Document:

exv4w6

Exhibit 4.6

FORM OF REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this “Agreement”) is made and entered into as of June [  ], 2011, between Diana Containerships Inc., a Marshall Islands corporation (together with any
successor entity thereto, the “Company”) and Diana Shipping Inc., a Marshall Islands corporation
(“Diana”), as purchaser of the Company’s common stock, $0.01 par value per share (“Common Stock”),
in the private placement by the Company of shares of its Common Stock.

     This Agreement is made in connection with the Share Purchase Agreement (the “Purchase
Agreement”), dated as of June [  ], 2011, between the Company and Diana for the purchase
of up to $20 million of the Company’s Common Stock (the “Shares”). In order to induce
Diana to enter into the Purchase Agreement, the Company has agreed to provide the registration
rights provided for in this Agreement.

     The parties hereby agree as follows:

1. Definitions

     As used in this Agreement, the following terms shall have the following meanings:

     Affiliate: As to any specified Person, (i) any Person directly or indirectly owning,
controlling or holding, with power to vote, ten percent or more of the outstanding voting
securities of such other Person, (ii) any Person directly or indirectly controlling, controlled by
or under common control with such other Person, (iii) any executive officer, director, trustee or
general partner of such Person and (iv) any legal entity for which such Person acts as an executive
officer, director, trustee or general partner. An indirect relationship shall include
circumstances in which a Person’s spouse, children, parents, siblings or mother, father, sister- or
brother-in-law share the same household with such Person.

     Agreement: As defined in the preamble.

     Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New
York or other applicable places where such act is to occur are authorized or obligated by
applicable law, regulation or executive order to close.

     Closing Date: June [  ], 2011 or such other time or such other date as Diana and the Company
may agree.

     Commission: The Securities and Exchange Commission.

     Common Stock: As defined in the preamble.

     Company: As defined in the preamble.

 

 

     Controlling Person: As defined in Section 6(a) hereof.

     End of Suspension Notice: As defined in Section 5(b) hereof.

     Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission pursuant thereto.

     FINRA: The Financial Industry Regulatory Authority, formerly the National Association of
Securities Dealers, Inc.

     Holder: Each record owner of any Registrable Shares from time to time.

     Indemnified Party: As defined in Section 6(c) hereof.

     Indemnifying Party: As defined in Section 6(c) hereof.

     Liabilities: As defined in Section 6(a) hereof.

     No Objections Letter: As defined in Section 4(t) hereof.

     Person: An individual, partnership, corporation, trust, limited liability company,
unincorporated organization, government or agency or political subdivision thereof, or any other
legal entity.

     Proceeding: An action, claim, suit or proceeding (including without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge
of the Person subject thereto, threatened.

     Prospectus: The prospectus included in any Registration Statement, including any preliminary
prospectus at the “time of sale” within the meaning of Rule 159 under the Securities Act and all
other amendments and supplements to any such prospectus, including post-effective amendments, and
all material incorporated by reference or deemed to be incorporated by reference, if any, in such
prospectus.

     Purchase Agreement: As defined in the preamble.

     Purchaser Indemnitee: As defined in Section 6(a) hereof.

     Registrable Shares: The Shares, upon original issuance thereof, and at all times subsequent
thereto, including upon the transfer thereof by the original holder or any subsequent holder and
any shares or other securities issued in respect of such Registrable Shares by reason of or in
connection with any stock dividend, stock distribution, stock split, purchase in any rights
offering or in connection with any exchange for or replacement of such Registrable Shares or any
combination of shares, recapitalization, merger or consolidation, or any other equity securities
issued pursuant to any other pro rata distribution with respect to the Common Stock, until, in the
case of any such share of Common Stock, the earliest to occur of (i) the date on which the resale
of such share has

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been registered pursuant to the Securities Act and it has been disposed of in accordance with
the Registration Statement relating to it, (ii) in the event the Company is subject to the
reporting requirements of Section 13(a) or 15(d) of the Exchange Act, the date on which it has been
transferred pursuant to Rule 144 (or any similar provision then in effect), or (iii) the date on
which it is sold to the Company or ceases to be outstanding.

     Registration Expenses: Any and all expenses incident to the performance of or compliance with
this Agreement, including, without limitation: (i) all Commission, securities exchange, and FINRA
registration, listing and filing fees; (ii) all fees and expenses incurred in connection with
compliance with international, federal or state securities or blue sky laws (including, without
limitation, any registration, listing and filing fees and fees and disbursements of counsel in
connection with blue sky qualification of any of the Registrable Shares and the preparation of a
blue sky memorandum and compliance with the rules of FINRA); (iii) all expenses in preparing or
assisting in preparing, word processing, duplicating, printing, delivering and distributing any
Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting
agreements, securities sales agreements, certificates and any other documents relating to the
performance under and compliance with this Agreement; (iv) all fees and expenses incurred in
connection with the listing of any of the Registrable Shares on any securities exchange pursuant to
Section 4(n) of this Agreement; (v) the fees and disbursements of counsel for the Company and of
the independent registered public accounting firm of the Company (including, without limitation,
the expenses of any special audit and “cold comfort” letters required by or incident to the
performance of this Agreement); and (vi) any fees and disbursements customarily paid in issues and
sales of securities (including the fees and expenses of any experts retained by the Company in
connection with any Registration Statement); provided, however, that Registration Expenses shall
exclude brokers’ or underwriters’ discounts and commissions, if any, relating to the sale or
disposition of Registrable Shares by a Holder.

     Registration Statement: Any registration statement of the Company that covers the exchange or
resale of Registrable Shares pursuant to the provisions of this Agreement, including the
Prospectus, amendments and supplements to such registration statement or Prospectus, including pre-
and post-effective amendments, all exhibits thereto and all material incorporated by reference or
deemed to be incorporated by reference, if any, in such registration statement.

     Resale Registration Statement. As defined in Section 2(a) hereof.

     Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such
rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 158: Rule 158 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

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     Rule 159: Rule 159 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 405: Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Rule 433: Rule 433 promulgated by the Commission pursuant to the Securities Act, as such rule
may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule.

     Securities Act: The Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission thereunder.

     Shares:
As defined in the preamble.

     Shelf Registration Statement: As defined in Section 2(a) hereof.

     Staff: The staff of the Commission.

     Suspension Event: As defined in Section 5(b) hereof.

     Suspension Notice: As defined in Section 5(b) hereof.

     Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters
for re-offering to the public.

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2. Registration Rights

     (a) Mandatory Resale Registration. Upon the written request of the Holders of a majority of
the Registrable Shares, the Company agrees, as set forth in Section 4 hereof, to cause to be filed
with the Commission as soon as practicable after such request (but in no event later than the date
that is 60 days after the date of request), one resale Registration Statement on Form F-1 or such
other form under the Securities Act then available to the Company providing for the resale of the
outstanding Registrable Shares pursuant to Rule 415 from time to time by the Holders (a “Resale
Registration Statement”). The Company shall use its reasonable efforts to cause such Resale
Registration Statement to be declared effective by the Commission as soon as practicable after the
initial filing thereof and to remain effective, subject to Section 5 hereof, until the earlier of
(A) such time as all Registrable Shares covered thereby have been sold in accordance with the
intended distribution of such Registrable Shares, (B) there are no Registrable Shares outstanding
or (C) the first anniversary of the effective date of such Resale Registration Statement (subject
to extension as provided in Section 5(c) hereof and the condition that the Registrable Shares are
listed on the New York Stock Exchange or the Nasdaq Global Market, pursuant to Section 4(n) of this
Agreement, or on an alternative trading system with the Registrable Shares qualified under the
applicable state securities or “blue sky” laws of all fifty (50) states); provided, however, that
if the Company has an effective Resale Registration Statement on Form F-1 (or other form then
available to the Company) under the Securities Act and becomes eligible to use Form F-3 or such
other short-form registration statement form under the Securities Act, the Company may, upon thirty
(30) Business Days prior written notice to all Holders, register any Registrable Shares registered
but not yet distributed under the effective Resale Registration Statement on such a short-form
shelf registration statement (a “Shelf Registration Statement”) and, once the short-form Shelf
Registration Statement is declared effective, withdraw the previous Registration Statement and, if
permitted, transfer the filing fees from the previous Registration Statement (such transfer
pursuant to Rule 429, if applicable) unless any Holder registered under the initial Resale
Registration Statement notifies the Company within fifteen (15) Business Days of receipt of the
Company notice that it intends to file a new Registration Statement that withdrawal of the initial
Resale Registration Statement would interfere with its distribution of Registrable Shares already
in progress, in which case, the Company shall delay the effectiveness of the Shelf Registration
Statement and termination of the then-effective initial Resale Registration Statement for a period
of not less than thirty (30) days from the date that the Company receives the notice from such
Holders requesting a delay. . Any Registration Statement providing for distribution pursuant to
Rule 415 shall provide for the resale from time to time, subject to Section 4(a), and pursuant to
any method or combination of methods legally available (including, without limitation, an
Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may
include sales over the internet) by the Holders of any and all Registrable Shares. The Company
shall not be obligated to maintain the effectiveness of any Shelf Registration Statement beyond the
first anniversary of the effective date of the Initial Resale Registration Statement (subject to
extension as provided in Section 5(c) hereof and the condition that the Registrable Shares have
been transferred to an unrestricted CUSIP and are listed on the New York Stock Exchange or the
Nasdaq Global Market, pursuant to Section 4(n) of this Agreement, or on an alternative trading
system with the Registrable Shares qualified under the applicable state securities or “blue sky”
laws of all fifty (50) states).

     (b) Expenses. The Company shall pay all Registration Expenses in connection with the
registration of the Registrable Shares pursuant to this Agreement. Each Holder participating in a

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registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on
the total number of Registrable Shares sold in such registration or exchanged pursuant to this
Agreement) of all discounts and commissions payable to underwriters or brokers and all transfer
taxes and transfer fees in connection with a registration of Registrable Shares or exchange
thereof, as applicable, pursuant to this Agreement.

3. Rules 144 and 144A Reporting

     With a view to making available the benefits of certain rules and regulations of the
Commission that may at any time permit the resale of the Registrable Shares to the public without
registration, the Company agrees to:

     (a) make and keep current public information available, as those terms are understood and
defined in Rule 144 under the Securities Act, at all times after the effective date of the first
registration statement under the Securities Act filed by the Company for an offering of its
securities to the general public for so long as the making and keeping available of current public
information is required for the resale of the Registrable Shares pursuant to Rule 144;

     (b) to file with the Commission in a timely manner all reports and other documents required to
be filed by the Company under the Securities Act and the Exchange Act for so long as the making and
keeping available of current public information is required for the resale of the Registrable
Shares pursuant to Rule 144;

     (c) so long as a Holder owns any Registrable Shares, if the Company is not required to file
reports and other documents under the Securities Act and the Exchange Act, it will make available
other information as required by, and so long as necessary to permit sales of Registrable Shares
pursuant to, Rule 144 or Rule 144A, and in any event shall make available (either by mailing a copy
thereof, by posting on the Company’s website, or by press release) to each Holder a copy of:

     (i) the Company’s annual consolidated financial statements (including at least balance
sheets, statements of profit and loss, statements of stockholders’ equity and statements of
cash flows) prepared in accordance with U.S. generally accepted accounting principles in the
United States, accompanied by an audit report of the Company’s independent accountants, no
later than one hundred twenty (120) days after the end of each fiscal year of the Company;
and

     (ii) the Company’s unaudited quarterly financial statements (including at least balance
sheets, statements of profit and loss, statements of stockholders’ equity and statements of
cash flows) prepared in a manner consistent with the preparation of the Company’s annual
financial statements, no later than sixty (60) days after the end of each of the first three
fiscal quarters of the Company;

     (d) so long as a Holder owns any Registrable Shares and so long as the making and keeping
available of current public information is required for the resale of the Registrable Shares

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pursuant to Rule 144, to furnish to the Holder promptly upon request (i) a written statement
by the Company as to its compliance with the reporting requirements of the Securities Act and the
Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company, and (iii)
such other reports and documents of the Company, and take such further actions, as a Holder may
reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder
to sell any such Registrable Shares without registration.

4. Registration Procedures

     In connection with the obligations of the Company with respect to any registration pursuant to
this Agreement, the Company shall use its reasonable best efforts to effect or cause to be effected
the registration of the Registrable Shares under the Securities Act to permit the sale of such
Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’ intended
method or methods of distribution, and the Company shall:

     (a) notify the Holder, in writing, promptly prior to filing a Registration Statement, of its
intention to file a Registration Statement with the Commission and, promptly prior to filing,
provide a copy of the Registration Statement to the Holder for review and comment; prepare and file
with the Commission, as specified in this Agreement, a Registration Statement(s), which
Registration Statement(s) shall (x) comply as to form in all material respects with the
requirements of the Securities Act and the applicable form and include all financial statements
required by the Commission to be filed therewith and (y) be reasonably acceptable to the Holder;
the Holder in writing, promptly prior to filing of any amendment or supplement to such Registration
Statement and, promptly prior to filing, provide a copy of such amendment or supplement to the
Holder for review and comment; promptly following receipt from the Commission, provide the Holder
copies of any comments made by the Staff relating to such Registration Statement and of the
Company’s responses thereto for review and comment; and use its reasonable efforts to cause such
Registration Statement to become effective as soon as practicable after filing and to remain
effective, subject to Section 5 hereof, pursuant to Section 5(a), (b) or (c), as applicable.

     (b) subject to Section 4(i) hereof, (i) prepare and file with the Commission such amendments
and post-effective amendments to each such Registration Statement as may be necessary to keep such
Registration Statement effective for the period described in Section 2(a) hereof; (ii) cause each
Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the
Securities Act; and (iii) comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by each Registration Statement during the applicable period
in accordance with the intended method or methods of distribution by the selling Holders thereof;

     (c) furnish to the Holders, without charge, as many copies of each Prospectus, including each
preliminary Prospectus, and any amendment or supplement thereto and such other documents as such
Holder may reasonably request, in order to facilitate the public sale or other disposition of the
Registrable Shares; the Company consents, subject to Section 5 hereof, to the use of such
Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the
offering and sale of the Registrable Shares covered by any such Prospectus;

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     (d) use its reasonable efforts to register or qualify, or obtain exemption from registration
or qualification for, all Registrable Shares by the time the applicable Registration Statement is
declared effective by the Commission under all applicable state securities or “blue sky” laws of
such jurisdictions as any Holder of Registrable Shares covered by a Registration Statement shall
reasonably request in writing, keep each such registration or qualification or exemption effective
during the period such Registration Statement is required to be kept effective pursuant to Section
2(a) and do any and all other acts and things that may be reasonably necessary or advisable to
enable such Holder to consummate the disposition in each such jurisdiction of such Registrable
Shares owned by such Holder; provided, however, that the Company shall not be required to (i)
qualify generally to do business in any jurisdiction or to register as a broker or dealer in such
jurisdiction where it would not otherwise be required to qualify but for this Section 4(d) and
except as may be required by the Securities Act, (ii) subject itself to taxation in any such
jurisdiction, or (iii) submit to the general service of process in any such jurisdiction;

     (e) use its reasonable efforts to cause all Registrable Shares covered by such Registration
Statement to be registered and approved by such other governmental agencies or authorities as may
be necessary to enable the Holders thereof to consummate the disposition or exchange, as
applicable, of such Registrable Shares;

     (f) notify each Holder promptly and, if requested by any Holder, confirm such advice in
writing (1) when a Registration Statement has become effective and when any post-effective
amendments and supplements thereto become effective, (2) of the issuance by the Commission or any
state securities authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any Proceeding for that purpose, (3) of any request by the
Commission or any other federal, state or foreign governmental authority for (A) amendments or
supplements to a Registration Statement or related Prospectus or (B) additional information and (4)
of the happening of any event during the period a Registration Statement is effective as a result
of which such Registration Statement or the related Prospectus or any document incorporated by
reference therein contains any untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not misleading
(which information shall be accompanied by an instruction to suspend the use of the Prospectus
until the requisite changes have been made) and (5) at the request of any such Holder, promptly to
furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such
Prospectus as may be necessary so that, as thereafter delivered to the purchaser of such
securities, such Prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading;

     (g) use its reasonable efforts to avoid the issuance of, or if issued, to obtain the
withdrawal of, any order enjoining or suspending the use or effectiveness of a Registration
Statement or suspending the qualification of (or exemption from qualification of) any of the
Registrable Shares for sale in any jurisdiction, as promptly as practicable;

     (h) upon request, furnish to each requesting Holder of Registrable Shares covered by a
Registration Statement, without charge, one conformed copy of such Registration Statement and

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any post-effective amendment or supplement thereto (without documents incorporated therein by
reference or exhibits thereto, unless requested);

     (i) except as provided in Section 5 hereof, upon the occurrence of any event contemplated by
Section 4(f)(4) hereof, use its reasonable efforts to promptly prepare a supplement or
post-effective amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading;

     (j) if requested by the representative of the underwriters, if any, or any Holders of
Registrable Shares being sold in connection with such offering, (i) promptly incorporate in a
Prospectus supplement or post-effective amendment such information as the representative of the
underwriters, if any, or such Holders indicate relates to them and (ii) make all required filings
of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable
after the Company has received notification of the matters to be incorporated in such Prospectus
supplement or post-effective amendment;

     (k) in the case of an Underwritten Offering, use its reasonable efforts to furnish to the
underwriters a signed counterpart, addressed to the underwriters, of: (i) an opinion of counsel for
the Company, dated the date of each closing under the underwriting agreement, reasonably
satisfactory to the underwriters; and (ii) a “comfort” letter, dated the effective date of such
Registration Statement and the date of each closing under the underwriting agreement, signed by the
independent public accountants who have certified the Company’s financial statements included in
such Registration Statement, covering substantially the same matters with respect to such
Registration Statement (and the Prospectus included therein) and with respect to events subsequent
to the date of such financial statements, as are customarily covered in accountants’ letters
delivered to underwriters in underwritten public offerings of securities and such other financial
matters as the underwriters may reasonably request;

     (l) enter into customary agreements (including in the case of an Underwritten Offering, an
underwriting agreement in customary form and reasonably satisfactory to the Company) and take all
other reasonable action in connection therewith in order to expedite or facilitate the distribution
of the Registrable Shares included in such Registration Statement and, in the case of an
Underwritten Offering, make representations and warranties to the underwriters in such form and
scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the
same to the extent customary if and when requested;

     (m) make available for inspection by representatives of any underwriters participating in any
disposition pursuant to a Registration Statement and any special counsel or accountants retained by
such underwriters, all financial and other records, pertinent corporate documents and properties of
the Company and cause the respective officers, directors and employees of the Company to supply all
information reasonably requested by any such representatives, the representative of the
underwriters, counsel thereto or accountants in connection with a Registration

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Statement; provided, however, that such records, documents or information that the Company
determines, in good faith, to be confidential and notifies such representatives, representative of
the underwriters, counsel thereto or accountants are confidential shall not be disclosed by such
representatives, representative of the underwriters, counsel thereto or accountants unless (i) the
disclosure of such records, documents or information is necessary to avoid or correct a
misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such
records, documents or information is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction, or (iii) such records, documents or information have been generally made
available to the public; provided, further, that the representatives of the underwriters will use
reasonable efforts, to the extent practicable, to coordinate the foregoing inspection and
information gathering and not materially disrupt the Company’s business operations;

     (n) use its reasonable efforts (including, without limitation, seeking to cure any
deficiencies cited by the exchange or market in the Company’s listing application) to list all
Registrable Shares on the Nasdaq Global Market;

     (o) prepare and file in a timely manner all additional documents, if any, and reports required
by the Exchange Act and register the Registrable Shares under the Exchange Act simultaneously with
or immediately following the effectiveness of the Registration Statement and maintain such
registration through the effectiveness period required by Section 2(a) hereof;

     (p) [RESERVED]

     (q) (i) otherwise use its reasonable efforts to comply with all applicable rules and
regulations of the Commission and (ii) make generally available to its Holders, as soon as
reasonably practicable, earnings statements covering at least twelve (12) months beginning after
the effective date of the Registration Statement that satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder, but in no event later than one hundred twenty (120)
days after the end of each fiscal year of the Company;

     (r) provide and cause to be maintained a registrar and transfer agent for all Registrable
Shares covered by any Registration Statement;

     (s) in connection with any sale, exchange, or transfer of the Registrable Shares (whether or
not pursuant to a Registration Statement) that will result in the securities being delivered no
longer being Registrable Shares, cooperate with the Holders and the representative of the
underwriters, if any, to facilitate the timely, in the case of beneficial interests in Registrable
Shares held through a depositary, transfer of such equivalent Registrable Shares with an
unrestricted CUSIP, or in the case of certificated shares, preparation and delivery of certificates
representing the applicable Registrable Shares, which certificates shall not bear any restrictive
transfer legends; provided that each Holder has provided the transfer agent, if it will accept an
opinion of such Holder’s counsel, and the Company such certificates and opinions as reasonably
requested by the transfer agent and in a form reasonably satisfactory to the Company and to enable
such Registrable Shares, as applicable, to be in such denominations and registered in such names as
the representative of the underwriters, if any, or the Holders may request at least three (3)

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Business Days prior to any sale, exchange or transfer of the Registrable Shares or within
three (3) Business Days after such exchange, as applicable;

     (t) in connection with the initial filing of a Registration Statement and each amendment
thereto with the Commission pursuant to Section 2(a) hereof, cooperate in connection with the
filing with FINRA of all forms and information required or requested by FINRA in order to obtain
written confirmation from FINRA that FINRA does not object to the fairness and reasonableness of
the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each
such written confirmation, a “No Objections Letter”) relating to the resale of Registrable Shares
pursuant to the Registration Statement, including, without limitation, information provided to
FINRA through its COBRADesk system, and pay all costs, fees and expenses incident to FINRA’s review
of the Registration Statement, and the related underwriting terms and arrangements, including,
without limitation, all filing fees associated with any filings or submissions to FINRA;

     (u) in the case of an Underwritten Offering, use its reasonable efforts to cooperate and
assist in any filings required to be made with FINRA and in the performance of any due diligence
investigation by any underwriter and its counsel (including any “qualified independent
underwriter,” if applicable) that is required to be retained in accordance with the rules and
regulations of FINRA.

          The Company may require the Holders to furnish (and each Holder shall furnish) to the Company
such information regarding the proposed distribution by such Holder of such Registrable Shares as
the Company may from time to time reasonably request in writing or as shall be required to effect
the registration of the Registrable Shares, and no Holder shall be entitled to be named as a
selling shareholder in any Registration Statement and no Holder shall be entitled to use the
Prospectus forming a part thereof if such Holder does not provide such information to the Company.
Any Holder that sells Registrable Shares pursuant to a Registration Statement or as a selling
security holder pursuant to an Underwritten Offering shall be required to be named as a selling
shareholder in the related prospectus and to deliver a prospectus to purchasers. Each Holder
further agrees to furnish promptly to the Company in writing all information required from time to
time to make the information previously furnished by such Holder not misleading.

          Each Holder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 4(f)(2), 4(f)(3) or 4(f)(4) hereof, such Holder will
immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus. If so
directed by the Company, such Holder will deliver to the Company (at the expense of the Company)
all copies in its possession, other than permanent file copies then in such Holder’s possession, of
the Prospectus covering such Registrable Shares current at the time of receipt of such notice.

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5. Black-Out Period

     (a) Subject to the provisions of this Section 5 and a good faith determination by a majority
of the independent members of the board of directors of the Company (the “Board of Directors”) that
it is in the best interests of the Company to suspend the use of the Registration Statement,
following the effectiveness of a Registration Statement (and the filings with any international,
federal or state securities commissions), the Company, by written notice to the Holders, may direct
the Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for
such times as the Company reasonably may determine is necessary and advisable (but in no event for
more than an aggregate of ninety (90) days in any rolling twelve (12) month period commencing on
the Closing Date or more than sixty (60) days in any rolling ninety (90) day period), if any of the
following events shall occur: (i) the representative of the underwriters of an Underwritten
Offering of primary shares by the Company has advised the Company that the sale of Registrable
Shares pursuant to the Registration Statement would have a material adverse effect on the Company’s
primary Underwritten Offering; (ii) the majority of the independent members of the Board of
Directors of the Company shall have determined in good faith that (A) the offer or sale of any
Registrable Shares would materially impede, delay or interfere with any proposed financing, offer
or sale of securities, acquisition, merger, tender offer, business combination, corporate
reorganization or other significant transaction involving the Company, (B) after the advice of
counsel, the sale of Registrable Shares pursuant to the Registration Statement would require
disclosure of non-public material information not otherwise required to be disclosed under
applicable law, and (C) (x) the Company has a bona fide business purpose for preserving the
confidentiality of such transaction, (y) disclosure would have a material adverse effect on the
Company or the Company’s ability to consummate such transaction, or (z) renders the Company unable
to comply with Commission requirements, in each case under circumstances that would make it
impractical or inadvisable to cause the Registration Statement (or such filings) to become
effective or to promptly amend or supplement the Registration Statement on a post-effective basis,
as applicable; or (iii) the majority of the independent members of the Board of Directors of the
Company shall have determined in good faith, after the advice of counsel, that it is required by
law, rule or regulation or that it is in the best interests of the Company to supplement the
Registration Statement or file a post-effective amendment to the Registration Statement in order to
incorporate information into the Registration Statement for the purpose of (1) including in the
Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2)
reflecting in the prospectus included in the Registration Statement any facts or events arising
after the effective date of the Registration Statement (or of the most recent post-effective
amendment) that, individually or in the aggregate, represent a fundamental change in the
information set forth therein; or (3) including in the prospectus included in the Registration
Statement any material information with respect to the plan of distribution not disclosed in the
Registration Statement or any material change to such information. Upon the occurrence of any such
suspension, the Company shall use its best efforts to cause the Registration Statement to become
effective or to promptly amend or supplement the Registration Statement on a post-effective basis
or to take such action as is necessary to make resumed use of the Registration Statement compatible
with the Company’s best interests, as applicable, so as to permit the Holders to resume sales of
the Registrable Shares as soon as possible.

- 12 -

 

     (b) In the case of an event that causes the Company to suspend the use of a Registration
Statement (a “Suspension Event”), the Company shall give written notice (a “Suspension Notice”) to
the Holders to suspend sales of the Registrable Shares and such notice shall state generally the
basis for the notice and that such suspension shall continue only for so long as the Suspension
Event or its effect is continuing and the Company is using its best efforts and taking all
reasonable steps to terminate suspension of the use of the Registration Statement as promptly as
possible. The Holders shall not effect any sales of the Registrable Shares pursuant to such
Registration Statement (or such filings) at any time after it has received a Suspension Notice from
the Company and prior to receipt of an End of Suspension Notice (as defined below). If so directed
by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies
other than permanent file copies then in such Holder’s possession of the Prospectus covering the
Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence
effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings)
following further notice to such effect (an “End of Suspension Notice”) from the Company, which End
of Suspension Notice shall be given by the Company to the Holders in the manner described above
promptly following the conclusion of any Suspension Event and its effect.

     (c) Notwithstanding any provision herein to the contrary, if the Company shall give a
Suspension Notice pursuant to this Section 5, the Company agrees that it shall extend the period of
time during which the applicable Registration Statement shall be maintained effective pursuant to
this Agreement by the number of days during the period from the date of receipt by the Holders of
the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension
Notice and copies of the supplemented or amended Prospectus necessary to resume sales.

6. Indemnification and Contribution

     (a) The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares
and any underwriter (as determined in the Securities Act) for such Holder, (ii) each Person, if
any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the
Exchange Act) any such Person described in clause (i) (any of the Persons referred to in this
clause (ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective
officers, directors, partners, members, employees, representatives and agents of any such Person or
any Controlling Person (any Person referred to in clause (i), (ii) or (iii) above may hereinafter
be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and
all losses, claims, damages, judgments, actions, out-of-pocket expenses, and other liabilities (the
“Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs
of investigating, preparing, pursuing or defending any claim or action, or any investigation or
Proceeding by any governmental agency or body, commenced or threatened, including the reasonable
fees and expenses of counsel to any Purchaser Indemnitee, joint or several, based upon or arising
out of or in connection with any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement (or any amendment thereto), any Prospectus (or any
amendment or supplement thereto) or any Issuer Free Writing Prospectus (or any amendment or
supplement thereto), or any preliminary Prospectus or any other document used to sell the Shares,
or any omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under

- 13 -

 

which they were made, not misleading, except insofar as such Liabilities arise out of or are
based upon any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with information relating to any Purchaser Indemnitee furnished to
the Company, or any underwriter in writing by such Purchaser Indemnitee expressly for use therein.
The Company shall notify the Holders promptly of the institution, threat or assertion of any claim,
Proceeding (including any governmental investigation), or litigation of which it shall have become
aware in connection with the matters addressed by this Agreement which involves the Company or a
Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect
regardless of any investigation made by or on behalf of any Purchaser Indemnitee.

     (b) In connection with any Registration Statement in which a Holder of Registrable Shares is
participating, and as a condition to such participation, such Holder agrees, severally and not
jointly, to indemnify and hold harmless the Company and each Person who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and their
respective officers, directors, partners, members, employees, representatives and agents of such
Person or Controlling Person to the same extent as the foregoing indemnity from the Company to each
Purchaser Indemnitee, but only with reference to untrue statements or omissions or alleged untrue
statements or omissions made in reliance upon and in strict conformity with information relating to
such Holder furnished to the Company in writing by such Holder expressly for use in such
Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement
thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any
preliminary Prospectus. Absent gross negligence or willful misconduct, the liability of any Holder
pursuant to this paragraph shall in no event exceed the net proceeds received by such Holder from
sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto),
Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any
amendment or supplement thereto) or any preliminary Prospectus.

     (c) If any suit, action, Proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of which indemnity may
be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party”) shall
promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in
writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not
relieve it from any liability which it may have under this Section 6, except to the extent the
Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying
Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the
Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may
reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually
incurred by such counsel related to such Proceeding. Notwithstanding the foregoing, in any such
Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the
Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary,
(ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the
action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party,
(iii) the Indemnifying Party and its counsel, in the reasonable judgment of the Indemnified Party,
do not actively and vigorously pursue the defense of such action or (iv) the named parties to any
such action (including any impleaded parties) include both such Indemnified

- 14 -

 

Party and Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified
Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal
defenses available to it which are different from or additional to those available to the
Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between
such Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying Party (in
which case the Indemnifying Party shall not have the right to assume nor direct the defense of such
action on behalf of such Indemnified Party; it being understood, however, that the Indemnifying
Party shall not, in connection with any one such action or separate but substantially similar or
related actions in the same jurisdiction arising out of the same general allegations or
circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in
addition to any local counsel) for all such Indemnified Parties, which firm shall be designated in
writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such
Indemnified Parties and any such separate firm for the Company, the directors, the officers and
such control Persons of the Company as shall be designated in writing by the Company). The
Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its
written consent, which consent shall not be unreasonably withheld, but if settled with such consent
or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any
Indemnified Party from and against any loss or liability by reason of such settlement or judgment.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any
settlement of any pending or threatened Proceeding in respect of which any Indemnified Party is or
could have been a party and indemnity could have been sought hereunder by such Indemnified Party,
unless such settlement (i) includes an unconditional release of such Indemnified Party from all
liability on claims that are the subject matter of such Proceeding and (ii) does not include a
statement as to or an admission of, fault, culpability or a failure to act by or on behalf of the
Indemnified Party.

     (d) If the indemnification provided for in paragraphs (a) and (b) of this Section 6 is for any
reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred to
therein (other than by reason of the exceptions provided therein) or is insufficient to hold
harmless a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in
lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or
payable by such Indemnified Party as a result of such Liabilities (i) in such proportion as is
appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the
Indemnifying Party or Parties on the other in connection with the statements or omissions that
resulted in such Liabilities, or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party or
Parties and the Indemnified Party, as well as any other relevant equitable considerations. The
relative fault of the Company on the one hand and any Purchaser Indemnitees on the other shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.

     (e) The parties agree that it would not be just and equitable if contribution pursuant to this
Section 6 were determined by pro rata allocation (even if such Indemnified Parties were treated as
one entity for such purpose), or by any other method of allocation that does not take

- 15 -

 

account of the equitable considerations referred to in Section 6(d) above. The amount paid or
payable by an Indemnified Party as a result of any Liabilities referred to in Section 6(d) above
shall be deemed to include, subject to the limitations set forth above, any reasonable legal or
other expenses actually incurred by such Indemnified Party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 6, in no event
shall a Purchaser Indemnitee be required to contribute any amount in excess of the amount by which
the net proceeds received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the
amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason
of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this
Section 6, each Person, if any, who controls (within the meaning of Section 15 of the Securities
Act or Section 20(a) of the Exchange Act) a Holder of Registrable Shares shall have the same rights
to contribution as such Holder, and each Person, if any, who controls (within the meaning of
Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Company, and each
officer, director, partner, employee, representative, agent or manager of the Company shall have
the same rights to contribution as the Company. Any party entitled to contribution will, promptly
after receipt of notice of commencement of any action, suit or Proceeding against such party in
respect of which a claim for contribution may be made against another party or parties, notify each
party or parties from whom contribution may be sought, but the omission to so notify such party or
parties shall not relieve the party or parties from whom contribution may be sought from any
obligation it or they may have under this Section 6 or otherwise, except to the extent that any
party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation.

     (f) The indemnity and contribution agreements contained in this Section 6 will be in addition
to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties
referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this Section 6
are several in proportion to the respective number of Registrable Shares sold by each of the
Purchaser Indemnitees hereunder and not joint.

7. Termination of the Company’s Obligation

     The Company shall have no obligation pursuant to this Agreement with respect to any
Registrable Shares proposed to be sold or exchanged by a Holder in a registration pursuant to this
Agreement if, in the opinion of counsel to the Company, (i) all such Registrable Shares proposed to
be sold by a Holder may be sold in a single transaction without registration under the Securities
Act pursuant to Rule 144, (ii) the Company has become subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act for a period of at least ninety (90) days and is current in
the filing of all such required reports, and (iii) the Registrable Shares have been listed for
trading on a national securities exchange.

8. Limitations on Subsequent Registration Rights

     From and after the date of this Agreement, the Company shall not, without the prior written
consent of Holders beneficially owning not less than a majority of the then outstanding Registrable
Shares (provided, however, that for purposes of this Section 8, Registrable Shares that are owned,

- 16 -

 

directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding),
enter into any agreement with any holder or prospective holder of any securities of the Company
that would allow such holder or prospective holder (a) to include such securities in any
Registration Statement filed pursuant to the terms hereof, unless, under the terms of such
agreement, such holder or prospective holder may include such securities in any such registration
only to the extent that the inclusion of its securities will not reduce the amount of Registrable
Shares of the Holders that is included, or (b) to have its securities registered on a registration
statement that could be declared effective prior to, or within one hundred eighty (180) days of,
the effective date of any registration statement filed pursuant to this Agreement.

9. Miscellaneous

     (a) Remedies. In the event of a breach by the Company of any of its obligations under this
Agreement, each Holder, in addition to being entitled to exercise all rights provided herein or
granted by law, including recovery of damages, will be entitled to specific performance of its
rights under this Agreement. Subject to Section 6, the Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of any of the
provisions of this Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that a remedy at law
would be adequate.

     (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given, without the written consent of the Company
and Holders beneficially owning not less than a majority of the then outstanding Registrable
Shares. No amendment shall be deemed effective unless it applies uniformly to all Holders.
Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with
respect to a matter that relates exclusively to the rights of a Holder whose securities are being
sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair,
limit or compromise the rights of other Holders may be given by such Holder; provided that the
provisions of this sentence may not be amended, modified or supplemented except in accordance with
the provisions of the first and second sentences of this paragraph.

     (c) Notices. All notices and other communications, provided for or permitted hereunder, shall
be made in writing and delivered by facsimile (with receipt confirmed), overnight courier or
registered or certified mail, return receipt requested, or by telegram:

     (i) if to a Holder, at the most current address given by the transfer agent and
registrar of the Shares to the Company; and

     (ii) if to the Company, at the offices of the Company at Pendelis 16, 175 64 Palaio
Faliro, Athens, Greece, Attention: Ioannis Zafirakis (facsimile: +30 210 947 0101); and

- 17 -

 

     (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon
the successors and assigns of each of the parties hereto, including, without limitation and without
the need for an express assignment or assumption, subsequent Holders.

     (e) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.

     (f) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

     (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES OTHER THAN 5-1401 AND 5-1402 OF THE NEW YORK
GENERAL OBLIGATION LAW THAT WOULD REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE
OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

     (h) Severability. If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions set forth herein shall remain in full force
and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall
use their reasonable efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties hereto that
they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

     (i) Entire Agreement. This Agreement, together with the Purchase/Placement Agreement, is
intended by the parties hereto as a final expression of their agreement, and is intended to be a
complete and exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and therein.

- 18 -

 

     (j) Adjustment for Stock Splits, etc. Wherever in this Agreement there is a reference to a
specific number of shares, then upon the occurrence of any subdivision, combination, or stock
dividend of such shares, the specific number of shares so referenced in this Agreement shall
automatically be proportionally adjusted to reflect the effect on the outstanding shares of such
class or series of stock by such subdivision, combination, or stock dividend.

     (k) Survival. This Agreement is intended to survive the consummation of the transactions
contemplated by the Purchase Agreement. The indemnification and contribution obligations under
Section 6 of this Agreement shall survive the termination of the Company’s obligations under
Section 2 of this Agreement.

[Signature page follows]

- 19 -

 

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

	 	 	 	 	 
	 	DIANA CONTAINERSHIPS INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	DIANA SHIPPING INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Registration Rights Agreement]

- 20 -exv10w2

 

EXECUTION VERSION

THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

dated as of June 3, 2011

among

AMB JAPAN FINANCE Y.K., as Initial Borrower,

PROLOGIS, L.P.

and

PROLOGIS, INC.,

as Guarantors,

THE BANKS LISTED HEREIN,

SUMITOMO MITSUI BANKING CORPORATION,

as Administrative Agent and Sole Lead Arranger and Bookrunner

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	Section 1.1 Definitions
	 	 	1	 
	 
	Section 1.2 Accounting Terms and Determination
	 	 	27	 
	 
	Section 1.3 Types of Borrowings
	 	 	27	 
	 
	Section 1.4 Other Interpretive Provisions
	 	 	28	 
	 
	Section 1.5 Restatement; Allocation of Loans and Pro Rata Shares on
the Effective Date
	 	 	28	 
	 
	 	 	 	 
	ARTICLE II THE CREDITS
	 	 	29	 
	 
	Section 2.1 Commitment to Lend
	 	 	29	 
	 
	Section 2.2 Notice of Borrowing
	 	 	30	 
	 
	Section 2.3 Intentionally Deleted
	 	 	31	 
	 
	Section 2.4 Intentionally Deleted
	 	 	31	 
	 
	Section 2.5 Notice to Banks; Funding of Loans
	 	 	32	 
	 
	Section 2.6 Notes
	 	 	33	 
	 
	Section 2.7 Method of Electing Interest Rates
	 	 	34	 
	 
	Section 2.8 Interest Rates
	 	 	36	 
	 
	Section 2.9 Fees
	 	 	36	 
	 
	Section 2.10 Maturity Date
	 	 	37	 
	 
	Section 2.11 Optional Prepayments
	 	 	38	 
	 
	Section 2.12 Secured Option
	 	 	39	 
	 
	Section 2.13 General Provisions as to Payments
	 	 	41	 
	 
	Section 2.14 Funding Losses
	 	 	42	 
	 
	Section 2.16 Computation of Interest and Fees
	 	 	43	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	Section 2.17 Use of Proceeds
	 	 	43	 
	 
	Section 2.18 Letters of Credit
	 	 	43	 
	 
	Section 2.19 Letter of Credit Usage Absolute
	 	 	47	 
	 
	Section 2.20 Letters of Credit Maturing after the Maturity Date
	 	 	48	 
	 
	Section 2.21 Addition of Qualified Borrowers; Release of Qualified
Borrowers
	 	 	48	 
	 
	 	 	 	 
	ARTICLE III CONDITIONS
	 	 	49	 
	 
	Section 3.1 Closing
	 	 	49	 
	 
	Section 3.2 Borrowings
	 	 	51	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES
	 	 	53	 
	 
	Section 4.1 Representations and Warranties by the Guarantors

	 	 	53	 
	 
	Section 4.2 Representations and Warranties by the Initial Borrower
	 	 	57	 
	 
	 	 	 	 
	ARTICLE V AFFIRMATIVE AND NEGATIVE COVENANTS
	 	 	59	 
	 
	Section 5.1 Information
	 	 	59	 
	 
	Section 5.2 Payment of Obligations
	 	 	61	 
	 
	Section 5.3 Maintenance of Property; Insurance
	 	 	61	 
	 
	Section 5.4 Maintenance of Existence
	 	 	62	 
	 
	Section 5.5 Compliance with Laws
	 	 	62	 
	 
	Section 5.6 Books and Records
	 	 	62	 
	 
	Section 5.7 Inspection of Property
	 	 	62	 
	 
	Section 5.8 Financial Covenants
	 	 	62	 
	 
	Section 5.9 Restriction on Fundamental Changes
	 	 	63	 
	 
	Section 5.10 Changes in Business
	 	 	63	 
	 
	Section 5.11 General Partner Status
	 	 	64	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	Section 5.12 Restricted Payments
	 	 	64	 
	 
	Section 5.13 Transactions with Affiliates
	 	 	64	 
	 
	Section 5.14 Negative Pledge Agreements; Burdensome Agreements
	 	 	65	 
	 
	Section 5.15 Qualified Borrower Status
	 	 	65	 
	 
	Section 5.16 Use of Proceeds
	 	 	65	 
	 
	Section 5.17 Claims Pari Passu
	 	 	65	 
	 
	 	 	 	 
	ARTICLE VI DEFAULTS
	 	 	65	 
	 
	Section 6.1 Guarantor Event of Default
	 	 	65	 
	 
	Section 6.2 Rights and Remedies
	 	 	68	 
	 
	Section 6.3 Borrower Event of Default
	 	 	68	 
	 
	Section 6.4 Rights and Remedies with Respect to Borrower Event of
Default
	 	 	70	 
	 
	Section 6.5 Enforcement of Rights and Remedies
	 	 	71	 
	 
	Section 6.6 Notice of Default
	 	 	71	 
	 
	Section 6.7 Actions in Respect of Letters of Credit
	 	 	71	 
	 
	Section 6.8 Distribution of Proceeds after Default
	 	 	74	 
	 
	 	 	 	 
	ARTICLE VII ADMINISTRATIVE AGENT
	 	 	74	 
	 
	Section 7.1 Appointment and Authorization
	 	 	74	 
	 
	Section 7.2 Agency and Affiliates
	 	 	74	 
	 
	Section 7.3 Action by Administrative Agent
	 	 	74	 
	 
	Section 7.4 Consultation with Experts
	 	 	75	 
	 
	Section 7.5 Liability of Administrative Agent
	 	 	75	 
	 
	Section 7.6 Indemnification
	 	 	75	 
	 
	Section 7.7 Credit Decision
	 	 	75	 

-iii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	Section 7.8 Successor Agent
	 	 	76	 
	 
	Section 7.9 Consents and Approvals
	 	 	76	 
	 
	Section 7.10 Cooperation with Asset Liquidation Plan Amendments
	 	 	77	 
	 
	 	 	 	 
	ARTICLE VIII CHANGE IN CIRCUMSTANCES
	 	 	78	 
	 
	Section 8.1 Basis for Determining Interest Rate Inadequate or Unfair
	 	 	78	 
	 
	Section 8.2 Illegality
	 	 	78	 
	 
	Section 8.3 Increased Cost and Reduced Return
	 	 	79	 
	 
	Section 8.4 Taxes
	 	 	81	 
	 
	Section 8.5 Base Rate Loans Substituted for Affected Yen LIBOR Loans
	 	 	84	 
	 
	 	 	 	 
	ARTICLE IX MISCELLANEOUS
	 	 	84	 
	 
	Section 9.1 Notices
	 	 	84	 
	 
	Section 9.2 No Waivers
	 	 	85	 
	 
	Section 9.3 Expenses; Indemnification
	 	 	85	 
	 
	Section 9.4 Sharing of Set-Offs
	 	 	86	 
	 
	Section 9.5 Amendments and Waivers
	 	 	87	 
	 
	Section 9.6 Successors and Assigns
	 	 	91	 
	 
	Section 9.7 Collateral
	 	 	93	 
	 
	Section 9.8 Governing Law; Submission to Jurisdiction; Judgment
Currency
	 	 	93	 
	 
	Section 9.9 Counterparts; Integration; Effectiveness
	 	 	94	 
	 
	Section 9.10 WAIVER OF JURY TRIAL
	 	 	94	 
	 
	Section 9.11 Survival
	 	 	94	 
	 
	Section 9.12 Limitation of Liability
	 	 	94	 

-iv-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	Section 9.13 Recourse Obligation
	 	 	94	 
	 
	Section 9.14 Confidentiality
	 	 	95	 
	 
	Section 9.15 Defaulting Banks
	 	 	95	 
	 
	Section 9.16 Banks’ ERISA Covenant
	 	 	97	 
	 
	Section 9.17 Bank Ceasing to be a Qualified Institutional Investor
	 	 	97	 
	 
	Section 9.18 USA Patriot Act
	 	 	98	 
	 
	Section 9.19 OFAC List
	 	 	99	 

-v-

 

	 	 	 

	SCHEDULE 1

	 	Commitments
	SCHEDULE 1.1

	 	Initial Qualified Borrowers
	SCHEDULE 2.2

	 	Project Information
	SCHEDULE 2.17

	 	Outstanding Letters of Credit
	SCHEDULE 4.1(f)

	 	Litigation
	SCHEDULE 4.1(g)

	 	Environmental
	EXHIBIT A-1

	 	Form of Note
	EXHIBIT A-2

	 	Form of TMK Qualified Borrower Undertaking
	EXHIBIT B-1

	 	YK Qualified Borrower Joinder Agreement
	EXHIBIT B-2

	 	TMK Qualified Borrower Joinder Agreement
	EXHIBIT C

	 	Form of Mortgage
	EXHIBIT D

	 	Form of TBI Pledge
	EXHIBIT E

	 	Form of Share Pledge
	EXHIBIT F

	 	Form of Consent
	EXHIBIT G

	 	Notices
	EXHIBIT H

	 	Form of Transfer Supplement
	EXHIBIT I-1

	 	Organizational and Structure Chart for Initial Qualified Borrowers
	EXHIBIT I-2

	 	Organizational and Structural Chart for AMB Japan Finance Y.K.
	EXHIBIT J

	 	Bank Commitment Increase Agreement
	EXHIBIT K

	 	New Bank Joinder Agreement
	EXHIBIT L

	 	Qualified Borrower Removal Notice/Form
	EXHIBIT M

	 	Form of Compliance Certificate

-vi-

 

Exhibit
10.2

THIRD AMENDED AND RESTATED

REVOLVING CREDIT AGREEMENT

     THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Agreement”), dated as of
June 3, 2011, among AMB JAPAN FINANCE Y.K., as Initial Borrower (the “Initial Borrower”),
PROLOGIS, L.P., as Guarantor (“Prologis”), PROLOGIS, INC., as Guarantor (“General
Partner” and together with Prologis, each a “Guarantor” and collectively, the
“Guarantors”), the BANKS listed on the signature pages hereof, SUMITOMO MITSUI BANKING
CORPORATION, as Administrative Agent and Sole Lead Arranger and Bookrunner.

     WHEREAS, the Initial Borrower, the Initial Qualified Borrowers, Administrative Agent and
certain of the Banks entered into the Existing Revolving Credit Agreement; and

     WHEREAS, the parties hereto have agreed to amend and restate the terms and conditions
contained in the Existing Revolving Credit Agreement in their entirety as hereinafter set forth.

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

     I. On the Effective Date, the terms and conditions of the Existing Revolving Credit Agreement
shall be restated in their entirety as set forth herein, as more fully set forth in Section
1.5, and the parties hereto shall thereafter comply with and be subject to all of the terms,
covenants and conditions of this Agreement.

     II. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and
their respective successors and assigns, and shall be deemed to be effective on the Effective Date.

     III. Any reference to the “Credit Agreement” or similar terms in any document executed in
connection with the Existing Revolving Credit Agreement shall be deemed to refer to this Agreement.

     The parties hereto further agree as follows:

ARTICLE I

DEFINITIONS

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

     “Adjusted EBITDA” means, for the Companies on a consolidated basis, net earnings
before Preferred Dividends, plus amounts that have been deducted, and minus amounts that have been
added, for the following (without duplication):

 

 

     (a) Non-recurring losses (gains) from Dispositions of assets (excluding Dispositions to any
Property Fund and Dispositions to third parties in connection with the Companies’ development
business);

     (b) Losses (gains) resulting from foreign currency exchange effects of settlement of
Indebtedness and mark-to-market adjustments associated with (i) intercompany Indebtedness between
Prologis and any of its Consolidated Subsidiaries and Unconsolidated Affiliates, (ii) third party
Indebtedness of Prologis and its Consolidated Subsidiaries, and (iii) Swap Contracts (other than
those entered into for purely speculative purposes);

     (c) Arrangement fees, amendment fees and costs incurred in connection with the negotiation,
documentation, and/or closing of this Agreement and any amendment, supplement or other modification
hereto;

     (d) Losses and charges from extraordinary, non-recurring and other unusual items (including
fees and costs incurred in connection with the negotiation, documentation, and/or closing of each
capital market offering, debt financing or amendments thereto, redemption or exchange of
Indebtedness, business combination, acquisition, merger, disposition, recapitalization and consent
solicitation);

     (e) Losses (gains) from early extinguishment of Indebtedness; and

     (f) Losses (earnings) attributable to Unconsolidated Affiliates;

     plus Allowed Unconsolidated Affiliate Earnings, plus all amounts deducted in calculating net
earnings for Interest Expense (including cash and non-cash amounts), minority interests, provisions
for taxes based on income (including deferred income taxes), provisions for unrealized gains and
losses, depreciation and amortization and the effect of any other non-cash item. Notwithstanding
the above, non-cash losses (gains) and any non-cash impairment of Investments, intangible assets,
including goodwill, or other assets shall be added back to (in the case of write-downs, impairment
charges, and losses) or deducted from (in the case of gains) Adjusted EBITDA to the extent deducted
(added) in the calculation of net earnings or Adjusted EBITDA (but without duplication).

     “Administrative Agent” shall mean Sumitomo Mitsui Banking Corporation in its capacity
as Administrative Agent hereunder, and its permitted successors in such capacity in accordance with
the terms of this Agreement.

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

     “Affiliate”, as applied to any Person, means any other Person that directly or
indirectly controls, is controlled by, or is under common control with, that Person. For purposes
of this definition, “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as applied to any Person, means the possession,
directly or indirectly, of the power to vote 10% or more of the equity securities having voting
power for the election of directors of such Person or otherwise to direct or cause the direction of
the

2

 

management and policies of that Person, whether through the ownership of voting equity
securities or by contract or otherwise.

     “Agreement” shall mean this Third Amended and Restated Revolving Credit Agreement.

     “Allowed Unconsolidated Affiliate Earnings” means distributions (excluding
extraordinary or non-recurring distributions) received in cash from Unconsolidated Affiliates.

     “Alternate Currency” shall have the meaning set forth in Section 9.5(d).

     “Annual Fronting Bank Fee” shall have the meaning set forth in Section 2.9(c).

     “Applicable Margin” means (a) at any time prior to the earlier of (x) October 3, 2011,
and (y) the date on which Prologis has a long term unsecured senior debt rating from at least two
of S&P, Moody’s and Fitch, a percentage per annum equal to (i) with respect to the Facility Fee,
0.300%, (ii) with respect to Yen LIBOR Loans and the Letter of Credit Fee, 1.400% and (iii) with
respect to Base Rate Loans, 0.400% and (b) at any time thereafter, with respect to the applicable
Borrowings, the applicable percentage per annum set forth in the table below opposite the
applicable ratings of Prologis, determined in accordance with the following: If Prologis has all
three of such ratings, then the Applicable Margin will be based on the higher of the S&P Rating and
the Moody’s Rating. If Prologis has only two of such ratings, then the Applicable Margin will be
based upon the higher of such ratings. If Prologis has only one or none of such ratings, then the
highest Applicable Margin will apply.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Yen LIBOR	 	 
	Moody’s	 	 	 	 	 	Base Rate	 	Loans/ Letter	 	 
	Rating	 	S&P Rating	 	Fitch Rating	 	Loans	 	of Credit Fees	 	Facility Fee
	Less than Baa3 or not rated
	 	Less than BBB- or not rated	 	Less than BBB- or not rated	 	 	1.050	%	 	 	2.050	%	 	 	0.450	%
	Baa3
	 	BBB-	 	BBB-	 	 	0.650	%	 	 	1.650	%	 	 	0.350	%
	Baa2
	 	BBB	 	BBB	 	 	0.400	%	 	 	1.400	%	 	 	0.300	%
	Baa1
	 	BBB+	 	BBB+	 	 	0.250	%	 	 	1.250	%	 	 	0.250	%
	A3 or better
	 	A- or better	 	A- or better	 	 	0.175	%	 	 	1.175	%	 	 	0.225	%

     Each change in the Applicable Margin shall be effective commencing on the fifth Business Day
following the earlier to occur of (A) Administrative Agent’s receipt of notice from General
Partner, as required by Section 5.1(h), of an applicable change in the Moody’s Rating, the
S&P Rating or the Fitch Rating and (B) Administrative Agent’s actual knowledge of an applicable
change in the Moody’s Rating, the S&P Rating or the Fitch Rating.

     “Asset Liquidation Plan” means a plan that has been duly filed with the Director
General of the Kanto Local Finance Bureau pursuant to Article 4 of TMK Law.

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

3

 

     “Bank” means each entity (other than a Loan Party) listed on the signature pages
hereof, each Assignee which becomes a Bank pursuant to Section 9.6(c), and their respective
successors.

     “Bank Commitment Increase Agreement” means each Bank Commitment Increase Agreement, by
and among Borrower, the Guarantors, Administrative Agent (on behalf of the Banks) and the
applicable Bank which has agreed to increase its Commitment pursuant to the terms of Section
2.1(b), the form of which is attached hereto as Exhibit J.

     “Bank Parent” means, with respect to any Bank, any Person as to which such
Bank is, directly or indirectly, a subsidiary.

     “Base Rate” means, for any day, a rate per annum equal to the Prime Rate for such day.
Each change in the Base Rate shall become effective automatically as of the opening of business on
the date of such change in the Base Rate, without prior written notice to Borrower or Banks.

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

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

     “Borrower” means, collectively, Initial Borrower and any Qualified Borrower for so
long as such entity is a Qualified Borrower hereunder.

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

     “Borrower Event of Default” shall have the meaning set forth in Section 6.3.

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

     “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York City or Tokyo, Japan or, for purposes of the determination of Yen
LIBOR only, London are authorized by law to close.

     “Capital Expenditures” means, for any period, an amount equal to $0.10 per square foot
on (i) after the date following the Merger on which Prologis or General Partner has filed a Form
10-Q or 10-K with the SEC, the portfolio square footage as most recently reported on a Form 10-Q or
10-K of Prologis or General Partner and (ii) prior to the date specified in (i) above, the
aggregate of the portfolio square footage most recently reported on a Form 10-Q or 10-K filed with
the SEC by or on behalf of each of Old ProLogis and Prologis.

     “Capitalization Rate” means the percentage rates set forth below:

     (a) 6.0% with respect to all Properties located in Japan; and

     (b) 7.25% with respect to all Properties not located in Japan.

4

 

     “Cash Equivalents” means (a) direct obligations of the United States of America or any
agency thereof, or obligations fully guaranteed by the United States of America or any agency
thereof; provided that such obligations mature within one (1) year of the date of
acquisition thereof, (b) commercial paper rated “A-1” (or higher) according to S&P or “P-1” (or
higher) according to Moody’s and, in each case, maturing not more than one hundred and eighty (180)
days from the date of acquisition thereof, (c) time deposits with, and certificates of deposit and
bankers’ acceptances issued by, any Bank or any other United States bank having capital surplus and
undivided profits aggregating at least $1,000,000,000, and (d) mutual funds whose investments are
substantially limited to the foregoing.

     “Change of Control” means an event or series of events by which:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or
its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other
fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or
group shall be deemed to have “beneficial ownership” of all securities that such person or
group has the right to acquire (such right, an “option right”), whether such right
is exercisable immediately or only after the passage of time), directly or indirectly, of
25% or more of the equity securities of General Partner entitled to vote for members of the
board of directors or equivalent governing body of General Partner on a fully-diluted basis
(and taking into account all such securities that such person or group has the right to
acquire pursuant to any option right);

     (b) during any period of twelve (12) consecutive months, a majority of the members of
the board of directors or other equivalent governing body of General Partner cease to be
composed of individuals (i) who were members of that board or equivalent governing body on
the first day of such period, (ii) whose election or nomination to that board or equivalent
governing body was approved by individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of that board or
equivalent governing body or (iii) whose election or nomination to that board or other
equivalent governing body was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a
majority of that board or equivalent governing body (excluding, in the case of both
clause (ii) and clause (iii), any individual whose initial nomination for,
or assumption of office as, a member of that board or equivalent governing body occurs as a
result of an actual or threatened solicitation of proxies or consents for the election or
removal of one or more directors by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the board of directors);

     (c) any Person or two or more Persons acting in concert shall have acquired by contract
or otherwise the power to exercise, directly or indirectly, a controlling influence over the
management or policies of General Partner, or control over the equity securities of General
Partner entitled to vote for members of the board of directors or equivalent governing body
of General Partner on a fully-diluted basis (and taking into account all such securities
that such Person or group has the right to acquire pursuant to

5

 

any option right) representing 25% or more of the combined voting power of such
securities; or

     (d) General Partner shall cease to (i) be the sole general partner of Prologis, or (ii)
own, directly or indirectly, more than 50% of the Equity Interests of Prologis.

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

     “Code” means the Internal Revenue Code of 1986, and applicable U.S. Department of
Treasury regulations issued pursuant thereto in temporary or final form.

     “Collateral” shall have the meaning set forth in Section 2.12(a).

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

     “Committed Loan” means a loan made by a Bank pursuant to Section 2.1, as well
as loans required to be made by a Bank pursuant to Section 2.17 to reimburse a Fronting
Bank for a Letter of Credit that has been drawn down; provided that, if any such loan or
loans (or portions thereof) are combined or subdivided pursuant to a Notice of Interest Rate
Election, the term “Committed Loan” shall refer to the combined principal amount resulting from
such combination or to each of the separate principal amounts resulting from such subdivision, as
the case may be.

     “Commitment” means, with respect to each Bank, the amount set forth next to the name
of such Bank on Schedule 1 as its commitment pursuant to this Agreement with respect to any
Loans (and, for each Bank which is an Assignee, the amount set forth in the Transfer Supplement
entered into pursuant to Section 9.6(c) as the Assignee’s Commitment), as such amount may
be reduced from time to time pursuant to Section 2.11 or in connection with an assignment
to an Assignee and increased from time to time pursuant to Section 2.1(b) or in connection
with an assignment from an Assignor. As of the Closing Date, the aggregate Commitment is Thirty-Six
Billion Five Hundred Million Yen (JPY 36,500,000,000). Notwithstanding the foregoing, to the
extent any Bank is a Participating Bank, any amounts that such Bank may lend in an Alternate
Currency shall reduce such Bank’s Commitment accordingly.

     “Companies” means General Partner and its Consolidated Subsidiaries; provided
that for purposes of Sections 4.1(f), (h), (i), (m), (n)
and (s) and Section 6.1, “Companies” shall also include each Person that is
not a Consolidated Subsidiary and is a Borrower under (and as defined in) the Global Credit
Agreement; and “Company” means any one of the Companies.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit M.

     “Consents” has the meaning set forth in Section 7.10.

     “Consolidated Leverage Ratio” means, as of any date, the ratio of (a) all Indebtedness
of the Companies, on a consolidated basis, to (b) Total Asset Value; provided that for
purposes of calculating the Consolidated Leverage Ratio, (i) total Indebtedness of the Companies
shall be adjusted by deducting therefrom an amount equal to the lesser of (A) total Indebtedness
that by its terms is scheduled to mature on or before the date that is 24 months from the date of

6

 

calculation, and (B) Unrestricted Cash of the Companies, and (ii) Total Asset Value shall be
adjusted by deducting therefrom the amount by which total Indebtedness is adjusted under clause
(i).

     “Consolidated Subsidiary” means, with respect to any Person (a “Parent”), any
other Person in which such Parent directly or indirectly holds an Equity Interest and that would be
consolidated in the preparation of consolidated financial statements of such Parent in accordance
with GAAP. Any reference herein or in any other Loan Document to a “Consolidated Subsidiary”
shall, unless otherwise specified, be a reference to a Consolidated Subsidiary of General Partner.

     “Consolidated Tangible Net Worth” means, for the Companies, on a consolidated basis,
as of any date, (a) Total Assets (excluding intangible assets of the Companies), minus
(b) all Liabilities.

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

     “Customary Recourse Exceptions” means, with respect to any Non-Recourse Debt,
exclusions from the exculpation provisions with respect to such Non-Recourse Debt for fraud,
misapplication of cash, environmental claims, breach of representations or warranties, failure to
pay taxes and insurance, and other circumstances customarily excluded by institutional lenders from
exculpation provisions and/or included in separate indemnification agreements in non-recourse
financings of real estate.

     “Debtor Relief Laws” means Title 11 of the United States Code and all other applicable
state or federal liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganization, suspension of payments, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect and affecting rights of
creditors generally, including any governmental rules of any jurisdiction relating to any corporate
reorganization, company arrangement, civil rehabilitation, special liquidation, moratorium,
readjustment of debt, appointment of a conservator (hozen kanrinin), trustee (kanzai nin),
supervisor (kantoku i’in), inspector (chosa i’in) or receiver, or similar debtor relief effecting,
including hasan, minji saisei, kaisha kosei, tokubetsu seisan and tokutei chotei.

     “Debt Service” means, for any Person for any period, the sum of the cash
portion of Interest Expense (excluding, to the extent included therein, amortized fees previously
paid in cash) plus any regularly scheduled principal payments on Indebtedness; provided
that Debt Service shall not include Excluded Debt Service.

     “Default” means any Guarantor Default or Borrower Default.

     “Defaulting Bank” means any Bank that: (a) has failed to fund any Loan (including any
fronted Loan) or any participation in Letters of Credit; (b) has notified any other Lender Party or
any Loan Party in writing that it does not intend to comply with any of its funding obligations
hereunder (unless such notice has been withdrawn and the effect of such notice has been cured) or
has made a public statement to that effect (unless such statement has been retracted); (c) has

7

 

failed, within three (3) Business Days after written request by Administrative Agent or
Prologis, to confirm in writing to Administrative Agent and Prologis that it will comply with the
terms of this Agreement relating to its obligations to fund prospective Loans and participations
in Letters of Credit, unless such failure has been cured; (d) has otherwise failed to pay to any
Lender Party any other amount (other than a de minimus amount) required to be paid by it hereunder
within three (3) Business Days of the date when due, unless the subject of a good faith dispute or
such failure has been cured; or (e) has, or has a direct or indirect parent company that has, (i)
become the subject of a bankruptcy or insolvency proceeding, (ii) had a receiver, conservator,
trustee or custodian appointed for it, or (iii) taken any action in furtherance of, or indicating
its consent to, approval of or acquiescence in any such proceeding or appointment; provided
that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any
Equity Interest in such Bank or any direct or indirect parent company thereof by a Governmental
Authority, so long as the ownership or acquisition of such Equity Interest does not result in or
provide such Bank with immunity from the jurisdiction of courts within the United States or from
the enforcement of judgments or writs of attachment on its assets or permit such Bank (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contract or agreement made
with such Bank.

     “Disposition” or “Dispose” means the sale, transfer, license, lease,
contribution, or other disposition (including any sale and leaseback transaction, but excluding
charitable contributions) of any property by any Person, including any sale, assignment, transfer
or other disposal, with or without recourse, of any notes or accounts receivable or any rights and
claims associated therewith.

     “Disqualified Stock” means any Equity Interests of a Person that by its terms (or by
the terms of any Equity Interests into which it is convertible or for which it is exchangeable or
exercisable) (a) matures or is subject to mandatory redemption, pursuant to a sinking fund
obligation or otherwise on or prior to the Maturity Date, (b) is convertible into or exchangeable
or exercisable for a Liability or Disqualified Stock on or prior to the Maturity Date, (c) is
redeemable on or prior to the Maturity Date at the option of the holder of such Equity Interests or
(d) otherwise requires any payments by such Person, in each case on or prior to the Maturity Date.

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

     “Effective Date” means the date this Agreement becomes effective in accordance with
Section 9.9.

     “Eligible Affiliate” means any Person in which Prologis directly or indirectly holds
an Equity Interest.

     “Environmental Laws” means all Federal, state, provincial, local and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

8

 

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of
Prologis, any other Loan Party or any of their respective Affiliates directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into
the environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

     “Equity Interests” means, with respect to any Person, all shares of capital stock of
(or other ownership or profit interests in) such Person, all warrants, options or other rights for
the purchase or acquisition from such Person of shares of capital stock of (or other ownership or
profit interests in) such Person, all securities convertible into or exchangeable for shares of
capital stock of (or other ownership or profit interests in) such Person, and all other ownership,
beneficial or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, in each case to the extent then outstanding;
provided that the convertible senior notes of Prologis shall not constitute Equity
Interests unless such notes are converted into capital stock of Prologis.

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with Prologis within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “ERISA Event” means: (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by Prologis or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA
during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by Prologis or any ERISA Affiliate from a Multiemployer
Plan or receipt by Prologis or any ERISA Affiliate of notification that a Multiemployer Plan is in
reorganization; (d) the filing by Prologis or any ERISA Affiliate of a notice of intent to
terminate any Pension Plan, the treatment of a Pension Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; or (e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan or Multiemployer Plan.

     “Euro Term Loan Agreement” means the Credit Agreement dated as of November 29, 2010
among Prologis, various banks and HSBC Bank USA, National Association, as administrative agent.

     “Event of Default” shall mean a Borrower Event of Default or a Guarantor Event of
Default.

9

 

     “Excluded Debt Service” means, for any period, any regularly scheduled principal
payments on (a) any Indebtedness that pays such Indebtedness in full, but only to the extent that
the amount of such final payment is greater than the scheduled principal payment immediately
preceding such final payment, and (b) any Indebtedness (other than Secured Debt) that is rated at
least Baa3 and BBB-, as the case may be, by at least two (2) of S&P, Moody’s and Fitch.

     “Existing Indenture” means the Indenture dated as of June 30, 1998 among General
Partner, Prologis and U.S. Bank National Association (as successor in interest to State Street Bank
and Trust Company of California, N.A.), as Trustee.

     “Existing Revolving Credit Agreement” means the Second Amended and Restated Credit
Agreement, dated as of December 1, 2010, among AMB Japan Finance Y.K., as Initial Borrower,
Prologis and General Partner, as Guarantors, the Qualified Borrowers parties thereto, the lenders
parties thereto, and Administrative Agent, as administrative agent and sole lead arranger and
bookmanager.

     “Exiting Bank” means a Person that is a “Bank” under and as defined in the Existing
Revolving Credit Agreement but is not a party to this Agreement.

     “Extension Effective Date” has the meaning set forth in Section 2.10(b).

     “Extension Fee” has the meaning set forth in Section 2.9(d).

     “Facility Amount” means, at any particular time, the aggregate Commitment at such
time.

     “FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement
and any regulations or official interpretations thereof.

     “Financing Partnerships” means any Subsidiary that is wholly-owned, directly or
indirectly, by Prologis or jointly by the Guarantors provided that General Partner holds, directly
or indirectly other than through its interest in Prologis, no more than a 2% economic interest in
such Subsidiary.

     “Fitch” means Fitch IBCA, Duff & Phelps, a division of Fitch, Inc. (or any successor
thereof) or, if Fitch no longer publishes ratings, then another ratings agency selected by Prologis
and reasonably acceptable to Administrative Agent.

     “Fitch Rating” means the most recently-announced rating from time to time of Fitch
assigned to any class of long-term senior, unsecured debt securities issued by Prologis, as to
which no letter of credit, guaranty, or third party credit support is in place, regardless of
whether all or any part of such Indebtedness has been issued at the time such rating was issued.

     “Fixed Charge Coverage Ratio” means, as of the last day of any fiscal quarter, the
ratio of (a) (i) Adjusted EBITDA, minus (ii) Capital Expenditures, to (b) the sum
of (i) Debt Service in respect of all Indebtedness, plus (ii) Preferred Dividends, in each
case for the Companies on a consolidated basis and for the four (4) fiscal quarters ending on the
date of determination.

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     “Fronting Bank” shall mean Sumitomo Mitsui Banking Corporation, its successors and
assigns.

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

     “General Partner” shall mean Prologis, Inc., a Maryland corporation, a real estate
investment trust, which is the general partner of Prologis and a Guarantor.

     “General Partner Audited Financial Statements” means the audited consolidated balance
sheet of General Partner (completed under the name “AMB Property Corporation”) for the fiscal year
ended December 31, 2010 and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, including the notes thereto.

     “GK” means a limited liability company (godo kaisha) formed and existing under the
Companies Act (kaisha ho) (Law No. 86 of 2005).

     “Global Credit Agreement” means the Global Senior Credit Agreement, dated as of June
3, 2011 among Prologis, General Partner, various affiliates thereof, various lenders and various
agents, including Bank of America, N.A., as Global Administrative Agent.

     “Governmental Authority” means the government of the United States or any other
nation, or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

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

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

     “Guarantor Event of Default” shall have the meaning set forth in Section 6.1.

     “Guarantors” means, collectively, Prologis and General Partner, jointly and severally,
and “Guarantor” means individually either Prologis or General Partner.

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     “Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guaranteeing Person in good faith. Guarantees shall not include contingent
obligations under any Special Limited Contribution Agreement (“SLCA”) in connection with
certain of such Person’s contributions of Properties to Property Funds pursuant to which a Company
is obligated to make additional capital contributions to the respective Property Fund under certain
circumstances unless the obligations under such SLCA are required under GAAP to be included in
“liabilities” on the balance sheet of the Companies. The term “Guarantee” as a verb has a
corresponding meaning.

     “Guaranty” means that certain Guaranty Agreement, dated as of the date hereof, by
Guarantors, jointly and severally, as guarantors, to Administrative Agent, for the benefit of the
Banks, for the payment of any Borrower’s debt or obligation to the Banks.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “HIBOR” means, in relation to any borrowing of Hong Kong Dollars, (i) the applicable
Hong Kong Dollars Screen Rate, or (ii) if no Hong Kong Dollars Screen Rate is available for the
applicable interest period of that Loan, the arithmetic mean of the rates (rounded upwards to four
decimal places) as supplied to Administrative Agent at its request quoted by the HIBOR Reference
Banks to leading banks in the Hong Kong interbank market, as applicable, at or about 11:00 a.m.
(New York time) on the second Business Day before the first day of the applicable interest period
for the offering of deposits in Hong Kong Dollars and for a period comparable to the interest
period for such Loan.

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     “HIBOR Reference Banks” means the principal Hong Kong offices of certain of the Banks
or such other banks as may be designated by Administrative Agent in consultation with the Borrowers
and Guarantors.

     “Hong Kong Dollars” means the lawful currency of Hong Kong.

     “Hong Kong Dollars Screen Rate” means (i) the rate for the relevant period displayed
on Telerate page 9898 at or about 11:00 a.m. (New York time) on the second Business Day before the
first day of the applicable interest period for the offering of deposits in Hong Kong Dollars or
(ii) if no such interest rate is available, the rate designated as “FIXING@11:00” (or any other
designation which may from time to time replace that designation or, if no such designation
appears, the arithmetic average (rounded upwards, to five decimal places) of the displayed rates
for the relevant period) appearing under the heading “HONG KONG INTERBANK OFFERED RATES (HK
DOLLAR)” on the Reuters Screen HIBOR1=R Page or (iii) if no such interest rate is available, the
Official HIBOR Fixing from HKAB for the relevant period which appears on Bloomberg page HIBO. If
the agreed page or service is replaced or ceases to be available, Administrative Agent may, after
consultation with the Borrowers, Guarantors and the Banks, specify another page or service
displaying the appropriate rate.

     “IBLP” means an investment business limited partnership (toshi jigyo yugen sekinin
kumiai) formed pursuant to an investment business partnership agreement (toshi jigyo yugen sekinin
kumiai keiyaku) as set forth in the Investment Business Limited Partnership Act (toshi jigyo yugen
sekinin kumiai keiyaku nikansuru horitu) of Japan (Law No. 90 of 1998).

     “Indebtedness” means for any Person, without duplication, all monetary obligations,
excluding trade payables and accrued expenses (including deferred tax liabilities except as
expressly provided below) incurred in the ordinary course of business or for which reserves in
accordance with GAAP or otherwise reasonably acceptable to Administrative Agent have been provided,
(a) of such Person (i) for borrowed money, (ii) evidenced by bonds, debentures, notes, or similar
instruments, (iii) to pay the deferred purchase price of property or services, except (x)
obligations incurred in the ordinary course of business to pay the purchase price of stock so long
as such obligations are paid within customary settlement terms, and (y) obligations to purchase
stock (other than stock of Prologis or any of its Consolidated Subsidiaries or Affiliates) pursuant
to subscription or stock purchase agreements in the ordinary course of business, (iv) arising under
Capital Leases to the extent included on a balance sheet of such Person, (v) arising under Swap
Contracts, excluding interest rate contracts entered into to hedge Indebtedness, net of obligations
owed to such Person under non-excluded Swap Contracts, (vi) arising under any Guarantee of such
Person (other than (x) endorsements in the ordinary course of business of negotiable instruments or
documents for deposit or collection, (y) indemnification obligations and purchase price adjustments
pursuant to acquisition agreements entered into in the ordinary course of business and (z) any
Guarantee of Liabilities of a third party that do not constitute Indebtedness), and (vii)
Settlement Debt or (b) secured by a Lien existing on any property of such Person, whether or not
such obligation shall have been assumed by such Person; provided that the amount of any
Indebtedness under this clause (b) that has not been assumed by such Person shall be equal
to the lesser of the stated amount of such Indebtedness or the fair market value of the property
securing such Indebtedness,. The amount of any Indebtedness shall be determined without giving
effect to any mark-to-market increase or decrease resulting from the

13

 

purchase accounting impact of corporate or portfolio acquisitions or any mark-to-market
remeasurement of the amount of any Indebtedness denominated in a Foreign Currency. Indebtedness
shall not include obligations under any assessment, performance, bid or surety bond or any similar
bonding obligation.

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

     “Industrial Property” means a Property that is used for manufacturing, processing,
warehousing or retail purposes.

     “Initial Borrower” means AMB Japan Finance Y.K., a Japan tokurei yugen kaisha.

     “Initial Qualified Borrowers” means those Persons set forth on Schedule 1.1.

     “Interest Expense” means, for any Person for any period, without duplication, (a) such
Person’s “net interest expense” for such period as reported on such Person’s most recent financial
statements plus (b) Restricted Payments of any kind or character with respect to, and other
proceeds paid or payable in respect of, any Disqualified Stock.

     “Interest Period” means with respect to each Yen LIBOR Borrowing, the period
commencing on the date of such Borrowing specified in the Notice of Borrowing or on the date
specified in the applicable Notice of Interest Rate Election and ending 1, 2, 3 or 6 months, or if
available from all the Banks, 7 days or 12 months thereafter (or any other period less than 1 month
with the reasonable approval of Administrative Agent, unless any Bank has previously advised
Administrative Agent and Guarantors that it is unable to enter into a contract for Yen deposits in
the Tokyo interbank market for an Interest Period of the same duration) as the applicable Borrower
may elect in the applicable Notice of Borrowing or Notice of Interest Rate Election;
provided that:

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

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

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

     “Investment” means any investment in any Person, Property or other asset, whether by
means of stock, purchase, loan, advance, extension of credit, capital contribution or otherwise.
The amount of any Investment shall be determined in accordance with GAAP; provided that the
amount of the Investment in any Property shall be calculated based upon the undepreciated
Investment in such Property.

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

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     “Joint Venture Subsidiary” means any entity (other than a Financing Partnership) in
which (i) a Joint Venture Parent owns at least 50% of the economic interests and (ii) the sale or
financing of any Property owned by such Joint Venture Subsidiary is substantially controlled by a
Joint Venture Parent, subject to customary provisions set forth in the organizational documents of
such Joint Venture Subsidiary with respect to refinancings or rights of first refusal granted to
other members of such Joint Venture Subsidiary. For purposes of the preceding sentence, the sale
or financing of a Property owned by a Joint Venture Subsidiary shall be deemed to be substantially
controlled by a Joint Venture Parent, if such Joint Venture Parent has the ability to exercise a
buy-sell right in the event of a disagreement regarding the sale or financing of such Property.

     “Laws” means, collectively, all international, foreign, federal, state, prefecture and
local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

     “Lender Party” means any of Administrative Agent, the Fronting Bank, and/or any other
Bank.

     “Lending Office” means, as to each Bank, its office, branch or affiliate located at
its address set forth in its Administrative Questionnaire or such other office, branch or affiliate
of such Bank as it may hereafter designate as its Lending Office by notice to each Borrower and
Administrative Agent.

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

     “Letter of Credit Collateral” has the meaning provided in Section 6.7(b).

     “Letter of Credit Collateral Account” has the meaning provided in Section
6.7(a).

     “Letter of Credit Documents” has the meaning provided in Section 2.18(a).

     “Letter of Credit Fee” has the meaning provided in Section 2.9(b).

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

     “Liabilities” means (without duplication), for any Person, (a) any obligations
required by GAAP to be classified upon such Person’s balance sheet as liabilities (excluding any
deferred tax liabilities and any mark-to-market increase or decrease in debt from the purchase
accounting impact of corporate or portfolio acquisitions and from the re-measurement of
intercompany indebtedness); (b) any liabilities secured (or for which the holder of the liability
has an existing right, contingent or otherwise, to be so secured) by any Lien existing on property
owned or

15

 

acquired by that Person, whether or not such obligation shall have been assumed by such
Person, provided that the amount of any Liability under this clause (b) that has
not been assumed by such Person shall be equal to the lesser of the stated amount of the
liabilities secured (or entitled to be secured) or the fair market value of the applicable
property; and (c) any Guarantees of such Person of liabilities or obligations of others.

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

     “Loan” means a Base Rate Loan or a Yen LIBOR Loan or any other loan made by any Bank
as contemplated by Section 9.5(d), and “Loans” means Base Rate Loans, Yen LIBOR
Loans or any other loans made by any Bank as contemplated by Section 9.5(d) or any
combination of the foregoing.

     “Loan Documents” means this Agreement, the Notes, the Guaranty, the Qualified Borrower
Joinder Agreements, the Ratifications, the Letter(s) of Credit, the Letter of Credit Documents, the
Security Documents and any other documents executed by the Loan Parties, Administrative Agent
and/or any Bank as contemplated by Section 9.5(d).

     “Loan Party” shall mean any of Borrower or a Guarantor and “Loan Parties”
shall mean Borrower and Guarantors, collectively.

     “Majority Banks” means at any time Banks having more than 50% of the aggregate amount
of Commitments, or if the Commitments shall have been terminated, holding Notes evidencing more
than 50% of the aggregate unpaid principal amount of the Loans; provided that the
Commitment of, and the portion of the Notes held or deemed held by, any Defaulting Bank shall be
excluded for purposes of making a determination of Majority Banks.

     “Material Acquisition” means, during any twelve month period, the acquisition by any
Company of one or more real property assets (including interests in participating mortgages in
which the interest therein is characterized as equity according to GAAP) or portfolios of such
assets or operating businesses, each of which real property assets, portfolios of real property
assets or operating businesses, as the case may be, individually had a purchase price of not less
than 3% of Total Asset Value and all of which real property assets, portfolio of real property
assets or operating businesses collectively had an aggregate purchase price of 7.5% or more of
Total Asset Value.

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

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     “Maturity Date” shall mean the date when all of the Obligations hereunder shall be due
and payable which shall be March 1, 2014, unless otherwise extended in accordance with Section
2.10(b) or accelerated pursuant to the terms hereof.

     “Merger” means, collectively, the series of transactions contemplated by the Merger
Agreement.

     “Merger Agreement” means the Agreement and Plan of Merger dated as of January 30, 2011
by and among AMB Property Corporation, AMB Property, L.P., Prologis and certain Affiliates thereof.

     “Moody’s” means Moody’s Investors Service, Inc. (or any successor thereof) or, if
Moody’s no longer publishes ratings, another ratings agency selected by Prologis and reasonably
acceptable to Administrative Agent.

     “Moody’s Rating” means the most recently-announced rating from time to time of Moody’s
assigned to any class of long-term senior, unsecured debt securities issued by Prologis, as to
which no letter of credit, guaranty, or third party credit support is in place, regardless of
whether any part of such Indebtedness has been issued at the time such rating was issued.

     “Mortgage” shall have the meaning set forth in Section 2.12(a).

     “Mortgage Perfection Document” shall have the meaning set forth in Section
2.12(e).

     “Multiemployer Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA to which Prologis or any ERISA Affiliate makes or is obligated to make,
or during the preceding five plan years has made or been obligated to make, contributions.

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

     “New Bank Joinder Agreement” means each New Bank Joinder Agreement, by and among
Borrower, the Guarantors, Administrative Agent (on behalf of the Banks) and the applicable
Qualified Institution which is to become a Bank hereunder at any time after the date of this
Agreement pursuant to the terms of Section 2.1(b), the form of which is attached hereto as
Exhibit K.

     “NOI” means, for any period and any Property, the difference (if positive) between (a)
any rents (including rent with respect to which a tenant received any free rent during such period,
the amount of such free rent as if the same had been paid in cash by such tenant), proceeds (other
than proceeds from Dispositions), expense reimbursements or income received from such Property (but
excluding security or other deposits, late fees, early lease termination or other penalties of a
non-recurring nature), less (b) all costs and expenses (including interest on

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assessment bonds) incurred as a result of, or in connection with, the development, operation
or leasing of such Property (but excluding depreciation, amortization, Interest Expense (other than
interest on assessment bonds) and Capital Expenditures).

     “Non-Industrial Property” means a Property that is not an Industrial Property.

     “Non-Recourse Debt” means Indebtedness with respect to which recourse for payment is
limited to (a) specific Property or Properties encumbered by a Lien securing such Indebtedness so
long as there is no recourse to Prologis or General Partner, or (b) any Consolidated Subsidiary of
Prologis or Unconsolidated Affiliate of Prologis (provided that if an entity is a
partnership, there is no recourse to Prologis or General Partner as a general partner of such
partnership); provided that personal recourse of Prologis or General Partner for any such
Indebtedness for Customary Recourse Exceptions shall not, by itself, prevent such Indebtedness from
being characterized as Non-Recourse Debt. For purposes of the foregoing and for the avoidance of
doubt, (i) if the Indebtedness is partially guaranteed by Prologis or General Partner, then the
portion of such Indebtedness that is not so guaranteed shall still be Non-Recourse Debt if it
otherwise satisfies the requirements in this definition, and (ii) if the liability of Prologis or
General Partner under any such guaranty is itself limited to specific Property or Properties, then
such Indebtedness shall still be Non-Recourse Debt if such Indebtedness otherwise satisfies the
requirements of this definition.

     “Non-U.S. Lender” means any Bank that is not organized under the Laws of a
jurisdiction of the United States, a State thereof or the District of Columbia.

     “Notes” means (i) the promissory notes of the Initial Borrower and of each Qualified
Borrower that is a YK, substantially in the form of Exhibit A-1, (ii) the Qualified Borrower
Undertaking of each Qualified Borrower that is a TMK, a GK or an IBLP and (iii) the promissory
notes of each Qualified Borrower that is not a YK, a TMK, a GK or an IBLP in form and substance
reasonably satisfactory to Administrative Agent, in each case evidencing the obligation of each
Borrower to repay the Loans, and “Note” means any one of such promissory notes or
undertakings issued hereunder. Each reference in this Agreement to the “Note” of any Bank shall be
deemed to refer to and include any or all Notes, as the context may require.

     “Notice of Borrowing” means a notice from Borrower in accordance with Section
2.2.

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

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

     “OFAC List” has the meaning set forth in Section 9.19(a).

     “Old ProLogis” means Prologis, a Maryland real estate investment trust, formerly known
as ProLogis.

     “Old ProLogis Audited Financial Statements” means the audited consolidated balance
sheet of Old ProLogis for the fiscal year ended December 31, 2010 and the related consolidated

18

 

statements of income or operations, shareholders’ equity and cash flows for such fiscal year,
including the notes thereto.

     “Organization Documents” means: (a) with respect to any corporation (including any
YK), the certificate or articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited
liability company (including any GK), the certificate or articles of formation or organization and
operating agreement (or equivalent or comparable constitutive documents with respect to any
non-U.S. jurisdiction); (c) with respect to any partnership (including any IBLP), joint venture,
trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization and any agreement, instrument, filing or notice with respect
thereto filed in connection with its formation or organization with the applicable Governmental
Authority in the jurisdiction of its formation or organization and, if applicable, any certificate
or articles of formation or organization of such entity; and (d) with respect to a TMK, the
articles of incorporation and Asset Liquidation Plan.

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

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

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by Prologis or any ERISA Affiliate or to which Prologis or any ERISA
Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or
other plan described in Section 4064(a) of ERISA, has made contributions at any time during the
immediately preceding five plan years.

     “Permitted Liens” means (a) pledges or deposits made to secure payment of worker’s
compensation (or to participate in any fund in connection with worker’s compensation insurance),
unemployment insurance, pensions, or social security programs, (b) encumbrances consisting of
zoning restrictions, easements, or other restrictions on the use of real property, provided
that such items do not materially impair the use of such property for the purposes intended and
none of which is violated in any material respect by existing or proposed structures or land use,
(c) Liens for taxes not yet due and payable or being contested in good faith by appropriate
proceedings diligently conducted, and for which reserves in accordance with GAAP or otherwise
reasonably acceptable to Administrative Agent have been provided, (d) Liens imposed by mandatory
provisions of law such as for materialmen’s, mechanic’s, warehousemen’s, and other like Liens
arising in the ordinary course of business, securing payment of any Liability whose payment is not
yet due, (e) Liens on Properties where the applicable Company or Unconsolidated Affiliate is
insured against such Liens by title insurance or other similar arrangements satisfactory to
Administrative Agent, (f) Liens securing assessments or charges payable to a property owner
association or similar entity, which assessments are not yet due and payable or are being contested
in good faith by appropriate proceedings diligently conducted, and for which reserves in accordance
with GAAP or otherwise reasonably acceptable to Administrative Agent have been provided, (g) Liens
securing assessment bonds, (h) leases to tenants of space in Properties that are entered into in
the ordinary

19

 

course of business, (i) any netting or set-off arrangement entered into by any Company in the
normal course of its banking arrangements for the purpose of netting debit and credit balances, or
any set-off arrangement that arises by operation of law as a result of any Company opening a bank
account, (j) any title transfer or retention of title arrangement entered into by any Company in
the normal course of its trading activities on the counterparty’s standard or usual terms, (k)
Liens over goods and documents of title to goods arising out of letter of credit transactions
entered into in the ordinary course of business, (l) Liens securing Settlement Debt in an aggregate
amount not at any time exceeding $250,000,000, (m) Liens that secure the Obligations, (n) Liens
that secure senior Indebtedness of General Partner, Prologis or any of their respective
Consolidated Subsidiaries on a pari passu basis with the Liens described in clause (m), and (o)
Liens that secure Indebtedness of a Company to another Company.

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

     “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by Prologis or, with respect to any such plan that is subject to Section 412 of
the Code or Title IV of ERISA, any ERISA Affiliate.

     “Preferred Dividends” means, for the Companies, on a consolidated basis, for any
period, Restricted Payments of any kind or character or other proceeds paid or payable with respect
to any Equity Interests except for common equity (but excluding any Restricted Payments paid or
payable to any Company).

     “Prime Rate” means for any day a fluctuating rate per annum equal to the rate of
interest in effect for such day as publicly announced by Administrative Agent from time to time as
its “short prime rate” in Japan (it being understood that the same shall not necessarily be the
best rate offered by Administrative Agent to customers).

     “Prologis” shall mean Prologis, L.P., a Delaware limited partnership and a Guarantor.

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

     “Properties” means real estate properties (including land) owned by a Company or an
Unconsolidated Affiliate or any trust of which a Company or an Unconsolidated Affiliate is the sole
beneficiary, and “Property” means any one of the Properties.

     “Property Fund” means an Unconsolidated Affiliate formed or sponsored by Prologis to
hold Properties.

     “Qualified Borrower” means a (i) a TMK or company (kabushiki kaisha, tokurei yugen
kaisha or mochibun kaisha (including a GK)) organized under the laws of Japan, (ii) an IBLP, (iii)
a Japan branch of a limited partnership, limited liability company or other business entity
organized under the laws of the United States (including any state or District of Columbia), duly

20

 

registered in Japan, (iv) a private company limited by shares organized under the laws of
Singapore, or (v) any other entity, in each case which is at least 50% owned, directly or
indirectly, by Prologis and of which Prologis (or a Person that is owned and controlled, directly
or indirectly, by Prologis) is the sole shareholder, general partner or managing member, or
otherwise exercises control over such entity and the Indebtedness of which, in all cases, can be
guaranteed by the Guarantors pursuant to the provisions of the Guarantors’ formation documents and
who has been added as a Qualified Borrower hereunder in accordance with Section 2.21(a).
The Initial Qualified Borrowers are set forth on Schedule 1.1.

     “Qualified Borrower Joinder Agreements” means, collectively, one or more Qualified
Borrower Joinder Agreements, among Administrative Agent (on behalf of the Banks) and a Qualified
Borrower relating to a Subsidiary which is to become a Qualified Borrower hereunder at any time on
or after the date of this Agreement, the form of which for a YK and a TMK is attached hereto as
Exhibit B-1 and Exhibit B-2, respectively, and the form of which for any other Person (including
any IBLP or any GK) shall be substantially similar to Exhibit B-1 and Exhibit B-2 and reasonably
satisfactory to Administrative Agent.

     “Qualified Borrower Joinder Documents” means, as to any Qualified Borrower Joinder
Agreement, collectively, all documents, instruments and certificates required by such Qualified
Borrower Joinder Agreement to be delivered pursuant to the terms thereof.

     “Qualified Borrower Undertaking” means the undertakings of each Qualified Borrower
that is a TMK, substantially in the form of Exhibit A-2 (and with respect to any IBLP or any GK,
the form of which shall be substantially similar to Exhibit A-2 and reasonably satisfactory to
Administrative Agent), evidencing the obligation of such Qualified Borrower to repay the Loans made
to such Qualified Borrower.

     “Qualified Institution” means (a) a Bank (other than a Defaulting Bank), (b) a bank,
finance company, insurance company or other financial institutions that (i) has (or, in the case of
a bank is a subsidiary of a bank holding company that has) a rating of its senior debt obligations
of not less than BBB+ by S&P or “Baa-1” by Moody’s or a comparable rating by a rating agency
acceptable to Administrative Agent, and (ii) has total assets in excess of $10,000,000,000 or (c)
any other Person approved by Prologis and Administrative Agent.

     “Qualified Institutional Investor” (tekikaku kikan toshika) has the meaning assigned
thereto in Article 2, Paragraph 3, item 1 of the Financial Instruments and Exchange Law (kinyu
shohin torihiki ho) of Japan (Law No. 25 of 1948), Article 10, Paragraph 1 of the regulations
relating to the definitions contained in such Article 2 and further defined in Article 67-14 of the
Special Taxation Measures Law (Law No. 26 of 1957).

     “Ratification” shall have the meaning set forth in Section 2.12(a).

     “Real Property Assets” means as to any Person as of any time, the real property assets
(including interests in participating mortgages in which such Person’s interest therein is
characterized as equity according to GAAP) owned directly or indirectly by such Person at such
time.

21

 

     “Recourse Debt” means, for any Person, any Indebtedness that is not Non-Recourse Debt.

     “Registered Public Accounting Firm” has the meaning specified in the Securities Laws
and shall be independent of Prologis as prescribed by the Securities Laws.

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

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

     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s
Affiliates.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

     “Responsible Officer” means the chief executive officer, the president, the chief
financial officer, a representative director, any vice president, the treasurer or any assistant
treasurer of a Loan Party. Any document delivered hereunder that is signed by a Responsible
Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary
corporate, partnership and/or other action on the part of such Loan Party and such Responsible
Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other Equity Interest of any
Company, or any payment (whether in cash, securities or other property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any such capital stock or other Equity Interest, or on account of any return of
capital to any Company’s stockholders, partners or members (or the equivalent).

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. (or any successor thereof), or, if S&P no longer publishes ratings, then another
ratings agency selected by Prologis and reasonably acceptable to Administrative Agent.

     “S&P Rating” means the most recently-announced rating from time to time of S&P
assigned to any class of long-term senior, unsecured debt securities issued by Prologis, as to
which no letter of credit, guaranty, or third party credit support is in place, regardless of
whether all or any part of such Indebtedness has been issued at the time such rating was issued.

     “Secured Debt” means, for any Person, Indebtedness of such Person secured by any Liens
(other than Permitted Liens) in any of such Person’s Properties or other material assets.

     “Secured Option” shall have the meaning set forth in Section 2.12 (a).

     “Secured Property” shall have the meaning set forth in Section 2.12(a).

22

 

     “Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and
practices promulgated, approved or incorporated by the SEC or the Public Company Accounting
Oversight Board.

     “Security Document” shall have the meaning set forth in Section 2.12(a).

     “Settlement Debt” means, for any Person, tax liabilities of such Person payable in
installments in connection with a settlement agreement with the relevant taxing authority.

     “Share Pledge” shall have the meaning set forth in Section 2.12(a).

     “SIBOR” means, in relation to any borrowing of Singapore Dollars, (i) the applicable
Singapore Dollars Screen Rate, or (ii) if no Singapore Dollars Screen Rate is available for the
applicable interest period, the arithmetic mean of the rates (rounded upwards to four decimal
places) as supplied to Administrative Agent at its request quoted by the SIBOR Reference Banks to
leading banks in the Singapore interbank market, as applicable, at or about 11:00 a.m. (New York
time) on the second Business Day before the first day of the applicable interest period for the
offering of deposits in Singapore Dollars and for a period comparable to the interest period for
such Loan.

     “SIBOR Reference Banks” means the principal Singapore offices of certain of the Banks
or such other banks as may be designated by Administrative Agent in consultation with Prologis, on
behalf of the Borrowers.

     “Singapore Dollars” means the lawful currency of Singapore.

     “Singapore Dollars Screen Rate” means page 50157 of the Telerate screen under the
caption “ASSOCIATION OF BANKS IN SINGAPORE SIBOR AND SWAP OFFER RATE FIXING AT 11A.M. SINGAPORE
TIME”. If the agreed page is replaced or service ceases to be available, Administrative Agent may
specify another page or service displaying the appropriate rate after consultation with Prologis,
on behalf of the Borrowers, and the Banks.

     “Solvent” means, as to a Person, that (a) the aggregate fair market value of its
assets exceeds its Liabilities, (b) it has sufficient cash flow to enable it to pay its Liabilities
as they mature and (c) it does not have unreasonably small capital to conduct its businesses.

     “Stabilized Industrial Properties” means, as of any date, Industrial Properties that
have a Stabilized Occupancy Rate as of the first day of the most recent fiscal quarter of Prologis
for which information is available.

     “Stabilized Occupancy Rate” means, as of any date for any Property, that the
percentage of the rentable area of such Property leased pursuant to bona fide tenant leases,
licenses, or other agreements requiring current rent or other similar payments, is at least 90% or
such higher percentage as Prologis requires internally, consistent with past practices, to classify
as a stabilized Property of the relevant type in the relevant market.

23

 

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

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

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

     “TBI Pledge” shall have the meaning set forth in Section 2.12(a).

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

     “TMK” means a special purpose corporation (tokutei mokuteki kaisha) organized under
TMK Law.

     “TMK Law” means the Law Regarding Liquidation of Assets (Shisan no Ryudoka ni Kansuru
Horitsu) of Japan (Law No. 105 of 1998).

     “TMK Permitted Indebtedness” has the meaning set forth in Section 7.10.

     “TMK Qualified Borrower” has the meaning set forth in Section 7.10.

     “Total Asset Value” means, as of any date for the Companies on a consolidated
basis, the total (without duplication) of the following:

     (i) the quotient of (A) the sum of the most recent fiscal quarter’s NOI from
Stabilized Industrial Properties multiplied by four, divided by (B) the applicable
Capitalization Rate; provided that, notwithstanding the foregoing, (a) any
Investments in Stabilized Industrial Properties acquired from Property Funds less than 24
months prior to such date of determination shall be included at 100% of the undepreciated
book value of such Property and (b) any other Investments in Stabilized Industrial
Properties acquired less than 12 months prior to such date of determination shall be
included at 100% of the undepreciated book value of such Property; plus

24

 

     (ii) for any Transition Property, the greater of (i) the quotient of (a) the most
recent fiscal quarter’s NOI from such Property multiplied by four divided by (b) the
applicable Capitalization Rate or (ii) 100% of the undepreciated book value of such
Property; plus

     (iii) the amount of all other Investments in Properties under construction,
Non-Industrial Properties, notes receivable backed by real estate and Properties subject to
a ground lease with a Person that is not an Affiliate of Prologis, as lessee, each on an
undepreciated book basis; plus

     (iv) the book value of raw land; plus

     (v) the book value of the Companies’ Investments in Unconsolidated Affiliates;
plus

     (vi) the product of (A) management fee income of the Companies (prior to deduction of
amortization related to investment management contracts) for the most recent fiscal quarter
multiplied by (B) four, multiplied by (C) eight; plus

     (vii) the value, if positive, of the Companies’ Swap Contracts, excluding interest rate
contracts entered into to hedge Indebtedness, net of obligations owing by the Companies
under non-excluded Swap Contracts; plus

     (viii) to the extent not included in clauses (a) through (g) above, (i)
restricted funds that are held in escrow pending the completion of tax-deferred exchange
transactions involving operating Properties, (ii) infrastructure costs related to projects
that a Company is developing on behalf of others, (iii) costs incurred related to future
development projects, including purchase options on land, (iv) the corporate office
buildings of Prologis and its Subsidiaries and (v) earnest money deposits associated with
potential acquisitions; plus

     (ix) cash and Cash Equivalents; minus

     (x) the amount, if any, by which the amount in clause (v) above exceeds 15% of the sum
of clauses (1) through (ix) above.

     For the avoidance of doubt, with respect to each of clauses (ii) through (x) (other than
clause (vi)) above, impairments pursuant to GAAP shall be included.

     “Total Assets” means, for any Person as of any date, (a) such Person’s total assets,
plus (b) accumulated depreciation with respect to such assets.

     “Transition Properties” means, as of any date, Industrial Properties that have been
completed but are not Stabilized Industrial Properties.

     “Unconsolidated Affiliate” means any Person in which Prologis directly or indirectly
holds Equity Interests but which is not consolidated under GAAP with Prologis on the consolidated
financial statements of Prologis.

25

 

     “Unencumbered Capital Expenditures” means, for any period, the total for such period
of the Capital Expenditures associated with all Unencumbered Properties (except for Unencumbered
Properties where the tenant is responsible for capital expenditures).

     “Unencumbered Debt Service” means, for any period, the total for such period of all
Debt Service in respect of all Unsecured Debt of the Companies.

     “Unencumbered Debt Service Coverage Ratio” means, as of the last day of any fiscal
quarter, the ratio of (a) Unencumbered NOI minus Unencumbered Capital Expenditures to (b)
Unencumbered Debt Service, in each case for the four (4) fiscal quarters ending on the date of
determination.

     “Unencumbered NOI” means, for any period, the total for such period of (a) the NOI of
all Unencumbered Properties; provided that this clause (a) shall not include any
NOI that is subject to any Lien (other than Permitted Liens); plus (b) the management fees
of the Companies that are not subject to any Lien (other than Permitted Liens) less related
expenses; plus (c) Allowed Unconsolidated Affiliate Earnings that are not subject to any
Lien (other than Permitted Liens); minus (d) the amount, if any, by which the sum of the
amounts of clauses (b) and (c) above exceeds 40% of the sum of the amounts of
clauses (a), (b) and (c) above.

     “Unencumbered Property” means any Property that is (a) owned directly or indirectly by
a Company, (b) not subject to a Lien that secures Indebtedness of any Person (other than Permitted
Liens), and (c) not subject to any negative pledge that would prohibit any pledge of such asset to
Administrative Agent; provided that the provisions of Section 1013 of the Existing
Indenture, and any similar requirement for the grant of an equal and ratable lien in connection
with a pledge of any asset to Administrative Agent, shall not constitute a negative pledge.

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

     “Unrestricted Cash” means cash and Cash Equivalents that are not subject to any
pledge, lien or control agreement, less (a) $10,000,000, (b) amounts normally and customarily set
aside by Prologis for operating capital and interest reserves and (c) amounts placed with third
parties as deposits or security for contractual obligations.

     “Unsecured Debt” means, for any Person, Indebtedness of such Person that is not
Secured Debt.

     “Yen” and “JPY” shall denote the lawful currency of Japan.

     “Yen LIBOR” means: (a) the applicable Yen LIBOR Screen Rate; or (b) (if no Yen LIBOR
Screen Rate is available for Yen or for the Interest Period of that Loan) the rate (rounded upwards
to four decimal places) quoted by the Yen LIBOR Reference Bank to leading banks in the London
Interbank Market, at or about 11.00 a.m. London time on the second Business Day before the first
day of the applicable Interest Period for the offering of deposits in Yen and for a period
comparable to the Interest Period for that Loan.

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

26

 

     “Yen LIBOR Loan” means a Committed Loan to be made by a Bank as a Yen LIBOR Loan in
accordance with the provisions of this Agreement.

     “Yen LIBOR Reference Bank” means Sumitomo Mitsui Banking Corporation.

     “Yen LIBOR Screen Rate” means the British Bankers’ Association Interest Settlement
Rate for Yen for the relevant period, displayed on the appropriate page of Bloomberg BBAM and, if
for any reason such rate does not appear on Bloomberg BBAM, the appropriate page of the Reuters
screen. If the agreed page is replaced or service ceases to be available, Administrative Agent may
specify another page or service displaying such rate after consultation with the Borrower and the
Banks.

     “Yen Term Loan Agreement” means the First Amended and Restated Credit Agreement dated
as of January 11, 2011 among Prologis, various banks and JPMorgan Chase Bank, N.A., as
administrative agent.

     “YK” means a special limited company (tokurei yugen kaisha) formed under YK Law (yugen
kaisha ho) (Law No. 74 of 1938) and existing under the Companies Act (kaisha ho) (Law No. 86 of
2005).

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

     Section 1.3 Types of Borrowings. The term “Borrowing” denotes the aggregation of Loans of
one or more Banks to be made to each Borrower pursuant to Article 2 on the same date, all of which
Loans are of the same type (subject to Article 8) and, except in the case of Base Rate Loans, have
the same initial Interest Period. Borrowings are classified for purposes of this Agreement by
reference to the pricing of Loans comprising such Borrowing (e.g., a “Base Rate Borrowing”
is a Borrowing comprised of Base Rate Loans and a “Yen LIBOR Borrowing” is a Borrowing
comprised of Yen LIBOR Loans). A “Committed Borrowing” is a Borrowing under Section 2.1 in
which all Banks participate in proportion to their Commitments.

27

 

     Section 1.4 Other Interpretive Provisions. With reference to this Agreement and each other
Loan Document, unless otherwise specified herein or in such other Loan Document, the definitions of
terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter
forms. The words “include,” “includes” and “including” shall be deemed to
be followed by the phrase “without limitation.” The word “will” shall be construed to have
the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including any
Organization Document) shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein or in any other Loan
Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,”
and words of similar import when used in any Loan Document, shall be construed to refer to such
Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a
Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear,
(v) any reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.

     Section 1.5 Restatement; Allocation of Loans and Pro Rata Shares on the Effective Date.

     (a) The parties hereto agree that, concurrently with the effectiveness hereof on the Effective
Date, (i) this Agreement shall amend and restate in its entirety the Existing Revolving Credit
Agreement and (ii) the outstanding Loans thereunder (and the participations in Letters of Credit
thereunder) shall be allocated among the Banks in accordance with their respective Pro Rata Shares
after giving effect hereto.

     (b) To facilitate the allocation described in clause (a), concurrently with the
effectiveness hereof on the Effective Date, (i) all “Loans” under the Existing Revolving Credit
Agreement (“Existing Loans”) shall be deemed to be Loans hereunder, (ii) each Bank that is
a party to the Existing Revolving Credit Agreement (an “Existing Bank”) shall transfer to
Administrative Agent an amount equal to the excess, if any, of such Bank’s Pro Rata Share of the
outstanding Loans hereunder (including any Loans made on the Effective Date) over the amount of
such Bank’s Existing Loans, (iii) Administrative Agent shall apply the funds received from the
Banks pursuant to clause (ii), first, on behalf of the Banks (pro rata according to the
amount of the applicable Existing Loans each is required to purchase to achieve the allocation
described in clause (a)), to purchase from each Existing Bank (including each Exiting Bank)
that

28

 

has Existing Loans in excess of such Bank’s Pro Rata Share of the outstanding Loans hereunder
(including any Loans made on the Effective Date), a portion of such Existing Loans equal to such
excess, second, to pay to each Existing Bank (including each Exiting Bank) all interest, fees and
other amounts (including amounts payable pursuant to Section 8.4 of the Existing Revolving Credit
Agreement, assuming for such purpose that the Existing Loans were prepaid rather than reallocated
on the Effective Date) owed to such Existing Bank under the Existing Revolving Credit Agreement
(whether or not otherwise then due) and, third, as Prologis shall direct, and (iv) all Loans shall
commence new Interest Periods in accordance with elections made by the applicable Borrowers at
least three Business Days prior to the Effective Date in accordance with the terms hereof (all as
if the Existing Loans were continued on the Effective Date).

ARTICLE II

THE CREDITS

     Section 2.1 Commitment to Lend. (a) Each Bank severally agrees, on the terms and
conditions set forth in this Agreement, to make Loans to each Borrower and participate in Letters
of Credit issued by the Fronting Bank on behalf of each Borrower pursuant to this Article from time
to time during the term hereof in amounts such that the aggregate principal amount of Committed
Loans by such Bank at any one time outstanding together with such Bank’s Pro Rata Share of the
Letter of Credit Usage at such time shall not exceed the amount of its Commitment. Each Borrowing
made under this Section 2.1(a) shall be in an initial aggregate principal amount of JPY
300,000,000 or an integral multiples of JPY 1,000,000 in excess thereof (except that any such
Borrowing may be in any amount required to reimburse the Fronting Bank for any drawing under any
Letter of Credit) and shall be made from the several Banks ratably in proportion to their
respective Commitments. In no event shall the aggregate amount outstanding at any time, plus the
outstanding amount of the Letter of Credit Usage, exceed the Facility Amount. Subject to the
limitations set forth herein, any amounts repaid may be reborrowed.

     (b) Optional Increase in Commitments. Unless a Default or an Event of Default has
occurred and is continuing, Borrower, by written notice to Administrative Agent, shall have the
right to request an increase of up to Twenty Billion Yen (JPY 20,000,000,000) such that the
aggregate Commitment after all such increases shall not exceed Fifty Six Billion Five Hundred
Million Yen (JPY 56,500,000,000); provided that for any such request (i) any Bank 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 (ii)
in the event that any Bank which is a party to this Agreement prior to such request for increase
does not elect to increase its Commitment, Administrative Agent shall use commercially reasonable
efforts to locate additional Qualified Institutions willing to provide commitments for the
requested increase, and Borrower may also identify additional Qualified Institutions willing to
provide commitments for the requested increase, provided, further, that
Administrative Agent shall approve any such additional Qualified Institutions, which approval will
not be unreasonably withheld or delayed. Any such Bank willing to increase its Commitment for the
requested increase shall duly execute and deliver to Administrative Agent a Bank Commitment
Increase Agreement. Any such additional Qualified Institution willing and approved to provide
commitments for the requested increase shall duly execute and deliver to Administrative Agent
a New Bank Joinder Agreement pursuant to which such Qualified Institution shall become a Bank
hereunder. In the event that any Bank or Qualified Institutions commit to any such increase, such
Banks and Qualified Institutions shall execute and deliver the Bank Commitment Increase Agreement
or the New Bank Joinder Agreement, as applicable, the Commitment of each committed Bank shall be
increased, the Pro Rata Shares of the Banks shall be adjusted, Borrower

29

 

shall make such borrowings
and repayments as shall be necessary to effect the reallocation of the Committed Loans so that the
Committed Loans are held by the Banks in accordance with their Pro Rata Shares after giving effect
to such increase, and other changes shall be made to the Loan Documents as may be necessary to
reflect the aggregate amount, if any, by which the Banks have agreed to increase their respective
Commitments or make new Commitments in response to Borrower’s request for an increase in the
aggregate Commitment pursuant to this Section 2.1, in each case without the consent of the
Banks other than those Banks increasing their Commitments. The fees payable by Borrower and the
Guarantors upon any such increase in the Commitments shall be agreed upon by Administrative Agent,
Borrower and the Guarantors. In addition, if as a result of any such increase in the Commitments,
there shall be a reallocation of Yen LIBOR Loans, Borrower shall pay any amounts that may be due
pursuant to Section 2.14 hereof. Notwithstanding the foregoing, nothing in this
Section 2.1(b) shall constitute or be deemed to constitute an agreement by any Bank to
increase its Commitment hereunder.

     Section 2.2 Notice of Borrowing.

     (a) With respect to any Committed Borrowing, the applicable Borrower shall give Administrative
Agent notice not later than 1:00 P.M. (New York time) (x) the second (2nd) Business Day prior to
each Base Rate Borrowing, or (y) the fourth (4th) Business Day before each Yen LIBOR Borrowing or
(z) with respect to any Secured Borrowing, regardless of whether it is a Base Rate Borrowing or a
Yen LIBOR Borrowing, the tenth (10th) Business Day prior to such Secured Borrowing, specifying (or,
in the case of clause (vii), certifying):

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

     (ii) the aggregate amount of such Borrowing, whether the Loans comprising such
Borrowing are to be Base Rate Loans or Yen LIBOR Loans;

     (iii) in the case of a Yen LIBOR Borrowing, the duration of the Interest Period
applicable thereto, subject to the provisions of the definition of Interest Period;

     (iv) such information as is requested in Schedule 2.2 hereto relating to the
project, if any, for which the Borrowing will be used, unless such information has been
previously provided;

     (v) if such Borrowing is a Secured Borrowing, the Secured Property and the collateral
to be granted;

     (vi) payment instructions for delivery of such Borrowing; and

     (vii) that no Guarantor Default or Guarantor Event of Default has occurred and is
continuing and, with respect to such Borrower, no Borrower Default or Borrower Event of
Default has occurred and is continuing.

     (b) The applicable Borrower shall give Administrative Agent and the Fronting Bank written
notice in the event that it desires to have Letters of Credit (each, a “Letter of Credit”)
issued on behalf of such Borrower or a Subsidiary thereof hereunder no later than 1:00 P.M. (New
York time) at least five (5) Business Days (or if such Letter of Credit is to be secured, at

30

 

least ten (10) Business Days) prior to, but excluding, the date of such issuance. Each such
notice shall (i) specify the aggregate amount of the requested Letters of Credit, (ii) specify the
individual amount of each requested Letter of Credit and the number of Letters of Credit to be
issued, (iii) specify the date of such issuance (which shall be a Business Day), (iv) state the
name and address of the beneficiary, (v) the expiration date of the Letter of Credit (which in no
event shall be later than twelve (12) months after the Maturity Date), (vi) state the purpose and
circumstances for which such Letter of Credit is being issued, (vii) specify the terms upon which
each such Letter of Credit may be drawn down (which terms shall not leave any discretion to
Fronting Bank), (viii) if such Letter of Credit is to be issued on behalf of a Subsidiary of such
Borrower, the identity of such Subsidiary; (ix) if such Letter of Credit is to be secured, identify
the Secured Property to be acquired and the collateral to be granted, (x) such information as is
requested in Schedule 2.2 hereto relating to the project, if any, for which the Letter of
Credit will be used and (xi) certify that no Guarantor Default or Guarantor Event of Default has
occurred and is continuing and, with respect to such Borrower, that no Borrower Default or Borrower
Event of Default has occurred and is continuing. Each such notice may be revoked telephonically by
such Borrower to the Fronting Bank and Administrative Agent any time prior to the issuance of the
Letter of Credit by the Fronting Bank, provided such revocation is confirmed in writing by
such Borrower to the Fronting Bank and Administrative Agent within two (2) Business Days by
facsimile. Notwithstanding anything contained herein to the contrary, such Borrower shall complete
and deliver to the Fronting Bank any required documentation in connection with any requested Letter
of Credit no later than the third (3rd) Business Day prior to the date of issuance thereof
(including a Note (if not previously delivered hereunder)). No later than 1:00 P.M. (New York
time) on the date that is four (4) Business Days prior to, but excluding, the date of issuance,
such Borrower shall specify a precise description of the documents and the verbatim text of any
certificate to be presented by the beneficiary of such Letter of Credit, which if presented by such
beneficiary prior to the expiration date of the Letter of Credit would require the Fronting Bank to
make a payment under the Letter of Credit; provided that Fronting Bank may, in its
reasonable judgment, require changes in any such documents and certificates only in conformity with
changes in customary and commercially reasonable practice or law, and provided,
further, that no Letter of Credit shall require payment against a conforming draft to be
made thereunder on the third (3rd) Business Day following the date that such draft is presented if
such presentation is made later than 1:00P.M. (New York time) (except that if the beneficiary of
any Letter of Credit requests at the time of the issuance of its Letter of Credit that payment be
made on the same Business Day) against a conforming draft, such beneficiary shall be entitled to
such a same day draw, provided such draft is presented to the Fronting Bank no later than
1:00 P.M. (New York time) and provided, further, that such Borrower shall have
requested to the Fronting Bank and Administrative Agent that such beneficiary shall be entitled to
a same day draw. In determining whether to pay on such Letter of Credit, the Fronting Bank shall
be responsible only to determine that the documents and certificates required to be delivered under
the Letter of Credit have been delivered and that they comply on their face with the requirements
of that Letter of Credit. All Letters of Credit may be presented for payment in Japan and, if
required by the beneficiary thereunder, shall be paid in Japan.

     Section 2.3 Intentionally Deleted.

     Section 2.4 Intentionally Deleted.

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     Section 2.5 Notice to Banks; Funding of Loans.

     (a) Upon receipt of a Notice of Borrowing from any Borrower in accordance with Section 2.2
hereof, Administrative Agent shall, on the date such Notice of Borrowing is received by
Administrative Agent, notify each Bank of the contents thereof and of such Bank’s share of such
Borrowing, of the interest rate determined pursuant thereto and the Interest Period(s) (if
different from those requested by such Borrower) and such Notice of Borrowing shall not thereafter
be revocable by such Borrower, unless such Borrower shall pay any applicable expenses pursuant to
Section 2.14.

     (b) Not later than 2:00 p.m. (New York time) on the date of each Committed Borrowing as
indicated in the applicable Notice of Borrowing, each Bank shall (except as provided in
subsection (c) of this Section) make available its share of such Committed Borrowing in Yen
immediately available in Tokyo, Japan, to Administrative Agent at its address referred to in
Section 9.1. If any Borrower has requested the issuance of a Letter of Credit, no later
than 1:00 p.m. (New York time) on the date of such issuance as indicated in the notice delivered
pursuant to Section 2.2(b), the Fronting Bank shall issue such Letter of Credit in the
amount so requested and deliver the same to the applicable Borrower, with a copy thereof to
Administrative Agent. Immediately upon the issuance of each Letter of Credit by the Fronting Bank,
the Fronting Bank shall be deemed to have sold and transferred to each other Bank, and each such
other Bank shall be deemed, and hereby agrees, to have irrevocably and unconditionally purchased
and received from the Fronting Bank, without recourse or warranty, an undivided interest and a
participation in such Letter of Credit, any drawing thereunder, and its obligation to pay its Pro
Rata Share with respect thereto, and any security therefor or guaranty pertaining thereto, in an
amount equal to such Bank’s ratable share thereof. Upon any change in any of the Commitments in
accordance herewith, there shall be an automatic adjustment to such participations to reflect such
changed shares. The Fronting Bank shall have the primary obligation to fund any draws made with
respect to such Letter of Credit notwithstanding any failure of a participating Bank to fund its
ratable share of any such draw. Administrative Agent will instruct the Fronting Bank to make such
Letter of Credit available to the applicable Borrower, and the Fronting Bank shall make such Letter
of Credit available to the applicable Borrower, at its aforesaid address or at such address in
Japan as such Borrower shall request on the date of the Borrowing.

     (c) Unless Administrative Agent shall have received notice from a Bank prior to the date of
any Borrowing that such Bank will not make available to Administrative Agent such Bank’s share of
such Borrowing, Administrative Agent may assume that such Bank has made such share available to
Administrative Agent on the date of such Borrowing in accordance with this Section 2.5 and
Administrative Agent may, in reliance upon such assumption, but shall not be obligated to, make
available to the applicable Borrower on such date a corresponding amount on behalf of such Bank.
If and to the extent that such Bank shall not have so made such share available to Administrative
Agent, such Bank agrees to repay to Administrative Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date such amount is made available to
the applicable Borrower until the date such amount is repaid to Administrative Agent, at the rate
of interest applicable to such Borrowing hereunder. If such Bank shall repay to Administrative
Agent such corresponding amount, such amount so repaid shall constitute such Bank’s Loan included
in such Borrowing for purposes of this Agreement. If

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

     (d) Subject to the provisions hereof, Administrative Agent shall make available each Borrowing
to the applicable Borrower in Yen immediately available in accordance with, and on the date set
forth in, the applicable Notice of Borrowing.

     Section 2.6 Notes.

     (a) The Loans of each Borrower shall be evidenced by a single Note made by the applicable
Borrower payable to the order of Administrative Agent, on behalf of the Banks for the account of
their respective Lending Offices.

     (b) Notwithstanding the provisions of Section 2.6(a) above, each Bank may, by notice
to any Borrower and Administrative Agent, request that its Loans to such Borrower be evidenced by a
separate Note payable to the order of such Bank for the account of its Lending Office, in which
event the Note made by such Borrower pursuant to Section 2.6(a) above shall not include or
evidence the Loans made by such Bank to such Borrower. Each such Note shall be modified to reflect
the fact that it evidences solely Loans made by the applicable Bank. Any additional costs incurred
by Administrative Agent, such Borrower or the Banks in connection with preparing such a Note shall
be at the sole cost and expense of the Bank requesting such Note. In the event any Loans evidenced
by such a Note are paid in full prior to the Maturity Date, any such Bank shall return such Note to
the applicable Borrower.

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

     (d) Upon receipt of each Bank’s Note pursuant to Section 2.6(b) above, Administrative
Agent shall forward such Note to such Bank. Each Bank shall record the date,

33

 

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

     (e) The Committed Loans shall mature, and the principal amount thereof shall be due and
payable, on the Maturity Date.

     (f) There shall be no more than ten (10) Yen LIBOR Groups of Loans outstanding at any one time
with respect to each Borrower.

     Section 2.7 Method of Electing Interest Rates. (a) The Loans included in each
Committed Borrowing shall bear interest initially at the type of rate specified by the applicable
Borrower in the applicable Notice of Borrowing. Thereafter, each Borrower may from time to time
elect to change or continue the type of interest rate borne by each Group of Loans (subject in each
case to the provisions of Article VIII) made to such Borrower, as follows:

     (i) if such Loans are Base Rate Loans, the applicable Borrower may elect to convert all
or any portion of such Loans to Yen LIBOR Loans as of any Business Day;

     (ii) if such Loans are Yen LIBOR Loans, the applicable Borrower may elect to convert
all or any portion of such Loans to Base Rate Loans and/or elect to continue all or any
portion of such Loans as Yen LIBOR Loans for an additional Interest Period or additional
Interest Periods, in each case effective on the last day of the then current Interest Period
applicable to such Loans, or on such other date designated by the applicable Borrower in the
Notice of Interest Rate Election, provided such Borrower shall pay any losses
pursuant to Section 2.14.

Each such election shall be made by delivering a notice (a “Notice of Interest Rate
Election”) to Administrative Agent at least four (4) Business Days prior to, but excluding, the
effective date of the conversion or continuation selected in such notice.

A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the
aggregate principal amount of the relevant Group of Loans; provided that (i) such portion
is allocated ratably among the Loans comprising such Group of Loans, (ii) the portion to which such
Notice of Interest Rate Election applies, and the remaining portion to which it does not apply, are
JPY 30,000,000 or any larger multiple of JPY 1,000,000, (iii) there shall be no more than ten (10)
Yen LIBOR Groups of Loans with respect to each Borrower outstanding at any time, (iv) no Committed
Loan may be continued as, or converted into, a Yen LIBOR Loan when any Guarantor Event of Default
has occurred and is continuing or, with respect to such Borrower delivering such Notice of Interest
Rate Election, a Borrower Event of Default has occurred and is continuing; provided,
further, that if any Bank has previously advised Administrative Agent and Borrower that it
is unable to make a Base Rate Loan and such notice has not been withdrawn, the

34

 

applicable Borrower shall be deemed to have continued any Committed Loan that is a Yen LIBOR Loan
as a Yen LIBOR Loan and, unless the applicable Borrower timely elects an Interest Period, shall be
deemed to have elected an Interest Period of 7 days (provided if such Interest Period is not
available from all Banks, such Borrower shall be deemed to have elected an Interest Period of 30
days), and (v) no Interest Period shall extend beyond the Maturity Date.

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

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

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

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

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

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

     (c) Upon receipt of a Notice of Interest Rate Election from any Borrower pursuant to
subsection (a) above, Administrative Agent shall notify each Bank the same day as it receives such
Notice of Interest Rate Election of the contents thereof, the interest rates determined pursuant
thereto and the Interest Periods (if different from those requested by such Borrower) and such
notice shall not thereafter be revocable by such Borrower. If the applicable Borrower fails to
deliver a timely Notice of Interest Rate Election to Administrative Agent for any Yen LIBOR Group
of Loans, such Loans shall be converted into Base Rate Loans, and such Borrower shall be deemed to
have made a Base Rate Borrowing in the amount of such Yen LIBOR Group of Loans (for which such
Borrower shall be deemed to have timely given a Notice of Borrowing pursuant to Section 2.2
and all other conditions to such Borrowing shall be deemed waived or satisfied) and the proceeds of
such Borrowing shall be deemed to have been used to repay such Yen LIBOR Group of Loans on the last
day of the then current Interest Period applicable thereto.

     (d) Notwithstanding anything to the contrary contained herein, if any Bank has previously
advised Administrative Agent and Borrower that it is unable to make a Base Rate Loan and until such
notice is withdrawn, (i) the Base Rate Loan option shall not be available to Borrower and Borrower
shall only have the option to make Yen LIBOR Borrowings, (ii) with respect to any Borrowing made
(or deemed made) during such period, the Borrower shall be deemed to have elected the Yen LIBOR
Borrowing option and, unless the Borrower makes a timely election otherwise, shall be deemed to
have elected an Interest Period of 7 days (provided if such Interest Period is not available from
all Banks, such Borrower shall be deemed to have elected an Interest Period of 30 days) and (iii)
if the Interest Period with respect to any Yen LIBOR Loans shall end during such period, Borrower
shall be deemed to have elected to continue such Yen LIBOR Loans as Yen LIBOR Loans and, unless the
Borrower makes a timely

35

 

election otherwise, such Borrower shall be deemed to have elected an Interest Period of 7 days
(provided if such Interest Period is not available from all Banks, such Borrower shall be deemed to
have elected an Interest Period of 30 days).

     Section 2.8 Interest Rates.

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

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

     (c) (i) At any time and so long as an Event of Default pursuant to Section 6.1(a) or
Section 6.3(a) exists, all Obligations owing by the defaulting Borrower not paid when due
shall bear interest at a fluctuating interest rate per annum at all times equal, to the fullest
extent permitted by applicable Laws, to the otherwise applicable rate hereunder plus 2.000%, (ii)
upon the request of the Majority Banks at any time and so long as any other Borrower Event of
Default exists, the defaulting Borrower or Borrowers shall pay interest on the principal amount of
all Obligations owing by such Borrower or Borrowers hereunder at a fluctuating interest rate per
annum at all times equal, to the fullest extent permitted by applicable Laws, to the otherwise
applicable rate hereunder plus 2.000% and (iii) upon the request of the Majority Banks at any time
and so long as any other Guarantor Event of Default exists, all Obligations owing hereunder by any
Loan Party shall bear interest at a fluctuating interest rate per annum at all times equal, to the
fullest extent permitted by applicable Laws, to the otherwise applicable rate hereunder plus
2.000%.

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

     (e) Interest on all Loans bearing interest at the Base Rate shall be payable in arrears on the
first Business Day of each calendar month. Interest on all Yen LIBOR Loans shall be payable on the
last Business Day of the applicable Interest Period, but no less frequently than every three months
determined on the basis of the first (1st) day of the Interest Period applicable to the Loan in
question.

     Section 2.9 Fees.

     (a) Facility Fee. For the period beginning on the date hereof and ending on the date
the Obligations are paid in full and this Agreement is terminated (the “Facility Fee
Period”), the Loan Parties shall pay to Administrative Agent for the account of the Banks a
facility fee on the aggregate Commitments, irrespective of usage, at the Applicable Margin;
provided that, with respect to the Borrowers, such obligation shall be divided ratably in
proportion to such Borrower’s respective Borrowings and no Borrower shall be liable for an amount
greater than its

36

 

pro rata share of such fees; and provided, further, that the Guarantors shall
be liable for the full amount of such fees. The facility fee shall be payable in arrears on each
January 1, April 1, July 1 and October 1 during the Facility Fee Period. The Facility Fee shall be
payable in Yen. Notwithstanding the foregoing or any other provision of this Agreement, no Loan
Party shall be required to pay a facility fee to any Bank for any day on which such Bank is a
Defaulting Bank.

     (b) Letter of Credit Fee. During the Term and thereafter for so long as any Letter of
Credit shall be outstanding, each Borrower shall pay to Administrative Agent, for the account of
the Banks in proportion to their interests in respect of issued and undrawn Letters of Credit
issued for the account of such Borrower, a fee (a “Letter of Credit Fee”) in an amount,
provided that no Guarantor Event of Default shall have occurred and be continuing and no
Borrower Event of Default shall have occurred and be continuing with respect to such Borrower,
equal to a rate per annum equal to the Applicable Margin, on the daily average of such issued and
undrawn Letters of Credit, which fee shall be payable, in arrears, on each January 1, April 1, July
1 and October 1 during the Term and for so long as any Letter of Credit shall be outstanding. From
the occurrence, and during the continuance, of a Guarantor Event of Default or a Borrower Event of
Default with respect to such Borrower, such fee shall be increased to be equal to a rate per annum
equal to the Applicable Margin plus 2.000% on the daily average of such issued and undrawn Letters
of Credit. The Letter of Credit Fee shall be payable in Yen. Notwithstanding the foregoing,
however, no Letter of Credit Fee shall be payable on the available amount of any Letter of Credit
to the extent that such Letter of Credit has been cash collateralized as a result of the provisions
of Section 6.7 or 9.15(b) hereof. Notwithstanding the foregoing or any other
provision of this Agreement, no Loan Party shall be required to pay a Letter of Credit Fee to any
Bank for any day on which such Bank is a Defaulting Bank

     (c) Fronting Bank Fee. Each Borrower shall pay each Fronting Bank, for its own
account, a fee (a “Fronting Bank Fee”) at a rate per annum equal to the greater of (i)
0.25% of the undrawn amount of such Letter of Credit issued by such Fronting Bank for the account
of such Borrower (the “Annual Fronting Bank Fee”) and (ii) JPY 25,000, which Fronting Bank
Fee shall be in addition to and not in lieu of, the Letter of Credit Fee. The Fronting Bank Fee
shall be payable in arrears on each January 1, April 1, July 1 and October 1 during the Term in
Yen.

     (d) Extension Fee. If Prologis elects to extend the term of the Loan in accordance
with Section 2.10(b), Prologis shall pay to Administrative Agent, for the account of the
Banks in proportion to their interests, a fee (a “Extension Fee”) in an amount equal to
0.20% of the aggregate Commitments. The Extension Fee shall be paid by Prologis in Yen.

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

     Section 2.10 Maturity Date.

     (a) The term (the “Term”) of the Commitments (and each Bank’s obligations to make
Loans and to participate in Letters of Credit hereunder) shall terminate and expire on the

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Maturity Date. Upon the date of the termination of the Term, any Loans then outstanding
(together with accrued interest thereon and all other Obligations) shall be due and payable on such
date.

     (b) Not earlier than 180 days prior to, nor later than 30 days prior to, the Maturity Date,
Prologis may, on behalf of the Borrowers, upon written notice to Administrative Agent (which shall
promptly notify the Banks) and satisfaction of the following conditions, extend the Maturity Date
to February 27, 2015. The extension of the Maturity Date shall become effective on the date (the
“Extension Effective Date”) on which the following conditions precedent have been
satisfied: (i) Administrative Agent shall have received the written notice referred to in the
immediately preceding sentence and (ii) Prologis shall have paid to Administrative Agent, for the
benefit of each Bank, the Extension Fee; provided that if an Event of Default has occurred
and is continuing on the date on which such conditions are satisfied, the Extension Effective Date
shall be the first date thereafter, if any, on or before the Maturity Date on which no Event of
Default is continuing. Upon the satisfaction of the conditions precedent set forth in this
Section 2.10(b) and the occurrence of the Extension Effective Date, Administrative Agent
shall promptly confirm to Prologis and the Banks such extension and the Extension Effective Date.

     Section 2.11 Optional Prepayments.

     (a) Each Borrower may, upon at least two (2) Business Days’ notice to Administrative Agent,
prepay any Base Rate Loans made to such Borrower, in whole or from time to time in part, in amounts
aggregating for all Base Rate Loans of such Borrower being prepaid at the same time JPY 1,000,000
or more, by paying the principal amount to be prepaid together with accrued interest thereon to the
date of prepayment. Each such optional prepayment shall be applied to prepay ratably the Loans of
the several Banks included in such Group of Loans or Borrowing.

     (b) Each Borrower may, upon at least five (5) Business Days’ notice to Administrative Agent,
pay all or any portion of any Yen LIBOR Loan made to such Borrower as of the last day of the
Interest Period applicable thereto in amounts aggregating for all Yen LIBOR Loans of such Borrower
being prepaid at the same time JPY 75,000,000 or more. Except as provided in Article 8 and except
with respect to any Yen LIBOR Loan which has been converted to a Base Rate Loan pursuant to
Section 8.2, 8.3 or 8.4 hereof, a Borrower may not prepay all or any
portion of the principal amount of any Yen LIBOR Loan made to such Borrower prior to the end of the
Interest Period applicable thereto unless such Borrower shall also pay any applicable expenses
pursuant to Section 2.14. Each such optional prepayment shall be in the amounts set forth
in Section 2.11(a) above and shall be applied to prepay ratably the Loans of the Banks
included in any Yen LIBOR Group of Loans, except that any Yen LIBOR Loan which has been converted
to a Base Rate Loan pursuant to Section 8.2, 8.3 or 8.4 hereof may be
prepaid without ratable payment of the other Loans in such Group of Loans which have not been so
converted.

     (c) Each Borrower may, upon at least five (5) Business Days’ notice to Administrative Agent
(by 1:00 P.M. New York time), reimburse Administrative Agent for the benefit of the Fronting Bank
for the amount of any drawing under a Letter of Credit issued for the account of such Borrower in
whole or in part in any amount.

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     (d) Any Borrower may at any time return any undrawn Letter of Credit issued for the account of
such Borrower to the Fronting Bank in whole, but not in part, and the Fronting Bank within a
reasonable period of time shall give Administrative Agent and each of the Banks notice of such
return.

     (e) Prologis may at any time and from time to time cancel all or any part of the Commitments
by the delivery to Administrative Agent of a notice of cancellation within the applicable time
periods set forth in Sections 2.11(a) and (b) if there are Loans then outstanding
or, if there are no Loans outstanding at such time as to which the Commitments with respect thereto
are being canceled, upon at least five (5) Business Days’ notice to Administrative Agent,
whereupon, in either event, all or such portion of the Commitments, as applicable, shall terminate
as to the applicable Banks, pro rata on the date set forth in such notice of cancellation, and, if
there are any Loans then outstanding, the applicable Borrowers shall prepay all or such portion of
Loans outstanding on such date in accordance with the requirements of Section 2.11(a) and
(b). In no event shall Prologis be permitted to cancel Commitments for which a Letter of
Credit has been issued and is outstanding unless the applicable Borrower for whose account such
Letter of Credit was issued returns (or causes to be returned) such Letter of Credit to the
Fronting Bank. Prologis shall be permitted to designate in its notice of cancellation which Loans,
if any, are to be prepaid.

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

     Section 2.12 Secured Option.

     (a) Each Borrower shall have the option, exercisable upon not less than thirty (30) days
notice to Administrative Agent to cause any one or more of the Loans to be made to such Borrower to
be secured by the Secured Property or a pledge of the equity interests of such Borrower as
designated in such notice (such option being the “Secured Option”). In the event any
Borrower elects the Secured Option with respect to any Committed Loan after such date, such
Committed Loans shall be secured by:

     (i) At such Borrower’s option, either (A) a first priority mortgage (ne teito ken) on
all real estate assets purchased with the proceeds of the Loan (the “Secured
Property”) substantially in the form of Exhibit C or otherwise reasonably acceptable to
Administrative Agent (a “Mortgage”) or (B) if such Secured Property is intrusted, a
first priority pledge (ne shichi) on such trust beneficial interests substantially in the
form of Exhibit D or otherwise reasonably acceptable to Administrative Agent (a “TBI
Pledge”) or (C) first priority pledge (ne shichi) of all the preferred or common shares
of the entity which owns the Secured Property substantially in the form of Exhibit E or
otherwise reasonably acceptable to Administrative Agent (a “Share Pledge”). In each
case, the Mortgage, TBI Pledge or Share Pledge, as the case may be, and such other documents
and filings reasonably necessary to perfect and evidence the Banks’ first priority security
interest are referred to as the “Security Documents” and such security is referred
to as the “Collateral”; and

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     (ii) a ratification and reaffirmation by the Guarantors of their obligations under the
Guaranty (the “Ratification”).

     (b) Each Borrower shall have the option, upon ten (10) Business Days prior written notice to
Administrative Agent, to substitute the type of Security Document securing Collateral (i.e., a
Mortgage or a TBI Pledge on a Secured Property can be substituted with a Share Pledge on the
preferred or common stock or membership interests of such Borrower; a Share Pledge can be
substituted with a Mortgage or TBI Pledge on the Secured Property; a Share Pledge on common stock
can be substituted with a Share Pledge on preferred stock; and a Mortgage can be substituted with a
TBI Pledge in the event the Secured Property is intrusted and a TBI Pledge can be substituted with
a Mortgage in the event the Secured Property is to be removed from the trust), provided (i)
such Borrower complies with the terms and conditions of Section 2.12(a)(i), (ii) such
Borrower pays all of Administrative Agent’s reasonable and documented out-of-pocket expenses in
connection with such substitution and release and (iii) such Borrower causes the Guarantors to
deliver a Ratification.

     (c) Each Borrower shall have the option, upon five (5) Business Days prior notice to
Administrative Agent, to obtain a release of Collateral securing a Loan, provided that (i)
such Borrower prepays the Loan secured thereby, (ii) such Borrower pays all of Administrative
Agent’s reasonable and documented out-of-pocket expenses in connection with such release and (iii)
such Borrower causes the Guarantors to deliver a Ratification.

     (d) Upon ten (10) Business Days notice to Administrative Agent, another Borrower (the
“Assuming Borrower”) may assume a Loan made to a Borrower, provided that, upon the
assumption by such Assuming Borrower of such Loan, (i) the Assuming Borrower delivers Collateral of
the type selected by the Assuming Borrower under Section 2.12(a), (ii) the Assuming
Borrower satisfies all the conditions to the original Borrowing as set forth in Section
3.2, (iii) the Assuming Borrower pays all of Administrative Agent’s reasonable and documented
out-of-pocket expenses in connection with such release and (iv) the Assuming Borrower causes the
Guarantors to deliver a Ratification. The release of the original Borrower and such original
Collateral shall occur simultaneously with the assumption of the Loan by the Assuming Borrower and
the substitution of the Collateral. In no event shall Administrative Agent release any such
Collateral unless and until substitute Collateral has been obtained, to the satisfaction of
Administrative Agent.

     (e) If the type of Collateral selected by a Borrower under Section 2.12(a) is a
Mortgage, the applicable Borrower shall provisionally register a Mortgage in favor of the Banks
upon the grant thereof. Upon the occurrence and during the continuance of a Guarantor Event of
Default or a Borrower Event of Default with respect to such Borrower, such Borrower shall
permanently register or cause to be permanently registered, the Mortgage within two (2) Business
Days of Administrative Agent’s request therefor. Concurrently with the provisional registration of
the Mortgage, such Borrower shall deliver to the Administration Agent the following (“Mortgage
Perfection Documents”): (i) undated powers of attorney of such Borrower necessary to permit
Administrative Agent and the Banks to effectively permanently register the Mortgage; (ii) a recent
certificate of registered seal for the applicable Borrower, to be updated to the extent any changes
are made with respect to such certificate and not less than once each quarter; (iii) a recent
commercial registry of the applicable Borrower, to be updated to the extent

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any changes are made with respect to such registry and not less than once each fiscal quarter
(or as otherwise may be reasonably requested by Administrative Agent as required to perfect the
Banks’ security interest in the Mortgage); (iv) the registration identification information (toki
shikibetsu joho) provided under Article 21 of the Immovables Registration Law (fudosan toki hou)
(Law No. 123 of 2004) (the “Immovables Registration Law”) or the document certifying the
completion of registration concerning the right of the applicable Borrower (tokizumisho) provided
under Article 21 of the Immovables Registration Law and Article 6, paragraph 3 of the Supplementary
Provisions (fusoku) of the Immovables Registration Law, as applicable or identification information
(honnin kakunin joho) prepared by a judicial scrivener or legal counsel as provided under Article
23, paragraph 4 of the Immovables Registration Law (fudosan toki hou), if applicable, and (v) any
other documents necessary for the Banks to perfect their security interest in the Mortgage,
executed by the applicable Borrower and updated to the extent necessary or as otherwise reasonably
requested by Administrative Agent as required to perfect such security interest. Administrative
Agent shall be authorized without necessity of further authorization from such Borrower to
permanently register any Mortgages in favor of the Banks at any time after the occurrence and
during the continuance of a Guarantor Event of Default or a Borrower Event of Default with respect
to such Borrower. The applicable Borrower shall bear and promptly reimburse Administrative Agent
and the Banks for all reasonable and documented out-of-pocket costs and expenses incurred in
connection with the provisional or permanent registration of Mortgages.

     Section 2.13 General Provisions as to Payments.

     (a) The obligations of each Borrower hereunder shall be several and not joint. Each Borrower
shall make each payment of the principal of and interest on its Loans and fees hereunder, by
initiating a wire transfer not later than 1:00 P.M. (New York time) on the date when due in Yen
immediately available in Tokyo, Japan to Administrative Agent at its address referred to in
Section 9.1, and each Borrower shall deliver to Administrative Agent evidence of such wire
as soon as possible thereafter on the date when due. Administrative Agent will promptly (and in
any event within one (1) Business Day after receipt thereof) distribute to each Bank its ratable
share of each such payment received by Administrative Agent for the account of the Banks. If and
to the extent that Administrative Agent shall receive any such payment for the account of the Banks
on or before 11:00 A.M. (New York time) on any Business Day, and Administrative Agent shall not
have distributed to any Bank its applicable share of such payment on such day, Administrative Agent
shall distribute such amount to such Bank together with interest thereon, for each day from the
date such amount should have been distributed to such Bank until the date Administrative Agent
distributes such amount to such Bank, at the Prime Rate. Whenever any payment of principal of, or
interest on the Committed Loans or of fees shall be due on a day which is not a Business Day, the
date for payment thereof shall be extended to the next succeeding Business Day unless such Business
Day falls in another calendar month, in which case the date for payment thereof shall be the next
preceding Business Day. If the date for any payment of principal is extended by operation of law
or otherwise, interest thereon shall be payable for such extended time.

     (b) Unless Administrative Agent shall have received notice from the applicable Borrower prior
to the date on which any payment is due to the Banks hereunder that such Borrower will not make
such payment in full, Administrative Agent may assume that such

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Borrower has made such payment in full to Administrative Agent on such date and Administrative
Agent may, in reliance upon such assumption, cause to be distributed to each Bank on such due date
an amount equal to the amount then due such Bank. If and to the extent that such Borrower shall
not have so made such payment, each Bank shall repay to Administrative Agent forthwith on demand
such amount distributed to such Bank together with interest thereon, for each day from the date
such amount is distributed to such Bank until the date such Bank repays such amount to
Administrative Agent, at the Prime Rate.

     (c) If any Bank shall fail to make any payment required to be made by it pursuant to
Section 2.5, 2.13, 2.17 or 9.4, then Administrative Agent,
notwithstanding any contrary provision hereof, shall (i) apply any amounts thereafter received by
Administrative Agent for the account of such Bank for the benefit of Administrative Agent or the
Fronting Bank to satisfy such Bank’s obligations to it under such Section until all such
unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account
as cash collateral for, and application to, any future funding obligations of such Bank under any
such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by
Administrative Agent in its reasonable discretion.

     Section 2.14 Funding Losses.
Each Borrower agrees that it will, from time to time, compensate each Bank for
and hold each Bank harmless from any loss, cost or expense incurred by such Bank as a result of:

     (i) any continuation, conversion, payment or prepayment of any Yen LIBOR Loan of such Bank to
such Borrower on a day other than the last day of the Interest Period for such Yen LIBOR Loan
(whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

     (ii) any failure by such Borrower (for a reason other than the failure of such Bank to make a
Loan) to prepay, borrow, continue or convert any Yen LIBOR Loan of (or to be made by) such Bank to
such Borrower on the date or in the amount notified by such Borrower; or

     (iii) any assignment of a Yen LIBOR Loan of such Bank to such Borrower on a day other than the
last day of the Interest Period therefor as a result of a request by Prologis pursuant to
Section 9.5(e);

including any loss or expense arising from the liquidation or reemployment of funds obtained by it
to maintain such Loans or from fees payable to terminate the deposits from which such funds were
obtained (but in each case excluding any loss of anticipated profits).

     For purposes of calculating amounts payable by a Borrower to a Bank under this Section
2.14, (A) each Bank shall be deemed to have funded each Yen LIBOR Loan made by it at the Yen
LIBOR Rate for such Loan by a matching deposit or other borrowing in the offshore interbank market
for such currency for a comparable amount and for a comparable period, whether or not such Yen
LIBOR Loan was in fact so funded; and (B) the losses and expenses of any Bank resulting from any
event described in clause (i) above, any failure by such Borrower to borrow or continue a
Loan as contemplated by clause (ii) above or any assignment pursuant to clause
(iii) above shall not exceed the excess, if any, of (x) the amount of interest that would
have accrued on the principal amount of the applicable Loan had such event not occurred, at
the

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Yen LIBOR applicable (or that would have been applicable) to such Loan, for the period from the
date of such event to the last day of the then current Interest Period therefor (or, in the case of
a failure to borrow, convert or continue, for the period that would have been the Interest Period
for such Loan), over (ii) the amount of interest that would accrue on such principal amount for
such period at the interest rate that such Bank would bid, at the commencement of such period, for
deposits in the applicable currency of a comparable amount and period from other banks in the
applicable eurocurrency market.

Any Bank requesting compensation pursuant to this Section 2.14 shall deliver to the
applicable Borrower (with copies to Prologis and Administrative Agent) a certificate setting forth
in reasonable detail a calculation of the amount demanded and any such certificate shall be
conclusive absent demonstrable error. The applicable Borrower shall pay the applicable Bank the
amount shown as due on any such certificate within fifteen (15) days after receipt thereof.

     Section 2.16 Computation of Interest and Fees. Interest based on the Prime Rate shall
be computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual
number of days elapsed (including the first day but excluding the last day). All other interest
and fees shall be computed on the basis of a year of 360 days and paid for the actual number of
days elapsed (including the first day but excluding the last day).

     Section 2.17 Use of Proceeds. Each Borrower shall use the proceeds of the Loans to
fund the acquisition and development of properties, or the acquisition of beneficial interests in
properties, and for other real estate purposes, in Japan and in other regions of Asia,
provided in no event shall any Borrower further lend the proceeds of any Loan to any
unrelated third party.

     Section 2.18 Letters of Credit.

     (a) Subject to the terms contained in this Agreement (including Section 9.5(d)) and
the other Loan Documents, upon the receipt of a notice in accordance with Section 2.2(b)
requesting the issuance of a Letter of Credit, the Fronting Bank shall issue a Letter of Credit or
Letters of Credit in such form as is reasonably acceptable to the applicable Borrower (subject to
the provisions of Section 2.2(b)) in an amount or amounts equal to the amount or amounts
requested by such Borrower; provided that the Fronting Bank shall issue the same only in
Yen.

     (b) Each Letter of Credit shall be issued in the minimum amount of JPY 10,000,000 or such
lesser amount as may be agreed to by the Fronting Bank.

     (c) The Letter of Credit Usage shall be no more than the lesser of (i) JPY 9,000,000,000 and
(ii) 20% of the Facility Amount at any one time.

     (d) There shall be no more than twenty-five (25) Letters of Credit outstanding at any one
time.

     (e) In the event of any request for a drawing under any Letter of Credit by the beneficiary
thereunder, the Fronting Bank shall notify the applicable Borrower and Administrative Agent (and
Administrative Agent shall notify each Bank thereof) on or before the date on which the Fronting
Bank intends to honor such drawing, and, except as provided in this
subsection (e), such Borrower shall reimburse the Fronting Bank, in immediately available
funds

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in Yen, on the same day on which such drawing is honored in an amount equal to the amount of
such drawing.

     (i) Notwithstanding anything contained herein to the contrary, unless the applicable
Borrower shall have notified Administrative Agent and the Fronting Bank prior to 1:00 P.M.
(New York time) on the Business Day immediately preceding the date of such drawing that such
Borrower intends to reimburse the Fronting Bank for the amount of such drawing with funds
other than the proceeds of the Loans, such Borrower shall be deemed to have timely given a
Notice of Borrowing pursuant to Section 2.2 to Administrative Agent, requesting a
Borrowing of Base Rate Loans on the date on which such drawing is honored and in an amount
equal to the amount of such drawing (in Yen). Each Bank (other than the Fronting Bank)
shall, in accordance with Section 2.5(b), make available its pro rata share of such
Borrowing to Administrative Agent, the proceeds of which shall be applied directly by
Administrative Agent to reimburse the Fronting Bank for the amount of such draw. In the
event that any Bank fails to make available to the Fronting Bank the amount of such Bank’s
participation on the date of a drawing, the Fronting Bank shall be entitled to recover such
amount on demand from such Bank together with interest at the Prime Rate commencing on the
date such drawing is honored, and the provisions of Section 9.15 shall otherwise
apply to such failure.

     (ii) Notwithstanding the terms of Section 2.17(e)(i), (a) if any Bank has
previously advised Administrative Agent and Borrower that it is unable to make a Base Rate
Loan and such notice has not been withdrawn and (b) if the applicable Borrower has not
notified Administrative Agent and the Fronting Bank prior to 1:00 P.M. (New York time) on
the Business Day immediately preceding the date of such drawing that such Borrower intends
to reimburse the Fronting Bank for the amount of such drawing with funds other than the
proceeds of the Loans, then (x) the amount of such drawing shall be deemed to be a Borrowing
of a Base Rate Loan from the Fronting Bank (to be funded solely by the Fronting Bank) on the
date on which such drawing is honored and in an amount equal to the amount of such drawing
(in Yen) and (y) such Borrower shall be deemed to have given a Notice of Borrowing pursuant
to Section 2.2 to Administrative Agent requesting a Borrowing of Yen LIBOR Loans
with an Interest Period of 7 days (provided if such Interest Period is not available from
all Banks, such Borrower shall be deemed to have elected an Interest Period of 30 days) on
the date on which such drawing is honored and in an amount equal to the amount of such
drawing (in Yen). Each Bank shall, in accordance with Section 2.5(b), make
available its Pro Rata Share of such Borrowing of Yen LIBOR Loans under clause (y) above to
Administrative Agent, the proceeds of which shall be applied directly by Administrative
Agent to repay the Base Rate Loan made by the Fronting Bank under clause (x) above. In the
event that any Bank fails to fund its Pro Rata Share of such Yen LIBOR Loans in accordance
with the terms of Section 2.5(b), the Fronting Bank shall be entitled to recover
such amount on demand from such Bank together with interest at the Prime Rate commencing on
the date such drawing is honored, and the provisions of Section 9.15 shall otherwise
apply to such failure.

     (f) If, at the time a beneficiary under any Letter of Credit requests a drawing thereunder, a
Guarantor Event of Default as described in Section 6.1(f) or Section 6.1(g) shall

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have occurred and is continuing or a Borrower Event of Default as described in Section
6.3(e) and 6.3(f) with respect to the Borrower for whose account such Letter of Credit
was issued, then on the date on which the Fronting Bank shall have honored such drawing, the
applicable Borrower shall have an unreimbursed obligation (the “Unreimbursed Obligation”)
to the Fronting Bank in an amount equal to the amount of such drawing, which amount shall bear
interest at the annual rate of the sum of the Base Rate plus the Applicable Margin for Base Rate
Loans plus 2.000%; provided if any Bank has previously advised Administrative Agent and
Borrower that it is unable to make a Base Rate Loan and until such notice is withdrawn, such amount
shall bear interest at a rate per annum equal to the sum of the Applicable Margin for Yen LIBOR
Loans plus Yen LIBOR with an Interest Period of 7 days (provided if such Interest Period is not
available from all Banks, such rate shall be calculated based upon an Interest Period of one month)
plus 2.000%. Each Bank shall purchase an undivided participating interest in such drawing in an
amount equal to its pro rata share of the Commitments, and upon receipt thereof the Fronting Bank
shall deliver to such Bank an Unreimbursed Obligation participation certificate dated the date of
the Fronting Bank’s receipt of such funds and in the amount of such Bank’s pro rata share.

     (g) If, after the date hereof, any change in any law or regulation or in the interpretation
thereof by any court or administrative or governmental authority charged with the administration
thereof shall either (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against letters of credit issued by, or assets held by, or deposits in or for the
account of, or participations in any letter of credit, upon any Bank (including the Fronting Bank)
or (ii) impose on any Bank any other condition regarding this Agreement or such Bank (including the
Fronting Bank) as it pertains to any Letter of Credit or any participation therein and the result
of any event referred to in the preceding clause (i) or (ii) shall be to increase, by an amount
deemed by the Fronting Bank or such Bank to be material, the cost to the Fronting Bank or any Bank
of issuing or maintaining such Letter of Credit or participating therein, then the Borrower for
whose account such Letter of Credit was issued shall pay to the Fronting Bank or such Bank, within
15 days after written demand by such Bank (with a copy to Administrative Agent), which demand shall
be accompanied by a certificate showing, in reasonable detail, the calculation of such amount or
amounts, such additional amounts as shall be required to compensate the Fronting Bank or such Bank
for such increased costs or reduction in amounts received or receivable hereunder. Each Bank will
promptly notify each affected Borrower and Administrative Agent of any event of which it has
knowledge, occurring after the date hereof, which will entitle such Bank to compensation pursuant
to this Section 2.17 and will designate a different Applicable Lending Office if such
designation will avoid the need for, or reduce the amount of, such compensation and will not, in
the reasonable judgment of such Bank be otherwise disadvantageous to such Bank. If such Bank shall
fail to notify any affected Borrower of any such event within 90 days following the end of the
month during which such event occurred, then such Borrower’s liability for any amounts described in
this Section incurred by such Bank as a result of such event shall be limited to those attributable
to the period occurring subsequent to the ninetieth (90th) day prior to, but excluding,
the date upon which such Bank actually notified such Borrower of the occurrence of such event. A
certificate of any Bank claiming compensation under this Section 2.17 and setting forth a
reasonably detailed calculation of the additional amount or amounts to be paid to it hereunder
shall be conclusive in the absence
of demonstrable error. In determining such amount, such Bank may use any reasonable averaging
and attribution methods.

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     (h) Each Borrower hereby agrees to protect, indemnify, pay and save the Fronting Bank harmless
from and against any claims, demands, liabilities, damages, losses, costs, charges and expenses
(including reasonable and documented attorneys’ fees and disbursements) which the Fronting Bank may
incur or be subject to as a result of (i) the issuance of Letters of Credit for the account of such
Borrower, other than to the extent of the bad faith, gross negligence or willful misconduct of the
Fronting Bank or (ii) the failure of the Fronting Bank to honor a drawing under such Letter of
Credit as a result of any act or omission, whether rightful or wrongful, of any present or future
de jure or de facto government or governmental authority (collectively, “Governmental
Acts”), other than to the extent of the bad faith, gross negligence or willful misconduct of
the Fronting Bank. As between the Borrower for whose account the Letter of Credit was issued and
the Fronting Bank, such Borrower assumes all risks of the acts and omissions of any beneficiary
with respect to its use, or misuses of, such Letter of Credit issued by the Fronting Bank. In
furtherance and not in limitation of the foregoing, the Fronting Bank shall not be responsible (i)
for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document
submitted by any party in connection with the application for and issuance of such Letters of
Credit, even if it should in fact prove to be in any or all respects invalid, insufficient,
inaccurate, fraudulent or forged; (ii) for the validity or insufficiency of any instrument
transferring or assigning or purporting to transfer or assign any such Letter of Credit or the
rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason; (iii) for failure of the beneficiary of any such Letter of
Credit to comply fully with conditions required in order to draw upon such Letter of Credit, other
than as a result of the bad faith, gross negligence or willful misconduct of the Fronting Bank;
(iv) for errors, omissions, interruptions or delays in transmission or delivery of any message, by
mail, cable, telegraph, facsimile transmission, or otherwise; (v) for errors in interpretation of
any technical terms; (vi) for any loss or delay in the transmission or otherwise of any documents
required in order to make a drawing under any such Letter of Credit or of the proceeds thereof;
(vii) for the misapplication by the beneficiary of any such Letter of Credit of the proceeds of
such Letter of Credit; and (viii) for any consequence arising from causes beyond the control of the
Fronting Bank, including any Government Acts, in each case other than to the extent of the bad
faith, gross negligence or willful misconduct of the Fronting Bank. None of the above shall
affect, impair or prevent the vesting of the Fronting Bank’s rights and powers hereunder. In
furtherance and extension and not in limitation of the specific provisions hereinabove set forth,
any action taken or omitted by the Fronting Bank under or in connection with the Letters of Credit
issued by it or the related certificates, if taken or omitted in good faith, shall not put the
Fronting Bank under any resulting liability to any Borrower; provided that, notwithstanding
anything in the foregoing to the contrary, the Fronting Bank will be liable to the Borrower for
whose account a Letter of Credit was issued for any damages suffered by such Borrower or its
Subsidiaries as a result of the Fronting Bank’s grossly negligent or willful failure to pay under
such Letter of Credit after the presentation to it of a sight draft and certificates strictly in
compliance with the terms and conditions of such Letter of Credit.

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

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which
case with interest thereon, computed at the same rate, and on the same basis, as the interest that
the Fronting Bank or Administrative Agent is required to pay.

     (j) It is hereby acknowledged and agreed by the Borrower, Administrative Agent and all of the
Banks party hereto that on the Closing Date, the Letters of Credit previously issued by SMBC, as
“Fronting Bank” under the Existing Revolving Credit Agreement, and more particularly set forth on
Schedule 2.17 hereto, shall be transferred to this Agreement and shall be deemed to be
Letters of Credit hereunder.

     Section 2.19 Letter of Credit Usage Absolute. The obligations of each Borrower under
this Agreement in respect of any Letter of Credit issued for the account of such Borrower shall be
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement and any Letter of Credit Documents under all circumstances, including, to the extent
permitted by law, the following circumstances:

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

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

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

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

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

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

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

     Section 2.20 Letters of Credit Maturing after the Maturity Date.

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

     (b) If, at any time and from time to time, any Letter of Credit shall have been issued
hereunder and the same shall expire on a date after the Maturity Date, then, on the Maturity Date,
the Borrower shall deliver to Administrative Agent, to hold as collateral for all Obligations
arising from such Letter of Credit on behalf of the Banks, in same day funds at Administrative
Agent’s office designated in such demand, for deposit in the Letter of Credit Collateral Account,
Letter of Credit Collateral in an amount equal to the Letter of Credit Usage under the Letters of
Credit. Interest shall accrue on the Letter of Credit Collateral Account in accordance with the
provisions of Section 6.7.

     Section 2.21 Addition of Qualified Borrowers; Release of Qualified Borrowers.

     (a) If after the Closing Date, Prologis desires to cause another Subsidiary which otherwise
satisfies the definition of a Qualified Borrower hereunder to become a Qualified Borrower
hereunder, then Prologis shall so notify Administrative Agent and, upon satisfaction of the
following conditions, such Subsidiary shall become a Qualified Borrower under this Agreement: (i)
such Subsidiary shall duly execute and deliver to Administrative Agent applicable Qualified
Borrower Joinder Documents and (ii) such Subsidiary shall satisfy all of the conditions with
respect thereto set forth in the Qualified Borrower Joinder Agreement. Administrative Agent shall
promptly notify each Bank upon a Subsidiary’s addition as a Qualified Borrower hereunder. Each such
Qualified Borrower shall remain a Qualified Borrower hereunder until released as provided in
Section 2.21(b) below.

     (b) At such time as any Qualified Borrower pays in full any Loans made to it and no Loan is
outstanding to such Qualified Borrower hereunder, Prologis, if it so elects in its sole
discretion, may deliver written notice to Administrative Agent that such Qualified Borrower
shall no longer be a Qualified Borrower hereunder, together with the form attached hereto as

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Exhibit L (the “Qualified Borrower Removal Notice/Form”) completed with respect to such
Qualified Borrower, and such Qualified Borrower shall be released as a Qualified Borrower under the
Loan Documents, the Security Documents, if any, of such Qualified Borrower shall be released and
the Notes executed and delivered by such Qualified Borrower shall be returned to such Qualified
Borrower, provided that simultaneously with such release and return, the Guarantors shall deliver a
Ratification. Administrative Agent shall promptly notify each Bank, deliver to each Bank a copy of
the completed Qualified Borrower Removal Notice/Form upon a Subsidiary’s release and removal as a
Qualified Borrower hereunder, and each Bank shall return to the Qualified Borrower each Note made
by such Qualified Borrower and held by such Bank.

ARTICLE III

CONDITIONS

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

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

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

     (c) each Qualified Borrower and the Guarantors shall have executed and delivered to each Loan
Party and Administrative Agent a duly executed original of a Qualified Borrower Joinder Agreement;

     (d) Guarantors shall have executed and delivered to Administrative Agent a duly executed
original of the Guaranty;

     (e) each Bank shall have executed and delivered to Administrative Agent twenty (20) originally
executed Consents in the form of Exhibit F;

     (f) Administrative Agent shall have received an opinion of Mayer Brown LLP, counsel to the
Guarantors and New York counsel to the Loan Parties, and Ito & Mitomi, counsel for the Initial
Borrower, in each case acceptable to Administrative Agent, the Banks and their counsel;

     (g) Administrative Agent shall have received all documents Administrative Agent may reasonably
request relating to the existence of the Loan Parties, the authority for and the validity of this
Agreement and the other Loan Documents, the incumbency of officers executing this Agreement and the
other Loan Documents and any other matters relevant hereto, all in form and substance satisfactory
to Administrative Agent. Such documentation shall include the
following, each as amended, modified or supplemented to the Closing Date, certified to be
true, correct and complete by a senior officer of the applicable Person as of a date not more than
ten

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(10) days prior to the Closing Date: (i) the operating agreement, partnership agreement,
articles of incorporation or other constituent document, as applicable, of each Borrower, (ii) the
certificate of formation of each Borrower, (iii) a certificate of existence from the Secretary of
State (or the equivalent thereof) of the state of formation of each Borrower, as applicable, (iv)
for any Borrower that is a TMK, a director’s certificate attaching the following items: articles of
incorporation (Teikan), commercial register (rireki jikou zenbu shoumeisho), certificate of seal
(inkan shoumeisho), notification of commencement of business of TMK (gyoumu kaishi todokede), Asset
Liquidation Plan (shisan ryuudouka keikaku), register of common shareholders, register of preferred
shareholders, authorizing resolutions and copy of a driver license, passport or such other document
relating to identification of the director, (v) for any Borrower that is a YK or GK, representative
director’s (or the executive officer’s as applicable) certificate attaching the following items:
authorizing resolutions, articles of incorporation (teikan), commercial register (rireki jikou
zenbu shoumeisho), certificate of seal (inkan shoumeisho), list of shareholders (or unitholders as
applicable), all documents Administrative Agent may reasonably request relating to the formation
and existence of the general partner and the authority of the director of the general partner, and
copy of a driver license, passport or such other document relating to identification of the
director, together with, if applicable, evidence of Article 40, YK Law compliance (or other
evidence satisfactory to Administrative Agent that such YK was formed more than 2 years prior to
the date such YK acquired the relevant Property), (vi) for any Borrower that is an IBLP, general
partner’s director’s certificate attaching the following items: authorizing resolutions, an
investment business limited partnership agreement (toshi jigyo yugen sekinin kumiai keiyaku),
commercial register (rireki jikou zenbu shoumeisho), certificate of seal (inkan shoumeisho), (vii)
with respect to any other Person that is not a TMK, a YK, an IBLP or a GK that is intended to
become a Qualified Borrower, such documents as reasonably required by, and in form reasonably
satisfactory to, Administrative Agent, (viii) the agreement of limited partnership of Prologis,
(ix) the certificate of limited partnership of Prologis, (x) a certificate of existence for
Prologis from the Secretary of State (or the equivalent thereof) of Delaware to be dated not more
than thirty (30) days prior to the Closing Date, (xi) the articles of incorporation and by laws of
General Partner, and (xii) a good standing certificate for General Partner from the Secretary of
State (or the equivalent thereof) of Maryland to be dated not more than thirty (30) days prior to
the Closing Date;

     (h) each Loan Party as of the Closing Date shall have executed a solvency certificate
acceptable to Administrative Agent;

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

     (j) to the extent a Loan Party is a party to such agreement, such Loan Party shall have taken
all actions required to authorize the execution and delivery of this Agreement, the Guaranty, the
Qualified Borrower Joinder Agreement and the other Loan Documents and the performance thereof;

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     (k) the Banks shall be satisfied that no Loan Party nor any Consolidated Subsidiary is subject
to any present or contingent environmental liability which could have a Material Adverse Effect and
General Partner shall have delivered a certificate so stating;

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

     (m) each Loan Party shall have delivered copies of all consents, licenses and approvals, if
any, required in connection with the execution, delivery and performance by such Loan Party of the
Loan Documents to which such Loan Party is a party and the validity and enforceability of the Loan
Documents, or in connection with any of the transactions contemplated thereby, and such consents,
licenses and approvals shall be in full force and effect;

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

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

     (p) Administrative Agent shall have received a certificate signed by an officer of Prologis
certifying that there has been no event or circumstance since the date of the General Partner
Audited Financial Statements or the date of the Old ProLogis Audited Financial Statements that has
had or would be reasonably expected to have, either individually or in the aggregate, a Material
Adverse Effect;

     (q) Administrative Agent shall have received an acknowledgement, in form reasonably
satisfactory to Administrative Agent, from each Exiting Bank confirming that it will not be a party
hereto; and

     (r) the Merger shall have been consummated on or prior to such date, or shall be consummated
substantially concurrently with the effectiveness of this Agreement, in accordance with the terms
of the Merger Agreement, without any waiver or amendment thereof that is materially adverse to the
Banks, unless Administrative Agent shall have consented to such waiver or amendment.

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

     (a) receipt by Administrative Agent of a Notice of Borrowing as required by Section
2.2, or a request to cause a Fronting Bank to issue a Letter of Credit pursuant to Section
2.17;

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     (b) receipt by Administrative Agent of a Note by the applicable Borrower for the account of
each Bank, if not previously delivered, satisfying the requirements of Section 2.6;

     (c) in the event that any Borrower exercised the Secured Option, on or before the date that is
five (5) Business Days prior to such Borrowing, such Borrower shall deliver to Administrative Agent
the following:

     (i) an executed applicable Security Document in recordable form or bearing an
officially confirmed date (hakutei hizuke), if applicable;

     (ii) if the Secured Option selected is a Mortgage, certificates of insurance with
respect to the Real Estate Property being acquired with such Borrowing (the “Secured
Property”) naming Administrative Agent and each of the Banks as additional insured and
demonstrating the coverages required by this Agreement and the applicable Security
Documents;

     (iii) opinion of counsel of such Borrower’s Japan counsel with respect to the Security
Documents;

     (iv) with respect to a Mortgage, the corresponding Mortgage Perfection Documents;

     (v) with respect to a Share Pledge involving a pledge of preferred TMK shares, the
original share certificates and certified copies of share registers and resolutions required
under Section 4 of the form of the Share Pledge;

     (vi) with respect to a TBI Pledge, the original trust beneficial interest certificate
and the other documents required under the form of Pledge of Beneficiary Interest under
Trust attached hereto as Exhibit D;

     (vii) if the Secured Option selected is a Mortgage, a copy of the real property
register (fudosan tokibo tohon) or certificate of registered matters (zenbujiko shomeisho)
for each Secured Property dated no earlier than ten (10) days prior to the date of the
relevant Borrowing, showing the applicable Borrower as the owner of the Secured Property;

     (viii) an amount equal to any recording fees, stamp taxes, documentary taxes or similar
fees required to be paid in connection with the recording of the Security Documents
(excluding any future costs to be incurred with the permanent registration of any Mortgage,
the cost of which is to be paid directly by the Borrower); and

     (ix) all other documents, filings, affidavits, and deliveries normally and customarily
delivered in connection with such a secured transaction, as requested by Administrative
Agent in its reasonable opinion and within a reasonable period of time prior to such
Borrowing.

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

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

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

     (g) no law or regulation shall have been adopted, no order, judgment or decree of any
governmental authority shall have been issued, and no litigation shall be pending, which does or
seeks to enjoin, prohibit or restrain, the making or repayment of the Loans or the consummation of
the transactions contemplated by this Agreement; and

     (h) no event, act or condition shall have occurred after the Closing Date which, in the
reasonable judgment of Administrative Agent or the Majority Banks, as the case may be, has had or
is likely to have a Material Adverse Effect.

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

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     Section 4.1 Representations and Warranties by the Guarantors. In order to induce
Administrative Agent and each of the other Banks which is or may become a party to this Agreement
to make the Loans, each of Prologis and General Partner, as applicable, make the following
representations and warranties as of the Closing Date. Such representations and warranties shall
survive the effectiveness of this Agreement, the execution and delivery of the other Loan Documents
and the making of the Loans.

     (a) Existence, Qualification and Power; Compliance with Laws. Each Guarantor (a) is
duly organized or formed, validly existing and in good standing under the Laws of the

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jurisdiction of its incorporation or organization, (b) has all requisite power and authority
and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease
its assets and carry on its business and (ii) execute, deliver and perform its obligations under
the Loan Documents to which it is a party, (c) is duly qualified and is licensed and in good
standing under the Laws of each jurisdiction where its ownership, lease or operation of properties
or the conduct of its business requires such qualification or license, and (d) is in compliance
with all Laws; except in each case referred to in clause (b)(i), (c) or (d)
above, to the extent that failure to do so could not reasonably be expected to have a Material
Adverse Effect.

     (b) Authorization; No Contravention. The execution, delivery and performance by each
Guarantor of each Loan Document to which such Person is party have been duly authorized by all
necessary corporate or other organizational action, and do not and will not: (a) contravene the
terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, or require any payment to be made under (i)
any Contractual Obligation to which such Person is a party or affecting such Person or the
properties of such Person or any of its Consolidated Subsidiaries or (ii) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which such Person or its
property is subject; or (c) violate any Law. Each Guarantor is in compliance with all Contractual
Obligations referred to in clause (b)(i), except to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect.

     (c) Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, either Guarantor of this Agreement or any other Loan Document (excluding
approvals, consents, exemptions and authorizations that have been obtained and are in full force
and effect and those which, if not made or obtained, would not (a) materially and adversely affect
the validity or enforceability of any Loan Document or (b) result in a Default).

     (d) Binding Effect. This Agreement has been, and each other Loan Document, when
delivered hereunder, will have been, duly executed and delivered by each Guarantor that is party
thereto. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of such Guarantor, enforceable against such
Guarantor in accordance with its terms, subject to applicable Debtor Relief Laws and general
principles of equity.

     (e) Financial Information.

     (i) Each of the General Partner Audited Financial Statements and the Old ProLogis Audited
Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the
period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the
financial condition of the entities covered thereby as of the date thereof and their results of
operations for the period covered thereby in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; and (iii) show (either in
the text thereof or the notes thereto) all material Liabilities of the entities covered thereby as
of the date thereof.

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     (ii) Each of (i) the unaudited consolidated balance sheet of General Partner and its
Consolidated Subsidiaries dated March 31, 2011 and (ii) the unaudited consolidated balance sheet of
Old ProLogis and its Consolidated Subsidiaries dated March 31, 2011, and, in each case, the related
consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal
quarter ended on that date (A) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein, and (B) fairly
present the financial condition of the entities covered thereby as of the date thereof and their
results of operations for the period covered thereby, subject, in the case of clauses (A)
and (B), to the absence of footnotes and to normal year-end audit adjustments.

     (f) Litigation. As of the Closing Date, except as specifically disclosed in
Schedule 4.1(f), there is no action, suit, proceeding, claim or dispute pending or, to the
knowledge of any Company after due and diligent investigation, threatened or contemplated, at law,
in equity, in arbitration or before any Governmental Authority, by or against any Company or
against any Company’s properties or revenues that (a) purport to affect or pertain to this
Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either
individually or in the aggregate, if determined adversely, could reasonably be expected to have a
Material Adverse Effect.

     (g) Environmental. Prologis in the ordinary course of business conducts a review of
the effect of existing Environmental Laws and claims alleging potential Liability or responsibility
for violation of any Environmental Law on the business, operations and properties of Prologis and
its Consolidated Subsidiaries and, as a result thereof has reasonably concluded that, except as
specifically disclosed in Schedule 4.1(g), such Environmental Laws and claims could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

     (h) Taxes. Each Company has filed all United States Federal and other material state,
provincial, and other Tax returns and reports required to be filed including any Japanese national
and local Tax returns and reports required to be filed, and has paid, collected, withheld and
remitted all Federal and other material state, provincial, and other material Taxes, assessments,
fees and other governmental charges levied or imposed upon it or its properties, income or assets
otherwise due and payable, or which it has been required to collect or withhold and remit, except
those which are being contested in good faith by appropriate proceedings diligently conducted and
for which adequate reserves have been provided in accordance with GAAP or such Taxes, the failure
to make payment of which when due could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. There is no proposed tax assessment against any
Company that would, if made, have a Material Adverse Effect

     (i) Disclosure. Each Guarantor has disclosed to the Lender Parties all agreements,
instruments and corporate or other restrictions to which any Company is subject, and all other
matters known to it, that, individually or in the aggregate, could reasonably be expected to result
in a Material Adverse Effect. No report, financial statement, certificate or other information
furnished (whether in writing or orally) by or on behalf of any Loan Party to any Lender Party in
connection with the transactions contemplated hereby and the negotiation of this Agreement or
delivered hereunder or under any other Loan Document (in each case, as modified or supplemented by
other information so furnished) contains any material misstatement of fact or

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omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading in any material respect; provided
that, with respect to projected financial information, each Guarantor represents only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the
time.

     (j) Solvency. Each Loan Party is, and after giving effect to all Obligations
hereunder will be, Solvent.

     (k) Margin Regulations; Investment Company Act.

     (i) No Loan Party is engaged or will engage, principally or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or
carrying margin stock.

     (ii) No Loan Party is or is required to be registered as an “investment company” under
the Investment Company Act of 1940.

     (l) REIT Status. General Partner is qualified as a REIT.

     (m) No Default. No Company is in default under or with respect to any Contractual
Obligation that could, either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. No Default has occurred and is continuing or would result from the
consummation of the transactions contemplated by this Agreement or any other Loan Document.

     (n) Compliance With Law. Each Company is in compliance in all material respects with
the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to
its properties, except in such instances in which (a) such requirement of Law or order, writ,
injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b) the failure to comply therewith, either individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

     (o) Ownership of Property. Each Company has good record and marketable title in fee
simple to, or valid trust beneficiary interests or leasehold interests in, all real property
necessary or used in the ordinary conduct of its business, except for such defects in title as
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

     (p) Principal Offices. As of the Closing Date, the principal office, chief executive
office and principal place of business of each of the Guarantors is Pier 1, Bay 1, San Francisco,
California 94111.

     (q) Documents. The documents delivered pursuant to Section 3.1(g) constitute,
as of the Closing Date, all of the organizational documents (together with all amendments and
modifications thereof) of each Loan Party as of the Closing Date. General Partner is the general
partner of Prologis. Attached hereto as Exhibit I-1 is a true, correct and complete (up to the
tiers shown) organizational and transaction structure chart for the Qualified Borrowers as of the
Closing Date.

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     (r) Pension Law Compliance.

     (i) Each Plan is in compliance in all material respects with the applicable provisions of
applicable Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has
received a favorable determination or opinion letter from the IRS, or such Plan is entitled to rely
on an advisory or opinion letter issued with respect to an IRS approved master and prototype or
volume submitter plan, or an application for such a letter is currently being processed by the IRS
with respect thereto and, to the best knowledge of Prologis, nothing has occurred which would
prevent, or cause the loss of, such qualification. Prologis and each ERISA Affiliate have made all
required contributions to each Pension Plan subject to Section 412 of the Code, and no application
for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code
has been made with respect to any such Pension Plan.

     (ii) There are no pending or, to the best knowledge of any Borrower, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could
reasonably be expected to have a Material Adverse Effect. Neither Prologis nor any other Borrower
has knowledge of any prohibited transaction (within the meaning of Section 4975 of the Code or
Section 406 of ERISA) or violation of the fiduciary responsibility rules (within the meaning of
Section 404 or 405 of ERISA) with respect to any Plan that has resulted or could reasonably be
expected to result in a Material Adverse Effect.

     (iii) No ERISA Event has occurred or is reasonably expected to occur; (ii) neither Prologis
nor any ERISA Affiliate has incurred, or reasonably expects to incur, any Liability under Title IV
of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section
4007 of ERISA); (iii) neither Prologis nor any ERISA Affiliate has incurred any unsatisfied, or
reasonably expects to incur any, Liability (and no event has occurred which, with the giving of
notice under Section 4219 of ERISA, would result in such Liability) under Section 4201 or 4243 of
ERISA with respect to a Multiemployer Plan; and (iv) neither Prologis nor any ERISA Affiliate has
engaged in a transaction that reasonably could be expected to be subject to Sections 4069 or
4212(c) of ERISA.

     (s) Plan Assets. The assets of each Company are not “plan assets” as defined in 29
C.F.R. § 2510.3 101(a)(1), as modified by Section 3(42) of ERISA.

     Section 4.2 Representations and Warranties by the Initial Borrower. In order to
induce Administrative Agent and each of the other Banks which is or may become a party to this
Agreement to make the Loans, the Initial Borrower makes the following representations and
warranties as of the Closing Date. Such representations and warranties shall survive the
effectiveness of this Agreement, the execution and delivery of the other Loan Documents and the
making of the Loans.

     (a) Existence and Power. The Initial Borrower is a tokurei yugen kaisha duly formed
under the laws of Japan. The Initial Borrower has all powers and all material governmental
licenses, authorizations, consents and approvals required to own its property and assets and carry
on its business as now conducted or as it presently proposes to conduct and has been duly qualified
and is in good standing in every jurisdiction in which the failure to be so qualified and/or in
good standing is likely to have a Material Adverse Effect.

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     (b) Power and Authority.

     (i) The Initial Borrower has the requisite power and authority to execute, deliver and
carry out the terms and provisions of each of the Loan Documents to which it is a party and
has taken all necessary action, if any, to authorize the execution and delivery on behalf of
the Initial Borrower and the performance by the Initial Borrower of the Loan Documents to
which it is a party.

     (ii) The Initial Borrower has duly executed and delivered each Loan Document to which
it is a party in accordance with the terms of this Agreement, and each such Loan Document
constitutes, or will constitute, the legal, valid and binding obligation of the Initial
Borrower, enforceable in accordance with its terms, subject to applicable Debtor Relief Laws
and general principles of equity, whether such enforceability is considered in a proceeding
in equity or at law.

     (c) No Violation. Neither the execution, delivery or performance by or on behalf of
the Initial Borrower of the Loan Documents to which it is a party, nor compliance by the Initial
Borrower with the terms and provisions thereof nor the consummation of the transactions
contemplated by such Loan Documents, (i) will materially contravene any applicable provision of any
law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental
instrumentality, (ii) will materially conflict with or result in any breach of, any of the terms,
covenants, conditions or provisions of, or constitute a default under, or result in the creation or
imposition of (or the obligation to create or impose) any Lien upon any of the property or assets
of the Initial Borrower pursuant to the terms of any indenture, mortgage, deed of trust, or other
agreement or other instrument to which the Initial Borrower (or of any partnership of which the
Initial Borrower is a partner) is a party or by which it or any of its property or assets is bound
or to which it is subject (except for such breaches and defaults under loan agreements which the
lenders thereunder have agreed to forbear pursuant to valid forbearance agreements), or (iii) will
cause a material default by the Initial Borrower under any organizational document of any Person in
which the Initial Borrower has an interest, or cause a material default under the Initial
Borrower’s organizational documents, the consequences of which conflict, breach or default would
have a Material Adverse Effect, or result in or require the creation or imposition of any Lien
whatsoever upon any Property (except as contemplated herein).

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

     (e) Organizational Documents. The Initial Borrower represents that it has delivered
to Administrative Agent true, correct and complete copies of its organizational documents.

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Attached hereto as Exhibit I-2 is a true, correct and complete (up to the tiers shown)
organizational and transaction structure chart for the Initial Borrower as of the Closing Date.

ARTICLE V

AFFIRMATIVE AND NEGATIVE COVENANTS

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

     Section 5.1 Information. General Partner will deliver, or cause to be delivered, to
each of the Banks:

     (a) as soon as available, but in any event within ninety (90) days after the end of each
fiscal year of General Partner and Prologis (commencing with the fiscal year ended December 31,
2011), a consolidated balance sheet of each of (i) General Partner and its Consolidated
Subsidiaries and (ii) Prologis and its Consolidated Subsidiaries, in each case as at the end of
such fiscal year, and the related consolidated statements of income or operations, equity and cash
flows for such fiscal year, setting forth in each case in comparative form the figures for the
previous fiscal year, all in reasonable detail, audited and accompanied by a report and opinion of
a Registered Public Accounting Firm of nationally recognized standing reasonably acceptable to
Administrative Agent, which report and opinion shall be prepared in accordance with generally
accepted auditing standards and applicable Securities Laws; provided that, with respect to
any information contained in materials furnished pursuant to Section 5.1(f), General Partner shall
not be separately required to furnish such information, but the foregoing shall not be in
derogation of the obligation of General Partner to furnish the information and materials described
above at the times specified therein;

     (b) as soon as available, but in any event within forty-five (45) days after the end of each
of the first three (3) fiscal quarters of each fiscal year of General Partner and Prologis
(commencing with the fiscal quarter ended June 30, 2011), a consolidated balance sheet of each of
(i) General Partner and its Consolidated Subsidiaries and (ii) Prologis and its Consolidated
Subsidiaries, in each case as at the end of such fiscal quarter, and the related consolidated
statements of income or operations for such fiscal quarter and for the portion of the fiscal year
then ended, and equity and cash flows for the portion of the fiscal year then ended, setting forth
in each case in comparative form a balance sheet as of the end of the previous fiscal year and
statements of income or operation and cash flows for the corresponding portion of the previous
fiscal year, all in reasonable detail, certified by a Responsible Officer of Prologis as fairly
presenting the financial condition, results of operations, equity and cash flows of the Companies,
subject only to normal year-end audit adjustments and the absence of footnotes; provided
that, with respect to any information contained in materials furnished pursuant to Section 5.1(f),
General Partner shall not be separately required to furnish such information, but the foregoing
shall not be in derogation of the obligation of General Partner to furnish the information and
materials described above at the times specified therein;

     (c) annually, unaudited financial information for each Borrower prepared by such Borrower in
the ordinary course of business, together with notice from each Borrower of any

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disposition or transfer by such Borrower of any real estate asset to an Affiliate of Prologis
during the prior year;

     (d) concurrently with the delivery of each set of financial statements referred to in clauses
(a) above, an opinion from a Registered Public Accounting Firm of nationally recognized standing to
the effect that such financial statements were prepared in accordance with GAAP and present fairly,
in all material respects, the consolidated financial condition of General Partner and its
Consolidated Subsidiaries, or Prologis and its Consolidated Subsidiaries, as applicable, as of the
date thereof and the consolidated results of operations of General Partner and its Consolidated
Subsidiaries, or Prologis and its Consolidated Subsidiaries, as applicable, for the fiscal year
then ended;

     (e) concurrently with the delivery of each set of financial statements referred to in clauses
(a) and (b) above, a duly completed Compliance Certificate signed by a Responsible Officer of
General Partner;

     (f) promptly after filing, true, correct, and complete copies of all material reports or
filings filed by or on behalf of any Company with any Governmental Authority (including copies of
each Form 10-K, Form 10-Q, and Form S-8 filed by or on behalf of any Company with the SEC);

     (g) promptly, such additional information regarding the business, financial or corporate
affairs of any Company (and to the extent available to a Company, any other Borrower), or
compliance with the terms of the Loan Documents, as Administrative Agent may from time to time
reasonably request;

     (h) promptly upon receipt by General Partner or Prologis of notice thereof, and in any event
within five Business Days after, any change in the Moody’s Rating, the S&P Rating or the Fitch
Rating, notice of such change; and

     (i) notice of (i) the occurrence of any Default (which notice shall describe with
particularity any provision of this Agreement or any other Loan Document that has been breached),
(ii) any ERISA Event, (iii) any matter that has resulted or could reasonably be expected to result
in a Material Adverse Effect, including: (x) breach or non-performance of, or any default under, a
Contractual Obligation of any Company; (y) any dispute, litigation, investigation, proceeding or
suspension between any Company and any Governmental Authority; (z) the commencement of, or any
material development in, any litigation or proceeding affecting any Company, including pursuant to
any applicable Environmental Laws, and (iv) any material change in the accounting policies or
financial reporting practices by any Company (except to the extent disclosed in financial
statements provided pursuant to Section 5.1(a) and (b), including the footnotes to such financial
statements); provided that each such notice shall be accompanied by a statement of a
Responsible Officer of the applicable Loan Party setting forth details of the occurrence referred
to therein and stating what action such Loan Party has taken and proposes to take with respect
thereto.

Documents required to be delivered pursuant to Section 5.1(a), (b) or (e) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered

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electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which
a Company posts such documents, or provides a link thereto on its website on the internet at the
website address listed on Exhibit G; or (ii) on which such documents are posted on its behalf on an
internet or intranet website, if any, to which each Lender Party has access (whether a commercial,
third-party website or whether sponsored by Administrative Agent); provided that a Company
shall notify Administrative Agent (by facsimile or electronic mail) of the posting of any such
documents and, if requested, provide to Administrative Agent by electronic mail electronic versions
(i.e., soft copies) of such documents. Except for such Compliance Certificates, Administrative
Agent shall have no obligation to request the delivery or to maintain copies of the documents
referred to above, and in any event shall have no responsibility to monitor compliance by Prologis
with any such request for delivery, and each Bank shall be solely responsible for requesting
delivery to it or maintaining its copies of such documents.

Each of General Partner and Prologis hereby acknowledges that (a) Administrative Agent will make
available to each Bank and the Fronting Bank materials and/or information provided by or on behalf
of General Partner and Prologis hereunder (collectively, “Borrower Materials”) by posting
Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain Banks may be “public-side” lenders (i.e., Banks that do not wish to receive material
non-public information with respect to General Partner, Prologis or their respective securities)
(each, a “Public Lender”). Each of General Partner and Prologis hereby agrees that: (w)
all Borrower Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” General Partner
and Prologis shall be deemed to have authorized each Lender Party to treat such Borrower Materials
as not containing any material non-public information with respect to General Partner, Prologis or
their respective securities for purposes of United States Federal and state securities laws
(provided that to the extent such Borrower Materials constitute Information, they shall be
treated as set forth in Section 9.14); (y) all Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated “Public Investor;” and
(z) Administrative Agent shall be entitled to treat any Borrower Materials that are not marked
“PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Investor.” Notwithstanding the foregoing, neither General Partner nor Prologis shall have any
obligation to mark any Borrower Materials “PUBLIC”.

     Section 5.2 Payment of Obligations. General Partner shall, and shall cause each other
Company to, pay and discharge as the same shall become due and payable, all its Liabilities
(including tax Liabilities), except to the extent (a) the same are being contested in good faith by
appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are
being maintained therefor, or (b) the failure to pay and discharge Liabilities could not reasonably
be expected to result in a Material Adverse Effect.

     Section 5.3 Maintenance of Property; Insurance.

     (a) General Partner shall, and shall cause each other Company to: (a) maintain, preserve and
protect all of its material properties and equipment necessary in the operation of its business in
good working order and condition, ordinary wear and tear excepted; and (b) make all

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necessary repairs thereto and renewals and replacements thereof, in each case except where the
failure to do so could not reasonably be expected to have a Material Adverse Effect.

     (b) General Partner shall, and shall cause each other Company to, maintain insurance (giving
effect to reasonable and prudent self-insurance) according to reasonable and prudent business
practices.

     Section 5.4 Maintenance of Existence. General Partner shall, and shall cause each
other Company to: (a) preserve, renew and maintain in full force and effect its legal existence and
good standing under the Laws of the jurisdiction of its organization except in a transaction
permitted by Section 5.9; (b) take all reasonable action to maintain all rights,
privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its
business, except to the extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade
names and service marks, the non-preservation of which could reasonably be expected to have a
Material Adverse Effect.

     Section 5.5 Compliance with Laws. General Partner shall, and shall cause each other
Company to, comply in all material respects with the requirements of all Laws and all orders,
writs, injunctions and decrees applicable to it or to its business or property, except in such
instances in which (a) such requirement of Law or order, writ, injunction or decree is being
contested in good faith by appropriate proceedings diligently conducted, or (b) the failure to
comply therewith could not reasonably be expected to have a Material Adverse Effect.

     Section 5.6 Books and Records. General Partner shall, and shall cause each other
Company to, maintain proper books of record and account, in which true and correct entries are made
that are sufficient to prepare General Partner’s and Prologis’ financial statements in conformity
with GAAP consistently applied.

     Section 5.7 Inspection of Property. Upon reasonable request, and subject to
Section 9.14, General Partner shall, and shall cause each other Company to, allow
Administrative Agent (or its Related Parties who may be accompanied by a Related Party of one (1)
or more Banks) to inspect any of its properties, to review reports, files, and other records and to
make and take away copies thereof, and to discuss (provided that the applicable other
Company is given the opportunity to be present for such discussions) any of its affairs,
conditions, and finances with its directors, officers, employees, or representatives from time to
time upon reasonable notice, during normal business hours; provided that unless a Default
has occurred and is continuing and except in the case of Administrative Agent and its Related
Parties, such inspections shall be at the applicable Lender Party’s sole cost and expense.

     Section 5.8 Financial Covenants.

     (a) Consolidated Tangible Net Worth. General Partner shall not permit Consolidated
Tangible Net Worth at any time to be less than $10,000,000,000.

     (b) Consolidated Leverage Ratio. General Partner shall not permit the Consolidated
Leverage Ratio, as of the last day of any fiscal quarter, to exceed 0.60 to 1.0; provided
that as of the last day of the four full fiscal quarters immediately following any Material
Acquisition, such ratio may exceed 0.60 to 1.0 so long as it does not exceed 0.65 to 1.0.

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     (c) Fixed Charge Coverage Ratio. General Partner shall not permit the Fixed Charge
Coverage Ratio, as of the last day of any fiscal quarter, to be less than 1.50 to 1.0.

     (d) Unencumbered Debt Service Coverage Ratio. General Partner shall not permit the
Unencumbered Debt Service Coverage Ratio, as of the last day of any fiscal quarter, to be less than
1.50 to 1.0.

     (e) Secured Indebtedness. General Partner shall not permit the ratio (expressed as a
percentage) of (i) the aggregate amount of all Secured Debt of the Companies outstanding as of the
last day of any fiscal quarter, to (ii) Total Asset Value as of such date to exceed 35%;
provided that as of the last day of the four consecutive fiscal quarters immediately
following any Material Acquisition, such ratio may exceed 35% so long as it does not exceed 40%.

     Section 5.9 Restriction on Fundamental Changes.

     (a) Neither General Partner nor Prologis shall merge, dissolve, liquidate, consolidate with or
into another Person, except that, so long as no Default exists or would result therefrom:

     (i) Prologis may merge with any Consolidated Subsidiary; provided that Prologis
shall be the continuing or surviving Person; and

     (ii) General Partner or Prologis may merge, dissolve, liquidate or consolidate with or
into another Person in connection with any transaction designed to change the corporate,
partnership, limited liability company or other structure of such entity, or otherwise
change its corporate or other form, so long as (i) the succeeding or remaining entity
assumes all of the assets and liabilities of such Person and (ii) no Lender Party is
adversely affected thereby.

     (b) No Borrower shall enter into any merger or consolidation without obtaining the prior
written consent thereto in writing of the Majority Banks, unless the following criteria are met:
(i) the surviving entity is predominantly in the commercial real estate business in Japan or the
same jurisdiction of operation as such Borrower; (ii) the surviving entity continues to be 50%
owned, directly or indirectly, by Prologis and Prologis continues to control such surviving entity,
(iii) if such merger or consolidation involves a Qualified Borrower, the surviving entity continues
to qualify as a Qualified Borrower; (iv) the surviving entity assumes all obligations of its
predecessor hereunder; (v) if such merger or consolidation affects Collateral, substantially
similar substitute Collateral (in Administrative Agent’s reasonable opinion) are provided as
required by Section 2.12 and (vi) a Ratification is delivered to Administrative Agent.
Neither Borrower nor a Qualified Borrower shall liquidate, wind-up or dissolve (or suffer any
liquidation or dissolution), discontinue its business or convey, lease, sell, transfer or otherwise
dispose of, in one transaction or series of transactions, all or substantially all of its business
or property, whether now or hereafter acquired. Nothing in this Section shall be deemed to
prohibit the sale or leasing of portions of the Real Property Assets in the ordinary course of
business.

     Section 5.10 Changes in Business. General Partner shall not, and shall not permit any
other Company to, engage in any material line of business substantially different from those lines
of business conducted by the Companies on the Closing Date or any business substantially related or
incidental thereto.

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     Section 5.11 General Partner Status. General Partner shall, at all times, maintain
its status as a REIT.

     Section 5.12 Restricted Payments. General Partner shall not, and shall not permit any
other Company to, declare or make, directly or indirectly, any Restricted Payment, or incur any
obligation (contingent or otherwise) to do so, if an Event of Default pursuant to Section
6.1(a) or 6.3(a) exists, except that:

     (a) any Consolidated Subsidiary may at any time make Restricted Payments to any other Company
and, solely to the extent distributions to other holders of its Equity Interests are required by
its Organization Documents, to such other holders of Equity Interests;

     (b) any Company may at any time declare and make dividend payments or other distributions
payable solely in the common stock or other common Equity Interests of such Company;

     (c) any Company may at any time purchase, redeem or otherwise acquire Equity Interests issued
by it with the proceeds received from the substantially concurrent issue of new shares of its
common stock or other common Equity Interests;

     (d) Prologis may at any time pay cash dividends and make other cash distributions to General
Partner and, to the extent corresponding distributions to other holders of its Equity Interests are
required by its Organization Documents, to such other holders of Equity Interests, and General
Partner may at any time pay cash dividends and make other cash distributions to the holders of its
Equity Interests, in each case, in an amount not to exceed in the aggregate the greater of (i) 95%
of the aggregate, cumulative “Funds from Operations” (excluding non- cash impairment charges,
write-downs, or losses) of Prologis as reported to its shareholders in either the annual report of
Prologis filed by or on behalf of Prologis with the SEC on a Form 10-K or any quarterly investment
package prepared for the holders of its Equity Interests after December 31, 2010, and (ii) the
amount of Restricted Payments required to be paid in order for General Partner to eliminate its
REIT taxable income and/or to maintain its status as a REIT; and

     (e) any Company may at any time make non-cash Restricted Payments in connection with employee,
trustee and director stock option plans or similar employee, trustee and director incentive
arrangements.

     Section 5.13 Transactions with Affiliates. General Partner shall not, and shall not
permit any other Company to, enter into any transaction of any kind with any Affiliate of General
Partner, whether or not in the ordinary course of business; provided that the foregoing
restriction shall not apply to (a) transactions with existing shareholders of Consolidated
Subsidiaries and Unconsolidated Affiliates, (b) transactions in the ordinary course of business (i)
on fair and reasonable terms substantially as favorable to such Company as would be obtainable by
such Company at the time in a comparable arm’s length transaction with a Person other than an
Affiliate or (ii) that comply with the requirements of the North America Security Administrators
Association’s Statement of Policy of Real Estate Investment Trusts, (c) payments to or from such
Affiliates under leases of commercial space on market terms, (d) payment of fees under asset or
property management agreements under terms and conditions available from

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qualified management companies, (e) intercompany Liabilities and other Investments between any
Company and its Consolidated Subsidiaries or Unconsolidated Affiliates otherwise permitted pursuant
to this Agreement, (f) transactions between Companies, and (g) transactions otherwise permitted
hereunder.

     Section 5.14 Negative Pledge Agreements; Burdensome Agreements.

     (a) General Partner shall not, and shall not permit any other Company to, grant a Lien (other
than Permitted Liens) to any Person on the Equity Interests of any Company if the Unencumbered NOI
of such Company is used in the calculation of Unencumbered Debt Service Coverage Ratio.

     (b) General Partner shall not, and shall not permit any other Company to, enter into any
negative pledge or other agreement with any other Person such that Prologis or any Company shall be
prohibited from granting to Administrative Agent, for the benefit of the Lender Parties, a
first-priority Lien on the Equity Interests of any Company if the Unencumbered NOI of such Company
is used in the calculation of Unencumbered Debt Service Coverage Ratio; provided that the
provisions of Section 1013 of the Existing Indenture and any similar requirement for the grant of
an equal and ratable lien in connection with a pledge of any property or asset to Administrative
Agent, shall not constitute a negative pledge or any other agreement that violates this Section
5.14(b).

     (c) General Partner shall not, and shall not permit any other Company to, enter into any
Contractual Obligation (other than this Agreement, any other Loan Document or any other agreement
or document evidencing or governing Indebtedness of a Consolidated Subsidiary) that limits the
ability of any Consolidated Subsidiary to make Restricted Payments to any Company.

     Section 5.15 Qualified Borrower Status.
Each Qualified Borrower will continue to meet the qualifications of a Qualified Borrower.

     Section 5.16 Use of Proceeds.
Each Borrower shall use the proceeds of the Loans for general corporate purposes not in
contravention of any Laws or of any Loan Document.

     Section 5.17 Claims Pari Passu. Each Loan Party shall ensure that at all times the claims of the Lender Parties under the Loan
Documents rank at least pari passu with the claims of all its unsecured and unsubordinated
creditors other than those claims that are preferred by Debtor Relief Laws.

ARTICLE VI

DEFAULTS

     Section 6.1 Guarantor Event of Default. A “Guarantor Event of Default” shall have occurred if one or more of the following events shall
have occurred and be continuing:

     (a) any Guarantor fails to pay (i) when and as required to be paid herein, any amount of
principal of any Loan, or (ii) within three (3) Business Days after the same becomes due, any

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interest on any Loan or any fee due hereunder, or (iii) within five (5) days after the same
becomes due, any other amount payable hereunder or under any other Loan Document;

     (b) any Guarantor shall fail to observe or perform any covenant contained in Section
5.7, Section 5.8, or Section 5.12 applicable to such Guarantor;

     (c) any Guarantor fails to perform or observe any other covenant or agreement (not specified
in any other clause of this Section 6.1) contained in any Loan Document on its part to be performed
or observed and such failure continues for thirty (30) days after the first to occur of (i) a
Responsible Officer of General Partner or Prologis obtaining knowledge of such failure or (ii)
General Partner’s receipt of notice from Administrative Agent of such failure; provided
that if such failure is of such a nature that can be cured but cannot with reasonable effort be
completely cured within thirty (30) days, then such thirty (30) day period shall be extended for
such additional period of time (not exceeding ninety (90) additional days) as may be reasonably
necessary to cure such failure so long as General Partner or Prologis commences such cure within
such thirty (30) day period and diligently prosecutes same until completion;

     (d) any representation, warranty, certification or statement of fact made or deemed made by
any Guarantor in this Agreement or in any certificate, financial statement or other document
delivered pursuant to this Agreement, in any other Loan Document or in any document delivered in
connection herewith or therewith shall be incorrect or misleading in any material respect when made
(or deemed made) and, with respect to any representation, warranty, certification or statement not
known by such Guarantor at the time made or deemed made to be incorrect, the defect causing such
representation or warranty to be incorrect when made (or deemed made) is not removed within thirty
(30) days after the first to occur of (a) a Responsible Officer of General Partner or Prologis
obtaining knowledge thereof or (b) written notice thereof from Administrative Agent to General
Partner;

     (e) Any Company fails to make any payment when due (whether by scheduled maturity, required
prepayment, acceleration, demand, or otherwise) in respect of any Recourse Debt (other than
Indebtedness hereunder or under any other Loan Document and Indebtedness under Swap Contracts)
having an aggregate principal amount (including amounts owing to all creditors under any combined
or syndicated credit arrangement) of more than $50,000,000;

     (f) Any Company fails to observe or perform any other agreement or condition relating to or in
respect of any Recourse Debt or contained in any instrument or agreement evidencing, securing or
relating to the same, or any other event (excluding voluntary actions by any applicable Company)
occurs, the effect of which default or other event is to cause Recourse Debt having an aggregate
principal amount (including amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than $50,000,000, to be demanded or to become due or to be repurchased,
prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay,
defease or redeem such Recourse Debt to be made, prior to its stated maturity, or such Recourse
Debt to become payable or cash collateral in respect thereof to be demanded;

     (g) There occurs under any Swap Contract that constitutes Recourse Debt an Early Termination
Date (as defined in such Swap Contract) resulting from (i) any event of default

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under such Swap Contract as to which any Company is the Defaulting Party (as defined in such
Swap Contract) or (ii) any Termination Event (as so defined) under such Swap Contract as to which
any Company is an Affected Party (as so defined) and, in either event, the Swap Termination Value
owed by such Company as a result thereof is greater than $50,000,000 and such amount is not paid
when due;

     (h) Any Guarantor institutes or consents to the institution of any proceeding under any Debtor
Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the
appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver, trustee,
custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the
application or consent of such Person and the appointment continues undischarged or unstayed for
sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any Guarantor
or to all or any material part of its property is instituted without the consent of such Guarantor
and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is
entered in any such proceeding;

     (i) (i) any Guarantor becomes unable or admits in writing its inability or fails generally to
pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar
process is issued or levied against all or any material part of the property of any Guarantor and
is not released, vacated or fully bonded within thirty (30) days after its issue or levy;

     (j) there is entered against any Company (i) a final judgment or order for the payment of
money in an aggregate amount exceeding $50,000,000 (to the extent not covered by insurance as to
which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments
that have, or could reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect and, in either case, (x) enforcement proceedings are commenced by any creditor upon
such judgment or order, or (y) there is a period of ten (10) consecutive days during which a stay
of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect;

     (k) (i) a Change of Control occurs or (ii) Prologis shall cease to own Equity Interests of any
Borrower unless all Loans of such Borrower have been paid in full;

     (l) (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has
resulted or could reasonably be expected to result in Liability of any Company under Title IV of
ERISA to such Pension Plan, such Multiemployer Plan or the PBGC in an aggregate amount in excess of
$5,000,000, or (ii) General Partner or any ERISA Affiliate fails to pay when due, after the
expiration of any applicable grace period, any installment payment with respect to its withdrawal
Liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess
of $5,000,000.

     (m) the assets of any Borrower at any time constitute “plan assets” as defined in 29 C.F.R. §
2510.3-101(a)(1) as modified by Section 3(42) of ERISA;

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     (n) any provision of any Loan Document, at any time after its execution and delivery and for
any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all
the Obligations, ceases to be in full force and effect (unless such cessation would not affect the
obligations of any Guarantor or the rights and remedies of any Lender Party, in each case, in any
material respect); or any Loan Party contests in any manner the validity or enforceability of any
provision of any Loan Document; or any Loan Party denies that it has any or further Liability or
obligation under any Loan Document, or purports to revoke, terminate or rescind any provision of
any Loan Document; or

     Section 6.2 Rights and Remedies. Upon the occurrence of any Guarantor Event of Default described in Sections 6.1(h),
(i), (l), (m) or (n), the Commitments shall immediately terminate
and the unpaid principal amount of, and any accrued interest on, the Loans and any accrued fees and
other Obligations hereunder shall automatically become immediately due and payable, with all
additional interest from time to time accrued thereon and without presentation, demand, or protest
or other requirements of any kind (including valuation and appraisement, diligence, presentment,
notice of intent to demand or accelerate and notice of acceleration), all of which are hereby
expressly waived by the Loan Parties; and upon the occurrence and during the continuance of any
other Guarantor Event of Default, Administrative Agent, following consultation with the Banks, may
(and upon the demand of the Majority Banks shall), by written notice to the Loan Parties, in
addition to the exercise of all of the rights and remedies permitted Administrative Agent and the
Banks at law or equity or under any of the other Loan Documents, declare that the Commitments are
terminated and declare the unpaid principal amount of and any accrued and unpaid interest on the
Loans and any accrued fees and other Obligations hereunder to be, and the same shall thereupon be,
immediately due and payable with all additional interest from time to time accrued thereon and
(except as otherwise provided in the Loan Documents) without presentation, demand, or protest or
other requirements of any kind (including valuation and appraisement, diligence, presentment,
notice of intent to demand or accelerate and notice of acceleration), all of which are hereby
expressly waived by the Loan Parties.

     Section 6.3 Borrower Event of Default. A “Borrower Event of Default” as to any Borrower shall have occurred if one or more of the
following events shall have occurred and be continuing:

     (a) such Borrower fails to pay (i) when and as required to be paid herein, any amount of
principal of any Loan, or (ii) within three (3) Business Days after the same becomes due, any
interest on any Loan or any fee due hereunder, or (iii) within five (5) days after the same becomes
due, any other amount payable hereunder or under any other Loan Document;

     (b) such Borrower shall fail to observe or perform any covenant of Section 5.9(b) and
Section 5.15 applicable to such Borrower;

     (c) such Borrower fails to perform or observe any other covenant or agreement (not specified
in any other clause of this Section 6.3) of such Borrower contained in any Loan Document on
its part to be performed or observed and such failure continues for thirty (30) days after the
first to occur of (a) a Responsible Officer of such Borrower obtaining knowledge of such failure or
(b) such Borrower’s receipt of notice from Administrative Agent of such failure; provided
that if such failure is of such a nature that can be cured but cannot with reasonable

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effort be completely cured within thirty (30) days, then such thirty (30) day period shall be
extended for such additional period of time (not exceeding ninety (90) additional days) as may be
reasonably necessary to cure such failure so long as such Borrower commences such cure within such
thirty (30) day period and diligently prosecutes same until completion; provided,
further, that such Borrower, in lieu of such cure, may within such time periods described
above, exercise its right under Section 2.12 to cause such Security Documents to be
terminated and released or to select another Security Option under Section 2.12, in which
event such failure shall be deemed cured;

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

     (e) such Borrower shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect, including under Japanese law, any corporate action
or proceedings are undertaken relating to bankruptcy (hasan), civil rehabilitation (minjisaisei
tetsuzuki kaishi), commencement of corporate reorganization proceedings (kaisha kosei tetsuzuki),
or commencement of special liquidation (tokubetsu seisan); and except for any such action taken for
the purposes of a reconstruction or amalgamation whilst solvent on terms previously approved by
Administrative Agent or for the appointment of a liquidator, receiver, administrator,
administrative receiver, conservator, custodian, trustee or similar officer of it or of any or all
of its revenues and assets or seeking the appointment of a trustee, receiver, liquidate, custodian
or other similar official of it or any substantial part of its property, or shall consent to any
such relief or to the appointment of or taking possession by any such official in an involuntary
case or other proceeding commenced against it, or shall make a general assignment for the benefit
of creditors, or shall fail generally to pay its debts as they become due, or shall take any action
to authorize any of the foregoing; provided that none of the foregoing shall be deemed an
Event of Default if, within forty-five (45) Business Days of the occurrence of any such event, (i)
a Subsidiary satisfying the definition of Qualified Borrower (and which would not cause a similar
default under this Section 6.3(e)) is substituted for such Borrower or (ii) all Obligations
of such Borrower have been paid in full and such Borrower has been removed as a Loan Party;

     (f) an involuntary case or other proceeding shall be commenced against such Borrower seeking
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect (including the Japanese laws set forth
in Section 6.3(e) above) or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its property, and such
involuntary case or other proceeding shall remain undismissed and unstayed for a period of 90 days;
or an order for relief shall be entered against any Borrower under the federal or national
bankruptcy laws as now or hereafter in effect; provided that none of the foregoing shall be

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deemed an Event of Default if, within forty-five (45) Business Days of the occurrence of any
such event, (i) a Subsidiary satisfying the definition of Qualified Borrower (and which would not
cause a similar default under this Section 6.3(f)) is substituted for such Borrower or (y)
all Obligations of such Borrower have been paid in full and such Borrower has been removed as a
Loan Party;

     (g) at any time, for any reason, such Borrower seeks to repudiate its obligations under any
Loan Document;

     (h) any assets of such Borrower shall constitute “plan assets” (within the meaning of 29
C.F.R. § 25 10.3-101 as modified by Section 3(42) of ERISA); provided that if, within
forty-five (45) Business Days of the date any assets of such Borrower constitute “plan assets”
(within the meaning of 29 C.F.R. § 2510.3-101 as modified by Section 3(42) of ERISA), (i) a
Subsidiary satisfying the definition of Qualified Borrower is substituted for such Borrower (and
which would not cause a similar default under this Section 6.3(h)) or (ii) all Obligations
of such Borrower have been paid in full and such Borrower has been removed as a Loan Party; or

     Section 6.4 Rights and Remedies with Respect to Borrower Event of Default. Upon the occurrence of any Borrower Event of Default described in Sections 6.3(e),
(f), (g), or (h) with respect to such Borrower, (i) the unpaid principal
amount of, and any accrued interest on, the Loans made to such defaulting Borrower and any accrued
fees and other Obligations of such defaulting Borrower hereunder shall automatically become
immediately due and payable by such defaulting Borrower, with all additional interest from time to
time accrued thereon and without presentation, demand, or protest or other requirements of any kind
(including valuation and appraisement, diligence, presentment, notice of intent to demand or
accelerate and notice of acceleration), all of which are hereby expressly waived by such defaulting
Borrower and (ii) Administrative Agent shall have the right to immediately make a claim under the
Guaranty for, and demand payment by the Guarantors of, the amounts set forth in subclause (i) above
(it being agreed that the Guarantors’ obligations are primary and shall be enforceable against each
Guarantor and its respective successors and assigns without the necessity for any suit or
proceeding of any kind or nature whatsoever brought by Administrative Agent or any of the Banks
against the defaulting Borrower); and upon the occurrence and during the continuance of any other
Borrower Event of Default, Administrative Agent, following consultation with the Banks, may (and
upon the demand of the Majority Banks shall), by written notice to such defaulting Borrower and
each Guarantor, in addition to the exercise of all of the rights and remedies permitted
Administrative Agent and the Banks at law or equity or under any of the other Loan Documents to
which such defaulting Borrower is a party, (x) declare that the unpaid principal amount of and any
accrued and unpaid interest on the Loans made to such defaulting Borrower and any accrued fees and
other Obligations of such defaulting Borrower hereunder to be, and the same shall thereupon be,
immediately due and payable with all additional interest from time to time accrued thereon and
(except as otherwise provided in the Loan Documents to which such defaulting Borrower is a party)
without presentation, demand, or protest or other requirements of any kind (including valuation and
appraisement, diligence, presentment, notice of intent to demand or accelerate and notice of
acceleration), all of which are hereby expressly waived by such defaulting Borrower and (y)
immediately make a claim under the Guaranty for, and demand payment by, the Guarantors of such
amounts set forth in subclause (x) above (it being agreed that the Guarantors’ obligations are
primary and shall be enforceable against each

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Guarantor and its respective successors and assigns without the necessity for any suit or
proceeding of any kind or nature whatsoever brought by Administrative Agent or any of the Banks
against the defaulting Borrower).

     Section 6.5 Enforcement of Rights and Remedies. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan
Document, Administrative Agent and the Banks each agree that any exercise or enforcement of the
rights and remedies granted to Administrative Agent or the Banks under this Agreement or at law or
in equity with respect to this Agreement or any other Loan Documents shall be commenced and
maintained by Administrative Agent on behalf of Administrative Agent and/or the Banks.
Administrative Agent shall act at the direction of the Majority Banks in connection with the
exercise of any remedies at law, in equity or under any of the Loan Documents or, if the Majority
Banks are unable to reach agreement, then, from and after an Event of Default, Administrative Agent
may pursue such rights and remedies as it may determine.

     Section 6.6 Notice of Default. Administrative Agent shall give notice to the Loan Parties of a Default promptly upon being
requested to do so by the Majority Banks and shall thereupon notify all the Banks thereof.
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default (other than nonpayment of principal of or interest on the Loans) unless
Administrative Agent has received notice in writing from a Bank, a Borrower or a Guarantor
referring to this Agreement or the other Loan Documents, describing such event or condition.
Should Administrative Agent receive notice of the occurrence of a Default or Event of Default
expressly stating that such notice is a notice of a Default or Event of Default, or should
Administrative Agent send any Borrower or Guarantors a notice of Default or Event of Default,
Administrative Agent shall promptly give notice thereof to each Bank.

     Section 6.7 Actions in Respect of Letters of Credit. (a) If, at any time and from time to time, any Letter of Credit shall have been issued
hereunder (regardless of on whose behalf it shall have been issued) and a Guarantor Event of
Default shall have occurred and be continuing, then, upon the occurrence and during the
continuation thereof, Administrative Agent, after consultation with the Banks, may, and upon the
demand of the Majority Banks shall, whether in addition to the taking by Administrative Agent of
any of the actions described in this Article or otherwise, make a demand upon each Borrower for
whom a Letter of Credit was issued, and forthwith upon such demand (but in any event within ten
(10) days after such demand), each such Borrower shall deliver to Administrative Agent, to hold as
collateral for all Obligations arising from such Letter of Credit on behalf of the Banks, in same
day funds at Administrative Agent’s office designated in such demand, for deposit in a special cash
collateral account (the “Letter of Credit Collateral Account”) to be maintained in the name
of Administrative Agent (on behalf of the Banks) and under its sole dominion and control at such
place as shall be designated by Administrative Agent, an amount equal to the amount of the Letter
of Credit Usage under the Letters of Credit issued for the account of such Borrower. If, at any
time and from time to time, any Letter of Credit shall have been issued hereunder for the account
of any Borrower and a Borrower Event of Default shall have occurred and be continuing with respect
to such Borrower, then, upon the occurrence and during the continuation thereof, Administrative
Agent, after consultation with the Banks, may, and upon the demand of the Majority Banks shall,
whether in addition to the taking by Administrative Agent of any of the actions described in this
Article or

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otherwise, make a demand upon such defaulting Borrower for whom a Letter of Credit was issued, and
forthwith upon such demand (but in any event within ten (10) days after such demand), such
defaulting Borrower shall deliver to Administrative Agent, to hold as collateral for all
Obligations arising from such Letter of Credit on behalf of the Banks, in same day funds at
Administrative Agent’s office designated in such demand, for deposit in the Letter of Credit
Collateral Account, an amount equal to the amount of the Letter of Credit Usage under such Letters
of Credit issued for the account of such defaulting Borrower. In addition, if any Letter of Credit
shall have been issued hereunder (regardless of on whose behalf it shall have been issued) and a
Bank is at such time a Defaulting Bank, Borrower shall, within one (1) Business Day of delivery of
written notice thereof by Administrative Agent, deliver to Administrative Agent, to hold as
collateral for all Obligations arising from such Letter of Credit on behalf of the Banks, in same
day funds at Administrative Agent’s office designated in such demand, for deposit in the Letter of
Credit Collateral Account, an amount equal to such Defaulting Bank’s Pro Rata Share (after giving
effect to Section 9.15(d) and any cash collateral provided by the Defaulting Bank or
retained pursuant to Section 9.15(b)) of the amount of the Letter of Credit Usage under
such Letters of Credit issued for the account of such Borrower. If a Borrower is required to
provide an amount of cash collateral pursuant to this Section 6.7 as a result of a Bank
being a Defaulting Bank, such cash collateral shall be released and promptly returned to such
Borrower from time to time to the extent the amount deposited shall exceed the Defaulting Bank’s
Pro Rata Share of the Letter of Credit Usage or if such Bank ceases to be a Defaulting Bank.
Interest shall accrue on the Letter of Credit Collateral Account at a rate equal to the Prime Rate.

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

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

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

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

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

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

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

     (d) Neither a Borrower nor any Person claiming or acting on behalf of or through such Borrower
shall have any right to withdraw any of the funds held in the Letter of Credit Collateral Account,
except as provided in Sections 6.7(b) and (h) hereof.

     (e) Each Borrower agrees that it will not (i) sell or otherwise dispose of any interest in the
Letter of Credit Collateral of such Borrower or (ii) create or permit to exist any lien, security
interest or other charge or encumbrance upon or with respect to any of the Letter of Credit
Collateral of such Borrower, except for the security interest created by this Section 6.7.

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

     (i) With respect to any Guarantor Event of Default, Administrative Agent may, in its
sole discretion, without notice to the Loan Parties except as required by law and at any
time from time to time, charge, set off or otherwise apply all or any part of the Letter of
Credit Collateral of any Borrower first, (x) amounts previously drawn on any Letter of
Credit issued for the account of such Borrower that have not been reimbursed by the
applicable Borrower and (y) any Letter of Credit Usage of such Borrower described in clause
(ii) of the definition thereof that are then due and payable and second, any other unpaid
Obligations then due and payable, in such order as Administrative Agent shall elect. With
respect to any Borrower Event of Default relating to any Borrower, Administrative Agent may,
in its sole discretion, without notice to the Loan Parties except as required by law and at
any time from time to time, charge, set off or otherwise apply all or any part of the Letter
of Credit Collateral of such Borrower first, (x) amounts previously drawn on any Letter of
Credit issued for the account of such Borrower that have not been reimbursed by such
Borrower and (y) any Letter of Credit Usage of such Borrower described in clause (ii) of the
definition thereof that are then due and payable from such Borrower and second, any other
unpaid Obligations of such Borrower then due and payable, in such order as Administrative
Agent shall elect. The rights of Administrative Agent under this Section 6.7 are in
addition to any rights and remedies which any Bank may have.

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

     (g) Administrative Agent shall be deemed to have exercised reasonable care in the custody and
preservation of the Letter of Credit Collateral if the Letter of Credit Collateral is accorded
treatment substantially equal to that which Administrative Agent accords its own

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property, it being understood that, assuming such treatment, Administrative Agent shall not
have any responsibility or liability with respect thereto.

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

     Section 6.8 Distribution of Proceeds after Default. Notwithstanding anything contained herein to the contrary but subject to the provisions of
Section 9.15 hereof, from and after an Event of Default, to the extent proceeds are
received by Administrative Agent, such proceeds will be distributed to the Banks pro rata in
accordance with the unpaid principal amount of the Loans (giving effect to any participations
granted therein pursuant to Section 9.4).

ARTICLE VII

ADMINISTRATIVE AGENT

     Section 7.1 Appointment and Authorization. Each Bank irrevocably appoints and authorizes 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 Administrative Agent by the terms hereof or thereof, together with all such powers as
are reasonably incidental thereto. Except as set forth in Sections 7.8 and 7.9
hereof, the provisions of this Article VII are solely for the benefit of Administrative
Agent and the Banks, and no Loan Party shall have any rights to rely on or enforce any of the
provisions hereof. In performing its functions and duties under this Agreement, Administrative
Agent shall act solely as an agent of the Banks and does not assume and shall not be deemed to have
assumed any obligation toward or relationship of agency or trust with or for the Loan Parties.

     Section 7.2 Agency and Affiliates. Sumitomo Mitsui Banking Corporation has the same rights and powers under this Agreement as any
other Bank and may exercise or refrain from exercising the same as though it were not
Administrative Agent and Sumitomo Mitsui Banking Corporation and each of its affiliates may accept
deposits from, lend money to, and generally engage in any kind of business with the Loan Parties or
any Subsidiary or affiliate of the Loan Parties as if it were not Administrative Agent hereunder,
and the term “Bank” and “Banks” shall include Sumitomo Mitsui Banking Corporation in its individual
capacity.

     Section 7.3 Action by Administrative Agent. The obligations of Administrative Agent hereunder are only those expressly set forth herein.
Without limiting the generality of the foregoing, Administrative Agent shall not be required to
take any action with respect to any Default or Event of Default, except as expressly provided in
Article VI. The duties of Administrative Agent shall be administrative in nature. Subject
to the provisions of Sections 7.1,

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7.5 and 7.6, Administrative Agent shall administer the Loans in the same manner as
it administers its own loans.

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

     Section 7.5 Liability of Administrative Agent. As between Administrative Agent on the one hand and the Banks on the other hand, neither
Administrative Agent nor any of its affiliates nor any of its directors, officers, agents or
employees shall be liable for any action taken or not taken by it in connection herewith (i) with
the consent or at the request of the Majority Banks or (ii) in the absence of its own gross
negligence or willful misconduct. As between Administrative Agent on the one hand and the Banks on
the other hand, neither Administrative Agent nor any of its directors, officers, agents or
employees shall be responsible for or have any duty to ascertain, inquire into or verify (i) any
statement, warranty or representation made in connection with this Agreement or any borrowing
hereunder; (ii) the performance or observance of any of the covenants or agreements of the Loan
Parties; (iii) the satisfaction of any condition specified in Article III, except receipt
of items required to be delivered to Administrative Agent, or (iv) the validity, effectiveness or
genuineness of this Agreement, the other Loan Documents or any other instrument or writing
furnished in connection herewith. As between Administrative Agent on the one hand and the Banks on
the other hand, Administrative Agent shall not incur any liability by acting in reliance upon any
notice, consent, certificate, statement, or other writing (which may be a bank wire, telex or
similar writing) believed by it to be genuine or to be signed by the proper party or parties.

     Section 7.6 Indemnification. Each Bank shall, ratably in accordance with its Commitment, indemnify Administrative Agent and
its affiliates and their respective directors, officers, agents and employees (to the extent not
reimbursed by the Loan Parties) against any cost, expense (including reasonable and documented
counsel fees and disbursements), claim, demand, action, loss or liability (except such as result
from such indemnitee’s gross negligence or willful misconduct) that such indemnitee may suffer or
incur in connection with its duties as Administrative Agent under this Agreement, the other Loan
Documents or any action taken or omitted by such indemnitee hereunder. In the event that
Administrative Agent shall, subsequent to its receipt of indemnification payment(s) from Banks in
accordance with this Section 7.6, recoup any amount from any Loan Party, or any other party liable
therefor in connection with such indemnification, Administrative Agent shall reimburse the Banks
which previously made the payment(s) pro rata, based upon the actual amounts which were theretofore
paid by each Bank. Administrative Agent shall reimburse such Banks so entitled to reimbursement
within two (2) Business Days of its receipt of such funds from such Loan Party or such other party
liable therefor.

     Section 7.7 Credit Decision. Each Bank acknowledges that it has, independently and without reliance upon Administrative Agent
or any other Bank, and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that
it will, independently and without

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reliance upon Administrative Agent or any other Bank, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or
not taking any action under this Agreement.

     Section 7.8 Successor Agent. Administrative Agent may resign at any time by giving notice thereof to the Banks and the Loan
Parties, and Administrative Agent shall resign in the event its Commitment (without participants)
is reduced to less than the Commitment of any other Bank. Upon any such resignation, the Majority
Banks shall have the right to appoint a successor Administrative Agent which successor
Administrative Agent shall be subject to Fronting Bank’s approval and, provided no Guarantor Event
of Default has occurred and is then continuing, be subject to Prologis’ approval, which approval
(in both cases) shall not be unreasonably withheld or delayed. If no successor Administrative
Agent shall have been so appointed by the Majority Banks and approved by Prologis and the Fronting
Bank, and shall have accepted such appointment, within 30 days after the retiring Administrative
Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the
Banks, appoint a successor Administrative Agent, which shall be Administrative Agent who shall act
until the Majority Banks shall appoint an Administrative Agent. Any appointment of a successor
Administrative Agent by the Majority Banks or the retiring Administrative Agent pursuant to the
preceding sentence shall be subject to the approval of the Fronting Bank approval and, provided no
Guarantor Event of Default has occurred and is then continuing, Prologis’ approval, which approval
(in either case) shall not be unreasonably withheld or delayed. Upon the acceptance of its
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 and duties of
the retiring Administrative Agent and the retiring Administrative Agent shall be discharged from
its duties and obligations hereunder. After any retiring Administrative Agent’s resignation
hereunder, the provisions of this Article shall inure to its benefit as to any actions taken or
omitted to be taken by it while it was Administrative Agent. For gross negligence or willful
misconduct, as determined by all the Banks (excluding for such determination Administrative Agent
in its capacity as a Bank, as applicable), or if Administrative Agent becomes a Defaulting Bank (as
determined by the Majority Banks other than Administrative Agent in its capacity as a Bank, and the
Borrower), Administrative Agent may be removed at any time by giving at least thirty (30) Business
Days’ prior written notice to Administrative Agent and Borrower. Such resignation or removal shall
take effect upon the acceptance of appointment by a successor Administrative Agent in accordance
with the provisions of this Section 7.8.

     Section 7.9 Consents and Approvals. All communications from Administrative Agent to the Banks requesting the Banks’ determination,
consent, approval or disapproval (i) shall be given in the form of a written notice to each Bank,
(ii) shall be accompanied by a description of the matter or item as to which such determination,
approval, consent or disapproval is requested, or shall advise each Bank where such matter or item
may be inspected, or shall otherwise describe the matter or issue to be resolved, (iii) shall
include, if reasonably requested by a Bank and to the extent not previously provided to such Bank,
written materials and a summary of all oral information provided to Administrative Agent by a
Borrower or any Guarantor in respect of the matter or issue to be resolved, (iv) shall include
Administrative Agent’s recommended course of action or determination in respect thereof, and (v)
shall include the following clause in capital letters, “FAILURE TO RESPOND TO THIS NOTICE WITHIN
THE BANK REPLY PERIOD SHALL BE DEEMED CONSENT TO THE RECOMMENDATION SET FORTH HEREIN”.

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Each Bank shall reply promptly, but in any event within ten (10) Business Days after receipt of the
request therefor from Administrative Agent (the “Bank Reply Period”). Unless a Bank shall
give written notice to Administrative Agent that it objects to the recommendation or determination
of Administrative Agent (together with a written explanation of the reasons behind such objection)
within the Bank Reply Period, such Bank shall be deemed to have approved of or consented to such
recommendation or determination. With respect to decisions requiring the approval of the Majority
Banks or all the Banks, Administrative Agent shall submit its recommendation or determination for
approval of or consent to such recommendation or determination to all Banks and upon receiving the
required approval or consent (or deemed approval or consent, as the case may be) shall follow the
course of action or determination of the Majority Banks or all the Banks (and each non-responding
Bank shall be deemed to have concurred with such recommended course of action), as the case may be.

     Section 7.10 Cooperation with Asset Liquidation Plan Amendments. Each Qualified Borrower which is a TMK (“TMK Qualified Borrower”) may be required from
time to time to amend its Asset Liquidation Plan as a result of (i) certain of its actions taken in
accordance with, or not prohibited by, this Agreement, (ii) its status as a Qualified Borrower
under this Agreement, or (iii) certain actions to be taken by such TMK Qualified Borrower in
connection with any indebtedness to be obtained by such TMK Qualified Borrower, provided
such indebtedness does not violate this Agreement (“TMK Permitted Indebtedness”).
Administrative Agent and each of the Banks acknowledges the foregoing and hereby consents to any
amendment to each TMK Qualified Borrower’s Asset Liquidation Plan that is required as a result of
(i) such TMK’s respective actions taken in accordance with, or not prohibited by, this Agreement,
(ii) its status as a Qualified Borrower under this Agreement, or (iii) such TMK Qualified
Borrower’s actions to be taken in accordance with a TMK Permitted Indebtedness, except to the
extent any such amendment materially adversely affects the rights and/or remedies of any such Bank
hereunder. Administrative Agent and each of the Banks shall reasonably cooperate with any TMK
Qualified Borrower, at such TMK Qualified Borrower’s sole cost and expense, in amending its Asset
Liquidation Plan and timely provide any TMK Qualified Borrower with such executed consents,
acknowledgments of notice or other documents as such TMK Qualified Borrower may reasonably request
or as may be required by the applicable Japanese governmental authorities to so amend its Asset
Liquidation Plan. In furtherance of the foregoing, each Bank shall execute and deliver to
Administrative Agent on the Closing Date twenty (20) originals of the “Prior Consent Concerning
Amendment to Asset Liquidation Plan” in the form of Exhibit F (the “Consents”), and the
Banks hereby authorize Administrative Agent to complete one or more of such Consents and deliver
the same in the event any TMK Qualified Borrower seeks to amend its Asset Liquidation Plan in
accordance with this Section 7.10, provided that any action described in such
Consent must not violate this Agreement. Within ten (10) days of the request of Administrative
Agent during the Term, each Bank shall promptly execute and deliver such additional Consents as may
be so requested and necessary for the purposes set forth in this Section 7.10.
Notwithstanding the foregoing, if such amendment is immaterial as set forth in Article 151, Section
3, Item 1 of the TMK Law, no consent of Administrative Agent nor of any Bank shall be required.

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ARTICLE VIII

CHANGE IN CIRCUMSTANCES

     Section 8.1 Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Yen LIBOR Borrowing,
Administrative Agent determines in good faith that deposits in Yen (in the applicable amounts) are
not being offered in the relevant market for such Interest Period, Administrative Agent shall
forthwith give notice thereof to Prologis and the Banks, whereupon until Administrative Agent
notifies Prologis and the Banks that the circumstances giving rise to such suspension no longer
exist, the obligations of the Banks to make Yen LIBOR Loans shall be suspended. In such event,
unless the applicable Borrower notifies Administrative Agent on or before the second
(2nd) Business Day before, but excluding, the date of any Yen LIBOR Borrowing for which
a Notice of Borrowing has previously been given that it elects not to borrow on such date, such
Borrowing shall instead be made as a Base Rate Borrowing (unless any Bank has previously advised
Administrative Agent and Borrower that it is unable to make a Base Rate Loan and such notice has
not been withdrawn, in which event Administrative Agent shall determine in good faith the
appropriate rate of interest after consultation with the Borrower and the Banks).

     If, at any time, the obligations of the Banks to make Yen LIBOR Loans shall be suspended
pursuant to the terms of this Section 8.1, with respect to any Bank that has previously
notified Administrative Agent and Borrower that it is unable to make a Base Rate Loan which notice
has not been withdrawn, Prologis shall have the right, upon five (5) Business Day’s notice to
Administrative Agent, to either (x) cause a bank, reasonably acceptable to Administrative Agent, to
offer to purchase the Commitments of such Bank for an amount equal to such Bank’s outstanding Loans
and to become a Bank hereunder, or to obtain the agreement of one or more existing Banks to offer
to purchase the Commitments of such Bank for such amount, which offer such Bank is hereby required
to accept, or (y) to repay in full all Loans then outstanding of such Bank, together with interest
and all other amounts due thereon, upon which event, such Bank’s Commitment shall be deemed to be
canceled pursuant to Section 2.11(e).

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

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such Bank shall designate a different Lending Office if such designation will avoid the need for
giving such notice and will not, in the judgment of such Bank, be otherwise disadvantageous to such
Bank. If such Bank shall determine that it may not lawfully continue to maintain and fund any of
its outstanding Yen LIBOR Loans to maturity and shall so specify in such notice, the applicable
Borrower shall be deemed to have delivered a Notice of Interest Rate Election and such Yen LIBOR
Loan shall be converted as of such date to a Base Rate Loan (without payment of any amounts that
such Borrower would otherwise be obligated to pay pursuant to Section 2.14 hereof with
respect to Loans converted pursuant to this Section 8.2) in an equal principal amount from
such Bank (on which interest and principal shall be payable contemporaneously with the related Yen
LIBOR Loans of the other Banks), and such Bank shall make such a Base Rate Loan (unless such Bank
has previously advised Administrative Agent and Borrower that it is unable to make a Base Rate
Loan, in which event Administrative Agent shall determine in good faith the appropriate rate of
interest for such Loans after consultation with the Borrower and such Bank).

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

     Section 8.3 Increased Cost and Reduced Return.

     (a) If, on or after the date hereof, the adoption or phase in of any applicable law, rule or
regulation, or any change in any applicable law, rule, directive, guideline, decision, or
regulation, or any change in the interpretation, re-interpretation, application or administration
thereof by any governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Bank (or its Lending Office) with
any request or directive (whether or not having the force of law) made at the Closing Date of any
such authority, central bank or comparable agency shall impose, modify or deem applicable any
reserve (including any such requirement imposed by the Japanese Central Bank), special deposit,
insurance assessment or similar requirement against assets of, deposits with or for the account of,
or credit extended by, any Bank (or its Lending Office) or shall impose on any Bank (or its Lending
Office) or on the interbank market any other condition materially more burdensome in nature, extent
or consequence than those in existence as of the Effective Date affecting such Bank’s Yen LIBOR
Loans, its Note, or its obligation to make Yen LIBOR Loans, and the result of any of the foregoing
is to increase the cost to such Bank (or its Lending Office) of making or maintaining any Yen LIBOR
Loan, or to reduce the amount of any sum received or receivable by such Bank (or its Lending
Office) under this Agreement or under its Note with respect to such Yen LIBOR Loans, by an amount
deemed by such Bank to be material, then, subject to the provisions of Section 8.4 (which
shall be controlling with respect to matters covered thereby), within 15 days after demand by such
Bank (with a copy to Administrative Agent), each Borrower shall pay to such Bank such additional
amount or amounts attributable to the Yen

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LIBOR Loans made to such Borrower (based upon a reasonable allocation thereof by such Bank to
the Yen LIBOR Loans made by such Bank hereunder) as will compensate such Bank for such increased
cost or reduction to the extent such Bank generally imposes such additional amounts on other
borrowers of such Bank in similar circumstances.

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

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

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

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     Section 8.4 Taxes.

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

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

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

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     (d) Each Borrower agrees to indemnify each Bank, the Fronting Bank and Administrative Agent
for the full amount of Non-Excluded Taxes or Other Taxes for which such Borrower is liable under
this Section 8.4 (including any Non-Excluded Taxes or Other Taxes imposed or asserted by
any jurisdiction on amounts payable under this Section 8.4) paid by such Bank, the Fronting
Bank or Administrative Agent (as the case may be) and, so long as such Bank, the Fronting Bank or
Administrative Agent has promptly paid any such Non-Excluded Taxes or Other Taxes, any liability
for penalties and interest arising therefrom or with respect thereto. This indemnification shall
be made within 15 days from the date such Bank, the Fronting Bank or Administrative Agent (as the
case may be) makes demand therefor.

     (e) Each Bank confirms to Administrative Agent and to each Loan Party (on the date hereof or,
in the case of a Bank which becomes a party hereto pursuant to a transfer or assignment, on the
date on which the relevant transfer or assignment becomes effective) that it is Qualified
Institutional Investor and each Bank shall promptly notify Administrative Agent and each Loan Party
if there is any change in its status as a Qualified Institutional Investor.

     (f) Each Bank will promptly on request by any Borrower incorporated under the laws of Japan or
borrowing through its registered branch in Japan take all reasonable steps (if any) required to be
taken to establish entitlement to exemption for such Borrower from withholding under any applicable
Japanese laws and any applicable double tax treaty, including satisfying any reasonable
information, reporting or other requirement and completion and filing of relevant forms, claims,
declarations and similar documents and shall provide such Borrower with copies of all forms,
claims, declarations and similar documents filed for such purpose.

     (g) Each Bank that is established under the laws of a jurisdiction other than Japan and that
is acting hereunder through a Lending Office in Japan agrees that it shall, if necessary, from time
to time obtain from the relevant tax authorities a certificate certifying that such payment
constitutes domestic source income (as provided for in Article 180 of the Income Tax Law (Law No.
33, 1965)) and deliver such certificate to each Borrower as required by Article 180, unless
prevented from so doing as a result of the introduction of, or any change in, or any change in the
interpretation or the application of, any law or regulation or as a result of compliance with any
law or regulation made after the date of this Agreement. Upon reasonable demand by any Loan Party
to Administrative Agent or any Bank, Administrative Agent or Bank, as the case may be, shall
deliver to the Loan Party, or to such government or taxing authority as the Loan Party may
reasonably direct, any form or document that may be required or reasonably requested in writing in
order to allow the Loan Party to make a payment to or for the account of such Bank or
Administrative Agent hereunder or under any other Loan Document without any deduction or
withholding for or on account of any Non-Excluded Taxes or with such deduction or withholding at a
reduced rate (so long as the completion, execution or submission of such form or document would not
materially prejudice the legal or commercial position of the party in receipt of such demand), with
any such form or document to be accurate and completed in a manner reasonably satisfactory to the
Loan Party making such demand and to be executed and to be delivered with any reasonably required
certification.

     (h) If a payment by Borrower to a Bank would be subject to U.S. federal withholding tax
imposed by FATCA if such Bank were to fail to comply with the applicable reporting requirements of
FATCA, such Bank shall deliver to the Borrower and Administrative Agent, at

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the time or times prescribed by law and at such time or times reasonably requested by either
the Borrower or Administrative Agent, such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by either the Borrower or Administrative Agent, as applicable, as may be necessary for
either the Borrower or Administrative Agent, as applicable, to comply with its obligations under
FATCA, to determine that such Non-US Lender has complied with such Non-US Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. If a payment by
Borrower to a Bank would be subject to U.S. federal withholding tax imposed by FATCA if such Bank
were to fail to comply with the applicable reporting requirements of FATCA, such Bank shall deliver
to the Borrower and Administrative Agent, at the time or times prescribed by law and at such time
or times reasonably requested by either the Borrower or Administrative Agent, such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and
such additional documentation reasonably requested by either the Borrower or Administrative Agent,
as applicable, as may be necessary for either the Borrower or Administrative Agent, as applicable,
to comply with its obligations under FATCA, to determine that such Non-US Lender has complied with
such Non-US Lender’s obligations under FATCA or to determine the amount to deduct and withhold from
such payment.

     (i) For any period with respect to which a Bank has failed to provide any Borrower with the
appropriate form pursuant to Section 8.4(h), Section 8.4(g) or Section
8.4(f) (unless such failure is due to a change in treaty, law or regulation occurring
subsequent to the date on which a form originally was required to be provided), such Bank shall not
be entitled to any make-whole amount under Section 8.4(a)(i) nor indemnification under
Section 8.4(d) with respect to Non-Excluded Taxes; provided that should a Bank,
which is otherwise exempt from or subject to a reduced rate of withholding tax, become subject to
Non-Excluded Taxes because of its failure to deliver a form required hereunder, such Borrower shall
take such steps as such Bank shall reasonably request to assist such Bank to recover such Taxes so
long as such Borrower shall incur no cost or liability as a result thereof.

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

     (k) If Administrative Agent or Bank determines, in its reasonable discretion, that it has
received a refund of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by
the Borrower or with respect to which the Borrower has paid any make-whole amounts pursuant to
Section 8.4(a)(i), it shall pay to the Borrower an amount equal to such refund (but only to
the extent of indemnity payments made, or make-whole amounts paid, by the Borrower under this
Section 8.4 with respect to the Non-Excluded Taxes and Other Taxes giving rise to such
refund), net of all reasonable out-of-pocket expenses of Administrative Agent or such Bank, as the
case may be, and without interest (other than any interest paid by the relevant taxing authority
with respect to such refund).

     (l) If at any time, any Bank shall be owed amounts pursuant to this Section 8.4,
Prologis shall have the right, upon five (5) Business Day’s notice to Administrative Agent to

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

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

     (a) such Borrower shall be deemed to have delivered a Notice of Interest Rate Election with
respect to such affected Yen LIBOR Loans and thereafter all Loans which would otherwise be made by
such Bank to such Borrower as Yen LIBOR Loans shall be made instead as Base Rate Loans (unless such
Bank has previously advised Administrative Agent and Borrower that it is unable to make a Base Rate
Loan, in which event Administrative Agent shall determine in good faith the appropriate rate of
interest for such Loans after consultation with the Borrower and such Bank);

     (b) after each of its Yen LIBOR Loans has been repaid, all payments of principal which would
otherwise be applied to repay such Yen LIBOR Loans shall be applied to repay its Base Rate Loans
instead (and after each of its Base Rate Loans has been repaid, all payments of principal shall be
applied to repay any remaining outstanding Loans), and

     (c) such Borrower will not be required to make any payment which would otherwise be required
by Section 2.14 with respect to such Yen LIBOR Loans converted to Base Rate Loans (or other
Loans) pursuant to clause (a) above.

ARTICLE IX

MISCELLANEOUS

     Section 9.1 Notices. All notices, requests and other communications to any party hereunder
shall be in writing (including bank wire, telex, facsimile transmission followed by telephonic
confirmation or similar writing) and shall be given to such party: (x) in the case of each of the
Loan Parties, to Prologis at its address, telex number or facsimile number set forth on Exhibit G,
(y) in the case of Administrative Agent, at its address, telex number or facsimile number set forth
on Exhibit G, or (z) in the case of any Bank, at its address, telex number or facsimile number set
forth in its Administrative Questionnaire. Administrative Agent agrees to provide Prologis with
the address, telex number or facsimile number for each Bank. Each such notice, request or other
communication shall be effective (i) if given by telex or facsimile transmission, when such telex
or facsimile is transmitted to the telex number or facsimile number

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specified in this Section and the appropriate answerback or facsimile confirmation is received,
(ii) if given by certified registered mail, return receipt requested, with first class postage
prepaid, addressed as aforesaid, upon receipt or refusal to accept delivery, (iii) if given by a
nationally recognized overnight carrier, 48 hours after such communication is deposited with such
carrier with postage prepaid for next day delivery, or (iv) if given by any other means, when
delivered at the address specified in this Section; provided that notices to Administrative
Agent under Article II or Article VIII shall not be effective until received.

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

     Section 9.3 Expenses; Indemnification.

     (a) The Guarantors and, in the case of clause (iii) below, each Loan Party (provided each
Borrower shall only be liable for the enforcement costs incurred with respect to the Loan Documents
to which such Borrower is a party, and provided, further, the Guarantors shall be
liable for all enforcement costs incurred with respect to all of the Loan Documents) shall pay
within thirty (30) days after written notice from Administrative Agent, (i) all reasonable and
documented out-of-pocket costs and expenses of Administrative Agent (including reasonable and
documented fees and disbursements of special counsel Skadden, Arps, Slate, Meagher & Flom LLP), in
connection with the preparation of this Agreement, the Loan Documents and the documents and
instruments referred to therein, and any waiver or consent hereunder or any amendment hereof or any
Default or alleged Default hereunder, (ii) all reasonable and documented fees and disbursements of
special counsel in connection with the syndication of the Loans, and (iii) if an Event of Default
occurs, all reasonable and documented out-of-pocket expenses incurred by Administrative Agent and
each Bank, including reasonable and documented fees and disbursements of counsel for Administrative
Agent and each of the Banks, in connection with the enforcement of the Loan Documents, including
the Notes and Security Documents and any other instruments referred to therein, and such Event of
Default and collection, bankruptcy, insolvency and other enforcement proceedings resulting
therefrom; provided that the attorneys’ fees and disbursements for which any Loan Party is
obligated under this subsection (a)(iii) shall be limited to the reasonable and documented
non-duplicative fees and disbursements of (A) counsel for Administrative Agent and (B) counsel for
all of the Banks as a group; and provided, further, that all other costs and
expenses for which any Loan Party is obligated under this subsection (a)(iii) shall be limited to
the reasonable and documented non-duplicative costs and expenses of Administrative Agent. For
purposes of this Section 9.3(a)(iii), (1) counsel for Administrative Agent shall mean a
single outside law firm representing Administrative Agent and (2) counsel for all of the Banks as a
group shall mean a single outside law firm representing such Banks as a group (which law firm may
or may not be the same law firm representing Administrative Agent).

     (b) Each Borrower agrees to indemnify Administrative Agent and each Bank, their respective
affiliates and the respective directors, officers, agents and employees of the foregoing (each an
“Indemnitee”) and hold each Indemnitee harmless from and against any liabilities,

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losses, damages, costs and expenses of any kind, including the reasonable and documented fees
and disbursements of counsel, which may be incurred by such Indemnitee in connection with any
investigative, administrative or judicial proceeding that may at any time (including at any time
following the payment of the Obligations) be asserted against any Indemnitee, as a result of, or
arising out of, or in any way related to or by reason of, (i) any of the transactions contemplated
by the Loan Documents or the execution, delivery or performance of any Loan Document, and (ii) any
actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by any Borrower or any Eligible Affiliate, or any Environmental Liability related in any
way to any Borrower or any Eligible Affiliates, but excluding those liabilities, losses, damages,
costs and expenses (a) for which such Indemnitee has been compensated pursuant to the terms of this
Agreement, (b) incurred solely by reason of the gross negligence, willful misconduct bad faith or
fraud of any Indemnitee as finally determined by a court of competent jurisdiction, (c) arising
from violations of Environmental Laws relating to a Property which are caused by the act or
omission of such Indemnitee after such Indemnitee takes possession of such Property or (d) owing by
such Indemnitee to any third party based upon contractual obligations of such Indemnitee owing to
such third party which are not expressly set forth in the Loan Documents. In addition, the
indemnification set forth in this Section 9.3(b) in favor of any director, officer, agent
or employee of Administrative Agent or any Bank shall be solely in their respective capacities as
such director, officer, agent or employee. Each Borrower’s obligations under this Section shall
survive the termination of this Agreement, the release of a Qualified Borrower pursuant to
Section 2.21 and the payment of the Obligations. Without limitation of the other
provisions of this Section 9.3, each Borrower shall indemnify and hold each of
Administrative Agent and the Banks free and harmless from and against all loss, costs (including
reasonable and documented attorneys’ fees and expenses), expenses, taxes, and damages (including
consequential damages) that Administrative Agent and the Banks may suffer or incur by reason of the
investigation, defense and settlement of claims and in obtaining any prohibited transaction
exemption under ERISA or the Code necessary in Administrative Agent’s reasonable judgment by reason
of the inaccuracy of the representations and warranties of such Borrower and/or any Guarantor.

     Section 9.4 Sharing of Set-Offs. In addition to any rights now or hereafter granted under
applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence
and during the continuance of any Event of Default, each Bank is hereby authorized at any time or
from time to time, without presentment, demand, protest or other notice of any kind to any Loan
Party or to any other Person, any such notice being hereby expressly waived, but subject to the
prior consent of Administrative Agent, which consent shall not be unreasonably withheld, to set off
and to appropriate and apply any deposits (general or special, time or demand, provisional or
final) and any other indebtedness at any time held or owing by such Bank (including by branches and
agencies of such Bank wherever located) to or for the credit or the account of, any Loan Party
against and on account of the Obligations of any Loan Party then due and payable to such Bank under
this Agreement or under any of the other Loan Documents, including all interests in Obligations
purchased by such Bank (provided that with respect to any Borrower Event of Default, each
Bank shall have the right to exercise any or all of the foregoing rights only with respect to the
defaulting Borrower and the Obligations of such defaulting Borrower). Each Bank agrees that if it
shall by exercising any right of set-off or counterclaim or otherwise, receive payment of a
proportion of the aggregate amount of principal and interest due with respect to any Note held by
it or Letter of Credit participated in by it or, in

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the case of the Fronting Bank, Letter of Credit issued by it (other than with respect to any cash
collateral obtained by such Fronting Bank in connection with arrangements made to address the risk
with respect to a Defaulting Bank), which is greater than the proportion received by any other Bank
or Letter of Credit issued or participated in by such other Bank, the Bank receiving such
proportionately greater payment shall purchase such participations in the Notes held by the other
Banks, and such other adjustments shall be made, as may be required so that all such payments of
principal and interest with respect to the Notes held by the Banks or Letter of Credit issued or
participated in by such other Bank shall be shared by the Banks pro rata; provided that
nothing in this Section shall impair the right of any Bank to exercise any right of set-off or
counterclaim it may have to any deposits not received in connection with the Loans and to apply the
amount subject to such exercise to the payment of indebtedness of any Loan Party other than its
indebtedness under the Notes, the Guaranty or the Letters of Credit. Each Loan Party agrees, to
the fullest extent it may effectively do so under applicable law, that any holder of a
participation in a Note or a Letter of Credit, whether or not acquired pursuant to the foregoing
arrangements, may exercise rights of set-off or counterclaim and other rights with respect to such
participation as fully as if such holder of a participation were a direct creditor of such Loan
Party in the amount of such participation. Notwithstanding anything to the contrary contained
herein, any Bank may, by separate agreement with a Loan Party, waive its right to set off contained
herein or granted by law and any such written waiver shall be effective against such Bank under
this Section 9.4.

     Section 9.5 Amendments and Waivers.

     (a) Except as otherwise provided below in this Section 9.5, any provision of this
Agreement or the Notes or the Letters of Credit or other Loan Documents may be amended or waived
if, but only if, such amendment or waiver is in writing and is signed by the Loan Parties and the
Majority Banks (and, if the rights or duties of the Administrative or the Fronting Bank in their
capacity as Administrative Agent or the Fronting Bank, as applicable, including those set forth in
Section 9.15, are affected thereby, by Administrative Agent or the Fronting Bank, as
applicable); provided that no amendment or waiver with respect to this Agreement, the
Notes, the Letters of Credit or any other Loan Documents shall, unless signed by all the Banks, (i)
increase or decrease the Commitment of any Bank (except for a ratable decrease in the Commitments
of all Banks) or subject any Bank to any additional obligation, (ii) reduce the principal of or
rate of interest on any Loan or any fees hereunder, (iii) postpone the date fixed for any payment
of principal of or interest on any Loan or any fees hereunder or for any reduction or termination
of any Commitment, (iv) change the percentage of the Commitments or of the aggregate unpaid
principal amount of the Notes, or the number of Banks, which shall be required for the Banks or any
of them to take any action under this Section or any other provision of this Agreement, (v) release
the Guaranty or (vi) modify the provisions of this Section 9.5. Notwithstanding anything
to the contrary herein, no Defaulting Bank shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that the Commitment of such Bank may not be
increased or extended, nor the principal amount of the Loans owed to such Bank reduced, or the
final maturity thereof extended, nor this sentence amended, in each case, without the consent of
such Bank.

     (b) The provisions in Section 4.1 (other than Sections 4.1(p) and
(q)), Article V (other than Sections 5.1(c), 5.9(b) and 5.15), and
Section 6.1 contain essentially the same provisions

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with respect to General Partner and, to the extent applicable, Prologis as those contained in
the corresponding representations, warranties, covenants and events of default in each of the
Prologis Credit Agreements (as defined below) (the “Conforming Provisions”). In the event
that either Guarantor, Administrative Agent and/or one or more administrative agents under any of
the Prologis Credit Agreements propose to modify, waive or restate, or request a consent or
approval with respect to, any of the Conforming Provisions (and/or any related definition) in any
Prologis Credit Agreement in writing (which may include a written waiver of an existing actual or
potential Default or Event of Default that is intended to be eliminated by such modification,
restatement or waiver) (each, a “Modification”), and either Guarantor requests
corresponding changes to this Agreement, then any such Modifications shall be subject to the
approval of the Requisite Lenders (as defined below) and, simultaneously with approval of such
Modifications by the Requisite Lenders, this Agreement shall be deemed modified or restated, or
such waiver, consent or approval shall be deemed granted, in a manner consistent with such approved
Modifications; provided that all the Banks shall have received notice of any such proposed
Modification, together with reasonable time to respond thereto. If requested by a Guarantor or
Administrative Agent, the Borrower, the Guarantors, Administrative Agent and each Bank shall
execute and deliver a written amendment to, restatement of, or waiver, consent or approval, as
applicable, under this Agreement memorializing such modification, restatement, waiver, consent or
approval. Notwithstanding the foregoing, however, nothing in this Section 9.5(b) shall be
deemed to affect the rights of each Bank under the proviso of Section 9.5(a) and no
Modification shall be deemed to effect a change to the provisions referred to therein without the
consent of the parties required thereby. In addition, the Guarantors will be obligated to pay to
Administrative Agent and the Banks fees calculated in the same manner as any fees that Guarantors
pay to the agents and the lenders under the other Prologis Credit Agreements in connection with any
such approved Modification. For the purposes of this Section 9.5(b), “Prologis Credit
Agreements” means (i) this Agreement, (ii) the Global Credit Agreement, (iii) the Euro Term
Loan Agreement, (iv) the Yen Term Loan Agreement and (v) any other credit agreement or loan
agreement under which General Partner or Prologis is a borrower or guarantor, which contains any
financial covenants applicable to General Partner and/or Prologis that are substantially similar to
the financial covenants set forth in the Global Credit Agreement to the extent, and for so long as,
General Partner designates such credit agreement or loan agreement as a Prologis Credit Agreement
(provided that General Partner may revoke any such designation at any time in its sole discretion).
As used in this Section 9.5(b), “Requisite Lenders” means, at any time, lenders
(including the Banks) having at least 51% of the aggregate amount of (i) all commitments under any
Prologis Credit Agreement with respect to which the commitments of the lenders thereunder are still
in effect, and (ii) the aggregate unpaid principal amount of the loans outstanding under any
Prologis Credit Agreement with respect to which the commitments of the lenders thereunder are no
longer in effect. For purposes of calculating the Requisite Lenders, (x) in the case of swingline
loans, the amount of each lender’s funded participation interest in such swingline loans shall be
considered as if it were a direct loan and not a participation interest, and the aggregate amount
of swingline loans owing to the swingline lender shall be considered as reduced by the amount of
such funded participation interests, and (y) in the case of letters of credit, the amount of each
lender’s participation in any such letter of credit shall be considered as if it were a direct loan
from such lender.

     (c) Notwithstanding any other provision of this Agreement, Prologis and Administrative Agent
may, without the consent of any other Lender Party, enter into such

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amendments to any provision of this Agreement or any other Loan Document as Administrative
Agent may, in its reasonable opinion, determine to be necessary or appropriate to correct any
ambiguity, omission or error herein, and, upon execution thereof by Prologis and Administrative
Agent, any such amendment shall be binding on all of the parties hereto.

     (d) The parties hereto agree and acknowledge that the Borrower and the Guarantors have
requested, and the Banks have agreed, that this Agreement shall be modified for the following
purposes: (i) to permit, at Borrower’s option, borrowings (including Letters of Credit) denominated
in Hong Kong Dollars and/or Singapore Dollars (and such other alternate currencies in such amounts
as may be agreed upon by Borrower and the applicable Participating Banks (as defined below) in such
alternate currencies) (each, an “Alternate Currency”) as agreed by the Participating Banks
in their sole discretion so long as (x) such currency is freely transferable and freely convertible
to Yen and (y) the credit rating of Prologis is investment grade from either S&P or Moody’s, (ii)
to permit the use of the proceeds for the acquisition and development of real estate properties, or
for other real estate purposes, in the countries in which any other Alternate Currency is the
lawful currency, (iii) to permit the admission of one or more entities satisfying the definition of
Qualified Borrower as Qualified Borrowers for the purpose of facilitating real estate investments
in Japan or other regions of Asia in which any Alternate Currency is the lawful currency, (iv) to
provide for the interest rate with respect to borrowings denominated in Hong Kong Dollars to be
HIBOR plus the Applicable Margin, the interest rate with respect to borrowings denominated in
Singapore Dollars to be SIBOR plus the Applicable Margin and, with respect to any other Alternate
Currency, to specify the interest types and rates applicable to borrowings in each other Alternate
Currency as agreed to by the Guarantors and the Participating Banks in such Alternate Currency, (v)
to provide that borrowings (including Letters of Credit) in any Alternate Currency shall be made
from the applicable Participating Banks as part of their existing Commitments so that the Yen
equivalent amount of the principal amount of the Committed Loans by such Bank together with the Yen
equivalent amount of such Bank’s Pro Rata Share of the outstanding Letter of Credit Usage shall not
exceed the amount of its Commitment, (vi) to the extent that borrowings (including Letters of
Credit) denominated in Yen or any Alternate Currency of any Participating Bank would not permit
such Bank to participate on a full Pro Rata Share basis in any borrowings (including Letters of
Credit) denominated in Yen, to permit such borrowings (including Letters of Credit) denominated in
Yen to be on a pro rata basis until the Commitment of any such Participating Bank has been reached
and thereafter to be made on a pro rata basis only among the remaining Banks whose Commitments have
not yet been reached, (vii) to the extent that borrowings (including Letters of Credit) denominated
in Yen of any Participating Bank would not permit such Bank to fully participate in any borrowings
(including Letters of Credit) denominated in an Alternate Currency, to permit borrowings (including
the reallocation of Bank participations in Letters of Credit) denominated in Yen from the non
Participating Banks in order to repay existing borrowings (including the reduction of any
Participating Bank’s participation in Letters of Credit denominated in Yen) of such Participating
Banks in order to permit such Participating Banks to participate to the fullest extent possible in
such borrowings (including Letters of Credit) denominated in an Alternate Currency, and (viii) to
provide that the Yen equivalent of all outstanding borrowings (including Letters of Credit)
denominated in an Alternate Currency shall be calculated by Administrative Agent monthly and at the
time of each borrowing and that (A) if at any time the Yen equivalent of all outstanding borrowings
(including Letters of Credit) in any Alternate Currency shall exceed 105% of the maximum amount
permitted for such Alternate Currency, then the Guarantors, within three (3)

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Business Days after notice thereof from Administrative Agent, shall repay (or cause the
applicable Borrowers to repay) all or a portion of such borrowings (or reduce the amount of
outstanding Letters of Credit denominated in such Alternate Currency) in such amount so that the
aggregate thereof shall not exceed the maximum permitted, (B) if at any such time the Yen
equivalent of the sum of (i) all outstanding Loans, and (ii) the outstanding Yen equivalent of the
Letter of Credit Usage, so determined by Administrative Agent, in the aggregate, exceeds 105% of
the Facility Amount, Guarantors, within three (3) Business Days after notice thereof from
Administrative Agent, shall repay (and cause the applicable Borrowers to repay) all or a portion of
such Loans (or reduce the amount of outstanding Letters of Credit), otherwise in accordance with
the applicable terms of this Agreement, in such amount so that, following the making of such
payment or reduction, the Yen equivalent outstanding of such Loans and Letter of Credit Usage does
not exceed the Facility Amount (such amendment, the “Amendment”). Any Bank which is a
party to this Agreement prior to the Amendment, at its sole discretion, may elect (but shall have
no obligation) to participate in and make available borrowings in any Alternate Currency (each a
“Participating Bank” as to such Alternate Currency). Notwithstanding anything to the
contrary contained in this Agreement, the Amendment shall only require the approval of the
Participating Banks as to any Alternate Currency and the Amendment shall not require the consent of
those Banks who elect to not so participate. Borrower shall reimburse the Banks for all costs
actually incurred by the Banks in connection with the Amendment as contemplated by this Section
9.5(d). With respect to any Alternate Currency, the Borrower and the Banks agree to use good
faith efforts to finalize and execute the Amendment providing for such Alternate Currency within
180 days of the date that Borrower delivers to Administrative Agent a request for such Alternate
Currency and shall use commercially reasonable efforts to finalize and execute any additional
agreements reasonably requested by Administrative Agent to evidence the transactions contemplated
hereby and thereby.

     (e) Notwithstanding any other provision of this Agreement (and without limiting the foregoing
provisions of this Section 9.5 or the extension provisions set forth in Section
2.10), Prologis may, by written notice to Administrative Agent (which shall forward such notice
to all Banks) make an offer (a “Loan Modification Offer”) to all Banks to make one or more
amendments or modifications to allow the maturity of the Loans and/or Commitments of the Accepting
Banks (as defined below) to be extended and, in connection with such extension, to (i) increase
the Applicable Margin and/or fees payable with respect to the applicable Loans and/or the
Commitments of the Accepting Banks and/or the payment of additional fees or other consideration to
the Accepting Banks and/or (ii) change such additional terms and conditions of this Agreement
solely as applicable to the Accepting Banks (such additional changed terms and conditions (to the
extent not otherwise approved by the requisite Banks under the other applicable provisions of this
Section 9.5) to be effective only during the period following the original maturity date
prior to its extension by such Accepting Banks) (collectively, “Permitted Amendments”)
pursuant to procedures reasonably acceptable to each of Prologis and Administrative Agent. Such
notice shall set forth (i) the terms and conditions of the requested Permitted Amendments and (ii)
the date on which such Permitted Amendments are requested to become effective (which shall not be
less than 15 days nor more than 90 days after the date of such notice). Permitted Amendments shall
become effective only with respect to the Loans and/or Commitments of the Banks that accept the
Loan Modification Offer (such Banks, the “Accepting Banks”) and, in the case of any
Accepting Banks, only with respect to such Bank’s Loans and/or Commitments as to which such Bank’s
acceptance has been made. Prologis, each

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Accepting Bank and Administrative Agent shall enter into a loan modification agreement (the
“Loan Modification Agreement”) and such other documentation as Administrative Agent shall
reasonably specify to evidence (x) the acceptance of the Permitted Amendments and the terms and
conditions thereof and (y) the authorization of Prologis to enter into and perform its obligations
under the Loan Modification Agreement. Administrative Agent shall promptly notify each Bank as to
the effectiveness of any Loan Modification Agreement. Each party hereto agrees that, upon the
effectiveness of a Loan Modification Agreement, this Agreement shall be deemed amended to the
extent (but only to the extent) necessary to reflect the existence and terms of the Permitted
Amendment evidenced thereby and only with respect to the Loans and Commitments of the Accepting
Banks as to which such Banks’ acceptance has been made. Prologis may effectuate no more than two
Loan Modification Agreements during the term of this Agreement.

     Section 9.6 Successors and Assigns.

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

     (b) Prior to the occurrence of a Guarantor Event of Default, any Bank may at any time, grant
to an existing Bank, one or more banks, finance companies, insurance companies or other financial
institutions which are Qualified Institutional Investors (a “Participant”) in minimum
amounts of not less than JPY 350,000,000 (or any lesser amount in the case of participations to an
existing Bank) participating interests in its Commitment or any or all of its Loans. After the
occurrence and during the continuance of a Guarantor Event of Default, any Bank may at any time
grant to any Person in any amount (also a “Participant”), participating interests in its
Commitment or any or all of its Loans. Any participation made during the continuation of a
Guarantor Event of Default shall not be affected by the subsequent cure of such Guarantor Event of
Default. In the event of any such grant by a Bank of a participating interest to a Participant,
whether or not upon notice to the Loan Parties and Administrative Agent, such Bank shall remain
responsible for the performance of its obligations hereunder, and the Loan Parties and
Administrative Agent shall continue to deal solely and directly with such Bank in connection with
such Bank’s rights and obligations under this Agreement. Any agreement pursuant to which any Bank
may grant such a participating interest shall provide that such Bank shall retain the sole right
and responsibility to enforce the obligations of the Loan Parties hereunder, including the right to
approve any amendment, modification or waiver of any provision of this Agreement; provided
that such participation agreement may provide that such Bank will not agree to any modification,
amendment or waiver of this Agreement described in clause (i), (ii), (iii), (iv) or (v) of
Section 9.5(a) without the consent of the Participant. The Loan Parties agree that each
Participant shall, to the extent provided in its participation agreement, be entitled to the
benefits of Article VIII with respect to its participating interest.

     (c) Any Bank may at any time assign to a Qualified Institution (in each case, an
“Assignee”) (i) prior to the occurrence of a Guarantor Event of Default, in minimum amounts
of

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not less than JPY 350,000,000 and integral multiple of JPY 1,000,000 thereafter (or any lesser
amount in the case of assignments to an existing Bank) and (ii) after the occurrence and during the
continuance of a Guarantor Event of Default, in any amount, all or a proportionate part of all, of
its rights and obligations under this Agreement, the Notes and the other Loan Documents, and, in
either case, such Assignee shall assume such rights and obligations, pursuant to a Transfer
Supplement in substantially the form of Exhibit H executed by such Assignee and such transferor
Bank; provided that such assignment shall be subject to Administrative Agent’s, the
Fronting Bank’s and, if no Guarantor Event of Default shall have occurred and be continuing,
Prologis’ consent, which consents shall not be unreasonably withheld or delayed; and
provided, further, that if an Assignee is an affiliate of such transferor Bank
(unless such transferor Bank is a Defaulting Bank) or was a Bank (unless such Bank is a Defaulting
Bank) immediately prior to such assignment, Prologis’ consent shall not be required. Upon
execution and delivery of such instrument and payment by such Assignee to such transferor Bank of
an amount equal to the purchase price agreed between such transferor Bank and such Assignee, such
Assignee shall be a Bank party to this Agreement and shall have all the rights and obligations of a
Bank with a Commitment as set forth in such instrument of assumption, and no further consent or
action by any party shall be required and the transferor Bank shall be released from its
obligations hereunder to a corresponding extent. Upon the consummation of any assignment pursuant
to this subsection (c), the transferor Bank, Administrative Agent and each Borrower shall make
appropriate arrangements so that, if required and in accordance with Section 2.6 hereof, a
new Note is issued to the Assignee. In connection with any such assignment (other than an
assignment by a Bank to an affiliate), the transferor Bank shall pay to Administrative Agent an
administrative fee for processing such assignment in the amount of US$3,500. If the Assignee is
established under the laws of a jurisdiction other than Japan and is acting hereunder through a
Lending Office in Japan, it shall deliver to Prologis and Administrative Agent a certificate from
the relevant tax authorities certifying that any payments by a Loan Party to or for the account of
the Assignee constitutes domestic source income (as provided for in Article 180 of the Income Tax
Law (Law No. 33, 1965)) in accordance with Section 8.4. Any assignment made during the
continuation of a Guarantor Event of Default shall not be affected by any subsequent cure of such
Guarantor Event of Default.

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

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

     (f) Anything in this Agreement to the contrary notwithstanding, so long as no Guarantor Event
of Default shall have occurred and be continuing, no Bank shall be permitted to enter into an
assignment of, or sell a participation interest in, its rights and obligations hereunder which
would result in such Bank holding a Commitment without participants of less than JPY

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350,000,000 unless as a result of a cancellation or reduction of the aggregate Commitments (or
in the case of Administrative Agent, less than the Commitment of any other Bank); provided
that no Bank shall be prohibited from assigning its entire Commitment so long as such assignment is
otherwise permitted under this Section 9.6.

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

     Section 9.8 Governing Law; Submission to Jurisdiction; Judgment Currency. (a) THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND
THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK PURSUANT TO SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK (WITHOUT
GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW).

     (b) Any legal action or proceeding with respect to this Agreement or any other Loan Document
and any action for enforcement of any judgment in respect thereof may be brought in the courts of
the State of New York or of the United States of America for the Southern District of New York,
and, by execution and delivery of this Agreement, each Loan Party hereby accepts for itself and in
respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the
aforesaid courts and appellate courts from any thereof. Each Loan Party irrevocably consents to
the service of process out of any of the aforementioned courts in any such action or proceeding by
the hand delivery, or mailing of copies thereof by registered or certified mail, postage prepaid,
to the Loan Parties at its address set forth below or in the applicable Qualified Borrower Joinder
Agreement. Each Loan Party hereby irrevocably waives any objection which it may now or hereafter
have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in
connection with this Agreement or any other Loan Document brought in the courts referred to above
and hereby further irrevocably waives and agrees not to plead or claim in any such court that any
such action or proceeding brought in any such court has been brought in an inconvenient forum.
Nothing herein shall affect the right of Administrative Agent to serve process in any other manner
permitted by law or to commence legal proceedings or otherwise proceed against any Loan Party in
any other jurisdiction.

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

     (d) The parties agree, to the fullest extent that they may effectively do so under applicable
law, that the obligations of the Loan Parties to make payments in any currency of the principal of
and interest on the Loans of any Borrower and any other amounts due from each Loan Party hereunder
to Administrative Agent as provided herein (i) shall not be discharged or

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

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

     Section 9.10 WAIVER OF JURY TRIAL. EACH LOAN PARTY, ADMINISTRATIVE AGENT AND THE BANKS
HEREBY IRREVOCABLY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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

     Section 9.12 Limitation of Liability. No claim may be made by any Loan Party or any other
Person acting by or through Borrower against Administrative Agent or any Bank or the affiliates,
directors, officers, employees, attorneys or agent of any of them for any punitive damages in
respect of any claim for breach of contract or any other theory of liability arising out of or
related to the transactions contemplated by this Agreement or by the other Loan Documents, or any
act, omission or event occurring in connection therewith; and Borrower hereby waives, releases and
agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not
known or suspected to exist in its favor.

     Section 9.13 Recourse Obligation. This Agreement and the Obligations hereunder are fully
recourse to the Loan Parties. Notwithstanding the foregoing, no recourse under or upon any
obligation, covenant, or agreement contained in this Agreement shall be had against any officer,
director, shareholder or employee of any Loan Party or any general partner of any Loan Party (other
than General Partner as the General Partner of Prologis), in each case except in the

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event of fraud or misappropriation of funds on the part of such officer, director, shareholder or
employee or such general partner.

     Section 9.14 Confidentiality. Administrative Agent and each Bank shall use reasonable
efforts to assure that information about the Loan Parties and their Consolidated Subsidiaries and
Unconsolidated Subsidiaries, and the Properties thereof and their operations, affairs and financial
condition, not generally disclosed to the public, which is furnished to Administrative Agent or any
Bank pursuant to the provisions hereof or any other Loan Document is used only for the purposes of
this Agreement and shall not be divulged to any Person other than Administrative Agent, the Banks,
and their affiliates and respective officers, directors, employees and agents who are actively and
directly participating in the evaluation, administration or enforcement of the Loan and other
transactions between such Bank and the Loan Parties, except: (a) to their attorneys and
accountants, (b) in connection with the enforcement of the rights and exercise of any remedies of
Administrative Agent and the Banks hereunder and under the other Loan Documents, (c) in connection
with assignments and participations and the solicitation of prospective assignees and participants
referred to in Section 9.6 hereof, who have agreed in writing to be bound by a
confidentiality agreement substantially equivalent to the terms of this Section 9.14, and
(d) as may otherwise be required or requested by any regulatory authority having jurisdiction over
Administrative Agent or any Bank or by any applicable law, rule, regulation or judicial process
(but only to the extent not in violation, conflict or inconsistent with the applicable regulatory
requirement, request, summons or subpoena); provided that in the event a Bank receives a
summons or subpoena to disclose confidential information to any party, such Bank shall, if legally
permitted, endeavor to notify Prologis thereof as soon as possible after receipt of such request,
summons or subpoena and the Loan Parties shall be afforded an opportunity to seek protective
orders, or such other confidential treatment of such disclosed information, as the Loan Parties and
Administrative Agent may deem reasonable.

     Section 9.15 Defaulting Banks. Notwithstanding any provision of this Agreement to the
contrary, if any Bank becomes a Defaulting Bank, then the following provisions shall apply for so
long as such Bank is a Defaulting Bank:

     (a) Such Defaulting Bank’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as set forth in Section 9.5.

     (b) Any payment of principal, interest, fees or other amounts received by Administrative Agent
for the account of such Defaulting Bank (whether voluntary or mandatory, at maturity, pursuant to
Article VI or otherwise, and including any amounts made available to Administrative Agent
by such Defaulting Bank pursuant to Section 9.4), shall be applied at such time or times as
may be determined by Administrative Agent as follows: first, to the payment on a pro rata basis of
any amounts owing by such Defaulting Bank to Administrative Agent hereunder; second, to the payment
of any amounts owing by such Defaulting Bank to the Fronting Bank hereunder; third, if so
determined by Administrative Agent or requested by the Fronting Bank, to be held as cash collateral
for future funding obligations of such Defaulting Bank of any participation in any applicable
Letter of Credit; fourth, if Prologis so requests (so long as no Default exists), to the funding of
any Loan in respect of which such Defaulting Bank has failed to fund its portion thereof as
required by this Agreement, as determined by Administrative Agent; fifth, if so determined by
Administrative Agent and Prologis, to be held in

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a non-interest bearing deposit account and released in order to satisfy obligations of such
Defaulting Bank to fund Loans under this Agreement; sixth, to the payment on a pro rata basis of
any amounts owing to any applicable Banks and the Fronting Bank as a result of any judgment of a
court of competent jurisdiction obtained by such Bank or the Fronting Bank against such Defaulting
Bank as a result of such Defaulting Bank’s breach of its obligations under this Agreement; seventh,
so long as no Default or Event of Default exists, to the payment on a pro rata basis of any amounts
owing to any Loan Party as a result of any judgment of a court of competent jurisdiction obtained
by such Loan Party against such Defaulting Bank as a result of such Defaulting Bank’s breach of its
obligations under this Agreement; and eighth, to such Defaulting Bank or as otherwise directed by a
court of competent jurisdiction; provided that if (x) such payment is a payment of the
principal amount of any Loans or participations in Letters of Credit in respect of which such
Defaulting Bank has not fully funded its appropriate share and (y) such Loan or Letter of Credit
draw was made at a time when the conditions set forth in Section 3.2 were satisfied or
waived, such payment shall be applied solely to pay the Loans of, and amounts owing in respect of
such Letters of Credit owed to, all applicable non-Defaulting Banks on a pro rata basis prior to
being applied to the payment of any Loan of, or any such amounts owed to, such Defaulting Bank.
Any payments, prepayments or other amounts paid or payable to a Defaulting Bank that are applied
(or held) to pay amounts owed by a Defaulting Bank or to post cash collateral pursuant to this
Section 9.15(b) shall be deemed paid to and redirected by such Defaulting Bank, and each
Bank irrevocably consents to the foregoing.

     (c) such Defaulting Bank (x) shall be limited in its right to receive facility fees as
provided in Section 2.9(a) and (y) shall be limited in its right to receive Letter of
Credit Fees as provided in Section 2.9(b).

     (d) During any period in which there is a Defaulting Bank, for purposes of computing the
amount of the obligation of each non-Defaulting Bank to acquire, refinance or fund participations
in Letters of Credit pursuant to the terms hereof, the Pro Rata Share of each non-Defaulting Bank
shall be computed without giving effect to the Commitment of such Defaulting Bank; provided
that (i) each such reallocation shall be given effect only if, at the date the applicable Bank
becomes a Defaulting Bank, no Default or Event of Default exists; and (ii) the aggregate obligation
of each non-Defaulting Bank to acquire, refinance or fund participations in Letters of Credit shall
not exceed the unused Commitment of that non-Defaulting Bank.

     (e) If Prologis, Administrative Agent and Fronting Bank agree in writing, each in their sole
discretion, that a Defaulting Bank should no longer be deemed to be a Defaulting Bank,
Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include
arrangements with respect to any cash collateral), that Bank will, to the extent applicable,
purchase that portion of outstanding Loans of the other Banks or take such other actions as
Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Letters of Credit to be held on a pro rata basis by the Banks in accordance with
their Pro Rata Share (without giving effect to Section 9.15(d)), whereupon that Bank will
cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with
respect to fees accrued or payments made by or on behalf of any Borrower while that Bank was a
Defaulting Bank; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will

96

 

constitute a waiver or release of any claim of any party hereunder arising from that Bank’s
having been a Defaulting Bank.

     (f) Upon any determination by Administrative Agent that any Bank constitutes a Defaulting
Bank, Administrative Agent shall promptly provide Prologis with notice of such determination;
provided that any failure to so notify Prologis of such determination shall not have any
effect on the status of such Bank as a Defaulting Bank.

     (g) Without limitation of any other provision of this Agreement, each Bank hereby irrevocably
appoints Administrative Agent and its officers and agents, until the expiration of the Term, as
such Bank’s true and lawful attorney-in-fact (which appointment is coupled with an interest and is
irrevocable), with full power of substitution, to, after any Bank has become a Defaulting Bank,
sign the name of such Defaulting Bank on any Consent and to deliver such Consent to any Qualified
Borrower that is a TMK if such Consent is required to be delivered pursuant to the terms of this
Agreement.

     Section 9.16 Banks’ ERISA Covenant. Each Bank, by its signature hereto or on the
applicable Transfer Supplement, hereby agrees (a) that on the date any Loan is disbursed hereunder
no portion of such Bank’s Pro Rata Share of such Loan will constitute “plan assets” within the
meaning of 29 C.F.R. § 2510.3-101 as modified by Section 3(42) of ERISA, and (b) that following
such date such Bank shall not allocate such Bank’s Pro Rata Share of any Loan to an account of such
Bank if such allocation (i) by itself would cause such Pro Rata Share of such Loan to then
constitute “plan assets” (within the meaning of 29 C.F.R. § 2510.3-101 as modified by Section 3(42)
of ERISA) and (ii) by itself would cause such Loan to constitute a prohibited transaction under
ERISA or the Code (which is not exempt from the restrictions of Section 406 of ERISA and Section
4975 of the Code and the taxes and penalties imposed by Section 4975 of the Code and Section 502(i)
of ERISA) or Administrative Agent or any Bank being deemed in violation of Section 404 of ERISA.

     Section 9.17 Bank Ceasing to be a Qualified Institutional Investor.

     (a) Each Bank agrees that it shall immediately provide notice to Administrative Agent and
Prologis upon its receipt of knowledge that it will cease to be a Qualified Institutional Investor
pursuant to the applicable laws of Japan.

     (b) In the event that during the Term any Bank ceases to be a Qualified Institutional Investor
(such Bank, the “Non-QII Bank”), (i) the Non-QII Bank shall immediately provide notice
thereof to Administrative Agent and Prologis (to the extent the Non-QII Bank has not already
provided such notice pursuant to Section 9.17(a) above) and (ii) regardless of whether the Non-QII
Bank has actually delivered any such notice to Administrative Agent and/or Prologis, Administrative
Agent shall have the immediate right, and shall use best efforts, to cause the Non-QII Bank to
assign to a Qualified Institution all of the Non-QII Bank’s rights and obligations under this
Agreement, the Notes and the other Loan Documents in accordance with Section 9.6(c),
subject to the terms and conditions of Section 9.6, as applicable.

     (c) In the event Administrative Agent is unable to cause the assignment of the Non-QII Bank’s
rights and obligations under this Agreement, the Notes and the other Loan

97

 

Documents, and provided that the total amount of Commitments outstanding with respect all of
the Banks other than the Non-QII Bank (such Banks, the “QII Banks”) exceeds the total
outstanding Loans of the Non-QII Bank as of such date, each of the Borrowers shall be deemed to
have made a Base Rate Borrowing for the amount of such outstanding Commitments necessary to pay in
full the total outstanding Loans of the Non-QII Bank (and each of the Borrowers shall be deemed to
have timely given a Notice of Borrowing pursuant to Section 2.2 and all other conditions to
such Borrowing shall be deemed waived or satisfied) (unless any Bank has previously advised
Administrative Agent and Borrower that it is unable to make a Base Rate Loan and such notice has
not been withdrawn, in which event each of the Borrowers shall be deemed to have made a Yen LIBOR
Borrowing with an Interest Period of 7 days (provided if such Interest Period is not available from
all Banks, such Borrower shall be deemed to have elected an Interest Period of 30 days) for the
amount of such outstanding Commitments necessary to pay in full the total outstanding Loans of the
Non-QII Bank (and each of the Borrowers shall be deemed to have timely given a Notice of Borrowing
pursuant to Section 2.2 and all other conditions to such Borrowing shall be deemed waived
or satisfied)). Such Borrowings shall be used to pay the Non-QII Bank’s Loans in full. Upon
payment in full of the Loans of the Non-QII Bank, the Non-QII Bank shall cease to be a Bank
hereunder.

     (d) In the event Administrative Agent is unable to cause the assignment of the Non-QII Bank’s
rights and obligations under this Agreement, the Notes and the other Loan Documents, and the total
outstanding Loans of the Non-QII Bank exceed the total amount of Commitments outstanding with
respect all of the QII Banks as of such date, each of the Borrowers shall be deemed to have made a
Base Rate Borrowing for the total amount of such outstanding Commitments (and each of the Borrowers
shall be deemed to have timely given a Notice of Borrowing pursuant to Section 2.2 and all
other conditions to such Borrowing shall be deemed waived or satisfied) (unless any Bank has
previously advised Administrative Agent and Borrower that it is unable to make a Base Rate Loan and
such notice has not been withdrawn, in which event each of the Borrowers shall be deemed to have
made a Yen LIBOR Borrowing with an Interest Period of 7 days (provided if such Interest Period is
not available from all Banks, such Borrower shall be deemed to have elected an Interest Period of
30 days) for the total amount of such outstanding Commitments (and each of the Borrowers shall be
deemed to have timely given a Notice of Borrowing pursuant to Section 2.2 and all other
conditions to such Borrowing shall be deemed waived or satisfied)). Such Borrowings shall be
applied toward the payment of the Non-QII Bank’s Loans and Prologis shall pay the balance of the
Non-QII Bank’s Loans to the extent Prologis has funds available. To the extent Prologis does not
have funds available to pay the balance of the Non-QII Bank’s Loans, Administrative Agent and the
Banks shall use reasonable efforts in accordance with applicable laws to reallocate among the
Borrowers the remaining outstanding Loans of the Non-QII Bank in such a manner as to minimize the
tax liability to the Loan Parties. Upon payment in full of the Loans of the Non-QII Bank, the
Non-QII Bank shall cease to be a Bank hereunder.

     (e) Notwithstanding anything to the contrary contained herein, Prologis shall have the right
at any time to pay in full the Loans of any Non-QII Bank.

     Section 9.18 USA Patriot Act. Each Bank hereby notifies each Borrower that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Act”), it is required to obtain, verify and record information that identifies
the

98

 

Loan Parties, which information includes the name and address of each Loan Party and other
information that will allow such Bank to identify each Loan Party in accordance with the Act.

     Section 9.19 OFAC List.

     (a) The Guarantors certify to Administrative Agent and each Bank that neither they nor any
Borrower has been designated as a “specially designated national and blocked person” on the most
current list published by the U.S. Treasury Department Office of Foreign Assets Control at its
official website, http://www.treas.gov/ofac/t11sdn.pdf or at any replacement website or
other replacement official publication of such list (the “OFAC List”). Upon the request of
Administrative Agent given at reasonable intervals, each Guarantor will update the foregoing
information.

     (b) Each of Administrative Agent and each Bank certify to the Guarantors and each Borrower
that it has not been designated as a “specially designated national and blocked person” on the OFAC
list. Upon the request of any Guarantor or Borrower given at reasonable intervals, Administrative
Agent or any Bank will update the foregoing information.

99

 

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

INITIAL BORROWER:

AMB JAPAN FINANCE Y.K.,

a Japan tokurei yugen kaisha

Sanno Park Tower

11-1 Nagatacho 2-chome

Chiyoda-ku, Tokyo

Michael Augustus Evans

Director

 

 

	 	 	 	 	 
	 	GUARANTORS:	 
	 	 	 	 	 
	 	PROLOGIS, L.P., (f/k/a
AMB Property, L.P.), a Delaware limited partnership	 
	 	 	 
	 	By:	PROLOGIS, INC., (f/k/a AMB Property Corporation),
a Maryland corporation and its sole general partner	 
	 	 
	 	By: 	/s/ Phillip D. Joseph, Jr.
	 
	 	 	Name:  	Phillip D. Joseph, Jr. 	 
	 	 	Title:  	Senior Vice President	 
	 	 
	 	 	PROLOGIS, INC., (f/k/a AMB Property Corporation), a Maryland corporation	 
	 	 
	 	By: 	/s/ Phillip D. Joseph, Jr.
	 
	 	 	Name:  	Phillip D. Joseph, Jr. 	 
	 	 	Title:  	Senior Vice President	 

 

 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION, 
as
Administrative Agent and a Bank

 	 
	 	By: 	/s/ William
G. Karl
	 
	 	 	Name:  	William G. Karl	 
	 	 	Title:  	General Manager	 
	 
	 	 	 
	 	 	 
	 	 	 
	 

102

 

	 	 	 	 	 
	 

	 	THE BANK OF
TOKYO-MITSUBISHI UFJ,
LTD., as Documentation Agent and a Bank
	 
	 	 	 
	 	
	 	By:	/s/
Laurance Bressler
	 	 
	 	Name:	Laurance Bressler
	 	 	 	Title:	Managing Director

 

	 	 	 	 	 
	 

	 	THE BANK OF
NOVA SCOTIA, as
 Documentation Agent and a Bank
	 
	 	 	 
	 	
	 	By:	/s/
Hideo Mine
	 	 
	 	Name:	Hideo Mine
	 	 	 	Title:	Senior Manager

 

	 	 	 	 	 
	 

	 	MIZUHO CORPORATE BANK,
LTD, as
 Documentation Agent and a Bank
	 
	 	 	 
	 	
	 	By:	/s/
Yasuo Imaizumi
	 	 
	 	Name:	Yasuo Imaizumi
	 	 	 	Title:	Deputy General Manager

 

	 	 	 	 	 
	 

	 	CREDIT AGRICOLE CIB, as a Bank
	 
	 	 	 
	 	
	 	By:	/s/ Kunihino Horiba
	 	 
	 	Name:	Kunihino Horiba
	 	 	 	Title:	Managing Director
	 
	 	
	 	By:	/s/
Hiroyuki Ueno
	 	 
	 	Name:	Hiroyuki Ueno
	 	 	 	Title:	Managing Director

 

	 	 	 	 	 
	 

	 	ING BANK N.V., TOKYO
BRANCH, as
Managing Agent and a Bank
	 
	 	 	 
	 	
	 	By:	/s/
Tomomichi Kageyama
	 	 
	 	Name:	Tomomichi Kageyama
	 	 	 	Title:	Director
	 
	 	
	 	By:	/s/
Riko Kikuchi
	 	 
	 	Name:	Riko Kikuchi
	 	 	 	Title:	Director

 

	 	 	 	 	 
	 

	 	UNITED OVERSEAS BANK
LIMITED, LOS
ANGELES AGENCY, as a Bank
	 
	 	 	 
	 	
	 	By:	/s/
Hoong Chen
	 	 
	 	Name:	Hoong Chen
	 	 	 	Title:	Executive Director and General Manager

 

	 	 	 	 	 
	 

	 	BANK OF CHINA
LIMITED, TOKYO
BRANCH, as Managing Agent and a Bank
	 
	 	 	 
	 	
	 	By:	/s/
Lin Si
	 	 
	 	Name:	Lin Si
	 	 	 	Title:	General Manager

 

SCHEDULE 1

	 	 	 	 	 
	Bank	 	Commitment (JPY)
	Sumitomo Mitsui Banking Corporation
	 	 	8,500,000,000	 
	The Bank of Nova Scotia
	 	 	5,500,000,000	 
	Mizuho Corporate Bank, Ltd.
	 	 	5,500,000,000	 
	Bank of Tokyo-Mitsubishi UFJ, Ltd.
	 	 	5,000,000,000	 
	ING Bank N.V.
	 	 	4,000,000,000	 
	Bank of China Limited, Tokyo Branch
	 	 	4,000,000,000	 
	Credit Agricole CIB, Tokyo Branch
	 	 	2,800,000,000	 
	United Overseas Bank Limited, Los Angeles Agency
	 	 	1,200,000,000	 
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	36,500,000,000

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