Document:

exv10w5

 

EXHIBIT 10.5

SENIOR SECURED REVOLVING CREDIT AGREEMENT

DATED AS OF MAY 1, 2006

by and among

REPUBLIC PROPERTY LIMITED PARTNERSHIP,

AS BORROWER,

REPUBLIC PROPERTY TRUST,

AS A GUARANTOR,

KEYBANK NATIONAL ASSOCIATION,

THE OTHER LENDERS WHICH ARE PARTIES TO THIS AGREEMENT

and

OTHER LENDERS THAT MAY BECOME

PARTIES TO THIS AGREEMENT,

KEYBANK NATIONAL ASSOCIATION,

AS AGENT,

KEYBANC CAPITAL MARKETS,

AS SOLE LEAD ARRANGER AND SOLE BOOK MANAGER,

SUNTRUST BANK,

AS SYNDICATION AGENT

AND

CHARTER ONE BANK, N.A.,

AS DOCUMENTATION AGENT

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 	 
	§1.	 	 	DEFINITIONS AND RULES OF INTERPRETATION	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§1.1	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§1.2	 	Rules of Interpretation	 	 	23	 
	 
	 	 	 	 	 	 	 	 	 
	§2.	 	 	THE REVOLVING CREDIT FACILITY	 	 	24	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.1	 	Revolving Credit Loans	 	 	24	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.2	 	Facility Unused Fee	 	 	25	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.3	 	Reduction and Termination of the Commitments	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.4	 	Swing Loan Commitment	 	 	26	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.5	 	Interest on Loans	 	 	28	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.6	 	Requests for Revolving Credit Loans	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.7	 	Funds for Revolving Credit Loans	 	 	29	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.8	 	Use of Proceeds	 	 	30	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.9	 	Letters of Credit	 	 	30	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.10	 	Increase in Total Commitment	 	 	34	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§2.11	 	Extension of Maturity Date	 	 	36	 
	 
	 	 	 	 	 	 	 	 	 
	§3.	 	 	REPAYMENT OF THE LOANS	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§3.1	 	Stated Maturity	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§3.2	 	Mandatory Prepayments	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§3.3	 	Optional Prepayments	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§3.4	 	Partial Prepayments	 	 	37	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	Effect of Prepayments	 	 	38	 
	 
	 	 	 	 	 	 	 	 	 
	§4.	 	 	CERTAIN GENERAL PROVISIONS	 	 	38	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.1	 	Conversion Options	 	 	38	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.2	 	Closing Fee	 	 	39	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.3	 	Agent’s Fee	 	 	39	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.4	 	Funds for Payments	 	 	39	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.5	 	Computations	 	 	40	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.6	 	Suspension of LIBOR Rate Loans	 	 	41	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.7	 	Illegality	 	 	41	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.8	 	Additional Interest	 	 	41	 

i

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.9	 	Additional Costs, Etc.	 	 	42	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.10	 	Capital Adequacy	 	 	43	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.11	 	Breakage Costs	 	 	43	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.12	 	Default Interest; Late Charge	 	 	43	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.13	 	Certificate	 	 	44	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.14	 	Limitation on Interest	 	 	44	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§4.15	 	Certain Provisions Relating to Increased Costs and Non-Funding Lenders	 	 	44	 
	 
	 	 	 	 	 	 	 	 	 
	§5.	 	 	COLLATERAL SECURITY	 	 	45	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§5.1	 	Collateral	 	 	45	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§5.2	 	Appraisals; Adjusted Value	 	 	45	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§5.3	 	Addition of Mortgaged Properties	 	 	46	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§5.4	 	Release of Mortgaged Property	 	 	48	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§5.5	 	Additional Guarantors	 	 	48	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§5.6	 	Release of Certain Subsidiary Guarantors	 	 	49	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§5.7	 	Release of Collateral	 	 	49	 
	 
	 	 	 	 	 	 	 	 	 
	§6.	 	 	REPRESENTATIONS AND WARRANTIES	 	 	 	49	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.1	 	Corporate Authority, Etc.	 	 	49	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.2	 	Governmental Approvals	 	 	50	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.3	 	Title to Properties	 	 	50	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.4	 	Financial Statements	 	 	50	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.5	 	No Material Changes	 	 	51	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.6	 	Franchises, Patents, Copyrights,
Etc.	 	 	51	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.7	 	Litigation	 	 	51	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.8	 	No Material Adverse Contracts, Etc.	 	 	51	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.9	 	Compliance with Other Instruments,
Laws, Etc.	 	 	51	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.10	 	Tax Status	 	 	52	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.11	 	No Event of Default	 	 	52	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.12	 	Investment Company Act	 	 	52	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.13	 	Absence of UCC Financing
Statements, Etc.	 	 	52	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.14	 	Setoff, Etc.	 	 	52	 

ii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.15	 	 Certain Transactions	 	 	52	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.16	 	 Employee Benefit Plans	 	 	53	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.17	 	 Disclosure	 	 	53	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.18	 	 Trade Name; Place of Business	 	 	53	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.19	 	Regulations T, U and X	 	 	54	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.20	 	Environmental Compliance	 	 	54	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.21	 	Subsidiaries; Organizational Structure	 	 	55	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.22	 	Leases	 	 	56	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.23	 	Property	 	 	56	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.24	 	Brokers	 	 	57	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.25	 	Other Debt	 	 	57	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.26	 	Solvency	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.27	 	No Bankruptcy Filing	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.28	 	No Fraudulent Intent	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.29	 	Transaction in Best Interests of Borrower; Consideration	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.30	 	Contribution Agreement	 	 	58	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.31	 	Reaffirmation of Representations	 	 	59	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§6.32	 	OFAC	 	 	59	 
	 
	 	 	 	 	 	 	 	 	 
	§7.	 	 	AFFIRMATIVE COVENANTS	 	 	59	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.1	 	Punctual Payment	 	 	59	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.2	 	Maintenance of Office	 	 	59	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.3	 	Records and Accounts	 	 	59	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.4	 	Financial Statements, Certificates and Information	 	 	60	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.5	 	Notices	 	 	62	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.6	 	Existence; Maintenance of Properties	 	 	64	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.7	 	Insurance; Condemnation	 	 	64	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.8	 	Taxes; Liens	 	 	69	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.9	 	Inspection of Properties and Books	 	 	69	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.10	 	Compliance with Laws, Contracts, Licenses, and Permits	 	 	70	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.11	 	Further Assurances	 	 	70	 

iii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.12	 	Management	 	 	70	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.13	 	Leases of the Property	 	 	70	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.14	 	Business Operations	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.15	 	Registered Servicemark	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.16	 	Ownership of Real Estate	 	 	71	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.17	 	Distributions of Income to the Borrower	 	 	72	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.18	 	Management	 	 	72	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.19	 	Guarantor Restrictions	 	 	72	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.20	 	Plan Assets	 	 	72	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.21	 	More Restrictive Agreements	 	 	72	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§7.22	 	REIT Status	 	 	73	 
	 
	 	 	 	 	 	 	 	 	 
	§8.	 	 	NEGATIVE COVENANTS	 	 	73	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.1	 	Restrictions on Indebtedness	 	 	73	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.2	 	Restrictions on Liens, Etc.	 	 	74	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.3	 	Restrictions on Investments	 	 	75	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.4	 	Merger, Consolidation	 	 	75	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.5	 	Sale and Leaseback	 	 	76	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.6	 	Compliance with Environmental Laws	 	 	76	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.7	 	Distributions	 	 	77	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.8	 	Asset Sales	 	 	78	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.9	 	[Intentionally Omitted.]	 	 	78	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.10	 	Restriction on Prepayment of Indebtedness	 	 	78	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.11	 	Zoning and Contract Changes and Compliance	 	 	78	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.12	 	Derivatives Contracts	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.13	 	Transactions with Affiliates	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§8.14	 	Equity Pledges	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 
	§9.	 	 	FINANCIAL COVENANTS	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§9.1	 	Borrowing Base	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§9.2	 	Consolidated Total Indebtedness to Gross Asset Value	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§9.3	 	Minimum Mortgaged Property Debt Service	 	 	79	 

iv

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§9.4	 	Adjusted Consolidated EBITDA to Consolidated Fixed Charges	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§9.5	 	Minimum Consolidated Tangible Net Worth	 	 	79	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§9.6	 	Borrowing Base Assets	 	 	80	 
	 
	 	 	 	 	 	 	 	 	 
	§10.	 	 	CLOSING CONDITIONS	 	80	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.1	 	Loan Documents	 	 	80	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.2	 	Certified Copies of Organizational Documents	 	 	80	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.3	 	Resolutions	 	 	80	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.4	 	Incumbency Certificate; Authorized Signers	 	 	80	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.5	 	Opinion of Counsel	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.6	 	Payment of Fees	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.7	 	Insurance	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.8	 	Performance; No Default	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.9	 	Representations and Warranties	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.10	 	Proceedings and Documents	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.11	 	Eligible Real Estate Qualification Documents	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.12	 	Compliance Certificate	 	 	81	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.13	 	Appraisals	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.14	 	Consents	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.15	 	Contribution Agreement	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§10.16	 	Other	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	§11.	 	 	CONDITIONS TO ALL BORROWINGS	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§11.1	 	Prior Conditions Satisfied	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§11.2	 	Representations True; No Default	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§11.3	 	Borrowing Documents	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§11.4	 	Endorsement to Title Policy	 	 	82	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§11.5	 	Future Advances Tax Payment	 	 	83	 
	 
	 	 	 	 	 	 	 	 	 
	§12.	 	 	EVENTS OF DEFAULT;
ACCELERATION; ETC.	 	 	83	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§12.1	 	Events of Default and Acceleration	 	 	83	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§12.2	 	Certain Cure Periods; Limitation of Cure Periods	 	 	87	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§12.3	 	Termination of Commitments	 	 	87	 

v

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§12.4	 	Remedies	 	 	87	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§12.5	 	Distribution of Collateral Proceeds	 	 	88	 
	 
	 	 	 	 	 	 	 	 	 
	§13.	 	 	SETOFF	 	 	89	 
	 
	 	 	 	 	 	 	 	 	 
	§14.	 	 	THE AGENT	 	 	89	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.1	 	Authorization	 	 	89	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.2	 	Employees and Agents	 	 	90	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.3	 	No Liability	 	 	90	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.4	 	No Representations	 	 	90	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.5	 	Payments	 	 	91	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.6	 	Holders of Notes	 	 	92	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.7	 	Indemnity	 	 	92	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.8	 	Agent as Lender	 	 	92	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.9	 	Resignation	 	 	92	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.10	 	Duties in the Case of Enforcement	 	 	93	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.11	 	Bankruptcy	 	 	94	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.12	 	Request for Agent Action	 	 	94	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.13	 	Reliance by Agent	 	 	94	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.14	 	Approvals	 	 	95	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§14.15	 	Borrower Not Beneficiary	 	 	95	 
	 
	 	 	 	 	 	 	 	 	 
	§15.	 	 	EXPENSES	 	 	95	 
	 
	 	 	 	 	 	 	 	 	 
	§16.	 	 	INDEMNIFICATION	 	 	96	 
	 
	 	 	 	 	 	 	 	 	 
	§17.	 	 	SURVIVAL OF COVENANTS, ETC.	 	 	97	 
	 
	 	 	 	 	 	 	 	 	 
	§18.	 	 	ASSIGNMENT AND PARTICIPATION	 	 	97	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§18.1	 	Conditions to Assignment by Lenders	 	 	97	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§18.2	 	Register	 	 	98	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§18.3	 	New Notes	 	 	98	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§18.4	 	Participations	 	 	99	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§18.5	 	Pledge by Lender	 	 	99	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§18.6	 	No Assignment by Borrower	 	 	99	 
	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	§18.7	 	Disclosure	 	 	99	 

vi

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	§18.8 Amendments to Loan Documents	 	 	100	 
	 
	 	 	 	 	 	 	 	 
	§19.	 	         NOTICES	 	 	100	 
	 
	 	 	 	 	 	 	 	 
	§20.	 	         RELATIONSHIP	 	 	102	 
	 
	 	 	 	 	 	 	 	 
	§21.	 	         GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE	 	 	102	 
	 
	 	 	 	 	 	 	 	 
	§22.	 	         HEADINGS	 	 	103	 
	 
	 	 	 	 	 	 	 	 
	§23.	 	         COUNTERPARTS	 	 	103	 
	 
	 	 	 	 	 	 	 	 
	§24.	 	         ENTIRE AGREEMENT, ETC.	 	 	103	 
	 
	 	 	 	 	 	 	 	 
	§25.	 	         WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS	 	 	103	 
	 
	 	 	 	 	 	 	 	 
	§26.	 	         DEALINGS WITH THE BORROWER	 	 	104	 
	 
	 	 	 	 	 	 	 	 
	§27.	 	         CONSENTS, AMENDMENTS, WAIVERS, ETC.	 	 	104	 
	 
	 	 	 	 	 	 	 	 
	§28.	 	         SEVERABILITY	 	 	105	 
	 
	 	 	 	 	 	 	 	 
	§29.	 	         TIME OF THE ESSENCE	 	 	105	 
	 
	 	 	 	 	 	 	 	 
	§30.	 	         NO UNWRITTEN AGREEMENTS	 	 	105	 
	 
	 	 	 	 	 	 	 	 
	§31.	 	         REPLACEMENT NOTES	 	 	105	 
	 
	 	 	 	 	 	 	 	 
	§32.	 	         NO THIRD PARTIES BENEFITED	 	 	105	 
	 
	 	 	 	 	 	 	 	 
	§33.	 	         PATRIOT ACT	 	 	106	 
	 
	 	 	 	 	 	 	 	 
	§34.	 	         AMENDMENT AND RESTATEMENT OF ORIGINAL LOAN AGREEMENT	 	 	106	 

vii

 

EXHIBITS AND SCHEDULES

	 	 	 
	Exhibit A

	 	FORM OF REVOLVING CREDIT NOTE
	 
	 	 
	Exhibit B

	 	FORM OF SWING LOAN NOTE
	 
	 	 
	Exhibit C

	 	FORM OF ASSIGNMENT OF LEASES AND RENTS
	 
	 	 
	Exhibit D

	 	FORM OF JOINDER AGREEMENT
	 
	 	 
	Exhibit E

	 	FORM OF INDEMNITY AGREEMENT REGARDING HAZARDOUS MATERIALS
	 
	 	 
	Exhibit F

	 	FORM OF MORTGAGE
	 
	 	 
	Exhibit G

	 	FORM OF REQUEST FOR REVOLVING CREDIT LOAN
	 
	 	 
	Exhibit H

	 	FORM OF LETTER OF CREDIT REQUEST
	 
	 	 
	Exhibit I

	 	FORM OF BORROWING BASE CERTIFICATE
	 
	 	 
	Exhibit J

	 	FORM OF COMPLIANCE CERTIFICATE
	 
	 	 
	Exhibit K

	 	FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT
	 
	 	 
	Exhibit L

	 	FORM OF LETTER OF CREDIT APPLICATION
	 
	 	 
	Schedule 1

	 	LENDERS AND COMMITMENTS
	 
	 	 
	Schedule 1.2

	 	ELIGIBLE REAL ESTATE QUALIFICATION DOCUMENTS
	 
	 	 
	Schedule 6.3

	 	LIST OF ALL ENCUMBRANCES ON ASSETS
	 
	 	 
	Schedule 6.5

	 	NO MATERIAL CHANGES
	 
	 	 
	Schedule 6.7

	 	PENDING LITIGATION
	 
	 	 
	Schedule 6.15

	 	CERTAIN TRANSACTIONS
	 
	 	 
	Schedule 6.20

	 	ENVIRONMENTAL RELEASES
	 
	 	 
	Schedule 6.20(d)

	 	REQUIRED ENVIRONMENTAL ACTIONS
	 
	 	 
	Schedule 6.21(a)

	 	BORROWER SUBSIDIARIES
	 
	 	 
	Schedule 6.21(b)

	 	UNCONSOLIDATED AFFILIATES OF THE BORROWER AND ITS

SUBSIDIARIES

viii

 

	 	 	 
	Schedule 6.22

	 	MONETARY DEFAULTS UNDER LEASES SET FORTH IN RENT ROLL
	 
	 	 
	Schedule 6.23

	 	MANAGEMENT MATERIAL AGREEMENTS
	 
	 	 
	Schedule 6.25

	 	LOAN AGREEMENTS
	 
	 	 
	Schedule 7.19

	 	RPB ASSETS
	 
	 	 
	Schedule 34

	 	TERMINATED LOAN DOCUMENTS

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SENIOR SECURED REVOLVING CREDIT AGREEMENT

     THIS SENIOR SECURED REVOLVING CREDIT AGREEMENT (this “Agreement”) is made as of the 1st day of
May, 2006, by and among REPUBLIC PROPERTY LIMITED PARTNERSHIP, a Delaware limited partnership
(“Borrower”), REPUBLIC PROPERTY TRUST, a Maryland real estate investment trust (“RPB”), KEYBANK
NATIONAL ASSOCIATION (“KeyBank”), the other lending institutions which are parties to this
Agreement as “Lenders”, and the other lending institutions that may become parties hereto pursuant
to §18 (together with KeyBank, the “Lenders”), and KEYBANK NATIONAL ASSOCIATION, as Agent for the
Lenders (the “Agent”), and KEYBANC CAPITAL MARKETS, as Sole Lead Arranger and Sole Book Manager.

RECITALS

     WHEREAS, Borrower has requested that the Lenders provide a revolving credit facility to
Borrower; and

     WHEREAS, the Agent and the Lenders are willing to provide such revolving credit facility to
Borrower on and subject to the terms and conditions set forth herein;

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

§1. DEFINITIONS AND RULES OF INTERPRETATION.

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

          Additional Commitment Request Notice. See §2.10(a).

          Additional Guarantor. Each additional Subsidiary of Borrower which becomes a
Guarantor pursuant to §5.5.

          Adjusted Consolidated EBITDA. On any date of determination, the sum of (a) the
Consolidated EBITDA for the two (2) fiscal quarters most recently ended less (b) the
Capital Improvement Reserve for such period.

          Affiliate. An Affiliate, as applied to any Person, shall mean any other Person
directly or indirectly controlling, controlled by, or 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
(a) the possession, directly or indirectly, of the power to vote twenty percent (20%) or more of
the stock, shares, voting trust certificates, beneficial interest, partnership interests, member
interests or other interests having voting power for the election of directors of such Person or
otherwise to direct or cause the direction of the management and policies of that Person, whether
through the ownership of voting securities or by contract or otherwise, or (b) the ownership of (i)
a general partnership interest, (ii) a managing member’s or manager’s interest in a limited
liability company or (iii) a limited partnership interest or preferred stock (or other

 

 

ownership interest) representing twenty percent (20%) or more of the outstanding limited
partnership interests, preferred stock or other ownership interests of such Person.

          Agent. KeyBank National Association, acting as administrative agent for the Lenders,
and its successors and assigns.

          Agent’s Head Office. The Agent’s head office located at 127 Public Square, Cleveland,
Ohio 44114-1306, or at such other location as the Agent may designate from time to time by notice
to the Borrower and the Lenders.

          Agent’s Special Counsel. McKenna Long & Aldridge LLP or such other counsel as
selected by Agent.

          Agreement. This Senior Secured Revolving Credit Agreement, including the
Schedules and Exhibits hereto.

          Agreement Regarding Fees. See §4.2.

          Applicable Margin. On any date, the Applicable Margin set forth below based on the
ratio of the Consolidated Total Indebtedness of Borrower to the Gross Asset Value of Borrower:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Revolving	 	 
	 	 	 	 	Credit	 	 
	 	 	 	 	LIBOR Rate	 	Base Rate
	Pricing Level	 	Ratio	 	Loans	 	Loans
	Pricing Level 1
	 	Less than or equal to 50%	 	 	1.15	%	 	 	0.00	%
	 
	Pricing Level 2
	 	Greater than 50% but less than or equal to 55%	 	 	1.25	%	 	 	0.00	%
	 
	Pricing Level 3
	 	Greater than 55% but less than or equal to 60%	 	 	1.40	%	 	 	0.00	%
	 
	Pricing Level 4
	 	Greater than 60% but less than or equal to 65%	 	 	1.55	%	 	 	0.25	%
	 
	Pricing Level 5
	 	Greater than 65%	 	 	1.90	%	 	 	0.50	%

The initial Applicable Margin shall be at Pricing Level 2. The Applicable Margin shall not be
adjusted based upon such ratio, if at all, until the first (1st) day of the first
(1st) month following the delivery by RPB to the Agent of the Compliance Certificate at
the end of a calendar quarter. In the event that RPB shall fail to deliver to the Agent a
quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting
any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin shall be
at Pricing Level 5 until such failure is cured within any applicable cure period, in which event
the Applicable Margin shall

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adjust, if necessary, on the first (1st) day of the first (1st) month
following receipt of such Compliance Certificate.

          Appraisal. An MAI appraisal of the value of a parcel of Real Estate, determined on an
“as-is” market value basis, performed by an independent appraiser selected by the Agent who is not
an employee of the Borrower, the Guarantors or any of their Subsidiaries, the Agent or a Lender,
the form and substance of such appraisal and the identity of the appraiser to be in compliance with
the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended, the rules and
regulations adopted pursuant thereto and all other regulatory laws and policies (both regulatory
and internal) applicable to the Lenders and otherwise acceptable to the Agent.

          Appraised Value. The “as-is” market value of a parcel of Mortgaged Property as
reflected in the then-most recent Appraisal of such Mortgaged Property, obtained pursuant to §2.11,
§5.2 or §10.13; subject, however, to such reasonable adjustments to the value determined thereby as
may be required by the appraisal department of the Agent in its good faith business judgment based
on criteria and factors then generally used and considered by the Agent in determining the value of
similar properties, which review shall be conducted prior to acceptance of such Appraisal by the
Agent.

          Arranger. KeyBanc Capital Markets or any successor.

          Assignment and Acceptance Agreement. See §18.1.

          Assignment of Leases and Rents. Each of the assignments of leases and rents from the
Borrower or a Subsidiary Guarantor to the Agent, as it may be modified or amended, pursuant to
which there shall be assigned to the Agent for the benefit of the Lenders a security interest in
the interest of the Borrower or such Subsidiary Guarantor as lessor with respect to all Leases of
all or any part of each Mortgaged Property, each such assignment entered into after the date hereof
to be substantially in the form of Exhibit C annexed hereto, with such changes thereto as
Agent may require as a result of state law or practice.

          Assignment of Loan Documents. The Assignment and Acceptance dated of even date
herewith from Goldman Sachs Mortgage Company to Agent.

          Authorized Officer. Any of the following Persons: Michael Green, Mark R. Keller and
Gary R. Siegel, and such other Persons as Borrower shall designate in a written notice to Agent.

          Balance Sheet Date. December 31, 2005.

          Bankruptcy Code. Title 11, U.S.C.A., as amended from time to time or any successor
statute thereto.

          Base Rate. The greater of (a) the fluctuating annual rate of interest announced from
time to time by the Agent at the Agent’s Head Office as its “prime rate” or (b) one half of one
percent (0.5%) above the Federal Funds Effective Rate. The Base Rate is a reference rate and does
not necessarily represent the lowest or best rate being charged to any customer. Any

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change in the rate of interest payable hereunder resulting from a change in the Base Rate
shall become effective as of the opening of business on the day on which such change in the Base
Rate becomes effective, without notice or demand of any kind.

          Base Rate Loans. Collectively, the Revolving Credit Base Rate Loans and the Swing
Loans.

          Borrower. As defined in the preamble hereto.

          Borrowing Base. The Borrowing Base for Eligible Real Estate owned by the Borrower or
any Subsidiary Guarantor included in the Mortgaged Property shall be the amount which is sixty-five
percent (65%) of the sum of the Appraised Values of each Mortgaged Property as most recently
determined under §2.11(e), §5.2 or §10.13.

          Breakage Costs. The cost to any Lender of re-employing funds bearing interest at
LIBOR (calculated based on the change in LIBOR) for the balance of an applicable Interest Period
(actual or requested), incurred (or reasonably expected to be incurred) in connection with (i) any
payment of any portion of the Loans bearing interest at LIBOR prior to the termination of any
applicable Interest Period, (ii) the conversion of a Revolving Credit LIBOR Rate Loan to any other
applicable interest rate on a date other than the last day of the relevant Interest Period, or
(iii) the failure of Borrower to draw down, on the first day of the applicable Interest Period, any
amount as to which Borrower has elected a Revolving Credit LIBOR Rate Loan.

          Building. With respect to each Mortgaged Property or parcel of Real Estate, all of
the buildings, structures and improvements now or hereafter located thereon.

          Business Day. Any day on which banking institutions located in the same city and
State as the Agent’s Head Office are located are open for the transaction of banking business and,
in the case of Revolving Credit LIBOR Rate Loans, which also is a LIBOR Business Day.

          Capital Improvement Reserve. For any period and with respect to any improved Real
Estate, an amount equal to (a) $0.30 multiplied by the Net Rentable Area in such Real Estate,
multiplied by (b) a fraction, the numerator of which is the number of days in such period and the
denominator of which is 365. If the term Capital Improvement Reserve is used without reference to
any specific Real Estate, then the amount shall be determined on an aggregate basis with respect to
all Real Estate of the Borrower, Guarantors and their Subsidiaries and a proportionate share of all
Real Estate of all Unconsolidated Affiliates.

          Capitalization Rate. For Real Estate located in the District of Columbia, seven
percent (7.00%); for all other Real Estate, seven and three-quarters percent (7.75%).

          Capitalized Lease. A lease under which the discounted future rental payment
obligations of the lessee or the obligor are required to be capitalized on the balance sheet of
such Person in accordance with GAAP.

          Cash Equivalents. As of any date, (i) securities issued or directly and fully
guaranteed or insured by the United States government or any agency or instrumentality thereof
having maturities of not more than one year from such date, (ii) time deposits and certificates of

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deposits having maturities of not more than one year from such date and issued by any domestic
commercial bank having, (A) senior long term unsecured debt rated at least A or the equivalent
thereof by S&P or A2 or the equivalent thereof by Moody’s and (B) capital and surplus in excess of
$100,000,000.00; provided, however, that funds up to $5,000,000.00 may be deposited
in EagleBank, Maryland, notwithstanding that it may not satisfy (A) and (B) above provided that
EagleBank, Maryland is rated “well capitalized”, (iii) commercial paper rated at least A-1 or the
equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s and in either case maturing
within one hundred twenty (120) days from such date, and (iv) shares of any money market mutual
fund rated at least AAA or the equivalent thereof by S&P or at least Aaa or the equivalent thereof
by Moody’s.

          CERCLA. See §6.20.

          Change of Control. A Change of Control shall exist upon the occurrence of any of the
following:

          (a) any Person (including a Person’s Affiliates and associates) or group (as that term is
understood under Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and the rules and regulations thereunder) shall have acquired beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act) of a percentage (based on voting power, in the
event different classes of stock shall have different voting powers) of the voting stock of RPB
equal to at least twenty percent (20%) (or with respect to Richard Kramer and Steven Grigg and
their Affiliates, an aggregate of at least forty percent (40%));

          (b) as of any date a majority of the Board of Directors or Trustees (the “Board”) of RPB
consists of individuals who were not either (i) directors or trustees of RPB as of the
corresponding date of the previous year, or (ii) selected or nominated to become directors or
trustees by the Corporate Governance and Nominating Committee of RPB, which is comprised solely of
independent directors, as required by the New York Stock Exchange, and approved by a majority of
the Board of RPB, which majority consisted of individuals described in clause (b)(i) above, or
(iii) selected or nominated to become directors or trustees by the Corporate Governance and
Nominating Committee of RPB and approved by a majority of the Board of RPB, which majority
consisted of individuals described in clause (b)(i) above and individuals described in clause
(b)(ii), above (excluding, in the case of both clause (ii) and (iii) above, any individual whose
initial nomination for, or assumption of office as, a member of the Board occurs as a result of an
actual or threatened solicitation of proxies or consents for the election or removal of one or more
directors or trustees by any Person or group other than a solicitation for the election of one or
more directors or trustees by or on behalf of the Board); or

          (c) the Borrower or RPB consolidates with, is acquired by, or merges into or with any Person
(other than a merger permitted by §8.4); or

          (d) RPB fails to own, directly, at least fifty-one percent (51%) of the economic, voting and
beneficial interests in Borrower; or

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          (e) RPB shall fail to be the sole general partner of Borrower, shall fail to own such general
partnership interest in Borrower free of any lien, encumbrance or other adverse claim, or shall
fail to control the management and policies of Borrower; or

          (f) Borrower fails to own directly or indirectly, free of any lien, encumbrance or other
adverse claim, at least one hundred percent (100%) of the economic, voting and beneficial interest
of each Subsidiary Guarantor (unless such Subsidiary Guarantor or the Mortgaged Property owned by
such Subsidiary Guarantor is sold or otherwise disposed of in accordance with the terms of the Loan
Documents); or

          (g) Mark R. Keller shall cease to be the Chief Executive Officer of RPB and a competent and
experienced successor Chief Executive Officer shall not be reasonably approved by the Majority
Lenders within six (6) months of such event.

          Closing Date. The first date on which all of the conditions set forth in §10 and §11
have been satisfied.

          Code. The Internal Revenue Code of 1986, as amended.

          Collateral. All of the property, rights and interests of the Borrower and each
Guarantor which are subject to the security interests, security title, liens and mortgages created
by the Security Documents, including, without limitation, the Mortgaged Properties, and the
Guaranty.

          Commitment. With respect to each Lender, the amount set forth on Schedule 1
hereto as the amount of such Lender’s Commitment to make or maintain Loans (other than Swing Loans)
to the Borrower, to participate in Letters of Credit for the account of the Borrower and to
participate in Swing Loans to the Borrower, as the same may be changed from time to time in
accordance with the terms of this Agreement.

          Commitment Increase. An increase in the Total Commitment to not more than
$250,000,000.00 pursuant to §2.10.

          Commitment Increase Date. See §2.10(a).

          Commitment Percentage. With respect to each Lender, the percentage set forth on
Schedule 1 hereto as such Lender’s percentage of the Total Commitment, as the same may be
changed from time to time in accordance with the terms of this Agreement; provided that if the
Commitments of the Lenders have been terminated as provided in this Agreement, then the Commitment
of each Lender shall be determined based on the Commitment Percentage of such Lender immediately
prior to such termination and after giving effect to any subsequent assignments made pursuant to
the terms hereof.

          Compliance Certificate. See §7.4(c).

          Condemnation Proceeds. All compensation, awards, damages, judgments and proceeds
awarded to the Borrower or a Subsidiary Guarantor by reason of any Taking, net of all reasonable
and customary amounts actually expended to collect the same.

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          Consolidated. With reference to any term defined herein, that term as applied to the
accounts of a Person and its Subsidiaries, determined on a consolidated basis in accordance with
GAAP.

          Consolidated EBITDA. With respect to any period, an amount equal to the EBITDA of
Borrower and its Subsidiaries for such period determined on a Consolidated basis.

          Consolidated Fixed Charges. For any period, the sum of (a) Consolidated Interest
Expense for such period, plus (b) all regularly scheduled principal payments made with
respect to Indebtedness of RPB, the Borrower and its Subsidiaries during such period, other than
any balloon, bullet or similar principal payment which repays such Indebtedness in full,
plus (c) all Preferred Distributions paid during such period. Such Person’s Equity
Percentage in the Fixed Charges of its Unconsolidated Affiliates shall be included in the
determination of Fixed Charges.

          Consolidated Interest Expense. For any period, without duplication, (a) total
Interest Expense of RPB, the Borrower and its Subsidiaries determined on a consolidated basis in
accordance with GAAP for such period, plus (b) such Person’s Equity Percentage of Interest
Expense of its Unconsolidated Affiliates for such period.

          Consolidated Tangible Net Worth. The amount by which Gross Asset Value exceeds
Consolidated Total Indebtedness.

          Consolidated Total Indebtedness. All Indebtedness of RPB, the Borrower and its
Subsidiaries determined on a consolidated basis and shall include (without duplication), such
Person’s Equity Percentage of the Indebtedness of its Unconsolidated Affiliates.

          Construction in Progress. On a consolidated basis for Borrower and its Subsidiaries,
the sum of all cash expenditures for land and improvements (including indirect costs internally
allocated and development costs) in accordance with GAAP on properties that are under construction
or with respect to which construction is reasonably scheduled to commence within twelve (12) months
of the relevant determination. For the purposes of calculating Construction in Progress of
Borrower and its Subsidiaries with respect to properties under construction of Unconsolidated
Affiliates, the Construction in Progress of Borrower and its Subsidiaries shall be the lesser of
(a) the Investment of Borrower or its Subsidiary in the applicable Unconsolidated Affiliate or (b)
the Borrower’s or such Subsidiary’s pro rata share (based upon the Equity Percentage of such Person
in such Unconsolidated Affiliate) of such Unconsolidated Affiliate’s Construction in Progress.

          Contribution Agreement. That certain Contribution Agreement dated of even date
herewith among the Borrower, the Guarantors and each Additional Guarantor which may hereafter
become a party thereto, as the same may be modified, amended or ratified from time to time.

          Conversion/Continuation Request. A notice given by the Borrower to the Agent of its
election to convert or continue a Loan in accordance with §4.1.

          Debt Offering. The issuance and sale by the Borrower or any Guarantor of any debt
securities of the Borrower or such Guarantor.

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          Default. See §12.1.

          Default Rate. See §4.12.

          Delinquent Lender. See §14.5(c).

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

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

          Distribution. Any (a) dividend or other distribution, direct or indirect, on account
of any Equity Interest of RPB, the Borrower, or any of their respective Subsidiaries now or
hereafter outstanding, except a dividend payable solely in Equity Interests of identical class to
the holders of that class; (b) redemption, conversion, exchange, retirement, sinking fund or
similar payment, purchase or other acquisition for value, direct or indirect, of any Equity
Interest of RPB, the Borrower or any of their respective Subsidiaries now or hereafter outstanding;
and (c) payment made to retire, or to obtain the surrender of, any outstanding warrants, options or
other rights to acquire any Equity Interests of RPB, the Borrower, or any of their respective
Subsidiaries now or hereafter outstanding.

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

          Domestic Lending Office. Initially, the office of each Lender designated as such on
Schedule 1 hereto; thereafter, such other office of such Lender, if any, located within the
United States that will be making or maintaining Base Rate Loans.

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          Drawdown Date. The date on which any Loan is made or is to be made, and the date on
which any Loan which is made prior to the Maturity Date is converted in accordance with §4.1.

          EBITDA. With respect to a Person for any period (without duplication): (a) net income
(or loss) of such Person for such period determined on a consolidated basis (prior to any impact of
adjustments for minority interests in such Person) in accordance with GAAP, exclusive of the
following (but only to the extent included in the determination of such net income (loss)): (i)
depreciation and amortization expense; (ii) Interest Expense; (iii) income tax expense; and (iv)
extraordinary or non-recurring gains and losses; plus (b) such Person’s pro rata share of EBITDA of
its Unconsolidated Affiliates. EBITDA shall be adjusted to remove any impact from straight line
rent leveling adjustments required under GAAP and amortization of all intangibles, without
duplication, pursuant to FAS 141, as issued by the Financial Accounting Standards Board in June of
2001.

          Eligible Real Estate. Real Estate:

          (a) which is wholly-owned in fee (or a ground lease acceptable to the Agent in its reasonable
discretion) by the Borrower or a Subsidiary Guarantor;

          (b) which is located within the contiguous 48 States of the continental United States or the
District of Columbia, excluding those States which prescribe a “single-action” or similar rule
limiting the rights of creditors secured by real property, which exclusion shall apply, without
limitation, to the States of California and Washington except to the extent such exclusion is
waived in writing by the Required Lenders with respect to a specific parcel of Real Estate;

          (c) which is improved by an income-producing office property;

          (d) as to which all of the representations set forth in §6 of this Agreement concerning
Mortgaged Property are true and correct;

          (e) as to which the Agent and the Required Lenders, as applicable, have received and approved
all Eligible Real Estate Qualification Documents, or will receive and approve them prior to
inclusion of such Real Estate as a Mortgaged Property; and

          (f) as to which, notwithstanding anything to the contrary contained herein, but subject to the
last sentence of §5.3(a), the Agent and the Required Lenders have approved for inclusion in the
Borrowing Base.

          Eligible Real Estate Qualification Documents. See Schedule 1.2 attached
hereto.

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

          Environmental Engineer. ATC Associates, Inc., EMG or another firm of independent
professional engineers or other scientists generally recognized as expert in the

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detection, analysis and remediation of Hazardous Substances and related environmental matters
and acceptable to the Agent in its reasonable discretion.

          Environmental Laws. As defined in the Indemnity Agreements.

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

          Equity Offering. The issuance and sale after the Closing Date by RPB, the Borrower or
any Subsidiary of Borrower of any equity securities of such Person.

          Equity Percentage. The aggregate ownership percentage of the Borrower, the other
Guarantors or their respective Subsidiaries in each Unconsolidated Affiliate.

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

          ERISA Affiliate. Any Person which is treated as a single employer with the Borrower,
the Guarantors or their respective Subsidiaries under §414 of the Code.

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

          Event of Default. See §12.1.

          Federal Funds Effective Rate. For any day, the rate per annum (rounded upward to the
nearest one-hundredth of one percent (1/100 of 1%)) announced by the Federal Reserve Bank of
Cleveland on such day as being the weighted average of the rates on overnight federal funds
transactions arranged by federal funds brokers on the previous trading day, as computed and
announced by such Federal Reserve Bank in substantially the same manner as such Federal Reserve
Bank computes and announces the weighted average it refers to as the “Federal Funds Effective
Rate.”

          Funds from Operations. With respect to any Person for any period, an amount equal to
the Net Income (or Loss) of such Person for such period, computed in accordance with GAAP,
excluding gains (or losses) from extraordinary items or non-recurring gains or losses (but
including gains or losses on sales of Real Estate in the ordinary course of business, e.g. build to
suits), plus real estate depreciation and amortization, and after adjustments for unconsolidated

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partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint
ventures will be recalculated to reflect funds from operations on the same basis.

          GAAP. Principles that are (a) consistent with the principles promulgated or adopted
by the Financial Accounting Standards Board and its predecessors, as in effect from time to time
and (b) consistently applied with past financial statements of the Person adopting the same
principles.

          Gross Asset Value. On a consolidated basis for the Borrower and its Subsidiaries,
Gross Asset Value shall mean the sum of (without duplication with respect to any Real Estate):

               (i) with respect to any Real Estate owned by the Borrower or any of its Subsidiaries as of the
Closing Date (excluding any Real Estate included within clauses (iii) or (v) of this definition),
an amount equal to the product of (x) the Net Operating Income attributable to such Real Estate for
the period of the two (2) consecutive calendar quarters just ended prior to the date of
determination times (y) two (2) (which is the annualization factor) divided by (z) the applicable
Capitalization Rate; plus

               (ii) with respect to any Real Estate acquired by the Borrower or any of its Subsidiaries after
the Closing Date (excluding any Real Estate included within clauses (iii) or (v) of this
definition), the lesser of (x) the acquisition cost of such Real Estate determined in accordance
with GAAP and (y) (A) the Net Operating Income attributable to such Real Estate for the period of
the two (2) calendar quarters just ended prior to the date of determination times (B) two (2)
(which is the annualization factor) divided by (C) 6.50% (which is the capitalization rate) (the
calculation pursuant to this clause (ii) shall, with respect to any Real Estate, be performed only
once at the time of acquisition of such Real Estate); plus

               (iii) Construction in Progress as of the date of determination, until, as to each parcel of
Real Estate included in Construction in Progress, the earlier of (x) the one (1) year anniversary
date of the issuance of a temporary or permanent certificate of occupancy (whichever occurs first)
for such Real Estate and (y) the first day of the first calendar quarter after such Real Estate
achieves eighty-five percent (85%) occupancy by tenants paying rent under executed leases; plus

               (iv) the aggregate amount of all Unrestricted Cash and Cash Equivalents of Borrower and its
Subsidiaries as of the date of determination; plus

               (v) the acquisition cost of Land Assets determined in accordance with GAAP.

Gross Asset Value will be adjusted, as appropriate, for acquisitions, dispositions and other
changes to the portfolio during the two (2) calendar quarters most recently ended prior to a date
of determination. All income, expense and value associated with Real Estate disposed of during the
two (2) calendar quarter period most recently ended prior to a date of determination will be
eliminated from calculations. Additionally, without limiting or affecting any other provision
hereof, Gross Asset Value shall not include any income or value associated with Real Estate which
is not operated or intended to be operated principally as an office property (provided such
property may have ancillary supporting retail). Gross Asset Value will be adjusted to include an

11

 

amount equal to the Borrower’s or any of its Subsidiaries’ pro rata share (based upon such Person’s
Equity Percentage in such Unconsolidated Affiliate) of the Gross Asset Value attributable to any
Real Estate owned by such Unconsolidated Affiliate.

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

          Guarantors. Collectively, RPB, the Subsidiary Guarantors and each Additional
Guarantor, and individually any one of them.

          Guaranty. The Unconditional Guaranty of Payment and Performance dated of even date
herewith made by RPB, and the Subsidiary Guarantors in favor of the Agent and the Lenders, as the
same may be modified, amended or ratified, such Guaranty to be in form and substance satisfactory
to the Agent.

          Hazardous Substances. As defined in the Indemnity Agreements.

          Implied Debt Service. On any date of determination, an amount equal to the annual
principal and interest payment sufficient to amortize in full during a thirty (30) year period, a
loan in an amount equal to the sum of the aggregate principal balance of Loans and Letters of
Credit Liabilities as of such date, calculated using an interest rate equal to one and one half
percent (1.5%) plus the greater of (a) the then current annual yield on ten (10) year obligations
issued by the United States Treasury most recently prior to the date of determination as determined
by the Agent and (b) five percent (5.0%).

          Increase Notice. See §2.10(a).

          Indebtedness. With respect to a Person, at the time of computation thereof, all of
the following (without duplication): (a) all obligations of such Person in respect of money
borrowed (other than trade debt incurred in the ordinary course of business which is not more than
one hundred eighty (180) days past due); (b) all obligations of such Person, whether or not for
money borrowed (i) represented by notes payable, or drafts accepted, in each case representing
extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii)
constituting purchase money indebtedness, conditional sales contracts, title retention debt
instruments or other similar instruments, upon which interest charges are customarily paid or that
are issued or assumed as full or partial payment for property or services rendered; (c) obligation
of such Person as a lessee or obligor under a Capitalized Lease; (d) all reimbursement obligations
of such Person under any letters of credit or acceptances (whether or not the same have been
presented for payment); (e) all Off-Balance Sheet Obligations of such Person; (f) all obligations
of such Person in respect of any purchase obligation, repurchase obligation, takeout commitment or
forward equity commitment, in each case evidenced by a binding agreement (excluding any such
obligation to the extent the obligation can be satisfied by the issuance of Equity Interests), (g)
net obligations under any Derivatives Contract not entered into as a hedge against existing
Indebtedness, in an amount equal to the Derivatives Termination Value thereof; (h) all Indebtedness
of other Persons which such Person has guaranteed or is

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otherwise recourse to such Person (except for guaranties of customary exceptions for fraud,
misapplication of funds, environmental indemnities, violation of “special purpose entity”
covenants, and other similar exceptions to recourse liability until a claim is made with respect
thereto, and then shall be included only to the extent of the amount of such claim), including
liability of a general partner in respect of liabilities of a partnership in which it is a general
partner which would constitute “Indebtedness” hereunder, any obligation to supply funds to or in
any manner to invest directly or indirectly in a Person, to maintain working capital or equity
capital of a Person or otherwise to maintain net worth, solvency or other financial condition of a
Person, to purchase indebtedness, or to assure the owner of indebtedness against loss, including,
without limitation, through an agreement to purchase property, securities, goods, supplies or
services for the purpose of enabling the debtor to make payment of the indebtedness held by such
owner or otherwise; (i) all Indebtedness of another Person secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on
property or assets owned by such Person, even though such Person has not assumed or become liable
for the payment of such Indebtedness or other payment obligation; and (j) such Person’s pro rata
share of the Indebtedness (based upon its Equity Percentage in such Unconsolidated Affiliates) of
any Unconsolidated Affiliate of such Person. “Indebtedness” shall be adjusted to remove any impact
of intangibles pursuant to FAS 141, as issued by the Financial Accounting Standards Board in June
of 2001.

          Indemnity Agreements. Each of the Indemnity Agreements Regarding Hazardous Materials
now or hereafter made by the Borrower and Guarantors in favor of the Agent and the Lenders, as the
same may be modified, amended or ratified, pursuant to which the Borrower and each Guarantor agree
to indemnify the Agent and the Lenders with respect to Hazardous Substances and Environmental Laws,
each such agreement entered into after the date hereof to be substantially in the form of
Exhibit E annexed hereto.

          Insurance Proceeds. All insurance proceeds, damages and claims and the right thereto
under any insurance policies relating to any portion of any Collateral, net of all reasonable and
customary amounts actually expended to collect the same.

          Interest Expense. For any period, without duplication, (a) total interest expense
incurred (both expensed and capitalized) of the Borrower, the Guarantors and their respective
Subsidiaries, including the portion of rents payable under a Capitalized Lease allocable to
interest expense in accordance with GAAP (but excluding capitalized interest funded under a
construction loan interest reserve account), determined on a consolidated basis in accordance with
GAAP for such period, plus (b) the Borrower’s, the Guarantors’ and their respective Subsidiaries’
Equity Percentage of Interest Expense of their Unconsolidated Affiliates for such period.

          Interest Payment Date. As to each Loan, the tenth (10th) day of each calendar month
during the term of such Loan.

          Interest Period. With respect to each Revolving Credit LIBOR Rate Loan (a) initially,
the period commencing on the Drawdown Date of such Revolving Credit LIBOR Rate Loan and ending one,
two, three or six months thereafter (provided, however, until the completion of the
syndication of the Loan as determined by Agent, the interest period for any

13

 

Revolving Credit LIBOR Rate Loan shall be one month), and (b) thereafter, each period
commencing on the day following the last day of the next preceding Interest Period applicable to
such Loan and ending on the last day of one of the periods set forth above, as selected by the
Borrower in a Loan Request or Conversion/Continuation Request; provided that all of the
foregoing provisions relating to Interest Periods are subject to the following:

               (i) if any Interest Period with respect to a Revolving Credit LIBOR Rate Loan would otherwise
end on a day that is not a LIBOR Business Day, such Interest Period shall end on the next
succeeding LIBOR Business Day, unless such next succeeding LIBOR Business Day occurs in the next
calendar month, in which case such Interest Period shall end on the next preceding LIBOR Business
Day, as determined conclusively by the Agent in accordance with the then current bank practice in
London;

               (ii) if the Borrower shall fail to give notice as provided in §4.1, the Borrower shall be
deemed to have requested a conversion of the affected Revolving Credit LIBOR Rate Loan to a Base
Rate Loan on the last day of the then current Interest Period with respect thereto;

               (iii) any Interest Period pertaining to a Revolving Credit LIBOR Rate Loan that begins on the
last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Business Day of
the applicable calendar month; and

               (iv) no Interest Period relating to any Revolving Credit LIBOR Rate Loan shall extend beyond
the Maturity Date.

          Investments. With respect to any Person, all shares of capital stock, evidences of
Indebtedness and other securities issued by any other Person and owned by such Person, all loans,
advances, or extensions of credit to, or contributions to the capital of, any other Person, all
purchases of the securities or business or integral part of the business of any other Person and
commitments and options to make such purchases, all interests in real property, and all other
investments; provided, however, that the term “Investment” shall not include (i)
equipment, inventory and other tangible personal property acquired in the ordinary course of
business, or (ii) current trade and customer accounts receivable for services rendered in the
ordinary course of business and payable in accordance with customary trade terms. In determining
the aggregate amount of Investments outstanding at any particular time: (a) there shall be
included as an Investment all interest accrued with respect to Indebtedness constituting an
Investment unless and until such interest is paid; (b) there shall be deducted in respect of each
Investment any amount received as a return of capital; (c) there shall not be deducted in respect
of any Investment any amounts received as earnings on such Investment, whether as dividends,
interest or otherwise, except that accrued interest included as provided in the foregoing clause
(a) may be deducted when paid; and (d) there shall not be deducted in respect of any Investment any
decrease in the value thereof.

          Issuing Lender. KeyBank, in its capacity as the Lender issuing the Letters of Credit
and any successor thereto.

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          Joinder Agreement. The Joinder Agreement with respect to the Guaranty, Contribution
Agreement and Indemnity Agreement to be executed and delivered pursuant to §5.5 by any Additional
Guarantor, such Joinder Agreement to be substantially in the form of Exhibit D hereto.

          KeyBank. As defined in the preamble hereto.

          Land Assets. Land with respect to which the commencement of grading, construction of
improvements (other than improvements that are not material and are temporary in nature) or
infrastructure has not yet commenced and for which no such work is reasonably scheduled to commence
within the following twelve (12) months.

          Lease Summaries. Summaries or abstracts of the material terms of the Leases. Such
Lease Summaries shall be in form and substance reasonably satisfactory to the Agent.

          Leases. Leases, licenses and agreements, whether written or oral, relating to the use
or occupation of space in any Building or of any Real Estate.

          Lenders. KeyBank, the other lending institutions which are party hereto and any other
Person which becomes an assignee of any rights of a Lender pursuant to §18 (but not including any
participant as described in §18).

          Letter of Credit. Any standby letter of credit issued at the request of the Borrower
and for the account of the Borrower in accordance with §2.9.

          Letter of Credit Liabilities. At any time and in respect of any Letter of Credit, the
sum of (a) the maximum face amount of such Letter of Credit plus (b) the aggregate unpaid principal
amount of all drawings made under such Letter of Credit which have not been repaid (including
repayment by a Revolving Credit Loan). For purposes of this Agreement, a Lender (other than the
Lender acting as the Issuing Lender) shall be deemed to hold a Letter of Credit Liability in an
amount equal to its participation interest in the related Letter of Credit under §2.9, and the
Lender acting as the Issuing Lender shall be deemed to hold a Letter of Credit Liability in an
amount equal to its retained interest in the related Letter of Credit after giving effect to the
acquisition by the Lenders other than the Lender acting as the Issuing Lender of their
participation interests under such Section.

          Letter of Credit Request. See §2.9(a).

          LIBOR. For any Revolving Credit LIBOR Rate Loan for any Interest Period, the average
rate (rounded upwards to the nearest 1/16th) as shown in Dow Jones Markets (formerly Telerate)
(Page 3750) at which deposits in U.S. dollars are offered by first class banks in the London
Interbank Market at approximately 11:00 a.m. (London time) on the day that is two (2) LIBOR
Business Days prior to the first day of such Interest Period with a maturity approximately equal to
such Interest Period and in an amount approximately equal to the amount to which such Interest
Period relates, adjusted for reserves and taxes if required by future regulations. If Dow Jones
Markets no longer reports such rate or Agent determines in good faith that the rate so reported no
longer accurately reflects the rate available to Agent in the London Interbank Market, Loans shall
accrue interest at the Base Rate plus the Applicable Margin. For

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any period during which a Reserve Percentage shall apply, LIBOR with respect to Revolving
Credit LIBOR Rate Loans shall be equal to the amount determined above divided by an amount equal to
1 minus the Reserve Percentage.

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

          LIBOR Lending Office. Initially, the office of each Lender designated as such on
Schedule 1 hereto; thereafter, such other office of such Lender, if any, that shall be
making or maintaining Revolving Credit LIBOR Rate Loans.

          Lien. See §8.2.

          Loan Documents. This Agreement, the Notes, the Letter of Credit Request, the Security
Documents and all other documents, instruments or agreements now or hereafter executed or delivered
by or on behalf of the Borrower or any Guarantor in connection with the Loans.

          Loan Request. See §2.6.

          Loan and Loans. An individual loan or the aggregate loans (including a
Revolving Credit Loan (or Loans) and a Swing Loan (or Loans)), as the case may be, to be made by
the Lenders hereunder. All Loans shall be made in Dollars. Amounts drawn under a Letter of Credit
shall also be considered Loans as provided in §2.9(f).

          Major Tenant. A tenant of the Borrower or any Subsidiary Guarantor which leases space
in a Mortgaged Property pursuant to a Lease which entitles it to occupy 10,000 square feet or more.

          Majority Lenders. As of any date, the Lender or Lenders whose aggregate Commitment
Percentage is greater than fifty percent (50%) of the Total Commitment; provided that in
determining said percentage at any given time, all then existing Delinquent Lenders will be
disregarded and excluded and the Commitment Percentages of the Lenders shall be redetermined for
voting purposes only to exclude the Commitment Percentages of such Delinquent Lenders.

          Management Agreements. Agreements, whether written or oral, providing for the
management of the Mortgaged Properties or any of them.

          Material Adverse Effect. A material adverse effect on (a) the business activities,
properties, assets, financial condition or results of operations of RPB, the Borrower and its
Subsidiaries considered as a whole, individually or in the aggregate with other events in excess of
$10,000,000.00 of value; (b) the ability of Borrower or any Guarantor to perform any of its
obligations under the Loan Documents; or (c) the validity or enforceability of any of the Loan
Documents or the rights or remedies of Agent or the Lenders thereunder.

16

 

          Maturity Date. May 1, 2009, as the same may be extended by Borrower as provided in
§2.11, or such earlier date on which the Loans shall become due and payable pursuant to the terms
hereof.

          Moody’s. Moody’s Investor Service, Inc.

          Mortgaged Property or Mortgaged Properties. The Eligible Real Estate owned or leased
pursuant to a ground lease approved by the Agent, by the Borrower or a Subsidiary Guarantor which
is security for the Obligations pursuant to the Mortgages.

          Mortgages. The Mortgages, Deeds to Secure Debt and/or Deeds of Trust from the
Borrower or a Subsidiary Guarantor to the Agent for the benefit of the Lenders (or to trustees
named therein acting on behalf of the Agent for the benefit of the Lenders), as the same may be
modified or amended, pursuant to which the Borrower or a Subsidiary Guarantor has conveyed or
granted a mortgage lien upon or a conveyance in fee simple (or of a leasehold, if applicable) of a
Mortgaged Property as security for the Obligations, each such mortgage entered into after the date
hereof to be substantially in the form of Exhibit F annexed hereto, with such changes
thereto as Agent may require as a result of state law or practice.

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

          Net Income (or Loss). With respect to any Person (or any asset of any Person) for any
period, the net income (or loss) of such Person (or attributable to such asset), determined in
accordance with GAAP.

          Net Offering Proceeds. The gross cash proceeds received by RPB, the Borrower or any
of its Subsidiaries as a result of an Equity Offering less the customary and reasonable
costs, expenses and discounts paid by RPB, Borrower or such Subsidiary in connection therewith.

          Net Operating Income. For any Real Estate and for a given period, an amount equal to
the sum of (a) the rents and other revenues for such Real Estate for such period received in the
ordinary course of business (excluding pre-paid rents and revenues and security deposits except to
the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses
paid or accrued and related to the ownership, operation or maintenance of such Real Estate for such
period, including, but not limited to, taxes, assessments and the like, insurance, utilities,
payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and
administrative expenses (including an appropriate allocation for legal, accounting, advertising,
marketing and other expenses incurred in connection with such Real Estate, but specifically
excluding general overhead expenses of the Borrower and its Subsidiaries and any property
management fees), minus (c) the Capital Improvement Reserve for such Real Estate as of the
end of such period, minus (d) the greater of (i) actual property management expenses of
such Real Estate or (ii) an amount equal to three percent (3.0%) of the gross revenues from such
Real Estate. For purposes of calculating the Net Operating Income of any Real Estate, if such Real
Estate is owned, in whole or in part, by one or more Unconsolidated Affiliates of the Borrower or a
Guarantor, such Net Operating Income of such Unconsolidated Affiliates

17

 

attributable to the Borrower or such Guarantor shall be an amount equal to the Borrower’s or
such Guarantor’s Equity Percentage thereof. Net Operating Income shall be adjusted to remove any
impact from straight line rent leveling adjustments required under GAAP and amortization of all
intangibles, without duplication, pursuant to FAS 141, as issued by the Financial Accounting
Standards Board in June of 2001.

          Net Rentable Area. With respect to any Real Estate, the floor area of any buildings,
structures or improvements available for leasing to tenants determined in accordance with the Rent
Roll for such Real Estate, the manner of such determination to be reasonably consistent for all
Real Estate of the same type unless otherwise approved by the Agent.

          Non-Recourse Exclusions. With respect to any Non-Recourse Indebtedness of any Person,
any usual and customary exclusions from the non-recourse limitations governing such Indebtedness,
including, without limitation, exclusions for claims that (i) are based on fraud, intentional
misrepresentation, misapplication of funds, gross negligence or willful misconduct, (ii) result
from intentional mismanagement of or waste at the Real Property securing such Non-Recourse
Indebtedness, (iii) arise from the presence of Hazardous Substances on the Real Property securing
such Non-Recourse Indebtedness; or (iv) are the result of any unpaid real estate taxes and
assessments (whether contained in a loan agreement, promissory note, indemnity agreement or other
document).

          Non-Recourse Indebtedness. Indebtedness of the Borrower, its Subsidiaries or a
Unconsolidated Affiliate which is secured by one or more parcels of Real Estate (other than a
Mortgaged Property) or interests therein and which is not a general obligation of the Borrower or
such Subsidiary or Unconsolidated Affiliate, the holder of such Indebtedness having recourse solely
to the parcels of Real Estate, or interests therein, securing such Indebtedness, the leases thereon
and the rents, profits and equity thereof (except for recourse against the general credit of the
Borrower or its Subsidiaries or an Unconsolidated Affiliate for any Non-Recourse Exclusions),
provided that in calculating the amount of Non-Recourse Indebtedness at any time, the
amount of any Non-Recourse Exclusions which are the subject of a claim shall not be included in the
Non-Recourse Indebtedness but shall constitute recourse Indebtedness. Non-Recourse Indebtedness
shall also include Indebtedness of a Subsidiary of Borrower that is not a Guarantor or of an
Unconsolidated Affiliate which is a special purpose entity that is recourse solely to such
Subsidiary or Unconsolidated Affiliate, which is not cross-defaulted to other Indebtedness of the
Borrower and the Guarantors and which does not constitute Indebtedness of any other Person (other
than such Subsidiary or Unconsolidated Affiliate which is the borrower thereunder).

          Notes. Collectively, the Revolving Credit Notes and the Swing Loan Note.

          Notice. See §19.

          Obligations. All indebtedness, obligations and liabilities of the Borrower or any
Guarantor to any of the Lenders or the Agent, individually or collectively, under this Agreement or
any of the other Loan Documents or in respect of any of the Loans, the Notes or the Letters of
Credit, or other instruments at any time evidencing any of the foregoing, whether existing on the
date of this Agreement or arising or incurred hereafter, direct or indirect, joint or several,

18

 

absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or
unsecured, arising by contract, operation of law or otherwise.

          OFAC. Office of Foreign Asset Control of the Department of the Treasury of the United
States of America.

          Off-Balance Sheet Obligations. Liabilities and obligations of RPB, the Borrower, any
Subsidiary or any other Person in respect of “off-balance sheet arrangements” (as defined in the
SEC Off-Balance Sheet Rules) which RPB would be required to disclose in the “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” section of RPB’s report
on Form 10-Q or Form 10-K (or their equivalents) which RPB is required to file with the SEC (or any
Governmental Authority substituted therefore). As used in this definition, the term “SEC
Off-Balance Sheet Rules” means the Disclosure in Management’s Discussion and Analysis About
Off-Balance Sheet Arrangements, Securities Act Release No. 33-8182, 68 Fed. Reg. 5982 (Feb. 5,
2003) (codified at 17 CFR pts. 228, 229 and 249).

          Original Loan Agreement. The “Loan Agreement”, as defined in the Assignment of Loan
Documents.

          Original Note. The “Note”, as defined in the Assignment of Loan Documents.

          Outstanding. With respect to the Loans, the aggregate unpaid principal thereof as of
any date of determination. With respect to Letters of Credit, the aggregate undrawn face amount of
issued Letters of Credit.

          Patriot Act. The Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, as the same may be amended from time to
time, and corresponding provisions of future laws.

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

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

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

          Plan Assets. Assets of any employee benefit plan subject to Part 4, Subtitle A, Title
I of ERISA.

          Potential Collateral. Any property of the Borrower or a Subsidiary Guarantor which is
not at the time included in the Collateral and which consists of (i) Eligible Real Estate, or (ii)
Real Estate which is capable of becoming Eligible Real Estate through the approval of the Required
Lenders and the completion and delivery of Eligible Real Estate Qualification Documents.

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          Preferred Distributions. For any period and without duplication, all Distributions
paid, declared but not yet paid or otherwise due and payable during such period on Preferred
Securities issued by RPB, the Borrower or any of its Subsidiaries. Preferred Distributions shall
not include dividends or distributions (a) paid or payable solely in Equity Interests of identical
class payable to holders of such class of Equity Interests; (b) paid or payable to the Borrower or
any of its Subsidiaries; or (c) constituting or resulting in the redemption of Preferred
Securities, other than scheduled redemptions not constituting balloon, bullet or similar
redemptions in full.

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

          Pricing Level. Such term shall have the meaning established within the definition of
Applicable Margin.

          RPB. As defined in the preamble hereto.

          Real Estate. All real property at any time owned or leased (as lessee or sublessee)
by the Borrower, any Guarantor or any of their respective Subsidiaries, including, without
limitation, the Mortgaged Properties.

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

          Register. See §18.2.

          REIT Status. With respect to RPB, its status as a real estate investment trust as
defined in §856(a) of the Code.

          Release. See §6.20(c)(iii).

          Rent Roll. A report prepared by the Borrower showing for each Mortgaged Property
owned or leased by Borrower or a Subsidiary Guarantor, its occupancy, lease expiration dates, lease
rent and other information in substantially the form presented to Agent prior to the date hereof or
in such other form as may be reasonably acceptable to the Agent.

          Required Lenders. As of any date, the Lender or Lenders whose aggregate Commitment
Percentage is equal to or greater than sixty-six and 7/10 percent (66.7%) of the Total Commitment;
provided that in determining said percentage at any given time, all then existing Delinquent
Lenders will be disregarded and excluded and the Commitment Percentages of the Lenders shall be
redetermined for voting purposes only to exclude the Commitment Percentages of such Delinquent
Lenders.

          Reserve Percentage. For any Interest Period, that percentage which is specified three
(3) Business Days before the first day of such Interest Period by the Board of Governors of the
Federal Reserve System (or any successor) or any other federal or state governmental or
quasi-governmental authority with jurisdiction over Agent or any Lender for determining the

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maximum reserve requirement (including, but not limited to, any marginal reserve requirement)
for Agent or any Lender with respect to liabilities constituting of or including (among other
liabilities) Eurocurrency liabilities in an amount equal to that portion of the Loan affected by
such Interest Period and with a maturity equal to such Interest Period.

          Revolving Credit Base Rate Loans. Revolving Credit Loans bearing interest calculated
by reference to the Base Rate.

          Revolving Credit LIBOR Rate Loans. Revolving Credit Loans bearing interest calculated
by reference to LIBOR.

          Revolving Credit Loan or Loans. An individual Revolving Credit Loan or the aggregate
Revolving Credit Loans, as the case may be, in the maximum principal amount of $150,000,000.00
(subject to increase as provided in §2.10) to be made by the Lenders hereunder as more particularly
described in §2. Amounts drawn under a Letter of Credit shall also be considered Revolving Credit
Loans as provided in §2.9(f).

          Revolving Credit Notes. See §2.1(b).

          SEC. The federal Securities and Exchange Commission.

          Security Documents. Collectively, the Guaranty, the Joinder Agreements, the
Mortgages, the Assignments of Leases and Rents, the Indemnity Agreements, UCC-1 financing
statements and any further collateral assignments to the Agent for the benefit of the Lenders.

          S&P. Standard & Poor’s Ratings Group.

          State. A state of the United States of America and the District of Columbia.

          Subordination, Attornment and Non-Disturbance Agreement. An agreement among the
Agent, the Borrower or a Subsidiary Guarantor and a tenant under a Lease pursuant to which such
tenant agrees to subordinate its rights under the Lease to the lien or security title of the
applicable Mortgage and agrees to recognize the Agent or its successor in interest as landlord
under the Lease in the event of a foreclosure under such Mortgage, and the Agent agrees to not
disturb the possession of such tenant, such agreement to be in form and substance reasonably
satisfactory to Agent.

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

          Subsidiary Guarantors. RPT Presidents Park LLC, Presidents Park I LLC, Presidents
Park II LLC, Presidents Park III LLC, RKB Dulles Tech LLC, each a Delaware

21

 

limited liability company, and any Additional Guarantor that is the direct or indirect owner
of a Mortgaged Property.

          Survey. An instrument survey of each parcel of Mortgaged Property prepared by a
registered land surveyor which shall show the location of all buildings, structures, easements and
utility lines on such property, shall be sufficient to remove the standard survey exception from
the Title Policy, shall show that all buildings and structures are within the lot lines of the
Mortgaged Property and shall not show any encroachments by others (or to the extent any
encroachments are shown, such encroachments shall be acceptable to the Agent in its reasonable
discretion), shall show rights of way, adjoining sites, establish building lines and street lines,
the distance to and names of the nearest intersecting streets and such other details as the Agent
may reasonably require; and shall show whether or not the Mortgaged Property is located in a flood
hazard district as established by the Federal Emergency Management Agency or any successor agency
or is located in any flood plain, flood hazard or wetland protection district established under
federal, state or local law and shall otherwise be in form and substance reasonably satisfactory to
the Agent.

          Surveyor Certification. With respect to each parcel of Mortgaged Property, a
certificate executed by the surveyor who prepared the Survey with respect thereto, dated as of a
recent date and containing such information relating to such parcel as the Agent or the Title
Insurance Company may reasonably require, such certificate to be reasonably satisfactory to the
Agent in form and substance.

          Swing Loan. See §2.4(a).

          Swing Loan Lender. KeyBank, in its capacity as Swing Loan Lender and any successor
thereof.

          Swing Loan Commitment. The sum of $30,000,000.00, as the same may be changed from
time to time in accordance with the terms of this Agreement.

          Swing Loan Note. See §2.4(b).

          Taking. The taking or appropriation (including by deed in lieu of condemnation) of
any Mortgaged Property, or any part thereof or interest therein, whether permanently or
temporarily, for public or quasi-public use under the power of eminent domain, by reason of any
public improvement or condemnation proceeding, or in any other manner or any damage or injury or
diminution in value through condemnation, inverse condemnation or other exercise of the power of
eminent domain.

          Title Insurance Company. Lawyers Title Insurance Corporation and/or any other title
insurance company or companies approved by the Agent and the Borrower.

          Title Policy. With respect to each parcel of Mortgaged Property, an ALTA standard
form title insurance policy (or, if such form is not available, an equivalent, legally promulgated
form of mortgagee title insurance policy reasonably acceptable to the Agent) issued by a Title
Insurance Company (with such reinsurance as the Agent may reasonably require, any such reinsurance
to be with direct access endorsements to the extent available under applicable

22

 

law) in an amount as the Agent may reasonably require based upon the fair market value of the
applicable Mortgaged Property insuring the priority of the Mortgage thereon and that the Borrower
or a Subsidiary Guarantor, as applicable, holds marketable fee simple title to or a valid and
subsisting leasehold interest in such parcel, subject only to the encumbrances acceptable to Agent
in its reasonable discretion and which shall not contain standard exceptions for mechanics liens,
persons in occupancy (other than tenants as tenants only under Leases) or matters which would be
shown by a survey, shall not insure over any matter except to the extent that any such affirmative
insurance is acceptable to the Agent in its reasonable discretion, and shall contain (a) a
revolving credit endorsement and (b) such other endorsements and affirmative insurance as the Agent
may reasonably require and is available in the State in which the Real Estate is located, including
but not limited to (i) a comprehensive endorsement, (ii) a variable rate of interest endorsement,
(iii) a usury endorsement, (iv) a doing business endorsement, (v) an ALTA form 3.1 zoning
endorsement, (vi) a “tie-in” endorsement relating to all Title Policies issued by such Title
Insurance Company in respect of other Mortgaged Property, (vii) a “first loss” endorsement, and
(viii) a utility location endorsement.

          Total Commitment. The sum of the Commitments of the Lenders, as in effect from time
to time.

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

          Unconsolidated Affiliate. In respect of any Person, any other Person in whom such
Person holds an Investment, (a) which Investment is accounted for in the financial statements of
such Person on an equity basis of accounting and whose financial results would not be consolidated
under GAAP with the financial results of such first Person on the consolidated financial statements
of such first Person, or (b) which is not a Subsidiary of such first Person.

          Unrestricted Cash and Cash Equivalents. As of any date of determination, the sum of
(a) the aggregate amount of Unrestricted cash and (b) the aggregate amount of Unrestricted Cash
Equivalents (valued at fair market value). As used in this definition, “Unrestricted” means the
specified asset is not subject to any escrow, reserves or Liens or claims of any kind in favor of
any Person.

     §1.2 Rules of Interpretation.

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

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

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

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

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          (e) Accounting terms not otherwise defined herein have the meanings assigned to them by GAAP
applied on a consistent basis by the accounting entity to which they refer.

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

          (g) The words “approval” and “approved”, as the context requires, means an approval in writing
given to the party seeking approval after full and fair disclosure to the party giving approval of
all material facts necessary in order to determine whether approval should be granted.

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

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

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

          (k) In the event of any change in generally accepted accounting principles after the date
hereof or any other change in accounting procedures pursuant to §7.3 which would affect the
computation of any financial covenant, ratio or other requirement set forth in any Loan Document,
then upon the request of Borrower or Agent, the Borrower, the Guarantors, the Agent and the Lenders
shall negotiate promptly, diligently and in good faith in order to amend the provisions of the Loan
Documents such that such financial covenant, ratio or other requirement shall continue to provide
substantially the same financial tests or restrictions of the Borrower and the Guarantors as in
effect prior to such accounting change, as determined by the Required Lenders in their good faith
judgment. Until such time as such amendment shall have been executed and delivered by the
Borrower, Guarantors, the Agent and the Required Lenders, such financial covenants, ratio and other
requirements, and all financial statements and other documents required to be delivered under the
Loan Documents, shall be calculated and reported as if such change had not occurred.

§2. THE REVOLVING CREDIT FACILITY.

     §2.1 Revolving Credit Loans.

          (a) Subject to the terms and conditions set forth in this Agreement, each of the Lenders
severally agrees to lend to the Borrower, and the Borrower may borrow (and repay and reborrow) from
time to time between the Closing Date and the Maturity Date upon notice by the Borrower to the
Agent given in accordance with §2.6, such sums as are requested by the Borrower for the purposes
set forth in §2.8 up to a maximum aggregate principal amount outstanding (after giving effect to
all amounts requested) at any one time equal to the lesser of (i) such Lender’s Commitment and (ii)
such Lender’s Commitment Percentage of the sum of (A) the Borrowing Base minus (B) the sum of (1)
the amount of all outstanding Revolving Credit

24

 

Loans and Swing Loans and (2) the aggregate amount of Letter of Credit Liabilities;
provided, that, in all events no Default or Event of Default shall have occurred and be
continuing; and provided, further, that the outstanding principal amount of the
Revolving Credit Loans (after giving effect to all amounts requested), Swing Loans and Letter of
Credit Liabilities shall not at any time exceed the Total Commitment or cause a violation of the
covenant set forth in §9.1. The Revolving Credit Loans shall be made pro rata in
accordance with each Lender’s Commitment Percentage. Each request for a Revolving Credit Loan
hereunder shall constitute a representation and warranty by the Borrower that all of the conditions
required of Borrower set forth in §10 and §11 have been satisfied on the date of such request. The
Agent may assume that the conditions in §10 and §11 have been satisfied unless it receives prior
written notice from a Lender that such conditions have not been satisfied. No Lender shall have
any obligation to make Revolving Credit Loans to Borrower in the maximum aggregate principal
outstanding balance of more than the principal face amount of its Revolving Credit Note.

          (b) The Revolving Credit Loans shall be evidenced by separate promissory notes of the Borrower
in substantially the form of Exhibit A hereto (collectively, the “Revolving Credit Notes”),
dated of even date with this Agreement (except as otherwise provided in §18.3) and completed with
appropriate insertions. One Revolving Credit Note shall be payable to the order of each Lender in
the principal amount equal to such Lender’s Commitment or, if less, the outstanding amount of all
Revolving Credit Loans made by such Lender, plus interest accrued thereon, as set forth below. The
Borrower irrevocably authorizes Agent to make or cause to be made, at or about the time of the
Drawdown Date of any Revolving Credit Loan or the time of receipt of any payment of principal
thereof, an appropriate notation on Agent’s Record reflecting the making of such Revolving Credit
Loan or (as the case may be) the receipt of such payment. The outstanding amount of the Revolving
Credit Loans set forth on Agent’s Record shall be prima facie evidence of the
principal amount thereof owing and unpaid to each Lender, but the failure to record, or any error
in so recording, any such amount on Agent’s Record shall not limit or otherwise affect the
obligations of the Borrower hereunder or under any Revolving Credit Note to make payments of
principal of or interest on any Revolving Credit Note when due.

     §2.2 Facility Unused Fee. The Borrower agrees to pay to the Agent for the account of
the Lenders in accordance with their respective Commitment Percentages a facility unused fee
calculated at the rate per annum as set forth below on the average daily amount by which the Total
Commitment exceeds the outstanding principal amount of Loans and the face amount of Letters of
Credit Outstanding during each calendar quarter or portion thereof commencing on the date hereof
and ending on the Maturity Date. The facility unused fee shall be calculated for each day based on
the ratio (expressed as a percentage) of (a) the average daily amount of the outstanding principal
amount of the Loans and the face amount of Letters of Credit Outstanding during such quarter to (b)
the Total Commitment, and if such ratio is less than fifty percent (50%), the facility unused fee
shall be payable at the rate of 0.20%, and if such ratio is equal to or greater than fifty percent
(50%), the facility unused fee shall be payable at the rate of 0.125%. The facility unused fee
shall be payable quarterly in arrears on the tenth (10th) day of each calendar quarter
for the immediately preceding calendar quarter or portion thereof, and on any earlier date on which
the Commitments shall be reduced or shall terminate as provided in §2.3, with a final payment on
the Maturity Date.

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     §2.3 Reduction and Termination of the Commitments. The Borrower shall have the right
at any time and from time to time upon five (5) Business Days’ prior written notice to the Agent to
reduce by $5,000,000 or an integral multiple of $1,000,000 in excess thereof (provided that
in no event shall the Total Commitment be reduced in such manner to an amount less than
$97,500,000.00) or to terminate entirely the unborrowed portion of the Commitments
(provided that such termination would not result in the Total Commitment being reduced to
an amount less than $97,500,000.00), whereupon the Commitments of the Lenders shall be reduced pro
rata in accordance with their respective Commitment Percentages of the amount specified in such
notice or, as the case may be, terminated, any such termination or reduction to be without penalty
except as otherwise set forth in §4.8; provided, however, that no such termination
or reduction shall be permitted if, after giving effect thereto, the sum of Outstanding Revolving
Credit Loans, the Outstanding Swing Loans and the Letter of Credit Liabilities would exceed the
Commitments of the Lenders as so terminated or reduced. Promptly after receiving any notice from
the Borrower delivered pursuant to this §2.3, the Agent will notify the Lenders of the substance
thereof. Any reduction of the Commitments shall also result in a proportionate reduction (rounded
to the next lowest integral multiple of $100,000) in the maximum amount of Swing Loans and Letters
of Credit. Upon the effective date of any such reduction or termination, the Borrower shall pay to
the Agent for the respective accounts of the Lenders the full amount of any facility fee under §2.2
then accrued on the amount of the reduction. No reduction or termination of the Commitments may be
reinstated.

     §2.4 Swing Loan Commitment.

          (a) Subject to the terms and conditions set forth in this Agreement, Swing Loan Lender agrees
to lend to the Borrower (the “Swing Loans”), and the Borrower may borrow (and repay and reborrow)
from time to time between the Closing Date and the date which is five (5) Business Days prior to
the Maturity Date upon notice by the Borrower to the Swing Loan Lender given in accordance with
this §2.4, such sums as are requested by the Borrower for the purposes set forth in §2.8 in an
aggregate principal amount at any one time outstanding not exceeding the Swing Loan Commitment;
provided that in all events (i) no Default or Event of Default shall have occurred and be
continuing; (ii) no Lender shall be a Delinquent Lender (provided Swing Loan Lender may, in its
sole discretion, be entitled to waive this condition); and (iii) the outstanding principal amount
of the Loans (after giving effect to all amounts requested) plus Letter of Credit
Liabilities shall not at any time exceed the lesser of (A) the Total Commitment or (B) the
Borrowing Base. Swing Loans shall constitute “Loans” for all purposes hereunder. The funding of a
Swing Loan hereunder shall constitute a representation and warranty by the Borrower that all of the
conditions set forth in §10 and §11 have been satisfied on the date of such funding. The Swing
Loan Lender may assume that the conditions in §10 and §11 have been satisfied unless Swing Loan
Lender has received written notice from a Lender that such conditions have not been satisfied.
Each Swing Loan shall be due and payable within five (5) Business Days of the date such Swing Loan
was provided and Borrower hereby agrees (to the extent not repaid as contemplated by §2.4(d) below)
to repay each Swing Loan on or before the date that is five (5) Business Days from the date such
Swing Loan was provided.

          (b) The Swing Loans shall be evidenced by a separate promissory note of the Borrower in
substantially the form of Exhibit B hereto (the “Swing Note”), dated the date of this
Agreement and completed with appropriate insertions. The Swing Loan Note shall be payable to

26

 

the order of the Swing Loan Lender in the principal face amount equal to the Swing Loan
Commitment and shall be payable as set forth below. The Borrower irrevocably authorizes the Swing
Loan Lender to make or cause to be made, at or about the time of the Drawdown Date of any Swing
Loan or at the time of receipt of any payment of principal thereof, an appropriate notation on the
Swing Loan Lender’s Record reflecting the making of such Swing Loan or (as the case may be) the
receipt of such payment. The outstanding amount of the Swing Loans set forth on the Swing Loan
Lender’s Record shall be prima facie evidence of the principal amount thereof owing
and unpaid to the Swing Loan Lender, but the failure to record, or any error in so recording, any
such amount on the Swing Loan Lender’s Record shall not limit or otherwise affect the obligations
of the Borrower hereunder or under the Swing Loan Note to make payments of principal of or interest
on any Swing Loan Note when due.

          (c) Borrower shall request a Swing Loan by delivering to the Swing Loan Lender a Loan Request
executed by an Authorized Officer no later than 11:00 a.m. (Cleveland time) on the requested
Drawdown Date specifying the amount of the requested Swing Loan (which shall be in the minimum
amount of $1,000,000.00) and providing the wire instructions for the delivery of the Swing Loan
proceeds. The Loan Request shall also contain the statements and certifications required by
§2.6(i) and (ii). Each such Loan Request shall be irrevocable and binding on the Borrower and
shall obligate the Borrower to accept such Swing Loan on the Drawdown Date. Notwithstanding
anything herein to the contrary, a Swing Loan shall be a Base Rate Loan. The proceeds of the Swing
Loan will be disbursed by wire by the Swing Loan Lender to the Borrower no later than 1:00 p.m.
(Cleveland time).

          (d) The Swing Loan Lender shall, within two (2) Business Days after the Drawdown Date with
respect to such Swing Loan, request each Lender, including the Swing Loan Lender, to make a
Revolving Credit Base Rate Loan pursuant to §2.1 in an amount equal to such Lender’s Commitment
Percentage of the amount of the Swing Loan outstanding on the date such notice is given. Borrower
hereby irrevocably authorizes and directs the Swing Loan Lender to so act on its behalf, and agrees
that any amount advanced to the Agent for the benefit of the Swing Loan Lender pursuant to this
§2.4(d) shall be considered a Revolving Credit Base Rate Loan pursuant to §2.1. Unless any of the
events described in paragraph (h), (i) or (j) of §12.1 shall have occurred (in which event the
procedures of §2.4(e) shall apply), each Lender shall make the proceeds of its Revolving Credit
Base Rate Loan available to the Swing Loan Lender for the account of the Swing Loan Lender at the
Agent’s Head Office prior to 12:00 noon (Cleveland time) in funds immediately available no later
than the third (3rd) Business Day after the date such notice is given just as if the Revolving
Credit Lenders were funding directly to the Borrower, so that thereafter such Obligations shall be
evidenced by the Revolving Credit Notes. The proceeds of such Revolving Credit Base Rate Loan
shall be immediately applied to repay the Swing Loans.

          (e) If for any reason a Swing Loan cannot be refinanced by a Revolving Credit Base Rate Loan
pursuant to §2.4(d), each Lender will, on the date such Revolving Credit Loan pursuant to §2.4(d)
was to have been made, purchase an undivided participation interest in the Swing Loan in an amount
equal to its Commitment Percentage of such Swing Loan. Each Lender will immediately transfer to
the Swing Loan Lender in immediately available funds the amount of its participation and upon
receipt thereof the Swing Loan Lender will deliver to such

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Lender a Swing Loan participation certificate dated the date of receipt of such funds and in
such amount.

          (f) Whenever at any time after the Swing Loan Lender has received from any Lender such
Lender’s participation interest in a Swing Loan, the Swing Loan Lender receives any payment on
account thereof, the Swing Loan Lender will distribute to such Lender its participation interest in
such amount (appropriately adjusted in the case of interest payments to reflect the period of time
during which such Lender’s participating interest was outstanding and funded); provided,
however, that in the event that such payment received by the Swing Loan Lender is required
to be returned, such Lender will return to the Swing Loan Lender any portion thereof previously
distributed by the Swing Loan Lender to it.

          (g) Each Lender’s obligation to fund a Revolving Credit Base Rate Loan as provided in §2.4(d)
or to purchase participation interests pursuant to §2.4(e) shall be absolute and unconditional and
shall not be affected by any circumstance, including, without limitation, (i) any setoff,
counterclaim, recoupment, defense or other right which such Lender or the Borrower or Guarantors
may have against the Swing Loan Lender, the Borrower or Guarantors or anyone else for any reason
whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default; (iii) any
adverse change in the condition (financial or otherwise) of the Borrower or Guarantors or any of
their respective Subsidiaries; (iv) any breach of this Agreement or any of the other Loan Documents
by the Borrower or Guarantors or any Lender; or (v) any other circumstance, happening or event
whatsoever, whether or not similar to any of the foregoing. Any portions of a Swing Loan not so
purchased or converted may be treated by the Agent and Swing Loan Lender as against such Lender as
a Revolving Credit Loan which was not funded by the non-purchasing Lender as contemplated by §2.7
and §12.5, and shall have such rights and remedies against such Lender as are set forth in §§ 2.7,
12.5 and 14.5. Each Swing Loan, once so sold or converted, shall cease to be a Swing Loan for the
purposes of this Agreement, but shall be a Revolving Credit Loan made by each Lender under its
Commitment.

     §2.5 Interest on Loans.

          (a) Each Base Rate Loan shall bear interest for the period commencing with the Drawdown Date
thereof and ending on the date on which such Base Rate Loan is repaid or converted to a Revolving
Credit LIBOR Rate Loan at the rate per annum equal to the sum of the Base Rate plus the Applicable
Margin.

          (b) Each Revolving Credit LIBOR Rate Loan shall bear interest for the period commencing with
the Drawdown Date thereof and ending on the last day of each Interest Period with respect thereto
at the rate per annum equal to the sum of LIBOR determined for such Interest Period plus the
Applicable Margin.

          (c) The Borrower promises to pay interest on each Loan in arrears on each Interest Payment
Date with respect thereto.

          (d) Base Rate Loans and Revolving Credit LIBOR Rate Loans may be converted to Loans of the
other Type as provided in §4.1.

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     §2.6 Requests for Revolving Credit Loans. Except with respect to the initial
Revolving Credit Loan on the Closing Date, the Borrower shall give to the Agent written notice
executed by an Authorized Officer in the form of Exhibit G hereto (or telephonic notice
confirmed in writing in the form of Exhibit G hereto) of each Revolving Credit Loan
requested hereunder (a “Loan Request”) by 11:00 a.m. (Cleveland time) one (1) Business Day prior to
the proposed Drawdown Date with respect to Revolving Credit Base Rate Loans and two (2) Business
Days prior to the proposed Drawdown Date with respect to Revolving Credit LIBOR Rate Loans. Each
such notice shall specify with respect to the requested Revolving Credit Loan the proposed
principal amount of such Revolving Credit Loan, the Type of Revolving Credit Loan, the initial
Interest Period (if applicable) for such Revolving Credit Loan and the Drawdown Date. Each such
notice shall also contain (i) a general statement as to the purpose for which such advance shall be
used (which purpose shall be in accordance with the terms of §2.8) and (ii) a certification by the
chief financial officer or chief accounting officer of RPB that the Borrower and the Guarantors are
and will be in compliance with all covenants under the Loan Documents after giving effect to the
making of such Loan. Promptly upon receipt of any such notice, the Agent shall notify each of the
Lenders thereof. Each such Loan Request shall be irrevocable and binding on the Borrower and shall
obligate the Borrower to accept the Revolving Credit Loan requested from the Lenders on the
proposed Drawdown Date. Nothing herein shall prevent the Borrower from seeking recourse against
any Lender that fails to advance its proportionate share of a requested Revolving Credit Loan as
required by this Agreement. Each Loan Request shall be (a) for a Revolving Credit Base Rate Loan
in a minimum aggregate amount of $1,000,000.00 or an integral multiple of $100,000.00 in excess
thereof; or (b) for a Revolving Credit LIBOR Rate Loan in a minimum aggregate amount of
$1,000,000.00 or an integral multiple of $250,000.00 in excess thereof; provided,
however, that there shall be no more than six (6) Revolving Credit LIBOR Rate Loans
outstanding at any one time.

     §2.7 Funds for Revolving Credit Loans.

          (a) Not later than 1:00 p.m. (Cleveland time) on the proposed Drawdown Date of any Revolving
Credit Loans, each of the Lenders will make available to the Agent, at the Agent’s Head Office, in
immediately available funds, the amount of such Lender’s Commitment Percentage of the amount of the
requested Revolving Credit Loans which may be disbursed pursuant to §2.1. Upon receipt from each
Lender of such amount, and upon receipt of the documents required by §10 and §11 and the
satisfaction of the other conditions set forth therein, to the extent applicable, the Agent will
make available to the Borrower the aggregate amount of such Revolving Credit Loans made available
to the Agent by the Lenders by crediting such amount to the account of the Borrower maintained at
the Agent’s Head Office. The failure or refusal of any Lender to make available to the Agent at
the aforesaid time and place on any Drawdown Date the amount of its Commitment Percentage of the
requested Revolving Credit Loans shall not relieve any other Lender from its several obligation
hereunder to make available to the Agent the amount of such other Lender’s Commitment Percentage of
any requested Revolving Credit Loans, including any additional Revolving Credit Loans that may be
requested subject to the terms and conditions hereof to provide funds to replace those not advanced
by the Lender so failing or refusing. In the event of any such failure or refusal, the Lenders not
so failing or refusing shall be entitled to a priority secured position as against the Lender or
Lenders so failing or refusing to make available to the Borrower the amount of its or their
Commitment Percentage for such Revolving Credit Loans as provided in §12.5.

29

 

          (b) Unless the Agent shall have been notified by any Lender prior to the applicable Drawdown
Date that such Lender will not make available to Agent such Lender’s Commitment Percentage of a
proposed Revolving Credit Loan, Agent may in its discretion assume that such Lender has made such
Revolving Credit Loan available to Agent in accordance with the provisions of this Agreement and
the Agent may, if it chooses, in reliance upon such assumption make such Revolving Credit Loan
available to the Borrower, and such Lender shall be liable to the Agent for the amount of such
advance. If such Lender does not pay such corresponding amount upon the Agent’s demand therefor,
the Agent will promptly notify the Borrower, and the Borrower shall promptly pay such corresponding
amount to the Agent. The Agent shall also be entitled to recover from the Lender or the Borrower,
as the case may be, interest on such corresponding amount in respect of each day from the date such
corresponding amount was made available by the Agent to the Borrower to the date such corresponding
amount is recovered by the Agent at a per annum rate equal to (i) from the Borrower at the
applicable rate for such Revolving Credit Loan or (ii) from a Lender at the Federal Funds Effective
Rate.

     §2.8 Use of Proceeds. The Borrower will use the proceeds of the Loans and the Letters
of Credit solely to (a) pay closing costs in connection with this Agreement; (b) to finance
Borrower’s direct and indirect investments in Real Estate used or intended to be used as an office
property; (c) for general corporate purposes including working capital, and (d) for other legal
purposes permitted under Borrower’s organizational documents consistent with the covenants
contained herein.

     §2.9 Letters of Credit.

          (a) Subject to the terms and conditions set forth in this Agreement, at any time and from time
to time from the Closing Date through the day that is ninety (90) days prior to the Maturity Date,
the Issuing Lender shall issue such Letters of Credit as the Borrower may request upon the delivery
of a written request in the form of Exhibit H hereto (a “Letter of Credit Request”) to the
Issuing Lender, provided that (i) no Default or Event of Default shall have occurred and be
continuing, (ii) upon issuance of such Letter of Credit, the Letter of Credit Liabilities shall not
exceed Thirty Million Dollars ($30,000,000.00), (iii) in no event shall the sum of (A) the
Revolving Credit Loans Outstanding, (B) the Swing Loans Outstanding and (C) the amount of Letter of
Credit Liabilities (after giving effect to all Letters of Credit requested) exceed the Total
Commitment, (iv) in no event shall the outstanding principal amount of the Revolving Credit Loans,
Swing Loans and Letters of Credit Liabilities (after giving effect to any requested Letters of
Credit) cause a violation of the covenant set forth in §9.1, (v) the conditions set forth in §§10
and 11 shall have been satisfied, (vi) no Lender is a Delinquent Lender (provided Issuing Lender
may, in its sole discretion, be entitled to waive this condition), and (vii) in no event shall any
amount drawn under a Letter of Credit be available for reinstatement or a subsequent drawing under
such Letter of Credit. The Issuing Lender may assume that the conditions in §10 and §11 have been
satisfied unless it receives written notice from a Lender that such conditions have not been
satisfied. Each Letter of Credit Request shall be executed by an Authorized Officer of Borrower.
The Issuing Lender shall be entitled to conclusively rely on such Person’s authority to request a
Letter of Credit on behalf of Borrower. The Issuing Lender shall have no duty to verify the
authenticity of any signature appearing on a Letter of Credit Request. The Borrower assumes all
risks with respect to the use of the Letters of Credit. Unless the Issuing Lender and the Required
Lenders otherwise consent, the term of any

30

 

Letter of Credit shall not exceed a period of time commencing on the issuance of the Letter of
Credit and ending on the date which is sixty (60) days prior to the Maturity Date (but in any event
the term shall not extend beyond the Maturity Date). The amount available to be drawn under any
Letter of Credit shall reduce on a dollar-for-dollar basis the amount available to be drawn under
the Total Commitment as a Loan.

          (b) Each Letter of Credit Request shall be submitted to the Issuing Lender at least five (5)
Business Days (or such shorter period as the Issuing Lender may approve) prior to the date upon
which the requested Letter of Credit is to be issued. Each such Letter of Credit Request shall
contain (i) a statement as to the purpose for which such Letter of Credit shall be used (which
purpose shall be in accordance with the terms of this Agreement), and (ii) a certification by the
chief financial or chief accounting officer of RPB that the Borrower is and will be in compliance
with all covenants under the Loan Documents after giving effect to the issuance of such Letter of
Credit. The Borrower shall further deliver to the Issuing Lender such additional applications
(which application as of the date hereof is in the form of Exhibit L attached hereto) and
documents as the Issuing Lender may require, in conformity with the then standard practices of its
letter of credit department, in connection with the issuance of such Letter of Credit;
provided that in the event of any conflict, the terms of this Agreement shall control.

          (c) The Issuing Lender shall, subject to the conditions set forth in this Agreement, issue the
Letter of Credit on or before five (5) Business Days following receipt of the documents last due
pursuant to §2.9(b). Each Letter of Credit shall be in form and substance reasonably satisfactory
to the Issuing Lender in its reasonable discretion.

          (d) Upon the issuance of a Letter of Credit, each Revolving Credit Lender shall be deemed to
have purchased a participation therein from Issuing Lender in an amount equal to its respective
Commitment Percentage of the amount of such Letter of Credit. No Lender’s obligation to
participate in a Letter of Credit shall be affected by any other Lender’s failure to perform as
required herein with respect to such Letter of Credit or any other Letter of Credit.

          (e) Upon the issuance of each Letter of Credit, the Borrower shall pay to the Issuing Lender
(i) for its own account, a Letter of Credit fee calculated at the rate of one-eighth of one percent
(0.125%) per annum of the amount available to be drawn under such Letter of Credit (which fee shall
not be less than $1,500 in any event), and (ii) for the accounts of the Lenders (including the
Issuing Lender) in accordance with their respective percentage shares of participation in such
Letter of Credit, a Letter of Credit fee calculated at the rate per annum equal to the Applicable
Margin then applicable to Revolving Credit LIBOR Rate Loans on the amount available to be drawn
under such Letter of Credit. Such fees shall be payable in quarterly installments in arrears with
respect to each Letter of Credit on the first day of each calendar quarter following the date of
issuance and continuing on each quarter or portion thereof thereafter, as applicable, or on any
earlier date on which the Commitments shall terminate and on the expiration or return of any Letter
of Credit. In addition, the Borrower shall pay to Issuing Lender for its own account within five
(5) days of demand of Issuing Lender the standard documentation charges for Letters of Credit
issued from time to time by Issuing Lender.

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          (f) In the event that any amount is drawn under a Letter of Credit by the beneficiary thereof,
the Borrower shall reimburse the Issuing Lender by having such amount drawn treated as an
outstanding Revolving Credit Base Rate Loan under this Agreement (Borrower being deemed to have
requested a Revolving Credit Base Rate Loan on such date in an amount equal to the amount of such
drawing and such amount drawn shall be treated as an outstanding Revolving Credit Base Rate Loan
under this Agreement) and the Agent shall promptly notify each Lender by telex, telecopy, telegram,
telephone (confirmed in writing) or other similar means of transmission, and each Lender shall
promptly and unconditionally pay to the Agent, for the Issuing Lender’s own account, an amount
equal to such Lender’s Commitment Percentage of such Letter of Credit (to the extent of the amount
drawn). If and to the extent any Lender shall not make such amount available on the Business Day
on which such draw is funded, such Lender agrees to pay such amount to the Agent forthwith on
demand, together with interest thereon, for each day from the date on which such draw was funded
until the date on which such amount is paid to the Agent, at the Federal Funds Effective Rate until
three (3) days after the date on which the Agent gives notice of such draw and at the Federal Funds
Effective Rate plus one percent (1.0%) for each day thereafter. Further, such Lender shall be
deemed to have assigned any and all payments made of principal and interest on its Loans, amounts
due with respect to its participations in Letters of Credit and any other amounts due to it
hereunder to the Agent to fund the amount of any drawn Letter of Credit which such Lender was
required to fund pursuant to this §2.9(f) until such amount has been funded (as a result of such
assignment or otherwise). In the event of any such failure or refusal, the Lenders not so failing
or refusing shall be entitled to a priority secured position for such amounts as provided in §12.5.
The failure of any Lender to make funds available to the Agent in such amount shall not relieve
any other Lender of its obligation hereunder to make funds available to the Agent pursuant to this
§2.9(f).

          (g) If after the issuance of a Letter of Credit pursuant to §2.9(c) by the Issuing Lender, but
prior to the funding of any portion thereof by a Lender, for any reason a drawing under a Letter of
Credit cannot be refinanced as a Revolving Credit Loan, each Lender will, on the date such
Revolving Credit Loan pursuant to §2.9(f) was to have been made, purchase an undivided
participation interest in the Letter of Credit in an amount equal to its Commitment Percentage of
the amount of such Letter of Credit. Each Lender will immediately transfer to the Issuing Lender
in immediately available funds the amount of its participation and upon receipt thereof the Issuing
Lender will deliver to such Lender a Letter of Credit participation certificate dated the date of
receipt of such funds and in such amount.

          (h) Whenever at any time after the Issuing Lender has received from any Lender any such
Lender’s payment of funds under a Letter of Credit and thereafter the Issuing Lender receives any
payment on account thereof, then the Issuing Lender will distribute to such Lender its
participation interest in such amount (appropriately adjusted in the case of interest payments to
reflect the period of time during which such Lender’s participation interest was outstanding and
funded); provided, however, that in the event that such payment received by the
Issuing Lender is required to be returned, such Lender will return to the Issuing Lender any
portion thereof previously distributed by the Issuing Lender to it.

          (i) The issuance of any supplement, modification, amendment, renewal or extension to or of any
Letter of Credit shall be treated in all respects the same as the issuance of a new Letter of
Credit.

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          (j) The obligations of the Borrower to the Lenders under this Agreement with respect to
Letters of Credit shall be absolute, unconditional and irrevocable, and shall be paid and performed
strictly in accordance with the terms of this Agreement, under all circumstances whatsoever,
including, without limitation, the following circumstances: (i) any improper use which may be made
of any Letter of Credit or any improper acts or omissions of any beneficiary or transferee of any
Letter of Credit in connection therewith; (ii) the existence of any claim, set-off, defense or any
right which the Borrower may have at any time against any beneficiary or any transferee of any
Letter of Credit (or persons or entities for whom any such beneficiary or any such transferee may
be acting) or the Lenders (other than the defense of payment to the Lenders in accordance with the
terms of this Agreement) or any other person, whether in connection with any Letter of Credit, this
Agreement, any other Loan Document, or any unrelated transaction; (iii) any statement or any other
documents presented under any Letter of Credit proving to be insufficient, forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect
whatsoever; (iv) any breach of any agreement between Borrower and any beneficiary or transferee of
any Letter of Credit; (v) any irregularity in the transaction with respect to which any Letter of
Credit is issued, including any fraud by the beneficiary or any transferee of such Letter of
Credit; (vi) payment by the Issuing Lender under any Letter of Credit against presentation of a
sight draft or a certificate which does not comply with the terms of such Letter of Credit,
provided that such payment shall not have constituted gross negligence or willful misconduct on the
part of the Issuing Lender as determined by a court of competent jurisdiction after the exhaustion
of all applicable appeal periods, and (vii) any other circumstance or happening whatsoever, whether
or not similar to any of the foregoing, provided that such other circumstances or happenings shall
not have been the result of gross negligence or willful misconduct on the part of the Issuing
Lender as determined by a court of competent jurisdiction after the exhaustion of all applicable
appeal periods.

          (k) Borrower assumes all risks of the acts, omissions, or misuse of any Letter of Credit by
the beneficiary thereof. Neither Agent, Issuing Lender nor any Lender will be responsible for (i)
the form, validity, sufficiency, accuracy, genuineness or legal effect of any Letter of Credit or
any document submitted by any party in connection with the issuance of any Letter of Credit, even
if such document should in fact prove to be in any or all respects invalid, insufficient,
inaccurate, fraudulent or forged; (ii) the form, validity, sufficiency, accuracy, genuineness or
legal effect of any instrument transferring or assigning or purporting to transfer or assign any
Letter of Credit or the rights or benefits thereunder or proceeds thereof in whole or in part,
which may prove to be invalid or ineffective for any reason; (iii) failure of any beneficiary of
any Letter of Credit to comply fully with the conditions required in order to demand payment under
a Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of
any messages, by mail, cable, telegraph, telex or otherwise; (v) errors in interpretation of
technical terms; (vi) any loss or delay in the transmission or otherwise of any document or draft
required by or from a beneficiary in order to make a disbursement under a Letter of Credit or the
proceeds thereof; (vii) for the misapplication by the beneficiary of any Letter of Credit of the
proceeds of any drawing under such Letter of Credit; and (viii) for any consequences arising from
causes beyond the control of Agent or any Lender. None of the foregoing will affect, impair or
prevent the vesting of any of the rights or powers granted to Agent, Issuing Lender or the Lenders
hereunder. In furtherance and extension and not in limitation or derogation of any of the
foregoing, any act taken or omitted to be taken by Agent, Issuing Lender or the other Lenders in
good faith will be binding on Borrower and will not put Agent, Issuing Lender or the other

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Lenders under any resulting liability to Borrower; provided nothing contained herein
shall relieve Issuing Lender for liability to Borrower arising as a result of the gross negligence
or willful misconduct of Issuing Lender as determined by a court of competent jurisdiction after
the exhaustion of all applicable appeal periods.

     §2.10 Increase in Total Commitment.

          (a) Provided that no Default or Event of Default has occurred and is continuing, subject to
the terms and conditions set forth in this §2.10, the Borrower shall have the option at any time
and from time to time before the date that is ninety (90) days prior to the Maturity Date (or the
extended maturity date if Borrower exercises its extension option pursuant to §2.11) to request an
increase in the Total Commitment to not more than $250,000,000.00 by giving written notice to the
Agent (an “Increase Notice”; and the amount of such requested increase is the “Commitment
Increase”), provided that any such individual increase must be in a minimum amount of
$25,000,000.00. Upon receipt of any Increase Notice, the Agent shall consult with Arranger and
shall notify the Borrower of the amount of facility fees to be paid to any Lenders who provide an
additional Commitment in connection with such increase in the Total Commitment (which shall be in
addition to the fees to be paid to Arranger pursuant to the Agreement Regarding Fees). If the
Borrower agrees to pay the facility fees so determined, then the Agent shall send a notice to all
Lenders (the “Additional Commitment Request Notice”) informing them of the Borrower’s request to
increase the Total Commitment and of the facility fees to be paid with respect thereto. Each
Lender who desires to provide an additional Commitment upon such terms shall provide Agent with a
written commitment letter specifying the amount of the additional Commitment by which it is willing
to provide prior to such deadline as may be specified in the Additional Commitment Request Notice.
If the requested increase is oversubscribed then the Agent and the Arranger shall allocate the
Commitment Increase among the Lenders who provide such commitment letters on such basis as the
Agent and the Arranger shall determine in their sole discretion. If the additional Commitments so
provided are not sufficient to provide the full amount of the Commitment Increase requested by the
Borrower, then the Agent, Arranger or Borrower may, but shall not be obligated to, invite one or
more banks or lending institutions (which banks or lending institutions shall be acceptable to
Agent, Arranger and Borrower) to become a Lender and provide an additional Commitment. The Agent
shall provide all Lenders with a notice setting forth the amount, if any, of the additional
Commitment to be provided by each Lender and the revised Commitment Percentages which shall be
applicable after the effective date of the Commitment Increase specified therein (the “Commitment
Increase Date”). In no event shall any Lender be obligated to provide an additional Commitment.

          (b) On any Commitment Increase Date the outstanding principal balance of the Loans shall be
reallocated among the Lenders such that after the applicable Commitment Increase Date the
outstanding principal amount of Loans owed to each Lender shall be equal to such Lender’s
Commitment Percentage (as in effect after the applicable Commitment Increase Date) of the
outstanding principal amount of all Loans. The participation interests of the Lenders in Swing
Loans and Letters of Credit shall be similarly adjusted. On any Commitment Increase Date those
Lenders whose Commitment Percentage is increasing shall advance the funds to the Agent and the
funds so advanced shall be distributed among the Lenders whose Commitment Percentage is decreasing
as necessary to accomplish the required reallocation of the outstanding

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Loans. The funds so advanced shall be Revolving Credit Base Rate Loans until converted to
Revolving Credit LIBOR Rate Loans which are allocated among all Lenders based on their Commitment
Percentages. To the extent such reallocation results in certain Lenders receiving funds which are
applied to Revolving Credit LIBOR Rate Loans prior to the last day of the applicable Interest
Period, then the Borrower shall pay to the Agent for the account of the affected Lenders the
Breakage Costs for each such Lender; provided, however, each Lender agrees to apply
any amounts received by them pursuant to this §2.10(b) first to the principal of any Revolving
Credit Base Rate Loans held by such Lender and then to the principal of Revolving Credit LIBOR Rate
Loans held by such Lender.

          (c) Upon the effective date of each increase in the Total Commitment pursuant to this §2.10
the Agent may unilaterally revise Schedule 1 and the Borrower shall execute and deliver to
the Agent new Revolving Credit Notes for each Lender whose Commitment has changed so that the
principal amount of such Lender’s Revolving Credit Note shall equal its Commitment. The Agent
shall deliver such replacement Revolving Credit Notes to the respective Lenders in exchange for the
Revolving Credit Notes replaced thereby which shall be surrendered by such Lenders. Such new
Revolving Credit Notes shall provide that they are replacements for the surrendered Revolving
Credit Notes and that they do not constitute a novation, shall be dated as of the Commitment
Increase Date and shall otherwise be in substantially the form of the replaced Revolving Credit
Notes. Within five (5) days of issuance of any new Revolving Credit Notes pursuant to this
§2.10(c), the Borrower shall deliver an opinion of counsel, addressed to the Lenders and the Agent,
relating to the due authorization, execution and delivery of such new Revolving Credit Notes and
the enforceability thereof, in form and substance substantially similar to the opinion delivered in
connection with the first disbursement under this Agreement. The surrendered Revolving Credit Notes
shall be canceled and returned to the Borrower.

          (d) Notwithstanding anything to the contrary contained herein, the obligation of the Agent and
the Lenders to increase the Total Commitment pursuant to this §2.10 shall be conditioned upon
satisfaction of the following conditions precedent which must be satisfied prior to the
effectiveness of any increase of the Total Commitment:

               (i) Payment of Activation Fee. The Borrower shall pay (A) to the Agent those fees
described in and contemplated by the Agreement Regarding Fees with respect to the applicable
Commitment Increase, and (B) to the Arranger such facility fees as the Lenders who are providing an
additional Commitment may require to increase the aggregate Commitment, which fees shall, when
paid, be fully earned and non-refundable under any circumstances. The Arranger shall pay to the
Lenders acquiring the increased Commitment certain fees pursuant to their separate agreement; and

               (ii) No Default. On the date any Increase Notice is given and on the date such
increase becomes effective, both immediately before and after the Total Commitment is increased,
there shall exist no Default or Event of Default; and

               (iii) Representations True. The representations and warranties made by the Borrower
and the Guarantors in the Loan Documents or otherwise made by or on behalf of the Borrower and the
Guarantors in connection therewith or after the date thereof shall have been

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true and correct in all material respects when made and shall also be true and correct in all
material respects on the date of such Increase Notice and on the date the Total Commitment is
increased, both immediately before and after the Total Commitment is increased; and

               (iv) Additional Documents and Expenses. The Borrower and the Guarantors shall execute
and deliver to Agent and the Lenders such additional documents (including, without limitation,
amendments to the Security Documents), instruments, certifications and opinions as the Agent may
reasonably require in its sole and absolute discretion, including, without limitation, a Compliance
Certificate, demonstrating compliance with all covenants, representations and warranties set forth
in the Loan Documents after giving effect to the increase, and the Borrower shall pay the cost of
any mortgagee’s title insurance policy or any endorsement or update thereto or any updated UCC
searches, all recording costs and fees, and any and all intangible taxes or other documentary or
mortgage taxes, assessments or charges or any similar fees, taxes or expenses which are demanded in
connection with such increase; and

               (v) Other. The Borrower shall satisfy such other conditions to such increase as Agent
may require in its reasonable discretion.

     §2.11 Extension of Maturity Date. The Borrower shall have the one-time right and
option to extend the Maturity Date to May 1, 2010, upon satisfaction of the following conditions
precedent, which must be satisfied prior to the effectiveness of any extension of the Maturity
Date:

          (a) Extension Request. The Borrower shall deliver written notice of such request (the
“Extension Request”) to the Agent not later than the date which is ninety (90) days prior to the
Maturity Date (as determined without regard to such extension). Any such Extension Request shall
be irrevocable and binding on the Borrower.

          (b) Payment of Extension Fee. The Borrower shall pay to the Agent for the pro
rata accounts of the Lenders in accordance with their respective Commitments an extension
fee in an amount equal to fifteen (15) basis points on the Total Commitment in effect on the
Maturity Date (as determined without regard to such extension), which fee shall, when paid, be
fully earned and non-refundable under any circumstances.

          (c) No Default. On the date the Extension Request is given and on the Maturity Date
(as determined without regard to such extension) there shall exist no Default or Event of Default.

          (d) Representations and Warranties. The representations and warranties made by the
Borrower and the Guarantors in the Loan Documents or otherwise made by or on behalf of the Borrower
and the Guarantors in connection therewith or after the date thereof shall have been true and
correct in all material respects when made and shall also be true and correct in all material
respects on the date the Extension Request is given and on the Maturity Date (as determined without
regard to such extension) other than for changes in the ordinary course of business permitted by
this Agreement that have not had a Material Adverse Effect.

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          (e) Updated Appraisals. Agent at its option shall have obtained at Borrower’s expense
new Appraisals or updates to existing Appraisals and determined the current Appraised Values of the
Mortgaged Properties.

§3. REPAYMENT OF THE LOANS.

     §3.1 Stated Maturity. The Borrower promises to pay on the Maturity Date and there
shall become absolutely due and payable on the Maturity Date all of the Loans outstanding on such
date, together with any and all accrued and unpaid interest thereon.

     §3.2 Mandatory Prepayments. If at any time the sum of the aggregate outstanding
principal amount of the Revolving Credit Loans, the Swing Loans and the Letter of Credit
Liabilities exceeds (a) the Total Commitment or (b) the Borrowing Base, then the Borrower shall,
within five (5) Business Days of such occurrence (provided that if the aggregate outstanding
principal amount of the Revolving Credit Loans, the Swing Loans and the Letter of Credit
Liabilities exceeds the Borrowing Base as a result of a change in the Appraised Value of one or
more Mortgaged Properties as a result of an Appraisal obtained pursuant to §5.2(b), then the
Borrower shall within five (5) Business Days of receipt of written notice from Agent of such
occurrence), pay the amount of such excess to the Agent for the respective accounts of the Lenders,
as applicable, for application to the Loans as provided in §3.4, together with any additional
amounts payable pursuant to §4.8, except that the amount of any Swing Loans shall be paid solely to
the Swing Loan Lender. In the event there shall have occurred a casualty with respect to any
Mortgaged Property and the Borrower is required to repay the Loans pursuant to §7.7 or a Taking and
the Borrower is required to repay the Loans pursuant to a Mortgage or §7.7, the Borrower shall
prepay the Loans concurrently with the date of receipt by the Borrower or the Agent of any
Insurance Proceeds or Condemnation Proceeds in respect of such casualty or Taking, as applicable,
or as soon thereafter as is reasonably practicable, in the amount required pursuant to the relevant
provisions of §7.7 or such Mortgage.

     §3.3 Optional Prepayments. The Borrower shall have the right, at its election, to
prepay the outstanding amount of the Loans, as a whole or in part, at any time without penalty or
premium; provided, that if any prepayment of the outstanding amount of any Revolving Credit
LIBOR Rate Loans pursuant to this §3.3 is made on a date that is not the last day of the Interest
Period relating thereto, such prepayment shall be accompanied by the payment of any amounts due
pursuant to §4.8. The Borrower shall give the Agent, no later than 10:00 a.m. (Cleveland time) at
least three (3) days prior written notice of any prepayment pursuant to this §3.3, in each case
specifying the proposed date of prepayment of the Revolving Credit Loans and the principal amount
to be prepaid (provided that any such notice may be revoked or modified upon one (1) day’s prior
notice to the Agent). Notwithstanding the foregoing, no prior notice shall be required for the
prepayment of any Swing Loan.

     §3.4 Partial Prepayments. Each partial prepayment of the Loans under §3.3 shall be in
a minimum amount of $1,000,000.00 or an integral multiple of $100,000.00 in excess thereof, shall
be accompanied by the payment of accrued interest on the principal prepaid to the date of payment.
Each partial payment under §3.2 and §3.3 shall be applied first to the principal of any Outstanding
Swing Loans, then, in the absence of instruction by the Borrower, to the principal of

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Revolving Credit Base Rate Loans, and then to the principal of Revolving Credit LIBOR Rate
Loans.

     §3.5 Effect of Prepayments. Amounts of the Loans prepaid under §3.2 and §3.3 prior to
the Maturity Date may be reborrowed as provided in §2.

§4. CERTAIN GENERAL PROVISIONS.

     §4.1 Conversion Options.

          (a) The Borrower may elect from time to time to convert any of its outstanding Revolving
Credit Loans to a Revolving Credit Loan of another Type and such Revolving Credit Loans shall
thereafter bear interest as a Revolving Credit Base Rate Loan or a Revolving Credit LIBOR Rate
Loan, as applicable; provided that (i) with respect to any such conversion of a Revolving
Credit LIBOR Rate Loan to a Revolving Credit Base Rate Loan, the Borrower shall give the Agent at
least one (1) Business Day’s prior written notice of such election, and such conversion shall only
be made on the last day of the Interest Period with respect to such Revolving Credit LIBOR Rate
Loan; (ii) with respect to any such conversion of a Revolving Credit Base Rate Loan to a Revolving
Credit LIBOR Rate Loan, the Borrower shall give the Agent at least two (2) LIBOR Business Days’
prior written notice of such election and the Interest Period requested for such Loan, the
principal amount of the Loan so converted shall be in a minimum aggregate amount of $1,000,000.00
or an integral multiple of $250,000.00 in excess thereof and, after giving effect to the making of
such Loan, there shall be no more than six (6) Revolving Credit LIBOR Rate Loans outstanding at any
one time; and (iii) no Loan may be converted into a Revolving Credit LIBOR Rate Loan when any
Default or Event of Default has occurred and is continuing. All or any part of the outstanding
Revolving Credit Loans of any Type may be converted as provided herein, provided that no
partial conversion shall result in a Revolving Credit Base Rate Loan in a principal amount of less
than $1,000,000.00 or an integral multiple of $100,000.00 or a Revolving Credit LIBOR Rate Loan in
a principal amount of less than $1,000,000.00 or an integral multiple of $250,000.00. On the date
on which such conversion is being made, each Lender shall take such action as is necessary to
transfer its Commitment Percentage of such Loans to its Domestic Lending Office or its LIBOR
Lending Office, as the case may be. Each Conversion/Continuation Request relating to the
conversion of a Revolving Credit Base Rate Loan to a Revolving Credit LIBOR Rate Loan shall be
irrevocable by the Borrower.

          (b) Any Revolving Credit LIBOR Rate Loan may be continued as such Type upon the expiration of
an Interest Period with respect thereto by compliance by the Borrower with the terms of §4.1;
provided that no Revolving Credit LIBOR Rate Loan may be continued as such when any Default
or Event of Default has occurred and is continuing, but shall be automatically converted to a
Revolving Credit Base Rate Loan on the last day of the Interest Period relating thereto ending
during the continuance of any Default or Event of Default.

          (c) In the event that the Borrower does not notify the Agent of its election hereunder with
respect to any Revolving Credit LIBOR Rate Loan, such Loan shall be automatically converted to a
Revolving Credit Base Rate Loan at the end of the applicable Interest Period.

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     §4.2 Closing Fee. The Borrower agrees to pay to KeyBank certain fees for services
rendered or to be rendered in connection with the Loans as provided pursuant to an Agreement
Regarding Fees dated as of even date herewith between the Borrower and KeyBank (the “Agreement
Regarding Fees”). All such fees shall be fully earned when paid and nonrefundable under any
circumstances.

     §4.3 Agent’s Fee. The Borrower shall pay to the Agent, for the Agent’s own account,
an annual Agent’s fee as provided in the Agreement Regarding Fees. The Agent’s fee shall be
payable as provided in the Agreement Regarding Fees.

     §4.4 Funds for Payments.

          (a) All payments of principal, interest, facility fees, Letter of Credit fees, closing fees
and any other amounts due hereunder or under any of the other Loan Documents shall be made to the
Agent, for the respective accounts of the Lenders and the Agent, as the case may be, at the Agent’s
Head Office, not later than 2:00 p.m. (Cleveland time) on the day when due, in each case in lawful
money of the United States in immediately available funds. The Agent is hereby authorized to
charge the accounts of the Borrower with KeyBank, on the dates when the amount thereof shall become
due and payable, with the amounts of the principal of and interest on the Loans and all fees,
charges, expenses and other amounts owing to the Agent and/or the Lenders (including the Swing Loan
Lender) under the Loan Documents. Subject to the foregoing, all payments made to Agent on behalf
of the Lenders, and actually received by Agent, shall be deemed received by the Lenders on the date
actually received by Agent.

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

          (c) Each Lender organized under the laws of a jurisdiction outside the United States, if
requested in writing by the Borrower (but only so long as such Lender remains lawfully able to do
so), shall provide the Borrower with such duly executed form(s) or statement(s) which may, from
time to time, be prescribed by law and, which, pursuant to applicable provisions of (i) an income
tax treaty between the United States and the country of residence of such Lender, (ii) the Code, or
(iii) any applicable rules or regulations in effect under (i) or (ii) above, indicates

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the withholding status of such Lender; provided that nothing herein (including without
limitation the failure or inability to provide such form or statement) shall relieve the Borrower
of its obligations under §4.4(b). In the event that the Borrower shall have delivered the
certificates or vouchers described above for any payments made by the Borrower and such Lender
receives a refund of any taxes paid by the Borrower pursuant to §4.4(b), such Lender will pay to
the Borrower the amount of such refund promptly upon receipt thereof; provided that if at
any time thereafter such Lender is required to return such refund, the Borrower shall promptly
repay to such Lender the amount of such refund.

          (d) The obligations of the Borrower to the Lenders under this Agreement (and of the Lenders to
make payments to the Issuing Lender with respect to Letters of Credit and to the Swing Loan Lender
with respect to Swing Loans) shall be absolute, unconditional and irrevocable, and shall be paid
and performed strictly in accordance with the terms of this Agreement, under all circumstances
whatsoever, including, without limitation, the following circumstances: (i) any lack of validity
or enforceability of this Agreement, any Letter of Credit or any of the other Loan Documents; (ii)
any improper use which may be made of any Letter of Credit or any improper acts or omissions of any
beneficiary or transferee of any Letter of Credit in connection therewith; (iii) the existence of
any claim, set-off, defense or any right which the Borrower or any of its Subsidiaries or
Affiliates may have at any time against any beneficiary or any transferee of any Letter of Credit
(or persons or entities for whom any such beneficiary or any such transferee may be acting) or the
Lenders (other than the defense of payment to the Lenders in accordance with the terms of this
Agreement) or any other person, whether in connection with any Letter of Credit, this Agreement,
any other Loan Document, or any unrelated transaction; (iv) any draft, demand, certificate,
statement or any other documents presented under any Letter of Credit proving to be insufficient,
forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in
any respect whatsoever; (v) any breach of any agreement between Borrower or any of its Subsidiaries
or Affiliates and any beneficiary or transferee of any Letter of Credit; (vi) any irregularity in
the transaction with respect to which any Letter of Credit is issued, including any fraud by the
beneficiary or any transferee of such Letter of Credit; (vii) payment by the Issuing Lender under
any Letter of Credit against presentation of a sight draft, demand, certificate or other document
which does not comply with the terms of such Letter of Credit, provided that such payment
shall not have constituted gross negligence or willful misconduct on the part of the Issuing
Lender; (viii) any non-application or misapplication by the beneficiary of a Letter of Credit of
the proceeds of such Letter of Credit; (ix) the legality, validity, form, regularity or
enforceability of the Letter of Credit; (x) the failure of any payment by Issuing Lender to conform
to the terms of a Letter of Credit (if, in Issuing Lender’s good faith judgment, such payment is
determined to be appropriate); (xi) the surrender or impairment of any security for the performance
or observance of any of the terms of any of the Loan Documents; (xii) the occurrence of any Default
or Event of Default; and (xiii) any other circumstance or happening whatsoever, whether or not
similar to any of the foregoing, provided that such other circumstances or happenings shall
not have been the result of gross negligence or willful misconduct on the part of the Issuing
Lender or the Swing Loan Lender, as applicable as determined by a court of competent jurisdiction
after the exhaustion of all applicable appeal periods.

     §4.5 Computations. All computations of interest on the Loans and of other fees to the
extent applicable shall be based on a 360-day year (or a 365 day year in the case of Revolving

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Credit Base Rate Loans) and paid for the actual number of days elapsed. Except as otherwise
provided in the definition of the term “Interest Period” with respect to Revolving Credit LIBOR
Rate Loans, whenever a payment hereunder or under any of the other Loan Documents becomes due on a
day that is not a Business Day, the due date for such payment shall be extended to the next
succeeding Business Day, and interest shall accrue during such extension. The Outstanding Loans as
reflected on the records of the Agent from time to time shall be considered prima facie evidence of
such amount absent manifest error.

     §4.6 Suspension of LIBOR Rate Loans. In the event that, prior to the commencement of
any Interest Period relating to any Revolving Credit LIBOR Rate Loan, the Agent shall determine
that adequate and reasonable methods do not exist for ascertaining LIBOR for such Interest Period,
or the Agent shall reasonably determine that LIBOR will not accurately and fairly reflect the cost
of the Lenders making or maintaining Revolving Credit LIBOR Rate Loans for such Interest Period,
the Agent shall forthwith give notice of such determination (which shall be conclusive and binding
on the Borrower and the Lenders absent manifest error) to the Borrower and the Lenders. In such
event (a) any Loan Request with respect to a Revolving Credit LIBOR Rate Loan shall be
automatically withdrawn and shall be deemed a request for a Revolving Credit Base Rate Loan and (b)
each Revolving Credit LIBOR Rate Loan will automatically, on the last day of the then current
Interest Period applicable thereto, become a Revolving Credit Base Rate Loan, and the obligations
of the Lenders to make Revolving Credit LIBOR Rate Loans shall be suspended until the Agent
determines that the circumstances giving rise to such suspension no longer exist, whereupon the
Agent shall so notify the Borrower and the Lenders.

     §4.7 Illegality. Notwithstanding any other provisions herein, if any present or
future law, regulation, treaty or directive or the interpretation or application thereof shall make
it unlawful, or any central bank or other governmental authority having jurisdiction over a Lender
or its LIBOR Lending Office shall assert that it is unlawful, for any Lender to make or maintain
Revolving Credit LIBOR Rate Loans, such Lender shall forthwith give notice of such circumstances to
the Agent and the Borrower and thereupon (a) the commitment of the Lenders to make Revolving Credit
LIBOR Rate Loans shall forthwith be suspended and (b) the Revolving Credit LIBOR Rate Loans then
outstanding shall be converted automatically to Revolving Credit Base Rate Loans on the last day of
each Interest Period applicable to such Revolving Credit LIBOR Rate Loans or within such earlier
period as may be required by law. Notwithstanding the foregoing, before giving such notice, the
applicable Lender shall designate a different lending office if such designation will void the need
for giving such notice and will not, in the judgment of such Lender, be otherwise materially
disadvantageous to such Lender or increase any costs payable by Borrower hereunder.

     §4.8 Additional Interest. If any Revolving Credit LIBOR Rate Loan or any portion
thereof is repaid or is converted to a Revolving Credit Base Rate Loan for any reason on a date
which is prior to the last day of the Interest Period applicable to such Revolving Credit LIBOR
Rate Loan, or if repayment of the Loans has been accelerated as provided in §12.1, the Borrower
will pay to the Agent upon demand for the account of the applicable Lenders in accordance with
their respective Commitment Percentages (or to the Swing Loan Lender with respect to a Swing Loan),
in addition to any amounts of interest otherwise payable hereunder, the Breakage Costs. Upon
request of Borrower, the applicable Lender shall submit an invoice to Borrower of its

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Breakage Costs. Borrower understands, agrees and acknowledges the following: (i) no Lender
has any obligation to purchase, sell and/or match funds in connection with the use of LIBOR as a
basis for calculating the rate of interest on a Revolving Credit LIBOR Rate Loan; (ii) LIBOR is
used merely as a reference in determining such rate; and (iii) Borrower has accepted LIBOR as a
reasonable and fair basis for calculating such rate and any Breakage Costs. Borrower further
agrees to pay the Breakage Costs, if any, whether or not a Lender elects to purchase, sell and/or
match funds.

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

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

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

          (c) impose or increase or render applicable any special deposit, reserve, assessment,
liquidity, capital adequacy or other similar requirements (whether or not having the force of law
and which are not already reflected in any amounts payable by Borrower hereunder) against assets
held by, or deposits in or for the account of, or loans by, or commitments of an office of any
Lender, or

          (d) impose on any Lender or the Agent any other conditions or requirements with respect to
this Agreement, the other Loan Documents, the Loans, such Lender’s Commitment, a Letter of Credit
or any class of loans or commitments of which any of the Loans or such Lender’s Commitment forms a
part; and the result of any of the foregoing is:

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

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

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               (iii) to require any Lender or the Agent to make any payment or to forego any interest or
other sum payable hereunder, the amount of which payment or foregone interest or other sum is
calculated by reference to the gross amount of any sum receivable or deemed received by such Lender
or the Agent from the Borrower hereunder, then, and in each such case, the Borrower will, within
fifteen (15) days of demand made by such Lender or (as the case may be) the Agent at any time and
from time to time and as often as the occasion therefor may arise, pay to such Lender or the Agent
such additional amounts as such Lender or the Agent shall determine in good faith to be sufficient
to compensate such Lender or the Agent for such additional cost, reduction, payment or foregone
interest or other sum. Each Lender and the Agent in determining such amounts may use any
reasonable averaging and attribution methods generally applied by such Lender or the Agent.

     §4.10 Capital Adequacy. If after the date hereof any Lender determines that (a) the
adoption of or change in any federal or state law, rule, regulation or guideline regarding capital
requirements for banks or bank holding companies or any change in the interpretation or application
thereof by any federal or state governmental authority charged with the administration thereof, or
(b) compliance by such Lender or its parent bank holding company with any federal or state
guideline, request or directive of any such entity regarding capital adequacy (whether or not
having the force of law), has the effect of reducing the return on such Lender’s or such holding
company’s capital as a consequence of such Lender’s commitment to make Loans or participate in
Letters of Credit hereunder to a level below that which such Lender or holding company could have
achieved but for such adoption, change or compliance (taking into consideration such Lender’s or
such holding company’ s then existing policies with respect to capital adequacy and assuming the
full utilization of such entity’s capital) by any amount deemed by such Lender to be material, then
such Lender may notify the Borrower thereof. The Borrower agrees to pay to such Lender the amount
of such reduction in the return on capital as and when such reduction is determined, upon
presentation by such Lender of a statement of the amount setting forth the Lender’s calculation
thereof. In determining such amount, such Lender may use any reasonable averaging and attribution
methods generally applied by such Lender.

     §4.11 Breakage Costs. Borrower shall pay all Breakage Costs required to be paid by it
pursuant to this Agreement and incurred from time to time by any Lender upon demand within fifteen
(15) days from receipt of written notice from Agent, or such earlier date as may be required by
this Agreement.

     §4.12 Default Interest; Late Charge. Following the occurrence and during the
continuance of any Event of Default, and regardless of whether or not the Agent or the Lenders
shall have accelerated the maturity of the Loans, all Loans shall bear interest payable on demand
at a rate per annum equal to three percent (3.0%) above the Base Rate (the “Default Rate”), until
such amount shall be paid in full (after as well as before judgment), and the fee payable with
respect to Letters of Credit shall be increased to a rate equal to three percent (3.0%) above the
Letter of Credit fee that would otherwise be applicable to such time, or if any of such amounts
shall exceed the maximum rate permitted by law, then at the maximum rate permitted by law. In
addition, the Borrower shall pay a late charge equal to four percent (4.0%) of any amount of
interest and/or principal payable on the Loans or any other amounts payable hereunder or under the
other Loan Documents, which is not paid by the Borrower within ten (10) days of the date when due.

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     §4.13 Certificate. A certificate setting forth any amounts payable pursuant to §4.8,
§4.9, §4.10, §4.11 or §4.12 and a reasonably detailed explanation of such amounts which are due,
submitted by any Lender or the Agent to the Borrower, shall be conclusive in the absence of
manifest error.

     §4.14 Limitation on Interest. Notwithstanding anything in this Agreement or the other
Loan Documents to the contrary, all agreements between or among the Borrower, the Guarantors, the
Lenders and the Agent, whether now existing or hereafter arising and whether written or oral, are
hereby limited so that in no contingency, whether by reason of acceleration of the maturity of any
of the Obligations or otherwise, shall the interest contracted for, charged or received by the
Lenders exceed the maximum amount permissible under applicable law. If, from any circumstance
whatsoever, interest would otherwise be payable to the Lenders in excess of the maximum lawful
amount, the interest payable to the Lenders shall be reduced to the maximum amount permitted under
applicable law; and if from any circumstance the Lenders shall ever receive anything of value
deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any
excessive interest shall be applied to the reduction of the principal balance of the Obligations
and to the payment of interest or, if such excessive interest exceeds the unpaid balance of
principal of the Obligations, such excess shall be refunded to the Borrower. All interest paid or
agreed to be paid to the Lenders shall, to the extent permitted by applicable law, be amortized,
prorated, allocated and spread throughout the full period until payment in full of the principal of
the Obligations (including the period of any renewal or extension thereof) so that the interest
thereon for such full period shall not exceed the maximum amount permitted by applicable law. This
Section shall control all agreements between or among the Borrower, the Guarantors, the Lenders and
the Agent.

     §4.15 Certain Provisions Relating to Increased Costs and Non-Funding Lenders. If a
Lender gives notice of the existence of the circumstances set forth in §4.7 or any Lender requests
compensation for any losses or costs to be reimbursed pursuant to any one or more of the provisions
of §4.9 or §4.10, then, upon request of Borrower, such Lender, as applicable, shall use reasonable
efforts in a manner consistent with such institution’s practice in connection with loans like the
Loan of such Lender to eliminate, mitigate or reduce amounts that would otherwise be payable by
Borrower under the foregoing provisions, provided that such action would not be otherwise
prejudicial to such Lender, including, without limitation, by designating another of such Lender’s
offices, branches or affiliates; the Borrower agreeing to pay all reasonably incurred costs and
expenses incurred by such Lender in connection with any such action. Notwithstanding anything to
the contrary contained herein, if no Default or Event of Default shall have occurred and be
continuing, and if any Lender (a) has given notice of the existence of the circumstances set forth
in §4.7 or has requested payment or compensation for any losses or costs to be reimbursed pursuant
to any one or more of the provisions of §4.9 or §4.10 (each, an “Affected Lender”) or (b) has
failed to make available to Agent its pro rata share of any Loan or participation in a Letter of
Credit or Swing Loan and such failure has not been cured (a “Non-Funding Lender”), then, within
thirty (30) days after such notice or request for payment or compensation or failure to fund, as
applicable, Borrower shall have the one-time right as to such Affected Lender or Non-Funding
Lender, as applicable, to be exercised by delivery of written notice delivered to the Agent and the
Affected Lender or Non-Funding Lender, as applicable, within thirty (30) days of receipt of such
notice or failure to fund, as applicable, to elect to cause the Affected Lender or Non-Funding
Lender, as applicable, to transfer its Commitment. The

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Agent shall promptly notify the remaining Lenders that each of such Lenders shall have the
right, but not the obligation, to acquire a portion of the Commitment, pro rata based upon their
relevant Commitment Percentages, of the Affected Lender or Non-Funding Lender, as applicable (or if
any of such Lenders does not elect to purchase its pro rata share, then to such remaining Lenders
in such proportion as approved by the Agent). In the event that the Lenders do not elect to
acquire all of the Affected Lender’s or Non-Funding Lender’s Commitment, then the Agent shall
endeavor to obtain a new Lender to acquire such remaining Commitment. Upon any such purchase of
the Commitment of the Affected Lender or Non-Funding Lender, as applicable, the Affected Lender’s
or Non-Funding Lender’s interest in the Obligations and its rights hereunder and under the Loan
Documents shall terminate at the date of purchase, and the Affected Lender or Non-Funding Lender,
as applicable, shall promptly execute all documents reasonably requested to surrender and transfer
such interest. The purchase price for the Affected Lender’s or Non-Funding Lender’s Commitment
shall equal any and all amounts outstanding and owed by Borrower to the Affected Lender or
Non-Funding Lender, as applicable, including principal and all accrued and unpaid interest or fees.

§5. COLLATERAL SECURITY.

     §5.1 Collateral. The Obligations shall be secured by (i) a perfected first priority
lien to be held by the Agent for the benefit of the Lenders on the Mortgaged Properties, pursuant
to the terms of the Mortgages, (ii) a perfected first priority security interest to be held by the
Agent for the benefit of the Lenders in the Leases pursuant to the terms of the Assignments of
Leases and Rents and (iii) the Indemnity Agreements and the other Security Documents. The
Obligations shall be guaranteed by the Guarantors pursuant to the Guaranty.

     §5.2 Appraisals; Adjusted Value.

          (a) Upon Borrower’s request, which request may not be made more often than one (1) time in any
period of 365 days, Agent shall obtain current Appraisals of each of the Mortgaged Properties.
Additionally, in the event that Borrower elects to extend the Maturity Date as provided in §2.11,
then the Agent may on behalf of the Lenders (either in connection with any such extension or at any
time thereafter) obtain current Appraisals of each of the Mortgaged Properties. In any such case,
said Appraisals will be ordered by Agent and reviewed and approved by the appraisal department of
the Agent, in order to determine the current Appraised Value of the Mortgaged Properties, and the
Borrower shall pay to Agent within fifteen (15) Business Days of demand all reasonable costs of
such Appraisals.

          (b) Notwithstanding the provisions of §5.2(a), the Agent may, for the purpose of determining
the current Appraised Value of the Mortgaged Properties, obtain new Appraisals or an update to
existing Appraisals with respect to the Mortgaged Properties, or any of them, as the Agent shall
determine (i) at any time that the regulatory requirements of any Lender generally applicable to
real estate loans of the category made under this Agreement as reasonably interpreted by such
Lender shall require more frequent Appraisals, or (ii) at any time following a Default or Event of
Default, or (iii) if the Agent reasonably believes that there has been a material adverse change
with respect to any Mortgaged Property including, without limitation, a material change in the
market in which any Mortgaged Property is located which may affect the value of such Mortgaged
Property. The expense of such Appraisals and/or updates performed

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pursuant to this §5.2(b) shall be borne by the Borrower and payable to Agent within fifteen
(15) days of demand; provided the Borrower shall not be obligated to pay for an Appraisal
of a Mortgaged Property obtained pursuant to this §5.2(b) more often than once in any period of
twelve (12) months.

          (c) The Borrower acknowledges that the Agent has the right to approve any Appraisal performed
pursuant to this Agreement. The Borrower further agrees that the Lenders and Agent do not make any
representations or warranties with respect to any such Appraisal and shall have no liability as a
result of or in connection with any such Appraisal for statements contained in such Appraisal,
including without limitation, the accuracy and completeness of information, estimates, conclusions
and opinions contained in such Appraisal, or variance of such Appraisal from the fair value of such
property that is the subject of such Appraisal given by the local tax assessor’s office, or the
Borrower’s idea of the value of such property.

     §5.3 Addition of Mortgaged Properties.

          (a) After the Closing Date, the Borrower shall have the right, subject to the consent of the
Agent and the Required Lenders (which consent may be withheld in their sole and absolute
discretion) and the satisfaction by the Borrower of the conditions set forth in this §5.3, to add
Potential Collateral to the Collateral. The Borrower from time to time after the Closing Date may
also request that certain Real Estate of one or more Subsidiary Guarantors (collectively, the
“Guarantor Collateral”) be included as a Mortgaged Property for the purpose of increasing the
Borrowing Base. In the event the Borrower desires to add additional Potential Collateral or
Guarantor Collateral as aforesaid, the Borrower shall provide written notice to the Agent of such
request (which the Agent shall promptly furnish to the Lenders), together with all documentation
and other information required to permit the Agent to determine whether such Real Estate is
Eligible Real Estate. Thereafter, the Agent shall have ten (10) Business Days from the date of the
receipt of such documentation and other information to advise the Borrower whether the Required
Lenders consent to the acceptance of such Guarantor Collateral or Potential Collateral.
Notwithstanding the foregoing, no Guarantor Collateral or Potential Collateral shall be included
as Collateral unless and until the following conditions precedent shall have been satisfied:

               (i) such Guarantor Collateral or Potential Collateral shall be Eligible Real Estate;

               (ii) the owner of any Guarantor Collateral (and any indirect owner of such Subsidiary
Guarantor) shall have executed a Joinder Agreement and satisfied the conditions of §5.5;

               (iii) the Borrower or the owner of the Guarantor Collateral or Potential Collateral, as
applicable, shall have executed and delivered to the Agent all Eligible Real Estate Qualification
Documents (which may include an assignment of interests with respect to any direct or indirect
interests in the owner of such Guarantor Collateral), all of which instruments, documents or
agreements shall be in form and substance reasonably satisfactory to the Agent;

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               (iv) after giving effect to the inclusion of such Guarantor Collateral or Potential
Collateral, each of the representations and warranties made by or on behalf of the Borrower or the
Guarantors or any of their respective Subsidiaries contained in this Agreement, the other Loan
Documents or in any document or instrument delivered pursuant to or in connection with this
Agreement shall be true in all material respects both as of the date as of which it was made and
shall also be true as of the time of the replacement or addition of Mortgaged Properties, with the
same effect as if made at and as of that time (it being understood and agreed that any
representation or warranty which by its terms is made as of a specified date shall be required to
be true and correct only as of such specified date), and no Default or Event of Default shall have
occurred and be continuing (including, without limitation, any Default under §9.6), and the Agent
shall have received a certificate of the Borrower to such effect; and

               (v) the Agent shall have consented to, and Agent shall have received the prior written consent
of the Required Lenders to, the inclusion of such Real Estate as a Mortgaged Property.

     Notwithstanding the foregoing, in the event such Guarantor Collateral or Potential Collateral
does not qualify as Eligible Real Estate, so long as the conditions set forth in clauses (ii),
(iii) and (iv) of this §5.3 have been satisfied, such Guarantor Collateral or Potential Collateral
shall be included as Collateral so long as the Agent shall have received the prior written consent
of each of the Lenders to the inclusion of such Real Estate as a Mortgaged Property.

          (b) Borrower may, at its option, obtain preliminary approval of the Required Lenders of
Guarantor Collateral or Potential Collateral by delivering to the Agent and each of the Lenders the
following with respect to such Guarantor Collateral or Potential Collateral:

               (i) a physical description of the Real Estate;

               (ii) current rent rolls, historic operating statements and operating and capital budgets (if
available to Borrower), and projected operating and near-term capital expenditure budgets for such
Real Estate reasonably satisfactory to the Required Lenders;

               (iii) a current environmental report, a current engineering report and similar information
reasonably satisfactory to the Required Lenders; and

               (iv) a certification to the knowledge of Borrower that such Real Estate will satisfy (or is
anticipated to satisfy upon the acceptance of such Real Estate as Collateral) each of the other
conditions to the acceptance of Real Estate as Collateral. The Required Lenders shall have ten
(10) Business Days following receipt of all of the foregoing items to grant or deny preliminary
approval for such proposed Guarantor Collateral or Potential Collateral. If a Lender shall fail to
respond within such ten (10) Business Day period, such Lender shall be deemed to have approved such
proposed Guarantor Collateral or Potential Collateral. Agent shall notify the Borrower if and when
the Required Lenders have granted such preliminary approval. In the event that the Required
Lenders grant such preliminary approval, the Borrower shall satisfy the remaining requirements to
the acceptance of such Collateral as provided in

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§5.3(a). Such Real Estate shall not be included in the Borrowing Base until the requirements
of §5.3(a) are satisfied.

     §5.4 Release of Mortgaged Property. Provided no Default or Event of Default shall
have occurred hereunder and be continuing (or would exist immediately after giving effect to the
transactions contemplated by this §5.4), the Agent shall release a Mortgaged Property from the lien
or security title of the Security Documents encumbering the same upon the request of the Borrower
subject to and upon the following terms and conditions:

          (a) the Borrower shall deliver to the Agent written notice of its desire to obtain such
release no later than ten (10) days prior to the date on which such release is to be effected;

          (b) the Borrower shall submit to the Agent with such request a Compliance Certificate prepared
using the financial statements of the Borrower most recently provided or required to be provided to
the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of the Borrower to give
effect to the proposed release and demonstrating that no Default or Event of Default with respect
to the covenants referred to therein shall exist after giving effect to such release;

          (c) all release documents to be executed by the Agent shall be in form and substance
reasonably satisfactory to the Agent;

          (d) the Borrower shall pay all reasonable costs and expenses of the Agent in connection with
such release, including without limitation, reasonable attorney’s fees;

          (e) the Borrower shall pay to the Agent for the account of the Lenders a release price, which
payment shall be applied to reduce the outstanding principal balance of the Loans as provided in
§3.4, in an amount equal to the amount necessary to reduce the outstanding principal balance of the
Loans so that no violation of the covenant set forth in §9.1 shall occur;

          (f) without limiting or affecting any other provision hereof, any release of a Mortgaged
Property will not cause the Borrower to be in violation of the covenants set forth in §9.6.

     §5.5 Additional Guarantors. In the event that Borrower shall request that certain
Real Estate of a Subsidiary of Borrower be included as a Mortgaged Property as contemplated by §5.3
and such Real Estate is approved for inclusion as a Mortgaged Property in accordance with the terms
hereof, Borrower shall cause each such Subsidiary (and any entity having an interest in such
Subsidiary of Borrower) to execute and deliver to Agent a Joinder Agreement, and such Subsidiary
(and any such entity) shall become a Guarantor hereunder. Each such Subsidiary shall be
specifically authorized, in accordance with its respective organizational documents, to guarantee
the Obligations and to execute the Contribution Agreement and such Security Documents as Agent may
require. Borrower shall further cause all representations, covenants and agreements in the Loan
Documents with respect to Guarantors to be true and correct with respect to each such Subsidiary.
In connection with the delivery of such Guaranty, Borrower shall deliver to the Agent such
organizational agreements, resolutions, consents, opinions and other documents and instruments as
the Agent may reasonably require.

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     §5.6 Release of Certain Subsidiary Guarantors. In the event that all Mortgaged
Properties owned by a Subsidiary Guarantor shall have been released as Collateral for the
Obligations in accordance with the terms of this Agreement, then such Subsidiary Guarantor shall be
released by Agent from liability under the Guaranty. The provisions of this §5.6 shall not apply
to any Guarantor which owns a Mortgaged Property or any direct or indirect interest in a Mortgaged
Property.

     §5.7 Release of Collateral. Upon the refinancing or repayment of the Obligations in
full, then the Agent shall be entitled to release the Collateral from the lien and security
interest of the Security Documents and to release the Guarantors.

§6. REPRESENTATIONS AND WARRANTIES.

     The Borrower represents and warrants to the Agent and the Lenders as follows.

     §6.1 Corporate Authority, Etc.

          (a) Incorporation; Good Standing. RPB is a Maryland real estate investment trust duly
organized pursuant to a declaration of trust filed with the Maryland Secretary of State, and is
validly existing and in good standing under the laws of Maryland. RPB conducts its business in a
manner which enables it to qualify as a real estate investment trust under, and to be entitled to
the benefits of, §856 of the Code, and has elected to be treated as and is entitled to the benefits
of a real estate investment trust thereunder. The Borrower is a Delaware limited partnership duly
organized pursuant to its articles of organization filed with the Delaware Secretary of State, and
is validly existing and in good standing under the laws of Delaware. The Borrower (i) has all
requisite power to own its property and conduct its business as now conducted and as presently
contemplated, and (ii) is in good standing and is duly authorized to do business in the
jurisdictions where the Mortgaged Properties owned or leased by it are located and in each other
jurisdiction where a failure to be so qualified in such other jurisdiction could have a Material
Adverse Effect.

          (b) Subsidiaries. Each of the Guarantors and each of the Subsidiaries of the Borrower
and each Guarantor (i) is a corporation, limited partnership, general partnership, limited
liability company or trust duly organized under the laws of its State of organization and is
validly existing and in good standing under the laws thereof, (ii) has all requisite power to own
its property and conduct its business as now conducted and as presently contemplated and (iii) is
in good standing and is duly authorized to do business in each jurisdiction where a Mortgaged
Property owned or leased by it is located (to the extent required by applicable law) and in each
other jurisdiction where a failure to be so qualified could have a Material Adverse Effect.

          (c) Authorization. The execution, delivery and performance of this Agreement and the
other Loan Documents to which any of the Borrower or any Guarantor is a party and the transactions
contemplated hereby and thereby (i) are within the authority of such Person, (ii) have been duly
authorized by all necessary proceedings on the part of such Person, (iii) do not and will not
conflict with or result in any breach or contravention of any provision of law, statute, rule or
regulation to which such Person is subject or any judgment, order, writ, injunction, license or
permit applicable to such Person, (iv) do not and will not conflict with or

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constitute a default (whether with the passage of time or the giving of notice, or both) under
any provision of the partnership agreement, articles of incorporation or other charter documents or
bylaws of, or any agreement or other instrument binding upon, such Person or any of its properties,
(v) do not and will not result in or require the imposition of any lien or other encumbrance on any
of the properties, assets or rights of such Person other than the liens and encumbrances in favor
of Agent contemplated by this Agreement and the other Loan Documents, and (vi) do not require the
approval or consent of any Person other than those already obtained and delivered to Agent.

          (d) Enforceability. The execution and delivery of this Agreement and the other Loan
Documents to which any of the Borrower or any Guarantor is a party are valid and legally binding
obligations of such Person enforceable in accordance with the respective terms and provisions
hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization,
moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights
and general principles of equity.

     §6.2 Governmental Approvals. The execution, delivery and performance of this
Agreement and the other Loan Documents to which the Borrower or any Guarantor is a party and the
transactions contemplated hereby and thereby do not require the approval or consent of, or filing
or registration with, or the giving of any notice to, any court, department, board, governmental
agency or authority other than those already obtained and the filing of the Security Documents in
the appropriate records office with respect thereto.

     §6.3 Title to Properties. Except as indicated on Schedule 6.3 hereto, the
Borrower and its Subsidiaries own or lease all of the assets reflected in the consolidated balance
sheet of Borrower as at the Balance Sheet Date or acquired or leased since that date (except
property and assets sold or otherwise disposed of since that date) or other adjustments that are
not material in amount, subject to no rights of others, including any mortgages, leases pursuant to
which Borrower or any of its Subsidiaries or any of their Affiliates is the lessee, conditional
sales agreements, title retention agreements, liens or other encumbrances except Permitted Liens.

     §6.4 Financial Statements. The Borrower has furnished to Agent: (a) the consolidated
balance sheet of RPB and its Subsidiaries as of the Balance Sheet Date and the related consolidated
statement of income and cash flow for the calendar year then ended certified by the chief financial
or accounting officer of RPB, (b) as of the Closing Date, an unaudited statement of Net Operating
Income for each of the Mortgaged Properties for the period ending December 31, 2005 reasonably
satisfactory in form to the Agent and certified by the chief financial or accounting officer of RPB
as fairly presenting the Net Operating Income for such parcels for such periods, and (c) certain
other financial information relating to the Borrower, the Guarantors and the Real Estate
(including, without limitation, the Mortgaged Properties). Such balance sheet and statements have
been prepared in accordance with generally accepted accounting principles and fairly present the
consolidated financial condition of RPB and its Subsidiaries as of such dates and the consolidated
results of the operations of RPB and its Subsidiaries for such periods. There are no liabilities,
contingent or otherwise, of the Borrower, RPB or any of their respective Subsidiaries involving
material amounts not disclosed in said financial statements and the related notes thereto.

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     §6.5 No Material Changes. Since the Balance Sheet Date or the date of the most recent
financial statements delivered pursuant to §7.4, as applicable, there has occurred no materially
adverse change in the financial condition, prospects or business of the Borrower, any Guarantor and
their respective Subsidiaries taken as a whole as shown on or reflected in the consolidated balance
sheet of the Borrower as of the Balance Sheet Date, or its consolidated statement of income or cash
flows for the calendar year then ended, other than changes in the ordinary course of business that
have not and could not reasonably be expected to have a Material Adverse Effect. As of the date
hereof, except as set forth on Schedule 6.5 hereto, there has occurred no materially
adverse change in the financial condition, operations or business activities of any of the
Mortgaged Properties from the condition shown on the statements of income delivered to the Agent
pursuant to §6.4 other than changes in the ordinary course of business that have not had any
materially adverse effect either individually or in the aggregate on the business activities,
operation or financial condition of such Mortgaged Property.

     §6.6 Franchises, Patents, Copyrights, Etc. The Borrower, the Guarantors and their
respective Subsidiaries possess all franchises, patents, copyrights, trademarks, trade names,
service marks, licenses and permits, and rights in respect of the foregoing, adequate for the
conduct of their business substantially as now conducted without known conflict with any rights of
others. None of the Mortgaged Properties is owned or operated under or by reference to any
registered or protected trademark, trade name, service mark or logo.

     §6.7 Litigation. Except as stated on Schedule 6.7, there are no actions,
suits, proceedings or investigations of any kind pending or to the knowledge of the Borrower
threatened against the Borrower, any Guarantor or any of their respective Subsidiaries before any
court, tribunal, arbitrator, mediator or administrative agency or board which question the validity
of this Agreement or any of the other Loan Documents, any action taken or to be taken pursuant
hereto or thereto or any lien, security title or security interest created or intended to be
created pursuant hereto or thereto, or which if adversely determined could reasonably be expected
to have a Material Adverse Effect. Except as set forth on Schedule 6.7, there are no
judgments, final orders or awards outstanding against or affecting the Borrower, any Guarantor, any
of their respective Subsidiaries or any Mortgaged Property.

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

     §6.9 Compliance with Other Instruments, Laws, Etc. None of the Borrower, the
Guarantors or any of their respective Subsidiaries is in violation of any provision of its charter
or other organizational documents, bylaws, or any agreement or instrument to which it is subject or
by which it or any of its properties is bound or any decree, order, judgment, statute, license,
rule or regulation, in any of the foregoing cases in a manner that has had or could reasonably be
expected to have a Material Adverse Effect.

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     §6.10 Tax Status. Each of the Borrower, the Guarantors and their respective
Subsidiaries (a) has made or filed all federal and state income and all other tax returns, reports
and declarations required by any jurisdiction to which it is subject or has obtained an extension
for filing, (b) has paid prior to delinquency all taxes and other governmental assessments and
charges shown or determined to be due on such returns, reports and declarations, except those being
contested in good faith and by appropriate proceedings and (c) has set aside on its books
provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods
to which such returns, reports or declarations apply. There are no unpaid taxes in any material
amount claimed to be due by the taxing authority of any jurisdiction, and the officers or partners
of such Person know of no basis for any such claim. There are no audits pending or to the
knowledge of Borrower threatened with respect to any tax returns filed by Borrower, the Guarantors
or their respective Subsidiaries. The taxpayer identification number for RPB is 20-3241867, and
for the Borrower is 20-3241959.

     §6.11 No Event of Default. No Default or Event of Default has occurred and is
continuing.

     §6.12 Investment Company Act. None of the Borrower, the Guarantors or any of their
respective Subsidiaries is an “investment company”, or an “affiliated company” or a “principal
underwriter” of an “investment company”, as such terms are defined in the Investment Company Act of
1940.

     §6.13 Absence of UCC Financing Statements, Etc. Except with respect to Permitted
Liens or as disclosed on the lien search reports delivered to and approved by the Agent, there is
no financing statement (but excluding any financing statements that may be filed against Borrower,
any Guarantor or their respective Subsidiaries without the consent or agreement of such Persons),
security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with
any applicable filing records, registry, or other public office, that purports to cover, affect or
give notice of any present or possible future lien on, or security interest or security title in,
any property of the Borrower, any Guarantor or their respective Subsidiaries or rights thereunder.

     §6.14 Setoff, Etc. The Collateral and the rights of the Agent and the Lenders with
respect to the Collateral are not subject to any setoff, claims, withholdings or other defenses by
the Guarantors, Borrower or any of its Subsidiaries or Affiliates or, to the best knowledge of
Borrower, any other Person other than Permitted Liens described in §8.2(i)(A), (v) and (vi).

     §6.15 Certain Transactions. Except as disclosed on Schedule 6.15 hereto, none
of the partners, officers, trustees, managers, members, directors, or employees of the Borrower,
any Guarantor or any of their respective Subsidiaries is, nor shall any such Person become, a party
to any transaction with the Borrower, any Guarantor or any of their respective Subsidiaries or
Affiliates (other than for services as partners, managers, members, employees, officers and
directors), including any agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from, or otherwise requiring
payments to or from any partner, officer, trustee, director or such employee or, to the knowledge
of the Borrower, any corporation, partnership, trust or other entity in which any partner, officer,
trustee, director, or any such employee has a substantial interest or is an officer, director,
trustee

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or partner, which are on terms less favorable to the Borrower, a Guarantor or any of their
respective Subsidiaries than those that would be obtained in a comparable arms-length transaction.

     §6.16 Employee Benefit Plans. The Borrower, each Guarantor and each ERISA Affiliate
has fulfilled its obligation, if any, under the minimum funding standards of ERISA and the Code
with respect to each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan and is in
compliance in all material respects with the presently applicable provisions of ERISA and the Code
with respect to each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan. Neither
the Borrower, any Guarantor nor any ERISA Affiliate has (a) sought a waiver of the minimum funding
standard under §412 of the Code in respect of any Employee Benefit Plan, Multiemployer Plan or
Guaranteed Pension Plan, (b) failed to make any contribution or payment to any Employee Benefit
Plan, Multiemployer Plan or Guaranteed Pension Plan, or made any amendment to any Employee Benefit
Plan, Multiemployer Plan or Guaranteed Pension Plan, which has resulted or could result in the
imposition of a Lien or the posting of a bond or other security under ERISA or the Code, or (c)
incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums
under §4007 of ERISA. None of the Mortgaged Properties constitutes a “plan asset” of any Employee
Plan, Multiemployer Plan or Guaranteed Pension Plan.

     §6.17 Disclosure. All of the representations and warranties made by or on behalf of
the Borrower, the Guarantors and their respective Subsidiaries in this Agreement and the other Loan
Documents or any document or instrument delivered to the Agent or the Lenders pursuant to or in
connection with any of such Loan Documents are true and correct in all material respects, and
neither the Borrower nor any Guarantor has failed to disclose such information as is necessary to
make such representations and warranties not misleading. There is no material fact or circumstance
that has not been disclosed to the Agent and the Lenders, and the written information, reports and
other papers and data with respect to the Borrower, any Subsidiary, any Guarantor or the Mortgaged
Properties (other than projections and estimates) furnished to the Agent or the Lenders in
connection with this Agreement or the obtaining of the Commitments of the Lenders hereunder was, at
the time so furnished, complete and correct in all material respects, or has been subsequently
supplemented by other written information, reports or other papers or data, to the extent necessary
to give in all material respects a true and accurate knowledge of the subject matter in all
material respects; provided that such representation shall not apply to (a) the accuracy of
any appraisal, title commitment, survey, or engineering and environmental reports prepared by third
parties or legal conclusions or analysis provided by the Borrower’s and/or Guarantors’ counsel
(although the Borrower and the Guarantors have no reason to believe that the Agent and the Lenders
may not rely on the accuracy thereof) or (b) budgets, projections and other forward-looking
speculative information prepared in good faith by the Borrower (except to the extent the related
assumptions were when made manifestly unreasonable).

     §6.18 Trade Name; Place of Business. Neither the Borrower nor any Guarantor uses any
trade name and conducts business under any name other than its actual name set forth in the Loan
Documents. The principal place of business of the Borrower and each Guarantor is 1280 Maryland
Avenue, Suite 280, Washington, DC 20024.

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     §6.19 Regulations T, U and X. No portion of any Loan is to be used for the purpose of
purchasing or carrying any “margin security” or “margin stock” as such terms are used in
Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts
220, 221 and 224. Neither the Borrower nor any Guarantor is engaged, nor will it engage,
principally or as one of its important activities, in the business of extending credit for the
purpose of purchasing or carrying any “margin security” or “margin stock” as such terms are used in
Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts
220, 221 and 224.

     §6.20 Environmental Compliance. The Borrower has taken all commercially reasonable
steps to investigate the past and present conditions and usage of the Real Estate and the
operations conducted thereon and, except as specifically set forth in the written environmental
site assessment reports of the Environmental Engineer provided to the Agent on or before the date
hereof, or in the case of Real Estate acquired after the date hereof, the environmental site
assessment reports with respect thereto provided to the Agent, makes the following representations
and warranties:

          (a) Neither the Borrower, any Guarantor, their respective Subsidiaries nor to the best
knowledge and belief of Borrower any operator of the Real Estate, nor any operations thereon, is in
violation, or alleged violation, of any judgment, decree, order, law, license, rule or regulation
pertaining to environmental matters, including without limitation, those arising under any
Environmental Law, which violation (i) involves Real Estate (other than the Mortgaged Properties)
and has had or could reasonably be expected to have a Material Adverse Effect or (ii) involves a
Mortgaged Property.

          (b) Neither the Borrower, any Guarantor nor any of their respective Subsidiaries has received
notice from any third party including, without limitation, any federal, state or local governmental
authority, (i) that it has been identified by the United States Environmental Protection Agency
(“EPA”) as a potentially responsible party under CERCLA with respect to a site listed on the
National Priorities List, 40 C.F.R. Part 300 Appendix B (1986); (ii) that any Hazardous
Substance(s) which it has generated, transported or disposed of have been found at any site at
which a federal, state or local agency or other third party has conducted or has ordered that the
Borrower, any Guarantor or any of their respective Subsidiaries conduct a remedial investigation,
removal or other response action pursuant to any Environmental Law; or (iii) that it is or shall be
a named party to any claim, action, cause of action, complaint, or legal or administrative
proceeding (in each case, contingent or otherwise) arising out of any third party’s incurrence of
costs, expenses, losses or damages of any kind whatsoever in connection with the release of
Hazardous Substances.

          (c) (i) No portion of the Real Estate has been used for the handling, processing, storage or
disposal of Hazardous Substances except in accordance with applicable Environmental Laws, and no
underground tank or other underground storage receptacle for Hazardous Substances is located on any
portion of the Real Estate except those which are being operated and maintained in compliance with
Environmental Laws; (ii) in the course of any activities conducted by the Borrower, any Guarantor,
their respective Subsidiaries or, to the best knowledge and belief of the Borrower, the operators
of their properties, no Hazardous Substances have been generated or are being used on the Real
Estate except in the ordinary

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course of business and in accordance with applicable Environmental Laws; (iii) there has been
no past or present releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, disposing or dumping (other than the storing of materials in reasonable
quantities to the extent necessary for the operation of an office building in the ordinary course
of business, and in any event in compliance with all Environmental Laws) (a “Release”) or
threatened Release of Hazardous Substances on, upon, into or from the Mortgaged Properties, which
Release would have a material adverse effect on the value of such Mortgaged Properties or adjacent
properties, or from any other Real Estate, which Release has had or could reasonably be expected to
have a Material Adverse Effect; (iv) except as set forth on Schedule 6.20 hereto, there
have been no Releases on, upon, from or into any real property in the vicinity of any of the Real
Estate which, through soil or groundwater contamination, may have come to be located on, and which
could be reasonably anticipated to have a material adverse effect on the value of, the Real Estate;
and (v) any Hazardous Substances that have been generated on any of the Real Estate have been
transported off-site in accordance with all applicable Environmental Laws.

          (d) Except as set forth on Schedule 6.20(d), none of the Borrower, any Guarantor,
their respective Subsidiaries nor the Real Estate is subject to any applicable Environmental Law
requiring the performance of Hazardous Substances site assessments, or the removal or remediation
of Hazardous Substances, or the giving of notice to any governmental agency or the recording or
delivery to other Persons of an environmental disclosure document or statement in each case by
virtue of the transactions set forth herein and contemplated hereby, or as a condition to the
recording of the Mortgages or to the effectiveness of any other transactions contemplated hereby
except for such matters that shall be complied with as of the Closing Date.

          (e) There are no existing or closed sanitary landfills, solid waste disposal sites, or
hazardous waste treatment, storage or disposal facilities on or affecting the Real Estate.

          (f) Borrower has not received any claim in writing by any party that any use, operation, or
condition of the Real Estate has caused any nuisance or any other liability or adverse condition on
any other property which as to any Real Estate other than a Mortgaged Property has had or could
reasonably be expected to have a Material Adverse Effect, nor is there any knowledge of any basis
for such a claim.

          (g) The representations in §6.20(c) and (e) shall, as to Real Estate other than the Mortgaged
Properties, be limited to Borrower’s knowledge and belief after having conducted a reasonable
investigation and inquiry.

     §6.21 Subsidiaries; Organizational Structure. Schedule 6.21(a) sets forth, as
of the date hereof, all of the Subsidiaries of the Borrower and its Subsidiaries, the form and
jurisdiction of organization of each of the Subsidiaries, and the owners of the direct and indirect
ownership interests therein. Schedule 6.21(b) sets forth, as of the date hereof, all of
the Unconsolidated Affiliates of the Borrower and its Subsidiaries, the form and jurisdiction of
organization of each of the Unconsolidated Affiliates, the Borrower’s or its Subsidiary’s ownership
interest therein and the other owners of the applicable Unconsolidated Affiliate. No Person owns
any legal, equitable or beneficial interest in any of the Persons set forth on Schedules
6.21(a) and 6.21(b) except as set forth on such Schedules. RPB has no direct
Subsidiaries other than Borrower.

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RPB has no direct Investment in any Unconsolidated Affiliate. RPB is the sole general partner
of Borrower and owns not less than fifty-one percent (51%) of the economic, voting and beneficial
interest in Borrower.

     §6.22 Leases. The Borrower has delivered to the Agent true copies of the Leases and
any amendments thereto relating to each Mortgaged Property required to be delivered as a part of
the Eligible Real Estate Qualification Documents as of the date hereof. An accurate and complete
Rent Roll as of the date of inclusion of each Mortgaged Property in the Collateral with respect to
all Leases of any portion of the Mortgaged Property has been provided to the Agent. The Leases
reflected on such Rent Roll constitute as of the date thereof the sole agreements relating to
leasing or licensing of space at such Mortgaged Property and in the Building relating thereto. No
tenant under any Lease is entitled to any free rent, partial rent, rebate of rent payments, credit,
offset or deduction in rent, including, without limitation, lease support payments or lease
buy-outs, except as reflected in such Rent Roll. Except as set forth in Schedule 6.22, the
Leases reflected therein are, as of the date of inclusion of the applicable Mortgaged Property in
the Collateral, in full force and effect in accordance with their respective terms, without any
payment default or any other material default thereunder, nor are there any defenses,
counterclaims, offsets, concessions or rebates available to any tenant thereunder, and except as
reflected in Schedule 6.22, neither the Borrower nor any Guarantor has given or made, any notice of
any payment or other material default, or any claim, which remains uncured or unsatisfied, with
respect to any of the Leases, and to the best of the knowledge and belief of the Borrower, there is
no basis for any such claim or notice of default by any tenant. No property other than the
Mortgaged Property which is the subject of the applicable Lease is necessary to comply with the
requirements (including, without limitation, parking requirements) contained in such Lease.

     §6.23 Property. All of the Mortgaged Properties, and all major building systems
located thereon, are structurally sound, in good condition and working order and free from material
defects, subject to ordinary wear and tear, except for such portion of such Real Estate which is
not occupied by any tenant and which may not be in final working order pending final build-out of
such space. All of the other Real Estate of the Borrower, Guarantors and their respective
Subsidiaries is structurally sound, in good condition and working order, subject to ordinary wear
and tear, except for such portion of such Real Estate which is not occupied by any tenant and where
such defects have not had and could not reasonably be expected to have a Material Adverse Effect.
Such Real Estate, and the use and operation thereof, is in material compliance with all applicable
federal and state law and governmental regulations and any local ordinances, orders or regulations,
including without limitation, laws, regulations and ordinances relating to zoning, building codes,
subdivision, fire protection, health, safety, handicapped access, historic preservation and
protection, wetlands, tidelands, and Environmental Laws. All water, sewer, electric, gas,
telephone and other utilities necessary for the use and operation of the Mortgaged Property are
installed to the property lines of the Mortgaged Property through dedicated public rights of way or
through perpetual private easements approved by the Agent with respect to which the applicable
Mortgage creates a valid and enforceable first lien and, except in the case of drainage facilities,
are connected to the Building located thereon with valid permits and are adequate to service the
Building in compliance with applicable law. The streets abutting the Mortgaged Property are
dedicated and accepted public roads, to which the Mortgaged Property has direct access by trucks
and other motor vehicles and by foot, or are perpetual private ways

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(with direct access by trucks and other motor vehicles and by foot to public roads) to which
the Mortgaged Property has direct access approved by the Agent and with respect to which the
applicable Mortgage creates a valid and enforceable first lien. All private ways providing access
to the Mortgaged Property are zoned in a manner which will permit access to the Building over such
ways by trucks and other commercial and industrial vehicles. There are no unpaid or outstanding
real estate or other taxes or assessments on or against any of the Mortgaged Properties which are
payable by the Borrower or any Guarantor (except only real estate or other taxes or assessments,
that are not yet delinquent or are being protested as permitted by this Agreement). Each Mortgaged
Property is separately assessed for purposes of real estate tax assessment and payment. There are
no unpaid or outstanding real estate or other taxes or assessments on or against any other property
of the Borrower, the Guarantors or any of their respective Subsidiaries which are payable by any of
such Persons in any material amount (except only real estate or other taxes or assessments, that
are not yet delinquent or are being protested as permitted by this Agreement). There are no
pending, or to the knowledge of Borrower threatened or contemplated, eminent domain proceedings
against any of the Mortgaged Properties. There are no pending eminent domain proceedings against
any other property of the Borrower, the Guarantors or their respective Subsidiaries or any part
thereof, and, to the knowledge of the Borrower, no such proceedings are presently threatened or
contemplated by any taking authority which may individually or in the aggregate have any Material
Adverse Effect. None of the Mortgaged Properties is now damaged as a result of any fire,
explosion, accident, flood or other casualty. None of the other property of the Borrower, the
Guarantors or their respective Subsidiaries is now damaged as a result of any fire, explosion,
accident, flood or other casualty in any manner which individually or in the aggregate has had or
could reasonably be expected to have any Material Adverse Effect. Neither the Borrower nor any of
the Guarantors has received any outstanding notice from any insurer or its agent requiring
performance of any work with respect to any of the Mortgaged Properties or canceling or threatening
to cancel any policy of insurance, and each of the Mortgaged Properties complies with the material
requirements of all of the Borrower’s and the Guarantor’s insurance carriers. Except as listed on
Schedule 6.23, the Borrower has no Management Agreements for any of the Mortgaged
Properties. To the best knowledge of the Borrower, there are no material claims or any bases for
material claims in respect of any Mortgaged Property or its operation by any party to any service
agreement or Management Agreement. Except as set forth in Schedule 6.23, there are no
material agreements pertaining to any Mortgaged Property, any Building thereon or the operation or
maintenance of either thereof other than as described in this Agreement (including the Schedules
hereto) or the Title Policies; and no person or entity has any right or option to acquire any
Mortgaged Property or any Building thereon or any portion thereof or interest therein.

     §6.24 Brokers. Neither the Borrower, any Guarantor nor any of their respective
Subsidiaries has engaged or otherwise dealt with any broker, finder or similar entity in connection
with this Agreement or the Loans contemplated hereunder.

     §6.25 Other Debt. Neither the Borrower, any Guarantor nor any of their respective
Subsidiaries is in default of the payment of any Indebtedness or the performance of any related
agreement, mortgage, deed of trust, security agreement, financing agreement, indenture or lease to
which any of them is a party. Neither the Borrower nor any Guarantor is a party to or bound by any
agreement, instrument or indenture that may require the subordination in right or time or

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payment of any of the Obligations to any other indebtedness or obligation of the Borrower or
any Guarantor. Schedule 6.25 hereto sets forth all agreements, mortgages, deeds of trust,
financing agreements or other material agreements (excluding general obligations of any Guarantor
as a landlord under space leases at any Mortgaged Property) binding upon the Borrower and each
Guarantor or their respective properties and entered into by the Borrower and/or such Guarantor as
of the date of this Agreement with respect to any Indebtedness of the Borrower or any Guarantor in
an amount greater than $1,000,000.00, and the Borrower has provided the Agent with true, correct
and complete copies thereof.

     §6.26 Solvency. As of the Closing Date and after giving effect to the transactions
contemplated by this Agreement and the other Loan Documents, including all Loans made or to be made
hereunder, neither the Borrower nor any Guarantor is insolvent on a balance sheet basis such that
the sum of such Person’s assets exceeds the sum of such Person’s liabilities, the Borrower and each
Guarantor is able to pay its debts as they become due, and the Borrower and each Guarantor has
sufficient capital to carry on its business.

     §6.27 No Bankruptcy Filing. None of the Borrower or any Guarantor is contemplating
either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or
the liquidation of its assets or property, and the Borrower has no knowledge of any Person
contemplating the filing of any such petition against it or any Guarantor.

     §6.28 No Fraudulent Intent. Neither the execution and delivery of this Agreement or
any of the other Loan Documents nor the performance of any actions required hereunder or thereunder
is being undertaken by the Borrower or any Guarantor or any of their respective Subsidiaries with
or as a result of any actual intent by any of such Persons to hinder, delay or defraud any entity
to which any of such Persons is now or will hereafter become indebted.

     §6.29 Transaction in Best Interests of Borrower; Consideration. The transaction
evidenced by this Agreement and the other Loan Documents is in the best interests of the Borrower,
each Guarantor, their respective Subsidiaries and, to Borrower’s belief, the creditors of such
Persons. The direct and indirect benefits to inure to the Borrower, its Subsidiaries, the
Guarantors and their respective Subsidiaries pursuant to this Agreement and the other Loan
Documents constitute substantially more than “reasonably equivalent value” (as such term is used in
§548 of the Bankruptcy Code) and “valuable consideration,” “fair value,” and “fair consideration,”
(as such terms are used in any applicable state fraudulent conveyance law), in exchange for the
benefits to be provided by the Borrower, the Guarantors and their respective Subsidiaries pursuant
to this Agreement and the other Loan Documents, and but for the willingness of each Guarantor to
guaranty the Loan, the Borrower would be unable to obtain the financing contemplated hereunder
which financing will enable the Borrower, each Guarantor and their respective Subsidiaries to have
available financing to conduct and expand their business. Borrower and Guarantors further
acknowledge and agree that Borrower and Guarantors constitute a single integrated and common
enterprise and that each receives a benefit from the availability of credit under this Agreement.

     §6.30 Contribution Agreement. The Borrower and the Guarantors have executed and
delivered the Contribution Agreement, and the Contribution Agreement constitutes the valid and
legally binding obligations of such parties enforceable against them in accordance with the terms

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and provisions thereof, except as enforceability is limited by bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting generally the enforcement of
creditors’ rights and except to the extent that availability of the remedy of specific performance
or injunctive relief is subject to the discretion of the court before which any proceeding therefor
may be brought.

     §6.31 Reaffirmation of Representations. Borrower hereby restates and reaffirms each
of the representations and warranties made by Borrower set forth in the Mortgage and the Assignment
of Leases and Rents as if the same were fully set forth herein. Borrower has no knowledge that any
of the representations or warranties of the Guarantors contained in the Mortgage, the Assignment of
Leases and Rents or any other Loan Document are untrue or inaccurate in any respect.

     §6.32 OFAC. None of the Borrower or the Guarantors is (or will be) a person with whom
any Lender is restricted from doing business under OFAC (including, those Persons named on OFAC’s
Specially Designated and Blocked Persons list) or under any statute, executive order (including the
September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and
shall not engage in any dealings or transactions or otherwise be associated with such persons. In
addition, Borrower hereby agrees to provide to the Lenders any additional information that a Lender
deems necessary from time to time in order to ensure compliance with all applicable laws concerning
money laundering and similar activities.

§7. AFFIRMATIVE COVENANTS.

     The Borrower covenants and agrees that, so long as any Loan, Note or Letter of Credit is
outstanding or any Lender has any obligation to make any Loans or issue Letters of Credit:

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

     §7.2 Maintenance of Office. The Borrower and each Guarantor will maintain its
respective chief executive office at 1280 Maryland Avenue, Suite 280, Washington, DC 20024, or at
such other place in the United States of America as the Borrower or any Guarantor shall designate
upon thirty (30) days prior written notice to the Agent and the Lenders, where notices,
presentations and demands to or upon the Borrower or such Guarantor in respect of the Loan
Documents may be given or made.

     §7.3 Records and Accounts. The Borrower and each Guarantor will (a) keep, and cause
each of their respective Subsidiaries to keep true and accurate records and books of account in
which full, true and correct entries will be made in accordance with GAAP and (b) maintain adequate
accounts and reserves for all taxes (including income taxes), depreciation and amortization of its
properties and the properties of their respective Subsidiaries, contingencies and other reserves.
Neither the Borrower, any Guarantor nor any of their

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respective Subsidiaries shall, without the prior written consent of the Required Lenders, (x)
make any material change to the accounting policies/principles used by such Person in preparing the
financial statements and other information described in §6.4 or §7.4, or (y) change its fiscal
year. Agent and the Lenders acknowledge that RPB’s and Borrower’s fiscal year is a calendar year.

     §7.4 Financial Statements, Certificates and Information. Borrower will deliver or
cause to be delivered to the Agent with sufficient copies for each of the Lenders:

          (a) within fifteen (15) days of the filing of RPB’s Form 10-K with the SEC, but in any event
not later than one hundred twenty (120) days after the end of each calendar year, the audited
Consolidated balance sheet of RPB and its Subsidiaries at the end of such year, and the related
audited consolidated statements of income, changes in capital and cash flows for such year, and an
unaudited Consolidated balance sheet of Borrower and its Subsidiaries at the end of such year, and
the related unaudited consolidated statements of income, changes in capital and cash flows for such
year, each setting forth in comparative form the figures for the previous fiscal year and all such
statements to be in reasonable detail, prepared in accordance with GAAP, together with a
certification by the chief financial officer or accounting officer of RPB that the information
contained in such financial statements fairly presents the financial position of RPB and its
Subsidiaries and the Borrower and its Subsidiaries, respectively, and accompanied by an auditor’s
report (as to RPB and its Subsidiaries) prepared without qualification as to the scope of the audit
by a nationally recognized accounting firm reasonably approved by Agent, and any other information
the Lenders may reasonably request to complete a financial analysis of RPB and its Subsidiaries and
Borrower and its Subsidiaries, respectively;

          (b) within fifteen (15) days of the filing of RPB’s Form 10-Q with the SEC, but in any event
not later than sixty (60) days after the end of each of the first three calendar quarters of each
year, copies of the unaudited consolidated balance sheet of RPB and its Subsidiaries and Borrower
and its Subsidiaries, respectively, as at the end of such quarter, and the related unaudited
consolidated statements of income and cash flows for the portion of Borrower’s fiscal year then
elapsed, all in reasonable detail and prepared in accordance with GAAP, together with a
certification by the chief financial officer or accounting officer of RPB that the information
contained in such financial statements fairly presents the financial position of RPB and its
Subsidiaries and the Borrower and its Subsidiaries, respectively, on the date thereof;

          (c) simultaneously with the delivery of the financial statements referred to in subsections
(a) and (b) above, a statement (a “Compliance Certificate”) certified by the chief financial
officer or chief accounting officer of RPB in the form of Exhibit J hereto (or in such
other form as the Agent may approve from time to time) setting forth in reasonable detail
computations evidencing compliance or non-compliance (as the case may be) with the covenants
contained in §9 and the other covenants described in such certificate and (if applicable) setting
forth reconciliations to reflect changes in GAAP since the Balance Sheet Date. Borrower shall
submit with the Compliance Certificate a Borrowing Base Certificate in the form of Exhibit
I attached hereto pursuant to which the Borrower shall calculate the amount of the Borrowing
Base as of the end of the immediately preceding calendar quarter. All income, expense and value
associated with Real Estate or other Investments disposed of during any quarter will be eliminated
from calculations, where applicable. The Compliance Certificate shall be

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accompanied by copies of the statements of Net Operating Income for such calendar quarter for
each of the Mortgaged Properties, prepared on a basis consistent with the statements furnished to
the Agent prior to the date hereof and otherwise in form and substance reasonably satisfactory to
the Agent, together with a certification by the chief financial officer or chief accounting officer
of RPB that the information contained in such statement fairly presents the Net Operating Income of
the Mortgaged Properties for such periods;

          (d) simultaneously with the delivery of the financial statements referred to in clause (a)
above, the statement of all contingent liabilities involving amounts of $1,000,000.00 or more of
the Borrower and its Subsidiaries which are not reflected in such financial statements or referred
to in the notes thereto (including, without limitation, all guaranties, endorsements and other
contingent obligations in respect of the indebtedness of others, and obligations to reimburse the
issuer in respect of any letters of credit);

          (e) simultaneously with the delivery of the financial statements referred to in subsections
(a) and (b) above, (i) a Rent Roll for each of the Mortgaged Properties and a summary thereof in
form satisfactory to Agent as of the end of each calendar quarter (including the fourth calendar
quarter in each year), together with a listing of each tenant that has taken occupancy of such
Mortgaged Property during each calendar quarter (including the fourth calendar quarter in each
year), (ii) an operating statement for each of the Mortgaged Properties for each such calendar
quarter and year to date and a consolidated operating statement for the Mortgaged Properties for
each such calendar quarter and year to date (such statements and reports to be in form reasonably
satisfactory to Agent), and (iii) a copy of each Lease or amendment to any Lease entered into with
respect to a Mortgaged Property during such calendar quarter (including the fourth calendar quarter
in each year);

          (f) simultaneously with the delivery of the financial statements referred to in subsections
(a) and (b) above, a statement (i) listing the Real Estate owned by the Borrower and its
Subsidiaries (or in which the Borrower or its Subsidiaries owns an interest) and stating the
location thereof, the date acquired and the acquisition cost, (ii) listing the Indebtedness of the
Borrower and its Subsidiaries (excluding Indebtedness of the type described in §8.1(b)-(e)), which
statement shall include, without limitation, a statement of the original principal amount of such
Indebtedness and the current amount outstanding, the holder thereof, the maturity date and any
extension options, the interest rate, the collateral provided for such Indebtedness and whether
such Indebtedness is recourse or non-recourse, and (iii) listing the properties of the Borrower and
its Subsidiaries which are Construction in Progress and providing a brief summary of the status of
such development;

          (g) contemporaneously with the filing or mailing thereof, copies of all material of a
financial nature, reports or proxy statements sent to the shareholders of RPB;

          (h) promptly after they are filed with the Internal Revenue Service, copies of all annual
federal income tax returns and amendments thereto of the Borrower and each Guarantor;

          (i) promptly upon the filing hereof, copies of all registration statements (other than the
exhibits thereto and any registration statements on Form S-8 or its equivalent) and

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annual, quarterly or monthly reports and other statements and reports which RPB or Borrower
shall file with the SEC;

          (j) evidence reasonably satisfactory to Agent of the timely payment of all real estate taxes
for the Mortgaged Properties;

          (k) not later than January 31 of each year, a budget and business plan for the Borrower and
its Subsidiaries for the next calendar year; and

          (l) from time to time such other financial data and information in the possession of the
Borrower, each Guarantor or their respective Subsidiaries (including without limitation auditors’
management letters, status of litigation or investigations against the Borrower and any settlement
discussions relating thereto, property inspection and environmental reports and information as to
zoning and other legal and regulatory changes affecting the Borrower or any Guarantor) as the Agent
may reasonably request.

Any material to be delivered pursuant to this §7.4 may be delivered electronically directly to
Agent and the Lenders provided that such material is in a format reasonably acceptable to Agent,
and such material shall be deemed to have been delivered to Agent and the Lenders upon Agent’s
receipt thereof. Upon the request of Agent, Borrower and RPB shall deliver paper copies thereof to
Agent and the Lenders. Borrower and RPB authorize Agent and Arranger to disseminate any such
materials through the use of Intralinks, SyndTrak or any other electronic information dissemination
system, and the Borrower and RPB release Agent and the Lenders from any liability in connection
therewith.

     §7.5 Notices.

          (a) Defaults. The Borrower will promptly upon becoming aware of same notify the Agent
in writing of the occurrence of any Default or Event of Default, which notice shall describe such
occurrence with reasonable specificity and shall state that such notice is a “notice of default”.
If any Person shall give any notice or take any other action in respect of a claimed default
(whether or not constituting an Event of Default) under this Agreement or under any note, evidence
of indebtedness, indenture or other obligation to which or with respect to which the Borrower, any
Guarantor or any of their respective Subsidiaries is a party or obligor, whether as principal or
surety, and such default would permit the holder of such note or obligation or other evidence of
indebtedness to accelerate the maturity thereof, which acceleration would either cause a Default or
have a Material Adverse Effect, the Borrower shall forthwith give written notice thereof to the
Agent and each of the Lenders, describing the notice or action and the nature of the claimed
default.

          (b) Environmental Events. The Borrower will give notice to the Agent within ten (10)
Business Days of becoming aware of (i) any potential or known Release, or threat of Release, of any
Hazardous Substances in violation of any applicable Environmental Law; (ii) any violation of any
Environmental Law that the Borrower, any Guarantor or any of their respective Subsidiaries reports
in writing or is reportable by such Person in writing (or for which any written report supplemental
to any oral report is made) to any federal, state or local environmental agency or (iii) any
inquiry, proceeding, investigation, or other action, including a

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notice from any agency of potential environmental liability, of any federal, state or local
environmental agency or board, that in either case involves (A) any Mortgaged Property, (B) any
other Real Estate and could reasonably be expected to have a Material Adverse Effect, or (C) or the
Agent’s liens or security title on the Collateral pursuant to the Security Documents.

          (c) Notification of Claims Against Collateral. The Borrower will give notice to the
Agent in writing within ten (10) Business Days of becoming aware of any material setoff, claims
(including, with respect to the Mortgaged Property, environmental claims), withholdings or other
defenses to which any of the Collateral, or the rights of the Agent or the Lenders with respect to
the Collateral, are subject.

          (d) Notice of Litigation and Judgments. The Borrower will give notice to the Agent in
writing within ten (10) Business Days of becoming aware of any litigation or proceedings threatened
in writing or any pending litigation and proceedings affecting the Borrower, any Guarantor or any
of their respective Subsidiaries or to which the Borrower, any Guarantor or any of their respective
Subsidiaries is or is to become a party involving an uninsured claim against any of the Borrower,
any Guarantor or any of their respective Subsidiaries that could either cause a Default or could
reasonably be expected to have a Material Adverse Effect and stating the nature and status of such
litigation or proceedings. The Borrower and each Guarantor will give notice to the Agent, in
writing, in form and detail reasonably satisfactory to the Agent and each of the Lenders, within
ten (10) days of any judgment not covered by insurance, whether final or otherwise, against any of
the Borrower, any Guarantor or any of their respective Subsidiaries in an amount in excess of
$10,000,000.00.

          (e) Notice of Proposed Sales, Encumbrances, Refinance or Transfer of Non-Mortgaged
Property. The Borrower will give notice to the Agent of any completed sale, encumbrance,
refinance or transfer of any Real Estate (other than the Mortgaged Properties) of the Borrower, any
Guarantor or their respective Subsidiaries within any calendar quarter, such notice to be submitted
together with the Compliance Certificate provided or required to be provided to the Agent and the
Lenders under §7.4 with respect to such calendar quarter. The Compliance Certificate shall with
respect to any completed sale, encumbrance, refinance or transfer be adjusted in the best good
faith estimate of Borrower to give effect to such sale, encumbrance, refinance or transfer and
demonstrate that no Default or Event of Default with respect to the covenants referred to therein
shall exist after giving effect to such sale, encumbrance, refinance or transfer.

          (f) ERISA. The Borrower will give notice to the Agent within ten (10) Business Days
after the Borrower or any ERISA Affiliate (i) gives or is required to give notice to the PBGC of
any “reportable event” (as defined in §4043 of ERISA) with respect to any Guaranteed Pension Plan,
Multiemployer Plan or Employee Benefit Plan, or knows that the plan administrator of any such plan
has given or is required to give notice of any such reportable event; (ii) gives a copy of any
notice of complete or partial withdrawal liability under Title IV of ERISA; or (iii) receives any
notice from the PBGC under Title IV or ERISA of an intent to terminate or appoint a trustee to
administer any such plan.

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          (g) Notification of Lenders. Within five (5) Business Days after receiving any notice
under this §7.5, the Agent will forward a copy thereof to each of the Lenders, together with copies
of any certificates or other written information that accompanied such notice.

     §7.6 Existence; Maintenance of Properties.

          (a) The Borrower will preserve and keep in full force and effect its existence as a Delaware
limited partnership. Each Guarantor will preserve and keep in full force and effect its legal
existence in the jurisdiction of its incorporation or formation. The Borrower and each Guarantor
will cause each of their respective Subsidiaries to preserve and keep in full force and effect
their legal existence in the jurisdiction of its incorporation or formation. The Borrower will
preserve and keep in full force all of its rights and franchises and those of its Subsidiaries, the
preservation of which is necessary to the conduct of their business. RPB shall at all times comply
with all requirements and applicable laws and regulations necessary to maintain REIT Status and
shall continue to receive REIT Status. The common stock of RPB shall at all times be listed for
trading and be traded on the New York Stock Exchange, unless otherwise consented to by the Required
Lenders. The Borrower shall continue to own directly or indirectly one hundred percent (100%) of
the Subsidiary Guarantors.

          (b) The Borrower (i) will cause all of its properties and those of its Subsidiaries used or
useful in the conduct of its business or the business of its Subsidiaries to be maintained and kept
in good condition, repair and working order (ordinary wear and tear excepted) and supplied with all
necessary equipment, and (ii) will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof in all cases in which the failure so to do would have a
material adverse effect on the condition of any Mortgaged Property or would cause a Material
Adverse Effect. Without limitation of the obligations of the Borrower under this Agreement with
respect to the maintenance of the Mortgaged Properties, the Borrower shall promptly and diligently
comply with the recommendations of the Environmental Engineer concerning the maintenance, operation
or upkeep of the Mortgaged Properties contained in the building inspection and environmental
reports delivered to the Agent or otherwise obtained by Borrower or any Guarantor with respect to
the Mortgaged Property.

     §7.7 Insurance; Condemnation.

          (a) The Borrower will, at its expense, procure and maintain for the benefit of the Borrower
and the Agent, insurance policies issued by such insurance companies, in such amounts, in such form
and substance, and with such coverages, endorsements, deductibles and expiration dates as are
acceptable to the Agent, providing the following types of insurance covering each Mortgaged
Property:

               (i) “All Risks” property insurance (including broad form flood, broad form earthquake,
coverage from loss or damage arising from acts of terrorism (with such coverage satisfactory to
Agent), and comprehensive boiler and machinery coverages) on each Building and the contents therein
of the Borrower and its Subsidiaries in an amount not less than one hundred percent (100%) of the
full replacement cost of each Building and the contents therein of the Borrower and its
Subsidiaries or such other amount as the Agent may approve, with deductibles not to exceed
$10,000.00 for any one occurrence, with a replacement cost

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coverage endorsement, an agreed amount endorsement, and, if requested by the Agent, a
contingent liability from operation of building laws endorsement in such amounts as the Agent may
require. Full replacement cost as used herein means the cost of replacing the Building (exclusive
of the cost of excavations, foundations and footings below the lowest basement floor) and the
contents therein of the Borrower and its Subsidiaries without deduction for physical depreciation
thereof;

               (ii) During the course of construction or repair of any Building, the insurance required by
clause (i) above shall be written on a builders risk, completed value, non-reporting form, meeting
all of the terms required by clause (i) above, covering the total value of work performed,
materials, equipment, machinery and supplies furnished, existing structures, and temporary
structures being erected on or near the Real Estate, including coverage against collapse and damage
during transit or while being stored off-site, and containing a soft costs (including loss of
rents) coverage endorsement and a permission to occupy endorsement;

               (iii) Flood insurance if at any time any Building is located in any federally designated
“special hazard area” (including any area having special flood, mudslide and/or flood-related
erosion hazards, and shown on a Flood Hazard Boundary Map or a Flood Insurance Rate Map published
by the Federal Emergency Management Agency as Zone A, AO, Al-30, AE, A99, AH, VO, V1-30, VE, V, M
or E) and the broad form flood coverage required by clause (i) above is not available, in an amount
equal to not less than $25,000,000 or the maximum amount then available under the National Flood
Insurance Program;

               (iv) Rent loss insurance in an amount sufficient to recover at least the total estimated gross
receipts from all sources of income, including without limitation, rental income, for the Real
Estate for a twelve (12) month period;

               (v) Commercial general liability insurance against claims for personal injury (to include,
without limitation, bodily injury and personal and advertising injury) and property damage
liability, all on an occurrence basis, if commercially available, with such coverages as the Agent
may reasonably request (including, without limitation, contractual liability coverage, completed
operations coverage for a period of two (2) years following completion of construction of any
improvements on the Real Estate, and coverages equivalent to an ISO broad form endorsement), with a
general aggregate limit of not less than $2,000,000.00, a completed operations aggregate limit of
not less than $2,000,000.00, and a combined single “per occurrence” limit of not less than
$1,000,000.00 for bodily injury, property damage and medical payments;

               (vi) During the course of construction or repair of any improvements on the Real Estate,
owner’s contingent or protective liability insurance covering claims not covered by or under the
terms or provisions of the insurance required by clause (v) above;

               (vii) Employer’s liability insurance with respect to the Borrower’s employees;

               (viii) Umbrella liability insurance with limits of not less than $10,000,000.00 to be in
excess of the limits of the insurance required by clauses (v), (vi) and

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(vii) above, with coverage at least as broad as the primary coverages of the insurance
required by clauses (v), (vi) and (vii) above, with any excess liability insurance to be at least
as broad as the coverages of the lead umbrella policy. All such policies shall be endorsed to
provide defense coverage obligations;

               (ix) Workers’ compensation insurance for all employees of the Borrower or its Subsidiaries
engaged on or with respect to the Real Estate with limits as required by applicable law; and

               (x) Such other insurance in such form and in such amounts as may from time to time be
reasonably required by the Agent against other insurable hazards and casualties which at the time
are commonly insured against in the case of properties of similar character and location to the
Real Estate.

     The Borrower shall pay all premiums on insurance policies. The insurance policies with
respect to all Mortgaged Property provided for in clauses (v), (vi) and (viii) above shall name the
Agent and each Lender as an additional insured and shall contain a cross liability/severability
endorsement. The insurance policies provided for in clauses (i), (ii), (iii) and (iv) above shall
name the Agent as mortgagee and loss payee, shall be first payable in case of loss to the Agent,
and shall contain mortgage clauses and lender’s loss payable endorsements in form and substance
acceptable to the Agent. The Borrower shall deliver duplicate originals or certified copies of all
such policies to the Agent, and the Borrower shall promptly furnish to the Agent all renewal
notices and evidence that all premiums or portions thereof then due and payable have been paid. At
least thirty (30) days prior to the expiration date of the policies, the Borrower shall deliver to
the Agent evidence of continued coverage, including a certificate of insurance, as may be
satisfactory to the Agent.

          (b) All policies of insurance required by this Agreement shall contain clauses or endorsements
to the effect that (i) no act or omission of the Borrower or any Subsidiary or anyone acting for
the Borrower or any Subsidiary (including, without limitation, any representations made in the
procurement of such insurance), which might otherwise result in a forfeiture of such insurance or
any part thereof, no occupancy or use of the Real Estate for purposes more hazardous then permitted
by the terms of the policy, and no foreclosure or any other change in title to the Real Estate or
any part thereof, shall affect the validity or enforceability of such insurance insofar as the
Agent is concerned, (ii) the insurer waives any right of set off, counterclaim, subrogation, or any
deduction in respect of any liability of the Borrower or any Subsidiary and the Agent, (iii) such
insurance is primary and without right of contribution from any other insurance which may be
available, (iv) such policies shall not be modified, canceled or terminated prior to the scheduled
expiration date thereof without the insurer thereunder giving at least thirty (30) days prior
written notice to the Agent by certified or registered mail, and (v) that the Agent or the Lenders
shall not be liable for any premiums thereon or subject to any assessments thereunder, and shall in
all events be in amounts sufficient to avoid any coinsurance liability.

          (c) The insurance required by this Agreement may be effected through a blanket policy or
policies covering additional locations and property of the Borrower and other Persons not included
in the Mortgage Property, provided that such blanket policy or policies

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comply with all of the terms and provisions of this §7.7 and contain endorsements or clauses
assuring that any claim recovery will not be less than that which a separate policy would provide,
including, without limitation, a priority claim provision with respect to property insurance and an
aggregate limits of insurance endorsement in the case of liability insurance.

          (d) All policies of insurance required by this Agreement shall be issued by companies licensed
to do business in the State where the policy is issued and also in the States where the Real Estate
is located and having a rating in Best’s Key Rating Guide of at least “A” and a financial size
category of at least “X.”

          (e) Neither the Borrower nor any Subsidiary shall carry separate insurance, concurrent in kind
or form or contributing in the event of loss, with any insurance required under this Agreement
unless such insurance complies with the terms and provisions of this §7.7.

          (f) In the event of any loss or damage to the Mortgaged Property, the Borrower or the
applicable Guarantor shall give prompt written notice to the insurance carrier and the Agent. Each
of the Borrower and the Guarantors hereby irrevocably authorizes and empowers the Agent, at the
Agent’s option and in the Agent’s sole discretion or at the request of the Required Lenders in
their sole discretion, as its attorney in fact, to make proof of such loss, to adjust and
compromise any claim under insurance policies, to appear in and prosecute any action arising from
such insurance policies, to collect and receive Insurance Proceeds and Condemnation Proceeds, and
to deduct therefrom the Agent’s reasonable expenses incurred in the collection of such Insurance
Proceeds; provided, however, that so long as no Default or Event of Default has
occurred and is continuing and so long as the Borrower or any Guarantor shall in good faith
diligently pursue such claim, the Borrower or such Guarantor may make proof of loss and appear in
any proceedings or negotiations with respect to the adjustment of such claim, except that the
Borrower or such Guarantor may not settle, adjust or compromise any such claim without the prior
written consent of the Agent, which consent shall not be unreasonably withheld or delayed;
provided, further, that the Borrower or such Guarantor may make proof of loss and
adjust and compromise any claim under casualty insurance policies which is in an amount less than
$2,000,000.00 so long as no Default or Event of Default has occurred and is continuing and so long
as the Borrower or such Guarantor shall in good faith diligently pursue such claim. The Borrower
and each Guarantor further authorize the Agent, at the Agent’s option, to (i) apply the balance of
such Insurance Proceeds and Condemnation Proceeds to the payment of the Obligations whether or not
then due, or (ii) if the Agent shall require the reconstruction or repair of the Mortgaged
Property, to hold the balance of such proceeds as trustee to be used to pay taxes, charges, sewer
use fees, water rates and assessments which may be imposed on the Mortgaged Property and the
Obligations as they become due during the course of reconstruction or repair of the Mortgaged
Property and to reimburse the Borrower or such Guarantor, in accordance with such terms and
conditions as the Agent may prescribe, for the costs of reconstruction or repair of the Mortgaged
Property, and upon completion of such reconstruction or repair to apply any excess to the payment
of the Obligations.

          (g) Notwithstanding the foregoing or anything to the contrary contained in the Mortgages, the
Agent shall make net Insurance Proceeds and Condemnation Proceeds available to the Borrower or such
Guarantor to reconstruct and repair the Mortgaged Property, in accordance with such terms and
conditions as the Agent may prescribe in the Agent’s discretion

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for the disbursement of the proceeds, provided that (i) the cost of such
reconstruction or repair is not estimated by the Agent to exceed twenty-five percent (25%) of the
replacement cost of the damaged Building (as reasonably estimated by the Agent), (ii) no Default or
Event of Default shall have occurred and be continuing, (iii) the Borrower or such Guarantor shall
have provided to the Agent additional cash security in an amount equal to the amount reasonably
estimated by the Agent to be the amount in excess of such proceeds which will be required to
complete such repair or restoration, (iv) the Agent shall have approved the plans and
specifications, construction budget, construction contracts, and construction schedule for such
repair or restoration and reasonably determined that the repaired or restored Mortgaged Property
will provide the Agent with adequate security for the Obligations (provided that the Agent
shall not disapprove such plans and specifications if the Building is to be restored to
substantially its condition immediately prior to such damage), (v) the Borrower or such Guarantor
shall have delivered to the Agent written agreements binding upon the Major Tenants and not less
than seventy-five percent (75%) of the remaining tenants or other parties having present or future
rights to possession of any portion of the affected Mortgaged Property or having any right to
require repair, restoration or completion of the Mortgaged Property or any portion thereof
(determined by reference to those tenants in the aggregate occupying or having rights to occupy not
less than seventy-five percent (75%) of the Net Rentable Area of the Building so damaged, excluding
the portion leased by the Major Tenants), agreeing upon a date for delivery of possession of the
Mortgaged Property or their respective portions thereof, to permit time which is sufficient in the
judgment of the Agent for such repair or restoration and approving the plans and specifications for
such repair or restoration, or other evidence satisfactory to the Agent that none of such tenants
or other parties may terminate their Leases as a result of such casualty or as a result of having a
right to approve the plans and specifications for such repair or restoration, (vi) the Agent shall
reasonably determine that such repair or reconstruction can be completed prior to the Maturity
Date, (vii) the Agent shall receive evidence reasonably satisfactory to it that any such
restoration, repair or rebuilding complies in all respects with any and all applicable state,
federal and local laws, ordinances and regulations, including without limitation, zoning laws,
ordinances and regulations, and that all required permits, licenses and approvals relative thereto
have been or will be issued in a manner so as not to materially impede the progress of restoration,
(viii) the Agent shall receive evidence reasonably satisfactory to it that the insurer under such
policies of fire or other casualty insurance does not assert any defense to payment under such
policies against the Borrower, any Guarantor or the Agent, and (ix) with respect to any Taking,
Agent shall determine that following such repair or restoration there shall be no more than the
lesser of (i) a twenty-five percent (25%) reduction in occupancy or rental income from the
Mortgaged Property so affected by such specific condemnation or taking (excluding any proceeds from
rental loss insurance or proceeds from such award allocable to rent) or (ii) a fifteen percent
(15%) reduction in occupancy or in rental income from all of the Mortgaged Properties (excluding
any proceeds from rental loss insurance or proceeds of such award allocable to rent), after giving
effect to the current condemnation or taking and any previous condemnations or takings which may
have occurred. Any excess Insurance Proceeds shall be paid to the Borrower, or if an Event of
Default
has occurred and is continuing, such proceeds shall be applied to the payment of the
Obligations, unless in either case by the terms of the applicable insurance policy the excess
proceeds are required to be returned to such insurer. Any excess Condemnation Proceeds shall be
applied to the payment of the Obligations. In no event shall the provisions of this section be
construed to extend the Maturity Date or to limit in any

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way any right or remedy of the Agent upon the occurrence of an Event of Default hereunder. If
the Mortgaged Property is sold or the Mortgaged Property is acquired by the Agent, all right, title
and interest of the Borrower and any Guarantor in and to any insurance policies and unearned
premiums thereon and in and to the proceeds thereof resulting from loss or damage to the Mortgaged
Property prior to the sale or acquisition shall pass to the Agent or any other successor in
interest to the Borrower or purchaser of the Mortgaged Property.

          (h) The Borrower, RPB and their respective Subsidiaries (as applicable) will, at their
expense, procure and maintain insurance covering the Borrower, RPB and their respective
Subsidiaries (as applicable) and the Real Estate other than the Mortgaged Property in such amounts
and against such risks and casualties as are customary for properties of similar character and
location, due regard being given to the type of improvements thereon, their construction, location,
use and occupancy.

     §7.8 Taxes; Liens. The Borrower and the Guarantors will, and will cause their
respective Subsidiaries to, duly pay and discharge, or cause to be paid and discharged, before the
same shall become delinquent, all taxes, assessments and other governmental charges imposed upon
them or upon the Mortgaged Properties or the other Real Estate, sales and activities, or any part
thereof, or upon the income or profits therefrom as well as all claims for labor, materials or
supplies that if unpaid might by law become a lien or charge upon any of its property or other
Liens affecting any of the Collateral or other property of Borrower, the Guarantors or their
respective Subsidiaries, provided that any such tax, assessment, charge or levy or claim
need not be paid if the validity or amount thereof shall currently be contested in good faith by
appropriate proceedings which shall suspend the collection thereof with respect to such property,
neither such property nor any portion thereof or interest therein would be in any danger of sale,
forfeiture or loss by reason of such proceeding and the Borrower, any such Guarantor or any such
Subsidiary shall have set aside on its books adequate reserves in accordance with GAAP; and
provided, further, that forthwith upon the commencement of proceedings to foreclose
any lien that may have attached as security therefor, the Borrower, any such Guarantor or any such
Subsidiary either (i) will provide a bond issued by a surety reasonably acceptable to the Agent and
sufficient to stay all such proceedings or (ii) if no such bond is provided, will pay each such
tax, assessment, charge or levy.

     §7.9 Inspection of Properties and Books. The Borrower and the Guarantors will, and
will cause their respective Subsidiaries to, permit the Agent and the Lenders, at the Borrower’s
expense and upon reasonable prior notice, to visit and inspect any of the properties of the
Borrower, each Guarantor or any of their respective Subsidiaries, to examine the books of account
of the Borrower, each Guarantor and their respective Subsidiaries (and to make copies thereof and
extracts therefrom) and to discuss the affairs, finances and accounts of the Borrower, any
Guarantor and their respective Subsidiaries with, and to be advised as to the same by, their
respective officers, all at such reasonable times and intervals as the Agent or any Lender may
reasonably request, provided that so long as no Default or Event of Default shall have
occurred and be continuing, the Borrower shall not be required to pay for such visits and
inspections more often than once in any twelve (12) month period. The Lenders shall use good faith
efforts to coordinate such visits and inspections so as to minimize the interference with and
disruption to the normal business operations of the Borrower, the Guarantors and their respective
Subsidiaries.

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     §7.10 Compliance with Laws, Contracts, Licenses, and Permits. The Borrower and the
Guarantors will, and will cause each of their respective Subsidiaries to, comply in all respects
with (i) all applicable laws and regulations now or hereafter in effect wherever its business is
conducted, including all Environmental Laws, (ii) the provisions of its corporate charter,
partnership agreement, limited liability company agreement or declaration of trust, as the case may
be, and other charter documents and bylaws, (iii) all agreements and instruments to which it is a
party or by which it or any of its properties may be bound, (iv) all applicable decrees, orders,
and judgments, and (v) all licenses and permits required by applicable laws and regulations for the
conduct of its business or the ownership, use or operation of its properties, except where a
failure to so comply with any of clauses (i) through (v) could not reasonably be expected to have a
Material Adverse Effect. If any authorization, consent, approval, permit or license from any
officer, agency or instrumentality of any government shall become necessary or required in order
that the Borrower, any Guarantor or their respective Subsidiaries may fulfill any of its
obligations hereunder, the Borrower, such Guarantor or such Subsidiary will immediately take or
cause to be taken all steps necessary to obtain such authorization, consent, approval, permit or
license and furnish the Agent and the Lenders with evidence thereof. Borrower shall develop and
implement such programs, policies and procedures as are necessary to comply with the Patriot Act
and shall promptly advise Agent in writing in the event that Borrower shall determine that any
investors in Borrower are in violation of such act.

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

     §7.12 Management. The Borrower shall not and shall not permit any Guarantor to enter
into any management agreement with a third party manager after the date hereof for any Mortgaged
Property without the prior written consent of the Agent (which shall not be unreasonably withheld).
Agent may condition any approval of a new manager upon the execution and delivery to Agent of
collateral assignment of such management agreement to Agent and a subordination of the manager’s
rights thereunder to the rights of the Agent and the Lenders under the Loan Documents.

     §7.13 Leases of the Property. The Borrower and each Guarantor will give notice to the
Agent of any proposed new Lease at any Mortgaged Property for the lease of space therein of more
than 10,000 square feet and shall provide to the Agent a copy of the proposed Lease and any and all
agreements or documents related thereto, current financial information for the proposed tenant and
any guarantor of the proposed Lease and such other information as the Agent may reasonably request.
Unless the Borrowing Base is comprised of at least two (2) Mortgaged Properties having an
aggregate Appraised Value of at least $200,000,000.00, neither the Borrower nor any Guarantor will
lease all or any portion of a Mortgaged Property or amend, supplement or otherwise modify,
terminate or cancel, or accept the surrender of, or consent to the assignment or subletting of, or
grant any concessions to or waive the performance of any obligations of any tenant, lessee or
licensee under, any now existing or future Lease at any Mortgaged Property without the prior
written consent of the Agent not to be unreasonably withheld, conditioned or delayed;
provided, however, with respect to (a) any Lease which covers

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less than 10,000 square feet of a Mortgaged Property, the Borrower or any Guarantor may enter
into any such Lease, or amend, supplement or otherwise modify, terminate or cancel, or accept the
surrender of, or consent to the assignment or subletting of, or granting concessions to or waive
the performance of any obligations of any tenant, lessee or licensee under, any such Lease, in each
case consistent with sound leasing and management practices for similar properties, or (b) any
Lease which covers 10,000 square feet or more of a Mortgaged Property, the Borrower or any
Guarantor may enter into an amendment or modification of such Lease in the ordinary course of
business consistent with sound leasing and management practices provided that such amendment or
modification does not decrease any minimum rent, percentage rent or other financial obligation of
the tenant thereunder, release any tenant or guarantor, shorten the term thereof, increase landlord
obligations, or otherwise materially modify such Lease. At any time the Borrowing Base is
comprised of at least two (2) Mortgaged Properties having an aggregate Appraised Value of at least
$200,000,000.00, Borrower or any Guarantor may enter into Leases, or amend, supplement or otherwise
modify, terminate or cancel, or accept the surrender of, or consent to the assignment or subletting
of, or granting concessions to or waive the performance of any obligations of any tenant, lessee or
licensee under, any such Lease consistent with sound leasing and management practices for similar
properties.

     §7.14 Business Operations. The Borrower, the Guarantors and their respective
Subsidiaries shall operate their respective businesses in substantially the same manner and in
substantially the same fields and lines of business as such business is now conducted and in
compliance with the terms and conditions of this Agreement and the Loan Documents. The “business”
of the Borrower (including any or all of its Subsidiaries) shall mean (i) the acquisition,
development, redevelopment, construction, renovation, improvement, marketing, leasing, financing,
sale or other disposition of commercial office properties (with ancillary supporting retail), and
(ii) providing development, construction, financing, leasing and/or real estate, marketing or
financial consulting services, for a fee or other consideration, to any Person. Borrower will not,
and will not permit any Subsidiary to, directly or indirectly, engage in any line of business other
than as set forth above in this section.

     §7.15 Registered Servicemark. Without prior written notice to the Agent, none of the
Mortgaged Properties shall be owned or operated by the Borrower or any Guarantor under any
registered or protected trademark, tradename, servicemark or logo. In the event any of the
Mortgaged Properties shall be owned or operated under any registered or protected tradename,
trademark, servicemark or logo, Borrower or the applicable Guarantor shall enter into an agreement
with Agent, in form and substance satisfactory to Agent, granting to Agent or any successful bidder
at a foreclosure sale of such Mortgaged Property the right and/or license to continue operating
such Mortgaged Property under such tradename, trademark, servicemark or logo for a period of six
(6) months from the date of the acquisition of such Mortgaged Property.

     §7.16 Ownership of Real Estate. Without the prior written consent of Agent, all Real
Estate and all interests (whether direct or indirect) of the Borrower or RPB in any real estate
assets now owned or leased or acquired or leased after the date hereof shall be owned or leased
directly by the Borrower or a wholly owned Subsidiary of Borrower; provided,
however that the Borrower shall be permitted to own or lease interests in Real Estate
through non-wholly owned Subsidiaries and Unconsolidated Affiliates.

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     §7.17 Distributions of Income to the Borrower. The Borrower shall cause all of its
Subsidiaries (subject to the terms of any loan documents under which such Subsidiary is the
borrower) to promptly distribute to the Borrower (but not less frequently than once each calendar
quarter, unless otherwise approved by the Agent), whether in the form of dividends, distributions
or otherwise, all profits, proceeds or other income relating to or arising from its Subsidiaries’
use, operation, financing, refinancing, sale or other disposition of their respective assets and
properties after (a) the payment by each Subsidiary of its debt service, operating expenses,
capital improvements and leasing commissions for such quarter and (b) the establishment of
reasonable reserves for the payment of operating expenses not paid on at least a quarterly basis
and capital improvements and tenant improvements to be made to such Subsidiary’s assets and
properties approved by such Subsidiary in the course of its business consistent with its past
practices.

     §7.18 Management. The Borrower shall not enter into any Management Agreement with a
third party manager for the Mortgaged Property without the prior written consent of the Agent
(which shall not be unreasonably withheld), and after such approval, no such Management Agreement
shall be modified in any material respect or terminated without Agent’s prior written approval,
such approval not to be unreasonably withheld. Agent may condition any approval of a new manager
upon the execution and delivery to Agent of collateral assignment of such Management Agreement to
Agent and a subordination of the manager’s rights thereunder to the rights of the Agent and the
Lenders under the Loan Documents.

     §7.19 Guarantor Restrictions. The Borrower and RPB covenant and agree that RPB will
at all times own not less than fifty-one percent (51%) of the economic, voting and beneficial
interests in the Borrower. Without the prior written consent of Agent, RPB shall not own any
assets other than its interest in the Borrower, cash and Cash Equivalents and the property
described on Schedule 7.19 hereto.

     §7.20 Plan Assets. The Borrower will do, or cause to be done, all things necessary to
ensure that none of the Mortgaged Properties will be deemed to be Plan Assets at any time.

     §7.21 More Restrictive Agreements. Should the Borrower, the Guarantors or any of
their respective Subsidiaries enter into or modify any agreements or documents pertaining to any
existing or future Indebtedness, Debt Offering or Equity Offering, which agreements or documents
include covenants, whether affirmative or negative (or any other provision which may have the same
practical effect as any of the foregoing), which are individually or in the aggregate more
restrictive against the Borrower, the Guarantors or their respective Subsidiaries than those set
forth in §§8.1(f), 8.7 and §9 of this Agreement, the Borrower shall promptly notify the Agent and,
if requested by the Required Lenders, the Borrower, the Guarantors, the Agent and the Required
Lenders shall promptly amend this Agreement and the other Loan Documents to include some or all of
such more restrictive provisions as determined by the Required Lenders in their sole discretion.
Each of the Borrower and Guarantors agree to deliver to the Agent copies of any agreements or
documents (or modifications thereof) pertaining to existing or future Indebtedness, Debt Offering
or Equity Offering of the Borrower, the Guarantors or any of their respective Subsidiaries as the
Agent from time to time may request. Notwithstanding the foregoing, this §7.21 shall not apply to
covenants contained in any agreements or documents evidencing or securing Non-Recourse Indebtedness
or covenants in agreements or documents

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relating to recourse Indebtedness that relate only to specific Real Estate that is collateral
for such Indebtedness or to specific Subsidiaries that own Real Estate that are not Guarantors. In
the event this Agreement or any of the other Loan Documents are modified pursuant to this §7.21 and
the agreement or document pertaining to any Indebtedness, Debt Offering or Equity Offering creating
the right to modify this Agreement or any other Loan Document shall terminate or no longer be in
force or effect, this Agreement or such other Loan Documents shall be promptly modified to
eliminate any such more restrictive provision and revert to the provision originally contained
herein or in such other Loan Document.

     §7.22 REIT Status. RPB shall at all times maintain REIT Status.

§8. NEGATIVE COVENANTS.

     The Borrower covenants and agrees that, so long as any Loan, Note or Letter of Credit is
outstanding or any of the Lenders has any obligation to make any Loans or issue any Letter of
Credit:

     §8.1 Restrictions on Indebtedness. The Borrower will not, and will not permit its
respective Subsidiaries or any of the Guarantors to, create, incur, assume, guarantee or be or
remain liable, contingently or otherwise, with respect to any Indebtedness other than:

          (a) Indebtedness to the Lenders arising under any of the Loan Documents;

          (b) current liabilities of the Borrower, the Guarantors or their respective Subsidiaries
incurred in the ordinary course of business but not incurred through (i) the borrowing of money, or
(ii) the obtaining of credit except for credit on an open account basis customarily extended and in
fact extended in connection with normal purchases of goods and services;

          (c) Indebtedness in respect of taxes, assessments, governmental charges or levies and claims
for labor, materials and supplies to the extent that payment therefor shall not at the time be
required to be made in accordance with the provisions of §7.8;

          (d) Indebtedness in respect of judgments only to the extent, for the period and for an amount
not resulting in a Default;

          (e) endorsements for collection, deposit or negotiation and warranties of products or
services, in each case incurred in the ordinary course of business; and

          (f) subject to the provisions of §9, (i) secured or unsecured recourse Indebtedness,
provided that the aggregate amount of such recourse Indebtedness (excluding the
Obligations) shall not exceed thirty percent (30%) of Gross Asset Value, and (ii) Non-Recourse
Indebtedness, provided that none of such Persons shall incur any of the Indebtedness
described in this §8.1(f) unless it shall have provided to the Agent prior written notice of the
proposed incurrence of such Indebtedness, a statement that the borrowing will not cause a Default
or Event of Default and a Compliance Certificate demonstrating that the Borrower will be in
compliance with its covenants referred to therein after giving effect to the incurrence of such
Indebtedness.

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     Notwithstanding anything in this Agreement to the contrary, (i) none of the Indebtedness
described in §8.1(f) above shall have any of the Mortgaged Properties or any interest therein or
any direct or indirect ownership interest in any Subsidiary Guarantor as collateral, a borrowing
base, asset pool or any similar form of credit support for such Indebtedness (provided that the
foregoing shall not preclude recourse to the general credit of Borrower or RPB) and (ii) none of
the Subsidiary Guarantors shall create, incur, assume, guarantee or be or remain liable,
contingently or otherwise, with respect to any Indebtedness (including, without limitation,
pursuant to any conditional or limited guaranty or indemnity agreement creating liability with
respect to usual and customary exclusions from the non-recourse limitations governing the
Non-Recourse Indebtedness of any Person, or otherwise) other than Indebtedness described in
§§8.1(a)-(e) above.

     §8.2 Restrictions on Liens, Etc. The Borrower will not, and will not permit its
Subsidiaries or any of the Guarantors to (a) create or incur or suffer to be created or incurred or
to exist any lien, security title, encumbrance, mortgage, pledge, negative pledge, charge,
restriction or other security interest of any kind upon any of their respective property or assets
of any character whether now owned or hereafter acquired, or upon the income or profits therefrom;
(b) transfer any of their property or assets or the income or profits therefrom for the purpose of
subjecting the same to the payment of Indebtedness or performance of any other obligation in
priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire,
any property or assets upon conditional sale or other title retention or purchase money security
agreement, device or arrangement; (d) suffer to exist for a period of more than thirty (30) days
after the same shall have been incurred any Indebtedness or claim or demand against any of them
that if unpaid could by law or upon bankruptcy or insolvency, or otherwise, be given any priority
whatsoever over any of their general creditors; (e) sell, assign, pledge or otherwise transfer any
accounts, contract rights, general intangibles, chattel paper or instruments, with or without
recourse (provided that this clause (e) shall not prohibit a true sale of a land option or
development agreement); or (f) incur or maintain any obligation to any holder of Indebtedness of
any of such Persons which prohibits the creation or maintenance of any lien securing the
Obligations (collectively, “Liens”); provided that notwithstanding anything to the contrary
contained herein, the Borrower and any such Subsidiary or Guarantor may create or incur or suffer
to be created or incurred or to exist:

               (i) (A) Except those being contested in good faith and by appropriate proceedings as permitted
by this Agreement, Liens on properties to secure taxes, assessments and other governmental charges
(excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any
Environmental Laws) or claims for labor, material or supplies in respect of obligations not then
delinquent or not otherwise required to be paid or discharged under the terms of this Agreement or
any of the other Loan Documents and (B) Liens on assets other than (I) the Collateral and (II) any
direct or indirect interest of Borrower or any Subsidiary of Borrower in any Guarantor in respect
of judgments permitted by §8.1(d);

               (ii) deposits or pledges made in connection with, or to secure payment of, workers’
compensation, unemployment insurance, old age pensions or other social security obligations;

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               (iii) Liens consisting of (A) mortgage liens on Real Estate (including the rents, issues and
profits therefrom), other than Real Estate that constitutes a Mortgaged Property or any interest
therein (including the rents, issues and profits therefrom), securing Indebtedness which is
permitted by §8.1(f) or (B) liens consisting of pledges of security interests in the ownership
interests of any Subsidiary which is not a Guarantor securing Indebtedness which is permitted by
§8.1(f);

               (iv) encumbrances on properties other than the Mortgaged Property consisting of easements,
rights of way, zoning restrictions, restrictions on the use of real property and defects and
irregularities in the title thereto, landlord’s or lessor’s liens under leases to which the
Borrower, the Guarantors or any such Subsidiary is a party, purchase money security interests and
other liens or encumbrances, which do not individually or in the aggregate have a Material Adverse
Effect or which are permitted under the terms of any mortgage relating thereto;

               (v) Liens in favor of the Agent and the Lenders under the Loan Documents to secure the
Obligations; and

               (vi) Liens and encumbrances on a Mortgaged Property expressly permitted under the terms of the
Mortgage relating thereto.

     Notwithstanding anything in this Agreement to the contrary, no Subsidiary Guarantor shall
create or incur or suffer to be created or incurred or to exist any Lien other than Liens
contemplated in §§8.2(i), (v) and (vi).

     §8.3 Restrictions on Investments. No Subsidiary Guarantor shall have any Investment
in any Subsidiary (other than another Subsidiary Guarantor), an Unconsolidated Affiliate or other
Person nor shall any Subsidiary Guarantor own or lease any property other than its respective
Mortgaged Property(ies) and personal property incidental thereto (or an equity interest in another
Subsidiary Guarantor).

     §8.4 Merger, Consolidation. Neither the Borrower nor RPB will, nor will Borrower or
RPB permit any of their respective Subsidiaries to, become a party to any dissolution, liquidation,
disposition of all or substantially all of its assets or business, merger, reorganization,
consolidation or other business combination or agree to effect any asset acquisition, stock
acquisition or other acquisition individually or in a series of transactions which may have a
similar effect as any of the foregoing, in each case without the prior written consent of the
Required Lenders except for (i) the merger or consolidation of one or more of the Subsidiaries of
Borrower (other than any Subsidiary that is a Guarantor) with and into the Borrower (it being
understood and agreed that in any such event the Borrower will be the surviving Person) and (ii)
the merger or consolidation of two or more Subsidiaries of the Borrower; provided that no
such merger or consolidation shall involve any Subsidiary that is a Guarantor. A Subsidiary of
Borrower may sell all of its assets (and may effectuate such sale by merger or consolidation with
another Person, with such other Person being the surviving entity) subject to compliance with the
terms of this Agreement (including without limitation §5.4 and §8.8), and after any such permitted
sale, may dissolve.

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     §8.5 Sale and Leaseback. The Borrower will not, and will not permit its Subsidiaries,
to enter into any arrangement, directly or indirectly, whereby the Borrower or any such Subsidiary
shall sell or transfer any Real Estate owned by it in order that then or thereafter the Borrower or
any such Subsidiary shall lease back such Real Estate without the prior written consent of Agent,
such consent not to be unreasonably withheld.

     §8.6 Compliance with Environmental Laws. Neither the Borrower nor RPB will, nor will
either of them permit any of its respective Subsidiaries or any other Person to, do any of the
following: (a) use any of the Real Estate or any portion thereof as a facility for the handling,
processing, storage or disposal of Hazardous Substances, except for small quantities of Hazardous
Substances used in the ordinary course of business and in material compliance with all applicable
Environmental Laws, (b) cause or permit to be located on any of the Real Estate any underground
tank or other underground storage receptacle for Hazardous Substances except in full compliance
with Environmental Laws, (c) generate any Hazardous Substances on any of the Real Estate except in
full compliance with Environmental Laws, (d) conduct any activity at any Real Estate or use any
Real Estate in any manner that could reasonably be contemplated to cause a Release of Hazardous
Substances on, upon or into the Real Estate or any surrounding properties or any threatened Release
of Hazardous Substances which might give rise to liability under CERCLA or any other Environmental
Law, or (e) directly or indirectly transport or arrange for the transport of any Hazardous
Substances (except in compliance with all Environmental Laws).

     The Borrower shall, and shall cause its Subsidiaries to:

               (i) in the event of any change in Environmental Laws governing the assessment, release or
removal of Hazardous Substances, take all reasonable action (including, without limitation, the
conducting of engineering tests at the sole expense of the Borrower) to confirm that no Hazardous
Substances are or ever were Released or disposed of on the Mortgaged Properties in violation of
applicable Environmental Laws; and

               (ii) if any Release or disposal of Hazardous Substances which any Person may be legally
obligated to contain, correct or otherwise remediate or which may otherwise expose it to liability
shall occur or shall have occurred on the Real Estate (including without limitation any such
Release or disposal occurring prior to the acquisition or leasing of such Real Estate by the
Borrower or any such Subsidiary), the Borrower shall, after obtaining knowledge thereof, cause the
prompt containment and removal of such Hazardous Substances and remediation of the Real Estate in
full compliance with all applicable Environmental Laws; provided, that each of the Borrower
and its Subsidiaries shall be deemed to be in compliance with Environmental Laws for the purpose of
this clause (ii) so long as it or a responsible third party with sufficient financial resources is
taking reasonable action to remediate or manage any event of noncompliance to the satisfaction of
the Agent and no action shall have been commenced by any enforcement agency. The Agent may engage
its own Environmental Engineer to review the environmental assessments and the compliance with the
covenants contained herein.

     At any time after an Event of Default shall have occurred hereunder the Agent may at its
election (and will at the request of the Required Lenders) obtain such environmental assessments

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of any or all of the Mortgaged Properties prepared by an Environmental Engineer as may be
necessary or advisable for the purpose of evaluating or confirming (i) whether any Hazardous
Substances are present in the soil or water at or adjacent to any such Mortgaged Property and (ii)
whether the use and operation of any such Mortgaged Property complies with all Environmental Laws
to the extent required by the Loan Documents. Additionally, at any time that the Agent or the
Required Lenders shall have reasonable grounds to believe that a Release or threatened Release of
Hazardous Substances which any Person may be legally obligated to contain, correct or otherwise
remediate or which otherwise may expose such Person to liability may have occurred, relating to any
Mortgaged Property, or that any of the Mortgaged Property is not in compliance with Environmental
Laws to the extent required by the Loan Documents, Borrower shall promptly upon the request of
Agent obtain and deliver to Agent such environmental assessments of such Mortgaged Property
prepared by an Environmental Engineer as may be necessary or advisable for the purpose of
evaluating or confirming (i) whether any Hazardous Substances are present in the soil or water at
or adjacent to such Mortgaged Property and (ii) whether the use and operation of such Mortgaged
Property comply with all Environmental Laws to the extent required by the Loan Documents.
Environmental assessments may include detailed visual inspections of such Mortgaged Property
including, without limitation, any and all storage areas, storage tanks, drains, dry wells and
leaching areas, and the taking of soil samples, as well as such other investigations or analyses as
are reasonably necessary or appropriate for a complete determination of the compliance of such
Mortgaged Property and the use and operation thereof with all applicable Environmental Laws. All
environmental assessments contemplated by this §8.6 shall be at the sole cost and expense of the
Borrower.

     §8.7 Distributions.

          (a) The Borrower shall not pay any Distribution to the partners of the Borrower, and RPB shall
not pay any Distribution to its shareholders, if such Distribution is in excess of the amount which
(i) for the calendar quarters ending June 30, 2007 and September 30, 2007, when added to the amount
of all other Distributions paid in the same calendar quarter and the preceding calendar quarter,
would exceed one hundred percent (100%) of such Person’s Funds from Operations for such calendar
quarters, (ii) for the calendar quarters ending December 31, 2007 and March 31, 2008, when added to
the amount of all other Distributions paid in the same calendar quarter and the preceding calendar
quarter, would exceed ninety-five percent (95%) of such Person’s Funds from Operations for such
calendar quarters, and (iii) for the calendar quarter ending June 30, 2008 and thereafter, when
added to the amount of all other Distributions paid in the same calendar quarter and the preceding
three (3) calendar quarters, would exceed ninety-five percent (95%) of such Person’s Funds from
Operations for such calendar quarters; provided that the limitations contained in this
§8.7(a) shall not preclude the Borrower from making Distributions to RPB in an amount equal to the
minimum distributions required under the Code to maintain the REIT Status of RPB, as evidenced by a
certification of the principal financial or accounting officer of the RPB containing calculations
in detail reasonably satisfactory in form and substance to the Agent.

          (b) In the event that a Default under §12.1(a) or (b) or an Event of Default shall have
occurred and be continuing, (i) the Borrower shall make no Distributions other than Distributions
to RPB in an amount equal to the minimum distributions required under the Code

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to maintain the REIT Status of RPB and (ii) RPB shall make no Distributions other than
Distributions in an amount equal to the minimum distributions under the Code to maintain the REIT
Status of RPB, in each case as evidenced by a certification of the principal financial or
accounting officer of the RPB containing calculations in detail reasonably satisfactory in form and
substance to the Agent.

          (c) Notwithstanding the foregoing, at any time when an Event of Default under §12.1(a), (b),
(h), (i) or (j) shall have occurred or the maturity of the Obligations has been accelerated,
neither Borrower nor RPB shall make any Distributions whatsoever, directly or indirectly.

     §8.8 Asset Sales. The Borrower will not, and will not permit its Subsidiaries or the
Guarantors to, sell, transfer or otherwise dispose of any material asset other than pursuant to a
bona fide arm’s length transaction. Neither the Borrower nor any Subsidiary thereof shall sell,
transfer or otherwise dispose of any Real Estate during any four (4) consecutive fiscal quarters in
excess of an amount equal to twenty percent (20%) of Gross Asset Value, except as the result of a
condemnation or casualty and except for the granting of Permitted Liens, as applicable (a sale by
itself of the Real Estate at 1425 New York Avenue shall not be deemed to violate this 20%
restriction), unless there shall have been delivered to the Agent a statement that no Default or
Event of Default exists or will exist and a certification that the Borrower will be in compliance
with its covenants referred to therein after giving effect to such sale, transfer or other
disposition.

§8.9 [Intentionally Omitted.]

     §8.10 Restriction on Prepayment of Indebtedness. The Borrower and RPB will not, and
will not permit their respective Subsidiaries to, (a) prepay, redeem, defease, purchase or
otherwise retire the principal amount, in whole or in part, of any Indebtedness other than the
Obligations after the occurrence of any Event of Default; provided, that the foregoing
shall not prohibit (x) the prepayment of Indebtedness which is financed solely from the proceeds of
a new loan which would otherwise be permitted by the terms of §8.1; and (y) the prepayment,
redemption, defeasance or other retirement of the principal of Indebtedness secured by Real Estate
which is satisfied solely from the proceeds of a sale of the Real Estate securing such
Indebtedness; and (b) modify any document evidencing any Indebtedness (other than the Obligations)
to accelerate the maturity date of such Indebtedness after the occurrence of an Event of Default.

     §8.11 Zoning and Contract Changes and Compliance. Neither the Borrower nor any
Guarantor shall initiate or consent to any zoning reclassification of any of its Mortgaged Property
or seek any variance under any existing zoning ordinance or use or permit the use of any Mortgaged
Property in any manner that could result in such use becoming a non-conforming use under any zoning
ordinance or any other applicable land use law, rule or regulation. Neither the Borrower nor any
Guarantor shall initiate any change in any laws, requirements of governmental authorities or
obligations created by private contracts and Leases which now or hereafter may materially adversely
affect the ownership, occupancy, use or operation of any Mortgaged Property.

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     §8.12 Derivatives Contracts. Neither the Borrower nor any of its Subsidiaries shall
contract, create, incur, assume or suffer to exist any Derivatives Contracts except for interest
rate swap, collar, cap or similar agreements providing interest rate protection and currency swaps
and currency options made in the ordinary course of business and permitted pursuant to §8.1 and
contracts for the future purchase of goods and supplies for its own use or consumption in the
course of its business.

     §8.13 Transactions with Affiliates. Neither RPB nor the Borrower shall, and neither
of them shall permit any other Guarantor or any Subsidiary of the Borrower or any other Guarantor
to, permit to exist or enter into, any transaction (including the purchase, sale, lease or exchange
of any property or the rendering of any service) with any Affiliate (but not including any
Subsidiary of the Borrower), except (i) transactions in connection with the Management Agreements,
(ii) transactions set forth on Schedule 6.15 attached hereto and (iii) transactions
pursuant to the reasonable requirements of the business of such Person and upon fair and reasonable
terms which are no less favorable to such Person than would be obtained in a comparable arm’s
length transaction with a Person that is not an Affiliate.

     §8.14 Equity Pledges. Notwithstanding anything in this Agreement to the contrary, RPB
will not create or incur or suffer to be created or incurred any Lien on any legal, equitable or
beneficial interest of RPB in Borrower, including, without limitation, any Distributions or rights
to Distributions on account thereof.

§9. FINANCIAL COVENANTS.

     The Borrower covenants and agrees that, so long as any Loan, Note or Letter of Credit is
outstanding or any Lender has any obligation to make any Loans or issue any Letter of Credit:

     §9.1 Borrowing Base. The Borrower shall not permit the outstanding principal balance
of the Loans and the Letter of Credit Liabilities to be greater than the Borrowing Base.

     §9.2 Consolidated Total Indebtedness to Gross Asset Value. Borrower will not permit
Consolidated Total Indebtedness to exceed seventy percent (70%) of its Gross Asset Value.

     §9.3 Minimum Mortgaged Property Debt Service. The Borrower will not permit the ratio
of the Net Operating Income of all Mortgaged Properties for the two (2) most recently ended
calendar quarters annualized to its Implied Debt Service to be less than 1.40 to 1.00.

     §9.4 Adjusted Consolidated EBITDA to Consolidated Fixed Charges. The Borrower will
not permit the ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges, each for the
sum of the two (2) most recently ended calendar quarters, to be less than 1.45 to 1.00.

     §9.5 Minimum Consolidated Tangible Net Worth. The Borrower will not at any time
permit its Consolidated Tangible Net Worth to be less than the sum of $190,000,000, plus
seventy-five percent (75%) of the sum of (a) Net Offering Proceeds plus (b) the value of units in
the Borrower or shares in RPB issued upon the contribution of assets to Borrower or its
Subsidiaries.

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     §9.6 Borrowing Base Assets. The Mortgaged Properties must satisfy all of the
following conditions:

          (a) at all times, at least eighty percent (80%) of the total Net Rentable Area of the
Mortgaged Properties within the Borrowing Base (on a portfolio basis) shall be physically occupied
by tenants under arms-length written Leases which are in full force and effect and pursuant to
which the tenants are paying rent; provided that, Agent and the Lenders agree that for the
purposes of determining compliance with this §9.6, the Mortgaged Property commonly known as
Presidents Park II shall only be included in the calculation set forth in this clause (a) beginning
with the calculation made at the end of the calendar quarter ending March 31, 2007;

          (b) at all times, the Borrowing Base shall be comprised of at least two (2) Mortgaged
Properties having an aggregate Appraised Value of not less than $150,000,000.00; and

          (c) no more than fifteen percent (15%) of the Appraised Value of all Mortgaged Properties
included in the Borrowing Base shall be attributable to Eligible Real Estate leased under a ground
lease.

§10. CLOSING CONDITIONS.

     The obligation of the Lenders to make the Loans or issue Letters of Credit shall be subject to
the satisfaction of the following conditions precedent:

     §10.1 Loan Documents. Each of the Loan Documents shall have been duly executed and
delivered by the respective parties thereto and shall be in full force and effect. The Agent shall
have received a fully executed counterpart of each such document, except that each Lender shall
have received the fully executed original of its Note.

     §10.2 Certified Copies of Organizational Documents. The Agent shall have received
from the Borrower and each Guarantor a copy, certified as of a recent date by the appropriate
officer of each State in which such Person is organized and in which the Mortgaged Properties are
located and a duly authorized officer, partner or member of such Person, as applicable, to be true
and complete, of the partnership agreement, corporate charter or operating agreement and/or other
organizational agreements of the Borrower and such Guarantor, as applicable, and its qualification
to do business, as applicable, as in effect on such date of certification.

     §10.3 Resolutions. All action on the part of the Borrower and each applicable
Guarantor, as applicable, necessary for the valid execution, delivery and performance by such
Person of this Agreement and the other Loan Documents to which such Person is or is to become a
party shall have been duly and effectively taken, and evidence thereof reasonably satisfactory to
the Agent shall have been provided to the Agent.

     §10.4 Incumbency Certificate; Authorized Signers. Unless covered by the resolutions
described in §10.3, the Agent shall have received from Borrower and each Guarantor an incumbency
certificate, dated as of the Closing Date, signed by a duly authorized officer of such Person and
giving the name and bearing a specimen signature of each individual who shall be authorized to
sign, in the name and on behalf of such Person, each of the Loan Documents to

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which such Person is or is to become a party. The Agent shall have also received from
Borrower a certificate, dated as of the Closing Date, signed by a duly authorized representative of
Borrower and giving the name and specimen signature of each Authorized Officer who shall be
authorized to make Loan Requests, Letter of Credit Requests and Conversion/Continuation Requests
and to give notices and to take other action on behalf of the Borrower under the Loan Documents.

     §10.5 Opinion of Counsel. The Agent shall have received an opinion addressed to the
Lenders and the Agent and dated as of the Closing Date from counsel to the Borrower and each
Guarantor in form and substance reasonably satisfactory to the Agent.

     §10.6 Payment of Fees. The Borrower shall have paid to the Agent the fees payable
pursuant to §4.2.

     §10.7 Insurance. The Agent shall have received certificates evidencing that the Agent
and the Lenders are named as mortgagee and additional insured, as applicable, on all policies of
insurance as required by this Agreement or the other Loan Documents.

     §10.8 Performance; No Default. Borrower and the applicable Guarantors shall have
performed and complied with all terms and conditions herein required to be performed or complied
with by it on or prior to the Closing Date, and on the Closing Date there shall exist no Default or
Event of Default.

     §10.9 Representations and Warranties. The representations and warranties made by the
Borrower and the Guarantors in the Loan Documents or otherwise made by or on behalf of the
Borrower, the Guarantors and their respective Subsidiaries in connection therewith or after the
date thereof shall have been true and correct in all material respects when made and shall also be
true and correct in all material respects on the Closing Date.

     §10.10 Proceedings and Documents. All proceedings in connection with the transactions
contemplated by this Agreement and the other Loan Documents shall be reasonably satisfactory to the
Agent and the Agent’s counsel in form and substance, and the Agent shall have received all
information and such counterpart originals or certified copies of such documents and such other
certificates, opinions, assurances, consents, approvals or documents as the Agent and the Agent’s
counsel may reasonably require.

     §10.11 Eligible Real Estate Qualification Documents. The Eligible Real Estate
Qualification Documents for each Mortgaged Property included in the Collateral as of the Closing
Date shall have been delivered to the Agent at the Borrower’s expense and shall be in form and
substance satisfactory to the Agent.

     §10.12 Compliance Certificate. The Agent shall have received a Compliance Certificate
dated as of the date of the Closing Date demonstrating compliance with each of the covenants
calculated therein as of the most recent calendar quarter for which Borrower has provided financial
statements under §6.4 adjusted in the best good faith estimate of Borrower as of the Closing Date.

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     §10.13 Appraisals. The Agent shall have received Appraisals of each of the Mortgaged
Properties in form and substance satisfactory to the Agent, and the Agent shall have determined an
Appraised Value for such Mortgaged Properties.

     §10.14 Consents. The Agent shall have received evidence reasonably satisfactory to
the Agent that all necessary stockholder, partner, member or other consents required in connection
with the consummation of the transactions contemplated by this Agreement and the other Loan
Documents have been obtained.

     §10.15 Contribution Agreement. The Agent shall have received an executed counterpart
of the Contribution Agreement.

     §10.16 Other. The Agent shall have reviewed such other documents, instruments,
certificates, opinions, assurances, consents and approvals as the Agent or the Agent’s Special
Counsel may reasonably have requested.

§11. CONDITIONS TO ALL BORROWINGS.

     The obligations of the Lenders to make any Loan or issue any Letter of Credit, whether on or
after the Closing Date, shall also be subject to the satisfaction of the following conditions
precedent:

     §11.1 Prior Conditions Satisfied. All conditions set forth in §10 shall continue to
be satisfied as of the date upon which any Loan is to be made or any Letter of Credit is to be
issued.

     §11.2 Representations True; No Default. Each of the representations and warranties
made by or on behalf of the Borrower, the Guarantors or any of their respective Subsidiaries
contained in this Agreement, the other Loan Documents or in any document or instrument delivered
pursuant to or in connection with this Agreement shall be true in all material respects both as of
the date as of which they were made and shall also be true in all material respects as of the time
of the making of such Loan or the issuance of such Letter of Credit, with the same effect as if
made at and as of that time, except to the extent of changes resulting from transactions permitted
by the Loan Documents (it being understood and agreed that any representation or warranty which by
its terms is made as of a specified date shall be required to be true and correct only as of such
specified date), and no Default or Event of Default shall have occurred and be continuing.

     §11.3 Borrowing Documents. The Agent shall have received a fully completed Loan
Request for such Loan and the other documents and information (including, without limitation, a
Compliance Certificate) as required by §2.6, or a fully completed Letter of Credit Request required
by §2.9 in the form of Exhibit H hereto fully completed, as applicable.

     §11.4 Endorsement to Title Policy. At such times as Agent shall determine in its
discretion prior to each funding, to the extent available under applicable law, a “date down”
endorsement to each Title Policy indicating no change in the state of title and containing no
survey exceptions not approved by the Agent, which endorsement shall, expressly or by virtue of a
proper “revolving credit” clause or endorsement in each Title Policy, increase the coverage of each
Title Policy to the aggregate amount of all Loans advanced and outstanding and Letters of

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Credit issued and outstanding on or before the effective date of such endorsement
(provided that the amount of coverage under an individual Title Policy for an individual
Mortgaged Property need not equal the aggregate amount of all Loans), or if such endorsement is not
available, such other evidence and assurances as the Agent may reasonably require (which evidence
may include, without limitation, an affidavit from the Borrower stating that there have been no
changes in title from the date of the last effective date of the Title Policy).

     §11.5 Future Advances Tax Payment. As a condition precedent to any Lender’s
obligations to make any Loans available to the Borrower hereunder, the Borrower will pay to the
Agent any mortgage, recording, intangible, documentary stamp or other similar taxes and charges
which the Agent reasonably determines to be payable as a result of such Loan to any state or any
county or municipality thereof in which any of the Mortgaged Properties are located, and deliver to
the Agent such affidavits or other information which the Agent reasonably determines to be
necessary in connection with such payment in order to insure that the Mortgages on Mortgaged
Property located in such state secure the Borrower’s obligation with respect to the Loans then
being requested by the Borrower. The provisions of this §11.8 shall not limit the Borrower’s
obligations under other provisions of the Loan Documents, including without limitation §15 hereof.

§12. EVENTS OF DEFAULT; ACCELERATION; ETC.

     §12.1 Events of Default and Acceleration. If any of the following events (“Events of
Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such
notice or lapse of time, “Defaults”) shall occur:

          (a) the Borrower shall fail to pay any principal of the Loans when the same shall become due
and payable, whether at the stated date of maturity or any accelerated date of maturity or at any
other date fixed for payment;

          (b) the Borrower shall fail to pay any interest on the Loans, any reimbursement obligations
with respect to the Letters of Credit or any fees or other sums due hereunder or under any of the
other Loan Documents when the same shall become due and payable, whether at the stated date of
maturity or any accelerated date of maturity or at any other date fixed for payment;

          (c) the Borrower shall fail to comply with the covenant contained in §9.1 and such failure
shall continue for five (5) Business Days after written notice thereof shall have been given to the
Borrower by the Agent;

          (d) any of the Borrower, the Guarantors, or any of their respective Subsidiaries shall fail to
perform any other term, covenant or agreement contained in §9.2, §9.3, §9.4, §9.5, or §9.6;

          (e) any of the Borrower, the Guarantors, or any of their respective Subsidiaries shall fail to
perform any other term, covenant or agreement contained herein or in any of the other Loan
Documents which they are required to perform (other than those specified in the other subclauses of
this §12 or in the other Loan Documents);

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          (f) any representation or warranty made by or on behalf of the Borrower, the Guarantors, or
any of their respective Subsidiaries in this Agreement or any other Loan Document, or any report,
certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other
document or instrument delivered pursuant to or in connection with this Agreement, any advance of a
Loan, the issuance of any Letter of Credit or any of the other Loan Documents shall prove to have
been false in any material respect upon the date when made or deemed to have been made or repeated;

          (g) any of RPB, the Borrower or any of its Subsidiaries (i) shall fail to pay when due
(including, without limitation, at maturity), including any applicable period of grace, any
principal, interest or other amount on account any obligation for borrowed money or credit received
or other Indebtedness which is recourse to RPB, the Borrower or any of its Subsidiaries, or (ii)
shall fail to observe or perform any term, covenant or agreement contained in any agreement by
which it is bound, evidencing or securing any obligation for borrowed money or credit received or
other Indebtedness which is recourse to RPB, the Borrower or any of its Subsidiaries for such
period of time as would permit (assuming the giving of appropriate notice if required) the holder
or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or
(iii) shall fail to pay when due (including, without limitation, at maturity), or within any
applicable period of grace, any principal, interest or other amount on account of any obligation
for borrowed money or credit received or other Indebtedness which is Non-Recourse Indebtedness, or
(iv) shall fail to observe or perform any term, covenant or agreement contained in any agreement by
which it is bound, evidencing or securing any obligation for borrowed money or credit received or
other Indebtedness which is Non-Recourse Indebtedness for such period of time as would permit
(assuming the giving of appropriate notice if required) the holder or holders thereof or of any
obligations issued thereunder to accelerate the maturity thereof; provided that the events
described in §12.1(g)(i) and §12.1(g)(ii) shall not constitute an Event of Default unless such
failure to perform, together with other failures to perform as described in §12.1(g)(i) and
§12.1(g)(ii), involve singly or in the aggregate obligations for borrowed money or credit received
or other Indebtedness totaling in excess of $5,000,000.00; and provided further
that the events described in §12.1(g)(iii) and §12.1(g)(iv) shall not constitute an Event of
Default unless such failure to perform, together with other failures to perform as described in
§12.1(g)(iii) and §12.1(g)(iv), involve singly or in the aggregate obligations for borrowed money
or credit received or other Indebtedness totaling in excess of $20,000,000.00;

          (h) any of the Borrower, the Guarantors, or any of their respective Subsidiaries, (i) shall
make an assignment for the benefit of creditors, or admit in writing its general inability to pay
or generally fail to pay its debts as they mature or become due, or shall petition or apply for the
appointment of a trustee or other custodian, liquidator or receiver for it or any substantial part
of its assets, (ii) shall commence any case or other proceeding relating to it under any
bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or
liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any
action to authorize or in furtherance of any of the foregoing;

          (i) a petition or application shall be filed for the appointment of a trustee or other
custodian, liquidator or receiver of any of the Borrower, the Guarantors, or any of their
respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other
proceeding shall be commenced against any such Person under any bankruptcy, reorganization,

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arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of
any jurisdiction, now or hereafter in effect, and any such Person shall indicate its approval
thereof, consent thereto or acquiescence therein or such petition, application, case or proceeding
shall not have been dismissed within sixty (60) days following the filing or commencement thereof;

          (j) a decree or order is entered appointing a trustee, custodian, liquidator or receiver for
any of the Borrower, the Guarantors, or any of their respective Subsidiaries or adjudicating any
such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding,
or a decree or order for relief is entered in respect of any such Person in an involuntary case
under federal bankruptcy laws as now or hereafter constituted;

          (k) there shall remain in force, undischarged, unsatisfied and unstayed, for more than sixty
(60) days, whether or not consecutive, one or more uninsured or unbonded final judgments against
(i) RPB, the Borrower or any Subsidiary Guarantor that, either individually or in the aggregate,
exceed $10,000,000.00 per occurrence or during any twelve (12) month period or (ii) any Subsidiary
of the Borrower (other than a Subsidiary Guarantor) that, either individually or in the aggregate,
exceed $20,000,000.00 per occurrence or during any twelve (12) month period;

          (l) any of the Loan Documents or the Contribution Agreement shall be canceled, terminated,
revoked or rescinded otherwise than in accordance with the terms thereof or the express prior
written agreement, consent or approval of the Lenders, or any action at law, suit in equity or
other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution
Agreement shall be commenced by or on behalf of any of the Borrower or the Guarantors, or any court
or any other governmental or regulatory authority or agency of competent jurisdiction shall make a
determination, or issue a judgment, order, decree or ruling, to the effect that any one or more of
the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance
with the terms thereof;

          (m) any dissolution, termination, partial or complete liquidation, merger or consolidation of
any of RPB, the Borrower or any of their respective Subsidiaries shall occur or any sale, transfer
or other disposition of the assets of any of RPB, the Borrower or any of their respective
Subsidiaries shall occur other than as permitted under the terms of this Agreement or the other
Loan Documents;

          (n) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred
and the Required Lenders shall have determined in their reasonable discretion that such event
reasonably could be expected to result in liability of any of the Borrower, the Guarantors or any
of their respective Subsidiaries to the PBGC or such Guaranteed Pension Plan in an aggregate amount
exceeding $5,000,000.00 and such event in the circumstances occurring reasonably could constitute
grounds for the termination of such Guaranteed Pension Plan by the PBGC or for the appointment by
the appropriate United States District Court of a trustee to administer such Guaranteed Pension
Plan; or a trustee shall have been appointed by the United States District Court to administer such
Plan; or the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan;

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          (o) the Borrower, any Guarantor or any of their respective Subsidiaries or any Person so
connected with any of them shall be indicted for a federal crime, a punishment for which could
include the forfeiture of (i) any assets of Borrower, any Guarantor or any of their respective
Subsidiaries which in the good faith judgment of the Required Lenders could have a Material Adverse
Effect, or (ii) the Collateral;

          (p) any Guarantor denies that it has any liability or obligation under the Guaranty or any
other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor’s intention
to attempt to cancel or terminate the Guaranty or any other Loan Document, or shall fail to observe
or comply with any term, covenant, condition or agreement under the Guaranty or any other Loan
Document;

          (q) any Change of Control shall occur;

          (r) an Event of Default under any of the other Loan Documents shall occur; or

          (s) the Borrower shall fail to comply with the covenants set forth in §8.6 hereof;
provided, however, no Event of Default shall occur hereunder as a result of such
failure if such failure relates solely to a parcel or parcels of Real Estate that is/are not a
Mortgaged Property and whose book value, either individually or in the aggregate, does not exceed
$10,000,000.00;

then, and in any such event, the Agent may, and upon the request of the Required Lenders shall, by
notice in writing to the Borrower declare all amounts owing with respect to this Agreement, the
Notes, the Letters of Credit and the other Loan Documents to be, and they shall thereupon forthwith
become, immediately due and payable without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrower; provided that in the event
of any Event of Default specified in §12.1(h), §12.1(i) or §12.1(j), all such amounts shall become
immediately due and payable automatically and without any requirement of presentment, demand,
protest or other notice of any kind from any of the Lenders or the Agent. Upon demand by Agent or
the Required Lenders in their absolute and sole discretion after the occurrence of an Event of
Default, and regardless of whether the conditions precedent in this Agreement for a Revolving
Credit Loan have been satisfied, the Revolving Credit Lenders will cause a Revolving Credit Loan to
be made in the undrawn amount of all Letters of Credit. The proceeds of any such Revolving Credit
Loan will be pledged to and held by Agent as security for any amounts that become payable under the
Letters of Credit and all other Obligations. In the alternative, if demanded by Agent in its
absolute and sole discretion after the occurrence of an Event of Default, Borrower will deposit
with and pledge to Agent cash in an amount equal to the amount of all undrawn Letters of Credit.
Such amounts will be pledged to and held by Agent for the benefit of the Lenders as security for
any amounts that become payable under the Letters of Credit and all other Obligations. Upon any
draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the
repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any
remaining amounts will be applied to the payment of all other Obligations or if there are no
outstanding Obligations and Lenders have no further obligation to make Revolving Credit Loans or
issue Letters of Credit or if such excess no longer exists, such proceeds deposited by Borrower
will be released to Borrower.

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     §12.2 Certain Cure Periods; Limitation of Cure Periods.

          (a) Notwithstanding anything contained in §12.1 to the contrary, (i) no Event of Default shall
exist hereunder upon the occurrence of any failure described in §12.1(b) in the event that the
Borrower cures such Default within five (5) Business Days following receipt of written notice of
such Default, provided, however, that Borrower shall not be entitled to receive
more than two (2) notices in the aggregate pursuant to this clause (i) in any period of 365 days
ending on the date of any such occurrence of Default, and provided further that no
such cure period shall apply to any payments due upon the maturity of the Notes, and (ii) no Event
of Default shall exist hereunder upon the occurrence of any failure described in §12.1(e) in the
event that the Borrower cures such Default within thirty (30) days following receipt of written
notice of such default, or if such Default is of such a nature that it cannot be cured within such
thirty (30) day period but such Default is of a nature that it is capable of being cured, in the
event that Borrower in good faith promptly commences such cure within such thirty (30) day period
and thereafter diligently, continuously and in good faith prosecutes such cure to completion, and
in any event cures such Default within sixty (60) days following receipt of such written notice of
Default, provided that the provisions of this clause (ii) shall not pertain to defaults
consisting of a failure to provide insurance as required by §7.7, to any default consisting of a
failure to comply with §7.4(c), §7.14, §7.19, §7.22, §8.1, §8.3, §8.4, §8.7, §8.8, §8.14 or to any
Default excluded from any provision of cure of defaults contained in any other of the Loan
Documents.

          (b) In the event that there shall occur any Default that affects only certain Mortgaged
Property or the owner(s) thereof (if such owner is a Guarantor), then the Borrower may elect to
cure such Default (so long as no other Default or Event of Default would arise as a result) by
electing to have Agent remove such Mortgaged Property from the Borrowing Base and by reducing the
outstanding Loans by the amount of the Borrowing Base attributable to such Mortgaged Property, in
which event such removal and reduction shall be completed within five (5) Business Days after
receipt of notice of such Default from the Agent or the Required Lenders.

     §12.3 Termination of Commitments. If any one or more Events of Default specified in
§12.1(h), §12.1(i) or §12.1(j) shall occur, then immediately and without any action on the part of
the Agent or any Lender any unused portion of the credit hereunder shall terminate and the Lenders
shall be relieved of all obligations to make Loans or issue Letters of Credit to the Borrower. If
any other Event of Default shall have occurred, the Agent may, and upon the election of the
Required Lenders shall, by notice to the Borrower terminate the obligation to make Loans and issue
Letters of Credit to the Borrower. No termination under this §12.3 shall relieve the Borrower of
its obligations to the Lenders arising under this Agreement or the other Loan Documents.

     §12.4 Remedies. In case any one or more Events of Default shall have occurred and be
continuing, and whether or not the Lenders shall have accelerated the maturity of the Loans
pursuant to §12.1, the Agent on behalf of the Lenders may, with the consent of the Required Lenders
but not otherwise, proceed to protect and enforce their rights and remedies under this Agreement,
the Notes and/or any of the other Loan Documents by suit in equity, action at law or other
appropriate proceeding, including to the full extent permitted by applicable law the specific
performance of any covenant or agreement contained in this Agreement and the other Loan

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Documents, the obtaining of the ex parte appointment of a receiver, and, if any amount shall
have become due, by declaration or otherwise, the enforcement of the payment thereof. No remedy
herein conferred upon the Agent or the holder of any Note is intended to be exclusive of any other
remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity or by statute or any other
provision of law. Notwithstanding the provisions of this Agreement providing that the Loans may be
evidenced by multiple Notes in favor of the Lenders, the Lenders acknowledge and agree that only
the Agent may exercise any remedies arising by reason of a Default or Event of Default. If
Borrower or any Guarantor fails to perform any agreement or covenant contained in this Agreement or
any of the other Loan Documents beyond any applicable period for notice and cure, Agent may itself
perform, or cause to be performed, any agreement or covenant of such Person contained in this
Agreement or any of the other Loan Documents which such Person shall fail to perform, and the
out-of-pocket costs of such performance, together with any reasonable expenses, including
reasonable attorneys’ fees actually incurred (including attorneys’ fees incurred in any appeal) by
Agent in connection therewith, shall be payable by Borrower upon demand and shall constitute a part
of the Obligations and shall if not paid within five (5) Business Days after demand bear interest
at the rate for overdue amounts as set forth in this Agreement. In the event that all or any
portion of the Obligations is collected by or through an attorney-at-law, the Borrower shall pay
all costs of collection including, but not limited to, reasonable attorney’s fees.

     §12.5 Distribution of Collateral Proceeds. In the event that, following the
occurrence and during the continuance of any Event of Default, any monies are received in
connection with the enforcement of any of the Loan Documents, or otherwise with respect to the
realization upon any of the Collateral or other assets of Borrower or the Guarantors, such monies
shall be distributed for application as follows:

          (a) First, to the payment of, or (as the case may be) the reimbursement of the Agent for or in
respect of, all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have
been paid, incurred or sustained by the Agent to protect or preserve the Collateral or in
connection with the collection of such monies by the Agent, for the exercise, protection or
enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent
or the Lenders under this Agreement or any of the other Loan Documents or in respect of the
Collateral or in support of any provision of adequate indemnity to the Agent against any taxes or
liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders to
such monies;

          (b) Second, to all other Obligations (including any interest, expenses or other obligations
incurred after the commencement of a bankruptcy) in such order or preference as the Required
Lenders shall determine; provided, that (i) Swing Loans shall be repaid first, (ii)
distributions in respect of such other Obligations shall include, on a pari passu basis, the
Agent’s fee payable pursuant to §4.3; (iii) in the event that any Lender shall have wrongfully
failed or refused to make an advance under §2.4(d), §2.6 or §2.9(f) and such failure or refusal
shall be continuing, advances made by other Lenders during the pendency of such failure or refusal
shall be entitled to be repaid as to principal and accrued interest in priority to the other
Obligations described in this subsection (b), and (iv) except as otherwise provided in clause
(iii), Obligations owing to the Lenders with respect to each type of Obligation such as interest,

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principal, fees and expenses (but excluding the Swing Loans) shall be made among the Lenders
pro rata; and provided, further that the Required Lenders may in their discretion
make proper allowance to take into account any Obligations not then due and payable; and

          (c) Third, the excess, if any, shall be returned to the Borrower or to such other Persons as
are entitled thereto.

§13. SETOFF.

     Regardless of the adequacy of any Collateral, during the continuance of any Event of Default,
any deposits (general or specific, time or demand, provisional or final, regardless of currency,
maturity, or the branch where such deposits are held) or other sums credited by or due from any
Lender to the Borrower or the Guarantors and any securities or other property of the Borrower or
the Guarantors in the possession of such Lender may, without notice to Borrower or any Guarantor
(any such notice being expressly waived by Borrower, RPB and each of the other Guarantors) but with
the prior written approval of Agent, be applied to or set off against the payment of Obligations
and any and all other liabilities, direct, or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising, of the Borrower or the Guarantors to such Lender (provided
that the foregoing right of setoff may be waived by an individual Lender by separate written
agreement with Borrower or a Guarantor). Each of the Lenders agrees with each other Lender that if
such Lender shall receive from the Borrower or the Guarantors, whether by voluntary payment,
exercise of the right of setoff, or otherwise, and shall retain and apply to the payment of the
Note or Notes held by such Lender (but excluding the Swing Loan Note) any amount in excess of its
ratable portion of the payments received by all of the Lenders with respect to the Notes held by
all of the Lenders, such Lender will make such disposition and arrangements with the other Lenders
with respect to such excess, either by way of distribution, pro tanto assignment of
claims, subrogation or otherwise as shall result in each Lender receiving in respect of the Notes
held by it its proportionate payment as contemplated by this Agreement; provided that if
all or any part of such excess payment is thereafter recovered from such Lender, such disposition
and arrangements shall be rescinded and the amount restored to the extent of such recovery, but
without interest.

§14. THE AGENT.

     §14.1 Authorization. Subject to §27, the Agent is authorized to take such action on
behalf of each of the Lenders and to exercise all such powers as are hereunder and under any of the
other Loan Documents and any related documents delegated to the Agent, together with such powers as
are reasonably incident thereto, provided that no duties or responsibilities not expressly assumed
herein or therein shall be implied to have been assumed by the Agent. The obligations of the Agent
hereunder are primarily administrative in nature, and nothing contained in this Agreement or any of
the other Loan Documents shall be construed to constitute the Agent as a trustee for any Lender or
to create an agency or fiduciary relationship. Agent shall act as the contractual representative
of the Lenders hereunder, and notwithstanding the use of the term “Agent”, it is understood and
agreed that Agent shall not have any fiduciary duties or responsibilities to any Lender by reason
of this Agreement or any other Loan Document and is acting as an independent contractor, the duties
and responsibilities of which are limited to those expressly set forth in this Agreement and the
other Loan Documents. The Borrower and any

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other Person shall be entitled to conclusively rely on a statement from the Agent that it has
the authority to act for and bind the Lenders pursuant to this Agreement and the other Loan
Documents.

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

     §14.3 No Liability. Neither the Agent nor any of its shareholders, directors,
officers or employees nor any other Person assisting them in their duties nor any agent, or
employee thereof, shall be liable for (a) any waiver, consent or approval given or any action
taken, or omitted to be taken, in good faith by it or them hereunder or under any of the other Loan
Documents, or in connection herewith or therewith, or be responsible for the consequences of any
oversight or error of judgment whatsoever, except that the Agent or such other Person, as the case
may be, shall be liable for losses due to its willful misconduct or gross negligence as finally
determined by a court of competent jurisdiction after the expiration of all applicable appeal
periods or (b) any action taken or not taken by Agent with the consent or at the request of the
Required Lenders. The Agent shall not be deemed to have knowledge or notice of the occurrence of
any Default or Event of Default, except with respect to defaults in the payment of principal,
interest and fees required to be paid to the Agent for the account of the Lenders, unless the Agent
has received notice from a Lender or the Borrower referring to the Loan Documents and describing
with reasonable specificity such Default or Event of Default and stating that such notice is a
“notice of default”.

     §14.4 No Representations. The Agent shall not be responsible for the execution or
validity or enforceability of this Agreement, the Notes, any of the other Loan Documents or any
instrument at any time constituting, or intended to constitute, collateral security for the Notes,
or for the value of any such collateral security or for the validity, enforceability or
collectability of any such amounts owing with respect to the Notes, or for any recitals or
statements, warranties or representations made herein, or any agreement, instrument or certificate
delivered in connection therewith or in any of the other Loan Documents or in any certificate or
instrument hereafter furnished to it by or on behalf of the Borrower, the Guarantors or any of
their respective Subsidiaries, or be bound to ascertain or inquire as to the performance or
observance of any of the terms, conditions, covenants or agreements herein or in any of the other
Loan Documents. The Agent shall not be bound to ascertain whether any notice, consent, waiver or
request delivered to it by the Borrower, the Guarantors or any holder of any of the Notes shall
have been duly authorized or is true, accurate and complete. The Agent has not made nor does it
now make any representations or warranties, express or implied, nor does it assume any liability to
the Lenders, with respect to the creditworthiness or financial condition of the Borrower, the
Guarantors, or any of their respective Subsidiaries, or the value of the Collateral or any other
assets of the Borrower or the Guarantors or any of their respective Subsidiaries. Each Lender
acknowledges that it has, independently and without reliance upon the Agent or any other Lender,
and based upon such information and documents as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also acknowledges

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that it will, independently and without reliance upon the Agent or any other Lender, based
upon such information and documents as it deems appropriate at the time, continue to make its own
credit analysis and decisions in taking or not taking action under this Agreement and the other
Loan Documents. Agent’s Special Counsel has only represented Agent and KeyBank in connection with
the Loan Documents and the only attorney client relationship or duty of care is between Agent’s
Special Counsel and Agent or KeyBank. Each Lender has been independently represented by separate
counsel on all matters regarding the Loan Documents and the granting and perfecting of liens in the
Collateral.

     §14.5 Payments.

          (a) A payment by the Borrower or any Guarantor to the Agent hereunder or under any of the
other Loan Documents for the account of any Lender shall constitute a payment to such Lender. The
Agent agrees to distribute to each Lender not later than one Business Day after the Agent’s receipt
of good funds, determined in accordance with the Agent’s customary practices, such Lender’s pro
rata share of payments received by the Agent for the account of the Lenders except as otherwise
expressly provided herein or in any of the other Loan Documents. In the event that the Agent fails
to distribute such amounts within one Business Day as provided above, the Agent shall pay interest
on such amount at a rate per annum equal to the Federal Funds Effective Rate from time to time in
effect.

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

          (c) Notwithstanding anything to the contrary contained in this Agreement or any of the other
Loan Documents, any Lender that fails (i) to make available to the Agent its pro rata share of any
Loan or participation in a Letter of Credit or Swing Loan, (ii) to comply with the provisions of
§13 with respect to making dispositions and arrangements with the other Lenders, where such
Lender’s share of any payment received, whether by setoff or otherwise, is in excess of its pro
rata share of such payments due and payable to all of the Lenders, in each case as, when and to the
full extent required by the provisions of this Agreement, or (iii) to perform any other obligation
within the time period specified for performance, or if no time period is specified, if such
failure continues for a period of five (5) Business Days after notice from the Agent shall be
deemed delinquent (a “Delinquent Lender”) and shall be deemed a Delinquent Lender until such time
as such delinquency is satisfied. In addition to the rights and remedies that may be available to
the Agent at law and in equity, a Delinquent Lender’s right to participate in the administration of
the Loan Documents, including, without limitation, any rights to consent to or direct any action or
inaction of the Agent pursuant to this Agreement or otherwise, or to be taken into account in the
calculation of Majority Lenders, Required Lenders or any matter requiring approval of all of the
Lenders, shall be suspended while such Lender is a Delinquent Lender. A Delinquent Lender shall be
deemed to have assigned any and all

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payments due to it from the Borrower or the Guarantors, whether on account of outstanding
Loans, interest, fees or otherwise, to the remaining nondelinquent Lenders for application to, and
reduction of, their respective pro rata shares of all outstanding Loans. The Delinquent Lender
hereby authorizes the Agent to distribute such payments to the nondelinquent Lenders in proportion
to their respective pro rata shares of all outstanding Loans. The provisions of this Section shall
apply and be effective regardless of whether an Event of Default occurs and is then continuing, and
notwithstanding (i) any other provision of this Agreement to the contrary or (ii) any instruction
of Borrower as to its desired application of payments. The Agent shall be entitled to (i) withhold
or set off, and to apply to the payment of the obligations of any Delinquent Lender any amounts to
be paid to such Delinquent Lender under this Agreement, (ii) to collect interest from such Lender
for the period from the date on which the payment was due at the rate per annum equal to the
Federal Funds Effective Rate plus one percent (1%), for each day during such period, and (iii)
bring an action or suit against such Delinquent Lender in a court of competent jurisdiction to
recover the defaulted obligations of such Delinquent Lender. A Delinquent Lender shall be deemed
to have satisfied in full a delinquency when and if, as a result of application of the assigned
payments to all outstanding Loans of the nondelinquent Lenders or as a result of other payments by
the Delinquent Lenders to the nondelinquent Lenders, the Lenders’ respective pro rata shares of all
outstanding Loans have returned to those in effect immediately prior to such delinquency and
without giving effect to the nonpayment causing such delinquency.

     §14.6 Holders of Notes. Subject to the terms of §18, the Agent may deem and treat the
payee of any Note as the absolute owner or purchaser thereof for all purposes hereof until it shall
have been furnished in writing with a different name by such payee or by a subsequent holder,
assignee or transferee.

     §14.7 Indemnity. The Lenders ratably agree hereby to indemnify and hold harmless the
Agent from and against any and all claims, actions and suits (whether groundless or otherwise),
losses, damages, costs, expenses (including any expenses for which the Agent has not been
reimbursed by the Borrower as required by §15), and liabilities of every nature and character
arising out of or related to this Agreement, the Notes, or any of the other Loan Documents or the
transactions contemplated or evidenced hereby or thereby, or the Agent’s actions taken hereunder or
thereunder, except to the extent that any of the same shall be directly caused by the Agent’s
willful misconduct or gross negligence as finally determined by a court of competent jurisdiction
after the expiration of all applicable appeal periods. The agreements in this §14.7 shall survive
the payment of all amounts payable under the Loan Documents.

     §14.8 Agent as Lender. In its individual capacity, KeyBank shall have the same
obligations and the same rights, powers and privileges in respect to its Commitment and the Loans
made by it, and as the holder of any of the Notes as it would have were it not also the Agent.

     §14.9 Resignation. The Agent may resign at any time by giving thirty (30) calendar
days’ prior written notice thereof to the Lenders and the Borrower. The Required Lenders
(calculated without including the Commitment of the Lender acting as Agent) may remove the Agent
from its capacity as Agent in the event of the Agent’s gross negligence or willful misconduct. Any
such resignation or removal may at Agent’s option also constitute Agent’s

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resignation as Issuing Lender and Swing Loan Lender. Upon any such resignation or removal,
the Required Lenders, subject to the terms of §18.1, shall have the right to appoint as a successor
Agent and, if applicable, Issuing Lender and Swing Loan Lender, any Lender or any bank whose senior
debt obligations are rated not less than “A” or its equivalent by Moody’s or not less than “A” or
its equivalent by S&P and which has a net worth of not less than $500,000,000.00. Unless a Default
or Event of Default shall have occurred and be continuing, such successor Agent and, if applicable,
Issuing Lender and Swing Loan Lender, shall be reasonably acceptable to the Borrower. If no
successor Agent shall have been appointed and shall have accepted such appointment within thirty
(30) days after the retiring Agent’s giving of notice of resignation or the Required Lenders’
removal of the Agent, then the retiring or removed Agent may, on behalf of the Lenders, appoint a
successor Agent, which shall be any Lender or any financial institution whose senior debt
obligations are rated not less than “A2” or its equivalent by Moody’s or not less than “A” or its
equivalent by S&P and which has a net worth of not less than $500,000,000.00. Upon the acceptance
of any appointment as Agent and, if applicable, Issuing Lender and Swing Loan Lender, hereunder by
a successor Agent and, if applicable, Issuing Lender and Swing Loan Lender, such successor Agent
and, if applicable, Issuing Lender and Swing Loan Lender, shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring or removed Agent and, if
applicable, Issuing Lender and Swing Loan Lender, and the retiring or removed Agent and, if
applicable, Issuing Lender and Swing Loan Lender, shall be discharged from its duties and
obligations hereunder as Agent and, if applicable, Issuing Lender and Swing Loan Lender. After any
retiring or removed Agent’s resignation, the provisions of this Agreement and the other Loan
Documents shall continue in effect for its benefit in respect of any actions taken or omitted to be
taken by it while it was acting as Agent, Issuing Lender and Swing Loan Lender. If the resigning
or removed Agent shall also resign as the Issuing Lender, such successor Agent shall issue letters
of credit in substitution for the Letters of Credit, if any, outstanding at the time of such
succession or shall make other arrangements satisfactory to the current Issuing Lender, in either
case, to assume effectively the obligations of the current Agent with respect to such Letters of
Credit. Upon any change in the Agent under this Agreement, the resigning or removed Agent shall
execute such assignments of and amendments to the Loan Documents as may be necessary to substitute
the successor Agent for the resigning Agent.

     §14.10 Duties in the Case of Enforcement. In case one or more Events of Default have
occurred and shall be continuing, and whether or not acceleration of the Obligations shall have
occurred, the Agent may and, if (a) so requested by the Required Lenders and (b) the Lenders have
provided to the Agent such additional indemnities and assurances in accordance with their
respective Commitment Percentages against expenses and liabilities as the Agent may reasonably
request, shall proceed to exercise all or any legal and equitable and other rights or remedies as
it may have; provided, however, that unless and until the Agent shall have received such
directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking
such action, with respect to such Default or Event of Default as it shall deem to be in the best
interests of the Lenders. Without limiting the generality of the foregoing, if Agent reasonably
determines payment is in the best interest of all the Lenders, Agent may without the approval of
the Lenders pay taxes and insurance premiums and spend money for maintenance, repairs or other
expenses which may be necessary to be incurred, and Agent shall promptly thereafter notify the
Lenders of such action. Each Lender shall, within thirty (30) days of request therefor, pay to the
Agent its Commitment Percentage of the reasonable costs incurred by the

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Agent in taking any such actions hereunder to the extent that such costs shall not be promptly
reimbursed to the Agent by the Borrower or the Guarantors or out of the Collateral within such
period with respect to the Mortgaged Properties. The Required Lenders may direct the Agent in
writing as to the method and the extent of any such exercise, the Lenders hereby agreeing to
indemnify and hold the Agent harmless in accordance with their respective Commitment Percentages
from all liabilities incurred in respect of all actions taken or omitted in accordance with such
directions, provided that the Agent need not comply with any such direction to the extent
that the Agent reasonably believes the Agent’s compliance with such direction to be unlawful in any
applicable jurisdiction or commercially unreasonable under the UCC as enacted in any applicable
jurisdiction.

     §14.11 Bankruptcy. In the event a bankruptcy or other insolvency proceeding is
commenced by or against Borrower or any Guarantor with respect to the Obligations, the Agent shall
have the sole and exclusive right to file and pursue a joint proof claim on behalf of all Lenders.
Any votes with respect to such claims or otherwise with respect to such proceedings shall be
subject to the vote of the Required Lenders or all of the Lenders as required by this Agreement.
Each Lender irrevocably waives its right to file or pursue a separate proof of claim in any such
proceedings unless Agent fails to file such claim within thirty (30) days after receipt of written
notice from the Lenders requesting that Agent file such proof of claim.

     §14.12 Request for Agent Action. Agent and the Lenders acknowledge that in the
ordinary course of business of the Borrower, (a) Borrower and Guarantors will enter into leases or
rental agreements covering Mortgaged Properties that may require the execution of a Subordination,
Attornment and Non-Disturbance Agreement in favor of the tenant thereunder, (b) a Mortgaged
Property may be subject to a Taking, (c) Borrower or a Guarantor may desire to enter into easements
or other agreements affecting the Mortgaged Properties, or take other actions or enter into other
agreements in the ordinary course of business which similarly require the consent, approval or
agreement of the Agent. In connection with the foregoing, the Lenders hereby expressly authorize
the Agent to (w) execute and deliver to the Borrower and the Guarantors Subordination, Attornment
and Non-Disturbance Agreements with any tenant under a Lease upon such terms as Agent in its good
faith judgment determines are appropriate (Agent in the exercise of its good faith judgment may
agree to allow some or all of the casualty, condemnation, restoration or other provisions of the
applicable Lease to control over the applicable provisions of the Loan Documents), (x) execute
releases of liens in connection with any Taking, (y) execute consents or subordinations in form and
substance satisfactory to Agent in connection with any easements or agreements affecting the
Mortgaged Property, or (z) execute consents, approvals, or other agreements in form and substance
satisfactory to the Agent in connection with such other actions or agreements as may be necessary
in the ordinary course of Borrower’s business.

     §14.13 Reliance by Agent. The Agent shall be entitled to rely upon, and shall not
incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed, sent
or otherwise authenticated by an Authorized Officer. The Agent also may rely upon any statement
made to it orally or by telephone and believed by it to have been made by the proper Person, and
shall not incur any liability for relying thereon. In determining compliance with any condition
hereunder

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to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender,
the Agent may presume that such condition is satisfactory to such Lender unless the Agent shall
have received notice to the contrary from such Lender prior to the making of such Loan. The Agent
may consult with legal counsel (who may be counsel for the Borrower), independent accountants and
other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.

     §14.14 Approvals. If consent is required for some action under this Agreement, or
except as otherwise provided herein an approval of the Lenders, the Majority Lenders or the
Required Lenders is required or permitted under this Agreement, each Lender agrees to give the
Agent, within ten (10) days of receipt of the request for action together with all reasonably
requested information related thereto (or such lesser period of time required by the terms of the
Loan Documents), notice in writing of approval or disapproval (collectively “Directions”) in
respect of any action requested or proposed in writing pursuant to the terms hereof. To the extent
that any Lender does not approve any recommendation of Agent, such Lender shall in such notice to
Agent describe the actions that would be acceptable to such Lender. If consent is required for the
requested action, any Lender’s failure to respond to a request for Directions within the required
time period shall be deemed to constitute a Direction to take such requested action. In the event
that any recommendation is not approved by the requisite number of Lenders and a subsequent
approval on the same subject matter is requested by Agent, then for the purposes of this paragraph
each Lender shall be required to respond to a request for Directions within five (5) Business Days
of receipt of such request. Agent and each Lender shall be entitled to assume that any officer of
the other Lenders delivering any notice, consent, certificate or other writing is authorized to
give such notice, consent, certificate or other writing unless Agent and such other Lenders have
otherwise been notified in writing.

     §14.15 Borrower Not Beneficiary. Except for the provisions of §14.9 relating to the
appointment of a successor Agent, the provisions of this §14 are solely for the benefit of the
Agent and the Lenders, may not be enforced by the Borrower or any Guarantor, and except for the
provisions of §14.9, may be modified or waived without the approval or consent of the Borrower and
Guarantors.

§15. EXPENSES.

     The Borrower agrees to pay (a) the reasonable costs of producing and reproducing this
Agreement, the other Loan Documents and the other agreements and instruments mentioned herein, (b)
any federal or state imposed taxes (including any interest and penalties in respect thereto)
payable by the Agent or any of the Lenders (other than taxes based upon the Agent’s or any Lender’s
gross or net income, except that the Agent and the Lenders shall be entitled to indemnification for
any and all amounts paid by them in respect of taxes based on income or other taxes assessed by any
State in which Mortgaged Property or other Collateral is located, such indemnification to be
limited to taxes due solely on account of the granting of Collateral under the Security Documents
and to be net of any credit allowed to the indemnified party from any other State on account of the
payment or incurrence of such tax by such indemnified party), including any recording, mortgage,
documentary or intangibles taxes in connection with the Mortgages and other Loan Documents, or
other taxes payable on or with respect to the transactions contemplated by this Agreement,
including any such taxes payable by the Agent or

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any of the Lenders after the Closing Date (the Borrower hereby agreeing to indemnify the Agent
and each Lender with respect thereto), (c) all title insurance premiums, engineer’s fees,
environmental reviews and the reasonable fees, expenses and disbursements of the counsel to the
Agent and any local counsel to the Agent incurred in connection with the preparation,
administration, or interpretation of the Loan Documents and other instruments mentioned herein, and
amendments, modifications, approvals, consents or waivers hereto or hereunder, (d) the
out-of-pocket fees, costs, expenses and disbursements of Agent incurred in connection with the
syndication and/or participation of the Loans, (e) all other reasonable out of pocket fees,
expenses and disbursements of the Agent incurred by the Agent in connection with the preparation or
interpretation of the Loan Documents and other instruments mentioned herein, the addition or
substitution of additional Mortgaged Properties or other Collateral, the review of leases and
Subordination, Attornment and Non-Disturbance Agreements, the making of each advance hereunder, the
issuance of Letters of Credit, and the syndication of the Commitments pursuant to §18 (without
duplication of those items addressed in subparagraph (d), above), (f) all out-of-pocket expenses
(including attorneys’ fees and costs, and the fees and costs of appraisers, engineers, investment
bankers or other experts retained by any Lender or the Agent) incurred by any Lender or the Agent
in connection with (i) the enforcement of or preservation of rights under any of the Loan Documents
against the Borrower or the Guarantors or the administration thereof after the occurrence of a
Default or Event of Default and (ii) any litigation, proceeding or dispute whether arising
hereunder or otherwise, in any way related to the Agent’s or any of the Lenders’ relationship with
the Borrower or the Guarantors, (g) all reasonable fees, expenses and disbursements of the Agent
incurred in connection with UCC searches, UCC filings, title rundowns, title searches or mortgage
recordings, (h) all reasonable out-of-pocket fees, expenses and disbursements (including reasonable
attorneys’ fees and costs) which may be incurred by KeyBank in connection with the execution and
delivery of this Agreement and the other Loan Documents (without duplication of any of the items
listed above), and (i) all expenses relating to the use of Intralinks, SyndTrak or any other
similar system for the dissemination and sharing of documents and information in connection with
the Loans. The covenants of this §15 shall survive the repayment of the Loans and the termination
of the obligations of the Lenders hereunder.

§16. INDEMNIFICATION.

     The Borrower and RPB, jointly and severally, agree to indemnify and hold harmless the Agent,
the Lenders and the Arranger and each director, officer, employee, agent and Person who controls
the Agent or any Lender or the Arranger against any and all claims, actions and suits, whether
groundless or otherwise, and from and against any and all liabilities, losses, damages and expenses
of every nature and character arising out of or relating to this Agreement or any of the other Loan
Documents or the transactions contemplated hereby and thereby including, without limitation, (a)
any and all claims for brokerage, leasing, finders or similar fees which may be made relating to
the Mortgaged Properties or the Loans, (b) any condition of the Mortgaged Properties or any other
Real Estate, (c) any actual or proposed use by the Borrower of the proceeds of any of the Loans or
Letters of Credit, (d) any actual or alleged infringement of any patent, copyright, trademark,
service mark or similar right of the Borrower, the Guarantors, or any of their respective
Subsidiaries, (e) the Borrower and the Guarantors entering into or performing this Agreement or any
of the other Loan Documents, (f) any actual or alleged violation of any law, ordinance, code,
order, rule, regulation, approval, consent, permit or license

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relating to the Mortgaged Properties or any other Real Estate, (g) with respect to the
Borrower, the Guarantors and their respective Subsidiaries and their respective properties and
assets, the violation of any Environmental Law, the Release or threatened Release of any Hazardous
Substances or any action, suit, proceeding or investigation brought or threatened with respect to
any Hazardous Substances (including, but not limited to, claims with respect to wrongful death,
personal injury, nuisance or damage to property), and (h) any use of Intralinks, SyndTrak or any
other system for the dissemination and sharing of documents and information, in each case
including, without limitation, the reasonable fees and disbursements of counsel incurred in
connection with any such investigation, litigation or other proceeding; provided,
however, that the Borrower shall not be obligated under this §16 to indemnify any Person
for liabilities arising from such Person’s own gross negligence or willful misconduct as determined
by a court of competent jurisdiction after the exhaustion of all applicable appeal periods. In
litigation, or the preparation therefor, the Lenders and the Agent shall be entitled to select a
single law firm as their own counsel and, in addition to the foregoing indemnity, the Borrower
agrees to pay promptly the reasonable fees and expenses of such counsel. If, and to the extent
that the obligations of the Borrower under this §16 are unenforceable for any reason, the Borrower
hereby agrees to make the maximum contribution to the payment in satisfaction of such obligations
which is permissible under applicable law. The provisions of this §16 shall survive the repayment
of the Loans and the termination of the obligations of the Lenders hereunder.

§17. SURVIVAL OF COVENANTS, ETC.

     All covenants, agreements, representations and warranties made herein, in the Notes, in any of
the other Loan Documents or in any documents or other papers delivered by or on behalf of the
Borrower or the Guarantors or any of their respective Subsidiaries pursuant hereto or thereto shall
be deemed to have been relied upon by the Lenders and the Agent, notwithstanding any investigation
heretofore or hereafter made by any of them, and shall survive the making by the Lenders of any of
the Loans, as herein contemplated, and shall continue in full force and effect so long as any
amount due under this Agreement or the Notes or any of the other Loan Documents remains outstanding
or any Letters of Credit remain outstanding or any Lender has any obligation to make any Loans or
issue any Letters of Credit. The indemnification obligations of the Borrower provided herein and
in the other Loan Documents shall survive the full repayment of amounts due and the termination of
the obligations of the Lenders hereunder and thereunder to the extent provided herein and therein.
All statements contained in any certificate delivered to any Lender or the Agent at any time by or
on behalf of the Borrower or the Guarantors or any of their respective Subsidiaries pursuant hereto
or in connection with the transactions contemplated hereby shall constitute representations and
warranties by such Person hereunder.

§18. ASSIGNMENT AND PARTICIPATION.

     §18.1 Conditions to Assignment by Lenders. Except as provided herein, each Lender may
assign to one or more banks or other entities all or a portion of its interests, rights and
obligations under this Agreement (including all or a portion of its Commitment Percentage and
Commitment and the same portion of the Loans at the time owing to it and the Notes held by it);
provided that (a) the Agent and, so long as no Default or Event of Default exists
hereunder, the Borrower shall have each given its prior written consent to such assignment, which
consent shall

97

 

not be unreasonably withheld or delayed (provided that such consent shall not be required for
any assignment to another Lender, to a lender which is and remains under common control with the
assigning Lender or to a wholly-owned Subsidiary of such Lender, provided that such assignee shall
remain a wholly-owned Subsidiary of such Lender), (b) each such assignment shall be of a constant,
and not a varying, percentage of all the assigning Lender’s rights and obligations under this
Agreement, (c) the parties to such assignment shall execute and deliver to the Agent, for recording
in the Register (as hereinafter defined) an Assignment and Acceptance Agreement in the form of
Exhibit L annexed hereto, together with any Notes subject to such assignment, (d) in no event shall
any assignment be to any Person controlling, controlled by or under common control with, or which
is not otherwise free from influence or control by, the Borrower or any Guarantor, (e) such
assignee shall have a net worth as of the date of such assignment of not less than $100,000,000.00
(unless otherwise approved by Agent and, so long as no Default or Event of Default exists
hereunder, Borrower), (f) such assignee shall acquire an interest in the Loans of not less than
$5,000,000.00 and integral multiples of $1,000,000.00 in excess thereof (or if less, the remaining
Loans of the assignor), unless waived by the Agent, and so long as no Default or Event of Default
exists hereunder, the Borrower, and (g) such assignee shall be subject to the terms of any
intercreditor agreement among the Lenders and the Agent. Upon execution, delivery, acceptance and
recording of such Assignment and Acceptance Agreement, (i) the assignee thereunder shall be a party
hereto and all other Loan Documents executed by the Lenders and, to the extent provided in such
Assignment and Acceptance Agreement, have the rights and obligations of a Lender hereunder, (ii)
the assigning Lender shall, upon payment to the Agent of the registration fee referred to in §18.2,
be released from its obligations under this Agreement arising after the effective date of such
assignment with respect to the assigned portion of its interests, rights and obligations under this
Agreement, and (iii) the Agent may unilaterally amend Schedule 1 to reflect such
assignment. In connection with each assignment, the assignee shall represent and warrant to the
Agent, the assignor and each other Lender as to whether such assignee is controlling, controlled
by, under common control with or is not otherwise free from influence or control by, the Borrower
or any Guarantor.

     §18.2 Register. The Agent shall maintain on behalf of the Borrower a copy of each
assignment delivered to it and a register or similar list (the “Register”) for the recordation of
the names and addresses of the Lenders and the Commitment Percentages of and principal amount of
the Loans owing to the Lenders from time to time. The entries in the Register shall be conclusive,
in the absence of manifest error, and the Borrower, the Guarantors, the Agent and the Lenders may
treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of
this Agreement. The Register shall be available for inspection by the Borrower and the Lenders at
any reasonable time and from time to time upon reasonable prior notice. Upon each such
recordation, the assigning Lender agrees to pay to the Agent a registration fee in the sum of
$3,500.00.

     §18.3 New Notes. Upon its receipt of an Assignment and Acceptance Agreement executed
by the parties to such assignment, together with each Note subject to such assignment, the Agent
shall record the information contained therein in the Register. Within five (5) Business Days
after receipt of notice of such assignment from Agent, the Borrower, at its own expense, shall
execute and deliver to the Agent, in exchange for each surrendered Note, a new Note to the order of
such assignee in an amount equal to the amount assigned to such assignee pursuant to such
Assignment and Acceptance Agreement and, if the assigning Lender has

98

 

retained some portion of its obligations hereunder, a new Note to the order of the assigning
Lender in an amount equal to the amount retained by it hereunder. Such new Notes shall provide
that they are replacements for the surrendered Notes, shall be in an aggregate principal amount
equal to the aggregate principal amount of the surrendered Notes, shall be dated the effective date
of such Assignment and Acceptance Agreement and shall otherwise be in substantially the form of the
assigned Notes. The surrendered Notes shall be canceled and returned to the Borrower.

     §18.4 Participations. Each Lender may sell participations to one or more Lenders or
other entities in all or a portion of such Lender’s rights and obligations under this Agreement and
the other Loan Documents; provided that (a) any such sale or participation shall not affect
the rights and duties of the selling Lender hereunder, (b) such participation shall not entitle
such participant to any rights or privileges under this Agreement or any Loan Documents, including
without limitation, rights granted to the Lenders under §4.8, §4.9 and §4.10, (c) such
participation shall not entitle the participant to the right to approve waivers, amendments or
modifications, (d) such participant shall have no direct rights against the Borrower, (e) such sale
is effected in accordance with all applicable laws, and (f) such participant shall not be a Person
controlling, controlled by or under common control with, or which is not otherwise free from
influence or control by any of the Borrower or any Guarantor; provided, however,
such Lender may agree with the participant that it will not, without the consent of the
participant, agree to (i) increase, or extend the term or extend the time or waive any requirement
for the reduction or termination of, such Lender’s Commitment, (ii) extend the date fixed for the
payment of principal of or interest on the Loans or portions thereof owing to such Lender (other
than pursuant to an extension of the Maturity Date pursuant to §2.11), (iii) reduce the amount of
any such payment of principal, (iv) reduce the rate at which interest is payable thereon or (v)
release any Guarantor (except as otherwise permitted under §5.4, §5.6, §5.7 or §14.12). Any Lender
which sells a participation shall promptly notify the Agent of such sale and the identity of the
purchaser of such interest.

     §18.5 Pledge by Lender. Any Lender may at any time pledge all or any portion of its
interest and rights under this Agreement (including all or any portion of its Note) to any of the
twelve Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C. §341 or to
such other Person as the Agent may approve to secure obligations of such lenders. No such pledge
or the enforcement thereof shall release the pledgor Lender from its obligations hereunder or under
any of the other Loan Documents.

     §18.6 No Assignment by Borrower. The Borrower shall not assign or transfer any of its
rights or obligations under this Agreement without the prior written consent of each of the
Lenders.

     §18.7 Disclosure. Borrower agrees to promptly cooperate with any Lender in connection
with any proposed assignment or participation of all or any portion of its Commitment. The
Borrower agrees that in addition to disclosures made in accordance with standard banking practices
any Lender may disclose information obtained by such Lender pursuant to this Agreement to assignees
or participants and potential assignees or participants hereunder. Each Lender agrees for itself
that it shall use reasonable efforts in accordance with its customary procedures to hold
confidential all non-public information obtained from RPB,

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Borrower or any other Guarantor that has been identified verbally or in writing as
confidential by any of them, and shall use reasonable efforts in accordance with its customary
procedures to not disclose such information to any other Person, it being understood and agreed
that, notwithstanding the foregoing, a Lender may make (a) disclosures to its participants
(provided such Persons are advised of the provisions of this §18.7), (b) disclosures to its
directors, officers, employees, Affiliates, accountants, appraisers, legal counsel and other
professional advisors of such Lender (provided that such Persons who are not employees of such
Lender are advised of the provision of this §18.7), (c) disclosures customarily provided or
reasonably required by any potential or actual bona fide assignee, transferee or participant or
their respective directors, officers, employees, Affiliates, accountants, appraisers, legal counsel
and other professional advisors in connection with a potential or actual assignment or transfer by
such Lender of any Loans or any participations therein (provided such Persons are advised of the
provisions of this §18.7), (d) disclosures to bank regulatory authorities or self-regulatory bodies
with jurisdiction over such Lender, or (e) disclosures required or requested by any other
governmental authority or representative thereof or pursuant to legal process; provided that,
unless specifically prohibited by applicable law or court order, each Lender shall notify Borrower
of any request by any governmental authority or representative thereof prior to disclosure (other
than any such request in connection with any examination of such Lender by such government
authority) for disclosure of any such non-public information prior to disclosure of such
information. In addition, each Lender may make disclosure of such information to any contractual
counterparty in swap agreements or such contractual counterparty’s professional advisors (so long
as such contractual counterparty or professional advisors agree to be bound by the provisions of
this §18.7). Non-public information shall not include any information which is or subsequently
becomes publicly available other than as a result of a disclosure of such information by a Lender,
or prior to the delivery to such Lender is within the possession of such Lender if such information
is not known by such Lender to be subject to another confidentiality agreement with or other
obligations of secrecy to RPB, the Borrower or the other Guarantors, or is disclosed with the prior
approval of Borrower. Nothing herein shall prohibit the disclosure of non-public information to
the extent necessary to enforce the Loan Documents.

     §18.8 Amendments to Loan Documents. Upon any such assignment or participation, the
Borrower and the Guarantors shall, upon the request of the Agent, enter into such documents as may
be reasonably required by the Agent to modify the Loan Documents to reflect such assignment or
participation.

§19. NOTICES.

     Each notice, demand, election or request provided for or permitted to be given pursuant to
this Agreement (hereinafter in this §19 referred to as “Notice”), but specifically excluding to the
maximum extent permitted by law any notices of the institution or commencement of foreclosure
proceedings, must be in writing and shall be deemed to have been properly given or served by
personal delivery or by sending same by overnight courier or by depositing same in the United
States Mail, postpaid and registered or certified, return receipt requested, or as expressly
permitted herein, by telegraph, telecopy, telefax or telex, and addressed as follows:

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If to the Agent or KeyBank:

KeyBank National Association

127 Public Square

Cleveland, Ohio 44114-1306

Attn: Real Estate Capital Services

With a copy to:

KeyBank National Association

127 Public Square

Cleveland, Ohio 44114-1306

Attn: Mr. Michael P. Szuba

Telecopy No.: (216) 689-4997

and

McKenna Long & Aldridge LLP

Suite 5300

303 Peachtree Street, N.E.

Atlanta, Georgia 30308

Attn: William F. Timmons, Esq.

Telecopy No.: (404) 527-4198

If to the Borrower:

Republic Property Limited Partnership

1280 Maryland Avenue

Suite 280

Washington, DC 20024

Attn: Gary R. Siegel

Telecopy No.: (202) 863-4049

With a copy to:

Glazer Winston Honigman Ellick

5301 Wisconsin Avenue

Suite 740

Washington, DC 20015

Attn: Lori J. Honigman

Telecopy No.: (202) 537-5505

to any other Lender which is a party hereto, at the address for such Lender set forth on its
signature page hereto, and to any Lender which may hereafter become a party to this Agreement, at
such address as may be designated by such Lender. Each Notice shall be effective upon being
personally delivered or upon being sent by overnight courier or upon being deposited in the United
States Mail as aforesaid, or if transmitted by telegraph, telecopy, telefax or telex is

101

 

permitted, upon being sent and confirmation of receipt. The time period in which a response to
such Notice must be given or any action taken with respect thereto (if any), however, shall
commence to run from the date of receipt if personally delivered or sent by overnight courier, or
if so deposited in the United States Mail, the earlier of three (3) Business Days following such
deposit or the date of receipt as disclosed on the return receipt. Rejection or other refusal to
accept or the inability to deliver because of changed address for which no notice was given shall
be deemed to be receipt of the Notice sent. By giving at least fifteen (15) days prior Notice
thereof, the Borrower, a Lender or Agent shall have the right from time to time and at any time
during the term of this Agreement to change their respective addresses and each shall have the
right to specify as its address any other address within the United States of America.

§20. RELATIONSHIP.

     Neither the Agent nor any Lender has any fiduciary relationship with or fiduciary duty to the
Borrower, the Guarantors or their respective Subsidiaries arising out of or in connection with this
Agreement or the other Loan Documents or the transactions contemplated hereunder and thereunder,
and the relationship between each Lender and Agent, and the Borrower is solely that of a lender and
borrower, and nothing contained herein or in any of the other Loan Documents shall in any manner be
construed as making the parties hereto partners, joint venturers or any other relationship other
than lender and borrower.

§21. GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE.

     THIS AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED
HEREIN OR THEREIN, SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK. THE BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF
THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN ANY COURT OF COMPETENT
JURISDICTION IN THE STATE OF NEW YORK (INCLUDING ANY FEDERAL COURT SITTING THEREIN). THE BORROWER
FURTHER ACCEPTS, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF SUCH COURTS AND
ANY RELATED APPELLATE COURT AND IRREVOCABLY (i) AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY
WITH RESPECT TO THIS AGREEMENT AND ANY OF THE OTHER LOAN DOCUMENTS AND (ii) WAIVES ANY OBJECTION IT
MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT OR THAT
SUCH A COURT IS AN INCONVENIENT FORUM. THE BORROWER FURTHER AGREES THAT SERVICE OF PROCESS IN ANY
SUCH SUIT MAY BE MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED IN SECTION 19 HEREOF. IN
ADDITION TO THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING THEREIN, THE AGENT OR
ANY LENDER MAY BRING ACTION(S) FOR ENFORCEMENT ON A NONEXCLUSIVE BASIS WHERE ANY COLLATERAL OR
ASSETS OF BORROWER OR ANY GUARANTOR EXIST AND THE BORROWER CONSENTS TO THE NONEXCLUSIVE
JURISDICTION OF SUCH COURTS AND

102

 

THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS
SPECIFIED IN SECTION 19 HEREOF.

§22. HEADINGS.

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

§23. COUNTERPARTS.

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

§24. ENTIRE AGREEMENT, ETC.

     This Agreement and the Loan Documents is intended by the parties as the final, complete and
exclusive statement of the transactions evidenced by this Agreement and the Loan Documents. All
prior or contemporaneous promises, agreements and understandings, whether oral or written, are
deemed to be superceded by this Agreement and the Loan Documents, and no party is relying on any
promise, agreement or understanding not set forth in this Agreement and the Loan Documents. Neither
this Agreement nor any term hereof may be changed, waived, discharged or terminated, except as
provided in §27.

§25. WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS.

     EACH OF THE BORROWER, RPB, THE AGENT AND THE LENDERS HEREBY WAIVES ITS RIGHT TO A JURY TRIAL
WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT,
ANY NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR
THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. THE BORROWER HEREBY WAIVES ANY RIGHT IT MAY HAVE
TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES AND TO
THE EXTENT PERMITTED BY APPLICABLE LAW, PUNITIVE OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO,
ACTUAL DAMAGES. EACH OF THE BORROWER AND RPB (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY LENDER OR THE AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH LENDER OR
THE AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B)
ACKNOWLEDGES THAT THE AGENT AND THE LENDERS HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND
CERTIFICATIONS CONTAINED IN THIS §25. EACH OF THE BORROWER AND RPB ACKNOWLEDGES THAT IT HAS HAD AN
OPPORTUNITY TO REVIEW THIS §25 WITH LEGAL COUNSEL AND THAT EACH

103

 

OF THE BORROWER AND RPB AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT.

§26. DEALINGS WITH THE BORROWER.

     The Agent, the Lenders and their affiliates may accept deposits from, extend credit to, invest
in, act as trustee under indentures of, serve as financial advisor of, and generally engage in any
kind of banking, trust or other business with the Borrower, the Guarantors and their respective
Subsidiaries or any of their Affiliates regardless of the capacity of the Agent or the Lender
hereunder. The Lenders acknowledge that, pursuant to such activities, KeyBank or its Affiliates
may receive information regarding such Persons (including information that may be subject to
confidentiality obligations in favor of such Person) and acknowledge that the Agent shall be under
no obligation to provide such information to them.

§27. CONSENTS, AMENDMENTS, WAIVERS, ETC.

     Except as otherwise expressly provided in this Agreement, any consent or approval required or
permitted by this Agreement may be given, and any term of this Agreement or of any other instrument
related hereto or mentioned herein may be amended, and the performance or observance by the
Borrower or the Guarantors of any terms of this Agreement or such other instrument or the
continuance of any Default or Event of Default may be waived (either generally or in a particular
instance and either retroactively or prospectively) with, but only with, the written consent of the
Required Lenders. Notwithstanding the foregoing, none of the following may occur without the
written consent of each Lender: (a) a reduction in the rate of interest on the Notes; (b) an
increase in the amount of the Commitments of the Lenders (except as provided in § 2.10 and §18.1);
(c) a forgiveness, reduction or waiver of the principal of any unpaid Loan or any interest thereon
or fee payable under the Loan Documents; (d) a change in the amount of any fee payable to a Lender
hereunder; (e) the postponement of any date fixed for any payment of principal of or interest on
the Loan; (f) an extension of the Maturity Date (except as provided in § 2.11); (g) a change in the
manner of distribution of any payments to the Lenders or the Agent; (h) the release of the Borrower
or any Guarantor or any Collateral except as otherwise provided in §5.4, §5.6, §5.7 or §14.12; (i)
an amendment of the definition of Majority Lenders, Required Lenders or of any requirement for
consent by all of the Lenders; (j) any modification to require a Lender to fund a pro rata share of
a request for an advance of the Loan made by the Borrower other than based on its Commitment
Percentage; (k) an amendment to this §27; or (l) an amendment of any provision of this Agreement or
the Loan Documents which requires the approval of all of the Lenders, the Majority Lenders or the
Required Lenders to require a lesser number of Lenders to approve such action. The provisions of
§14 may not be amended without the written consent of the Agent. There shall be no amendment,
modification or waiver of any provision in the Loan Documents with respect to Swing Loans without
the consent of the Swing Loan Lender, nor any amendment, modification or waiver of any provision in
the Loan Documents with respect to Letters of Credit without the consent of the Issuing Lender.
The Borrower agrees to enter into such modifications or amendments of this Agreement or the other
Loan Documents as reasonably may be requested by KeyBank in connection with the syndication of the
Loan, provided that no such amendment or modification materially affects or increases any
of the obligations of the Borrower hereunder. No waiver shall extend to or affect any obligation
not expressly waived or impair any right consequent thereon. No course of

104

 

dealing or delay or omission on the part of the Agent or any Lender in exercising any right
shall operate as a waiver thereof or otherwise be prejudicial thereto. No notice to or demand upon
any of the Borrower or the Guarantors shall entitle the Borrower or any Guarantor to other or
further notice or demand in similar or other circumstances.

§28. SEVERABILITY.

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

§29. TIME OF THE ESSENCE.

     Time is of the essence with respect to each and every covenant, agreement and obligation of
the Borrower and the Guarantors under this Agreement and the other Loan Documents.

§30. NO UNWRITTEN AGREEMENTS.

     THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. ANY ADDITIONAL TERMS OF THE AGREEMENT
BETWEEN THE PARTIES ARE SET FORTH BELOW.

§31. REPLACEMENT NOTES.

     Upon receipt of evidence reasonably satisfactory to Borrower of the loss, theft, destruction
or mutilation of any Note, and in the case of any such loss, theft or destruction, upon delivery of
an indemnity agreement reasonably satisfactory to Borrower or, in the case of any such mutilation,
upon surrender and cancellation of the applicable Note, Borrower will execute and deliver, in lieu
thereof, a replacement Note, identical in form and substance to the applicable Note and dated as of
the date of the applicable Note and upon such execution and delivery all references in the Loan
Documents to such Note shall be deemed to refer to such replacement Note.

§32. NO THIRD PARTIES BENEFITED.

     This Agreement and the other Loan Documents are made and entered into for the sole protection
and legal benefit of the Borrower, the Lenders, the Agent and their permitted successors and
assigns, and no other Person shall be a direct or indirect legal beneficiary of, or have any direct
or indirect cause of action or claim in connection with, this Agreement or any of the other Loan
Documents. All conditions to the performance of the obligations of the Agent and the Lenders under
this Agreement, including the obligation to make Loans and issue Letters of Credit, are imposed
solely and exclusively for the benefit of the Agent and the Lenders and no other Person shall have
standing to require satisfaction of such conditions in accordance with

105

 

their terms or be entitled to assume that the Agent and the Lenders will refuse to make Loans
or issue Letters of Credit in the absence of strict compliance with any or all thereof and no other
Person shall, under any circumstances, be deemed to be a beneficiary of such conditions, any and
all of which may be freely waived in whole or in part by the Agent and the Lenders at any time if
in their sole discretion they deem it desirable to do so. In particular, the Agent and the Lenders
make no representations and assume no obligations as to third parties concerning the quality of the
construction by the Borrower or any of its Subsidiaries of any development or the absence therefrom
of defects.

§33. PATRIOT ACT.

     Each Lender and the Agent (for itself and not on behalf of any Lender) hereby notifies
Borrower and Guarantors that, pursuant to the requirements of the Patriot Act, it is required to
obtain, verify and record information that identifies Borrower, which information includes names
and addresses and other information that will allow such Lender or the Agent, as applicable, to
identify Borrower in accordance with the Patriot Act.

§34. AMENDMENT AND RESTATEMENT OF ORIGINAL LOAN AGREEMENT.

     This Agreement amends and restates in its entirety the Original Loan Agreement. The loan
documents listed on Schedule 34 hereto relating to the loan contemplated by the Original
Loan Agreement are hereby terminated.

[SIGNATURES BEGIN ON FOLLOWING PAGE]

106

 

     IN WITNESS WHEREOF, each of the undersigned have caused this Agreement to be executed by its
duly authorized representatives as of the date first set forth above.

	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	REPUBLIC
PROPERTY LIMITED PARTNERSHIP, a Delaware 

limited
partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Republic Property
Trust, a Maryland real estate investment trust, its sole
general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Gary R. Siegel	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Gary R. Siegel
	 	 	 	 	Title: Chief Operating Officer
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(SEAL)	 	 

	 	 	 	 	 
	 	 	RPB:
	 
	 	 	 	 
	 	 	REPUBLIC PROPERTY TRUST, a Maryland real estate investment

trust
	 
	 

	 	By:
	 	/s/ Gary R. Siegel
	 

	 	 	 	 
	 	 	Name: Gary R. Siegel
	 	 	Title: Chief Operating Officer
	 
	 	 	 	 
	 

	 	 	 	(SEAL)
	 	 	LENDERS
	 
	 	 	 	 
	 	 	KEYBANK NATIONAL ASSOCIATION, individually and as Agent
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael P. Szuba
	 

	 	 	 	 
	 	 	Name: Michael P. Szuba
	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	SUNTRUST BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Nancy B. Richards
	 

	 	 	 	 
	 	 	Name: Nancy B. Richards
	 	 	Title: Senior Vice President

107

 

	 	 	 	 	 
	 	 	CHARTER ONE BANK, N.A.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael Kauffman
	 

	 	 	 	 
	 	 	Name: Michael Kauffman
	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	RAYMOND JAMES BANK, FSB
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Thomas F. Macina
	 

	 	 	 	 
	 	 	Name: Thomas F. Macina
	 	 	Title: Senior Vice President
	 
	 	 	 	 
	 	 	PNC BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Timothy P. Gleeson
	 

	 	 	 	 
	 	 	Name: Timothy P. Gleeson
	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	SOVEREIGN BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ T. Gregory Donohue
	 

	 	 	 	 
	 	 	Name: T. Gregory Donohue
	 	 	Title: Senior Vice President
	 
	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Amit V. Khimit
	 

	 	 	 	 
	 	 	Name: Amit V. Khimit
	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	EMIGRANT BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Russell T. Wilson
	 

	 	 	 	 
	 	 	Name: Russell T. Wilson
	 	 	Title: Vice President

108

 

EXHIBIT A

FORM OF AMENDED AND RESTATED REVOLVING CREDIT NOTE

			
	$                    
	 	                    , 2006

     FOR VALUE RECEIVED, the undersigned, REPUBLIC PROPERTY LIMITED PARTNERSHIP, a Delaware limited
partnership (“Maker”), hereby promises to pay to                                           (“Payee”), or
order, in accordance with the terms of that certain Senior Secured Revolving Credit Agreement,
dated as of May 1, 2006, as from time to time in effect, among Maker, Republic Property Trust,
KeyBank National Association, for itself and as Agent, and such other Lenders as may be from time
to time named therein (the “Credit Agreement”), to the extent not sooner paid, on or before the
Maturity Date, the principal sum of
                    
($                    ), or such amount as may be
advanced by the Payee under the Credit Agreement as a Revolving Credit Loan with daily interest
from the date thereof, computed as provided in the Credit Agreement, on the principal amount hereof
from time to time unpaid, at a rate per annum on each portion of the principal amount which shall
at all times be equal to the rate of interest applicable to such portion in accordance with the
Credit Agreement, and with interest on overdue principal and, to the extent permitted by applicable
law, on overdue installments of interest and late charges at the rates provided in the Credit
Agreement. Interest shall be payable on the dates specified in the Credit Agreement, except that
all accrued interest shall be paid at the stated or accelerated maturity hereof or upon the
prepayment in full hereof. Capitalized terms used herein and not otherwise defined herein shall
have the meanings set forth in the Credit Agreement.

     Payments hereunder shall be made to the Agent for the Payee at 127 Public Square, Cleveland,
Ohio 44114-1306, or at such other address as Agent may designate from time to time.

     This Note is one of one or more Revolving Credit Notes evidencing borrowings under and is
entitled to the benefits and subject to the provisions of the Credit Agreement. The principal of
this Note may be due and payable in whole or in part prior to the Maturity Date and is subject to
mandatory prepayment in the amounts and under the circumstances set forth in the Credit Agreement,
and may be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.

     Notwithstanding anything in this Note to the contrary, all agreements between the undersigned
Maker and the Lenders and the Agent, whether now existing or hereafter arising and whether written
or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the
maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or
received by the Lenders exceed the maximum amount permissible under applicable law. If, from any
circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the
maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount
permitted under applicable law; and if from any circumstance the Lenders shall ever receive
anything of value deemed interest by applicable law in excess of the maximum lawful amount, an
amount equal to any excessive interest shall be applied to the reduction of the principal balance
of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive
interest exceeds the unpaid balance of principal of

A-1

 

the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned
Maker. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread throughout the full period until
payment in full of the principal of the Obligations of the undersigned Maker (including the period
of any renewal or extension thereof) so that the interest thereon for such full period shall not
exceed the maximum amount permitted by applicable law. This paragraph shall control all agreements
between the undersigned Maker and the Lenders and the Agent.

     In case an Event of Default shall occur, the entire principal amount of this Note may become
or be declared due and payable in the manner and with the effect provided in said Credit Agreement.

     This Note shall, pursuant to New York General Obligations Law Section 5-1401, be governed by
the laws of the State of New York.

     The undersigned Maker and all guarantors and endorsers hereby waive presentment, demand,
notice, protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of
acceleration of the indebtedness evidenced hereby and all other demands and notices in connection
with the delivery, acceptance, performance and enforcement of this Note, except as specifically
otherwise provided in the Credit Agreement, and assent to extensions of time of payment or
forbearance or other indulgence without notice.

     This Note is delivered in amendment and restatement of the Original Note.

     IN WITNESS WHEREOF, the undersigned has by its duly authorized officer executed this Note on
the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	REPUBLIC PROPERTY LIMITED PARTNERSHIP, 
a Delaware limited
partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Republic Property
Trust, a Maryland real estate investment trust, its sole
general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(SEAL)	 	 

A-2

 

EXHIBIT B

FORM OF SWING LOAN NOTE

			
	$                    
	 	                    , 2006

     FOR VALUE RECEIVED, the undersigned, REPUBLIC PROPERTY LIMITED PARTNERSHIP, a Delaware limited
partnership (“Maker”), hereby promises to pay to                                           (“Payee”), or
order, in accordance with the terms of that certain Senior Secured Revolving Credit Agreement,
dated as of May 1, 2006, as from time to time in effect, among Maker, Republic Property Trust,
KeyBank National Association, for itself and as Agent, and such other Lenders as may be from time
to time named therein (the “Credit Agreement”), to the extent not sooner paid, on or before the
Maturity Date, the principal sum of                      ($                    ), or such amount as may be
advanced by the Payee under the Credit Agreement as a Swing Loan with daily interest from the date
thereof, computed as provided in the Credit Agreement, on the principal amount hereof from time to
time unpaid, at a rate per annum on each portion of the principal amount which shall at all times
be equal to the rate of interest applicable to such portion in accordance with the Credit
Agreement, and with interest on overdue principal and, to the extent permitted by applicable law,
on overdue installments of interest and late charges at the rates provided in the Credit Agreement.
Interest shall be payable on the dates specified in the Credit Agreement, except that all accrued
interest shall be paid at the stated or accelerated maturity hereof or upon the prepayment in full
hereof. Capitalized terms used herein and not otherwise defined herein shall have the meanings set
forth in the Credit Agreement.

     Payments hereunder shall be made to the Agent for the Payee at 127 Public Square, Cleveland,
Ohio 44114-1306, or at such other address as Agent may designate from time to time.

     This Note is one of one or more Swing Loan Notes evidencing borrowings under and is entitled
to the benefits and subject to the provisions of the Credit Agreement. The principal of this Note
may be due and payable in whole or in part prior to the Maturity Date and is subject to mandatory
prepayment in the amounts and under the circumstances set forth in the Credit Agreement, and may be
prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.

     Notwithstanding anything in this Note to the contrary, all agreements between the undersigned
Maker and the Lenders and the Agent, whether now existing or hereafter arising and whether written
or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the
maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or
received by the Lenders exceed the maximum amount permissible under applicable law. If, from any
circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the
maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount
permitted under applicable law; and if from any circumstance the Lenders shall ever receive
anything of value deemed interest by applicable law in excess of the maximum lawful amount, an
amount equal to any excessive interest shall be applied to the reduction of the principal balance
of the Obligations of the undersigned Maker and to the payment of interest or, if such excessive
interest exceeds the unpaid balance of principal of

B-1

 

the Obligations of the undersigned Maker, such excess shall be refunded to the undersigned
Maker. All interest paid or agreed to be paid to the Lenders shall, to the extent permitted by
applicable law, be amortized, prorated, allocated and spread throughout the full period until
payment in full of the principal of the Obligations of the undersigned Maker (including the period
of any renewal or extension thereof) so that the interest thereon for such full period shall not
exceed the maximum amount permitted by applicable law. This paragraph shall control all agreements
between the undersigned Maker and the Lenders and the Agent.

     In case an Event of Default shall occur, the entire principal amount of this Note may become
or be declared due and payable in the manner and with the effect provided in said Credit Agreement.

     This Note shall, pursuant to New York General Obligations Law Section 5-1401, be governed by
the laws of the State of New York.

     The undersigned Maker and all guarantors and endorsers hereby waive presentment, demand,
notice, protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of
acceleration of the indebtedness evidenced hereby and all other demands and notices in connection
with the delivery, acceptance, performance and enforcement of this Note, except as specifically
otherwise provided in the Credit Agreement, and assent to extensions of time of payment or
forbearance or other indulgence without notice.

     IN WITNESS WHEREOF, the undersigned has by its duly authorized officer executed this Note on
the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	REPUBLIC PROPERTY LIMITED PARTNERSHIP,
 a Delaware limited
partnership
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Republic Property Trust, a Maryland real estate investment trust, its sole
general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	(SEAL)	 	 

B-2

 

EXHIBIT C

FORM OF ASSIGNMENT OF LEASES AND RENTS

Tax
Parcel Nos. 015-4-01-0034B and 016-3-01-0040

This Assignment is exempt from recording tax pursuant to Va. Code Ann. Section 58.1-809.

PREPARED BY AND AFTER

RECORDING, RETURN TO:

William F. Timmons, Esq.

McKenna Long & Aldridge LLP

303 Peachtree Street N.E., Suite 5300

Atlanta, Georgia 30308

ASSIGNMENT OF LEASES AND RENTS

     THIS ASSIGNMENT OF LEASES AND RENTS (this “Assignment”) is made as of May 1, 2006, by
RKB DULLES TECH LLC, a Delaware limited liability company (“Assignor”), having its
principal place of business at 1280 Maryland Avenue, S.W., Suite 280, Washington, D.C., 20024, to
KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”), as Agent for
itself and each other lender (collectively, the “Banks”) which is or may hereafter become a
party to that certain Senior Secured Revolving Credit Agreement, dated as of the date hereof, by
and among Republic Property Limited Partnership, a Delaware limited partnership
(“Borrower”), Republic Property Trust, a Maryland real estate investment trust
(“Republic”), KeyBank, as Agent and the Banks (as the same may be further varied, amended,
restated, renewed, consolidated, extended or otherwise supplemented from time to time, the
“Credit Agreement”) (KeyBank, in its capacity as Agent, is hereinafter referred to as
“Agent”).

     ASSIGNOR, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and AS ADDITIONAL SECURITY, does hereby presently, irrevocably and unconditionally
GRANT, SELL, CONVEY, ASSIGN, TRANSFER, SET OVER AND DELIVER to Agent, for the ratable benefit of
the Banks, as additional security, the entire lessor’s, landlord’s or licensor’s interest in and to
all leases, subleases, tenant contracts, rental agreements, occupancy agreements or agreements of a
similar nature, whether written or oral, now or hereafter affecting the Property (as defined in the
Amended, Restated and Spread Deed of Trust and Security Agreement dated of even date herewith
executed by Assignor to W. Allen Ames, Jr., Esq., as “Trustee”, for the benefit of Agent and the
Banks (the “Instrument”)), or any part thereof, which Property includes that certain lot or
piece of land, more particularly described in Exhibit A attached hereto, together with all
lease, security, damage or other deposits and all guarantees of the foregoing and letters of credit
or other security relating to the performance or obligations of any tenants, lessees or licensees
thereunder (all of the leases and other agreements and guarantees described above together with all
present and future leases and present and future agreements and any amendment, modification,
extension or renewal of the same are hereinafter collectively referred to as the “Leases”);

     TOGETHER WITH all rents, income, issues, revenues and profits arising from the Leases and
renewals thereof and together with all rents, income, issues and profits from the use, enjoyment
and occupancy of the Property (including, but not limited to, minimum rents, additional rents,
percentage rents, deficiency rents, security deposits and liquidated damages

C-1

 

following default under any Leases, all proceeds payable under any policy of insurance, all of
Assignor’s rights to recover monetary amounts from any lessee under the Leases in bankruptcy
including, without limitation, rights of recovery for use and occupancy and damage claims arising
out of defaults under the Leases, including rejection of a Lease, together with any sums of money
that may now or at any time hereafter be or become due and payable to Assignor by virtue of any and
all lease termination payments, royalties, overriding royalties, bonuses, delay rentals and any
other amount of any kind or character arising under any and all present and all future oil, gas and
mining Leases covering the Property or any part thereof, and all rents under and as defined in the
Leases) (all of the rights described above hereinafter collectively referred to as the
“Rents”).

     THIS ASSIGNMENT is made for the purposes of additionally securing the following described
indebtedness (collectively the “Secured Obligations”):

          (a) The debt evidenced by (i) those certain Amended and Restated Revolving Credit Notes made
by Borrower in the aggregate principal face amount of One Hundred Fifty Million and No/100 Dollars
($150,000,000.00) and that certain Swing Loan Note made by Borrower to the order of KeyBank in the
principal face amount of Thirty Million and No/100 Dollars ($30,000,000.00), each of which has been
issued pursuant to the Credit Agreement and each of which is due and payable in full on before May
1, 2009, unless extended as provided in the Credit Agreement, and (ii) each other note as may be
issued under the Credit Agreement, each as originally executed, or if varied, extended,
supplemented, consolidated, amended, replaced, renewed, modified or restated from time to time as
so varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated
(collectively, the “Note”); provided, however, in no event shall the maximum aggregate principal
amount of indebtedness under the Note exceed One Hundred Fifty Million and No/100 Dollars
($150,000,000.00);

          (b) The payment, performance and discharge of each and every obligation, covenant and
agreement of Assignor contained herein, or that certain Unconditional Guaranty of Payment and
Performance by and between by and between Republic, Presidents Park I LLC, a Delaware limited
liability company, Presidents Park II LLC, a limited liability company, Presidents Park III LLC, a
limited liability company, RPT Presidents Park LLC, a Delaware limited liability company and
Assignor to KeyBank, as Agent for itself and each other Bank, dated of even date herewith (the
“Guaranty”), and of Borrower and Assignor in the Credit Agreement and in the other Loan Documents,
including without limitation the obligation of Borrower to reimburse Issuing Bank for any draws
under the Letters of Credit;

          (c) Any and all additional advances made by Agent or any Bank to protect or preserve the
Property or the lien and security title hereof in and to the Property, or for taxes, assessments or
insurance premiums as hereinafter provided (whether or not Assignor is the owner of the Property at
the time of such advances);

          (d) Any and all other indebtedness, obligations and liabilities now or hereafter owing or to
be performed by Borrower to any Bank or Agent pursuant to the terms of the Credit Agreement or the
other Loan Documents, whether now existing or hereafter arising or incurred, however evidenced or
incurred, whether express or implied, direct or indirect, absolute or contingent, due or to become
due, including, without limitation, all principal, interest, fees,

2

 

expenses, yield maintenance amounts and indemnification amounts, and all renewals,
modifications, consolidations, replacements and extensions thereof; and

          (e) The Enforcement Costs (as defined in the Instrument).

     Assignor warrants to Agent that (a) Assignor is the sole owner of the entire lessor’s interest
in the Leases and the Rents; (b) the Leases have not been altered, modified or amended in any
manner whatsoever except as disclosed to Agent and, to the best knowledge of Assignor, are valid,
enforceable and in full force and effect; (c) neither the Leases nor the Rents reserved in the
Leases have been assigned or otherwise pledged or hypothecated; (d) none of the Rents have been
collected for more than one (1) month in advance; (e) Assignor has full power and authority to
execute and deliver this Assignment and the execution and delivery of this Assignment has been duly
authorized and does not conflict with or constitute a default under any law, judicial order or
other agreement affecting Assignor or the Property; and (f) to Assignor’s knowledge, there exist no
offsets or defenses to the payment of any portion of the Rents.

     Assignor covenants with Agent that Assignor (a) shall observe and perform all the obligations
imposed upon the lessor under the Leases and shall not do or permit to be done anything to impair
the value of the Leases as security for the Secured Obligations; (b) shall enforce the performance
and observance of the obligations of the other parties to the Leases to be performed thereunder
consistent with the provisions of the Credit Agreement; (c) will appear in and defend any action
arising out of, or in any manner connected with, any of the Leases, or the obligations or
liabilities of Assignor as the landlord, lessor or licensor thereof, or any tenant, lessee,
licensee or any guarantor thereunder; (d) shall not collect any Rents more than one (1) month in
advance; (e) shall not execute any other assignment of lessor’s interest in the Leases or the
Rents; (f) shall execute and deliver at the request of Agent all such further assurances,
confirmations or assignments in connection with the Property as Agent shall from time to time
reasonably require; and (g) shall deliver to Agent executed copies of all Leases required to be
delivered to Agent pursuant to the terms of the Credit Agreement.

     THIS ASSIGNMENT is made on the following terms, covenants and conditions:

     1. Present Assignment. Assignor does hereby presently and unconditionally assign to
Agent, Assignor’s right, title and interest in and to any and all Leases and Rents, it being
intended by Assignor that this Assignment constitute a present assignment and not an agreement to
assign. Assignor agrees to execute and deliver to Agent such additional instruments, in form and
substance satisfactory to Agent, as may hereinafter be requested by Agent to further evidence and
confirm said assignment. Such assignment to Agent shall not be construed to bind Agent to the
performance of any of the covenants, conditions, or provisions contained in any of the Leases or
otherwise to impose any obligation upon Agent. Agent is hereby granted and assigned by Assignor
the right to enter the Property for the purpose of enforcing its interest in the Leases and the
Rents, this Assignment constituting a present and unconditional assignment of the Leases and Rents.
Assignor shall authorize and direct, and does hereby authorize and direct, each and every present
and future tenant under the Leases to pay all Rents directly to Agent upon receipt of written
demand from Agent. It is the intent of Assignor and Agent hereunder that the Rents hereby
absolutely assigned are no longer, during the term of this Assignment, property of Assignor or
property of any estate of Assignor as defined by 11 U.S.C. § 541, and shall not

3

 

constitute collateral, cash or otherwise, of Assignor. Notwithstanding the provisions of this
Paragraph 1, so long as no Event of Default has occurred and is continuing, Assignor shall have the
right to act as lessor under the Leases to the extent not prohibited by the Credit Agreement.

     2. License. Although this Assignment constitutes a present assignment of all Rents,
so long as there shall exist no Event of Default under the Instrument or the Credit Agreement,
Assignor shall have a license (revocable upon the occurrence of an Event of Default) to collect and
receive the Rents as trustee for the benefit of Agent, and apply the Rents so collected to the
Secured Obligations, to the extent then due and payable, then to the payment of normal and
customary operating expenses for the Property which are then due and payable, with the balance, so
long as no Event of Default has occurred, to the account of Assignor. Upon the occurrence of any
Event of Default, the license granted in this Paragraph 2 shall automatically, without further act
by Agent, cease and terminate, and thereafter, any Rents received by Assignor shall be held in
trust for the benefit of, and shall be immediately remitted by Assignor to, Agent.

     3. Remedies of Agent. If an Event of Default under the Instrument or the Credit
Agreement shall have occurred and be continuing, Agent may collect and receive all the Rents,
including those past due as well as those accruing thereafter, and, Assignor hereby authorizes
Agent or Agent’s agents to collect the Rents and hereby directs such tenants, lessees and licensees
of the Property to pay the Rents to Agent or Agent’s agents. Assignor agrees that each and every
tenant, lessee and licensee of the Property may pay, and hereby irrevocably authorizes and directs
each and every tenant, lessee and licensee of the Property to pay, the Rents to Agent or Agent’s
agents on Agent’s written demand therefor (which demand may be made by Agent at any time after the
occurrence of an Event of Default) without any obligation on the part of said tenant, lessee or
licensee to inquire as to the existence of an Event of Default and notwithstanding any notice or
claim of Assignor to the contrary, and Assignor agrees that Assignor shall have no right or claim
against said tenant, lessee or licensee for or by reason of any Rents paid to Agent following
receipt of such written demand. Anything in this Paragraph 3 to the contrary notwithstanding,
Agent shall not be obligated to discharge or perform the duties of a landlord or lessor to any
tenant or other occupant or incur any liability as a result of the exercise by Agent of its rights
under this Assignment, and Agent shall be liable to account only for the rents, income, issues,
profits and revenues actually received by Agent. In connection with any action taken by the Agent
pursuant to this Paragraph 3, the Agent shall not be liable for any loss sustained by Assignor
resulting from any act or omission of the Agent, including a loss arising from the ordinary
negligence of the Agent, unless such loss is caused by its own gross negligence or willful
misconduct as finally determined by a court of competent jurisdiction after the expiration of all
applicable appeal periods, nor shall the Agent be obligated to perform or discharge any obligation,
duty or liability of Assignor. Assignor hereby assents to, ratifies and confirms any and all
actions of the Agent with respect to the Property taken under this Paragraph 3.

     4. No Liability of Agent. The Agent is fully authorized to receive and receipt for
said revenues and proceeds; to endorse and cash any and all checks and drafts payable to the order
of Assignor or the Agent for the account of Assignor received from or in connection with said
revenues or proceeds and apply the proceeds thereof to the payment of the Secured Obligations, when
received, regardless of the maturity of any of the Loans, or any installment thereof; and to
execute transfer and division orders in the name of Assignor, or otherwise, with

4

 

warranties binding Assignor. The Agent shall not be liable for any delay, neglect, or failure
to effect collection of any proceeds or to take any other action in connection therewith or
hereunder; but shall have the right, at its election, in the name of Assignor or otherwise, to
prosecute and defend any and all actions or legal proceedings deemed advisable by the Agent in
order to collect such funds and to protect the interests of the Agent and/or Assignor, with all
costs, expenses and attorney’s fees incurred in connection therewith being paid by Assignor.

     5. Other Remedies and Non-Waiver. No right, power or remedy conferred upon or
reserved to Agent by this Assignment is intended to be exclusive of any other right, power or
remedy, but each and every such right, power and remedy shall be cumulative and concurrent and
shall be in addition to any other right, power and remedy given hereunder or now or hereafter
existing at law or in equity or by statute. No delay or omission of Agent or of any Banks to
exercise any right, power or remedy accruing upon any default shall exhaust or impair any such
right, power or remedy or shall be construed to be a waiver of any such default, or acquiescence
therein; and every right, power and remedy given by this Assignment to Agent may be exercised from
time to time and as often as may be deemed expedient by Agent. No consent or waiver, expressed or
implied, by Agent to or of any breach or default by Assignor in the performance of the obligations
thereof hereunder shall be deemed or construed to be a consent or waiver to or of any other breach
or default in the performance of the same or any other obligations of Assignor hereunder. Failure
on the part of Agent to complain of any act or failure to act or to declare an Event of Default
under the Instrument, the Credit Agreement, the Guaranty or the other Loan Documents, irrespective
of how long such failure continues, shall not constitute a waiver by Agent of its rights hereunder
or impair any rights, powers or remedies of Agent consequent on any breach or default by Assignor.
Nothing contained in this Assignment and no act done or omitted by Agent pursuant to the power and
rights granted to Agent hereunder shall be deemed to be a waiver by Agent of its rights and
remedies under the other Loan Documents and this Assignment is made and accepted without prejudice
to any of the rights and remedies possessed by Agent under the terms thereof. The right of the
Agent to collect the Rents and to enforce any other security thereof held by it may be exercised by
Agent either prior to simultaneously with or subsequent to any action taken by it hereunder.

     6. Conflict with Credit Agreement Provisions. Assignor hereby acknowledges and agrees
that, in the event of any conflict between the terms hereof and the terms of the Credit Agreement,
the terms of the Credit Agreement shall control.

     7. No Mortgagee in Possession. Nothing herein contained shall be construed as
constituting Agent a “mortgagee in possession” in the absence of the taking of actual possession of
the Property by Agent. In the exercise of the powers herein granted to Agent, no liability shall
be asserted or enforced against Agent, all such liability being expressly waived and released by
Assignor.

     8. No Oral Change. This Assignment may not be modified, amended, waived, extended,
changed, discharged or terminated orally, or by any act or failure to act on the part of Assignor
or Agent, but only by an agreement in writing signed by the party against whom the enforcement of
any modification, amendment, waiver, extension, change, discharge or termination is sought.

5

 

     9. Certain Definitions. Unless the context clearly indicates a contrary intent or
unless otherwise specifically provided herein, words used in this Assignment may be used
interchangeable in singular or plural form and the word “Assignor” shall mean “each Assignor and
any subsequent owner or owners of the Property or any part thereof or any interest therein,” the
word “Agent” shall mean “Agent and any subsequent beneficiary of the Instrument,” the word “Loans”
shall have the meaning set forth in the Credit Agreement, the word “person” shall include an
individual, corporation, partnership, trust, unincorporated association, government, governmental
authority, and any other entity, the words “Property” shall include any portion of the Property and
any interest therein; whenever the context may require, any pronouns used herein shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns
shall include the plural and vice versa. All other capitalized terms used, but not defined herein,
shall have the meaning set forth in the Credit Agreement.

     10. Inapplicable Provisions. If any term, covenant or condition of this Assignment is
held to be invalid, illegal or unenforceable in any respect, this Assignment shall be construed
without such provision.

     11. Counterparts. This Assignment may be executed in any number of counterparts each
of which shall be deemed to be an original but all of which when taken together shall constitute
one agreement.

     12. GOVERNING LAW; JURISDICTION. THIS ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS CHOSEN PURSUANT TO SECTION 3.04 OF THE INSTRUMENT. ASSIGNOR HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY COURT OF COMPETENT JURISDICTION LOCATED IN THE STATE
CHOSEN PURSUANT TO SECTION 3.04 OF THE INSTRUMENT IN CONNECTION WITH ANY PROCEEDING ARISING OUT OF
OR RELATING TO THIS ASSIGNMENT.

     13. Successors and Assigns. Assignor may not assign its rights under this Assignment.
Assignor hereby acknowledges and agrees that Agent may assign this Assignment without Assignor’s
consent. Subject to the foregoing, this Assignment shall be binding upon, and shall inure to the
benefit of, Assignor and the Agent and their respective successors and assigns.

     14. Termination of Assignment. Upon payment in full of the Secured Obligations and
the delivery and recording of a satisfaction, release or discharge of the Instrument duly executed
by Agent, this Assignment shall become and be void and of no effect as to the Leases and Rents from
the Land no longer securing the Secured Obligations.

     15. Indemnification. Assignor shall and does hereby agree to indemnify and to hold
Agent or the Banks harmless for, from and against any and all costs, expenses, claims, demands,
liability, loss or damage (including all costs, expenses, and attorneys’ fees incurred in the
defense thereof) asserted against, imposed on or incurred by Agent or the Banks in connection with
or as a result of this Assignment or the exercise of any rights or remedies under this Assignment
or under any of the Leases or by reason of any alleged obligations or undertakings of Agent or the
Banks to perform or discharge any of the terms, covenants or agreements contained

6

 

in any of the Leases; provided, however, that nothing herein shall be construed to obligate
Assignor to indemnify and hold Agent or the Banks harmless for, from and against any and all costs,
expenses, claims, demands, liability, loss or damage asserted against, imposed on or incurred by
Agent or the Banks by reason of such Person’s willful misconduct or gross negligence if a judgment
is entered against Agent or a Bank by a court of competent jurisdiction after the expiration of all
applicable appeal periods. Should Agent or a Bank incur any such costs, expenses, liabilities,
loss or damage, or in the defense of any such claims or demands, for which it is to be indemnified
by Assignor as aforesaid, the amount thereof shall be added to the Secured Obligations, shall bear
interest at the interest rate for overdue amounts stated in the Credit Agreement from the date
incurred until paid (but in no event shall the interest payable exceed the maximum amount allowed
by law), shall be secured by this Assignment, the Instrument and the other Loan Documents, and
shall be payable immediately upon demand.

     16. Notices. Except for any statutory notice required prior to exercise of the
remedies provided herein, which must be delivered in accordance with such statutes, all notices,
requests and other communications hereunder shall be made and delivered in the manner provided in
the Instrument.

     17. Rejection of Leases. In the event a tenant under any Lease should be the subject
of any proceeding under the Federal Bankruptcy Act (Title 11 U.S.C.) or any other federal, state,
or local statute which provides for the possible termination or rejection of the Leases assigned
hereby, the Assignor covenants and agrees that if any of the Leases is so rejected, no settlement
for damages shall be made without prior written consent of the Agent, and any check in payment of
damages for rejection of any Lease will be made payable both to the Assignor and Agent. The
Assignor hereby assigns any such payment to the Agent and further covenants and agrees that upon
the request of the Agent, it will duly endorse to the order of the Agent any check, the proceeds of
which will be applied to whatever portion of the indebtedness secured hereby and by the Security
Documents which the Agent may elect.

     18. No Merger of Estates. So long as any of the indebtedness secured hereby and by
the Loan Documents shall remain unpaid, unless the Agent shall otherwise consent in writing, the
fee title and the leasehold estate on the Property as hereinbefore described shall not merge, but
shall always be kept separate and distinct, notwithstanding the union of said estate either in the
Assignor or in any tenant or in a third party by purchase or otherwise.

     19. Agent’s Rights of Assignment; Rights of Assignees. Agent may assign to any
subsequent holder of the Note or the Instrument, or to any person acquiring title to the Property,
all of Agent’s right, title and interest in any of the Leases and rents, issues, income and profits
from the Property. No such assignee shall have any liability for any obligation which accrued
under any of the Leases prior to the assignment to such assignee nor shall any such assignee have
any obligation to account to Assignor for any rental payments which accrued prior to such
assignment unless actually received by such assignee. After Assignor’s right, title and interest
in the Property has been foreclosed or otherwise terminated, no assignee of Assignor’s interest in
the Leases shall be liable to account to Assignor for any rents, issues, income or profits
thereafter accruing.

7

 

     20. Modifications, Etc. Assignor hereby consents and agrees that Agent may at any
time and from time to time, without notice to or further consent from Assignor, either with or
without consideration, surrender any property or other security of any kind or nature whatsoever
held by it or by any person, firm or corporation on its behalf or for its account, securing the
Secured Obligations; substitute for any collateral so held by it, other collateral of like kind;
agree to modification of the terms of the Credit Agreement or any of the other Security Documents;
extend or renew the Note, the Credit Agreement or any of the other Security Documents for any
period; grant releases, compromises and indulgences with respect to the Notes, the Credit
Agreement, the Guaranty or any of the other Security Documents for any period; grant releases,
compromises and indulgences with respect to the Note, the Credit Agreement, the Guaranty or any of
the other Security Documents to any persons or entities now or hereafter liable thereunder or
hereunder; release any guarantor or endorser of the Note, the Security Instrument, the Credit
Agreement, the Guaranty, or any other Security Documents; or take or fail to take any action of any
type whatsoever; and no such action which Agent shall take or fail to take in connection with the
Security Documents, or any of them, or any security for the payment of the Secured Obligations or
for the performance of any obligations or undertakings of Assignor, nor any course of dealing with
Assignor or any other person, shall release Assignor’s obligations hereunder, affect this
Assignment in any way or afford Assignor any recourse against Agent. The provisions of this
Assignment shall extend and be applicable to all renewals, amendments, extensions, consolidations
and modifications of the Security Documents and the Leases, and any and all references herein to
the Security Documents or the Leases shall be deemed to include any such renewals, amendments,
extensions, consolidations or modifications thereof.

     21. Credit Agreement. Notwithstanding anything contained herein to the contrary,
Assignor agrees to be bound to all of the terms and conditions of the Credit Agreement that (i)
apply to the Property or Assignor, including without limitation, Sections 7.7 and 7.13 of the
Credit Agreement relating to insurance, casualty and condemnation and leasing, and (ii) relate to
grace or notice and cure periods, notices of default and acceleration of the Secured Obligations,
including without limitation, Sections 4.12 7.5(f), 12.1 and 12.2 of the Credit Agreement.
Additionally, Assignor does hereby make and reaffirm each and every warranty and representation set
forth in the Credit Agreement concerning the Property as if the Property were Real Estate under the
Credit Agreement.

     THIS ASSIGNMENT shall inure to the benefit of Agent and any subsequent beneficiary of the
Instrument and shall be binding upon Assignor, and Assignor’s heirs, executors, administrators,
successors and assigns and any subsequent owner of the Property.

[Signatures Begin on the Following Page]

8

 

Assignor has executed this instrument as of the day and year first above written.

	 	 	 	 	 
	 

	 	ASSIGNOR:
	 
	 	 	 	 
	 

	 	RKB DULLES TECH LLC, a Delaware limited liability company

	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

STATE OF                                         

CITY/COUNTY
OF                     

     The
foregoing instrument was acknowledged before me this ___ day of                     , 2006 by
                     as                      of RKB Dulles Tech LLC, a Delaware limited liability company.

	 	 	 	 	 
	My commission expires:

	 	 

	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	[Notarial Seal]

	 	Notary Public	 	 

9

 

EXHIBIT A

Legal Description

 

 

EXHIBIT D

FORM OF JOINDER AGREEMENT

     THIS JOINDER AGREEMENT (“Joinder Agreement”) is executed as of                     , 20___, by
                                        , a                                          (“Joining Party”), and delivered to
KeyBank National Association, as Agent, pursuant to §5.5 of the Senior Secured Revolving Credit
Agreement dated as of May 1, 2006, as from time to time in effect (the “Credit Agreement”), among
Republic Property Limited Partnership (the “Borrower”), Republic Property Trust (“RPB”), KeyBank
National Association, for itself and as Agent, and the other Lenders from time to time party
thereto. Terms used but not defined in this Joinder Agreement shall have the meanings defined for
those terms in the Credit Agreement.

RECITALS

     A. Joining Party is required, pursuant to §5.5 of the Credit Agreement, to become an
additional Subsidiary Guarantor under the Guaranty and the Contribution Agreement.

     B. Joining Party expects to realize direct and indirect benefits as a result of the
availability to Borrower of the credit facilities under the Credit Agreement.

     NOW, THEREFORE, Joining Party agrees as follows:

AGREEMENT

     1. Joinder. By this Joinder Agreement, Joining Party hereby becomes a “Subsidiary
Guarantor” and a “Guarantor” under the Credit Agreement, the Guaranty, the Indemnity Agreement, and
the other Loan Documents with respect to all the Obligations of Borrower now or hereafter incurred
under the Credit Agreement and the other Loan Documents, and a “Subsidiary Guarantor” under the
Contribution Agreement. Joining Party agrees that Joining Party is and shall be bound by, and
hereby assumes, all representations, warranties, covenants, terms, conditions, duties and waivers
applicable to a Subsidiary Guarantor and a Guarantor under the Credit Agreement, the Guaranty, the
Indemnity Agreement, the other Loan Documents and the Contribution Agreement.

     2. Representations and Warranties of Joining Party. Joining Party represents and
warrants to Agent that, as of the Effective Date (as defined below), except as disclosed in writing
by Joining Party to Agent on or prior to the date hereof and approved by the Agent in writing
(which disclosures shall be deemed to amend the Schedules and other disclosures delivered as
contemplated in the Credit Agreement), the representations and warranties contained in the Credit
Agreement and the other Loan Documents are true and correct in all material respects as applied to
Joining Party as a Subsidiary Guarantor and a Guarantor on and as of the Effective Date as though
made on that date. As of the Effective Date, all covenants and agreements in the Loan Documents
and the Contribution Agreement of the Subsidiary Guarantors are true and correct with respect to
Joining Party and no Default or Event of Default shall exist or might exist upon the Effective Date
in the event that Joining Party becomes a Subsidiary Guarantor.

D-1

 

     3. Joint and Several. Joining Party hereby agrees that, as of the Effective Date, the
Guaranty, the Contribution Agreement and the Indemnity Agreement heretofore delivered to the Agent
and the Lenders shall be a joint and several obligation of Joining Party to the same extent as if
executed and delivered by Joining Party, and upon request by Agent, will promptly become a party to
the Guaranty, the Contribution Agreement and the Indemnity Agreement to confirm such obligation.

     4. Further Assurances. Joining Party agrees to execute and deliver such other
instruments and documents and take such other action, as the Agent may reasonably request, in
connection with the transactions contemplated by this Joinder Agreement.

     5. GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACTUAL OBLIGATION
UNDER, AND SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     6. Counterparts. This Agreement may be executed in any number of counterparts which
shall together constitute but one and the same agreement.

     7. The effective date (the “Effective Date”) of this Joinder Agreement is                     ,
20___.

     IN WITNESS WHEREOF, Joining Party has executed this Joinder Agreement under seal as of the day
and year first above written.

	 	 	 	 	 
	 	 	“JOINING PARTY”
	 	 	                                                            ,a
	 	 	                                        
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 

	 	 	 	[SEAL]

ACKNOWLEDGED:

KEYBANK NATIONAL ASSOCIATION, as Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Its:
	 	 	 	 
	 

	 	 	 	 
	 

	 	[Printed Name and Title]	 	 

D-2

 

EXHIBIT E

FORM OF INDEMNITY AGREEMENT REGARDING HAZARDOUS MATERIALS

INDEMNITY AGREEMENT

REGARDING HAZARDOUS MATERIALS

     THIS INDEMNITY AGREEMENT REGARDING HAZARDOUS MATERIALS (this “Agreement”), is made as of this
1st day of May, 2006, by REPUBLIC PROPERTY LIMITED PARTNERSHIP, a Delaware limited
partnership (“Borrower”), REPUBLIC PROPERTY TRUST, a Maryland real estate investment trust
(“Republic”), RPT PRESIDENTS PARK LLC, a Delaware limited liability company (“RPT Presidents
Park”), PRESIDENTS PARK I LLC, a Delaware limited liability company (“Presidents Park I”),
PRESIDENTS PARK II LLC, a Delaware limited liability company (“Presidents Park II”), PRESIDENTS
PARK III LLC, a Delaware limited liability company (“Presidents Park III”), and RKB DULLES TECH
LLC, a Delaware limited liability company (“RKB Dulles”; Republic, RPT Presidents Park, Presidents
Park I, Presidents Park II, Presidents Park III, RKB Dulles and each other Subsidiary Guarantor
that may become a party hereto are hereinafter referred to collectively as “Guarantors”), for the
benefit of KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”), as Agent for
itself and such other lenders which may now or hereafter become parties to the “Loan Agreement” (as
hereinafter defined) (KeyBank in its capacity as Agent is hereinafter referred to as “Agent”, and
KeyBank, for itself, and such other lenders are hereinafter referred to collectively as the
“Lenders”).

W I T N E S S E T H:

     WHEREAS, the Subsidiary Guarantors are the direct or indirect owners or lessees of certain
real property more particularly described in the “Mortgages”, as such term is defined in the Loan
Agreement (such real property is hereinafter referred to as the “Land”; the Land, together with all
improvements now or hereafter located in, on or under the Land, collectively, the “Property”);

     WHEREAS, Borrower, Republic, KeyBank, as Agent, and the Lenders a party thereto entered into
that certain Senior Secured Revolving Credit Agreement dated as of even date herewith (as the same
may be varied, extended, supplemented, consolidated, replaced, increased, renewed, modified or
amended from time to time, the “Loan Agreement”);

     WHEREAS, Lenders have agreed to provide to Borrower a revolving credit facility in the amount
of up to $150,000,000 (the “Loan”) pursuant to the Loan Agreement, which Loan is evidenced by,
among other things, those certain Revolving Credit Notes of even date herewith made by Borrower to
the order of Lenders in the aggregate principal face amount of $150,000,000, and the Swing Loan
Note made by Borrower to the order of KeyBank in the principal face amount of $30,000,000 (together
with all amendments, modifications, consolidations, increases, supplements and extensions thereof,
collectively, the “Note”) and secured by, among other things, the Mortgages on the Property;

     WHEREAS, as a condition to execution of the Loan Agreement, Lenders require Borrower and
Guarantors to provide certain indemnities concerning Hazardous Substances (as hereinafter defined)
presently upon, in or under the Property, or hereafter placed or otherwise located thereon or
therein;

E-1

 

     WHEREAS, Borrower is a direct subsidiary of Republic, and the Guarantors (other than Republic)
are direct or indirect wholly owned subsidiaries of Borrower;

     WHEREAS, to induce Lenders to make the Loan to Borrower and Guarantors agreed to provide this
Agreement for Lenders’ and Agent’s benefit.

     NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 ($10.00) Dollars and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Lenders and Agent, by their acceptance of delivery hereof, and Borrower and the
Guarantors hereby agree as follows:

     1. Definitions. Capitalized terms that are used herein that are not otherwise defined
herein shall have the meanings set forth in the Loan Agreement. It is acknowledged and agreed that
the “Mortgage” shall include any Mortgage delivered after the date hereof and any amendment to the
Mortgage, and the “Land” shall include the real property described therein. The following
definitions shall apply for purposes of this Agreement:

          (a) “Environmental Law” shall mean any federal, state or local statute, regulation or
ordinance or any judicial or administrative decree or decision, whether now existing or hereinafter
enacted, promulgated or issued, with respect to any Hazardous Substances, Mold, drinking water,
groundwater, wetlands, landfills, open dumps, storage tanks, underground storage tanks, solid
waste, waste water, storm water run-off, waste emissions or wells. Without limiting the generality
of the foregoing, the term shall encompass each of the following statutes and their state and local
equivalents, and regulations promulgated thereunder, and amendments and successors to such statutes
and regulations, as may be enacted and promulgated from time to time: (i) the Comprehensive
Environmental Response, Compensation and Liability Act of 1980 (codified in scattered sections of
26 U.S.C.; 33 U.S.C.; 42 U.S.C. and 42 U.S.C. §9601 et seq.); (ii) the Resource Conservation and
Recovery Act of 1976 (42 U.S.C. §6901 et seq.); (iii) the Hazardous Materials Transportation Act
(49 U.S.C. §1801 et seq.); (iv) the Toxic Substances Control Act (15 U.S.C. §2061 et seq.); (v) the
Clean Water Act (33 U.S.C. §1251 et seq.); (vi) the Clean Air Act (42 U.S.C. §7401 et seq.); (vii)
the Safe Drinking Water Act (21 U.S.C. §349; 42 U.S.C. §201 and §300f et seq.); (viii) the National
Environmental Policy Act of 1969 (42 U.S.C. §4321); (ix) the Superfund Amendment and
Reauthorization Act of 1986 (codified in scattered sections of 10 U.S.C., 29 U.S.C., 33 U.S.C. and
42 U.S.C.); and (x) Title III of the Superfund Amendment and Reauthorization Act (40 U.S.C. §1101
et seq.).

          (b) “Hazardous Substances” shall mean each and every element, compound, chemical mixture,
contaminant, pollutant, toxic substances, oil, material, waste or other substance which is defined,
determined or identified as hazardous or toxic under any Environmental Law. Without limiting the
generality of the foregoing, the term shall mean and include:

                (i) “hazardous substances” as defined in the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, the Superfund Amendment and Reauthorization Act of 1986, or
Title III of the Superfund Amendment and Reauthorization Act, each as amended, and regulations
promulgated thereunder;

2

 

                (ii) “hazardous waste” and “regulated substances” as defined in the Resource Conservation and
Recovery Act of 1976, as amended, and regulations promulgated thereunder;

               (iii) “hazardous materials” as defined in the Hazardous Materials Transportation Act, as
amended, and regulations promulgated thereunder; and

                (iv) “chemical substance or mixture” as defined in the Toxic Substances Control Act, as
amended, and regulations promulgated thereunder.

          (c) “Indemnified Parties” shall mean each of Lenders, Agent, their respective parent,
subsidiaries and affiliates, each of their respective shareholders, directors, officers, employees
and agents, each trustee under a Mortgage, and the successors and assigns of any of them; and
“Indemnified Party” shall mean any one of the Indemnified Parties

          (d) “Mold” shall mean surficial or airborne microbial constituents, regardless of genus,
species, or whether commonly referred to as mildew, mold, mold spores, fungi, bacteria or similar
description

          (e) “Mold Condition” shall mean the growth or existence of Mold, in such condition, location
or quantity as would, individually or in the aggregate, in the judgment of a qualified
environmental engineer, have any material adverse effect on (i) human health or the environment; or
(ii) the value or condition of the Property.

          (f) “Release” shall mean any releasing, spilling, leaking, pumping, pouring, emitting,
emptying, discharging, injecting, storing, escaping, leaching, dumping, or discarding, burying,
abandoning, or disposing into the environment.

          (g) “Threat of Release” shall mean a substantial likelihood of a Release which requires
immediate action to prevent or mitigate damage to the environment which may result from such
Release.

     2. Indemnity Agreement. Borrower and Guarantors, each jointly and severally, covenant
and agree, at their sole cost and expense, to indemnify, defend (at trial and appellate levels and
with attorneys, consultants and experts acceptable to Lenders) and hold each Indemnified Party
harmless against and from any and all liens, damages, losses, liabilities, obligations, settlement
payments, penalties, assessments, citations, directives, claims, litigation, demands, defenses,
judgments, suits, proceedings, costs, disbursements or expenses of any kind or of any nature
whatsoever (including, without limitation, reasonable attorneys’, consultants’ and experts’ fees
and disbursements incurred in investigating, defending against, settling or prosecuting any claim,
litigation or proceeding) which may at any time be imposed upon, incurred by or asserted or awarded
against such Indemnified Party or the Property and, and arising directly or indirectly from or out
of: (A) the Release or Threat of Release of any Hazardous Substances on, in, under or affecting
all or any portion of the Property or any surrounding areas, regardless of whether or not caused by
or within the control of Borrower or any Guarantor; (B) the existence of any Mold Condition on, in,
under or affecting all or any

3

 

portion of any Property, regardless of whether or not caused by or within the control of
Borrower or any Guarantor; (C) the violation of any Environmental Laws relating to or affecting the
Property, the Borrower or any Guarantor, whether or not caused by or within the control of Borrower
or any Guarantor; (D) the failure of Borrower or any Guarantor to comply fully with the terms and
conditions of this Agreement or Sections 6.20, 7.5(b) or 8.6 of the Loan Agreement, as if such
sections were specifically set forth herein; (E) the violation of any Environmental Laws in
connection with other real property of Borrower or any Guarantor which gives or may give rise to
any rights whatsoever in any party with respect to the Property by virtue of any Environmental
Laws; or (F) the enforcement of this Agreement, including, without limitation, (i) the costs of
assessment, containment and/or removal of any and all Hazardous Substances from all or any portion
of the Property or any surrounding areas, (ii) the costs of assessment, containment, abatement,
remediation and/or removal of any Mold Condition from all or any portion of any Property pursuant
to or in accordance with any Environmental Law (iii) the costs of any actions taken in response to
a Release or Threat of Release of any Hazardous Substances on, in, under or affecting all or any
portion of the Property or any surrounding areas to prevent or minimize such Release or Threat of
Release so that it does not migrate or otherwise cause or threaten danger to present or future
public health, safety, welfare or the environment, (iv) the costs of any actions taken in response
to any Mold Condition on, in, under or affecting all or any portion of any Property to prevent or
minimize such Mold Condition so that it does not migrate or otherwise cause or threaten danger to
present or future public, health, safety, welfare or the environment, and (v) costs incurred to
comply with the Environmental Laws in connection with all or any portion of the Property or any
surrounding areas; provided, however, nothing contained in this paragraph shall require Borrower or
any Guarantor to indemnify any Indemnified Party from any matter, cost or expense arising or
resulting solely from such Indemnified Party’s own gross negligence or willful misconduct as
determined by a final judgment of a court of competent jurisdiction after the exhaustion of all
applicable appeal periods. Nothing herein shall require Borrower or any Guarantor to indemnify any
Indemnified Party from any matter, cost or expense relating to a Release of Hazardous Substances or
violation of any Environmental Law first occurring after the Lender or its nominee acquires title
to the applicable Property by the exercise of its foreclosure remedies or by deed in lieu of
foreclosure.

     3. Survival. Except as expressly provided in Paragraph 2, above, the indemnity set
forth above in Paragraph 2 shall survive the repayment of the Loan and any exercise of any remedies
under the Mortgage, including without limitation, the power of sale, or any other remedy in the
nature of foreclosure, and shall not merge with any deed given by Borrower or any Guarantor to
Agent or Lenders in lieu of foreclosure or any deed under a power of sale.

     4. No Waiver. The liabilities of Borrower and Guarantors under this Agreement shall
in no way be limited or impaired by, and Borrower and each Guarantor hereby consent to and agree to
be bound by, any amendment or modification of the provisions of the Loan Documents (but excluding
amendments to this Agreement unless made in accordance with Paragraph 10 below) to or with Lenders
or Agent by Borrower or Guarantors or any person who succeeds Borrower or any Guarantor as owner of
the fee or leasehold interest in a Property. In addition, notwithstanding any terms of any of the
Loan Documents to the contrary, the liability of Borrower and Guarantors under this Agreement shall
in no way be limited or impaired by: (i) any extensions of time for performance required by any of
the Loan Documents; (ii) except as expressly provided in Paragraph 2, above, any sale, assignment
or foreclosure of the Note or the

4

 

Mortgages or any sale or transfer of all or part of the Property; (iii) any exculpatory
provision in any of the Loan Documents limiting Lenders’ or Agent’s recourse to property encumbered
by the Mortgages or to any other security, or limiting Lenders’ or Agent’s rights to a deficiency
judgment against any Guarantor; (iv) the accuracy or inaccuracy of the representations and
warranties made by Borrower or any Guarantor under any of the Loan Documents; (v) the release of
Borrower or any Guarantor or any other Person from performance or observance of any of the
agreements, covenants, terms or conditions contained in the Loan Documents by operation of law,
Lenders’ or Agent’s voluntary act, or otherwise; (vi) the release or substitution, in whole or in
part, of any security for the Note; (vii) Lenders’ or Agent’s failure to record a Mortgage or file
any UCC-1 financing statements (or Lenders’ or Agent’s improper recording or filing of any thereof)
or to otherwise perfect, protect, secure or insure any security interest or lien given as security
for the Note; or (viii) any indemnification that might be provided by a tenant of any Property;
and, in any such case, whether with or without notice to Borrower or Guarantors and with or without
consideration.

     5. Separate Obligations.

          (a) The certifications, representations, warranties, covenants and agreements of Borrower and
Guarantors set forth in this Agreement (including, without limitation, the indemnity provided for
in Paragraph 2 above) are separate and distinct obligations from Borrower’s and Guarantors’
obligations under the Loan Documents; and, notwithstanding anything to the contrary contained in
any Loan Document, and even though the certifications, representations, warranties, covenants or
agreements of Borrower and Guarantors contained herein may be identical or substantially similar to
certifications, representations, warranties, covenants or agreements of Borrower and Guarantors set
forth in the Mortgage and secured thereby, the obligations of Borrower and Guarantors under this
Agreement are not secured by the lien of the Mortgage or the security interests or other collateral
described in the Mortgage or the other Loan Documents, it being the intent of Borrower and
Guarantors to create separate obligations of Borrower and Guarantors hereunder which can be
enforced against such Persons without regard to the existence of the Mortgage or other Loan
Documents or the liens or security interests created therein.

          (b) This Agreement shall be deemed to be continuing in nature and shall not be discharged or
satisfied by repayment of the Obligations or by the exercise of any remedy by Agent under the Loan
Documents, including foreclosure of the Mortgage or other security documents, and shall continue in
effect after any transfer of the Property, including, without limitation, transfers pursuant to
foreclosure proceedings (or in lieu of foreclosure) and subsequent transfers, even if, as a part of
any such remedy, the Obligations are paid or satisfied in full.

          (c) Borrower and Republic each hereby agree that the fact that this Agreement is included in
the definition of “Loan Documents”, and that, accordingly, a misrepresentation or default hereunder
shall constitute a default under the Mortgage and other Loan Documents, shall not be construed to
imply that any statement or agreement set forth above in this Paragraph 5 is inaccurate or untrue
in any respect whatsoever.

          (d) Borrower and Guarantors hereby specifically agree never to make any allegation contrary to
the foregoing provisions of this Paragraph 5; Borrower and Guarantors hereby expressly waive and
renounce any and all claims, defenses and other rights which are

5

 

dependent upon an allegation or proposition contrary to the foregoing provisions of this
Paragraph 5; and Borrower and Guarantors hereby expressly waive and renounce the benefit of any
statute or rule of law or equity now provided, or which may hereafter be provided, which would
produce a result contrary to or in conflict with the foregoing provisions of this Paragraph 5 or in
conflict with or in derogation of the indemnity set forth in Paragraph 2 above.

     6. Waiver by Borrower and Guarantors. BORROWER AND EACH GUARANTOR WAIVE ANY RIGHT OR
CLAIM OF RIGHT TO CAUSE A MARSHALLING OF BORROWER’S OR ANY GUARANTOR’S ASSETS OR TO CAUSE LENDERS
OR AGENT TO PROCEED AGAINST ANY OF THE SECURITY FOR THE LOAN BEFORE PROCEEDING UNDER THIS AGREEMENT
AGAINST BORROWER OR GUARANTORS OR TO PROCEED AGAINST BORROWER OR GUARANTORS, OR ANY OF THEM, IN ANY
PARTICULAR ORDER. BORROWER AND EACH GUARANTOR AGREES THAT ANY PAYMENTS REQUIRED TO BE MADE
HEREUNDER SHALL BECOME DUE ON DEMAND. BORROWER AND EACH GUARANTOR EXPRESSLY WAIVES AND
RELINQUISHES ALL RIGHTS AND REMEDIES (INCLUDING ANY RIGHTS OF SUBROGATION) ACCORDED BY APPLICABLE
LAW TO BORROWER OR ANY GUARANTOR THAT IT MAY HAVE AGAINST LENDERS OR AGENT. BORROWER AND EACH
GUARANTOR COVENANTS AND AGREES THAT UPON THE COMMENCEMENT OF A VOLUNTARY OR INVOLUNTARY BANKRUPTCY
PROCEEDING BY OR AGAINST BORROWER OR ANY GUARANTOR, NEITHER BORROWER NOR ANY GUARANTOR SHALL SEEK A
SUPPLEMENTAL STAY OR OTHERWISE PURSUANT TO 11 U.S.C. §105 OR ANY OTHER PROVISION OF THE BANKRUPTCY
REFORM ACT OF 1978, AS AMENDED, OR ANY OTHER DEBTOR RELIEF LAW (WHETHER STATUTORY, COMMON LAW, CASE
LAW, OR OTHERWISE) OF ANY JURISDICTION WHATSOEVER, NOW OR HEREAFTER IN EFFECT, WHICH MAY BE OR
BECOME APPLICABLE, TO STAY, INTERDICT, CONDITION, REDUCE OR INHIBIT THE ABILITY OF LENDER TO
ENFORCE ANY RIGHTS OF LENDER OR AGENT AGAINST BORROWER OR GUARANTORS BY VIRTUE OF ANY THIS
AGREEMENT OR OTHERWISE.

     7. Delay. No delay on Lenders’ or Agent’s part in exercising any right, power or
privilege under any of the Loan Documents shall operate as a waiver of any privilege, power or
right hereunder.

     8. Releases. Any one or more of Borrower or Guarantors or any other party liable upon
or in respect of this Agreement or the Loan may be released without affecting the liability of any
party not so released.

     9. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original. Said counterparts shall constitute but one and the same
instrument and shall be binding upon each of the undersigned individually as fully and completely
as if all had signed but one instrument so that the joint and several liability of each of the
undersigned hereunder shall be unaffected by the failure of any of the undersigned to execute any
or all of the said counterparts.

     10. Notices. Each notice, demand, election or request provided for or permitted to be
given pursuant to this Agreement shall be given in the manner provided in the Loan Agreement, or if
to a Guarantor, in the manner provided in the Guaranty.

6

 

     11. Amendments. No provision of this Agreement may be changed, waived, discharged or
terminated orally, by telephone or by any other means except by an instrument in writing signed by
the party against whom enforcement of the change, waiver, discharge or termination is sought.

     12. Effect. Except as herein provided, this Agreement shall be binding upon each of
the Borrower and Guarantors and their respective successors, successors-in-title and assigns, and
shall inure to the benefit of Lenders, Agent, the other Indemnified Parties, and their respective
successors and assigns. Notwithstanding the foregoing, none of Borrower or Guarantors, without the
prior written consent of Lenders in each instance, may assign, transfer or set over to another, in
whole or in part, all or any part of their benefits, rights, duties and obligations hereunder,
including, but not limited to, performance of and compliance with conditions hereof.

     13. GOVERNING LAW; CONSENT TO JURISDICTION. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW IN ALL RESPECTS BE GOVERNED BY, AND INTERPRETED AND DETERMINED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. EACH BORROWER AND GUARANTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY (A) SUBMITS TO PERSONAL JURISDICTION IN THE STATE OF NEW YORK OVER ANY SUIT, ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND (B) WAIVES ANY AND ALL PERSONAL
RIGHTS UNDER THE LAWS OF ANY STATE (I) TO THE RIGHT, IF ANY, TO TRIAL BY JURY, OR (II) TO OBJECT TO
JURISDICTION WITHIN THE STATE OF NEW YORK OR VENUE IN ANY PARTICULAR FORUM (INCLUDING FEDERAL)
WITHIN THE STATE OF NEW YORK. BORROWER AND EACH GUARANTOR AGREE THAT, IN ADDITION TO ANY METHODS
OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUCH SUIT,
ACTION OR PROCEEDING MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED,
DIRECTED TO BORROWER AND GUARANTORS AT THE ADDRESSES SET FORTH IN THE LOAN AGREEMENT AND THE
GUARANTY, RESPECTIVELY, AND SERVICE SO MADE SHALL BE COMPLETE FIVE (5) DAYS AFTER THE SAME SHALL BE
SO MAILED. NOTHING CONTAINED HEREIN, HOWEVER, SHALL PREVENT LENDERS OR AGENT FROM BRINGING ANY
SUIT, ACTION OR PROCEEDING OR EXERCISING ANY RIGHTS AGAINST ANY SECURITY AND AGAINST BORROWER OR
GUARANTORS PERSONALLY, AND AGAINST ANY PROPERTY OF BORROWER OR GUARANTORS, WITHIN ANY OTHER STATE.
INITIATING SUCH SUIT, ACTION OR PROCEEDING OR TAKING SUCH ACTION IN ANY STATE SHALL IN NO EVENT
CONSTITUTE A WAIVER OF THE AGREEMENT CONTAINED HEREIN THAT THE LAWS OF THE STATE OF NEW YORK SHALL
GOVERN THE RIGHTS AND OBLIGATIONS OF BORROWER, GUARANTORS, LENDERS AND AGENT HEREUNDER OR OF THE
SUBMISSION HEREIN MADE BY BORROWER AND GUARANTORS TO PERSONAL JURISDICTION WITHIN THE STATE OF NEW
YORK.

[Remainder of Page Intentionally Left Blank]

7

 

     IN WITNESS WHEREOF, Borrower and Guarantors have caused this Agreement to be executed under
seal as of the day and year first written above.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	REPUBLIC PROPERTY LIMITED PARTNERSHIP, a Delaware limited partnership	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	Republic Property Trust, a Maryland real estate investment trust, its sole
general partner
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 	 	GUARANTORS:
	 
	 	 	 	 
	 	 	REPUBLIC PROPERTY TRUST, a Maryland real estate investment trust
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

[Signatures Continued on Next Page]

8

 

	 	 	 	 	 
	 	 	RPT PRESIDENTS PARK LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	PRESIDENTS PARK I LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	PRESIDENTS PARK II LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	PRESIDENTS PARK III LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

[Signatures Continued on Next Page]

9

 

	 	 	 	 	 
	 	 	RKB DULLES TECH LLC, a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

10

 

EXHIBIT F

FORM OF MORTGAGE

PREPARED BY AND

AFTER RECORDING RETURN TO:

William F. Timmons, Esq.

McKenna Long & Aldridge LLP

303 Peachtree Street, N.E., Suite 5300

Atlanta, Georgia 30308

THIS IS A CREDIT LINE DEED OF TRUST. For purposes of Va. Code Ann. Section 55-58.2, (i) the
name of the noteholder secured is KeyBank National Association, as Agent, and its address at which
communications may be mailed or delivered to it pursuant to Subsection 55-58.2(4) is 127 Public
Square, Cleveland, Ohio 44114-1306, Attention: Real Estate Capital Services, and (ii) the maximum
amount of principal to be secured hereby at any one time shall not exceed $150,000,000.00.

Tax Parcel Numbers: 015-4-01-0022-D2, 015-4-01-0022-D3, 015-4-01-0022-A2, 015-4-01-0034-B,
016-3-01-0040

This Instrument is partially exempt from recording tax pursuant to Va. Code Ann. Subsection
58.1-803D. The purpose of this Instrument is to modify the terms of an existing debt with the same
lender, which debt is secured by a deed of trust recorded in the Clerk’s Office of the Circuit
Court of Fairfax County, Virginia, in Deed Book 16848 at page 1409 in the original principal amount
of $104,000,000.00, on which tax imposed by Section 58.1-803 has been paid. Recording tax is due
on the additional indebtedness of $46,000,000.00 in the amount of $79,733.33.

AMENDED, RESTATED AND SPREAD DEED OF TRUST

AND SECURITY AGREEMENT

RKB DULLES TECH LLC,

a Delaware limited liability company,

PRESIDENTS PARK I LLC,

a Delaware limited liability company,

PRESIDENTS PARK II LLC,

a Delaware limited liability company, and

PRESIDENTS PARK III LLC,

a Delaware limited liability company

GRANTOR

TO

W. ALLEN AMES, JR.

AS TRUSTEE

FOR THE BENEFIT OF

KEYBANK NATIONAL ASSOCIATION,

a national banking association, as Agent

AGENT

DATED: AS OF May 1, 2006

County: Fairfax

State: Virginia

F-1

 

     THIS AMENDED, RESTATED AND SPREAD DEED OF TRUST AND SECURITY AGREEMENT (this
“Instrument”) is made and entered into as of this 1st day of May, 2006, by and
between PRESIDENTS PARK I LLC, a Delaware limited liability company (“Presidents Park I”),
PRESIDENTS PARK II LLC, a Delaware limited liability company (“Presidents Park II”), PRESIDENTS
PARK III LLC, a Delaware limited liability company (“Presidents Park III”), and RKB DULLES TECH
LLC, a Delaware limited liability company (“RKB Dulles”; Presidents Park I, Presidents Park II,
Presidents Park III and RKB Dulles are hereinafter referred to collectively as “Grantor”), having a
mailing address of 1280 Maryland Avenue, S.W., Suite 280, Washington, D.C. 20024
(“Grantor”), and W. ALLEN AMES JR., as Trustee (“Trustee”), whose business
address is c/o McGuire Woods LLP, One James Center, 901 East Cary Street, Richmond, Virginia
23219-4030, and KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”),
having a mailing address of 127 Public Square, Cleveland, Ohio 44114-1306, Attn: Real Estate
Capital Services, as Agent for itself and each other lender (collectively, the “Banks”)
which is or may hereafter become a party to that certain Senior Secured Revolving Credit Agreement,
dated of even date herewith, by and among Republic Property Limited Partnership, a Delaware limited
partnership (“Borrower”), Republic Property Trust, a Maryland real estate investment trust
(“Republic”), KeyBank, as Agent and the Banks (as the same may be further varied, amended,
restated, renewed, consolidated, extended or otherwise supplemented from time to time, the
“Credit Agreement”) (KeyBank, in its capacity as Agent, is hereinafter referred to as
“Agent”). Capitalized terms used herein that are not otherwise defined herein shall have
the meanings set forth in the Credit Agreement.

     WHEREAS, pursuant to that certain Assignment and Acceptance Agreement (the “Assignment of Loan
Documents”), dated of even date herewith and Certificate of Transfer dated of even date herewith
and recorded immediately prior hereto in the Clerk’s Office of the Circuit Court of Fairfax County,
Virginia, from Goldman Sachs Mortgage Company (“Goldman”) to Agent, Agent is the lawful owner and
holder of a certain Promissory Note dated as of December 29, 2004, made by Presidents Park I,
Presidents Park II and Presidents Park III to the order of Archon Financial, L.P. and then assigned
to Goldman in the original principal face amount of ONE HUNDRED FOUR MILLION AND NO/100 DOLLARS
($104,000,000.00) (the “Assigned Note”); and

     WHEREAS, pursuant to the Assignment of Loan Documents, Lender is the lawful owner and holder
of that certain Deed of Trust dated as of December 29, 2004, made by Grantors in favor of Richard
W. Klein, Jr., as Trustee for the benefit of Archon Financial, L.P. (“Archon”), and recorded on
December 29, 2004 in Deed Book 16848, Page 1409, of the aforesaid records, as assigned to Goldman
pursuant to that certain Assignment of Deed of Trust by Archon to Goldman dated December 29, 2004,
and recorded January 5, 2005 in Deed Book 16862, Page 1337, aforesaid records (the “Original Deed
of Trust”) (said Original Deed of Trust as assigned being hereinafter called the “Assigned Deed of
Trust”); and

     WHEREAS, the Assigned Note has been further amended, restated and renewed pursuant to those
certain Amended and Restated Revolving Credit Notes executed by Borrower and delivered to the
Lenders (as defined in the Credit Agreement), dated of even date herewith, in the aggregate
original principal face amount of ONE HUNDRED FIFTY MILLION AND NO/100 DOLLARS ($150,000,000.00)
(the Assigned Note, as so amended, restated and renewed

2

 

in the form of the Amended and Restated Revolving Credit Notes is hereinafter referred to
collectively as the “Amended and Restated Note”); and

     WHEREAS, it is a condition precedent to the Banks’ obligations under the Credit Agreement that
Grantor execute and deliver this Instrument to amend and restate the Assigned Deed of Trust in its
entirety as hereinafter set forth and to substitute the Trustee named herein for the trustee named
in the Assigned Deed of Trust, provided, however, that the parties do not intend to extinguish the
lien created by the Assigned Deed of Trust;

     NOW THEREFORE, in consideration of the foregoing premises, the Assigned Deed of Trust is
hereby amended, restated and spread in its entirety, and this Instrument shall hereafter encumber
additional Property as hereinafter provided:

W I T N E S S E T H:

     FOR AND IN CONSIDERATION of the sum of Ten and No/100 Dollars ($10.00) and other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to secure
the indebtedness and other obligations of Grantor and Borrower hereinafter set forth, Grantor does
hereby grant, bargain, sell, convey, assign, transfer and set over unto Trustee, for the ratable
benefit of Banks, and their successors and assigns, all of the following described land and
interests in land, estates, easements, rights, improvements, property, fixtures, equipment,
furniture, furnishings, appliances, general intangibles, and appurtenances, whether now or
hereafter existing (collectively, the “Property”):

     (a) All those tracts or parcels of land and easements more particularly described in
Exhibit “A” attached hereto and by this reference made a part hereof (the “Land”).

     (b) All present and future buildings, structures, parking areas, annexations and improvements
of every nature whatsoever now or hereafter situated on the Land (hereinafter referred to as the
“Improvements”) and all materials intended for construction, reconstruction, alteration and
repairs of the Improvements now or hereafter erected, all of which materials shall be deemed to be
included within the Improvements immediately upon the delivery thereof to the Land, and all gas and
electric fixtures, radiators, heaters, engines and machinery, boilers, ranges, elevators and
motors, plumbing and heating fixtures, incinerating, sprinkling, and waste removal systems,
carpeting and other floor coverings, fire extinguishers and any other safety equipment required by
governmental regulation or law, washers, dryers, water heaters, mirrors, mantels, air conditioning
apparatus, refrigerating plants, refrigerators, cooking apparatus and appurtenances, storm windows
and doors, window and door screens, awnings and storm sashes, which are or shall be owned by
Grantor and attached to said Improvements and all other furnishings, furniture, glassware,
tableware, uniforms, linen, drapes and curtains and related hardware and mounting devices, wall to
wall carpeting, radios, lamps, telephone systems, televisions and television systems, computer
systems, fixtures, machinery, equipment, apparatus, appliances, books and records, chattels,
inventory, accounts, farm products, consumer goods, general intangibles and personal property of
every kind and nature whatsoever now or hereafter owned by Grantor and located in, on or about, or
used or intended to be used with or in connection with the use, operation or enjoyment of the
Property, including all extensions, additions, improvements, betterments, after-acquired property,
renewals, replacements and substitutions, or

3

 

proceeds from a permitted sale of any of the foregoing, together with the benefit of any
deposits or payments now or hereafter made by Grantor or on behalf of Grantor, all of which are
hereby declared and shall be deemed to be fixtures and accessions to the Land and a part of the
Property as between the parties hereto and all persons claiming by, through or under them, and
which shall be deemed to be a portion of the security for the indebtedness herein described and to
be secured by this Instrument.

     (c) All easements, access rights, rights-of-way, strips and gores of land, vaults, streets,
ways, alleys, passages, sewer rights, waters, water courses, water rights and powers, irrigation
systems (including, without limitation, underground wiring, pipes, pumps and sprinkler heads),
minerals, flowers, plants, shrubs, crops, trees, timber, fences, signs, bridges, fountains,
monuments and other emblements now or hereafter located on the Land or under or above the same or
any part or parcel thereof, and all estates, rights, titles, interests, privileges, liberties,
servitudes, licenses, tenements, hereditaments and appurtenances, reversion and reversions,
remainder and remainders, whatsoever, in any way belonging, relating or appertaining to the Land or
any part thereof, or which hereafter shall in any way belong, relate or be appurtenant thereto,
whether now owned or hereafter acquired by Grantor.

     (d) All leases, tenancies, occupancies and licenses, whether oral or written (collectively,
the “Leases”), and all income, rents, issues, profits and revenues of the Property from
time to time accruing (including, without limitation, all payments under Leases, all guarantees of
the foregoing or letters of credit relating to the foregoing, lease termination payments, proceeds
of insurance, condemnation payments, tenant security, damage or other deposits whether held by
Grantor or in a trust account, escrow funds, fees, charges, rents, license fees, accounts,
royalties, security, damage or other deposits from time to time accruing, all payments under
working interests, production payments, royalties, overriding royalties, operating interests,
participating interest and other such entitlements, and all the estate, right, title, interest,
property, possession, claim and demand whatsoever at law, as well as in equity, of Grantor of, in
and to the same (collectively, the “Revenues”); reserving only the right to Grantor to
collect the same (other than lease termination payments, insurance proceeds and condemnation
payments) so long as no Event of Default has occurred and is continuing.

     (e) All insurance policies, building service, building maintenance, construction, development,
management, indemnity, and other similar agreements and contracts and subcontracts, written or
oral, express or implied, now or hereafter entered into, arising or in any manner related to the
purchase, construction, design, improvement, use, operation, ownership, occupation, enjoyment,
sale, conversion or other disposition (voluntary or involuntary) of the Property, or the buildings
and improvements now or hereafter located thereon, or any other interest in the Property, or any
combination thereof, property management agreements, cable television agreements, contracts for the
purchase of supplies, telephone service agreements, yellow pages or other advertising agreements,
sales contracts, construction contracts, architects agreements, general contract agreements, design
agreements, engineering agreements, technical service agreements, sewer and water and other utility
agreements, service contracts, agreements relating to the collection of receivables or use of
customer lists, all purchase options, option agreements, rights of first refusal, contract
deposits, earnest money deposits, prepaid items and payments due and to become due thereunder, and
further including all payment and performance bonds, labor, deposits, assurances, construction
guaranties, guaranties, warranties, indemnities

4

 

and other undertakings, architectural plans and specifications, drawings, surveys, soil
reports, engineering reports, inspection reports, environmental audits and other technical
descriptions and reports relating to the Property, renderings and models, permits, consents,
approvals, licenses, variances, agreements, contracts, building permits, purchase orders and
equipment leases, personal property leases, and all causes of action relating thereto.

     (f) All deposit accounts, instruments, accounts receivable, documents, causes of action,
claims, names by which the Property or the improvements thereon may be operated or known, all
rights to carry on business under such names, all telephone numbers or listings, all rights,
interest and privileges of which Grantor may have in any capacity under any covenants, restrictions
or declarations now or hereafter relating to the Property or the Improvements, and all notes or
chattel paper now or hereafter arising from or by virtue of any transactions relating to the
Property or the Improvements located thereon and all customer lists, other lists, and business
information relating in any way to the Property or the Improvements or the use thereof, whether now
owned or hereafter acquired;

     (g) All assets related to the ownership or operation of the Property or the Improvements now
or hereafter erected thereon, including, without limitation, accounts (including, without
limitation, health-care-insurance receivables), chattel paper (whether tangible or electronic),
deposit accounts, documents, general intangibles (including, without limitation, payment
intangibles, and all current and after acquired registered copyrights, copyright rights,
advertising materials, web sites, and web pages, software and software licenses, registered
trademarks and service marks, trademark rights, trademark applications, service mark rights,
service mark applications, trade dress rights, company names, and all domain names, owned or used
in connection with the Grantor’s business, and in each case all goodwill associated therewith),
goods (including, without limitation, inventory, property, possession, equipment, fixtures and
accessions), instruments (including, without limitation, promissory notes), investment property,
letter-of-credit rights, letters of credit, money, supporting obligations, as-extracted collateral,
timber to be cut and all proceeds and products of anything described or referred to above in this
Subsection (g), in each case as such terms are defined under the Uniform Commercial Code as in
effect in the applicable jurisdiction.

     (h) All cash funds, deposit accounts and other rights and evidence of rights to cash, now or
hereafter created or held by Trustee or Agent pursuant to this Instrument, the Credit Agreement or
any other of the Loan Documents.

     (i) All proceeds, products, substitutions and accessions of the foregoing of every type.

     TO HAVE AND TO HOLD the Property and all parts, rights, members and appurtenances thereof, to
the use, benefit and behoof of Trustee for the ratable benefit of Agent and the Banks and their
respective successors and assigns, IN FEE SIMPLE forever; and Grantor covenants that Grantor is
lawfully seized and possessed of the Property as aforesaid, and has good right to convey the same,
that the same is unencumbered except for those matters expressly set forth in Exhibit “B”
attached hereto and by this reference made a part hereof (the “Permitted Encumbrances”),
and that Grantor does warrant and will forever defend the title thereto against

5

 

the claims of all persons whomsoever, except as to those matters set forth in said
Exhibit “B” attached hereto.

     IN TRUST NEVERTHELESS to secure the following described obligations (collectively, the
“Secured Obligations”):

     (a) The debt evidenced by (i) those certain Amended and Restated Revolving Credit Notes made
by Borrower in the aggregate principal amount of One Hundred Fifty Million and No/100 Dollars
($150,000,000.00) and that certain Swing Loan Note made by Borrower to the order of KeyBank in the
principal face amount of Thirty Million and No/100 Dollars ($30,000,000.00), each of which has been
issued pursuant to the Credit Agreement and each of which is due and payable in full on or before
May 1, 2009, unless extended as provided in the Credit Agreement; and (ii) each other note as may
be issued under the Credit Agreement, each as originally executed, or if varied, extended,
supplemented, consolidated, amended, replaced, renewed, modified or restated from time to time as
so varied, extended, supplemented, consolidated, amended, replaced, renewed, modified or restated
(collectively, the “Note”); provided, however, in no event shall the maximum aggregate principal
amount of indebtedness under the Note exceed One Hundred Fifty Million and No/100 Dollars
($150,000,000.00).

     (b) The payment, performance and discharge of each and every obligation, covenant and
agreement of Grantor contained herein or of Grantor, Republic and RPT Presidents Park, LLC, a
Delaware limited liability company (“RPT”) in that certain Unconditional Guaranty of Payment and
Performance by and between Republic, RPT, and Grantor to KeyBank, as Agent for itself and each
other Bank, dated of even date herewith (the “Guaranty”), of Borrower contained in the Credit
Agreement, and of Grantor and Borrower in the other Loan Documents including, without limitation,
the obligation of Borrower to reimburse Issuing Bank for any draws under the Letters of Credit, and
in the other Loan Documents.

     (c) Any and all additional advances made by Agent or any Bank to protect or preserve the
Property or the lien and security title hereof in and to the Property, or for taxes, assessments or
insurance premiums as hereinafter provided (whether or not Grantor is the owner of the Property at
the time of such advances).

     (d) Any and all other indebtedness now or hereafter owing by Borrower to Agent or any Bank
pursuant to the terms of the Credit Agreement, whether now existing or hereafter arising or
incurred, however evidenced or incurred, whether express or implied, direct or indirect, absolute
or contingent, due or to become due, including, without limitation, all principal, interest, fees,
expenses, yield maintenance amounts and indemnification amounts, and all renewals, modifications,
consolidations, replacements and extensions thereof.

     (e) All costs and expenses incurred by the Trustee, Agent and the Banks in connection with the
enforcement and collection of the Secured Obligations, including, without limitation, all
attorneys’ fees and disbursements, and all other such costs and expenses described in and incurred
pursuant to the Note, the Credit Agreement, the Guaranty, this Instrument, and the other Loan
Documents (collectively, the “Enforcement Costs”).

6

 

     Subject to Section 2.22 hereof, should the Secured Obligations secured by this Instrument be
paid in full and the obligation of the Lenders to make Loans and issue Letters of Credit under the
Credit Agreement has terminated, then this Instrument shall be released.

     Grantor hereby further covenants and agrees with Trustee and Agent as follows:

ARTICLE 1

     1.01 Payment of Secured Obligations. Grantor will pay and perform or cause to be paid
and performed the Secured Obligations according to the tenor thereof and all other sums now or
hereafter secured hereby as the same shall become due.

     1.02 Funds for Impositions. Following receipt of written notice from Agent given
after the occurrence and during the continuance of an Event of Default, Grantor shall pay to Agent,
subject to Agent’s option under Section 1.03 hereof, on the days that monthly installments of
interest are payable under the Note, until the Note is paid in full, a sum (hereinafter referred to
as the “Funds”) reasonably estimated by Agent to provide an amount necessary for payment of
the following items in full thirty (30) days prior to when such items become due (hereinafter
collectively referred to as the “Impositions”): (a) the yearly real estate taxes, ad
valorem taxes, personal property taxes, assessments and betterments, and (b) the yearly premium
installments for the insurance covering the Property and required by the Credit Agreement. The
Impositions shall be reasonably estimated initially and from time to time by Agent on the basis of
assessments and bills and estimates thereof. The Funds shall be held by Agent in a separate
interest bearing account free of any liens or claims on the part of creditors of Grantor and as
part of the security for the Secured Obligations. Grantor shall pay all Impositions prior to
delinquency as required by Section 1.03 hereof. In the event Agent elects to reserve Funds as
permitted under this Section 1.02, within ten (10) days after Grantor furnishes Agent with
reasonably satisfactory evidence that Grantor has paid one or more of the items comprising the
Impositions, Agent shall reimburse Grantor (or the one paying the Impositions) therefor to the
extent of the Funds (plus accrued interest) then held by Agent. Alternatively, Agent shall apply
the Funds to pay the Impositions with respect to which the Funds were paid to the extent of the
Funds then held by Agent and provided Grantor has delivered to Agent the assessments or bills
therefor. Grantor shall be permitted to pay any Imposition early in order to take advantage of any
available discounts. Agent shall make no charge for so holding and applying the Funds or for
verifying and compiling said assessments and bills. The Funds are pledged as additional security
for the Secured Obligations, and may be applied, at Agent’s option and without notice to Grantor,
to the payment of the Secured Obligations upon the occurrence of any Event of Default. If at any
time the amount of the Funds held by Agent shall be less than the amount reasonably deemed
necessary by Agent to pay Impositions as such become due, Grantor shall pay to Agent any amount
necessary to make up the deficiency within fifteen (15) business days after notice from Agent to
Grantor requesting payment thereof. Upon payment and performance in full of the Secured
Obligations, Agent shall promptly refund to Grantor any Funds (plus accrued interest) then held by
Agent.

     1.03 Impositions, Liens and Charges. Grantor shall pay all Impositions and other
charges, if any, attributable to the Property prior to delinquency, and at Agent’s option during
the

7

 

continuance of an Event of Default, Grantor shall pay in the manner hereafter provided under
this Section 1.03. Grantor shall, during continuance of an Event of Default, furnish to Agent all
bills and notices of amounts due under Section 1.03 as soon as received, and in the event Grantor
shall make payment directly, Grantor shall, as and when available, furnish to Agent receipts
evidencing such payments prior to the dates on which such payments are delinquent, subject to
Grantor’s right to contest taxes, assessments and other governmental charges as provided in the
Credit Agreement. Grantor shall promptly discharge (by bonding, payment or otherwise) any lien
filed against the Property or Grantor (including federal tax liens) and will keep and maintain the
Property free from the claims of all persons supplying labor or materials to the Property, subject
to Grantor’s right to contest the same as provided in the Credit Agreement. Grantor shall not
claim or be entitled to any credit against the taxable value of the Property by reason of this
Instrument, or any deduction in or credit on the Secured Obligations by reason of Impositions paid.

     1.04 Taxes, Liens and Other Charges.

          (a) In the event of the passage of any state, federal, municipal or other governmental law,
order, rule or regulation, subsequent to the date hereof, in any manner changing or modifying the
laws now in force governing the taxation of debts secured by deeds of trust or the manner of
collecting taxes so as to adversely affect Agent or the Banks, Grantor will promptly pay any such
tax. If Grantor fails to make such payment within five (5) business days following written demand
therefor, or if, in the opinion of Agent, any such state, federal, municipal, or other governmental
law, order, rule or regulation prohibits Grantor from making such payment or would penalize Agent
or the Banks if Grantor makes such payment or if, in the opinion of Agent, the making of such
payment could reasonably result in the imposition of interest beyond the maximum amount permitted
by applicable law, then the entire balance of the principal sums secured by this Instrument and all
interest accrued thereon shall, at the option of Agent, become immediately due and payable upon
sixty (60) days’ notice to Grantor.

          (b) Grantor will pay all taxes, liens, assessments and charges of every character
including all utility charges, whether public or private, already levied or assessed or that may
hereafter be levied or assessed upon or against the Property as required under the Credit
Agreement.

     1.05 Insurance.

     Grantor shall procure for, deliver to and maintain for the benefit of Agent and Banks the
insurance policies described in the Credit Agreement.

     1.06 Condemnation. If all or any portion of the Property shall be damaged or taken
through condemnation (which term when used in this Instrument shall include any damage or taking by
any governmental authority or any transfer by private sale in lieu thereof), either temporarily or
permanently, then all compensation, awards and other payments or relief thereof, shall be paid and
applied in accordance with terms and provisions of the Credit Agreement.

     1.07 Care, Use and Management of Property.

8

 

          (a) Grantor will keep, or cause to be kept, the roads and walkways, landscaping and all other
Improvements of any kind now or hereafter erected on the Land or any part thereof in good condition
and repair, will not commit or suffer any material waste, impairment or deterioration (ordinary
wear and tear excepted) and will not do or suffer to be done anything which will increase the risk
of fire or other hazard to the Property or any part thereof.

          (b) Grantor will not remove or demolish nor alter the structural character of any building
located on the Land or any fixtures or personal property relating thereto except when incidental to
the replacement of fixtures and personal property with items of like kind and value or customary
tenant improvements pursuant to Leases approved or deemed approved pursuant to the Credit
Agreement.

          (c) If the Property or any part thereof is materially damaged by fire or any other cause,
Grantor will give immediate written notice thereof to Agent.

          (d) To the extent permitted under the terms of the applicable Leases, Agent and each of the
Banks or its representative is hereby authorized to enter upon and inspect the Property at any time
during normal business hours.

          (e) Grantor will promptly comply with all present and future laws, ordinances, rules and
regulations of any governmental authority, all restrictive covenants and other agreements affecting
the Property or relating to the operation thereof affecting the Property or any part thereof and
all licenses or permits affecting the Property or any part thereof, subject to Grantor’s right to
contest the same as provided in the Credit Agreement.

          (f) Grantor shall keep the Property, including the Improvements and the Personal Property (as
hereinafter defined), in good order, repair and tenantable condition and shall replace fixtures,
equipment, machinery and appliances on the Property when necessary to keep such items in good
order, repair, and tenantable condition (ordinary wear and tear excepted).

          (g) Grantor shall keep all franchises, trademarks, trade names, service marks and licenses and
permits necessary for the Grantor’s use and occupancy of the Property in good standing and in full
force and effect.

          (h) Unless required by applicable law or unless Agent has otherwise agreed in writing, Grantor
shall not allow changes in the nature of the occupancy or use from office use. Grantor shall not
abandon the Property. Grantor shall not initiate, fail to contest or acquiesce in a change in the
zoning classification of the Property or subject the Property to restrictive or negative covenants
without Agent’s written consent, such consent not to be unreasonably withheld, conditioned or
delayed. Grantor shall comply with, observe and perform all zoning and other laws affecting the
Property, all agreements and restrictive covenants affecting the Property, and all licenses and
permits affecting the Property, subject to Grantor’s right to contest compliance with laws to the
extent permitted in the Credit Agreement.

          (i) Subject to the rights of tenants under the Leases, Agent may, at Grantor’s expense, make
or cause to be made reasonable entries upon and inspections of the Property as

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permitted in the Credit Agreement, or at any other time when necessary or appropriate, in the
sole reasonable discretion of Agent, to protect or preserve the Property.

          (j) If all or any part of the Property shall be damaged by fire or other casualty or loss,
Grantor will promptly restore the Property to the equivalent of its original condition; and if a
part of the Property shall be damaged through condemnation, Grantor will promptly restore, repair
or alter the remaining portions of the Property in a manner satisfactory to Agent. Notwithstanding
the foregoing, Grantor shall not be obligated to so restore unless, in each instance, Agent agrees
to make available to Grantor (subject to the terms of the Credit Agreement) any net insurance or
condemnation proceeds actually received by Agent hereunder in connection with such casualty loss or
condemnation, to the extent such proceeds are required to defray the expense of such restoration;
provided, however, that the insufficiency of any such insurance or condemnation proceeds to defray
the entire expense of restoration shall in no way relieve Grantor of its obligation to restore.

     1.08 Leases and other Agreements Affecting Property.

          (a) As additional security for the Secured Obligations, Grantor presently and unconditionally
assigns and transfers to Agent all of Grantor’s right, title and interest in and to the Leases and
the Revenues, including those now due, past due or to become due by virtue of any of the Leases for
the occupancy or use of all or any part of the Property. Grantor hereby authorizes Agent or
Agent’s agents to collect the Revenues and hereby directs such tenants, lessees and licensees of
the Property to pay the Revenues to Agent or Agent’s agents; provided, however, Grantor shall have
a license (revocable upon the occurrence of an Event of Default) to collect and receive the
Revenues as trustee for the benefit of Agent, and apply the Revenues so collected to the Secured
Obligations, to the extent then due and payable, then to the payment of normal and customary
operating expenses for the Property which are then due and payable, with the balance, so long as no
Event of Default has occurred, to the account of Grantor. Grantor agrees that each and every
tenant, lessee and licensee of the Property may pay, and hereby irrevocably authorizes and directs
each and every tenant, lessee and licensee of the Property to pay, the Revenues to Agent or Agent’s
agents on Agent’s written demand therefor (which demand may be made by Agent at any time after the
occurrence of an Event of Default) without any obligation on the part of said tenant, lessee or
licensee to inquire as to the existence of an Event of Default and notwithstanding any notice or
claim of Grantor to the contrary, and Grantor agrees that Grantor shall have no right or claim
against said tenant, lessee or licensee for or by reason of any Revenues paid to Agent following
receipt of such written demand.

          (b) Grantor hereby covenants that Grantor has not executed any prior assignment of the Leases
or the Revenues, that Grantor has not performed, and will not perform, any acts and has not
executed, and will not execute, any instruments which would prevent Agent from exercising the
rights of the beneficiary of this Instrument, and that at the time of execution of this Instrument,
except as disclosed in the rent roll delivered to Agent on or about the date hereof or as provided
for in the Credit Agreement, there has been no anticipation or prepayment of any of the Revenues
for more than one (1) month prior to the due dates of such Revenues. Grantor further covenants
that Grantor will not hereafter collect or accept payment of any Revenues more than one (1) month
prior to the due dates of such Revenues.

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          (c) Grantor agrees that neither the foregoing assignment of Leases and Revenues nor the
exercise of any of Agent’s rights and remedies under this Section or Article 2 hereof shall be
deemed to make Agent a mortgagee-in-possession or otherwise responsible or liable in any manner
with respect to the Leases, the Property or the use, occupancy, enjoyment or operation of all or
any portion thereof, unless and until Agent, in person or by agent, assumes actual possession
thereof. Grantor further agrees that the appointment of any receiver for the Property by any court
at the request of Agent or by agreement with Grantor, or the entering into possession of any part
of the Property by such receiver, shall not be deemed to make Agent a mortgagee-in-possession or
otherwise responsible or liable in any manner with respect to the Leases, the Property or the use,
occupancy, enjoyment or operation of all or any portion thereof.

          (d) If Agent exercises its rights and remedies pursuant to this Section or Article 2 hereof,
all Revenues thereafter collected shall be applied in such order as Agent may elect in its
discretion to the reasonable costs of taking control of and managing the Property and collecting
the Revenues, including, but not limited to, reasonable attorneys’ fees actually incurred, fees,
premiums on receiver’s bonds, costs of repairs to the Property, premiums on insurance policies,
Impositions and other charges on the Property, and the costs of discharging any obligation or
liability of Grantor as landlord, lessor or licensor of the Property, or to the Secured
Obligations. Agent or any receiver shall have access to the books and records used in the
operation and maintenance of the Property and shall be liable to account only for those Revenues
actually received. Agent shall not be liable to Grantor, anyone claiming under or through Grantor
or anyone having an interest in the Property by reason of anything done or left undone by Agent
pursuant to this Section or Article 2 hereof, except in the event of Agent’s gross negligence or
willful misconduct. If the Revenues are not sufficient to meet the costs of taking control of and
managing the Property and collecting the Revenues, any monies reasonably expended by Agent for such
purposes shall become a portion of the Secured Obligations. Unless Agent and Grantor agree in
writing to other terms of payment, such amounts shall be payable within five (5) business days
following written notice from Agent to Grantor requesting payment thereof and shall bear interest
from the date of disbursement at the Default Rate stated in the Credit Agreement unless payment of
interest at such rate would be contrary to applicable law, in which event such amounts shall bear
interest at the highest rate which may be collected from Grantor under applicable law. The
entering upon and taking possession of and maintaining of control of the Property by Agent or any
receiver and the application of Revenues as provided herein shall not cure or waive any Event of
Default or invalidate any other right or remedy of Agent hereunder.

          (e) It is the intention of Agent and Grantor that the assignment effectuated by this
Instrument with respect to the Revenues shall be a direct and currently effective assignment and
shall not constitute merely an obligation to grant a lien, security interest or pledge for the
purpose of securing the Secured Obligations. It is agreed and understood that Section 55-220.1 of
the Code of Virginia shall govern perfection of Agent’s security interest in the Leases and
Revenues.

     1.09 Leases of the Property.

          (a) Except as permitted in the Credit Agreement, Grantor shall not enter into any Lease of all
or any portion of the Property or amend, supplement or otherwise modify, or

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terminate or cancel, or accept the surrender of, or consent to the assignment or subletting
of, or grant any concessions to or waive the performance of any obligations of any tenant, lessee
or licensee under, any now existing or future Lease of the Property, without the prior written
consent of Agent. Grantor, at Agent’s request, shall furnish Agent with executed copies of all
Leases hereafter made of all or any part of the Property as required by the Credit Agreement. Upon
Agent’s request, Grantor shall make a separate and distinct assignment to Agent, as additional
security, of all Leases hereafter made of all or any part of the Property.

          (b) There shall be no merger of the leasehold estates created by the Leases with the fee
estate of the Property without the prior written consent of Agent. Agent may at any time and from
time to time by specific written instrument intended for the purpose, unilaterally subordinate the
lien of this Instrument to any Lease, without joinder or consent of, or notice to, Grantor, any
tenant or any other Person, and notice is hereby given to each tenant under a Lease of such right
to subordinate. No such subordination shall constitute a subordination to any lien or other
encumbrance, whenever arising, or improve the right of any junior lienholder. Nothing herein shall
be construed as subordinating this Instrument to any Lease.

          (c) Grantor hereby appoints Agent its attorney-in-fact, coupled with an interest, empowering
Agent to subordinate this Instrument to any Leases (which appointment shall not be exercised until
and unless an Event of Default shall have occurred and be continuing).

     1.10 Security Agreement.

          (a) Insofar as the machinery, apparatus, equipment, fittings, fixtures, building supplies and
materials, general intangibles and articles of personal property either referred to or described in
this Instrument, or in any way connected with the use and enjoyment of the Property is concerned,
Grantor grants unto Agent a security interest therein and this Instrument is hereby made and
declared to be a security agreement, encumbering each and every item of personal property (the
“Personal Property”) included herein, in compliance with the provisions of the Uniform
Commercial Code as enacted in the applicable jurisdiction as set forth in Section 3.04 below (the
“UCC”). A financing statement or statements reciting this Instrument to be a security
agreement, affecting all of said personal property aforementioned, shall be appropriately filed.
The remedies for any violation of the covenants, terms and conditions of the security agreement
herein contained shall be (i) as prescribed herein with respect to the Property, or (ii) as
prescribed by general law, or (iii) as prescribed by the specific statutory consequences now or
hereafter enacted and specified in said UCC, all at Agent’s sole election. Grantor and Agent agree
that the filing of such financing statement(s) in the records normally having to do with personal
property shall never be construed as in any way derogating from or impairing this declaration and
hereby stated intention of Grantor and Agent that everything used in connection with the production
of income from the Property and/or adapted for use therein and/or which is described or reflected
in this Instrument, is to the full extent provided by law, and at all times and for all purposes
and in all proceedings both legal or equitable shall be, regarded as part of the real estate
irrespective of whether (i) any such item is physically attached to the Improvements, (ii) serial
numbers are used for the better identification of certain items capable of being thus identified in
a recital contained herein, or (iii) any such item is referred to or reflected in any such
financing statement(s) so filed at any time. Similarly, the mention in any such financing

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statement(s) of the rights in and to (1) the proceeds of any fire and/or hazard insurance
policy, or (2) any award in eminent domain proceedings for a taking or for loss of value, or (3)
Grantor’s interest as lessor in any present or future lease or rights to income growing out of the
use and/or occupancy of the Property, whether pursuant to lease or otherwise, shall never be
construed as in anyway altering any of the rights of Agent as determined by this Instrument or
impugning the priority of Agent’s lien granted hereby or by any other recorded document, but such
mention in such financing statement(s) is declared to be for the protection of Agent in the event
any court shall at any time hold with respect to the foregoing (1), (2) or (3), that notice of
Agent’s priority of interest to be effective against a particular class of persons, must be filed
in the UCC records.

          (b) Grantor warrants that (i) each Grantor’s (that is, “Debtor’s”) correct legal name
(including, without limitation, punctuation and spacing) indicated on the public record of such
Grantor’s jurisdiction of organization, identity or corporate structure, residence or chief
executive office and jurisdiction of organization are as set forth in Subsection 1.10(c) hereof;
(ii) such Grantor (that is, “Debtor”) has been using or operating under said name, identity or
corporate structure without change for the time period set forth in Subsection 1.10(c) hereof, and
(iii) the location of the Personal Property secured by this Instrument is upon the Land. Grantor
covenants and agrees that Grantor shall not change any of the matters addressed by clauses (i) or
(iii) of this Subsection 1.10(b) unless it has given Agent thirty (30) days prior written notice of
any such change and has executed or authorized at the request of Agent, such additional financing
statements or other instruments to be filed in such jurisdictions as Agent may deem necessary or
advisable in its sole discretion to prevent any filed financing statement from becoming misleading
or losing its perfected status.

          (c) The information contained in this Subsection 1.10(c) is provided in order that this
Instrument shall comply with the requirements of the Uniform Commercial Code, as enacted in the
Commonwealth of Virginia, for instruments to be filed as financing statements. The names of the
“Debtor” and the “Secured Party”, the identity or corporate structure, jurisdiction of
organization, organizational number, federal tax identification number, and residence or chief
executive office of “Debtor”, and the time period for which “Debtor” has been using or operating
under said name and identity or corporate structure without change, are as set forth in Schedule 1
of Exhibit “C” attached hereto and by this reference made a part hereof; the mailing
address of the “Secured Party” from which information concerning the security interest may be
obtained, and the mailing address of “Debtor”, are as set forth in Schedule 2 of Exhibit
“C” attached hereto; and a statement indicating the types, or describing the items, of Personal
Property secured by this Instrument is set forth hereinabove.

          (d) Exhibit “C” correctly sets forth all names and tradenames that Grantor has used
within the last five years, and also correctly sets forth the locations of all of the chief
executive offices of Grantor over the last five years.

          (e) The Grantor hereby covenants and agrees that:

     (1) Grantor shall not merge or consolidate into, or transfer any of the
Property to, any other person or entity except as permitted under the Credit
Agreement.

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     (2) Grantor shall, at any time and from time to time, take such steps as Agent
may reasonably request for Agent (A) to obtain an acknowledgment, in form and
substance reasonably satisfactory to Agent, of any bailee having possession of any
of the Property, stating that the bailee holds possession of such Property on behalf
of Agent, (B) to obtain “control” of any investment property, deposit accounts,
letter-of-credit rights, or electronic chattel paper (as such terms are defined by
the UCC with corresponding provisions thereof defining what constitutes “control”
for such items of collateral), with any agreements establishing control to be in
form and substance reasonably satisfactory to Agent, and (C) otherwise to insure the
continued perfection and priority of the Agent’s security interest in any of the
Property and of the preservation of its rights therein. If Grantor shall at any
time, acquire a “commercial tort claim” (as such term is defined in the UCC) with
respect to the Property or any portion thereof, Grantor shall promptly notify Agent
thereof in writing, providing a reasonable description and summary thereof, and
shall execute a supplement to this Instrument in form and substance acceptable to
Agent granting a security interest in such commercial tort claim to Agent.

     (3) Grantor hereby authorizes Agent, its counsel or its representative, at any
time and from time to time, to file financing statements, amendments and
continuations that describe or relate to the Property or any portion thereof in such
jurisdictions as Agent may deem necessary or desirable in order to perfect the
security interests granted by Grantor under this Instrument or any other Loan
Document, and such financing statements may contain, among other items as Agent may
deem advisable to include therein, the federal tax identification number of Grantor.

     (4) Grantor shall not license, lease, sell or otherwise transfer any of the
general intangibles to any third party during the term of this Instrument and the
Credit Agreement without the prior written consent of the Agent (which consent may
be withheld in the Agent’s sole discretion); and the Grantor will continue to use
all trademarks, service marks and trade names in a consistent manner and shall take
all steps necessary to properly maintain any formal registrations on the general
intangibles, and to defend and enforce them, for the term of this Instrument and the
Credit Agreement.

     1.11 Further Assurances; After-Acquired Property. At any time and from time to time,
upon request by Agent, Grantor will make, execute and deliver or cause to be made, executed and
delivered, to Trustee and Agent and, where appropriate, cause to be recorded and/or filed and from
time to time thereafter to be rerecorded and/or refiled at such time and in such offices and places
as shall be deemed desirable by Agent, any and all such other and further deeds of trust, security
agreements, financing statements, notice filings, continuation statements, instruments of further
assurance, certificates and other documents as may, in the opinion of Agent, be necessary or
desirable in order to effectuate, complete, or perfect, or to continue and preserve (a) the
obligation of Grantor under the Guaranty, this Instrument and the other Loan Documents and (b) this
Instrument as a first and prior lien upon and security interest in and to all of the Property,
whether now owned or hereafter acquired by Grantor. Upon any failure by

14

 

Grantor so to do, Agent may make, execute, record, file, re-record and/or refile any and all
such deeds of trust, security agreements, financing statements, continuation statements,
instruments, certificates, and documents for and in the name of Grantor and Grantor hereby
irrevocably appoints Agent the agent and attorney-in-fact of Grantor so to do. The lien hereof will
automatically attach, without further act, to all after acquired property attached to and/or used
in the operation of the Property or any part thereof.

     1.12 Expenses. Grantor will pay or reimburse Agent, within five (5) business days of
written demand therefor, for all reasonable attorney’s fees, costs and expenses incurred by Agent
in any suit, action, legal proceeding or dispute of any kind in which Banks, Agent or Trustee is
made a party or appears as party plaintiff or defendant, affecting or arising in connection with
the Secured Obligations secured hereby, this Instrument or the interest created herein, or the
Property, including, but not limited to, the exercise of the power of sale contained in this
Instrument, any condemnation action involving the Property or any action to protect the security
hereof; and any such amounts paid by Banks, Agent or Trustee shall be added to the Secured
Obligations secured by the lien of this Instrument.

     1.13 Subrogation. Agent shall be subrogated to the claims and liens of all parties
whose claims or liens are discharged or paid with the proceeds of the Secured Obligations secured
hereby.

     1.14 Limit of Validity. If from any circumstances whatsoever fulfillment of any
provision of this Instrument, the Guaranty, the Credit Agreement, the Note or any other Loan
Document, at the time performance of such provision shall be due, shall be subject to the defense
of usury or otherwise violate applicable law concerning interest or other charges, then ipso facto
the obligation to be fulfilled shall be reduced to the limit, so that in no event shall any
exaction be possible under this Instrument, the Guaranty, the Note, the Credit Agreement or any
other Loan Document be subject to the defense of usury or otherwise violate applicable law
concerning interest or other charges that is in excess of the current limit, but such obligation
shall be fulfilled to the maximum limit permitted. The provisions of this Section 1.14 shall
control every other provision of this Instrument, the Guaranty, the Note, the Credit Agreement or
any other Loan Document.

     1.15 Conveyance of Property. Grantor hereby acknowledges to Agent that (a) the
identity and expertise of Grantor was and continues to be a material circumstance upon which Agent
has relied in connection with, and which constitute valuable consideration to Agent for, the
extending to Borrower of the loans and other extensions of credit evidenced by the Note and Credit
Agreement, and (b) any change in such identity or expertise could materially impair or jeopardize
the security for the payment of the Secured Obligations granted to Agent by this Instrument.
Grantor therefore covenants and agrees with Agent, as part of the consideration for the extending
to Grantor of the loans evidenced by the Note, that Grantor shall not convey, transfer, assign,
further encumber or pledge any or all of its interest in the Property except as permitted under the
Credit Agreement.

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ARTICLE 2

     2.01 Events of Default. The terms “Default” and “Event of Default” as used herein
shall have the following meanings:

“Default” shall mean any event which, with the giving of notice or the lapse
of time, or both, would become an Event of Default.

“Event of Default” shall mean (a) any default in the payment of the
obligations of Grantor hereunder or of Borrower or Republic under any of the other
Loan Documents when the same shall become due and payable which is not cured within
any grace or notice and cure period provided in the Credit Agreement or such other
Loan Documents, if any, subject to any limitations in the Credit Agreement on the
right of Grantor and Borrower to receive notices of default, or (b) any default in
the performance of any other obligations of Grantor hereunder which is not cured
within any grace or cure period provided in the Credit Agreement (it being
acknowledged by Grantor that no such cure period is provided with respect to a
failure to maintain insurance as required in Section 1.05, any default under Section
1.08, any default under Section 1.15, or any default excluded from any provision for
a grace period or cure of defaults contained in the Credit Agreement, the Security
Documents (as defined in the Credit Agreement) or any other agreement evidencing or
securing the Secured Obligations), or (c) any representation or warranty of Grantor
hereunder proving to be false or incorrect in any material respect upon the date
when made or deemed to have been repeated, or (d) any default in the performance of
the obligations of Grantor or Borrower or any other Person under any of the Security
Documents beyond the expiration of any applicable notice and cure period, (e) the
occurrence of any “Event of Default” under the Credit Agreement, (f) any amendment
to or termination of a financing statement naming Grantor as debtor and Agent as
secured party, or any correction statement with respect thereto, is filed in any
jurisdiction by, or caused by, or at the instance of Grantor or by, or caused by, or
at the instance of any principal, member, general partner or officer of Grantor
(collectively, “Grantor Party”) without the prior written consent of Agent; or (g)
any amendment to or termination of a financing statement naming Grantor as debtor
and Agent as secured party, or any correction statement with respect thereto, is
filed in any jurisdiction by any party other than an Grantor Party or Agent or
Agent’s counsel without the prior written consent of Agent and Grantor fails to use
its best efforts to cause the effect of such filing to be completely nullified to
the reasonable satisfaction of Agent within ten (10) days after notice to Grantor
thereof.

     2.02 Acceleration of Maturity. If an Event of Default shall have occurred and be
continuing, then the entire Secured Obligations secured hereby shall, at the option of Agent and as
permitted by the terms of the Credit Agreement, immediately become due and payable without notice
or demand except as required by law, time being of the essence of this Instrument.

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     2.03 Right to Enter and Take Possession.

          (a) If an Event of Default shall have occurred and be continuing, Grantor, upon demand of
Agent, shall forthwith surrender to Agent the actual possession of the Property, and if and to the
extent permitted by law, Agent itself, or by such officers or agents as it may appoint, may enter
and take possession of all the Property (or such portion or portions as Agent may select) without
the appointment of a receiver, or an application therefor, and may exclude Grantor and its agents
and employees wholly therefrom, and may have joint access with Grantor to the books, papers and
accounts of Grantor.

          (b) If Grantor shall for any reason fail to surrender or deliver the Property or any part
thereof after such demand by Agent, Agent may obtain a judgment or decree conferring upon Agent the
right to immediate possession or requiring Grantor to deliver immediate possession of the Property
to Agent. Grantor will pay to Agent, upon demand, all expenses of obtaining such judgment or
decree, including reasonable compensation to Agent, its attorneys and agents; and all such expenses
and compensation shall, until paid, be secured by the lien of this Instrument.

          (c) Upon every such entering upon or taking of possession, Agent may hold, store, use,
operate, manage and control the Property and conduct the business thereof and, from time to time,
(i) make all necessary and proper maintenance, repairs, renewals, replacements, additions,
betterments and improvements thereto and thereon and purchase or otherwise acquire additional
fixtures, personalty and other property necessary to maintain the good condition of the Property or
to perform obligations with respect to the Property or to comply with any of the Leases; (ii)
insure or keep the Property insured; (iii) lease, manage and operate the Property and exercise all
the rights and powers of Grantor to the same extent as Grantor could in its own name or otherwise
with respect to the same; and (iv) enter into any and all agreements with respect to the exercise
by others of any of the powers herein granted Agent, all as Agent from time to time may determine
to be in its best interest. Agent may collect and receive all the rents, issues, profits and
revenues from the Property, including those past due as well as those accruing thereafter, and,
after deducting (1) all expenses of taking, holding, managing and operating the Property (including
compensation for the services of all persons employed for such purposes); (2) the cost of all such
maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases and
acquisitions; (3) the cost of such insurance; (4) such taxes, assessments and other similar charges
as Agent may at its option pay; (5) other proper charges upon the Property or any part thereof; and
(6) the reasonable compensation, expenses and disbursements of the attorneys and agents of Agent,
Agent shall apply the remainder of the monies and proceeds so received by Agent in accordance with
Section 12.5 of the Credit Agreement. Agent shall have no obligation to discharge any duties of a
landlord to any tenant
or to incur any liability as a result of any exercise by Agent of any rights
under this Instrument or otherwise. Agent shall not be liable for any failure to collect rents,
issues, profits and revenues from the Property, nor shall Agent be liable to account for any such
rents, issues, profits or revenues unless actually received by Agent.

          (d) Whenever all that is due upon the Secured Obligations and under any of the terms,
covenants, conditions and agreements of this Instrument shall have been paid and all Events of
Default cured, Agent shall surrender possession of the Property to Grantor, its

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successors or assigns. The same right of taking possession, however, shall exist if any
subsequent Event of Default shall occur and be continuing.

     2.04 Performance by Agent. If there shall be a Default in the payment, performance or
observance of any term, covenant or condition of this Instrument, Agent may, so long as such
Default continues, at its option, pay, perform or observe the same, and all payments made or costs
or expenses incurred by Agent in connection therewith, shall be secured hereby and shall be, upon
demand, immediately repaid by Grantor to Agent with interest thereon at the rate of interest for
overdue amounts set forth in Section 4.12 of the Credit Agreement. Agent shall be the sole judge
of the necessity for any such actions and of the amounts to be paid. Agent is hereby empowered to
enter and to authorize others to enter upon the Land or any part thereof for the purpose of
performing or observing any such defaulted term, covenant or condition without thereby becoming
liable to Grantor or any person in possession holding under Grantor.

     2.05 Receiver. If an Event of Default shall have occurred and be continuing, Agent,
upon application to a court of competent jurisdiction, shall be entitled as a matter of strict
right without regard to the occupancy or value of any security for the Secured Obligations secured
hereby or the solvency of any party bound for its payment, to the appointment of a receiver to take
possession of and to operate the Property (or such portion or portions as Agent may select) and to
collect and apply the rents, issues, profits and revenues thereof. The receiver shall have all of
the rights and powers permitted under the laws of the Commonwealth of Virginia. Grantor will pay
to Agent within five (5) days following written demand all reasonable expenses, including
receiver’s fees, attorney’s fees, costs and agent’s compensation, incurred pursuant to the
provisions of this Section 2.05, and all such expenses shall be secured by this Instrument.

     2.06 Enforcement.

          (a) If an Event of Default shall have occurred and be continuing, Agent, at its option, may
effect the foreclosure of this Instrument by directing the Trustee to sell the Property (or such
portion or portions thereof as the Trustee may select) at public auction at such time and place and
upon such terms and conditions as may be required or permitted by applicable law, after having
first advertised the time, place and terms of sale not less than once a week for three successive
weeks in a newspaper having general circulation in the city or county in which the Land being sold
lies. At any foreclosure sale, such portion of the Property as is offered for sale may, at the
Trustee’s option, be offered for sale for one total price, and the proceeds of such sale accounted
for in one account without distinction between the items of security or without assigning to them
any proportion of such proceeds, the Grantor hereby waiving the application of any doctrine of
marshalling.

     This Instrument shall be construed to impose and confer upon the parties hereto, and the
beneficiaries hereunder, all duties, rights and obligations prescribed in Section 55-59 and
Sections 55-59.1 through 55-59.4 of the Code of Virginia, and to incorporate the following by short
form reference to Section 55-60 of the Code of Virginia:

     Exemptions
waived

     Renewal, extension or reinstatement permitted.

18

 

          (b) If an Event of Default shall have occurred and be continuing, Agent may, in addition to
and not in abrogation of the rights covered under subparagraph (a) of this Section 2.06, either
with or without entry or taking possession as herein provided or otherwise, proceed by a suit or
suits in law or in equity or by any other appropriate proceeding or remedy (i) to enforce payment
of the Secured Obligations or the performance of any term, covenant, condition or agreement of this
Instrument or any other right, and (ii) to pursue any other remedy available to it, all as Agent
shall determine most effectual for such purposes.

     2.07 Purchase by Agent. Upon any foreclosure sale, Agent, on behalf of the Banks, may
bid for and purchase the Property and, subject to those claims having priority under Section
55-59.4 of the Code of Virginia, shall be entitled to apply all or any part of the Secured
Obligations secured hereby as a credit to the purchase price.

     2.08 Application of Proceeds of Sale. The proceeds received by Agent as a result of a
foreclosure sale of the Property shall be applied in the manner provided for in Section 55-59.4 of
the Code of Virginia.

     2.09 Grantor as Tenant Holding Over. In the event of any such foreclosure sale by
Agent, Grantor shall be deemed a tenant holding over and shall forthwith deliver possession to the
purchaser or purchasers at such sale or be summarily dispossessed according to provisions of law
applicable to tenants holding over.

     2.10 Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws. Grantor
agrees, to the full extent permitted by law, that in case of a Default or Event of Default, neither
Grantor nor anyone claiming through or under it shall or will set up, claim or seek to take
advantage of any appraisement, valuation, stay, extension, homestead, exemption or redemption laws
now or hereafter in force, in order to prevent or hinder the enforcement or foreclosure of this
Instrument, or the absolute sale of the Property, or the final and absolute putting into possession
thereof, immediately after such sale, of the purchasers thereat, and Grantor, for itself and all
who may at any time claim through or under it, hereby waives to the full extent that it may
lawfully so do, the benefit of all such laws, and any and all right to have the assets comprised in
the security intended to be created hereby marshaled upon any foreclosure of the lien hereof.

     2.11 Waiver of Homestead. Grantor hereby waives and renounces all homestead and
exemption rights provided for by the Constitution and the laws of the United States and of any
state, in and to the Property as against the collection of the Secured Obligations, or any part
hereof.

     2.12 Leases; Licensees. Agent, at its option, is authorized to foreclose this
Instrument subject to the rights of any tenants and licensees of the Property, and the failure to
make any such tenants or licensees parties to any such foreclosure proceedings and to foreclose
their rights will not be, nor be asserted by Grantor to be a defense to any proceedings instituted
by Agent to collect the sums secured hereby.

     2.13 Discontinuance of Proceedings and Restoration of the Parties. In case Agent
shall have proceeded to enforce any right, power or remedy under this Instrument by foreclosure,

19

 

entry or otherwise, and such proceedings shall have been discontinued or abandoned for any
reason, or shall have been determined adversely to Agent, then and in every such case Grantor and
Agent shall be restored to their former positions and rights hereunder, and all rights, powers and
remedies of Agent shall continue as if no such proceeding had been taken.

     2.14 Remedies Cumulative. No right, power or remedy conferred upon or reserved to
Agent by this Instrument is intended to be exclusive of any other right, power or remedy, but each
and every such right, power and remedy shall be cumulative and concurrent and may be exercised
against Grantor as Agent may select and shall be in addition to any other right, power and remedy
given hereunder or now or hereafter existing at law or in equity or by statute.

     2.15 Waiver.

          (a) No delay or omission of Agent or of any Bank to exercise any right, power or remedy
accruing upon any Default or Event of Default shall exhaust or impair any such right, power or
remedy or shall be construed to be a waiver of any such Default or Event of Default, or
acquiescence therein; and every right, power and remedy given by this Instrument to Agent may be
exercised from time to time and as often as may be deemed expedient by Agent. No consent or
waiver, expressed or implied, by Agent to or of any Default or Event of Default by Grantor in the
performance of the obligations thereof hereunder shall be deemed or construed to be a consent or
waiver to or of any other Default or Event of Default in the performance of the same or any other
obligations of Grantor hereunder. Failure on the part of Banks to complain of any act or failure
to act or to declare a Default or Event of Default, irrespective of how long such failure
continues, shall not constitute a waiver by any Bank of its rights hereunder or impair any rights,
powers or remedies consequent on any Default or Event of Default by Grantor.

          (b) If Banks or Agent on behalf of the Banks, (i) grant forbearance or an extension of time
for the payment of any sums secured hereby; (ii) take other or additional security for the payment
of any sums secured hereby; (iii) waive or do not exercise any right granted herein or in the Note,
the Credit Agreement or any other Loan Document; (iv) release any part of the Property from the
lien of this Instrument or otherwise change any of the terms, covenants, conditions or agreements
of the Note, this Instrument or any other Loan Document; (v) consent to the filing of any map, plat
or replat affecting the Property; (vi) consent to the granting of any easement or other right
affecting the Property; or (vii) make or consent to any agreement subordinating the lien hereof,
any such act or omission shall not release, discharge, modify, change or affect the original
liability under the Note, the Credit Agreement, the Guaranty, this Instrument or any other
obligation of Grantor, or any subsequent purchaser of the Property or any part thereof, or any
maker, co-signer, endorser, surety or guarantor; nor shall any such act or omission preclude Agent
from exercising any right, power or privilege herein granted or intended to be granted in the event
of any Default then made or of any subsequent Default; nor, except as otherwise expressly provided
in an instrument or instruments executed by Agent, shall the lien of this Instrument be altered
thereby. In the event of the sale or transfer by operation of law or otherwise of all or any part
of the Property, Agent, without notice, is hereby authorized and empowered to deal with any such
vendee or transferee with reference to the Property or the Secured Obligations secured hereby, or
with reference to any of the terms, covenants, conditions or agreements hereof, as fully and to the
same extent as it might deal with

20

 

the original parties hereto and without in any way releasing or discharging any liabilities,
obligations or undertakings.

     2.16 Suits to Protect the Property. Agent shall have power (a) to institute and
maintain such suits and proceedings as it may deem expedient to prevent any impairment of the
Property by any acts which may be unlawful or in violation of this Instrument, (b) to preserve or
protect its interest in the Property and in the rents, issues, profits and revenues arising
therefrom, and (c) to restrain the enforcement of or compliance with any legislation or other
governmental enactment, rule or order that may be unconstitutional or otherwise invalid, if the
enforcement of or compliance with such enactment, rule or order would impair the security hereunder
or be prejudicial to the interest of Banks.

     2.17 Agent May File Proofs of Claim. In the case of any receivership, insolvency,
bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting
Grantor, its creditors or its property, Agent, to the extent permitted by law, shall be entitled to
file such proofs of claim and other documents as may be necessary or advisable in order to have the
claims of Agent allowed in such proceedings for the entire amount due and payable by Grantor under
this Instrument at the date of the institution of such proceedings and for any additional amount
which may become due and payable by Grantor hereunder after such date.

     2.18 WAIVER OF GRANTOR’S RIGHTS. BY EXECUTION OF THIS INSTRUMENT, GRANTOR EXPRESSLY:
(A) ACKNOWLEDGES THE RIGHT OF AGENT AND/OR BANKS TO ACCELERATE THE SECURED OBLIGATIONS AND THE
POWER OF AGENT TO CAUSE TRUSTEE TO SELL THE PROPERTY BY NONJUDICIAL FORECLOSURE UPON DEFAULT BY
GRANTOR WITHOUT ANY JUDICIAL HEARING AND WITHOUT ANY NOTICE OTHER THAN SUCH NOTICE (IF ANY) AS IS
SPECIFICALLY REQUIRED TO BE GIVEN UNDER THE PROVISIONS OF THIS INSTRUMENT OR BY LAW; (B) TO THE
FULL EXTENT PERMITTED BY LAW, WAIVES ANY AND ALL RIGHTS WHICH GRANTOR MAY HAVE UNDER THE
CONSTITUTION OF THE UNITED STATES (INCLUDING, WITHOUT LIMITATION, THE FIFTH AND FOURTEENTH
AMENDMENTS THEREOF), THE VARIOUS PROVISIONS OF THE CONSTITUTIONS FOR THE SEVERAL STATES, OR BY
REASON OF ANY OTHER APPLICABLE LAW, TO NOTICE AND TO JUDICIAL HEARING PRIOR TO THE EXERCISE BY
AGENT OF ANY RIGHT OR REMEDY HEREIN PROVIDED TO AGENT, EXCEPT SUCH NOTICE (IF ANY) AS IS
SPECIFICALLY REQUIRED TO BE PROVIDED IN THIS INSTRUMENT OR BY APPLICABLE LAW; (C) ACKNOWLEDGES THAT
GRANTOR HAS READ THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND ANY AND ALL QUESTIONS REGARDING
THE LEGAL EFFECT OF THIS INSTRUMENT AND THE OTHER LOAN DOCUMENTS AND THEIR PROVISIONS HAVE BEEN
EXPLAINED FULLY TO GRANTOR AND GRANTOR HAS CONSULTED WITH COUNSEL OF GRANTOR’S CHOICE PRIOR TO
EXECUTING THIS INSTRUMENT; AND (D) ACKNOWLEDGES THAT ALL WAIVERS OF THE AFORESAID RIGHTS OF GRANTOR
HAVE BEEN MADE KNOWINGLY, INTENTIONALLY AND WILLINGLY BY GRANTOR AS PART OF A BARGAINED FOR LOAN
TRANSACTION.

     2.19 Claims Against Agent and Banks. No action at law or in equity shall be
commenced, or allegation made, or defense raised, by Grantor against Agent or the Banks for

21

 

any claim under or related to this Instrument, the Note, the Credit Agreement, the Guaranty or
any other instrument, document, transfer, conveyance, assignment or loan agreement given by Grantor
with respect to the Secured Obligations secured hereby, or related to the conduct of the parties
thereunder, unless written notice of such claim, expressly setting forth the particulars of the
claim alleged by Grantor, shall have been given to Agent within sixty (60) days from and after the
initial awareness of Grantor of the event, omission or circumstances forming the basis of Grantor
for such claim. Any failure by Grantor to timely provide such written notice to Agent shall
constitute a waiver by Grantor of such claim.

     2.20 [Intentionally Omitted].

     2.21 Indemnification; Subrogation; Waiver of Offset.

          (a) Grantor shall indemnify, defend and hold Agent and the Banks harmless for, from and
against any and all liability, Secured Obligations, losses, damages, penalties, claims, actions,
suits, costs and expenses (including Agent’s reasonable attorneys’ fees, together with reasonable
appellate counsel fees, if any) of whatever kind or nature which may be asserted against, imposed
on or incurred by Agent or the Banks in connection with the Secured Obligations, this Instrument,
the Property, or any part thereof, or the exercise by Agent of any rights or remedies granted to it
under this Instrument; provided, however, that nothing herein shall be construed to obligate
Grantor to indemnify, defend and hold harmless Agent or the Banks for, from and against any and all
liabilities, Secured Obligations, losses, damages, penalties, claims, actions, suits, costs and
expenses asserted against, imposed on or incurred by Agent or a Bank by reason of such Person’s
willful misconduct or gross negligence if a judgment is entered against Agent or a Bank by a court
of competent jurisdiction after the expiration of all applicable appeal periods.

          (b) If Agent or a Bank is made a party defendant to any litigation or any claim is threatened
or brought against Agent or a Bank concerning the Secured Obligations, this Instrument, the
Property, or any part thereof, or any interest therein, or the construction, maintenance, operation
or occupancy or use thereof, then Grantor shall indemnify, defend and hold such Person harmless
for, from and against all liability by reason of said litigation or claims, including reasonable
attorneys’ fees (together with reasonable appellate counsel fees, if any) and expenses incurred by
such Person in any such litigation or claim, whether or not any such litigation or claim is
prosecuted to judgment; provided, however, that nothing in this Section 2.21(b) shall be construed
to obligate Grantor to indemnify, defend and hold harmless Agent or a Bank for, from and against
any and all liabilities or claims imposed on or incurred by such Person by reason of such Person’s
willful misconduct or gross negligence if a judgment is entered against such Person by a court of
competent jurisdiction after expiration of all applicable appeal periods. If Agent commences an
action against Grantor to enforce any of the terms hereof or to prosecute any breach by Grantor of
any of the terms hereof or to recover any sum secured hereby, Grantor shall pay to Agent its
reasonable attorneys’ fees (together with reasonable appellate counsel, fees, if any) and expenses.
The right to such attorneys’ fees (together with reasonable appellate counsel fees, if any) and
expenses shall be deemed to have accrued on the commencement of such action, and shall be
enforceable whether or not such action is prosecuted to judgment. If Grantor breaches any term of
this Instrument, Agent may engage the services of an attorney or attorneys to protect its rights
hereunder, and in the event of

22

 

such engagement following any breach by Grantor, Grantor shall pay Agent reasonable attorneys’
fees (together with reasonable appellate counsel fees, if any) and expenses incurred by Agent,
whether or not an action is actually commenced against Grantor by reason of such breach. All
references to “attorneys” in this Subsection and elsewhere in this Instrument shall include without
limitation any attorney or law firm engaged by Agent and Agent’s in-house counsel, and all
references to “fees and expenses” in this Subsection and elsewhere in this Instrument shall include
without limitation any fees of such attorney or law firm and any allocation charges and allocation
costs of Agent’s in-house counsel.

          (c) A waiver of subrogation shall be obtained by Grantor from its insurance carrier and,
consequently, Grantor waives any and all right to claim or recover against Agent, the Banks and
each of its officers, employees, agents and representatives, for loss of or damage to Grantor, the
Property, Grantor’s property or the property of others under Grantor’s control from any cause
insured against or required to be insured against by the provisions of this Instrument.

          (d) ALL SUMS PAYABLE BY GRANTOR HEREUNDER SHALL BE PAID WITHOUT NOTICE (EXCEPT AS MAY
OTHERWISE BE PROVIDED HEREIN OR REQUIRED BY LAW), DEMAND, COUNTERCLAIM, SETOFF, DEDUCTION OR
DEFENSE AND WITHOUT ABATEMENT, SUSPENSION, DEFERMENT, DIMINUTION OR REDUCTION, AND THE SECURED
OBLIGATIONS AND LIABILITIES OF GRANTOR HEREUNDER SHALL IN NO WAY BE RELEASED, DISCHARGED OR
OTHERWISE AFFECTED BY REASON OF: (I) ANY DAMAGE TO OR DESTRUCTION OF OR ANY CONDEMNATION OR SIMILAR
TAKING OF THE PROPERTY OR ANY PART THEREOF; (II) ANY RESTRICTION OR PREVENTION OF OR INTERFERENCE
WITH ANY USE OF THE PROPERTY OR ANY PART THEREOF; (III) ANY TITLE DEFECT OR ENCUMBRANCE OR ANY
EVICTION FROM THE LAND OR THE IMPROVEMENTS ON THE LAND OR ANY PART THEREOF BY TITLE PARAMOUNT OR
OTHERWISE; (IV) ANY BANKRUPTCY, INSOLVENCY, REORGANIZATION, COMPOSITION, ADJUSTMENT, DISSOLUTION,
LIQUIDATION, OR OTHER LIKE PROCEEDING RELATING TO AGENT OR THE BANKS, OR ANY ACTION TAKEN WITH
RESPECT TO THIS INSTRUMENT BY ANY TRUSTEE OR BY ANY RECEIVER OF AGENT, OR BY ANY COURT, IN SUCH
PROCEEDING; (V) ANY CLAIM WHICH GRANTOR HAS, OR MIGHT HAVE, AGAINST AGENT OR THE BANKS; (VI) ANY
DEFAULT OR FAILURE ON THE PART OF AGENT OR THE BANKS TO PERFORM OR COMPLY WITH ANY OF THE TERMS
HEREOF OR OF ANY OTHER AGREEMENT WITH GRANTOR; OR (VII) ANY OTHER OCCURRENCE WHATSOEVER, WHETHER
SIMILAR OR DISSIMILAR TO THE FOREGOING, WHETHER OR NOT GRANTOR SHALL HAVE NOTICE OR KNOWLEDGE OF
ANY OF THE FOREGOING. GRANTOR WAIVES ALL RIGHTS NOW OR HEREAFTER CONFERRED BY STATUTE OR OTHERWISE
TO ANY ABATEMENT, SUSPENSION, DEFERMENT, DIMINUTION, OR REDUCTION OF ANY SUM SECURED HEREBY AND
PAYABLE BY GRANTOR.

     2.22 Revolving Credit/Future Advance. This Instrument secures Secured Obligations
which may provide for a variable rate of interest as well as revolving credit advances and other
future advances, whether such advances are obligatory or otherwise. Advances under the Note are
subject to the terms and provisions of the Credit Agreement and the other Security Documents.
Grantor acknowledges that the Secured Obligations may increase or decrease from

23

 

time to time and that if the outstanding balance of the Secured Obligations is ever repaid to
zero the security title and security interest created by this Instrument shall not be deemed
released or extinguished by operation of law or implied intent of the parties. This Instrument
shall remain in full force and effect as to any further advances under the Credit Agreement made
after any such zero balance until the Secured Obligations are paid in full, all agreements to make
further advances or issue letters of credit have been terminated and this Instrument has been
canceled of record. Grantor waives the operation of any applicable statutes, case law or
regulation having a contrary effect.

ARTICLE 3

     3.01 Successors and Assigns. This Instrument shall inure to the benefit of and be
binding upon Grantor, Trustee and Agent and their respective heirs, executors, legal
representatives, successors and assigns. Whenever a reference is made in this Instrument to
Grantor, Trustee or Agent such reference shall be deemed to include a reference to the heirs,
executors, legal representatives, successors and assigns of Grantor or Agent.

     3.02 Terminology. All personal pronouns used in this Instrument whether used in the
masculine, feminine or neuter gender, shall include all other genders; the singular shall include
the plural, and vice versa. Titles and Articles are for convenience only and neither limit nor
amplify the provisions of this Instrument itself, and all references herein to Articles, Sections
or subsections thereof, shall refer to the corresponding Articles, Sections or subsections thereof,
of this Instrument unless specific reference is made to such Articles, Sections or subsections
thereof of another document or instrument.

     3.03 Severability. If any provision of this Instrument or the application thereof to
any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this
Instrument and the application of such provisions to other persons or circumstances shall not be
affected thereby and shall be enforced to the greatest extent permitted by law.

     3.04 Applicable Law. This Instrument will be governed by the substantive laws of the
Commonwealth of Virginia, without giving effect to its principles of choice of law or conflicts of
law (except with respect to choice of law or conflicts of law provisions of its Uniform Commercial
Code), and the laws of the United States applicable to transactions in Virginia. Should any
obligation or remedy under this Instrument be invalid or unenforceable pursuant to the laws
provided herein to govern, the laws of any other state referred to herein or of another state whose
laws can validate and apply thereto shall govern.

     3.05 Notices. Except as otherwise provided herein, any notice or other communication
required hereunder shall be in writing, and shall be deemed to have been validly served, given or
delivered the next succeeding Domestic Business Day (as defined in the Credit Agreement) after
timely delivery to the courier, if sent by overnight courier; at the time delivered by hand, if
personally delivered; or when receipt is acknowledged, if (i) telecopied (followed by delivery of
written copy thereof sent by overnight courier on the same day as such notice is given), or (ii)
sent by registered or certified mail, return receipt requested, addressed to Grantor or Agent as
follows:

24

 

If to Grantor:

RKB Dulles Tech LLC

c/o Republic Property Limited Partnership

1280 Maryland Avenue, S.W.

Suite 280

Washington, D.C. 20024

Attention: Gary R. Siegel

Telecopy Number: (202) 863-4049

And a copy to:

Glazer Winston Honigman Ellick

5301 Wisconsin Avenue, N.W.

Suite 740

Washington, D.C. 20015

Attention: Lori J. Honigman, Esq.

Telecopy Number: (202) 537-5505

If to Agent:

KeyBank National Association, as Agent

127 Public Square

8th Floor

OH-01-27-0839

Cleveland, Ohio 44114-1306

Attn: Michael P. Szuba

Telecopy Number: (216) 689-4997

And a copy to:

McKenna Long & Aldridge LLP

Suite 5300

303 Peachtree Street, N.E.

Atlanta, Georgia 30308

Attention: William F. Timmons, Esq.

Telecopy Number: (404) 527-4198

If to Trustee:

W. Allen Ames, Jr.

c/o McGuireWoods LLP

One James Center

901 East Cary Street

Richmond, Virginia 23219-4030

Telecopy Number: (804) 698-2005

25

 

or, subject to the requirements of Section 55-58.2 of the Code of Virginia, to such other address
as any party may designate for itself by like notice.

     3.06 Conflict with Credit Agreement Provisions. Grantor hereby acknowledges and
agrees that, in the event of any conflict between the terms hereof and the terms of the Credit
Agreement, the terms of the Credit Agreement shall control.

     3.07 Assignment. This Instrument is assignable by Agent, and any assignment hereof by
Agent shall operate to vest in the assignee all rights and powers herein conferred upon and granted
to Agent.

     3.08 Time of the Essence. Time is of the essence with respect to each and every
covenant, agreement and obligation of Grantor under this Instrument, and any and all other
instruments now or hereafter evidencing, securing or otherwise relating to the Secured Obligations.

     3.09 Credit Agreement. Notwithstanding anything contained herein to the contrary,
Grantor agrees to be bound to all of the terms and conditions of the Credit Agreement that (i)
apply to the Property or Grantor, including without limitation, Sections 7.7 and 7.13 of the Credit
Agreement relating to insurance, casualty and condemnation and leasing, and (ii) relate to grace or
notice and cure periods, notices of default and acceleration of the Secured Obligations, including
without limitation, Sections 4.12 7.5(f), 12.1 and 12.2 of the Credit Agreement. Additionally,
Grantor does hereby make and reaffirm each and every warranty and representation set forth in the
Credit Agreement concerning the Property as if the Property were Real Estate under the Credit
Agreement.

     3.10 Grantor. Unless the context clearly indicates otherwise, as used in this
Security Instrument, “Grantor” means the grantors named in recitals hereof or any of them. The
obligations of Grantor hereunder shall be joint and several. If any Grantor, or any signatory who
signs on behalf of any Grantor, is a corporation, partnership or other legal entity, Grantor and
any such signatory, and the person or persons signing for it, represent and warrant to Agent that
this instrument is executed, acknowledged and delivered by Grantor’s duly authorized
representatives.

ARTICLE 4

     4.01 Any Trustee May Act; Substitution Permitted. If the Trustee at any time consists
of more than one Person, the powers of the Trustee may be exercised by either Trustee or by any
successor Trustee with the same effect as if exercised jointly by both of them. Grantor hereby
grants to the Agent, in Agent’s sole discretion, the right and power to appoint a substitute
trustee or trustees for any reason whatsoever. Such substitution shall be made by an instrument
duly executed and acknowledged and recorded where this Instrument is recorded.

     4.02 Compensation and Expenses. Grantor shall pay the Trustee just compensation for
any and all services performed and all Trustee’s expenses, charges, reasonable attorneys’ fees and
other obligations incurred in the administration and execution of the trust hereby created and

26

 

the performance of Trustee’s duties and powers hereunder, which compensation, expenses, fees
and disbursements shall constitute a part of the Secured Obligations.

     4.03 Performance of Duties; Liability. Trustee shall perform and fulfill faithfully
Trustee’s obligations hereunder but shall be under no duty to act until Trustee receives notice of
the occurrence of an Event of Default from Agent and arrangements have been made which are
satisfactory to Trustee for the indemnification to which Trustee is entitled, the payment of
Trustee’s compensation and the reimbursement of any expenses Trustee may incur in the performance
of Trustee’s duties. Trustee shall have no liability for Trustee’s acts unless Trustee is guilty
of willful misconduct or gross negligence.

[SIGNATURES ON NEXT PAGE]

27

 

     IN WITNESS WHEREOF, Grantor has executed this Instrument as of the day and year first above
written.

	 	 	 	 	 
	 	 	RKB DULLES TECH LLC, a Delaware limited liability
	 	 	company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

STATE OF

CITY/COUNTY OF

     The
foregoing instrument was acknowledged before me this ___ day of                                         , 2006 by
                                         as                                          of RKB Dulles Tech LLC, a Delaware limited liability company, on
behalf of the company.

	 	 	 	 	 	 	 
	 

	 	My commission expires:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	[Notarial Seal]
	 	 

Notary Public
	 	 

28

 

	 	 	 	 	 
	 	 	PRESIDENTS PARK I LLC, a Delaware limited liability
	 	 	company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

STATE OF

CITY/COUNTY OF

     The foregoing instrument was acknowledged before me this ___day of                                         , 2006 by
                                         as                                          of Presidents Park I LLC, a Delaware limited liability company.

	 	 	 	 	 	 	 
	 

	 	My commission expires:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	[Notarial Seal]
	 	 

Notary Public
	 	 

29

 

	 	 	 	 	 
	 	 	PRESIDENTS PARK II LLC, a Delaware limited liability
	 	 	company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

STATE OF

CITY/COUNTY OF

     The foregoing instrument was acknowledged before me this ___day of                                         , 2006 by
                                         as                                          of Presidents Park II LLC, a Delaware limited liability company.

	 	 	 	 	 	 	 
	 

	 	My commission expires:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	[Notarial Seal]
	 	 

Notary Public
	 	 

30

 

	 	 	 	 	 
	 	 	PRESIDENTS PARK III LLC, a Delaware limited liability
	 	 	company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

STATE OF

CITY/COUNTY OF

     The foregoing instrument was acknowledged before me this ___day of                                         , 2006 by
                                         as                                          of Presidents Park III LLC, a Delaware limited liability company.

	 	 	 	 	 	 	 
	 

	 	My commission expires:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	[Notarial Seal]
	 	 

Notary Public
	 	 

31

 

EXHIBIT “A”

EXHIBIT “A” - PAGE 1

 

EXHIBIT “B”

Permitted Encumbrances

     Permitted encumbrances are such matters as are shown on Schedule B, Part I to the Pro-Forma
Title Insurance Policy No. G47-0906658 issued by Lawyers Title Insurance Corporation to the Agent
in connection with this Instrument and attached to that certain escrow instruction letter dated on
or about the date hereof between Tri-State Commercial Closings, Inc. and Agent.

EXHIBIT “B” - PAGE 1

 

EXHIBIT “C”

Schedule 1

(Description of “Debtor” and “Secured Party”)

	A.	 	Debtor:

	 	1.	 	RKB DULLES TECH LLC, a Delaware limited liability company organized under the
laws of the State of Delaware. Debtor has been using or operating under said name and
identity or corporate structure without change since November, 2003.
	 
	 	 	 	Names and Tradenames used within last five years: None.
	 
	 	 	 	Location of all chief executive offices over last five years:

1280 Maryland Avenue, S.W., Washington, DC 20024.
	 
	 	 	 	Organizational Number: 3730640
	 
	 	 	 	Federal Tax Identification Number: 20-3241959 (RPLP’S No.)
	 
	 	2.	 	PRESIDENTS PARK I LLC, a Delaware limited liability company organized under the
laws of the State of Delaware. Debtor has been using or operating under said name and
identity or corporate structure without change since December, 2004.
	 
	 	 	 	Names and Tradenames used within last five years: None.
	 
	 	 	 	Location of all chief executive offices over last five years:

1280 Maryland Avenue, S.W., Washington, DC 20024.
	 
	 	 	 	Organizational Number: 3889302
	 
	 	 	 	Federal Tax Identification Number: 20-3241959 (RPLP’S No.)
	 
	 	3.	 	PRESIDENTS PARK II LLC, a Delaware limited liability company organized under
the laws of the State of Delaware. Debtor has been using or operating under said name
and identity or corporate structure without change since December, 2004.
	 
	 	 	 	Names and Tradenames used within last five years: None.
	 
	 	 	 	Location of all chief executive offices over last five years:

1280 Maryland Avenue, S.W., Washington, DC 20024.
	 
	 	 	 	Organizational Number: 3889304
	 
	 	 	 	Federal Tax Identification Number: 20-3241959 (RPLP’S No.)

EXHIBIT “C” - PAGE 1

 

	 	4.	 	PRESIDENTS PARK III LLC, a Delaware limited liability company organized under
the laws of the State of Delaware. Debtor has been using or operating under said name
and identity or corporate structure without change since December, 2004.
	 
	 	 	 	Names and Tradenames used within last five years: None.
	 
	 	 	 	Location of all chief executive offices over last five years:

1280 Maryland Avenue, S.W., Washington, DC 20024.
	 
	 	 	 	Organizational Number: 3889305
	 
	 	 	 	Federal Tax Identification Number: 20-3241959 (RPLP’S No.)

	B.	 	Secured Party:
	 
	 	 	KEYBANK NATIONAL ASSOCIATION, a national banking association, as Agent.

Schedule 2

(Notice Mailing Addresses of “Debtor” and “Secured Party”)

	A.	 	The mailing address of Debtor is:
	 
	 	 	c/o Republic Property Limited Partnership

1280 Maryland Avenue, S.W.

Suite 280

Washington, D.C. 20024
	 
	B.	 	The mailing address of Secured Party is:
	 
	 	 	KeyBank National Association, as Agent

127 Public Square

8th Floor

OH-01-27-0839

Cleveland, Ohio 44114-1306

EXHIBIT “C” - PAGE 2

 

EXHIBIT G

FORM OF REQUEST FOR REVOLVING CREDIT LOAN

KeyBank National Association, as Agent

127 Public Square

Cleveland, Ohio 44114-1306

Attn: Vicky Heineck

Ladies and Gentlemen:

          Pursuant to the provisions of §2.6 of the Senior Secured Revolving Credit Agreement dated as
of May 1, 2006 (as the same may hereafter be amended, the “Credit Agreement”), among Republic
Property Limited Partnership (the “Borrower”), Republic Property Trust, KeyBank National
Association for itself and as Agent, and the other Lenders from time to time party thereto, the
undersigned Borrower hereby requests and certifies as follows:

          1.      Revolving Credit Loan. The undersigned Borrower hereby requests a [Revolving
Credit Loan under §2.1] [Swing Loan under §2.4] of the Credit Agreement:

Principal Amount: $                                        

Type (LIBOR Rate, Base Rate):

Drawdown Date:

Interest Period for Revolving Credit LIBOR Rate Loans:

by credit to the general account of the Borrower with the Agent at the Agent’s Head Office.

     [If the requested Loan is a Swing Loan and the Borrower desires for such Loan to be a LIBOR
Rate Loan following its conversion as provided in §2.4(d), specify the Interest Period following
conversion:                                        ]

          2.      Use of Proceeds. Such Loan shall be used for purposes permitted by §2.8 of the
Credit Agreement.

          3.      No Default. The undersigned chief financial officer or chief accounting officer of
RPB certifies that the Borrower and the Guarantors are and will be in compliance with all covenants
under the Loan Documents after giving effect to the making of the Loan requested hereby and no
Default or Event of Default has occurred and is continuing. Attached hereto is a Borrowing Base
Certificate setting forth a calculation of the Borrowing Base after giving effect to the Loan
requested hereby. No condemnation proceedings are pending or, to the undersigned knowledge,
threatened against any Mortgaged Property.

          4.      Representations True. The undersigned chief financial officer or chief accounting
officer of Borrower certifies, represents and agrees that each of the representations and
warranties made by or on behalf of the Borrower, the Guarantors or their respective Subsidiaries,
contained in the Credit Agreement, in the other Loan Documents or in any document or instrument
delivered pursuant to or in connection with the Credit Agreement was true in all material respects
as of the date on which it was made and, is true in all material respects as of the

G-1

 

date hereof and shall also be true at and as of the Drawdown Date for the Loan requested
hereby, with the same effect as if made at and as of such Drawdown Date, except to the extent of
changes resulting from transactions permitted by the Loan Documents (it being understood and agreed
that any representation or warranty which by its terms is made as of a specified date shall be
required to be true and correct only as of such specified date).

          5.      Other Conditions. The undersigned chief financial officer or chief accounting
officer of RPB certifies, represents and agrees that all other conditions to the making of the Loan
requested hereby set forth in the Credit Agreement have been satisfied.

          6.      Definitions. Terms defined in the Credit Agreement are used herein with the
meanings so defined.

          IN WITNESS WHEREOF, the undersigned has duly executed this request this ___day of
                                        , 200___.

	 	 	 	 	 	 	 	 	 
	 	 	REPUBLIC PROPERTY LIMITED PARTNERSHIP, a
	 	 	Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Republic Property Trust, a Maryland real estate

investment trust, its sole general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 	 	 

G-2

 

EXHIBIT H

FORM OF LETTER OF CREDIT REQUEST

[DATE]

KeyBank National Association, as Agent

1675 Broadway, Suite 400

Denver, Colorado 80202

Attn: Cheryl Van Klompenberg

	 	 	 	 	 
	 

	 	Re:
	 	Letter of Credit Request under Senior Secured Revolving Credit Agreement
dated as of May 1, 2006

Ladies and Gentlemen:

          Pursuant to §2.9 of the Senior Secured Revolving Credit Agreement dated as of May 1, 2006,
among you, certain other Lenders, Republic Property Trust and us (the “Credit Agreement”), we
hereby request that you issue a Letter of Credit as follows:

	 	(i)	 	Name and address of beneficiary:
	 
	 	(ii)	 	Face amount: $
	 
	 	(iii)	 	Proposed Issuance Date:
	 
	 	(iv)	 	Proposed Expiration Date:
	 
	 	(v)	 	Other terms and conditions as set forth in the proposed form of Letter of
Credit attached hereto.
	 
	 	(vi)	 	Purpose of Letter of Credit:

          This Letter of Credit Request is submitted pursuant to, and shall be governed by, and subject
to satisfaction of, the terms, conditions and provisions set forth in §2.9 of the Credit Agreement.

          The undersigned chief financial officer or chief accounting officer of RPB certifies that the
Borrower and the Guarantors are and will be in compliance with all covenants under the Loan
Documents after giving effect to the issuance of the Letter of Credit requested hereby and no
Default or Event of Default has occurred and is continuing. Attached hereto is a Borrowing Base
Certificate setting forth a calculation of the Borrowing Base after giving effect to the Letter of
Credit requested hereby. No condemnation proceedings are pending or, to the undersigned knowledge,
threatened against any Mortgaged Property.

          We also understand that if you grant this request this request obligates us to accept the
requested Letter of Credit and pay the issuance fee and Letter of Credit fee as required by

H-1

 

§2.9(e). All capitalized terms defined in the Credit Agreement and used herein without
definition shall have the meanings set forth in §1.1 of the Credit Agreement.

          The undersigned chief financial officer or chief accounting officer of RPB certifies,
represents and agrees that each of the representations and warranties made by or on behalf of the
Borrower, the Guarantors or their respective Subsidiaries, contained in the Credit Agreement, in
the other Loan Documents or in any document or instrument delivered pursuant to or in connection
with the Credit Agreement was true in all material respects as of the date on which it was made, is
true as of the date hereof and shall also be true at and as of the proposed issuance date of the
Letter of Credit requested hereby, with the same effect as if made at and as of the proposed
issuance date, except to the extent of changes resulting from transactions permitted by the Loan
Documents (it being understood and agreed that any representation or warranty which by its terms is
made as of a specified date shall be required to be true and correct only as of such specified
date).

	 	 	 	 	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	REPUBLIC PROPERTY LIMITED PARTNERSHIP, a
	 	 	Delaware limited partnership
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Republic Property Trust, a Maryland real estate

investment trust, its sole general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 	 	 

H-2

 

EXHIBIT I

FORM OF BORROWING BASE CERTIFICATE

BORROWING BASE WORKSHEET

	 	 	 	 	 
	A.

	 	Mortgaged Property Appraised Value Test: Aggregate
	 	$                                         
	 

	 	Amount of Appraised Value of each Mortgaged Property	 	 
	 
	 	 	 	 
	 

	 	[See attached spreadsheet listing values]
	 
	 	 	 	 
	B.

	 	Borrowing Base: 65% of Mortgaged Property Aggregate
	 	$                                         
	 

	 	Appraised Value	 	 

I-1

 

EXHIBIT J

FORM OF COMPLIANCE CERTIFICATE

KeyBank National Association, as Agent

127 Public Square

Cleveland, Ohio 44114-1306

Attn: Michael Szuba

Ladies and Gentlemen:

          Reference is made to the Senior Secured Revolving Credit Agreement dated as of May 1, 2006 (as
the same may hereafter be amended, the “Credit Agreement”) by and among Republic Property Limited
Partnership (the “Borrower”), Republic Property Trust (“RPB”), KeyBank National Association for
itself and as Agent, and the other Lenders from time to time party thereto. Terms defined in the
Credit Agreement and not otherwise defined herein are used herein as defined in the Credit
Agreement.

          Pursuant to the Credit Agreement, RPB is furnishing to you herewith (or have most recently
furnished to you) the consolidated financial statements of Borrower and RPB, respectively, for the
fiscal period ended                                          (the “Balance Sheet Date”). Such financial statements have
been prepared in accordance with GAAP and present fairly the consolidated financial position of
Borrower and RPB, respectively, at the date thereof and the results of its operations for the
periods covered thereby.

          This certificate is submitted in compliance with requirements of §2.10(d), §5.4(b), §7.4(c),
§7.5(e), §8.8(g), §10.12 or §11.3 of the Credit Agreement. If this certificate is provided under a
provision other than §7.4(c), the calculations provided below are made using the consolidated
financial statements of Borrower and RPB, respectively, as of the Balance Sheet Date adjusted in
the best good faith estimate of Borrower to give effect to the making of a Loan, issuance of a
Letter of Credit, acquisition or disposition of property or other event that occasions the
preparation of this certificate; and the nature of such event and the estimate of Borrower of its
effects are set forth in reasonable detail in an attachment hereto. The undersigned officer is the
chief financial officer or chief accounting officer of RPB.

          The undersigned representatives have caused the provisions of the Loan Documents to be
reviewed and have no knowledge of any Default or Event of Default. (Note: If the signer does have
knowledge of any Default or Event of Default, the form of certificate should be revised to specify
the Default or Event of Default, the nature thereof and the actions taken, being taken or proposed
to be taken by the Borrower with respect thereto.)

          The undersigned is providing the attached information to demonstrate compliance as of the date
hereof with the covenants described in the attachment hereto.

J-1

 

          IN WITNESS WHEREOF, the undersigned have duly executed this Compliance Certificate this ___
day of ___, 200___.

	 	 	 	 	 	 	 	 	 
	 	 	REPUBLIC PROPERTY TRUST, a Maryland real estate
	 	 	investment trust
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	 	 	     Name:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	     Title:	 	 
	 

	 	 	 	 	 	 	 	 

J-2

 

APPENDIX TO COMPLIANCE CERTIFICATE

J-3

 

WORKSHEET

GROSS ASSET VALUE

	 	 	 	 	 	 	 	 	 
	A.	 	Net Operating Income for Real Estate owned by Borrower or Subsidiaries as of the Closing Date	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	1.	 	Net Operating Income attributable to such Real Estate for immediately preceding two (2) consecutive calendar quarters:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	 
	 	2.	 	Amount of A.1 multiplied by 2:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	 
	 	3.	 	Amount on A.2 divided by the applicable Capitalization Rate:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	B.	 	Net Operating Income for Real Estate acquired by Borrower or Subsidiaries after the Closing Date	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	 
	 	1.	 	Acquisition Cost of such Real Estate:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	 
	 	2.	 	Net Operating Income attributable to such Real Estate for immediately preceding two (2) consecutive calendar quarters:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	 
	 	3.	 	Amount of A.1 multiplied by 2:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	 
	 	4.	 	Amount on A.2 divided by 0.065:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	 
	 	5.	 	The lesser of B.1 and B.4:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	C.	 	Construction in Progress, until the earlier of (x) the 1 year anniversary of the date of issuance of a certificate of occupancy for such Real Estate and (y) the last day of the calendar quarter during which such Real Estate first achieves 85% occupancy:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	D.	 	Aggregate of Unrestricted Cash and Cash Equivalents:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	E.	 	Acquisition Cost of Land Assets:	 	$	                                        	 
	 
	 	 	 	 	 	 	 	 
	F.	 	Pro rata share of Gross Asset Value attributable to Real Estate owned by Unconsolidated Affiliates:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Gross Assets Value equals sum of A.3 plus B.5 plus C plus D plus E plus F	 	$	                                        	 

J-4

 

EXHIBIT K

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT

     THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT (this “Agreement”) dated                                         , by and
between                                                              (“Assignor”), and                                                              (“Assignee”).

W I T N E S S E T H:

          WHEREAS, Assignor is a party to that certain Senior Secured Revolving Credit Agreement, dated
May 1, 2006, by and among REPUBLIC PROPERTY LIMITED PARTNERSHIP, a Delaware limited partnership
(“Borrower”), Republic Property Trust, the other lenders that are or may become a party thereto,
and KEYBANK NATIONAL ASSOCIATION, individually and as Agent (the “Loan Agreement”); and

          WHEREAS, Assignor desires to transfer to Assignee [Describe assigned Commitment] under the
Loan Agreement and its rights with respect to the Commitment assigned and its Outstanding Loans
with respect thereto;

          NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) and
other good and valuable considerations, the receipt and sufficiency of which are hereby
acknowledged, Assignor and Assignee hereby agree as follows:

          1. Definitions. Terms defined in the Loan Agreement and used herein without
definition shall have the respective meanings assigned to such terms in the Loan Agreement.

          2. Assignment.

          (a) Subject to the terms and conditions of this Agreement and in consideration of the payment
to be made by Assignee to Assignor pursuant to Paragraph 5 of this Agreement, effective as of the
“Assignment Date” (as defined in Paragraph 7 below), Assignor hereby irrevocably sells, transfers
and assigns to Assignee, without recourse, a portion of its Revolving Credit Note in the amount of
$                     representing a $                     Commitment, and a                                          percent
(___%) Commitment Percentage, and a corresponding interest in and to all of the other rights and
obligations under the Loan Agreement and the other Loan Documents relating thereto (the assigned
interests being hereinafter referred to as the “Assigned Interests”), including Assignor’s share of
all outstanding Revolving Credit Loans with respect to the Assigned Interests and the right to
receive interest and principal on and all other fees and amounts with respect to the Assigned
Interests, all from and after the Assignment Date, all as if Assignee were an original Lender under
and signatory to the Loan Agreement having a Commitment Percentage equal to the amount of the
respective Assigned Interests.

          (b) Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of
Assignor with respect to the Assigned Interests from and after the Assignment Date as if Assignee
were an original Lender under and signatory to the Loan Agreement and the “Intercreditor Agreement”
(as hereinafter defined), which obligations shall include, but shall not

K - 1

 

be limited to, the obligation to make Loans to the Borrower with respect to the Assigned
Interests and to indemnify the Agent as provided therein (such obligations, together with all other
obligations set forth in the Loan Agreement and the other Loan Documents are hereinafter
collectively referred to as the “Assigned Obligations”). Assignor shall have no further duties or
obligations with respect to, and shall have no further interest in, the Assigned Obligations or the
Assigned Interests.

          3. Representations and Requests of Assignor.

          (a) Assignor represents and warrants to Assignee (i) that it is legally authorized to, and has
full power and authority to, enter into this Agreement and perform its obligations under this
Agreement; (ii) that as of the date hereof, before giving effect to the assignment contemplated
hereby the principal face amount of Assignor’s Revolving Credit Note is $                     and the
aggregate outstanding principal balance of the Revolving Credit Loans made by it equals
$                    , and (iii) that it has forwarded to the Agent the Revolving Credit Note held by
Assignor. Assignor makes no representation or warranty, express or implied, and assumes no
responsibility with respect to any statements, warranties or representations made in or in
connection with the Loan Documents or the execution, legality, validity, enforceability,
genuineness or sufficiency of any Loan Document or any other instrument or document furnished
pursuant thereto or in connection with the Loan, the collectability of the Loans, the continued
solvency of the Borrower or the Guarantors or the continued existence, sufficiency or value of the
Collateral or any assets of the Borrower or the Guarantors which may be realized upon for the
repayment of the Loans, or the performance or observance by the Borrower or the Guarantors of any
of their respective obligations under the Loan Documents to which it is a party or any other
instrument or document delivered or executed pursuant thereto or in connection with the Loan; other
than that it is the legal and beneficial owner of, or has the right to assign, the interests being
assigned by it hereunder and that such interests are free and clear of any adverse claim.

          (b) Assignor requests that the Agent obtain replacement notes for each of Assignor and
Assignee as provided in the Loan Agreement.

          4. Representations of Assignee. Assignee makes and confirms to the Agent, Assignor
and the other Lenders all of the representations, warranties and covenants of a Lender under
Articles 14 and 18 of the Loan Agreement. Without limiting the foregoing, Assignee (a) represents
and warrants that it is legally authorized to, and has full power and authority to, enter into this
Agreement and perform its obligations under this Agreement; (b) confirms that it has received
copies of such documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into this Agreement; (c) agrees that it has and will, independently
and without reliance upon Assignor, any other Lender or the Agent and based upon such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in
evaluating the Loans, the Loan Documents, the creditworthiness of the Borrower and the Guarantors
and the value of the assets of the Borrower and the Guarantors, and taking or not taking action
under the Loan Documents and any intercreditor agreement among the Lenders and the Agent (the
“Intercreditor Agreement”); (d) appoints and authorizes the Agent to take such action as agent on
its behalf and to exercise such powers as are reasonably incidental thereto pursuant to the terms
of the Loan Documents and the Intercreditor Agreement;

K - 2

 

(e) agrees that, by this Assignment, Assignee has become a party to and will perform in
accordance with their terms all the obligations which by the terms of the Loan Documents and the
Intercreditor Agreement are required to be performed by it as a Lender; (f) represents and warrants
that Assignee does not control, is not controlled by, is not under common control with and is
otherwise free from influence or control by, the Borrower or any Guarantor, (g) represents and
warrants that Assignee is subject to control, regulation or examination by a state or federal
regulatory agency, (h) agrees that if Assignee is not incorporated under the laws of the United
States of America or any State, it has on or prior to the date hereof delivered to Borrower and
Agent certification as to its exemption (or lack thereof) from deduction or withholding of any
United States federal income taxes and (i) Assignee has a net worth as of the date hereof of not
less than $100,000,000.00 unless waived in writing by Borrower and Agent as required by the Credit
Agreement. Assignee agrees that Borrower may rely on the representation contained in Section 4(i).

          5. Payments to Assignor. In consideration of the assignment made pursuant to
Paragraph 1 of this Agreement, Assignee agrees to pay to Assignor on the Assignment Date, an amount
equal to $                     representing the aggregate principal amount outstanding of the Revolving
Credit Loans owing to Assignor under the Loan Agreement and the other Loan Documents with respect
to the Assigned Interests.

          6. Payments by Assignor. Assignor agrees to pay the Agent on the Assignment Date the
registration fee required by §18.2 of the Loan Agreement.

          7. Effectiveness.

          (a) The effective date for this Agreement shall be                                          (the “Assignment Date”).
Following the execution of this Agreement, each party hereto shall deliver its duly executed
counterpart hereof to the Agent for acceptance and recording in the Register by the Agent.

          (b) Upon such acceptance and recording and from and after the Assignment Date, (i) Assignee
shall be a party to the Loan Agreement and the Intercreditor Agreement and, to the extent of the
Assigned Interests, have the rights and obligations of a Lender thereunder, and (ii) Assignor
shall, with respect to the Assigned Interests, relinquish its rights and be released from its
obligations under the Loan Agreement and the Intercreditor Agreement.

          (c) Upon such acceptance and recording and from and after the Assignment Date, the Agent shall
make all payments in respect of the rights and interests assigned hereby accruing after the
Assignment Date (including payments of principal, interest, fees and other amounts) to Assignee.

          (d) All outstanding Revolving Credit LIBOR Rate Loans shall continue in effect for the
remainder of their applicable Interest Periods and Assignee shall accept the currently effective
interest rates on its Assigned Interest of each Revolving Credit LIBOR Rate Loan.

K - 3

 

          8. Notices. Assignee specifies as its address for notices and its Lending Office for
all assigned Loans, the offices set forth below:

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Notice Address:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Attn:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Facsimile:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 

	 	Domestic Lending Office:
	 	Same as above
	 	 
	 
	 	 	 	 	 	 
	 

	 	Eurodollar Lending Office:
	 	Same as above
	 	 

          9. Payment Instructions. All payments to Assignee under the Loan Agreement shall be
made as provided in the Loan Agreement in accordance with the separate instructions delivered to
Agent.

          10. Governing Law. THIS AGREEMENT IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT
FOR ALL PURPOSES AND TO BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS).

          11. Counterparts. This Agreement may be executed in any number of counterparts which
shall together constitute but one and the same agreement.

          12. Amendments. This Agreement may not be amended, modified or terminated except by
an agreement in writing signed by Assignor and Assignee, and consented to by Agent.

          13. Successors. This Agreement shall inure to the benefit of the parties hereto and
their respective successors and assigns as permitted by the terms of Loan Agreement and the
Intercreditor Agreement.

[signatures on following page]

K - 4

 

          IN WITNESS WHEREOF, intending to be legally bound, each of the undersigned has caused this
Agreement to be executed on its behalf by its officers thereunto duly authorized, as of the date
first above written.

	 	 	 	 	 	 	 
	 	 	ASSIGNEE:	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE:	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

RECEIPT ACKNOWLEDGED AND

ASSIGNMENT CONSENTED TO BY:

KEYBANK NATIONAL ASSOCIATION, as Agent

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

CONSENTED TO BY:1

REPUBLIC PROPERTY LIMITED PARTNERSHIP,

a Delaware limited partnership

	 	 	 	 	 	 	 	 	 
	By:	 	Republic Property Trust, a Maryland real

estate investment trust, its sole general partner
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 

	 	 	 	 	 	 

	 	 

 

			
	1	 	Insert to extent required by Credit
Agreement.

K - 5

 

EXHIBIT L

FORM OF LETTER OF CREDIT APPLICATION

L - 1

 

          KeyBank National Association

Application and Agreement for Irrevocable Standby Letter of Credit

	 	 	 	 	 
	To:

	 	International Standby Services Group
	 	Date:
	 

	 	4910 Tiedeman, 4th floor	 	 
	 

	 	Brooklyn, Ohio 44144	 	 
	 

	 	Mailcode: OH-01-51-0435	 	 
	 

	 	Fax Number: (216) 813-3719	 	 

Please issue your Irrevocable Letter of Credit and notify the Beneficiary by:

o Mail     o Swift/Telex     o Courier

	 	 	 
	Beneficiary: (show full name & complete street address)

	 	Applicant: (show full name & complete street address)
	 
	 	 
	 
	 	 
	 
	 	 

	 	 	 	 	 
	Expiration Date: ___

	 	 	 	Dollar Amount (USD): $
	 
	 	 	 	 
	 

	 	 	 	(Amount in words):
	o Automatic Extension Clause

	 	Days Notice: ___	 	 
	 
	 	 	 	 
	o Ultimate Expiration Bate: ___
	 	 	 	 

	 	 	 	 	 	 	 
	Available by Drafts at sight drawn on you and accompanied by the following documents:
	o

	 	 	1.	 	 	Beneficiary’s statement purportedly signed by an authorized individual of (Beneficiary) certifying “The Principal, (Applicant), has not performed or fulfilled all the undertakings, covenants and conditions in accordance with the
terms of the agreement dated ___ between (Applicant) and (Beneficiary)”.
	 
	 	 	 	 	 	 
	o

	 	 	2.	 	 	Beneficiary’s statement purportedly signed by an authorized individual or (Beneficiary) certifying “We hereby certify that invoices under sales agreement between (Applicant) and (Beneficiary) have been submitted for payment and
said invoices are past due and payable”.
	 
	 	 	 	 	 	 
	o

	 	 	3.	 	 	Beneficiary’s statement
purportedly signed by an authorized individual of (Beneficiary)
certifying “We hereby certify that (Applicant) has failed to
honor their contractual agreement dated ___ between (Applicant) and
(Beneficiary) and that payment has not been made and is ___past due.
	 
	 	 	 	 	 	 
	o

	 	 	4.	 	 	Beneficiary’s statement purportedly signed by one of its authorized individuals certifying that ___(Applicant) was the successful bidder under the
Tender No. ___dated ___for supply of ___and that

___(Applicant) has withdrawn their bid or failed to enter into contract.
	 
	 	 	 	 	 	 
	o

	 	 	5.	 	 	Beneficiary’s statement, purportedly signed by an authorized individual reading: 
(Please indicate below the wording which is to appear in the statement to be presented.)
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	o

	 	 	6.	 	 	No statement or document by the beneficiary other than a draft is required to be presented under this L/C.

	 	 	 	 	 	 	 	 	 	 	 
	Partial Drawings:
	 	o Permitted
	 	o Not Permitted
	 	Charges for:
	 	o Beneficiary
	 	o Applicant

	 	 	 
	Special instructions or conditions:
	 	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 

The opening of this credit is governed by the terms and conditions as set forth in the credit agreement. Furthermore, the applicant shall
include revisions of the terminology set forth above as you deem necessary.
I/we hereby agree to the terms and conditions, convenants, and agreements above.

This application and agreement are subject to the current uniform customs and practice for documentary credits
fixed the International Chamber of Commerce and to the terms and conditions set forth in the Reimbursement Agreement.

	 	 	 	 	 
	___

	 	___
	 	Date: ___
	(Customer’s Signature)

	 	(Customer’s Bank Sign Here
—	 	 
	 

	 	if other than KeyBank National Association)	 	 

 

SCHEDULE 1

LENDERS AND COMMITMENTS

	 	 	 	 	 
	 	 	 	 	Revolving Credit
	Name and Address	 	Commitment	 	Commitment Percentage
	KeyBank National Association

127 Public Square

Cleveland, Ohio 44114-1306

Attention: Michael P. Szuba

Facsimile: 216/689-4997
	 	$25,000,000.00	 	16.6667%
	 
	 	 	 	 
	LIBOR Lending Office

     Same as above
	 	 	 	 
	 
	 	 	 	 
	SunTrust Bank

8330 Boone Boulevard, 8th Floor

Vienna, VA 22182

Attention: Nancy B. Richards

Facsimile: 703-442-1570
	 	$25,000,000.00	 	16.6667%
	 
	 	 	 	 
	LIBOR Lending Office

     Same as above
	 	 	 	 
	 
	 	 	 	 
	Charter One Bank, N.A.

1215 Superior Avenue

Cleveland, Ohio 44114

Attention: Michele Jawyn

Facsimile: 216-277-4607
	 	$25,000,000.00	 	16.6667%
	 
	 	 	 	 
	LIBOR Lending Office

     Same as above
	 	 	 	 
	 
	 	 	 	 
	Raymond James Bank, FSB

710 Carillon Parkway

St. Petersburg, FL 33716

Attention: Steven F. Paley

Facsimile: 727-567-8830
	 	$20,000,000.00	 	13.3333%
	 
	 	 	 	 
	LIBOR Lending Office

     Same as above
	 	 	 	 

Schedule 1 — Page 1

 

 

	 	 	 	 	 
	 	 	 	Revolving Credit
	Name and Address	 	Commitment	Commitment Percentage
	PNC Bank, National Association

PNC Real Estate Finance

808 17th Street, N.W.

Washington, DC 20006

Attention: Timothy Gleeson

Facsimile: 202-835-5982
	 	$15,000,000.00	 	10%
	 
	 	 	 	 
	LIBOR Lending Office

     Same as above
	 	 	 	 
	 
	 	 	 	 
	Sovereign Bank

75 State Street

MA 1 SST 0411

Boston, MA 02109

Attention: T. Gregory Donohue

Facsimile: 617-757-5652
	 	$15,000,000.00	 	10%
	 
	 	 	 	 
	LIBOR Lending Office

     Same as above	 	 	 	 
	 
	 	 	 	 
	Wachovia Bank, National Association

301 S. College Street

Mailcode NC0172

Charlotte, NC 28288

Attention: Karen Berka

Facsimile: 704-383-6205
	 	$15,000,000.00	 	10%
	 
	 	 	 	 
	LIBOR Lending Office

     Same as above
	 	 	 	 
	 
	 	 	 	 
	Emigrant Bank

6 East 43rd Street, 22nd Floor

New York, NY 10017

Attention: Eileen Healy

Facsimile: 212-850-4608	 	$10,000,000.00	 	6.6667%

Schedule 1 — Page 2

 

 

SCHEDULE 1.2

ELIGIBLE REAL ESTATE QUALIFICATION DOCUMENTS

With respect to any parcel of Real Estate of the Borrower or a Subsidiary Guarantor proposed to be
included in the Collateral, each of the following:

          (a) Security Documents. Such Security Documents relating to such Real Estate as the
Agent shall in good faith require, duly executed and delivered by the respective parties thereto.

          (b) Enforceability Opinion. If required by the Agent, the favorable legal opinion of
counsel to Borrower or such Subsidiary Guarantor, from counsel reasonably acceptable to the Agent
and qualified to practice in the State in which such Real Estate is located, addressed to the
Lenders and the Agent covering the enforceability of such Security Documents and such other matters
as the Agent shall reasonably request.

          (c) Perfection of Liens. Evidence reasonably satisfactory to the Agent that the
Security Documents are effective to create in favor of the Agent a legal, valid and enforceable
first lien or security title and security interest in such Real Estate and that all filings,
recordings, deliveries of instruments and other actions necessary or desirable to protect and
preserve such liens or security title or security interests have been duly effected.

          (d) Survey and Taxes. The Survey of such Real Estate, together with the Surveyor
Certification and evidence of payment of all real estate taxes, assessments and municipal charges
on such Real Estate which on the date of determination are required to have been paid under §7.8.

          (e) Title Insurance; Title Exception Documents. The Title Policy (or “marked”
commitment/pro forma policy for a Title Policy) covering such Real Estate, including all
endorsements thereto, and together with proof of payment of all fees and premiums for such policy,
and true and accurate copies of all documents listed as exceptions under such policy.

          (f) UCC Certification. A certification from the Title Insurance Company, records
search firm, or counsel satisfactory to the Agent that a search of the appropriate public records
disclosed no conditional sales contracts, security agreements, chattel mortgages, leases of
personalty, financing statements or title retention agreements which affect any property, rights or
interests of the Borrower or such Subsidiary Guarantor that are or are intended to be subject to
the security interest, security title, assignments, and mortgage liens created by the Security
Documents relating to such Real Estate except to the extent that the same are discharged and
removed prior to or simultaneously with the inclusion of the Real Estate in the Collateral.

          (g) Management Agreement. A true copy of the Management Agreement, if any, relating
to such Real Estate, which shall be in form and substance reasonably satisfactory to the Agent.

          (h) Leases. True copies of all Major Tenant Leases relating to such Real Estate
together with Lease Summaries for all such Leases if available, together with true copies of such

Schedule 1.2 — Page 1

 

 

other Leases (and Lease Summaries with respect thereto, if available) as the Agent or the
Required Lenders may request and a Rent Roll for such Real Estate certified by the Borrower or
Subsidiary Guarantor as accurate and complete as of a recent date, each of which shall be in form
and substance reasonably satisfactory to the Required Lenders.

          (i) Lease Form. The form of Lease, if any, to be used by the Borrower or such
Subsidiary Guarantor in connection with future leasing of such Mortgaged Property, which shall be
in form and substance reasonably satisfactory to the Agent.

          (j) Subordination Agreements. A Subordination, Attornment and Non-Disturbance
Agreement from tenants of such Real Estate as required by the Agent.

          (k) Estoppel Certificates. Estoppel certificates from tenants of such Real Estate as
required by Agent, such certificates to be dated not more than thirty (30) days prior to the
inclusion of such Real Estate in the Collateral, each such estoppel certificate to be in form and
substance reasonably satisfactory to the Agent.

          (l) Certificates of Insurance. Each of (i) a current certificate of insurance as to
the insurance maintained by the Borrower or such Subsidiary Guarantor on such Real Estate
(including flood insurance if necessary) from the insurer or an independent insurance broker dated
as of the date of determination, identifying insurers, types of insurance, insurance limits, and
policy terms; (ii) certified copies of all policies evidencing such insurance (or certificates
therefor signed by the insurer or an agent authorized to bind the insurer); and (iii) such further
information and certificates from the Borrower or such Subsidiary Guarantor, its insurers and
insurance brokers as the Agent may reasonably request, all of which shall be in compliance with the
requirements of this Agreement.

          (m) Property Condition Report. A property condition report from a firm of
professional engineers or architects selected by Borrower and reasonably acceptable to Agent (the
“Inspector”) satisfactory in form and content to the Agent and the Required Lenders, dated not more
than sixty (60) days prior to the inclusion of such Real Estate in the Collateral, addressing such
matters as the Agent and the Required Lenders may reasonably require.

          (n) Hazardous Substance Assessments. A hazardous waste site assessment report
addressed to the Agent (or the subject of a reliance letter addressed to, and in a form reasonably
satisfactory to, the Agent) concerning Hazardous Substances and asbestos on such Real Estate dated
or updated not more than sixty (60) days prior to the inclusion of such Real Estate in the
Collateral, from the Environmental Engineer, such report to contain no qualifications except those
that are acceptable to the Required Lenders in their reasonable discretion and to otherwise be in
form and substance reasonably satisfactory to the Agent in its sole discretion.

          (o) Zoning and Land Use Compliance. Such evidence regarding zoning and land use
compliance as the Agent may require and approve in its reasonable discretion.

          (p) Certificate of Occupancy. A copy of the certificate(s) of occupancy issued to the
Borrower or any Subsidiary for such parcel of Real Estate permitting the use and occupancy of the
Building thereon (or a copy of the certificates of occupancy issued for such parcel of Real Estate
and evidence satisfactory to the Agent that any previously issued certificate(s) of

Schedule 1.2 — Page 2

 

 

occupancy is not required to be reissued to the Borrower or any Subsidiary), or a legal
opinion or certificate from the appropriate authority reasonably satisfactory to the Agent that no
certificates of occupancy are necessary to the use and occupancy thereof.

     (q) Appraisal. An Appraisal of such Real Estate, in form and substance satisfactory
to the Agent and the Required Lenders as provided in §5.2 and dated not more than sixty (60) days
prior to the inclusion of such Real Estate in the Collateral.

     (r) Budget. An operating and capital expenditure budget for such Real Estate in form
and substance reasonably satisfactory to the Required Lenders. The capital expenditure budget for
the Real Estate must show adequate reserves or cash flow to cover capital expenditure needs of the
Real Estate.

     (s) Operating Statements. Operating statements for such Real Estate in the form of
such statements delivered to the Lenders under §7.4(e) covering each of the four fiscal quarters
ending immediately prior to the addition of such Real Estate to the Collateral, to the extent
available.

     (t) Environmental Disclosure. Such evidence regarding compliance with §6.20(d) as
Agent may reasonably require.

     (u) Subsidiary Guarantor Documents. With respect to Real Estate owned by a
Subsidiary, the Joinder Agreement and such other documents, instruments, reports, assurances, or
opinions as the Agent may reasonably require.

     (v) Additional Documents. Such other agreements, documents, certificates, reports or
assurances as the Agent may reasonably require.

Schedule 1.2 — Page 3exv4w9

 

Exhibit 4.9

 

 

MGI PHARMA, INC.

AMENDED AND RESTATED 1997 STOCK INCENTIVE PLAN

 

(as
amended and restated effective May 9, 2006 and

formerly known as the 1997 Stock Incentive Plan)

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	1.

	 	PURPOSE
	 	 	1	 
	2.

	 	DEFINITIONS
	 	 	1	 
	3.

	 	ADMINISTRATION OF THE PLAN
	 	 	5	 
	 

	 	3.1. Board
	 	 	5	 
	 

	 	3.2. Committee
	 	 	5	 
	 

	 	3.3. Terms of Awards
	 	 	6	 
	 

	 	3.4. Deferral Arrangement
	 	 	7	 
	 

	 	3.5. No Liability
	 	 	7	 
	 

	 	3.6. Share Issuance/Book-Entry
	 	 	7	 
	4.

	 	STOCK SUBJECT TO THE PLAN
	 	 	8	 
	5.

	 	EFFECTIVE DATE, DURATION AND AMENDMENTS
	 	 	9	 
	 

	 	5.1. Effective Date
	 	 	9	 
	 

	 	5.2. Term
	 	 	9	 
	 

	 	5.3. Amendment and Termination of the Plan
	 	 	9	 
	6.

	 	AWARD ELIGIBILITY AND LIMITATIONS
	 	 	9	 
	 

	 	6.1. Service Providers and Other Persons
	 	 	9	 
	 

	 	6.2. Successive Awards and Substitute Awards
	 	 	9	 
	 

	 	6.3. Limitation on Shares of Stock Subject to Awards and Cash Awards
	 	 	10	 
	7.

	 	AWARD AGREEMENT
	 	 	10	 
	8.

	 	TERMS AND CONDITIONS OF OPTIONS
	 	 	10	 
	 

	 	8.1. Option Price
	 	 	10	 
	 

	 	8.2. Vesting
	 	 	11	 
	 

	 	8.3. Term
	 	 	11	 
	 

	 	8.4. Termination of Service
	 	 	11	 
	 

	 	8.5. Limitations on Exercise of Option
	 	 	11	 
	 

	 	8.6. Method of Exercise
	 	 	11	 
	 

	 	8.7. Rights of Holders of Options
	 	 	12	 
	 

	 	8.8. Delivery of Stock Certificates
	 	 	12	 
	 

	 	8.9. Transferability of Options
	 	 	12	 
	 

	 	8.10. Family Transfers
	 	 	12	 
	 

	 	8.11. Limitations on Incentive Stock Options
	 	 	12	 
	9.

	 	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS
	 	 	13	 
	 

	 	9.1. Right to Payment and Grant Price
	 	 	13	 
	 

	 	9.2. Other Terms
	 	 	13	 
	10.

	 	TERMS AND CONDITIONS OF RESTRICTED
STOCK AND STOCK UNITS
	 	 	13	 
	 

	 	10.1. Grant of Restricted Stock or Stock Units
	 	 	13	 
	 

	 	10.2. Restrictions
	 	 	13	 
	 

	 	10.3. Restricted Stock Certificates
	 	 	14	 
	 

	 	10.4. Rights of Holders of Restricted Stock
	 	 	14	 

- i -

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 

	 	10.5. Rights of Holders of Stock Units
	 	 	14	 
	 

	 	        10.5.1. Voting and Dividend Rights
	 	 	14	 
	 

	 	        10.5.2. Creditor’s Rights
	 	 	14	 
	 

	 	10.6. Termination of Service
	 	 	14	 
	 

	 	10.7. Purchase of Restricted Stock
	 	 	15	 
	 

	 	10.8. Delivery of Stock
	 	 	15	 
	11.

	 	TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS
	 	 	15	 
	12.

	 	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK
	 	 	15	 
	 

	 	12.1. General Rule
	 	 	15	 
	 

	 	12.2. Surrender of Stock
	 	 	15	 
	 

	 	12.3. Cashless Exercise
	 	 	16	 
	 

	 	12.4. Other Forms of Payment
	 	 	16	 
	13.

	 	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS
	 	 	16	 
	 

	 	13.1. Dividend Equivalent Rights
	 	 	16	 
	 

	 	13.2. Termination of Service
	 	 	16	 
	14.

	 	TERMS AND CONDITIONS OF PERFORMANCE AND ANNUAL INCENTIVE AWARDS
	 	 	17	 
	 

	 	14.1. Performance Conditions
	 	 	17	 
	 

	 	14.2. Performance or Annual Incentive Awards Granted to Designated Covered Employees
	 	 	17	 
	 

	 	        14.2.1. Performance Goals Generally
	 	 	17	 
	 

	 	        14.2.2. Business Criteria
	 	 	17	 
	 

	 	        14.2.3. Timing For Establishing Performance Goals
	 	 	18	 
	 

	 	        14.2.4. Settlement of Performance or Annual Incentive Awards; Other Terms
	 	 	18	 
	 

	 	14.3. Written Determinations
	 	 	18	 
	 

	 	14.4. Status of Section 14.2 Awards Under Code Section 162(m)
	 	 	18	 
	15.

	 	PARACHUTE LIMITATIONS
	 	 	19	 
	16.

	 	REQUIREMENTS OF LAW
	 	 	19	 
	 

	 	16.1. General
	 	 	19	 
	 

	 	16.2. Rule 16b-3
	 	 	20	 
	17.

	 	EFFECT OF CHANGES IN CAPITALIZATION
	 	 	20	 
	 

	 	17.1. Changes in Stock
	 	 	20	 
	 

	 	17.2. Reorganization in Which the Company Is the Surviving Entity Which does not
Constitute a Corporate Transaction
	 	 	21	 
	 

	 	17.3. Corporate Transaction
	 	 	21	 
	 

	 	17.4. Adjustments
	 	 	22	 
	 

	 	17.5. No Limitations on Company
	 	 	23	 
	18.

	 	GENERAL PROVISIONS
	 	 	23	 
	 

	 	18.1. Disclaimer of Rights
	 	 	23	 
	 

	 	18.2. Nonexclusivity of the Plan
	 	 	23	 
	 

	 	18.3. Withholding Taxes
	 	 	23	 

- ii -

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 

	 	18.4. Captions
	 	 	24	 
	 

	 	18.5. Other Provisions
	 	 	24	 
	 

	 	18.6. Number and Gender
	 	 	24	 
	 

	 	18.7. Severability
	 	 	24	 
	 

	 	18.8. Governing Law
	 	 	24	 
	 

	 	18.9. Section 409A of the Code
	 	 	24	 

- iii -

 

 

MGI PHARMA, INC.

AMENDED AND RESTATED 1997 STOCK INCENTIVE PLAN

(Amended
and Restated Effective as of
May 9, 2006)

     MGI Pharma, Inc., a Minnesota corporation (the “Company”), sets forth herein the terms of its
Amended and Restated 1997 Stock Incentive Plan (the “Plan”), which is an amendment and restatement
of the Company’s 1997 Stock Incentive Plan, as follows:

1. PURPOSE

     The Plan is intended to enhance the Company’s and its Affiliates’ (as defined herein) ability
to attract and retain highly qualified officers, directors, key employees, and other persons, and
to motivate such persons to serve the Company and its Affiliates and to expend maximum effort to
improve the business results and earnings of the Company, by providing to such persons an
opportunity to acquire or increase a direct proprietary interest in the operations and future
success of the Company. To this end, the Plan provides for the grant of stock options, stock
appreciation rights, restricted stock, stock units, unrestricted stock, dividend equivalent rights
and cash awards. Any of these awards may, but need not, be made as performance incentives to
reward attainment of annual or long-term performance goals in accordance with the terms hereof.
Stock options granted under the Plan may be non-qualified stock options or incentive stock options,
as provided herein.

     The
Plan is an amendment and restatement as of May 9, 2006 of the MGI Pharma, Inc.
1997 Stock Incentive Plan, as amended (the “Prior Plan”). From and after the date on which the
Company’s stockholders approved the Prior Plan, no awards or stock options shall be granted under
the Company’s 1994 Stock Incentive Plan, as amended, the Company’s 1984 Stock Option Plan, as
amended, and the Company’s 1982 Incentive Stock Option Plan, as amended.

2. DEFINITIONS

     For purposes of interpreting the Plan and related documents (including Award Agreements), the
following definitions shall apply:

     2.1
“Affiliate” means, with respect to the Company, any company or other trade or business
that controls, is controlled by or is under common control with the Company within the meaning of
Rule 405 of Regulation C under the Securities Act, including, without limitation, any Subsidiary.

     2.2 “Annual Incentive Award” means an Award made subject to attainment of performance goals
(as described in Section 14) over a performance period of up to one year (the Company’s fiscal
year, unless otherwise specified by the Committee).

 

 

 

     2.3 “Award” means a grant of an Option, Stock Appreciation Right, Restricted Stock,
Unrestricted Stock, Stock Unit, Dividend Equivalent Rights, or cash award under the Plan.

     2.4 “Award Agreement” means the written agreement between the Company and a Grantee that
evidences and sets out the terms and conditions of an Award.

     2.5 “Benefit Arrangement” shall have the meaning set forth in Section 15 hereof.

     2.6 “Board” means the Board of Directors of the Company.

     2.7 “Cause” means, as determined by the Board and unless otherwise provided in an applicable
agreement with the Company or an Affiliate, (i) gross negligence or willful misconduct in
connection with the performance of duties; (ii) conviction of a criminal offense (other than minor
traffic offenses); or (iii) material breach of any term of any employment, consulting or other
services, confidentiality, intellectual property or non-competition agreements, if any, between the
Service Provider and the Company or an Affiliate.

     2.8 “Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended.

     2.9 “Committee” means a committee of, and designated from time to time by resolution of, the
Board, which shall be constituted as provided in Section 3.2.

     2.10 “Company” means MGI Pharma, Inc.

     2.11 “Corporate Transaction” means (i) the dissolution or liquidation of the Company or a
merger, consolidation, or reorganization of the Company with one or more other entities in which
the Company is not the surviving entity, (ii) a sale of substantially all of the assets of the
Company to another person or entity, or (iii) any transaction (including without limitation a
merger or reorganization in which the Company is the surviving entity) which results in any person
or entity (other than persons who are stockholders or Affiliates immediately prior to the
transaction) owning 50% or more of the combined voting power of all classes of stock of the
Company.

     2.12 “Covered Employee” means a Grantee who is a covered employee within the meaning of
Section 162(m)(3) of the Code.

     2.13 “Disability” means the Grantee is disabled under the Company’s long term disability plan
for a continuous period of not less than 12 months; provided, however, that, with respect to rules
regarding expiration of an Incentive Stock Option following termination of the Grantee’s Service,
Disability shall mean the Grantee is unable to engage in any substantial gainful activity by reason
of a medically determinable physical or mental impairment which can be expected to result in death
or which has lasted or can be expected to last for a continuous period of not less than 12 months.

     2.14 “Dividend Equivalent Right” means a right, granted to a Grantee under Section 13 hereof,
to receive cash, Stock, other Awards or other property equal in value to

- 2 -

 

 

dividends paid with respect to a specified number of shares of Stock, or other periodic
payments.

     2.15
“Effective Date” means
May 9, 2006, the date the Plan, as amended and restated,
is approved by the stockholders of the Company.

     2.16 “Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as
hereafter amended.

     2.17 “Fair Market Value” means the value of a share of Stock, determined as follows: if on
the Grant Date or other determination date the Stock is listed on an established national or
regional stock exchange, is admitted to quotation on The Nasdaq Stock Market, Inc. or is publicly
traded on an established securities market, the Fair Market Value of a share of Stock shall be the
closing price of the Stock on such exchange or in such market (if there is more than one such
exchange or market the Board shall determine the appropriate exchange or market) on the Grant Date
or such other determination date (or if there is no such reported closing price, the Fair Market
Value shall be the mean between the highest bid and lowest asked prices or between the high and low
sale prices on such trading day) or, if no sale of Stock is reported for such trading day, on the
next preceding day on which any sale shall have been reported. If the Stock is not listed on such
an exchange, quoted on such system or traded on such a market, Fair Market Value shall be the value
of the Stock as determined by the Board in good faith in a manner consistent with Code Section
409A.

     2.18 “Family Member” means a person who is a spouse, former spouse, child, stepchild,
grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive
relationships, of the Grantee, any person sharing the Grantee’s household (other than a tenant or
employee), a trust in which any one or more of these persons have more than fifty percent of the
beneficial interest, a foundation in which any one or more of these persons (or the Grantee)
control the management of assets, and any other entity in which one or more of these persons (or
the Grantee) own more than fifty percent of the voting interests.

     2.19 “Grant Date” means, as determined by the Board, the latest to occur of (i) the date as of
which the Board approves an Award, (ii) the date on which the recipient of an Award first becomes
eligible to receive an Award under Section 6 hereof, or (iii) such other date as may be specified
by the Board.

     2.20 “Grantee” means a person who receives or holds an Award under the Plan.

     2.21 “Incentive Stock Option” means an “incentive stock option” within the meaning of Section
422 of the Code, or the corresponding provision of any subsequently enacted tax statute, as amended
from time to time.

     2.22 “Non-qualified Stock Option” means an Option that is not an Incentive Stock Option.

- 3 -

 

 

     2.23 “Option” means an option to purchase one or more shares of Stock pursuant to the Plan.

     2.24 “Option Price” means the exercise price for each share of Stock subject to an Option.

     2.25 “Other Agreement” shall have the meaning set forth in Section 15 hereof.

     2.26 “Outside Director” means a member of the Board who is not an officer or employee of the
Company.

     2.27 “Performance Award” means an Award made subject to the attainment of performance goals
(as described in Section 14) over a performance period of up to ten (10) years.

     2.28 “Plan” means this MGI Pharma, Inc. Amended and Restated 1997 Stock Incentive Plan, which
is an amendment and restatement of the Prior Plan.

     2.29 “Prior Plan” means the MGI Pharma, Inc. 1997 Stock Incentive Plan, as amended, which was
originally approved by the stockholders of the Company on May 13, 1997.

     2.30 “Purchase Price” means the purchase price for each share of Stock pursuant to a grant of
Restricted Stock or Unrestricted Stock.

     2.31 “Reporting Person” means a person who is required to file reports under Section 16(a) of
the Exchange Act.

     2.32 “Restricted Stock” means shares of Stock, awarded to a Grantee pursuant to Section 10
hereof.

     2.33 “SAR Exercise Price” means the per share exercise price of an SAR granted to a Grantee
under Section 9 hereof.

     2.34 “Securities Act” means the Securities Act of 1933, as now in effect or as hereafter
amended.

     2.35 “Service” means service as a Service Provider to the Company or an Affiliate. Unless
otherwise stated in the applicable Award Agreement, a Grantee’s change in position or duties shall
not result in interrupted or terminated Service, so long as such Grantee continues to be a Service
Provider to the Company or an Affiliate. Subject to the preceding sentence, whether a termination
of Service shall have occurred for purposes of the Plan shall be determined by the Board, which
determination shall be final, binding and conclusive.

     2.36 “Service Provider” means an employee, officer or director of the Company or an Affiliate,
or a consultant or adviser currently providing services to the Company or an Affiliate.

- 4 -

 

 

     2.37 “Stock” means the common stock, par value $.01 per share, of the Company.

     2.38 “Stock Appreciation Right” or “SAR” means a right granted to a Grantee under Section 9
hereof.

     2.39 “Stock Unit” means a bookkeeping entry representing the equivalent of one share of Stock
awarded to a Grantee pursuant to Section 10 hereof.

     2.40 “Subsidiary” means any “subsidiary corporation” of the Company within the meaning of
Section 424(f) of the Code.

     2.41 “Substitute Awards” means Awards granted upon assumption of, or in substitution for,
outstanding awards previously granted by a company or other entity acquired by the Company or any
Affiliate or with which the Company or any Affiliate combines.

     2.42 “Termination Date” means the date upon which an Option shall terminate or expire, as set
forth in Section 8.3 hereof.

     2.43 “Ten Percent Stockholder” means an individual who owns more than ten percent (10%) of the
total combined voting power of all classes of outstanding stock of the Company, its parent or any
of its Subsidiaries. In determining stock ownership, the attribution rules of Section 424(d) of
the Code shall be applied.

     2.44 “Unrestricted Stock” means an Award pursuant to Section 11 hereof.

3. ADMINISTRATION OF THE PLAN

3.1. Board.

     The Board shall have such powers and authorities related to the administration of the Plan as
are consistent with the Company’s articles of incorporation and by-laws and applicable law. The
Board shall have full power and authority to take all actions and to make all determinations
required or provided for under the Plan, any Award or any Award Agreement, and shall have full
power and authority to take all such other actions and make all such other determinations not
inconsistent with the specific terms and provisions of the Plan that the Board deems to be
necessary or appropriate to the administration of the Plan, any Award or any Award Agreement. All
such actions and determinations shall be by the affirmative vote of a majority of the members of
the Board present at a meeting or by unanimous consent of the Board executed in writing in
accordance with the Company’s articles of incorporation and by-laws and applicable law. The
interpretation and construction by the Board of any provision of the Plan, any Award or any Award
Agreement shall be final, binding and conclusive.

3.2. Committee.

     The Board from time to time may delegate to the Committee such powers and authorities related
to the administration and implementation of the Plan, as set forth in

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Section 3.1 above and other applicable provisions, as the Board shall determine, consistent with
the articles of incorporation and by-laws of the Company and applicable law.

     (i) Except as provided in Subsection (ii) and except as the Board may otherwise
determine, the Committee, if any, appointed by the Board to administer the Plan shall
consist of two or more Outside Directors of the Company who: (a) qualify as “outside
directors” within the meaning of Section 162(m) of the Code and who (b) meet such other
requirements as may be established from time to time by the Securities and Exchange
Commission for plans intended to qualify for exemption under Rule 16b-3 (or its successor)
under the Exchange Act and who comply with the independence requirements of the stock
exchange on which the Common Stock is listed. The Committee shall be the Compensation
Committee.

     (ii) The Board may also appoint one or more separate committees of the Board, each
composed of one or more directors of the Company who need not be Outside Directors, who may
administer the Plan with respect to employees or other Service Providers who are not
officers or directors of the Company, may grant Awards under the Plan to such employees or
other Service Providers, and may determine all terms of such Awards.

In the event that the Plan, any Award or any Award Agreement entered into hereunder provides for
any action to be taken by or determination to be made by the Board, such action may be taken or
such determination may be made by the Committee if the power and authority to do so has been
delegated to the Committee by the Board as provided for in this Section. Unless otherwise
expressly determined by the Board, any such action or determination by the Committee shall be
final, binding and conclusive. To the extent permitted by law, the Committee may delegate its
authority under the Plan to a member of the Board.

3.3. Terms of Awards.

     Subject to the other terms and conditions of the Plan, the Board shall have full and final
authority to:

     (i) designate Grantees,

     (ii) determine the type or types of Awards to be made to a Grantee,

     (iii) determine the number of shares of Stock to be subject to an Award,

     (iv) establish the terms and conditions of each Award (including, but not limited to, the
exercise price of any Option, the nature and duration of any restriction or condition (or provision
for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the
shares of Stock subject thereto, and any terms or conditions that may be necessary to qualify
Options as Incentive Stock Options),

     (v) prescribe the form of each Award Agreement evidencing an Award, and

     (vi) amend, modify, or supplement the terms of any outstanding Award. Such authority
specifically includes the authority, in order to effectuate the purposes of the Plan

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but without amending the Plan, to modify Awards to eligible individuals who are foreign
nationals or are individuals who are employed outside the United States to recognize differences in
local law, tax policy, or custom. Notwithstanding the foregoing, no amendment, modification or
supplement of any Award shall, without the consent of the Grantee, impair the Grantee’s rights
under such Award and no amendment or modification to an Award that would treated as a repricing
under the rules of the stock exchange on which the Stock is listed shall be made without approval
of the Company’s shareholders.

     The Company may retain the right in an Award Agreement to cause a forfeiture of the gain
realized by a Grantee on account of actions taken by the Grantee in violation or breach of or in
conflict with any employment agreement, non-competition agreement, any agreement prohibiting
solicitation of employees or clients of the Company or any Affiliate thereof or any confidentiality
obligation with respect to the Company or any Affiliate thereof or otherwise in competition with
the Company or any Affiliate thereof, to the extent specified in such Award Agreement applicable to
the Grantee. Furthermore, the Company may annul an Award if the Grantee is an employee of the
Company or an Affiliate thereof and is terminated for Cause as defined in the applicable Award
Agreement or the Plan, as applicable. The grant of any Award shall be contingent upon the Grantee
executing the appropriate Award Agreement.

     Notwithstanding the foregoing, no amendment or modification may be made to an outstanding
Option or SAR which reduces the Option Price or SAR Exercise Price, either by lowering the Option
Price or SAR Exercise Price or by canceling the outstanding Option or SAR and granting a
replacement Option or SAR with a lower exercise price without the approval of the stockholders of
the Company, provided, that, appropriate adjustments may be made to outstanding Options and SARs
pursuant to Section 17.

3.4. Deferral Arrangement.

     The Board may permit or require the deferral of any award payment into a deferred compensation
arrangement, subject to such rules and procedures as it may establish, which may include provisions
for the payment or crediting of interest or dividend equivalents, including converting such credits
into deferred Stock equivalents, restricting deferrals to comply with hardship distribution rules
affecting 401(k) plans. Any such deferrals shall be made in a manner that complies with Code
Section 409A.

3.5. No Liability.

     No member of the Board or of the Committee shall be liable for any action or determination
made in good faith with respect to the Plan or any Award or Award Agreement.

3.6. Share Issuance/Book-Entry.

     Notwithstanding any provision of this Plan to the contrary, the issuance of the Stock under
the Plan may be evidenced in such a manner as the Board, in its discretion, deems appropriate,
including, without limitation, book-entry registration or issuance of one or more Stock
certificates.

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4. STOCK SUBJECT TO THE PLAN

     Subject to adjustment as provided in Section 17 hereof, the number of shares of Stock
available for issuance under the Plan shall be 21,562,338. Notwithstanding the preceding sentence
and also subject to adjustment as provided in Section 17 hereof, the aggregate number of shares of
Stock which cumulatively may be available for issuance pursuant to Awards other than Awards of
Options or SARs shall not exceed 7,800,000 and the number of shares that may be issued as Incentive
Stock Options shall not exceed 21,562,338. Stock issued or to be issued under the Plan shall be
authorized but unissued shares; or, to the extent permitted by applicable law, issued shares that
have been reacquired by the Company. If any shares covered by an Award are not purchased or are
forfeited, or if an Award otherwise terminates without delivery of any Stock subject thereto, then
the number of shares of Stock counted against the aggregate number of shares available under the
Plan with respect to such Award shall, to the extent of any such forfeiture or termination, again
be available for making Awards under the Plan. SARs settled in shares of Stock shall be counted
one-for-one against the share total.

     If the Option Price of any Option granted under the Plan, or if pursuant to Section 18.3 the
withholding obligation of any Grantee with respect to an Option or other Award, is satisfied by
tendering shares of Stock to the Company (by either actual delivery or by attestation) or by
withholding shares of Stock, the number of shares of Stock issued net of the shares of Stock
tendered or withheld shall be deemed delivered for purposes of determining the maximum number of
shares of Stock available for delivery under the Plan.

     The Board shall have the right to substitute or assume Awards in connection with mergers,
reorganizations, separations, or other transactions to which Section 424(a) of the Code applies.
The number of shares of Stock reserved pursuant to Section 4 may be increased by the corresponding
number of Awards assumed and, in the case of a substitution, by the net increase in the number of
shares of Stock subject to Awards before and after the substitution.

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5. EFFECTIVE DATE, DURATION AND AMENDMENTS

5.1. Effective Date.

     The Plan shall be effective as of the Effective Date, subject to approval of the Plan by the
Company’s stockholders within one year of the Effective Date. Upon approval of the Plan by the
stockholders of the Company as set forth above, all Awards made under the Plan on or after the
Effective Date shall be fully effective as if the stockholders of the Company had approved the Plan
on the Effective Date. If the stockholders fail to approve the Plan within one year of the
Effective Date, any Awards made hereunder shall be null and void and of no effect.

5.2. Term.

     The Plan, as amended and restated, shall terminate automatically ten (10) years after its
adoption by the Board and may be terminated on any earlier date as provided in Section 5.3.

5.3. Amendment and Termination of the Plan.

     The Board may, at any time and from time to time, amend, suspend, or terminate the Plan as to
any shares of Stock as to which Awards have not been made. An amendment shall be contingent on
approval of the Company’s stockholders to the extent stated by the Board, required by applicable
law or required by applicable stock exchange listing requirements. In addition, an amendment will
be contingent on approval of the Company’s stockholders if the amendment would: (i) materially
increase the benefits accruing to participants under the Plan, (ii) materially increase the
aggregate number of shares of Stock that may be issued under the Plan, or (iii) materially modify
the requirements as to eligibility for participation in the Plan. No Awards shall be made after
termination of the Plan. No amendment, suspension, or termination of the Plan shall, without the
consent of the Grantee, impair rights or obligations under any Award theretofore awarded under the
Plan.

6. AWARD ELIGIBILITY AND LIMITATIONS

6.1. Service Providers and Other Persons.

     Subject to this Section 6, Awards may be made under the Plan to: (i) any Service Provider to
the Company or of any Affiliate, including any Service Provider who is an officer or director of
the Company, or of any Affiliate, as the Board shall determine and designate from time to time and
(ii) any other individual whose participation in the Plan is determined to be in the best interests
of the Company by the Board.

6.2. Successive Awards and Substitute Awards.

     An eligible person may receive more than one Award, subject to such restrictions as are
provided herein. Notwithstanding Sections 8.1 and 9.1, the Option Price of an Option
or the grant price of an SAR that is a Substitute Award may be less than 100% of the Fair Market

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Value of a share of Common Stock on the original date of grant; provided, that, the Option Price or
grant price is determined in accordance with the principles of Code Section 424 and the regulations
thereunder.

6.3. Limitation on Shares of Stock Subject to Awards and Cash Awards.

     During any time when the Company has a class of equity security registered under Section 12 of
the Exchange Act:

     (i) the maximum number of shares of Stock subject to Options or SARs that can be awarded under
the Plan to any person eligible for an Award under Section 6 hereof is 450,000 per calendar year;

     (ii) the maximum number of shares that can be awarded under the Plan, other than pursuant to
an Option or SARs, to any person eligible for an Award under Section 6 hereof is 450,000 per
calendar year; and

     (iii) the maximum amount that may be earned as an Annual Incentive Award or other cash Award
in any calendar year by any one Grantee shall be $2,000,000 and the maximum amount that may be
earned as a Performance Award or other cash Award in respect of a performance period by any one
Grantee shall be $5,000,000.

     The preceding limitations in this Section 6.3 are subject to adjustment as provided in Section
17 hereof.

7. AWARD AGREEMENT

     Each Award granted pursuant to the Plan shall be evidenced by an Award Agreement, in such form
or forms as the Board shall from time to time determine. Award Agreements granted from time to
time or at the same time need not contain similar provisions but shall be consistent with the terms
of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such
Options are intended to be Non-qualified Stock Options or Incentive Stock Options, and in the
absence of such specification such options shall be deemed Non-qualified Stock Options.

8. TERMS AND CONDITIONS OF OPTIONS

8.1. Option Price.

     The Option Price of each Option shall be fixed by the Board and stated in the Award Agreement
evidencing such Option. The Option Price of each Option shall be at least the Fair Market Value on
the Grant Date of a share of Stock; provided, however, that in the event that a
Grantee is a Ten Percent Stockholder, the Option Price of an Option granted to such Grantee that is
intended to be an Incentive Stock Option shall be not less than 110 percent of the Fair Market
Value of a share of Stock on the Grant Date. In no case shall the Option Price of any Option be
less than the par value of a share of Stock.

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8.2. Vesting.

Subject to Sections 8.3 and 17.3 hereof, each Option granted under the Plan shall become
exercisable at such times and under such conditions as shall be determined by the Board and stated
in the Award Agreement. For purposes of this Section 8.2, fractional numbers of shares of Stock
subject to an Option shall be rounded down to the next nearest whole number.

8.3. Term.

     Each Option granted under the Plan shall terminate, and all rights to purchase shares of Stock
thereunder shall cease, upon the expiration of ten years from the date such Option is granted, or
under such circumstances and on such date prior thereto as is set forth in the Plan or as may be
fixed by the Board and stated in the Award Agreement relating to such Option (the “Termination
Date”); provided, however, that in the event that the Grantee is a Ten Percent
Stockholder, an Option granted to such Grantee that is intended to be an Incentive Stock Option
shall not be exercisable after the expiration of five years from its Grant Date.

8.4. Termination of Service.

     Each Award Agreement shall set forth the extent to which the Grantee shall have the right to
exercise the Option following termination of the Grantee’s Service. Such provisions shall be
determined in the sole discretion of the Board, need not be uniform among all Options issued
pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service.

8.5. Limitations on Exercise of Option.

     Notwithstanding any other provision of the Plan, in no event may any Option be exercised, in
whole or in part, prior to the date the Plan is approved by the stockholders of the Company as
provided herein or after the occurrence of an event referred to in Section 17 hereof which results
in termination of the Option.

8.6. Method of Exercise.

     An Option that is exercisable may be exercised by the Grantee’s delivery to the Company of
written notice of exercise on any business day, at the Company’s principal office, on the form
specified by the Company. Such notice shall specify the number of shares of Stock with respect to
which the Option is being exercised and shall be accompanied by payment in full of the Option Price
of the shares for which the Option is being exercised plus the amount (if any) of federal and/or
other taxes which the Company may, in its judgment, be required to withhold with respect to an
Award. The minimum number of shares of Stock with respect to which an Option may be exercised, in
whole or in part, at any time shall be the lesser of (i) 100 shares or such lesser number set forth
in the applicable Award Agreement and (ii) the maximum number of shares available for purchase
under the Option at the time of exercise.

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8.7. Rights of Holders of Options.

     Unless otherwise stated in the applicable Award Agreement, an individual holding or exercising
an Option shall have none of the rights of a stockholder (for example, the right to receive cash or
dividend payments or distributions attributable to the subject shares of Stock or to direct the
voting of the subject shares of Stock) until the shares of Stock covered thereby are fully paid and
issued to him. Except as provided in Section 17 hereof, no adjustment shall be made for dividends,
distributions or other rights for which the record date is prior to the date of such issuance.

8.8. Delivery of Stock Certificates.

     Promptly after the exercise of an Option by a Grantee and the payment in full of the Option
Price, such Grantee shall be entitled to the issuance of a stock certificate or certificates
evidencing his or her ownership of the shares of Stock subject to the Option.

8.9. Transferability of Options.

     Except as provided in Section 8.10, during the lifetime of a Grantee, only the Grantee (or, in
the event of legal incapacity or incompetency, the Grantee’s guardian or legal representative) may
exercise an Option. Except as provided in Section 8.10, no Option shall be assignable or
transferable by the Grantee to whom it is granted, other than by will or the laws of descent and
distribution.

8.10. Family Transfers.

     If authorized in the applicable Award Agreement, a Grantee may transfer, not for value, all or
part of an Option which is not an Incentive Stock Option to any Family Member. For the purpose of
this Section 8.10, a “not for value” transfer is a transfer which is (i) a gift, (ii) a transfer
under a domestic relations order in settlement of marital property rights; or (iii) a transfer to
an entity in which more than fifty percent of the voting interests are owned by Family Members (or
the Grantee) in exchange for an interest in that entity. Following a transfer under this Section
8.10, any such Option shall continue to be subject to the same terms and conditions as were
applicable immediately prior to transfer. Subsequent transfers of transferred Options are
prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or
by will or the laws of descent and distribution. The events of termination of Service of Section
8.4 hereof shall continue to be applied with respect to the original Grantee, following which the
Option shall be exercisable by the transferee only to the extent, and for the periods specified, in
Section 8.4.

8.11. Limitations on Incentive Stock Options.

     An Option shall constitute an Incentive Stock Option only (i) if the Grantee of such Option is
an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically
provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market
Value (determined at the time the Option is granted) of the shares of Stock with respect to which
all Incentive Stock Options held by such Grantee become exercisable for the first time during any
calendar year (under the Plan and all other plans of the Grantee’s employer and its Affiliates)
does not exceed $100,000. This limitation shall be applied by taking Options into account in the
order in which they were granted.

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9. TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS

9.1. Right to Payment and Grant Price.

     An SAR shall confer on the Grantee to whom it is granted a right to receive, upon exercise
thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over
(B) the grant price of the SAR as determined by the Board. The Award Agreement for an SAR shall
specify the grant price of the SAR, which shall be at least the Fair Market Value of a share of
Stock on the date of grant. SARs may be granted in conjunction with all or part of an Option
granted under the Plan or at any subsequent time during the term of such Option, in conjunction
with all or part of any other Award or without regard to any Option or other Award; provided that
an SAR that is granted subsequent to the Grant Date of a related Option must have an SAR Price that
is no less than the Fair Market Value of one share of Stock on the SAR Grant Date.

9.2. Other Terms.

     The Board shall determine at the date of grant or thereafter, the time or times at which and
the circumstances under which an SAR may be exercised in whole or in part (including based on
achievement of performance goals and/or future service requirements), the time or times at which
SARs shall cease to be or become exercisable following termination of Service or upon other
conditions, the method of exercise, method of settlement, form of consideration payable in
settlement, method by or forms in which Stock will be delivered or deemed to be delivered to
Grantees, whether or not an SAR shall be in tandem or in combination with any other Award, and any
other terms and conditions of any SAR.

10. TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS

10.1. Grant of Restricted Stock or Stock Units.

     Awards of Restricted Stock or Stock Units may be made for no consideration (other than par
value of the shares which is deemed paid by Services already rendered).

10.2. Restrictions.

     At the time a grant of Restricted Stock or Stock Units is made, the Board may, in its sole
discretion, establish a period of time (a “restricted period”) applicable to such Restricted Stock
or Stock Units. Each Award of Restricted Stock or Stock Units may be subject to a different
restricted period. The Board may, in its sole discretion, at the time a grant of Restricted Stock
or Stock Units is made, prescribe restrictions in addition to or other than the expiration of the
restricted period, including the satisfaction of corporate or individual performance objectives,
which may be applicable to all or any portion of the Restricted Stock or Stock Units in accordance
with Section 14.1 and 14.2. Notwithstanding the foregoing, Restricted Stock and Stock Units that
vest solely by the passage of time shall not vest in full in less than three (3) years from the
Grant Date. Restricted Stock and Stock Units for which vesting may be accelerated by achieving
performance targets shall not vest in full in less than one (1) year from the Grant Date. Neither
Restricted Stock nor Stock
Units may be sold,

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transferred, assigned, pledged or otherwise encumbered or disposed of during the
restricted period or prior to the satisfaction of any other restrictions prescribed by the Board
with respect to such Restricted Stock or Stock Units.

10.3. Restricted Stock Certificates.

     The Company shall issue, in the name of each Grantee to whom Restricted Stock has been
granted, stock certificates representing the total number of shares of Restricted Stock granted to
the Grantee, as soon as reasonably practicable after the Grant Date. The Board may provide in an
Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the
Grantee’s benefit until such time as the Restricted Stock is forfeited to the Company or the
restrictions lapse, or (ii) such certificates shall be delivered to the Grantee, provided,
however, that such certificates shall bear a legend or legends that comply with the
applicable securities laws and regulations and makes appropriate reference to the restrictions
imposed under the Plan and the Award Agreement.

10.4. Rights of Holders of Restricted Stock.

     Unless the Board otherwise provides in an Award Agreement, holders of Restricted Stock shall
have the right to vote such Stock and the right to receive any dividends declared or paid with
respect to such Stock. The Board may provide that any dividends paid on Restricted Stock must be
reinvested in shares of Stock, which may or may not be subject to the same vesting conditions and
restrictions applicable to such Restricted Stock. All distributions, if any, received by a Grantee
with respect to Restricted Stock as a result of any stock split, stock dividend, combination of
shares, or other similar transaction shall be subject to the restrictions applicable to the
original Grant.

10.5. Rights of Holders of Stock Units.

               10.5.1. Voting and Dividend Rights.

     Holders of Stock Units shall have no rights as stockholders of the Company. The Board may
provide in an Award Agreement evidencing a grant of Stock Units that the holder of such Stock Units
shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding
Stock, a cash payment for each Stock Unit held equal to the per-share dividend paid on the Stock.
Such Award Agreement may also provide that such cash payment will be deemed reinvested in
additional Stock Units at a price per unit equal to the Fair Market Value of a share of Stock on
the date that such dividend is paid.

               10.5.2. Creditor’s Rights.

     A holder of Stock Units shall have no rights other than those of a general creditor of the
Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to the
terms and conditions of the applicable Award Agreement.

10.6. Termination of Service.

     Unless the Board otherwise provides in an Award Agreement or in writing after the Award
Agreement is issued, upon the termination of a Grantee’s Service, any Restricted Stock or Stock
Units held by such Grantee that have not vested, or with respect to which all applicable
restrictions and conditions have not lapsed, shall immediately be deemed
forfeited.

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Upon forfeiture of Restricted Stock or Stock Units, the Grantee shall have no further
rights with respect to such Award, including but not limited to any right to vote Restricted Stock
or any right to receive dividends with respect to shares of Restricted Stock or Stock Units.

10.7. Purchase of Restricted Stock.

     The Grantee shall be required, to the extent required by applicable law, to purchase the
Restricted Stock from the Company at a Purchase Price equal to the greater of (i) the aggregate par
value of the shares of Stock represented by such Restricted Stock or (ii) the Purchase Price, if
any, specified in the Award Agreement relating to such Restricted Stock. The Purchase Price shall
be payable in a form described in Section 12 or, in the discretion of the Board, in consideration
for past Services rendered to the Company or an Affiliate.

10.8. Delivery of Stock.

     Upon the expiration or termination of any restricted period and the satisfaction of any other
conditions prescribed by the Board, the restrictions applicable to shares of Restricted Stock or
Stock Units settled in Stock shall lapse, and, unless otherwise provided in the Award Agreement, a
stock certificate for such shares shall be delivered, free of all such restrictions, to the Grantee
or the Grantee’s beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee’s
beneficiary or estate, shall have any further rights with regard to a Stock Unit once the share of
Stock represented by the Stock Unit has been delivered.

11. TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS

     The Board may, in its sole discretion, grant (or sell at par value or such other higher
purchase price determined by the Board) an Unrestricted Stock Award to any Grantee pursuant to
which such Grantee may receive shares of Stock free of any restrictions (“Unrestricted Stock”)
under the Plan. Unrestricted Stock Awards may be granted or sold as described in the preceding
sentence in respect of past services and other valid consideration, or in lieu of, or in addition
to, any cash compensation due to such Grantee.

12. FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK

12.1. General Rule.

     Payment of the Option Price for the shares purchased pursuant to the exercise of an Option or
the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents acceptable to
the Company.

12.2. Surrender of Stock.

     To the extent the Award Agreement so provides, payment of the Option Price for shares
purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock may be
made all or in part through the tender to the Company of shares of Stock, which shall be valued,
for purposes of determining the extent to which the Option Price or
Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise or
surrender.

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12.3. Cashless Exercise.

     With respect to an Option only (and not with respect to Restricted Stock), to the extent
permitted by law and to the extent the Award Agreement so provides, payment of the Option Price for
shares purchased pursuant to the exercise of an Option may be made all or in part by delivery (on a
form acceptable to the Board) of an irrevocable direction to a licensed securities broker
acceptable to the Company to sell shares of Stock and to deliver all or part of the sales proceeds
to the Company in payment of the Option Price and any withholding taxes described in Section 18.3.

12.4. Other Forms of Payment.

     To the extent the Award Agreement so provides, payment of the Option Price for shares
purchased pursuant to exercise of an Option or the Purchase Price for Restricted Stock may be made
in any other form that is consistent with applicable laws, regulations and rules.

13. TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS

13.1. Dividend Equivalent Rights.

     A Dividend Equivalent Right is an Award entitling the recipient to receive credits based on
cash distributions that would have been paid on the shares of Stock specified in the Dividend
Equivalent Right (or other award to which it relates) if such shares had been issued to and held by
the recipient. A Dividend Equivalent Right may be granted hereunder to any Grantee. The terms and
conditions of Dividend Equivalent Rights shall be specified in the grant. Dividend equivalents
credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be
reinvested in additional shares of Stock, which may thereafter accrue additional equivalents. Any
such reinvestment shall be at Fair Market Value on the date of reinvestment. Dividend Equivalent
Rights may be settled in cash or Stock or a combination thereof, in a single installment or
installments, all determined in the sole discretion of the Board. A Dividend Equivalent Right
granted as a component of another Award may provide that such Dividend Equivalent Right shall be
settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other award,
and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same
conditions as such other award. A Dividend Equivalent Right granted as a component of another
Award may also contain terms and conditions different from such other award.

13.2. Termination of Service.

     Except as may otherwise be provided by the Board either in the Award Agreement or in writing
after the Award Agreement is issued, a Grantee’s rights in all Dividend
Equivalent Rights or interest equivalents shall automatically terminate upon the Grantee’s
termination of Service for any reason.

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14. TERMS AND CONDITIONS OF PERFORMANCE AND ANNUAL INCENTIVE AWARDS

14.1. Performance Conditions.

     The right of a Grantee to exercise or receive a grant or settlement of any Award, and the
timing thereof, may be subject to such performance conditions as may be specified by the Board.
The Board may use such business criteria and other measures of performance as it may deem
appropriate in establishing any performance conditions, and may exercise its discretion to reduce
the amounts payable under any Award subject to performance conditions, except as limited under
Sections 14.2 hereof in the case of a Performance Award or Annual Incentive Award intended to
qualify under Code Section 162(m). If and to the extent required under Code Section 162(m), any
power or authority relating to a Performance Award or Annual Incentive Award intended to qualify
under Code Section 162(m), shall be exercised by the Committee and not the Board.

14.2. Performance or Annual Incentive Awards Granted to Designated Covered Employees.

     If and to the extent that the Committee determines that a Performance or Annual Incentive
Award to be granted to a Grantee who is designated by the Committee as likely to be a Covered
Employee should qualify as “performance-based compensation” for purposes of Code Section 162(m),
the grant, exercise and/or settlement of such Performance or Annual Incentive Award shall be
contingent upon achievement of pre-established performance goals and other terms set forth in this
Section 14.2.

               14.2.1. Performance Goals Generally.

     The performance goals for such Performance or Annual Incentive Awards shall consist of one or
more business criteria and a targeted level or levels of performance with respect to each of such
criteria, as specified by the Committee consistent with this Section 14.2. Performance goals shall
be objective and shall otherwise meet the requirements of Code Section 162(m) and regulations
thereunder including the requirement that the level or levels of performance targeted by the
Committee result in the achievement of performance goals being “substantially uncertain.” The
Committee may determine that such Performance or Annual Incentive Awards shall be granted,
exercised and/or settled upon achievement of any one performance goal or that two or more of the
performance goals must be achieved as a condition to grant, exercise and/or settlement of such
Performance or Annual Incentive Awards. Performance goals may differ for Performance or Annual
Incentive Awards granted to any one Grantee or to different Grantees.

               14.2.2. Business Criteria.

     One or more of the following business criteria for the Company, on a consolidated basis,
and/or specified subsidiaries or business units of the Company (except with respect to
the total stockholder return and earnings per share criteria), shall be used exclusively by the
Committee in establishing performance goals for such Performance or Annual Incentive Awards: (1)
total stockholder return; (2) such total stockholder return as compared to total

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return (on a
comparable basis) of a publicly available index such as, but not limited to, the Standard & Poor’s
500 Stock Index; (3) net income; (4) pretax earnings; (5) earnings before interest expense, taxes,
depreciation and amortization; (6) pretax operating earnings after interest expense and before
bonuses, service fees, and extraordinary or special items; (7) operating margin; (8) earnings per
share; (9) return on equity; (10) return on capital; (11) return on investment; (12) operating
earnings; (13) working capital; (14) ratio of debt to stockholders’ equity and (15) revenue.
Business criteria may be measured on an absolute basis or on a relative basis (i.e., performance
relative to peer companies) and on a GAAP or non-GAAP basis.

               14.2.3. Timing For Establishing Performance Goals.

     Performance goals shall be established not later than 90 days after the beginning of any
performance period applicable to such Performance or Annual Incentive Awards, or at such other date
as may be required or permitted for “performance-based compensation” under Code Section 162(m).

               14.2.4. Settlement of Performance or Annual Incentive Awards; Other Terms.

     Settlement of such Performance or Annual Incentive Awards shall be in cash, Stock, other
Awards or other property, in the discretion of the Committee. The Committee may, in its
discretion, reduce the amount of a settlement otherwise to be made in connection with such
Performance or Annual Incentive Awards. The Committee shall specify the circumstances in which
such Performance or Annual Incentive Awards shall be paid or forfeited in the event of termination
of Service by the Grantee prior to the end of a performance period or settlement of Performance
Awards.

14.3. Written Determinations.

     All determinations by the Committee as to the establishment of performance goals, the amount
of any potential Performance Awards and as to the achievement of performance goals relating to
Performance Awards, and the amount of any potential individual Annual Incentive Awards and the
amount of final Annual Incentive Awards, shall be made in writing in the case of any Award intended
to qualify under Code Section 162(m). To the extent permitted by Section 162(m), the Committee may
delegate any responsibility relating to such Performance Awards or Annual Incentive Awards.

14.4. Status of Section 14.2 Awards Under Code Section 162(m).

     It is the intent of the Company that Performance Awards and Annual Incentive Awards under
Section 14.2 hereof granted to persons who are designated by the Committee as likely to be Covered
Employees within the meaning of Code Section 162(m) and regulations thereunder shall, if so
designated by the Committee, constitute “qualified performance-based compensation” within the
meaning of Code Section 162(m) and regulations thereunder. Accordingly, the terms of Section 14.2,
including the definitions of
Covered Employee and other terms used therein, shall be interpreted in a manner consistent
with Code Section 162(m) and regulations thereunder. The foregoing notwithstanding, because the
Committee cannot determine with certainty whether a given

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Grantee will be a Covered Employee with
respect to a fiscal year that has not yet been completed, the term Covered Employee as used herein
shall mean only a person designated by the Committee, at the time of grant of Performance Awards or
an Annual Incentive Award, as likely to be a Covered Employee with respect to that fiscal year. If
any provision of the Plan or any agreement relating to such Performance Awards or Annual Incentive
Awards does not comply or is inconsistent with the requirements of Code Section 162(m) or
regulations thereunder, such provision shall be construed or deemed amended to the extent necessary
to conform to such requirements.

15. PARACHUTE LIMITATIONS

     Notwithstanding any other provision of this Plan or of any other agreement, contract, or
understanding heretofore or hereafter entered into by a Grantee with the Company or any Affiliate,
except an agreement, contract, or understanding hereafter entered into that expressly modifies or
excludes application of this paragraph (an “Other Agreement”), and notwithstanding any formal or
informal plan or other arrangement for the direct or indirect provision of compensation to the
Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a
member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit
to or for the Grantee (a “Benefit Arrangement”), if the Grantee is a “disqualified individual,” as
defined in Section 280G(c) of the Code, any Option, Restricted Stock or Stock Unit held by that
Grantee and any right to receive any payment or other benefit under this Plan shall not become
exercisable or vested (i) to the extent that such right to exercise, vesting, payment, or benefit,
taking into account all other rights, payments, or benefits to or for the Grantee under this Plan,
all Other Agreements, and all Benefit Arrangements, would cause any payment or benefit to the
Grantee under this Plan to be considered a “parachute payment” within the meaning of Section
280G(b)(2) of the Code as then in effect (a “Parachute Payment”) and (ii) if, as a result
of receiving a Parachute Payment, the aggregate after-tax amounts received by the Grantee from the
Company under this Plan, all Other Agreements, and all Benefit Arrangements would be less than the
maximum after-tax amount that could be received by the Grantee without causing any such payment or
benefit to be considered a Parachute Payment. In the event that the receipt of any such right to
exercise, vesting, payment, or benefit under this Plan, in conjunction with all other rights,
payments, or benefits to or for the Grantee under any Other Agreement or any Benefit Arrangement
would cause the Grantee to be considered to have received a Parachute Payment under this Plan that
would have the effect of decreasing the after-tax amount received by the Grantee as described in
clause (ii) of the preceding sentence, then the Grantee shall have the right, in the Grantee’s sole
discretion, to designate those rights, payments, or benefits under this Plan, any Other Agreements,
and any Benefit Arrangements that should be reduced or eliminated so as to avoid having the payment
or benefit to the Grantee under this Plan be deemed to be a Parachute Payment.

	16.	 	REQUIREMENTS OF LAW

16.1. General.

     The Company shall not be required to sell or issue any shares of Stock under any Award if the
sale or issuance of such shares would constitute a violation by the Grantee, any

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other individual
exercising an Option, or the Company of any provision of any law or regulation of any governmental
authority, including without limitation any federal or state securities laws or regulations. If at
any time the Company shall determine, in its discretion, that the listing, registration or
qualification of any shares subject to an Award upon any securities exchange or under any
governmental regulatory body is necessary or desirable as a condition of, or in connection with,
the issuance or purchase of shares hereunder, no shares of Stock may be issued or sold to the
Grantee or any other individual exercising an Option pursuant to such Award unless such listing,
registration, qualification, consent or approval shall have been effected or obtained free of any
conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the
date of termination of the Award. Specifically, in connection with the Securities Act, upon the
exercise of any Option or the delivery of any shares of Stock underlying an Award, unless a
registration statement under such Act is in effect with respect to the shares of Stock covered by
such Award, the Company shall not be required to sell or issue such shares unless the Board has
received evidence satisfactory to it that the Grantee or any other individual exercising an Option
may acquire such shares pursuant to an exemption from registration under the Securities Act. Any
determination in this connection by the Board shall be final, binding, and conclusive. The Company
may, but shall in no event be obligated to, register any securities covered hereby pursuant to the
Securities Act. The Company shall not be obligated to take any affirmative action in order to
cause the exercise of an Option or the issuance of shares of Stock pursuant to the Plan to comply
with any law or regulation of any governmental authority. As to any jurisdiction that expressly
imposes the requirement that an Option shall not be exercisable until the shares of Stock covered
by such Option are registered or are exempt from registration, the exercise of such Option (under
circumstances in which the laws of such jurisdiction apply) shall be deemed conditioned upon the
effectiveness of such registration or the availability of such an exemption.

16.2. Rule 16b-3.

     During any time when the Company has a class of equity security registered under Section 12 of
the Exchange Act, it is the intent of the Company that Awards pursuant to the Plan and the exercise
of Options granted hereunder will qualify for the exemption provided by Rule 16b-3 under the
Exchange Act. To the extent that any provision of the Plan or action by the Board does not comply
with the requirements of Rule 16b-3, it shall be deemed inoperative to the extent permitted by law
and deemed advisable by the Board, and shall not affect the validity of the Plan. In the event
that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify this Plan
in any respect necessary to satisfy the requirements of, or to take advantage of any features of,
the revised exemption or its replacement.

17. EFFECT OF CHANGES IN CAPITALIZATION

17.1. Changes in Stock.

     If the number of outstanding shares of Stock is increased or decreased or the shares of Stock
are changed into or exchanged for a different number or kind of shares or other securities of the
Company on account of any recapitalization, reclassification, stock split, reverse split,
combination of shares, exchange of shares, stock dividend or other distribution

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payable in capital
stock, or other increase or decrease in such shares effected without receipt of consideration by
the Company occurring after the Effective Date, the number and kinds of shares for which grants of
Options and other Awards may be made under the Plan shall be adjusted proportionately and
accordingly by the Company. In addition, the number and kind of shares for which Awards are
outstanding shall be adjusted proportionately and accordingly so that the proportionate interest of
the Grantee immediately following such event shall, to the extent practicable, be the same as
immediately before such event. Any such adjustment in outstanding Options or SARs shall not change
the aggregate Option Price or SAR Exercise Price payable with respect to shares that are subject to
the unexercised portion of an outstanding Option or SAR, as applicable, but shall include a
corresponding proportionate adjustment in the Option Price or SAR Exercise Price per share. The
conversion of any convertible securities of the Company shall not be treated as an increase in
shares effected without receipt of consideration. Notwithstanding the foregoing, in the event of
any distribution to the Company’s stockholders of securities of any other entity or other assets
(including an extraordinary dividend but excluding a non-extraordinary dividend of the Company)
without receipt of consideration by the Company, the Company may, in such manner as the Company
deems appropriate, adjust (i) the number and kind of shares subject to outstanding Awards and/or
(ii) the exercise price of outstanding Options and Stock Appreciation Rights to reflect such
distribution.

	17.2.	 	Reorganization in Which the Company Is the Surviving Entity Which does not Constitute a
Corporate Transaction.

     Subject to Section 17.3 hereof, if the Company shall be the surviving entity in any
reorganization, merger, or consolidation of the Company with one or more other entities which does
not constitute a Corporate Transaction, any Option or SAR theretofore granted pursuant to the Plan
shall pertain to and apply to the securities to which a holder of the number of shares of Stock
subject to such Option or SAR would have been entitled immediately following such reorganization,
merger, or consolidation, with a corresponding proportionate adjustment of the Option Price or SAR
Exercise Price per share so that the aggregate Option Price or SAR Exercise Price thereafter shall
be the same as the aggregate Option Price or SAR Exercise Price of the shares remaining subject to
the Option or SAR immediately prior to such reorganization, merger, or consolidation. Subject to
any contrary language in an Award Agreement evidencing an Award, any restrictions applicable to
such Award shall apply as well to any replacement shares received by the Grantee as a result of the
reorganization, merger or consolidation. In the event of a transaction described in this Section
17.2, Stock Units shall be adjusted so as to apply to the securities that a holder of the number of
shares of Stock subject to the Stock Units would have been entitled to receive immediately
following such transaction.

17.3. Corporate Transaction.

     Subject to the exceptions set forth in the last sentence of this Section 17.3 and the last
sentence of Section 17.4, upon the occurrence of a Corporate Transaction:

          (i) all outstanding shares of Restricted Stock shall be deemed to have vested, and all Stock
Units shall be deemed to have vested and the shares of Stock subject thereto shall be delivered,
immediately prior to the occurrence of such Corporate Transaction, and

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          (ii) either of the following two actions shall be taken:

               (A) fifteen (15) days prior to the scheduled consummation of a Corporate Transaction, all
Options and SARs outstanding hereunder shall become immediately exercisable and shall remain
exercisable for a period of fifteen (15) days, or

               (B) the Board may elect, in its sole discretion, to cancel any outstanding Awards of Options,
Restricted Stock, Stock Units, and/or SARs and pay or deliver, or cause to be paid or delivered, to
the holder thereof an amount in cash or securities having a value (as determined by the Board
acting in good faith), in the case of Restricted Stock or Stock Units, equal to the formula or
fixed price per share paid to holders of shares of Stock and, in the case of Options or SARs, equal
to the product of the number of shares of Stock subject to the Option or SAR (the “Award Shares”)
multiplied by the amount, if any, by which (I) the formula or fixed price per share paid to holders
of shares of Stock pursuant to such transaction exceeds (II) the Option Price or SAR Exercise Price
applicable to such Award Shares.

     With respect to the Company’s establishment of an exercise window, (i) any exercise of an
Option or SAR during such fifteen-day period shall be conditioned upon the consummation of the
event and shall be effective only immediately before the consummation of the event, and (ii) upon
consummation of any Corporate Transaction, the Plan and all outstanding but unexercised Options and
SARs shall terminate. The Board shall send written notice of an event that will result in such a
termination to all individuals who hold Options and SARs not later than the time at which the
Company gives notice thereof to its stockholders. This Section 17.3 shall not apply to any
Corporate Transaction to the extent that provision is made in writing in connection with such
Corporate Transaction for the assumption or continuation of the Options, SARs, Stock Units and
Restricted Stock theretofore granted, or for the substitution for such Options, SARs, Stock Units
and Restricted Stock for new common stock options and stock appreciation rights and new common
stock units and restricted stock relating to the stock of a successor entity, or a parent or
subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any
consideration that is not common stock) and option and stock appreciation right exercise prices, in
which event the Plan, Options, SARs, Stock Units and Restricted Stock theretofore granted shall
continue in the manner and under the terms so provided.

17.4. Adjustments.

     Adjustments under this Section 17 related to shares of Stock or securities of the Company
shall be made by the Board, whose determination in that respect shall be final, binding and
conclusive. No fractional shares or other securities shall be issued pursuant to any such
adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case
by rounding downward to the nearest whole share. The Board shall determine the effect of a
Corporate Transaction upon Awards other than Options, SARs, Stock Units and Restricted Stock, and
such effect shall be set forth in the appropriate Award Agreement. The Board may provide in the
Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee, for
different provisions to apply to an Award in place of those described in Sections 17.1, 17.2 and
17.3.

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17.5. No Limitations on Company.

     The making of Awards pursuant to the Plan shall not affect or limit in any way the right or
power of the Company to make adjustments, reclassifications, reorganizations, or changes of its
capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or
transfer all or any part of its business or assets.

18. GENERAL PROVISIONS

18.1. Disclaimer of Rights.

     No provision in the Plan or in any Award or Award Agreement shall be construed to confer upon
any individual the right to remain in the employ or service of the Company or any Affiliate, or to
interfere in any way with any contractual or other right or authority of the Company either to
increase or decrease the compensation or other payments to any individual at any time, or to
terminate any employment or other relationship between any individual and the Company. In
addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise stated
in the applicable Award Agreement, no Award granted under the Plan shall be affected by any change
of duties or position of the Grantee, so long as such Grantee continues to be a director, officer,
consultant or employee of the Company or an Affiliate. The obligation of the Company to pay any
benefits pursuant to this Plan shall be interpreted as a contractual obligation to pay only those
amounts described herein, in the manner and under the conditions prescribed herein. The Plan shall
in no way be interpreted to require the Company to transfer any amounts to a third party trustee or
otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the
terms of the Plan.

18.2. Nonexclusivity of the Plan.

     Neither the adoption of the Plan nor the submission of the Plan to the stockholders of the
Company for approval shall be construed as creating any limitations upon the right and authority of
the Board to adopt such other incentive compensation arrangements (which arrangements may be
applicable either generally to a class or classes of individuals or specifically to a particular
individual or particular individuals) as the Board in its discretion determines desirable,
including, without limitation, the granting of stock options otherwise than under the Plan.

18.3. Withholding Taxes.

     The Company or an Affiliate, as the case may be, shall have the right to deduct from payments
of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by
law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an
Award or upon the issuance of any shares of Stock upon the exercise of an Option or pursuant to an
Award. At the time of such vesting, lapse, or exercise, the Grantee shall pay to the Company or
the Affiliate, as the case may be, any amount that the Company or the Affiliate may reasonably
determine to be necessary to satisfy such withholding obligation. Subject to the prior approval of
the Company or the Affiliate, which may be withheld by the Company or the Affiliate, as the case
may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in
part, (i) by causing the Company

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or the Affiliate to withhold shares of Stock otherwise issuable to the Grantee
or (ii) by delivering to the Company or the Affiliate shares of Stock already owned by the Grantee.
The shares of Stock so delivered or withheld shall have an aggregate Fair Market Value equal to
such withholding obligations. The Fair Market Value of the shares of Stock used to satisfy such
withholding obligation shall be determined by the Company or the Affiliate as of the date that the
amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to
this Section 18.3 may satisfy his or her withholding obligation only with shares of Stock that are
not subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. The
maximum number of shares of Stock that may be withheld from any Award to satisfy any federal, state
or local tax withholding requirements upon the exercise, vesting, lapse of restrictions applicable
to such Award or payment of shares pursuant to such Award, as applicable, cannot exceed such number
of shares having a Fair Market Value equal to the minimum statutory amount required by the Company
to be withheld and paid to any such federal, state or local taxing authority with respect to such
exercise, vesting, lapse of restrictions or payment of shares.

18.4. Captions.

     The use of captions in this Plan or any Award Agreement is for the convenience of reference
only and shall not affect the meaning of any provision of the Plan or such Award Agreement.

18.5. Other Provisions.

     Each Award granted under the Plan may contain such other terms and conditions not inconsistent
with the Plan as may be determined by the Board, in its sole discretion.

18.6. Number and Gender.

     With respect to words used in this Plan, the singular form shall include the plural form, the
masculine gender shall include the feminine gender, etc., as the context requires.

18.7. Severability.

     If any provision of the Plan or any Award Agreement shall be determined to be illegal or
unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof
shall be severable and enforceable in accordance with their terms, and all provisions shall remain
enforceable in any other jurisdiction.

18.8. Governing Law.

     The validity and construction of this Plan and the instruments evidencing the Awards hereunder
shall be governed by the laws of the State of Minnesota, other than any conflicts or choice of law
rule or principle that might otherwise refer construction or interpretation of this Plan and the
instruments evidencing the Awards granted hereunder to the substantive laws of any other
jurisdiction.

18.9. Section 409A of the Code.

     The Board intends to comply with Section 409A of the Code (“Section 409A”), or an exemption to
Section 409A, with regard to Awards hereunder that constitute nonqualified
deferred compensation within the meaning of Section 409A. To the extent that the Board

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determines that a Grantee would be subject to the additional 20% tax imposed on certain
nonqualified deferred compensation plans pursuant to Section 409A as a result of any provision of
any Award granted under this Plan, such provision shall be deemed amended to the minimum extent
necessary to avoid application of such additional tax. The nature of any such amendment shall be
determined by the Board.

* 
*  *

     To record adoption of the Plan by the Board as of March 13, 2006, and approval of the Plan by
the stockholders on May 9, 2006, the Company has caused its authorized officer to execute
the Plan.

	 	 	 	 	 	 	 
	 	 	MGI PHARMA, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Eric P. Loukas	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Senior Vice President, General
Counsel and Secretary	 	 
	 

	 	 	 	 	 	 

- 25 -

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