Document:

<PAGE>   1
                                                                   EXHIBIT 10.14

                                      NOTE

$25,000,000                                                        June 20, 2000
                                                               Chicago, Illinois

         THIS NOTE (this "NOTE") is made as of the date stated above by, Wilson
Investors - California, LLC a Delaware limited liability company ("BORROWER"),
whose address is 199 First Street, Suite 200, San Francisco, California 94105,
Attn: Tom Sullivan, and is payable to the order of Equity Office Properties
Management Corp., a Delaware corporation ("LENDER"), whose address is Two North
Riverside Plaza, Chicago, Illinois 60606.

         1. PROMISE TO PAY. For value received, Borrower hereby promises to pay
to the order of Lender or any subsequent holder hereof in accordance with
SECTION 9.8 hereof and pursuant to endorsement, at Lender's office at the
address hereinabove specified or such other place as Lender, may from time to
time designate in writing to Borrower, the principal amount of $25,000,000 (the
"MAXIMUM LOAN AMOUNT") or such lesser sum as actually advanced by Lender
hereunder, together with interest thereon and other amounts payable hereunder,
all in accordance with the provisions hereinafter specified. The recording by
Lender in its books and records of the amount outstanding under this Note shall,
absent manifest error, constitute prima facie evidence of the amount outstanding
under this Note, provided, however, that Borrower shall have the right to obtain
a written estoppel statement from Lender as provided in the Loan Agreement.

         2. CERTAIN DEFINED TERMS. All capitalized terms in this Note not
otherwise defined herein shall have the same respective meaning as in that
certain Amended and Stated Operating Agreement No. 1 (the "MASTER AGREEMENT") of
Wilson/Equity Office, LLC ("WEO") between EOP Investor, L.L.C. and Wilson
Investors - California, LLC dated as of August 1, 2000, as it may be amended
from time to time. In addition, the following terms have the following meanings:

         "ADVANCE" means any borrowing hereunder.

         "BUSINESS DAY" means any day other than a Saturday, Sunday or other day
on which commercial banks in Chicago, Illinois, are authorized or required by
law to close and, if the applicable Business Day relates to the LIBOR, means
such a day on which dealings are carried on in the applicable London interbank
market.

         "DEFAULT RATE" shall mean the Loan Rate plus 4.0%.

         "EVENT OF DEFAULT" shall have that meaning ascribed to it in SECTION 8.

         "GOVERNMENTAL AUTHORITY" means any nation or government, any state or
other political subdivision thereof, any central bank (or similar monetary or
regulatory authority) thereof, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government,
any corporation or other entity owned or controlled, through stock or capital
ownership or otherwise, by any of the foregoing.

         "LOAN" means an extension of credit by Lender to Borrower under this
Note, the amount of which is deemed to be the total amount of principal,
interest and other amounts owed by Borrower to Lender hereunder from time to
time.

<PAGE>   2

         "LOAN AGREEMENT" means that certain Loan Agreement between Borrower and
Lender dated as of the date hereof.

         "LOAN DOCUMENTS" means this Note, the Security Agreement and the Loan
Agreement.

         "LOAN RATE" means a rate of 15% per annum.

         "MATURITY DATE" means the date which is the earlier to occur of (i)
completion of the Winding Up Period (as defined in the Master Agreement), or
(ii) the distribution to WEO of substantially all of the proceeds from the
disposition of the Last Project (as defined in the Master Agreement).

         "OBLIGORS" means Borrower, each guarantor hereof, if any, and any and
all others who are now or may become liable for all or part of the obligations
of Borrower under this Note; provided, however, that Borrower and Lender
understand that as of the date hereof, Borrower is the only Obligor.

         "PERSON" means an individual, partnership, corporation, limited
liability company, business trust, joint stock company, trust, unincorporated
association, joint venture or Governmental Authority.

         "REQUIREMENT OF LAW" means, as to any Person, any law (statutory or
common), treaty, rule or regulation or determination of an arbitrator or of a
Governmental Authority, in each case applicable to or binding upon the Person or
any of its property or to which the Person or any of its property is subject.

         "SECURITY AGREEMENT" shall mean that certain Security Agreement between
Borrower and Lender dated as of the date hereof.

         3. ADVANCES. From time to time, Borrower may request that Lender fund
Advances of all or a portion of the amount of any Capital Call that WEO may
issue to Borrower. Borrower shall be deemed to have automatically requested an
Advance to fund the amount of any such Capital Call unless Borrower otherwise
notifies Lender within five business days after such Capital Call. It shall be a
condition precedent to Lender's obligation to fund such Advances that Borrower
have made capital contributions totaling at least $10,780,000 to WEO. Such
Advances shall be repaid on the terms and conditions set forth herein. Provided
that the amount of all requested Advances plus the outstanding principal amount
of the Loan does not exceed the Maximum Loan Amount, Advances shall be funded to
the account of WEO specified in writing by Borrower within three Business Days
after either (i) Borrower's deemed request as provided above or (ii) if Borrower
elects not to be deemed to have made an automatic request, receipt of Borrower's
telephonic request therefor (provided written confirmation is received by Lender
on the following Business Day) if such receipt is made by 1:00 p.m., Chicago
time, on that Business Day, or on the following Business Day, if the request is
made later, but, if reasonably possible, no later than the last date upon which
a contribution to WEO is required by Borrower under any Capital Call. All
requests for Advances (other than automatic deemed requests and those made
telephonically) and confirmations thereof shall be given pursuant to the notice
provisions of the Master Agreement; provided, however, that Borrower need only
send notices to the EOP Additional Notice Person and Vice President -
Development Investments of EOPOP or such substitute persons as Lender may
designate from time to time. Borrower shall be deemed to have remade all of its
representations and warranties herein at the time of any Advance. It shall be a
condition precedent to Lender's obligation to make such Advance that all of such
representations and warranties be true at the time of such Advance and that up
to the time of such advance Borrower have complied with all of its covenants
hereunder and that Borrower shall have complied in all material respects with
all of its covenants under the Master Agreement. Notwithstanding anything to the
contrary herein, Lender shall have no obligation to fund any amounts hereunder
following the occurrence of a Dissolution Event or if the Borrower is in the
Winding Up Period or if Borrower is not required to make a capital contribution
to WEO with respect to such amounts.

<PAGE>   3

         4. INTEREST ON THE LOAN.

                  4.1 INTEREST.

                           4.1.1 Every day the Loan shall bear interest on the
outstanding principal amount thereof at a rate per annum equal to the Loan Rate.

                           4.1.2 Notwithstanding SECTION 4.1.1, while any Event
of Default exists or after acceleration, Borrower shall pay interest (after as
well as before entry of judgment thereon to the extent permitted by law) on the
principal amount of the Loan and all other amounts outstanding under the Note,
at the Default Rate.

                  4.2 COMPUTATION OF INTEREST. All computations of interest
shall be made on the basis of a 360-day year and actual days elapsed (which
results in more interest being paid than if computed on the basis of a 365-day
year). Interest shall accrue during each period during which interest is
computed from the first day thereof to the last day thereof. Each determination
of an interest rate by Lender shall be conclusive and binding on Borrower in the
absence of manifest error.

                  4.3 PAYMENTS OF INTEREST AND PRINCIPAL.

                           4.3.1 DEFINITIONS.

                           4.3.1.1 "AGGREGATE DISTRIBUTIONS AMOUNT" means, with
respect to each Distribution, the cumulative total amount of Distributions from
the date of this Note through the date of each Distribution, to be recalculated
at the time of each Distribution.

                           4.3.1.2 "AGGREGATE INCOME OFFSET AMOUNT" means the
sum of all of the Income Offset Amounts for all of the tax years from the date
of the Note through the date of the current Distribution. The "INCOME OFFSET
AMOUNT" for each such tax year shall be an amount equal to (a) the Capital Gains
Rate for such tax year multiplied by (b) the amount of interest and obligations
paid by Borrower pursuant to this Note (including with respect to the current
Distribution) in such tax year other than (i) principal payments made by
Borrower and (ii) interest amounts that are capitalized by Borrower and are
therefore not deductible. The Aggregate Income Offset Amount shall be
recalculated at the time of each Distribution.

                           4.3.1.3 "AGGREGATE PERMITTED HOLDBACK AMOUNT" means
an amount equal to the sum of: (i) all of the Ordinary Income Holdback Amounts
for all of the tax years from the date of the Note through the date of the
current Distribution; plus (ii) all of the Capital Gains Income Holdback Amounts
for all of the tax years from the date of the Note through the date of the
current Distribution; plus (iii) the amount of payments to Borrower by WEO of
the Specified Project Allocation Amount pursuant to Section 5.7.4 of the Master
Agreement. The "ORDINARY INCOME HOLDBACK AMOUNT" for each such tax year shall be
an amount equal to (a) the Ordinary Income Rate for such tax year multiplied by
(b) that portion of the Ordinary Income Allocations Amount allocable to such tax
year. The "CAPITAL GAINS INCOME HOLDBACK AMOUNT" for each such tax

<PAGE>   4

year shall be an amount equal to (x) the Capital Gains Rate for such tax year
multiplied by (y) that portion of the Long Term Capital Gain Allocations Amount
allocable to such tax year. The "built in gain" relating to the contribution and
subsequent sale of the First & Howard Project shall not increase the Aggregate
Permitted Holdback Amount by more than $2,700,000. The Aggregate Permitted
Holdback Amount shall be recalculated at the time of each Distribution.

                           4.3.1.4 "CAPITAL GAINS RATE" means, for any tax year,
27.440%, as adjusted for any change in the applicable maximum combined
California and federal income tax rates on long term capital gains (including
any change in applicable rules which has the effect of increasing or decreasing
such rates) applicable to California residents

                           4.3.1.5 "DISTRIBUTIONS" means all amounts received by
Borrower (i) from WEO as Distributable Capital Proceeds or Distributable Cash
Flow under the Master Agreement that Borrower has not recontributed to WEO
pursuant to its obligations under the Master Agreement, (ii) from WEO pursuant
to Section 12.3.4 of the Master Agreement, and (iii) as distributions from any
Project Entity on any B Unit transferred to Borrower. A distribution of the B
Unit to Wilson pursuant to Section 11 of the Master Agreement shall not be
considered a Distribution.

                           4.3.1.6 "EXCESS DISTRIBUTION AMOUNT" means, with
respect to each Distribution, the amount (to be determined at the time of each
Distribution) by which (i) the Aggregate Distributions Amount minus Excess
Distributions Amounts previously paid to Lender exceeds (ii) the Net Permitted
Holdback Amount.

                           4.3.1.7 "NET PERMITTED HOLDBACK AMOUNT" means, with
respect to each Distribution, the Aggregate Permitted Holdback Amount minus the
Aggregate Income Offset Amount. The Net Permitted Holdback Amount shall be
recalculated at the time of each Distribution.

                           4.3.1.8 "ORDINARY INCOME ALLOCATIONS AMOUNT" means,
from the date of this Note through the date of any Distribution, the aggregate
amount of taxable ordinary income or short term capital gains allocated to
Borrower by WEO, plus the amount of taxable ordinary income or short term
capital gains allocated to Borrower with respect to distributions from any EOP
Project entity on a B Unit that has been transferred to Borrower, provided,
however, that income allocated to Borrower with respect to payments of the
Specified Project Allocation Amount pursuant to Section 5.7.4 of the Master
Agreement shall be excluded.

                           4.3.1.9 "ORDINARY INCOME RATE" means, for any tax
year, 48.1172%, as adjusted for any change in the applicable maximum combined
California and federal income tax rates on ordinary income and short terms
capital gains (including any change in applicable rules which has the effect of
increasing or decreasing such rates) applicable to California residents

<PAGE>   5

                           4.3.1.10 "LONG TERM CAPITAL GAIN ALLOCATIONS AMOUNT"
means, from the date of this Note through the date of any Distribution, the
amount of taxable long term capital gain allocated to Borrower by WEO plus the
amount of taxable long term capital gain allocated to Borrower with respect to
distributions from any EOP Project Entity on a B Unit that has been transferred
to Borrower, provided, however, that income allocated to Borrower with respect
to payments of the Specified Project Allocation Amount pursuant to Section 5.7.4
of the Master Agreement shall be excluded.

                           4.3.2 ALLOCATION COMPUTATIONS. In computing the
amount of taxable ordinary income, short term capital gains and long term
capital gains allocated to Borrower by WEO, (i) Borrower shall cause WEO to
reasonably characterize and estimate income as ordinary income, short term
capital gain, or long term capital gain on a cumulative basis (so that gains are
netted against losses) between the date of this Note and the date WEO is making
the characterization (which shall be done at the time of each Distribution), and
(ii) returns of capital shall not be characterized as any of ordinary income,
short term capital gain, or long term capital gain.

                           4.3.3 PAYMENT. Unless and until all amounts
outstanding hereunder have been paid in full, Borrower shall pay to Lender the
Excess Distribution Amount with respect to each Distribution, with the balance
(the "PERMITTED HOLDBACK") of each Distribution to be retained by Borrower, or,
at the election of Borrower, to be further distributed by Borrower to its
members. All payments under this SECTION 4.3 by Borrower to Lender shall be
applied first to accrued and unpaid interest and other obligations outstanding
hereunder, with the remaining amount, if any, to be applied to the principal
amount then outstanding. Any interest that has accrued and is not paid on the
first Business Day after the end of the calendar month following such accrual,
shall be added to the outstanding principal balance of the Loan.

         5. REPAYMENT OF LOAN.

                  5.1 LOAN MATURITY. The unpaid principal balance of this Note,
all accrued and unpaid interest thereon and all other obligations of Borrower
hereunder, if not sooner declared to be due in accordance with the terms hereof,
shall be due and payable on the Maturity Date.

                  5.2 MANNER AND APPLICATION OF PAYMENTS. All payments hereunder
shall be made in lawful money of the United States which shall be legal tender
for public and private debts at the time of payment and shall be applied first
to late charges and Lender's enforcement costs hereunder, then to other amounts
payable hereunder, then to interest and finally to principal. Payments in
federal funds immediately available in the place designated for payment received
by Lender prior to 2:00 p.m. local time at such place of payment shall be
credited prior to close of business, while other payments may, at the option of
Lender, not be credited until immediately available to Lender in federal funds
in the place designated for payment prior to 2:00 p.m. local time at such place
of payment on a day on which Lender is open for business. Borrower shall make
the payments described in the first sentence of SECTION 4.3.3 by causing WEO to
pay such amounts directly to Lender.

<PAGE>   6

                  5.3 PREPAYMENT.

                           5.3.1 RIGHT TO PREPAY. Borrower may from time to
time, prepay the principal of any Loan without any premium or penalty provided
Borrower complies with the provisions of this Section 5.3. No amount prepaid or
otherwise repaid by Borrower may be reborrowed.

                           5.3.2 PREPAYMENTS INCLUDE INTEREST. All such payments
shall be applied first to accrued and unpaid interest and other obligations
outstanding hereunder, with the remaining amount, if any, to be applied to the
principal amount then outstanding.

                           5.3.3 NOTICE OF PREPAYMENT. Borrower shall notify
Lender of any prepayment contemporaneously with such prepayment.

         6. SECURITY.

                  6.1 THE COLLATERAL. The Collateral (as defined in the Security
Agreement) shall secure all amounts that are or may become due and payable
hereunder or pursuant to the Loan Documents. Borrower shall be permitted to
retain (or distribute to its members) any Permitted Holdbacks.

                  6.2 DISTRIBUTION OF B UNIT. In the Event WEO distributes the B
Unit in any EOP Project to Borrower, (i) such B Unit shall serve as additional
collateral for this Note, and (ii) any proceeds from, or distribution on account
of, such B Unit shall be used (and Borrower shall cause such proceeds or
distribution to be used) to repay amounts owed under this Note pursuant to
SECTION 4.3.1.9 as if such proceeds or distributions were amounts received from
WEO as distributions (e.g., subject to the terms of Section 4.3).

         7. REPRESENTATIONS, WARRANTIES AND COVENANTS. Borrower represents,
warrants and covenants that:

                  7.1 AUTHORIZATION. The execution, delivery and performance of
the Loan Documents have been duly authorized by all necessary action and do not
and will not (a) require any consent or approval of the members, partners or
stockholders of any entity, or the consent of any Governmental Authority, or (b)
as of the date hereof (or after the date hereof if it would have a material
adverse effect upon Borrower or its ability to pay any amount hereunder, as
determined by Lender in its sole and absolute discretion) violate any provision
of any indenture, contract, agreement or instrument to which Borrower is a party
or by which it is bound. The Loan Documents executed by Borrower constitute
valid, binding and enforceable obligations of Borrower in accordance with their
terms, subject to the enforcement of involuntary bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting
creditors rights' and to general equitable principles.

                  7.2 DISPOSITION OR ENCUMBRANCE. Borrower will not pledge,
lien, encumber, sell or otherwise transfer or dispose of any Collateral except
as expressly

<PAGE>   7

permitted under SECTION 6.1, any of the Loan Documents or Sections 5.5 or 10.2.3
of the Master Agreement (to the extent, if any, applicable).

                  7.3 BOOKS AND RECORDS; ACCESS. Borrower will permit the Lender
or its respective designees to examine Borrower's books and records with respect
to Borrower and make extracts therefrom and copies thereof at reasonable times
and from time to time, and Borrower will furnish such information and reports to
the Lender as the Lender may reasonably request from time to time.

                  7.4 ASSETS AND LIABILITIES. As of the date hereof, Borrower's
sole asset is its membership interest in WEO. Borrower shall not acquire any
assets other than such membership interest and the Excluded Items (as defined in
the Security Agreement). Borrower has no liabilities other than (i) legal,
administrative, and accounting costs incurred in the ordinary course of
business, and in connection with the formation of Borrower; (ii) those
liabilities contemplated by the Master Agreement and its exhibits, including but
not limited to Section 5.5.1 of the Master Agreement; and (iii) liabilities
disclosed to Lender in writing prior to the date hereof (or the date of such
Advance) which taken as a whole do not have a material adverse effect upon
Borrower or its ability to pay any amount owed hereunder, as determined by
Lender in its sole absolute discretion. Borrower shall not intentionally incur
any liabilities, except for those described in clauses (i) and (ii) of this
SECTION 7.4.

                  7.5 NOTICE OF DEFAULT. Promptly upon any Wilson Principal
becoming aware of the existence of any Event of Default, Borrower will give
notice to the Lender that such Event of Default exists, stating the nature
thereof, the period of existence thereof, and what action Borrower proposes to
take with respect thereto.

                  7.6 NO DEFAULT. As of the date hereof, and the date of any
Advance, except for matters disclosed to Lender in writing and which taken as a
whole do not have a material adverse effect upon Borrower or upon its ability to
pay any amount owed hereunder, as determined by Lender in its sole and absolute
discretion, there exists no violation of, or default (with or without notice or
lapse of time, or both) under, or event giving rise to a right of termination,
cancellation or acceleration (including pursuant to any put right) of any
material obligation or the loss of a material benefit under, or the creation of
a lien, pledge, security interest or other encumbrance on assets or property, or
right of first refusal (other than that which may exist pursuant to Section 11
of the Master Agreement) with respect to any asset or property (any such
conflict, violation, default, right of termination, cancellation or
acceleration, loss, creation or right of first refusal, a "VIOLATION") of any
term, condition or provision of (i) the certificate of formation or operating
agreement of Borrower, (ii) any loan or credit agreement, note, bond, mortgage,
indenture, lease or other agreement, instrument, permit, concession, franchise
or license to which Borrower is now a party or by which Borrower or any of the
Collateral is bound, or (iii) any judgment, order, decree, statute, law,
ordinance, rule, regulation, writ or injunction.

                  7.7 TAXES. As of the date hereof, and the date of any Advance,
except for matters disclosed to Lender in writing prior to the date hereof (or
the date of such

<PAGE>   8

Advance) and which taken as a whole do not have a material adverse effect upon
Borrower or its ability to pay any amount owed hereunder, as determined by
Lender in its sole absolute discretion, Borrower has duly and timely paid (or
there has been paid on its behalf) all Taxes (as defined below) that are due,
except for Taxes being contested in good faith by appropriate proceedings and
for which adequate reserves have been established in Borrower's most recent
unaudited financial statements in accordance with generally accepted accounting
principles. With respect to any period for which Taxes are not yet due with
respect to Borrower, Borrower has made due and sufficient current accruals for
such Taxes in its most recent financial statements in accordance with generally
accepted accounting principles. Borrower has withheld and paid all Taxes
required by all applicable laws to be withheld or paid in connection with any
amounts paid or owing to any employee, creditor, independent contractor,
stockholder or other third party. The term "TAXES" shall mean any net income,
alternative or add-on minimum, gross income, gross receipts, sales, use, ad
valorem, value added, transfer, franchise, profits, license, withholding on
amounts paid by Borrower, payroll, employment, excise, production, severance,
stamp, occupation, premium, property, environmental or windfall profit tax,
custom, duty or other tax, governmental fee or other like assessment or charge
of any kind whatsoever, together with any interest and/or any penalty, addition
to tax or additional amount imposed by any taxing authority.

                  7.8 LITIGATION. As of the date hereof, and the date of any
Advance, except for matters disclosed to Lender in writing and which taken as a
whole do not have a material adverse effect upon Borrower or upon its ability to
pay any amount owed hereunder, as determined by Lender in its sole and absolute
discretion, there is no suit, action or proceeding pending or, to the knowledge
of Borrower, threatened against Borrower, nor is there any material judgment,
decree, unfunded settlement, conciliation agreement, letter of deficiency,
award, temporary restraining order, injunction, rule or order of any
governmental entity or arbitrator outstanding against Borrower.

                  7.9 DISTRIBUTIONS TO MEMBERS. Except as expressly permitted by
SECTION 6.1, Borrower shall not make any distribution or payment to any of its
members unless Borrower has paid to Lender all amounts outstanding under this
Note.

                  7.10 USE OF PROCEEDS. The proceeds of this Note may only be
used by Borrower to contribute capital to WEO pursuant to a Capital Call and
Borrower shall so use such proceeds.

         8. DEFAULTS AND REMEDIES. If: (i) Borrower fails to pay when due any
amount payable hereunder to Lender within five days after notice of such
failure; (ii) Borrower shall breach or be in violation of any representation,
warranty or covenant hereunder (other than a breach described in clause (i))
which can be cured by the payment of money to a party other than Lender and such
breach or violation is not cured within 30 days after notice of such failure;
(iii) Borrower shall breach or be in violation of any representation, warranty
or covenant hereunder which cannot be cured by the payment of money and such
breach or violation is not cured within 30 days, provided that if such breach or
violation cannot, because of its nature, be cured with said 30 day period, then
if Borrower commences curing such breach or violation within said 30 day period
and diligently

<PAGE>   9

continues to attempt such cure, Borrower shall have up to an additional 90 days
to complete such cure; (iv) there shall occur under any of the Loan Documents,
an "Event of Default" (as defined in such document); or (v) Borrower's acts or
omissions result in an Event of Default under, and as defined in, the Master
Agreement; then in any such event (each of which is herein referred to as an
"Event of Default"), at the election of Lender, the principal balance of the
Note remaining unpaid together with interest accrued thereon shall become at
once due and payable, without notice, at the place aforesaid and Lender hereof
shall have the right to pursue any and all other legal remedies to which it is
entitled pursuant to any Loan Document and applicable law. Failure to exercise
said option, howsoever often, shall not constitute a waiver of the right to
exercise the same thereafter.

                  8.1 EXPENSES INCURRED BY LENDER. Borrower shall pay to Lender
in addition to all other amounts due hereunder all reasonable attorneys' fees,
costs and expenses and all other fees, costs and expenses incurred by Lender in
connection with any of: (i) Lender's attempt to collect any sums due under this
Note, whether or not legal proceedings are instituted by Lender, (ii) any
bankruptcy, reorganization, receivership, or other proceedings affecting
creditors' rights and involving a claim under this Note, (iii) any other
proceedings whatsoever affecting this Note, or any of the other Loan Documents,
and (iv) the preparation and negotiation of the Loan Documents.

                  8.2 NATURE OF REMEDIES. Lender's remedies under this Note, and
all of the Loan Documents shall be cumulative and concurrent and may be pursued
singly, successively, or together against any or all of Borrower and any other
Obligors, or against any Collateral, and Lender may resort to every other right
or remedy available at law or in equity without first exhausting the rights and
remedies contained herein, all in Lender's sole discretion. Failure of Lender,
for any period of time or on more than one occasion, to exercise its option to
accelerate the Maturity Date shall not constitute a waiver of the right to
exercise the same at any time during the continued existence of the Event of
Default or in the event of any subsequent Event of Default. Lender shall not by
any other omission or act be deemed to waive any of its rights or remedies
hereunder unless such waiver be in writing and signed by Lender, and then only
to the extent specifically set forth therein. A waiver in connection with one
Event of Default shall not be construed as continuing or as a bar to or waiver
of any right or remedy in connection with a subsequent Event of Default.

                  8.3 ACCELERATION OF MATURITY. At any time after the occurrence
of any Event of Default, at the option of Lender, (i) the entire principal
balance under this Note, together with interest accrued thereon and all other
indebtedness hereunder (including all costs incurred by Lender in connection
with such Event of Default), shall without further notice become immediately due
and payable and (ii) Borrower shall not have the right to obtain any additional
Advances.

         9. MISCELLANEOUS.

                  9.1 NOTICES. All notices given under this Note shall be given
as provided in the Master Agreement.

<PAGE>   10

                  9.2 CHOICE OF LAW AND FORUM. This Note has been negotiated and
delivered, and the proceeds of the Loan evidenced hereby shall be disbursed in,
Chicago, Illinois, and shall be governed by and construed in accordance with the
internal laws of the State of Illinois without reference to: (i) its judicially
or statutorily pronounced rules regarding conflict of laws or choice of law;
(ii) where any other instrument is executed or delivered; (iii) where any
payment or other performance required by any such instrument is made or required
to be made; (iv) where any breach of any provision of any such instrument
occurs, or any cause of action otherwise accrues; (v) where any action or other
proceeding is instituted or pending; (vi) the nationality, citizenship,
domicile, principal place of business, or jurisdiction or organization or
domestication of any party; (vii) whether the laws of the forum jurisdiction
otherwise would apply the laws of a jurisdiction other than the State of
Illinois; or (viii) any combination of the foregoing. As a further inducement to
Lender to advance funds as contemplated hereby, Borrower recognizes that
Lender's principal office is located in Chicago, Illinois and that Lender may be
irreparably harmed if required to institute or defend any actions against
Borrower in any jurisdiction other than the Northern District of Illinois or
Cook County, Illinois; therefore, Borrower irrevocably: (a) agrees that any
suit, action or other legal proceeding relating to this Note and/or the Loan may
be brought in the Northern District of Illinois, if federal jurisdiction is
available, and, otherwise, in the Circuit Court of Cook County at Lender's
option; (b) consents to the jurisdiction of each such court in any such suit,
action or proceeding; (c) waives any objection which Borrower may have to the
laying of venue in any such suit, action or proceeding in either such court; and
(d) agrees to join Lender in any petition for removal to either such court
brought by Lender.

                  9.3 INTERPRETATION. Whenever the context requires, all words
used in the singular will be construed to have been used in the plural, and vice
versa, and each gender will include any other gender. The captions of the
sections of this Note are for convenience only and do not define or limit any
terms or provisions. The word "include(s)" means "include(s), without
limitation," and the word "including" means "including, but not limited to." No
listing of specific instances, items or matters in any way limits the scope or
generality of any language of this Note. Time is of the essence in the
performance of this Note by Borrower. The language of this Note shall be
construed as a whole according to its fair meaning, and not strictly for or
against any party.

                  9.4 WAIVERS AND CONSENTS BY OBLIGORS. Each of the Obligors
jointly and severally (i) waives and renounces any and all redemption and
exemption rights and the benefit of all valuation and appraisement privileges
against the indebtedness evidenced hereby or by an extension or renewal hereof,
(ii) waives presentment and demand for payment, notices of nonpayment and of
dishonor, protest of dishonor, and notice of protest, (iii) waives all notices
in connection with the delivery and acceptance hereof and all other notices in
connection with the performance, default, or enforcement of the payment hereof
or hereunder, except as may be otherwise provided herein or in the Loan
Documents, (iv) waives any and all lack of diligence and delays in the
enforcement of the payment hereof, (v) agrees that the liability of each of the
Obligors shall be unconditional and without regard to the liability of any other
person or entity for the payment hereof, and shall not in any manner be affected
by any indulgence or forbearance granted or consented to by Lender with respect
hereto, (vi) consents to any

<PAGE>   11

and all extensions of time, renewals, waivers, or modifications that may be
granted by Lender with respect to the payment or other provisions hereof, and to
the release of any security at any time given for the payment hereof, or any
part thereof, with or without substitution, and to the release of any person or
entity liable for the payment hereof, and (vii) consents to the addition of any
and all other makers, endorsers, guarantors, and other obligors for the payment
hereof, and to the acceptance of any and all other security for the payment
hereof, and agrees that the addition of any such obligors or security shall not
affect the liability of any of the Obligors for the payment hereof.

                  9.5 BUSINESS LOAN. Borrower hereby represents that the
proceeds of the Loans will be used for the purposes specified in 815 ILCS 205/4,
as amended, and that the indebtedness evidenced hereby constitutes a "business
loan" within the purview of that section.

                  9.6 INTEREST LAWS. It being the intention of Lender and
Borrower to comply with the laws of the State of Illinois, it is agreed that
notwithstanding any provision to the contrary in this Note or any of the other
Loan Documents, no such provision shall require the payment or permit the
collection of any amount ("EXCESS INTEREST") in excess of the maximum amount of
interest permitted by law to be charged for the use or detention, or the
forbearance in the collection, of all or any portion of the indebtedness
evidenced by this Note. If any Excess Interest is provided for, or is
adjudicated to be provided for, in this Note, or any of the other Loan
Documents, then in such event (i) the provisions of this paragraph shall govern
and control, (ii) neither Borrower nor any of the other Obligors shall be
obligated to pay any Excess Interest, (iii) any Excess Interest that Lender may
have received hereunder shall, at the option of Lender, be (a) applied as a
credit against the then outstanding principal balance of the applicable Loan,
accrued and unpaid interest thereon not to exceed the maximum amount permitted
by law, or both, (b) refunded to the payer thereof, or (c) any combination of
the foregoing, (iv) the interest rate payable hereunder shall be automatically
subject to reduction to the maximum lawful contract rate allowed under the
applicable usury laws of the aforesaid State, and this Note and the other Loan
Documents shall be deemed to have been, and shall be, reformed and modified to
reflect such reduction in the interest rate, and (v) neither Borrower nor any of
the other Obligors shall have any action against Lender for any damages
whatsoever arising out of the payment or collection of any Excess Interest.

                  9.7 DISBURSEMENT. Funds representing the proceeds of the Loan
which are disbursed by Lender by mail, wire transfer or other delivery to
Borrower or to escrows or otherwise for the benefit of Borrower, shall, for all
purposes, be deemed outstanding hereunder and to have been received by Borrower
as of the date of such mailing, wire transfer or other delivery, and interest
shall accrue and be payable upon such funds from and after the date of such wire
transfer, mailing or delivery and until repaid, notwithstanding the fact that
such funds may not at any time have been remitted by such escrows to Borrower or
for its benefit.

                  9.8 SUBSEQUENT HOLDERS. Upon any endorsement, assignment or
other transfer of this Note by Lender or by operation of law, the term "Lender"
shall mean such

<PAGE>   12
endorsee, assignee or other transferee or successor to Lender then becoming the
holder of this Note; provided, however, that Lender may only transfer this Note
to an Affiliate.

                  9.9 SUBSEQUENT OBLIGORS. This Note and all provisions hereof
shall be binding on all persons claiming under or through Borrower. The terms
"Borrower" and "Obligors", as used herein, shall include the respective
successors, assigns, legal and personal representatives, executors,
administrators, devisees, legatees, and heirs of Borrower and any other
Obligors.

                  9.10 UNENFORCEABILITY. If any provision of this Note is
unenforceable, invalid or contrary to law, or its inclusion herein would affect
the validity, legality or enforcement of this Note, such provision shall be
limited to the extent necessary to render the same valid or shall be excised
from this Note, as the circumstances require, and this Note shall be construed
as if said provision had been incorporated herein as so limited or as if said
provision had not been included herein, as the case may be.

                  9.11 NO PARTNERSHIP. Nothing contained in this Note shall
constitute Borrower and Lender as partners with one another or agents for one
another or render either of them liable for any debts or obligations of the
other.

                  9.12 EFFECT OF TAXES. Except as provided in SECTION 4.3, all
payments of principal and interest hereunder shall be made without deduction for
any present and future taxes, levies, imposts, deductions, charges or
withholdings (other than any of the foregoing on or measured by the net income
of Lender pursuant to the income tax laws of any jurisdiction to which Lender is
subject, including but not limited to that of the United States, California, and
Illinois, if applicable, which amounts shall be paid by Lender), which amounts
shall be paid by Borrower. Borrower will pay, within 10 days after demand by
Lender, the amounts necessary so that the gross amount of the principal and
interest paid is not less than that required by this Note. All stamp and
documentary taxes shall be paid by Borrower. If, notwithstanding the previous
three sentences, Lender pays any such taxes, Borrower will reimburse Lender,
within 10 days after demand by Lender, for the amount paid (except for any
income tax on the net income of Lender which shall be paid solely by Lender as
provided in the foregoing parenthetical).

                  9.13 INDEMNITY BY BORROWER. BORROWER HEREBY INDEMNIFIES LENDER
AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE MEMBERS, PARTNERS, OFFICERS,
DIRECTORS, EMPLOYEES, AND AGENTS FROM, AND HOLDS EACH OF THEM HARMLESS AGAINST,
ANY AND ALL LOSSES, LIABILITIES, CLAIMS, DAMAGES, COSTS, AND EXPENSES TO WHICH
ANY OF THEM MAY BECOME SUBJECT, INSOFAR AS SUCH LOSSES, LIABILITIES, CLAIMS,
DAMAGES, COSTS, AND EXPENSES ARISE OR ACCRUE DURING THE TIME IN WHICH THE LOAN
REMAINS OUTSTANDING AND ARISE FROM OR RELATE TO ANY OF THE LOAN DOCUMENTS OR ANY
OF THE TRANSACTIONS CONTEMPLATED THEREBY OR FROM ANY INVESTIGATION, LITIGATION,
OR OTHER PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY THREATENED
INVESTIGATION,

<PAGE>   13
LITIGATION, OR OTHER PROCEEDING RELATING TO ANY OF THE FOREGOING, PROVIDED
HOWEVER, THAT NONE OF THE FOREGOING SHALL APPLY AND BORROWER SHALL NOT BE LIABLE
OR RESPONSIBLE FOR THE FOREGOING TO THE EXTENT THAT SUCH LOSSES, LIABILITIES,
CLAIMS, DAMAGES, COSTS AND EXPENSES ARISE OUT OF OR BY VIRTUE OF THE EQUITY
INTERESTS HELD BY LENDER AND/OR ITS AFFILIATES IN WEO AND/OR A PROJECT ENTITY
AND WOULD HAVE ARISEN OR BEEN APPLICABLE IF THE LOAN HAD NOT BEEN MADE. WITHOUT
INTENDING TO LIMIT THE REMEDIES AVAILABLE TO LENDER WITH RESPECT TO THE
ENFORCEMENT OF ITS INDEMNIFICATION RIGHTS AS STATED HEREIN OR AS STATED IN ANY
LOAN DOCUMENT, IN THE EVENT ANY CLAIM OR DEMAND IS MADE OR ANY OTHER FACT COMES
TO THE ATTENTION OF LENDER IN CONNECTION WITH, RELATING OR PERTAINING TO, OR
ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, WHICH LENDER
REASONABLY BELIEVES MIGHT INVOLVE OR LEAD TO SOME LIABILITY OF LENDER, OTHER
THAN THOSE RESULTING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF LENDER,
BORROWER SHALL, IMMEDIATELY UPON RECEIPT OF WRITTEN NOTIFICATION OF ANY SUCH
CLAIM OR DEMAND, ASSUME IN FULL THE PERSONAL RESPONSIBILITY FOR AND THE DEFENSE
OF ANY SUCH CLAIM OR DEMAND AND PAY IN CONNECTION THEREWITH ANY LOSS, DAMAGE,
DEFICIENCY, LIABILITY OR OBLIGATION, INCLUDING, WITHOUT LIMITATION, LEGAL FEES
AND COURT COSTS INCURRED IN CONNECTION THEREWITH, BUT SUBJECT TO THE LIMITATIONS
SET FORTH ABOVE. IN THE EVENT OF COURT ACTION IN CONNECTION WITH ANY SUCH CLAIM
OR DEMAND, BORROWER SHALL ASSUME IN FULL THE RESPONSIBILITY FOR THE DEFENSE OF
ANY SUCH ACTION AND SHALL IMMEDIATELY SATISFY AND DISCHARGE ANY FINAL DECREE OR
JUDGMENT RENDERED THEREIN. AFTER SUCH DEMAND BY LENDER TO BORROWER AND
BORROWER'S FAILURE TO PAY SAME, LENDER MAY, IN ITS SOLE DISCRETION, MAKE ANY
PAYMENTS SUSTAINED OR INCURRED BY REASON OF ANY OF THE FOREGOING; AND BORROWER
SHALL IMMEDIATELY REPAY TO LENDER, IN CASH AND NOT WITH PROCEEDS OF THE LOAN,
THE AMOUNT OF SUCH PAYMENT, WITH INTEREST THEREON AT THE MAXIMUM RATE OF
INTEREST PERMITTED BY APPLICABLE LAW FROM THE DATE OF SUCH PAYMENT. LENDER SHALL
HAVE THE RIGHT TO JOIN BORROWER AS A PARTY DEFENDANT IN ANY LEGAL ACTION BROUGHT
AGAINST LENDER, AND BORROWER HEREBY CONSENTS TO THE ENTRY OF AN ORDER MAKING
BORROWER A PARTY DEFENDANT TO ANY SUCH ACTION.

                  9.14 WAIVER OF JURY TRIAL. BORROWER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THIS NOTE OR ANY OF
THE OTHER LOAN DOCUMENTS, OR ANY OTHER STATEMENTS OR ACTIONS OF BORROWER OR
LENDER. BORROWER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF
THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED
OF ITS OWN FREE

<PAGE>   14

WILL, AND THAT IT HAS DISCUSSED THIS WAIVER WITH SUCH LEGAL COUNSEL. BORROWER
FURTHER ACKNOWLEDGES THAT (i) IT HAS READ AND UNDERSTANDS THE MEANING AND
RAMIFICATIONS OF THIS WAIVER, (ii) THIS WAIVER HAS BEEN REVIEWED BY BORROWER AND
BORROWER'S COUNSEL AND IS A MATERIAL INDUCEMENT FOR LENDER TO ENTER INTO THIS
NOTE AND THE OTHER LOAN DOCUMENTS, AND (iii) THIS WAIVER SHALL BE EFFECTIVE AS
TO EACH OF SUCH OTHER LOAN DOCUMENTS AS IF FULLY INCORPORATED THEREIN.

                  9.15 WAIVER OF FIDUCIARY CLAIMS. BORROWER ACKNOWLEDGES THAT
EOPOP INVESTOR, L.L.C., A DELAWARE LIMITED LIABILITY COMPANY, WEO, THE EOP
INVESTORS, AND THE PROJECT ENTITIES (COLLECTIVELY, "EQUITY"), ARE AFFILIATES OF
LENDER. NEVERTHELESS, BORROWER ACKNOWLEDGES AND AGREES THAT LENDER IS ADVANCING
FUNDS TO BORROWER AS EVIDENCED BY THIS NOTE SOLELY IN ITS ROLE AS A THIRD PARTY
LENDER, AND THAT THIS NOTE, TOGETHER WITH LENDER'S RIGHT TO EXERCISE ITS
REMEDIES AS A LENDER IN THE EVENT OF ANY DEFAULT, IS COMPLETELY SEPARATE FROM
LENDER'S INDIRECT INTEREST, THROUGH EQUITY, AS AN INDIRECT OWNER OF CONSTITUENT
MEMBERSHIP INTERESTS IN WEO AND THE PROJECT ENTITIES. BORROWER FURTHER
ACKNOWLEDGES THAT LENDER WOULD NOT HAVE MADE THE LOAN TO BORROWER WITHOUT THE
WAIVER SET FORTH BELOW. THEREFORE, BORROWER, FOR ITSELF AND ON BEHALF OF ALL OF
ITS CONSTITUENT MEMBERS, HEREBY WAIVES ANY RIGHT THAT IT OR ANY OF SUCH
CONSTITUENT MEMBERS WOULD OTHERWISE HAVE HEREUNDER, UNDER THE FORMATION AND
ORGANIZATIONAL DOCUMENTS OF WEO, OR OTHERWISE UNDER ANY LEGAL THEORY BASED UPON
STATUTORY OR COMMON LAW, TO BRING ANY CLAIM AGAINST EQUITY, LENDER OR ANY
AFFILIATE OF EITHER, ASSERTING THAT LENDER'S ADVANCING FUNDS PURSUANT TO THIS
NOTE OR LENDER'S EXERCISE OF ITS RIGHTS OR REMEDIES AS A LENDER HEREUNDER,
CONSTITUTES A BREACH BY LENDER OR EQUITY OF ANY FIDUCIARY DUTY TO BORROWER, WEO
OR TO THE CONSTITUENT MEMBERS THEREOF. BY INITIALING BELOW, BORROWER
ACKNOWLEDGES THAT IT WAS ADVISED BY COMPETENT LEGAL COUNSEL IN REVIEWING THIS
PROVISIONS AND THAT IT HAS ELECTED TO WAIVE ITS RIGHTS AND THE RIGHTS OF ITS
CONSTITUENT MEMBERS AS PROVIDED ABOVE IN CONSIDERATION OF LENDER'S AGREEMENT TO
ADVANCE THE FUNDS EVIDENCED BY THIS NOTE.

<PAGE>   15

         IN WITNESS WHEREOF, the undersigned has executed this Note as of the
date first above written.

                                         BORROWER:

                                         WILSON INVESTORS - CALIFORNIA, LLC,
                                         a Delaware limited liability company

                                         By:   /s/ TOM SULLIVAN
                                               ------------------------------
                                         Name:     TOM SULLIVAN
                                               ------------------------------
                                         Its:      MANAGER
                                               ------------------------------<PAGE>   1
                                                                   EXHIBIT 10.15

                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT (referred to herein as the "AGREEMENT"), dated
as of June 20, 2000, is made by Wilson Investors - California, LLC, a Delaware
limited liability company (the "PLEDGOR"), to and in favor of Equity Office
Properties Management Corp., a Delaware corporation ("LENDER"), in consideration
of $10.00 in hand paid by Lender to Pledgor, for other good and valuable
considerations received by Pledgor, and in order to induce Lender to make a loan
(the "LOAN") of up to $25,000,000 to Pledgor (also referred to herein as
"BORROWER") evidenced by that certain Note made by the Borrower and payable to
the order of Lender of even date herewith in the original principal amount of
$25,000,000 (the "NOTE").

         10. DEFINITIONS. All capitalized terms used herein, but not defined
shall have that meaning ascribed to them in the Note, or if not defined in the
Note, the Master Agreement. As used herein, the following terms shall have the
following meanings:

         "ACCOUNT DEBTOR" shall mean any person who is or who may become
obligated to Pledgor under, with respect to or on account of an Account.

         "ACCOUNTS" shall mean any and all right, title and interest of Pledgor
to payment for goods and services sold or leased, including any such right
evidenced by chattel paper, whether due or to become due, whether or not it has
been earned by performance, and whether now or hereafter acquired or arising in
the future.

         "ACCOUNTS RECEIVABLE" shall mean all Accounts and all right, title and
interest in any returned goods, together with all rights, titles, securities and
guarantees with respect thereto, including any rights to stoppage in transit,
replevin, reclamation and resales, and all related security interests, liens and
pledges, whether voluntary or involuntary, in each case whether now existing or
owned or hereafter arising or acquired.

         "COLLATERAL" shall mean all (a) Accounts Receivable, (b) Documents, (c)
Equipment, (d) General Intangibles, (e) Inventory, (f) cash and cash accounts,
(g) Investment Property, (h) Interests, (i) Deposit Accounts and (j) Proceeds,
together with all income and profits from all of the foregoing, all
distributions thereon, all other replacements and proceeds thereof and all
rights, benefits and privileges pertaining thereto, but notwithstanding the
foregoing, shall not include any of the following ("EXCLUDED ITEMS") (i) any and
all amounts properly distributed by WEO to Borrower (whether held by Borrower or
its members) as Permitted Holdbacks to the extent distributed prior to an Event
of Default and at a time when there exists no situation with respect to which
notice has been given by or to Borrower and which would result, with the passage
of time, in an Event of Default if such situation remains uncured; (ii) any
distributions by WEO properly made to Borrower of the Specified Project
Allocation Amount as described in Section 5.7.4 of the Master Agreement (whether
before or after an Event of Default); or (iii) any employment compensation
properly paid by WEO or its affiliates to employees of WEO or Pledgor.

         "COMMODITY ACCOUNT" shall mean an account maintained by a Commodity
Intermediary in which a Commodity Contract is carried out for a Commodity
Customer.

         "COMMODITY CONTRACT" shall mean a commodity futures contract, an option
on a commodity futures contract, a commodity option or any other contract that,
in each case, is (a) traded on or subject to the rules of a board of trade that
has been designated as a contract market for such a contract pursuant to the
federal commodities laws or (b) traded on a foreign commodity board of trade,
exchange or market, and is carried on the books of a Commodity Intermediary for
a Commodity Customer.

         "COMMODITY CUSTOMER" shall mean a person for whom a Commodity
Intermediary carries a Commodity Contract on its books.

         "COMMODITY INTERMEDIARY" shall mean (a) a person who is registered as a
futures commission merchant under the federal commodities laws or (b) a person
who in the ordinary course of its business

<PAGE>   2

provides clearance or settlement services for a board of trade that has been
designated as a contract market pursuant to federal commodities laws.

         "COPYRIGHT LICENSE" shall mean any written agreement, now or hereafter
in effect, granting any right to any third party under any Copyright now or
hereafter owned by Pledgor or which Pledgor otherwise has the right to license,
or granting any right to Pledgor under any Copyright now or hereafter owned by
any third party, and all rights of Pledgor under any such agreement.

         "COPYRIGHTS" shall mean all of the following now owned or hereafter
acquired by Pledgor: (a) all copyright rights in any work subject to the
copyright laws of the United States or any other country, whether as author,
assignee, transferee or otherwise, and (b) all registrations and applications
for registration of any such copyright in the United States or any other
country, including registrations, recordings, supplemental registrations and
pending applications for registration in the United States Copyright Office.

         "DEPOSIT ACCOUNT" shall mean a demand, time, savings, passbook, or
similar account maintained with a bank. The term does not include Investment
Property or accounts evidenced by an instrument.

         "DOCUMENTS" shall mean all instruments, files, records, ledger sheets
and documents covering or relating to any of the Collateral.

         "ENTITLEMENT HOLDER" shall mean a person identified in the records of a
Securities Intermediary as the person having a Security Entitlement against the
Securities Intermediary. If a person acquires a Security Entitlement by virtue
of Section 8-501(b)(2) or (3) of the Uniform Commercial Code, such person is the
Entitlement Holder.

         "EQUIPMENT" shall mean all equipment, furniture and furnishings, and
all tangible personal property similar to any of the foregoing, including tools,
parts and supplies of every kind and description, and all improvements,
accessions or appurtenances thereto, that are now or hereafter owned by Pledgor.
The term Equipment shall include Fixtures.

         "FINANCIAL ASSET" shall mean (a) a Security, (b) an obligation of a
person or a share, participation or other interest in a person or in property or
an enterprise of a person, which is, or is of a type, dealt with in or traded on
financial markets, or which is recognized in any area in which it is issued or
dealt in as a medium for investment or (c) any property that is held by a
Securities Intermediary for another person in a Securities Account if the
Securities Intermediary has expressly agreed with the other person that the
property is to be treated as a Financial Asset under Article 8 of the Uniform
Commercial Code. As the context requires, the term Financial Asset shall mean
either the interest itself or the means by which a person's claim to it is
evidenced, including a certificated or uncertificated Security, a certificate
representing a Security or a Security Entitlement.

         "FIXTURES" shall mean all items of Equipment, whether now owned or
hereafter acquired, of Pledgor, that become so related to particular real estate
that an interest in them arises under any real estate law applicable thereto.

         "GENERAL INTANGIBLES" shall mean all choses in action and causes of
action and all other assignable intangible personal property of Pledgor of every
kind and nature (other than Accounts Receivable) now owned or hereafter acquired
by Pledgor, including all rights and interests in partnerships, limited
partnerships, limited liability companies and other unincorporated entities,
corporate or other business records, indemnification claims, contract rights
(including rights under leases, whether entered into as lessor or lessee,
hedging agreements and other agreements), Intellectual Property, goodwill,
registrations, franchises, tax refund claims and any letter of credit,
guarantee, claim, security interest or other security held by or granted to
Pledgor to secure payment by an Account Debtor of any of the Accounts
Receivable.

         "INTELLECTUAL PROPERTY" shall mean all intellectual and similar
property of Pledgor of every kind and nature now owned or hereafter acquired by
Pledgor, including inventions, designs, Patents, COPYRIGHTS, LICENSES,
TRADEMARKS, trade secrets, confidential or proprietary technical and business
information, know-how, show-how or other data or information, software and
databases and all embodiments or fixations thereof and related documentation,
registrations and franchises, and all additions, improvements and accessions to,
and books and records describing or used in connection with, any of the
foregoing.

         "INTERESTS" shall mean Pledgor's rights to and with respect to: (a) any
property of WEO whether real, personal, tangible or intangible; (b) capital
accounts and capital contributions; (c) issues, profits, cash flow and income
(whether distributed or undistributed); (d) refinancing and sale proceeds upon
termination and dissolution of WEO or otherwise; (e) any and all property of WEO
distributed to Pledgor at any time;

<PAGE>   3

(f) any amounts owed or paid to Pledgor on account of any indebtedness of WEO to
Pledgor (whether or not evidenced by instruments of indebtedness); (g) all
compensation due, owing or paid to Pledgor by WEO; (h) any and all property
received by Pledgor on account of Pledgor being a member in or creditor of WEO;
(i) any and all amounts (including cash, notes and any security therefor)
received by Pledgor in connection with a sale by Pledgor of its interest in WEO
(provided, however, that Lender shall not be deemed to have approved any such
sale); (j) any refinancing or sale proceeds upon the refinancing, sale,
conveyance or other disposition of the Property; (k) any products, proceeds or
avails of any of the foregoing; and (l) any voting rights and other rights to
control or influence WEO's decisions (provided, however, that, prior to an Event
of Default, Pledgor shall have the unrestricted right (without any consent from
Lender) to exercise such voting rights and rights to control or influence WEO's
decisions); (m) any B Unit in WEO distributed or otherwise transferred to
Pledgor by Lender; and (n) all replacements, additions, accessions,
substitutions, proceeds and products relating thereto or therefrom, and all
documents, ledger sheets and files of Pledgor relating thereto.

         "INVENTORY" shall mean all goods of Pledgor, whether now owned or
hereafter acquired, held for sale or lease, or furnished or to be furnished by
Pledgor under contracts of service, or consumed in Pledgor's business, including
raw materials, intermediates, work in process, packaging materials, finished
goods, semi-finished inventory, scrap inventory, manufacturing supplies and
spare parts, and all such goods that have been returned to or repossessed by or
on behalf of Pledgor.

         "INVESTMENT PROPERTY" shall mean all Securities (whether certificated
or uncertificated), Security Entitlements, Securities Accounts, Commodity
Contracts and Commodity Accounts of Pledgor, whether now owned or hereafter
acquired by Pledgor.

         "LICENSE" shall mean any Patent License, Trademark License, Copyright
License or other license or sublicense to which Pledgor is a party (other than
those license agreements in existence on the date hereof and those license
agreements entered into after the date hereof, which by their terms prohibit
assignment or a grant of a security interest by Pledgor as licensee thereunder).

         "PATENT LICENSE" shall mean any written agreement, now or hereafter in
effect, granting to any third party any right to make, use or sell any invention
on which a Patent, now or hereafter owned by Pledgor or which Pledgor otherwise
has the right to license, is in existence, or granting to Pledgor any right to
make, use or sell any invention on which a Patent, now or hereafter owned by any
third party, is in existence, and all rights of Pledgor under any such
agreement.

         "PATENTS" shall mean all of the following now owned or hereafter
acquired by Pledgor: (a) all letters patent of the United States or any other
country, all registrations and recordings thereof, and all applications for
letters patent of the United States or any other country, including
registrations, recordings and pending applications in the United States Patent
and Trademark Office or any similar offices in any other country, and (b) all
reissues, continuations, divisions, continuations-in-part, renewals or
extensions thereof, and the inventions disclosed or claimed therein, including
the right to make, use and/or sell the inventions disclosed or claimed therein.

         "PROCEEDS" shall mean any consideration received from the sale,
exchange, license, lease or other disposition of any asset or property that
constitutes Collateral, any value received as a consequence of the possession of
any Collateral and any payment received from any insurer or other person or
entity as a result of the destruction, loss, theft, damage or other involuntary
conversion of whatever nature of any asset or property which constitutes
Collateral, and shall include (a) all cash and negotiable instruments received
by or held on behalf of the Administrative Agent, (b) any claim of Pledgor
against any third party for (and the right to sue and recover for and the rights
to damages or profits due or accrued arising out of or in connection with) (i)
past, present or future infringement of any Patent now or hereafter owned by
Pledgor, or licensed under a Patent License, (ii) past, present or future
infringement or dilution of any Trademark now or hereafter owned by Pledgor or
licensed under a Trademark License or injury to the goodwill associated with or
symbolized by any Trademark now or hereafter owned by Pledgor, (iii) past,
present or future breach of any License and (iv) past, present or future
infringement of any Copyright now or hereafter owned by Pledgor or licensed
under a Copyright License and (c) any and all other amounts from time to time
paid or payable under or in connection with any of the Collateral.

         "SECURED OBLIGATIONS" shall mean all of Pledgor's obligations,
including without limitation payment of amounts due, under the Note and the
other Loan Documents (as defined in the Note).

         "SECURITIES" shall mean any obligations of an issuer or any shares,
participations or other interests in an issuer or in property or an enterprise
of an issuer which (a) are represented by a certificate representing a security
in bearer or registered form, or the transfer of which may be registered upon
books

<PAGE>   4

maintained for that purpose by or on behalf of the issuer, (b) are one of a
class or series or by its terms is divisible into a class or series of shares,
participations, interests or obligations and (c)(i) are, or are of a type, dealt
with or trade on securities exchanges or securities markets or (ii) are a medium
for investment and by their terms expressly provide that they are a security
governed by Article 8 of the Uniform Commercial Code.

         "SECURITIES ACCOUNT" shall mean an account to which a Financial Asset
is or may be credited in accordance with an agreement under which the person
maintaining the account undertakes to treat the person for whom the account is
maintained as entitled to exercise rights that comprise the Financial Asset.

         "SECURITY ENTITLEMENTS" shall mean the rights and property interests of
an Entitlement Holder with respect to a Financial Asset.

         "SECURITIES INTERMEDIARY" shall mean (a) a clearing corporation or (b)
a person, including a bank or broker, that in the ordinary course of its
business maintains securities accounts for others and is acting in that
capacity.

         "TRADEMARK LICENSE" shall mean any written agreement, now or hereafter
in effect, granting to any third party any right to use any Trademark now or
hereafter owned by Pledgor or which Pledgor otherwise has the right to license,
or granting to Pledgor any right to use any Trademark now or hereafter owned by
any third party, and all rights of Pledgor under any such agreement.

         "TRADEMARKS" shall mean all of the following now owned or hereafter
acquired by Pledgor: (a) all trademarks, service marks, trade names, corporate
names, company names, business names, fictitious business names, trade styles,
trade dress, logos, other source or business identifiers, designs and general
intangibles of like nature, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all registration and recording
applications filed in connection therewith, including registrations and
registration applications in the United States Patent and Trademark Office, any
State of the United States or any similar offices in any other country or any
political subdivision thereof, and all extensions or renewals thereof, (b) all
goodwill associated therewith or symbolized thereby and (c) all other assets,
rights and interests that uniquely reflect or embody such goodwill.

         11. PLEDGE.

                  11.1 GRANT OF SECURITY INTEREST. To secure the Secured
Obligations and other amounts and obligations due hereunder, Pledgor hereby
pledges to Lender, and grants to Lender a security interest in, all of the
Collateral.

                  11.2 MATERIAL INDUCEMENT. Pledgor hereby acknowledges that, in
addition to the consideration recited above, Lender has given sufficient
consideration for this Agreement and the assignment described herein by loaning
funds under the Note. Pledgor further acknowledges that Lender is doing so in
reliance on each of the terms of this Agreement and that the foregoing
assignment of the Collateral is a material inducement to Lender to make such
loan.

                  11.3 NO ASSUMPTION OF LIABILITY. By its acceptance hereof,
Lender shall not be deemed to have assumed or become liable for any other
obligations or liabilities of Pledgor under the Master Agreement, whether
provided for by the terms thereof or arising by operation of law or otherwise.
Pledgor hereby acknowledges and agrees that Pledgor is and remains liable
thereunder to the same extent as though this Agreement had not been executed and
delivered.

                  11.4 NO DISTRIBUTIONS. Pledgor hereby acknowledges that,
except for the Excluded Items, Pledgor shall not receive any distributions on
account of the Interests, nor shall Pledgor make any distributions or other
payments. In addition, with respect to the Excluded Items, upon the occurrence
of an event or existence of a situation with respect to which notice has been
given by or to Borrower and which would result,

<PAGE>   5

with the passage of time, in an Event of Default, the Borrower shall have no
right to receive any distributions of the Permitted Holdbacks until such event
or situation has been cured, provided that any and all other Excluded Items may
be distributed to Borrower notwithstanding that such an event or situation has
occurred and notwithstanding any Event of Default.

         12. DEFAULTS AND REMEDIES.

                  12.1 DEFAULTS. The occurrence of any one or more of the
following events or conditions with respect to Pledgor shall constitute an event
of default ("EVENT OF DEFAULT") under this Agreement:

                           12.1.1 Pledgor fails to keep or perform any of its
agreements, undertakings, obligations, covenants or conditions under this
Agreement and such failure continues for a period of 30 days after notice
thereof from Lender to Pledgor provided, that if such failure cannot, because of
its nature, be cured within said 30 day period, then, if Pledgor commences
curing such failure within said 30 day period and diligently continues to
attempt to cure such failure, Pledgor shall have up to an additional 90 day
period to cure such failure.

                           12.1.2 Any representation, warranty or certification
made in this Agreement by Pledgor or otherwise made in writing in connection
with or as contemplated by this Agreement or any of the other Loan Documents by
Pledgor or Borrower shall be or become materially incorrect or false.

                           12.1.3 An "Event of Default" shall occur under any of
the Loan Documents.

                           12.1.4 The filing of a petition by Pledgor for relief
under the Bankruptcy Code, or under any other present or future state or federal
law regarding bankruptcy, reorganization or other debtor relief law; the filing
of any pleading or an answer by Pledgor in any involuntary proceeding under the
Bankruptcy Code or other debtor relief law which admits the jurisdiction of the
court or the petition's material allegations regarding Pledgor's insolvency; a
general assignment by Pledgor for the benefit of creditors; or Pledgor applying
for, or the appointment of, a receiver, trustee, custodian or liquidator of
Pledgor or any of its property.

                           12.1.5 The failure of Pledgor to effect a full
dismissal of any involuntary petition under the Bankruptcy Code or any other
debtor relief law that is filed against Pledgor or in any way restrains or
limits Pledgor or Lender regarding the Loan, the Property, prior to the earlier
of the entry of any court order granting relief sought in such involuntary
petition, or 120 days after the date of filing of such involuntary petition.

                           12.1.6 Any receiver, trustee or custodian is
appointed to take possession of all or any substantial portion of the assets of
Pledgor.

<PAGE>   6

                  12.2 REMEDIES. Upon the occurrence of an Event of Default
hereunder, Lender may, at its option, without notice to or demand upon Pledgor
or WEO, do any one or more of the following:

                           12.2.1 Declare the Loan and all other indebtedness of
Pledgor to Lender to be immediately due and payable, whereupon all unpaid
principal and interest on said advances and other indebtedness shall become and
be immediately due and payable.

                           12.2.2 Exercise any or all of the rights and remedies
provided for by the Code, specifically including, without limitation, the right
to recover the reasonable attorneys' fees and other expenses incurred by Lender
in the enforcement of this Agreement.

                           12.2.3 Notify WEO that Lender has the right to
receive any distributions from the Collateral; Pledgor hereby authorizes and
directs WEO, after the occurrence and during the pendency of an Event of
Default, to make all payments and distributions, with respect to the Collateral,
to which Pledgor would otherwise be entitled, directly to Lender to be applied
to the Loan and agrees to promptly deliver to Lender any distributions and
payments with respect to the Collateral that it nevertheless receives.

                           12.2.4 Retain the Interests (except for the Excluded
Items) in satisfaction of the obligations secured hereby, with notice of such
retention sent to either Pledgor or WEO, if required by law, or transfer the
Interests or any portion thereof (except for the Excluded Items) into the name
of its nominee.

                           12.2.5 Proceed by an action or actions at law or in
equity with respect to the obligations secured hereby or to foreclose this
Agreement and sell the Collateral, or any portion thereof, pursuant to a
judgment or decree of a court or courts of competent jurisdiction; at the option
of Lender, Pledgor shall cause the Collateral to be marketed and sold in
accordance with the requirements of Lender.

                           12.2.6 Enforce one or more remedies hereunder,
successively or concurrently, and such action shall not operate to estop or
prevent Lender from pursuing any other or further remedy which it may have, and
any repossession or retaking or sale of the Collateral or any portion thereof
pursuant to the terms hereof shall not operate to release Pledgor of its
obligations hereunder until full and final payment of any deficiency has been
made in cash. Pledgor shall reimburse Lender from the Collateral for, or Lender
may apply any proceeds of the Collateral to, the costs and expenses (including
attorneys' fees, transfer taxes and any other charges) incurred by Lender in
connection with any sale, disposition or retention of the Collateral hereunder.

                  12.3 NO MARSHALLING. Lender shall not be required to marshall
the Collateral or any other security for the obligations secured hereby or to
resort to the Collateral or any other security for the obligations secured
hereby in any particular order and all of Lender's rights under the various
instruments relating to the collateral shall be cumulative.

<PAGE>   7

                  12.4 WAIVER. Pledgor, to the maximum extent permitted by law,
hereby waives every defense (now, theretofore or hereafter arising) of estoppel,
laches, extension or moratorium applicable to any obligations or liabilities
covered by this Agreement or of Pledgor under this Agreement and any claim that
the release, substitution or addition of any portion of the Collateral,
endorsers or guarantors affects the liability of Pledgor hereunder. Pledgor also
expressly waives extension of the obligations of this Agreement arising by any
reason whatsoever, including, without limitation, by reason of the institution
of proceedings by or against Pledgor or WEO under or pursuant to the Federal
Bankruptcy Code, or any amendment thereto, or any similar state or federal laws
relating to the relief of debtors.

                  12.5 JUDICIAL PROCESS. In the event Lender recovers possession
of all or any part of the Collateral pursuant to a writ of possession or other
judicial process, whether prejudgment or otherwise, Lender may thereafter
retain, sell or otherwise dispose of the Collateral in accordance with this
Agreement or the Code, and following such retention, sale or other disposition,
Lender may voluntarily dismiss without prejudice the judicial action in which
such writ of possession or other judicial process was issued. Pledgor hereby
consents to the voluntary dismissal by Lender of such judicial action, and
Pledgor further consents to the exoneration of any bond which Lender filed in
such action.

                  12.6 SALE. Lender may sell the Collateral, or any part
thereof, at any public or private sale or at any broker's board or on any
securities exchange, for cash, upon credit or for future delivery, as Lender
shall deem appropriate. Lender shall be authorized at any such sale, if it deems
it advisable to do so, to restrict the prospective bidders or purchasers to
persons who will provide assurances satisfactory to Lender that the Collateral
may be offered and sold without registration under the Securities Act of 1933,
as amended (the "SECURITIES ACT") or any statute then in effect corresponding to
the Securities Act, and upon consummation of any such sale, Lender shall have
the right to assign, transfer and deliver to the purchaser or purchasers thereof
the Collateral so sold. Each such purchaser at any such sale shall hold the
property sold absolutely free from any claim or right on the part of either
Pledgor, and Pledgor hereby waives, to the extent permitted by law, all rights
of redemption and reinstatement, stay and/or appraisal which Pledgor now has or
may at any time in the future have under any rule of law or statute now existing
or hereafter enacted. In any sale of the Collateral, the Interests shall be sold
subject to the Excluded Items in favor of Pledgor. Lender shall give Pledgor
written notice, at least 10 days in advance of Lender's intention to make any
such public or private sale. Such notice, in case of public sale, shall state
the time and place fixed for such sale, and in the case of sale at a broker's
board or on a securities exchange, shall state the board or exchange at which
such sale is to be made and the day on which the Collateral, or portion thereof,
will first be offered for sale at such board or exchange. Any such public sale
shall be held at such time or times within ordinary business hours and at such
place or places as Lender may fix in the notice of such sale. At any private or
public or other sale, the Collateral, or portion thereof, to be sold may be sold
in one lot as an entirety or in separate parts, as Lender may in its sole and
absolute discretion determine and Lender may bid (which bid may be, in whole or
in part, in the form of cancellation of indebtedness) for and purchase for its
account the whole or any part of the

<PAGE>   8

Collateral at any public sale or sale at a broker's board or on a security
exchange. Lender shall not be obligated to sell any Collateral if it shall
determine not to do so, regardless of the fact that notice of sale of Collateral
may have been given. Lender may, without notice or publication, adjourn any sale
or cause the same to be adjourned from time to time by announcement at the time
and place fixed for sale, and such sale may, without further notice, be made at
the time and place to which the same was so adjourned. In case sale of all or
any part of the Collateral is made on credit or for future delivery, the
Collateral so sold may be retained by Lender until the sale price is paid by the
purchaser or purchasers thereof, but Lender shall not incur any liability in
case any such purchaser or purchasers shall fail to take up and pay for the
Collateral so sold and, in case of any such failure, such Collateral may be sold
again upon like notice. The parties hereto agree that the method, manner and
terms of sale or disposition of the Collateral authorized by this subsection are
commercially reasonable. As an alternative to exercising the powers herein
conferred upon it, Lender may, without limitation, proceed by a suit or suits at
law or in equity to foreclose this Agreement and to sell the Collateral, or any
portion thereof, pursuant to a judgment or decree or a court or courts of
competent jurisdiction.

                  12.7 PROTECTION OF COLLATERAL. At any time after the
occurrence and during the pendency of an Event of Default, Lender shall have the
right to make any payments and do any other acts Lender may deem necessary to
protect its security interest in the Collateral, including, without limitation,
the rights to pay, purchase, contest or compromise any encumbrance, charge or
lien which in the judgment of Lender appears to be prior to or superior to the
security interest granted hereunder, and appear in and defend any action or
proceeding purporting to affect its security interest in and/or the value of the
Collateral, and in exercising any such powers or authority, the right to pay all
expenses incurred in connection therewith, including attorneys' fees. Pledgor
hereby agrees to reimburse Lender for all reasonable payments made and expenses
incurred, which amounts shall be secured under this Agreement, and agrees it
shall be bound by any payment made or act taken by Lender hereunder. Lender
shall have no obligation to make any of the foregoing payments or perform any of
the foregoing acts.

         13. REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGOR. Pledgor
represents, warrants and agrees that:

                  13.1 TITLE. It is the legal, record and beneficial owner of,
and has good and marketable title to, the Collateral, subject to no lien, claim,
charge, restriction, pledge, security interest or other encumbrance
(collectively, "LIEN") except the pledge and security interest created by this
Agreement or under the Loan Documents or Sections 5.5 of 10.2.3 of the Master
Agreement (if any were created under such sections).

                  13.2 VALID FIRST PRIORITY SECURITY INTEREST. The pledge,
assignment and delivery of the Collateral pursuant to this Agreement and the
filing of the appropriate UCC-1 financing statement by Lender in Delaware and
California creates a valid perfected first priority security interest in the
Collateral, and the proceeds thereof, subject to no Lien or to any agreement
purporting to grant to any third party a security interest in the property or
assets of Pledgor which would include the Collateral.

<PAGE>   9

                  13.3 PLEDGOR'S LOCATION. As of the date hereof and the date of
every Advance, Pledgor's chief office and place of business is located at
Borrower's address set forth in the Note, and its records concerning the
Collateral are kept at said office. Pledgor will not change its chief office nor
its chief place of business nor the place where it maintains its records
concerning the Collateral from the location specified above without giving 30
days' prior written notice thereof to Lender, provided, however, that, as and to
the extent provided in the Loan Agreement, written notice to EOP Investor,
L.L.C. shall be deemed to be written notice to Lender.

                  13.4 CONSENTS. As of the date hereof and the date of every
Advance, no consents are necessary in connection with the execution and delivery
by Pledgor of this Agreement and all other agreements, instruments and documents
referred to herein or contemplated hereby and executed by Pledgor. Pursuant to
the Loan Agreement, EOP Investor, L.L.C. is confirming its consent to the Loan
Documents.

                  13.5 TRANSFERS. Without the prior written consent of Lender,
Pledgor agrees that it will not sell, assign, transfer, exchange, or otherwise
dispose of, or grant any option with respect to, the Collateral, nor will it
create, incur or permit to exist any Lien with respect to any of the Collateral,
or any interest therein, or any proceeds thereof, except for the security
interest and pledge provided for by this Agreement or otherwise under the Loan
Documents or Sections 5.5 or 10.2.3 of the Master Agreement (if any were created
under such sections).

                  13.6 DELIVERY OF CERTAIN COLLATERAL. Pledgor covenants and
agrees that if at any time any of the Collateral not now evidenced by any
promissory note, draft, bond, acceptance, certificate or other instrument shall
become evidenced by a promissory note, draft, bond, acceptance, certificate or
other instrument, Pledgor will immediately deliver such promissory note, draft,
bond, acceptance, certificate or other instrument to Lender, properly endorsed
in blank, as Collateral hereunder.

                  13.7 DEFEND TITLE. Pledgor covenants and agrees that it will
defend Lender's right, title and security interest in and to the Collateral and
the proceeds thereof against the claims and demands of all persons and entities
whomsoever, and Pledgor covenants and agrees that it will have like title to and
right to pledge or grant a security interest in any other property at any time
hereafter pledged or granted to Lender as Collateral hereunder and will likewise
defend Lender's right thereto and security interest therein.

                  13.8 NO OTHER FINANCING STATEMENT. No financing statement
covering the Collateral, or any part thereof is on file in any public office,
and Pledgor shall, at the request of Lender, join with Lender in executing a
financing statement pursuant to the Uniform Commercial Code, as adopted in
Illinois, (the "CODE"), and pay the fee for filing same in all public offices
where filing may reasonably be deemed necessary by Lender.

                  13.9 DISCHARGE OF LIENS. Pledgor shall pay any indebtedness
which may be secured by a lien or charge upon the Collateral and otherwise keep
the Collateral

<PAGE>   10

free of unpaid charges; upon request, Pledgor shall deliver to Lender reasonably
satisfactory evidence of any such payment. Upon the occurrence of an Event of
Default (defined below) relating to any such payment, Lender may, but is not
obligated to, make any payment required of Pledgor in the protection of the
Collateral and purchase, discharge, compromise or settle any lien or other title
claim, or cause same to be bonded or insured over in a manner satisfactory to
Lender, or redeem from any sale or foreclosure affecting the Collateral, or
contest any tax or assessment. All money advanced by Lender for any of the
purposes stated in this Agreement or for the protection of the Collateral or of
the lien of Lender therein (whether or not described in this Agreement), or in
the enforcement (judicially or otherwise) of its rights hereunder, and all
reasonable expenses paid or incurred in connection therewith, including, without
limitation, attorneys' fees and expenses, shall be additional indebtedness
secured by the security interest created by this Agreement and become
immediately due and payable without notice and with interest thereon at the rate
applicable under the Note.

                  13.10 MASTER AGREEMENT. As of the date hereof, true and
correct copies of the Master Agreement and the Certificate of Formation of WEO
(the "CERTIFICATE") are attached hereto as EXHIBIT A and the foregoing are in
full force and effect. Pledgor shall not agree to any amendment or modification
of the Master Agreement, and shall not permit the liquidation, winding up or
termination of WEO, without the prior written consent of Lender, provided,
however, that, as and to the extent provided in the Loan Agreement, the consent
of EOP Investor, L.L.C. shall be deemed to be a consent binding upon Lender.

                  13.11 BORROWER'S RECORDS. Pledgor shall cause WEO to keep and
maintain books and records of accounts in which full, true and correct entries
shall be made of all dealings and transactions relating to WEO and the
Interests, which books and records of account shall at all normal business hours
following reasonable notice be open to the inspection of Lender and its
accountants and other duly authorized representatives of Lender.

                  13.12 NO CONFLICT OR BREACH. As of the date hereof and the
date of every Advance, except for matters disclosed to Lender prior to such
dates and which taken as a whole do not have a material adverse effect upon
Borrower or its ability to pay any amount owed hereunder (as determined by
Lender in its sole and absolute discretion), neither the execution and delivery
of this Agreement by Pledgor nor the fulfillment of the terms and provisions
hereof (including any exercise of Lender's remedies hereunder) require the
consent of any third party (including, without limitation, any lender), nor will
same result in a breach of any of the terms or provisions of, or constitute a
default under, or constitute an event which, with notice or lapse of time, or
both, will result in a breach of or constitute a default under, (a) the Master
Agreement or (b) any other agreement, indenture, mortgage, deed of trust,
equipment lease, instrument or other document to which either Pledgor or WEO is
a party which (i) would have a material adverse effect on Pledgor or WEO, (ii)
conflict with any law, order, rule or regulation applicable to either Pledgor or
WEO of any court or any federal or state government, regulatory body or
administrative agency, or any other governmental body having jurisdiction over
either Pledgor or WEO or its properties, or (iii) conflict with the Master
Agreement, provided,

<PAGE>   11

however, that the foregoing representation is made in reliance upon the consent
of EOP Investor, L.L.C. to the Loan Documents set forth in the Master Agreement.

                  13.13 ASSURANCES REGARDING PERFECTION. Pledgor will cause WEO
to keep a copy of this Agreement with the records of WEO and to denote wherever
appropriate elsewhere in such records that the Collateral has been assigned to
Lender as collateral hereunder. In addition, Pledgor will, promptly upon request
by Lender, procure or execute and deliver any document, give any notices,
execute and file any financing statements, mortgages or other documents, all in
form and substance reasonably satisfactory to Lender, mark any chattel paper,
deliver any chattel paper or instruments to Lender and take any other actions
which are necessary or, in the reasonable judgment of Lender, desirable to
perfect or continue the perfection and first priority of Lender's security
interest in the Collateral, to protect the Collateral against the rights, claims
or interests of third persons or to effect the purposes of this Security
Agreement, including, without limitation, causing the Collateral to be
certificated and the delivery of the certificates to Lender, and will pay all
reasonable costs incurred in connection therewith.

                  13.14 NOTICE OF STATUS. Pledgor will, upon Lender's reasonable
request, deliver to Lender records and schedules which show the status and
condition of the Collateral and of Lender's security interest therein. Pledgor
will promptly notify Lender in writing of any event, or change of law,
regulation, business practice or business condition which materially adversely
affects the value of the Collateral.

                  13.15 COMPLIANCE. Pledgor will comply with all laws, statutes
and regulations pertaining to the use or ownership of the Collateral.

                  13.16 ERISA. Pledgor covenants to Lender that, for so long as
this Agreement shall be continuing, Pledgor will not be an "employee benefits
plan" (within the meaning of Section 3(3) of ERISA) to which ERISA applies and
Pledgor's assets will not constitute assets of any such plan.

         14. REMEDIES CUMULATIVE, ETC. Each right, power and remedy of Lender
provided in this Agreement 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 Agreement or
now or hereafter existing at law or in equity or by statute or otherwise. The
exercise or partial exercise by Lender of any one or more of such rights, powers
or remedies shall not preclude the simultaneous or later exercise by Lender of
all such other rights, powers or remedies, and no failure or delay on the part
of Lender to exercise any such right, power or remedy shall operate as a waiver
thereof.

         15. OBLIGATIONS ABSOLUTE, ETC. The obligations of Pledgor under this
Agreement shall be absolute and unconditional and shall remain in full force and
effect without regard to, and shall not be released, discharged or in any way
impaired by any circumstance whatsoever, including without limitation: (a) any
amendment or modification of the Note or any document or instrument executed in
connection therewith or provided for herein or therein, or any assignment,
transfer or other disposition of any

<PAGE>   12

thereof; (b) any waiver, consent, extension, indulgence or other action or
inaction under or in respect of any such document or instrument or any exercise
or non-exercise of any right, remedy, power or privilege under or in respect of
any such document or instrument or this Agreement; (c) any bankruptcy,
insolvency, reorganization, arrangement, readjustment, composition, liquidation
or similar proceeding with respect to Pledgor any guarantor or any of their
respective properties or creditors; or (d) any limitation on Pledgor's or any
guarantor's liability or obligations under any such instrument or any invalidity
or unenforceability, in whole or in part of any such document or instrument or
any term thereof; whether or not Pledgor shall have notice or knowledge of the
foregoing.

         16. TERMINATION AND RELEASE. This Agreement shall terminate 367 days
after all amounts payable pursuant to the Note have been paid. At the time of
such termination, Lender, at the request and expense of Pledgor, will execute
and deliver to Pledgor a proper instrument or instruments acknowledging the
satisfaction and termination of this Agreement, and will duly assign, transfer
and deliver to Pledgor such of the Collateral as has not yet theretofore been
sold or otherwise applied or released pursuant to this Agreement, together with
any unapplied monies at the time held by or Lender hereunder.

         17. FURTHER ASSURANCES. Pledgor, at its expense, will duly execute,
acknowledge and deliver all such instruments and take all such action as Lender
from time to time may request in order further to effectuate the purposes of
this Agreement and to carry out the terms hereof. Pledgor, at his expense, will
at all times cause this Agreement (or a proper notice or statement in respect
hereof) to be duly recorded, published, filed and lodged and rerecorded,
republished, refiled and relodged in such manner and in such places, if any, and
will pay or cause to be paid all fees and charges in connection therewith, if
any, and will comply with all such statutes and regulations, if any, as may be
required by law in order to establish, perfect, preserve and protect the rights
and security interests of Lender hereunder.

         18. MISCELLANEOUS.

                  18.1 NOTICES. All communications provided for or related
hereto shall be given in accordance with Section 13.7 of the Master Agreement.

                  18.2 AMENDMENTS AND WAIVERS. Any term of this Agreement may be
amended and the observance of any term hereof may be waived (either generally or
in a particular instance and either retroactively or prospectively) only with
the written consent of Pledgor and Lender. Any amendment or waiver effected in
accordance with this section shall be binding upon each holder of the Note at
the time outstanding, each future holder of the Note and Pledgor.

                  18.3 SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon and inure to the benefit of and be enforceable by the respective successors
and assigns of the parties hereto, whether so expressed or not, and, in
particular, shall inure to the benefit of and be enforceable by Lender. Lender
may assign its rights hereunder to any Affiliate.

<PAGE>   13

                  18.4 ENTIRE AGREEMENT. Together with the Loan Documents, this
Agreement embodies the entire agreement and understanding between Lender and
Pledgor and supersedes all prior agreements and understandings between them
relating to the subject matter hereof.

                  18.5 CHOICE OF LAW. This Agreement shall be construed and
enforced in accordance with and governed by the law of the State of Illinois.

                  18.6 ENFORCEMENT COSTS. Pledgor shall reimburse Lender upon
demand for all its costs of collection under this Agreement and costs of
realization on the Pledged Security (including, without limitation, attorneys'
fees and expenses).

                  18.7 INTERPRETATION. The headings in this Agreement are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

                  18.8 COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each of which shall be an original, but all of which
together shall constitute one instrument.

<PAGE>   14

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

                                      PLEDGOR:

                                      WILSON INVESTORS - CALIFORNIA, LLC,
                                      a Delaware limited liability company

                                      By:   /s/ TOM SULLIVAN
                                            ------------------------------------
                                      Name:  Tom Sullivan
                                            ------------------------------------
                                      Its:   Manager
                                            ------------------------------------

                                      LENDER:

                                      EQUITY OFFICE PROPERTIES MANAGEMENT CORP.,
                                      a Delaware corporation

                                      By:    /s/ STANLEY M. STEVENS
                                            ------------------------------------
                                      Name:  Stanley M. Stevens
                                            ------------------------------------
                                      Its:   Vice President
                                            ------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]