Document:

EX-10.1

Exhibit 10.1

Text of Amendment to Articles of Incorporation

ARTICLE FOURTH

AUTHORIZED SHARES

The Corporation shall have the authority to issue 1,510,000,000 shares, of which 1,500,000,000
shares shall be common stock, $0.001 par value (“Common Stock”), and 10,000,000 shares shall be
preferred stock $0.001 par value (“Preferred Stock”). Shares of any class of stock may be issued,
without stockholder action, from time to time in one or more series as may from time to time be
determined by the Board of Directors. The Board of Directors of this Corporation is hereby
expressly granted authority, without stockholder action, and within the limits set forth in the
Nevada Revised Statutes, to:

(a) designate in whole or in part, the voting powers, preferences, limitations, restrictions,
and relative rights, of any class of shares before the issuance of any shares of that class;

(b) create one or more series within a class of shares, fix the number of shares of each such
series, and designate, in whole or part, the voting powers, preferences, limitations, restrictions,
and relative rights of the series, all before the issuance of any shares of that series; or

(c) alter or revoke the preferences, limitations, and relative rights granted to or imposed
upon any wholly unissued class of shares or any wholly unissued series of any class of shares.

The allocation between the classes, or among the series of each class, of unlimited voting rights
and the right to receive the net assets of the Corporation upon dissolution, shall be as designated
by the Board of Directors. All rights accruing to the outstanding shares of the Corporation not
expressly provided for to the contrary herein or in the Corporation’s bylaws or in any amendment
hereto or thereto shall be vested in the Common Stock. Accordingly, unless and until otherwise
designated by the Board of Directors of the Corporation, and subject to any superior rights as so
designated, the Common Stock shall have unlimited voting rights and be entitled to receive the net
assets of the Corporation upon dissolution.EX-10.2

Exhibit 10.2

VIASPACE Inc.

2005 STOCK INCENTIVE PLAN

Amendment

February 14, 2008

This AMENDMENT (this “Amendment”) TO THE 2005 STOCK INCENTIVE PLAN OF VIASPACE INC.
(the “2005 Plan”) is effective as of the date set forth above, pursuant to authority reserved in
Section 13 of the 2005 Plan and the resolutions of the Board of Directors of VIASPACE Inc. (the
“Company”) adopted on February 14, 2008.

NOW, THEREFORE, the 2005 Plan is hereby amended as follows:

1.  AMENDMENT TO SECTION 3(a) OF THE 2005 PLAN. Section 3(a) of the 2005 Plan is deleted in its
entirety and is replaced with the following:

3. Stock Subject to the Plan.

(a) Subject to the provisions of Section 10, below, the maximum aggregate number of Shares which
may be issued pursuant to all Awards (including Incentive Stock Options) is 99,000,000 Shares (the
“Maximum Award Shares”); provided, however, that effective as of January 1, 2009 and each January 1
thereafter during the term of the Plan, the Maximum Award Shares will be modified to be equal to
10% percent of the total number of shares of Common Stock issued and outstanding as of the close of
business on the immediately preceding December 31, which is the last day of the Company’s fiscal
year; provided, further that no such modification shall occur if such calculation would result in a
decrease in the Maximum Award Shares. The Shares to be issued pursuant to Awards may be
authorized, but unissued, or reacquired Common Stock.

2.  MISCELLANEOUS. Except as expressly set forth in this Amendment, all of the terms and
provisions of the 2005 Plan shall remain in full force and effect.anthracite_ex10-1.htm

    
      	 	
              Exhibit
      10.1

            
	 	 
	 
      	 
      
	 
      	
              CONFORMED
      COPY

            
	 
      	 
      
	 
      
	
              15
      FEBRUARY 2008

            
	 
	 
	 
	 
	
              AHR
      CAPITAL MS LIMITED

               

              MORGAN
      STANLEY MORTGAGE SERVICING LTD

               

              MORGAN
      STANLEY BANK

               

              MORGAN
      STANLEY PRINCIPAL FUNDING INC

               

               

               

               

               

               

            
	 
      	
              AMENDMENT
      AND RESTATEMENT DEED

              IN
      RELATION TO THE AMENDED AND RESTATED

              MULTICURRENCY
      REVOLVING FACILITY AGREEMENT

              DATED
      20 JULY 2007

            	 
      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      	 
      	
              CONTENTS

               

            	 
      
	
              Clause

               

            	 
      	
              Page

               

            
	
              1.

               

            	
              Interpretation

               

            	
              1

               

            
	
              2.

               

            	
              Amendment
      And Restatement Of The First Amended Facility Agreement

               

            	
              2

               

            
	
              3.

               

            	
              Consent
      To Amendments To Documents

               

            	
              2

               

            
	
              4.

               

            	
              Representations
      And Warranties

               

            	
              2

               

            
	
              5.

               

            	
              Governing
      Law

               

            	
              2

               

            
	
              6.

               

            	
              Jurisdiction

               

            	
              2

               

            
	
              7.

               

            	
              Counterparts

               

            	
              2

               

            
	
              8.

               

            	
              Contracts
      (Rights Of Third Parties) Act 1999

               

            	
              3

               

            
	
              ANNEX
      1

               

            	
              Second
      Amended and Restated Facility Agreement

               

            	
              4

               

            

    

    

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS DEED is made on 15
February 2008

     

    BETWEEN:

     

    
      	
              (1)

            	
              AHR CAPITAL MS LIMITED
      (the "Borrower");

            

    

     

    
      	
              (2)

            	
              MORGAN STANLEY MORTGAGE
      SERVICING LTD (the "Security
      Trustee");

            

    

     

    
      	
              (3)

            	
              MORGAN STANLEY BANK (the
      "Initial Lender");
      and

            

    

     

    
      	
              (4)

            	
              MORGAN STANLEY PRINCIPAL
      FUNDING INC (the "First New Lender" and
      the "Agent")

            

    

     

    INTRODUCTION:

     

    
      	
              (A)

            	
              The
      Borrower, the Security Trustee, the Initial Lender and Morgan Stanley Bank
      acting as agent for the Initial Lender (the "Original Agent" and,
      together with the Borrower, the Security Trustee and the Initial Lender,
      the "Original
      Parties") entered into a multicurrency revolving facility agreement
      dated 17 February 2006 (the "Original Facility
      Agreement").

            

    

     

    
      	
              (B)

            	
              The
      Original Parties amended and restated the Original Facility Agreement on
      20 July 2007 (the "First
      Amended Facility
Agreement").

            

    

     

    
      	
              (C)

            	
              Pursuant
      to clause 21 of the First Amended Facility Agreement the Initial Lender,
      the First New Lender and the Original Agent entered into a Transfer
      Certificate dated on or about the date hereof (the "First Transfer
      Certificate") whereby the rights and obligations of the Initial
      Lender under the First Amended Facility Agreement were transferred to the
      First New Lender.

            

    

     

    
      	
              (D)

            	
              Subsequent
      to the execution of the First Transfer Certificate pursuant to clause
      23.10 of the First Amended Facility Agreement the Original Agent resigned
      as agent under the First Amended Facility Agreement and appointed in its
      place Morgan Stanley Principal Funding Inc (in such capacity the "Agent" and, together
      with the Borrower, the Security Trustee and the First New Lender, the
      "Parties").

            

    

     

    
      	
              (E)

            	
              The
      Parties now wish to amend and restate the First Amended Facility Agreement
      in the manner set out herein.

            

    

     

    THE PARTIES AGREE as
follows:

     

    
      	
              1.

            	
              INTERPRETATION

            

    

     

    
      	
              1.1

            	
              The
      headings in this Deed do not affect its
  interpretation.

            

    

     

    
      	
              1.2

            	
              The
      expressions defined in the First Amended Facility Agreement, each as
      amended and restated pursuant to this Deed, shall, unless otherwise
      defined herein, have the same meaning in this Deed and the
      Introduction.

            

    

     

    
      	
              2.

            	
              AMENDMENT AND RESTATEMENT OF
      THE FIRST AMENDED FACILITY
AGREEMENT

            

    

     

    The
parties hereto agree that, with effect from the date of this Deed, the First
Amended Facility Agreement shall be amended and shall be in the form as restated
for all purposes as set out in Annex 1 to this Deed so that the rights and
obligations of the parties thereto shall from that date be governed by and
construed in accordance with the provisions of the First Amended Facility
Agreement (as amended and restated, the "Second Amended Facility
Agreement").

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              CONSENT TO AMENDMENTS TO
      DOCUMENTS

            

    

     

    This
Deed shall constitute the prior written consent from the Security Trustee to the
amendments to the First Amended Facility
Agreement.

     

    
      	
              4.

            	
              REPRESENTATIONS AND
      WARRANTIES

            

    

     

    Each
of the parties hereto makes the following representations and warranties with
respect to itself:

     

    
      	
              4.1

            	
              Power and
      Authority:  It has the power to enter into and perform,
      and has taken all necessary action to authorise the entry into,
      performance and delivery of, this Deed and the transactions contemplated
      thereby.

            

    

     

    
      	
              4.2

            	
              Legal Validity: This
      Deed constitutes its legal, valid and binding
  obligations.

            

    

     

    
      	
              4.3

            	
              Authorisations:  All
      material authorisations required in connection with the entry into and
      validity of and the transactions contemplated by this Deed have been
      obtained and effected (as appropriate) and are in full force and
      effect.

            

    

     

    
      	
              5.

            	
              GOVERNING
      LAW

            

    

     

    This
Deed and all matters arising from or connected with it are governed by English
law.

     

    
      	
              6.

            	
              JURISDICTION

            

    

     

    
      	
              6.1

            	
              The
      courts of England have exclusive jurisdiction to settle any dispute
      arising from or connected with this Deed (a "Dispute").

            

    

     

    
      	
              6.2

            	
              Each
      party irrevocably waives any objection which it might at any time have to
      the courts of England being nominated as the forum to hear and decide any
      proceedings and to settle any Disputes and agrees not to claim that the
      courts of England are not a convenient or appropriate
    forum.

            

    

     

    
      	
              7.

            	
              COUNTERPARTS

            

    

     

    This
Deed may be executed in separate counterparts and by each party separately on a
separate counterpart, and each such counterpart, when so executed, shall be an
original.  Such counterparts shall together constitute one and the
same instrument.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              CONTRACTS (RIGHTS OF THIRD
      PARTIES) ACT 1999

            

    

     

    A
person who is not a party to this Deed has no rights under the Contracts (Rights
of Third Parties) Act 1999 (the "Act") to enforce any term of
this Deed.

     

    IN WITNESS the parties hereto
have executed this Amendment and Restatement Deed as a deed and intend to
deliver and do deliver this Deed on the day and year first herein before
written.

     

    
      
        	
                SIGNED, SEALED AND
      DELIVERED by

              	
                )

              	 
      	 
      
	
                the
      duly authorised attorney of

              	
                )

              	 
      	 
      
	
                AHR
      Capital MS Limited

              	
                )

              	 
      	 
      
	
                in
      the presence of

              	
                )

              	
                /s/
      RICHARD SHEA

              	 
      
	 
      	 
      	 
      	 
      
	
                Signature
      of witness

              	 
      	
                /s/
      EMILY HADLEY

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                Name
      of witness

              	 
      	
                Emily
      Hadley

              	 
      
	 
      	 
      	 
      	 
      
	
                THE
      INITIAL LENDER

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                MORGAN
      STANLEY BANK

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                By:  

              	 
      	
                /s/
      MICHAEL GRIFFIN

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                Senior
      Credit Officer

              	 
      
	 
      	 
      	 
      	 
      
	
                THE
      AGENT AND THE FIRST NEW LENDER

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                MORGAN
      STANLEY PRINCIPAL FUNDING INC

              	 
      	 
      	 
      
	
                By:  

              	 
      	
                /s/
      CAROL MURRAY

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	
                Vice
      President

              	 
      
	 
      	 
      	 
      	 
      
	
                THE
      SECURITY TRUSTEE

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                MORGAN
      STANLEY MORTGAGE SERVICING LTD.

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                By:

              	 
      	
                /s/
      GEORGE KEYLOUN

              	 
      

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      ANNEX
1

       

      (SECOND
AMENDED AND RESTATED FACILITY AGREEMENT)

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        	 
      	
                EXECUTION
      COPY

                 

              
	 
      	 
      
	 
      	 
      
	 
      
	 
      
	
                $300,000,000

                 

                FACILITY
      AGREEMENT

                 

                dated
      15 February 2008

                 

                for

                 

                AHR
      CAPITAL MS LIMITED

                 

                as
      the Borrower

                 

                arranged
      by

                 

                MORGAN
      STANLEY MORTGAGE SERVICING LTD

                 

                acting
      as the Security Trustee

                 

                and

                 

                MORGAN
      STANLEY BANK

                 

                as
      the Initial Lender

                 

                and

                 

                MORGAN
      STANLEY PRINCIPAL FUNDING INC

                 

                as
      the First New Lender and Agent

                 

              

        
          	 
      	
                   

                  SECOND
      AMENDED AND RESTATED MULTICURRENCY REVOLVING FACILITY
      AGREEMENT

                   

                	 
      

        

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      
        	
                CONTENTS

                 

              
	
                CLAUSE

                 

              	
                Page

                 

              
	
                1.

                 

              	
                Definitions
      And Interpretation

                 

              	
                1

                 

              
	
                2.

                 

              	
                The
      Facility

                 

              	
                21

                 

              
	
                3.

                 

              	
                Purpose

                 

              	
                21

                 

              
	
                4.

                 

              	
                Conditions
      Of Loans

                 

              	
                22

                 

              
	
                5.

                 

              	
                Procedure
      For Loans

                 

              	
                22

                 

              
	
                6.

                 

              	
                Optional
      Currencies

                 

              	
                28

                 

              
	
                7.

                 

              	
                Repayment

                 

              	
                30

                 

              
	
                8.

                 

              	
                Repayment,
      Pre-Payment And Cancellation

                 

              	
                30

                 

              
	
                9.

                 

              	
                Interest

                 

              	
                34

                 

              
	
                10.

                 

              	
                Changes
      To The Calculation Of Interest

                 

              	
                34

                 

              
	
                11.

                 

              	
                Fees

                 

              	
                36

                 

              
	
                12.

                 

              	
                Tax
      Gross Up And Indemnities

                 

              	
                37

                 

              
	
                13.

                 

              	
                Increased
      Costs

                 

              	
                41

                 

              
	
                14.

                 

              	
                Other
      Indemnities

                 

              	
                43

                 

              
	
                15.

                 

              	
                Costs
      And Expenses

                 

              	
                43

                 

              
	
                16.

                 

              	
                Mitigation
      By The Lenders

                 

              	
                45

                 

              
	
                17.

                 

              	
                Representations

                 

              	
                46

                 

              
	
                18.

                 

              	
                Information
      Undertakings

                 

              	
                50

                 

              
	
                19.

                 

              	
                General
      Undertakings

                 

              	
                52

                 

              
	
                20.

                 

              	
                Events
      Of Default

                 

              	
                57

                 

              
	
                21.

                 

              	
                Changes
      To The Lenders

                 

              	
                61

                 

              
	
                22.

                 

              	
                Changes
      To The Obligors

                 

              	
                64

                 

              
	
                23.

                 

              	
                Role
      Of The Agent

                 

              	
                65

                 

              
	
                24.

                 

              	
                Conduct
      Of Business By The Finance Parties

                 

              	
                71

                 

              
	
                25.

                 

              	
                Sharing
      Among The Finance Parties

                 

              	
                71

                 

              
	
                26.

                 

              	
                Payment
      Mechanics

                 

              	
                74

                 

              
	
                27.

                 

              	
                Set-Off

                 

              	
                76

                 

              
	
                28.

                 

              	
                Notices

                 

              	
                77

                 

              
	
                29.

                 

              	
                Calculations
      And Certificates

                 

              	
                78

                 

              
	
                30.

                 

              	
                Partial
      Invalidity

                 

              	
                79

                 

              
	
                31.

                 

              	
                Remedies
      And Waivers

                 

              	
                79

                 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                32.

                 

              	
                Amendments
      And Waivers

                 

              	
                79

                 

              
	
                33.

                 

              	
                Counterparts

                 

              	
                80

                 

              
	
                34.

                 

              	
                Entire
      Agreement

                 

              	
                83

                 

              
	
                35.

                 

              	
                Governing
      Law

                 

              	
                84

                 

              
	
                36.

                 

              	
                Enforcement

                 

              	
                84

                 

              
	
                 

                SCHEDULE
      1 THE PARTIES

              	
                 

                86

              
	 
      	
                Part
      I

              	
                The
      Obligors

              	
                86

              
	 
      	
                Part
      II

              	
                The
      Lenders

              	
                87

              
	
                 

                SCHEDULE
      2 CONDITIONS
      PRECEDENT

              	
                 

                88

              
	 
      	
                Part
      I

              	
                Conditions
      Precedent To First Loan Under This Agreement

              	
                88

              
	 
      	
                Part
      II

              	
                Conditions
      Precedent To All Loans

              	
                89

              
	 
      	
                Part
      III

              	
                Additional
      Requirements

              	
                91

              
	 
      	
                Part
      IV

              	
                Conditions
      Precedent To The Amendment And Restatement

              	
                92

              
	 
      	
                Part
      V

              	
                Conditions
      Precedent To The Second Amendment And Restatement

              	
                93

              
	
                 

                SCHEDULE
      3 REQUEST FOR BORROWING

              	
                 

                95

              
	
                 

                SCHEDULE
      4 MANDATORY COST FORMULAE

              	
                 

                97

              
	
                 

                SCHEDULE
      5 FORM OF TRANSFER CERTIFICATE

              	
                 

                100

              
	
                 

                SCHEDULE
      6 [RESERVED]

              	
                 

                102

              
	
                 

                SCHEDULE
      7 [RESERVED]

              	
                 

                103

              
	
                 

                SCHEDULE
      8 LMA FORM OF CONFIDENTIALITY UNDERTAKING

              	
                 

                104

              
	
                 

                SCHEDULE
      9 [RESERVED]

              	
                 

                110

              
	
                 

                SCHEDULE
      10 PRICING MATRIX

              	
                 

                111

              
	
                 

                SCHEDULE
      11 REPRESENTATIONS AND WARRANTIES RE: ELIGIBLE COLLATERAL

              	
                 

                113

              
	
                 

                SCHEDULE
      12 FORM OF CUSTODIAL AGREEMENT

              	
                 

                121

              
	
                 

                SCHEDULE
      13 FORM OF OPINIONS COUNSEL TO BORROWER

              	
                 

                122

              
	
                 

                SCHEDULE
      14 [RESERVED]

              	
                 

                123

              
	
                 

                SCHEDULE
      15 [RESERVED]

              	
                 

                124

              
	
                 

                SCHEDULE
      16 SERVICER NOTICE

              	
                 

                125

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      THIS SECOND AMENDED AND RESTATED
AGREEMENT is dated 15 February 2008 and made between:

       

      
        	
                (1)

                 

              	
                AHR CAPITAL MS LIMITED
      (the "Borrower");

                 

              
	
                (2)

                 

              	
                MORGAN STANLEY MORTGAGE
      SERVICING LTD (the "Security
      Trustee");

                 

              
	
                (3)

                 

              	
                MORGAN STANLEY BANK (the
      "Initial Lender");
      and

                 

              
	
                (4)

                 

              	
                MORGAN STANLEY PRINCIPAL
      FUNDING INC (the "First New Lender" and the "Agent")

                 

              

      

      IT IS AGREED as
follows:

       

      SECTION
1

      INTERPRETATION

       

      
        	
                 

                1.

                 

              	
                 

                DEFINITIONS
      AND INTERPRETATION

                 

              
	
                1.1

              	
                Definitions

              
	 
      	
                In
      this Agreement:

                 

              
	 
      	
                "Account Bank" shall mean
      LaSalle Bank National Association.

                 

              
	 
      	
                "Additional Cost Rate"
      has the meaning given to it in Schedule 4 (Mandatory Cost
      formulae).

                 

              
	 
      	
                "Advance Rate" shall
      mean, for each item of Collateral, the advance rate set forth in the
      Request for Borrowing which shall be consistent with the Pricing Matrix,
      as set forth in Schedule 10 (Pricing
      Matrix).

                 

              
	 
      	
                "Affiliate" shall mean,
      in relation to any person, a Subsidiary of that person or a Holding
      Company of that person or any other Subsidiary of that Holding Company
      and, with respect to the Borrower, any person managed by the
      Borrower.

                 

              
	 
      	
                "the Agent's Spot Rate of
      Exchange" shall mean the Agent's spot rate of exchange for the
      purchase of the relevant currency with the Base Currency in the London
      foreign exchange market at or about 11:00 a.m. London time on a particular
      day.

                 

              
	 
      	
                "Applicable Margin" shall mean, with
      respect to each item of Collateral the margin applicable to such item of
      Collateral as set forth in Schedule 10 (Pricing Matrix) or such
      other margin as may be mutually agreed to by the Borrower and the
      Agent.

                 

              
	 
      	
                "Appraisal" shall mean a
      valuation of any Property prepared by a valuer reasonably acceptable to
      the Agent.

                 

              
	 
      	
                "Asset-Specific Loan
      Balance" shall mean the portion of any Loan allocable to each item
      of Eligible Collateral (converted into the Base Currency using the Agent's
      Spot Rate of Exchange as at the day which was one (1) Business Day prior
      to the relevant Funding Date of such Loan).  Such portion shall
      initially consist of the sum of the Loans made on account of such Eligible
      Collateral, advance costs and fees to the extent properly incurred by the
      Lenders and the Agent and the Security Trustee hereunder and borrowed by
      the Borrower hereunder.  

              

      

       

      
        
          
          

        

        
          -
1 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                Whenever
      this Agreement states that principal payments on account of a Loan are to
      be allocated or applied to or against the Asset-Specific Loan Balance of a
      specific item of Eligible Collateral, the Asset-Specific Loan Balance of
      such item of Eligible Collateral shall be deemed reduced accordingly by
      the amount of the principal payments so applied (converted into the Base
      Currency using the Agent's Spot Rate of Exchange as at the day which was
      one (1) Business Day prior to the day on which such principal payments on
      account of such Loan are actually so allocated and applied).

                   

              
	 
      	
                "Asset Value" shall mean, as of
      any date in respect of any item of Eligible Collateral, the price (if not
      expressed in the Base Currency, converted into the Base Currency using the
      Agent's Spot Rate of Exchange on the day such calculation is made) at
      which such item of Eligible Collateral could readily be sold, after giving
      effect to the value of any Interest Rate Protection Agreements with
      respect to such item of Eligible Collateral which are to be secured in
      favour of the Security Trustee as Collateral, as determined in good faith
      discretion by the Agent, which price may be determined to be zero and in
      no event shall exceed the then outstanding par value (where applicable) of
      the subject Eligible Collateral which consists of a Collateral
      Loan.  The Agent’s determination of Asset Value, which may be
      made at any time and from time to time, shall be conclusive, absent
      manifest error, upon the parties to this Agreement; provided that, without
      limiting the effect of Clause 8.3 (Mandatory Pre-Payment or
      granting of further security to the Security Trustee), the Asset
      Value shall be deemed to be:

                 

              
	 
      	
                (1)

                 

              	
                zero
      or such greater amount as determined in sole but good faith discretion by
      the Agent in respect of each item of Eligible Collateral in respect of
      which there is a breach of a representation or warranty by a Collateral
      Obligor;

                 

              
	 
      	
                (2)

                 

              	
                zero
      or such greater amount as determined in good faith, by, but at the sole
      discretion of the Agent in respect of each item of Eligible Collateral in
      respect of which there is a delinquency in the payment of principal and/or
      interest which continues for a period in excess of thirty (30) days (after
      taking into account any applicable grace periods);

                 

              
	 
      	
                (3)

                 

              	
                zero
      or such greater amount as determined in good faith, by, but at the sole
      discretion of, the Agent, in respect of each item of Collateral which has
      been released from the possession of the Custodian under the Custodial
      Agreement to the Borrower for a period in excess of fourteen (14) days
      unless the Agent and Custodian have approved such release for a longer
      period of time; and

                 

              
	 
      	
                (4)

                 

              	
                zero
      or such greater amount as determined in good faith, but at the sole
      discretion of, the Agent following the failure of Borrower to deliver the
      Collateral File associated with such item of Eligible Collateral to the
      Custodian within five (5) Business Days after the Funding Date associated
      with the Loan made in respect of such item of Eligible
      Collateral.

                 

              
	 
      	
                Notwithstanding
      anything to the contrary contained in this definition, whenever an Asset
      Value determination is required under this Agreement:

                 

              
	 
      	
                (a)

                 

              	
                the
      Borrower shall cooperate with the Agent in its good faith determination of
      the Asset Value of each item of Eligible Collateral (including, without
      limitation, providing all information and documentation in the possession
      of the Borrower or 

                 

              

      

       

      
        
          
          

        

        
          -
2 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                otherwise
      within the control of the Borrower regarding such item of Eligible
      Collateral); and

                   

              
	 
      	
                (b)

                 

              	
                the
      Agent shall be entitled to consider any and all factors relevant to the
      determination of Asset Value including, without limitation, general and
      specific changes in the capital markets and the real estate markets, and
      other factors affecting any item of Eligible Collateral, the Borrower, any
      Collateral Obligor or the transactions contemplated
      hereunder.  Each communication by the Agent to the Borrower of
      an Asset Value determination pertaining to one or more items of Eligible
      Collateral shall be subject to the disclaimer provisions set forth in
      Clause 33.3 (Disclaimers).

                 

              
	 
      	
                "Authorisation" shall
      mean an authorisation, consent, approval, resolution, licence, exemption,
      filing, notarisation or registration.

                 

              
	 
      	
                "Availability Period"
      shall mean the period from and including the Effective Date to and
      including the Termination Date.

                 

              
	 
      	
                "Available Credit" shall
      mean, with respect to any Lender, such Lender's Maximum Credit
      minus:

                 

              
	 
      	
                (a)

                 

              	
                the
      Base Currency Amount of its participation in any outstanding Loans;
      and

                 

              
	 
      	
                (b)

                 

              	
                in
      relation to any Loans that are proposed to be made, the Base Currency
      Amount of its proportional participation in any Loans that are due to be
      made on or before the proposed Funding Date,

                 

              
	 
      	
                other
      than such Lender's participation in any Loans that are due to be repaid or
      prepaid on or before the proposed Funding Date.

                 

              
	 
      	
                "B Notes" shall mean the
      original executed subordinated note or other evidence of a subordinated
      interest with respect to a Mortgage Loan or a Mezzanine Loan (to which the
      applicable representations and warranties in Clause 17.13 (Collateral; Collateral
      Security) hereof are correct).

                 

              
	 
      	
                "Bank Agreement" shall
      mean the Collection Account Security and Control Agreement between inter alios the
      Borrower and the Security Trustee dated 17 February 2006.

                 

              
	 
      	
                "Base Currency" shall
      mean dollars.

                 

              
	 
      	
                "Base Currency Amount"
      shall mean, in relation to a Loan, the amount specified in the Request for
      Borrowing for that Loan (or, if the amount requested is not denominated in
      the Base Currency, that amount converted into the Base Currency at the
      Agent's Spot Rate of Exchange on the date which is one (1) Business Day
      before the Funding Date) adjusted to reflect any repayment, pre-payment,
      consolidation or division of the Loans.

                 

              
	 
      	
                "Borrower Bank Accounts"
      or "Accounts" means the Borrower
      Sterling Account, the Borrower Yen Account and the Borrower Euro Account
      or any one or more of them as the context may require (and any renewal or
      redesignation of such accounts) maintained with the Account Bank, the
      Irish Bank Accounts and any other bank accounts as the Borrower may
      

              

      

       

      
        
          
          

        

        
          -
3 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                open
      and maintain from time to time in accordance with the Bank Agreement and
      notified to the Agent and the Lenders.

                   

              
	 
      	
                "Borrower Euro Account"
      means the euro denominated Borrower Bank Account maintained by the Account
      Bank with account number 40183181, account name AHR Capital MS Limited
      Euro Account (and any redesignation of such account).

                 

              
	 
      	
                "Borrower Irish Tax
      Requirements" shall mean the following:

                 

              
	 
      	
                (a)

                 

              	
                the
      Borrower is and shall continue to be resident in the Republic of Ireland
      for the purposes of the Irish Taxes Act;

                 

              
	 
      	
                (b)

                 

              	
                the
      Borrower carries on and shall continue to carry on in the Republic of
      Ireland the business of holding, managing or both the holding and managing
      of the Eligible Collateral or interests in the Eligible
      Collateral;

                 

              
	 
      	
                (c)

                 

              	
                apart
      from activities ancillary to the business of managing or holding the
      Eligible Collateral or interests in the Eligible Collateral, the Borrower
      carries on and shall continue to carry on no other
activities;

                 

              
	 
      	
                (d)

                 

              	
                the
      market value of the Eligible Collateral or interests in the Eligible
      Collateral held or managed by the Borrower was not less than EUR
      10,000,000 on the day on which the Eligible Collateral or interests in the
      Eligible Collateral were first held by it;

                 

              
	 
      	
                (e)

                 

              	
                all
      of the transactions entered into or that will be entered into by the
      Borrower have been or will be entered into, as the case may be, on an
      arm’s length basis, apart from any transaction or arrangement where
      Section 110(4) of the Irish Taxes Act applies to any interest or other
      distribution payable under the transaction or arrangement unless the
      transaction or arrangement concerned is excluded from that provision by
      virtue of Section 110(5) of the Irish Taxes Act;

                 

              
	 
      	
                (f)

                 

              	
                the
      Borrower has notified the Irish Revenue Commissioners in the prescribed
      form that it is or intends to be a qualifying company for the purposes of
      Section 110(1) of the Irish Taxes Act and has supplied to the Irish
      Revenue Commissioners such other particulars relating to it as may be
      specified in the prescribed form;

                 

              
	 
      	
                (g)

                 

              	
                the
      proceeds of all monies or funding received by the Borrower have been, or
      as applicable, shall be used by the Borrower in the course of its business
      as a qualifying company within the meaning of Section 110 of the Irish
      Taxes Act;

                 

              
	 
      	
                (h)

                 

              	
                excluding
      costs of incorporation of the Borrower, any material expenses (being
      expenses in the aggregate exceeding $50,000 per annum) incurred or to be
      incurred by the Borrower including interest payable by the Borrower shall
      be deductible in computing its profits for the purposes of the Irish Taxes
      Act; and

                 

              
	 
      	
                (i)

                 

              	
                any
      transaction entered into by the Borrower is not or will not be entered
      into by such Borrower for tax avoidance reasons.

                 

              

      

       

      
        
          
          

        

        
          -
4 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                "Borrower Sterling
      Account" means the sterling denominated Borrower Bank Account
      maintained by the Account Bank with account number 40183203, account name
      AHR Capital MS Limited Sterling Account (and any redesignation of such
      account).

                 

              
	 
      	
                "Borrower Yen Account"
      means the Yen denominated Borrower Bank Account maintained by the Account
      Bank with account number 40193829, account name AHR Capital MS Limited Yen
      Account (and any redesignation of such account).

                 

              
	 
      	
                "Borrowing Base" shall
      mean the aggregate Collateral Value of the Collateral utilised pursuant to
      the Debenture to secure the amounts from time to time outstanding under
      the Finance Documents, including, but not limited to, the
      Loans.

                 

              
	 
      	
                "Borrowing Base
      Deficiency" shall have the meaning provided in paragraph (a) of
      Clause 8.3(a) (Mandatory
      Pre-Payment or granting of further security to the Security
      Trustee) hereof.

                 

              
	 
      	
                "Business Day" shall
      mean, a day (other than a Saturday or Sunday) on which banks are open for
      general business in:

                 

              
	 
      	
                (a)

                 

              	
                London,
      or in relation to any date for payment or purchase of a currency other
      than sterling or euro the principal financial centre of the country of
      that currency;

                 

              
	 
      	
                (b)

                 

              	
                in
      relation to any date for payment or purchase of euro, any TARGET Day;
      or

                 

              
	 
      	
                (c)

                 

              	
                in
      relation to any notice to be given to a party pursuant to this Agreement
      (including a Request for Borrowing) the city in which such party's office
      for service is located.

                 

              
	 
      	
                "Capital Lease
      Obligations" shall mean, for any person, all obligations of such
      person to pay rent or other amounts under a lease of (or other agreement
      conveying the right to use) Property to the extent such obligations are
      required to be classified and accounted for as a capital lease on a
      balance sheet of such person under GAAP, and, for purposes of this
      Agreement, the amount of such obligations shall be the capitalised amount
      hereof, determined in accordance with GAAP.

                 

              
	 
      	
                "CMBS" shall mean, in the
      singular or plural as the context requires, debt securities backed by
      mortgages or other comparable security over commercial real estate or by
      securities, interests or other obligations backed directly or indirectly
      by such mortgages or other comparable security with the assigned Rating by
      the corresponding Rating Agency as set forth in Schedule 10 (Pricing
      Matrix).

                 

              
	 
      	
                "Collateral" shall mean,
      all of the Borrower's right, title and interest in, to and under each of
      the following items of Property, whether now owned or hereafter acquired,
      now existing or hereafter created and wherever located:

                 

              
	 
      	
                (a)

                 

              	
                All
      Eligible Collateral with respect to which a Loan is made
      hereunder;

                 

              
	 
      	
                (b)

                 

              	
                All
      Collateral Documents with respect to which a Loan is made hereunder and as
      to which the Custodian has been instructed to hold for the Security
      Trustee pursuant to the Custodial Agreement;

                 

              

      

       

      
        
          
          

        

        
          -
5 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (c)

                 

              	
                All
      guarantees and insurance (issued by any Governmental Authority or
      otherwise) and any insurance certificate or other document evidencing such
      guarantees or insurance relating to any Collateral and all claims and
      payments thereunder;

                 

              
	 
      	
                (d)

                 

              	
                All
      Interest Rate Protection Agreements;

                 

              
	 
      	
                (e)

                 

              	
                All
      other insurance policies and insurance proceeds relating to the Collateral
      or related Property;

                 

              
	 
      	
                (f)

                 

              	
                All
      collateral or security however defined, under any other agreement between
      any Obligor and the Lender and/or or any of their respective Affiliates;
      and

                 

              
	 
      	
                (g)

                 

              	
                Any
      and all replacements, substitutions, distributions on or proceeds of any
      and all of the foregoing.

                 

              
	 
      	
                "Collateral Documents"
      shall mean the documents comprising the Collateral File for each item of
      Eligible Collateral.

                 

              
	 
      	
                "Collateral File" shall
      mean, as to each item of Collateral, those documents set forth in a
      schedule to be delivered by the Borrower or the Agent to the Custodian and
      which are delivered to the Custodian pursuant to the terms of this
      Agreement or the Custodial Agreement including, without limitation, all
      documents required by the Agent to better enable the Borrower to grant in
      favour of the Security Trustee and to perfect a first priority security
      interest in such item of Collateral.

                 

              
	 
      	
                "Collateral Loan" shall
      mean, any Eligible Collateral consisting of a loan or an interest in a
      loan.

                 

              
	 
      	
                "Collateral Obligor"
      shall mean, any obligor with respect to any Eligible Collateral, any
      issuer of any debt security comprising any portion of the Collateral and
      the issuer of any Preferred Equity Interest.

                 

              
	 
      	
                "Collateral Schedule"
      shall mean a list of the Eligible Collateral to be granted by way of
      security to the Security Trustee for the Secured Obligations under the
      Finance Documents attached to a Custodial Identification Certificate
      setting forth, as to each item of Eligible Collateral, the applicable
      information for such Collateral type specified in the Custodial
      Agreement.

                 

              
	 
      	
                "Collateral Schedule and
      Exception Report" shall mean any collateral schedule and exception
      report prepared by the Custodian pursuant to the Custodial
      Agreement.

                 

              
	 
      	
                "Collateral Value" shall
      mean on any day, with respect to each item of Collateral, the product
      obtained by multiplying the Asset Value of such item of Collateral
      (converted into the Base Currency calculated by the Agent determining the
      Base Currency equivalent of such Asset Value by converting such Asset
      Value into the Base Currency using the Agent's Spot Rate of Exchange on
      such day) by the Advance Rate set forth in the Request for Borrowing
      associated therewith.

                 

              
	 
      	
                "Commitment Fee" shall
      have the meaning provided in Clause 11 (Fees)
      hereof.

                 

              

      

       

      
        
          
          

        

        
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6 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                "Corporate Services
      Agreement" shall mean the Management Agreement dated 27 January
      2006 between the Borrower and Citco Corporate Services (Ireland)
      Limited.

                 

              
	 
      	
                "Custodian" shall mean,
      LaSalle Bank National Association, as Custodian under the Custodial
      Agreement, and its successors and permitted assigns
      thereunder.

                 

              
	 
      	
                "Custodial Agreement"
      shall mean the Custodial Agreement, dated as of 17 February 2006, between
      the Borrower, the Custodian and the Agent, substantially in the form of
      Schedule 12 (Form of
      Custodial Agreement) hereto, as the same shall be modified and
      supplemented and in effect from time to time.

                 

              
	 
      	
                "Custodial Identification
      Certificate" shall mean, the certificate executed by the Borrower
      in connection with the pledge of Eligible Collateral to the Security
      Trustee in the form of Schedule 3 to the Custodial Agreement.

                 

              
	 
      	
                "Debenture" shall mean
      the Debenture dated 17 February 2006 entered into by, inter alios, the
      Borrower in favour of the Security Trustee.

                 

              
	 
      	
                "Default" shall mean an
      Event of Default or any event or circumstance which would (with the expiry
      of a grace period, the giving of notice, or any combination of any of the
      foregoing) be an Event of Default.

                 

              
	 
      	
                "Diligence Materials"
      shall mean the Preliminary Due Diligence Package together with the
      materials requested in the Supplemental Due Diligence List.

                 

              
	 
      	
                "dollars" or "$" shall mean the lawful
      currency of the United States of America.

                 

              
	 
      	
                "Due Diligence Review"
      shall have the meaning set forth in Clause 33.2 (Periodic Due Diligence
      Review).

                 

              
	 
      	
                "Effective Date" shall
      mean, February 17, 2006.

                 

              
	 
      	
                "Eligible Collateral" shall mean
      collectively: Mortgage Loans, Mezzanine Loans, B Notes, Preferred Equity
      Interests and CMBS and Other Approved Collateral to which the applicable
      section of Schedule 11 (Representations and Warranties
      Re: Eligible Collateral) hereof is correct.

                 

              
	 
      	
                "Eligible Collateral
      Asset" shall mean any particular item of Eligible
      Collateral.

                 

              
	 
      	
                "Encumbered Property"
      shall mean the real property (including all improvements, buildings,
      fixtures, building equipment and personal property thereon and all
      additions, alterations and replacements made at any time with respect to
      the foregoing) and all other collateral securing repayment of the debt
      comprised in a Mortgage Loan, or, in the case of any Mezzanine Loan, the
      Equity Interests and the real property related thereto.

                 

              
	 
      	
                "Equity Interest" shall
      mean any interest in a person constituting a share of stock or a partner
      or membership interest or other right or interest in a person not
      characterised as indebtedness under GAAP (including, without limitation, a
      Preferred Equity Interest).

                 

              

      

       

      
        
          
          

        

        
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7 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                "Equity Proceeds" shall
      mean with respect to the Guarantor, an amount equal to the net proceeds
      from the issuance of any securities of the Guarantor or the net proceeds
      due to the Guarantor from contributions to capital or otherwise by another
      person.

                 

              
	 
      	
                "EURIBOR" means in
      relation to any Loan in euro:

                 

              
	 
      	
                (a)

                 

              	
                the
      applicable Screen Rate; or

                 

              
	 
      	
                (b)

                 

              	
                (if
      no Screen Rate is available for the Interest Period of that Loan) the
      arithmetic mean of the rates (rounded upwards to four decimal places) as
      supplied to the Agent at its request quoted by the Reference Banks to
      leading banks in the European interbank market;

                 

              
	 
      	
                as
      of the Specified Time on the Quotation Day for the offering of deposits in
      euro for a period comparable to the Interest Period of the relevant
      Loan.

                 

              
	 
      	
                "euro" or "EUR" shall mean the
      single currency unit of the Participating Member States.

                 

              
	 
      	
                "EU Insolvency
      Regulation" means Council Regulation (EC) No. 1346/2000 of 20 May
      2000.

                 

              
	 
      	
                "Event of Default" shall
      mean any event or circumstance specified as such in Clause 20 (Events of
      Default).

                 

              
	 
      	
                "Examiner" has the
      meaning given to it in Section 2 of the Companies (Amendment) Act, 1990 of
      the Republic of Ireland and "Examinership" shall be
      construed accordingly.

                 

              
	 
      	
                "Exit Fee" shall have the
      meaning ascribed to it in Clause 11.2 (Exit Fee).

                 

              
	 
      	
                "Exit Fee Related
      Collateral" shall have the meaning ascribed to it in Clause 11.2
      (Exit
      Fee).

                 

              
	 
      	
                "Facility" shall mean the
      revolving loan facility made available under this Agreement as described
      in Clause 2 (The
      Facility).

                 

              
	 
      	
                "Facility Office" shall
      mean the office or offices notified by a Lender to the Agent in writing on
      or before the date it becomes a Lender (or, following that date, by not
      less than five (5) Business Days' written notice) as the office or offices
      through which it will perform its obligations under this
      Agreement.

                 

              
	 
      	
                "Finance Documents" shall
      mean this Agreement, the Debenture, the Guarantee, the Custodial
      Agreement, the Bank Agreement, each Interest Rate Protection Agreement and
      any other document designated as such by the Agent and the
      Borrower.

                 

              
	 
      	
                "Finance Party" shall
      mean the Agent, the Security Trustee and each Lender as the case may be
      and the context requires.

                 

              
	 
      	
                "Funding Costs" shall
      mean, collectively, the actual costs to a Lender of breaking an interbank
      contract for LIBOR, or if applicable, EURIBOR (or the costs that would
      have been incurred if such a Lender had entered into a broken interbank
      contract prior to the expiration of the contract period applicable thereto
      in connection with (a) a pre-payment (whether voluntary or involuntary) of
      all or any portion of an Asset-Specific Loan Balance or other principal
      

              

      

       

      
        
          
          

        

        
          -
8 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                repayment
      required or permitted under the Finance Documents that is made at any time
      other than at the expiration of an Interest Period, (b) any voluntary or
      involuntary acceleration of the Termination Date that in effect occurs on
      any date that is not the last day of an Interest Period with respect to
      any Asset-Specific Loan Balance, and (c) any other set of circumstances
      not attributable solely to a Lender's acts, or related to an amendment of
      this Agreement by the parties hereto.  Subject to the foregoing,
      Funding Costs shall not include a diminution in yield suffered by a Lender
      upon re-lending or re-investing the principal of a Loan after any
      pre-payment of such Loan.

                   

              
	 
      	
                "Funding Date" shall mean
      the date on which a Loan is made hereunder.

                 

              
	 
      	
                "GAAP" shall
      mean

                 

              
	 
      	
                (a)

                 

              	
                in
      respect of the Borrower, generally accepted accounting principles in
      effect from time to time in the Republic of Ireland; and

                 

              
	 
      	
                (b)

                 

              	
                in
      respect of the Guarantor, generally accepted accounting principles in
      effect from time to time in the United States of America.

                 

              
	 
      	
                "Governmental Authority"
      shall mean, any nation or government, any state or other political
      subdivision thereof, any entity exercising executive, legislative,
      judicial, regulatory or administrative functions of or pertaining to
      government and any court or arbitrator having jurisdiction over the
      Borrower, the Guarantor or any of their respective Subsidiaries or any of
      their respective properties.

                 

              
	 
      	
                "Guarantee" shall mean
      the Amended and Restated Parent Guaranty and Indemnity executed by the
      Guarantor in favour of the Security Trustee and Agent dated 15 February
      2008.

                 

              
	 
      	
                "the Guarantor" shall
      mean Anthracite Capital, Inc., a Maryland corporation.

                 

              
	 
      	
                "Holding Company" means,
      in relation to a company or corporation, any other company or corporation
      in respect of which it is a Subsidiary.

                 

              
	 
      	
                "Indebtedness" shall mean
      any indebtedness for or in respect of:

                 

              
	 
      	
                (a)

                 

              	
                moneys
      borrowed;

                 

              
	 
      	
                (b)

                 

              	
                any
      amount raised by acceptance under any acceptance credit facility or
      dematerialised equivalent;

                 

              
	 
      	
                (c)

                 

              	
                any
      amount raised pursuant to any note purchase facility or the issue of
      bonds, notes, debentures, loan stock or any similar
      instrument;

                 

              
	 
      	
                (d)

                 

              	
                the
      amount of any liability in respect of any lease or hire purchase contract
      which would, in accordance with GAAP, be treated as a finance or capital
      lease;

                 

              
	 
      	
                (e)

                 

              	
                receivables
      sold or discounted (other than any receivables to the extent they are sold
      on a non-recourse basis);

                 

              

      

       

      
        
          
          

        

        
          -
9 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (f)

                 

              	
                any
      amount raised under any other transaction (including any forward sale or
      purchase agreement) having the commercial effect of a
      borrowing;

                 

              
	 
      	
                (g)

                 

              	
                any
      derivative transaction entered into in connection with protection against
      or benefit from fluctuation in any rate or price (and, when calculating
      the value of any derivative transaction, only the marked to market value
      shall be taken into account);

                 

              
	 
      	
                (h)

                 

              	
                any
      counter-indemnity obligation in respect of a guarantee, indemnity, bond,
      standby or documentary letter of credit or any other instrument issued by
      a bank or financial institution;

                 

              
	 
      	
                (i)

                 

              	
                any
      Capital Lease Obligations;

                 

              
	 
      	
                (j)

                 

              	
                any
      amount of any liability under an advance or deferred purchase agreement if
      one of the primary reasons behind the entry into this agreement is to
      raise finance;

                 

              
	 
      	
                (k)

                 

              	
                (without
      double counting) the amount of any liability in respect of any guarantee
      or indemnity for any of the items referred to in paragraphs (a) to (k)
      above; and

                 

              
	 
      	
                (l)

                 

              	
                any
      other indebtedness of the Borrower whether financial or
      otherwise.

                 

              
	 
      	
                "Information Memorandum"
      shall mean, the document in the form approved by the Borrower concerning
      the Borrower which, at its request and on its behalf, is to be prepared in
      relation to this transaction and distributed prior to the Syndication Date
      in connection with syndication.

                 

              
	 
      	
                "Institutional Investor"
      shall mean a bank, insurance company, pension fund, real estate investment
      trust, registered investment advisor or other institutional investor or a
      corporation whose shares are publicly traded on the New York Stock
      Exchange or the American Stock Exchange, the London Stock Exchange, the
      Irish Stock Exchange or a similar internationally recognised stock
      exchange of another nation or any Affiliate of the foregoing, in each
      case, having not less than $500,000,000 in assets and $250,000,000 in
      equity, and having a long term unsecured debt rating of "A" by S&P or
      the equivalent by Moody’s.

                 

              
	 
      	
                "Institutional Owner"
      shall mean an insurance company, bank, savings and loan association, REIT,
      Real Estate Mortgage Investment Conduit, grantor trust, trust company,
      commercial credit corporation, pension plan, pension fund or pension fund
      advisory firm, mutual fund or other investment company, governmental
      entity or plan, "qualified institutional buyer", within the meaning of
      Rule 144A under the Securities Act (U.S.) of 1993, as amended (other than
      a broker/dealer) or an institution substantially similar to any of the
      foregoing, or any entity wholly owned by any one or more such
      institutions, in each case, having not less than $500,000,000 in assets
      and $250,000,000 in equity, and having a long term unsecured debt rating
      of "A" by S&P or the equivalent by Moody’s.

                 

              
	 
      	
                "Interest Payment Date"
      shall mean the first Business Day of each month and for the last month of
      this Agreement, the first Business Day of such last month and the
      Termination Date.

                 

              
	 
      	
                "Interest Period" for any
      Loan shall mean (i) the period commencing on the Funding Date and ending
      on the day immediately preceding the next succeeding Interest Payment
      Date, and 

              

      

       

      
        
          
          

        

        
          -
10 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                thereafter
      (ii) the period commencing on each Interest Payment Date and ending on the
      date immediately preceding the next succeeding Interest Payment
      Date.

                   

              
	 
      	
                "Interest Rate Protection
      Agreement" shall mean, any, futures contract, options related
      contract, interest rate swap, cap or collar agreement or similar
      arrangement providing for protection against fluctuations in interest
      rates or the exchange of nominal interest obligations, either generally or
      under specific contingencies.

                 

              
	 
      	
                "Investment Management
      Agreement" shall mean the Investment Management Agreement dated 27
      January 2006 between the Borrower and BlackRock Financial Management,
      Inc.

                 

              
	 
      	
                "Irish Bank Accounts"
      means, collectively, the current account (account No. 26932332) and the
      deposit account (account No. 26933802) in the name of the Borrower with
      the Governor and Company of the Bank of Ireland.

                 

              
	 
      	
                "Irish Taxes Act" has the
      meaning given to it in Clause 12.1 (Definitions).

                 

              
	 
      	
                "the Lender" shall
      mean:

                 

              
	 
      	
                (a)

                 

              	
                Morgan
      Stanley Bank, a Utah Corporation;

                 

              
	 
      	
                (b)

                 

              	
                Morgan
      Stanley Principal Funding Inc., a Delaware Corporation; and

                 

              
	 
      	
                (c)

                 

              	
                any
      bank, financial institution, trust, fund or other entity which has become
      a Party in accordance with Clause 21 (Changes to the
      Lenders),

                 

              
	 
      	
                which
      in each case has not ceased to be a Party in accordance with the terms of
      this Agreement.

                 

              
	 
      	
                "Lenders' Net Aggregate
      Exposure" shall mean on any day, with respect to all Loans, a
      fraction:

                 

              
	 
      	
                (a)

                 

              	
                the
      numerator of which shall be the sum of (i) the aggregate amounts of the
      Loans plus (ii) the aggregate amount of any and all senior Indebtedness
      and senior Preferred Equity Interest(s) secured in whole or in part by
      real property or direct or indirect beneficial interests therein relating
      to all Eligible Collateral securing such Loans; and

                 

              
	 
      	
                (b)

                 

              	
                the
      denominator of which shall be the fair market value (in the Base Currency
      and if not expressed in the Base Currency, converted into the Base
      Currency using the Agent's Spot Rate of Exchange on the day such
      calculation is made) of the real property or direct or indirect beneficial
      interests referred to in (a) above as determined by the Agent in its sole
      good faith discretion.

                 

              
	 
      	
                "Lenders' Net Exposure"
      shall mean, with respect to each Loan, a fraction:

                 

              
	 
      	
                (a)

                 

              	
                the
      numerator of which shall be sum of (i) the Base Currency Amount of such
      Loan plus (ii) the amount of any and all Indebtedness and senior Preferred
      Equity Interest(s) (in each case converted into the Base Currency using
      the Agent's Spot Rate of Exchange on such day) secured in whole or in part
      by real property or direct or 

              

      

       

      
        
          
          

        

        
          -
11 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                indirect
      beneficial interests therein relating to the Eligible Collateral granted
      as security to the Security Trustee in connection with such Loan;
      and

                   

              
	 
      	
                (b)

                 

              	
                the
      denominator of which shall be the fair market value (in the Base Currency
      and if not expressed in the Base Currency, converted into the Base
      Currency using the Agent's Spot Rate of Exchange on the day such
      calculation is made) of the real property or direct or indirect beneficial
      interests referenced in (a) above as determined by the Agent in its sole
      good faith discretion.

                 

              
	 
      	
                "LIBOR" shall mean, in
      relation to any Loan:

                 

              
	 
      	
                (a)

                 

              	
                the
      applicable Screen Rate; or

                 

              
	 
      	
                (b)

                 

              	
                (if
      no Screen Rate is available for the currency or Interest Period of that
      Loan) the arithmetic mean of the rates (rounded upwards to four decimal
      places) as supplied to the Agent at its request quoted by the Reference
      Banks to leading banks in the London interbank market,

                 

              
	 
      	
                on
      or about 11:00 a.m. London time on the Quotation Day for the offering of
      deposits in the currency of that Loan and for a period of thirty (30)
      days.

                 

              
	 
      	
                "LMA" shall mean the Loan
      Market Association.

                 

              
	 
      	
                "Loan" shall mean a loan
      made or to be made under the Facility or the principal amount outstanding
      for the time being of that loan.

                 

              
	 
      	
                "Loan-To-Value Ratio" or
      "LTV" shall mean,
      as of any date in respect to any item of Eligible Collateral, the ratio
      that (x) the aggregate outstanding principal balances of all loans and
      preferred equity interests secured in whole or in part by real property or
      direct or indirect beneficial interests therein relating to such Eligible
      Collateral bears to (y) the value, determined by an Appraisal in a form
      reasonably acceptable to the Agent, of the real property (together with
      all applicable appurtenant interests and subject to all applicable
      security interests, encumbrances and tenancies), or direct or indirect
      beneficial interests which form the basis of such Eligible
      Collateral.

                 

              
	 
      	
                "Majority Lenders" shall
      mean:

                 

              
	 
      	
                (a)

                 

              	
                if
      there are no Loans then outstanding, a Lender or Lenders whose Total
      Maximum Credit aggregate more than 662/3% of the Total Maximum
      Credit (or, if the Total Maximum Credit have been reduced to zero,
      aggregated more than 662/3% of the Total Maximum
      Credit immediately prior to the reduction); or

                 

              
	 
      	
                (b)

                 

              	
                at
      any other time, a Lender or Lenders whose participations in the Loans then
      outstanding aggregate more than 662/3% of all the Loans then
      outstanding.

                 

              
	 
      	
                "Mandatory Cost" shall
      mean the percentage rate per annum calculated by the Agent in accordance
      with Schedule 4 (Mandatory Cost
      Formulae).

                 

              
	 
      	
                "Material Adverse Effect"
      shall mean a material adverse effect on:

                 

              

      

       

      
        
          
          

        

        
          -
12 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (a)

                 

              	
                the
      business, operations, Property, condition (financial or otherwise) or
      prospects of the Borrower or the Guarantor;

                 

              
	 
      	
                (b)

                 

              	
                the
      ability of an Obligor to perform its obligations under any of the Finance
      Documents;

                 

              
	 
      	
                (c)

                 

              	
                the
      validity or enforceability of any of the Finance Documents or the rights
      or remedies of any Finance Party under any of the Finance
      Documents;

                 

              
	 
      	
                (d)

                 

              	
                the
      timely payment of principal or of interest on a Loan or other amounts
      payable in connection therewith; or

                 

              
	 
      	
                (e)

                 

              	
                the
      Collateral.

                 

              
	 
      	
                "Maximum Credit" shall
      mean in relation to any Lender, the amount in the Base Currency set
      opposite its name under the heading "Maximum Credit" in Part
      II of Schedule 1 (The
      Parties) and the amount in the Base Currency of any other Maximum
      Credit transferred to it under this Agreement as the same may be reduced
      in accordance with this Agreement to the extent not cancelled, reduced or
      transferred by it under this Agreement.

                 

              
	 
      	
                "Mezzanine Loan" shall
      mean indebtedness of an owner or owners of any Equity Interest or any
      other equity or ownership interests in property secured only by such
      Equity Interest or other equity or ownership interest, each encumbering
      one or more commercial (including retail office, industrial, self-storage,
      hospitality or other commercial uses) or multi-family residential
      properties to which the applicable representations and warranties in
      Clause 17.13 (Collateral; Collateral
      Security) hereof are correct.

                 

              
	 
      	
                "Moody's" shall mean
      Moody's Investors Service Inc. or any successor to its rating
      business.

                 

              
	 
      	
                "Mortgage" shall mean the
      mortgage, charge or other instrument securing a Mortgage Loan, which
      creates a first ranking security interest on real property.

                 

              
	 
      	
                "Mortgage Loan" shall mean a
      performing mortgage loan encumbering one or more commercial (including
      retail, office, industrial, self storage, hospitality or other commercial
      uses) or multi-family residential properties to which the applicable
      representations and warranties in Clause 17.13 (Collateral; Collateral
      Security) hereof are correct.

                 

              
	 
      	
                "MS & Co." shall mean
      Morgan Stanley & Co. Incorporated, a registered
      broker-dealer.

                 

              
	 
      	
                "MS Indebtedness" means
      any Indebtedness of any Obligor owed to the First New Lender or any of its
      respective Affiliates.

                 

              
	 
      	
                "Net Worth" shall mean
      the amount which would be included under shareholders equity on a
      consolidated balance sheet of the Borrower and the Guarantor and its
      subsidiaries determined on a consolidated basis in accordance with
      GAAP.

                 

              
	 
      	
                "Obligors" shall mean the
      Borrower and the Guarantor and "Obligor" shall mean
      either one of them as the context may require.

                 

              

      

       

      
        
          
          

        

        
          -
13 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                "Optional Currency" shall
      mean sterling, Yen or euros or any other currency mutually agreed to by
      the Borrower and the Agent.

                 

              
	 
      	
                "Other Approved
      Collateral" shall mean such other proposed Property of the Borrower
      as the Agent shall accept as Collateral for a Loan.

                 

              
	 
      	
                "Participating Member
      State" shall mean any member state of the European Communities that
      adopts or has adopted the euro as its lawful currency in accordance with
      legislation of the European Community relating to Economic and Monetary
      Union.

                 

              
	 
      	
                "Party" shall mean a
      party to this Agreement.

                 

              
	 
      	
                "Post Default Rate of
      Interest" shall have the meaning ascribed to it in Clause 9.3
      (Default
      Interest).

                 

              
	 
      	
                "Preferred Equity Interest" shall mean any
      interest in a person constituting preference shares or a preferred
      partnership or membership interest or other preferred right or interest in
      a person that is not characterised as indebtedness under
GAAP.

                 

              
	 
      	
                "Preliminary Due Diligence
      Package" shall mean, with respect to any item of Eligible
      Collateral, the following due diligence information relating to such item
      of Eligible Collateral to be provided by the Borrower to the Agent
      pursuant to this Agreement:

                 

              
	 
      	
                (a)

                 

              	
                a
      summary memorandum outlining the proposed transaction, including potential
      transaction benefits and all material underwriting risks, all Underwriting
      Issues and all other characteristics of the proposed transaction that a
      prudent lender would consider material;

                 

              
	 
      	
                (b)

                 

              	
                a
      cash flow pro-forma, plus historical
      information, if available;

                 

              
	 
      	
                (c)

                 

              	
                a
      description of the Property comprised in such Eligible Collateral (whether
      real property, a loan or other collateral);

                 

              
	 
      	
                (d)

                 

              	
                the
      indicative relevant Loan-To-Value Ratio;

                 

              
	 
      	
                (e)

                 

              	
                the
      Borrower’s or the Guarantor's or any Affiliate thereof's relationship with
      its Collateral Obligor or any Affiliate of such Collateral Obligor, if
      any;

                 

              
	 
      	
                (f)

                 

              	
                a
      Phase I environmental report (including asbestos and lead paint
      report);

                 

              
	 
      	
                (g)

                 

              	
                third
      party reports, to the extent available and applicable,
      including:

                 

              
	 
      	 
      	
                (i)

                 

              	
                current
      Appraisal;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                Phase
      II environmental report or other follow-up environmental report if such
      was recommended in the relevant Phase I environmental
      report;

                 

              
	 
      	 
      	
                (iii)

                 

              	
                seismic
      reports; and

                 

              
	 
      	 
      	
                (iv)

                 

              	
                an
      operations and maintenance plan with respect to asbestos containing
      materials;

                 

              

      

      

      
        
          
          

        

        
          -
14 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (h)

                 

              	
                documents
      comprising such Eligible Collateral, or current drafts thereof, including,
      without limitation, the underlying debt and the related finance documents
      (including any guarantees), the Collateral Obligor’s organisational, or
      constitutional, documents, warrant agreements, and loan and collateral
      security agreements, as applicable;

                 

              
	 
      	
                (i)

                 

              	
                a
      list that specifically and expressly identifies any Collateral Documents
      that relate to such Eligible Collateral but which are not in the
      Borrower’s possession; and

                 

              
	 
      	
                (j)

                 

              	
                in
      the case of Eligible Collateral which is other than an actual Mortgage
      Loan, all information and other materials described in this definition
      which would otherwise be provided for the underlying mortgage loan if it
      were an item of Eligible Collateral, except that, as to the items set
      forth in paragraphs (g) and (h), to the extent the Borrower possesses such
      information or has access to such information because it was provided to
      the related lead lender and made available to the Borrower.

                 

              
	 
      	
                "Principal Receipts"
      means in relation to any Eligible Collateral purchased or otherwise
      acquired by the Borrower, any monies arising from such Eligible Collateral
      and received by the Borrower which are of a principal nature or are on
      account of principal, or are on account of a return of capital in relation
      to a Preferred Equity Interest.

                 

              
	 
      	
                "Property" shall mean,
      any right or interest in or to property of any kind whatsoever, whether
      real, personal or mixed and whether tangible or intangible.

                 

              
	 
      	
                "Proposed Eligible
      Collateral" means any item of Collateral that the Borrower proposes
      should be the subject of a Loan prior to the approval by the Agent as
      Eligible Collateral.

                 

              
	 
      	
                "Qualifying Lender" has
      the meaning given to it in Clause 12.1 (Definitions).

                 

              
	 
      	
                "Quotation Day" means in
      relation to any period for which an interest rate is to be determined the
      day that is one (1) day prior to the first day of that
period.

                 

              
	 
      	
                "Rating" shall mean the
      rating (or its equivalent) assigned by each Rating Agency for CMBS as set
      forth in Schedule 10 (Pricing
      Matrix).

                 

              
	 
      	
                "Rating Agency" shall
      mean Moody's and S&P.

                 

              
	 
      	
                "Reference Banks" shall
      mean the principal London offices of HSBC Bank plc, The Royal Bank of
      Scotland plc, Barclays Bank plc and Lloyds TSB Bank plc or such other
      banks as may be appointed by the Agent in consultation with the
      Borrower.

                 

              
	 
      	
                "Relevant Interbank
      Market" shall mean in relation to euro, the European interbank
      market, in relation to sterling the London interbank market, in relation
      to Yen, the London interbank market  and, in relation to any
      other currency, the London interbank market.

                 

              
	 
      	
                "Repeating
      Representations" shall mean the representation and warranties of
      the Borrower set forth in Clauses 17.1, 17.2, 17.3, 17.4, 17.5, 17.6,
      17.7, 17.9, 17.10, 17.11, 17.12, 17.13, 17.15, 17.16, 17.17, 17.18 and
      17.19 of this Agreement.

                 

              
	 
      	
                "Request for Borrowing"
      shall mean a notice substantially in the form set out in Schedule 3 (Request for
      Borrowing).

                 

              

      

       

      
        
          
          

        

        
          -
15 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                "Reservations" shall mean
      (i) the effect of bankruptcy, examination, insolvency or similar laws
      affecting generally the enforcement of creditor's rights, as such laws
      would apply in the event of any bankruptcy, examination, receivership,
      insolvency or similar event applicable to the relevant Obligor and (ii)
      general equitable principles (whether enforceability of such principles is
      considered in a proceeding at law or in equity).

                 

              
	 
      	
                "Responsible Officer"
      shall mean, as to any person, the chief executive officer, chairman of the
      board, president, executive vice president, and, with respect of financial
      matters, executive vice president, vice president or the treasurer of such
      person.

                 

              
	 
      	
                "Revenue Receipts" means
      any monies received by the Borrower which are not Principal Receipts (or
      the proceeds of the investment of the Borrower Principal
      Receipts).

                 

              
	 
      	
                "S&P" shall mean
      Standard and Poor's Rating Services, a division of The McGraw-Hill
      Companies, Inc. or any successor to its rating business.

                 

              
	 
      	
                "Screen Rate"
      means:

                 

              
	 
      	
                (a)

                 

              	
                in
      relation to LIBOR, the British Bankers' Association Interest Settlement
      Rate for the relevant currency and period;

                 

              
	 
      	
                (b)

                 

              	
                in
      relation to EURIBOR, the percentage rate per annum determined by the
      Banking Federation of the European Union for the relevant
      period;

                 

              
	 
      	
                displayed
      on the appropriate page of the Reuters screen. If the agreed page is
      replaced or service ceases to be available, the Agent may specify another
      page or service displaying the appropriate rate after consultation with
      the Borrower and the Lenders.

                 

              
	 
      	
                "Secured Parties" or
      "Secured Party"
      shall have the meaning provided in the Debenture.

                 

              
	 
      	
                "the Security Trustee"
      has the meaning provided in the heading to this Agreement.

                 

              
	 
      	
                "the Servicer" shall have
      the meaning provided in Clause 33.1 (Servicing)
      hereof.

                 

              
	 
      	
                "Servicer Notice" shall
      have the meaning provided in Clause 33.1 (Servicing)
      hereof.

                 

              
	 
      	
                "Servicing Agreement"
      shall have the meaning provided in Clause 33.1 (Servicing)
      hereof.

                 

              
	 
      	
                "Servicing Records" shall
      have the meaning provided in Clause 33.1 (Servicing)
      hereof.

                 

              
	 
      	
                "sterling" or "£" shall mean the lawful
      currency of the United Kingdom.

                 

              
	 
      	
                "Subordinated Loan
      Agreement" shall mean the agreement made between the Borrower and
      the Guarantor evidencing the subordinated debt of the Borrower to the
      Guarantor which shall not be dated later than the date of the initial loan
      under this Agreement.

                 

              

      

       

      
        
          
          

        

        
          -
16 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                "Subsidiary" shall mean
      in the case of a company incorporated in England and Wales a subsidiary
      within the meaning of Section 736 of the Companies Act 1985 and in the
      case of the Borrower only a subsidiary within the meaning of Section 155
      of the Companies Act, 1963 (as amended) of the Republic of
      Ireland:

                 

              
	 
      	
                (a)

                 

              	
                which
      is controlled, directly or indirectly, by the first mentioned company or
      corporation;

                 

              
	 
      	
                (b)

                 

              	
                more
      than half the issued share capital of which is beneficially owned,
      directly or indirectly by the first mentioned company or corporation;
      or

                 

              
	 
      	
                (c)

                 

              	
                which
      is a Subsidiary of another Subsidiary of the first mentioned company or
      corporation,

                 

              
	 
      	
                and
      for this purpose, a company or corporation shall be treated as being
      controlled by another if that other company or corporation is able to
      direct its affairs and/or to control the composition of its board of
      directors or equivalent body.

                 

              
	 
      	
                "Supplemental Due Diligence
      List" shall mean with respect to any item of Proposed Eligible
      Collateral, information or deliveries concerning such Proposed Eligible
      Collateral that the Agent shall request in addition to the Preliminary Due
      Diligence Package.

                 

              
	 
      	
                "Syndication Date" shall
      mean the day which is the day specified by as the day on which primary
      syndication of the Facility is completed.

                 

              
	 
      	
                "Table Funded Eligible
      Collateral" shall mean Eligible Collateral to be acquired by the
      Borrower contemporaneously with the making of a Loan to it, where
      substantially all of the proceeds of the relevant Loan will be used to
      acquire such Eligible Collateral.

                 

              
	 
      	
                "TARGET" means
      Trans-European Automated Real-time Gross Settlement Express Transfer
      payment system.

                 

              
	 
      	
                "TARGET Day" means any
      day on which TARGET is open for the settlement of payments in
      euro.

                 

              
	 
      	
                "Tax" shall mean any tax,
      levy, impost, duty or other charge or withholding of a similar nature
      (including any penalty or interest payable in connection with any failure
      to pay or any delay in paying any of the same).

                 

              
	 
      	
                "Termination Date" shall
      mean 7 February 2009 or such earlier date on which this Agreement may
      terminate in accordance with its terms or by operation of
law.

                 

              
	 
      	
                "Total Maximum Credit"
      shall mean the aggregate of the Maximum Credit being $300,000,000 as at
      the date of this Agreement.

                 

              
	 
      	
                "Transfer Certificate"
      shall mean a certificate substantially in the form set out in
      Schedule 5 (Form of
      Transfer Certificate) or any other form agreed between the Agent
      and the Borrower.

                 

              

      

       

      
        
          
          

        

        
          -
17 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                "Transfer Date" shall
      mean in relation to a transfer, the later of:

                 

              
	 
      	
                (a)

                 

              	
                the
      proposed Transfer Date specified in the Transfer Certificate;
      and

                 

              
	 
      	
                (b)

                 

              	
                the
      date on which the Agent executes the Transfer Certificate.

                 

              
	 
      	
                "Trust Receipt" shall
      mean the receipt delivered by the Custodian pursuant to the Custodial
      Agreement acknowledging receipt of a Collateral File in connection with a
      Loan.

                 

              
	 
      	
                "Underwriting Issues"
      shall mean, with respect to any Collateral as to which the Borrower
      intends to request a Loan, all information that has come to the Borrower's
      attention, based on the making of reasonable inquiries and the exercise of
      reasonable care and diligence under the circumstances, which would be
      considered a materially "negative" factor (either separately or in the
      aggregate with other information), or a material defect in loan
      documentation or closing deliveries (such as any absence of any material
      Collateral Documents), to a reasonable institutional lender in determining
      whether to originate or acquire the Collateral in question.

                 

              
	 
      	
                "Unpaid Sum" shall mean
      any sum due and payable but unpaid by an Obligor under the Finance
      Documents.

                 

              
	 
      	
                "VAT" shall mean value
      added tax as provided for in the Value Added Tax Act 1972 as amended, of
      the Republic of Ireland and any other tax of a similar
nature.

                 

              
	 
      	
                "VAT Group" shall mean a
      VAT group as defined by Section 8(8) of the Value Added Tax Act, 1972, as
      amended of the Republic of Ireland.

                 

              
	 
      	
                "Yen" and "¥" each mean the lawful
      currency for the time being of Japan.

                 

              
	
                1.2

              	
                Construction

              
	 
      	
                (a)

                 

              	
                Unless
      a contrary indication appears any reference in this Agreement
      to:

                 

              
	 
      	 
      	
                (i)

                 

              	
                the
      "the Agent",
      "the Security
      Trustee" any "Finance Party", any
      "the Lender", any
      "Obligor" or any
      "Party" shall be
      construed so as to include its successors in title, permitted assigns and
      permitted transferees;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                "assets" includes present
      and future properties, revenues and rights of every
      description;

                 

              
	 
      	 
      	
                (iii)

                 

              	
                a
      "Finance Document"
      or any other agreement or instrument is a reference to that Finance
      Document or other agreement or instrument as amended or
      novated;

                 

              
	 
      	 
      	
                (iv)

                 

              	
                "indebtedness" includes
      any obligation (whether incurred as principal or as surety) for the
      payment or repayment of money, whether present or future, actual or
      contingent;

                 

              
	 
      	 
      	
                (v)

                 

              	
                a
      "person" includes
      any person, firm, company, corporation, government, state or agency of a
      state or any association, trust or partnership (whether or not having
      separate legal personality) of two or more of the foregoing;

                 

              

      

       

      
        
          
          

        

        
          -
18 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                (vi)

                 

              	
                a
      "regulation"
      includes any regulation, rule, official directive, request or guideline
      (whether or not having the force of law) of any governmental,
      intergovernmental or supranational body, agency, department or regulatory,
      self-regulatory or other authority or organisation;

                 

              
	 
      	 
      	
                (vii)

                 

              	
                a
      provision of law is a reference to that provision as amended or
      re-enacted; and

                 

              
	 
      	 
      	
                (viii)

                 

              	
                a
      time of day is a reference to London time.

                 

              
	 
      	
                (b)

                 

              	
                Section,
      Clause and Schedule headings are for ease of reference only.

                 

              
	 
      	
                (c)

                 

              	
                Unless
      a contrary indication appears, a term used in any other Finance Document
      or in any notice given under or in connection with any Finance Document
      has the same meaning in that Finance Document or notice as in this
      Agreement.

                 

              
	 
      	
                (d)

                 

              	
                A
      Default (other than an Event of Default) and an Event of Default is "continuing" if it has
      not been remedied or waived.

                 

              
	 
      	
                (e)

                 

              	
                Unless
      a contrary intention appears words importing the singular shall include
      the plural and vice versa.

                 

              
	 
      	
                (f)

                 

              	
                In
      this Agreement, unless otherwise specified, where an expression requires
      any amounts of money to be aggregated or otherwise added where such
      amounts are not all denominated in the same currency then the aggregate of
      such amounts shall be:

                 

              

      

      D + X (R)

       

      
        	 
      	
                where
      "D" is the aggregate of all such amounts denominated in the Base Currency
      and "X(R)" is the aggregate of all such amounts denominated in currency
      other than the Base Currency converted into the Base Currency using the
      Agent's Spot Rate of Exchange on the day such calculation is
      made.

                 

              
	
                1.3

              	
                Third
      party rights

              
	 
      	
                A
      person who is not a Party has no right under the Contracts (Rights of
      Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of
      this Agreement.

                 

              
	
                1.4

              	
                Original
      Facility Agreement and First Amended Facility Agreement

              
	 
      	
                (a)

                 

              	
                The
      Borrower, the Security Trustee, the Initial Lender and Morgan Stanley Bank
      acting as agent for the Initial Lender (the "Original Agent" and,
      together with the Borrower, the Security Trustee and the Initial Lender,
      the "Original
      Parties") entered into a multicurrency revolving facility agreement
      dated 17 February 2006 (the "Original Facility
      Agreement").

                 

              
	 
      	
                (b)

                 

              	
                The
      Original Parties amended and restated the Original Facility Agreement on
      20 July 2007 (the "First
      Amended Facility Agreement").

                 

              
	 
      	
                (c)

                 

              	
                Pursuant
      to clause 21 of the First Amended Facility Agreement the Initial Lender,
      the First New Lender and the Original Agent entered into a Transfer
      Certificate dated on or about the date hereof (the "First Transfer
      Certificate") whereby the rights and

              

      

       

      
        
          
          

        

        
          -
19 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                obligations
      of the Initial Lender under the First Amended Facility Agreement were
      transferred to the First New Lender.

                   

              
	 
      	
                (d)

                 

              	
                Subsequent
      to the execution of the First Transfer Certificate pursuant to clause
      23.10 of the First Amended Facility Agreement the Original Agent resigned
      as agent under the First Amended Facility Agreement and appointed in its
      place Morgan Stanley Principal Funding Inc (in such capacity the "Agent" and, together
      with the Borrower, the Security Trustee and the First New Lender, the
      "Parties").

                 

              
	 
      	
                (e)

                 

              	
                The
      Parties now wish to amend and restate the First Amended Facility Agreement
      in the manner set out herein (the "Agreement" and the
      "Second Amended Facility
      Agreement").

                 

              
	
                1.5

              	
                Repeating
      Representations

              
	 
      	
                The
      Borrower represents and warrants to each Finance Party in the terms of
      each of the Repeating Representations on the date hereof.

                 

              
	
                1.6

              	
                Conditions
      Precedent to the Second Amendment and Restatement

              
	 
      	
                The
      Borrower may not deliver a Request for Borrowing after the date of this
      Second Amended Facility Agreement unless the Agent has received all of the
      documents and other evidence listed in Part V of Schedule 2 (Conditions Precedent)
      in form and substance satisfactory to the Agent.  The Agent
      shall notify the Borrower and the Lenders, promptly upon being so
      satisfied.

                 

              
	
                1.7

              	
                Further
      Commitment Fee

              
	 
      	
                On
      the date hereof, the Borrower shall pay to the Agent (for the account of
      the Lenders) a fee of $1,500,000.

                 

              

      

      

       

      
        
          
          

        

        
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20 -

          
            

          

        

        
          
          

        

      

       

      SECTION
2

      THE
FACILITY

       

      
        	
                 

                2.

                 

              	
                 

                THE
      FACILITY

                 

              
	
                2.1

              	
                The
      Facility

              
	 
      	
                Subject
      to the terms of this Agreement, the Lenders make available to the Borrower
      a multicurrency revolving loan facility in a maximum aggregate amount from
      time to time outstanding equal to the Total Maximum Credit.

                 

              
	
                2.2

              	
                Finance
      Parties' rights and obligations

              
	 
      	
                (a)

                 

              	
                The
      obligations of each Finance Party under the Finance Documents are
      several.  Failure by a Finance Party to perform its obligations
      under the Finance Documents does not affect the obligations of any other
      party under the Finance Documents.  No Finance Party is
      responsible for the obligations of any other Finance Party under the
      Finance Documents.

                 

              
	 
      	
                (b)

                 

              	
                Subject
      to the terms and conditions of this Agreement, during the Availability
      Period the Borrower may borrow, repay and reborrow hereunder, provided that,
      notwithstanding the foregoing, no Lender shall have any obligation to make
      a Loan to the Borrower in excess of its Available Credit.

                 

              
	 
      	
                (c)

                 

              	
                The
      rights of each Finance Party under or in connection with the Finance
      Documents are separate and independent rights and any debt arising under
      the Finance Documents to a Finance Party from an Obligor shall be a
      separate and independent debt.

                 

              
	 
      	
                (d)

                 

              	
                A
      Finance Party may, except as otherwise stated in the Finance Documents,
      separately enforce its rights under the Finance Documents.

                 

              
	
                 

                3.

                 

              	
                 

                PURPOSE

                 

              
	
                3.1

              	
                Purpose

              
	 
      	
                The
      Borrower shall apply all amounts borrowed by it under the Facility towards
      the acquisition or funding of Eligible Collateral and the purchase of
      Interest Rate Protection Agreements relating to such Eligible
      Collateral.

                 

              
	
                3.2

              	
                Monitoring

              
	 
      	
                No
      Finance Party is bound to monitor or verify the application of any amount
      borrowed pursuant to this Agreement.

                 

              

      

       

      
        
          
          

        

        
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21 -

          
            

          

        

        
          
          

        

      

       

      SECTION
3

      LOANS

       

      
        	
                 

                4.

                 

              	
                 

                CONDITIONS
      OF LOANS

                 

              
	
                4.1

              	
                Initial
      conditions precedent

              
	 
      	
                The
      Borrower may not deliver its initial Request for Borrowing unless the
      Agent has received all of the documents and other evidence listed in Part
      I of Schedule 2 (Conditions Precedent)
      in form and substance satisfactory to the Agent.  The Agent
      shall notify the Borrower and the Lenders, promptly upon being so
      satisfied.

                 

              
	
                4.2

              	
                Further
      conditions precedent

              
	 
      	
                The
      Agent will only be obliged to comply with a Request for Borrowing if (i)
      on the Effective Date the representations and warranties made by each
      Obligor under each Finance Document are true in all material respects; and
      (ii) on any proposed Funding Date:

                 

              
	 
      	
                (a)

                 

              	
                the
      Borrower has complied with the provisions of Part II and III of Schedule 2
      (Conditions
      Precedent);

                 

              
	 
      	
                (b)

                 

              	
                the
      Repeating Representations to be made by the Borrower and any other
      representations and warranties made by an Obligor under each Finance
      Document (other than this Agreement) are true in all material respects and
      in the case of the Repeating Representations, are deemed to be made by the
      Borrower by reference to the facts and circumstances then
      existing;

                 

              
	 
      	
                (c)

                 

              	
                the
      procedures set out in Clause 5 (Procedure for Loans)
      have been complied with; and

                 

              
	 
      	
                (d)

                 

              	
                the
      Availability Period has not expired.

                 

              
	
                 

                5.

                 

              	
                 

                PROCEDURE
      FOR LOANS

                 

              
	
                5.1

              	
                Preliminary
      Approval of Eligible Collateral

              
	 
      	
                In
      respect of any assets which the Borrower proposes to be included in the
      Borrowing Base and to be granted as security to the Security Trustee
      pursuant to the Debenture the Borrower shall:

                 

              
	 
      	
                (a)

                 

              	
                submit
      to the Agent a Preliminary Due Diligence Package for the Agent’s review
      and approval;

                 

              
	 
      	
                (b)

                 

              	
                not
      later than five (5) Business Days after the Agent has received a complete
      Preliminary Due Diligence Package, the Agent may: (i) request in the
      Agent's sole but good faith discretion additional information that the
      Agent shall specify on a Supplemental Due Diligence List; (ii) notify the
      Borrower of the Asset Value for the Proposed Eligible Collateral; or (iii)
      deny, in the Agent's sole and absolute discretion, the Borrower's request
      for a Loan hereunder; and

                 

              
	 
      	
                (c)

                 

              	
                In
      the event of a request for supplemental information by the Agent pursuant
      to paragraph (b)(i) of Clause 5.1, the Agent shall thereafter advise the
      Borrower in 

                 

              

      

       

      
        
          
          

        

        
          -
22 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                accordance
      with paragraph (b)(ii) of Clause 5.1 or paragraph (b)(iii) not later than
      five (5) Business Days following receipt of the requested
      information;

                   

              
	 
      	
                The
      Agent's failure to respond to the Borrower's request shall be deemed to be
      a denial of the Borrower's request for a Loan, unless otherwise agreed to
      between the Borrower and the Agent in writing. Nothing in this Clause 5.1
      or elsewhere in this Agreement shall, or be deemed to prohibit the Agent
      from determining in its sole but good faith discretion the adequacy,
      completeness and appropriateness of or from disapproving any and all
      financial and other underwriting data required to be supplied by the
      Borrower under this Agreement.

                 

              
	
                5.2

              	
                Final
      Approval of Proposed Eligible Collateral

              
	 
      	
                In
      the event that the Agent notifies the Borrower of the Asset Value for the
      Proposed Eligible Collateral and the Borrower desires to obtain a Loan
      secured by the Proposed Eligible Collateral the Borrower
      shall:

                 

              
	 
      	
                (a)

                 

              	
                Notify
      the Agent of the Advance Rate selected by the Borrower with respect to
      such Loan which for greater certainty shall not cause the Lenders' Net
      Aggregate Exposure and the Lenders' Net Exposure for such Loan to exceed
      80% and 85%, respectively;

                 

              
	 
      	
                (b)

                 

              	
                Satisfy
      the conditions precedent set forth in Part I and/or II, as applicable, of
      Schedule 2 (Conditions
      Precedent); and

                 

              
	 
      	
                (c)

                 

              	
                Provide
      the Agent, for the Agent's review, the following to the extent not
      otherwise included in the Preliminary Due Diligence Package:

                 

              
	 
      	 
      	
                (i)

                 

              	
                Environmental and
      Engineering.  If applicable an environmental report and
      an engineering report, each in form and substance satisfactory to the
      Agent, by an engineer and environmental consultant reasonably acceptable
      to the Agent.

                 

              
	 
      	 
      	
                (ii)

                 

              	
                Appraisal.  If
      applicable an Appraisal.

                 

              
	 
      	 
      	
                (iii)

                 

              	
                Insurance.  With
      respect to Eligible Collateral that is secured on real property,
      certificates or other evidence of insurance demonstrating insurance
      coverage in respect of such real property of types, in amounts, with
      insurers and otherwise in compliance with the terms, provisions and
      conditions set forth in the related Collateral Documents or the finance
      documents related to such Eligible Collateral.  Such
      certificates or other evidence shall indicate that the lead lender on the
      whole loan in which the Borrower is a participant will be named as an
      additional insured as its interest may appear and shall contain a loss
      payee endorsement in favour of such additional insured with respect to the
      property policies required to be maintained under the related Collateral
      Documents.

                 

              
	 
      	 
      	
                (iv)

                 

              	
                Survey.  With
      respect to the Collateral, and to the extent obtained by the Borrower from
      the Collateral Obligor at the origination of the underlying loan, relating
      thereto, a current survey of such real property in a form reasonably
      satisfactory to the Agent.

                 

              
	 
      	 
      	
                (v)

                 

              	
                Security Search
      Reports.  Satisfactory reports of any registered security
      interests, tax security, judgment and litigation searches and certificate
      of title 

                 

              

      

       

      
        
          
          

        

        
          -
23 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 	
                reports
      and updates, as applicable, conducted by a reputable law firm reasonably
      acceptable to the Agent with respect to the Collateral, the Borrower and
      the related Collateral Obligor; such searches to be conducted in each
      location the Agent shall reasonably designate.

                   

              
	 
      	 
      	
                (vi)

                 

              	
                Security
      Instruments.  All security instruments and documents
      granting, to the extent not already done so by the Debenture, to the
      Security Trustee a perfected first ranking security interest in the
      Eligible Collateral (and in or over any Interest Rate Protection
      Agreements held by the Borrower with respect thereto) which shall be
      subject to no additional security interest except as expressly permitted
      by the Agent.  Such security instruments and documents shall
      contain such representations and warranties concerning the Eligible
      Collateral and such other terms as shall be reasonably satisfactory to the
      Agent.

                 

              
	 
      	 
      	
                (vii)

                 

              	
                Opinions of
      Counsel.  A copy of an opinion to the underlying lender
      on the Eligible Collateral and its successors and assigns from counsel to
      the Collateral Obligor on the underlying loan transaction, as applicable,
      as to the enforceability of the loan documents governing such transaction
      and such other matters as the Agent shall require (including, without
      limitation, opinions as to due formation and incorporation, authority,
      choice of law and perfection of security interests).

                 

              
	 
      	 
      	
                (viii)

                 

              	
                Additional Real Property
      Matters.  To the extent obtained by the Borrower from the
      Collateral Obligor relating to any item of Eligible Collateral at the
      origination of the underlying loan or equity interest relating thereto,
      the Borrower shall have delivered to the Agent such other real estate
      related certificates and documentation as may have been requested by the
      Agent pursuant to the terms of this Agreement, such as reports or
      certificates on title or other information in connection with the relevant
      real property.

                 

              
	 
      	 
      	
                (ix)

                 

              	
                Eligible
      Collateral.  In the case of Eligible Collateral which
      represents a participation interest in a Mortgage Loan, in addition to the
      delivery of the items in paragraphs (vi) and (vii) of Clause 5.2, the
      Agent shall have received all documentation specified in paragraphs (i)
      and (v) of Clause 5.2 as if the underlying mortgage loan were the direct
      Collateral to the extent the Borrower possesses such documentation or has
      access to such documentation because it was provided to the related lead
      lender and made available to the Borrower and, in addition, all documents
      evidencing the Eligible Collateral, including, but not limited to, an
      original participation certificate and the related participation
      agreement.

                 

              
	 
      	 
      	
                (x)

                 

              	
                B Notes, Mezzanine Notes, and
      Preferred Equity Interests. In the case of a B Note, or Mezzanine
      Loan or Preferred Equity Interest, the Agent shall have received all
      documentation specified herein as if the underlying loan were the direct
      item of Collateral and, in addition, all documentation evidencing or
      otherwise relating to such B Note, Mezzanine Loan or Preferred Equity
      Interest, as applicable.

                 

              

      

       

      
        
          
          

        

        
          -
24 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                (xi)

                 

              	
                CMBS. In the case of
      CMBS, the Agent shall have received (a) a copy of the applicable servicing
      agreement, trust deed, participation agreement or similar document
      governing the issuance and administration of the CMBS; (b) a copy of any
      new issue asset summary books; (c) copy of the applicable prospectus or
      offering memorandum; (d) to the extent that the CMBS is certificated, an
      original of the relevant certificate duly endorsed in blank to the
      Security Trustee; (e) to the extent that the CMBS is not certificated, all
      documents requested by the Agent to confirm that the CMBS is being held in
      an appropriate security account or such other evidence of confirmation of
      the sale to the Agent as the Agent shall require; and (f) a copy of
      any other agreement or instrument evidencing or otherwise governing the
      CMBS.

                 

              
	 
      	 
      	
                (xii)

                 

              	
                Other
      Documents.  The Agent shall have received such other
      documents as the Agent or its counsel shall request with respect to each
      or any item of Eligible Collateral.

                 

              
	
                5.3

              	
                Collateral
      Approval or Disapproval

              	 
      
	 
      	
                Following
      the date upon which the Borrower satisfied the conditions set out in
      Clause 5.2, or has delivered such items or documents fully executed, if
      applicable, in final form, the Agent shall either:

                 

              
	 
      	
                (a)

                 

              	
                if
      the Collateral Documents with respect to the Collateral or the security
      interest to be granted over such Collateral in favour of the Security
      Trustee are not reasonably satisfactory in form and substance to the
      Agent, notify the Borrower that the Lender has not approved the Proposed
      Eligible Collateral; or

                 

              
	 
      	
                (b)

                 

              	
                notify
      the Borrower and the Custodian that the Agent has approved the Proposed
      Eligible Collateral as Eligible Collateral and such notice shall identify
      the documents to be delivered to the Custodian in connection with such
      Eligible Collateral pursuant to Clause 5.2 (Final Approval of Proposed
      Eligible Collateral) and Part II and Part III of Schedule 2
      (Conditions
      Precedent) and the party whom the Agent shall designate to record
      or register and/or file, as the case may be, any security interest or any
      document or agreement evidencing such security interest necessary to
      perfect the Security Trustee's security interest in the Eligible
      Collateral.

                 

              
	 
      	
                The
      terms of delivery and filing and/or recordation or registration of such
      security interest shall if the Agent and the Security Trustee deem it
      necessary to do so be set forth in a separate agreement between the Agent,
      the Security Trustee and their designee.  The Agent’s failure to
      respond to the Borrower within two (2) Business Days shall be deemed to be
      a denial of the Borrower’s request that the Agent approve the Proposed
      Eligible Collateral, unless the Agent and the Borrower have agreed
      otherwise in writing.

                 

              
	
                5.4

              	
                Procedure
      for Loan with Respect to Eligible Collateral

              
	 
      	
                Once
      the Agent has approved the Eligible Collateral in accordance with Clause
      5.3 (Collateral Approval
      or Disapproval) above the Borrower may request a Loan hereunder, on
      any Business Day during the period from and including the Effective Date
      to and including the day falling fifteen (15) Business Days prior to the
      Termination Date, by delivering to the Agent, with a
  

              

      

       

      
        
          
          

        

        
          -
25 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                copy to the Security Trustee, a Request for
      Borrowing, which request must be received by the Agent prior to 2:00 p.m.,
      London time, one (1) Business Day prior to the requested Funding Date
      provided that if
      the Borrower requests a Loan to be made in Yen, then the Borrower shall
      deliver the Request for Borrowing no later than two (2) Business Days
      prior to the requested Funding Date.

                   

              
	
                5.5

              	
                Completion
      of Request for Borrowing

              
	 
      	
                The
      Request for Borrowing shall:

                 

              
	 
      	
                (a)

                 

              	
                attach
      a schedule identifying the Eligible Collateral that the Borrower proposes
      to grant by way of security to the Security Trustee and to be included in
      the Borrowing Base;

                 

              
	 
      	
                (b)

                 

              	
                specify
      the Funding Date;

                 

              
	 
      	
                (c)

                 

              	
                specify
      the Advance Rate selected by the Borrower, which in no event shall cause:
      (i) the Lenders' Net Aggregate Exposure to exceed 80%; and (ii) the
      Lenders' Net Exposure for such Loan to exceed 85%;

                 

              
	 
      	
                (d)

                 

              	
                specify
      the Applicable Margin;

                 

              
	 
      	
                (e)

                 

              	
                specify
      the account into which the aggregate amount of the Loan will be
      transferred;

                 

              
	 
      	
                (f)

                 

              	
                specify
      the currency and amount of the Loan in order to comply with Clause 6
      (Optional
      Currencies); and

                 

              
	 
      	
                (g)

                 

              	
                attach
      a certificate signed by a Responsible Officer of the Borrower certifying
      as to the truth, accuracy and completeness of the above, which certificate
      shall specifically include a statement that the Borrower is in compliance
      with any requirements of any Governmental Authority and is qualified to do
      business in all required jurisdictions.

                 

              
	 
      	
                Contemporaneously
      with the delivery of Request for Borrowing the Borrower shall deliver to
      the Agent, with a copy to the Custodian, a Custodial Identification
      Certificate along with the accompanying Collateral Schedule with respect
      to all proposed Eligible Collateral.  In the event the Borrower
      revokes the Request for Borrowing delivered to the Agent, the Borrower
      shall be liable to pay, no later than one (1) Business Day after written
      request from the Agent, and hereby agrees to indemnify and hold the Agent
      and the Lenders harmless from and against, all losses, costs and expenses
      incurred by the Agent or the Lenders in connection with the revocation of
      such Request for Borrowing.

                 

              
	
                5.6

              	
                Delivery
      of Collateral Files and Finance Documents.

              
	 
      	
                In
      connection with the approval of the Eligible Collateral and the delivery
      of a Request for Borrowing the Borrower shall comply with the following
      requirements,

                 

              
	 
      	
                (a)

                 

              	
                The
      Borrower shall deliver the Collateral Files in the following
      manner:

                 

              
	 
      	 
      	
                (i)

                 

              	
                in
      the case of Eligible Collateral that is not Table Funded Eligible
      Collateral, the Borrower shall deliver to the Custodian no later than 3:00
      p.m., London time, two (2) Business Days prior to the Funding Date all
      fully executed original or 

              

      

       

      
        
          
          

        

        
          -
26 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 	
                copy
      documents and instruments required by the Agent to comprise the Collateral
      File; and

                   

              
	 
      	 
      	
                (ii)

                 

              	
                in
      the case of Table Funded Eligible Collateral, the Borrower shall deliver
      to the Custodian no later than three (3) Business Days after the Funding
      Date all fully executed original or copy documents and instruments
      required by the Agent to comprise the Collateral File.

                 

              

      

      
        	 
      	
                (b)

                 

              	
                No
      later than 5:00 p.m., London time, one (1) Business Day prior to each
      Funding Date, the Borrower shall provide the Custodian with a final
      Custodial Identification Certificate and related Collateral Schedule with
      respect to the Eligible Collateral, indicating any changes, if any, from
      the Custodial Identification Certificate and related Collateral Schedule
      heretofore delivered to the Agent and the Custodian pursuant to Clause 5.5
      (Completion of Request
      for Borrowing) above.

                 

              
	 
      	
                (c)

                 

              	
                If
      the Borrower shall deliver the Request for a Borrowing pursuant to Clause
      5.4 (Procedure for Loan
      with respect to Eligible Collateral) and all
      conditions precedent set forth in Clauses 5.1 (Preliminary Approval of
      Eligible Collateral), 5.2 (Final Approval of Proposed
      Eligible Collateral), 5.3 (Collateral Approval or
      Disapproval), 5.4 (Procedure for Loan with
      respect to Eligible Collateral) and Parts I and II of Schedule 2
      (Conditions
      Precedent) have been met, and provided no Default or Event of
      Default shall have occurred and be continuing, the Agent shall advise the
      Lender(s) and the Lender(s) shall make a Loan to the Borrower on the
      Funding Date, in the amount so requested and approved by the
      Agent.

                 

              
	 
      	
                (d)

                 

              	
                Subject
      to the satisfaction of the conditions set out in this Clause 5 and to the
      provisions of Schedule 2 Parts I and II, a Loan will be made available to
      the Borrower on the Funding Date by no later then 3:00 p.m., London time,
      on such date, and the funds comprised in such Loan will then be made
      available to the Borrower by the Lender transferring, via wire transfer,
      to the relevant account identified by the Borrower in the related Request
      for Borrowing in the aggregate amount of such Loan in funds immediately
      available to the Borrower.  The Agent may consider on a
      case-by-case basis in its sole and absolute discretion, alternative
      funding arrangements requested by the Borrower.

                 

              
	 
      	
                (e)

                 

              	
                From
      time to time, the Borrower shall forward to the Custodian additional
      original documents or additional documents evidencing any: (i) assumption,
      modification, consolidation or extension of a Collateral Loan Document
      comprising a portion of the Collateral; or (ii) any amendment to the
      operative documents with respect to Other Approved Collateral, in each
      case approved by the Agent in accordance with the terms of this Agreement
      and upon receipt of any such other documents, the Custodian shall hold
      such other documents as the Agent shall request from time to
      time.

                 

              
	 
      	
                (f)

                 

              	
                With
      respect to any documents which have been delivered or are being delivered
      to recording or registration offices for recording or registration and
      have not been returned to the Borrower in time to permit their delivery
      hereunder at the time required, in lieu of delivering such original
      documents, the Borrower shall deliver to 

                 

              

      

       

      
        
          
          

        

        
          -
27 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                the
      Custodian a true copy thereof with a certificate of a Responsible Officer
      of the Borrower certifying that such copy is a true, correct and complete
      copy of the original, which has been transmitted for
      recordation.  The Borrower shall deliver such original documents
      to the Custodian promptly when they are received.

                   

              
	 
      	
                (g)

                 

              	
                Notwithstanding
      anything in this Agreement to the contrary, if the Borrower proposes that
      Other Approved Collateral should serve as the Collateral for a Loan, then
      the procedure for the approval of such Other Approved Collateral, shall
      follow, mutatis
      mutandis, the procedures described in Clauses 5.1 (Preliminary Approval of
      Eligible Collateral), 5.2 (Final Approval of Proposed
      Eligible Collateral), 5.3 (Collateral Approval or
      Disapproval), paragraphs (a) - (d), (f) and (g) of this Clause 5.6
      and such other procedures including those set out in Schedule 2 Part III
      as the Agent shall in its sole discretion require.

                 

              
	
                5.7

              	
                Lenders'
      participation

              
	 
      	
                (a)

                 

              	
                If
      the conditions set out in this Agreement have been met, each Lender shall
      make its participation in each Loan available by the Funding Date through
      its Facility Office.

                 

              
	 
      	
                (b)

                 

              	
                The
      amount of each Lender's participation in each Loan will be equal to the
      proportion borne by its Available Credit to the Total Maximum Credit
      immediately prior to making the Loan.

                 

              
	 
      	
                (c)

                 

              	
                The
      Agent shall determine the Base Currency Amount of each Loan which is to be
      made in an Optional Currency and shall notify each Lender of the amount,
      currency and the Base Currency Amount of each Loan and the amount of its
      participation in that Loan, in each case on or about 11:00 am London
      time.

                 

              
	
                6.

              	
                OPTIONAL
      CURRENCIES

              
	
                6.1

              	
                Selection
      of currency

              
	 
      	
                The
      Borrower shall select the currency and amount of a loan in a Request for
      Borrowing.

                 

              
	
                6.2

              	
                Currency
      and amount

              
	 
      	
                The
      currency specified in a Request for Borrowing shall be any Optional
      Currency but not dollars.

                 

              
	
                6.3

              	
                Unavailability
      of a currency

              
	 
      	
                If
      on the Funding Date:

                 

              
	 
      	
                (a)

                 

              	
                a
      Lender notifies the Agent that the Optional Currency requested is not
      readily available to it in the amount required; or

                 

              
	 
      	
                (b)

                 

              	
                a
      Lender notifies the Agent that compliance with its obligation to
      participate in a Loan in the proposed Optional Currency would contravene a
      law or regulation applicable to it,

                 

              
	 
      	
                the
      Agent will give notice to the Borrower to that effect on the Funding
      Date.  In this event, any Lender that gives notice pursuant to
      this Clause 6.3 will be required to participate in the Loan in the Base
      Currency, Yen, sterling or euros as the relevant Lender may select in an
      

              

      

       

      
        
          
          

        

        
          -
28 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                amount
      equal to that Lender's proportionate amount of the proposed Loan converted
      to the selected currency at the Agent's Spot Rate of Exchange for the
      purchase of the requested optional currency at or around 11:00 am (London
      time) on the relevant Funding Date.  Such Lender's participation
      will be treated as a separate Loan denominated in the Base Currency, Yen,
      sterling or euros as the Lender may indicate during the relevant Interest
      Period.

                   

              
	
                6.4

              	
                Participation
      in a Loan

              
	 
      	
                Each
      Lender's participation in a Loan will be determined in accordance with
      paragraph (b) of Clause 5.7 (Lenders'
      participation).

                 

              

      

       

       

       

      
        
          
          

        

        
          -
29 -

          
            

          

        

        
          
          

        

      

       

      SECTION
4

      REPAYMENT,
PRE-PAYMENT AND CANCELLATION,

      MANDATORY
REPAYMENT OR PLEDGE

       

      
        	
                 

                7.

                 

              	
                 

                REPAYMENT

                 

              
	 
      	
                The
      Borrower shall repay the aggregate outstanding principal amount of the
      Loans and all accrued and unpaid interest thereon on the Termination
      Date.

                 

              
	
                 

                8.

                 

              	
                 

                REPAYMENT,
      PRE-PAYMENT AND CANCELLATION

                 

              
	
                8.1

              	
                Illegality

              
	 
      	
                If,
      at any time, it is or will become unlawful in any applicable jurisdiction
      for a Lender to perform any of its obligations as contemplated by this
      Agreement or to fund or maintain its participation in any
      Loan:

                 

              
	 
      	
                (a)

                 

              	
                the
      Lender shall promptly notify the Agent upon becoming aware of that
      event;

                 

              
	 
      	
                (b)

                 

              	
                upon
      the Agent notifying the Borrower, the relevant Loan of that Lender will be
      immediately cancelled; and

                 

              
	 
      	
                (c)

                 

              	
                the
      Borrower shall repay that Lender's participation in the relevant Loan made
      to the Borrower on the date specified by the Lender in the notice
      delivered to the Agent (being no earlier than the last day of any
      applicable grace period permitted by law).

                 

              
	
                8.2

              	
                Voluntary
      pre-payment of Loans

              
	 
      	
                The
      Borrower may, if it gives the Agent not less than two (2) Business Days'
      (or such shorter period as the Majority Lenders may agree) prior notice,
      prepay the whole or any part of a Loan (but, if in part, being an amount
      that reduces the Base Currency Amount of such Loan by a minimum amount of
      $100,000), provided
      that any such pre-payment shall be accompanied by an amount
      representing any accrued but unpaid amounts due under the Finance
      Documents, and the Exit Fee, if applicable.

                 

              
	
                8.3

              	
                Mandatory
      Pre-Payment or granting of further security to the Security
      Trustee

              
	 
      	
                (a)

              	
                Pre-Payment
      or granting of further security on Borrowing Base
    Deficiency

              
	 
      	 
      	
                The
      Agent may determine and re-determine the Borrowing Base on any Business
      Day and on as many Business Days as it may elect.  If at any
      time the Base Currency amount of the aggregate outstanding principal
      amount of the Loans exceeds the Borrowing Base (a "Borrowing Base
      Deficiency"), as determined by the Agent and notified to the
      Borrower on any Business Day, the Borrower shall, not later than one (1)
      Business Day after receipt of such notice, either prepay the Loans in part
      or in whole or grant to the Security Trustee by way of security for the
      Secured Obligations such additional Eligible Collateral (which Eligible
      Collateral shall be in all respects acceptable to the Agent in accordance
      with the provisions of this Agreement) such that after giving effect to
      such pre-payment or the granting of such security that the aggregate
      outstanding principal amount of the Loans will not exceed the Borrowing
      Base.

                 

              

      

       

      
        
          
          

        

        
          -
30 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (b)

              	
                Pre-payment
      on event of default relating to the Collateral

              
	 
      	 
      	
                If
      at any time under any Collateral Document evidencing Collateral: (i) there
      is an "Event of
      Default" (as defined in the applicable documents in the Collateral
      File), or event with which the giving of notice or lapse of time or both
      would become an "Event of
      Default" (as defined in the applicable documents in the Collateral
      File); or (ii) any representation or warranty made by or on behalf of the
      relevant Collateral Obligor becomes false or misleading in any material
      respect; or (iii) the relevant Collateral Obligor or person fails to
      perform or observe any material covenant or other obligation, the Agent
      may, in its sole discretion and without regard to any determination of the
      Asset Value of such Collateral, notify the Borrower of such occurrence and
      may require that the Asset-Specific Loan Balance related to the relevant
      Collateral be prepaid, in whole or in part, in the determination of the
      Lender; provided, however, the Borrower may reallocate the Asset-Specific
      Loan Balance relating to the relevant Collateral to other Collateral
      securing the Loans (if applicable) to the extent consistent with the terms
      of this Agreement, and the Borrower shall only be required to prepay that
      portion of such Asset-Specific Loan Balance to the extent such
      reallocation would cause a Borrowing Base Deficiency.  Not later
      than one (1) Business Day after the receipt of such notice, the Borrower
      shall prepay such portion of the Asset-Specific Loan Balance related to
      such Collateral as shall have been required by the Agent.  The
      Agent may, in its sole discretion, determine and re-determine the amount
      to be prepaid irrespective of whether or not any statement of fact
      contained in any officer’s certificate delivered pursuant to paragraph (g)
      of Clause 5.5 (Completion of Request for
      Borrowing) or any representation or warranty of the Borrower set
      forth in Clause 17.16 (True and Complete
      Disclosure) was true to the Borrower’s actual
      knowledge.

                 

              
	 
      	
                (c)

              	
                Pre-payment,
      Amortisation

                 

              
	 
      	 
      	
                The
      Borrower shall utilise all Principal Receipts in pre-paying the relevant
      Loan or Loans related to the Eligible Collateral from which such Principal
      Receipts have arisen and in any event shall strictly comply with the
      provisions of Clause 19.19 (Remittance of
      Pre-payments).

                 

              
	 
      	
                (d)

              	
                Re-payment,
      General

              
	 
      	 
      	
                With
      respect to any item of Collateral, the Borrower shall pre-pay to the Agent
      an amount equal to the amount of casualty or condemnation proceeds (if
      any) paid to, or for the benefit of, the Borrower or any Collateral
      Obligor in respect of such item of Collateral that is destroyed to the
      extent that the Borrower is not required under the underlying collateral
      documents with the Collateral Obligor to reserve, escrow, re-advance or
      apply such proceeds for the benefit of such Collateral Obligor or the
      underlying collateral.  So long as no Default or Event of
      Default has occurred and is then continuing, such amounts paid to the
      Agent shall be applied in reduction of the Asset-Specific Loan Balance
      relating to such item of Collateral.  Each voluntary pre-payment
      received during the continuation of any Default or Event of Default
      hereunder shall be applied in accordance with provisions contained in
      Clause 15 of the Debenture.

                 

              

      

       

      
        
          
          

        

        
          -
31 -

          
            

          

        

        
          
          

        

      

       

      
        	
                8.4

              	
                Right
      of repayment and cancellation in relation to a single
    Lender

              
	 
      	
                (a)

              	
                If:

              	 
      
	 
      	 
      	
                (i)

                 

              	
                any
      sum payable to any Lender by the Borrower is required to be increased
      under paragraph (c) of Clause 12.2 (Tax
      gross-up);

                 

              
	 
      	 
      	
                (ii)

                 

              	
                any
      Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or
      Clause 13.1 (Increased
      costs); or

                 

              
	 
      	 
      	
                (iii)

                 

              	
                any
      Lender notifies the Agent of its Additional Cost Rate under paragraph 3 of
      Schedule 4 (Mandatory
      Cost formulae),

                 

              
	 
      	 
      	
                the
      Borrower may, whilst (in the case of paragraphs (i) and (ii) above) the
      circumstance giving rise to the requirement or indemnification continues
      or, (in the case of paragraph (iii) above) that Additional Cost Rate is
      greater than zero, give the Agent notice of cancellation of a Loan of that
      Lender and its intention to procure the repayment of that Lender's
      participation in the Loans.

                 

              
	 
      	
                (b)

                 

              	
                On
      receipt of a notice referred to in paragraph (a) above, the Loan of that
      Lender shall immediately be reduced to zero.

                 

              
	 
      	
                (c)

                 

              	
                Promptly
      after the Borrower has given notice under paragraph (a), the Borrower
      shall repay that Lender's participation in that Loan.

                 

              
	
                8.5

              	
                Restrictions

              
	 
      	
                (a)

                 

              	
                Any
      notice of cancellation or pre-payment given by any Party under this Clause
      8 shall be irrevocable and, unless a contrary indication appears in this
      Agreement, shall specify the date or dates upon which the relevant
      cancellation or pre-payment is to be made and the amount of that
      cancellation or pre-payment.

                 

              
	 
      	
                (b)

                 

              	
                Any
      pre-payment under this Agreement shall be made together with accrued
      interest on the amount prepaid and, subject to any Funding Costs (except
      in the case of a pre-payment under paragraphs (b) and (d) of Clause 8.3
      and paragraph (b) of Clause 10.2 in respect of which the applicable
      Funding Costs shall be waived), without premium or penalty, except for all
      amounts due under Clause 11 (Fees)
      hereof

                 

              
	 
      	
                (c)

                 

              	
                Unless
      a contrary indication appears in this Agreement, any part of the Facility
      which is prepaid may be re-borrowed in accordance with the terms of this
      Agreement.

                 

              
	 
      	
                (d)

                 

              	
                The
      Borrower shall not repay or prepay all or any part of the Loans or cancel
      all or any part of the Total Maximum Credit except at the times and in the
      manner expressly provided for in this Agreement.

                 

              
	 
      	
                (e)

                 

              	
                No
      amount of the Total Maximum Credit cancelled under this Agreement may be
      subsequently reinstated.

                 

              
	 
      	
                (f)

                 

              	
                So
      long as no Default or Event of Default has occurred and is then
      continuing, each voluntary pre-payment shall be applied to reduce any
      Asset Specific Loan Balance as designated by the Borrower to the Agent in
      writing.

                 

              

      

       

      
        
          
          

        

        
          -
32 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (g)

                 

              	
                Each
      voluntary pre-payment received during the continuation of any Default or
      Event of Default hereunder shall be applied in such manner as the Security
      Trustee shall determine in its sole and absolute discretion subject always
      to the provisions contained in Clause 15 of the Debenture.

                 

              
	
                8.6

              	
                Release
      of Security Interest

              
	 
      	
                Upon
      the termination of this Agreement and the repayment by the Borrower or the
      Guarantor to Lender of all Loans and the performance of all of the
      Obligors' other obligations under the Finance Documents and related
      documents in accordance with the Debenture and the discharge in full of
      all of the other Secured Obligations the Security Trustee shall release
      its security interest in any remaining Collateral.

                 

              

      

       

       

       

      
        
          
          

        

        
          -
33 -

          
            

          

        

        
          
          

        

      

       

      SECTION
5

      COSTS
OF LOAN

       

      
        	
                 

                9.

                 

              	
                 

                INTEREST

                 

              
	
                9.1

              	
                Calculation
      of Interest

              
	 
      	
                The
      Agent shall calculate the rate of interest on each Loan for each Interest
      Period which will be the percentage rate per annum which is the aggregate
      of:

                 

              
	 
      	
                (a)

                 

              	
                the
      Applicable Margin;

                 

              
	 
      	
                (b)

                 

              	
                LIBOR
      or, in relation to any Loan in euro, EURIBOR, plus;

                 

              
	 
      	
                (c)

                 

              	
                Mandatory
      Costs, if any.

                 

              
	
                9.2

              	
                Payment
      of Interest

              
	 
      	
                On
      each relevant Interest Payment Date the Borrower shall pay all accrued and
      unpaid interest on each Loan in respect of the preceding Interest
      Period.

                 

              
	
                9.3

              	
                Default
      Interest

              
	 
      	
                (a)

                 

              	
                If
      an Obligor fails to pay any amount payable by it under a Finance Document
      on its due date, interest shall accrue on the overdue amount from the due
      date up to the date of actual payment (both before and after judgment) at
      a rate which, subject to paragraph (b) below, is two per cent higher than
      the rate which would have been payable if the overdue amount had, during
      the period of non-payment, constituted a Loan in the currency of the
      overdue amount for successive Interest Periods, each of a duration
      selected by the Agent (acting reasonably) (the "Post Default Rate of
      Interest").  Any interest accruing under this Clause 9.3
      shall be immediately payable by the Obligor on demand by the
      Agent.

                 

              
	 
      	
                (b)

                 

              	
                Default
      interest (if unpaid) arising on an overdue amount will be compounded with
      the overdue amount at the end of each Interest Period applicable to that
      overdue amount but will remain immediately due and payable.

                 

              
	
                9.4

              	
                Notification
      of rates of interest

              
	 
      	
                The
      Agent shall at the request of a Lender or the Borrower notify the
      requesting party of the determination of the rate of interest applicable
      to any Interest Period under this Agreement.

                 

              
	
                9.5

              	
                Non-Business
      Days

              
	 
      	
                If
      an Interest Period would otherwise end on a day which is not a Business
      Day, that Interest Period will instead end on the next Business Day in
      that calendar month (if there is one) or the preceding Business Day (if
      there is not).

                 

              
	
                 

                10.

                 

              	
                 

                CHANGES
      TO THE CALCULATION OF INTEREST

                 

              
	
                10.1

              	
                Absence
      of quotations

              
	 
      	
                Subject
      to Clause 10.2 (Market
      disruption), if LIBOR, or if applicable, EURIBOR is to be
      determined by reference to the Reference Banks but a Reference Bank does
      not supply a quotation on or about 11:00 am London time on the Quotation
      Day, LIBOR, or if applicable, 

              

      

       

      
        
          
          

        

        
          -
34 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                EURIBOR
      shall be determined on the basis of the quotations of the remaining
      Reference Banks.

                   

              
	
                10.2

              	
                Market
      disruption

              
	 
      	
                (a)

                 

              	
                If
      a Market Disruption Event occurs in relation to a Loan then the Borrower
      shall be notified promptly thereof by the Agent and the rate of interest
      shall be the sum of:

                 

              
	 
      	 
      	
                (i)

                 

              	
                the
      Applicable Margin;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                the
      rate notified to the Agent by each Lender of such Loan as soon as
      practicable and in any event before interest is due to be paid in respect
      of the correct Interest Period in respect of such Loan, to be that which
      expresses as a percentage rate per annum the cost to that Lender of
      funding its participation in that Loan from whatever source it may
      reasonably select; and

                 

              
	 
      	 
      	
                (iii)

                 

              	
                the
      Mandatory Cost, if any, applicable to that Lender's participation in a
      Loan.

                 

              
	 
      	
                (b)

                 

              	
                Promptly
      after determination of the rate of interest in relation to a Loan in
      accordance with paragraph (a) of Clause 10.2, the Agent shall notify the
      Borrower of such rate of interest whereupon the Borrower shall either: (i)
      proceed with the Loan at the rate of interest provided for in this
      Agreement; (ii) prepay the Loan in relation to which the rate of interest
      in paragraph (a) of Clause 10.2 was determined; or (iii) revoke the
      Request for Borrowing in relation of which the rate of interest was
      determined in paragraph (a) of Clause 10.2.

                 

              
	 
      	
                (c)

                 

              	
                In
      this Agreement "Market
      Disruption Event" means:

                 

              
	 
      	 
      	
                (i)

                 

              	
                at
      11:00 am, London time on the Quotation Day for the relevant Interest
      Period the Screen Rate is not available and none or only one of the
      Reference Banks supplies a rate to the Agent to determine LIBOR, or if
      applicable, EURIBOR for the relevant Interest Period; or

                 

              
	 
      	 
      	
                (ii)

                 

              	
                the
      Lender determines in its discretion that before close of business in
      London on the Quotation Day for calculating interest the Agent receives
      notifications from a Lender that the cost to it of obtaining matching
      deposits in the Relevant Interbank Market would be in excess of LIBOR, or
      if applicable, EURIBOR.

                 

              
	
                10.3

              	
                Alternative
      basis of interest or funding

              
	 
      	
                (a)

                 

              	
                If
      a Market Disruption Event occurs and the Agent or the Borrower so
      requires, the Agent and the Borrower shall enter into negotiations (for a
      period of not more than thirty (30) days) with a view to agreeing to a
      substitute basis for determining the rate of interest.

                 

              
	 
      	
                (b)

                 

              	
                Any
      alternative basis agreed pursuant to paragraph (a) above shall, with the
      prior consent of the Agent and the Borrower, be binding on all
      Parties.

                 

              
	 
      	
                (c)

                 

              	
                During
      the period of negotiations set forth in paragraph (a) above the rate of
      interest shall be either:

                 

              

      

       

      
        
          
          

        

        
          -
35 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                (i)

                 

              	
                the
      rate of interest on such Loan during the last Interest Period preceding
      the Market Disruption Event; or

                 

              
	 
      	 
      	
                (ii)

                 

              	
                if
      no interest rate existed in respect of such Loan prior to the Market
      Disruption Event then the rate of interest calculated in accordance with
      Clause 10.1 above.

                 

              
	 
      	 
      	
                Following
      the determination of the rate of interest in accordance with paragraph (a)
      above such rate of interest shall be deemed to be the rate of interest in
      respect of such Interest Period, replacing the default rate of interest
      stipulated under this paragraph (c) and the amount paid, or overpaid, by
      the Borrower to the Agent in respect of the difference between the two
      such interest rates, if any, shall forthwith be paid to the Agent or
      Borrower as the case may be.

                 

              
	
                 

                11.

                 

              	
                 

                FEES

                 

              
	
                11.1

              	
                Commitment
      Fee

              
	 
      	
                On
      the Effective Date, the Borrower shall pay to the Agent (for the account
      of the Lenders) a fee (the "Commitment Fee") in the
      Base Currency computed at the rate of 0.35 per cent. of the Total Maximum
      Credit as at the Effective Date.

                 

              
	
                11.2

              	
                Exit
      Fee

              
	 
      	
                (a)

                 

              	
                Notwithstanding
      anything else herein the Borrower shall pay to the Agent an exit fee (the
      "Exit Fee") in the
      Base Currency in respect of any Collateral released with respect to a Loan
      being repaid or pre-paid pursuant to paragraph (a) of Clause 8.2 (Voluntary pre-payment of
      Loans) in an amount equal to 0.20 per cent. of the Collateral Value
      applicable to such Collateral (the "Exit Fee Related
      Collateral").  The Exit Fee contemplated by this Clause
      11.2 shall be waived by the Agent in connection with any voluntary or
      mandatory pre-payment in whole as a result of a corresponding payment of
      amounts of a principal nature arising from the Exit Fee Related Collateral
      pursuant to the terms of the Collateral Documents related
      thereto.

                 

              
	 
      	
                (b)

                 

              	
                In
      circumstances where Exit Fee Related Collateral has been released and the
      Borrower has duly paid to the Agent the Exit Fee required by paragraph (a)
      of this Clause 11.2, the Agent hereby agrees that if a securitisation of
      the Exit Fee Related Collateral whose refinancing or proposed refinancing
      has given rise to the relevant prepayment or re-payment of such Loan is
      not consummated within six (6) calendar months following the date of the
      relevant repayment or pre-payment then the Agent will refund to the
      Borrower the related Exit Fee on the next succeeding Interest Payment
      Date.

                 

              

      

       

      
        
          
          

        

        
          -
36 -

          
            

          

        

        
          
          

        

      

       

      SECTION
6

      ADDITIONAL
PAYMENT OBLIGATIONS

       

      
        	
                 

                12.

                 

              	
                 

                TAX
      GROSS UP AND INDEMNITIES

                 

              
	
                12.1

              	
                Definitions

              
	 
      	
                (a)

                 

              	
                In
      this Agreement:

                 

              
	 
      	 
      	
                "Codified Banking
      Directive" means EU Council Directive 2000/12/EC of 20 March
      2000.

                 

              
	 
      	 
      	
                "Irish Taxes Act" means
      the Taxes Consolidation Act, 1997 of the Republic of Ireland, as
      amended.

                 

              
	 
      	 
      	
                "Protected Party" means a
      Finance Party, which is or will be subject to any liability, or required
      to make any payment, for or on account of Tax in relation to a sum
      received or receivable (or any sum deemed for the purposes of Tax to be
      received or receivable) under a Finance Document.

                 

              
	 
      	 
      	
                "Qualifying Lender" means
      any of the following persons:

                 

              
	 
      	 
      	
                (a)

                 

              	
                the
      holder of a licence for the time being in force granted under section 9 of
      the Irish Central Bank Act 1971 or an authorised credit institution under
      the terms of EU Council Directive 2000/12/EC of 20 March 2000 which has
      duly established a branch in the Republic of Ireland or has made all
      necessary notifications to its home state competent authorities required
      thereunder in relation to its intention to carry on banking business in
      the Republic of Ireland provided in each case it is carrying on a bona
      fide banking business in the Republic of Ireland and its Facility Office
      is located in the Republic of Ireland; or

                 

              
	 
      	 
      	
                (b)

              	 
      
	 
      	 
      	 
      	
                (i)

                 

              	
                a
      person that is resident for the purposes of tax in a member state of the
      European Communities (other than the Republic of Ireland) or in a
      territory with which the Republic of Ireland has concluded a double
      taxation treaty that is in effect (residence for these purposes to be
      determined in accordance with the laws of the territory of which the
      lender claims to be resident); or

                 

              
	 
      	 
      	 
      	
                (ii)

                 

              	
                a
      U.S. corporation, provided the U.S. corporation is incorporated in the
      U.S. and subject to tax in the U.S. on its worldwide income;
      or

                 

              
	 
      	 
      	 
      	
                (iii)

                 

              	
                a
      U.S. LLC, provided the ultimate recipients of the interest are resident in
      and under the laws of a country with which the Republic of Ireland has a
      double taxation treaty or registered in and under the laws of a member
      state of the European Communities (other than the Republic of Ireland) and
      the business conducted through the LLC is so structured for market reasons
      and not for tax avoidance purposes;

                 

              

      

       

      
        
          
          

        

        
          -
37 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                provided
      in each case at (i), (ii) or (iii) the Lender is not carrying on a trade
      or business in the Republic of Ireland through an agency or branch with
      which the interest paid on the Facility is connected; or

                 

              
	 
      	 
      	
                (c)

                 

              	
                a
      Treaty Lender; or

                 

              
	 
      	 
      	
                (d)

                 

              	
                a
      body corporate which is resident in the Republic of Ireland for the
      purposes of Irish tax or which carries on a trade in the Republic of
      Ireland through a branch or agency:

                 

              
	 
      	 
      	 
      	
                (i)

                 

              	
                which
      advances money under the Facility in the ordinary course of a trade which
      includes the lending of money; and

                 

              
	 
      	 
      	 
      	
                (ii)

                 

              	
                in
      whose hands any interest payable in respect of the Facility is taken into
      account in computing the trading income of the company; and

                 

              
	 
      	 
      	 
      	
                (iii)

                 

              	
                which
      has complied with all of the provisions of Section 246(5)(a) of the Irish
      Taxes Act, including making the appropriate notifications thereunder to
      the Irish Revenue Commissioners and to the relevant Obligor and has not
      ceased to be a company to which Section 246(5)(a) applies; or

                 

              
	 
      	 
      	
                (e)

                 

              	
                a
      qualifying company within the meaning of Section 110 of the Irish Taxes
      Act.

                 

              
	 
      	 
      	
                "Tax Credit" means a
      credit against, relief or remission for, or repayment of any
      Tax.

                 

              
	 
      	 
      	
                "Tax Deduction" means a
      deduction or withholding for or on account of Tax from a payment under a
      Finance Document.

                 

              
	 
      	 
      	
                "Tax Payment" means
      either the increase in a payment made by an Obligor to a Finance Party
      under Clause 12.2 (Tax
      gross-up) or a payment under Clause 12.3 (Tax
      indemnity).

                 

              
	 
      	 
      	
                "Treaty Lender" means a
      Lender which:

                 

              
	 
      	 
      	
                (i)

                 

              	
                is
      treated as a resident of a Treaty State for the purposes of a
      Treaty;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                does
      not carry on a business in the Republic of Ireland through a permanent
      establishment with which the Lender's commitment under the Facility is
      effectively connected; and

                 

              
	 
      	 
      	
                (iii)

                 

              	
                has
      completed any procedural formalities reasonably available to it to enable
      the relevant payment to be made without a Tax deduction.

                 

              
	 
      	 
      	
                "Treaty State" means a
      jurisdiction having a double taxation agreement (a "Treaty") with the
      Republic of Ireland which makes provision for full exemption from tax
      imposed by the Republic of Ireland on interest.

                 

              

      

       

      
        
          
          

        

        
          -
38 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (b)

                 

              	
                Unless
      a contrary indication appears, in this Clause 12 a reference to
      "determines" or "determined" means a reasonable determination made in the
      good faith discretion of the person making the determination.

                 

              
	
                12.2

              	
                Tax
      gross-up

              
	 
      	
                (a)

                 

              	
                The
      Borrower shall make all payments to be made by it without any Tax
      Deduction, unless a Tax Deduction is required by law.

                 

              
	 
      	
                (b)

                 

              	
                The
      Borrower shall promptly upon becoming aware that an Obligor must make a
      Tax Deduction (or that there is any change in the rate or the basis of a
      Tax Deduction) notify the Agent accordingly.  Similarly, a
      Lender shall notify the Agent on becoming so aware in respect of a payment
      payable to that Lender.  If the Agent receives such notification
      from a Lender it shall notify each Obligor.

                 

              
	 
      	
                (c)

                 

              	
                If
      a Tax Deduction is required by law to be made by an Obligor, the amount of
      the payment due from that Obligor shall be increased to an amount which
      (after making any Tax Deduction) leaves an amount equal to the payment
      which would have been due if no Tax Deduction had been
      required.

                 

              
	 
      	
                (d)

                 

              	
                An
      Obligor is not required to make an increased payment to a Lender under
      paragraph (c) above for a Tax Deduction in respect of tax imposed by the
      Republic of Ireland from a payment of interest on a Loan, if on the date
      on which the payment falls due the payment could have been made to the
      relevant Lender without a Tax Deduction if it was a Qualifying Lender, but
      on that date that Lender is not or has ceased to be a Qualifying Lender
      other than as a result of any change after the date it became a Lender
      under this Agreement in (or in the interpretation, administration, or
      application of) any law or Treaty, or any published practice or concession
      of any relevant taxing authority;

                 

              
	 
      	
                (e)

                 

              	
                If
      an Obligor is required to make a Tax Deduction, that Obligor shall make
      that Tax Deduction and any payment required in connection with that Tax
      Deduction within the time allowed and in the minimum amount required by
      law.

                 

              
	 
      	
                (f)

                 

              	
                Within
      thirty (30) days of making either a Tax Deduction or any payment required
      in connection with that Tax Deduction, the Obligor making that Tax
      Deduction shall deliver to the Agent for the Finance Party entitled to the
      payment evidence reasonably satisfactory to that Finance Party that the
      Tax Deduction has been made or (as applicable) any appropriate payment
      paid to the relevant taxing authority.

                 

              
	 
      	
                (g)

                 

              	
                A
      Treaty Lender and each Obligor which makes a payment to which that Treaty
      Lender is entitled shall complete all procedural formalities necessary for
      that Obligor to obtain authorisation to make that payment without a Tax
      Deduction.

                 

              
	 
      	
                (h)

                 

              	
                The
      Initial Lender represents to the Borrower that, on the Effective Date, it
      is a Qualifying Lender within the meaning of paragraph (b)(ii) of the
      definition of Qualifying Lender.

                 

              

      

       

      
        
          
          

        

        
          -
39 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (i)

                 

              	
                The
      Lender shall promptly notify the Borrower and the Agent in the event that
      it ceases to be a Qualifying Lender.

                 

              
	
                12.3

              	
                Tax
      indemnity

              
	 
      	
                (a)

                 

              	
                The
      Borrower shall (within three (3) Business Days of demand by the Agent) pay
      to a Protected Party an amount equal to the loss, liability or cost which
      that Protected Party determines will be or has been (directly or
      indirectly) suffered for or on account of Tax by that Protected Party in
      respect of a Finance Document.

                 

              
	 
      	
                (b)

                 

              	
                Paragraph
      (a) above shall not apply:

                 

              
	 
      	 
      	
                (i)

                 

              	
                with
      respect to any Tax assessed on a Finance Party:

                 

              
	 
      	 
      	 
      	
                (A)

                 

              	
                under
      the law of the jurisdiction in which that Finance Party is incorporated
      or, if different, the jurisdiction (or jurisdictions) in which that
      Finance Party is treated as resident for tax purposes; or

                 

              
	 
      	 
      	 
      	
                (B)

                 

              	
                under
      the law of the jurisdiction in which that Finance Party's Facility Office
      is located in respect of amounts received or receivable in that
      jurisdiction,

                 

              
	 
      	 
      	 
      	
                if
      that Tax is imposed on or calculated by reference to the net income
      received or receivable (but not any sum deemed to be received or
      receivable) by that Finance Party; or

                 

              
	 
      	 
      	
                (ii)

                 

              	
                to
      the extent a loss, liability or cost:

                 

              
	 
      	 
      	 
      	
                (A)

                 

              	
                is
      compensated for by an increased payment under Clause 12.2 (Tax gross-up);
      or

                 

              
	 
      	 
      	 
      	
                (B)

                 

              	
                would
      have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was
      not so compensated solely because the exclusion in paragraph (d) of Clause
      12.2 (Tax
      gross-up) applied.

                 

              
	 
      	
                (c)

                 

              	
                A
      Protected Party making, or intending to make a claim under paragraph (a)
      above shall promptly notify the Agent of the event which will give, or has
      given, rise to the claim, following which the Agent shall notify the
      Borrower.

                 

              
	 
      	
                (d)

                 

              	
                A
      Protected Party shall, on receiving a payment from an Obligor under this
      Clause 12.3, notify the Agent.

                 

              
	
                12.4

              	
                Tax
      Credit

              
	 
      	
                If
      an Obligor makes a Tax Payment and the relevant Finance Party determines
      that:

                 

              
	 
      	
                (a)

                 

              	
                a
      Tax Credit is attributable either to an increased payment of which that
      Tax Payment forms part, or to that Tax Payment; and

                 

              
	 
      	
                (b)

                 

              	
                that
      Finance Party has obtained, utilised and retained that Tax
      Credit,

                 

              

      

       

      
        
          
          

        

        
          -
40 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                the
      Finance Party shall pay an amount to the Obligor which that Finance Party
      determines will leave it (after that payment) in the same after-Tax
      position as it would have been in had the Tax Payment not been required to
      be made by the Obligor.

                 

              
	
                12.5

              	
                Stamp
      taxes

              
	 
      	
                The
      Borrower shall pay and, within three (3) Business Days of demand,
      indemnify each Finance Party against any cost, loss or liability that
      Finance Party incurs in relation to all stamp duty, registration and other
      similar Taxes payable in respect of any Finance Document, except for any
      such Taxes payable in connection with any transfer or assignment by any
      Lender of the rights, benefits or obligations under this Agreement
      (including, without limitation the entry into of a Transfer
      Certificate).

                 

              
	
                12.6

              	
                Value
      added tax

              
	 
      	
                (a)

                 

              	
                All
      amounts set out, or expressed to be payable under a Finance Document by
      any Party to a Finance Party which (in whole or in part) constitute the
      consideration for VAT purposes shall be deemed to be exclusive of any VAT
      which is chargeable on such supply, and accordingly, subject to paragraph
      (c) below, if VAT is chargeable on any supply made by any Finance Party to
      any Party under a Finance Document and payable to the Finance Party, that
      Party shall pay to the Finance Party (in addition to and at the same time
      as paying the consideration) an amount equal to the amount of the VAT (and
      such Finance Party shall promptly provide an appropriate VAT invoice to
      such Party).

                 

              
	 
      	
                (b)

                 

              	
                If
      VAT is chargeable on any supply made by any Finance Party (the "Supplier") to any other
      Finance Party (the "Recipient") under a
      Finance Document, and any Party (the "Relevant Party") is
      required by the terms of any Finance Document to pay an amount equal to
      the consideration for such supply to the Supplier (rather than being
      required to reimburse the recipient in respect of that consideration),
      such Party shall also pay to the Supplier (in addition to and at the same
      time as paying such amount) an amount equal to the amount of such VAT if
      payable to the Supplier.  The Recipient will promptly pay to the
      Relevant Party an amount equal to any credit or repayment from the
      relevant tax authority which it reasonably determines relates to the VAT
      chargeable on that supply.

                 

              
	 
      	
                (c)

                 

              	
                Where
      a Finance Document requires any Party to reimburse a Finance Party for any
      costs or expenses, that Party shall also at the same time pay and
      indemnify the Finance Party against all VAT incurred by the Finance Party
      in respect of the costs or expenses to the extent that the Finance Party
      reasonably determines that neither it nor any other member of any group of
      which it is a member for VAT purposes is entitled to credit or repayment
      from the relevant tax authority in respect of the VAT.

                 

              
	
                 

                13.

                 

              	
                 

                INCREASED
      COSTS

                 

              
	
                13.1

              	
                Increased
      costs

              
	 
      	
                (a)

                 

              	
                Subject
      to Clause 13.3 (Exceptions) the
      Borrower shall, within five (5) Business Days of a demand by the Agent,
      pay for the account of a Finance Party the amount of any Increased Costs
      incurred by that Finance Party or any of its Affiliates as a result of
      (i)

              

      

       

      
        
          
          

        

        
          -
41 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                the
      introduction of or any change in (or in the interpretation, administration
      or application of) any law or regulation or (ii) compliance with any law
      or regulation made after the date of this Agreement.

                   

              
	 
      	
                (b)

                 

              	
                In
      this Agreement "Increased
      Costs" means:

                 

              
	 
      	 
      	
                (i)

                 

              	
                a
      reduction in the rate of return from the Facility or on a Finance Party's
      (or its Affiliate's) overall capital;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                an
      additional or increased cost; or

                 

              
	 
      	 
      	
                (iii)

                 

              	
                a
      reduction of any amount due and payable under any Finance
      Document,

                 

              
	 
      	 
      	
                which
      is incurred or suffered by a Finance Party or any of its Affiliates to the
      extent that it is attributable to that Finance Party having entered into
      its Loan or funding or performing its obligations under any Finance
      Document.

                 

              
	
                13.2

              	
                Increased
      cost claims

              
	 
      	
                (a)

                 

              	
                A
      Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall
      notify the Agent of the event giving rise to the claim, following which
      the Agent shall promptly notify the Borrower.

                 

              
	 
      	
                (b)

                 

              	
                Each
      Finance Party shall, as soon as practicable after a demand by the Agent,
      provide a certificate confirming the amount of its Increased
      Costs.

                 

              
	
                13.3

              	
                Exceptions

              
	 
      	
                (a)

                 

              	
                Clause
      13.1 (Increased
      costs) does not apply to the extent any Increased Cost
      is:

                 

              
	 
      	 
      	
                (i)

                 

              	
                attributable
      to a Tax Deduction required by law to be made by an Obligor;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                compensated
      for by Clause 12.3 (Tax
      indemnity) (or would have
      been compensated for under Clause 12.3 (Tax indemnity) but was
      not so compensated solely because any of the exclusions in paragraph (b)
      of Clause 12.3 (Tax
      indemnity) applied);

                 

              
	 
      	 
      	
                (iii)

                 

              	
                compensated
      for by the payment of the Mandatory Cost; 

                 

              
	 
      	 
      	
                (iv)

                 

              	
                attributable
      to the wilful breach by the relevant Finance Party or its Affiliates of
      any law or regulation; or

                 

              
	 
      	 
      	
                (v)

                 

              	
                attributable
      to the implementation or application or compliance with the "International
      Convergence of Capital Measurement and Capital Standards, a Revised
      Framework" published by the Basel Committee on Banking Supervision in June
      2004 in the form existing on the date of this Agreement ("Basel II") or any other
      law or regulation which implements Basel II (whether such implication,
      application or compliance is by a government, regulator or Finance
      Party).

                 

              
	 
      	
                (b)

                 

              	
                In
      this Clause 13.3, a reference to a "Tax Deduction" has the
      same meaning given to the term in Clause 12.1 (Definitions).

                 

              

      

       

      
        
          
          

        

        
          -
42 -

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                14.

                 

              	
                 

                OTHER
      INDEMNITIES

                 

              
	
                14.1

              	
                Currency
      indemnity

              
	 
      	
                (a)

                 

              	
                If
      any sum due from an Obligor under the Finance Documents (a "Sum"), or any order,
      judgment or award given or made in relation to a Sum, has to be converted
      from the currency (the "First Currency") in
      which that Sum is payable into another currency (the "Second Currency") for
      the purpose of:

                 

              
	 
      	 
      	
                (i)

                 

              	
                making
      or filing a claim or proof against that Obligor;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                obtaining
      or enforcing an order, judgment or award in relation to any litigation or
      arbitration proceedings,

                 

              
	 
      	 
      	
                that
      Obligor shall as an independent obligation, within three (3) Business Days
      of demand, indemnify each Finance Party to whom that Sum is due against
      any cost, loss or liability arising out of or as a result of the
      conversion including any discrepancy between (A) the rate of exchange used
      to convert that Sum from the First Currency into the Second Currency and
      (B) the rate or rates of exchange available to that person at the time of
      its receipt of that Sum.

                 

              
	 
      	
                (b)

                 

              	
                Each
      Obligor waives any right it may have in any jurisdiction to pay any amount
      under the Finance Documents in a currency or currency unit other than that
      in which it is expressed to be payable.

                 

              
	
                 

                15.

                 

              	
                 

                COSTS
      AND EXPENSES

                 

              
	
                15.1

              	
                Indemnification
      and Expenses

              
	 
      	
                (a)

                 

              	
                The
      Borrower agrees to hold each Finance Party and their Affiliates and their
      officers, directors, employees, agents and advisors (each an "Indemnified Party")
      harmless from and indemnify any Indemnified Party against all liabilities,
      losses, damages, judgments, costs and expenses of any kind which may be
      imposed on, incurred by or asserted against such Indemnified Party
      (collectively, the "Costs") relating to or
      arising out of this Agreement, and any other Finance Document or any
      transaction contemplated hereby or thereby, or any amendment, supplement
      or modification of, or any waiver or consent under or in respect of, this
      Agreement, or any other Finance Document or any transaction contemplated
      hereby or thereby, that, in each case, results from anything other than
      any Indemnified Party's gross negligence or wilful
misconduct.

                 

              
	 
      	
                (b)

                 

              	
                Without
      limiting the generality of the foregoing in clause 15.1(a) the Borrower
      agrees to hold any Indemnified Party harmless and indemnify such
      Indemnified Party against all Costs with respect to all Collateral
      relating to or arising out of:

                 

              
	 
      	 
      	
                (i)

                 

              	
                the
      occurrence of a Default;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                a
      failure by an Obligor to pay any amount due under a Finance Document on
      its due date, including without limitation, any cost, loss or ability or
      liability arising as a result of Clause 25 (Sharing among the Finance
      Parties);

                 

              

      

       

      
        
          
          

        

        
          -
43 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                (iii)

                 

              	
                funding,
      or making arrangements to fund, its participation in a Loan requested by
      the Borrower in a Request for Borrowing but not made by reason of the
      operation of any one or more of the provisions of this Agreement (other
      than by reason of default or negligence by that Finance Party
      alone);

                 

              
	 
      	 
      	
                (iv)

                 

              	
                a
      Loan (or part of a Loan) not being prepaid in accordance with a notice of
      pre-payment given by the Borrower;

                 

              
	 
      	 
      	
                (v)

                 

              	
                in
      the case of the Agent, (i) investigating any event which it
      reasonably believes is a Default (and a Default then exists),
      (ii) acting or relying on any notice, request or instruction which it
      reasonably believes to be genuine, correct and appropriately authorised;
      and

                 

              
	 
      	 
      	
                (vi)

                 

              	
                any
      violation or alleged violation of any environmental law, rule or
      regulation or any consumer credit laws, including without limitation laws
      with respect to unfair or deceptive lending practices, and predatory
      lending practices, that, in each case, results from anything other than
      such Indemnified Party's gross negligence or wilful
      misconduct.

                 

              
	 
      	
                (c)

                 

              	
                In
      any suit, proceeding or action brought by an Indemnified Party in
      connection with any Collateral for any sum owing thereunder, or to enforce
      any provisions of any Collateral Document or Finance Document, the
      Borrower will save, indemnify and hold such Indemnified Party harmless
      from and against all expense, loss or damage suffered by reason of any
      defence, set-off, counterclaim, recoupment or reduction or liability
      whatsoever of the account debtor or obligor thereunder, arising out of any
      other agreement, indebtedness or liability at any time owing to or in
      favour of such account debtor or obligor or its successors from the
      Borrower.

                 

              
	 
      	
                (d)

                 

              	
                The
      Borrower also agrees to reimburse an Indemnified Party within five (5)
      Business Days of when billed by such Indemnified Party for all such
      Indemnified Party's costs and expenses incurred in connection with the
      enforcement or the preservation of such Indemnified Party's rights under
      this Agreement, any other Finance Document or any transaction contemplated
      hereby or thereby, including without limitation the reasonable fees and
      disbursements of its counsel.

                 

              
	
                15.2

              	
                Costs

              
	 
      	
                The
      Borrower agrees to pay within five (5) Business Days of when billed by the
      Agent or a Lender all of the out-of-pocket costs and expenses incurred by
      the Agent or such Lender in connection with the development, preparation
      and execution of, and any amendment, supplement or modification to, this
      Agreement, and the Finance Documents or any other document prepared in
      connection herewith or therewith.  The Borrower agrees to pay
      within five (5) Business Days when billed by a Lender and the Agent all of
      the out-of-pocket costs and expenses incurred in connection with the
      consummation and administration of the transactions contemplated hereby
      and thereby including without limitation (i) all the reasonable fees,
      disbursements and expenses of counsel to such Lender and the Agent and
      (ii) all the due diligence, inspection, testing and review costs and
      expenses incurred by such Lender and the Agent with respect to Collateral
      under this Agreement, including, but not

              

      

       

      
        
          
          

        

        
          -
44 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                limited
      to, those costs and expenses incurred by a Lender or the Agent pursuant to
      Clause 15.1 (Indemnification and
      Expenses), Clause 33.1 (Servicing) and Clause
      33.2 (Periodic Due
      Diligence Review) (it being understood and agreed that neither the
      Agent nor the Lender has incurred any costs under this Clause 15.2 as
      of the date of this Agreement) hereof.

              
	
                 

                16.

                 

              	
                 

                MITIGATION
      BY THE LENDERS

                 

              
	
                16.1

              	
                Mitigation

              
	 
      	
                (a)

                 

              	
                Each
      Finance Party shall, in consultation with the Borrower, take all
      reasonable steps to mitigate any circumstances which arise and which would
      result in any amount becoming payable under or pursuant to, or cancelled
      pursuant to, any of Clause 8.1 (Illegality), Clause 12
      (Tax gross up and
      indemnities), Clause 13 (Increased Costs) or
      paragraph 3 of Schedule 4 (Mandatory Cost
      formulae) including (but not limited to) transferring its rights
      and obligations under the Finance Documents to another Affiliate or
      Facility Office.

                 

              
	 
      	
                (b)

                 

              	
                Paragraph
      (a) above does not in any way limit the obligations of any Obligor under
      the Finance Documents.

                 

              
	
                16.2

              	
                Limitation
      of liability

              
	 
      	
                (a)

                 

              	
                The
      Borrower shall indemnify each Finance Party for all costs and expenses
      reasonably incurred by that Finance Party as a result of steps taken by it
      under Clause 16.1 (Mitigation).

                 

              
	 
      	
                (b)

                 

              	
                A
      Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the
      opinion of that Finance Party (acting reasonably), to do so might be
      prejudicial to it.

                 

              

      

       

       

      
        
          
          

        

        
          -
45 -

          
            

          

        

        
          
          

        

      

       

      SECTION
7

      REPRESENTATIONS,
UNDERTAKINGS AND EVENTS OF DEFAULT

       

      
        	
                 

                17.

                 

              	
                 

                REPRESENTATIONS

                 

              
	 
      	
                The
      Borrower makes the representations and warranties set out in this Clause
      17 to each Finance Party on the Effective Date and the Repeating
      Representations on each day of this Agreement from the Effective Date unto
      and including the Termination Date.

                 

              
	
                17.1

              	
                Status
      and Name

              
	 
      	
                (a)

                 

              	
                The
      Borrower is a corporation, duly incorporated and validly existing under
      the law of its jurisdiction of incorporation.

                 

              
	 
      	
                (b)

                 

              	
                The
      Borrower has the power to own its assets and carry on its business as it
      is being conducted.

                 

              
	 
      	
                (c)

                 

              	
                On
      the Effective Date the exact legal name of the Borrower is AHR Capital MS
      Limited.

                 

              
	 
      	
                (d)

                 

              	
                On
      the Effective Date the Borrower is a wholly owned Subsidiary of the
      Guarantor and has no Subsidiaries.

                 

              
	 
      	
                (e)

                 

              	
                The
      Borrower, as of the date hereof:

                 

              
	 
      	 
      	
                (i)

                 

              	
                maintains
      its registered head office and head office in the Republic of
      Ireland;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                holds
      all meetings of its board of directors in the Republic of
      Ireland;

                 

              
	 
      	 
      	
                (iii)

                 

              	
                has
      not opened any office or branch outside of the Republic of Ireland;
      and

                 

              
	 
      	 
      	
                (iv)

                 

              	
                has
      not knowingly done anything (except to the extent that entering into the
      Finance Documents and the performance of their terms cause it to be so
      resident) which may result in the Borrower creating an establishment in
      another jurisdiction other than the Republic of Ireland.

                 

              
	 
      	
                (f)

                 

              	
                (based
      on the representations and warranties contained in sub-claues 17.1(e)(i)
      to 17.1(e)(iv) inclusive) The Borrower believes that its "centre of main
      interests" for the purposes of Council Regulation (EC) No. 1346/2000 of 20
      May 2000 is in the Republic of Ireland and that it has no
      establishment  (for the purposes of such Regulation) other than
      in the Republic of Ireland.

                 

              
	
                17.2

              	
                Binding
      obligations

              
	 
      	
                The
      obligations expressed to be assumed by the Borrower in each Finance
      Document are, subject to the Reservations, legal, valid, binding and
      enforceable obligations.

                 

              
	
                17.3

              	
                Non-conflict
      with other obligations

              
	 
      	
                The
      entry into and performance by the Borrower of, and the transactions
      contemplated by, the Finance Documents do not and will not conflict
      with:

                 

              
	 
      	
                (a)

                 

              	
                any
      law or regulation applicable to it;

                 

              

      

       

      
        
          
          

        

        
          -
46 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (b)

                 

              	
                its
      constitutional documents; or

                 

              
	 
      	
                (c)

                 

              	
                any
      agreement or instrument binding upon it or any of its assets.

                 

              
	
                17.4

              	
                Power
      and authority

              
	 
      	
                The
      Borrower has the power to enter into, perform and deliver, and has taken
      all necessary action to authorise its entry into, performance and delivery
      of, the Finance Documents to which it is a party and the transactions
      contemplated by those Finance Documents.  No authorisations,
      approvals or consents of, and no filings or registrations with, any Governmental
      Authority or any securities exchange are necessary for the execution,
      delivery or performance by the Borrower of the Finance Documents or for
      the legality, validity, or subject to the Reservations, the enforceability
      thereof, except for filings, recordings and registrations in respect of
      the security created pursuant to the Debenture and any other Finance
      Document.

                 

              
	
                17.5

              	
                Validity
      and admissibility in evidence

              
	 
      	
                All
      authorisations required:

                 

              
	 
      	
                (a)

                 

              	
                to
      enable the Borrower lawfully to enter into, exercise its rights and comply
      with its obligations in the Finance Documents to which it is a party;
      and

                 

              
	 
      	
                (b)

                 

              	
                to
      make the Finance Documents to which the Borrower is a party admissible in
      evidence in its jurisdiction of incorporation,

                 

              
	 
      	
                have
      been obtained or effected and are in full force and effect.

                 

              
	
                17.6

              	
                Governing
      law and enforcement

              
	 
      	
                (a)

                 

              	
                The
      relevant choice of English law as the governing law of the Finance
      Documents to which the Borrower is a party will be recognised and enforced
      in its jurisdiction of incorporation.

                 

              
	 
      	
                (b)

                 

              	
                Subject
      to the Reservations, any judgment obtained in England in relation to a
      Finance Document will be recognised and enforced in the Borrower's
      respective jurisdiction of incorporation.

                 

              
	
                17.7

              	
                Deduction
      of Tax

              
	 
      	
                The
      Borrower is not required to make any deduction for or on account of Tax
      from any payment it may make under any Finance Document.

                 

              
	
                17.8

              	
                No
      filing or stamp taxes

              
	 
      	
                Under
      the law of the jurisdiction of the Borrower's incorporation it is not
      necessary that the Finance Documents be filed, recorded or enrolled with
      any court or other authority in that jurisdiction or that any stamp,
      registration or similar tax be paid on or in relation to the Finance
      Documents or the transactions contemplated by the Finance Documents except
      for (a) the delivery to the Companies Registration Office in the Republic
      of Ireland within twenty-one (21) days of their creation of the
      particulars of the security interests created by the Borrower pursuant to
      the Debenture and each other security document entered into by the
      Borrower, and (b) the stamping of the original of the Debenture with stamp
      duty of €630 and each counterpart thereof and each collateral security
      document with €12.50, within thirty (30) days of its
      execution.

                 

              

      

       

      
        
          
          

        

        
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47 -

          
            

          

        

        
          
          

        

      

       

      
        	
                17.9

              	
                No
      default

              
	 
      	
                (a)

                 

              	
                No
      Event of Default and on the date of this Agreement and on any Funding Date
      no Default is continuing or might reasonably be expected to result from
      the making of any Loan.

                 

              
	 
      	
                (b)

                 

              	
                No
      other event or circumstance is outstanding which constitutes a default
      under any other agreement or instrument which is binding on the Borrower
      or any of its Subsidiaries or to which its (or any of its Subsidiaries')
      assets are subject which might have a Material Adverse
Effect.

                 

              
	
                17.10

              	
                Pari
      passu ranking

              
	 
      	
                The
      Borrower's payment obligations under the Finance Documents rank at least
      pari passu with
      the claims of all its other unsecured and unsubordinated creditors, except
      for obligations preferred by law applying to companies
      generally.

                 

              
	
                17.11

              	
                Litigation

              
	 
      	
                There
      are no actions, suits, arbitrations, investigations (including, without
      limitation, any of the foregoing which are pending or, to the best of its
      knowledge, threatened) or other legal or arbitrable proceedings affecting
      the Borrower or affecting any of the Collateral of any of them before any
      Governmental Authority that: (i) questions or challenges the validity or
      enforceability of any the Finance Documents or any action to be taken in
      connection with the transactions contemplated hereby; (ii) makes a claim
      or claims in an aggregate amount greater than $5,000,000; (iii) which,
      individually or in the aggregate, if adversely determined, could
      reasonably be likely to have a Material Adverse Effect; or (iv) requires
      filing with the Securities and Exchange Commission in accordance with the
      Securities Exchange Act of 1934 (US) (the "1934 Act") or any rules
      thereunder which filing has not been made.

                 

              
	
                17.12

              	
                Taxation

              
	 
      	
                (a)

                 

              	
                The
      Borrower has duly and punctually paid and discharged all Taxes imposed
      upon it or its assets within the time period allowed without incurring
      penalties (save to the extent that (i) payment is being contested in good
      faith, (ii) it has maintained adequate reserves for those Taxes and (iii)
      payment can be lawfully withheld).

                 

              
	 
      	
                (b)

                 

              	
                The
      Borrower is not materially overdue in the filing of any Tax
      returns.

                 

              
	 
      	
                (c)

                 

              	
                No
      claims are being or are reasonably likely to be asserted against it with
      respect to Taxes.

                 

              
	
                17.13

              	
                Collateral;
      Collateral Security

              
	 
      	
                (a)

                 

              	
                The
      Borrower has not assigned, pledged, or otherwise conveyed or encumbered
      the Eligible Collateral to any other person, and immediately prior to the
      granting of security over the Eligible Collateral to the Security Trustee,
      the Borrower was the sole owner of the Eligible Collateral and had good
      and marketable title thereto, free and clear of all security interests and
      other Encumbrances, in each case except for such security interests that
      were to be released simultaneously with the security interests which are
      to be granted in favour of the Security Trustee to secure the Secured
      Obligations. No Eligible Collateral granted by way of security to the
      Security Trustee 

              

      

       

      
        
          
          

        

        
          -
48 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                under
      the Debenture or any other Finance Document was acquired (by purchase or
      otherwise) by the Borrower or from one of its Affiliates.

                   

              
	 
      	
                (b)

                 

              	
                The
      provisions of the Debenture and the other Finance Documents are effective
      to create in favour of the Security Trustee a valid security interest in
      all right, title and interest of the Borrower in, to and under the
      Eligible Collateral.

                 

              
	
                17.14

              	
                Jurisdiction
      of Organisation

              
	 
      	
                On
      the Effective Date the Borrower's jurisdiction of incorporation and location of
      its registered office is the Republic of Ireland.

                 

              
	
                17.15

              	
                Location
      of Books and Records

              
	 
      	
                The
      location where the Borrower keeps its books and records, including all
      computer tapes and records relating to the Collateral, is its registered
      office.

                 

              
	
                17.16

              	
                True
      and Complete Disclosure

              
	 
      	
                The
      information, reports, financial statements, exhibits and schedules
      furnished in writing by or on behalf of the Borrower to the Agent in
      connection with the negotiation, preparation or delivery of this Agreement
      and the other Finance Documents or included herein or therein or delivered
      pursuant hereto or thereto, when taken as a whole, do not contain any
      untrue statement of material fact or omit to state any material fact
      necessary to make the statements herein or therein, in light of the
      circumstances under which they were made, not misleading.  All
      written information furnished after the date hereof by or on behalf of the
      Borrower to the Agent in connection with this Agreement and the other
      Finance Documents and the transactions contemplated hereby and thereby
      will be true, complete and accurate in every material respect, or (in the
      case of projections) based on reasonable estimates, on the date as of
      which such information is stated or certified.  There is no fact
      known to a Responsible Officer of the Borrower, after due inquiry, that
      could reasonably be expected to have a Material Adverse Effect that has
      not been disclosed herein, in the other Finance Documents or in a report,
      financial statement, exhibit, schedule, disclosure letter or other writing
      furnished to the Agent for use in connection with the transactions
      contemplated hereby or thereby.

                 

              
	
                17.17

              	
                Defined
      Benefit Scheme

              
	 
      	
                The
      Borrower does not maintain a pension scheme in respect of which there is
      an unfunded deficit.

                 

              
	
                17.18

              	
                Business
      Affairs

              
	 
      	
                (a)

                 

              	
                The
      Borrower's business and affairs have at all times been, and will at all
      times be, managed, controlled and conducted in its own name as an
      identifiable business, separate, independent and identifiable from the
      business of the other Obligor or any other person;

                 

              
	 
      	
                (b)

                 

              	
                The
      Borrower's records, books, accounts and minutes have at all times been,
      and will continue at all future times to be, maintained separate and
      distinct from those of the other Obligor or any other person;

                 

              
	 
      	
                (c)

                 

              	
                The
      Borrower's assets and liabilities and the funds have at all times been,
      and will continue at all future times to be, kept separate and distinct
      from the other Obligor or 

                 

              

      

       

      
        
          
          

        

        
          -
49 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                any
      other person; and it has received, deposited, withdrawn, paid and
      disbursed, and will at all future times receive, deposit, withdraw, pay
      and disburse, all monies, funds and receivables in the ordinary course of
      its business and in a manner separate and distinct from the other Obligor
      or any other person;

                   

              
	 
      	
                (d)

                 

              	
                The
      Borrower has not paid and will not pay, and is not and will not become
      liable for, any debt of the other Obligor or any other person;
      and

                 

              
	 
      	
                (e)

                 

              	
                That
      all dealings and transactions of the Borrower with all other persons have
      at all times been and will continue at all times to be at
      arms-length.

                 

              
	
                17.19

              	
                Borrower
      Irish Tax Requirements

              
	 
      	
                The
      Borrower satisfies the Borrower Irish Tax Requirements.

                 

              
	
                17.20

              	
                Borrower
      Documents

              
	 
      	
                Other
      than the Finance Documents, the Subordinated Loan Agreement (and the
      hedging arrangements entered into pursuant to the Subordinated Loan
      Agreement the Corporate Services Agreement and the Investment Management
      Agreement, the Borrower has not entered into any other agreements or
      instruments save for such agreements or instruments as may have been
      agreed to in advance of their entry into by the Borrower by the Security
      Trustee.

                 

              
	
                 

                18.

                 

              	
                 

                INFORMATION
      UNDERTAKINGS

                 

              
	 
      	
                The
      undertakings in this Clause 18 remain in force from the date of this
      Agreement for so long as any amount is outstanding under the Finance
      Documents or any Loan is in force.

                 

              
	
                18.1

              	
                Financial
      statements

              
	 
      	
                The
      Borrower shall supply to the Agent in sufficient copies for all the
      Lenders:

                 

              
	 
      	
                (a)

                 

              	
                as
      soon as available and in any event within forty-five (45) days after the
      end of each of the first three quarterly fiscal periods of each fiscal
      year of the Borrower, the unaudited balance sheet of the Borrower as at
      the end of such period and the related unaudited statement of income and
      retained earnings, statement of cash flows and statement of equity for the
      Borrower for such period and the portion of the fiscal year through the
      end of such period, setting forth in each case in comparative form the
      figures for the previous year, accompanied by a certificate of a
      Responsible Officer of the Borrower, which certificate shall state that
      said financial statements fairly present the financial condition and
      results of operations of the Borrower in accordance with GAAP,
      consistently applied, as at the end of, and for, such period (subject to
      normal year-end audit adjustments);

                 

              
	 
      	
                (b)

                 

              	
                as
      soon as available and in any event within ninety (90) days after the end
      of each fiscal year of the Borrower, the balance sheet of the Borrower as
      at the end of such fiscal year and the related statement of income and
      retained earnings, consolidated statement of cash flows and statement of
      equity for the Borrower for such year, setting forth in each case in
      comparative form the figures for the previous year, accompanied by an
      opinion thereon of independent certified public accountants of
      

              

      

       

      
        
          
          

        

        
          -
50 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                recognised
      national standing, which opinion shall not be qualified as to scope of
      audit or going concern and shall state that said financial statements
      fairly present the financial condition and results of operations of the
      Borrower as at the end of, and for, such fiscal year in accordance with
      GAAP, and a certificate of such accountants stating that, in making the
      examination necessary for their opinion, they obtained no knowledge,
      except as specifically stated, of any Default or Event of
      Default;

                   

              
	 
      	
                (c)

                 

              	
                within
      fifteen (15) Business Days after the Agent’s request, such other
      information regarding the operation of or the Collateral, or the financial
      condition, operations, or business of the Borrower as may be reasonably
      requested by the Agent, including all business plans prepared by or for
      the Borrower; and

                 

              
	 
      	
                (d)

                 

              	
                upon
      the Agent’s request, a copy of any financial or other report the Borrower
      shall receive from any Collateral Obligor
      with respect to an item of Collateral within fifteen (15) days after the
      Borrower’s receipt thereof.

                 

              
	
                18.2

              	
                Information:
      miscellaneous

              
	 
      	
                The
      Borrower shall supply to the Agent (in sufficient copies for all the
      Lenders, if the Agent so requests):

                 

              
	 
      	
                (a)

                 

              	
                Promptly,
      and in any event within ten (10) ten days after service of process on any
      of the following, give to the Agent notice of all litigation, actions,
      suits, arbitrations, investigations (including, without limitation, any of
      the foregoing which are pending or, to Borrower's knowledge threatened) or
      other legal or arbitration proceedings affecting the Borrower or affecting
      any of the Property of the Borrower before any Governmental Authority that
      (i) questions or challenges the validity or enforceability of any of the
      Finance Documents or any action to be taken in connection with the
      transactions contemplated hereby; (ii) makes a claim or claims in an
      aggregate amount greater than $5,000,000; (iii) which, individually or in
      the aggregate, if adversely determined, could be reasonably likely to have
      a Material Adverse Effect; or (iv) requires filing with the Securities and
      Exchange Commission in accordance with the 1934 Act and any rules
      thereunder which filing has not been made; and

                 

              
	 
      	
                (b)

                 

              	
                promptly,
      such further information regarding the financial condition, business and
      operations of the Borrower as any Finance Party (through the Agent) may
      reasonably request.

                 

              
	
                18.3

              	
                Notification
      of default

              
	 
      	
                (a)

                 

              	
                The
      Borrower shall notify the Agent of any Default (and the steps, if any,
      being taken to remedy it) promptly upon becoming aware of its
      occurrence.

                 

              
	 
      	
                (b)

                 

              	
                Promptly
      upon a request by the Agent (not more than twice annually commencing on
      the date of this Agreement), the Borrower shall supply to the Agent a
      certificate signed by a Responsible Officer certifying that no Default is
      continuing (or if a Default is continuing, specifying the Default and the
      steps, if any, being taken to remedy it).

                 

              

      

       

      
        
          
          

        

        
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51 -

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                19.

                 

              	
                 

                GENERAL
      UNDERTAKINGS

                 

              
	 
      	
                The
      undertakings in this Clause 19 remain in force from the date of this
      Agreement for so long as any amount is outstanding under the Finance
      Documents.

                 

              
	
                19.1

              	
                Authorisations

              
	 
      	
                The
      Borrower shall promptly:

                 

              
	 
      	
                (a)

                 

              	
                obtain,
      comply with and do all that is necessary to maintain in full force and
      effect; and

                 

              
	 
      	
                (b)

                 

              	
                supply
      certified copies to the Agent of,

                 

              
	 
      	
                any
      Authorisation required under any law or regulation of its jurisdiction of
      incorporation to enable it to perform its obligations under the Finance
      Documents and to ensure the legality, validity, enforceability or
      admissibility in evidence in its jurisdiction of incorporation of any
      Finance Document.

                 

              
	
                19.2

              	
                Compliance
      with laws

              
	 
      	
                The
      Borrower shall comply in all respects with all laws to which it may be
      subject, if failure so to comply would have a Material Adverse Effect on
      its ability to perform its obligations under the Finance
      Documents.

                 

              
	
                19.3

              	
                Negative
      pledge

              
	 
      	
                Other
      than security interests permitted or contemplated pursuant to the terms
      hereof the Borrower shall not create or permit to subsist any security
      interest over any of its assets.

                 

              
	
                19.4

              	
                Disposals

              
	 
      	
                The
      Borrower shall not, without the prior written consent of the Agent, enter
      into a single transaction or a series of transactions (whether related or
      not) and whether voluntary or involuntary to sell, lease, transfer,
      exchanged or otherwise dispose of any of or substantially all of its
      assets or enter into any agreements having a similar effect.

                 

              
	
                19.5

              	
                Merger

              
	 
      	
                The
      Borrower shall not enter into any amalgamation, demerger, merger or
      corporate reconstruction.

                 

              
	
                19.6

              	
                Change
      of Business

              
	 
      	
                The
      Borrower shall make no substantial change to the general nature of its
      business from that carried on at the date of this Agreement.

                 

              
	
                19.7

              	
                Taxation

              
	 
      	
                The
      Borrower shall duly and punctually pay and discharge all Taxes imposed
      upon it or its assets within the time period allowed without incurring
      penalties (except to the extent (i) that such payment is being contested
      in good faith, (ii) adequate reserves are being maintained for those Taxes
      and (iii) where such payment can be lawfully withheld).

                 

              
	
                19.8

              	
                Loans
      and Guarantees

              
	 
      	
                The
      Borrower shall not, save as permitted under the Finance Documents, make
      any loans, grant any credit or give any guarantee or indemnity (except as
      required under any of the 

                 

              

      

       

      
        
          
          

        

        
          -
52 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                Finance
      Documents) to or for the benefit of any person or otherwise voluntarily
      assume any liability, whether actual or contingent, in respect of any
      obligation of any person.

                   

              
	
                19.9

              	
                Syndication

              
	 
      	
                At
      the cost of the Lenders, the Borrower shall provide reasonable assistance
      in the preparation of the Information Memorandum and the primary
      syndication of the Facility (including, without limitation, by making
      senior management available for the purpose of making presentations to, or
      meeting, potential lending institutions) and will comply with all
      reasonable requests for information from potential syndicate members prior
      to completion of syndication.

                 

              
	
                19.10

              	
                Existence,
      Etc.

              
	 
      	
                The
      Borrower will:

                 

              
	 
      	
                (a)

                 

              	
                comply
      with the requirements of all applicable laws, rules, regulations and
      orders of Governmental Authorities (including, without limitation, all
      environmental laws, all laws with respect to unfair and deceptive lending
      practices and predatory lending practices) if failure to comply with such
      requirements would be reasonably likely (either individually or in the
      aggregate) to have a Material Adverse Effect;

                 

              
	 
      	
                (b)

                 

              	
                keep
      adequate records and books of account, in which complete entries will be
      made in accordance with GAAP consistently applied;

                 

              
	 
      	
                (c)

                 

              	
                not
      move its registered head office from the address referred to in Clause
      17.14 (Jurisdiction of
      Organisation) or change its jurisdiction of organisation from the
      jurisdiction referred to in Clause 17.14 (Jurisdiction of
      Organisation);

                 

              
	 
      	
                (d)

                 

              	
                permit
      representatives of the Agent, during normal business hours, to examine,
      copy and make extracts from its books and records, to inspect any of its
      Property or assets, and to discuss its
      business and affairs with its officers, all to the extent reasonably
      requested by the Agent; and

                 

              
	 
      	
                (e)

                 

              	
                not
      amend or permit the amendment of its memorandum and articles of
      association without the prior written consent of the Security Trustee and
      thereafter shall provide the Agent and the Security Trustee with copies of
      all amendments to the memorandum and articles of association or other
      organisational, constitutional or governing documents of the Borrower
      within five (5) Business Days of the date of the subject
      amendment.

                 

              
	
                19.11

              	
                No
      establishment

              
	 
      	
                The
      Borrower shall not knowingly establish an "establishment" as that term is
      used in Article 2(h) of the EU Insolvency Regulation outside of the
      Republic of Ireland, except to the extent that entering into the Finance
      Documents and the performance of their terms cause it to be resident and
      which may result in the Borrower creating an "establishment" as that term
      is used in Article 2(h) of the EU Insolvency Regulation.

                 

              
	
                19.12

              	
                Notices

              
	 
      	
                The
      Borrower shall give notice to the Agent and the Security
      Trustee:

                 

              

      

       

      
        
          
          

        

        
          -
53 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (a)

                 

              	
                promptly
      upon receipt of notice or knowledge of the occurrence of any Default or
      Event of Default;

                 

              
	 
      	
                (b)

                 

              	
                with
      respect to any Eligible Collateral granted by way of security to the
      Security Trustee under the Debenture or the other Finance Documents
      hereunder, immediately upon receipt of any principal pre-payment (in full
      or partial) of such Eligible Collateral including, but not limited to, the
      receipt of any condemnation and casualty proceeds;

                 

              
	 
      	
                (c)

                 

              	
                with
      respect to any Eligible Collateral granted by way of security to the
      Security Trustee under the Debenture or the other Finance Documents,
      immediately upon receipt of notice or knowledge that the underlying
      Encumbered Property has been materially damaged by waste, fire, earthquake
      or earth movement, windstorm, flood, tornado or other casualty, or
      otherwise damaged so as to affect adversely the Asset Value of such
      Eligible Collateral; and

                 

              
	 
      	
                (d)

                 

              	
                promptly
      upon receipt of notice or knowledge of (i) any default related to any
      Collateral; (ii) any security interest (other than the security interests
      created by the Debenture or by the other Finance Documents) on, or claim
      asserted against, any of the Collateral; or (iii) any event or change in
      circumstances which could reasonably be expected to have a Material
      Adverse Effect.

                 

              
	 
      	
                (e)

                 

              	
                promptly
      upon any material change in the market value of any or all of the
      Borrower’s assets;

                 

              
	 
      	
                Each
      notice pursuant to this Clause shall be accompanied by a statement of a
      Responsible Officer of the Borrower setting forth details of the
      occurrence referred to therein and stating what action the Borrower has
      taken or proposes to take with respect thereto.

                 

              
	
                19.13

              	
                Collateral

              
	 
      	
                The
      Borrower shall not acquire any Collateral or other assets save in the
      manner contemplated by this Agreement and with the consent of the
      Agent.  Upon acquiring any such Collateral, the Borrower shall
      not amend or permit the amendment of any documents or agreements
      pertaining to such Collateral without the prior written consent of the
      Agent and the Security Trustee.

                 

              
	
                19.14

              	
                Reports

              
	 
      	
                The
      Borrower shall provide the Agent with a quarterly report, which report
      shall include, among other items, a summary of the Borrower’s delinquency
      and loss experience with respect to the Collateral, plus any such
      additional reports relating to the Property underlying the Collateral as
      the Borrower may have received or is otherwise entitled to receive from
      the Servicer or the Collateral Obligor and as reasonably requested by the
      Agent.

                 

              
	
                19.15

              	
                Limitation
      on security

              
	 
      	
                The
      Borrower will defend the Collateral against, and will take such other
      action as is necessary to remove, any security, security interest or claim
      on or to the Collateral, other than the security interests created under
      this Agreement, and the Borrower will defend the right, title
    

              

      

       

      
        
          
          

        

        
          -
54 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                and
      interest of the Security Trustee in and to any of the Collateral against
      the claims and demands of all persons whomsoever.

                   

              
	
                19.16

              	
                Lender
      Exposure

              
	 
      	
                The
      Lenders' Net Aggregate Exposure shall not be greater than 80% and the
      Lenders' Net Exposure shall not be greater than 85%.

                 

              
	
                19.17

              	
                Servicer;
      Servicing Tape

              
	 
      	
                The
      Borrower shall provide to the Agent promptly within ten (10) Business Days
      after the end of each month a computer readable file in the form
      reasonably requested by the Agent from time to time, on a loan-by-loan
      basis and in the aggregate, with respect to the Collateral serviced
      hereunder by the Borrower or any Servicer.  The Borrower shall
      not cause the Collateral to be serviced by any servicer other than a
      servicer mutually agreed to by the Agent and the Borrower.

                 

              
	
                19.18

              	
                No
      Adverse Selection

              
	 
      	
                The
      Borrower shall not select the Collateral in a manner so as to adversely
      affect the Lenders' interests.

                 

              
	
                19.19

              	
                Remittance
      of Pre-payments

              
	 
      	
                The
      Borrower shall remit or cause to be remitted, with sufficient detail to
      enable the Lender to appropriately identify the Eligible Collateral to
      which any amount remitted applies, to the Agent on each Business Day all
      principal pre-payments (whether full or partial) that the Borrower or the
      Servicer has received during the previous Business Day, in an amount equal
      to the sum of the Asset-Specific Loan Balances being prepaid.

                 

              
	
                19.20

              	
                Specific
      Covenants of the Borrower

              
	 
      	
                During
      the term of this Agreement and for so long as any amount is outstanding
      under any Finance Documents, the Borrower, unless permitted by the Finance
      Documents shall not:

                 

              
	 
      	
                (a)

                 

              	
                pay
      dividends or make other distributions to its members out of profits
      available for distribution and then only in the manner permitted by the
      Finance Documents, its memorandum and articles of association and by
      applicable laws;

                 

              
	 
      	
                (b)

                 

              	
                incur
      or permit to subsist any Indebtedness whatsoever other than the
      Indebtedness of the Borrower pursuant to the Subordinated Loan Agreement
      and, with the prior written consent of the Agent, to hedge its exposure
      under the Subordinated Loan Agreement with a third party;

                 

              
	 
      	
                (c)

                 

              	
                make
      any loans, grant any credit or give any guarantee or indemnity to or for
      the benefit of any person or otherwise voluntarily assume any liability,
      whether actual or contingent, in respect of any obligation of any other
      person;

                 

              
	 
      	
                (d)

                 

              	
                be
      a member of a VAT Group;

                 

              
	 
      	
                (e)

                 

              	
                surrender
      any losses to any other company;

                 

              
	 
      	
                (f)

                 

              	
                have
      any employees or premises or have any subsidiary undertaking within the
      meaning of Regulation 4 of the European Communities (Companies Group
      Accounts) 

              

      

       

      
        
          
          

        

        
          -
55 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                Regulation
      1992, as amended, of the Republic of Ireland or become a director of any
      company;

                   

              
	 
      	
                (g)

                 

              	
                have
      an interest in any bank account other than the Borrower Bank Accounts
      unless such account or interest is permitted or contemplated by the
      Finance Documents;

                 

              
	 
      	
                (h)

                 

              	
                permit
      the validity or effectiveness of any of the Security Trustee's security to
      be impaired or to be amended, hypothecated, subordinated, terminated or
      discharged;

                 

              
	 
      	
                (i)

                 

              	
                acquire
      any interest in real property.

                 

              
	 
      	
                (j)

                 

              	
                engage
      in any business or agreements other than:

                 

              
	 
      	 
      	
                (i)

                 

              	
                acquiring,
      holding, managing and disposing of the assets of the Borrower comprised in
      the Eligible Collateral;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                entering
      into, exercising its rights and performing its obligations under or
      enforcing its rights under the Finance Documents and the other agreements
      ancillary thereto or contemplated thereby; or

                 

              
	 
      	 
      	
                (iii)

                 

              	
                performing
      any act incidental to or necessary in connection with any of the
      above;

                 

              
	 
      	
                (k)

                 

              	
                not
      permit or consent to any of the following occurring:

                 

              
	 
      	 
      	
                (i)

                 

              	
                its
      books and records being maintained with or co-mingled with those of any
      other person or entity;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                its
      bank accounts and the debts represented thereby being co-mingled with
      those of any other person or entity;

                 

              
	 
      	 
      	
                (iii)

                 

              	
                its
      assets or revenues being co-mingled with those of any other person or
      entity; or

                 

              
	 
      	 
      	
                (iv)

                 

              	
                its
      business being conducted other than in its own name.

                 

              
	 
      	
                (l)

                 

              	
                procure
      that, with respect to itself:

                 

              
	 
      	 
      	
                (i)

                 

              	
                separate
      financial statements in relation to its financial affairs are
      maintained;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                all
      corporate formalities with respect to its affairs are
      observed;

                 

              
	 
      	 
      	
                (iii)

                 

              	
                separate
      stationery, invoices and cheques are used;

                 

              
	 
      	 
      	
                (iv)

                 

              	
                it
      always holds itself out as a separate entity; and

                 

              
	 
      	 
      	
                (v)

                 

              	
                any
      known misunderstandings regarding its separate identity are corrected as
      soon as possible.

                 

              
	
                19.21

              	
                Borrower
      Irish Tax Requirements

              
	 
      	
                The
      Borrower shall fulfil the Borrower Irish Tax Requirements.

                 

              

      

       

      
        
          
          

        

        
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56 -

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                20.

                 

              	
                 

                EVENTS
      OF DEFAULT

                 

              
	 
      	
                Each
      of the events or circumstances set out in this Clause 20 is an Event of
      Default.

                 

              
	
                20.1

              	
                Non-payment

              
	 
      	
                (a)

                 

              	
                The
      Borrower shall default in the payment of any principal of or interest on
      any Loan when due (whether at stated maturity, upon acceleration or at
      mandatory or optional pre-payment or repayment); and

                 

              
	 
      	
                (b)

                 

              	
                The
      Borrower shall default in the payment of any other amount payable by it
      hereunder or under any Finance Document or Finance Document after
      notification by the Agent of such default, and such default shall have
      continued unremedied for five (5) Business Days.

                 

              
	
                20.2

              	
                Breach
      under Guarantee

              
	 
      	
                Any
      of the covenants and/or other obligations of the Guarantor contained in
      the Guarantee has been breached.

                 

              
	
                20.3

              	
                Other
      obligations

              
	 
      	
                An
      Obligor does not comply with any provision of the Finance Documents (other
      than those referred to in Clause 20.1 (Non-payment) and Clause
      20.2 (Breach under
      Guarantee); or shall fail to observe or perform any other covenant
      or agreement contained in this Agreement or any other Finance Documents
      and such failure to observe or perform shall continue for a period of
      thirty (30) days (following notice of such default) unless a shorter cure
      period is established in any Finance Document, in which event the shorter
      cure period shall be applicable.

                 

              
	
                20.4

              	
                Misrepresentation

              
	 
      	
                Any
      representation or statement made or deemed to be made by an Obligor in any
      Finance Documents or any other document delivered by or on behalf of any
      Obligor under or in connection with any Finance Document is or proves to
      have been incorrect or misleading in any material respect when made or
      deemed to be made or furnished (other than the representations and
      warranties set forth in Schedule 11 (Representations and Warranties
      Re: Eligible Collateral), which shall be considered solely for the
      purpose of determining the Asset Value of the Collateral; unless (i) the
      Borrower shall have made any such representations and warranties with
      knowledge that they were materially false or misleading at the same time;
      or (ii) any such representations and warranties have been determined by
      the Agent in its sole discretion to be materially false or misleading on a
      regular basis).

                 

              
	
                20.5

              	
                Cross
      default

              
	 
      	
                (a)

                 

              	
                Any
      Indebtedness of any Obligor is not paid when due nor within any originally
      applicable grace period.

                 

              
	 
      	
                (b)

                 

              	
                Any
      Indebtedness of any Obligor is declared to be or otherwise becomes due and
      payable prior to its specified maturity as a result of an event of default
      (however described).

                 

              
	 
      	
                (c)

                 

              	
                Any
      commitment for any Indebtedness of any Obligor is cancelled or suspended
      by a creditor of such Obligor as a result of an event of default (however
      described).

                 

              

      

       

      
        
          
          

        

        
          -
57 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (d)

                 

              	
                Notwithstanding
      anything contained in this Clause 20.5, other than Indebtedness that is MS
      Indebtedness, no Event of Default will occur under this Clause 20.5 if the
      aggregate amount of such Indebtedness falling within paragraphs (a) to (c)
      above is less than $5,000,000 (or its equivalent in any other currency or
      currencies).

                 

              
	
                20.6

              	
                Insolvency

              
	 
      	
                (a)

                 

              	
                An
      Obligor is unable or is deemed to be unable or admits inability to pay its
      debts as they fall due or suspends making payments on any of its
      debts.

                 

              
	 
      	
                (b)

                 

              	
                The
      value of the assets of any Obligor is less than its liabilities (taking
      into account contingent and prospective liabilities).

                 

              
	 
      	
                (c)

                 

              	
                A
      moratorium is declared in respect of any indebtedness of any
      Obligor.

                 

              
	 
      	
                (d)

                 

              	
                The
      Borrower is unable to pay its debts within the meaning of section 214 of
      the Companies Act, 1963, as amended, of the Republic of
      Ireland.

                 

              
	 
      	
                (e)

                 

              	
                Any
      corporate action is taken by the Borrower for the suspension of its debts
      generally (or any class of them) or for a declaration of a moratorium of
      its debt (or any class of it).

                 

              
	
                20.7

              	
                Insolvency
      proceedings

              
	 
      	
                Any
      corporate action, legal proceedings or other such procedure or step is
      taken in relation to:

                 

              
	 
      	
                (a)

                 

              	
                the
      suspension of payments, a moratorium of any indebtedness, winding-up,
      dissolution, administration, Examinership or reorganisation (by way of
      voluntary arrangement, scheme of arrangement or otherwise) of any Obligor
      other than a solvent liquidation or reorganisation of any
      Obligor;

                 

              
	 
      	
                (b)

                 

              	
                a
      composition, compromise, assignment or arrangement with any creditor of
      any Obligor;

                 

              
	 
      	
                (c)

                 

              	
                the
      appointment of a liquidator, receiver, administrative receiver,
      administrator, Examiner, compulsory manager, trustee in bankruptcy or
      other similar officer in respect of any Obligor or any of its assets;
      or

                 

              
	 
      	
                (d)

                 

              	
                enforcement
      of any security interest over any assets of any Obligor,

                 

              
	 
      	
                or
      any analogous procedure or step is taken in any jurisdiction.

                 

              
	
                20.8

              	
                Creditors'
      process

              
	 
      	
                Any
      expropriation, attachment, sequestration, distress or execution affects
      any asset or assets and is not discharged within five (5) days in respect
      of the Borrower and twenty-one (21) days in respect of the
      Guarantor.

                 

              
	
                20.9

              	
                Unlawfulness

              
	 
      	
                It
      is or becomes unlawful for an Obligor to perform any of its obligations
      under the Finance Documents.

                 

              

      

       

      
        
          
          

        

        
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58 -

          
            

          

        

        
          
          

        

      

       

      
        	
                20.10

              	
                Repudiation

              
	 
      	
                An
      Obligor repudiates a Finance Document or evidences an intention to
      repudiate a Finance Document.

                 

              
	
                20.11

              	
                Borrowing
      Base Deficiency

              
	 
      	
                A
      Borrowing Base Deficiency shall have occurred and the Borrower shall have
      failed to timely cure the same in accordance with the provisions of Clause
      8.3 (Mandatory
      Pre-Payment).

                 

              
	
                20.12

              	
                Other
      Events of Default

              
	 
      	
                Each
      of the following events shall constitute an Event of Default
      hereunder:

                 

              
	 
      	
                (a)

                 

              	
                final
      judgment or judgments for the payment of money in excess of $5,000,000 (or
      its equivalent in the currency in which such judgment is rendered) in the
      aggregate shall be rendered against any Obligor by one or more courts,
      administrative tribunals or other bodies having jurisdiction and the same
      shall not be satisfied, discharged (or provision shall not be made for
      such discharge) or bonded, or a stay of execution thereof shall not be
      procured, within thirty (30) days from the date of entry thereof, and such
      Obligor shall not, within said period of thirty (30) days, or such longer
      period during which execution of the same shall have been stayed or
      bonded, appeal there from and cause the execution thereof to be stayed
      during such appeal;

                 

              
	 
      	
                (b)

                 

              	
                any
      Finance Document shall for whatever reason be terminated or cease to be in
      full force and effect, or the enforceability thereof shall be contested by
      any Obligor unless replacements are entered into by the Finance Parties
      prior to such events;

                 

              
	 
      	
                (c)

                 

              	
                the
      Borrower shall grant, or suffer to exist, any security on any Collateral
      except the security contemplated hereby; or the security contemplated
      hereby shall cease to be first priority perfected security on the
      Collateral in favour of the Security Trustee or shall be security in
      favour of any person other than the Security Trustee;

                 

              
	 
      	
                (d)

                 

              	
                the
      discovery by the Agent of a condition or event which existed at or prior
      to the execution hereof and which the Agent, in its sole discretion,
      determines materially and adversely effects:  (i) the condition
      (financial or otherwise) of any Obligor; or (ii) the ability of either any
      Obligor or the Finance Parties to fulfil its respective obligations under
      the Finance Documents.

                 

              
	 
      	
                (e)

                 

              	
                any
      materially adverse change in the Property, business, financial condition
      or prospects of any of the Obligors shall occur, as determined by the
      Agent in its sole discretion, or any other condition shall exist which, in
      the Agent's sole discretion, constitutes a material impairment of any
      Obligor's ability to perform its obligations under any of the Finance
      Documents.

                 

              
	
                20.13

              	
                Acceleration

              
	 
      	
                On
      and at any time after the occurrence of an Event of Default, which is
      continuing the Agent may, and shall if so directed by the Majority
      Lenders, by notice to the Borrower:

                 

              
	 
      	
                (a)

                 

              	
                cancel
      the Total Maximum Credit;

                 

              

      

       

      
        
          
          

        

        
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59 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (b)

                 

              	
                declare
      that all or part of the Loans, together with accrued interest, and all
      other amounts accrued or outstanding under the Finance Documents be
      immediately due and payable, whereupon they shall become immediately due
      and payable; and/or

                 

              
	 
      	
                (c)

                 

              	
                declare
      that all or part of the Loans be payable on demand, whereupon they shall
      immediately become payable on demand by the Agent on the instructions of
      the Majority Lenders.

                 

              
	
                20.14

              	
                Other
      Remedies on Event of Default

              
	 
      	
                (a)

                 

              	
                On
      and any time after an Event of Default which is continuing, the Security
      Trustee may, and shall if so directed by the Majority Lenders, by notice
      to the Custodian obtain physical possession of the Servicing Records and
      other files of the Custodian relating to the Collateral and all documents
      relating to the Collateral which are then or may thereafter come in to the
      possession of the Agent or any third party acting for the
      Borrower.

                 

              
	 
      	
                (b)

                 

              	
                If
      an Event of Default shall occur and be continuing, the Agent may, at its
      option, enter into one or more Interest Rate Protection Agreements
      covering all or a portion of the Eligible Collateral granted by way of
      security to the Security Trustee under the Debenture or the other Finance
      Documents, and the Borrower shall be responsible for all damages,
      judgments, costs and expenses of any kind which may be imposed on,
      incurred by or asserted against the Agent relating to or arising out of
      such Interest Rate Protection Agreements, including without limitation any
      losses resulting from such Interest Rate Protection
      Agreements.

                 

              
	
                20.15

              	
                Proceeds

              
	 
      	
                If
      an Event of Default shall occur and be continuing, (a) all proceeds of
      Collateral received by the Borrower consisting of cash, cheques and other
      near-cash items shall be held by the Borrower on trust for the Security
      Trustee, segregated from other funds of the Borrower, and shall forthwith
      upon receipt by the Borrower be turned over to the Security Trustee or as
      the Security Trustee may otherwise direct in the exact form received by
      the Borrower (duly endorsed by the Borrower to the Agent, if required).
      For purposes hereof, proceeds shall include, but not be limited to, all
      principal and interest payments, all prepayments and payoffs, insurance
      claims, condemnation awards, sale proceeds, real estate owned rents and
      any other income and all other amounts received with respect to the
      Collateral.

                 

              
	
                20.16

              	
                No
      Duty of the Security Trustee

              
	 
      	
                The
      powers conferred on the Security Trustee hereunder are solely to protect
      the Security Trustee’s interests in the Collateral and shall not impose
      any duty upon it to exercise any such powers.  The Security
      Trustee shall be accountable only for amounts that it actually receives as
      a result of the exercise of such powers, and neither it nor any of its
      officers, directors, employees or agents shall be responsible to the
      Borrower for any act or failure to act hereunder, except for its or their
      own gross negligence or wilful misconduct.

                 

              

      

       

      
        
          
          

        

        
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60 -

          
            

          

        

        
          
          

        

      

       

      SECTION
8

      CHANGES
TO PARTIES

       

      
        	
                 

                21.

                 

              	
                 

                CHANGES
      TO THE LENDERS

                 

              
	
                21.1

              	
                Assignments
      and transfers by the Lender

              
	 
      	
                A
      Lender (the "Existing
      Lender") may not, except as noted in paragraphs (a) and (b) of this
      Clause 21.1, and subject to the consent of the Borrower, assign any of its
      rights; or transfer by novation any of its rights and obligations under
      this Agreement to any other person (the "New
      Lender").  Notwithstanding the aforementioned a Lender
      may without the consent of the Borrower:

                 

              
	 
      	
                (a)

                 

              	
                sell
      participations to one or more persons in or to all or a portion of its
      rights and obligations under this Agreement provided, however, that (i)
      the Lender's obligations under this Agreement shall remain unchanged; (ii)
      the Lender shall remain solely responsible to the other parties hereto for
      the performance of such obligations; and (iii) Borrower shall continue to
      deal solely and directly with the Agent in connection with lender's rights
      and obligations under and in respect of this Agreement and Finance
      Documents. Each participant or New Lender shall be entitled to the
      additional compensation and other rights and protections afforded the
      Lender under this Agreement to the same extent as the Lender would have
      been entitled to receive them with respect to the participation sold to
      such participant; and

                 

              
	 
      	
                (b)

                 

              	
                assign,
      transfer or otherwise convey its rights under this Agreement to an
      Affiliate (meeting the definition of Institutional Investor and
      Institutional Owner), an Institutional Owner or Institutional Investor any
      of which is in the business of making loans similar to the Loans, provided that such
      Affiliate, Institutional Investor or Institutional Owner shall execute and
      deliver the document required under Clause 21.2 (Conditions of Assignment or
      Transfer).

                 

              
	
                21.2

              	
                Conditions
      of assignment or transfer

              
	 
      	
                (a)

                 

              	
                The
      consent of the Borrower required under paragraph (a) of Clause 21.1 (Assignments and Transfers by
      the Lender) to an assignment or transfer must not be unreasonably
      withheld or delayed.

                 

              
	 
      	
                (b)

                 

              	
                An
      assignment will only be effective on:

                 

              
	 
      	 
      	
                (i)

                 

              	
                receipt
      by the Agent of written confirmation from the New Lender (in form and
      substance satisfactory to the Agent) that the New Lender will assume the
      same obligations to the other Finance Parties as it would have been under
      if it was an Initial Lender; and

                 

              
	 
      	 
      	
                (ii)

                 

              	
                performance
      by the Agent of all necessary "know your customer" or other similar checks
      under all applicable laws and regulations in relation to such assignment
      to a New Lender, the completion of which the Agent shall promptly notify
      to the Existing Lender and the New Lender.

                 

              

      

       

      
        
          
          

        

        
          -
61 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (c)

                 

              	
                A
      transfer will only be effective if the procedure set out in Clause 21.4
      (Procedure for
      transfer) is complied with.

                 

              
	 
      	
                (d)

                 

              	
                If:

                 

              
	 
      	 
      	
                (i)

                 

              	
                a
      Lender assigns or transfers any of its rights or obligations under the
      Finance Documents or changes its Facility Office; and

                 

              
	 
      	 
      	
                (ii)

                 

              	
                as
      a result of circumstances existing at the date the assignment, transfer or
      change occurs, the Borrower would be obliged to make a payment to the New
      Lender or a Lender acting through its new Facility Office under Clause 12
      (Tax gross-up and
      indemnities) or Clause 13 (Increased
      costs),

                 

              
	 
      	
                then
      the New Lender or a Lender acting through its new Facility Office is only
      entitled to receive payment under those Clauses to the same extent as the
      Existing Lender or a Lender acting through its previous Facility Office
      would have been if the assignment, transfer or change had not
      occurred.

                 

              
	
                21.3

              	
                Limitation
      of responsibility of Existing Lenders

              
	 
      	
                (a)

                 

              	
                Unless
      expressly agreed to the contrary, an Existing Lender makes no
      representation or warranty and assumes no responsibility to the Lender
      for:

                 

              
	 
      	 
      	
                (i)

                 

              	
                the
      legality, validity, effectiveness, adequacy or enforceability of the
      Finance Documents or any other documents;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                the
      financial condition of any Obligor;

                 

              
	 
      	 
      	
                (iii)

                 

              	
                the
      performance and observance by any Obligor of its obligations under the
      Finance Documents or any other documents; or

                 

              
	 
      	 
      	
                (iv)

                 

              	
                the
      accuracy of any statements (whether written or oral) made in or in
      connection with any Finance Document or any other document,

                 

              
	 
      	
                and
      any representations or warranties implied by law are
excluded.

                 

              
	 
      	
                (b)

                 

              	
                The
      Lender confirms to the Existing Lender and the other Finance Parties that
      it:

                 

              
	 
      	 
      	
                (i)

                 

              	
                has
      made (and shall continue to make) its own independent investigation and
      assessment of the financial condition and affairs of each Obligor and its
      related entities in connection with its participation in this Agreement
      and has not relied exclusively on any information provided to it by the
      Existing Lender in connection with any Finance Document; and

                 

              
	 
      	 
      	
                (ii)

                 

              	
                will
      continue to make its own independent appraisal of the creditworthiness of
      each Obligor and its related entities whilst any amount is or may be
      outstanding under the Finance Documents or any Loan is in
      force.

                 

              

      

       

      
        
          
          

        

        
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62 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (c)

                 

              	
                Nothing
      in any Finance Document obliges an Existing Lender to:

                 

              
	 
      	 
      	
                (i)

                 

              	
                accept
      a re-transfer from a New Lender of any of the rights and obligations
      assigned or transferred under this Clause 21; or

                 

              
	 
      	 
      	
                (ii)

                 

              	
                support
      any losses directly or indirectly incurred by the New Lender by reason of
      the non-performance by any Obligor of its obligations under the Finance
      Documents or otherwise.

                 

              
	
                21.4

              	
                Procedure
      for transfer

              
	 
      	
                (a)

                 

              	
                Subject
      to the conditions set out in Clause 21.2 (Conditions of assignment or
      transfer) a transfer is effected in accordance with paragraph (c)
      below when the Agent executes an otherwise duly completed Transfer
      Certificate delivered to it by the Existing Lender and the New
      Lender.  The Transfer Certificate shall be substantially in the
      form set out at Schedule 5 to this Agreement and shall (i) indicate the
      category of Qualifying Lender that the person beneficially entitled to
      interest payable to the New Lender in respect of an advance under a
      Finance Document is (the "Beneficial Owner"); and
      (ii) in the case of a Beneficial Owner that is a Qualifying Lender within
      the meaning of paragraph (d) of the definition of Qualifying Lender set
      out in Clause 12.1 above, be accompanied by a copy of the notification it
      is required to make under Section 246(5)(a) of the Irish Taxes Act to the
      Irish Revenue Commissioners and the notification it is required to make
      under Section 246(5)(a) of the Irish Taxes Act to the relevant
      Obligor.  The Agent shall, subject to paragraph (b) below, as
      soon as reasonably practicable after receipt by it of a duly completed
      Transfer Certificate appearing on its face to comply with the terms of
      this Agreement and delivered in accordance with the terms of this
      Agreement, execute that Transfer Certificate.

                 

              
	 
      	
                (b)

                 

              	
                The
      Agent shall only be obliged to execute a Transfer Certificate delivered to
      it by the Existing Lender and the New Lender once it is satisfied it has
      complied with all necessary "know your customer" or other similar checks
      under all applicable laws and regulations in relation to the transfer to
      such New Lender.

                 

              
	 
      	
                (c)

                 

              	
                On
      the Transfer Date:

                 

              
	 
      	 
      	
                (i)

                 

              	
                to
      the extent that in the Transfer Certificate the Existing Lender seeks to
      transfer by novation its rights and obligations under the Finance
      Documents the Borrower and the Existing Lender shall be released from
      further obligations towards one another under the Finance Documents and
      their respective rights against one another under the Finance Documents
      shall be cancelled (being the "Discharged Rights and
      Obligations");

                 

              
	 
      	 
      	
                (ii)

                 

              	
                the
      Borrower and the New Lender shall assume obligations towards one another
      and/or acquire rights against one another which differ from the Discharged
      Rights and Obligations only insofar as the Borrower and the New Lender
      have assumed and/or acquired the same in place of the Borrower and the
      Existing Lender;

                 

              

      

       

      
        
          
          

        

        
          -
63 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                (iii)

                 

              	
                the
      Agent, the New Lender and other Lenders shall acquire the same rights and
      assume the same obligations between themselves as they would have acquired
      and assumed had the New Lender been an Original the Lender with the rights
      and/or obligations acquired or assumed by it as a result of the transfer
      and to that extent the Agent, and the Existing Lender shall each be
      released from further obligations to each other under the Finance
      Documents; and

                 

              
	 
      	 
      	
                (iv)

                 

              	
                the
      New Lender shall become a Party as "the Lender".

                 

              
	
                21.5

              	
                Copy
      of Transfer Certificate to the Borrower

              
	 
      	
                The
      Agent shall, as soon as reasonably practicable after it has executed a
      Transfer Certificate, send to the Borrower a copy of that Transfer
      Certificate.

                 

              
	
                21.6

              	
                Disclosure
      of information

              
	 
      	
                Any
      Lender may disclose to any of its Affiliates and any other
      person:

                 

              
	 
      	 
      	
                (a)

                 

              	
                to
      (or through) whom that the Lender assigns or transfers (or may potentially
      assign or transfer) all or any of its rights and obligations under this
      Agreement;

                 

              
	 
      	 
      	
                (b)

                 

              	
                with
      (or through) whom that the Lender enters into (or may potentially enter
      into) any sub-participation in relation to, or any other transaction under
      which payments are to be made by reference to, this Agreement or any
      Obligor; or

                 

              
	 
      	 
      	
                (c)

                 

              	
                to
      whom, and to the extent that, information is required to be disclosed by
      any applicable law or regulation,

                 

              
	 
      	
                any
      information about any Obligor, and the Finance Documents as that the
      Lender shall consider appropriate if, in relation to paragraphs (a) and
      (b) above, the person to whom the information is to be given has entered
      into a Confidentiality Undertaking.

                 

              
	
                21.7

              	
                Use
      of the Collateral

              
	 
      	
                Notwithstanding
      anything to the contrary contained herein or in any Finance Documents, the
      Security Trustee shall have free and unrestricted use of all Collateral
      (subject to the provisions of the Finance Documents) and, except as
      provided below, nothing in this Agreement shall preclude the Security
      Trustee from engaging in repurchase transactions with the Collateral or
      otherwise pledging, repledging, transferring, hypothecating, or
      rehypothecating the Collateral, on terms, and subject to conditions,
      within the Security Trustee's absolute discretion.  Nothing
      contained in this Agreement shall oblige the Security Trustee to segregate
      any Collateral delivered to the Security Trustee by the Borrower; provided
      however, the documents evidencing such repurchase transaction or pledge or
      hypothecation shall be consistent with the terms of this Agreement and the
      other Finance Documents including, but not limited to, the rights of the
      Borrower to have the Collateral delivered to the Borrower upon repayment
      of all of the Loans.

                 

              
	
                 

                22.

                 

              	
                 

                CHANGES
      TO THE OBLIGORS

                 

              
	 
      	
                The
      Borrower may not assign or otherwise transfer any of its rights or
      transfer any of its rights or obligations under the Finance
      Documents.

                 

              

      

       

      
        
          
          

        

        
          -
64 -

          
            

          

        

        
          
          

        

      

       

      SECTION
9

      THE
FINANCE PARTIES

       

      
        	
                 

                23.

                 

              	
                 

                ROLE
      OF THE AGENT 

                 

              
	
                23.1

              	
                Appointment
      of the Agent and the Security Trustee

              
	 
      	
                (a)

                 

              	
                Each
      other Finance Party appoints the Agent to act as its agent under and in
      connection with the Finance Documents.

                 

              
	 
      	
                (b)

                 

              	
                Each
      other Finance Party authorises the Agent to exercise the rights, powers,
      authorities and discretions specifically given to the Agent under or in
      connection with the Finance Documents together with any other incidental
      rights, powers, authorities and discretions.

                 

              
	
                23.2

              	
                Duties
      of the Agent

              
	 
      	
                (a)

                 

              	
                The
      Agent shall promptly forward to a Party the original or a copy of any
      document which is delivered to the Agent for that Party by any other
      Party.

                 

              
	 
      	
                (b)

                 

              	
                Except
      where a Finance Document specifically provides otherwise, the Agent is not
      obliged to review or check the adequacy, accuracy or completeness of any
      document it forwards to another Party.

                 

              
	 
      	
                (c)

                 

              	
                If
      the Agent receives notice from a Party referring to this Agreement,
      describing a Default and stating that the circumstance described is a
      Default, it shall promptly notify the other Finance Parties.

                 

              
	 
      	
                (d)

                 

              	
                If
      the Agent is aware of the non-payment of any principal, interest,
      commitment fee or other fee payable to a Finance Party (other than the
      Agent) under this Agreement it shall promptly notify the other Finance
      Parties.

                 

              
	 
      	
                (e)

                 

              	
                The
      Agent's duties under the Finance Documents are solely mechanical and
      administrative in nature.

                 

              
	
                23.3

              	
                No
      fiduciary duties

              
	 
      	
                (a)

                 

              	
                Except
      as provided in Clause 23.16 (Deduction from amounts payable
      by the Agent) nothing in this Agreement constitutes the Agent as a
      trustee or fiduciary of any other person.

                 

              
	 
      	
                (b)

                 

              	
                The
      Agent shall not be bound to account to any Lender for any sum or the
      profit element of any sum received by it for its own account.

                 

              
	
                23.4

              	
                Business
      with Affiliates

              
	 
      	
                The
      Agent may accept deposits from, lend money to and generally engage in any
      kind of banking or other business with any Obligor or any Affiliate
      thereof.

                 

              
	
                23.5

              	
                Rights
      and discretions of the Agent

              
	 
      	
                (a)

                 

              	
                The
      Agent may rely on:

                 

              
	 
      	 
      	
                (i)

                 

              	
                any
      representation, notice or document believed by it to be genuine, correct
      and appropriately authorised; and

                 

              

      

       

      
        
          
          

        

        
          -
65 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                (ii)

                 

              	
                any
      statement made by a director, authorised signatory or employee of any
      person regarding any matters which may reasonably be assumed to be within
      his knowledge or within his power to verify.

                 

              
	 
      	
                (b)

                 

              	
                The
      Agent may assume (unless it has received notice to the contrary in its
      capacity as agent for the Lenders) that:

                 

              
	 
      	 
      	
                (i)

                 

              	
                no
      Default has occurred (unless it has actual knowledge of a Default arising
      under Clause 20.1 (Non-payment));

                 

              
	 
      	 
      	
                (ii)

                 

              	
                any
      right, power, authority or discretion vested in any Party or the Majority
      Lenders has not been exercised; and

                 

              
	 
      	 
      	
                (iii)

                 

              	
                any
      notice or request made by the Borrower (other than a Request for
      Borrowing) is made on behalf of and with the consent and knowledge of the
      Guarantor.

                 

              
	 
      	
                (c)

                 

              	
                The
      Agent may engage, pay for and rely on the advice or services of any
      lawyers, accountants, surveyors or other experts.

                 

              
	 
      	
                (d)

                 

              	
                The
      Agent may act in relation to the Finance Documents through its personnel
      and agents.

                 

              
	 
      	
                (e)

                 

              	
                The
      Agent may disclose to any other Party any information it reasonably
      believes it has received as agent under this Agreement.

                 

              
	 
      	
                (f)

                 

              	
                Notwithstanding
      any other provision of any Finance Document to the contrary, the Agent is
      not obliged to do or omit to do anything if it would or might in its
      reasonable opinion constitute a breach of any law or regulation or a
      breach of a fiduciary duty or duty of confidentiality.

                 

              
	
                23.6

              	
                Majority
      Lenders' instructions

              
	 
      	
                (a)

                 

              	
                Unless
      a contrary indication appears in a Finance Document, the Agent shall (i)
      exercise any right, power, authority or discretion vested in it as the
      Agent in accordance with any instructions given to it by the Majority
      Lenders (or, if so instructed by the Majority Lenders, refrain from
      exercising any right, power, authority or discretion vested in it as the
      Agent) and (ii) not be liable for any act (or omission) if it acts (or
      refrains from taking any action) in accordance with an instruction of the
      Majority Lenders.

                 

              
	 
      	
                (b)

                 

              	
                Unless
      a contrary indication appears in a Finance Document, any instructions
      given by the Majority Lenders will be binding on all the Finance
      Parties.

                 

              
	 
      	
                (c)

                 

              	
                The
      Agent may refrain from acting in accordance with the instructions of the
      Majority Lenders (or, if appropriate, the Lenders) until it has received
      such security as it may require for any cost, loss or liability (together
      with any associated VAT) which it may incur in complying with the
      instructions.

                 

              

      

       

      
        
          
          

        

        
          -
66 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (d)

                 

              	
                In
      the absence of instructions from the Majority Lenders, (or, if
      appropriate, the Lenders) the Agent may act (or refrain from taking
      action) as it considers to be in the best interest of the
      Lenders.

                 

              
	 
      	
                (e)

                 

              	
                The
      Agent is not authorised to act on behalf of a Lender (without first
      obtaining that Lender's consent) in any legal or arbitration proceedings
      relating to any Finance Document.

                 

              
	
                23.7

              	
                Responsibility
      for documentation

              
	 
      	
                The
      Agent is not:

                 

              
	 
      	
                (a)

                 

              	
                responsible
      for the adequacy, accuracy and/or completeness of any information (whether
      oral or written) supplied by the Agent, an Obligor or any other person
      given in or in connection with any Finance Document or the Information
      Memorandum; or

                 

              
	 
      	
                (b)

                 

              	
                responsible
      for the legality, validity, effectiveness, adequacy or enforceability of
      any Finance Document or any other agreement, arrangement or document
      entered into, made or executed in anticipation of or in connection with
      any Finance Document.

                 

              
	
                23.8

              	
                Exclusion
      of liability

              
	 
      	
                (a)

                 

              	
                Without
      limiting paragraph (b) below (and without prejudice to the provisions of
      paragraph (e) of Clause 26.9 (Disruption to Payment Systems
      etc.), the Agent will not be liable (including without limitation,
      for negligence or any other category of liability whatsoever) for any
      action taken by it under or in connection with any Finance Document,
      unless directly caused by its gross negligence or wilful
      misconduct.

                 

              
	 
      	
                (b)

                 

              	
                No
      Party (other than the Agent) may take any proceedings against any officer,
      employee or agent of the Agent in respect of any claim it might have
      against the Agent or in respect of any act or omission of any kind by that
      officer, employee or agent in relation to any Finance Document and any
      officer, employee or agent of the Agent may rely on this Clause subject to
      Clause 1.3 (Third Party
      Rights) and the provisions of the Third Parties Act.

                 

              
	 
      	
                (c)

                 

              	
                The
      Agent will not be liable for any delay (or any related consequences) in
      crediting an account with an amount required under the Finance Documents
      to be paid by the Agent if the Agent has taken all necessary steps as soon
      as reasonably practicable to comply with the regulations or operating
      procedures of any recognised clearing or settlement system used by the
      Agent for that purpose.

                 

              
	 
      	
                (d)

                 

              	
                Nothing
      in this Agreement shall oblige the Agent to carry out any "know your
      customer" or other checks in relation to any person on behalf of any
      Lender and each Lender confirms to the Agent that it is solely responsible
      for any such checks it is required to carry out and that it may not rely
      on any statement in relation to such checks made by the
Agent.

                 

              

      

       

      
        
          
          

        

        
          -
67 -

          
            

          

        

        
          
          

        

      

       

      
        	
                23.9

              	
                Lenders'
      indemnity to the Agent

              
	 
      	
                Each
      Lender shall (in proportion to its share of the Total Maximum Credit or,
      if the Total Maximum Credit is then zero, to its share of the Total
      Maximum Credit immediately prior to their reduction to zero) indemnify the
      Agent, within three Business Days of demand, against any cost, loss or
      liability (including, without limitation, for negligence or any other
      category of liability whatsoever) incurred by the Agent (otherwise than by
      reason of the Agent's gross negligence or wilful misconduct) (or, in the
      case of any cost, loss or liability pursuant to Clause 26.9 (Disruption to Payment Systems
      etc.) notwithstanding the Agent's negligence, gross negligence, or
      any other category of liability whatsoever but not including any claim
      based on the fraud of the Agent) in acting as the Agent under the Finance
      Documents (unless the Agent has been reimbursed by an Obligor pursuant to
      a Finance Document).

                 

              
	
                23.10

              	
                Resignation
      of the Agent

              
	 
      	
                (a)

                 

              	
                The
      Agent may resign and appoint one of its Affiliates acting through an
      office in the United Kingdom as successor by giving notice to the other
      Finance Parties and the Borrower.

                 

              
	 
      	
                (b)

                 

              	
                Alternatively
      the Agent may resign by giving notice to the other Finance Parties and the
      Borrower, in which case the Majority Lenders (after consultation with the
      Borrower) may appoint a successor agent.

                 

              
	 
      	
                (c)

                 

              	
                If
      the Majority Lenders have not appointed a successor agent in accordance
      with paragraph (b) above within thirty (30) days after notice of
      resignation was given, the Agent (after consultation with the Borrower)
      may appoint a successor agent (acting through an office in the United
      Kingdom).

                 

              
	 
      	
                (d)

                 

              	
                The
      Agent shall, at its own cost, make available to the successor agent such
      documents and records and provide such assistance as the successor agent
      may reasonably request for the purposes of performing its functions as the
      Agent under the Finance Documents.

                 

              
	 
      	
                (e)

                 

              	
                The
      Agent's resignation notice shall only take effect upon the appointment of
      a successor.

                 

              
	 
      	
                (f)

                 

              	
                Upon
      the appointment of a successor, the retiring Agent shall be discharged
      from any further obligation in respect of the Finance Documents but shall
      remain entitled to the benefit of this Clause 23.  Its successor
      and each of the other Parties shall have the same rights and obligations
      amongst themselves as they would have had if such successor had been an
      original Party.

                 

              
	 
      	
                (g)

                 

              	
                After
      consultation with the Borrower, the Majority Lenders may, by notice to the
      Agent, require it to resign in accordance with paragraph (b)
      above.  In this event, the Agent shall resign in accordance with
      paragraph (b) above.

                 

              
	
                23.11

              	
                Confidentiality

              
	 
      	
                (a)

                 

              	
                In
      acting as agent for the Finance Parties, the Agent shall be regarded as
      acting through its agency division which shall be treated as a separate
      entity from any other of its divisions or departments.

                 

              

      

       

      
        
          
          

        

        
          -
68 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (b)

                 

              	
                If
      information is received by another division or department of the Agent, it
      may be treated as confidential to that division or department and the
      Agent shall not be deemed to have notice of it.

                 

              
	
                23.12

              	
                Relationship
      with the Lenders

              
	 
      	
                (a)

                 

              	
                The
      Agent may treat each Lender as a Lender, entitled to payments under this
      Agreement and acting through its Facility Office unless it has received
      not less than five (5) Business Days prior notice from that Lender to the
      contrary in accordance with the terms of this Agreement.

                 

              
	 
      	
                (b)

                 

              	
                Each
      Lender shall supply the Agent with any information required by the Agent
      in order to calculate the Mandatory Cost in accordance with Schedule 4
      (Mandatory Cost
      formulae).

                 

              
	
                23.13

              	
                Credit
      appraisal by the Lenders

              
	 
      	
                Without
      affecting the responsibility of any Obligor for information supplied by it
      or on its behalf in connection with any Finance Document, each Lender
      confirms to the Agent that it has been, and will continue to be, solely
      responsible for making its own independent appraisal and investigation of
      all risks arising under or in connection with any Finance Document
      including but not limited to:

                 

              
	 
      	
                (a)

                 

              	
                the
      financial condition, status and nature of each Obligor;

                 

              
	 
      	
                (b)

                 

              	
                the
      legality, validity, effectiveness, adequacy or enforceability of any
      Finance Document and any other agreement, arrangement or document entered
      into, made or executed in anticipation of, under or in connection with any
      Finance Document;

                 

              
	 
      	
                (c)

                 

              	
                whether
      that Lender has recourse, and the nature and extent of that recourse,
      against any Party or any of its respective assets under or in connection
      with any Finance Document, the transactions contemplated by the Finance
      Documents or any other agreement, arrangement or document entered into,
      made or executed in anticipation of, under or in connection with any
      Finance Document; and

                 

              
	 
      	
                (d)

                 

              	
                the
      adequacy, accuracy and/or completeness of the Information Memorandum and
      any other information provided by the Agent, any Party or by any other
      person under or in connection with any Finance Document, the transactions
      contemplated by the Finance Documents or any other agreement, arrangement
      or document entered into, made or executed in anticipation of, under or in
      connection with any Finance Document.

                 

              
	
                23.14

              	
                Reference
      Banks

              
	 
      	
                If
      a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of
      which it is an Affiliate) ceases to be a Lender, the Agent shall (in
      consultation with the Borrower) appoint another Lender or an Affiliate of
      a Lender to replace that Reference Bank.

                 

              
	
                23.15

              	
                The
      Agent's Management Time

              
	 
      	
                Except
      for any amount to be paid to the Agent in respect of any proposed or
      actual syndication of a Loan (which amount shall be paid by the Lenders)
      any amount payable to the Agent under 

                 

              

      

       

      
        
          
          

        

        
          -
69 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                Clause
      15 (Costs and
      expenses) and Clause 23.9 (Lenders' indemnity to the
      Agent) shall include the cost of utilising the Agent's management
      time or other resources and will be calculated on the basis of such
      reasonable daily or hourly rates as the Agent may agree with the Borrower
      and the Lenders, and is in addition to any fee paid or payable to the
      Agent under Clause 11 (Fees).

                   

              
	
                23.16

              	
                Deduction
      from amounts payable by the Agent

              
	 
      	
                If
      any Party owes an amount to the Agent under the Finance Documents the
      Agent may, after giving notice to that Party, deduct an amount not
      exceeding that amount from any payment to that Party which the Agent would
      otherwise be obliged to make under the Finance Documents and apply the
      amount deducted in or towards satisfaction of the amount
      owed.  For the purposes of the Finance Documents that Party
      shall be regarded as having received any amount so deducted.

                 

              
	
                23.17

              	
                The
      Security Trustee as trustee

              
	 
      	
                (a)

                 

              	
                The
      Security Trustee declares that it holds all rights, title and interests
      in, to and under those Finance Documents to which it is a party and
      expressed to be a trustee (acting as trustee for the Finance Parties), and
      all proceeds of the enforcement of such Finance Documents, on trust for
      the Finance Parties from time to time.  This trust shall remain
      in force even if the Security Trustee (in whatever capacity) is at any
      time the sole Finance Party.

                 

              
	 
      	
                (b)

                 

              	
                The
      Security Trustee, in its capacity as trustee or otherwise under any
      Finance Document is not liable for any failure:

                 

              
	 
      	 
      	
                (i)

                 

              	
                to
      require the deposit with it of any title deed, any Finance Document; or
      any other documents in connection with any Finance Document;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                in
      it (or its solicitors) holding any title deed, any Finance Document or any
      other documents in connection with any Finance Document in its own
      possession or to take any steps to protect or preserve the same including
      permitting the Borrower to retain any such title deeds, any Finance
      Documents or any other documents;

                 

              
	 
      	 
      	
                (iii)

                 

              	
                to
      obtain any licence, consent or other authority for the execution,
      delivery, validity, legality, adequacy, performance, enforceability or
      admissibility in evidence of any such Finance Document;

                 

              
	 
      	 
      	
                (iv)

                 

              	
                to
      effect or ensure registration of or otherwise protect any of the security
      created by any such Finance Document by registering the same under the
      Land Registration Act 2002 or any other applicable registration laws in
      any jurisdiction or otherwise by registering any notice, caution or other
      entry prescribed by or pursuant to the provisions of the said Act or
      laws;

                 

              
	 
      	 
      	
                (v)

                 

              	
                to
      take or require the Borrower to take any step to render the security
      created or purported to be created by or pursuant to any such Finance
      Document effective or to secure the creation of any ancillary security
      under the laws of any jurisdiction;

                 

              

      

       

      
        
          
          

        

        
          -
70 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                (vi)

                 

              	
                to
      require any further assurances in relation to any such Finance Document;
      or

                 

              
	 
      	 
      	
                (vii)

                 

              	
                to
      insure any asset or require any other person to maintain any such
      insurance or be responsible for any loss which may be suffered by any
      person as a result of the lack, or inadequacy or insufficiency, of any
      such insurance.

                 

              
	 
      	
                (c)

                 

              	
                The
      Security Trustee may accept, without enquiry, any right or title that the
      Borrower may (or may purport to) have to any asset which is the subject of
      any such Finance Document and shall not be bound or concerned to
      investigate or make any enquiry into the right or title of the Borrower to
      any such asset or to require the Borrower to remedy any defect in its
      right or title to the same.

                 

              
	 
      	
                (d)

                 

              	
                Save
      as otherwise provided in the Finance Documents, all moneys, which under
      the trusts contained in any Finance Document are received by the Security
      Trustee in its capacity as trustee or otherwise, may be invested in the
      name of, or under the control of, the Security Trustee in any investment
      for the time being authorised by English law for the investment by a
      trustee of trust money or in any other investments which may be selected
      by the Security Trustee.  Additionally, the same may be placed
      on deposit in the name of, or under the control of, the Security Trustee
      at such bank or institution (including the Security Trustee) and upon such
      terms as the Agent may think fit.

                 

              
	 
      	
                (e)

                 

              	
                Section
      1 of the Trustee Act 2000 shall not apply to the duties of the Security
      Trustee in relation to the trusts constituted by any Finance
      Document.  Where there are any inconsistencies between that Act
      and the provisions of that Finance Document, the provisions of that
      Finance Document shall, to the extent allowed by law, prevail and, in the
      case of any inconsistency with that Act, the provisions of that Finance
      Document shall constitute a restriction or exclusion for the purposes of
      that Act.

                 

              
	 
      	
                (f)

                 

              	
                The
      perpetuity period for the trusts in this Agreement is 80
      years.

                 

              
	
                 

                24.

                 

              	
                 

                CONDUCT
      OF BUSINESS BY THE FINANCE PARTIES

                 

              
	 
      	
                No
      provision of this Agreement will:

                 

              
	 
      	
                (a)

                 

              	
                interfere
      with the right of any Finance Party to arrange its affairs (tax or
      otherwise) in whatever manner it thinks fit;

                 

              
	 
      	
                (b)

                 

              	
                oblige
      any Finance Party to investigate or claim any credit, relief, remission or
      repayment available to it or the extent, order and manner of any claim;
      or

                 

              
	 
      	
                (c)

                 

              	
                oblige
      any Finance Party to disclose any information relating to its affairs (tax
      or otherwise) or any computations in respect of Tax.

                 

              
	
                 

                25.

                 

              	
                 

                SHARING
      AMONG THE FINANCE PARTIES

                 

              
	
                25.1

              	
                Payments
      to Finance Parties

              
	 
      	
                If
      a Finance Party (a "Recovering Finance
      Party") receives or recovers any amount from an Obligor other than
      in accordance with Clause 26 (Payment mechanics) and
      applies that amount to a payment due under the Finance Documents
      then:

                 

              

      

       

      
        
          
          

        

        
          -
71 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (a)

                 

              	
                the
      Recovering Finance Party shall, within three (3) Business Days, notify
      details of the receipt or recovery, to the Agent;

                 

              
	 
      	
                (b)

                 

              	
                the
      Agent shall determine whether the receipt or recovery is in excess of the
      amount the Recovering Finance Party would have been paid had the receipt
      or recovery been received or made by the Agent and distributed in
      accordance with Clause 26 (Payment mechanics),
      without taking account of any Tax which would be imposed on the Agent in
      relation to the receipt, recovery or distribution; and

                 

              
	 
      	
                (c)

                 

              	
                the
      Recovering Finance Party shall, within three (3) Business Days of demand
      by the Agent, pay to the Agent an amount (the "Sharing Payment") equal
      to such receipt or recovery less any amount which the Agent determines may
      be retained by the Recovering Finance Party as its share of any payment to
      be made, in accordance with the Debenture.

                 

              
	
                25.2

              	
                Redistribution
      of payments

              
	 
      	
                The
      Agent shall treat the Sharing Payment as if it had been paid by the
      relevant Obligor and distribute it between the Finance Parties (other than
      the Recovering Finance Party) in accordance with the
      Debenture.

                 

              
	
                25.3

              	
                Recovering
      Finance Party's rights

              
	 
      	
                (a)

                 

              	
                On
      a distribution by the Agent under Clause 25.2 (Redistribution of
      payments), the Recovering Finance Party will be subrogated to the
      rights of the Finance Parties which have shared in the
      redistribution.

                 

              
	 
      	
                (b)

                 

              	
                If
      and to the extent that the Recovering Finance Party is not able to rely on
      its rights under paragraph (a) above, the relevant Obligor shall be liable
      to the Recovering Finance Party for a debt equal to the Sharing Payment
      which is immediately due and payable.

                 

              
	
                25.4

              	
                Reversal
      of redistribution

              
	 
      	
                If
      any part of the Sharing Payment received or recovered by a Recovering
      Finance Party becomes repayable and is repaid by that Recovering Finance
      Party, then:

                 

              
	 
      	
                (a)

                 

              	
                each
      Finance Party which has received a share of the relevant Sharing Payment
      pursuant to Clause 25.2 (Redistribution of
      payments) shall, upon request of the Agent, pay to the Agent for
      the account of that Recovering Finance Party an amount equal to the
      appropriate part of its share of the Sharing Payment (together with an
      amount as is necessary to reimburse that Recovering Finance Party for its
      proportion of any interest on the Sharing Payment which that Recovering
      Finance Party is required to pay); and

                 

              
	 
      	
                (b)

                 

              	
                that
      Recovering Finance Party's rights of subrogation in respect of any
      reimbursement shall be cancelled and the relevant Obligor will be liable
      to the reimbursing Finance Party for the amount so
reimbursed.

                 

              

      

       

      
        
          
          

        

        
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                25.5

              	
                Exceptions

              
	 
      	
                (a)

                 

              	
                This
      Clause 25 shall not apply to the extent that the Recovering Finance Party
      would not, after making any payment pursuant to this Clause, have a valid
      and enforceable claim against the relevant Obligor.

                 

              
	 
      	
                (b)

                 

              	
                A
      Recovering Finance Party is not obliged to share with any other Finance
      Party any amount which the Recovering Finance Party has received or
      recovered as a result of taking legal or arbitration proceedings,
      if:

                 

              
	 
      	 
      	
                (i)

                 

              	
                it
      notified that other Finance Party of the legal or arbitration proceedings;
      and

                 

              
	 
      	 
      	
                (ii)

                 

              	
                that
      other Finance Party had an opportunity to participate in those legal or
      arbitration proceedings but did not do so as soon as reasonably
      practicable having received notice and did not take separate legal or
      arbitration proceedings.

                 

              

      

       

       

       

      
        
          
          

        

        
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      SECTION
10

      ADMINISTRATION

       

      
        	
                 

                26.

                 

              	
                 

                PAYMENT
      MECHANICS

                 

              
	
                26.1

              	
                Payments
      to the Agent

              
	 
      	
                (a)

                 

              	
                On
      each date on which an Obligor or a Lender is required to make a payment
      under a Finance Document, that Obligor or the Lender shall make the same
      available to the Agent (unless a contrary indication appears in a Finance
      Document) for value on the due date at the time and in such funds
      specified by the Agent as being customary at the time for settlement of
      transactions in the relevant currency in the place of
payment.

                 

              
	 
      	
                (b)

                 

              	
                Payment
      shall be made to such account in the principal financial centre of the
      country of that currency (or, in relation to euro, in a principal
      financial centre in a Participating Member State or London) with such bank
      as the Agent specifies.

                 

              
	
                26.2

              	
                Distributions
      by the Agent

              
	 
      	
                Each
      payment received by the Agent under the Finance Documents for another
      Party shall, subject to Clause 26.3 (Distributions to an
      Obligor), Clause 26.4 (Clawback) and
      Clause 23.16 (Deduction from amounts payable
      by the Agent) be made available by the Agent as soon as practicable
      after receipt to the Party entitled to receive payment in accordance with
      this Agreement (in the case of a Lender, for the account of its Facility
      Office), to such account as that Party may notify to the Agent by not less
      than five (5) Business Days' notice with a bank in the principal financial
      centre of the country of that currency (or, in relation to euro, in the
      principal financial centre of a Participating Member State or
      London).

                 

              
	
                26.3

              	
                Distributions
      to an Obligor

              
	 
      	
                The
      Agent may (with the consent of the Obligor or in accordance with Clause 27
      (Set-off)) apply
      any amount received by it for that Obligor in or towards payment (on the
      date and in the currency and funds of receipt) of any amount due from that
      Obligor under the Finance Documents or in or towards purchase of any
      amount of any currency to be so applied.

                 

              
	
                26.4

              	
                Clawback

              
	 
      	
                (a)

                 

              	
                Where
      a sum is to be paid to the Agent under the Finance Documents for another
      Party, the Agent is not obliged to pay that sum to that other Party (or to
      enter into or perform any related exchange contract) until it has been
      able to establish to its satisfaction that it has actually received that
      sum.

                 

              
	 
      	
                (b)

                 

              	
                If
      the Agent pays an amount to another Party and it proves to be the case
      that the Agent had not actually received that amount, then the Party to
      whom that amount (or the proceeds of any related exchange contract) was
      paid by the Agent shall on demand refund the same to the Agent together
      with interest on that amount from the date of payment to the date of
      receipt by the Agent, calculated by the Agent to reflect its cost of
      funds.

                 

              

      

       

      
        
          
          

        

        
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                26.5

              	
                No
      set-off by Obligors

              
	 
      	
                All
      payments to be made by an Obligor under the Finance Documents shall be
      calculated and be made without (and free and clear of any deduction for)
      set-off or counterclaim.

                 

              
	
                26.6

              	
                Business
      Days

              
	 
      	
                (a)

                 

              	
                Any
      payment which is due to be made on a day that is not a Business Day shall
      be made on the next Business Day.

                 

              
	 
      	
                (b)

                 

              	
                During
      any extension of the due date for payment of any principal or Unpaid Sum
      under this Agreement interest is payable on the principal or Unpaid Sum at
      the rate payable on the original due date.

                 

              
	
                26.7

              	
                Currency
      of account

              
	 
      	
                (a)

                 

              	
                Subject
      to paragraphs (b) to (e) below, the Base Currency is the currency of
      account and payment for any sum due from an Obligor under any Finance
      Document.

                 

              
	 
      	
                (b)

                 

              	
                A
      repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall
      be made in the currency in which such Loan or Unpaid Sum is denominated on
      the due date.

                 

              
	 
      	
                (c)

                 

              	
                Each
      payment of interest shall be made in the currency in which the sum in
      respect of which the interest is payable was denominated when that
      interest accrued.

                 

              
	 
      	
                (d)

                 

              	
                Each
      payment in respect of costs, expenses or Taxes shall be made in the
      currency in which the costs, expenses or Taxes are incurred.

                 

              
	 
      	
                (e)

                 

              	
                Any
      amount expressed to be payable in a currency other than the Base Currency
      shall be paid in that other currency.

                 

              
	
                26.8

              	
                Change
      of currency

              
	 
      	
                (a)

                 

              	
                Unless
      otherwise prohibited by law, if more than one currency or currency unit
      are at the same time recognised by the central bank of any country as the
      lawful currency of that country, then:

                 

              
	 
      	 
      	
                (i)

                 

              	
                any
      reference in the Finance Documents to, and any obligations arising under
      the Finance Documents in, the currency of that country shall be translated
      into, or paid in, the currency or currency unit of that country designated
      by the Agent (after consultation with the Borrower); and

                 

              
	 
      	 
      	
                (ii)

                 

              	
                any
      translation from one currency or currency unit to another shall be at the
      official rate of exchange recognised by the central bank for the
      conversion of that currency or currency unit into the other, rounded up or
      down by the Agent (acting reasonably).

                 

              
	 
      	
                (b)

                 

              	
                If
      a change in any currency of a country occurs, this Agreement will, to the
      extent the Agent (acting reasonably and after consultation with the
      Borrower) specifies to be necessary, be amended to comply with any
      generally accepted conventions and market practice in the Relevant
      Interbank Market and otherwise to reflect the change in
      currency.

                 

              

      

       

      
        
          
          

        

        
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75 -

          
            

          

        

        
          
          

        

      

       

      
        	
                26.9

              	
                Disruption
      to Payment Systems etc.

              
	 
      	
                If
      either the Agent determines (in its discretion) that a Disruption Event
      has occurred or the Agent is notified by the Borrower that a Disruption
      Event has occurred:

                 

              
	 
      	
                (a)

                 

              	
                the
      Agent may, and shall if requested to do so by the Borrower, consult with
      the Borrower with a view to agreeing with the Borrower such changes to the
      operation or administration of the Facility as the Agent may deem
      necessary in the circumstances;

                 

              
	 
      	
                (b)

                 

              	
                the
      Agent shall not be obliged to consult with the Borrower in relation to any
      changes mentioned in paragraph (a) if, in its opinion, it is not
      practicable to do so in the circumstances and, in any event, shall have no
      obligation to agree to such changes;

                 

              
	 
      	
                (c)

                 

              	
                the
      Agent may consult with the Finance Parties in relation to any changes
      mentioned in paragraph (a) but shall not be obliged to do so if, in its
      opinion, it is not practicable to do so in the circumstances;

                 

              
	 
      	
                (d)

                 

              	
                any
      such changes agreed upon by the Agent and the Borrower shall (whether or
      not it is finally determined that a Disruption Event has occurred) be
      binding upon the Parties as an amendment to (or, as the case may be,
      waiver of) the terms of the Finance Documents notwithstanding the
      provisions of Clause 32 (Amendments and
      Waivers);

                 

              
	 
      	
                (e)

                 

              	
                the
      Agent shall not be liable for any damages, costs or losses
      whatsoever  (including, without limitation for negligence, gross
      negligence or any other category of liability whatsoever but not including
      any claim based on the fraud of the Agent) arising as a result of its
      taking, or failing to take, any actions pursuant to or in connection with
      this Clause 26.9; and

                 

              
	 
      	
                (f)

                 

              	
                the
      Agent shall notify the Finance Parties of all changes agreed pursuant to
      paragraph (d) above.

                 

              
	
                 

                27.

                 

              	
                 

                SET-OFF

                 

              
	 
      	
                In
      addition to any rights and remedies of the Lender provided by this
      Agreement and by law, the Lender shall have the right, without prior
      notice to the Borrower, and such notice being expressly waived by the
      Borrower to the extent permitted by applicable law, upon any amount
      becoming due and payable by the Borrower hereunder (whether at the stated
      maturity, by acceleration or otherwise) to set-off and appropriate and
      apply against such amount any and all deposits of the Borrower (general or
      special, time or demand, provisional or final), in any currency, and any
      other credits, indebtedness or claims, in any currency, in each case
      whether direct or indirect, absolute or contingent, matured or unmatured,
      at any time held or owing by the Lender or any Affiliate thereof to or for
      the credit or the account of the Borrower.  The Lender agrees
      promptly to notify the Borrower after any such set-off and application
      made by the Lender provided that the
      failure to give such notice shall not affect the validity of such set-off
      and application.

                 

              

      

       

      
        
          
          

        

        
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76 -

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                28.

                 

              	
                 

                NOTICES

                 

              
	
                28.1

              	
                Communications
      in writing

              
	 
      	
                Any
      communication to be made under or in connection with the Finance Documents
      shall be made in writing and, unless otherwise stated, may be made by fax
      or letter.

                 

              
	
                28.2

              	
                Addresses

              
	 
      	
                The
      address and fax number (and the department or officer, if any, for whose
      attention the communication is to be made) of each Party for any
      communication or document to be made or delivered under or in connection
      with the Finance Documents is:

                 

              
	 
      	
                (a)

                 

              	
                in
      the case of the Borrower, that identified with its name
below;

                 

              
	 
      	
                (b)

                 

              	
                in
      the case of each Lender, that notified in writing to the Agent on or prior
      to the date on which it becomes a Party;

                 

              
	 
      	
                (c)

                 

              	
                in
      the case of the Initial Lender, that identified with its name below;
      and

                 

              
	 
      	
                (d)

                 

              	
                in
      the case of the Agent, that identified with its name below,

                 

              
	 
      	
                or
      any substitute address or fax number or department or officer as the Party
      may notify to the Agent (or the Agent may notify to the other Parties, if
      a change is made by the Agent) by not less than five (5) Business Days'
      notice.

                 

              
	
                28.3

              	
                Delivery

              
	 
      	
                (a)

                 

              	
                Any
      communication or document made or delivered by one person to another under
      or in connection with the Finance Documents will only be
      effective:

                 

              
	 
      	 
      	
                (i)

                 

              	
                if
      by way of fax, when received in legible form; or

                 

              
	 
      	 
      	
                (ii)

                 

              	
                if
      by way of letter, when it has been left at the relevant address or five
      (5) Business Days after being deposited in the post postage prepaid in an
      envelope addressed to it at that address,

                 

              
	 
      	 
      	
                and,
      if a particular department or officer is specified as part of its address
      details provided under Clause 28.2 (Addresses), if
      addressed to that department or officer.

                 

              
	 
      	
                (b)

                 

              	
                Any
      communication or document to be made or delivered to the Agent will be
      effective only when actually received by the Agent and then only if it is
      expressly marked for the attention of the department or officer identified
      with the Agent's signature below (or any substitute department or officer
      as the Agent shall specify for this purpose).

                 

              
	 
      	
                (c)

                 

              	
                All
      notices from or to an Obligor shall be sent through the
Agent.

                 

              
	 
      	
                (d)

                 

              	
                Any
      communication or document made or delivered to the Borrower in accordance
      with this Clause will be deemed to have been made or delivered to the
      Guarantor.

                 

              

      

       

      
        
          
          

        

        
          -
77 -

          
            

          

        

        
          
          

        

      

       

      
        	
                28.4

              	
                Notification
      of address and fax number

              
	 
      	
                Promptly
      upon receipt of notification of an address and fax number or change of
      address or fax number pursuant to Clause 28.2 (Addresses) or changing
      its own address or fax number, the Agent shall notify the other
      Parties.

                 

              
	
                28.5

              	
                Electronic
      communication

              
	 
      	
                (a)

                 

              	
                Any
      communication to be made between the Agent and a Lender under or in
      connection with the Finance Documents may be made by electronic mail or
      other electronic means, if the Agent and the relevant Lender:

                 

              
	 
      	 
      	
                (i)

                 

              	
                agree
      that, unless and until notified to the contrary, this is to be an accepted
      form of communication;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                notify
      each other in writing of their electronic mail address and/or any other
      information required to enable the sending and receipt of information by
      that means; and

                 

              
	 
      	 
      	
                (iii)

                 

              	
                notify
      each other of any change to their address or any other such information
      supplied by them.

                 

              
	 
      	
                (b)

                 

              	
                Any
      electronic communication made between the Agent and a Lender will be
      effective only when actually received in readable form and in the case of
      any electronic communication made by a Lender to the Agent only if it is
      addressed in such a manner as the Agent shall specify for this
      purpose.

                 

              
	
                28.6

              	
                English
      language

              
	 
      	
                (a)

                 

              	
                Any
      notice given under or in connection with any Finance Document must be in
      English.

                 

              
	 
      	
                (b)

                 

              	
                All
      other documents provided under or in connection with any Finance Document
      must be:

                 

              
	 
      	 
      	
                (i)

                 

              	
                in
      English; or

                 

              
	 
      	 
      	
                (ii)

                 

              	
                if
      not in English, and if so required by the Agent, accompanied by a
      certified English translation and, in this case, the English translation
      will prevail unless the document is a constitutional, statutory or other
      official document.

                 

              
	
                 

                29.

                 

              	
                 

                CALCULATIONS
      AND CERTIFICATES

                 

              
	
                29.1

              	
                Accounts

              
	 
      	
                In
      any litigation or arbitration proceedings arising out of or in connection
      with a Finance Document, the entries made in the accounts maintained by a
      Finance Party are prima
      facie evidence of the matters to which they relate.

                 

              
	
                29.2

              	
                Certificates
      and Determinations

              
	 
      	
                Any
      certification or determination by a Finance Party of a rate or amount
      under any Finance Document is, in the absence of manifest error,
      conclusive evidence of the matters to which it relates.

                 

              

      

       

      
        
          
          

        

        
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78 -

          
            

          

        

        
          
          

        

      

       

      
        	
                29.3

              	
                Day
      count convention

              
	 
      	
                Any
      interest, commission or fee accruing under a Finance Document will accrue
      from day to day and is calculated on the basis of the actual number of
      days elapsed and a year of 360 days or, in any case where the practice in
      the Relevant Interbank Market differs, in accordance with that market
      practice.

                 

              
	
                 

                30.

                 

              	
                 

                PARTIAL
      INVALIDITY

                 

              
	 
      	
                If,
      at any time, any provision of the Finance Documents is or becomes illegal,
      invalid or unenforceable in any respect under any law of any jurisdiction,
      neither the legality, validity or enforceability of the remaining
      provisions nor the legality, validity or enforceability of such provision
      under the law of any other jurisdiction will in any way be affected or
      impaired.

                 

              
	
                 

                31.

                 

              	
                 

                REMEDIES
      AND WAIVERS

                 

              
	 
      	
                No
      failure to exercise, nor any delay in exercising, on the part of any
      Finance Party, any right or remedy under the Finance Documents shall
      operate as a waiver, nor shall any single or partial exercise of any right
      or remedy prevent any further or other exercise or the exercise of any
      other right or remedy.  The rights and remedies provided in this
      Agreement are cumulative and not exclusive of any rights or remedies
      provided by law.

                 

              
	
                 

                32.

                 

              	
                 

                AMENDMENTS
      AND WAIVERS

                 

              
	
                32.1

              	
                Required
      consents

              
	 
      	
                (a)

                 

              	
                Subject
      to Clause 32.2 (Exceptions) any term of
      the Finance Documents may be amended or waived only with the consent of
      the Majority Lenders and the Obligors and any such amendment or waiver
      will be binding on all Parties.

                 

              
	 
      	
                (b)

                 

              	
                The
      Agent may effect, on behalf of any Finance Party, any amendment or waiver
      permitted by this Clause.

                 

              
	
                32.2

              	
                Exceptions

              
	 
      	
                (a)

                 

              	
                An
      amendment or waiver that has the effect of changing or which relates
      to:

                 

              
	 
      	 
      	
                (i)

                 

              	
                the
      definition of "Majority Lenders" in Clause 1.1 (Definitions);

                 

              
	 
      	 
      	
                (ii)

                 

              	
                an
      extension to the date of payment of any amount under the Finance
      Documents;

                 

              
	 
      	 
      	
                (iii)

                 

              	
                a
      reduction in the amount of any payment of principal, interest, fees or
      commission payable;

                 

              
	 
      	 
      	
                (iv)

                 

              	
                an
      increase in or an extension of any Loan;

                 

              
	 
      	 
      	
                (v)

                 

              	
                a
      change to the Borrower or the Guarantor;

                 

              
	 
      	 
      	
                (vi)

                 

              	
                any
      provision which expressly requires the consent of all Lenders;
      or

                 

              
	 
      	 
      	
                (vii)

                 

              	
                Clause
      24 (Conduct of Business
      by the Finance Parties), Clause 21 (Changes to the Lenders)
      or this Clause 32.

                 

              

      

       

      
        
          
          

        

        
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79 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	
                shall
      not be made without the prior consent of all the Lenders.

                 

              
	 
      	
                (b)

                 

              	
                An
      amendment or waiver which relates to the rights or obligations of the
      Agent may not be effected without the consent of the Agent.

                 

              
	
                 

                33.

                 

              	
                 

                COUNTERPARTS

                 

              
	 
      	
                Each
      Finance Document may be executed in any number of counterparts, and this
      has the same effect as if the signatures on the counterparts were on a
      single copy of the Finance Document.

                 

              
	
                33.1

              	
                Servicing

              
	 
      	
                (a)

                 

              	
                The
      Borrower covenants to maintain or cause the servicing of the Collateral to
      be maintained in conformity with accepted and prudent servicing practices
      in the industry for the same type of collateral as the Collateral and in a
      manner at least equal in quality to the servicing the Borrower provides
      for mortgage loans, mezzanine loans and equity interests which it
      owns.  In the event that the preceding language is interpreted
      as constituting one or more servicing contracts, each such servicing
      contract shall terminate automatically upon the earliest of (i) an Event
      of Default; or (ii) the transfer of servicing approved by the
      Borrower.

                 

              
	 
      	
                (b)

                 

              	
                If
      the Collateral is serviced by the Borrower, (i) the Borrower agrees and
      acknowledges that the Security Trustee is the assignee by way of security
      of all servicing records, including but not limited to any and all
      servicing agreements, files, documents, records, data bases, computer
      tapes, copies of computer tapes, proof of insurance coverage, insurance
      policies, appraisals, other closing documentation, payment history
      records, and any other records relating to or evidencing the servicing of
      Collateral (the "Servicing Records"). The
      Borrower covenants to safeguard such Servicing Records and to deliver them
      promptly to the Lender or its designee (including the Custodian) at the
      Security Trustee's request.

                 

              
	 
      	
                (c)

                 

              	
                If
      the Collateral is serviced by a third party servicer (such third party
      servicer, "the
      Servicer"), the Borrower (i) shall provide a copy of the servicing
      agreement to the Security Trustee and the Agent, which shall be in form
      and substance acceptable to the Agent, together with all addendums thereto
      (collectively, the "Servicing Agreement");
      and (ii) shall provide a Servicer Notice to the Servicer substantially in
      the form of Schedule 16 (Servicer Notice) (a
      "Servicer Notice")
      and shall cause the Servicer to acknowledge and agree to the
      same.  Any successor or assignee of a Servicer shall be approved
      in writing by the Agent and shall acknowledge and agree to a Servicer
      Notice prior to such successor’s assumption of servicing obligations with
      respect to any or all of the Collateral.

                 

              
	 
      	
                (d)

                 

              	
                If
      the servicer of the Collateral is the Borrower or the Servicer is an
      Affiliate of the Borrower, the Borrower shall provide to the Agent and the
      Security Trustee a letter from the Borrower or the Servicer, as the case
      may be, to the effect that upon the occurrence and during the continuance
      of an Event of Default, the Security Trustee may terminate any Servicing
      Agreement and in any event transfer servicing to the Security Trustee's
      designee, at no cost or expense to the Security Trustee, it being agreed
      that the Borrower will pay any and all fees required to terminate the
      Servicing 

                 

              

      

       

      
        
          
          

        

        
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80 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                Agreement
      and to effectuate the transfer of servicing to the designee of the
      Security Trustee.

                   

              
	 
      	
                (e)

                 

              	
                In
      the event the Borrower or its Affiliate is servicing the Collateral, the
      Borrower shall permit the Security Trustee and the Agent, upon advance
      written notice to the Borrower (unless a Default or Event of Default shall
      have occurred and be continuing, in which case no notice shall be
      required), from time to time to inspect the Borrower’s or its Affiliate’s
      servicing facilities, as the case may be, for the purpose of satisfying
      the Security Trustee and the Agent that the Borrower or its Affiliate, as
      the case may be, has the ability to service the Collateral as provided in
      this Agreement.

                 

              
	 
      	
                (f)

                 

              	
                Irrespective
      of whether the Servicer is the Borrower or a third party servicer, the
      Borrower undertakes to procure that any monies received in respect of or
      derived from the Collateral will be paid forthwith into a Borrower Bank
      Account.

                 

              
	
                33.2

              	
                Periodic
      Due Diligence Review

              
	 
      	
                The
      Borrower acknowledges that the Agent and the Security Trustee has the
      right to perform continuing due diligence reviews (a "Due Diligence Review")
      with respect to the Collateral and the manner in which they were
      originated, for the purposes of verifying compliance with the
      representations, warranties and specifications made hereunder, or
      otherwise, and the Borrower agrees that upon reasonable (but no less than
      five (5) Business Days) prior notice to the Borrower (unless a Default or
      Event of Default shall have occurred and be continuing, in which case no
      notice shall be required), the Agent and the Security Trustee or its
      authorised representatives will be permitted during normal business hours
      to examine, inspect, and make copies and extracts of, the Collateral Files
      and any and all documents, records, agreements, instruments or information
      relating to such Collateral in the possession or under the control of the
      Borrower and/or the Custodian.  The Borrower also shall make
      available to the Agent and the Security Trustee a knowledgeable financial
      or accounting officer for the purpose of answering questions respecting
      the Collateral Files and the Collateral.  Without limiting the
      generality of the foregoing, the Borrower acknowledges that the Lenders
      may make the Loans to the Borrower based solely upon the information
      provided by the Borrower to the Agent and the representations, warranties
      and covenants contained herein, and that the Agent, at its option, has the
      right at any time to conduct a partial or complete due diligence review on
      some or all of the Collateral Files securing the Secured Obligations,
      including without limitation ordering new credit reports and new
      Appraisals from a valuer and in a form each reasonably acceptable to the
      Borrower on the related Encumbered Properties and otherwise re-generating
      the information used to originate such Eligible Collateral.  The
      Agent may underwrite the Eligible Collateral itself or engage a mutually
      agreed upon third party underwriter to perform such
      underwriting.  The Borrower agrees to cooperate with the Agent
      and any third party underwriter in connection with such underwriting,
      including, but not limited to, providing the Agent and any third party
      underwriter with access to any and all documents, records, agreements,
      instruments or information relating to the Eligible Collateral in the
      possession, or under the control, of the Borrower.  The Borrower
      further agrees that the Borrower shall reimburse the Agent and the
      Security Trustee for any and all out-of-pocket costs and expenses incurred
      by the Agent and the Security Trustee in connection with the their
      respective activities pursuant to this Clause 33.2. Provided that the
      Borrower shall not reimburse the Agent in

              

      

       

      
        
          
          

        

        
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                respect
      of any Due Diligence Review carried out in respect of the origination of
      any item of Collateral, sourced or provided by MS & Co.

                   

              
	
                33.3

              	
                Disclaimers

              
	 
      	
                Each
      determination by the Agent of the Asset Value of one or more items of
      Eligible Collateral or the communication to the Borrower of any other
      information pertaining to Asset Value under this Agreement shall be
      subject to the following disclaimers:

                 

              
	 
      	
                (a)

                 

              	
                the
      Agent has assumed and relied upon, with the Borrower’s consent and without
      independent verification, the accuracy and completeness of the information
      provided by the Borrower and reviewed by the Agent.  The Agent
      has not made any independent inquiry of any aspect of the subject items of
      Eligible Collateral or collateral underlying such item of Eligible
      Collateral or of the other assets or liabilities or creditworthiness of
      any Collateral Obligor.  The Agent's view is based on economic,
      market and other conditions as in effect on, and the information made
      available to the Agent as at, the date of any such determination or
      communication of information, and such view may change at any time without
      prior notice to the Borrower.

                 

              
	 
      	
                (b)

                 

              	
                Asset
      Value determinations and other information provided to the Borrower
      constitute a statement of the Agent’s view of the value of one or more
      assets at a particular point in time and neither (i) constitute a bid for
      a particular trade, (ii) indicate a willingness on the part of the Agent
      or any Affiliate thereof to make such a bid, nor (iii) reflect a valuation
      for substantially similar assets at the same or another point in time, or
      for the same assets at another point in time.

                 

              
	 
      	
                (c)

                 

              	
                Asset
      Value determinations and other information provided to the Borrower do not
      necessarily reflect the Agent’s internal bookkeeping or theoretical
      model-based valuations of the subject items of Eligible Collateral or
      substantially similar assets.

                 

              
	 
      	
                (d)

                 

              	
                Asset
      Value determinations and other information provided to the Borrower may
      vary significantly from valuation determinations and other information
      which may be obtained from other sources.

                 

              
	 
      	
                (e)

                 

              	
                Asset
      Value determinations and other information provided to the Borrower are
      provided for information purposes only in furtherance of the provisions of
      this Agreement, and are not an offer to enter into, transfer and assign,
      or terminate any transaction.

                 

              
	 
      	
                (f)

                 

              	
                Asset
      Value determinations and other information provided to the Borrower are
      communicated to the Borrower solely for its use and may not be relied upon
      by any other person and may not be disclosed or referred to publicly or to
      any third party without the prior written consent of the Agent, which
      consent the Agent may withhold or delay in its sole and absolute
      discretion.

                 

              
	 
      	
                (g)

                 

              	
                the
      Agent makes no representations or warranties with respect to any Asset
      Value determinations or other information provided to the Borrower, the
      Agent nor the Lender shall be liable for any incidental or consequential
      damages arising out of any 

              

      

       

      
        
          
          

        

        
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                inaccuracy
      in such valuation determinations and other information provided to the
      Borrower, including as a result of any act of gross negligence or breach
      of any warranty.

                   

              
	 
      	
                (h)

                 

              	
                Valuation
      indications and other information provided to the Borrower in connection
      with Clause 5 (Procedure
      for Loans) are only indicative of the Asset Value of the subject
      item of Eligible Collateral submitted to the Agent for consideration
      thereunder, and may change without notice to the Borrower prior to, or
      subsequent to, the pledge by the Borrower of such item of Eligible
      Collateral pursuant to Clause 5 (Procedure for
      Loans).  No indication is provided as to the Agent’s
      expectation of the future value of such item of Eligible
      Collateral.

                 

              
	 
      	
                (i)

                 

              	
                Valuation
      indications and other information provided to the Borrower in connection
      Clause 5 (Procedure for
      Loans) are to be used by the Borrower for the sole purpose of
      determining whether to proceed in accordance with Clause 5 (Procedure for Loans)
      and for no other purpose.

                 

              
	
                 

                34.

                 

              	
                 

                ENTIRE
      AGREEMENT

                 

              
	 
      	
                This
      Agreement and any document referred to in this Agreement constitute the
      entire agreement and understanding between the parties relating to the
      subject matter of this Agreement and supersede any previous agreements
      between the Parties relating to the subject matter of this
      Agreement.

                 

              

      

       

       

      
        
          
          

        

        
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      SECTION
11

      GOVERNING
LAW AND ENFORCEMENT

       

      
        	
                 

                35.

                 

              	
                 

                GOVERNING
      LAW

                 

              
	 
      	
                This
      Agreement is governed by English law.

                 

              
	
                 

                36.

                 

              	
                 

                ENFORCEMENT

                 

              
	
                36.1

              	
                Limited
      Recourse

              
	 
      	
                (a)

                 

              	
                Neither
      the Security Trustee or any Secured Party or any of the other parties
      hereto (nor any person acting on their behalf) shall be entitled at any
      time to institute against the Borrower, or join in any institution against
      the Borrower, of any bankruptcy, administration, monitoring,
      reorganisation, controlled management, arrangement, insolvency,
      examinership, winding up or liquidation proceedings or similar insolvency
      proceedings under any applicable bankruptcy or similar law in connection
      with any obligation of the Borrower under any Finance Document, save for
      lodging claims and exercising voting and all other rights available to
      creditors in the liquidation, winding-up, examinership or other insolvency
      or reorganisation proceedings of the Borrower which is initiated by
      another party or taking proceedings to obtain a declaration or judgment as
      to the obligation of the Borrower and provided that the
      Security Trustee or any Secured Party or any of the other parties hereto
      may appoint a receiver pursuant to the Law of Property Act, 1925 or the
      Conveyancing and Law of Property Act, 1881 of Ireland (as applicable) over
      any of the Borrower's assets if entitled to do so in accordance with and
      pursuant to this Debenture.

                 

              
	 
      	
                (b)

                 

              	
                The
      Security Trustee each of the Secured Parties and the other parties hereto
      hereby agree that they shall have recourse in respect of any claim against
      the Borrower only to the assets of the Borrower (provided always that this
      clause 36.1(b) shall in no way restrict or diminish the rights of a
      Finance Party under the Guarantee which shall remain in full force and
      effect notwithstanding that the recourse against the Borrower hereunder is
      so limited). In furtherance of the foregoing sentence, no recourse shall
      be had for the payment or performance of any obligation or liability
      hereunder or under any Finance Document or any claim based thereon against
      any director, officer or independent contractor of the Borrower except in
      the case of gross negligence or fraud on the part of such a person or in
      the event of statutory liability arising as a result of breach of law by
      that person.

                 

              
	
                36.2

              	
                Jurisdiction

              
	 
      	
                (a)

                 

              	
                The
      courts of England have non-exclusive jurisdiction to settle any dispute
      arising out of or in connection with this Agreement (including a dispute
      regarding the existence, validity or termination of this Agreement) (a
      "Dispute").

                 

              
	 
      	
                (b)

                 

              	
                The
      Parties agree that the courts of England are the most appropriate and
      convenient courts to settle Disputes and accordingly no Party will argue
      to the contrary.

                 

              
	 
      	
                (c)

                 

              	
                This
      Clause 36.12 is for the benefit of the Finance Parties only.  As
      a result, no Finance Party shall be prevented from taking proceedings
      relating to a Dispute in any 

                 

              

      

       

      
        
          
          

        

        
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                other
      courts with jurisdiction.  To the extent allowed by law, the
      Finance Parties may take concurrent proceedings in any number of
      jurisdictions.

                   

              
	
                36.3

              	
                Service
      of process

              
	 
      	
                Without
      prejudice to any other mode of service allowed under any relevant law,
      each Obligor (other than an Obligor incorporated in England and
      Wales):

                 

              
	 
      	
                (a)

                 

              	
                irrevocably
      appoints Kirkpatrick & Lockhart Preston Gates Ellis LLP, (Attention:
      Andrew Petersen) counsel to the Borrower and Guarantor as its agent for
      service of process in relation to any proceedings before the English
      courts in connection with any Finance Document; and

                 

              
	 
      	
                (b)

                 

              	
                agrees
      that failure by an agent for service of process to notify the relevant
      Obligor of the process will not invalidate the proceedings
      concerned.

                 

              

      

      This
Agreement has been entered into on the date stated at the beginning of this
Agreement.

       

       

       

      
        
          
          

        

        
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      SCHEDULE
1

      THE PARTIES

       

      Part
I

      The
Obligors

       

      
        	
                Name
      of Borrower

                 

              	
                Registration
      number (or equivalent, if any)

                 

              
	
                AHR
      CAPITAL MS LIMITED

                 

              	
                411989
      (IRELAND)

                 

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                Name
      of Guarantor

                 

              	
                Registration
      number (or equivalent, if any)

                 

              
	
                ANTHRACITE
      CAPITAL, INC.

                 

              	
                N/A

                 

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      

      

      

       

      

      
        
          
          

        

        
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      Part
II

      The
Lenders

       

      
        	 
      	
                Maximum
      Credit

                 

              
	
                MORGAN
      STANLEY BANK

                 

              	
                $0.00

                 

              
	
                MORGAN
      STANLEY PRINCIPAL FUNDING INC.

                 

              	
                $300,000,000

                 

              
	 
      	 
      
	 
      	 
      
	 
      	 
      

      

       

       

      
 

      
        
          
          

        

        
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      SCHEDULE
2

      CONDITIONS PRECEDENT

       

      Part
I

      Conditions
precedent to First Loan under this Agreement

       

      
        	
                1.

                 

              	
                Obligors

                 

              	 
      
	 
      	
                (a)

                 

              	
                The
      Finance Documents, duly executed and delivered by each relevant
      Obligor.

                 

              
	 
      	
                (b)

                 

              	
                A
      copy of the constitutional documents of each Obligor.

                 

              
	 
      	
                (c)

                 

              	
                A
      copy of a resolution of the board of directors of each
      Obligor:

                 

              
	 
      	 
      	
                (i)

                 

              	
                approving
      the terms of, and the transactions contemplated by, the Finance Documents
      to which it is a party and resolving that it execute the Finance Documents
      to which it is a party;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                authorising
      a specified person or persons to execute the Finance Documents to which it
      is a party on its behalf; and

                 

              
	 
      	 
      	
                (iii)

                 

              	
                authorising
      a specified person or persons, on its behalf, to sign and/or despatch all
      documents and notices (including, if relevant, any Request for Borrowing)
      to be signed and/or despatched by it under or in connection with the
      Finance Documents to which it is a party.

                 

              
	 
      	
                (d)

                 

              	
                A
      specimen of the signature of each person authorised by the resolution
      referred to in paragraph (b) above.

                 

              
	 
      	
                (e)

                 

              	
                A
      certificate of each Obligor (signed by an officer of each Obligor)
      confirming that borrowing or guaranteeing, as appropriate, the Total
      Maximum Credit would not cause any borrowing, guaranteeing or similar
      limit binding on such Obligor to be exceeded.

                 

              
	 
      	
                (f)

                 

              	
                A
      certificate of an authorised signatory of each relevant Obligor certifying
      that each copy document relating to it specified in this Schedule 2 is
      correct, complete and in full force and effect as at a date no earlier
      than the date of this Agreement.

                 

              
	
                2.

                 

              	
                Legal
      opinions

                 

              
	 
      	
                (a)

                 

              	
                A
      legal opinion of Dechert LLP, legal advisers to the Borrower in England,
      substantially in the form distributed prior to signing this
      Agreement.

                 

              
	 
      	
                (b)

                 

              	
                If
      an Obligor is incorporated in a jurisdiction other than England and Wales,
      a legal opinion of the legal advisers to such Obligor in the relevant
      jurisdiction, substantially in the form distributed prior to signing this
      Agreement.

                 

              
	
                3.

                 

              	
                Other
      documents and evidence

                 

              

      

       

      
        
          
          

        

        
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                (a)

                 

              	
                Evidence
      that any agent for service of process referred to in Clause 36.3 (Service of Process), if
      not an Obligor, and Clause 32 (Service of Process) of
      the Debenture has accepted its appointment.

                 

              
	 
      	
                (b)

                 

              	
                A
      copy of any other Authorisation or other document, opinion or assurance
      which the Agent considers to be necessary or desirable (if it has notified
      the Borrower accordingly) in connection with the entry into and
      performance of the transactions contemplated by any Finance Document or
      for the validity and enforceability of any Finance Document.

                 

              
	 
      	
                (c)

                 

              	
                Evidence
      that the fees, costs and expenses then due from the Borrower pursuant to
      Clause 11 (Fees)
      and Clause 15 (Costs and
      expenses) have been paid or will be paid by the first Funding
      Date.

                 

              
	 
      	
                (d)

                 

              	
                A
      Trust Receipt, substantially in the form of Schedule 2 of the Custodial
      Agreement, dated the Funding Date, from the Custodian, duly completed,
      with a Collateral Schedule and Exception Report attached
      thereto;

                 

              
	 
      	
                (e)

                 

              	
                Any
      Servicing Agreement, certified as a true, correct and complete copy of the
      original, together with a fully executed Servicer Notice and, if the
      Servicer is the Borrower or an Affiliate of the Borrower, the letter of
      the applicable Servicer consenting to termination of such Servicing
      Agreement upon the occurrence and during the continuance of an Event of
      Default;

                 

              
	 
      	
                (f)

                 

              	
                Any
      documents required to be filed, registered or recorded in order to create,
      in favour of the Security Trustee, a perfected, first priority security
      interest in the Collateral, subject to no security interest other than
      those created under the Finance Documents, shall have been properly
      prepared and executed for filing, registration or recording in each office
      in each jurisdiction in which such filings, registrations and
      recordation's are required to perfect such first priority security
      interest;

                 

              
	 
      	
                (g)

                 

              	
                Evidence
      of payment of the Commitment Fee as contemplated by Clause 11.1
      (Commitment Fee);
      and

                 

              
	 
      	
                (h)

                 

              	
                Copies
      certified by the Borrower of all consents, licenses and approvals, if any,
      required in connection with the execution, delivery and performance by the
      Borrower of, and the validity and enforceability of, the Finance
      Documents, which consents, licenses and approvals shall be in full force
      and effect;

                 

              

      

      Part
II

      Conditions
precedent to all Loans

       

      
        	 
      	
                (a)

                 

              	
                Both
      immediately prior to the execution of Finance Documents, making of a Loan
      and also after giving effect thereto and to the intended use thereof, the
      representations and warranties made by the Borrower in this Agreement and
      the Schedules thereto and elsewhere in each of the Finance Documents shall
      be true, correct and complete on and as of the date of the making of such
      Loan in all material respects with the same force and effect as if made on
      and as of such date (or, if any such representation
  

              

      

       

      
        
          
          

        

        
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                or
      warranty is expressly stated to have been made as of a specific date, as
      of such specific date) subject to exceptions thereto shown on a schedule
      delivered with the certificate referenced in the following sentence;
      provided, however, that the Lender shall have the absolute right to deny
      the funding of a Loan as a result of any disclosure in such certificate
      rendering any such representations and warranties untrue or incorrect in
      any material respect.  The Agent shall have received an
      officer’s certificate signed by a Responsible Officer of the Borrower
      certifying as to the truth, accuracy and completeness of the above, which
      certificate shall specifically include a statement that the Borrower is in
      compliance with all governmental licenses and authorisations and is
      qualified to do business and in good standing in all required
      jurisdictions;

              
	 
      	
                (b)

                 

              	
                The
      aggregate outstanding principal amount of the proposed Loan together with
      each other Loan shall not exceed the Borrowing Base;

                 

              
	 
      	
                (c)

                 

              	
                Subject
      to the Agent's right to perform one or more Due Diligence Reviews pursuant
      to Clause 33.2 (Periodic
      Due Diligence Review), the Agent shall have completed its due
      diligence review of the Collateral Documents for the proposed Loan and
      such other documents, records, agreements, instruments, encumbered
      properties or information relating to the Eligible Collateral as the Agent
      in its good faith discretion deems appropriate to review and such review
      shall be satisfactory to the Agent in its sole good faith
      discretion;

                 

              
	 
      	
                (d)

                 

              	
                The
      Agent shall have received from the Custodian a Collateral Schedule and
      Exception Report with such Exceptions (as defined in the Custodial
      Agreement) as are acceptable to the Agent in its good faith discretion in
      respect of Eligible Collateral to be pledged hereunder on such Business
      Day;

                 

              
	 
      	
                (e)

                 

              	
                The
      Lender shall have received a note of all fees and expenses of counsel to
      the Agent and the Lenders as contemplated by Clause 15 (Costs and Expenses)
      which amount, at the Agent and the Lenders' option, may be netted from any
      Loan advanced under this Agreement;

                 

              
	 
      	
                (f)

                 

              	
                None
      of the following shall have occurred and/or be continuing:

                 

              
	 
      	 
      	
                (i)

                 

              	
                an
      event or events shall have occurred resulting in the effective absence of
      a comparable "lending market" for financing debt obligations secured by
      mortgage loans or securities or an event or events shall have occurred
      resulting in the Lenders not being able to finance any Collateral Loans
      through the "lending market" with traditional counterparties at rates
      which would have been reasonable prior to the occurrence of such event or
      events; or

                 

              
	 
      	 
      	
                (ii)

                 

              	
                an
      event or events shall have occurred resulting in the effective absence of
      a "securities market" for securities backed by mortgage loans or an event
      or events shall have occurred resulting in the Lender not being able to
      sell securities backed by mortgage loans at prices which would have been
      reasonable prior to such event or events.

                 

              

      

       

      
        
          
          

        

        
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                (g)

                 

              	
                Any
      Interest Rate Protection Agreements are maintained with Morgan Stanley
      Capital Services, Inc. and have been assigned to the Security Trustee by
      way of security.

                 

              
	 
      	
                (h)

                 

              	
                A
      copy of any other Authorisation or other document, opinion or assurance
      which the Agent considers to be necessary or desirable (if it has notified
      the Borrower accordingly) in connection with the entry into and
      performance of the transactions contemplated by any Finance Document or
      for the validity and enforceability of any Finance Document.

                 

              

      

      The
Request for Borrowing by the Borrower hereunder shall constitute a certification
by the Borrower that all the conditions set forth in this Part II of Schedule 2
(other than sub-clause (f)) have been satisfied (both as of the date of such
notice, request or confirmation and as of the date of such
borrowing).

       

      Part
III

      Additional
Requirements

       

      
        	 
      	
                (a)

                 

              	
                The
      Borrower and the Agent recognise and agree that the categories of
      collateral and defined herein as categories of assets which may be
      submitted by the Borrower to the Agent for review by the Agent as Eligible
      Collateral hereunder are general in nature and that the full scope of such
      Collateral categories may be unknown.  Consequently, the
      appropriate requirements are not fully known for (i) the documents to be
      provided by the Borrower for underwriting and due diligence review by the
      Agent and (ii) submittals by the Borrower in order to create and perfect a
      first priority security interest in favour of the Security Trustee in the
      Collateral. Therefore, the Borrower and the Agent agree that, as a further
      condition precedent to funding a Loan in respect of any Collateral
      hereunder, the Borrower shall have made such additional representations
      and warranties and have delivered to the Agent all information and
      documents determined by the Agent in good faith to be required for its
      underwriting and examination of such Collateral and for the granting and
      perfection of a first priority security interest therein in favour of the
      Security Trustee.

                 

              
	 
      	
                (b)

                 

              	
                Without
      limiting the generality of the foregoing of Part III (a), the Borrower
      shall execute and deliver all documents necessary for the granting of a
      first priority security interest in any Collateral in favour of the
      Security Trustee determined by the Agent to be Eligible Collateral
      hereunder, including without limitation (i) all instruments evidencing
      Indebtedness payable to the Borrower or pledged to the Borrower as
      security for such Indebtedness, (ii) all instruments granting or
      perfecting a security interest for the benefit of the Borrower or pledged
      to the Borrower as security for Indebtedness held by Borrower (including,
      without limitation, collateral assignments, pledge agreements), (iii) all
      instruments evidencing an interest in an entity otherwise held by the
      Borrower as security for Indebtedness held by Borrower, (iv) all
      instruments guaranteeing the repayment of indebtedness owed to the
      Borrower or held by the Borrower and (v) all agreements among holders of
      debt or equity interests providing for a priority among such parties of
      interests in related assets forming the basis of an item of
      Collateral.

                 

              

      

       

       

      
        
          
          

        

        
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      Part
IV

      Conditions
Precedent to the Amendment and Restatement

       

      
        	 
      	
                (a)

                 

              	
                This
      amended and restated facility agreement duly executed and delivered by
      each relevant Obligor.

                 

              
	 
      	
                (b)

                 

              	
                A
      copy of the constitutional documents of the Borrower.

                 

              
	 
      	
                (c)

                 

              	
                A
      copy of a resolution of the board of directors of the
      Borrower:

                 

              
	 
      	 
      	
                (i)

                 

              	
                approving
      the terms of, and the transactions contemplated by, the Finance Documents
      to which it is a party and resolving that it execute the Finance Documents
      to which it is a party;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                authorising
      a specified person or persons to execute the Finance Documents to which it
      is a party on its behalf; and

                 

              
	 
      	 
      	
                (iii)

                 

              	
                authorising
      a specified person or persons, on its behalf, to sign and/or despatch all
      documents and notices (including, if relevant, any Request for Borrowing)
      to be signed and/or despatched by it under or in connection with the
      Finance Documents to which it is a party.

                 

              
	 
      	
                (d)

                 

              	
                A
      specimen of the signature of each person authorised by the resolution
      referred to in paragraph (c) above.

                 

              
	 
      	
                (e)

                 

              	
                A
      certificate of the Borrower (signed by an officer of the Borrower)
      confirming that borrowing the Total Maximum Credit would not cause any
      borrowing, guaranteeing or similar limit binding on the Borrower be
      exceeded.

                 

              
	 
      	
                (f)

                 

              	
                A
      certificate of an authorised signatory of the Borrower certifying that
      each copy document relating to it specified in this Part IV of Schedule 2
      is correct, complete and in full force and effect as at a date no earlier
      than the date of this Agreement.

                 

              
	 
      	
                (g)

                 

              	
                A
      legal opinion of Kirkpatrick and Lockhart Preston Gates Ellis LLP, legal
      advisers to the Borrower in England, substantially in the form distributed
      prior to signing this Agreement.

                 

              
	 
      	
                (h)

                 

              	
                A
      legal opinion of Arthur Cox, legal advisers to the Borrower in Ireland in
      the form distributed prior to signing this Agreement.

                 

              
	 
      	
                (i)

                 

              	
                Evidence
      that the fees, costs and expenses then due from the Borrower pursuant to
      Clause 1.7 (Further
      Commitment Fee) and Clause 15 (Costs and expenses)
      have been paid or will be paid by the first Funding Date.

                 

              
	 
      	
                (j)

                 

              	
                Copies
      certified by the Borrower of all consents, licenses and approvals, if any,
      required in connection with the execution, delivery and performance by the
      Borrower of, and the validity and enforceability of, the Finance
      Documents, which consents, licenses and approvals shall be in full force
      and effect.

                 

              

      

       

      
        
          
          

        

        
          -
92 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (k)

                 

              	
                A
      copy of any other Authorisation or other document, opinion or assurance
      which the Agent considers to be necessary or desirable (if it has notified
      the Borrower accordingly) in connection with the entry into and
      performance of the transactions contemplated by any Finance Document or
      for the validity and enforceability of any Finance Document.

                 

              

      

      Part
V

      Conditions
Precedent to the Second Amendment and Restatement

       

      
        	 
      	
                (a)

                 

              	
                This
      amended and restated facility agreement duly executed and delivered by
      each relevant Obligor.

                 

              
	 
      	
                (b)

                 

              	
                A
      copy of the constitutional documents of the Borrower.

                 

              
	 
      	
                (c)

                 

              	
                A
      copy of a resolution of the board of directors of the
      Borrower:

                 

              
	 
      	 
      	
                (i)

                 

              	
                approving
      the terms of, and the transactions contemplated by, the Finance Documents
      to which it is a party and resolving that it execute the Finance Documents
      to which it is a party;

                 

              
	 
      	 
      	
                (ii)

                 

              	
                authorising
      a specified person or persons to execute the Finance Documents to which it
      is a party on its behalf; and

                 

              
	 
      	 
      	
                (iii)

                 

              	
                authorising
      a specified person or persons, on its behalf, to sign and/or despatch all
      documents and notices (including, if relevant, any Request for Borrowing)
      to be signed and/or despatched by it under or in connection with the
      Finance Documents to which it is a party.

                 

              
	 
      	
                (d)

                 

              	
                A
      specimen of the signature of each person authorised by the resolution
      referred to in paragraph (c) above.

                 

              
	 
      	
                (e)

                 

              	
                A
      certificate of the Borrower (signed by an officer of the Borrower)
      confirming that borrowing the Total Maximum Credit would not cause any
      borrowing, guaranteeing or similar limit binding on the Borrower be
      exceeded.

                 

              
	 
      	
                (f)

                 

              	
                A
      certificate of an authorised signatory of the Borrower certifying that
      each copy document relating to it specified in this Part V of Schedule 2
      is correct, complete and in full force and effect as at a date no earlier
      than the date of this Agreement.

                 

              
	 
      	
                (g)

                 

              	
                A
      legal opinion of Kirkpatrick and Lockhart Preston Gates Ellis LLP, legal
      advisers to the Borrower in England, substantially in the form distributed
      prior to signing this Agreement.

                 

              
	 
      	
                (h)

                 

              	
                A
      legal opinion of Arthur Cox, legal advisers to the Borrower in Ireland in
      the form distributed prior to signing this Agreement.

                 

              
	 
      	
                (i)

                 

              	
                Evidence
      that the fees, costs and expenses then due from the Borrower pursuant to
      Clause 1.7 (Further
      Commitment Fee) and Clause 15 (Costs and expenses)
      have been paid or will be paid by the first Funding Date.

                 

              

      

       

      
        
          
          

        

        
          -
93 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                (j)

                 

              	
                Evidence
      that all necessary amounts have been repaid to ensure that the outstanding
      amounts due to be repaid under the Facility as of the date hereof would
      comply with the Advance Rates set out in Schedule 10 (Pricing Matrix) were
      they to be included in a Request for Borrowing on the date of this
      Agreement.

                 

              
	 
      	
                (k)

                 

              	
                Copies
      certified by the Borrower of all consents, licenses and approvals, if any,
      required in connection with the execution, delivery and performance by the
      Borrower of, and the validity and enforceability of, the Finance
      Documents, which consents, licenses and approvals shall be in full force
      and effect.

                 

              
	 
      	
                (l)

                 

              	
                A
      copy of any other Authorisation or other document, opinion or assurance
      which the Agent considers to be necessary or desirable (if it has notified
      the Borrower accordingly) in connection with the entry into and
      performance of the transactions contemplated by any Finance Document or
      for the validity and enforceability of any Finance Document.

                 

              

      

      

       

      
        
          
          

        

        
          -
94 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
3

      REQUEST FOR BORROWING

       

      Request
for Borrowing under the Multi Currency Revolving Facility, dated 15 February
2008 (the "Agreement"),
among AHR Capital MS Limited, the Morgan Stanley Bank and Morgan Stanley
Mortgage Servicing Ltd.

       

      
        	
                the
      Agent:

              	
                Morgan
      Stanley Bank

              
	
                the
      Borrower:

              	
                AHR
      Capital MS Limited

              
	
                Requested
      Fund Date:

              	
                ____________________________________

              
	
                Transmission
      Date:

              	
                ____________________________________

              
	
                Transmission
      Time:

              	
                ____________________________________

              
	
                Type
      of Funding:

              	
                Table-Funded:                                                
         

              
	 
      	
                Non-Table-Funded:                                                               

              
	
                Property
      Name:

              	
                ____________________________________

              
	
                Location:

              	
                ____________________________________

              
	
                Type
      of Eligible Collateral:

                [B
      Note] [Mezzanine Loan] [Mortgage Loan] [Preferred Equity
      Interests]

              	 
      
	
                Eligible
      Collateral to be Pledged:

              	
                See
      Attached

              
	
                Unpaid
      Principal Balance:

              	
                £/€/¥                                                                

              
	
                Occupancy:

              	
                ____________________________________

              
	
                Interest
      Rate:

              	
                Fixed
      _____________________________ %

              
	 
      	
                Floating
      ___________________________ %

              
	 
      	
                -
      Adjustment Period(s): ___________________

              
	 
      	
                Current
      Rate ________________________%

              
	
                Original
      Amortisation Term:

              	
                ____________________________________

              
	
                Current
      Amortisation Term:

              	
                ____________________________________

              
	
                Maturity
      Date:

              	
                ____________________________________

              
	
                Security
      Position:

              	
                ____________________________________

              
	
                Acquisition
      Cost:

              	
                ____________________________________

              
	
                Property
      Type:

              	
                ____________________________________

              
	
                Number
      of Units/Square Ft.:

              	
                ____________________________________

              
	
                Original
      Principal Loan Amount:

              	
                £/€/¥
      ________________________________

              
	
                Acquisition/Origination
      Date:

              	
                ____________________________________

              
	
                Payment
      Status:

              	
                ____________________________________

              
	
                Underwritable
      Cash Flow:

              	
                ____________________________________

              
	
                Paid
      Through Date:

              	
                ____________________________________

              
	
                Advance
      Rate:

              	
                ____________________________________

              
	
                Spread:

              	
                ____________________________________

              
	
                Type
      of Optional Currency:

              	
                ____________________________________

              
	
                Requested
      Wire Amount:

              	
                £/€/¥
      ________________________________

              
	
                Wire
      Instructions:

              	
                See
      attached

              
	
                Bank
      Account:

              	
                ____________________________________

              
	
                Requested
      by:

              	
                ____________________________________

              
	
                AHR
      Capital MS Limited

              	
                ____________________________________

              

      

       

      
        
          
          

        

        
          -
95 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      
	
                By:
      ____________________________________

              	 
      
	 
      	
                Name:

              	 
      	 
      
	 
      	
                Title:

              	 
      

      

      

       

       

       

      
        
          
          

        

        
          -
96 -

          
            

          

        

        
          
          

        

      

      SCHEDULE
4

       

      MANDATORY COST FORMULAE

       

      
        	
                1.

                 

              	
                The
      Mandatory Cost is an addition to the interest rate to compensate Lenders
      for the cost of compliance with (a) the requirements of the Bank of
      England and/or the Financial Services Authority (or, in either case, any
      other authority which replaces all or any of its functions) or (b) the
      requirements of the European Central Bank.

                 

              
	
                2.

                 

              	
                On
      the first day of each Interest Period (or as soon as possible thereafter)
      the Agent shall calculate, as a percentage rate, a rate (the "Additional Cost Rate")
      for each Lender, in accordance with the paragraphs set out
      below.  The Mandatory Cost will be calculated by the Agent as a
      weighted average of the Lenders' Additional Cost Rates (weighted in
      proportion to the percentage participation of each Lender in the relevant
      Loan) and will be expressed as a percentage rate per annum.

                 

              
	
                3.

                 

              	
                The
      Additional Cost Rate for any Lender lending from a Facility Office in a
      Participating Member State will be the percentage notified by that the
      Lender to the Agent.  This percentage will be certified by that
      the Lender in its notice to the Agent to be its reasonable determination
      of the cost (expressed as a percentage of that the Lender's participation
      in all Loans made from that Facility Office) of complying with the minimum
      reserve requirements of the European Central Bank in respect of loans made
      from that Facility Office.

                 

              
	
                4.

                 

              	
                The
      Additional Cost Rate for any Lender lending from a Facility Office in the
      United Kingdom will be calculated by the Agent as follows:

                 

              
	 
      	
                (a)

                 

              	
                in
      relation to a sterling Loan:

                 

              
	 
      	 
      	 	
                 

                per
      cent. per annum

                 

              

      

       

      
        	 
      	
                (b)

                 

              	
                in
      relation to a Loan in any currency other than sterling:

                 

              
	 
      	 
      	 	
                 

                per
      cent. per annum.

              	
                 

                 

              
	
                Where:

                 

              
	 
      	
                A

                 

              	
                is
      the percentage of Eligible Liabilities (assuming these to be in excess of
      any stated minimum) which that the Lender is from time to time required to
      maintain as an interest free cash ratio deposit with the Bank of England
      to comply with cash ratio requirements.

                 

              
	 
      	
                B

                 

              	
                is
      the percentage rate of interest (excluding the Margin and the Mandatory
      Cost and, if the Loan is an Unpaid Sum, the additional rate of interest
      specified in paragraph (a) of Clause 9.3 (Default interest))
      payable for the relevant Interest Period on the Loan.

                 

              
	 
      	
                C

                 

              	
                is
      the percentage (if any) of Eligible Liabilities which that the Lender is
      required from time to time to maintain as interest bearing Special
      Deposits with the Bank of England.

                 

              

      

       

      
        
          
          

        

        
          -
97 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                D

                 

              	
                is
      the percentage rate per annum payable by the Bank of England to the Agent
      on interest bearing Special Deposits.

                 

              
	 
      	
                E

                 

              	
                is
      designed to compensate Lenders for amounts payable under the Fees Rules
      and is calculated by the Agent as being the average of the most recent
      rates of charge supplied by the Reference Banks to the Agent pursuant to
      paragraph 7 below and expressed in pounds per £1,000,000.

                 

              
	
                5.

                 

              	
                For
      the purposes of this Schedule:

                 

              
	 
      	
                (a)

                 

              	
                "Eligible Liabilities"
      and "Special
      Deposits" have the meanings given to them from time to time under
      or pursuant to the Bank of England Act 1998 or (as may be appropriate) by
      the Bank of England;

                 

              
	 
      	
                (b)

                 

              	
                "Fees Rules" means the
      rules on periodic fees contained in the FSA Supervision Manual or such
      other law or regulation as may be in force from time to time in respect of
      the payment of fees for the acceptance of deposits;

                 

              
	 
      	
                (c)

                 

              	
                "Fee Tariffs" means the
      fee tariffs specified in the Fees Rules under the activity group A.1
      Deposit acceptors (ignoring any minimum fee or zero rated fee required
      pursuant to the Fees Rules but taking into account any applicable discount
      rate); and

                 

              
	 
      	
                (d)

                 

              	
                "Tariff Base" has the
      meaning given to it in, and will be calculated in accordance with, the
      Fees Rules.

                 

              
	
                6.

                 

              	
                In
      application of the above formulae, A, B, C and D will be included in the
      formulae as percentages (i.e. 5 per cent. will be included in the formula
      as 5 and not as 0.05).  A negative result obtained by
      subtracting D from B shall be taken as zero.  The resulting
      figures shall be rounded to four decimal places.

                 

              
	
                7.

                 

              	
                If
      requested by the Agent, each Reference Bank shall, as soon as practicable
      after publication by the Financial Services Authority, supply to the
      Agent, the rate of charge payable by that Reference Bank to the Financial
      Services Authority pursuant to the Fees Rules in respect of the relevant
      financial year of the Financial Services Authority (calculated for this
      purpose by that Reference Bank as being the average of the Fee Tariffs
      applicable to that Reference Bank for that financial year) and expressed
      in pounds per £1,000,000 of the Tariff Base of that Reference
      Bank.

                 

              
	
                8.

                 

              	
                Each
      Lender shall supply any information required by the Agent for the purpose
      of calculating its Additional Cost Rate.  In particular, but
      without limitation, each Lender shall supply the following information on
      or prior to the date on which it becomes a Lender:

                 

              
	 
      	
                (a)

                 

              	
                the
      jurisdiction of its Facility Office; and

                 

              
	 
      	
                (b)

                 

              	
                any
      other information that the Agent may reasonably require for such
      purpose.

                 

              
	 
      	
                Each
      Lender shall promptly notify the Agent of any change to the information
      provided by it pursuant to this paragraph.

                 

              

      

       

      
        
          
          

        

        
          -
98 -

          
            

          

        

        
          
          

        

      

       

      
        	
                9.

                 

              	
                The
      percentages of each Lender for the purpose of A and C above and the rates
      of charge of each Reference Bank for the purpose of E above shall be
      determined by the Agent Based upon the information supplied to it pursuant
      to paragraphs 7 and 8 above and on the assumption that, unless a Lender
      notifies the Agent to the contrary, each Lender's obligations in relation
      to cash ratio deposits and Special Deposits are the same as those of a
      typical bank from its jurisdiction of incorporation with a Facility Office
      in the same jurisdiction as its Facility Office.

                 

              
	
                10.

                 

              	
                The
      Agent shall have no liability to any person if such determination results
      in an Additional Cost Rate which over or under compensates any Lender and
      shall be entitled to assume that the information provided by any Lender or
      Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct
      in all respects.

                 

              
	
                11.

                 

              	
                The
      Agent shall distribute the additional amounts received as a result of the
      Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for
      each Lender based on the information provided by each Lender and each
      Reference Bank pursuant to paragraphs 3, 7 and 8 above.

                 

              
	
                12.

                 

              	
                Any
      determination by the Agent pursuant to this Schedule in relation to a
      formula, the Mandatory Cost, an Additional Cost Rate or any amount payable
      to a Lender shall, in the absence of manifest error, be conclusive and
      binding on all Parties.

                 

              
	
                13.

                 

              	
                The
      Agent may from time to time, after consultation with the Borrower and the
      Lenders, determine and notify to all Parties any amendments which are
      required to be made to this Schedule in order to comply with any change in
      law, regulation or any requirements from time to time imposed by the Bank
      of England, the Financial Services Authority or the European Central Bank
      (or, in any case, any other authority which replaces all or any of its
      functions) and any such determination shall, in the absence of manifest
      error, be conclusive and binding on all Parties.

                 

              

      

      

       

      
        
          
          

        

        
          -
99 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
5

      FORM OF TRANSFER CERTIFICATE

       

      
        	
                To:

                 

              	
                [        ]
      as the Agent

                 

              
	
                From:

                 

              	
                [The Existing Lender]
      (the "Existing
      Lender") and [The
      New Lender] (the "New
Lender")

                 

              
	
                Dated:

                 

              	 
      

      

      [the
Borrower] –
[                  ]
Facility Agreement

      dated
[                   ]
(the "Agreement")

       

      
        	
                1.

                 

              	
                We
      refer to the Agreement.  This is a Transfer
      Certificate.  Terms defined in the Agreement have the same
      meaning in this Transfer Certificate unless given a different meaning in
      this Transfer Certificate.

                 

              
	
                2.

                 

              	
                We
      refer to Clause 21.4 (Procedure for
      transfer):

                 

              
	 
      	
                (a)

                 

              	
                The
      Existing Lender and The New Lender agree to The Existing Lender
      transferring to The New Lender by novation all or part of The Existing
      Lender's Maximum Credit rights and obligations referred to in the Schedule
      in accordance with Clause 21.4 (Procedure for
      transfer).

                 

              
	 
      	
                (b)

                 

              	
                The
      proposed Transfer Date is
      [      ].

                 

              
	 
      	
                (c)

                 

              	
                The
      Facility Office and address, fax number and attention details for notices
      of The New Lender for the purposes of Clause 28.2 (Addresses) are set out
      in the Schedule.

                 

              
	
                3.

                 

              	
                The
      New Lender expressly acknowledges the limitations on The Existing Lender's
      obligations set out in paragraph (c) of Clause 21.3 (Limitation of responsibility
      of Existing Lenders).

                 

              
	
                4.

                 

              	
                The
      New Lender hereby represents and warrants as of the date of this Transfer
      Certificate that the person beneficially entitled to interest payable to
      that New Lender in respect of an advance under a Finance Document falls
      within paragraph [•] of the definition of Qualifying Lender set out in
      Clause 12.1 (Definitions) of the
      Agreement (and insofar as the New Lender is a Qualifying Lender by virtue
      of paragraph (d) of that definition, the notifications referred to in
      sub-paragraph (iii) of paragraph (d) of that definition, or copies of them
      as appropriate, are attached to this Transfer Certificate).

                 

              
	
                5.

                 

              	
                This
      Transfer Certificate may be executed in any number of counterparts and
      this has the same effect as if the signatures on the counterparts were on
      a single copy of this Transfer Certificate.

                 

              
	
                6.

                 

              	
                This
      Transfer Certificate is governed by English law.

                 

              

      

      THE
SCHEDULE

       

      Maximum
Credit/rights and obligations to be transferred

       

       

      
        
          
          

        

        
          -
100 -

          
            

          

        

        
          
          

        

      

       

      [insert relevant
details]

       

      [Facility Office address, fax number
and attention details for notices and account details for
payments,]

       

      
        	
                [Existing
      Lender]

                 

              	
                [New
      Lender]

                 

              
	
                By:

                 

              	
                By:

                 

              
	 
      
	
                This
      Transfer Certificate is accepted by the Agent and the Transfer Date is
      confirmed as
      [           ].

                 

              
	
                [the
      Agent]

                 

              	 
      
	
                By:

                 

              	 
      

      

      

       

      

      
        
          
          

        

        
          -
101 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
6

      [RESERVED]

       

      

       

      
        
          
          

        

        
          -
102 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
7

      [RESERVED]

       

       

       

      
        
          
          

        

        
          -
103 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
8

      LMA
FORM OF CONFIDENTIALITY UNDERTAKING

       

      CONFIDENTIALITY
UNDERTAKING

       

      

       

      THIS MASTER CONFIDENTIALITY
UNDERTAKING is dated [•] and made between:

       

      
        	
                (1)

                 

              	
                [•];
      and

                 

              
	
                (2)

                 

              	
                [•].

                 

              

      

      Either
party (in this capacity the "Purchaser") may from time to
time consider acquiring an interest from the other party (in this capacity the
"Seller") in certain
Agreements (each an "Acquisition").  In
consideration of the Seller agreeing to make available to the Purchaser certain
information in relation to each Acquisition it is agreed as
follows:

       

      
        	
                1.

                 

              	
                Confidentiality
      Undertaking

                 

              
	 
      	
                The
      Purchaser undertakes in relation to each Acquisition made or to be made by
      it (a) to keep the Confidential Information which the Seller supplies to
      the Purchaser in relation to that Acquisition confidential and not to
      disclose it to anyone except as provided for by paragraph 2 below and to
      ensure that the Confidential Information which the Seller supplies to the
      Purchaser in relation to that Acquisition is protected with security
      measures and a degree of care that would apply to the Purchaser's own
      confidential information, (b) to use the Confidential Information which
      the Seller supplies to the Purchaser in relation to that Acquisition only
      for the Permitted Purpose, (c) to use all reasonable endeavours to ensure
      that any person to whom the Purchaser passes any Confidential Information
      which the Seller supplies to the Purchaser in relation to that Acquisition
      (unless disclosed under paragraph 2(c) below) acknowledges and complies
      with the provisions of this undertaking as if that person were also a
      party to it, and (d) not to make enquiries of any member of the relevant
      Group or any of their officers, directors, employees or professional
      advisers relating directly or indirectly to that Acquisition.

                 

              
	
                2.

                 

              	
                Permitted
      Disclosure

                 

              
	 
      	
                The
      Purchaser may disclose Confidential Information which the Seller supplies
      to the Purchaser in relation to each Acquisition made or to be made by
      it:

                 

              
	 
      	
                (a)

                 

              	
                to
      members of the Purchaser Group and their officers, directors, employees
      and professional advisers to the extent necessary for the Permitted
      Purpose and to any auditors of members of the Purchaser
Group;

                 

              
	 
      	
                (b)

                 

              	
                subject
      to the requirements of the relevant Agreement, to any person to (or
      through) whom the Purchaser assigns or transfers (or may potentially
      assign or transfer) all or any of the rights, benefits and obligations
      which the Purchaser may acquire under that Agreement or with (or through)
      whom the Purchaser enters into (or may potentially enter into) any
      sub-participation in relation to, or any other transaction under which
      

                 

              

      

       

      
        
          
          

        

        
          -
104 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                payments
      are to be made by reference to, that Agreement or the relevant Borrower or
      any member of the relevant Group in each case so long as that person has
      delivered an undertaking to the Purchaser in equivalent form to this
      undertaking; and

                   

              
	 
      	
                (c)

                 

              	
                (i)
      where requested or required by any court of competent jurisdiction or any
      competent judicial, governmental, supervisory or regulatory body, (ii)
      where required by the rules of any stock exchange on which the shares or
      other securities of any member of the Purchaser Group are listed or (iii)
      where required by the laws or regulations of any country with jurisdiction
      over the affairs of any member of the Purchaser Group.

                 

              
	
                3.

                 

              	
                Notification
      of Required or Unauthorised Disclosure

                 

              
	 
      	
                The
      Purchaser agrees in relation to each Acquisition made or to be made by it
      (to the extent permitted by law) to inform the Seller of the full
      circumstances of any disclosure under paragraph 2 (c) or upon becoming
      aware that any Confidential Information relating to that Acquisition has
      been disclosed in breach of this undertaking.

                 

              
	
                4.

                 

              	
                Return
      of Copies

                 

              
	 
      	
                If
      the Seller so requests in writing, the Purchaser shall return all
      Confidential Information supplied by the Seller to the Purchaser in
      relation to any Acquisition made or to be made by the Purchaser and in
      respect of which the Seller has made such a request and destroy or
      permanently erase all copies of such Confidential Information made by the
      Purchaser and use all reasonable endeavours to ensure that anyone to whom
      the Purchaser has supplied any such Confidential Information destroys or
      permanently erases such Confidential Information and any copies made by
      them, in each case save to the extent that the Purchaser or the recipients
      are required to retain any such Confidential Information by any applicable
      law, rule or regulation or by any competent judicial, governmental,
      supervisory or regulatory body or in accordance with internal policy, or
      where the Confidential Information has been disclosed under paragraph 2
      (c) above.

                 

              
	
                5.

                 

              	
                Continuing
      Obligations

                 

              
	 
      	
                The
      obligations in this undertaking are continuing and, in particular, shall
      survive the termination of any discussions or negotiations between the
      Seller and the Purchaser in relation to each Acquisition made or to be
      made by it.  Notwithstanding the previous sentence, the
      obligations in this undertaking shall cease in relation to that
      Acquisition only (a) if the Purchaser becomes a party to or otherwise
      acquires (by assignment or sub-participation) an interest, direct or
      indirect, in the Agreement which was the subject of that Acquisition or
      (b) twelve months after the Purchaser has returned all Confidential
      Information supplied to it by the Seller in relation to that Acquisition
      and destroyed or permanently erased all copies of such Confidential
      Information made by the Purchaser (other than any such Confidential
      Information or copies which have been disclosed under paragraph 2 above
      (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above,
      are not required to be returned or destroyed).

                 

              
	
                6.

                 

              	
                No
      Representation; Consequences of Breach, etc

                 

              

      

       

      
        
          
          

        

        
          -
105 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                The
      Purchaser acknowledges and agrees that, in relation to each Acquisition
      made or to be made by it:

                 

              
	 
      	
                (a)

                 

              	
                neither
      the Seller, nor any member of the Group the subject of that Acquisition
      nor any of the Seller's or the Group's respective officers, employees or
      advisers (each a "Relevant Person") (i)
      make any representation or warranty, express or implied, as to, or assume
      any responsibility for, the accuracy, reliability or completeness of any
      of the Confidential Information supplied by the Seller to the Purchaser in
      relation to that Acquisition or any other information supplied by the
      Seller or the assumptions on which it is based or (ii) shall be under any
      obligation to update or correct any inaccuracy in the Confidential
      Information supplied by the Seller to the Purchaser in relation to that
      Acquisition or any other information supplied by the Seller or be
      otherwise liable to the Purchaser or any other person in respect of the
      Confidential Information supplied by the Seller to the Purchaser in
      relation to that Acquisition or any such information; and

                 

              
	 
      	
                (b)

                 

              	
                the
      Seller or members of the Group the subject of that Acquisition may be
      irreparably harmed by the breach of the terms of this undertaking and
      damages may not be an adequate remedy; each Relevant Person may be granted
      an injunction or specific performance for any threatened or actual breach
      of the provisions of this undertaking by the Purchaser.

                 

              
	
                7.

                 

              	
                No
      Waiver; Amendments, etc

                 

              
	 
      	
                This
      undertaking sets out the full extent of the Purchaser's obligations of
      confidentiality owed to the Seller in relation to the information the
      subject of this undertaking.  No failure or delay in exercising
      any right, power or privilege hereunder will operate as a waiver thereof
      nor will any single or partial exercise of any right, power or privilege
      preclude any further exercise thereof or the exercise of any other right,
      power or privileges hereunder.  The terms of this undertaking
      and the obligations of the Purchaser hereunder may only be amended or
      modified by written agreement between the parties.

                 

              
	
                8.

                 

              	
                Inside
      Information

                 

              
	 
      	
                The
      Purchaser acknowledges that some or all of the Confidential Information is
      or may be price-sensitive information and that the use of such information
      may be regulated or prohibited by applicable legislation relating to
      insider dealing and the Purchaser undertakes not to use any Confidential
      Information for any unlawful purpose.

                 

              
	
                9.

                 

              	
                Nature
      of Undertakings

                 

              
	 
      	
                The
      undertakings given by the Purchaser in this undertaking are given to the
      Seller and the relevant Borrower and each other member of the relevant
      Group.

                 

              
	
                10.

                 

              	
                Third
      Party Rights

                 

              
	 
      	
                (a)

                 

              	
                Subject
      to this paragraph 10 and to paragraphs 6 and 9, a person who is not a
      party to this undertaking has no right under the Contracts (Rights of
      Third Parties) Act 1999 

              

      

       

      
        
          
          

        

        
          -
106 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                (the
      "Third Parties
      Act") to enforce or to enjoy the benefit of any term of this
      undertaking.

                   

              
	 
      	
                (b)

                 

              	
                The
      Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9
      subject to and in accordance with this paragraph 10 and the
      provisions of the Third Parties Act.

                 

              
	 
      	
                (c)

                 

              	
                The
      parties to this undertaking do not require the consent of the Relevant
      Persons to rescind or vary this undertaking at any time.

                 

              
	
                11.

                 

              	
                Governing
      Law and Jurisdiction

                 

              
	 
      	
                (a)

                 

              	
                This
      undertaking is governed by English Law.

                 

              
	 
      	
                (b)

                 

              	
                The
      parties submit to the non-exclusive jurisdiction of the English
      courts.

                 

              
	
                12.

                 

              	
                Definitions

                 

              
	 
      	
                In
      this undertaking terms defined in the relevant Agreement (as defined
      below) shall, unless the context otherwise requires, have the same meaning
      and:

                 

              
	 
      	
                "Agreement" means any
      credit agreement in which the Seller has an interest and which requires
      the Seller to obtain from the Purchaser an undertaking in or substantially
      in the form of this undertaking as a condition to permitting disclosure by
      the Seller of certain information to the Purchaser.

                 

              
	 
      	
                "Borrower" means, in
      relation to each Acquisition, the principal company party to the relevant
      Agreement;

                 

              
	 
      	
                "Confidential
      Information" means, in relation to each Acquisition, any
      information relating to the relevant Borrower, the relevant Group, the
      relevant Agreement and/or that Acquisition provided to the Purchaser by
      the Seller or any of its affiliates or advisers, in whatever form, and
      includes information given orally and any document, electronic file or any
      other way of representing or recording information which contains or is
      derived or copied from such information but excludes information that (a)
      is or becomes public knowledge other than as a direct or indirect result
      of any breach of this undertaking by the Purchaser or (b) is known by the
      Purchaser before the date the information is disclosed to the Purchaser by
      the Seller or any of its affiliates or advisers or is lawfully obtained by
      the Purchaser thereafter, other than from a source which is connected with
      the relevant Group and which, in either case, as far as the Purchaser is
      aware, has not been obtained in violation of, and is not otherwise subject
      to, any obligation of confidentiality;

                 

              
	 
      	
                "Group" means, in
      relation to each Acquisition, the relevant Borrower and each of its
      holding companies and subsidiaries and each subsidiary of each of its
      holding companies (as each such term is defined in the Companies Act
      1985);

                 

              
	 
      	
                "Permitted Purpose"
      means, in relation to each Acquisition, considering and evaluating whether
      to enter into that Acquisition; and

                 

              

      

       

      
        
          
          

        

        
          -
107 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                "Purchaser Group" means,
      in relation to each Acquisition, the Purchaser, each of the Purchaser's
      holding companies and subsidiaries and each subsidiary of each of the
      Purchasers holding companies (as each such term is defined in the
      Companies Act 1985).

                 

              

      

      This
undertaking has been entered into on the date stated at the beginning of this
undertaking

       

       

       

      
        
          
          

        

        
          -
108 -

          
            

          

        

        
          
          

        

      

       

      SIGNATURES

       

      [•]

       

      By:

       

      

       

      [•]

       

      By:

       

      

       

      

      
        
          
          

        

        
          -
109 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
9

      [RESERVED]

       

      

       

      
        
          
          

        

        
          -
110 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
10

      Pricing Matrix

       

      Matrix:
B-Notes and Mezzanine Loans

       

      
        	
                LTV

                 

              	
                Advance
      Rate

                 

              	
                Interest
      Spread

                 

              
	
                 

                >71%,
      but <75%

                 

              	
                 

                65%

                 

              	
                 

                1.40
      %

                 

              
	 
      	
                 

                70%

                 

              	
                 

                1.50
      %

                 

              
	 
      	
                 

                75%

                 

              	
                 

                1.60
      %

                 

              
	 
      	 
      	 
      
	
                 

                >76%,
      but <80%

                 

              	
                 

                55%

                 

              	
                 

                1.60
      %

                 

              
	 
      	
                 

                60%

                 

              	
                 

                1.65
      %

                 

              
	 
      	
                 

                65%

                 

              	
                 

                1.70
      %

                 

              
	 
      	
                 

                70%

                 

              	
                 

                1.80
      %

                 

              
	 
      	 
      	 
      
	
                 

                >81%,
      but <85%

                 

              	
                 

                50%

                 

              	
                 

                1.70
      %

                 

              
	 
      	
                 

                60%

                 

              	
                 

                1.85
      %

                 

              
	 
      	
                 

                65%

                 

              	
                 

                1.95
      %

                 

              
	 
      	
                 

                70%

                 

              	
                 

                2.00
      %

                 

              
	 
      	 
      	 
      
	
                 

                >86%,
      but <90%

                 

              	
                 

                55%

                 

              	
                 

                2.00%

                 

              
	 
      	
                 

                60%

                 

              	
                 

                2.10
      %

                 

              
	 
      	 
      	 
      
	
                 

                First
      Mortgage Loans

                 

              	 
      	 
      
	
                 

                >65%

                 

              	
                 

                84%

                 

              	
                 

                1.25%

                 

              
	 
      	 
      	 
      
	
                 

                >66%,
      but <75%

                 

              	
                 

                82%

                 

              	
                 

                1.50%

                 

              
	 
      	 
      	 
      
	
                 

                >76%,
      but <80%

                 

              	
                 

                75%

                 

              	
                 

                1.60%

                 

              
	 
      	 
      	 
      
	
                 

                CMBS

                 

              	 
      	 
      
	
                 

                Rating

                 

              	 
      	 
      
	
                 

                Moody's

                 

              	
                 

                S&P

                 

              	 
      	 
      
	 
      	 
      	 
      	 
      
	
                 

                Baa2

                 

              	
                 

                BBB

                 

              	
                 

                85%

                 

              	
                 

                1.00%

                 

              
	 
      	 
      	 
      	 
      
	
                 

                Baa3

                 

              	
                 

                BBB-

                 

              	
                 

                75%

                 

              	
                 

                1.25%

                 

              
	 
      	 
      	 
      	 
      
	
                 

                Ba1

                 

              	
                 

                BB+

                 

              	
                 

                65%

                 

              	
                 

                1.75%

                 

              

      

       

      
        
          
          

        

        
          -
111 -

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	 
      	 
      
	
                 

                Ba2

                 

              	
                 

                BB

                 

              	
                 

                50%

                 

              	
                 

                2.00%

                 

              
	 
      	 
      	 
      	 
      
	
                 

                Ba3

                 

              	
                 

                BB-

                 

              	
                 

                45%

                 

              	
                 

                2.25%

                 

              
	 
      	 
      	 
      	 
      
	
                 

                B1

                 

              	
                 

                B+

                 

              	
                 

                40%

                 

              	
                 

                2.50%

                 

              
	 
      	 
      	 
      	 
      
	
                 

                B2

                 

              	
                 

                B

                 

              	
                 

                30%

                 

              	
                 

                2.75%

                 

              
	 
      	 
      	 
      	 
      

      

       

       

      
        
          
          

        

        
          -
112 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
11

      Representations
And Warranties Re: Eligible Collateral

       

      MORTGAGE LOAN
REPRESENTATIONS AND WARRANTIES

       

      With
respect to each Mortgage Loan, the Borrower represents and warrants on the
Funding Date of the relevant Mortgage Loan as follows, other than as set forth
in the exception report provided to the Agent in accordance with the
Facility:

       

      
        	
                1.

                 

              	
                The
      information set forth in the Preliminary Due Diligence Package is, so far
      as the Borrower is aware (having made all reasonable enquiries) complete,
      true and correct in all material respects as of the relevant Funding Date
      and is a complete and accurate list of all those documents which are
      relevant for the purposes of the Mortgage Loan.

                 

              
	
                2.

                 

              	
                Each
      Mortgage Loan is a whole loan or a sub-participation interest in a loan or
      a senior ranking interest in a loan. The Borrower has good title to, and
      is the sole owner of each Mortgage Loan. The Borrower has full right,
      power and authority to transfer and assign each of the Mortgage
      Loans.

                 

              
	
                3.

                 

              	
                No
      scheduled payment of principal and interest under any Mortgage Loan is 30
      days or more past due beyond any applicable grace period, and, so far as
      the Borrower is aware, no Mortgage Loan was 30 days or more delinquent in
      the twelve-month period immediately preceding the Funding Date of the
      relevant Mortgage Loan.

                 

              
	
                4.

                 

              	
                Each
      and any Custodial Identification Certificate delivered by or on behalf of
      the Borrower to the Custodian is full and complete without omission or
      defect in any material respect

                 

              
	
                5.

                 

              	
                Each
      Mortgage Loan constitutes a valid and binding obligation of, and is
      enforceable against, the underlying borrower(s) (subject to any
      non-recourse provisions in any of the origination documents and except as
      any enforcement may be limited by any other laws relating to or affecting
      the rights of creditors generally or by general principles of
      equity);

                 

              
	
                6.

                 

              	
                The
      Borrower or the Security Trustee in respect of the relevant Mortgage Loan
      has a good title to each Mortgage at law and all things necessary to
      perfect the Borrower's or the security trustee in respect of the relevant
      Mortgage Loan’s title to each Mortgage have been or will be duly completed
      within the appropriate time or are in the process of being completed
      without undue delay.

                 

              
	
                7.

                 

              	
                The
      Borrower or the security trustee in respect of the relevant Mortgage Loan
      is the legal owner (subject to necessary registrations or recordings under
      the laws of the jurisdiction of the relevant Property) and the Borrower is
      the beneficial owner of the rights of the mortgagee and chargee under the
      Mortgages, free and clear of all encumbrances, overriding interests (other
      than those to which each Property is subject), claims and equities
      (including, without limitation, rights of set-off or
      counterclaim).

                 

              
	
                8.

                 

              	
                The
      Borrower has not received and is not aware of any written notice of any
      encumbrance materially and adversely affecting its title to a Mortgage
      Loan.

                 

              

      

       

      
        
          
          

        

        
          -
113 -

          
            

          

        

        
          
          

        

      

       

      
        	
                9.

                 

              	
                So
      far as the Borrower is aware (having made all reasonable enquiries), no
      Mortgage Loan has been waived, altered or modified in any material respect
      since such Mortgage Loan was entered into except as set out in the
      relevant loan documentation.

                 

              
	
                10.

                 

              	
                So
      far as the Borrower is aware, full and proper accounts, books and records
      showing clearly all transactions, payments, receipts, proceedings and
      notices relating to each Mortgage Loan have been kept since the
      origination of the Mortgage Loan, and such records are, so far as the
      Borrower is aware, complete, accurate and up to date in all material
      respects.

                 

              
	
                11.

                 

              	
                No
      Mortgage Loan contains any obligation to make any further advances which
      remains to be performed and no part of any advance pursuant to a Mortgage
      Loan has been retained by the Borrower pending compliance by the Borrower
      with any other condition.

                 

              
	
                12.

                 

              	
                The
      Borrower has not received any notice of the bankruptcy, liquidation,
      receivership, Examinership or administration of any underlying borrower or
      mortgagor.

                 

              
	
                13.

                 

              	
                Each
      Mortgage Loan is governed by the law of the jurisdiction in which the
      relevant Property is located.

                 

              
	
                14.

                 

              	
                Each
      relevant Mortgage has been delivered for registration against the
      underlying borrower(s) and mortgagor(s) according to the system for
      registration under the law of the jurisdiction in which the relevant
      Property is located.

                 

              
	
                15.

                 

              	
                The
      Borrower has not received any notice of any event of default under the
      Mortgage Loans or Mortgages which has not been remedied, cured or waived
      or of any event of default which with the giving of notice and/or the
      expiration of any applicable grace period and/or making of any
      determination, would constitute such a default, breach or
      violation.

                 

              
	
                16.

                 

              	
                No
      Mortgage Loan has been discharged, terminated, redeemed, cancelled,
      rescinded or repudiated.

                 

              
	
                17.

                 

              	
                So
      far as the Borrower is aware, pursuant to the terms of each Mortgage Loan,
      no underlying borrower or mortgagor is entitled to exercise any right of
      set-off or counterclaim against the Borrower in respect of any amount that
      is payable under a Mortgage Loan.

                 

              
	
                18.

                 

              	
                Each
      of the Mortgage Loans and (where the security is held under a security
      trust) the beneficial interest in the relevant security trust may be
      validly assigned both to the Borrower and by the Borrower to the Security
      Trustee without restriction and no consent from the underlying borrower or
      any mortgagor is required to any such assignment.

                 

              
	
                19.

                 

              	
                So
      far as the Borrower is aware, all applicable Mortgages recording taxes and
      other filing fees have been paid in full or deposited with the issuer of
      the title insurance policy issued in connection with the Mortgage Loan for
      payment upon recordation of the relevant documents.

                 

              
	
                20.

                 

              	
                So
      far as the Borrower is aware, in respect of each Mortgage Loan, the
      relevant mortgagor is required to make all payments without any deduction
      for or on account of taxes, except if required to do so by
      law.  If any tax must be deducted from amounts paid or payable
      under a Mortgage Loan (save where such obligation arises as a result of
      voluntary action on the part of the Lender) then the relevant mortgagor is
      obliged to pay additional amounts to the relevant 

                 

              

      

       

      
        
          
          

        

        
          -
114 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                Lender
      so that such Lender receives a net amount equal to the full amount it
      would have received had the payment not been subject to tax.

                   

              
	
                21.

                 

              	
                So
      far as the Borrower is aware, no Mortgage Loan is cross-collateralised or
      cross-defaulted with any loan other than one or more other Mortgage
      Loans.

                 

              
	
                22.

                 

              	
                So
      far as the Borrower is aware, none of the Mortgage Loans permits the
      related Property to be encumbered by any lien or other security interest
      junior to or of equal priority with the security of the related Mortgage
      without the prior written consent of the holder thereof or the
      satisfaction of debt service coverage or similar criteria specified
      therein.  To the Borrower's knowledge, none of the relevant
      Properties is encumbered by any mortgage, charge, lien or other security
      interest junior to the security of the related Mortgage.

                 

              
	
                23.

                 

              	
                So
      far as the Borrower is aware, the related Mortgage Loan documents require
      the related underlying borrower to furnish to the mortgagee at least
      annually an operating statement with respect to the related
      Property.

                 

              
	
                24.

                 

              	
                The
      Borrower also makes the representations set out below in the section
      entitled Property-Related Representations and Warranties.

                 

              

      

      B LOAN REPRESENTATIONS AND
WARRANTIES

       

      With
respect to each B Note (which expression shall also be deemed to include any
other subordinated note, such as a C or D note), the Borrower represents and
warrants on each Funding Date of the relevant B Note as follows, other than as
set forth on the exception report provided to Lender in accordance with the
Facility:

       

      
        	
                1.

                 

              	
                The
      information set forth in the Preliminary Due Diligence Package is, so far
      as the Borrower is aware (having made all reasonable enquiries), complete,
      true and correct in all material respects and is a complete and accurate
      list of all those documents which are relevant for the purposes of the B
      Note.

                 

              
	
                2.

                 

              	
                The
      Borrower has not received any notice of any material default, breach,
      violation or event of acceleration under the documents evidencing or
      securing the B Note, in any such case to the extent the same materially
      and adversely affects the value of the B Note and the related underlying
      real property.

                 

              
	
                3.

                 

              	
                There
      is no valid claim of set-off, defence or counterclaim to such B
      Note.

                 

              
	
                4.

                 

              	
                The
      lockbox administrator, if any, is not an affiliate of the underlying
      borrower.

                 

              
	
                5.

                 

              	
                The
      B Note documents have been duly and properly executed by the parties
      thereto, and each is the legal, valid and binding obligation of the
      parties thereto, enforceable in accordance with its terms, except as such
      enforcement may be limited by bankruptcy, insolvency, reorganisation,
      receivership, moratorium or other laws relating to or affecting the rights
      of creditors generally and by general principles of equity (regardless of
      whether such enforcement is considered in a proceeding in equity or at
      law).  The B Note is not usurious.  The Borrower has
      fully and validly perfected all security interests created or intended to
      be created pursuant to the B Note documents.

                 

              

      

       

      
        
          
          

        

        
          -
115 -

          
            

          

        

        
          
          

        

      

       

      
        	
                6.

                 

              	
                The
      terms of the related B Note documents have not been impaired, waived,
      altered or modified in any material respect (other than by a written
      instrument which is included in the Custodial Identification
      Certificate).

                 

              
	
                7.

                 

              	
                The
      assignment or other transfer of the B Note constitutes the legal, valid
      and binding assignment or transfer as the case may be of such B Note from
      the existing B Note holder to or for the benefit of the
      Borrower.  No consent or approval by any third party is required
      for any such assignment or transfer of such B Note, for the Lender’s
      exercise of any rights or remedies under the assignment of B Note, or for
      the Lender’s sale or other disposition of such B Note if the Lender
      acquires title thereto, other than consents and approvals which have been
      obtained.  No third party (including underlying real property
      owner and underlying real property mortgagee) holds any "right of first
      refusal," "right of first negotiation," "right of first offer," purchase
      option, or other similar rights of any kind on account of the occurrence
      of any of the foregoing.  No other material impediment exists to
      any such transfer.

                 

              
	
                8.

                 

              	
                To
      the Borrower’s knowledge, all representations and warranties in the B Note
      documents and in the underlying documents for the performing commercial B
      Note secured by a first ranking mortgage on commercial property to which
      such B Note relates are true and correct in all material
      respects.

                 

              
	
                9.

                 

              	
                To
      the extent required under applicable law as of the Funding Date, each
      party to the B Note documents was authorised to do business in the
      jurisdiction in which the related underlying real property is located at
      all times when it held the B Note to the extent necessary to ensure the
      validity and enforceability of such B Note.

                 

              
	
                10.

                 

              	
                So
      far as the Borrower is aware, no party to the B Note documents has
      advanced funds on account of any default under the B Note or under the
      underlying real property mortgage documents.

                 

              
	
                11.

                 

              	
                The
      servicing and collection practices used by the underlying borrower for the
      B Note have, so far as the Borrower is aware, complied with applicable law
      in all material respects and are consistent with those employed by prudent
      servicers of comparable B Notes.

                 

              
	
                12.

                 

              	
                To
      the Borrower's actual knowledge, none of the following parties is a debtor
      in any bankruptcy or insolvency proceeding: the underlying borrower;
      underlying real property owner; or underlying real property
      mortgagee.

                 

              
	
                13.

                 

              	
                No
      B Note contains any obligation to make any further advances which remains
      to be performed by the Borrower and no part of any advance pursuant to a B
      Note has been retained by the Borrower pending compliance by the
      underlying borrower with any other condition.

                 

              
	
                14.

                 

              	
                The
      outstanding principal balance of the B Notes is: (to be
      determined on each Funding Date)

                 

              
	
                15.

                 

              	
                Interest
      is currently charged on the B Notes at a rate, determined in accordance
      with the terms of the Facility, equal to (to be determined on each
      Funding Date).

                 

              
	
                16.

                 

              	
                Scheduled
      payments of principal and interest on the B Notes have been made through
      (to be determined on each
      Funding Date).

                 

              

      

       

      
        
          
          

        

        
          -
116 -

          
            

          

        

        
          
          

        

      

       

      
        	
                17.

                 

              	
                The
      Borrower also makes the representations set out below in the section
      entitled Property-Related Representations and Warranties.

                 

              

      

      MEZZANINE LOAN
REPRESENTATIONS AND WARRANTIES

       

      With
respect to each Mezzanine Loan the Borrower represents and warrants at the
Funding Date of the relevant Mezzanine Loan as follows, other than as set forth
in the exception report provided to the Lender in accordance with the
Facility:

       

      
        	
                1.

                 

              	
                Pursuant
      to the terms of the Mezzanine Loan agreement, the underlying borrower is
      not entitled to exercise any right of set-off (except to the extent
      permitted by law) or counterclaim against the relevant lender in respect
      of any amount that is payable under the Mezzanine Loan.

                 

              
	
                2.

                 

              	
                The
      Borrower is not aware (from any information received by it in the course
      of administering the Mezzanine Loan without further inquiry) of any
      circumstances giving rise to a material reduction in the value of the
      Property since the funding date of the Mezzanine Loan other than market
      forces affecting the values of properties comparable to the Property in
      the area where the Property is located.

                 

              
	
                3.

                 

              	
                To
      the best of the Borrower’s knowledge, (a) the Borrower is not aware of any
      facts which would cause a reasonably prudent lender of money secured on
      commercial property to decline to proceed with the Mezzanine Loan on its
      agreed terms; and (b) it is not aware of any matter or thing affecting the
      title of the underlying borrower to the Property or any other part of the
      security for the Mezzanine Loan which would cause a reasonably prudent
      lender of money secured on commercial property to decline to proceed
      making the Mezzanine Loan on its agreed terms.

                 

              
	
                4.

                 

              	
                The
      Borrower has not received written notice of (and the Borrower is not aware
      of) the bankruptcy, liquidation, receivership, Examinership,
      administration or a winding up or administrative order or dissolution made
      against the underlying borrower.

                 

              
	
                5.

                 

              	
                Since
      the date of the Borrower’s acquisition of the beneficial interest in the
      Mezzanine Loan, no amount of principal or interest due from the underlying
      borrower has, at any time, been more than 14 days overdue at the date
      hereof.

                 

              
	
                6.

                 

              	
                The
      Borrower is not aware of any monetary default, breach or violation under
      the Mezzanine Loan or any other default, breach or violation that
      materially and adversely affects the value of the Property, the Mezzanine
      Loan or any of the security therefor which has not been remedied, cured or
      waived (but only in a case where a reasonably prudent lender of money
      secured on commercial property would grant such a waiver) or of any
      outstanding default, breach or violation by the underlying borrower under
      any of the Mezzanine Loan documents or of any outstanding event which with
      the giving of notice or lapse of any applicable grace period would
      constitute such a default, breach or violation that materially and
      adversely affects the value of the Property, the Mezzanine Loan or any
      security therefor.

                 

              
	
                7.

                 

              	
                The
      Borrower is not aware of any litigation or claim calling into question in
      any way the Borrower’s title to the Mezzanine Loan or any security
      therefor.

                 

              

      

       

      
        
          
          

        

        
          -
117 -

          
            

          

        

        
          
          

        

      

       

      
        	
                8.

                 

              	
                To
      the Borrower’s knowledge there has been no written notice of any default
      that has not been remedied or forfeiture of any occupational lease granted
      in respect of the Property.

                 

              
	
                9.

                 

              	
                During
      the period of the Borrower’s beneficial ownership and, to the Borrower’s
      knowledge since origination, none of the provisions of the Mezzanine Loan
      or any of the Mezzanine Loan documents have been waived, altered or
      modified in any material respect except as set out in the Custodial
      Identification Certificate.

                 

              
	
                10.

                 

              	
                As
      at the date the Mezzanine Loan closed, (a) any requisite consent of the
      landlord under the ground lease of the Property, and any required notice
      to the landlord of, the creation of the lender’s security over the
      Property has been obtained or given and placed with the title deeds, (b)
      to the best of the Borrower’s knowledge there are no defaults under such
      ground lease and (c) such ground lease does not contain any provision
      whereby it may be forfeited on insolvency or liquidation of the lessee or
      on any other ground except breach of covenant of the tenant’s obligations
      or the non-payment of rent by the lessee.

                 

              
	
                11.

                 

              	
                The
      Custodial Identification Certificate is complete and accurate in all
      material respects.

                 

              
	
                12.

                 

              	
                So
      far as the Borrower is aware, the Mezzanine Loan has been serviced since
      the date of origination in accordance with applicable laws and generally
      accepted servicing practices for similar commercial mortgage
      loans.

                 

              
	
                13.

                 

              	
                To
      the best of the Borrower’s knowledge, each of the Mezzanine Loan documents
      is the valid and binding obligation of the underlying borrower,
      enforceable in accordance with its terms, except as such enforcement may
      be limited by (a) insolvency, reorganisation, fraudulent conveyance,
      moratorium, redemption or other similar laws affecting the enforcement of
      creditors’ rights generally and (b) general equity
principles.

                 

              
	
                14.

                 

              	
                The
      Mezzanine Loan carries a right to payment of principal in an amount not
      less than the Base Currency Amount.

                 

              
	
                15.

                 

              	
                Interest
      is currently charged on the Mezzanine Loan at such a rate as may be
      determined in accordance with the provisions of the Mezzanine Loan
      documents.

                 

              
	
                16.

                 

              	
                As
      of the date the Mezzanine Loan closed, the Mezzanine Loan contains no
      obligation to make any further advances which remains to be performed by
      the lender and no part of any advance pursuant to the Mezzanine Loan has
      been retained by the lender pending compliance by the relevant underlying
      borrower or any other party with any other conditions.

                 

              
	
                17.

                 

              	
                The
      Borrower also makes the representations set out below in the section
      entitled Property-Related Representations and Warranties.

                 

              

      

      PROPERTY-RELATED
REPRESENTATIONS AND WARRANTIES

       

      With
respect to each item of Eligible Collateral, the Borrower represents and
warrants on the Funding Date of the relevant Eligible Collateral as follows,
other than as set forth in the exception report provided to the Lender in
accordance with the Facility:

       

      
        	
                1.

                 

              	
                Each
      Property is situated within the European Union.

                 

              

      

       

      
        
          
          

        

        
          -
118 -

          
            

          

        

        
          
          

        

      

       

      
        	
                2.

                 

              	
                Each
      Property constitutes commercial (including retail, office, industrial,
      self storage, hospitality or other commercial uses) or multifamily
      residential properties.

                 

              
	
                3.

                 

              	
                To
      the Borrower’s knowledge, in relation to each Property situated in England
      and Wales, title to which is registered, the title has been registered in
      the appropriate Land Registry with title absolute in the case of freehold
      property or absolute or good leasehold title in the case of leasehold
      property or, where registration in the appropriate Land Registry is
      pending, an application for registration with such title has been
      delivered to the appropriate Land Registry or an application for
      registration with such title will be delivered within the priority period
      conferred by an official search conducted against the relevant title at
      the appropriate Land Registry before completion of the purchase of the
      Property or (in the case of land previously unregistered) within two
      months of completion of the acquisition of the same.

                 

              
	
                4.

                 

              	
                To
      the Borrower’s knowledge, in relation to each Property situated in
      Scotland, title has been registered or recorded at the Registers of
      Scotland (with no exclusion of keeper's indemnity in relation to Property
      registered in the Land Register of Scotland) or where registration or
      recording at the Registers of Scotland is pending, an application for
      registration or recording of such title has been delivered to the
      Registers of Scotland.

                 

              
	
                5.

                 

              	
                Other
      than any such deeds which have been lodged at the Land Registry or at the
      registers applicable to the jurisdiction within which the Property is
      situated, all title deeds to the Properties, the legal charges, the charge
      certificates, and the files relating to the relevant item of Eligible
      Collateral are held by or to the order of the Borrower or the security
      trustee for such item of Eligible Collateral.

                 

              
	
                6.

                 

              	
                In
      respect of the Mortgage Loans, the certificates of title produced by the
      solicitors acting for the relevant mortgagor state that each relevant
      Property was, as at the date of the relevant Mortgage held by the
      mortgagor, free from any encumbrance which would materially adversely
      affect such title.

                 

              
	
                7.

                 

              	
                So
      far as the Borrower is aware, no building or other improvement on any
      Property has been affected in any material manner or suffered any material
      loss as a result of any fire, wind, explosion, accident, riot, war, or act
      of God or the public enemy, and each Property is free of any material
      damage that would affect materially and adversely the value of the
      Property as security for the relevant item of Eligible Collateral and is
      in good repair. The Borrower has neither received notice, nor is otherwise
      aware, of any proceedings pending for the total condemnation of any
      Property or a partial condemnation of any portion material to the
      Borrower’s ability to perform its obligations under the relevant item of
      Eligible Collateral.

                 

              
	
                8.

                 

              	
                No
      Property in England and Wales comprises unregistered land.

                 

              
	
                9.

                 

              	
                To
      the best of the Borrower's knowledge after using reasonable endeavours to
      ensure the same:

                 

              
	 
      	
                (i)

                 

              	
                each
      Property is covered by a buildings insurance policy maintained by the
      mortgagor of the Property or another person with an interest in the
      relevant Property in an amount which is equal to or greater than the
      reinstatement value of such Property and the interest of the security
      trustee to such item of Eligible Collateral or the Borrower 

                 

              

      

       

      
        
          
          

        

        
          -
119 -

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                has
      been noted or is in the course of being noted on each policy or otherwise
      included by the insurers under a "general interest noted" provision in the
      relevant policy;

              
	 
      	
                (ii)

                 

              	
                each
      Property and plant and machinery therein (including fixtures and fitting
      improvements) is covered against those risks usually covered in
      transactions involving property to which the Borrower is a party of the
      same nature and in a comparable location; and

                 

              
	 
      	
                (iii)

                 

              	
                in
      the case of each Property the relevant buildings insurance policy provides
      cover in respect of at least three years’ loss of revenue.

                 

              
	 
      	
                (iv)

                 

              	
                all
      premiums on the policies have been paid and the Borrower has not received
      written notice that any buildings insurance policy is about to lapse on
      account of failure by the relevant entity maintaining such insurance to
      pay the relevant premiums.

                 

              
	
                10.

                 

              	
                So
      far as the Borrower is aware (having made all reasonable enquiries), each
      Property was subject to one or more environmental site assessments (or an
      update of a previously conducted assessment), in connection with the
      origination of the relevant item of Eligible Collateral; and the Borrower,
      having made no independent inquiry, has no knowledge of any material and
      adverse environmental conditions or circumstances affecting such
      Property.  The Borrower has not taken any action with respect to
      such item of Eligible Collateral or the related Property that could
      subject the Lender, or its successors and assigns in respect of the
      relevant item of Eligible Collateral, to any liability under environmental
      legislation and the Borrower has not received any actual notice of a
      material breach of any environmental law with respect to the related
      Property that was not disclosed in the related report.  In
      respect of the Mortgage Loans, the related Mortgage or loan documents in
      the Custodial Identification Certificate requires the mortgagor to comply
      with all applicable environmental laws and regulations.

                 

              
	
                11.

                 

              	
                The
      Borrower has not received written notice of any default, or forfeiture or
      irritancy of any occupational lease granted in respect of a Property or of
      the insolvency of any tenant of a Property which would, in any case,
      render the relevant Property unacceptable as security for the Eligible
      Collateral.

                 

              
	
                12.

                 

              	
                Each
      Property is, to the Borrower's knowledge, free and clear of any damage
      that would materially and adversely affect its value as security for the
      related item of Eligible Collateral (normal wear and tear
      excepted).

                 

              
	
                13.

                 

              	
                To
      the knowledge of the Borrower, there are no claims, actions, suits or
      proceedings pending or threatened before any court, administrative agency
      or arbitrator concerning any item of Eligible Collateral (or the related
      mortgagor) or Property that might adversely affect title to that item of
      Eligible Collateral (or the validity or enforceability of the related
      security) or that might materially and adversely affect the value of the
      Property as security for the item of Eligible Collateral or the use for
      which the premises were intended.

                 

              

      

       

      
        
          
          

        

        
          -
120 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
12

      FORM OF CUSTODIAL AGREEMENT

       

      

       

      
        
          
          

        

        
          -
121 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
13

      FORM OF OPINIONS COUNSEL TO BORROWER

       

      

       

      
        
          
          

        

        
          -
122 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
14

      [RESERVED]

       

      

       

      
        
          
          

        

        
          -
123 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
15

      [RESERVED]

       

      

       

      
        
          
          

        

        
          -
124 -

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
16

      SERVICER NOTICE

       

      FORM
OF SERVICER NOTICE

       

      

       

      [•]
20[•]

       

      

       

      [Insert Servicer
address]

       

      
        	
                Re:

                 

              	
                Multicurrency
      Revolving Facility Agreement dated 15 February 2008 (the "Loan Agreement"),
      amongst, inter
      alia, AHR Capital MS Limited (the "Borrower") and Morgan
      Stanley Bank (the "Agent")

                 

              

      

      

       

      Dear
Sirs/Madam:

       

      [                    ]
(the "Servicer") is
servicing certain collateral for the Borrower pursuant to [a] certain Servicing
Agreement(s) between the Servicer and the Borrower as amended and supplemented
by the related Addendum(s) thereto among the Servicer, the Borrower and the
Agent (collectively, the "Servicing
Agreement").  Pursuant to the Loan Agreement, the Servicer is
hereby notified that the Borrower has granted a security interest to Security
Trustee in respect of certain collateral which is serviced by the
Servicer.

       

      Upon
receipt of a notice of Default or Event of Default (as each such term is defined
in the Loan Agreement) from the Agent in which the Agent shall identify the
collateral which is pledged to the Security Trustee under the Debenture (the
"Pledged Collateral"),
the Servicer shall segregate all amounts collected on account of such Pledged
Collateral, hold them on trust for the sole and exclusive benefit of the
Security Trustee, and remit such collections in accordance with the Security
Trustee's written instructions.  Following such notice of Default or
Event of Default, the Servicer shall comply only with the instructions of the
Security Trustee with respect to the Pledged Collateral without the further
consent of the Borrower or any other party, and shall deliver to the Security
Trustee any information with respect to the Pledged Collateral reasonably
requested by the Security Trustee.

       

      Notwithstanding
any contrary information or direction which may be delivered to the Servicer by
the Borrower, the Servicer may conclusively rely on any information, direction
or notice of a Default or an Event of Default delivered by the Agent, and the
Borrower shall indemnify and hold the Servicer harmless for any and all claims
asserted against the Servicer for any actions taken in good faith by the
Servicer in connection with the delivery of such information or notice of
Default or Event of Default.

       

      No
provision of this letter may be amended, countermanded or otherwise modified
without the prior written consent of Lender.

       

      Please
acknowledge receipt and your agreement to the terms of this instruction letter
by signing in the signature block below and forwarding an executed copy to the
Agent promptly upon receipt.  Any 

       

      
        
          
          

        

        
          -
125 -

          
            

          

        

        
          
          

        

      

       

      notices
to the Agent should be delivered to the following address:  1221
Avenue of the Americas, New York, New York 10020; Attention: Mr. Andrew
Neuberger, Telephone: (212) 762 6401 Facsimile: (212) 762 9495

       

      Yours
faithfully,

       

      

       

      

       

      AHR
CAPITAL MS LIMITED

       

      By
its duly authorised attorney:   ............................................

       

      Name:

      Title:

       

      

       

      

       

      ACKNOWLEDGED
AND AGREED:

       

      MORGAN
STANLEY MORTGAGE SERVICING LTD

      (as
Security Trustee)

       

      By:    ............................................

       

      Name:                      

      Telephone:

      Facsimile:

       

      

       

      AND

       

      MORGAN
STANLEY BANK

      (as
Agent)

       

      By:

       

      Name:

      Title:

      Telephone:

      Facsimile:

       

      

       

      SIGNATURES

       

      
        	
                SIGNED, SEALED AND DELIVERED
      by

              	
                )

              	 
      
	
                the
      duly authorised attorney of

              	
                )

              	 
      

      

       

      
        
          
          

        

        
          -
126 -

          
            

          

        

        
          
          

        

      

       

      
        	
                AHR
      Capital MS Limited

              	
                )

              	 
      
	
                in
      the presence of

                 

              	
                )

                 

              	 
      

      

      

       

      Signature
of witness

       

      

       

      

      Name
of witness

       

      

       

      Address
of witness

       

      AHR
Capital MS Limited

      1
Guild Street

      IFSC,
Dublin 1, Ireland

      Fax:   +
353 1 636 7801

      Attention:
The Directors

      

       

      THE
INITIAL LENDER

       

      MORGAN
STANLEY BANK

       

      By:  

       

      c/o
SPG Warehouse Group

      1221
Avenue of Americas, 27th
Floor

      New
York, New York 10020

      
        	
                Attention:

              	
                Andrew
      Neuberger

              
	
                Telephone:

              	
                (212)
      762 6401

              
	
                Facsimile:

              	
                (212)
      507 4870

              

      

      

      with
a copy to:

      Morgan
Stanley Law Division

      1221
Avenue of Americas, 5th
Floor

      New
York, New York 10020

      
        	
                Attention:

              	
                Su
      Sun Bai, Esq.

              
	
                Telephone:

              	
                (212)
      762 6789

              
	
                Facsimile:

              	
                (212)
      762 8896

              

      

      

      

      with
a copy to:

      Clifford
Chance US LLP

      31
West 52nd
Street

      New
York, New York 10019

       

      
        
          
          

        

        
          -
127 -

          
            

          

        

        
          
          

        

      

       

      
        	
                Attention:

              	
                David
      C. Djaha, Esq.

              
	
                Telephone:

              	
                (212)
      878 8158

              
	
                Facsimile:

              	
                (212)
      878 8375

              

      

      

       

      THE
AGENT AND THE FIRST NEW LENDER

       

      MORGAN
STANLEY PRINCIPAL FUNDING INC

       

      By:  

       

      

       

      1585
Broadway

      New
York, New York 10036,

      
        	
                Attention:

              	
                Louis
      Mensah

              
	
                Facsimile:

              	
                +44
      20 7056 0242

              

      

      

       

      

       

      THE
SECURITY TRUSTEE

       

      MORGAN
STANLEY MORTGAGE SERVICING LTD.

       

      By:

      

      
        	
                Address:

              	
                20
      Cabot Square, Canary Wharf, London, UK E14 4QW

              
	
                Fax:

              	
                +44
      207 677 4654

              
	
                Telephone:

              	
                +44
      207 677 3041

              
	
                Attention:

              	
                Louis
      Mensah

              

      

       

       

      
 

      - 128
-

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