Document:

exv10w18

 

Exhibit 10.18

     THIS AGREEMENT OF PURCHASE AND SALE (this “Agreement”) is made and entered into as of this
12th day of June (the “Contract Date”) by and between FIRST INDUSTRIAL, L.P., a Delaware
limited partnership (“Seller”), and NORTHFIELD LABORATORIES, INC., a Delaware corporation
(“Purchaser”).

     1. SALE.

     Seller agrees to sell and convey to Purchaser, and Purchaser agrees to purchase from Seller, for
the purchase price set forth below and on the terms and conditions set forth in this Agreement, all
of the following:

          (a) that certain tract or parcel of land, together with all rights, easements and interests
appurtenant thereto including, but not limited to, any streets or other public ways adjacent to
said tract or parcel and any water or mineral rights owned by, or leased to, Seller, which is
described on Exhibit A attached hereto and made a part hereof (the “Land”);

          (b) all of the buildings, structures, fixtures and other improvements located on the Land,
including, but not limited to, the building commonly known by the street address 1200 Business
Center Drive, Mount Prospect, Illinois, and all other on-site structures, systems, and utilities
associated with the building (all such improvements being referred to herein as the
“Improvements”), but excluding improvements, if any, owned by any tenant(s) located therein;

          (c) Seller’s right, title and interest in all leases and other agreements to occupy all or any
portion of any or all of the Land and the Improvements that are in effect on the Contract Date or
into which Seller enters prior to Closing (as hereinafter defined) pursuant to the terms of this
Agreement (collectively, the “Leases”);

          (d) all of Seller’s right, title and interest in and to all tangible personal property upon the
Land or within the Improvements, including, without limitation, heating, ventilation and air
conditioning systems and equipment, appliances, furniture, tools and supplies, owned by Seller and
used by Seller in connection with the ownership and operation of the Land and the Improvements (the
“Personal Property”), but excluding any and all items of tangible personal property owned by the
tenants;

          (e) all of Seller’s right, title and interest in and to all assignable contracts and agreements to
which Seller is party (other than Leases) relating to the upkeep, repair, maintenance, leasing or
operation of any or all of the Land, Improvements and the Personal Property, and all comparable
contracts, agreements or arrangements into which Seller enters prior to Closing pursuant to this
Agreement (collectively, the “Contracts”), except that Purchaser shall not assume and accept at
Closing those Contracts which constitute Rejected Contracts (as hereinafter defined); and

          (f) to the extent transferable, all of Seller’s right, title and interest (if any) in and to all
intangible assets of any nature relating to any or all of the Land, the Improvements and the
Personal Property, including, but not limited to, (i) all guaranties and warranties issued with
respect to the Personal Property or the Improvements; (ii) all plans and specifications, drawings
and prints describing the Improvements; (iii) trademarks or trade names associated with the
Improvements; and (iv) all licenses, permits, approvals, certificates of occupancy, dedications,

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subdivision maps and entitlements now or hereafter issued, approved or granted by any
governmental authority in connection with the Land or the Improvements (collectively, the
“Intangibles”).

The Land, the Improvements, the Personal Property, the Contracts, the Leases and the Intangibles
are hereinafter referred to collectively as the “Property.”

     2. PURCHASE PRICE.

     The total purchase price to be paid to Seller by Purchaser for the Property shall be SIX MILLION
SEVEN HUNDRED THIRTY-ONE THOUSAND AND NO/100 DOLLARS ($6,731,000.00) (the “Purchase Price”), plus
or minus prorations as hereinafter provided.

     3. CLOSING.

     The purchase and sale contemplated herein shall be consummated at a closing (“Closing”) to take
place by mail or at the offices of the Title Company (defined below). The Closing shall occur on
June 23, 2006, or as otherwise agreed by the parties (the “Closing Date”).

     4. DEPOSIT.

     Not later than two (2) business days after the execution and delivery of this Agreement by
Purchaser and Seller, Purchaser shall deposit, as its earnest money deposit, the sum of One Hundred
Fifty Thousand and No/100 Dollars ($150,000.00) (the “Earnest Money”) in an escrow with the Title
Company (the “Escrow”) pursuant to escrow instructions in the form attached hereto as Exhibit
B. The Earnest Money and all interest earned thereon are herein collectively referred to as the
“Deposit.” Except as otherwise expressly set forth herein, the Deposit shall be applied against the
Purchase Price at Closing.

     5. SELLER’S DELIVERIES.

     Prior to the execution of this Agreement, Seller has delivered to Purchaser all, to Seller’s
Knowledge, of the documents and agreements described on Exhibit C attached hereto and made
a part hereof that are in Seller’s possession or reasonable control (the “Documents”), except for
the Documents described in item (c) on Exhibit C which have been delivered to Purchaser
only to the extent such Documents are in Seller’s actual possession. Seller shall continue to make
available to Purchaser or its agents for inspection in the Chicago, Illinois office of FR, all, to
Seller’s knowledge, of the Documents in Seller’s possession or reasonable control, except for the
Documents described in item (c) on Exhibit C which shall only be made available to
Purchaser to the extent such Documents are in Seller’s actual possession. The Documents that are
furnished to Purchaser pursuant to this Section 5 are being furnished to Purchaser for information
purposes only and without any representation or warranty by Seller with respect thereto, express or
implied, except as may otherwise be expressly set forth in this Section 5 or Section 8.1 below, in
either case as limited by Sections 8.2 and 8.3 below. Seller hereby represents and warrants to
Purchaser that, to Seller’s knowledge, Seller has not failed to deliver true and complete copies of
any Documents in Seller’s possession or reasonable control (except for the Documents described in
item (c) on Exhibit C which have been delivered to Purchaser only to the extent such
Documents are in Seller’s actual possession).

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     6. INSPECTION PERIOD.

          6.1. Basic Project Inspection. At all times prior to Closing, including times following the
“Inspection Period” (which Inspection Period is defined to be the period commencing with the
Contract Date and continuing through and including June 15, 2006), Purchaser and Purchaser’s
employees, third party consultants, lenders, engineers, accountants and attorneys (collectively,
the “Purchaser’s Representatives”) shall be entitled to conduct a “Basic Project Inspection” of the
Property, which will include the rights to: (i) enter upon the Land and Improvements, at reasonable
times, to perform inspections and tests of the Land and the Improvements, (ii) make investigations
with regard to the environmental condition of the Land and the Improvements and the compliance by
the Land and the Improvements with all applicable laws, ordinances, rules and regulations, (iii)
review the Leases affecting the Property, and (iv) interview any tenant at the Improvements with
respect to its current and prospective occupancy of the Improvements as long as a representative of
Seller is in attendance throughout such interview, which representatives shall be made reasonably
available for such purposes. Purchaser shall provide not less than one (1) business days’ prior
notice to Seller before conducting any investigations, study, interview or test to or at the Land
and the Improvements. If Purchaser determines, in its sole discretion that the Property is not
appropriate for Purchaser’s intended use, then Purchaser may terminate this Agreement by written
notice to Seller (the “Termination Notice”), delivered not later than 5:00 p.m. (Chicago Time) on
the last day of the Inspection Period (the “Approval Date”), whereupon the Deposit shall be
returned to Purchaser and neither party shall have any further liabilities or obligations
hereunder, except for those liabilities and obligations that expressly survive a termination of
this Agreement. If Purchaser fails to timely deliver a Termination Notice to Seller prior 5:00 p.m.
(Chicago Time) on the Approval Date, Purchaser shall be automatically deemed to have forever waived
its right to terminate this Agreement pursuant to this Section 6.1, and the Property shall be
deemed acceptable to Purchaser.

          6.2. Purchaser’s Undertaking. Purchaser hereby covenants and agrees that it shall cause all
studies, investigations and inspections performed at the Land or the Improvements to be performed
in a manner that does not unreasonably disturb or disrupt the tenancies or business operations of
the tenant(s) at the Improvements. Purchaser shall not conduct (or cause to be conducted) any
physically intrusive investigation, examination or study of the Land or the Improvements (any such
investigation, examination or study, an “Intrusive Investigation”) as part of its Basic Project
Inspection or otherwise without obtaining the prior written consent of Seller. In the event
Purchaser desires to conduct (or cause to be conducted) any Intrusive Investigation of the Land or
the Improvements, such as sampling of soils, other media, building materials, or the other
comparable investigation, Purchaser will provide a written scope of work to Seller describing
exactly what procedures Purchaser desires to perform. Seller may withhold its consent to any
Intrusive Investigation of the Land or the Improvements in its sole discretion. Purchaser and
Purchaser’s Representatives shall, in performing its Basic Project Inspection, comply with the
agreed upon procedures and with any and all laws, ordinances, rules, and regulations applicable to
any or all of such procedures, the Land and the Improvements. Neither Purchaser nor Purchaser’s
Representatives shall report the results of the Basic Project Inspection to any governmental or
quasi-governmental authority under any circumstances, unless required by applicable law in its
capacity as contract purchaser, without obtaining Seller’s express written consent, which consent
may be withheld in Seller’s sole discretion. Purchaser Representatives shall: (a) together
maintain comprehensive general liability (occurrence) insurance in an .amount of not less than
$2,000,000

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covering any accident arising in connection with the presence of Purchaser and Purchaser’s
Representatives at the Land and the Improvements and the performance of any investigations,
examinations or studies thereon, and shall deliver a certificate of insurance (in form and
substance reasonably satisfactory to Seller), naming Seller as an additional insured thereunder,
verifying the existence of such coverage to Seller prior to entry upon the Land or the
Improvements; and (b) promptly pay when due any third party costs associated with its Basic Project
Inspection. Purchaser shall, at Purchaser’s sole cost, repair any damage to the Land or the
Improvements resulting from the Basic Project Inspection, and, to the extent Purchaser or
Purchaser’s Representatives alter, modify, disturb or change the condition of the Land or the
Improvements as part of the Basic Project Inspection or otherwise, Purchaser shall, at Purchaser’s
sole cost, restore the Land and the Improvements to the condition in which the same were found
before such alteration, modification, disturbance or change. Purchaser hereby indemnifies,
protects, defends and holds Seller, Seller’s affiliates, their respective partners, shareholders,
officers and directors, and all of their respective successors and assigns (collectively, the
“Seller Indemnified Parties”) harmless from and against any and all losses, damages, claims, causes
of action, judgments, damages, costs and expenses (including reasonable attorneys’ fees and court
costs) (collectively, “Losses”) that Seller or any Seller Indemnified Party suffers or incurs as a
result of, or in connection with Purchaser’s Basic Project Inspection or Purchaser’s or Purchaser’s
Representatives entry upon the Land or the Improvements hereunder. Purchaser’s undertakings
pursuant to this Section 6.2 shall indefinitely survive a termination of this Agreement or the
Closing and shall not be merged into any instrument of conveyance delivered at Closing.

          6.3. Confidentiality. Purchaser agrees to maintain in confidence the information and terms
contained in the Evaluation Materials (defined below) and this Agreement (collectively, the
“Transaction Information”). Purchaser shall not, under any circumstances, disclose all or any
portion of the Transaction Information to any person or entity and shall maintain the Transaction
Information in the strictest confidence; provided, however, that Purchaser may disclose the
Transaction Information: (a) to Purchaser’s Representatives to the extent that Purchaser determines
Purchaser’s Representatives reasonably need to know such Transaction Information in order to
assist, and perform services on behalf of, Purchaser; (b) to the extent required by any applicable
statute, law, regulation or governmental authority; and (c) in connection with any litigation that
may arise between the parties in connection with the transactions contemplated by this Agreement.
Purchaser shall advise Purchaser’s Representatives of the provisions of this Section 6.3 and cause
such parties to maintain the Transaction Information as confidential information and otherwise
comply with the terms of this Section 6.3. For purposes of this Agreement, the term “Evaluation
Materials” shall mean the Documents and any other materials or information delivered or made
available by Seller or its agents to Purchaser or Purchaser’s Representatives together with (i) all
analyses, compilations, studies or other documents prepared by (or on behalf of) Purchaser, which
contain or otherwise reflect such information or materials and (ii) the results of any studies,
analysis or investigation of the Property undertaken by or on behalf of Purchaser. Purchaser agrees
that the Evaluation Materials shall be used solely for purposes of evaluating the acquisition and
potential ownership and operation of the Property. Notwithstanding anything contained herein to the
contrary, it is understood and agreed that money damages would not be a sufficient remedy for any
breach of this Section 6.3 by Purchaser or Purchaser’s Representatives and that Seller shall be
entitled to specific performance and injunctive or other equitable relief as a remedy for any such
breach of this Section 6.3 by Purchaser or Purchaser’s Representatives. Purchaser further agrees to
waive any requirement for the security or posting of any bond in connection with such remedy.

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Such remedy shall not be deemed to be the exclusive remedy for breach of this Section 6.3 but shall
be in addition to all other remedies available at law or in equity to Seller. In the event this
Agreement is terminated for any reason whatsoever, Purchaser shall promptly (and in any event
within three (3) business days after the effective date of termination) return to Seller the
Documents and any and all copies of the Documents and destroy any and all other Evaluation
Materials. The undertakings of Purchaser pursuant to this Section 6.3 shall survive the termination
of this Agreement.

          6.4. Rejection of Contracts. Purchaser may elect, in its sole discretion, to require that
Seller, at Seller’s expense, terminate any of the Contracts other than Brokerage Agreements (as
hereinafter defined) and security contracts provided Purchaser notifies Seller of such election
prior to the Approval Date (any such Contracts that Purchaser elects to terminate, the “Rejected
Contracts”).

     7. TITLE AND SURVEY MATTERS.

          7.1. Conveyance of Title. At Closing, Seller agrees to deliver to Purchaser a Special
Warranty Deed (“Deed”), in recordable form, conveying the Land and the Improvements to Purchaser,
free and clear of all liens, claims and encumbrances except for the following items (the “Permitted
Exceptions”): (1) taxes not yet due and payable; (2) those matters that may be approved (or
deemed approved) by Purchaser pursuant to Section 7.4 or Section 10.1; (3) the rights of tenants
pursuant to the Leases; (4) matters arising out of any act of Purchaser or Purchaser’s
Representatives; and (5) local, state and federal laws, ordinances, rules and regulations,
including, but not limited to, zoning ordinances (those liens, claims, encumbrances and matters
referred to in items (1) and (3) — (5) above, the “Existing Permitted Exceptions”).

          7.2. Title Commitment. Promptly after the receipt of the same (and in any events within ten
(10) business days after the Contract Date), Purchaser shall deliver to Seller a commitment (the
“Title Commitment”) issued by First American Title Insurance Company (30 North LaSalle Street,
Suite 310, Chicago, Illinois 60602, Attn: Richard Seidel) (the “Title Company”), for an owner’s
title insurance policy with respect to the Land (the “Title Policy”), in the full amount of the
Purchase Price, together with copies of all recorded documents evidencing title exceptions raised
in “Schedule B” of such Title Commitment. It shall be a condition precedent to Purchaser’s
obligation to proceed to Closing that, at Closing, the Title Company shall issue the Title Policy
(or a “marked” Title Commitment) insuring, in the full amount of the Purchase Price, Purchaser as
the fee simple owner of the Land and the Improvements, subject only to the Permitted Exceptions. If
the foregoing condition precedent fails for any reason other than the actions or omissions of
Purchaser, Purchaser may elect to either (i) proceed to Closing and waive the failure of such
condition or (ii) terminate this Agreement by delivery of written notice to Seller on or prior to
Closing, in which event (i) the Deposit shall be returned to Purchaser, and (ii) neither party
shall have any further liabilities or obligations hereunder except for those liabilities and
obligations that expressly survive a termination of this Agreement.

          7.3. Survey. Seller shall deliver to Purchaser a copy of an existing survey of the Land and
the Improvements (the “Survey”) together with the Documents to the extent in Seller’s possession.
Any updates of the Survey, including, but not limited to recertification thereof, or any

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new survey (any such new or updated survey, an “Updated Survey”) shall be the sole
responsibility of Purchaser.

          7.4. Defects and Cure.

               7.4.1. Purchaser’s Defect Notices. Purchaser shall accept title to the Land and the
Improvements subject to all of the Existing Permitted Exceptions. If the Updated Survey or the
Title Commitment discloses exceptions to title other than the Existing Permitted Exceptions (such
exceptions to title being referred to as the “Disclosed Exceptions”), then Purchaser shall have
until 5:00 p.m. (Chicago time) on the later of the date that is five (5) business days prior to the
Approval Date and the date on which Purchaser has received both the Title Commitment and the
Survey, within which to notify Seller of any such Disclosed Exceptions to which Purchaser
reasonably objects (any such notice, a “Defect Notice”) on the grounds that such Disclosed
Exceptions either (a) render title unmarketable or uninsurable at regular rates, or (b) materially
and adversely affect Purchaser’s intended use of the Property or the value of the Property.
Notwithstanding anything contained herein to the contrary, Purchaser shall have no right to object
to any matters disclosed by the Updated Survey or the Title Commitment (or any further updates to
either of the foregoing) unless Purchaser delivers a Defect Notice with respect to the Title
Commitment and/or the Updated Survey, within the earlier of the date that is five (5) business days
prior to the Approval Date and the date on which Purchaser has received both the Title Commitment
and the Survey. If the Title Commitment, the Updated Survey or any update to either of the
foregoing that occurs prior to Closing discloses any exceptions other than the Existing Permitted
Exceptions that do not either (i) render title unmarketable or uninsurable at regular rates or (ii)
materially and adversely affect Purchaser’s intended use of the Property or the value of the
Property, such exceptions shall be deemed Permitted Exceptions for all relevant purposes under this
Agreement. Any exceptions to title (other than the Existing Permitted Exceptions and the Disclosed
Exceptions) that arise between the effective date of the Title Commitment or Seller’s receipt of an
Updated Survey, as the case may be, and the Closing are referred to herein as “New Defects.”
Purchaser shall have five (5) business days after its receipt of written notice or updated title
evidence reflecting any New Defects within which to notify Seller in writing of any such New
Defects to which Purchaser reasonably objects on the grounds that such New Defects either (a)
render title unmarketable or uninsurable at regular rates or (b) materially and adversely affect
Purchaser’s intended use of the Property or the value of the Property.

               7.4.2. Seller’s Response Notices. Seller shall be obligated to cure and remove (or procure
title insurance over) all of the following classes of New Defects and Disclosed Exceptions
(“Mandatory Cure Items”), if any: (i) the liens of any mortgage, trust deed or deed of trust
evidencing an indebtedness owed by Seller; (ii) tax liens for delinquent ad valorem real estate
taxes; (iii) mechanics liens pursuant to a written agreement either between (x) the claimant (the
“Contract Claimant”) and Seller or its employees, officers or managing agents (the “Seller
Parties”) or (y) the Contract Claimant and any other contractor, materialman or supplier with which
Seller or the Seller Parties have a written agreement; and (iv) broker’s liens pursuant to a
written agreement between the broker and Seller or any Seller Parties. Seller may elect, in its
sole discretion, to cure and remove any Disclosed Exception or New Defect identified by Purchaser
in a Defect Notice by delivering written notice to Purchaser (a “Seller’s Response Notice”)
indicating that Seller has elected to cure and remove any such matters (any

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such matters that Seller elects to cure and remove, “Seller Cure Items”) not later than the sooner
to occur of (i) five (5) business days after Seller’s receipt of the applicable Defect Notice; or
(ii) Closing. Seller shall have until Closing to cure and remove (or procure title insurance over)
any Seller Cure Items, and, Seller may delay Closing by up to ten (10) business days in order to
cure and remove (or procure title insurance over) any such Seller Cure Items. If Seller fails to
provide a Seller’s Response Notice, Seller shall be deemed to have delivered a Seller’s Response
Notice electing not to cure and remove any New Defects or Disclosed Exceptions identified by
Purchaser in the applicable Defect Notice. If Seller elects (or is deemed to elect) not to cure and
remove any Disclosed Exceptions or New Defects, Purchaser may elect, in its sole discretion and as
its sole remedy hereunder, at law or in equity, by delivery of written notice to Seller not later
than the first to occur of (i) the date that is five (5) business days after Purchaser’s receipt
(or deemed receipt) of a Seller’s Response Notice; or (ii) Closing, to either (a) proceed to
Closing and accept title to the Land and the Improvements, subject to those Disclosed Exceptions or
New Defects, as the case may be, that Seller has refused (or is deemed to have refused) to cure or
remove, without deduction or offset against the Purchase Price or (b) terminate this Agreement, in
which event the Deposit shall be returned to Purchaser and neither party shall have any further
liabilities or obligations pursuant to this Agreement except those liabilities or obligations that
expressly survive termination of this Agreement. If Purchaser fails to timely notify Seller of its
election pursuant to the preceding sentence, Purchaser shall be deemed to have elected alternative
(a).

               7.4.3. Title Cure Provisions. If, on or prior to Closing, Seller fails to cure and remove
(or procure title insurance over) each Disclosed Exception or New Defect (other than Mandatory Cure
Items), as the case may be, that Seller agreed to cure (pursuant to a Seller’s Response Notice),
Purchaser may, at its option and as its sole remedy hereunder, at law or in equity, either (i)
terminate this Agreement by written notice to Seller on or prior to Closing, in which event the
Deposit shall be returned to Purchaser and this Agreement, without further action of the parties,
shall become null and void and neither party shall have any further liabilities or obligations
under this Agreement except for those liabilities or obligations which expressly survive
termination of this Agreement; or (ii) elect to consummate the Closing and accept title to the Land
and Improvements subject to all those Disclosed Exceptions or New Defects that Seller has failed to
cure or remove (in which event, all such exceptions to title shall be deemed Permitted Exceptions),
without deduction or offset against the Purchase Price. If Purchaser fails to make either such
election, Purchaser shall be deemed to have elected option (ii). If Seller fails to cure and remove
(whether by endorsement or otherwise) any Mandatory Cure Items on or prior to Closing, Purchaser
may, at its option and by delivery of written notice to Seller on or prior to Closing, either (A)
terminate this Agreement, in which event the Deposit shall be returned to Purchaser and this
Agreement, without further action of the parties, shall become null and void and neither party
shall have any further liabilities or obligations under this Agreement except for those liabilities
and obligations which expressly survive a termination of this Agreement, or (B) proceed to close
with title to the Land and Improvements as it then is with the right to deduct from the Purchase
Price the liquidated amount reasonably necessary to cure and remove (by endorsement or otherwise),
as mutually and reasonably determined by Purchaser and Seller, those Mandatory Cure Items that
Seller fails to cure and remove.

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     8. SELLER’S REPRESENTATIONS.

          8.1. Seller’s Representations. Seller represents and warrants to Purchaser that the
following matters are true as of the Contract Date, in all material respects, except as may
otherwise be provided in the Documents or on Exhibit D attached hereto and made a part
hereof.

               8.1.1. Litigation. To Seller’s knowledge, there is no pending or threatened litigation
or governmental proceedings against the Property and, to Seller’s knowledge, there is no
pending or threatened litigation or governmental proceedings against Seller that, if such
litigation or proceedings were to result in a final determination against Seller or the Property,
would result in material encumbrance upon the Property, or would materially affect the validity or
enforceability of this Agreement or the performance of Seller under this Agreement.

               8.1.2. United States Person. Seller is a “United States Person” within the meaning of
Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended, and shall execute and deliver
an “Entity Transferor” certification at Closing.

               8.1.3. Condemnation. To Seller’s knowledge, there is no pending or contemplated
condemnation or other governmental taking proceedings affecting all or any part of the Land and the
Improvements.

               8.1.4. Environmental Matters. Seller has received no written notification from any
governmental authority, and, to Seller’s Knowledge, it is not the case, that (x) all or some
portion of the Land and the Improvements violates any Environmental Laws (as hereinafter defined);
or (y) any Hazardous Substances (as hereinafter defined) have been stored or generated at, released
or discharged from or are present upon the Land and the Improvements, except in the ordinary course
of business and in accordance with all Environmental Laws. As used herein, “Hazardous Substances”
means all hazardous or toxic materials, substances, pollutants, contaminants, or wastes currently
identified as a hazardous substance or waste in the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (commonly known as “CERCLA”), as amended, the Superfund
Amendments and Reauthorization Act (commonly known as “SARA”), the Resource Conservation and
Recovery Act (commonly known as “RCRA”), or any other federal, state or local legislation or
ordinances applicable to the Land or the Improvements. As used herein, the term “Environmental
Laws” shall mean all federal, state and local environmental laws, rules, statutes,
directives, binding written interpretations, binding written policies, ordinances and regulations
issued by any governmental authority and in effect as of the date of this Agreement with respect to
or which otherwise pertain to or affect the Land or the Improvements, or any portion thereof, the
use, ownership, occupancy or operation of the Land or the Improvements, or any portion thereof, or
any owner of the Land, and as same have been amended, modified or supplemented from time to time
prior to the date of this Agreement, including but not limited to CERCLA, the Hazardous Substances
Transportation Act (49 U.S.C. § 1802 et seq.), RCRA, the. Water Pollution Control Act (33 U.S.C. §
1251 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300f et seq.), the Clean Air Act (42 U.S.C.
§ 7401 et seq.), the Solid Waste Disposal Act (42 U.S.C. § 6901 et seq.), the Toxic Substances
Control Act (15 U.S.C. § 2601 et seq.), the Emergency Planning and Community Right-to-Know Act of
1986 (42 U.S.C. § 11001 et seq.), the Radon and Indoor Air Quality Research Act

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(42 U.S.C. § 7401 note, et seq.), SARA, comparable state and local laws, and any and all rules
and regulations which have become effective prior to the date of this Agreement under any and all
of the aforementioned laws.

               8.1.5. Due Authorization; Conflict. Seller is a limited partnership, duly organized,
validly existing and in good standing under the laws of the State of Delaware, and is qualified to
do business in and is in good standing under the laws of the State of Illinois. Seller has full
power to execute, deliver and carry out the terms and provisions of this Agreement and each of the
other agreements, instruments and documents herein required to be made or delivered by Seller
pursuant hereto, and has taken, or will take prior to Closing, all necessary action to authorize
the execution, delivery and performance of this Agreement and such other agreements, instruments
and documents. The individuals executing this Agreement and all other agreements, instruments and
documents herein required to be made or delivered by Seller pursuant hereto on behalf of Seller are
and shall be duly authorized to sign the same on Seller’s behalf and to bind Seller thereto. The
execution and delivery of, and consummation of the transactions contemplated by, this Agreement
are not prohibited by, and will not conflict with, constitute grounds for termination of, or result
in the breach of, any of the agreements or instruments to which Seller is now party or by which it
is bound, or any order, rule or regulation of any court or other governmental agency or official.

               8.1.6. Enforceability. This Agreement has been, and each and all of the other agreements,
instruments and documents herein required to be made by Seller pursuant hereto have been, or on the
Closing Date will have been, executed by or on behalf of Seller, and when so executed, are and
shall be legal, valid and binding obligations of Seller enforceable against Seller in accordance
with their respective terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting the rights of creditors generally and, as to
enforceability, the general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law).

               8.1.7. Leases. Copies of all Leases in effect as of the Contract Date (the “Existing
Leases”), and all amendments thereto and guaranties thereof, if any, have been furnished by Seller
to Purchaser and the copies so provided are true and complete. The Existing Leases have not been
amended, modified or terminated (except for any amendments delivered to Purchaser pursuant to the
preceding sentence). To Seller’s knowledge, (i) the Existing Leases are presently in full force
and effect without any material default thereunder by the applicable tenant; (ii) no tenant has
prepaid rent by more than 30 days in advance; (iii) any tenant improvements that Seller, as
landlord, is obligated to complete, prior to the date hereof and pursuant to any Existing Lease,
has been completed and accepted by the applicable tenant; and (iv) no tenant has notified Seller,
as landlord, in writing, of any default by Seller pursuant to an Existing Lease that remains
uncured.

               8.1.8. Contracts. Seller is not party to any service contracts, management contracts or
other comparable agreements that are binding upon the Land and the Improvements other than the
Contracts.

               8.1.9. Bankruptcy Matters. Seller has not made a general assignment for the benefit of
creditors, filed any voluntary petition in bankruptcy or suffered the filing of an

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involuntary petition by its creditors, suffered the appointment of a receiver to take
possession of substantially all of its assets, suffered the attachment or other judicial seizure of
substantially all of its assets, admitted its inability to pay its debts as they come due, or made
an offer of settlement, extension or composition to its creditors generally.

               8.1.10. No Brokers. Seller has delivered or made available as Documents true and complete
copies of any and all listing agreements, brokerage agreements, Leases or other comparable
agreements (collectively, “Brokerage Agreements”) into which Seller has entered in connection with
the Property, and pursuant to which a leasing commission or finder’s fee may be payable subsequent
to Closing.

               8.1.11. Employees. Seller has no employees at the Property.

          8.2. Seller’s Knowledge. All references in this Agreement to “Seller’s knowledge,”
“Seller’s actual knowledge” or words of similar import shall refer only to the actual (as opposed
to deemed, imputed or constructive) knowledge of Steve Janowiak, Dispositions, Kara Crousore,
Property Manager, and Dennis Salinas, Marketing Leasing Director, all of First Industrial Realty
Trust, Inc., an affiliate of Seller, without inquiry and, notwithstanding any fact or circumstance
to the contrary, shall not be construed to refer to the knowledge of any other person or entity.
Seller represents and warrants that Steve Janowiak, Dennis Salinas and Kara Crousore are the
employees or agents of Seller most familiar with the Property and that they are familiar with the
condition and operation of the Property.

          8.3. Limitations. The representations and warranties of Seller to Purchaser contained in
Section 8.1 hereof, as modified by the Approval Date Certificate (as hereinafter defined) and the
Closing Date Certificate (as hereinafter defined) (the “Seller Representations”), shall survive the
Closing Date and the delivery of the Deed for a period of one (1) year. No claim for a breach of
any Seller Representation, or the failure or default of a covenant or agreement of Seller that
survives Closing, shall be actionable or payable unless (a) the breach in question results from, or
is based on, a condition, state of facts or other matter which was not disclosed to, or known by,
Purchaser prior to Closing, (b) the valid claims for all such breaches collectively aggregate more
than Twenty-Five Thousand and No/100 Dollars ($25,000.00), in which event the full amount of such
claims shall be actionable, and (c) written notice containing a description of the specific nature
of such breach shall have been delivered by Purchaser to Seller prior to the expiration of said one
(1) year survival period, and an action with respect to such breach(es) shall have been commenced
by Purchaser against Seller within one (1) year after Closing. Notwithstanding anything contained
herein to the contrary, the maximum amount that Purchaser shall be entitled to collect from Seller
in connection with all suits, litigation or administrative proceedings resulting from all breaches
by Seller of any Seller Representations or any covenants of Seller shall in no event exceed
$325,000.00 in the aggregate. Notwithstanding anything to the contrary contained herein, if
Purchaser is notified in any Document, or in writing by Seller, or otherwise becomes aware (which
awareness shall be deemed to have occurred if and to the extent that Purchaser is provided with
access to books, records or other materials that directly contradict a Seller Representation), that
any Seller Representation made by Seller is not true or correct as of the Contract Date, or that
such Seller Representation is not true or correct on or before the Closing, or is notified in any
Document, or in writing by Seller, or otherwise becomes aware (which awareness shall be deemed to
have occurred if and to the extent that Purchaser is provided with access to books, records or
other written material

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that directly indicates a covenant of Seller has not been satisfied), that Seller has failed to
perform any covenant and agreement herein contained and Purchaser shall nevertheless acquire the
Property notwithstanding such fact, Purchaser shall not be entitled to commence any action after
Closing to recover damages from Seller due to such Seller Representation(s) failing to be true or
correct (and Purchaser shall not be entitled to rely on such Seller Representation), or such
covenant(s) and agreement(s) having failed to be performed by Seller.

          8.4. Representation Condition. It shall be a condition precedent to Purchaser’s obligation
to proceed to Closing that all of the Seller Representations made herein are true and correct, in
all material respects, as of the Contract Date, Approval Date and the Closing Date (the
“Representation Condition”). For purposes of determining those Seller Representations that remain
true and correct, in all material respects, as of the Approval Date, Seller shall deliver to
Purchaser, on or prior to the Approval Date, a certificate (the “Approval Date Certificate”)
certifying that all of the Seller Representations made as of the Contract Date remain true and
correct as of the Approval Date, in all material respects, except for changes and qualifications
specified by Seller in such Approval Date Certificate such that the Approval Date Certificate is
true and accurate in all material respects. If Seller fails to provide an Approval Date
Certificate, Seller shall be deemed to have certified (subject to the limitations hereinafter set
forth) that all of the Seller Representations hereunder remain true and correct, in all material
respects, as of the Approval Date. The representations, warranties and certifications contained in
such Approval Date Certificate, whether provided or deemed provided, shall be made by Seller to the
standard of knowledge, if any, contained herein for the applicable representations, warranties or
certifications and subject to all of the terms, conditions and limitations contained in Sections
8.2 and 8.3 of this Agreement. Notwithstanding anything contained herein to the contrary, if the
Approval Date Certificate indicates that any Seller Representations are not true and correct, in
all material respects, as of the Approval Date (or were not true and correct, in all material
respects, as of the Contract Date), or if Purchaser otherwise determines or becomes aware, prior to
the Approval Date, that any Seller Representations are untrue or inaccurate, in all material
respects, Purchaser may, in its sole discretion and as its sole and exclusive remedy hereunder, at
law or in equity, elect within five (5) business days of the Approval Date either to (aa) terminate
this Agreement by delivery of written notice to Seller, whereupon the Deposit shall be promptly
returned to Purchaser and neither party shall have any further liability hereunder, except for
those liabilities that expressly survive a termination of this Agreement; or (bb) proceed to
Closing and accept the untruth or inaccuracy of the applicable Seller Representations with no
further right to terminate the Agreement (or pursue any other right or remedy) on the basis of the
untruth or inaccuracy thereof. Notwithstanding anything contained herein to the contrary, if any
Seller Representation is untrue or inaccurate in any material respect and Purchaser becomes aware
of such untruth or inaccuracy prior to Closing, Purchaser may elect, in its sole discretion and as
its sole remedy hereunder, at law or in equity, either to (i) terminate this Agreement by delivery
of written notice to Seller on or prior to Closing (or within five (5) business days of the
Approval Date to the extent Purchaser becomes aware of such untruth or inaccuracy on or prior to
the Approval Date), whereupon the Deposit shall be promptly returned to Purchaser and neither party
shall have any further liability hereunder, except for those liabilities that expressly survive a
termination of this Agreement; or (ii) proceed to Closing and accept the untruth or inaccuracy of
such Seller Representation with no further right to terminate the Agreement (or pursue any other
right or remedy) on the basis of the untruth or inaccuracy thereof.

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     9. PURCHASER’S COVENANTS AND REPRESENTATIONS.

     Effective as of the execution of this Agreement, Purchaser hereby covenants with Seller, and
represents and warrants to Seller, as follows:

          9.1. 1031 Exchange. Purchaser recognizes and understands that this transaction may be part
of a contemplated “like kind” exchange for Seller under §1031 of the Internal Revenue Code (the
“Exchange”). As such, Purchaser agrees to cooperate with Seller in effectuating the Exchange, which
cooperation may include the execution of documents, (which delays shall not exceed sixty (60) days)
and the taking of other reasonable action, as is necessary in the opinion of Seller, to accomplish
the Exchange; provided, however, that Purchaser shall not be required to assume any additional
expense or liability in connection with, or as part of its cooperation with, the Exchange. The
covenant contained in this Section 9.1 shall survive the Closing and shall not be merged into any
instrument of conveyance delivered at Closing.

          9.2. Due Authorization. Purchaser is a corporation duly organized, validly existing and in
good standing under the laws of the State of Delaware. Purchaser has full power to execute, deliver
and carry out the terms and provisions of this Agreement and each of the other agreements,
instruments and documents herein required to be made or delivered by Purchaser pursuant hereto, and
has taken all necessary action to authorize the execution, delivery and performance of this
Agreement and such other agreements, instruments and documents. The individuals executing this
Agreement and all other agreements, instruments and documents herein required to be made or
delivered by Purchaser pursuant hereto on behalf of Purchaser are and shall be duly authorized to
sign the same on Purchaser’s behalf and to bind Purchaser thereto.

          9.3. Enforceability. This Agreement has been, and each and all of the other agreements,
instruments and documents herein required to be made by Purchaser pursuant hereto have been, or on
the Closing Date will have been, executed by Purchaser or on behalf of Purchaser, and when so
executed, are and shall be legal, valid, and binding obligations of Purchaser enforceable against
Purchaser in accordance with their respective terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium, and other similar laws affecting the rights of creditors generally and,
as to enforceability, the general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law).

          9.4. No Conflict. The execution and delivery of, and consummation of the transactions
contemplated by this Agreement is not prohibited by, and will not conflict with, constitute grounds
for termination of, or result in the breach of any of the agreements or instruments to which
Purchaser is now party or by which it is bound, or any order, rule or regulation of any court or
other governmental agency or official.

     10. ACTIONS AFTER THE CONTRACT DATE. The parties covenant to do the following through the
Closing Date:

          10.1. Title. From and after the Approval Date, Seller shall not make any change to the
condition of title to either or both of the Land and the Improvements that would change the
condition of title approved or deemed approved by Purchaser pursuant to Section 7.4, except as
required by law or by Section 7.4, or with Purchaser’s advance written consent, which consent may

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be withheld in Purchaser’s sole discretion. From and after the Approval Date, Seller shall not
sell, or assign or create any right, title or interest in, any or all of the Land, the Improvements
and any part of either of them, or create any lien, encumbrance or charge thereon, without the
prior written consent of Purchaser, which consent may be withheld in Purchaser’s sole discretion.

          10.2. Maintenance and Operation of Property. Seller shall maintain the Land and the
Improvements in substantially its current condition (normal wear and tear and damage by casualty
excepted); shall maintain existing insurance coverage in full force and effect; and shall operate
and maintain the Land and the Improvements in the ordinary course of Seller’s business; provided,
however, that in no event shall Seller be obligated to make any capital repairs, replacements or
improvements to the Improvements. From and after the Approval Date, Seller shall not enter into any
new contract or agreement with respect to the ownership and operation of the Land and the
Improvements that would be binding on Purchaser or the Property after Closing, without Purchaser’s
prior written approval (which approval may be withheld in Purchaser’s sole discretion).

          10.3. Leasing Activities. From and after the Contract Date, Seller shall not execute and
enter into any new lease, license or occupancy agreement for all or some portion of the Land and
the Improvements, including, without limitation, any amendment, renewal, expansion or modification
to, or termination of, any Existing Lease (all of the foregoing, a “New Lease”) unless Seller
obtains Purchaser’s advance written consent to such New Lease, which consent may be withheld in
Purchaser’s sole discretion, but which consent shall be deemed automatically given if Purchaser
fails to respond within five (5) days after Seller makes a written request for same. New Leases
shall not include, and Seller shall be free to execute and enter into at any time, any amendments,
modifications, renewals or expansions of any Existing Lease pursuant to the terms of such Existing
Lease.

          10.4. Leasing Expenses. At Closing, Purchaser shall reimburse Seller for any and all New
Lease Expenses (as hereinafter defined) to the extent that the same have been paid by Seller prior
to Closing. In addition, at Closing, Purchaser shall expressly assume and accept, in writing,
Seller’s obligations to pay when due any New Lease Expenses unpaid as of the Closing. “New Lease
Expenses” shall mean, collectively, any and all commissions and fees or costs and expenses
(including tenant improvement costs) arising out of or in connection with either or both of (i) any
extension, renewal or expansion of any Existing Lease exercised between the Contract Date and the
Closing Date and (ii) any New Lease. New Lease Expenses shall include, without limitation, (a)
brokerage commissions and fees to effect any such leasing transaction, (b) expenses incurred for
repairs and tenant improvements, and (c) reasonable legal fees for services in connection with the
preparation of documents and other services rendered in connection with the effectuation of the
leasing transaction. Commissions of leasing and rental agents and tenant improvement allowances for
any Existing Leases relating to the base lease term or any renewal term that is elected or with
respect to which an option is exercised, as the case may be, prior to the Contract Date shall be
paid in full at or prior to Closing by Seller, without contribution or proration from Purchaser
(any such commissions or tenant improvements allowances, “Seller’s Commissions”). Commissions of
leasing and rental agents and tenant improvement allowances for (x) any renewals (other than
renewals elected or with respect to which an option is exercised prior to the Contract Date) or
expansions of any Existing Lease, and (y) any New Leases shall be the sole responsibility of
Purchaser, without contribution or proration from Seller (any such commissions or tenant

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improvements allowances, “Purchaser’s Commissions”). Seller hereby indemnifies, protects, defends
and holds Purchaser, and its successors and assigns (the “Purchaser’s Indemnified Parties”),
harmless from and against any and all Losses that any or all of Purchaser and any Purchaser’s
Indemnified Parties actually suffer and incur as a result of the failure by Seller to timely pay or
discharge any of the Seller’s Commissions. Purchaser hereby indemnifies, protects, defends and
holds Seller and the Seller Indemnified Parties harmless from and against all Losses that any or
all of Seller and the Seller Indemnified Parties actually suffer or incur as a result of the
failure by Purchaser to timely pay or discharge any of the Purchaser’s Commissions or any New Lease
Expenses. The terms of this Section 10.4 shall survive the Closing and the delivery of any
conveyance documentation.

          10.5. Lease Enforcement. Prior to the Closing Date, Seller shall have the right, but not
the obligation, to enforce the rights and remedies of the landlord under any Existing Lease or New
Lease, by summary proceedings or otherwise, and to apply all or any portion of any security deposit
then held by Seller toward any loss or damage incurred by Seller by reason of any defaults by
tenants, and the exercise of any such rights or remedies shall not affect the obligations of
Purchaser under this Agreement in any manner.

     11. PROPERTY SOLD “AS IS”.

          11.1. Except as is otherwise expressly provided in this Agreement, Seller hereby specifically
disclaims any warranty (oral or written) concerning: (i) the nature and condition of the Property
and the suitability thereof for any and all activities and uses that Purchaser elects to conduct
thereon; (ii) the manner, construction, condition and state of repair or lack of repair of the
Improvements; (iii) the compliance of the Land and the Improvements or their operation with any
laws, rules, ordinances or regulations of any government or other body; and (iv) any other matter
whatsoever except as expressly set forth in this Agreement. EXCEPT AS IS OTHERWISE EXPRESSLY
PROVIDED IN THIS AGREEMENT, THE SALE OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE ON A STRICTLY
“AS IS” “WHERE IS” BASIS AS OF THE CLOSING DATE, AND SELLER MAKES NO WARRANTY OR REPRESENTATION,
EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY LIMITED TO, ANY
WARRANTY OF QUANTITY, QUALITY, CONDITION, HABITABILITY, MERCHANTABILITY, SUITABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, ANY IMPROVEMENTS LOCATED THEREON OR ANY SOIL
CONDITIONS RELATED THERETO.

          11.2. PURCHASER SPECIFICALLY ACKNOWLEDGES THAT PURCHASER IS NOT RELYING ON (AND
SELLER HEREBY DISCLAIMS AND RENOUNCES) ANY REPRESENTATIONS OR WARRANTIES MADE BY OR ON BEHALF
OF SELLER OF ANY KIND OR NATURE WHATSOEVER, EXCEPT FOR THOSE PARTICULAR REPRESENTATIONS AND
WARRANTIES EXPRESSLY PROVIDED IN THIS AGREEMENT. FURTHER, PURCHASER, FOR PURCHASER AND PURCHASER’S
SUCCESSORS AND ASSIGNS, HEREBY RELEASES SELLER FROM, AND WAIVES, ANY AND ALL CLAIMS AND LIABILITIES
AGAINST SELLER FOR, RELATED TO, OR IN CONNECTION WITH, ANY ENVIRONMENTAL OR PHYSICAL CONDITION AT
THE PROPERTY (OR THE PRESENCE OF ANY MATTER OR SUBSTANCE RELATING TO THE ENVIRONMENTAL CONDITION OF
THE PROPERTY), INCLUDING, BUT NOT LIMITED

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TO, CLAMS AND/OR LIABILITIES RELATING TO (IN ANY MANNER WHATSOEVER) ANY HAZARDOUS, TOXIC OR
DANGEROUS MATERIALS OR SUBSTANCES LOCATED IN, AT, ABOUT OR UNDER THE PROPERTY, OR FOR ANY AND ALL
CLAIMS OR CAUSES OF ACTION (ACTUAL OR THREATENED) BASED UPON, IN CONNECTION WITH, OR ARISING OUT
OF, CERCLA, AS AMENDED BY SARA, AND AS MAY BE FURTHER AMENDED FROM TIME TO TIME, RCRA, OR ANY OTHER
CLAIM OR CAUSE OF ACTION (INCLUDING ANY FEDERAL OR STATE BASED STATUTORY, REGULATORY OR COMMON LAW
CAUSE OF ACTION) RELATED TO ENVIRONMENTAL MATTERS OR LIABILITY WITH RESPECT TO, OR AFFECTING, THE
PROPERTY. PURCHASER REPRESENTS TO SELLER THAT PURCHASER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO
CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND
ENVIRONMENTAL CONDITIONS THEREOF, AS PURCHASER DEEMS NECESSARY TO SATISFY ITSELF AS TO THE
CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OF, OR CURATIVE ACTION TO BE TAKEN WITH
RESPECT TO, ANY HAZARDOUS OR TOXIC SUBSTANCES ON OR DISCHARGED FROM THE LAND OR THE IMPROVEMENTS,
AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY, OR ON BEHALF OF, SELLER,
ITS AGENTS AND EMPLOYEES WITH RESPECT THERETO, OTHER THAN SUCH REPRESENTATIONS AND WARRANTIES OF
SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK
THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION DEFECTS AND ADVERSE PHYSICAL AND
ENVIRONMENTAL CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS, AND PURCHASER,
UPON CLOSING, SHALL BE DEEMED TO HAVE WAIVED, RELINQUISHED AND RELEASED SELLER FROM AND AGAINST ANY
AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION (INCLUDING CAUSES OF ACTION IN TORT), LOSSES, DAMAGES,
LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEYS’ FEES AND COURT COSTS) OF ANY AND EVERY KIND
OR CHARACTER, KNOWN OR UNKNOWN, WHICH PURCHASER MIGHT HAVE ASSERTED OR ALLEGED AGAINST SELLER, AT
ANY TIME BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT CONSTRUCTION DEFECTS OR PHYSICAL
CONDITIONS, VIOLATIONS OF ANY APPLICABLE LAWS (INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL
LAWS) AND ANY AND ALL OTHER ACTS, OMISSIONS, EVENTS, CIRCUMSTANCES OR MATTERS REGARDING THE
PROPERTY. PURCHASER AGREES THAT, SHOULD ANY CLEANUP, REMEDIATION OR REMOVAL OF HAZARDOUS SUBSTANCES
OR OTHER ENVIRONMENTAL CONDITIONS ON THE PROPERTY BE REQUIRED AFTER THE DATE OF CLOSING, SUCH
CLEANUP, REMOVAL OR REMEDIATION SHALL BE THE RESPONSIBILITY OF, AND SHALL BE PERFORMED AT THE SOLE
COST AND EXPENSE OF, PURCHASER.

          11.3. PURCHASER ACKNOWLEDGES AND AGREES THAT THE WAIVERS, RELEASES AND OTHER PROVISIONS
CONTAINED IN THIS SECTION 11 WERE A MATERIAL FACTOR IN SELLER’S ACCEPTANCE OF THE PURCHASE PRICE
AND THAT SELLER IS UNWILLING TO SELL THE PROPERTY TO PURCHASER UNLESS SELLER IS RELEASED AS
EXPRESSLY SET FORTH ABOVE. PURCHASER, WITH PURCHASER’S COUNSEL, HAS FULLY REVIEWED THE DISCLAIMERS
AND WAIVERS SET FORTH IN THIS AGREEMENT, AND

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UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF. THE TERMS AND CONDITIONS OF THIS SECTION 11 WILL
EXPRESSLY SURVIVE THE CLOSING, WELL NOT MERGE WITH THE PROVISIONS OF ANY CLOSING DOCUMENTS, AND
WILL BE INCORPORATED INTO THE DEED.

     12. SELLER’S CLOSING DELIVERIES.

     At Closing (or such other times as may be specified below), Seller shall deliver or cause to be
delivered to Purchaser the following:

          12.1. Deed. A Deed, executed by Seller, and in recordable form, conveying the Land and
Improvements to Purchaser, subject to the Permitted Exceptions.

          12.2. Assignment of Leases. Two (2) duly executed counterparts of an Assignment and
Assumption of Leases (the “Assignment of Leases”) in the form attached hereto as Exhibit F.

          12.3. Assignment of Contracts. Two (2) duly executed counterparts of an Assignment and
Assumption of Contracts and Intangibles (an “Assignment of Contracts”) in the form attached hereto
as Exhibit G.

          12.4. Bill of Sale. Two (2) duly executed originals of a Bill of Sale (the “Bill of Sale”)
in the form attached hereto as Exhibit H.

          12.5. Keys. All keys in Seller’s possession to all locks located in the Improvements.

          12.6. Affidavit of Title. An affidavit of title (or comparable “no lien” statement), in
form and substance reasonably acceptable to the Title Company.

          12.7. Closing Statement. Two (2) duly executed counterparts of a closing statement (the
“Closing Statement”) conforming to the proration and other relevant provisions of this Agreement,
which Closing Statement shall be in a form mutually and reasonably agreed upon by Seller and
Purchaser.

          12.8. Entity Transfer Certificate. Entity Transfer Certification confirming that Seller is
a “United States Person” within the meaning of Section 1445 of the Internal Revenue Code of 1986,
as amended.

          12.9. Letter of Credit. If applicable, with respect to any security deposits that are
letters of credit, Seller shall, if the same are held by Seller, (a) deliver to Purchaser at the
Closing such letters of credit, (b) execute and deliver such other instruments as the issuers of
such letters of credit shall reasonably require, and (c) cooperate with Purchaser to change the
named beneficiary under such letters of credit to Purchaser, so long as Seller does not incur any
additional liability or expense in connection therewith.

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          12.10. Notices to Tenants. Notices to each of the tenants under the Leases, notifying
them of the sale of the Land and Improvements and directing them to pay all future rent as
Purchaser may direct.

          12.11. Leases. Originals or certified copies of the Leases, which certification shall be
made, to Seller’s knowledge, subject to all of the terms, conditions and limitations of Sections
8.2 and 8.3.

          12.12. Closing Date Certificate. For purposes of determining whether the Representation
Condition has been satisfied, Seller shall deliver to Purchaser at Closing a certificate (the
“Closing Date Certificate”) certifying that all of the Seller Representations that were true and
correct, in all material respects, as of the Approval Date (as reflected in the Approval Date
Certificate) remain true and correct, as of the Closing Date and in all material respects, except
for changes and qualifications specified in such Closing Date Certificate, such that the Closing
Date Certificate is true and accurate in all material respects. The representations, warranties and
certifications contained in the Closing Date Certificate shall be made by Seller to the standard of
knowledge, if any, contained herein for the applicable representations, warranties or
certifications and subject to all of the terms, conditions and limitations contained in Sections
8.2 and 8.3 of this Agreement. Notwithstanding anything contained herein to the contrary, if, as
of the Closing, the Representation Condition is not fulfilled for any reason or any Seller
Representations are not true and correct, in any material respect, Purchaser may, in its sole
discretion and as its sole remedy, hereunder, at law or in equity, elect within five (5) days after
Seller’s delivery of a Closing Date Certificate indicating that the Representation Condition has
not been met or indicating that any of the Seller Representations are not true either to (aa)
terminate this Agreement by delivery of written notice to Seller not later than the Closing Date,
whereupon the Deposit shall be returned to Purchaser and neither party shall have any further
liability hereunder except for those liabilities that expressly survive a termination of this
Agreement; or (bb) proceed to Closing and waive the failure of the Representation Condition.

     13. PURCHASER’S CLOSING DELIVERIES.

     At Closing (or at such other times as may be specified below), Purchaser shall deliver or cause to
be delivered to Seller the following:

          13.1. Closing Statement. Two (2) Closing Statements executed in counterpart by Purchaser.

          13.2. Assignment of Leases. Two (2) Assignment of Leases executed in counterpart by Purchaser.

          13.3. Assignment of Contracts. Two (2) Assignment of Contracts executed in counterpart by
Purchaser.

     14. PRORATIONS AND ADJUSTMENTS.

     Prorations shall be made as of the Closing Date as if Purchaser were in title for the entire
Closing Date provided that no later than 11:00 a.m. Central Time on the Closing Date, the Purchase
Price, plus or minus the prorations and other adjustments hereunder, shall be received

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by the Title Company from Purchaser for disbursement to Seller by Federal Reserve wire
transfer of immediately available funds to an account designated by Seller. If the net proceeds of
the Purchase Price payable to Seller (after adjustments and prorations) are not sent by Federal
Reserve wire transfer in immediately available funds and received by the Title Company from
Purchaser for disbursement to Seller on or prior to 11:00 a.m. Central Time on the Closing Date,
prorations shall be made as of the Closing Date as if Seller remained in title as of the entire
Closing Date, except that, to the extent such delay results from Seller’s failure to provide
deliveries or Seller’s default, prorations shall be made pursuant to the preceding sentence. The
following shall be prorated and adjusted between Seller and Purchaser:

          14.1. Security Deposits. The amount of all cash security and any other cash tenant deposits
actually held by Seller, and interest due thereon, if any, shall be credited to Purchaser.

          14.2. Utilities and Operating Expenses. To the extent not billed directly to tenants, or
paid as part of Additional Rent (as hereinafter defined) or otherwise by tenants, water,
electricity, sewer, gas, telephone and other utility charges based, to the extent practicable, on
final meter readings and final invoices. Any operating expenses that are not paid by the tenants as
Additional Rent or otherwise shall be prorated between Purchaser and Seller, with Seller receiving
a credit for any operating expenses paid by Seller and related to the period from and after
Closing.

          14.3. Contracts. Amounts paid or payable under the Contracts other than any Rejected
Contracts shall be prorated.

          14.4. Assessments. To the extent not paid by tenants as a component of Additional Rent or
otherwise, all assessments, general or special, shall be prorated as of the Closing Date, with
Seller being responsible for any installments of assessments that are due and payable prior to the
Closing Date and Purchaser being responsible for any installments of assessments that are due and
payable on or after the Closing Date.

          14.5. Base Rent. Purchaser will receive a credit at Closing for the prorated amount of all
base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, “Rent”)
previously paid to, or collected by, Seller and attributable to any period following the Closing
Date. Rents are “Delinquent” when they were due prior to the Closing Date, and payment thereof has
not been made on or before the Closing Date. Delinquent Rent shall not be prorated at Closing. All
Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as
follows: (i) first, to Delinquent Rent owed for the month in which the Closing Date occurs (the
“Closing Month”), (ii) second, to any accrued Rents owing to Purchaser, and (iii) third, to
Delinquent Rents owing to Seller for the period prior to Closing. Any Rent collected by Purchaser
and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser
shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect
Delinquent Rents owed to Seller in the ordinary course of its business; provided, however, that
Seller hereby retains the right to pursue any tenant under the Leases for any Rent and other sums
due Seller for period attributable to Seller’s ownership of the Property; and provided further,
however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to
commence or pursue any legal proceedings; and (ii) shall not be permitted to commence or pursue any
legal proceedings against any tenant seeking eviction of such tenant or the termination of the
underlying Lease. “Additional Rents” shall mean any and all amounts due from tenants for

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(7)

18

 

operating expenses, common area maintenance charges, taxes, shared utility charges, management
fees, insurance costs, other comparable expenses and pass-through charges and any other tenant
charges. The provisions of this Section 14.5 shall survive the Closing and the delivery of any
conveyance documentation.

          14.6. Taxes. Ad valorem real estate and personal property taxes with respect to the Land
and the Improvements shall be prorated as of the Closing Date, based on the most currently
available final tax bill and on a cash basis for the calendar year in which the Closing occurs,
regardless of the year for which such taxes are assessed.

          14.7. Other. Such other items as are customarily prorated in transactions of this nature
shall be ratably prorated.

          14.8. Adjustments. In the event any prorations made pursuant hereto shall prove incorrect
for any reason whatsoever, or in the event the prorations set forth above are estimated on the most
currently available (rather than based on the actual final) bills, either party shall be entitled
to an adjustment to correct the same provided that it makes written demand on the other within
twelve (12) months after the Closing Date. The provisions of this Section 14.8 shall survive
Closing.

     15. CLOSING EXPENSES.

     Seller shall only pay for any state and county transfer taxes, the premium for the Title Policy and
one-half of the cost of any escrows hereunder. Purchaser shall pay for one-half of any escrow costs
hereunder, the cost of recording the Deed, the cost of “extended form coverage” and any
endorsements to the Title Policy, the cost of any Updated Survey, any mortgage or recording taxes
and any municipal transfer taxes.

     16. DESTRUCTION, LOSS OR DIMINUTION OF PROPERTY.

     If, prior to Closing, all or any portion of any or all of the Land and the Improvements is damaged
by fire or other natural casualty (collectively “Damage”), or is taken or made subject to
condemnation, eminent domain or other governmental acquisition proceedings (collectively “Eminent
Domain”), then:

          16.1. If the aggregate cost of repair or replacement or the value of the Eminent Domain
(collectively, “repair and/or replacement”) is $100,000.00 or less, in the opinion of Purchaser’s
and Seller’s respective engineering consultants, Purchaser shall close and take the Property as
diminished by such events, with an assignment by Seller of (a) any casualty insurance proceeds
(together with a credit from Seller to Purchaser of the full amount of any deductible not paid
directly by Seller) or (b) condemnation proceeds, and in the case of either (a) or (b), less any
amounts reasonably incurred by Seller to repair the Property and collect the insurance proceeds or
condemnation award.

          16.2. If the aggregate cost of repair and/or replacement is greater than $100,000.00, in the
opinion of Purchaser’s and Seller’s respective engineering consultants, then Purchaser, at its sole
option, may elect either to (i) terminate this Agreement by written notice to Seller delivered
within ten (10) days after Purchaser is notified of such Damage or Eminent

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(7)

19

 

Domain, in which event the Deposit shall be returned to Purchaser and neither party shall have any
further liability to the other hereunder, except for those liabilities that expressly survive a
termination of this Agreement; or (ii) proceed to close and take the Property as diminished by such
events, together with an assignment of the proceeds of Seller’s casualty insurance (together with a
credit from Seller to Purchaser of the full amount of any deductible not paid directly by Seller)
for all Damage (or condemnation awards for any Eminent Domain), less any amounts reasonably
incurred by Seller to repair the Property and collect the insurance proceeds or condemnation award.

          16.3. In the event of a dispute between Seller and Purchaser with respect to the cost of repair
and/or replacement with respect to the matters set forth in this Section 16, an engineer designated
by Seller and an engineer designated by Purchaser shall select an independent engineer licensed to
practice in the jurisdiction where the Property is located who shall resolve such dispute. All
fees, costs and expenses of such third engineer so selected shall be shared equally by Purchaser
and Seller.

     17. DEFAULT.

          17.1. Default by Seller. If Seller is in material default under any of the covenants and
agreements of Seller hereunder, Purchaser may either (i) terminate Purchaser’s obligations under
this Agreement by written notice to Seller, in which event (a) the Deposit shall be returned to
Purchaser and (b) upon Purchaser’s receipt of the Deposit, this Agreement shall terminate and
neither party shall have any further liability hereunder except for those liabilities that
expressly survive a termination of this Agreement; or (ii) Purchaser may file an action for
specific performance. Purchaser shall have no other remedy for any default by Seller. In the event
of the failure of any condition precedent to Purchaser’s obligation to close expressly herein set
forth, or in the event of the untruth or inaccuracy, in any material respect, of any Seller
Representation as of the Contract Date (subject to the limitations contained in Sections 8.4 and
12.122), Purchaser’s sole remedy hereunder, at law or in equity, shall be to terminate this
Agreement by delivery of written notice to Seller on or prior to Closing (or such sooner date as
may be herein specified), in which event the Deposit shall be returned to Purchaser, and neither
party shall have any further liability hereunder except for those liabilities that expressly
survive a termination of this Agreement.

          17.2. Default by Purchaser. In the event Purchaser defaults in its obligations to close the
purchase of the Property, or in the event Purchaser otherwise materially defaults hereunder, then
(i) Seller shall be entitled to (and shall) receive the Deposit as fixed and liquidated damages,
this Agreement shall terminate and neither party shall have any further liability hereunder, except
for those liabilities which expressly survive the termination of this Agreement and (ii)
Purchaser shall immediately direct the Title Company, in writing, to pay the Deposit to Seller.
Seller shall have no other remedy for any default by Purchaser, including any right to damages.
PURCHASER AND SELLER ACKNOWLEDGE AND AGREE THAT: (1) THE AMOUNT OF THE DEPOSIT IS A REASONABLE
ESTIMATE OF AND BEARS A REASONABLE RELATIONSHIP TO THE DAMAGES THAT WOULD BE SUFFERED AND
COSTS INCURRED BY SELLER AS A RESULT OF HAVING WITHDRAWN THE PROPERTY FROM SALE AND THE FAILURE OF
CLOSING TO HAVE OCCURRED DUE TO A DEFAULT OF PURCHASER UNDER THIS AGREEMENT; (2) THE ACTUAL DAMAGES
SUFFERED AND COSTS INCURRED BY SELLER AS A RESULT OF SUCH WITHDRAWAL AND
FAILURE TO CLOSE DUE TO A DEFAULT OF PURCHASER

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(7)

20

 

UNDER THIS AGREEMENT WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL TO DETERMINE; (3)
PURCHASER SEEKS TO LIMIT ITS LIABILITY UNDER THIS AGREEMENT TO THE AMOUNT OF THE DEPOSIT IN THE
EVENT THIS AGREEMENT IS TERMINATED AND THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT DOES NOT
CLOSE DUE TO A DEFAULT OF PURCHASER UNDER THIS AGREEMENT; AND (4) THE AMOUNT OF THE DEPOSIT SHALL
BE AND CONSTITUTE VALID LIQUIDATED DAMAGES. In the event Purchaser advises Seller that Purchaser is
unable or unwilling to proceed to Closing on or prior to the Closing Date, Seller shall be entitled
to immediately collect the Deposit and shall not be obligated to proceed to Closing and present the
Deed and the other conveyance documents as a condition to collecting the Deposit. All of the
foregoing shall be without limitation upon the rights and remedies of Seller hereunder, at law or
in equity, in the event of a default by Purchaser pursuant to Sections 6.1, 6.2, 6.3, 19 or 22 or
any covenant, agreement, indemnity, representation or warranty of Purchaser that survives the
Closing or the termination of this Agreement.

     18. SUCCESSORS AND ASSIGNS.

     Neither party shall assign this Agreement without the prior written consent of the other, except
that Seller may assign its interest in and obligations under this Agreement to a so-called
“Qualified Intermediary” in order to accomplish the Exchange. Notwithstanding the foregoing,
Purchaser may assign all of its rights, title, liability, interest and obligation pursuant to this
Agreement to one or more entities affiliated with Purchaser provided that (i) no such assignment
shall act to release Purchaser hereunder and (ii) Purchaser provides Seller with a copy of a
written assignment agreement between Purchaser and its affiliate, which instrument shall be in form
reasonably acceptable to Seller.

     19. LITIGATION.

     In the event of litigation between the parties with respect to the Property, this Agreement, the
performance of their respective obligations hereunder or the effect of a termination under this
Agreement, the losing party shall pay all costs and expenses incurred by the prevailing party in
connection with such litigation, including, but not limited to, reasonable attorneys’ fees of
counsel selected by the prevailing party. Notwithstanding any provision of this Agreement to the
contrary, the obligations of the parties under this Section 19 shall survive termination of this
Agreement or the Closing and the delivery of any conveyance documentation.

     20. NOTICES.

     Any notice, demand or request which may be permitted, required or desired to be given in connection
therewith shall be given in writing and directed to Seller and Purchaser as follows:

	 	 	 	 	 
	 

	 	Seller:
	 	First Industrial Realty Trust, Inc.
	 

	 	 	 	311 South Wacker Drive, Suite 4000
	 

	 	 	 	Chicago, Illinois 60606
	 

	 	 	 	Attn: Mr. Steve Janowiak
	 

	 	 	 	Facsimile: (312) 895-9479

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(7)

21

 

	 	 	 	 	 
	 

	 	With a copy to	 	 
	 

	 	its attorneys:
	 	Barack Ferrazzano Kirschbaum Perlman & Nagelberg LLP
	 

	 	 	 	333 West Wacker Drive, Suite 2700
	 

	 	 	 	Chicago, Illinois 60606
	 

	 	 	 	Attn: Michael R. Hall
	 

	 	 	 	Facsimile: (312) 984-3150
	 
	 	 	 	 
	 

	 	Purchaser:
	 	Northfield Laboratories
	 

	 	 	 	1200 Business Center Drive
	 

	 	 	 	Mt. Prospect, Illinois 60056
	 

	 	 	 	Attn: Jack Kogut
	 

	 	 	 	Facsimile: (847) 864-0545
	 
	 	 	 	 
	 

	 	With a copy to	 	 
	 

	 	its attorneys:
	 	Baker & McKenzie LLP
	 

	 	 	 	One Prudential Plaza
	 

	 	 	 	130 E. Randolph Drive, Suite 3500
	 

	 	 	 	Chicago, Illinois 60601
	 

	 	 	 	Attn: Christopher L. Kopecky
	 

	 	 	 	Facsimile: (312) 698-2337

     Notices shall be deemed properly delivered and received: (i) when and if personally
delivered; or (ii) one (1) business day after deposit with Federal Express or other comparable
commercial overnight courier; or (iii) the same day when sent by confirmed facsimile before 5:00
p.m. (Central Time). Notices may be delivered on behalf of the parties by their respective
attorneys.

     21. BENEFIT.

     This Agreement is for the benefit only of the parties hereto and no other person or entity shall be
entitled to rely hereon, receive any benefit herefrom or enforce against any party hereto any
provision hereof.

     22. BROKERAGE.

     Each party hereto represents and warrants to the other that it has dealt with no brokers or finders
in connection with this transaction, except for Trammell Crow Company and Cushman & Wakefield
(collectively, “Broker”). Seller shall pay any brokers’ commission due to Broker pursuant to the
terms of a separate agreement between Seller and Broker. Seller hereby indemnifies, protects,
defends and holds Purchaser and the Purchaser’s Indemnified Parties harmless from and against all
Losses suffered or incurred by any or all of Purchaser and the Purchaser’s Indemnified Parties
resulting from the claims of any broker, finder or other such party (including Broker) in
connection with the transactions contemplated by this Agreement claiming by, through or under the
acts or agreements of Seller. Purchaser hereby indemnifies, protects, defends and holds Seller and
the Seller Indemnified Parties harmless from and against all Losses suffered or incurred by any or
all of Seller and the Seller Indemnified Parties resulting from the claims of any broker, finder or
other such party (excluding Broker) in connection with

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(7)

22

 

the transactions contemplated by this Agreement claiming by, through or under the acts or
agreements of Purchaser. The obligations of the parties pursuant to this Section 22 shall survive
any termination of this Agreement.

     23. MISCELLANEOUS.

          23.1. Entire Agreement. This Agreement constitutes the entire understanding between the
parties with respect to the transaction contemplated herein, and all prior or contemporaneous oral
agreements, understandings, representations and statements, and all prior written agreements,
understandings, letters of intent and proposals are merged into this Agreement. Neither this
Agreement nor any provisions hereof may be waived, modified, amended, discharged or terminated
except by an instrument in writing signed by the party against which the enforcement of such
waiver, modification, amendment, discharge or termination is sought, and then only to the extent
set forth in such instrument.

          23.2. Time of the Essence. Time is of the essence of this Agreement. If any date herein set
forth for the performance of any obligations by Seller or Purchaser or for the delivery of any
instrument or notice as herein provided should be on a Saturday, Sunday or legal holiday, the
compliance with such obligations or delivery shall be deemed acceptable on the next business day
following such Saturday, Sunday or legal holiday. As used herein, the term “legal holiday” means
any state or federal holiday for which financial institutions or post offices are generally closed
in the State of Illinois for observance thereof.

          23.3. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Illinois.

          23.4. Partial Invalidity. The provisions hereof shall be deemed independent and severable,
and the invalidity or partial invalidity or enforceability of any one provision shall not affect
the validity of enforceability of any other provision hereof.

          23.5. No Recording. Neither this Agreement nor any memorandum thereof shall be recorded and
the act of recording by Purchaser shall be deemed a default by Purchaser hereunder.

          23.6. Counterparts; Facsimile. This Agreement may be executed in multiple counterparts and
shall be valid and binding with the same force and effect as if all parties had executed the same
Agreement. A fully executed facsimile copy of this Agreement shall be effective as an original.

          23.7. Construction of Agreement. In construing this Agreement, all headings and titles are
for the convenience of the parties only and shall not be considered a part of this Agreement.
Whenever required by the context, the singular shall include the plural and the masculine shall
include the feminine and vice versa. This Agreement shall not be construed as if prepared by one of
the parties, but rather according to its fair meaning as a whole, as if both parties had prepared
it. All Exhibits attached hereto are incorporated in this Agreement by reference thereto.

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(7)

23

 

          23.8. No Oral Modification or Waiver. This Agreement may not be changed or amended orally,
but only by an agreement in writing. No waiver shall be effective hereunder unless given in
writing, and waiver shall not be inferred from any conduct of either party.

          23.9. Survival. Only those covenants, agreements, undertakings and
representations and warranties of Seller that expressly survive Closing pursuant to the terms of
the Agreement shall survive Closing and the delivery of any conveyance documentation for the period
herein set forth and all of the other covenants, agreements, undertakings and representations and
warranties of Seller contained herein shall not survive Closing and shall merge into the conveyance
documentation delivered at Closing.

          23.10. No Reliance. This Agreement represents the full and complete
agreement between Seller and Purchaser. Any representations, warranties, promises or conditions,
whether written or oral, not specifically incorporated (by reference or otherwise) into this
Agreement shall not be binding upon either of the parties hereto, and each of the parties hereto
acknowledges that it has not relied upon, in entering into this Agreement, any representation,
warranty, promise or condition not specifically set forth in this Agreement. All discussions,
negotiations and writings have been and are merged into this Agreement.

[Signature Page to Follow]

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(7)

24

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement of Purchase and Sale on
the date first above written.

	 	 	 	 	 	 	 
	 	 	SELLER:
	 
	 	 	 	 	 	 
	 	 	FIRST INDUSTRIAL, L.P., a Delaware limited partnership
	 
	 	 	 	 	 	 
	 	 	By:	 	First Industrial Realty Trust, Inc., a
Maryland corporation, its general partner
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Donald R. Stoffle
	 

	 	 	 	 	 	 
	 	 	 	 	Name: Donald R. Stoffle
	 	 	 	 	Its: Authorized Signatory

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(7)

S-1

 

	 	 	 	 	 
	 	 	PURCHASER:
	 
	 	 	 	 
	 	 	NORTHFIELD LABORATORIES, INC.,

a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jack Kogut
	 

	 	 	 	 
	 	 	Name: Jack Kogut
	 	 	Its: Sr Vice President

Agreement of Purchase and Sale — 1200 Business Center Drive Mt. Prospect IL(6)

S-2<PAGE>

                                                                  Exhibit 4.3(j)

                                                                  EXECUTION COPY

                         CONSENT AND FIFTH AMENDMENT TO
                       CREDIT AGREEMENT AND LOAN DOCUMENTS

          This CONSENT AND FIFTH AMENDMENT (the "Amendment" or "Fifth
Amendment"), dated as of June 30, 2006, is by and among (a) ALLIED HOLDINGS,
INC., a Georgia corporation ("Allied Holdings"), and ALLIED SYSTEMS, LTD.
(L.P.), a Georgia limited partnership ("Allied Systems" and, together with
Allied Holdings, "Borrowers"), each, a debtor and debtor-in-possession; (b) the
other Credit Parties signatory hereto (the "Credit Party" and, together with the
Borrowers, the "Credit Parties"): (c) GENERAL ELECTRIC CAPITAL CORPORATION, as
Administrative Agent (in such capacity, the "Administrative Agent"), Collateral
Agent, Revolver Agent and co-Syndication Agent ("GE Capital"); (d) MORGAN
STANLEY SENIOR FUNDING, INC., as Term Loan A Agent, Term Loan B Agent, Term Loan
C Agent (as defined below), co-Syndication Agent, co-Bookrunner and co-Term Loan
B Lead Arranger ("Morgan Stanley"); and (e) the other Lenders signatory hereto
from time to time, including CITIGROUP/BUSINESS CREDIT, INC, MERRILL LYNCH
CAPITAL, a division of MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC., SMBC DIP
LIMITED, TEXTRON FINANCIAL CORPORATION, FORTRESS CREDIT FUNDING I LP, MARATHON
STRUCTURED FINANCE FUND, L.P., and BLACK DIAMOND CLO 2005-2 LTD.

                                   WITNESSETH

          WHEREAS, the Credit Parties, the Lenders party to the Credit Agreement
from time to time, GE Capital and Morgan Stanley are parties to that certain
Senior Secured, Super-Priority Debtor-in-Possession Credit Agreement, dated as
of August 1, 2005 (including all annexes, exhibits and schedules thereto, and as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement");

          WHEREAS, Borrowers have informed the Lenders that certain Events of
Default have occurred;

          WHEREAS, Borrowers wish to obtain up to $30,000,000 in additional
funds;

          WHEREAS, Morgan Stanley in its capacity as the Term Loan C Agent is
willing to arrange, and Morgan Stanley (as defined herein) is willing to commit
to lend all or a portion of, a new term loan in an amount of up to $30,000,000
(the "Term Loan C"): and

          WHEREAS, the Administrative Agent and the Requisite Lenders have
agreed to (i) waive those certain Events of Default, (ii) amend the Credit
Agreement and (iii) consent to certain transactions, including the addition of
the Term Loan C to the Credit Agreement, in the manner, and on the terms and
conditions, provided for herein.

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

          1. Definitions. Capitalized terms not otherwise defined herein shall
have the meanings ascribed to them in the Credit Agreement.

          2. Specified Events of Default. Borrowers acknowledge that the
defaults in the Financial Covenants for Fixed Charge Coverage Ratio, EBITDA and
the Leverage

<PAGE>

Ratio as set forth in Section 6.10 and Annex G, clauses (b), (c) and (d) of the
Credit Agreement and as set forth on Schedule A hereto (the "Specified Events of
Default") occurred and have not been waived prior to the date hereof.

          3. Waiver of Defaults. Upon the terms and subject to the conditions of
this Fifth Amendment, as of the Fifth Amendment Effective Date, each Agent and
the Requisite Lenders agree to and hereby do waive the Specified Events of
Default.

          4. Term Loan C and Credit Facility Amendments.

               (a) The following shall be inserted into the Credit Agreement as
a new Section 1.1(b)(iv):

          "(iv) Term Loan C.

               (1) Subject to the terms and conditions hereof, each Term Loan C
          Lender agrees to make its Pro Rata Share of the Term Loan C to the
          Borrowers, drawable as set forth in Section 1.1 (b)(iv)(2) on or after
          the Fifth Amendment Effective Date. The obligations of each Term Loan
          C Lender hereunder shall be several and not joint. Each Term Loan C
          shall be evidenced by a promissory note substantially in the form of
          Exhibit 1.1(f) (each a "Term Loan C Note" and collectively the "Term
          Loan C Notes"), and, except as provided in Section 1.12, all Borrowers
          shall jointly execute and deliver the Term Loan C Notes to the
          applicable Term Loan C Lender. Each Term Loan C Note shall represent
          the joint and several obligation of Borrowers to pay the applicable
          Term Loan C Lender's Term Loan C Commitment, together with interest
          thereon as prescribed in Section 1.5(a).

               (2) The Term Loan C may be borrowed in an initial draw of not
          less than $5,000,000 (the "Term Loan C Initial Draw") and subsequent
          draws of not less than $2,000,000 each. Each draw shall be funded upon
          not less than three Business Days' prior written notice from the
          Borrower Representative in the form of a Notice of Term Loan C Draw
          and shall be used by the Borrowers first, to repay the Protective
          Overadvances, if any, and thereafter, for general corporate purposes.
          Subject to Section 1.22, the aggregate outstanding principal balance,
          accrued interest and other Term Loan C Obligations, of Term Loan C
          shall be due and payable in full in immediately available funds on the
          Commitment Termination Date, if not sooner paid in full. No amounts
          paid with respect to Term Loan C may be reborrowed.

               (3) The Term Loan C and all Term Loan C Obligations are
          subordinate and junior in right of payment and priority to the
          Priority DIP Obligations. Once drawn, the principal of the Term Loan C
          may not be paid or repaid, in whole or in part, without the consent of
          the Requisite Lenders until the Administrative

                                       -2-

<PAGE>

          Agent has notified the Borrower Representative that the Priority DIP
          Obligations have been paid in full in cash, the Letters of Credit have
          been cash collateralized or terminated in accordance with the terms of
          this Agreement and all Commitments other than the Term Loan C
          Commitment hereunder have been terminated."

               (b) Section 1.1(d) of the Credit Agreement is hereby amended to
insert the words "Notice of Term Loan C Draw," after the words "Notice of
Revolving Credit Advance" and before the words "Notice of
Conversion/Continuation" in the first sentence thereof, and to add the words
"Notices of Term Loan C Draws" after the words "Notices of Revolving Credit
Advances" and before the words "and Notices of Conversion/Continuation" in the
third sentence thereof, to add the words "and Term Loan C" after the word
"Loans" in the third sentence thereof, and to add the words "and each Term Loan
C Lender" after the word "Lender" in the fifth sentence thereof.

               (c) Section 1.3(b)(ii) of the Credit Agreement is hereby amended
to change "Loans" to "Obligations" in the first sentence thereof and to add "
and Term Loan C Lenders" after "Lenders" in the last line thereof.

               (d) Section 1.3(b)(ii) of the Credit Agreement is hereby amended
to change the word "Loans" to the word "Obligations" in the first sentence
thereof and to add "and Term Loan C Lenders" after "Lenders" in the last line
thereof.

               (e) Section 1.3(b)(iii) of the Credit Agreement is hereby amended
to change the word "Loans" to the word "Obligations" in the first sentence
thereof.

               (f) Section 1.3(b)(iv) of the Credit Agreement is hereby amended
to add "and Term Loan C Lenders" after "Lenders" in the proviso at the end
thereof.

               (g) The following shall be inserted into the Credit Agreement as
a new Section 1.3(f):

               "(f) No Payments on Term Loan C. Notwithstanding any other
          provision of this Agreement, no Borrower or Guarantor shall make any
          payment with respect to the Term Loan C (including without limitation
          any payments of principal or interest on the Term Loan C or any
          purchase of any interest therein) unless and until the Administrative
          Agent has notified the Administrative Borrower that the Priority DIP
          Obligations have been paid in full in cash, all Letter of Credit
          Obligations have been cash collateralized in accordance with the terms
          of this Agreement and all Commitments other than the Term Loan C
          Commitments have been terminated; provided that, so long as no Event
          of Default is continuing, Term Loan C Obligations other than principal
          may be paid when due."

               (h) Section 1.5(a) of the Credit Agreement is deleted in its
entirety and replaced by the following:

               "(a) Interest shall accrue, for the ratable benefit of Lenders
          and Term Loan C Lenders, as applicable, in accordance with the

                                       -3-
<PAGE>

          various Loans or Term Loans C being made by each Lender and Term Loan
          C Lender, at the following rate and shall be payable as specified: (i)
          with respect to the Revolving Credit Advances, the Index Rate plus two
          percent (2%) or, at the election of Borrower Representative, the
          applicable LIBOR Rate plus three percent (3%), payable in cash monthly
          in arrears, (ii) with respect to the Swing Line Loan, the Index Rate
          plus two percent (2%), payable in cash, monthly in arrears, (iii) with
          respect to the Term Loan A, the applicable LIBOR Rate plus five and
          one-half percent (5.50%), payable in cash, monthly in arrears, (iv)
          with respect to the Term Loan B, the applicable LIBOR plus eight and
          one-half percent (8.50%), payable in kind, compounded and added to
          principal on a monthly basis, or at the election of the Borrower
          Representative so long as no Event of Default is continuing at the
          time of payment, in cash in arrears on a monthly basis, and (v) with
          respect to the Term Loan C, the applicable LIBOR Rate plus nine and
          one-half percent (9.50%), payable in kind, compounded and added to
          principal on a monthly basis, or, at the election of the Borrower
          Representative so long as no Event of Default is continuing at the
          time of payment, in cash in arrears on a monthly basis. Unless
          Borrowers elect a different LIBOR Period in accordance with Section
          1.5(e) and the other provisions of this Agreement, the Term Loans and
          Term Loans C shall bear interest at the LIBOR Rate for one month LIBOR
          Periods plus the applicable margins specified above for such Term
          Loans and Term Loans C."

               (i) Section 1.5(b) of the Credit Agreement is amended to insert
the words "or on the Term Loan C" after the words "any Loan" in the first
sentence thereof.

               (j) Section 1.5(d) of the Credit Agreement is amended to insert",
the Term Loan C" after the words "applicable to the Loans" in the first sentence
thereof.

               (k) Section 1.5(f) of the Credit Agreement is amended to insert
"and Term Loan C Lenders" after "on behalf of Lenders" in the proviso of the
first sentence, to insert "or any Term Loan C Lender" after "any Lender" and to
insert "or any such Term Loan C Lender" after "such Lender" in the last sentence
thereof.

               (l) Section 1.5(g) of the Credit Agreement is deleted in its
entirety and replaced by the following:

               "(g) If any provision of this Agreement or any of the other Loan
          Documents would obligate Borrowers to make any payment of interest or
          other amount payable to any Agent, any Lender or any Term Loan C
          Lender in an amount or calculated at a rate which would be prohibited
          by law or would result in a receipt by such Agent, such Lender or such
          Term Loan C Lender of interest at a criminal rate (as such terms are
          construed under the Criminal Code (Canada)) then, notwithstanding such
          provision, such amount or rate shall be deemed to have been adjusted
          with retroactive effect to the maximum amount or rate of interest, as
          the case may be, as would not be so prohibited by law or so result in
          a receipt by such Agent, such Lender or such Term Loan C Lender of
          interest at a criminal rate, such adjustment to be

                                       -4-

<PAGE>

          effected, to the extent necessary, as follows: (1) firstly, by
          reducing the amount or rate of interest required to be paid to such
          Agent, such Lender or such Term Loan C Lender under the Notes or the
          Term Loan C Notes; and (2) thereafter, by reducing any fees,
          commissions, premiums and other amounts required to be paid to such
          Agent, such Lender or such Term Loan C Lender which would constitute
          interest for purposes of Section 347 of the Criminal Code (Canada).
          Notwithstanding the foregoing, and after giving effect to all
          adjustments contemplated thereby, if such Agent, such Lender or such
          Term Loan C Lender shall have received an amount in excess of the
          maximum permitted by that section of the Criminal Code (Canada), then
          Borrowers shall be entitled, by notice in writing to such Agent, such
          Lender or such Term Loan C Lender, as applicable, to obtain
          reimbursement from such Agent, such Lender or such Term Loan C Lender,
          as applicable, in an amount equal to such excess, and pending such
          reimbursement, such amount shall be deemed to be an amount payable by
          such Agent, such Lender or such Term Loan C Lender to Borrowers. Any
          amount or rate of interest referred to in this Section 1.5 shall be
          determined in accordance with generally accepted actuarial practices
          and principles as an effective annual rate of interest over the term
          that any Loan or Term Loan C remains outstanding on the assumption
          that any charges, fees or expenses that fall within the meaning of
          "interest" (as defined in the Criminal Code (Canada)) shall, if they
          relate to a specific period of time, be pro-rated over that period of
          time and otherwise be pro-rated over the period from the Closing Date
          to the Termination Date and, in the event of a dispute, a certificate
          of a Fellow of the Canadian Institute of Actuaries appointed by the
          Administrative Agent shall be conclusive for the purposes of such
          determination.

                    For purposes of disclosure pursuant to the Interest Act
          (Canada), the annual rates of interest or fees to which the rates of
          interest or fees provided in this Agreement (as amended through the
          Fifth Amendment or hereafter) and the other Loan Documents (and stated
          herein or therein, as applicable, to be computed on the basis of a
          360-day year or any other period of time less than a calendar year)
          are equivalent to the rates so determined multiplied by the actual
          number of days in the applicable calendar year and divided by 360 or
          such other period of time, respectively.

               (m) Section 1.9 of the Credit Agreement is amended to insert a
new section (e) as follows:

               "(e) Term Loan C and Amendment Fees. The following fees shall be
          payable as indicated below:

                    (i) Closing Fee. Borrowers jointly and severally agree and
          promise to pay and, upon the Term Loan C Effective Date, the Term Loan
          C Agent shall be deemed to have fully earned, a nonrefundable closing
          fee, in accordance with their Pro Rata Shares for their respective
          sole accounts in an amount equal to one-half of one percent (.50%) of
          the Term Loan C Commitment Amount, payable in cash on the Term Loan C
          Effective Date.

                                      -5-

<PAGE>

                    (ii) Amendment Fee. Upon the Fifth Amendment Effective Date,
          Borrowers jointly and severally agree to pay to the Revolving Lenders
          a nonrefundable amendment fee in an amount equal to .15% of the
          Revolving Loan Commitment, (the "Fifth Amendment Fee"); provided that
          no Agent or Lender who is also a Term Loan C Lender on the Fifth
          Amendment Effective Date shall be entitled to earn or be paid the
          Fifth Amendment Fee."

               (n) Application and Allocation of Payments. Section 1.11(a) is
amended to add "and Section 1.3(f)" after the reference to "Section 1.3(a)" in
clause (ii) and after the reference to "1.3(d)" in clause (iii).

               (o) Indemnity. Section 1.13(a) is amended to add ",each Term Loan
C Lender" after "each Lender in the first sentence. Section 1.13(b) is hereby
amended to add "and the Term Loan C Lenders" after "To induce Lenders" in the
first sentence and to add "a Term Loan C Lender" after the term "a Lender" in
the third sentence thereof and to add "and each Term Loan C Lender" after the
term "each Lender" each place in which the term "each Lender" appears in Section
1.13(b).

               (p) Taxes. Section 1.15(a) is amended to include ", Term Loan C
Lenders" after "Agent" and before "or Lenders" in the second sentence. Each of
Section 1.15(b) and 1.15(c) is hereby amended to add "or Term Loan C Lender"
after "Lender" in each instance in which the term Lender appears in Section
1.15(b) or (c).

          5. Conditions Precedent to Term Loan C. The Credit Agreement is
amended to add a new Section 2.3 as follows:

          "2.3 Conditions to Term Loan C:

               (a) The Term Loan C Commitments shall not become effective unless
          and until each of the following conditions has been satisfied or
          waived:

                    (i) The Term Loan C Agent shall have received an executed
          copy of this Fifth Amendment and any other loan documents as it shall
          require, each in form and substance satisfactory to it (collectively,
          the "Term Loan C Loan Documents"), including an amendment to the
          security agreement if required to ensure that all grants of security
          interests and liens to the Collateral Agent for the benefit of the
          Lenders includes the Term Loan C Agent and the Term Loan C Lenders.

                    (ii) The Term Loan C Agent shall have received evidence that
          all authorizations and consents required for the execution and
          delivery of the Term Loan C Loan Documents and the performance of
          Borrowers' obligations thereunder and under this Fifth Amendment have
          been obtained.

                    (iii) The Term Loan C Agent shall have received financial
          projections for Borrowers and Guarantors in form and substance
          satisfactory to the Term Loan C Agent.

                    (iv) Each Term Loan C Initial Lender shall be satisfied that
          prior to the entry of the Bankruptcy Court Order approving the Term
          Loan C,

                                       -6-
<PAGE>

          no material adverse change in the financial condition, business,
          prospects, profitability, assets of operation of Borrowers and
          Guarantors has occurred.

                    (v) The Bankruptcy Court shall have entered its order in
          form and substance satisfactory to Term Loan C Initial Lenders on or
          before June 30, 2006, which order shall not be stayed pending appeal
          and which order shall, among other things: (i) approve and authorize
          the Borrowers and Guarantors to enter into this Fifth Amendment and
          the other documents contemplated thereby; (ii) approve the terms and
          conditions set forth herein, including the liens and superpriority
          claim afforded to the Term Loan C Agent and the Term Loan C Lenders
          under the terms and conditions of this Fifth Amendment; (iii) contain
          a specific finding that the Term Loan C Agent and the Term Loan C
          Initial Lenders have acted in "good faith" within the meaning of
          section 364(e) of the Bankruptcy Code; and (iv) find that the Fifth
          Amendment and the Term Loan C otherwise satisfy the conditions to
          obtaining financing under Section 364 of the Bankruptcy Code (the
          "Term Loan C Bankruptcy Court Order"). The terms and conditions of the
          Term Loan C Bankruptcy Court Order (y) shall be binding upon
          Borrowers' and Guarantors' successors, including any subsequently
          appointed Chapter 7 or Chapter 11 bankruptcy trustee, and (z) shall
          not be modified without the Term Loan C Initial Lenders' written
          consent.

                    (vi) The Canadian court shall have entered an order in form
          and substance satisfactory to the Term Loan C Initial Lenders
          recognizing the Fifth Amendment and the Term Loan C.

               (b) No Term Loan C Lender shall be obligated to honor any
          borrowing request or to fund any draw, unless and until all of the
          conditions specified in Section 2.3(a)(v) and 2.3(a)(vi) and each of
          the following additional conditions has been satisfied or waived:

               (i) Borrowers shall have provided the Term Loan C Agent with a
          certification, in form and substance satisfactory to the Term Loan C
          Agent, certifying that Borrowers are projecting to have Availability
          of less than $10,000,000 on or within 20 days after the date of the
          requested draw.

               (ii) At the time of any draws on the Term Loan C there shall not
          then exist any Term Loan C Events of Default nor any Events of Default
          if the Revolving Lenders have refused and are continuing to refuse to
          make any Advances pursuant to Section 2.2(c) of the DIP Facility due
          to such Event of Default).

          6. Financial Covenants. Each Borrower and each Credit Party executing
this Amendment jointly and severally agrees that:

               (a) Section (a) of Annex G, Maximum Capital Expenditures of the
Credit Agreement is hereby amended as of the Amendment Effective Date by
deleting the target for maximum Capital Expenditures beginning with the period
ending on June 30, 2006 and ending on July 31, 2007 and substituting in lieu
thereof the following:

                                       -7-

<PAGE>

<TABLE>
<CAPTION>
12-Month Period Ending   Maximum Capital Expenditures per Period
----------------------   ---------------------------------------
<S>                      <C>
June 30, 2006                          $27,940,000
July 31, 2006                          $30,991,000
August 31, 2006                        $36,457,000
September 30, 2006                     $38,443,000
October 31,2006                        $41,135,000
November 30, 2006                      $41,113,000
December 31, 2006                      $40,283,000
January 31, 2007                       $45,111,000
February 28, 2007                      $50,807,000
March 31, 2007                         $56,158,000
April 30, 2007                         $61,470,000
May 31, 2007                           $68,750,000
June 30, 2007                          $74,393,000
July 31, 2007                          $78,137,000
</TABLE>

               (b) Section (b) of Annex G, Minimum Fixed Charge Coverage Ratio
of the Credit Agreement is hereby amended as of the Amendment Effective Date by
deleting the target for minimum Fixed Charge Coverage beginning with the period
ending on June 30, 2006 and ending on July 31, 2007 and substituting in lieu
thereof the following:

<TABLE>
<CAPTION>
Fiscal Month Ending   Minimum Fixed Charge Coverage Ratio
-------------------   -----------------------------------
<S>                   <C>
June 30, 2006                      0.630:1.0
July 31, 2006                      0.692:1.0
August 31, 2006                    0.600:1.0
September 30, 2006                 0.577:1.0
October 31, 2006                   0.528:1.0
November 30, 2006                  0.523:1.0
December 31, 2006                  0.620:1.0
</TABLE>

                                       -8-

<PAGE>

<TABLE>
<S>                   <C>
January 31, 2007                   0.602:1.0
February 28, 2007                  0.585:1.0
March 31, 2007                     0.573:1.0
April 30, 2007                     0.593:1.0
May 31, 2007                       0.614:1.0
June 30, 2007                      0.626:1.0
July 31, 2007                      0.666:1.0
</TABLE>

               (c) Section (c) of Annex G, Minimum EBITDA of the Credit
Agreement is hereby amended as of the Amendment Effective Date deleting the
target for minimum EBITDA for beginning with the period ending on June 30, 2006
and ending on July 31, 2007 and substituting in lieu thereof the following:

<TABLE>
<CAPTION>
Fiscal Month Ending   Minimum EBITDA
-------------------   --------------
<S>                   <C>
June 30, 2006           $36,682,000
July 31, 2006           $39,828,000
August 31, 2006         $37,369,000
September 30, 2006      $36,781,000
October 31, 2006        $34,872,000
November 30, 2006       $34,552,000
December 31, 2006       $40,324,000
January 31, 2007        $39,061,000
February 28, 2007       $39,108,000
March 31, 2007          $39,870,000
April 30, 2007          $43,783,000
May 31, 2007            $49,219,000
June 30, 2007           $52,506,000
July 31, 2007           $56,682,000
</TABLE>

                                       -9-

<PAGE>

               (d) Section (d) of Annex G, Maximum Leverage Ratio of the Credit
Agreement is hereby amended as of the Amendment Effective Date by deleting the
target for Maximum Leverage Ratio beginning with the period ending on June 30,
2006 and ending on July 31, 2007 and substituting in lieu thereof the following:

<TABLE>
<CAPTION>
Fiscal Month Ending   Maximum Leverage Ratio
-------------------   ----------------------
<S>                   <C>
June 30, 2006                4.95:1.0
July 31, 2006                4.61:1.0
August 31, 2006              5.27:1.0
September 30, 2006           5.36:1.0
October 31, 2006             5.68:1.0
November 31, 2006            5.85:1.0
December 31, 2006            5.11:1.0
January 31, 2007             5.44:1.0
February 28, 2007            5.51:1.0
March 31, 2007               5.44:1.0
April 30, 2007               4.98:1.0
May 31, 2007                 4.46:1.0
June 30, 2007                4.21:1.0
July 31, 2007                3.93:1.0
</TABLE>

          7. Sale of Stock and Assets. Section 6.8 of the Credit Agreement is
amended to add a new clause (d) at the end as follows:

     "and (d) the sale or other disposition of the terminals located at
Georgetown, Kentucky and Windsor, Ontario in an arm's length transaction at fair
market value to a buyer who is not an Affiliate; provided that the proceeds are
applied as otherwise required under this Agreement."

          8. Survival of Obligations Upon Termination of Financing Arrangments.
Section 7.2 of the Credit Agreement is amended to add ", Term Loan C Lenders"
after "Agents" in each place the word "Agents" appears, and to add ", each Term
Loan C Lender" after "each Agent" in each place the words "each Agent" appears.

          9. Term Loan C Events of Default. Article 8 of the Credit Agreement is
amended to add the following Section 8.4:

                                      -10-
<PAGE>

          "8.4 Term Loan C Events of Default. Section 8.1 shall not apply to the
Term Loan C and the Term Loan C shall only be in default upon the occurrence of
one of the following (the "Term Loan C Events of Default"):

          (a) The acceleration or maturity of the Priority DIP Obligations or
          the occurrence of the Commitment Termination Date,

          (b) The entry of an order dismissing any Borrower's or Guarantor's
          Chapter 11 case or converting such case to a Chapter 7 case,

          (c) the entry of an order appointing a Chapter 11 trustee or an
          examiner with expanded powers beyond those set forth in Sections
          1106(a)(3) and (4) of the Bankruptcy Code in any Borrower's or
          Guarantor's Chapter 11 case,

          (d) the entry of an order granting any other claim superpriority
          status or a lien equal or superior to that granted to the Term Loan C
          Lenders (other than with respect to the Priority DIP Obligations or
          the Carve-Out), or

          (e) the entry of an order staying, reversing, vacating or otherwise
          modifying this Credit Agreement or the Term Loan C Bankruptcy Court
          Order."

          10.  Miscellaneous.

               (a) Section 8.2(b) of the Credit Agreement is amended to delete
the term "Required Lenders" and replace it with the term "Requisite Lenders."

               (b) Section 9.1 of the Credit Agreement is amended to add the
following Section 9.1(h):

                         "(h) Notwithstanding any other provision of this Credit
          Agreement, no Term Loan C Lender may make an assignment of, or sell
          participations in, the Term Loan C Loan Documents, the Term Loan C and
          any Term Loan C Commitment (any of which, a "Term Loan C Interest")
          unless such Term Loan C Lender shall have delivered to the
          Administrative Agent on behalf of the Term Loan C Initial Lenders
          written notice of the proposed assignment or sale and the terms and
          conditions thereof including an irrevocable offer to sell the same
          Term Loan C Interest to the Term Loan C Initial Lenders on the same
          terms and conditions (such notice, a "Term Loan C Offer Notice"). Upon
          receipt of a Term Loan C Offer Notice, the Term Loan C Initial Lenders
          will have two Business Days after written notification of any proposed
          sale or assignment in which to accept the offer to sell the Term Loan
          C Interest upon the same terms and conditions. If the offer is
          accepted, the Term Loan C Lender shall sell the Term Loan C Interest
          to the Term Loan C Initial Lenders on a Business Day determined by the
          selling Term Loan C Lender but not less than two nor more than five
          business days after the date of acceptance. If both Term Loan C
          Initial Lenders accept the offer, the Term Loan C Interest shall be
          allocated between them as they may agree, but failing such agreement,
          in accordance with their Pro Rata Shares. If one (but not both) of the
          Term Loan C Initial Lenders decline to acquire such interest, the
          other shall acquire the entire interest. If both Term Loan C Initial
          Lenders decline to acquire such interest, then the holder of the Term
          Loan C Interest

                                      -11-

<PAGE>

          may sell or assign such Term Loan C Interest on the terms and
          conditions described in the Term Loan C Transfer Notice during the
          period of five business days thereafter (or any portion thereof or
          interest therein) and otherwise in accordance with the provisions of
          Section 9.1(a) of the Credit Agreement as though such Term Loan C
          Lender were a Lender within the meaning of Section 9.1(a). In the
          event that the Term Loan C Lender does not sell or assign the Term
          Loan C Interest on such terms and conditions and within such period,
          any assignment or sale of participations shall again be subject to the
          provisions of this Section 9.l(h). "

               (c) Section 9.2 of the Credit Agreement is deleted in its
entirety and replaced with the following:

          "9.2 Appointment of Agents. GE Capital is appointed to act on behalf
of all Lenders and all Term Loan C Lenders as 'Administrative Agent' and as
'Collateral Agent' under this Agreement and the other Loan Documents. GE Capital
is appointed to act on behalf of all Revolving Lenders as 'Revolver Agent' under
this Agreement and the other Loan Documents. Morgan Stanley is appointed to act
on behalf of all Term Loan A Lenders as 'Term Loan A Agent' under this Agreement
and the other Loan Documents. Morgan Stanley is appointed to act on behalf of
all Term Loan B Lenders as "Term Loan B Agent" under this Agreement and the
other Loan Documents. Morgan Stanley is hereby appointed to act on behalf of all
Term Loan C Lenders as "Term Loan C Agent" under this Agreement and the other
Loan Documents. Without limiting the generality of the foregoing, as of the
Closing Date, each Lender authorized and authorizes Agents to consent, on behalf
of each Lender, to an Interim Order substantially in the form attached as
Exhibit A-1, to the Canadian Interim Order, to the Final Order and to the
Canadian Final Order negotiated among Borrowers, Agents and the Committee. In
addition, each Lender and each Term Loan C Lender hereby authorizes Agents to
consent on its behalf to the Term Loan C Bankruptcy Court Order and to an order
in substantially the form required for the Canadian court to recognize the Fifth
Amendment and the Term Loan C. The provisions of this Section 9.2 are solely for
the benefit of Agents, Lenders and Term Loan C Lenders and no Credit Party nor
any other Person shall have any rights as a third party beneficiary of any of
the provisions hereof. In performing its functions and duties under this
Agreement and the other Loan Documents, each Agent shall act solely as an agent
of the Lenders or the Term Loan C Lenders, as applicable, and does not assume
and shall not be deemed to have assumed any obligation toward or relationship of
agency or trust with or for any Credit Party or any other Person. No Agent shall
have duties or responsibilities except for those expressly set forth in this
Agreement and the other Loan Documents. The duties of each Agent shall be
mechanical and administrative in nature and no Agent shall have, or be deemed to
have, by reason of this Agreement, any other Loan Document or otherwise a
fiduciary relationship in respect of any Lender or Term Loan C Lender. Except as
expressly set forth in this Agreement and the other Loan Documents, no Agent
shall have any duty to disclose, and shall not be liable for failure to
disclose, any information relating to any Credit Party or any of their
respective Subsidiaries or any Account Debtor that is communicated to or
obtained from any Agent or any of its Affiliates in any capacity. No Agent, no
Affiliate of any Agent and none of their respective officers, directors,
employees, agents or representatives shall be liable to any Lender or any Term
Loan C Lender for any action taken or omitted to be taken by any Agent, any
Affiliate of an Agent or any other Person under this Credit Agreement or any
other Loan Document or in connection therewith, except for damages caused by
such Agent's or such Person's own gross negligence or willful misconduct.

                                      -12-

<PAGE>

          If any Agent shall request instructions from Requisite Lenders,
Requisite Revolving Lenders, Requisite Term Loan A Lenders, Requisite Term Loan
B Lenders, Requisite Term Loan C Lenders or all affected Lenders with respect to
any act or action (including failure to act) in connection with this Agreement
or any other Loan Document, then each Agent, as the case may be, shall be
entitled to take such act or action or refrain from such act or taking such
action unless and until Administrative Agent shall have received instructions
from Requisite Lenders, Requisite Revolving Lenders, Requisite Term Loan A
Lenders, Requisite Term Loan B Lenders, Requisite Term Loan C Lenders or all
affected Lenders, as the case may be, and no Agent shall incur liability to any
Person by reason of taking or refraining from such act or action. Each Agent
shall be fully justified in failing or refusing to take any action hereunder or
under any other Loan Document (a) if such action would, in the opinion of such
Agent, be contrary to law or the terms of this Agreement or any other Loan
Document, (b) if such action would, in the opinion of such Agent, expose such
Agent to Environmental Liabilities or (c) if such Agent shall not first be
indemnified to its satisfaction against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action.
Without limiting the foregoing, no Lender or Term Loan C Lender shall have any
right of action whatsoever against any Agent as a result of such Agent acting or
refraining from acting hereunder or under any other Loan Document in accordance
with the instructions of Requisite Lenders, Requisite Revolving Lenders,
Requisite Term Loan A Lenders, Requisite Term Loan B Lenders, Requisite Term
Loan C Lenders or all affected Lenders, as applicable."

               (d) Section 9.3 of the Credit Agreement is hereby amended to add
"or any Term Loan C Lender" after "any Lender" in each instance in which the
term "any Lender" appears in such Section 9.3.

               (e) Sections 9.4. 9.5 and 9.6 of the Credit Agreement are deleted
in their entirety and replaced with the following:

     "9.4 Agents in Individual Capacities. With respect to its Commitments and
Term Loan C Commitments hereunder, each of GE Capital and Morgan Stanley shall
have the same rights and powers under this Agreement, the other Loan Documents
as any other Lender or Term Loan C Lender and may exercise the same as though it
were not an Agent; and the term "Lender", "Lenders", "Term Loan C Lender" or
"Term Loan C Lenders" shall, unless otherwise expressly indicated, include each
of GE Capital and Morgan Stanley in its individual capacity. Each of GE Capital
and Morgan Stanley and its respective Affiliates may lend money to, invest in,
and generally engage in any kind of business with, any Credit Party, any of
their Affiliates and any Person who may do business with or own securities of
any Credit Party or any such Affiliate, all as if GE Capital and Morgan Stanley
were not an Agent and without any duty to account therefor to Lenders or Term
Loan C Lenders. Each of GE Capital and Morgan Stanley and its respective
Affiliates may accept fees and other consideration from any Credit Party for
services in connection with this Agreement or otherwise without having to
account for the same to Lenders or Term Loan C Lenders. Each Lender and Term
Loan C Lender acknowledges the potential conflict of interest between GE Capital
and Morgan Stanley as Lenders and Term Loan C Lenders holding disproportionate
interests in the Loans or Term Loans C and GE Capital and Morgan Stanley as
Agents, and expressly consents to, and waives any claim based upon, such
conflict of interest.

     9.5 Lender and Term Loan C Lender Credit Decision. Each Lender and Term
Loan C Lender acknowledges that it has, independently and without reliance upon
any Agent or any other Lender or Term Loan C Lender and, in the case of each
Lender, based on the

                                      -13-

<PAGE>

Financial Statements referred to in Section 3.4(a), or in the case of the Term
Loan C Lenders, the financial information and projections which each such Term
Loan C Lender had the opportunity to obtain as a condition precedent to the
Fifth Amendment, and such other documents and information as each Lender and
each Term Loan C Lender has deemed appropriate, made its own credit and
financial analysis of the Credit Parties and its own decision to enter into this
Agreement. Each Lender and each Term Loan C Lender also acknowledges that it
will, independently and without reliance upon any Agent or any other Lender or
Term Loan C Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Agreement. Each Lender and each Term Loan C Lender
acknowledges the potential conflict of interest of each other Lender and Term
Loan C Lender as a result of Lenders and Term Loan C Lenders holding
disproportionate interests in the Loans and Term Loans C, and expressly consents
to, and waives any claim based upon, such conflict of interest.

     9.6 Indemnification. Lenders and Term Loan C Lenders agree to indemnify
Agents (to the extent not reimbursed by Credit Parties and without limiting the
obligations of Credit Parties hereunder), ratably according to their respective
Pro Rata Shares, from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever that may be imposed on, incurred by, or
asserted against any Agent in any way relating to or arising out of this
Agreement or any other Loan Document or any action taken or omitted to be taken
by any Agent in connection therewith; provided, that no Lender or Term Loan C
Lender shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from such Agent's gross negligence or willful misconduct. Without
limiting the foregoing, each Lender and Term Loan C Lender agrees to reimburse
such Agent promptly upon demand for its ratable share of any out-of-pocket
expenses (including reasonable counsel fees) incurred by such Agent in
connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement and each other Loan Document, to the
extent that such Agent is not reimbursed for such expenses by Credit Parties."

               (f) Section 9.7 of the Credit Agreement is hereby amended to
insert the following Section 9.7(f):

                    "(f) Term Loan C Agent may resign at any time by giving not
          less than thirty (30) days' prior written notice thereof to Term Loan
          C Lenders, the other Agents and Borrower Representative. Upon any such
          resignation, the Requisite Term Loan C Lenders shall have the right to
          appoint a successor Term Loan C Agent. If no successor Term Loan C
          Agent shall have been so appointed by the Requisite Term Loan C
          Lenders and shall have accepted such appointment within thirty (30)
          days after the resigning Term Loan C Agent's giving notice of
          resignation, then the resigning Term Loan C Agent may, on behalf of
          Term Loan C Lenders, appoint a successor Term Loan C Agent, which
          shall be a Term Loan C Lender, if a Term Loan C Lender is willing to
          accept such appointment, or otherwise shall be a commercial bank or
          financial institution or a subsidiary of a commercial bank or
          financial institution if such commercial bank or financial institution
          is

                                      -14-

<PAGE>

          organized under the laws of the United States of America or of any
          State thereof and has a combined capital and surplus of at least
          $300,000,000. If no successor Term Loan C Agent has been appointed
          pursuant to the foregoing, within thirty (30) days after the date such
          notice of resignation was given by the resigning Term Loan C Agent,
          such resignation shall become effective and the Requisite Term Loan C
          Lenders shall thereafter perform all the duties of such Term Loan C
          Agent hereunder until such time, if any, as the Requisite Term Loan C
          Lenders appoint a successor Term Loan C Agent as provided above. Any
          successor Term Loan C Agent appointed by Requisite Term Loan C Lenders
          hereunder shall be subject to the approval of Borrower Representative,
          such approval not to be unreasonably withheld or delayed; provided
          that such approval shall not be required if a Default or an Event of
          Default has occurred and is continuing. Upon the acceptance of any
          appointment as Term Loan C Agent hereunder by a successor Term Loan C
          Agent, such successor Term Loan C Agent shall succeed to and become
          vested with all the rights, powers, privileges and duties of the
          resigning Term Loan C Agent. Upon the earlier of the acceptance of any
          appointment as such Term Loan C Agent hereunder by a successor Term
          Loan C Agent or the effective date of the resigning Term Loan C
          Agent's resignation, the resigning Term Loan C Agent shall be
          discharged from its duties and obligations under this Agreement and
          the other Loan Documents, except that any indemnity rights or other
          rights in favor of such resigning Term Loan C Agent shall continue.
          After any resigning Term Loan C Agent's resignation hereunder, the
          provisions of this Section 9 shall inure to its benefit as to any
          actions taken or omitted to be taken by it while it was acting as Term
          Loan C Agent under this Agreement and the other Loan Documents."

               (g) Section 9.9(a) of the Credit Agreement is hereby amended to
insert Section 9.9(a)(iii) as follows:

          "(iii) Cash payments of interest and amounts other than principal
          permitted on the Obligations owed to the Term Loan C Lenders shall be
          made by the Borrowers to the Administrative Agent on behalf of the
          Term Loan C Agent and the Term Loan C Lenders. The Administrative
          Agent shall advise each Term Loan C Lender by telephone, or telecopy
          of the amount of such Term Loan C Lender's Pro Rata Share of
          principal, interest and Fees paid for the benefit of Term Loan C
          Lenders with respect to each applicable Term Loan C on each Settlement
          Date in which any amounts are paid on the Obligations owed to the Term
          Loan C Lenders. Provided that each Term Loan C Lender has funded all
          payments, draws or Advances required to be made by it and has
          purchased all participations required to be purchased by it under this
          Agreement and the other Loan Documents as of such Settlement Date,
          Administrative Agent shall pay to each Term Loan C Lender such Term
          Loan C Lender's Pro Rata Share of principal, interest and Fees paid by
          Borrowers since the previous Settlement Date for the benefit of such
          Term Loan C Lender on the Term Loans C held by it. To the extent that
          any Term Loan C Lender (a "Term Loan C Non Funding Lender") has failed
          to fund all such payments, draws and Advances or failed to fund the
          purchase of all such participations, Administrative Agent shall be
          entitled to set off the funding short fall against that Term Loan C
          Non Funding Lender's Pro Rata Share of

                                      -15-

<PAGE>

          all payments received from Borrowers. Such payments shall be made by
          wire transfer to such Term Loan C Lender's account (as specified by
          such Term Loan C Lender in Annex H or the applicable Assignment
          Agreement) not later than 2:00 p.m. (New York time) on the next
          Business Day following each Settlement Date."

               (h) Section 9.9(c) is hereby amended to add "or Term Loan C
Lender" after "a Lender" in the first line and "such Lender" in the last line of
clause (i) and after "any Lender" in the first sentence and "such Lender" in the
second sentence of clause (ii) of Section 9.9(c).

               (i) Section 9.9(d) is hereby amended to add the following at the
end of the existing section:

          "The failure of any Term Loan C Lender to advance any draw or other
          portion of the Term Loan C or to make any payment required to be made
          by it hereunder shall not relieve any other Lender or Term Loan C
          Lender of its obligations to make Advances, draws or to purchase
          participations under this Agreement but no Agent, no Lender and no
          other Term Loan C Lender shall be responsible for the failure of any
          Term Loan C Non Funding Lender to advance any draw or other portion of
          the Term Loan C or to make any other payment required hereunder.
          Notwithstanding the foregoing, provided that the conditions under
          Section 2.3(b) have been satisfied and at Borrower Representative's
          written request, (i) the Term Loan C Initial Lenders agree that they
          shall purchase, on a pro rata basis (or, if the Term Loan C Initial
          Lenders do not do so, Term Loan C Agent or a Person reasonably
          acceptable to Term Loan C Agent shall have the right to purchase),
          from any Term Loan C Non Funding Lender, and (ii) each Term Loan C Non
          Funding Lender agrees that, at Term Loan C Agent's request, it shall
          sell and assign to the Term Loan C Initial Lenders on a pro rata basis
          (or to the Term Loan C Agent or such Person, as applicable), all of
          the Term Loan C Commitments of that Term Loan C Non Funding Lender,
          together with all right, title and interest of such Term Loan C Non
          Funding Lender in and to the Term Loan C Obligations (the "Term Loan C
          Interest") as set forth herein. Each Term Loan C Non Funding Lender
          shall sell all of its Term Loan C Interest for an amount equal to the
          principal balance of all Term Loans C held by such Term Loan C Non
          Funding Lender plus the amount of accrued interest due thereon through
          the date of sale, such purchase and sale to be consummated pursuant to
          one or more executed Assignment Agreements. A Term Loan C Non Funding
          Lender shall not have any voting or consent rights under or with
          respect to any Loan Document or constitute a "Term Loan C Lender" (or
          be included in the calculation of "Requisite Term Loan C Lenders"
          hereunder) for any voting or consent rights under or with respect to
          any Loan Document."

               (j) Sections 9.9(e), (f) and (g) are deleted and replaced with
the following:

          "(e) Dissemination of Information. Administrative Agent shall use
          reasonable efforts to provide Lenders and Term Loan C Lenders with any
          notice of Default or Event of Default received by Administrative Agent
          from, or delivered by Administrative Agent to, any Credit Party, with
          notice of any

                                      -16-

<PAGE>

          Event of Default of which Administrative Agent has actually become
          aware and with notice of any action taken by Administrative Agent
          following any Event of Default; provided, that Administrative Agent
          shall not be liable to any Lender or Term Loan C Lender for any
          failure to do so, except to the extent that such failure is
          attributable to Administrative Agent's gross negligence or willful
          misconduct. Lenders and Term Loan C Lenders acknowledge that Borrowers
          are required to provide Financial Statements and Collateral Reports to
          Lenders and Term Loan C Lenders in accordance with Annexes E and F
          hereto and agree that Administrative Agent shall have no duty to
          provide the same to Lenders or Term Loan C Lenders.

          (f) Actions in Concert. Anything in this Agreement to the contrary
          notwithstanding, each Lender and Term Loan C Lender hereby agrees with
          each other Lender and Term Loan C Lender that no Lender or Term Loan C
          Lender shall take any action to protect or enforce its rights arising
          out of this Agreement, the Notes or the Term Loan C Notes (including
          exercising any rights of setoff) without first obtaining the prior
          written consent of Agents and Requisite Lenders, it being the intent
          of Lenders and Term Loan C Lenders that any such action to protect or
          enforce rights under this Agreement, the Notes and the Term Loan C
          Notes shall be taken in concert and at the direction or with the
          consent of Agents or Requisite Lenders and as provided in Section 8.2.

          (g) Co-Syndication Agents, Revolver Agent, Term Loan A Agent, Term
          Loan B Agent and Term Loan C Agent. Notwithstanding anything else to
          the contrary in this Agreement or any other Loan Document, none of the
          Syndication Agents, Revolver Agent, Term Loan A Agent, Term Loan B
          Agent or Term Loan C Agent shall have any duties or responsibilities
          in such capacities under this Agreement or any other Loan Document or
          any fiduciary duty with any Lender or any Term Loan C Lender, and no
          implied covenants, functions, responsibilities, duties, obligations or
          liabilities shall be read into this Agreement or otherwise exist
          against such Persons in such capacities."

               (k) Section 10.1 of the Credit Agreement is amended to insert",
Term Loan C Lenders" after (i) "Lenders" in the first sentence, and (ii) after
"Agents" in each of the second, third and fourth sentences.

               (l) Section 11.1 of the Credit Agreement is hereby amended by
adding ", any Term Loan C Lender" after "any Agent".

               (m) Section 11.2(b) of the Credit Agreement is deleted and
replaced with the following:

          "(b) No amendment, modification, termination or waiver shall, unless
          in writing and signed by each Agent and each Lender directly affected
          thereby or, to the extent expressly set forth below, each Term Loan C
          Lender directly affected thereby:

          (i) (A) increase the principal amount of any Lender's Commitment
          without the consent of such Lender (which action shall be deemed only
          to affect those Lenders whose Commitments are increased and may be
          approved

                                      -17-

<PAGE>

          by Requisite Lenders, including those Lenders whose Commitments are
          increased), or (B) increase the principal amount of any Term Loan C
          Lender's Term Loan C Commitment without the consent of such Term Loan
          C Lender (which action shall be deemed only to affect those Term Loan
          C Lenders whose Commitments are increased and may be approved by
          Requisite Term Loan C Lenders, including those Term Loan C Lenders
          whose Term Loan C Commitments are increased);

          (ii) reduce the principal of, rate of interest on or Fees payable with
          respect to any Loan or Letter of Credit Obligations of any affected
          Lender;

          (iii) reduce the principal of, rate of interest on, Fees payable with
          respect to the Term Loan C or alter, amend or modify the provisions of
          Section 1,22 without the consent of any affected Term Loan C Lender;

          (iv) extend any scheduled payment date (other than payment dates of
          mandatory prepayments under Section 1.3(b)(ii)-(iv)) or final maturity
          date of the principal amount of any Loan of any affected Lender;

          (v) waive, forgive, defer, extend or postpone any payment of interest
          or Fees as to any affected Lender or Term Loan C Lender;

          (vi) release any Guaranty or, except as otherwise permitted herein or
          in the other Loan Documents, release, subordinate any Lien on, or
          permit any Credit Party to sell or otherwise dispose of, any
          Collateral with a value exceeding $5,000,000 in the aggregate (which
          action shall be deemed to directly affect all Lenders);

          (vii) change the percentage of the Commitments or of the aggregate
          unpaid principal amount of the Loans that shall be required for
          Lenders or any of them to take any action hereunder;

          (viii) change the percentage of the Term Loan C Commitments or of the
          aggregate unpaid principal amount of the Term Loans C that shall be
          required for Term Loan C Lenders or any of them to take any action
          hereunder; and

          (vii) amend or waive the provisions of this Section 11.2 that directly
          affect such Lenders or Term Loan C Lenders or the definitions of the
          terms "Requisite Lenders", "Requisite Revolving Lenders", "Requisite
          Term Loan A Lenders", "Requisite Term Loan B Lenders", or "Requisite
          Term Loan C Lenders" insofar as such definitions directly affect such
          Lender or Term Loan C Lender or the substance of this Section 11.2
          with respect thereto.

          Furthermore, no amendment, modification, termination or waiver
          affecting the rights or duties of any Agent or L/C Issuer under this
          Agreement or any other Loan Document shall be effective unless in
          writing and signed by such Agent or L/C Issuer, as the case may be, in
          addition to Lenders or Term Loan C Lenders required hereinabove to
          take such action. Each amendment, modification, termination or waiver
          shall be effective only in the specific instance and for the specific
          purpose for which it was given. No amendment, modification,
          termination or waiver shall be required for Collateral Agent to

                                      -18-

<PAGE>

          take additional Collateral pursuant to any Loan Document. No
          amendment, modification, termination or waiver of any provision of any
          Note or Term Loan C Note shall be effective without the written
          concurrence of the holder of that Note or Term Loan C Note. No notice
          to or demand on any Credit Party in any case shall entitle such Credit
          Party or any other Credit Party to any other or further notice or
          demand in similar or other circumstances. Any amendment, modification,
          termination, waiver or consent effected in accordance with this
          Section 11.2 shall be binding upon each holder of the Notes and Term
          Loan C Notes at the time outstanding and each future holder of the
          Notes and Term Loan C Notes.

               (n) Section 11.2(d) of the Credit Agreement is deleted in its
entirety and replaced by the following:

          "(d) In connection with any Proposed Change requiring the consent of
          Requisite Revolving Lenders or Revolving Lenders, as applicable, if
          the consent of the Requisite Term Loan A Lenders and the Term Loan A
          Agent has been obtained, but the consent of the Requisite Revolving
          Lenders or the Revolving Lenders, as applicable, has not been
          obtained, the Term Loan A Lenders (or any of them) shall have the
          option, upon written notice to Revolving Agent and the Term Loan A
          Agent (the "Revolving Purchase Notice"), to purchase all, but not less
          than all, of the Obligations owing to and Commitments of the Revolving
          Lenders whose consent is not obtained (the "Non-Consenting Revolving
          Lenders") (other than contingent indemnification and reimbursement
          obligations for which no claim has been made). The Revolving Purchase
          Notice shall be irrevocable once given, shall indicate which Term Loan
          A Lenders (the "Purchasing Term Loan A Lenders") shall be purchasing
          the Obligations and Commitments of the Non-Consenting Revolving
          Lenders and shall specify the date upon which the purchase shall be
          effected. On the date specified by the Purchasing Term Loan A Lenders
          in the Revolving Purchase Notice (which shall not be less than five
          (5) business days, nor more than ten (10) business days after the
          receipt by Revolving Agent and Term Loan A Agent of the Revolving
          Purchase Notice), the Non-Consenting Revolving Lenders shall sell to
          the Purchasing Term Loan A Lenders, and the Purchasing Term Loan A
          Lenders shall purchase from the Non-Consenting Revolving Lenders, all
          Obligations of such Non-Consenting Revolving Lenders (other than
          contingent indemnification and reimbursement obligations for which no
          claim has been made) and all Commitments of such Non-Consenting
          Revolving Lenders as set forth in this Section 11.2(d). Upon the date
          of such purchase and sale, the Purchasing Term Loan A Lenders shall
          (i) pay to Administrative Agent, on behalf of the Revolving Agent and
          Non-Consenting Revolving Lenders, as the purchase price therefore the
          full amount of all Revolving Obligations then outstanding and unpaid
          to such Non-Consenting Revolving Lenders (including principal,
          interest, fees and expenses, including reasonable attorneys' fees and
          legal expenses but excluding any contingent indemnity obligations),
          (ii) if all Revolving Lenders are Non-Consenting Revolving Lenders, or
          if Administrative Agent is a Non-Consenting Revolving Lender, furnish
          or cause to be furnished to Administrative Agent, on behalf of the
          applicable Non-Consenting Revolving Lenders, cash collateral, or
          back-to-back letters of credit in form and

                                      -19-

<PAGE>

          substance and from an issuer reasonably satisfactory to Administrative
          Agent, in an aggregate amount equal to 105% of the aggregate undrawn
          face amount of any issued and outstanding letters of credit provided
          by any Non-Consenting Revolving Lender (or any issued and outstanding
          letters of credit that Administrative Agent has arranged to be
          provided by third parties pursuant to this Agreement) to any Borrower
          or any other Credit Party and, in any event, use commercially
          reasonable efforts to cause all such letters of credit to be canceled
          or otherwise terminated within thirty (30) days after the date
          specified by the Purchasing Term Loan A Lenders in the Revolving
          Purchase Notice (provided, however, that Administrative Agent shall
          continue to receive the fees and expenses set forth in clause (d) of
          Annex B in respect of such letters of credit for such thirty (30) day
          period), and (iii) agree to reimburse the Non-Consenting Revolving
          Lenders by paying to Administrative Agent for the account of the
          Non-Consenting Revolving Lenders on demand after the date of such
          purchase and sale an amount equal to any loss, cost, damage or expense
          (including reasonable attorneys' fees and legal expenses) in
          accordance with the terms of the Loan Documents, that were incurred
          (x) in such thirty (30) day period in connection with any commissions,
          fees, costs or expenses paid or incurred by any Non-Consenting
          Revolving Lenders related to any issued and outstanding letters of
          credit as described above and (y) within one hundred (100) days after
          the date specified by the Purchasing Term Loan A Lenders in the
          Revolving Purchase Notice in connection with any checks or other
          payments provisionally credited to the Obligations sold by the
          Non-Consenting Revolving Lenders, and/or as to which the
          Non-Consenting Revolving Lenders have not yet received final payment.
          Such purchase price and cash collateral shall be remitted by wire
          transfer in federal funds to such bank account of Administrative Agent
          as Administrative Agent may designate in writing to the Purchasing
          Term Loan A Lenders for such purpose. Interest shall be calculated to
          but excluding the business day on which such purchase and sale shall
          occur if the amounts so paid by the Purchasing Term Loan A Lenders to
          the bank account designated by Administrative Agent are received in
          such bank account prior to 1:00 p.m. (New York time). Such purchase
          shall be made pursuant to an Assignment Agreement. Upon consummation
          of such purchase, the Purchasing Term Loan A Lenders shall be deemed
          to have assumed all Commitments of such Non-Consenting Revolving
          Lenders and such Non-Consenting Revolving Lenders shall no longer be
          obligated to extend credit hereunder to or for the benefit of
          Borrowers."

               (o) The Credit Agreement is amended to add the following new
Section 11.20:

          11.20 Syndication of Term Loan C. Morgan Stanley agrees that it shall
offer to the Term Loan B Lenders under the Credit Agreement (other than Morgan
Stanley and its affiliates) the opportunity to become a Term Loan C Lender;
provided, that (a) any Term Loan B Lender that elects to participate in the Term
Loan C shall be required to provide its Term Loan C Commitments on or prior to
the date that the Term Loan C Bankruptcy Court Order is entered, and (b) the
syndication shall be on a pro rata basis."

                                      -20-

<PAGE>

               (p) Section 12.1 is amended to add ", Term Loan C Lenders" after
"Agents" in (i) the first sentence, second line, (ii) the first sentence, fifth
line, (iii) the second line of clause (b), and (iv) the second line of clause
(c).

               (q) Section 12.2 is amended to add ", Term Loan C Lenders" (i)
after "Agents" in the first sentence, third line, (ii) after "Agent" in the
second sentence, sixth line, and (iii) after "Agents in the last line.

               (r) Section 12.3 is amended to add ", Term Loan C Lenders" after
"Agents" in the second line and the fourth line.

               (s) Section 12.4 is amended to add ", Term Loan C Lenders" after
"Agents" in the second sentence, sixth line and the second sentence, eighth
line.

               (t) Section 12.5 is deleted in its entirety and replaced with the
following:

     "12.5 Election of Remedies. If any Agent or any Lender may, under
applicable law, proceed to realize its benefits under any of the Loan Documents
giving such Agent, such Lender or such Term Loan C Lender a Lien upon any
Collateral, whether owned by any Borrower or by any other Person, either by
judicial foreclosure or by non-judicial sale or enforcement, any Agent, any
Lender or any Term Loan C Lender may, at its sole option, determine which of its
remedies or rights it may pursue without affecting any of its rights and
remedies under this Section 12. but shall do so solely with the prior written
consent of the Collateral Agent If, in the exercise of any of its rights and
remedies, any Agent, any Lender or any Term Loan C Lender shall forfeit any of
its rights or remedies, including its right to enter a deficiency judgment
against any Borrower or any other Person, whether because of any applicable laws
pertaining to "election of remedies" or the like, each Borrower and each other
Credit Party hereby consents to such action by such Agent, such Lender or such
Term Loan C Lender and waives any claim based upon such action, even if such
action by such Agent, such Lender or such Term Loan C Lender shall result in a
full or partial loss of any rights of subrogation that any such Borrower or
Credit Party might otherwise have had but for such action by such Agent, such
Lender or such Term Loan C Lender. Any election of remedies that results in the
denial or impairment of the right of any Agent, any Lender or any Term Loan C
Lender to seek a deficiency judgment against any Borrower or any other Credit
Party shall not impair any other Borrower's or Credit Party's obligation to pay
the full amount of the Obligations. In the event any Agent, on behalf of the
Lenders and/or the Term Loan C Lenders, shall bid at any foreclosure or
trustee's sale or at any private sale permitted by law or the Loan Documents,
such Agent may bid all or less than the amount of the Obligations and the amount
of such bid need not be paid by such Agent but shall be credited against the
Obligations in accordance with the provisions of this Agreement. The amount of
the successful bid at any foreclosure, trustee's or private sale, whether any
Agent, any Lender, any Term Loan C Lender or any other Person is the successful
bidder, shall be conclusively deemed to be the fair market value of the
Collateral and the difference between such bid amount and the remaining balance
of the Obligations shall be conclusively deemed to be the amount of the
Obligations guaranteed under this Section 12. notwithstanding that any present
or future law or court decision or ruling may have the effect of reducing the
amount of any deficiency claim to which any Agent, any Lender or any Term Loan C
Lender might otherwise be entitled but for such bidding at any such sale."

                                      -21-

<PAGE>

               (u) Section 12.6(a) is amended to add "or Term Loans C" after
"Loans" in the first line and Section 12.6(b) is amended to add ", Term Loan C
Lenders" after "Agents" in the first line.

               (v) Section 12.7(a) is amended to add "or Term Loans C" after
"Loans" in the parenthetical in the first sentence, second line.

               (w) Section 12.7(c) is amended to add "or Term Loans C" after
"Loans" in the second sentence, fifth line.

               (x) Section 12.8 is amended to add ", Term Loan C Lenders" after
"Agent" in the first sentence, second line.

               (y) Section 12.9(a) is amended to add ", Term Loan C Lenders"
after "Agents" in the sixth line and in the seventh line. Section 12.9(b) is
amended to add "and Term Loan C Lenders" after "Lenders" in the first line.
Section 12.9(c) is amended to add "and Term Loan C Lenders" after "Lenders" in
clause (i), first line, in clause (ii) in both the fifth and eighth lines, and
in clause (iii) in both the sixth and eighth lines. Section 12.9(d) is hereby
amended to add ", any Term Loan C Lender" after "any Lender" in the first line.

               (z) Annex A (Recitals) to Credit Agreement, Definitions.

                    (i) Annex A to the Credit Agreement is hereby amended by
inserting the following definitions in appropriate alphabetical order:

          "Eligible Rolling Stock Depreciation Reserve" means a reserve against
Borrowing Availability in an amount equal to the Net Depreciation with respect
to all Eligible Rolling Stock, calculated on a monthly basis cumulatively from
and after the date of the most recent appraisal conducted by the Revolver Agent
on such Eligible Rolling Stock, which amount will be set forth in each Borrowing
Base Certificate and which reserve will be reset at zero upon obtaining a new
appraisal valuing such Eligible Rolling Stock and calculating the Revolver
Borrowing Base based thereon.

          "Fifth Amendment" means the Fifth Amendment to this Agreement dated as
of June __, 2006 among the Borrowers, other Credit Parties, Agents, Lenders and
Term Loan C Lenders party thereto.

          "Fifth Amendment Effective Date" means the first date upon which all
conditions precedent to the effectiveness of the Fifth Amendment have been
satisfied or waived.

          "Net Depreciation" means an amount, determined in accordance with
GAAP, equal to (a) 80% of the depreciation expense with respect to the Rolling
Stock for a fiscal period, less (b) the sum of (i) 30% of the cash capital
expenditures during such fiscal period for the purchase of new replacement
engines included in Eligible Rolling Stock and (ii) 60% of the cash capital
expenditures during such fiscal period for the purchase of remanufacturing rigs,
in the case of each of clause (i) and (ii), in amounts consistent with the
Borrowers' historical practices."

          "Notice of Term Loan C Draw" is a notice of borrowing from the
Administrative Borrower requesting a draw under the Term Loan C.

                                      -22-
<PAGE>

          "Priority DIP Obligations" means the Obligations owed to the Revolving
Lenders, the Swing Line Lenders, the Term Loan A Lenders, the Term Loan B
Lenders and the Agents on account of the Revolving Loans, the Swing Line Loans,
the Term A Loans and the Term B Loans, including, without limitation, all
principal, accrued interest, fees, expenses and other Lender Group Expenses
associated therewith.

          "Requisite Term Loan C Lenders" means, collectively, (a) Term Loan C
Agent and (b) Term Loan C Lenders having (i) more than 50% of the Term Loan C
Commitments of the Term Loan C Lenders, or (ii) if the Term Loan C Commitments
have been terminated, more than 50% of the aggregate principal amount of the
Term Loan C.

          "Term Loan C" has the meaning assigned to it in Section 1.3(b)(iv)(1).

          "Term Loan C Agent" means Morgan Stanley, in its capacity as agent for
the Term Loan C Lenders, or its successors appointed pursuant to Section 9.7.

          "Term Loan C Bankruptcy Court Order" has the meaning assigned to it in
Section 2.3(i).

          "Term Loan C Commitment" means (a) as to any Lender with a Term Loan C
Commitment, the commitment of such Lender to make its Pro Rata Share of the Term
Loan Commitment Amount as set forth on Annex J to the Agreement or in the most
recent Assignment Agreement executed by such Lender, and (b) as to all Lenders
with a Term Loan C Commitment, the Term Loan C Commitment Amount. After
advancing the Term Loan C in full or the termination of the Term Loan C
Commitments, each reference to a Lender's Term Loan C Commitment shall refer to
that Lender's Pro Rata Share of the outstanding Term Loan C.

          "Term Loan C Commitment Amount" means Thirty Million Dollars
($30,000,000).

          "Term Loan C Effective Date" means the first date upon which all
conditions precedent to the effectiveness of the Term Loan C Commitments as
specified in Section 2.3(a) have been satisfied or waived.

          "Term Loan C Event of Default" has the meaning assigned to it in
Section 8.4.

          "Term Loan C Initial Draw" has the meaning assigned to it in Section
2.3(i).

          "Term Loan C Initial Lenders" means Morgan Stanley.

          "Term Loan C Interest" has the meaning assigned to it in Section
9.1(h).

          "Term Loan C Lender" means each of the Term Loan C Initial Lenders and
each other Lender having a Term Loan C Commitment in accordance with the terms
of this Credit Agreement.

          "Term Loan C Loan Documents" has the meaning assigned to it in Section
2.3(a)(i).

          "Term Loan C Note" has the meaning assigned to it in Section 1.1.

                                      -23-

<PAGE>

          "Term Loan C Obligations" means the Obligations owed to the Term Loan
C Lenders on account of the Term Loan C, including, without limitation, all
principal, accrued interest, fees and expenses associated therewith.

          "Term Loan C Offer Notice" has the meaning assigned to it in Section
9.1(h).

          "Term Loan C Loan Documents" has the meaning assigned to it in Section
2.3.

               (aa) Annex A (Recitals) to Credit Agreement, Definitions of the
Credit Agreement is amended further as follows:

                    (i) The definition of Agents is amended to add ",the Term
Loan C Agent" after "the Term Loan B Agent".

                    (ii) The definition of "Commitment Termination Date" is
hereby deleted and replaced in its entirety with the following:

          "Commitment Termination Date" means the earliest of (a) (i) with
respect to the Revolving Loans only, February 7, 2007 or such later date as may
be agreed by the Revolving Lenders, and (ii) with respect to Term Loans A, Term
Loans B and Term Loans C, June 30, 2007, (b) the date of termination of
Revolving Lenders' obligations to make Advances and to incur Letter of Credit
Obligations or permit existing Loans to remain outstanding pursuant to Section
8.2(b), (c) the date of repayment in full in cash by Borrowers of the
Obligations, and the cancellation and return (or stand-by guarantee) of all
Letters of Credit or the cash collateralization of all Letter of Credit
Obligations pursuant to Annex B, and the permanent reduction of all Commitments
and Term Loan C Commitments to zero dollars ($0), (d) the date a plan of
reorganization confirmed in the Chapter 11 Cases becomes effective that does not
provide for the payment in full of all amounts owed to Agents, Lenders and Term
Loan C Lenders under this Agreement and the other Loan Documents on such
effective date, (e) the date of the closing of a sale of all or substantially
all of any Borrowers' assets pursuant to Section 363 of the Bankruptcy Code, a
confirmed plan of reorganization or a liquidation pursuant to Chapter 7 of the
Bankruptcy Code, and (f) the effective date of a plan of reorganization or
arrangement in the Chapter 11 Cases.

                    (iii) The definition of "Fees" is amended to add "any Term
Loan C Lender" after "Agent" and before "any Lender".

                    (iv) The definition of "Loan Documents" is amended to add
 "Term Loan C Loan Documents" after "the Fee Letter".

                    (v) The definition of "Obligations" is amended to add ", any
Term Loan C Lender" after "any Agent" and before "or any Lender" in the first
sentence.

                    (vi) The definition of "Pro Rata Share" is deleted in its
entirety and replaced by the following:

                    "Pro Rata Share" means with respect to all matters relating
          to any Lender or any Term Loan C Lender, (a) with respect to the
          Revolving Loan, the percentage obtained by dividing (i) the Revolving
          Loan Commitment of that Lender by (ii) the aggregate Revolving Loan

                                      -24-

<PAGE>

          Commitments of all Lenders, (b) with respect to the Term Loan A, the
          percentage obtained by dividing (i) the Term Loan A Commitment of that
          Lender by (ii) the aggregate Term Loan A Commitments of all Lenders,
          (c) with respect to the Term Loan B, the percentage obtained by
          dividing (i) the Term Loan B Commitment of that Lender by (ii) the
          aggregate Term Loan B Commitments of all Lenders, as any such
          percentages may be adjusted by assignments permitted pursuant to
          Section 9.1, (d) with respect to the Term Loan C (i) prior to the
          occurrence of a Term Loan C Event of Default, the percentage obtained
          by dividing (A) the Term Loan C Commitment of that Term Loan C Lender
          by (B) the aggregate Term Loan C Commitments of all Term Loan C
          Lenders, and (ii) after the occurrence of a Term Loan C Event of
          Default, the percentage obtained by dividing (A) the aggregate
          outstanding principal balance of the Term Loans C held by a Term Loan
          C Lender by (B) the outstanding principal balance of the Term Loans C
          held by all Term Loan C Lenders, (e) with respect to all Loans, the
          percentage obtained by dividing (i) the aggregate Commitments of that
          Lender by (ii) the aggregate Commitments of all Lenders, and (f) with
          respect to all Loans and Term Loans C on and after the Commitment
          Termination Date, the percentage obtained by dividing (i) the
          aggregate outstanding principal balance of the Loans and Term Loan C
          held by that Lender and Term Loan C Lender, by (ii) the outstanding
          principal balance of the Loans held by all Lenders and Term Loan C
          Lenders.

                    (vii) The definition of "Requisite Lenders" is deleted in
its entirety and replaced by the following:

          "Requisite Lenders" means, collectively, (a) Requisite Revolving
          Lenders, (b) Requisite Term Loan A Lenders and (c) Requisite Term B
          Lenders, provided that solely in the case of any amendment,
          modification, termination or waiver of the Term Loan C Events of
          Default, such term shall include the Term Loan C Lenders."

                    (viii) The definition of "Security Agreement" is deleted in
its entirety and replaced by the following:

          "Security Agreement" means the Security Agreement executed and
          delivered pursuant to Section 5.11, and entered into by and among
          Collateral Agent, on behalf of Agents, Lenders and Term Loan C
          Lenders, and each Credit Party that is a signatory thereto, as
          amended.

                    (ix) The definition of "Termination Date" is hereby amended
to add "and Term Loan C" after "Loans" in clause (a) thereof.

          11. Disclosure Schedule 3.15 (Intellectual Property) is amended to
delete the "Delvan" trademark.

          12. Representations and Warranties. To induce the Agents and Lenders
to enter into this Fifth Amendment, each of the Credit Parties executing this
Fifth Amendment, jointly and severally, makes the following representations and
warranties:

                                      -25-

<PAGE>

               (a) Subject to the approval of the Bankruptcy Court and, as
applicable, the Canadian Court, the execution, delivery and performance by such
Credit Party of this Fifth Amendment: (i) are within such Credit Party's power;
(ii) have been duly authorized by all necessary corporate, limited liability
company or limited partnership action; (iii) do not contravene any provision of
such Credit Party's charter, bylaws or partnership or operating agreement as
applicable; (iv) do not violate any law or regulation, or any order or decree of
any court or Governmental Authority; (v) do not conflict with or result in the
breach or termination of, constitute a default under or accelerate or permit the
acceleration of any performance required by, any indenture, mortgage, deed of
trust, lease, agreement or other instrument to which such Credit Party is a
party or by which such Credit Party or any of its property is bound; (vi) do not
result in the creation or imposition of any Lien upon any of the property of
such Credit Party; and (vii) do not require the consent or approval of any
Governmental Authority or any other Person other than the Bankruptcy Court and,
as applicable, the Canadian Court.

               (b) This Fifth Amendment has been duly executed and delivered by
or on behalf of such Credit Party.

               (c) Subject to the approval of the Bankruptcy Court and, as
applicable, the Canadian court, each of this Fifth Amendment and the Credit
Agreement constitutes a legal, valid and binding obligation of such Credit
Party, enforceable against it in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other laws relative to or affecting the
enforcement of creditors' rights generally in effect from time to time and by
general principles of equity.

               (d) No Default or Event of Default has occurred and is continuing
after giving effect to this Fifth Amendment.

               (e) Other than the commencement of the Chapter 11 Cases, no
action, claim, lawsuit, demand, investigation or proceeding is now pending or,
to the knowledge of such Credit Party, threatened against such Credit Party,
before any Governmental Authority or before any arbitrator or panel of
arbitrators, (i) that challenges such Credit Party's right or power to enter
into or perform any of its obligations under this Amendment or the other Loan
Documents to which it is a party, or the validity or enforceability of any Loan
Document or any action taken thereunder, or (ii) that has a reasonable risk of
being determined adversely to any Credit Party and that, if so determined, would
reasonably be expected to have a Material Adverse Effect.

               (f) The representations and warranties of such Credit Party
contained in the Credit Agreement and each other Loan Document, as amended in
accordance with the terms of the applicable agreement, shall be true and correct
on and as of the Fifth Amendment Effective Date with the same effect as if such
representations and warranties had been made on and as of such date, except to
the extent that such representation or warranty expressly relates to an earlier
date and except for changes therein permitted or contemplated by this Agreement.

               (g) As of the date of this Fifth Amendment, $-0- is outstanding
as Protective Overadvances.

                                      -26-

<PAGE>

          13. No Other Consents/Waivers. Except as expressly provided herein,
(a) the Credit Agreement shall be unmodified and shall continue to be in full
force and effect in accordance with its terms, (b) this Fifth Amendment shall
not be deemed a waiver of any term or condition of the Credit Agreement or any
other Loan Document, and (iii) this Fifth Amendment shall not be deemed an
agreement to forbear with respect to any right or remedy which the Agents, the
Lenders or the Term Loan C Lenders may now have or may have in the future under
the Credit Agreement or any other Loan Document, at law, in equity or otherwise.
No Agent, no Lender and no Term Loan C Lender shall by virtue of any action or
omission be deemed to have altered or prejudiced any rights or remedies which
any Agent, any Lender or any Term Loan C Lender may now have or may have in the
future under or in connection with the Credit Agreement, any other Loan Document
or any of the instruments or agreements referred to therein, in each case as the
same may be amended from time to time.

          14. Outstanding Indebtedness; Waiver of Claims. The Credit Parties
hereby acknowledge and agree that as of June 29, 2006, the aggregate outstanding
principal amount of the (i) Revolving Loans (including the outstanding Letter of
Credit Obligations) is $82,364,611.50, (ii) Term Loan A is $20,000,000 and (iii)
Term Loan B is $80,000,000 (collectively, the "Outstanding Obligations"), and
that such principal amounts are payable pursuant to the Credit Agreement without
defense, offset, withholding, counterclaim or deduction of any kind. Each of the
Credit Parties hereby waives, releases, remises and forever discharges Agents,
the Lenders, the Term Loan C Lenders and each other Indemnified Person from any
and all claims, suits, actions, investigations, proceedings or demands arising
out of or in connection with the Credit Agreement (collectively, "Claims"),
whether based in contract, tort, implied or express warranty, strict liability,
criminal or civil statute or common law of any kind or character, known or
unknown, which such Credit Parties ever had, now has or might hereafter have
against Agents, the Lenders or the Term Loan C Lenders which relates, directly
or indirectly, to any acts or omissions of Agents, the Lenders, the Term Loan C
Lenders or any other Indemnified Person on or prior to the date hereof; provided
that, Credit Parties do not waive any Claim solely to the extent such Claim
relates to such Agent's, such Lender's, such Term Loan C Lender's or such
Indemnified Person's gross negligence or willful misconduct.

          15. Expenses. Borrowers hereby agree to pay to each of the Agents all
reasonable costs, fees and expenses invoiced and owing (including, without
limitation, reasonable fees of counsel to the Agents) incurred in the
negotiation, preparation, execution and delivery of this Fifth Amendment and all
other documents and instruments delivered in connection herewith.

          16. Effectiveness. This Fifth Amendment shall become effective as of
the date hereof (the "Fifth Amendment Effective Date") only upon satisfaction in
full in the judgment of Administrative Agent of each of the following
conditions:

               (a) Amendment. Administrative Agent shall have received ten (10)
original copies (or facsimile copies to be promptly followed by originals) of
this Fifth Amendment duly executed and delivered by Credit Parties and the
Requisite Lenders. Delivery of an executed counterpart of this forbearance
letter by facsimile shall be equally as effective as delivery of an original
executed counterpart of this forbearance letter. Any party delivering an
executed counterpart of this forbearance letter, also shall deliver an original
executed counterpart of this forbearance letter, but the failure to deliver an
original executed counterpart shall not affect the validity, enforceability, and
binding effect of this forbearance letter.

                                      -27-

<PAGE>

               (b) Payment of Expenses. Borrowers shall have paid to Agents all
reasonable costs, fees and expenses invoiced and owing in connection with this
Fifth Amendment and the other Loan Documents.

               (c) Representations and Warranties. The representations and
warranties of or on behalf of the Credit Parties in this Fifth Amendment shall
be true and correct on and as of the Fifth Amendment Effective Date.

          17. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          18. Counterparts. This Fifth Amendment may be executed by the parties
hereto on any number of separate counterparts and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

                            (SIGNATURE PAGE FOLLOWS)

                                      -28-

<PAGE>

          IN WITNESS WHEREOF, this Fifth Amendment has been duly executed as of
the date first written above.

                                        BORROWERS:

                                        ALLIED HOLDINGS, INC.

                                        By: /s/ THOMAS DUFFY
                                            ------------------------------------
                                        Name: THOMAS DUFFY
                                        Title: EXECUTIVE VICE PRESIDENT

                                        ALLIED SYSTEMS, LTD. (L.P.)

                                        By: /s/ THOMAS DUFFY
                                            ------------------------------------
                                        Name: THOMAS DUFFY
                                        Title: EXECUTIVE VICE PRESIDENT

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        LENDERS:

                                        GENERAL ELECTRIC CAPITAL CORPORATION, as
                                        Administrative Agent, Collateral Agent,
                                        Revolver Agent and Lender

                                        By: /s/ DONALD J. CAVANAGH
                                            ------------------------------------
                                        Name: DONALD J. CAVANAGH
                                        Title: DULY AUTHORIZED SIGNATORY

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        CITIGROUP/BUSINESS CREDIT, INC., as
                                        Lender,

                                        By: /s/ JANG S KIM
                                            ------------------------------------
                                        Name: JANG S KIM
                                        Title: VP

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        MORGAN STANLEY SENIOR FUNDING, INC., as
                                        Term Loan A Agent, Term Loan B Agent,
                                        Term Loan C Agent, co-Syndication Agent,
                                        Lender and as a Term Loan C Initial
                                        Lender

                                        By: /s/ Jason Colodne
                                            ------------------------------------
                                        Name: Jason Colodne
                                        Title: VP

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        MERRILL LYNCH CAPITAL, A DIVISION OF
                                        MERRILL LYNCH BUSINESS FINANCIAL
                                        SERVICES INC., as Lender,

                                        By: /s/ Edward Shuster
                                            ------------------------------------
                                        Name: Edward Shuster
                                        Title: Assistant Vice President

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        SMBC DIP LIMITED, as Lender,

                                        By: /s/ Susumu Ogawa
                                            ------------------------------------
                                        Name: Susumu Ogawa
                                        Title: Director

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        TEXTRON FINANCIAL CORPORATION,
                                        as Lender,

                                        BY: /s/ Ralph J. Infante
                                            ------------------------------------
                                        NAME: Ralph J. Infante
                                        TITLE: Senior Vice President

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        MARATHON STRUCTURED FINANCE FUND, L.P.,
                                        as Lender

                                        BY: /s/ Gary L. Lembo
                                            ------------------------------------
                                        Name: Gary L. Lembo
                                        Title: Director

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        BLACK DIAMOND CLO 2005-2 LTD.
                                        By: Black Diamond Capital Management,
                                        L.L.C. as its Collateral Manager

                                        as Lender

                                        BY: /s/ James J. Zenni, Jr.
                                            ------------------------------------
                                        Name: James J. Zenni, Jr.
                                        Title: President & Managing Partner
                                        Black Diamond Capital Management, L.L.C.

      [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                        FORTRESS CREDIT FUNDING I LP,
                                        BY: FORTRESS CREDIT FUNDING I GP LLC,
                                        its general partner, as Lender

                                        By: /s/ CONSTANTINE DAKOLIAS
                                            ------------------------------------
                                        Name: CONSTANTINE DAKOLIAS
                                        Title: CHIEF CREDIT OFFICER

<PAGE>

     The following Persons are signatory to this Fifth Amendment in their
capacity as Credit Parties and not as the Borrowers.

                                        ACE OPERATIONS, LLC
                                        AH INDUSTRIES INC.
                                        ALLIED AUTOMOTIVE GROUP, INC.
                                        ALLIED FREIGHT BROKER LLC
                                        ALLIED SYSTEMS (CANADA) COMPANY
                                        AXIS ARETA, LLC
                                        AXIS CANADA COMPANY
                                        AXIS GROUP, INC.
                                        AXIS NETHERLANDS, LLC
                                        COMMERCIAL CARRIERS, INC
                                        CORDIN TRANSPORT LLC
                                        CT SERVICES, INC.
                                        F.J. BOUTELL DRIVEAWAY LLC
                                        GACS INCORPORATED
                                        LOGISTIC SYSTEMS, LLC
                                        LOGISTIC TECHNOLOGY, LLC
                                        QAT, INC.
                                        RMX LLC
                                        TERMINAL SERVICES LLC
                                        TRANSPORT SUPPORT LLC

                                        By: /s/ THOMAS DUFFY
                                            ------------------------------------
                                        Name: THOMAS DUFFY
                                        Title: EXECUTIVE VICE PRESIDENT

     [Signature Page for Consent and 5th Amendment to Credit Agreement and
                                 Loan Documents]

<PAGE>

                                   SCHEDULE A

                           SPECIFIED EVENTS OF DEFAULT

1.   Section 6.10 and Annex G, clause (c) of the Credit Agreement. Minimum
     EBITDA as of the last day of the 12-month period ended on each of December
     31, 2005, January 31, 2006 and February 28, 2006 was less than $40,535,000,
     $40,350,000 and $38,972,000, respectively.

2.   Section 6.10 and Annex G, clause (d) of the Credit Agreement. The Maximum
     Leverage Ratio as of the last day of the 12-month period ended on each of
     December 31, 2005, January 31, 2006 and February 28, 2006 was greater than
     4.4:1.0, 4.7:1.0 and 4.9:1.0, respectively.

3.   Section 6.10 and Annex G, clause (b) of the Credit Agreement. The Minimum
     Fixed Charge Coverage Ratio as of the last day of the 12-month period ended
     on each of December 31, 2005 and January 31, 2006 was less than 0.62:1.0.

4.   Section 6.1 of the Credit Agreement. The formation of Axis Operadora
     Mexico, S.A. de C.V., Axis Operadora Guadalajara, S.A. de C.V., Axis
     Operadora Monterrey, S.A. de C.V., Axis Traslados, S. de R.L. de C.V., four
     subsidiaries that have no assets or liabilities, and were organized under
     the laws of Mexico.

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