ii)       
               in the case of MCRC, copies of the unaudited consolidated balance sheet of MCRC
               and its subsidiaries (including, without limitation, MCRLP and its subsidiaries)
               as at the end of such quarter, the related unaudited consolidated statements of
               operations, stockholders’ equity (deficit) and cash flows for the portion
               of MCRC’s fiscal year then elapsed, with supplemental consolidating
               schedules (except with respect to statements of cash flow and stockholders’
               equity) provided by MCRC; 

               

all in reasonable detail and prepared
in accordance with GAAP on the same basis as used in preparation of MCRC’s Form 10-Q
statements filed with the SEC, together with a certification by the chief financial
officer or senior vice president of finance of MCRLP or MCRC, as applicable, that the
information contained in such financial statements fairly presents the financial position
of MCRLP or MCRC (as the case may be) and its subsidiaries on the date thereof (subject to
year-end adjustments); 

         (c)       
          simultaneously with the delivery of the financial statements referred to in
          subsections (a) (for the fourth fiscal quarter of each fiscal year) above and
          (b) (for the first three fiscal quarters of each fiscal year), a statement in
          the form of Exhibit D hereto signed by the chief
          financial officer or senior vice president of finance of the MCRLP or MCRC, as
          applicable, and (if applicable) reconciliations to reflect changes in GAAP since
          the applicable Financial Statement Date, but only to the extent that such
          changes in GAAP affect the financial covenants set forth in §9 hereof; and,
          in the case of MCRLP, setting forth in reasonable detail computations evidencing
          compliance with the covenants contained in §8.6 and §9 hereof; 

         (d)       
          promptly if requested by the Administrative Agent, a copy of each report
          (including any so-called letters of reportable conditions or letters of no
          material weakness) submitted to the Borrower, MCRC, or any other Guarantor or
          any of their respective subsidiaries by the Accountants in connection with each
          annual audit of the books of the Borrower, MCRC, or any other Guarantor or such
          subsidiary by such Accountants or in connection with any interim audit thereof
          pertaining to any phase of the business of the Borrower, MCRC or any other
          Guarantor or any such subsidiary; 

         (e)       
          contemporaneously with the filing or mailing thereof, copies of all material of
          a financial nature sent to the holders of any Indebtedness of the Borrower or
          any Guarantor (other than the Loans) for borrowed money, to the extent that the
          information or disclosure contained in such material refers to or could
          reasonably be expected to have a Material Adverse Effect; 

65

         (f)       
          subject to subsection (g) below, contemporaneously with the filing or mailing
          thereof, copies of all material of a financial nature filed with the SEC or sent
          to the stockholders of MCRC; 

         (g)       
          as soon as practicable, but in any event not later than ninety (90) days after
          the end of each fiscal year of MCRC, copies of the Form 10-K statement filed by
          MCRC with the SEC for such fiscal year, and as soon as practicable, but in any
          event not later than forty-five (45) days after the end of each fiscal quarter
          of MCRC, copies of the Form 10-Q statement filed by MCRC with the SEC for such
          fiscal quarter, provided that, in either case, if MCRC has filed an
          extension for the filing of such statements, MCRC shall deliver such statements
          to the Administrative Agent within ten (10) days after the filing thereof with
          the SEC which filing shall be within fifteen (15) days of MCRC’s filing for
          such extension or such sooner time as required to avert a Material Adverse
          Effect on MCRC; 

         (h)       
          from time to time, but not more frequently than once each calendar quarter so
          long as no Default or Event of Default has occurred and is continuing, such
          other financial data and information about the Borrower, MCRC, the other
          Guarantors, their respective Subsidiaries, the Real Estate and the
          Partially-Owned Entities as the Administrative Agent or any Lender acting
          through the Administrative Agent may reasonably request, and which is prepared
          by such Person in the normal course of its business or is required for
          securities and tax law compliance, including pro forma financial statements
          described in §9.9(b)(ii), complete rent rolls for the Unencumbered
          Properties and summary rent rolls for the other Real Estate, and insurance
          certificates with respect to the Real Estate (including the Unencumbered
          Properties) and tax returns (following the occurrence of a Default or Event of
          Default or, in the case of MCRC, to confirm MCRC’s REIT status), but
          excluding working drafts and papers and privileged documents; and 

         (i)       
          simultaneously with the delivery of the financial statements referred to in
          subsections (a) (for the fourth fiscal quarter of each fiscal year) above and
          (b) (for the first three fiscal quarters of each fiscal year) above, updates to
          Schedule 6.3(a) and
          Schedule 6.3(c) hereto, and simultaneously with the
          delivery of the financial statements referred to in subsection (a) above,
          updates to Schedule 6.19 hereto. 

         §7.5.       
          Notices. 

         (a)       
          Defaults. The Borrower will, and will cause each Guarantor, as
          applicable, to, promptly notify the Administrative Agent in writing of the
          occurrence of any Default or Event of Default. If any Person shall give any
          notice or take any other action in respect of (x) a claimed default (whether or
          not constituting a Default or Event of Default under this Agreement) or (y) a
          claimed default by the Borrower, any Guarantor or any of their respective
          Subsidiaries, as applicable, under any note, evidence of Indebtedness, indenture
          or other obligation for borrowed money to which or with respect to which any of
          them is a party or obligor, whether as principal, guarantor or surety, and such
          default would permit the holder of such note or obligation or other evidence of
          Indebtedness to accelerate the maturity thereof or otherwise cause the entire
          Indebtedness to become due, the Borrower, MCRC or such other Guarantor, as the
          case may be, shall forthwith give written notice thereof to the Administrative
          Agent, describing the notice or action and the nature of the claimed failure to
          comply. 

66

         (b)       
          Environmental Events. The Borrower will, and will cause each Guarantor
          to, promptly give notice in writing to the Administrative Agent (i) upon the
          Borrower’s or such Guarantor’s obtaining knowledge of any material
          violation of any Environmental Law affecting any Real Estate or the
          Borrower’s or such Guarantor’s operations or the operations of any of
          their Subsidiaries, (ii) upon the Borrower’s or such Guarantor’s
          obtaining knowledge of any known Release of any Hazardous Substance at, from, or
          into any Real Estate which it reports in writing or is reportable by it in
          writing to any governmental authority and which is material in amount or nature
          or which could materially adversely affect the value of such Real Estate, (iii)
          upon the Borrower’s or such Guarantor’s receipt of any notice of
          material violation of any Environmental Laws or of any material Release of
          Hazardous Substances in violation of any Environmental Laws or any matter that
          may be a Disqualifying Environmental Event, including a notice or claim of
          liability or potential responsibility from any third party (including without
          limitation any federal, state or local governmental officials) and including
          notice of any formal inquiry, proceeding, demand, investigation or other action
          with regard to (A) the Borrower’s or such Guarantor’s or any other
          Person’s operation of any Real Estate, (B) contamination on, from or into
          any Real Estate, or (C) investigation or remediation of off-site locations at
          which the Borrower or such Guarantor or any of its predecessors are alleged to
          have directly or indirectly disposed of Hazardous Substances, or (iv) upon the
          Borrower’s or such Guarantor’s obtaining knowledge that any expense or
          loss has been incurred by such governmental authority in connection with the
          assessment, containment, removal or remediation of any Hazardous Substances with
          respect to which the Borrower or such Guarantor or any Partially-Owned Entity
          may be liable or for which a lien may be imposed on any Real Estate; provided
          any of which events described in clauses (i) through (iv) above would have a
          Material Adverse Effect or constitute a Disqualifying Environmental Event with
          respect to any Unencumbered Property. 

         (c)       
          Notification of Claims against Unencumbered Properties. The Borrower
          will, and will cause each Guarantor to, promptly upon becoming aware thereof,
          notify the Administrative Agent in writing of any setoff, claims, withholdings
          or other defenses to which any of the Unencumbered Properties are subject, which
          (i) would have a material adverse effect on the value of such Unencumbered
          Property, (ii) would have a Material Adverse Effect, or (iii) with respect to
          such Unencumbered Property, would constitute a Disqualifying Environmental Event
          or a Lien which is not a Permitted Lien. 

         (d)       
          Notice of Litigation and Judgments. The Borrower will, and will cause
          each Guarantor and each Guarantor’s Subsidiaries to, and the Borrower will
          cause each of its respective Subsidiaries to, give notice to the Administrative
          Agent in writing within ten (10) days of becoming aware of any litigation or
          proceedings threatened in writing or any pending litigation and proceedings an
          adverse determination in which could reasonably be expected to have a Material
          Adverse Effect or materially adversely affect any Unencumbered Property, or to
          which the Borrower, any Guarantor or any of their respective Subsidiaries is or
          is to become a party involving an uninsured claim against the Borrower, any
          Guarantor or any of their respective Subsidiaries that could reasonably be
          expected to have a Materially Adverse Effect or materially adversely affect the
          value or operation of the Unencumbered Properties and stating the nature and
          status of such litigation or proceedings. The Borrower will, and will cause each
          of the Guarantors and the Subsidiaries to, give notice to the Administrative
          Agent, in writing, in form and detail reasonably satisfactory to the
          Administrative Agent, within ten (10) days of any judgment not covered by
          insurance, final or otherwise, against the Borrower, any Guarantor or any of
          their Subsidiaries in an amount in excess of $5,000,000. 

67

         (e)       
          Acquisition of Real Estate. The Borrower shall promptly provide the
          Administrative Agent and the Lenders with any press releases relating to the
          acquisition of any Real Estate by the Borrower, any Guarantor, any of their
          respective Subsidiaries or any Partially-Owned Entity for consideration in
          excess of $50,000,000, together with a statement as to whether such Real Estate
          qualifies as an Unencumbered Property. 

         §7.6.       
          Existence of Borrower and Subsidiary Guarantors; Maintenance of
          Properties. The Borrower for itself and for each Subsidiary Guarantor
          insofar as any such statements relate to such Subsidiary Guarantor will do or
          cause to be done all things necessary to, and shall, preserve and keep in full
          force and effect its existence as a limited partnership or its existence as
          another legally constituted entity, and will do or cause to be done all things
          necessary to preserve and keep in full force all of its material rights and
          franchises and those of its Subsidiaries. The Borrower (a) will cause all
          necessary repairs, renewals, replacements, betterments and improvements to be
          made to all Real Estate owned or controlled by it or by any of its Subsidiaries
          or any Subsidiary Guarantor, all as in the judgment of the Borrower or such
          Subsidiary or such Subsidiary Guarantor may be necessary so that the business
          carried on in connection therewith may be properly conducted at all times,
          subject to the terms of the applicable Leases and partnership agreements or
          other entity charter documents, (b) will cause all of its other properties and
          those of its Subsidiaries and the Subsidiary Guarantors used or useful in the
          conduct of its business or the business of its Subsidiaries or such Subsidiary
          Guarantor to be maintained and kept in good condition, repair and working order
          and supplied with all necessary equipment, ordinary wear and tear excepted, and
          (c) will, and will cause each of its Subsidiaries and each Subsidiary Guarantor
          to, continue to engage primarily in the businesses now conducted by it and in
          related businesses consistent with the requirements of the fourth sentence of
          §7.7 hereof; provided that nothing in this §7.6 shall prevent
          the Borrower from discontinuing the operation and maintenance of any of its
          properties or any of those of its Subsidiaries if such discontinuance is, in the
          judgment of the Borrower, desirable in the conduct of its or their business and
          such discontinuance does not cause a Default or an Event of Default hereunder
          and does not in the aggregate have a Material Adverse Effect on the Borrower,
          Guarantors and their respective Subsidiaries taken as a whole. 

68

         §7.7.       
          Existence of MCRC; Maintenance of REIT Status of MCRC; Maintenance of
          Properties. Except as expressly set forth in the second paragraph of this
          §7.7, the Borrower will cause MCRC to do or cause to be done all things
          necessary to preserve and keep in full force and effect MCRC’s existence as
          a Maryland corporation. The Borrower will cause MCRC at all times to maintain
          its status as a REIT and not to take any action which could lead to its
          disqualification as a REIT. The Borrower shall cause MCRC at all times to
          maintain its listing on the New York Stock Exchange or any successor thereto.
          The Borrower will cause MCRC to continue to operate as a fully-integrated,
          self-administered and self-managed real estate investment trust which, together
          with its Subsidiaries (including, without limitation MCRLP) owns and operates an
          improved property portfolio comprised primarily (i.e., 85% or more by value) of
          office, office/flex, warehouse and industrial/warehouse properties. The Borrower
          will cause MCRC not to engage in any business other than the business of acting
          as a REIT and serving as the general partner and limited partner of MCRLP, as a
          member, partner or stockholder of other Persons and as a Guarantor. The Borrower
          shall cause MCRC to conduct all or substantially all of its business operations
          through MCRLP or through subsidiary partnerships or other entities in which (x)
          MCRLP directly or indirectly owns at least 95% of the economic interests and (y)
          MCRC directly or indirectly (through wholly-owned Subsidiaries) acts as sole
          general partner or managing member. The Borrower shall cause MCRC not to own
          real estate assets outside of its interests in MCRLP. The Borrower will cause
          MCRC and its Subsidiaries to do or cause to be done all things necessary to
          preserve and keep in full force all of its rights and franchises and those of
          its Subsidiaries. The Borrower will cause MCRC (a) to cause all of its
          properties and those of its Subsidiaries used or useful in the conduct of its
          business or the business of its Subsidiaries to be maintained and kept in good
          condition, repair and working order and supplied with all necessary equipment,
          ordinary wear and tear excepted, (b) to cause to be made all necessary repairs,
          renewals, replacements, betterments and improvements thereof, all as in the
          judgment of MCRC may be necessary so that the business carried on in connection
          therewith may be properly conducted at all times, and (c) to cause each of its
          Subsidiaries to continue to engage primarily in the businesses now conducted by
          it and in related businesses, consistent with the requirements of the fourth
          sentence of this §7.7; provided that nothing in this §7.7 shall
          prevent MCRC from discontinuing the operation and maintenance of any of its
          properties or any of those of its Subsidiaries if such discontinuance is, in the
          judgment of MCRC, desirable in the conduct of its or their business and such
          discontinuance does not cause a Default or an Event of Default hereunder and
          does not in the aggregate materially adversely affect the business of MCRC and
          its Subsidiaries on a consolidated basis. 

        Notwithstanding
the foregoing, MCRC shall be permitted to change its organizational status to become a
Maryland business trust (the “MCRC Organizational Change”),
provided the following conditions are satisfied: (i) the Borrower gives the
Administrative Agent at least ten (10) Business Days prior written notice of such
change; (ii) no Event of Default has occurred and is continuing at the time such
change occurs and no Default or Event of Default would result therefrom; (iii) such
change would not otherwise reasonably be expected to have a Material Adverse Effect;
(iv) MCRC reaffirms its obligations under the MCRC Guaranty; (v) counsel for
MCRC issues updated legal opinions reasonably acceptable to the Administrative Agent and
its counsel as to the consummation of the MCRC Organizational Change and the continued
enforceability of the MCRC Guaranty; and (vi) MCRC and the Borrower provide any other
documentation reasonably requested by the Administrative Agent. 

69

         §7.8.       
          Insurance. The Borrower will, and will cause each Guarantor to, maintain
          with respect to its properties, and will cause each of its Subsidiaries to
          maintain with financially sound and reputable insurers, insurance with respect
          to such properties and its business against such casualties and contingencies as
          shall be commercially reasonable and in accordance with the customary and
          general practices of businesses having similar operations and real estate
          portfolios in similar geographic areas and in amounts, containing such terms, in
          such forms and for such periods as may be reasonable and prudent for such
          businesses. 

         §7.9.       
          Taxes. The Borrower will, and will cause each Guarantor to, pay or cause
          to be paid real estate taxes, other taxes, assessments and other governmental
          charges against the Real Estate before the same become delinquent and will duly
          pay and discharge, or cause to be paid and discharged, before the same shall
          become overdue, all taxes, assessments and other governmental charges imposed
          upon its sales and activities, or any part thereof, or upon the income or
          profits therefrom, as well as all claims for labor, materials, or supplies that
          if unpaid might by law become a lien or charge upon any of the Real Estate;
          provided that any such tax, assessment, charge, levy or claim need not be
          paid if the validity or amount thereof shall currently be contested in good
          faith by appropriate proceedings and if the Borrower or such Guarantor shall
          have set aside on its books adequate reserves with respect thereto; and
          provided further that the Borrower or such Guarantor will pay all such
          taxes, assessments, charges, levies or claims forthwith upon the commencement of
          proceedings to foreclose any lien that may have attached as security therefor.
          If requested by the Administrative Agent, the Borrower will provide evidence of
          the payment of real estate taxes, other taxes, assessments and other
          governmental charges against the Real Estate in the form of receipted tax bills
          or other form reasonably acceptable to the Agent. Notwithstanding the foregoing,
          a breach of the covenants set forth in this §7.9 shall only constitute an
          Event of Default if such breach results in an aggregate amount in excess of
          $10,000,000 at any one time claimed due by the taxing authority of any
          jurisdiction for which payment is required to be made and has not been timely
          made. 

         §7.10.       
          Inspection of Properties and Books. The Borrower will, and will cause
          each Guarantor to, permit the Lenders, coordinated through the Administrative
          Agent, (a) on an annual basis as a group, or more frequently if required by law
          or by regulatory requirements of a Lender or if a Default or an Event of Default
          shall have occurred and be continuing, to visit and inspect any of the
          properties of the Borrower, any Guarantor or any of their respective
          Subsidiaries, and to examine the books of account of the Borrower, the
          Guarantors and their respective Subsidiaries (and to make copies thereof and
          extracts therefrom) and (b) to discuss the affairs, finances and accounts of the
          Borrower, the Guarantors and their respective Subsidiaries with, and to be
          advised as to the same by, its officers, all at such reasonable times and
          intervals during normal business hours as the Administrative Agent may
          reasonably request; provided that the Borrower shall only be responsible
          for the costs and expenses incurred by the Administrative Agent in connection
          with such inspections after the occurrence and during the continuance of an
          Event of Default; and provided further that such Person has executed a
          confidentiality agreement in substantially the form previously executed by the
          Administrative Agent. The Administrative Agent and each Lender agrees to treat
          any non-public information delivered or made available by the Borrower to it in
          accordance with the provisions of the confidentiality agreement executed by such
          Person. 

70

         §7.11.       
          Compliance with Laws, Contracts, Licenses, and Permits. The Borrower
          will, and will cause each Guarantor to, comply with, and will cause each of
          their respective Subsidiaries to comply with (a) all applicable laws and
          regulations now or hereafter in effect wherever its business is conducted,
          including, without limitation, all Environmental Laws and all applicable federal
          and state securities laws, (b) the provisions of its partnership agreement and
          certificate or corporate charter and other charter documents and by-laws, as
          applicable, (c) all material agreements and instruments to which it is a party
          or by which it or any of its properties may be bound (including the Real Estate
          and the Leases) and (d) all applicable decrees, orders, and judgments;
          provided that any such decree, order or judgment need not be complied
          with if the validity or amount thereof shall currently be contested in good
          faith by appropriate proceedings and if the Borrower or such Guarantor shall
          have set aside on its books adequate reserves with respect thereto; and
          provided further that the Borrower or such Guarantor will comply with any
          such decree, order or judgment forthwith upon the commencement of proceedings to
          foreclose any Lien that may have attached as security therefor. 

         §7.12.       
          Use of Proceeds. Subject at all times to the other provisions of this
          Agreement, the Borrower will use the proceeds of the Loans solely for general
          working capital needs (including letters of credit) and other general corporate
          purposes. 

         §7.13.       
          Additional Guarantors; Solvency of Guarantors. 

         (a)       
          If, after the Closing Date, a Subsidiary that is not a Guarantor, (i) acquires
          any Real Estate that then or thereafter qualifies under (a)-(d) of the
          definition of Unencumbered Property and is wholly-owned or ground leased under
          an Eligible Ground Lease, or (ii) extends, holds or acquires any Intercompany
          Secured Debt, in each case the Borrower shall cause such Person (which Person
          must be or become a wholly-owned Subsidiary) to execute and deliver a Guaranty
          to the Administrative Agent and the Lenders in substantially the form of
          Exhibit B hereto. Such Guaranty shall evidence
          consideration and equivalent value. The Borrower will not permit any Guarantor
          that owns or ground leases any Unencumbered Properties to have any Subsidiaries
          unless such Subsidiary’s business, obligations and undertakings are
          exclusively related to the business of such Guarantor in the ownership of the
          Unencumbered Properties. 

71

         (b)       
          The Borrower, MCRC, and each Subsidiary Guarantor is solvent, other than for
          Permitted Event(s) permitted by this Agreement which shall be the only
          Non-Material Breaches under this §7.13(b). The Borrower and MCRC each
          acknowledge that, subject to the indefeasible payment and performance in full of
          the Obligations, the rights of contribution among each of the them and the
          Subsidiary Guarantors are in accordance with applicable laws and in accordance
          with each such Person’s benefits under the Loans and this Agreement. The
          Borrower further acknowledges that, subject to the indefeasible payment and
          performance in full of the Obligations, the rights of subrogation of the
          Subsidiary Guarantors as against the Borrower and MCRC are in accordance with
          applicable laws. 

         §7.14.       
          Further Assurances. The Borrower will, and will cause each Guarantor to,
          cooperate with, and to cause each of its Subsidiaries to cooperate with, the
          Administrative Agent and the Lenders and execute such further instruments and
          documents as the Lenders or the Administrative Agent shall reasonably request to
          carry out to their reasonable satisfaction the transactions contemplated by this
          Agreement and the other Loan Documents. 

         §7.15.       
          Environmental Indemnification. The Borrower covenants and agrees that it
          and its Subsidiaries will indemnify and hold the Administrative Agent and each
          Lender, and each of their respective Affiliates, harmless from and against any
          and all claims, expense, damage, loss or liability incurred by the
          Administrative Agent or any Lender (including all reasonable costs of legal
          representation incurred by the Administrative Agent or any Lender in connection
          with any investigative, administrative or judicial proceeding, whether or not
          the Administrative Agent or any Lender is party thereto, but excluding, as
          applicable for the Administrative Agent or a Lender, any claim, expense, damage,
          loss or liability as a result of the gross negligence or willful misconduct of
          the Administrative Agent or such Lender or any of their respective Affiliates)
          relating to (a) any Release or threatened Release of Hazardous Substances on any
          Real Estate; (b) any violation of any Environmental Laws with respect to
          conditions at any Real Estate or the operations conducted thereon; (c) the
          investigation or remediation of off-site locations at which the Borrower, any
          Guarantor or any of their respective Subsidiaries or their predecessors are
          alleged to have directly or indirectly disposed of Hazardous Substances; or (d)
          any action, suit, proceeding or investigation brought or threatened with respect
          to any Hazardous Substances relating to Real Estate (including, but not limited
          to, claims with respect to wrongful death, personal injury or damage to
          property). In litigation, or the preparation therefor, the Lenders and the
          Administrative Agent shall be entitled to select their own counsel and
          participate in the defense and investigation of such claim, action or
          proceeding, and the Borrower shall bear the expense of such separate counsel of
          the Administrative Agent and the Lenders if (i) in the written opinion of
          counsel to the Administrative Agent and the Lenders, use of counsel of the
          Borrower’s choice could reasonably be expected to give rise to a conflict
          of interest, (ii) the Borrower shall not have employed counsel reasonably
          satisfactory to the Administrative Agent and the Lenders within a reasonable
          time after notice of the institution of any such litigation or proceeding, or
          (iii) the Borrower authorizes the Administrative Agent and the Lenders to employ
          separate counsel at the Borrower’s expense. It is expressly acknowledged by
          the Borrower that this covenant of indemnification shall survive the payment of
          the Loans and shall inure to the benefit of the Administrative Agent and the
          Lenders and their respective Affiliates, their respective successors, and their
          respective assigns under the Loan Documents permitted under this Agreement. 

72

         §7.16.       
          Response Actions. The Borrower covenants and agrees that if any Release
          or disposal of Hazardous Substances shall occur or shall have occurred on any
          Real Estate owned by it or any of its Subsidiaries, the Borrower will cause the
          prompt containment and removal of such Hazardous Substances and remediation of
          such Real Estate if necessary to comply with all Environmental Laws. 

         §7.17.       
          Environmental Assessments. If the Majority Lenders have reasonable
          grounds to believe that a Disqualifying Environmental Event has occurred with
          respect to any Unencumbered Property, after reasonable notice by the
          Administrative Agent, whether or not a Default or an Event of Default shall have
          occurred, the Majority Lenders may determine that the affected Real Estate no
          longer qualifies as an Unencumbered Property; provided that prior to
          making such determination, the Administrative Agent shall give the Borrower
          reasonable notice and the opportunity to obtain one or more environmental
          assessments or audits of such Unencumbered Property prepared by a
          hydrogeologist, an independent engineer or other qualified consultant or expert
          approved by the Administrative Agent, which approval will not be unreasonably
          withheld, to evaluate or confirm (i) whether any Release of Hazardous Substances
          has occurred in the soil or water at such Unencumbered Property and (ii) whether
          the use and operation of such Unencumbered Property materially complies with all
          Environmental Laws (including not being subject to a matter that is a
          Disqualifying Environmental Event). Such assessment will then be used by the
          Administrative Agent to determine whether a Disqualifying Environmental Event
          has in fact occurred with respect to such Unencumbered Property. All such
          environmental assessments shall be at the sole cost and expense of the Borrower. 

         §7.18.       
          Employee Benefit Plans. 

         (a)       
          In General. Each Employee Benefit Plan maintained by the Borrower, any
          Guarantor or any of their respective ERISA Affiliates will be operated in
          compliance in all material respects with the provisions of ERISA and, to the
          extent applicable, the Code, including but not limited to the provisions
          thereunder respecting prohibited transactions. 

         (b)       
          Terminability of Welfare Plans. With respect to each Employee Benefit
          Plan maintained by the Borrower, any Guarantor or any of their respective ERISA
          Affiliates which is an employee welfare benefit plan within the meaning of
          §3(1) or §3(2)(B) of ERISA, the Borrower, such Guarantor, or any of
          their respective ERISA Affiliates, as the case may be, has the right to
          terminate each such plan at any time (or at any time subsequent to the
          expiration of any applicable bargaining agreement) without material liability
          other than liability to pay claims incurred prior to the date of termination. 

         (c)       
          Unfunded or Underfunded Liabilities. The Borrower will not, and will not
          permit any Guarantor to, at any time, have accruing or accrued unfunded or
          underfunded liabilities with respect to any Employee Benefit Plan, Guaranteed
          Pension Plan or Multiemployer Plan, or permit any condition to exist under any
          Multiemployer Plan that would create a withdrawal liability. 

73

         §7.19.       
          No Amendments to Certain Documents. The Borrower will not, and will not
          permit any Guarantor to, at any time cause or permit its certificate of limited
          partnership, agreement of limited partnership, articles of incorporation,
          by-laws, certificate of formation, operating agreement or other charter
          documents, as the case may be, to be modified, amended or supplemented in any
          respect whatever, without (in each case) the express prior written consent or
          approval of the Administrative Agent, if such changes would adversely affect
          MCRC’s REIT status or otherwise materially adversely affect the rights of
          the Administrative Agent and the Lenders hereunder or under any other Loan
          Document. 

         §7.20.       
          Distributions in the Ordinary Course. In the ordinary course of business
          MCRLP causes all of its and MCRC’s Subsidiaries to make net transfers of
          cash and cash equivalents upstream to MCRLP and MCRC, and shall continue to
          follow such ordinary course of business. MCRLP shall not make net transfers of
          cash and cash equivalents downstream to its and MCRC’s Subsidiaries except
          for any transfers of cash and cash equivalents in connection with the extension
          of Intercompany Secured Debt and except in the ordinary course of business
          consistent with past practice. 

         §8.       
          CERTAIN NEGATIVE COVENANTS OF THE BORROWER AND THE GUARANTORS. The
          Borrower for itself and on behalf of the Guarantors covenants and agrees that,
          so long as any Loan, Letter of Credit or Note is outstanding or any of the
          Lenders has any obligation or commitment to make any Loans or any Lender has any
          obligation or commitment to issue, extend or renew any Letters of Credit: 

         §8.1.       
          Restrictions on Indebtedness. 

        The
Borrower and the Guarantors may, and may permit their respective Subsidiaries to, create,
incur, assume, guarantee or be or remain liable for, contingently or otherwise, any
Indebtedness other than the specific Indebtedness which is prohibited under this §8.1
and with respect to which each of the Borrower and the Guarantors will not, and will not
permit any Subsidiary to, create, incur, assume, guarantee or be or remain liable for,
contingently or otherwise, singularly or in the aggregate as follows: 

         (a)       
          Indebtedness which would result in a Default or Event of Default under §9
          hereof or under any other provision of this Agreement; and 

         (b)       
          Guarantees of the Indebtedness of any Other Investment which are not permitted
          under the definition of “Other Investment” herein. 

        The
terms and provisions of this §8.1 are in addition to, and not in limitation of, the
covenants set forth in §9 of this Agreement. 

74

         §8.2.       
          Restrictions on Liens, Etc. None of the Borrower, any Guarantor, any
          Operating Subsidiary and any wholly-owned Subsidiary will: (a) create or incur
          or suffer to be created or incurred or to exist any lien, encumbrance, mortgage,
          pledge, negative pledge, charge, restriction or other security interest of any
          kind upon any of its property or assets of any character whether now owned or
          hereafter acquired, or upon the income or profits therefrom; (b) transfer any of
          such property or assets or the income or profits therefrom for the purpose of
          subjecting the same to the payment of Indebtedness or performance of any other
          obligation in priority to payment of its general creditors; (c) acquire, or
          agree or have an option to acquire, any property or assets upon conditional sale
          or other title retention or purchase money security agreement, device or
          arrangement; (d) suffer to exist for a period of more than thirty (30) days
          after the same shall have been incurred any Indebtedness or claim or demand
          against it that if unpaid might by law or upon bankruptcy or insolvency, or
          otherwise, be given any priority whatsoever over its general creditors; or (e)
          sell, assign, pledge or otherwise transfer any accounts, contract rights,
          general intangibles, chattel paper or instruments, with or without recourse (the
          foregoing items (a) through (e) being sometimes referred to in this §8.2
          collectively as “Liens”), provided that
          the Borrower, the Guarantors and any Subsidiary may create or incur or suffer to
          be created or incurred or to exist: 

         (i)       
          Liens securing taxes, assessments, governmental charges (including, without
          limitation, water, sewer and similar charges) or levies or claims for labor,
          material and supplies; 

         (ii)       
          deposits or pledges made in connection with, or to secure payment of,
          worker’s compensation, unemployment insurance, old age pensions or other
          social security obligations; and deposits with utility companies and other
          similar deposits made in the ordinary course of business; 

         (iii)       
          Liens (other than affecting the Unencumbered Properties) in respect of judgments
          or awards; 

         (iv)       
          encumbrances on properties consisting of easements, rights of way, covenants,
          notice of use limitations under Environmental Laws, restrictions on the use of
          real property and defects and irregularities in the title thereto;
          landlord’s or lessor’s Liens under Leases to which the Borrower, any
          Guarantor, or any Subsidiary is a party or bound; purchase options granted at a
          price not less than the market value of such property; and other similar Liens
          or encumbrances on properties, none of which interferes materially and adversely
          with the use of the property affected in the ordinary conduct of the business of
          the owner thereof, and which matters neither (x) individually or in the
          aggregate have a Material Adverse Effect nor (xx) make title to such property
          unmarketable by the conveyancing standards in effect where such property is
          located; 

         (v)       
          any Leases (excluding Synthetic Leases) entered into in good faith with Persons
          that are not Affiliates; provided that Leases with Affiliates on market
          terms and with monthly market rent payments required to be paid are Permitted
          Liens; 

75

         (vi)       
          Liens and other encumbrances or rights of others which exist on the date of this
          Agreement and which do not otherwise constitute a breach of this Agreement; 

         (vii)       
          as to Real Estate, which is acquired after the date of this Agreement, Liens and
          other encumbrances or rights of others which exist on the date of acquisition
          and which do not otherwise constitute a breach of this Agreement; 

         (viii)       
          Liens affecting the Unencumbered Properties in respect of judgments or awards
          that have been in force for less than the applicable period for taking an
          appeal, so long as execution is not levied thereunder or in respect of which, at
          the time, a good faith appeal or proceeding for review is being prosecuted, and
          in respect of which a stay of execution shall have been obtained pending such
          appeal or review; provided that the Borrower shall have obtained a bond
          or insurance with respect thereto to the Administrative Agent’s reasonable
          satisfaction; 

         (ix)       
          Liens securing Indebtedness for the purchase price of capital assets (other than
          Real Estate but including Indebtedness in respect of Capitalized Leases for
          equipment and other equipment leases) to the extent not otherwise prohibited by
          §8.1; 

         (x)       
          other Liens (other than affecting the Unencumbered Properties) in connection
          with any Indebtedness not prohibited under §8.1, which do not otherwise
          result in a Default or Event of Default under this Agreement; 

         (xi)       
          Liens granted in accordance with §8.3(b) hereof; and 

         (xii)       
          Liens affecting an Unencumbered Property consisting of mortgages, deeds of trust
          or other security interests granted by a Subsidiary Guarantor to the Borrower or
          another Guarantor to secure intercompany Indebtedness owing from such Subsidiary
          Guarantor to the Borrower or such other Guarantor; provided that at all
          times such Indebtedness and Liens (sometimes referred to herein collectively as
          the “Intercompany Secured Debt”) shall be held by
          the Borrower or a Guarantor and the Borrower’s or such Guarantor’s
          rights or interests therein shall not be subject to any Liens. 

        Notwithstanding
the foregoing provisions of this §8.2, the failure of any Unencumbered Property to
comply with the covenants set forth in this §8.2 shall result in such Unencumbered
Property’s no longer qualifying as Unencumbered Property under this Agreement, but
such disqualification shall not by itself constitute a Default or Event of Default, unless
the cause of such non-qualification otherwise constitutes a Default or an Event of
Default. 

         §8.3.       
          Merger, Consolidation and Disposition of Assets. 

        None
of the Borrower, any Guarantor, any Operating Subsidiary or any wholly-owned Subsidiary
will: 

76

          		    (a)       
               Become a party to any merger, consolidation or reorganization without the prior
               Unanimous Lender Approval, except that so long as no Default or Event of Default
               has occurred and is continuing, or would occur after giving effect thereto, the
               merger, consolidation or reorganization of one or more Persons with and into the
               Borrower, any Guarantor, or any wholly-owned Subsidiary, shall be permitted if
               (i) such action is not hostile, (ii) the Borrower, any Guarantor, or any wholly
               owned Subsidiary, as the case may be, is the surviving entity or such merger,
               consolidation or reorganization involves only MCRC and its Affiliates and is
               done in connection with an MCRC Organizational Change otherwise permitted under
               this Agreement, and (iii) such merger, consolidation or reorganization does not
               cause a Default or Event of Default under §12.1(m) hereof; provided,
               that for any such merger, consolidation or reorganization (other than (v) the
               merger or consolidation of one or more Affiliates of MCRC with and into MCRC, or
               of MCRC into such Affiliate, in either case in connection with an MCRC
               Organizational Change otherwise permitted under this Agreement, (w) the merger
               or consolidation of one or more Subsidiaries of MCRLP with and into MCRLP, (x)
               the merger or consolidation of two or more Subsidiaries of MCRLP, (y) the merger
               or consolidation of one or more Subsidiaries of MCRC with and into MCRC, or (z)
               the merger or consolidation of two or more Subsidiaries of MCRC), the Borrower
               shall provide to the Administrative Agent a statement in the form of
               Exhibit D hereto signed by the chief financial officer or
               senior vice president of finance or other thereon designated officer of the
               Borrower and setting forth in reasonable detail computations evidencing
               compliance with the covenants contained in §9 hereof and certifying that no
               Default or Event of Default has occurred and is continuing, or would occur and
               be continuing after giving effect to such merger, consolidation or
               reorganization and all liabilities, fixed or contingent, pursuant thereto; 

               

          		    (b)       
               Sell, transfer or otherwise dispose of (collectively and individually,
               “Sell” or a
               “Sale”) or grant a Lien to secure Indebtedness
               (an “Indebtedness Lien”) on any of its now owned,
               ground leased or hereafter acquired assets without obtaining the prior written
               consent of the Required Lenders, except for: 

               

          		    (i)       
               the Sale of or granting of an Indebtedness Lien on any Unencumbered Property or
               other Real Estate so long as no Default or Event of Default has then occurred
               and is continuing, or would occur and be continuing after giving effect to such
               Sale or Indebtedness Lien; provided, that prior to (A) any Sale of any
               Unencumbered Property (for consideration in excess of $25,000,000) or other Real
               Estate (for consideration in excess of $75,000,000) or (B) the granting of an
               Indebtedness Lien with respect to an Unencumbered Property (for consideration in
               excess of $25,000,000) or other Real Estate (for consideration in excess of
               $75,000,000), the Borrower shall provide to the Administrative Agent a statement
               in the form of Exhibit D hereto signed by the chief
               financial officer or senior vice president of finance or other thereon
               designated officer of the Borrower and setting forth in reasonable detail
               computations evidencing compliance with the covenants contained in §9
               hereof and certifying that no Default or Event of Default has occurred and is
               continuing, or would occur and be continuing after giving effect to such
               proposed Sale or Indebtedness Lien and all liabilities, fixed or contingent,
               pursuant thereto; and provided further, if such Sale involves a
               qualified, deferred exchange under § 1031 of the Code, the Borrower shall
               also provide the statements and certifications described in the previous proviso
               on the date of any release from the escrow account of the proceeds of such
               qualified, deferred exchange under §1031 of the Code; 

               

77

          		    (ii)       
               the Sale of or the granting of an Indebtedness Lien on any Unencumbered Property
               while a Default or Event of Default has then occurred and is continuing;
               provided, that (A) the Borrower shall (1) apply the net proceeds of each
               such permitted Sale or Indebtedness Lien to the repayment of the Loans or (2)
               segregate the net proceeds of such permitted Sale or Indebtedness Lien in an
               escrow account with the Administrative Agent or with a financial institution
               reasonably acceptable to the Administrative Agent and apply such net proceeds
               solely to a qualified, deferred exchange under §1031 of the Code or to
               another use with the prior written approval of the Required Lenders or (3)
               complete an exchange of such Unencumbered Property for other real property of
               equivalent value under §1031 of the Code so long as such other real
               property becomes an Unencumbered Property upon acquisition, (B) no Default or
               Event of Default would occur and be continuing after giving effect to such Sale
               or Indebtedness Lien and (C) prior to the date of such Sale or granting of an
               Indebtedness Lien for consideration in excess of $25,000,000, and on the date of
               any release from the escrow account of the proceeds of the qualified, deferred
               exchange under §1031 of the Code in excess of $25,000,000, the Borrower
               shall provide to the Administrative Agent a statement in the form of
               Exhibit D hereto signed by the chief financial officer or
               senior vice president of finance or other thereon designated officer and setting
               forth in reasonable detail computations evidencing compliance with the covenant
               in §9 hereof and certifying the use of the proceeds of such Sale or
               Indebtedness Lien and certifying that no Default or Event of Default would occur
               and be continuing after giving effect to such Sale or Indebtedness Lien, and all
               liabilities fixed or contingent pursuant thereto or to such release of proceeds; 

               

          		    (iii)       
               the Sale of or the granting of an Indebtedness Lien on any Real Estate (other
               than an Unencumbered Property) while a Default or Event of Default has then
               occurred and is continuing; provided, that (A) the Borrower shall (1) apply the
               net proceeds of each such Sale or Indebtedness Lien to the repayment of the
               Loans or (2) segregate the net proceeds of such Sale or Indebtedness Lien in an
               escrow account with the Administrative Agent or with a financial institution
               reasonably acceptable to the Administrative Agent and apply such net proceeds
               solely to a qualified, deferred exchange under §1031 of the Code or to
               another use with the prior written approval of the Required Lenders or (3)
               complete an exchange of such Real Estate for other real property of equivalent
               value under §1031 of the Code, (B) no Default or Event of Default would
               occur and be continuing after giving effect to such Sale or Indebtedness Lien
               and (C) prior to the date of any such Sale or granting of an Indebtedness Lien
               for consideration in excess of $75,000,000, the Borrower shall provide to the
               Administrative Agent a statement in the form of Exhibit D
               hereto signed by the chief financial officer or senior vice president of finance
               or other thereon designated officer of the Borrower and setting forth in
               reasonable detail computations evidencing compliance with the covenants
               contained in §9 hereof and certifying that no Default or Event of Default
               would occur and be continuing after giving effect to such Sale or Indebtedness
               Lien and all liabilities, fixed or contingent, pursuant thereto; and 

               

78

          		    (iv)       
               the Sale of or the granting of an Indebtedness Lien on any of its now owned or
               hereafter acquired assets (other than Real Estate) in one or more transactions. 

               

         §8.4.       
          Negative Pledge. From and after the date hereof, neither the Borrower nor
          any Guarantor will, and will not permit any Subsidiary to, enter into any
          agreement or permit to exist any agreement by it, containing any provision
          prohibiting the creation or assumption of any Lien upon its properties (other
          than prohibitions on liens for particular assets (other than an Unencumbered
          Property) set forth in a security instrument in connection with Secured
          Indebtedness for such assets and the granting or effect of such liens does not
          otherwise constitute a Default or Event of Default), revenues or assets, whether
          now owned or hereafter acquired, or restricting the ability of the Borrower or
          the Guarantors to amend or modify this Agreement or any other Loan Document. The
          Borrower shall be permitted a period of (i) thirty (30) days to cure any
          Non-Material Breach affecting other than MCRC or MCRLP and (ii) ten (10) days to
          cure any Non-Material Breach affecting MCRC or MCRLP under this §8.4 before
          the same shall be an Event of Default under §12.1(c). 

         §8.5.       
          Compliance with Environmental Laws. None of the Borrower, any Guarantor,
          or any Subsidiary will do any of the following: (a) use any of the Real Estate
          or any portion thereof as a facility for the handling, processing, storage or
          disposal of Hazardous Substances except for quantities of Hazardous Substances
          used in the ordinary course of business and in compliance with all applicable
          Environmental Laws, (b) cause or permit to be located on any of the Real Estate
          any underground tank or other underground storage receptacle for Hazardous
          Substances except in compliance with Environmental Laws, (c) generate any
          Hazardous Substances on any of the Real Estate except in compliance with
          Environmental Laws, or (d) conduct any activity at any Real Estate or use any
          Real Estate in any manner so as to cause a Release causing a violation of
          Environmental Laws or a Material Adverse Effect or a violation of any
          Environmental Law; provided that a breach of this covenant shall result
          in the affected Real Estate no longer being an Unencumbered Property, but shall
          only constitute an Event of Default under §12.1(d) if such breach is not a
          Non-Material Breach. 

         §8.6.       
          Distributions. (a) The Borrower (i) will not in any period of four (4)
          consecutive completed fiscal quarters make Distributions with respect to common
          stock or other common equity interests in such period in an aggregate amount in
          excess of 90% of Funds From Operations for such period (for purposes of this
          clause, non-cash assets or interests in non-cash assets which are distributed to
          equity interest holders of the Borrower shall be valued at the value of such
          assets used in calculating Consolidated Total Capitalization) or (ii) will not
          make any Distributions during any period when any Event of Default under
          §12.1(a) (including, without limitation, any failure to pay resulting from
          acceleration of the Loans) §12.1(b), §12.1(c) resulting from a failure
          to comply with §7.7 (as to the legal existence and REIT status of MCRC),
          §9, §12.1(g), §12.1(h), or §12.1(j) has occurred and is
          continuing or (iii) will not make any Distributions or transfers of cash or cash
          equivalents to any Guarantor or its Subsidiaries when such Person is the subject
          of a Permitted Event except as required by order of the tribunal in which such
          Permitted Event is occurring; and except that such Person may make Distributions
          or transfers of cash or cash equivalents permitted under §7.20 to a
          Guarantor or Subsidiary while such distributing Person is the subject of a
          Permitted Event; provided, however, that the Borrower may at all times
          make Distributions (after taking into account all available funds of MCRC from
          all other sources) in the minimum aggregate amount required in order to enable
          MCRC to continue to qualify as a REIT. In the event that MCRC or MCRLP raises
          equity during the term of this Agreement, the permitted percentage of
          Distributions will be adjusted based on the total declared distribution per
          share and partnership units over the most recent four (4) quarters to Funds From
          Operations per weighted average share and partnership unit based on the most
          recent four (4) quarters. 

79

         (b)       
          MCRC will not, during any period when any Event of Default has occurred and is
          continuing, make any Distributions in excess of the Distributions required to be
          made by MCRC in order to maintain its status as a REIT. 

         §8.7.       
          Employee Benefit Plans.  None of the Borrower, any
          Guarantor or any ERISA Affiliate will 

         (a)       
          engage in any “prohibited transaction” within the meaning of §406
          of ERISA or §4975 of the Code which could result in a material liability
          for the Borrower, any Guarantor or any of their respective Subsidiaries; or 

         (b)       
          permit any Guaranteed Pension Plan to incur an “accumulated funding
          deficiency”, as such term is defined in §302 of ERISA, whether or not
          such deficiency is or may be waived; or 

         (c)       
          fail to contribute to any Guaranteed Pension Plan to an extent which, or
          terminate any Guaranteed Pension Plan in a manner which, could result in the
          imposition of a lien or encumbrance on the assets of the Borrower, any Guarantor
          or any of their respective Subsidiaries pursuant to §302(f) or §4068
          of ERISA; or 

         (d)       
          amend any Guaranteed Pension Plan in circumstances requiring the posting of
          security pursuant to §307 of ERISA or §401(a)(29) of the Code; or 

         (e)       
          permit or take any action which would result in the aggregate benefit
          liabilities (with the meaning of §4001 of ERISA) of all Guaranteed Pension
          Plans exceeding the value of the aggregate assets of such Plans, disregarding
          for this purpose the benefit liabilities and assets of any such Plan with assets
          in excess of benefit liabilities; 

80

provided that none of (a)
— (e) shall be an Event of Default under §12.1(c) if the prohibited matters
occurring are in the aggregate within the Dollar limits permitted within §12.1(l) and
are otherwise the subject of the matters that are covered by the Events of Default in
§12.1(l) 

         §8.8.       
          Fiscal Year.  The Borrower will not, and will not permit the
          Guarantors or any of their respective Subsidiaries to, change the date of the
          end of its fiscal year from that set forth in §6.5; provided that
          such persons may change their respective fiscal years if they give the
          Administrative Agent thirty (30) days prior written notice of such change and
          the parties make appropriate adjustments satisfactory to the Borrower and the
          Lenders to the provisions of this Agreement (including without limitation those
          set forth in §9) to reflect such change in fiscal year. 

         §9.       
          FINANCIAL COVENANTS OF THE BORROWER. The Borrower covenants and agrees
          that, so long as any Loan, Letter of Credit or Note is outstanding or any Lender
          has any obligation or commitment to make any Loan or any Lender has any
          obligation or commitment to issue, extend or renew any Letters of Credit: 

        §9.1.  
Leverage Ratio. As at the end of any fiscal quarter or other date of measurement,
the Borrower shall not permit Consolidated Total Liabilities to exceed 60% of Consolidated
Total Capitalization. 

        §9.2.  Secured
Indebtedness. As at the end of any fiscal quarter or other date of measurement, the
Borrower shall not permit Consolidated Secured Indebtedness to exceed 40% of Consolidated
Total Capitalization. 

        §9.3.  Tangible
Net Worth. As at the end of any fiscal quarter or any other date of measurement, the
Borrower shall not permit Consolidated Tangible Net Worth to be less than the sum of (a)
$1,800,000,000 plus (b) 70% of the sum of (i) the aggregate proceeds received by
MCRC (net of fees and expenses customarily incurred in transactions of such type) in
connection with any offering of stock in MCRC and (ii) the aggregate value of operating
units issued by MCRLP in connection with asset or stock acquisitions (valued at the time
of issuance by reference to the terms of the agreement pursuant to which such units are
issued), in each case after the Closing Date and on or prior to the date such
determination of Consolidated Tangible Net Worth is made. 

        §9.4.  Interest
Coverage. As at the end of any fiscal quarter or other date of measurement, the
Borrower shall not permit Consolidated Adjusted Net Income to be less than two (2) times
Consolidated Total Interest Expense, based on the results of the most recent two (2)
complete fiscal quarters. 

        §9.5.  Fixed
Charge Coverage. As at the end of any fiscal quarter or other date of measurement, the
Borrower shall not permit Consolidated Adjusted Net Income to be less than one and
one-half (1.5) times Consolidated Fixed Charges, based on the results of the most recent
two (2) complete fiscal quarters. 

81

        §9.6.  Unsecured
Indebtedness. As at the end of any fiscal quarter or other date of measurement, the
Borrower shall not permit Consolidated Unsecured Indebtedness to exceed 60% of the sum
(the “Section 9.6 Sum”) of (a) aggregate Capitalized
Unencumbered Property NOI for all Unencumbered Properties plus (b) the value of all
Eligible Cash 1031 Proceeds resulting from the sale of Unencumbered Properties. 

        §9.7.  Unencumbered
Property Interest Coverage. As at the end of any fiscal quarter or other date of
measurement, the Borrower shall not permit the aggregate Adjusted Unencumbered Property
NOI for all Unencumbered Properties to be less than two (2) times Consolidated Total
Unsecured Interest Expense, based on the results of the most recent two (2) complete
fiscal quarters. 

        §9.8.  Investment
Limitation. None of the Borrower, any Guarantor, or any Subsidiary will make or permit
to exist or to remain outstanding any Investment in violation of the following
restrictions and limitations: 

         (a)       
          As at the end of any fiscal quarter or other date of measurement, the book value
          of Unimproved Non-Income Producing Land shall not exceed ten (10%) of
          Consolidated Total Capitalization. 

         (b)       
          Investments in Other Investments shall be Without Recourse to the Borrower, the
          Guarantors and their Subsidiaries other than as expressly permitted in the
          definition of Other Investment, shall otherwise comply with the requirements of
          the definition of Other Investment, and shall not exceed the lesser of 7.5% of
          Consolidated Total Capitalization or $200,000,000. 

         (c)       
          As at the end of any fiscal quarter or other date of measurement, the aggregate
          Project Costs of all Construction-in-Process shall not exceed fifteen (15%)
          percent of Consolidated Total Capitalization. For purposes of this §9.8(c),
          Construction-in-Process shall not include so-called “build to suit”
          properties which are (i) seventy-five (75%) percent pre-leased (by rentable
          square foot) to tenants which have a minimum credit rating of BBB-from S&P
          or Baa3 from Moody’s, as the case may be, or which have a financial
          condition reasonably acceptable to the Majority Lenders (provided that the
          Borrower shall submit any such request for the Lender’s acceptance of a
          tenant’s financial condition to the Administrative Agent in writing, and
          the Administrative Agent shall, in turn, promptly forward such request to each
          Lender; each Lender shall then have five (5) Business Days from its deemed
          receipt of such request to approve or disapprove of such tenant’s financial
          condition, with any Lender’s failure to send notice of disapproval to the
          Administrative Agent within five (5) Business Days being deemed to be its
          approval) and (ii) in substantial compliance, with respect to both time and
          cost, with the original construction budget and construction schedule, as
          amended by change orders or otherwise updated. A property shall continue to be
          considered Construction-in-Process until the date of substantial completion of
          such property; from such date, it will continue to be valued (for financial
          covenant compliance purposes) as if it were Construction-in-Process until the
          earlier of (i) the end of four (4) consecutive calendar quarters following
          substantial completion and (ii) the date upon which such property is 90% leased
          to tenants who are then paying rent. 

82

         (d)       
          As at the end of any fiscal quarter or other date of measurement, the value of
          Indebtedness of third parties to the Borrower, the Guarantors, or their
          Subsidiaries for borrowed money which is unsecured or is secured by mortgage
          liens (valued at the book value of such Indebtedness) shall not exceed fifteen
          (15%) percent of Consolidated Total Capitalization. 

         (e)       
          The Investments set forth in clauses (a) through (d) above, taken in the
          aggregate, shall not exceed thirty (30%) percent of Consolidated Total
          Capitalization. 

         (f)       
          Investments in Real Estate other than office, office flex, and
          industrial/warehouse properties, taken in the aggregate, shall not exceed
          fifteen (15%) of Consolidated Total Capitalization. 

      §9.9.  Covenant
Calculations.

         (a)       
          For purposes of the calculations to be made pursuant to §§9.1-9.8 (and
          the defined terms relevant thereto, including, without limitation, those
          relating to “interest expense” and “fixed charges”),
          references to Indebtedness or liabilities of the Borrower shall mean
          Indebtedness or liabilities (including, without limitation, Consolidated Total
          Liabilities) of the Borrower, plus (but without double-counting): 

          		    (i)       
               all Indebtedness or liabilities of the Operating Subsidiaries, the Guarantors
               and any other wholly-owned Subsidiary (excluding any such Indebtedness or
               liabilities owed to the Borrower or any Guarantor; provided that, as to
               MCRC, MCRC has a corresponding Indebtedness or liability to the Borrower), 

               

          		    (ii)       
               all Indebtedness or liabilities of each Partially-Owned Entity (including for
               Capitalized Leases), but only to the extent, if any, that said Indebtedness or
               liability is Recourse to the Borrower, the Guarantors or their respective
               Subsidiaries or any of their respective assets (other than their respective
               interests in such Partially-Owned Entity); provided that Recourse
               Indebtedness arising from such Person’s acting as general partner or
               guarantor of collection only (and not of payment or performance) of a
               Partially-Owned Entity shall be limited to the amount by which the Indebtedness
               exceeds the liquidation value of the Real Estate and other assets owned by such
               Partially-Owned Entity if the creditor owed such Indebtedness is required by law
               or by contract to seek repayment of such Indebtedness from such Real Estate and
               other assets before seeking repayment from such Person, and 

               

83

          		    (iii)       
               Indebtedness or liabilities of each Partially-Owned Entity to the extent of the
               pro-rata share of such Indebtedness or liability allocable to the Borrower, the
               Guarantors or their respective Subsidiaries without double counting. 

               

         (b)       
          For purposes of §§9.1-9.8 hereof, Consolidated Adjusted Net Income,
          Revised Consolidated Adjusted Net Income, Adjusted Unencumbered Property NOI and
          Revised Adjusted Unencumbered Property NOI (and all defined terms and
          calculations using such terms) shall be adjusted (i) to deduct the actual
          results of any Real Estate disposed of by the Borrower, a Guarantor or any of
          their respective Subsidiaries during the relevant fiscal period (for Revised
          Consolidated Adjusted Net Income and Revised Adjusted Unencumbered Property NOI
          only), (ii) to include the pro forma results of any Real Estate acquired by the
          Borrower, a Guarantor or any of their respective Subsidiaries during the
          relevant fiscal period, with such pro forma results being calculated by (x)
          using the Borrower’s pro forma projections for such acquired property,
          subject to the Administrative Agent’s reasonable approval, if such property
          has been owned by the Borrower, a Guarantor or any of their respective
          Subsidiaries for less than one complete fiscal quarter or (y) using the actual
          results for such acquired property and adjusting such results for the
          appropriate period of time required by the applicable financial covenant, if
          such property has been owned by the Borrower, a Guarantor or any of their
          respective Subsidiaries for at least one complete fiscal quarter (for Revised
          Consolidated Adjusted Net Income and Revised Adjusted Unencumbered Property NOI
          only) and (iii) to the extent applicable, to include the pro rata share of
          results attributable to the Borrower from unconsolidated Subsidiaries of MCRC,
          the Borrower and their respective Subsidiaries and from unconsolidated
          Partially-Owned Entities; provided that income shall not be included
          until received without restriction in cash by the Borrower. 

         (c)       
          For purposes of §§9.1 — 9.8 hereof, together with each other
          section of this Agreement that refers or relates to GAAP, if any change in GAAP
          after the Financial Statement Date results in a change in the calculation to be
          performed in any such section, solely as a result of such change in GAAP, then
          (i) the Borrower’s compliance with such covenant(s) or section shall
          be determined on the basis of GAAP in effect as of the Financial Statement Date,
          and (ii) the Administrative Agent and the Borrower shall negotiate in good
          faith a modification of any such covenant(s) or sections so that the economic
          effect of the calculation of such covenant(s) or sections using GAAP as so
          changed is as close as feasible to what the economic effect of the calculation
          of such covenant(s) or sections would have been using GAAP in effect as of the
          Financial Statement Date. 

         (d)       
          For purposes of §§9.1-9.8 hereof, Consolidated Total Capitalization
          and the Section 9.6 Sum (as such term is defined in §9.6 hereof) shall be
          adjusted (without double-counting) to include the Eligible Cash 1031 Proceeds
          from any Real Estate disposed of by the Borrower, a Guarantor or any of their
          respective Subsidiaries and for which the results have been deducted pursuant to
          §9.9(b). 

84

         §10.       
          CONDITIONS TO THE CLOSING DATE. The obligations of the Lenders to make
          the initial Revolving Credit Loans, of the Swing Lender to make the initial
          Swing Loans and of the Fronting Bank to issue any initial Letters of Credit
          shall be subject to the satisfaction of the following conditions precedent: 

         §10.1.       
          Loan Documents. Each of the Loan Documents shall have been duly executed
          and delivered by the respective parties thereto and shall be in full force and
          effect. 

         §10.2.       
          Certified Copies of Organization Documents. The Administrative Agent
          shall have received (i) from the Borrower and each of the Subsidiary Guarantors
          a copy, certified as of the Closing Date by a duly authorized officer of such
          Person (or its general partner, if such Person is a partnership, or its managing
          member, if such Person is a limited liability company) to be true and complete,
          of each of its certificate of limited partnership, agreement of limited
          partnership, incorporation documents, by-laws, certificate of formation,
          operating agreement and/or other organizational documents as in effect on the
          Closing Date; provided that any Subsidiary Guarantor which has previously
          delivered such organizational documents may satisfy this condition by providing
          a certificate of a duly authorized officer of such Person as to the absence of
          changes or as to the changes, if any, to those organizational documents
          previously delivered, and (ii) from MCRC a copy, certified as of a date within
          thirty (30) days prior to the Closing Date by the appropriate officer of the
          State of Maryland to be true and correct, of the corporate charter of MCRC, in
          each case along with any other organization documents of the Borrower and each
          Subsidiary Guarantor (and its general partner, if such Person is a partnership,
          or its managing member, if such Person is a limited liability company) or MCRC,
          as the case may be, and each as in effect on the date of such certification. 

         §10.3.       
          By-laws; Resolutions. All action on the part of the Borrower, the
          Subsidiary Guarantors and MCRC necessary for the valid execution, delivery and
          performance by the Borrower, the Subsidiary Guarantors and MCRC of this
          Agreement and the other Loan Documents to which any of them is or is to become a
          party as of the Closing Date shall have been duly and effectively taken, and
          evidence thereof satisfactory to the Lenders shall have been provided to the
          Administrative Agent. Without limiting the foregoing, the Administrative Agent
          shall have received from MCRC true copies of its by-laws and the resolutions
          adopted by its board of directors authorizing the transactions described herein
          and evidencing the due authorization, execution and delivery of the Loan
          Documents to which MCRC and the Borrower and Subsidiary Guarantors of which MCRC
          is a controlling Person are a party, each certified by the secretary as of a
          recent date to be true and complete. 

         §10.4.       
          Incumbency Certificate; Authorized Signers. The Administrative Agent
          shall have received from each of the Borrower, MCRC and the Subsidiary
          Guarantors an incumbency certificate, dated as of the Closing Date, signed by a
          duly authorized officer of such Person and giving the name of each individual
          who shall be authorized: (a) to sign, in the name and on behalf of such Person,
          each of the Loan Documents to which such Person is or is to become a party as of
          the Closing Date; (b) in the case of the Borrower, to make Loan Requests,
          Conversion Requests and Competitive Bid Requests and to apply for Letters of
          Credit on behalf of the Borrower; and (c) in the case of the Borrower, to give
          notices and to take other action on behalf of the Borrower and the Guarantors
          under the Loan Documents. 

85

         §10.5.       
          Certificates of Insurance. The Administrative Agent shall have received
          (a) current certificates of insurance as to all of the insurance maintained by
          the Borrower and its Subsidiaries on the Real Estate (including flood insurance
          if necessary) from the insurer or an independent insurance broker, identifying
          insurers, types of insurance, insurance limits, and policy terms; and (b) such
          further information and certificates from the Borrower, its insurers and
          insurance brokers as the Administrative Agent may reasonably request. 

         §10.6.       
          Opinion of Counsel Concerning Organization and Loan Documents. Each of
          the Lenders and the Administrative Agent shall have received favorable opinions
          addressed to the Lenders and the Administrative Agent in form and substance
          reasonably satisfactory to the Lenders and the Administrative Agent from (a)
          Pryor Cashman Sherman & Flynn LLP, as counsel to the Borrower, the
          Subsidiary Guarantors, MCRC and their respective Subsidiaries, with respect to
          New York and New Jersey law and certain matters of Delaware law, (b) Ballard
          Spahr Andrews and Ingersoll, LLP, as corporate counsel to MCRC, with respect to
          Maryland law, (c) Wiggin & Dana, as counsel to the Borrower and the
          Subsidiary Guarantors with respect to Connecticut law, (d) McCausland, Keen
          & Buckman, as counsel to the Borrower and the Subsidiary Guarantors with
          respect to Pennsylvania law, and (e) Jones, Day, Reavis & Pogue, as counsel
          to the Borrower and the Subsidiary Guarantors with respect to Texas and
          California law. 

         §10.7.       
          Tax Law Compliance. Each of the Lenders and the Administrative Agent
          shall also have received from Seyfarth Shaw LLP, as counsel to the Borrower and
          MCRC, a favorable opinion addressed to the Lenders and the Administrative Agent,
          in form and substance satisfactory to each of the Lenders and the Administrative
          Agent, with respect to the qualification of MCRC as a REIT and certain other tax
          laws matters. 

         §10.8.       
          Certifications from Government Officials. The Administrative Agent shall
          have received long-form certifications from government officials evidencing the
          legal existence, good standing and foreign qualification of the Borrower and
          each Guarantor, along with a certified copy of the certificate of limited
          partnership or certificate of incorporation of the Borrower and each Guarantor,
          all as of the most recent practicable date. 

         §10.9.       
          Proceedings and Documents. All proceedings in connection with the
          transactions contemplated by this Agreement, the other Loan Documents and all
          other documents incident thereto shall be satisfactory in form and substance to
          each of the Lenders’, the Borrower’s, the Guarantors’ and the
          Administrative Agent’s counsel, and the Administrative Agent, each of the
          Lenders and such counsel shall have received all information and such
          counterpart originals or certified or other copies of such documents as the
          Administrative Agent may reasonably request. 

         §10.10.       
          Fees. The Borrower shall have paid to the Administrative Agent, for the
          accounts of the Lenders, Bank of America, the Arrangers or for its own account,
          as applicable, all of the fees and expenses that are due and payable as of the
          Closing Date in accordance with this Agreement and the Fee Letter. 

86

         §10.11.       
          Closing Certificate; Compliance Certificate. The Borrower shall have
          delivered a Closing Certificate to the Administrative Agent, the form of which
          is attached hereto as Exhibit E. The Borrower shall have
          delivered a compliance certificate in the form of Exhibit D
          hereto evidencing compliance with the covenants set forth in §9 hereof, the
          absence of any Default or Event of Default, and the accuracy of all
          representations and warranties in all material respects. 

         §10.12.       
          Subsequent Guarantors. As a condition to the effectiveness of any
          subsequent Guaranty, each subsequent Guarantor shall deliver such documents,
          agreements, instruments and opinions as the Administrative Agent shall
          reasonably require as to such Guarantor and the Unencumbered Property owned or
          ground-leased by such Guarantor that are analogous to the deliveries made by the
          Guarantors as of the Closing Date pursuant to §10.2 through §10.6 and
          §10.8. 

         §10.13.       
          No Default Under 2002 Agreement. There shall exist no Default or Event of
          Default under the 2002 Agreement. 

         §11.       
          CONDITIONS TO ALL BORROWINGS. The obligations of the Lenders to make any
          Loan and of any Lender to issue, extend or renew any Letter of Credit, in each
          case, whether on or after the Closing Date, shall also be subject to the
          satisfaction of the following conditions precedent: 

         §11.1.       
          Representations True; No Event of Default; Compliance Certificate. Each
          of the representations and warranties of the Borrower and the Guarantors
          contained in this Agreement, the other Loan Documents or in any document or
          instrument delivered pursuant to or in connection with this Agreement shall be
          true as of the date as of which they were made and shall also be true at and as
          of the time of the making of each Loan or the issuance, extension or renewal of
          each Letter of Credit, with the same effect as if made at and as of that time
          (except to the extent (i) of changes resulting from transactions contemplated or
          not prohibited by this Agreement or the other Loan Documents (ii) of changes
          occurring in the ordinary course of business, (iii) that such representations
          and warranties relate expressly to an earlier date and (iv) that such untruth is
          disclosed when first known to the Borrower or a Guarantor in the next delivered
          compliance certificate, and is a Non-Material Breach); and no Default or Event
          of Default under this Agreement shall have occurred and be continuing on the
          date of any Loan Request or Competitive Bid Request or on the Drawdown Date of
          any Loan. Each of the Lenders shall have received a certificate of the Borrower
          as provided in §2.5(iv)(c) or §2A.9. 

         §11.2.       
          No Legal Impediment. No change shall have occurred in any law or
          regulations thereunder or interpretations thereof that in the reasonable opinion
          of the Administrative Agent or any Lender would make it illegal for any Lender
          to make such Loan or to participate in the issuance, extension or renewal of
          such Letter of Credit or, in the reasonable opinion of the Administrative Agent,
          would make it illegal to issue, extend or renew such Letter of Credit. 

87

         §11.3.       
          Governmental Regulation. Each Lender shall have received such statements
          in substance and form reasonably satisfactory to such Lender as such Lender
          shall require for the purpose of compliance with any applicable regulations of
          the Comptroller of the Currency or the Board of Governors of the Federal Reserve
          System. 

         §12.       
          EVENTS OF DEFAULT; ACCELERATION; ETC. 

         §12.1.       
          Events of Default and Acceleration. If any of the following events
          (“Events of Default”) shall occur: 

         (a)       
          the Borrower shall fail to pay any principal of the Loans when the same shall
          become due and payable, whether at the stated date of maturity or any
          accelerated date of maturity or at any other date fixed for payment; none of the
          foregoing is a Non-Material Breach. 

         (b)       
          the Borrower shall fail to pay any interest on the Loans, the Facility Fee, any
          Letter of Credit Fee or any other sums due hereunder or under any of the other
          Loan Documents (including, without limitation, amounts due under §7.15)
          when the same shall become due and payable, whether at the stated date of
          maturity or any accelerated date of maturity or at any other date fixed for
          payment, and such failure continues for five (5) days; none of the foregoing is
          a Non-Material Breach. 

         (c)       
          the Borrower or any Guarantor or any of their respective Subsidiaries shall fail
          to comply with any of their respective covenants contained in: §7.1 within
          ten (10) days of any such amount being due (except with respect to interest,
          fees and other sums covered by clause (b) above or principal covered by clause
          (a) above); §7.6 (as to the legal existence of MCRLP for which no period to
          cure is granted); §7.7 (as to the legal existence and REIT status of MCRC
          for which no period to cure is granted); §7.12; §7.19 within ten (10)
          days of the occurrence of same; §8 (except with respect to §8.4 for
          Non-Material Breaches only, or §8.5); or §9; none of the foregoing is
          a Non-Material Breach. 

         (d)       
          the Borrower or any Guarantor or any of their respective Subsidiaries shall fail
          to perform any other term, covenant or agreement contained herein or in any
          other Loan Document (other than those specified elsewhere in this §12) and
          such failure continues for thirty (30) days (other than a Non-Material Breach
          (excluding §8.4 for which the Non-Material Breach must be cured within the
          thirty or ten days, as applicable, provided therein) and such cure period shall
          not extend any specific cure period set forth in any term, covenant or agreement
          covered by this §12.1(d)). 

         (e)       
          any representation or warranty of the Borrower or any Guarantor or any of their
          respective Subsidiaries in this Agreement or any of the other Loan Documents or
          in any other document or instrument delivered pursuant to or in connection with
          this Agreement shall prove to have been false in any material respect upon the
          date when made or deemed to have been made or repeated (other than a
          Non-Material Breach). 

88

         (f)       
          the Borrower or any Guarantor or any of their respective Subsidiaries shall (i)
          fail to pay at maturity, or within any applicable period of grace or cure, any
          obligation for borrowed money or credit received by it (other than current
          obligations in the ordinary course of business) or in respect of any Capitalized
          Leases (x) in respect of any Recourse obligations or credit in an aggregate
          amount in excess of $20,000,000 (determined in accordance with §9.9 hereof)
          or (y) in respect of any Without Recourse obligations or credit in an aggregate
          amount in excess of $100,000,000 (determined in accordance with §9.9
          hereof), or (ii) fail to observe or perform any material term, covenant or
          agreement contained in any agreement by which it is bound, evidencing or
          securing borrowed money or credit received (other than current obligations in
          the ordinary course of business) or in respect of any Capitalized Leases (x) in
          respect of any Recourse obligations or credit in an aggregate amount in excess
          of $20,000,000 (determined in accordance with §9.9 hereof) for such period
          of time (after the giving of appropriate notice if required) as would permit the
          holder or holders thereof or of any obligations issued thereunder to accelerate
          the maturity thereof or (y) in respect of any Without Recourse obligations or
          credit in an aggregate amount in excess of $100,000,000 (determined in
          accordance with §9.9 hereof), and the holder or holders thereof shall have
          accelerated the maturity thereof; none of the foregoing is a Non-Material
          Breach. 

         (g)       
          any Credit Party (other than for a Permitted Event) shall make an assignment for
          the benefit of creditors, or admit in writing its inability to pay or generally
          fail to pay its debts as they mature or become due, or shall petition or apply
          for the appointment of a trustee or other custodian, liquidator or receiver of
          any Credit Party or of any substantial part of the properties or assets of any
          Credit Party (other than for a Permitted Event) or shall commence any case or
          other proceeding relating to any Credit Party (other than for a Permitted Event)
          under any bankruptcy, reorganization, arrangement, insolvency, readjustment of
          debt, dissolution or liquidation or similar law of any jurisdiction, now or
          hereafter in effect, or shall take any action to authorize or in furtherance of
          any of the foregoing, or if any such petition or application shall be filed or
          any such case or other proceeding shall be commenced against any Credit Party
          (other than for a Permitted Event) and (i) any Credit Party (other than for a
          Permitted Event) shall indicate its approval thereof, consent thereto or
          acquiescence therein or (ii) any such petition, application, case or other
          proceeding shall continue undismissed, or unstayed and in effect, for a period
          of seventy-five (75) days. 

         (h)       
          a decree or order is entered appointing any trustee, custodian, liquidator or
          receiver or adjudicating any Credit Party (other than for a Permitted Event)
          bankrupt or insolvent, or approving a petition in any such case or other
          proceeding, or a decree or order for relief is entered in respect of any Credit
          Party (other than for a Permitted Event) in an involuntary case under federal
          bankruptcy laws as now or hereafter constituted, and such proceeding, decree or
          order shall continue undismissed, or unstayed and in effect, for a period of
          seventy-five (75) days. 

89

         (i)       
          there shall remain in force, undischarged, unsatisfied and unstayed, for a
          period of more than thirty (30) days, any uninsured final judgment against the
          Borrower, any Guarantor or any of their respective Subsidiaries that, with other
          outstanding uninsured final judgments, undischarged, unsatisfied and unstayed,
          against the Borrower, any Guarantor or any of their respective Subsidiaries
          exceeds in the aggregate $10,000,000 (other than for a Permitted Event). 

         (j)       
          any of the Loan Documents or any material provision of any Loan Documents shall
          be canceled, terminated, revoked or rescinded otherwise than in accordance with
          the terms thereof or with the express prior written agreement, consent or
          approval of the Administrative Agent, or any Guaranty shall be canceled,
          terminated, revoked or rescinded at any time or for any reason whatsoever, or
          any action at law, suit or in equity or other legal proceeding to make
          unenforceable, cancel, revoke or rescind any of the Loan Documents shall be
          commenced by or on behalf of the Borrower or any of its Subsidiaries or any
          Guarantor or any of its Subsidiaries, or any court or any other governmental or
          regulatory authority or agency of competent jurisdiction shall make a
          determination that, or issue a judgment, order, decree or ruling to the effect
          that, any one or more of the Loan Documents is illegal, invalid or unenforceable
          as to any material terms thereof, other than as any of the same may occur from a
          Permitted Event permitted by this Agreement. 

         (k)       
          any “Event of Default” or default (after notice and expiration of any
          period of grace, to the extent provided, and if none is specifically provided or
          denied, then for a period of thirty (30) days after notice), as defined or
          provided in any of the other Loan Documents, shall occur and be continuing. 

         (l)       
          the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a
          Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount
          exceeding $5,000,000, or the Borrower or any ERISA Affiliate is assessed
          withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan
          requiring aggregate annual payments exceeding $5,000,000, or any of the
          following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA
          Reportable Event, or a failure to make a required installment or other payment
          (within the meaning of §302(f)(1) of ERISA), provided that the
          Administrative Agent determines in its reasonable discretion that such event (A)
          could be expected to result in liability of the Borrower or any of its
          Subsidiaries to the PBGC or such Guaranteed Pension Plan in an aggregate amount
          exceeding $5,000,000 and (B) could constitute grounds for the termination of
          such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate
          United States District Court of a trustee to administer such Guaranteed Pension
          Plan or for the imposition of a lien in favor of such Guaranteed Pension Plan;
          or (ii) the appointment by a United States District Court of a trustee to
          administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of
          proceedings to terminate such Guaranteed Pension Plan; to the extent that any
          breach of §6.16 or §7.18 is a matter that constitutes a specific
          breach of a provision of this §12.1(l), the breach of §6.16 or
          §7.18 shall not be a Non-Material Breach. 

90

         (m)       
          Notwithstanding the provisions of §8.3(a), any person or group of persons
          (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934,
          as amended) shall have acquired beneficial ownership (within the meaning of Rule
          13d-3 promulgated by the Securities and Exchange Commission under said Act) of
          40% or more of the outstanding shares of voting stock of MCRC in a transaction
          or a series of related transactions and, if at any time within one (1) year
          following such acquisition (i) fewer than three (3) of the five (5) Key
          Management Individuals remain active in the executive and/or operational
          management in their current (or comparable) positions with MCRC or (ii)
          individuals who were directors of MCRC on the date of such acquisition shall
          cease to constitute a majority of the voting members of the board of directors
          of MCRC. For purposes hereof, “Key Management Individuals” shall mean
          and include Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas, Michael A.
          Grossman, and Anthony Krug and such replacement individuals as are reasonably
          acceptable to (and consented to in writing by) the Majority Lenders, 

then, and in any such event, so long
as the same may be continuing, the Administrative Agent with the consent of the Required
Lenders may, and upon the request of the Required Lenders shall, by notice in writing to
the Borrower, declare all amounts owing with respect to this Agreement, the Notes and the
other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon
forthwith become, immediately due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived by the Borrower and
each Guarantor; provided that in the event of any Event of Default specified in
§12.1(g) or §12.1(h), all such amounts shall become immediately due and payable
automatically and without any requirement of notice from any of the Lenders or the any of
Administrative Agent or action by the Lenders or the Administrative Agent. 

        A
Non-Material Breach shall require that the Borrower commence and continue to exercise
reasonable diligent efforts to cure such breach (which shall occur within any specific
time period for curing a Non-Material Breach elsewhere set forth in this Agreement if
any). Such efforts may include (and for a Permitted Event shall include) the release of
the affected Person(s) (other than MCRC) as the Guarantor pursuant to §5 so long as
such release (i) cures such Non-Material Breach (ii) does not otherwise cause a Default or
Event of Default, and (iii) does not have a Material Adverse Effect on the Borrower, the
remaining Guarantors, and their respective Subsidiaries, taken as a whole. Continuing
failure of the Borrower to comply with the requirements to commence and continue to
exercise reasonable diligent efforts to cure such Non-Material Breach shall constitute a
material breach after notice from the Administrative Agent. 

         §12.2.       
          Termination of Commitments. If any one or more Events of Default
          specified in §12.1(g) or §12.1(h) shall occur, any unused portion of
          the Commitments hereunder shall forthwith terminate and the Lenders shall be
          relieved of all obligations to make Loans to the Borrower and the Administrative
          Agent and any Fronting Bank shall be relieved of all further obligations to
          issue, extend or renew Letters of Credit. If any other Event of Default shall
          have occurred and be continuing, whether or not the Lenders shall have
          accelerated the maturity of the Loans pursuant to §12.1, the Administrative
          Agent with the consent of the Required Lenders may, and upon the request of the
          Required Lenders shall, by notice to the Borrower, terminate the unused portion
          of the credit hereunder, and upon such notice being given such unused portion of
          the credit hereunder shall terminate immediately and each of the Lenders shall
          be relieved of all further obligations to make Loans, the Administrative Agent
          and any Fronting Bank shall be relieved of all further obligations to issue,
          extend or renew Letters of Credit. No such termination of the credit hereunder
          shall relieve the Borrower or any Guarantor of any of the Obligations or any of
          its existing obligations to the Lenders arising under other agreements or
          instruments. 

91

         §12.3.       
          Remedies. In the event that one or more Events of Default shall have
          occurred and be continuing, whether or not the Lenders shall have accelerated
          the maturity of the Loans pursuant to §12.1, the Required Lenders may
          direct the Administrative Agent to proceed to protect and enforce the rights and
          remedies of the Administrative Agent and the Lenders under this Agreement, the
          Notes, any or all of the other Loan Documents or under applicable law by suit in
          equity, action at law or other appropriate proceeding (including for the
          specific performance of any covenant or agreement contained in this Agreement or
          the other Loan Documents or any instrument pursuant to which the Obligations are
          evidenced and, to the full extent permitted by applicable law, the obtaining of
          the ex parte appointment of a receiver), and, if any amount shall have
          become due, by declaration or otherwise, proceed to enforce the payment thereof
          or any other legal or equitable right or remedy of the Administrative Agent and
          the Lenders under the Loan Documents or applicable law. No remedy herein
          conferred upon the Lenders or the Administrative Agent or the holder of any Note
          or purchaser of any Letter of Credit Participation is intended to be exclusive
          of any other remedy and each and every remedy shall be cumulative and shall be
          in addition to every other remedy given hereunder or under any of the other Loan
          Documents or now or hereafter existing at law or in equity or by statute or any
          other provision of law. 

         §13.       
          SETOFF. Without demand or notice, during the continuance of any Event of
          Default, any deposits (general or specific, time or demand, provisional or
          final, regardless of currency, maturity, or the branch at which such deposits
          are held, but specifically excluding tenant security deposits, other fiduciary
          accounts and other segregated escrow accounts required to be maintained by the
          Borrower for the benefit of any third party) or other sums credited by or due
          from any of the Lenders to the Borrower or its Subsidiaries or any other
          property of the Borrower or its Subsidiaries in the possession of the
          Administrative Agent or a Lender may be applied to or set off against the
          payment of the Obligations. Each of the Lenders agrees with each other Lender
          that (a) if pursuant to any agreement between such Lender and the Borrower
          (other than this Agreement or any other Loan Document), an amount to be set off
          is to be applied to Indebtedness of the Borrower to such Lender, other than with
          respect to the Obligations, such amount shall be applied ratably to such other
          Indebtedness and to the Obligations, and (b) if such Lender shall receive from
          the Borrower or its Subsidiaries, whether by voluntary payment, exercise of the
          right of setoff, counterclaim, cross action, enforcement of the Obligations by
          proceedings against the Borrower or its Subsidiaries at law or in equity or by
          proof thereof in bankruptcy, reorganization, liquidation, receivership or
          similar proceedings, or otherwise, and shall retain and apply to the payment of
          the Note or Notes held by, or Reimbursement Obligations owed to, such Lender any
          amount in excess of its ratable portion of the payments received by all of the
          Lenders with respect to the Notes held by, and Reimbursement Obligations owed
          to, all of the Lenders, such Lender will make such disposition and arrangements
          with the other Lenders with respect to such excess, either by way of
          distribution, pro tanto assignment of claims, subrogation or otherwise,
          as shall result in each Lender receiving in respect of the Notes held by it or
          Reimbursement Obligations owed it, its proportionate payment as contemplated by
          this Agreement; provided that if all or any part of such excess payment
          is thereafter recovered from such Lender, such disposition and arrangements
          shall be rescinded and the amount restored to the extent of such recovery, but
          without interest. Notwithstanding the foregoing, no Lender shall exercise a
          right of setoff if such exercise would limit or prevent the exercise of any
          other remedy or other recourse against the Borrower or its Subsidiaries; and
          provided further, if a Lender receives any amount in connection with the
          enforcement by such Lender against any particular assets held as collateral for
          Secured Indebtedness existing on the date hereof and unrelated to the
          Obligations which is owing to such Lender by the Borrower, such Lender shall not
          be required to ratably apply such amount to the Obligations. 

92

         §14.       
          THE ADMINISTRATIVE AGENT. 

         §14.1.       
          Authorization. (a) The Administrative Agent is authorized to take such
          action on behalf of each of the Lenders and to exercise all such powers as are
          hereunder and under any of the other Loan Documents and any related documents
          delegated to the Administrative Agent, together with such powers as are
          reasonably incident thereto, provided that no duties or responsibilities
          not expressly assumed herein or therein shall be implied to have been assumed by
          the Administrative Agent. The relationship between the Administrative Agent and
          the Lenders is and shall be that of agent and principal only, and nothing
          contained in this Agreement or any of the other Loan Documents shall be
          construed to constitute the Administrative Agent as a trustee or fiduciary for
          any Lender. Subject to the terms and conditions hereof, the Administrative Agent
          shall discharge its functions as “Administrative Agent” with the same
          degree of care as it performs administrative services for loans in which it is
          the sole lender. 

The Administrative Agent and the
Fronting Bank shall be fully justified in failing or refusing to take any action under
§3 hereof unless it shall first have received such advice or concurrence of the
Majority Lenders as it reasonably deems appropriate or it shall first be indemnified to
its reasonable satisfaction by the Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. 

         (b)       
          The Borrower, without further inquiry or investigation, shall, and is hereby
          authorized by the Lenders to, assume that all actions taken by the
          Administrative Agent hereunder and in connection with or under the Loan
          Documents are duly authorized by the Lenders. The Lenders shall notify the
          Borrower of any successor to Administrative Agent in accordance with §14.11
          by a writing signed by Required Lenders. 

93

         §14.2.       
          Employees and Agents. The Administrative Agent may exercise its powers
          and execute its duties by or through employees or agents and shall be entitled
          to take, and to rely on, advice of counsel concerning all matters pertaining to
          its rights and duties under this Agreement and the other Loan Documents. The
          Administrative Agent may utilize the services of such Persons as the
          Administrative Agent in its sole discretion may reasonably determine, and all
          reasonable fees and expenses of any such Persons shall be paid by the Borrower. 

         §14.3.       
          No Liability. Neither the Administrative Agent, nor any of its
          shareholders, directors, officers or employees nor any other Person assisting
          them in their duties nor any agent or employee thereof, shall be liable for any
          waiver, consent or approval given or any action taken, or omitted to be taken,
          in good faith by it or them hereunder or under any of the other Loan Documents,
          or in connection herewith or therewith, or be responsible for the consequences
          of any oversight or error of judgment whatsoever, except that the Administrative
          Agent shall be liable for losses due to its willful misconduct or gross
          negligence. 

         §14.4.       
          No Representations. Neither the Administrative Agent nor the Syndication
          Agent shall be responsible for the execution or validity or enforceability of
          this Agreement, the Notes, the Letters of Credit, or any of the other Loan
          Documents or for the validity, enforceability or collectibility of any such
          amounts owing with respect to the Notes, or for any recitals or statements,
          warranties or representations made herein or in any of the other Loan Documents
          or in any certificate or instrument hereafter furnished to it by or on behalf of
          any Guarantor or the Borrower or any of their respective Subsidiaries, or be
          bound to ascertain or inquire as to the performance or observance of any of the
          terms, conditions, covenants or agreements in this Agreement or the other Loan
          Documents. Neither the Administrative Agent nor the Syndication Agent shall be
          bound to ascertain whether any notice, consent, waiver or request delivered to
          it by the Borrower or any Guarantor or any holder of any of the Notes shall have
          been duly authorized or is true, accurate and complete. Neither the
          Administrative Agent nor the Syndication Agent has made nor does it now make any
          representations or warranties, express or implied, nor does it assume any
          liability to the Lenders, with respect to the creditworthiness or financial
          condition of the Borrower or any of its Subsidiaries or any Guarantor or any of
          the Subsidiaries or any tenant under a Lease or any other entity. Each Lender
          acknowledges that it has, independently and without reliance upon the
          Administrative Agent, the Syndication Agent or any other Lender, and based upon
          such information and documents as it has deemed appropriate, made its own credit
          analysis and decision to enter into this Agreement. 

         §14.5.       
          Payments. 

         (a)       
          A payment by the Borrower to the Administrative Agent hereunder or any of the
          other Loan Documents for the account of any Lender shall constitute a payment to
          such Lender. The Administrative Agent agrees to distribute to each Lender such
          Lender’s pro rata share of payments received by the Administrative Agent
          for the account of the Lenders, as provided herein or in any of the other Loan
          Documents. All such payments shall be made on the date received, if before 1:00
          p.m., and if after 1:00 p.m., on the next Business Day. If payment is not made
          on the day received, interest thereon at the overnight federal funds effective
          rate shall be paid pro rata to the Lenders. 

94

         (b)       
          If in the reasonable opinion of the Administrative Agent the distribution of any
          amount received by it in such capacity hereunder, under the Notes or under any
          of the other Loan Documents might involve it in material liability, it may
          refrain from making distribution until its right to make distribution shall have
          been adjudicated by a court of competent jurisdiction, provided that
          interest thereon at the overnight federal funds effective rate shall be paid pro
          rata to the Lenders. If a court of competent jurisdiction shall adjudge that any
          amount received and distributed by the Administrative Agent is to be repaid,
          each Person to whom any such distribution shall have been made shall either
          repay to the Administrative Agent its proportionate share of the amount so
          adjudged to be repaid or shall pay over the same in such manner and to such
          Persons as shall be determined by such court. 

         (c)       
          Notwithstanding anything to the contrary contained in this Agreement or any of
          the other Loan Documents, any Lender that fails (i) to make available to the
          Administrative Agent its pro rata share of any Loan or to purchase any Letter of
          Credit Participation or (ii) to comply with the provisions of §13 with
          respect to making dispositions and arrangements with the other Lenders, where
          such Lender’s share of any payment received, whether by setoff or
          otherwise, is in excess of its pro rata share of such payments due and payable
          to all of the Lenders, in each case as, when and to the full extent required by
          the provisions of this Agreement, or to adjust promptly such Lender’s
          outstanding principal and its pro rata Commitment Percentage as provided in
          §2.1, shall be deemed delinquent (a “Delinquent
          Lender”) and shall be deemed a Delinquent Lender until such
          time as such delinquency is satisfied. A Delinquent Lender shall be deemed to
          have assigned any and all payments due to it from the Borrower, whether on
          account of outstanding Loans, interest, fees or otherwise, to the remaining
          nondelinquent Lenders for application to, and reduction of, their respective pro
          rata shares of all outstanding Loans. The Delinquent Lender hereby authorizes
          the Administrative Agent to distribute such payments to the nondelinquent
          Lenders in proportion to their respective pro rata shares of all outstanding
          Loans. If not previously satisfied directly by the Delinquent Lender, a
          Delinquent Lender shall be deemed to have satisfied in full a delinquency when
          and if, as a result of application of the assigned payments to all outstanding
          Loans of the nondelinquent Lenders, the Lenders’ respective pro rata shares
          of all outstanding Loans have returned to those in effect immediately prior to
          such delinquency and without giving effect to the nonpayment causing such
          delinquency. 

         §14.6.       
          Holders of Notes. The Administrative Agent may deem and treat the payee
          of any Notes or the purchaser of any Letter of Credit Participation as the
          absolute owner or purchaser thereof for all purposes hereof until it shall have
          been furnished in writing with a different name by such payee or by a subsequent
          holder, assignee or transferee. 

95

         §14.7.       
          Indemnity. The Lenders ratably and severally agree hereby to indemnify
          and hold harmless the Administrative Agent (in its capacity as such and not in
          its capacity as a Lender) and its Affiliates from and against any and all
          claims, actions and suits (whether groundless or otherwise), losses, damages,
          costs, expenses (including any expenses for which the Administrative Agent has
          not been reimbursed by the Borrower as required by §15), and liabilities of
          every nature and character arising out of or related to this Agreement, the
          Notes, or any of the other Loan Documents or the transactions contemplated or
          evidenced hereby or thereby, or the Administrative Agent’s actions taken
          hereunder or thereunder, except to the extent that any of the same shall be
          directly caused by the Administrative Agent’s or such Affiliate’s
          willful misconduct or gross negligence. Nothing in this §14.7 shall limit
          any indemnification obligations of the Borrower hereunder. 

         §14.8.       
          Administrative Agent as Lender. In its individual capacity as a Lender,
          JPMorgan shall have the same obligations and the same rights, powers and
          privileges in respect to its Commitment and the Loans made by it, and as the
          holder of any of the Notes and as the purchaser of any Letter of Credit
          Participations, as it would have were it not also the Administrative Agent.
          Except as expressly set forth herein, 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, the Guarantors or their Subsidiaries that
          is communicated to or obtained by the bank serving as the Administrative Agent
          or any of its Affiliates in any capacity. 

         §14.9.       
          Notification of Defaults and Events of Default. Each Lender hereby agrees
          that, upon learning of the existence of a default, Default or an Event of
          Default, it shall (to the extent notice has not previously been provided)
          promptly notify the Administrative Agent thereof. The Administrative Agent
          hereby agrees that upon receipt of any notice under this §14.9 it shall
          promptly notify the other Lenders of the existence of such default, Default or
          Event of Default. 

         §14.10.       
          Duties in the Case of Enforcement. In case one or more Events of Default
          have occurred and shall be continuing, and whether or not acceleration of the
          Obligations shall have occurred, the Administrative Agent shall, if (a) so
          requested by the Required Lenders and (b) the Lenders have provided to the
          Administrative Agent such additional indemnities and assurances against expenses
          and liabilities as the Administrative Agent may reasonably request, proceed to
          enforce the provisions of this Agreement and exercise all or any such other
          legal and equitable and other rights or remedies as it may have in respect of
          enforcement of the Lenders’ rights against the Borrower and the Guarantors
          under this Agreement and the other Loan Documents. The Required Lenders may
          direct the Administrative Agent in writing as to the method and the extent
          (other than when such direction as to extent requires Unanimous Lender Approval
          under §25) of any such enforcement, the Lenders (including any Lender which
          is not one of the Required Lenders) hereby agreeing to ratably and severally
          indemnify and hold the Administrative Agent harmless from all liabilities
          incurred in respect of all actions taken or omitted in accordance with such
          directions other than actions taken in gross negligence or willful misconduct,
          provided that the Administrative Agent need not comply with any such
          direction to the extent that the Administrative Agent reasonably believes the
          Administrative Agent’s compliance with such direction to be unlawful or
          commercially unreasonable in any applicable jurisdiction. 

96

         §14.11.       
          Successor Administrative Agent. JPMorgan, or any successor Administrative
          Agent, may resign as Administrative Agent at any time by giving written notice
          thereof to the Lenders and to the Borrower. In addition, the Required Lenders
          may remove the Administrative Agent in the event of the Administrative
          Agent’s gross negligence or willful misconduct or in the event that the
          Administrative Agent ceases to hold a Commitment of at least $20,000,000 or a
          Commitment Percentage of at least five percent (5%) under this Agreement. Any
          such resignation or removal shall be effective upon appointment and acceptance
          of a successor Administrative Agent, as hereinafter provided. Subject to the
          next sentence, any such resignation or removal, the Required Lenders shall have
          the right to appoint a successor Administrative Agent, which is a Lender under
          this Agreement, provided that so long as no Default or Event of Default
          has occurred and is continuing the Borrower shall have the right to approve any
          successor Administrative Agent, which approval shall not be unreasonably
          withheld. Notwithstanding the preceding sentence, upon the resignation of
          JPMorgan as the Administrative Agent, the Borrower may elect the Syndication
          Agent to become the successor Administrative Agent for all purposes under this
          Agreement and the other Loan Documents. If, in the case of a resignation by the
          Administrative Agent, no successor Administrative Agent shall have been so
          appointed by the Required Lenders and, if applicable, approved by the Borrower,
          and shall have accepted such appointment, within thirty (30) days after the
          retiring Administrative Agent’s giving of notice of resignation, then the
          retiring Administrative Agent may, on behalf of the Lenders, appoint any one of
          the other Lenders as a successor Administrative Agent; provided that the
          Administrative Agent shall have first submitted the names of two (2) Lenders to
          the Borrower and, within ten (10) Business Days of such submission the Borrower
          shall not have selected one of such Lenders as the successor Administrative
          Agent. 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 retiring or removed Administrative Agent, and the retiring or
          removed Administrative Agent shall be discharged from all further duties and
          obligations as Administrative Agent under this Agreement. After any
          Administrative Agent’s resignation or removal hereunder as Administrative
          Agent, the provisions of this §14 shall inure to its benefit as to any
          actions taken or omitted to be taken by it while it was Administrative Agent
          under this Agreement. 

         §14.12.       
          Notices. Any notices or other information required hereunder to be
          provided to the Administrative Agent and any formal statement or notice given by
          the Administrative Agent to the Borrower or any Lender shall be promptly
          forwarded by the Administrative Agent to each of the other Lenders. 

         §15.       
          EXPENSES. The Borrower agrees to pay (a) the reasonable costs of incurred
          by JPMorgan and Bank of America and the Arrangers in producing this Agreement,
          the other Loan Documents and the other agreements and instruments mentioned
          herein, (b) the reasonable fees, expenses and disbursements of one outside
          counsel to both the Administrative Agent and the Syndication Agent, and one
          local counsel to the Administrative Agent and the Syndication Agent, in each
          case incurred in connection with the preparation, administration or
          interpretation of the Loan Documents and other instruments mentioned herein,
          each closing hereunder, and amendments, modifications, approvals, consents or
          waivers hereto or hereunder, (c) the reasonable fees, expenses and disbursements
          of the Administrative Agent and the Syndication Agent incurred by the
          Administrative Agent and the Syndication Agent in connection with the
          preparation, administration or interpretation of the Loan Documents (including
          those relating to the Competitive Bid Loans) and other instruments mentioned
          herein, each closing hereunder, any amendments, modifications, approvals,
          consents or waivers hereto or hereunder, or the cancellation of any Loan
          Document upon payment in full in cash of all of the Obligations or pursuant to
          any terms of such Loan Document for providing for such cancellation, including,
          without limitation, the reasonable fees and disbursements (including, without
          limitation, reasonable photocopying costs) of one counsel to the Administrative
          Agent and the Syndication Agent in preparing the documentation, (d) the
          reasonable fees, costs, expenses and disbursements of the Arrangers and their
          Affiliates incurred in connection with the syndication and/or participations of
          the Loans, including, without limitation, costs of preparing syndication
          materials and photocopying costs, subject to the limitations set forth in the
          Fee Letter, (e) all reasonable expenses (including reasonable attorneys’
          fees and costs, which attorneys may be employees of any Lender or the
          Administrative Agent or the Syndication Agent, and the fees and costs of
          appraisers, engineers, investment bankers, surveyors or other experts retained
          by any Lender or the Administrative Agent or the Syndication Agent in connection
          with any such enforcement, preservation proceedings or dispute) incurred by any
          Lender or the Administrative Agent or the Syndication Agent in connection with
          (i) the enforcement of or preservation of rights under any of the Loan Documents
          against the Borrower or any of its Subsidiaries or any Guarantor or the
          administration thereof after the occurrence and during the continuance of a
          Default or Event of Default (including, without limitation, expenses incurred in
          any restructuring and/or “workout” of the Loans), and (ii) any
          litigation, proceeding or dispute whether arising hereunder or otherwise, in any
          way related to any Lender’s or the Administrative Agent’s relationship
          with the Borrower, any Guarantor or any of their Subsidiaries, (f) all
          reasonable fees, expenses and disbursements of the Administrative Agent incurred
          in connection with UCC searches and (g) all costs incurred by the Administrative
          Agent in the future in connection with its inspection of the Unencumbered
          Properties after the occurrence and during the continuance of an Event of
          Default. The covenants of this §15 shall survive payment or satisfaction of
          payment of amounts owing with respect to the Notes. 

97

         §16.       
          INDEMNIFICATION. The Borrower agrees to indemnify and hold harmless the
          Administrative Agent, the Syndication Agent, the Arrangers and each of the
          Lenders and the shareholders, directors, agents, officers, employees,
          subsidiaries and affiliates of the Administrative Agent, the Syndication Agent,
          the Arrangers and each of the Lenders from and against any and all claims,
          actions and suits sought or brought by a third party, whether groundless or
          otherwise, and from and against any and all liabilities, losses, settlement
          payments, obligations, damages and expenses of every nature and character,
          including reasonable legal fees and expenses, arising out of or resulting in any
          way from this Agreement or any of the other Loan Documents or the transactions
          contemplated hereby or thereby or which otherwise arise in connection with the
          financing, including, without limitation, (a) any actual or proposed use by the
          Borrower or any of its Subsidiaries of the proceeds of any of the Loans, (b) the
          Borrower or any of its Subsidiaries or any Guarantor entering into or performing
          this Agreement or any of the other Loan Documents, or (c) pursuant to §7.15
          hereof, in each case including, without limitation, the reasonable fees and
          disbursements of counsel incurred in connection with any investigative,
          administrative or judicial proceeding (whether or not such indemnified Person is
          a party thereto), provided, however, that the Borrower shall not be
          obligated under this §16 to indemnify any Person for liabilities arising
          from such Person’s own gross negligence or willful misconduct. In
          litigation, or the preparation therefor, the Borrower shall be entitled to
          select counsel reasonably acceptable to the Required Lenders, and the Lenders
          (as approved by the Required Lenders) shall be entitled to select their own
          supervisory counsel and, in addition to the foregoing indemnity, the Borrower
          agrees to pay promptly the reasonable fees and expenses of each such counsel if
          (i) in the written opinion of counsel to the Administrative Agent, the
          Syndication Agent, the Arrangers or the Lenders, as the case may be, use of
          counsel of the Borrower’s choice could reasonably be expected to give rise
          to a conflict of interest, (ii) the Borrower shall not have employed counsel
          reasonably satisfactory to the Administrative Agent, the Syndication Agent, the
          Arrangers or the Lenders, as the case may be, within a reasonable time after
          notice of the institution of any such litigation or proceeding or (iii) the
          Borrower authorizes the Administrative Agent, the Syndication Agent, the
          Arrangers or the Lenders, as the case may be, to employ separate counsel at the
          Borrower’s expense. If and to the extent that the obligations of the
          Borrower under this §16 are unenforceable for any reason, the Borrower
          hereby agrees to make the maximum contribution to the payment in satisfaction of
          such obligations which is permissible under applicable law. The provisions of
          this §16 shall survive the repayment of the Loans and the termination of
          the obligations of the Lenders hereunder and shall continue in full force and
          effect as long as the possibility of any such claim, action, cause of action or
          suit exists. 

98

         §17.       
          SURVIVAL OF COVENANTS, ETC. All covenants, agreements, representations
          and warranties made herein, in the Notes, in any of the other Loan Documents
          shall be deemed to have been relied upon by the Lenders, the Administrative
          Agent and the Syndication Agent, notwithstanding any investigation heretofore or
          hereafter made by any of them, and shall survive the making by the Lenders of
          any of the Loans and the issuance, extension or renewal of any Letters of
          Credit, as herein contemplated, and shall continue in full force and effect so
          long as any Letter of Credit or any amount due under this Agreement or the Notes
          or any of the other Loan Documents remains outstanding or any Lender has any
          obligation to make any Loans or the Administrative Agent or any Fronting Bank
          has any obligation to issue, extend or renew any Letter of Credit. The
          indemnification obligations of the Borrower provided herein and in the other
          Loan Documents shall survive the full repayment of amounts due and the
          termination of the obligations of the Lenders hereunder and thereunder to the
          extent provided herein and therein. All statements contained in any certificate
          delivered to any Lender or the Administrative Agent or the Syndication Agent at
          any time by or on behalf of the Borrower or any of its Subsidiaries or any
          Guarantor pursuant hereto or in connection with the transactions contemplated
          hereby shall constitute representations and warranties by the Borrower or such
          Subsidiary or such Guarantor hereunder. 

99

         §18.       
          ASSIGNMENT; PARTICIPATIONS; ETC. 

         §18.1.       
          Conditions to Assignment by Lenders. Except as provided herein, each
          Lender may assign to one or more Eligible Assignees all or a portion of its
          interests, rights and obligations under this Agreement (including all or a
          portion of its Commitment Percentage and Commitment and the same portion of the
          Loans at the time owing to it, the Notes held by it, the Competitive Bid Loan
          Accounts maintained by it and its participating interest in the risk relating to
          any Letters of Credit); provided that (a) the Administrative Agent, the
          Fronting Bank and, except (x) in the case of an assignment to a Lender or a
          Lender Affiliate or (y) if an Event of Default shall have occurred and be
          continuing, the Borrower each shall have the right to approve any Eligible
          Assignee, which approval shall not be unreasonably withheld or delayed, (b) each
          such assignment shall be of a constant, and not a varying, percentage of all the
          assigning Lender’s rights and obligations under this Agreement as to such
          interests, rights and obligations under this Agreement so assigned, (c) except
          in the case of an assignment to a Lender or a Lender Affiliate, each such
          assignment shall be in a minimum amount of $5,000,000 or an integral multiple of
          $1,000,000 in excess thereof, (d) unless the assigning Lender shall have
          assigned its entire Commitment, each Lender shall have at all times an amount of
          its Commitment of not less than $10,000,000 and (e) the parties to such
          assignment shall execute and deliver to the Administrative Agent, for recording
          in the Register (as hereinafter defined), an assignment and assumption,
          substantially in the form of Exhibit F hereto (an
          “Assignment and Assumption”), together with any
          Notes subject to such assignment. Upon such execution, delivery, acceptance and
          recording, from and after the effective date specified in each Assignment and
          Assumption, which effective date shall be at least five (5) Business Days after
          the execution thereof, (i) the assignee thereunder shall be a party hereto and,
          to the extent provided in such Assignment and Assumption, have the rights and
          obligations of a Lender hereunder and thereunder, and (ii) the assigning Lender
          shall, to the extent provided in such assignment and upon payment to the
          Administrative Agent of the registration fee referred to in §18.3, be
          released from its obligations under this Agreement. If the consent of the
          Borrower is required pursuant to this §18.1, and the Borrower does not
          respond to the Administrative Agent’s request for consent within
          ten (10) Business Days of receipt of such written request, the consent
          shall be deemed given. 

         §18.2.       
          Certain Representations and Warranties; Limitations; Covenants. By
          executing and delivering an Assignment and Assumption, the parties to the
          assignment thereunder confirm to and agree with each other and the other parties
          hereto as follows: (a) other than the representation and warranty that it is the
          legal and beneficial owner of the interest being assigned thereby free and clear
          of any adverse claim, the assigning Lender makes no representation or warranty
          and assumes no responsibility with respect to any statements, warranties or
          representations made in or in connection with this Agreement or the execution,
          legality, validity, enforceability, genuineness, sufficiency or value of this
          Agreement, the other Loan Documents or any other instrument or document
          furnished pursuant hereto; (b) the assigning Lender makes no representation or
          warranty and assumes no responsibility with respect to the financial condition
          of the Borrower or any of its Subsidiaries or any Guarantor or any other Person
          primarily or secondarily liable in respect of any of the Obligations, or the
          performance or observance by the Borrower or any of its Subsidiaries or any
          Guarantor or any other Person primarily or secondarily liable in respect of any
          of the Obligations of any of their obligations under this Agreement or any of
          the other Loan Documents or any other instrument or document furnished pursuant
          hereto or thereto; (c) such assignee confirms that it has received a copy of
          this Agreement, together with copies of the most recent financial statements
          referred to in §6.4 and §7.4 and such other documents and information
          as it has deemed appropriate to make its own credit analysis and decision to
          enter into such Assignment and Assumption; (d) such assignee will, independently
          and without reliance upon the assigning Lender, 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; (e) such assignee represents and
          warrants that it is an Eligible Assignee; (f) such assignee appoints and
          authorizes the Administrative Agent to take such action as agent on its behalf
          and to exercise such powers under this Agreement and the other Loan Documents as
          are delegated to the Administrative Agent by the terms hereof or thereof,
          together with such powers as are reasonably incidental thereto; (g) such
          assignee agrees that it will perform in accordance with their terms all of the
          obligations that by the terms of this Agreement are required to be performed by
          it as a Lender; (h) such assignee represents and warrants that it is legally
          authorized to enter into such Assignment and Assumption; and (i) such assignee
          acknowledges that it has made arrangements with the assigning Lender
          satisfactory to such assignee with respect to its pro rata share of Letter of
          Credit Fees in respect of outstanding Letters of Credit. 

100

         §18.3.       
          Register. The Administrative Agent shall maintain a copy of each
          Assignment and Assumption delivered to it and a register or similar list (the
          “Register”) for the recordation of the names and
          addresses of the Lenders and the Commitment Percentages of, and principal amount
          of the Loans owing to, the Lenders from time to time. The entries in the
          Register shall be conclusive, in the absence of manifest error, and the
          Borrower, the Administrative Agent and the Lenders may treat each Person whose
          name is recorded in the Register as a Lender hereunder for all purposes of this
          Agreement. The Register shall be available for inspection by the Borrower and
          the Lenders at any reasonable time and from time to time upon reasonable prior
          notice. Upon each such recordation other than assignments pursuant to
          §4.11, the assigning Lender agrees to pay to the Administrative Agent a
          registration fee in the sum of $3,500. 

         §18.4.       
          New Notes. Upon its receipt of an Assignment and Assumption executed by
          the parties to such assignment, together with each Note subject to such
          assignment, the Administrative Agent shall (a) record the information contained
          therein in the Register, and (b) give prompt written notice thereof to the
          Borrower and the Lenders (other than the assigning Lender). Within five (5)
          Business Days after receipt of such notice, the Borrower, at its own expense,
          (i) shall execute and deliver to the Administrative Agent, in exchange for each
          surrendered Note, a new Note to the order of such Eligible Assignee in an amount
          equal to the amount assumed by such Eligible Assignee pursuant to such
          Assignment and Assumption and, if the assigning Lender has retained some portion
          of its obligations hereunder, a new Note to the order of the assigning Lender in
          an amount equal to the amount retained by it hereunder and (ii) shall deliver an
          opinion from counsel to the Borrower in substantially the form delivered on the
          Closing Date pursuant to §10.6 as to such new Notes. Such new Notes shall
          provide that they are replacements for the surrendered Notes, shall be in an
          aggregate principal amount equal to the aggregate principal amount of the
          surrendered Notes, shall be dated the effective date of such Assignment and
          Assumption and shall otherwise be in substantially the form of the assigned
          Notes. The surrendered Notes shall be canceled and returned to the Borrower. 

101

         §18.5.       
          Participations. Each Lender may sell participations to one or more banks
          or other entities in all or a portion of such Lender’s rights and
          obligations under this Agreement and the other Loan Documents without notice or
          consent of the Borrower, Administrative Agent or any other party hereto;
          provided that (a) any such sale or participation shall not affect the
          rights and duties of the selling Lender hereunder to the Borrower and the
          Administrative Agent and the Lender shall continue to exercise all approvals,
          disapprovals and other functions of a Lender, (b) the only rights granted to the
          participant pursuant to such participation arrangements with respect to waivers,
          amendments or modifications of, or approvals under, the Loan Documents shall be
          the rights to approve waivers, amendments or modifications that would reduce the
          principal of or the interest rate on any Loans, extend the term (other than any
          extension contemplated by the definition of “Maturity
          Date”) or increase the amount of the Commitment of such
          Lender as it relates to such participant, reduce the amount of any fees to which
          such participant is entitled or extend any regularly scheduled payment date for
          principal or interest, and (c) no participant shall have the right to grant
          further participations or assign its rights, obligations or interests under such
          participation to other Persons without the prior written consent of the
          Administrative Agent. 

         §18.6.       
          Pledge by Lender. Notwithstanding any other provision of this Agreement,
          any Lender at no cost to the Borrower may at any time pledge or assign a
          security interest in all or any portion of its interest and rights under this
          Agreement (including all or any portion of its Notes) to any Person. No such
          pledge or the enforcement thereof shall release the pledgor Lender from its
          obligations hereunder or under any of the other Loan Documents. 

         §18.7.       
          Successors and Assigns; No Assignment by Borrower. This Agreement and the
          other Loan Documents shall be binding upon the parties hereto and their
          respective successors and assigns and shall inure to the benefit of the parties
          hereto and their successors and permitted assigns. Notwithstanding the
          foregoing, the Borrower shall not assign or transfer any of its rights or
          obligations under any of the Loan Documents without prior Unanimous Lender
          Approval (and any such attempted assignment or transfer by the Borrower without
          such consent shall be null and void). 

         §18.8.       
          Disclosure. The Borrower agrees that, in addition to disclosures made in
          accordance with standard banking practices, any Lender may disclose information
          obtained by such Lender pursuant to this Agreement to assignees or participants
          and potential assignees or participants hereunder. Any such disclosed
          information shall be treated by any assignee or participant with the same
          standard of confidentiality set forth in §7.10 hereof. 

102

         §18.9.       
          Syndication. The Borrower acknowledges that the Administrative Agent and
          the Syndication Agent intend, and shall have the right, by themselves or through
          their Affiliates, to syndicate or enter into co-lending arrangements with
          respect to the Loans and the Total Commitment pursuant to this §18, and the
          Borrower agrees to reasonably cooperate with the Administrative Agent’s,
          the Syndication Agent’s and their Affiliates’ syndication and/or
          co-lending efforts, such cooperation to include, without limitation, the
          provision of information reasonably requested by potential syndicate members. 

        §18.10. Designated
Banks. Any Lender (each, a “Designating Lender”) may at
any time designate one Designated Bank to fund Competitive Bid Loans on behalf of such
Designating Lender subject to the terms of this §18.10 and the provisions in
§§18.1 and 18.5 shall not apply to such designation. No Lender may designate
more than one (1) Designated Bank. The parties to each such designation shall execute and
deliver to the Administrative Agent for its acceptance a Designation Agreement. Upon such
receipt of an appropriately completed Designation Agreement executed by a Designating
Lender and a designee representing that it is a Designated Bank, the Administrative Agent
will accept such Designation Agreement and will give prompt notice thereof to the
Borrower, whereupon, (i) the Borrower shall execute and deliver to the Designating Lender
a Designated Bank Note payable to the order of the Designated Bank, (ii) from and after
the effective date specified in the Designation Agreement, the Designated Bank shall
become a party to this Agreement with a right to make Competitive Bid Loans on behalf of
its Designating Lender pursuant to §2A after the Borrower has accepted a Competitive
Bid Loan (or portion thereof) of such Designating Lender, and (iii) the Designated Bank
shall not be required to make payments with respect to any obligations in this Agreement
except to the extent of excess cash flow of such Designated Bank which is not otherwise
required to repay obligations of such Designated Bank which are then due and payable;
provided, however, that regardless of such designation and assumption by the
Designated Bank, the Designating Lender shall be and remain obligated to the Borrower, the
Administrative Agent and the other Lenders for each and every of the obligations of the
Designating Lender and its related Designated Bank with respect to this Agreement,
including, without limitation, any indemnification obligations hereunder and any sums
otherwise payable to the Borrower by the Designated Bank. Each Designating Lender shall
serve as the administrative agent of the Designated Bank and shall on behalf of, and to
the exclusion of, the Designated Bank: (i) receive any and all payments made for the
benefit of the Designated Bank and (ii) give and receive all communications and notices
and take all actions hereunder, including, without limitation, votes, approvals, waivers,
consents and amendments under or relating to this Agreement and the other Loan Documents.
Any such notice, communication, vote, approval, waiver, consent or amendment shall be
signed by the Designating Lender as administrative agent for the Designated Bank and shall
not be signed by the Designated Bank on its own behalf but shall be binding on the
Designated Bank to the same extent as if actually signed by the Designated Bank. The
Borrower, the Administrative Agent and Lenders may rely thereon without any requirement
that the Designated Bank sign or acknowledge the same. No Designated Bank may assign or
transfer all or any portion of its interest hereunder or under any other Loan Document,
other than assignments to the Designating Lender which originally designated such
Designated Bank. 

103

         §19.       
          NOTICES, ETC. Except as otherwise expressly provided in this Agreement,
          all notices and other communications made or required to be given pursuant to
          this Agreement or the Notes or any Letter of Credit Applications shall be in
          writing and shall be delivered in hand, or mailed by United States registered or
          certified first class mail, return receipt requested, postage prepaid; or sent
          by overnight courier; or sent by facsimile and confirmed by delivery via
          overnight courier or postal service; addressed as follows: 

         (a)       
          if to the Borrower or any Guarantor, to it at Mack-Cali Realty Corporation, 11
          Commerce Drive, Cranford, New Jersey 07016, Attention: Mr. Roger W. Thomas,
          Executive Vice President and General Counsel and Mr. Barry Lefkowitz, Executive
          Vice President and Chief Financial Officer, with a copy to William M. Levine,
          Esq., Pryor Cashman Sherman & Flynn LLP, 410 Park Avenue, New York, New York
          10022, or to such other address for notice as the Borrower or any Guarantor
          shall have last furnished in writing to the Administrative Agent; 

         (b)       
          if to (i) the Administrative Agent, to it at JPMorgan Chase Bank, N.A., Loan and
          Agency Services Group, 1111 Fannin Street, 10th Floor, Houston, TX
          77002, (Telecopy No. (713) 750-2892), with copies to JPMorgan Chase Bank, N.A.,
          277 Park Avenue, 3rd Floor, New York, New York 10172, Attention: Marc
          E. Costantino, Vice President (Telecopy No. (646) 534-0574), Jacqueline F.
          Stein, Esq., Vice President and Associate General Counsel (Telecopy No.
          212-270-2930), and Stephen M. Miklus, Esq., Bingham McCutchen LLP, 150 Federal
          Street, Boston, Massachusetts 02110, (ii) if to the Fronting Bank, to JPMorgan
          Chase Bank, N.A., 270 Park Avenue, 15th Floor, New York, NY 10017,
          Attention of Christina Gould (Telecopy No. (212) 270-5313); and (iii) if to the
          Swing Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 1111
          Fannin Street, 10th Floor, Houston, TX 77002, (Telecopy No. (713)
          750-2892), or at such other address for notice as the Administrative Agent,
          Fronting Bank or Swing Lender shall last have furnished in writing to the Person
          giving the notice; and 

         (c)       
          if to any Lender, at the address set forth on Schedule 1.2 hereto, or such other
          address for notice as such Lender shall have last furnished in writing to the
          Person giving the notice. 

        Any
such notice or demand shall be deemed to have been duly given or made and to have become
effective (i) if delivered by hand, overnight courier or facsimile to the party to which
it is directed, at the time of the receipt thereof by such party or the sending of such
facsimile and (ii) if sent by registered or certified first-class mail, postage prepaid,
return receipt requested on the fifth Business Day following the mailing thereof. 

104

         §20.       
          GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE. THIS AGREEMENT AND
          EACH OF THE OTHER LOAN DOCUMENTS, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED
          THEREIN, ARE CONTRACTS UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL
          PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE
          OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW). EACH
          OF THE BORROWER AND THE GUARANTORS AND THE ADMINISTRATIVE AGENT AND THE LENDERS
          AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OF THE OTHER
          LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN
          NEW YORK, NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK, NEW YORK AND
          CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS AND THE SERVICE OF
          PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER OR THE GUARANTORS OR THE
          ADMINISTRATIVE AGENT OR THE LENDERS BY MAIL AT THE ADDRESS SPECIFIED IN
          §19. EACH OF THE BORROWER AND THE GUARANTORS AND THE ADMINISTRATIVE AGENT
          AND THE LENDERS HEREBY WAIVES ANY OBJECTION THAT EITHER OF THEM MAY NOW OR
          HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT
          IS BROUGHT IN AN INCONVENIENT COURT. 

         §21.       
          HEADINGS. The captions in this Agreement are for convenience of reference
          only and shall not define or limit the provisions hereof. 

         §22.       
          COUNTERPARTS. This Agreement and any amendment hereof may be executed in
          several counterparts and by each party on a separate counterpart, each of which
          when so executed and delivered shall be an original, and all of which together
          shall constitute one instrument. In proving this Agreement it shall not be
          necessary to produce or account for more than one such counterpart signed by the
          party against whom enforcement is sought. Delivery of an executed counterpart of
          a signature page of this Agreement by telecopy shall be effective as delivery of
          a manually executed counterpart of this Agreement. 

         §23.       
          ENTIRE AGREEMENT, ETC. The Loan Documents and any other documents
          executed in connection herewith or therewith express the entire understanding of
          the parties with respect to the transactions contemplated hereby and supersede
          any and all previous agreements and understandings, oral or written, relating to
          the transactions contemplated hereby. Neither this Agreement nor any term hereof
          may be changed, waived, discharged or terminated, except as provided in
          §25. 

         §24.       
          WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS. EXCEPT TO THE EXTENT
          EXPRESSLY PROHIBITED BY LAW, EACH OF THE BORROWER AND THE GUARANTORS AND THE
          ADMINISTRATIVE AGENT AND THE LENDERS HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A
          JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN
          CONNECTION WITH THIS AGREEMENT, THE REVOLVING CREDIT NOTES OR ANY OF THE OTHER
          LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE
          PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EXCEPT TO THE EXTENT EXPRESSLY
          PROHIBITED BY LAW, THE BORROWER AND EACH OF THE GUARANTORS HEREBY WAIVES ANY
          RIGHT ANY OF THEM MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO IN
          THE PRECEDING SENTENCE ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES
          OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. EACH OF THE
          BORROWER AND THE GUARANTORS (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
          ATTORNEY OF ANY LENDER OR THE ADMINISTRATIVE AGENT HAS REPRESENTED, EXPRESSLY OR
          OTHERWISE, THAT SUCH LENDER OR THE ADMINISTRATIVE AGENT WOULD NOT, IN THE EVENT
          OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGE THAT
          THE ADMINISTRATIVE AGENT AND THE LENDERS HAVE BEEN INDUCED TO ENTER INTO THIS
          AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER
          THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED HEREIN. 

105

         §25.       
          CONSENTS, AMENDMENTS, WAIVERS, ETC. Except as otherwise expressly
          provided in this Agreement, any acceptance, consent, approval or other
          authorization required or permitted by this Agreement may be given, and any term
          of this Agreement or of any of the other Loan Documents may be amended, and the
          performance or observance by the Borrower or any Guarantor of any terms of this
          Agreement or the other Loan Documents or the continuance of any default, Default
          or Event of Default may be waived (either generally or in a particular instance
          and either retroactively or prospectively) with, but only with, the written
          consent of the Required Lenders. 

        Notwithstanding
the foregoing, Unanimous Lender Approval shall be required for any amendment, modification
or waiver of this Agreement or the other Loan Documents that: 

          		    (i)       
               reduces or forgives any principal of any unpaid Loan or Reimbursement Obligation
               or any interest thereon (including any interest “breakage” costs) or
               any fees due any Lender hereunder; or 

               

          		    (ii)       
               changes the unpaid principal amount of, or the rate of interest on, any Loan or
               Reimbursement Obligation; or 

               

          		    (iii)       
               changes the date fixed for any payment of principal of or interest on any Loan
               or Reimbursement Obligation (including, without limitation, any extension of the
               Maturity Date other than in accordance with the second sentence of the
               definition of “Maturity Date”) or any fees payable hereunder; or 

               

          		    (iv)       
               changes the amount of any Lender’s Commitment (other than pursuant to an
               assignment permitted under §18.1 hereof or as consented to by such Lender)
               or increases the amount of the Total Commitment, except as provided in
               §2.2; or 

               

106

          		    (v)       
               releases or reduces the liability of any Guarantor pursuant to its Guaranty
               other than as provided in §5; or 

               

          		    (vi)       
               modifies this §25 or any other provision herein or in any other Loan
               Document which by the terms thereof expressly requires Unanimous Lender
               Approval; or 

               

          		    (vii)       
               changes the definitions of Required Lenders, Majority Lenders or Unanimous
               Lender Approval; 

               

provided that no such
agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent, the Fronting Bank or the Swing Lender hereunder without the prior
written consent of the Administrative Agent, the Fronting Bank or the Swing Lender, as the
case may be; and provided further that notwithstanding the foregoing, no amendment,
waiver or consent shall, unless in writing and signed by the Designating Lender on behalf
of its Designated Bank affected thereby, (a) subject such Designated Bank to any
additional obligations, (b) reduce the principal of, interest on, or other amounts due
with respect to, the Designated Bank Note made payable to such Designated Bank, or (c)
postpone any date fixed for any payment of principal of, or interest on, or other amounts
due with respect to, the Designated Bank Note made payable to the Designated Bank. 

        No
waiver shall extend to or affect any obligation not expressly waived or impair any right
consequent thereon. No course of dealing or delay or omission on the part of the
Administrative Agent or the Lenders or any Lender in exercising any right shall operate as
a waiver thereof or otherwise be prejudicial to such right or any other rights of the
Administrative Agent or the Lenders. No notice to or demand upon the Borrower shall
entitle the Borrower to other or further notice or demand in similar or other
circumstances. 

         §26.       
          SEVERABILITY. The provisions of this Agreement are severable, and if any
          one clause or provision hereof shall be held invalid or unenforceable in whole
          or in part in any jurisdiction, then such invalidity or unenforceability shall
          affect only such clause or provision, or part thereof, in such jurisdiction, and
          shall not in any manner affect such clause or provision in any other
          jurisdiction, or any other clause or provision of this Agreement in any
          jurisdiction. 

         §27.       
          TRANSITIONAL ARRANGEMENTS. 

         §27.1.       
          2002 Agreement Superseded. This Agreement shall supersede the 2002
          Agreement in its entirety, except as provided in this §27 and §3.7. On
          the Closing Date, the rights and obligations of the parties under the 2002
          Agreement and the “Notes” defined therein shall be subsumed within and
          be governed by this Agreement and the Notes; provided however, that any
          of the “Revolving Credit Loans” (as defined in the 2002 Agreement)
          outstanding under the 2002 Agreement shall, for purposes of this Agreement, be
          Revolving Credit Loans hereunder. The Lenders’ interests in such Revolving
          Credit Loans and participations in such Letters of Credit shall be reallocated
          on the Closing Date in accordance with each Lender’s applicable Commitment
          Percentage. 

107

         §27.2.       
          Return and Cancellation of Notes. Upon its receipt of the Revolving
          Credit Notes to be delivered hereunder on the Closing Date, each Lender will
          promptly return to the Borrower, marked “Cancelled” or
          “Replaced”, the notes of the Borrower held by such Lender pursuant to
          the 2002 Agreement. 

         §27.3.       
          Interest and Fees Under 2002 Agreement. All interest and all commitment,
          facility and other fees and expenses owing or accruing under or in respect of
          the 2002 Agreement shall be calculated as of the Closing Date (prorated in the
          case of any fractional periods), and shall be paid on the Closing Date in
          accordance with the method specified in the 2002 Agreement, as if the 2002
          Agreement were still in effect. 

         §28.       
          USA PATRIOT ACT. Each Lender hereby notifies the Credit Parties 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
          Credit Parties, which information includes the names and addresses of the Credit
          Parties and other information that will allow such Lender to identity the Credit
          Parties in accordance with the Act. 

         §29.       
          USURY SAVINGS CLAUSE. Notwithstanding anything herein to the contrary, if
          at any time the interest rate applicable to any Loan, together with all fees,
          charges and other amounts which are treated as interest on such Loan under
          applicable law (collectively the “Charges”), shall exceed the
          maximum lawful rate (the “Maximum Rate”) which may be
          contracted for, charged, taken, received or reserved by the Lender holding such
          Loan in accordance with applicable law, the rate of interest payable in respect
          of such Loan hereunder, together with all Charges payable in respect thereof,
          shall be limited to the Maximum Rate. 

108

        IN
WITNESS WHEREOF, the undersigned have duly executed this Agreement as a sealed instrument
as of the date first set forth above. 

			MACK-CALI REALTY, L.P.

       By:  Mack-Cali Realty Corporation, its general
       partner

       By:  /s/ BARRY LEFKOWITZ
       ——————————————

            Name:  Barry Lefkowitz
            Title:    Executive Vice President and Chief 
                         Financial Officer

SIGNATURE PAGE TO AMENDED AND
RESTATED REVOLVING CREDIT AGREEMENT

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