Document:

Exhibit 10.60 to 2005 FORM 10-K NSE Bush Severance Agreement

March 10, 2006 

Lori Bush

75 West Center

Provo, Utah 84601 

      RE:
Severance Package

Dear Lori, 

        This
letter sets forth the terms of your severance package. We propose to enter into a
Separation Agreement that would include terms customary to key employee terminations. The
agreement would include the following terms: 

	•  	  	Your
employment will end on March 31, 2006.  

	•	  	
The company would extend a severance benefit of $800,000, payable in monthly installments
during an 18-month non-competition period. This sum would encompass all of the individual
elements that potentially impact the calculation of a severance benefit. 

	• 	  	
A non-competition covenant would prohibit you from working for a competing direct selling
company for 18 months following termination of employment. This provision would not
prohibit your employment by a company not involved in direct selling. In the event of your
engagement with a company that competes in the company’s product categories, however,
you recognize that such an engagement may create conflicts of interest that would require
termination of the consulting relationship described below. 

	•	  	The
agreement would include a mutual release and waiver of claims related to your employment
and termination thereof.  

	• 	  	
You would confirm your ongoing agreement to abide by key employee covenants with respect
to assignment of work product, confidentiality, and any others that extend beyond your
employment term. 

	•	  	
As of April 1, 2006, you would be engaged as a consultant and as chair of the Nu Skin
Personal Care Scientific Advisory Board (the “Board”). The terms of this
engagement are set forth below. This engagement would be terminable at will by either you
or the company. Your activity as a consultant and on the Board would be under the
direction of Joe Chang, Chief Scientific Officer. 

	•	  	
As a consultant and Board chair, you will receive an annual retainer of $25,000/year. This
retainer would cover your activities as Board chair and will also compensate you for
speaking appearances at the company’s global convention as well as one other
convention or distributor event each year, whether domestic or foreign. This retainer
provides the company with 96 hours/year of your services, which, at the company’s
discretion, may not necessarily be applied evenly throughout the year. 

	• 	  	
For additional days of service requested by the company, you will receive a fee of
$1,500/day for working days, and $750/day for days of travel. All of your pre-approved
travel expenses will be reimbursed by the company. Your air travel will be business or
first class. 

	• 	  	
During your tenure on the Board, you will be entitled to an allotment of products
consistent with the policy in effect for corporate Vice Presidents. In addition, you will
be entitled to use the Sundance cabin for up to 10 days/year, provided the company owns or
leases the cabin and provided your use of the cabin is consistent with policies in effect
for Vice Presidents. 

	• 	  	
The company understands that you are writing a book on skincare that is intended to
compliment Nu Skin’s product philosophy. We understand that you would like to sell
the book rights to Nu Skin for $75,000. The company will consider this possibility and, if
the company elects to proceed, will pay half of the purchase rights after reviewing an
outline and rough draft of the book, with the balance upon satisfactory completion. 

        Please
confirm your agreement with the terms set forth herein by executing a copy of this letter
in the space provided below so that we can prepare a definitive Separation Agreement. 

Very
truly yours,

/s/ Truman Hunt
Truman Hunt 

President
and Chief Executive Officer

Agreed this 10th day of
March, 2006. 

/s/ Lori Bush

Lori BushExhibit 10.61 to NSE 2005 FORM 10-K Summary of Team Elite Travel Policy

SUMMARY OF TEAM ELITE
TRAVEL POLICY 

The following is a summary of a
travel policy adopted by the Compensation Committee of the Company’s Board of
Directors on March 13, 2006 with respect to the annual Team Elite distributor trip: 

It is currently the Company’s
practice to conduct an annual international trip for those independent distributors that
have achieved “Team Elite” status within the Company’s distributor
compensation plan. Certain members of senior management of the Company accompany Team
Elite members on this trip in an effort promote contact and relationship building between
senior management and Team Elite members. Members of Company management are often
accompanied by their spouses in an effort to promote a family atmosphere at these events.
In recognition of this, the Company has adopted a policy providing that the Company will
pay for travel, lodging, and certain other costs for the spouses of certain senior
managers attending the Team Elite trip.2005 Form 10-K Exhibit 10.9

     Exhibit 10.9 

SECOND AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of November 16, 2005

among

ALEXANDRIA REAL ESTATE EQUITIES, INC.,

ALEXANDRIA REAL ESTATE EQUITIES, L.P.,

ARE-QRS CORP.,

ARE ACQUISITIONS, LLC,

and 

The Other Subsidiaries Party Hereto

as the Borrowers,

BANK OF AMERICA, N.A.,

as Administrative Agent,

 and

The Other Lenders Party Hereto

SECOND AMENDMENT TO

AMENDED AND RESTATED CREDIT AGREEMENT

     This SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT (this "Amendment") is dated as of November 16, 2005 (the "Amendment
Effective Date"), and entered into by and among Alexandria Real Estate Equities, Inc., a
Maryland corporation ("Parent"), Alexandria Real Estate Equities, L.P., a Delaware
limited partnership ("Operating Partnership"), ARE-QRS Corp., a Maryland corporation
("QRS"), ARE Acquisitions, LLC, a Delaware limited liability company ("ARE"), and
the other Subsidiaries of Parent party hereto (collectively, together with Parent, Operating
Partnership, QRS and ARE, the "Borrowers"), Bank of America, N.A. ("Bank of
America"), as administrative agent (in such capacity, the "Administrative Agent"), and
the Lenders (as defined below) party hereto and is made with reference to that certain
Amended and Restated Credit Agreement, dated as of December 22, 2004, by and among
the Borrowers, each lender from time party thereto (collectively, the "Lenders" and
individually, a "Lender"), and Bank of America, as Administrative Agent, Swing Line
Lender and L/C Issuer, Citicorp North America, Inc. and Commerzbank AG New York
and Grand Cayman Branches, as Co-Syndication Agents, Societe Generale and Eurohypo
AG, New York Branch, as Co-Documentation Agents, and Banc of America Securities
LLC, and Citigroup Global Markets Inc., as Joint Lead Arrangers and Joint Bookrunners
(the "Credit Agreement") and that certain First Amendment to Amended and Restated
Credit Agreement, dated as of February 11, 2005, by and among the Borrowers,
Administrative Agent and the Required Lenders (the "First Amendment")(the Credit
Agreement as amended by the First Amendment and this Amendment, the "Amended
Agreement").  Capitalized terms used in this Amendment shall have the meanings set
forth in the Credit Agreement unless otherwise defined herein.

RECITALS

     WHEREAS, Borrowers desire to amend the Credit Agreement as more
particularly set forth below;

     WHEREAS, pursuant to the Credit Agreement, the amendment set forth herein
requires the consent of the Required Lenders, and the Required Lenders hereby consent
thereto;

     NOW, THEREFORE, in consideration of the agreements, provisions and
covenants contained herein, the parties agree as follows:

Section 1. AMENDMENT TO THE CREDIT AGREEMENT

1.1 Amendment to Subsection 1.01 - Defined Terms.

     A. Subsection 1.01 shall be amended by deleting the definition of
"Adjusted Tangible Net Worth."

     B. Subsection 1.01 shall be amended by deleting the definitions for
"Asset Value," "Borrowing Base," "Capitalization Rate," "Development Investments,"
"Fee Letter," "Leverage Ratio," "Qualified Unencumbered Asset Pool Property," "Term
Loan Amount," "Unencumbered," and "Unencumbered Asset Pool" in their entirety and
replacing them with the following:

     "Asset Value" means, as of any date of determination and without
double counting any item, the sum of the following:

     (a)     with respect to any improved Real Property (other than
Real Property constituting Development Investments) owned by a Person for a
full four consecutive fiscal quarter period or longer, an amount equal to (i) the
Adjusted NOI of such Person from such Real Property for the prior four full
consecutive fiscal quarters divided by (ii) the Capitalization Rate;

     (b)     with respect to any Real Property owned by a Person for
less than four full consecutive fiscal quarters, an amount equal to (i) the Adjusted
NOI of such Real Property for the period which a Person has owned and operated
such Real Property, adjusted by the Borrowers to an annual Adjusted NOI in a
manner reasonably acceptable to the Administrative Agent, divided by (ii) the
Capitalization Rate;

     (c)     with respect to improved Real Property that is not a
Development Investment but which is being renovated by a Person or with respect
to which a partial or total renovation was recently completed by a Person, an
amount as determined at the sole election of the Administrative Agent based on
(i) the annualized Adjusted NOI with respect to such Real Property, annualized
based on bona fide, arms length signed tenant leases which are in full force and
effect requiring current rental payments, and divided by the Capitalization Rate,
or (ii) on the cost basis of the Real Property determined in accordance with
GAAP; and

     (d)     with respect to any Real Property that is Qualified Land, an
amount equal to, at the option of the Borrowers, cost basis or the Appraised Value
(if any) of such Qualified Land.

     "Borrowing Base" means, as of any date of determination and
without duplication, an amount equal to the lesser of (a) the amount which, when
added to the total outstanding principal amount of all unsecured Indebtedness of
the Parent and its Subsidiaries (including the Outstanding Amount of the Loans),
would not exceed the sum of: (i) 60% of the aggregate Asset Value of the
Revenue-Producing Properties in the Unencumbered Asset Pool, as of such date,
plus (ii) 50% of the aggregate Asset Value of the Qualified Lands in the
Unencumbered Asset Pool, as of such date, and (b) the amount which, when
added to the total outstanding principal amount of all unsecured Indebtedness of
the Parent and its Subsidiaries (including the Outstanding Amount of the Loans),
would not cause the Interest Coverage Ratio to be less than 2.00:1.00.

     "Capitalization Rate" means 8.75%.

     "Development Investments" means, as of any date of
determination, direct or indirect investments in Real Property which, as of such
date, is the subject of ground-up development, new construction, substantial
renovation or expansion of improvements to Real Property for its own account, of
properties to be used principally for office, office/laboratory, research or
manufacturing/warehouse purposes; provided, that, such Real Property or any
portion thereof will only constitute a Development Investment from the date
construction has commenced thereon until the date on which the Real Property
and applicable improvements receive a final certificate of occupancy or
equivalent certification allowing legal occupancy for its intended purpose.

     "Fee Letter" means that certain letter agreement dated as of
November __, 2005 among the Parent, the Administrative Agent and BAS, which
letter agreement supercedes and replaces that certain letter agreement dated as of
December 22, 2004 among the Parent, the Administrative Agent and BAS.

     "Leverage Ratio" means, as of the last day of each fiscal quarter,
the ratio (expressed as a percentage) of (a) Total Indebtedness of Parent and its
Subsidiaries as of that date to (b) the Adjusted Tangible Assets of Parent and its
Subsidiaries as of that date.

     "Qualified Unencumbered Asset Pool Property" means Qualified
Land and Qualified Revenue-Producing Property.

     "Term Loan Amount" means, at any time, the aggregate principal
amount of the Term Loans outstanding, which amount on the Second Amendment
Date is equal to $500,000,000, as such amount may be increased from time to
time pursuant to Section 2.15 or decreased from time to time.

     "Unencumbered" means, with respect to any Revenue-Producing
Property or Qualified Land, that such Revenue-Producing Property or Qualified
Land (a) is not subject to any Lien other than Liens permitted under Section 7.01,
(b) is not subject to any Negative Pledge and (c) is not held by a Person any of
whose direct or indirect equity interests are subject to a Lien or Negative Pledge.

     "Unencumbered Asset Pool" means, as of any date of
determination, (a) the Initial Pool Properties, plus (b) each other Qualified
Unencumbered Asset Pool Property added to the Unencumbered Asset Pool
pursuant to Section 2.16 as of such date, excluding (c) any Revenue-Producing
Property or Qualified Land removed from the Unencumbered Asset Pool pursuant
to Section 2.16 as of such date.

     C. Subsection 1.01 shall be amended by adding the following
definitions in the appropriate alphabetical order:

     "Appraised Value" means, as of any date of determination, without
duplication, with respect to any Real Property, the appraised value (if any) thereof
based on its unimproved as-is basis determined pursuant to an appraisal prepared
by an M.A.I. certified appraisal and otherwise reasonably satisfactory to
Administrative Agent (it being understood and agreed that in no event shall the
Borrowers be required to deliver updated appraisals more frequently than once
during any 24-month period).

     "Minimum Book Value" means, as of any date of determination,
without duplication, the sum of: (a) all consolidated assets of Parent and its
Subsidiaries as of that date, plus (b) Parent's and its Subsidiaries' minority
interest in unconsolidated assets as of that date, minus (i) Intangible Assets of
Parent and its Subsidiaries and (ii) Total Liabilities of Parent and its Subsidiaries
as of that date.

     "Qualified Land" means, as of any date of determination, without
duplication, Real Property that:

     (a) has received all entitlements required for the contemplated
development of the Real Property into Revenue-Producing Property;

     (b) is wholly owned in fee simple absolute by Parent or any
other Borrower that is a Wholly-Owned Subsidiary;

     (c) to the best of Borrowers' knowledge and belief, does not
have any title, survey, environmental or other defects that would give rise to a
materially adverse effect as to the value, use of or ability to sell or refinance such
property;

     (d) is Unencumbered; and

     (e) would not cause the Borrowers to be in violation of the
covenant set forth in Section 6.13.

     "Qualified Revenue-Producing Property" means Revenue-Producing Property that:

     (a) is wholly owned in fee simple absolute or a leasehold
interest pursuant to a Mortgageable Ground Lease by Parent or any other
Borrower that is a Wholly-Owned Subsidiary;

     (b) is occupied or available for occupancy (subject to final
tenant improvements);

     (c) to the best of Borrowers' knowledge and belief, does not
have any title, survey, environmental or other defects that would give rise to a
materially adverse effect as to the value, use of or ability to sell or refinance such
property;

     (d) is Unencumbered; and

     (e) would not cause the Borrowers to be in violation of the
covenant set forth in Section 6.13.

     "Second Amendment Date" means November __, 2005.

"Total Indebtedness" means, as to any Person at a particular time,
without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

     (a) all obligations of such Person for borrowed money and all
obligations of such Person evidenced by bonds, debentures, notes, loan
agreements or other similar instruments;

     (b) all direct or contingent obligations of such Person arising
under letters of credit (including standby and commercial), bankers' acceptances
and bank guaranties;

     (c) net obligations of such Person under any Swap Contract;

     (d) all obligations of such Person to pay the deferred purchase
price of property or services (other than trade accounts payable in the ordinary
course of business);

     (e) indebtedness (excluding prepaid interest thereon) secured
by a Lien on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements),
whether or not such indebtedness shall have been assumed by such Person or is
limited in recourse;

     (f) Capital Lease Obligations; and

     (g) all Guarantees of such Person in respect of any of the
foregoing.

     For all purposes hereof, Total Indebtedness shall not include any
Minority Interest's share of any of the foregoing.  The amount of any net
obligation under any Swap Contract on any date shall be deemed to be (i) for any
date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination
value(s), and (ii) for any date prior to the date referenced in clause (i), zero.  The
amount of any Capital Lease Obligation as of any date shall be deemed to be the
amount of Attributable Indebtedness in respect thereof as of such date.

1.2 Amendment to Subsection 2.01(b) - Term Loan Commitments.

     A. Subsection 2.01(b) shall be deleted in its entirety and
replaced with the following:

     (b)     Term Loan.      Subject to the terms and conditions set forth
herein, each Term Lender severally agrees to fund the portion of the Term Loan
Amount represented by its Term Loan Commitment to the Borrowers on the
Closing Date or Second Amendment Date, as applicable, in an aggregate amount
not to exceed such Term Lender's Term Loan Commitment or the Term Loan
Amount. The Term Loan shall be made in two draws on the Closing Date and the
Second Amendment Date.  To the extent all or any portion of the Term Loans are
repaid or prepaid, they may not be reborrowed.  Term Loans may be Base Rate
Loans or Eurodollar Rate Loans, as further provided herein.

1.3 Amendment to Subsection 2.15(a) - Increase in Commitments.

     A. Subsection 2.15(a) shall be deleted in its entirety and replaced with
the following:

     (a) Request for Increase.  Provided there exists no Default or
Event of Default (nor would any occur after giving effect to the increase
described herein) and in consultation with the Administrative Agent in order to
minimize costs associated therewith, upon notice to the Administrative Agent
(which shall promptly notify the Lenders), the Borrowers may request an increase
in the Aggregate Commitments (which may be, at the option of the Borrowers,
Revolving Commitments and/or Term Loan Commitments) by an aggregate
amount not exceeding $200,000,000; provided, that, any such request for an
increase shall be in a minimum amount of $25,000,000 (unless approved by the
Administrative Agent).  At the time of sending such notice, the Borrowers (in
consultation with the Administrative Agent) shall specify the time period within
which each Lender is requested to respond (which shall in no event be less than
ten Business Days from the date of delivery of such notice to the Lenders).

1.4 Amendment to Subsection 2.16 - Unencumbered Asset Pool.

     A. Subsection 2.16 shall be deleted in its entirety and replaced with
the following:

     2.16    Unencumbered Asset Pool.  Borrowers may at any time
add a Qualified Unencumbered Asset Pool Property to the Unencumbered Asset
Pool pursuant to this Section 2.16, by Borrowers' delivery to the Administrative
Agent (which the Administrative Agent shall promptly distribute to the Revolving
Lenders) of the following:

     (a) a complete description of the proposed Qualified
Unencumbered Asset Pool Property;

     (b) for any Revenue-Producing Property only, the prior twelve
(12) months' operating income statements related to such Qualified
Unencumbered Asset Pool Property (to the extent available);

     (c) for any Revenue-Producing Property only, cash flow
projections for such Qualified Unencumbered Asset Pool Property for at least the
next twelve (12) months;

     (d) for any Revenue-Producing Property only, a description of
all tenants and leases with respect to such Qualified Unencumbered Asset Pool
Property;

     (e) a certification of a Responsible Officer of the Borrowers
that Parent has obtained a current written report prepared by a qualified
independent expert with respect to Hazardous Materials related thereto which
discloses that such property would not be in violation of the representations and
covenants of this Agreement; and

     (f) such other written materials reasonably requested by any
Revolving Lender.

     Borrowers may remove any Qualified Unencumbered Asset Pool
Property from the Unencumbered Asset Pool by delivery to the Administrative
Agent (for prompt distribution to the Revolving Lenders) of a written notice to
that effect, accompanied by a certificate of a Responsible Officer of Borrowers
setting forth the revised Borrowing Base as of the most recently-ended fiscal
quarter for which financial statements are required to be delivered pursuant to this
Agreement resulting from such removal, which removal shall be effective on the
third (3rd) day after receipt of such notice by Administrative Agent.

1.5 Amendment to Subsection 5.01(a) - Existence.

     A. Subsection 5.01(a) shall be deleted in its entirety and replaced with the following:

     (a)     is duly organized or formed, validly existing and in good
standing under the Laws of the jurisdiction of its incorporation or organization
except to the extent permitted by Sections 7.04, or 10.21.

1.6 Amendment to Subsection 6.01 - Financial Statements.

     A. Subsection 6.01(c) shall be deleted in its entirety and replaced with the following:

     (c)     As soon as practicable, and in any event within 60 days
after the end of each of the first 3 fiscal quarters in any fiscal year, statements of
operating income for such fiscal quarter for each of the Revenue-Producing
Properties in the Unencumbered Asset Pool and a summary Rent Roll for each of
the Revenue-Producing Properties in the Unencumbered Asset Pool, each in
reasonable detail.  For the fourth fiscal quarter of each fiscal year, as soon as
practicable, and in any event within 90 days after the end of such fourth fiscal
quarter, provide such above-mentioned detail; and

1.7 Amendment to Subsection 6.02 - Certificates; Other Information.

     A. Subsections 6.02(a) and (g) shall be deleted in their entirety and
replaced with the following:

     (a) As soon as practicable, and in any event no later than 90
days after the commencement of each fiscal year, a budget and projection by
fiscal quarter for that fiscal year and by fiscal year for the next two succeeding
fiscal years, including for the first such fiscal year, projected consolidated balance
sheets, statements of operations and statements of cash flow and, for the second
and third such fiscal years, projected consolidated balance sheets and statements
of operations and cash flows, of Parent and its Subsidiaries, all in reasonable
detail;

     (g)     Not later than sixty (60) days after the end of each fiscal
quarter of the Borrowers (other than the fourth fiscal quarter in any fiscal year),
(i) a statement listing the properties of Parent and its respective Subsidiaries
which are Development Investments and providing a brief summary of the status
of such development, and (ii) an updated Schedule 5.13 containing a current
listing of all then existing Subsidiaries.  Not later than ninety (90) days after the
fourth fiscal quarter in any fiscal year, the items required to be delivered in clause
(i) and (ii) above for such fourth fiscal quarter;

1.8 Amendment to Subsection 6.13 - Unencumbered Asset Pool.

     A. Subsection 6.13 shall be deleted in its entirety and replaced with
the following:

                6.13    Unencumbered Asset Pool.

     (a) Cause each of the Revenue-Producing Properties in the
Unencumbered Asset Pool to satisfy all of the following conditions:

     (i)             the Revenue-Producing Properties shall be
owned by a Borrower or leased by a Borrower pursuant to a
Mortgageable Ground Lease (subject to the terms of this
Agreement); and

     (ii)            the Revenue-Producing Properties in the
Unencumbered Asset Pool shall consist solely of Revenue-
Producing Properties which have an aggregate occupancy level
(on a portfolio basis) of at least 80% as of the end of the
previous four fiscal quarters of the Borrowers based on bona
fide, arms-length tenant leases which are in full force and effect
requiring current rental payments and which are in good
standing.

     (b) Cause no more than 25% of the total Borrowing Base to be
derived from Qualified Lands.

     (c) Provide to the Administrative Agent on and as of the
Second Amendment Date as part of the Compliance Certificate (i) a list of the
Revenue-Producing Properties and Qualified Lands in the Unencumbered Asset
Pool, (ii) the certification of a Responsible Officer of the Borrowers of the Asset
Values of such properties and that such properties are in compliance with Section
6.13 (together with appraisals (if any) to support any applicable Appraised Values
for each Qualified Land), (iii) operating statements setting forth the NOI for each
of the Revenue-Producing Properties in the Unencumbered Asset Pool for the
previous four fiscal quarters (or such shorter period as the Revenue-Producing
Property has been held by the Borrowers if such statements are not available to
Borrowers) certified as true and correct by a Responsible Officer of the
Borrowers, and (iv) a certificate that the Revenue-Producing Properties and
Qualified Lands in the Unencumbered Asset Pool comply with the terms of
Sections 5.09 and 5.19.  If all or any material portion of a Revenue-Producing
Property or a Qualified Land within the Unencumbered Asset Pool shall be
materially damaged or taken by condemnation, then such property shall no longer
be a part of the Unencumbered Asset Pool unless and until such damage is
repaired or restored, such property becomes fully operational and the
Administrative Agent shall receive evidence satisfactory to the Administrative
Agent of the value and NOI of such Revenue-Producing Property or the
Appraised Value of Qualified Land following such repair or restoration.

1.9 Amendment to Section 6.14 - Revenue-Producing Properties. 

     A. Subsection 6.14 shall be deleted in its entirety and replaced with
the following:

     6.14    Revenue-Producing Property and Qualified Land.  Cause each
Revenue-Producing Property and each Qualified Land in the Unencumbered
Asset Pool to remain a Qualified Unencumbered Asset Pool Property so long as it
is in the Unencumbered Asset Pool; provided, that, nothing herein shall preclude
the removal of any such property from the Unencumbered Asset Pool in
accordance with this Agreement.

1.10 Amendment to Section 6.15 - Additional Borrowers.

     A. Subsection 6.15 shall be deleted in its entirety and replaced with
the following:

     6.15    Additional Borrowers.  Cause each Wholly-Owned Subsidiary of
Parent which is not then a Borrower and which holds a Revenue-Producing
Property or Qualified Land which becomes part of the Unencumbered Asset Pool,
to execute and deliver a joinder agreement concurrently with the addition of such
Revenue-Producing Property or such Qualified Land to the Unencumbered Asset
Pool.

1.11 Amendment to Section 7.02 - Investments.

     A. Subsections 7.02(f) and (g) shall be deleted in their entirety and
replaced with the following:

     (f)     Investments in Real Property of the Borrower and their
Subsidiaries consisting of (i) Development Investments (the amount of such
Investment shall be an amount equal to the aggregate costs incurred in connection
therewith), (ii) undeveloped land without improvements, or (iii) any other Real
Property, other than an improved real estate property used principally for office,
office/laboratory, research, or manufacturing/warehouse purposes (and
appurtenant amenities); provided, that, as of the most recently ended fiscal
quarter, the book value of such Investments may not exceed 35% of the Adjusted
Tangible Assets.  To determine such book value of Investments described in this
Section 7.02(f) which are not owned 100%, directly or indirectly, by Parent or any
of its Subsidiaries, the book value of such Investment shall be adjusted by
multiplying the same by the Parent's or such Subsidiaries' interest therein during
the fiscal quarter of the Parent ending as of the date of determination of such book
value;

     (g)     Investments in Development Investments; provided, that, at
any time the aggregate amount of costs incurred in connection therewith from the
date of computation of acquiring the applicable Real Property and developing,
constructing, renovating, rehabilitating and leasing the improvements thereon, to
any date of determination, does not exceed 25% of the Adjusted Tangible Assets
as of the most recently ended fiscal quarter;

1.12 Amendment to Section 7.09 - Burdensome Agreements.

     A. Subsection 7.09 shall be deleted in its entirety and replaced with
the following:

     7.09    Burdensome Agreements.  Enter into any agreement, instrument
or transaction which has or may have the effect of prohibiting or limiting any
Borrower's ability to pledge to Administrative Agent the Revenue-Producing
Property and Qualified Land within the Unencumbered Asset Pool.  Borrowers
and their respective Subsidiaries, shall take such actions as are necessary to
preserve the right and ability of Borrowers to pledge to Administrative Agent for
the benefit of Lenders those Revenue-Producing Properties and Qualified Lands
without any such pledge after the date hereof causing or permitting the
acceleration (after the giving of notice or the passage of time, or otherwise) of any
other Indebtedness of Borrowers or any of their respective Subsidiaries.
Borrowers shall, upon demand, provide to the Administrative Agent such
evidence as the Administrative Agent may reasonably require to evidence
compliance with this Section 7.09, which evidence shall include, without
limitation, copies of any agreements or instruments which would in any way
restrict or limit a Borrower's ability to pledge to Administrative Agent Revenue-
Producing Properties and Qualified Lands within the Unencumbered Asset Pool
as security for the Obligations, or which provide for the occurrence of a default
(after the giving of notice or the passage of time, or otherwise) if Revenue-
Producing Properties or Qualified Lands within the Unencumbered Asset Pool are
pledged to Administrative Agent in the future as security for the Obligations.

1.13 Amendment to Section 7.11 - Financial Covenants.

A. Subsection 7.11 shall be deleted in its entirety and replaced with
the following:

     (a) Permit the Fixed Charge Coverage Ratio, as of the last day
of any fiscal quarter, to be less than 1.50:1.00;

     (b) Permit the Secured Debt Ratio, as of the last day of any
fiscal quarter, to exceed 0.45:1.00;

     (c) Permit the Leverage Ratio, as of the last day of any fiscal
quarter, to exceed 0.60:1.00;

     (d) Permit Minimum Book Value, as of the last day of any
fiscal quarter, to be less than the sum of (i) $456,000,000, plus (ii) 85% of the net
issuance proceeds of all Equity Offerings from and after the Closing Date
(excluding the amount of Exchange Proceeds); and

     (e) Permit recourse Indebtedness (whether secured or
unsecured) of Parent and its Subsidiaries (excluding the Obligations) to exceed an
amount equal to 40% of Adjusted Tangible Assets as of the most recently ended
fiscal quarter.

1.14 Amendment to Section 10.21 - Release of Borrowers.

     A. Subsection 10.21 shall be deleted in its entirety and replaced with
the following:

     10.21   Release of Borrower.  Notwithstanding anything to the
contrary contained in this Agreement, Parent may sell, assign, transfer or dispose
of its interest in another Borrower (other than Operating Partnership) that is a
Subsidiary of Parent; provided, that, on or before the closing of such sale the
Borrowers shall have delivered to the Administrative Agent a certification,
together with such other evidence as Administrative Agent may require, that the
Borrowers will be in compliance with all covenants in this Agreement after giving
effect to such sale, assignment, transfer or other disposition; and, provided,
further, that from and after any such sale, the assets of such Borrower shall no
longer be included within the Unencumbered Asset Pool.  Administrative Agent
shall promptly notify the Lenders of any such sale, assignment, transfer or other
disposition permitted hereunder.  In the event that the Borrowers shall comply
with the foregoing provisions, such Borrower shall be released from liability
under this Agreement by the Administrative Agent.  The Administrative Agent
may also release a Borrower from liability if all of the Revenue-Producing
Properties and Qualified Lands of such Borrower are sold or all of the Revenue-
Producing Properties and Qualified Lands of such Borrower cease to be
Unencumbered; provided, that, on or before the effective date of such release, the
Borrowers shall have delivered to the Administrative Agent a certification,
together with such other evidence as the Administrative Agent may require, that
the Borrowers will be in compliance with all covenants in this Agreement after
giving effect to such release.

1.15 Amendment to Exhibit D - Form of Compliance Certificate.

     A. Exhibit D - Form of Compliance Certificate shall be deleted in its
entirety and replaced with Exhibit D - Form of Compliance Certificate attached hereto as
Annex I.

1.16 Amendment to Schedule 2.01A - Revolving Commitments and Applicable Percentages.

     A. Schedule 2.01A - Revolving Commitments and Applicable
Percentages shall be deleted in its entirety and replaced with Schedule 2.01A - Revolving
Commitments and Applicable Percentages attached hereto as Annex II.

Section 2. CONDITIONS TO EFFECTIVENESS

     This Amendment shall become effective as of the Amendment Effective Date, at
such time that all of the following conditions are satisfied:

     A. Required Lenders shall have executed this Amendment and
delivered their counterpart signature page to Administrative Agent and Parent shall have
executed the Fee Letter;

     B. Borrowers shall have delivered (i) Revolving Notes in favor of
each Revolving Lender requesting either a new Revolving Note in an amount equal to
such new Revolving Lender's Revolving Commitment or a revised Revolving Note in an
amount equal to such Revolving Lender's increased Revolving Commitment, and (ii)
Term Notes in favor of each Term Lender requesting either a new Term Note in an
amount equal to such new Term Lender's Term Loan Commitment or a revised Term
Note in an amount equal to such Term Lender's increased Term Loan Commitment;

     C. Each new Lender shall have executed a Joinder Agreement;

     D. On or before the Amendment Effective Date, Borrowers shall have
paid to Administrative Agent an amendment fee in an aggregate amount equal to the sum
of $5,000 times the number of Lenders who are party to this Amendment and who were
Lenders prior to the Amendment Effective Date.  The amendment fee will be distributed
to each Lender who is a party to this Amendment and who was a Lender prior to the
Amendment Effective Date in accordance with the foregoing;

     E. On or before the Amendment Effective Date, Borrowers shall have
paid to Administrative Agent the fees set forth in the Fee Letter.  The fees will be
distributed to each Lender who is a party to this Amendment in accordance with the Fee
Letter;

     F. Lenders and their respective counsel shall have received originally
executed copies of one or more favorable written opinions of counsel for Borrowers in
form and substance reasonably satisfactory to Administrative Agent and its counsel,
dated as of the Amendment Effective Date, with respect to the validity, binding effect and
enforceability of this Amendment, and due authorization, execution and delivery thereof,
and as to such other matters as Administrative Agent acting on behalf of Lenders may
reasonably request;  and

     G. Borrowers shall have paid the reasonable fees, costs and expenses
of Administrative Agent's counsel in connection with this Amendment.

Section 3. BORROWERS' REPRESENTATIONS AND WARRANTIES

     In order to induce the Required Lenders to enter into this Amendment and to
amend the Credit Agreement in the manner provided herein, Borrowers represent and
warrant to each Lender that the following statements are true, correct and complete:

     3.1  Corporate Power and Authority.  Borrowers have all requisite power
and authority to enter into this Amendment and any other agreements, guaranties or other
operative documents to be delivered pursuant to this Amendment, to carry out the
transactions contemplated by, and perform their obligations under, the Amended
Agreement.  Each of the Borrowers is in good standing in the respective states of their
organization on the Amendment Effective Date;

     3.2  Authorization of Agreements.  The execution and delivery of this
Amendment and the performance of the Amended Agreement have been duly authorized
by all necessary action on the part of Borrowers.  Except as disclosed on Schedule 3.2,
the organizational documents of the Borrowers have not been modified in any material
respect since (i) December 22, 2004 in the case of Borrowers party to the Credit
Agreement on such date or (ii) the date on which the applicable Borrower joined the
Credit Agreement as an additional Borrower, in the case of additional Borrowers joined
after December 22, 2004 pursuant to Section 6.15 of the Credit Agreement;

     3.3  No Default.  After giving effect to this Amendment, no Default or Event
of Default exists under the Credit Agreement as of the Amendment Effective Date.
Further, after giving effect to this Amendment, no Default or Event of Default would
result under the Amended Agreement from the consummation of this Amendment;

     3.4  No Conflict.  The execution, delivery and performance by Borrowers of
this Amendment and the performance of the Amended Agreement by Borrowers does not
and will not (i) violate any provision of any applicable material law or any governmental
rule or regulation applicable to Borrowers or any of their Subsidiaries, the Organization
Documents of Borrowers or any of their Subsidiaries or any order, judgment or decree of
any court or other Governmental Authority binding on Borrowers or any of their
Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due notice or lapse
of time or both) a default under any material Contractual Obligation of Borrowers or any
of their Subsidiaries, (iii) result in or require the creation or imposition of any Lien upon
any of the properties or assets of Borrowers or any of their Subsidiaries not otherwise
permitted by the Amended Agreement, or (iv) require any approval of members or
stockholders or any approval or consent of any Person under any Contractual Obligation
of Borrowers or any of their Subsidiaries, except for such approvals or consents which
have been or will be obtained on or before the Amendment Effective Date;

     3.5 Governmental Consents.  The execution and delivery by Borrowers of
this Amendment and the performance by Borrowers under the Amended Agreement does
not and will not require any registration with, consent or approval of, or notice to, or
other action to, with or by, any federal, state or other governmental authority or
regulatory body;

     3.6 Binding Obligation.  The Credit Agreement, as amended by this
Amendment, has been duly executed and delivered by Borrowers and is enforceable
against Borrowers in accordance with its respective terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors' rights generally or by equitable principles relating to enforceability; and

     3.7 Incorporation of Representations and Warranties From Credit
Agreement.  After giving effect to this Amendment, the representations and warranties
contained in Article V of the Credit Agreement are and will be true, correct and complete
in all material respects on and as of the Amendment Effective Date to the same extent as
though made on and as of such date, except representations and warranties solely to the
extent such representations and warranties specifically relate to an earlier date, in which
case they were true, correct and complete in all material respects on and as of such earlier
date.

Section 4. MISCELLANEOUS

4.1 Reference to and Effect on the Credit Agreement and the Other Loan
Documents.

     A. On and after the Amendment Effective Date, each reference in the
Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of like
import referring to the Credit Agreement, and each reference in the other Loan
Documents to the "Credit Agreement", "thereunder", "thereof" or words of like import
referring to the Credit Agreement shall mean and be a reference to the Credit Agreement,
as amended by this Amendment.

     B. Except as specifically amended by this Amendment, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and are
hereby ratified and confirmed.

     C. The execution, delivery and performance of this Amendment shall
not, except as expressly provided herein, constitute a waiver of any provision of, or
operate as a waiver of any right, power or remedy of Administrative Agent or any Lender
under, the Credit Agreement or any of the other Loan Documents.

     4.2 Fees and Expenses.   Borrowers acknowledge that all reasonable costs,
fees and expenses incurred by Administrative Agent and its counsel with respect to this
Amendment and the documents and transactions contemplated hereby shall be for the
account of Borrowers.  Borrowers hereby agree to pay the reasonable fees, cost and
expenses of Administrative Agent's counsel in connection with this Amendment.

     4.3 Headings.   Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose or be given any substantive effect.

     4.4 Counterparts; Effectiveness.   This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument; signature pages
may be detached from multiple separate counterparts and attached to a single counterpart
so that all signature pages are physically attached to the same document.  This
Amendment shall become effective upon the execution of a counterpart hereof by each
Borrower and the Required Lenders, and receipt by Borrowers and Administrative Agent
of written, facsimile or telephonic notification of such execution and authorization of
delivery thereof.

     4.5 Entire Agreement.   This Amendment embodies the entire agreement and
understanding among the parties with respect to the amendment to the Credit Agreement
referred to herein, and supersedes all prior agreements and understandings, oral or
written, relating thereto.

[Signatures on Next Page]

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

ALEXANDRIA REAL ESTATE EQUITIES, INC.,

a Maryland corporation

By: /s/ Dean A. Shigenaga 

        Name:  Dean A. Shigenaga

        Title:  Chief Financial Officer

ALEXANDRIA REAL ESTATE EQUITIES, L.P., 

a Delaware limited partnership

By:     ARE-QRS Corp., a Maryland corporation, general
partner

        By: /s/ Dean A. Shigenaga 

        Name:  Dean A. Shigenaga

        Title:  Chief Financial Officer

ARE-QRS CORP., 

a Maryland corporation

By: /s/ Dean A. Shigenaga 

        Name:  Dean A. Shigenaga

        Title:  Chief Financial Officer

ARE ACQUISITIONS, LLC, 

a Delaware limited liability company

By:     ARE-QRS Corp., 

a Maryland corporation,         managing member

By: /s/ Dean A. Shigenaga 

                Name:  Dean A. Shigenaga

                Title:  Chief Financial Officer

ARE-215 COLLEGE ROAD, LLC

ARE-819/863 MITTEN ROAD, LLC

ARE-150/154 TECHNOLOGY PARKWAY, LLC

ARE-19 FIRSTFIELD ROAD, LLC

ARE-10150 OLD COLUMBIA, LLC

ARE-170 WILLIAMS DRIVE, LLC

ARE-3005 FIRST AVENUE, LLC

ARE-5 TRIANGLE DRIVE, LLC

ARE-50 WEST WATKINS MILL, LLC

ARE-279 PRINCETON ROAD, LLC

ARE-3770 TANSY STREET, LLC

ARE-10505 ROSELLE STREET, LLC

ARE-9363/9373/9393 TOWNE CENTRE, LLC

ARE-2425/2400/2450 GARCIA BAYSHORE, LLC

ARE-108 ALEXANDER ROAD, LLC

ARE-480 ARSENAL STREET, LLC

ARE-500 ARSENAL STREET, LLC

ARE-7030 KIT CREEK, LLC

ARE-6146 NANCY RIDGE, LLC

ARE-901/951 GATEWAY BOULEVARD, LLC

ARE-770/784/790 MEMORIAL DRIVE, LLC

ARE-1201/1208 EASTLAKE AVENUE, LLC

ARE-1208 EASTLAKE AVENUE, LLC

ARE-EASTLAKE AVENUE NO. 3, LLC

ARE-HARBOR BAY NO. 4, LLC

ARE-NANCY RIDGE NO. 3, LLC

ARE-PORTER DRIVE, LLC

ARE-2625/2627/2631 HANOVER, LLC

ARE-SEATTLE NO. 10, LLC

ARE-SD REGION NO. 17, LLC

ARE-SAN FRANCISCO NO. 17, LLC

ARE-MA REGION NO. 13, LLC

ARE-129/153/161 HILL STREET, LLC

ARE-SAN FRANCISCO NO. 16, LLC, 

each a Delaware limited liability company

By:     Alexandria Real Estate Equities, L.P.,

        a Delaware limited partnership, their sole member

        By:     ARE-QRS Corp., 

                a Maryland corporation, general partner

                By: /s/ Dean A. Shigenaga 

                Name:  Dean A. Shigenaga

                Title:  Chief Financial Officer

ARE-MARYLAND NO. 32, LLC

ARE-5 RESEARCH PLACE, LLC, 

each a Maryland limited liability company

ARE-MARYLAND NO. 23, LLC

ARE-MA REGION NO. 14, LLC

ARE-MA REGION NO. 20, LLC

ARE-30 WEST WATKINS, LLC

ARE-MA REGION NO. 19, LLC

ARE-35 HARTWELL AVENUE, LLC

ARE-MA REGION NO. 21, LLC

ARE-NEXUS CENTRE II, LLC

ARE-700/730 SOUTH RAYMOND, LLC

ARE-14 FIRSTFIELD ROAD, LLC

ARE-681 GATEWAY BOULEVARD, LLC,

each a Delaware limited liability company

By:     Alexandria Real Estate Equities, L.P., 

        a Delaware limited partnership, 

        its managing member

        By:     ARE-QRS Corp., 

                a Maryland corporation, general partner

By: /s/ Dean A. Shigenaga 

        Name:  Dean A. Shigenaga

        Title:  Chief Financial Officer

ARE-MARYLAND NO. 25, LLC

ARE-MARYLAND NO. 26, LLC

ARE-MARYLAND NO. 27, LLC

each a Maryland limited liability company

By: Alexandria Real Estate Equities, L.P.,

a Delaware      limited partnership, their sole member

        By: ARE-QRS Corp., 

                a Maryland corporation, general partner

                By: /s/ Dean A. Shigenaga 

                Name:  Dean A. Shigenaga

                Title:  Chief Financial Officer

ARE-60 WESTVIEW, LLC

ARE-381 PLANTATION STREET, LLC, 

each a Delaware limited liability company

By: AREE-Holdings, L.P., 

a Delaware limited partnership, managing member

By: ARE-GP Holdings QRS Corp., 

a Delaware corporation, general partner

By: /s/ Dean A. Shigenaga 

        Name:  Dean A. Shigenaga

        Title:  Chief Financial Officer

ARE-PA REGION NO. 3, L.P.

ARE-PA REGION NO. 4, L.P.

ARE-702 ELECTRONIC DRIVE, L.P., 

each a Delaware limited partnership

By: AREE-Holdings, L.P., 

a Delaware limited partnership, general partner

By: ARE-GP Holdings QRS Corp., 

a Delaware corporation, general partner

By: /s/ Dean A. Shigenaga 

Name:  Dean A. Shigenaga

Title:  Chief Financial Officer

ARE-10933 NORTH TORREY PINES, LLC

ARE-11099 NORTH TORREY PINES, LLC, 

each a Delaware limited liability company

By:     Alexandria Real Estate Equities, Inc., 

a Maryland corporation, their sole member

By: /s/ Dean A. Shigenaga 

Name:  Dean A. Shigenaga

Title:  Chief Financial Officer

A.R.E. QUEBEC NO. 1, INC.

By: /s/ Dean A. Shigenaga 

Name:  Dean A. Shigenaga

              Title:  Chief Financial Officer

BANK OF AMERICA, N.A.,

as Administrative Agent for Required Lenders

        By: /s/ Kathleen M. Carry 

        Name:  Kathleen M. Carry

        Title:  Vice President

BANK OF AMERICA, N.A.,

as a Lender

        By: /s/ James P. Johnson 

        Name:  James P. Johnson

        Title:  Senior Vice President

CITICORP NORTH AMERICA INC.

        By: /s/ Jeanne M. Craig 

        Name:  Jeanne M. Craig

        Title:  Vice President

COMMERZBANK AG NEW YORK AND GRAND CAYMAN BRANCHES

        By: /s/ David Goldman 

        Name:  David Goldman

        Title:  Vice President

	By: /s/ Judy Tam 

        Name:  Judy Tam

        Title:  Assistant Vice President

SOCIETE GENERALE

        By: /s/ Scott Gosslee 

        Name:  Scott Gosslee

        Title:  Director

CITIZENS BANK OF RHODE ISLAND

        By: /s/ Craig E. Schermerhorn 

        Name:  Craig E. Schermerhorn

        Title:  Vice President

SUNTRUST BANK

        By: /s/ Blake K. Thompson 

        Name:  Blake K. Thompson

        Title:  Vice President

CALYON NEW YORK BRANCH

        By: /s/ John A. Wain 

        Name:  John A. Waain

        Title:  Managing Director

	By: /s/ Daniel J. Reddy 

        Name:  Daniel J. Reddy

        Title:  Director 

SOVEREIGN BANK

        By: /s/ Katherine Felpel 

        Name:  Katherine Felpel

        Title:  Assistant Vice President

THE BANK OF NOVA SCOTIA

        By: /s/ Mark Sparrow 

        Name:  Mark Sparrow

        Title:  Director 

UNION BANK OF CALIFORNIA, N.A.

        By: /s/ David B. Murphy 

        Name:  David B. Murphy

        Title:  SVP/Regional Manager 

BANK OF THE WEST

        By: /s/ Wendi D. Reed 

        Name:  Wendi D. Reed

        Title:  Vice President 

	By: /s/ Chuck Weerasooriya 

        Name:  Chuck Weerasooriya

        Title:  Senior Vice President 

CHEVY CHASE BANK, F.S.B.

        By: /s/ Frederick H. Denecke 

        Name:  Frederick H. Denecke

        Title:  Vice President 

AMSOUTH BANK

        By: /s/ Lawrence Clark 

        Name:  Lawrence Clark

        Title:  VP 

LASALLE BANK NATIONAL ASSOCIATION

        By: /s/ Stephen J. Shockey 

        Name:  Stephen J. Shockey

        Title:  FVP 

MIDFIRST BANK,

a Federally Chartered Saving Association 

        By: /s/ Darrin Rigler 

        Name:  Darrin Rigler

        Title:  Vice President 

COMERICA BANK

        By: /s/ James Graycheck 

        Name:  James Graycheck

        Title:  Assistant Vice President 

COMPASS BANK

        By: /s/ Johanna Duke Paley 

        Name:  Johanna Duke Paley

        Title:  Senior Vice President 

MANUFACTURERS BANK,

a California banking corporation 

        By: /s/ Manny Ahsan 

        Name:  Manny Ahsan

        Title:  Vice President 

FIRST HORIZON BANK,

a division of First Tennessee Bank, N.A. 

        By: /s/ Blake Bowers 

        Name:  Blake Bowers

        Title:  Vice President 

CEDARS BANK

        By: /s/ Christopher Colella 

        Name:  Christopher Colella

        Title:  Senior Vice President/Chief Credit Officer 

SCOTIABANC, INC.

        By: /s/ William E. Zarrett 

        Name:  William E. Zarrett

        Title:  Managing Director 

THE INTERNATIONAL COMMERCIAL BANK OF CHINA, NEW YORK AGENCY

        By: /s/ Nae-Yee Lung 

        Name:  Nae-Yee Lung

        Title:  EVP & General Manager 

EUROHYPO AG, NEW YORK BRANCH

        By: /s/ Alfred Koch 

        Name:  Alfred Koch

        Title:  Managing Director 

	By: /s/ Alice Ha 

        Name:  Alice Ha

        Title:  Associate

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