Document:

<PAGE>

                                                               Exhibit 10.18
                                                               -------------

============================================================================

                              MASTER AGREEMENT

                        Dated as of November 30, 2000

                                    among

                        EDWARD D. JONES & CO., L.P.,
                as Lessee, Construction Agent and Guarantor,

                       ATLANTIC FINANCIAL GROUP, LTD.,
  (registered to do business in Arizona as AFG Equity, Limited Partnership)
                                 as Lessor,

                              SUNTRUST BANK AND
               CERTAIN FINANCIAL INSTITUTIONS PARTIES HERETO,
                                 as Lenders,

                                     and

                               SUNTRUST BANK,
                                  as Agent

                              and joined in by

                   THE JONES FINANCIAL COMPANIES, L.L.L.P.

============================================================================

<PAGE>
<PAGE>

<TABLE>
                                                 TABLE OF CONTENTS
                                                 -----------------

<CAPTION>
                                                                                                         PAGE
                                                                                                         ----

<S>                                                                                                       <C>
ARTICLE I DEFINITIONS; INTERPRETATION.......................................................................1

ARTICLE II ACQUISITION, CONSTRUCTION AND LEASE; FUNDINGS; NATURE OF TRANSACTION.............................2

   SECTION 2.1 Agreement to Acquire, Construct, Fund and Lease..............................................2
   SECTION 2.2 Fundings of Purchase Price, Development Costs and Construction Costs.........................2
   SECTION 2.3 Funded Amounts and Interest and Yield Thereon; Facility Fee..................................5
   SECTION 2.4 Nature of Transaction........................................................................6
   SECTION 2.5 Amounts Due Under Lease......................................................................6

ARTICLE III CONDITIONS PRECEDENT; DOCUMENTS.................................................................7

   SECTION 3.1 Conditions to the Obligations of the Funding Parties on the Closing Date.....................7
   SECTION 3.2 Additional Conditions for the Closing Date..................................................11
   SECTION 3.3 Conditions to the Obligations of Lessee.....................................................14
   SECTION 3.4 Conditions to the Obligations of the Funding Parties on each Funding Date...................14
   SECTION 3.5 Completion Date Conditions..................................................................15

ARTICLE IV REPRESENTATIONS.................................................................................17

   SECTION 4.1 Representations of Lessee...................................................................17
   SECTION 4.2 Survival of Representations and Effect of Fundings..........................................31
   SECTION 4.3 Representations of the Lessor...............................................................31
   SECTION 4.4 Representations of each Lender..............................................................33

ARTICLE V COVENANTS OF LESSEE, JFC AND LESSOR..............................................................34

   SECTION 5.1 Affirmative Covenants.......................................................................34
   SECTION 5.2 Additional Covenants........................................................................45
   SECTION 5.3 Further Assurances..........................................................................53
   SECTION 5.4 Additional Required Appraisals..............................................................54
   SECTION 5.5 Lessor's Covenants..........................................................................54

ARTICLE VI TRANSFERS BY LESSOR AND LENDERS.................................................................55

   SECTION 6.1 Lessor Transfers............................................................................55
   SECTION 6.2 Lender Transfers............................................................................55

ARTICLE VII INDEMNIFICATION................................................................................57

   SECTION 7.1 General Indemnification.....................................................................57
   SECTION 7.2 Environmental Indemnity.....................................................................59

<PAGE>
<PAGE>

   SECTION 7.3 Proceedings in Respect of Claims............................................................60
   SECTION 7.4 General Tax Indemnity.......................................................................62
   SECTION 7.5 Increased Costs, etc........................................................................68
   SECTION 7.6 End of Term Indemnity.......................................................................72

ARTICLE VIII MISCELLANEOUS.................................................................................73

   SECTION 8.1  Survival of Agreements.....................................................................73
   SECTION 8.2  Notices....................................................................................74
   SECTION 8.3  Counterparts...............................................................................74
   SECTION 8.4  Amendments.................................................................................74
   SECTION 8.5  Headings, etc..............................................................................75
   SECTION 8.6  Parties in Interest........................................................................75
   SECTION 8.7  GOVERNING LAW..............................................................................76
   SECTION 8.8  Expenses...................................................................................76
   SECTION 8.9  Severability...............................................................................76
   SECTION 8.10 Liabilities of the Funding Parties.........................................................76
   SECTION 8.11 Submission to Jurisdiction; Waivers........................................................76
   SECTION 8.12 Liabilities of the Agent...................................................................77
   SECTION 8.13 Role of SunTrust Equitable Securities Corporation..........................................77

APPENDIX A           Definitions and Interpretation

                                  SCHEDULES

SCHEDULE 2.2               Amount of Each Funding Party's Commitment
SCHEDULE 4.1(a)(i)         Indebtedness of Lessee
SCHEDULE 4.1(a)(ii)        Subsidiaries
SCHEDULE 4.1(d)(v)         Pending Investigations or Inquiries
SCHEDULE 4.1(m)            Environmental Matters
SCHEDULE 4.1(u)(i)         Leases
SCHEDULE 5.2(a)(i)         Existing Permitted Liens
SCHEDULE 5.2(a)(xiv)       Existing Options, Etc.
SCHEDULE 5.2(d)            Contingent Obligations
SCHEDULE 8.2               Addresses for Notices

                                  EXHIBITS

EXHIBIT A            Form of Funding Request

                                    -ii-

<PAGE>
<PAGE>

EXHIBIT B            Form of Assignment of Lease and Rents
EXHIBIT C            Form of Security Agreement and Assignment
EXHIBIT D-1          Form of Mortgage
EXHIBIT D-2          Form of Deed of Trust
EXHIBIT E            [Reserved]
EXHIBIT F            Form of Assignment and Acceptance Agreement
EXHIBIT G-1          Form of Opinion of Counsel to Lessee and Guarantor
EXHIBIT G-2          Form of Opinion of Local Counsel
EXHIBIT G-3          Form of Opinion of Counsel to Lessor
EXHIBIT H            Form of Certification of Construction Completion
EXHIBIT I            Form of Payment Date Notice
EXHIBIT J            Form of Compliance Certificate
</TABLE>

                                    -iii-

<PAGE>
<PAGE>

                              MASTER AGREEMENT

         THIS MASTER AGREEMENT, dated as of November 30, 2000 (as it may be
amended, supplemented or otherwise modified from time to time in accordance
with the provisions hereof, this "Master Agreement"), is among EDWARD D.
                                  ----------------
JONES & CO., L.P. a Missouri limited partnership, in its capacity as the
Lessee, the "Lessee", in its capacity as the Construction Agent, the
------
"Construction Agent," and in its capacity as Guarantor (the "Guarantor"),
 ------------------                                          ---------
ATLANTIC FINANCIAL GROUP, LTD., a Texas limited partnership (registered to
do business in Arizona as AFG Equity, Limited Partnership) (the "Lessor"),
                                                                 ------
SUNTRUST BANK, a Georgia banking corporation, and certain financial
institutions parties hereto as lenders (together with any other financial
institution that becomes a party hereto as a lender, collectively referred
to as "Lenders" and individually as a "Lender"), and SUNTRUST BANK, a
       -------                         ------
Georgia banking corporation, as agent for the Lenders (in such capacity, the
"Agent"), and joined in by THE JONES FINANCIAL COMPANIES, L.L.L.P., a
 -----
Missouri limited liability limited partnership ("JFC").

                            PRELIMINARY STATEMENT

         In accordance with the terms and provisions of this Master
Agreement, the Lease, the Loan Agreement and the other Operative Documents,
(i) the Lessor has acquired a leasehold interest in the Land identified by
the Lessee pursuant to the Bridge Lease and is leasing such Land to the
Lessee, (ii) the Lessor and the Lessee desire to restate and amend the
Bridge Lease pursuant to which the Lessee will lease the Leased Property
from the Lessor, (iii) the Lessee, as Construction Agent for the Lessor,
wishes to construct and equip the Building on the Land for the Lessor and,
when completed, the Lessee wishes to lease such Buildings from the Lessor as
part of the Leased Property under the Lease, (iv) the Lessee, as agent,
wishes to obtain, and the Lessor is willing to provide, funding to finance
the construction and equipping of the Building, and (v) the Lessor wishes to
obtain, and the Lenders are willing to provide, from time to time, financing
of the construction and equipping of the Building.

         In consideration of the mutual agreements contained in this Master
Agreement and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                 ARTICLE I
                         DEFINITIONS; INTERPRETATION

         Unless the context shall otherwise require, capitalized terms used
and not defined herein shall have the meanings assigned thereto in Appendix A
                                                                   ----------
hereto for all purposes hereof; and the rules of interpretation set forth in
Appendix A hereto shall apply to this Master Agreement.
----------

<PAGE>
<PAGE>

                                 ARTICLE II
               ACQUISITION, CONSTRUCTION AND LEASE; FUNDINGS;
                            NATURE OF TRANSACTION

    SECTION 2.1 Agreement to Acquire, Construct, Fund and Lease.
                -----------------------------------------------

         (a)   Land. Pursuant to the letter agreement dated July 7, 2000
               ----
between the Lessor and the Lessee (the "Bridge Lease"), the Lessor acquired
                                        ------------
a leasehold interest in the Land identified by the Lessee on the Closing
Date and subleased the Land to the Lessee, subject to the Ground Lease.
Subject to the terms and conditions of this Master Agreement and the Ground
Lease, (i) the Lessor and the Lessee agree to amend and restate the Bridge
Lease in its entirety pursuant to the Lease, (ii) the Lessor hereby agrees
to sublease the Land to Lessee pursuant to the Lease, and (iii) the Lessee
hereby agrees to sublease the Land from the Lessor pursuant to the Lease.

         (b)   Building. Subject to the terms and conditions of this Master
               --------
Agreement and the Ground Lease, from and after the Closing Date, (i) the
Construction Agent agrees, pursuant to the terms of the Construction Agency
Agreement, to acquire, construct and install the Building and Equipment on
the Land for the Lessor prior to the Scheduled Construction Termination
Date, (ii) the Lenders and the Lessor agree to fund the costs of such
construction and installation (and interest and yield thereon), (iii) the
Lessor shall lease the Building and the Equipment and sublease the Land as
part of the Leased Property to the Lessee pursuant to the Lease, and (iv)
the Lessee shall lease the Building and the Equipment and sublease the Land
from the Lessor pursuant to the Lease.

    SECTION 2.2 Fundings of Purchase Price, Development Costs and
                -------------------------------------------------
Construction Costs.
------------------

         (a)   Initial Funding and Payment of Purchase Price for Development
               -------------------------------------------------------------
Costs on Closing Date. Subject to the terms and conditions of this Master
---------------------
Agreement, on the Closing Date, each Lender shall make available to the
Lessor its initial Loan in an amount equal to the product of such Lender's
Commitment Percentage times the acquisition, development, transaction and
closing costs (to the extent permitted to be paid with Advances hereunder)
incurred by the Construction Agent, as agent, through such Closing Date,
which funds the Lessor shall use, together with the Lessor's own funds in an
amount equal to the product of the Lessor's Commitment Percentage times the
acquisition, development, transaction and closing costs (to the extent
permitted to be paid with Advances hereunder) incurred by the Construction
Agent, as agent, through such Closing Date, to pay to the Construction Agent
the amount of such acquisition, development, transaction and closing costs,
and, subject to the Ground Lease, the Lessor shall sublease such Land to the
Lessee, and the Lessee shall sublease the Land from the Lessor, pursuant to
the Lease.

                                    -2-

<PAGE>
<PAGE>

         (b)   Subsequent Fundings and Payments of Construction Costs during
               -------------------------------------------------------------
Construction Term. Subject to the terms and conditions of this Master
-----------------
Agreement on each Funding Date following the Closing Date until the
Construction Term Expiration Date (i) each Lender shall make available to
the Lessor a Loan in an amount equal to the product of such Lender's
Commitment Percentage times the amount of the Funding requested by the
Construction Agent for such Funding Date, which funds the Lessor hereby
directs each Lender to pay over to the Construction Agent as set forth in
paragraph (d), and (ii) the Lessor shall pay over to the Construction Agent
-------------
its own funds (which shall constitute a part of, and an increase in, the
Lessor's Invested Amount) in an amount equal to the product of the Lessor's
Commitment Percentage times the amount of the Funding requested by the
Construction Agent for such Funding Date.

         (c)   Aggregate Limits on Funded Amounts. The aggregate amount that
               ----------------------------------
the Funding Parties shall be committed to provide as Funded Amounts under
this Master Agreement and the Loan Agreement shall not exceed the lesser of
(x) the costs of acquisition and construction of the Leased Property and the
development, transaction, closing and financing costs (to the extent
permitted to be paid with Advances hereunder), or (y) $31,000,000 in the
aggregate. The aggregate amount that any Funding Party shall be committed to
fund under this Master Agreement and the Loan Agreement shall not exceed the
lesser of (i) such Funding Party's Commitment and (ii) such Funding Party's
Commitment Percentage of the aggregate Fundings requested under this Master
Agreement.

         (d)   Notice, Time and Place of Fundings. With respect to each
               ----------------------------------
Funding, the Lessee or the Construction Agent, as the case may be, shall
give the Lessor and the Agent an irrevocable prior written notice not later
than 11:00 a.m., Atlanta, Georgia time, at least three (3) Business Days
prior to the Closing Date or other Funding Date, as the case may be,
pursuant, in each case, to a Funding Request in the form of Exhibit A (a
                                                            ---------
"Funding Request"), specifying the Closing Date or subsequent Funding Date,
 ---------------
as the case may be, the amount of Funding requested, whether such Funding
shall be a LIBOR Advance or a Base Rate Advance or a combination thereof and
the Rent Period(s) therefor. At the election of the Lessee, Funding may
occur within thirty (30) days of payment of an invoice by the Lessee or the
Construction Agent, provided that there shall be no more than two (2)
Fundings during any month. All documents and instruments required to be
delivered on the Closing Date pursuant to this Master Agreement shall be
delivered at the offices of McGuireWoods LLP, One James Center, Richmond,
Virginia 23219, or at such other location as may be determined by the
Lessor, the Construction Agent and the Agent. Each Funding shall occur on a
Business Day, and each Advance (other than the final Advance) shall be in an
amount equal to $500,000 or an integral multiple of $100,000 in excess
thereof. All remittances made by any Lender and the Lessor for any Funding
shall be made in immediately available funds by wire transfer to or, as is
directed by, the Construction Agent, not later than 12:00 noon, Atlanta,
Georgia time, on the applicable Funding Date, upon satisfaction

                                    -3-

<PAGE>
<PAGE>

or waiver of the conditions precedent to such Funding set forth in Article
                                                                   -------
III; such funds shall (1) in the case of the initial Funding on the Closing
---
Date, be used to pay development, transaction and closing costs related to
such Land (to the extent permitted to be paid with Advances hereunder), and
(2) in the case of each subsequent Funding, be paid to the Construction
Agent for the payment or reimbursement of Construction costs incurred
through such Funding Date and not previously paid or reimbursed.

         (e)   Deemed Representation for Each Funding. Each Funding Request
               --------------------------------------
by a Lessee or the Construction Agent shall be deemed a reaffirmation of the
Lessee's indemnity obligations in favor of the Indemnitees under the
Operative Documents and a representation and warranty to the Lessor, the
Agent and the Lenders that on the proposed Closing Date or Funding Date, as
the case may be, (i) the amount of the Funding requested represents amounts
owing in respect of the acquisition, development, transaction and closing
costs (to the extent permitted to be paid with Advances hereunder) in
respect of the Leased Property (in the case of the initial Funding) or
amounts that are then due to third parties in respect of the Construction,
or amounts paid by the Construction Agent to third parties in respect of the
Construction for which the Construction Agent has not previously been
reimbursed by a Funding (in the case of any Funding), (ii) no Event of
Default or Potential Event of Default exists, and (iii) the representations
and warranties of the Lessee and JFC set forth in Section 4.1 are true and
                                                  -----------
correct in all material respects as though made on and as of such Funding
Date, except to the extent such representations or warranties relate solely
to an earlier date, in which case such representations and warranties shall
have been true and correct in all material respects on and as of such
earlier date.

         (f)   Not Joint Obligations. Notwithstanding anything to the
               ---------------------
contrary set forth herein or in the other Operative Documents, each Lender's
and the Lessor's Commitments shall be several, and not joint. In no event
shall any Funding Party be obligated to fund an amount in excess of such
Funding Party's Commitment Percentage of any Funding or to fund amounts in
the aggregate in excess of such Funding Party's Commitment.

         (g)   Non-Pro Rata Fundings. Notwithstanding anything to the
               ---------------------
contrary set forth in this Master Agreement, at the Agent's option, Fundings
may be made by drawing on the Lessor's Commitment until such Commitment is
fully funded before drawing on the Lenders' Commitments. In such event, when
the Lessor's Commitment is fully funded, the Lenders will fund, on a pro
rata basis as among themselves, 100% of the amount of the Fundings
thereafter. In no event shall any Funding Party have any obligation to fund
any amount hereunder in excess of the amount of such Funding Party's
Commitment.

                                    -4-

<PAGE>
<PAGE>

    SECTION 2.3 Funded Amounts and Interest and Yield Thereon; Facility Fee.
                ------------------------------------------------------------

         (a)   The Lessor's Invested Amount outstanding from time to time
shall accrue yield ("Yield") at the Lessor Rate, computed using the actual
                     -----
number of days elapsed and a 360 day year. If all or a portion of the
principal amount of or yield on the Lessor's Invested Amount shall not be
paid when due (whether at the stated maturity, by acceleration or
otherwise), such overdue amount shall, without limiting the rights of the
Lessor under the Lease, to the maximum extent permitted by law, accrue yield
at the Overdue Rate, from the date of nonpayment until paid in full (both
before and after judgment).

         (b)   Each Lender's Funded Amount outstanding from time to time
shall accrue interest as provided in the Loan Agreement.

         (c)   During the Construction Term, in lieu of the payment of
accrued interest, on each Payment Date, each Lender's Funded Amount in
respect of the Construction Land Interest shall automatically be increased
by the amount of interest accrued and unpaid on the Loans pursuant to the
Loan Agreement during the Rent Period ending immediately prior to such
Payment Date (except to the extent that at any time such increase would
cause such Lender's Funded Amount to exceed such Lender's Commitment, in
which event the Lessee shall pay such excess amount to such Lender in
immediately available funds on such Payment Date). Similarly, in lieu of the
payment of accrued Yield, on each Payment Date, the Lessor's Invested Amount
in respect of the Construction Land Interest shall automatically be
increased by the amount of Yield accrued on the Lessor's Invested Amount in
respect of the Leased Property during the Rent Period ending immediately
prior to such Payment Date (except to the extent that at any time such
increase would cause the Lessor's Invested Amount to exceed the Lessor's
Commitment, in which event the Lessee shall pay such excess amount to the
Lessor in immediately available funds on such Payment Date). Such increases
in Funded Amounts shall occur without any disbursement of funds by the
Funding Parties.

         (d)   Three (3) Business Days prior to the last day of each Rent
Period, the Lessee, as Construction Agent, shall deliver to the Lessor and
the Agent a notice substantially in the form of Exhibit I (each, a "Payment
                                                ---------           -------
Date Notice"), appropriately completed, specifying the allocation of the
-----------
Funded Amounts related to such Rent Period to LIBOR Advances and Base Rate
Advances and the Rent Periods therefor, provided that no such allocation
shall be in an amount less than $500,000. Each such Payment Date Notice
shall be irrevocable. If no such notice is given, the Funded Amounts shall
be allocated to a LIBOR Advance with a Rent Period of three (3) months.

         (e)   The Lessee hereby agrees to pay to each Funding Party a
facility fee for each day from the Closing Date until the Lease Termination
Date equal to (i) 0.125% per annum

                                    -5-

<PAGE>
<PAGE>

times (ii) the amount of such Funding Party's Commitment on such day, times
(iii) 1/360. Such facility fee shall be payable in arrears on each Quarterly
Payment Date.

    SECTION 2.4 Nature of Transaction. With respect to the Leased Property,
                ---------------------
it is the intent of the Lessee and the Funding Parties that, (i) for
accounting purposes, the Lease shall be treated as an operating lease, and
(ii) for federal, state and local tax purposes and for bankruptcy,
commercial and regulatory law and all other purposes, the Lease shall be
treated as the repayment and security provisions of a loan by the Lessor to
the Lessee, that the Lessee shall be treated as the legal and beneficial
owner entitled to any and all benefits of ownership of such Leased Property
and that all payments of Basic Rent during the Lease Term shall be treated
as payments of interest and, if applicable, principal. The Lessee and each
Funding Party agree to file tax returns consistent with such intent.
Nevertheless, the Lessee acknowledges and agrees that no Funding Party or
any other Person has made any representations or warranties concerning the
tax, financial, accounting or legal characteristics or treatment of the
Operative Documents and that the Lessee has obtained and relied solely upon
the advice of its own tax, accounting and legal advisors concerning the
Operative Documents and the accounting, tax, financial and legal
consequences of the transactions contemplated therein.

    SECTION 2.5 Amounts Due Under Lease. With respect to the Leased
                -----------------------
Property, anything else to the contrary notwithstanding, it is the intention
of the Lessee and the Funding Parties that: (i) subject to clauses (ii) and
(iii) below, the amount and timing of Basic Rent due and payable from time
to time from the Lessee under the Lease shall be equal to the aggregate
payments due and payable with respect to interest on the Loans and Yield on
the Lessor's Invested Amounts on each Payment Date; (ii) if the Lessee
elects the Purchase Option or becomes obligated to purchase such Leased
Property under the Lease, the Funded Amounts, all interest and Yield thereon
and all other obligations of the Lessee owing to the Funding Parties, shall
be paid in full by the Lessee, (iii) if the Lessee properly elects the
Remarketing Option, the principal amount of, and accrued interest on, the A
Loans in respect of the Leased Property will be paid out of the Recourse
Deficiency Amount, and the Lessee shall only be required to pay to the
Lenders in respect of the principal amount of the B Loans and to the Lessor
in respect of the Lessor's Invested Amounts, the proceeds of the sale of the
Leased Property in accordance with Section 14.6 of the Lease; and (iv) upon
                                   ------------
an Event of Default resulting in an acceleration of the Lessee's obligation
to purchase the Leased Property under the Lease, the amounts then due and
payable by the Lessee under the Lease shall include all amounts necessary to
pay in full the Loans, and accrued interest thereon, the Lessor's Invested
Amounts and accrued Yield thereon and all other obligations of the Lessee
owing to the Funding Parties pursuant to the Operative Documents.

                                    -6-

<PAGE>
<PAGE>

                                ARTICLE III
                       CONDITIONS PRECEDENT; DOCUMENTS

    SECTION 3.1 Conditions to the Obligations of the Funding Parties on the
                -----------------------------------------------------------
Closing Date. The obligations of the Lessor and each Lender to carry out
------------
their respective obligations under Article II of this Master Agreement to be
                                   ----------
performed on the Closing Date shall be subject to the fulfillment to the
satisfaction of, or waiver by, each such party hereto (acting directly or
through its counsel) on or prior to the Closing Date of the following
conditions precedent, provided that the obligations of any Funding Party
shall not be subject to any conditions contained in this Section 3.1 which
                                                         -----------
are required to be performed by such Funding Party:

         (a)   Documents. The following documents shall have been executed
               ---------
and delivered by the respective parties thereto:

               (i)    Ground Lease. A copy of the original Ground Lease, and
                      ------------
         a copy of the recorded memorandum thereof duly recorded, together
         with the original of the assignment of the Ground Lease to the
         Lessor and a consent and estoppel certificate from the Ground
         Lessor and the fee owner of the Land, shall have been delivered to
         the Agent by the Lessee, with copies thereof to each other Funding
         Party, all of which shall be satisfactory in form and substance to
         the Agent and the Funding Parties.

               (ii)   Lease Supplement. Counterparts of the Lease
                      ----------------
         Supplement, duly executed by the Lessee and the Lessor and in
         recordable form, shall have been delivered to each Funding Party,
         and the original, chattel paper copy of the Lease Supplement shall
         have been delivered to the Agent.

               (iii)  Mortgage or Deed of Trust and Assignment of Lease and
                      -----------------------------------------------------
         Rents. Counterparts of the Mortgage or Deed of Trust, as the case
         -----
         may be, (substantially in the form of Exhibit D-1 or D-2, as the
                                               -----------    ---
         case may be, attached hereto), duly executed by the Lessor and in
         recordable form, shall have been delivered to the Agent (which
         Mortgage or Deed of Trust, as the case may be, shall secure all of
         the debt to the Agent) and the Assignment of Lease and Rents
         (substantially in the form of Exhibit B attached hereto) in
                                       ---------
         recordable form, duly executed by the Lessor, shall have been
         delivered to the Agent by the Lessor.

               (iv)   Security Agreement and Assignment. Counterparts of the
                      ---------------------------------
         Security Agreement and Assignment (substantially in the form of
         Exhibit C attached hereto), duly executed by the Construction
         ---------
         Agent, with an acknowledgment and consent thereto satisfactory to
         the Lessor and the Agent duly executed by the General Contractor,
         the Architect and the vendor of the Equipment (the

                                    -7-

<PAGE>
<PAGE>

         "Vendor"), as applicable, and complete copies of the Construction
         Contract, the Architect's Agreement, any agreement related to the
         acquisition and/or installation of the Equipment certified by the
         Construction Agent and all other Construction Documents and payment
         and performance bonds, shall have been delivered to the Lessor and
         the Agent.

               (v)    Survey. The Lessee shall have delivered, or shall have
                      ------
         caused to be delivered, to the Lessor and the Agent, at such
         Lessee's expense, an accurate survey of the Land certified to the
         Lessor and the Agent in a form reasonably satisfactory to the
         Lessor and the Agent and showing no state of facts unsatisfactory
         to the Lessor or the Agent and prepared within ninety (90) days of
         the Closing Date (or such other time period agreed to by the Lessor
         and the Agent) by a Person reasonably satisfactory to the Lessor
         and the Agent. Such survey shall (A) be acceptable to the Title
         Insurance Company for the purpose of providing extended coverage to
         the Lessor and a lender's comprehensive endorsement to the Agent,
         (B) show no encroachments on such Land by structures owned by
         others, and no encroachments from any part of such Leased Property
         onto any land owned by others, and (C) disclose no state of facts
         reasonably objectionable to the Lessor, the Agent or the Title
         Insurance Company, and be reasonably acceptable to each such
         Person.

               (vi)   Title and Title Insurance. The Lessor shall receive
                      -------------------------
         from the Title Insurance Company an ALTA Policy of Title Insurance
         (which Policy shall be a leasehold owner's policy as to the Land
         and an Owner's Policy as to the Building and other improvements)
         issued by the Title Insurance Company and the Agent shall receive
         from the Title Insurance Company an ALTA Mortgagee's Policy of
         Title Insurance issued by the Title Insurance Company, in each
         case, in the amount of the projected cost of acquisition and
         construction of the Leased Property, reasonably acceptable in form
         and substance to the Lessor and the Agent, respectively
         (collectively, the "Title Policy"). The Title Policy shall be dated
                             ------------
         as of the Closing Date, and, to the extent permitted under
         Applicable Law, shall include such affirmative endorsements and
         other coverages as the Lessor or the Agent shall reasonably
         request.

               (vii)  Appraisal. Each Funding Party shall have received a
                      ---------
         report of the Appraiser (an "Appraisal"), paid for by the Lessee,
                                      ---------
         which shall meet the requirements of the Financial Institutions
         Reform, Recovery and Enforcement Act of 1989, shall be satisfactory
         to such Funding Party and shall state in a manner satisfactory to
         such Funding Party the estimated "as vacant" value of the Land and
         any Building and Equipment to be acquired, constructed and/or
         installed

                                    -8-

<PAGE>
<PAGE>

         thereon. Such Appraisal must show that the "as vacant" value of the
         Leased Property determined as if the Building had already been
         completed and Equipment installed in accordance with the Plans and
         Specifications and by excluding from such value the amount of
         assessments on the Leased Property) is at least 45% of the total
         cost of the Leased Property, including the trade fixtures,
         equipment and personal property utilized in connection with the
         Leased Property and all other costs to be funded by the Funding
         Parties.

               (viii) Environmental Audit and Reliance Letter. The Lessor
                      ---------------------------------------
         and the Agent shall have received an Environmental Audit for the
         Leased Property, which shall be conducted in accordance with ASTM
         standards and shall not include a recommendation for further
         investigation and is otherwise satisfactory to the Lessor and the
         Agent. The firm that prepared the Environmental Audit for such
         Leased Property shall have delivered to the Lessor and the Agent a
         letter in form and substance satisfactory to the Lessor and the
         Agent stating that the Lessor, the Agent and the Lenders may rely
         upon such firm's Environmental Audit of the Leased Property, it
                                                                      --
         being understood that the Lessor's and the Agent's acceptance of
         ----------------
         any such Environmental Audit shall not release or impair the
         Lessee's obligations under the Operative Documents with respect to
         any environmental liabilities relating to the Leased Property.

               (ix)   Evidence of Insurance. The Lessor and the Agent shall
                      ---------------------
         have received from the Lessee certificates of insurance evidencing
         compliance with the provisions of Article VIII of the Lease
         (including the naming of the Lessor, the Agent and the Lenders as
         additional insureds or loss payee with respect to such insurance,
         as their interests may appear), in form and substance reasonably
         satisfactory to the Lessor and the Agent.

               (x)    Officer's Certificates of Lessee and JFC. Each of the
                      ----------------------------------------
         Agent and the Lessor shall have received an Officer's Certificate
         of each of the Lessee and JFC stating that, to the best of such
         officer's knowledge, (A) each and every representation and warranty
         of the Lessee and JFC contained in the Operative Documents is true
         and correct in all material respects on and as of the Closing Date
         as though made on and as of the Closing Date, except to the extent
         such representations or warranties relate solely to an earlier
         date, in which case such representations and warranties were true
         and correct in all material respects on and as of such earlier
         date; (B) no Event of Default, Potential Event of Default or
         Construction Force Majeure Event has occurred and is continuing;
         (C) each Operative Document to which the Lessee and JFC is a party
         is in full force and

                                    -9-

<PAGE>
<PAGE>

         effect with respect to it; and (D) no event that could reasonably
         be expected to have a Material Adverse Effect has occurred since
         June 30, 2000.

               (xi)   UCC Financing Statement; Recording Fees; Transfer
                      -------------------------------------------------
         Taxes. Each Funding Party shall have received satisfactory evidence
         -----
         of (A) the execution and delivery to the Agent of a UCC-1 and, if
         required by applicable law, UCC-2 financing statement to be filed
         with the Secretary of State of the applicable State (or other
         appropriate filing office) and the county where the Land is
         located, respectively, and such other Uniform Commercial Code
         financing statements as any Funding Party deems necessary or
         desirable in order to perfect such Funding Party's interests and
         (B) the payment of all recording and filing fees and transfer,
         stamp and other taxes with respect to any recordings or filings
         made of the Ground Lease (or memorandum thereof), and the
         assignment of the Ground Lease to the Lessor, the Lease, the Lease
         Supplement, the Mortgage and the Assignment of Lease and Rents.

               (xii)  Opinions. An opinion of local counsel for the Lessee
                      --------
         qualified in the jurisdiction in which the Leased Property is
         located, substantially in the form set forth in Exhibit G-2
                                                         -----------
         attached hereto, and containing such other matters as the parties
         to whom they are addressed shall reasonably request, shall have
         been delivered and addressed to each of the Lessor, the Agent and
         the Lenders.

               (xiii) Officer's Certificate of Lessor. The Agent shall
                      -------------------------------
         have received an Officer's Certificate of the Lessor stating that,
         to the best of such officer's knowledge, (A) each and every
         representation and warranty of the Lessor contained in the
         Operative Documents is true and correct in all material respects on
         and as of the Closing Date as though made on and as of the Closing
         Date, except to the extent such representations or warranties
         relate solely to an earlier date, in which case such
         representations and warranties shall have been true and correct in
         all material respects on and as of such earlier date; (B) no Event
         of Default or Potential Event of Default has occurred and is
         continuing; (C) each Operative Document to which the Lessor is a
         party is in full force and effect with respect to it; and (D) no
         event that could have a Material Adverse Effect has occurred since
         the date of the most recent financial statements of the Lessor to
         be delivered or required to the Agent.

               (xiv)  Good Standing Certificates. The Agent shall have
                      --------------------------
         received good standing certificates for the Lessor and the Lessee
         from the appropriate offices of the state where the Land is
         located.

                                    -10-

<PAGE>
<PAGE>

         (b)   Litigation. No action or proceeding shall have been
               ----------
instituted or, to the knowledge of any Funding Party, threatened nor shall
any governmental action, suit, proceeding or investigation be instituted or
threatened before any Governmental Authority, nor shall any order, judgment
or decree have been issued or proposed to be issued by any Governmental
Authority, to set aside, restrain, enjoin or prevent the performance of this
Master Agreement or any transaction contemplated hereby or by any other
Operative Document or which is reasonably likely to materially adversely
affect the Leased Property or any transaction contemplated by the Operative
Documents or which could reasonably be expected to result in a Material
Adverse Effect.

         (c)   Legality. In the opinion of such Funding Party or its
               --------
counsel, the transactions contemplated by the Operative Documents shall not
violate any Applicable Law, and no change shall have occurred or been
proposed in Applicable Law that would make it illegal for such Funding Party
to participate in any of the transactions contemplated by the Operative
Documents.

         (d)   No Events. (i) No Event of Default, Potential Event of
               ---------
Default, Event of Loss or Event of Taking relating to the Leased Property
shall have occurred and be continuing, (ii) no action shall be pending or
threatened by a Governmental Authority to initiate a Condemnation or an
Event of Taking, and (iii) there shall not have occurred any event that
could reasonably be expected to have a Material Adverse Effect since June
30, 2000.

         (e)   Representations. Each representation and warranty of the
               ---------------
parties hereto or to any other Operative Document contained herein or in any
other Operative Document shall be true and correct in all material respects
as though made on and as of the Closing Date, except to the extent such
representations or warranties relate solely to an earlier date, in which
case such representations and warranties shall have been true and correct in
all material respects on and as of such earlier date.

         (f)   Cutoff Date. No Funding Date shall occur after the Funding
               -----------
Termination Date.

         (g)   Transaction Expenses. The Lessee shall have paid the
               --------------------
transaction costs then accrued and invoiced which the Lessee has agreed to
pay pursuant to Section 8.8.
                -----------

    SECTION 3.2 Additional Conditions for the Closing Date. The obligations
                ------------------------------------------
of the Lessor and each Lender to carry out their respective obligations
under Article II of this Master Agreement to be performed on the Closing
      ----------
Date shall be subject to the satisfaction of, or waiver by, each such party
hereto (acting directly or through its counsel) on or prior to the Closing
Date of the following conditions precedent in addition to those set forth in
Section 3.1, provided that
-----------

                                    -11-

<PAGE>
<PAGE>

the obligations of any Funding Party shall not be subject to any conditions
contained in this Section 3.2 which are required to be performed by such
                  -----------
Funding Party:

               (i)    Loan Agreement; Guaranty. Counterparts of the Loan
                      ------------------------
         Agreement, duly executed by the Lessor, the Agent and each Lender
         shall have been delivered to each of the Lessor and the Agent. The
         A Notes and the B Notes, duly executed by the Lessor, shall have
         been delivered to the Agent. The Guaranty, duly executed by the
         Guarantor, shall have been delivered to the Agent.

               (ii)   Master Agreement. Counterparts of this Master
                      ----------------
         Agreement, duly executed by the parties hereto, shall have been
         delivered to each of the parties hereto.

               (iii)  Construction Agency Agreement. Counterparts of the
                      -----------------------------
         Construction Agency Agreement, duly executed by the parties thereto
         shall have been delivered to each of the parties hereto.

               (iv)   Lease. Counterparts of the Lease, duly executed by
                      -----
         the Lessee and the Lessor shall have been delivered to each Funding
         Party, and the original, chattel paper copy of the Lease shall have
         been delivered to the Agent.

               (v)    Lessee's and JFC's Resolutions and Incumbency
                      ---------------------------------------------
         Certificate, etc. Each of the Agent and the Lessor shall have
         ----------------
         received (w) a certificate of the Lessee's General Partner
         attaching and certifying as of the Closing Date as to (A) the
         resolution of the limited partners of the Lessee, if required by
         the Lessee's Partnership Agreement, duly authorizing the execution,
         delivery and performance by the Lessee of each Operative Document
         to which it is or will be a party, (B) the Lessee's Partnership
         Agreement as in effect as of the Closing Date (which includes all
         amendments thereto) and (C) the Lessee's partnership certificate,
         as in effect as of the Closing Date (which includes all amendments
         thereto), certified within thirty (30) days prior to the Closing
         Date by the Secretary of State of the state of its organization;
         (x) good standing certificates for the Lessee dated within thirty
         (30) days prior to the Closing Date from the appropriate offices of
         the State of the Lessee's organization and principal place of
         business; (y) a certificate of the Secretary or an Assistant
         Secretary of the Lessee's General Partner, attaching and certifying
         as of the Closing Date as to (A) the Board of Directors' (or
         appropriate committee's) resolution duly authorizing the execution,
         delivery and performance by it, as general partner of the Lessee,
         of each Operative Document to which the Lessee is or will be a
         party, (B) the incumbency and signatures of persons authorized to
         execute and deliver such documents on its behalf, (C) the articles
         or certificate of incorporation of the Lessee's General Partner,
         certified

                                    -12-

<PAGE>
<PAGE>

         within thirty (30) days prior to the Closing Date by the Secretary
         of State of the state of its incorporation and (D) its by-laws; and
         (z) good standing certificates for the Lessee's General Partner
         dated within thirty (30) days prior to the Closing Date from the
         appropriate offices of the State of incorporation and principal
         place of business of the Lessee's General Partner. Each of the
         Agent and the Lessor shall have received (w) a certificate of JFC's
         Managing Partner attaching and certifying as of the Closing Date,
         as to (A) the resolution or consent of the limited partners of JFC,
         if and to the extent (if any) required by JFC's Partnership
         Agreement, duly authorizing the execution, delivery and performance
         by JFC of each Operative Document to which it is or will be a
         party, (B) JFC's Partnership Agreement as in effect as of the
         Closing Date (which includes all amendments thereto) and (C) JFC's
         partnership certificate, as in effect as of the Closing Date (which
         includes all amendments thereto), certified within thirty (30) days
         prior to the Closing Date by the Secretary of State of the state of
         its organization; (x) good standing certificates for JFC dated
         within thirty (30) days prior to the Closing Date from the
         appropriate offices of the State of JFC's organization and
         principal place of business; (y) a certificate of the Managing
         Partner of JFC, attaching and certifying as of the Closing Date as
         to the incumbency and signatures of persons authorized to execute
         and deliver such documents on its behalf.

               (vi)   Opinions of Counsel. The opinion of counsel to the
                      -------------------
         Lessee and JFC and the Guarantor and the opinion of local counsel
         in the State in which the Leased Property is located, dated the
         Closing Date, substantially in the forms set forth in Exhibit G-1
                                                               -----------
         and Exhibit G-2, respectively, attached hereto, and containing such
             -----------
         other matters as the parties to whom it is addressed shall
         reasonably request, shall have been delivered and addressed to each
         of the Lessor, the Agent and the Lenders. The opinion of counsel to
         the Lessor, dated the Closing Date, substantially in the form set
         forth in Exhibit G-3 attached hereto, and containing such other
                  -----------
         matters as the parties to whom it is addressed shall reasonably
         request, shall have been delivered to each of the Agent and the
         Lenders and, with respect to the opinion of the Lessor's counsel,
         the Lessee.

               (vii)  Good Standing Certificate. The Agent and the Lessee
                      -------------------------
         shall have received a good standing certificate for the Lessor from
         the appropriate offices of the State of Texas, dated within thirty
         (30) days prior to the Closing Date.

               (viii) Lessor's Resolutions and Incumbency Certificate,
                      ------------------------------------------------
         etc. Each of the Agent and the Lessee shall have received (w) a
         ---
         certificate of the Lessor's General Partner as of the Closing Date,
         attaching and certifying as to (A) the resolution of the partners
         of Lessor, if required, duly authorizing the execution , delivery
         and

                                    -13-

<PAGE>
<PAGE>

         performance by Lessor of each Operative Document to which it is or
         will be a party, (B) the Lessor's Partnership Agreement and all
         amendments thereto, (C) the Lessor's partnership certificate and
         all amendments thereto, certified as of a recent date by the
         Secretary of State of the state of its organization, (x) good
         standing certificates for the Lessor on the Closing Date from the
         appropriate offices of the State of the Lessor's organization and
         principal place of business, (y) a certificate of the Secretary or
         an Assistant Secretary of the Lessor's General Partner on the
         Closing Date, attaching and certifying as to (A) the Board of
         Directors' (or appropriate committee's) resolution duly authorizing
         the execution, delivery and performance by it, as general partner
         of the Lessor, of each Operative Document to which the Lessor is or
         will be a party, (B) the incumbency and signatures of persons
         authorized to execute and deliver such documents on its behalf, (C)
         its articles or certificate of incorporation, certified as of a
         recent date by the Secretary of State of the state of its
         incorporation and (D) its by-laws, and (z) good standing
         certificates for the Lessor's General Partner on the Closing Date
         from the appropriate offices of the State of incorporation and
         principal place of business of the Lessor's General Partner.

    SECTION 3.3 Conditions to the Obligations of Lessee. The obligations of
                ---------------------------------------
the Lessee to lease the Leased Property from the Lessor are subject to the
fulfillment on the Closing Date to the satisfaction of, or waiver by, the
Lessee, of the following conditions precedent:

         (a)   General Conditions. The conditions set forth in Sections 3.1
               ------------------                              ------------
and 3.2 that require fulfillment by the Lessor or the Lenders shall have
-------
been satisfied, including the execution and delivery of the Operative
Documents to be executed by the Lessor or the Lenders in connection with the
Leased Property.

         (b)   Legality. In the opinion of the Lessee or its counsel, the
               --------
transactions contemplated by the Operative Documents shall not violate any
Applicable Law, and no change shall have occurred or been proposed in
Applicable Law that would make it illegal for the Lessee to participate in
any of the transactions contemplated by the Operative Documents.

    SECTION 3.4 Conditions to the Obligations of the Funding Parties on each
                ------------------------------------------------------------
Funding Date. The obligations of the Lessor and each Lender to carry out
------------
their respective obligations under Article II of this Master Agreement to be
                                   ----------
performed on each Funding Date shall be subject to the fulfillment to the
satisfaction of, or waiver by, each such party hereto (acting directly or
through their respective counsel) on or prior to each such Funding Date of
the following conditions precedent, provided that the obligations of any
Funding Party shall not be subject to any conditions contained in this
Section 3.4 which are required to be performed by such Funding Party:
-----------

                                    -14-

<PAGE>
<PAGE>

         (a)   Funding Request. The Lessor and the Agent shall have received
               ---------------
from the Construction Agent or the Lessee the Funding Request therefor
pursuant to Section 2.2(d).
            --------------

         (b)   Conditions Fulfilled. As of such Funding Date, the conditions
               --------------------
set forth in Section 3.1(d) shall have been satisfied.
             --------------

         (c)   Representations. As of such Funding Date, both before and
               ---------------
after giving effect to the Funding requested by the Construction Agent or
the Lessee on such date, the representations and warranties that the
Construction Agent, the Lessee or JFC is deemed to make pursuant to Section
                                                                    -------
2.2(e) shall be true and correct on and as of such Funding Date as though
------
made on and as of such Funding Date.

         (d)   No Stop Notice or Filed Mechanic's Lien. As of such Funding
               ---------------------------------------
Date, and as to any Funded Amount requested on such Funding Date, (i) none
of the Lessor, the Agent or any Lender has received (with respect to the
Leased Property) a notice to withhold Loan funds that has not been
discharged by the Lessee or the Construction Agent, and (ii) no mechanic's
lien or materialman's lien has been filed against such Leased Property that
has not been discharged by the Lessee, bonded over in a manner reasonably
satisfactory to the Agent or insured over by the Title Insurance Company.

         (e)   Lease Supplement. If the Funding relates to a Building that
               ----------------
will be leased under a Lease Supplement separate from the Lease Supplement
for the Land, the original of such separate Lease Supplement, duly executed
by the Lessee and the Lessor and in recordable form, shall have been
delivered to the Agent.

    SECTION 3.5 Completion Date Conditions. The occurrence of the Completion
                --------------------------
Date with respect to the Leased Property shall be subject to the fulfillment
to the satisfaction of, or waiver by, each party hereto (acting directly or
through its counsel) of the following conditions precedent:

         (a)   Title Policy Endorsements; Architect's Certificate. The
               --------------------------------------------------
Construction Agent shall have furnished to each Funding Party (1) the
following endorsements to the related Title Policy (each of which shall be
subject to no exceptions other than Permitted Encumbrances approved by the
Agent in writing and such other exceptions created in the public records
after the Closing Date if and to the extent approved by the Agent in
writing): a date-down endorsement (redating and confirming the coverage
provided under the Title Policy and each endorsement thereto) and a "Form 9"
endorsement (if available in the applicable jurisdiction), in each case,
effective as of a date not earlier than the date of completion of the
Construction, and (2) a statement of the Architect dated at or about the
Completion Date, in form and substance reasonably satisfactory to the Agent,
the Lessor and the Lenders, and stating that (i) the Building has been
completed substantially in accordance with the Plans and Specifications
therefor, and

                                    -15-

<PAGE>
<PAGE>

the Leased Property is ready for occupancy, (ii) such Plans and
Specifications comply in all material respects with all Applicable Laws in
effect at such time, and (iii) to the best of the Architect's knowledge, the
Leased Property, as so completed, complies in all material respects with all
Applicable Laws in effect at such time. The Construction Agent shall also
deliver to the Agent true and complete copies of: (A) an "as built" or
"record" set of the Plans and Specifications, (B) a plat of survey of the
Leased Property "as built" to a standard reasonably acceptable to the Agent
showing all easements, paving, driveways, fences and exterior improvements,
and (C) copies of a certificate or certificates of occupancy for the Leased
Property or other legally equivalent permission to occupy the Leased
Property.

         (b)   Construction Completion. The Construction shall have been
               -----------------------
completed substantially in accordance with the Plans and Specifications and
all Applicable Laws, and the Leased Property shall be ready for occupancy
and operation. All fixtures, equipment and other property contemplated under
the Plans and Specifications to be incorporated into or installed in the
Leased Property shall have been substantially incorporated or installed,
free and clear of all Liens except for Permitted Encumbrances.

         (c)   Construction Agent Certification. The Construction Agent
               --------------------------------
shall have furnished the Lessor, the Agent and each Lender with a
certification of the Construction Agent (substantially in the form of
Exhibit H) that:
---------

               (i)    all amounts owing to third parties for the
         Construction have been paid in full (other than contingent
         obligations for which the Construction Agent has made adequate
         reserves), and no litigation or proceedings are pending, or, to the
         best of the Construction Agent's knowledge, are threatened, against
         the Leased Property, the Construction Agent or the Lessee which
         could reasonably be expected to have a Material Adverse Effect;

               (ii)   all material consents, licenses and permits and other
         governmental authorizations or approvals required for such
         Construction and operation of the Leased Property have been
         obtained and are in full force and effect;

               (iii)  the Leased Property has available all services of
         public facilities and other utilities necessary for the use and
         operation of the Leased Property for its intended purposes
         including, without limitation, adequate water, gas and electrical
         supply, storm and sanitary sewerage facilities, telephone, other
         required public utilities and means of access between the Building
         and public highways for pedestrians and motor vehicles;

               (iv)   all material agreements, easements and other rights,
         public or private, which are necessary to permit the lawful use and
         operation of the Leased

                                    -16-

<PAGE>
<PAGE>

         Property as the Lessee intends to use the Leased Property under the
         Lease and which are necessary to permit the lawful intended use and
         operation of all then intended utilities, driveways, roads and
         other means of egress and ingress to and from the same have been
         obtained and are in full force and effect and neither the
         Construction Agent nor the Lessee has any knowledge of any pending
         modification or cancellation of any of the same, and the use of the
         Leased Property does not depend on any variance, special exception
         or other municipal approval, permit or consent that has not been
         obtained and is in full force and effect for its continuing legal
         use;

               (v)    all of the requirements and conditions set forth in
         Section 3.5(b) hereof have been completed and fulfilled with
         --------------
         respect to the Leased Property and the Construction; and

               (vi)   to the best of the Construction Agent's knowledge,
         the Leased Property is in compliance in all material respects with
         all applicable zoning laws and regulations.

                                 ARTICLE IV
                               REPRESENTATIONS

    SECTION 4.1 Representations of Lessee. Effective as of the date of
                -------------------------
execution hereof, as of the Closing Date and as of each Funding Date, the
Lessee represents and warrants to each of the other parties hereto as
follows:

         (a)   Existence; Compliance with Law.
               ------------------------------

               (i)    The sole general partner of the Lessee is EDJ Holding
         Company, Inc., a Missouri corporation (the "General Partner"), and
         the sole limited partner of the Lessee is JFC (the General Partner
         and JFC being referred to individually as a "Partner" and
         collectively as the "Partners.") At the date hereof, the Lessee has
         Indebtedness for Money Borrowed of the types and in the amounts set
         forth in Schedule 4.1(a)(i) hereto. A complete and correct summary
         of all such Indebtedness is attached hereto as Schedule 4.1(a)(i),
                                                        ------------------

               (ii)   Schedule 4.1(a)(ii) hereto correctly sets forth as to
                      -------------------
         each Subsidiary of the Lessee its name and the jurisdiction of its
         formation, if a partnership, or incorporation, if a corporation.
         The Lessee has no Restricted Subsidiaries. Each of the Lessee and
         each of its Subsidiaries, the General Partner and JFC (x) is duly
         organized, validly existing and in good standing under the laws of
         the jurisdiction of its organization, (y) has the power and
         authority, and the legal right, and all

                                    -17-

<PAGE>
<PAGE>

         governmental licenses, authorizations, consents and approvals, to
         own and operate its assets and property, to lease the property it
         operates as lessee and to conduct the business in which it is
         currently engaged or proposes to be engaged, and (z) is duly
         qualified as a foreign corporation or partnership and in good
         standing (A) in the jurisdiction in which the Leased Property is
         located and (B) under the laws of each jurisdiction where its
         ownership, lease or operation of property or the conduct of its
         business or nature of its activities requires such qualification.
         All of the issued and outstanding general or limited partnership
         interests, or capital stock, as the case may be, of the Lessee, the
         Lessee's General Partner and each Subsidiary is validly issued and
         outstanding, is fully paid and nonassessable and is owned,
         beneficially and of record, in the case of stock, by the Lessee or
         another Subsidiary, and in the case of general or limited
         partnership interests in the Lessee, by the Lessee's General
         Partner and the limited partners of the Lessee, free of any Lien,
         option, claim, warrant or rights of others. All of the issued and
         outstanding are partnership interests of JFC are validly issued and
         outstanding, are fully paid and nonassessable and are owned
         beneficially and of record, by JFC's partners, free of any Lien,
         option, claim, warrant or rights of others.

         (b)   Corporate Power; Authorization; Enforceable Obligations. The
               -------------------------------------------------------
Lessee, the General Partner and JFC each have the power and authority, and
the legal right, and all governmental licenses, authorizations, consents and
approvals, to execute, deliver and perform this Master Agreement and the
other Operative Documents to which each such Person is a party and has taken
all necessary action to authorize the Transaction on the terms and
conditions of this Master Agreement and to authorize the execution, delivery
and performance of this Master Agreement and the other Operative Documents
to which each such Person is a party. No approval, consent, exemption or
authorization of, notice to or filing with or other action by or in respect
of, any Governmental Authority, Business Association or any other Person is
necessary or required in connection with the Transaction (except
construction permits, licenses and approvals that are not yet required), the
use of the proceeds thereof or with the execution, delivery, performance,
validity or enforceability of this Master Agreement or the other Operative
Documents to which each such Person is a party. This Master Agreement has
been, and each other Operative Document to which each such Person is a party
will be, duly executed and delivered on behalf of the Lessee and JFC. This
Master Agreement constitutes, and each other Operative Documents to which
the Lessee or JFC is a party when executed and delivered will constitute, a
legal, valid and binding obligation of the Lessee and JFC, as applicable,
enforceable against the Lessee and JFC, as applicable, in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors' rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or at
law).

                                    -18-

<PAGE>
<PAGE>

         (c)   No Legal Bar; No Default, Compliance with Other Instruments,
               ------------------------------------------------------------
etc. Neither the Lessee nor JFC is in violation of any term of its
---
partnership agreement or certificate of partnership and none of its or their
Subsidiaries is in violation of any term of its partnership agreement,
certificate of partnership, charter or by-laws, as the case may be. No
Potential Event of Default or Event of Default has occurred and is
continuing. Neither the Lessee, JFC nor any of its or their Subsidiaries is
in default in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in (i) any evidence of
Indebtedness, or any agreement or instrument under or pursuant to which any
evidence of Indebtedness has been issued (or any documents related thereto),
(ii) any other agreement or instrument (including, without limitation, any
issued and outstanding preferred stock), or Contractual Obligation to which
any of them is a party or by which any of them is bound or any of its or
their properties is affected, or (iii) any Requirement of Law by which any
of them is bound or any of their properties are affected. Neither the
Lessee, JFC nor any of its or their Subsidiaries has defaulted in, or has
failed to make at the time contemplated, payment of any dividends or
partnership distributions, or any mandatory redemption payments on any
preferred stock or any principal of, or premium or interest on, any
Indebtedness for Money Borrowed. The execution, delivery and performance of
this Master Agreement and the other Operative Documents, the Transaction and
the use of the proceeds thereof does or will not (v) conflict with or
violate the partnership agreement, certificate of partnership, charter or
by-laws, as the case may be, of the Lessee, JFC or any of its or their
Subsidiaries and will not violate any Requirement of Law or Contractual
Obligation of the Lessee, JFC or any of its or their Subsidiaries, (w)
conflict with or result in a breach of any of the terms, conditions or
provisions of, or constitute a default under, any evidence of Indebtedness
or other agreement or instrument referred to in this Section 4.1(c), (x)
result in or require the creation or imposition of any Lien of any nature
whatsoever upon any of its or their respective properties, revenues or
assets of the Lessee, JFC or any of its or their Subsidiaries under the
terms of any such evidence of Indebtedness, other agreement or instrument,
Requirement of Law or Contractual Obligation, other than the Operative
Documents, (y) require the consent of or other action by any Business
Association, any trustee, any creditor of, any lessor to, or any investor
in, the Lessee, JFC or any of its or their Subsidiaries, or (z) violate any
order, injunction, writ or decree of any Governmental Authority or any
Business Association to which the Lessee, JFC or any of its or their
Subsidiaries is subject.

         (d)   Litigation, Etc.
               ----------------

               (i)    There are no actions, suits, proceedings, claims or
         disputes pending or, to the best knowledge of the Lessee and JFC
         (after due inquiry), threatened or contemplated, at law, in equity,
         in arbitration or before any Governmental Authority, arbitrator or
         Business Association, against the Lessee, JFC or its or their
         Subsidiaries or any of their respective properties, individually or
         in the aggregate:

                                    -19-

<PAGE>
<PAGE>

                      (x)   which purport to affect or pertain to this
               Master Agreement or any other Operative Document, or any of
               the transactions contemplated hereby or thereby; or

                      (y)   as to which there exists a reasonable
               possibility of an adverse determination against any of them
               or, which determination could reasonably be expected to have
               a Material Adverse Effect.

               (ii)   No injunction, writ, temporary restraining order or
         any order of any nature has been issued by any court or other
         Governmental Authority purporting to enjoin or restrain the
         execution, delivery or performance of this Master Agreement or any
         other Operative Document, or directing that the transactions
         provided for herein or therein not be consummated as herein or
         therein provided.

               (iii)  Any liability that may result from any action at
         law, suit in equity or other proceeding or investigation (whether
         or not purportedly on behalf of the Lessee, JFC or any of its or
         their Subsidiaries) in any court or by or before any other
         Governmental Authority or any arbitrator, or before any Business
         Association, against or affecting, or that (to the best knowledge
         of the Lessee and JFC) is threatened against, the Lessee, JFC or
         any of its or their Subsidiaries or any of their respective
         properties is adequately reserved against on the books of the
         Lessee, JFC or such Subsidiary, as the case may be.

               (iv)   Neither the Lessee, JFC nor any of its or their
         Subsidiaries is in default in any respect which could individually
         or in the aggregate have a Material Adverse Effect on the Lessee or
         JFC with respect to any order, writ, injunction, judgment or decree
         of any court or other Governmental Authority, or with respect to
         the award of any arbitrator, or with respect to the order or
         direction of any Business Association.

               (v)    Attached hereto as Schedule 4.1(d)(v) is a true and
                                         ------------------
         correct summary of all pending investigations or inquiries (other
         than routine "blue sheet" inquires) by the SEC or any Business
         Association or State Securities Commission to which the Lessee or
         any of its Subsidiaries has been asked to respond by delivery of
         documents or testimony.

         (e)   Taxes. All Federal, state and other tax returns and
               -----
information returns of the Lessee, JFC and each of its or their Subsidiaries
required by law to be filed have been duly filed, and all Federal, state and
other taxes, assessments, fees and other governmental charges

                                    -20-

<PAGE>
<PAGE>

upon the Lessee, JFC or any of its or their Subsidiaries or upon any of
their respective properties or assets that are due and payable have been
paid. No extensions of time for the assessment of deficiencies have been
granted by the Lessee, JFC or any of its or their Subsidiaries. There are no
Liens on any properties or assets of the Lessee, JFC or any of its or their
Subsidiaries imposed or arising as a result of the delinquent payment or
nonpayment of any such tax, assessment, fee or other governmental charge.
All Federal income tax returns of each of the Lessee and JFC filed for
periods ended on or prior to December 31, 1996 have been accepted by the IRS
as filed. No Federal income tax and information returns filed by any of the
Lessee, JFC or the Subsidiaries of the Lessee or JFC have ever been
materially adjusted upon examination by the IRS. The Lessee, JFC and its or
their Subsidiaries which are partnerships have filed information returns in
those states and local jurisdictions in which they are required to do so,
and the Subsidiaries of the Lessee or JFC that are corporations have filed
tax returns with respect to state income taxes or state taxes measured by
income in those states and local jurisdictions in which they are required to
do so. No state information or tax return filed by the Lessee, JFC or any of
its or their Subsidiaries has ever been materially adjusted upon examination
by any state agency. The charges, accruals and reserves, if any, on the
books of the Lessee, JFC and its or their Subsidiaries in respect of Federal
and state income taxes for all fiscal periods to date are adequate and
neither the Lessee nor JFC knows of any unpaid assessments for additional
Federal or state income taxes for any such fiscal period or of any basis
therefor. There are no applicable taxes, fees or other governmental charges
payable in connection with the execution and delivery of this Master
Agreement, the Transaction or any of the other Operative Documents.

         (f)   No Margin Regulation Violation. None of the transactions
               ------------------------------
contemplated by this Master Agreement or any of the other Operative
Documents (including, without limitation, the direct or indirect use of any
of the proceeds from any Funding) will violate or result in a violation of
(i) Sections 7, 10(b) or 15 of the Exchange Act or any regulations
promulgated thereunder or (ii) Regulation U, Regulation T and Regulation X
of the FRB.

         (g)   ERISA Compliance.
               ----------------

               (i)    Each Plan is in compliance in all material respects
         with the applicable provisions of ERISA, the Code and other federal
         or state law. Each Plan which is intended to qualify under Section
         401(a) of the Code has received a favorable determination letter
         from the IRS and, to the best knowledge of the Lessee and JFC,
         nothing has occurred which would cause the loss of such
         qualification. The Lessee, JFC and each ERISA Affiliate has made
         all required contributions to any Plan subject to Section 412 of
         the Code, and no application for a funding waiver or an extension
         of any amortization period pursuant to Section 412 of the Code has
         been made with respect to any Plan.

                                    -21-

<PAGE>
<PAGE>

               (ii)   There are no pending or, to the best knowledge of the
         Lessee and JFC, threatened claims, actions or lawsuits, or action
         by any Governmental Authority, with respect to any Plan which has
         resulted or could reasonably be expected to result in a Material
         Adverse Effect. There has been no prohibited transaction or
         violation of the fiduciary responsibility rules with respect to any
         Plan which has resulted or could reasonably be expected to result
         in a Material Adverse Effect or that would subject the Lessee, JFC
         or any of its or their Subsidiaries to a tax or penalty on
         Prohibited Transactions. Neither the Lessee, JFC nor any of its or
         their Subsidiaries has contributed to any employee pension benefit
         plan to which an employer other than the Lessee, JFC or one of
         their Subsidiaries contributed.

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

         (h)   Investment Company Act; Other Regulations. None of the
               -----------------------------------------
Lessee, JFC, any Person controlling the Lessee or JFC, or any of its or
their Subsidiaries, is an "Investment Company" within the meaning of the
Investment Company Act of 1940, except insofar as such a relationship may
exist with respect to the Lessee by virtue of the following interests: (v)
the Lessee's ownership of a minority interest, as limited partner with no
rights of management or control, in Passport Research Ltd., a Pennsylvania
limited partnership, that is adviser to an open-end mutual fund and a
closed-end mutual fund, (w) the Lessee's indirect 18.4% interest in
Community Investment Partners, L.P., indirect 6% interest in Community
Investment Partners II, L.P., and indirect 5.9% interest in Community
Investment Partners III, L.P., LLLP, each of which is a business development
company formed under the Investment Company Act of 1940, (x) the Lessee's
indirect 5.7% interest in Community Investment Partners IV, L.P., LLLP, an
employees' securities company, (y) the Lessee's indirect $500,000 investment
in Oakwood Medical Investors III, L.L.C. and (x) JFC's ownership of 150,000
shares of common stock, in Federated Investors, that is adviser to an
open-end mutual fund and a closed-end mutual fund. Neither the Lessee, JFC
nor any of its or their Subsidiaries is subject to regulation under the
Public Utility Holding Company Act of 1935, the Federal Power Act, the
Interstate Commerce

                                    -22-

<PAGE>
<PAGE>

Act, any state public utilities code, or any other Federal or state statute
or regulation limiting its ability to incur Indebtedness, other than the Net
Capital requirements of Section 15 of the Exchange Act. The Lessee and its
Subsidiaries are in compliance with the requirements of Rule 206(4)-2
promulgated pursuant to the Investment Advisors Act of 1940.

         (i)   Purpose of Fundings. The proceeds of the Fundings shall be
               -------------------
used by the Lessee or the Construction Agent for Construction costs for the
Building and for acquisition and installation of the Equipment and for
transaction, closing and financing costs permitted to be paid with Advances
under this Master Agreement.

         (j)   Disclosure. Neither this Master Agreement (including the
               ----------
representations, warranties and covenants contained herein and all other
information contained in the Operative Documents) nor any offering
memorandum prepared in connection with the Transaction, nor the reports nor
financial statements referred to in Section 4.1(l) hereof, nor any
certificate, report, statement or other writing furnished or to be furnished
to the Agent by or on behalf of the Lessee, JFC, or any officer, director,
agent or employee of or any counsel to the Lessee or JFC, in connection with
the negotiation of the Operative Documents or the Transaction, nor any other
factual information, including factual information relating to the Lessee,
JFC, its or their Subsidiaries or any of its or their assets or its or their
financial condition or the Leased Property, furnished or to be furnished in
writing to the Agent or any Funding Party, contains or will contain any
untrue statement of a material fact or omits or will omit to state a
material fact necessary to make the statements contained herein or therein
not misleading. There is no fact known to the Partnership that the
Partnership has not disclosed to you in writing that (i) materially
adversely affects or in the future may materially adversely affect the
business, prospects, earnings, properties or condition, financial or other,
of the Lessee, JFC or any of its or their Subsidiaries, or (ii) adversely
affects or in the future may adversely affect the ability of the Lessee or
JFC to perform their respective obligations under this Master Agreement and
the other Operative Documents.

         (k)   Title to Properties; Leases. The Lessee, JFC and each of
               ---------------------------
their Subsidiaries have good and valid title to their respective material
properties and assets, including all properties and assets reflected on the
respective consolidated statements of financial condition of the Lessee and
its Subsidiaries and of JFC and its Subsidiaries, each dated as of December
31, 1999 and referred to in clauses (i) and (iii) of Section 4.1(l) hereof,
as well as to property purported to have been acquired since such date
(except property disposed of since said date in the ordinary course of
business), and as of the Closing Date, there are no Liens on any such
properties and assets other than Permitted Liens and Liens securing the bank
borrowings listed in Schedule 4.1(a)(i) on the Lessee's securities held for
sale, on its interest in customers' securities and on government or agency
securities held by it as permitted by paragraphs (iv) and (vi) of the
definition of Restricted Investments. Each of the Lessee, JFC and their
Subsidiaries has the right

                                    -23-

<PAGE>
<PAGE>

to, and does, enjoy peaceful and undisturbed possession under all leases to
which it is a party or under which it is leasing property. All such leases
are valid, subsisting and in full force and effect, none of such leases is
in default and no event has occurred and is continuing, and no condition
exists, that, after notice or the passage of time or both, could become a
default under any such lease.

         (l)   Financial Statements and Other Information; Financial
               -----------------------------------------------------
Condition. The Lessee and JFC has heretofore furnished to the Agent and each
---------
Funding Party copies of: (i) JFC's Annual Report to the SEC on Form 10-K for
the fiscal year ended December 31, 1999 (the "Form 10-K") containing a
                                              ---------
consolidated statement of financial condition of JFC and its Subsidiaries as
of December 31, 1999 and December 31, 1998 and related consolidated
statements of income, changes in financial position or cash flows (as
applicable) and changes in partnership capital for the fiscal years then
ended and the fiscal year ended December 31, 1997, together with the
auditor's report thereon of Arthur Andersen LLP, Independent Certified
Public Accountants; (ii) JFC's Quarterly Report on Form 10-Q filed with the
SEC for the quarter ended June 30, 2000 (the "Form 10-Q"; the Form 10-K and
                                              ---------
the Form 10-Q are referred to herein as the "SEC Reports"); (iii)
                                             -----------
consolidated statements of financial condition of the Lessee and its
Subsidiaries as of December 31, 1999 and December 31, 1998, and related
statements of income, changes in financial position or cash flows (as
applicable), changes in partnership capital and changes in subordinated
liabilities, of the Lessee and its Subsidiaries for the fiscal years then
ended, together with the auditor's report thereon of Arthur Andersen LLP,
Independent Certified Public Accountants; (iv) consolidated statements of
financial condition of the Lessee and its Subsidiaries as of the close of
the fiscal quarter ended June 30, 2000 and related statements of income of
the Lessee and its Subsidiaries for the fiscal quarter then ended (the
financial statements referred to, or contained in any document referred to,
in this clause (iv) and in clause (iii) above being hereinafter called the
"Lessee Financial Statements"); and (v) the Lessee's Broker/Dealer Year 2000
 ---------------------------
Report on Form BD-Y2K filed with the SEC for June 30, 2000. All financial
statements referred to above, or contained in any document referred to
above, are complete and correct, and have been prepared in accordance with
generally accepted accounting principles applied on a consistent basis
during the respective periods. The Lessee Financial Statements and the SEC
Reports present fairly the financial position of the Lessee and JFC,
respectively, as of the respective dates of the statements of financial
condition included therein and the results of operations of the Lessee and
JFC, respectively, for the respective periods covered by the consolidated
statements of income and changes in cash flows included therein. Neither the
Lessee, JFC nor any of its or their Subsidiaries has any material
obligations or liabilities, contingent or otherwise, not disclosed by the
consolidated statement of financial condition of the Lessee, JFC and their
Subsidiaries as of December 31, 1999 referred to in clauses (i) or (iii)
above

                                    -24-

<PAGE>
<PAGE>

         (m)   General Environmental Matters. Except as specifically
               -----------------------------
disclosed in Schedule 4.1(m):
             ---------------

               (i)    The on-going operations of the Lessee, JFC and each of
         their Subsidiaries comply in all material respects with all
         Environmental Laws.

               (ii)   The Lessee, JFC and each of their Subsidiaries have
         obtained all licenses, permits, authorizations and registrations
         required under any Environmental Law ("Environmental Permits") and
                                                ---------------------
         necessary for their respective ordinary course operations, all such
         Environmental Permits are in good standing, and the Lessee, JFC and
         each of their Subsidiaries are in compliance with all material
         terms and conditions of such Environmental Permits.

               (iii)  None of the Lessee, JFC any of their Subsidiaries or
         any of their respective present properties or operations, is
         subject to any outstanding written order from or agreement with any
         Governmental Authority, nor subject to (x) any judicial or docketed
         administrative proceeding, respecting any Environmental Law,
         Environmental Claim or Hazardous Material or (y) to the extent that
         it could reasonably be expected to have a Material Adverse Effect,
         any claim, proceeding or written notice from any Person regarding
         any Environmental Law, Environmental Claim or Hazardous Material.

               (iv)   There are no Hazardous Materials or other conditions
         or circumstances existing with respect to any properties of the
         Lessee, JFC or any of their Subsidiaries, or arising from
         operations prior to the Closing Date, of the Lessee, JFC or any of
         their Subsidiaries that would reasonably be expected to give rise
         to Environmental Claims which would have a Material Adverse Effect,
         and there are no Hazardous Materials or other conditions or
         circumstances existing with respect to the Leased Property that
         would reasonably be expected to give rise to Environmental Claims.
         In addition, (A) neither the Lessee, JFC nor any of their
         Subsidiaries has any underground storage tanks (x) that are not
         properly registered or permitted under applicable Environmental
         Laws, (y) that are leaking or disposing of Hazardous Materials
         off-site, or (z) with respect to the Leased Property, for which the
         Lessee, JFC or any of their Subsidiaries has not met applicable
         federal and state financial responsibility requirements, and (B)
         the Lessee, JFC and their Subsidiaries have met all material
         notification requirements under applicable Environmental Laws.

         (n)   Labor Relations. There are no strikes, lockouts or other
               ---------------
labor disputes against the Lessee, JFC, or any of their Subsidiaries, or, to
the best of the knowledge of the Lessee and JFC, threatened against or
affecting the Lessee, JFC or any of their Subsidiaries, and

                                    -25-

<PAGE>
<PAGE>

no significant unfair labor practice complaint is pending against the
Lessee, JFC or any of their Subsidiaries or, to the best knowledge of the
Lessee and JFC, threatened against any of them before any Governmental
Authority.

         (o)   No Burdensome Restrictions. Neither the Lessee, JFC, nor any
               --------------------------
of its or their Subsidiaries is a party to, and none of them nor any of
their properties is bound or affected by, any Contractual Obligation, or is
subject to any order, writ, injunction, judgment, rule, regulation or decree
or other action of any court or other Governmental Authority, or the award
of any arbitrator or any charter or other corporate, partnership or
contractual restriction, that could reasonably be expected to have a
Material Adverse Effect.

         (p)   Copyrights, Patents, Trademarks and Licenses, etc. The
               -------------------------------------------------
Lessee, JFC and their Subsidiaries own or are licensed or otherwise have the
right to use all of the licenses, registrations, permits, patents,
trademarks, service marks, trade names, copyrights, franchises,
authorizations and other rights that are reasonably necessary for the
operation of their respective businesses as now conducted and as proposed to
be conducted, without conflict with the rights of any other Person. To the
best knowledge of the Lessee and JFC, no slogan or other advertising device,
product, process, method, substance, part or other material now employed, or
now contemplated to be employed, by the Lessee, JFC or any of their
Subsidiaries infringes upon any rights held by any other Person. No claim or
litigation regarding any of the foregoing is pending or threatened, and no
patent, invention, device, application, principle or any statute, law, rule,
regulation, standard or code is pending or, to the knowledge of the Lessee
and JFC, proposed, which, in either case, could reasonably be expected to
have a Material Adverse Effect.

         (q)   Insurance. The properties of the Lessee, JFC and their
               ---------
Subsidiaries are insured with financially sound and reputable insurance
companies not Affiliates of the Lessee or JFC or any of their Subsidiaries
and are in such amounts, with such deductibles and covering such risks as
are customarily carried by companies engaged in similar businesses and are
similarly situated.

         (r)   Swap Obligations. Neither the Lessee, JFC nor any of their
               ----------------
Subsidiaries has incurred any outstanding obligations under any Swap
Contracts, other than Permitted Swap Obligations. The Lessee and JFC have
each undertaken its own independent assessment of its consolidated assets,
liabilities and commitments and has considered appropriate means of
mitigating and managing risks associated with such matters and has not
relied on any swap counterparty or any Affiliate of any swap counterparty in
determining whether to enter into any Swap Contract.

         (s)   Solvency. Each of the Lessee and JFC is Solvent, and the
               --------
Lessee and its Subsidiaries, on a consolidated basis, and JFC and its
Subsidiaries, on a consolidated basis, are Solvent.

                                    -26-

<PAGE>
<PAGE>

         (t)   Year 2000 Compliance. The Lessee, JFC and their Subsidiaries
               --------------------
have conducted a comprehensive review and assessment of its computer
applications, and have made inquiry of their material suppliers, vendors and
customers, with respect to any defect in computer software, data bases,
hardware, controls and peripherals related to the occurrence of the year
2000 or the Year 2000 Problem in connection therewith. Based on the
foregoing review, assessment and inquiry, the Lessee and JFC believe that no
such defect could reasonably be expected to have a Material Adverse Effect.

         (u)   Business of the Partnership.
               ---------------------------

               (i)    The SEC Reports referred to in Section 4.1(l) hereof
         contain an accurate general description of the business of the
         Lessee, JFC and their Subsidiaries, as presently conducted and as
         presently proposed to be conducted, and the major properties leased
         by the Lessee and JFC. Neither the Lessee, JFC nor any of their
         Subsidiaries is now engaged in any material line of business not so
         disclosed and neither the Lessee nor JFC owns or leases any
         significant properties not so disclosed. Attached hereto as
         Schedule 4.1(u)(i) is a true and correct summary of the leases
         ------------------
         under which the Lessee or JFC leases its or their principal offices
         and equipment from an Affiliate.

               (ii)   Any and all liabilities of the Lessee and JFC that
         could reasonably be expected to arise out of, or in relation to,
         the Lessee's or JFC's ownership, directly or indirectly, of any
         interest or interests in limited partnerships or other entities
         (including any Affiliates or Subsidiaries of the Lessee or JFC)
         under any circumstances, in the aggregate, would not exceed
         $15,000,000. All such interests owned by the Lessee or JFC in such
         entities are owned indirectly by it, through a series of affiliated
         entities, including at least one corporation duly organized,
         validly existing and in good standing under the laws of its
         jurisdiction of incorporation, which corporation is adequately
         capitalized and as to which all corporate formalities have been
         observed. The corporate integrity of any such corporation has never
         been questioned or threatened, nor does there exist any basis for
         such a question or threat. Neither the Lessee, JFC nor any
         Affiliate of either of them (other than the General Partner,
         Conestoga Securities, Inc., a Missouri corporation, LHC, Inc., a
         Missouri corporation, Unison Capital Corporation, a Missouri
         corporation, Patronus, Inc., a Missouri corporation, CIP
         Management, Inc., a Missouri corporation, and Edward D. Jones & Co.
         Canada Holding Co., Inc., a corporation formed under the law of the
         Province of Ontario, Canada) is a general partner of any general or
         limited partnership.

                                    -27-

<PAGE>
<PAGE>

         (v)   Stock Exchange Membership, etc. The Lessee is a member
               -------------------------------
organization in good standing of the Exchange, the American Stock Exchange,
Inc., the Chicago Stock Exchange, Inc., and the NASD. Edward Jones Limited,
a corporation organized under the laws of the United Kingdom, is a member in
good standing of the London Stock Exchange. Edward D. Jones Co., an Ontario
limited partnership, is a member organization in good standing of the
Toronto Stock Exchange, Inc. and the Montreal Stock Exchange, Inc.

         (w)   No Material Adverse Change. Since December 31, 1999, (i)
               --------------------------
there has been no material adverse change in the financial condition of the
Lessee and its Subsidiaries taken as a whole, or JFC and its Subsidiaries,
taken as a whole, and (ii) neither the condition, financial or otherwise,
business, earnings, properties or prospects of the Lessee and its
Subsidiaries, taken as a whole, or JFC and its Subsidiaries, taken as a
whole, have been materially adversely affected by any occurrence or
development (whether or not insured against).

         (x)   Compliance with Law, etc. The Lessee, JFC, the General
               ------------------------
Partner and their Subsidiaries each is in compliance in all material
respects with all Requirements of Law to which it is subject and all
applicable rules of the Exchange, the NASD and each other non-governmental
association, corporation or body having authority over it ("Business
                                                            --------
Association"), the violation of which, either individually or in the
-----------
aggregate, might materially adversely affect its business, prospects,
earnings, properties or condition, financial or other. Neither the execution
or delivery of this Master Agreement or any of the other Operative
Documents, nor the performance of this Agreement or the Notes does or will
cause the Partnership or any of its Subsidiaries to be in violation in any
material respect of any law or ordinance, or any order of general
application, rule or regulation of any Federal, state, county, municipal or
other governmental or public authority or agency, or any order, direction or
rule of any Business Association, having jurisdiction or authority over any
of them or any of their respective properties.

         (y)   SIPC Assessments. Neither the Lessee nor any Subsidiary is in
               ----------------
arrears with respect to any assessment made upon the Lessee or any
Subsidiary by SIPC.

         (z)   Broker-Dealer Registration; Examining Authority. The Lessee
               -----------------------------------------------
is registered as a broker-dealer with the SEC under the Exchange Act, and is
also registered as a broker-dealer with the proper authorities, including
State Securities Commissions, of every jurisdiction in which the nature of
its activities makes such registration necessary. The Examining Authority of
the Lessee is the Exchange.

         (aa)  Stock Exchange Approvals. The Lessee has obtained such
               ------------------------
consents or approvals of the Examining Authority and of such securities and
commodities exchanges of which the Lessee is a member organization as are
necessary for the due execution, delivery and

                                    -28-

<PAGE>
<PAGE>

performance of this Master Agreement and the other Operative Documents and
the consummation of the transactions contemplated hereby and thereby.

         (bb)  Governmental Consent, etc. Except for the consents and
               -------------------------
approvals referred to in Section 4.1(aa) and the filing with the SEC
pursuant to Appendix D to Rule 15c3-1, no consent, approval or authorization
of, registration, qualification, designation, declaration or filing with, or
notice to, any Federal, state or local governmental or public authority or
agency (including any State Securities Commission) or Business Association
is required for the valid execution, delivery and performance of this Master
Agreement or any of the other Operative Documents or the valid consummation
of any other transaction contemplated hereby or thereby.

         (cc)  Outstanding Securities. All outstanding Securities of the
               ----------------------
Lessee have been offered, issued, sold and delivered in compliance with, or
in accordance with available exemptions from, all Federal and state laws and
the rules and regulations of all Federal and state governmental or public
authorities and agencies and Business Associations.

         (dd)  Net Capital Requirements. The Lessee is subject to and in
               ------------------------
compliance with the Net Capital requirements set forth in Rule 15c3-1 and it
has elected to comply with the Alternative Net Capital Requirement.

         (ee)  Hazardous Materials - Leased Property.
               -------------------------------------

               (i)    To the best knowledge of the Lessee, except as
         described in the Environmental Audit, on the Closing Date, there
         are no Hazardous Materials present at, upon, under or within such
         Leased Property or released or transported to or from such Leased
         Property (except in compliance in all material respects with all
         Applicable Law).

               (ii)   On the Closing Date, no Governmental Actions have
         been taken or, to the best knowledge of the Lessee, are in process
         or have been threatened, which could reasonably be expected to
         subject such Leased Property, any Lender or the Lessor to any
         Claims or Liens with respect to such Leased Property under any
         Environmental Law which would have a material adverse effect, or
         would have a Material Adverse Effect on the Lessor or any Lender.

               (iii)  The Lessee has, or will obtain on or before the date
         required by Applicable Law, all Environmental Permits necessary to
         operate the Leased Property, if any, in accordance with
         Environmental Laws and is complying with and has at all times
         complied with all such Environmental Permits, except to the extent
         the failure to obtain such Environmental Permits or to so comply
         would not have a Material Adverse Effect.

                                    -29-

<PAGE>
<PAGE>

               (iv)   Except as set forth in the Environmental Audit or in
         any notice subsequently furnished by the Lessee to the Agent and
         approved by the Agent in writing prior to the respective times that
         the representations and warranties contained herein are made or
         deemed made hereunder, no notice, notification, demand, request for
         information, citations, summons, complaint or order has been issued
         or filed to or with respect to the Lessee, no penalty has been
         assessed on the Lessee and no investigation or review is pending
         or, to its best knowledge, threatened by any Governmental Authority
         or other Person in each case relating to the Leased Property with
         respect to any alleged material violation or liability of the
         Lessee under any Environmental Law. To the best knowledge of the
         Lessee, no material notice, notification, demand, request for
         information, citations, summons, complaint or order has been issued
         or filed to or with respect to any other Person, no material
         penalty has been assessed on any other Person and no investigation
         or review is pending or threatened by any Governmental Authority or
         other Person relating to the Leased Property with respect to any
         alleged material violation or liability under any Environmental Law
         by any other Person.

               (v)    The Leased Property and each portion thereof are
         presently in compliance in all material respects with all
         Environmental Laws, and, to the best knowledge of the Lessee, there
         are no present or past facts, circumstances, activities, events,
         conditions or occurrences regarding the Leased Property (including
         without limitation the release or presence of Hazardous Materials)
         that could reasonably be anticipated to (A) form the basis of a
         material Claim against the Leased Property, any Funding Party or
         the Lessee, (B) cause the Leased Property to be subject to any
         material restrictions on ownership, occupancy, use or
         transferability under any Environmental Law, (C) require the filing
         or recording of any notice or restriction relating to the presence
         of Hazardous Materials in the real estate records in the county or
         other appropriate municipality in which the Leased Property is
         located, or (D) prevent or materially interfere with the continued
         operation and maintenance of the Leased Property as contemplated by
         the Operative Documents.

         (ff)  Leased Property. The present condition of the Leased
               ---------------
Property conforms in all material respects with all conditions or
requirements of all existing material permits and approvals issued with
respect to the Leased Property, and the Lessee's future intended use of the
Leased Property under the Lease does not, in any material respect, violate
any Applicable Law. To the best knowledge of the Lessee, no material
notices, complaints or orders of violation or non-compliance have been
issued or threatened or contemplated by any Governmental Authority with
respect to the Leased Property or any present or intended future use
thereof. All material agreements, easements and other rights, public or
private, which are necessary to permit the

                                    -30-

<PAGE>
<PAGE>

lawful use and operation of the Leased Property as the Lessee intends to use
such Leased Property under the Lease and which are necessary to permit the
lawful intended use and operation of all presently intended utilities,
driveways, roads and other means of egress and ingress to and from the same
have been, or to the Lessee's best knowledge will be, obtained and are or
will be in full force and effect, and the Lessee has no knowledge of any
pending material modification or cancellation of any of the same.

         (gg)  Rights in Respect of the Leased Property. The Lessee is not
               ----------------------------------------
a party to any contract or agreement to sell any interest in the Leased
Property or any part thereof, other than pursuant to the Operative
Documents.

    SECTION 4.2 Survival of Representations and Effect of Fundings.
                ---------------------------------------------------

         (a)   Survival of Representations and Warranties. All
               ------------------------------------------
representations and warranties made in Section 4.1 shall survive delivery of
                                       -----------
the Operative Documents and every Funding and shall remain in effect until
all of the Obligations are fully and irrevocably paid.

         (b)   Each Funding a Representation. Each Funding accepted by the
               -----------------------------
Lessee or the Construction Agent shall be deemed to constitute a
representation and warranty by each Lessee to the effect of Section 4.1.
                                                            -----------

    SECTION 4.3 Representations of the Lessor. Effective as of the date of
                -----------------------------
execution hereof, as of the Closing Date and as of each Funding Date, in
each case, with respect to the Leased Property, the Lessor represents and
warrants to the Agent, the Lenders and the Lessee as follows:

         (a)   Securities Act. The interest being acquired or to be acquired
               --------------
by the Lessor in such Leased Property is being acquired for its own account,
without any view to the distribution thereof or any interest therein,
provided that the Lessor shall be entitled to assign, convey or transfer its
interest in accordance with Section 6.1.
                            -----------

         (b)   Due Organization, etc. The Lessor is a limited partnership
               ----------------------
duly organized and validly existing in good standing under the laws of Texas
and is duly qualified as a foreign limited partnership and in good standing
in the state in which the Leased Property is located and has full power,
authority and legal right to execute, deliver and perform its obligations
under the Lease, this Master Agreement and each other Operative Document to
which it is or will be a party.

         (c)   Due Authorization; Enforceability, etc. This Master Agreement
               ---------------------------------------
and each other Operative Document to which the Lessor is or will be a party
have been or will be duly authorized, executed and delivered by or on behalf
of the Lessor and are, or upon execution and

                                    -31-

<PAGE>
<PAGE>

delivery will be, legal, valid and binding obligations of the Lessor
enforceable against it in accordance with their respective terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws affecting creditors' rights generally and by general equitable
principles.

         (d)   No Conflict. The execution and delivery by the Lessor of the
               -----------
Lease, this Master Agreement and each other Operative Document to which the
Lessor is or will be a party, are not or will not be, and the performance by
the Lessor of its obligations under each will not be, inconsistent with its
Partnership Agreement, do not and will not contravene any Applicable Law
applicable generally to parties providing financing and do not and will not
contravene any provision of, or constitute a default under, any Contractual
Obligation of Lessor, do not and will not require the consent or approval
of, the giving of notice to, the registration with or taking of any action
in respect of or by, any Governmental Authority, except such as have been
obtained, given or accomplished, and the Lessor possesses all requisite
regulatory authority to undertake and perform its obligations under the
Operative Documents.

         (e)   Litigation. There are no pending or, to the knowledge of the
               ----------
Lessor, threatened actions or proceedings against the Lessor before any
court, arbitrator or administrative agency with respect to any Operative
Document or that would have a material adverse effect upon the ability of
the Lessor to perform its obligations under this Master Agreement or any
other Operative Documents to which it is or will be a party.

         (f)   Lessor Liens. No Lessor Liens (other than those created by
               ------------
the Operative Documents) exist on the Closing Date on the Leased Property,
or any portion thereof, and the execution, delivery and performance by the
Lessor of this Master Agreement or any other Operative Document to which it
is or will be a party will not subject the Leased Property, or any portion
thereof, to any Lessor Liens (other than those created by the Operative
Documents).

         (g)   Employee Benefit Plans. The Lessor is not and will not be
               ----------------------
making its investment hereunder, and is not performing its obligations under
the Operative Documents, with the assets of an "employee benefit plan" (as
defined in Section 3(3) of ERISA), or "plan" (as defined in Section
4975(e)(1)) of the Code.

         (h)   General Partner. The sole general partner of the Lessor is
               ---------------
Atlantic Financial Managers, Inc., a Texas corporation.

         (i)   Financial Information.
               ---------------------

         (A)   The unaudited balance sheet of the Lessor as of December 31,
    1999 and the related statements of income, partners' capital and cash
    flows for the year then ended, copies of which have been delivered to
    the Agent and the Lessee, fairly present, in

                                    -32-

<PAGE>
<PAGE>

    conformity with sound accounting principles, the financial condition of
    the Lessor as of such date and the results of operations and cash flows
    for such period.

         (B)   Since December 31, 1999, there has been no event, act,
    condition or occurrence having a material adverse effect upon the
    financial condition, operations, performance or properties of the
    Lessor, or the ability of the Lessor to perform in any material respect
    its obligations under the Operative Documents.

         (C)   The Lessor has no recourse indebtedness, and the Lessor has
    not entered into any other transactions, purchases, leases or other
    agreements, other than immaterial transactions, purchases, leases and
    other agreements entered into by the Lessor in the ordinary course of
    its business, in which the Lessor has any liability to the other parties
    to such transactions, purchases, leases or other agreements that is in
    excess of the Lessor's ownership or other interest in the property
    subject to such transactions, purchases, leases or other agreements
    other than liability for required fundings, breach of contract,
    misrepresentation, gross negligence, willful misconduct, fraud, failure
    to turn over funds and similar exceptions to limitations on recourse.

         (j)   No Offering. The Lessor has not offered the Notes to any
               -----------
Person in any manner that would subject the issuance thereof to registration
under the Securities Act or any applicable state securities laws.

    SECTION 4.4 Representations of each Lender. Effective as of the date of
                ------------------------------
execution hereof, as of the Closing Date and as of each Funding Date, each
Lender represents and warrants to the Lessor and to the Lessee as follows:

         (a)   Securities Act. The interest being acquired or to be acquired
               --------------
by such Lender in the Funded Amounts is being acquired for its own account,
without any view to the distribution thereof or any interest therein,
provided that such Lender shall be entitled to assign, convey or transfer
its interest in accordance with Section 6.2.
                                -----------

         (b)   Employee Benefit Plans. Such Lender is not and will not be
               ----------------------
making its investment hereunder, and is not performing its obligations under
the Operative Documents, with the assets of an "employee benefit plan" (as
defined in Section 3(3) of ERISA), or "plan" (as defined in Section
4975(e)(1)) of the Code.

                                    -33-

<PAGE>
<PAGE>

                                 ARTICLE V
                     COVENANTS OF LESSEE, JFC AND LESSOR

    SECTION 5.1 Affirmative Covenants. Each of the Lessee and JFC covenants
                ---------------------
and agrees that, it shall do, or cause to be done, the following:

         (a)   Maintenance of Office. Each of the Lessee and JFC will
               ---------------------
maintain at its headquarters at 12555 Manchester Road, St. Louis, Missouri
63131, an office where notices, presentations and demands in respect of this
Master Agreement and the other Operative Documents may be given to and made
upon it; provided, however, that it may, upon 30 days' prior written notice
         --------  -------
to the Agent and the Funding Parties, move such office to any other location
within the continental boundaries of the United States. The Lessee hereby
agrees that it will pay, and will save any Lender harmless against liability
for, any stamp or other tax or governmental charge imposed in respect of any
transfer of a Note made at a time when the books for the registration, and
registration of transfer, of Notes are maintained at an office outside the
State of Missouri, to the extent (if any) that such tax or charge exceeds
the amount that would have been payable had said books been maintained in
the State of Missouri, and such obligation of the Lessee shall survive the
payment or prepayment of the Notes and the termination of this Master
Agreement.

         (b)   ERISA. Neither the Lessee, JFC nor any of their Subsidiaries
               -----
will at any time permit any Plan to:

               (i)    engage in any Prohibited Transaction;

               (ii)   incur any "accumulated funding deficiency" as such
         term is defined in Section 302 of ERISA, whether or not waived; or

               (iii)  terminate under circumstances which could result in
         the imposition of a Lien on any property of the Lessee, JFC or any
         of their Subsidiaries pursuant to Section 4068 of ERISA.

               The Lessee and JFC shall, and shall cause each of their ERISA
Affiliates to: (x) maintain each Plan in compliance in all material respects
with the applicable provisions of ERISA, the Code and other federal or state
law; (y) cause each Plan which is qualified under Section 401(a) of the Code
to maintain such qualification; and (z) make all required contributions to
any Plan subject to Section 412 of the Code.

         (c)   Existence. The Lessee, subject to Rule 326(b) of the
               ---------
Exchange, and JFC shall each take and fulfill, or cause to be taken and
fulfilled, all actions and conditions necessary to preserve and keep in full
force and effect its existence, franchises, permits, licenses, rights and

                                    -34-

<PAGE>
<PAGE>

privileges as a partnership in good standing and the existence, franchises,
permits, licenses, rights and privileges as a partnership or a corporation,
as the case may be, in good standing, of each of their Subsidiaries, will
preserve or renew all of its patents, trademarks, trade names and service
marks and goodwill and will not liquidate or dissolve, or permit any of
their Subsidiaries to liquidate or dissolve, unless in the case of a
Subsidiary its liquidation or dissolution would not have a Material Adverse
Effect, and shall take and fulfill, or cause to be taken and fulfilled, all
actions and conditions necessary to qualify, and to preserve and keep in
full force and effect its qualification, and that of each of their
Subsidiaries, to do business as a foreign partnership or corporation in each
jurisdiction in which the character of the properties owned (or held under
lease) by the Lessee or JFC or any of their Subsidiaries, respectively, or
the nature of their respective activities makes such qualification
necessary.

         (d)   General Maintenance of Properties and Business, Etc. Each of
               ----------------------------------------------------
the Lessee, JFC and each of their Subsidiaries, will:

               (i)    maintain its property in good condition and repair and
         make all needful and proper renewals, repairs, replacements,
         additions, betterments and improvements thereof and thereto, so
         that the business carried on in connection therewith may be
         conducted properly and efficiently at all times;

               (ii)   maintain, with financially sound insurers of
         nationally recognized stature and responsibility, insurance with
         respect to its property and business of such a nature, with such
         terms and in such amounts as a prudent person would maintain with
         respect to similar properties and a similar business, and, in any
         event, will maintain insurance on all its property of a character
         usually insured by corporations or partnerships engaged in the same
         or a similar business similarly situated against loss or damage of
         the kinds and in the amounts customarily insured against and for by
         such corporations or partnerships and carry, with such insurers in
         customary amounts, such other insurance, including public liability
         insurance, as is usually carried by corporations or partnerships
         engaged in the same or a similar business similarly situated;
         provided, however, that (x) all insurance maintained pursuant to
         --------  -------
         this subsection (ii) will be carried in amounts sufficient to
         prevent the Lessee, JFC or any of their Subsidiaries from incurring
         liability as a coinsurer under law or the terms of the applicable
         policy or policies, and (y) neither the Lessee nor any of its
         Subsidiaries shall self-insure, except that each may self-insure as
         to the types of risks against which it presently self-insures, so
         long as such self-insured risks, in the aggregate, do not exceed at
         any time 10% of the assets of the Lessee as of the end of the then
         most recent fiscal quarter of such Person; and, provided further,
                                                         ----------------
         that for the purposes of clause (y) of the preceding proviso only,
         the term "assets" of the Lessee shall not be deemed to

                                    -35-

<PAGE>
<PAGE>

         include assets located at any branch office of the Lessee other
         than the portion of assets located at any such branch office
         carried on the books of the Lessee at a value in excess of
         $500,000. The Lessee and any of its Subsidiaries may self-insure
         both as to types of risks other than those, and amount of risk in
         excess of that, permitted by the preceding sentence if, and only
         if, whichever of them undertakes such additional self-insurance
         shall establish and maintain on its books adequate reserves
         therefor; and provided further, that so long as the Lessee or any
                       ----------------
         of its Subsidiaries self-insures any risk, the Lessee shall deliver
         annually to the Agent and each Funding Party an Officer's
         Certificate demonstrating that all necessary and adequate reserves
         have been maintained with respect thereto. Notwithstanding the
         foregoing, the Lessee shall not self-insure any risks with respect
         to the Leased Property except as expressly permitted by the
         Required Lenders. Subject to the conditions set forth in this
         subsection (ii), the Lessee or any of its Subsidiaries may form a
         Subsidiary to undertake any activity that the Lessee or any of its
         Subsidiaries may undertake itself under this subsection (ii);

               (iii)  keep proper books of record and accounts with
         respect to all of its business transactions in accordance with GAAP
         in effect in the United States, which books of record and accounts
         shall, in all material respects, be true, correct and complete;

               (iv)   set aside on its books from its earnings for each
         fiscal year, in reasonably adequate amounts, all proper accruals
         and reserves that, in accordance with GAAP, should be set aside
         from such earnings in connection with its business, including
         reserves for litigation, depreciation, obsolescence and/or
         amortization, and accruals for taxes based on or measured by income
         or profits and for all other taxes; and

               (v)    at all times maintain and keep in full force and
         effect its rights and franchises material to its business and its
         memberships in such Business Associations as are necessary to
         enable it to engage (in the case of those entities presently so
         engaged) in the business of a securities broker, dealer or
         underwriter, or financial services institution and take all actions
         necessary to comply with the rules and regulations, as in effect
         from time to time, of such Business Associations and each other
         association, corporation or governmental authority to which it is
         subject.

         (e)   Compliance with Law. Neither the Lessee, JFC nor any of their
               -------------------
Subsidiaries will (i) violate or fail to comply with any laws, ordinances,
governmental rules or regulations (including, without limitation,
environmental and safety laws and regulations and the

                                    -36-

<PAGE>
<PAGE>

Net Capital requirements of Section 15 of the Exchange Act and the rules and
regulations promulgated thereunder) or any rules and regulations of any
Business Association to which it is or may become subject, or (ii) fail to
obtain or maintain any patents, trademarks, service marks, trade names,
copyrights, design patents, licenses, permits, franchises or other
governmental authorizations necessary to the operation and ownership of its
property or to the conduct of its business, if the violation or failure with
respect to clause (i) or (ii) of this Section 5.1(e) could reasonably be
expected to have a Material Adverse Effect.

         (f)   Payment of Taxes and Claims.
               ---------------------------

               (i)    Each of the Lessee, JFC and each of their Subsidiaries
         will pay and discharge promptly:

                      (x)   all taxes, assessments and governmental charges
               and levies imposed upon it, its income or profits or any of
               its properties, before the same shall become delinquent, and

                      (y)   all lawful claims of materialmen, mechanics,
               carriers, warehousemen, landlords and other similar persons
               for labor, materials, supplies and rentals that, if unpaid,
               might by law become a Lien upon its property; provided,
                                                             --------
               however, except as otherwise provided in the Operative
               -------
               Documents that none of the foregoing need be paid while the
               same is being contested in good faith by appropriate
               proceedings diligently conducted so long as adequate book
               reserves shall have been established in accordance with GAAP
               with respect thereto, the owning Person's title to the
               particular property is not materially adversely affected and
               its right to use the particular property in the ordinary
               course of business is not materially interfered with.

               (ii)   The Lessee, JFC and each of their Subsidiaries will
         pay all obligations not specified in subsection (i) of this Section
         5.1(f) when due, except such as may be contested in good faith by
         appropriate proceedings; provided that, no such Person shall be
                                  -------------
         permitted to contest any such obligation if such contest could
         reasonably be expected to have a Material Adverse Effect or is
         otherwise prohibited or limited under the Operative Documents.

           (g) Transactions with Affiliates. Neither the Lessee, JFC nor any
               ----------------------------
of their Subsidiaries will enter into any transaction (including, without
limitation, the purchase, sale or exchange of any property, the rendering of
any services, and the payment of management fees) with any Affiliate,
except, in each case, in the ordinary course of, and pursuant to the
reasonable

                                    -37-

<PAGE>
<PAGE>

requirements of, the business of the Lessee or such Subsidiary, as the case
may be, and in good faith and upon commercially reasonable terms that are no
less favorable to the Lessee, JFC or such Subsidiary, as the case may be,
than would obtain in a comparable arm's length transaction with a Person not
an Affiliate; provided, however, that (x) the Lessee may provide managerial
              --------  -------
services and overhead to Consolidated Subsidiaries, to EDJ Leasing Co.,
L.P., a Missouri limited partnership and to Boone National Savings & Loan,
F.A., a federal savings and loan, to the extent the value of such services
and overhead (valued at the higher of cost or fair market value) provided to
EDJ Leasing Co. and to Boone National Savings & Loan, F.A. do not in the
aggregate exceed $250,000 per fiscal year and (y) the Lessee may pay
management fees to JFC in an aggregate amount not exceeding the sum of (A)
the reasonable salaries of the general partners of JFC and (B) the amounts
paid by JFC to its limited partners representing guaranteed payments of
7-1/2% per annum on the principal amounts of their respective capital
contributions to JFC.

         (h)   Sale of Receivables. Neither the Lessee nor any Subsidiary
               -------------------
will sell with recourse, or sell for less than the greater of the face value
or the fair market value thereof, any of its accounts, bills or notes
receivable, except as required pursuant to Rule 326(b) of the Exchange.

         (i)   Notice of Certain Events and Conditions. The Lessee and JFC
               ---------------------------------------
will promptly, and in any event within 5 days, give written notice to the
Agent and each Lender of: (x) any event of acceleration or event of default
(or other event or condition that, after notice or the passage of time or
both, could become an event of acceleration or event of default) under this
Master Agreement and the other Operative Documents or under any evidence of
Indebtedness of the Lessee or of any Subsidiary of which the Lessee or JFC
has knowledge, or under any indenture, mortgage or other agreement relating
to any such evidence of Indebtedness or under any material lease or any
preferred stock, for or in respect of which the Lessee or any Subsidiary may
be liable, (y) the giving by the Agent or any Lender, or by the holder of
any other evidence of Indebtedness or other Security of the Lessee, JFC or
any of its or their Subsidiaries of notice with respect to a claimed event
of acceleration or event of default or any other such condition or event, or
(z) any notice given to the SEC pursuant to subsection (e)(1) of Rule 15c3-1
or any notice of noncompliance with Rule 15c3-1.

         (j)   Tax Consolidation. Neither the Lessee, JFC nor any of their
               -----------------
Subsidiaries shall file or consent to the filing of a consolidated tax
return with any Person, unless required to do so by applicable law;
provided, however, that to the extent any such law requiring such tax
--------  -------
consolidation permits those entities joining in a consolidated tax return
discretion as to the sharing of or apportionment of any tax benefits or
liabilities, or in any other respect, the Lessee, JFC and each of their
Subsidiaries, or any of them, as the case may be, shall exercise such

                                    -38-

<PAGE>
<PAGE>

discretion only in accordance with the directions of, or restrictions
imposed by, the Required Lenders, and such subsequent directions or
restrictions as the Required Lenders may impose.

         (k)   Inspection. Each of the Lessee and JFC will permit the Agent
               ----------
and any Funding Party, by its representatives, agents or attorneys, to
examine all books of account, records, reports and other papers of the
Lessee, JFC and each of their Subsidiaries (including, without limitation,
copies of all income and other tax returns, all FOCUS Reports and
documentation related thereto), to make copies and take extracts from any
thereof, to discuss the affairs, finances and accounts of the Lessee, JFC
and each of their Subsidiaries with their respective officers and
independent certified public accountants (and by this provision the Lessee
(as to itself and all its Subsidiaries) and JFC (as to itself and all of its
Subsidiaries) hereby authorizes such accountants to discuss with the Agent
and any Funding Party, the finances and accounts of the Lessee, JFC and each
of their Subsidiaries) and to examine the properties of the Lessee, JFC and
each of their Subsidiaries, each such inspection shall be made at such
reasonable times, and as often as reasonably requested (unless an Event of
Default shall have occurred), and shall be at the expense of the Lessee, and
all expenses in connection with any such inspection incurred by the Lessee,
JFC or any of their Subsidiaries, any officers and employees of any thereof
and the independent certified public accountants of any thereof shall be
expenses payable by the Lessee or JFC, as the case may be, and shall not be
expenses of the Person making the inspection.

         (l)   Intentionally Omitted.
               ---------------------

         (m)   Guaranties of Affiliate and Subsidiary Obligations. Any other
               --------------------------------------------------
provision hereof notwithstanding, the Lessee will not cause or permit
Indebtedness permitted by Section 5.2(j) hereof and attributable to any
guaranty or guaranties by it in respect of any obligations of, or otherwise
in support of, any of its Affiliates and/or Subsidiaries to at any time
exceed 10% of Partnership Capital in the aggregate.

         (n)   Nature of Lessee's Business. The principal business of the
               ---------------------------
Lessee and its Subsidiaries, taken on a consolidated basis, shall not
include any activities or enterprises not customarily engaged in by
corporations or partnerships in the retail investment brokerage business;
provided, however, that this Section 5.1(n) shall not be construed to
--------  -------
prevent the Lessee or any Subsidiary from ceasing to conduct any currently
existing business activities of any thereof if the Lessee shall continue to
conduct such activities and enterprises as are customarily engaged in by
corporations or partnerships in the retail investment brokerage business.
The business of the Lessee and the Subsidiaries shall continue to be
conducted solely in the United States, except that: (A) the Lessee may
conduct business in Canada, Australia, New Zealand and any nation which is a
member of the European Economic Community (a "Permitted Nation") directly or
                                              ----------------
through a Subsidiary or Affiliate, and (B) the Lessee itself may directly
conduct

                                    -39-

<PAGE>
<PAGE>

business in countries other than a Permitted Nation provided that the
aggregate amount of the assets of the Lessee and its Subsidiaries on a
consolidated basis used in business in countries other than a Permitted
Nation shall at no time exceed ten percent (10%) of Partnership Capital, as
would be reflected on a consolidated balance sheet of the Lessee at such
time prepared in accordance with generally accepted accounting principles as
in effect at such time; and provided further that the Lessee may not
                            ----------------
simultaneously conduct business in any individual country outside the United
States, directly itself and indirectly through a Subsidiary or Affiliate.

         (o)   Change of Examining Authority. The Lessee shall promptly give
               -----------------------------
notice to the Agent and the Lenders of any change in its Examining Authority
and shall include in its notice the address of the new Examining Authority.

         (p)   Financial Statements, Reports, etc. The Lessee and JFC will
               -----------------------------------
deliver to the Agent with sufficient copies for each Funding Party, in form
and substance satisfactory to the Agent and the Required Lenders:

               (i)    as soon as available and, in any case, within 90 days
         after the close of each fiscal year, two copies of the respective
         consolidated statements of financial condition of the Lessee and
         its Subsidiaries and JFC and its Subsidiaries setting forth the
         financial condition of such entities as of the end of such fiscal
         year, together with consolidated statements of income, cash flows,
         changes in partnership capital and changes in liabilities of the
         Lessee and JFC, respectively, for such fiscal year, in each case
         setting forth, in comparative form, the figures for the preceding
         fiscal year, all in reasonable detail, such financial statements to
         be accompanied by an opinion with respect thereto of Arthur
         Andersen LLP or another Independent Certified Public Accountant,
         which opinion shall state that (x) the examination of such
         accountants in connection with such financial statements has been
         made in accordance with generally accepted auditing standards, and,
         accordingly, included such tests of the accounting records and such
         other auditing procedures as were considered necessary in the
         circumstances, and (y) such financial statements present fairly the
         financial condition of the Lessee and its Subsidiaries and JFC and
         its Subsidiaries, respectively, at such date and the results of
         operations thereof for such period and have been prepared in
         accordance with generally accepted accounting principles
         consistently applied, except for noted changes in application in
         which such accountants concur;

               (ii)   as soon as practicable and, in any case, within 45
         days after the end of each of the first, second and third quarterly
         accounting periods in each fiscal year, two copies of (x) the
         respective unaudited consolidated statements of financial condition
         of the Lessee and its Subsidiaries and JFC and its Subsidiaries

                                    -40-

<PAGE>
<PAGE>

         as of the end of such accounting period, and (y) the respective
         unaudited consolidated statements of income of the Lessee and its
         Subsidiaries and JFC and its Subsidiaries for the quarterly
         accounting period and for the fiscal year to date, setting forth in
         each case in comparative form the figures for the corresponding
         periods a year earlier, prepared and certified by the principal
         financial officer of the Lessee and JFC, respectively, as complete
         and correct, as having been prepared in accordance with GAAP
         consistently applied and as presenting fairly such financial
         condition and results of operations, subject, in each case, to
         changes resulting from year-end audit adjustments;

               (iii)  promptly upon receipt thereof, two copies of each
         report other than those referred to in paragraph (i) hereof
         (including, without limitation, the auditors' comment letter to
         management) submitted to JFC, the Lessee or any Subsidiary by
         independent certified public accountants in connection with any
         annual, interim or special audit;

               (iv)   promptly upon distribution thereof, copies of all
         such financial or other statements (including proxy statements) and
         reports as JFC, the Lessee or any Subsidiary shall send to any
         class of its partners or shareholders, as the case may be, its bank
         lenders or holders of any issue of its debt securities;

               (v)    promptly after filing thereof, copies of all reports,
         proxy statements and registration statements that JFC, the Lessee
         or any Subsidiary shall file with any securities exchange or the
         SEC, or any governmental or public authority or agency substituted
         therefor, or any Business Association, including, without
         limitation, all Focus Reports (provided that such Focus Reports may
         be provided on a quarterly basis) and all amendments to any of the
         foregoing filed by or with respect to the Lessee or any Subsidiary,
         and promptly after filing of any Form BD, Form ADV or CRD report or
         any amendment thereto that reflects any material disciplinary
         action, liability or change in financial position, an Officer's
         Certificate specifying the nature thereof and what action the
         Lessee is taking or proposes to take with respect thereto;

               (vi)   promptly upon receipt thereof, copies of all notices
         received from United States, Canadian or any other Permitted Nation
         or any state, provincial or local governmental or public
         authorities or agencies or any Business Association relating to any
         order, ruling, statute, regulation or other law or directive that
         might materially adversely affect the financial condition or
         business of the Lessee or any Subsidiary;

                                    -41-

<PAGE>
<PAGE>

               (vii)  immediately after the occurrence or institution
         thereof, an Officer's Certificate specifying any matter that has
         resulted or could reasonably be expected to result in a Material
         Adverse Effect, including, to the extent so applicable: (w) any
         breach or non-performance of, or any default under, a Contractual
         Obligation of the Lessee, JFC or any of their Subsidiaries; (x) any
         dispute, litigation, investigation, proceeding or suspension
         between the Lessee, JFC or any of their Subsidiaries and any
         Governmental Authority; (y) the commencement of, or any material
         development in, any litigation or proceeding affecting the Lessee,
         JFC or any of their Subsidiaries, including pursuant to any
         applicable Environmental Laws; or (z) any other Environmental
         Claims, which certificate shall describe what action the Lessee is
         taking or proposes to take with respect thereto;

               (viii) promptly, and in any event within 45 days after the
         end of each of the first, second and third quarterly accounting
         periods in each fiscal year, and within 90 days after the close of
         each fiscal year, an Officer's Certificate setting forth a Net
         Capital computation for the Lessee (or, if the Lessee is operating
         pursuant to paragraph (a)(1)(ii) of Rule 15c3-1, an Alternative Net
         Capital computation) as at the end of each quarterly fiscal period,
         and certifying such computation as true and correct; provided,
                                                              --------
         however, that so long as (x) the Lessee shall be required to submit
         -------
         a report for such quarterly fiscal period on Part I, II or IIA of
         Form X-17A-5 (and accompanying information if any) to the SEC
         pursuant to Rule 17a-5 of the General Rules and Regulations of the
         SEC under the Exchange Act and (y) such report shall provide the
         computation required by this paragraph (viii), the Lessee may
         submit such report (and accompanying information if any), certified
         as set forth above;

               (ix)   as soon as available, a copy of the annual audited
         report filed by the Lessee pursuant to paragraph (d)(2) of Rule
         17a-5 of the General Rules and Regulations of the SEC under the
         Exchange Act, together with the supporting schedules filed with
         said report pursuant to paragraph (d)(3) of such Rule, provided,
                                                                --------
         however, that should said Rule 17a-5 lapse or be repealed, in whole
         -------
         or in part, the Lessee shall deliver such other information or
         reports as it shall be required to file in its status as a broker
         or dealer of securities with the SEC or any successor agency
         thereto;

               (x)    immediately upon any partner or officer of the Lessee
         obtaining knowledge of any new designation of an Examining
         Authority, an Officer's Certificate specifying such new Examining
         Authority;

                                    -42-

<PAGE>
<PAGE>

               (xi)   immediately upon any partner or officer of the Lessee
         obtaining knowledge of any condition or event which constitutes or
         which, after notice or lapse of time or both, would constitute an
         Event of Default or Potential Event of Default, an Officer's
         Certificate, specifying the nature and period of existence thereof
         and what action the Lessee has taken or is taking or proposes to
         take with respect thereto;

               (xii)  immediately upon becoming aware of the occurrence of
         any of the following events affecting the Lessee, JFC or any ERISA
         Affiliate (but in no event more than 10 days after such event), and
         deliver to the Agent and each Funding Party a copy of any notice
         with respect to such event that is filed with a Governmental
         Authority and any notice delivered by a Governmental Authority to
         the Lessee, JFC or any ERISA Affiliate with respect to such event:

                      (w)   an ERISA Event;

                      (x)   a material increase in the Unfunded Pension
               Liability of any Pension Plan;

                      (y)   the adoption of, or the commencement of
               contributions to, any Plan subject to Section 412 of the Code
               by the Lessee or any ERISA Affiliate; or

                      (z)   the adoption of any amendment to a Plan subject
               to Section 412 of the Code, if such amendment results in a
               material increase in contributions or Unfunded Pension
               Liability;

               (xiii) at the time of release thereof, copies of all press
         releases of the Lessee, JFC or any of their Subsidiaries concerning
         any event or condition material to the business, prospects,
         earnings, properties or condition, financial or other, of any of
         them;

               (xiv)  promptly after the execution thereof, a copy of each
         amendment to the partnership agreement of the Lessee or JFC, other
         than an amendment made solely to reflect additional capital
         contributions to the Lessee or JFC, as the case may be, by a
         partner;

               (xv)   of any material change in accounting policies or
         financial reporting practices by the Lessee, JFC or any of their
         Subsidiaries;

                                    -43-

<PAGE>
<PAGE>

               (xvi)  upon, but in no event later than 15 days after, any
         officer of the Lessee, JFC or any of their Subsidiaries becoming
         aware of (x) any and all enforcement, investigation, cleanup,
         removal or other governmental or regulatory actions instituted,
         completed or threatened against the Lessee, JFC or any of the
         Subsidiaries or any of their respective properties pursuant to any
         applicable Environmental Laws which could reasonably be expected to
         have a Material Adverse Effect, (y) all other material
         Environmental Claims, and (z) any environmental or similar
         condition on any real property adjoining or in the vicinity of the
         property of the Lessee or any Subsidiary that could reasonably be
         anticipated to cause such property of the Lessee or such Subsidiary
         or any part thereof to be subject to any material restrictions on
         the ownership, occupancy, transferability or use of such property
         under any Environmental Laws; and

               (xvii) promptly upon request therefor, such other data,
         filings and information as the Agent or any Funding Party may from
         time to time reasonably request. Each notice under this Section
         shall be accompanied by a written statement by a Responsible
         Officer setting forth details of the occurrence referred to
         therein, and stating what action the Lessee, JFC or any affected
         Subsidiary proposes to take with respect thereto and at what time.
         Each notice under Section 5.1(p)(xi) shall describe with
                           ------------------
         particularity any and all clauses or provisions of this Master
         Agreement or other Operative Document that have been (or
         foreseeably will be) breached or violated.

         (q)   Officer's Certificates. Each set of financial statements
               ----------------------
delivered pursuant to paragraph (i) or (ii) of Section 5.1(p) hereof shall
be accompanied by a Compliance Certificate executed by a Responsible Officer
and, unless the following information is contained in such Compliance
Certificate, an Officer's Certificate (in form and substance satisfactory to
the Agent and the Required Lenders) executed by a Responsible Officer
stating that the Person signing the Certificate has reviewed the terms of
this Master Agreement, that a review of the affairs and activities of the
Lessee, JFC and their Subsidiaries has been made under such Person's
supervision and that, in such Person's opinion and to the best of such
Person's knowledge and belief, the Lessee, JFC and their Subsidiaries were
not upon the date of such certificate or at any time during the period
covered by such financial statements or Officer's Certificate in default
under any of the provisions of this Master Agreement or any of the other
Operative Documents, as the case may be, and setting forth in reasonable
detail the calculations made as at the end of such period in determining
compliance with the provisions of Sections 5.1(m) and (n) and Sections
5.2(i), (j), (k), (l), (m) and (n) hereof, inclusive; provided, however,
                                                      --------  -------
that, in the event that any such default shall have occurred, such
certificate shall so specify and shall state whether such default has been
cured or is continuing and, if continuing, what steps the Lessee or JFC, as
the case may be, proposes to take to cure such default and the time
necessary so to cure such

                                    -44-

<PAGE>
<PAGE>

default. Each such Officer's Certificate shall also specify the percentage
of Partnership Capital invested in assets which were used in its business in
countries other than Permitted Nations as of the date of the balance sheet
included in the accompanying financial statements.

         (r)   Intentionally Omitted.
               ---------------------

         (s)   Restricted Subsidiary Financials. If the Lessee shall have
               --------------------------------
one or more Restricted Subsidiaries, the financial statements referred to in
Sections 5.1(p)(i) and (ii) shall be furnished separately for each such
Restricted Subsidiary in addition to those for the Lessee and its
Consolidated Subsidiaries; provided, however, consolidating financial
statements which separately incorporate each such Restricted Subsidiary may
be provided in lieu of separate financial statements therefor.

         (t)   Environmental Laws.
               ------------------

               (i)    The Lessee shall, and shall cause each Subsidiary to,
         conduct its operations and keep and maintain its property and
         develop the Leased Property in compliance with all Environmental
         Laws.

               (ii)   Upon the written request of the Agent or any Lender,
         the Lessee shall submit and cause each of its Subsidiaries to
         submit, to the Agent with sufficient copies for each Lender, at the
         Lessee's sole cost and expense, at reasonable intervals, a report
         providing an update of the status of any environmental, health or
         safety compliance, hazard or liability issue identified in any
         notice or report required pursuant to Section 5.1(c)(v).
                                               -----------------

               (iii)  The Lessee shall, and cause each Subsidiary to,
         maintain the Leased Property free from any Release.

         (u)   Use of Proceeds. The Lessee shall use the proceeds of the
               ---------------
Fundings to pay the costs of Construction and the acquisition and
installation of the Equipment as permitted hereunder and under the other
Operative Documents.

    SECTION 5.2 Additional Covenants. The Lessee and JFC, covenant and agree
                --------------------
that, so long as any of the Commitments remain in effect or any Obligation
is owing to any Funding Party by the Lessee, the Lessee and JFC shall not,
directly or indirectly, without the prior written permission of Agent as
directed by the Required Lenders:

         (a)   Limitation on Liens. The Lessee shall not, and shall not
               -------------------
suffer or permit any Subsidiary to, directly or indirectly, make, create,
incur, assume or suffer to exist any Lien

                                    -45-

<PAGE>
<PAGE>

upon or with respect to any part of its property, whether now owned or
hereafter acquired, other than the following ("Permitted Liens"):
                                               ---------------

               (i)    any Lien existing on property of the Lessee or any
         Subsidiary on the Closing Date and set forth in Schedule 5.2(a)(i)
                                                         ------------------
         securing Indebtedness outstanding on such date;

               (ii)   any Lien created under any Operative Document;

               (iii)  Liens for taxes, fees, assessments or other
         governmental charges which are not delinquent or remain payable
         without penalty, or to the extent that non-payment thereof is
         permitted by Section 5.1(f), provided that no notice of lien has
                      --------------  -------- ----
         been filed or recorded under the Code;

               (iv)   carriers', warehousemen's, mechanics', landlords',
         materialmen's, repairmen's or other similar Liens arising in the
         ordinary course of business which are not delinquent or remain
         payable without penalty or which are being contested in good faith
         and by appropriate proceedings, which proceedings have the effect
         of preventing the forfeiture or sale of the property subject
         thereto;

               (v)    Liens (other than any Lien imposed by ERISA)
         consisting of pledges or deposits required in the ordinary course
         of business in connection with workers' compensation, unemployment
         insurance and other social security legislation;

               (vi)   Liens on the property of the Lessee or its
         Subsidiaries securing (x) the non-delinquent performance of bids,
         trade contracts (other than for borrowed money), leases, statutory
         obligations, (y) Contingent Obligations in connection with
         performance bonds, surety bonds and appeal bonds, and (z) other
         non-delinquent obligations of a like nature, in each case, incurred
         in the ordinary course of business; provided that all such Liens in
                                             -------- ----
         the aggregate could not reasonably be expected to cause a Material
         Adverse Effect;

               (vii)  Liens consisting of judgment or judicial attachment
         liens, provided that the enforcement of such Liens is effectively
                -------- ----
         stayed and the obligations secured by all such Liens in the
         aggregate at any time outstanding for the Lessee and its
         Subsidiaries could not reasonably be expected to cause a Material
         Adverse Effect;

               (viii) easements, rights-of-way, restrictions and other
         similar encumbrances incurred in the ordinary course of business
         which, in the aggregate,

                                    -46-

<PAGE>
<PAGE>

         are not substantial in amount, and which do not in any case
         materially detract from the value of the property subject thereto
         or interfere with the ordinary conduct of the businesses of the
         Lessee and its Subsidiaries;

               (ix)   Liens on assets of corporations or other entities
         which become Subsidiaries after the date of this Agreement,
         provided, however, that such Liens existed at the time the
         --------  -------
         respective corporations or other entities became Subsidiaries and
         were not created in anticipation thereof and the obligations
         secured by all such Liens in the aggregate at any time outstanding
         could not reasonably be expected to cause a Material Adverse
         Effect;

               (x)    security interests on any property acquired or held by
         the Lessee or its Subsidiaries, securing Indebtedness incurred or
         assumed for the purpose of financing all or any part of the cost of
         acquiring such property; provided that (w) any such Lien attaches
                                  -------- ----
         to such property concurrently with or within 120 days after the
         acquisition thereof, (x) such Lien attaches solely to the property
         so acquired in such transaction and other like assets in respect of
         which financing was provided by the same lender to the obligor of
         such Indebtedness, (y) the principal amount of the debt secured
         thereby does not exceed 100% of the cost of such property, and (z)
         the principal amount of the Indebtedness secured by any and all
         such security interests in the aggregate could not reasonably be
         expected to cause a Material Adverse Effect;

               (xi)   Liens securing obligations in respect of capital
         leases on assets subject to such leases, provided that such capital
                                                  -------- ----
         leases are otherwise permitted hereunder;

               (xii)  Liens arising solely by virtue of any statutory or
         common law provision relating to banker's liens, rights of set-off
         or similar rights and remedies as to deposit accounts or other
         funds maintained with a creditor depository institution; provided
                                                                  --------
         that  (x)    such deposit account is not a dedicated cash collateral
         ----
         account and is not subject to restrictions against access by the
         Lessee or any Subsidiary in excess of those set forth by
         regulations promulgated by the FRB, and (y) such deposit account is
         not intended by the Lessee or any Subsidiary to provide collateral
         to the depository institution;

               (xiii) Liens securing other obligations of the Lessee and
         its Subsidiaries not to exceed in the aggregate at any one time
         outstanding ten percent (10%) of the total tangible assets of JFC
         and its Consolidated Subsidiaries, as would be shown in the
         consolidated financial statements of JFC and its Consolidated

                                    -47-

<PAGE>
<PAGE>

         Subsidiaries as at the end of the fiscal quarter next preceding the
         date on which such determination is made;

               (xiv)  Liens encumbering real property acquired after the
         date of this Master Agreement to the extent acquired pursuant to an
         option, right of first refusal, right of first offer or other
         similar contract right existing on the date of this Master
         Agreement and described on Schedule 5.2(a)(xiv);
                                    --------------------

               (xv)   Liens on the Lessee's interest in its customers'
         securities, provided, however, that if any such Lien is subject to
                     --------  -------
         regulation in any respect (including, without limitation, as to
         security therefor) by the SEC, FRB, or any other Governmental
         Authority or Business Association, any such Lien shall be permitted
         pursuant to this Section 5.2(a), if and only if such Lien confirms
                          --------------
         in all respects to any applicable regulations, rules, orders or
         directions of any thereof; and

               (xvi)  Leases of property entered into with third party
         lessors in the ordinary course of business by the Lessee or any
         Subsidiary, as lessee, which are treated as operating leases under
         GAAP.

         (b)   Intentionally Omitted.
               ---------------------

         (c)   Use of Proceeds. The Lessee shall not, and shall not suffer
               ---------------
or permit any Subsidiary to, use any portion of the proceeds of any Funding,
directly or indirectly, (i) in such a manner as to result in a violation of
Regulation T, Regulation U or Regulation X of the FRB, or (ii) to acquire
any security in any transaction that is subject to Section 13 or 14 of the
Exchange Act.

         (d)   Contingent Obligations. The Lessee shall not, and shall not
               ----------------------
suffer or permit any Subsidiary to, create, incur, assume or suffer to exist
any Contingent Obligations except:

               (i)    endorsements for collection or deposit in the ordinary
         course of business;

               (ii)   Permitted Swap Obligations;

               (iii)  Contingent Obligations of the Lessee and its
         Subsidiaries existing as of the Closing Date and listed in Schedule
                                                                    --------
         5.2(d);
         ------

                                    -48-

<PAGE>
<PAGE>

               (iv)   Contingent Obligations with respect to Indebtedness
         of the Lessee's Wholly-Owned Subsidiaries permitted pursuant to
         Section 5.2(j); and
         --------------

               (v)    other Contingent Obligations not exceeding at any time
         ten percent (10%) of the Lessee's Partnership Capital.

         (e)   ERISA. The Lessee shall not, and shall not suffer or permit
               -----
any of its ERISA Affiliates to, (i) terminate any Plan subject to Title IV
of ERISA so as to result in any material (in the opinion of the Required
Lenders) liability to the Lessee or any ERISA Affiliate, (ii) permit to
exist any ERISA Event or any other event or condition, which presents the
risk of a material (in the opinion of the Required Lenders) liability to any
ERISA Affiliates, (iii) make a complete or partial withdrawal (within the
meaning of ERISA Section 4201) from any Multiemployer Plan so as to result
in any material (in the opinion of the Required Lenders) liability to the
Lessee or any ERISA Affiliate or, (iv) enter into any new Plan or modify any
existing Plan so as to increase its obligations thereunder which could
result in any material (in the opinion of the Required Lenders) liability to
any ERISA Affiliate.

         (f)   Change in Business. The Lessee shall not, and shall not
               ------------------
suffer or permit any Subsidiary to, engage in any material line of business
substantially different from those lines of business carried on by the
Lessee and its Subsidiaries on the date hereof.

         (g)   Accounting Changes. The Lessee and JFC shall not, and shall
               ------------------
not suffer or permit any of their Subsidiaries to, (i) make any significant
change in accounting treatment or reporting practices, except as required by
GAAP, or (ii) change the fiscal year of the Lessee or JFC or of any of their
Subsidiaries; provided, that the fiscal year of the Lessee, JFC and their
Subsidiaries may be changed to a year ending December 31.

         (h)   Amendments to Organizational Documents. The Lessee will not,
               --------------------------------------
nor will it permit any Subsidiary to, and JFC will not (i) make any
amendment or modification to any terms or provisions of its partnership
agreement, partnership certificate, articles of incorporation or bylaws
which is materially adverse to the Agent or the Lenders without the prior
written consent of the Required Lenders or (ii) issue any preferred stock.

         (i)   Restricted Distributions. Neither the Lessee nor any
               ------------------------
Consolidated Subsidiary will, directly or indirectly, declare or make, or
incur any liability to make, any Restricted Distribution, unless at the time
of so declaring, making or incurring such liability to make such Restricted
Distribution, and after giving effect thereto, no Potential Event of Default
or Event of Default shall exist.

                                    -49-

<PAGE>
<PAGE>

         (j)   Lessee Indebtedness. Neither the Lessee nor any Consolidated
               -------------------
Subsidiary shall create, incur or assume, or in any manner otherwise be or
become liable, contingently or otherwise, with respect to, or maintain or
suffer to exist, any Indebtedness, except:

               (i)    Indebtedness evidenced by the notes issued pursuant to
         the Subordinated Debt Agreement, the 1992 Notes, the 1994 Notes and
         the 1996 Notes;

               (ii)   Additional Subordinated Debt, if immediately after
         the occurrence thereof, and giving effect thereto, total
         Subordinated Debt would not exceed 50% of Total Capitalization;

               (iii)  Additional Subordinated Debt in addition to that
         permitted by paragraph (ii) of this Section 5.1(j); provided,
                                                             --------
         however, that the additional Subordinated Debt permitted by this
         -------
         paragraph (iii) shall not exceed $10,000,000 and shall arise under
         a revolving credit agreement or a similar credit facility,
         maintained in accordance with paragraph (c)(5)(i) of Appendix D to
         Rule 15c3-1; and, provided further, that any funds so drawn shall
         be used solely for the purpose of the Lessee's participation as an
         underwriter of securities as provided in said regulation;

               (iv)   Any short-term Indebtedness resulting from Credit
         Balances and similar payables, Day Loans, Street Loans, Unsecured
         Bank Overdrafts and other short-term obligations and liabilities to
         customers, brokers, banks and others incurred in the ordinary
         course of the Lessee's business as such business is described in
         Item 1 of Part 1 of the Form 10-K; provided, however, that if any
                                            --------  -------
         such Indebtedness is subject to regulation in any respect
         (including, without limitation, as to security therefor) by the
         SEC, FRB, or any other Governmental Authority or Business
         Association, any such Indebtedness shall be permitted pursuant to
         this Section 5.2(j), if and only if such Indebtedness conforms in
              --------------
         all respects to any applicable regulations, rules, orders or
         directions of any thereof and provided further that Lessee shall at
         its option have the right to convert such Indebtedness to revolving
         lines of credit;

               (v)    Indebtedness secured solely by property owned by the
         Lessee, provided that (A) any Indebtedness permitted by this
                 --------
         paragraph (v) shall be evidenced by (x) a Capital Lease or (y) a
         signed instrument expressly prohibiting recourse in respect of any
         such Indebtedness against the Lessee or any Subsidiary thereof, or
         any officer or director (past, present or future) of any thereof,
         and (B) the aggregate Indebtedness permitted by this paragraph (v)
         shall not exceed $50,000,000 or 20% of the Lessee's Net Capital,
         whichever is greater; and

                                    -50-

<PAGE>
<PAGE>

               (vi)   Other Indebtedness incurred by Lessee or any
         Subsidiary from time to time, provided however, the aggregate
         Indebtedness permitted by this paragraph (vi) shall not exceed
         $50,000,000 or 20% of Lessee's Net Capital, whichever is greater.

         (k)   Lease Obligations. Neither the Lessee nor any Consolidated
               -----------------
Subsidiary will become liable, renew or extend as lessee under any Long Term
Lease if, after giving effect thereto, the aggregate rental and other
amounts payable in any fiscal year of the Lessee in respect of all Long Term
Leases under which the Lessee or any Consolidated Subsidiary is lessee or is
otherwise directly or indirectly liable (whether or not contingently) would
at any time exceed 20% of Partnership Revenues for, and as of the end of,
the immediately preceding fiscal year.

         (l)   Restricted Investments. At no time will the Lessee or any of
               ----------------------
its Consolidated Subsidiaries make, or become obligated to make, directly or
indirectly, a Restricted Investment, if, after giving effect thereto the
aggregate amount of Restricted Investments (including ones as to which an
obligation to make has been incurred, directly or indirectly) of the Lessee
and its Consolidated Subsidiaries would exceed 15% of Partnership Capital.

         (m)   Merger, Consolidation or Transfer of Assets. The Lessee will
               -------------------------------------------
not consolidate with or merge into any other Person (including any of its
Affiliates), nor will the Lessee permit or suffer any other Person
(including any of its Affiliates) to consolidate with or merge into it, nor
will the Lessee, directly or indirectly, in one or more transactions (except
in the ordinary course of its business as described in Item 1 of Part 1 of
the Form 10-K), sell, transfer, assign, lease (as lessor), abandon or
otherwise dispose of all, or substantially all, of its assets or buy, lease
or otherwise acquire all, or substantially all, of the equity interest or
assets of any other Person; provided, however, that the Lessee may acquire
                            --------  -------
all or substantially all of the equity interest or assets of any Person so
long as the aggregate amount of the consideration paid or otherwise given
(including the assumption of any liabilities) for the equity interests or
assets of such Person acquired by the Lessee (directly or indirectly),
whether in a lump sum or in more than one installments, shall not exceed
$10,000,000.

         (n)   Limitation on Liabilities. The Lessee will not cause or
               -------------------------
permit the aggregate amount of liabilities of the Lessee and its
Consolidated Subsidiaries that could possibly arise at any time out of, or
in relation to, the Lessee's or a Consolidated Subsidiary's ownership,
directly or indirectly, of any interest or interests in limited partnerships
or other entities which may be Affiliates or Subsidiaries of the Lessee
(other than liabilities permitted by Section 5.1(m)) to exceed $15,000,000.
Any such interest of the Lessee or a Consolidated Subsidiary acquired by it
after the date of this Master Agreement shall be owned only indirectly by
it, and only through a series of affiliated entities including at least one
duly organized and validly existing corporation which is in good standing
under the laws of its jurisdiction of

                                    -51-

<PAGE>
<PAGE>

incorporation and is at all times adequately capitalized and as to which all
corporate formalities are at all times observed.

    The Lessee shall not be a general partner in any general or limited
partnership.

         (o)   Required Capital Ratio. The Required Capital Ratio as of the
               ----------------------
last day of each calendar quarter shall not be less than 3:75 to 1.00.

         (p)   Partnership Capital Requirement. The Lessee's End of Period
               -------------------------------
Partnership Capital shall not as of the last day of any calendar quarter be
less than the greater of (i) $300 million or (ii) the Partnership Capital
then required to be maintained under the Subordinated Debt Agreement, as
such Partnership Capital requirement under the Subordinated Debt Agreement
may be increased from time to time.

         (q)   Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio
               ---------------------------
on the last day of each fiscal quarter of JFC for the period of four
consecutive fiscal quarters ending on such date, in each case taken as a
single accounting period, shall not be less than 1.25 to 1.0.

         (r)   Restrictive Agreements. The Lessee shall not, nor shall it
               ----------------------
permit any of its Subsidiaries to, enter into any indenture, agreement,
instrument or other arrangement which directly or indirectly prohibits or
restrains, or has the effect of prohibiting or restraining, or imposes
materially adverse conditions upon, the ability of the Lessee or any
Subsidiary to (i) pay dividends or make other distributions (x) on its
Capital Stock or (y) with respect to any other interest or participation in,
or measured by, its profits, (ii) make loans or advances to the Lessee or
any Subsidiary, (iii) repay loans or advances from the Lessee or any
Subsidiary or (iv) transfer any of its properties or assets to the Lessee or
any Subsidiary.

         (s)   Disposition of Assets. The Lessee shall not, and shall not
               ---------------------
suffer or permit any Subsidiary to, directly or indirectly, (x) issue any
equity interests in the Lessee or any Subsidiary to any Person which is not
the Lessee or a Subsidiary or (y) sell, assign, lease, convey, transfer or
otherwise dispose of (whether in one or a series of transactions) any
property, including accounts and notes receivable, with or without recourse
(each, an "Asset Disposition"), or enter into any agreement to do any of the
           -----------------
foregoing, except:

               (i)    dispositions of inventory, or used, worn-out or
         surplus equipment, all in the ordinary course of business;

               (ii)   the sale of equipment to the extent that such
         equipment is exchanged for credit against the purchase price of
         similar replacement equipment, or the proceeds of such sale are
         reasonably promptly applied to the purchase price of such
         replacement equipment; and

                                    -52-

<PAGE>
<PAGE>

               (iii)  dispositions not otherwise permitted hereunder which
         are made for fair market value; provided, that (A) at the time of
                                         --------
         any disposition, no Event of Default shall exist or shall result
         from such disposition, (B) at least 75% of the aggregate sales
         price from such dispositions shall be paid in cash, and (C) the
         aggregate value of all assets so sold by the Lessee and its
         Subsidiaries after the date hereof, together, shall not (1)
         represent more than 5% of the total assets of the Lessee and its
         Subsidiaries, as would be shown in the consolidated financial
         statements of the Lessee and its Subsidiaries as at the end of the
         fiscal quarter next preceding the date on which such determination
         is made, or (2) be responsible for more than 5% of the consolidated
         net income of the Lessee and its Subsidiaries for the 12-month
         period ending as of the end of the fiscal quarter next preceding
         the date of determination.

         (t)   Year 2000. The Lessee will take, and will cause each of its
               ---------
Subsidiaries to take, all such actions as are reasonably necessary to
successfully implement a program to assure that the Year 2000 Problem will
not have a Material Adverse Effect. At the request of the Agent, the Lessee
will provide a description of such program, together with any updates or
progress reports with respect thereto.

    SECTION 5.3 Further Assurances.
                ------------------

         (a)   The Lessee shall ensure that all written information,
exhibits and reports furnished to the Agent or the Funding Parties do not
and will not contain any untrue statement of a material fact and do not and
will not omit to state any material fact or any fact necessary to make the
statements contained therein not misleading in light of the circumstances in
which made, and will promptly disclose to the Agent and the Funding Parties
and correct any defect or error that may be discovered therein or in any
Operative Document or in the execution, acknowledgment or recordation
thereof.

         (b)   Promptly upon request by the Agent or the Funding Parties,
the Lessee shall (and shall cause any of its Subsidiaries to) do, execute,
acknowledge, deliver, record, re-record, file, re-file, register and
re-register, any and all such further acts, certificates, assurances and
other instruments the Agent or such Lenders, as the case may be, may
reasonably require from time to time in order (i) to carry out more
effectively the purposes of this Agreement or any other Operative Document,
and (ii) to better assure, convey, grant, assign, transfer, preserve,
protect and confirm to the Agent and Lenders the rights granted or now or
hereafter intended to be granted to the Lenders under any Loan Document or
under any other document executed in connection therewith.

         (c)   Upon the written request of the Lessor or the Agent, the
Lessee, at its own cost and expense, will cause all financing statements
(including precautionary financing

                                    -53-

<PAGE>
<PAGE>

statements), fixture filings and other similar documents, to be recorded or
filed at such places and times in such manner, as may be necessary to
preserve, protect and perfect the interest of the Lessor, the Agent and the
Lenders in the Leased Property as contemplated by the Operative Documents.

    SECTION 5.4 Additional Required Appraisals. If, as a result of any
                ------------------------------
change in Applicable Law after the date hereof, an appraisal of the Leased
Property is required during the Lease Term under Applicable Law with respect
to any Funding Party's interest therein, such Funding Party's Funded Amount
with respect thereto or the Operative Documents, then the Lessee shall pay
the reasonable cost of such appraisal, provided that, except as otherwise
                                       -------------
provided in the Operative Documents, appraisals shall not be requested more
than once per year unless required by Applicable Law.

    SECTION 5.5 Lessor's Covenants. The Lessor covenants and agrees that,
                ------------------
unless the Agent, the Lessee and the Lenders shall have otherwise consented
in writing:

         (a)   the proceeds of the Loans received from the Lenders will be
used by the Lessor solely to acquire the Leased Property and to pay the
Construction Agent or the Lessee for certain closing, development and
transaction costs associated therewith and for the costs of Construction. No
portion of the proceeds of the Loans will be used by the Lessor (i) in
connection with, whether directly or indirectly, any tender offer for, or
other acquisition of, stock of any corporation with a view towards obtaining
control of such other corporation or (ii) directly or indirectly, for the
purpose, whether immediate, incidental or ultimate, of purchasing or
carrying any Margin Stock;

         (b)   it shall not engage in any business or activity, or invest in
any Person, except for activities similar to its activities conducted on the
date hereof, the Transaction and lease transactions similar to the
Transaction;

         (c)   it will maintain tangible net worth in an amount no less than
the sum of (i) $100,000 plus (ii) 3% of its total assets (calculated
                        ----
assuming no reduction in the value of the Leased Property from its original
cost to the Lessor);

         (d)   it will deliver to the Agent and the Lessee, as soon as
available and in any event within 90 days after the end of each fiscal year,
a balance sheet of the Lessor as of the end of such fiscal year and the
related statements of income, partners' capital and cash flows for such
fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, together with copies of its tax returns, all
certified by an officer of the Lessor's General Partner (and if the Lessor
ever prepares audited financial statements, it shall deliver copies thereof
to the Agent and the Lessee);

                                    -54-

<PAGE>
<PAGE>

         (e)   it will permit the Agent, the Lessee and their respective
representatives to examine, and make copies from, the Lessor's books and
records, and to visit the offices and properties of the Lessor for the
purpose of examining such materials, and to discuss the Lessor's performance
hereunder with any of its, or its general partner's, officers and employees;

         (f)   it shall not consent to the creation of any easement or other
restriction against any Leased Property other than as permitted pursuant to
Article V of the Lease;

         (g)   it shall promptly discharge each Lessor Lien and shall
indemnify the Lenders and the Lessee for any diminution in value of the
Leased Property resulting from such Lessor Liens;

         (h)   it shall not enter into any other transactions, leases,
purchases or other agreements, other than immaterial transactions,
purchases, leases and other agreements entered into by the Lessor in the
ordinary course of its business, in which the other parties to said
transactions, leases, purchases or other agreements will have any recourse
against Lessor which is in addition to Lessor's ownership or other interest
in the property subject to such transactions, purchases, leases or other
agreements, other than liability for required fundings, breach of contract,
misrepresentation, gross negligence, willful misconduct, fraud, failure to
turn over funds and similar exceptions to limitations on recourse;

         (i)   it shall not guaranty the liabilities of any other Person;
and

         (j)   it shall pay its debts as such debts become due unless such
debts are the subject of a bona fide dispute.

                                 ARTICLE VI
                       TRANSFERS BY LESSOR AND LENDERS

    SECTION 6.1 Lessor Transfers. The Lessor shall not assign, convey or
                ----------------
otherwise transfer all or any portion of its right, title or interest in, to
or under the Leased Property or any of the Operative Documents without the
prior written consent of the Lenders and the Lessee. Any proposed transferee
of the Lessor shall make the representations set forth in Section 4.3 to the
                                                          -----------
other parties hereto.

    SECTION 6.2 Lender Transfers.
                ----------------

         (a)   Any Lender may make, carry or transfer Loans at, to or for
the account of, any of its branch offices or the office of an Affiliate of
such Lender.

                                    -55-

<PAGE>
<PAGE>

         (b)   Each Lender may assign all or a portion of its interests,
rights and obligations under this Master Agreement and the Loan Agreement
(including all or a portion of its Commitment and the Loans at the time
owing to it) to any Eligible Assignee; provided, however, that (i) the Agent
and, unless a Potential Event of Default or Event of Default shall have
occurred, the Lessee must give its prior written consent to such assignment
(which consent shall not be unreasonably withheld or delayed) unless such
assignment is to another Lender or to an Affiliate of the assigning Lender,
(ii) unless such Lender is assigning all of its Commitment, after giving
effect to such assignment, the Commitment of both the assignor and the
assignee is at least $1,000,000 and (iii) the parties to each such
assignment shall execute and deliver to the Agent an Assignment and
Acceptance, and, unless such assignment is to another Lender or to an
Affiliate of such Lender, a processing and recordation fee of $3,000. Any
such assignment of the Loans shall include both the A Loans and the B Loans,
on a pro rata basis. The Lessee shall not be responsible for such processing
and recordation fee or any costs or expenses incurred by any Lender or the
Agent in connection with such assignment. From and after the effective date
specified in each Assignment and Acceptance, which effective date shall be
at least five (5) Business Days after the execution thereof, the assignee
thereunder shall be a party hereto and to the extent of the interest
assigned by such Assignment and Acceptance, have the rights and obligations
of a Lender under this Master Agreement and the Loan Agreement.

         (c)   Each Lender may, without the consent of the Lessee, sell
participations to one or more banks or other entities in all or a portion of
its rights and obligations under this Master Agreement and the Loan
Agreement (including all or a portion of its Commitment in the Loans owing
to it), provided, however, that (i) such Lender's obligations under this
Master Agreement and the Loan Agreement shall remain unchanged, (ii) such
Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, (iii) the participating bank or other
entity shall not be entitled to any greater benefit than its selling Lender
under the cost protection provisions contained in Section 7.5 of this Master
                                                  -----------
Agreement, and (iv) each Lessee, the Agent and the other Lenders shall
continue to deal solely and directly with each Lender in connection with
such Lender's rights and obligations under this Master Agreement and the
other Operative Documents, and such Lender shall retain the sole right to
enforce the obligations of Lessor relating to the Loans and to approve any
amendment, modification or waiver of any provisions of this Master Agreement
and the Loan Agreement (except that such Lender may permit the participant
to approve any amendment, modification or waiver which would reduce the
principal of or the interest rate on its Loan, extend the term of such
Lender's Commitment, reduce the amount of any fees to which such participant
is entitled or extend the final scheduled payment date of any Loan). Any
Lender selling a participation hereunder shall provide prompt written notice
to the Agent of the name of such participant.

         (d)   Any Lender or participant may, in connection with the
assignment or participation or proposed assignment or participation,
pursuant to this Section, disclose to the
                 -------

                                    -56-

<PAGE>
<PAGE>

assignee or participant or proposed assignee or participant any information
relating to the Lessee or its Subsidiaries or Affiliates furnished to such
Lender by or on behalf of the Lessee. With respect to any disclosure of
confidential, non-public, proprietary information, such proposed assignee or
participant shall agree to use the information only for the purpose of
making any necessary credit judgments with respect to this facility and not
to use the information in any manner prohibited by any law, including
without limitation, the securities laws of the United States. The proposed
participant or assignee shall agree not to disclose any of such information
except as permitted by this Master Agreement. The proposed participant or
assignee shall further agree to return all documents or other written
material and copies thereof received from any Lender, the Agent or the
Lessee relating to such confidential information unless otherwise properly
disposed of by such entity.

         (e)   Any Lender may at any time assign all or any portion of its
rights under this Master Agreement and the Notes to a Federal Reserve Bank,
provided that no such assignment shall release such Lender from any of its
--------
obligations hereunder.

                                ARTICLE VII
                               INDEMNIFICATION

    SECTION 7.1 General Indemnification. The Lessee agrees, whether or not
                -----------------------
any of the transactions contemplated hereby shall be consummated, to assume
liability for, and to indemnify, protect, defend, save and hold harmless
each Indemnitee, on an After-Tax Basis, from and against, any and all Claims
that may be imposed on, incurred by or asserted, or threatened to be
asserted, against such Indemnitee, whether or not such Indemnitee shall also
be indemnified as to any such Claim by any other Person and whether or not
such Claim arises or accrues prior to the Closing Date or after the Lease
Termination Date, or results from such Indemnitee's negligence, in any way
relating to or arising out of:

         (a)   any of the Operative Documents or any of the transactions
contemplated thereby, and any amendment, modification or waiver in respect
thereof; or

         (b)   the Land, the Building or any part thereof or interest
therein, including any Ground Lease;

         (c)   the purchase, design, construction, preparation,
installation, inspection, delivery, non-delivery, acceptance, rejection,
ownership, management, possession, operation, rental, lease, sublease,
repossession, maintenance, repair, alteration, modification, addition,
substitution, storage, transfer of title, redelivery, use, financing,
refinancing, disposition, operation, condition, sale (including, without
limitation, any sale pursuant to the Lease), return or other disposition of
all or any part of any interest in the Leased Property or the imposition of
any Lien, other than a Lessor Lien (or incurring of any liability to refund
or pay over any amount as a

                                    -57-

<PAGE>
<PAGE>

result of any Lien, other than a Lessor Lien) thereon, including, without
limitation: (i) Claims or penalties arising from any violation or alleged
violation of law or in tort (strict liability or otherwise), (ii) latent or
other defects, whether or not discoverable, (iii) any Claim based upon a
violation or alleged violation of the terms of any restriction, easement,
condition or covenant or other matter affecting title to the Leased Property
or any part thereof, (iv) the making of any Alterations in violation of any
standards imposed by any insurance policies required to be maintained by the
Lessee pursuant to the Lease which are in effect at any time with respect to
the Leased Property or any part thereof, (v) any Claim for patent, trademark
or copyright infringement, (vi) Claims arising from any public improvements
with respect to the Leased Property resulting in any charge or special
assessments being levied against the Leased Property or any Claim for
utility "tap-in" fees, and (vii) Claims for personal injury or real or
personal property damage occurring, or allegedly occurring, on the Land, the
Building or otherwise on or with respect to the Leased Property;

         (d)   the breach or alleged breach by the Lessee of any
representation or warranty made by it or deemed made by it in any Operative
Document or any certificate required to be delivered by any Operative
Document;

         (e)   the retaining or employment of any broker, finder or
financial advisor by the Lessee to act on its behalf in connection with this
Master Agreement, or the incurring of any fees or commissions to which the
Lessor, the Agent or any Lender might be subjected by virtue of their
entering into the transactions contemplated by this Master Agreement (other
than fees or commissions due to any broker, finder or financial advisor
retained by the Lessor, the Agent or any Lender);

         (f)   the existence of any Lien on or with respect to the Leased
Property, the Construction, any Basic Rent or Supplemental Rent, title
thereto, or any interest therein, including any Liens which arise out of the
possession, use, occupancy, construction, repair or rebuilding of the Leased
Property or by reason of labor or materials furnished or claimed to have
been furnished to the Construction Agent, the Lessee, or any of its
contractors or agents or by reason of the financing of any personalty or
equipment purchased or leased by the Lessee or Alterations constructed by
the Lessee;

         (g)   the transactions contemplated hereby or by any other
Operative Document, in respect of the application of Parts 4 and 5 of
Subtitle B of Title I of ERISA and any prohibited transaction described in
Section 4975(c) of the Code; or

         (h)   any act or omission by the Lessee under the Ground Lease or
any other Operative Document, and any breach of any requirement, condition,
restriction or limitation in the Ground Lease or any other Operative
Document;

                                    -58-

<PAGE>
<PAGE>

provided, however, the Lessee shall not be required to indemnify any
--------  -------
Indemnitee under this Section 7.1 for any Claim to the extent that such
                      -----------
Claim results from the willful misconduct, gross negligence or
misrepresentation of such Indemnitee; and, provided, further, that with
                                           --------  -------
respect to the Construction Land Interest, the Lessee's indemnity
obligations with respect to such Leased Property shall be governed by
Section 3.3 of the Construction Agency Agreement during the Construction
-----------
Term therefor. It is expressly understood and agreed that the indemnity
provided for herein shall survive the expiration or termination of, and
shall be separate and independent from any other remedy under this Master
Agreement, the Lease or any other Operative Document.

    SECTION 7.2 Environmental Indemnity. In addition to and without
                -----------------------
limitation of Section 7.1 or Section 3.3 of the Construction Agency
              -----------    -----------
Agreement, the Lessee agrees to indemnify, hold harmless and defend each
Indemnitee on an After-Tax Basis from and against any and all claims
(including without limitation third party claims for personal injury or real
or personal property damage), losses (including but not limited to any loss
of value of the Leased Property), damages, liabilities, fines, penalties,
charges, suits, settlements, demands, administrative and judicial
proceedings (including informal proceedings and investigations) and orders,
judgments, remedial action, requirements, enforcement actions of any kind,
and all reasonable costs and expenses actually incurred in connection
therewith (including, but not limited to, reasonable attorneys' and/or
paralegals' fees and expenses), including, but not limited to, all costs
incurred in connection with any investigation or monitoring of site
conditions or any clean-up, remedial, removal or restoration work by any
federal, state or local government agency, arising directly or indirectly,
in whole or in part, out of

               (i)    the presence on or under the Land of any Hazardous
         Materials, or any releases or discharges of any Hazardous Materials
         on, under, from or onto the Land,

               (ii)   any activity, including, without limitation,
         construction, carried on or undertaken on or off the Land, and
         whether by the Lessee or any predecessor in title or any employees,
         agents, contractors or subcontractors of the Lessee or any
         predecessor in title, or any other Person, in connection with the
         handling, treatment, removal, storage, decontamination, clean-up,
         transport or disposal of any Hazardous Materials that at any time
         are located or present on or under or that at any time migrate,
         flow, percolate, diffuse or in any way move onto or under the Land,

               (iii)  loss of or damage to any property or the environment
         (including, without limitation, clean-up costs, response costs,
         remediation and removal costs, cost of corrective action, costs of
         financial assurance, fines and penalties and

                                    -59-

<PAGE>
<PAGE>
         natural resource damages), or death or injury to any Person, and
         all expenses associated with the protection of wildlife, aquatic
         species, vegetation, flora and fauna, and any mitigative action
         required by or under Environmental Laws, in each case to the extent
         related to the Leased Property,

               (iv)   any claim concerning the Leased Property's lack of
         compliance with Environmental Laws, or any act or omission causing
         an environmental condition on or with respect to the Leased
         Property that requires remediation or would allow any governmental
         agency to record a lien or encumbrance on the land records, or

               (v)   any residual contamination on or under the Land, or
         affecting any natural resources on the Land, and to any
         contamination of any property or natural resources arising in
         connection with the generation, use, handling, storage, transport
         or disposal of any such Hazardous Materials on or from the Leased
         Property; in each case irrespective of whether any of such
         activities were or will be undertaken in accordance with applicable
         laws, regulations, codes and ordinances;

in any case with respect to the matters described in the foregoing clauses
                                                                   -------
(i) through (v) that arise or occur
---         ---

         (w)   prior to or during the Lease Term,

         (x)   at any time during which the Lessee or any Affiliate thereof
    owns any interest in or otherwise occupies or possesses the Leased
    Property or any portion thereof, or

         (y)   during any period after and during the continuance of any
    Event of Default;

provided, however, the Lessee shall not be required to indemnify any
--------  -------
Indemnitee under this Section 7.2 for any Claim to the extent that such
                      -----------
Claim results from the willful misconduct or gross negligence of such
Indemnitee. It is expressly understood and agreed that the indemnity
provided for herein shall survive the expiration or termination of, and
shall be separate and independent from any other remedy under, this Master
Agreement, the Lease or any other Operative Document.

    SECTION 7.3 Proceedings in Respect of Claims. With respect to any amount
                --------------------------------
that the Lessee is requested by an Indemnitee to pay by reason of Section
                                                                  -------
7.1 or 7.2, such Indemnitee shall, if so requested by the Lessee and prior
---    ---
to any payment, submit such additional information

                                    -60-

<PAGE>
<PAGE>

to the Lessee as the Lessee may reasonably request and which is in the
possession of, or under the control of, such Indemnitee to substantiate
properly the requested payment. In case any action, suit or proceeding shall
be brought against any Indemnitee, such Indemnitee promptly shall notify the
Lessee of the commencement thereof (provided that the failure of such
Indemnitee to promptly notify the Lessee shall not affect any Lessee's
obligation to indemnify hereunder except to the extent that the Lessee's
ability to contest is materially prejudiced by such failure), and the Lessee
shall be entitled, at its expense, to participate in, and, to the extent
that the Lessee desires to, assume and control the defense thereof with
counsel reasonably satisfactory to such Indemnitee; provided, however, that
                                                    --------  -------
such Indemnitee may pursue a motion to dismiss such Indemnitee from such
action, suit or proceeding with counsel of such Indemnitee's choice at the
Lessee's expense; and provided further that the Lessee may assume and
                      -------- -------
control the defense of such proceeding only if the Lessee shall have
acknowledged in writing its obligations to fully indemnify such Indemnitee
in respect of such action, suit or proceeding, shall pay all reasonable
costs and expenses related to such action, suit or proceeding as and when
incurred and the Lessee shall keep such Indemnitee fully apprised of the
status of such action suit or proceeding and shall provide such Indemnitee
with all information with respect to such action suit or proceeding as such
Indemnitee shall reasonably request; and, provided further, that the Lessee
shall not be entitled to assume and control the defense of any such action,
suit or proceeding if and to the extent that, (A) in the reasonable opinion
of such Indemnitee, (x) such action, suit or proceeding involves any
possibility of imposition of criminal liability or any material risk of
material civil liability on such Indemnitee or (y) such action, suit or
proceeding will involve a material risk of the sale, forfeiture or loss of,
or the creation of any Lien (other than a Permitted Encumbrance) on the
Leased Property or any part thereof unless the Lessee shall have posted a
bond or other security satisfactory to the relevant Indemnitees in respect
to such risk or (z) the control of such action, suit or proceeding would
involve an actual or potential conflict of interest, (B) such proceeding
involves Claims not fully indemnified by the Lessee which the Lessee and the
Indemnitee have been unable to sever from the indemnified claim(s), or (C)
an Event of Default has occurred and is continuing. The Indemnitee may
participate in a reasonable manner at its own expense and with its own
counsel in any proceeding conducted by the Lessee in accordance with the
foregoing.

    If the Lessee fails to fulfill the conditions to the Lessee's assuming
the defense of any claim after receiving notice thereof on or prior to the
date that is fifteen (15) days prior to the date that an answer or response
is required, the Indemnitee may undertake such defense, at the Lessee's
expense. Lessee shall not enter into any settlement or other compromise with
respect to any Claim in excess of $25,000 which is entitled to be
indemnified under Section 7.1 or 7.2 without the prior written consent of
                  -----------    ---
the related Indemnitee, which consent shall not be unreasonably withheld.
Unless an Event of Default shall have occurred and be continuing, no
Indemnitee shall enter into any settlement or other compromise with respect
to any claim which is entitled to be indemnified under Section 7.1 or 7.2
                                                       -----------    ---
without the prior written consent of the

                                    -61-

<PAGE>
<PAGE>

Lessee, which consent shall not be unreasonably withheld, unless such
Indemnitee waives its right to be indemnified under Section 7.1 or 7.2 with
                                                    -----------    ---
respect to such Claim.

    Upon payment in full of any Claim by the Lessee pursuant to Section 7.1
                                                                -----------
or 7.2 to or on behalf of an Indemnitee, the Lessee, without any further
   ---
action, shall be subrogated to any and all claims that such Indemnitee may
have relating thereto (other than claims in respect of insurance policies
maintained by such Indemnitee at its own expense), and such Indemnitee shall
execute such instruments of assignment and conveyance, evidence of claims
and payment and such other documents, instruments and agreements as may be
reasonably necessary to preserve any such claims and otherwise cooperate
with the Lessee and give such further assurances as are reasonably necessary
or advisable to enable the Lessee vigorously to pursue such claims.

    Any amount payable to an Indemnitee pursuant to Section 7.1 or 7.2 shall
                                                    -----------    ---
be paid to such Indemnitee promptly upon, but in no event later than thirty
(30) days after, receipt of a written demand therefor from such Indemnitee,
accompanied by a written statement describing in reasonable detail the basis
for such indemnity and the computation of the amount so payable.

    If for any reason the indemnification provided for in Section 7.1 or 7.2
                                                          -----------    ---
is unavailable to an Indemnitee or is insufficient to hold an Indemnitee
harmless, then the Lessee agrees to contribute to the amount paid or payable
by such Indemnitee as a result of such loss, claim, damage or liability in
such proportion as is appropriate to reflect not only the relative benefits
received by such Indemnitee on the one hand and by the Lessee on the other
hand but also the relative fault of such Indemnitee as well as any other
relevant equitable considerations. It is expressly understood and agreed
that the right to contribution provided for herein shall survive the
expiration or termination of and shall be separate and independent from any
other remedy under this Master Agreement, the Lease or any other Operative
Document.

    SECTION 7.4 General Tax Indemnity.
                ---------------------

         (a)   Tax Indemnity. Except as otherwise provided in this Section
               -------------                                       -------
7.4, the Lessee shall pay on an After-Tax Basis, and on written demand shall
---
indemnify and hold each Tax Indemnitee harmless from and against, any and
all fees (including, without limitation, documentation, recording, license
and registration fees), taxes (including, without limitation, income,
franchise, gross receipts, sales, rental, use, turnover, value-added,
property, excise and stamp taxes), levies, imposts, duties, charges,
assessments or withholdings of any nature whatsoever, together with any
penalties, fines or interest thereon or additions thereto (any of the
foregoing being referred to herein as "Taxes" and individually as a "Tax"
                                       -----                         ---
(for the purposes of this Section 7.4, the definition of "Taxes" includes
                          -----------                     -----
amounts imposed on, incurred by, or asserted against each Tax Indemnitee as
the result of any prohibited transaction, within the meaning of Section 406
or 407 of ERISA or Section 4975(c) of the Code, arising out of the
transactions contemplated hereby or by any other Operative Document))
imposed on or with respect to any

                                    -62-

<PAGE>
<PAGE>

Tax Indemnitee, the Lessee, the Leased Property or any portion thereof, or
any sublessee or user thereof, by the United States or by any state or local
government or other taxing authority in the United States or any state,
local or foreign authority, in connection with or in any way relating to (i)
the acquisition, financing, mortgaging, construction, preparation,
installation, inspection, delivery, non-delivery, acceptance, rejection,
purchase, ownership, possession, rental, lease, sublease, maintenance,
repair, storage, transfer of title, redelivery, use, operation, condition,
sale, return or other application or disposition of all or any part of the
Leased Property or the imposition of any Lien (or incurrence of any
liability to refund or pay over any amount as a result of any Lien) thereon,
(ii) the Notes or other indebtedness with respect to the Leased Property or
any part thereof or interest therein, (iii) Basic Rent or Supplemental Rent
or the receipts or earnings arising from or received with respect to the
Leased Property or any part thereof, or any interest therein or any
applications or dispositions thereof, (iv) any other amount paid or payable
pursuant to the Notes or any other Operative Documents, (v) the Leased
Property or any part thereof or any interest therein (including, without
limitation, all assessments payable in respect thereof, including, without
limitation, all assessments noted on the related Title Policy), (vi) all or
any of the Operative Documents, any other documents contemplated thereby,
any amendments and supplements thereto, and (vii) otherwise with respect to
or in connection with the transactions contemplated by the Operative
Documents.

         (b)   Exclusions from General Tax Indemnity. Section 7.4(a) shall
               -------------------------------------
not apply to:

               (i)    Taxes on, based on, or measured by or with respect to
         net income of the Lessor, the Agent and the Lenders (including
         minimum Taxes, capital gains Taxes, Taxes on or measured by items
         of tax preference or alternative minimum Taxes) other than (A) any
         such Taxes that are, or are in the nature of, sales, use, license,
         rental or property Taxes, and (B) withholding Taxes imposed by the
         United States or any state in which the Leased Property is located
         (i) on payments with respect to the Notes, to the extent imposed by
         reason of a change in Applicable Law occurring after the date on
         which the holder of such Note became the holder of such Note or
         (ii) on Rent, to the extent the net payment of Rent after deduction
         of such withholding Taxes would be less than amounts currently
         payable with respect to the Funded Amounts provided that this
         clause (i) shall not prevent a payment from being made on an
         After-Tax Basis if such payment is otherwise required to be so
         made;

               (ii)   Taxes on, based on, or in the nature of or measured
         by Taxes on doing business, business privilege, franchise, capital,
         capital stock, net worth, or mercantile license or similar taxes
         other than any Taxes that are or are in the nature of sales, use,
         rental, license or property Taxes relating to the Leased

                                    -63-

<PAGE>
<PAGE>

         Property provided that this clause (ii) shall not prevent a payment
         from being made on an After-Tax Basis if such payment is otherwise
         required to be so made;

               (iii)  Taxes that are based on, or measured by, the fees or
         other compensation received by a Person acting as Agent (in its
         individual capacities) or any Affiliate of any thereof for acting
         as trustee under the Loan Agreement;

               (iv)   Taxes that result from any act, event or omission, or
         are attributable to any period of time, that occurs after the
         earlier of (A) the expiration of the Lease Term with respect to the
         Leased Property and, if the Leased Property is required to be
         returned to the Lessor in accordance with the Lease, such return
         and (B) the discharge in full of the Lessee's obligations to pay
         the Lease Balance, or any amount determined by reference thereto,
         with respect to the Leased Property and all other amounts due under
         the Lease, unless such Taxes relate to acts, events or matters
         occurring prior to the earlier of such times or are imposed on or
         with respect to any payments due under the Operative Documents
         after such expiration or discharge;

               (v)    Taxes imposed on a Tax Indemnitee that result from any
         voluntary sale, assignment, transfer or other disposition or
         bankruptcy by such Tax Indemnitee or any related Tax Indemnitee of
         any interest in any Leased Property or any part thereof, or any
         interest therein or any interest or obligation arising under the
         Operative Documents, or from any sale, assignment, transfer or
         other disposition of any interest in such Tax Indemnitee or any
         related Tax Indemnitee, it being understood that each of the
         following shall not be considered a voluntary sale: (A) any
         assignment, sublease, substitution, replacement or removal of any
         of the Leased Property by the Lessee, (B) any sale or transfer
         resulting from the exercise by any Lessee of any termination
         option, any purchase option or sale option, (C) any sale or
         transfer while an Event of Default shall have occurred and be
         continuing under the Lease, (D) a Casualty or Condemnation
         affecting the Leased Property or any part thereof, and (E) any sale
         or transfer resulting from the Lessor's exercise of remedies under
         the Lease;

               (vi)   any Tax which is being contested in accordance with
         the provisions of Section 7.4(c), during the pendency of such
                           --------------
         contest;

               (vii)  any Tax that is imposed on a Tax Indemnitee as a
         result of such Tax Indemnitee's gross negligence or willful
         misconduct (other than gross negligence or willful misconduct
         imputed to such Tax Indemnitee solely by reason of its interest in
         the Leased Property);

                                    -64-

<PAGE>
<PAGE>

               (viii) any Tax that results from a Tax Indemnitee
         engaging, with respect to any Leased Property, in transactions
         other than those permitted by the Operative Documents;

               (ix)   to the extent any interest, penalties or additions to
         tax result in whole or in part from the failure of a Tax Indemnitee
         to file a return or pay a Tax that it is required to file or pay in
         a proper and timely manner, unless such failure (A) results from
         the transactions contemplated by the Operative Documents in
         circumstances where Lessee did not give timely notice to such Tax
         Indemnitee of such filing or payment requirement that would have
         permitted a proper and timely filing of such return or payment of
         such Tax, as the case may be, or (B) results from the failure of
         the Lessee to supply information necessary for the proper and
         timely filing of such return or payment of such Tax, as the case
         may be, that was not in the possession of such Tax Indemnitee;

               (x)    Taxes resulting from the failure of a Tax Indemnitee
         to comply with subsection 7.5(e) other than as a result of an
                        -----------------
         increased cost described in subsection 7.5(b); and
                                     -----------------

               (xi)   as to Lessor, any Tax that results from the breach by
         the Lessor of its representation and warranty made in Section
                                                               -------
         4.3(g) or as to any Lender the breach of such Lender of its
         ------
         representation and warranty made in Section 4.4(b).
                                             --------------

         Notwithstanding the foregoing, the exclusions provided for in
    clauses (i), (ii) and (v) of this Subsection 7.4(b) shall not apply (but
    the other exclusions shall apply) to any Taxes or any increase in Taxes
    imposed on any Tax Indemnitee net of any decrease in Taxes realized by
    such Tax Indemnitee to the extent that any such Tax increase or decrease
    would not have occurred if on the date of each Advance the Lessor and
    the Lenders had advanced funds directly to the Lessee in the form of a
    loan by such Lessor or Lender secured by the Leased Property in an
    amount equal to the amounts funded by the Lessor and the Lenders on each
    such date and a principal balance at the maturity of such loan in an
    amount equal to the Funded Amounts at the end of the Lease Term.

         (c)   Contests. If any claim shall be made against any Tax
               --------
Indemnitee or if any proceeding shall be commenced against any Tax
Indemnitee (including a written notice of such proceeding) for any Taxes as
to which the Lessee may have an indemnity obligation pursuant to Section
                                                                 -------
7.4, or if any Tax Indemnitee shall determine that any Taxes as to which the
---
Lessee may have an indemnity obligation pursuant to Section 7.4 may be
                                                    -----------
payable, such Tax Indemnitee shall promptly notify the Lessee. The Lessee
shall be entitled, at its expense, to participate in, and, to the extent
that the Lessee desires to, assume and control the defense thereof;
provided, however, that the Lessee shall have acknowledged in writing its
--------  -------
obligation to fully indemnify such Tax

                                    -65-

<PAGE>
<PAGE>

Indemnitee in respect of such action, suit or proceeding if the contest is
unsuccessful, and, provided further, that the Lessee shall not be entitled
                   -------- -------
to assume and control the defense of any such action, suit or proceeding
(but the Tax Indemnitee shall then control the defense of such contest, at
the sole cost and expense of the Lessee, on behalf of the Lessee with
representatives reasonably satisfactory to the Lessee) if and to the extent
that, (A) in the reasonable opinion of such Tax Indemnitee, such action,
suit or proceeding (x) involves any meaningful risk of imposition of
criminal liability or any material risk of material civil liability on such
Tax Indemnitee or (y) will involve a material risk of the sale, forfeiture
or loss of, or the creation of any Lien (other than a Permitted Encumbrance)
on the Leased Property or any part thereof unless the Lessee shall have
posted a bond or other security satisfactory to the relevant Tax Indemnitees
in respect to such risk, (B) such proceeding involves Claims not fully
indemnified by the Lessee which the Lessee and the Tax Indemnitee have been
unable to sever from the indemnified claim(s), (C) an Event of Default has
occurred and is continuing, (D) such action, suit or proceeding involves
matters which extend beyond or are unrelated to the Transaction and if
determined adversely could be materially detrimental to the interests of
such Tax Indemnitee notwithstanding indemnification by the Lessee or (E)
such action, suit or proceeding involves the federal or any state income tax
liability of the Tax Indemnitee. With respect to any contests controlled by
a Tax Indemnitee, (i) if such contest relates to the federal or any state
income tax liability of such Tax Indemnitee, such Tax Indemnitee shall be
required to conduct such contest only if the Lessee shall have provided to
such Tax Indemnitee an opinion of independent tax counsel selected by the
Tax Indemnitee and reasonably satisfactory to the Lessee stating that a
reasonable basis exists to contest such claim or (ii) in the case of an
appeal of an adverse determination of any contest relating to any Taxes, an
opinion of such counsel to the effect that such appeal is more likely than
not to be successful; provided, however, such Tax Indemnitee shall in no
                      --------
event be required to appeal an adverse determination to the United States
Supreme Court. The Tax Indemnitee may participate in a reasonable manner at
its own expense and with its own counsel in any proceeding conducted by the
Lessee in accordance with the foregoing.

    Each Tax Indemnitee shall, at the Lessee's expense, supply the Lessee
with such information and documents in such Tax Indemnitee's possession
reasonably requested by the Lessee as are necessary or advisable for the
Lessee to participate in any action, suit or proceeding to the extent
permitted by this Section 7.4. Unless an Event of Default shall have
                  -----------
occurred and be continuing, no Tax Indemnitee shall enter into any
settlement or other compromise with respect to any Claim which is entitled
to be indemnified under this Section 7.4 without the prior written consent
                             -----------
of the Lessee, which consent shall not be unreasonably withheld, unless such
Tax Indemnitee waives its right to be indemnified under this Section 7.4
                                                             -----------
with respect to such Claim.

    Notwithstanding anything contained herein to the contrary, (I) a Tax
Indemnitee will not be required to contest (and the Lessee shall not be
permitted to contest except on its own behalf

                                    -66-

<PAGE>
<PAGE>

if it is subject thereto) a claim with respect to the imposition of any Tax
if such Tax Indemnitee shall waive its right to indemnification under this
Section 7.4 with respect to such claim (and any related claim with respect
-----------
to other taxable years the contest of which is precluded as a result of such
waiver) and (II) no Tax Indemnitee shall be required to contest any claim if
the subject matter thereof shall be of a continuing nature and shall have
previously been decided adversely, unless there has been a change in law
which, in the opinion of Tax Indemnitee's counsel, creates substantial
authority for the success of such contest. Each Tax Indemnitee and the
Lessee shall consult in good faith with each other regarding the conduct of
such contest controlled by either.

         (d)   Reimbursement for Tax Savings. If (i) a Tax Indemnitee shall
               -----------------------------
obtain a credit or refund of any Taxes paid by the Lessee pursuant to this
Section 7.4 or (ii) by reason of the incurrence or imposition of any Tax for
-----------
which a Tax Indemnitee is indemnified hereunder or any payment made to or
for the account of such Tax Indemnitee by the Lessee pursuant to this
Section 7.4, such Tax Indemnitee at any time realizes a reduction in any
-----------
Taxes for which the Lessee is not required to indemnify such Tax Indemnitee
pursuant to this Section 7.4, which reduction in Taxes was not taken into
                 -----------
account in computing such payment by the Lessee to or for the account of
such Tax Indemnitee, then such Tax Indemnitee shall promptly pay to the
Lessee (x) the amount of such credit or refund, together with the amount of
any interest received by such Tax Indemnitee on account of such credit or
refund or (y) an amount equal to such reduction in Taxes, as the case may
be, provided that no such payment shall be made so long as an Event of
    --------
Default shall have occurred and be continuing (but shall be paid promptly
after all Events of Default have been cured) and, provided, further, that
                                                  --------  -------
the amount payable to the Lessee by any Tax Indemnitee pursuant to this
Section 7.4(d) shall not at any time exceed the aggregate amount of all
--------------
indemnity payments made by the Lessee under this Section 7.4 to such Tax
                                                 -----------
Indemnitee with respect to the Taxes which gave rise to the credit or refund
or with respect to the Tax which gave rise to the reduction in Taxes less
                                                                     ----
the amount of all prior payments made to the Lessee by such Tax Indemnitee
under this Section 7.4(d). Each Tax Indemnitee agrees to act in good faith
           --------------
to claim such refunds and other available Tax benefits, and take such other
actions as may be reasonable to minimize any payment due from the Lessee
pursuant to this Section 7.4. The disallowance or reduction of any credit,
                 -----------
refund or other tax savings with respect to which a Tax Indemnitee has made
a payment to the Lessee under this Section 7.4(d) shall be treated as a Tax
                                   --------------
for which the Lessee is obligated to indemnify such Tax Indemnitee hereunder
without regard to Section 7.4(b) hereof.
                  --------------

         (e)   Payments. Any Tax indemnifiable under this Section 7.4 shall
               --------                                   -----------
be paid by the Lessee directly when due to the applicable taxing authority
if direct payment is practicable and permitted. If direct payment to the
applicable taxing authority is not permitted or is otherwise not made, any
amount payable to a Tax Indemnitee pursuant to this Section 7.4 shall be
                                                    -----------
paid within thirty (30) days after receipt of a written demand therefor from
such Tax Indemnitee accompanied by a written statement describing in
reasonable detail the amount so

                                    -67-

<PAGE>
<PAGE>

payable, but not before the date that the relevant Taxes are due. Any
payments made pursuant to Section 7.4 shall be made to the Tax Indemnitee
                          -----------
entitled thereto or the Lessee, as the case may be, in immediately available
funds at such bank or to such account as specified by the payee in written
directions to the payor, or, if no such direction shall have been given, by
check of the payor payable to the order of the payee by certified mail,
postage prepaid at its address as set forth in this Master Agreement. Upon
the request of any Tax Indemnitee with respect to a Tax that the Lessee is
required to pay, the Lessee shall furnish to such Tax Indemnitee the
original or a certified copy of a receipt for the Lessee's payment of such
Tax or such other evidence of payment as is reasonably acceptable to such
Tax Indemnitee.

         (f)   Reports. If the Lessee knows of any report, return or
               -------
statement required to be filed with respect to any Taxes that are subject to
indemnification under this Section 7.4, the Lessee shall, if the Lessee is
                           -----------
permitted by Applicable Law, timely file such report, return or statement
(and, to the extent permitted by law, show ownership of the applicable
Leased Property in the Lessee); provided, however, that if the Lessee is not
                                --------
permitted by Applicable Law or does not have access to the information
required to file any such report, return or statement, the Lessee will
promptly so notify the appropriate Tax Indemnitee, in which case the Tax
Indemnitee will file such report. In any case in which the Tax Indemnitee
will file any such report, return or statement, the Lessee shall, upon
written request of such Tax Indemnitee, prepare such report, return or
statement for filing by such Tax Indemnitee or, if such Tax Indemnitee so
requests, provide such Tax Indemnitee with such information as is reasonably
available to the Lessee.

         (g)   Verification. At the Lessee's request, the amount of any
               ------------
indemnity payment by the Lessee or any payment by a Tax Indemnitee to the
Lessee pursuant to this Section 7.4 shall be verified and certified by an
                        -----------
independent public accounting firm selected by the Lessee and reasonably
acceptable to the Tax Indemnitee. Unless such verification shall disclose an
error in the Lessee's favor of five percent (5%) or more of the related
indemnity payment, the costs of such verification shall be borne by the
Lessee. In no event shall the Lessee have the right to review the Tax
Indemnitee's tax returns or receive any other confidential information from
the Tax Indemnitee in connection with such verification. The Tax Indemnitee
agrees to cooperate with the independent public accounting firm performing
the verification and to supply such firm with all information reasonably
necessary to permit it to accomplish such verification, provided that the
information provided to such firm by such Tax Indemnitee shall be for its
confidential use. The parties agree that the sole responsibility of the
independent public accounting firm shall be to verify the amount of a
payment pursuant to this Master Agreement and that matters of interpretation
of this Master Agreement are not within the scope of the independent
accounting firm's responsibilities.

    SECTION 7.5 Increased Costs, etc.
                ---------------------

                                    -68-

<PAGE>
<PAGE>

         (a)   Illegality. Notwithstanding any other provision herein, if
               ----------
any change in any Requirement of Law or in the interpretation or application
thereof shall make it unlawful for any Funding Party to make or maintain
LIBOR Advances as contemplated by this Master Agreement, (i) the commitment
of such Funding Party hereunder to continue LIBOR Advances as such and
convert Funded Amounts to LIBOR Advances shall forthwith be canceled and
(ii) such Funding Party's Funded Amounts then outstanding as LIBOR Advance,
if any, shall be converted automatically to Base Rate Advances on the
respective last days of the then current Rent Periods with respect to such
Funded Amounts or within such earlier period as required by law. If any such
conversion of a LIBOR Advance occurs on a day which is not the last day of
the then current Rent Period with respect thereto, the Lessee shall pay to
such Funding Party such amounts, if any, as may be required pursuant to
Section 7.5(f).
--------------

         (b)   Requirements of Law. In the event that Eurocurrency Reserve
               -------------------
Requirements or any change in any Requirement of Law or in the
interpretation or application thereof or compliance by any Funding Party
with any request or directive (whether or not having the force of law) from
any central bank or other Governmental Authority made subsequent to the date
hereof:

               (i)    shall subject any Funding Party to any tax of any kind
         whatsoever with respect to this Master Agreement, any Note or any
         LIBOR Advance made by it, or change the basis of taxation of
         payments to such Funding Party in respect thereof (except for taxes
         covered by Section 7.5(d) and changes in franchise taxes or the
                    --------------
         rate of tax on the overall net income of such Funding Party
         provided that such exceptions shall not apply to changes that would
         prevent any Funding Party from being entitled to a complete
         exemption from withholding taxes as described in Subsection 7.5(e));
                                                          -----------------

               (ii)   shall impose, modify or hold applicable any reserve,
         special deposit, compulsory loan or similar requirement against
         assets held by, deposits or other liabilities in or for the account
         of, advances, loans or other extensions of credit by, or any other
         acquisition of funds by, any office of such Funding Party which is
         not otherwise included in the determination of the LIBOR Rate; or

               (iii)  shall impose on such Funding Party any other
         condition;

and the result of any of the foregoing is to increase the cost to such
Funding Party, by an amount which such Funding Party deems to be material,
of making, converting into, continuing or maintaining LIBOR Advances or to
reduce any amount receivable hereunder in respect thereof then, in any such
case, the Lessee shall promptly pay such Funding Party, upon its demand, any
additional amounts necessary to compensate such Funding Party on an
After-Tax Basis for such increased cost or reduced amount receivable. If any
Funding Party becomes entitled to claim any

                                    -69-

<PAGE>
<PAGE>

additional amounts pursuant to this subsection, it shall promptly notify the
Lessee, through the Agent, of the event by reason of which it has become so
entitled. A certificate as to any additional amounts payable pursuant to
this subsection submitted by such Funding Party, through the Agent, to the
Lessee in good faith and setting forth in reasonable detail the calculation
of such amounts shall be conclusive in the absence of manifest error. This
covenant shall survive the termination of this Master Agreement and the
payment of the Notes and all other amounts payable under the Operative
Documents.

         (c)   Capital Adequacy. In the event that any Funding Party or
               ----------------
corporation controlling such Funding Party shall have determined that any
change in any Requirement of Law regarding capital adequacy or in the
interpretation or application thereof or compliance by such Funding Party or
such corporation with any request or directive regarding capital adequacy
(whether or not having the force of law) from any Governmental Authority
made subsequent to the date hereof does or shall have the effect of reducing
the rate of return on such Funding Party's capital as a consequence of its
obligations hereunder to a level below that which such Funding Party could
have achieved but for such change or compliance (taking into consideration
such Funding Party's policies with respect to capital adequacy) by an amount
deemed by such Funding Party to be material, then from time to time, after
submission by such Funding Party in good faith to the Lessee (with a copy to
the Agent) of a written request therefor setting forth in reasonable detail
the calculation of such amount (which request shall be conclusive in the
absence of manifest error), the Lessee shall pay to such Funding Party such
additional amount or amounts as will compensate such Funding Party for such
reduction. This covenant shall survive the termination of this Master
Agreement and the payment of the Notes and all other amounts payable under
the Operative Documents.

         (d)   Taxes. Subject to Section 7.5(e), all payments made by the
               -----             --------------
Lessee under the Lease and the other Operative Documents shall be made free
and clear of, and without deduction or withholding for or on account of, any
present or future income, stamp or other taxes, levies, imposts, duties,
charges, fees, deductions or withholdings, now or hereafter imposed, levied,
collected, withheld or assessed by any Governmental Authority, excluding, in
the case of the Agent and each Funding Party, net income taxes and franchise
taxes (imposed in lieu of net income taxes) imposed on the Agent or such
Funding Party, as the case may be, as a result of a present or former
connection between the jurisdiction of the government or taxing authority
imposing such tax and the Agent or such Funding Party (other than a
connection arising solely from the Agent or such Funding Party having
executed, delivered or performed its obligations or received a payment
under, or enforced, this Master Agreement or any other Operative Document),
provided that this exclusion shall not apply to the extent set forth in
Section 7.5(b) or to Taxes described in clause (B) of Subsection 7.4(b)(i)
(all such non-excluded taxes, levies, imposts, duties, charges, fees,
deductions and withholdings being hereinafter called "Withholding Taxes").
                                                      -----------------
If any Withholding Taxes are required to be withheld from any amounts

                                    -70-

<PAGE>
<PAGE>

payable to the Agent or any Funding Party hereunder or under any other
Operative Document, the amounts so payable to the Agent or such Funding
Party (so long as such Funding Party is in compliance with Section 7.5(e),
                                                           --------------
as appropriate) shall be increased to the extent necessary to yield to the
Agent or such Funding Party (after payment of all Withholding Taxes)
interest or any such other amounts payable hereunder at the rates or in the
amounts specified in the Operative Documents. Whenever any Withholding Taxes
are payable by the Lessee, as promptly as possible thereafter the Lessee
shall send to the Agent for its own account or for the account of such
Funding Party, as the case may be, a certified copy of an original official
receipt received by such Lessee showing payment thereof. If the Lessee fails
to pay any Withholding Taxes when due to the appropriate taxing authority or
fails to remit to the Agent the required receipts or other required
documentary evidence, each Lessee, jointly and severally, shall indemnify
the Agent and the Funding Parties for any incremental taxes, interest or
penalties that may become payable by the Agent or any Funding Party as a
result of any such failure. The agreements in this subsection shall survive
the termination of this Master Agreement and the payment of the Notes and
all other amounts payable under the Operative Documents.

         (e)   Tax Forms. If any Funding Party or assignee of a Funding
               ---------
Party is organized under the laws of any jurisdiction other than the United
States or any State thereof, then such Funding Party or assignee, as
applicable, shall (as a condition precedent to acquiring any interest in, to
or under the Leased Property or the Operative Documents from a Funding Party
and a continuing obligation of each such Funding Party) (i) furnish to
Lessee two valid, duly completed, original copies of Internal Revenue
Service Form W-8BEN or W-8ECI or successor applicable form, properly and
duly executed, certifying in each case that such party is entitled to
receive payments pursuant to the Operative Documents without deduction or
withholding of United States federal income tax and is a foreign person
thereby entitled to an exemption from United States backup withholding
taxes, and any such additional form (or any successor form or forms
required) upon the expiration or obsolescence of any previously delivered
form and (ii) comply from time to time with all applicable United States
laws and regulations with regard to such withholding tax exemptions. By its
acceptance of any interest in, to or under the Leased Property or the
Operative Documents from a Funding Party, each assignee shall be deemed
bound by the provisions set forth in this Subsection 7.5(e). Subject to
Subsection 7.5(b), no Funding Party or assignee that fails to comply with
the requirements of this Subsection 7.5(e) shall be entitled to the benefit
of any tax indemnity under Section 7.4.

         (f)   Indemnity. The Lessee agrees to indemnify each Funding Party
               ---------
and to hold each Funding Party harmless on an After-Tax Basis from any loss
or expense which such Funding Party may sustain or incur as a consequence of
(i) default by the Lessee in payment when due of the principal amount of or
interest on any LIBOR Advance, (ii) default by the Lessee in making a
borrowing or conversion into or continuation of LIBOR Advances after the
Lessee or the Construction Agent has given (or is deemed to have given) a
notice in accordance

                                    -71-

<PAGE>
<PAGE>

with this Master Agreement, (iii) default by the Lessee in making a
borrowing of, conversion into or continuation of LIBOR Advances after or the
Construction Agent or the Lessee has given a notice requesting the same in
accordance with the provisions of this Master Agreement, (iv) default by the
Lessee in making any prepayment of LIBOR Advances after the Lessee has given
a notice thereof in accordance with the provisions of the Operative
Documents or (v) the making of a prepayment, payment or conversion, of LIBOR
Advances on a day which is not the last day of a Rent Period with respect
thereto, including, without limitation, in each case, any such loss (other
than non-receipt of the Applicable Margin or, without duplication,
anticipated profits) or expense arising from the reemployment of funds
obtained by it or from fees payable to terminate the deposits from which
such funds were obtained (it being understood that any such calculation will
be made on notional amounts as the Funding Parties are not required to show
that they matched deposits specifically). A certificate as to any additional
amounts payable pursuant to this subsection submitted by such Funding Party,
through the Agent, to the Lessee in good faith shall be conclusive in the
absence of manifest error. This covenant shall survive the termination of
this Agreement and the payment of the Notes and all other amounts payable
under the Operative Documents.

         (g)   Action of Affected Funding Parties. Each Funding Party agrees
               ----------------------------------
to use reasonable efforts (including reasonable efforts to change the
booking office for its Loans) to avoid or minimize any illegality pursuant
to Section 7.5(a) or any amounts which might otherwise be payable pursuant
   --------------
to Section 7.5(c) or (d); provided, however, that such efforts shall not
   --------------    ---  --------
cause the imposition on such Funding Party of any additional costs or legal
or regulatory burdens deemed by such Funding Party to be material and shall
not be deemed by such Funding Party to be otherwise contrary to its
policies. In the event that such reasonable efforts are insufficient to
avoid all such illegality or all amounts that might be payable pursuant to
Section 7.5(c) or (d), then such Funding Party (the "Affected Funding
--------------    ---                                ----------------
Party") shall use its reasonable efforts to transfer to any other Funding
-----
Party (which itself is not then an Affected Funding Party) its Loans and
Commitment, subject to the provisions of Section 6.2; provided, however,
                                         -----------  --------
that such transfer shall not be deemed by such Affected Funding Party, in
its sole discretion, to be disadvantageous to it or contrary to its
policies. In the event that the Affected Funding Party is unable, or
otherwise is unwilling, so to transfer its Loans and Commitment, the Lessee
may designate an alternate lender (reasonably acceptable to the Agent) to
purchase the Affected Funding Party's Loans and Commitment, at par and
including accrued interest, and, subject to the provisions of Section 6.2,
                                                              -----------
the Affected Funding Party shall transfer its Commitment to such alternate
lender and such alternate lender shall become a Funding Party hereunder. Any
fee payable to the Agent pursuant to Section 6.2 in connection with such
                                     -----------
transfer shall be for the account of the Lessee.

    SECTION 7.6 End of Term Indemnity. In the event that at the end of the
                ---------------------
Lease Term for the Leased Property: (i) the Lessee elects the option set
forth in Section 14.6 of the Lease, and
         ------------

                                    -72-

<PAGE>
<PAGE>

(ii) after the Lessor receives the sales proceeds from the Leased Property
under Section 14.6 or 14.7 of the Lease, together with the Lessee's payment
      ------------    ----
of the Recourse Deficiency Amount, the Lessor shall not have received the
entire Lease Balance, then, within 90 days after the end of the Lease Term,
the Lessor or the Agent may obtain, at the Lessee's sole cost and expense, a
report from the Appraiser (or, if the Appraiser is not available, another
appraiser reasonably satisfactory to the Lessor or the Agent, as the case
may be, and approved by the Lessee, such approval not to be unreasonably
withheld) in form and substance satisfactory to the Lessor and the Agent
(the "Report") to establish the reason for any decline in value of the
      ------
Leased Property from the Lease Balance. The Lessee shall promptly reimburse
the Lessor for the amount equal to such decline in value to the extent that
the Report indicates that such decline was due to:

         (w)   extraordinary use, failure to maintain, to repair, to
    restore, to rebuild or to replace, failure to comply with all Applicable
    Laws, failure to use, workmanship, method of installation or removal or
    maintenance, repair, rebuilding or replacement, or any other cause or
    condition within the power of the Lessee to control or effect resulting
    in the Building failing to be of the type and quality contemplated by
    the Appraisal (excepting in each case ordinary wear and tear), or

         (x)   any Alteration made to, or any rebuilding of, the Leased
    Property or any part thereof by the Lessee, or

         (y)   any restoration or rebuilding carried out by the Lessee or
    any condemnation of any portion of the Leased Property pursuant to
    Article X of the Lease, or

         (z)   any use of the Leased Property or any part thereof by the
    Lessee other than as permitted by the Lease, or any act or omission
    constituting a breach of any requirement, condition, restriction or
    limitation set forth in the Deed or the Purchase Agreement.

                                ARTICLE VIII
                                MISCELLANEOUS

    SECTION 8.1 Survival of Agreements. The representations, warranties,
                ----------------------
covenants, indemnities and agreements of the parties provided for in the
Operative Documents, and the parties' obligations under any and all thereof,
shall survive the execution and delivery of this Master Agreement and any of
the Operative Documents, the transfer of the leasehold interest in the Land
to the Lessor as provided herein (and shall not be merged into the Ground
Lease), any disposition of any interest of the Lessor in the Leased
Property, the purchase and sale of the Notes, payment therefor and any
disposition thereof and shall be and continue in effect notwithstanding any
investigation made by any party hereto or to any of the other Operative
Documents and the fact that any such party may waive compliance with any of
the other terms,

                                    -73-

<PAGE>
<PAGE>

provisions or conditions of any of the Operative Documents. Except as
expressly set forth in the Operative Documents, including, without
limitation, as set forth in Article VII hereof and in Section 17.17 of the
                            -----------
Lease, the representations, warranties, covenants and agreements of the
parties provided for in the Operative Documents shall terminate upon the
termination or expiration of the Operative Documents.

    SECTION 8.2 Notices. Unless otherwise specified herein, all notices,
                -------
requests, demands or other communications to or upon the respective parties
hereto shall be addressed to such parties at the addresses therefor as set
forth in Schedule 8.2, or such other address as any such party shall specify
         ------------
to the other parties hereto, and shall be deemed to have been given (i) the
Business Day after being sent, if sent by overnight courier service; (ii)
the Business Day received, if sent by messenger; (iii) the day sent, if sent
by facsimile and confirmed electronically or otherwise during business hours
of a Business Day (or on the next Business Day if otherwise sent by
facsimile and confirmed electronically or otherwise); or (iv) three Business
Days after being sent, if sent by registered or certified mail, postage
prepaid.

    SECTION 8.3 Counterparts. This Master Agreement may be executed by the
                ------------
parties hereto in separate counterparts (including by facsimile), each of
which when so executed and delivered shall be an original, but all such
counterparts shall together constitute but one and the same instrument.

    SECTION 8.4 Amendments. No Operative Document nor any of the terms
                ----------
thereof may be terminated, amended, supplemented, waived or modified with
respect to any Lessee or any Funding Party, except (a) in the case of a
termination, amendment, supplement, waiver or modification to be binding on
the Lessee, with the written agreement or consent of the Lessee, and (b) in
the case of a termination, amendment, supplement, waiver or modification to
be binding on the Funding Parties, with the written agreement or consent of
the Required Funding Parties; provided, however, that Sections 8.8 and 8.13
                              --------
may not be terminated, amended, supplemented, waived or modified without the
prior written agreement or consent of SunTrust Equitable Securities
Corporation, and provided, further, that
                 --------  -------

         (x)   notwithstanding the foregoing provisions of this Section 8.4
                                                                -----------
    or clause (y) below, the consent of each Funding Party affected thereby
       ----------
    shall be required for any amendment, modification or waiver directly:

               (i)    modifying any of the provisions of this Section 8.4,
                                                              -----------
         changing the definition of "Required Funding Parties" or "Required
                                     ------------------------      --------
         Lenders", or increasing the Commitment of such Funding Party;
         -------

               (ii)   amending, modifying, waiving or supplementing any of
         the provisions of Section III of the Loan Agreement or the
                           -----------
         representations of

                                    -74-

<PAGE>
<PAGE>

         such Funding Party in Section 4.3 or 4.4 or the covenants of such
                               -----------    ---
         Funding Party in Article VI of this Master Agreement;
                          ----------

               (iii)  reducing any amount payable to such Funding Party
         under the Operative Documents or extending the time for payment of
         any such amount, including, without limitation, any Rent, any
         Funded Amount, any fees, any indemnity, the Lease Balance, any
         Funding Party Balance, the Recourse Deficiency Amount, interest or
         Yield; or

               (iv)   consenting to any assignment of the Lease or the
         extension of the Lease Term, releasing any of the collateral
         assigned to the Agent and the Lenders pursuant to any Mortgage and
         any Assignment of Lease and Rents (but excluding a release of any
         rights that the Lenders may have in the Leased Property, or the
         proceeds thereof as contemplated in the definition of "Release
         Date"), releasing the Lessee from its obligations in respect of the
         payments of Rent and the Lease Balance, releasing any Lessee from
         its obligations under the Operative Documents or changing the
         absolute and unconditional character of any such obligation; and

         (y)   no such termination, amendment, supplement, waiver or
    modification shall, without the written agreement or consent of the
    Lessor, the Agent and the Required Lenders, be made to the Lease or the
    Security Agreement and Assignment; and

         (z)   subject to the foregoing clauses (x) and (y), so long as no
                                        -----------     ---
    Event of Default has occurred and is continuing, the Lessor, the Agent
    and the Lenders may not amend, supplement, waive or modify any terms of
    the Loan Agreement, the Notes, the Mortgages and the Assignments of
    Lease and Rents without the consent of the Lessee (such consent not to
    be unreasonably withheld or delayed); provided that in no event may any
                                          --------
    Operative Document be amended so as to increase the obligations of any
    Lessee, or deprive any Lessee of any rights thereunder, without the
    written consent of the Lessee.

    SECTION 8.5 Headings, etc. The Table of Contents and headings of the
                --------------
various Articles and Sections of this Master Agreement are for convenience
of reference only and shall not modify, define, expand or limit any of the
terms or provisions hereof.

    SECTION 8.6 Parties in Interest. Except as expressly provided herein,
                -------------------
none of the provisions of this Master Agreement is intended for the benefit
of any Person except the parties hereto and their respective successors and
permitted assigns.

                                    -75-

<PAGE>
<PAGE>

    SECTION 8.7 GOVERNING LAW. THIS MASTER AGREEMENT HAS BEEN DELIVERED IN,
                -------------
AND SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE.

    SECTION 8.8 Expenses. Whether or not the transactions herein
                --------
contemplated are consummated, the Lessee agrees to pay, as Supplemental
Rent, all actual, reasonable and documented out-of-pocket costs and expenses
of the Lessor, the Agent, the Lenders and SunTrust Equitable Securities
Corporation in connection with the preparation, execution and delivery of
the Operative Documents and the documents and instruments referred to
therein and any amendment, waiver or consent relating thereto (including,
without limitation, the reasonable fees and disbursements of McGuireWoods
LLP, but not including any fees and disbursements for any other outside
counsel representing any Lender) and of the Lessor, the Agent, the Lenders
and SunTrust Equitable Securities Corporation in connection with endeavoring
to enforce the Operative Documents and the documents and instruments
referred to therein (including, without limitation, the reasonable fees
actually incurred and disbursements of counsel for the Lessor, the Agent and
the Lenders). All references in the Operative Documents to "attorneys' fees"
or "reasonable attorneys fees" shall mean reasonable attorneys' fees
actually incurred, without regard to any statutory definition thereof.

    SECTION 8.9 Severability. Any provision of this Master Agreement that is
                ------------
prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

    SECTION 8.10 Liabilities of the Funding Parties. No Funding Party shall
                 ----------------------------------
have any obligation to any other Funding Party or to Lessee with respect to
the transactions contemplated by the Operative Documents except those
obligations of such Funding Party expressly set forth in the Operative
Documents or except as set forth in the instruments delivered in connection
therewith, and no Funding Party shall be liable for performance by any other
party hereto of such other party's obligations under the Operative Documents
except as otherwise so set forth. No Lender shall have any obligation or
duty to the Lessee, any other Funding Parties or any other Person with
respect to the transactions contemplated hereby except to the extent of the
obligations and duties expressly set forth in this Master Agreement or the
Loan Agreement.

    SECTION 8.11 Submission to Jurisdiction; Waivers. Each party hereto
                 -----------------------------------
hereby irrevocably and unconditionally:

                                    -76-

<PAGE>
<PAGE>

         (a)   submits for itself and its property in any legal action or
proceeding relating to this Master Agreement or any other Operative
Document, or for recognition and enforcement of any judgment in respect
thereof, to the non-exclusive general jurisdiction of the Courts of the
State of Georgia sitting in Fulton County, the courts of the United States
of America for the Northern District of Georgia, and appellate courts from
any thereof;

         (b)   consents that any such action or proceedings may be brought
to such courts, and waives any objection that it may now or hereafter have
to the venue of any such action or proceeding in any court or that such
action or proceeding was brought in an inconvenient court and agrees not to
plead or claim the same;

         (c)   agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid,
to such party at its address set forth in Schedule 8.2 or at such other
                                          ------------
address of which the other parties hereto shall have been notified pursuant
to Section 8.2; and
   -----------

         (d)   agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law.

    SECTION 8.12 Liabilities of the Agent. The Agent shall have no duty,
                 ------------------------
liability or obligation to any party to this Master Agreement with respect
to the transactions contemplated hereby except those duties, liabilities or
obligations expressly set forth in this Master Agreement or the Loan
Agreement, and any such duty, liability or obligations of the Agent shall be
as expressly limited by this Master Agreement or the Loan Agreement, as the
case may be. All parties to this Master Agreement acknowledge that the Agent
is not, and will not be, performing any due diligence with respect to
documents and information received pursuant to this Master Agreement or any
other Operative Agreement including, without limitation, any Environmental
Audit, Title Policy or survey. The acceptance by the Agent of any such
document or information shall not constitute a waiver by any Funding Party
of any representation or warranty of any Lessee even if such document or
information indicates that any such representation or warranty is untrue.

    SECTION 8.13 Role of SunTrust Equitable Securities Corporation. Each
                 -------------------------------------------------
party hereto acknowledges hereby that it is aware of the fact that SunTrust
Equitable Securities Corporation ("SESC") is acting as an "arranger" with
respect to the transactions contemplated by the Operative Documents and
acknowledge and agree that neither SESC nor any of its Affiliates (including
SunTrust Bank) has made any representations or warranties concerning, and
that they have not relied on SESC as to, the tax, accounting or legal
characterization or validity of the Operative Documents or any aspect of the
transactions contemplated thereby. The parties acknowledge and agree that
SESC has no duties, express or implied, under the Operative

                                    -77-

<PAGE>
<PAGE>

Documents in its capacity as "arranger". The parties further agree that
Section 2.4, 8.4, 8.8, 8.10 and this Section 8.13 are for the express
benefit of SESC, and SESC shall be entitled to rely thereon as if it were a
party hereto.

                                    -78-

<PAGE>
<PAGE>

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

                                 EDWARD D. JONES & CO., L.P., as Lessee,
                                 Construction Agent and Guarantor

                                 By:  EDJ Holding Company, Inc., its General
                                      Partner

                                       By:
                                          ----------------------------------
                                       Name Printed:
                                                    ------------------------
                                       Title:
                                             -------------------------------

                                    S-1
                                                            MASTER AGREEMENT

<PAGE>
<PAGE>

                                 ATLANTIC FINANCIAL GROUP, LTD.
                                 (registered to do business in Arizona as AFG
                                 Equity, Limited Partnership), as Lessor

                                 By: Atlantic Financial Managers, Inc., its
                                     General Partner

                                       By:
                                          -----------------------------------
                                       Name Printed:
                                                    -------------------------
                                       Title:
                                             --------------------------------

                                    S-2
                                                            MASTER AGREEMENT

<PAGE>
<PAGE>

                                 SUNTRUST BANK, as Agent

                                 By:
                                    ----------------------------------------
                                 Name Printed:
                                              ------------------------------
                                 Title:
                                       -------------------------------------

                                    S-3
                                                            MASTER AGREEMENT

<PAGE>
<PAGE>

                                 SUNTRUST BANK, as Lender

                                 By:
                                    ----------------------------------------
                                 Name Printed:
                                              ------------------------------
                                 Title:
                                       -------------------------------------

                                    S-4
                                                            MASTER AGREEMENT

<PAGE>
<PAGE>

                                 BANK OF NEW YORK, as Lender

                                 By:
                                    ----------------------------------------
                                 Name Printed:
                                              ------------------------------
                                 Title:
                                       -------------------------------------

                                    S-5
                                                            MASTER AGREEMENT

<PAGE>
<PAGE>

                                 FIRSTAR BANK, N.A., as Lender

                                 By:
                                    ----------------------------------------
                                 Name Printed:
                                              ------------------------------
                                 Title:
                                       -------------------------------------

                                    S-6
                                                            MASTER AGREEMENT

<PAGE>
<PAGE>

    The Jones Financial Companies, L.L.L.P. ("JFC") joins in the foregoing
Master Agreement for the purpose of acknowledging the terms, conditions and
provisions thereof and hereby covenants and agrees to observe, perform and
comply with all of the obligations of JFC thereunder.

                                 THE JONES FINANCIAL COMPANIES, L.L.L.P.

                                 By:
                                    ----------------------------------------
                                 Name Printed:
                                              ------------------------------
                                 Title:
                                       -------------------------------------

                                    S-7
                                                            MASTER AGREEMENT

<PAGE>
<PAGE>

<TABLE>
                                SCHEDULE 2.2
                  Amount of Each Funding Party's Commitment

<S>                                                          <C>
Lessor Commitment Percentage:                                3.5%

Lessor Commitment                                            $1,085,000.00

Lender Commitment Percentages:
     SunTrust Bank                                           28.76%

Firstar Bank, N.A.                                           41.94%

Bank of New York                                             25.81%

Lender Commitments:                                          $29,915,000.00

     SunTrust Bank                                           $8,915,000.00

     Firstar Bank, N.A.                                      $13,000,000.00

     Bank of New York                                        $8,000,000.00
</TABLE>

<PAGE>
<PAGE>

                             SCHEDULE 4.1(a)(i)
                           Indebtedness of Lessee

BANK LOANS:

The Lessee borrows from banks on a short-term basis primarily to finance
customer margin balances and inventory securities. As of June 30, 2000, the
Lessee had bank lines of credit aggregating $1,045,000 of which $995,000 was
through uncommitted facilities. Actual borrowing availability is primarily
based on the value of securities owned and customers' margin securities. At
June 30, 2000, collateral, with a market value of $1,654,237, was available
to support secured bank loans. Bank loans outstanding approximate their fair
value.

LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS:

    Liabilities subordinated to the claims of general creditors consist of:

<TABLE>
<CAPTION>
                                                                  June 30, 2000
                                                                  -------------
<S>                                                                 <C>
    Capital notes, 8.18%, due in annual installments of $10,500
        commencing on September 1, 2000, with a final
        installment on September 1, 2008.                            $ 94,500

    Capital notes, 7.95%, due in annual installments of $10,225
        with a final installment of $10,200 on April 15, 2006.         61,325

    Capital notes, 8.96%, due in annual installments of $6,000
        with a final installment on May 1, 2002.                       12,000

    Capital notes, with rates ranging from 7.51% to 7.79% due
        in annual installments commencing on August 15, 2005
        with a final installment on August 15, 2011.                   75,000

                                                                     --------

                                                                     $242,825
                                                                     ========
</TABLE>

<PAGE>
<PAGE>

          Required annual principal payments, as of June 30, 2000, are as
follows:

<TABLE>
<CAPTION>
                  Year Ending                                  Principal
              Last Friday of June                               Payment
              -------------------                               -------
<S>                                                            <C>
                      2001                                     $ 26,725
                      2002                                       26,725
                      2003                                       20,725
                      2004                                       20,725
                      2005                                       20,725
                   Thereafter                                   127,200
                                                               --------

                                                               $242,825
                                                               ========
</TABLE>

<PAGE>
<PAGE>

                             SCHEDULE 4.1(a)(ii)
                                Subsidiaries

                              [TO BE ATTACHED]

<PAGE>
<PAGE>

                             SCHEDULE 4.1(d)(v)
                     Pending Investigations or Inquiries

    Securities and Exchange Commission Administrative Proceeding, In the
    --------------------------------------------------------------------
Matter of Edward D. Jones & Co., Donald E. Walter, Steven T. Roberts, Ronald
----------------------------------------------------------------------------
L. Gorgen and Charles R. Larimore, File No. 3-9181, filed in 11/1996.
---------------------------------
Allegations of violation of Section 22 of the Investment Company Act of 1940
for improperly permitting the charge of commissions on repurchases of
certain unit investment trusts. Without admitting or denying the findings in
the Commission's Order, Mr. Walter, on March 12, 1997, executed an offer of
settlement with an agreement to cease and desist from future violations of
Rule 22 c-1. Without admitting or denying the findings in the Commission's
Order, the Applicant, on April 1, 1997, executed an offer of settlement with
an agreement to cease and desist from future violations of Rule 22 c-1,
received a censure, and agreed to the payment of a $50,000 civil penalty. On
April 15, 1998, the SEC's request for an order against Steven Roberts,
Ronald Gorgen and Charles Larimore was denied in favor of these Respondents.

    On June 21, 1995, New York Stock Exchange Division of Enforcement
brought a case against Edward D. Jones & Co. entitled New York Stock
                                                      --------------
Exchange Division of Enforcement vs. Edward D. Jones & Co., Cause No:
----------------------------------------------------------
95-171. The NYSE alleged failure to reasonably supervise former
representative Michael Leamnson in connection with unauthorized trades
resulting in violations of Rule 342 and Rule 405. On January 23, 1996, New
York Stock Exchange Hearing Panel unanimously found in favor of Edward D.
Jones & Co. on all counts and dismissed charges. The Division of Enforcement
filed an appeal. On September 10, 1996, the Committee for Review affirmed
the decision of the New York Stock Exchange Hearing panel.

    National Association of Securities Dealers, Inc. vs. Edward Jones and
    ---------------------------------------------------------------------
Thomas William Jack, Case No. E07980030 TC, filed in 01/2000. Preliminary
-------------------
Determination was filed to recommend that disciplinary action be brought
against Edward Jones and Thomas William Jack. Allegations of inadequate
written supervisory procedures pertaining to the review and monitoring of a
customer's account activity in violation of NASD Conduct Rule 3010 thereby
preventing unsuitable recommendations and bond trading on margin. Without
admitting to or denying the allegations, Edward Jones agreed to pay $5,000.
Thomas Jack was dismissed from the proceedings.

    New York Stock Exchange, Inc. vs. Edward Jones, Case No. not given,
    ----------------------------------------------
filed in 02/2000. Allegations of failure to reasonably supervise, conduct
inconsistent with just and equitable principals of trades in distribution of
callable CDs, and violation of NYSE Rule 472.40 relating to inaccurate
capacity disclosures in research reports. Still pending.

<PAGE>
<PAGE>

                               SCHEDULE 4.1(m)
                            Environmental Matters

None, except as otherwise set forth in that certain Phase One Environmental
Site Assessment and Limited Phase Two Assessment report prepared by Liesch
Companies dated March 31, 2000.

<PAGE>
<PAGE>

                             SCHEDULE 4.1(u)(i)
                                   Leases

                                [TO BE ADDED]

<PAGE>
<PAGE>

                             SCHEDULE 5.2(a)(i)
                          Existing Permitted Liens

                              [TO BE ATTACHED]

<PAGE>
<PAGE>

                            SCHEDULE 5.2(a)(xiv)
                           Existing Options, Etc.

JFC and Subsidiaries has the right to purchase the building at 1245 Kelley
Memorial Drive, St. Louis, MO 63131, in the 20th year of the lease, or if
the building is offered for sale during the lease term which commenced
January 1, 2002. Additionally, JFC and Subsidiaries has the option to
purchase the adjacent buildings at 12444 Powerscourt Drive and 12412
Powerscourt Drive if and when the space is offered.

JFC and Subsidiaries has the right to purchase the building at 700 Maryville
Centre, St. Louis, MO 63141, between the 25th month and 31st month of the
lease which commenced March 1, 2000.

<PAGE>
<PAGE>

                               SCHEDULE 5.2(d)
                           Contingent Obligations

CONTINGENCIES:

Lessee's guarantee of Edward Jones Limited (UK) GBP 1,000,000 credit
facility with the Royal Bank of Scotland.

Lessee's guarantee of Edward Jones Limited (UK) $500,000 USD foreign
exchange line with Wells Fargo Bank, N.A., currently under negotiation.

Various legal actions are pending against the Lessee with certain cases
claiming substantial damages. These actions are in various stages and the
results of such actions cannot be predicted with certainty. In the opinion
of management, after consultation with legal counsel, the ultimate
resolution of these actions is not expected to have a material adverse
impact on the Lessee's results of operations or financial condition.

<PAGE>
<PAGE>

                                SCHEDULE 8.2
                            Addresses for Notices

Lessee:                               Edward D. Jones & Co., L.P.
                                      12555 Manchester Road
                                      St. Louis, Missouri  63131-3729
                                      Attn:  Kenneth E. Schutte

Lessor:                               Atlantic Financial Group, Ltd.
                                      2305 Cedar Springs Road
                                      Suite 415
                                      Dallas, Texas 75201
                                      Attn:  Stephen S. Brookshire

Agent for Lender:                     SunTrust Bank
                                      303 Peachtree Street, 3rd Floor
                                      Mail Code 1928
                                      Atlanta, Georgia 30308
                                      Attn: Linda L. Dash

JFC:                                  The Jones Financial Companies, L.L.L.P.
                                      12555 Manchester Road
                                      St. Louis, Missouri  63131-3729
                                      Attn:  Lawrence R. Sobol

<PAGE>
<PAGE>

                                                                   EXHIBIT A
                                                         TO MASTER AGREEMENT

                           FORM OF FUNDING REQUEST

TO: The Lessor, the Agent and each Lender (as defined in the Master Agreement
    referred to below)

    Reference is hereby made to the Master Agreement dated as of November   ,
                                                                          --
2000 (as heretofore amended, the "Master Agreement") among Edward D.
                                  -----------------
Jones & Co., L.P., as Lessee, Guarantor and Construction Agent, Atlantic
Financial Group, Ltd., as Lessor, SunTrust Bank and certain financial
institutions parties thereto, as Lenders, and SunTrust Bank, as Agent, and
joined in by The Jones Financial Companies, L.L.L.P. Capitalized terms not
otherwise defined are used herein as defined in the Master Agreement.

    The undersigned, as Construction Agent, hereby notifies you that it
requests a Funding in the amount of $                on [INSERT REQUESTED
                                     ---------------
FUNDING DATE] in respect of the Leased Property [owing in respect of the
Land, if applicable, and development, hard and/or soft transaction and
closing costs in respect of the Leased Property or in respect of the
purchase of personal property to be used in connection with the Leased
Property (collectively, "Project Costs")] [amounts that are due or will
                         -------------
become due within 30 days from the date hereof to third parties in respect
of the Construction, or amounts paid by the Construction Agent to third
parties in respect of the Construction for which the Construction Agent has
not been previously reimbursed]. The undersigned, as Construction Agent,
requests that the Funding be [a LIBOR Advance with a Rent Period of
                                                                    ----
months] [a Base Rate Advance] [allocated as follows: $            to a LIBOR
                                                      -----------
Advance with a Rent Period of     months and $                to a Base Rate
                              ---             ---------------
Advance].

    In connection with such requested Funding, the undersigned, hereby
represents and warrants to you as follows:

    1.   on the requested Funding Date the representations and warranties of
         the Lessee contained in Section 4.1 of the Master Agreement shall
         be true and correct in all material respects on and as of such
         Funding Date as though made on and as of such Funding Date, except
         to the extent such representations or warranties relate solely to
         an earlier date, in which case such representations and warranties
         shall have been true and correct in all material respects on and as
         of such earlier date;

    2.   there shall not have occurred any Event of Default or Potential
         Event of Default;

    3.   the amount of the requested Funding represents costs of
         Construction and transaction permitted to be funded pursuant to the
         Operative Documents as more particularly described as set forth on
         Schedule 1 attached hereto and made a part hereof;
         ----------

                                    A-1

<PAGE>
<PAGE>

    4.   the amount expended by the Construction Agent to date for the
         construction of the Building does not exceed the amount budgeted to
         be expended for the percentage of construction completed to date
         and, in the good faith judgment of the undersigned, the
         construction of the Building will be completed within the
         Construction Budget;

    5.   there has not occurred may event that could reasonably be expected
         to have a Material Adverse Effect since             , 2000;
                                                 ------------

    6.   no Event of Default, Potential Event of Default, Event of Loss, or
         Event of Taking has occurred, and no action is pending or, to the
         knowledge of the undersigned, threatened by a Governmental
         Authority to initiate a Condemnation or an Event of Taking with
         respect to the Leased Property; and

    7.   all of the conditions precedent to such Funding set forth in
         Article III of the Master Agreement have been satisfied, or will be
         -----------
         satisfied or waived on or prior to the requested Funding Date.

    Please wire transfer the proceeds of the Funding to                  .
                                                        -----------------

    The undersigned has caused this Funding Request to be executed and
delivered by its duly authorized officer this         day of               ,
                                              -------        --------------
2000 [TO BE DELIVERED NOT LATER THAN 12:00 NOON, THREE (3) BUSINESS DAYS
PRIOR TO THE REQUESTED FUNDING DATE].

                                    EDWARD D. JONES & CO., L.P.

                                    By: EDJ Holding Company, Inc., its sole
                                        general partner

                                        By:
                                           ---------------------------------
                                        Name:
                                             -------------------------------
                                        Title:
                                                 ---------------------------

                                    A-2

<PAGE>
<PAGE>

                                 SCHEDULE 1
                             TO FUNDING REQUEST

                            Description of Costs
                            --------------------

<PAGE>
<PAGE>

                                                                   EXHIBIT B
                                                         TO MASTER AGREEMENT

                    FORM OF ASSIGNMENT OF LEASE AND RENTS

This instrument was prepared by
and upon recordation should be
returned to:

McGuireWoods LLP
One James Center
Richmond, Virginia 23219
Attention: Edmund S. Pittman, Esq.

============================================================================

                             ASSIGNMENT OF LEASE
                                  AND RENTS

                        Dated as of November 30, 2000

                                   between

                       ATLANTIC FINANCIAL GROUP, LTD.
 (registered to do business in Arizona as AFG Equity, Limited Partnership),
                           as Lessor and Assignor

                                     and

                               SUNTRUST BANK,
                            as Agent and Assignee

                               Tempe, Arizona

============================================================================

<PAGE>
<PAGE>

<TABLE>
                              TABLE OF CONTENTS

<CAPTION>
                                                                           Page
                                                                           ----
<S>                                                                          <C>
Section 1     Collateral Assignment of Lease and Guaranty Agreement..........2
Section 2     Assignment as Collateral Security..............................3
Section 3     Payments Under Lease...........................................3
Section 4     Power of Attorney in Respect of Lease..........................4
Section 5     Assignee Designated Recipient..................................4
Section 6     Allocation Pursuant to Loan Agreement..........................4
Section 7     Irrevocability; Supplemental Instruments.......................5
Section 8     Amendments or Termination of Lease.............................5
Section 9     Lessee's Consent and Agreement.................................5
Section 10    Remedies Cumulative............................................5
Section 11    Miscellaneous..................................................5

Consents and Agreement of Lessee

EXHIBITS
--------

EXHIBIT A   -   Description of Land
</TABLE>

<PAGE>
<PAGE>

    THIS ASSIGNMENT OF LEASE AND RENTS dated as of November 30, 2000 (as the
same may be amended, supplemented or otherwise modified from time to time,
this "Assignment Agreement"), is between ATLANTIC FINANCIAL GROUP, LTD., a
      ---------- ---------
Texas limited partnership (registered to do business in Arizona as AFG
Equity, Limited Partnership), as Lessor and Assignor (the "Lessor"), having
                                                           ------
an office at 2305 Cedar Springs Road, Suite 415, Dallas, Texas 75201 and
SUNTRUST BANK, a Georgia banking corporation, as Agent for the benefit of
the hereinafter described Lenders (the "Assignee"), having an office at 303
                                        --------
Peachtree Street, 3rd Floor, Atlanta, Georgia 30308.

    Capitalized terms not otherwise defined in this Assignment Agreement
shall have the respective meanings assigned thereto in the Appendix A to the
                                                           ----------
Master Agreement (as amended, supplemented or otherwise modified from time
to time, the "Master Agreement"), dated as of the date hereof among Edward
              ------ ---------
D. Jones & Co., L.P., a Missouri limited partnership, as Lessee,
Construction Agent and Guarantor (the "Lessee"), the Lessor, the Assignee,
                                       ------
as Agent, and the Lenders parties thereto (the "Lenders"), and the rules of
                                                -------
interpretation set forth in Appendix A shall apply to this Assignment
                            ----------
Agreement. Copies of the Master Agreement, the Lease (as defined below) and
the other Operative Documents (as defined in the Master Agreement) are on
file at the office of the Agent.

                                  RECITALS:

    Pursuant to a Master Lease Agreement, dated as of the date hereof,
between the Lessor and the Lessee (as restated, amended, supplemented or
otherwise modified from time to time, the "Lease"), the Lessor has leased to
                                           -----
the Lessee (a) the land described on Exhibit A attached hereto and
                                     ---------
incorporated herein, together with the following appurtenant rights (the
"Appurtenant Rights"): (i) all agreements, easements, rights of way or use,
 ----------- ------
rights of ingress or egress, privileges, appurtenances, tenements,
hereditaments, reversions, remainders, water rights and other rights and
benefits at any time belonging or pertaining to the land or the improvements
thereon, including, without limitation, the use of any streets, ways,
alleys, vaults or strips of land adjoining, abutting, adjacent or contiguous
to the land and (ii) all permits, licenses and rights, whether or not of
record, appurtenant to the land (such land and Appurtenant Rights being
referred to as the "Land") and (b) the buildings, structures and
                    ----
improvements located or to be located on the Land, along with all fixtures
used or useful in connection with the operation thereof or of the Land,
including, without limitation, all furnaces, boilers, compressors,
elevators, fittings, pipings, connectives, conduits, ducts, partitions,
equipment and apparatus of every kind and description now or hereafter
affixed or attached to the building and all Alterations (including all
restorations, repairs, replacements and rebuilding of such buildings,
improvements and structures) thereto (the "Building"), and all Equipment
(the Land, the Building and the Equipment being referred to hereinafter as
the "Leased Property").
     ---------------

    The Lessor has entered into the Master Agreement with the Assignee, the
Lessee, the Lenders and the Assignee providing, among other things, for the
commitment of the Lenders to assist in financing or refinancing, as
applicable, the Lessor's acquisition of the Land and the construction of the
Building thereon, and the acquisition and installation of the Equipment, by
making Loans to be evidenced by the respective Notes. Such Loans as
evidenced by the Notes

<PAGE>
<PAGE>

bear interest on the unpaid principal amount thereof from time to time
outstanding at the interest rate per annum determined as provided in and
                                 --- -----
payable as specified in the Loan Agreement.

    NOW, THEREFORE, the Lessor hereby agrees for the benefit of Assignee as
follows:

    Section 1. Collateral Assignment of Lease and Guaranty Agreement. The
               -----------------------------------------------------
Lessor, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency whereof is hereby acknowledged,
and as security for the payment of the principal of, and all interest and
all other sums payable on, the Notes and all other sums payable by the
Lessor to the Assignee under the Loan Agreement or under any of the other
Operative Documents and the performance and observance by the Lessor for the
benefit of the Assignee, as Agent for the Lenders, of the provisions of each
thereof, whether contained therein or incorporated therein by reference, has
assigned, transferred, conveyed and set over, and by these presents does
assign, transfer, convey and set over, to the Assignee, for the benefit of
the Lenders, all of the Lessor's interest in, to and under the Lease and the
Guaranty and all of the Lessor's estate, right, title, interest, claim and
demand as the Lessor under the Lease and the Guaranty, and all existing or
future restatements, amendments, supplements or modifications of the Lease
and Guaranty and any other lease, sublease or other occupancy agreement or
arrangement with respect to the Leased Property;

    TOGETHER WITH all rights, powers, privileges, options and other benefits
of the Lessor under the Lease, including, without limitation (a) the right
                               ---------
to receive and collect all Rent, income, revenues, issues, profits, Loss
Proceeds, Awards, bankruptcy claims, liquidated damages, purchase price
proceeds (pursuant to Article XIV of the Lease or otherwise), the Recourse
                      -----------
Deficiency Amount and other payments, tenders and security payable to or
receivable by the Lessor under the Lease, to be applied in accordance with
Section III of the Loan Agreement; (b) the right, subject to the provisions
-----------
of Section 8.4 of the Master Agreement, to give and withhold all waivers,
   -----------
consents, modifications, amendments and agreements under or with respect to
the Lease; (c) the right to give and receive copies of all notices and other
instruments or communications under or pursuant to the Lease; (d) the right
to take such action upon the occurrence and during the continuance of an
Event of Default as shall be permitted by the Lease or any of the other
Operative Documents or by Applicable Law; and (e) the right to do any and
all other things whatsoever which the Lessor or any lessor under the Lease,
as the case may be, is or may be entitled to do thereunder;

    TOGETHER WITH the right and power to execute and deliver as agent and
attorney-in-fact of the Lessor under the Lease an appropriate deed, bill of
sale or other instruments of transfer necessary or appropriate for the
conveyance and transfer to the Lessee of the Leased Property pursuant to
Articles XIV or XV of the Lease, and all interests of the Lessor therein and
------------    --
to perform in the name and for and on behalf of the Lessor, as such agent
and attorney-in-fact, any and all other necessary or appropriate acts with
respect to any such purchase, conveyance and transfer;

    TOGETHER WITH the right to inspect the Leased Property and all records
relating thereto and to enforce performance or observance by the Lessee of
any of such rights by the exercise of the right to proceed by appropriate
court action or actions, either at law or in equity,

                                     2

<PAGE>
<PAGE>

to enforce performance by the Lessee of the applicable covenants and terms
or to recover damages for the breach thereof.

    TO HAVE AND TO HOLD the same unto the Assignee, for the benefit of the
Lenders, and its successors and assigns forever.

    Section 2. Assignment as Collateral Security. The assignment made hereby
               ---------------------------------
is executed as collateral security, and the execution and delivery of this
Assignment Agreement shall not in any way impair or diminish any obligations
of the Lessor as lessor under the Lease or of the Lessor, the Assignee, the
Guarantor or any Lender under any of the other Operative Documents, nor
impair, affect or modify any of the terms and conditions of the Notes or the
Loan Agreement or any of the other Operative Documents securing the Notes,
nor shall any of the obligations of the Lessor or of any other Person under
any of the Operative Documents (other than the express obligations of the
Assignee) be imposed upon the Assignee, including, but not limited to,
collecting Rent or enforcing performance by the Lessee or the Guarantor.

    Without limiting the generality of the foregoing, the Assignee shall not
be obligated to perform or discharge, nor does the Assignee hereby undertake
to perform or discharge, any obligation, duty or liability of the Lessor
under the Lease, or of the Lessor under any of the other Operative
Documents, or under or by reason of this Assignment Agreement, and the
Lessor does hereby waive any and all liability, loss or damage which may or
might be asserted against the Assignee by reason of any alleged obligations
or undertakings on its or their part to perform or discharge any of the
terms, covenants or agreements contained in the Lease to be performed or
discharged by the Lessor thereunder; provided, however, that if the Assignee
                                     --------  -------
does undertake any such action pursuant to the terms, conditions and
restrictions contained in this Assignment Agreement and the other Operative
Documents, the Lessor shall retain any rights it may have with respect
thereto under the Operative Documents or by law or in equity, and the
Assignee shall be liable for its gross negligence or willful misconduct. It
is further understood and agreed that this Assignment Agreement shall not
operate to (i) place responsibility for the control, care, management or
repair of the Leased Property upon the Assignee, nor for the carrying out of
any of the terms and conditions of the Lease or of any of the other
Operative Documents (except to the extent expressly provided therein), in
any such case binding upon or applicable to the Lessor, or (ii) make the
Assignee responsible or liable for any waste with respect to the Land or the
other Leased Property by the Lessee or any Person other than by the
Assignee, or for any dangerous or defective condition of the Land or the
other Leased Property, or for any negligence of the management, upkeep, or
repair or control of the Land or the other Leased Property resulting in loss
or injury or death to the Lessee, any sublessee, sublessor, licensee,
employee or stranger other than for gross negligence or willful misconduct
by the Assignee.

    Section 3. Payments Under Lease. The Lessor will direct the Lessee to
               --------------------
pay directly to the Assignee, as and when due pursuant to the Lease, the
Recourse Deficiency Amount, all Basic Rent, all Supplemental Rent and all
payments pursuant to Articles III, X, XIV and XV of the Lease, purchase
                     ------------  -  ---     --
proceeds or avails, income, Awards, Loss Proceeds, and other sums payable to
the Lessor pursuant to the Lease and the other Operative Documents (but
excluding any indemnity payments or reimbursements to the Lessor from the
Lessee pursuant to the Lease or otherwise).

                                     3

<PAGE>
<PAGE>

    The Assignee may, at its option, although it shall not be obligated to
do so, and without waiving or releasing any obligation or Loan Event of
Default, at any time perform any Lease covenant required to be performed by
the Lessor for and on behalf of the Lessor and may recover any money
advanced for any such purpose from the Lessor on demand, with interest at
the Overdue Rate from the date of advancement; and (b) the Assignee is
authorized to endorse, in the name of the Lessor, any item, howsoever
received by it, representing any payment on or other proceeds (including
Loss Proceeds) of the Lease (including, without limitation, all Basic Rent,
Supplemental Rent, payments pursuant to Articles III, X, XIV and XV of the
                                        ------------  -  ---     --
Lease, purchase proceeds or avails, income, Awards, Loss Proceeds and other
sums paid or payable to the Lessor pursuant to the Lease and the other
Operative Documents) and to endorse and deliver, in the name of the Lessor,
any instrument or other item of the Rent held by the Assignee hereunder, in
connection with the sale or collection of the Rent.

    Section 4. Power of Attorney in Respect of Lease. The Lessor does hereby
               -------------------------------------
irrevocably constitute and appoint the Assignee its true and lawful attorney
with an interest and full power of substitution, for it and in its name,
place and stead to do any or all of the following (a) ask, demand, collect,
receive, receipt for, sue for, compound and give acquittance for all Basic
Rent, Supplemental Rent, payments pursuant to Articles III, X, XIV and XV of
                                              ------------  -  ---     --
the Lease, purchase proceeds or avails, income, Awards, Loss Proceeds and
other sums paid or payable to the Lessor pursuant to the Lease and the other
Operative Documents and other sums which are assigned under Section 1
                                                            ---------
hereof, and (b) without limiting the provisions of the foregoing clause (a)
                                                                 ----------
hereof, during the continuance of any Event of Default under the Lease, sue
for, compound and give acquittance for, or settle, adjust or compromise any
claim for any and all such Rent, purchase proceeds or avails, income,
Awards, Loss Proceeds and other sums which are assigned under Section 1
                                                              ---------
hereof as fully as the Lessor could itself do, and in its discretion to file
any claim or take any other action or proceedings, either in its own name or
in the name of the Lessor or otherwise, which the Assignee may deem
necessary or appropriate to protect and preserve the right, title and
interest of the Assignee in and to such Rent and other sums and security
intended to be afforded hereby.

    Section 5. Assignee Designated Recipient. The Lessor hereby directs the
               -----------------------------
Lessee to deliver or remit directly to the Assignee at its address set forth
in the Master Agreement all Basic Rent, Supplemental Rent, payments pursuant
to Articles III, X, XIV and XV of the Lease, purchase proceeds or avails,
   ------------  -  ---     --
income, Awards, Loss Proceeds and other sums payable to the Lessor pursuant
to the Lease and the other Operative Documents by wire transfer of Federal
or other funds current and immediately available to the Assignee on the due
date thereof.

    Section 6. Allocation Pursuant to Loan Agreement. Notwithstanding
               -------------------------------------
anything contained herein to the contrary, any and all Basic Rent,
Supplemental Rent, payments pursuant to Articles III, X, XIV and XV of the
                                        ------------  -  ---     --
Lease, purchase proceeds or avails, income, Awards, Loss Proceeds and other
sums paid to or received or collected by or on behalf of the Assignee shall
be paid, allocated and distributed pursuant to the terms of, and in the
order of priority provided for in, Section III of the Loan Agreement.
                                   -----------

    Section 7. Irrevocability; Supplemental Instruments. The Lessor agrees
               ----------------------------------------
that the assignment made hereby and the designation and direction to the
Lessee hereinabove set forth are irrevocable, and that the Lessor will not,
while such assignment is in effect or thereafter until

                                     4

<PAGE>
<PAGE>

the Lessee has received from the Assignee written notice of the termination
of such assignment, make any other assignment, designation or direction
inconsistent therewith, and that any assignment, designation or direction
inconsistent therewith shall be void. The Lessor will from time to time,
upon request of the Assignee, execute all instruments of further assurance
and all such supplemental instruments as the Assignee may reasonably
specify.

    Section 8. Amendments or Termination of Lease. Except as otherwise
               ----------------------------------
permitted under Section 8.4 of the Master Agreement, the Lessor agrees that
                -----------
it will not enter into any agreement amending, supplementing, hypothecating,
waiving, discharging or terminating the Lease.

    Section 9. Lessee's Consent and Agreement. The consent and agreement by
               ------------------------------
the Lessee to the provisions of this Assignment Agreement is attached
hereto.

    Section 10. Remedies Cumulative. Each right, power and remedy of the
                -------------------
Assignee provided for in this instrument or now or hereafter existing at law
or in equity or by statute or otherwise shall be cumulative and concurrent
and shall be in addition to every other right, power or remedy provided for
in this Assignment Agreement or in any other Operative Document or now or
hereafter existing at law or in equity or by statute or otherwise and the
exercise or beginning of the exercise by the Assignee or the Lenders of any
one or more of such rights, powers or remedies shall not preclude the
further exercise thereof or the simultaneous or later exercise by the
Assignee or the Lenders of any or all such other rights, powers or remedies.
No failure or delay on the part of the Assignee or the Lenders to exercise
any such right, power or remedy (including, without limitation, the granting
by the Assignee or the Lenders of consent to any action by the Lessor) shall
operate as a waiver thereof. The Lessor stipulates that the remedies at law
in respect of any default or threatened default by the Lessor in the
performance of or compliance with any of the terms of this Assignment
Agreement are not and will not be adequate, and that any of such terms may
be specifically enforced by a decree for specific performance or by an
injunction against the violation of any terms or otherwise.

    Section 11. Miscellaneous.
                -------------

         (a)   All notices, requests, offers, consents and other instruments
given pursuant to this Assignment Agreement shall be delivered in accordance
with Section 8.2 of the Master Agreement.
     -----------

         (b)   This Assignment Agreement shall be binding upon, inure to the
benefit of and be enforceable by, the respective successors and assigns of
the parties hereto. The headings to the various paragraphs of this
Assignment Agreement have been inserted for convenience reference only and
shall not modify, define, limit or expand the express provisions of this
Assignment Agreement. Neither this Assignment Agreement nor any provision
hereof may be amended, modified, waived, discharged or terminated orally,
but only by an instrument signed by the parties hereto. If any provision of
this Assignment Agreement or any application thereof shall be invalid or
unenforceable, the remainder of this Assignment Agreement and any other
application of such provision shall not be affected thereby.

         (c)   This Assignment Agreement may be executed in counterparts,
each of which shall be deemed an original, and such counterparts shall
together constitute but one and the same

                                     5

<PAGE>
<PAGE>

Assignment Agreement. It shall not be necessary in making proof of this
Assignment Agreement to produce or account for more than one such
counterpart signed by the party against which enforcement of this Assignment
Agreement is sought.

         (d)   THIS ASSIGNMENT AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH
STATE, EXCEPT AS TO MATTERS RELATING TO THE CREATION OF THE LIEN HEREUNDER,
AND THE EXERCISE OF RIGHTS AND REMEDIES WITH RESPECT THERETO, WHICH SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE IN WHICH
THE LAND IS LOCATED.

         (e)   Upon payment in full of all indebtedness secured by this
Assignment Agreement and the Loan Agreement and performance of all other
obligations secured hereby and thereby, this Assignment Agreement and the
Lien created hereby shall terminate and be of no further force or effect.
The Assignee shall, at the Lessee's expense, do, execute, acknowledge and
deliver each and every deed, conveyance, transfer and release necessary or
proper to evidence the release of record of this Assignment Agreement.

         (f)   Notwithstanding anything to the contrary set forth herein, in
the event of any conflict between any provision of this Assignment Agreement
and the Loan Agreement, the terms and provisions of the Loan Agreement shall
control.

         (g)   All amounts paid by the Lessee to the Assignee hereunder
shall be fully credited against amounts payable by the Lessee to the Lessor
under the Lease.

         (h)   To the extent that the Lease and/or the Lease Supplement are
characterized as a deed of trust, mortgage, deed to secure debt, security
agreement or other financing document for any reason (including, without
limitation, as a result of the Lease being treated as a financing
transaction as provided in Article XI of the Lease for purposes other than
                           ----------
accounting purposes), this Assignment Agreement shall be an assignment to
the Assignee of such deed of trust (and all beneficial rights, title and
interests thereunder), mortgage, deed to secure debt, security agreement or
other financing document and of the indebtedness secured thereby to the
Assignee, for the benefit of the Lenders, as security for the Loans made by
the Lenders pursuant to the Loan Agreement and for all amounts owed to the
Lenders by the Lessee or the Lessor pursuant to, and all other Obligations
of the Lessee or the Lessor under, the Operative Documents.

                                     6

<PAGE>
<PAGE>

    IN WITNESS WHEREOF, the Lessor and the Assignee have each caused this
Assignment Agreement to be duly executed and delivered, in its respective
name and behalf, all as of the date and year first above written.

                                 ATLANTIC FINANCIAL GROUP, LTD.,
                                 a Texas limited partnership (registered to do
                                 business in Arizona as AFG Equity, Limited
                                 Partnership), as Lessor and Assignor

                                 By: Atlantic Financial Managers, Inc.,
                                     a Texas corporation.
                                     its general partner

                                       By:
                                            ----------------------------------
                                       Name:
                                             ---------------------------------
                                       Title:
                                              --------------------------------

STATE OF
         ------------------  )
COUNTY OF                    )   ss.
          ----------------   )

    The foregoing instrument was acknowledged before me this      day of
                                                             ----
November, 2000, by                         , the                         of
                   ------------------------      -----------------------
Atlantic Financial Managers, Inc., a Texas corporation, general partner of
ATLANTIC FINANCIAL GROUP, LTD., a Texas limited partnership, on behalf of
the limited partnership.

                                 -------------------------------
                                 Notary Public

My Commission Expires:

----------------------

                                    7
                                               ASSIGNMENT OF LEASE AND RENTS

<PAGE>
<PAGE>

                                 SUNTRUST BANK, a Georgia banking
                                 corporation, as Agent and Assignee

                                 By:
                                      ----------------------------------
                                 Name:
                                       ---------------------------------
                                 Title:
                                        --------------------------------

STATE OF
         ------------------  )
COUNTY OF                    )   ss.
          ----------------   )

    The foregoing instrument was acknowledged before me this      day of
                                                             ----
November, 2000, by                      the                      of
                   --------------------     --------------------
SUNTRUST BANK, a Georgia banking corporation, on behalf of the corporation.

                                 -------------------------------
                                 Notary Public

My Commission Expires:

----------------------

                                    8
                                               ASSIGNMENT OF LEASE AND RENTS

<PAGE>
<PAGE>

                            CONSENT AND AGREEMENT
                                  OF LESSEE

    THIS CONSENT AND AGREEMENT dated as of November 30, 2000, by EDWARD D.
JONES & CO., L.P., a Missouri limited partnership (the "Lessee"), for the
                                                        ------
benefit of SUNTRUST BANK, a Georgia banking corporation, as Agent for the
Lenders (the "Assignee"), to the assignments made under the Assignment of
              --------
Lease and Rents, dated as of the date hereof (the "Assignment Agreement")
                                                   --------------------
between ATLANTIC FINANCIAL GROUP, LTD., a Texas limited partnership
(registered to do business in Arizona as AFG Equity, Limited Partnership),
as assignor (the "Lessor") and the Assignee. Capitalized terms not otherwise
                  ------
defined herein shall have the meanings set forth in the Assignment
Agreement.

    1. The Lessee hereby consents to the terms and provisions of the
Assignment Agreement and agrees it will deliver or remit, as and when
payable pursuant to the Operative Documents directly to Assignee, the
Recourse Deficiency Amount, all Basic Rent, all Supplemental Rent and all
payments pursuant to Articles III, X, XIV and XV of the Lease, purchase
                     ------------  -  ---     --
proceeds or avails, income, Awards, Loss Proceeds and other sums paid or
payable to the Lessor pursuant to the Lease and the other Operative
Documents (but excluding any indemnity payments or reimbursements to the
Lessor from the Lessee pursuant to the Lease or otherwise, and, so long as
no Loan Event of Default has occurred, the Lessor Basic Rent), in each case,
to the extent provided in the Lease, without any offset, deduction, defense,
abatement, suspension, deferment, diminution or reduction for any reason so
that said funds shall at all times be available for payment of interest and
principal due on the Notes, except in each case as expressly provided in the
Lease.

    2. Notwithstanding (i) the bankruptcy, insolvency, reorganization,
composition, readjustment, liquidation, dissolution, winding up or other
proceeding affecting the Lessor under the Lease, (ii) any action with
respect to the Lease which may be taken by any trustee or receiver of the
Lessor, or by any court in such proceeding, and (iii) the exercise by the
Agent or the Lenders of any rights and remedies under the Assignment
Agreement, the Lessee agrees that it will remain obligated under the Lease
in accordance with its terms and that it will not take any action to
terminate (other than pursuant to its express rights under the Lease and the
Master Agreement to do so), rescind or avoid the Lease.

    3. To the extent that the Lessee may acquire any indebtedness of the
Lessor or any other party to the Master Agreement, or any claim against the
Lessor or any other party to the Master Agreement, by way of subrogation or
otherwise, all such indebtedness and claims are hereby subordinated and made
fully subject in right of payment thereof to the prior payment in full of
the Notes.

    4. In addition to (and not in limitation of) all of the Lessee's
reimbursement and indemnity obligations set forth in the Operative
Documents, the Lessee agrees to pay promptly all reasonable and documented
costs and expenses incurred by the Lessor, pursuant to the Assignment
Agreement, for the release of the Assignment Agreement.

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, the Lessee has caused this Consent and
Agreement to be duly executed and delivered, in its name and behalf, all as
of the date and year first above written.

                                 EDWARD D. JONES & CO., L.P., a Missouri
                                 limited partnership, as Lessee

                                 By:   EDJ Holding Company, Inc., a Missouri
                                       corporation, its sole general partner

                                       By:
                                            ----------------------------------
                                       Name:
                                             ---------------------------------
                                       Title:
                                              --------------------------------

STATE OF
         ------------------  )
COUNTY OF                    )   ss.
          ----------------   )

    The foregoing instrument was acknowledged before me this      day of
                                                             ----
November, 2000, by                   , the                        of EDJ
                   ------------------      ----------------------
Holding Company, Inc., a Missouri corporation, general partner of EDWARD D.
JONES & CO., L.P., a Missouri limited partnership, on behalf of the limited
partnership.

                                 -------------------------------
                                 Notary Public

My Commission Expires:

----------------------

                                               ASSIGNMENT OF LEASE AND RENTS

<PAGE>
<PAGE>

                                  EXHIBIT A
                             Description of Land
                             -------------------

                                [TO BE ADDED]

                                               ASSIGNMENT OF LEASE AND RENTS

<PAGE>
<PAGE>

                                                                   EXHIBIT C
                                                         TO MASTER AGREEMENT

                  FORM OF SECURITY AGREEMENT AND ASSIGNMENT

                      SECURITY AGREEMENT AND ASSIGNMENT
               (Construction Contract, Architect's Agreement,
              Permits, Licenses and Governmental Approvals, and
                     Plans, Specifications and Drawings)

    FOR VALUE RECEIVED, and to secure the performance by Edward D. Jones &
Co., L.P., a Missouri limited partnership (the "Assignor"), of all of its
                                                --------
obligations under (i) that certain Master Lease Agreement, by and among the
Assignor and Atlantic Financial Group, Ltd. (registered to do business in
Arizona as AFG Equity, Limited Partnership) (herein, together with its
successors and assigns, called the "Secured Party"), dated as of the date
                                    -------------
hereof (as the same may be amended, supplemented or otherwise modified from
time to time, and together with all substitutions therefor and replacements
thereof, the "Lease"), (ii) the Construction Agency Agreement, dated as of
              -----
the date hereof (as the same may be amended, supplemented or otherwise
modified from time to time, and together with all substitutions therefor and
replacements thereof, the "Construction Agency Agreement"), between the
                           -----------------------------
Assignor and the Secured Party, and (iii) the other Operative Documents (as
defined in the Lease), the Assignor does hereby quitclaim, sell, assign,
transfer and set over unto the Secured Party, its successors and assigns,
all of its rights, title and interests in and to the following (referred to
collectively herein as the "Collateral"):
                            ----------

    1.   that certain construction contract described on Schedule 1 attached
                                                         ----------
hereto and made a part hereof (the "Construction Contract");
                                    ---------------------

    2.   that certain architect's agreement described in Schedule 1 attached
                                                         ----------
hereto and made a part hereof (the "Architect's Agreement");
                                    ---------------------

    3.   all other Construction Documents, including contracts and
agreements relating to the acquisition and installation of the Equipment;

    4.   all plans, specifications and drawings of any and every kind
heretofore or hereafter prepared for use in connection with the
Construction, and any supplements, amendments or modifications thereto
(collectively, the "Plans and Specifications"); and
                    ------------------------

    5.   all building and other permits, licenses and governmental approvals
that are necessary or useful to the commencement and completion of the
Construction, or that otherwise relate in any way to the Construction or the
occupancy of the Building, or the acquisition, installation and use of the
Equipment, heretofore or hereafter obtained or applied for by or on behalf
of the Assignor or the Contractor or the Architect or any of the architects,
engineers,

<PAGE>
<PAGE>

vendors, contractors or subcontractors working on any aspect of the
Construction, and any deposits made in connection therewith (referred to
collectively herein as the "Permits");
                            -------

provided, however, that, except to the extent expressly set forth in the
--------  -------
Consent and Acknowledgment of the General Contractor, the Architect and the
Vendor(s), the Secured Party shall have no obligation or liability of any
kind under or with respect to the Construction Contract, the Architect's
Agreement, and the Construction Documents, the Permits or the Plans and
Specifications, either before or after its exercise of any rights hereby
granted to it, and the Assignor agrees to save and hold the Secured Party
harmless of and from, and to indemnify it against, any and all such
obligations and liabilities, contingent or otherwise and provided, further,
                                                         --------  -------
any assignment, pledge or security in the collateral is subject to any
required consents of Governmental Authorities or public utilities.

    This assignment shall inure to the benefit of the Secured Party and its
successors and assigns, and shall be binding upon the Assignor and its
successors and assigns, and shall continue in full force and effect until
all obligations, liabilities and indebtedness of any kind now or hereafter
due the Secured Party from the Assignor under or with respect to the Lease
or any of the other Operative Documents, or which are otherwise secured
hereby, whether now existing or hereafter arising or incurred (collectively,
the "Liabilities"), have been fully paid, performed and satisfied, and until
     -----------
Construction is complete with respect to the Leased Property or returned to
the Secured Party pursuant to the Construction Agency Agreement, at which
time this assignment will terminate. The Assignor shall be entitled to the
benefit of, and to exercise all rights under, the Collateral, and the
Secured Party will not exercise any of its rights hereunder, until there
occurs an Event of Default (which term is defined for purposes hereof as it
is defined in the Lease) or a Construction Agency Event of Default (which
term is defined for purposes hereof as it is defined in the Construction
Agency Agreement) or until the Leased Property is returned to the Secured
Party pursuant to the Construction Agency Agreement. The Assignor hereby
acknowledges that the Secured Party will assign all of its rights hereunder
to SunTrust Bank, as agent (the "Agent") for the benefit of the Lenders, to
                                 -----
secure the Loans and agrees that the Agent may exercise all of the rights of
the Secured Party hereunder.

    For purposes of completing the Construction following the occurrence of
an Event of Default or a Construction Agency Event of Default, the Secured
Party may, at its option, further assign its right, title and interest in
the Collateral without the consent of the Assignor, the Contractor, the
Architect or any other contractor or vendor, but shall promptly thereupon
notify the Contractor and the Architect, and upon exercise by such assignee
of its rights to complete the Construction pursuant hereto, only such
assignee, and not the Secured Party, shall become liable to pay or perform
the Secured Party's obligations under the Construction Contract, the
Architect's Agreement and the other Construction Documents.

    This assignment is a present, perfected and absolute assignment,
provided that the Secured Party shall not have the right to undertake
completion of the Construction or directly to enforce the provisions of the
Construction Contract or the Architect's Agreement until an Event of Default
shall occur under the Lease or a Construction Agency Event of Default shall
occur under the Lease or a Construction Agency Event of Default shall occur
under the Construction Agency Agreement or until the Leased Property is
returned to the Secured Party pursuant to the

                                     2

<PAGE>
<PAGE>

Construction Agency Agreement. Following the occurrence of any such Event of
Default or Construction Agency Event of Default, the Secured Party may,
without affecting any other right or remedy available to it, exercise its
rights under this assignment as provided herein in any manner permitted by
law. If any notice to the Assignor is required by law, such notice shall be
deemed commercially reasonable if given at least ten (10) days prior to the
date of intended action. If the Assignor returns the Leased Property to the
Secured Party pursuant to the Construction Agency Agreement, the Secured
Party may (subject to any necessary third party consents) exercise all of
the Assignor's rights, and assert all of the Assignor's claims, under and
with respect to the Construction Contract, the Architect's Agreement, the
other Construction Documents and the other Collateral.

    This assignment may be effectively waived, modified, amended or
terminated only by a written instrument executed by the Secured Party. Any
waiver by the Secured Party shall be effective only with respect to the
specific instance described therein. Delay or course of conduct shall not
constitute a waiver of any right or remedy of the Secured Party.

    THIS ASSIGNMENT HAS BEEN DELIVERED IN, AND SHALL IN ALL RESPECTS BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
GEORGIA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN
SUCH STATE, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.

    All terms capitalized herein and not specifically defined herein which
are capitalized and defined in the Lease shall have the same respective
meanings for purposes hereof as for purposes of the Lease.

                                     3

<PAGE>
<PAGE>

    IN WITNESS WHEREOF, the undersigned have executed and delivered this
assignment as of November 30, 2000, pursuant to proper authority duly
granted.

                                  EDWARD D. JONES & CO., L.P., a
                                  Missouri limited partnership

                                  By:  EDJ Holding Company, Inc., a
                                       Missouri corporation, its sole
                                       general partner

                                       By:
                                           ---------------------------------
                                       Name:
                                             -------------------------------
                                       Title:
                                              ------------------------------

                                     4
                                                          SECURITY AGREEMENT

<PAGE>
<PAGE>

                                 ACCEPTANCE
                                 ----------

    Atlantic Financial Group, Ltd., (registered to do business in Arizona as
AFG Equity, Limited Partnership)being the Secured Party as described in the
foregoing Security Agreement and Assignment, hereby acknowledges receipt of
the foregoing instrument as of this 30th day of November, 2000, and hereby
assigns all of its rights under such agreement to SunTrust Bank, as Agent.

                                 ATLANTIC FINANCIAL GROUP, LTD., a
                                 Texas limited partnership (registered to do
                                 business in Arizona as AFG Equity, Limited
                                 Partnership)

                                 By:   Atlantic Financial Managers, Inc., a
                                       Texas corporation, its General Partner

                                       By:
                                           ---------------------------------
                                       Name:
                                             -------------------------------
                                       Title:
                                              ------------------------------

                                     5
                                                          SECURITY AGREEMENT

<PAGE>
<PAGE>

                                 SCHEDULE 1

    1.   that certain agreement entitled "General Conditions of the Contract
for Construction", dated June 14, 2000, between Edward D. Jones & Co., L.P.
and Ryan Companies U.S., Inc. (the "Contractor"), having an address at 3131
                                    ----------
East Camelback Road, Suite 220, Phoenix, AZ 85016 (as it may hereafter be
supplemented, modified or amended, the "Construction Contract").
                                        ----------------------

    2.   that certain agreement entitled "Standard Form of Agreement Between
Owner and Architect with Standard Form of Architect's Services", dated April
1, 2000, between Edward D. Jones & Co., L.P. and Arcturis, Inc. (the
"Architect") having an address at 1910 Pine Street, St. Louis, MO 63103
pertaining to the Construction (as such agreement may hereafter be
supplemented, modified or amended, the "Architect's Agreement").
                                        ---------------------

<PAGE>
<PAGE>

                CONSENT AND ACKNOWLEDGMENT BY THE CONTRACTOR
                --------------------------------------------

         The undersigned hereby acknowledges receipt of a counterpart
original of, and consents to, the foregoing Security Agreement and
Assignment.

         1.   The undersigned certifies that the Construction Contract is in
full force and effect and constitutes the entire agreement between the
Assignor and the undersigned, and that there have been no modifications,
supplements, amendments or except for change orders (copies of which are
attached hereto) which do not increase the contract price under the
construction contract and do not diminish the fair market value, useful life
or utility of the Leased Property addenda thereto from the form thereof
dated                   , a true, correct and complete copy of which is
      ------------------
attached hereto, and that the Assignor is not in default under the
Construction Contract.

         2.   The undersigned agrees to look solely to the Assignor for the
performance of all of the obligations of the Assignor under the Construction
Contract, and not to look to Secured Party for such performance, except only
as provided below. However, if the Secured Party exercises, with respect to
the Construction Contract, the rights and privileges conferred upon it by
the Security Agreement and Assignment and asserts (by written election as
specified in the immediately succeeding two sentences) the present right to
have the benefits of the Construction Contract and to enforce the same
against the undersigned in the place and stead of the Assignor, the
undersigned agrees to perform for, and for the benefit of, the Secured Party
all of the undersigned's obligations under and pursuant to the Construction
Contract if the balance due under the Construction Contract (being the
portion of the total price which is then or thereafter due and payable as
provided therein, less the total of all portions thereof theretofore paid to
or for the benefit of the Contractor) has been paid or is then paid (or for
portions thereof not then due under the Construction Contract, such amounts
are paid as and when due under the Construction Contract). Prior to the
Secured Party's express written election (if any) to succeed to the
Assignor's rights and to assume the Assignor's obligations (to the extent
provided in the immediately succeeding sentence) under the Construction
Contract, the Contractor agrees that the Secured Party shall have no
personal obligations or liabilities of any kind under the Construction
Contract, the Security Agreement and Assignment, or otherwise. In the event
that the Secured Party shall so expressly elect in writing to succeed to the
Assignor's rights and to assume the Assignor's obligations under the
Construction Contract, the sole obligations that the Secured Party shall
assume and be liable for are (i) obligations to pay the Contractor the
amounts due under the Construction Contract as provided in the second
sentence of this paragraph (whether due before or after such election), and
(ii) other obligations of the Assignor under the Construction Contract first
accruing after such election by the Secured Party, and the Secured Party
shall not be liable or obligated for any other obligations.

         3.   The Contractor hereby agrees to send to the Secured Party
copies of all notices of any pending or threatened default, nonperformance
or termination to the Assignor under the Construction Contract by courier or
certified mail, return receipt requested, to the following address (or at
such other address as the Secured Party shall, from time to time, notify the
undersigned in writing):

<PAGE>
<PAGE>

         SunTrust Bank
         303 Peachtree Street, 3rd Floor
         Mail Code 1928
         Atlanta, Georgia  30308
         Attention:  Linda L. Dash

Such notices of any pending or threatened default, nonperformance or
termination shall be sent at the same time as any such notices are sent to
the Assignor.

         4.   The Contractor agrees that it shall not voluntarily terminate
the Construction Contract except in accordance with the following provisions
of this paragraph. The Contractor agrees that if the Contractor is entitled
to terminate the Construction Contract by reason of defaults of the
Assignor, the Contractor shall not terminate the Construction Contract until
it has provided the Secured Party with a written notice of its election to
so terminate the Construction Contract by virtue of any such default
thereunder by the Assignor and the Secured Party has not assumed the
Assignor's obligations under the Construction Contract and cured the
defaults as (but only to the extent) required in Section 2 of this Consent
                                                 ---------
and Acknowledgment within thirty days after Secured Party's receipt of said
written notice.

         5.   Notices to the Contractor hereunder shall be sent by courier
or certified mail, return receipt requested, to the following:

         Ryan Companies U.S., Inc.
         3131 East Camelback Road, Suite 220
         Phoenix, Arizona 85016
         Attention: Steve Kingery

         6.   In the event the Construction Contract is terminated, the
Secured Party shall be entitled to use, as required for the Construction (as
defined in the Lease), without any additional cost or fee, any and all
Permits and all Plans and Specifications and final plans, drawings and
specifications ("Plans Permits") developed in connection therewith for the
Construction, but in no event will such Plans and Permits be used for any
project other than the current project.

    The foregoing is furnished for good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged by the undersigned,
and the undersigned understands and intends that the Secured Party will rely
on the foregoing and that the undersigned will be legally bound by the
foregoing. This Consent and Acknowledgment shall inure to the benefit of the
Secured Party and its successors and assigns.

    The Contractor hereby acknowledges that the Secured Party will assign
all of its rights hereunder to SunTrust Bank, as Agent for the benefit of
the Lenders, and agrees that the Agent may exercise all rights of the
Secured Party hereunder.

    All capitalized terms used herein and not otherwise specifically defined
shall have the meanings provided therefor in the Security Agreement and
Assignment.

                                     ii

<PAGE>
<PAGE>

    IN WITNESS WHEREOF, the undersigned has executed and delivered this
Consent and Acknowledgment as of November    , 2000 pursuant to proper
                                          ---
authority duly granted.

                                       RYAN COMPANIES U.S., INC.

                                       By:
                                           ---------------------------------
                                       Name:
                                             -------------------------------
                                       Title:
                                              ------------------------------

                                    iii

<PAGE>
<PAGE>

                    Attach copy of Construction Contract

                                     iv

<PAGE>
<PAGE>

                   CONSENT AND ACKNOWLEDGMENT OF ARCHITECT
                   ---------------------------------------

    The undersigned hereby acknowledges receipt of a counterpart original
of, and consents to, the foregoing Security Agreement and Assignment.

         1.   The undersigned certifies that the Architect's Agreement is in
full force and effect and constitutes the entire agreement between the
Assignor and the Architect, that there have been no modifications,
supplements, amendments or addenda to the Architect's Agreement from the
form thereof dated                   , a true, correct and complete copy of
                   ------------------
which is attached hereto, and that the Assignor is not in default under the
Architect's Agreement.

         2.   The undersigned agrees to look solely to the Assignor for the
performance of all of the obligations of the Assignor under the Architect's
Agreement, and not to look to Secured Party for such performance. However,
if the Secured Party exercises, with respect to the Architect's Agreement,
the rights and privileges conferred upon it by the Security Agreement and
Assignment and asserts (by written election as specified in the immediately
succeeding two sentences) the present right to have the benefits of the
Architect's Agreement and to enforce the same against the undersigned in the
place and stead of the Assignor, the undersigned agrees to perform for, and
for the benefit of, the Secured Party all of the undersigned's obligations
under and pursuant to the Architect's Agreement if the balance due under the
Architect's Agreement (being the portion of the total price which is then or
thereafter due and payable as provided therein, less the total of all
portions thereof theretofore paid to or for the benefit of the Architect)
has been paid or is then paid (or for portions thereof not then due under
the Architect's Agreement, such amounts are paid as and when due under the
Architect's Agreement). Prior to the Secured Party's express written
election (if any) to succeed to the Assignor's rights and to assume the
Assignor's obligations (to the extent provided in the immediately succeeding
sentence) under the Architect's Agreement, the Architect agrees that the
Secured Party shall have no personal obligations or liabilities of any kind
under the Architect's Agreement, the Security Agreement and Assignment or
otherwise. In the event that the Secured Party shall so expressly elect in
writing to succeed to the Assignor's rights and to assume the Assignor's
obligations under the Architect Agreement, the sole obligations which the
Secured Party shall assume and be liable for are (i) obligations to pay the
Architect the amounts due under the Architect's Agreement as provided in the
second sentence of this paragraph (whether due before or after such
election), and (ii) other obligations of the Assignor under the Architect's
Agreement first accruing after such election by the Secured Party, and the
Secured Party shall not be liable or obligated for any other obligations.

         3.   The Architect hereby agrees to send to the Secured Party
copies of all notices to the Assignor under the Architect's Agreement by
courier or certified mail, return receipt requested, to the following
address (or at such other address as the Secured Party shall, from time to
time, notify the undersigned in writing):

                                   D-1-1

<PAGE>
<PAGE>

         SunTrust Bank
         303 Peachtree Street, 3rd Floor
         Mail Code 1928
         Atlanta, Georgia  30308
         Attention:  Linda L. Dash

Such notices shall be sent at the same time as any notices to the Assignor.

         4.   The Architect agrees that it shall not voluntarily terminate
the Architect's Agreement except in accordance with the following provisions
of this paragraph. The Architect agrees that if the Architect is entitled to
terminate the Architect's Agreement by reason of defaults of the Assignor,
the Architect shall not terminate the Architect's Agreement until it has
provided the Secured Party with a written notice of its election to so
terminate the Architect's Agreement by virtue of any such default thereunder
by the Assignor and the Secured Party has not assumed the Assignor's
obligations under the Architect's Agreement and cured the defaults as (but
only to the extent) required in Section 2 of this Consent and Acknowledgment
                                ---------
within thirty days after Secured Party's receipt of said written notice.

         5.   The Architect agrees to deliver to the Secured Party, upon
completion of the Construction (as defined in the Lease), a certificate of
the Architect, in form and substance reasonably satisfactory to the Secured
Party, and stating, if such be the case, that (i) the Building has been
completed substantially in accordance with the Plans and Specifications
therefor, and the Leased Property is ready for occupancy, (ii) such Plans
and Specifications comply in all material respects with all Applicable Laws
in effect at such time, and (iii) to the best of the Architect's knowledge,
the Leased Property, as so completed, complies in all material respects with
all Applicable Laws in effect at such time (capitalized terms in this
sentence having the meanings set forth in the Lease). If the Architect
cannot deliver such certificate because the facts do not support the
foregoing requested certification, the Architect agrees that it will deliver
a modified certificate or other written notice to the Secured Party
specifying the reason(s) the certificate cannot be given as requested.

         6.   Notices to the Architect hereunder shall be sent by courier or
certified mail, return receipt requested, to the following:

         ----------------------------------------------
         ----------------------------------------------
         ----------------------------------------------
         Attention:
                    -----------------------------------

         7.   In the event the Architect's Agreement is terminated, the
Secured Party shall be entitled to use, as required for the Construction (as
defined in the Lease), without any additional cost or fee, any and all
Permits and all Plans and Specifications and final plans, drawings and
specifications developed in connection therewith for the Construction.

    The foregoing is furnished for good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged by the undersigned,
and the undersigned

                                   D-1-2

<PAGE>
<PAGE>

understands and intends that Secured Party will rely on the foregoing and
that the undersigned will be legally bound by the foregoing. This Consent
and Acknowledgment shall inure to the benefit of the Secured Party and its
successors and assigns. The Architect hereby acknowledges that the Secured
Party will assign all of its rights hereunder to SunTrust Bank, as Agent for
the benefit of the Lenders, and agrees that the Agent may exercise all
rights of the Secured Party hereunder.

    All capitalized terms used herein and not otherwise specifically defined
shall have the meanings provided therefor in the Security Agreement and
Assignment.

    IN WITNESS WHEREOF, the undersigned has executed and delivered this
Consent and Acknowledgment as of November    , 2000 pursuant to proper
                                          ---
authority duly granted.

                                        [NAME OF ARCHITECT]

                                        By:
                                            --------------------------------
                                             Name:
                                                   -------------------------
                                             Title:
                                                    ------------------------

                                   D-1-3

<PAGE>
<PAGE>

                    Attach copy of Architect's Agreement

                                   D-1-4

<PAGE>
<PAGE>

                                                                 EXHIBIT D-2
                                                         TO MASTER AGREEMENT

                            FORM OF DEED OF TRUST

This instrument prepared by and
when recorded return to:

McGuireWoods LLP
One James Center
Richmond, Virginia 23219
Attention:  Edmund S. Pittman, Esq.

============================================================================

                    DEED OF TRUST AND SECURITY AGREEMENT
                     (INCLUDES FIXTURE FILING UNDER THE
                          UNIFORM COMMERCIAL CODE)

                       dated as of November    , 2000
                                            ---
                                    from

                       ATLANTIC FINANCIAL GROUP, LTD.,
                                 as Grantor

                                     to

                                                  , Trustee
                  --------------------------------
                               for the use and
                                 benefit of

                               SUNTRUST BANK,
                                  as Agent

                               Tempe, Arizona

============================================================================

   THIS INSTRUMENT IS INTENDED ALSO TO BE A FIXTURE FILING TO BE FILED IN
            THE REAL ESTATE RECORDS OF MARICOPA COUNTY, ARIZONA.

<PAGE>
<PAGE>

<TABLE>
                              TABLE OF CONTENTS

<CAPTION>
                                                                             Page
                                                                             ----
<S>                                                                           <C>
1.  Definitions................................................................4
2.  Payment of Obligations.....................................................4
3.  Other Covenants............................................................4
4.  Default: Remedies..........................................................4
5.  Remedies Not Exclusive.....................................................5
6.  Perforance by the Trustee or the Agent of the Grantor's Obligations........6
7.  Duty of the Trustee........................................................6
8.  Powers Coupled with an Interest............................................6
9.  Execution of Financing Statements..........................................7
10. Security Agreement Under Uniform Commercial Code...........................7
11. Notices....................................................................8
12. Severability...............................................................8
13. Amendments in Writing; No Wavier; Cumulative Remedies......................8
14. Section Headings...........................................................8
15. Successors and Assigns.....................................................9
16. Grantor's Waiver of Rights.................................................9
17. GOVERNING LAW..............................................................9
18. Partial Release; Full Release..............................................9
19. Miscellaneous..............................................................9
20. Future Advances; Revolving Credit.........................................11

EXHIBITS:
---------

EXHIBIT A - Description of Land
EXHIBIT B - Schedule of Equipment
</TABLE>

                                     i

<PAGE>
<PAGE>

                              DEED OF TRUST AND
                             SECURITY AGREEMENT
                             ------------------

         DEED OF TRUST AND SECURITY AGREEMENT, dated as of November 30, 2000
(as the same may be amended, supplemented or otherwise modified from time to
time, this "Deed of Trust"), made by ATLANTIC FINANCIAL GROUP, LTD.
            -------------
(registered to do business in Arizona as AFG Equity, Limited Partnership),
(the "Grantor"), a Texas limited partnership, with an address of 2305 Cedar
Springs Road, Suite 415, Dallas, Texas 75201 to oLD REPUBLIC TITLE INSURANCE
AGENCY, INC., an Arizona corporation ("Trustee"), with an address of 3200
                                       -------
North Central Avenue, Suite 100, Phoenix, Arizona 85012, for the benefit of
SUNTRUST BANK, with an address at 303 Peachtree Street, 3rd Floor, Atlanta,
Georgia, 30308, in its capacity as Agent for the benefit of the hereinafter
described Lenders (in such capacity, the "Agent"), under the Loan Agreement,
                                          -----
dated as of the date hereof (as amended, supplemented or otherwise modified
from time to time, the "Loan Agreement"), between the Grantor, the Agent and
                        ---- ---------
the Lenders party thereto (the "Lenders").
                                -------

                            Preliminary Statement
                            ---------------------

         Pursuant to the Loan Agreement, the Lenders have agreed to make
Loans to the Grantor in an aggregate amount not to exceed $31,000,000 upon
the terms and subject to the conditions set forth therein, to be evidenced
by the notes ("Notes") issued by the Grantor under the Loan Agreement. The
               -----
Notes bear interest as set forth in the Notes. The rate of interest on the
Notes varies from time to time pursuant to a formula as set forth in the
Notes, the Loan Agreement and the other Operative Documents. The Grantor is
the legal and beneficial owner of the Trust Property (as defined below),
other than the Land (as defined below), in which the Grantor holds a
leasehold interest pursuant to the Ground Lease.

         It is a condition, among others, to the obligation of the Lenders
to make the Loans to the Grantor under the Loan Agreement that the Grantor
shall have executed and delivered this Deed of Trust to the Trustee for the
benefit of the Agent on behalf of the Lenders.

         NOW, THEREFORE, in consideration of the premises and to induce the
Lenders to make the Loans under the Loan Agreement, the Grantor hereby
agrees with the Trustee and the Agent, for the benefit of the Lenders, as
follows:

         TO SECURE PAYMENT OF ALL THE AMOUNTS ADVANCED UNDER THE LOAN
AGREEMENT AND THE NOTES AND THE OTHER OPERATIVE DOCUMENTS AND PAYMENT AND
PERFORMANCE OF ALL OF THE OTHER OBLIGATIONS UNDER THE OPERATIVE DOCUMENTS,
THE GRANTOR HEREBY CONVEYS TO THE TRUSTEE AND HEREBY BARGAINS, SELLS,
CONVEYS, CONFIRMS, GRANTS, ASSIGNS, TRANSFERS, WARRANTS AND SETS OVER TO THE
TRUSTEE, WITH POWER OF SALE, IN TRUST FOR THE USE AND BENEFIT OF THE AGENT,
FOR THE BENEFIT OF THE LENDERS, AND GRANTS THE AGENT, FOR THE BENEFIT OF THE
LENDERS, A SECURITY INTEREST IN:

                                   D-2-1

<PAGE>
<PAGE>

         (A)   the Grantor's leasehold interest in parcel(s) of real property
described on Exhibit A (the "Land"), created pursuant to the Ground Lease,
             ---------       ----
and all of the Grantor's other rights and interests under the Ground Lease;
all buildings, structures, Fixtures (as defined herein), Equipment (as
defined herein), and other improvements of every kind existing at any time
and from time to time on or under the Land, together with any and all
appurtenances to such buildings, structures or improvements, including
sidewalks, utility pipes, conduits and lines, parking areas and roadways,
and including all modifications, alterations, renovations, restorations,
repairs, replacements and rebuilding, improvements and other additions to or
changes in any of the foregoing at any time ("Improvements"); all
                                              ------------
agreements, easements, rights of way or use, rights of ingress or egress,
privileges, appurtenances, tenements, hereditaments, reversions, remainders
water rights, and other rights and benefits at any time belonging or
pertaining to the Land or the Improvements, including, without limitation,
the use of any streets, ways, alleys, vaults or strips of land adjoining,
abutting, adjacent or contiguous to the Land or the Improvements and all
permits, licenses and rights, whether or not of record, appurtenant to the
Land or the Improvements (the "Appurtenant Rights"; the Land, Improvements,
                               ------------------
Appurtenant Rights, Fixtures and Equipment relating thereto being
collectively referred to as the "Property");
                                 --------

         (B)   all the estate, right, title, claim or demand whatsoever of
the Grantor, in possession or expectancy, in and to the Property or any part
thereof;

         (C)   all right, title and interest of the Grantor in and to all of
the fixtures, furnishings and fittings of every kind and nature whatsoever,
and all appurtenances and additions thereto and substitutions or
replacements thereof (together with, in each case, attachments, components,
parts and accessories) currently owned or subsequently acquired by the
Grantor and now or subsequently attached to, or contained in or used or
usable in any way in connection with any operation or letting of the
Property (all of the foregoing in this paragraph being referred to as the
"Fixtures");
 --------

         (D)   all right, title and interest of the Grantor in and to all
of the following "Equipment": all fixtures, personal property, chattels,
business machines, machinery, apparatus, equipment, furnishings, fittings
and all appurtenances and additions thereto and substitutions or
replacements thereof (together with, in each case, attachments, components,
parts and accessories) currently owned or subsequently acquired by the
Grantor or the Lessee and now or subsequently affixed or attached to, or
contained in or used or usable in any way in connection with any operation
or letting of the Property, including but without limiting the generality of
the foregoing, all personal property and equipment described on Exhibit B
                                                                ---------
attached hereto and made a part hereof, all signs, screens, awnings, shades,
blinds, curtains, draperies, artwork, carpets, rugs, storm doors and
windows, furniture and furnishings, heating, electrical, and mechanical
equipment, lighting, switchboards, plumbing, ventilating, air conditioning
and air-cooling apparatus, furnaces, boilers, compressors, elevators,
refrigerating, and incinerating equipment, escalators, refrigerators,
display cases, shelving, racking, movable and demountable partitions,
elevators, loading and unloading equipment and systems, stoves, ranges,
laundry equipment, cleaning systems (including window cleaning apparatus),
snow removal and lawn maintenance equipment, motorized vehicles, telephones,
communication systems (including satellite dishes and antennae),
televisions, computers, sprinkler systems and other fire prevention and
extinguishing apparatus and materials, security systems, motors, engines,
machinery, pipes,

                                   D-2-2

<PAGE>
<PAGE>

pumps, tanks, connectives, conduits, ducts, partitions, appliances,
equipment, apparatus, fittings and fixtures of every kind and description
but excluding the Lessee's inventory (all of the foregoing in this paragraph
being referred to as the "Equipment");
                          ---------

         (E)   all right, title and interest of the Grantor in and to all
substitutes and replacements of, and all additions and improvements to, the
Improvements and the Fixtures and Equipment, subsequently acquired by the
Grantor or constructed, assembled or placed by the Grantor on the Land,
immediately upon such acquisition, release, construction, assembling or
placement, including, without limitation, any and all building materials
whether stored at the Property or offsite, and, in each such case, without
any further conveyance, mortgage, assignment or other act by the Grantor;

         (F)   all right, title and interest of the Grantor in, to and under
all trade names, trade marks, logos, copyrights, good will and books and
records relating to or used in connection with the Property or any part
thereof or the operation thereof and all general intangibles related to the
operation of the Improvements now existing or hereafter arising;

         (G)   all right, title and interest of the Grantor in and to all
unearned premiums under insurance policies now or subsequently obtained by
the Lessee or Grantor relating to the Property or any part thereof and the
Grantor's interest in and to all proceeds of any such insurance policies
(including title insurance policies) including the right to collect and
receive such proceeds and all awards and other compensation, including the
interest payable thereon and the right to collect and receive the same, made
to the present or any subsequent owner of the Property for the taking by
eminent domain, condemnation or otherwise, of all or any part of the
Property or the use thereof or any easement or other right therein;

         (H)   all right, title and interest of the Grantor in and to (i) all
consents, licenses, building permits, certificates of occupancy and other
governmental approvals relating to construction, completion, occupancy, use
or operation of the Property or any part thereof, (ii) all Plans and
Specifications relating to the Property, (iii) the Construction Contract,
(iv) the Architect's Agreement, (v) all contracts and agreements relating to
the acquisition and installation of the Equipment and (vi) the Construction
Agency Agreement;

         (I)   the Guaranty, the Master Lease Agreement, dated as of the date
hereof, between the Grantor, as Lessor, and the Lessee described below (as
restated, amended, supplemented or otherwise modified from time to time, the
"Lease"), all Rent and all other rents, payments, purchase prices or
 -----
proceeds, receipts, revenues, income avails, Awards, Loss Proceeds, issues
and profits payable under the Lease or any of the Operative Documents
(including, without limitation, the Recourse Deficiency Amount) or pursuant
to any other lease, sublease, license or other use or occupancy agreement or
arrangement with respect to the Property;

         (J)   all right, title and interest of the Grantor under completion
bonds, performance bonds payment bonds and other similar bonds and surety
agreements and arrangements related to the Property or any party thereof;
and

         (K)   all proceeds, both cash and noncash, of the foregoing;

                                   D-2-3

<PAGE>
<PAGE>

         (All of the foregoing property and rights and interests now owned
or held or subsequently acquired by the Grantor and described in the
foregoing clauses (A) through (K) are collectively referred to as the "Trust
                                                                       -----
Property").
--------

         TO HAVE AND TO HOLD the Trust Property and the rights and
privileges hereby granted unto the Trustee, its successors and assigns for
the uses and purposes set forth, until all amounts owed by and all other
obligations of the Grantor to the Lenders or the Agent, on behalf of the
Lenders, under the Notes, the Loan Agreement and the other Operative
Documents (collectively, the "Obligations") are indefeasibly paid and
                              -----------
performed in full.

         1.   Definitions. Capitalized terms not otherwise defined in this
              -----------
Deed of Trust shall have the respective meanings assigned thereto in the
Appendix A to the Master Agreement (as amended, supplemented or otherwise
----------
modified from time to time the "Master Agreement"), dated as of the date
                                ------ ---------
hereof among Regis Corporation, as Lessee, Construction Agent and Guarantor
(the "Lessee"), the Lessor, the Assignee, as Agent, and the Lenders parties
      ------
thereto (the "Lenders"), and the rules of interpretation set forth in
              -------
Appendix A shall apply to this Deed of Trust. Copies of the Master
----------
Agreement, the Lease and the other Operative Documents (as defined in the
Master Agreement) are on file at the office of the Agent.

         2.   Payment of Obligations. The Grantor shall pay the Obligations
              ----------------------
in accordance with the terms of the Loan Agreement, the Notes and the other
Operative Documents and perform each term to be performed by it under the
Loan Agreement, the Notes and the other Operative Documents.

         3.   Other Covenants. At any time and from time to time, upon the
              ---------------
written request of the Agent or the Trustee, and at the sole expense of the
Grantor (but only to the extent the Grantor has been reimbursed by the
Lessee), the Grantor will promptly and duly execute and deliver such further
instruments and documents and take such further actions as the Agent or the
Trustee reasonably may request for the purposes of obtaining or preserving
the full benefits of this Deed of Trust and of the rights and powers granted
by this Deed of Trust.

         4.   Default: Remedies.
              -----------------

         (A)   If a Loan Event of Default has occurred and is continuing and
the Loans have been accelerated pursuant to Section 5 of the Loan Agreement:
                                            ---------

         (B)   The Agent or its agents may enter and take possession of the
    Trust Property by actual physical possession or by written notice served
    personally upon or sent by registered or certified mail, postage
    prepaid, to the Grantor, and the Grantor shall surrender possession upon
    request, and the Agent may take possession without further authorization
    required and may let the Trust Property and sue for and otherwise
    collect and receive the rents, issues and profits thereof, make repairs
    and apply said rentals and profits, after payment of all necessary or
    proper charges and expenses, on account of the amounts hereby secured.

         (C)   The Agent shall, as a matter of contract right, at the option
    of the Agent, be entitled to the appointment of a receiver for the Trust
    Property, and the Grantor hereby

                                   D-2-4

<PAGE>
<PAGE>

    consents to such appointment without the posting of a bond or
    undertaking without regard to the value of the Trust Property and waives
    notice of any application therefor.

         (D)   The Trustee may foreclose this Deed of Trust as a mortgage
    pursuant to the applicable laws of the State of Arizona, or the Trustee,
    at the direction of the Agent, and without demand on the Grantor, may
    sell the Trust Property at public auction, as a whole or in such
    parcels, for cash or credit and, in addition to the requirements imposed
    by state law, upon any terms as the Trustee deems appropriate. Before
    such sale at public auction is made, there shall first be such notice of
    default and such notice or advertisement of the time, place and terms of
    sale as required by Applicable Law. Such sale may be postponed for any
    reason, from time to time, to the extent permitted by Applicable Law. In
    the event the sale is postponed, the Trustee shall advertise or give
    notice of any subsequent sale in the same manner as the original
    advertisement or notice of the sale provided above or otherwise as may
    be permitted by Applicable Law. The Trustee shall execute and deliver to
    the purchaser its Trustee's deed conveying that portion of the Trust
    Property so sold, but without any covenant or warranty, express or
    implied. The recitals in the Trustee's deed of any matters or facts
    shall be conclusive proof of the truthfulness thereof. The Agent or any
    Lender may become the purchaser of the Trust Property so sold, and no
    purchaser shall be required to see to the proper application of the
    purchase money. Unless otherwise required by Applicable Law, the Trustee
    shall apply the proceeds of sale as directed by the Agent. The Grantor
    agrees to surrender possession of the Trust Property so sold to the
    purchaser at the sale immediately after such sale.

         (a)   The Grantor hereby waives the benefit of all appraisement,
valuation, stay, extension, reinstatement and redemption laws (whether
equitable or statutory) now or hereafter in force and all rights of
marshaling in the event of any sale of the Trust Property or any interest
therein.

         (b)   In the event of a trustee's or other foreclosure sale
hereunder and if at the time of such sale the Grantor or any other party
(other than a tenant under the Lease to the extent the Agent shall have
expressly subordinated the lien of this Deed of Trust or a tenant with whom
the Agent has entered into a written covenant of nondisturbance to the
extent provided in such covenant) occupies the portion of the Trust Property
so sold or any part thereof, such occupant shall immediately become the
tenant of the purchaser at such sale, which tenancy shall be a tenancy from
day to day, terminable at the will of such purchaser, at a reasonable rental
per day based upon the value of the portion of the Trust Property so
occupied (but not less than any rental theretofore paid by such tenant,
computed on a daily basis). An action of forcible detainer shall lie if any
such tenant holds over after a demand in writing for possession of such
portion of the Trust Property.

         2.   Remedies Not Exclusive. The Trustee shall be entitled to
              ----------------------
enforce payment of the indebtedness and performance of the Obligations and
to exercise all rights and powers under this Deed of Trust or under any of
the other Operative Documents or other agreement or any laws now or
hereafter in force, notwithstanding some or all of the Obligations may now
or hereafter be otherwise secured, whether by deed of trust, deed to secure
debt, mortgage, security

                                   D-2-5

<PAGE>
<PAGE>

agreement, pledge, lien, assignment or otherwise. Neither the acceptance of
this Deed of Trust nor its enforcement, shall prejudice or in any manner
affect the Trustee's right to realize upon or enforce any other security now
or hereafter held by the Trustee, it being agreed that the Trustee shall be
entitled to enforce this Deed of Trust and any other security now or
hereafter held by the Trustee in such order and manner as the Trustee or the
Agent may determine in its or their absolute discretion. No remedy herein
conferred upon or reserved to the Trustee or the Agent is intended to be
exclusive of any other remedy herein or by law provided or permitted, but
each 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. Every power or remedy given by any of the Operative Documents to
the Trustee or the Agent or to which they may otherwise be entitled, may be
exercised, concurrently or independently, from time to time and as often as
may be deemed expedient by the Agent. In no event shall the Trustee, in the
exercise of the remedies provided in this Deed of Trust (including, without
limitation, in connection with the assignment of Rent to the Agent, or the
appointment of a receiver and the entry of such receiver on to all or any
part of the Trust Property), be deemed a "mortgagee in possession," and the
Trustee shall not in any way be made liable for any act, either of
commission or omission, in connection with the exercise of such remedies.

         3.   Performance by the Trustee or the Agent of the Grantor's
              --------------------------------------------------------
Obligations. If the Grantor fails to perform or comply with any of its
-----------
agreements contained herein, the Trustee or the Agent, at its or their
option, but without any obligation so to do, may perform or comply, or
otherwise cause performance or compliance, with such agreement. The expenses
of the Trustee and the Agent incurred in connection with actions undertaken
as provided in this Section, together with interest thereon at a rate per
annum equal to the Overdue Rate, from the date of payment by the Trustee or
the Agent, as applicable, to the date reimbursed by the Grantor, shall be
payable by the Grantor to the Trustee or the Agent on demand (but only to
the extent the Grantor has been reimbursed by the Lessee).

         4.   Duty of the Trustee. The Trustee's sole duty with respect to
              -------------------
the custody, safekeeping and physical preservation of any Trust Property in
its possession, under Section 9-207 of the Uniform Commercial Code as in
effect in the state in which the Trust Property is located (the "UCC") or
otherwise, shall be to deal with it in the same manner as the Trustee,
acting with reasonable care, deals with the preservation and custody of
similar property for its own account. Neither the Trustee, the Agent nor any
of their respective directors, officers, employees or agents shall be liable
for failure to demand, collect or realize upon any of the Trust Property or
for any delay in doing so or shall be under any obligation to sell or
otherwise dispose of any Trust Property upon the request of the Grantor or
any other Person or to take any other action whatsoever with regard to the
Trust Property or any part thereof.

         5.   Powers Coupled with an Interest. All powers, authorizations
              -------------------------------
and agencies contained in this Deed of Trust are coupled with an interest
and are irrevocable until this Deed of Trust is terminated and the lien
created hereby is released.

         6.   Execution of Financing Statements. Pursuant to Section 9-402
              ---------------------------------
of the UCC, the Grantor authorizes the Trustee or the Agent to file
financing statements with respect to the Trust Property without the
signature of the Grantor in such form and in such filing offices as

                                   D-2-6

<PAGE>
<PAGE>

the Trustee or the Agent reasonably determines appropriate to perfect the
security interests of the Trustee and the Agent under this Deed of Trust. A
carbon, photographic or other reproduction of this Deed of Trust shall be
sufficient as a financing statement for filing in any jurisdiction.

         7.   Security Agreement under Uniform Commercial Code.
              ------------------------------------------------

         (a)   It is the intention of the parties hereto that this Deed of
Trust shall constitute a security agreement within the meaning of the UCC,
and the Grantor hereby grants the Agent, for the benefit of the Lenders, a
security interest in the Fixtures, Equipment, Lease (including, without
limitation, the Rents therefrom) and all other Trust Property which is
personal property, including, without limitation, all proceeds, both cash
and noncash, of any of the foregoing (collectively, the "Personal Property").
                                                         -----------------

         (b)   If a Loan Event of Default shall occur and is continuing and
the Loans have been accelerated pursuant to Section 5 of the Loan Agreement,
                                            ---------
then in addition to having any other right or remedy available at law or in
equity, the Trustee, at the direction of the Agent, shall have the option of
either (i) proceeding under the UCC and exercising such rights and remedies
as may be provided to a secured party by the UCC with respect to all or any
portion of the Trust Property which is personal property (including, without
limitation, taking possession of and selling such property) or (ii) treating
such property as real property and proceeding with respect to both the real
and personal property constituting the Trust Property in accordance with the
Trustee's rights, powers and remedies with respect to the real property (in
which event the default provisions of the UCC shall not apply). If the
Trustee, at the direction of the Agent, shall elect to proceed under the
UCC, then five (5) days' notice of sale of the personal property shall be
deemed reasonable notice and the reasonable expenses of retaking, holding,
preparing for sale, selling and the like incurred by the Trustee or the
Agent shall include, but not be limited to, attorneys' fees and legal
expenses. At the Trustee's request, the Grantor shall assemble the personal
property and make it available to the Trustee and the Agent at a place
designated by the Trustee or the Agent which is reasonably convenient to
both parties. The Grantor stipulates and agrees that a sale of the Personal
Property in conjunction with the Trust Property is a commercially reasonable
manner of disposing of the Personal Property. The Agent also may (x) require
the Grantor to, and the Grantor hereby agrees that the Grantor will at the
Grantor's expense and upon request of the Agent forthwith, assemble all or
part of the Personal Property as directed by the Agent and make it available
to the Agent at a place to be designated by the Agent which is reasonably
convenient to the parties, and (y) sell the Personal Property or any part
thereof in one or more parcels at public or private sale for cash or credit
or for future delivery, and at such price or prices and upon such other
terms as the Agent may deem commercially reasonable. The Agent shall not be
obligated to make any sale of the Personal Property regardless of notice of
sale having been given. The Agent may adjourn any public or private sale
from time to time by announcement at the time and place fixed therefor, and
such sale may, without further notice, be made at the time and place to
which it was so adjourned.

         (c)   The Grantor, the Trustee and the Agent agree, to the extent
permitted by law, that this Deed of Trust upon recording or registration in
the real estate records of the proper office shall constitute a financing
statement filed as a "fixture filing" within the meaning of Sections 9-313
and 9-402 of the UCC.

                                   D-2-7

<PAGE>
<PAGE>

         (d)   The Grantor, upon request by the Trustee or the Agent from
time to time, shall execute, acknowledge and deliver to the Trustee or the
Agent one or more separate security agreements, in form satisfactory to the
Trustee and the Agent, covering all or any part of the Trust Property and
will further execute, acknowledge and deliver, or cause to be executed,
acknowledged and delivered, any financing statement, affidavit, continuation
statement or certificate or other document as the Trustee or the Agent may
request in order to perfect, preserve, maintain, continue or extend the
security interest under and the priority of this Deed of Trust and such
security instrument. The Grantor further agrees to pay to the Trustee and
the Agent on demand all costs and expenses incurred by the Trustee or the
Agent in connection with the preparation, execution, recording, filing and
re-filing of any such document and all reasonable costs and expenses of any
record searches for financing statements the Trustee or the Agent shall
reasonably require; provided, however, that the Grantor shall not be liable
                    --------  -------
for payment of any amount under this Section to the extent Lessee is
responsible for payment of such amount under the Lease or the Master
Agreement. If the Grantor shall fail to furnish any financing or
continuation statement within ten (10) days after request by the Trustee or
the Agent, then pursuant to the provisions of the UCC, the Grantor hereby
authorizes the Trustee and the Agent, without the signature of the Grantor,
to execute and file any such financing and continuation statements. The
filing of any financing or continuation statements in the records relating
to personal property or chattels shall not be construed as in any way
impairing the right of the Trustee to proceed against any personal property
encumbered by this Deed of Trust as real property, as set forth above.

         8.   Notices. All notices, requests and demands to or upon the
              -------
Trustee, the Agent or the Grantor shall be given in accordance with Section
                                                                    -------
8.2 of the Master Agreement.
---

         9.   Severability. Any provision of this Deed of Trust which is
              ------------
prohibited or unenforceable shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining
provisions hereof.

         10.   Amendments in Writing; No Waiver; Cumulative Remedies.
               -----------------------------------------------------

         (a)   None of the terms or provisions of this Deed of Trust may be
waived, amended, supplemented or otherwise modified except by a written
instrument executed by the Grantor, the Trustee and the Agent in accordance
with the terms of the Loan Agreement.

         (b)   No failure to exercise, nor any delay in exercising, on the
part of the Trustee or the Agent, any right, power or privilege hereunder
shall operate as a waiver thereof. No single or partial exercise of any
right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A
waiver by the Agent of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which the Trustee or
the Agent would otherwise have on any future occasion.

         (c)   The rights and remedies herein provided are cumulative, may
be exercised singly or concurrently and are not exclusive of any other
rights or remedies provided by law.

                                   D-2-8

<PAGE>
<PAGE>

         11.   Section Headings. The section headings used in this Deed of
               ----------------
Trust are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation
hereof.

         12.   Successors and Assigns. This Deed of Trust shall run with the
               ----------------------
land and be binding upon the successors and assigns of the Grantor and shall
inure to the benefit of the Trustee, the Agent, on behalf of the Lenders,
and their respective successors and assigns.

         13.   Grantor's Waiver of Rights. Except as otherwise set forth
               --------------------------
herein, to the fullest extent permitted by law, the Grantor waives the
benefit of all laws now existing or that may subsequently be enacted
providing for (i) any appraisement before sale of any portion of the Trust
Property, (ii) any extension of the time for the enforcement of the
collection of the indebtedness or the creation or extension of a period of
redemption from any sale made in collecting such debt and (iii) exemption of
the Trust Property from attachment, levy or sale under execution or
exemption from civil process. Except as otherwise set forth herein, to the
full extent the Grantor may do so, the Grantor agrees that the Grantor will
not at any time insist upon, plead, claim or take the benefit or advantage
of any law now or hereafter in force providing for any appraisement,
valuation, stay, exemption, extension, reinstatement or redemption, or
requiring foreclosure of this Deed of Trust before exercising any other
remedy granted hereunder, and the Grantor, for the Grantor and its
successors and assigns, and for any and all Persons ever claiming any
interest in the Trust Property, to the extent permitted by law, hereby
waives and releases all rights of reinstatement, redemption, valuation,
appraisement stay of execution, notice of election to mature or declare due
the whole of the secured indebtedness and marshaling in the event of
foreclosure of the liens hereby created.

         14.   GOVERNING LAW. THIS DEED OF TRUST SHALL BE GOVERNED BY, AND
               -------------
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
ARIZONA. NOTWITHSTANDING THE FOREGOING, THE MASTER AGREEMENT, LOAN
AGREEMENT, AND NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE.

         15.   Partial Release; Full Release. The Agent, may release, for
               -----------------------------
such consideration or none, as it may require, any portion of the Trust
Property without, as to the remainder of the Trust Property, in any way
impairing or affecting the lien, security interest and priority herein
provided for the Trustee compared to any other lien holder or secured party.

         16.   Miscellaneous.
               -------------

         (a)   If (a) the Trust Property shall consist of one or more
parcels, whether or not contiguous and whether or not located in the same
city or county, or (b) in addition to this instrument, the Trustee and the
Agent shall now or hereafter hold one or more additional mortgages, liens,
deeds of trust or other security (directly or indirectly) for the
obligations secured hereby upon other property in the state in which the
Trust Property is located (whether or not such property is owned by the
Grantor or by others) or (c) both the circumstances described

                                   D-2-9

<PAGE>
<PAGE>

in clauses (a) and (b) shall be true, then to the fullest extent permitted
by law, the Trustee and the Agent may, in their discretion, commence or
consolidate in a single foreclosure action all foreclosure proceedings
against all such collateral securing the Obligations (including the Trust
Property), which action may be brought or consolidated in the courts of any
county in which any of such collateral is located. The Grantor acknowledges
that the right to maintain a consolidated foreclosure action is a specific
inducement to the Agent to extend the Obligations, and the Grantor expressly
and irrevocably waives any objections to the commencement or consolidation
of the foreclosure proceedings in a single action and any objections to the
laying of venue or based on the grounds of forum non conveniens which it may
                                           ----- --- ----------
now or hereafter have. The Grantor further agrees that if the Trustee or the
Agent shall be prosecuting one or more foreclosure or other proceedings
against a portion of the Trust Property or against any collateral other than
the Trust Property, which collateral directly or indirectly secures the
Obligations, or if the Trustee or the Agent shall have obtained a judgment
of foreclosure and sale or similar judgment against such collateral, then,
whether or not such proceedings are being maintained or judgments were
obtained in or outside the state in which the Trust Property is located, the
Trustee and the Agent may commence or continue foreclosure proceedings and
exercise its other remedies granted in this instrument against all or any
part of the Trust Property, and the Grantor waives any objections to the
commencement or continuation of a foreclosure of this instrument or exercise
of any other remedies hereunder based on such other proceedings or judgments
and waives any right to seek to dismiss, stay, remove, transfer or
consolidate either any action under this instrument or such other
proceedings on such basis. Neither the commencement nor continuation of
proceedings to foreclose this instrument nor the exercise of any other
rights hereunder nor the recovery of any judgment by the Trustee and the
Agent in any such proceedings shall prejudice, limit or preclude the
Trustee's and the Agent's rights to commence or continue one or more
foreclosure or other proceedings or obtain a judgment against any other
collateral (either in or outside the state in which the Trust Property is
located) which directly or indirectly secures the obligations secured
hereby. The Grantor hereby waives (i) any objections to the commencement or
continuation of an action to foreclose this Deed of Trust or exercise of any
other remedies hereunder based on any action being prosecuted or any
judgment entered with respect to the Obligations or any liens or security
interests that secure payment and performance of the Obligations and (ii)
any objections to the commencement of, continuation of, or entry of a
judgment in any such other action based on any action or judgment connected
to this Deed of Trust. The Grantor also waives any right to seek to dismiss,
stay, remove, transfer or consolidate either such other proceedings or any
action under this instrument based on any action or judgment connected to
this instrument. It is expressly understood and agreed that to the fullest
extent permitted by law, the Trustee may, at its election, cause the sale of
all collateral which is the subject of a single foreclosure action at either
a single sale or at multiple sales conducted simultaneously and take such
other measures as are appropriate in order to effect the agreement of the
parties to dispose of and administer all collateral securing the obligations
secured hereby (directly or indirectly) in the most economical and least
time-consuming manner. In case of a foreclosure sale, the Trust Property may
be sold, at the Trustee's election, in one parcel or in more than one parcel
and the Trustee is specifically empowered (without being required to do so,
and in its sole and absolute discretion) to cause successive sales of
portions of the Trust Property to be held.

                                   D-2-10

<PAGE>
<PAGE>

         (b)   Except as expressly provided in the Operative Documents, the
Agent and the Trustee, with the express written consent of the Grantor, may
at any time or from time to time renew or extend this Deed of Trust, or
alter or modify the same in any way. The Agent may waive any of the terms,
covenants or conditions hereof in whole or in part and may release any
portion of the Trust Property or any other security, and grant such
extensions and indulgences in relation to the Obligations secured hereby as
the Agent may determine without the consent of any other Person (including,
without limitation, the Grantor) and without any obligation to give notice
of any kind thereto and without in any manner affecting the priority of the
lien hereof on any part of the Trust Property.

         (c)   The Trustee shall be under no duty to take any action
hereunder except as expressly required, to perform any act which would
involve it in expense or liability, or to institute or defend any suit in
respect hereof, unless properly indemnified to its satisfaction. All
reasonable expenses, charges, counsel fees and other disbursements incurred
by Trustee from and after the occurrence of a Loan Event of Default in and
about the administration and execution of the trust created hereby, and the
performance of its duties and powers hereunder shall be secured by this Deed
of Trust prior to the indebtedness represented by the Notes and shall bear
interest at the Overdue Rate set forth in the Operative Documents. The
Agent, with or without cause, is hereby authorized and empowered to
substitute and appoint, at any time and from time to time, by an instrument
recorded wherever this Deed of Trust is recorded, a trustee in the place of
any Trustee hereunder.

         (d)   Reserved.

         (e)   The Grantor agrees to indemnify, defend and hold the Trustee
harmless from and against any and all liability, loss, damage and expense,
including reasonable attorneys' fees, which it may incur by reason of this
Deed of Trust or by reason of any action taken by the Trustee hereunder, and
from and against any and all claims and demands whatsoever which may be
asserted against the Trustee by reason of any alleged obligation or
undertaking on its part to perform or discharge any of the terms, covenants
or conditions contained herein, unless caused by the gross negligence or
willful misconduct of the Trustee. Should the Trustee incur any such
liability, loss, damage or expense, the amount thereof, together with
interest thereon at the Overdue Rate set forth in the Operative Documents,
shall be secured by this Deed of Trust and shall be payable by the Grantor
to the Trustee within ten (10) days after demand therefor.

         (f)   Nothing contained in this Deed of Trust shall operate or be
construed to obligate the Trustee, the Agent or any Lender to perform any of
the terms, covenants or conditions contained in any lease of the Trust
Property or otherwise to impose any obligation upon the Trustee, the Agent
or any Lender with respect to any such lease. This Deed of Trust shall not
operate to place upon the Trustee, the Agent or any Lender any
responsibility for the operation, control, care, management or repair of the
Trust Property prior to the Trustee, the Agent or any Lender taking
possession thereof, and the execution of this Deed of Trust by the Grantor
shall constitute conclusive evidence that all responsibility for the
operation, control, care, management and repair of the Trust Property prior
to the Trustee, the Agent or any such Lender taking possession thereof is
and shall be that of the Grantor.

                                   D-2-11

<PAGE>
<PAGE>

         17.   Future Advances; Revolving Credit. This Deed of Trust is
               ---------------------------------
given to secure not only existing indebtedness, but also future advances
made pursuant to or as provided in the Loan Agreement and the other
Operative Documents, whether such advances are obligatory or to be made at
the option of the Lenders, or otherwise, to the same extent as if such
future advances were made on the date of execution of this Deed of Trust,
although there may be no advance made at the time of execution hereof, and
although there may be no indebtedness outstanding at the time any advance is
made. To the fullest extent permitted by law, the lien of this Deed of Trust
shall be valid as to all such indebtedness, including all revolving credit
and future advances, from the time this Deed of Trust is recorded.

                                   D-2-12

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, the undersigned has caused this Deed of Trust
to be duly executed and delivered as of the date first above written.

                                 ATLANTIC FINANCIAL GROUP, LTD.,
                                 a Texas limited partnership (registered to do
                                 business in Arizona as AFG Equity, Limited
                                 Partnership), as Grantor

                                 By: Atlantic Financial Managers, Inc., a Texas
                                     corporation, its General Partner

                                     By:
                                          ----------------------------------
                                     Name:
                                           ---------------------------------
                                     Title:
                                            --------------------------------

STATE OF
         --------------------   )
COUNTY OF                       )   ss.
          -------------------   )

         The foregoing instrument was acknowledged before me this       day
                                                                  -----
of November, 2000, by                                  , the
                      ---------------------------------
                                 , of Atlantic Financial Managers, Inc., a
---------------------------------
Texas corporation, general partner of ATLANTIC FINANCIAL GROUP, LTD., a
Texas limited partnership, on behalf of the limited partnership.

                                 -------------------------------------------
                                                Notary Public

My Commission Expires:

---------------------------

                                  D-2-N-1

<PAGE>
<PAGE>

                                  EXHIBIT A

                             Description of Land
                             -------------------

                                [TO BE ADDED]

<PAGE>
<PAGE>

                                  EXHIBIT B

                            Schedule of Equipment
                            ---------------------

                                [TO BE ADDED]

                                    D-2-1

<PAGE>
<PAGE>

                                                                   EXHIBIT F
                                                         TO MASTER AGREEMENT

                     ASSIGNMENT AND ACCEPTANCE AGREEMENT

To:      SunTrust Bank
         303 Peachtree Street, 3rd Floor
         Mail Code 1928
         Atlanta, Georgia  30308
         Attention:  Linda L. Dash

                       Re: EDWARD D. JONES & CO., L.P.
                           ---------------------------

Ladies and Gentlemen:

         We refer to Section 6.2 of the Master Agreement, dated as of
                     -----------
November    , 2000 (as heretofore or hereafter amended, the "Master
         ---                                                 ------
Agreement"), among Edward D. Jones & Co., L.P., as Lessee, Guarantor and
---------
Construction Agent, Atlantic Financial Group, Ltd., as Lessor, SunTrust Bank
and certain financial institutions parties thereto, as Lenders, and SunTrust
Bank, as Agent. Unless otherwise defined herein or the context otherwise
requires, terms used herein have the meanings provided in the Master
Agreement.

         This agreement is delivered to you pursuant to Section 6.2 of the
                                                        -----------
Master Agreement and also constitutes notice to you, of the assignment to
                (the "Assignee") of     % of (i) its Commitment and (ii) the
---------------       --------      ----
A Loans and B Loans of                      (the "Assignor") outstanding
                       --------------------       --------
under the Loan Agreement and Master Agreement on the date hereof, which
assignment shall be effective as of                  ,      . After giving
                                    ------------- ---  -----
effect to the foregoing assignment, the Assignor's and the Assignee's
Commitment Percentage for the purposes of the Loan Agreement and Master
Agreement are set forth opposite such Person's name on the signature pages
hereof.

         [Add paragraph dealing with accrued interest and fees with respect
to Loans assigned.]

         The Assignee hereby acknowledges and confirms that it is an
Eligible Assignee and that it has received a copy of each of the Operative
Documents. The Assignee further confirms and agrees that in becoming a
Lender and in making its Loans under the Loan Agreement, such actions have
and will be made without recourse to, or representation or warranty by, the
Agent, the Assignor or the Lessor.

         Except as otherwise provided in the Master Agreement, effective as
of the date of acceptance hereof by the Agent and the Lessee:

                                    F-1

<PAGE>
<PAGE>

         (a)   the Assignee
               ------------

               (i)    shall be deemed automatically to have become a party
    to the Master Agreement and the Loan Agreement, have all the rights and
    obligations of a "Lender" under the Master Agreement, the Loan Agreement
    and the other Operative Documents as if it were an original signatory
    thereto to the extent specified in the second paragraph hereof; and

               (ii)   agrees to be bound by the terms and conditions set
    forth in the Master Agreement, the Loan Agreement and the other
    Operative Documents that are applicable to a Lender, and makes the
    representations and warranties of a Lender therein, as if it were an
    original signatory thereto; and

         (b)   the Assignor shall be released from its obligations under the
Master Agreement, the Loan Agreement and the other Operative Documents to
the extent of the interest assigned hereby as specified in the second
paragraph hereof; provided, that the Assignor shall not be relieved of any
such obligation arising prior to the date specified in the second paragraph
hereof.

    The Assignor and the Assignee hereby agree that the [Assignor]
[Assignee] will pay to the Agent the processing fee referred to in Section
                                                                   -------
6.2 of the Master Agreement upon the delivery hereof.
---

    The Assignee hereby advises you of the following administrative details
with respect to the assigned Loans and requests the Agent to acknowledge
receipt of this document:

         A.   Address for Notices:

                     Institution Name:
                     Attention:
                     Telephone:
                     Facsimile:

         B.   Payment Instructions:

    This Agreement may be executed by the Assignor and Assignee in separate
counterparts, each of which when so executed and delivered shall be deemed
to be an original and all of which taken together shall constitute one and
the same agreement.

                                    F-2

<PAGE>
<PAGE>

Adjusted Commitment Percentage                          [ASSIGNOR]
------------------------------

                %                           By:
         -------                                -----------------------------
                                            Title:
                                                   --------------------------

Commitment Percentage        %                          [ASSIGNEE]
                      -------

                                            By:
                                                -----------------------------
                                                Name Printed:
                                                              ---------------
                                                Title:
                                                       ----------------------

Accepted and Acknowledged
this      day of             ,
     ----        ------------  ----

SUNTRUST BANK,
       as Agent

       By:
          --------------------------------------
       Name Printed:
                    ----------------------------
       Title:
             -----------------------------------

EDWARD D. JONES & CO., L.P.
By:    EDJ Holding Company, Inc.,
       its sole general partner

       By:
          --------------------------------------
       Name Printed:
                     ---------------------------
       Title:
              ----------------------------------

                                    F-3

<PAGE>
<PAGE>

                                                                   EXHIBIT H
                                                         TO MASTER AGREEMENT

                     FORM OF COMPLETION DATE CERTIFICATE

TO:      Lessor, Agent and each Lender (as defined in the Master Agreement
         referred to below)

         Reference is hereby made to the Master Agreement, dated as of
November    , 2000 (as heretofore amended, the "Master Agreement"), among
         ---                                    ----------------
Edward D. Jones & Co., L.P., as Lessee, Guarantor and Construction Agent,
Atlantic Financial Group, Ltd., as Lessor, SunTrust Bank and certain
financial institutions parties thereto, as Lenders, and SunTrust Bank, as
Agent, and joined in by The Jones Financial Companies, L.L.L.P. Unless
otherwise defined herein or the context otherwise requires, terms used
herein have the meanings provided in the Master Agreement. This Certificate
is being delivered pursuant to Section 3.5(c) of the Master Agreement.

         The Construction Agent hereby certifies to you that as of
                 ,      (the "Completion Date") with respect to the Leased
-----------------  ----
Property:

         3.   All amounts owing to third parties for the Construction have
been paid in full (other than contingent obligations for which the
Construction Agent has made adequate reserves), and no litigation or
proceedings are pending, or to the best of the Construction Agent's
knowledge, are threatened, against the Leased Property, the Construction
Agent or the Lessee which could reasonably be expected to have a Material
Adverse Effect.

         4.   All material consents, licenses and permits and other
governmental authorizations or approvals required for the Construction and
operation of the Leased Property have been obtained and are in full force
and effect.

         5.   The Leased Property has available all services of public
facilities and other utilities necessary for the use and operation of the
Leased Property for its intended purposes, including, without limitation,
adequate water, gas and electrical supply, storm and sanitary sewerage
facilities, telephone, other required public utilities and means of access
between the Building and public highways for pedestrians and motor vehicles.

         6.   All material agreements, easements and other rights, public or
private, which are necessary to permit the lawful use and operation of the
Leased Property as the Lessee intends to use the Leased Property under the
Lease and which are necessary to permit the lawful intended use and
operation of all then intended utilities, driveways, roads and other means
of egress and ingress to and from the same have been obtained and are in
full force and effect and neither the Construction Agent nor the Lessee has
any knowledge of any pending modification or cancellation of any of the
same, and the use of the Leased Property does not depend on any

                                    H-1

<PAGE>
<PAGE>

variance, special exception or other municipal approval, permit or consent
that has not been obtained and is in full force and effect for its
continuing legal use.

         7.   All of the requirements and conditions set forth in Section
                                                                  -------
3.5(b) of the Master Agreement have been completed and fulfilled with
------
respect to the Leased Property and the Construction.

         8.   To the best of the Construction Agent's knowledge, the Leased
Property is in compliance in all material respects with all applicable
zoning laws and regulations.

         The Construction Agent has caused this Completion Date Certificate
to be executed and delivered by its duly authorized officer this
              ,      .
--------------  -----

                                     EDWARD D. JONES & CO., L.P.

                                     By:  EDJ Holding Company, Inc., its sole
                                          general partner

                                          By:
                                              --------------------------------
                                          Name Printed:
                                                        ----------------------
                                          Title:
                                                 -----------------------------

                                    H-2

<PAGE>
<PAGE>

                                                                   EXHIBIT I
                                                         TO MASTER AGREEMENT

                             PAYMENT DATE NOTICE

Atlantic Financial Group, Ltd.
2305 Cedar Springs Road
Suite 415
Dallas, Texas  75201
Attention: Stephen S. Brookshire

SunTrust Bank
303 Peachtree Street, 3rd Floor
Mail Code 1928
Atlanta, Georgia  30308
Attention: Linda L. Dash

                       Re: EDWARD D. JONES & CO., L.P.
                           ---------------------------

Ladies and Gentlemen:

         This Payment Date Notice is delivered to you pursuant to Section
2.3(d) of the Master Agreement, dated as of November    , 2000 (together
                                                     ---
with all amendments, if any, from time to time made thereto, the "Master
                                                                  ------
Agreement"), among Edward D. Jones & Co., L.P., as Lessee, Guarantor and
---------
Construction Agent, Atlantic Financial Group, Ltd., as Lessor, SunTrust Bank
and certain financial institutions parties thereto, as Lenders, and SunTrust
Bank, as Agent, and joined in by The Jones Financial Companies, L.L.L.P.
Unless otherwise defined herein or the context otherwise requires, terms
used herein have the meanings provided in the Master Agreement.

              Edward D. Jones & Co., L.P., as Construction Agent, hereby
         requests that on            :
                          -----------

         1.   $            of the presently outstanding Funded Amounts
               -----------
originally made on                 ,       [and $              of the
                   ------------ ---  -----       -------------
presently outstanding Funded Amounts originally made on                ,
                                                        ---------------
     ],
-----

         2.   and all presently being maintained as (1)[LIBOR Advances] [Base
Rate Advances],

         3.   be [converted into] [continued as],

         4.   (2)[LIBOR Advances having a Rent Period of _____ months] [Base
Rate Advances].

<FN>
---------------
(1) Select appropriate interest rate option.

                                    I-1

<PAGE>
<PAGE>

Edward D. Jones & Co., L.P., as Lessee, Guarantor and Construction Agent,
hereby certifies and warrants that no Potential Event of Default or Event of
Default has occurred and is continuing.

         Edward D. Jones & Co., L.P. has caused this Payment Date Notice to
be executed and delivered, and the certification and warranty contained
herein to be made, by its authorized officer this       day of
                                                  -----
              , 2000.
--------------
                                     EDWARD D. JONES & CO., L.P.

                                     By:  EDJ Holding Company, its sole
                                          general partner

                                          By:
                                              -------------------------------
                                          Name Printed:
                                                        ---------------------
                                          Title:
                                                 ----------------------------

<FN>
---------------
(2) Insert appropriate interest rate option.

                                    I-2<PAGE>

                                                                 Exhibit 10.19
                                                                 -------------

==============================================================================

                             MASTER LEASE AGREEMENT

                          Dated as of November 30, 2000

                                     between

                         ATLANTIC FINANCIAL GROUP, LTD.
   (registered to do business in Arizona as AFG Equity, Limited Partnership),
                                   as Lessor,

                                       and

                          EDWARD D. JONES & CO., L.P.,
                                    as Lessee

==============================================================================

<PAGE>
<PAGE>

<TABLE>
                                                  TABLE OF CONTENTS
                                                  (Lease Agreement)
<CAPTION>

                                                                                                             Page
<S>              <C>                                                                                         <C>
ARTICLE I         DEFINITIONS...................................................................................1
                  -----------

ARTICLE II        LEASE OF LEASED PROPERTY......................................................................1
                  ------------------------
Section 2.1       Restatement of Bridge Lease; Acceptance and Lease of Property.................................1
Section 2.2       Acceptance Procedure..........................................................................2

ARTICLE III       RENT..........................................................................................2
                  ----
Section 3.1       Basic Rent....................................................................................2
Section 3.2       Supplemental Rent.............................................................................2
Section 3.3       Method of Payment.............................................................................2
Section 3.4       Late Payment..................................................................................3
Section 3.5       Net Lease; No Setoff, Etc.....................................................................3
Section 3.6       Certain Taxes.................................................................................4
Section 3.7       Utility Charges...............................................................................5

ARTICLE IV        WAIVERS.......................................................................................5
                  -------

ARTICLE V         LIENS; EASEMENTS; PARTIAL CONVEYANCES.........................................................6
                  -------------------------------------

ARTICLE VI        MAINTENANCE AND REPAIR; ALTERATIONS, MODIFICATIONS AND ADDITIONS..............................7
                  ----------------------------------------------------------------
Section 6.1       Maintenance and Repair; Compliance With Law...................................................7
Section 6.2       Improvements and Alterations..................................................................8
Section 6.3       Title to Alterations..........................................................................9
Section 6.4       Lessee's Personal Property...................................................................10

ARTICLE VII       USE..........................................................................................10
                  ---

ARTICLE VIII      INSURANCE....................................................................................10
                  ---------

ARTICLE IX        ASSIGNMENT AND SUBLEASING....................................................................12
                  -------------------------

ARTICLE X         LOSS, DESTRUCTION, CONDEMNATION OR DAMAGE....................................................12
                  -----------------------------------------
Section 10.1      Event of Loss................................................................................12
Section 10.2      Event of Taking..............................................................................13
Section 10.3      Casualty.....................................................................................13
Section 10.4      Condemnation.................................................................................14
Section 10.5      Verification of Restoration and Rebuilding...................................................14

                                       i

<PAGE>
<PAGE>

Section 10.6      Application of Payments......................................................................14
Section 10.7      Prosecution of Awards........................................................................15
Section 10.8      Application of Certain Payments Not Relating to an Event of Taking...........................16
Section 10.9      Other Dispositions...........................................................................16
Section 10.10     No Rent Abatement............................................................................16

ARTICLE XI        INTEREST CONVEYED TO LESSEE..................................................................16
                  ---------------------------

ARTICLE XII       EVENTS OF DEFAULT............................................................................17
                  -----------------

ARTICLE XIII      ENFORCEMENT..................................................................................22
                  -----------
Section 13.1      Remedies.....................................................................................22
Section 13.2      Remedies Cumulative; No Waiver; Consents.....................................................24
Section 13.3      Purchase Upon an Event of Default............................................................25

ARTICLE XIV       SALE, RETURN OR PURCHASE  OF LEASED PROPERTY; RENEWAL........................................25
                  -----------------------------------------------------
Section 14.1      Lessee's Option to Purchase..................................................................25
Section 14.2      Conveyance to Lessee.........................................................................26
Section 14.3      Acceleration of Purchase Obligation..........................................................26
Section 14.4      Determination of Purchase Price..............................................................26
Section 14.5      Purchase Procedure...........................................................................26
Section 14.6      Option to Remarket...........................................................................27
Section 14.7      Rejection of Sale............................................................................29
Section 14.8      Return of Leased Property....................................................................30
Section 14.9      Renewal......................................................................................30
Section 14.10     Environmental Report.........................................................................31

ARTICLE XV        LESSEE'S EQUIPMENT...........................................................................31
                  ------------------

ARTICLE XVI       RIGHT TO PERFORM FOR LESSEE..................................................................32
                  ---------------------------

ARTICLE XVII      MISCELLANEOUS................................................................................32
                  -------------
Section 17.1      Reports......................................................................................32
Section 17.2      Binding Effect; Successors and Assigns.......................................................33
Section 17.3      Quiet Enjoyment..............................................................................33
Section 17.4      Notices......................................................................................33
Section 17.5      Severability.................................................................................34
Section 17.6      Amendment; Complete Agreements...............................................................34
Section 17.7      Construction.................................................................................34
Section 17.8      Headings.....................................................................................34
Section 17.9      Counterparts.................................................................................34
Section 17.10     GOVERNING LAW................................................................................34
Section 17.11     Reserved.....................................................................................35

                                       ii

<PAGE>
<PAGE>

Section 17.12     Liability of the Lessor Limited..............................................................35
Section 17.13     Estoppel Certificates........................................................................35
Section 17.14     No Joint Venture.............................................................................36
Section 17.15     No Accord and Satisfaction...................................................................36
Section 17.16     No Merger....................................................................................36
Section 17.17     Survival.....................................................................................36
Section 17.18     Chattel Paper................................................................................36
Section 17.19     Time of Essence..............................................................................36
Section 17.20     Recordation of Lease.........................................................................36
Section 17.21     Investment of Security Funds.................................................................36
Section 17.22     Ground Leases................................................................................37
Section 17.23     Land and Building............................................................................37

EXHIBIT A         Lease Supplement
</TABLE>

                                     iii

<PAGE>
<PAGE>

         THIS MASTER LEASE AGREEMENT (as from time to time amended,
supplemented, or otherwise modified from time to time, this "Lease"), dated
                                                             -----
as of November 30, 2000, is among ATLANTIC FINANCIAL GROUP, LTD., a Texas
limited partnership (registered to do business in Arizona as AFG Equity,
Limited Partnership) (together with its successors and assigns hereunder,
"Lessor"), as Lessor, and EDWARD D. JONES & CO., L.P., a Missouri limited
 ------
partnership (the "Lessee"), as Lessee.
                  ------
                              PRELIMINARY STATEMENT

         A.     Pursuant to the Bridge Lease, the Lessor acquired a leasehold
interest in the Land specified by the Construction Agent and is subleasing the
same to the Lessee, subject to the Ground Lease.

         B.     Pursuant to this Lease, the Lessor and the Lessee desire to
restate and amend the Bridge Lease, and the Lessor desires to lease to the
Lessee, and the Lessee desires to lease from the Lessor, the Land, as
described in the Lease Supplement.

         C.     The Construction Agent will construct, or cause to be
constructed, the Building on the Land, and the Building, as constructed,
will be the property of the Lessor and will become part of such property
subject to the terms of this Lease.

         In consideration of the mutual agreements herein contained and other
good and valuable consideration, receipt of which is hereby acknowledged, the
Lessor and the Lessee hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS
                                   -----------

         Terms used herein and not otherwise defined shall have the meanings
assigned thereto in Appendix A hereto for all purposes hereof, and the rules
                    ----------
of interpretation set forth in Appendix A shall apply to this Lease.
                               ----------

                                   ARTICLE II
                            LEASE OF LEASED PROPERTY
                            ------------------------

         Section 2.1    Restatement of Bridge Lease; Acceptance and Lease of
                        ----------------------------------------------------
Property. On the Closing Date, the Lessor, subject to the satisfaction or
--------
waiver of the conditions set forth in Article 3 of the Master Agreement, and
the Lessee hereby agree that the Bridge Lease is amended, restated and
replaced in its entirety by the terms, conditions and provisions of this
Lease, and the Lessor shall simultaneously sublease to the Lessee for the
Lease Term, the Lessor's interest in such Land, subject to the Ground Lease,
and Lease to the Lessee the Building and Equipment which thereafter may be
constructed and installed thereon pursuant to the Construction Agency
Agreement. The Lessee hereby agrees, expressly for the direct benefit of the
Lessor, commencing on the Closing Date, for the Lease Term, to sublease from
the Lessor the Lessor's interest in such Land, subject to the Ground Lease,
and to lease the Lessor's interest

<PAGE>
<PAGE>

in the Building and Equipment which thereafter may be constructed and
installed thereon pursuant to the Construction Agency Agreement.

         Section 2.2    Acceptance Procedure. The Lessor hereby authorizes
                        --------------------
one or more employees of the Lessee, to be designated by the Lessee, as
the authorized representative or representatives of the Lessor to accept
delivery on behalf of the Lessor of the Leased Property. The Lessee hereby
agrees that such acceptance of delivery by such authorized representative or
representatives and the execution and delivery by the Lessee on the Closing
Date for property to be leased hereunder of the Lease Supplement in
substantially the form of Exhibit A hereto, appropriately completed (the
                          ---------
"Lease Supplement"), shall, without further act, constitute the irrevocable
 ----------------
acceptance by the Lessee of the Leased Property for all purposes of this
Lease and the other Operative Documents on the terms set forth therein and
herein, and that the Leased Property, together with the Building to be
constructed thereon pursuant to the Construction Agency Agreement, shall be
deemed to be included in the leasehold estate of this Lease and shall be
subject to the terms and conditions of this Lease as of the Closing Date.
The demise and lease of the Land and the Building pursuant to this
Section 2.2 shall include any additional right, title or interest in the
-----------
Land and the Building which may at any time be acquired by the Lessor, the
intent being that all right, title and interest of the Lessor in and to the
Land and the Building shall at all times be demised and leased to the Lessee
hereunder.

                                   ARTICLE III
                                      RENT
                                      ----

         Section 3.1    Basic Rent. Beginning with and including the first
                        ----------
Payment Date occurring after the Closing Date, the Lessee shall pay to
the Agent the Basic Rent for the Leased Property, in installments, payable
in arrears on each Payment Date during the Lease Term, subject to
Section 2.3(c) of the Master Agreement.

         Section 3.2    Supplemental Rent. The Lessee shall pay to the Agent,
                        -----------------
or to whomever shall be entitled thereto as expressly provided herein or in
any other Operative Document, any and all Supplemental Rent on the date the
same shall become due and payable and in the event of any failure on the
part of the Lessee to pay any Supplemental Rent, the Agent shall have all
rights, powers and remedies provided for herein or by law or in equity or
otherwise in the case of nonpayment of Basic Rent. All Supplemental Rent to
be paid pursuant to this Section 3.2 shall be payable in the type of funds
                         -----------
and in the manner set forth in Section 3.3.
                               -----------

         Section 3.3    Method of Payment. Basic Rent shall be paid to the
                        -----------------
Agent, and Supplemental Rent (including amounts due under Article XIV
                                                          -----------
hereof) shall be paid to the Agent (or to such Person as may be entitled
thereto) or, in each case, to such Person as the Agent (or such other
Person) shall specify in writing to the Lessee, and at such place as the
Agent (or such other Person) shall specify in writing to the Lessee, which
specifications by the Agent shall be given by the Agent at least five (5)
Business Days prior to the due date therefor. Each payment of Rent
(including payments under Article XIV hereof) shall be made by the Lessee
                          -----------
prior to

                                       2

<PAGE>
<PAGE>

12:00 p.m. (noon) Atlanta, Georgia time at the place of payment in funds
consisting of lawful currency of the United States of America which shall be
immediately available on the scheduled date when such payment shall be due,
unless such scheduled date shall not be a Business Day, in which case such
payment shall be made on the next succeeding Business Day.

         Section 3.4    Late Payment. If any Basic Rent shall not be paid on
                        ------------
the date when due, the Lessee shall pay to the Agent, as Supplemental Rent,
interest (to the maximum extent permitted by law) on such overdue amount
from and including the due date thereof to but excluding the Business Day of
payment thereof at the Overdue Rate.

         Section 3.5    Net Lease; No Setoff, Etc. This Lease is a net lease
                        -------------------------
and notwithstanding any other provision of this Lease, the Lessee shall pay
all Basic Rent and Supplemental Rent, and all costs, charges, taxes (other
than taxes covered by the exclusion described in Section 7.4(b) of the
Master Agreement), assessments and other expenses foreseen or unforeseen,
for which the Lessee or any Indemnitee is or shall become liable by reason
of the Lessee's or such Indemnitee's estate, right, title or interest in the
Leased Property, or that are connected with or arise out of the acquisition
(except the initial costs of purchase by the Lessor of its interest in the
Leased Property, which costs, subject to the terms of the Master Agreement,
shall be funded by the Funding Parties pursuant to the Master Agreement),
construction (except costs to be funded under the Construction Agency
Agreement), installation, possession, use, occupancy, maintenance,
ownership, leasing, repairs and rebuilding of, or addition to, the Leased
Property or any portion thereof, and any other amounts payable hereunder and
under the other Operative Documents without counterclaim, setoff, deduction
or defense and without abatement, suspension, deferment, diminution or
reduction, and the Lessee's obligation to pay all such amounts throughout
the Lease Term, including the Construction Term, is absolute and
unconditional. The obligations and liabilities of the Lessee hereunder shall
in no way be released, discharged or otherwise affected for any reason,
including without limitation: (a) any defect in the condition,
merchantability, design, quality or fitness for use of the Leased Property
or any part thereof, or the failure of the Leased Property to comply with
all Applicable Laws, including any inability to occupy or use the Leased
Property by reason of such non-compliance; (b) any damage to, removal,
abandonment, salvage, loss, contamination of or Release from, scrapping or
destruction of or any requisition or taking of the Leased Property or any
part thereof; (c) any restriction, prevention or curtailment of or
interference with any use of the Leased Property or any part thereof
including eviction; (d) any defect in title to or rights to the Leased
Property or any Lien on such title or rights or on the Leased Property;
(e) any change, waiver, extension, indulgence or other action or omission
or breach in respect of any obligation or liability of or by the Lessor,
the Agent or any Lender; (f) any bankruptcy, insolvency, reorganization,
composition, adjustment, dissolution, liquidation or other like proceedings
relating to the Lessee, the Lessor, any Lender, the Agent or any other
Person, or any action taken with respect to this Lease by any trustee or
receiver of the Lessee, the Lessor, any Lender, the Agent or any other
Person, or by any court, in any such proceeding; (g) any claim that the
Lessee has or might have against any Person, including without limitation,
the Lessor, any vendor, manufacturer, contractor of or for the Leased
Property or any part thereof, the Agent, any

                                     3

<PAGE>
<PAGE>

Governmental Authority, or any Lender; (h) any failure on the part of the
Lessor to perform or comply with any of the terms of this Lease, any other
Operative Document or of any other agreement; (i) any invalidity or
unenforceability or illegality or disaffirmance of this Lease against or by
the Lessee or any provision hereof or any of the other Operative Documents
or any provision of any thereof whether or not related to the Transaction;
(j) the impossibility or illegality of performance by the Lessee, the Lessor
or both; (k) any action by any court, administrative agency or other
Governmental Authority; (l) any restriction, prevention or curtailment of or
interference with the Construction or any use of the Leased Property or any
part thereof; or (m) any other occurrence whatsoever, whether similar or
dissimilar to the foregoing, whether or not the Lessee shall have notice or
knowledge of any of the foregoing. Except as specifically set forth in
Articles X or XIV of this Lease, this Lease shall be noncancellable by the
Lessee in any circumstance whatsoever and the Lessee, to the extent
permitted by Applicable Law, waives all rights now or hereafter conferred by
statute or otherwise to quit, terminate or surrender this Lease, or to any
diminution, abatement or reduction of Rent payable by the Lessee hereunder.
Each payment of Rent made by the Lessee hereunder shall be final and the
Lessee shall not seek or have any right to recover all or any part of such
payment from the Lessor, the Agent, any Lender or any party to any
agreements related thereto for any reason whatsoever. The Lessee assumes the
sole responsibility for the condition, use, operation, maintenance, and
management of the Leased Property leased by it, and the Lessor shall have no
responsibility in respect thereof and shall have no liability for damage to
the property of either the Lessee or any subtenant of the Lessee on any
account or for any reason whatsoever, other than solely by reason of the
Lessor's willful misconduct or gross negligence.

         Section 3.6    Certain Taxes. Without limiting the generality of
                        -------------
Section 3.5, the Lessee agrees to pay when due all real estate taxes,
-----------
personal property taxes, gross sales taxes, including any sales or lease tax
imposed upon the rental payments hereunder or under any sublease permitted
hereunder, occupational license taxes, water charges, sewer charges,
assessments of any nature and all other governmental impositions and charges
of every kind and nature whatsoever (the "tax(es)"), when the same shall be
due and payable without penalty or interest; provided, however, that this
                                             --------  -------
Section shall not apply to any of the taxes covered by the exclusion
described in Section 7.4(b) of the Master Agreement. It is the intention of
the parties hereto that, insofar as the same may lawfully be done, the
Lessor shall be, except as specifically provided for herein, free from all
expenses in any way related to the Leased Property and the use and occupancy
thereof. The Lessee covenants to furnish the Lessor and the Agent, upon the
Agent's written request, within thirty (30) days after the last date when
any tax must be paid by the Lessee as provided in this Section 3.6, official
receipts of the appropriate taxing, authority or other proof satisfactory to
the Lessor, evidencing the payment thereof.

         So long as no Event of Default has occurred and is continuing, the
Lessee may defer payment of a tax so long as the validity or the amount
thereof is being contested by the Lessee with diligence and in good faith;
provided, however, that the Lessee shall furnish to the Lessor and the
--------  -------
Agent, if requested in writing by either the Lessor or the Agent, a bond or
other adequate security in an amount and on terms reasonably satisfactory to
the Lessor and the Agent and shall

                                     4

<PAGE>
<PAGE>

pay the tax in sufficient time to prevent delivery of a tax deed. Such
contest shall be at the Lessee's sole cost and expense. The Lessee covenants
to indemnify and save harmless the Lessor, the Agent and each Lender from
any actual and reasonable costs or expenses incurred by the Lessor, the
Agent or any Lender as a result of such contest, which indemnification shall
survive the termination of this Lease.

         Section 3.7    Utility Charges. The Lessee agrees to pay or cause to
                        ---------------
be paid as and when the same are due and payable all charges for gas, water,
sewer, electricity, lights, heat, power, telephone or other communication
service and all other utility services used, rendered or supplied to, upon
or in connection with the Leased Property.

                                   ARTICLE IV
                                     WAIVERS
                                     -------

         During the Lease Term, the Lessor's interest in the Leased
Property, including the Building (whether or not completed) and the Land, is
demised and let by the Lessor "AS IS" subject to (a) the rights of any
parties in possession thereof, (b) the state of the title thereto existing
at the time the Lessor acquired its interest in the Leased Property, (c) any
state of facts which an accurate survey or physical inspection might show
(including the survey delivered on the Closing Date), (d) all Applicable
Laws, and (e) any violations of Applicable Laws which may exist upon or
subsequent to the commencement of the Lease Term. THE LESSEE ACKNOWLEDGES
THAT, ALTHOUGH THE LESSOR WILL OWN AND HOLD LEASEHOLD TITLE TO THE LEASED
PROPERTY, THE LESSOR IS NOT RESPONSIBLE FOR THE DESIGN, DEVELOPMENT,
BUDGETING AND CONSTRUCTION OF THE BUILDING OR ANY ALTERATIONS. NEITHER THE
LESSOR, THE AGENT NOR ANY LENDER HAS MADE, OR SHALL BE DEEMED TO HAVE MADE,
ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, OR SHALL BE DEEMED TO
HAVE ANY LIABILITY WHATSOEVER AS TO THE VALUE, MERCHANTABILITY, TITLE,
HABITABILITY, CONDITION, DESIGN, OPERATION, OR FITNESS FOR USE OF THE LEASED
PROPERTY (OR ANY PART THEREOF), OR ANY OTHER REPRESENTATION OR WARRANTY
WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE LEASED PROPERTY (OR ANY
PART THEREOF), ALL SUCH WARRANTIES BEING HEREBY DISCLAIMED, AND NEITHER THE
LESSOR, THE AGENT NOR ANY LENDER SHALL BE LIABLE FOR ANY LATENT, HIDDEN, OR
PATENT DEFECT THEREIN OR THE FAILURE OF THE LEASED PROPERTY, OR ANY PART
THEREOF, TO COMPLY WITH ANY APPLICABLE LAW, except that the Lessor hereby
represents and warrants that the Leased Property is and shall be free of the
Lessor Liens. As between the Lessor and the Lessee, each Lessee has been
afforded full opportunity to inspect the Leased Property, is satisfied with
the results of its inspections of the Leased Property and is entering into
this Lease solely on the basis of the results of its own inspections and all
risks incident to the matters discussed in the two preceding sentences, as
between the Lessor, the Agent or the Lenders on the one hand, and the
Lessee, on the other, are to be borne by the Lessee. The provisions of this
Article IV have been negotiated, and, except to the extent
----------

                                     5

<PAGE>
<PAGE>

otherwise expressly stated, the foregoing provisions are intended to be a
complete exclusion and negation of any representations or warranties by the
Lessor, the Agent or the Lenders, express or implied, with respect to the
Leased Property, that may arise pursuant to any law now or hereafter in
effect, or otherwise.

                                   ARTICLE V
                      LIENS; EASEMENTS; PARTIAL CONVEYANCES
                      -------------------------------------

         The Lessee shall not directly or indirectly create, incur or assume,
any Lien on or with respect to the Leased Property, the title thereto, or any
interest therein, including any Liens which arise out of the possession, use,
occupancy, construction, repair or rebuilding of the Leased Property or by
reason of labor or materials furnished or claimed to have been furnished to
the Lessee, or any of its contractors or agents or Alterations constructed by
the Lessee, except, in all cases, Permitted Encumbrances.

         Notwithstanding the foregoing paragraph, at the request of the
Lessee, the Lessor shall, from time to time during the Lease Term and upon
reasonable advance written notice from the Lessee given in accordance with
Section 8.2 of the Master Agreement and receipt of the materials specified
in the next succeeding sentence, consent to and join in any (i) grant of
easements, licenses, rights of way and other rights in the nature of
easements, including, without limitation, utility easements to facilitate
the Lessee's use, development and construction of the Leased Property,
(ii) release or termination of easements, licenses, rights of way or other
rights in the nature of easements which are for the benefit of the Land or
the Building or any portion thereof, (iii) dedication or transfer of
portions of the Lessor's interest in the Land, not improved with the
Building, for road, highway or other public purposes, (iv) execution of
agreements for ingress and egress and amendments to any covenants and
restrictions affecting the Land or the Building or any portion thereof and
(v) request to any Governmental Authority for platting or subdivision or
replatting or resubdivision approval with respect to the Land or any portion
thereof or any parcel of land of which the Land or any portion thereof forms
a part or a request for rezoning or any variance from zoning or other
governmental requirements. The Lessor's obligations pursuant to the
preceding sentence shall be subject to the requirements that:

         (a)    any such action shall be at the sole cost and expense of the
Lessee, and the Lessee shall pay all actual and reasonable out-of-pocket
costs of the Lessor, the Agent and the Lenders in connection therewith
(including, without limitation, the reasonable fees of attorneys,
architects, engineers, planners, appraisers and other professionals
reasonably retained by the Lessor, the Agent or any Lender in connection
with any such action, and, when practicable, the Lessor will endeavor to
utilize the services of the same architect(s), engineer(s), planner(s) and
appraiser(s) used by the Agent and the Lenders, in connection with the
review of such requests),

         (b)    the requesting Lessee shall have delivered to the Lessor and
the Agent a certificate of a Responsible Officer of the Lessee stating that:

                                     6

<PAGE>
<PAGE>

                (i)     such action will not cause the Leased Property, the
Land or the Building or any portion thereof to fail to comply in any
material respect with the provisions of this Lease or any other Operative
Documents, or in any material respect with Applicable Laws; and

                (ii)    such action will not materially reduce the Fair Market
Sales Value, utility or useful life of the Leased Property, the Land or the
Building nor the Lessor's interest therein; and

         (c)    in the case of any release or conveyance, if the Lessor, the
Agent or any Lender so reasonably requests, the Lessee will cause to be
issued and delivered to the Lessor and the Agent by the Title Insurance
Company an endorsement to the Title Policy pursuant to which the Title
Insurance Company agrees that its liability for the payment of any loss or
damage under the terms and provisions of the Title Policy will not be
affected by reason of the fact that a portion of the real property referred
to in Schedule A of the Title Policy has been released or conveyed by the
Lessor.

                                   ARTICLE VI
                             MAINTENANCE AND REPAIR;
                    ALTERATIONS, MODIFICATIONS AND ADDITIONS
                    ----------------------------------------

         Section 6.1    Maintenance and Repair; Compliance With Law. The
                        -------------------------------------------
Lessee, at its own expense, shall at all times (a) maintain the Leased
Property leased by it in good repair and condition (subject to ordinary wear
and tear), in accordance with prudent industry standards and, in any event,
in the same manner as other similar property owned or leased by the Lessee
or its Affiliates, (b) make all Alterations in accordance with, and maintain
(whether or not such maintenance requires structural modifications or
Alterations) and operate and otherwise keep the Leased Property in
compliance in all material respects with, all Applicable Laws and
requirements of the Lessee's underwriters, and (c) make all material
repairs, replacements and renewals of the Leased Property or any part
thereof which may be required to keep the Leased Property in the condition
required by the preceding clauses (a) and (b). The Lessee shall perform the
foregoing maintenance obligations regardless of whether the Leased Property
is occupied or unoccupied. The Lessee waives any right that it may now have
or hereafter acquire to (i) require the Lessor, the Agent or any Lender to
maintain, repair, replace, alter, remove or rebuild all or any part of the
Leased Property or (ii) make repairs at the expense of the Lessor, the Agent
or any Lender pursuant to any Applicable Law or other agreements or
otherwise. NEITHER THE LESSOR, THE AGENT NOR ANY LENDER SHALL BE LIABLE TO
THE LESSEE OR TO ANY CONTRACTORS, SUBCONTRACTORS, LABORERS, MATERIALMEN,
SUPPLIERS OR VENDORS FOR SERVICES PERFORMED OR MATERIAL PROVIDED ON OR IN
CONNECTION WITH THE LEASED PROPERTY OR ANY PART THEREOF. Neither the Lessor,
the Agent nor any Lender shall be required to maintain, alter, repair,
rebuild or replace the Leased Property in any way.

                                     7

<PAGE>
<PAGE>

         Section 6.2    Improvements and Alterations.
                        ----------------------------

         (a)    In addition to the Lessee's obligations as Construction Agent
under the Construction Agency Agreement, on and after the completion of
Construction (i) the Lessee, at the Lessee's sole cost and expense, shall
make alterations, renovations, improvements and additions to the Leased
Property or any part thereof and substitutions and replacements therefor
(collectively, "Alterations") which are (A) necessary to repair or maintain
                -----------
the Leased Property in the condition required by this Lease and the other
Operative Documents; (B) necessary in order for the Leased Property to be in
compliance with Applicable Laws; or (C) necessary to restore the Leased
Property in all material respects to its condition existing prior to a
Casualty or Condemnation to the extent required pursuant to Article X; and
                                                            ---------
(ii) so long as no Potential Event of Default or Event of Default has
occurred, the Lessee, at the Lessee's sole cost and expense, may undertake
Alterations to the Leased Property so long as such Alterations comply with
Applicable Laws and with Section 6.1 and subsection (b) of this Section 6.2.
                         -----------     --------------         -----------

         (b)    The making of any Alterations must be in compliance with the
following requirements:

                (i)     No Structural Alterations or Alterations with a cost
exceeding Two Hundred Fifty Thousand Dollars ($250,000) shall be made or
undertaken without the prior written consent of the Lessor and the Agent
(which consent shall not be unreasonably withheld or delayed), except for
Alterations required by Applicable Laws (provided that except in the case of
an emergency, the Lessee shall give the Lessor and the Agent at least thirty
(30) days prior written notice of such Alterations). If the Lessee
reasonably expects the cost of any Alterations to exceed $250,000, the
Lessee shall deliver to the Lessor and the Agent a brief written narrative
of the work to be performed prior to undertaking any such Alteration.

                (ii)    No Alterations shall be undertaken in violation of the
terms of any restriction, easement, condition, covenant or other similar
agreement (including, without limitation, the Ground Lease) affecting title
to or binding on the Leased Property. The Lessee shall procure when required
and pay for, so far as the same may be required from time to time, all
permits and authorizations with regard to such Alterations from all
Governmental Authorities having jurisdiction. The Lessor, at the Lessee's
expense, and without any liability on the part of the Lessor, shall join in
the application for any such permit or authorization and execute and deliver
any document in connection therewith, whenever such joinder is necessary or
advisable.

                (iii)   The Alterations shall be completed in a good and
workmanlike manner and in compliance with all Applicable Laws then in effect
and the standards imposed by any insurance policies required to be
maintained hereunder or by any vendor, supplier or manufacturer in order to
maintain all warranties, and all Alterations must be located solely on the
Land or other property used in connection with the Leased Property as to
which the Lessor has an easement, license, lease, sublease or other right or
interest in real property reasonably satisfactory to Agent for a term not
less than the useful life of such Alterations.

                                     8

<PAGE>
<PAGE>

                (iv)    All Alterations shall, when completed, be of such a
character as to not adversely affect the Fair Market Sales Value, utility,
remaining economic useful life or residual value of the Leased Property from
the Fair Market Sales Value, utility, remaining economic useful life or
residual value thereof immediately prior to the making thereof or, in the
case of Alterations being made by virtue of a Casualty or Condemnation,
immediately prior to the occurrence of such Casualty or Condemnation. If
such Modifications have a cost exceeding Two Hundred Fifty Thousand Dollars
($250,000), the Lessor or the Agent may obtain a report from an independent
engineer or engage an appraiser of nationally recognized standing, at the
Lessee's sole cost and expense, to determine (by appraisal or other methods
satisfactory to the Agent) the projected Fair Market Sales Value of such
item of Leased Property as of the completion of the Alterations relating
thereto.

                (v)     The Lessee shall have made adequate arrangements for
payment of the cost of all Alterations when due so that the Leased Property
shall at all times be free of Liens for labor and materials supplied or
claimed to have been supplied to the Leased Property, other than Permitted
Liens.

         Section 6.3    Title to Alterations. Title to the following described
                        --------------------
Alterations shall, without further act, vest in the Lessor and shall be
deemed to constitute a part of the Leased Property and be subject to this
Lease:

         (a)    Alterations that are in replacement of or in substitution
for a portion of any item of Leased Property;

         (b)    Alterations that are required to be made pursuant to the
terms of Section 6.2(a)(i) hereof; or
         -----------------

         (c)    Alterations that, notwithstanding any repairs, replacements
or modifications by or on behalf of Lessee, are nonseverable or that cannot
be removed without damaging the Leased Property or any part thereof.

                The Lessee, at the Lessor's reasonable request, shall
execute and deliver any deeds, bills of sale, assignments or other documents
of conveyance reasonably necessary to evidence the vesting of title in and
to such Alterations to the Lessor.

                If such Alterations are not within any of the categories set
forth in clauses (a) through (c) of this Section 6.3, then title to such
         -----------         ---         -----------
Alterations shall vest in the Lessee and such Alterations shall not be
deemed to be Alterations that are part of the Leased Property.

         All Alterations to which the Lessee shall have title may be removed
at any time by the Lessee, so long as removal thereof shall not result in
the violation of any Applicable Laws or give rise to a Potential Event of
Default or an Event of Default, and no Potential Event of Default or Event
of Default then exists. The Lessee agrees to notify Lessor in writing at
least 30 days before it removes any such Alterations which individually or
in the aggregate had an original

                                     9

<PAGE>
<PAGE>

cost exceeding Two Hundred Fifty Thousand Dollars ($250,000), and the Lessee
shall at its expense repair any damage to any item of Leased Property caused
by the removal of such Alterations. The Lessor (or the purchaser of the
Leased Property) may purchase from the Lessee any such Alterations (if not
already owned by the Lessor) that the Lessee intends to remove from the
Leased Property prior to the return of the Leased Property to the Lessor or
sale of the Leased Property, which purchase shall be at the Fair Market
Sales Value of such Alterations as determined by the Appraiser at the time
of such purchase. Title to any such Alterations shall vest in the Lessor (or
the purchaser of the applicable Leased Property) if not removed from the
Leased Property by the Lessee prior to the return of the Leased Property to
the Lessor or sale of the Leased Property. Severable Alterations, title to
which is vested in the Lessee, shall be made available to the Lessor or its
designee without cost during the Lease Term and thereafter if the Leased
Property is sold pursuant to the Remarketing Option and the use thereof is
necessary or useful for the operation of the Leased Property in the manner
and capacity operated at or prior to the expiration of the Lease Term.

         Section 6.4    Lessee's Personal Property. During the Lease Term,
                        --------------------------
the Lessee may from time to time own or hold under lease or other arrangement
from Persons other than the Lessor the Lessee's Personal Property that is
not subject to this Lease and does not constitute a portion of the Leased
Property. The Lessor shall from time to time during the Lease Term, upon the
reasonable request, and at the cost and expense of the Lessee, acknowledge
in writing to the Lessee or other Persons that the Lessee's Personal
Property is the property of the Lessee or such other Person and is not part
of the Leased Property and that the Lessor has waived any present or future
landlord's or other Lien Lessor may have thereon.

                                  ARTICLE VII
                                       USE
                                       ---

         The Lessee may use the Leased Property leased by it or any part
thereof for any lawful purpose, and in a manner consistent with the
standards applicable to properties of a similar nature in the geographic
area in which the Leased Property is located, provided that such use does
                                              --------
not materially adversely affect the Fair Market Sales Value, utility,
remaining useful life or residual value of the Leased Property, and does not
materially violate or conflict with, or constitute or result in a material
default under, any Applicable Law or any insurance policy required
hereunder. The Lessee shall not commit or permit any waste of the Leased
Property or any material part thereof.

                                  ARTICLE VIII
                                    INSURANCE
                                    ---------

         (a)    At any time during which any part of the Building or any
Alteration is under construction and as to any part of the Building or any
Alteration under construction, the Lessee

                                     10

<PAGE>
<PAGE>

shall maintain, or cause to be maintained, at its sole cost and expense, as
a part of its blanket policies or otherwise, "all risk" non-reporting
completed value form of builder's risk insurance.

         (b)    During the Lease Term, the Lessee shall maintain, at its sole
cost and expense, as a part of its blanket policies or otherwise, insurance
against loss or damage to the Building by fire and other risks, including
comprehensive boiler and machinery coverage, on terms and in amounts no less
favorable than insurance covering other similar properties owned or leased
by the Lessee and that are in accordance with prudent industry practice, but
in no event less than the replacement cost of the Building from time to
time.

         (c)    During the Lease Term, the Lessee shall maintain, at its sole
cost and expense, commercial general liability insurance with respect to the
Leased Property, as is ordinarily procured by prudent Persons who own or
operate similar properties in the same geographic area. Such insurance shall
be on terms and in amounts that are no less favorable than insurance
maintained by the Lessee or its Affiliates with respect to similar
properties that it owns or leases and that are in accordance with prudent
industry practice. Such insurance policies shall also provide that the
Lessee's insurance shall be considered primary insurance. Nothing in this
Article VIII shall prohibit the Lessor, the Agent or any Lender from
------------
carrying at its own expense other insurance on or with respect to the Leased
Property, provided that any insurance carried by the Lessor, the Agent or
          --------
any Lender shall not prevent the Lessee from carrying the insurance required
hereby.

         (d)    Each policy of insurance maintained by the Lessee pursuant to
clauses (a) and (b) of this Article VIII shall provide that all insurance
-----------     ---         ------------
proceeds in respect of any loss or occurrence shall be adjusted by the
Lessee, except if, and for so long as an Event of Default exists, all losses
shall be adjusted solely by, and all insurance proceeds shall be paid solely
to, the Agent (or the Lessor if the Loans have been fully paid) for
application pursuant to this Lease.

         (e)    On the Closing Date, on the Completion Date for the Leased
Property and on each anniversary of the Closing Date, the Lessee shall
furnish the Lessor with certificates showing the insurance required under
this Article VIII to be in effect and naming the Lessor, the Agent and the
     ------------
Lenders as additional insureds. Such certificates shall include a provision
for thirty (30) days' advance written notice by the insurer to the Lessor
and the Agent in the event of cancellation or expiration or nonpayment of
premium with respect to such insurance, and shall include a customary breach
of warranty clause. The Lessee shall provide evidence to the Lessor and the
Agent that each insurance policy required by this Article VIII has been
                                                  ------------
renewed or replaced prior to the scheduled expiration date therefor.

         (f)    Each policy of insurance maintained by the Lessee pursuant to
this Article VIII shall (i) contain the waiver of any right of subrogation
     ------------
of the insurer against the Lessor, the Agent and the Lenders, and (ii)
provide that in respect of the interests of the Lessor, the Agent and the
Lenders, such policies shall not be invalidated by any fraud, action,
inaction or misrepresentation of the Lessee or any other Person acting on
behalf of the Lessee.

                                     11

<PAGE>
<PAGE>

         (g)    All insurance policies carried in accordance with this
Article VIII shall be maintained with insurers rated at least "A" by A.M.
------------
Best & Company, and in all cases the insurer shall be qualified to insure
risks in the State where the Leased Property is located.

                                   ARTICLE IX
                            ASSIGNMENT AND SUBLEASING
                            -------------------------

         The Lessee may not assign any of its right, title or interest in,
to or under this Lease, except as set forth in the following sentence. The
Lessee may assign its right under this Lease or sublease all or any portion
of the Leased Property, provided that (a) all obligations of the Lessee
                        --------
shall continue in full effect as obligations of a principal and not of a
guarantor or surety, as though no assignment or sublease had been made; (b)
such assignment or sublease shall be expressly subject and subordinate to
this Lease, the Loan Agreement and the other Operative Documents; and (c)
each such assignment or sublease shall terminate on or before the Lease
Termination Date. The Lessee shall give the Agent and the Lessor prompt
written notice of any such assignment or sublease.

         Except pursuant to an Operative Document, this Lease shall not be
mortgaged or pledged by the Lessee, nor shall the Lessee mortgage or pledge
any interest in the Leased Property or any portion thereof. Any such
mortgage or pledge shall be void.

                                   ARTICLE X
                    LOSS, DESTRUCTION, CONDEMNATION OR DAMAGE
                    -----------------------------------------

         Section 10.1   Event of Loss. Any event (i) which would otherwise
                        -------------
constitute a Casualty during the Base Term, and (ii) which, in the good
faith judgment of the Lessee, renders repair and restoration of the Leased
Property impossible or impractical, or requires repairs to the Leased
Property that would cost in excess of fifty percent (50%) of the original
cost of the Leased Property, and (iii) as to which the Lessee, within sixty
(60) days after the occurrence of such event, delivers to the Lessor an
Officer's Certificate notifying the Lessor of such event and of such
judgment, shall constitute an "Event of Loss". In the case of any other
                               -------------
event which constitutes a Casualty, the Lessee shall restore the Leased
Property pursuant to Section 10.3. If an Event of Loss other than an Event
                     ------------
of Taking shall occur, the Lessee shall pay to the Lessor on the later of
(i) the thirtieth day (30th) and (ii) the next Payment Date following
delivery of the Officer's Certificate pursuant to clause (iii) above an
amount equal to the Lease Balance. Upon the Lessor's receipt of the Lease
Balance on such date, the Lessor shall cause the Lessor's interest in the
Leased Property to be conveyed to the Lessee in accordance with and subject
to the provisions of Section 14.5 hereof; upon completion of such purchase,
                     ------------
but not prior thereto, this Lease with respect to the Leased Property and
all obligations hereunder with respect to the Leased Property shall
terminate, except with respect to obligations and liabilities hereunder,
actual or contingent, that have arisen or relate to events occurring on or
prior to such date of purchase, or which are expressly stated herein to
survive termination of this Lease.

                                     12

<PAGE>
<PAGE>

         Upon the consummation of the purchase of the Leased Property
pursuant to this Section 10.1, any proceeds derived from insurance required
                 ------------
to be maintained by the Lessee pursuant to this Lease for the Leased
Property remaining after payment of such purchase price shall be paid over
to, or retained by, the Lessee or as it may direct, and the Lessor shall
assign to the Lessee, without warranty, all of the Lessor's rights to and
interest in such insurance required to be maintained by the Lessee pursuant
to this Lease.

         Section 10.2   Event of Taking. Any event (i) which constitutes a
                        ---------------
Condemnation of all of, or substantially all of, the Leased Property, or
(ii) (A) which would otherwise constitute a Condemnation, (B) which, in the
good faith judgment of the Lessee, renders restoration and rebuilding of the
Leased Property impossible or impractical, or requires repairs to the Leased
Property that would cost in excess of fifty percent (50%) of the original
cost of the Leased Property, and (C) as to which the Lessee, within sixty
(60) days after the occurrence of such event, delivers to the Lessor an
Officer's Certificate notifying the Lessor of such event and of such
judgment, shall constitute an "Event of Taking". In the case of any other
                               ---------------
event which constitutes a Condemnation, the Lessee shall restore and rebuild
the Leased Property pursuant to Section 10.4. If an Event of Taking shall
                                ------------
occur, the Lessee shall pay to the Lessor (1) on the later of (A) the
thirtieth (30th) day and (B) the next Payment Date following the occurrence
of such Event of Taking, in the case of an Event of Taking described in
clause (i) above, or (2) on the later of (A) the thirtieth (30th) day and
(B) the next Payment Date following delivery of the Officer's Certificate
pursuant to clause (ii) above, in the case of an Event of Taking described
in clause (ii) above, an amount equal to the Lease Balance. Upon the
Lessor's receipt of the Lease Balance on such date, the Lessor shall cause
the Lessor's interest in the Leased Property to be conveyed to the Lessee in
accordance with and subject to the provisions of Section 14.5 hereof
                                                 ------------
(provided that such conveyance shall be subject to all rights of the
condemning authority); upon completion of such purchase, but not prior
thereto, this Lease with respect to the Leased Property and all obligations
hereunder with respect to the Leased Property shall terminate, except with
respect to obligations and liabilities hereunder, actual or contingent, that
have arisen or relate to events occurring on or prior to such date of
purchase, or which are expressly stated herein to survive termination of
this Lease.

         Upon the consummation of the purchase of the Leased Property
pursuant to this Section 10.2, all Awards received by the Lessor, after
                 ------------
deducting any reasonable costs incurred by the Lessor in collecting such
Awards, received or payable on account of an Event of Taking with respect to
the Leased Property during the Lease Term shall be paid to the Lessee, and
all rights of the Lessor in Awards not then received shall be assigned to the
Lessee by the Lessor.

         Section 10.3   Casualty. If a Casualty shall occur which is not an
                        --------
Event of Loss, the Lessee shall rebuild and restore the Leased Property in
accordance with the terms of this Lease and the other Operative Documents,
will complete the same prior to the Lease Termination Date, and will cause
the condition set forth in Section 3.5(c) of the Master Agreement to be
fulfilled with respect to such restoration and rebuilding prior to the Lease
Termination Date, regardless of whether insurance proceeds received as a
result of such Casualty are sufficient for such purpose.

                                     13

<PAGE>
<PAGE>

         Section 10.4   Condemnation. If a Condemnation shall occur which is
                        ------------
not an Event of Taking, the Lessee shall rebuild and restore the Leased
Property in accordance with the terms of this Lease and the other Operative
Documents, will complete the same prior to the Lease Termination Date, and
will cause the condition set forth in Section 3.5(c) of the Master Agreement
to be fulfilled with respect to such restoration and rebuilding prior to the
Lease Termination Date.

         Section 10.5   Verification of Restoration and Rebuilding. In the
                        ------------------------------------------
event of Casualty or Condemnation, to verify the Lessee's compliance with
the foregoing Section 10.3 or 10.4, as appropriate, the Lessor, the Agent,
              ------------    ----
the Lenders and their respective authorized representatives may, upon five
(5) Business Days' notice to the Lessee, make inspections of the Leased
Property with respect to (i) the extent of the Casualty or Condemnation and
(ii) the restoration and rebuilding of the Building and the Land. All actual
and reasonable out-of-pocket costs of such inspections incurred by the
Lessor, the Agent or any Lender will be paid by the Lessee promptly after
written request. No such inspection shall unreasonably interfere with the
Lessee's operations or the operations of any other occupant of the Leased
Property. None of the inspecting parties shall have any duty to make any
such inspection or inquiry and none of the inspecting parties shall incur
any liability or obligation by reason of making or not making any such
inspection or inquiry.

         Section 10.6   Application of Payments. All proceeds (except for
                        -----------------------
payments under insurance policies maintained other than pursuant to
Article VIII of this Lease) received at any time by the Lessor, the Lessee
------------
or the Agent from any Governmental Authority or other Person with respect to
any Condemnation or Casualty to the Leased Property or any part thereof or
with respect to an Event of Loss or an Event of Taking, plus the amount of
any payment that would have been due from an insurer but for the Lessee's
self-insurance or deductibles ("Loss Proceeds"), shall (except to the extent
                                -------------
Section 10.9 applies) be applied as follows:
------------

         (a)    In the event the Lessee purchases the Leased Property pursuant
to Section 10.1 or Section 10.2, such Loss Proceeds shall be applied as set
   ------------    ------------
forth in Section 10.1 or Section 10.2, as the case may be;
         ------------    ------------

         (b)    In the event of a Casualty at such time when no Potential Event
of Default or Event of Default has occurred and the Lessee is obligated to
repair and rebuild the Leased Property pursuant to Section 10.3, the Lessee
                                                   ------------
may, in good faith and subsequent to the date of such Casualty, certify to
the Lessor, the Lenders and the Agent and to the applicable insurer that no
Potential Event of Default or Event of Default has occurred, in which event
the applicable insurer shall pay the Loss Proceeds to the Lessee, unless the
estimated cost of restoration exceeds the lesser of $250,000 and fifty
percent (50%) of the original cost of the Leased Property in which case the
Loss Proceeds shall be paid to the Agent (or the Lessor if the Loans have
been paid in full), and shall be promptly released to the Lessee upon
certification by the Lessee to the Lessor and the Agent that the Lessee has
incurred costs in the amount requested to be released for the repair and
rebuilding of the Leased Property and satisfaction of such other
requirements

                                     14

<PAGE>
<PAGE>

as may be reasonably requested by the Lessor and the Agent (including,
without limitation, satisfaction of conditions to release of such funds to
the Lessee comparable to the conditions precedent to Advances under the
Operative Documents);

         (c)    In the event of a Condemnation at such time when no
Potential Event of Default or Event of Default has occurred and the Lessee
is obligated to repair and rebuild the Leased Property pursuant to
Section 10.4, the Lessee may, in good faith and subsequent to the date of such
------------
Condemnation, certify to the Lessor and the Agent that no Potential Event of
Default or Event of Default has occurred and shall satisfy such other
requirements as may be reasonably requested by the Lessor or the Agent, in
which event the applicable Award shall be paid over to the Lessee provided
that, if such Award exceeds the lesser of $250,000 and fifty percent (50%)
of the original cost of the Leased Property, such Award shall be paid to the
Agent (or the Lessor if the Loans have been paid in full), and shall be
promptly released to the Lessee upon receipt by the Lessor and the Agent of
a certification as described above and satisfaction of such other
requirements as may reasonably be requested by the Lessor and the Agent
(including, without limitation, satisfaction of conditions to release of
such funds to the Lessee comparable to the conditions precedent to Advances
under the Operative Documents); and

         (d)    As provided in Section 10.8, if such section is applicable.
                               ------------

         During any period of repair or rebuilding pursuant to this
Article X, this Lease will remain in full force and effect and Basic Rent
---------
shall continue to accrue and be payable without abatement or reduction. The
Lessee shall maintain records setting forth information relating to the
receipt and application of payments in accordance with this Section 10.6.
                                                            ------------
Such records shall be kept on file by the Lessee at its offices and shall be
made available to the Lessor, the Lenders and the Agent upon request.

         Section 10.7   Prosecution of Awards.
                        ---------------------

         (a)    If any Condemnation shall occur, the party receiving the
notice of such Condemnation shall give to the other party and the Agent
promptly, but in any event within thirty (30) days after the occurrence
thereof, written notice of such occurrence and the date thereof, generally
describing the nature and extent of such Condemnation. With respect to any
Event of Taking or any Condemnation, the Lessee shall control the
negotiations with the relevant Governmental Authority as to any proceeding
in respect of which Awards are required, under Section 10.6, to be assigned
                                               ------------
or released to the Lessee, unless a Potential Event of Default or Event of
Default shall have occurred, in which case (i) the Agent (or the Lessor if
the Loans have been fully paid) shall control such negotiations; and (ii)
the Lessee hereby irrevocably assigns, transfers and sets over to the Agent
(or the Lessor if the loans have been fully paid) all rights of the Lessee
to any Award on account of any Event of Taking or any Condemnation and, if
there will not be separate Awards to the Lessor and the Lessee on account of
such Event of Taking or Condemnation, irrevocably authorizes and empowers
the Agent (or the Lessor if the Loans have been fully paid), with full power
of substitution, in the name of the Lessee or otherwise (but without
limiting the obligations of the Lessee under this Article X), to file and
                                                  ---------
prosecute what

                                     15

<PAGE>
<PAGE>

would otherwise be the Lessee's claim for any such Award and to collect,
receipt for and retain the same. In any event the Lessor and the Agent may
participate in such negotiations, and no settlement will be made without the
prior consent of the Agent (or the Lessor if the Loans have been fully
paid), not to be unreasonably withheld.

         (b)    Notwithstanding the foregoing, the Lessee may prosecute, and
the Lessor shall have no interest in, any claim with respect to the Lessee's
personal property and equipment not financed by or otherwise property of the
Lessor, business interruption or similar award and the Lessee's relocation
expenses.

         Section 10.8   Application of Certain Payments Not Relating to an
                        --------------------------------------------------
Event of Taking. In case of a requisition for temporary use of all or a
---------------
portion of the Leased Property which is not an Event of Taking, this Lease
shall remain in full force and effect with respect to the Leased Property,
without any abatement or reduction of Basic Rent, and the Awards for the
Leased Property shall, unless a Potential Event of Default or Event of
Default has occurred, be paid to the Lessee.

         Section 10.9   Other Dispositions. Notwithstanding the foregoing
                        ------------------
provisions of this Article X, if a Potential Event of Default or an Event of
                   ---------
Default shall have occurred, any amount that would otherwise be payable to
or for the account of, or that would otherwise be retained by, the Lessee
pursuant to this Article X shall be paid to the Agent (or the Lessor if the
                 ---------
Loans have been fully paid) as security for the obligations of the Lessee
under this Lease and, at such time thereafter as no Potential Event of
Default or Event of Default shall be continuing, such amount shall be paid
promptly to the Lessee to the extent not previously applied by the Lessor or
the Agent in accordance with the terms of this Lease or the other Operative
Documents.

         Section 10.10  No Rent Abatement. Rent shall not abate hereunder by
                        -----------------
reason of any Casualty, any Event of Loss, any Event of Taking or any
Condemnation of the Leased Property, and the Lessee shall continue to
perform and fulfill all of the Lessee's obligations, covenants and
agreements hereunder notwithstanding such Casualty, Event of Loss, Event of
Taking or Condemnation until the Lease Termination Date.

                                   ARTICLE XI
                           INTEREST CONVEYED TO LESSEE
                           ---------------------------

         The Lessee and the Lessor intend that this Lease be treated, for
accounting purposes, as an operating lease. For all other purposes, the
Lessee and the Lessor intend that the transaction represented by this Lease
be treated as a financing transaction, and for such purposes, it is the
intention of the parties hereto (i) that this Lease be treated as a
mortgage, security deed or deed of trust (whichever is applicable in the
jurisdiction in which the Leased Property is located) and security
agreement, encumbering the Leased Property, and that the Lessee, as grantor,
hereby grants to the Lessor, as mortgagee or beneficiary and secured party,
or any successor thereto, a first and paramount Lien on the Leased Property
in which the Lessee has an interest, (ii) that the

                                     16

<PAGE>
<PAGE>

Lessor shall have, as a result of such determination, all of the rights,
powers and remedies of a mortgagee, deed of trust beneficiary or secured
party available under Applicable Law to take possession of and sell (whether
by foreclosure or otherwise) the Leased Property, (iii) that the effective
date of such mortgage, security deed or deed of trust shall be the effective
date of this Lease, or the Lease Supplement, if later, (iv) that the
recording of this Lease or the Lease Supplement shall be deemed to be the
recording of such mortgage, security deed or deed of trust, and (v) that the
obligations secured by such mortgage, security deed or deed of trust shall
include the Funded Amount and all Basic Rent and Supplemental Rent hereunder
and all other obligations of and amounts due from the Lessee hereunder and
under the Operative Documents.

                                  ARTICLE XII
                                EVENTS OF DEFAULT
                                -----------------

         Each of the following events shall constitute an Event of Default
(whether any such event shall be voluntary or involuntary or come about or
be effected by operation of law or pursuant to or in compliance with any
judgment, decree or order of any court or any order, rule or regulation of
any Governmental Authority):

         (a)    The Lessee shall fail to make any payment of Basic Rent when
due; or

         (b)    (i) The Lessee shall fail to make any payment of Rent (other
than Basic Rent and other than as set forth in clause (c) or any other
                                               ----------
amount payable hereunder or under any of the other Operative Documents
(other than Basic Rent and other than as set forth in clause (c)), and such
                                                      -----------
failure shall continue for a period of five (5) days after the same becomes
due; or (ii) the Lessee shall fail to pay the Funded Amount or Lease Balance
when due pursuant to Sections 10.1, 10.2, 14.1 or 14.2, or the Lessee shall
                     -------------  ----  ----    ----
fail to pay the Recourse Deficiency Amount when required pursuant to
Article XIV or the Construction Agent shall fail to make any payment when
-----------
due under the Construction Agency Agreement; or

         (c)    The Lessee or JFC or any of their Subsidiaries fails to
perform or observe any term, covenant or agreement contained in
Section 5.1(p)(vii), (xi), (xii), (xv) or (xvi) or in Section 5.2 of
the Master Agreement; or

         (d)    The Lessee shall fail to maintain insurance as required by
Article VIII hereof, and such failure shall continue until the earlier of
------------
(i) fifteen (15) days after written notice thereof from the Lessor and (ii)
the day immediately preceding the date on which any applicable insurance
coverage would otherwise lapse or terminate; or

         (e)    The Lessee, JFC or any of their Subsidiaries shall default
in the due and punctual performance of or compliance with any covenant,
condition or agreement to be performed or observed by it under any provision
of Sections 5.1(g), (h), (j), (k) or (m), inclusive, of the Master Agreement
or shall use the proceeds of the Fundings for a purpose other than as stated
in Section 5.1(u) of the Master Agreement, and any such failure or use shall
continue unremedied for five

                                     17

<PAGE>
<PAGE>

(5) days following the date on which such covenant, condition or agreement
shall have been required to be performed or observed, or such use of
proceeds shall have varied from that stated in Section 5.1(u) of the Master
Agreement; or

         (f)    The Lessee, JFC or any of their Subsidiaries shall default
in the due and punctual performance of or compliance with any covenant,
condition or agreement to be performed or observed by it under any provision
of Sections 5.1(c)-(f), inclusive, 5.1(i) or 5.1(n) of the Master Agreement
and any such failure shall continue unremedied for ten (10) days following
the date on which such covenant, condition or agreement shall have been
required to be performed or observed; or

         (g)    The Lessee, JFC or any of their Subsidiaries shall default
in the due and punctual performance of or compliance with any covenant,
condition or agreement to be performed or observed by it under any other
provision of this Lease or any of the other Operative Documents and any such
failure shall continue unremedied for thirty (30) days after the earlier of
(x) the date upon which any senior officer of the Lessee or JFC knew or
reasonably should have known of such default or (y) the date on which such
covenant, condition or agreement shall have been required to be performed or
observed; or

         (h)    Any representation or warranty of the Lessee or JFC made in
any of the Operative Documents or in any certificate, document or financial
or other statement or in connection with the Transaction or pursuant to the
Operative Documents shall have been false or inaccurate in any material
respect on the date as of which made or deemed made; or

         (i)    The Lessee, JFC, or any of their Subsidiaries (A) shall fail
to make when due or payable any payment required to be made by it in respect
of (x) any Indebtedness for Money Borrowed (other than pursuant to the
Operative Documents) whether or not subject to a Subordination Agreement, or
(y) any Indebtedness other than Indebtedness for Money Borrowed, whether or
not subject to a Subordination Agreement, if such failure extends beyond the
applicable grace period (if any) specified in the relevant document on the
date of such failure or (B) shall fail duly and punctually to perform or
observe any other covenant, condition, or agreement contained in, or any
other event shall occur or condition shall exist under, any evidence of
Indebtedness, or any agreement securing or relating to any Indebtedness, and
the effect of such failure is (x) to cause, or permit the holder of such
Indebtedness or a trustee to cause, such Indebtedness to become due or to be
required to be repurchased, prior to its scheduled maturity or such
Indebtedness to become payable or cash collateral in respect thereof to be
demanded or (y) to permit the holder of such Indebtedness or a trustee to
elect any Person to the Board of Directors of any Subsidiary; provided, that
                                                              --------
any Event of Default arising under clause (B) in respect of Indebtedness
                                   ----------
shall be determined without regard to any amendment to or waiver of any
provision of the document or instrument evidencing such indebtedness or any
related document or instrument entered into by the parties thereto in
anticipation of, concurrent with or subsequent to the occurrence of any such
event or circumstance, including, without limitation, the occurrence of any
event or condition that (x) results in any such Indebtedness

                                     18

<PAGE>
<PAGE>

becoming due prior to its scheduled maturity or (y) enables or permits the
lenders under such Indebtedness (as amended, modified, supplemented or
replaced from time to time), or any agent on their behalf, to cause the
loans thereunder to become due or to require the prepayment, repurchase,
redemption or defeasance thereof, prior to its scheduled maturity; or

         (j)    A default shall occur under the provisions of any preferred
stock (or any agreement relating thereto) of any Subsidiary, and the effect
of the same shall be (i) to require, or permit the holders thereof to
require, the issuer thereof to redeem the same prior to any mandatory
redemption date or (ii) to permit the holders thereof to elect any Person to
the Board of Directors of such Subsidiary; or

         (k)    A final judgment or judgments for the payment of money in
excess of $500,000 in the aggregate shall be rendered against the Lessee,
JFC and any Subsidiary (or any one or more of such Persons) and shall remain
in force undischarged and unstayed for a period of more than the longer of
(x) 60 days or (y) the shorter of (i) the period provided for requesting a
stay of such judgment or (ii) the period provided for filing an appeal from
such judgment, both as established for the jurisdiction in which such
judgment was rendered and without regard for any extension or renewal
periods applicable to either thereof; or

         (l)    The Lessee, JFC or any of their Subsidiaries shall commence any
case, proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief
entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or
its debts, or (B) seeking appointment of a receiver, trustee, custodian or
other similar official for it or for all or any substantial part of its
assets, or the Lessee, JFC or any of their Subsidiaries shall make a general
assignment for the benefit of its creditors; or (ii) there shall be
commenced against the Lessee, JFC or any of their Subsidiaries any case,
proceeding or other action of a nature referred to in clause (i) above which
                                                      ----------
(A) results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged or unbonded for a
period of sixty (60) days; or (iii) there shall be commenced against the
Lessee, JFC or any of their Subsidiaries any case, proceeding or other
action seeking issuance of a warrant of attachment, execution, distraint or
similar process against all or any substantial part of its assets which
results in the entry of an order for any such relief which shall not have
been vacated, discharged, or stayed or bonded pending appeal within sixty
(60) days from the entry thereof; or (iv) the Lessee, JFC or any of their
Subsidiaries shall take any action in furtherance of, or indicating its
consent to, approval of, or acquiescence in, any of the acts set forth in
clause (i), (ii), or (iii) above; or (v) the Lessee, JFC or any of their
----------  ----     -----
Subsidiaries shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they become due or there shall be
any receivership, insolvency, or liquidation pursuant to SIPA; or

                                     19

<PAGE>
<PAGE>

         (m)    (i) An ERISA Event shall occur with respect to a Pension Plan
or Multiemployer Plan which has resulted or could reasonably be expected to
result in liability of the Lessee, JFC or any ERISA Affiliate under Title IV
of ERISA to such Pension Plan or Multiemployer Plan or to the PBGC in an
aggregate amount for all such Pension Plans and Multiemployer Plans in
excess of $500,000, less any outstanding amounts under clauses (ii) and
(iii); (ii) the aggregate amount of Unfunded Pension Liability among all
Pension Plans and Multiemployer Plans at any time exceeds $500,000, less any
outstanding amounts under clauses (i) and (iii) (determined, in respect of
Multiemployer Plans, by reference to the Unfunded Pension Liability for
which the Lessee, JFC or any ERISA Affiliate may be liable); or (iii) the
Lessee, JFC or any ERISA Affiliate shall fail to pay when due, after the
expiration of any applicable grace period, any installment payment with
respect to its withdrawal liability under Section 4201 of ERISA under a
Multiemployer Plan in an aggregate amount in excess of $500,000, less any
outstanding amounts under clauses (i) and (ii); or

         (n)    Intentionally Omitted.

         (o)    The Guarantor fails in any material respect to perform or
observe any term, covenant or agreement in the Guaranty, or the Guaranty is
for any reason partially (including with respect to future advances) or
wholly revoked or invalidated, or otherwise ceases to be in full force and
effect, or the Guarantor or any other Person contests in any manner the
validity or enforceability thereof or denies that it has any further
liability or obligation thereunder; or any event described at subsection (l)
                                                              --------------
of this Section occurs with respect to the Guarantor or the Guarantor shall
        -------
repudiate or terminate the Guaranty, or the Guaranty shall at any time cease
to be in full force and effect or cease to be the legal, valid and binding
obligation of the Guarantor; or

         (p)    Any non-monetary judgment, order or decree is entered against
the Lessee or any Subsidiary which does or would reasonably be expected to
have a Material Adverse Effect, and there shall be any period of fifteen
(15) consecutive days during which a stay of enforcement of such judgment or
order, by reason of a pending appeal or otherwise, shall not be in effect;
or

         (q)    There occurs any Change of Control; or

         (r)    Any Governmental Authority or any Business Association revokes
or fails to renew any material license, permit or franchise of the Lessee,
JFC or any Subsidiary, or the Lessee, JFC or any Subsidiary for any reason
loses any material license, permit or franchise, or the Lessee, JFC or any
Subsidiary suffers the imposition of any restraining order, escrow,
suspension or impound of funds in connection with any proceeding (judicial
or administrative) with respect to any material license, permit or franchise
which, in the case of any restraining order, escrow or impound of funds is
not dismissed or released within thirty (30) days after filing or
imposition; or

         (s)    The occurrence of a Construction Agency Event of Default; or

                                     20

<PAGE>
<PAGE>

         (t)    There shall have been asserted against the Lessee or any of
its Subsidiaries an environmental claim that, in the reasonable judgment of
the Lenders, is reasonably likely to be determined adversely to the Lessee
or any of its Subsidiaries, and the amount thereof (either individually or
in the aggregate) is reasonably likely to have a Material Adverse Effect
(insofar as such amount is payable by the Lessee or any of its Subsidiaries
but after deducting any portion thereof that is reasonably expected to be
paid by other creditworthy Persons jointly and severally liable therefor);
or

         (u)    The Lessee, JFC or the Lessee's General Partner shall be
terminated, dissolved or liquidated (as a matter of law or otherwise) or
proceedings shall be commenced by any Person (including the Lessee, JFC or
the Lessee's General Partner) seeking the termination, dissolution or
liquidation of the Lessee, JFC or the Lessee's General Partner, as the case
may be, and such proceedings are not dismissed within twenty (20) days after
filing; or

         (v)    The Liens created by the Operative Documents shall at any
time not constitute a valid and perfected Lien on the collateral intended to
be covered thereby (to the extent perfection by filing, registration,
recordation or possession is required herein or therein) in favor of the
Agent, free and clear of all other Liens (other than Permitted Liens), or,
except for expiration in accordance with its terms, any of the Operative
Documents shall for whatever reason be terminated or cease to be in full
force and effect, or the enforceability thereof shall be contested by the
Lessee or any other obligor; or

         (w)    A court or other Governmental Authority or agency or Business
Association having jurisdiction shall enter a decree or order approving or
acknowledging as properly filed or commenced against the Lessee or any
Subsidiary a petition or proceedings for liquidation pursuant to SIPA or
otherwise, rehabilitation, readjustment or composition (or for any related
or similar purpose) under any law (other than the Bankruptcy Code) relating
to financially distressed debtors, their creditors or property, and any such
decree or order shall remain in force undischarged and unstayed for a period
of more than 30 days; or

         (x)    The Lessee, JFC or any of their Subsidiaries shall take
corporate action for the purpose or with the effect of authorizing,
acknowledging or confirming the taking or existence of any action or
condition specified in paragraph (l) above; or

         (y)    The Lessee shall fail to file any report or information
required pursuant to SIPA, or shall fail to pay when due all or any part of
an assessment made upon the Lessee pursuant to SIPA, and such failure shall
not have been cured, by the filing of such report or information or by the
making of such payment, together with interest thereon, within five days
after receipt by the Lessee, of written notice of such failure given by or
on behalf of SIPC pursuant to Section 10(a) of SIPA; or

         (z)    The making of an application by SIPC for a decree adjudicating
that customers of the Lessee are in need of protection under SIPA and the
failure of the Lessee to obtain the dismissal of such application within 30
days;

                                     21

<PAGE>
<PAGE>

         (aa)   Aggregate Indebtedness of the Lessee shall exceed 1500% of its
Net Capital or, if the Lessee has elected to operate under paragraph
(a)(1)(ii) of Rule 15c3-1, its Net Capital computed in accordance therewith
shall be less than 2% of its aggregate debit items computed in accordance
with Exhibit A to Rule 15c3-3 or (if registered as a futures commission
merchant) its net capital (as defined in the CEA or the regulations then
existing thereunder) shall be less than 4% of the funds required to be
segregated pursuant to the CEA and the regulations thereunder and the
foreign futures or foreign options secured amounts (less the market value of
commodity options purchased by option customers on or subject to the rules
of a contract market or a foreign Board of Trade, each such deduction not to
exceed the amount of funds in the option customer's account and the foreign
futures or foreign options secured amounts), if greater (or, in either case,
such greater or lesser percentage as may be made applicable to the Lessee by
the self-regulatory or governmental agencies or bodies having appropriate
authority), throughout a period of not less than fifteen (15) consecutive
Business Days, commencing on the date the Lessee first determines and
notifies the Examining Authority or the Examining Authority or the SEC first
determines and notifies the Lessee of such fact; or

         (bb)   The SEC or any State Securities Commission shall revoke the
broker-dealer registration of the Lessee; or

         (cc)   The Examining Authority or any Business Association shall
suspend (and not reinstate within 10 days) or revoke the Lessee's membership
as a member of such Examining Authority or any Business Association.

                                  ARTICLE XIII
                                   ENFORCEMENT
                                   -----------

         Section 13.1   Remedies. Upon the occurrence and during the
                        --------
continuance of any Event of Default, the Lessor may do one or more of the
following as the Lessor in its sole discretion shall determine, without
limiting any other right or remedy the Lessor may have on account of such
Event of Default (including, without limitation, the obligation of the
Lessee to purchase the Leased Property as set forth in Section 14.3):
                                                       ------------

         (a)    The Lessor may, by notice to the Lessee, rescind or
terminate this Lease as of the date specified in such notice; however, (i)
no reletting, reentry or taking of possession of the Leased Property by the
Lessor will be construed as an election on the Lessor's part to terminate
this Lease unless a written notice of such intention is given to the Lessee,
(ii) notwithstanding any reletting, reentry or taking of possession, the
Lessor may at any time thereafter elect to terminate this Lease for a
continuing Event of Default, and (iii) no act or thing done by the Lessor or
any of its agents, representatives or employees and no agreement accepting a
surrender of the Leased Property shall be valid unless the same be made in
writing and executed by the Lessor;

                                     22

<PAGE>
<PAGE>

         (b)    The Lessor may (i) demand that the Lessee, and the Lessee
shall upon the written demand of the Lessor, return the Leased Property
promptly to the Lessor in the manner and condition required by, and
otherwise in accordance with all of the provisions of, Articles VI and XIV
                                                       -----------     ---
hereof as if the Leased Property were being returned at the end of the Lease
Term, and the Lessor shall not be liable for the reimbursement of the Lessee
for any costs and expenses incurred by the Lessee in connection therewith
and (ii) without prejudice to any other remedy which the Lessor may have for
possession of the Leased Property, and to the extent and in the manner
permitted by Applicable Law, enter upon the Leased Property and take
immediate possession of the Leased Property or any part thereof (to the
exclusion of the Lessee) and expel or remove the Lessee and any other person
who may be occupying the Leased Property, by summary proceedings or
otherwise, all without liability to the Lessee for or by reason of such
entry or taking of possession, whether for the restoration of damage to
property caused by such taking or otherwise and, in addition to the Lessor's
other damages, the Lessee shall be responsible for the actual and reasonable
costs and expenses of reletting, including brokers' fees and the reasonable
costs of any alterations or repairs made by the Lessor;

         (c)    The Lessor may (i) sell all or any part of the Leased
Property at public or private sale, as the Lessor may determine, free and
clear of any rights of the Lessee and without any duty to account to the
Lessee with respect to such action or inaction or any proceeds with respect
thereto (except to the extent required by clause (ii) below if the Lessor
                                          -----------
shall elect to exercise its rights thereunder) in which event the Lessee's
obligation to pay Basic Rent for the Leased Property hereunder for periods
commencing after the date of such sale shall be terminated or
proportionately reduced, as the case may be; and (ii) if the Lessor shall so
elect, demand that the Lessee pay to the Lessor, and the Lessee shall pay to
the Lessor, on the date of such sale, as liquidated damages for loss of a
bargain and not as a penalty (the parties agreeing that the Lessor's actual
damages would be difficult to predict, but the aforementioned liquidated
damages represent a reasonable approximation of such amount) (in lieu of
Basic Rent due for periods commencing on or after the Payment Date
coinciding with such date of sale (or, if the sale date is not a Payment
Date, the Payment Date next preceding the date of such sale)), an amount
equal to (a) the excess, if any, of (1) the sum of (A) all Rent due and
unpaid to and including such Payment Date and (B) the Funded Amount with
respect to the Leased Property, computed as of such date, over (2) the net
proceeds of such sale (that is, after deducting all costs and expenses
incurred by the Lessor, the Agent or any Lender incident to such conveyance
(including, without limitation, all costs, expenses, fees, premiums and
taxes described in Section 14.5); plus (b) interest at the Overdue Rate on
                   ------------   ----
the foregoing amount from such Payment Date until the date of payment;

         (d)    The Lessor may, at its option, not terminate this Lease, and
continue to collect all Basic Rent, Supplemental Rent, and all other amounts
(including, without limitation, the Funded Amount) due to the Lessor
(together with all costs of collection) and enforce the Lessee's obligations
under this Lease as and when the same become due, or are to be performed,
and, at the option of the Lessor, upon any abandonment of the Leased
Property by the Lessee or re-entry of same by the Lessor, the Lessor may, in
its sole and absolute discretion, elect not to terminate

                                     23

<PAGE>
<PAGE>

this Lease with respect thereto and may make such reasonable alterations and
necessary repairs in order to relet the Leased Property, and relet the
Leased Property or any part thereof for such term or terms (which may be for
a term extending beyond the term of this Lease) and at such rental or
rentals and upon such other terms and conditions as the Lessor in its
reasonable discretion may deem advisable, and upon each such reletting all
rentals actually received by the Lessor from such reletting shall be applied
to the Lessee's obligations hereunder in such order, proportion and priority
as the Lessor may elect in the Lessor's sole and absolute discretion. If
such rentals received from such reletting during any Rent Period are less
than the Rent to be paid during that Rent Period by the Lessee hereunder,
the Lessee shall pay any deficiency, as calculated by the Lessor, to the
Lessor on the Payment Date for such Rent Period;

         (e)    If the Leased Property has not been sold, the Lessor may,
whether or not the Lessor shall have exercised or shall thereafter at any
time exercise any of its rights under paragraphs (a), (b), (c) or (d) of
                                      --------------  ---  ---    ---
this Article XIII with respect to the Leased Property, demand, by written
     ------------
notice to the Lessee specifying a date (the "Final Rent Payment Date") not
                                             -----------------------
earlier than thirty (30) days after the date of such notice, that the Lessee
purchase, on the Final Rent Payment Date, the Leased Property in accordance
with the provisions of Sections 14.2, 14.4 and 14.5; provided, however, that
                       -------------  ----     ----  --------  -------
(i) such purchase shall occur on the date set forth in such notice,
notwithstanding the provision in Section 14.2 calling for such purchase to
                                 ------------
occur on the Lease Termination Date, and (ii) the Lessor's obligations under
Section 14.5(a) shall be limited to delivery of a special warranty deed and
---------------
quit claim bill of sale of the Leased Property, without recourse or
warranty, but free and clear of Lessor Liens;

         (f)    The Lessor may exercise any other right or remedy that may be
available to it under Applicable Law, or proceed by appropriate court action
(legal or equitable) to enforce the terms hereof or to recover damages for
the breach hereof. Separate suits may be brought to collect any such damages
for any Rent Period(s), and such suits shall not in any manner prejudice the
Lessor's right to collect any such damages for any subsequent Rent
Period(s), or the Lessor may defer any such suit until after the expiration
of the Lease Term, in which event such suit shall be deemed not to have
accrued until the expiration of the Lease Term; or

         (g)    The Lessor may retain and apply against the Lessor's damages
(but only to the extent thereof) all sums which the Lessor would, absent
such Event of Default, be required to pay to, or turn over to, the Lessee
pursuant to the terms of this Lease.

         Section 13.2   Remedies Cumulative; No Waiver; Consents. To the
                        ----------------------------------------
extent permitted by, and subject to the mandatory requirements of,
Applicable Law, each and every right, power and remedy herein specifically
given to the Lessor or otherwise in this Lease shall be cumulative and shall
be in addition to every other right, power and remedy herein specifically
given or now or hereafter existing at law, in equity or by statute, and each
and every right, power and remedy whether specifically herein given or
otherwise existing may be exercised from time to time and as often and in
such order as may be deemed expedient by the Lessor, and the exercise or the
beginning of the exercise of any power or remedy shall not be construed to
be a waiver of the

                                     24

<PAGE>
<PAGE>

right to exercise at the same time or thereafter any right, power or remedy.
No delay or omission by the Lessor in the exercise of any right, power or
remedy or in the pursuit of any remedy shall impair any such right, power or
remedy or be construed to be a waiver of any default on the part of the
Lessee or to be an acquiescence therein. The Lessor's consent to any request
made by the Lessee shall not be deemed to constitute or preclude the
necessity for obtaining the Lessor's consent, in the future, to all similar
requests. No express or implied waiver by the Lessor of any Event of Default
shall in any way be, or be construed to be, a waiver of any future or
subsequent Potential Event of Default or Event of Default. To the extent
permitted by Applicable Law, the Lessee hereby waives any rights now or
hereafter conferred by statute or otherwise that may require the Lessor to
sell, lease or otherwise use the Leased Property or part thereof in
mitigation of the Lessor's damages upon the occurrence of any Potential
Event of Default or Event of Default or that may otherwise limit or modify
any of the Lessor's rights or remedies under this Article XIII.
                                                  ------------

         Section 13.3   Purchase Upon an Event of Default. Upon the
                        ---------------------------------
occurrence of an Event of Default, until the date that is thirty (30) days
after the Lessee receives written notice of such Event of Default, the
Lessee may purchase all, but not less than all, of the Leased Property for
the Lease Balance, plus any amounts due pursuant to Section 7.5 of the
Master Agreement. Such purchase shall be made in accordance with Section
14.5 (except that the Lessor's obligations under Section 14.5(a) shall be
                                                 ---------------
limited to delivery of a special warranty deed and quit claim bill of sale
of the Leased Property, without recourse or warranty (other than those
contained in such special warranty deed), but free and clear of Lessor
Liens), upon not less than five (5) Business Days' written notice (which
shall be irrevocable) to the Lessor, which notice shall set forth the date
of purchase (which shall be a date no later than ten (10) Business Days from
the date of such notice).

                                  ARTICLE XIV
                            SALE, RETURN OR PURCHASE
                          OF LEASED PROPERTY; RENEWAL
                          ---------------------------

         Section 14.1   Lessee's Option to Purchase.
                        ---------------------------

         (a)    Subject to the terms, conditions and provisions set forth in
this Article XIV, the Lessee shall have the option (the "Purchase Option"),
     -----------                                         ---------------
to be exercised as set forth below, to purchase from the Lessor, the
Lessor's interest in all of the Leased Property. Such option must be
exercised by written notice to the Lessor not later than six (6) months
prior to the Lease Termination Date which notice shall be irrevocable; such
notice shall specify the date that such purchase shall take place, which
date shall be a date occurring not less than thirty (30) days after such
notice or the Lease Termination Date (whichever is earlier). If the Purchase
Option is exercised pursuant to the foregoing, then, subject to the
provisions set forth in this Article XIV, on the applicable purchase date or
                             -----------
the Lease Termination Date, as the case may be, the Lessor shall convey to
the Lessee, without recourse or warranty (other than as set forth in the
special

                                     25

<PAGE>
<PAGE>

warranty deed and as to the absence of Lessor Liens), and the Lessee shall
purchase from the Lessor, the Lessor's interest in the Leased Property leased
by the Lessee.

         (b)    [Reserved]

         Section 14.2   Conveyance to Lessee. Unless (a) the Lessee shall have
                        --------------------
properly exercised the Purchase Option and purchased the Leased Property
pursuant to Section 14.1(a), or (b) the Lessee shall have properly exercised
            ---------------
the Remarketing Option and shall have fulfilled all of the conditions of
Section 14.6 hereof, then, subject to the terms, conditions and provisions
------------
set forth in this Article XIV, the Lessee shall purchase from the Lessor,
                  -----------
and the Lessor shall convey to the Lessee, on the Lease Termination Date all
of the Lessor's interest in the Leased Property leased to the Lessee. The
Lessee may designate, in a notice given to the Lessor not less than ten (10)
Business Days prior to the closing of such purchase, or any purchase
pursuant to Section 14.1(a), (time being of the essence), the transferee to
            ---------------
whom the conveyance shall be made (if other than to the Lessee), in which
case such conveyance shall (subject to the terms and conditions set forth
herein) be made to such designee; provided, however, that such designation
                                  --------  -------
of a transferee shall not cause the Lessee to be released, fully or
partially, from any of its obligations under this Lease.

         Section 14.3   Acceleration of Purchase Obligation. The Lessee shall
                        -----------------------------------
be obligated to purchase the Lessor's interest in the Leased Property
immediately, automatically and without notice upon the occurrence of any
Event of Default specified in clause (l) of Article XII, for the purchase
                                            -----------
price set forth in Section 14.4. Upon the occurrence of any other Event of
                   ------------
Default, the Lessee shall be obligated to purchase the Lessor's interest in
the Leased Property for the purchase price set forth in Section 14.4 upon
                                                        ------------
notice of such obligation from the Lessor.

         Section 14.4   Determination of Purchase Price. Upon the purchase by
                        -------------------------------
the Lessee of the Lessor's interest in the Leased Property upon the exercise
of the Purchase Option or pursuant to Section 14.2 or 14.3, the aggregate
                                      ------------    ----
purchase price for the Leased Property shall be an amount equal to the Lease
Balance as of the closing date for such purchase, plus any amount due
pursuant to Section 7.5(f) of the Master Agreement as a result of such
purchase.

         Section 14.5   Purchase Procedure.
                        ------------------

         (a) If the Lessee shall purchase the Lessor's interest in the
Leased Property pursuant to any provision of this Lease, (i) the Lessee
shall accept from the Lessor, and the Lessor shall convey, the Leased
Property by a duly executed and acknowledged special warranty deed and quit
claim bill of sale of such the Leased Property in recordable form, and a
quitclaim bill of sale of such Leased Property, (ii) upon the date fixed for
any purchase of the Lessor's interest in the Leased Property hereunder, the
Lessee shall pay to the order of the Agent (or the Lessor if the Loans have
been paid in full) the Lease Balance, plus any amount due pursuant to
Section 7.5 of the Master Agreement as a result of such purchase, by wire
transfer of immediately available funds, (iii) the Lessor will execute and
deliver to the Lessee such other documents, including releases, affidavits,
termination agreements and termination statements, as may be legally

                                     26

<PAGE>
<PAGE>

required or as may be reasonably requested by the Lessee in order to effect
such conveyance, free and clear of Lessor Liens and the Liens of the
Operative Documents and (iv) if reasonably requested by the Lessee, the
Lessor will execute and deliver to the Lessee an assignment or termination
of the Ground Lease (if the same is still in effect), in such form as may be
reasonably requested by the Lessee, and the Lessee shall pay any amounts due
with respect thereto under the Ground Lease.

         (b)    The Lessee shall, at the Lessee's sole cost and expense,
obtain all required governmental and regulatory approvals and consents and,
in connection therewith, shall make such filings as required by Applicable
Law. In the event that the Lessor is required by Applicable Law to take any
action in connection with such purchase and sale, the Lessee shall pay prior
to transfer all costs incurred by the Lessor in connection therewith.
Without limiting the foregoing, all costs incident to such conveyance,
including, without limitation, the Lessee's attorneys' fees, the Lessor's
attorneys' fees, commissions, the Lessee's and the Lessor's escrow fees,
recording fees, title insurance premiums and all applicable documentary
transfer or other transfer taxes and other taxes required to be paid in
order to record the transfer documents that might be imposed by reason of
such conveyance and the delivery of such deed shall be borne entirely by and
paid by the Lessee.

         (c)    Upon expiration or termination of this Lease resulting in
conveyance of the Lessor's interest in the title to the Leased Property to
the Lessee, there shall be no apportionment of rents (including, without
limitation, water rents and sewer rents), taxes, insurance, utility charges
or other charges payable with respect to the Leased Property, all of such
rents, taxes, insurance, utility or other charges due and payable with
respect to the Leased Property prior to termination being payable by the
Lessee hereunder and all due after such time being payable by the Lessee as
the then owner of the Leased Property.

         Section 14.6   Option to Remarket. Subject to the fulfillment of
                        ------------------
each of the conditions set forth in this Section 14.6, the Lessee shall have
                                         ------------
the option to market all of the Leased Property for the Lessor (the
"Remarketing Option"). The Lessee's effective exercise and consummation of
 ------------------
the Remarketing Option shall be subject to the due and timely fulfillment of
each of the following provisions, the failure of any of which, unless waived
in writing by the Lessor, the Agent and the Lenders, shall render the
Remarketing Option and the Lessee's exercise thereof null and void, in which
event, the Lessee shall be obligated to perform its obligations under
Section 14.2.
------------

         (a)    Not later than twelve (12) months prior to the Lease
Termination Date, the Lessee shall give to the Lessor and the Agent written
notice of the Lessee's exercise of the Remarketing Option.

         (b)    Not later than ten (10) Business Days prior to the Lease
Termination Date, the Lessee shall deliver to the Lessor and the Agent an
environmental assessment of the Leased Property leased by it dated not
earlier than forty-five (45) days prior to the Lease Termination Date. Such
environmental assessment shall be prepared by an environmental consultant
selected

                                     27

<PAGE>
<PAGE>

by the Required Funding Parties, shall be in form, detail and substance
reasonably satisfactory to the Required Funding Parties and shall otherwise
indicate the environmental condition of the Leased Property to be the same
as described in the Environmental Audit.

         (c)    On the date of the Lessee's notice to the Lessor and the Agent
of the Lessee's exercise of the Remarketing Option, each of the Construction
Conditions shall have been timely satisfied and no Event of Default or
Potential Event of Default shall exist, and thereafter, no Event of Default
or Potential Event of Default shall exist under this Lease.

         (d)    The Lessee shall have completed all Alterations, restoration
and rebuilding of the Leased Property leased by it pursuant to Sections 6.1,
                                                               ------------
6.2, 10.3 and 10.4 (as the case may be) and shall have fulfilled all of the
---  ----     ----
conditions and requirements in connection therewith pursuant to such
Sections or otherwise as required hereunder or under the other Operative
--------
Documents, in each case, by the date on which the Lessor and the Agent
receive the Lessee's notice of the Lessee's exercise of the Remarketing
Option (time being of the essence), regardless of whether the same shall be
within the Lessee's control. If any use of the Leased Property has
substantially changed the character of the Leased Property (without implying
any consent to such use by the Lessor or the Agent), the Lessee shall, if
requested by the Lessor or the Agent, restore the Leased Property to its
general character as of the commencement of this Lease, except for normal
wear and tear.

         (e)    The Lessee shall promptly provide any maintenance records
relating to the Leased Property leased by it to the Lessor, the Agent and
any potential purchaser upon request and shall otherwise do all things
necessary to deliver possession of the Leased Property to the potential
purchaser. The Lessee shall allow the Lessor, the Agent and any potential
purchaser access to the Leased Property for the purpose of inspecting the
same.

         (f)    On the Lease Termination Date, the Lessee shall surrender the
Leased Property leased by it in accordance with Section 14.8 hereof.
                                                ------------

         (g)    In connection with any such sale of the Leased Property, the
Lessee will provide to the purchaser all customary "seller's" indemnities
requested by the potential purchaser, representations and warranties
regarding title, absence of Liens (except Lessor Liens) and the condition of
the Leased Property, including, without limitation, a customary
environmental indemnity. The Lessee shall fulfill all of the requirements
set forth in clause (b) of Section 14.5, and such requirements are
             ----------    ------------
incorporated herein by reference. As to the Lessor, any such sale shall be
made on an "as is, with all faults" basis without representation or warranty
by the Lessor, other than the absence of Lessor Liens.

         (h)    In connection with any such sale of the Leased Property, the
Lessee shall pay directly, and not from the sale proceeds, all prorations,
credits, costs and expenses of the sale of the Leased Property leased by it,
whether incurred by the Lessor, any Lender, the Agent or the Lessee,
including without limitation, the cost of all title insurance, surveys,
environmental reports, appraisals, transfer taxes, the Lessor's and the
Agent's attorneys' fees, the Lessee's

                                     28

<PAGE>
<PAGE>

attorneys' fees, commissions, escrow fees, recording fees and all applicable
documentary and other transfer taxes.

         (i)    The Lessee shall pay to the Agent on the Lease Termination
Date (or to such other Person as the Agent shall notify the Lessee in
writing, or in the case of Supplemental Rent, to the Person entitled
thereto) an amount equal to the Recourse Deficiency Amount, plus all accrued
                                                            ----
and unpaid Basic Rent and Supplemental Rent, and all other amounts hereunder
which have accrued prior to or as of such date, in the type of funds
specified in Section 3.3 hereof.
             -----------

         If the Lessee has exercised the Remarketing Option, the following
additional provisions shall apply: During the period commencing on the date
twelve (12) months prior to the scheduled expiration of the Lease Term, the
Lessee shall, as nonexclusive agent for the Lessor, use commercially
reasonable efforts to sell the Lessor's interest in the Leased Property and
will attempt to obtain the highest purchase price therefor. All such
marketing of the Leased Property shall be at the Lessee's sole expense.
Lessee promptly shall submit all bids to the Lessor and the Agent, and the
Lessor and the Agent will have the right to review the same and the right to
submit any one or more bids. All bids shall be on an all-cash basis. In no
event shall such bidder be the Lessee or any Subsidiary or Affiliate of the
Lessee. The written offer must specify the Lease Termination Date as the
closing date. If, and only if, the aggregate selling price (net of closing
costs and prorations, as reasonably estimated by the Agent) is less than the
difference between the Lease Balance at such time minus the Recourse
Deficiency Amount, then the Lessor or the Agent may, in its sole and absolute
discretion, by notice to the Lessee, reject such offer to purchase, in which
event the parties will proceed according to the provisions of Section 14.7
                                                              ------------
hereof. If neither the Lessor nor the Agent rejects such purchase offer as
provided above, the closing of such purchase of the Leased Property by such
purchaser shall occur on the Lease Termination Date, contemporaneously with
the Lessee's surrender of the Leased Property in accordance with Section 14.8
                                                                 ------------
hereof, and the gross proceeds of the sale (i.e., without deduction for any
marketing, closing or other costs, prorations or commissions) shall be paid
directly to the Agent (or the Lessor if the Funded Amount has been fully
paid); provided, however, that if the sum of the gross proceeds from such
       --------  -------
sale plus the Recourse Deficiency Amount paid by the Lessee on the Lease
     ----
Termination Date pursuant to Section 14.6(i), minus any and all costs and
                             ---------------
expenses (including broker fees, appraisal costs, legal fees and transfer
taxes) incurred by the Agent or the Lessor in connection with the marketing
of the Leased Property or the sale thereof exceeds the Lease Balance as of
such date, then the excess shall be paid to the Lessee on the Lease
Termination Date. The Lessee shall not have the right, power or authority to
bind the Lessor in connection with any proposed sale of the Leased Property.

         Section 14.7   Rejection of Sale. Notwithstanding anything contained
                        -----------------
herein to the contrary, if the Lessor or the Agent rejects the purchase
offer for the Leased Property as provided in Section 14.6, then (a) the
                                             ------------
Lessee shall pay to the Agent the Recourse Deficiency Amount pursuant to
Section 14.6(i), (b) the Lessor shall retain title to the Leased Property,
---------------
and (c) in addition to the Lessee's other obligations hereunder, the Lessee
will reimburse the Lessor and the Agent, within ten (10) Business Days after
written request, for all reasonable costs and

                                     29

<PAGE>
<PAGE>

expenses incurred by the Lessor or Agent during the period ending on the
first anniversary of the Lease Termination Date in connection with the
marketing, sale, closing or transfer of the Leased Property, which
obligation shall survive the Lease Termination Date and the termination or
expiration of this Lease.

         Section 14.8   Return of Leased Property. If the Lessor retains title
                        -------------------------
to the Leased Property pursuant to Section 14.7 hereof, then the Lessee
                                   ------------
shall, on the Lease Termination Date, and at its own expense, return
possession of the Leased Property leased by it to the Lessor for retention
by the Lessor or, if the Lessee properly exercises the Remarketing Option
and fulfills all of the conditions of Section 14.6 hereof and neither the
                                      ------------
Lessor nor the Agent rejects such purchase offer pursuant to Section 14.6,
                                                             ------------
then the Lessee shall, on such Lease Termination Date, and at its own cost,
transfer possession of the Leased Property leased by it to the independent
purchaser thereof, in each case by surrendering the same into the possession
of the Lessor or such purchaser, as the case may be, free and clear of all
Liens other than the Lessor Liens, in as good condition as it was on the
Completion Date therefor in the case of new Construction, or the Funding
Date (as modified by Alterations permitted by this Lease), ordinary wear and
tear excepted, and in compliance with all Applicable Laws and all other
requirements of this Lease and the other Operative Documents. The Lessee
shall, on and within a reasonable time before and after the Lease
Termination Date, cooperate with the Lessor and the independent purchaser of
the Leased Property leased by the Lessee in order to facilitate the
ownership and operation by such purchaser of the Leased Property after the
Lease Termination Date, which cooperation shall include the following, all
of which the Lessee shall do on or before the Lease Termination Date:
providing all books and records regarding the maintenance and ownership of
the Leased Property and all know-how, data and technical information
relating thereto, providing a copy of the Plans and Specifications, granting
or assigning all licenses necessary for the operation and maintenance of the
Leased Property and cooperating in seeking and obtaining all necessary
Governmental Actions. The Lessee shall have also paid the cost of all
Alterations commenced prior to the Lease Termination Date. The obligations
of the Lessee under this Article XIV shall survive the expiration or
                         -----------
termination of this Lease.

         Section 14.9  Renewal.
                       -------

         (a)    Subject to the conditions set forth herein, the Lessee may by
written notice to the Lessor and the Agent given not later than ninety (90)
days prior to the Construction Term Expiration Date, request the renewal of
this Lease for a renewal period equal to the Construction Term, but in no
event in excess of twelve (12) months, commencing on the date following the
Lease Termination Date. No later than the date that is forty-five (45) days
after the date the request to renew has been delivered to each of the Lessor
and the Agent, the Agent will notify the Lessee whether or not the Lessor's
and the Lenders' consent (which consent, in the case of the Lessor and the
Lenders, may be granted or denied in their sole discretion) to such renewal
request (which renewal shall require the unanimous consent of the Lessor and
the Lenders and may be conditioned on such conditions precedent as may be
specified by the Lessor and the Lenders). If the Agent fails to respond
within such timeframe, such failure shall be a rejection of

                                     30

<PAGE>
<PAGE>

such request. If the Agent notifies the Lessee of the Lessor's and the
Lenders' consent to such renewal, such renewal shall be effective as of the
Lease Termination Date.

         (b)    Subject to the conditions set forth herein, the Lessee may, by
written notice to the Lessor and the Agent given not later than twelve (12)
months and not earlier than sixteen (16) months prior to the then scheduled
Lease Termination Date, request the renewal of this Lease, for five (5)
years in the case of the first renewal term and up to five years in the case
of the second renewal term, provided that in no event shall the term of this
Lease exceed fifteen (15) years from the date of this Lease, in each case
commencing on the date following such Lease Termination Date. No later than
the date that is forty-five (45) days after the date the request to renew
has been delivered to each of the Lessor and the Agent, the Agent will
notify the Lessee whether or not the Lessor and the Lenders consent (such
consent, in the case of the Lessor and the Lenders, may be granted or denied
in their sole discretion) to such renewal request (which renewal shall
require the unanimous consent of the Lessor and the Lenders, and may be
conditioned on such conditions precedent as may be specified by the Lessor
and the Lenders). If the Agent fails to respond within such time frame, such
failure shall be deemed to be a rejection of such request. If the Agent
notifies the Lessee of the Lessor's and the Lenders' consent to such
renewal, such renewal shall be effective as of the then scheduled Lease
Termination Date. The Lessee, at its sole cost and expense, shall be
permitted to replace any Lender that rejects or is deemed to have rejected
such request, provided that such replacement Lender is an Eligible Assignee,
              --------
the replacement complies with Section 6.2 of the Master Agreement and the
replacement occurs at least twelve (12) months prior to the then scheduled
Lease Termination Date; provided, however, that, in the event that the
                        --------  -------
Lessee shall have irrevocably elected to purchase the Leased Property
pursuant to the terms of this Lease if this Lease is not renewed as provided
for herein and written notice of such election shall have been delivered to
the Lessor and the Agent at least twelve (12) months prior to the then
scheduled Lease Termination Date, then such replacement shall occur at lease
six (6) months prior to the then scheduled Lease Termination Date.

         Section 14.10  Environmental Report. Upon termination of this Lease,
                        --------------------
unless the Lessee have exercised the Remarketing Option and complied with
Section 14.6, the Lessee shall deliver, at the Lessee's expense, to the
------------
Lessor and the Agent an environmental assessment of the Leased Property
leased by it at any time during the Lease Term. Such environmental
assessment shall be prepared by an environmental consultant, and shall be in
a form, reasonably satisfactory to the Lessor and the Agent.

                                   ARTICLE XV
                               LESSEE'S EQUIPMENT
                               ------------------

         After any repossession of the Leased Property (whether or not this
Lease has been terminated), the Lessee, at its sole cost and expense and so
long as such removal of such trade fixtures, personal property or equipment
shall not result in a violation of Applicable Law, shall, within a
reasonable time after such repossession or within sixty (60) days after the
Lessee's

                                     31

<PAGE>
<PAGE>

receipt of the Lessor's written request (whichever shall first occur),
remove all of the Lessee's trade fixtures, personal property and equipment
from the Leased Property (to the extent that the same can be readily removed
from the Leased Property without causing material damage to the Leased
Property); provided, however, that the Lessee shall not remove any such
           --------  -------
trade fixtures, personal property or equipment that has been financed by the
Lessor under the Operative Documents or otherwise constituting Leased
Property (or that constitutes a replacement of such property). Any of the
Lessee's trade fixtures, personal property and equipment not so removed by
the Lessee within such period shall be considered abandoned by the Lessee,
and title thereto shall without further act vest in the Lessor, and may be
appropriated, sold, destroyed or otherwise disposed of by the Lessor without
notice to the Lessee and without obligation to account therefor and the
Lessee will pay the Lessor, upon written demand, all reasonable costs and
expenses incurred by the Lessor in removing, storing or disposing of the
same and all costs and expenses incurred by the Lessor to repair any damage
to the Leased Property caused by such removal. The Lessee will immediately
repair at its expense all damage to the Leased Property caused by any such
removal (unless such removal is effected by the Lessor, in which event the
Lessee shall pay all reasonable costs and expenses incurred by the Lessor
for such repairs). The Lessor shall have no liability in exercising the
Lessor's rights under this Article XV, nor shall the Lessor be responsible
                           ----------
for any loss of or damage to the Lessee's personal property and equipment.

                                   ARTICLE XVI
                           RIGHT TO PERFORM FOR LESSEE
                           ---------------------------

         If the Lessee shall fail to perform or comply with any of its
agreements contained herein, the Lessor, upon ten (10) days' prior notice to
the Lessee (except in the case of an emergency), may perform or comply with
such agreement, and the Lessor shall not thereby be deemed to have waived
any default caused by such failure, and the amount of such payment and the
amount of the expenses of the Lessor (including actual and reasonable
attorneys' fees and expenses) incurred in connection with such payment or
the performance of or compliance with such agreement, as the case may be,
shall be deemed Supplemental Rent, payable by the Lessee to the Lessor
within ten (10) days after written demand therefor.

                                  ARTICLE XVII
                                  MISCELLANEOUS
                                  -------------

         Section 17.1   Reports. To the extent required under Applicable Law
                        -------
and to the extent it is reasonably practical for the Lessee to do so, the
Lessee shall prepare and file in timely fashion, or, where such filing is
required to be made by the Lessor or it is otherwise not reasonably
practical for the Lessee to make such filing, Lessee shall prepare and
deliver to the Lessor (with a copy to the Agent) within a reasonable time
prior to the date for filing and the Lessor shall file, any material reports
with respect to the condition or operation of the Leased Property that shall
be required to be filed with any Governmental Authority.

                                     32

<PAGE>
<PAGE>

         Section 17.2   Binding Effect; Successors and Assigns. The terms and
                        --------------------------------------
provisions of this Lease, and the respective rights and obligations
hereunder of the Lessor and the Lessee, shall be binding upon their
respective successors, legal representatives and assigns (including, in the
case of the Lessor, any Person to whom the Lessor may transfer the Leased
Property or any interest therein in accordance with the provisions of the
Operative Documents), and inure to the benefit of their respective permitted
successors and assigns, and the rights granted hereunder to the Agent and
the Lenders shall inure to the benefit of their respective permitted
successors and assigns. The Lessee hereby acknowledges that the Lessor has
assigned all of its right, title and interest to, in and under this Lease to
the Agent and the Lenders pursuant to the Loan Agreement and related
Operative Documents and that all of the Lessor's rights hereunder may be
exercised by the Agent and all notices, deliveries or communications to or
with the Lessor shall be provided to or be made with the Agent.

         Section 17.3   Quiet Enjoyment. The Lessor covenants that it will
                        ---------------
not interfere in the Lessee's or any of its permitted sublessees' quiet
enjoyment of the Leased Property in accordance with this Lease during the
Lease Term, so long as no Potential Event of Default or Event of Default has
occurred. Such right of quiet enjoyment is independent of, and shall not
affect, the Lessor's rights otherwise to initiate legal action to enforce
the obligations of the Lessee under this Lease.

         Section 17.4   Notices. Unless otherwise specified herein, all
                        -------
notices, offers, acceptances, rejections, consents, requests, demands or
other communications to or upon the respective parties hereto shall be in
writing and shall be deemed to have been given as set forth in Section 8.2
of the Master Agreement. All such notices, offers, acceptances, rejections,
consents, requests, demands or other communications shall be addressed as
follows or to such other address as any of the parties hereto may designate
by written notice:

         If to the Lessor:                   Atlantic Financial Group, Ltd.
                                             c/o Grogan & Brawner
                                             2305 Cedar Springs Road, Suite 415
                                             Dallas, Texas 75201
                                             Attn: Stephen S. Brookshire

         If to the Lessee:                   Edward D. Jones & Co., L.P.
                                             12555 Manchester Road
                                             St. Louis, Missouri 63131-3729
                                             Attn: Kenneth E. Schutte

         If to the Agent:                    SunTrust Bank
                                             303 Peachtree Street, 3rd Floor
                                             Mail Code 1928
                                             Atlanta, Georgia 30308
                                             Attn: Linda L. Dash

                                     33

<PAGE>
<PAGE>

         If to a Lender, to the address provided in the Master Agreement.

         Section 17.5   Severability. Any provision of this Lease that shall
                        ------------
be prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof and
any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction,
and the Lessee shall remain liable to perform its obligations hereunder
except to the extent of such unenforceability. To the extent permitted by
Applicable Law, the Lessee hereby waives any provision of law that renders
any provision hereof prohibited or unenforceable in any respect.

         Section 17.6   Amendment; Complete Agreements. Neither this Lease nor
                        ------------------------------
any of the terms hereof may be terminated, amended, supplemented, waived or
modified orally, except by an instrument in writing signed by the Lessor and
the Lessee in accordance with the provisions of Section 8.4 of the Master
Agreement. This Lease, together with the Lease Supplement and the other
Operative Documents, is intended by the parties as a final expression of
their agreement and as a complete and exclusive statement of the terms
thereof, all negotiations, considerations and representations between the
parties having been incorporated herein and therein. No course of prior
dealings between the parties or their officers, employees, agents or
Affiliates shall be relevant or admissible to supplement, explain or vary
any of the terms of this Lease or any other Operative Document. Acceptance
of, or acquiescence in, a course of performance rendered under this or any
prior agreement between the parties or their Affiliates shall not be
relevant or admissible to determine the meaning of any of the terms of this
Lease or any other Operative Document. No representations, undertakings or
agreements have been made or relied upon in the making of this Lease other
than those specifically set forth in the Operative Documents.

         Section 17.7   Construction. This Lease shall not be construed more
                        ------------
strictly against any one party, it being recognized that both of the parties
hereto have contributed substantially and materially to the preparation and
negotiation of this Lease.

         Section 17.8   Headings. The Table of Contents and headings of the
                        --------
various Articles and Sections of this Lease are for convenience of reference
only and shall not modify, define or limit any of the terms or provisions
hereof.

         Section 17.9   Counterparts. This Lease may be executed by the
                        ------------
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         Section 17.10  GOVERNING LAW. THIS LEASE SHALL IN ALL RESPECTS BE
                        -------------
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
GEORGIA APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN
SUCH STATE, EXCEPT AS TO MATTERS RELATING

                                     34

<PAGE>
<PAGE>

TO THE CREATION OF THE LEASEHOLD OR MORTGAGE ESTATES HEREUNDER, AND THE
EXERCISE OF RIGHTS AND REMEDIES WITH RESPECT THERETO, WHICH SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATES IN WHICH
SUCH ESTATES ARE LOCATED.

         Section 17.11  Reserved.
                        --------

         Section 17.12  Liability of the Lessor Limited. Except as otherwise
                        -------------------------------
expressly provided below in this Section 17.12, it is expressly understood
                                 -------------
and agreed by and between the Lessee, the Lessor and their respective
successors and assigns that nothing herein contained shall be construed as
creating any liability of the Lessor or any of its Affiliates or any of
their respective officers, directors, employees or agents, individually or
personally, for any failure to perform any covenant, either express or
implied, contained herein, all such liability (other than that resulting
from the Lessor's gross negligence or willful misconduct, except to the
extent imputed to the Lessor by virtue of the Lessee's action or failure to
act), if any, being expressly waived by the Lessee and by each and every
Person now or hereafter claiming by, through or under the Lessee, and that,
so far as the Lessor or any of its Affiliates or any of their respective
officers, directors, employees or agents, individually or personally, is
concerned, the Lessee and any Person claiming by, through or under the
Lessee shall look solely to the right, title and interest of the Lessor in
and to the Leased Property and any proceeds from the Lessor's sale or
encumbrance thereof (provided, however, that the Lessee shall not be
                     --------  -------
entitled to any double recovery) for the performance of any obligation under
this Lease and under the Operative Documents and the satisfaction of any
liability arising therefrom (other than that resulting from the Lessor's
gross negligence or willful misconduct, except to the extent imputed to the
Lessor by virtue of the Lessee's action or failure to act).

         Section 17.13  Estoppel Certificates. Each party hereto agrees that
                        ---------------------
at any time and from time to time during the Lease Term, it will promptly,
but in no event later than thirty (30) days after request by the other party
hereto, execute, acknowledge and deliver to such other party or to any
prospective purchaser (if such prospective purchaser has signed a commitment
or letter of intent to purchase the Leased Property or any part thereof or
any Note), assignee or mortgagee or third party designated by such other
party, a certificate stating (a) that this Lease is unmodified and in force
and effect (or if there have been modifications, that this Lease is in force
and effect as modified, and identifying the modification agreements); (b)
the date to which Basic Rent has been paid; (c) whether or not there is any
existing default by the Lessee in the payment of Basic Rent or any other sum
of money hereunder, and whether or not there is any other existing default
by either party with respect to which a notice of default has been served,
and, if there is any such default, specifying the nature and extent thereof;
(d) whether or not, to the knowledge of the signer after due inquiry and
investigation, there are any setoffs, defenses or counterclaims against
enforcement of the obligations to be performed hereunder existing in favor
of the party executing such certificate and (e) other items that may be
reasonably requested; provided that no such certificate may be requested
                      --------
unless the requesting party has a good faith reason for such request.

                                     35

<PAGE>
<PAGE>

         Section 17.14  No Joint Venture. Any intention to create a joint
                        ----------------
venture, partnership or other fiduciary relationship between the Lessor and
the Lessee is hereby expressly disclaimed.

         Section 17.15  No Accord and Satisfaction. The acceptance by the
                        --------------------------
Lessor of any sums from the Lessee (whether as Basic Rent or otherwise) in
amounts which are less than the amounts due and payable by the Lessee
hereunder is not intended, nor shall be construed, to constitute an accord
and satisfaction of any dispute between the Lessor and the Lessee regarding
sums due and payable by the Lessee hereunder, unless the Lessor specifically
deems it as such in writing.

         Section 17.16  No Merger. In no event shall the leasehold interests,
                        ---------
estates or rights of the Lessee hereunder, or of the holder of any Notes
secured by a security interest in this Lease, merge with any interests,
estates or rights of the Lessor in or to the Leased Property, it being
understood that such leasehold interests, estates and rights of the Lessee
hereunder, and of the holder of any Notes secured by a security interest in
this Lease, shall be deemed to be separate and distinct from the Lessor's
interests, estates and rights in or to the Leased Property, notwithstanding
that any such interests, estates or rights shall at any time or times be
held by or vested in the same person, corporation or other entity.

         Section 17.17  Survival. The obligations of the Lessee to be
                        --------
performed under this Lease prior to the Lease Termination Date and the
obligations of Lessee pursuant to Articles III, IV, X, XI, XIII, Sections
                                  ------------  --  -  --  ----  --------
6.3, 14.2, 14.3, 14.4, 14.5, 14.6(f), (g), (h), and (i), 14.7, 14.8, 14.10,
---  ----  ----  ----  ----  -------  ---  ---      ---  ----  ----  -----
Articles XV and XVI, and Sections 17.1, 17.10 and 17.12 shall survive the
-----------     ---      -------------  -----     -----
expiration or termination of this Lease. The extension of any applicable
statute of limitations by the Lessor, the Lessee, the Agent or any
Indemnitee shall not affect such survival.

         Section 17.18  Chattel Paper. To the extent that this Lease
                        -------------
constitutes chattel paper (as such term is defined in the Uniform Commercial
Code in any applicable jurisdiction), no security interest in this Lease may
be created through the transfer or possession of any counterpart other than
the sole original counterpart, which shall be identified as the original
counterpart by the receipt of the Agent.

         Section 17.19  Time of Essence. Time is of the essence of this Lease.
                        ---------------

         Section 17.20  Recordation of Lease. The Lessee will, at its
                        --------------------
expense, cause this Lease or a memorandum of lease in form and substance
reasonably satisfactory to the Lessor and the Lessee (if permitted by
Applicable Law) to be recorded in the proper office or offices in the
State(s) and the municipalities in which the Land is located.

         Section 17.21  Investment of Security Funds. The parties hereto
                        ----------------------------
agree that any amounts not payable to the Lessee pursuant to any provision
of Article VIII, X or XIV or this Section 17.21 shall be held by the Agent
   ------------  -    ---         -------------
(or the Lessor if the Loans have been fully paid) as security for the
obligations of the Lessee under this Lease and the Master Agreement and of
the Lessor under the Loan Agreement. At such time as such amounts are
payable to the Lessee, such

                                     36

<PAGE>
<PAGE>

amounts, net of any amounts previously applied to the Lessee's obligations
hereunder or under the Master Agreement (which application is hereby agreed
to by the Lessee), shall be paid to the Lessee. Any such amounts which are
held by the Agent (or the Lessor if the Loans have been fully paid) pending
payment to the Lessee shall until paid to the Lessee, as provided hereunder
or until applied against the Lessee's obligations herein and under the
Master Agreement and the other Operative Documents and distributed as
provided in the Loan Agreement (or herein after the Loan Agreement is no
longer in effect) in connection with any exercise of remedies hereunder, be
invested by the Agent or the Lessor, as the case may be, as directed from
time to time in writing by the Lessee (provided, however, if a Potential
                                       --------  -------
Event of Default or an Event of Default has occurred, it will be directed by
the Agent or, if the Loans have been fully paid, the Lessor) and at the
expense and risk of the Lessee, in investments permitted by the Required
Lenders. Any gain (including interest received) realized as the result of
any such investment (net of any fees, commissions and other expenses, if
any, incurred in connection with such investment) shall be applied in the
same manner as the principal invested. The Lessee upon demand shall pay to
the Agent or the Lessor, as appropriate, the amount of any loss incurred in
connection with all such investments and the liquidation thereof.

         Section 17.22  Ground Leases. The Lessee will, at its expense,
                        -------------
timely perform all of the obligations of the Lessor, in its capacity as
ground lessee, under the Ground Lease and all obligations under any and all
documents, instruments and agreements related thereto, and, if requested by
the Lessor, shall provide satisfactory evidence to the Lessor of such
performance.

         Section 17.23  Land and Building. If the Building and the Land on
                        -----------------
which the Building is located are subject to separate Lease Supplements, at
any time that the Lessee exercises an option to purchase the Lessor's
interest in the Building or the Land, or to renew this Lease with respect to
the Building or the Land, or is obligated to purchase the Lessor's interest
in the Building or the Land as a result of an Event of Loss, an Event of
Taking or an Event of Default, such purchase or renewal shall be made
simultaneously with respect to all of the Lessor's interest in the Building
and the Land.

                            [Signature page follows]

                                     37

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, the undersigned have each caused this Lease
Agreement to be duly executed and delivered and attested by their respective
officers thereunto duly authorized as of the day and year first above
written.

                                        EDWARD D. JONES & CO., L.P., a Missouri
                                        limited partnership, as the Lessee

                                        By:  EDJ Holdings Company, Inc.,
                                             a Missouri corporation, its sole
                                             general partner

                                             By:
                                                -------------------------------
                                             Name:
                                                  -----------------------------
                                             Title:
                                                  -----------------------------

                                     S-1
                                                        MASTER LEASE AGREEMENT

<PAGE>
<PAGE>

                                        ATLANTIC FINANCIAL GROUP, LTD.,
                                        a Texas limited partnership
                                        (registered to do business in Arizona
                                        as AFG Equity, Limited Partnership),
                                        as the Lessor

                                        By:  Atlantic Financial Managers, Inc.,
                                             its General Partner

                                             By:
                                                -------------------------------
                                             Name:
                                                  -----------------------------
                                             Title:
                                                   ----------------------------

                                     S-2
                                                        MASTER LEASE AGREEMENT

<PAGE>
<PAGE>

                                    EXHIBIT A

                                LEASE SUPPLEMENT

This instrument prepared by and
when recorded return to:

McGuireWoods LLP
One James Center
Richmond, Virginia 23219
Attention: Edmund S. Pittman, Esq.

=============================================================================

                      LEASE SUPPLEMENT, MEMORANDUM OF LEASE
                    AND DEED OF TRUST AND SECURITY AGREEMENT

                          Dated as of November 30, 2000

                                      among

                         ATLANTIC FINANCIAL GROUP, LTD.
   (registered to do business in Arizona as AFG Equity, Limited Partnership),
                                    as Lessor

                          EDWARD D. JONES & CO., L.P.,
                                   as Lessee,

                                       and

               OLD REPUBLIC TITLE INSURANCE AGENCY, INC., Trustee,
                                 for the use and
                                benefit of Lessor

                                 Tempe, Arizona

=============================================================================

   THIS INSTRUMENT IS INTENDED ALSO TO BE A FIXTURE FILING TO BE FILED IN
            THE REAL ESTATE RECORDS OF MARICOPA COUNTY, ARIZONA.

<PAGE>
<PAGE>
                                TABLE OF CONTENTS

                                                                      Page
                                                                      ----

SECTION 1.  DEFINITIONS; INTERPRETATION..................................2
SECTION 2.  THE SUBJECT PROPERTY.........................................2
SECTION 3.  NATURE OF TRANSACTION; DEED OF TRUST.........................2
SECTION 4.  RATIFICATION; INCORPORATION.................................10
SECTION 5.  ORIGINAL LEASE SUPPLEMENT...................................10
SECTION 6.  GOVERNING LAW...............................................10
SECTION 7.  COUNTERPART EXECUTION.......................................10

EXHIBITS:
---------

EXHIBIT A - Description of Land
EXHIBIT B - Schedule of Equipment

                                      i

<PAGE>
<PAGE>

                    LEASE SUPPLEMENT, MEMORANDUM OF LEASE
                   AND DEED OF TRUST AND SECURITY AGREEMENT
                   ----------------------------------------

         THIS LEASE SUPPLEMENT, MEMORANDUM OF LEASE AND DEED OF TRUST AND
SECURITY AGREEMENT (this "Lease Supplement") dated as of November 30, 2000
                          ----------------
between ATLANTIC FINANCIAL GROUP, LTD., a Texas limited partnership
(registered to do business in Arizona as AFG Equity, Limited Partnership),
having an address of 2305 Cedar Springs Road, Suite 415, Dallas, Texas
75201, as the lessor (the "Lessor"), and EDWARD D. JONES & CO., L.P., a
                           ------
Missouri limited partnership, having an address of 12555 Manchester Road,
St. Louis, Missouri 63131-3729, as lessee (the "Lessee") and OLD REPUBLIC
                                                ------
TITLE INSURANCE AGENCY, INC., an Arizona corporation, as trustee (the
"Trustee"), having an address of 3200 North Central Avenue, Suite 100,
 -------
Phoenix, Arizona 85012, for the benefit of the Lessor.

                                  RECITALS:

         The Lessor and the Lessee have entered into a Master Lease
Agreement, dated as of the date hereof (as restated, amended, supplemented
or otherwise modified from time to time, the "Lease"). The Lessor desires to
lease to the Lessee, and the Lessee desires to lease from the Lessor, (a)
the Lessor's leasehold interest in the land described on Exhibit A attached
                                                         ---------
hereto and incorporated herein, created pursuant to the Ground Lease,
together with the following appurtenant rights (the "Appurtenant Rights"):
                                                     ------------------
(i) all agreements, easements, rights of way or use, rights of ingress or
egress, privileges, appurtenances, tenements, hereditaments, reversions,
remainders, water rights and other rights and benefits at any time belonging
or pertaining to the land or the improvements thereon, including, without
limitation, the use of any streets, ways, alleys, vaults or strips of land
adjoining, abutting, adjacent or contiguous to the land, (ii) all permits,
licenses and rights, whether or not of record, appurtenant to the land (such
land and Appurtenant Rights being referred to as the "Land") and (b) the
                                                      ----
buildings, structures and improvements located or to be located on the Land,
along with all fixtures used or useful in connection with the operation
thereof or of the Land, including, without limitation, all furnaces,
boilers, compressors, elevators, fittings, pipings, connectives, conduits,
ducts, partitions, equipment and apparatus of every kind and description now
or hereafter affixed or attached to the building and all Alterations
(including all restorations, repairs, replacements and rebuilding of such
buildings, improvements and structures) thereto (the "Building") and all of
                                                      --------
the following equipment (the "Equipment"): all fixtures, personal property,
                              ---------
chattels, business machines, machinery, apparatus, equipment, furnishings,
fittings and all appurtenances and additions thereto and substitutions or
replacements thereof (together with, in each case, attachments, components,
parts and accessories) currently owned or subsequently acquired by the
Lessor or the Lessee and now or subsequently affixed or attached to, or
contained in or used or usable in any way in connection with any operation
or letting of the Land, Building or Equipment, including but without
limiting the generality of the foregoing, all personal property and
equipment described on Exhibit B attached hereto and made a part hereof, all
                       ---------
signs, screens, awnings, shades, blinds, curtains, draperies, artwork,
carpets, rugs, storm doors and windows, furniture and furnishings, heating,
electrical, and mechanical equipment, lighting, switchboards, plumbing,
ventilating, air conditioning and air-cooling apparatus, furnaces, boilers,
compressors, elevators, refrigerating, and incinerating equipment,
escalators, refrigerators, display cases, shelving, racking, movable and
demountable partitions, elevators, loading and unloading

<PAGE>
<PAGE>

equipment and systems, stoves, ranges, laundry equipment, cleaning systems
(including window cleaning apparatus), snow removal and lawn maintenance
equipment, motorized vehicles, telephones, communication systems (including
satellite dishes and antennae), televisions, computers, sprinkler systems
and other fire prevention and extinguishing apparatus and materials,
security systems, motors, engines, machinery, pipes, pumps, tanks,
connectives, conduits, ducts, partitions, appliances, equipment, apparatus,
fittings and fixtures of every kind and description but excluding the
Lessee's inventory (the Land, and the Building and the Equipment being
referred to hereinafter as the "Subject Property").
                                ----------------

         NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

         SECTION 1.  Definitions; Interpretation. Capitalized terms not
                     ---------------------------
otherwise defined in this Lease Supplement shall have the respective
meanings assigned thereto in the Appendix A to the Master Agreement (as
                                 ----------
amended, supplemented or otherwise modified from time to time the "Master
                                                                   ------
Agreement"), dated as of the date hereof among the Lessee, the Lessor,
---------
SunTrust Bank, as Agent, and the Lenders parties thereto (the "Lenders"),
                                                               -------
and the rules of interpretation set forth in Appendix A shall apply to this
                                             ----------
Lease Supplement. Copies of the Master Agreement, the Lease and the other
Operative Documents (as defined in the Master Agreement) are on file at the
office of the Agent.

         SECTION 2.  The Subject Property. Effective upon the execution and
                     --------------------
delivery of this Lease Supplement by the Lessor and the Lessee, the Subject
Property shall be subject to the terms and provisions of the Lease, and the
Lessor hereby leases the Subject Property to the Lessee, and the Lessee
hereby hires and leases the Subject Property from the Lessor. The term of
the Lease with respect to the Subject Property begins on the date hereof and
ends on November 30, 2005, subject to the right of the Lessee to extend the
Lease in accordance with the terms and conditions set forth in the Lease and
the other Operative Documents. The Lease contains certain purchase rights
and options during the term of the Lease pursuant to which the Lessee may
acquire the Subject Property, all as more fully set forth in the Lease.

         SECTION 3.  Nature of Transaction; Deed of Trust. The Lessor and the
                     ------------------------------------
Lessee intend that the Lease and this Lease Supplement be treated, for
accounting purposes, as an operating lease. For federal, state and local tax
purposes and for bankruptcy, commercial and regulatory law and all other
purposes, the Lessee and the Lessor intend that the transaction represented
by the Lease and this Lease Supplement be treated as a financing
transaction. For such purposes, it is the intention of the parties hereto
(i) that the Lease and this Lease Supplement be treated as a deed of trust
and security agreement, encumbering the Subject Property, and that the
Lessee, as grantor, hereby grants to the Trustee, with power of sale, as
trustee for the benefit of the Lessor, as beneficiary and secured party, or
any successor thereto, the Subject Property and a first and paramount Lien
thereon, (ii) that the Lessor shall have, as a result of such determination,
all of the rights, powers and remedies of a mortgagee, deed of trust
beneficiary or secured party available under Applicable Law to take
possession of and sell (whether by foreclosure or otherwise) the Subject
Property, (iii) the Trustee shall have the customary powers of a trustee
under a leasehold deed of trust encumbering a leasehold interest in real
property, (iv) that the effective date of such deed of trust shall be the
effective date of this Lease Supplement, (v) that

                                       2

<PAGE>
<PAGE>

the recording of this Lease Supplement shall be deemed to be the recording
of such deed of trust, and (vi) that the obligations secured by such deed of
trust shall include the Funded Amounts and all Basic Rent and Supplemental
Rent hereunder and all other obligations of and all amounts due from the
Lessee hereunder and under the Operative Documents. In furtherance of the
foregoing, the Lessor (for the remainder of this Section called "Loan
                                                                 ----
Party"), and the Lessee (for the remainder of this Section called "Grantor")
-----                                                              -------
agree as follows:

                A. This instrument shall constitute a Deed of Trust and
         Security Agreement dated as of November 30, 2000 (this "Deed of
                                                                 -------
         Trust"), made by the Lessee (the "Grantor"), having an address at
         -----                             -------
         12555 Manchester Road, St. Louis, Missouri 63131-3729, to Old
         Republic Title Insurance Agency, Inc., having an address of 3200
         North Central Avenue, Suite 100, Phoenix, Arizona 85012, as trustee
         ("the Trustee"), for the benefit of Atlantic Financial Group, Ltd.,
               -------
         a Texas limited partnership, having an address of 2305 Cedar
         Springs Road, Suite 415, Dallas, Texas 75201 (the "Loan Party").
                                                            ----------

                B. TO SECURE PAYMENT OF ALL AMOUNTS OWING BY THE GRANTOR
         UNDER THE LEASE AND THE OTHER OPERATIVE DOCUMENTS AND THE PAYMENT
         AND PERFORMANCE OF ALL OTHER OBLIGATIONS UNDER THE OPERATIVE
         DOCUMENTS, THE GRANTOR HEREBY CONVEYS TO THE TRUSTEE AND HEREBY
         BARGAINS, SELLS, CONVEYS, CONFIRMS, GRANTS, ASSIGNS, TRANSFERS,
         WARRANTS AND SETS OVER TO THE TRUSTEE, WITH POWER OF SALE, THE
         SUBJECT PROPERTY AND ALL RENTS, LEASES, ISSUES AND PROCEEDS THEREOF
         (INCLUDING AWARDS AND INSURANCE, CONDEMNATION AND OTHER LOSS
         PROCEEDS), WITH GENERAL WARRANTY OF TITLE, IN TRUST FOR THE USE AND
         BENEFIT OF THE LOAN PARTY, AND GRANTS THE LOAN PARTY A SECURITY
         INTEREST IN THE SUBJECT PROPERTY AND ALL RENTS, LEASES, ISSUES AND
         PROCEEDS THEREOF (INCLUDING AWARDS AND INSURANCE, CONDEMNATION AND
         OTHER LOSS PROCEEDS), TO HAVE AND TO HOLD the Subject Property and
         the rights and privileges hereby granted unto the Trustee, its
         successors and assigns for the uses and purposes set forth, until
         all amounts owed by and all other obligations to be paid or
         performed by the Grantor under the Lease and the other Operative
         Documents are indefeasibly paid and performed in full.

                C. If an Event of Default has occurred and is continuing
         under the Lease, at the direction of the Loan Party:

                     (i)     The Loan Party or its agents may enter and
         take possession of the Subject Property by actual physical
         possession or by written notice served personally upon or sent by
         registered or certified mail, postage prepaid, to the Grantor, and
         the Grantor shall surrender possession upon request and the Loan
         Party may take possession without further authorization required,
         and may let the Subject Property and receive the rents, issues and
         profits thereof, make repairs and apply said rentals and profits,
         after payment of all necessary or proper charges and expenses, on
         account of the amounts hereby secured.

                                     3

<PAGE>
<PAGE>

                     (ii)    The Loan Party, shall, as a matter of contract
         right, at the option of the Loan Party, be entitled to the
         appointment of a receiver for the Subject Property, and the Grantor
         hereby consents to such appointment without the posting of a bond
         or undertaking without regard to the value of the Subject Property
         and waives notice of any application therefor.

                     (iii)   The Trustee may foreclose this Deed of Trust as a
         mortgage pursuant to the applicable laws of the State of Arizona,
         or the Trustee may proceed to sell the Subject Property at public
         auction, as a whole or in such parcels, for cash or credit and, in
         addition to the requirements imposed by state law, upon any terms
         as the Trustee deems appropriate. Before such sale at public
         auction is made, there shall first be such notice of default and
         such notice or advertisement of the time, place and terms of sale
         as required by Applicable Law. Such sale may be postponed for any
         reason, from time to time, to the extent permitted by Applicable
         Law. In the event the sale is postponed, the Trustee shall
         advertise or give notice of any subsequent sale in the same manner
         as the original advertisement or notice of sale provided for above
         or otherwise as may be permitted by Applicable Law. The Trustee
         shall execute and deliver to the purchaser its Trustee's deed
         conveying that portion of the Subject Property so sold, but without
         any covenant or warranty, express or implied. The recitals in the
         Trustee's deed of any matters or facts shall be conclusive proof of
         the truthfulness thereof. The Loan Party may become the purchaser
         of the Subject Property so sold, and no purchaser shall be required
         to see to the proper application of the purchase money. Unless
         otherwise required by Applicable Law, the Trustee shall apply the
         proceeds of sale as directed by the Loan Party. The Grantor agrees
         to surrender possession of the Subject Property so sold to the
         purchaser at the sale immediately after such sale.

                   D. The Grantor hereby waives the benefit of all
         appraisement, valuation, stay, extension, reinstatement and
         redemption laws (whether equitable or statutory) now or hereafter
         in force and all rights of marshaling in the event of any sale of
         the Subject Property or any interest therein.

                   E. The Trustee shall be entitled to enforce payment of
         the indebtedness and performance of the Lessee's obligations and to
         exercise all rights and powers under this instrument or under any
         of the other Operative Documents or other agreement or any laws now
         or hereafter in force, notwithstanding some or all of the Lessee's
         obligations may now or hereafter be otherwise secured, whether by
         deed of trust, deed to secure debt, mortgage, security agreement,
         pledge, lien, assignment or otherwise. Neither the acceptance of
         this instrument nor its enforcement, shall prejudice or in any
         manner affect the Trustee's right to realize upon or enforce any
         other security now or hereafter held by the Trustee, it being
         agreed that the Trustee shall be entitled to enforce this
         instrument and any other security now or hereafter held by the
         Trustee in such order and manner as the Trustee or the Loan Party
         may determine in its or their absolute discretion. No remedy herein
         conferred upon or reserved to the Trustee or the Loan Party is
         intended to be exclusive of any other remedy herein or by law
         provided or permitted, but each 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. Every power or remedy
         given by any of the Operative Documents to the Trustee or the Loan
         Party or to which they may

                                     4

<PAGE>
<PAGE>

         otherwise be entitled, may be exercised, concurrently or
         independently, from time to time and as often as may be deemed
         expedient by the Loan Party. In no event shall the Trustee, in the
         exercise of the remedies provided in this instrument (including,
         without limitation, the appointment of a receiver and the entry of
         such receiver on to all or any part of the Subject Property), be
         deemed a "mortgagee in possession," and the Trustee shall not in
         any way be made liable for any act, either of commission or
         omission, in connection with the exercise of such remedies.

                   F. The Trustee's sole duty with respect to the custody,
         safekeeping and physical preservation of any Subject Property in
         its possession, under Section 9-207 of the UCC as in effect in the
         state in which the Subject Property is located (the "UCC") or
                                                              ---
         otherwise, shall be to deal with it in the same manner as the
         Trustee deals with similar property for its own account. Neither
         the Trustee, the Loan Party nor any of their respective directors,
         officers, employees or agents shall be liable for failure to
         demand, collect or realize upon any of the Subject Property or for
         any delay in doing so or shall be under any obligation to sell or
         otherwise dispose of any Subject Property upon the request of the
         Grantor or any other Person or to take any other action whatsoever
         with regard to the Subject Property or any part thereof.

                   G. All powers, authorizations and agencies contained in
         this Deed of Trust are coupled with an interest and are irrevocable
         until this instrument is terminated and the lien created hereby is
         released.

                   H. Pursuant to Section 9-402 of the UCC, the Grantor
         authorizes the Trustee or the Loan Party to file financing
         statements with respect to the Subject Property with the signature
         of the Grantor in such form and in such filing offices as the
         Trustee or the Loan Party reasonably determines appropriate to
         perfect the security interests of the Trustee and the Loan Party
         under this Deed of Trust. A carbon, photographic or other
         reproduction of this Deed of Trust shall be sufficient as a
         financing statement for filing in any jurisdiction.

                   I. It is the intention of the parties hereto that this
         instrument shall constitute a Security Agreement within the meaning
         of the UCC, and the Grantor hereby grants the Loan Party a security
         interest in all Subject Property which is personal property,
         including, without limitation, all proceeds, both cash and noncash,
         of any of the foregoing (the "Personal Property"). If an Event of
                                       -----------------
         Default shall occur, then in addition to having any other right or
         remedy available at law or in equity, the Trustee, at the direction
         of the Loan Party, shall have the option of either (i) proceeding
         under the UCC and exercising such rights and remedies as may be
         provided to a secured party by the UCC with respect to all or any
         portion of the Subject Property which is personal property
         (including, without limitation, taking possession of and selling
         such property) or (ii) treating such property as real property and
         proceeding with respect to both the real and personal property
         constituting the Subject Property in accordance with the Trustee's
         rights, powers and remedies with respect to the real property (in
         which event the default provisions of the UCC shall not apply). If
         the Trustee, at the direction of the Loan Party, shall elect to
         proceed under the UCC, then five (5) days' notice of sale of the
         personal property shall be deemed reasonable notice and the
         reasonable expenses of retaking,

                                     5

<PAGE>
<PAGE>

         holding, preparing for sale, selling and the like incurred by the
         Trustee or the Loan Party shall include, but not be limited to,
         attorneys' fees and legal expenses. At the Trustee's request, the
         Grantor shall assemble the personal property and make it available
         to the Trustee and the Loan Party at a place designated by the
         Trustee or the Loan Party which is reasonably convenient to both
         parties. The Grantor stipulates and agrees that a sale of the
         Personal Property in conjunction with the Subject Property is a
         commercially reasonable manner of disposing of the Personal
         Property. The Loan Party also may (x) require the Grantor to, and
         the Grantor hereby agrees that the Grantor will at the Grantor's
         expense and upon request of the Loan Party forthwith, assemble all
         or part of the Personal Property as directed by the Loan Party and
         make it available to the Loan Party at a place to be designated by
         the Loan Party which is reasonably convenient to the parties, and
         (y) sell the Personal Property or any part thereof in one or more
         parcels at public or private sale for cash or credit or for future
         delivery, and at such price or prices and upon such other terms as
         the Loan Party may deem commercially reasonable. The Loan Party
         shall not be obligated to make any sale of the Personal Property
         regardless of notice of sale having been given. The Loan Party may
         adjourn any public or private sale from time to time by
         announcement at the time and place fixed therefor, and such sale
         may, without further notice, be made at the time and place to which
         it was so adjourned.

                  The Grantor, the Trustee and the Loan Party further agree,
         to the extent permitted by law, that this instrument upon recording
         or registration in the real estate records of the proper office
         shall constitute a financing statement filed as a "fixture filing"
         within the meaning of Sections 9-313 and 9-402 of the UCC.

                  The Grantor, upon request by the Trustee or the Loan Party
         from time to time, shall execute, acknowledge and deliver to the
         Trustee or the Loan Party one or more separate security agreements,
         in form satisfactory to the Trustee and the Loan Party, covering all
         or any part of the Subject Property and will further execute,
         acknowledge and deliver, or cause to be executed, acknowledged and
         delivered, any financing statement, affidavit, continuation
         statement or certificate or other document as the Trustee or the
         Loan Party may request in order to perfect, preserve, maintain,
         continue or extend the security interest under and the priority of
         this instrument. The Grantor further agrees to pay to the Trustee
         and the Loan Party on demand all costs and expenses incurred by the
         Trustee or the Loan Party in connection with the preparation,
         execution, recording, filing and refiling of any such document and
         all reasonable costs and expenses of any record searches for
         financing statements the Trustee or the Loan Party shall reasonably
         require. If the Grantor shall fail to furnish any financing or
         continuation statement within ten (10) days after request by the
         Trustee or the Loan Party, then pursuant to the provisions of the
         UCC, the Grantor hereby authorizes the Trustee and the Loan Party,
         without the signature of the Grantor, to execute and file any such
         financing and continuation statements. The filing of any financing
         or continuation statements in the records relating to personal
         property or chattels shall not be construed as in any way impairing
         the right of the Trustee to proceed against any personal property
         encumbered by this Deed of Trust as real property, as set forth
         above.

                                     6

<PAGE>
<PAGE>

                   J. The Grantor acknowledges that in connection with the
         rights and responsibilities of the Trustee under this instrument
         with respect to any action taken by the Trustee or the exercise or
         non-exercise by the Trustee of any option, voting right, request,
         judgment or other right or remedy provided for herein or resulting
         or arising out of this instrument, as between the Grantor and the
         Loan Party, the Trustee shall be conclusively presumed to be acting
         as agent for the Loan Party with full and valid authority so to act
         or refrain from acting, and the Grantor shall be under no
         obligation, or entitlement, to make any inquiry respecting such
         authority.

                   K. Except as otherwise set forth herein, to the fullest
         extent permitted by law, the Grantor waives the benefit of all laws
         now existing or that may subsequently be enacted providing for (i)
         any appraisement before sale of any portion of the Subject
         Property, (ii) any extension of the time for the enforcement of the
         collection of the indebtedness or the creation or extension of a
         period of redemption from any sale made in collecting such debt and
         (iii) exemption of the Subject Property from attachment, levy or
         sale under execution or exemption from civil process. Except as
         otherwise set forth herein, to the full extent the Grantor may do
         so, the Grantor agrees that the Grantor will not at any time insist
         upon, plead, claim or take the benefit or advantage of any law now
         or hereafter in force providing for any appraisement, valuation,
         stay, exemption, extension, reinstatement or redemption, or
         requiring foreclosure of this instrument before exercising any
         other remedy granted hereunder, and the Grantor, for the Grantor
         and its successors and assigns, and for any and all Persons ever
         claiming any interest in the Subject Property, to the extent
         permitted by law, hereby waives and releases all rights of
         reinstatement, redemption, valuation, appraisement stay of
         execution, notice of election to mature or declare due the whole of
         the secured indebtedness and marshaling in the event of foreclosure
         of the liens hereby created.

                   L. If (a) the Subject Property shall consist of one or
         more parcels, whether or not contiguous and whether or not located
         in the same city or county, or (b) in addition to this instrument,
         the Trustee and the Loan Party shall now or hereafter hold one or
         more additional mortgages, liens, deeds of trust or other security
         (directly or indirectly) for the obligations secured hereby upon
         other property in the state in which the Subject Property is
         located (whether or not such property is owned by the Grantor or by
         others) or (c) both the circumstances described in clauses (a) and
         (b) shall be true, then to the fullest extent permitted by law, the
         Trustee and the Loan Party may, in their discretion, commence or
         consolidate in a single foreclosure action all foreclosure
         proceedings against all such collateral securing the Obligations
         (including the Subject Property), which action may be brought or
         consolidated in the courts of any county in which any of such
         collateral is located. The Grantor acknowledges that the right to
         maintain a consolidated foreclosure action is a specific inducement
         to the Loan Party to extend the Obligations, and the Grantor
         expressly and irrevocably waives any objections to the commencement
         or consolidation of the foreclosure proceedings in a single action
         and any objections to the laying of venue or based on the grounds
         of forum non conveniens which it may now or hereafter have.
            --------- ----------
         The Grantor further agrees that if the Trustee or the Loan Party
         shall be prosecuting one or more foreclosure or other proceedings
         against a portion of the Subject Property or against any collateral
         other than the Subject Property, which collateral directly or
         indirectly secures the Obligations, or if the Trustee or the Loan
         Party shall

                                     7

<PAGE>
<PAGE>

         have obtained a judgment of foreclosure and sale or similar
         judgment against such collateral, then, whether or not such
         proceedings are being maintained or judgments were obtained in or
         outside the state in which the Subject Property is located, the
         Trustee and the Loan Party may commence or continue foreclosure
         proceedings and exercise its other remedies granted in this
         instrument against all or any part of the Subject Property and the
         Grantor waives any objections to the commencement or continuation
         of a foreclosure of this instrument or exercise of any other
         remedies hereunder based on such other proceedings or judgments and
         waives any right to seek to dismiss, stay, remove, transfer or
         consolidate either any action under this instrument or such other
         proceedings on such basis. Neither the commencement nor
         continuation of proceedings to foreclose this instrument nor the
         exercise of any other rights hereunder nor the recovery of any
         judgment by the Trustee and the Loan Party in any such proceedings
         shall prejudice, limit or preclude the Trustee's and the Loan
         Party's rights to commence or continue one or more foreclosure or
         other proceedings or obtain a judgment against any other collateral
         (either in or outside the state in which the Subject Property is
         located) which directly or indirectly secures the obligations
         secured hereby. The Grantor hereby waives (i) any objections to the
         commencement or continuation of an action to foreclose this Deed of
         Trust or exercise of any other remedies hereunder based on any
         action being prosecuted or any judgment entered with respect to the
         Obligations or any liens or security interests that secure payment
         and performance of the Obligations and (ii) any objections to the
         commencement of, continuation of, or entry of a judgment in any
         such other action based on any action or judgment connected to this
         Deed of Trust. The Grantor also waives any right to seek to
         dismiss, stay, remove, transfer or consolidate either such other
         proceedings or any action under this instrument based on any action
         or judgment connected to this instrument. It is expressly
         understood and agreed that to the fullest extent permitted by law,
         the Trustee may, at its election, cause the sale of all collateral
         which is the subject of a single foreclosure action at either a
         single sale or at multiple sales conducted simultaneously and take
         such other measures as are appropriate in order to effect the
         agreement of the parties to dispose of and administer all
         collateral securing the obligations secured hereby (directly or
         indirectly) in the most economical and least time-consuming manner.
         In case of a foreclosure sale, the Trust Property may be sold, at
         the Trustee's election, in one parcel or in more than one parcel
         and the Trustee is specifically empowered (without being required
         to do so, and in its sole and absolute discretion) to cause
         successive sales of portions of the Subject Property to be held.

                   M. Except as expressly provided in the Operative
         Documents, the Trustee and the Loan Party, with the express written
         consent of the Grantor, may at any time or from time to time renew
         or extend this instrument, or alter or modify the same in any way.
         The Trustee may waive any of the terms, covenants or conditions
         hereof in whole or in part and may release any portion of the
         Subject Property or any other security, and grant such extensions
         and indulgences in relation to the obligations secured hereby as
         the Loan Party may determine without the consent of any other
         Person (including, without limitation, the Grantor) and without any
         obligation to give notice of any kind thereto and without in any
         manner affecting the priority of the lien hereof on any part of the
         Subject Property.

                   N. If Trustee shall be made a party to or shall intervene
         in any action or proceeding, whether in court or before any
         governmental agency, affecting the Subject

                                     8

<PAGE>
<PAGE>

         Property or the title thereto or the interest of Trustee under this
         instrument, including, without limitation, any form of condemnation
         or eminent domain proceeding, Trustee shall be reimbursed by the
         Grantor upon demand for all costs, charges and reasonable
         attorneys' fees incurred by it in any such case. All such sums
         shall be secured hereby, are due and payable within ten (10) days
         after demand, and if not paid within ten (10) days after demand,
         shall bear interest at the Overdue Rate set forth in the Operative
         Documents.

                   The Trustee shall be under no duty to take any action
         hereunder except as expressly required, to perform any act which
         would involve it in expense or liability, or to institute or defend
         any suit in respect hereof, unless properly indemnified to its
         satisfaction. All reasonable expenses, charges, counsel fees and
         other disbursements incurred by Trustee from and after the
         occurrence of an Event of Default in and about the administration
         and execution of the trust created hereby, and the performance of
         its duties and powers hereunder shall be secured by this instrument
         prior to the indebtedness represented by the Lease and shall bear
         interest at the Overdue Rate set forth in the Operative Documents.
         The Loan Party, with or without cause, is hereby authorized and
         empowered to substitute and appoint, at any time and from time to
         time, by an instrument recorded wherever this instrument is
         recorded, a trustee in the place of any Trustee hereunder.

                   The Grantor agrees to indemnify, defend and hold the
         Trustee harmless from and against any and all liability, loss,
         damage and expense, including reasonable attorneys' fees, which it
         may incur by reason of this instrument or by reason of any action
         taken by the Trustee hereunder, and from and against any and all
         claims and demands whatsoever which may be asserted against the
         Trustee by reason of any alleged obligation or undertaking on its
         part to perform or discharge any of the terms, covenants or
         conditions contained herein, unless caused by the gross negligence
         or willful misconduct of the Trustee. Should the Trustee incur any
         such liability, loss, damage or expense, the amount thereof,
         together with interest thereon at the Overdue Rate set forth in the
         Operative Documents, shall be secured by this instrument and shall
         be payable by the Grantor to the Trustee within ten (10) days after
         demand therefor.

                   O. Nothing in this instrument shall operate or be
         construed to obligate the Trustee or the Loan Party to perform any
         obligations of the Grantor contained in any lease of the Subject
         Property. This instrument shall not operate to place upon the Loan
         Party or the Trustee any responsibility for the operation, control,
         care, management or repair of the Subject Property prior to the
         Trustee or the Loan Party taking possession thereof, and the
         execution of this Deed of Trust by the Grantor shall constitute
         conclusive evidence that all responsibility for the operation,
         control, care, management and repair of the Subject Property prior
         to the Trustee or the Loan Party taking possession thereof is and
         shall be that of Grantor.

                   P. This instrument is given to secure not only existing
         indebtedness, but also future advances made pursuant to or as
         provided in the Operative Documents, whether

                                     9

<PAGE>
<PAGE>

         such advances are obligatory or to be made at the option of the
         Loan Party, or otherwise, to the same extent as if such future
         advances were made on the date of execution of this instrument,
         although there may be no advance made at the time of execution
         hereof, and although there may be no indebtedness outstanding at
         the time any advance is made. To the fullest extent permitted by
         law, the lien of this instrument shall be valid as to all such
         indebtedness, including all revolving credit and future advances,
         from the time this instrument is recorded.

         SECTION 4.     Ratification; Incorporation. Except as specifically
                        ---------------------------
modified hereby, the terms and provisions of the Lease are hereby ratified
and confirmed and remain in full force and effect. The terms of the Lease
(as amended by this Lease Supplement) are by this reference incorporated
herein and made a part hereof.

         SECTION 5.     Original Lease Supplement. The single executed
                        -------------------------
original of this Lease Supplement marked "THIS COUNTERPART IS THE ORIGINAL
EXECUTED COUNTERPART" on the signature page thereof and containing the
receipt of the Agent therefor on or following the signature page thereof
shall be the original executed counterpart of this Lease Supplement (the
"Original Executed Counterpart"). To the extent that this Lease Supplement
 -----------------------------
constitutes chattel paper, as such term is defined in the UCC as in effect
in any applicable jurisdiction, no security interest in this Lease
Supplement may be created through the transfer or possession of any
counterpart other than the Original Executed Counterpart.

         SECTION 6.     GOVERNING LAW. THIS LEASE SUPPLEMENT SHALL BE GOVERNED
                        -------------
BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF GEORGIA, BUT
EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAW RULES OF SUCH STATE,
EXCEPT AS TO MATTERS RELATING TO THE CREATION OF THE LEASEHOLD ESTATE
HEREUNDER, AND THE EXERCISE OF RIGHTS AND REMEDIES WITH RESPECT THERETO,
WHICH SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE
STATE IN WHICH SUCH ESTATE IS LOCATED.

         SECTION 7.     Counterpart Execution. This Lease Supplement may be
                        ---------------------
executed in any number of counterparts and by each of the parties hereto in
separate counterparts, all such counterparts together constituting but one
and the same instrument.

                                     10

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused this Lease
Supplement to be duly executed by an officer thereunto duly authorized as of
the date and year first above written.

                                        ATLANTIC FINANCIAL GROUP, LTD.
                                        (registered to do business in
                                        Arizona as AFG Equity, Limited
                                        Partnership), as the Lessor

                                        By:  Atlantic Financial Managers, Inc.,
                                             its General Partner

                                             By:
                                                -------------------------------
                                             Name:
                                                  -----------------------------
                                             Title:
                                                   ----------------------------

                                      N-1
                                                              LEASE SUPPLEMENT

<PAGE>
<PAGE>

                                        EDWARD D. JONES & CO., L.P., as
                                        the Lessee

                                        By:  EDJ Holding Company, Inc.,
                                             a Missouri corporation,
                                             its sole general partner

                                             By:
                                                -------------------------------
                                             Name:
                                                 ------------------------------
                                             Title:
                                                   ----------------------------

                                      N-2
                                                              LEASE SUPPLEMENT

<PAGE>
<PAGE>

STATE OF
         ---------------------------        )
                                            )        ss.
COUNTY OF                                   )
          --------------------------

         The foregoing instrument was acknowledged before me this        day
                                                                  ------
of November       , 2000, by                                  , the
   ---------------           ---------------------------------
                                , of Atlantic Financial Managers, Inc., a
--------------------------------
Texas corporation, general partner of ATLANTIC FINANCIAL GROUP, LTD., a
Texas limited partnership, on behalf of the limited partnership.

                                             ---------------------------------
                                             Notary Public

My Commission Expires:

---------------------

STATE OF
         ---------------------------        )
                                            )        ss.
COUNTY OF                                   )
          --------------------------

         The foregoing instrument was acknowledged before me this        day
                                                                  ------
of November        , 2000, by                                  , the
   ----------------           ---------------------------------
                              , of EDJ Holdings Company, Inc., a
------------------------------
Missouri corporation, general partner of EDWARD D. JONES & CO., L.P., a
Missouri limited partnership, on behalf of the limited partnership.

                                             ---------------------------------
                                             Notary Public

My Commission Expires:

---------------------

                                      N-1
                                                              LEASE SUPPLEMENT

<PAGE>
<PAGE>

Receipt of this original counterpart of the foregoing Lease Supplement is
hereby acknowledged as of the date hereof.

                                        SUNTRUST BANK, as the Agent

                                        By:
                                            --------------------------------
                                        Name:
                                              ------------------------------
                                        Title:
                                               -----------------------------

                                                              LEASE SUPPLEMENT

<PAGE>
<PAGE>

                                    EXHIBIT A

                               Description of Land
                               -------------------

                                  [TO BE ADDED]

<PAGE>
<PAGE>

                                    EXHIBIT B

                              Schedule of Equipment
                              ---------------------

                                      None

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]