Document:

EX-10.3

SECOND AMENDMENT

SECOND AMENDMENT, dated as of June 30, 2005 (this “Second Amendment”), to the Amended
and Restated Credit Agreement, dated as of November 12, 2004 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among General Growth Properties, Inc.
(“Holdings”), GGP Limited Partnership (the “Partnership”), GGPLP L.L.C. (the
“Company”; Holdings, the Partnership and the Company being referred to herein,
collectively, as the “Borrowers”), the Lenders parties thereto, Banc of America Securities
LLC, Credit Suisse First Boston, Lehman Brothers Inc. and Wachovia Capital Markets, LLC, as joint
advisors, joint arrangers and joint bookrunners, Bank of America, N.A. and Credit Suisse First
Boston, as syndication agents, Eurohypo AG, New York Branch, as documentation agent, Lehman
Commercial Paper Inc., as Tranche B administrative agent (in such capacity, the “Tranche B
Administrative Agent”), and Wachovia Bank, National Association, as general administrative
agent (in such capacity, the “General Administrative Agent”).

W I T N E S S E T H:

WHEREAS, the Borrowers, the Lenders and the Tranche B Administrative Agent are parties to the
Credit Agreement;

WHEREAS, the Borrowers have requested that the Credit Agreement be amended to provide for the
Tranche B Term Loan Refinancing (as defined herein);

WHEREAS, the Lenders and the Tranche B Administrative Agent are willing to agree to such
amendment to the Credit Agreement, subject to the terms and conditions set forth herein; and

WHEREAS, the Borrowers have asked each of Lehman Brothers Inc. and Credit Suisse to act as
exclusive joint lead arrangers for this Second Amendment and each of Lehman Brothers Inc. and
Credit Suisse has agreed to serve in such capacity;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the
Borrowers, the Lenders and the Tranche B Administrative Agent hereby agree as follows:

1. Defined Terms. Unless otherwise defined herein, capitalized terms which
are defined in the Credit Agreement are used herein as therein defined.

2. Amendments to Section 1.1 (Definitions).

(a) Section 1.1 of the Credit Agreement is hereby amended by adding the following new or
substitute definitions, to appear in alphabetical order:

“Continuing Tranche B Term Loan Lender”: each Lender which holds an Original
Tranche B Term Loan and which has a Replacement Tranche B Term Loan Commitment.

“Original Tranche B Term Loan”: a Tranche B Term Loan made to the Borrowers
pursuant to this Agreement on the Closing Date.

“Original Tranche B Term Loan Commitment”: as to any Lender, the Tranche B
Term Loan Commitment of such Lender in effect immediately prior to the Second Amendment
Effective Date.

“Original Tranche B Term Loan Lender”: each Lender which holds an Original
Tranche B Term Loan immediately prior to the Second Amendment Effective Date.

“Replacement Tranche B Term Loan Commitment”: as to any Lender, the obligation
of such Lender, if any, to make a Replacement Tranche B Term Loan to the Borrowers hereunder
in a principal amount not to exceed the amount agreed to by the Borrowers, the Tranche B
Administrative Agent and such Lender. The original aggregate amount of the Replacement
Tranche B Term Loan Commitments is $1,995,000,000.

“Replacement Tranche B Term Loan Lender”: each Lender which has a Replacement
Tranche B Term Loan Commitment or which has made a Replacement Tranche B Term Loan.

“Replacement Tranche B Term Loan”: as defined in Section 2.1(a) hereof.

“Second Amendment”: the Second Amendment, dated as of June 30, 2005, to this
Agreement.

“Second Amendment Effective Date”: the date on which the conditions precedent
set forth in Section 7 of the Second Amendment shall have been satisfied, which date is June
30, 2005.

“Tranche B Term Loan”: prior to the Second Amendment Effective Date, an
Original Tranche B Term Loan; and from and after the Second Amendment Effective Date, a
Replacement Tranche B Term Loan.

“Tranche B Term Loan Commitment”: prior to the Second Amendment Effective
Date, an Original Tranche B Term Loan Commitment; and from and after the Second Amendment
Effective Date, a Replacement Tranche B Term Loan Commitment.

“Tranche B Term Loan Lender”: prior to the Second Amendment Effective Date,
each Original Tranche B Term Loan Lender; and from and after the Second Amendment Effective
Date, each Replacement Tranche B Term Loan Lender.

“Tranche B Term Loan Refinancing”: the refinancing in full of the outstanding
Original Tranche B Term Loans with the proceeds of the Replacement Tranche B Term Loans.

(b) The definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is hereby
amended by deleting the last row of the table contained therein and inserting in lieu thereof the
following language:

	 	 	 	 	 	 	 	 	 
	 	 	Base Rate Loans	 	Eurodollar Loans
	“Tranche B Term Loan Facility
	 	 	1.00	%	 	 	2.00%”	 

3. Amendment to Section 2.1 (Term Loan Commitments). Section 2.1 of the
Credit Agreement is hereby amended by deleting such Section and substituting therefor the
following:

2.1 Term Loan Commitments. (a) Subject to the terms and conditions hereof,
(i) the CMBS Bridge Loan Lenders severally agree to make term loans (each, a “CMBS
Bridge Loan”) to the Borrowers on the Closing Date in an amount for each CMBS Bridge
Loan Lender not to exceed the amount of the CMBS Bridge Loan Commitment of such Lender, (ii)
the Tranche A Term Loan Lenders severally agree to make term loans (each, a “Tranche A
Term Loan”) to the Borrowers on the Closing Date in an amount for each Tranche A Term
Loan Lender not to exceed the amount of the Tranche A Term Loan Commitment of such Lender
and (iii) the Replacement Tranche B Term Loan Lenders severally agree to make term loans
(or, in the case of the Continuing Tranche B Term Loan Lenders, pursuant to clause (b),
elect to convert Original Tranche B Term Loans) (each, a “Replacement Tranche B Term
Loan”) to the Borrowers on the Second Amendment Effective Date in an amount for each
Replacement Tranche B Term Loan Lender not to exceed the amount of the Replacement Tranche B
Term Loan Commitment of such Lender. The Term Loans may from time to time be Eurodollar
Loans or Base Rate Loans, as determined by the relevant Borrower and notified to the
Administrative Agent in accordance with Sections 2.2 and 2.13. The Original Tranche B Term
Loans were made to the Borrowers on the Closing Date.

(b) In connection with the making of the Replacement Tranche B Term Loans pursuant to
clause (a) above, by delivering written notice to the Tranche B Administrative Agent on or
prior to the Second Amendment Effective Date, any Continuing Tranche B Term Loan Lender may
elect to make all of such Lender’s Replacement Tranche B Term Loan requested by the
Borrowers to be made on the Second Amendment Effective Date by converting all of the
outstanding principal amount of the Original Tranche B Term Loans held by such Lender into
Replacement Tranche B Term Loans in a principal amount equal to the amount of the loans so
converted (each, a “Converted Original Tranche B Term Loan”). On the Second
Amendment Effective Date, the Converted Original Tranche B Term Loans shall be converted for
all purposes of this Agreement into Replacement Tranche B Term Loans, and the Tranche B
Administrative Agent shall record in the Register the aggregate amounts of Converted
Original Tranche B Term Loans converted into Replacement Tranche B Term Loans. Any written
notice to the Tranche B Administrative Agent delivered by an applicable Lender pursuant to
this Section shall specify the amount of such Lender’s Replacement Tranche B Term Loan
Commitment and the principal amount of the Original Tranche B Term Loans held by such Lender
that is to be converted into Replacement Tranche B Term Loans. Converted Original Tranche B
Term Loans shall constitute Replacement Tranche B Term Loans for all purposes of this
Agreement.

(c) The Tranche B Term Loan Refinancing shall not extinguish the Original Tranche B
Term Loans; provided that the Original Tranche B Term Loans will be refinanced with
the proceeds of the Replacement Tranche B Term Loans. Nothing herein contained shall be
construed as a substitution or novation of the Original Tranche B Term Loans, which shall
remain outstanding after the Second Amendment Effective Date as Replacement Tranche B Term
Loans. Notwithstanding any provision of this Agreement, the provisions of Sections 2.19,
2.20, 2.21 and 10.5 as in effect immediately prior to the Second Amendment Effective Date
will continue to be effective as to all matters arising out of or in any way related to
facts or events existing or occurring prior to the Second Amendment Effective Date.

(d) The aggregate principal amount of all Tranche A Term Loans, all Revolving Credit
Loans, all Swing Line Loans and all Letters of Credit outstanding under the Credit Agreement
on the Second Amendment Effective Date shall continue to be outstanding.

(e) Each borrowing of Term Loans shall be made by Holdings, the Company or the
Partnership or simultaneously by any of Holdings, the Company and the Partnership and shall
be the separate obligation of the Borrower making such borrowing and not of the other
Borrowers; provided, however, that pursuant to the Guarantee and Pledge
Agreement, Holdings and the Partnership shall guaranty each other’s Obligations and the
Obligations of the Company (so that (1) Holdings and the Partnership shall, as Guarantors,
be liable, subject to the limitations set forth in the Guarantee and Pledge Agreement, for
each others’ Obligations and (2) Holdings and the Partnership shall also, as Guarantors, be
liable, subject to the limitations set forth in the Guarantee and Pledge Agreement, for the
Obligations of the Company, but the Company shall not be liable for the Obligations of
Holdings or the Partnership). The Term Loans have been allocated to and shall be borrowed
by each Borrower set forth below on the Closing Date in the following amounts:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	CMBS Bridge Loans            
	 	Tranche A Term Loans            
	 	Tranche B Term Loans

	Holdings
	 	$	404,173,759.00	 	 	$	3,650,000,000	 	 	$	2,000,000,000	 
	Partnership
	 	$	222,247,872.30	 	 	$	0	 	 	$	0	 
	Company
	 	$	518,578,368.70	 	 	$	0	 	 	$	0	 

The Replacement Tranche B Term Loans have been allocated to and shall be borrowed by each
Borrower set forth below on the Second Amendment Effective Date in the following amounts:

	 	 	 	 	 
	 
	 	Replacement Tranche B Term Loans
	Holdings
	 	$	0	 
	Partnership
	 	$	1,995,000,000	 
	Company
	 	$	0	 

Notwithstanding anything herein to the contrary, the Partnership shall be permitted to
assume all of the Term Loans made to Holdings on the Closing Date in a manner reasonably
satisfactory to the Administrative Agent.

4. Amendment to Section 2.2 (Procedure for Term Loan Borrowing). Section
2.2 of the Credit Agreement is hereby amended by deleting such Section and substituting therefor
the following:

2.2 Procedure for Term Loan Borrowing. The relevant Borrower shall deliver to
the Tranche B Administrative Agent irrevocable notice (which notice must be received by the
Tranche B Administrative Agent prior to 10:00 A.M., New York City time, (a) three Business
Days prior to the requested Second Amendment Effective Date, in the case of Eurodollar
Loans, or (b) one Business Day prior to the requested Second Amendment Effective Date, in
the case of Base Rate Loans) requesting that the Replacement Tranche B Term Loan Lenders
make the Replacement Tranche B Term Loans or convert the Original Tranche B Term Loans to
Replacement Tranche B Term Loans on the Second Amendment Effective Date. Upon receipt of
such notice the Tranche B Administrative Agent shall promptly notify each Replacement
Tranche B Term Loan Lender thereof. Not later than 12:00 Noon, New York City time, on the
Second Amendment Effective Date each Replacement Tranche B Term Loan Lender shall make
available to the Tranche B Administrative Agent at the Funding Office an amount in
immediately available funds equal to the Replacement Tranche B Term Loan or Replacement
Tranche B Term Loans to be made by such Lender. The Tranche B Administrative Agent shall
apply the amounts made available to the Tranche B Administrative Agent by the Replacement
Tranche B Term Lenders to the repayment of principal of the Original Tranche B Term Loans.

5. Amendment to Section 4.16 (Use of Proceeds). Section 4.16 of the Credit
Agreement is hereby amended by adding the following at the end thereof: “The Replacement Tranche B
Term Loans shall be used for the Tranche B Term Loan Refinancing.”

6. Representations and Warranties. Holdings and the Partnership hereby
confirm, reaffirm and restate the representations and warranties set forth in Section 4 of the
Credit Agreement. Holdings and the Partnership represent and warrant that, after giving effect to
this Second Amendment, no Default or Event of Default has occurred and is continuing.

7. Effectiveness. This Second Amendment shall become effective as of the
date set forth above (the “Second Amendment Effective Date”) upon the satisfaction of the
following conditions precedent:

(a) Second Amendment. The Tranche B Administrative Agent shall have received this
Second Amendment executed and delivered by the Tranche B Administrative Agent, the Borrowers and
each Lender with a Replacement Tranche B Term Loan Commitment (or, in the case of any Lender, a
lender addendum or joinder agreement in a form specified by the Tranche B Administrative Agent).

(b) Fees. The Lenders and the Tranche B Administrative Agent shall have received all
fees required to be paid on or before the Second Amendment Effective Date, and all expenses
required to be paid on or before the Second Amendment Effective Date for which invoices have been
presented, including, without limitation, the reasonable fees and expenses of legal counsel, on or
before the Second Amendment Effective Date.

(c) Security Documents. The Tranche B Administrative Agent shall have received the
Acknowledgment and Confirmation, substantially in the form of Exhibit A hereto, executed and
delivered by an authorized officer of each Borrower and each other Loan Party.

(d) Tranche B Term Loan Refinancing. The Tranche B Term Loan Refinancing shall have
been consummated or arrangements reasonably satisfactory to the Tranche B Administrative Agent
shall have been made for the consummation thereof.

(e) Closing Certificate. The Tranche B Administrative Agent shall have received a
certificate of each Borrower, dated the Second Amendment Effective Date, substantially in the form
of Exhibit C to the Credit Agreement, with appropriate insertions and attachments.

(f) Legal Opinions. The Tranche B Administrative Agent shall have received a legal
opinion from counsel to the Borrowers in form and substance reasonably satisfactory to the Tranche
B Administrative Agent.

8. Prepayment Notice. The Lenders hereby waive the requirements of the
Credit Agreement to the extent, but only to the extent, the Credit Agreement requires more than one
Business Day’s notice of repayment to be given in connection with the Tranche B Term Loan
Refinancing.

9. Tranche B Term Loan Refinancing. The Borrowers hereby irrevocably direct
the Tranche B Administrative Agent (a) to apply the proceeds of the Replacement Tranche B Term
Loans being funded (and not being converted) immediately upon the receipt thereof to prepay the
outstanding principal of the Original Tranche B Term Loans and (b) with respect to all Replacement
Tranche B Term Loans being converted from Original Tranche B Term Loans, to take such action as is
deemed necessary or appropriate to effectuate the conversion of such Original Tranche B Term Loans
into Replacement Tranche B Term Loans in the manner described in paragraph (b) of Section 2.1 of
the Credit Agreement as amended hereby. The Borrowers also agree to pay to the Tranche B
Administrative Agent on the Second Amendment Effective Date by intrabank transfer of immediately
available funds all accrued interest, fees and any other amounts owing in respect of the Original
Tranche B Term Loans as of such date (including any amounts payable pursuant to Section 2.21 of the
Credit Agreement as a result of the Tranche B Term Loan Refinancing, including as a result of the
conversion of Original Tranche B Term Loans to Replacement Tranche B Term Loans).

10. Repricings of Replacement Tranche B Term Loans. For the avoidance of
doubt, the Borrowers hereby acknowledge and agree that the Replacement Tranche B Term Loans are not
permitted to be repriced or modified pursuant to the last paragraph of Section 10.1 of the Credit
Agreement.

11. Continuing Effect of the Credit Agreement. This Second Amendment shall
not constitute an amendment of any other provision of the Credit Agreement not expressly referred
to herein and shall not be construed as a waiver or consent to any further or future action on the
part of the Borrowers that would require a waiver or consent of the Lenders or any Agent. Except
as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full
force and effect.

12. Counterparts. This Second Amendment may be executed by the parties
hereto in any number of separate counterparts (including facsimiled counterparts), each of which
shall be deemed to be an original, and all of which taken together shall be deemed to constitute
one and the same instrument.

13. GOVERNING LAW. THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

14. Expenses. Each Borrower (on a pro rata basis based on the maximum
amount of the Commitments made available to it hereunder) severally agrees to pay or reimburse the
Tranche B Administrative Agent for all of its out-of-pocket costs and expenses incurred in
connection with the preparation, negotiation and execution of this Second Amendment, including,
without limitation, the fees and disbursements of counsel to the Tranche B Administrative Agent.

1

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

	 
	 

	GENERAL GROWTH PROPERTIES, INC.

	 

	By: /s/ Ron Gern

	 

	Name: Ron Gern

Title: Senior Vice President

	 

	GGP LIMITED PARTNERSHIP

By: General Growth Properties, Inc., its general

partner

	 

	By: /s/ Ron Gern

	 

	Name: Ron Gern

Title: Senior Vice President

	 

	GGPLP L.L.C.

By: GGP Limited Partnership, its managing

member

By: General Growth Properties, Inc., general

partner of GGP Limited Partnership

	 

	By: /s/ Ron Gern

	 

	Name: Ron Gern

Title: Senior Vice President

	 

	LEHMAN COMMERCIAL PAPER INC., as

Tranche B Administrative Agent and as a Lender

	 

	By: /s/ Craig Malloy

	 

	Name: Craig Malloy

Title: Authorized Signatory

	 

2EX-10.4

AMENDMENT NO. 3 TO THE AMENDED AND RESTATED CREDIT

AGREEMENT 

AMENDMENT NO. 3, dated as of June 29, 2005 (this “Amendment Agreement”), to the
AMENDED AND RESTATED CREDIT AGREEMENT, dated as of November 12, 2004 (as previously amended, the
“Credit Agreement”), among GENERAL GROWTH PROPERTIES, INC., a Delaware corporation
(“Holdings”), GGP LIMITED PARTNERSHIP, a Delaware limited partnership (the
“Partnership”), GGPLP L.L.C., a Delaware limited liability company (the “Company”,
and together with Holdings and the Partnership, the “Borrowers”), the several banks and
other financial institutions or entities from time to time parties thereto (each in such capacity,
a “Lender” and collectively the “Lenders”), LEHMAN BROTHERS INC., BANC OF AMERICA
SECURITIES LLC, CREDIT SUISSE FIRST BOSTON, and WACHOVIA CAPITAL MARKETS, LLC, as joint advisors,
joint arrangers and joint bookrunners, BANK OF AMERICA, N.A., and CREDIT SUISSE FIRST BOSTON, as
syndication agents, EUROHYPO AG, NEW YORK BRANCH, as documentation agent, LEHMAN COMMERCIAL PAPER
INC., as Tranche B administrative agent for the Tranche B Term Loan facility, and WACHOVIA BANK,
NATIONAL ASSOCIATION as general administrative agent.

W I T N E S S E T H:

WHEREAS, the parties hereto desire to amend certain provisions of the Credit Agreement in the
manner and on the terms set forth herein (the “Amended Credit Agreement Provisions”);

WHEREAS, the parties hereto desire that the Amended Credit Agreement Provisions be valid and
effective for all intents and purposes as if originally set forth in the Credit Agreement as of
November 12, 2004, and desire that the Credit Agreement and the other Loan Documents be
interpreted, construed and enforced for all intents and purposes as if the Amended Credit Agreement
Provisions had originally been set forth in the Credit Agreement as of November 12, 2004; and

WHEREAS, the parties hereto desire that the provisions replaced by the Amended Credit
Agreement Provisions (the “Original Credit Agreement Provisions”) be considered for all
intents and purposes null, void and otherwise without any value or effect ab initio.

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

1. Amendments to the Credit Agreement.

(a) Section 1.1 of the Credit Agreement. Section 1.1 of the Credit Agreement is
hereby amended by amending and restating each of the following definitions as follows:

“Change of Control”: the occurrence of any of the following events: (a)
(i) more than two of Matthew Bucksbaum, John Bucksbaum, Robert Michaels, and Bernard
Freibaum, or any replacement for any of the foregoing Persons previously approved by
the Required Lenders pursuant to clause (ii) below, shall cease to be senior
officers of Holdings, and (ii) if the circumstances described in clause (i) shall
occur, the senior management positions of the foregoing Persons who cease to be
senior officers as aforesaid are not filled within 180 days after the vacancy in
such positions arise with replacements approved by the Required Lenders; (b) (i)
Holdings shall cease to own and control, of record and beneficially, directly or
indirectly, (x) at least 66 2/3% of the aggregate outstanding voting Capital Stock
of the Partnership or (y) at least 66 2/3% of the aggregate outstanding Capital
Stock of the Partnership, in each case free and clear of all Liens (except Liens
created by the Security Documents and Liens for taxes described in Section 7.3(a)),
(ii) after giving effect to the intercompany transactions to be consummated on the
Closing Date, the Partnership shall cease to own and control, of record and
beneficially, (x) directly or indirectly, 100% of each class of outstanding common
equity interests of the Company, (y) directly, 99% of the outstanding Capital Stock
of the Target or (z) directly, 100% of each class of outstanding Capital Stock of
Rouse LLC, in each case free and clear of all Liens (except Liens created by the
Security Documents and Liens for taxes described in Section 7.3(a)), or (iii) Rouse
LLC shall cease to own and control, of record and beneficially, directly, 1% of the
outstanding Capital Stock of the Target free and clear of all Liens (except Liens
created by the Security Documents and Liens for taxes described in Section 7.3(a));
or (c) a Specified Change of Control.

“Consolidated Entities”: the Borrowers and the Wholly Owned
Subsidiaries of one or more of the Borrowers.

“Fixed Charge Coverage Ratio”: for any period, the ratio of (a)
Combined EBITDA for such period to (b) Fixed Charges for such period.

“Indebtedness”: of any Person at any date, without duplication, (a)
all indebtedness of such Person for borrowed money, (b) all obligations of such
Person for the deferred purchase price of Property or services (other than trade
payables and accrued expenses incurred in the ordinary course of such Person’s
business), (c) all obligations of such Person evidenced by notes, bonds, debentures
or other similar instruments, (d) all indebtedness created or arising under any
conditional sale or other title retention agreement with respect to Property
acquired by such Person (even though the rights and remedies of the seller or lender
under such agreement in the event of default are limited to repossession or sale of
such Property), (e) all Capital Lease Obligations of such Person, (f) all
obligations of such Person, contingent or otherwise, as an account party or
applicant under acceptance, letter of credit, surety bond or similar facilities, (g)
all obligations of such Person, contingent or otherwise, to purchase, redeem, retire
or otherwise acquire for value any Capital Stock of such Person (other than (i)
obligations existing on the Closing Date that Holdings has the right to satisfy by
delivery of Capital Stock of Holdings and (ii) obligations that Holdings is given
the right to satisfy by delivery of Capital Stock of Holdings), (h) all Contingent
Obligations of such Person, (i) all obligations of the kind referred to in clauses
(a) through (h) above secured by (or for which the holder of such obligation has an
existing right, contingent or otherwise, to be secured by) any Lien on Property
(including, without limitation, accounts and contract rights) owned by such Person,
whether or not such Person has assumed or become liable for the payment of such
obligation, (j) for the purposes of Section 8(e) only, the net obligations of such
Person in respect of Hedge Agreements and (k) all obligations of such Person in
respect of forward equity sales and similar purchase obligations. The Indebtedness
of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is
liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness
expressly provide that such Person is not liable therefor.

“Management Company”: General Growth Management, Inc., a Delaware
corporation and its Affiliates, and any of its successors and assigns that are
Affiliates of Holdings.

“Minority Holdings”: partnerships, joint ventures, trusts, limited
liability companies and corporations held or owned by Holdings, any Consolidated
Entity or the Management Company, which are not Wholly Owned Subsidiaries of one or
more of Holdings, any Consolidated Entity or the Management Company.

“Secured Mortgage Indebtedness”: any Indebtedness (other than the
Loans) secured by a mortgage on any real property or secured by a Lien on any
Capital Stock of any entity whose primary asset is (A) the real property financed by
such Indebtedness or (B) the Capital Stock of an entity that directly or indirectly
owns such real property.

“Wholly Owned Subsidiary”: as to any Person or Persons, any Subsidiary
of any of such Person or Persons all of the Capital Stock of which (other than
directors’ qualifying shares and, in the case of any real estate investment trust
Subsidiary, non-participating preferred equity with a base liquidation preference of
no more than $180,000 and, in the case of Price Development Company Limited
Partnership, the preferred equity therein existing on the date hereof) is owned by
such Person or Persons directly or indirectly.

(b) Section 2.14 of the Credit Agreement. Section 2.14 of the Credit Agreement is
hereby amended by adding the words “per Borrower” immediately after the words “Eurodollar Tranches”
in clause (b) thereof.

(c) Section 2.21 of the Credit Agreement. Section 2.21 of the Credit Agreement is
hereby amended by adding the words “on demand” immediately after the word “indemnify” in the first
sentence thereof.

(d) Section 6.10 of the Credit Agreement. Section 6.10 of the Credit Agreement is
hereby amended by amending and restating such Section 6.10 as follows:

6.10 Subsidiary Distributions. Cause the Target and its Subsidiaries
and any Minority Holdings owned (directly or indirectly) by the Partnership to
dividend or otherwise distribute all of its cash (other than cash necessary to
conduct its normal business and operations) to the Partnership (the
“Distributions”), subject to, in the case of any Minority Holdings,
contractual or other legal restrictions prohibiting or limiting the ability of any
Group Member to cause such dividend or distribution. The Distributions made by the
Target or its Subsidiaries shall be deposited into the Deposit Account (as defined
in the Control Agreement); provided, that the parties hereto acknowledge and
agree that, unless an Event of Default shall have occurred and be continuing, (i) no
Person shall deliver a Control Notice (as defined in the Control Agreement) with
respect thereto and (ii) the relevant Borrower shall have the right to make
withdrawals therefrom.

(e) Section 6.13 of the Credit Agreement. Section 6.13 of the Credit Agreement is
hereby amended by amending and restating such Section 6.13 as follows:

6.13 Pledges. Within 10 days after the Closing Date (or such longer
period of time as may be agreed by the Administrative Agent), provide for the pledge
of the common units of the Company not directly owned by the Partnership in a manner
satisfactory to the Administrative Agent (it being understood that as of the Closing
Date such common units equal approximately 9.64% of the aggregate issued and
outstanding common units of the Company).

(f) Section 7.2 of the Credit Agreement. Section 7.2 of the Credit Agreement is
hereby amended by amending and restating such Section 7.2 as follows:

7.2 Limitation on Indebtedness. Create, incur, assume or suffer to
exist any Indebtedness, except Indebtedness which (i) has a maturity date no earlier
than six months following the maturity date of the Tranche B Term Loans (other than
Indebtedness existing on the date hereof, the Loans, Secured Mortgage Indebtedness,
Construction Related Indebtedness and unsecured Indebtedness) and (ii) when
aggregated with Indebtedness of the Group Members and Indebtedness of Minority
Holdings allocable in accordance with GAAP to Holdings or any Consolidated Entity as
of the time of determination, would not cause Total Adjusted Outstanding
Indebtedness at any time during the period set forth below to exceed the percentage
of the Capitalization Value set forth below opposite such period:

	 	 	 	 	 
	 	 	% of Capitalization
	Period	 	Value
	Closing Date – June 29, 2006	 	75%
	June 30, 2006 – June 29, 2007
	 	 	70	%
	 
	 	 	 	 
	June 30, 2007 and thereafter
	 	 	65	%
	 
	 	 	 	 

; provided, however, that in addition to the above:

(i) the aggregate outstanding principal amount of any unsecured Indebtedness of
(x) all Consolidated Entities shall not exceed $25,000,000 at any one time and (y)
all Minority Holdings shall not exceed $100,000,000 at any one time, in each case
other than such unsecured Indebtedness outstanding on the date hereof and listed on
Schedule 7.2 and any refinancings thereof (provided such refinancing does not
increase the principal amount thereof or shorten the maturity thereof); and

(ii) the aggregate outstanding principal amount of any Recourse Secured
Mortgage Indebtedness shall not exceed 7.5% of the Capitalization Value at any one
time.

(g) Section 7.3(i) of the Credit Agreement. Section 7.3(i) of the Credit Agreement is
hereby amended by amending and restating such Section 7.3(i) as follows:

(i) Liens securing permitted Recourse Secured Mortgage Indebtedness, provided
that (i) such Liens shall be created substantially simultaneously with the
incurrence of such Indebtedness and (ii) such Liens do not at any time encumber any
Property other than (1) the Property financed by such Indebtedness and/or (2) the
Capital Stock of any entity whose primary asset is (A) the Property financed by such
Indebtedness or (B) the Capital Stock of an entity that directly or indirectly owns
such Property; and

(h) Section 7.3(j) of the Credit Agreement. Section 7.3(j) of the Credit Agreement is
hereby amended by amending and restating such Section 7.3(j) as follows:

(j) Liens to secure capital contributions and other obligations arising in
favor of the holders of equity interests in entities which are Minority Holdings
pursuant to the terms of the applicable partnership, joint venture, operating,
shareholders or similar agreement between such holders and any Group Member,
provided that such Liens do not at any time encumber any Property other than
such equity interests.

(i) Section 7.4(a) of the Credit Agreement. Section 7.4(a) of the Credit Agreement is
hereby amended by amending and restating such Section 7.4(a) as follows:

(a) any Subsidiary of Holdings (other than the Partnership or the Company) may
be merged or consolidated with or into any Borrower (provided that such
Borrower shall be the continuing or surviving entity) or with or into any Wholly
Owned Subsidiary of one or more Borrowers (provided that (i) such Wholly
Owned Subsidiary shall be the continuing or surviving entity or (ii) simultaneously
with such transaction, the continuing or surviving entity shall become a Wholly
Owned Subsidiary of one or more Borrowers);

(j) Section 7.4(b) of the Credit Agreement. Section 7.4(b) of the Credit Agreement is
hereby amended by amending and restating such Section 7.4(b) as follows:

(b) any Subsidiary of Holdings (other than the Partnership or the Company) may
Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to any
Borrower or any Wholly Owned Subsidiary of one or more Borrowers; and

(k) Section 7.5(d) of the Credit Agreement. Section 7.5(d) of the Credit Agreement is
hereby amended by amending and restating such Section 7.5(d) as follows:

(d) the sale or issuance of any Subsidiary’s Capital Stock to any Borrower or a
Wholly Owned Subsidiary of one or more Borrowers;

(l) Section 7.5(e) of the Credit Agreement. Section 7.5(e) of the Credit Agreement is
hereby amended by removing the word “and” that appears at the end of such Section 7.5(e).

(m) Section 7.5(f) of the Credit Agreement. Section 7.5(f) of the Credit Agreement is
hereby amended by removing the period that appears at the end of such Section 7.5(f) and replacing
it with a semi-colon.

(n) Section 7.5 of the Credit Agreement. Section 7.5 of the Credit Agreement is
hereby further amended by adding the following subsections:

(g) the sale or issuance of Capital Stock of any Borrower (provided that such
would not result in a Change of Control); and

(h) the sale or issuance by any real estate investment trust Subsidiary to
individuals of preferred equity with a base liquidation preference of no more than
$180,000 in the aggregate for any such real estate investment trust.

(o) Section 7.6(b) of the Credit Agreement. Section 7.6(b) of the Credit Agreement is
hereby amended by amending and restating such Section 7.6(b) as follows:

(b) Make any Redemption Payment (other than to one or more Group Members)
during any fiscal year of Holdings, which, when added to all Redemption Payments
made during such year of Holdings, exceeds $125,000,000 in the aggregate;
provided that (i) no such Redemption Payment shall have, or be reasonably
likely to have, a Material Adverse Effect and (ii) no Default or Event of Default
shall have occurred and be continuing at the time of or after giving effect to such
Redemption Payment. For purposes of this Agreement, “Redemption Payment” means any
payment (except payments made in Capital Stock of Holdings) on account of the
purchase, redemption, retirement or acquisition (including merger consideration) of
(i) any shares of any Group Member’s Capital Stock or (ii) any option, warrant or
other right to acquire shares of any Group Member’s Capital Stock.

(p) Section 7.7(e) of the Credit Agreement. Section 7.7(e) of the Credit Agreement is
hereby amended by amending and restating such Section 7.7(e) as follows:

(e) Investments by any Group Member in any Borrower or any Person that, prior
to such Investment, is a Wholly Owned Subsidiary of one or more Borrowers;

(q) Section 7.10 of the Credit Agreement. Section 7.10 of the Credit Agreement is
hereby amended by amending and restating such Section 7.10 as follows:

7.10 Limitation on Restrictions on Subsidiary Distributions. Enter
into or suffer to exist or become effective any consensual encumbrance or
restriction on the ability of any Subsidiary to (a) make Restricted Payments in
respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness
owed to, Holdings or any other Subsidiary, (b) make Investments in Holdings or any
other Subsidiary or (c) transfer any of its assets to Holdings or any other
Subsidiary, except for such encumbrances or restrictions existing under or by reason
of (i) any restrictions existing under the Loan Documents, (ii) any restrictions
with respect to a Subsidiary imposed pursuant to an agreement that has been entered
into in connection with the Disposition of all or substantially all of the Capital
Stock or assets of such Subsidiary or the acquisition of an asset by such
Subsidiary, (iii) any restrictions under the documentation governing any unsecured
Indebtedness listed on Schedule 7.2 or any Secured Mortgage Indebtedness or (iv) any
restrictions existing as of the Closing Date under any of (A) the Borrower Operating
Agreement, (B) the Borrower Partnership Agreement, (C) the Hughes Agreement and (D)
the partnership and stockholders agreements of any of Price Development Company,
Limited Partnership, GGP Ivanhoe, Inc. and GGP Ivanhoe IV, Inc.

(r) Section 7.13 of the Credit Agreement. Section 7.13 of the Credit Agreement is
hereby amended by amending and restating such Section 7.13 as follows:

7.13 Limitation on Amendments to Other Documents. (a) Amend,
supplement or otherwise modify (pursuant to a waiver or otherwise) the terms and
conditions of the Borrower Partnership Agreement or the Borrower Operating Agreement
in any manner that would increase the amounts payable by the Company or the
Partnership thereunder (except any such amendment that provides for the
authorization and/or issuance of additional units of the Partnership or the Company
to the extent not in violation of the definition of “Change of Control”) or (b)
otherwise amend, supplement or otherwise modify the terms and conditions of the
Borrower Partnership Agreement or the Borrower Operating Agreement except to the
extent that any such amendment, supplement or modification could not reasonably be
expected to have a Material Adverse Effect.

(s) Section 7.14 of the Credit Agreement. Section 7.14 of the Credit Agreement is
hereby amended by amending and restating such Section 7.14 as follows:

7.14 Limitation on Activities of Holdings. In the case of Holdings,
notwithstanding anything to the contrary in this Agreement or any other Loan
Document, (a) conduct, transact or otherwise engage in, or commit to conduct,
transact or otherwise engage in, any business or operations other than those
incidental to its ownership of the Capital Stock of its Subsidiaries (including
guaranteeing obligations of its Subsidiaries in the ordinary course of business
and/or as may be necessary or desirable for tax reasons, including in order for
Holdings to maintain its status as a REIT under the Code), (b) incur, create, assume
or suffer to exist any Indebtedness or other liabilities or financial obligations
except as permitted under this Agreement, or (c) after giving effect to the
intercompany transactions to be consummated on the Closing Date, own, lease, manage
or otherwise operate any properties or assets (including cash (other than cash
received in connection with dividends made by its Subsidiaries in accordance with
Section 7.6) and cash equivalents) other than the ownership of shares of Capital
Stock of the Partnership and its other Subsidiaries (provided that such other
Subsidiaries were Subsidiaries of Holdings on the Closing Date).

2. Effect of Amended Provisions. On the Effective Date (as defined below), (i) the
Amended Credit Agreement Provisions set forth in this Amendment Agreement shall be valid and
effective for all intents and purposes as if originally set forth in the Credit Agreement as of
November 12, 2004, (ii) the Credit Agreement, the other Loan Documents and all certificates and
other instruments (and any amendments or supplements to any of the foregoing) delivered pursuant to
the terms of any Loan Document or in connection with the Loans (whether delivered on or prior to
the Effective Date or thereafter) shall be interpreted, construed and enforced for all intents and
purposes (including, but not limited with regards to any representation or warranty contained
therein) as if the Amended Credit Agreement Provisions had originally been set forth in the Credit
Agreement as of November 12, 2004 and (iii) the Original Credit Agreement Provisions shall be
considered for all intents and purposes to be null, void and otherwise without any value or effect
ab initio.

3. Effectiveness. This Amendment Agreement shall become effective on the date (the
“Effective Date”) on which this Amendment Agreement has been executed and delivered by the
Borrowers and the Required Lenders (as defined in the Credit Agreement).

4. Continuing Effect. Except as otherwise amended hereby, the Credit Agreement shall
continue to be and shall remain in full force and effect in accordance with its terms.

5. Captions. The captions and section headings appearing herein are included solely
for convenience of reference and are not intended to affect the interpretation of any provision of
this Amendment Agreement.

6. Governing Law. THIS AMENDMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

7. Counterparts. This Amendment Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and
the same instrument. Delivery of an executed counterpart of a signature page to this Amendment
Agreement by telecopier or electronic mail shall be as effective as delivery of a manually executed
counterpart of such signature page.

1

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

GENERAL GROWTH PROPERTIES, INC.

	 	 	 
	 
	 	 
	
 
	 	By: /s/ Ron Gern
	
 
	 	 
	
 
	 	Name: Ron Gern

Title: Senior Vice President

	 	 	 	GGP LIMITED PARTNERSHIP

By: GENERAL GROWTH PROPERTIES,

INC., its general partner

	 	 	 
	 
	 	 
	
 
	 	By: /s/ Ron Gern
	
 
	 	 
	
 
	 	Name: Ron Gern

Title: Senior Vice President

	 	 	 	GGPLP L.L.C.

By: GGP LIMITED PARTNERSHIP, its

managing member

By: GENERAL GROWTH PROPERTIES,

INC., its general partner

	 	 	 
	 
	 	 
	
 
	 	By: /s/ Ron Gern
	
 
	 	 
	
 
	 	Name: Ron Gern

Title: Senior Vice President

2

Signature page to AMENDMENT NO. 3,

dated as of June 29, 2005, to the

GENERAL GROWTH PROPERTIES, INC.

Amended and Restated Credit Agreement

	 
	 

	Lehman Commercial Paper, Inc.

	 

	 

	[Lender Name]

	 

	By: /s/ Craig Malloy

	 

	 

	Name: Craig Malloy

Title: Authorized Signatory

	 

3

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