Document:

Prepared by MerrillDirect

PORTIONS OF THIS EXHIBIT WERE OMITTED AND FILED
SEPERATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN
APPLICATION FOR CONFIDENTIAL TREATMENT FILED WITH COMMISSION PURSUANT TO RULE
24B-2 UNDER THE SECURITIES EXCHANGE ACT OF 1934. SUCH PORTIONS ARE MARKED BY
ASTERISKS.

 

Exhibit 10.1

 

COMMON STOCK PURCHASE AGREEMENT

 

By and Among

 

ERGO SCIENCE CORPORATION

 

*

 

and

 

COURT SQUARE CAPITAL LIMITED

 

Dated as of May 23, 2001

 

TABLE OF CONTENTS

 

 

	 	 	 
	 	 	 
	 	 	 
	1.	AUTHORIZATION AND SALE OF STOCK
	 	1.1.	Authorization of Common Stock
	 	1.2.	Sale of Common Stock
	 	1.3.	Limitation On Other Issuances of Common Stock
	 	1.4.	Proceeds
	2.	THE CLOSING
	3.	REPRESENTATIONS OF THE COMPANY
	 	3.1.	Organization and Corporate Power
	 	3.2.	Authorization
	 	3.3.	Effect of Transactions
	 	3.4.	Brokerage
	4.	REPRESENTATIONS OF THE PURCHASERS
	 	4.1.	Accredited Investor
	 	4.2.	Investment
	 	4.3.	Suitability
	 	4.4.	Lack of Liquidity
	 	4.5.	Knowledge and Experience
	 	4.6.	Access to Management
	 	4.7.	Brokerage
	5.	CONDITIONS TO THE OBLIGATIONS OF THE PURCHASER
	 	5.1.	Accuracy of Representations and Warranties;
  Performance
	 	5.2.	Certificate
	 	5.3.	Stockholder Approval
	 	5.4.	* 
	 	5.5.	Purchaser Satisfaction with Acquisition
	6.	CONDITIONS TO THE OBLIGATIONS OF THE COMPANY
	 	6.1.	Accuracy of Representations and Warranties;
  Performance
	 	6.2.	Certificate
	 	6.3.	Stockholder Approval
	 	6.4.	*
	 	6.5.	Company Satisfaction with Acquisition
	7.	SUCCESSORS AND ASSIGNS
	8.	SURVIVAL OF REPRESENTATIONS AND WARRANTIES
	9.	EXPENSES
	10.	NOTICES
	11.	NO CONDITIONS TO EFFECTIVENESS, ENTIRE AGREEMENT
	12.	AMENDMENTS AND WAIVERS
	13.	COUNTERPARTS
	14.	CAPTIONS
	15.	SEVERABILITY
	16.	GOVERNING LAW
	17.	TERMINATION AND EXPIRATION
	 	 	 
				

COMMON STOCK PURCHASE AGREEMENT

             This
Common Stock Purchase Agreement (this "Agreement"), dated as of
May 23, 2001, is made by and among Ergo Science Corporation, a Delaware
corporation ("Ergo")
* and Court Square Capital Limited, a Delaware corporation ("Court Square"
and together with its permitted assignees, the "Purchasers").
When used herein, the term "Company" shall refer to (i) Ergo *
(as hereinafter defined)  * .

             WHEREAS, subject to the
approval of its stockholders, Ergo is * (as hereinafter defined) by means of *
pursuant to which *;

             WHEREAS, the Company wishes
to acquire one or more operating businesses (the "Acquisition")
for such consideration as may then be agreed upon including, without
limitation, consideration in the form of cash;

             WHEREAS, the Company and
Court Square entered into an agreement to induce Court Square to assist the
Company in identifying suitable targets for the Acquisition by granting Court
Square certain rights with respect to the issuance and sale of shares of Common
Stock (as defined herein) to finance the Acquisition (the "Original Agreement");
and

             WHEREAS, the parties wish
to, and hereby do, amend and restate the Original Agreement as follows.

             NOW, THEREFORE, in consideration
of the mutual promises and covenants contained in this Agreement, and intending
to be legally bound by the terms and conditions of this Agreement, the parties
hereto hereby agree as follows:

 1.         Authorization
and Sale of Stock.

             1.1. 
Authorization of Common Stock.  The Company has duly authorized the sale and issuance of up to 7,500,000 shares of its Common Stock, par
value $0.01 per share (the "Common Stock").

             1.2. 
Sale of Common Stock.

             (a)         Subject
to the terms and conditions of this Agreement, at the Closing, the Company
shall issue and sell to the Purchasers, and the Purchasers shall purchase from
the Company that number of shares of Common Stock (the "Common Shares")
as may be determined by mutual agreement of the parties, up to an aggregate
maximum of 7,500,000 shares (such
maximum number subject to adjustment as provided below) of Common Stock at a
purchase price per share equal to the sum of (i) $1.15 and (ii) the
Book Value Increase (as defined below) per share (such purchase price per share
subject to adjustment as provided below, the "Purchase Price"). The
Purchasers shall pay the Purchase Price to the Company for the Common Shares,
and such Common Shares shall be sold and issued, in accordance with
Section 2 of this Agreement.

             (b)        The
maximum number of Common Shares subject to issuance and sale pursuant to this
Section 1.2, the Purchase Price and the Book Value Per Share (as defined
below) shall each be equitably adjusted for any stock split, stock dividend,
combination of shares, reorganization, recapitalization, reclassification or
similar event involving or affecting the Common Stock (including, without
limitation, *).

             (c)         For
purposes of this Section 1.2: (i) the term "Book Value Increase"
shall mean any increase in the Book Value Per Share occurring between
May 23, 2001 and the Closing Date attributable to (A) the Company's
receipt of Cash in consideration of the sale of the Company's non-Cash assets
or (B) the reduction or elimination of the Liquidation Preference;
(ii) the term "Book
Value Per Share" shall mean the quotient of (A) the Company's then total amount of
assets less the sum of its then total amount of
liabilities and the Liquidation Preference divided
by (B) the number of shares of the Company's Common Stock then
outstanding; (iii) the term "Liquidation Preference" shall mean the
then aggregate accrued liquidation preference on all outstanding shares of the
Company's preferred stock; and (iv) the term "Cash" shall mean
cash, cash equivalents and short-term investments.

             1.3. 
Limitation On Other Issuances of Common Stock.  The Company hereby covenants and agrees that
it shall not issue any shares of Common Stock or other security exercisable for
or convertible into Common Stock to any party (other than as specifically
contemplated herein) in connection with the financing of an Acquisition of a
business introduced to the Company by Court Square either directly or
indirectly (i.e. through an intermediary introduced to the Company by Court
Square) unless and until either (i) the Company has issued and sold all of
the Common Shares to the Purchasers or (ii) the Purchasers have declined
to purchase the Common Shares offered to them pursuant to this Agreement in
connection with such Acquisition.

             1.4. 
Proceeds.  Proceeds from
the sale of the Common Shares may be used for any corporate purpose, including
without limitation as consideration for an Acquisition and/or general working
capital purposes.

 2.         The
Closing.  The closing of
the sale and purchase of the Common Shares pursuant to this Agreement shall
take place, if at all, in such place, on such date and at such time as shall be
mutually agreed by the Company and the Purchasers (the "Closing"). The
date of the Closing is hereinafter referred to as the "Closing Date."
At the Closing, the Company shall deliver to each Purchaser a certificate
representing the number of Common Shares purchased by such Purchaser as
provided in Section 1.2 hereof registered in the name of the Purchaser.
The Purchase Price shall be paid by wire transfer, certified or cashier's check
or other method acceptable to the Company and which shall facilitate the consummation
of the Acquisition. If, at the Closing, any of the conditions specified in
Section 5 of this Agreement shall not have been fulfilled, each Purchaser
shall, at its election, be relieved of all of its obligations under this
Agreement without thereby waiving any other right it may have by reason of such
failure or such non-fulfillment. If, at the Closing, any of the conditions
specified in Section 6 of this Agreement shall not have been fulfilled,
the Company shall, at its election, be relieved of all of its obligations under
this Agreement without thereby waiving any other right it may have by reason of
such failure or such non-fulfillment.

 3.         Representations
of the Company.  The Company
hereby represents and warrants to the Purchasers as follows:

             3.1. 
Organization and Corporate Power.  The Company is a corporation duly organized, validly existing and
in corporate good standing under the laws of the State of Delaware and is
qualified to do business as a foreign corporation in each jurisdiction in which
such qualification is required, except where the failure to be so qualified
would not have a material and adverse effect on the business, operations,
financial condition, assets, prospects, liabilities or contractual rights of
the Company (a "Material
Adverse Effect"). The Company has all required corporate
power and authority to own its property, to carry on its business as presently
conducted or contemplated, to enter into and perform this Agreement and the
other agreements, documents and instruments contemplated hereby (collectively
with this Agreement, the "Transaction Documents"), and generally to carry out
the transactions contemplated hereby. The Company is not in violation of any
term of its Certificate of Incorporation or By-laws, or in violation of any
term of any agreement, instrument, judgment, decree, order, statute, rule or
government regulation applicable to the Company or to which the Company is a
party, where any violation, noncompliance or default would result in a Material
Adverse Effect.

             3.2. 
Authorization.  Other than
obtaining the approval of the Company's stockholders with regard to the
issuance of the Common Shares:

             (a)         The
Transaction Documents are valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms, except as may
be limited by (A) applicable bankruptcy, insolvency, reorganization or
other laws of general application relating to or affecting the enforcement of
creditors' rights generally and (B) the effects of rules of law governing
the availability of equitable remedies.

             (b)        The
execution, delivery and performance of the Transaction Documents have been duly
authorized by all necessary corporate or other action of the Company.

             (c)         The
issuance, sale and delivery of the Common Shares in accordance with this
Agreement have been, or will be prior to the Closing, duly authorized and
reserved for issuance, as the case may be, by all necessary corporate action on
the part of the Company.

             (d)        The
Common Shares, when so issued, sold and delivered against payment therefor in
accordance with the provisions of this Agreement will be duly and validly
issued, fully paid and non-assessable.

             (e)         No
consent, approval or authorization of, or designation, declaration or filing
with, any governmental authority or any other person or entity is required of
the Company in connection with the execution and delivery of the Transaction
Documents, or the issuance, sale and delivery of the Common Shares in
accordance with the terms of this Agreement or the consummation of any other
transaction contemplated hereby or by the other Transaction Documents.

             3.3. 
Effect of Transactions.  The execution, delivery and performance by the Company of the
Transaction Documents will not conflict with or result in any default under any
material contract, obligation or commitment of the Company, or any provision of
the Company's Certificate of Incorporation or By-laws, or in any corporate
restriction of the Company or the creation of any lien, charge or encumbrance
of any nature upon any of the properties or assets of the Company which could
have a Material Adverse Effect. The Company's execution and delivery of the
Transaction Documents and its performance of the transactions contemplated
thereby will not violate any instrument, agreement, judgment, decree, order,
statute, rule or regulation of any federal, state or local government or agency
applicable to the Company which could reasonably be expected to have a Material
Adverse Effect.

             3.4. 
Brokerage.  There are no
claims for brokerage commissions, finder's fees or similar compensation in
connection with the transactions contemplated by this Agreement based on any
arrangement or agreement made by or on behalf of the Company, except as
described herein.

 4.         Representations
of the Purchasers.  Each Purchaser severally represents and warrants to the Company,
as follows:

             4.1. 
Accredited Investor.  Except as
otherwise disclosed to the Company, it is an "accredited investor" as
such term is defined in Regulation D under the Securities Act of 1933, as
amended (the "Securities
Act").

             4.2. 
Investment.  It is acquiring
Common Shares for its own account for investment and not with a view to, or for
sale in connection with, any distribution thereof, nor with any present intention
of distributing or selling the same, and it has no present or contemplated
agreement, undertaking, arrangement, obligation, indebtedness or commitment
providing for the disposition thereof.

             4.3. 
Suitability.  It understands
and has fully considered for purposes of this investment the risks of this
investment and understands that (i) this investment is suitable only for
an investor who is able to bear the economic consequences of losing its entire
investment; (ii) the Company is substantially similar to an early–stage
enterprise with no operating history, and no revenues or net income from
operations to date; (iii) the purchase of Common Shares is a speculative
investment which involves a high degree of risk of loss of the entire
investment; and (iv) there are substantial restrictions on the
transferability of the Common Shares, and accordingly, it may not be possible
for it to liquidate its investment in case of emergency or otherwise.

             4.4. 
Lack of Liquidity.  It is able
(i) to bear the economic risk of this investment, (ii) to hold the
Common Shares for an indefinite period of time, and (iii) presently to
afford a complete loss of its investment. It has sufficient liquid assets so
that the illiquidity associated with this investment will not cause any undue
financial difficulties or affect its ability to provide for its current needs
and possible financial contingencies, and that its commitment to all
speculative investments (including the investment contemplated by this Purchase
Agreement) is reasonable in relation to its net worth or investment portfolio.

             4.5. 
Knowledge and Experience.  It has such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of an investment
in the Common Shares and of making an informed investment decision and can bear
a complete loss of its investment.

             4.6. 
Access to Management.  It, in making its decision to purchase Common Shares, has been
given the opportunity to ask questions of, and to receive answers from,
management and other persons acting on behalf of the Company concerning the
Company and the terms and conditions of transaction contemplated by this
Agreement, and to obtain any additional information, to the extent such persons
possess such information.

             4.7. 
Brokerage.  There are no
claims for brokerage commissions, finder's fees or similar compensation in
connection with the transactions contemplated by this Agreement based on any
arrangement or agreement made by or on behalf of such Purchaser, except as
described herein.

5.          Conditions
to the Obligations of the Purchaser.  The obligations of each Purchaser under this Agreement are
subject to the fulfillment, or the waiver by such Purchaser, of the conditions
set forth in this Section 5 on or before the Closing Date.

             5.1. 
Accuracy of Representations and Warranties; Performance.  The representations and warranties of the
Company contained in Section 3 of this Agreement shall be true on and as
of the Closing Date with the same effect as though such representation and
warranty had been made on and as of that date, other than as would not, taken
as a whole, have an Material Adverse Effect. The Company shall have performed
and complied with all agreements and conditions contained in this Agreement required
to be performed or complied with by the Company prior to or at the Closing.

             5.2. 
Certificate.  The Company
shall have delivered to each Purchaser a certificate, executed by the President
of the Company as of the Closing Date, certifying to the fulfillment of the
conditions to the Purchasers' obligations under this Agreement set forth in
Section 5.1.

             5.3. 
Stockholder Approval.  The stockholders of Ergo shall have approved (i) * and (ii) the
issuance of Common Shares contemplated herein.

             5.4.  
*   shall have been *.

             5.5. 
Purchaser Satisfaction with Acquisition.  The Acquisition shall be acceptable in all respects to such
Purchaser in its sole discretion.

6.          Conditions
to the Obligations of the Company.  The obligations of the Company under this Agreement are subject
to the fulfillment, or the waiver in writing by the Company, of the conditions
set forth in this Section 6 on or before each Closing Date.

             6.1. 
Accuracy of Representations and Warranties; Performance.  The representations and warranties of each
Purchaser contained in Section 4 shall be true on and as of the Closing
Date with the same effect as though such representations and warranties had
been made on and as of that date. Each Purchaser shall have performed and
complied with all agreements contained in this Agreement required to be
performed and complied with by it prior to or at the Closing.

             6.2. 
Certificate.  Each Purchaser
shall have delivered to the Company a certificate, duly executed by or on
behalf of it as of the Closing Date, certifying to the fulfillment of the
conditions to the Company's obligations under this Agreement set forth in
Section 6.1.

             6.3. 
Stockholder Approval.  The stockholders of Ergo shall have approved (i) * and
(ii) the issuance of the Common Shares contemplated herein.

             6.4.  
* shall have been *.

             6.5. 
Company Satisfaction with Acquisition.  The Acquisition shall be acceptable in all respects to the
Company in its sole discretion.

7.          Successors
and Assigns.  No assignment or
transfer of this Agreement or any right or privilege hereunder by any party,
including any assignment by operation of law pursuant to a merger, liquidation,
foreclosure, or involuntary sale in bankruptcy, shall be effective or binding
on the other party without such other party's prior written consent.
Notwithstanding the foregoing, (i) Ergo may assign its rights and
obligations hereunder * and (ii) Court Square may assign its rights and
obligations, in whole or in part, to any of its "affiliates" (as such
term is defined in Regulation D under the Securities Act) or any employee
or director of Court Square of any such affiliate. The provisions of this
Agreement shall bind and inure to the benefit of the respective permitted
successors, assigns, heirs, executors, and administrators of the parties
hereto.

8.          Survival
of Representations and Warranties.  All representations, warranties and covenants shall terminate at,
and be of no further force and effect after, the Closing.

9.          Expenses.  Each party shall bear its own costs and
expenses in connection with the transactions contemplated hereby.

10.        Notices.  All notices, requests, consents and other
communications under this Agreement shall be in writing and shall be delivered
by hand, by telecopier, by express overnight courier service or mailed by first
class mail, postage prepaid, as follows:

             If to
Purchaser, addressed to:

                           Court
Square Capital Limited

                           c/o
Citicorp Venture Capital, Ltd.

                           399
Park Avenue

                           New
York, NY 10043

                           Attn:
President

                           Telephone:       (212) 559-3765

                           Fax:                    (212) 888-2940

             If to
Company, addressed to:

                           Ergo
Science Corporation

                           790
Turnpike Street; Suite 205

                           North
Andover, MA 01845

                           Attn:
President

                           Telephone:       (978) 974-9474

                           Fax:                    (978) 974-0688

             With a
copy to:

                           Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

                           One
Financial Center

                           Boston,
MA 02111

                           Attention:
Douglas A. Zingale, Esq.

                           Telephone:       (617) 542-6000

                           Fax:                    (617) 542-2241

or to such other place and with such other copies as
either party may designate as to itself by written notice to the other.

             Notices
provided in accordance with this Section 10 shall be deemed delivered upon
personal delivery, receipt by telecopier or overnight mail, or 48 hours
after deposit in the mail in accordance with the above.

11.        No
Conditions to Effectiveness, Entire Agreement.  This Agreement, together with the
instruments and other documents hereby contemplated to be executed and
delivered in connection herewith, contains the entire agreement and
understanding of the parties hereto, and supersedes any prior agreements or
understandings between or among them, with respect to the subject matter
hereof, including without limitation the Original Agreement.

12.         Amendments
and Waivers.  Except as
otherwise expressly set forth in this Agreement, any term of this Agreement may
be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or
prospectively), with the written consent of the Company and the Purchasers. No
waivers of or exceptions to any term, condition or provision of this Agreement,
in any one or more instances, shall be deemed to be, or construed as, a further
or continuing waiver of any such term, condition or provision.

13.        Counterparts.  This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

14.        Captions.  The captions of the sections, subsections
and paragraphs of this Agreement have been added for convenience only and shall
not be deemed to be a part of this Agreement.

15.        Severability.  Each provision of this Agreement shall be
interpreted in such manner as to validate and give effect thereto to the
fullest lawful extent, but if any provision of this Agreement is determined by
a court of competent jurisdiction to be invalid or unenforceable under
applicable law, such provision shall be ineffective only to the extent so
determined and such invalidity or unenforceability shall not affect the
remainder of such provision or the remaining provisions of this Agreement.

16.        Governing
Law.  This Agreement
shall be governed by, interpreted, construed and enforced in accordance with,
the substantive laws of the State of Delaware, without reference to principles
of conflict of laws.

17.        Termination
and Expiration.  Unless otherwise
terminated earlier by mutual agreement of the Company and Court Square, the
term of this Agreement shall expire on the second anniversary of the date
hereof.

             IN WITNESS WHEREOF, Ergo * and Court
Square have executed this Common Stock Purchase Agreement as of the day and
year first above written.

 

	 	ERGO Science Corporation
	 	 
	 	By:	/s/ David R. Burt
	 	 	

	 	Name:	David R. Burt
	 	Title:	President
	 	 	 
	 	*	 
	 	 	 
	 	 	 
	 	Court Square Capital Limited
	 	 
	 	By:	/s/ Thomas F.
  McWilliams
	 	 	

	 	Name:	Thomas F.
  McWilliams
	 	Title:	Managing DirectorPrepared by MerrillDirect

Exhibit 10.1

REVOLVING
LOAN AGREEMENT

dated
as of May 24, 2001

among

AVALONBAY
COMMUNITIES, INC.,

as Borrower,

THE
CHASE MANHATTAN BANK,

as a Bank, Co-Agent and Syndication Agent,

FLEET
NATIONAL BANK,

as a Bank and Co-Agent,

BANK
OF AMERICA, N.A.

FIRST UNION NATIONAL BANK and

CITICORP REAL ESTATE, INC.,

each as a Bank and Documentation Agent,

THE
OTHER BANKS SIGNATORY HERETO,

each as a Bank,

J.P.
MORGAN SECURITIES INC.,

as Sole Bookrunner and Lead Arranger,

and

FLEET
NATIONAL BANK,

as Administrative Agent

             REVOLVING
LOAN AGREEMENT dated as of May 24, 2001 among AVALONBAY COMMUNITIES, INC., a
corporation organized and existing under the laws of the State of Maryland
("Borrower"); THE CHASE MANHATTAN BANK (“Chase"), FLEET NATIONAL
BANK (in its individual capacity and not as Administrative Agent, “Fleet”) and
the other lenders signatory hereto, as Banks; BANK OF AMERICA, N.A., FIRST
UNION NATIONAL BANK and CITICORP REAL ESTATE, INC., as Documentation Agent; and
FLEET NATIONAL BANK, as administrative agent for the Banks (in such capacity,
together with its successors in such capacity, "Administrative
Agent"; Chase, Fleet, the other lenders signatory hereto, such other
lenders who from time to time become Banks pursuant to Section 2.19, 3.07 or
12.05 and, if applicable, any of the foregoing lenders' Designated Lender, each
a "Bank" and collectively, the "Banks").

             Borrower
desires that the Banks extend credit as provided herein, and the Banks are
prepared to extend such credit. 
Accordingly, in consideration of the premises and the mutual agreements,
covenants and conditions hereinafter set forth, Borrower, Administrative Agent
and each of the Banks agree as follows:

ARTICLE I

DEFINITIONS;
ETC.

             Section
1.01     Definitions.  As used in this Agreement the following terms
have the following meanings:

             "Absolute
Bid Rate" has the meaning specified in Section 2.02(c)(2).

             "Absolute
Bid Rate Loan" means a Bid Rate Loan bearing interest at the Absolute Bid
Rate.

             "Absolute
Rate Auction" means a solicitation of Bid Rate Quotes setting forth
Absolute Bid Rates pursuant to Section 2.02.

             "Acceptance
Letter" has the meaning specified in Section 2.19.

             "Accordion
Amount" means, at any time, $150,000,000 less the aggregate amount of
reductions in the Total Loan Commitment pursuant to Section 2.10.

             "Acquisition"
means the acquisition by Borrower, directly or indirectly, of an interest in
multi-family real estate.

             "Additional
Costs" has the meaning specified in Section 3.01.

             "Administrative
Agent" has the meaning specified in the preamble.

             "Administrative
Agent's Office" means Administrative Agent's address located at 777 Main
Street, Hartford, Connecticut 06115, or such other address in the United States
as Administrative Agent may designate by written notice to Borrower and the
Banks.

             "Affiliate" means,
with respect to any Person (the "first Person"), any other Person (1)
which directly or indirectly controls, or is controlled by, or is under common
control with the first Person; or (2) 10% or more of the beneficial interest in
which is directly or indirectly owned or held by the first Person.  The term "control" means the
possession, directly or indirectly, of the power, alone, to direct or cause the
direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract, or otherwise.

             "Agreement"
means this Revolving Loan Agreement.

             "Applicable
Lending Office" means, for each Bank and for its LIBOR Loan, Bid Rate
Loan(s) or Base Rate Loan, as applicable, the lending office of such Bank (or
of an Affiliate of such Bank) designated as such on its signature page hereof
or in the applicable Assignment and Assumption Agreement, or such other office
of such Bank (or of an Affiliate of such Bank) as such Bank may from time to
time specify to Administrative Agent and Borrower as the office by which its
LIBOR Loan, Bid Rate Loan(s) or Base Rate Loan (and, in the case of the Swing
Lender, its Swing Loan), as applicable, is to be made and maintained.

             "Applicable
Margin" means, with respect to Base Rate Loans and LIBOR Loans (and for
purposes of determining the Banks' L/C Fee Rate under Section 2.16(f)), the
respective rates per annum determined at any time, based on the range into
which Borrower's Credit Rating then falls, in accordance with the following
table (any change in Borrower's Credit Rating causing it to move to a different
range on the table shall effect an immediate change in the Applicable Margin):

	Range of Borrower's
  Credit Rating (S&P/Moody's or other agency equivalent)	 	Applicable Margin for
  Base Rate Loans

  (% per annum)	 	Applicable Margin for
  LIBOR Loans 

  (% per annum)	 
	

	 	

	 	

	 
	Below BBB- or
  unrated/Below Baa3 or unrated	 	0.25	 	1.15	 
	BBB-/Baa3	 	0.00	 	0.95	 
	BBB/Baa2	 	0.00	 	0.75	 
	BBB+/Baa1	 	0.00	 	0.60	 
	A-or higher/A3 or
  higher	 	0.00	 	0.55	 

             "Assignee"
and "Consented Assignee" have the respective meanings specified in
Section 12.05.

             "Assignment
and Assumption Agreement" means an Assignment and Assumption Agreement,
substantially in the form of EXHIBIT E, pursuant to which a Bank assigns and an
Assignee assumes rights and obligations in accordance with Section 12.05.

             "Authorization
Letter" means a letter agreement executed by Borrower in the form of
EXHIBIT A.

             "Available Total Loan
Commitment" has the meaning specified in Section 2.01(b).

             "Bank"
and "Banks" have the respective meanings specified in the preamble; provided,
however, that the term "Bank" shall exclude each Designated
Lender when used in reference to a Ratable Loan, the Loan Commitments or terms
relating to the Ratable Loans and the Loan Commitments.

             "Bank
Parties" means Administrative Agent and the Banks.

             "Banking
Day" means (1) any day on which commercial banks are not authorized or
required to close in New York City and (2) whenever such day relates to a LIBOR
Loan, a LIBOR Bid Rate Loan, an Interest Period with respect to a LIBOR Loan or
a LIBOR Bid Rate Loan, or notice with respect to a LIBOR Loan or a LIBOR Bid
Rate Loan or a LIBOR Auction, a day on which dealings in Dollar deposits are
also carried out in the London interbank market and banks are open for business
in London.

              "Base Rate" means, for any day, the
higher of (1) the Federal Funds Rate for such day plus .50%, or (2) the Prime
Rate for such day.

              "Base Rate Loan" means all or any
portion (as the context requires) of a Bank's Ratable Loan which shall accrue
interest at a rate determined in relation to the Base Rate.

             "Bid
Borrowing Limit" means $400,000,000.

             "Bid
Rate Loan" has the meaning specified in Section 2.01(c).

             "Bid
Rate Loan Note" has the meaning specified in Section 2.08.

             "Bid
Rate Quote" means an offer by a Bank to make a Bid Rate Loan in accordance
with Section 2.02.

             "Bid
Rate Quote Request" has the meaning specified in Section 2.02(a).

             "Borrower"
has the meaning specified in the preamble.

             "Borrower's
Accountants" means Arthur Andersen LLP, or such other accounting firm(s)
selected by Borrower and reasonably acceptable to the Super-Majority Banks.

             "Borrower's
Credit Rating" means the rating assigned from time to time to Borrower's
unsecured and unsubordinated long-term indebtedness by, respectively, S&P,
Moody's and/or one or more other nationally-recognized rating agencies
reasonably approved Administrative Agent. 
If such a rating is assigned by only one (1) such rating agency, it must
be either S&P or Moody's.  If such a
rating is assigned by two (2) such rating agencies, at least one (1) must be
S&P or Moody's, and "Borrower's Credit Rating" shall be the lower
of said ratings, except if the aforesaid ratings are greater than one (1)
rating level apart, in which case "Borrower's Credit Rating" shall be
the average of said ratings.  If such a
rating is obtained from more than two (2) such rating agencies,
"Borrower's Credit Rating" shall be the higher of the lowest two (2) ratings,
if at least one (1) of such two (2) is either S&P or Moody's; if neither of
the two (2) lowest ratings is from S&P or Moody's, then "Borrower's
Credit Rating" shall be the lower of the ratings from S&P and Moody's.  Unless such indebtedness of Borrower is
rated by either S&P or Moody's, "Borrower's Credit Rating" shall
be considered unrated for purposes of this Agreement.

             "Borrower's
Principals" means the officers and directors of Borrower at any applicable
time.

             "Borrower's
Share of UJV Combined Outstanding Indebtedness" means the sum of the
indebtedness of each of the UJVs contributing to UJV Combined Outstanding
Indebtedness multiplied by Borrower's respective beneficial fractional
interests in each such UJV.

             "Capitalization
Value" means, as of the end of any calendar quarter, the sum of (1)
Combined EBITDA (less all leasing commissions and management and development
fees, net of any expenses applicable thereto, contributing to Combined EBITDA)
for such quarter annualized (i.e., multiplied by four (4)), capitalized at a
rate of 8.75% per annum (i.e., divided by 8.75%), (2) such leasing commissions
and management and development fees for such quarter, annualized, (i.e.,
multiplied by four (4)), capitalized at a rate of 25% per annum (i.e.,
divided by 25%), (3) Cash and Cash Equivalents of Borrower and its Consolidated
Businesses, as of the end of such quarter, as reflected in Borrower's
Consolidated Financial Statements and (4) the lesser of (a) the aggregate book
value (on a cost basis) of the properties of Borrower and its Consolidated
Businesses under development plus Borrower's beneficial interest in the book
value (on a cost basis) of the properties of the UJVs under development or (b)
20% of the sum of the amounts determined pursuant to clauses (1), (2) and (3)
of this definition.

             "Capital
Lease" means any lease which has been or should be capitalized on the
books of the lessee in accordance with GAAP.

             "Cash
and Cash Equivalents" means (1) cash, (2) direct obligations of the United
States Government, including, without limitation, treasury bills, notes and
bonds, (3) interest-bearing or discounted obligations of federal agencies and
government-sponsored entities or pools of such instruments offered by Approved
Banks and dealers, including, without limitation, Federal Home Loan  Mortgage Corporation participation sale
certificates, Government National Mortgage Association modified pass through
certificates, Federal National Mortgage Association bonds and notes, and
Federal Farm Credit System securities, (4) time deposits, domestic and
eurodollar certificates of deposit, bankers' acceptances, commercial paper
rated at least A-1 by S&P and P-1 by Moody's and/or guaranteed by an Aa
rating by Moody's, an AA rating by S&P or better rated credit, floating
rate notes, other money market instruments and letters of credit each issued by
Approved Banks, (5) obligations of domestic corporations, including, without
limitation, commercial paper, bonds, debentures and loan participations, each
of which is rated at least AA by S&P and/or Aa2 by Moody's and/or
guaranteed by an Aa rating by Moody's, an AA rating by S&P or better rated
credit, (6) obligations issued by states and local governments or their
agencies, rated at least MIG-1 by Moody's and /or SP-1 by S&P and /or
guaranteed by an irrevocable letter of credit of an Approved Bank, (7)
repurchase agreements with major banks and primary government security dealers
fully secured by the United States Government or agency collateral equal to or
exceeding the principal amount on a daily basis and held in safekeeping and (8)
real estate loan pool participations, guaranteed by an AA rating given by
S&P or an Aa2 rating given by Moody's or better rated credit. For purposes
of this definition, "Approved Bank" means a financial institution
which has (x) (A) a minimum net worth of $500,000,000 and/or (B) total assets
of at least $10,000,000,000 and (y) a minimum long-term debt rating of A+ by
S&P or A1 by Moody's.

             "Chase" has the
meaning specified in the preamble.

             "Closing
Date" means the date this Agreement has been executed by all parties.

             "Co-Agent"
means each of Chase and Fleet and "Co-Agents" means Chase and Fleet
collectively.

             "Code"
means the Internal Revenue Code of 1986, including the rules and regulations promulgated
thereunder.

             "Combined
Debt Service" means, for any period of time, (1) Borrower's share of total
debt service (including principal) paid or payable by Borrower and its
Consolidated Businesses during such period (other than debt service on construction
loans until completion of the relevant construction and other capitalized
interest) plus a deemed annual capital expense charge of $150 per apartment
unit owned by Borrower or its Consolidated Businesses plus (2)
Borrower's beneficial interest in (a) total debt service (including principal)
paid or payable by the UJVs during such period (other than debt service on
construction loans until completion of the relevant construction and other
capitalized interest) plus (b) a deemed annual capital expense charge of $150
per apartment unit owned by the UJVs plus (3) preferred dividends paid
or payable by Borrower and its Consolidated Businesses during such period.

             "Combined
EBITDA" means, for any period of time, the sum, without duplication, of
(1) Borrower's share of revenues less operating expenses, general and
administrative expenses and property taxes before Interest Expense, income
taxes, gains or losses on the sale of real estate and/or marketable securities,
depreciation and amortization and extraordinary items for Borrower and its
Consolidated Businesses, and adjusted, if material, for non-cash revenue
attributable to straight lining of rents and (2) Borrower's beneficial interest
in revenues less operating expenses, general and administrative expenses and
property taxes before Interest Expense, income taxes, gains or losses on the
sale of real estate and/or marketable securities, depreciation and amortization
and extraordinary items (after eliminating appropriate intercompany amounts)
applicable to each of the UJVs, and adjusted, if material, for non-cash revenue
attributable to straight lining of rents, in all cases as reflected in
Borrower's Consolidated Financial Statements.

             "Consolidated
Businesses" means, collectively, each Affiliate of Borrower who is or
should be included in Borrower's Consolidated Financial Statements in
accordance with GAAP.

             "Consolidated
Financial Statements" means, with respect to any Person, the consolidated
balance sheet and related consolidated statement of operations, accumulated
deficiency in assets and cash flows, and footnotes thereto, of such Person,
prepared in accordance with GAAP.

             "Consolidated
Outstanding Indebtedness" means, as of any time, Borrower's share of all
indebtedness and liability for borrowed money, secured or unsecured, of
Borrower and its Consolidated Businesses, including mortgage and other notes
payable but excluding any indebtedness which is margin indebtedness on cash and
cash equivalent securities, all as reflected in Borrower's Consolidated Financial
Statements.

             "Consolidated
Tangible Net Worth" means, at any date, Borrower's share of the
consolidated stockholders' equity of Borrower and its Consolidated Businesses
less their consolidated Intangible Assets, all determined as of such date.  For purposes of this definition,
"Intangible Assets" means with respect to any such intangible assets,
the amount (to the extent reflected in determining such consolidated
stockholders' equity) of (1) all write-ups (other than write-ups resulting from
foreign currency translations and write-ups of assets of a going concern
business made within twelve (12) months after the acquisition of such business)
subsequent to September 30, 1994 in the book value of any asset (other than
real property assets) owned by Borrower or a Consolidated Business and (2) all
debt discount and expense, deferred charges, goodwill, patents, trademarks,
service marks, trade names, anticipated future benefit of tax loss
carry-forwards, copyrights, organization or developmental expenses and other
intangible assets (in each case, not adjusted for depreciation).

             "Contingent
Obligations" means, without duplication, Borrower's share of (1) any
contingent obligations of Borrower or its Consolidated Businesses required to
be shown on the balance sheet of Borrower and its Consolidated Businesses in
accordance with GAAP and (2) any obligation required to be disclosed in the
footnotes to Borrower's Consolidated Financial Statements, guaranteeing
partially or in whole any non-Recourse Debt, lease, dividend or other
obligation, exclusive of contractual indemnities (including, without
limitation, any indemnity or price-adjustment provision relating to the
purchase or sale of securities or other assets) and guarantees of non-monetary
obligations (other than guarantees of completion) which have not yet been
called on or quantified, of Borrower or any of its Consolidated Businesses or
of any other Person.  The amount of any
Contingent Obligation described in clause (2) shall be deemed to be (a) with
respect to a guaranty of interest or interest and principal, or operating
income guaranty, the net present value (using the Base Rate as a discount rate)
of the sum of all payments required to be made thereunder (which in the case of
an operating income guaranty shall be deemed to be equal to the debt service
for the note secured thereby), through (i) in the case of an interest or
interest and principal guaranty, the stated date of maturity of the obligation
(and commencing on the date interest could first be payable thereunder) or (ii)
in the case of an operating income guaranty, the date through which such
guaranty will remain in effect and (b) with respect to all guarantees not
covered by the preceding clause (a), an amount equal to the stated or
determinable amount of the primary obligation in respect of which such guaranty
is made or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof (assuming Borrower and/or one or more of its
Consolidated Businesses is required to perform thereunder) as recorded on the
balance sheet and on the footnotes to the most recent Borrower's Consolidated
Financial Statements required to be delivered pursuant to this Agreement.  Notwithstanding anything contained herein to
the contrary, guarantees of completion shall not be deemed to be Contingent
Obligations unless and until a claim for payment or performance has been made
thereunder, at which time any such guaranty of completion shall be deemed to be
a Contingent Obligation in an amount equal to any such claim.  Subject to the preceding sentence, (1) in
the case of a joint and several guaranty given by Borrower or one of its
Consolidated Businesses and another Person (but only to the extent such guaranty
is recourse, directly or indirectly to Borrower), the amount of the guaranty
shall be deemed to be 100% thereof unless and only to the extent that such
other Person has delivered Cash and Cash Equivalents to secure all or any part
of such Person's guaranteed obligations and (2) in the case of joint and
several guarantees given by a Person in which Borrower owns an interest (which
guarantees are non-recourse to Borrower), to the extent the guarantees, in the
aggregate, exceed 10% of Capitalization Value, the amount in excess of 10%
shall be deemed to be a Contingent Obligation of Borrower.  Notwithstanding anything contained herein to
the contrary, "Contingent Obligations" shall be deemed not to include
guarantees of unadvanced funds under any indebtedness of Borrower or its
Consolidated Businesses or of construction loans to the extent the same have
not been drawn.  All matters
constituting "Contingent Obligations" shall be calculated without
duplication.

             "Continue",
"Continuation" and "Continued" refer to the continuation
pursuant to Section 2.12 of a LIBOR Loan as a LIBOR Loan from one Interest
Period to the next Interest Period.

             "Convert",
"Conversion" and "Converted" refer to a conversion pursuant
to Section 2.12 of a Base Rate Loan into a LIBOR Loan or a LIBOR Loan into a
Base Rate Loan, each of which may be accompanied by the transfer by a Bank (at
its sole discretion) of all or a portion of its Ratable Loan from one
Applicable Lending Office to another.

             "Debt"
means (1) indebtedness or liability for borrowed money, or for the deferred purchase
price of property or services (including trade obligations); (2) obligations as
lessee under Capital Leases; (3) current liabilities in respect of unfunded
vested benefits under any Plan; (4) obligations under letters of credit issued
for the account of any Person; (5) all obligations arising under bankers' or
trade acceptance facilities; (6) all guarantees, endorsements (other than for
collection or deposit in the ordinary course of business), and other contingent
obligations to purchase any of the items included in this definition, to
provide funds for payment, to supply funds to invest in any Person, or
otherwise to assure a creditor against loss; (7) all obligations secured by any
Lien on property owned by the Person whose Debt is being measured, whether or
not the obligations have been assumed; and (8) all obligations under any
agreement providing for contingent participation or other hedging mechanisms
with respect to interest payable on any of the items described above in this
definition.

             "Declining
Bank" has the meaning specified in Section 2.19.

             "Default"
means any event which with the giving of notice or lapse of time, or both,
would become an Event of Default.

             "Default
Rate" means a rate per annum equal to: (1) with respect to Base Rate Loans
and Swing Loans, a variable rate 3% above the rate of interest then in effect
thereon; and (2) with respect to LIBOR Loans and Bid Rate Loans, a fixed rate
3% above the rate(s) of interest in effect thereon (including the Applicable
Margin or the LIBOR Bid Margin, as the case may be) at the time of Default
until the end of the then current Interest Period therefor and, thereafter, a
variable rate 3% above the rate of interest for a Base Rate Loan.

             "Designated Lender"
means a special purpose corporation that (i) shall have become a party to this
Agreement pursuant to Section 12.16 and (ii) is not otherwise a Bank.

             "Designating
Lender" has the meaning specified in Section 12.16.

             "Designation
Agreement" means an agreement in substantially the form of EXHIBIT F,
entered into by a Bank and a Designated Lender and accepted by Administrative
Agent.

             "Disposition"
means a sale (whether by assignment, transfer or Capital Lease) of an asset.

             "Documentation
Agent" means, individually and collectively, Bank of America, N.A., First
Union National Bank and Citicorp Real Estate, Inc.

             "Dollars"
and the sign "$" mean lawful money of the United States of America.

             "Elect",
"Election" and "Elected" refer to election, if any, by
Borrower pursuant to Section 2.12 to have all or a portion of an advance of the
Ratable Loans be outstanding as LIBOR Loans.

             "Environmental
Discharge" means any discharge or release of any Hazardous Materials in
violation of any applicable Environmental Law.

             "Environmental
Law" means any applicable Law relating to pollution or the environment,
including Laws relating to noise or to emissions, discharges, releases or
threatened releases of Hazardous Materials into the work place, the community
or the environment, or otherwise relating to the generation, manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling of Hazardous Materials.

             "Environmental
Notice" means any written complaint, order, citation or notice from any
Person (1) affecting or relating to Borrower's compliance with any
Environmental Law in connection with any activity or operations at any time
conducted by Borrower, (2) relating to (a) the existence of any Hazardous
Materials contamination or Environmental Discharges or threatened Hazardous Materials
contamination or Environmental Discharges at any of Borrower's locations or
facilities or (b) remediation of any Environmental Discharge or Hazardous
Materials at any such location or facility or any part thereof; or (3) relating
to any violation or alleged violation by Borrower of any relevant Environmental
Law.

             "ERISA"
means the Employee Retirement Income Security Act of 1974, including the rules
and regulations promulgated thereunder.

             "ERISA
Affiliate" means any corporation which is a member of the same controlled
group of corporations (within the meaning of Section 414(b) of the Code) as
Borrower, or any trade or business which is under common control (within the
meaning of Section 414(c) of the Code) with Borrower, or any organization which
is required to be treated as a single employer with Borrower under Section
414(m) or 414(o) of the Code.

             "Event of Default"
has the meaning specified in Section 9.01.

             "Extension
Option", "Notice to Extend" and "Request to Extend"
have the respective meanings specified in Section 2.18.

             "Facility
Fee Rate" means the rate per annum determined, at any time, based on
Borrower's Credit Rating in accordance with the following table.  Any change in Borrower's Credit Rating which
causes it to move into a different range on the table shall effect an immediate
change in the Facility Fee Rate.

	 	 	 
	Borrower's Credit
  Rating (S&P/Moody's)	 	Facility Fee Rate (%
  per annum)
	

	 	

	Below BBB- or
  unrated/Below Baa3 or unrated	 	0.25
	BBB-/Baa3	 	0.20
	BBB/Baa2	 	0.15
	BBB+/Baa1	 	0.15
	A-or higher/A3 or higher	 	0.15

             "Federal
Funds Rate" means, for any day, the rate per annum (expressed on a 360-day
basis of calculation) equal to the weighted average of the rates on overnight
federal funds transactions as published by the Federal Reserve Bank of New York
for such day provided that (1) if such day is not a Banking Day, the Federal
Funds Rate for such day shall be such rate on such transactions on the
immediately preceding Banking Day as so published on the next succeeding
Banking Day; and (2) if no such rate is so published on such next succeeding
Banking Day, the Federal Funds Rate for such day shall be the average of the
rates quoted by three (3) Federal Funds brokers to Administrative Agent on such
day on such transactions.

             "First
Solicitation" has the meaning specified in Section 2.19.

             "Fiscal
Year" means each period from January 1 to December 31.

             "Fleet"
has the meaning specified in the preamble.

             "Funds
From Operations" means Combined EBITDA less the sum of Interest Expense and
income taxes included in Combined EBITDA.

             "GAAP"
means generally accepted accounting principles in the United States of America
as in effect from time to time, applied on a basis consistent with those used
in the preparation of the financial statements referred to in Section 5.13
(except for changes concurred in by Borrower's Accountants).

             "Good Faith
Contest" means the contest of an item if: (1) the item is diligently
contested in good faith, and, if appropriate, by proceedings timely instituted;
(2) reserves that are adequate based on reasonably foreseeable likely outcomes
are established with respect to the contested item; (3) during the period of
such contest, the enforcement of any contested item is effectively stayed,
delayed or postponed; and (4) the failure to pay or comply with the contested
item during the period of the contest is not likely to result in a Material
Adverse Change.

             "Governmental
Approvals" means any authorization, consent, approval, license, permit,
certification, or exemption of, registration or filing with or report or notice
to, any Governmental Authority.

             "Governmental
Authority" means any nation or government, any state or other political
subdivision thereof, and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to
government.

             "Hazardous
Materials" means any pollutant, effluents, emissions, contaminants, toxic
or hazardous wastes or substances, as any of those terms are defined from time
to time in or for the purposes of any relevant Environmental Law, including
asbestos fibers and friable asbestos, polychlorinated biphenyls, and any
petroleum or hydrocarbon-based products or derivatives.

             "Initial
Advance" means the first advance of proceeds of the Loans.

             "Interest
Expense" means, for any period of time, Borrower's share of the
consolidated interest expense (without deduction of consolidated interest
income, and excluding (x) interest expense on construction loans and (y) other
capitalized interest expense in respect of either construction activity or
construction loans, in any such case under clauses (x) or (y), only until
completion of the relevant construction) of Borrower and its Consolidated
Businesses, including, without limitation or duplication (or, to the extent not
so included, with the addition of), (1) the portion of any rental obligation in
respect of any Capital Lease obligation allocable to interest expense in
accordance with GAAP; (2) the amortization of Debt discounts; (3) any expense,
payments or fees (other than up-front fees) with respect to interest rate swap
or similar agreements; and (4) the interest expense and items listed in clauses
(1) through (3) above applicable to each of the UJVs multiplied by Borrower's
respective beneficial interests in the UJVs, in all cases as reflected in
Borrower's Consolidated Financial Statements.

             "Interest
Period" means, (1) with respect to any LIBOR Loan, the period commencing
on the date the same is advanced, converted from a Base Rate Loan or Continued,
as the case may be, and ending, as Borrower may select pursuant to Section
2.05, on the numerically corresponding day in the first, second or third
calendar month thereafter, provided that each such Interest Period which
commences on the last Banking Day of a calendar month (or on any day for which
there is no numerically corresponding day in the appropriate subsequent
calendar month) shall end on the last Banking Day of the appropriate calendar
month; (2) with respect to any LIBOR Bid Rate Loan, the period commencing on
the date the same is advanced and ending, as Borrower may select pursuant to
Section 2.02, on the numerically corresponding day in the first, second or
third calendar month thereafter, provided that each such Interest Period which
commences on the last Banking Day of a calendar month (or on any day for which
there is no numerically corresponding day in the appropriate subsequent
calendar month) shall end on the last Banking Day of the appropriate calendar
month; and (3) with respect to any Absolute Bid Rate Loan, the period
commencing on the date the same is advanced and ending, as Borrower may select
pursuant to Section 2.02, provided, however, that each such
period shall not be less than fourteen (14) days nor more than ninety (90)
days.

             "Invitation for Bid Rate
Quotes" has the meaning specified in Section 2.02 (b).

             "Law"
means any federal, state or local statute, law, rule, regulation, ordinance,
order, code, or rule of common law, now or hereafter in effect, and in each
case as amended, and any judicial or administrative order, consent decree or
judgment.

             "Letter
of Credit" has the meaning specified in Section 2.16(a).

             "LIBOR
Auction" means a solicitation of Bid Rate Quotes setting forth LIBOR Bid
Margins pursuant to Section 2.02.

             "LIBOR
Base Rate" means, with respect to any Interest Period therefor, the rate
per annum (rounded up, if necessary, to the nearest 1/100 of 1%) that appears
on Dow Jones Page 3750 at approximately 11:00 a.m. (London time) on the date
(the "LIBOR Determination Date") two (2) Banking Days prior to the
first day of the applicable Interest Period, for the same period of time as the
Interest Period; or, if such rate does not appear on Dow Jones Page 3750 as of
approximately 11:00 a.m. (London time) on the LIBOR Determination Date, the
rate (rounded up, if necessary, to the nearest 1/100 of 1%) for deposits in
Dollars for a period comparable to the applicable Interest Period that appears
on the Reuters Screen LIBOR Page as of approximately 11:00 a.m. (London time)
on the LIBOR Determination Date.  If
such rate does not appear on either Dow Jones Page 3750 or on the Reuters
Screen LIBOR Page as of approximately 11:00 a.m. (London time) on the LIBOR
Determination Date, the LIBOR Base Rate for the Interest Period will be determined
on the basis of the offered rates for deposits in Dollars for the same period
of time as such Interest Period that are offered by four (4) major banks in the
London interbank market at approximately 11:00 a.m. (London time) on the LIBOR
Determination Date.  Administrative
Agent will request that the principal London office of each of the four (4)
major banks provide a quotation of its Dollar deposit offered rate.  If at least two (2) such quotations are
provided, the LIBOR Base Rate will be the arithmetic mean of the
quotations.  If fewer than two (2)
quotations are provided as requested, the LIBOR Base Rate will be determined on
the basis of the rates quoted for loans in Dollars to leading European banks
for amounts comparable to such amount requested by Borrower for the same period
of time as such Interest Period offered by major banks in New York City at
approximately 11:00 a.m. (New York time) on the LIBOR Determination Date.  In the event that Administrative Agent is
unable to obtain any such quotation as provided above, it will be deemed that
the LIBOR Base Rate cannot be determined. 
For purposes of the foregoing definition, "Dow Jones Page
3750" means the display designated as "Page 3750" on the Dow
Jones Markets Service (or such other page as may replace Page 3750 on that
service or such other service as may be nominated by the British Bankers'
Association as the information vendor for the purpose of displaying British
Bankers' Association Interest Settlement Rates for Dollar deposits); and "Reuters
Screen LIBOR Page" means the display designated as page "LIBOR"
on the Reuters Monitor Money Rates Service (or such other page as may replace
the LIBOR page on that service for the purpose of displaying interbank rates
from London in Dollars).

             "LIBOR Bid Margin"
has the meaning specified in Section 2.02(c)(2).

             "LIBOR
Bid Rate" means the rate per annum equal to the sum of (1) the LIBOR
Interest Rate for the LIBOR Bid Rate Loan and Interest Period in question and
(2) the LIBOR Bid Margin.

             "LIBOR
Bid Rate Loan" means a Bid Rate Loan bearing interest at the LIBOR Bid
Rate.

             "LIBOR
Interest Rate" means, for any LIBOR Loan or LIBOR Bid Rate Loan, a rate
per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)
determined by Administrative Agent to be equal to the quotient of (1) the LIBOR
Base Rate for such LIBOR Loan or LIBOR Bid Rate Loan, as the case may be, for
the Interest Period therefor divided by (2) one minus the LIBOR Reserve
Requirement for such LIBOR Loan or LIBOR Bid Rate Loan, as the case may be, for
such Interest Period.

             "LIBOR
Loan" means all or any portion (as the context requires) of any Bank's
Ratable Loan which shall accrue interest at rate(s) determined in relation to
LIBOR Interest Rate(s).

             "LIBOR
Reserve Requirement" means, for any LIBOR Loan or LIBOR Bid Rate Loan, the
average maximum rate at which reserves (including any marginal, supplemental or
emergency reserves) are required to be maintained during the Interest Period
for such LIBOR Loan or LIBOR Bid Rate Loan under Regulation D by member banks
of the Federal Reserve System in New York City with deposits exceeding
$1,000,000,000 against "Eurocurrency liabilities" (as such term is
used in Regulation D).  Without limiting
the effect of the foregoing, the LIBOR Reserve Requirement shall also reflect
any other reserves required to be maintained by such member banks by reason of
any Regulatory Change against (1) any category of liabilities which includes
deposits by reference to which the LIBOR Base Rate is to be determined as
provided in the definition of "LIBOR Base Rate" in this Section 1.01
or (2) any category of extensions of credit or other assets which include loans
the interest rate on which is determined on the basis of rates referred to in
said definition of "LIBOR Base Rate".

             "Lien"
means any mortgage, deed of trust, pledge, negative pledge, security interest,
hypothecation, assignment for collateral purposes, deposit arrangement, lien
(statutory or other), or other security agreement or charge of any kind or nature
whatsoever of any third party (excluding any right of setoff but including,
without limitation, any conditional sale or other title retention agreement,
any financing lease having substantially the same economic effect as any of the
foregoing, and the filing of any financing statement under the Uniform
Commercial Code or comparable Law of any jurisdiction to evidence any of the
foregoing and carriers, warehousemen, mechanics and other similar inchoate
liens that have been insured against in a manner reasonably satisfactory to
Co-Agents).

             "Loan" means, with
respect to each Bank, collectively, its Ratable Loan and Bid Rate Loan(s), and,
in the case of the Swing Lender, its Swing Loan(s).

             "Loan
Commitment" means, with respect to each Bank, the obligation to make a
Ratable Loan in the principal amount set forth below (subject to change in
accordance with the terms of this Agreement):

	Bank	 	Loan
  Commitment
	

	 	

	Chase	 	$	55,000,000
	 	 	 
	Fleet	 	55,000,000
	 	 	 
	Bank
  of America, N.A.	 	55,000,000
	 	 	 
	First
  Union National Bank	 	55,000,000
	 	 	 
	Citicorp
  Real Estate, Inc.	 	55,000,000
	 	 	 
	Lehman
  Commercial Paper Inc.	 	45,000,000
	 	 	 
	Bankers
  Trust Company	 	35,000,000
	 	 	 
	AmSouth
  Bank	 	30,000,000
	 	 	 
	KeyBank
  National Association	 	25,000,000
	 	 	 
	PNC
  Bank, National Association	 	25,000,000
	 	 	 
	SouthTrust
  Bank	 	25,000,000
	 	 	 
	Comerica
  Bank	 	20,000,000
	 	 	 
	SunTrust
  Bank	 	20,000,000
	 	 	 
	TOTAL:	 	$	500,000,000
	 	 	

             "Loan
Documents" means this Agreement, the Notes, the Authorization Letter and
the Solvency Certificate.

             "Majority
Banks" means at any time the Banks having Pro Rata Shares aggregating at
least 51%; provided, however, that during the existence of an
Event of Default, the "Majority Banks" shall be the Banks holding at
least 51% of the then aggregate unpaid principal amount of the Loans.  For purposes of this definition, a Bank's
Loan shall be deemed to include its participating interest in Swing Loans
pursuant to Section 2.17(c) and the Swing Lender's Loans shall be deemed to
exclude such participating interests of other Banks.

             "Material
Adverse Change" means an effect resulting from any circumstance or event
or series of circumstances or events, of whatever nature, which does or could
reasonably be expected to, on more than an interim basis, either (1) materially
and adversely impair the ability of Borrower and its Consolidated Businesses,
taken as a whole, to fulfill its material obligations or (2) cause a Default.

             "Material
Affiliates" means the Affiliates of Borrower described on EXHIBIT C,
together with (or excluding) any Affiliates of Borrower which are hereafter
from time to time reasonably determined by Administrative Agent to be material
(or no longer material), upon written notice to Borrower, based on the most
recent Borrower's Consolidated Financial Statements.

             "Maturity
Date" means May 24, 2004, subject to extension in accordance with Section
2.18.

             "Moody's"
means Moody's Investors Service, Inc.

             "Multiemployer
Plan" means a Plan defined as such in Section 3(37) of ERISA to which
contributions have been made by Borrower or any ERISA Affiliate and which is
covered by Title IV of ERISA.

             "New
Bank" and "New Note" have the respective meanings specified in
Section 2.19.

             "Note"
and "Notes" have the respective meanings specified in Section 2.08.

             "Obligations"
means each and every obligation, covenant and agreement of Borrower, now or
hereafter existing, contained in this Agreement, and any of the other Loan
Documents, whether for principal, reimbursement obligations, interest, fees,
expenses, indemnities or otherwise, and any amendments or supplements thereto,
extensions or renewals thereof or replacements therefor, including but not
limited to all indebtedness, obligations and liabilities of Borrower to
Administrative Agent and any Bank now existing or hereafter incurred under or
arising out of or in connection with the Notes, this Agreement, the other Loan
Documents, and any documents or instruments executed in connection therewith;
in each case whether direct or indirect, joint or several, absolute or
contingent, liquidated or unliquidated, now or hereafter existing, renewed or
restructured, whether or not from time to time decreased or extinguished and
later increased, created or incurred, and including all indebtedness of
Borrower, under any instrument now or hereafter evidencing or securing any of
the foregoing.

             "Parent"
means, with respect to any Bank, any Person controlling such Bank.

             "Participant"
and "Participation" have the respective meanings specified in Section
12.05.

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

             "Person"
means an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint
venture, Governmental Authority or other entity of whatever nature.

             "Plan"
means any employee benefit or other plan established or maintained, or to which
contributions have been made, by Borrower or any ERISA Affiliate and which is
covered by Title IV of ERISA or to which Section 412 of the Code applies.

             "presence", when
used in connection with any Environmental Discharge or Hazardous Materials,
means and includes presence, generation, manufacture, installation, treatment,
use, storage, handling, repair, encapsulation, disposal, transportation, spill,
discharge and release.

             "Prime
Rate" means the variable per annum rate of interest designated from time
to time by Fleet National Bank at its principal office in Boston, Massachusetts
as its "prime rate" (it being understood that the "prime
rate" is a reference rate and does not necessarily represent the lowest or
best rate being charged to any customer).

             "Pro
Rata Share" means, for purposes of this Agreement and with respect to each
Bank, a fraction, the numerator of which is the amount of such Bank's Loan
Commitment and the denominator of which is the Total Loan Commitment.

             "Prohibited
Transaction" means any transaction proscribed by Section 406 of ERISA or
Section 4975 of the Code and to which no statutory or administrative exemption
applies.

             "Ratable
Loan" has the meaning specified in Section 2.01(b).

             "Ratable
Loan Note" has the meaning specified in Section 2.08.

             "Recourse
Debt" means Debt, recourse for the satisfaction of which is not limited to
specified collateral.

             "Refunded
Swing Loans" and "Refunding Date" have the respective meanings
specified in Section 2.17.

             "Regulation
D" means Regulation D of the Board of Governors of the Federal Reserve
System.

             "Regulation
U" means Regulation U of the Board of Governors of the Federal Reserve
System.

             "Regulatory
Change" means, with respect to any Bank, any change after the date of this
Agreement in United States federal, state, municipal or foreign laws or
regulations (including Regulation D) or the adoption or making after such date
of any interpretations, directives or requests applying to a class of banks
including such Bank of or under any United States, federal, state, municipal or
foreign laws or regulations (whether or not having the force of law) by any
court or governmental or monetary authority charged with the interpretation or
administration thereof.

             "Reportable
Event" means any of the events set forth in Section 4043(c) of ERISA,
other than those events as to which the thirty (30) day notice period is waived
under subsections .13, .14, .16, .18, .19 or .20 of PBGC Reg. §2615.

             "Requested
Increase" has the meaning specified in Section 2.19.

             "Secured
Indebtedness" means that portion of Total Outstanding Indebtedness that is
secured.

             "Shortfall"
has the meaning specified in Section 2.19.

             "Solvency
Certificate" means a certificate in the form of EXHIBIT D, to be delivered
by Borrower pursuant to the terms of this Agreement.

             "Solvent"
means, when used with respect to any Person, that the fair value of the
property of such Person, on a going concern basis, is greater than the total
amount of liabilities (including, without limitation, contingent liabilities)
of such Person.

             "S&P"
means Standard and Poor's Ratings Services, a division of McGraw-Hill
Companies.

             "Super-Majority
Banks" means at any time the Banks having Pro Rata Shares aggregating at
least 66-2/3%; provided, however, that during the existence of an
Event of Default, the "Super-Majority Banks" shall be the Banks
holding at least 66-2/3% of the then aggregate unpaid principal amount of the
Loans.  For purposes of this definition,
a Bank's Loan shall be deemed to include its participating interest in Swing
Loans pursuant to Section 2.17(c) and the Swing Lender's Loans shall be deemed
to exclude such participating interests of other Banks.

             "Supplemental
Fee Letter" means, collectively, those certain letter agreements, each
dated on or prior to the date hereof, between Borrower and each of Chase and
Fleet.

             "Supplemental
Note" has the meaning specified in Section 2.19.

             "Swing
Lender" means Fleet in its capacity as the lender under the Swing Loan
facility described in Section 2.17, and its successors in such capacity.

             "Swing
Loan" means a loan made by the Swing Lender pursuant to Section 2.17.

             "Swing
Loan Commitment" means $20,000,000.

             "Swing
Loan Note" has the meaning specified in Section 2.08.

             "Swing
Loan Refund Amount" has the meaning specified in Section 2.17.

             "Syndication
Agent" means The Chase Manhattan Bank.

             "Syndication
Expiration Date" has the meaning specified in Section 2.19.

             "Total
Loan Commitment" means an amount equal to the aggregate amount of all Loan
Commitments (i.e., initially, $500,000,000), as the same may increase pursuant
to Section 2.19 or decrease pursuant to Section 2.10.

             "Total Outstanding
Indebtedness" means, at any time, the sum, without duplication, of (1)
Consolidated Outstanding Indebtedness; (2) Borrower's Share of UJV Combined
Outstanding Indebtedness; and (3) Contingent Obligations.

             "UJV
Combined Outstanding Indebtedness" means, as of any time, all indebtedness
and liability for borrowed money, secured or unsecured, of the UJV's, on a
combined basis, including mortgage and other notes payable but excluding any
indebtedness which is margin indebtedness on cash and cash equivalent
securities, all as reflected in the balance sheets of each of the UJVs,
prepared in accordance with GAAP.

             "UJVs"
means the unconsolidated joint ventures (including general and limited
partnerships) in which Borrower owns a beneficial interest and which are
accounted for under the equity method in Borrower's Consolidated Financial
Statements.

             "Unencumbered
Asset Value" means, as of the end of any calendar quarter, Unencumbered
Combined EBITDA for such quarter, annualized (i.e., multiplied by four (4)),
capitalized at a rate of 8.75% per annum (i.e., divided by 8.75%).

             "Unencumbered
Combined EBITDA" means that portion of Combined EBITDA attributable to
Unencumbered Wholly-Owned Assets (assuming corporate overhead is allocated
proportionately to Unencumbered Wholly-Owned Assets).

             "Unencumbered
Wholly-Owned Assets" means income-producing assets, reflected on
Borrower's Consolidated Financial Statements, wholly owned, directly or
indirectly, by Borrower which (1) are not, and the direct or indirect interests
of Borrower therein are not, subject to any Lien to secure all or any portion
of Secured Indebtedness or any other encumbrances which, in the reasonable
judgment of Co-Agents, may diminish the value of the asset in question and (2)
complies with the occupancy requirements set forth in the immediately following
sentence.  In order to qualify as an
Unencumbered Wholly-Owned Asset for a particular calendar quarter an asset must
(1) have average occupancy for the twelve (12)-month period ending with such
quarter  of  85% or more and (2) have average quarterly occupancy for at least
three (3) of the four (4) calendar quarters during such twelve (12)-month
period of  85% or more.

             "Unsecured
Indebtedness" means that portion of Total Outstanding Indebtedness that is
unsecured.

             "Unsecured
Interest Expense" means that portion of Interest Expense relating to
Unsecured Indebtedness.

             Section
1.02     Accounting Terms.  All accounting terms not specifically
defined herein shall be construed in accordance with GAAP, and all financial
data required to be delivered hereunder shall be prepared
in accordance with GAAP.

             Section 1.03     Computation of Time Periods.  Except as otherwise provided herein, in this
Agreement, in the computation of periods of time from a specified date to a
later specified date, the word "from" means "from and
including" and words "to" and "until" each means
"to but excluding".

             Section
1.04     Rules of Construction.  Except as provided otherwise, when used in
this Agreement (1) "or" is not exclusive; (2) a reference to a Law
includes any amendment, modification or supplement to, or replacement of, such
Law; (3) a reference to a Person includes its permitted successors and
permitted assigns; (4) all terms used in the singular shall have a correlative
meaning when used in the plural and vice versa; (5) a reference to an
agreement, instrument or document shall include such agreement, instrument or
document as the same may be amended, modified or supplemented from time to time
in accordance with its terms and as permitted by the Loan Documents; (6) all
references to Articles, Sections or Exhibits shall be to Articles, Sections and
Exhibits of this Agreement unless otherwise indicated; (7)
"hereunder", "herein", "hereof" and the like
refer to this Agreement as a whole; and (8) all Exhibits to this Agreement
shall be incorporated into this Agreement.

ARTICLE II

THE
LOANS

             Section
2.01     Ratable Loans; Bid Rate Loans;
Purpose.

             (a)         Subject to the terms and conditions of
this Agreement, the Banks agree to make loans to Borrower as provided in this
Article II.

             (b)        Each of the Banks severally agrees to
make a loan to Borrower (each such loan by a Bank, a "Ratable Loan")
in an amount up to its Loan Commitment pursuant to which the Bank shall from
time to time advance and re-advance to Borrower an amount equal to its Pro Rata
Share of the excess (the "Available Total Loan Commitment") of the
Total Loan Commitment over the sum of (1) all previous advances (including Bid
Rate Loans and Swing Loans) made by the Banks which remain unpaid and (2) the
outstanding amount of all Letters of Credit. 
Within the limits set forth herein, Borrower may borrow from time to
time under this paragraph (b) and prepay from time to time pursuant to Section
2.09 (subject, however, to the restrictions on prepayment set forth in said
Section), and thereafter re-borrow pursuant to this paragraph (b).  The Ratable Loans may be outstanding as (1)
Base Rate Loans; (2) LIBOR Loans; or (3) a combination of the foregoing, as
Borrower shall elect and notify Administrative Agent in accordance with Section
2.14.  The LIBOR Loan, Bid Rate Loan and
Base Rate Loan of each Bank shall be maintained at such Bank's Applicable
Lending Office.

             (c)         In addition to Ratable Loans pursuant
to paragraph (b) above, so long as Borrower's Credit Rating is BBB- or higher
by S&P or Baa3 or higher by Moody's or an equivalent rating by another
nationally-recognized rating agency, as reasonably approved by Administrative
Agent, one or more Banks may, at Borrower's request and in their sole
discretion, make non-ratable loans which shall bear interest at the LIBOR Bid
Rate or the Absolute Bid Rate in accordance with Section 2.02 (such loans being
referred to in this Agreement as "Bid Rate Loans").  Borrower may borrow Bid Rate Loans from time
to time pursuant to this paragraph (c) in an amount up to the Available Total
Loan Commitment at the time of the borrowing (taking into account any
repayments of the Loans made simultaneously therewith) and shall repay such Bid
Rate Loans as required by Section 2.08, and it may thereafter re-borrow
pursuant to this paragraph (c); provided, however, that the
aggregate outstanding principal amount of Bid Rate Loans at any particular time
shall not exceed the Bid Borrowing Limit.

             (d)        The obligations of the Banks under this Agreement are
several, and no Bank shall be responsible for the failure of any other Bank to
make any advance of a Loan to be made by such other Bank.  However, the failure of any Bank to make any
advance of the Loan to be made by it hereunder on the date specified therefor
shall not relieve any other Bank of its obligation to make any advance of its
Loan specified hereby to be made on such date.

             (e)         Borrower shall use the proceeds of the
Loans for general capital and working capital requirements of Borrower and its
Consolidated Businesses and UJVs (which shall include, but not be limited to,
Acquisitions and/or costs incurred in connection with the development,
construction or reconstruction of multi-family real estate properties).  In no event shall proceeds of the Loans be
used in a manner that would violate Regulation U or in connection with a
hostile acquisition.

             Section
2.02     Bid Rate Loans.

             (a)         When Borrower wishes to request offers
from the Banks to make Bid Rate Loans, it shall transmit to Administrative
Agent by facsimile a request (a "Bid Rate Quote Request")
substantially in the form of EXHIBIT G-1 so as to be received not later than
12:00 Noon (New York time) on (x) the fifth Banking Day prior to the date for
funding of the LIBOR Bid Rate Loan(s) proposed therein in the case of a LIBOR
Auction or (y) the second Banking Day prior to the date for funding of the
Absolute Bid Rate Loan(s) proposed therein in the case of an Absolute Rate
Auction, specifying:

             (1)         the
proposed date of funding of the Bid Rate Loan(s), which shall be a Banking Day;

             (2)         the
aggregate amount of the Bid Rate Loans requested, which shall be $5,000,000 or
a larger integral multiple of $500,000;

             (3)         the
duration of the Interest Period(s) applicable thereto, subject to the
provisions of the definition of "Interest Period" in Section 1.01 and
the provisions of Section 2.05; and

             (4)         whether
the Bid Rate Quotes requested are to set forth a LIBOR Bid Margin (to be used
to compute the LIBOR Bid Rate) or an Absolute Bid Rate.

Borrower may request offers to make Bid
Rate Loans for more than one (1) Interest Period in a single Bid Rate Quote
Request.  No more than two (2) Bid Rate
Quote Requests may be submitted by Borrower during any calendar month  and no more than twenty-four (24) Bid Rate
Quote Requests per year may be submitted by Borrower.

             (b)        Promptly (the same day, if possible)
upon receipt of a Bid Rate Quote Request, Administrative Agent shall send to
the Banks by facsimile an invitation (an "Invitation for Bid Rate
Quotes") substantially in the form of EXHIBIT G-2, which shall constitute
an invitation by Borrower to the Banks to submit Bid Rate Quotes offering to
make Bid Rate Loans to which such Bid Rate Quote Request relates in accordance
with this Section.

             (c)         (1)         Each Bank
may submit a Bid Rate Quote containing an offer or offers to make Bid Rate
Loans in response to any Invitation for Bid Rate Quotes.  Each Bid Rate Quote must comply with the
requirements of this paragraph (c) and must be submitted to Administrative
Agent by facsimile not later than (x) 2:00 p.m. (New York time) on the fourth
Banking Day prior to the proposed date of the LIBOR Bid Rate Loan(s) in the
case of a LIBOR Auction or (y) 9:30 a.m. (New York time) on the Banking Day
immediately preceding the proposed date of the Absolute Bid Rate Loan(s) in the
case of an Absolute Rate Auction; provided that Bid Rate Quotes
submitted by Administrative Agent (or any Affiliate of Administrative Agent) in
its capacity as a Bank may be submitted, and may only be submitted, if
Administrative Agent or such Affiliate notifies Borrower of the terms of the
offer or offers contained therein not later than (x) one (1) hour prior to the
deadline for the other Banks in the case of a LIBOR Auction or (y) thirty (30)
minutes prior to the deadline for the other Banks in the case of an Absolute
Rate Auction.  Any Bid Rate Quote so
made shall (subject to Borrower's satisfaction of the conditions precedent set
forth in this Agreement to its entitlement to an advance) be irrevocable except
with the written consent of Administrative Agent given on the instructions of
Borrower.  Bid Rate Loans to be funded
pursuant to a Bid Rate Quote may, as provided in Section 12.16, be funded by a
Bank's Designated Lender.  A Bank making
a Bid Rate Quote shall, if then known, specify in its Bid Rate Quote whether
the related Bid Rate Loans are intended to be funded by such Bank's Designated
Lender, as provided in Section 12.16, provided, however, that
whether or not the same is specified in a Bank's Bid Rate Quote, such Bank's
Bid Rate Loan(s) may be funded by its Designated Lender at the time of funding
thereof.

             (2)         Each Bid Rate Quote shall be in
substantially the form of EXHIBIT G-3 and shall in any case specify:

             (i)          the
proposed date of funding of the Bid Rate Loan(s);

             (ii)         the principal amount of the Bid Rate Loan(s) for which each
such offer is being made, which principal amount (w) may be greater than or
less than the Loan Commitment of the quoting Bank, (x) must be in the aggregate
$5,000,000 or a larger integral multiple of $500,000, (y) may not exceed the
principal amount of Bid Rate Loans for which offers were requested and (z) may
be subject to an aggregate limitation as to the principal amount of Bid Rate
Loans for which offers being made by such quoting Bank may be accepted;

             (iii)        in the case of a LIBOR Auction, the margin above or below the
applicable LIBOR Interest Rate (the "LIBOR Bid Margin") offered for
each such LIBOR Bid Rate Loan, expressed as a percentage per annum (specified
to the nearest 1/1,000th of 1%) to be added to (or subtracted from) the
applicable LIBOR Interest Rate;

             (iv)       in the case of an Absolute Rate Auction, the rate of interest,
expressed as a percentage per annum (specified to the nearest 1/1,000th of 1%)
(the "Absolute Bid Rate"), offered for each such Absolute Bid Rate
Loan;

             (v)        the
applicable Interest Period; and

             (vi)       the identity of the quoting Bank.

A Bid Rate Quote may set forth up to
three (3) separate offers by the quoting Bank with respect to each Interest
Period specified in the related Invitation for Bid Rate Quotes.

             (3)         Any Bid Rate Quote shall be disregarded
if it:

             (i)          is
not substantially in conformity with EXHIBIT G-3 or does not specify all of the
information required by sub-paragraph (c)(2) above;

             (ii)         contains qualifying, conditional or similar language (except
for an aggregate limitation as provided in sub-paragraph (c)(2)(ii) above);

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

             (iv)       arrives after the time set forth in sub-paragraph (c)(1)
above.

             (d)        Administrative Agent shall (x) not later
than 3:00 p.m. (New York time) on the fourth Banking Day prior to the proposed
date of funding of the LIBOR Bid Rate Loan(s) in the case of a LIBOR Auction or
(y) not later than 10:30 a.m. (New York time) on the Banking Day immediately
preceding the proposed date of funding of the Absolute Bid Rate Loan(s) in the
case of an Absolute Rate Auction, notify Borrower in writing of the terms of
any Bid Rate Quote submitted by a Bank that is in accordance with paragraph
(c).  In addition, Administrative Agent
shall, on the Banking Day of its receipt thereof, notify Borrower in writing of
any Bid Rate Quote that amends, modifies or is otherwise inconsistent with a
previous Bid Rate Quote submitted by such Bank with respect to the same Bid
Rate Quote Request.  Any such subsequent
Bid Rate Quote shall be disregarded by Administrative Agent unless such
subsequent Bid Rate Quote is submitted solely to correct a manifest error in
such former Bid Rate Quote. Administrative Agent's notice to Borrower shall
specify (A) the aggregate principal amount of Bid Rate Loans for which offers
have been received for each Interest Period specified in the related Bid Rate
Quote Request, (B) the respective principal amounts, LIBOR Bid Margins and
Absolute Bid Rates so offered and (C) if applicable, limitations on the
aggregate principal amount of Bid Rate Loans for which offers in any single Bid
Rate Quote may be accepted.

             (e)         Not later than 9:30 a.m. (New York
time) on (x) the third Banking Day prior to the proposed date of funding of the
LIBOR Bid Rate Loan in the case of a LIBOR Auction or (y) the Banking Day
immediately preceding the proposed date of funding of the Absolute Bid Rate
Loan in the case of an Absolute Rate Auction, Borrower shall notify
Administrative Agent of its acceptance or non-acceptance of the offers so
notified to it pursuant to paragraph (d). 
If Borrower fails to notify Administrative Agent of its acceptance of
such offers, it shall be deemed to have rejected such offers.  A notice of acceptance shall be substantially
in the form of EXHIBIT G-4 and shall specify the aggregate principal amount of
offers for each Interest Period that are accepted.  Borrower may accept any Bid Rate Quote in whole or in part; provided
that:

             (i)          the principal amount of each Bid Rate Loan may not exceed
the applicable amount set forth in the related Bid Rate Quote Request or be
less than $500,000 per Bank and shall be an integral multiple of $100,000;

             (ii)         acceptance of offers with respect to a particular Interest
Period may only be made on the basis of ascending LIBOR Bid Margins or Absolute
Bid Rates, as the case may be, offered for such Interest Period from the lowest
effective cost; and

             (iii)        Borrower may not accept any offer that is described in
sub-paragraph (c)(3) or that otherwise fails to comply with the requirements of
this Agreement.

             (f)         If offers are made by two (2) or more
Banks with the same LIBOR Bid Margins or Absolute Bid Rates, as the case may
be, for a greater aggregate principal amount than the amount in respect of
which such offers are accepted for the related Interest Period, the principal
amount of Bid Rate Loans in respect of which such offers are accepted shall be
allocated by Administrative Agent among such Banks as nearly as possible (in
multiples of $100,000, as Administrative Agent may deem appropriate) in
proportion to the aggregate principal amounts of such offers. Administrative
Agent shall promptly (and in any event within one (1) Banking Day after such
offers are accepted) notify Borrower and each such Bank in writing of any such
allocation of Bid Rate Loans. 
Determinations by Administrative Agent of the allocation of Bid Rate
Loans shall be conclusive in the absence of manifest error.

             (g)        In the event that Borrower accepts the
offer(s) contained in one (1) or more Bid Rate Quotes in accordance with
paragraph (e), the Bank(s) making such offer(s) shall make a Bid Rate Loan in
the accepted amount (as allocated, if necessary, pursuant to paragraph (f)) on
the date specified therefor, in accordance with the procedures specified in
Section 2.04, and such Bid Rate Loan shall bear interest at the accepted LIBOR
Bid Rate or Absolute Bid Rate, as the case may be, for the applicable Interest
Period.

             (h)        Notwithstanding anything to the contrary
contained herein, each Bank shall be required to fund its Pro Rata Share of the
Available Total Loan Commitment in accordance with Section 2.01(b) despite the
fact that any Bank's Loan Commitment may have been or may be exceeded as a
result of such Bank's making Bid Rate Loans.

             (i)          A Bank who is notified that it has
been selected to make a Bid Rate Loan as provided above may designate its
Designated Lender (if any) to fund such Bid Rate Loan on its behalf, as
described in Section 12.16.  Any
Designated Lender which funds a Bid Rate Loan shall on and after the time of
such funding become the obligee under such Bid Rate Loan and be entitled to
receive payment thereof when due.  No
Bank shall be relieved of its obligation to fund a Bid Rate Loan, and no
Designated Lender shall assume such obligation, prior to the time the
applicable Bid Rate Loan is funded.

             (j)          Administrative
Agent shall promptly notify each Bank which submitted a Bid Rate Quote of
Borrower's acceptance or non-acceptance thereof.  At the request of any Bank which submitted a Bid Rate Quote,
Administrative Agent will promptly notify all Banks which submitted Bid Rate
Quotes of (a) the aggregate principal amount of, and (b) the range of Absolute
Bid Rates or LIBOR Bid Margins of, the accepted Bid Rate Loans for each
requested Interest Period.

             Section 2.03     Advances,
Generally.  The Initial
Advance shall be in the minimum amount of $500,000 and in integral multiples of
$100,000 above such amount and shall be made upon satisfaction of the
conditions set forth in Section 4.01. 
Subsequent advances shall be made no more frequently than twice weekly
thereafter, upon satisfaction of the conditions set forth in Section 4.02.  The amount of each advance subsequent to the
Initial Advance shall be in the minimum amount of $500,000 (unless less than
$500,000 is available for disbursement pursuant to the terms hereof at the time
of any subsequent advance, in which case the amount of such subsequent advance
shall be equal to such remaining availability) and in integral multiples of
$100,000 above such amount.  Additional
restrictions on the amounts and timing of, and conditions to the making of,
advances of Bid Rate Loans are set forth in Section 2.02.

             Section
2.04     Procedures for Advances.  In the case of advances of Ratable Loans
hereunder, Borrower shall submit to Administrative Agent a request for each
advance, stating the amount requested and certifying the purpose, in general
terms, for which such advance is to be used, no later than 11:00 a.m. (New York
time) on the date, in the case of advances of Base Rate Loans, which is one (1)
Banking Day, and, in the case of advances of LIBOR Loans, which is three (3)
Banking Days, prior to the date the advance is to be made.  In the case of advances of Swing Loans
hereunder, Borrower shall submit to Administrative Agent a request for such
advance, stating the amount requested and certifying the purpose, in general
terms, for which such advance is to be used, no later than 11:00 a.m. (New York
time) on the date which is one (1) Banking Day prior to the date the advance is
to be made.  In the case of advances of Bid
Rate Loans hereunder, Borrower shall submit a Bid Rate Quote Request at the
time specified in Section 2.02, accompanied by a certification of the purpose,
in general terms, for which the advance is to be used.  Administrative Agent, on the Banking Day of
its receipt and approval of the request for advance, will so notify the Banks
(or, in the case of Swing Loans, the Swing Lender) either by telephone or by
facsimile.  Not later than 11:00 a.m.
(New York time) on the date of each advance, each Bank (in the case of Ratable
Loans) or the applicable Bank(s) (in the case of Bid Rate Loans) or the Swing
Lender (in the case of Swing Loans) shall, through its Applicable Lending
Office and subject to the conditions of this Agreement, make the amount to be
advanced by it on such day available to Administrative Agent, at Administrative
Agent's Office and in immediately available funds for the account of
Borrower.  The amount so received by
Administrative Agent shall, subject to the conditions of this Agreement, be made
available to Borrower, in immediately available funds, by Administrative
Agent's crediting an account of Borrower designated by Borrower and maintained
with Administrative Agent at Administrative Agent's Office.

             Section
2.05     Interest Periods; Renewals.  In the case of the LIBOR Loans and Bid Rate
Loans, Borrower shall select an Interest Period of any duration in accordance
with the definition of Interest Period in Section 1.01, subject to the
following limitations: (1) no Interest Period may extend beyond the Maturity
Date; and (2) if an Interest Period would end on a day which is not a Banking
Day, such Interest Period shall be extended to the next Banking Day, unless
such Banking Day would fall in the next calendar month, in which event such
Interest Period shall end on the immediately preceding Banking Day.  Only twelve (12) discrete segments of a
Bank's Ratable Loan bearing interest at a LIBOR Interest Rate, for a designated
Interest Period, pursuant to a particular Election, Conversion or Continuation,
may be outstanding at any one time (each such segment of each Bank's Ratable
Loan corresponding to a proportionate segment of each of the other Banks'
Ratable Loans).

             Upon notice to Administrative
Agent as provided in Section 2.14, Borrower may Continue any LIBOR Loan on the
last day of the Interest Period of the same or different duration in accordance
with the limitations provided above.  If
Borrower shall fail to give notice to Administrative Agent of such a Continuation,
such LIBOR Loan shall automatically become a LIBOR Loan with an Interest Period
of one (1) month on the last day of the current Interest Period.  Administrative Agent shall notify each of
the Banks, either by telephone or by facsimile, at least two (2) Banking Days
prior to the termination of the Interest Period in question in the event of
such failure by Borrower to give such notice of Continuation.

             Section
2.06     Interest.  Borrower shall pay interest to
Administrative Agent for the account of the applicable Bank on the outstanding and
unpaid principal amount of the Loans, at a rate per annum as follows: (1) for
Base Rate Loans at a rate equal to the Base Rate plus the Applicable Margin;
(2) for LIBOR Loans at a rate equal to the applicable LIBOR Interest Rate plus
the Applicable Margin; (3) for LIBOR Bid Rate Loans at a rate equal to the
applicable LIBOR Bid Rate; (4) for Absolute Bid Rate Loans at a rate equal to
the applicable Absolute Bid Rate; and (5) for Swing Loans at a three (3)-day
LIBOR rate, as determined by the Swing Lender. 
Any principal amount not paid when due (when scheduled, at acceleration
or otherwise) shall bear interest thereafter, payable on demand, at the Default
Rate.

             The
interest rate on Base Rate Loans shall change when the Base Rate changes.  Interest on Base Rate Loans, LIBOR Loans,
Bid Rate Loans and Swing Loans shall not exceed the maximum amount permitted
under applicable Law.  Interest shall be
calculated for the actual number of days elapsed on the basis of, in the case
of Base Rate Loans, LIBOR Loans, Bid Rate Loans and Swing Loans, three hundred
sixty (360) days.

             Accrued
interest shall be due and payable in arrears upon and with respect to any
payment or prepayment of principal and, (x) in the case of Base Rate Loans,
LIBOR Loans and Swing Loans, on the first Banking Day of each calendar month
and (y) in the case of Bid Rate Loans, at the expiration of the Interest Period
applicable thereto; provided, however, that interest accruing at
the Default Rate shall be due and payable on demand.

             Section
2.07     Fees.

             (a)         Borrower agrees to pay to and for the
accounts of the parties specified therein, the fees provided for in the
Supplemental Fee Letter.

             (b)        Borrower
shall pay to Administrative Agent for the account of each Bank a facility fee
computed on the daily Loan Commitment of such Bank (irrespective of usage) at a
rate per annum equal to the daily Facility Fee Rate, calculated on the basis of
a year of three hundred sixty (360) days for the actual number of days elapsed.  The accrued facility fee shall be due and
payable quarterly in arrears on the tenth (10th) day of  October, January, April and July of each
year, commencing on the first such date after the Closing Date, and upon the
Maturity Date (as stated or by acceleration or otherwise) or earlier termination
of the Loan Commitments.

             Section 2.08     Notes.  The Ratable Loan made by each Bank under
this Agreement shall be evidenced by, and repaid with interest in accordance
with, a single promissory note of Borrower in the form of EXHIBIT B duly
completed and executed by Borrower, in the principal amount equal to such
Bank's Loan Commitment, payable to such Bank for the account of its Applicable
Lending Office (each such note, as the same may hereafter be amended, modified,
extended, severed, assigned, renewed or restated from time to time, including
any new or substitute notes pursuant to Section 2.19, 3.07 or 12.05, a
"Ratable Loan Note"). The Bid Rate Loans of the Banks shall be
evidenced by a single global promissory note of Borrower, in the form of EXHIBIT
B-1, duly completed and executed by Borrower, in the principal amount of
$400,000,000, payable to Administrative Agent for the account of the respective
Banks making Bid Rate Loans (such note, as the same may hereafter be amended,
modified, extended, severed, assigned, substituted, renewed or restated from
time to time, the "Bid Rate Loan Note").  The Swing Loan of the Swing Lender shall be evidenced by, and
repaid with interest in accordance with, a promissory note of Borrower, in the
form of EXHIBIT B-2, duly completed and executed by Borrower, payable to the
Swing Lender (such note, as the same may hereafter be amended, modified
extended, severed, assigned, substituted, renewed or restated from time to
time, the "Swing Loan Note"). 
A particular Bank's Ratable Loan Note, together with its interest, if
any, in the Bid Rate Loan Note, and, in the case of the Swing Lender, the Swing
Loan Note, are referred to collectively in this Agreement as such Bank's
"Note"; all such Ratable Loan Notes and interests and Swing Loan
Notes are referred to collectively in this Agreement as the
"Notes".  The Ratable Loan
Notes shall mature, and all outstanding principal and accrued interest and
other sums thereunder shall be paid in full, on the Maturity Date, as the same
may be accelerated.  The outstanding
principal amount of each Bid Rate Loan evidenced by the Bid Rate Loan Note, and
all accrued interest and other sums with respect thereto, shall become due and
payable to the Bank making such Bid Rate Loan at the earlier of the expiration
of the Interest Period applicable thereto or the Maturity Date, as the same may
be accelerated.  Principal amounts
evidenced by the Swing Loan Notes shall become due and payable three (3)
Banking Days after said amounts are advanced.

             Each
Bank is hereby authorized by Borrower to endorse on the schedule attached to
the Ratable Loan Note held by it, the amount of each advance and each payment
of principal received by such Bank for the account of its Applicable Lending
Office(s) on account of its Ratable Loan, which endorsement shall, in the
absence of manifest error, be conclusive as to the outstanding balance of the
Ratable Loan made by such Bank.  The
Swing Lender is hereby authorized by Borrower to endorse on the schedule
attached to the Swing Loan Note held by it, the amount of each advance and each
payment of principal received by the Swing Lender for the account of its
Applicable Lending Office(s) on account of its Swing Loan, which endorsement
shall, in the absence of manifest error, be conclusive as to the outstanding
balance of the Swing Loan made by the Swing Lender.  Administrative Agent is hereby authorized by Borrower to endorse
on the schedule attached to the Bid Rate Loan Note the amount of each LIBOR Bid
Rate Loan and/or Absolute Bid Rate Loan, the name of the Bank making the same,
the date of the advance thereof, the interest rate applicable thereto and the
expiration of the Interest Period applicable thereto (i.e., the maturity date
thereof).  The failure by Administrative
Agent or any Bank to make such notations with respect to the Loans or each
advance or payment shall not limit or otherwise affect the obligations of
Borrower under this Agreement or the Notes.

             In case of any loss, theft,
destruction or mutilation of any Bank's Note, Borrower shall, upon its receipt
of an affidavit of an officer of such Bank as to such loss, theft, destruction
or mutilation and an appropriate indemnification, execute and deliver a
replacement Note to such Bank in the same principal amount and otherwise of
like tenor as the lost, stolen, destroyed or mutilated Note.

             Section
2.09     Prepayments.  Without prepayment premium or penalty but
subject to Section 3.05, Borrower may, upon at least one (1) Banking Day's
notice to Administrative Agent in the case of the Base Rate Loans and Swing
Loans, and at least three (3) Banking Days' notice to Administrative Agent in
the case of LIBOR Loans, prepay the Ratable Loans, provided that (1) any
partial prepayment under this Section shall be in integral multiples of
$500,000; (2) a LIBOR Loan or Swing Loan may be prepaid at any time, subject,
however, to the provisions of Section 3.05; and (3) each prepayment under this
Section shall include all interest accrued on the amount of principal prepaid
through the date of prepayment. 
Prepayment of Bid Rate Loans shall not be permitted.

             Section
2.10     Cancellation of Commitments.

             (a)         At any time, Borrower shall have the
right, without premium or penalty, to terminate any unused Loan Commitments (i.
e., to terminate Loan Commitments to the extent of the Available Total
Loan Commitment) or unused commitment of the Swing Lender to make Swing Loans,
in whole or in part, from time to time, provided that: (1) Borrower shall give
notice of each such termination to Administrative Agent and the Swing Lender,
if applicable, no later then 10:00 a.m. (New York time) on the date which is
fifteen (15) Banking Days prior to the effectiveness of such termination; (2)
the Loan Commitments of each of the Banks, or Swing Lender, as applicable, must
be terminated ratably and simultaneously with those of the other Banks, or
Swing Lender, as applicable; and (3) each partial termination of the Loan
Commitments, or commitments to make Swing Loans, as a whole (and corresponding
reduction of the Total Loan Commitment) shall be in an integral multiple of
$1,000,000.

             (b)        The Loan Commitments, to the extent
terminated, may not be reinstated.

             Section
2.11     Method of Payment.  Borrower shall make each payment under this
Agreement and under the Notes not later than 11:00 a.m. (New York time) on the
date when due in Dollars to Administrative Agent at Administrative Agent's
Office in immediately available funds. 
Administrative Agent will thereafter, on the day of its receipt of each
such payment, cause to be distributed to each Bank (1) such Bank's appropriate
share determined pursuant to Section 10.15 of the payments of principal and
interest in like funds for the account of such Bank's Applicable Lending
Office; and (2) fees payable to such Bank in accordance with the terms of this
Agreement.  In the event Administrative
Agent fails to pay funds received from Borrower to the Banks on the date on
which Borrower is credited with payment, Administrative Agent shall pay
interest on such amounts at the Federal Funds Rate until such payment to the
Banks is made.  Borrower hereby
authorizes Administrative Agent and the Banks, if and to the extent payment by
Borrower is not made when due under this Agreement or under the Notes, to
charge from time to time against any account Borrower maintains with
Administrative Agent or any Bank any amount so due to Administrative Agent
and/or the Banks.

             Except to the extent provided
in this Agreement, whenever any payment to be made under this Agreement or
under the Notes is due on any day other than a Banking Day, such payment shall
be made on the next succeeding Banking Day, and such extension of time shall in
such case be included in the computation of the payment of interest and other
fees, as the case may be.

             Section
2.12     Elections, Conversions or
Continuation of Loans.  Subject to the provisions of Article III and
Sections 2.05 and 2.13, Borrower shall have the right to Elect to have all or a
portion of any advance of the Ratable Loans be LIBOR Loans, to Convert Base Rate
Loans into LIBOR Loans, to Convert LIBOR Loans into Base Rate Loans, or to
Continue LIBOR Loans as LIBOR Loans, at any time or from time to time, provided
that (1) Borrower shall give Administrative Agent notice of each such Election,
Conversion or Continuation as provided in Section 2.14; and (2) a LIBOR Loan
may be Converted or Continued only on the last day of the applicable Interest
Period for such LIBOR Loan.  Except as
otherwise provided in this Agreement, each Election, Continuation and
Conversion shall be applicable to each Bank's Ratable Loan in accordance with
its Pro Rata Share.

             Section
2.13     Minimum Amounts.
With respect to the Ratable Loans as a whole, each Election and each Conversion
shall be in an amount at least equal to $1,000,000 and in integral multiples of
$500,000.

             Section
2.14     Certain Notices Regarding
Elections, Conversions and Continuations of Loans.  Notices by Borrower to Administrative Agent
of Elections, Conversions and Continuations of LIBOR Loans shall be irrevocable
and shall be effective only if received by Administrative Agent not later than
10:30 a.m. (New York time) on the number of Banking Days prior to the date of
the relevant Election, Conversion or Continuation specified below:

	 	Number of Banking Days
  Prior Notice	 
	 	

	 
	Conversions
  into Base Rate Loans	two (2)	 
	 	 	 
	Elections
  of, Conversions into or Continuations as, LIBOR Loans	three (3)	 

Promptly following its receipt of any
such notice, and no later than the close of business on the Banking Day of such
receipt, Administrative Agent shall so advise the Banks either by telephone or
by facsimile.  Each such notice of
Election shall specify the portion of the amount of the advance that is to be
LIBOR Loans (subject to Section 2.13) and the duration of the  Interest Period applicable thereto (subject
to Section 2.05); each such notice of Conversion shall specify the LIBOR Loans
or Base Rate Loans to be Converted; and each such notice of Conversion or
Continuation shall specify the date of Conversion or Continuation (which shall
be a Banking Day), the amount thereof (subject to Section 2.13) and the
duration of the Interest Period applicable thereto (subject to Section
2.05).  In the event that Borrower fails
to Elect to have any portion of an advance of the Ratable Loans be LIBOR Loans,
the entire amount of such advance shall constitute Base Rate Loans.  In the event that Borrower fails to Continue
LIBOR Loans within the time period and as otherwise provided in this Section,
such LIBOR Loans will automatically become LIBOR Loans with an Interest Period
of one (1) month on the last day of the then current applicable Interest Period
for such LIBOR Loans.  Administrative
Agent shall notify each of the Banks, either by telephone or by facsimile, at
least two (2) Banking Days prior to the termination of the Interest Period in
question in the event of such failure by Borrower.

             Section
2.15     Late Payment Premium.  Borrower shall, at Administrative Agent's
option and upon notice to Borrower, pay to Administrative Agent for the account
of the Banks a late payment premium in the amount of 4% of any payments of
interest under the Loans made more than ten (10) days after the due date
thereof, which shall be due with any such late payment.

             Section
2.16     Letters of Credit.

             (a)         Borrower, by notice to Administrative
Agent, may request, in lieu of advances of proceeds of the Ratable Loans, that
Administrative Agent issue unconditional, irrevocable standby letters of credit
or direct-pay letters of credit (each, a "Letter of Credit") for the account
of Borrower, payable by sight drafts, for such beneficiaries and with such
other terms as Borrower shall specify. 
Promptly upon issuance of a Letter of Credit, Administrative Agent shall
notify each of the Banks.

             (b)        The amount of any Letter of Credit shall
be limited to the lesser of (x) $100,000,000 less the aggregate amount of all
Letters of Credit theretofore issued or (y) the Available Total Loan
Commitment, it being understood that the amount of each Letter of Credit issued
and outstanding shall effect a reduction, by an equal amount, of the Available
Total Loan Commitment (such reduction to be allocated to each Bank's Ratable
Loan ratably in accordance with the Banks' respective Pro Rata Shares).

             (c)         The amount of each Letter of Credit
shall be further subject to the limitations applicable to amounts of advances
set forth in Section 2.03 and the procedures for the issuance of each Letter of
Credit shall be the same as the procedures applicable to the making of advances
as set forth in the first sentence of Section 2.04.  Administrative Agent's issuance of each Letter of Credit shall be
subject to Administrative Agent's determination that Borrower has satisfied all
conditions precedent to its entitlement to an advance of proceeds of the Loans.

             (d)        Each Letter of Credit shall expire no
later than one (1) month prior to the Maturity Date, but may have a so-called
"evergreen" clause allowing for the extension of the expiration date
thereof upon the extension of the Maturity Date pursuant to Section 2.18.

             (e)         In connection with, and as a further
condition to the issuance of, each Letter of Credit, Borrower shall execute and
deliver to Administrative Agent an application for the Letter of Credit on
Administrative Agent's standard form therefor, together with such other
documents, opinions and assurances as Administrative Agent shall reasonably
require.

             (f)         In connection with each Letter of Credit, Borrower hereby
covenants to pay to Administrative Agent the following fees:  (1) a fee, payable quarterly in arrears (on
the first Banking Day of each calendar quarter following the issuance of the
Letter of Credit), for the account of the Banks, computed daily on the amount
of the Letter of Credit issued and outstanding at a rate per annum equal to the
"Banks' L/C Fee Rate" (as hereinafter defined) and (2) the fee, for
Administrative Agent's own account, required by the Supplemental Fee Letter
between Borrower and Fleet.  For
purposes of this Agreement, the "Banks' L/C Fee Rate" shall mean, at
any time, a rate per annum equal to the Applicable Margin for LIBOR Loans less
0.125% per annum.  It is understood and
agreed that the last installment of the fees provided for in this paragraph (f)
with respect to any particular Letter of Credit shall be due and payable on the
first day of the calendar quarter following the return, undrawn, or
cancellation of such Letter of Credit and Borrower's receipt of notice from
Administrative Agent.

             (g)        The parties hereto acknowledge and agree
that, immediately upon notice from Administrative Agent of any drawing under a
Letter of Credit, each Bank shall, notwithstanding the existence of a Default
or Event of Default or the non-satisfaction of any conditions precedent to the
making of an advance of the Loans, advance proceeds of its Ratable Loan, in an
amount equal to its Pro Rata Share of such drawing, which advance shall be made
to Administrative Agent to reimburse Administrative Agent, for its own account,
for such drawing.  Each of the Banks
further acknowledges that its obligation to fund its Pro Rata Share of drawings
under Letters of Credit as aforesaid shall survive the Banks' termination of
this Agreement or enforcement of remedies hereunder or under the other Loan
Documents.  In the event that any
Ratable Loan cannot for any reason be made on the date otherwise required above
(including, without limitation, as a result of the commencement of a proceeding
under any applicable bankruptcy or insolvency Law with respect to Borrower),
then each Bank shall purchase (on or as of the date such Ratable Loan would
otherwise have been made) from Administrative Agent a Participation interest in
any unreimbursed drawing in an amount equal to its Pro Rata Share of such
unreimbursed drawing.

             (h)        Borrower agrees, upon the occurrence of
an Event of Default and at the written request of Administrative Agent, (1) to
deposit with Administrative Agent cash collateral in the amount of all the
outstanding Letters of Credit, which cash collateral shall be held by
Administrative Agent as security for Borrower's obligations in connection with
the Letters of Credit and (2) to execute and deliver to Administrative Agent
such documents as Administrative Agent reasonably requests to confirm and
perfect the assignment of such cash collateral to Administrative Agent.

             Section
2.17     Swing Loans.

             (a)         During the term of this Agreement, the
Swing Lender agrees, on the terms and conditions set forth in this Agreement,
to make advances to Borrower pursuant to this Section from time to time in
amounts such that (i) the aggregate of such advance and amount of Swing Loans
theretofore advanced and still outstanding does not at any time exceed the
Swing Loan Commitment and (ii) the amount of such advance does not exceed the
Available Total Loan Commitment.  Each
advance under this Section shall be in an aggregate principal amount of
$1,000,000 or a larger multiple of $100,000 (except that any such advance may
be in the aggregate available amount of Swing Loans determined in accordance
with the immediately preceding sentence). 
With the foregoing limits, Borrower may borrow under this Section, repay
or, to the extent permitted by Section 2.09, prepay Swing Loans and
reborrow under this Section at any time during the term of this Agreement.

             (b)        The Swing Lender shall, on behalf of Borrower (which hereby
irrevocably directs the Swing Lender to act on its behalf), on notice given by
the Swing Lender no later than 1:00 p.m. (New York time) on the Banking Day
immediately following the funding of any Swing Loan, request each Bank to make,
and each Bank hereby agrees to make, an advance of its Ratable Loan, in an
amount (with respect to each Bank, its "Swing Loan Refund Amount")
equal to such Bank's Pro Rata Share of the aggregate principal amount of the
Swing Loans (the "Refunded Swing Loans") outstanding on the date of
such notice, to repay the Swing Lender. 
Unless any of the events described in paragraph (5) of Section 9.01 with
respect to Borrower shall have occurred and be continuing (in which case the
procedures of paragraph (c) of this Section shall apply), each Bank shall make
such advance of its Ratable Loan available to Administrative Agent at
Administrative Agent's Office in immediately available funds, not later than
1:00 p.m. (New York time), on the third Banking Day immediately following the
date of such notice.  Administrative
Agent shall pay the proceeds of such advance of Ratable Loans to the Swing
Lender, which shall immediately apply such proceeds to repay Refunded Swing
Loans.  Effective on the day such advances
of Ratable Loans are made, the portion of the Swing Loans so paid shall no
longer be outstanding as Swing Loans, shall no longer be due as Swing Loans
under the Swing Loan Note held by the Swing Lender, and shall be due as Ratable
Loans under the respective Ratable Loan Notes issued to the Banks (including
the Swing Lender).  Borrower authorizes
the Swing Lender to charge Borrower's accounts with Administrative Agent (up to
the amount available in each such accounts) in order to immediately pay the
amount of such Refunded Swing Loans to the extent amounts received from the
Banks are not sufficient to repay in full such Refunded Swing Loans.

             (c)         If, prior to the time advances of
Ratable Loans would have otherwise been made pursuant to paragraph (b) of this
Section, one of the events described in paragraph (5) of Section 9.01 with
respect to the Borrower shall have occurred and be continuing, each Bank shall,
on the date such advances were to have been made pursuant to the notice
referred to in paragraph (b) of this Section (the "Refunding Date"),
purchase an undivided participating interest in the Swing Loans in an amount
equal to such Bank's Swing Loan Refund Amount. 
On the Refunding Date, each Bank shall transfer to the Swing Lender, in
immediately available funds, such Bank's Swing Loan Refund Amount, and upon
receipt thereof, the Swing Lender shall deliver to such Bank a Swing Loan
participation certificate dated the date of the Swing Lender's receipt of such
funds and in the Swing Loan Refund Amount of such Bank.

             (d)        Whenever, at any time after the Swing
Lender has received from any Bank such Bank's Swing Loan Refund Amount pursuant
to paragraph (c) of this Section, the Swing Lender receives any payment on
account of the Swing Loans in which the Banks have purchased Participations
pursuant to said paragraph (c), the Swing Lender will promptly distribute to
each such Bank its ratable share (determined on the basis of the Swing Loan
Refund Amounts of all of the Banks) of such payment (appropriately adjusted, in
the case of interest payments, to reflect the period of time during which such
Bank's participating interest was outstanding and funded); provided, however,
that in the event that such payment received by the Swing Lender is required to
be returned, such Bank will return to the Swing Lender any portion thereof
previously distributed to it by the Swing Lender.

             (e)         Each Bank's obligation to transfer the amount of a Loan to
the Swing Lender as provided in paragraph (b) of this Section or to purchase a
participating interest pursuant to paragraph (c) of this Section shall be
absolute and unconditional and shall not be affected by any circumstance,
including, without limitation, (i) any set-off, counterclaim, recoupment,
defense or other right which such Bank, Borrower or any other Person may have
against the Swing Lender or any other Person, (ii) the occurrence or
continuance of a Default or an Event of Default, the termination or reduction
of the Loan Commitments or the non-satisfaction of any condition precedent to
the making of any advance of the Loans, (iii) any adverse change in the
condition (financial or otherwise) of Borrower or any other Person, (iv) any
breach of this Agreement by Borrower, any other Bank or any other Person or (v)
any other circumstance, happening or event whatsoever, whether or not similar
to any of the foregoing.

             (f)         Notwithstanding anything above in this
Section or elsewhere in this Agreement to the contrary, in the event that the
Swing Lender funds a Swing Loan hereunder when it has actual knowledge that a
monetary Default, or material Event of Default (which, for the avoidance of
doubt shall include any violation of any provision of Article VII or
Article VIII) has occurred and is continuing, the Banks shall have the
option, but not the obligation, to make Ratable Loans to fund their ratable
shares of such Swing Loan as contemplated in paragraph (b) of this Section or
to purchase Participations as contemplated in paragraph (c) of this Section.

             (g)        For purposes of Article III, Swing Loans
shall be deemed to be LIBOR Loans.

             Section
2.18     Extension Of Maturity.   Borrower shall have the option (the
"Extension Option") to extend the original Maturity Date for a period
of one (1) year.  Subject to the
conditions set forth below, Borrower may exercise the Extension Option by
delivering a written notice to Administrative Agent not less than ninety (90)
days prior to the original Maturity Date (a "Notice to Extend"),
stating that Borrower has elected to extend the original Maturity Date for one
(1) year.  Borrower's delivery of the
Notice to Extend shall be irrevocable and Borrower's right to exercise the
Extension Option shall be subject to the following terms and conditions:  (i) there shall exist no Event of Default on
both the date Borrower delivers the Notice to Extend to Administrative Agent
and on the original Maturity Date, (ii) Borrower shall have paid to
Administrative Agent for the account of each Bank an extension fee equal to
0.15% of such Bank's Loan Commitment simultaneously with delivery of the Notice
to Extend and (iii) Borrower shall be in compliance with the covenants
contained in Articles VII and VIII, as evidenced by a certificate from Borrower
of the sort required by paragraph (3) of Section 6.09 (based on financial
results for the most recent calendar quarter for which Borrower is required to
report financial results).

             Section
2.19     Additional Loan Commitments.

             (a)         Borrower may, from time to time, up to
a maximum of three (3) requests, request the Banks to increase their Loan
Commitments, so as to increase the Total Loan Commitment to an amount no
greater than the sum of the Accordion Amount plus $500,000,000 less the
amount of any reduction of the Total Loan Commitment pursuant to Section
2.10.  The increase in the Total Loan
Commitment pursuant to any such particular request shall be at least an amount
(the "Minimum Request") equal to the lesser of (x) $50,000,000 or (y)
the Accordion Amount less all previous increases in the Total Loan Commitment
pursuant to this Section.  Borrower
shall make each such request by giving notice to Syndication Agent no later
than forty-five (45) days prior to the date (the "Syndication Expiration
Date") that is twenty-seven (27) months after the Closing Date, which
notice shall set forth the amount (which shall be no less than the Minimum
Request) of the requested increase in the Total Loan Commitment (the
"Requested Increase") and such other details with respect to such
increase as Syndication Agent shall reasonably request.  Syndication Agent will use its best efforts,
with the assistance of Borrower, to arrange a syndicate of Banks with Loan
Commitments (including the then-existing Loan Commitments) aggregating the then
existing Total Loan Commitment plus the Requested Increase.  Upon receipt of notice as aforesaid from
Borrower, Syndication Agent shall promptly send a copy of such notice to each
Bank and shall request that each Bank increase its Loan Commitment by an amount
equal to its Pro Rata Share of the Requested Increase (the "First
Solicitation").  Each Bank shall
have the right, but not the obligation, to increase its Loan Commitment by an
amount equal to its Pro Rata Share of the Requested Increase, and shall have a
period of fifteen (15) days from the First Solicitation to notify Syndication
Agent whether or not such Bank elects so to increase its Loan Commitment.  Any Bank that fails to respond to the First
Solicitation within such fifteen (15)-day period will be deemed to have elected
not to increase its Loan Commitment.  If
all Banks elect to increase their respective Loan Commitments by amounts equal
to their respective Pro Rata Shares of the Requested Increase, Syndication
Agent shall so notify Borrower, Administrative Agent and each of the Banks, and
Borrower shall proceed in accordance with paragraph (b) below.  If any Bank (any such Bank, a
"Declining Bank") shall not elect or shall be deemed to have elected
not to increase its Loan Commitment as aforesaid, (i) the amount of such
Declining Bank's Loan Commitment shall be unchanged, (ii) Syndication Agent
shall notify Borrower, Administrative Agent and each of the Banks as to which
Banks have elected to increase their Loan Commitments and by what amounts and
(iii) if Borrower so requests, Syndication Agent shall either (A) solicit from
the Banks that elected to increase their respective Loan Commitments a further
increase in their Loan Commitments in an aggregate amount equal to all or any
portion of the aggregate amount of the Declining Banks' Pro Rata Shares of the
Requested Increase (the "Shortfall") or (B) submit a list of proposed
syndicate members that are not then a party to this Agreement to Borrower for
its review and approval (such approval not to be unreasonably withheld or
delayed) in order to obtain additional commitments in an amount equal to the
Shortfall.  From and after the
Syndication Expiration Date, Syndication Agent shall have no further obligation
to syndicate the Facility or to obtain or accept any additional Loan
Commitments.

             (b)  In connection with increases to the Loan Commitments of some or
all of the Banks as provided in paragraph (a) above, Borrower shall execute
supplemental Ratable Loan Notes (the "Supplemental Notes") evidencing
such increases, as well as such other confirmatory modifications to this
Agreement as Syndication Agent shall reasonably request.  In connection with the addition of lenders
as a result of solicitations by Syndication Agent pursuant to clause (B) of
paragraph (a) above ("New Banks"), Borrower, Administrative Agent and
each New Bank shall execute an Acceptance Letter in the form of EXHIBIT H,
Borrower shall execute a Ratable Loan Note to each New Bank in the amount of
the New Bank's Loan Commitment (a "New Note") and Borrower,
Administrative Agent and the Banks shall execute such confirmatory
modifications to this Agreement as Administrative Agent shall reasonably
request, whereupon the New Bank shall become, and have the rights and
obligations of, a "Bank", with a Loan Commitment in the amount set
forth in such Acceptance Letter.  The
Banks  shall have no right of approval
with respect to a New Bank's becoming a Bank or the amount of its Loan
Commitment, provided, however, that Syndication Agent shall have such right of
approval, not to be unreasonably withheld. 
Each Supplemental Note and New Note shall constitute "Ratable Loan
Notes" for all purposes of this Agreement.

             (c)  If at the time a New Bank becomes a Bank (or a Bank increases its
Loan Commitment) pursuant to this Section there is any principal outstanding
under the Ratable Loan Notes of the previously admitted Banks (the
"Existing Banks"), such New Bank (or Bank increasing its Loan
Commitment) shall remit to Administrative Agent an amount equal to the
Outstanding Percentage (as defined below) multiplied by the Loan Commitment of
the New Bank (or the amount of the increase in the Loan Commitment of a Bank
increasing its Loan Commitment), which amount shall be deemed advanced under
the Ratable Loan of the New Bank (or the Bank increasing its Loan Commitment).  Administrative Agent shall pay such amount
to the Existing Banks in accordance with the Existing Banks' respective Pro
Rata Shares (as calculated immediately prior to the admission of the New Bank
(or the increase in a Bank's Loan Commitment)), and such payment shall effect
an automatic reduction of the outstanding principal balance under the
respective Ratable Loan Notes of the Existing Banks.  For purposes of this Section, the term "Outstanding
Percentage" means the ratio of (i) the aggregate outstanding principal
amount under the Ratable Notes of the Existing Banks, immediately prior to the
admission of the New Bank (or the increase in the Loan Commitment of a Bank),
to (ii) the aggregate of the Loan Commitments of the Existing Banks (as
increased pursuant to this Section, if applicable) and the New Bank.

ARTICLE III

YIELD PROTECTION;
ILLEGALITY, ETC.

             Section
3.01     Additional Costs.  Borrower shall pay directly to each Bank
from time to time on demand such amounts as such Bank may determine to be
necessary to compensate it for any increased costs which such Bank determines
are attributable to its making or maintaining a LIBOR Loan or a LIBOR Bid Rate
Loan, or its obligation to make or maintain a LIBOR Loan or a LIBOR Bid Rate
Loan, or its obligation to Convert a Base Rate Loan to a LIBOR Loan hereunder,
or any reduction in any amount receivable by such Bank hereunder in respect of
its LIBOR Loan or LIBOR Bid Rate Loan(s) or such obligations (such increases in
costs and reductions in amounts receivable being herein called "Additional
Costs"), in each case resulting from any Regulatory Change which:

             (1)         changes
the basis of taxation of any amounts payable to such Bank under this Agreement
or the Notes in respect of any such LIBOR Loan or LIBOR Bid Rate Loan (other
than changes in the rate of general corporate, franchise, branch profit, net
income or other income tax imposed on such Bank or its Applicable Lending
Office by the jurisdiction in which such Bank has its principal office or such
Applicable Lending Office); or

             (2)         (other than to the extent the LIBOR Reserve Requirement is
taken into account in determining the LIBOR Rate at the commencement of the
applicable Interest Period) imposes or modifies any reserve, special deposit,
deposit insurance or assessment, minimum capital, capital ratio or similar
requirements relating to any extensions of credit or other assets of, or any
deposits with or other liabilities of, such Bank (including any LIBOR Loan or
LIBOR Bid Rate Loan or any deposits referred to in the definition of
"LIBOR Interest Rate" in Section 1.01), or any commitment of such
Bank (including such Bank's Loan Commitment hereunder); or

             (3)         imposes
any other condition affecting this Agreement or the Notes (or any of such
extensions of credit or liabilities).

             Without
limiting the effect of the provisions of the first paragraph of this Section,
in the event that, by reason of any Regulatory Change, any Bank either (1)
incurs Additional Costs based on or measured by the excess above a specified
level of the amount of a category of deposits of other liabilities of such Bank
which includes deposits by reference to which the LIBOR Interest Rate is
determined as provided in this Agreement or a category of extensions of credit
or other assets of such Bank which includes loans based on the LIBOR Interest
Rate or (2) becomes subject to restrictions on the amount of such a category of
liabilities or assets which it may hold, then, if such Bank so elects by notice
to Borrower (with a copy to Administrative Agent), the obligation of such Bank
to permit Elections of, to Continue, or to Convert Base Rate Loans into, LIBOR
Loans shall be suspended (in which case the provisions of Section 3.04 shall be
applicable) until such Regulatory Change ceases to be in effect.

             Determinations
and allocations by a Bank for purposes of this Section of the effect of any
Regulatory Change pursuant to the first or second paragraph of this Section, on
its costs or rate of return of making or maintaining its Loan or portions
thereof or on amounts receivable by it in respect of its Loan or portions
thereof, and the amounts required to compensate such Bank under this Section,
shall be included in a calculation of such amounts given to Borrower and shall
be conclusive absent manifest error.

             Section
3.02     Limitation on Types of Loans.  Anything herein to the contrary
notwithstanding, if, on or prior to the determination of the LIBOR Interest
Rate for any Interest Period:

             (1)         Administrative
Agent reasonably determines (which determination shall be conclusive), and
provides Borrower, in writing, with reasonable detail supporting such
determination, that quotations of interest rates for the relevant deposits
referred to in the definition of "LIBOR Interest Rate" in Section
1.01 are not being provided in the relevant amounts or for the relevant
maturities for purposes of determining rates of interest for the LIBOR Loans or
LIBOR Bid Rate Loans as provided in this Agreement; or

             (2)         a
Bank reasonably determines (which determination shall be conclusive), and
provides Borrower, in writing, with reasonable detail supporting such
determination, and promptly notifies Administrative Agent that the relevant
rates of interest referred to in the definition of "LIBOR Interest
Rate" in Section 1.01 upon the basis of which the rate of interest for
LIBOR Loans or LIBOR Bid Rate Loans for such Interest Period is to be
determined do not adequately cover the cost to such Bank of making or
maintaining such LIBOR Loan or LIBOR Bid Rate Loan for such Interest Period;

then Administrative Agent shall give
Borrower prompt notice thereof, and so long as such condition remains in
effect, the Banks (or, in the case of the circumstances described in clause (2)
above, the affected Bank) shall be under no obligation to permit Elections of
LIBOR Loans, to Convert Base Rate Loans into LIBOR Loans or to Continue LIBOR
Loans and Borrower shall, on the last day(s) of the then current Interest
Period(s) for the affected outstanding LIBOR Loans or LIBOR Bid Rate Loans,
either (x) prepay the affected LIBOR Loans or LIBOR Bid Rate Loans or (y)
Convert the affected LIBOR Loans into Base Rate Loans in accordance with
Section 2.12 or convert the rate of interest under the affected LIBOR Bid Rate
Loans to the rate applicable to Base Rate Loans by following the same
procedures as are applicable for Conversions into Base Rate Loans set forth in
Section 2.12.

             Section
3.03     Illegality.  Notwithstanding any other provision of this
Agreement, in the event that it becomes unlawful for any Bank or its Applicable
Lending Office to honor its obligation to make or maintain a LIBOR Loan or
LIBOR Bid Rate Loan hereunder, to allow Elections or Continuations of a LIBOR
Loan or to Convert a Base Rate Loan into a LIBOR Loan, then such Bank shall
promptly notify Administrative Agent and Borrower thereof and such Bank's
obligation to make or maintain a LIBOR Loan or LIBOR Bid Rate Loan, or to
permit Elections of, to Continue, or to Convert its Base Rate Loan into, a
LIBOR Loan shall be suspended (in which case the provisions of Section 3.04
shall be applicable) until such time as such Bank may again make and maintain a
LIBOR Loan or a LIBOR Bid Rate Loan.

             Section
3.04     Treatment of Affected Loans.  If the obligations of any Bank to make or
maintain a LIBOR Loan or a LIBOR Bid Rate Loan, or to permit an Election of a
LIBOR Loan, to Continue its LIBOR Loan, or to Convert its Base Rate Loan into a
LIBOR Loan, are suspended pursuant to Sections 3.01 or 3.03 (each LIBOR Loan or
LIBOR Bid Rate Loan so affected being herein called an "Affected
Loan"), such Bank's Affected Loan shall be automatically Converted into a
Base Rate Loan (or, in the case of an Affected Loan that is a LIBOR Bid Rate
Loan, the interest rate thereon shall be converted to the rate applicable to
Base Rate Loans) on the last day of the then current Interest Period for the
Affected Loan (or, in the case of a Conversion (or conversion) required by
Sections 3.01 or 3.03, on such earlier date as such Bank may specify to
Borrower).

             To
the extent that such Bank's Affected Loan has been so Converted (or the
interest rate thereon so converted), all payments and prepayments of principal
which would otherwise be applied to such Bank's Affected Loan shall be applied
instead to its Base Rate Loan (or to its LIBOR Bid Rate Loan bearing interest
at the converted rate) and such Bank shall have no obligation to Convert its
Base Rate Loan into a LIBOR Loan.

             Section
3.05     Certain Compensation.  Other than in connection with a Conversion
of an Affected Loan, Borrower shall pay to Administrative Agent for the account
of the applicable Bank, upon the request of such Bank through Administrative
Agent which request includes a calculation of the amount(s) due, such amount or
amounts as shall be sufficient (in the reasonable opinion of such Bank) to
compensate it for any non-administrative, actual loss, cost or expense which
such Bank reasonably determines is attributable to:

             (1)         any
payment or prepayment of a LIBOR Loan or Bid Rate Loan made by such Bank, or
any Conversion or Continuation of a LIBOR Loan (or conversion of the rate of
interest on a LIBOR Bid Rate Loan) made by such Bank, in any such case on a
date other than the last day of an applicable Interest Period, whether by
reason of acceleration or otherwise; or

             (2)         any
failure by Borrower for any reason to Convert a Base Rate Loan or a LIBOR Loan
or Continue a LIBOR Loan to be Converted or Continued by such Bank on the date
specified therefor in the relevant notice under Section 2.14; or

             (3)         any
failure by Borrower to borrow (or to qualify for a borrowing of) a LIBOR Loan
or Bid Rate Loan which would otherwise be made hereunder on the date specified
in the relevant Election notice under Section 2.14 or Bid Rate Quote acceptance
under Section 2.02(e) given or submitted by Borrower.

             Without
limiting the foregoing, such compensation shall include any loss incurred in
obtaining, liquidating or employing deposits from third parties, but excluding
loss of margin for the period after the date of such payment, prepayment,
Conversion or Continuation (or failure to Convert, Continue or borrow).  A determination of any Bank as to the
amounts payable pursuant to this Section shall be conclusive absent manifest
error.

             Section
3.06     Capital Adequacy.  If any Bank shall have determined that,
after the date hereof, the adoption of any applicable law, rule or regulation
regarding capital adequacy, or any change therein, or any change in the
interpretation or administration thereof by any Governmental Authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or any request or directive regarding capital adequacy (whether or not
having the force of law) of any such Governmental Authority, central bank or
comparable agency, has or would have the effect of reducing the rate of return
on capital of such Bank (or its Parent) as a consequence of such Bank's
obligations hereunder to a level below that which such Bank (or its Parent)
could have achieved but for such adoption, change, request or directive (taking
into consideration its policies with respect to capital adequacy) by an amount
deemed by such Bank to be material, then from time to time, within fifteen (15)
days after demand by such Bank (with a copy to Administrative Agent), Borrower
shall pay to such Bank such additional amount or amounts as will compensate
such Bank (or its Parent) for such reduction. 
A certificate of any Bank claiming compensation under this Section,
setting forth in reasonable detail the basis therefor, shall be conclusive
absent manifest error.

             Section
3.07     Substitution of Banks.  If any Bank (an "Affected Bank")
(1) makes demand upon Borrower for (or if Borrower is otherwise required to
pay) Additional Costs pursuant to Section 3.01 or (2) is unable to make or
maintain a LIBOR Loan or LIBOR Bid Rate Loan as a result of a condition
described in Section 3.03 or clause (2) of Section 3.02, Borrower may, within
ninety (90) days of receipt of such demand or notice (or the occurrence of such
other event causing Borrower to be required to pay Additional Costs or causing
said Section 3.03 or clause (2) of Section 3.02 to be applicable), as the case
may be, give written notice (a "Replacement Notice") to
Administrative Agent and to each Bank of Borrower's intention either (x) to
prepay in full the Affected Bank's Note and to terminate the Affected Bank's
entire Loan Commitment or (y) to replace the Affected Bank with another
financial institution (the "Replacement Bank") designated in such
Replacement Notice.

             In the event Borrower opts to
give the notice provided for in clause (x) above, and if the Affected Bank
shall not agree within thirty (30) days of its receipt thereof to waive the
payment of the Additional Costs in question or the effect of the circumstances
described in Section 3.03 or clause (2) of Section 3.02, then, so long as no
Default or Event of Default shall exist, Borrower may (notwithstanding the
provisions of clause (2) of Section 2.10(a)) terminate the Affected Bank's
entire Loan Commitment, provided that in connection therewith it pays to the
Affected Bank all outstanding principal and accrued and unpaid interest under
the Affected Bank's Note, together with all other amounts, if any, due from
Borrower to the Affected Bank, including all amounts properly demanded and unreimbursed
under Sections 3.01 and 3.05.

             In
the event Borrower opts to give the notice provided for in clause (y) above,
and if (i) Administrative Agent shall, within thirty (30) days of its receipt
of the Replacement Notice, notify Borrower and each Bank in writing that the
Replacement Bank is reasonably satisfactory to Administrative Agent and (ii)
the Affected Bank shall not, prior to the end of such thirty (30)-day period,
agree to waive the payment of the Additional Costs in question or the effect of
the circumstances described in Section 3.03 or clause (2) of Section 3.02, then
the Affected Bank shall, so long as no Default or Event of Default shall exist,
assign its Note and all of its rights and obligations under this Agreement to
the Replacement Bank, and the Replacement Bank shall assume all of the Affected
Bank's rights and obligations, pursuant to an agreement, substantially in the
form of an Assignment and Assumption Agreement, executed by the Affected Bank
and the Replacement Bank.  In connection
with such assignment and assumption, the Replacement Bank shall pay to the
Affected Bank an amount equal to the outstanding principal amount under the
Affected Bank's Note plus all interest accrued thereon, plus all other amounts,
if any (other than the Additional Costs in question), then due and payable to
the Affected Bank; provided, however, that prior to or simultaneously with any
such assignment and assumption, Borrower shall have paid to such Affected Bank
all amounts properly demanded and unreimbursed under Sections 3.01 and
3.05.  Upon the effective date of such
assignment and assumption, the Replacement Bank shall become a Bank Party to
this Agreement and shall have all the rights and obligations of a Bank as set
forth in such Assignment and Assumption Agreement, and the Affected Bank shall
be released from its obligations hereunder, and no further consent or action by
any party shall be required.  Upon the
consummation of any assignment pursuant to this Section, a substitute Ratable
Loan Note (and, if applicable, Swing Loan Note) shall be issued to the
Replacement Bank by Borrower, in exchange for the return of the Affected Bank's
Ratable Loan Note (and, if applicable, Swing Loan Note).  The obligations evidenced by such substitute
note shall constitute "Obligations" for all purposes of this
Agreement and the other Loan Documents. 
In connection with Borrower's execution of substitute notes as
aforesaid, Borrower shall deliver to Administrative Agent evidence,
satisfactory to Administrative Agent, of all requisite corporate action to
authorize Borrower's execution and delivery of the substitute notes and any
related documents.  If the Replacement
Bank is not incorporated under the Laws of the United States of America or a
state thereof, it shall, prior to the first date on which interest or fees are
payable hereunder for its account, deliver to Borrower and Administrative Agent
certification as to exemption from deduction or withholding of any United
States federal income taxes in accordance with Section 10.13.  Each Replacement Bank shall be deemed to
have made the representations contained in, and shall be bound by the
provisions of, Section 10.13.

             Borrower, Administrative
Agent and the Banks shall execute such modifications to the Loan Documents as
shall be reasonably required in connection with and to effectuate the
foregoing.

             Section
3.08     Applicability.  The provisions of this Article III shall be
applied to Borrower so as not to discriminate against Borrower vis-a-vis
similarly situated customers of the Banks.

ARTICLE IV

CONDITIONS PRECEDENT

             Section
4.01     Conditions Precedent to the
Initial Advance.  The obligations of the Banks hereunder and
the obligation of each Bank to make the Initial Advance are subject to the
condition precedent that Co-Agents shall have received and approved on or
before the Closing Date (other than with respect to paragraph (10) below which
shall be required prior to the Initial Advance) each of the following
documents, and each of the following requirements shall have been fulfilled:

             (1)         Fees
and Expenses.  The payment of (a)
all fees and expenses incurred by Co-Agents and Administrative Agent
(including, without limitation, the reasonable fees and expenses of legal
counsel) and (b) those fees specified in the Supplemental Fee Letter to be paid
by Borrower on or before the Closing Date;

             (2)         Loan
Agreement and Notes.  This
Agreement, the Ratable Loan Notes for each of the Banks signatory hereto, the
Bid Rate Loan Note for Administrative Agent, and the Swing Note for the Swing
Lender, each duly executed by Borrower;

             (3)         Financial
Statements.  (a) Audited Borrower's
Consolidated Financial Statements as of and for the year ended December 31,
2000 and (b) unaudited Borrower's Consolidated Financial Statements, certified
by the chief financial officer thereof, as of and for the quarter ended March
31, 2001;

             (4)         Evidence
of Formation of Borrower.  Certified
(as of the Closing Date) copies of Borrower's certificate of incorporation and
by-laws, with all amendments thereto, and a certificate of the Secretary of
State of the jurisdiction of formation as to its good standing therein;

             (5)         Evidence
of All Corporate Action.  Certified
(as of the Closing Date) copies of all documents evidencing the corporate
action taken by Borrower authorizing the execution, delivery and performance of
the Loan Documents and each other document to be delivered by or on behalf of
Borrower pursuant to this Agreement;

             (6)         Incumbency
and Signature Certificate of Borrower. 
A certificate (dated as of the Closing Date) of the secretary of
Borrower certifying the names and true signatures of each person authorized to
sign on behalf of Borrower;

             (7)         Solvency
Certificate.  A duly executed
Solvency Certificate;

             (8)         Opinion of Counsel for Borrower.  A favorable opinion, dated the Closing Date,
of Goodwin Procter LLP, counsel for Borrower, as to such matters as
Administrative Agent may reasonably request;

             (9)         Authorization
Letter.  The Authorization Letter,
duly executed by Borrower;

             (10)       Request for Advance. 
A request for an advance in accordance with Section 2.04;

             (11)       Certificate. 
The following statements shall be true and Administrative Agent shall
have received a certificate dated the Closing Date signed by a duly authorized
signatory of Borrower stating, to the best of the certifying party's knowledge,
the following:

   (a)      All representations and warranties
contained in this Agreement and in each of the other Loan Documents are true
and correct on and as of the Closing Date as though made on and as of such
date, and

   (b)     No Default or Event of Default has occurred
and is continuing, or could result from the transactions contemplated by this
Agreement and the other Loan Documents;

             (12)       Supplemental Fee Letter.  The Supplemental Fee Letter, duly executed by Borrower;

             (13)       Covenant Compliance. 
A covenant compliance certificate of the sort required by paragraph (3)
of Section 6.09 for the most recent calendar quarter for which Borrower is
required to report financial results;

             (14)       Material Adverse Change.  There shall exist no Material Adverse Change;

             (15)       Termination of Existing Credit Facility.  Evidence of termination of the existing
$600,000,000 unsecured credit facility to Borrower; and

             (16)       Additional Materials. 
Such other approvals, documents, instruments or opinions as
Administrative Agent or any Co-Agent may reasonably request.

             Section
4.02     Conditions Precedent to
Advances After the Initial Advance.  The obligation of each Bank to make advances
of the Loans subsequent to the Initial Advance shall be subject to satisfaction
of the following conditions precedent:

             (1)         All
conditions of Section 4.01 shall have been and remain satisfied as of the date
of the advance;

             (2)         No
Default or Event of Default shall have occurred and be continuing as of the
date of the advance or would result from the making of the advance;

             (3)         Each of the representations and warranties contained in this
Agreement and in each of the other Loan Documents shall be true and correct in
all material respects as of the date of the advance; and

             (4)         Administrative
Agent shall have received a request for an advance in accordance with Section
2.04.

             Section
4.03     Deemed Representations.  Each request by Borrower for, and acceptance
by Borrower of, an advance of proceeds of the Loans shall constitute a
representation and warranty by Borrower that, as of both the date of such
request and the date of the advance (1) no Default or Event of Default has
occurred and is continuing or would result from the making of the advance and
(2) each representation or warranty contained in this Agreement or the other
Loan Documents is true and correct in all material respects.

ARTICLE
V

REPRESENTATIONS AND
WARRANTIES

             Borrower
represents and warrants to Administrative Agent and each Bank as follows:

             Section
5.01     Due Organization.  Borrower is duly organized, validly existing
and in good standing under the Laws of the jurisdiction of its organization,
has the power and authority to own its assets and to transact the business in
which it is now engaged, and, if applicable, is duly qualified for the conduct
of business and in good standing under the Laws of each other jurisdiction in
which such qualification is required and where the failure to be so qualified
would cause a Material Adverse Change.

             Section
5.02     Power and Authority; No
Conflicts; Compliance With Laws.  The execution, delivery and performance of
the obligations required to be performed by Borrower of the Loan Documents does
not and will not (a) require the consent or approval of its shareholders or
such consent or approval has been obtained, (b) contravene either its
certificate of incorporation or by-laws, (c) to the best of Borrower's
knowledge, violate any provision of, or require any filing, registration,
consent or approval under, any Law (including, without limitation, Regulation
U), order, writ, judgment, injunction, decree, determination or award presently
in effect having applicability to it, (d) result in a breach of or constitute a
default under or require any consent under any indenture or loan or credit
agreement or any other agreement, lease or instrument to which it may be a
party or by which it or its properties may be bound or affected except for
consents which have been obtained, (e) result in, or require, the creation or
imposition of any Lien, upon or with respect to any of its properties now owned
or hereafter acquired or (f) to the best of Borrower's knowledge, cause it to
be in default under any such Law, order, writ, judgment, injunction, decree,
determination or award or any such indenture, agreement, lease or instrument;
to the best of its knowledge, Borrower is in material compliance with all Laws
applicable to it and its properties.

             Section
5.03     Legally Enforceable Agreements.  Each Loan Document is a legal, valid and
binding obligation of Borrower, enforceable against Borrower in accordance with
its terms, except to the extent that such enforcement may be limited by
applicable bankruptcy, insolvency and other similar Laws affecting creditors'
rights generally.

             Section
5.04     Litigation.  There are no actions, suits or proceedings
pending or, to its knowledge, threatened against Borrower or any of its
Affiliates before any court or arbitrator or any Governmental Authority which
are reasonably likely to result in a Material Adverse Change.

             Section
5.05     Good Title to Properties.  Borrower and each of its Material Affiliates
have good, marketable and legal title to all of the properties and assets each
of them purports to own (including, without limitation, those reflected in the
Consolidated Financial Statements referred to in Section 5.13), only with
exceptions which do not materially detract from the value of such property or
assets or the use thereof in Borrower's and such Material Affiliate's business,
and except to the extent that any such properties and assets have been
encumbered or disposed of since the date of such financial statements without
violating any of the covenants contained in Article VII or elsewhere in this
Agreement.  Borrower and its Material
Affiliates enjoy peaceful and undisturbed possession of all leased property
necessary in any material respect in the conduct of their respective
businesses.  All such leases are valid
and subsisting and are in full force and effect.

             Section
5.06     Taxes.  Borrower has filed all tax returns (federal,
state and local) required to be filed and has paid all taxes, assessments and
governmental charges and levies due and payable without the imposition of a
penalty, including interest and penalties, except to the extent they are the
subject of a Good Faith Contest.

             Section
5.07     ERISA.  Borrower is in compliance in all material
respects with all applicable provisions of ERISA.  Neither a Reportable Event nor a Prohibited Transaction has
occurred with respect to any Plan which could result in liability of Borrower;
no notice of intent to terminate a Plan has been filed nor has any Plan been
terminated within the past five (5) years; no circumstance exists which
constitutes grounds under Section 4042 of ERISA entitling the PBGC to institute
proceedings to terminate, or appoint a trustee to administer, a Plan, nor has
the PBGC instituted any such proceedings; Borrower and the ERISA Affiliates
have not completely or partially withdrawn under Sections 4201 or 4204 of ERISA
from a Multiemployer Plan; Borrower and the ERISA Affiliates have met the
minimum funding requirements of Section 412 of the Code and Section 302 of
ERISA of each with respect to the Plans of each and there is no material
"Unfunded Current Liability" (as such quoted term is defined in
ERISA) with respect to any Plan established or maintained by each; and Borrower
and the ERISA Affiliates have not incurred any liability to the PBGC under
ERISA (other than for the payment of premiums under Section 4007 of ERISA).  No part of the funds to be used by Borrower
in satisfaction of its obligations under this Agreement constitute "plan
assets" of any "employee benefit plan" within the meaning of
ERISA or of any "plan" within the meaning of Section 4975(e)(1) of
the Code, as interpreted by the Internal Revenue Service and the U.S.
Department of Labor in rules, regulations, releases, bulletins or as
interpreted under applicable case law.

             Section
5.08     No Default on Outstanding
Judgments or Orders.  Borrower and each of its Material Affiliates
have satisfied all judgments which are not being appealed or which are not
fully covered by insurance, and are not in default with respect to any
judgment, order, writ, injunction, decree, rule or regulation of any court,
arbitrator or federal, state, municipal or other Governmental Authority,
commission, board, bureau, agency or instrumentality, domestic or foreign.

             Section
5.09     No Defaults on Other
Agreements.  Except as
disclosed to Co-Agents and Administrative Agent in writing, Borrower is not a
party to any indenture, loan or credit agreement or any lease or other
agreement or instrument or subject to any partnership, trust or other
restriction which is likely to result in a Material Adverse Change.  Borrower is not in default in any respect in
the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in any agreement or instrument which is likely to
result in a Material Adverse Change.

             Section
5.10     Government Regulation.  Borrower is not subject to regulation under
the Investment Company Act of 1940 or any statute or regulation limiting its
ability to incur indebtedness for money borrowed as contemplated hereby.

             Section
5.11     Environmental Protection.  To the best of Borrower's knowledge, none of
Borrower's or its Material Affiliates' properties contains any Hazardous
Materials that, under any Environmental Law currently in effect, (1) would
impose liability on Borrower that is likely to result in a Material Adverse
Change or (2) is likely to result in the imposition of a Lien on any assets of
Borrower or its Material Affiliates, in each case if not properly handled in
accordance with applicable Law or not covered by insurance or a bond, in either
case reasonably satisfactory to Co-Agents. 
To the best of Borrower's knowledge, neither it nor any of its Material
Affiliates is in material violation of, or subject to any existing, pending or
threatened material investigation or proceeding by any Governmental Authority
under any Environmental Law.

             Section
5.12     Solvency.  Borrower is, and upon consummation of the
transactions contemplated by this Agreement, the other Loan Documents and any
other documents, instruments or agreements relating thereto, will be, Solvent.

             Section
5.13     Financial Statements.  The Borrower's Consolidated Financial
Statements most recently delivered to the Banks pursuant to the terms of this
Agreement are in all material respects complete and correct and fairly present
the financial condition of the subject thereof as of the dates of and for the
periods covered by such statements, all in accordance with GAAP.  There has been no Material Adverse Change
since the date of such most recently delivered Borrower's Consolidated
Financial Statements.

             Section
5.14     Valid Existence of Affiliates.  At the Closing Date, the only Material
Affiliates of Borrower are listed on EXHIBIT C.  Each Material Affiliate is a corporation, partnership or limited
liability company duly organized and existing in good standing under the Laws
of the jurisdiction of its formation. 
As to each Material Affiliate, its correct name, the jurisdiction of its
formation, Borrower's percentage of beneficial interest therein, and the type
of business in which it is primarily engaged, are set forth on said EXHIBIT C.  Borrower and each of its Material Affiliates
have the power to own their respective properties and to carry on their
respective businesses now being conducted. 
Each Material Affiliate is duly qualified as a foreign corporation to do
business and is in good standing in every jurisdiction in which the nature of
the respective businesses conducted by it or its respective properties, owned
or held under lease, make such qualification necessary and where the failure to
be so qualified would cause a Material Adverse Change.

             Section
5.15     Insurance.  Borrower and each of its Material Affiliates
have in force paid insurance with financially sound and reputable insurance
companies or associations in such amounts and covering such risks as are
usually carried by companies engaged in the same type of business and similarly
situated.

             Section
5.16     Accuracy of Information; Full
Disclosure.  Neither this Agreement nor any documents,
financial statements, reports, notices, schedules, certificates, statements or
other writings furnished by or on behalf of Borrower to Administrative Agent or
any Bank in connection with the negotiation of this Agreement or the
consummation of the transactions contemplated hereby, or required herein to be
furnished by or on behalf of Borrower (other than projections which are made by
Borrower in good faith), contains any untrue or misleading statement of a
material fact or omits a material fact necessary to make the statements herein
or therein not misleading.  To the best
of Borrower's knowledge, there is no fact which Borrower has not disclosed to
Administrative Agent and the Banks in writing which materially affects
adversely nor, so far as Borrower can now foresee, will materially affect
adversely the business affairs or financial condition of Borrower or the
ability of Borrower to perform this Agreement and the other Loan Documents.

ARTICLE VI

AFFIRMATIVE COVENANTS

             So
long as any of the Notes shall remain unpaid or the Loan Commitments remain in
effect, or any other amount is owing by Borrower to any Bank Party hereunder or
under any other Loan Document, Borrower shall, and, in the case of Sections
6.01 through 6.07, inclusive, shall cause each of its Material Affiliates to:

             Section
6.01     Maintenance of Existence.  Preserve and maintain its legal existence
and good standing in the jurisdiction of its organization, and qualify and
remain qualified as a foreign entity in each other jurisdiction in which such
qualification is required except to the extent that failure to be so qualified
in such other jurisdictions is not likely to result in a Material Adverse
Change.

             Section
6.02     Maintenance of Records.  Keep adequate records and books of account,
in which complete entries will be made reflecting all of its financial
transactions, in accordance with GAAP.

             Section
6.03     Maintenance of Insurance.  At all times, maintain and keep in force
insurance with financially sound and reputable insurance companies or
associations in such amounts and covering such risks as are usually carried by
companies engaged in the same type of business and similarly situated, which
insurance shall be acceptable to Administrative Agent and may provide for
reasonable deductibility from coverage thereof.  In connection with the foregoing, it is understood that
Borrower's earthquake insurance coverage in place as of the Closing Date is
acceptable to Administrative Agent.

             Section
6.04     Compliance with Laws; Payment
of Taxes.  Comply in all
material respects with all Laws applicable to it or to any of its properties or
any part thereof, such compliance to include, without limitation, paying before
the same become delinquent all taxes, assessments and governmental charges
imposed upon it or upon its property, except to the extent they are the subject
of a Good Faith Contest.

             Section
6.05     Right of Inspection.  At any reasonable time and from time to time
upon reasonable notice, permit Administrative Agent or any Bank or any agent or
representative thereof to examine and make copies and abstracts from its
records and books of account and visit its properties and to discuss its
affairs, finances and accounts with the independent accountants of Borrower.

             Section
6.06     Compliance With Environmental
Laws.  Comply in all material respects with all
applicable Environmental Laws and timely pay or cause to be paid all costs and
expenses incurred in connection with such compliance, except to the extent
there is a Good Faith Contest.

             Section
6.07     Maintenance of Properties.  Do all things reasonably necessary to
maintain, preserve, protect and keep its properties in good repair, working
order and condition except where the cost thereof is not in Borrower's best
interests and the failure to do so would not result in a Material Adverse
Change.

             Section
6.08     Payment of Costs.  Pay all costs and expenses required for the
satisfaction of the conditions of this Agreement.

             Section
6.09     Reporting and Miscellaneous
Document Requirements.  Furnish directly to Administrative Agent
(who shall provide, promptly upon receipt, to each of the Banks):

             (1)         Annual Financial Statements.  As soon as available and in any event within
ninety (90) days after the end of each Fiscal Year, Borrower's Consolidated
Financial Statements as of the end of and for such Fiscal Year, in reasonable
detail and stating in comparative form the respective figures for the
corresponding date and period in the prior Fiscal Year and audited by
Borrower's Accountants;

             (2)         Quarterly Financial Statements.  As soon as available and in any event within
forty-five (45) days after the end of each calendar quarter (other than the
last quarter of the Fiscal Year), the unaudited Borrower's Consolidated
Financial Statements as of the end of and for such calendar quarter, in
reasonable detail and stating in comparative form the respective figures for
the corresponding date and period in the prior Fiscal Year;

             (3)         Certificate of No Default and
Financial Compliance.  Within ninety
(90) days after the end of each Fiscal Year and within forty-five (45) days
after the end of each calendar quarter, a certificate of Borrower's chief
financial officer or treasurer (a) stating that, to the best of his or her
knowledge, no Default or Event of Default has occurred and is continuing, or if
a Default or Event of Default has occurred and is continuing, specifying the
nature thereof and the action which is proposed to be taken with respect
thereto; (b) stating that the covenants contained in Sections 7.02, 7.03 and
7.04 and in Article VIII have been complied with (or specifying those that have
not been complied with) and including computations demonstrating such
compliance (or non-compliance); (c) setting forth the details of all items
comprising Total Outstanding Indebtedness, Secured Indebtedness, Unencumbered
Combined EBITDA, Interest Expense and Unsecured Indebtedness (including amount,
maturity, interest rate and amortization requirements with respect to all
Indebtedness and including an occupancy report for each Unencumbered
Wholly-Owned Asset for each of the preceding four (4) calendar quarters and for
such four (4) calendar quarter-period as a whole); and (d) only at the end of
each Fiscal Year, stating Borrower's taxable income;

             (4)         Certificate of Borrower's Accountants.  Simultaneously with the delivery of the
annual financial statements required by paragraph (1) of this Section, (a) a
statement of Borrower's Accountants who audited such financial statements
comparing the computations set forth in the financial compliance certificate
required by paragraph (3) of this Section to the audited financial statements
required by paragraph (1) of this Section and (b) when the audited financial
statements required by paragraph (1) of this Section have a qualified auditor's
opinion, a statement of Borrower's Accountants who audited such financial
statements of whether any Default or Event of Default has occurred and is
continuing;

             (5)         Notice of Litigation.  Promptly after the commencement and
knowledge thereof, notice of all actions, suits, and proceedings before any
court or arbitrator, affecting Borrower which, if determined adversely to
Borrower is likely to result in a Material Adverse Change;

             (6)         Notices of Defaults and Events of
Default.  As soon as possible and in
any event within ten (10) days after Borrower becomes aware of the occurrence
of a material Default or any Event of Default, a written notice (which notice
shall state that it is a "Notice of Default") setting forth the
details of such Default or Event of Default and the action which is proposed to
be taken with respect thereto;

             (7)         Sales or Acquisitions of Assets.  Promptly after the occurrence thereof,
written notice (which may be in the form of a press release sent to
Administrative Agent) of any Disposition or acquisition (including
Acquisitions) of assets (other than acquisitions or Dispositions of investments
such as certificates of deposit, Treasury securities, money market deposits and
other similar financial instruments in the ordinary course of Borrower's cash
management) with respect to which Borrower is required to file an
"8-K", together with, in the case of any acquisition of such an
asset, copies of all material agreements governing the acquisition and
historical financial information and Borrower's projections with respect to the
property acquired;

             (8)         Material Adverse Change.  As soon as is practicable and in any event
within five (5) days after knowledge of the occurrence of any event or
circumstance which is likely to result in or has resulted in a Material Adverse
Change, written notice thereof;

             (9)         Offices. 
Thirty (30) days' prior written notice of any change in the chief
executive office or principal place of business of Borrower;

             (10)       Environmental and Other Notices.  As soon as possible and in any event within
ten (10) days after receipt, copies of all Environmental Notices received by
Borrower which are not received in the ordinary course of business and which
relate to a situation which is likely to result in a Material Adverse Change;

             (11)       Insurance Coverage.  Promptly, such information concerning
Borrower's insurance coverage as Administrative Agent may reasonably request;

             (12)       Proxy Statements, Etc..  Promptly after the sending or filing
thereof, copies of all proxy statements, financial statements and reports which
Borrower or its Material Affiliates sends to its shareholders, and copies of
all regular, periodic and special reports, and all registration statements
which Borrower or its Material Affiliates files with the Securities and
Exchange Commission or any Governmental Authority which may be substituted
therefor, or with any national securities exchange;

             (13)       Operating Statements. As soon as
available and in any event within forty-five (45) days after the end of each
calendar quarter, an operating statement for each property directly or
indirectly owned in whole or in part by Borrower;

             (14)       Capital Expenditures.  As soon as available and in any event within
forty-five (45) days after the end of each Fiscal Year, a schedule of such
Fiscal Year's capital expenditures and a budget for the next Fiscal Year's
planned capital expenditures for each property directly or indirectly owned in
whole or in part by Borrower; and

             (15)       General Information.  Promptly, such other information respecting
the condition or operations, financial or otherwise, of Borrower or any
properties of Borrower as Administrative Agent may from time to time reasonably
request.

             Section
6.10     Principal Prepayments as a
Result of Reduction in Total Loan Commitment.  If the outstanding principal amount under
the Notes at any time exceeds the Total Loan Commitment, Borrower shall, within
ten (10) days of Administration Agent's written demand, make a payment in the
amount of such excess in reduction of such outstanding principal balance.

ARTICLE VII

NEGATIVE COVENANTS

             So
long as any of the Notes shall remain unpaid, or the Loan Commitments remain in
effect, or any other amount is owing by Borrower to any Bank Party hereunder or
under any other Loan Document, Borrower shall not do any or all of the
following:

             Section
7.01     Mergers Etc.  Merge or consolidate with (except where
Borrower is the surviving entity), or sell, assign, lease or otherwise dispose
of (whether in one transaction or in a series of transactions) all or
substantially all of its assets (whether now owned or hereafter acquired).

             Section
7.02     Investments.  Directly or indirectly, make any loan or
advance to any Person or purchase or otherwise acquire any capital stock,
assets, obligations or other securities of, make any capital contribution to,
or otherwise invest in, or acquire any interest in, any Person (any such
transaction, an "Investment") if such Investment constitutes the
acquisition of a minority interest in a Person (a "Minority
Interest") and the amount of such Investment, together with the value of
all other Minority Interests, would exceed 15% of Capitalization Value,
determined as of the end of the most recent calendar quarter for which Borrower
is required to have reported financial results pursuant to Section 6.09.  A 50% beneficial interest in a Person, in
connection with which the holder thereof exercises joint control over such
Person with the holder(s) of the other 50% beneficial interest, shall not
constitute a "Minority Interest" for purposes of this Section.

             Section
7.03     Sale of Assets.  Effect a Disposition of any of its now owned
or hereafter acquired assets, including assets in which Borrower owns a
beneficial interest through its ownership of interests in joint ventures,
aggregating more than 25% of Capitalization Value.

             Section
7.04     Distributions.  During the existence of any Event of
Default, make, declare or pay, directly or indirectly, any dividend or
distribution to any of its equity holders in an amount greater than the minimum
dividend or distribution required under the Code to maintain the real estate
investment trust status of Borrower under the Code, as evidenced by a detailed
certificate of Borrower's chief financial officer or treasurer reasonably
satisfactory in form and substance to Administrative Agent; provided, however,
that following acceleration of the maturity of the Notes, Borrower shall not,
directly or indirectly, make, declare or pay any dividend or distribution to
any of its equity holders.

ARTICLE VIII

FINANCIAL COVENANTS

             So
long as any of the Notes shall remain unpaid, or the Loan Commitments remain in
effect, or any other amount is owing by Borrower to any Bank Party under this
Agreement or under any other Loan Document, Borrower shall not permit or suffer
any or all of the following:

             Section
8.01     Consolidated Tangible Net
Worth.  At any time, Consolidated Tangible Net
Worth  to be less than $2,000,000,000.

             Section
8.02     Relationship of Total
Outstanding Indebtedness to Capitalization Value.  At any time, Total Outstanding Indebtedness
to exceed 55% of Capitalization Value.

             Section
8.03     Relationship of Combined
EBITDA to Interest Expense.  For any calendar quarter, the ratio of (1)
Combined EBITDA to (2) Interest Expense (each for the twelve (12)-month period
ending with such quarter), to be less than 2.25 to 1.00.

             Section
8.04     Relationship of Combined
EBITDA to Combined Debt Service.  For any calendar quarter, the ratio of (1) Combined EBITDA to (2)
Combined Debt Service (each for the twelve (12)-month period ending with such
quarter), to be less than 1.80 to 1.00.

             Section
8.05     Ratio of Unsecured Indebtedness
to Unencumbered Asset Value.  At any time, the ratio of (1) Unsecured
Indebtedness to (2) Unencumbered Asset Value to exceed 55%.

             Section
8.06     Relationship of Unencumbered
Combined EBITDA to Unsecured Interest Expense.  For any calendar quarter, the ratio of (1)
Unencumbered Combined EBITDA to (2) Unsecured Interest Expense (each for such
calendar quarter), to be less than 2.00 to 1.00.

             Section
8.07     Relationship of Dividends to
Funds From Operations.  For any calendar year, dividends declared by
Borrower to exceed 95% of Funds From Operations, each for such calendar year,
or such greater amount as may be required under the Code to maintain the real
estate investment trust status of Borrower under the Code, as evidenced by a
detailed certificate of Borrower's chief financial officer or treasurer
reasonably satisfactory in form and substance to Administrative Agent.

             Section
8.08     Relationship of Secured
Indebtedness to Capitalization Value.  At any time, Secured Indebtedness to exceed
40% of Capitalization Value.

ARTICLE IX

EVENTS
OF DEFAULT

             Section
9.01     Events of Default.  Any of the following events shall be an
"Event of Default":

             (1)         If Borrower shall:  fail to pay the principal of any Notes as
and when due, and such failure to pay shall continue unremedied for five (5)
days after the due date of such amount; or fail to pay interest accruing on any
Notes as and when due, and such failure to pay shall continue unremedied for
five (5) days after written notice by Administrative Agent of such failure to
pay; or fail to make any payment required under Section 6.10 as and when due;
or fail to pay any fee or any other amount due under this Agreement, any other
Loan Document or the Supplemental Fee Letter as and when due and such failure
to pay shall continue unremedied for two (2) Banking Days after written notice
by Administrative Agent of such failure to pay; or

             (2)         If any representation or warranty made
by Borrower in this Agreement or in any other Loan Document or which is
contained in any certificate, document, opinion, financial or other statement
furnished at any time under or in connection with a Loan Document shall prove
to have been incorrect in any material respect on or as of the date made; or

             (3)         If Borrower shall fail (a) to perform
or observe any term, covenant or agreement contained in Article VII or Article
VIII; or (b) to perform or observe any term, covenant or agreement contained in
this Agreement (other than obligations specifically referred to elsewhere in
this Section 9.01) or any Loan Document, or any other document executed by
Borrower and delivered to Administrative Agent or the Banks in connection with
the transactions contemplated hereby and such failure under this clause (b)
shall remain unremedied for thirty (30) consecutive calendar days after notice
thereof (or such shorter cure period as may be expressly prescribed in the
applicable document); provided, however, that if any such default
under clause (b) above cannot by its nature be cured within such thirty (30)
day, or shorter, as the case may be, grace period and so long as Borrower shall
have commenced cure within such thirty (30) day, or shorter, as the case may
be, grace period and shall, at all times thereafter, diligently prosecute the
same to completion, Borrower shall have an additional period, not to exceed
sixty (60) days,  to cure such default;
in no event, however, is the foregoing intended to effect an extension of the
Maturity Date; or

             (4)         If Borrower shall fail (a) to pay any Recourse Debt (other
than the payment obligations described in paragraph (1) of this Section) in any
amount, or any Debt (other than Recourse Debt) in an amount equal to or greater
than $50,000,000, in any such case when due (whether by scheduled maturity,
required prepayment, acceleration, demand, or otherwise) after the expiration
of any applicable grace period, or (b) to perform or observe any material term,
covenant, or condition under any agreement or instrument relating to any such
Debt, when required to be performed or observed, if the effect of such failure
to perform or observe is to accelerate, or to permit the acceleration of, after
the giving of notice or the lapse of time, or both (other than in cases where,
in the judgment of the Majority Banks, meaningful discussions likely to result
in (i) a waiver or cure of the failure to perform or observe, or (ii) otherwise
averting such acceleration are in progress between Borrower and the obligee of
such Debt), the maturity of such Debt, or any such Debt shall be declared to be
due and payable, or required to be prepaid (other than by a regularly scheduled
or otherwise required prepayment), prior to the stated maturity thereof; or

             (5)         If Borrower, or any Affiliate of
Borrower to which $50,000,000 or more of Capitalization Value is attributable,
shall (a) generally not, or be unable to, or shall admit in writing its
inability to, pay its debts as such debts become due; or (b) make an assignment
for the benefit of creditors, petition or apply to any tribunal for the
appointment of a custodian, receiver or trustee for it or a substantial part of
its assets; or (c) commence any proceeding under any bankruptcy,
reorganization, arrangement, readjustment of debt, dissolution or liquidation
Law of any jurisdiction, whether now or hereafter in effect; or (d) have had
any such petition or application filed or any such proceeding shall have been
commenced, against it, in which an adjudication or appointment is made or order
for relief is entered, or which petition, application or proceeding remains
undismissed or unstayed for a period of sixty (60) days or more; or (e) be the
subject of any proceeding under which all or a substantial part of its assets
may be subject to seizure, forfeiture or divestiture; or (f) by any act or
omission indicate its consent to, approval of or acquiescence in any such
petition, application or proceeding or order for relief or the appointment of a
custodian, receiver or trustee for all or any substantial part of its property;
or (g) suffer any such custodianship, receivership or trusteeship for all or
any substantial part of its property, to continue undischarged for a period of
sixty (60) days or more; or

             (6)         If one or more judgments, decrees or
orders for the payment of money in an amount in excess of 5% of Consolidated
Tangible Net Worth (excluding any such judgments, decrees or orders which are
fully covered by insurance) in the aggregate shall be rendered against Borrower
or any of its Material Affiliates, and any such judgments, decrees or orders
shall continue unsatisfied and in effect for a period of thirty (30)
consecutive days without being vacated, discharged, satisfied or stayed or
bonded pending appeal; or

             (7)         If any of the following events shall occur or exist with
respect to Borrower or any ERISA Affiliate: (a) any Prohibited Transaction
involving any Plan; (b) any Reportable Event with respect to any Plan; (c) the
filing under Section 4041 of ERISA of a notice of intent to terminate any Plan
or the termination of any Plan; (d) any event or circumstance which would
constitute grounds for the termination of, or for the appointment of a trustee
to administer, any Plan under Section 4042 of ERISA, or the institution by the
PBGC of proceedings for any such termination or appointment under Section 4042
of ERISA; or (e) complete or partial withdrawal under Section 4201 or 4204 of
ERISA from a Multiemployer Plan or the reorganization, insolvency, or
termination of any Multiemployer Plan; and in each case above, if such event or
conditions, if any, could in the reasonable opinion of any Bank subject
Borrower to any tax, penalty, or other liability to a Plan, Multiemployer Plan,
the PBGC or otherwise (or any combination thereof) which in the aggregate
exceeds or is likely to exceed $50,000; or

             (8)         If at any time Borrower is not a
qualified real estate investment trust under Sections 856 through 860 of the
Code or is not a publicly traded company listed on the New York Stock Exchange;
or

             (9)         If at any time any portion of
Borrower's assets constitute plan assets for ERISA purposes (within the meaning
of C.F.R. §2510.3-101); or

             (10)       If, in the reasonable judgment of all of
the Banks (and the basis for such determination is provided to Borrower in
writing in reasonable detail), there shall occur a Material Adverse Change; or

             (11)       If, during any period of up to twelve
(12) consecutive months commencing on or after the Closing Date, individuals
who were directors of Borrower at the beginning of such period (the
"Continuing Directors"), plus any new directors whose election or
appointment was approved by a majority of the Continuing Directors then in
office, shall cease for any reason to constitute a majority of the Board of
Directors of Borrower; or

             (12)       If, through any transaction or series of
related transactions, any Person (including Affiliates of such Person) shall
acquire beneficial ownership, directly or indirectly, of securities of Borrower
(or of securities convertible into securities of Borrower) representing 25% or
more of the combined voting power of all securities of Borrower entitled to
vote in the election of directors.

             Section
9.02     Remedies.  If any Event of Default shall occur and be
continuing, Administrative Agent shall, upon request of the Majority Banks, by
notice to Borrower, (1) declare the outstanding balance of the Notes, all
interest thereon, and all other amounts payable under this Agreement to be
forthwith due and payable, whereupon such balance, all such interest, and all
such amounts due under this Agreement and under any other Loan Document shall
become and be forthwith due and payable, without presentment, demand, protest,
or further notice of any kind, all of which are hereby expressly waived by
Borrower; and/or (2) exercise any remedies provided in any of the Loan
Documents or by law.  Notwithstanding
the foregoing, if an Event of Default under Section 9.01(10) shall occur and be
continuing, Administrative Agent shall not be entitled to exercise the
foregoing remedies until (1) it has received a written notice from all of the
Banks (the "Unanimous Bank Notices") (i) requesting Administrative
Agent exercise such remedies and (ii) indicating each Bank's conclusion in its
reasonable judgment that  a Material
Adverse Change has occurred and (2) Administrative Agent has provided notice to
Borrower, together with copies of all of the Unanimous Bank Notices.

ARTICLE
X

ADMINISTRATIVE AGENT;
RELATIONS AMONG BANKS

             Section
10.01   Appointment, Powers and Immunities
of Administrative Agent.  Each Bank hereby irrevocably appoints and
authorizes Administrative Agent to act as its agent hereunder and under any
other Loan Document with such powers as are specifically delegated to
Administrative Agent by the terms of this Agreement and any other Loan
Document, together with such other powers as are reasonably incidental
thereto.  Administrative Agent shall
have no duties or responsibilities except those expressly set forth in this
Agreement and any other Loan Document or required by Law, and shall not by
reason of this Agreement be a fiduciary or trustee for any Bank except to the
extent that Administrative Agent acts as an agent with respect to the receipt
or payment of funds (nor shall Administrative Agent have any fiduciary duty to
Borrower nor shall any Bank have any fiduciary duty to Borrower or to any other
Bank).  No implied covenants,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or otherwise exist against Administrative Agent.  Neither Administrative Agent nor any of its
directors, officers, employees, attorneys-in-fact or affiliates shall be
responsible to the Banks for any recitals, statements, representations or
warranties made by Borrower or any officer, partner or official of Borrower or
any other Person contained in this Agreement or any other Loan Document, or in
any certificate or other document or instrument referred to or provided for in,
or received by any of them under, this Agreement or any other Loan Document, or
for the value, legality, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document or any other
document or instrument referred to or provided for herein or therein, for the
perfection or priority of any Lien securing the Obligations or for any failure
by Borrower to perform any of its obligations hereunder or thereunder.  Administrative Agent may employ agents and
attorneys-in-fact and shall not be responsible, except as to money or
securities received by it or its authorized agents, for the negligence or
misconduct of any such agents or attorneys-in-fact selected by it with
reasonable care.  Neither Administrative
Agent nor any of its directors, officers, employees, attorneys-in-fact, agents
or affiliates shall be liable or responsible for any action taken or omitted to
be taken by it or them hereunder or under any other Loan Document or in
connection herewith or therewith, except for its or their own gross negligence
or willful misconduct.  Borrower shall
pay any fee agreed to by Borrower and Administrative Agent with respect to
Administrative Agent's services hereunder.

             Section
10.02   Reliance by Administrative
Agent.  Administrative Agent shall be entitled to
rely upon any certification, notice or other communication (including any
thereof by telephone, telex, telegram or cable) believed by it to be genuine
and correct and to have been signed or sent by or on behalf of the proper
Person or Persons, and upon advice and statements of legal counsel, independent
accountants and other experts selected by Administrative Agent.  Administrative Agent may deem and treat each
Bank as the holder of the Loan made by it for all purposes hereof and shall not
be required to deal with any Person who has acquired a Participation in any
Loan or Participation from a Bank.  As
to any matters not expressly provided for by this Agreement or any other Loan
Document, Administrative Agent shall in all cases be fully protected in acting,
or in refraining from acting, hereunder in accordance with instructions signed
by the Majority Banks, Super-Majority Banks or all Banks, as required by this
Agreement, and such instructions of the Majority Banks, Super-Majority Banks or
all Banks, as the case may be, and any action taken or failure to act pursuant
thereto, shall be binding on all of the Banks and any other holder of all or any
portion of any Loan or Participation.

             Section
10.03   Defaults.  Administrative Agent shall not be deemed to
have knowledge of the occurrence of a Default or Event of Default unless
Administrative Agent has received notice from a Bank or Borrower specifying
such Default or Event of Default and stating that such notice is a "Notice
of Default."  In the event that
Administrative Agent receives such a notice of the occurrence of a Default or
Event of Default, Administrative Agent shall give prompt notice thereof to the
Banks.  Administrative Agent, following
consultation with the Banks, shall (subject to Section 10.07) take such action
with respect to such Default or Event of Default which is continuing as shall
be directed by the Majority Banks; provided that, unless and until
Administrative Agent shall have received such directions, Administrative Agent
may take such action, or refrain from taking such action, with respect to such
Default or Event of Default as it shall deem advisable in the best interest of
the Banks; and provided further that Administrative Agent shall not send a
notice of Default or acceleration to Borrower without the approval of the
Majority Banks.  In no event shall
Administrative Agent be required to take any such action which it determines to
be contrary to Law or to the Loan Documents. 
Each of the Banks acknowledges and agrees that no individual Bank may
separately enforce or exercise any of the provisions of any of the Loan
Documents, including, without limitation, the Notes, other than through
Administrative Agent.

             Section
10.04   Rights of Administrative Agent
as a Bank.  With respect to its Loan Commitment and the
Loan provided by it, Administrative Agent in its capacity as a Bank hereunder
shall have the same rights and powers hereunder as any other Bank and may
exercise the same as though it were not acting as Administrative Agent, and the
term "Bank" or "Banks" shall, unless the context otherwise
indicates, include Administrative Agent in its capacity as a Bank.  Administrative Agent and its Affiliates may
(without having to account therefor to any Bank) accept deposits from, lend
money to (on a secured or unsecured basis), and generally engage in any kind of
banking, trust or other business with Borrower (and any Affiliates of Borrower)
as if it were not acting as Administrative Agent.

             Section
10.05   Indemnification of
Administrative Agent.  Each Bank agrees to indemnify Administrative
Agent (to the extent not reimbursed under Section 12.04 or under the applicable
provisions of any other Loan Document, but without limiting the obligations of
Borrower under Section 12.04 or such provisions), for its Pro Rata Share of any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind and nature
whatsoever which may be imposed on, incurred by or asserted against
Administrative Agent in any way relating to or arising out of this Agreement,
any other Loan Document or any other documents contemplated by or referred to
herein or the transactions contemplated hereby or thereby (including, without
limitation, the costs and expenses which Borrower is obligated to pay under
Section 12.04) or under the applicable provisions of any other Loan Document or
the enforcement of any of the terms hereof or thereof or of any such other
documents or instruments; provided that no Bank shall be liable for (1) any of
the foregoing to the extent they arise from the gross negligence or willful
misconduct of the party to be indemnified, (2) any loss of principal or
interest with respect to Administrative Agent's Loan or (3) any loss suffered
by Administrative Agent in connection with a swap or other interest rate
hedging arrangement entered into with Borrower.

             Section
10.06   Non-Reliance on Administrative
Agent and Other Banks. 
Each Bank agrees that it has, independently and without reliance on
Administrative Agent or any other Bank, and based on such documents and
information as it has deemed appropriate, made its own credit analysis of Borrower
and the decision to enter into this Agreement and that it will, independently
and without reliance upon Administrative Agent or any other Bank, and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own analysis and decisions in taking or not taking action
under this Agreement or any other Loan Document.  Administrative Agent shall not be required to keep itself
informed as to the performance or observance by Borrower of this Agreement or
any other Loan Document or any other document referred to or provided for
herein or therein or to inspect the properties or books of Borrower.  Except for notices, reports and other
documents and information expressly required to be furnished to the Banks by
Administrative Agent hereunder, Administrative Agent shall not have any duty or
responsibility to provide any Bank with any credit or other information
concerning the affairs, financial condition or business of Borrower (or any
Affiliate of Borrower) which may come into the possession of Administrative
Agent or any of its Affiliates. 
Administrative Agent shall not be required to file this Agreement, any
other Loan Document or any document or instrument referred to herein or therein,
for record or give notice of this Agreement, any other Loan Document or any
document or instrument referred to herein or therein, to anyone.

             Section
10.07   Failure of Administrative Agent
to Act.  Except for action expressly required of
Administrative Agent hereunder, Administrative Agent shall in all cases be
fully justified in failing or refusing to act hereunder unless it shall have
received further assurances (which may include cash collateral) of the
indemnification obligations of the Banks under Section 10.05 in respect of any
and all liability and expense which may be incurred by it by reason of taking
or continuing to take any such action. 
If any indemnity furnished by the Banks to Administrative Agent for any
purpose shall, in the reasonable opinion of Administrative Agent, be insufficient
or become impaired, Administrative Agent may call for additional indemnity and
cease, or not commence, to do the action indemnified against until such
additional indemnity is furnished.

             Section
10.08   Resignation or Removal of
Administrative Agent.  Administrative Agent hereby agrees not to
unilaterally resign except in the event it becomes an Affected Bank and is
removed or replaced as a Bank pursuant to Section 3.07, in which event it shall
have the right to resign.  Fleet agrees
that it may be replaced as Administrative Agent by the Majority Banks if its
Loan Commitment is reduced to $25,000,000 or less through assignments to
Assignees.  In addition, Administrative
Agent may be removed at any time with cause by the Super-Majority Banks.  In the case of any removal of Administrative
Agent, Borrower and the  Banks shall be
promptly notified thereof.  Upon any
such resignation or removal of Administrative Agent, the Super-Majority Banks
shall have the right to appoint a successor Administrative Agent, which
successor Administrative Agent, so long as it is reasonably acceptable to the
Super-Majority Banks, shall be that Bank then having the greatest Loan
Commitment; if two (2) or more Banks have an equal greatest Loan Commitment,
the Super-Majority Banks shall select between or among them.  If no successor Administrative Agent shall
have been so appointed by the Super-Majority Banks and shall have accepted such
appointment within thirty (30) days after the Super-Majority Banks' removal of
the retiring Administrative Agent, then the retiring Administrative Agent may,
on behalf of the Banks, appoint a successor Administrative Agent, which shall
be one of the Banks.  The Super-Majority
Banks or the retiring Administrative Agent, as the case may be, shall upon the
appointment of a successor Administrative Agent promptly so notify Borrower and
the other Banks.  Upon the acceptance of
any appointment as Administrative Agent hereunder by a successor Administrative
Agent, such successor Administrative Agent shall thereupon succeed to and
become vested with all the rights, powers, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be
discharged from its duties and obligations hereunder.  After any retiring Administrative Agent's removal hereunder as
Administrative Agent, the provisions of this Article X shall continue in effect
for its benefit in respect of any actions taken or omitted to be taken by it
while it was acting as Administrative Agent.

             Section
10.09   Amendments Concerning Agency
Function. 
Notwithstanding anything to the contrary contained herein,
Administrative Agent shall not be bound by any waiver, amendment, supplement or
modification hereof or of any other Loan Document which affects its duties, rights,
and/or function hereunder or thereunder unless it shall have given its prior
written consent thereto.

             Section
10.10   Liability of Administrative
Agent.  Administrative Agent shall not have any
liabilities or responsibilities to Borrower on account of the failure of any
Bank to perform its obligations hereunder or to any Bank on account of the
failure of Borrower to perform its obligations hereunder or under any other
Loan Document.

             Section
10.11   Transfer of Agency Function.  Without the consent of Borrower or any Bank,
Administrative Agent may at any time or from time to time transfer its
functions as Administrative Agent hereunder to any of its offices wherever
located in the United States, provided that Administrative Agent shall promptly
notify Borrower and the Banks thereof.

             Section
10.12   Non-Receipt of Funds by
Administrative Agent.  (a) Unless Administrative Agent shall have
received notice from a Bank or Borrower (either one as appropriate being the
"Payor") prior to the date on which such Bank is to make payment
hereunder to Administrative Agent of the proceeds of a Loan or Borrower is to
make payment to Administrative Agent, as the case may be (either such payment
being a "Required Payment"), which notice shall be effective upon receipt,
that the Payor will not make the Required Payment in full to Administrative
Agent, Administrative Agent may assume that the Required Payment has been made
in full to Administrative Agent on such date, and Administrative Agent in its
sole discretion may, but shall not be obligated to, in reliance upon such
assumption, make the amount thereof available to the intended recipient on such
date.  If and to the extent the Payor
shall not have in fact so made the Required Payment in full to Administrative
Agent, the recipient of such payment shall repay to Administrative Agent
forthwith on demand such amount made available to it together with interest
thereon, for each day from the date such amount was so made available by
Administrative Agent until the date Administrative Agent recovers such amount,
at the customary rate set by Administrative Agent for the correction of errors
among Banks for three (3) Banking Days and thereafter at the Base Rate.

             (b)   If, after Administrative Agent has paid each Bank's share of any
payment received or applied by Administrative Agent in respect of the Loan,
that payment is rescinded or must otherwise be returned or paid over by
Administrative Agent, whether pursuant to any bankruptcy or insolvency Law,
sharing of payments clause of any loan agreement or otherwise, such Bank shall,
at Administrative Agent's request, promptly return its share of such payment or
application to Administrative Agent, together with such Bank's proportionate
share of any interest or other amount required to be paid by Administrative
Agent with respect to such payment or application.  In addition, if a court of competent jurisdiction shall adjudge
that any amount received and distributed by Administrative Agent is to be repaid,
each Person to whom any such distribution shall have been made shall either
repay to Administrative Agent its share of the amount so adjudged to be repaid
or shall pay over to the same in such manner and to such Persons as shall be
determined by such court.

             Section
10.13   Withholding Taxes.  Each Bank represents that it is entitled to
receive any payments to be made to it hereunder without the withholding of any
tax and will furnish to Administrative Agent such forms, certifications,
statements and other documents as Administrative Agent may request from time to
time to evidence such Bank's exemption from the withholding of any tax imposed
by any jurisdiction or to enable Administrative Agent or Borrower to comply
with any applicable Laws or regulations relating thereto.  Without limiting the effect of the
foregoing, if any Bank is not created or organized under the Laws of the United
States of America or any state thereof, such Bank will furnish to
Administrative Agent a United States Internal Revenue Service Form W-8ECI in
respect of all payments to be made to such Bank by Borrower or Administrative
Agent under this Agreement or any other Loan Document or a United States
Internal Revenue Service Form W-8BEN establishing such Bank's complete
exemption from United States withholding tax in respect of payments to be made
to such Bank by Borrower or Administrative Agent under this Agreement or any
other Loan Document, or such other forms, certifications, statements or
documents, duly executed and completed by such Bank as evidence of such Bank's
exemption from the withholding of U.S. tax with respect thereto.  Administrative Agent shall not be obligated
to make any payments hereunder to such Bank in respect of any Loan or
Participation or such Bank's Loan Commitment or obligation to purchase Participations
until such Bank shall have furnished to Administrative Agent the requested
form, certification, statement or document.

             Section
10.14   Minimum Commitment by Co-Agents.  Each of Fleet and Chase agrees that, in the
event it sells its individual Loan Commitment down to zero, it may be removed
as a Co-Agent by the Majority Banks.  In
addition, in the event Chase's Individual Loan Commitment is reduced to
$25,000,000 or less through assignments, Borrower may replace Chase as
Syndication Agent with a lending institution selected by Borrower.  In making such selection, Borrower will
consider in good faith Fleet, Bank of America, N.A., First Union National Bank
and Citicorp Real Estate, Inc.

             Section
10.15   Pro Rata Treatment.  Except to the extent otherwise provided, (1)
each advance of proceeds of the Ratable Loans shall be made by the Banks; (2)
each reduction of the amount of the Total Loan Commitment under Section 2.10
shall be applied to the Loan Commitments of the Banks; and (3) each payment of
the fee accruing under paragraph (b) of Section 2.07 and clause (1) of Section
2.16(f) shall be made for the account of the Banks, ratably according to the
amounts of their respective Loan Commitments. 
Except as otherwise expressly provided in this Agreement, each payment
in respect of principal or interest under the Loans shall be applied to such
obligations owing to the Banks pro rata according to the respective amounts
then due and owing to the Banks.

             Section
10.16   Sharing of Payments Among Banks.  If a Bank shall obtain payment of any
principal of or interest on any Loan made by it through the exercise of any
right of setoff, banker's lien, counterclaim, or by any other means (including
direct payment), and such payment results in such Bank receiving a greater
payment than it would have been entitled to had such payment been paid directly
to Administrative Agent for disbursement to the Banks, then such Bank shall
promptly purchase for cash from the other Banks Participations in the Loans
made by the other Banks in such amounts, and make such other adjustments from
time to time as shall be equitable to the end that all the Banks shall share
ratably the benefit of such payment.  To
such end the Banks shall make appropriate adjustments among themselves (by the
resale of Participations sold or otherwise) if such payment is rescinded or
must otherwise be restored.  Borrower
agrees that any Bank so purchasing a Participation in the Loans made by other
Banks may exercise all rights of setoff, banker's lien, counterclaim or similar
rights with respect to such Participation. 
Nothing contained herein shall require any Bank to exercise any such
right or shall affect the right of any Bank to exercise, and retain the
benefits of exercising, any such right with respect to any other indebtedness
of Borrower.

             Section
10.17   Possession of Documents.  Each Bank shall keep possession of its own
Ratable Loan Note and the Swing Lender shall keep possession of its Swing Loan
Note.  Administrative Agent shall hold
all the other Loan Documents and related documents in its possession and
maintain separate records and accounts with respect thereto, and shall permit
the Banks and their representatives access at all reasonable times to inspect
such Loan Documents, related documents, records and accounts.

ARTICLE XI

NATURE OF OBLIGATIONS

             Section
11.01   Absolute and Unconditional
Obligations.  Borrower acknowledges and agrees that its
obligations and liabilities under this Agreement and under the other Loan
Documents shall be absolute and unconditional irrespective of (1) any lack of
validity or enforceability of any of the Obligations, any Loan Documents, or
any agreement or instrument relating thereto; (2) any change in the time,
manner or place of payment of, or in any other term in respect of, all or any
of the Obligations, or any other amendment or waiver of or consent to any
departure from any Loan Documents or any other documents or instruments
executed in connection with or related to the Obligations; (3) any exchange or
release of any collateral, if any, or of any other Person from all or any of
the Obligations; or (4) any other circumstances which might otherwise
constitute a defense available to, or a discharge of, Borrower or any other
Person in respect of the Obligations.

             The obligations and
liabilities of Borrower under this Agreement and other Loan Documents shall not
be conditioned or contingent upon the pursuit by any Bank or any other Person
at any time of any right or remedy against Borrower or any other Person which
may be or become liable in respect of all or any part of the Obligations or
against any collateral or security or guarantee therefor or right of setoff
with respect thereto.

             Section
11.02   Non-Recourse to Borrower's
Principals.  Notwithstanding anything to the contrary
contained herein, in any of the other Loan Documents, or in any other
instruments, certificates, documents or agreements executed in connection with
the Loans (all of the foregoing, for purposes of this Section, hereinafter
referred to, individually and collectively, as the "Relevant
Documents"), no recourse under or upon any Obligation, representation,
warranty, promise or other matter whatsoever shall be had against any of
Borrower's Principals and each Bank expressly waives and releases, on behalf of
itself and its successors and assigns, all right to assert any liability
whatsoever under or with respect to the Relevant Documents against, or to
satisfy any claim or obligation arising thereunder against, any of Borrower's
Principals or out of any assets of Borrower's Principals, provided, however,
that nothing in this Section shall be deemed to (1) release Borrower from any
personal liability pursuant to, or from any of its respective obligations
under, the Relevant Documents, or from personal liability for its fraudulent
actions or fraudulent omissions; (2) release any of Borrower's Principals from
personal liability for its or his own fraudulent actions or fraudulent
omissions; (3) constitute a waiver of any obligation evidenced or secured by,
or contained in, the Relevant Documents or affect in any way the validity or
enforceability of the Relevant Documents; or (4) limit the right of
Administrative Agent and/or the Banks to proceed against or realize upon any
collateral hereafter given for the Loans or any and all of the assets of
Borrower (notwithstanding the fact that any or all of Borrower's Principals
have an ownership interest in Borrower and, thereby, an interest in the assets
of Borrower) or to name Borrower (or, to the extent that the same are required
by applicable Law or are determined by a court to be necessary parties in
connection with an action or suit against Borrower or any collateral hereafter
given for the Loans, any of Borrower's Principals) as a party defendant in, and
to enforce against any collateral hereafter given for the Loans and/or assets
of Borrower any judgment obtained by Administrative Agent and/or the Banks with
respect to, any action or suit under the Relevant Documents so long as no
judgment shall be taken (except to the extent taking a judgment is required by
applicable Law or determined by a court to be necessary to preserve
Administrative Agent's and/or Banks' rights against any collateral hereafter
given for the Loans or Borrower, but not otherwise) or shall be enforced
against Borrower's Principals or their assets.

ARTICLE XII

MISCELLANEOUS

             Section
12.01   Binding Effect of Request for
Advance.  Borrower agrees that, by its acceptance of
any advance of proceeds of the Loans under this Agreement, it shall be bound in
all respects by the request for advance submitted on its behalf in connection
therewith with the same force and effect as if Borrower had itself executed and
submitted the request for advance and whether or not the request for advance is
executed and/or submitted by an authorized person.

             Section
12.02   Amendments and Waivers.  No amendment or waiver of any provision of
this Agreement or any other Loan Document nor consent to any departure by
Borrower therefrom, shall in any event be effective unless the same shall be in
writing and signed by the Majority Banks and, solely for purposes of its
acknowledgment thereof, Administrative Agent, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given, provided, however, that no amendment, waiver or
consent shall, unless in writing and signed or consented to by (A) the
Super-Majority Banks modify any provision of Section 7.02, Article VIII or
clause (11) or (12) of Section 9.01, or any other provision requiring the
consent of the Super-Majority Banks; and (B) all the Banks do any of the
following:  (1)  reduce the principal of, or interest on, the
Notes or any fees due hereunder or any other amount due hereunder or under any
Loan Document; (2) except as provided in Section 2.18, postpone any date fixed
for any payment of principal of, or interest on, the Notes or any fees due
hereunder or under any Loan Document; (3) change the definition of
"Majority Banks" or "Super-Majority Banks"; (4) amend this
Section or any other provision requiring the consent of all the Banks; or (5)
waive any default under paragraph (5) of Section 9.01.  Any advance of proceeds of the Loans made
prior to or without the fulfillment by Borrower of all of the conditions
precedent thereto, whether or not known to Administrative Agent and the Banks,
shall not constitute a waiver of the requirement that all conditions, including
the non-performed conditions, shall be required with respect to all future
advances.  No failure on the part of
Administrative Agent or any Bank to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof or preclude any other or
further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.  All communications from Administrative Agent to the Banks
requesting the Banks' determination, consent, approval or disapproval (i) shall
be given in the form of a written notice to each Bank, (ii) shall be
accompanied by a description of the matter or thing as to which such
determination, approval, consent or disapproval is requested and (iii) shall
include Administrative Agent's recommended course of action or determination in
respect thereof.  Each Bank shall reply
promptly, but in any event within ten (10) Banking Days (or five (5) Banking
Days with respect to any decision to accelerate or stop acceleration of the
Loan) after receipt of the request therefor by Administrative Agent (the
"Bank Reply Period").  Unless
a Bank shall give written notice to Administrative Agent that it objects to the
recommendation or determination of Administrative Agent (together with a
written explanation of the reasons behind such objection) within the Bank Reply
Period, such Bank shall be deemed to have approved or consented to such
recommendation or determination.

             Section
12.03   Usury.  Anything herein to the contrary
notwithstanding, the obligations of Borrower under this Agreement and the Notes
shall be subject to the limitation that payments of interest shall not be
required to the extent that receipt thereof would be contrary to provisions of
Law applicable to a Bank limiting rates of interest which may be charged or
collected by such Bank.

             Section
12.04   Expenses; Indemnification.  Borrower agrees to reimburse Co-Agents and
Administrative Agent on demand for all costs, expenses, and charges (including,
without limitation, all reasonable fees and charges of engineers, appraisers
and legal counsel) incurred by any of them in connection with the Loans and to
reimburse each of the Banks for reasonable legal costs, expenses and charges
incurred by each of the Banks in connection with the performance or enforcement
of this Agreement, the Notes, or any other Loan Documents; provided, however,
that Borrower is not responsible for costs, expenses and charges incurred by
the Bank Parties in connection with the administration or syndication of the
Loans (other than the fees required by the Supplemental Fee Letter).  Borrower agrees to indemnify Administrative
Agent and each Bank and their respective directors, officers, employees and
agents from, and hold each of them harmless against, any and all losses,
liabilities, claims, damages or expenses incurred by any of them arising out of
or by reason of (x) any claims by brokers due to acts or omissions by Borrower
or (y) any investigation or litigation or other proceedings (including any
threatened investigation or litigation or other proceedings) relating to any
actual or proposed use by Borrower of the proceeds of the Loans, including
without limitation, the reasonable fees and disbursements of counsel incurred
in connection with any such investigation or litigation or other proceedings
(but excluding any such losses, liabilities, claims, damages or expenses
incurred by reason of the gross negligence or willful misconduct of the Person
to be indemnified).

             The obligations of Borrower
under this Section and under Article III shall survive the repayment of all
amounts due under or in connection with any of the Loan Documents and the
termination of the Loans, provided, however, that in the case of
Article III, such obligations shall survive only for a period of ninety (90)
days after such repayment and termination.

             Section
12.05   Assignment; Participation.  This Agreement shall be binding upon, and
shall inure to the benefit of, Borrower, Administrative Agent, the Banks and
their respective successors and permitted assigns.  Borrower may not assign or transfer its rights or obligations
hereunder.

             Any
Bank may at any time grant to one or more banks or other institutions (each a
"Participant") participating interests in its Loan (each a
"Participation").  In the
event of any such grant by a Bank of a Participation to a Participant, whether
or not Borrower or Administrative Agent was given notice, such Bank shall
remain responsible for the performance of its obligations hereunder, and
Borrower and Administrative Agent shall continue to deal solely and directly
with such Bank in connection with such Bank's rights and obligations
hereunder.  Any agreement pursuant to
which any Bank may grant such a participating interest shall provide that such
Bank shall retain the sole right and responsibility to enforce the obligations
of Borrower hereunder and under any other Loan Document including, without
limitation, the right to approve any amendment, modification or waiver of any
provision of this Agreement or any other Loan Document; provided that such
participation agreement may provide that such Bank will not agree to any
modification, amendment or waiver of this Agreement described in clause (1)
through (5) of Section 12.02 without the consent of the Participant.

             Any
Bank  may at any time assign to any bank
or other institution with the acknowledgment of Administrative Agent and the
consent of Co-Agents and, provided there exists no Event of Default, Borrower,
which consents shall not be unreasonably withheld or delayed (such assignee, a
"Consented Assignee"), or, without such consents,  to one or more banks or other institutions
which are majority owned subsidiaries of a Bank or to the Parent of a Bank
(each Consented Assignee or subsidiary bank or institution, an
"Assignee") all, or a proportionate part of all, of its rights and
obligations under this Agreement and its Note, and such Assignee shall assume
rights and obligations, pursuant to an Assignment and Assumption Agreement
executed by such Assignee and the assigning Bank, provided that, in each case,
after giving effect to such assignment the Assignee's Loan Commitment, and, in
the case of a partial assignment, the assigning Bank's Loan Commitment, each
will be equal to or greater than $10,000,000, provided, further, however, that
the assigning Bank shall not be required to maintain a Loan Commitment in the
minimum amount aforesaid in the event it assigns all of its rights and
obligations under this Agreement and its Note. 
Notwithstanding the provisions of the immediately preceding sentence,
the consents of Co-Agents and Borrower shall not be required in the case of
assignments by any Bank provided that the Assignee thereunder (or a guarantor
of such Assignee's obligations under this Agreement) has a credit rating of AA
(or its equivalent) or higher from a nationally recognized rating agency, and
provided, further, however, that assignments by Co-Agents shall remain subject
to the provisions of Section 10.14. 
Upon (i) execution and delivery of such instrument, (ii) payment by such
Assignee to the Bank of an amount equal to the purchase price agreed between
the Bank and such Assignee and (iii) payment by such Assignee to Administrative
Agent of a fee, for Administrative Agent's own account, in the amount of
$3,500, such Assignee shall be a Bank Party to this Agreement and shall have
all the rights and obligations of a Bank as set forth in such Assignment and
Assumption Agreement, and the assigning Bank shall be released from its
obligations hereunder to a corresponding extent, and no further consent or
action by any party shall be required. 
Upon the consummation of any assignment pursuant to this paragraph,
substitute Ratable Loan Notes (and, if applicable, Swing Loan Notes) shall be
issued to the assigning Bank and Assignee by Borrower, in exchange for the
return of the original Ratable Loan Note (and, if applicable, Swing Loan
Note).  The obligations evidenced by
such substitute notes shall constitute "Obligations" for all purposes
of this Agreement and the other Loan Documents.   In connection with Borrower's execution of substitute notes as
aforesaid, Borrower shall deliver to Administrative Agent evidence,
satisfactory to Administrative Agent, of all requisite corporate action to
authorize Borrower's execution and delivery of the substitute notes and any
related documents.  If the Assignee is not
incorporated under the Laws of the United States of America or a state thereof,
it shall, prior to the first date on which interest or fees are payable
hereunder for its account, deliver to Borrower and Administrative Agent
certification as to exemption from deduction or withholding of any United
States federal income taxes in accordance with Section 10.13.  Each Assignee shall be deemed to have made
the representations contained in, and shall be bound by the provisions of,
Section 10.13.  Notwithstanding the
foregoing, any Designated Lender may assign at any time to its Designating
Lender, without the consents required by or other limitations set forth in the
first sentence of this paragraph, any or all of the Loans it may have funded
hereunder and pursuant to its Designation Agreement.

             Any Bank may at any time
assign all or any portion of its rights under this Agreement and its Note to a
Federal Reserve Bank.  No such
assignment shall release the transferor Bank from its obligations hereunder.

             Borrower recognizes that in
connection with a Bank's selling of Participations or making of assignments,
any or all documentation, financial statements, appraisals and other data, or
copies thereof, relevant to Borrower or the Loans may be exhibited to and retained
by any such Participant or assignee or prospective Participant or
assignee.  In connection with a Bank's
delivery of any financial statements and appraisals to any such Participant or
assignee or prospective Participant or assignee, such Bank shall also indicate
that the same are delivered on a confidential basis.  Borrower agrees to provide all assistance reasonably requested by
a Bank to enable such Bank to sell Participations or make assignments of its
Loan as permitted by this Section.  Each
Bank agrees to provide Borrower with notice of all Participations sold by such
Bank to other than its Affiliates.

             Section
12.06   Documentation Satisfactory.  All documentation required from or to be
submitted on behalf of Borrower in connection with this Agreement and the
documents relating hereto shall be subject to the prior approval of, and be
satisfactory in form and substance to, Administrative Agent, its counsel and,
where specifically provided herein, the Banks. 
In addition, the persons or parties responsible for the execution and
delivery of, and signatories to, all of such documentation, shall be acceptable
to, and subject to the approval of, Administrative Agent and its counsel and
the Banks.

             Section
12.07   Notices.  Unless the party to be notified otherwise
notifies the other party in writing as provided in this Section, and except as
otherwise provided in this Agreement, notices shall be given to Administrative
Agent by telephone, confirmed by writing, and to the Banks and to Borrower by
ordinary mail or overnight courier, receipt confirmed, addressed to such party
at its address on the signature page of this Agreement.  Notices shall be effective  (1) if by telephone, at the time of such
telephone conversation, (2) if given by mail, three (3) days after mailing; and
(3) if given by overnight courier, upon receipt.

             Section
12.08   Setoff.  Borrower agrees that, in addition to (and
without limitation of) any right of setoff, bankers' lien or counterclaim a
Bank may otherwise have, each Bank shall be entitled, at its option, to offset
balances (general or special, time or demand, provisional or final) held by it
for the account of Borrower at any of such Bank's offices, in Dollars or in any
other currency, against any amount payable by Borrower to such Bank under this
Agreement or such Bank's Note, or any other Loan Document which is not paid
when due (regardless of whether such balances are then due to Borrower), in
which case it shall promptly notify Borrower and Administrative Agent thereof;
provided that such Bank's failure to give such notice shall not affect the
validity thereof.  Payments by Borrower
hereunder or under the other Loan Documents shall be made without setoff or
counterclaim.

             Section
12.09   Table of Contents; Headings.  Any table of contents and the headings and
captions hereunder are for convenience only and shall not affect the
interpretation or construction of this Agreement.

             Section
12.10   Severability.  The provisions of this Agreement are
intended to be severable.  If for any
reason any provision of this Agreement shall be held invalid or unenforceable
in whole or in part in any jurisdiction, such provision shall, as to such
jurisdiction, be ineffective to the extent of such invalidity or
unenforceability without in any manner affecting the validity or enforceability
thereof in any other jurisdiction or the remaining provisions hereof in any
jurisdiction.

             Section
12.11   Counterparts.  This Agreement may be executed in any number
of counterparts, all of which taken together shall constitute one and the same
instrument, and any party hereto may execute this Agreement by signing any such
counterpart.

             Section
12.12   Integration.  The Loan Documents and Supplemental Fee
Letter set forth the entire agreement among the parties hereto relating to the
transactions contemplated thereby and supersede any prior oral or written
statements or agreements with respect to such transactions.

             Section
12.13   Governing Law.  This Agreement shall be governed by, and
construed and enforced in accordance with, the Laws of the State of New York
(without giving effect to New York's principles of conflicts of Laws).

             Section
12.14   Waivers.  In connection with the obligations and
liabilities as aforesaid, Borrower hereby waives  (1) promptness and diligence; (2) notice of any actions taken by
any Bank Party under this Agreement, any other Loan Document or any other
agreement or instrument relating thereto except to the extent otherwise
provided herein; (3) all other notices, demands and protests, and all other
formalities of every kind in connection with the enforcement of the
Obligations, the omission of or delay in which, but for the provisions of this
Section, might constitute grounds for relieving Borrower of its obligations
hereunder; (4) any requirement that any Bank Party protect, secure, perfect or
insure any Lien on any collateral or exhaust any right or take any action
against Borrower or any other Person or any collateral; (5) any right or claim
of right to cause a marshalling of the assets of Borrower; and (6) all rights
of subrogation or contribution, whether arising by contract or operation of law
(including, without limitation, any such right arising under the Federal
Bankruptcy Code) or otherwise by reason of payment by Borrower, either jointly
or severally, pursuant to this Agreement or other Loan Documents.

             Section
12.15   Jurisdiction; Immunities.  Borrower, Administrative Agent and each Bank
hereby irrevocably submit to the jurisdiction of any New York State or United
States Federal court sitting in New York City over any action or proceeding
arising out of or relating to this Agreement, the Notes or any other Loan
Document.  Borrower, Administrative
Agent, and each Bank irrevocably agree that all claims in respect of such
action or proceeding may be heard and determined in such New York State or
United States Federal court.  Borrower,
Administrative Agent, and each Bank irrevocably consent to the service of any
and all process in any such action or proceeding by the mailing of copies of
such process to Borrower, Administrative Agent or each Bank, as the case may
be, at the addresses specified herein. 
Borrower, Administrative Agent and each Bank agree that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by
Law.  Borrower, Administrative Agent and
each Bank further waive any objection to venue in the State of New York and any
objection to an action or proceeding in the State of New York on the basis of
forum non conveniens.  Borrower,
Administrative Agent and each Bank agree that any action or proceeding brought
against Borrower, Administrative Agent or any Bank, as the case may be, shall
be brought only in a New York State court sitting in New York City or a United
States Federal court sitting in New York City, to the extent permitted or not
expressly prohibited by applicable Law.

             Nothing
in this Section shall affect the right of Borrower, Administrative Agent or any
Bank to serve legal process in any other manner permitted by Law.

             To
the extent that Borrower, Administrative Agent or any Bank have or hereafter
may acquire any immunity from jurisdiction of any court or from any legal
process (whether from service or notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) with respect to itself
or its property, Borrower, Administrative Agent and each Bank hereby
irrevocably waive such immunity in respect of its obligations under this
Agreement, the Notes and any other Loan Document.

             BORROWER, ADMINISTRATIVE
AGENT AND EACH BANK WAIVE ANY RIGHT EACH SUCH PARTY MAY HAVE TO JURY TRIAL IN
CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT WITH RESPECT TO THIS
AGREEMENT, THE NOTES OR THE LOANS.

             Section
12.16   Designated Lender.  Any Bank (other than a Bank who is such
solely because it is a Designated Lender) (each, a "Designating
Lender") may at any time designate one (1) Designated Lender to fund Bid
Rate Loans on behalf of such Designating Lender subject to the terms of this
Section and the provisions in Section 12.05 shall not apply to such
designation.  No Bank may designate more
than one (1) Designated Lender.  The
parties to each such designation shall execute and deliver to Administrative
Agent for its acceptance a Designation Agreement.  Upon such receipt of an appropriately completed Designation
Agreement executed by a Designating Lender and a designee representing that it
is a Designated Lender, Administrative Agent will accept such Designation
Agreement and give prompt notice thereto to Borrower, whereupon, (i) from and
after the "Effective Date" specified in the Designation Agreement,
the Designated Lender shall become a party to this Agreement with a right to
make Bid Rate Loans on behalf of its Designating Lender pursuant to Section
2.02 after Borrower has accepted the Bid Rate Quote of the Designating Lender
and (ii) the Designated Lender shall not be required to make payments with
respect to any obligations in this Agreement except to the extent of excess
cash flow of such Designated Lender which is not otherwise required to repay
obligations of such Designated Lender which are then due and payable; provided,
however, that regardless of such designation and assumption by the
Designated Lender, the Designating Lender shall be and remain obligated to
Borrower, Administrative Agent and the Banks for each and every of the
obligations of the Designating Lender and its related Designated Lender with
respect to this Agreement, including, without limitation, any indemnification
obligations under Section 10.05.  Each
Designating Lender shall serve as the administrative agent of its Designated
Lender and shall on behalf of, and to the exclusion of, the Designated Lender:  (i) receive any and all payments made for
the benefit of the Designated Lender and (ii) give and receive all
communications and notices and take all actions hereunder, including, without
limitation, votes, approvals, waivers and consents under or relating to this
Agreement and the other Loan Documents. 
Any such notice, communication, vote, approval, waiver or consent shall
be signed by the Designating Lender as administrative agent for the Designated
Lender and shall not be signed by the Designated Lender on its own behalf, but
shall be binding on the Designated Lender to the same extent as if actually
signed by the Designated Lender. 
Borrower, Administrative Agent and the Banks may rely thereon without
any requirement that the Designated Lender sign or acknowledge the same.  No Designated Lender may assign or transfer
all or any portion of its interest hereunder or under any other Loan Document,
other than assignments to the Designating Lender which originally designated
such Designated Lender.

             Section
12.17   No Bankruptcy Proceedings.  Each of Borrower, the Banks and
Administrative Agent hereby agrees that it will not institute against any
Designated Lender or join any other Person in instituting against any
Designated Lender any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding under any federal or state bankruptcy or similar Law,
for one (1) year and one (1) day after the payment in full of the latest
maturing commercial paper note issued by such Designated Lender.

             IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the day and year first above written.

	 	AVALONBAY
  COMMUNITIES, INC.	 	 
	 	 	 	 
	 	By
  	/s/
  Joanne M. Lockridge

	[SEAL]
	 	 	Name:  Joanne M. Lockridge	 
	 	 	Title:    Vice President	 
	 	 	 	 
	 	Address
  for Notices:
	 	 
	 	15
  River Road	 	 
	 	Suite
  210	 	 
	 	Wilton,
  CT  06897	 	 
	 	 	 
	 	Attention:  	Joanne
  M. Lockridge	 
	 	 	Vice
  President - Finance	 
	 	 	 
	 	Telephone:	(203)
  761-6545	 
	 	Telecopy:	(203)
  761-6560	 
	 
	 	THE
  CHASE MANHATTAN BANK	 	 
	 	(as
  Bank, Co-Agent and Syndication Agent)	 	 
	 
	 	By	/s/
  Charles E. Hoagland

	 
	 	 	Name:  Charles E. Hoagland	 
	 	 	Title:    Vice President	 
	 
	 	Address
  for Notices and 	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	The
  Chase Manhattan Bank	 	 
	 	270
  Park Avenue	 	 
	 	New
  York, NY 10017	 	 
	 	 	 
	 	Attention:	George
  E. Winckler	 
	 	 	 	 
	 	Telephone:	(212)
  270-9537	 
	 	Telecopy:	(212)
  270-3513	 
								

 

	 
	 	FLEET
  NATIONAL BANK (as Co-Agent, Bank and Administrative Agent)	 	 
	 
	 	By	/s/
  Lisa Sanders

	 
	 	 	Name:  Lisa Sanders	 
	 	 	Title:    Vice President	 
	 
	 	Address
  for Notices and 	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	Fleet
  National Bank	 	 
	 	777
  Main Street	 	 
	 	Mail
  Code CTEH 40223B	 	 
	 	Hartford,
  CT 06115	 	 
	 	 	 
	 	Attention:	Lisa
  Sanders	 
	 	 	 	 
	 	Telephone:	(203)
  973-1913	 
	 	Telecopy:	(203)
  964-9038	 
	 	 	 
	 	BANK
  OF AMERICA	 	 
	 	     (as Bank and Documentation Agent)	 	 
	 	 	 
	 	By	/s/
  Nina Di Sandro

	 
	 	 	Name:  Nina Di Sandro	 
	 	 	Title:  Vice President	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	Bank
  of America, N.A.	 	 
	 	MD2-600-06-14	 	 
	 	6610
  Rockledge Drive – 6th Floor	 	 
	 	Bethesda,
  MD 20817	 	 
	 
	 	Attention:	Nina
  DiSandro	 
	 	 	 	 
	 	Telephone:	(301)
  493-7048	 
	 	Telecopy:	(301)
  493-2885	 
								

 

 

	 	 	 
	 	FIRST
  UNION NATIONAL BANK	 	 
	 	     (as Bank and Documentation Agent)	 	 
	 	 	 
	 	By	/s/
  Daniel J. Sullivan

	 
	 	 	Name:  Daniel J. Sullivan	 
	 	 	Title:    Managing Director	 
	 	 	 
	 	Address
  for Notices and 	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	First
  Union National Bank	 	 
	 	One
  First Union Center	 	 
	 	301
  South College Street	 	 
	 	NC
  5604 	 	 
	 	Charlotte,
  NC 28288-5604	 	 
	 
	 	Attention:  	David
  Hoagland	 
	 	 	 	 
	 	Telephone:  	(704)
  374-4809	 
	 	Telecopy:    	(704)
  383-6205	 
	 	 	 
	 	CITICORP
  REAL ESTATE, INC.	 	 
	 	     (as Bank and Documentation Agent)	 	 
	 	 	 
	 	By	/s/
  David Z. Hirsh

	 
	 	 	Name:  David Z. Hirsh	 
	 	 	Title:    Vice President	 
	 	 	 
	 	Address
  for Notices and 	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	Citicorp
  Real Estate, Inc.	 	 
	 	390
  Greenwich Street	 	 
	 	New
  York, NY 10013	 	 
	 	 	 
	 	Attention:	David
  Hirsh	 
	 	 	 	 
	 	Telephone:	(212)
  723-5881	 
	 	Telecopy:	(212)
  723-8380	 
						

 

	 	 	 
	 	LEHMAN
  COMMERCIAL PAPER INC.	 	 
	 	 	 
	 	By	/s/
  Francis X. Gilhool

	 
	 	 	Name:  Francis X. Gilhool	 
	 	 	Title:    Authorized Signatory	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	Lehman
  Commercial Paper Inc.	 	 
	 	3
  World Financial Center	 	 
	 	New
  York, NY 10285-1200	 	 
	 	 	 
	 	Attention:	Thomas
  Buffa	 
	 	 	 	 
	 	Telephone:	(212)
  526-5153	 
	 	Telecopy:	(212)
  526-0035	 
	 	 	 
	 	BANKERS
  TRUST COMPANY	 	 
	 	 	 
	 	By	/s/
  Steven P. Lapham

	 
	 	 	Name:  Steven P. Lapham	 
	 	 	Title:    Director	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	Bankers
  Trust Company	 	 
	 	130
  Liberty Street	 	 
	 	MS:  NYC 02-2502	 	 
	 	New
  York, New York 10006	 	 
	 	 	 
	 	Attention:	Linda
  Wang	 
	 	 	 	 
	 	Telephone:	(212)
  250-2781	 
	 	Telecopy:	(212)
  669-0743	 
						

 

	 	 	 
	 	AMSOUTH
  BANK	 	 
	 	 	 
	 	By	/s/
  Alan C. Brown

	 
	 	 	Name:  Alan C. Brown	 
	 	 	Title:    Senior Vice President	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	AmSouth
  Bank	 	 
	 	1900
  5th Avenue North	 	 
	 	Birmingham,
  AL 35203	 	 
	 	 	 
	 	Attention:
  	Robert
  Blair	 
	 	 	 	 
	 	Telephone:	(205)
  326-4071	 
	 	Telecopy:	(205)
  326-4075	 
	 	 	 
	 	KEYBANK
  NATIONAL ASSOCIATION	 	 
	 	 	 
	 	By	/s/
  Mary Ellen Fowler

	 
	 	 	Name:  Mary Ellen Fowler	 
	 	 	Title:    Vice President	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	KeyBank
  National Association	 	 
	 	127
  Public Square	 	 
	 	OH-01-27-0839	 	 
	 	Cleveland,
  OH 44114	 	 
	 	 	 
	 	Attention:	Mary
  Ellen Fowler	 
	 	 	 	 
	 	Telephone:	(216)
  689-4975	 
	 	Telecopy:	(216)
  689-4997	 
						

 

	 	 	 
	 	PNC
  BANK, NATIONAL ASSOCIATION	 	 
	 	 	 
	 	By	/s/
  Connie Bond Stuart

	 
	 	 	Name:  Connie Bond Stuart	 
	 	 	Title:    Senior Vice President	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	PNC
  Bank, National Association	 	 
	 	One
  PNC Plaza	 	 
	 	249
  Fifth Avenue	 	 
	 	P1-POPP-19-2	 	 
	 	Pittsburgh,
  PA 15222	 	 
	 	 	 
	 	Attention:	Real
  Estate Banking	 
	 	 	 	 
	 	Telephone:	(412)
  762-8519	 
	 	Telecopy:	(412)
  762-5751	 
	 	 	 
	 	with
  a copy to:	 	 
	 	 	 	 
	 	1401
  Eye Street, N.W. – Suite 200	 	 
	 	Washington,
  DC 20005	 	 
	 	 	 
	 	Attention:	David
  Bucher	 
	 	 	 	 
	 	Telephone:	(202)
  393-2440	 
	 	Telecopy:	(202)
  393-1545	 
	 	 	 
	 	SOUTHTRUST
  BANK	 	 
	 	 	 
	 	By	/s/
  Ronald A. Brantley, II

	 
	 	 	Name:  Ronald A. Brantley, II	 
	 	 	Title:    Commercial Loan Officer	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	SouthTrust
  Bank	 	 
	 	420
  North 20th Street	 	 
	 	Birmingham,
  AL 35203	 	 
	 	 	 
	 	Attention:	Ronnie
  Brantley	 
	 	 	 	 
	 	Telephone:	(205)
  254-4438	 
	 	Telecopy:	(205)
  254-8270	 
						

 

	 	 	 
	 	COMERICA
  BANK	 	 
	 	 	 
	 	By	/s/
  Casey L. Ostrander

	 
	 	 	Name:  Casey L. Ostrander	 
	 	 	Title:    Account Officer	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office:	 	 
	 	 	 	 
	 	Comerica
  Bank	 	 
	 	500
  Woodward Avenue	 	 
	 	MC
  3256	 	 
	 	Detroit,
  Michigan 48226	 	 
	 	 	 
	 	Attention:	Casey
  Ostrander	 
	 	 	 	 
	 	Telephone:	(313)
  222-5286	 
	 	Telecopy:	(313)
  222-9295	 
	 	 	 
	 	SUNTRUST
  BANK	 	 
	 	 	 
	 	By	/s/
  Nancy B. Richards

	 
	 	 	Name:  Nancy B. Richards	 
	 	 	Title:    Vice President	 
	 	 	 
	 	Address
  for Notices and	 	 
	 	Applicable
  Lending Office	 	 
	 	 	 	 
	 	SunTrust
  Bank	 	 
	 	8245
  Boone Blvd., Suite 820	 	 
	 	Vienna,
  Virginia 22182	 	 
	 	 	 
	 	Attention:	Nancy
  B. Richards	 
	 	 	 	 
	 	Telephone:	(703)
  902-9039	 
	 	Telecopy:	(703)
  902-9245	 
						

EXHIBIT A

AUTHORIZATION
LETTER

________
___, 2001

Fleet National Bank

_____________________

_____________________

_____________________

Re:        Revolving Loan Agreement dated as of
____________, 2001 (the "Loan Agreement"; capitalized terms not
otherwise defined herein shall have the meanings ascribed to such terms in the
Loan Agreement) among us, as Borrower, the Banks named therein, and you, as
Administrative Agent for said Banks

Ladies/Gentlemen:

             In
connection with the captioned Loan Agreement, we hereby designate any of the
following persons to give to you instructions, including notices required
pursuant to the Loan Agreement, orally, by telephone or teleprocess, or in
writing:

             [NAMES]

 

             Instructions
may be honored on the oral, telephonic, teleprocess or written instructions of
anyone purporting to be any one of the above designated persons even if the
instructions are for the benefit of the person delivering them.  We will furnish you with written
confirmation of each such instruction signed by any person designated above
(including any telecopy which appears to bear the signature of any person
designated above) on the same day that the instruction is provided to you, but
your responsibility with respect to any instruction shall not be affected by
your failure to receive such confirmation or by its contents.

             Without limiting the
foregoing, we hereby unconditionally authorize any one of the above-designated
persons to execute and submit requests for advances of proceeds of the Loans
(including the Initial Advance) and notices of Elections, Conversions and
Continuations to you under the Loan Agreement with the identical force and
effect in all respects as if executed and submitted by us.

             You
and the Banks shall be fully protected in, and shall incur no liability to us
for, acting upon any instructions which you in good faith believe to have been
given by any person designated above, and in no event shall you or the Banks be
liable for special, consequential or punitive damages.  In addition, we agree to hold you and the
Banks and your and their respective agents harmless from any and all liability,
loss and expense arising directly or indirectly out of instructions that we
provide to you in connection with the Loan Agreement except for liability, loss
or expense occasioned by your gross negligence or willful misconduct.

             Upon
notice to us, you may, at your option, refuse to execute any instruction, or
part thereof, without incurring any responsibility for any loss, liability or
expense arising out of such refusal if you in good faith believe that the
person delivering the instruction is not one of the persons designated above or
if the instruction is not accompanied by an authentication method that we have
agreed to in writing.

             We
will promptly notify you in writing of any change in the persons designated
above and, until you have actually received such written notice and have had a
reasonable opportunity to act upon it, you are authorized to act upon
instructions, even though the person delivering them may no longer be
authorized.

	 	Very
  truly yours,
	 	 
	 	AVALONBAY
  COMMUNITIES, INC.
	 	 
	 	By	

	 	 	Name:
	 	 	Title:

EXHIBIT B

RATABLE
LOAN NOTE

	 	 
	$___________	New York, New York
	 	____________________________________________,
  200_

             For
value received, AvalonBay Communities, Inc., a Maryland corporation
("Borrower"), hereby promises to pay to the order of ___________ or
its successors or assigns (collectively, the "Bank"), at the
principal office of Fleet National Bank ("Administrative Agent")
located at __________________ for the account of the Applicable Lending Office
of the Bank, the principal sum of ________ Dollars ($____________), or if less,
the amount loaned by the Bank under its Ratable Loan to Borrower pursuant to
the Loan Agreement (as defined below) and actually outstanding, in lawful money
of the United States and in immediately available funds, in accordance with the
terms set forth in the Loan Agreement. 
Borrower also promises to pay interest on the unpaid principal balance
hereof, for the period such balance is outstanding, in like money, at said
office for the account of said Applicable Lending Office, at the time and at a
rate per annum as provided in the Loan Agreement.  Any amount of principal hereof which is not paid when due,
whether at stated maturity, by acceleration, or otherwise, shall bear interest
from the date when due until said principal amount is paid in full, payable on
demand, at the rate set forth in the Loan Agreement.

             The
date and amount of each advance of the Ratable Loan made by the Bank to
Borrower under the Loan Agreement referred to below, and each payment of said
Ratable Loan, shall be recorded by the Bank on its books and, prior to any
transfer of this Note (or, at the discretion of the Bank, at any other time),
may be endorsed by the Bank on the schedule attached hereto and any
continuation thereof.

             This
Note is one of the Ratable Loan Notes referred to in the Revolving Loan Agreement
dated as of ________ __, 2001 (as the same may be amended from time to time,
the "Loan Agreement") among Borrower, the Banks named therein
(including the Bank) and Administrative Agent, as administrative agent for the
Banks.  All of the terms, conditions and
provisions of the Loan Agreement are hereby incorporated by reference.  All capitalized terms used herein and not
defined herein shall have the meanings given to them in the Loan Agreement.

             The
Loan Agreement contains, among other things, provisions for the prepayment of
and acceleration of this Note upon the happening of certain stated events.

             No
recourse shall be had under this Note against Borrower's Principals except as
and to the extent set forth in Section 11.02 of the Loan Agreement.

             All
parties to this Note, whether principal, surety, guarantor or endorser, hereby
waive presentment for payment, demand, protest, notice of protest and notice of
dishonor.

             This Note shall be governed
by, and construed and enforced in accordance with, the Laws of the State of New
York, provided that, as to the maximum lawful rate of interest which may be
charged or collected, if the Laws applicable to the Bank permit it to charge or
collect a higher rate than the Laws of the State of New York, then such Law applicable
to the Bank shall apply to the Bank under this Note.

	 	AVALONBAY
  COMMUNITIES, INC.
	 	 
	 	By	

	[SEAL]
	 	    Name:
	 	    Title:

 

	

  Date	Amount

  of Advance	Amount

  of Payment	Balance

  Outstanding	

  Notation By
	

	

	

	

	

 

EXHIBIT B-1

BID
RATE LOAN NOTE

	$400,000,000	New York, New York
	 	__________, 2001

             For
value received, AvalonBay Communities, Inc., a Maryland corporation
("Borrower"), hereby promises to pay to the order of Fleet National
Bank ("Administrative Agent") or its successors or assigns for the
account of the respective Banks making Bid Rate Loans or their respective
successors or assigns (for the further account of their respective Applicable
Lending Offices), at the principal office of Administrative Agent located at
_____________________________________________________, the principal sum of
Four Hundred Million Dollars ($400,000,000), or if less, the amount loaned by
one or more of said Banks under their respective Bid Rate Loans to Borrower
pursuant to the Loan Agreement (as defined below) and actually outstanding, in
lawful money of the United States and in immediately available funds, in
accordance with the terms set forth in the Loan Agreement.  Borrower also promises to pay interest on
the unpaid principal balance hereof, for the period such balance is
outstanding, in like money, at said office for the account of said Banks for
the further account of their respective Applicable Lending Offices, at the
times and at the rates per annum as provided in the Loan Agreement.  Any amount of principal hereof which is not
paid when due, whether at stated maturity, by acceleration, or otherwise, shall
bear interest from the date when due until said principal amount is paid in
full, payable on demand, at the rate set forth in the Loan Agreement.

             The
date and amount of each Bid Rate Loan to Borrower under the Loan Agreement
referred to below, the name of the Bank making the same, the interest rate
applicable thereto and the maturity date thereof (i.e., the end of the
Interest Period Applicable thereto) shall be recorded by Administrative Agent
on its records and may be endorsed by Administrative Agent on the schedule
attached hereto and any continuation thereof.

             This
Note is the Bid Rate Loan Note referred to in the Revolving Loan Agreement
dated as of ______________, 2001 (as the same may be amended from time to time,
the "Loan Agreement") among Borrower, the Banks named therein and
Administrative Agent, as administrative agent for the Banks.  All of the terms, conditions and provisions
of the Loan Agreement are hereby incorporated by reference.  All capitalized terms used herein and not
defined herein shall have the meanings given to them in the Loan Agreement.

             The
Loan Agreement contains, among other things, provisions for the prepayment of
and acceleration of this Note upon the happening of certain stated events.

             No
recourse shall be had under this Note against the Borrower's Principals except
as and to the extent set forth in Section 11.02 of the Loan Agreement.

             All parties to this Note,
whether principal, surety, guarantor or endorser, hereby waive presentment for
payment, demand, protest, notice of protest and notice of dishonor.

             This
Note shall be governed by, and construed and enforced in accordance with, the
Laws of the State of New York, provided that, as to the maximum lawful rate of
interest which may be charged or collected, if the Laws applicable to a
particular Bank permit it to charge or collect a higher rate than the Laws of
the State of New York, then such Law applicable to such Bank shall apply to
such Bank under this Note.

	 	AVALONBAY
  COMMUNITIES, INC.
	 	 
	 	By	

	[SEAL]
	 	    Name:
	 	    Title:

	Bid

  Rate

  Loan #	Bank	Date of

  Advance	Principal

  Amount	Interest

  Rate	Maturity (i.e.,
  Expiration of Interest Period)
	

	

	

	

	

	

EXHIBIT B-2

SWING
LOAN NOTE

	New York, New York
	__________, 200_

             For
value received, AvalonBay Communities, Inc., a Maryland corporation
("Borrower"), hereby promises to pay to the order of ___________ or
its successors or assigns (collectively, the "Bank"), at the
principal office of Fleet National Bank ("Administrative Agent")
located at ___________________ for the account of the Applicable Lending Office
of the Bank, the principal sum equal to the amount loaned by the Bank under its
Swing Loan to Borrower pursuant to the Loan Agreement (as defined below) and
actually outstanding, in lawful money of the United States and in immediately
available funds, in accordance with the terms set forth in the Loan
Agreement.  Borrower also promises to
pay interest on the unpaid principal balance hereof, for the period such
balance is outstanding, in like money, at said office for the account of said
Applicable Lending Office, at the time and at a rate per annum as provided in
the Loan Agreement.  Any amount of
principal hereof which is not paid when due, whether at stated maturity, by
acceleration, or otherwise, shall bear interest from the date when due until
said principal amount is paid in full, payable on demand, at the rate set forth
in the Loan Agreement.

             The
date and amount of each advance of the Swing Loan made by the Bank to Borrower
under the Loan Agreement referred to below, and each payment of said Swing
Loan, shall be recorded by the Bank on its books and, prior to any transfer of
this Note (or, at the discretion of the Bank, at any other time), may be
endorsed by the Bank on the schedule attached hereto and any continuation
thereof.

             This
Note is one of the Swing Loan Notes referred to in the Revolving Loan Agreement
dated as of ________ __, 2001 (as the same may be amended from time to time,
the "Loan Agreement") among Borrower, the Banks named therein
(including the Bank) and Administrative Agent, as administrative agent for the
Banks.  All of the terms, conditions and
provisions of the Loan Agreement are hereby incorporated by reference.  All capitalized terms used herein and not
defined herein shall have the meanings given to them in the Loan Agreement.

             The
Loan Agreement contains, among other things, provisions for the prepayment of
and acceleration of this Note upon the happening of certain stated events.

             No
recourse shall be had under this Note against Borrower's Principals except as
and to the extent set forth in Section 11.02 of the Loan Agreement.

             All
parties to this Note, whether principal, surety, guarantor or endorser, hereby
waive presentment for payment, demand, protest, notice of protest and notice of
dishonor.

             This Note shall be governed
by, and construed and enforced in accordance with, the Laws of the State of New
York, provided that, as to the maximum lawful rate of interest which may be
charged or collected, if the Laws applicable to the Bank permit it to charge or
collect a higher rate than the Laws of the State of New York, then such Law
applicable to the Bank shall apply to the Bank under this Note.

	 	AVALONBAY
  COMMUNITIES, INC.	 
	 	 	 
	 	By	

	[SEAL]
	 	    Name:	 
	 	    Title:	 
				

	

  Date	Amount

  of Advance	Amount

  of Payment	Balance

  Outstanding	

  Notation By
	

	

	

	

	

 

[Other Exhibits Omitted]

TABLE
OF CONTENTS

	 	 
	ARTICLE I
  DEFINITIONS; ETC.
	 
	Section
  1.01	Definitions
	Section 1.02	Accounting Terms
	Section
  1.03	Computation
  of Time Periods
	Section 1.04	Rules of
  Construction
	 	 
	ARTICLE
  II THE LOANS
	 
	Section
  2.01	Ratable
  Loans; Bid Rate Loans; Purpose.
	Section 2.02	Bid Rate Loans.
	Section
  2.03	Advances,
  Generally
	Section 2.04	Procedures for
  Advances
	Section 2.05	Interest
  Periods; Renewals
	Section
  2.06	Interest
	Section
  2.07	Fees
	Section
  2.08	Notes
	Section
  2.09	Prepayments
	Section
  2.10	Cancellation
  of Commitments
	Section 2.11	Method of Payment
	Section
  2.12	Elections,
  Conversions or Continuation of Loans
	Section 2.13	Minimum Amounts
	Section
  2.14	Certain
  Notices Regarding Elections, Conversions and Continuations of Loans
	Section
  2.15	Late Payment
  Premium
	Section 2.16	Letters of Credit
	Section
  2.17	Swing
  Loans
	Section 2.18	Extension Of
  Maturity
	Section
  2.19	Additional
  Loan Commitments.
	 	 
	ARTICLE III YIELD
  PROTECTION; ILLEGALITY, ETC.
	 
	Section
  3.01	Additional Costs
	Section
  3.02	Limitation
  on Types of Loans
	Section
  3.03	Illegality
	Section
  3.04	Treatment
  of Affected Loans
	Section 3.05	Certain
  Compensation
	Section 3.06	Capital Adequacy
	Section 3.07	Substitution of
  Banks
	Section 3.08	Applicability
	 	 
	ARTICLE IV
  CONDITIONS PRECEDENT
	 
	Section
  4.01	Conditions
  Precedent to the Initial Advance
	Section
  4.02	Conditions
  Precedent to Advances After the Initial Advance
	Section 4.03	Deemed
  Representations
			

 

	 	 
	ARTICLE
  V REPRESENTATIONS AND WARRANTIES
	 
	Section 5.01	Due Organization
	Section
  5.02	Power
  and Authority; No Conflicts; Compliance With Laws
	Section
  5.03	Legally
  Enforceable Agreements
	Section
  5.04	Litigation
	Section 5.05	Good Title to
  Properties
	Section
  5.06	Taxes
	Section
  5.07	ERISA
	Section
  5.08	No
  Default on Outstanding Judgments or Orders
	Section
  5.09	No
  Defaults on Other Agreements
	Section 5.10	Government
  Regulation
	Section 5.11	Environmental
  Protection
	Section
  5.12	Solvency
	Section 5.13	Financial
  Statements
	Section
  5.14	Valid
  Existence of Affiliates
	Section
  5.15	Insurance
	Section
  5.16	Accuracy
  of Information; Full Disclosure
	 	 
	ARTICLE VI
  AFFIRMATIVE COVENANTS
	 
	Section 6.01	Maintenance of
  Existence
	Section 6.02	Maintenance of
  Records
	Section 6.03	Maintenance of
  Insurance
	Section
  6.04	Compliance
  with Laws; Payment of Taxes
	Section 6.05	Right of Inspection
	Section
  6.06	Compliance
  With Environmental Laws
	Section 6.07	Maintenance
  of Properties
	Section 6.08	Payment of Costs
	Section
  6.09	Reporting
  and Miscellaneous Document Requirements
	Section
  6.10	Principal
  Prepayments as a Result of Reduction in Total Loan Commitment
	 	 
	ARTICLE VII NEGATIVE
  COVENANTS
	 
	Section
  7.01	Mergers
  Etc
	Section 7.02	Investments
	Section 7.03	Sale of Assets
	Section 7.04	Distributions
	 	 
	ARTICLE
  VIII FINANCIAL COVENANTS
	 
	Section
  8.01	Consolidated
  Tangible Net Worth
	Section
  8.02	Relationship
  of Total Outstanding Indebtedness to Capitalization Value
	Section
  8.03	Relationship
  of Combined EBITDA to Interest Expense
	Section
  8.04	Relationship
  of Combined EBITDA to Combined Debt Service
	Section
  8.05	Ratio
  of Unsecured Indebtedness to Unencumbered Asset Value
	Section
  8.06	Relationship
  of Unencumbered Combined EBITDA to Unsecured Interest Expense
	Section
  8.07	Relationship
  of Dividends to Funds From Operations
	Section
  8.08	Relationship
  of Secured Indebtedness to Capitalization Value

 

	 	 
	ARTICLE IX EVENTS OF
  DEFAULT
	 
	Section 9.01	Events of Default
	Section
  9.02	Remedies
	 	 
	ARTICLE
  X ADMINISTRATIVE AGENT; RELATIONS AMONG BANKS
	 
	Section
  10.01	Appointment,
  Powers and Immunities of Administrative Agent
	Section
  10.02	Reliance
  by Administrative Agent
	Section
  10.03	Defaults
	Section
  10.04	Rights
  of Administrative Agent as a Bank
	Section
  10.05	Indemnification
  of Administrative Agent
	Section
  10.06	Non-Reliance
  on Administrative Agent and Other Banks
	Section
  10.07	Failure
  of Administrative Agent to Act
	Section
  10.08	Resignation
  or Removal of Administrative Agent
	Section
  10.09	Amendments
  Concerning Agency Function
	Section
  10.10	Liability
  of Administrative Agent
	Section
  10.11	Transfer
  of Agency Function
	Section
  10.12	Non-Receipt
  of Funds by Administrative Agent
	Section 10.13	Withholding Taxes
	Section
  10.14	Minimum
  Commitment by Co-Agents
	Section 10.15	Pro Rata Treatment
	Section
  10.16	Sharing
  of Payments Among Banks
	Section 10.17	Possession of
  Documents
	 	 
	ARTICLE XI
  NATURE OF OBLIGATIONS
	 
	Section
  11.01	Absolute
  and Unconditional Obligations
	Section
  11.02	Non-Recourse
  to Borrower's Principals
	 	 
	ARTICLE XII
  MISCELLANEOUS
	 
	Section
  12.01	Binding
  Effect of Request for Advance
	Section 12.02	Amendments and
  Waivers
	Section
  12.03	Usury
	Section
  12.04	Expenses;
  Indemnification
	Section
  12.05	Assignment;
  Participation
	Section
  12.06	Documentation
  Satisfactory
	Section
  12.07	Notices
	Section
  12.08	Setoff
	Section
  12.09	Table of
  Contents; Headings
	Section 12.10	Severability
	Section
  12.11	Counterparts
	Section 12.12	Integration
	Section 12.13	Governing Law
	Section
  12.14	Waivers
	Section 12.15	Jurisdiction;
  Immunities
	Section 12.16	Designated Lender
	Section
  12.17	No
  Bankruptcy Proceedings

 

	 	 	 
	EXHIBIT A	-	Authorization Letter
	 	 	 
	EXHIBIT B	-	Ratable Loan Note
	 	 	 
	EXHIBIT B-1	-	Bid Rate Loan
  Note
	 	 	 
	EXHIBIT B-2	-	Swing Loan Note
	 	 	 
	EXHIBIT
  C	-	Information
  Regarding Material Affiliates
	 	 	 
	EXHIBIT
  D	-	Solvency
  Certificate
	 	 	 
	EXHIBIT
  E	-	Assignment
  and Assumption Agreement
	 	 	 
	EXHIBIT
  F	-	Designation
  Agreement
	 	 	 
	EXHIBIT
  G-1	-	Bid
  Rate Quote Request
	 	 	 
	EXHIBIT
  G-2	-	Invitation
  for Bid Rate Quotes
	 	 	 
	EXHIBIT
  G-3	-	Bid
  Rate Quote
	 	 	 
	EXHIBIT
  G-4	-	Borrower's
  Acceptance of Bid Rate Quote
	 	 	 
	EXHIBIT
  H	 	Acceptance
  Letter

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